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Speaker 1: This is a Bloomberg Business flag from Bloomberg World Headquarters.
Speaker 1: I'm Charlie Pellett's stocks are retreating from records as results
Speaker 1: from companies including Intel and Southwest Airlines disappoint. The SMP
Speaker 1: five hundred index slumping eleven points to sixty want to
Speaker 1: drop there of five tenths of one percent. Nez stack
Speaker 1: down twenty two a drop of five tenths of one percent. Down,
Speaker 1: Industrials down one d fourteen points, a drop of six
Speaker 1: tenths of one percent. The tenure up five thirty seconds,
Speaker 1: yield there one point five six percent, Gold up ten
Speaker 1: sixty ounce now to thirteen twenty nine, a gain of
Speaker 1: eight tenths of one percent. And crude oil falling a
Speaker 1: dollar six of barrel West Texas Intermediate crude now at
Speaker 1: forty four sixty nine, a drop there of two point
Speaker 1: three percent. I'm Charlie Pollett. That's a Bloomberg Business flash.
Speaker 1: You're listening to taking stock with him Box and Gablie
Speaker 1: Nys on Bluemberg Radio. Senator Ted Cruz strongly defended his
Speaker 1: refusal to endorse Donald Trump during his Republican National Convention
Speaker 1: speech in Cleveland last night. Here tell us more as
Speaker 1: Hector Barretto. He is the chairman of the Latino Coalition,
Speaker 1: also the former US Small Business Administrator. Hector was the
Speaker 1: twenty one administrator. Hector, thank you very much for being
Speaker 1: with us. I don't you're joining us from Cleveland. I
Speaker 1: wonder if you could give us your impressions of Ted
Speaker 1: Cruiz's speech last night. Well, I think it started off
Speaker 1: very good. Um, you know, people seem to be very receptive.
Speaker 1: You heard that he got a night's reception. But as
Speaker 1: he went on, it started becoming clear that he really
Speaker 1: wasn't talking about Donald Trump. And and obviously there was
Speaker 1: anticipation in the audience that he was going to endorse
Speaker 1: Donald Trump, and he did not do that. And so
Speaker 1: I think that's one of the things that kind of,
Speaker 1: you know, sucked up all the oxygen in the room,
Speaker 1: because when Pence came up later, even though he gave
Speaker 1: a great presentation, and that's not the news stories today.
Speaker 1: It's all about uh Ted Cruz and and how he's
Speaker 1: not supporting Donald Trump. And do you think that that
Speaker 1: will make any difference to any of the groups that
Speaker 1: Donald Trump is looking to appeal to. Well, you know,
Speaker 1: there are still a number of Republicans that are on
Speaker 1: that fence. And if you listen to Ted Cruz's speech,
Speaker 1: he gave them a rationale of you know, voting their
Speaker 1: conscience and you know what, what he wanted to see
Speaker 1: in a presidential candidate. And obviously the implication is is
Speaker 1: that Donald Trump doesn't possess that. But it's not just
Speaker 1: the people in that room. I mean, there are millions
Speaker 1: and millions of folks that are still undecided. We just
Speaker 1: did a poll on Hispanic voters, Hispanic Republican voters, and
Speaker 1: only forty percent of them say that they're sure that
Speaker 1: they're going to support Donald Trump. So more than half
Speaker 1: of typical Republican voters in the Hispanic community are not
Speaker 1: even sure that they can vote for Donald Trump. If
Speaker 1: you have any thoughts about Ralph Alvarado, he is a
Speaker 1: state senator from Kentucky. He addressed the convention last night
Speaker 1: before Ted Cruz. Yes, I thought he did a very
Speaker 1: nice job. I heard the entire speech. He finished up
Speaker 1: the speech in Spanish, which was a little surprising because
Speaker 1: you know, I attended to a lot of conventions where
Speaker 1: there are a lot of Spanish speakers, but I didn't
Speaker 1: think we're gonna hear Spanish at this convention and really
Speaker 1: making an appeal to the Hispanic community to vote with
Speaker 1: him and support Donald Trump. I did. I thought he
Speaker 1: did a nice job. Did you hear what was necessary
Speaker 1: in order to bolster your enthusiasm for small business? Well,
Speaker 1: we haven't heard that a lot. You know, we know
Speaker 1: that Donald Trump is a successful businessman, but you know
Speaker 1: there are a lot of specificity and business environment issues
Speaker 1: around regulation, taxation, healthcare fause, how are we going to
Speaker 1: really start creating the jobs that our economy needs. Small businesses,
Speaker 1: Luke talked many times before, is really the engine the
Speaker 1: producers those jobs. We're not hearing a lot about small
Speaker 1: business plans. There was some small business speakers there, but
Speaker 1: again you're really dealing still at the ft view and
Speaker 1: if they're going to close the deal, if they're going
Speaker 1: to get people really excited about them, they really need
Speaker 1: to start focusing in a little bit more on detailed
Speaker 1: plans and really reaching out to a lot more people
Speaker 1: than just the people that were in the room last night. Now,
Speaker 1: President George W. Bush nominated you as the administrator of
Speaker 1: the US Small Business Administration. I wonder if you could
Speaker 1: comment on the fact that there are these not any
Speaker 1: known bush Uh family members attending the convention. Well, those
Speaker 1: campaigns and those conventions and that administration were very, very different.
