WEBVTT - Bloomberg's Halperin on Trump's Economic Team Picks (Audio)

0:00:03.920 --> 0:00:08.520
<v Speaker 1>Broadcasting live to New York, Bloomberg to Washington, d C,

0:00:08.720 --> 0:00:14.000
<v Speaker 1>Bloomberg to Boston, Bloomberg twelve Wonders, to San Francisco, Bloomberg

0:00:14.080 --> 0:00:19.279
<v Speaker 1>nine to the country's ene and around the globe the

0:00:19.280 --> 0:00:23.800
<v Speaker 1>Bloomberg Radio Plus Athen Bloomberg got gone. This is taking stock.

0:00:24.200 --> 0:00:27.960
<v Speaker 1>Coming up on taking stock. What do Howard Lauber, the

0:00:28.080 --> 0:00:31.560
<v Speaker 1>chairman of the real estate brokerage firm Douglas Ellman, Steve

0:00:31.680 --> 0:00:37.560
<v Speaker 1>roth ahead of Vornado Realty Trust, and also Steve Fineberg,

0:00:37.680 --> 0:00:41.120
<v Speaker 1>co founder of Service Capital Management, have in common. They've

0:00:41.200 --> 0:00:45.479
<v Speaker 1>joined the team, the economic team of Republican candidate Donald Trump.

0:00:45.560 --> 0:00:48.240
<v Speaker 1>We've got more details coming up right now. Les go

0:00:48.320 --> 0:00:50.519
<v Speaker 1>to Charlie Pellett in the Bloomberg news room for details

0:00:50.560 --> 0:00:52.879
<v Speaker 1>about business news. All right, hey, thank you very much.

0:00:52.960 --> 0:00:55.680
<v Speaker 1>Pim Fox. Looking at stocks, We have got twenty nine

0:00:55.680 --> 0:00:58.240
<v Speaker 1>minutes to go ahead of the clothes here on a Friday,

0:00:58.280 --> 0:01:00.240
<v Speaker 1>on track for a record on the S and P

0:01:00.560 --> 0:01:03.760
<v Speaker 1>and for naz DAK. Right now, stocks close to the

0:01:03.840 --> 0:01:07.760
<v Speaker 1>highs of the day. SMP five index up sixteen, a

0:01:07.840 --> 0:01:10.480
<v Speaker 1>gain of nine tenths eight tenths of one percent. Right

0:01:10.480 --> 0:01:13.760
<v Speaker 1>now Nasdaq is up one point one percent down. Industrial

0:01:13.840 --> 0:01:17.520
<v Speaker 1>is up by nine tenths of one percent. Nastac Compositive

0:01:17.520 --> 0:01:20.319
<v Speaker 1>Index trading above its record clothes for the first time

0:01:20.440 --> 0:01:23.000
<v Speaker 1>in a year, putting it on the verge of joining

0:01:23.000 --> 0:01:26.640
<v Speaker 1>the SMP at a record. Muhammad al Arian is a

0:01:26.680 --> 0:01:30.399
<v Speaker 1>Bloomberg View columnists and the chief economic advisor to Alian

0:01:30.520 --> 0:01:34.360
<v Speaker 1>sandom Bloomberg Television and Radio. This morning, he was talking

0:01:34.360 --> 0:01:36.880
<v Speaker 1>about today's jobs numbers, and we asked him why the

0:01:36.920 --> 0:01:41.000
<v Speaker 1>Fed won't be moving as many times as anticipated at

0:01:41.040 --> 0:01:44.240
<v Speaker 1>the start of the year because of the global economy.

0:01:44.360 --> 0:01:47.400
<v Speaker 1>That is what's holding them back, and that's what's also

0:01:47.520 --> 0:01:51.080
<v Speaker 1>has depressed expectations within the market of great heights. Although

0:01:51.080 --> 0:01:54.000
<v Speaker 1>at two percent for September, I think that's still too low.

