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Speaker 1: Live from our nations. How do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do for the United States relationship with China?

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Speaker 1: Bloomberg Sound on, the Insiders, the influencers, the insides. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. We're looking at seventy Kennedys for different vectines.

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Speaker 1: How do we make sure a pandemic of this scale

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Speaker 1: never happens again? This is Bloomberg Sound On with Kevin

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Speaker 1: Surrelate on Bloomberg and one oh five point seven f

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Speaker 1: M h D two. Are we hearing the end of

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Speaker 1: all of the restrictions and how will the economy recover?

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Speaker 1: We've got the complete, complete analysis and wrap up of

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Speaker 1: fetch J. Pale and Treasury Secretary Stephen Manutian's full virtual

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Speaker 1: day of testimony to Congress. What you need to know.

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Speaker 1: Plus we're gonna check in with Craig TOAs he's the

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Speaker 1: Bloomberg Federal Reserve reporter. He heard all of this for

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Speaker 1: us UH, and Brad Blakeman returns. He is a Republican strategist,

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Speaker 1: former deputy assistant to President George w. Bush. George Say

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Speaker 1: will also check in CEO of Annandale Capital, Texas Businessman,

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Speaker 1: Senior advisor, SO Marco Rubio, Senator Marco Rubio, presidential run.

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Speaker 1: So lots to get through. We've got an all star,

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Speaker 1: all star panel. Texas is open. I'm gonna ask George

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Speaker 1: about that. Why is Texas open? I'm Kevin Cerilli, Chief

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Speaker 1: Washington correspondent from Bloomberg Television and from Bloomberg Radio. We

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Speaker 1: are awaiting Congressman Friendshill, Republican from Arkansas to join us

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Speaker 1: because there have been It was a busy day for

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Speaker 1: FED Chairman J. Powell, as well as Treasury Secretary Stephen Manusian.

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Speaker 1: And uh, he's on the line, Congressman Fredshill. I know

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Speaker 1: you were following this hearing as they were talking to

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Speaker 1: the Senate Banking Committee. What did you gather, Congressman from

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Speaker 1: what J? Powell fed Shair J Powell and sa A

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Speaker 1: termination had to say, Well, Kevin, great to be with you.

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Speaker 1: First and foremost, I was pleased to hear the Treasure

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Speaker 1: Secretary say that the Main Street facility and the municipal

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Speaker 1: liquidity facility would be up and running next week. I

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Speaker 1: was concerned last week when our friend Randy Quarrels, the

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Speaker 1: Vice Chairman of the FED, said it could be quote

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Speaker 1: weeks before they were up and running. So that was encouraging.

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Speaker 1: And secondly, I took away the sense of flexibility on

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Speaker 1: designing these facilities to be meeting the economic crisis we have,

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Speaker 1: not the one that we either had ten years ago

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Speaker 1: or the one that we read about in a book.

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Speaker 1: So can you, I think, just to go abroad for

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Speaker 1: one second, can we talk about specifically what these FED

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Speaker 1: lending facilities will do? What are they for people who

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Speaker 1: are just tuning in and becoming aware of them. Yeah,

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Speaker 1: it's super important. So there's two sets of FED facilities.

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Speaker 1: This is where we take money from the Treasury and

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Speaker 1: the Exchange Stabilization Fund that is appropriated money. It's taxpayer

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Speaker 1: money that the Congress has authorized to the Treasury. The

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Speaker 1: Treasury then allows the FED to leverage UH that money

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Speaker 1: in a special purpose Vehicle and SPV. So there are

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Speaker 1: pre cares facilities that the FED stood up very quickly

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Speaker 1: in March for money markets for the primary dealers for

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Speaker 1: the asset based UH securities. They got those up and running,

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Speaker 1: and they also announced a primary and secondary corporate bond facility.

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Speaker 1: And when they did that, they really calm the markets down.

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Speaker 1: We saw fixed income spreads fall for both high grade

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Speaker 1: bonds as well as high yield. We saw the stock

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Speaker 1: market rally a bit. So that's what they did first

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Speaker 1: using their existing money and their existing leverage. Then in

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Speaker 1: the Cares Act, Congress increased that appropriation to the Treasury.

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Speaker 1: And they've now stood up a main street lending facility

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Speaker 1: which will lend money to bigger companies UH five employees

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Speaker 1: and up to fifteen thousand employees, much bigger revenue scale.

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Speaker 1: They've stood up a municipal liquidity facility which lends money

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Speaker 1: to investment grade municipal issuers, state issuers UH and so

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Speaker 1: UH these two are just now in term sheet form

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Speaker 1: and will be available for application and you starting uh

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Speaker 1: now and next week. And that's what we're all eager

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Speaker 1: to see the results of carresson. I want to ask

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Speaker 1: you about the oversight report in a second, but I

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Speaker 1: want to stay with this because if folks are listening

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Speaker 1: on their way home from work, I mean, it's it's

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Speaker 1: incredibly important that these lending facilities get up and running.

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Speaker 1: And how is this different than the bailouts and I

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Speaker 1: know you probably maybe we don't want to use the

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Speaker 1: word bell. How is this nervous or how is this

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Speaker 1: different than the bill out? We'll look at oh eight

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Speaker 1: and oh nine. You have the FED and the Treasury

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Speaker 1: run to the rescue of the American and global financial system,

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Speaker 1: and they we're rescuing, UH and using taxpayer money to

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Speaker 1: rescue the very businesses that potentially contributed to the economic crisis.

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Speaker 1: So we have a very different situation here. We have

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Speaker 1: a public health crisis that's created a global economic crisis,

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Speaker 1: and so the Fed and Treasury here are working with

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Speaker 1: the financial institutions are banks to get capital out to

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Speaker 1: the productive sector of the economy, our industrial and sector,

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Speaker 1: and our small business sector. French Hills on the line.

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Speaker 1: He's a Republican Congressman from the great state of Arkansas. UH.

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Speaker 1: He also has served in the private sector in the

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Speaker 1: financial services industry. I want to get you away in

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Speaker 1: on this because you know, I want to stay away

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Speaker 1: from the you know, the share Brown, theatrics with Treasury

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Speaker 1: Secretary Manution and all that YadA YadA. But I want

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Speaker 1: to cut to the chase with FED share J Powell,

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Speaker 1: because he's whether it's an interview with CBS News on

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Speaker 1: or or his testimony today. He's suggesting that more economic aid,

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Speaker 1: more economic relief might be needed, and that Congress might

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Speaker 1: have to step in he now, I think where the

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Speaker 1: media misses the mark a bit, if I could, is

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Speaker 1: to say he's not endorsing the Democrat or Republican plan.

