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Speaker 1: Why from our nation's caita. How do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do for the United States relationship with China?

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Speaker 1: Bloomberg Sound On, the Insiders, the influencers, the insides. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. We're looking at seventy Kennedys for different vaccines.

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Speaker 1: How do we make sure a pandemic of this scale

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Speaker 1: never happens again? This is Bloomberg Sound On with Kevin

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Speaker 1: Surrelate on Bloomberg and one oh five point h D two.

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Speaker 1: Democratic presidential nominee Joe Biden heads to Kenoshow, Wisconsin. What

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Speaker 1: did he say? Will it make a difference in Kenosha County?

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Speaker 1: Undecided voters? Way in Plus, the latest on fiscal stimulus

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Speaker 1: talks are lack thereof And Josh Green returns, our national

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Speaker 1: correspondent for Bloomberg. Business Week has been all over swing voters.

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Speaker 1: Plus be checking with Congressman John Garamundi, Democrat from California's

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Speaker 1: third congressional district, what's going on with those wildfires? Very

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Speaker 1: very very sad story coming out of California lots to

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Speaker 1: get through a Speaker of the House Nancy Pelosi and

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Speaker 1: Treasury Secretary Stephen Venusian they've agreed to work to avoid

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Speaker 1: a government shutdown right before the election. This is what

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Speaker 1: they've been saying earlier this afternoon, and that they're not

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Speaker 1: going to let a stalemate over the virus relief legislation

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Speaker 1: hold up the vital stop gap bill. So, folks, I

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Speaker 1: don't know if you've been marking your calendar, but we're

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Speaker 1: headed for an October onet deadline of the fiscal year,

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Speaker 1: and uh, it could essentially shut down the government could

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Speaker 1: have a government shutdown if they don't get a deal

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Speaker 1: by October one. This is separate from the fiscal stimulus bill.

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Speaker 1: It's remarkable because when I talked to sources in Washington

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Speaker 1: and on the Hill, they're actually thinking both the stop

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Speaker 1: gap bill or the government funding bill and the fiscal

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Speaker 1: stimulus could be on a collision course for the end

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Speaker 1: of September if they can't get a deal. So who

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Speaker 1: knows is really, for lack of a better word and

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Speaker 1: an artful way of saying it, who knows what's going

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Speaker 1: to happen on on that front. But can you imagine

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Speaker 1: if they don't, if if they shut down the government

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Speaker 1: or have a partial shutdown by October one, that would

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Speaker 1: be a disaster. We're gonna talk about that with Congressman

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Speaker 1: John Garamendi. He's uh, really in the in the weeds

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Speaker 1: on this, so he'll be able to give us some clarity,

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Speaker 1: hopefully on what's going on. Yesterday, Lester Munson talked to

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Speaker 1: us about the tussle for the Nile control escalating as

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Speaker 1: Damn talks Falter in Egypt. I know I'm jumping all

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Speaker 1: over the place, but I promise you there's a rhythm,

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Speaker 1: and Egypt is the country and focus for my first

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Speaker 1: guest this afternoon, uh and his name, I'm were grateful

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Speaker 1: to have him on the program is Mohammed Sultan. He

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Speaker 1: is the president of the Freedom Initiative and he is

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Speaker 1: an American citizen. Suing the man he says supervised his

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Speaker 1: torture in Egypt, the country's former prime minister, the country's

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Speaker 1: former Prime minister, Hassam L. Bablah, who is now living

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Speaker 1: in McLean and is also, of course an executive board

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Speaker 1: member of the International Monetary Fund. Mohammed Sultan, welcome to

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Speaker 1: the program. What happened to you in August of two

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Speaker 1: thousand and thirteen. Hi, Kevin, how are you? Thank you

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Speaker 1: so much for having me on UM In August the

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Speaker 1: two thirteen had only been a few months that I

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Speaker 1: had moved to Egypt UM to go attend to my

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Speaker 1: ailing mother who had been diagnosed with breast cancer. And

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Speaker 1: I had just moved there in March. And there was

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Speaker 1: a military coup in July led by then UH Defense

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Speaker 1: Minister um TC, who's now the president of the country UM.

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Speaker 1: And there were violent dispersals of protests and UM I was.

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Speaker 1: I was on the ground UH sort of tweeting about

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Speaker 1: what was happening, and for that I was targeted. A

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Speaker 1: bullet barely missed my head. Another one struck my left

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Speaker 1: arm h within seconds of one another. UM and I

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Speaker 1: was arrested eleven days later, UM tortured be in UM

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Speaker 1: I was. UM I was charged with spreading fake false

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Speaker 1: information to shake the grangeur of the state. UM I

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Speaker 1: was sentenced to life in prison I UH during twenty

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Speaker 1: two months UH in in Egyptian the Infainite Egyptian prisons,

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Speaker 1: where I was subjected to all sorts of physical and

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Speaker 1: psychological torture, you know, Kevin, there's a or I hope

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Speaker 1: you don't know. Physical pain goes away, UM, psychological torture doesn't.

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Speaker 1: It stays with you long after UM, you sort of

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Speaker 1: get through it. And UM I was with the help

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Speaker 1: of there was an international campaign for my release. I

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Speaker 1: went on a long conger strike when I was in prison.

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Speaker 1: UM there were members of Congress and by part of

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Speaker 1: the members of Congress UH, you know, namely Senator McCain

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Speaker 1: and Senator Lady really took on my case and pressure

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Speaker 1: of the Obama administration to intervene on my behalf. UM

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Speaker 1: I was sentenced to life in prison for UH in

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Speaker 1: terrorism courts for literally tweeting UM. And I was released

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Speaker 1: after twenty two months and after a lot of international

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Speaker 1: pressure UH and reported back to the United States and

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Speaker 1: on work the half of the State's Department what is it?

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Speaker 1: And and bipartisan work and including with the State's Department

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Speaker 1: of course, yes, I mean definitely. And they pressure this

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Speaker 1: rose all the way up to Secretary carry and President Obama.

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Speaker 1: Um and and folks in Congress pushed it very very

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Speaker 1: hard to do this and and UM I was released

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Speaker 1: UH in very thirties of fifteen and ever since then

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Speaker 1: I've been I found that the fleet diminitiative sort of

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Speaker 1: building on this global effort that got me released UM

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Speaker 1: and and trying to pay forward for others that I

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Speaker 1: must do. And now Mohammed Selsen your you file a lawsuit, right,

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Speaker 1: I mean you you want retribution from former prime minister.

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Speaker 1: But who you will who you say is is the

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Speaker 1: one who orchestrated this and therefore you should be paid

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Speaker 1: for that? Where does that lawsuits stand? Yes? The five years.

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Speaker 1: In five years after I was released, I decided that UM,

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Speaker 1: I needed some sort of justice and accountability UM for

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Speaker 1: the torture and abuse that I endured, but also because

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Speaker 1: there has not been a single act of accountability UM

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Speaker 1: and and justice for any crime that Egypt has has committed. UM.

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Speaker 1: President CC in two thousand and fourteen said literally ordered officers,

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Speaker 1: told them shoot, nobody will be held accountable. And that

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Speaker 1: has been the law governing Egypt until today, until during

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Speaker 1: the first two thousand and twenty when I decided to

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Speaker 1: take the first step into trying to hold anybody accountable

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Speaker 1: UM for for my for for for for crimes that

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Speaker 1: were committed against me and so many others, and hasn't

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Speaker 1: BLOWI was living miles away from me. He was the

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Speaker 1: person that Glow did onto TV on Egyptian television about

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Speaker 1: him ordering the violent dispersal of the rabba On massacre,

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Speaker 1: which Human Rights Watch called the worst mass killing of

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Speaker 1: protesters in a single day in recent victory. Who I

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Speaker 1: would it? Who has jurisdiction? Who is this? This is

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Speaker 1: what's so fascinating about this this case is that now

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Speaker 1: you have someone who has diplomatic status and so it's

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Speaker 1: the law. Hear I hear you. I mean, so what

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Speaker 1: is the next steps? Because but it's it's it's a

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Speaker 1: fascinating dynamic that's unfolding here in your story in in

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Speaker 1: terms of who precisely will be able to navigate this

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Speaker 1: for the former prime minister. So who where, where does

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Speaker 1: the court stand and what is the next step in

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Speaker 1: the case Mohammed Sultan. We're waiting for the courts to decide.

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Speaker 1: We don't believe that he has diplomatic immunity. Um, we

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Speaker 1: believe that, uh, you know, the courts will decide that

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Speaker 1: even in the certification that the State Department gave hasn't

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Speaker 1: the Blowie in July? Um, they did not do it right.

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Speaker 1: They did not they needed the i MS to sign

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Speaker 1: a tri prity agreement where both Egypt, the U S,

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Speaker 1: and the i m F had to agree to the

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Speaker 1: diplomatic community, which did not happen. There's no proof that

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Speaker 1: that that happened. And so we're sort of we're litigating

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Speaker 1: this in court and it will be interesting. But when

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Speaker 1: you look at the spirit of this law, this law

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Speaker 1: was made for cases like mine, where my torture the

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Speaker 1: person that ordered and my targeting in my attemptive exttion

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Speaker 1: show killing my torture. The person that ratified the protest

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Speaker 1: law with I was sentenced to it. This person, now,

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Speaker 1: can you know, wants to spend the rest of his

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Speaker 1: life here. He owns three different homes around the d

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Speaker 1: MP area, the house in the water Gate, and this

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Speaker 1: person wants to he have de railed democracy in one

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Speaker 1: part of the world and wants to come here and

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Speaker 1: live out the rest of his life in the United

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Speaker 1: States where there's democracy and rule of law. That's not okay.

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Speaker 1: And so this is much more than just about um,

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Speaker 1: you know, me wanting money or whatnot. I can honestly,

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Speaker 1: don't you know, that's not of here. This is why

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Speaker 1: there's not a specified and Mountain. The lawsuit, this is

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Speaker 1: a justice and accountability Well, we appreciate you taking the

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Speaker 1: time to speak with us. Mohammed Sultan, president of the

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Speaker 1: Freedom Initiative and an American citizen. Uh And it's a

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Speaker 1: law a lawsuit that definitely has gotten garnered a lot

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Speaker 1: of attention, especially here in the Beltway, including the Washington Post,

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Speaker 1: which has been reporting on this. Uh And it in

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Speaker 1: many ways is reminiscent of the Iran hostage crisis and

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Speaker 1: the lawsuits that have continued ever since the late in

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Speaker 1: these early eighties. More. Next, on Bloomberg, you're listening to

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Speaker 1: Bloomberg Sound On with Kevin Sirel on Bloomberg and one

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Speaker 1: Old five point seven f M h D two. My

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Speaker 1: name is Kevin Cirelli on the Chief Washington correspondent for

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Speaker 1: Bloomberg Television and for Bloomberg Radio. Onward, onward, onward. We're

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Speaker 1: almost there. It's almost the weekend, so let's get through it.

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Speaker 1: It's a humid day. I always at the hay Adams.

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Speaker 1: The Hey Adams reopened. I was at the hay Adams

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Speaker 1: for lunch, late lunch earlier. Today, no one's there. It

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Speaker 1: feels weird to go to all these places and have

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Speaker 1: no one be there, but it you know, things are reopening.

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Speaker 1: I keep reminding myself of that when I look around

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Speaker 1: the city and it feels like it's a ghost town.

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Speaker 1: But then I'm like, you know what, keV, it's September.

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Speaker 1: We're already in September. Do you believe it? Folks? We

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Speaker 1: made it all the way to September. So much going

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Speaker 1: on the news, flying fast and furious. I want to

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Speaker 1: talk about the economy, and I want to talk specifically

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Speaker 1: about the markets, because the market stocks posting their biggest

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Speaker 1: route since June as tech sinks. Reading from Claire Vollentine

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Speaker 1: on the Bloomberg terminal, u S equities tumbled by the

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Speaker 1: most and almost three months as the rotation away from

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Speaker 1: high flying tech stocks gained steam, with investors questioning the

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Speaker 1: sustainability of lofty valuations. The sp index retreated from a

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Speaker 1: record high and fell more than three point five percent.

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Speaker 1: It's biggest drops. Get this, the biggest drop since early June.

