Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney. Along
Speaker 1: with my co host of Bonnie Quinn. Every business day
Speaker 1: we bring you interviews from CEO, market pros, and Bloomberg experts,
Speaker 1: along with essential market moving news. Find the Bloomberg Markets
Speaker 1: Podcast on Apple podcast or wherever you listen to podcasts,
Speaker 1: and on Bloomberg dot com. A very interesting survey out
Speaker 1: from the Conference Board CEOs worldwide asked about their biggest worries.
Speaker 1: For one, I'd say it made for some some very
Speaker 1: nice light reading right before bedtime. Well he had to
Speaker 1: read us. Adaman Zildroom's Director of Economics and Global Research
Speaker 1: Chair at the Conference Board, Adoman tell us about the
Speaker 1: nightmares that we're in this survey. Good morning, thanks for
Speaker 1: having me on the program. Uh, yes, I'm not sure
Speaker 1: it's quite you know, nighttime reading, because you know, we
Speaker 1: were asking about what keeps ceo is up at night. UM.
Speaker 1: And you know globally, you know what's the top of
Speaker 1: the list is really the COVID nineteen pandem make and
Speaker 1: the vaccines availability and distribution. Um. And that's much more
Speaker 1: important than other business concerns and business challenges. UM. They're
Speaker 1: also really looking at recession risk among the top three
Speaker 1: as a worry about the coming year. So that suggests
Speaker 1: that CEOs don't think that the economy is out of
Speaker 1: the woods yet. All right, Ottoman, how about the new administration,
Speaker 1: the Biden administration that obviously manifests the whole change in
Speaker 1: away A lot of these corporations will be operating over
Speaker 1: the next four years. How did they frame that out? So? Um,
Speaker 1: you know, we feel that the survey after the elections
Speaker 1: in November just to make sure that we could kind
Speaker 1: of get the policy of what business leaders are thinking
Speaker 1: about it. Especially in the US, CEOs are worried about
Speaker 1: the outlook for taxes and regulation uh, and much less
Speaker 1: about global trade diversions or disruptions, and and also less
Speaker 1: about geopolitics. UM. So I think they'll be looking at
Speaker 1: the business environment and how it might be affected by
Speaker 1: changes in corporate taxes in the outlook for regulations. But
Speaker 1: I think generally, UM, clarity uh and UH, consistency and
Speaker 1: more certainty about the environment is going to be welcome.
Speaker 1: And Adaman, just give us an idea of who these
Speaker 1: nine CEOs are. Obviously you don't have to mention companies,
Speaker 1: but are we talking about the the d s and
Speaker 1: P five hundred. Is there a good selection from across
Speaker 1: the market cap ranges? Yeah, it is a global survey, uh,
Speaker 1: and there is a mix of a large cap and
Speaker 1: uh smaller companies. Uh. There really is kind of a
Speaker 1: wide range. But you know, a lot of the Fortune
Speaker 1: five hundred are going to be represented. And just to
Speaker 1: follow on that, then, you know, did the smaller companies
Speaker 1: worry about other things than the bigger companies? Would they
Speaker 1: have been more worried, for example, about demand coming back? Uh?
Speaker 1: There is a lot of concern about changing consumer behaviors
Speaker 1: as well as about global demand. Uh consumer demand, UM,
Speaker 1: especially for China and Japan, which I think are more
Speaker 1: dependent on global demand. Uh, the recession worries. Uh, We're
Speaker 1: a higher rank, so I think there is still concern
Speaker 1: about that. There's uh more UM time will be devoted
Speaker 1: to understanding how consumer demand and consumer behaviors are going
Speaker 1: to be changing as a result of what we're going
Speaker 1: through with the pandemic. So Automan, how about returning to work?
