1 00:00:03,920 --> 00:00:08,520 Speaker 1: Broadcasting live to New York, Bloomberg to Washington, d C, 2 00:00:08,720 --> 00:00:14,000 Speaker 1: Bloomberg to Boston, Bloomberg twelve Wonders, to San Francisco, Bloomberg 3 00:00:14,080 --> 00:00:19,279 Speaker 1: nine to the country's ene and around the globe the 4 00:00:19,280 --> 00:00:23,800 Speaker 1: Bloomberg Radio Plus Athen Bloomberg got gone. This is taking stock. 5 00:00:24,200 --> 00:00:27,960 Speaker 1: Coming up on taking stock. What do Howard Lauber, the 6 00:00:28,080 --> 00:00:31,560 Speaker 1: chairman of the real estate brokerage firm Douglas Ellman, Steve 7 00:00:31,680 --> 00:00:37,560 Speaker 1: roth ahead of Vornado Realty Trust, and also Steve Fineberg, 8 00:00:37,680 --> 00:00:41,120 Speaker 1: co founder of Service Capital Management, have in common. They've 9 00:00:41,200 --> 00:00:45,479 Speaker 1: joined the team, the economic team of Republican candidate Donald Trump. 10 00:00:45,560 --> 00:00:48,240 Speaker 1: We've got more details coming up right now. Les go 11 00:00:48,320 --> 00:00:50,519 Speaker 1: to Charlie Pellett in the Bloomberg news room for details 12 00:00:50,560 --> 00:00:52,879 Speaker 1: about business news. All right, hey, thank you very much. 13 00:00:52,960 --> 00:00:55,680 Speaker 1: Pim Fox. Looking at stocks, We have got twenty nine 14 00:00:55,680 --> 00:00:58,240 Speaker 1: minutes to go ahead of the clothes here on a Friday, 15 00:00:58,280 --> 00:01:00,240 Speaker 1: on track for a record on the S and P 16 00:01:00,560 --> 00:01:03,760 Speaker 1: and for naz DAK. Right now, stocks close to the 17 00:01:03,840 --> 00:01:07,760 Speaker 1: highs of the day. SMP five index up sixteen, a 18 00:01:07,840 --> 00:01:10,480 Speaker 1: gain of nine tenths eight tenths of one percent. Right 19 00:01:10,480 --> 00:01:13,760 Speaker 1: now Nasdaq is up one point one percent down. Industrial 20 00:01:13,840 --> 00:01:17,520 Speaker 1: is up by nine tenths of one percent. Nastac Compositive 21 00:01:17,520 --> 00:01:20,319 Speaker 1: Index trading above its record clothes for the first time 22 00:01:20,440 --> 00:01:23,000 Speaker 1: in a year, putting it on the verge of joining 23 00:01:23,000 --> 00:01:26,640 Speaker 1: the SMP at a record. Muhammad al Arian is a 24 00:01:26,680 --> 00:01:30,399 Speaker 1: Bloomberg View columnists and the chief economic advisor to Alian 25 00:01:30,520 --> 00:01:34,360 Speaker 1: sandom Bloomberg Television and Radio. This morning, he was talking 26 00:01:34,360 --> 00:01:36,880 Speaker 1: about today's jobs numbers, and we asked him why the 27 00:01:36,920 --> 00:01:41,000 Speaker 1: Fed won't be moving as many times as anticipated at 28 00:01:41,040 --> 00:01:44,240 Speaker 1: the start of the year because of the global economy. 29 00:01:44,360 --> 00:01:47,400 Speaker 1: That is what's holding them back, and that's what's also 30 00:01:47,520 --> 00:01:51,080 Speaker 1: has depressed expectations within the market of great heights. Although 31 00:01:51,080 --> 00:01:54,000 Speaker 1: at two percent for September, I think that's still too low. 32 00:01:54,160 --> 00:01:57,520 Speaker 1: I would put it at And the Labor Department said 33 00:01:57,560 --> 00:02:00,920 Speaker 1: the unemployment rate remained steady at four point nine percent 34 00:02:01,360 --> 00:02:05,240 Speaker 1: as more Americans came off the sidelines to join the workforce. 