1 00:00:00,400 --> 00:00:03,160 Speaker 1: Why from our nations this budget thing is going to 2 00:00:03,240 --> 00:00:06,320 Speaker 1: do nothing spaceports. I still think it's interesting. President Trump 3 00:00:06,400 --> 00:00:09,760 Speaker 1: not playing his cards yet. Headlines Policy and Politics a 4 00:00:09,880 --> 00:00:15,360 Speaker 1: lighting sound with Kevin's related the insiders speak influencers, the insides. 5 00:00:15,480 --> 00:00:17,720 Speaker 1: I would rather see a congressional solution. It's part of 6 00:00:17,760 --> 00:00:20,920 Speaker 1: my DNA. The Senate map in looks a lot different 7 00:00:20,920 --> 00:00:23,680 Speaker 1: than it looked ins You really have a divide within 8 00:00:23,920 --> 00:00:26,479 Speaker 1: Team Trump. The present has to do exactly what people 9 00:00:26,480 --> 00:00:29,080 Speaker 1: send in here to do, which is to get it done. 10 00:00:29,080 --> 00:00:33,080 Speaker 1: He's sound on with Kevin's. He related on Bloomberg nine 11 00:00:33,200 --> 00:00:37,280 Speaker 1: one and one seven m h D two Boltimore. It's 12 00:00:37,320 --> 00:00:40,159 Speaker 1: a hot one. My oh my, it's hot outside, but 13 00:00:40,240 --> 00:00:43,560 Speaker 1: the jobs and are also hot. We're gonna have jobs day. 14 00:00:43,960 --> 00:00:49,760 Speaker 1: Every angle covered as jobs numbers, smashing expectations. Maddie Doppler's here, 15 00:00:49,840 --> 00:00:53,080 Speaker 1: as is Mark Ross. Maddie Douppler's the senior fellow at 16 00:00:53,080 --> 00:00:57,280 Speaker 1: the National Taxpayers Union, former Coalitions director for the House Republicans, 17 00:00:57,320 --> 00:01:01,240 Speaker 1: Mark Ross founder of Chaco Global firm that specializes in 18 00:01:01,640 --> 00:01:06,039 Speaker 1: geo politics. At this globalization times, President Trump talked to 19 00:01:06,040 --> 00:01:08,760 Speaker 1: the media before taking off for his jersey golf course. 20 00:01:08,840 --> 00:01:10,959 Speaker 1: I guess more a lago is even hot for him 21 00:01:11,040 --> 00:01:13,039 Speaker 1: this time of year. I'll bring you the latest on 22 00:01:13,080 --> 00:01:15,760 Speaker 1: what he had to say. And my colleague Jonathan Faroe 23 00:01:15,840 --> 00:01:20,440 Speaker 1: interviewing Larry Cudlow, the President's chief economic advisor, about those 24 00:01:20,520 --> 00:01:24,720 Speaker 1: job numbers, about as well the back and forth between 25 00:01:25,360 --> 00:01:28,840 Speaker 1: President Trump and fed share J. Powell. I guess it's 26 00:01:28,840 --> 00:01:31,319 Speaker 1: really only a one way street though, because J. Powell 27 00:01:31,360 --> 00:01:34,760 Speaker 1: hasn't really done too much responding. All right, lots to 28 00:01:34,760 --> 00:01:37,840 Speaker 1: break down, busy week. Cope, everybody saw the fireworks last night. 29 00:01:37,880 --> 00:01:40,360 Speaker 1: Didn't rank too much on the parade t G. I 30 00:01:40,520 --> 00:01:43,480 Speaker 1: f is a right, Nancy. I'm Kevin Cirelli, chief Washington 31 00:01:43,520 --> 00:01:46,520 Speaker 1: correspondent for Bloomberg Television and Bloomberg Radio. I am joined 32 00:01:46,560 --> 00:01:50,160 Speaker 1: by Mattie Duppler, Senior Fellow at the National Taxpayers Union, 33 00:01:50,240 --> 00:01:54,080 Speaker 1: the former Coalitions director for the House Republican Conference, and 34 00:01:54,160 --> 00:01:57,960 Speaker 1: Mark Ross, founder of Karat Cole Global affirm and DC based. 35 00:01:58,040 --> 00:02:04,160 Speaker 1: That that that's in geo politics and globalization, smashing job numbers. 36 00:02:04,200 --> 00:02:07,440 Speaker 1: I mean, call it what you want. They beyond beat expectant. 37 00:02:07,480 --> 00:02:09,880 Speaker 1: That's what I want to start off today. The hiring 38 00:02:09,919 --> 00:02:13,080 Speaker 1: picked up in June by adding two hundred and twenty 39 00:02:13,120 --> 00:02:17,600 Speaker 1: four thousand new jobs to the US economy. My number 40 00:02:17,680 --> 00:02:20,960 Speaker 1: of the day, two hundred and twenty four thousand jobs 41 00:02:21,000 --> 00:02:23,800 Speaker 1: added to the US economy in the month of June. 42 00:02:23,919 --> 00:02:27,760 Speaker 1: This is remarkable. I mean I think the estimate was 43 00:02:27,800 --> 00:02:32,080 Speaker 1: like not even cracking two hundred thousand. I mean it was, 44 00:02:32,440 --> 00:02:36,280 Speaker 1: you know, really really remarkable, Maddie. I know you've crushed 45 00:02:36,320 --> 00:02:39,200 Speaker 1: crunched the numbers every which way, So do your thing 46 00:02:39,320 --> 00:02:41,639 Speaker 1: right now, and and and tell us you know what 47 00:02:41,800 --> 00:02:44,040 Speaker 1: you're gathering coming. You're giving me too much. I don't 48 00:02:44,040 --> 00:02:46,520 Speaker 1: crunch any numbers. I read at BLS crunch and then 49 00:02:46,520 --> 00:02:51,040 Speaker 1: we talk about it. But calculated, you're right there. The 50 00:02:51,080 --> 00:02:54,800 Speaker 1: expectation was a hundred and seventy thousand jobs, So two 51 00:02:54,880 --> 00:02:58,000 Speaker 1: obviously blows that expectation out of the water. That comes 52 00:02:58,080 --> 00:03:03,040 Speaker 1: after maze disappointing job report as well from BLS where 53 00:03:03,080 --> 00:03:06,239 Speaker 1: we only added seventy jobs, um, and it comes on 54 00:03:06,280 --> 00:03:10,240 Speaker 1: the heels of an ADP private sector jobs report on Wednesday. 55 00:03:10,280 --> 00:03:12,000 Speaker 1: We got that a day earlier because of course, because 56 00:03:12,000 --> 00:03:15,240 Speaker 1: of the holiday that came in. Sotoved about forty jobs 57 00:03:15,320 --> 00:03:18,880 Speaker 1: fewer than had been expected. There so the entire picture 58 00:03:19,000 --> 00:03:21,840 Speaker 1: was leading up to kind of this report with BLS saying, Yep, 59 00:03:21,880 --> 00:03:25,040 Speaker 1: the economy is slowing. We've got headwinds from trade that 60 00:03:25,120 --> 00:03:27,440 Speaker 1: the FED has been weighing, and going into this July 61 00:03:27,560 --> 00:03:30,560 Speaker 1: FED meeting, the question was how much is the economy slowing? 62 00:03:30,560 --> 00:03:32,960 Speaker 1: Particularly we look at the employment picture that is not 63 00:03:33,040 --> 00:03:36,040 Speaker 1: that there is still a very robust labor market. UM. 64 00:03:36,080 --> 00:03:38,480 Speaker 1: If you'll recall back in May when we had like 65 00:03:38,520 --> 00:03:41,960 Speaker 1: a really excuse me back in um things. In February 66 00:03:42,000 --> 00:03:45,480 Speaker 1: we had a really robust jobs number. Neil cash Carry, 67 00:03:45,560 --> 00:03:48,720 Speaker 1: who is the Federal Reserve Chair of Minneapolis, had tweeted, 68 00:03:48,840 --> 00:03:51,160 Speaker 1: We're still not at full employment. So this question that 69 00:03:51,200 --> 00:03:55,320 Speaker 1: the FED continues to contemplate, which is what is full employment? Um? 70 00:03:55,360 --> 00:03:58,120 Speaker 1: When we get these blockbuster job numbers, you've got FED 71 00:03:58,160 --> 00:04:00,360 Speaker 1: officials who are saying, hey, we're still there. It's still 72 00:04:01,000 --> 00:04:03,880 Speaker 1: in the labor market. Don't you love this mark? Because 73 00:04:03,920 --> 00:04:06,080 Speaker 1: I mean it's like, I'll due respect to the Fed, 74 00:04:06,280 --> 00:04:07,800 Speaker 1: and I've got a lot of respect for the Fed. 75 00:04:08,080 --> 00:04:10,920 Speaker 1: They always do these wonky questions that that Maddie's doing, 76 00:04:11,000 --> 00:04:13,080 Speaker 1: like what what is full employment? You know what full 77 00:04:13,080 --> 00:04:16,200 Speaker 1: employment is. It's Americans not having to take on part 78 00:04:16,240 --> 00:04:18,560 Speaker 1: time jobs or two and three time jobs, and we're 79 00:04:18,560 --> 00:04:20,720 Speaker 1: going to dive into that coming on later in the show. 80 00:04:20,760 --> 00:04:23,600 Speaker 1: We're also going to hear from the spokesperson for Senator 81 00:04:23,640 --> 00:04:27,000 Speaker 1: Corey Booker's campaign. She's going to call in as well. 82 00:04:27,040 --> 00:04:30,080 Speaker 1: But on this issue, these are good numbers for President Trump. 