1 00:00:02,040 --> 00:00:05,439 Speaker 1: Global business news twenty four hours a day at Bloomberg 2 00:00:05,519 --> 00:00:08,600 Speaker 1: dot com, the Radio plus Mobile Act and on your radio. 3 00:00:08,840 --> 00:00:12,879 Speaker 1: This is a Bloomberg Business flag from Bloomberg World Headquarters. 4 00:00:12,920 --> 00:00:16,720 Speaker 1: I'm Charlie Pellett's stocks are retreating from records as results 5 00:00:16,720 --> 00:00:20,960 Speaker 1: from companies including Intel and Southwest Airlines disappoint. The SMP 6 00:00:21,120 --> 00:00:24,759 Speaker 1: five hundred index slumping eleven points to sixty want to 7 00:00:24,840 --> 00:00:27,680 Speaker 1: drop there of five tenths of one percent. Nez stack 8 00:00:27,760 --> 00:00:30,880 Speaker 1: down twenty two a drop of five tenths of one percent. Down, 9 00:00:30,880 --> 00:00:34,440 Speaker 1: Industrials down one d fourteen points, a drop of six 10 00:00:34,520 --> 00:00:37,800 Speaker 1: tenths of one percent. The tenure up five thirty seconds, 11 00:00:37,880 --> 00:00:41,040 Speaker 1: yield there one point five six percent, Gold up ten 12 00:00:41,200 --> 00:00:43,760 Speaker 1: sixty ounce now to thirteen twenty nine, a gain of 13 00:00:43,800 --> 00:00:46,440 Speaker 1: eight tenths of one percent. And crude oil falling a 14 00:00:46,560 --> 00:00:49,680 Speaker 1: dollar six of barrel West Texas Intermediate crude now at 15 00:00:49,720 --> 00:00:52,520 Speaker 1: forty four sixty nine, a drop there of two point 16 00:00:52,560 --> 00:00:56,480 Speaker 1: three percent. I'm Charlie Pollett. That's a Bloomberg Business flash. 17 00:00:57,760 --> 00:01:01,240 Speaker 1: You're listening to taking stock with him Box and Gablie 18 00:01:01,320 --> 00:01:06,679 Speaker 1: Nys on Bluemberg Radio. Senator Ted Cruz strongly defended his 19 00:01:06,720 --> 00:01:10,720 Speaker 1: refusal to endorse Donald Trump during his Republican National Convention 20 00:01:10,840 --> 00:01:14,119 Speaker 1: speech in Cleveland last night. Here tell us more as 21 00:01:14,160 --> 00:01:17,199 Speaker 1: Hector Barretto. He is the chairman of the Latino Coalition, 22 00:01:17,480 --> 00:01:21,560 Speaker 1: also the former US Small Business Administrator. Hector was the 23 00:01:21,600 --> 00:01:25,119 Speaker 1: twenty one administrator. Hector, thank you very much for being 24 00:01:25,120 --> 00:01:27,000 Speaker 1: with us. I don't you're joining us from Cleveland. I 25 00:01:27,040 --> 00:01:29,400 Speaker 1: wonder if you could give us your impressions of Ted 26 00:01:29,480 --> 00:01:33,200 Speaker 1: Cruiz's speech last night. Well, I think it started off 27 00:01:33,319 --> 00:01:35,840 Speaker 1: very good. Um, you know, people seem to be very receptive. 28 00:01:35,920 --> 00:01:39,000 Speaker 1: You heard that he got a night's reception. But as 29 00:01:39,080 --> 00:01:42,760 Speaker 1: he went on, it started becoming clear that he really 30 00:01:42,800 --> 00:01:46,200 Speaker 1: wasn't talking about Donald Trump. And and obviously there was 31 00:01:46,240 --> 00:01:49,639 Speaker 1: anticipation in the audience that he was going to endorse 32 00:01:49,680 --> 00:01:52,040 Speaker 1: Donald Trump, and he did not do that. And so 33 00:01:52,120 --> 00:01:53,800 Speaker 1: I think that's one of the things that kind of, 34 00:01:54,040 --> 00:01:56,559 Speaker 1: you know, sucked up all the oxygen in the room, 35 00:01:56,600 --> 00:01:59,040 Speaker 1: because when Pence came up later, even though he gave 36 00:01:59,080 --> 00:02:02,520 Speaker 1: a great presentation, and that's not the news stories today. 