Speaker 1: I mean I worked very closely with George W. Bush.
Speaker 1: The first speech of his campaign he gave it a
Speaker 1: my organization and it was called a speech called Leading
Speaker 1: No Child Behind. And that was a year before the election.
Speaker 1: The biggest event at the two thousand convention was the
Speaker 1: first event, which was an Hispanic of that. So we're
Speaker 1: obviously in a very different terr tory. Uh. You know,
Speaker 1: George W. Bush understood how to reach out to Hispanics
Speaker 1: and communicate with them in a conservative way without compromising
Speaker 1: his principle, and that's something that a lot of politicians
Speaker 1: still don't understand how to do. Do you feel that
Speaker 1: Jeff Bush would have been a more well friendly candidate
Speaker 1: to the interests of small business, particularly those owned by minorities.
Speaker 1: I'm not objective about this. I'm a big fan of
Speaker 1: Jeff bush Uh. I was on his campaign earlier this year.
Speaker 1: I worked with him when I was in the administration
Speaker 1: and he was the governor of Florida. These are not
Speaker 1: issues that you have to explain to Jeff Bush. He
Speaker 1: understands them very loud and clear. Obviously, he has an
Speaker 1: Hispanic family as well that he loves and he's very
Speaker 1: proud of. And by the way, he speaks fluent perfect Spanish,
Speaker 1: though there's not an issue with translation for him either.
Speaker 1: So obviously, very different candidate, were a very different time.
Speaker 1: But you know, the message that we're communicating to our
Speaker 1: members is right now is the time that people are
Speaker 1: really going to focus in on what decision is that
Speaker 1: they're gonna make. I mean, already decided one way or
Speaker 1: the other in the middle, and we want people to
Speaker 1: be involved in this election. We don't want them to
Speaker 1: stay home. We want them to make a decision, and
Speaker 1: we want them to have as much information as they can.
Speaker 1: And that's why we did this poll. And by the way,
Speaker 1: if anybody is interested in getting it but Latino Coalist
Speaker 1: and dot com, you can download the poll and find
Speaker 1: out what the survey and what's on the mind of
Speaker 1: the Hispanic Republican voters. Are you looking for any more
Speaker 1: details about the economic plans from the Republicans during this
Speaker 1: last day at the convention. Well, I mean again, it
Speaker 1: would be nice. I mean, you know, they've they've they've
Speaker 1: been talking about different things in different days, and jenis
Speaker 1: be about unity. So I'm not sure that we're gonna
Speaker 1: hear a lot of specificity. But look, they're going to
Speaker 1: have to be specific in the debate. They're going to
Speaker 1: have to be specific and reaching out to these different
Speaker 1: communities over the next three months if they're really going
Speaker 1: to want to attract those voters. And by the way,
Speaker 1: the Spanic voters, just like any other voters, are not
Speaker 1: monolithic voters. It's not one issue that's important to them.
Speaker 1: Too many times both parties think, oh, it's the Spanic
Speaker 1: commun we we're gonna talk about immigration. Immigration isn't even
Speaker 1: the top five issue. It's the economy, it's education, it's healthcare.
Speaker 1: Uh and and increasingly, by the way, national security is
Speaker 1: at the top of the list on Hispanic voter's minds.
Speaker 1: That should not be a surprise. We're all concerned about
Speaker 1: things that are happening in our country and things are
Speaker 1: happening around the world. So the politicians are going to
Speaker 1: need to get a lot more effective and being able
Speaker 1: to talk to a lot of different issues to these
Speaker 1: very important growing communities. You know, there's a million Hispanics
Speaker 1: the Urn eighteen every year and that will continue on
Speaker 1: for the next decade or more. It's not a community
Speaker 1: that you can ignore, at least not at your own
Speaker 1: peril if you want to win elections in the future.