83 00:04:30,120 --> 00:04:32,240 Speaker 1: There's really no other way to look at it. You've 84 00:04:32,240 --> 00:04:35,440 Speaker 1: got two hundred and this is two hundred twenty four 85 00:04:35,520 --> 00:04:39,000 Speaker 1: thousand jobs added to the economy, but unemployment is at 86 00:04:39,000 --> 00:04:42,839 Speaker 1: three point seven percent. That is still the lowest unemployment 87 00:04:42,960 --> 00:04:46,479 Speaker 1: rate of Americans recorded since you're ready for this December 88 00:04:46,960 --> 00:04:50,039 Speaker 1: nineteen sixty nine. So low unemployment, you have to go 89 00:04:50,120 --> 00:04:52,880 Speaker 1: all the way back to nineteen sixty nine in December 90 00:04:53,240 --> 00:04:56,480 Speaker 1: to find that three point seven and these numbers are added. 91 00:04:56,880 --> 00:05:00,480 Speaker 1: So this fed debate on whether or not to raise 92 00:05:00,600 --> 00:05:03,760 Speaker 1: rates cut rates. The President wants them to cut rates. 93 00:05:04,600 --> 00:05:07,560 Speaker 1: Why is this even being had? I think it's it's 94 00:05:07,560 --> 00:05:09,120 Speaker 1: really interesting because if you look at the main number, 95 00:05:09,160 --> 00:05:11,279 Speaker 1: it was so disappointing, and if you do a two 96 00:05:11,279 --> 00:05:14,040 Speaker 1: month average, which I don't know if that's proper economic analysis, 97 00:05:14,080 --> 00:05:16,600 Speaker 1: but that somewhere in one fifty but there are a 98 00:05:16,600 --> 00:05:19,800 Speaker 1: lot of headwinds, you know, looking outside America in terms 99 00:05:19,839 --> 00:05:22,280 Speaker 1: of the global comedy slowing, there's still no clarity whatsoever 100 00:05:22,600 --> 00:05:25,400 Speaker 1: on any kind of trade situation. Uh, you know, like 101 00:05:25,560 --> 00:05:28,040 Speaker 1: US Mexico is still up in the air. US China 102 00:05:28,120 --> 00:05:30,320 Speaker 1: is completely up in the air. Um And I was 103 00:05:30,560 --> 00:05:33,520 Speaker 1: I'm wondering, is the job numbers a reflection that the 104 00:05:33,560 --> 00:05:36,360 Speaker 1: people who do make these decisions already think the FED 105 00:05:36,560 --> 00:05:39,680 Speaker 1: is gonna reduce rates, like did they accelerate hiring an 106 00:05:39,680 --> 00:05:42,880 Speaker 1: anticipation Are we over this is a great number, no doubt, 107 00:05:42,920 --> 00:05:44,960 Speaker 1: But if are we over reading it? Well, so what 108 00:05:45,000 --> 00:05:46,599 Speaker 1: we're looking at now for the year is about a 109 00:05:46,640 --> 00:05:49,279 Speaker 1: hundred seventy two thousand jobs created every month, which is 110 00:05:49,320 --> 00:05:53,240 Speaker 1: still a great number. It is lower than the average 111 00:05:53,240 --> 00:05:54,680 Speaker 1: for last year. Last year, I think we were around 112 00:05:54,680 --> 00:05:59,160 Speaker 1: two thousand jobs created every month. Excuse me? Where job 113 00:05:59,200 --> 00:06:01,359 Speaker 1: to being added? I should say created added probably a 114 00:06:01,360 --> 00:06:04,080 Speaker 1: better metri beat where they but what sectors, Well, that 115 00:06:04,160 --> 00:06:06,479 Speaker 1: depends on what month you're talking about. I mean again, 116 00:06:06,600 --> 00:06:08,839 Speaker 1: when you look at the first quarter, you've got a 117 00:06:08,880 --> 00:06:10,839 Speaker 1: lot of seasonal factors that You've got a lot of 118 00:06:10,880 --> 00:06:13,040 Speaker 1: weather pressures that we're really putting a lot of weight 119 00:06:13,080 --> 00:06:15,960 Speaker 1: on some industries this month, it is noteworthy that we 120 00:06:16,000 --> 00:06:18,800 Speaker 1: saw bump up in manufacturing, which is which is one 121 00:06:18,839 --> 00:06:21,560 Speaker 1: that we've not been seeing a lot of robust growth. 122 00:06:21,680 --> 00:06:24,640 Speaker 1: And of course when you put your political lenses back 123 00:06:24,680 --> 00:06:28,400 Speaker 1: on manufacturing, course is the number one component that the 124 00:06:28,400 --> 00:06:32,000 Speaker 1: president is weighing when he's talking about Maddie. I totally agree, Mark, 125 00:06:32,040 --> 00:06:34,120 Speaker 1: I know you agreed to, or correct me if you don't, 126 00:06:34,120 --> 00:06:37,200 Speaker 1: but I mean, manufacturing is really the foundation of this 127 00:06:37,279 --> 00:06:42,720 Speaker 1: president's political coalition and it transcends in many ways, uh 128 00:06:42,800 --> 00:06:46,080 Speaker 1: political ideology in these battleground states. You both brought up 129 00:06:46,080 --> 00:06:49,799 Speaker 1: the FED President Trump before he took off for his jersey, 130 00:06:50,080 --> 00:06:53,280 Speaker 1: his jersey golf course. Hey, I'm not even gonna do 131 00:06:53,320 --> 00:06:55,640 Speaker 1: an intro. Here's the President talking about FED share and 132 00:06:55,680 --> 00:06:57,839 Speaker 1: the job numbers. Here he just take a listen, but 133 00:06:57,960 --> 00:07:00,599 Speaker 1: bang a lot of interress and it's a showy But 134 00:07:00,920 --> 00:07:02,839 Speaker 1: we don't have a FET that knows what they're doing. 135 00:07:02,920 --> 00:07:05,320 Speaker 1: So it's one of those little things. But if we 136 00:07:05,360 --> 00:07:07,960 Speaker 1: had a FET that would lower rates, you would have 137 00:07:08,000 --> 00:07:13,520 Speaker 1: a rocket shift. And it's just one of my it's 138 00:07:13,520 --> 00:07:15,640 Speaker 1: one of those little things. I mean, you gotta love it. 139 00:07:15,680 --> 00:07:17,680 Speaker 1: I mean, you know, I mean for US, for US 140 00:07:17,840 --> 00:07:20,520 Speaker 1: economic dorks. I mean it's it's like, come on, it's 141 00:07:20,520 --> 00:07:24,680 Speaker 1: a big deal. But okay, so where can we go 142 00:07:24,760 --> 00:07:27,280 Speaker 1: with this? So, I mean the President still putting pressure on. 143 00:07:27,440 --> 00:07:29,960 Speaker 1: I think the consensus here inside of the belt Way 144 00:07:30,000 --> 00:07:32,240 Speaker 1: is that he's doing that. K numbers do take a turn. 145 00:07:32,680 --> 00:07:35,560 Speaker 1: And there's that fascinating Bloomberg terminal chart that shows Wall 146 00:07:35,560 --> 00:07:39,320 Speaker 1: Street markets jittery every time there's good eco data because 147 00:07:39,320 --> 00:07:41,440 Speaker 1: they think, oh, it can't go on that long, it 148 00:07:41,560 --> 00:07:44,200 Speaker 1: can't go on that long. And then every time there's 149 00:07:44,440 --> 00:07:48,360 Speaker 1: you know, good tariff news or a k A no tweets, uh, 150 00:07:48,480 --> 00:07:51,040 Speaker 1: stocks are are lust jittery and go up. But this 151 00:07:51,160 --> 00:07:54,000 Speaker 1: feud that he has with the FETE yourt was interesting, 152 00:07:54,040 --> 00:07:56,240 Speaker 1: and I think that's one of the greatest comments I've 153 00:07:56,240 --> 00:07:58,160 Speaker 1: ever heard about the FET. He's possibly right, it could 154 00:07:58,200 --> 00:07:59,840 Speaker 1: be true. I have no idea. Maybe if it doesn't 155 00:07:59,840 --> 00:08:02,000 Speaker 1: know they're doing, but I thought it more interesting. I'd 156 00:08:02,000 --> 00:08:03,680 Speaker 1: like to think the Fed knows what they're doing for 157 00:08:03,720 --> 00:08:06,600 Speaker 1: the record, But a more interesting tell I thought was 158 00:08:06,640 --> 00:08:08,920 Speaker 1: the what your colleagues at Earlier the interview with Larry 159 00:08:08,960 --> 00:08:12,440 Speaker 1: Cudlow on Bloomberg where he said, um, he would still 160 00:08:12,480 --> 00:08:14,200 Speaker 1: like to see the Fed cut rates, which I thought 161 00:08:14,240 --> 00:08:16,119 Speaker 1: was a bit of a tell like because it seemed 162 00:08:16,160 --> 00:08:18,280 Speaker 1: to me, Yeah, these numbers are good, but there's a 163 00:08:18,280 --> 00:08:20,400 Speaker 1: lot of headwinds that we talked about externally. Let me 164 00:08:20,480 --> 00:08:22,040 Speaker 1: let me play for you that portion that you're referring to. 165 00:08:22,160 --> 00:08:25,480 Speaker 1: Jonathan Farroll, my colleague, my friend. Jonathan interviewed Larry Cudlow, 166 00:08:25,480 --> 00:08:29,080 Speaker 1: the Chief Economic Advisor, on Bloomberg Television earlier today. Take 167 00:08:29,080 --> 00:08:32,400 Speaker 1: a listen, now, idea have an inverted YO curve, which 168 00:08:32,440 --> 00:08:35,880 Speaker 1: I think is somewhat troublesome for the longer term. But 169 00:08:36,080 --> 00:08:39,560 Speaker 1: the break evens on the inflation, you know, the tips 170 00:08:39,559 --> 00:08:43,320 Speaker 1: break evens the five year, Jonathan, is one and a 171 00:08:43,360 --> 00:08:47,360 Speaker 1: half percent, and that's the CPI number. So the PCE 172 00:08:47,559 --> 00:08:50,320 Speaker 1: de flat that the Fed uses would be about thirty 173 00:08:50,320 --> 00:08:54,079 Speaker 1: basis points less than that, Sarah, one a quarter percent inflation, 174 00:08:54,480 --> 00:08:57,040 Speaker 1: which is way below the Fed's target and what most 175 00:08:57,040 --> 00:09:00,000 Speaker 1: people want. And that's the reason I think they should 176 00:09:00,120 --> 00:09:04,679 Speaker 1: take back the interest rate hike. So it's interesting because 177 00:09:04,679 --> 00:09:07,600 Speaker 1: you heard talking about inflation, which is of course the 178 00:09:07,600 --> 00:09:10,040 Speaker 1: other side of the coin of the Fed's dual mandate. 