1 00:00:09,840 --> 00:00:13,800 Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Daily 2 00:00:13,960 --> 00:00:17,560 Speaker 1: we bring you insight from the best in economics, finance, investment, 3 00:00:18,000 --> 00:00:23,520 Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 4 00:00:23,600 --> 00:00:27,720 Speaker 1: Bloomberg dot Com, and of course on the Bloomberg I 5 00:00:27,760 --> 00:00:30,120 Speaker 1: thought does show an improvement in the last couple of weeks, 6 00:00:30,120 --> 00:00:32,559 Speaker 1: and the improvements important. And you've also got almost a 7 00:00:32,560 --> 00:00:34,879 Speaker 1: gloom cover traade. And know least it's familiar to that 8 00:00:34,920 --> 00:00:36,920 Speaker 1: where there's been so much gloom out there, you wonder 9 00:00:37,360 --> 00:00:40,200 Speaker 1: about the elasticity as people catch up. Who they catch 10 00:00:40,280 --> 00:00:43,159 Speaker 1: up to is Neil Datta, without question, one of the 11 00:00:43,159 --> 00:00:48,080 Speaker 1: most optimistic persistent believers in the American economic experiment. Neil 12 00:00:48,159 --> 00:00:51,360 Speaker 1: Datta with the renaissance, Macro is with us. Neil just 13 00:00:51,440 --> 00:00:56,200 Speaker 1: simply do we underestimate the resilience and recovery ability of 14 00:00:56,280 --> 00:00:59,320 Speaker 1: the American economy. Well, that's what the consensus has been 15 00:00:59,360 --> 00:01:03,280 Speaker 1: doing fairly existently since the second week of April. Tom, 16 00:01:03,360 --> 00:01:05,720 Speaker 1: and uh, and I think they're still doing it. I mean, 17 00:01:05,760 --> 00:01:08,200 Speaker 1: you're you know, if you look at your own Bloomberg 18 00:01:08,200 --> 00:01:13,520 Speaker 1: News consensus of economists um, the growth estimate is around 19 00:01:13,560 --> 00:01:18,160 Speaker 1: five I think more folks are thinking that we're going 20 00:01:18,200 --> 00:01:21,640 Speaker 1: to have a good year, and that's welcome, But I 21 00:01:21,680 --> 00:01:25,000 Speaker 1: don't think enough have appropriately sort of priced in the 22 00:01:25,120 --> 00:01:27,800 Speaker 1: right tail scenario that we're gonna have a good year. 23 00:01:28,040 --> 00:01:29,959 Speaker 1: The persistent I think we're going to have a great year. 24 00:01:30,200 --> 00:01:32,800 Speaker 1: And I think that's that's what's important, and that's what 25 00:01:32,840 --> 00:01:35,680 Speaker 1: the Marcus needs to kind of um get there, get 26 00:01:35,680 --> 00:01:38,760 Speaker 1: their collective heads, their own the persistency of five, and 27 00:01:38,760 --> 00:01:41,720 Speaker 1: there's a great assumption that we noodle down to a 28 00:01:41,760 --> 00:01:46,360 Speaker 1: potential GDP of two, even under two. I get the 29 00:01:46,400 --> 00:01:49,440 Speaker 1: sense deal you disagree with that. What is your run 30 00:01:49,560 --> 00:01:54,440 Speaker 1: rate of a post pandemic American economy. I mean, I 31 00:01:54,440 --> 00:01:56,480 Speaker 1: think it's higher than two. I mean, you know, we 32 00:01:56,520 --> 00:01:59,720 Speaker 1: had a lot of you know, productivity was starting to 33 00:01:59,760 --> 00:02:02,600 Speaker 1: pick up. I mean I think in many respects, I mean, 34 00:02:02,600 --> 00:02:05,160 Speaker 1: the structural growth outlooks for the US is in some way, 35 00:02:05,280 --> 00:02:07,920 Speaker 1: some way cyclical. I mean, this idea of running in 36 00:02:07,920 --> 00:02:11,840 Speaker 1: a hunting economy hot utilizing as many resources as possible, 37 00:02:11,919 --> 00:02:16,120 Speaker 1: making employers essentially forcing employers via a tight labor market 38 00:02:16,160 --> 00:02:19,840 Speaker 1: to kind of speak out additional efficiencies through their existing workforce. 39 00:02:20,600 --> 00:02:23,960 Speaker 1: That was I think showing some promise, uh, pre pandemic, 40 00:02:24,160 --> 00:02:27,840 Speaker 1: and I think the FED is gonna try it again, Tom. Uh. 41 00:02:27,880 --> 00:02:30,120 Speaker 1: And that's why, even in the face of stronger data, 42 00:02:30,840 --> 00:02:33,959 Speaker 1: the FED is unlikely to budge on their policy guidance. Um. 43 00:02:34,120 --> 00:02:37,480 Speaker 1: And I think that's obviously a bullish backgrop for requity markets, 44 00:02:37,480 --> 00:02:40,080 Speaker 1: but I think more importantly it's a it's a bullish 45 00:02:40,080 --> 00:02:43,880 Speaker 1: backdrop for the broader US economy. Um. You know, things 46 00:02:43,919 --> 00:02:46,560 Speaker 1: like R and D spending are picking up. Are you 47 00:02:46,600 --> 00:02:49,440 Speaker 1: really going to be worried about secular stagnation in the 48 00:02:49,560 --> 00:02:53,399 Speaker 1: US at a time when our banking system is much 49 00:02:53,440 --> 00:02:56,360 Speaker 1: better capitalized and mentioned the op performance in the bank. 50 00:02:56,720 --> 00:02:59,880 Speaker 1: We're doing a lot of fiscal policy, and I mean 51 00:03:00,200 --> 00:03:02,520 Speaker 1: ingenuity is obvious. Did anyone think we're going to get 52 00:03:02,520 --> 00:03:04,640 Speaker 1: a vaccine with any within a year? We did it, 53 00:03:05,160 --> 00:03:07,880 Speaker 1: So I think that speaks to a lot of you know, 54 00:03:07,919 --> 00:03:11,120 Speaker 1: the underlying growth dynamics and what's possible in the US. 55 00:03:12,000 --> 00:03:15,080 Speaker 1: You have been right, You've you've been absolutely right about 56 00:03:15,120 --> 00:03:17,079 Speaker 1: this with your bullish call at the U S economy, 57 00:03:17,080 --> 00:03:20,320 Speaker 1: and the gloom crew has been wrong, Yes, Tom, And 58 00:03:20,440 --> 00:03:24,200 Speaker 1: I often find myself empathizing with them, not because I 59 00:03:24,240 --> 00:03:26,280 Speaker 1: want to feel gloomy, but because a lot of people, 60 00:03:26,400 --> 00:03:29,920 Speaker 1: including myself, want to see around corners, and the question 61 00:03:30,000 --> 00:03:32,480 Speaker 1: is what corner are we going to be looking at? Neil, 62 00:03:32,520 --> 00:03:35,400 Speaker 1: what you're looking at right now is the potential for 63 00:03:35,720 --> 00:03:39,880 Speaker 1: perhaps not overheating, but running hot. At what point does 64 00:03:39,920 --> 00:03:42,720 Speaker 1: that force the market's hand? Perhaps the FED doesn't move, 65 00:03:43,040 --> 00:03:45,200 Speaker 1: but the market moves ahead of the Fed. At what 66 00:03:45,320 --> 00:03:48,480 Speaker 1: point does it become too hot for equities to keep rallying? 