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Speaker 1: John Tamney's on the line. He is a freedom Works,

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Speaker 1: director of the Center for Economic Freedom and the editor

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Speaker 1: of Real Clear Markets. John, if it's like we were

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Speaker 1: on a roller coaster, what happened today on the markets. Well,

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Speaker 1: I don't blame that. It's it's about lofty evaluations suddenly

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Speaker 1: scaring investors. Let's not forget that yesterday investors were very

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Speaker 1: comfortable with them. Uh, these big lurches in the market

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Speaker 1: are never a consequence of known information and the valuations

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Speaker 1: are already known. It's usually a consequence of surprise. And

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Speaker 1: so the question always is what was new today? And

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Speaker 1: I did see that there was talk of basically the

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Speaker 1: Trump administration banning evictions at a time when, let's be clear,

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Speaker 1: if some people cannot afford to be where they're supposed

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Speaker 1: to be or where they want to be, that kind

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Speaker 1: of intervention would definitely spook the markets. Um, it's got

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Speaker 1: to be something new, some new information, and that's what

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Speaker 1: I keep searching for. Well, it is. It is quite

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Speaker 1: remarkable global equities are pulling back hard from these unprecedented highs.

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Speaker 1: Investors continue to question question, to your point, the justification

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Speaker 1: for steep valuation as the pandemic rages on and Thursday

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Speaker 1: showed applications for jobless claims fell last week. So I

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Speaker 1: mean US investors they might need some more evidence of

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Speaker 1: fuller economic recovery. But I don't know if we're going

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Speaker 1: to get it. And and to your point about the president,

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Speaker 1: the rumblings of the the president's potential intervention on Reynolds

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Speaker 1: assistance and blocking evictions, what would that mean in terms

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Speaker 1: of how the market the market would interpret it. It

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Speaker 1: would mean a clogging of the markets. It would mean

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Speaker 1: an intervention that would limit the process whereby assets reached

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Speaker 1: their highest use um. It would definitely scare investors because

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Speaker 1: it would it would have a huge negative impact on

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Speaker 1: the economy. Let's throw and also, this isn't just piling

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Speaker 1: on with the Republicans, but we are in the midst

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Speaker 1: right now of basically the federal government uh stealing a

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Speaker 1: company from the Chinese. Um does anyone think that TikTok's

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Speaker 1: American operations would have been sold to Microsoft or Walmart

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Speaker 1: or any of these under normal circumstances. This is a

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Speaker 1: forced sale, which at some point the Chinese are going

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Speaker 1: to potentially retaliate that. This would be the equivalent of

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Speaker 1: the Chinese saying, okay, Facebook or okay Amazon, you must

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Speaker 1: sell your Chinese operations to a Chinese company. Americans wouldn't

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Speaker 1: take well to it, and either with the Chinese, this

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Speaker 1: matters because you're talking about a tech route and you

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Speaker 1: look at Apple, the most valuable company in the world.

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Speaker 1: It gets a fifth of its iPhone sales alone in China.

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Speaker 1: The little movements like this can really spook investors as

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Speaker 1: it relates to the tech industry as a whole of

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Speaker 1: what we're seeing in the markets. John Tamney he is,

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Speaker 1: of course, the Freedom Works director of the Center for

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Speaker 1: Economic Freedom and the editor of Real Clear Markets. This

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Speaker 1: issue of reciprocity keeps coming up in geopolitics and whether

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Speaker 1: or not the the Communist Party of China is being

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Speaker 1: reciprocal in terms of access to markets. For example, you

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Speaker 1: bring up TikTok. What about the notion that Google, for example,

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Speaker 1: has not had a reciprocal relationship in terms of China. Well,

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Speaker 1: it's it's unfortunate, but it's unfortunate for the Chinese. Um,

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Speaker 1: it's not. What's important is that if other countries want

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Speaker 1: to damage their people and damage their economy by keeping

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Speaker 1: businesses out, that's not an excuse for the US to

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Speaker 1: embrace similar similarly stupid notions of economic brinksmanship. Here we

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Speaker 1: are made better off. We get a raise every single

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Speaker 1: day that the Chinese and get up, get up and

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Speaker 1: go to work. And so if they want to harm

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Speaker 1: their people, let's not do the same. I would add,

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Speaker 1: I think we tend to overstate just how much the

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Speaker 1: Chinese market is closed. Again, Apple gets a fifth of

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Speaker 1: its iPhone sales in China. China's the second largest market

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Speaker 1: for McDonald, the second largest market from the movie industry.

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Speaker 1: It's the second largest market for or Nike. GM sells

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Speaker 1: more cars in China than it sells in North America.

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Speaker 1: So there's a tendency to overstate just how much they

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Speaker 1: limit the sale of of goods over there. It's a

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Speaker 1: huge market for the US, and it grows all the time.

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Speaker 1: And I would add that US valuation stock market valuations

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Speaker 1: are clearly a consequence of optimism at least over time

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Speaker 1: about the viability of China as a market. So much

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Speaker 1: as the market priced and fiscal stimulus, I would say

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Speaker 1: none of it. That the fiscal stimulus almost as a rule,

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Speaker 1: would have had a negative impact in the market, and

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Speaker 1: it would have for obvious reasons. Um, I'm guessing you

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Speaker 1: were around for the twentieth century. I know I was

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Speaker 1: when government's controlled the economies from the commanding heights. This

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Speaker 1: hardly resulted in in positive economic outcomes. And so when

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Speaker 1: whenever governments spend, there's no stimulus involved. There's no such

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Speaker 1: thing as government spending. There's just political allocation of resources.

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Speaker 1: And to ask yourself the question, is an economy improved?

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Speaker 1: And Donald Trump or Barack Obama or Nancy Pelosi or

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Speaker 1: Mitch McConnell is controlling where wealth goes as opposed to

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Speaker 1: Fred Smith of fed X or Jeff Basis of Amazon.

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Speaker 1: Governments can only politically allocate, and so as a rule, uh,

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Speaker 1: their allocations are suboptimal for the economy. But the expectation

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Speaker 1: from investors is that there will be some type of

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Speaker 1: stimulus happening in the next by the end of the year, right, Uh,

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Speaker 1: that is the expectation. But let's not pretend that that's

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Speaker 1: actually something that that's that's encouraging investors. And and how

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Speaker 1: you know that is let's let's go back. Interesting to interrupt,

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Speaker 1: but what do you mean by the But what do

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Speaker 1: you mean by the by the difference between the expectation

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Speaker 1: and encouragement. That's fascinating, Well, expectation and encouragement. The expectations

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Speaker 1: is going to happen. But why why that would encourage investors. Uh,

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Speaker 1: to me, defies basic common sense. And the reason for

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Speaker 1: that is asters off, the question, was anyone asking for quote,

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Speaker 1: fiscal stimulus back in February, Well, obviously not. And why

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Speaker 1: were they not asking for it then? Well, back then

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Speaker 1: politicians at the local, state, and national level didn't have

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Speaker 1: the proverbial boot on the neck of the US literally

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Speaker 1: limiting the ability of businesses and workers to go to

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Speaker 1: work and operate, and so the stimulus would merely be

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Speaker 1: propping up what is being suffocated. So to me, it's

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Speaker 1: just a non sequitar it's the political allocation of resources.

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Speaker 1: Get the boot off the proverbial neck of the U.

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Speaker 1: S economy and people will get back to normal pretty quickly.

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Speaker 1: Fascinating Listen, I very much appreciate your time. That of

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Speaker 1: course is John Timney. He has the Freedom Works, director

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Speaker 1: of the Center for Economic Freedom and the editor of

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Speaker 1: Real Clear Politics. We're gonna talk politics and coming up

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Speaker 1: with Josh Green, Buddy, Josh Green, he's the national correspondent

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Speaker 1: for Bloomberg Business Week. He's going to tell us all

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Speaker 1: about the latest on Joe Biden Democratic presidential dominique Joe

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Speaker 1: and heading to Kenosha County earlier today, What did you

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Speaker 1: have to say? Will it make an impact on the race?

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Speaker 1: And coming up, we're also going to check in with

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Speaker 1: our all star political Pounder panel, Richard Fowler, George c

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Speaker 1: of Annandel Capital, and Congressman John Gara Mendy. Download the

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Speaker 1: Bloomberg Sound On podcast on Apple iTunes, at Bloomberg dot com,

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Speaker 1: or by downloading the Bloomberg Business App. You can also

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Speaker 1: find me on Radio dot Com, I Heart Radio, and Spotify.

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Speaker 1: I'm Kevin Crelli. I'm the Chief Washington correspondent for Bloomberg

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Speaker 1: Television and for Bloomberg Radio. And you're listening to Bloomberg

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Speaker 1: from how do we reopen this economy? The latest on

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Speaker 1: how this pandemic is impacting farmers? What does this do

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Speaker 1: for the United State, It's relationship with China. Bloomberg Sound

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Speaker 1: on the insiders, the influencers, the insides. We're responding to

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Speaker 1: this crisis and manufacturers are stepping up like never before.

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Speaker 1: We're looking at seventy kennidates for different vaccines. How do

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Speaker 1: we make sure a pandemic of this scale never happens again?

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Speaker 1: This is Bloomberg Sound On with Kevin's related on Bloomberg

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Speaker 1: and one oh fiem h D two Joe Biden in Wisconsin.

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Speaker 1: What did he say? Will it change the dynamics of

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Speaker 1: the presidential race? Josh Green is going to give us

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Speaker 1: the inside scoop, a national correspondent from Bloomberg Business Week,

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Speaker 1: plus Congressman John Garamendi, Democrat from California. What are they

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Speaker 1: going to get it? I feel like a rerun? When

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Speaker 1: are they going to get a fiscal stimulus deal? Is

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Speaker 1: it gonna be wrapped up? And the potential government shutdown

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Speaker 1: on October one? Lots lots to get through, but first

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Speaker 1: let's get a check of the headlines from my good

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Speaker 1: friend Nancy lions Well Kevin. Portions of our listening area

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Speaker 1: are now under a tornado warning. The National Weather Service

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Speaker 1: says the warning will be in effect until about five

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Speaker 1: fifteen for south central Howard County, east central Montgomery County,

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Speaker 1: north central Prince George's counties. A severe thunderstorm capable of

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Speaker 1: producing a tornado is now over Rockville, moving east at

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Speaker 1: about forty miles an hour. You were urged to move

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Speaker 1: to a basement or an interior room. Again, this is

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Speaker 1: a tornado warning, not a watch. Democratic presidential nominee Joe

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Speaker 1: Biden is in Kenosha, Wisconsin, this afternoon listening to residents

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Speaker 1: following the police shooting of Jacob Blake. Attorney Angela Cunningham,

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Speaker 1: I don't even think I have the words to describe

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Speaker 1: how I felt when I saw that video. I do

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Speaker 1: remember texting my group of friends and saying, this is

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Speaker 1: really bad. This is a really bad There's going to

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Speaker 1: be protests, there's going to be writing. I knew that

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Speaker 1: right away after watching that video. Joe Biden says he

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Speaker 1: talked on the telephone with Jacob Blake today for about

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Speaker 1: fifteen minutes. You talked about how nothing was going to

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Speaker 1: defeat him, how whether you walked again or not, he

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Speaker 1: was not going to give up. President Trump was in

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Speaker 1: Kenosha on Tuesday. Today, Trump is traveling to Latrobe, Pennsylvania,

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Speaker 1: and will speak this evening at the Arnold Palmer Airport.

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Speaker 1: Well Kanye West has been removed from Virginia's ballot for

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Speaker 1: November's election. A Richmond judge granted a temporary injunction in

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Speaker 1: the lawsuit that sought to block West from being included

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Speaker 1: on the ballot. The judge found that eleven of the

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Speaker 1: elector oaths that were submitted by Kanye West were obtained

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Speaker 1: by improper, fraudulent, and our misleading means. Democrats and the

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Speaker 1: Trump administration are said to be taking steps towards avoiding

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Speaker 1: a government shutdown in September. They informally agreed to approve

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Speaker 1: a clean continuing resolution without each side using leverage to

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Speaker 1: achieve their stimulus goals. Well. DC police have released body

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Speaker 1: cam video from the deadly shooting of a young black

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Speaker 1: man in Southeast yesterday. Do we think he has a gun?