179 00:09:10,040 --> 00:09:11,839 Speaker 1: On Jobs Day, we talk a lot about jobs that's 180 00:09:11,840 --> 00:09:13,720 Speaker 1: are only fifty percent of the equation for when the 181 00:09:13,720 --> 00:09:17,160 Speaker 1: Fed decides to make some kind of move. It's interesting too, 182 00:09:17,160 --> 00:09:19,600 Speaker 1: because if you look at analysts today, most people are 183 00:09:19,600 --> 00:09:22,679 Speaker 1: not backing off of the expectation of some kind of 184 00:09:22,800 --> 00:09:25,840 Speaker 1: rate cut activity in July. But the difference between whether 185 00:09:25,880 --> 00:09:28,200 Speaker 1: or not it's fifty basis points or twenty five basis 186 00:09:28,200 --> 00:09:30,480 Speaker 1: points is what's widening, which I think is interesting to 187 00:09:30,520 --> 00:09:32,080 Speaker 1: Bate to have because I think it's going to open 188 00:09:32,160 --> 00:09:33,880 Speaker 1: up this whole other kind of worms of whether or 189 00:09:33,920 --> 00:09:37,280 Speaker 1: not monetary pools. Monetary tools are useful if they are 190 00:09:37,440 --> 00:09:40,720 Speaker 1: used in a in a matter of scale that is important. 191 00:09:40,720 --> 00:09:43,160 Speaker 1: So twenty basis points might not be enough to be 192 00:09:43,200 --> 00:09:45,640 Speaker 1: stimulative to a market that is already pricing in that 193 00:09:45,720 --> 00:09:48,800 Speaker 1: kind of activity. Fascinating, fascinating. Coming up, more politics, more 194 00:09:48,840 --> 00:09:52,199 Speaker 1: policy with Mark Ross, Matty Duppler. I'm Kevin Surreally. Download 195 00:09:52,559 --> 00:09:55,320 Speaker 1: You can download the sound on podcasts on Apple iTunes, 196 00:09:55,360 --> 00:09:58,680 Speaker 1: at Bloomberg dot com, or by downloading the Bloomberg Business app. 197 00:09:58,720 --> 00:10:00,680 Speaker 1: You can also find us on radi o dot com, 198 00:10:00,720 --> 00:10:04,560 Speaker 1: i Heart Radio, and Spotify. Happy Friday, You're listening to Bloomberg. 199 00:10:10,600 --> 00:10:14,760 Speaker 1: You're listening to Sound On with Kevin Surreally on Bloomberg 200 00:10:16,000 --> 00:10:17,959 Speaker 1: and one oh five point seven f M h D 201 00:10:18,080 --> 00:10:23,120 Speaker 1: two Bosom are we are still in a very strong 202 00:10:23,520 --> 00:10:27,840 Speaker 1: prosperity cycle. It's a growth cycle. It's a prosperity cycle. 203 00:10:28,320 --> 00:10:32,360 Speaker 1: Here July fourth, Life liberty and the pursuit of happiness. 204 00:10:32,360 --> 00:10:37,240 Speaker 1: Things are looking pretty good. I can't explain the chronic pessimism. 205 00:10:37,360 --> 00:10:40,640 Speaker 1: All say is we have very good pro growth policies, 206 00:10:40,840 --> 00:10:45,720 Speaker 1: low taxes, deregulation, opening, energy trade reform. I think the 207 00:10:45,800 --> 00:10:50,120 Speaker 1: incentives of our supply side policies are working. That's Larry 208 00:10:50,160 --> 00:10:53,560 Speaker 1: Cudlow talking about life, liberty and the pursuit of happiness. 209 00:10:53,760 --> 00:10:56,880 Speaker 1: On July fourth, we got they got a good job number, 210 00:10:56,880 --> 00:11:02,199 Speaker 1: two thousand jobs added to the US economy, smashing expectations, 211 00:11:02,240 --> 00:11:05,800 Speaker 1: smashing expectations which had they were expecting like a hundred 212 00:11:05,880 --> 00:11:09,600 Speaker 1: seventy five thousand UH for the month of June. I'm 213 00:11:09,640 --> 00:11:13,520 Speaker 1: Kevin Cirelli, chief Washington correspondent for Bloomberg Television and Bloomberg Radio. 214 00:11:13,559 --> 00:11:16,199 Speaker 1: I hope you and your families had an excellent fourth 215 00:11:16,240 --> 00:11:19,959 Speaker 1: of July. Here with me, Maddie Duppler as Maddie Douppler 216 00:11:20,000 --> 00:11:23,280 Speaker 1: is fellow at the National Taxpayers Union, former Coalitions director 217 00:11:23,400 --> 00:11:26,640 Speaker 1: for the House Republican Conference, and Mark Ross, founder of 218 00:11:26,800 --> 00:11:31,240 Speaker 1: Terrical Global, which specializes in geo politics. Did you have 219 00:11:31,280 --> 00:11:33,960 Speaker 1: a good fourth sure? Did you see any of the washing? 220 00:11:33,960 --> 00:11:36,800 Speaker 1: In DC? Is the best place to be on July four, 221 00:11:37,000 --> 00:11:40,160 Speaker 1: whether there are flyovers, tanks or nothing. My neighbor puts 222 00:11:40,160 --> 00:11:42,199 Speaker 1: on a spectacular fireworks show, so it didn't even matter 223 00:11:42,200 --> 00:11:45,760 Speaker 1: that we couldn't see the National Mall because of the clouds. Mark, Yeah, wonderful. 224 00:11:46,000 --> 00:11:48,080 Speaker 1: We went to a barbecue, very all American, and my 225 00:11:48,120 --> 00:11:53,840 Speaker 1: wife won the beer pong tournament American. Congratulations Mrs Ros. 226 00:11:53,960 --> 00:11:56,679 Speaker 1: She cleaned up beat sixteen other competitors. There were tears, 227 00:11:56,800 --> 00:12:00,000 Speaker 1: It was quite were tears. Well, it was kids versus adults. 228 00:12:00,040 --> 00:12:02,720 Speaker 1: The kid Mark, I feel like this is not that 229 00:12:02,840 --> 00:12:06,280 Speaker 1: kind of listen. I'm a nerd, Okay, I'm not trying 230 00:12:06,320 --> 00:12:09,960 Speaker 1: to get in trouble. Um. So this so we were 231 00:12:09,960 --> 00:12:12,160 Speaker 1: talking about jobs, We're talking about about all of this, 232 00:12:12,240 --> 00:12:15,760 Speaker 1: and and and there's the big uncertainty in the financial 233 00:12:15,760 --> 00:12:19,599 Speaker 1: community is trade is trade policy? Look, I mean you 234 00:12:19,679 --> 00:12:23,000 Speaker 1: guys know this. I mean the the economic world. They 235 00:12:23,120 --> 00:12:25,520 Speaker 1: largely are supportive of what the President is doing on 236 00:12:25,600 --> 00:12:29,360 Speaker 1: deregulatory policies, the Wall Street crowd, but they cannot stand 237 00:12:29,400 --> 00:12:32,400 Speaker 1: the issue of tariffs. And I do want to note 238 00:12:32,440 --> 00:12:34,800 Speaker 1: just two data points that the President did speak with 239 00:12:34,840 --> 00:12:38,880 Speaker 1: FED Chair J Powell on Mage twenty days after criticizing him, 240 00:12:38,920 --> 00:12:41,720 Speaker 1: so he does have that line of communication into the 241 00:12:41,800 --> 00:12:45,840 Speaker 1: Central Bank. And then on the issue of China, the 242 00:12:45,880 --> 00:12:50,160 Speaker 1: President is is saying that the trade talks are going 243 00:12:50,200 --> 00:12:53,559 Speaker 1: to resume UH and that they are going to start 244 00:12:53,600 --> 00:12:58,720 Speaker 1: up again in Beijing. So they're saying and this is 245 00:12:58,720 --> 00:13:01,839 Speaker 1: according to Larry Cudlow and that interview with Jonathan Farroh 246 00:13:01,960 --> 00:13:05,319 Speaker 1: that the US Trade Representative Bob Leheiser and Secretary Monution 247 00:13:05,360 --> 00:13:11,360 Speaker 1: that they've continued to have these ongoing conversations. I read 248 00:13:11,440 --> 00:13:14,079 Speaker 1: that as trending in the right direction. We're not seeing, 249 00:13:14,080 --> 00:13:18,680 Speaker 1: for example, Vice President Mike Pence attacking Huawei or giving 250 00:13:18,679 --> 00:13:23,480 Speaker 1: speeches and attacking UH Beijing. No, no, correct. I think 251 00:13:23,760 --> 00:13:25,880 Speaker 1: the last few days