WEBVTT - Surveillance: Virus Response With Mayor Gimenez 0:00:00.080 --> 0:00:13.040 Ye, Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene. 0:00:13.480 --> 0:00:17.560 Daily we bring you insight from the best in economics, finance, investment, 0:00:18.000 --> 0:00:23.480 and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 0:00:23.600 --> 0:00:27.840 Bloomberg dot Com, and of course on the Bloomberg. There 0:00:27.920 --> 0:00:32.320 is Miami Beach, there is Miami, and there's Miami Dade County. 0:00:32.520 --> 0:00:35.760 And you have a mayor with experience with the labor 0:00:35.840 --> 0:00:39.040 of the city of the county in the fire department, 0:00:39.400 --> 0:00:42.239 and you have the experience of Little Havanna. Carlos Amanez 0:00:42.320 --> 0:00:46.240 joins us right now, the mayor of Miami Dade County, 0:00:46.600 --> 0:00:48.680 Mr Mayor, wonderful to have you with us. I need 0:00:48.680 --> 0:00:52.120 an immediate update from your little Havana down to the 0:00:52.159 --> 0:00:56.440 south across all of your county. Give us a virus update. 0:00:56.560 --> 0:01:01.160 On this Tuesday, we have a Paul activity rate depending 0:01:01.200 --> 0:01:07.560 on who you look at around we have about people 0:01:07.560 --> 0:01:10.000 in the in the hospital right now, about five hundred 0:01:10.040 --> 0:01:12.319 people and are in ic u s and about three 0:01:12.360 --> 0:01:15.360 hundred people are on ventilators. That's you know, the highs 0:01:15.400 --> 0:01:17.680 that we've had here. But the good news, the good 0:01:17.720 --> 0:01:19.720 news if you can set there news year is that 0:01:20.360 --> 0:01:23.960 it looks like the rate of increase has decreased, and 0:01:24.000 --> 0:01:27.720 so hopefully we're reaching the hotel. So that's that's what's 0:01:27.720 --> 0:01:29.720 going on in Miami Day County right now, Mr Mayor, 0:01:29.720 --> 0:01:32.560 and our discussions on Bloomberg surveillance this morning. It is 0:01:32.680 --> 0:01:37.000 a Washington going from lunch to another meeting to another 0:01:37.080 --> 0:01:40.800 meeting with the presumed idea of getting to August. How 0:01:41.000 --> 0:01:44.200 urgent is for you for you to see a stimulus 0:01:44.240 --> 0:01:48.760 package now from Washington, I think, well, I know that 0:01:48.760 --> 0:01:50.960 we need a stimulus package because I know that there's 0:01:51.000 --> 0:01:54.880 a bunch of restaurants or a bunch of businesses that 0:01:54.960 --> 0:01:58.440 may not come back right now. What we have closed 0:01:58.480 --> 0:02:02.880 are but wing alleys and casinos and places of assembly. 0:02:02.920 --> 0:02:05.400 They're closed. We have a trying to attack clock purfew 0:02:05.520 --> 0:02:09.280 are the interior spaces of restaurants or clothes or dining 0:02:09.320 --> 0:02:12.480 rooms bars have never opened since the beginning of the pandemic. 0:02:13.000 --> 0:02:16.040 So those kinds of businesses really need a lot of help. 0:02:16.520 --> 0:02:19.680 So h yeah, an economic package to help those are 0:02:19.840 --> 0:02:23.400 unemployed get through this and business owners to come back, 0:02:24.240 --> 0:02:26.720 uh and open their business once they're allowed to open, 0:02:26.840 --> 0:02:30.000 is I think very important. Mary human as your position 0:02:30.200 --> 0:02:32.800 is a nonpartisan one, but you've self identified as a 0:02:32.800 --> 0:02:36.480 Republican and as a Republican, how do you feel about 0:02:36.560 --> 0:02:40.079 the response to the virus, both nationally by President Trump 0:02:40.120 --> 0:02:43.280 as well as more locally with Governor Rhonda Santis. I 0:02:43.280 --> 0:02:45.000 have no problem with them. We get we get the 0:02:45.040 --> 0:02:48.080 resources that we need here uh in Miami day the 0:02:48.120 --> 0:02:51.840 governor has been excellent with us. Actually, we've asked for 0:02:51.880 --> 0:02:56.400 additional medical personnel to help staff and supplant some of 0:02:56.440 --> 0:02:59.280 our medical personnel that have actually gotten sick of the 0:02:59.360 --> 0:03:02.639 virus to keep it open, to expand our capacity. We've 0:03:02.680 --> 0:03:05.560 been able to do