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Speaker 1: I don't know. Police posted about two and a half

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Speaker 1: minutes of footage on YouTube less than twenty four hours

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Speaker 1: after eighteen year old Dion k was shot in the

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Speaker 1: chest on Orange Street near Malcolm X Avenue. When the

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Speaker 1: video was brought to slow motion, you can see Mr

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Speaker 1: k brandish a firearm in his right hand. Police hope

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Speaker 1: to put a fast growing backlash to rest. Channel nine

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Speaker 1: captured this footage of protesters outside Mayor Muriel Bowser's home

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Speaker 1: this morning, demanding she defund police and fire Chief Peter Newsham,

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Speaker 1: Nathan Hagar Bloomberg, and one oh five point seven FM

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Speaker 1: HD two. The Long Bridge project to expand rail capacity

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Speaker 1: between Virginia and the district is a step closer to happening.

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Speaker 1: Transportation officials in both jurisdictions say they've completed the environmental

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Speaker 1: planning for the project that calls for adding two new

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Speaker 1: bridges over the Potomac River, a two track structure that's

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Speaker 1: adjacent to the current bridge, and then a new bridge

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Speaker 1: that would be just for bicycles and pedestrians. It's hope

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Speaker 1: by adding those bridges a relieve a choke point for

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Speaker 1: rail along the East Coast. It is also expected to

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Speaker 1: take an additional million trucks off the road in our region. Well,

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Speaker 1: it's time now for the Beltway Business Report. Tough day today,

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Speaker 1: here's Bloomberg's Tracy john Kie Nancy. The NASDAK hit twelve

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Speaker 1: thousand for the first time yesterday. We might not see

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Speaker 1: that milestone again for a while. The NASDAC today dropped

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Speaker 1: five hundred ninety eight points to eleven thousand, four fifty eight.

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Speaker 1: The Dow dropped eight hundred eight points to twenty eight

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Speaker 1: thousand to ninety three. The SMP fell a hundred twenty

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Speaker 1: six points from its record yesterday. The losses are between

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Speaker 1: three and five percent, and the same technology stocks that

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Speaker 1: launched the NASDAC to record after record lad the declines, Apple, Microsoft,

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Speaker 1: and Amazon among them, and Arlington Bar is closing until

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Speaker 1: I can get a permit for outdoor seating are all

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Speaker 1: now reports Summer's restaurant and courthouses trying for a third time.

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Speaker 1: The county denied the first application because the sidewalk outside

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Speaker 1: is too narrow to accommodates diners and pedestrians, and its

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Speaker 1: second application, Summer's proposed tables in four street parking spaces,

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Speaker 1: also rejected. Broker King customers in the future might never

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Speaker 1: come in contact with a human. New design concepts for

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Speaker 1: new b K restaurants include conveyor belts that carry the

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Speaker 1: food from the kitchen to drive through customers, and lockers

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Speaker 1: for walk in food pick up. You have to date

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Speaker 1: on business from the Beltway to Baltimore. I'm Tracy john Ky.

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Speaker 1: This is Bloomberg one oh five point seven f M

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Speaker 1: HD two. Thanks Tracy. Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quick Take Power by

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Speaker 1: more than twenty seven journalists and analyst and more than

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Speaker 1: a hundred and twenty countries. I'm Nancy Lions. Back to you, Kevin,

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Speaker 1: Thank you Nancy. My name is Kevin Cirelli. I'm the

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Speaker 1: chief Washington correspondent for Bloomberg Television and for Bloomberg Radio.

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Speaker 1: We are working hard for you this week. We've got

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Speaker 1: Barada our ep out on vacation. She comes back next week.

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Speaker 1: Matt Shirley pulling double duty for us this week. Josh

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Speaker 1: Green always pulling triple duty for the bloom Bird Business

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Speaker 1: Week team. He's a national correspondent. Now, we're not going

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Speaker 1: to talk about his New York Times best selling book

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00:26:05,600 --> 00:26:08,399
Speaker 1: on Steve Bennon, though I might get a question in there, Josh,

429
00:26:08,440 --> 00:26:10,359
Speaker 1: about what's going to happen with Steve Bennon in that

430
00:26:10,480 --> 00:26:13,240
Speaker 1: court case. We are going to talk about Joe Biden

431
00:26:13,480 --> 00:26:16,840
Speaker 1: in Kenosha earlier today. What did we learn? What do

432
00:26:16,960 --> 00:26:22,040
Speaker 1: we know? Well, what we learned is that Biden got

433
00:26:22,040 --> 00:26:25,399
Speaker 1: a much much different reception than President Trump did, who

434
00:26:25,480 --> 00:26:29,120
Speaker 1: also a couple of days ago. Biden, unlike Trump meant

435
00:26:29,119 --> 00:26:32,479
Speaker 1: with his family, was welcomed in Um. You know, there

436
00:26:32,560 --> 00:26:35,639
Speaker 1: was some pretty pretty striking information came out of that.

437
00:26:35,720 --> 00:26:39,200
Speaker 1: We learned today that Biden himself book on the phone

438
00:26:39,240 --> 00:26:42,280
Speaker 1: with Jacob Blake, who was shot and paralyzed by police,

439
00:26:42,720 --> 00:26:47,320
Speaker 1: setting off all of these protests. Blake's father told reporters

440
00:26:47,400 --> 00:26:50,840
Speaker 1: that that speaking to Biden was like speaking to my uncle,

441
00:26:51,000 --> 00:26:54,399
Speaker 1: and speaking to Kama Harris, the vice presidential nominee, was

442
00:26:54,440 --> 00:26:57,320
Speaker 1: like speaking to one of his sisters. So clearly a

443
00:26:57,440 --> 00:27:03,000
Speaker 1: warm embrace from the Blake family of Vice President Biden

444
00:27:03,040 --> 00:27:07,040
Speaker 1: and Kamala Harris. It's uh, you know, Joe Biden speaking

445
00:27:07,160 --> 00:27:10,399
Speaker 1: a lot about hate in general. And I believe we

446
00:27:10,440 --> 00:27:13,600
Speaker 1: actually have a sound bite from Joe Biden in Kenosha.

447
00:27:13,640 --> 00:27:16,000
Speaker 1: Let's listen to the Democratic presidential nominee here he is.

448
00:27:16,560 --> 00:27:20,560
Speaker 1: I thought you could defeat hate. Hate only hides. Only hides,

449
00:27:21,240 --> 00:27:25,200
Speaker 1: and when someone in authority breathes oxygen under that rock

450
00:27:25,720 --> 00:27:30,040
Speaker 1: and legitimizes those folks to come on out. So there

451
00:27:30,080 --> 00:27:35,960
Speaker 1: you have Joe Biden speaking in that more calm tone,

452
00:27:36,080 --> 00:27:38,600
Speaker 1: so to speak, at a time in which Republicans are

453
00:27:38,640 --> 00:27:41,520
Speaker 1: really raising the issue of law and order. And that's

454
00:27:41,560 --> 00:27:44,520
Speaker 1: the that's the divide right now, that's the political divide. Josh,

455
00:27:44,600 --> 00:27:46,240
Speaker 1: You've been to all these places, So how is this

456
00:27:46,280 --> 00:27:48,679
Speaker 1: going to play in Kenosha County? A county, mind you,

457
00:27:49,080 --> 00:27:52,359
Speaker 1: that was separated by two dred and fifty votes and

458
00:27:52,840 --> 00:27:56,280
Speaker 1: that went for Trump in two thousand and sixteen presidential election,

459
00:27:56,320 --> 00:28:00,040
Speaker 1: the first time that this county has gone for a

460
00:28:00,240 --> 00:28:04,000
Speaker 1: gone for a Republican in decades. Yeah, it really is

461
00:28:04,040 --> 00:28:07,399
Speaker 1: fascinating that all of this is happening in as you know,

462
00:28:07,560 --> 00:28:12,000
Speaker 1: vitalist swing county is Ken Oceans, vitalist swing state as Wisconsin.

463
00:28:12,080 --> 00:28:14,159
Speaker 1: A lot of strategies think that Wisconsin could be the

464
00:28:14,160 --> 00:28:16,680
Speaker 1: tipping point state that could decide the race one way

465
00:28:16,760 --> 00:28:19,360
Speaker 1: or the other. Um. But I think it's a perfect

466
00:28:19,400 --> 00:28:25,080
Speaker 1: distillation of these two back to back visits of competing

467
00:28:25,160 --> 00:28:29,800
Speaker 1: and contrasting political styles. Trump trying to rile up excitement

468
00:28:30,000 --> 00:28:33,960
Speaker 1: and fear in the suburbs to to help convey his

469
00:28:34,040 --> 00:28:38,520
Speaker 1: law or message. Of Biden showing up, you know, wearing masks,

470
00:28:38,560 --> 00:28:42,520
Speaker 1: trying to look like the responsible adult and calm down

471
00:28:42,560 --> 00:28:45,560
Speaker 1: the situation. And meanwhile, you have this pivotal group of

472
00:28:45,640 --> 00:28:48,200
Speaker 1: voters who are watching this all unfold in their own

473
00:28:48,200 --> 00:28:51,440
Speaker 1: community and really making a decision. What kind of America

474
00:28:51,480 --> 00:28:53,000
Speaker 1: do we want to live in? You know, is our

475
00:28:53,120 --> 00:28:56,200
Speaker 1: fear that these protests are out of control? Do we

476
00:28:56,200 --> 00:28:59,480
Speaker 1: think we did better off going with a strongman type

477
00:28:59,520 --> 00:29:02,200
Speaker 1: like Trump who is going to crack down um? Or

478
00:29:02,320 --> 00:29:04,560
Speaker 1: does it tell these voters, you know, are they are

479
00:29:04,560 --> 00:29:07,840
Speaker 1: they tired of this? Are they exhausted? Or they really

480
00:29:07,840 --> 00:29:10,200
Speaker 1: willing to reach for a candidate who can impose a

481
00:29:10,200 --> 00:29:14,320
Speaker 1: little bit more calm, you know, a own commodity. Um,

482
00:29:14,600 --> 00:29:19,280
Speaker 1: someone who I think is synonymous with moderation for good

483
00:29:19,280 --> 00:29:21,480
Speaker 1: and bad, despite the way the President Trump has tried

484
00:29:21,520 --> 00:29:26,760
Speaker 1: to portray him. Um. It's really an interesting encapsulation of

485
00:29:26,800 --> 00:29:29,280
Speaker 1: the issues that are designing this election. And the reason

486
00:29:29,320 --> 00:29:32,360
Speaker 1: I admire and I've always looked up to Josh Green's reporting.

487
00:29:32,360 --> 00:29:35,560
Speaker 1: He's a national correspondent from Bloomberg Business Week. Uh, and

488
00:29:35,920 --> 00:29:37,800
Speaker 1: it is because you're always ahead of it. And I

489
00:29:37,840 --> 00:29:41,120
Speaker 1: know that you're focusing on the rollout of the vaccination

490
00:29:41,200 --> 00:29:43,160
Speaker 1: because that's going to be one of the dominant stories

491
00:29:43,160 --> 00:29:46,120
Speaker 1: in the month of October. And yesterday, of course, the

492
00:29:46,160 --> 00:29:50,080
Speaker 1: CDC telling states get ready for a potential November one,

493
00:29:50,520 --> 00:29:55,280
Speaker 1: November one rollout of the vaccination or the first rounds

494
00:29:55,280 --> 00:29:58,680
Speaker 1: of the vaccinations. And and this entire process has already

495
00:29:58,720 --> 00:30:01,680
Speaker 1: become politicized, just does mail and voting has, just as

496
00:30:02,160 --> 00:30:06,080
Speaker 1: Kenosha County has become politicized. And I guess as you

497
00:30:06,240 --> 00:30:11,560
Speaker 1: stare down the potential for a vaccine being approved, maybe

498
00:30:11,560 --> 00:30:14,160
Speaker 1: not in the market, but approved in the month of October.