with pens and making that speech 252 00:13:25,920 --> 00:13:28,760 Speaker 1: was a big deal. But earlier in the week, Peter 253 00:13:28,880 --> 00:13:31,720 Speaker 1: Navarro was on a different network and he said that 254 00:13:31,800 --> 00:13:34,600 Speaker 1: it's complicated the U. S. Rron relationship, and it's gonna 255 00:13:34,600 --> 00:13:37,280 Speaker 1: take time. Even today, uh Calo suggested that you know, 256 00:13:37,280 --> 00:13:39,240 Speaker 1: we're we are moving in the right direction, but once again, 257 00:13:39,240 --> 00:13:41,920 Speaker 1: we have no clarity where exactly this is gonna end 258 00:13:42,000 --> 00:13:43,800 Speaker 1: or when we're gonna come up to resolution. All right. So, 259 00:13:43,840 --> 00:13:45,680 Speaker 1: and then there's the politics of this, and it's already 260 00:13:45,679 --> 00:13:48,240 Speaker 1: playing out in real time on the campaign trail. Did 261 00:13:48,240 --> 00:13:50,440 Speaker 1: you guys see this former Vice President Joe Biden. He's 262 00:13:50,440 --> 00:13:53,560 Speaker 1: trying to get past the whole bussing debacle call it, 263 00:13:53,760 --> 00:13:56,800 Speaker 1: to put it mildly, from the first presidential debate down 264 00:13:56,800 --> 00:13:59,840 Speaker 1: in Miami campaigning today and he's taking questions and he's, 265 00:14:00,040 --> 00:14:02,720 Speaker 1: as he refers to President Trump, is quote unquote the 266 00:14:02,720 --> 00:14:05,640 Speaker 1: bully I faced my entire life not to say that 267 00:14:05,679 --> 00:14:08,800 Speaker 1: he would be more of a tough negotiator with China. 268 00:14:08,840 --> 00:14:11,000 Speaker 1: But President Trump didn't like that. Here's what the President 269 00:14:11,040 --> 00:14:15,840 Speaker 1: had to say before taking off for his Jersey golf course. 270 00:14:15,880 --> 00:14:18,320 Speaker 1: Take a listen, you look at what Joe Biden has 271 00:14:18,400 --> 00:14:21,680 Speaker 1: done with China. We've lost our shirts with China, and 272 00:14:21,800 --> 00:14:24,920 Speaker 1: now China is dying to make a deal. So Joe 273 00:14:24,920 --> 00:14:27,480 Speaker 1: Biden's got a big problem and that's because one of 274 00:14:27,480 --> 00:14:29,560 Speaker 1: the problems that he has. One of them is that 275 00:14:29,880 --> 00:14:32,520 Speaker 1: he came out of the gates swinging saying that China 276 00:14:32,600 --> 00:14:34,960 Speaker 1: is not a problem. He was. He was making the 277 00:14:34,960 --> 00:14:36,720 Speaker 1: case that the administration has got it wrong, that we 278 00:14:36,760 --> 00:14:39,720 Speaker 1: don't focused on China. There's other things that are foreign 279 00:14:39,880 --> 00:14:42,720 Speaker 1: and economic policy should really be focused on. And so 280 00:14:42,840 --> 00:14:45,280 Speaker 1: for him now to try and take a stance where 281 00:14:45,280 --> 00:14:47,960 Speaker 1: he is trying to position health tougher than the current 282 00:14:48,000 --> 00:14:54,080 Speaker 1: administration on China, to me just seems like if not pandering. Uh. 283 00:14:54,120 --> 00:14:55,960 Speaker 1: It does not seem to be backed up by anything 284 00:14:56,000 --> 00:14:59,320 Speaker 1: else's campaign Um has been saying when it comes to China. 285 00:14:59,440 --> 00:15:03,080 Speaker 1: So I'm not quite sure how the Biden campaign is 286 00:15:03,120 --> 00:15:06,200 Speaker 1: going to square that circle. Um. And I also think 287 00:15:06,240 --> 00:15:08,720 Speaker 1: that this is where as you mentioned before, Kevin, the 288 00:15:08,800 --> 00:15:13,240 Speaker 1: Robbert hits the road. The Trump administration has positioned itself 289 00:15:13,280 --> 00:15:15,720 Speaker 1: as being a China hawk. They have said that they're 290 00:15:15,720 --> 00:15:18,000 Speaker 1: going to take on China when all of their administrations 291 00:15:18,000 --> 00:15:20,320 Speaker 1: have failed in the past. They deserve credit for that, 292 00:15:20,520 --> 00:15:23,400 Speaker 1: but they've also quartered that market. Then politically, so how 293 00:15:23,440 --> 00:15:25,560 Speaker 1: do you, as a Democrats say I can be tougher 294 00:15:25,600 --> 00:15:30,440 Speaker 1: on China without adopting the same techniques, and administration itself 295 00:15:30,480 --> 00:15:33,040 Speaker 1: has taken because, of course, if you embrace the tactics, 296 00:15:33,200 --> 00:15:37,400 Speaker 1: you can't campaign against them. Yeah, the Trump administration, the 297 00:15:37,400 --> 00:15:40,840 Speaker 1: Trump team is completely owning and dominating the China issue. 298 00:15:41,120 --> 00:15:43,720 Speaker 1: There's really no room, you know, whether you can discuss 299 00:15:43,800 --> 00:15:45,960 Speaker 1: the tactics, whether or not it's you know, to be 300 00:15:46,000 --> 00:15:47,640 Speaker 1: so aggressive is the right way to go. But from 301 00:15:47,680 --> 00:15:51,920 Speaker 1: a strategy standpoint, the business community, academics, think tanks, Capitol Hill, 302 00:15:52,160 --> 00:15:54,600 Speaker 1: they're all pretty much in agreement that what the Trump 303 00:15:54,640 --> 00:15:57,200 Speaker 1: administration is doing is correct with China. So for you know, 304 00:15:57,280 --> 00:15:59,840 Speaker 1: Joe Biden has suggests he's gonna be tougher, It's gonna 305 00:15:59,840 --> 00:16:01,440 Speaker 1: be super difficult, and I don't see how, you know, 306 00:16:01,520 --> 00:16:03,960 Speaker 1: I think it's a bigger reflection of Joe Biden's campaign 307 00:16:04,280 --> 00:16:07,560 Speaker 1: where he seems in some way too casual about these 308 00:16:07,560 --> 00:16:10,200 Speaker 1: really big issues that are creating problems for him. Yeah, 309 00:16:10,200 --> 00:16:12,360 Speaker 1: and you know, if only Nixon could go to China, 310 00:16:12,560 --> 00:16:16,560 Speaker 1: Donald Trump now has positioned himself perfectly where regardless of 311 00:16:16,560 --> 00:16:18,920 Speaker 1: what the deal is, he's the only president who got 312 00:16:18,920 --> 00:16:21,600 Speaker 1: a deal with China. So going in they didn't get 313 00:16:21,600 --> 00:16:23,480 Speaker 1: a deal yet, No, but I'm saying that whatever he's 314 00:16:23,520 --> 00:16:26,960 Speaker 1: setting him setting the administration up for going into if 315 00:16:27,000 --> 00:16:29,720 Speaker 1: he's able to claim any kind of victory, that sets 316 00:16:29,800 --> 00:16:32,000 Speaker 1: him apart not just from Democrats who are running, but 317 00:16:32,040 --> 00:16:34,440 Speaker 1: from any administration prior to them. I will say that 318 00:16:34,480 --> 00:16:39,680 Speaker 1: the debate around trade feels different in the sense that 319 00:16:39,720 --> 00:16:41,560 Speaker 1: it feels less pool and it feels like a lot 320 00:16:41,560 --> 00:16:45,200 Speaker 1: of folks, whether than in the agricultural community, manufacturing, commodity markets, 321 00:16:45,680 --> 00:16:49,720 Speaker 1: and Wall Street Main Street, typical main street conversation around this, 322 00:16:49,800 --> 00:16:53,000 Speaker 1: it feels less like. It feels like, it doesn't feel 323 00:16:53,000 --> 00:16:55,320 Speaker 1: like it's political as much as it's like rolling up 324 00:16:55,320 --> 00:16:58,840 Speaker 1: your sleeves and and trying to get a deal. But Kevin, 325 00:16:58,880 --> 00:17:01,400 Speaker 1: that's because the president it in has taken pretty much 326 00:17:01,400 --> 00:17:04,800 Speaker 1: every Democrat position on trade and turned into his own 327 00:17:04,880 --> 00:17:07,960 Speaker 1: and not my friend, we will be studying for decades 328 00:17:08,080 --> 00:17:11,359 Speaker 1: decades to come there, Tariffman himself. There's books there alright. 