0:01:54.160 --> 0:01:57.520
<v Speaker 1>I would put it at And the Labor Department said

0:01:57.560 --> 0:02:00.920
<v Speaker 1>the unemployment rate remained steady at four point nine percent

0:02:01.360 --> 0:02:05.240
<v Speaker 1>as more Americans came off the sidelines to join the workforce.

0:02:05.680 --> 0:02:08.080
<v Speaker 1>Two people with knowledge of the matter say City Group,

0:02:08.160 --> 0:02:11.400
<v Speaker 1>the US bank with the most derivatives, purchased a portfolio

0:02:11.440 --> 0:02:15.400
<v Speaker 1>of credit default swaps from retreating rival credit Suite Group

0:02:15.840 --> 0:02:19.960
<v Speaker 1>SMP five hundred indecks up seventeen now to one. A

0:02:19.960 --> 0:02:22.799
<v Speaker 1>gain of eight tents of one percent. Naz Stack up

0:02:22.800 --> 0:02:25.680
<v Speaker 1>fifty four, a gain of one point one percent down,

0:02:25.680 --> 0:02:28.880
<v Speaker 1>Industrials up a hundred and seventy five points, a gain

0:02:28.960 --> 0:02:32.480
<v Speaker 1>there of one percent. The ten year down thirty seconds,

0:02:32.480 --> 0:02:35.560
<v Speaker 1>the yield one point five eight percent, Gold down one

0:02:35.639 --> 0:02:41.120
<v Speaker 1>point eight percent to thirty two on Wall Street. Now

0:02:41.120 --> 0:02:45.320
<v Speaker 1>we'll look at the other stories making news. Thank you,

0:02:45.400 --> 0:02:48.240
<v Speaker 1>Charlie from the Bloomberg News Room. I'm Jill Schneider. This

0:02:48.280 --> 0:02:51.040
<v Speaker 1>news update is brought to you by Blue Jeans Enterprise

0:02:51.160 --> 0:02:55.560
<v Speaker 1>Video Cloud. See Faces, Emotions, Energy, see the people your

0:02:55.560 --> 0:02:59.120
<v Speaker 1>team's video from any device. Start a free thirty day

0:02:59.120 --> 0:03:02.079
<v Speaker 1>trial at blue Jeans dot com and click the radio Mike,

0:03:02.400 --> 0:03:07.200
<v Speaker 1>Blue Jeans Work Smarter, Connect Better. Republican presidential nominee Donald

0:03:07.200 --> 0:03:11.000
<v Speaker 1>Trump is expected to endorse House Speaker Paul Ryan. Fox News,

0:03:11.000 --> 0:03:15.200
<v Speaker 1>citing two unidentified Republicans, says it will happen tonight in Wisconsin.

0:03:15.520 --> 0:03:18.320
<v Speaker 1>In an interview with w t MJ and Milwaukee Today,

0:03:18.600 --> 0:03:21.200
<v Speaker 1>Ryan said his number one goal is to keep Congress

0:03:21.240 --> 0:03:24.280
<v Speaker 1>in the hands of Republicans. My primary job is Speaker

0:03:24.280 --> 0:03:26.839
<v Speaker 1>of the House, is check Republican majority. If we lose

0:03:26.919 --> 0:03:30.280
<v Speaker 1>our majority and Republicans switched from a Republican majority of

0:03:30.280 --> 0:03:32.240
<v Speaker 1>the House majority that needs for losing everything across the

0:03:32.240 --> 0:03:34.639
<v Speaker 1>country that meets Hillary Clinton comes in with the government

0:03:34.639 --> 0:03:37.200
<v Speaker 1>that looks like what Barack Obama had in his first

0:03:37.200 --> 0:03:39.880
<v Speaker 1>two years. Speaking to a meeting of black and Latino

0:03:39.960 --> 0:03:44.360
<v Speaker 1>journalists in Washington today, Democratic presidential nominee Hillary Clinton says

0:03:44.480 --> 0:03:46.680
<v Speaker 1>she knows she has work to do to win over