that. He's allowed us to have 0:03:05.760 --> 0:03:09.120 a certain level of autonomy down here because things are 0:03:09.120 --> 0:03:11.720 a little bit different in Southeast Florida than they are 0:03:11.720 --> 0:03:13.240 in the rest of the state. So I have no 0:03:13.360 --> 0:03:17.480 problem with what the governor is has done and so 0:03:18.040 --> 0:03:21.519 like it's just this was it got out of hand. 0:03:21.560 --> 0:03:24.600 We had it under control, and then sometime in June, 0:03:24.760 --> 0:03:27.080 young people started doing what young people do, I guess, 0:03:27.080 --> 0:03:29.600 and they went out and started the party and gotten 0:03:29.600 --> 0:03:32.520 together and UH and people and families got together. It's 0:03:32.520 --> 0:03:35.400 a little bit different down here. Families are here, the 0:03:35.720 --> 0:03:38.280 core family is here and so we get together a 0:03:38.280 --> 0:03:40.640 lot more often, and then it started this the spread. 0:03:41.600 --> 0:03:43.920 We can I think we can get this under control. 0:03:44.040 --> 0:03:47.040 And like I said, I think it's plateauing and uh, 0:03:47.120 --> 0:03:48.760 you know, and it's up to it. Really, it's up 0:03:48.800 --> 0:03:51.880 to the individual person us. You know, this, this this 0:03:51.960 --> 0:03:55.080 pandemic is about us, okay, and the actions that we take, 0:03:55.680 --> 0:03:58.680 as you know, as Americans and a citizens, Mr. Mayor, 0:03:58.880 --> 0:04:02.000 without a doubt it personal responsibility, without a doubt. It 0:04:02.040 --> 0:04:05.720 has to do with social distancing and mask wearing. But 0:04:05.920 --> 0:04:08.800 that said, the virus has no borders. How important is 0:04:08.800 --> 0:04:11.840 there for to be some sort of nationally coordinated effort 0:04:12.120 --> 0:04:14.880 to prevent the virus from simply migrating from one state 0:04:14.920 --> 0:04:18.440 to another as families want to get together. Well, the 0:04:18.640 --> 0:04:21.680 problem is is you know, it's it's that's easier said 0:04:21.680 --> 0:04:24.800 than done, number one, all right, and uh and two 0:04:24.880 --> 0:04:27.840 we uh you know, we've even closed our our hotels. 0:04:27.880 --> 0:04:30.239 Even though our hotels are open now, we're not getting 0:04:30.279 --> 0:04:34.359 too many people from outside our Our airport is down 0:04:34.400 --> 0:04:38.039 about one tenth of its normal activity. And so it's 0:04:38.040 --> 0:04:42.400 not this cross contamination of people coming into Miami, Dad. Uh, 0:04:42.560 --> 0:04:46.400 it's it was here, and then once the social activity started, 0:04:46.520 --> 0:04:49.599 it's a highly contagious, you know, disease. And so all 0:04:49.640 --> 0:04:52.240 of the South, you know, the southern portion of the 0:04:52.320 --> 0:04:56.599 United States is getting enough techniqually because we're we're reversed. 0:04:56.640 --> 0:04:59.039 I mean, in the North, you're you're indoors in the 0:04:59.040 --> 0:05:01.559 winter and you're outdoors in the summer. In the South, 0:05:01.640 --> 0:05:04.440 because it's hot, you're outdoors of the winter and you're 0:05:04.440 --> 0:05:06.479 indoors in the summer, And so I think that that's 0:05:06.880 --> 0:05:09.239 has something to do with it too. So, Mr Mayor, 0:05:09.320 --> 0:05:12.119 the childhood of your little Havana, I'm going to guess 0:05:12.160 --> 0:05:16.159 nobody there cared about the payroll tax uh program the 0:05:16.200 --> 0:05:20.279 president is talking about. Now, can you support your president 0:05:20.839 --> 0:05:25.599 wanting a payroll tax policy in this next stimulus I'm sorry, 0:05:25.600 --> 0:05:28.400 I'm look, I don't I haven't heard that, So I 0:05:28.400 --> 0:05:30.960 can't really give you a good opinion on one way 0:05:31.040 --> 0:05:33.720 or the other what the plans are. I know that 0:05:33.760 --> 0:05:36.479 the people here in Miami Dade they need help, especially 0:05:36.480 --> 0:05:41.760 those that are unemployed. Are restaurant industry, bar industry, nightclub industry. 