37 00:02:02,560 --> 00:02:05,840 Speaker 1: It's all about uh Ted Cruz and and how he's 38 00:02:05,840 --> 00:02:08,880 Speaker 1: not supporting Donald Trump. And do you think that that 39 00:02:08,960 --> 00:02:11,800 Speaker 1: will make any difference to any of the groups that 40 00:02:11,880 --> 00:02:15,120 Speaker 1: Donald Trump is looking to appeal to. Well, you know, 41 00:02:15,639 --> 00:02:18,000 Speaker 1: there are still a number of Republicans that are on 42 00:02:18,040 --> 00:02:22,680 Speaker 1: that fence. And if you listen to Ted Cruz's speech, 43 00:02:22,960 --> 00:02:25,799 Speaker 1: he gave them a rationale of you know, voting their 44 00:02:25,840 --> 00:02:28,560 Speaker 1: conscience and you know what, what he wanted to see 45 00:02:28,800 --> 00:02:31,760 Speaker 1: in a presidential candidate. And obviously the implication is is 46 00:02:31,800 --> 00:02:35,000 Speaker 1: that Donald Trump doesn't possess that. But it's not just 47 00:02:35,120 --> 00:02:37,680 Speaker 1: the people in that room. I mean, there are millions 48 00:02:37,720 --> 00:02:40,280 Speaker 1: and millions of folks that are still undecided. We just 49 00:02:40,320 --> 00:02:45,040 Speaker 1: did a poll on Hispanic voters, Hispanic Republican voters, and 50 00:02:45,120 --> 00:02:47,280 Speaker 1: only forty percent of them say that they're sure that 51 00:02:47,320 --> 00:02:49,760 Speaker 1: they're going to support Donald Trump. So more than half 52 00:02:49,760 --> 00:02:53,919 Speaker 1: of typical Republican voters in the Hispanic community are not 53 00:02:54,040 --> 00:02:56,639 Speaker 1: even sure that they can vote for Donald Trump. If 54 00:02:56,639 --> 00:02:59,760 Speaker 1: you have any thoughts about Ralph Alvarado, he is a 55 00:03:00,000 --> 00:03:04,280 Speaker 1: state senator from Kentucky. He addressed the convention last night 56 00:03:04,400 --> 00:03:07,760 Speaker 1: before Ted Cruz. Yes, I thought he did a very 57 00:03:07,840 --> 00:03:11,160 Speaker 1: nice job. I heard the entire speech. He finished up 58 00:03:11,200 --> 00:03:14,399 Speaker 1: the speech in Spanish, which was a little surprising because 59 00:03:14,560 --> 00:03:16,359 Speaker 1: you know, I attended to a lot of conventions where 60 00:03:16,400 --> 00:03:18,320 Speaker 1: there are a lot of Spanish speakers, but I didn't 61 00:03:18,320 --> 00:03:21,200 Speaker 1: think we're gonna hear Spanish at this convention and really 62 00:03:21,240 --> 00:03:24,440 Speaker 1: making an appeal to the Hispanic community to vote with 63 00:03:24,520 --> 00:03:27,000 Speaker 1: him and support Donald Trump. I did. I thought he 64 00:03:27,040 --> 00:03:30,679 Speaker 1: did a nice job. Did you hear what was necessary 65 00:03:30,680 --> 00:03:35,119 Speaker 1: in order to bolster your enthusiasm for small business? Well, 66 00:03:35,160 --> 00:03:37,040 Speaker 1: we haven't heard that a lot. You know, we know 67 00:03:37,120 --> 00:03:40,120 Speaker 1: that Donald Trump is a successful businessman, but you know 68 00:03:40,240 --> 00:03:44,760 Speaker 1: there are a lot of specificity and business environment issues 69 00:03:44,800 --> 00:03:48,720 Speaker 1: around regulation, taxation, healthcare fause, how are we going to 70 00:03:48,800 --> 00:03:52,320 Speaker 1: really start creating the jobs that our economy needs. Small businesses, 71 00:03:52,400 --> 00:03:54,840 Speaker 1: Luke talked many times before, is really the engine the 72 00:03:54,920 --> 00:03:58,040 Speaker 1: producers those jobs. We're not