0:03:46.760 --> 0:03:50.080
<v Speaker 1>Americans trust. She blames some of her low approval ratings

0:03:50.080 --> 0:03:54.160
<v Speaker 1>on Republican attacks. Florida Democratic Senator Bill Nelson is urging

0:03:54.200 --> 0:03:58.119
<v Speaker 1>Senate Republicans to reconvene and pass an emergency spending bill

0:03:58.200 --> 0:04:03.960
<v Speaker 1>to combat the zeke of virus. Is uh government in

0:04:04.080 --> 0:04:09.960
<v Speaker 1>action that is the height of irresponsibility. A prominent real

0:04:10.040 --> 0:04:12.280
<v Speaker 1>estate executive is throwing his hat in the ring for

0:04:12.320 --> 0:04:15.440
<v Speaker 1>the New York City mayoral race. Republican Paul Massey has

0:04:15.440 --> 0:04:18.719
<v Speaker 1>announced his candidacy to challenge Mayor Bill de Blasio in

0:04:18.760 --> 0:04:21.760
<v Speaker 1>next year's election. Global News twenty four hours a day,

0:04:21.839 --> 0:04:25.520
<v Speaker 1>powered by more than journalists and analysts in more than

0:04:25.560 --> 0:04:29.760
<v Speaker 1>one twenty countries. I'm Jill Schneider, and this is Bloomberg Charlie,

0:04:30.360 --> 0:04:32.960
<v Speaker 1>and we thank you and again recapping stocks higher, with

0:04:33.000 --> 0:04:36.239
<v Speaker 1>the SMP five hundred index up eight tens of one percent.

0:04:36.320 --> 0:04:39.280
<v Speaker 1>Downd US reels now up one hundred seventy eight points,

0:04:39.279 --> 0:04:43.000
<v Speaker 1>a gain of one I'm Charlie Pellette. That's a Bloomberg

0:04:43.040 --> 0:04:47.360
<v Speaker 1>business flash. You're listening to taking stock with Pim Fox

0:04:47.400 --> 0:04:52.400
<v Speaker 1>at Gatlee Mays on Bloomberg Radio. Hillary Clinton holds a

0:04:52.480 --> 0:04:56.680
<v Speaker 1>four point lead over Donald Trump in Georgia. Now, Georgia

0:04:56.760 --> 0:05:00.040
<v Speaker 1>hasn't voted for a Democratic presidential nominee in about a

0:05:00.120 --> 0:05:02.560
<v Speaker 1>quarter of a century. This is all according to results

0:05:02.560 --> 0:05:07.040
<v Speaker 1>from an Atlanta Journal Constitution poll that was released today.

0:05:07.279 --> 0:05:12.200
<v Speaker 1>Also released today details of Donald Trump's economic team here

0:05:12.240 --> 0:05:14.839
<v Speaker 1>to tell us more, is Mark Halprin. He is co

0:05:15.000 --> 0:05:17.760
<v Speaker 1>host of With All Due Respect. He's also co managing

0:05:17.839 --> 0:05:21.440
<v Speaker 1>editor of Bloomberg Politics. With All Due Respect can be

0:05:21.520 --> 0:05:25.040
<v Speaker 1>seen weeknights at five pm Wall Street Time on Bloomberg

0:05:25.080 --> 0:05:29.240
<v Speaker 1>Television and Bloomberg in Washington, d C. Mark, thanks for

0:05:29.320 --> 0:05:34.040
<v Speaker 1>being here. Tell us about the economic team that Donald

0:05:34.080 --> 0:05:38.000
<v Speaker 1>Trump has assembled. Well, it's a it's a diverse group

0:05:38.040 --> 0:05:41.160
<v Speaker 1>in terms of their professional backgrounds, A little surprising. It's

0:05:41.200 --> 0:05:43.440
<v Speaker 1>not diverse in terms of gender or race. It's all