0:05:41.800 --> 0:05:44.480 They're all been hard hit because they're closed. So those 0:05:44.520 --> 0:05:46.919 folks that are now unemployed and needs some money in 0:05:46.960 --> 0:05:49.880 their pocket. And those business owners need some kind of 0:05:49.920 --> 0:05:52.800 a help to get them back. And we were able 0:05:52.839 --> 0:05:55.360 to open to get them back and get employ those 0:05:55.360 --> 0:05:57.720 people and then get back to a normal and the 0:05:57.760 --> 0:06:00.360 fast we get back to that normal of the better 0:06:00.400 --> 0:06:04.159 will be. And yeah, you need, you need, Mr Mayor, 0:06:04.480 --> 0:06:06.880 thank you for your straight talk, Lisa John and I 0:06:06.960 --> 0:06:10.440 look forward to bringing Bloomberg surveillance to Miami Dade County. 0:06:10.720 --> 0:06:13.800 We're thinking the second week in March. Carlos Amenace with 0:06:13.880 --> 0:06:26.680 the Miami Dade County of course their mayor right now 0:06:26.680 --> 0:06:28.800 on the virus, I want to do something different. We love. 0:06:28.880 --> 0:06:31.960 We talked to a lot of fancy people at Johns Hopkins, 0:06:32.400 --> 0:06:34.919 Dr Hotels, Donna Baylor, and of course we talked to 0:06:35.000 --> 0:06:39.560 Deborah Fuller of microbiology at the acclaimed University of Washington 0:06:39.680 --> 0:06:43.200 School of Medicine. I can't say enough about her accolades. 0:06:43.640 --> 0:06:46.200 Dr Fuller. I want to talk about the guys in 0:06:46.279 --> 0:06:49.120 the trenches, the people working for you, and I want 0:06:49.120 --> 0:06:53.360 to focus on Jesse Erasmus, who's one of these people 0:06:53.440 --> 0:06:56.880 where we're all going yeah, yeah, yeah yeah, And someone 0:06:56.960 --> 0:07:01.160 like Jesse Erasmus is the doing of finding a vaccine 0:07:01.160 --> 0:07:04.839 in your case with primates. What does Mr Erasmus do 0:07:05.160 --> 0:07:11.200 every day? Yeah? Dr Rasmus is a post doctoral scholar 0:07:11.280 --> 0:07:14.000 in my laboratory and he's he's really a superstar. He 0:07:14.080 --> 0:07:18.920 actually just joined my laboratory in January, and that's you know, 0:07:18.960 --> 0:07:22.840 when the sequence for stars covie to the virus that 0:07:22.920 --> 0:07:26.880 causes COVID nineteen was published and he messaged me, I 0:07:26.920 --> 0:07:29.280 think it was in the middle of the night sometimes, hey, 0:07:29.400 --> 0:07:32.040 you know, can we make this vaccine? You know, because 0:07:32.200 --> 0:07:36.840 our laboratory works on RNA and DNA vaccines and which 0:07:36.880 --> 0:07:39.560 only really require the sequence of the virus to make. 0:07:39.640 --> 0:07:42.360 And I'm like, well sure, so I mean within a 0:07:42.400 --> 0:07:45.720 week he had a you know, a series of vaccines 0:07:45.840 --> 0:07:51.120 designed and was already immunizing animals with him within three weeks. 0:07:51.120 --> 0:07:54.600 So yeah, so he he's the superstar. Well he's been 0:07:54.720 --> 0:07:57.760 there in the every day. Yeah, he is a superstar. 0:07:58.000 --> 0:08:00.640 Like on the top I'm hotspurs in England. I get that. 0:08:00.920 --> 0:08:04.480 But Deborah Fuller or Jesse Erasmus, what would you say 0:08:04.480 --> 0:08:09.040 to the president today is he starts his virus press conference, 0:08:09.360 --> 0:08:12.120 You guys are the doing of it. What do you 0:08:12.160 --> 0:08:16.800 say to any given politician. Yeah, I don't really get 0:08:16.840 --> 0:08:20.600 so much into into politics, I guess, but in that regard, 0:08:20.640 --> 0:08:23.920 but certainly I think that, you know, we really need 0:08:24.000 --> 0:08:28.040 to continue to uh to address this pandemic, and just 0:08:28.280 --> 0:08:31.560 in the court obviously the research behind it, not just 0:08:31.600 --> 0:08:34.160 for for vaccines, which obviously is going to be critical 0:08:34.240 --> 0:08:37.600 for for shutting down the pandemic, but you know, also 0:08:37.640 --> 0:08:40.440 to follow the science in terms of how the virus 0:08:40.520 --> 0:08:43.960 is transmitted and what we can do to to reduce 0:08:44.000 --> 0:08:47.000 that transmission and to control and until you know, we 0:08:47.080 --> 0:08:50.080 have a vaccine, UM, we're going to all have to 0:08:50.160 --> 0:08:54.520 work together as a public uh to wear masks to uh, 0:08:54.559 --> 0:08:58.280 you know, follow the guidelines of the health care professionals 0:08:58.320 --> 0:09:01.600 and scientists as to how best control of this. Dr Fuller, 0:09:01.640 --> 0:09:03.440 when will we get a vaccine that can actually be 0:09:03.520 --> 0:09:07.600 widely enough distributed to put an end to the pandemic. Yeah, 0:09:07.679 --> 0:09:10.119 you know, the last few weeks in terms of vaccine 0:09:10.880 --> 0:09:15.199 research has been really uh you know, you're really groundbreaking. 