67 00:03:48,560 --> 00:03:51,320 Speaker 1: Given where rates are right now versus where they could be, 68 00:03:51,880 --> 00:03:55,520 Speaker 1: I mean real rates are negative one per cent, Lisa, Um, 69 00:03:56,000 --> 00:03:58,080 Speaker 1: I mean, I mean give me a call under a 70 00:03:58,240 --> 00:04:00,920 Speaker 1: zero we can talk maybe then, I mean, you know, 71 00:04:01,280 --> 00:04:04,440 Speaker 1: it seems I still think the idea of interest rates 72 00:04:04,440 --> 00:04:06,240 Speaker 1: breaking the back of the equity market is still a 73 00:04:06,240 --> 00:04:09,520 Speaker 1: long ways away. And remember, I mean the biggest risk 74 00:04:09,520 --> 00:04:13,400 Speaker 1: of the U S divict income market really is when Europe, frankly, 75 00:04:13,480 --> 00:04:18,159 Speaker 1: is able to sort of re establish this it's status, um, 76 00:04:18,160 --> 00:04:22,440 Speaker 1: it's growth status, and that hasn't happened I mean for 77 00:04:22,480 --> 00:04:24,760 Speaker 1: a while. Um So, I think the risk of the 78 00:04:24,839 --> 00:04:29,440 Speaker 1: US Treasury is really build um when you have h 79 00:04:29,839 --> 00:04:32,520 Speaker 1: you know, broad rise participations of global economy and uh, 80 00:04:32,760 --> 00:04:34,680 Speaker 1: you know and when Europe kind of re established the 81 00:04:34,760 --> 00:04:37,320 Speaker 1: Triple A status and I don't, Um, I don't think 82 00:04:37,320 --> 00:04:39,520 Speaker 1: that that's really happened yet. I think needs to come 83 00:04:39,520 --> 00:04:42,360 Speaker 1: on weekly just to provide Lisa some therapy and provide 84 00:04:42,400 --> 00:04:46,720 Speaker 1: the bears out there, just don't you think some therapy 85 00:04:46,320 --> 00:04:51,720 Speaker 1: they were and balance Neil does he want to play 86 00:04:51,960 --> 00:04:54,960 Speaker 1: in uh, come come on everywhere. I'm sure you just 87 00:04:54,960 --> 00:04:57,640 Speaker 1: that with his clients on a daily basis. Anyway, just 88 00:04:57,640 --> 00:05:00,200 Speaker 1: just quickly on the economy you mentioned just to up 89 00:05:00,200 --> 00:05:02,760 Speaker 1: of times you don't think the market is quite picking 90 00:05:02,839 --> 00:05:04,840 Speaker 1: up on this year, at least the economics community is not. 91 00:05:05,400 --> 00:05:06,760 Speaker 1: When you sit around the table with a team with 92 00:05:06,800 --> 00:05:08,960 Speaker 1: Renaissance macrob at the moment, where do you think the 93 00:05:08,960 --> 00:05:12,440 Speaker 1: missed opportunity is as you see this economy snapping back, 94 00:05:12,760 --> 00:05:15,599 Speaker 1: gearing up and the way that you expect, where do 95 00:05:15,640 --> 00:05:17,640 Speaker 1: I think the opportunity is? Well? I think I think 96 00:05:17,720 --> 00:05:20,760 Speaker 1: you know, for me, I think, um, you know, things 97 00:05:20,760 --> 00:05:23,800 Speaker 1: that are tied to the reopening trade still have room 98 00:05:23,880 --> 00:05:26,600 Speaker 1: to go. I mean if you look at things like airlines, 99 00:05:26,720 --> 00:05:29,840 Speaker 1: if you look at hotels, um. But again I mean 100 00:05:29,880 --> 00:05:32,080 Speaker 1: I think it's interesting. You know you mentioned, um, what 101 00:05:32,160 --> 00:05:35,120 Speaker 1: are the two sectors that have been doing well since 102 00:05:35,680 --> 00:05:40,719 Speaker 1: election day. Banks energy. Who would have thought that with 103 00:05:40,839 --> 00:05:43,440 Speaker 1: the with with the sort of unified democratic government. It's 104 00:05:43,480 --> 00:05:47,159 Speaker 1: sort of it's one of these things where these you know, 105 00:05:47,200 --> 00:05:50,320 Speaker 1: you have these sort of cellside equity baskets and they're 106 00:05:50,360 --> 00:05:52,280 Speaker 1: just an entire waste of time. I mean, you know, 107 00:05:52,520 --> 00:05:56,320 Speaker 1: you know, I have sector in my Democrats and I 108 00:05:56,360 --> 00:05:58,640 Speaker 1: have the Republicans in my in my bank. Bank from 109 00:05:58,640 --> 00:06:02,039 Speaker 1: the Republican basket, obviously, it doesn't work because fundamental growth 110 00:06:02,120 --> 00:06:05,120 Speaker 1: dynamics matter more. And what that's telling you basically is 111 00:06:05,160 --> 00:06:07,599 Speaker 1: that growth is picking up. If you have stronger growth, 112 00:06:07,600 --> 00:06:10,360 Speaker 1: you're gonna need more energy. Hence oil prices go up 113 00:06:11,040 --> 00:06:14,159 Speaker 1: and the fet is you know, like a carpenter hammering 114 00:06:14,200 --> 00:06:15,720 Speaker 1: the front end of the yeel curve right, and at 115 00:06:15,760 --> 00:06:17,760 Speaker 1: the same time, the growth dynamics are kind of pushing 116 00:06:17,800 --> 00:06:20,000 Speaker 1: up the long end that's deep in the veeel curve. 117 00:06:20,080 --> 00:06:22,880 Speaker 1: That's good for banks. So, um, you know, I think 118 00:06:23,000 --> 00:06:26,040 Speaker 1: let's focus on the growth dynamics, let's sort of keep 119 00:06:26,040 --> 00:06:29,400 Speaker 1: oh you know, kind of turn away from some of 120 00:06:29,400 --> 00:06:33,440 Speaker 1: these sort of political arguments and uh and I think, um, 121 00:06:33,480 --> 00:06:36,320 Speaker 1: that'll that will lead you to much better investment outcomes, 122 00:06:36,440 --> 00:06:38,400 Speaker 1: certainly over the last couple of months. Now right to 123 00:06:38,440 --> 00:06:40,760 Speaker 1: catch up, So as always, no dot to that every 124 00:06:40,800 --> 00:06:45,919 Speaker 1: nice Lott smack Rod. As you know, we've talked to 125 00:06:45,920 --> 00:06:49,400 Speaker 1: a lot of fancy people in vaccines, people making vaccines, 126 00:06:49,520 --> 00:06:53,160 Speaker 1: people at the cutting edge of scientific research. We also 127 00:06:53,200 --> 00:06:56,360 Speaker 1: take great pride at Bloomberg Surveillance that we're talking to 128 00:06:56,560 --> 00:07:00,560 Speaker 1: people operationally in the trenches. One of the is Tammy 129 00:07:00,640 --> 00:07:06,159 Speaker 1: Lunstrom with Trinity Health of Michigan, with some ninety hospitals 130 00:07:06,320 --> 00:07:10,840 Speaker 1: nationwide and the operational reality of doing the vaccine. We're 131 00:07:10,880 --> 00:07:14,120 Speaker 1: thrilled that Dr Lnstrom could join us this morning. Tell me, 132 00:07:14,120 --> 00:07:16,400 Speaker 1: I want to start with the pure medicine. Do you 133 00:07:16,480 --> 00:07:20,240 Speaker 1: have a confidence that we can correctly execute right now 134 00:07:20,360 --> 00:07:25,240 Speaker 1: a two door strategy. I am definitely confident that we 135 00:07:25,280 --> 00:07:28,720 Speaker 1: can do that, and within Trinity Health we've been doing that. 136 00:07:28,840 --> 00:07:35,560 Speaker 1: We've ramped up and we're um delivering over of shots 137 00:07:35,560 --> 00:07:39,960 Speaker 1: and arms every seven days um compared to the vaccine 138 00:07:40,000 --> 00:07:42,480 Speaker 1: that we get delivered to us. So we have ramped 139 00:07:42,560 --> 00:07:45,360 Speaker 1: up and we're ready to go. I can't emphasize enough, folks, 140 00:07:45,440 --> 00:07:48,040 Speaker 1: this is the cutting edge of what we're all talking 141 00:07:48,080 --> 00:07:51,760 Speaker 1: about Dr Lunstrom. With that said, when do we see 142 00:07:51,760 --> 00:07:56,800 Speaker 1: the migration down to younger and younger people? UM? Probably 143 00:07:57,120 --> 00:08:00,600 Speaker 1: somewhere around the late April to May time frame. It's 144 00:08:00,720 --> 00:08:04,280 Speaker 1: very heartening that J and J is ready to UM 145 00:08:04,320 --> 00:08:08,920 Speaker 1: submit their f d A e A approval UM. We're 146 00:08:09,040 --> 00:08:12,360 Speaker 1: very excited to have more in our arma mentarium than 147 00:08:12,360 --> 00:08:14,880 Speaker 1: the two vaccines that we have, and we're anxious to 148 00:08:14,920 --> 00:08:19,600 Speaker 1: get more supplies so we can get people protected. Dr Lenstrom, 149 00:08:19,640 --> 00:08:21,160 Speaker 1: the US is doing a lot better than a lot 150 00:08:21,160 --> 00:08:25,040 Speaker 1: of nations. Canada and the European continent come to mind. 151 00:08:25,200 --> 00:08:29,080 Speaker 1: In the forefront. Are they going quickly enough to get 152 00:08:29,120 --> 00:08:31,640 Speaker 1: ahead of the new strain of COVID that has emerged 153 00:08:31,680 --> 00:08:36,040 Speaker 1: in the United Kingdom that has emerged in South Africa. Well, 154 00:08:36,080 --> 00:08:39,320 Speaker 1: I think we can always go faster, and I think 155 00:08:39,400 --> 00:08:42,560 Speaker 1: we're all committed to trying to get shots in arms 156 00:08:42,559 --> 00:08:45,800 Speaker 1: as quickly as possible. We can't forget though, that we 157 00:08:45,880 --> 00:08:48,920 Speaker 1: still have to mask, we still have to physical distance, 158 00:08:49,400 --> 00:08:52,360 Speaker 1: we still have to wash our hands, avoid crowds. So 159 00:08:52,720 --> 00:08:55,320 Speaker 1: it's really a bundle of activities that we really have 160 00:08:55,440 --> 00:08:57,800 Speaker 1: to double down on while we're trying to get shots 161 00:08:57,840 --> 00:09:00,640 Speaker 1: and arms quickly talking about getting shot and arms. A 162 00:09:00,640 --> 00:09:03,760 Speaker 1: lot of people are talking anecdotally about how the vaccine 163 00:09:03,760 --> 00:09:06,240 Speaker 1: has to be defrosted and then if all the people 164 00:09:06,280 --> 00:09:09,360 Speaker 1: don't show up to their scheduled deppointments who are eligible currently, 165 00:09:09,720 --> 00:09:13,680 Speaker 1: they discard the remaining vaccine. How much are you seeing 166 00:09:13,720 --> 00:09:15,360 Speaker 1: that and what can we do to avoid some of 167 00:09:15,400 --> 00:09:19,160 Speaker 1: this waste? Well, we are actually not doing that. We're 168 00:09:19,240 --> 00:09:23,480 Speaker 1: create we're creating waiting lists UM so that we have 169 00:09:24,360 --> 00:09:27,280 Speaker 1: people and places that can can we can get the 170 00:09:27,360 --> 00:09:31,679 Speaker 1: vaccine too quickly, UM within a few minutes after knowing 171 00:09:31,720 --> 00:09:34,679 Speaker 1: that we have excess doses. And we're also looking at 172 00:09:34,760 --> 00:09:38,640 Speaker 1: using those excess doses to vaccinate UM in patients in 173 00:09:38,640 --> 00:09:41,559 Speaker 1: the hospital as their discharge so that we don't waste 174 00:09:41,559 --> 00:09:44,280 Speaker 1: a single dose. How much discretion do you have around 175 00:09:44,320 --> 00:09:48,840 Speaker 1: making those decisions docked up UM We It's very difficult 176 00:09:48,920 --> 00:09:51,440 Speaker 1: right now because it's a state by state decision of 177 00:09:51,520 --> 00:09:55,080 Speaker 1: what the prioritization lists are. So we're following state by 178 00:09:55,120 --> 00:09:59,000 Speaker 1: state and our waiting list, UH, keep in mind of 179 00:09:59,320 --> 00:10:03,640 Speaker 1: who's who's on the priority list per state UM and 180 00:10:03,679 --> 00:10:07,040 Speaker 1: we are following those guidelines. So we are keeping our 181 00:10:07,080 --> 00:10:10,719 Speaker 1: waiting lists ready to go, and as states open up 182 00:10:10,720 --> 00:10:14,400 Speaker 1: to more populations, we expand the list. Would you find 183 00:10:14,400 --> 00:10:16,920 Speaker 1: it helpful to get that flexibility to have the extra 184 00:10:16,960 --> 00:10:22,800 Speaker 1: discretion yourself? Um? Uh. I think that we've been able 185 00:10:22,840 --> 00:10:29,920 Speaker 1: to manage through the difficulties of various state UM regulations 186 00:10:29,920 --> 00:10:32,839 Speaker 1: and requirements of who's going first, and then keep our 187 00:10:32,880 --> 00:10:35,880 Speaker 1: lists accordingly. We care for about one one to one 188 00:10:35,920 --> 00:10:39,120 Speaker 1: and a half percent of all patients in the US UM, 189 00:10:39,240 --> 00:10:41,600 Speaker 1: so we've got a lot of patients eager to get 190 00:10:41,640 --> 00:10:45,360 Speaker 1: the vaccines. So that is a very good news, but 191 00:10:45,440 --> 00:10:48,920 Speaker 1: also heartbreaking because we can't get supply fast enough. Well, 192 00:10:48,960 --> 00:10:50,839 Speaker 1: that's the point I wanted to bring up, Tommy. We 193 00:10:51,120 --> 00:10:54,920 Speaker 1: have Washington legislation and with the scale of Trinity Folks 194 00:10:55,440 --> 00:11:00,000 Speaker 1: US Hospitals multibillion dollar revenue stream with all those expenses 195 00:11:00,000 --> 00:11:02,400 Speaker 1: as it was, Well, you got a check for say 196 00:11:02,440 --> 00:11:06,240 Speaker 1: ten million dollars from Washington. What's your greatest need at 197 00:11:06,280 --> 00:11:11,200 Speaker 1: Trinity right now with money from the government. UM, I 198 00:11:11,240 --> 00:11:16,200 Speaker 1: would say, our greatest need right now is the vaccine supply. UM. 199 00:11:16,240 --> 00:11:20,920 Speaker 1: And then followed by staffing. Uh. We know that staffing 200 00:11:21,040 --> 00:11:26,520 Speaker 1: is is very uh precious difficult. UM. Colleagues are tired 201 00:11:27,080 --> 00:11:31,640 Speaker 1: UM so really getting some supplemental staffing to help us 202 00:11:31,679 --> 00:11:35,000 Speaker 1: not only balance the twelve hundred or more patients with 203 00:11:35,080 --> 00:11:38,400 Speaker 