35 00:02:05,680 --> 00:02:08,080 Speaker 1: Two people with knowledge of the matter say City Group, 36 00:02:08,160 --> 00:02:11,400 Speaker 1: the US bank with the most derivatives, purchased a portfolio 37 00:02:11,440 --> 00:02:15,400 Speaker 1: of credit default swaps from retreating rival credit Suite Group 38 00:02:15,840 --> 00:02:19,960 Speaker 1: SMP five hundred indecks up seventeen now to one. A 39 00:02:19,960 --> 00:02:22,799 Speaker 1: gain of eight tents of one percent. Naz Stack up 40 00:02:22,800 --> 00:02:25,680 Speaker 1: fifty four, a gain of one point one percent down, 41 00:02:25,680 --> 00:02:28,880 Speaker 1: Industrials up a hundred and seventy five points, a gain 42 00:02:28,960 --> 00:02:32,480 Speaker 1: there of one percent. The ten year down thirty seconds, 43 00:02:32,480 --> 00:02:35,560 Speaker 1: the yield one point five eight percent, Gold down one 44 00:02:35,639 --> 00:02:41,120 Speaker 1: point eight percent to thirty two on Wall Street. Now 45 00:02:41,120 --> 00:02:45,320 Speaker 1: we'll look at the other stories making news. Thank you, 46 00:02:45,400 --> 00:02:48,240 Speaker 1: Charlie from the Bloomberg News Room. I'm Jill Schneider. This 47 00:02:48,280 --> 00:02:51,040 Speaker 1: news update is brought to you by Blue Jeans Enterprise 48 00:02:51,160 --> 00:02:55,560 Speaker 1: Video Cloud. See Faces, Emotions, Energy, see the people your 49 00:02:55,560 --> 00:02:59,120 Speaker 1: team's video from any device. Start a free thirty day 50 00:02:59,120 --> 00:03:02,079 Speaker 1: trial at blue Jeans dot com and click the radio Mike, 51 00:03:02,400 --> 00:03:07,200 Speaker 1: Blue Jeans Work Smarter, Connect Better. Republican presidential nominee Donald 52 00:03:07,200 --> 00:03:11,000 Speaker 1: Trump is expected to endorse House Speaker Paul Ryan. Fox News, 53 00:03:11,000 --> 00:03:15,200 Speaker 1: citing two unidentified Republicans, says it will happen tonight in Wisconsin. 54 00:03:15,520 --> 00:03:18,320 Speaker 1: In an interview with w t MJ and Milwaukee Today, 55 00:03:18,600 --> 00:03:21,200 Speaker 1: Ryan said his number one goal is to keep Congress 56 00:03:21,240 --> 00:03:24,280 Speaker 1: in the hands of Republicans. My primary job is Speaker 57 00:03:24,280 --> 00:03:26,839 Speaker 1: of the House, is check Republican majority. If we lose 58 00:03:26,919 --> 00:03:30,280 Speaker 1: our majority and Republicans switched from a Republican majority of 59 00:03:30,280 --> 00:03:32,240 Speaker 1: the House majority that needs for losing everything across the 60 00:03:32,240 --> 00:03:34,639 Speaker 1: country that meets Hillary Clinton comes in with the government 61 00:03:34,639 --> 00:03:37,200 Speaker 1: that looks like what Barack Obama had in his first 62 00:03:37,200 --> 00:03:39,880 Speaker 1: two years. Speaking to a meeting of black and Latino 63 00:03:39,960 --> 00:03:44,360 Speaker 1: journalists in Washington today, Democratic presidential nominee Hillary Clinton says 64 00:03:44,480 --> 00:03:46,680 Speaker 1: she knows she has work to do to win over 65 00:03:46,760 --> 00:03:50,080 Speaker 1: Americans trust. She blames some of her low approval ratings 66 00:03:50,080 --> 00:03:54,160 Speaker 1: on Republican attacks. Florida Democratic