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Speaker 1: Live from our nation's camera. This budget thing is going

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Speaker 1: to do nothing. Space Force. I still think it's interesting

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Speaker 1: President Trump not playing his cards yet. Headlines Policy and

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Speaker 1: politics colliding Floomberg Sound On, the Insiders, the influencers, the insides.

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Speaker 1: I would rather see a congressional solution. It's part of

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Speaker 1: my DNA. The Senate map in looks a lot different

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Speaker 1: than it looked in. President Trump was sent here to

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Speaker 1: smash conventional norms in a sense Bernie Sanders has already

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Speaker 1: w This is Bloomberg Sound On with Kevin Shirley on

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Speaker 1: Bloomberg one oh five point seven f MHD two. The

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Speaker 1: US stocks plunge the most since the financial crisis. A

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Speaker 1: complete look at Wall Street, which is now urging for

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Speaker 1: a shock and all stimulus to end the market bleeding.

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Speaker 1: Fresh reaction from the White House, fresh reaction from Capitol Hill,

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Speaker 1: and what is the White House going to do? What

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Speaker 1: are lawmakers going to do? And what has been a

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Speaker 1: very turbulent and Monday morning as the fallout not just

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Speaker 1: from the coronavirus but also in the energy sector now

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Speaker 1: front and center inside of the nation's capital. I'm Kevin Cirilli,

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Speaker 1: Chief Washington correspondent from Bloomberg Television and Bloomberg Radio Jury

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Speaker 1: and Timmer, director of Global Macro at Fidelity Investments, is

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Speaker 1: going to kick off the show. Mark poston Bach is here,

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Speaker 1: Democratic strategist, senior vice president at Rock Solutions, former National

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Speaker 1: Press Secretary of the d n C during the presidential campaign.

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Speaker 1: Scott Transter returns they've got some fresh polling on the coronavirus.

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Speaker 1: CEO of Optimists and former data science director for Marco

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Speaker 1: Rubio for President, lots to get through lots of volatility

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Speaker 1: on this Monday, the folks, we gotta get right into

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Speaker 1: it because the markets were absolutely volatile today and plunge

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Speaker 1: the most since the Financial crisis. Reading from the Bloomberg terminal,

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Speaker 1: US stocks plunge more than seven point five per cent

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Speaker 1: in the worst day on Wall Street since the Financial crisis.

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Speaker 1: As a full blown oil price were rattle. Markets already

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Speaker 1: on edge over the spreading coronavirus. We've got every angle covered.

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Speaker 1: Coming up. We're gonna talk about what the White House

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Speaker 1: is doing, the President having an economic team meeting. He's

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Speaker 1: going to be summoning executives from the business community later

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Speaker 1: this week. We've got the congressional angle covered there's chatter

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Speaker 1: that they might have to shut down some of the session.

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Speaker 1: I'll bring you the latest on what my reporting is,

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Speaker 1: plus the regulatory hurdles on Capitol Hill. But we begin

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Speaker 1: tonight with Jury and Timur, director of Global Macro at

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Speaker 1: Fidelity Investments. Jury and joins us on the telephone line.

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Speaker 1: Thank you so much for being here. Can Wall Street

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Speaker 1: stop the bleeding tomorrow? Um? Well, it's hard to know

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Speaker 1: exactly what will happen on a day to day basis,

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Speaker 1: of course, but after a decline of this magnitude, generally speaking,

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Speaker 1: the next day or a few days we'll see some

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Speaker 1: sort of rebound. And you know, we saw that last week,

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Speaker 1: right for every day that we went down two or

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Speaker 1: three or four percent, the next day we went up.

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Speaker 1: And you know, I don't want to predict that that's

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Speaker 1: going to happen tomorrow. But obviously after last week and Friday,

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Speaker 1: actually we had a reasonable close after an earlier downturn, Uh,

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Speaker 1: it actually looked like things were starting to find some stability.

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Speaker 1: And then of course we got this bolt from the

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Speaker 1: blue over the weekend with with the oil markets, um

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Speaker 1: and that uh, that basically caused a whole new repricing

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Speaker 1: so that you know, we're in a what I would

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Speaker 1: call a chaotic price discovery process for the stock market

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Speaker 1: and all financial markets, because we don't know what the

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Speaker 1: hit to GDP is going to be, what kind of uh,

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Speaker 1: what kind of earnings contraction we might see in the

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Speaker 1: first quartering or earning season for Q one is still

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Speaker 1: four weeks away, and so the market is just sort

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Speaker 1: of guessing here and uh. And that leads to a

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Speaker 1: lot of volatility. So volatively does tend to go in

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Speaker 1: two ways. So it wouldn't surprise me at all if

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Speaker 1: tomorrow were up, not note, but certainly something meaningful. I mean,

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Speaker 1: but just to see even on lumber Television now it's

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Speaker 1: on the monitor in our in our studio to see

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Speaker 1: Tom Keane talking to Jonathan Pharaoh, and this the headline,

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Speaker 1: the worst financial plunge since two thousand and eight for

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Speaker 1: the stocks, and they and all but nine SMP five

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Speaker 1: hundred companies were lowered on Monday. Energy producers routed. Are

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Speaker 1: we headed toward a recession? Did the chances of a

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Speaker 1: recession jury and timer dramatically increased today or or do

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Speaker 1: you think they're still hopeful avoided? Um my sense, So,

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Speaker 1: first of all, I don't think this is like the

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Speaker 1: financial crisis. I mean that, I mean, this in a

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Speaker 1: way is sort of a perfect storm, especially with the

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Speaker 1: energy um dimensioned throw in. But the financial crisis was

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Speaker 1: a whole different animal. But we do have this kind

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Speaker 1: of perfect storm condition of you know, not only the

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Speaker 1: stock market via earnings, but now the commodity markets, the

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Speaker 1: credit markets. Of course, one thing to remember why the

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Speaker 1: oil decline is systemic is a because the US is

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Speaker 1: now the largest oil producer in the world, and be

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Speaker 1: because there's a transmission mechanism into the credit markets, because

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Speaker 1: the credit markets are kind of dominated by by the

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Speaker 1: more marginal energy place and I'm talking about the high

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Speaker 1: yield credit markets. But to your question, I do think

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Speaker 1: that at least a technical recession, which sounds cute, but

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Speaker 1: by technical recessions no, no, no, But I mean, but

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Speaker 1: when I think about recessions historically, right, and I have

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Speaker 1: been a student of market history all my career, Generally speaking,

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Speaker 1: what you get is a policy error by the FED.

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Speaker 1: They raise rates too much. That causes an inventory cycle

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Speaker 1: where companies have over invested in their you know, capital

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Speaker 1: goods and their inventories, and then they kind of sit

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Speaker 1: there with unsold goods, and then and as it doesn't sell,

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Speaker 1: they lay off people and you get this whole chain reaction.

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Speaker 1: And then if you add to that financial excesses in

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Speaker 1: terms of leverage, you get a financial crisis. But in

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Speaker 1: this case, I think we could see a technical recession

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Speaker 1: of a quarter or two of negative growth because we

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Speaker 1: have both a demand shock and a supply chain shock happening.

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Speaker 1: And that's a very unusual sort of one to punch.