0:09:15.240 --> 0:09:19.719 There are four uh manuscripts published in the last uh 0:09:19.840 --> 0:09:24.800 four weeks on clinical trial results from uh, you know, 0:09:24.840 --> 0:09:29.840 from Fiser, from mcderna, from buy in Tech, um number 0:09:29.840 --> 0:09:35.400 of different companies including the Oxford University with in coverage 0:09:35.440 --> 0:09:38.240 with Astra Zeneca and another group out in China, and 0:09:38.280 --> 0:09:41.320 all of the data are indicating positive results in those 0:09:41.440 --> 0:09:45.480 first initial UH clinical trials phase one. In phase two 0:09:45.559 --> 0:09:49.600 that they're getting uh you know, uh serial conversion antibody 0:09:49.679 --> 0:09:53.640 responses in these UH subjects as well as testyle responses, 0:09:54.160 --> 0:09:58.120 and all of the data has supported them continuing forward 0:09:58.160 --> 0:10:00.959 into the next phase of their clinical rouse And this 0:10:01.040 --> 0:10:03.400 is really critical because this is you know, the steps 0:10:03.440 --> 0:10:05.720 that you have to take before you can bring a 0:10:05.840 --> 0:10:09.120 vaccine into the market. You have to confirm that they're safe. 0:10:09.400 --> 0:10:13.040 We have to confirm that they're effective in initial clinical trials. 0:10:13.080 --> 0:10:15.800 And so all of these groups met their endpoints are 0:10:15.800 --> 0:10:18.480 benchmarks to be able to move on to the next step. 0:10:18.840 --> 0:10:22.040 And so the trajectory right now is like prediction is 0:10:22.080 --> 0:10:26.720 like early one late even you know, some people are 0:10:26.720 --> 0:10:30.880 projecting even uh you know late you know, right before one, 0:10:30.920 --> 0:10:33.880 that maybe they'll have some of the initial vaccines uh 0:10:34.000 --> 0:10:38.520 seven hundred millions of doses going into into into the public. 0:10:38.600 --> 0:10:40.960 So but you know, it means to be seen. There's 0:10:40.960 --> 0:10:44.040 always potentially some other hiccup. They still have some additional 0:10:44.040 --> 0:10:47.120 phases to pass before we can bring in uh, you know, 0:10:47.240 --> 0:10:49.640 out to the public. We'll talk. Let's talk about what 0:10:49.679 --> 0:10:52.120 we need still need to learn as we investigate and 0:10:52.160 --> 0:10:55.400 research this particular virus. Do we have a firm handle 0:10:55.400 --> 0:10:58.080 on how the immune system responds to this virus and 0:10:58.080 --> 0:11:02.920 why this particular one as unique. Yeah, we don't have 0:11:03.000 --> 0:11:05.000 a firm hand on that. One of the couple of 0:11:05.000 --> 0:11:07.920 things that we're learning are two important aspects with regard 0:11:08.000 --> 0:11:11.320 to vaccine development. And one is that in uh, you know, 0:11:11.400 --> 0:11:15.400 convalescent patients, we're seeing in a more rapid waning of 0:11:15.440 --> 0:11:19.520 antibody responses uh than we had hoped for, you know, 0:11:19.559 --> 0:11:23.840 and that means that possibly the the just getting infected 0:11:23.880 --> 0:11:27.400 itself may not build up immunity, might need to have 0:11:27.720 --> 0:11:30.199 uh you know, even if you were infected before, I 0:11:30.320 --> 0:11:33.760 still have to get the vaccine um. From the perspective 0:11:33.840 --> 0:11:36.400 vaccine side, we don't know whether the vaccines are going 0:11:36.440 --> 0:11:38.480 to do better than that. We try to make vaccines 0:11:38.520 --> 0:11:41.559 do better than nature. But so you know, in most 0:11:41.600 --> 0:11:43.680 of all of these clinical trials to date have not 0:11:43.840 --> 0:11:47.360 followed uh, the immune response long enough to know whether 0:11:47.440 --> 0:11:49.160 or not the vaccine is going to be able to 0:11:49.160 --> 0:11:53.320 do better than that. A second piece is really exciting, actually, 0:11:53.320 --> 0:11:56.120 I think, is that there's data emerging that another type 0:11:56.160 --> 0:11:59.920 of immune response, stellular immunity T cells that can act 0:12:00.040 --> 0:12:04.360 you see and eliminate infected cells from the body are 0:12:04.760 --> 0:12:09.760 because they're fighting. That's correlating their associated with better recovery. 