hearing a lot about small 73 00:03:58,080 --> 00:04:01,120 Speaker 1: business plans. There was some small business speakers there, but 74 00:04:01,200 --> 00:04:04,520 Speaker 1: again you're really dealing still at the ft view and 75 00:04:04,800 --> 00:04:06,680 Speaker 1: if they're going to close the deal, if they're going 76 00:04:06,720 --> 00:04:09,320 Speaker 1: to get people really excited about them, they really need 77 00:04:09,320 --> 00:04:11,520 Speaker 1: to start focusing in a little bit more on detailed 78 00:04:11,640 --> 00:04:14,560 Speaker 1: plans and really reaching out to a lot more people 79 00:04:14,600 --> 00:04:17,360 Speaker 1: than just the people that were in the room last night. Now, 80 00:04:17,560 --> 00:04:22,280 Speaker 1: President George W. Bush nominated you as the administrator of 81 00:04:22,400 --> 00:04:26,599 Speaker 1: the US Small Business Administration. I wonder if you could 82 00:04:26,680 --> 00:04:30,320 Speaker 1: comment on the fact that there are these not any 83 00:04:30,440 --> 00:04:37,600 Speaker 1: known bush Uh family members attending the convention. Well, those 84 00:04:37,680 --> 00:04:41,520 Speaker 1: campaigns and those conventions and that administration were very, very different. 85 00:04:41,800 --> 00:04:44,040 Speaker 1: I mean I worked very closely with George W. Bush. 86 00:04:44,320 --> 00:04:46,560 Speaker 1: The first speech of his campaign he gave it a 87 00:04:46,720 --> 00:04:49,159 Speaker 1: my organization and it was called a speech called Leading 88 00:04:49,160 --> 00:04:52,680 Speaker 1: No Child Behind. And that was a year before the election. 89 00:04:52,920 --> 00:04:55,599 Speaker 1: The biggest event at the two thousand convention was the 90 00:04:55,640 --> 00:04:58,440 Speaker 1: first event, which was an Hispanic of that. So we're 91 00:04:58,560 --> 00:05:01,279 Speaker 1: obviously in a very different terr tory. Uh. You know, 92 00:05:01,600 --> 00:05:04,760 Speaker 1: George W. Bush understood how to reach out to Hispanics 93 00:05:04,760 --> 00:05:08,360 Speaker 1: and communicate with them in a conservative way without compromising 94 00:05:08,440 --> 00:05:11,160 Speaker 1: his principle, and that's something that a lot of politicians 95 00:05:11,200 --> 00:05:13,960 Speaker 1: still don't understand how to do. Do you feel that 96 00:05:14,080 --> 00:05:18,200 Speaker 1: Jeff Bush would have been a more well friendly candidate 97 00:05:18,360 --> 00:05:22,560 Speaker 1: to the interests of small business, particularly those owned by minorities. 98 00:05:23,000 --> 00:05:25,440 Speaker 1: I'm not objective about this. I'm a big fan of 99 00:05:25,520 --> 00:05:28,479 Speaker 1: Jeff bush Uh. I was on his campaign earlier this year. 100 00:05:28,520 --> 00:05:30,440 Speaker 1: I worked with him when I was in the administration 101 00:05:30,520 --> 00:05:32,680 Speaker 1: and he was the governor of Florida. These are not 102 00:05:32,800 --> 00:05:35,000 Speaker 1: issues that you have to explain to Jeff Bush. He 103 00:05:35,080 --> 00:05:38,200 Speaker 1: understands them very loud and clear. Obviously, he has an 104 00:05:38,200 --> 00:05:40,760 Speaker 1: Hispanic family as well that he loves and he's very 105 00:05:40,760 --> 00:05:43,960 Speaker 1: proud of. And by the way, he speaks fluent perfect Spanish, 106 00:05:43,960 --> 00:05:46,480 Speaker 1: though there's not an issue with translation for him either. 