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Speaker 1: But but not all recessions are are the same. And

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Speaker 1: I think if we do get one, and I think

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Speaker 1: the market is in fact pricing one at least an

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Speaker 1: earnings recession um, then um. You know, again that's part

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Speaker 1: of that discovery process. And the SMP is down as

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Speaker 1: we speak, so we're kind of on the cusp of

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Speaker 1: that bear market threshold, whether we actually see one or not.

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Speaker 1: Urian Simmers on the line, director of Global Macro Fidelity Investments,

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Speaker 1: and we've got about two minutes left, so I'll ask

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Speaker 1: this quick as it relates to the energy market. What

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Speaker 1: the heck happened with the energy market stay Russia and

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Speaker 1: the Saudias? What went on? Um? So you know, this

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Speaker 1: is actually sort of a victim of the coronavirus in

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Speaker 1: a way. Uh. And obviously there's all kinds of other

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Speaker 1: geopolitical overlays. But essentially, whenever oil prices decline because you

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Speaker 1: have a demand shock, which of course is what we

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Speaker 1: saw in the last few weeks, generally OPEC meets and

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Speaker 1: they cut production to boost prices, and um, I guess

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Speaker 1: they could not get an agreement, and maybe who knows

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Speaker 1: what else is happening behind the scenes, but essentially am

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Speaker 1: it turned into a price war, and Saudi Arabia said,

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Speaker 1: you know, we're just going to produce all the oil.

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Speaker 1: We can't at least get the share even if we

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Speaker 1: don't get the price, and you know whether and apparently

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Speaker 1: that's a price war between Russia and Saudi Arabia. But

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Speaker 1: the US, now that it's such an important supplier of

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Speaker 1: oil in the shiell industry, has been in the crosshairs

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Speaker 1: of that. And again that transmission mechanism for our markets

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Speaker 1: is that even though the energy sector is only three

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Speaker 1: of the SMP five hundred UM, it's twelve percent of

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Speaker 1: the high old corporate bond market. And so the marginal

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Speaker 1: players that don't really do well if old prices are

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Speaker 1: below let's say forty five books. Those are getting affected,

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Speaker 1: and that feeds into the credit markets, and then that

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Speaker 1: feeds into this whole contagion that we that we're seeing today.

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Speaker 1: Jerry and Simmer, appreciate your time. I kept you overboard.

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Speaker 1: Thanks so much for coming on. Director of Global Macro

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Speaker 1: af Fidelity Investments. Coming up. What's the President going to

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Speaker 1: tell Wall Street? What's the President going to tell all

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Speaker 1: the CEOs? We're going to be at the White House

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Speaker 1: this week, the insurers who are coming to the White

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Speaker 1: House later this week as well, and as Congress is

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Speaker 1: going to act as again. The SP five energy at

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Speaker 1: the lowest level since two thousand and four, not to

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Speaker 1: mention the volatility index now the worst since two thousand

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Speaker 1: and nine. I'm Kevin Cirelli. You're listening to Bloomberg one.

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

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Speaker 1: and one or five point seven f M HD two.

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Speaker 1: There have been rumors that the Trump administration may pursue

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Speaker 1: policies to stimulate the economy. Let me be very clear,

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Speaker 1: the best way to ensure economic security for the American

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Speaker 1: people right now is to deal with the coronavirus itself

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Speaker 1: competently and full on. That was sentiment Arty leader Chuck

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Speaker 1: Schumer speaking earlier today as the nation's top Democrat in

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Speaker 1: the Senate, saying that health officials are flying blind in

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Speaker 1: terms of economic security. I'm Kevin Sirelli, Chief Washington correspondent

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Speaker 1: for Bloomberg Television of Bloomberg Radio, Mark Poston, Poston Bach

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Speaker 1: is here. Scott Tranter is here as well. Scott jew

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Speaker 1: Firm has a new poll out for the coronavirus. So

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Speaker 1: we have been polling battleground states Michigan, Pennsylvania, Wisconsin since

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Speaker 1: Q one of last year. So we asked the coronavirus

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Speaker 1: question over the weekend and Trump has a net positive

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Speaker 1: approval and it's handling to the coronavirus, and seventy of

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Speaker 1: the voters surveyed in those three states do not have

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Speaker 1: any plans to change what they're doing because of the coronavirus.

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Speaker 1: We it'll be interesting how that tracks, especially given today's

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Speaker 1: news um but as of today, net positive approval rating

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Speaker 1: and he's handling of it, and most people do not

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Speaker 1: expect to points today. Came out of the field last night,

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Speaker 1: so it was it was basically current as of twenty

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Speaker 1: four hours. That's that's that's Republicans and Democrats, Republicans people

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Speaker 1: who are going to decide the election in Michigan, Pennsylvania,

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Speaker 1: and Wisconsin. Well, let's take a listen to Health Secretary

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Speaker 1: Terry Alexaser. I was at the White House today and

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Speaker 1: in the morning, you know, for for Bloomberg, and and

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Speaker 1: there I am, and there's the Health and Human Services Secretary.

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Speaker 1: And I tell you this, folks, there's so much conflicting

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Speaker 1: reports out there. I mean, it's it's night and day

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Speaker 1: with who's in charge, what needs to get done, and

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Speaker 1: it's it's very much unlike any situation I've I've covered.

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Speaker 1: But because on the one hand, Vice President Pence is

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Speaker 1: leading the charge, and I've been hearing good things from

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Speaker 1: my sources in the business community in Washington about how

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Speaker 1: they think Mark Shorts doing and and and everything like that.

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Speaker 1: But then you hear, well, why isn't Secretary Hayes are

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Speaker 1: doing this? Or why isn't HUD's Secretary Ben Carson. He

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Speaker 1: is a doctor, why isn't he doing this? But let's

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Speaker 1: take a listen to Healthy Human Services Secretary Alexeys are

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Speaker 1: here is President Trump is leading a whole of government response,

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Speaker 1: with the Vice President helping him on the public health

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Speaker 1: issues we're facing with the novel coronavirus. That is his

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Speaker 1: number one concern. In terms of the economy. He and

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Speaker 1: his economic team have the tools to keep this economy

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Speaker 1: going strong. They delivered that historic economy, historic economic fundamentals.

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Speaker 1: They've got tools to deal with that. They say they've

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Speaker 1: got tools to deal with it. But four minutes, and

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Speaker 1: I didn't get to talk about this majuryan earlier. Four

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Speaker 1: minutes in losses reached seven percent, and that triggered the

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Speaker 1: New York Stock Exchange circuit breakers. You hear this, circuit breakers.

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Speaker 1: They halted trading for fifteen minutes because because of the

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Speaker 1: triggers that we're doing, and they utilize this mechanism in

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Speaker 1: order for traders to catch their breath, to breathe, to relax.

