1 00:00:00,320 --> 00:00:03,000 Speaker 1: Live from our nation's camera. This budget thing is going 2 00:00:03,040 --> 00:00:05,920 Speaker 1: to do nothing spaceports. I still think it's interesting President 3 00:00:05,920 --> 00:00:10,120 Speaker 1: Trump not playing his cards yet. Headlines Policy and politics colliding, 4 00:00:10,280 --> 00:00:15,120 Speaker 1: Floomberg Sound On, the Insiders, the influencers, the insides. I 5 00:00:15,120 --> 00:00:17,800 Speaker 1: would rather see a congressional solution. It's part of my DNA. 6 00:00:18,040 --> 00:00:20,680 Speaker 1: The Senate map in looks a lot different than it 7 00:00:20,720 --> 00:00:24,080 Speaker 1: looked in. You really have a divide within Team Trump. 8 00:00:24,120 --> 00:00:26,480 Speaker 1: The President has to do exactly what people sent him 9 00:00:26,480 --> 00:00:28,400 Speaker 1: here to do, which is to get it done. This 10 00:00:28,800 --> 00:00:34,040 Speaker 1: is Bloomberg Sound On with Kevin Shirley on Bloomberg and 11 00:00:34,159 --> 00:00:36,440 Speaker 1: one oh five point seven f m h D two. 12 00:00:36,920 --> 00:00:41,360 Speaker 1: Hurricane Dorian downgraded to a Category three but still expected 13 00:00:41,400 --> 00:00:44,920 Speaker 1: to wreak havoc on Florida. Will have the latest plus. 14 00:00:45,240 --> 00:00:48,800 Speaker 1: President Trump cancels a trip as Hurricane Dorian prepares to 15 00:00:48,840 --> 00:00:52,680 Speaker 1: make landfall. Meanwhile, US consumer sentiment falls the most since 16 00:00:52,720 --> 00:00:57,840 Speaker 1: twelve on trade fears trade deadline heading into September first, 17 00:00:57,840 --> 00:01:00,880 Speaker 1: President Trump stays defiant ahead of the as new tariffs 18 00:01:01,400 --> 00:01:05,800 Speaker 1: on Labor Day weekends set to take effect on September one. 19 00:01:06,200 --> 00:01:09,720 Speaker 1: All of that, we have a jam packed show and 20 00:01:09,760 --> 00:01:12,400 Speaker 1: we're going to lead things off with an all star panel. 21 00:01:12,640 --> 00:01:16,040 Speaker 1: Mark Ross is here, founder of Charical Global. Luis Skiavoni 22 00:01:16,200 --> 00:01:18,839 Speaker 1: is here, she's a journalist and senior lecturer at John 23 00:01:18,880 --> 00:01:23,440 Speaker 1: Hopkins University's Carry Business School. And Ryan Teague beckwith a 24 00:01:23,480 --> 00:01:27,520 Speaker 1: Bloomberg News National political correspondent, the lead story tonight. Heading 25 00:01:27,520 --> 00:01:33,520 Speaker 1: into this holiday weekend, Hurricane Dorian already stirring political storm 26 00:01:33,640 --> 00:01:37,759 Speaker 1: as Democrats criticized President Trump. That's the headline read from 27 00:01:37,959 --> 00:01:42,600 Speaker 1: Fox News. Senate Minority leader Chuck Schumer, tweeting out, quote, 28 00:01:42,600 --> 00:01:46,080 Speaker 1: our fellow Americans in Puerto Rico and Florida are bracing 29 00:01:46,120 --> 00:01:50,160 Speaker 1: for a hurricane. President Trump stopped raiding disaster funds and 30 00:01:50,160 --> 00:01:54,080 Speaker 1: work to ensure FEMA is ready to help these Americans 31 00:01:54,320 --> 00:01:59,080 Speaker 1: end quote, Ryan, Democrats are criticizing the administration for taking 32 00:01:59,200 --> 00:02:02,240 Speaker 1: funds from EMA. Are trying to take funds from FEMA 33 00:02:02,600 --> 00:02:07,160 Speaker 1: in order to facilitate funding at some of these immigration 34 00:02:07,440 --> 00:02:11,919 Speaker 1: facility centers where immigrants who are here illegally are being held. 35 00:02:12,680 --> 00:02:18,840 Speaker 1: And now this storm supposes significant political risk for Republicans. 36 00:02:19,320 --> 00:02:23,320 Speaker 1: Can President Trump navigate these political waters? I mean, I 37 00:02:23,400 --> 00:02:26,160 Speaker 1: think as long as the hurricane response is strong, then 38 00:02:26,840 --> 00:02:29,600 Speaker 1: it will not make a debt. But one of the 39 00:02:29,680 --> 00:02:33,840 Speaker 1: rules that any governor of a hurricane uh state knows 40 00:02:33,880 --> 00:02:36,520 Speaker 1: and I used to report on politics in North Carolina 41 00:02:37,040 --> 00:02:40,079 Speaker 1: is don't mess up a hurricane. So if the response 42 00:02:40,280 --> 00:02:43,200 Speaker 1: is adequate and people are happy with it, then it 43 00:02:43,280 --> 00:02:46,680 Speaker 1: will pass. It won't become a political issue. President Trump 44 00:02:46,760 --> 00:02:51,840 Speaker 1: was asked earlier today Ryan about the impacts of Hurricane Dorian. Again. 45 00:02:51,880 --> 00:02:55,080 Speaker 1: The hurricane center, according to the Bloomberg Terminal, is about 46 00:02:55,120 --> 00:02:58,880 Speaker 1: six hundred and twenty five miles east of West Palm Beach, Florida. 47 00:02:59,200 --> 00:03:02,680 Speaker 1: As of two p New York time. The maximum sustained 48 00:03:02,720 --> 00:03:05,760 Speaker 1: winds of a hundred and fifteen miles per hour according 49 00:03:05,800 --> 00:03:08,959 Speaker 1: to the U S National Hurricane Center, and that wind 50 00:03:09,000 --> 00:03:12,840 Speaker 1: speed means it could be a Category three level a 51 00:03:12,919 --> 00:03:17,560 Speaker 1: Category three level hurricane as it approaches Florida. Take a 52 00:03:17,600 --> 00:03:21,040 Speaker 1: lesson to what President Trump said earlier today about Hurricane Dorian. 53 00:03:21,680 --> 00:03:25,040 Speaker 1: It hit the Virgin Islands, but not as bad as 54 00:03:25,080 --> 00:03:28,720 Speaker 1: it could have. But it really began to form and 55 00:03:28,760 --> 00:03:31,839 Speaker 1: form big, and now it's looking like it could be 56 00:03:31,880 --> 00:03:36,240 Speaker 1: an absolute monster. Ryan. The President has canceled several of 57 00:03:36,320 --> 00:03:40,280 Speaker 1: his or his his He had a planned trip abroad clearly, 58 00:03:40,760 --> 00:03:44,280 Speaker 1: uh he's instead sending Vice President Mike Pence on that 59 00:03:44,360 --> 00:03:48,040 Speaker 1: international trip, but clearly he wants to be here as 60 00:03:48,040 --> 00:03:51,839 Speaker 1: commander in chief in order to to to navigate through 61 00:03:52,000 --> 00:03:55,280 Speaker 1: this storm well and keep in mind Florida as a 62 00:03:55,280 --> 00:03:58,560 Speaker 1: swing state and uh An important state to his reelection. 