107 00:05:46,600 --> 00:05:49,920 Speaker 1: So obviously, very different candidate, were a very different time. 108 00:05:50,320 --> 00:05:52,960 Speaker 1: But you know, the message that we're communicating to our 109 00:05:53,000 --> 00:05:55,400 Speaker 1: members is right now is the time that people are 110 00:05:55,440 --> 00:05:57,520 Speaker 1: really going to focus in on what decision is that 111 00:05:57,560 --> 00:06:00,640 Speaker 1: they're gonna make. I mean, already decided one way or 112 00:06:00,680 --> 00:06:03,800 Speaker 1: the other in the middle, and we want people to 113 00:06:03,880 --> 00:06:06,520 Speaker 1: be involved in this election. We don't want them to 114 00:06:06,560 --> 00:06:08,599 Speaker 1: stay home. We want them to make a decision, and 115 00:06:08,640 --> 00:06:10,720 Speaker 1: we want them to have as much information as they can. 116 00:06:11,000 --> 00:06:12,880 Speaker 1: And that's why we did this poll. And by the way, 117 00:06:12,880 --> 00:06:15,760 Speaker 1: if anybody is interested in getting it but Latino Coalist 118 00:06:15,800 --> 00:06:18,120 Speaker 1: and dot com, you can download the poll and find 119 00:06:18,120 --> 00:06:19,640 Speaker 1: out what the survey and what's on the mind of 120 00:06:19,680 --> 00:06:23,839 Speaker 1: the Hispanic Republican voters. Are you looking for any more 121 00:06:23,920 --> 00:06:28,680 Speaker 1: details about the economic plans from the Republicans during this 122 00:06:28,800 --> 00:06:31,800 Speaker 1: last day at the convention. Well, I mean again, it 123 00:06:31,800 --> 00:06:33,880 Speaker 1: would be nice. I mean, you know, they've they've they've 124 00:06:33,880 --> 00:06:36,640 Speaker 1: been talking about different things in different days, and jenis 125 00:06:36,880 --> 00:06:39,000 Speaker 1: be about unity. So I'm not sure that we're gonna 126 00:06:39,040 --> 00:06:41,360 Speaker 1: hear a lot of specificity. But look, they're going to 127 00:06:41,480 --> 00:06:43,640 Speaker 1: have to be specific in the debate. They're going to 128 00:06:43,720 --> 00:06:46,239 Speaker 1: have to be specific and reaching out to these different 129 00:06:46,240 --> 00:06:48,800 Speaker 1: communities over the next three months if they're really going 130 00:06:48,839 --> 00:06:50,799 Speaker 1: to want to attract those voters. And by the way, 131 00:06:51,000 --> 00:06:53,520 Speaker 1: the Spanic voters, just like any other voters, are not 132 00:06:53,680 --> 00:06:57,120 Speaker 1: monolithic voters. It's not one issue that's important to them. 133 00:06:57,120 --> 00:06:59,719 Speaker 1: Too many times both parties think, oh, it's the Spanic 134 00:06:59,720 --> 00:07:02,599 Speaker 1: commun we we're gonna talk about immigration. Immigration isn't even 135 00:07:02,600 --> 00:07:07,040 Speaker 1: the top five issue. It's the economy, it's education, it's healthcare. 136 00:07:07,520 --> 00:07:11,160 Speaker 1: Uh and and increasingly, by the way, national security is 137 00:07:11,200 --> 00:07:13,600 Speaker 1: at the top of the list on Hispanic voter's minds. 138 00:07:13,640 --> 00:07:16,120 Speaker 1: That should not be a surprise. We're all concerned about 139 00:07:16,120 --> 00:07:18,040 Speaker 1: things that are happening in our country and things are 140 00:07:18,040 --> 00:07:20,760 Speaker 1: happening around the world. So the politicians are going to 141 00:07:20,840 --> 00:07:24,320 Speaker 1: need to get a lot more effective and being able 142 00:07:24,360 --> 00:07:26,640 Speaker 1: to talk to a lot of different issues to these 143 00:07:26,760 --> 00:07:30,720 Speaker 1: very important growing communities. You know, there's a million Hispanics 144 00:07:30,800 --> 00:07:34,040 Speaker 1: the Urn eighteen every year and that will continue on 145 00:07:34,200 --> 00:07:37,040 Speaker 1: for the next decade or more. It's not a community 146 00:07:37,080 --> 00:07:39,120 Speaker 1: that you can ignore, at least not at your own 147 00:07:39,160 --> 00:07:41,440 Speaker 1: peril if you want to win elections in the future. 