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Speaker 1: He like the three trillion dollars that Speaker Pelosi wants,

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Speaker 1: but he is suggesting that more relief might be needed.

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Speaker 1: Can you give us a snapshot of how realistic another

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Speaker 1: aid bill will be, what might be in it, and

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Speaker 1: when it might come Well, it's a good question, and

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Speaker 1: I think he's been very cautious about how he describes that.

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Speaker 1: I don't think people should jump to conclusions. I think

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Speaker 1: what he's simply saying is, look the FED, due to

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Speaker 1: thirteen three of the Federal Reserve Act, and the use

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Speaker 1: of leveraging these facilities is a lender last results. They have,

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Speaker 1: they have to lend to solvent UH entity. They have

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Speaker 1: rules around their ability to help the economy, and this

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Speaker 1: economy may have UH some more challenging days ahead of

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Speaker 1: it due to the fall off and tax revenue in

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Speaker 1: a particular state, or due to a very hurt industry

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Speaker 1: and traveling leisure, for example. So he's simply saying, there

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Speaker 1: could be sustained issues here that I can't solve at

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Speaker 1: the FET you will have to solve in Congress. Be

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Speaker 1: mentally prepared to look for those gaps, be mentally prepared

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Speaker 1: to act if that's necessary. And I believe that's a cautious,

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Speaker 1: appropriate view for the Federal Reserve chairman. Okay, And then

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Speaker 1: the report just came out the Congressional Oversight Commission. You

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Speaker 1: guys have published your official report. You are the only

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Speaker 1: House member, you're the only House Republican on this particular committee,

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Speaker 1: along with Senator Pat Toomey, who we've spoken with, Congressman

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Speaker 1: Donna Shalala Uh and barat Ram ram Mo Marty. What

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Speaker 1: did you the chairperson hasn't been appointed, what did you

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Speaker 1: find in the report of getting oversight over the cares Well,

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Speaker 1: we took an approach, all four of us, and we

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Speaker 1: worked on this in a very bipartisan basis. We took

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Speaker 1: the approach that was taken in December two thousand and

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Speaker 1: eight in the first TARP report. We wanted to ask

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Speaker 1: what is the Treasury and the FED strategy, what are

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Speaker 1: their tactics and using these facilities to get the economy

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Speaker 1: back to full capacity? And then we had some particular

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Speaker 1: questions about the actual use. And the good news is

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Speaker 1: these questions will guide us over the next few weeks

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Speaker 1: as we meet with treasuring the FED to determine what

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Speaker 1: they're doing and or is what they're doing going to

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Speaker 1: be successful in our view. You know, Congressman frend Show,

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Speaker 1: you've always been such a friend of the program. You

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Speaker 1: you and I have talked for years now. Uh and uh,

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Speaker 1: you know, I know you're on this bipartisan committee doing oversight.

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Speaker 1: It's such important work. But you know, I have I

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Speaker 1: have a lot of confidence that that that this team

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Speaker 1: is going to make sure and it's a very ideologically diverse,

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Speaker 1: diverse panel, but I have a lot of confidence the

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Speaker 1: team and you know what's important. So I appreciate you, Congressman,

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Speaker 1: coming on to tell us about that reporting because a

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Speaker 1: lot of small businesses that you and I have talked about,

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Speaker 1: both offline and online, are in dire need of this

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Speaker 1: to to keep to keep open. So thank you. My

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Speaker 1: best wish is Kevin. Thank the stay in touch. All right.

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Speaker 1: We well, we'll talk to you my friend. Coming up,

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Speaker 1: we check in with Craig Torrez for more on that hearing.

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Speaker 1: I'm Kevin SERELLI. You're listening to Bloomberg. You're listening to

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Speaker 1: Bloomberg Sound On with Kevin Surrele on Bloomberg and one

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Speaker 1: oh five point seven f M h D two. My

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Speaker 1: name is Kevin CURRELLI. I'm the chief Washington correspondent for

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Speaker 1: Bloomberg TV and for Bloomberg Radio. I want to stick

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Speaker 1: with this incredibly monumental, monumental story of fed share J.

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Speaker 1: Powell and Treasury Secretary Manution testifying before the Senate Banking

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Speaker 1: Committee earlier today when we heard from Congressman Friends Show

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Speaker 1: Republican from Arkansas. To kick things off, he's the only

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Speaker 1: House Republican on the oversight panel of of the Cares Act. Uh.

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Speaker 1: And there's just so much money, so much money being

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Speaker 1: injected into the economy right now. And uh. Even Powell

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Speaker 1: was was has been signaling that more money might be

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Speaker 1: needed for for Congress to appropriate. But but a lot

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Speaker 1: of people are taking that to suggest that he would

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Speaker 1: want the Speaker Pelosi plan. But I'm not sure that

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Speaker 1: I'm hearing that I think that what we heard we

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Speaker 1: just heard from UH Representative Hill is that he's just

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Speaker 1: saying be ready to inject more in case that might

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Speaker 1: be needed. Let's get more analysis and reaction from Craig

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Speaker 1: Torres Bloomberg Federal Reserve Reporter. Craig, what were your big

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Speaker 1: takeaways from the testimony earlier today. Let's start where you started, Kevin.

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Speaker 1: I heard Paul say we're at the front end of

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Speaker 1: UM FED stimulus. In other words, we're still implementing the

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Speaker 1: job you gave us to do. UM. There are several

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Speaker 1: facilities that aren't even open yet. UM. I can think

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Speaker 1: of the one where they're gonna loan directly or buy

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Speaker 1: bonds directly from corporations, and of course the main Street

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Speaker 1: lending facility, which he said will be opened by the

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Speaker 1: end of the month, with the Boston FED team working

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Speaker 1: seven trying to get it up on its legs. So

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Speaker 1: I thought that was interesting, like, we still are trying

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Speaker 1: to shove out UM the money you gave us back

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Speaker 1: when you signed the Cares Act at the end of March.

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Speaker 1: You know, I think that's a great point. And I

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Speaker 1: think that when you talk about a six hundred billion

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Speaker 1: dollar six hundred billion dollar main street lending program to

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Speaker 1: be opened and up and running by the end of May.