1: COVID nineteen that we have in our hospitals today, people 204 00:11:38,400 --> 00:11:40,840 Speaker 1: that are coming to us for emergency care and heart 205 00:11:40,840 --> 00:11:44,439 Speaker 1: attacks and strokes, but also getting the vaccine clinics up 206 00:11:44,440 --> 00:11:47,679 Speaker 1: and running and partnering with public health in our communities 207 00:11:47,720 --> 00:11:52,319 Speaker 1: to to really try to get um a collective mass 208 00:11:52,400 --> 00:11:56,080 Speaker 1: vaccination sites and move move to getting shots and arms 209 00:11:56,080 --> 00:11:59,000 Speaker 1: as quickly as possible. Don't thank you and thank you 210 00:11:59,040 --> 00:12:00,640 Speaker 1: so much on behalf of us so for the hot 211 00:12:00,640 --> 00:12:02,360 Speaker 1: work you're doing at the moment. We appreciate it. Please 212 00:12:02,360 --> 00:12:05,000 Speaker 1: come back soon to timmy lunch from that of Trinity 213 00:12:05,040 --> 00:12:12,000 Speaker 1: House right now. Full disclosure, folks along going far away, 214 00:12:12,080 --> 00:12:14,760 Speaker 1: there was a set of repeated grandfathers that were called 215 00:12:14,840 --> 00:12:18,720 Speaker 1: Henry Clay Keene And if you go to Henry Clay 216 00:12:18,800 --> 00:12:23,559 Speaker 1: High School and Lexington, Kentucky, you have an interior knowledge 217 00:12:23,679 --> 00:12:26,559 Speaker 1: of the Whigs, their success and their failure in the 218 00:12:26,679 --> 00:12:29,679 Speaker 1: nineteenth century. Andy bar joins us now he is a 219 00:12:29,679 --> 00:12:32,439 Speaker 1: member of the GOP which is what you are in Kentucky, 220 00:12:32,760 --> 00:12:35,600 Speaker 1: and joins us from the sixth congressional district and from 221 00:12:35,600 --> 00:12:38,920 Speaker 1: the capital of this nation, Andy, you more qualified than 222 00:12:38,960 --> 00:12:43,079 Speaker 1: Mitch comp McConnell to talk about this trap of your 223 00:12:43,200 --> 00:12:46,160 Speaker 1: GOP going the way of the Whigs. What are the 224 00:12:46,240 --> 00:12:51,800 Speaker 1: Republicans do to not repeat Henry Clay's history. Well, that's 225 00:12:51,800 --> 00:12:54,680 Speaker 1: a great question, and obviously there is some soul searching 226 00:12:54,720 --> 00:12:57,839 Speaker 1: anytime you lose a presidential election of party should do that. 227 00:12:58,720 --> 00:13:01,480 Speaker 1: We're doing that, UM, and I think we've come to 228 00:13:01,520 --> 00:13:04,280 Speaker 1: a good place as as of last night with our 229 00:13:04,320 --> 00:13:08,720 Speaker 1: meeting UH to uh make sure people understand the Republican 230 00:13:08,760 --> 00:13:12,640 Speaker 1: Party is a big, tent, diverse party. We have a 231 00:13:12,720 --> 00:13:16,480 Speaker 1: small number of colleagues who voted to impeach the president, 232 00:13:16,640 --> 00:13:21,040 Speaker 1: a large number of members who voted against impeaching the president. 233 00:13:21,640 --> 00:13:24,880 Speaker 1: But we recognize that we need to attract a lot 234 00:13:24,920 --> 00:13:27,640 Speaker 1: of people to the Republican Party because we're the party 235 00:13:27,679 --> 00:13:30,640 Speaker 1: of free enterprise and limited government. And as you see 236 00:13:30,679 --> 00:13:33,720 Speaker 1: from this president, it's a very different story. We have 237 00:13:33,800 --> 00:13:38,400 Speaker 1: a president preaching by partisanship. Is your party to frugal? 238 00:13:38,800 --> 00:13:44,319 Speaker 1: Are the Republicans to austeer for two thousand twenty two? No, 239 00:13:44,520 --> 00:13:47,439 Speaker 1: we've know not at all. In fact, some would argue 240 00:13:47,520 --> 00:13:51,240 Speaker 1: we're not fiscally responsible enough given the four trillion dollars 241 00:13:51,240 --> 00:13:54,199 Speaker 1: that we borrowed last year in response to the pandemic. 242 00:13:54,200 --> 00:13:56,640 Speaker 1: But the truth of the matter is, UH, we have 243 00:13:56,840 --> 00:14:01,880 Speaker 1: over a trillion dollars and unspensed stimulus UH left, and 244 00:14:01,920 --> 00:14:04,520 Speaker 1: we're rushing to borrow another two trillion dollars. That's why 245 00:14:04,880 --> 00:14:08,840 Speaker 1: you're not seeing a lot of bipartisanship. Unfortunately, the President 246 00:14:09,280 --> 00:14:12,400 Speaker 1: is not working with Republicans. They're using a budget procedure 247 00:14:12,960 --> 00:14:20,320 Speaker 1: to ram through this two trillion dollars in procedure procedure 248 00:14:20,400 --> 00:14:24,400 Speaker 1: last time around. We we certainly did, and there's nothing 249 00:14:24,520 --> 00:14:27,160 Speaker 1: inherently wrong with using the procedure, but if you want 250 00:14:27,200 --> 00:14:30,560 Speaker 1: to be bipartisan about it, you don't use that procedure, frankly, 251 00:14:31,000 --> 00:14:34,600 Speaker 1: and this president has said that he wants to be bipartisan, 252 00:14:34,680 --> 00:14:36,720 Speaker 1: but when he had the opportunity to do it, he's 253 00:14:36,720 --> 00:14:39,520 Speaker 1: obviously turned away from that. Congressman, we've got to get 254 00:14:39,520 --> 00:14:41,800 Speaker 1: through a lot of topics, not just stimulus, but also 255 00:14:41,840 --> 00:14:44,280 Speaker 1: on regulation. I understand you on the House Subcommittee on 256 00:14:44,280 --> 00:14:47,320 Speaker 1: Oversight and Investigations as well. Given the events in the 257 00:14:47,400 --> 00:14:50,880 Speaker 1: last couple of weeks in financial markets, leading the administration 258 00:14:50,920 --> 00:14:52,360 Speaker 1: is secretary yet and do you think she needs to 259 00:14:52,360 --> 00:14:56,320 Speaker 1: recuse us out from this, Well, I don't know if 260 00:14:56,320 --> 00:14:58,280 Speaker 1: she needs to recuse herself, But what I want to 261 00:14:58,320 --> 00:15:01,840 Speaker 1: see from UH secret Harry Yellen is a little bit 262 00:15:02,000 --> 00:15:06,480 Speaker 1: of UH caution and deliberation and not a lot of 263 00:15:06,520 --> 00:15:10,520 Speaker 1: overreaction to this UH. The broader markets are are are 264 00:15:10,560 --> 00:15:13,280 Speaker 1: doing just fine. Obviously there was volatility with respect to 265 00:15:14,040 --> 00:15:17,920 Speaker 1: Reddit fueled trades on game stock and other AMC and 266 00:15:17,960 --> 00:15:22,600 Speaker 1: other equities, but that's actually as a result of the 267 00:15:22,640 --> 00:15:26,440 Speaker 1: advent of zero cost trading and the democratization of access 268 00:15:26,440 --> 00:15:28,960 Speaker 1: to the capital markets. That's not a bad thing. And 269 00:15:29,000 --> 00:15:31,600 