Speaker 1: That's on the minds I would certainly of employees. How
Speaker 1: about the what are the the c e O s
Speaker 1: in the C suite? How do you think about getting
Speaker 1: people back to work in a post COVID world. Yeah,
Speaker 1: especially for the US CEO SUH, there is a desire
Speaker 1: to bring workers back, um, and they really want to
Speaker 1: get back to business. But I think there is a
Speaker 1: recognition that it is going to be a different world
Speaker 1: coming back. UM. When when we ask about, you know,
Speaker 1: are you going to increase your remote workforce or decrease
Speaker 1: your remote remote workforce? The responses are really neutral. So
Speaker 1: there's kind of an equilibrium in uh, the the proportion
Speaker 1: of the workforce that's working remotely. But there is a
Speaker 1: desire to get back to work and come back to
Speaker 1: the office. UM. But it'll be it'll be a different
Speaker 1: environment because at the same time, they're really thinking about
Speaker 1: reducing uh the office footprint. Right. So for commercial real estate,
Speaker 1: I think we'll also see some differences in terms of
Speaker 1: the size of those offices and maybe the location of
Speaker 1: those offices. You headlines coming out from air Boss that
Speaker 1: I think is worth mentioning in this context. Air Boss
Speaker 1: saying that production rates will remain lower for longer and
Speaker 1: that commercial aircraft that market will recover by five I
Speaker 1: mean seriously automatally looking at another three to five years
Speaker 1: before the commercial aircraft market resumes well, especially since uh,
Speaker 1: these CEOs are saying that they're looking at reducing business travel.
Speaker 1: That seems consistent, uh, and recovery would take quite a
Speaker 1: long time, I think to really come back to the
Speaker 1: previous levels that we've seen. The general consensus seems to
Speaker 1: be there will be there, there will be less business travel. Um.
Speaker 1: And it's hard to see you know how um, you
Speaker 1: know tourism or personal travel is leisure travel is going
Speaker 1: to pick up in the near term. Well, you know
Speaker 1: poll just to point out that the United EEO had
Speaker 1: just said that the turn point is coming on travel demand. Yeah,
Speaker 1: it's interesting. I think, as Ottoman says, I can see
Speaker 1: leisure coming back before business. Um, I don't. As soon
Speaker 1: as I get my shop the next day, I'm on
Speaker 1: a plane, I'll tell you that, Automan, Azel Drum, thank
Speaker 1: you so much for joining us director of Economic Research
Speaker 1: and Global Research Chair at the conference board giving us
Speaker 1: the highlights from their survey of global CEOs. And it'll
Speaker 1: be interesting to see, Vannie, when you get fully evoculated,
Speaker 1: will you hop on a plane? Well, you know no,
Speaker 1: because I'll clearly recovering for you, because you'll be on
Speaker 1: that plane pole. But KLM cutting as many as a
Speaker 1: thousand jobs just now because the travel recovery there is fading.
Speaker 1: So exactly, President Joe Widen's first day executive order confirmed
Speaker 1: what we had been anticipating that TC Energy is Keystone
Speaker 1: XL pipeline is delayed again and could be scrapped. That
Speaker 1: might mean wasting an investment of one point four billion
Speaker 1: dollars on the part of that company. Let's bring in now,
Speaker 1: Oh are Liam Denning, Energy Mining and Commodities columnist for
Speaker 1: a Bloomberg opinion, Liam, you know, the corporation obviously might
Speaker 1: lose a lot of money on this particular anticipated investment.
Speaker 1: But is it a good thing that the Xcel pipeline
Speaker 1: doesn't go ahead? Uh? I think the Keysone Xcel pipeline
Speaker 1: is just one of those things that was conceived in
Speaker 1: a very different environment. So it was first proposed back
Speaker 1: in July of two thousand and eight, which you may remember,
Speaker 1: comincided with the all time high in all prices. You know,
Speaker 1: back then, we were obsessed with peak oil supply. We
Speaker 1: were worried that oil was running out, um, and we
Speaker 1: just live in a very different world now, you know,
Speaker 1: oil supply is abundant, particularly right now in the context
Speaker 1: of the COVID pandemic. Um. We we've seen a you know,
Speaker 1: a huge resurgence in oil production in the US in
Speaker 1: the intervening thirteen years. Um. And the other thing that's
Speaker 1: changed is just the the political environment, both around climate
Speaker 1: policy but also um, you know, in the wake of
Speaker 1: the financial crisis is too dasignating in the wake of
Speaker 1: the pandemic, the role of the role of government in
Speaker 1: kind of setting outcomes. Liam. Just it's been thirteen years.