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Speaker 1: But there was no relaxing today. Mark, Yeah, No. I

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Speaker 1: think that one of the problems that you're seeing here

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Speaker 1: is the mixed messages right between the White House and

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Speaker 1: the CDC to President Trump is tweeting out one thing

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Speaker 1: saying this, don't worry about it. This is just like

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Speaker 1: the flu. And you have the CDC officials saying the

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Speaker 1: exact opposite, Right, A lot of people are going to

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Speaker 1: be exposed to this. You can expect a lot of

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Speaker 1: people to be sick. And I think that, plus the

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Speaker 1: President being all over the place, that's where you get

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Speaker 1: sort of the conflict between the Fed and White House

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Speaker 1: economic advisors and so I think people are what you're

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Speaker 1: really looking for is a sense of security understanding, like

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Speaker 1: what's going to happen. Without that, Um, you're just gonna

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Speaker 1: have a continued problems with the market and with public sentiment. Well,

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Speaker 1: and in terms of public sentiment, uh, Scott, I was

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Speaker 1: as the day continued, after the circuit breakers happened, you

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Speaker 1: started to get the sense that the White House was

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Speaker 1: waking up in terms of the economic response and things

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Speaker 1: that needed to get done. And we should note that

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Speaker 1: it's we're not the only country dealing with this. Europe

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Speaker 1: is upside down, the entire country of Italy and we're

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Speaker 1: trying to get someone on in the later this week

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Speaker 1: from Italy to I just want to know what do

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Speaker 1: you do? But but seriously, I mean, it's volatility that's

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Speaker 1: coming not just from Pennsylvania Avenue and Wall Streets reacting

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Speaker 1: to that, But as the day went on, then my

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Speaker 1: colleague Jennifer Jacobs selamos In as well as the other

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Speaker 1: White House team of print members, they began reporting that

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Speaker 1: over the weekend there was developments that President's economic team

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Speaker 1: was going to present him with the type of plans

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Speaker 1: as it relates to some type of stimulus package or

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Speaker 1: some type of economic stimulus that they would be able

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Speaker 1: to do. Senate Finance Committee Chairman Chuck Grassley, top Republican

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Speaker 1: from the state of Iowa, he's saying that they're exploring

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Speaker 1: potentially for there to be a tax regulatory relief. My

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Speaker 1: colleague Craig Torrez and I reporting that Senator Mark Warner

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Speaker 1: Uh one of the top Democrats on the Senate Banking Committee,

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Speaker 1: they're asking for there to be some guidance from the

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Speaker 1: regulators about how to deal with financial institutions and consumers

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Speaker 1: who might not be able to make their payments on

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Speaker 1: time because they're gonna be self quarantined or whatnot, or

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Speaker 1: their work gonna make them. I think the biggest thing

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Speaker 1: is is offer polling from this weekend, people as of

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Speaker 1: Sunday night said they don't think there's any changes coming

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Speaker 1: because of the coronavirus. But we know differently. Can you

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Speaker 1: imag Opening Day in Washington, d C. Is a month

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Speaker 1: from now, thirty five thousand people are gonna be walking

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Speaker 1: into a stadium. Theoretically, they just shut down south By

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Speaker 1: Southwest three million dollars in the Austin economy. There's slews

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Speaker 1: of conferences being canceled in Las Vegas, like people are

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Speaker 1: are doing the right thing out of abundance of caution,

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Speaker 1: but that costs money. Yeah, And I think you know,

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Speaker 1: one of the things we should think about two is

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Speaker 1: that it's becoming more and more real for people. Right,

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Speaker 1: So they're going to work, they're being told, you know,

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Speaker 1: out of abundance of caution, that we need you need

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Speaker 1: to telework today. Right, They're being told, Um, you know

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Speaker 1: one of our you know, one of your colleagues is sick,

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Speaker 1: and so therefore you need to go home. And I

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Speaker 1: think you know, that's bringing up real issues around things

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Speaker 1: like paid sickly for example. Right, it's one of the

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Speaker 1: things that you're seeing I think a little bit not

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Speaker 1: a disconnect, but certainly a debate in Congress. Right, you

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Speaker 1: have the Republicans that are saying, look, we need payroll

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Speaker 1: tax cuts Democrats largely are saying things like, you know,

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Speaker 1: we need paid sick leave, we need to have unemployment insurance,

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Speaker 1: we need sp A money um put in there. So

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Speaker 1: it's a little bit different. I hear you, I hear

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Speaker 1: you both and and everything you're saying I agree with.

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Speaker 1: But I gotta keep this focus because here we are

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Speaker 1: when the US stocks plunge the most since the financial crisis.

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Speaker 1: Think about that, the U S stocks today plunge the

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Speaker 1: most since the financial crisis, and everyone's all over the map.

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Speaker 1: I mean, they don't know how they're going to handle this.

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Speaker 1: No party right, I mean I basically there's confusion, and

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Speaker 1: I'm struck by this because there isn't There doesn't seem

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Speaker 1: to be a cohesive strategy coming from the left or

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Speaker 1: the right in terms of this is what we have

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Speaker 1: to do to stop the economic bleeding, because while you know, look,

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Speaker 1: I mean I I don't want to I'm not a doctor,

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Speaker 1: but you know, and reporting on this, it seems like

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Speaker 1: the economic impacts of this are unavoidable. I mean, look

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Speaker 1: at the Bloomberg terminal, go no further than that to

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Speaker 1: see everything in red, so and they have long term Look,

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Speaker 1: it's not going to wrap itself up in a week.

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Speaker 1: This is there's only gonna be more people getting diagnosed.

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Speaker 1: They're gonna be more stuff canceled. It's just gonna be

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Speaker 1: going out forever. All right. Coming up, we're gonna talk

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Speaker 1: more about impacts of this. I'm Kevin's really listening to

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Speaker 1: Bloomberg ninety nine one. You're listening to Bloomberg Sound on

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Speaker 1: with Kevin Surley on Bloomberg and one oh five point

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Speaker 1: seven f m h D two. The most powerful tool

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Speaker 1: in responding to a virus is to know precisely where

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Speaker 1: it is and how it is spreading. But because we

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Speaker 1: don't have a complete handle on testing, many of our hospitals, doctors, researchers,

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Speaker 1: and public health officials are flying blind, flying blind sentiment

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Speaker 1: Arty leader Chuck Schumer, the Democrat from New York, speaking

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Speaker 1: earlier today on Capitol Hill, My name is Kevin silly On,

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Speaker 1: the Chief Washington correspondent to Bloomberg Television and Radio. Mark

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Speaker 1: Postmbach is here. He's a Democratic strategist, a senior vice

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Speaker 1: president at Rock Solution's, former National Press secretary of the

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Speaker 1: d n C during the presidential and Scott Tranter, CEO

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Speaker 1: of Optimus every time I say optimist, I want to

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Speaker 1: say optimist prime uh and former data science director for

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Speaker 1: Marco Rubio for president. He was talking trash on me

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Speaker 1: on the way into the studio because he says, I

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Speaker 1: can't do long division. You learn long division, you can

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Speaker 1: wear sandals in the office like I am right now. No. Well,

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Speaker 1: I'm gonna be very careful of what I say next.

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Speaker 1: But no, I don't think that my I never I'll

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Speaker 1: be wearing suits Blueberg. Um, so listen to this. I

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Speaker 1: wasn't I go back and forth with whether or not

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Speaker 1: I'm worried about Obviously I'm worried about the coronavirus, but

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Speaker 1: I go back and forth whether or not I should

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Speaker 1: avoid public places. I'm gonna be very honest. I went

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Speaker 1: to the d C United game over the weekend, and

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Speaker 1: I was talking with Janet Donovan at Cafe Milano yesterday

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Speaker 1: and she said the Timothy Cole, and this is public,

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Speaker 1: so I'm not out of him. Timothy Cole, director of

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Speaker 1: the Washington d C Church near Georgetown, tested positive for

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Speaker 1: the coronavirus. And she was all that that worried her.