Speaker 1: I think what you're seeing is the markets actually functioning 270 00:15:31,960 --> 00:15:35,320 Speaker 1: fairly well with market discipline setting in, both with the 271 00:15:35,360 --> 00:15:38,600 Speaker 1: hedge funds who are learning a lot about zero cost 272 00:15:38,680 --> 00:15:41,480 Speaker 1: trading and the influx of day trading and what that 273 00:15:41,560 --> 00:15:45,000 Speaker 1: means for their short positions. It means that short squeezes 274 00:15:45,040 --> 00:15:48,240 Speaker 1: are very possible, and I think there's market discipline that 275 00:15:48,240 --> 00:15:50,920 Speaker 1: will set in with these hedge funds and professional Wall 276 00:15:50,960 --> 00:15:54,120 Speaker 1: Street UH professionals. On the other hand, I think a 277 00:15:54,160 --> 00:15:57,680 Speaker 1: lot of the day traders and the small investors are 278 00:15:57,800 --> 00:16:01,600 Speaker 1: learning about capitalism learning that fundamental a matter, learning that 279 00:16:01,760 --> 00:16:06,160 Speaker 1: earnings and valuation matter, and that on the downside of 280 00:16:06,200 --> 00:16:10,400 Speaker 1: this rally as um as investors getting too late in 281 00:16:10,400 --> 00:16:13,040 Speaker 1: the rally UH and as they get too far away 282 00:16:13,040 --> 00:16:16,720 Speaker 1: from valuation, there is a big risk associated with that too. 283 00:16:16,760 --> 00:16:19,800 Speaker 1: So the market is actually working. Of course, it's appropriate 284 00:16:19,840 --> 00:16:21,960 Speaker 1: for the SEC and Congress to look at whether or 285 00:16:22,000 --> 00:16:25,880 Speaker 1: not any laws have been violated from a market manipulation standpoint, 286 00:16:25,880 --> 00:16:28,000 Speaker 1: But to me, at this point doesn't look like any 287 00:16:28,040 --> 00:16:31,960 Speaker 1: illegal activity and certainly doesn't look like any systemic risk. Congressmen. 288 00:16:32,000 --> 00:16:35,120 Speaker 1: There is a larger debate though about anonymity on social 289 00:16:35,160 --> 00:16:39,880 Speaker 1: media and the ability of unknown actors to act manipulatively, 290 00:16:40,040 --> 00:16:44,120 Speaker 1: to act without oversight from regulators, potentially from within or 291 00:16:44,160 --> 00:16:47,800 Speaker 1: from without, from outside of the country. How much is 292 00:16:48,040 --> 00:16:51,560 Speaker 1: the direction of questioning going to go towards that issue. 293 00:16:53,080 --> 00:16:55,520 Speaker 1: I think there will be some questions about social media. 294 00:16:55,560 --> 00:16:58,480 Speaker 1: There's questions about social media all the way around, both 295 00:16:58,480 --> 00:17:02,200 Speaker 1: in terms of financial market places but also in the 296 00:17:02,240 --> 00:17:05,399 Speaker 1: marketplace of ideas, and that's always appropriate for us to 297 00:17:05,440 --> 00:17:08,360 Speaker 1: look at social media. The role of social media UM. 298 00:17:08,560 --> 00:17:11,480 Speaker 1: But I think the more information generally, the better people 299 00:17:11,840 --> 00:17:15,919 Speaker 1: need to understand the sources of that information. But at 300 00:17:15,960 --> 00:17:20,000 Speaker 1: the end of the day, I believe that uh. Democratization 301 00:17:20,080 --> 00:17:24,000 Speaker 1: of access to capital, the advent of low cost, no 302 00:17:24,200 --> 00:17:28,280 Speaker 1: cost trading platforms and more information, it's a good thing. 303 00:17:28,320 --> 00:17:31,800 Speaker 1: It's it's not illegal to share stock tips or ideas 304 00:17:31,840 --> 00:17:35,000 Speaker 1: about the equity markets. Corson are very quickly or not 305 00:17:35,119 --> 00:17:37,240 Speaker 1: enough time. I don't care about that. What I care 306 00:17:37,280 --> 00:17:39,960 Speaker 1: about are we going to endure with another running of 307 00:17:39,960 --> 00:17:44,280 Speaker 1: the Kentucky Derby May first? Yes we will. In fact, 308 00:17:44,680 --> 00:17:47,160 Speaker 1: I've talked to Churchill downs They're never going to do 309 00:17:47,359 --> 00:17:49,720 Speaker 1: what they did last year and shut down the Derby 310 00:17:49,760 --> 00:17:51,879 Speaker 1: on the first Saturday in May. Uh, And that's a 311 00:17:51,880 --> 00:17:54,200 Speaker 1: good thing. As co chairman of the Congressional Horse Caucus, 312 00:17:54,240 --> 00:17:56,600 Speaker 1: we want the Derby to be back on the first 313 00:17:56,720 --> 00:17:59,360 Speaker 1: Saturday and May. We hope it will be with spectators 314 00:17:59,760 --> 00:18:02,200 Speaker 1: no ago. We'll see if we'll get the stan I'm 315 00:18:02,200 --> 00:18:10,280 Speaker 1: not sure if that cocuse even exists or not a thing. Now. Look, 316 00:18:10,560 --> 00:18:13,240 Speaker 1: you know, there's a lot of betting that goes on 317 00:18:13,359 --> 00:18:17,719 Speaker 1: in Kentucky, and there's some there, there's some there's some 318 00:18:17,760 --> 00:18:20,879 Speaker 1: speculative trading that we've seen. But you know what I 319 00:18:20,960 --> 00:18:23,240 Speaker 1: love I love that. UM. You know, a lot of 320 00:18:23,240 --> 00:18:27,479 Speaker 1: the millennials are participating in the stock market now, and 321 00:18:27,760 --> 00:18:30,359 Speaker 1: some of some people have said that millennials are more 322 00:18:30,480 --> 00:18:33,160 Speaker 1: open to socialism. It looks like from this game stop 323 00:18:33,240 --> 00:18:37,000 Speaker 1: story that many millennials are more interested in capitalism. That 324 00:18:37,119 --> 00:18:38,840 Speaker 1: is a good thing. I just want to find out 325 00:18:38,840 --> 00:18:41,960 Speaker 1: who's running the book down on Capital Hill for the Republicans. 326 00:18:42,119 --> 00:18:45,320 Speaker 1: Grant to catch off. Andy, let's continue this done, Andy Va, 327 00:18:45,440 --> 00:18:52,680 Speaker 1: the Republican from Kentucky Congressman. Thank you, David Peterson. Were 328 00:18:52,720 --> 00:18:54,880 Speaker 1: this now at the conference board? Of course? Or tour 329 00:18:54,880 --> 00:18:56,720 Speaker 1: of duty? Was a city group for a good length 330 00:18:57,000 --> 00:18:59,600 Speaker 1: of time, one of the most interesting pedigrees in American 331 00:18:59,680 --> 00:19:02,399 Speaker 1: You can armys of Wesleyan and then the combine at 332 00:19:02,480 --> 00:19:06,520 Speaker 1: University of Wisconsin at Madison as well. Dana, have you 333 00:19:06,600 --> 00:19:09,560 Speaker 1: rejiggered your Excel spreadsheets? That's what you do at the 334 00:19:09,600 --> 00:19:13,119 Speaker 1: conference board. Are you moving the numbers around now or 335 00:19:13,160 --> 00:19:16,879 Speaker 1: is it steady as it goes? Well, we are looking 336 00:19:16,880 --> 00:19:19,879 Speaker 1: at potential upgrades to our forecast for the second quarter, 337 00:19:20,000 --> 00:19:22,720 Speaker 1: given the fact that there is still a very high 338 00:19:22,800 --> 00:19:26,000 Speaker 1: likelihood that there will be some physical supports coming through. 