Speaker 1: Refresh our memory here. The Keystone XL pipeline, it was
Speaker 1: taking oil from where to where, So it was an
Speaker 1: expansion of an existing pipeline network essentially to take oil
Speaker 1: from Alberta, mainly from the oil sands up there in Canada,
Speaker 1: down to refineries and export terminals on the Gulf Coast
Speaker 1: and also into the Midwest. So it was effectively a
Speaker 1: Canadian oil export project. Yeah. And I mean this isn't
Speaker 1: the only one called on called at risk, right, there
Speaker 1: are other pipelines in the sides of the White House,
Speaker 1: not all of the most recent ones, but some, Yes,
Speaker 1: there are there are others, certainly, um, in the in
Speaker 1: the White Houses sites Clearly, Keystone was especially vulnerable because
Speaker 1: um it needed that permit, because it's a cross border pipeline,
Speaker 1: and also because of the way it had essentially become
Speaker 1: something in the prerogative of the president themselves. So um,
Speaker 1: you know, we saw Obama block it, we saw Trump
Speaker 1: revive it, and now we've seen Biden block it again,
Speaker 1: all at the stroke of a pen. So what does
Speaker 1: this say about President Biden's energy policy? Liam, What do
Speaker 1: we really know? What is what's the What are the
Speaker 1: folks in the US energy business? What are they thinking
Speaker 1: about President biden administration. Well, we already know that Biden
Speaker 1: has made climate change a central element of his platform.
Speaker 1: UM in some respects he was. He was sort of
Speaker 1: pushed towards that during the primaries by the progressive wing
Speaker 1: of the party. What was interesting for me about what
Speaker 1: happened with Keystone is that um TC Energy, the company
Speaker 1: that wanted to build it, had been carefully kind of
Speaker 1: layering on insurance UM by coming to agreements with unions
Speaker 1: and with First Nations groups, um IT even it even
Speaker 1: throughout the possibility of powering the thing with renewable energy.
Speaker 1: UM Biden kind of swept that aside. You know, you
Speaker 1: you might have expected him to at least go through
Speaker 1: the motions of a of a review process or something
Speaker 1: to justify getting rid of the of the of the pipeline.
Speaker 1: But he went for it on day one, literally on
Speaker 1: day one. And what that suggests to me is that
Speaker 1: his administration will probably are on the side of moving quickly,
Speaker 1: probably using more executive orders because you know, the Democrats
Speaker 1: obviously have a very thin majority in Congress um so
Speaker 1: you know, it would appear to portender an aggressive stance
Speaker 1: on climate. Yeah. Absolutely. I mean we also, as I say,
Speaker 1: have other pipelines that are potentially in the sites are
Speaker 1: the president. What does it mean for oil supply though,
Speaker 1: because the type of oil that was going to be
Speaker 1: passed through the pipeline is is different that the Canadian
Speaker 1: oil is thicker and heavier oil. What would it have
Speaker 1: been used for. Well, typically those kinds of barrels UM
Speaker 1: use to supply what are called distillates UM so, so
Speaker 1: diesel being the most obvious one. You know, the kind
Speaker 1: of oil we get from uh Texan shale for example,
Speaker 1: tends to be more geared towards producing gasoline. What's interesting
Speaker 1: about the cancelation of Keystone Excel at this time is
Speaker 1: that in effect, it's not really going to matter that
Speaker 1: much for Canadian supply because of what we've seen with
Speaker 1: the industry in general having to scale back it's expansion
Speaker 1: plans because of poor financial performance over the past decade,
Speaker 1: of the need to conserve cash and pay it out
Speaker 1: as dividends. Canadian or production growth probably wasn't going to
Speaker 1: be that much anyway over the next over the medium term,
Speaker 1: and so in some respects Keysonne Excel at this point
Speaker 1: just wasn't really a pipeline that was needed. Men, what
Speaker 1: do we know about the present Biden stands towards um
Speaker 1: the shale patch in and the and the fracking industry,
Speaker 1: because that's where you know, there's a substantial number of
Speaker 1: US jobs. Sure so, um, you know in theory he
Speaker 1: wants to put severe curbs on on fracking. The key
Speaker 1: issue probably in the near term is whether there will
Speaker 1: be some sort of UH ban on new fracking on
Speaker 1: federal lands. UM. That would be a particular issue for
Speaker 1: states like New Mexico, which, as you may know, is
Speaker 1: also where his his nominee for Interior is coming from.
Speaker 1: So that's going to be an interesting one to watch. Um.