63 00:03:58,720 --> 00:04:03,600 Speaker 1: So Um, there's also some interesting research that when a win, 64 00:04:03,680 --> 00:04:07,200 Speaker 1: a storm, or something has hit uh An area, people 65 00:04:07,240 --> 00:04:10,400 Speaker 1: who are voting will Um sometimes be less likely to 66 00:04:10,440 --> 00:04:14,080 Speaker 1: vote for the incumbent because they feel like things aren't 67 00:04:14,120 --> 00:04:16,279 Speaker 1: going well and it and kind of tips over to 68 00:04:16,320 --> 00:04:20,480 Speaker 1: a time for change kind of election. So um, a 69 00:04:20,520 --> 00:04:23,839 Speaker 1: smart idea for the president to take this very seriously, 70 00:04:23,880 --> 00:04:26,960 Speaker 1: both because it's a storm and it's a serious issue, 71 00:04:26,960 --> 00:04:29,719 Speaker 1: but also for his own political reasons and just to 72 00:04:29,720 --> 00:04:32,360 Speaker 1: to to kind of elaborate even more on that the 73 00:04:32,400 --> 00:04:36,240 Speaker 1: center of the storm, the center of Hurricane Dorian, or 74 00:04:36,240 --> 00:04:39,240 Speaker 1: the cone of uncertainty as they call it, will will 75 00:04:39,320 --> 00:04:42,960 Speaker 1: hit a sets is according to the path according to 76 00:04:42,960 --> 00:04:46,400 Speaker 1: the meteorologists, could strike Jupiter, Florida. That's about twenty five 77 00:04:46,480 --> 00:04:51,640 Speaker 1: miles miles north of President Trump's Moral Lago resort. And 78 00:04:51,720 --> 00:04:54,560 Speaker 1: President Trump again canceling that plan trip to Poland, this 79 00:04:54,600 --> 00:04:57,960 Speaker 1: weekend because of the storm. Two thousand National Guard members 80 00:04:57,960 --> 00:05:01,680 Speaker 1: have been mobilized in Florida earlier today. That number is 81 00:05:01,720 --> 00:05:06,240 Speaker 1: likely to double double by late Saturday, according to Governor 82 00:05:06,320 --> 00:05:09,360 Speaker 1: Ron De Santis. According to the White House, the Governor 83 00:05:09,400 --> 00:05:13,360 Speaker 1: of Florida has spoken with Governor De Santis regarding this 84 00:05:14,000 --> 00:05:17,480 Speaker 1: uh and he was guaranteed quote all the resources we 85 00:05:17,600 --> 00:05:20,520 Speaker 1: need end quote that, according to the Governor. And just 86 00:05:20,800 --> 00:05:24,440 Speaker 1: again to reiterate, folks, Hurricane Dorian could be the strongest 87 00:05:24,480 --> 00:05:28,520 Speaker 1: storm to hit anywhere in Florida since Hurricane Michael. Hurricane 88 00:05:28,560 --> 00:05:31,719 Speaker 1: Michael landed as a Cat five hurricane and that cost 89 00:05:31,800 --> 00:05:35,080 Speaker 1: ten billion dollars ten billion dollars worth of damage. We 90 00:05:35,120 --> 00:05:38,400 Speaker 1: are carefully following Hurricane Dorian. Coming up, we're gonna talk 91 00:05:38,440 --> 00:05:41,680 Speaker 1: more US China trade policy, plus a pop quiz, a 92 00:05:41,760 --> 00:05:45,800 Speaker 1: pop quiz based on Ryan T. Beckwidths awesome piece and 93 00:05:45,839 --> 00:05:49,720 Speaker 1: it really illustrates the rhetoric of former Vice President Joe 94 00:05:49,760 --> 00:05:53,320 Speaker 1: Biden compared with President Donald Trump, who said it Donald 95 00:05:53,320 --> 00:05:55,880 Speaker 1: Trump or Joe Biden. I'm gonna ask my panel, Louise 96 00:05:56,040 --> 00:05:59,920 Speaker 1: Giavoni and Mark Ross. You can download the Bloomberg Say 97 00:06:00,000 --> 00:06:03,039 Speaker 1: Wound On podcast on Apple iTunes, at Bloomberg dot com 98 00:06:03,160 --> 00:06:05,600 Speaker 1: or by downloading the Bloomberg Business app. You can also 99 00:06:05,600 --> 00:06:08,200 Speaker 1: find me on Radio dot com, I Heart Radio and Spotify. 100 00:06:08,279 --> 00:06:11,000 Speaker 1: Some great podcasts on there. If you're making your way 101 00:06:11,080 --> 00:06:14,240 Speaker 1: down to Rehobit this weekend. I'm Kevin Cirelli, Chief Washington 102 00:06:14,279 --> 00:06:17,040 Speaker 1: correspondent for Bloomberg Television and Bloomberg Radio. I didn't go 103 00:06:17,080 --> 00:06:18,839 Speaker 1: to Rehobit. I went to the Jersey Shore when I 104 00:06:18,839 --> 00:06:24,080 Speaker 1: was a kid. You're listening to Bloomberg. You're listening to Bloomberg. 105 00:06:24,200 --> 00:06:28,360 Speaker 1: Sound On with Kevin Currele on Bloomberg and one oh 106 00:06:28,360 --> 00:06:31,480 Speaker 1: five point seven f M h D two. I'm Kevin Cereli, 107 00:06:31,560 --> 00:06:35,320 Speaker 1: chief Washington correspondent from Bloomberg Television and Bloomberg Radio. Happy 108 00:06:35,320 --> 00:06:37,880 Speaker 1: three day weekend, folks. We made it. We made it, 109 00:06:38,600 --> 00:06:40,719 Speaker 1: uh and I enjoyed. We're gonna do something a little 110 00:06:40,760 --> 00:06:44,159 Speaker 1: different as we head into the holiday weekend. We've got 111 00:06:44,200 --> 00:06:47,279 Speaker 1: two all stars, two regulars on our program. Mark Cross, 112 00:06:47,279 --> 00:06:51,040 Speaker 1: founder of Charical Global, a firm which specializes in global communications, 113 00:06:51,080 --> 00:06:54,480 Speaker 1: and Luis ski, Any journalists and senior lecturer at Johns 114 00:06:54,480 --> 00:06:58,599 Speaker 1: Hopkins University's Carry Business School. Thank you both for being here. 115 00:06:58,600 --> 00:07:01,839 Speaker 1: We're gonna play a little game. Are you ready? Okay, 116 00:07:01,839 --> 00:07:05,839 Speaker 1: So here's Louise, Are you ready? Because I know you're competitive? 117 00:07:05,839 --> 00:07:07,880 Speaker 1: So I feel like this this guy, I didn't even 118 00:07:07,880 --> 00:07:09,440 Speaker 1: tell you that we were going to play this game. 119 00:07:09,760 --> 00:07:12,720 Speaker 1: Ryan T. Beckwith who just joined Bloomberg I think one 120 00:07:12,760 --> 00:07:19,840 Speaker 1: month ago, two weeks ago. It feels like a hero. Um. 121 00:07:20,840 --> 00:07:23,559 Speaker 1: He has this awesome story out on the Bloomberg terminal. 