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Speaker 1: So that worried me. And now I'm curious. Scott if

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Speaker 1: you're worried. Yeah, look, I live in Navy Are by

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Speaker 1: the baseball scene. We're opening day in a month. There's

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Speaker 1: gonna be thirty five thou people coming to see the

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Speaker 1: World Championship. Nots. I mean maybe they don't have the game.

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Speaker 1: Who knows. We've got a long way to go. But

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Speaker 1: you have to wonder when you get all these named

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Speaker 1: people like we heard the University of Maryland update, um

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Speaker 1: Virginia up. You gotta wonder where are these people and

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Speaker 1: where they around you? And it's probably fears. The paranoia

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Speaker 1: is probably old too much. But you can't be too

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Speaker 1: careful in everything's gone last night. I mean I couldn't

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Speaker 1: get anything. Yeah, it's like worse than a blizzard. How

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Speaker 1: is How has it impacted you? Uh? It's certainly made

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Speaker 1: me think of you know, how we operate the office,

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Speaker 1: whether I travel, I travel up to New York, whole

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Speaker 1: lot the Acela is empty. Maybe I don't want to

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Speaker 1: take the Acela. Maybe you don't want to fly. I

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Speaker 1: mean that that hurts the business and economy, changes, vacation

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Speaker 1: plans for the summer. That's you know, leaking it back

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Speaker 1: to public opinion. Most of the public is not making,

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Speaker 1: you know, changing their plans around this. But I think

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Speaker 1: they're gonna have to and that's gonna that's gonna have

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Speaker 1: an impact in the election and the markets. I'm more

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Speaker 1: stressed that I should be changing more, but I gotta

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Speaker 1: be candid. I haven't really changed anything, yeah, Nora, of

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Speaker 1: I I mean, I I you know, it's affect my

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Speaker 1: sort of travel plans, and I just I was actually

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Speaker 1: thinking before we got on the air, like what does

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Speaker 1: that mean for the economy, you know, at large? Right,

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Speaker 1: and if you look at UM travel and hospitality related

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Speaker 1: industries after nine eleven, just by way of example, right,

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Speaker 1: you had a hundred and ten thousand or hundred fifteen

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Speaker 1: thousand jobs lost by the end of that year between

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Speaker 1: the attack and the end of the year. We're in airlines,

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Speaker 1: UM and hotels seventy. Yeah, so those those industries are

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Speaker 1: gonna take a huge, huge hit. And um, you know,

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Speaker 1: as we were saying earlier that that's just the beginning now,

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Speaker 1: right as people start thinking about those things, it's the

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Speaker 1: first day, the first couple of days, Okay, maybe you

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Speaker 1: can rearrange your plans. What you start looking out a

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Speaker 1: couple of weeks, a couple of months. It's just snowballs.

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Speaker 1: So okay. We talked about the market reactions, which, of

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Speaker 1: course the U. S. Docks have plunged the most since

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Speaker 1: the financial crisis today today, which so I mean it's

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Speaker 1: a it's a major market, major market moving day. But

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Speaker 1: the political ramifications on this front in terms of the race,

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Speaker 1: how do you think this will play out for Biden

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Speaker 1: and Sanders as we head into tomorrow nights? Bevy a

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Speaker 1: handful of primaries, So I think, you know, more broadly,

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Speaker 1: and I would step back a little bit and look at, um,

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Speaker 1: you know, the general actually can talk a little bit

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Speaker 1: about the primary. I think that you look at someone

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Speaker 1: like Joe Biden and you see someone who has been

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Speaker 1: chair of the Senate Form Relations Committee. You look at

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Speaker 1: someone who's been of uh, you know, Senate Judiciary and

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Speaker 1: Form Relations excuse me, chair, but also being Vice president. Um.

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Speaker 1: And I think voters look at that as a positive.

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Speaker 1: Right now they look at Donald Trump as someone who

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Speaker 1: maybe is giving conflicting opinions. Um. You know, you have

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Speaker 1: a White House that is probably in a little bit

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Speaker 1: of disarray. They don't have the same sort of level

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Speaker 1: of officials dealing with this is let's say Tim Guitner

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Speaker 1: or Larry Summers um And so that's a huge deal.

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Speaker 1: And I think people can see it and they can

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Speaker 1: feel it, and I think that's key both in the

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Speaker 1: primary but but also the general. Sorry, Mark, you know

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Speaker 1: or you know what you just did there? It dodged.

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Speaker 1: It was a very good dodge, but it was ag

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Speaker 1: And And here's what I mean, because if you're Bernie Sanders,

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Speaker 1: you're gonna say, oh, you can't pay for Medicare for all,

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Speaker 1: but you can pay for free medical kids. Talk to

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Speaker 1: me about the I don't talk to me about how

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Speaker 1: the contrast is going to be drawn between Sanders and Biden.

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Speaker 1: In particular as we and there's a debate Sunday in Arizona.

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Speaker 1: I think at the debate you're gonna hear a lot

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Speaker 1: about his time as vice president, right, his time dealing

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Speaker 1: with things like the Ebola crisis, his time dealing um

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Speaker 1: with terrorism related things that Bernie Sanders just, you know,

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Speaker 1: by into the fact that he's in the Senate didn't

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Speaker 1: have to worry about. And so Biden can talk personally

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Speaker 1: about those experiences. And I think that's a way to

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Speaker 1: sort of distinguish himself in this race. I didn't know

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Speaker 1: you went to the London School of Economics. YEP, barely

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Speaker 1: barely got out of their lot. It was a fun experience.

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Speaker 1: And you also graduated from Columbia University's Graduate School of Journalism.

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Speaker 1: I did. So you really are in the right place

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Speaker 1: right now. I'm like worried, maybe we shouldn't have mark

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Speaker 1: on so much. Scott Scott about up the divide between

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Speaker 1: Sanders and Biden. I mean, how do you think the

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Speaker 1: coronavirus plays into into that? Does it? Is it a

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Speaker 1: boost for Biden because it allows him to talk about

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Speaker 1: experience or is it a boost for Bernie Sanders in

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Speaker 1: the sense that he can say, hey, medicare for all,

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Speaker 1: you know what. To be honest, I think it. I

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Speaker 1: don't think it's gonna help any of them, because you

429
00:23:18,880 --> 00:23:21,359
Speaker 1: know what, Bernie's on the ropes. He's he's sticking around.