148 00:07:41,920 --> 00:07:44,480 Speaker 1: We're speaking with Hector Barretto. He is the chairman of 149 00:07:44,520 --> 00:07:48,240 Speaker 1: the Latino Coalition. He's joining us from Cleveland, Ohio, the 150 00:07:48,280 --> 00:07:52,240 Speaker 1: side of the Republican National Convention. I understand also that 151 00:07:52,680 --> 00:07:58,080 Speaker 1: you had a breakfast today at the convention, the event, 152 00:07:58,400 --> 00:07:59,960 Speaker 1: and I'm wondering if you tell me about some of 153 00:08:00,040 --> 00:08:04,840 Speaker 1: the people that attended. New Jersey Governor Chris Christie. He 154 00:08:04,920 --> 00:08:08,920 Speaker 1: was he was phenomenal. It was actually yesterday exam. It 155 00:08:09,040 --> 00:08:11,600 Speaker 1: was the day after his big speech, so everybody was 156 00:08:11,680 --> 00:08:15,560 Speaker 1: buzzing about this, uh, this this presentation that he made, 157 00:08:15,600 --> 00:08:17,640 Speaker 1: this argument that he made that we thought was very 158 00:08:17,680 --> 00:08:20,320 Speaker 1: powerful and effective. You know, Chris Christie is somebody that 159 00:08:20,360 --> 00:08:22,440 Speaker 1: we worked with for a number of years. He talked 160 00:08:22,480 --> 00:08:25,320 Speaker 1: about a trade mission that we took together to Mexico. 161 00:08:25,600 --> 00:08:27,680 Speaker 1: He talked about how he got fifty one per cent 162 00:08:27,760 --> 00:08:30,320 Speaker 1: of the Hispanic boat. I mean Chris Christie is somebody 163 00:08:30,320 --> 00:08:33,480 Speaker 1: that really gets it, He understands, and he's closed to 164 00:08:33,520 --> 00:08:35,920 Speaker 1: Donald Trump. So I'm hoping that Donald Trump will take 165 00:08:36,120 --> 00:08:39,439 Speaker 1: Chris Christie's advice and new Gingridge's advice. New Ingridge was 166 00:08:39,440 --> 00:08:41,760 Speaker 1: another person we've worked with. Mike Pence has been with 167 00:08:41,880 --> 00:08:45,520 Speaker 1: us before. So there are people around Donald Trump that 168 00:08:45,760 --> 00:08:49,000 Speaker 1: understand these issues and can be very very effective in 169 00:08:49,080 --> 00:08:53,000 Speaker 1: reaching out to these communities if they're allowed to. Another 170 00:08:53,040 --> 00:08:58,120 Speaker 1: attendee I believe was the Mexican ambassador Carlos Sata. We 171 00:08:58,160 --> 00:09:01,120 Speaker 1: had Carlos Sado with us actually in Washington, was going 172 00:09:01,160 --> 00:09:03,320 Speaker 1: to be here, but I think you know that the 173 00:09:03,360 --> 00:09:07,000 Speaker 1: President of Mexico is visiting with Obama. I believe it's 174 00:09:07,040 --> 00:09:09,640 Speaker 1: tomorrow at the White House. That's the sketch that got 175 00:09:09,679 --> 00:09:12,760 Speaker 1: called out at the at the last minute. That Carlos 176 00:09:12,760 --> 00:09:15,200 Speaker 1: saw is somebody that we know, we've worked with, uh 177 00:09:15,400 --> 00:09:18,560 Speaker 1: the gate Leader representative from Mexico. And at the end 178 00:09:18,559 --> 00:09:20,800 Speaker 1: of the day, look, we have issues with all kinds 179 00:09:20,800 --> 00:09:22,599 Speaker 1: of countries around the world, but we're not