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Speaker 1: Just for comparisons sake. You know, there's a lot of

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Speaker 1: headlines yesterday about China. They're giving to billion just to

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Speaker 1: the World Health Organization to help I guess with the

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Speaker 1: with the pandemic aftermath. Six hundred lillion dollar FED lending

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Speaker 1: main street lending program is what the U s is

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Speaker 1: doing just domestically in addition to the three or two

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Speaker 1: trillion dollars worth in the Cares Act. So the US

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Speaker 1: is really uh doing a lot here to to to

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Speaker 1: continue with the recovery. I want to go really broad

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Speaker 1: because I know that we have Bloomberg are so good

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Speaker 1: and so really I would argue to do it better

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Speaker 1: than anyone about you know what exactly the ends and

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Speaker 1: the outs of the main street letting program. But if

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Speaker 1: you're in your car and your way home from work,

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Speaker 1: what is it going to do for your small business

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Speaker 1: or what is it going to do for the company

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Speaker 1: that you work for? Craig tour as Bloomberg Fed reporter.

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Speaker 1: This main street lending program, when it's opened by the

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Speaker 1: end of the month, it's basically like a revenue replacement loan.

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Speaker 1: So you know, right now, if you're let's say you

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Speaker 1: have a couple of sushi franchises and nobody's coming to

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Speaker 1: the door for takeout, and you know you've lost your

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Speaker 1: your your hemorrhaging money, Well, you can borrow this loan.

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Speaker 1: There's a portion of it that will be UM where

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Speaker 1: the interest is suspended so you don't have to pay

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Speaker 1: it back right away. And UM it's only for two years,

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Speaker 1: relatively low interest rate. And it's basically you know, to

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Speaker 1: bridge you through this UM if you need it. That's all.

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Speaker 1: It's pretty simple and it's and it's in its idea.

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Speaker 1: What did what did they have to say about unemployment

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Speaker 1: and the effects of unemployment. The longer that this goes on, right,

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Speaker 1: So what we learned from the last two jobless recoveries

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Speaker 1: is the longer people stay out of the labor market,

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Speaker 1: the more of their skills eroad, and the harder it

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Speaker 1: is for them to get back in the market. So

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Speaker 1: this is a big concern by FEDE officials. But maybe

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Speaker 1: if we can bridge loan companies, we can keep them

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Speaker 1: standing so that when Governor X or Y says you

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Speaker 1: can reopen, they can put those employees back to work.

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Speaker 1: In other words, the deaths haven't been auctioned off, the

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Speaker 1: ovens haven't been sold whatever that, you know, we want

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Speaker 1: to keep these businesses standing. Kevin, I think this is

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Speaker 1: j Pal's biggest worry. We have thousands and thousands of

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Speaker 1: small businesses, even medium sized businesses, you know, with millions

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Speaker 1: of dollars in revenue, that are capsized right now, and

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Speaker 1: we have to right side them up, make sure they're floating.

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Speaker 1: That's what the main street lending facility is going to do,

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Speaker 1: so that when we go back to work, their actual

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Speaker 1: jobs for people to go back to. It's so interesting

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Speaker 1: and it's so fascinating, and of course we all still

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Speaker 1: remember the two thousand and eight economic Great recession and

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Speaker 1: so but the comparisons, I mean, it's just so different

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Speaker 1: this time around. Did they say anything or what did

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Speaker 1: you glean Craig Torrez, Bluebird's Federal Reserve reporter, about how

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Speaker 1: they're watching the structural changes not just in the United

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Speaker 1: States but worldwide, about when we recover from this pandemic,

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Speaker 1: both health and economic wise, that the post pandemic economy

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Speaker 1: might be structurally different than when we went into it. Well,

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Speaker 1: you hear j I mean, what's funny is you know

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Speaker 1: they don't have a strong answer for that because he

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Speaker 1: keeps saying, you know, I mean, we we're not epidemiologists.

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Speaker 1: So it's even hard for them to have a forecast.

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Speaker 1: Right now. We don't know if there's going to be

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Speaker 1: a resurgence of Americans are gonna behave um in public space,

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Speaker 1: um the way there. You know, governments are asking us

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Speaker 1: to We just don't know so and neither does the FED.

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Speaker 1: Or do they think it's going to be different? Oh? Yeah,

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Speaker 1: you know, they know what you and I know, like

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Speaker 1: we're gonna have to have until we have a vaccine,

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Speaker 1: we're gonna have to have social distancing. Remote work will

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Speaker 1: be a thing for millions of us, So sure it'll

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Speaker 1: be different. They haven't made any grand pronouncement. And the

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Speaker 1: way some economists are making about what this means for productivity,

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Speaker 1: long run, etcetera, that's too early for that. I think

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Speaker 1: in their minds, what are you going to be? What?

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Speaker 1: What did Secretary Manuchians say? Is he is he on?

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Speaker 1: Is he echoing President Trump in terms of reopening the economy?

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Speaker 1: Or did he was there any differences that you noticed

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Speaker 1: between the two or are they speaking from the same playbook.

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Speaker 1: It's a really interesting question. Um, I think I've had

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Speaker 1: to watch I don't cover U Secretary Manuchin, but I

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Speaker 1: am watching him because he's working so closely with the FED.

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Speaker 1: I do see him wanting to push these programs forward,

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Speaker 1: be it paycheck protection, you know, where the smallest businesses

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Speaker 1: keep employees on the payroll and get a government grant

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Speaker 1: for doing so, to the largest corporate facilities, I see

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Speaker 1: him one involved in those and wanting them to be successful.

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Speaker 1: All right, Craig Torrez breaking it all down for us

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Speaker 1: so much, great insights. Thank you, Craig torres Stay well,

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Speaker 1: my friend. He's Bloomberg's Federal Reserve reporter. Coming up much

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Speaker 1: more policy and politics. I'm Kevin Cirelli. You're listening to Bloomberg.

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Speaker 1: You're listening to Bloomberg Sound On with Kevin Surrel on

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Speaker 1: Bloomberg and one O five point seven m HD two.

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Speaker 1: I'm Kevin Cirelli, Chief Washington corresponded for Bloomberg Television and

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Speaker 1: for Bloomberg Radio. And I finally finished. I finally finished

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Speaker 1: the Last Dance on ESPN, and I gotta tell you,

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Speaker 1: if you haven't seen the last episode, it is so good.

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Speaker 1: It is so good, so well done. I just wish

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Speaker 1: it was longer. What am I gonna watch now? I mean, seriously,

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Speaker 1: what am I going to watch now? There's nothing on.

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Speaker 1: Can't stream, can't stream, can't not, can't watch ESPN. You

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Speaker 1: know I was, I was anyway joining us on the line.