430
00:23:21,359 --> 00:23:24,360
Speaker 1: He's gonna one on one debate on Sunday. There's I mean,

431
00:23:24,400 --> 00:23:27,359
Speaker 1: all of our models have Biden sweeping all but Washington,

432
00:23:27,359 --> 00:23:29,080
Speaker 1: and we'll see what it looks like tomorrow with the polls,

433
00:23:29,520 --> 00:23:32,240
Speaker 1: say Florida, Illinois, which is a week from tomorrow looking

434
00:23:32,359 --> 00:23:34,440
Speaker 1: better for him. I don't know that the coronavirus helps

435
00:23:34,440 --> 00:23:36,280
Speaker 1: either of them. Other than that, Biden gets to talk

436
00:23:36,320 --> 00:23:38,199
Speaker 1: about how he handled the Bowl. He basically gets to

437
00:23:38,200 --> 00:23:40,200
Speaker 1: talk about it. Yeah, I was presidential and I've actually

438
00:23:40,240 --> 00:23:43,280
Speaker 1: run things. But in Michigan, here's the state that Bernie

439
00:23:43,320 --> 00:23:48,000
Speaker 1: Sanders carried. Okay, back in the last cycle speaking against Hillary,

440
00:23:48,040 --> 00:23:50,560
Speaker 1: speaking of which I did binge some of the Hillary

441
00:23:50,560 --> 00:23:53,000
Speaker 1: on Hulu. We'll talk about that on my radar. But

442
00:23:53,240 --> 00:23:56,159
Speaker 1: it is interesting. But but but here's the state that

443
00:23:56,200 --> 00:23:58,400
Speaker 1: he wanted. Now he's poised to lose. That's gotta be

444
00:23:58,480 --> 00:24:01,720
Speaker 1: devastating to Bernie said, Yeah, I think the biggest problem

445
00:24:01,720 --> 00:24:03,880
Speaker 1: for him was that on Super Tuesday he really needed

446
00:24:03,920 --> 00:24:06,159
Speaker 1: to win some states to gather some delegates. Because if

447
00:24:06,160 --> 00:24:08,080
Speaker 1: you look at tomorrow and you look at a week

448
00:24:08,080 --> 00:24:10,359
Speaker 1: from tomorrow, you've got states like Michigan where he's losing

449
00:24:10,359 --> 00:24:12,840
Speaker 1: particularly badly, and then you look at Florida, where depending

450
00:24:12,880 --> 00:24:14,560
Speaker 1: on what Paul you're looking at, I saw one he

451
00:24:14,600 --> 00:24:17,680
Speaker 1: was up forty nine or the number. So it's really

452
00:24:17,680 --> 00:24:19,840
Speaker 1: tough to sort of close that gap over the next

453
00:24:19,840 --> 00:24:22,000
Speaker 1: couple of contests. And I think that's what's going to

454
00:24:22,040 --> 00:24:24,200
Speaker 1: be very interesting tomorrow because even if you keep it close,

455
00:24:24,280 --> 00:24:26,760
Speaker 1: and a bunch of states, the delegates they've already you know,

456
00:24:26,840 --> 00:24:29,159
Speaker 1: picked up or is going to be tough to Yeah know,

457
00:24:29,240 --> 00:24:31,920
Speaker 1: the delegates. Look, Biden's gonna when we're done county in California,

458
00:24:31,960 --> 00:24:34,280
Speaker 1: Biden's gonna have between sixty and a hundred delegate lead.

459
00:24:34,560 --> 00:24:36,560
Speaker 1: And that's before we stop county. What we're gonna win

460
00:24:36,640 --> 00:24:38,600
Speaker 1: tomorrow and Biden's gonna win the most delegates tomorrow. The

461
00:24:38,680 --> 00:24:40,680
Speaker 1: only question is Bernie gonna at least keep it even

462
00:24:40,680 --> 00:24:43,199
Speaker 1: in Michigan and maybe win Washington. Yeah, look, I mean

463
00:24:43,240 --> 00:24:45,680
Speaker 1: I think this is gonna be really tough. He's gonna

464
00:24:45,720 --> 00:24:49,119
Speaker 1: be you know, he basically gave up in Mississippi, you know,

465
00:24:49,320 --> 00:24:51,440
Speaker 1: moved immediately to Michigan because he knew he had to

466
00:24:51,440 --> 00:24:53,960
Speaker 1: show up support there. But that's not a good look

467
00:24:54,000 --> 00:24:57,000
Speaker 1: heading into these primary and a week he's got Florida

468
00:24:57,040 --> 00:24:59,680
Speaker 1: and Illinois where Biden's up. As you're referencing twenty thirty

469
00:24:59,720 --> 00:25:01,880
Speaker 1: points in some of these states like Florida and Illinois,

470
00:25:02,280 --> 00:25:04,840
Speaker 1: I mean that's those are delegate rich, huge states. You

471
00:25:04,880 --> 00:25:07,600
Speaker 1: can't lose by that much. So okay, Devil's advocate is

472
00:25:07,600 --> 00:25:10,399
Speaker 1: there any way? Bernie Sanders can turn this around. I

473
00:25:10,440 --> 00:25:12,960
Speaker 1: think that it would be very, very difficult at this point.

474
00:25:13,200 --> 00:25:15,840
Speaker 1: I think that they have to. I mean, I'm not

475
00:25:15,880 --> 00:25:19,680
Speaker 1: saying it's impossible. I'm just saying, like the numbers don't out. Yeah,

476
00:25:19,720 --> 00:25:21,919
Speaker 1: I mean the the swing. I will say this, the

477
00:25:21,960 --> 00:25:24,720
Speaker 1: swing between we're looking at the real clear average polling

478
00:25:24,720 --> 00:25:28,200
Speaker 1: average in the February to Super Tuesday. I mean, you're

479
00:25:28,200 --> 00:25:31,680
Speaker 1: talking swings in certain states. I mean that's incredible. You've

480
00:25:31,680 --> 00:25:34,000
Speaker 1: not seen that. I mean, you know, I'm not certainly

481
00:25:34,119 --> 00:25:36,000
Speaker 1: not from just one or two poles. Lots of polls.

482
00:25:36,359 --> 00:25:38,600
Speaker 1: Look and our modeling we give as of this afternoon,

483
00:25:38,640 --> 00:25:42,680
Speaker 1: we give Bernie Sanders chance to win. Fourteen days ago,

484
00:25:42,960 --> 00:25:45,440
Speaker 1: before the before the Nevada caucuses, we gave Byen a

485
00:25:46,359 --> 00:25:49,520
Speaker 1: chance of winning. Well, these things can certainly flip the differences.

486
00:25:49,560 --> 00:25:51,679
Speaker 1: Fourteen days ago we didn't have more than a thousand

487
00:25:51,680 --> 00:25:53,920
Speaker 1: delegates awarded. In other words, Bernie's gotta win, and then

488
00:25:53,920 --> 00:25:56,239
Speaker 1: he's got a clawed back, and it's possible that's why

489
00:25:56,240 --> 00:25:57,639
Speaker 1: he's sticking around for the one on one debate. But

490
00:25:57,640 --> 00:25:59,760
Speaker 1: we're running out of states. We're running out of states.

491
00:26:00,200 --> 00:26:05,760
Speaker 1: Re actually at Corey Booker endorsed Biden today. Uh so,

492
00:26:05,800 --> 00:26:09,120
Speaker 1: I mean there's that. I mean, he's really coalescing everybody

493
00:26:09,160 --> 00:26:12,119
Speaker 1: behind him. You gotta come all the other day, you

494
00:26:12,200 --> 00:26:17,919
Speaker 1: got all of them. Look, it seems inevitable. Yeah, it

495
00:26:17,960 --> 00:26:22,240
Speaker 1: seems inevitable. But I'm curious to see I'm curious, just

496
00:26:22,320 --> 00:26:23,840
Speaker 1: I don't want to get ahead of myself, but I'm

497
00:26:23,840 --> 00:26:26,320
Speaker 1: curious to see how how Bernie Sanders placed this in

498
00:26:26,359 --> 00:26:28,840
Speaker 1: the in the long run, because it's starting to feel inevitable.