Speaker 1: Beyond that, you know, one of the things that caught
Speaker 1: my eye, uh in the executive orders was this move
Speaker 1: to to reinstate a social cost of greenhouse gases in
Speaker 1: terms of federal review of projects. And in some ways
Speaker 1: that is going to be like a carbon tax, but
Speaker 1: it's kind of a stealth carbon tax um that's introduced
Speaker 1: when new projects are being considered, and so that could
Speaker 1: have a big impact on how new projects, Um, you
Speaker 1: know move from the drawing boarder into actual investment phase. Liam,
Speaker 1: we're out of time that I do want to just
Speaker 1: mention it with you. That also, Saudia Rancole is causing
Speaker 1: some controversy today because according to a a view of
Speaker 1: public filings by Bloomberg Green, it's been under reporting emissions
Speaker 1: of course because it wants investors to keep investing, but
Speaker 1: it's been doing this by quite the large fraction. Yeah,
Speaker 1: that was a great story by my colleagues. Um. You know,
Speaker 1: the one point I would just make is that this
Speaker 1: kind of fits a patter, and we saw it most
Speaker 1: recently with Excell Mobile, which really had to be kind
Speaker 1: of pushed into even just disclosing its full carbon emissions footprint.
Speaker 1: And I think what this speaks to is. Look, the
Speaker 1: oil industry for decades has been trying to obfuscate this issue,
Speaker 1: push onto the back burner. And you know we've seen
Speaker 1: over time the industry has forced to disclose more and
Speaker 1: and a Ramco's behavior I think just fits with that, right,
Speaker 1: Liam Denning, thank you so much for joining us. We
Speaker 1: appreciate your thoughts always on the global energy spaces, energy
Speaker 1: mining and commodities calmness for Bloomberg Compinion. You can reach
Speaker 1: and read his work and all the other work for
Speaker 1: Work Opinion at Bloomberg dot com, Slash Opinion or O
Speaker 1: P I N go on the terminal. Five market drivers
Speaker 1: in a Biden Administration. That is the title of a
Speaker 1: recent calm by Barry rid Hoolts. Barry joins us today.
Speaker 1: Barry Ridholts, Bloomberg Opinion columnists and host of Masters in
Speaker 1: Business on Bloomberg Radio, also the founder, chairman and chief
Speaker 1: investment officer of Holt's Wealth Management. Barry the reasons to
Speaker 1: be bullish on stocks they continue to amount, how are
Speaker 1: you viewing things in a Biden administration? So it's the
Speaker 1: battle between bulls and bears. Is really the battle between
Speaker 1: which matters more expensive stocks or even bigger stimulus, and
Speaker 1: so far it looks like stimulus is winning. Yeah, but Barry,
Speaker 1: we keep hearing about the stimulus, but even Nancy Pelosi
Speaker 1: said today that it won't you know, she put it
Speaker 1: in positive terms. And so the Democrats would be ready
Speaker 1: in February, I mean, the worst of Why aren't they
Speaker 1: ready now? Um, you got me. I. I looks like
Speaker 1: the new administration hits the ground running yesterday with a
Speaker 1: lot of their checking off a lot of boxes. They're
Speaker 1: freezing a lot of things that the predecessors had done,
Speaker 1: and they're overturning a bunch of the the more egregious
Speaker 1: um policy issues. I think they need people to wrap
Speaker 1: their head around a one point nine billion dollar, trillion
Speaker 1: dollar Cars Act three before they introduce the infrastructure bill.
Speaker 1: I don't know if people remember, but this week is
Speaker 1: infrastructure week, as we've heard every year for the past
Speaker 1: four years. And uh, the Green New Deal is another
Speaker 1: part of that. And and nobody is really talking about
Speaker 1: Medicare expansion. Uh, the the you know, new Obamacare expansion.
Speaker 1: When we added thirty thirty five million people to the
Speaker 1: roles of in sured, suddenly you had a huge new
Speaker 1: swath of consumers going out and buying consuming uh, medical
Speaker 1: services and pharmaceutical services and hospitals. It was a huge,
Speaker 1: no pun intended shot in the arm for the sector.