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Speaker 1: I wonder if he's watched it. George c CEO of

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Speaker 1: Annandale Capital, Texas businessman and a former senior advisor to

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Speaker 1: Marco Rubio presidential campaign. George, did you watch the Last

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Speaker 1: Dance on ESPN? Every episode? It was amazing? Right? What

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Speaker 1: do you think of the final episode? I loved every

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Speaker 1: single one, including the final one. I I thought that

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Speaker 1: was spectacular documentary TV. And I totally appreciate Ken Burgess

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Speaker 1: comment that he never would have done that show because

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Speaker 1: Jordan had so much control over the content. But I

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Speaker 1: don't think that show deified. Jordan had showed a lot

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Speaker 1: of his faults and and where he went wrong. But

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Speaker 1: it's funny that that he's come back into the consciousness

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Speaker 1: because I've always used to from an investment standpoint, that

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Speaker 1: that I'm certainly not Michael Jordan, but that like Michael

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Speaker 1: Jordan's when there's three seconds on the clock. I want

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Speaker 1: the ball period in life, every time. I love that,

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Speaker 1: love that. See. I've always kind of imagine myself to be,

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Speaker 1: you know, more of an Alan Iverson type. But hey,

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Speaker 1: who am I to judge? Uh, George, We've got a lot.

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Speaker 1: You can't possibly be that tatted up. There's no way.

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Speaker 1: He's my favorite athlete of all time, Allen Iverson because

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Speaker 1: when I was, when I was a kid, Uh that

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Speaker 1: he was in his peak. I wish they would do

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Speaker 1: one on him. If they did, I would go insane. Anyway,

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Speaker 1: the thirty on him is really good. Anyway, Enough about that, George,

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Speaker 1: what's going on in Texas? You're down there in Texas?

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Speaker 1: What part of Texas are you at? You guys are

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Speaker 1: open for business? Things are down? Are normal down there,

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Speaker 1: aren't they? Dallas, Texas, USA? We're wide open for business.

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Speaker 1: You can only fill up a bar, but basically everything

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Speaker 1: else is turned back on. See that's that's now. Why

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Speaker 1: is that? What do you attribute that to? Just being

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Speaker 1: down there? Because where I am in Washington, d C.

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Speaker 1: Everything is basically still locked down and shut down. Nothing's

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Speaker 1: open um And we're getting some word from Mayor Bowser

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Speaker 1: according to local reports and comments that she has made

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Speaker 1: earlier today that on Thursday they might be announcing phase

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Speaker 1: one of how it would look should they begin to

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Speaker 1: reopen on June eight. But we still don't know. But

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Speaker 1: it seems like we're trending in the right direction. But

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Speaker 1: what are they pointing to down in Texas for why

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Speaker 1: you guys have been able to reopen. Well, I think

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Speaker 1: part of its luck. And I would say that that

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Speaker 1: quite a few big city mayors on the left have

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Speaker 1: expressed quite a bit of discomfort that we're reopening, and

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Speaker 1: and and some county judges as well. But I think

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Speaker 1: the reality is Texas is lucky and big both. Um,

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Speaker 1: we're lucky that the virus didn't hit us hard early,

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Speaker 1: especially after Marti Gras just made it explode in in

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Speaker 1: in New Orleans. And we're also lucky to be big

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Speaker 1: because we're so spread out that there you could treat

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Speaker 1: the state in a much more complex fashion than you

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Speaker 1: can treat Los Angeles or Washington, d C. Here in

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Speaker 1: New York, they're so dense. There's communities like Dallas or Houston,

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Speaker 1: or San Antonio or Austin that are pretty dense and

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Speaker 1: have high populations and they have to be treated one way,

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Speaker 1: but us be counting down in the Texas Hill Country

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Speaker 1: in central Texas where we've got a vacation home. They've

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Speaker 1: had two cases of the virus total in the county.

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Speaker 1: So you can treat that county like a whole different

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Speaker 1: animal like that, as long as you don't have a

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Speaker 1: whole lot of people coming in and out. And the

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Speaker 1: governor from the beginning said, you know, don't travel unless

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Speaker 1: you have to. So the travel was cut down significantly.

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Speaker 1: So I just don't think the virus has been able

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Speaker 1: to spread very well down here. Now, you know, next

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Speaker 1: fall we're gonna find out whether this thing floats back

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Speaker 1: into action like so many people predict. There's just so

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Speaker 1: much unknown. It's it's a strange world we live in

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Speaker 1: today because we're all guessing. Nobody knows, so talk about

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Speaker 1: you doesn't know. Dr Burkes doesn't know. President Trump don't know.

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Speaker 1: They're all guessing, So what about okay. One thing that

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Speaker 1: we has also been rocking the markets is energy, and

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Speaker 1: especially with how the Saudi and Russia situation has played out.

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Speaker 1: What have you what are your observations on on where

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Speaker 1: things stand and the energy markets based upon all the

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Speaker 1: Hiss developments with Saudi That's a great question. So I

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Speaker 1: have viewed Saudi Arabia as a friend of me since

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Speaker 1: nine eleven, and I now would even remove the the

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Speaker 1: f R part of that, since they joined Russian taking

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Speaker 1: that preposterous action. Um, I think that we just need

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Speaker 1: to completely reevaluate how we interact with the Saudi's and

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Speaker 1: not treat them like an open enemy like the Russians,

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Speaker 1: but use them for for when they they suit our purposes,

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Speaker 1: and otherwise pay as little attention to them as possible.

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Speaker 1: We don't need their oil. The guy running the country now,

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Speaker 1: the princeling, who's barely thirty plus years old, has proven Yeah,

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Speaker 1: I think he's thirty four, but I'm not sure. He's

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Speaker 1: proven himself to be completely incompetent and a very rash

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Speaker 1: person as well. And if he maintains his hold on

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Speaker 1: that country over the long term, I think it'll be

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Speaker 1: a little miraculous because he's made thousands of enemies in

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Speaker 1: the royal family and and thousands of enemies around the

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Speaker 1: rest of the country by the heavy handed approach he's

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Speaker 1: taken and him locking them all up in that rich

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Speaker 1: Carlton at one point. So we had Texas Field is

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Speaker 1: very very strongly because we're having a tremendous amount of

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Speaker 1: economic pain down here, not just over oil, but we've

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Speaker 1: got a huge health care industry down here, and they're

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Speaker 1: they're all feeling the pain too. That's one of another

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Speaker 1: ironies of the bug, the Wuhan bug, is that people

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Speaker 1: don't realize that health care should be UH in the

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Speaker 1: chips with all the new disease they have to treat

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Speaker 1: and all the cases they have treat, but nobody's going

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Speaker 1: anywhere near a hospital right now. So a lot of

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Speaker 1: UH for profit hospitals and doctor's offices and all that

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Speaker 1: are threatened with bankruptcy, just like so many other businesses.