122 00:07:23,600 --> 00:07:26,320 Speaker 1: Who said it? Trump or Biden? They may disagree, but 123 00:07:26,400 --> 00:07:28,600 Speaker 1: they often sounded like. So what I figured we would 124 00:07:28,680 --> 00:07:31,720 Speaker 1: do is say a couple of these quotes, go on 125 00:07:31,760 --> 00:07:34,000 Speaker 1: to the Bloomberg to take the full quiz, but UH 126 00:07:34,120 --> 00:07:36,960 Speaker 1: say these quotes and have Louise and Uh and Mark 127 00:07:37,880 --> 00:07:41,360 Speaker 1: compete to see who who said it? Um. And first 128 00:07:41,400 --> 00:07:43,320 Speaker 1: of all, Ryan, tell the genius of this piece is 129 00:07:43,320 --> 00:07:45,040 Speaker 1: that there's a point to it. Tell us why you 130 00:07:45,040 --> 00:07:46,840 Speaker 1: did this piece and what point you were trying to make. 131 00:07:47,680 --> 00:07:52,920 Speaker 1: It just struck me that, Um, Biden talks a lot 132 00:07:53,360 --> 00:07:56,160 Speaker 1: like Trump. This is something that first occurred to me 133 00:07:56,880 --> 00:07:59,320 Speaker 1: when he said, and I don't know if you were 134 00:07:59,320 --> 00:08:02,480 Speaker 1: going to include this one, but don't don't. But that's 135 00:08:02,480 --> 00:08:04,800 Speaker 1: a thing. And I just thought, why that really sounds 136 00:08:04,800 --> 00:08:09,720 Speaker 1: like Trump. Um, and so I started looking for quote 137 00:08:10,200 --> 00:08:13,040 Speaker 1: and and there's a wide variety of them. It's not 138 00:08:13,160 --> 00:08:16,400 Speaker 1: just no, there are it's not just like in one way, 139 00:08:16,200 --> 00:08:19,760 Speaker 1: they have a very similar and it's because they're both 140 00:08:19,800 --> 00:08:22,080 Speaker 1: I mean there are four years apart. They both are 141 00:08:22,200 --> 00:08:26,840 Speaker 1: from uh, the northeast and and kind of blue collar neighborhoods, 142 00:08:27,000 --> 00:08:28,960 Speaker 1: and they're going out to the same voters. No, and 143 00:08:28,960 --> 00:08:31,080 Speaker 1: it's but it's also just who they are, it's just 144 00:08:31,080 --> 00:08:33,439 Speaker 1: how they talk. All right, here we go. First question? Ready, 145 00:08:33,440 --> 00:08:36,520 Speaker 1: Mark ready, Luise, Ready, ready, ready, more ready than you can? 146 00:08:37,559 --> 00:08:41,800 Speaker 1: All right? Who said it? Donald Trump or Joe Biden? Quote? 147 00:08:42,160 --> 00:08:45,400 Speaker 1: I think I probably have a much higher IQ than 148 00:08:45,480 --> 00:08:48,439 Speaker 1: you do. I suspect I'd be delighted to sit down 149 00:08:48,480 --> 00:08:51,160 Speaker 1: and compare my i Q to yours if you'd like. 150 00:08:51,840 --> 00:08:54,960 Speaker 1: End quote. Can we just shout out? Don't shout one 151 00:08:55,000 --> 00:08:58,920 Speaker 1: of the time? Luise, who said it's Trump? Tump? Wrong? 152 00:08:58,960 --> 00:09:02,000 Speaker 1: You're both wrong? It was Joe Biden. Joe Biden said that, right, 153 00:09:02,559 --> 00:09:05,120 Speaker 1: And he said that he made those remarks responding to 154 00:09:05,160 --> 00:09:08,480 Speaker 1: a question about his academic record during a campaign stop 155 00:09:08,559 --> 00:09:13,120 Speaker 1: in New Hampshire nineteen eighties seven nineteen eight seven. You 156 00:09:13,200 --> 00:09:16,520 Speaker 1: have to throw in the year prising for a Delaware graduate. 157 00:09:17,640 --> 00:09:19,800 Speaker 1: But Ran it illustrates that that Joe Biden has been 158 00:09:19,840 --> 00:09:23,040 Speaker 1: a politician for for a very long time. Yes. Actually 159 00:09:23,080 --> 00:09:24,960 Speaker 1: one of the great books, What It Takes is about 160 00:09:24,679 --> 00:09:31,320 Speaker 1: the election election, which I covered, yes, and has has 161 00:09:31,480 --> 00:09:34,080 Speaker 1: has a lot about Biden's campaign in there. Alright, ready 162 00:09:34,160 --> 00:09:37,280 Speaker 1: number two? Who said it? Joe Biden or Donald Trump? Quote? 163 00:09:37,640 --> 00:09:40,640 Speaker 1: I'm not sorry for anything that I have ever done. 164 00:09:41,040 --> 00:09:45,360 Speaker 1: I have never been disrespectful intentionally to a man or 165 00:09:45,400 --> 00:09:51,920 Speaker 1: a woman. End quote. Mark Ross is laughing, Louise. Louise 166 00:09:52,040 --> 00:09:54,959 Speaker 1: is right. It was Joe Biden Biden. Okay, you do 167 00:09:55,000 --> 00:09:56,920 Speaker 1: you know Ryan when he made that. When Biden made 168 00:09:56,920 --> 00:10:00,840 Speaker 1: that comment, I believe that was earlier this year when 169 00:10:00,920 --> 00:10:06,080 Speaker 1: he was facing critique, criticism of of his the behavior 170 00:10:06,160 --> 00:10:08,880 Speaker 1: around women. So that was the first time I remember 171 00:10:08,920 --> 00:10:11,240 Speaker 1: all of the stories that we're doing. All right, So Mark, 172 00:10:11,280 --> 00:10:16,920 Speaker 1: you're losing winning one nothing? Alright, Ready for number three? Alright, alright? 173 00:10:17,040 --> 00:10:20,640 Speaker 1: Quote this is this is Ryan. This is actually one 174 00:10:20,679 --> 00:10:23,199 Speaker 1: of my favorite ones. Okay, who said it? Joe Biden 175 00:10:23,280 --> 00:10:27,280 Speaker 1: or Donald Trump? Quote? I punched my music teacher because 176 00:10:27,320 --> 00:10:29,960 Speaker 1: I didn't think he knew anything about music, and I 177 00:10:30,040 --> 00:10:33,200 Speaker 1: almost got expelled. I'm not proud of that, but it's 178 00:10:33,240 --> 00:10:36,439 Speaker 1: clear evidence that even early on, I had a tendency 179 00:10:36,760 --> 00:10:39,120 Speaker 1: to stand up and make my opinions known in a 180 00:10:39,240 --> 00:10:42,760 Speaker 1: very forceful way. Who said it? Joe Biden or Donald Trump? 181 00:10:42,960 --> 00:10:48,400 Speaker 1: Mark crosses Louise. I'm going to say Trump, Louise got 182 00:10:48,440 --> 00:10:52,000 Speaker 1: it again. It's actually a quote from Art of the Deal. 183 00:10:53,880 --> 00:10:56,040 Speaker 1: And you know we were we spoke about this earlier, 184 00:10:56,280 --> 00:10:58,520 Speaker 1: Ryan on Bloomberg Radio, because you have another piece about 185 00:10:58,520 --> 00:11:02,320 Speaker 1: Elizabeth Warren's first book. Uh, but really, the Heart of 186 00:11:02,320 --> 00:11:07,560 Speaker 1: the Deal captures this president better than anything I've read, 187 00:11:07,600 --> 00:11:11,960 Speaker 1: because even back then he was really writing in one tone. Yeah, 188 00:11:12,000 --> 00:11:15,199 Speaker 1: I think it. Even though it was ghost written, it 189 00:11:15,360 --> 00:11:18,240 Speaker 1: still captures a lot of sort of how he presents himself, 190 00:11:18,960 --> 00:11:22,400 Speaker 1: and that anecdote in particular. All Right, we've got time 191 00:11:22,480 --> 00:11:26,760 Speaker 1: for We've got time for one more? So are you ready? Well? 192 00:11:26,760 --> 00:11:29,000 Speaker 1: This is kind of easy. This one will maybe make 193 00:11:29,720 --> 00:11:32,160 Speaker 1: for two more. We have two more. We have two more? Okay? 194 00:11:32,160 --> 00:11:36,480 Speaker 1: Who said it? Joe Biden or Donald Trump? And Christine 195 00:11:36,480 --> 00:11:39,240 Speaker 1: Marata are executive producer says the loser of this segment 196 00:11:39,280 --> 00:11:42,880 Speaker 1: is buying pizza, So now there's a pizza element into it, 197 00:11:43,080 --> 00:11:45,600 Speaker 1: all right. Quote the press always asks me, don't I 198 00:11:45,600 --> 00:11:48,080 Speaker 1: wish I were debating him? No, I wish we were 199 00:11:48,120 --> 00:11:49,960 Speaker 1: in high school. I could take him behind the gym. 200 00:11:50,080 --> 00:11:54,120 Speaker 1: That's what I wish. Joe Biden, Yeah, that was Biden. 