339 00:19:26,359 --> 00:19:28,560 Speaker 1: UM it's not clear how big it will be. Certainly 340 00:19:28,680 --> 00:19:32,480 Speaker 1: the current administration is thinking about more targeted stimulus checks 341 00:19:32,920 --> 00:19:35,840 Speaker 1: um and also you have the Republican Party coming out 342 00:19:35,880 --> 00:19:38,959 Speaker 1: with a program that's you know, roughly nine billion dollars 343 00:19:39,040 --> 00:19:41,399 Speaker 1: rather than one point nine. But we're still looking to 344 00:19:41,440 --> 00:19:43,920 Speaker 1: see that there could be potentially be some strength in 345 00:19:43,960 --> 00:19:46,000 Speaker 1: the second quarter of this year. Danna, what is it 346 00:19:46,040 --> 00:19:48,680 Speaker 1: about the nature of the shock that means the economy 347 00:19:48,720 --> 00:19:51,960 Speaker 1: is changing directions so quickly and any given time the 348 00:19:52,000 --> 00:19:54,320 Speaker 1: recovery is really really fast when we just start to 349 00:19:54,359 --> 00:19:57,880 Speaker 1: pass things back a little bit. What she'll read on that, Well, 350 00:19:57,920 --> 00:19:59,280 Speaker 1: I mean a lot of it has to do with 351 00:19:59,359 --> 00:20:01,919 Speaker 1: the program should of the virus and how many cases 352 00:20:01,920 --> 00:20:04,399 Speaker 1: there are, and certainly how governments react to that and 353 00:20:04,440 --> 00:20:08,560 Speaker 1: how consumers react to that. But we're very constructive on 354 00:20:08,600 --> 00:20:12,320 Speaker 1: the fact that we do have this vaccine roll out. Uh. Certainly, Uh, 355 00:20:12,800 --> 00:20:14,919 Speaker 1: you know, there have been some estimates in terms of 356 00:20:14,960 --> 00:20:19,159 Speaker 1: when there could be a widespread availability of vaccines and 357 00:20:19,240 --> 00:20:22,280 Speaker 1: herd immunity. That could potentially mean that we start seeing 358 00:20:22,280 --> 00:20:25,080 Speaker 1: a pick up an activity late spring. Over the summer, 359 00:20:25,160 --> 00:20:29,119 Speaker 1: people get out there, travel, go to the beaches, spend money, 360 00:20:29,480 --> 00:20:32,280 Speaker 1: and consequently we have a very strong second half of 361 00:20:32,280 --> 00:20:35,920 Speaker 1: the year. But again it really depends upon the evolution 362 00:20:35,960 --> 00:20:37,679 Speaker 1: of the virus, whether or not there are new strains 363 00:20:37,720 --> 00:20:41,880 Speaker 1: that come online that cause a renewed disruptions in economic 364 00:20:41,960 --> 00:20:44,879 Speaker 1: activity data. Based on the data that we've been getting 365 00:20:44,880 --> 00:20:47,040 Speaker 1: in the speed of the recovery, do you think that 366 00:20:47,080 --> 00:20:50,919 Speaker 1: there's going to be less economic scarring than people had expected, say, 367 00:20:50,960 --> 00:20:54,679 Speaker 1: three months ago. Well, I mean, certainly in January some 368 00:20:54,720 --> 00:20:57,119 Speaker 1: of the data are better than expected. Most people are 369 00:20:57,160 --> 00:21:00,560 Speaker 1: looking for potentially even a negative GDP print first quarter. 370 00:21:00,600 --> 00:21:02,800 Speaker 1: Maybe we won't get that our own views. Maybe we'll 371 00:21:02,800 --> 00:21:05,760 Speaker 1: see two percent growth um. But certainly there is still 372 00:21:06,280 --> 00:21:09,760 Speaker 1: a lot of scope for scarring. In the labor market. 373 00:21:09,840 --> 00:21:13,760 Speaker 1: We still have roughly nine million people who are not working. Um, 374 00:21:13,760 --> 00:21:17,440 Speaker 1: many people have left the labor market, especially older workers 375 00:21:17,440 --> 00:21:20,440 Speaker 1: and women, and certainly the older workers will retire, they're 376 00:21:20,440 --> 00:21:22,920 Speaker 1: not coming back, but certainly with women, you know, we're 377 00:21:23,000 --> 00:21:25,280 Speaker 1: very concerned that they will have difficulty coming back into 378 00:21:25,280 --> 00:21:27,639 Speaker 1: the labor market. And certainly they're going to be certain 379 00:21:27,640 --> 00:21:30,600 Speaker 1: industries that are never going to be the same, uh, 380 00:21:30,680 --> 00:21:34,080 Speaker 1: certainly because of the virus, and so that means jobs 381 00:21:34,080 --> 00:21:36,080 Speaker 1: are attached to that, so there still could be scarring 382 00:21:36,119 --> 00:21:39,040 Speaker 1: in the labor market even if GDP growth looks better 383 00:21:39,080 --> 00:21:42,320 Speaker 1: than expect it. Danna, do you expect that we can 384 00:21:42,359 --> 00:21:48,560 Speaker 1: apply stimulus to the people that really need the stimulus? Well, 385 00:21:49,359 --> 00:21:52,679 Speaker 1: I don't work in the government, So hopefully there are 386 00:21:52,800 --> 00:21:55,560 Speaker 1: mechanisms to make sure that you know, certainly people who 387 00:21:55,600 --> 00:22:00,480 Speaker 1: have experienced unemployment and also losses and income will get 388 00:22:00,520 --> 00:22:04,119 Speaker 1: those stimulus checks, and that people who are potentially upper 389 00:22:04,160 --> 00:22:06,639 Speaker 1: income or in that you know, kind of case shape recovery, 390 00:22:06,680 --> 00:22:09,040 Speaker 1: the upper part of the case shape recovery that have 391 00:22:09,200 --> 00:22:12,880 Speaker 1: not experienced any interruptions and are actually doing well, don't 392 00:22:12,920 --> 00:22:15,199 Speaker 1: necessarily need it, but that we make sure that we 393 00:22:15,280 --> 00:22:17,000 Speaker 1: get it to the people who really do need it. 394 00:22:17,280 --> 00:22:19,800 Speaker 1: How that's going to work, I don't know, but let's 395 00:22:19,800 --> 00:22:22,040 Speaker 1: hope that that that can be achieved. Well, just to 396 00:22:22,080 --> 00:22:24,560 Speaker 1: build up what Tom was talking about, there's a composition 397 00:22:24,760 --> 00:22:27,280 Speaker 1: of the stimulus. It's very much at the heart of 398 00:22:27,280 --> 00:22:29,720 Speaker 1: a heated debate the idea of the efficiency of a 399 00:22:29,760 --> 00:22:33,919 Speaker 1: fourteen hundred check for fourteen hundred dollar check two Americans 400 00:22:33,920 --> 00:22:37,600 Speaker 1: making below a certain income versus funding to stay in 401 