329 00:17:11,400 --> 00:17:14,480 Speaker 1: Coming up, we have much more politics and policy. We're 330 00:17:14,480 --> 00:17:17,880 Speaker 1: gonna check in with Corey Booker's campaign Corey Booker's campaign 331 00:17:17,920 --> 00:17:21,240 Speaker 1: on what all of this is going on on twenty 332 00:17:21,280 --> 00:17:24,159 Speaker 1: You can download the sound on podcasts on Apple iTunes 333 00:17:24,160 --> 00:17:27,200 Speaker 1: at Bloomberg dot Com or by downloading the Bloomberg Business app. 334 00:17:27,240 --> 00:17:29,040 Speaker 1: You can also check us out on Radio dot com, 335 00:17:29,080 --> 00:17:33,119 Speaker 1: I Heart Radio and Spotify. Happy Friday, folks, Happy of July. 336 00:17:33,240 --> 00:17:40,240 Speaker 1: I'm Kevin Sirelli. You're listening to Bloomberg. This is sound 337 00:17:40,320 --> 00:17:44,680 Speaker 1: On with Kevin's relate on Bloomberg one and one oh 338 00:17:44,720 --> 00:17:47,639 Speaker 1: five point seven F M h D two Baltimore, t 339 00:17:47,800 --> 00:17:49,760 Speaker 1: G I F folks. I've got to work too, but 340 00:17:49,880 --> 00:17:52,440 Speaker 1: happy five of July. I hope you got to see 341 00:17:52,480 --> 00:17:56,840 Speaker 1: some fireworks last night. I want to pivot now to race, 342 00:17:57,280 --> 00:18:00,439 Speaker 1: in particular, how things are moving ahead of this second 343 00:18:00,880 --> 00:18:05,440 Speaker 1: Democratic presidential debate coming up in a few weeks in Detroit, Michigan. 344 00:18:05,560 --> 00:18:07,600 Speaker 1: Joining us on the telephone line, her first time on 345 00:18:07,640 --> 00:18:11,560 Speaker 1: Bloomberg Radio. Sound On, Sabrina sing. She is the presidential 346 00:18:11,600 --> 00:18:16,000 Speaker 1: campaign national press secretary to Senator Corey Booker, the Democrat 347 00:18:16,320 --> 00:18:19,119 Speaker 1: from New Jersey. Sabrina, thank you for joining us. How 348 00:18:19,359 --> 00:18:22,280 Speaker 1: is Senator Booker going to stand out in a crowded 349 00:18:22,280 --> 00:18:26,479 Speaker 1: Democratic field? Hey, Kevin Wilt, thanks for having me on. 350 00:18:26,520 --> 00:18:28,720 Speaker 1: It's my first time, as you mentioned somewhere, excited to 351 00:18:29,240 --> 00:18:32,199 Speaker 1: be with you. Um, you know, I think we we 352 00:18:32,280 --> 00:18:35,000 Speaker 1: have so many debates ahead of us. The first one 353 00:18:35,040 --> 00:18:36,639 Speaker 1: is out of the way, we still have eleven more 354 00:18:36,680 --> 00:18:38,920 Speaker 1: to go, and as you said, at the end of July, 355 00:18:39,040 --> 00:18:41,119 Speaker 1: will be in Detroit. And I think you know, what 356 00:18:41,200 --> 00:18:44,040 Speaker 1: Corey continues to need to do and we'll do is 357 00:18:44,359 --> 00:18:47,040 Speaker 1: making his case to the American people on why he 358 00:18:47,240 --> 00:18:50,080 Speaker 1: is the best candidate in the race. And so you know, 359 00:18:50,119 --> 00:18:52,760 Speaker 1: our goal is straightforward. It is going to be, you know, 360 00:18:52,800 --> 00:18:56,040 Speaker 1: to introduce himself to new voters that are tuning in 361 00:18:56,080 --> 00:18:59,119 Speaker 1: again for the first time and watching these debates and 362 00:18:59,160 --> 00:19:02,680 Speaker 1: making sure that people understand and voters and a new 363 00:19:02,720 --> 00:19:06,280 Speaker 1: audience members tuning in on why he's running and why 364 00:19:06,359 --> 00:19:08,560 Speaker 1: he's not only the best candidate in the race, but 365 00:19:08,640 --> 00:19:11,840 Speaker 1: why he's going to fight for you know, children, to 366 00:19:11,960 --> 00:19:16,880 Speaker 1: working families, um, every day. And UM. It's something that 367 00:19:16,960 --> 00:19:20,919 Speaker 1: you know, I think I think you forget that this 368 00:19:21,040 --> 00:19:24,320 Speaker 1: election is still really far away. I mean, I know 369 00:19:24,400 --> 00:19:28,080 Speaker 1: it's like until the first vote is cast, um. So 370 00:19:28,160 --> 00:19:30,160 Speaker 1: we still have to keep doing our job of introducing 371 00:19:30,240 --> 00:19:32,080 Speaker 1: himself to folks that are just chooting in for the 372 00:19:32,080 --> 00:19:34,440 Speaker 1: first time. So what's this thing? I mean, seriously, I mean, 373 00:19:34,600 --> 00:19:37,320 Speaker 1: we we here are always trying to It's a place 374 00:19:37,359 --> 00:19:39,959 Speaker 1: where the candidates stand on different issues. So on an 375 00:19:39,960 --> 00:19:42,880 Speaker 1: issue like trade policy, for example, how would how would 376 00:19:42,920 --> 00:19:47,160 Speaker 1: Senator Booker negotiate with the Chinese. We've seen this back 377 00:19:47,160 --> 00:19:50,399 Speaker 1: and forth today with former Vice President Biden barring with 378 00:19:50,440 --> 00:19:54,040 Speaker 1: President Trump. Sure, well, I mean the well being of 379 00:19:54,080 --> 00:19:56,159 Speaker 1: Americans should be at the center of any U. S. 380 00:19:56,200 --> 00:19:58,679 Speaker 1: Cray polity. And that's exactly what Corey believes. You know, 381 00:19:58,960 --> 00:20:02,159 Speaker 1: with son of the world's consumers living outside of the 382 00:20:02,240 --> 00:20:04,960 Speaker 1: United States, trade is imperative, but it has to be 383 00:20:05,040 --> 00:20:08,959 Speaker 1: fair and American workment outcompete anyone else, but only if 384 00:20:08,960 --> 00:20:11,919 Speaker 1: they're on a level playing field. So, you know, I 385 00:20:11,960 --> 00:20:14,520 Speaker 1: think I think we all can agree that the president 386 00:20:14,560 --> 00:20:17,160 Speaker 1: of the United States dollars some should not be engaging 387 00:20:17,200 --> 00:20:20,800 Speaker 1: in reckless games um. And and you know, I think 388 00:20:20,880 --> 00:20:22,640 Speaker 1: what Corey will do is to make sure that there 389 00:20:22,720 --> 00:20:26,160 Speaker 1: is a level playing field for folks UM and especially 390 00:20:26,200 --> 00:20:29,280 Speaker 1: hard working people here in America. UM, that we have 391 00:20:29,320 --> 00:20:32,640 Speaker 1: fair trade policies to protect us and also that work 392 00:20:32,720 --> 00:20:35,600 Speaker 1: for them. And so he also just my understand, he 393 00:20:35,600 --> 00:20:38,119 Speaker 1: was just down the border, right what what and he 394 00:20:38,240 --> 00:20:44,080 Speaker 1: was so how would he handle this very contentious immigration debate. 395 00:20:44,160 --> 00:20:45,760 Speaker 1: I mean, you know this just that you know and 396 00:20:45,760 --> 00:20:47,920 Speaker 1: and and talking to me throughout the years in Washington, 397 00:20:48,440 --> 00:20:52,600 Speaker 1: just how contentious the immigration debate has become. There was 398 00:20:52,680 --> 00:20:54,679 Speaker 1: at one point at Gang of Aid, I believe a 399 00:20:54,680 --> 00:20:57,840 Speaker 1: couple of years ago. But it seems like to be 400 00:20:57,880 --> 00:21:00,200 Speaker 1: Frank a crapshoot that there would ever be by heart 401 00:21:00,200 --> 00:21:02,360 Speaker 1: is in consensus on the issue of immigration. How would 402 00:21:02,359 --> 00:21:06,680 Speaker 1: President Booker handled up? Well, you did say that it 403 00:21:06,960 --> 00:21:09,560 Speaker 1: could be a crapshoot, but I will say this that, uh, 404 00:21:09,640 --> 00:21:12,280 Speaker 1: Corey Booker in the Senate did work with the Trump 405 00:21:12,280 --> 00:21:16,520 Speaker 1: administration to pass legislation that reformed our criminal justice system. 406 00:21:16,560 --> 00:21:21,879 Speaker 1: So because I'll say that nothing can be done, you know, yeah, 407 00:21:21,960 --> 00:21:24,720 Speaker 1: and you know, I think I think Donald Trump's policies 408 00:21:25,040 --> 00:21:29,520 Speaker 1: have um created a uh not only just a toxic environment, 409 00:21:29,560 --> 00:21:33,119 Speaker 1: but we're putting migrants at risk and um and you know, 410 00:21:33,200 --> 00:21:37,000 Speaker 1: Corey this week on wen and traveled down to Ware's 411 00:21:37,160 --> 00:21:40,080 Speaker 1: Brown El Paso. He met with asylum seekers and I 412 00:21:40,320 --> 00:21:42,520 Speaker 1: and you know, I think what Corey would want to 413 00:21:42,520 --> 00:21:44,800 Speaker 1: do Jay one in office is ending this policy of 414 00:21:44,880 --> 00:21:48,640 Speaker 1: child separation. Uh. You know, it is heartbreaking to see 415 00:21:49,040 --> 00:21:52,760 Speaker 1: children uh drawing pictures of where they are and in 416 00:21:52,840 --> 00:21:55,439 Speaker 1: the conditions that they are in, and they're pictures of 417 00:21:55,480 --> 00:21:58,720 Speaker 1: them drawing them behind cages. UM. So you know, we 418 00:21:58,760 --> 00:22:02,159 Speaker 1: need immediately end um the child separation policy that this 419 00:22:02,240 --> 00:22:04,879 Speaker 1: administration has put in place. And then you know, also, 420 00:22:05,440 --> 00:22:07,440 Speaker 1: and Corey