499
00:30:15,680 --> 00:30:19,120
Speaker 1: That is going to be a massive issue over the

500
00:30:19,160 --> 00:30:23,200
Speaker 1: next couple of of weeks between now November three, you know,

501
00:30:23,520 --> 00:30:25,360
Speaker 1: is an issue. I agree with you, but here's my

502
00:30:25,400 --> 00:30:28,080
Speaker 1: hot take on the vaccine. I don't think it's gonna

503
00:30:28,120 --> 00:30:31,640
Speaker 1: matter at all. And the reason is because, as you said,

504
00:30:31,680 --> 00:30:34,840
Speaker 1: it's already become politicized, the same way that everything in

505
00:30:34,840 --> 00:30:38,320
Speaker 1: our lives has become politicized. And so if the CDC

506
00:30:38,480 --> 00:30:41,320
Speaker 1: were announced approval of a vaccine in late October and

507
00:30:41,360 --> 00:30:45,560
Speaker 1: early November, uh, I think clearly President Trump would would

508
00:30:45,560 --> 00:30:48,880
Speaker 1: push it, would be excited, people inclined to trust him

509
00:30:48,880 --> 00:30:51,120
Speaker 1: and vote for him would be willing to go out

510
00:30:51,160 --> 00:30:52,960
Speaker 1: and get it. But I think there would be there

511
00:30:52,960 --> 00:30:57,200
Speaker 1: already as an enormous amount of suspicion among people who

512
00:30:57,240 --> 00:31:00,760
Speaker 1: don't support President Trump that he is trying to push

513
00:31:00,800 --> 00:31:04,120
Speaker 1: things through and cut corners in order to advance his

514
00:31:04,200 --> 00:31:07,920
Speaker 1: own re election. Uh, it might be willing to push

515
00:31:07,920 --> 00:31:10,760
Speaker 1: through a vaccine that isn't safe, that isn't sufficiently tested.

516
00:31:11,240 --> 00:31:12,680
Speaker 1: So I think, like so many other things, this is

517
00:31:12,680 --> 00:31:15,480
Speaker 1: going to become a kind of prism for the vaccine

518
00:31:15,480 --> 00:31:17,400
Speaker 1: itself will become a kind of prism for how do

519
00:31:17,440 --> 00:31:20,440
Speaker 1: you feel about Trump? How do you feel about your government?

520
00:31:20,760 --> 00:31:22,560
Speaker 1: And if there's so many things in our country, it

521
00:31:22,640 --> 00:31:25,880
Speaker 1: splits roughly fifty fifty. It's not clear that that really

522
00:31:26,000 --> 00:31:28,240
Speaker 1: changes that dynamic in the race at all. Yeah, you know,

523
00:31:28,280 --> 00:31:32,600
Speaker 1: I agree, that's such a fascinating conversational point because it is,

524
00:31:33,040 --> 00:31:36,240
Speaker 1: you know, in terms of critics of the president who

525
00:31:36,280 --> 00:31:38,400
Speaker 1: will doubt it and supporters of the president who will

526
00:31:38,400 --> 00:31:41,640
Speaker 1: praise it. I just keep thinking of Kenosha County. I

527
00:31:41,720 --> 00:31:45,160
Speaker 1: keep thinking of Allegheny County in Pennsylvania, you know, because

528
00:31:45,200 --> 00:31:48,600
Speaker 1: these are the spots where you're going to have the

529
00:31:48,680 --> 00:31:52,080
Speaker 1: vaccination developments. The markets have been reacting in real time

530
00:31:52,120 --> 00:31:55,360
Speaker 1: to the headlines on the terminal regarding vaccinations. And then

531
00:31:55,360 --> 00:32:00,560
Speaker 1: of course on October we get the GDP numbers or

532
00:32:00,680 --> 00:32:03,840
Speaker 1: the growth for the quarter, and so all of that

533
00:32:03,880 --> 00:32:06,280
Speaker 1: coming just a couple of days before the election, and

534
00:32:06,320 --> 00:32:10,800
Speaker 1: so that likely also has UH the impact on the market.

535
00:32:10,880 --> 00:32:14,560
Speaker 1: So all of this uh data, for lack of a

536
00:32:14,560 --> 00:32:17,840
Speaker 1: better word, it's going to be remarkable to see how

537
00:32:17,880 --> 00:32:21,480
Speaker 1: the data and the coverage of the data impacts these

538
00:32:21,520 --> 00:32:24,320
Speaker 1: swing voters. All right, and that less than ninety seconds

539
00:32:24,320 --> 00:32:25,840
Speaker 1: that we have left, give me one thing in your

540
00:32:25,880 --> 00:32:28,480
Speaker 1: notebook that you want to empty out. That that's a

541
00:32:28,520 --> 00:32:32,840
Speaker 1: good juicy tidbit scoop that isn't getting a lot of places.

542
00:32:33,120 --> 00:32:35,160
Speaker 1: You know, Kevin, business, business, We got right for our

543
00:32:35,240 --> 00:32:37,800
Speaker 1: big election. Double issue is just out today of a

544
00:32:38,440 --> 00:32:41,200
Speaker 1: there on the Maricopa County suburbs as a sort of

545
00:32:41,280 --> 00:32:45,080
Speaker 1: weather vane for suburbs nationally. To me in sixty seconds,

546
00:32:45,120 --> 00:32:47,440
Speaker 1: the biggest trend I'm seeing in the polling numbers and

547
00:32:47,520 --> 00:32:51,160
Speaker 1: focus groups and talking to strategists is that despite all

548
00:32:51,280 --> 00:32:53,800
Speaker 1: the excitement around the two conventions and the battling back

549
00:32:53,840 --> 00:32:57,600
Speaker 1: and forth, nobody is really seeing any meaningful movement. This

550
00:32:57,720 --> 00:33:00,320
Speaker 1: still looks like to me, especially in the sub urbs,

551
00:33:00,720 --> 00:33:03,880
Speaker 1: Biden leading by high single digits, So I think in

552
00:33:03,920 --> 00:33:06,640
Speaker 1: the short term nothing changes. However, I think it makes

553
00:33:06,680 --> 00:33:10,200
Speaker 1: the debates incredibly critical that I think even more so

554
00:33:10,240 --> 00:33:12,800
Speaker 1: than a vaccine or a big GDP number for the

555
00:33:12,840 --> 00:33:15,200
Speaker 1: third quarter. As you mentioned, the debates I think are

556
00:33:15,200 --> 00:33:18,040
Speaker 1: going to be the real open question that could have

557
00:33:18,080 --> 00:33:22,640
Speaker 1: a big, big determination of the outcome. Brilliant, just brilliant reporting,

558
00:33:22,720 --> 00:33:25,160
Speaker 1: Josh Green, National correspondent from Boomberg Business Week. Make sure

559
00:33:25,160 --> 00:33:26,760
Speaker 1: you go pick up a copy of Business Seak. It's

560
00:33:26,800 --> 00:33:29,360
Speaker 1: it's just brilliant. More next time, Kevin ce Really Cheap

561
00:33:29,400 --> 00:33:32,840
Speaker 1: Washington correspondent for Bloomberg Television Bloomberg Radio. You're listening to Bloomberg.

562
00:33:40,200 --> 00:33:44,760
Speaker 1: This is Bloomberg Sound on with Kevin Surrel on Bloomberg

563
00:33:45,880 --> 00:33:48,280
Speaker 1: and one or five point seven f M h D two.

564
00:33:49,000 --> 00:33:51,360
Speaker 1: My name is Kevin Cereli on the cheep Washington correspondent

565
00:33:51,400 --> 00:33:56,040
Speaker 1: for Bloomberg Television and for Bloomberg Radio. We've got a

566
00:33:56,040 --> 00:33:58,760
Speaker 1: lot to get through. Let's go fiscal stimulus, shall we?

567
00:33:58,920 --> 00:34:01,360
Speaker 1: Let's do it? Get ready? Uh? Joining us on the line,

568
00:34:01,440 --> 00:34:04,560
Speaker 1: Richard Fowler, nationally syndicated or a d O show host

569
00:34:04,880 --> 00:34:09,279
Speaker 1: and a Fox News contributor. Richard, how are you? I'm

570
00:34:10,480 --> 00:34:12,440
Speaker 1: I'm good. You know any day you're talking to Richard

571
00:34:12,440 --> 00:34:16,080
Speaker 1: Fowler and George c who is the CEO of Vannondale,

572
00:34:16,080 --> 00:34:19,279
Speaker 1: Capital of Texas, businessman and a former senior advisor to

573
00:34:19,360 --> 00:34:26,400
Speaker 1: Marco Rubio presidential campaign. It's a good day, George, what's up? Good?

574
00:34:26,600 --> 00:34:29,239
Speaker 1: We're good? Shall we shall we start? You know, it's good.

575
00:34:29,239 --> 00:34:32,359
Speaker 1: It's good to be here. You know, I I can't

576
00:34:32,400 --> 00:34:35,960
Speaker 1: get my head around this fiscal stimulus stuff. And you know,

577
00:34:35,960 --> 00:34:39,120
Speaker 1: when I was growing up, my favorite teacher Richard Roper

578
00:34:39,520 --> 00:34:42,759
Speaker 1: and uh, Malvin Prepp, you know you always keep me

579
00:34:42,760 --> 00:34:45,080
Speaker 1: out of trouble. And he said, never used the word stuff,

580
00:34:45,120 --> 00:34:47,839
Speaker 1: but stuff is really the only appropriate word. And this

581
00:34:48,000 --> 00:34:50,680
Speaker 1: in this equation. And here's why, because they are not

582
00:34:50,760 --> 00:34:53,000
Speaker 1: any closer to a deal. I want to get in

583
00:34:53,040 --> 00:34:55,680
Speaker 1: the weeds for a second, Richard Fowler about the prospects

584
00:34:55,680 --> 00:34:59,239
Speaker 1: for a deal. Because Speaker Pelosi and Secretary Minution have

585
00:34:59,280 --> 00:35:02,680
Speaker 1: agreed to work to avoid a government shutdown right before

586
00:35:02,719 --> 00:35:05,719
Speaker 1: the election, which is on October one. They always say this,

587
00:35:06,080 --> 00:35:08,040
Speaker 1: no matter what administration it is, that they want to

588
00:35:08,080 --> 00:35:11,040
Speaker 1: avoid a government shutdown, and then they take us to

589
00:35:11,120 --> 00:35:14,440
Speaker 1: a shutdown. But what I want to know is whether

590
00:35:14,560 --> 00:35:18,680
Speaker 1: or not the government shutdown fight on October one actually

591
00:35:18,800 --> 00:35:22,840
Speaker 1: might be the thing where the stuff that lights a

592
00:35:23,000 --> 00:35:26,239
Speaker 1: fire to get them closer to a fiscal stimulus deal.

593
00:35:26,320 --> 00:35:29,919
Speaker 1: What do you think, Richard? I hope it will be right.

594
00:35:30,080 --> 00:35:32,719
Speaker 1: I hope that will be what will move both the

595
00:35:32,719 --> 00:35:35,680
Speaker 1: House and the Senate closer to passing and agree a

596
00:35:35,719 --> 00:35:38,200
Speaker 1: bill that they both can agree on. I think for

597
00:35:38,400 --> 00:35:42,120
Speaker 1: House Democrats, as you know, the sticking point is making

598
00:35:42,120 --> 00:35:44,759
Speaker 1: sure that state and local governments get the money that

599
00:35:44,880 --> 00:35:46,560
Speaker 1: they need. That a lot of that money went to

600
00:35:46,600 --> 00:35:49,000
Speaker 1: fighting COVID nineteen and so now they're budgets a little

601
00:35:49,000 --> 00:35:54,560
Speaker 1: bit upside down, uh, and that goes to fund schools, firefighters, etcetera. UM.

602
00:35:54,600 --> 00:35:56,360
Speaker 1: And I think on top of that, I think the

603
00:35:56,440 --> 00:35:59,040
Speaker 1: other sticking point is how much money should be part

604
00:35:59,160 --> 00:36:02,759
Speaker 1: of the unemployment insurance part of the bill. And I

605
00:36:02,760 --> 00:36:05,000
Speaker 1: think what we learned today from some data that recently

606
00:36:05,000 --> 00:36:08,160
Speaker 1: came out and shows that twenty nine million Americans, right,

607
00:36:08,239 --> 00:36:09,960
Speaker 1: so a little bit less than ten percent of the

608
00:36:09,960 --> 00:36:14,480
Speaker 1: country is depending on some form of government help during

609
00:36:14,560 --> 00:36:17,000
Speaker 1: this COVID nineteen period. So it would make sense to

610
00:36:17,040 --> 00:36:19,799
Speaker 1: me that, you know, that should be the top priorities

611
00:36:19,800 --> 00:36:23,640
Speaker 1: for all both Democrats and Republican lawmakers and the White House.