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Speaker 1: George stays on the season. George sees on the line.

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Speaker 1: Here is CEO of Annandale Capital. George, what would you

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Speaker 1: say if you were in office right now, if you

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Speaker 1: were an elected official, if you were a governor of

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Speaker 1: I don't know, Texas, what would be the first thing

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Speaker 1: that you do in order to kick start the economy? Gosh,

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Speaker 1: I love questions like that. Well, the number one thing

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Speaker 1: I would do would be to hold a daily press

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Speaker 1: briefing where I spoke for no more than five minutes,

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Speaker 1: and I let all the medical professionals give the update

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Speaker 1: on everything else until we're through this crisis. In second,

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Speaker 1: I wouldn't use my time to air every grievance I

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Speaker 1: have in the in the world. I would use that

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Speaker 1: time to encourage the American people and to provide empathy

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Speaker 1: and mutual sorrow for those who've lost loved ones or

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Speaker 1: have had people get really super sick on on all that,

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Speaker 1: and I would do my very best to encourage and

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Speaker 1: give the FDR fireside chat kind of remarks where people

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Speaker 1: come away feeling determined to get us all through this.

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Speaker 1: On the economy that I'm here, await before you go

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Speaker 1: on the economy when I'm hearing is compassionate conservatism. Go ahead, Yeah,

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Speaker 1: that's that's where I live. That's the neighborhood I live in,

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Speaker 1: period and and and eco emphasis on both no sacrifice

429
00:24:56,640 --> 00:25:00,159
Speaker 1: of of conservatism for compassion. I think my girls in

430
00:25:00,200 --> 00:25:04,320
Speaker 1: particular is heavily criticized by the right for being kind

431
00:25:04,359 --> 00:25:08,560
Speaker 1: of a big government compassionate conservative. I'm not a big

432
00:25:08,560 --> 00:25:11,439
Speaker 1: government advocate, I'm not a big spending advocate. Both sees

433
00:25:11,480 --> 00:25:15,120
Speaker 1: compassionate and conservative. So on the economy, we're a really

434
00:25:15,240 --> 00:25:18,720
Speaker 1: rough spot right now, because our debt is getting so

435
00:25:18,840 --> 00:25:23,280
Speaker 1: outrageously large that it's going to stultify economic growth and

436
00:25:23,359 --> 00:25:26,000
Speaker 1: call for higher taxes for years to come to overcome

437
00:25:26,000 --> 00:25:28,719
Speaker 1: this thing. So we can't keep spending like a drunken

438
00:25:28,720 --> 00:25:31,800
Speaker 1: sailor forever. I'm completely behind everything that's been done so

439
00:25:31,840 --> 00:25:33,920
Speaker 1: far by the government. It's been a really nice job.

440
00:25:34,359 --> 00:25:36,560
Speaker 1: But I think the FED is the entity that's really

441
00:25:36,600 --> 00:25:39,240
Speaker 1: most responsible for him here on app to keep things going,

442
00:25:39,280 --> 00:25:42,080
Speaker 1: and Chairman pal over the weekend said that he's got

443
00:25:42,160 --> 00:25:44,960
Speaker 1: plenty of bullets left and there's nothing they can't do,

444
00:25:45,480 --> 00:25:47,320
Speaker 1: and that's the main reason the market went up nine

445
00:25:47,640 --> 00:25:50,399
Speaker 1: points yesterday. So I would be just doing everything I

446
00:25:50,440 --> 00:25:52,399
Speaker 1: could to encourage the FED and stay out of its way,

447
00:25:52,400 --> 00:25:53,960
Speaker 1: because I think the FED is doing a great job,

448
00:25:54,000 --> 00:25:57,080
Speaker 1: all right, And so we have left What about China?

449
00:25:57,160 --> 00:25:59,960
Speaker 1: How is this going to impact the US China trade relationship?

450
00:26:00,000 --> 00:26:02,720
Speaker 1: And is there a way to get Europe back on

451
00:26:02,800 --> 00:26:04,800
Speaker 1: board with the United States? And I am back on board,

452
00:26:04,800 --> 00:26:07,400
Speaker 1: but just speaking from the same playbook as the US

453
00:26:07,440 --> 00:26:10,520
Speaker 1: when it comes to China, I think that'll be difficult

454
00:26:10,520 --> 00:26:12,600
Speaker 1: as long as the president's in office. I think he's

455
00:26:12,680 --> 00:26:15,840
Speaker 1: he's really had a hard time connecting with the European

456
00:26:15,920 --> 00:26:18,320
Speaker 1: leaders or intellers, a turnover in those chiefs of state.

457
00:26:18,720 --> 00:26:22,239
Speaker 1: As for China, our bilateral relationship with the Chinese, who

458
00:26:22,240 --> 00:26:24,440
Speaker 1: are an enemy of the United States, is going to

459
00:26:24,480 --> 00:26:27,320
Speaker 1: be the number one foreign policy and domestic policy challenge

460
00:26:27,359 --> 00:26:29,760
Speaker 1: I think we have in the next fifty years, and

461
00:26:29,800 --> 00:26:32,320
Speaker 1: how we play that hand is going to determine greatly

462
00:26:32,760 --> 00:26:35,080
Speaker 1: whether we continue to be the most powerful and most

463
00:26:35,080 --> 00:26:37,240
Speaker 1: wonderful country in the world or we start to fade.

464
00:26:37,440 --> 00:26:41,040
Speaker 1: And Uh, this Wuhan bug, and I don't have any

465
00:26:41,040 --> 00:26:43,280
Speaker 1: problem calling it a Wuhan bug or a China bug,

466
00:26:43,320 --> 00:26:45,080
Speaker 1: because that's where it came from, and that's how we've

467
00:26:45,119 --> 00:26:47,560
Speaker 1: done all these pandemics in the past. You name it

468
00:26:47,600 --> 00:26:51,200
Speaker 1: after predominantly where it came from. And I think that

469
00:26:51,320 --> 00:26:54,639
Speaker 1: both the Congress, the President, the military, and our economy

470
00:26:54,720 --> 00:26:57,359
Speaker 1: have a huge challenge ahead in terms of facing off

471
00:26:57,400 --> 00:27:00,240
Speaker 1: an enemy China, but doing it in a way where

472
00:27:00,240 --> 00:27:02,480
Speaker 1: we don't completely shut down trade with China and the

473
00:27:02,480 --> 00:27:05,360
Speaker 1: way we interact with them. George, George C. I appreciate

474
00:27:05,440 --> 00:27:07,119
Speaker 1: the time. I'll catch up with you later. Thank you

475
00:27:07,160 --> 00:27:10,320
Speaker 1: so much. Much more coming up ahead. You're listening to Bloomberg.