Senator Bill Nelson is urging 67 00:03:54,200 --> 00:03:58,119 Speaker 1: Senate Republicans to reconvene and pass an emergency spending bill 68 00:03:58,200 --> 00:04:03,960 Speaker 1: to combat the zeke of virus. Is uh government in 69 00:04:04,080 --> 00:04:09,960 Speaker 1: action that is the height of irresponsibility. A prominent real 70 00:04:10,040 --> 00:04:12,280 Speaker 1: estate executive is throwing his hat in the ring for 71 00:04:12,320 --> 00:04:15,440 Speaker 1: the New York City mayoral race. Republican Paul Massey has 72 00:04:15,440 --> 00:04:18,719 Speaker 1: announced his candidacy to challenge Mayor Bill de Blasio in 73 00:04:18,760 --> 00:04:21,760 Speaker 1: next year's election. Global News twenty four hours a day, 74 00:04:21,839 --> 00:04:25,520 Speaker 1: powered by more than journalists and analysts in more than 75 00:04:25,560 --> 00:04:29,760 Speaker 1: one twenty countries. I'm Jill Schneider, and this is Bloomberg Charlie, 76 00:04:30,360 --> 00:04:32,960 Speaker 1: and we thank you and again recapping stocks higher, with 77 00:04:33,000 --> 00:04:36,239 Speaker 1: the SMP five hundred index up eight tens of one percent. 78 00:04:36,320 --> 00:04:39,280 Speaker 1: Downd US reels now up one hundred seventy eight points, 79 00:04:39,279 --> 00:04:43,000 Speaker 1: a gain of one I'm Charlie Pellette. That's a Bloomberg 80 00:04:43,040 --> 00:04:47,360 Speaker 1: business flash. You're listening to taking stock with Pim Fox 81 00:04:47,400 --> 00:04:52,400 Speaker 1: at Gatlee Mays on Bloomberg Radio. Hillary Clinton holds a 82 00:04:52,480 --> 00:04:56,680 Speaker 1: four point lead over Donald Trump in Georgia. Now, Georgia 83 00:04:56,760 --> 00:05:00,040 Speaker 1: hasn't voted for a Democratic presidential nominee in about a 84 00:05:00,120 --> 00:05:02,560 Speaker 1: quarter of a century. This is all according to results 85 00:05:02,560 --> 00:05:07,040 Speaker 1: from an Atlanta Journal Constitution poll that was released today. 86 00:05:07,279 --> 00:05:12,200 Speaker 1: Also released today details of Donald Trump's economic team here 87 00:05:12,240 --> 00:05:14,839 Speaker 1: to tell us more, is Mark Halprin. He is co 88 00:05:15,000 --> 00:05:17,760 Speaker 1: host of With All Due Respect. He's also co managing 89 00:05:17,839 --> 00:05:21,440 Speaker 1: editor of Bloomberg Politics. With All Due Respect can be 90 00:05:21,520 --> 00:05:25,040 Speaker 1: seen weeknights at five pm Wall Street Time on Bloomberg 91 00:05:25,080 --> 00:05:29,240 Speaker 1: Television and Bloomberg in Washington, d C. Mark, thanks for 92 00:05:29,320 --> 00:05:34,040 Speaker 1: being here. Tell us about the economic team that Donald 93 00:05:34,080 --> 00:05:38,000 Speaker 1: Trump has assembled. Well, it's a it's a diverse group 94 00:05:38,040 --> 00:05:41,160 Speaker 1: in terms of their professional backgrounds, A little surprising. It's 95 00:05:41,200 --> 00:05:43,440 Speaker 1: not diverse in terms of gender or race. It's all 96 00:05:43,480 --> 00:05:47,600 Speaker 1: white men. And uh, it's a lot of people who 97 00:05:47,640 --> 00:05:50,960 Speaker 1: have been associated with Donald Trump. I'd say, uh, they 98 00:05:51,040 --> 00:05:53,640 Speaker 1: run more towards protectionists rather than free traders, which is 99 00:05:53,640 --> 00:05:55,640 Speaker 1: of