612
00:36:23,760 --> 00:36:25,719
Speaker 1: But I think there will be some sticking points around

613
00:36:25,719 --> 00:36:27,640
Speaker 1: the number. I think Democrats want to keep the six

614
00:36:27,680 --> 00:36:30,839
Speaker 1: hundred dollar number which started um at the beginning of

615
00:36:31,560 --> 00:36:33,799
Speaker 1: sort of COVID nineteen pandemic, and they will let number

616
00:36:33,880 --> 00:36:36,399
Speaker 1: run at the end of the year. And Republicans seem

617
00:36:36,480 --> 00:36:38,160
Speaker 1: to want to balk at that because they think that

618
00:36:38,200 --> 00:36:40,799
Speaker 1: people are quote unquote living high off the hog, which

619
00:36:40,800 --> 00:36:43,600
Speaker 1: I find hard to believe when there's so many Americans

620
00:36:43,640 --> 00:36:45,640
Speaker 1: that are struggling to pay rent. As we sit here

621
00:36:45,640 --> 00:36:47,759
Speaker 1: on September four, we know there's tons of folks would

622
00:36:47,760 --> 00:36:50,120
Speaker 1: have been evicted over the past couple of days, um,

623
00:36:50,239 --> 00:36:52,920
Speaker 1: all across country. You know, George, I look at this,

624
00:36:53,000 --> 00:36:56,640
Speaker 1: and I was reading the economic and market outlook from

625
00:36:57,320 --> 00:37:00,560
Speaker 1: the second quarter that in Indale Top will put out

626
00:37:00,600 --> 00:37:03,600
Speaker 1: and you're write about this. This odd externality of COVID

627
00:37:03,680 --> 00:37:07,240
Speaker 1: nineteen and the government subsidies has been that retail investors

628
00:37:07,239 --> 00:37:10,480
Speaker 1: have been flooding into the markets, everyone working from home

629
00:37:10,560 --> 00:37:15,279
Speaker 1: diving into the markets. And I'm curious about, from your perspective,

630
00:37:16,200 --> 00:37:20,719
Speaker 1: if the fiscal stimulus talks, if markets are starting to

631
00:37:20,840 --> 00:37:23,400
Speaker 1: maybe say, you know what, it might not happen, or

632
00:37:23,480 --> 00:37:27,360
Speaker 1: is there still this expectation that it's going to happen

633
00:37:27,640 --> 00:37:29,319
Speaker 1: by the end of the year. I mean, what what

634
00:37:29,440 --> 00:37:33,160
Speaker 1: is this the impast men to your clients and to

635
00:37:33,280 --> 00:37:42,120
Speaker 1: people like you. Yeah, I don't think George, George, you're

636
00:37:42,160 --> 00:37:44,160
Speaker 1: breaking up with me, buddy. You're breaking up with me

637
00:37:44,200 --> 00:37:46,360
Speaker 1: if you can move to a window. We'll try to

638
00:37:46,400 --> 00:37:48,480
Speaker 1: get you, uh, we'll try to get you on the

639
00:37:49,200 --> 00:37:54,120
Speaker 1: on a re re reconnected Richard Valor just for that,

640
00:37:54,280 --> 00:37:57,279
Speaker 1: for that sense, though, I mean, it really is remarkable

641
00:37:57,320 --> 00:37:59,359
Speaker 1: just to see how many states are struggling and this

642
00:37:59,360 --> 00:38:04,680
Speaker 1: this this this polarizing, this polarizing political debate about whether

643
00:38:04,800 --> 00:38:08,640
Speaker 1: or not states that are struggling financially ought to be

644
00:38:09,200 --> 00:38:11,920
Speaker 1: or states that aren't struggling financially, whether those states that

645
00:38:11,960 --> 00:38:14,440
Speaker 1: aren't struggling financially ought to be on the hook for

646
00:38:14,480 --> 00:38:16,359
Speaker 1: the states that are. What do you say to those

647
00:38:16,440 --> 00:38:18,920
Speaker 1: those conservative states, Richard, who say, I don't want to

648
00:38:18,960 --> 00:38:22,120
Speaker 1: pay for for the mismanagement of your books. What I

649
00:38:22,160 --> 00:38:24,239
Speaker 1: say to those conservative states is the states that are

650
00:38:24,280 --> 00:38:26,640
Speaker 1: asking for money to help them because they were sort

651
00:38:26,680 --> 00:38:28,800
Speaker 1: of the front, they were sort of the forward facing

652
00:38:28,800 --> 00:38:33,160
Speaker 1: states in this COVID nineteen pandemic. Understanding that today the

653
00:38:33,280 --> 00:38:36,160
Speaker 1: outbreak of COVID nineteen has gone to states. Now it's

654
00:38:36,200 --> 00:38:38,759
Speaker 1: hitting it's the Iowa's during the brunt of this right

655
00:38:38,840 --> 00:38:41,760
Speaker 1: a smaller state is that if you look over time,

656
00:38:42,040 --> 00:38:45,520
Speaker 1: states like New York and New Jersey are net contributors

657
00:38:45,960 --> 00:38:49,399
Speaker 1: to the US Treasury over and over again, year after

658
00:38:49,560 --> 00:38:53,920
Speaker 1: year in Connecticut, New York, New Jersey, Illinois, states that

659
00:38:53,960 --> 00:38:56,680
Speaker 1: are net contributors and they're not net takers, and the

660
00:38:56,680 --> 00:38:58,879
Speaker 1: states of those thinks they don't want to give these

661
00:38:58,920 --> 00:39:03,320
Speaker 1: states the money. Our states that are net takers, the Mississippi, Louisiana,

662
00:39:03,320 --> 00:39:06,480
Speaker 1: I think, why senators are from Arkansas, all states that

663
00:39:06,480 --> 00:39:09,879
Speaker 1: are net takers from the federal treasury. All right, I'm

664
00:39:09,920 --> 00:39:12,560
Speaker 1: told by our by our indefatigable producers, that we have

665
00:39:12,640 --> 00:39:14,279
Speaker 1: George C back in the line, right, So I'm gonna

666
00:39:14,280 --> 00:39:16,200
Speaker 1: put that question to you again. I mean from your

667
00:39:16,360 --> 00:39:20,240
Speaker 1: clientele over there at Antandell. Are you are you noticing

668
00:39:20,280 --> 00:39:22,000
Speaker 1: that that folks are starting to say, hey, wait a minute,

669
00:39:22,000 --> 00:39:23,840
Speaker 1: we might not get this fiscal stimulus or is it

670
00:39:23,920 --> 00:39:27,719
Speaker 1: still the expectation that we will. Kevin, I think it's

671
00:39:27,760 --> 00:39:30,520
Speaker 1: really inside baseball. I think people are much more focused

672
00:39:30,520 --> 00:39:33,840
Speaker 1: on the economy and their jobs and and other things

673
00:39:33,840 --> 00:39:36,359
Speaker 1: than this, and I would I would bet against it

674
00:39:36,400 --> 00:39:38,360
Speaker 1: if if I were a betty man. I think the

675
00:39:38,440 --> 00:39:41,400
Speaker 1: gaps too wide. I think Republicans started a one trillion

676
00:39:41,440 --> 00:39:45,160
Speaker 1: and Democrats started at three, and Republicans in in minutition,

677
00:39:45,200 --> 00:39:47,000
Speaker 1: I think about the anti to like one point three

678
00:39:47,120 --> 00:39:49,480
Speaker 1: or some of that's a big bit as spread. So

679
00:39:49,560 --> 00:39:51,840
Speaker 1: I wouldn't bet on it. And that's a shame, and

680
00:39:51,840 --> 00:39:54,279
Speaker 1: it's very sad for the American people. But Republicans and

681
00:39:54,480 --> 00:39:57,719
Speaker 1: I think that's just actually and objectively really smart for

682
00:39:57,800 --> 00:39:59,960
Speaker 1: them to do this or pointing out, hey, next year

683
00:40:00,000 --> 00:40:03,640
Speaker 1: we're gonna go over of debt to GDP. In the

684
00:40:03,640 --> 00:40:06,040
Speaker 1: following year, we'll go up to about seven. And that's

685
00:40:06,040 --> 00:40:11,920
Speaker 1: a higher number than after World War Two. That is insane. Well,

686
00:40:11,960 --> 00:40:13,680
Speaker 1: and it's and and and listen, I don't think any

687
00:40:13,719 --> 00:40:17,960
Speaker 1: any like minded individual, uh in any in any place

688
00:40:18,000 --> 00:40:22,200
Speaker 1: would would would point to anything other than uh, the

689
00:40:22,239 --> 00:40:24,640
Speaker 1: pandemic as a result of the coronavirus of course as

690
00:40:24,640 --> 00:40:27,440
Speaker 1: a result of this, but just the Congressional Budget Office

691
00:40:28,120 --> 00:40:30,480
Speaker 1: just to to pull that number on the on the debt,

692
00:40:31,320 --> 00:40:34,840
Speaker 1: it's it's really remarkable. The federal debt is going to

693
00:40:34,880 --> 00:40:39,080
Speaker 1: exceed the size of the entire US economy next year

694
00:40:39,719 --> 00:40:43,799
Speaker 1: as a result of the coronavirus. And and that means

695
00:40:43,880 --> 00:40:45,880
Speaker 1: that that is going to shift the debate and what

696
00:40:46,000 --> 00:40:48,520
Speaker 1: we'll talk about this coming up on later in the program.

697
00:40:48,560 --> 00:40:51,680
Speaker 1: But but just very quickly George, I want to ask

698
00:40:51,680 --> 00:40:53,520
Speaker 1: you one more question, because I know we cut out

699
00:40:53,960 --> 00:40:56,640
Speaker 1: that's going to shift the debate of the Republican Party

700
00:40:56,960 --> 00:40:59,360
Speaker 1: regardless of whether Trump gets a second term or not

701
00:40:59,719 --> 00:41:03,359
Speaker 1: in the next election cycle. Will it not? Yeah, it

702
00:41:03,400 --> 00:41:06,000
Speaker 1: has to. The countries deserves far better than what they're

703
00:41:06,000 --> 00:41:09,360
Speaker 1: getting right now, and spending from Democrats and Republicans and

704
00:41:09,800 --> 00:41:13,000
Speaker 1: the whole premise. Two of the states that are net

705
00:41:13,000 --> 00:41:15,480
Speaker 1: payers and net takers of money in the federal government,

706
00:41:15,480 --> 00:41:17,719
Speaker 1: that's a bit of a misleading statistic. The Wall Street

707
00:41:17,760 --> 00:41:20,920
Speaker 1: Journal had a great editorial on how the numbers can

708
00:41:20,920 --> 00:41:23,160
Speaker 1: be are kind of pledged in that, and actually New

709
00:41:23,200 --> 00:41:25,400
Speaker 1: York gets a lot more benefits than they admit to.

710
00:41:25,800 --> 00:41:28,600
Speaker 1: We will call call uh, We're gonna talk more about this.