476
00:27:13,800 --> 00:27:18,320
Speaker 1: This is Bloomberg Sound On with Kevin Surley on Bloomberg

477
00:27:19,160 --> 00:27:21,359
Speaker 1: one and one oh five point seven F m h

478
00:27:21,480 --> 00:27:27,200
Speaker 1: D two. Bitter Sweet, a bitter Sweet symphony. Maybe that's

479
00:27:27,240 --> 00:27:30,040
Speaker 1: a good song for these times. I'm Kevin Sirley, Chief

480
00:27:30,040 --> 00:27:35,040
Speaker 1: Washington correspondent for Bloomberg Television and for Bloomberg Radio. Tuesday, Folks, Tuesday,

481
00:27:35,080 --> 00:27:39,280
Speaker 1: Windy Tuesday. Here in the nation's capital, windy, wind was windy.

482
00:27:39,440 --> 00:27:44,119
Speaker 1: Brad Blakeman, Republican strategist, former deputy assistant to President George W. Bush. Brad,

483
00:27:44,160 --> 00:27:48,000
Speaker 1: it's windy today. It is windy. It's a two pay alert.

484
00:27:49,200 --> 00:27:52,280
Speaker 1: Oh gosh, I don't want to get in trouble. Brad.

485
00:27:52,359 --> 00:27:55,840
Speaker 1: It's Tuesday. It's Tuesday. It's not even it's a three

486
00:27:55,920 --> 00:27:57,960
Speaker 1: day week. And hey, Brad, you go into the down

487
00:27:58,000 --> 00:28:00,080
Speaker 1: the shore this week. I guess up the shore if

488
00:28:00,080 --> 00:28:02,280
Speaker 1: you go to Jersey where I used to go, You're

489
00:28:02,280 --> 00:28:04,280
Speaker 1: going to the shore this weekend. Are you stay and put?

490
00:28:04,320 --> 00:28:06,040
Speaker 1: That's the big question I have for people. Are you

491
00:28:06,080 --> 00:28:08,119
Speaker 1: getting out this weekend? Are you stay and put? I'm

492
00:28:08,160 --> 00:28:11,280
Speaker 1: staying put. I'm gonna I'm gonna get out I don't

493
00:28:11,320 --> 00:28:13,680
Speaker 1: necessarily think I'm gonna go to the beach, but I'm

494
00:28:13,720 --> 00:28:15,920
Speaker 1: definitely gonna get out. I got cabin fever big time.

495
00:28:16,040 --> 00:28:18,520
Speaker 1: Oh don't get me wrong, have cabin fever. I go

496
00:28:18,520 --> 00:28:21,920
Speaker 1: on like a trillion walks a day. Okay, but where

497
00:28:21,960 --> 00:28:23,880
Speaker 1: would you go? Because the beaches are I guess they're

498
00:28:23,920 --> 00:28:29,080
Speaker 1: technically open, right, Yeah, they are, great falls park near

499
00:28:29,200 --> 00:28:35,000
Speaker 1: us in Virginia, beautiful old old town in Alexandria, Virginia,

500
00:28:35,640 --> 00:28:38,720
Speaker 1: Nashual Harbor, great places to go to, the National Mall.

501
00:28:39,240 --> 00:28:40,800
Speaker 1: We got a lot of choices. I go to the

502
00:28:40,880 --> 00:28:43,440
Speaker 1: National Mall. I go. That's That's where I do most

503
00:28:43,440 --> 00:28:46,360
Speaker 1: of my my walks and my runs and everything. Um,

504
00:28:46,360 --> 00:28:48,720
Speaker 1: it's it's it's so surreal to be down at the

505
00:28:48,800 --> 00:28:52,680
Speaker 1: National Mall and still have it so empty. It's so empty.

506
00:28:52,760 --> 00:28:55,720
Speaker 1: But it's but people are very much respecting social distancing

507
00:28:55,720 --> 00:28:58,000
Speaker 1: down there. And you know, I give I give washington

508
00:28:58,080 --> 00:29:02,040
Speaker 1: Ian's a a matth save, massive, massive round of applause,

509
00:29:02,360 --> 00:29:04,920
Speaker 1: thumbs up, amount of gratitude, all of that for how

510
00:29:05,240 --> 00:29:10,440
Speaker 1: I feel everyone's been respecting in the DC Beltway Vibe world.

511
00:29:10,680 --> 00:29:13,320
Speaker 1: I feel like they've been respecting it. So we'll see,

512
00:29:13,360 --> 00:29:17,600
Speaker 1: we'll see, Brad. What's going on with Trump versus Biden?

513
00:29:17,640 --> 00:29:19,240
Speaker 1: What are your what are you? What are you noticing?

514
00:29:20,280 --> 00:29:23,240
Speaker 1: What I'm noticing is, you know, the Democrats are citing

515
00:29:23,360 --> 00:29:26,880
Speaker 1: national polls UM. But you know, I think they make

516
00:29:26,920 --> 00:29:29,360
Speaker 1: a big mistake because if you look at the recent

517
00:29:29,360 --> 00:29:35,320
Speaker 1: polling in battleground stage UM like Florida and Michigan, Pennsylvania, Wisconsin,

518
00:29:36,040 --> 00:29:40,400
Speaker 1: Trump's doing UH fairly well. So while Trump may have

519
00:29:40,600 --> 00:29:45,680
Speaker 1: a national disadvantage in a popular vote UM, he still

520
00:29:45,720 --> 00:29:52,240
Speaker 1: has an electoral advantage in uh current polling. So it's

521
00:29:52,280 --> 00:29:55,400
Speaker 1: gonna be a barnburner no matter what. As far as

522
00:29:56,240 --> 00:29:59,560
Speaker 1: the closeness of this election cycle, and typically you know,

523
00:29:59,640 --> 00:30:03,120
Speaker 1: people went to the voting booths for presidential years asking themselves,

524
00:30:03,240 --> 00:30:05,280
Speaker 1: my better off today than I was four years ago?