0:12:09.800 --> 0:12:13.800 And people who have become infected with COVID nineteen, if 0:12:13.840 --> 0:12:17.000 they had better T cell responses, they can have less 0:12:17.040 --> 0:12:20.319 disease and recover more quickly. And that means that's the 0:12:20.400 --> 0:12:22.360 kind of immune response that we're likely going to want 0:12:22.400 --> 0:12:25.960 to Also have our vaccines induce both T cells as 0:12:26.000 --> 0:12:28.920 well as antibody, and both those types of immune responses 0:12:29.200 --> 0:12:31.560 may be able to work together to to provide a 0:12:31.559 --> 0:12:35.040 more effective protection to Those two final points are absolutely 0:12:35.040 --> 0:12:37.160 critical and we look forward to counting on the conversation 0:12:37.200 --> 0:12:39.280 with you. Thank you for joining us today. Full of 0:12:39.280 --> 0:12:42.840 that University of Washington School of Medicine, micro Biology professor. 0:12:52.000 --> 0:12:54.600 Part of this is about academics. He is from one 0:12:54.600 --> 0:12:59.040 of our most esteemed families, three generation of public service 0:12:59.040 --> 0:13:03.800 and academics. Is grandfather at the acclaimed Middlesex School outside Boston. 0:13:04.600 --> 0:13:07.400 His father our ambassador to Sri Lanka and now he 0:13:07.520 --> 0:13:11.120 serves a nation as a senator from Maryland. Christ Van Holland, 0:13:11.240 --> 0:13:14.720 the Democrat, joins us right now, Chris, this is gonna 0:13:14.720 --> 0:13:18.800 be really interesting. And to me, it's almost cultural warfare 0:13:19.200 --> 0:13:24.720 and economics. Miss Shelton has her own qualifications and many 0:13:24.840 --> 0:13:31.120 say they simply don't fit the job. Where is she deficient? Well, 0:13:31.160 --> 0:13:35.880 I think she's primarily deficient in two areas. One is 0:13:35.960 --> 0:13:41.920 her economic theory, which is way outside the mainstream, which 0:13:42.040 --> 0:13:45.920 is great for private conversation and writing columns. But we're 0:13:45.920 --> 0:13:50.480 talking about the Federal Reserve, the machinery of the US 0:13:50.520 --> 0:13:52.680 economy at least a big part of it. And so 0:13:53.120 --> 0:13:55.280 when she talks about you know, going back to the 0:13:56.320 --> 0:14:01.320 you know, gold standard, when she talks about anything's rid 0:14:01.360 --> 0:14:04.920 of things like federal deposit insurance. Uh, these are things 0:14:05.000 --> 0:14:08.280 that are pretty scary. The other piece to this is 0:14:08.320 --> 0:14:11.400 if you look at her statements over a period of time, 0:14:11.440 --> 0:14:14.760 at least over the last ten to fifteen years, the 0:14:14.760 --> 0:14:19.000 only pattern is a political one. She criticized for Nankee 0:14:19.040 --> 0:14:22.600 and yelling for the measures they took at the Federal Reserve. 0:14:23.280 --> 0:14:26.640 She was very opposed to lower interest rates. But now 0:14:26.680 --> 0:14:30.040 that President Trump has been calling for lower interest rates, 0:14:30.120 --> 0:14:33.400 all of a sudden, Uh, there she is, uh, you know, 0:14:33.960 --> 0:14:37.440 calling for the same. So at the Federal Reserve, we 0:14:37.480 --> 0:14:40.840 really want independence. And I think what we're getting here 0:14:40.960 --> 0:14:44.440 is somebody who's more political than anybody we've seen, at 0:14:44.520 --> 0:14:48.400 least in my time on the Federal Reserve. So sentence, 0:14:48.480 --> 0:14:50.760 it's not the more important dimension here, is not the 0:14:50.800 --> 0:14:54.440 canidar of the candidate. It's eros eroding the perception of 0:14:54.480 --> 0:14:58.200 central