711
00:41:28,640 --> 00:41:31,560
Speaker 1: Coming up, George, stay, Richard stay, Congress mcgarremandy coming up next. I'

712
00:41:31,600 --> 00:41:39,719
Speaker 1: Kevin's really you're listening to Bloomberg one. This is Bloomberg

713
00:41:39,920 --> 00:41:44,520
Speaker 1: Sound On with Kevin Surley on Bloomberg and one All

714
00:41:44,640 --> 00:41:48,680
Speaker 1: five point seven fm h D two. The US federal

715
00:41:48,719 --> 00:41:51,800
Speaker 1: budget budget deficit will soar to a record three point

716
00:41:51,840 --> 00:41:56,200
Speaker 1: three trillion dollars this fiscal year. A swelling government debt

717
00:41:56,280 --> 00:41:58,520
Speaker 1: to a size bigger than the economy and the wake

718
00:41:58,640 --> 00:42:02,160
Speaker 1: of massive spending to cush Americans from the coronavirus pandemic. This,

719
00:42:02,239 --> 00:42:05,880
Speaker 1: according to the Congressional Budget Office, is latest tally. Wow,

720
00:42:06,160 --> 00:42:09,360
Speaker 1: debt held by the public will reach twenty nine I'm sorry,

721
00:42:09,400 --> 00:42:13,640
Speaker 1: twenty one point nine twenty one point nine trillion dollars

722
00:42:14,200 --> 00:42:18,880
Speaker 1: in the fiscal year ending September. That's the equivalent Are

723
00:42:18,920 --> 00:42:22,320
Speaker 1: you ready for this? That's the equivalent of a hundred

724
00:42:22,360 --> 00:42:27,280
Speaker 1: and four point four percent of g d P. That's

725
00:42:27,400 --> 00:42:33,279
Speaker 1: up from in the current year. Remarkable. That is my

726
00:42:33,320 --> 00:42:36,080
Speaker 1: first question to our next guest, Congressman John Garamandi. He

727
00:42:36,120 --> 00:42:39,200
Speaker 1: is a Democrat from California. UH. Congressman. First of all,

728
00:42:39,200 --> 00:42:41,000
Speaker 1: great to talk with you, Great to have you back,

729
00:42:41,120 --> 00:42:46,439
Speaker 1: Appreciative of your time, and and you know, I look,

730
00:42:46,480 --> 00:42:50,000
Speaker 1: I'm not blaming and in this situation, left or right

731
00:42:50,200 --> 00:42:52,880
Speaker 1: for for the for the fiscal stimulus, clearly it was needed,

732
00:42:52,920 --> 00:42:57,560
Speaker 1: It's needed for UH, the virus, the pandemic. But this

733
00:42:57,600 --> 00:43:01,640
Speaker 1: is for people who are concerned about about the federal

734
00:43:01,719 --> 00:43:05,360
Speaker 1: debt exceeding the size of the economy next year. What

735
00:43:05,360 --> 00:43:06,799
Speaker 1: what do you say to them as a as a

736
00:43:06,800 --> 00:43:10,719
Speaker 1: as a public servant um about how this is going

737
00:43:10,760 --> 00:43:16,400
Speaker 1: to change the way policymakers view, uh, the fiscal reality

738
00:43:16,480 --> 00:43:21,239
Speaker 1: given the the outlook from the CBO today, Well, it's

739
00:43:21,239 --> 00:43:24,280
Speaker 1: certainly going to change the politics, no doubt about it.

740
00:43:24,719 --> 00:43:30,840
Speaker 1: To thirty of that total number came directly from the

741
00:43:30,840 --> 00:43:35,440
Speaker 1: two thousand seventeen December two thousand seventeen tax cut that

742
00:43:35,520 --> 00:43:39,480
Speaker 1: the Republicans ram through Congress about one hearing at all,

743
00:43:41,040 --> 00:43:46,440
Speaker 1: and so the other remaining two thirds or came from

744
00:43:46,640 --> 00:43:49,840
Speaker 1: the effort to try to deal with the catastrophe of

745
00:43:49,880 --> 00:43:55,200
Speaker 1: the pandemic. Most economists now say that we need further

746
00:43:55,320 --> 00:44:00,720
Speaker 1: stimulus to hold the economy together as we uh conquered

747
00:44:00,840 --> 00:44:05,279
Speaker 1: the pandemic and bring the virus under control. And that's

748
00:44:05,280 --> 00:44:08,040
Speaker 1: the issue before us really with the Heroes Bill, which

749
00:44:08,080 --> 00:44:11,200
Speaker 1: is another free trail and started out in the Senate,

750
00:44:11,280 --> 00:44:14,440
Speaker 1: it's now down to excuse me, in the House at three,

751
00:44:14,680 --> 00:44:18,280
Speaker 1: Senate at one, and then the Houses now at two,

752
00:44:18,840 --> 00:44:22,239
Speaker 1: and most uh, the economists say, you've got to keep

753
00:44:22,280 --> 00:44:27,320
Speaker 1: this economy from total collapse so that when the virus

754
00:44:27,360 --> 00:44:31,680
Speaker 1: is under control, it can begin back up without having

755
00:44:31,719 --> 00:44:35,200
Speaker 1: to start some plat on its back. We'll see, uh.

756
00:44:35,320 --> 00:44:37,759
Speaker 1: So I think we really have an initial problem that

757
00:44:37,960 --> 00:44:42,560
Speaker 1: is the pandemic and the tax cut. Before beyond that, Yes,

758
00:44:42,640 --> 00:44:45,040
Speaker 1: we've got to reduce the deficit, no doubt about it.

759
00:44:45,600 --> 00:44:47,920
Speaker 1: At least the annual deficit has to be reduced. That

760
00:44:47,960 --> 00:44:52,720
Speaker 1: brings us to how are we understand what money is available? However,

761
00:44:52,800 --> 00:44:54,640
Speaker 1: all of that I think is going to come after

762
00:44:54,719 --> 00:44:57,799
Speaker 1: we deal with the pandemic. It is remarkable and if

763
00:44:57,880 --> 00:45:00,640
Speaker 1: and you know, I'm a huge American history buff and

764
00:45:00,640 --> 00:45:04,160
Speaker 1: and it's it's fascinating, and you know, to watch the

765
00:45:04,160 --> 00:45:06,960
Speaker 1: polarization in this country and after the two thousand and

766
00:45:06,960 --> 00:45:09,799
Speaker 1: eight collapse, it gave it amplified the voice of the

767
00:45:09,800 --> 00:45:13,480
Speaker 1: tea party movement, and we've seen the amplification of the

768
00:45:13,520 --> 00:45:16,640
Speaker 1: Bernie Standers wing in the Democratic side. So it'll be

769
00:45:16,680 --> 00:45:19,040
Speaker 1: really interesting as we as we look at the tea

770
00:45:19,120 --> 00:45:22,439
Speaker 1: leaves over there and the political wins over the next

771
00:45:22,480 --> 00:45:25,640
Speaker 1: five ten years to see what happens after we're out

772
00:45:25,640 --> 00:45:27,200
Speaker 1: of the storm. But we're not out of the storm yet.

773
00:45:27,520 --> 00:45:29,240
Speaker 1: We're not out of the storm yet. What's the latest

774
00:45:29,280 --> 00:45:32,399
Speaker 1: in terms of the conversations that you're yeah, what's what's

775
00:45:32,400 --> 00:45:34,680
Speaker 1: the latest in terms of the fiscal stimulus talks that

776
00:45:34,719 --> 00:45:37,360
Speaker 1: you're having, Uh, you know it's it is it going

777
00:45:37,400 --> 00:45:39,680
Speaker 1: to be wrapped up in the in the October one

778
00:45:39,719 --> 00:45:44,840
Speaker 1: deadline for for a government funding deal. Well, there's a

779
00:45:44,840 --> 00:45:47,200
Speaker 1: whole set of deadlines that come at the end of

780
00:45:47,239 --> 00:45:50,000
Speaker 1: this month. The government runs out of money. It's spending

781
00:45:50,080 --> 00:45:52,360
Speaker 1: authority at the end of the month, so we're going

782
00:45:52,400 --> 00:45:55,040
Speaker 1: to have to deal with that. It will certainly be

783
00:45:55,120 --> 00:45:58,480
Speaker 1: a continually resolution through the election, and then once the

784
00:45:58,480 --> 00:46:03,680
Speaker 1: election is over, the resolution of the appropriations and several

785
00:46:03,719 --> 00:46:07,440
Speaker 1: other major bills, including the National Defense Authorization Act but

786
00:46:07,520 --> 00:46:11,000
Speaker 1: I've been deeply involved in, and the Water Resources Development

787
00:46:11,040 --> 00:46:15,520
Speaker 1: Act and other housing other major programs are all going

788
00:46:15,560 --> 00:46:18,839
Speaker 1: to be just held in abeyance until the election is over.

789
00:46:19,480 --> 00:46:23,600
Speaker 1: I think that's understandable as we look at what actually

790
00:46:23,680 --> 00:46:27,759
Speaker 1: is going on in the election. Not an easy situation.

791
00:46:28,080 --> 00:46:30,239
Speaker 1: They'd like to get it done, but it isn't gonna happen.

792
00:46:30,280 --> 00:46:33,719
Speaker 1: The reality is people are focused on the election and

793
00:46:33,719 --> 00:46:36,080
Speaker 1: there are a lot of policy questions in each of

794
00:46:36,080 --> 00:46:40,920
Speaker 1: those bills that very few, if any, members of Congress

795
00:46:40,960 --> 00:46:43,399
Speaker 1: or the Senate or the President want to deal with

796
00:46:43,480 --> 00:46:45,400
Speaker 1: in the days just before the election. Well, do you

797
00:46:45,400 --> 00:46:48,279
Speaker 1: think we're going to get a skinny deal before the

798
00:46:48,320 --> 00:46:51,480
Speaker 1: election for fiscal stimulus or is it now just not

799
00:46:51,520 --> 00:46:55,520
Speaker 1: going to happen until after Kevin, we have to have

800
00:46:56,120 --> 00:46:59,040
Speaker 1: a good deal, and I don't mean a deal. We've

801
00:46:59,040 --> 00:47:01,680
Speaker 1: got to keep this economy going. I know here in

802
00:47:01,719 --> 00:47:04,960
Speaker 1: my own district, I have eight county, eight counties, about

803
00:47:05,000 --> 00:47:07,960
Speaker 1: thirty cities, and we also have the state of California.

804
00:47:08,360 --> 00:47:12,600
Speaker 1: Critical things that must be done, from policing, fire in

805
00:47:12,640 --> 00:47:17,719
Speaker 1: the studio, control to sanitation and education cannot be done

806
00:47:17,719 --> 00:47:21,120
Speaker 1: without federal assistance. And so the Heroes Bill, which has

807
00:47:21,160 --> 00:47:24,840
Speaker 1: a very very large about a trillion dollars to support

808
00:47:24,960 --> 00:47:30,680
Speaker 1: local governments all across the nation. Uh, it's absolutely essential. Otherwise,

809
00:47:30,880 --> 00:47:34,040
Speaker 1: see things that we need in order to keep the

810
00:47:34,040 --> 00:47:36,800
Speaker 1: economy going, people healthy, and frankly, to deal with the

811
00:47:37,400 --> 00:47:41,280
Speaker 1: with the pandemic. Had a long discussion about testing and training.

812
00:47:41,719 --> 00:47:46,280
Speaker 1: A testing and facing can't be done without federal money.