201 00:11:54,160 --> 00:11:56,080 Speaker 1: I remember when you said that, Yeah, that's all right, 202 00:11:56,160 --> 00:11:59,200 Speaker 1: so you got one. But now it's three to one, 203 00:11:59,360 --> 00:12:02,640 Speaker 1: all right. That was Biden made those remarks while campaigning 204 00:12:02,640 --> 00:12:05,240 Speaker 1: for Hillary Clinton in Pennsylvania. That was after the Access 205 00:12:05,240 --> 00:12:07,800 Speaker 1: Hollywood remark. Yes, there's there's a lot of punching and 206 00:12:07,840 --> 00:12:12,880 Speaker 1: taking people behind it, and very much He's there was 207 00:12:12,920 --> 00:12:15,280 Speaker 1: a nerd in high school. I was like shy and awkward. 208 00:12:15,320 --> 00:12:17,319 Speaker 1: I mean, okay, have you said me be behind the gym? 209 00:12:17,360 --> 00:12:19,000 Speaker 1: I would have said great, and then not gone behind 210 00:12:19,000 --> 00:12:24,400 Speaker 1: the gym? Alright? Last one? Um, well we have time, 211 00:12:24,400 --> 00:12:26,520 Speaker 1: all right, we'll do one more, alright? Quote who said it? 212 00:12:26,640 --> 00:12:29,600 Speaker 1: Joe Biden or Donald Trump. What I'm trying to do 213 00:12:29,880 --> 00:12:33,000 Speaker 1: is go around from town to town, and I'm drawing 214 00:12:33,120 --> 00:12:36,080 Speaker 1: as big of crowds, bigger than anybody. Have you seen 215 00:12:36,120 --> 00:12:38,679 Speaker 1: anybody draw bigger crowds than me here in the state? 216 00:12:38,880 --> 00:12:44,320 Speaker 1: End quote? Donald Trump. That does sound like Donald Trump. 217 00:12:45,000 --> 00:12:50,440 Speaker 1: It was Joe Biden Biden, right, this was a hard quiza. 218 00:12:51,840 --> 00:12:55,400 Speaker 1: Joe Biden made those remarks while campaigning in Iowa in August, 219 00:12:55,520 --> 00:12:58,920 Speaker 1: and he said those uh he said those remarks to 220 00:12:58,960 --> 00:13:04,600 Speaker 1: to Fox News report Stephen doocey. Um, so yeah, so 221 00:13:04,640 --> 00:13:06,800 Speaker 1: that was an exchange with Fox News. It kind of 222 00:13:06,840 --> 00:13:10,080 Speaker 1: sounds like like former Vice president Joe Biden likes to 223 00:13:10,160 --> 00:13:13,120 Speaker 1: kind of I don't. I don't know shadow Trump or 224 00:13:13,400 --> 00:13:15,080 Speaker 1: what do you. I just think this is who they 225 00:13:15,320 --> 00:13:17,439 Speaker 1: This is who they both are. They this is how 226 00:13:17,440 --> 00:13:19,920 Speaker 1: they talk and and how they view the world, and 227 00:13:20,120 --> 00:13:21,960 Speaker 1: things are kind of a competition and a little bit 228 00:13:22,000 --> 00:13:26,280 Speaker 1: of one upsmanship. Um, you know, I don't the threats 229 00:13:26,320 --> 00:13:29,199 Speaker 1: of violence aren't really real, but there is an element 230 00:13:29,280 --> 00:13:31,520 Speaker 1: of the like, yeah, you know, getting into it, kind 231 00:13:31,520 --> 00:13:34,800 Speaker 1: of the man in the arena, kind of Teddy Roosevelt talk. 232 00:13:35,080 --> 00:13:37,240 Speaker 1: You know. I think it's interesting about these two guys, 233 00:13:37,440 --> 00:13:41,920 Speaker 1: is that, um, well, well they both sort of claim 234 00:13:42,000 --> 00:13:45,520 Speaker 1: a blue collar sort of ethos, right. Um. And even 235 00:13:45,520 --> 00:13:49,800 Speaker 1: though Trump obviously is not blue collar, his his world 236 00:13:49,960 --> 00:13:52,319 Speaker 1: was very blue collar, right, the people of the people 237 00:13:52,320 --> 00:13:55,040 Speaker 1: in the world of construction. That's how they are, that's 238 00:13:55,080 --> 00:13:58,200 Speaker 1: their values, that's who he hung with. And Joe Biden 239 00:13:58,320 --> 00:14:00,760 Speaker 1: is you know, Joe Biden A was fun. Mark. You 240 00:14:00,800 --> 00:14:06,760 Speaker 1: owe everybody pizza on some pizza from Michigan. Please, it's 241 00:14:07,080 --> 00:14:09,959 Speaker 1: just for drinks. Mark, I can't wait. All right, coming on, 242 00:14:10,400 --> 00:14:12,960 Speaker 1: coming up on Bloomberg Sound We're gonna talk more politics 243 00:14:13,000 --> 00:14:15,840 Speaker 1: and policy. We're gonna pivot a trade. Joe Biden hanging 244 00:14:15,880 --> 00:14:20,120 Speaker 1: onto the top tier of the crowded Democratic uh stage. 245 00:14:20,120 --> 00:14:24,080 Speaker 1: He's actually going to be debating Elizabeth Warren and Bernie 246 00:14:24,080 --> 00:14:27,800 Speaker 1: Sanders September twelve in Houston. But it shows again that piece, 247 00:14:27,840 --> 00:14:31,200 Speaker 1: that genius piece by Ryan C. Beckwith just how his 248 00:14:31,280 --> 00:14:34,960 Speaker 1: political rhetoric mirrors that of President Trump. You can download 249 00:14:34,960 --> 00:14:37,640 Speaker 1: the Bloomberg Sound On podcast on Apple iTunes, at Bloomberg 250 00:14:37,680 --> 00:14:40,200 Speaker 1: dot com, or by downloading the Bloomberg Business app. You 251 00:14:40,200 --> 00:14:43,440 Speaker 1: can also find us on Radio dot Com, I Heart Radio, 252 00:14:43,520 --> 00:14:47,120 Speaker 1: and Spotify. I'm Kevin Cirelli, Cheap Washington correspondent for Bloomberg 253 00:14:47,120 --> 00:14:50,560 Speaker 1: Television and Bloomberg Radio. And you're listening to Bloomberg One. 254 00:14:51,520 --> 00:14:55,000 Speaker 1: You're listening to Bloomberg Sound On with Kevin Curreley on 255 00:14:55,080 --> 00:14:59,080 Speaker 1: Bloomberg and one oh five point seven h d two. 256 00:15:00,000 --> 00:15:04,040 Speaker 1: Happy three day weekend folks On Kevin Cerilli, Chief Washington 257 00:15:04,080 --> 00:15:07,520 Speaker 1: correspondent from Bloomberg Television and Bloomberg Radio. We are tracking 258 00:15:07,600 --> 00:15:11,000 Speaker 1: all things policy and politics as we head into this 259 00:15:11,200 --> 00:15:16,200 Speaker 1: Labor Day weekend where tariffs. Tariffs are front and center 260 00:15:16,200 --> 00:15:21,040 Speaker 1: as lawmakers set to return to Washington, d C. Next week. 261 00:15:21,080 --> 00:15:24,640 Speaker 1: Mark Ross is founder of Territical Global, a global communications 262 00:15:24,680 --> 00:15:29,880 Speaker 1: firm which specializes specializes in globalization. Louise Giavone is back 263 00:15:30,440 --> 00:15:35,920 Speaker 1: journalist and senior lecturer at John's Hopkins University Carey Business School. 