0:05:43.480 --> 0:05:47.600
<v Speaker 1>white men. And uh, it's a lot of people who

0:05:47.640 --> 0:05:50.960
<v Speaker 1>have been associated with Donald Trump. I'd say, uh, they

0:05:51.040 --> 0:05:53.640
<v Speaker 1>run more towards protectionists rather than free traders, which is

0:05:53.640 --> 0:05:55.640
<v Speaker 1>of course a big economic issue for the country. And

0:05:55.640 --> 0:05:59.800
<v Speaker 1>when where Donald Trump has challenged the party's orthodoxy, And uh,

0:06:00.040 --> 0:06:02.200
<v Speaker 1>you've got some former government officials, a lot of people

0:06:02.200 --> 0:06:06.800
<v Speaker 1>in the private sector finance as well as manufacturing. And

0:06:07.320 --> 0:06:09.479
<v Speaker 1>I don't think it does anything to really tell us

0:06:09.560 --> 0:06:13.279
<v Speaker 1>much more about Donald Trump's economic orientation than we knew before,

0:06:13.839 --> 0:06:16.720
<v Speaker 1>which is to say he is in some ways a

0:06:16.760 --> 0:06:20.400
<v Speaker 1>classic center right Republican, in other ways icon of classic again,

0:06:20.440 --> 0:06:24.560
<v Speaker 1>particularly on trade. Some names include John Paulson, the hedge

0:06:24.600 --> 0:06:29.160
<v Speaker 1>fund manager, Steve Feinberg, the co founder of Serberis Capital Management,

0:06:29.200 --> 0:06:32.800
<v Speaker 1>Tom Barrack of Coliny Cappell. In addition, Steve Roth, the

0:06:32.800 --> 0:06:37.040
<v Speaker 1>head of Ornado Realty Trust, and Howard Lawber, the chairman

0:06:37.040 --> 0:06:40.800
<v Speaker 1>of the real estate brokerage firm Douglas Element. Do they

0:06:40.920 --> 0:06:46.919
<v Speaker 1>have the expertise that the Republican Party needs to govern

0:06:47.240 --> 0:06:49.679
<v Speaker 1>or to tackle the issue of the U S economy? Well,

0:06:50.279 --> 0:06:52.240
<v Speaker 1>you know, one of the big mysteries when you've got

0:06:52.279 --> 0:06:54.880
<v Speaker 1>a candidate like Donald Trump, with no government experience, is

0:06:54.920 --> 0:06:56.839
<v Speaker 1>what kind of people could actually bring into the government.

0:06:57.600 --> 0:07:00.120
<v Speaker 1>He's not been very specific about that. The ones you

0:07:00.200 --> 0:07:03.799
<v Speaker 1>listed are heavy on people from the service sector, finance

0:07:03.839 --> 0:07:07.240
<v Speaker 1>and real estate m as opposed to manufacturing, although there

0:07:07.240 --> 0:07:11.000
<v Speaker 1>are some manufacturers on there. I think that that I

0:07:11.040 --> 0:07:13.160
<v Speaker 1>have very little doubt that if Donald Trump wont that

0:07:13.280 --> 0:07:16.760
<v Speaker 1>he would draw more heavily from the private sector. The

0:07:16.840 --> 0:07:22.520
<v Speaker 1>kind of deal making, uh non governmental people who he's touted,

0:07:22.640 --> 0:07:25.440
<v Speaker 1>rather than what most presidents do. We just bring in

0:07:25.480 --> 0:07:27.960
<v Speaker 1>people from past administrations would be some of that, but

0:07:28.000 --> 0:07:31.120
<v Speaker 1>I think certainly less of that and you'd see normally

0:07:31.160 --> 0:07:35.520
<v Speaker 1>and lesson Hillary Clinton would do. Michael Morrel. Michael Morrell

0:07:35.640 --> 0:07:39.440
<v Speaker 1>is the former acting a Central Intelligence Agency director, and

0:07:39.600 --> 0:07:42.120
<v Speaker 1>in an op ed piece published in The New York Times,