813
00:47:46,640 --> 00:47:49,520
Speaker 1: The resources are not available at the local level here

814
00:47:49,520 --> 00:47:53,000
Speaker 1: in Central California, and the state government has a fifty

815
00:47:53,080 --> 00:47:57,200
Speaker 1: billion dollar holds in its budget as a as a

816
00:47:57,239 --> 00:48:00,680
Speaker 1: result of the downtown of the economy. It's it's it's

817
00:48:00,680 --> 00:48:02,880
Speaker 1: remarkable Constant John Garamende is on the line. He's a

818
00:48:02,920 --> 00:48:05,840
Speaker 1: Democrat from California. We're always grateful for him to share

819
00:48:05,880 --> 00:48:08,839
Speaker 1: his perspectives on this program. He is also a member,

820
00:48:08,840 --> 00:48:11,680
Speaker 1: of course of the Committee on Armed Services and the

821
00:48:11,800 --> 00:48:16,680
Speaker 1: chairman of the Subcommittee on the Armed Services Committee for Readiness. Yesterday, UH,

822
00:48:16,760 --> 00:48:22,680
Speaker 1: the Pentagon released a report about China's nuclear capabilities and

823
00:48:22,719 --> 00:48:26,200
Speaker 1: how uh in the next decade they're they're gonna double

824
00:48:26,400 --> 00:48:29,719
Speaker 1: really their their nuclear capabilities, and it was a really

825
00:48:29,760 --> 00:48:33,479
Speaker 1: grim report about their their nuclear ambitions. Now they still

826
00:48:33,520 --> 00:48:37,239
Speaker 1: pale in comparison to the number of nuclear missiles that

827
00:48:37,560 --> 00:48:41,440
Speaker 1: the US and Russia has. But I really am really

828
00:48:41,480 --> 00:48:43,880
Speaker 1: interested to hear your take on on that report and

829
00:48:44,080 --> 00:48:49,319
Speaker 1: on just from from your perspective as a subcommittee chairman. Well,

830
00:48:49,400 --> 00:48:54,800
Speaker 1: beginning with the Obama administration and the New Start Treaty,

831
00:48:54,840 --> 00:48:58,080
Speaker 1: which he worked so high that I did a reduced

832
00:48:58,160 --> 00:49:04,840
Speaker 1: nuclear arms between Russia and the United States by about

833
00:49:06,400 --> 00:49:11,680
Speaker 1: In order to get that deal to Congress, Obama committed

834
00:49:11,760 --> 00:49:20,480
Speaker 1: to rebuilding a modern still nuclear priact for the United

835
00:49:20,520 --> 00:49:29,080
Speaker 1: States that set off both Russia and China in a

836
00:49:29,680 --> 00:49:32,600
Speaker 1: arms race with the United States. We are full on

837
00:49:32,840 --> 00:49:36,480
Speaker 1: with a new nuclear arms race, and this one is

838
00:49:36,520 --> 00:49:41,640
Speaker 1: exceedingly dangerous for several reasons. One, China is involved now. Two,

839
00:49:42,960 --> 00:49:47,560
Speaker 1: all of our nuclear systems are dependent upon space. Our satellite,

840
00:49:47,680 --> 00:49:52,560
Speaker 1: Russia satellite Siny satellites are very very vulnerable, and so

841
00:49:52,640 --> 00:49:56,080
Speaker 1: if those satellites are not available, you have that blind

842
00:49:56,200 --> 00:50:00,520
Speaker 1: one eyed giant and Greek mythology thrashing about not knowing

843
00:50:00,600 --> 00:50:03,879
Speaker 1: what to do. Secondly, all of the delivery systems are

844
00:50:03,920 --> 00:50:06,960
Speaker 1: designed to be stealthy, not to be observed. For the

845
00:50:07,000 --> 00:50:10,799
Speaker 1: observation platforms at the past really are not going to

846
00:50:10,840 --> 00:50:15,320
Speaker 1: work in tomorrow future. My fear over the last decade

847
00:50:15,440 --> 00:50:19,680
Speaker 1: is that we have a very very dangerous nuclear arms race,

848
00:50:20,120 --> 00:50:24,120
Speaker 1: and China is involved in that race. As they ramp

849
00:50:24,280 --> 00:50:27,040
Speaker 1: up the number of nuclear weapons that they have. They

850
00:50:27,040 --> 00:50:30,880
Speaker 1: presently have somewhere around five hundred bombs, uh, they'll double that.

851
00:50:31,880 --> 00:50:35,040
Speaker 1: The United States and Russia to deploy well over well

852
00:50:35,080 --> 00:50:37,840
Speaker 1: around four to five thousand deploy and we have others

853
00:50:37,840 --> 00:50:42,640
Speaker 1: in stockpiles not readily deployable. But yeah, we've got a

854
00:50:42,760 --> 00:50:47,080
Speaker 1: very very serious nucleus frustration under control. The next administration

855
00:50:47,160 --> 00:50:50,480
Speaker 1: Democratic Republican, I certainly hope it's going to be Democrats

856
00:50:50,719 --> 00:50:57,200
Speaker 1: takes this seriously and begins a very serious trilateral arms

857
00:50:57,280 --> 00:51:01,759
Speaker 1: reduction efforts that were headed down a very dangerous world

858
00:51:01,880 --> 00:51:05,319
Speaker 1: right now. Congressman John Garamendi Don McCart from California, thank you,

859
00:51:05,360 --> 00:51:09,000
Speaker 1: sir for talking about this incredibly important issue, and as

860
00:51:09,040 --> 00:51:11,319
Speaker 1: he just noted, it's going to be an issue that

861
00:51:11,520 --> 00:51:14,920
Speaker 1: is discussed regardless of political party over the next decade

862
00:51:14,920 --> 00:51:17,480
Speaker 1: at least. I'm Kevin Sireli, Chief Washington Correspondent FM, Bloomberg

863
00:51:17,480 --> 00:51:19,320
Speaker 1: TV and Radio. Much more on what's on the panel's

864
00:51:19,360 --> 00:51:33,120
Speaker 1: radar coming up next. You're listening to Bloomberg. You're listening

865
00:51:33,200 --> 00:51:37,799
Speaker 1: to Bloomberg. Sound On with Kevin Surreley on Bloomberg and

866
00:51:37,880 --> 00:51:40,040
Speaker 1: one oh five point seven f M h D two.

867
00:51:40,600 --> 00:51:42,960
Speaker 1: My name is Kevin Cereli. I am the Chief Washington

868
00:51:42,960 --> 00:51:48,480
Speaker 1: Correspondent FRO Bloomberg Television and for Bloomberg Radio joining us.

869
00:51:48,640 --> 00:51:49,880
Speaker 1: I don't know why I do that. I did it

870
00:51:49,920 --> 00:51:52,759
Speaker 1: again where I make that weird voice thing when I

871
00:51:52,800 --> 00:51:55,399
Speaker 1: come back from a break. Richard Fowler, nationally syndicated radio

872
00:51:55,440 --> 00:51:58,080
Speaker 1: show host in a Fox News contributor. George c CEO

873
00:51:58,120 --> 00:52:00,479
Speaker 1: of Ann and del Capital of Texas Business and former

874
00:52:00,520 --> 00:52:06,759
Speaker 1: senior advisor to Marco Rubio presidential campaign. All right, it's

875
00:52:06,840 --> 00:52:10,640
Speaker 1: time for my favorite part of the show. It is

876
00:52:10,680 --> 00:52:14,360
Speaker 1: called what is on your radar? And who wants to

877
00:52:14,400 --> 00:52:17,279
Speaker 1: go first? Richard? You can go first, Richard Fowler. What

878
00:52:17,480 --> 00:52:22,240
Speaker 1: is on your radar? Oh boy, that is a great question.

879
00:52:23,040 --> 00:52:26,359
Speaker 1: One day, every time I asked this question to Richard Fowler,

880
00:52:26,360 --> 00:52:27,600
Speaker 1: I'm like, one day he's gonna say, what is it

881
00:52:27,640 --> 00:52:30,080
Speaker 1: on my radar? Kevin's really, what is nut on my radar?

882
00:52:30,080 --> 00:52:34,400
Speaker 1: Because everything is on my radar? Of course everything. Nothing

883
00:52:34,400 --> 00:52:39,320
Speaker 1: gets past, nothing gets past Richard. I am watching the market,

884
00:52:39,360 --> 00:52:41,080
Speaker 1: to be honest. I think today we saw one of

885
00:52:41,120 --> 00:52:44,120
Speaker 1: the lowest days for the Dow UM and I want

886
00:52:44,160 --> 00:52:46,439
Speaker 1: to see how that interfaces with the job numbers coming

887
00:52:46,440 --> 00:52:49,840
Speaker 1: out tomorrow and how will this overall? How well is

888
00:52:49,840 --> 00:52:52,359
Speaker 1: this a trend for the next sixty some days as

889
00:52:52,360 --> 00:52:54,360
Speaker 1: you get into the into the final stretch of the

890
00:52:54,360 --> 00:52:57,480
Speaker 1: presidential election. Well, it's it is remarkable, right because I

891
00:52:57,480 --> 00:53:01,040
Speaker 1: think you know, guys like George c an Indel Capital,

892
00:53:01,040 --> 00:53:04,520
Speaker 1: They're gonna be tracking this thing and seeing where the

893
00:53:05,120 --> 00:53:07,759
Speaker 1: movement is, especially in the third quarter. I mean, if

894
00:53:07,840 --> 00:53:11,360
Speaker 1: you look at global economies around the world, other countries,

895
00:53:11,400 --> 00:53:14,000
Speaker 1: all the forecasts, so that the third quarter is going

896
00:53:14,080 --> 00:53:16,640
Speaker 1: to be the most significant bounce back, so to speak,

897
00:53:16,680 --> 00:53:19,400
Speaker 1: the biggest bounce back coming in the third quarter, and

898
00:53:19,400 --> 00:53:21,360
Speaker 1: we get the results of that bounce back at the

899
00:53:21,440 --> 00:53:24,920
Speaker 1: end of October. So there are political timing questions that

900
00:53:24,920 --> 00:53:27,640
Speaker 1: that ought to be asked. And so then if you

901
00:53:27,719 --> 00:53:30,919
Speaker 1: play it out further. According to the economist, the expectation

902
00:53:31,040 --> 00:53:33,879
Speaker 1: is that it might dwindle down again in the fourth

903
00:53:33,960 --> 00:53:36,480
Speaker 1: quarter or early in the first. But you start to

904
00:53:36,520 --> 00:53:38,479
Speaker 1: get a vaccine and people start going back to work.

905
00:53:38,520 --> 00:53:40,120
Speaker 1: We don't know what the timing of that will be.

906
00:53:40,320 --> 00:53:44,440
Speaker 1: Many employers saying January is when that's going to happen.

907
00:53:44,520 --> 00:53:47,240
Speaker 1: But before I ask you, what's on your radar, George,

908
00:53:47,280 --> 00:53:51,000
Speaker 1: how important is that vaccination implementation, not from a political center,

909
00:53:51,000 --> 00:53:53,680
Speaker 1: from an economic one to getting people back to work

910
00:53:53,719 --> 00:53:57,560
Speaker 1: and consumer competence. Oh, it's it's just huge. It's the

911
00:53:57,600 --> 00:53:59,160
Speaker 1: whole ball of wax. We're not gonna be able to

912
00:53:59,160 --> 00:54:00,880
Speaker 1: get back to normal and till that stop there in

913
00:54:01,440 --> 00:54:04,520
Speaker 1: large numbers and into the credit of everyone. I'm gonna

914
00:54:04,560 --> 00:54:07,520
Speaker 1: credit the federal government, the scientists, the private sector, that

915
00:54:07,840 --> 00:54:11,600
Speaker 1: the state sector. There's a dramatic push to have out

916
00:54:11,600 --> 00:54:14,279
Speaker 1: a hundred fifty million vaccinations ready to go as soon

917
00:54:14,320 --> 00:54:16,759
Speaker 1: as it's it's possible to ship it. And there's gonna

918
00:54:16,800 --> 00:54:19,440
Speaker 1: be a lot of of of sturm and drawing around

919
00:54:19,640 --> 00:54:23,319
Speaker 1: how long you wait before you take a vaccination. There's

920
00:54:23,320 --> 00:54:25,360
Speaker 1: gonna be, you know, some successive testing. It will be

921
00:54:25,360 --> 00:54:28,120
Speaker 1: some people that won't be comfortable at first, but once

922
00:54:28,200 --> 00:54:30,359
Speaker 1: you do have something that they're comfortable enough to send

923
00:54:30,360 --> 00:54:33,120
Speaker 1: out broadly, we we will be fully back to work

924
00:54:33,120 --> 00:54:34,719
Speaker 1: and things will get back to normal in the Center

925
00:54:34,800 --> 00:54:38,919
Speaker 1: the better. And Richard, just before I ask him, what's

926
00:54:38,920 --> 00:54:44,560
Speaker 1: on his radar the politicization of the vaccination processes there?

927
00:54:44,560 --> 00:54:48,000
Speaker 1: How how are Democrats going to to react should there

928
00:54:48,040 --> 00:54:54,239
Speaker 1: be a vaccination in development or approved by November one? Well,

929
00:54:54,280 --> 00:54:56,439
Speaker 1: I think it's less about how the Democrats are gonna act,

930
00:54:56,440 --> 00:54:58,840
Speaker 1: and I think it's more about how will the American

931
00:54:58,880 --> 00:55:02,359
Speaker 1: people respond. I think what you have now more than ever,

932
00:55:02,400 --> 00:55:04,439
Speaker 1: whether you're on the left or you're on the right,

933
00:55:04,840 --> 00:55:07,000
Speaker 1: you have everybody what I like to call giving the

934
00:55:08,080 --> 00:55:11,200
Speaker 1: Center for Disease Control and the Trump administration a side.