525
00:30:06,880 --> 00:30:11,200
Speaker 1: Well economically, right now, right now? Economics, how do you

526
00:30:11,520 --> 00:30:14,120
Speaker 1: how do you answer that or how do I guess

527
00:30:14,120 --> 00:30:16,560
Speaker 1: the better question for you? Brought as the strategist, how

528
00:30:16,600 --> 00:30:19,120
Speaker 1: do you make the pitch to voters who are furloughed

529
00:30:19,160 --> 00:30:23,200
Speaker 1: or laid off and have taken a whacking economically that

530
00:30:23,280 --> 00:30:26,720
Speaker 1: they're better off four years ago than today now? I

531
00:30:26,760 --> 00:30:28,880
Speaker 1: don't think any mean even Joe Biden came out and

532
00:30:28,920 --> 00:30:33,520
Speaker 1: said he doesn't blame specifically the president for the virus itself.

533
00:30:33,600 --> 00:30:36,680
Speaker 1: No one's blaming Biden for the virus. No one's blaming

534
00:30:36,720 --> 00:30:38,840
Speaker 1: Trump for the virus. Now the handling of the virus

535
00:30:38,840 --> 00:30:41,480
Speaker 1: that's up for you know, that's what everyone's debating. But

536
00:30:41,600 --> 00:30:44,160
Speaker 1: how do you make that pitch if you're Trump and Biden,

537
00:30:44,960 --> 00:30:47,960
Speaker 1: especially when quite honestly, in the short term people might

538
00:30:48,000 --> 00:30:50,920
Speaker 1: be really feeling it more than feeling it. It might

539
00:30:50,960 --> 00:30:54,680
Speaker 1: be hammered. There's no doubt. And and the question that's

540
00:30:54,720 --> 00:30:58,120
Speaker 1: normally asked is not going to be asked because clearly

541
00:30:58,160 --> 00:31:02,680
Speaker 1: people are not better off than they were. The question is, um,

542
00:31:02,840 --> 00:31:04,880
Speaker 1: who are they going to count on to lead them

543
00:31:04,920 --> 00:31:07,840
Speaker 1: through to the end of this crisis? Because I can

544
00:31:07,840 --> 00:31:09,480
Speaker 1: tell you right now, as much as we're going to

545
00:31:09,560 --> 00:31:12,480
Speaker 1: try and get back to normal, whatever that new normal

546
00:31:12,560 --> 00:31:15,240
Speaker 1: will be, as we will, we will not be made

547
00:31:15,280 --> 00:31:19,400
Speaker 1: whole by election day. Economically people will still be suffering.

548
00:31:20,000 --> 00:31:22,600
Speaker 1: The question is who do they count on for leadership

549
00:31:22,640 --> 00:31:25,960
Speaker 1: to take them through? Now we just know uh, you

550
00:31:26,000 --> 00:31:28,160
Speaker 1: know the results of presidential election. If they were to

551
00:31:28,280 --> 00:31:32,360
Speaker 1: change presidents, um, then Trump would be a lame duck,

552
00:31:32,920 --> 00:31:36,280
Speaker 1: which would not be good as we're battling this crisis continually.

553
00:31:36,280 --> 00:31:38,960
Speaker 1: I think that is one of the selling points is

554
00:31:39,240 --> 00:31:42,400
Speaker 1: that Trumps has really, I think done a good job

555
00:31:42,440 --> 00:31:45,880
Speaker 1: in leading us through this crisis to date, um saving

556
00:31:45,880 --> 00:31:52,880
Speaker 1: the economy from uh total meltdown and uh and providing

557
00:31:52,880 --> 00:31:55,760
Speaker 1: relief for those who most need it. And then of

558
00:31:55,760 --> 00:31:58,280
Speaker 1: course if a new president came in in January, it

559
00:31:58,360 --> 00:32:01,640
Speaker 1: takes them, as we all know, more than ninety days

560
00:32:01,720 --> 00:32:05,280
Speaker 1: to get their footing. So the question is is it

561
00:32:05,320 --> 00:32:08,760
Speaker 1: worth a change or do you do we trust Trump

562
00:32:08,920 --> 00:32:11,320
Speaker 1: to see us through? That is the question. Did you

563
00:32:11,360 --> 00:32:15,880
Speaker 1: see this? Governor Tom Wolfe made equipped? Governor Tom Wolfe

564
00:32:15,880 --> 00:32:20,040
Speaker 1: of Pennsylvania, he's a Democrat. Uh. He made a comment

565
00:32:20,720 --> 00:32:26,040
Speaker 1: uh to to uh uh Pittsburgh Steelers quarterback Ben Roethlisberger

566
00:32:26,080 --> 00:32:29,600
Speaker 1: because he got a haircut. He got a haircut. Did

567
00:32:29,640 --> 00:32:34,200
Speaker 1: you see this? Governor tomult Democrat? He says, quote, when

568
00:32:34,240 --> 00:32:37,840
Speaker 1: you go to something like a barbershop and you're not protected,

569
00:32:37,920 --> 00:32:40,440
Speaker 1: I don't care who you are, the chances of that

570
00:32:40,560 --> 00:32:43,520
Speaker 1: virus wreaking havoc on your life increases. I don't think

571
00:32:43,520 --> 00:32:46,360
Speaker 1: any Pennsylvania ought to take that chance. I certainly don't

572
00:32:46,360 --> 00:32:49,920
Speaker 1: want to take that chance myself. Everyone's talking about haircuts,

573
00:32:50,120 --> 00:32:52,200
Speaker 1: and I guess it's on the mind of Pennsylvania Governor

574
00:32:52,240 --> 00:32:56,120
Speaker 1: Tom Wolfe anyway. Okay, well, what makes you nervous? Okay,

575
00:32:56,120 --> 00:32:57,680
Speaker 1: so you gave us that you think you know your

576
00:32:57,720 --> 00:33:00,000
Speaker 1: Republican strategist, you think that the president's doing a good

577
00:33:00,040 --> 00:33:01,800
Speaker 1: job and whatnot. But what makes you nervous? Because those

578
00:33:01,800 --> 00:33:03,240
Speaker 1: pull has got to make you nervous? Because I haven't

579
00:33:03,240 --> 00:33:05,160
Speaker 1: seen much of Joe Biden. I have not seen him

580
00:33:05,200 --> 00:33:09,520
Speaker 1: out there really as much as I've obviously seen the president. Uh.