499
00:26:28,920 --> 00:26:31,280
Speaker 1: This this could be wrong to say, no, not only

500
00:26:31,280 --> 00:26:33,919
Speaker 1: in evitable. Look, this is his last chance of Sunday

501
00:26:33,920 --> 00:26:36,399
Speaker 1: debate one on one. This is probably the last big

502
00:26:36,400 --> 00:26:39,440
Speaker 1: event have it. It's either win. It's either it's either

503
00:26:39,560 --> 00:26:42,120
Speaker 1: destroyed this debate and come back and win, or this

504
00:26:42,160 --> 00:26:44,720
Speaker 1: is this last major political event of his political career.

505
00:26:44,720 --> 00:26:47,520
Speaker 1: Al Right. Download the winbergs On podcast on Apple iTunes,

506
00:26:47,520 --> 00:26:49,320
Speaker 1: at Bloomberg dot com or by downloading the b Winberg

507
00:26:49,320 --> 00:26:50,959
Speaker 1: Business app. You can also find me on radio dot

508
00:26:51,040 --> 00:26:54,320
Speaker 1: com I Hurt Radio and spotify the last major event

509
00:26:54,359 --> 00:26:57,600
Speaker 1: of his political career. Scott transferor just really setting the scene,

510
00:26:57,600 --> 00:27:00,359
Speaker 1: Force coming up, what's on their radar? And Kevin Surreally

511
00:27:00,359 --> 00:27:10,440
Speaker 1: you're listening to Bloomberg. This is Bloomberg's sound on with

512
00:27:10,520 --> 00:27:15,000
Speaker 1: Kevin Shirley on Bloomberg and one oh five point seven

513
00:27:15,040 --> 00:27:18,200
Speaker 1: f m h D two. This moment in time, I'm

514
00:27:18,240 --> 00:27:20,960
Speaker 1: telling you right now, Michigan, you've got to know that

515
00:27:21,080 --> 00:27:23,560
Speaker 1: this could be the turning point, not just of a

516
00:27:23,720 --> 00:27:27,320
Speaker 1: primary campaign. This could be the day we remember where

517
00:27:27,359 --> 00:27:30,320
Speaker 1: we turned a whole nation around and got us from

518
00:27:30,359 --> 00:27:34,040
Speaker 1: going the wrong way to the right way. Senator Corey

519
00:27:34,040 --> 00:27:37,640
Speaker 1: Booker from Jersey, speaking in Michigan, he endorsed former Vice

520
00:27:37,640 --> 00:27:40,840
Speaker 1: President Joe Biden on the campaign trail. I'm Kevin Sirelli,

521
00:27:40,960 --> 00:27:44,360
Speaker 1: Chief Washington correspondent, FRO Bloomberg Television and Bloomberg Radio. We're

522
00:27:44,359 --> 00:27:48,560
Speaker 1: following multiple fronts on the coronavirus. The US stocks plunge today,

523
00:27:48,840 --> 00:27:54,200
Speaker 1: the most since the financial crisis. We're anticipating word from

524
00:27:54,240 --> 00:27:58,240
Speaker 1: the White House in the six pm hour. This as

525
00:27:58,480 --> 00:28:01,680
Speaker 1: reports surfaced earlier to a that the administration is summoning

526
00:28:02,040 --> 00:28:05,400
Speaker 1: executives from the business community to the White House, from

527
00:28:05,400 --> 00:28:08,160
Speaker 1: the insurance community to the White House later this week.

528
00:28:08,520 --> 00:28:12,639
Speaker 1: Also as lawmakers and both parties are now openly grappling

529
00:28:13,000 --> 00:28:19,320
Speaker 1: with some type of economic stimulus response to the corona virus.

530
00:28:19,560 --> 00:28:21,840
Speaker 1: And I had one staffer telling me that if the

531
00:28:21,920 --> 00:28:23,840
Speaker 1: chief of staff meeting, you know, they have that the

532
00:28:23,920 --> 00:28:25,959
Speaker 1: chiefs of staff of all the House members, they all

533
00:28:26,000 --> 00:28:28,840
Speaker 1: huddle and they were openly talking about whether or not

534
00:28:28,880 --> 00:28:34,600
Speaker 1: they're gonna have to postpone Congress because of I mean, truthfully, folks,

535
00:28:34,640 --> 00:28:39,520
Speaker 1: there are there's a demographical lawmakers who are significantly older,

536
00:28:39,680 --> 00:28:43,720
Speaker 1: and that's what's getting impacted by the coronavirus. And tomorrow

537
00:28:44,280 --> 00:28:48,520
Speaker 1: Treasury Secretary Stephen Manusian and Larry Cudlow, they're gonna be

538
00:28:48,560 --> 00:28:51,640
Speaker 1: talking to the Republicans in the Senate at their Senate lunch.

539
00:28:51,720 --> 00:28:57,520
Speaker 1: So Washington now fully fully integrated into the Wall Street

540
00:28:57,960 --> 00:29:01,600
Speaker 1: Economic christ is. So I want to say, as we're

541
00:29:01,640 --> 00:29:03,800
Speaker 1: now openly talking as we kicked off the start of

542
00:29:03,800 --> 00:29:07,280
Speaker 1: the show about the potential of some type of correction,

543
00:29:07,520 --> 00:29:12,560
Speaker 1: dare I say recession? Um? As the world around the

544
00:29:12,560 --> 00:29:17,280
Speaker 1: world now coronavirus is in full swing. Uh. We've got

545
00:29:17,280 --> 00:29:20,760
Speaker 1: Mark post back here, Scott Tranter as well. So you

546
00:29:20,840 --> 00:29:23,960
Speaker 1: hear all of that. And I'm an optimist, but Mark,

547
00:29:24,720 --> 00:29:27,760
Speaker 1: you're you graduated from the London School of Economics. Are

548
00:29:27,800 --> 00:29:30,280
Speaker 1: you optimistic today on Monday. I think it's going to

549
00:29:30,360 --> 00:29:32,800
Speaker 1: require two things from Congress. One is going to be

550
00:29:33,080 --> 00:29:35,880
Speaker 1: um clarity, Right, here's what we're here's what we're gonna

551
00:29:35,920 --> 00:29:38,040
Speaker 1: do to try and fix this, right. And the others,

552
00:29:38,080 --> 00:29:39,920
Speaker 1: I think they're gonna need to be very creative. Right

553
00:29:40,000 --> 00:29:41,880
Speaker 1: is the economist of the top of the show mentioned

554
00:29:42,120 --> 00:29:44,520
Speaker 1: there's too many variables, too many things happening at once

555
00:29:44,560 --> 00:29:46,840
Speaker 1: to create a perfect storm. So like, for example, and

556
00:29:46,920 --> 00:29:50,720
Speaker 1: paid sick leave California, Massachusetts, New York has paid sick

557
00:29:50,800 --> 00:29:54,440
Speaker 1: leave even if you exp did something nationally that usually

558
00:29:54,480 --> 00:29:57,120
Speaker 1: only applies to the person who's sick. But what happens

559
00:29:57,160 --> 00:29:59,440
Speaker 1: if they want a stimulus? What if you're sent home? Right?