course a big economic issue for the country. And 100 00:05:55,640 --> 00:05:59,800 Speaker 1: when where Donald Trump has challenged the party's orthodoxy, And uh, 101 00:06:00,040 --> 00:06:02,200 Speaker 1: you've got some former government officials, a lot of people 102 00:06:02,200 --> 00:06:06,800 Speaker 1: in the private sector finance as well as manufacturing. And 103 00:06:07,320 --> 00:06:09,479 Speaker 1: I don't think it does anything to really tell us 104 00:06:09,560 --> 00:06:13,279 Speaker 1: much more about Donald Trump's economic orientation than we knew before, 105 00:06:13,839 --> 00:06:16,720 Speaker 1: which is to say he is in some ways a 106 00:06:16,760 --> 00:06:20,400 Speaker 1: classic center right Republican, in other ways icon of classic again, 107 00:06:20,440 --> 00:06:24,560 Speaker 1: particularly on trade. Some names include John Paulson, the hedge 108 00:06:24,600 --> 00:06:29,160 Speaker 1: fund manager, Steve Feinberg, the co founder of Serberis Capital Management, 109 00:06:29,200 --> 00:06:32,800 Speaker 1: Tom Barrack of Coliny Cappell. In addition, Steve Roth, the 110 00:06:32,800 --> 00:06:37,040 Speaker 1: head of Ornado Realty Trust, and Howard Lawber, the chairman 111 00:06:37,040 --> 00:06:40,800 Speaker 1: of the real estate brokerage firm Douglas Element. Do they 112 00:06:40,920 --> 00:06:46,919 Speaker 1: have the expertise that the Republican Party needs to govern 113 00:06:47,240 --> 00:06:49,679 Speaker 1: or to tackle the issue of the U S economy? Well, 114 00:06:50,279 --> 00:06:52,240 Speaker 1: you know, one of the big mysteries when you've got 115 00:06:52,279 --> 00:06:54,880 Speaker 1: a candidate like Donald Trump, with no government experience, is 116 00:06:54,920 --> 00:06:56,839 Speaker 1: what kind of people could actually bring into the government. 117 00:06:57,600 --> 00:07:00,120 Speaker 1: He's not been very specific about that. The ones you 118 00:07:00,200 --> 00:07:03,799 Speaker 1: listed are heavy on people from the service sector, finance 119 00:07:03,839 --> 00:07:07,240 Speaker 1: and real estate m as opposed to manufacturing, although there 120 00:07:07,240 --> 00:07:11,000 Speaker 1: are some manufacturers on there. I think that that I 121 00:07:11,040 --> 00:07:13,160 Speaker 1: have very little doubt that if Donald Trump wont that 122 00:07:13,280 --> 00:07:16,760 Speaker 1: he would draw more heavily from the private sector. The 123 00:07:16,840 --> 00:07:22,520 Speaker 1: kind of deal making, uh non governmental people who he's touted, 124 00:07:22,640 --> 00:07:25,440 Speaker 1: rather than what most presidents do. We just bring in 125 00:07:25,480 --> 00:07:27,960 Speaker 1: people from past administrations would be some of that, but 126 00:07:28,000 --> 00:07:31,120 Speaker 1: I think certainly less of that and you'd see normally 127 00:07:31,160 --> 00:07:35,520 Speaker 1: and lesson Hillary Clinton would do. Michael Morrel. Michael Morrell 128 00:07:35,640 --> 00:07:39,440 Speaker 1: is the former acting a Central Intelligence Agency director, and 129 00:07:39,600 --> 00:07:42,120 Speaker 1: in an op ed piece published in The New York Times, 130 00:07:42,720 --> 00:07:46,800 Speaker 1: he had some harsh words for Donald Trump. Is this 131 00:07:47,440 --> 00:07:50,400 Speaker 1: what we can expect from former