00:22:37,680 --> 00:22:40,720 Speaker 1: local government, or the necessity for both, what is the 402 00:22:40,760 --> 00:22:43,720 Speaker 1: most efficient use of funding? What is the greatest need 403 00:22:43,800 --> 00:22:48,000 Speaker 1: right now? Dana, Well, I think you know the needs 404 00:22:48,000 --> 00:22:50,760 Speaker 1: are pretty married. Certainly, you have individuals who are in 405 00:22:50,760 --> 00:22:54,280 Speaker 1: trouble because they've they've had bouts of unemployment UM and 406 00:22:54,400 --> 00:22:56,760 Speaker 1: or they've lost income. You also have state in local 407 00:22:56,760 --> 00:22:59,240 Speaker 1: governments who have shouldered you know, part of the burden 408 00:22:59,280 --> 00:23:02,359 Speaker 1: of this in turn of testing UM, caring for people 409 00:23:02,400 --> 00:23:06,000 Speaker 1: through the health care system UM. Also loss of revenues 410 00:23:06,359 --> 00:23:08,520 Speaker 1: as people have been unemployed, and also some people have 411 00:23:08,560 --> 00:23:11,800 Speaker 1: been moving out of city regions. UM. So it seems 412 00:23:11,800 --> 00:23:14,639 Speaker 1: like there's a lot of trouble all around. And you know, 413 00:23:14,680 --> 00:23:17,119 Speaker 1: it's not really up to me to determine where the 414 00:23:17,160 --> 00:23:20,760 Speaker 1: money goes, but certainly, as an economist, UM, wherever there's paying, 415 00:23:20,840 --> 00:23:23,760 Speaker 1: there is potential for dollars to go and to help 416 00:23:23,800 --> 00:23:28,399 Speaker 1: these economies, either household balance sheets or the coffers of 417 00:23:28,400 --> 00:23:32,440 Speaker 1: state local governments. Good to see you as always, Tenta 418 00:23:32,480 --> 00:23:34,879 Speaker 1: paid us in that of the conference board. Thank you. 419 00:23:38,960 --> 00:23:42,000 Speaker 1: We take a snapshot right now into primaries and then 420 00:23:42,040 --> 00:23:45,159 Speaker 1: onto a November election for the Mayor of the City 421 00:23:45,160 --> 00:23:48,120 Speaker 1: of New York, Bill Peppertone, not only as a magical 422 00:23:48,200 --> 00:23:51,119 Speaker 1: name within all of the heritage of this great a city. 423 00:23:51,200 --> 00:23:54,480 Speaker 1: That would be baseball, but far more his public service 424 00:23:54,560 --> 00:23:57,640 Speaker 1: and law enforcement in New York and he joins us 425 00:23:58,080 --> 00:24:02,040 Speaker 1: this morning for comments here and also worldwide on the 426 00:24:02,119 --> 00:24:06,240 Speaker 1: state of our politics and law enforcement. Bill Peppertone, you 427 00:24:06,280 --> 00:24:09,240 Speaker 1: would be a change agent and mayor. What would be 428 00:24:09,280 --> 00:24:13,600 Speaker 1: your first task? First task is to bring back public 429 00:24:13,640 --> 00:24:16,600 Speaker 1: safety to the streets of New York City. Without public safety, 430 00:24:16,640 --> 00:24:19,040 Speaker 1: we have nothing. We have no business, we have no economy, 431 00:24:19,320 --> 00:24:22,040 Speaker 1: we have no tourism, we have unsafe schools. We have 432 00:24:22,080 --> 00:24:24,760 Speaker 1: a New York City like we have right now, completely 433 00:24:24,760 --> 00:24:28,119 Speaker 1: in chaos, with no direction. Public safety is the building 434 00:24:28,119 --> 00:24:31,240 Speaker 1: block for everything New York City. And that's step number one. 435 00:24:31,359 --> 00:24:34,080 Speaker 1: How do you take your public safety message across the 436 00:24:34,160 --> 00:24:38,320 Speaker 1: cultures and the politics of the boroughs of this city 437 00:24:38,560 --> 00:24:42,160 Speaker 1: through conversation, through face to face meetings with community leaders, 438 00:24:42,240 --> 00:24:45,440 Speaker 1: legitimate community leaders who want what's best for their constituents 439 00:24:45,440 --> 00:24:48,080 Speaker 1: and their community members, getting the police in the community 440 00:24:48,080 --> 00:24:50,760 Speaker 1: together in a room and not leaving that room until 441 00:24:50,760 --> 00:24:53,840 Speaker 1: there are real solutions. It's not about painting city streets 442 00:24:53,880 --> 00:24:57,600 Speaker 1: or fancy slogans. It's about real dialogue, real discussion and 443 00:24:57,640 --> 00:25:00,320 Speaker 1: real answers. So you're one of only two republic Kins 444 00:25:00,440 --> 00:25:03,680 Speaker 1: running for the New York City mayoral office. How much 445 00:25:03,840 --> 00:25:05,719 Speaker 1: do you think that this helps you or hurts you? 446 00:25:05,960 --> 00:25:08,239 Speaker 1: Given the end to the peach the former president in 447 00:25:08,480 --> 00:25:12,320 Speaker 1: the region. Well before the primary stroll around, I'm pretty 448 00:25:12,320 --> 00:25:14,160 Speaker 1: sure we're gonna see a few more candidates jump in. 449 00:25:14,640 --> 00:25:16,119 Speaker 1: I don't know if it helps or hurts me. My 450 00:25:16,240 --> 00:25:19,080 Speaker 1: message stays the same. It's about New Yorkers, it's about 451 00:25:19,080 --> 00:25:22,520 Speaker 1: public safety, it's about rebuilding our economy. As far as 452 00:25:22,520 --> 00:25:24,399 Speaker 1: the president and the way Republicans are viewed in New 453 00:25:24,480 --> 00:25:26,960 Speaker 1: York City, that's up to me to get my message out. 454 00:25:27,040 --> 00:25:29,560 Speaker 1: And my message is far different than most that are 455 00:25:29,600 --> 00:25:32,560 Speaker 1: running on the Democratic side, who just want to continue 456 00:25:32,600 --> 00:25:34,760 Speaker 1: the same policy. So it's really about it's up to me. 457 00:25:34,840 --> 00:25:36,240 Speaker 1: I have to get my message out and make it 458 00:25:36,280 --> 00:25:38,280 Speaker 1: clear to everyone. What's the message that you have in 459 00:25:38,359 --> 00:25:41,479 Speaker 1: terms of how to regain some financial stability to the 460 00:25:41,480 --> 00:25:45,520 Speaker 1: region given the incredible hit and the incredible deficit. First 461 00:25:45,520 --> 00:25:47,399 Speaker 1: and foremost, we have to open up our businesses or 462 00:25:47,440 --> 00:25:50,199 Speaker 1: small businesses have been decimated by the policies of the 463 00:25:50,240 --> 00:25:52,159 Speaker 1: governor and the mayor. We have to open it up. 464 00:25:52,160 --> 00:25:53,840 Speaker 1: We have to do it safely. There is a path 465 00:25:53,920 --> 00:25:56,399 Speaker 1: to doing it safely. We have to open up our venues. 