935
00:55:11,239 --> 00:55:15,160
Speaker 1: I when it comes to what they should and shouldn't believe.

936
00:55:15,239 --> 00:55:17,600
Speaker 1: Remember a couple of months ago he told you to

937
00:55:17,680 --> 00:55:20,279
Speaker 1: drink bleach. And I hate to bring that comment up

938
00:55:20,280 --> 00:55:22,600
Speaker 1: because I know Republicans don't like to hear it. What

939
00:55:22,760 --> 00:55:24,960
Speaker 1: people are factoring all that and when they when they

940
00:55:25,000 --> 00:55:28,279
Speaker 1: when they ask themselves the question, will I take a

941
00:55:28,360 --> 00:55:30,640
Speaker 1: vaccine that Donald Trump says will be good for me

942
00:55:30,719 --> 00:55:33,040
Speaker 1: and my family? But it's not. It's not donalding. I

943
00:55:33,040 --> 00:55:35,640
Speaker 1: mean it would be the best. Yeah, it's going to

944
00:55:35,719 --> 00:55:38,000
Speaker 1: be interesting. It's going to be interesting to see and

945
00:55:38,280 --> 00:55:40,560
Speaker 1: I do think, I mean, it's going to be remarkable

946
00:55:40,600 --> 00:55:43,800
Speaker 1: to see, uh what happens with that and whether or

947
00:55:43,840 --> 00:55:46,520
Speaker 1: not the president gets involved once the vaccines approved, or

948
00:55:47,040 --> 00:55:49,560
Speaker 1: whether he doesn't, or or or whatnot. All right, George,

949
00:55:49,560 --> 00:55:52,920
Speaker 1: what's on your radar. What's up my radar right now

950
00:55:53,160 --> 00:55:55,719
Speaker 1: is to wait and see what three factors are going

951
00:55:55,760 --> 00:55:58,280
Speaker 1: to play into on whether the president gets re elected

952
00:55:58,400 --> 00:56:01,640
Speaker 1: or loses. In those three factors are if you're if

953
00:56:01,640 --> 00:56:04,560
Speaker 1: you're an objective observer, or what's going on. There was

954
00:56:04,640 --> 00:56:07,360
Speaker 1: quite a few things that the Republican Convention that that

955
00:56:07,520 --> 00:56:11,920
Speaker 1: we're painful to watch, but the the outreach by African

956
00:56:11,920 --> 00:56:15,840
Speaker 1: Americans that they they centerpiece there with spectacular as was

957
00:56:15,880 --> 00:56:18,520
Speaker 1: the outreach from Hispanic Americans that they put in the

958
00:56:18,560 --> 00:56:21,640
Speaker 1: center of that convention. So you got those two factors.

959
00:56:21,719 --> 00:56:23,520
Speaker 1: How much of the Black vote does Trump get this

960
00:56:23,520 --> 00:56:26,080
Speaker 1: time around? It was eight last time? Is it twelve

961
00:56:26,080 --> 00:56:29,239
Speaker 1: this time? Is it sixteen? Last time he got? Of

962
00:56:29,280 --> 00:56:31,319
Speaker 1: the Hispanic vote? What will he get thirty two this

963
00:56:31,360 --> 00:56:34,920
Speaker 1: time thirty six? That's those those two voting bloss could

964
00:56:34,920 --> 00:56:39,319
Speaker 1: be outcome determinative in November. Plus how Americans respond to

965
00:56:39,360 --> 00:56:42,840
Speaker 1: the riots, not the peaceful protests that everybody supports, but

966
00:56:43,000 --> 00:56:45,480
Speaker 1: all these riots have been going on, and the the

967
00:56:45,480 --> 00:56:49,120
Speaker 1: the absolute uh quiet. You can hear crickets from the

968
00:56:49,160 --> 00:56:52,560
Speaker 1: Democratic Party until about five days ago. How Americans reacted

969
00:56:52,600 --> 00:56:55,440
Speaker 1: That it's gonna be outcome determinative of whether Trump squeaks

970
00:56:55,480 --> 00:56:58,200
Speaker 1: by or Biden blows him out and becomes the next president.

971
00:56:58,520 --> 00:57:02,160
Speaker 1: It will be fascinating. And I you know, I keep

972
00:57:02,160 --> 00:57:05,160
Speaker 1: going back to Kenosha County. I think Kenosha County right

973
00:57:05,160 --> 00:57:09,360
Speaker 1: now is the illustration of the swing vote in in America.

974
00:57:09,440 --> 00:57:13,240
Speaker 1: All right, here's what's on my radar. Kanye West. Kanya

975
00:57:13,280 --> 00:57:17,160
Speaker 1: West kicked off the Virginia ballot a P we all

976
00:57:17,240 --> 00:57:18,840
Speaker 1: laugh about it, but it's no joke because there's third

977
00:57:18,840 --> 00:57:22,760
Speaker 1: party candidates really can impact the race, and no one

978
00:57:22,840 --> 00:57:26,520
Speaker 1: really knows on the ballots where Kanye is on where

979
00:57:26,560 --> 00:57:30,320
Speaker 1: those people would have voted otherwise. A judge on Thursday, Richmond,

980
00:57:30,400 --> 00:57:33,840
Speaker 1: Virginia AP reports a judge on Thursday ordered rapper Kanye

981
00:57:33,880 --> 00:57:38,200
Speaker 1: West name removed from presidential ballots in Virginia. West was

982
00:57:38,280 --> 00:57:41,840
Speaker 1: disqualified because he failed to meet a requirement that thirteen

983
00:57:41,920 --> 00:57:45,280
Speaker 1: people pledge their support for his campaign. This according to

984
00:57:45,320 --> 00:57:49,880
Speaker 1: a Richmond Circuit Court judge Joy Taylor. Taylor ruled that

985
00:57:49,960 --> 00:57:55,000
Speaker 1: eleven of the thirteen elector oaths the West campaign submitted

986
00:57:55,040 --> 00:57:59,720
Speaker 1: were invalid, including some that were quote obtained by improper,

987
00:58:00,080 --> 00:58:04,080
Speaker 1: udulan and or misleading means. Earlier this week, a law

988
00:58:04,120 --> 00:58:07,440
Speaker 1: firm would ties to prominent Democrats sued on behalf of

989
00:58:07,520 --> 00:58:10,680
Speaker 1: two people who said they were tricked into signing such

990
00:58:10,720 --> 00:58:13,040
Speaker 1: an oath an attorney for West and not respond to

991
00:58:13,080 --> 00:58:18,240
Speaker 1: an email seeking uh comment. It's it's really remarkable just

992
00:58:18,360 --> 00:58:20,560
Speaker 1: to see this Kanye story. Richard Fawler, Can you weigh

993
00:58:20,560 --> 00:58:23,760
Speaker 1: in on this? Should Kanye be on the ballot? Listen

994
00:58:23,800 --> 00:58:25,640
Speaker 1: if he doesn't? Rules he shouldn't be on the ballot.

995
00:58:25,640 --> 00:58:29,200
Speaker 1: I think that's a simple one. I do think that everybody.

996
00:58:29,200 --> 00:58:32,520
Speaker 1: I think the Democratic Party should be concerned. Not that

997
00:58:32,640 --> 00:58:36,160
Speaker 1: Kanye is going to woo over thousands and thousands and

998
00:58:36,240 --> 00:58:39,320
Speaker 1: thousands and thousands of African American voters, but I think

999
00:58:39,320 --> 00:58:41,760
Speaker 1: where John c is right is that if Donald Trump

1000
00:58:41,760 --> 00:58:44,720
Speaker 1: wins this rate, it will be on the margin. It

1001
00:58:44,760 --> 00:58:47,080
Speaker 1: won't be a blowout. It will be just how he

1002
00:58:47,120 --> 00:58:50,040
Speaker 1: wanted the last time. Ten thousand votes in Wait, ten

1003
00:58:50,080 --> 00:58:53,720
Speaker 1: thousand votes in Michigan, ten twenty thousand votes in Pennsylvania,

1004
00:58:54,800 --> 00:58:58,080
Speaker 1: five votes in Kenosha County, go ahead, exactly, And that

1005
00:58:58,120 --> 00:59:00,960
Speaker 1: means that everybody vote. That means revote matters. And the

1006
00:59:01,000 --> 00:59:04,960
Speaker 1: Democratic parties that have an outreach strategy that that talks

1007
00:59:05,000 --> 00:59:09,680
Speaker 1: to African Americans, especially African American men, and engages them

1008
00:59:09,760 --> 00:59:13,560
Speaker 1: on many of the issues that they care about, understanding

1009
00:59:13,640 --> 00:59:17,480
Speaker 1: that for that community, they also are verily deeply concerned

1010
00:59:17,480 --> 00:59:20,160
Speaker 1: about making sure they have public safety in their communities,

1011
00:59:20,360 --> 00:59:22,960
Speaker 1: but understanding that public safety comes with insuring that it's

1012
00:59:23,000 --> 00:59:25,920
Speaker 1: not over policing or the use of excessive force by

1013
00:59:26,000 --> 00:59:28,840
Speaker 1: law enforcement. George or the Dallas Cowboys going to even

1014
00:59:28,920 --> 00:59:33,480
Speaker 1: make the playoffs this year, We're going to be spectacular.

1015
00:59:33,520 --> 00:59:36,240
Speaker 1: We've got wide receivers that could they have over a

1016
00:59:36,280 --> 00:59:39,280
Speaker 1: thousand yards each, and we picked up some stellar d

1017
00:59:39,440 --> 00:59:42,080
Speaker 1: ease that are going to blitz the quarterback into oblivion.

1018
00:59:42,400 --> 00:59:46,120
Speaker 1: We're gonna be great. It's gonna be ugly for everybody else. Okay, listen,

1019
00:59:46,160 --> 00:59:48,480
Speaker 1: not Sureley is going to book you for the morning

1020
00:59:48,560 --> 00:59:53,680
Speaker 1: after my Philadelphia Eagles completely destroy the Dallas No matter what,

1021
00:59:54,200 --> 00:59:59,480
Speaker 1: I appreciate that. Churche c CEO of Edadel Capital, Texas businessmen.

1022
00:59:59,560 --> 01:00:02,480
Speaker 1: Unfortunate lea Dallas Cowboys fan and a former senior adviser

1023
01:00:02,720 --> 01:00:06,320
Speaker 1: to Marco Rubio and Richard Faller, nationally syndicated radio show host.

1024
01:00:06,360 --> 01:00:08,680
Speaker 1: Hey Richard, thanks for making time for me today. Thank you, George.

1025
01:00:08,680 --> 01:00:12,200
Speaker 1: He's Richards also a Fox News contributor. Much more coming

1026
01:00:12,280 --> 01:00:16,640
Speaker 1: up next policy politics. I'm Kevin Cirelli, Chief Washington correspondent

1027
01:00:16,680 --> 01:00:20,160
Speaker 1: for Bloomberg Television and from Bloomberg Radio. Download The Bloomberg

1028
01:00:20,200 --> 01:00:22,960
Speaker 1: Sound On podcast on Apple it Dunes at Bloomberg dot com,

1029
01:00:23,080 --> 01:00:25,040
Speaker 1: or by downloading The Bloomberg Business and you can also

1030
01:00:25,080 --> 01:00:26,800
Speaker 1: find me on radio dot com, I Heart Radio and

1031
01:00:26,840 --> 01:00:32,080
Speaker 1: Spotify tomorrow. Tomorrow, David Rubinstein. I'm sitting down with David Rubinstein,

1032
01:00:32,360 --> 01:00:36,800
Speaker 1: the legendary David Rubinstein cannot wait for that conversation. And

1033
01:00:36,880 --> 01:00:41,280
Speaker 1: of course Democratic National Committee Chairman Tom Perez jam Packed

1034
01:00:41,280 --> 01:00:46,040
Speaker 1: Friday lined up two votes in Kenosha County. You're listening

1035
01:00:46,040 --> 01:01:00,280
Speaker 1: to Bloomberg ninety one