government officials? From now 132 00:07:50,480 --> 00:07:52,560 Speaker 1: until the end of the election, you will certainly see 133 00:07:52,600 --> 00:07:54,800 Speaker 1: more of this. Morrell is very well respected to serve 134 00:07:54,840 --> 00:08:00,320 Speaker 1: presidents of both parties, a career intelligence officer, but a 135 00:08:00,360 --> 00:08:03,239 Speaker 1: part of the establishment now. He's was Hillary Clinton's colleague 136 00:08:03,240 --> 00:08:05,960 Speaker 1: when she was Secretary of State, so he's got firsthand 137 00:08:05,960 --> 00:08:09,080 Speaker 1: experience with her. But it is not an uncommon view 138 00:08:09,120 --> 00:08:12,360 Speaker 1: amongst members of the Washington establishment, whether they're partisan or 139 00:08:12,400 --> 00:08:15,280 Speaker 1: like Moral Moore of no on partisan figures to look 140 00:08:15,280 --> 00:08:18,160 Speaker 1: at Hillary Clinton as a safe traditional figure, in Trump 141 00:08:18,200 --> 00:08:22,440 Speaker 1: as someone who outside the mainstream, and in in in 142 00:08:22,720 --> 00:08:26,920 Speaker 1: case of Morale and others, someone they see is dangerous. Um. 143 00:08:27,000 --> 00:08:29,280 Speaker 1: It's certainly helpful for Hillary Clinton within the establishment, but 144 00:08:29,280 --> 00:08:31,800 Speaker 1: Trump's campaign is not predicated on winning over members of 145 00:08:31,800 --> 00:08:34,760 Speaker 1: the establishment. And Trump has kind of like catch all 146 00:08:34,960 --> 00:08:38,040 Speaker 1: response to anyone who's been involved in American security policy 147 00:08:38,040 --> 00:08:39,960 Speaker 1: in the last twenty years, which is, do you think 148 00:08:40,000 --> 00:08:41,560 Speaker 1: the country is safe right now? Do you think we 149 00:08:41,600 --> 00:08:44,240 Speaker 1: have good relationships around the world? Do you think that 150 00:08:44,559 --> 00:08:47,800 Speaker 1: the Iraq War was a success? Uh? If you do, 151 00:08:48,040 --> 00:08:49,559 Speaker 1: vote for the person who's got the support of the 152 00:08:49,559 --> 00:08:53,080 Speaker 1: people who are the architects of those policies. Well, the 153 00:08:53,160 --> 00:08:58,679 Speaker 1: support of states such as Georgia, New Hampshire, Michigan, Pennsylvan You, Florida. 154 00:09:00,040 --> 00:09:02,280 Speaker 1: Isn't Donald Trump gonna need those states in order to 155 00:09:02,440 --> 00:09:05,240 Speaker 1: capture the electoral College. There's not a path to two 156 00:09:05,400 --> 00:09:09,240 Speaker 1: d and seventy electoral votes that doesn't include Georgia, and 157 00:09:09,280 --> 00:09:13,040 Speaker 1: there's no surprise that Trump has had a horrible fortnite. 158 00:09:13,679 --> 00:09:17,080 Speaker 1: Clinton had a very successful convention by most conventional metrics. 159 00:09:17,160 --> 00:09:19,400 Speaker 1: Is no surprise that he's down. He's down by a lot, 160 00:09:19,480 --> 00:09:21,360 Speaker 1: and he's down in places that he needs to win 161 00:09:21,400 --> 00:09:22,760 Speaker 1: in order to have a chance to get two hundred 162 00:09:22,760 --> 00:09:25,560 Speaker 1: and seventy electoral votes. He's having a better day today 163 00:09:25,720 --> 00:09:28,600 Speaker 1: for a variety of reasons than he's had, but he's 164 00:09:28,600 --> 00:09:31,559 Speaker 1: gonna have to claw his way back into a competitive position. 