Speaker 1: I don't know what numbers they're talking about. I've I've
Speaker 1: read twenty to twenty five million additional people added to
Speaker 1: the to the insured roles. So you take those factors
Speaker 1: and you add them together, that's somewhere between five and
Speaker 1: ten trillion dollars over the next ten years. That's a
Speaker 1: lot of stimulus. So talk to us about stimulus and
Speaker 1: and how important is that. I mean, there's some that
Speaker 1: are suggesting, boy, there's already a lot of liquidit in
Speaker 1: the market. There's a lot of money, maybe even from
Speaker 1: the most recent nine billion round that hasn't been spent.
Speaker 1: What do you say to those that say, hey, let's
Speaker 1: tap the brakes on this a little bit, you know,
Speaker 1: you have to put it into content next of the
Speaker 1: what we learned from and there were a lot of
Speaker 1: good and bad lessons from the entire year, at least
Speaker 1: speaking economically. The good news is that we passed the
Speaker 1: two point one trillion dollar First Cares Act and the
Speaker 1: after tax net cumultive income to us consumers was a
Speaker 1: trillion dollars. That was about a eight percent bump year
Speaker 1: over year. That that was huge in the midst of
Speaker 1: a giant recession. And the way that manifest was not
Speaker 1: just income but UH savings rates went up, credit card
Speaker 1: delinquencies fell, and retail sales not only did they recover,
Speaker 1: they passed the pre pandemic levels. So that's our frame
Speaker 1: of reference. What we noticed at the end of last
Speaker 1: year was how that had faded, and so we we
Speaker 1: extrapolate from that into what this New Cares Act two
Speaker 1: is going to do, and that assumes that we were
Speaker 1: kind of partially reopened. What we're what people seem to
Speaker 1: be forgetting, is we have this massive new surge that
Speaker 1: has in the virus that has not peaked. We are
Speaker 1: probably looking at not just a national mask mandate, but
Speaker 1: a whole bunch of local, state, and maybe even federal
Speaker 1: lockdowns as this gets worse and worse. I mean, four
Speaker 1: thousand deaths a day are just it's just unthinkable. And
Speaker 1: so I think the New Cares Act is going to
Speaker 1: be part of here's how we're gonna bang this out.
Speaker 1: We're gonna just shut down for three weeks and here's
Speaker 1: enough money to carry everybody through, and that's how we'll
Speaker 1: get on the other side of this, and once that's done,
Speaker 1: the broader economy can begin to recover, once we're past
Speaker 1: the pandemic lockdown and we start to see more and
Speaker 1: more vaccines. I don't know, Barrier, remember Biden saying that
Speaker 1: he would not, you know, do a whole federal shutdown,
Speaker 1: and anyway, at this point, you know, on the whole
Speaker 1: world shutdown, it seems that you know, that's not even
Speaker 1: fool proof either. But we'll see, maybe maybe there'll be
Speaker 1: a three week shutdown. Barry, What what would you be
Speaker 1: looking to buy right now? With markets at these levels
Speaker 1: and yet still optimism seemingly out there. So you know,
Speaker 1: it depends on how concerned you are about valuation and
Speaker 1: how aggressive or conservative you are. If you're aggressive, go
Speaker 1: buy everything, but most people aren't. Most people are more moderate.
Speaker 1: And if you're a little concerned that stocks have gotten
Speaker 1: a little pricy, well, the the obvious rotation is you
Speaker 1: move some of your capital that's in large cap growth
Speaker 1: and tech and you buy what's inexpensive. And what we
Speaker 1: see is inexpensive today is is really stands out like
Speaker 1: a sore thumb. The small caps have been are much
Speaker 1: cheaper than the big caps. Value is at historic levels
Speaker 1: of cheapness next to growth they should be after performing
Speaker 1: terribly for the past decade. Emerging markets are much cheaper
Speaker 1: than the US, And if we do get the sort
Speaker 1: of stimulus that this administration is talking about, we're going
Speaker 1: to see the deficits go up, We're gonna see inflation
Speaker 1: peak up, and we're gonna see the yield curve. We've
Speaker 1: talked about this before. UM. Once the yield curve steepens,
Speaker 1: that means that the money center banks should do better
Speaker 1: going forward, as well as anything related to to real estate.