0:07:42.720 --> 0:07:46.800
<v Speaker 1>he had some harsh words for Donald Trump. Is this

0:07:47.440 --> 0:07:50.400
<v Speaker 1>what we can expect from former government officials? From now

0:07:50.480 --> 0:07:52.560
<v Speaker 1>until the end of the election, you will certainly see

0:07:52.600 --> 0:07:54.800
<v Speaker 1>more of this. Morrell is very well respected to serve

0:07:54.840 --> 0:08:00.320
<v Speaker 1>presidents of both parties, a career intelligence officer, but a

0:08:00.360 --> 0:08:03.239
<v Speaker 1>part of the establishment now. He's was Hillary Clinton's colleague

0:08:03.240 --> 0:08:05.960
<v Speaker 1>when she was Secretary of State, so he's got firsthand

0:08:05.960 --> 0:08:09.080
<v Speaker 1>experience with her. But it is not an uncommon view

0:08:09.120 --> 0:08:12.360
<v Speaker 1>amongst members of the Washington establishment, whether they're partisan or

0:08:12.400 --> 0:08:15.280
<v Speaker 1>like Moral Moore of no on partisan figures to look

0:08:15.280 --> 0:08:18.160
<v Speaker 1>at Hillary Clinton as a safe traditional figure, in Trump

0:08:18.200 --> 0:08:22.440
<v Speaker 1>as someone who outside the mainstream, and in in in

0:08:22.720 --> 0:08:26.920
<v Speaker 1>case of Morale and others, someone they see is dangerous. Um.

0:08:27.000 --> 0:08:29.280
<v Speaker 1>It's certainly helpful for Hillary Clinton within the establishment, but

0:08:29.280 --> 0:08:31.800
<v Speaker 1>Trump's campaign is not predicated on winning over members of

0:08:31.800 --> 0:08:34.760
<v Speaker 1>the establishment. And Trump has kind of like catch all

0:08:34.960 --> 0:08:38.040
<v Speaker 1>response to anyone who's been involved in American security policy

0:08:38.040 --> 0:08:39.960
<v Speaker 1>in the last twenty years, which is, do you think

0:08:40.000 --> 0:08:41.560
<v Speaker 1>the country is safe right now? Do you think we

0:08:41.600 --> 0:08:44.240
<v Speaker 1>have good relationships around the world? Do you think that

0:08:44.559 --> 0:08:47.800
<v Speaker 1>the Iraq War was a success? Uh? If you do,

0:08:48.040 --> 0:08:49.559
<v Speaker 1>vote for the person who's got the support of the

0:08:49.559 --> 0:08:53.080
<v Speaker 1>people who are the architects of those policies. Well, the

0:08:53.160 --> 0:08:58.679
<v Speaker 1>support of states such as Georgia, New Hampshire, Michigan, Pennsylvan You, Florida.

0:09:00.040 --> 0:09:02.280
<v Speaker 1>Isn't Donald Trump gonna need those states in order to

0:09:02.440 --> 0:09:05.240
<v Speaker 1>capture the electoral College. There's not a path to two

0:09:05.400 --> 0:09:09.240
<v Speaker 1>d and seventy electoral votes that doesn't include Georgia, and

0:09:09.280 --> 0:09:13.040
<v Speaker 1>there's no surprise that Trump has had a horrible fortnite.

0:09:13.679 --> 0:09:17.080
<v Speaker 1>Clinton had a very successful convention by most conventional metrics.

0:09:17.160 --> 0:09:19.400
<v Speaker 1>Is no surprise that he's down. He's down by a lot,

0:09:19.480 --> 0:09:21.360
<v Speaker 1>and he's down in places that he needs to win

0:09:21.400 --> 0:09:22.760
<v Speaker 1>in order to have a chance to get two hundred

0:09:22.760 --> 0:09:25.560
<v Speaker 1>and seventy electoral votes. He's having a better day today

0:09:25.720 --> 0:09:28.600
<v Speaker 1>for a variety of reasons than he's had, but he's

0:09:28.600 --> 0:09:31.559
<v Speaker 1>gonna have to claw his way back into a competitive position.