bank independence. Well, that is a big part of it, 0:14:58.240 --> 0:15:03.040 and that's why you had republic con senators also opposing 0:15:03.080 --> 0:15:05.880 the nomination. Apparently something has changed in the last couple 0:15:05.880 --> 0:15:07.760 of months. I don't know if the White House brought 0:15:07.760 --> 0:15:11.520 political pressure to bear or what, but the reality is, 0:15:11.560 --> 0:15:13.280 if you go back and look at the statements of 0:15:13.320 --> 0:15:17.720 my Republican Senate colleagues, they expressed exactly the same concerns 0:15:17.880 --> 0:15:22.720 um and so this is a very worrisome development because 0:15:22.800 --> 0:15:25.240 we don't want someone at the Fed who is a 0:15:25.280 --> 0:15:29.840 political rubber stamp for for anybody, in this case the president. Senator. 0:15:29.960 --> 0:15:32.640 You could argue that there already has been a blurring 0:15:32.640 --> 0:15:35.560 of the line between the federals, or between monetary and 0:15:35.600 --> 0:15:38.640 fiscal policy and an attempt to combat the effects of 0:15:38.680 --> 0:15:41.440 the coronavirus. I know that there is a Congressional commission 0:15:41.720 --> 0:15:45.520 questioning the use of federal funding to buy corporate bonds 0:15:45.520 --> 0:15:48.880 by the Federal Reserve. How concerned are you about that 0:15:48.960 --> 0:15:51.880 being a precedent going forward given some of the plans 0:15:52.000 --> 0:15:56.160 that have been implemented this year. Well, the the issue 0:15:56.240 --> 0:15:59.720 with the FEDS actions when it comes to corporate bond 0:16:00.040 --> 0:16:03.640 purchases really goes to the gray line between what is 0:16:03.680 --> 0:16:05.880 their authority and not their authority. I think the FED 0:16:06.400 --> 0:16:09.720 has overall done a good job during this period of time. 0:16:09.760 --> 0:16:12.320 I think there are legitimate questions to be asked regarding 0:16:12.360 --> 0:16:15.920 their purchase of junk bonds UH and especially the question 0:16:15.960 --> 0:16:19.360 about whether or not they're purchasing bonds from companies that 0:16:19.480 --> 0:16:24.200 were already in trouble and very over leverage before the 0:16:24.360 --> 0:16:28.000 coronavirus hit. What we need to be focused on is 0:16:28.000 --> 0:16:30.960 is really helping companies that have been hard hit because 0:16:31.040 --> 0:16:34.680 the coronavirus, not that not those that you know took 0:16:34.760 --> 0:16:38.040 took risks and we're already in trouble before the coronavirus hit. 0:16:38.160 --> 0:16:41.480 So that's kind of at the intersection of fiscal and 0:16:41.560 --> 0:16:43.560 Fed policy, and it's really goes to the question of 0:16:43.600 --> 0:16:47.040 what the Fed's mandate is. But again, I think if 0:16:47.080 --> 0:16:49.160 you listen to Power when he comes before the Senate, 0:16:49.200 --> 0:16:53.280 he's very careful not to wade too deeply into fiscal policy. 0:16:54.040 --> 0:16:56.160 And you know the FED continues to obviously that have 0:16:56.240 --> 0:17:00.000 jurisdiction over monetary policy. Well, Senate to let's talk about 0:17:00.040 --> 0:17:02.120 fiscal policy. At the moment, there's a two trillion dollar 0:17:02.160 --> 0:17:04.960 spread between what Republicans are looking for and what House 0:17:05.000 --> 0:17:07.719 Democrats have asked for and a bill that they've already passed. 0:17:07.760 --> 0:17:09.720 I just wanted to have that narrows in the coming weeks. 0:17:09.760 --> 0:17:13.000 Of course, the negotiation begins, and when you start a negotiation, 0:17:13.200 --> 0:17:15.480 you start with your boundaries and your red lines. What's 0:17:15.520 --> 0:17:20.960 your Senator, Well, look, I'm I'm supporting the Heroes Act. 0:17:21.000 --> 0:17:23.680 This is the bill that passed the House weeks ago now, 0:17:23.760 --> 0:17:26.920 and you know, now we're coming down to the um 0:17:27.240 --> 0:17:30.200 last couple of weeks before things like the unemployment insurance 0:17:30.600 --> 0:17:34.639 run out, the enhanced benefit. Uh, so you know, my 0:17:34.640 --> 0:17:36.280 my view is we've got to find a way to 0:17:36.320 --> 0:17:39.080 come together. I think the House bill is exactly the 0:17:39.160 --> 0:17:43.240 right starting point. We haven't even heard from Senator McConnell 0:17:43.600 --> 0:17:46.720 and the White House in other than a few press statements. 