says this on the trail all the time, 421 00:22:07,560 --> 00:22:10,000 Speaker 1: is that we have to treat migrants within rights that 422 00:22:10,040 --> 00:22:12,280 Speaker 1: they come over with UM. For one of our country 423 00:22:12,320 --> 00:22:15,000 Speaker 1: they're coming across there, there should be a process in 424 00:22:15,040 --> 00:22:17,520 Speaker 1: place to you know, of course hear cases, but we 425 00:22:17,600 --> 00:22:20,080 Speaker 1: have to remember that these are men, women and children 426 00:22:20,400 --> 00:22:24,160 Speaker 1: fleeing UM and seeking safety within the United States because 427 00:22:24,200 --> 00:22:26,640 Speaker 1: they're fleeing from countries that they do not feel safe 428 00:22:26,760 --> 00:22:28,960 Speaker 1: or protected in. And so we need to treat them 429 00:22:29,000 --> 00:22:31,720 Speaker 1: like human beings and treat them with the respect and 430 00:22:31,760 --> 00:22:36,080 Speaker 1: dignity that anyone coming into our country deserves. Alright, Serena 431 00:22:36,119 --> 00:22:38,000 Speaker 1: saying joining us, she is the press secretary of the 432 00:22:38,080 --> 00:22:41,920 Speaker 1: National campaign, press secretary to Senator Corey Booker's campaign. And 433 00:22:42,160 --> 00:22:43,879 Speaker 1: you've been very generous with your time. So I just 434 00:22:43,880 --> 00:22:46,399 Speaker 1: got one more question. I gotta ask because I was 435 00:22:46,440 --> 00:22:50,040 Speaker 1: a huge Men and Black two fan and Rosario Dawson, 436 00:22:50,240 --> 00:22:54,440 Speaker 1: my friend was on the was campaigning with yours. This 437 00:22:54,560 --> 00:22:57,480 Speaker 1: is our first campaign stop. No, are we going to 438 00:22:57,560 --> 00:23:00,879 Speaker 1: see her at the debate in Michigan. That's right, it 439 00:23:01,040 --> 00:23:03,919 Speaker 1: was her first stop. We were super excited to have 440 00:23:04,000 --> 00:23:07,240 Speaker 1: her out in laws Vega. Um, you know, I'm still here. 441 00:23:07,320 --> 00:23:10,360 Speaker 1: We're going to see her in Detroit, Michigan. UM. Definitely 442 00:23:10,359 --> 00:23:12,720 Speaker 1: open to it, but I'm not sure that's still you know, 443 00:23:12,760 --> 00:23:15,000 Speaker 1: a few weeks away and he's gonna be you know, 444 00:23:15,080 --> 00:23:17,560 Speaker 1: Corey is campaigning all across the country right now. You're 445 00:23:17,560 --> 00:23:20,240 Speaker 1: heading up can New Hampshire, so who knows where Rosario 446 00:23:20,320 --> 00:23:23,160 Speaker 1: might join him on the trail. But I do support 447 00:23:23,359 --> 00:23:25,199 Speaker 1: that Men in Black two with a great movie, and 448 00:23:25,720 --> 00:23:27,840 Speaker 1: I thought you're also a fan, and you know, and 449 00:23:28,160 --> 00:23:30,960 Speaker 1: listen just for the recommendution. Was the producer of Avatar. 450 00:23:31,200 --> 00:23:33,840 Speaker 1: Coming up next, we talk more politics and policy. Thank 451 00:23:33,880 --> 00:23:36,359 Speaker 1: you Sabrina for calling in. I'm Kevin Silli. You can 452 00:23:36,400 --> 00:23:39,480 Speaker 1: download the sound on podcast on Apple, it Tunes, Bloomberg 453 00:23:39,560 --> 00:23:41,600 Speaker 1: dot com, or by downloading the Bloomberg Business app. You 454 00:23:41,600 --> 00:23:43,960 Speaker 1: can also find me on Radio dot com, I Heart Radio, 455 00:23:44,280 --> 00:23:53,600 Speaker 1: and Spotify. You're listening to Bloomberg, You're listening to Sound 456 00:23:53,640 --> 00:23:57,440 Speaker 1: on with Kevin's he really on Bloomberg ninety and one 457 00:23:57,440 --> 00:23:59,840 Speaker 1: oh five point seven of m h D two Baltimore. 458 00:24:01,280 --> 00:24:04,040 Speaker 1: I'm Kevin cur really Happy Friday Chief. I'm the chief 459 00:24:04,040 --> 00:24:07,280 Speaker 1: Washington correspondent for Bloomberg Television and Bloomberg Radio. We're talking 460 00:24:07,359 --> 00:24:11,240 Speaker 1: all things politics and policy. The day after the fourth 461 00:24:11,280 --> 00:24:16,359 Speaker 1: of July Bombshell bombshell smashing Job's day number two d 462 00:24:16,520 --> 00:24:19,359 Speaker 1: and twenty four thousand jobs added to the Unity in 463 00:24:19,359 --> 00:24:21,680 Speaker 1: the month of June. It's already playing out on the 464 00:24:22,760 --> 00:24:27,879 Speaker 1: campaign field as former Vice President Joe Biden sparring sparring 465 00:24:28,359 --> 00:24:31,639 Speaker 1: with President Trump, who kind of hit him back and 466 00:24:31,640 --> 00:24:33,960 Speaker 1: said that he's tougher on trade, tougher on all of this. 467 00:24:34,480 --> 00:24:37,320 Speaker 1: It's been a really fascinating week to just see how 468 00:24:37,359 --> 00:24:42,120 Speaker 1: the looming presidential race has impacted many of the policy 469 00:24:42,160 --> 00:24:44,960 Speaker 1: discussions coming out of Washington, d C. It's why I'm 470 00:24:44,960 --> 00:24:47,480 Speaker 1: so glad Maddie Doubler's here, senior fellow at the National 471 00:24:47,520 --> 00:24:52,280 Speaker 1: Taxpayers Union, former Coalitions director for the House Republican Conference, 472 00:24:52,320 --> 00:24:55,520 Speaker 1: as well as Mark Cross, founder of Terrical Global, which 473 00:24:55,520 --> 00:25:02,080 Speaker 1: specializes in geopolitics and globalization for the world. I'm struck 474 00:25:02,160 --> 00:25:04,280 Speaker 1: on how immigration and we were talking about this earlier 475 00:25:04,320 --> 00:25:07,320 Speaker 1: with the Book of Campaign and we've talked about trade obviously, 476 00:25:07,359 --> 00:25:14,200 Speaker 1: but how immigration has played out on on on campaign trail, 477 00:25:14,240 --> 00:25:17,560 Speaker 1: most notably the census question. I mean, the census comes 478 00:25:17,560 --> 00:25:20,120 Speaker 1: around every ten years. It's what everybody used as Maddie 479 00:25:20,480 --> 00:25:24,080 Speaker 1: for the for the economic data and whatnot. And this 480 00:25:24,200 --> 00:25:27,000 Speaker 1: question that's been that the president wants to be added 481 00:25:27,000 --> 00:25:31,359 Speaker 1: to the census on citizenship has really become a national 482 00:25:31,760 --> 00:25:35,639 Speaker 1: dialogue and the latest data point on immigration. Yeah. Who 483 00:25:35,640 --> 00:25:38,199 Speaker 1: would ever thought that census would get any moment of 484 00:25:38,280 --> 00:25:40,720 Speaker 1: media in a presidential cycle, But here we are. It's 485 00:25:40,720 --> 00:25:43,000 Speaker 1: gotten a couple of moments too. I mean it's really 486 00:25:43,000 --> 00:25:45,560 Speaker 1: been like there. Yeah, and you know, Mark and I 487 00:25:45,560 --> 00:25:47,880 Speaker 1: were just having this conversation in the break and Mark 488 00:25:48,000 --> 00:25:51,080 Speaker 1: was saying, He's like, what the President is trying to 489 00:25:51,119 --> 00:25:55,080 Speaker 1: say to most Americans probably seems uncontroversial, which is, when 490 00:25:55,080 --> 00:25:57,680 Speaker 1: you're taking an accounting of American citizens, you should be 491 00:25:57,720 --> 00:26:00,119 Speaker 1: able to ask them whether or not they're America. And 492 00:26:00,200 --> 00:26:03,040 Speaker 1: that is so why is it controversial? Mark? And let's 493 00:26:03,240 --> 00:26:05,879 Speaker 1: let's because this is great. Let's go very rudimentary here, 494 00:26:05,880 --> 00:26:08,840 Speaker 1: because I agree, I think most people are like, well, wait, 495 00:26:08,880 --> 00:26:12,000 Speaker 1: what I mean? I thought only citizens filled out the census. Well, 496 00:26:12,000 --> 00:26:15,840 Speaker 1: it's controversial because is the census for counting U S 497 00:26:15,840 --> 00:26:18,520 Speaker 1: citizens or is it for counting how many people actually 498 00:26:18,560 --> 00:26:21,200 Speaker 1: reside in the United States of America? And the idea 499 00:26:21,320 --> 00:26:24,480 Speaker 1: if you ask the immigration if you ask whether or 500 00:26:24,480 --> 00:26:28,000 Speaker 1: not you're a US citizen, will people not accurately answer 501 00:26:28,040 --> 00:26:30,040 Speaker 1: the questionable that is what they hide or not participate 502 00:26:30,040 --> 00:26:31,879 Speaker 1: in the census. And if you look at will we 503 00:26:31,920 --> 00:26:34,880 Speaker 1: get bad data, which, as you mentioned, businesses dependent on 504 00:26:35,160 --> 00:26:38,000 Speaker 1: we also set up how we set up our congressional districts. 