560
00:29:59,440 --> 00:30:01,880
Speaker 1: Can I hear me on the page sickly? But I

561
00:30:01,960 --> 00:30:04,120
Speaker 1: mean when I was when you talk to the when

562
00:30:04,160 --> 00:30:07,440
Speaker 1: you get really walking into this, the issue is beyond

563
00:30:07,480 --> 00:30:10,840
Speaker 1: paide sickly. You're gonna have people who are not able

564
00:30:10,880 --> 00:30:13,800
Speaker 1: to pay their bills, tax seasons just around the corner

565
00:30:14,200 --> 00:30:16,800
Speaker 1: all of this data and people are are having to

566
00:30:16,920 --> 00:30:20,120
Speaker 1: not I mean the part time gig economy people are

567
00:30:20,120 --> 00:30:24,520
Speaker 1: not gonna I mean, it's it's it's it's as if

568
00:30:24,560 --> 00:30:27,360
Speaker 1: there's a blizzard that has not going to stop for

569
00:30:27,400 --> 00:30:29,440
Speaker 1: the next several months. Yeah, well, I was gonna say,

570
00:30:29,520 --> 00:30:31,720
Speaker 1: is Look, having used to work in Congress, I'm not

571
00:30:31,760 --> 00:30:34,160
Speaker 1: counting on Congress or the executive branch to do anything

572
00:30:34,160 --> 00:30:36,880
Speaker 1: because they really can't. Really, this comes down to county government,

573
00:30:37,000 --> 00:30:40,120
Speaker 1: state governments. What you see Larry Hogan doing in Maryland

574
00:30:40,120 --> 00:30:42,680
Speaker 1: taking this over on the communication side as well as

575
00:30:42,720 --> 00:30:44,400
Speaker 1: on the action side. At the end of the day,

576
00:30:44,600 --> 00:30:46,520
Speaker 1: Congress is not going to open up new hospitals or

577
00:30:46,520 --> 00:30:49,080
Speaker 1: make sure these things are are executed correctly. They're not

578
00:30:49,120 --> 00:30:50,960
Speaker 1: gonna any They can improve money in those types of things,

579
00:30:51,000 --> 00:30:52,400
Speaker 1: and that's great, and they should do those things, but

580
00:30:52,400 --> 00:30:54,680
Speaker 1: it's really gonna be local and state governments that are

581
00:30:54,680 --> 00:30:58,360
Speaker 1: gonna be the ones that help people. I want the money,

582
00:30:58,520 --> 00:30:59,960
Speaker 1: they don't want the money, but then they gotta do

583
00:31:00,080 --> 00:31:02,720
Speaker 1: something with the money. Yeah, No, it's gonna be I

584
00:31:03,520 --> 00:31:07,120
Speaker 1: I buckle up, because then you've got Senator Elizabeth wore

585
00:31:07,160 --> 00:31:11,520
Speaker 1: and tweeting out today, Hey, banks, don't I'm paraphrasing, don't

586
00:31:11,560 --> 00:31:14,880
Speaker 1: take uh, don't use this as an opportunity to bend

587
00:31:14,920 --> 00:31:18,080
Speaker 1: in your direction. I mean, anytime there's a stimulus, it's

588
00:31:18,120 --> 00:31:22,160
Speaker 1: gonna it's gonna open up some significant divides on on

589
00:31:22,240 --> 00:31:25,480
Speaker 1: the street and in Washington and amongst you know, there's

590
00:31:25,480 --> 00:31:29,440
Speaker 1: gonna be some strange political bedfellows as well. Wow, welcome

591
00:31:29,480 --> 00:31:33,360
Speaker 1: to this week guys. Okay time now from my favorite

592
00:31:33,360 --> 00:31:34,800
Speaker 1: part of the show. What is your quick take on

593
00:31:34,880 --> 00:31:38,520
Speaker 1: your radar, Scott go your first one of the greatest,

594
00:31:38,520 --> 00:31:40,560
Speaker 1: Whether or not you're a political junkie or not. Look

595
00:31:40,760 --> 00:31:43,760
Speaker 1: the debate on Sunday night, one on one Biden versus Bernie.

596
00:31:43,760 --> 00:31:46,400
Speaker 1: Bernie's gonna have a big night to come back from

597
00:31:46,400 --> 00:31:48,080
Speaker 1: a delegate, but this is the fight for the soul

598
00:31:48,080 --> 00:31:50,640
Speaker 1: of Democratic Party. They've got Biden on the establishment side,

599
00:31:50,680 --> 00:31:53,520
Speaker 1: center left, and they got Bernie the revolutionary, who is

600
00:31:53,640 --> 00:31:56,120
Speaker 1: basically said, screw it, I want to win. I should

601
00:31:56,120 --> 00:31:57,480
Speaker 1: have one last time. I want to win this time.

602
00:31:57,720 --> 00:31:59,920
Speaker 1: It is if you're a sports fan, this is probably

603
00:32:00,040 --> 00:32:02,600
Speaker 1: one of the greatest debate matchups we're going to have

604
00:32:02,760 --> 00:32:05,160
Speaker 1: in the last twenty years. But it seems as if

605
00:32:06,360 --> 00:32:08,600
Speaker 1: he's gotta win. I mean, he's got a win, which

606
00:32:08,640 --> 00:32:11,200
Speaker 1: is why it's great because this is Look, if Sanders loses,

607
00:32:11,240 --> 00:32:12,920
Speaker 1: this is the last time he will be on this

608
00:32:13,000 --> 00:32:15,640
Speaker 1: level of stage and the political arena, and if he wins,

609
00:32:15,640 --> 00:32:17,680
Speaker 1: he's got a tough slog. But this, this is what

610
00:32:17,760 --> 00:32:19,719
Speaker 1: he wanted. This is this is what he's set up for,

611
00:32:19,920 --> 00:32:21,680
Speaker 1: and he's going to have the whole stage for himself

612
00:32:21,720 --> 00:32:24,480
Speaker 1: two hours in prime time to explain to the Democratic

613
00:32:24,480 --> 00:32:28,239
Speaker 1: Party why his style of of of of politics is

614
00:32:28,440 --> 00:32:31,120
Speaker 1: you know, good for his party. I was watching Hillary

615
00:32:31,160 --> 00:32:34,520
Speaker 1: on Hulu over the weekend and I was skimming in.

616
00:32:34,600 --> 00:32:36,320
Speaker 1: I haven't made my way through all of it, but

617
00:32:36,360 --> 00:32:39,719
Speaker 1: I did get to the part where she criticized as

618
00:32:39,760 --> 00:32:42,440
Speaker 1: Senator Bernie Standers. I will say, whether you whether you're

619
00:32:42,440 --> 00:32:46,440
Speaker 1: a Hillary fan or not, it's riveting this documentary. I mean,

620
00:32:46,480 --> 00:32:52,200
Speaker 1: she's you haven't seen Hillary Clinton be this candid? Uh

621
00:32:52,240 --> 00:32:55,280
Speaker 1: and really not care. I mean, it's it's very her.