264 00:15:36,280 --> 00:15:41,040 Speaker 1: And Ryan Tige back with Bloomberg News national political correspondent, 265 00:15:41,120 --> 00:15:45,480 Speaker 1: President Trump staying defiant Mark ahead of the new tariffs 266 00:15:45,480 --> 00:15:49,320 Speaker 1: and lashing out at Quote week critics. President Donald Trump, 267 00:15:49,360 --> 00:15:52,040 Speaker 1: according to the Bloomberg Terminal, showed a little sign that 268 00:15:52,120 --> 00:15:54,320 Speaker 1: he's going to back down from new tariffs on more 269 00:15:54,360 --> 00:15:58,200 Speaker 1: than a hundred and ten billion dollars of Chinese imports 270 00:15:58,240 --> 00:16:00,720 Speaker 1: that are set to take effect on Sunday. He has 271 00:16:00,760 --> 00:16:04,120 Speaker 1: blamed American companies for their inability to deal with a 272 00:16:04,120 --> 00:16:06,440 Speaker 1: trade policy that he said is aimed at reigning in 273 00:16:06,720 --> 00:16:10,840 Speaker 1: unfair players. All right, let's read the tweet Mark translated 274 00:16:10,880 --> 00:16:13,920 Speaker 1: for US President Trump tweets quote badly run and weak 275 00:16:13,960 --> 00:16:18,200 Speaker 1: companies are smartly blaming these small tariffs instead of themselves 276 00:16:18,280 --> 00:16:20,960 Speaker 1: for bad management, and who can really blame them for 277 00:16:21,000 --> 00:16:26,560 Speaker 1: doing that? Excuses? So can there be some type of 278 00:16:26,600 --> 00:16:29,720 Speaker 1: mini deal between the US and China between now and 279 00:16:29,760 --> 00:16:33,920 Speaker 1: when the other tariffs take effect in December? Marc Cross, Yes, 280 00:16:34,000 --> 00:16:36,640 Speaker 1: there could definitely be a deal. Um whether or not 281 00:16:36,720 --> 00:16:39,800 Speaker 1: that will happen, I think it's unlikely. I have a 282 00:16:39,840 --> 00:16:42,560 Speaker 1: tendency to believe that the Chinese want to drag this 283 00:16:42,600 --> 00:16:47,240 Speaker 1: out until the election to make any kind of deal 284 00:16:47,320 --> 00:16:49,160 Speaker 1: of any kind of sort, whether it's big or small. 285 00:16:49,560 --> 00:16:52,360 Speaker 1: Louise I'm looking at the list here of of the 286 00:16:53,280 --> 00:16:55,720 Speaker 1: tariff on a hundred and ten billion dollars worth of 287 00:16:56,040 --> 00:17:00,360 Speaker 1: Chinese goods here, and it's gonna impact every think from 288 00:17:00,360 --> 00:17:04,600 Speaker 1: apparel and footwear and other Chinese imports. I mean, these 289 00:17:04,640 --> 00:17:09,080 Speaker 1: are consumer products. And when you look at that, is 290 00:17:09,119 --> 00:17:15,320 Speaker 1: it not going to impact some some key voters in 291 00:17:15,359 --> 00:17:17,800 Speaker 1: swing states who are going to notice at a time 292 00:17:17,840 --> 00:17:21,159 Speaker 1: and there's a lot of uncertainty. There's debate in the 293 00:17:21,200 --> 00:17:23,720 Speaker 1: economic community whether or not there will be a recession, 294 00:17:24,080 --> 00:17:27,520 Speaker 1: but could these tariffs start to impact voters? So you're 295 00:17:27,560 --> 00:17:31,320 Speaker 1: talking about the tariffs on I'm looking at the same list, 296 00:17:31,359 --> 00:17:36,679 Speaker 1: so toys, phones, laptops, other products and um. Of course, 297 00:17:36,720 --> 00:17:39,760 Speaker 1: he said that he was delaying the tariffs until December 298 00:17:39,840 --> 00:17:44,600 Speaker 1: fift to affect half of them. In September hundreds this Sunday, 299 00:17:44,640 --> 00:17:46,600 Speaker 1: a hundred and ten billion dollars worth the first round 300 00:17:46,600 --> 00:17:48,960 Speaker 1: of tariff going to effect. You know, I really think 301 00:17:49,000 --> 00:17:52,800 Speaker 1: that he's My view is I don't know for sure obviously, UM, 302 00:17:53,200 --> 00:17:55,520 Speaker 1: but I would think that if I were Donald Trump 303 00:17:55,520 --> 00:17:58,480 Speaker 1: and I were running for reelection, I would want to 304 00:17:58,480 --> 00:18:02,560 Speaker 1: be careful about this because has he has UM core 305 00:18:02,880 --> 00:18:06,000 Speaker 1: voters that have supported him so far, But if he 306 00:18:06,160 --> 00:18:10,840 Speaker 1: starts messing with their ability to buy, their ability to sell, UM, 307 00:18:10,880 --> 00:18:13,600 Speaker 1: that could very much affect whether or not they're going 308 00:18:13,640 --> 00:18:16,960 Speaker 1: to vote for him again. You people vote their personal interests. 309 00:18:17,040 --> 00:18:20,199 Speaker 1: That's why people and what we've you know, and it's UM. 310 00:18:20,520 --> 00:18:22,679 Speaker 1: I don't mean this in a demeaning way, but the 311 00:18:22,680 --> 00:18:25,440 Speaker 1: people in the flyover States voted for him to begin with, 312 00:18:25,640 --> 00:18:28,920 Speaker 1: right because they felt that he was going to return 313 00:18:29,000 --> 00:18:31,480 Speaker 1: to them the prosperity that the loss during the recession 314 00:18:31,560 --> 00:18:34,879 Speaker 1: never recaptured during the during the Obama years, you know, 315 00:18:35,080 --> 00:18:37,479 Speaker 1: to that point, Luis Kiavoni, I mean, I'm looking at 316 00:18:37,480 --> 00:18:41,920 Speaker 1: the U S Consumer Sentiment indicator that was just uh 317 00:18:42,040 --> 00:18:44,679 Speaker 1: that that just came out. US consumer sentiment fell the 318 00:18:44,720 --> 00:18:48,440 Speaker 1: most in six years. US consumer sentiment fell the most 319 00:18:48,480 --> 00:18:51,359 Speaker 1: in six years, slumping to the lowest level of Donald 320 00:18:51,359 --> 00:18:54,760 Speaker 1: Trump's presidency as Americans are now starting to express concern 321 00:18:54,800 --> 00:18:57,359 Speaker 1: about how tariffs are going to impact the economy. This 322 00:18:57,440 --> 00:19:00,399 Speaker 1: is out from the University of Michigan, Mark Rossneck the Woods, 323 00:19:00,560 --> 00:19:04,560 Speaker 1: the University of Michigan. At the sentiment fell to eighty 324 00:19:04,640 --> 00:19:08,639 Speaker 1: nine point eight in August from a previously reported point 325 00:19:08,680 --> 00:19:11,680 Speaker 1: one and ninety eight point four in July. That data 326 00:19:11,800 --> 00:19:14,280 Speaker 1: was just released earlier today. I just wanted to say 327 00:19:14,280 --> 00:19:18,199 Speaker 1: one more thing about Trump's strategy with these