505 00:26:38,320 --> 00:26:39,960 Speaker 1: So can we get bad data? Can we have a 506 00:26:39,960 --> 00:26:42,480 Speaker 1: giggo problem? Right? So that is really the fundamental question. 507 00:26:42,600 --> 00:26:45,480 Speaker 1: So what is so what are the solutions? The chief economist, 508 00:26:45,600 --> 00:26:48,880 Speaker 1: Maddie Douppler at the U. S. Census Bureau says that 509 00:26:49,080 --> 00:26:53,360 Speaker 1: this could impact six million folks that are that are unreported. Well, 510 00:26:53,520 --> 00:26:55,320 Speaker 1: and Kevin, I don't know the answer to that question 511 00:26:55,400 --> 00:27:01,040 Speaker 1: because I think that it's hard to explain UM to 512 00:27:01,280 --> 00:27:04,600 Speaker 1: someone who has maybe skeptical that we have social services 513 00:27:04,640 --> 00:27:09,080 Speaker 1: and other other UM programs here in Washington see that 514 00:27:09,160 --> 00:27:12,840 Speaker 1: require a direct accounting of who is receiving those services 515 00:27:12,920 --> 00:27:14,600 Speaker 1: to say, well, like, yeah, of course people who are 516 00:27:14,640 --> 00:27:17,600 Speaker 1: necessarily citizens do qualify for those sorts of things. To me, 517 00:27:17,680 --> 00:27:19,159 Speaker 1: that's like, you know, for those of us whore sitting here, 518 00:27:19,200 --> 00:27:21,880 Speaker 1: that's not necessarily uncontroversial statement. But we know in our 519 00:27:21,920 --> 00:27:25,199 Speaker 1: political dialogue today that that is not necessarily case, and 520 00:27:25,200 --> 00:27:27,240 Speaker 1: that's not that's not a partisan statement. I mean, look 521 00:27:27,280 --> 00:27:31,960 Speaker 1: back to President Obama. It's justly defending the fact that 522 00:27:32,000 --> 00:27:35,719 Speaker 1: Obamacare itself won't go to people who are not actual citizens. 523 00:27:35,720 --> 00:27:37,960 Speaker 1: I mean, this is something that has been controversial in 524 00:27:37,960 --> 00:27:40,400 Speaker 1: our politics, regardless of parties. Okay, you're ready for this. 525 00:27:40,720 --> 00:27:43,200 Speaker 1: I mean this is so much so many of the 526 00:27:43,240 --> 00:27:46,080 Speaker 1: issues we tackle on this show are we love because 527 00:27:46,200 --> 00:27:48,240 Speaker 1: you know, we dive into the weeds of this complex, 528 00:27:48,320 --> 00:27:53,440 Speaker 1: complex policy issues. This census thing, they're literally i mean 529 00:27:53,560 --> 00:27:55,959 Speaker 1: it's literally down to the wire. Like the printers are 530 00:27:55,960 --> 00:27:59,360 Speaker 1: actual copy of I'm not I'm not even kidding, actual 531 00:27:59,520 --> 00:28:02,239 Speaker 1: copy of the U. S Census, that form that you 532 00:28:02,280 --> 00:28:05,920 Speaker 1: get in the mail. They're actually being printed. And there's 533 00:28:05,960 --> 00:28:09,480 Speaker 1: this huge question mark over whether or not to continue 534 00:28:09,560 --> 00:28:14,280 Speaker 1: printing the census. What's the portal for Census Census to 535 00:28:14,440 --> 00:28:18,720 Speaker 1: print these things. Because of this heated debate, the courts 536 00:28:18,760 --> 00:28:22,359 Speaker 1: are saying one thing, The Census Bureau is saying that 537 00:28:22,400 --> 00:28:25,239 Speaker 1: the administration has dropped it. And then President Trump, right 538 00:28:25,280 --> 00:28:27,080 Speaker 1: before he leaves the White House to go to Jersey 539 00:28:27,080 --> 00:28:29,639 Speaker 1: this weekend to his golf course, he waited on the census. 540 00:28:29,640 --> 00:28:31,359 Speaker 1: Take a listen to the President of the United States. 541 00:28:31,920 --> 00:28:35,359 Speaker 1: We're doing everything, We're finding out everything about everybody. Think 542 00:28:35,400 --> 00:28:39,240 Speaker 1: of it fifteen to twillion dollars, and you're not allowed 543 00:28:39,280 --> 00:28:43,520 Speaker 1: to ask him, are you a citizen? Mark? I mean there, 544 00:28:43,560 --> 00:28:46,840 Speaker 1: I mean he's laying down that he's you know, he 545 00:28:46,920 --> 00:28:49,680 Speaker 1: still wants to question out of I We went into 546 00:28:49,720 --> 00:28:52,800 Speaker 1: a coffee shop in my homestade of Michigan and said, hey, 547 00:28:52,880 --> 00:28:54,800 Speaker 1: do you think it's right or wrong that we should 548 00:28:54,800 --> 00:28:57,160 Speaker 1: ask one of somebody's a citizen? The common sense approach 549 00:28:57,520 --> 00:29:00,920 Speaker 1: to the census. Most Americans would say yes so. But 550 00:29:01,000 --> 00:29:03,120 Speaker 1: it's interesting to your point about the economist NG six 551 00:29:03,160 --> 00:29:05,360 Speaker 1: million people may not participate to give you a sense, 552 00:29:05,400 --> 00:29:09,160 Speaker 1: that's like basically the size of Maryland. Right, So, considering 553 00:29:09,200 --> 00:29:13,680 Speaker 1: infrastructure spending, education spending, healthcare spending, UH, to not have 554 00:29:13,720 --> 00:29:16,480 Speaker 1: an accurate number is very, very detrimental but the politics 555 00:29:16,560 --> 00:29:19,600 Speaker 1: here may win out the debt. Well, Democrats are saying, 556 00:29:20,400 --> 00:29:22,479 Speaker 1: I mean, so we have the business community saying that 557 00:29:22,480 --> 00:29:25,640 Speaker 1: this is eco data that they've been actively lobbying against this. 558 00:29:25,760 --> 00:29:29,640 Speaker 1: The tech sector in particular, really really pushing that this 559 00:29:29,720 --> 00:29:34,680 Speaker 1: question not be added, because these businesses factor this data 560 00:29:34,760 --> 00:29:37,840 Speaker 1: into every forecast that they make for the quarters. So 561 00:29:37,880 --> 00:29:41,720 Speaker 1: there's the business element, but then there's the social safety 562 00:29:41,720 --> 00:29:45,760 Speaker 1: net element to this. Democrats are saying, you know this data, 563 00:29:46,160 --> 00:29:49,600 Speaker 1: this relates to schools, This relates to two kids being 564 00:29:49,640 --> 00:29:51,760 Speaker 1: able to to go to quality schools. It's how we 565 00:29:51,760 --> 00:29:55,560 Speaker 1: we calculate everything in this country. So you're seeing matting 566 00:29:55,640 --> 00:29:58,800 Speaker 1: Democrats really come out in full force and say no, 567 00:29:59,040 --> 00:30:01,480 Speaker 1: this question should not be on there. Yeah, and it's 568 00:30:01,760 --> 00:30:04,680 Speaker 1: I don't know, it'll be interesting to see how Democrats 569 00:30:04,720 --> 00:30:07,120 Speaker 1: are able to play this. I do think that you know, 570 00:30:07,440 --> 00:30:09,600 Speaker 1: when you when you back out of the kind of 571 00:30:09,760 --> 00:30:13,160 Speaker 1: macro picture of politics, and all politics is local rights. 572 00:30:13,160 --> 00:30:15,120 Speaker 1: So when you start talking to people about their schools 573 00:30:15,120 --> 00:30:17,640 Speaker 1: and about their social services and how those things are delivered, 574 00:30:18,440 --> 00:30:20,520 Speaker 1: the conversation is different at the local level than it 575 00:30:20,560 --> 00:30:22,680 Speaker 1: tends to be at the national level. So I'm curious 576 00:30:22,720 --> 00:30:26,000 Speaker 1: to see if Democrats are able to really find a 577 00:30:26,000 --> 00:30:29,800 Speaker 1: foothold here, because, as Mark said before, like the President saying, hey, 578 00:30:29,840 --> 00:30:31,880 Speaker 1: we should be able to ask citizens if they're citizens. 579 00:30:31,880 --> 00:30:33,880 Speaker 1: This is an accounting of everyone who's in the country. 