Speaker 1: We're speaking with Hector Barretto. He is the chairman of
Speaker 1: the Latino Coalition. He's joining us from Cleveland, Ohio, the
Speaker 1: side of the Republican National Convention. I understand also that
Speaker 1: you had a breakfast today at the convention, the event,
Speaker 1: and I'm wondering if you tell me about some of
Speaker 1: the people that attended. New Jersey Governor Chris Christie. He
Speaker 1: was he was phenomenal. It was actually yesterday exam. It
Speaker 1: was the day after his big speech, so everybody was
Speaker 1: buzzing about this, uh, this this presentation that he made,
Speaker 1: this argument that he made that we thought was very
Speaker 1: powerful and effective. You know, Chris Christie is somebody that
Speaker 1: we worked with for a number of years. He talked
Speaker 1: about a trade mission that we took together to Mexico.
Speaker 1: He talked about how he got fifty one per cent
Speaker 1: of the Hispanic boat. I mean Chris Christie is somebody
Speaker 1: that really gets it, He understands, and he's closed to
Speaker 1: Donald Trump. So I'm hoping that Donald Trump will take
Speaker 1: Chris Christie's advice and new Gingridge's advice. New Ingridge was
Speaker 1: another person we've worked with. Mike Pence has been with
Speaker 1: us before. So there are people around Donald Trump that
Speaker 1: understand these issues and can be very very effective in
Speaker 1: reaching out to these communities if they're allowed to. Another
Speaker 1: attendee I believe was the Mexican ambassador Carlos Sata. We
Speaker 1: had Carlos Sado with us actually in Washington, was going
Speaker 1: to be here, but I think you know that the
Speaker 1: President of Mexico is visiting with Obama. I believe it's
Speaker 1: tomorrow at the White House. That's the sketch that got
Speaker 1: called out at the at the last minute. That Carlos
Speaker 1: saw is somebody that we know, we've worked with, uh
Speaker 1: the gate Leader representative from Mexico. And at the end
Speaker 1: of the day, look, we have issues with all kinds
Speaker 1: of countries around the world, but we're not going to
Speaker 1: change our neighbor to the south. So what we're going
Speaker 1: to need to work very closely with this administration and
Speaker 1: and the Mexican administration, and where we disagree, we need
Speaker 1: to talk about that, but we also need to focus
Speaker 1: on the things that we do agree on. And unfortunately,
Speaker 1: especially in this election cycle, we're only talking about the
Speaker 1: things that we disagree on. We're not talking about the
Speaker 1: things that were we could work together and really create
Speaker 1: opportunities for all Americans. Now, you helped stage that welcoming
Speaker 1: event for George Bush in two thousand I think you
Speaker 1: were the what the sergeant at arms, Well, I was
Speaker 1: the sergeant at arms that was a delegate. Obviously, I
Speaker 1: was a surrogate for a George W. Bush that was
Speaker 1: before he got elected. It was a phenomenal event and
Speaker 1: and it was an important event because it showed the
Speaker 1: unity of the party. The first event was the Hispanic event.
Speaker 1: It was on the steps of the Philadelphia Museum, you
Speaker 1: know where the famous Rocky statues at And you know who.
Speaker 1: One of the guests of honors was John McCain, who
Speaker 1: had run a very competitive race against George W. Bush.
Speaker 1: They came together at that first event to provide a
Speaker 1: unified front. In two thousand four, we did the New
Speaker 1: York Convention. Uh, there were more Hispanic delegates I think
Speaker 1: in Philadelphia and New York than we've ever had before.
Speaker 1: There were hundreds of Hispanics that served on the campaign
Speaker 1: teams and obviously in the administration. That's not a secret
Speaker 1: or a mistake that George W. Bush got forty four
Speaker 1: percent of the Hispanic vote in two thousand four. But
Speaker 1: you know what it had happened since then that boat
Speaker 1: share is things going down, and we've been losing the election.
Speaker 1: And until we fixed that problem, I don't know when
Speaker 1: we're gonna win our next election. Hector Boretto is the
Speaker 1: chairman of the Latino cole FSI and former administrator of
Speaker 1: the US Small Business Administration. Thank you very much for
Speaker 1: joining us from Cleveland. I'm Pim Fox. This is taking Stock,
Speaker 1: and this is Bloomberg.