0:09:31.600 --> 0:09:34.200
<v Speaker 1>And if he if he's not safely ahead in places

0:09:34.240 --> 0:09:37.120
<v Speaker 1>like Georgia, that does not speak well for his chances

0:09:37.120 --> 0:09:40.280
<v Speaker 1>of winning states like Pennsylvania, in Ohio and Florida, then

0:09:40.320 --> 0:09:42.680
<v Speaker 1>he must win to get it two d seventy electoral votes.

0:09:43.320 --> 0:09:48.079
<v Speaker 1>He's also fundraising along with Hillary Clinton. Give us an

0:09:48.160 --> 0:09:51.400
<v Speaker 1>update on his fundraising, because many people were surprised that

0:09:51.480 --> 0:09:55.440
<v Speaker 1>he is pretty netconnect a very successful month, in part

0:09:55.559 --> 0:09:57.839
<v Speaker 1>raising big checks but in part doing something that I

0:09:57.880 --> 0:10:01.160
<v Speaker 1>had was surprised he didn't do world yere, which is

0:10:01.240 --> 0:10:04.280
<v Speaker 1>very small dollars. One of my earliest interactions with Donald

0:10:04.280 --> 0:10:06.360
<v Speaker 1>Trump in the context of being a presidential candidate was

0:10:06.440 --> 0:10:08.800
<v Speaker 1>four years ago when he toyed with running, and I

0:10:08.800 --> 0:10:11.720
<v Speaker 1>went by his office and his team showed me binders

0:10:11.760 --> 0:10:15.200
<v Speaker 1>full of letters, handwritten letters that people sent him urging

0:10:15.280 --> 0:10:17.840
<v Speaker 1>him to run for president. That's the kind of passion

0:10:18.280 --> 0:10:23.000
<v Speaker 1>and grassroots fervor that mine the right way can lead

0:10:23.000 --> 0:10:25.720
<v Speaker 1>to what Trump accomplished last month, which is people sending

0:10:25.720 --> 0:10:27.839
<v Speaker 1>in small checks. These are people who can continue to

0:10:27.880 --> 0:10:30.360
<v Speaker 1>contribute because they've not hit the cap of individual giving

0:10:30.400 --> 0:10:33.040
<v Speaker 1>about three thousand dollars, and they've become invested in the

0:10:33.080 --> 0:10:35.360
<v Speaker 1>campaign in a way that generally turns a lot of

0:10:35.400 --> 0:10:38.880
<v Speaker 1>them into volunteers and advocates for him in their neighborhood.

0:10:38.920 --> 0:10:41.960
<v Speaker 1>So Trump was going to be outspent, but he had

0:10:42.000 --> 0:10:44.160
<v Speaker 1>a very good month and that's encouraging, probably the most

0:10:44.240 --> 0:10:47.280
<v Speaker 1>encouraging news of him he's had for the week. Mark Halprin,

0:10:47.440 --> 0:10:52.160
<v Speaker 1>thank you, host of With all due respect, weeknights, five pm.

0:10:52.160 --> 0:10:55.080
<v Speaker 1>Wall Street Time on Bloomberg Television and Bloomberg nine and

0:10:55.120 --> 0:11:01.280
<v Speaker 1>nine one in Washington, d C. This is Bloomberg coming

0:11:01.360 --> 0:11:04.280
<v Speaker 1>up on taking Stock, What to Do with Your Money?

0:11:04.640 --> 0:11:07.240
<v Speaker 1>Speaking with Chuck Lieberman. He is the chief investment officer

0:11:07.280 --> 0:11:11.360
<v Speaker 1>and managing partner for Adviser's Capital Management He says people

0:11:11.400 --> 0:11:14.040
<v Speaker 1>are overly negative about the economic outlook.