466 00:25:56,440 --> 00:25:58,720 Speaker 1: We have to open up Broadway or sporting events. We 467 00:25:58,800 --> 00:26:00,879 Speaker 1: have to get the heartbeat of the city rolling, and 468 00:26:00,960 --> 00:26:03,639 Speaker 1: we have to get the MTA back on track. We 469 00:26:03,720 --> 00:26:06,879 Speaker 1: have to invest in our infrastructure. The more people we 470 00:26:06,960 --> 00:26:08,880 Speaker 1: get coming into the city, the more of the city 471 00:26:08,920 --> 00:26:13,240 Speaker 1: will rebound. Quicker Bill Pepperton, I am fascinated how a 472 00:26:13,400 --> 00:26:18,959 Speaker 1: Republican message rebuilds across the boroughs of this great city. 473 00:26:19,359 --> 00:26:22,200 Speaker 1: Obviously there's a comfort I'm gonna pick on Staten Island, 474 00:26:22,240 --> 00:26:24,480 Speaker 1: and you know better than me the map of the 475 00:26:24,520 --> 00:26:28,760 Speaker 1: city at the margin. How do you fight the battle 476 00:26:28,840 --> 00:26:31,960 Speaker 1: to get a larger Republican vote? What do you need 477 00:26:32,080 --> 00:26:36,600 Speaker 1: from elite Republicans to make that story work? We need 478 00:26:36,640 --> 00:26:39,959 Speaker 1: support from elite Republicans. We need support from the Republican 479 00:26:40,160 --> 00:26:42,760 Speaker 1: Party here in New York. They need to step up. 480 00:26:43,359 --> 00:26:45,960 Speaker 1: They need to stand behind your candidates. They have to 481 00:26:46,000 --> 00:26:48,959 Speaker 1: make a clear and smart decision on who that candidate 482 00:26:49,000 --> 00:26:51,600 Speaker 1: is going to be, that that person has the right message. 483 00:26:51,840 --> 00:26:53,879 Speaker 1: My campaign has the right message. I know I'm the 484 00:26:53,960 --> 00:26:56,480 Speaker 1: right person from New York City right now. So the 485 00:26:56,560 --> 00:26:58,800 Speaker 1: party really needs to get behind me, to get as 486 00:26:58,800 --> 00:27:00,920 Speaker 1: I said, get behind my message and make it clear 487 00:27:00,960 --> 00:27:02,520 Speaker 1: to New York that this is the path we need 488 00:27:02,600 --> 00:27:05,600 Speaker 1: to travel to bring everything back. We have messaging of 489 00:27:05,720 --> 00:27:09,320 Speaker 1: Republicans around this nation greatly divided, as we just heard 490 00:27:09,359 --> 00:27:12,959 Speaker 1: from a gentleman from the sixth District of Kentucky, between 491 00:27:13,000 --> 00:27:17,639 Speaker 1: what I'm gonna call a collegiately Trumpism and less trumps m. 492 00:27:17,920 --> 00:27:21,000 Speaker 1: How do you fold the last four years of the 493 00:27:21,119 --> 00:27:27,280 Speaker 1: National Republican experiment into how you campaign in New York City? Well, 494 00:27:27,320 --> 00:27:28,919 Speaker 1: I think you have to look at some of the 495 00:27:28,960 --> 00:27:31,439 Speaker 1: policies that the president put in place that was successful, 496 00:27:32,000 --> 00:27:34,400 Speaker 1: and you show the people how those policies worked here 497 00:27:34,400 --> 00:27:36,159 Speaker 1: in New York City and help people here in New 498 00:27:36,240 --> 00:27:38,359 Speaker 1: York City, and how they can continue to help people 499 00:27:38,359 --> 00:27:40,119 Speaker 1: in New York City. You have to get past a 500 00:27:40,119 --> 00:27:42,920 Speaker 1: lot of the lies and the misinformation that was put 501 00:27:42,920 --> 00:27:45,560 Speaker 1: out by certain media outlets. And again that comes down 502 00:27:45,600 --> 00:27:48,120 Speaker 1: to face to face conversation with people. All Right, So 503 00:27:48,600 --> 00:27:52,040 Speaker 1: aside from wait are you blaming media outlets? You're saying 504 00:27:52,080 --> 00:27:55,560 Speaker 1: that basically build on that? What are you saying with 505 00:27:55,600 --> 00:27:58,240 Speaker 1: respect to that Well, I think a lot of media 506 00:27:58,280 --> 00:28:02,120 Speaker 1: outlets have put out misinformation throughout the president's four year 507 00:28:02,240 --> 00:28:06,560 Speaker 1: term um designed to uh to divide, and I think 508 00:28:06,600 --> 00:28:09,480 Speaker 1: that's trickled down to our governor and our mayor as well. 509 00:28:10,080 --> 00:28:12,040 Speaker 1: Policies were meant to divide, and that's why we're in 510 00:28:12,080 --> 00:28:15,640 Speaker 1: a situation where do you think that the Republican support 511 00:28:15,760 --> 00:28:18,760 Speaker 1: of cities like New York has been sufficient to help 512 00:28:18,880 --> 00:28:21,800 Speaker 1: the region get out of the hole that it's currently in. No, 513 00:28:21,920 --> 00:28:24,760 Speaker 1: we need more support. We need more support from both parties, 514 00:28:24,880 --> 00:28:27,320 Speaker 1: but especially the Republican Party to get the message out 515 00:28:27,720 --> 00:28:30,560 Speaker 1: to show everyone this is the pathway to rebuild, To 516 00:28:30,680 --> 00:28:33,640 Speaker 1: rebuild our city, they really need to be stronger, more forceful, 517 00:28:33,840 --> 00:28:37,720 Speaker 1: and more. You put one final question of Bill Pepperton 518 00:28:37,760 --> 00:28:41,400 Speaker 1: and you pull off the upset of the decade. How 519 00:28:41,440 --> 00:28:44,680 Speaker 1: do you work with Governor Cuomo? Well, I sit down 520 00:28:44,680 --> 00:28:47,080 Speaker 1: with the governor. We start with a clean slate. I'm 521 00:28:47,080 --> 00:28:49,240 Speaker 1: going to be a very different mayor to build a Blasio. 522 00:28:49,280 --> 00:28:52,120 Speaker 1: I'm gonna stand up for city residents and again we're 523 00:28:52,160 --> 00:28:54,120 Speaker 1: gonna have a clean slate, work on the issues, and 524 00:28:54,160 --> 00:28:56,560 Speaker 1: I'm gonna make my point to the governor that without 525 00:28:56,640 --> 00:28:58,800 Speaker 1: New York City. There is no New York State, so 526 00:28:58,840 --> 00:29:02,160 Speaker 1: if the governor has any other political aspirations, he has 527 00:29:02,200 --> 00:29:04,600 Speaker 1: to help me rebuild a city. Bill Pepperton, thank you 528 00:29:04,680 --> 00:29:07,840 Speaker 1: so much running as a Republican for the mayor race, 529 00:29:07,880 --> 00:29:10,400 Speaker 1: and of course many many candidates they're heating up. For 530 00:29:10,440 --> 00:29:13,960 Speaker 1: those of your nationwide not following the race, thanks for 531 00:29:14,080 --> 00:29:18,480 Speaker 1: listening to the Bloomberg Surveillance podcast. Subscribe and listen to 532 00:29:18,640 --> 00:29:24,360 Speaker 1: interviews on Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. 533 00:29:24,920 --> 00:29:28,280 Speaker 1: I'm on Twitter at Tom Keane before the podcast. You 534 00:29:28,280 --> 00:29:31,680 Speaker 1: can always catch us worldwide. I'm Bloomberg Radio