going to 180 00:09:22,720 --> 00:09:25,160 Speaker 1: change our neighbor to the south. So what we're going 181 00:09:25,200 --> 00:09:28,120 Speaker 1: to need to work very closely with this administration and 182 00:09:28,120 --> 00:09:30,760 Speaker 1: and the Mexican administration, and where we disagree, we need 183 00:09:30,800 --> 00:09:33,120 Speaker 1: to talk about that, but we also need to focus 184 00:09:33,120 --> 00:09:36,160 Speaker 1: on the things that we do agree on. And unfortunately, 185 00:09:36,280 --> 00:09:39,040 Speaker 1: especially in this election cycle, we're only talking about the 186 00:09:39,080 --> 00:09:41,200 Speaker 1: things that we disagree on. We're not talking about the 187 00:09:41,280 --> 00:09:43,559 Speaker 1: things that were we could work together and really create 188 00:09:43,640 --> 00:09:48,000 Speaker 1: opportunities for all Americans. Now, you helped stage that welcoming 189 00:09:48,040 --> 00:09:52,040 Speaker 1: event for George Bush in two thousand I think you 190 00:09:52,120 --> 00:09:55,200 Speaker 1: were the what the sergeant at arms, Well, I was 191 00:09:55,240 --> 00:09:57,560 Speaker 1: the sergeant at arms that was a delegate. Obviously, I 192 00:09:57,640 --> 00:10:00,120 Speaker 1: was a surrogate for a George W. Bush that was 193 00:10:00,160 --> 00:10:03,440 Speaker 1: before he got elected. It was a phenomenal event and 194 00:10:03,440 --> 00:10:06,640 Speaker 1: and it was an important event because it showed the 195 00:10:06,720 --> 00:10:09,320 Speaker 1: unity of the party. The first event was the Hispanic event. 196 00:10:09,400 --> 00:10:11,880 Speaker 1: It was on the steps of the Philadelphia Museum, you 197 00:10:11,880 --> 00:10:14,400 Speaker 1: know where the famous Rocky statues at And you know who. 198 00:10:14,400 --> 00:10:17,120 Speaker 1: One of the guests of honors was John McCain, who 199 00:10:17,200 --> 00:10:21,720 Speaker 1: had run a very competitive race against George W. Bush. 200 00:10:21,800 --> 00:10:25,199 Speaker 1: They came together at that first event to provide a 201 00:10:25,320 --> 00:10:28,120 Speaker 1: unified front. In two thousand four, we did the New 202 00:10:28,200 --> 00:10:31,280 Speaker 1: York Convention. Uh, there were more Hispanic delegates I think 203 00:10:31,320 --> 00:10:33,680 Speaker 1: in Philadelphia and New York than we've ever had before. 204 00:10:34,000 --> 00:10:37,520 Speaker 1: There were hundreds of Hispanics that served on the campaign 205 00:10:37,600 --> 00:10:42,320 Speaker 1: teams and obviously in the administration. That's not a secret 206 00:10:42,600 --> 00:10:45,440 Speaker 1: or a mistake that George W. Bush got forty four 207 00:10:45,520 --> 00:10:48,200 Speaker 1: percent of the Hispanic vote in two thousand four. But 208 00:10:48,320 --> 00:10:50,560 Speaker 1: you know what it had happened since then that boat 209 00:10:50,559 --> 00:10:53,040 Speaker 1: share is things going down, and we've been losing the election. 210 00:10:53,320 --> 00:10:55,360 Speaker 1: And until we fixed that problem, I don't know when 211 00:10:55,360 --> 00:10:58,360 Speaker 1: we're gonna win our next election. Hector Boretto is the 212 00:10:58,440 --> 00:11:01,880 Speaker 1: chairman of the Latino cole FSI and former administrator of 213 00:11:01,920 --> 00:11:04,960 Speaker 1: the US Small Business Administration. Thank you very much for 214 00:11:05,040 --> 00:11:09,560 Speaker 1: joining us from Cleveland. I'm Pim Fox. This is taking Stock, 215 00:11:09,800 --> 00:11:11,480 Speaker 1: and this is Bloomberg.