Speaker 1: So there are a lot of options depending on how
Speaker 1: conservative you want to be. But selling a little bit
Speaker 1: of what's done great and buying a little bit of
Speaker 1: what's done poorly, that's sort of rebalancing tends to work
Speaker 1: over the long haul. Hey, Barry, twenty seconds, just give
Speaker 1: us your thoughts on just valuation for the market here.
Speaker 1: You know the to me, the question is in our
Speaker 1: stocks pricy because the second half of all bull markets
Speaker 1: are always pricey. The question is how much of future
Speaker 1: profit increases is priced into the market already. That's the
Speaker 1: bottom line, if this room to grow profits, then there's
Speaker 1: still room for stocks to go higher. I'm not sure
Speaker 1: if it's fully priced in yet. M hmm. Interesting, very Rittles,
Speaker 1: thank you very two words or possibly three. Who's your
Speaker 1: master's in business this weekend? Uh? This weekend is Andrew
Speaker 1: Beer of Dynamic Beta Investments. They run an ets that
Speaker 1: three words on replication their their track workord you got
Speaker 1: it in Thanks Barry Verry Rittle's, founder of Rittle's Wealth Management,
Speaker 1: also Bloomberg opinion contributor and contributor to our show weekly.
Speaker 1: So it is the first full day for President Biden
Speaker 1: in the Oval office, for him in his administration. A
Speaker 1: busy start to his administration for sure. Let's get the
Speaker 1: latest from Josh wind Grove, white House correspondent for Bloomberg
Speaker 1: News Journeys, on the phone from Washington, d C. Josh,
Speaker 1: I want to start with just the general tone in
Speaker 1: the White House as it relates to the administration and
Speaker 1: the press corps. I saw something on my Twitter feed
Speaker 1: today which was really interesting, kind of comparing the highlights
Speaker 1: from the first press briefing under President Trump versus the
Speaker 1: first press briefing under President Biden, and boy, it was
Speaker 1: the differences were just stark. What's the feeling within the
Speaker 1: press corps and the White House right now? Well, I mean,
Speaker 1: so they're returning to daily press briefings or at least
Speaker 1: weekday press briefings, That of course has not been the
Speaker 1: case or was not the case for the last two
Speaker 1: years under the Trump administration. Trump's Press secretary, Kaylee mcinny
Speaker 1: obviously was pretty gleeful in sparring went the press and
Speaker 1: you know, trying to rechange, reframe the narrative. She her
Speaker 1: very first press briefings that she would never lie. Of
Speaker 1: course she light all the time. But you know, Biden's
Speaker 1: team has now come in. Jock is saying, look, you know,
Speaker 1: we're gonna we're committed to sharing information, but you know,
Speaker 1: well we'll see, we'll see where it though. She uh,
Speaker 1: she's obviously deeply experienced and this she uh, you know,
Speaker 1: very smooth in her first appearance. I'm sure, but you know,
Speaker 1: it's all the job up there is to give the
Speaker 1: view of the president. She said as much yesterday. So
Speaker 1: everything's with a grain as salt. Yeah, Josh, it was
Speaker 1: a very interesting news conference. Give us your thoughts on
Speaker 1: whether you think there might be some kind of a
Speaker 1: policy to not mention the predecessor form President Donald Trump.
Speaker 1: Everything that related to him was either punted to Congress
Speaker 1: in terms of any impeachment process, or just not really
Speaker 1: answered at all. For example, the question of the current
Speaker 1: FBI director Christopher Ay. Yeah, they really do want to
Speaker 1: try to think, take the temperature down and just saying
Speaker 1: the word Trump has a habit of not doing that.
Speaker 1: So I think we'll see them pull back. We've seen
Speaker 1: this even on the issue of impeachment. Remember, this is
Speaker 1: a big question. A lot of stuff Trump or excuse me,
Speaker 1: do you know lots of Biden wants to do, relies
Speaker 1: on Congress, and Congress in particular. Of course, the Senate
Speaker 1: is going to be logjam potentially dealing with impeachment. He
Speaker 1: just this morning they were asked, does Biden think that
Speaker 1: Trump committed impeachable offenses? They won't even go there. They're like,
Speaker 1: we're leaving this to the Senate. The Senate can deal
Speaker 1: with this. So I think they really are trying to,
Speaker 1: you know, stay away from it, take down the temperature.