0:17:46.800 --> 0:17:50.200 So hopefully today and tomorrow we'll be able to get 0:17:50.200 --> 0:17:52.760 a lot more definition as to what they want to do. 0:17:55.119 --> 0:17:58.360 I looked a senator at this fiscal debate, and it's 0:17:58.400 --> 0:18:01.719 an overlay upon over I want you to explain, as 0:18:01.760 --> 0:18:05.280 a reasonable guy from Maryland, how the nation absorbs a 0:18:05.400 --> 0:18:09.200 four and on its way to five trillion dollar deficit? 0:18:09.440 --> 0:18:13.560 Scoop Jackson, Hubert Humphrey would be appalled. Christ LBJ would 0:18:13.560 --> 0:18:17.600 be appalled. How how did democrats adapt and adjust to 0:18:17.680 --> 0:18:22.800 the deficit that is to come? Well in this case, Uh, 0:18:23.240 --> 0:18:27.439 you know that the challenge we faces if doing nothing 0:18:27.760 --> 0:18:32.480 um and allowing the economy to say totally of course 0:18:32.560 --> 0:18:36.879 also has a huge negative deficit impact. Right, So in 0:18:36.920 --> 0:18:40.840 this case, we're spending money to try and keep afloat 0:18:41.359 --> 0:18:44.920 and so there's no doubt that this is going to 0:18:45.040 --> 0:18:49.280 add trillions to our our our deficit. I've been one 0:18:49.359 --> 0:18:51.919 of those, I've been one of those who have argued 0:18:51.960 --> 0:18:53.959 that we need to be uh you know, prudent here 0:18:54.000 --> 0:18:56.639 when it comes to deficits. I think we're gonna have 0:18:56.680 --> 0:18:58.840 to look at a variety of things. As you know 0:18:58.960 --> 0:19:02.440 that the two trillion dollar addition to the deficit from 0:19:02.840 --> 0:19:06.240 the Trump tax cut just put us further in the hole. 0:19:06.400 --> 0:19:09.120 That's that's not my number, that's the Congressional Budget Office 0:19:09.200 --> 0:19:12.359 number over ten years. Uh So, look, we're gonna have 0:19:12.440 --> 0:19:15.000 to We're gonna have to figure this out going forward. 0:19:15.040 --> 0:19:18.400 But uh, probably the worst thing for the deficit at 0:19:18.400 --> 0:19:20.800 this point would be for the economy to be even 0:19:20.880 --> 0:19:24.120 harder hit. You know. I look at the past here, Senator, 0:19:24.640 --> 0:19:27.159 and I think of Pep Buchanon, Richard Nixon, and of 0:19:27.200 --> 0:19:29.800 course of Maryland, and a gentleman by the name of Agnew. 0:19:30.040 --> 0:19:32.919 I'm assuming Mr Agnew never had lunch with your father. 0:19:33.359 --> 0:19:36.720 But what he did is identify the silent majority. How 0:19:36.800 --> 0:19:41.280 does your candidate, your guy win the silent majority? This 0:19:41.359 --> 0:19:46.080 time around? The president assumes he owns it. Look, I 0:19:46.119 --> 0:19:50.399 think Joe Biden has a reputation and a career for 0:19:51.359 --> 0:19:57.359 really listening to working men and women. Uh, and his policies, uh, 0:19:57.880 --> 0:20:01.080 you know come from that that center of his of 0:20:01.240 --> 0:20:04.800 his character, and I believe that at the end of 0:20:04.800 --> 0:20:10.080 the day, most Americans, they want that sense of opportunity 0:20:10.119 --> 0:20:13.520 they want a sense that everybody in America can make it. Uh. 0:20:13.560 --> 0:20:16.080 And they also want a sense of decency. I mean, 0:20:16.160 --> 0:20:20.840 they want a president who you know that they can 0:20:21.080 --> 0:20:24.399 they don't have to hide the kids every time the 0:20:24.440 --> 0:20:27.240 president makes a statement. And I do believe that the 0:20:27.320 --> 0:20:33.440 silent majority UM also believe believes that. And I think 0:20:33.480 --> 0:20:35.320 when it comes right down to it, people are going 0:20:35.359 --> 0:20:38.080 to go into that voting booth, uh, and they're going 0:20:38.119 --> 0:20:40.720 to look at the economic platforms of the candidates, and 0:20:40.760 --> 0:20:43.960 I think, you know, Biden will do very well there. 