622
00:32:55,360 --> 00:32:58,800
Speaker 1: Her interviews are very unscripted. And Bill Clinton's in it too,

623
00:32:59,240 --> 00:33:05,479
Speaker 1: and uh and and he's very candid in terms of

624
00:33:05,520 --> 00:33:08,520
Speaker 1: the in terms of the whole the Hulu documentary situation.

625
00:33:08,520 --> 00:33:11,520
Speaker 1: But she trashes Bernie Sanders. I mean, I was like,

626
00:33:11,560 --> 00:33:13,719
Speaker 1: does she know she's did she know what she's doing this?

627
00:33:15,120 --> 00:33:17,400
Speaker 1: I mean I asked myself every day, But I mean,

628
00:33:17,840 --> 00:33:20,680
Speaker 1: but it was pretty interesting to see her be so candid.

629
00:33:20,680 --> 00:33:23,080
Speaker 1: So I'm struck to see how that plays as well.

630
00:33:23,200 --> 00:33:26,480
Speaker 1: And now everyone's endorsed, with the exception of Ward hasn't

631
00:33:26,520 --> 00:33:31,960
Speaker 1: endorsed anyone, but pretty remarkable. I don't I'm curious where

632
00:33:32,000 --> 00:33:34,239
Speaker 1: she goes. All right, what's your quick take on your radar? Yes,

633
00:33:34,320 --> 00:33:36,920
Speaker 1: So one of the things, UM, I would be very

634
00:33:36,960 --> 00:33:39,600
Speaker 1: interesting to see, UM, for example, on the economic side,

635
00:33:39,600 --> 00:33:41,720
Speaker 1: whether low wage workers, UM, who are going to be

636
00:33:41,720 --> 00:33:46,200
Speaker 1: disproportionately impacted, how quickly they're impacted UM with respect to coronavirus.

637
00:33:46,200 --> 00:33:48,960
Speaker 1: They're the folks that are most likely to be laid off,

638
00:33:49,040 --> 00:33:51,600
Speaker 1: most likely not to have paid sick leave. UM. And

639
00:33:51,640 --> 00:33:54,160
Speaker 1: that's what's really gonna I think, affect the economy UM

640
00:33:54,160 --> 00:33:57,320
Speaker 1: pretty quickly here they don't have, you know, the income

641
00:33:57,440 --> 00:34:00,840
Speaker 1: they're not buying. UM. That's you know, the fastest way

642
00:34:00,880 --> 00:34:04,480
Speaker 1: to see uh, real impact. UM. And you know, for

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00:34:04,480 --> 00:34:07,760
Speaker 1: for my firm for example, or myself. You know, UM,

644
00:34:07,760 --> 00:34:11,080
Speaker 1: I'm able to telework, right, I'm able to work from home. UM.

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00:34:11,080 --> 00:34:13,080
Speaker 1: A lot of people aren't. They aren't able to do

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00:34:13,120 --> 00:34:15,240
Speaker 1: that if they're working in brick and mortar, retail stores

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00:34:15,280 --> 00:34:18,160
Speaker 1: and things like that. So that I think, um, you know,

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00:34:18,200 --> 00:34:20,920
Speaker 1: will be something to watch. I think that's that is

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00:34:21,080 --> 00:34:23,960
Speaker 1: very great, UH, in terms of what what to watch for,

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00:34:24,640 --> 00:34:30,000
Speaker 1: and for me, I'm watching Italy because they in Europe

651
00:34:30,120 --> 00:34:33,359
Speaker 1: arguably have it the worst right now and and they're

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00:34:33,400 --> 00:34:36,600
Speaker 1: all on lockdown. UM, they've expanded it. I want to

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00:34:36,640 --> 00:34:38,439
Speaker 1: read from the TERMOL just to set the stage, because

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00:34:38,480 --> 00:34:40,239
Speaker 1: I I want to be careful. I don't want to

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00:34:40,680 --> 00:34:45,120
Speaker 1: incite his Italian Prime Minister Giuseppe Conti said he'll move

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00:34:45,200 --> 00:34:49,640
Speaker 1: to extend restrictive measures on travel currently in force in

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00:34:49,680 --> 00:34:52,440
Speaker 1: the north throughout the rest of the country in a

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00:34:52,480 --> 00:34:55,160
Speaker 1: bid to limit the spread of the coronavirus. After the

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00:34:55,239 --> 00:35:00,440
Speaker 1: number of cases sword cases in Spain almost buboled and

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00:35:00,480 --> 00:35:06,279
Speaker 1: French President and Manuelacron called for urgent European cooperation UH.

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00:35:06,440 --> 00:35:10,520
Speaker 1: And just in terms of the Italian store on lockdown,

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00:35:11,000 --> 00:35:16,319
Speaker 1: they've extended a travel band nationwide and he's extending restrictive

663
00:35:16,320 --> 00:35:20,520
Speaker 1: measures on travel throughout the rest of the country and

664
00:35:21,320 --> 00:35:24,040
Speaker 1: the cases have just surged there. Italy is at the

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00:35:24,080 --> 00:35:28,560
Speaker 1: center of the outbreak in Europe, which has reported nine thousand,

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00:35:28,719 --> 00:35:31,799
Speaker 1: one hundred and seventy two coronavirus cases on Monday, and

667
00:35:31,880 --> 00:35:34,920
Speaker 1: that's up from just over seven seven thousand, three hundred

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00:35:34,960 --> 00:35:38,160
Speaker 1: seventy five the day before. So, I mean you think

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00:35:38,160 --> 00:35:41,680
Speaker 1: of the impact you mentioned nine eleven, Mark on the

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00:35:41,719 --> 00:35:45,640
Speaker 1: impact on the travel industry, the who's flying to Italy

671
00:35:45,760 --> 00:35:49,520
Speaker 1: right now? I mean, it's brutal. It's brutal, but I

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00:35:49,560 --> 00:35:52,600
Speaker 1: am an optimist. And the World Health Organization said that

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00:35:52,640 --> 00:35:54,600
Speaker 1: this is the first time there's ever been a pandemic.

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00:35:54,600 --> 00:35:56,439
Speaker 1: Because I'm I can't end just show on a down note,

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00:35:56,920 --> 00:35:59,800
Speaker 1: uh that the that there's been it's not a pandemic technically,

676
00:36:00,080 --> 00:36:02,560
Speaker 1: but this is the first time there's been something of

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00:36:02,600 --> 00:36:05,279
Speaker 1: this magnitude that has actually been controlled. So when you

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00:36:05,280 --> 00:36:08,600
Speaker 1: look at it from that perspective, while while oftentimes situations

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00:36:08,600 --> 00:36:15,480
Speaker 1: can feel uncontrollable, actually in societal norms, this is quite controlled,

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00:36:16,719 --> 00:36:18,640
Speaker 1: you know, around the world. Maybe we would like to

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00:36:18,920 --> 00:36:20,879
Speaker 1: have it work a little bit better, all right, Thank

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00:36:20,920 --> 00:36:22,920
Speaker 1: you to Scott, Thank you to Mark. I'm Kevin Sirilli.

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Speaker 1: You're listening to Bloomberg one