tariffs and 328 00:19:18,240 --> 00:19:21,320 Speaker 1: how he sort of uh made that joke during the 329 00:19:21,840 --> 00:19:24,920 Speaker 1: on that one particular day where the stock market fell 330 00:19:24,920 --> 00:19:27,520 Speaker 1: over five hundred and seventy points and he said, ha ha, 331 00:19:27,640 --> 00:19:29,199 Speaker 1: it must have something to do with one of the 332 00:19:29,200 --> 00:19:31,560 Speaker 1: Democrats that fell out of the field, out of the 333 00:19:31,600 --> 00:19:35,680 Speaker 1: Democratic presidential race. You know, I mean, here's a guy 334 00:19:35,720 --> 00:19:38,439 Speaker 1: who most of his wealth is in real estate. He 335 00:19:38,520 --> 00:19:42,760 Speaker 1: has very very little, relative to what his holdings are, 336 00:19:42,960 --> 00:19:47,160 Speaker 1: very very little invested on Wall Street. So for him 337 00:19:47,200 --> 00:19:50,800 Speaker 1: to get out there and yuck it up about Wall 338 00:19:50,840 --> 00:19:55,119 Speaker 1: Street tanking is very insensitive to lots and lots of Americans, 339 00:19:55,359 --> 00:19:58,879 Speaker 1: many of whom have sort of tolerated him, but now 340 00:19:58,920 --> 00:20:03,720 Speaker 1: as they see therefore one it's it's an issue, and 341 00:20:03,840 --> 00:20:07,080 Speaker 1: if I were him, might be really careful here. She's 342 00:20:07,080 --> 00:20:09,840 Speaker 1: a journalist and senior lecturer at John Hopkins University Carey 343 00:20:09,840 --> 00:20:11,880 Speaker 1: Business School. We're talking about the tariffs that are set 344 00:20:11,920 --> 00:20:16,199 Speaker 1: to go into effect on Sunday, Labor Day weekend, hundred 345 00:20:16,240 --> 00:20:20,040 Speaker 1: and ten billion dollars and Chinese imports. The tariffs sets 346 00:20:20,040 --> 00:20:23,119 Speaker 1: a rise, starting at a fiftent tariff on those hundred 347 00:20:23,160 --> 00:20:25,720 Speaker 1: and ten billion dollars worth of Chinese imports coming into 348 00:20:25,760 --> 00:20:29,119 Speaker 1: the United States on apparel, footwear, and other Chinese goods 349 00:20:29,160 --> 00:20:32,080 Speaker 1: as well. Then another round of tariffs sets to go 350 00:20:32,119 --> 00:20:36,200 Speaker 1: into effect come December. Ryan T. Beckwith We're talking about 351 00:20:36,600 --> 00:20:40,600 Speaker 1: the recession fears, the slow down fears, and you can't 352 00:20:40,600 --> 00:20:43,560 Speaker 1: look at this in just a United States vacuum. Obviously, 353 00:20:44,000 --> 00:20:46,959 Speaker 1: the situation and the forecast coming out of Europe. Europe 354 00:20:47,359 --> 00:20:50,760 Speaker 1: impacting on this. President shi Jing paying dealing with other 355 00:20:50,840 --> 00:20:54,720 Speaker 1: political issues himself related to the Hong Kong protests and whatnot. 356 00:20:54,960 --> 00:20:57,399 Speaker 1: So it is a global economy, but sticking here in 357 00:20:57,440 --> 00:21:01,160 Speaker 1: the United States, US consumer sentiment falling the most since 358 00:21:02,000 --> 00:21:06,600 Speaker 1: on fears of trade. Consumer confidence starting to dip, though 359 00:21:06,640 --> 00:21:11,119 Speaker 1: not dipping as much as economists had anticipated. What's the 360 00:21:11,160 --> 00:21:15,920 Speaker 1: political reality for Democrats and President Trump heading into Labor 361 00:21:15,960 --> 00:21:19,359 Speaker 1: Day weekend as they all campaign. I don't think anybody 362 00:21:19,400 --> 00:21:23,960 Speaker 1: wants a recession um and I don't think that anybody 363 00:21:24,000 --> 00:21:28,880 Speaker 1: really knows if one happens, exactly how the blame will 364 00:21:28,920 --> 00:21:32,679 Speaker 1: be apportioned or what it might do to upend the 365 00:21:32,840 --> 00:21:38,080 Speaker 1: political situation. So I think this is all just a 366 00:21:38,200 --> 00:21:41,280 Speaker 1: very The uncertainty in the market is also uncertainty in 367 00:21:41,280 --> 00:21:44,600 Speaker 1: the political realm, and we're gonna stick with that uncertainty. 368 00:21:44,680 --> 00:21:47,560 Speaker 1: Coming up, we're gonna check in with David Bronson. He's 369 00:21:47,600 --> 00:21:50,520 Speaker 1: the founder and managing partner and chief investment officer of 370 00:21:50,560 --> 00:21:53,840 Speaker 1: the Bonson Group, which has just under two billion dollars 371 00:21:53,840 --> 00:21:57,560 Speaker 1: in assets under management. I'm Kevin Cirelli, chief Washington correspondent 372 00:21:57,560 --> 00:22:00,800 Speaker 1: for Bloomberg Television of Bloomberg Radio panels days you're listening 373 00:22:00,800 --> 00:22:09,280 Speaker 1: to Bloomberg. This is Bloomberg Sound On with Kevin Shirley 374 00:22:09,640 --> 00:22:13,280 Speaker 1: on Bloomberg and one oh five point seven f M 375 00:22:13,400 --> 00:22:17,080 Speaker 1: h D two Friday. We made it to Friday, a 376 00:22:17,119 --> 00:22:20,240 Speaker 1: three day weekend. Hope everybody's going to have an excellent, excellent, 377 00:22:20,560 --> 00:22:24,160 Speaker 1: sun filled Labor Day weekend. Maybe you're headed a Dewey, 378 00:22:24,240 --> 00:22:26,360 Speaker 1: Maybe you're going to Rehoba there. Maybe you're like me 379 00:22:26,680 --> 00:22:29,359 Speaker 1: and you you grew up going to the Jersey shore, 380 00:22:29,480 --> 00:22:31,680 Speaker 1: and wonder where our next guest will be spending the 381 00:22:31,760 --> 00:22:34,439 Speaker 1: Labor Day weekend. It's David Bonson is first time on 382 00:22:34,520 --> 00:22:37,639 Speaker 1: the program. He's the founder and managing partner and chief 383 00:22:37,680 --> 00:22:40,800 Speaker 1: investment officer of the Bonson Group, which has just under 384 00:22:40,840 --> 00:22:43,960 Speaker 1: two billion dollars in assets under management. He's ranked in 385 00:22:44,000 --> 00:22:47,280 Speaker 1: the Baron's Top one hundred, Forbes, Top to fifty, Financial 386 00:22:47,320 --> 00:22:50,560 Speaker 1: Times Top three hundred. He's a guy, David Bonson, We're 387 00:22:50,560 --> 00:22:54,080 Speaker 1: thrilled to have you joining us. Earlier in the program, 388 00:22:54,119 --> 00:22:57,280 Speaker 1: we were talking about the fear really this this economic 389 00:22:57,320 --> 00:23:00,080 Speaker 1: anxiety about whether or not there's going to be a 390 00:23:00,160 --> 00:23:05,000 Speaker 1: slowdown or a recession. Will there be well, there always 391 00:23:05,040 --> 00:23:09,240 Speaker 1: will be a recession and less we repeal the business cycle. 