581
00:33:09,560 --> 00:33:13,600
Speaker 1: And so why is he doing better nationally and in

582
00:33:13,680 --> 00:33:16,240
Speaker 1: battlegrounds dates according to the bulls, not pulling away, not

583
00:33:16,360 --> 00:33:20,720
Speaker 1: double digits, but he's still he's still gotta lead. Well,

584
00:33:20,800 --> 00:33:24,400
Speaker 1: I I think you know, the the problem of leadership

585
00:33:24,560 --> 00:33:28,680
Speaker 1: is sometimes it's not fully recognized or appreciated in it

586
00:33:28,800 --> 00:33:32,480
Speaker 1: in the moment. And the president right now is being

587
00:33:33,040 --> 00:33:35,800
Speaker 1: hit every day with tough decisions that he has to

588
00:33:35,840 --> 00:33:40,120
Speaker 1: make for the good of the order. And Biden uh

589
00:33:40,640 --> 00:33:43,440
Speaker 1: is in the bunker. I call him pop Sitani Joe,

590
00:33:43,520 --> 00:33:44,959
Speaker 1: because when he comes out of the bunk role, he's

591
00:33:44,960 --> 00:33:48,120
Speaker 1: gonna see his Trump shadow, which may forecast four more

592
00:33:48,160 --> 00:33:54,200
Speaker 1: years of Trump. But um, I think Joe Biden is uh.

593
00:33:54,360 --> 00:33:56,640
Speaker 1: Whatever benefit he's getting of being in the bunker, I

594
00:33:56,680 --> 00:34:00,800
Speaker 1: think once he comes out will evaporate. He as um

595
00:34:01,520 --> 00:34:04,000
Speaker 1: right now, he doesn't. He's not leading, he doesn't have

596
00:34:04,000 --> 00:34:08,000
Speaker 1: a kitchen cabinet meeting in his home. He's not reaching out.

597
00:34:08,440 --> 00:34:11,840
Speaker 1: Barack Obama has been more in the in the press

598
00:34:11,880 --> 00:34:16,480
Speaker 1: than Joe Biden. And where do you envision? So Democrats

599
00:34:16,480 --> 00:34:19,280
Speaker 1: are saying the third Convention is going to move likely

600
00:34:19,320 --> 00:34:22,319
Speaker 1: could move fully virtual. I don't think Republicans will do that.

601
00:34:22,719 --> 00:34:25,640
Speaker 1: But how do you think, I guess do you think

602
00:34:25,680 --> 00:34:29,040
Speaker 1: that this election will be precisely about COVID nineteen or

603
00:34:29,080 --> 00:34:31,600
Speaker 1: do you think there could be an unforeseen issue that

604
00:34:31,600 --> 00:34:35,160
Speaker 1: that Americans are voting on? Because you know it, you

605
00:34:35,160 --> 00:34:37,120
Speaker 1: know if there there's so many unknowns. I mean, that's

606
00:34:37,120 --> 00:34:39,080
Speaker 1: what it's so hard to plan and even coverage of

607
00:34:39,160 --> 00:34:41,239
Speaker 1: this election is because we don't know if there's going

608
00:34:41,280 --> 00:34:43,399
Speaker 1: to be a resurgence in the vall. We don't know

609
00:34:43,560 --> 00:34:45,640
Speaker 1: if how the economy will look in the fall, and

610
00:34:45,680 --> 00:34:47,400
Speaker 1: we don't know if there could be another issue no

611
00:34:47,440 --> 00:34:50,319
Speaker 1: one was talking about a pandemic. No one was talking

612
00:34:50,360 --> 00:34:53,680
Speaker 1: about a pandemic even three months ago. UM, and so

613
00:34:54,320 --> 00:34:56,640
Speaker 1: you know, I mean, but but from where you are,

614
00:34:56,680 --> 00:34:59,200
Speaker 1: are are both sides just fully preparing to have a

615
00:34:59,239 --> 00:35:04,040
Speaker 1: COVID nineteen an election or could there be another surprise? Well,

616
00:35:04,080 --> 00:35:07,160
Speaker 1: there could always be another surprise, And unfortunately the surprise

617
00:35:07,560 --> 00:35:12,080
Speaker 1: I think would come internationally, UM, if there were an

618
00:35:12,080 --> 00:35:16,239
Speaker 1: attack or or uh, something that would divert the attention

619
00:35:16,760 --> 00:35:20,359
Speaker 1: away from COVID nineteen. But COVID nineteen certainly is going

620
00:35:20,400 --> 00:35:25,239
Speaker 1: to be in the aftermath of the economy. UH, and

621
00:35:25,280 --> 00:35:28,160
Speaker 1: the reek and havocs has had is going to be

622
00:35:28,239 --> 00:35:31,800
Speaker 1: a main topic. The economy is always the deciding factor

623
00:35:31,840 --> 00:35:35,759
Speaker 1: in the presidential election cycle, this more than ever, um,

624
00:35:35,840 --> 00:35:39,759
Speaker 1: because we will not fully be through this crisis by

625
00:35:39,880 --> 00:35:44,279
Speaker 1: election day. UM. Many noted economists have said that you know,

626
00:35:44,320 --> 00:35:48,200
Speaker 1: this is this is could be a multi year event. UM.

627
00:35:48,239 --> 00:35:51,120
Speaker 1: As far as full recovery is concerned, we don't know

628
00:35:51,160 --> 00:35:54,239
Speaker 1: if to be a second wave, but I will say that, Um,

629
00:35:54,760 --> 00:35:58,040
Speaker 1: we've been thrown everything but the kitchen sink. As far

630
00:35:58,080 --> 00:36:02,040
Speaker 1: as the economy with COVID nine, the only other unforeseen

631
00:36:02,080 --> 00:36:05,640
Speaker 1: event I could see is an international event which would

632
00:36:05,760 --> 00:36:09,440
Speaker 1: uh divert our attention or at least garner some attention,

633
00:36:09,920 --> 00:36:12,719
Speaker 1: and it wouldn't be good. Brad Blakeman, thank you, my friend.

634
00:36:12,719 --> 00:36:14,480
Speaker 1: You're write in the book. Is using this time to

635
00:36:14,560 --> 00:36:17,360
Speaker 1: write the book. I have a book of being written

636
00:36:17,400 --> 00:36:19,800
Speaker 1: as we speak. Alright, good Brad Blakeman, make sure to

637
00:36:19,840 --> 00:36:21,880
Speaker 1: come back and tell us about it. He's a Republican strategist.

638
00:36:21,920 --> 00:36:24,160
Speaker 1: Good front of the program, appreciate it. I'm Kevin's really

639
00:36:24,239 --> 00:36:26,480
Speaker 1: that's it for me. Thanks to all of our guests,

640
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Speaker 1: and thanks to you for listening. So the one and

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Speaker 1: only Bloomberg nine one