165 00:09:31,600 --> 00:09:34,200 Speaker 1: And if he if he's not safely ahead in places 166 00:09:34,240 --> 00:09:37,120 Speaker 1: like Georgia, that does not speak well for his chances 167 00:09:37,120 --> 00:09:40,280 Speaker 1: of winning states like Pennsylvania, in Ohio and Florida, then 168 00:09:40,320 --> 00:09:42,680 Speaker 1: he must win to get it two d seventy electoral votes. 169 00:09:43,320 --> 00:09:48,079 Speaker 1: He's also fundraising along with Hillary Clinton. Give us an 170 00:09:48,160 --> 00:09:51,400 Speaker 1: update on his fundraising, because many people were surprised that 171 00:09:51,480 --> 00:09:55,440 Speaker 1: he is pretty netconnect a very successful month, in part 172 00:09:55,559 --> 00:09:57,839 Speaker 1: raising big checks but in part doing something that I 173 00:09:57,880 --> 00:10:01,160 Speaker 1: had was surprised he didn't do world yere, which is 174 00:10:01,240 --> 00:10:04,280 Speaker 1: very small dollars. One of my earliest interactions with Donald 175 00:10:04,280 --> 00:10:06,360 Speaker 1: Trump in the context of being a presidential candidate was 176 00:10:06,440 --> 00:10:08,800 Speaker 1: four years ago when he toyed with running, and I 177 00:10:08,800 --> 00:10:11,720 Speaker 1: went by his office and his team showed me binders 178 00:10:11,760 --> 00:10:15,200 Speaker 1: full of letters, handwritten letters that people sent him urging 179 00:10:15,280 --> 00:10:17,840 Speaker 1: him to run for president. That's the kind of passion 180 00:10:18,280 --> 00:10:23,000 Speaker 1: and grassroots fervor that mine the right way can lead 181 00:10:23,000 --> 00:10:25,720 Speaker 1: to what Trump accomplished last month, which is people sending 182 00:10:25,720 --> 00:10:27,839 Speaker 1: in small checks. These are people who can continue to 183 00:10:27,880 --> 00:10:30,360 Speaker 1: contribute because they've not hit the cap of individual giving 184 00:10:30,400 --> 00:10:33,040 Speaker 1: about three thousand dollars, and they've become invested in the 185 00:10:33,080 --> 00:10:35,360 Speaker 1: campaign in a way that generally turns a lot of 186 00:10:35,400 --> 00:10:38,880 Speaker 1: them into volunteers and advocates for him in their neighborhood. 187 00:10:38,920 --> 00:10:41,960 Speaker 1: So Trump was going to be outspent, but he had 188 00:10:42,000 --> 00:10:44,160 Speaker 1: a very good month and that's encouraging, probably the most 189 00:10:44,240 --> 00:10:47,280 Speaker 1: encouraging news of him he's had for the week. Mark Halprin, 190 00:10:47,440 --> 00:10:52,160 Speaker 1: thank you, host of With all due respect, weeknights, five pm. 191 00:10:52,160 --> 00:10:55,080 Speaker 1: Wall Street Time on Bloomberg Television and Bloomberg nine and 192 00:10:55,120 --> 00:11:01,280 Speaker 1: nine one in Washington, d C. This is Bloomberg coming 193 00:11:01,360 --> 00:11:04,280 Speaker 1: up on taking Stock, What to Do with Your Money? 194 00:11:04,640 --> 00:11:07,240 Speaker 1: Speaking with Chuck Lieberman. He is the chief investment officer 195 00:11:07,280 --> 00:11:11,360 Speaker 1: and managing partner for Adviser's Capital Management He says people 196 00:11:11,400 --> 00:11:14,040 Speaker 1: are overly negative about the economic outlook.