Speaker 1: But we'll see. Biden, of course, yesterday has a big
Speaker 1: speech appealing to inaugurate, appealing on inauguration to say hey,
Speaker 1: we need unity, Americans need to come together. There's already
Speaker 1: those signs that. Of course in Congress it's not going
Speaker 1: to be all that unified, even on something like the pandemic.
Speaker 1: So you know, I think Rubber is about to hit
Speaker 1: road and testing Hiden series that there's some sort of
Speaker 1: bipartisan Washington idea that he can return to. All right, Josh,
Speaker 1: give us what do you think the to do list
Speaker 1: is for President Biden here in these first days? Well there,
Speaker 1: it sounds like they're going to try to bunch things
Speaker 1: into certain themes on certain days. Today absolutely is all
Speaker 1: about the coronavirus. We're gonna have a press briefing at four.
Speaker 1: Bidens getting his own briefing at to Dr Fauci is
Speaker 1: going to join the press briefing. Remember him, you know,
Speaker 1: every day we used to hear from him, like in
Speaker 1: March and April, but in fact, between April and today
Speaker 1: only once had Dr Fauci been to the White House podium.
Speaker 1: Trump did not at least invite him up there for
Speaker 1: months and months and months. So they we're going to
Speaker 1: hear it all about all about that. I'm sure we'll
Speaker 1: have more information on things like immigration, uh maybe climate
Speaker 1: coming forward in the coming days. But you know, they
Speaker 1: used to say that they have this sort of multi
Speaker 1: pronged approach, you know, concurrent crises, climate change, racial and
Speaker 1: equality of the pandemic economy. Now they're sort of still
Speaker 1: saying that a bit it but changing their two and
Speaker 1: they're like, look, this is all about the pandemic. And
Speaker 1: we reported yesterday that they were they've been growing increasingly alarmed.
Speaker 1: They think they've been handed you know, shambles of an
Speaker 1: organization by the Trump administration in terms of the vaccine rollout.
Speaker 1: The virus is just getting worse. There's a new strain
Speaker 1: that is particularly alarming. Uh so really alarmed. Bells coming
Speaker 1: in and now Biden, they think badly that the pandemic
Speaker 1: will get worse before it gets better, and that we're
Speaker 1: in for a quote dark winter, Josh. They's executive orders?
Speaker 1: Are they now policy? I mean, is it enough for
Speaker 1: the president to say that we're back in the w
Speaker 1: h O and that we're back in the powers climate
Speaker 1: a cord or it just does something need to be enforced. No,
Speaker 1: he has the power to do that. As a bit
Speaker 1: of a mechanic side of it, you know, Paris, for instance,
Speaker 1: to take about a month to take effect. Um. But
Speaker 1: you know, the things that are within his power he
Speaker 1: can do by executive order flick of a pen, and
Speaker 1: that's what we're seeing him doing. But a lot of
Speaker 1: the stuff that he wants to do, namely anything that
Speaker 1: requires money, he needs Congress for And that's why we're
Speaker 1: going to see this big push to get the new
Speaker 1: coronavirus you know bill. And the question is can they
Speaker 1: do something in a bipartisan way? You know, it looks
Speaker 1: like there may be already losing appetite to do that.
Speaker 1: There's two roads in front of Democrats, and they get
Speaker 1: a bipartisan bill with Republican votes, or you know, can
Speaker 1: they just ram it through on their own. Uh. They're
Speaker 1: at least making noises that they would like to do
Speaker 1: something by partisan But of course the benefit of winning
Speaker 1: those two Georgia Senate races is that if they have
Speaker 1: to use a hammer and get things through, they can.
Speaker 1: So we'll see how that goes. But for now, Biden
Speaker 1: is trying to do everything he can do unilaterally, but
Speaker 1: he doesn't have a leeway. I'm sure US presidents would
Speaker 1: love to have the power that prime ministers of other
Speaker 1: countries have in terms of UNI A, Josh, thank you
Speaker 1: so much. Looking forward to more coverage from you from Washington,
Speaker 1: d C. That's Josh win World or White House Correspondent.
Speaker 1: Thanks for listening to Boomberg Markets podcast. You can subscribe
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Speaker 1: Bonnie Quinn, and I'm Paul Sweeney. I'm on Twitter at
Speaker 1: pt Sweeney. Before the podcast, you can always catch us
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