0:20:44.000 --> 0:20:46.800 But I also think they're gonna use a measuring stick 0:20:46.840 --> 0:20:50.240 of common decency. Senator, what kind of character do we 0:20:50.280 --> 0:20:52.280 want in the White House? Senator? When people go into 0:20:52.320 --> 0:20:53.960 that voting booth, are they going to be voting for 0:20:54.040 --> 0:20:56.960 higher taxes when it comes to a former Vice President 0:20:57.000 --> 0:21:00.720 Biden given the fact this latest proposals do include levying 0:21:01.040 --> 0:21:06.000 higher fees particularly unwealthier individuals, well when it comes to 0:21:06.400 --> 0:21:10.080 very high income individuals. Yes, I mean we just we're 0:21:10.080 --> 0:21:13.080 talking about issues of the deficit as well as issues 0:21:13.119 --> 0:21:19.320 of investment in opportunity like education, including early education. Uh. 0:21:19.359 --> 0:21:22.639 And yes, what what Vice President Biden has talked about 0:21:22.760 --> 0:21:26.400 is the folks at the very top can contribute more. 0:21:26.840 --> 0:21:31.520 They got a tax cut under Donald Trump. That really 0:21:31.560 --> 0:21:35.120 that that wasn't something that was needed for the economy. Uh. 0:21:35.160 --> 0:21:39.480 And now we need to make important investments. And so, yes, 0:21:39.720 --> 0:21:42.480 the Vice President has called for a reversal of the 0:21:42.520 --> 0:21:45.200 tax cuts for folks at the very top. I think 0:21:45.200 --> 0:21:48.520 that that position is supported by the overwhelming majority of 0:21:48.560 --> 0:21:50.800 the American people. Said, it's a one final question for you, 0:21:50.840 --> 0:21:53.679 and I know it's something passionate about. It's China and 0:21:53.680 --> 0:21:56.520 the Chinese Communist Party. How difficult is it going to 0:21:56.560 --> 0:21:59.000 be for the former Vice president Joe Biden's convinced the 0:21:59.000 --> 0:22:02.440 electorate that he can't influence the behavior of Beijing after 0:22:02.480 --> 0:22:04.960 being in a government for eight years with President Obama 0:22:04.960 --> 0:22:08.879 and feigning to do so well as as you know, 0:22:08.960 --> 0:22:12.399 when it came to issues of standing up to China 0:22:12.440 --> 0:22:16.439 and human rights and those important issues standing up for 0:22:16.520 --> 0:22:20.640 the principles we believe in. Uh. In fact, the Obama 0:22:20.680 --> 0:22:24.960 Biden administration was much stronger than the Trump administration. I mean, 0:22:24.960 --> 0:22:27.120 we've got a president right now. We know from John 0:22:27.160 --> 0:22:33.359 Bolton's book who essentially praised President Jee's approach to the leaders. Um, 0:22:33.600 --> 0:22:37.159 we know when he was a private citizen. President Trump 0:22:37.320 --> 0:22:41.800 actually was. He was envious of the ability of the 0:22:41.840 --> 0:22:45.119 government of China to crackdown in Tianamen Square. This is 0:22:45.160 --> 0:22:47.280 a president who did not want to stand up to 0:22:47.359 --> 0:22:49.840 China when it came to Hong Kong human rights. That 0:22:50.160 --> 0:22:52.840 the Trump administration opposed the bill that centered to me 0:22:52.880 --> 0:22:56.320 and I had right to the very end. It was 0:22:56.359 --> 0:22:59.960 only because there was an overwhelming bipartisan veto proof majority. 0:23:00.119 --> 0:23:02.760 Present signed that bill the other day. So I would 0:23:02.800 --> 0:23:06.440 put the Joe Biden record up against Donald Trump when 0:23:06.440 --> 0:23:08.399 it comes to standing up to China any day of 0:23:08.400 --> 0:23:10.600 the week. Senator, what I'd love to do is carry 0:23:10.600 --> 0:23:13.679 on this conversation on China with you, in particular in 0:23:13.680 --> 0:23:15.199 the coming ways. We'd love to get you back on 0:23:15.240 --> 0:23:28.840 Senator Chris van Holland there of Maryland. This is the 0:23:28.920 --> 0:23:33.080 day after European Union leaders agreed on this unprecedented stimulus 0:23:33.119 --> 0:23:36.320 package with seven dred and fifty billion euros. Well, we 0:23:36.359 --> 0:23:40.040 are delighted to be joined now by Paolo Gentiloni. He's 0:23:40.040 --> 0:23:42.880 the EU Commissioner for Economic and Financial Affairs, and he's 0:23:42.920 --> 0:23:45.800