580 00:30:33,920 --> 00:30:36,120 Speaker 1: That probably doesn't strike a lot of Americans as a 581 00:30:36,280 --> 00:30:39,920 Speaker 1: super radical position to have. I think it's it's this 582 00:30:40,000 --> 00:30:44,280 Speaker 1: census issue. I actually get very nerdy on because I 583 00:30:44,280 --> 00:30:46,240 Speaker 1: think it's I think it's interesting. I think it is. 584 00:30:46,280 --> 00:30:48,160 Speaker 1: I mean, I think it's how we it's we, it's 585 00:30:48,160 --> 00:30:50,000 Speaker 1: how we calculate data. And I think that we don't 586 00:30:50,040 --> 00:30:54,080 Speaker 1: have enough conversations in the eco financial services world, particularly 587 00:30:54,160 --> 00:30:57,040 Speaker 1: on on big tech data. For example, Yeah, I've got 588 00:30:57,040 --> 00:30:59,360 Speaker 1: the jobs, that's super true. I have. I have a 589 00:30:59,360 --> 00:31:01,920 Speaker 1: friend right now who's getting her PhD talking about some 590 00:31:01,960 --> 00:31:04,560 Speaker 1: of these issues about the data collection, how we know 591 00:31:04,640 --> 00:31:07,000 Speaker 1: what we know when it comes to the political makeup 592 00:31:07,040 --> 00:31:09,760 Speaker 1: of this country, and she's running into that problem. She's saying, like, 593 00:31:10,000 --> 00:31:12,360 Speaker 1: we just don't have enough information the Bureau of Labor 594 00:31:12,360 --> 00:31:15,400 Speaker 1: Statistics and are are you know who calculated the jobs numbers? 595 00:31:15,400 --> 00:31:17,840 Speaker 1: For example? I mean, how do we calculate the data 596 00:31:17,840 --> 00:31:20,960 Speaker 1: of the new economy, how do we calculate the data 597 00:31:21,040 --> 00:31:24,080 Speaker 1: of Amazon and not just the bricks and mortar stores 598 00:31:24,120 --> 00:31:27,600 Speaker 1: that are going down in UH in Northern Virginia, but 599 00:31:27,640 --> 00:31:30,160 Speaker 1: the but the the sales that are going downe that 600 00:31:30,240 --> 00:31:32,760 Speaker 1: we all do or most of us I use on 601 00:31:32,760 --> 00:31:35,040 Speaker 1: our phones, and I think that that data is so 602 00:31:35,160 --> 00:31:37,800 Speaker 1: crucial and we don't have. It's a little bit outdated. 603 00:31:37,800 --> 00:31:41,480 Speaker 1: And I think that there's growing consensus and the nonpartisan 604 00:31:41,880 --> 00:31:44,720 Speaker 1: lane that there has to be a conversation over data 605 00:31:44,760 --> 00:31:47,960 Speaker 1: collection as a whole so that we can kind of 606 00:31:48,000 --> 00:31:51,200 Speaker 1: all agree to the same levels effects. All right, what's 607 00:31:51,200 --> 00:31:54,760 Speaker 1: on your radar for next week? Team? I think immediately 608 00:31:55,080 --> 00:32:01,520 Speaker 1: is um christianee Guard Central Bank. So Christine Leguard has 609 00:32:01,560 --> 00:32:06,320 Speaker 1: been nominated the head of the central bank in Europe. Correct. 610 00:32:06,360 --> 00:32:09,440 Speaker 1: I think it's interesting because she's not training, she's a 611 00:32:09,560 --> 00:32:12,760 Speaker 1: law lawyer by training. Also, I think it shows you 612 00:32:12,880 --> 00:32:16,280 Speaker 1: the power of personality, how policy is becoming less important 613 00:32:16,680 --> 00:32:18,520 Speaker 1: in terms of being in the weeds, but also being 614 00:32:18,560 --> 00:32:24,080 Speaker 1: able to navigate political situations. How she impact Americans. Oh, 615 00:32:24,280 --> 00:32:27,360 Speaker 1: I can't wait to find out, Kevin, because here's the deal. 616 00:32:27,440 --> 00:32:29,280 Speaker 1: She's been running me I am Matt, which is a 617 00:32:29,320 --> 00:32:34,320 Speaker 1: Washington based institution she is someone who understands the belt Way, 618 00:32:34,320 --> 00:32:36,640 Speaker 1: who's been a part of some of the mechanics here, 619 00:32:36,680 --> 00:32:39,200 Speaker 1: and now she's gonna be running the European Central Bank, which, 620 00:32:39,320 --> 00:32:42,000 Speaker 1: if you're reading the Trump tweets about the ECB, he 621 00:32:42,040 --> 00:32:43,680 Speaker 1: goes back and forth about whether or not he likes 622 00:32:43,680 --> 00:32:45,480 Speaker 1: what they're doing because they see to be very but 623 00:32:45,480 --> 00:32:47,320 Speaker 1: also he thinks that they're manipulative in the way they 624 00:32:47,360 --> 00:32:50,560 Speaker 1: look at their currency. Um. I think having someone there, 625 00:32:50,640 --> 00:32:54,120 Speaker 1: as Mark said, with savvy about the way the Washington 626 00:32:54,320 --> 00:32:57,200 Speaker 1: political elite work, but also the way our economics are 627 00:32:57,320 --> 00:33:00,640 Speaker 1: economics and our politics work together is going to be 628 00:33:00,960 --> 00:33:05,000 Speaker 1: So why should Americans care about who the head of 629 00:33:05,000 --> 00:33:06,960 Speaker 1: the e c B is? Well? Cool? I mean, Europe 630 00:33:07,040 --> 00:33:08,920 Speaker 1: is a massive economy, whether we like it or not 631 00:33:08,960 --> 00:33:11,160 Speaker 1: as Americans, but you know it's a massive. It's bigger 632 00:33:11,200 --> 00:33:13,960 Speaker 1: than our own economy. The European Union obviously with Brexit happening, 633 00:33:14,240 --> 00:33:21,840 Speaker 1: the transition, maybe maybe Brexit happening well, top team, slow 634 00:33:22,520 --> 00:33:26,320 Speaker 1: slowing Italian economy, you know, there's the peripheral economies like Portugal. 635 00:33:26,480 --> 00:33:28,600 Speaker 1: You know clearly the European Union is going through some 636 00:33:28,680 --> 00:33:32,040 Speaker 1: kind of transition. Merco moving on, you know, Christine le 637 00:33:32,080 --> 00:33:35,760 Speaker 1: Guard very high profile. Also, it takes a product of 638 00:33:35,760 --> 00:33:38,240 Speaker 1: the running for running for Prime Minister and and having 639 00:33:38,280 --> 00:33:41,840 Speaker 1: a German bureaucrat moved from echelons of the German government 640 00:33:42,240 --> 00:33:45,719 Speaker 1: into that position of leadership at the European Commission, your Commission, right, 641 00:33:46,160 --> 00:33:48,440 Speaker 1: that will be interesting as well, because Germany, of course 642 00:33:48,560 --> 00:33:51,120 Speaker 1: is the lynchpin of the European I agree, I'm bullished 643 00:33:51,160 --> 00:33:52,920 Speaker 1: on this Guard story. I think it's I think it's 644 00:33:52,920 --> 00:33:54,760 Speaker 1: going to be fascinating. I think she's going to be 645 00:33:55,320 --> 00:33:58,040 Speaker 1: the sort of one of the one of the faces 646 00:33:58,120 --> 00:34:01,440 Speaker 1: that I think that American especially the Wall Street crowd 647 00:34:01,480 --> 00:34:05,040 Speaker 1: and the Washington elite crowd are gonna really similarly to 648 00:34:05,080 --> 00:34:08,000 Speaker 1: the way Merkel has was for Germany. We have got 649 00:34:08,000 --> 00:34:09,960 Speaker 1: like a minute left going nothink to it. Even today 650 00:34:10,000 --> 00:34:12,279 Speaker 1: Biden saying, you know, if Trump gets relacted, it's gonna 651 00:34:12,280 --> 00:34:14,279 Speaker 1: take us out of NATO. I think Europe and kind 652 00:34:14,320 --> 00:34:16,480 Speaker 1: of Americans role in the world even get more important, 653 00:34:16,480 --> 00:34:18,840 Speaker 1: and we're gonna spend more time talking about these European leaders. 654 00:34:18,960 --> 00:34:21,440 Speaker 1: At one last thing about what's happening. You know, the 655 00:34:21,520 --> 00:34:24,000 Speaker 1: United States is not done litigating U s m c A, 656 00:34:24,080 --> 00:34:26,280 Speaker 1: so we're talking across the pond. But remember in North America, 657 00:34:26,600 --> 00:34:28,360 Speaker 1: we've got a free trade agreement that still needs to 658 00:34:28,360 --> 00:34:30,200 Speaker 1: be litigated by Congress, and I will see moving on 659 00:34:30,280 --> 00:34:33,239 Speaker 1: that next week. All right, we could, we could potentially know. 660 00:34:33,440 --> 00:34:37,279 Speaker 1: Do you think we'll see? Well, it'll be disgussed, Trude. 661 00:34:37,320 --> 00:34:39,319 Speaker 1: I was here what last week, two weeks ago, saying 662 00:34:39,360 --> 00:34:41,200 Speaker 1: nice things about it. You never know. There's never enough 663 00:34:41,280 --> 00:34:44,360 Speaker 1: time for the All Star Jobs Day. Teammates, Maddie Doppler, 664 00:34:44,440 --> 00:34:46,719 Speaker 1: Mark Cross My Thanks. That's it for me. You can 665 00:34:46,800 --> 00:34:49,200 Speaker 1: download the sound on podcast on Apple, it Tunes, at 666 00:34:49,200 --> 00:34:52,279 Speaker 1: Bloomberg dot com, or by downloading the Bloomberg Business app. 667 00:34:52,320 --> 00:34:54,480 Speaker 1: You can also find me on radio dot com, I 668 00:34:54,680 --> 00:34:58,200 Speaker 1: Heart Radio, and Spotify. Have a great weekend, everybody. I'm Kevin. 669 00:34:58,200 --> 00:35:00,120 Speaker 1: You're listening to Bloomberg One.