392 00:23:09,359 --> 00:23:12,840 Speaker 1: So we know that it's coming. The question is when 393 00:23:13,520 --> 00:23:16,200 Speaker 1: and what you do about it along the way, and 394 00:23:16,200 --> 00:23:19,800 Speaker 1: and right now that number, they could be six months. 395 00:23:19,840 --> 00:23:21,520 Speaker 1: I don't think it will be, but it could be 396 00:23:21,600 --> 00:23:24,960 Speaker 1: four years. And so I don't think the fact that 397 00:23:24,960 --> 00:23:28,720 Speaker 1: there will be eventually another recession is very actionable for 398 00:23:28,840 --> 00:23:34,440 Speaker 1: most investors. The question is, I think are we accelerating 399 00:23:34,480 --> 00:23:38,000 Speaker 1: the path towards the recession with this trade war? All right, 400 00:23:38,040 --> 00:23:40,720 Speaker 1: So there is a lot of talk. David Bonson, the founder, 401 00:23:40,720 --> 00:23:43,840 Speaker 1: managing partner and c I O of the Bonson Group, 402 00:23:44,119 --> 00:23:45,919 Speaker 1: there's a lot of talk in the past couple of 403 00:23:45,920 --> 00:23:49,800 Speaker 1: weeks about the inverted yield curve, the inverted yield curve 404 00:23:49,840 --> 00:23:53,359 Speaker 1: and whether or not this is an indicator that we 405 00:23:53,400 --> 00:23:56,520 Speaker 1: are headed for recession. How do you translate what's going 406 00:23:56,560 --> 00:24:00,159 Speaker 1: on at the inverted yield curve. Well, one of the 407 00:24:00,160 --> 00:24:02,280 Speaker 1: things that you just said is a great word to 408 00:24:02,440 --> 00:24:06,560 Speaker 1: use an indicator, because many people are calling it a 409 00:24:06,600 --> 00:24:09,760 Speaker 1: cause of a recession, and I think that that's a 410 00:24:09,880 --> 00:24:15,320 Speaker 1: very uh inaccurate word. Historically, if anything, a yield curve 411 00:24:15,400 --> 00:24:19,919 Speaker 1: has often signified that or or predicted a recession, but 412 00:24:20,000 --> 00:24:22,920 Speaker 1: it certainly is not a cause of one. What we're 413 00:24:22,960 --> 00:24:25,880 Speaker 1: to make of it now, well, it's very tricky because 414 00:24:25,920 --> 00:24:30,200 Speaker 1: there's no question that many circumstances are different, and yet 415 00:24:30,240 --> 00:24:32,800 Speaker 1: in our business you're supposed to be very careful about 416 00:24:32,840 --> 00:24:36,600 Speaker 1: ever saying this time it's different. Um. Look, the global 417 00:24:36,880 --> 00:24:42,199 Speaker 1: negative yields are absolutely causing a flood of money to 418 00:24:42,280 --> 00:24:45,960 Speaker 1: pour into the United States treasuries and distorting the long 419 00:24:46,119 --> 00:24:49,919 Speaker 1: end of our curve. That is causing an inversion, and 420 00:24:49,960 --> 00:24:52,880 Speaker 1: there is really a very little debate about that. Has 421 00:24:52,920 --> 00:24:56,480 Speaker 1: the FED been too tight on the short end because 422 00:24:56,520 --> 00:25:00,200 Speaker 1: of that circumstance. Perhaps it has, but I don't believe 423 00:25:00,280 --> 00:25:04,680 Speaker 1: that that dynamic is recessionary in and of itself. However, 424 00:25:04,840 --> 00:25:06,480 Speaker 1: just as I say that, and forgive me for the 425 00:25:06,520 --> 00:25:10,520 Speaker 1: long answer, but this is not important. The business investment 426 00:25:10,600 --> 00:25:14,520 Speaker 1: that I think has been driving the economic expansion since 427 00:25:14,600 --> 00:25:18,439 Speaker 1: President Trump took office is drying up. I believe it 428 00:25:18,560 --> 00:25:22,640 Speaker 1: is impacting being impacted by the trade war, and and 429 00:25:22,720 --> 00:25:25,439 Speaker 1: so just as much as I actually think the yield 430 00:25:25,480 --> 00:25:28,640 Speaker 1: curve is giving off sort of a false signal, which, 431 00:25:28,640 --> 00:25:30,919 Speaker 1: by the way, it's done plenty of times in the past, 432 00:25:30,960 --> 00:25:34,000 Speaker 1: as well. But I do, on the other hand, believe 433 00:25:34,040 --> 00:25:37,240 Speaker 1: that there are causes fundamentally that we have to keep 434 00:25:37,240 --> 00:25:40,480 Speaker 1: an eye on, because if you don't get the capex 435 00:25:40,920 --> 00:25:45,200 Speaker 1: and and the manufacturing and business investment that you were 436 00:25:45,200 --> 00:25:48,719 Speaker 1: getting before, eventually you get back to that tepid growth 437 00:25:48,760 --> 00:25:53,240 Speaker 1: we had eight years prior, and that will eventually tip over. 438 00:25:53,480 --> 00:25:55,280 Speaker 1: David Bounce is on the line, his first time on 439 00:25:55,320 --> 00:25:57,760 Speaker 1: the program, hopefully not as last. He's the founder, managing 440 00:25:57,800 --> 00:26:00,920 Speaker 1: partner and chief a investment officer of the Bonson Group, 441 00:26:01,200 --> 00:26:03,600 Speaker 1: which is which has just under two billion dollars in 442 00:26:03,640 --> 00:26:06,720 Speaker 1: assets under management. Let's talk about one of those items 443 00:26:06,720 --> 00:26:08,720 Speaker 1: that you that you mentioned about keeping an eye on 444 00:26:08,760 --> 00:26:11,960 Speaker 1: the trade policy. I mean, just this Sunday, those tariffs 445 00:26:12,000 --> 00:26:16,600 Speaker 1: are set to increase, tariffs fient tariffs increasing on a 446 00:26:16,680 --> 00:26:20,800 Speaker 1: hundred and ten billion dollars worth of Chinese imports. Is 447 00:26:20,840 --> 00:26:24,359 Speaker 1: this the right time, David Bonson for President Trump to 448 00:26:24,480 --> 00:26:28,280 Speaker 1: be adding these tariffs and increasing these tariffs or should 449 00:26:28,280 --> 00:26:30,520 Speaker 1: he should he get to some type of of short 450 00:26:30,600 --> 00:26:34,520 Speaker 1: term agreement with the Chinese? Um he should get to 451 00:26:34,560 --> 00:26:37,080 Speaker 1: a short term agreement and and I don't know if 452 00:26:37,080 --> 00:26:39,280 Speaker 1: he will or not, because at this point I don't 453 00:26:39,280 --> 00:26:42,080 Speaker 1: know if the Chinese will, I don't know if they 454 00:26:42,160 --> 00:26:44,639 Speaker 1: feel that they're in need of it. So we're in 455 00:26:44,720 --> 00:26:47,720 Speaker 1: a very difficult position because I don't think that the 456 00:26:47,840 --> 00:26:53,399 Speaker 1: leverage that was previously assumed is really still there. The 457 00:26:53,480 --> 00:26:57,840 Speaker 1: political dynamic is very different in in China. The line 458 00:26:57,880 --> 00:27:01,280 Speaker 1: we've been using with our clients is, Okay, maybe it's 459 00:27:01,320 --> 00:27:05,080 Speaker 1: doing an economic damage of a four to America and 460 00:27:05,119 --> 00:27:09,040 Speaker 1: an eight to China, but a four in America politically 461 00:27:09,080 --> 00:27:13,880 Speaker 1: as a tent and an eight in China economically becomes 462 00:27:13,880 --> 00:27:17,400 Speaker 1: a zero politically because for obvious reasons. So that's that's 463 00:27:17,440 --> 00:27:19,840 Speaker 1: a really easy way to understand this. Because a lot 464 00:27:19,840 --> 00:27:22,159 Speaker 1: of folks say the president Shi Jing Ping is just 465 00:27:22,240 --> 00:27:24,960 Speaker 1: playing a marathon. But I look at the Democrats and 466 00:27:25,000 --> 00:27:27,240 Speaker 1: I when I when I see Senator Elizabeth mooreon and 467 00:27:27,240 --> 00:27:30,000 Speaker 1: Bernie Sanders leading the pack along with Biden. But when 468 00:27:30,040 --> 00:27:32,800 Speaker 1: I see Warren and Sanders, they've been advocating for tariffs 469 00:27:32,880 --> 00:27:36,840 Speaker 1: just as long as as candidate Donald Trump was back, 470 00:27:36,960 --> 00:27:38,480 Speaker 1: you know, more than a decade ago on the Oprah 471 00:27:38,520 --> 00:27:40,920 Speaker 1: Winfrey Show, David Bonson, You've been so generous with your time. 472 00:27:40,960 --> 00:27:43,800 Speaker 1: I know you're busy I've got one more question for you. 473 00:27:43,880 --> 00:27:47,160 Speaker 1: For folks in their cars driving into the three day 474 00:27:47,200 --> 00:27:49,440 Speaker 1: weekend to spend time with their families down the shore, 475 00:27:49,440 --> 00:27:52,040 Speaker 1: and they're worried about their four oh one case. Maybe 476 00:27:52,119 --> 00:27:55,320 Speaker 1: even this is you know, these are individuals who you know, 477 00:27:55,440 --> 00:27:57,880 Speaker 1: we're whacked in the Great Recession with their four oh 478 00:27:57,880 --> 00:28:01,000 Speaker 1: one case. Should they be worried or can they enjoy 479 00:28:01,040 --> 00:28:05,480 Speaker 1: the weekends? They should absolutely enjoy the weekend, and they 480 00:28:05,520 --> 00:28:09,600 Speaker 1: should never be worried about market volatility. Market volatility is 481 00:28:09,640 --> 00:28:13,040 Speaker 1: their friend. We ended up down in August two per cent. 482 00:28:13,520 --> 00:28:15,399 Speaker 1: If I had a nickel for every time in my 483 00:28:15,480 --> 00:28:17,800 Speaker 1: career we've had a two percent month, I'd have quite 484 00:28:17,800 --> 00:28:21,919 Speaker 1: a few nickels. The reality is that volatility is going 485 00:28:22,000 --> 00:28:25,400 Speaker 1: to be here for a while, but fundamentally strong earnings. 486 00:28:25,400 --> 00:28:28,680 Speaker 1: If your portfolio is properly allocated, Go enjoy your weekend, 487 00:28:28,960 --> 00:28:31,560 Speaker 1: all right, You enjoy your weekend? To David Boonson, always 488 00:28:31,560 --> 00:28:34,520 Speaker 1: an optimist, founder, managing partner and chief investment officer of 489 00:28:34,560 --> 00:28:36,960 Speaker 1: the Bunson Group, which has just under two billion in 490 00:28:37,040 --> 00:28:39,440 Speaker 1: assets under management. He has ranked in the Baron's Top 491 00:28:39,440 --> 00:28:43,360 Speaker 1: one hundred, Forbes to fifty, and Financial Times Top three hundred. 492 00:28:43,440 --> 00:28:46,160 Speaker 1: Thank you David for your time. We appreciate it. Now 493 00:28:46,200 --> 00:28:49,040 Speaker 1: let's check in with the panel and what's become one 494 00:28:49,040 --> 00:28:52,920 Speaker 1: of my favorite segments. Louise Skiavoni is here, journalists and 495 00:28:52,960 --> 00:28:56,960 Speaker 1: senior lecturer at Johns Hopkins University, Kerry Business School. Ryan C. 496 00:28:57,200 --> 00:29:00,320 Speaker 1: Beckwett still with us Bloomberg News, National Political Course spondent, 497 00:29:00,360 --> 00:29:03,720 Speaker 1: and of course Mark Ross, founder of Terriical Global. Thank 498 00:29:03,760 --> 00:29:07,680 Speaker 1: you all for for hanging out with me on this Friday. Uh, 499 00:29:07,720 --> 00:29:09,920 Speaker 1: we're gonna do What's on your radar? Where you tell 500 00:29:10,000 --> 00:29:13,240 Speaker 1: me what is on your radar? Louise, your up First, 501 00:29:13,320 --> 00:29:16,000 Speaker 1: what's on your radar? I want to know if people 502 00:29:16,000 --> 00:29:20,320 Speaker 1: are going to react to President Trump's move troll back 503 00:29:20,960 --> 00:29:25,160 Speaker 1: the requirements on methane emissions. You know, a lot of 504 00:29:25,200 --> 00:29:29,240 Speaker 1: these violent storms are strongly related to climate change, and 505 00:29:29,640 --> 00:29:33,240 Speaker 1: President Trump is a climate change denier. But let's see 506 00:29:33,280 --> 00:29:36,800 Speaker 1: what happens if mar Lago gets slammed my Dorian, if 507 00:29:36,800 --> 00:29:39,920 Speaker 1: he has a different view about respecting the environment. That's 508 00:29:39,960 --> 00:29:42,560 Speaker 1: what my eye is on all right. Luise is watching 509 00:29:42,560 --> 00:29:48,040 Speaker 1: the hurricane and the environmental regulations. I think, just to 510 00:29:48,120 --> 00:29:50,440 Speaker 1: be a reporter when I talk to Republicans, they would 511 00:29:50,480 --> 00:29:53,000 Speaker 1: disagree with your critique just to balance it out. But 512 00:29:53,120 --> 00:29:54,880 Speaker 1: that is what's on your radar, Mark Ross, what's on 513 00:29:54,880 --> 00:29:57,720 Speaker 1: your radar? I don't think you gross. The Spacific President 514 00:29:57,880 --> 00:30:00,640 Speaker 1: she of China has been given in the fdational title 515 00:30:01,080 --> 00:30:03,640 Speaker 1: He's the People's Leader of the Party, which is important 516 00:30:03,640 --> 00:30:06,400 Speaker 1: because this is the first time the Chinese Commnist Party 517 00:30:06,560 --> 00:30:08,400 Speaker 1: is given away this title since Mao z A Dung, 518 00:30:08,640 --> 00:30:11,160 Speaker 1: which is pretty important. And also why is that important? 519 00:30:11,400 --> 00:30:14,200 Speaker 1: It's important because we're on the October one will be 520 00:30:14,200 --> 00:30:17,440 Speaker 1: the seventieth anniversary of the official founding of the Pupil's 521 00:30:17,520 --> 00:30:21,520 Speaker 1: Republic of China. So she'sping wants to go into this 522 00:30:21,680 --> 00:30:24,440 Speaker 1: next seventy years, if you will. Of party role in 523 00:30:24,520 --> 00:30:27,160 Speaker 1: China is having as many titles as possible and being 524 00:30:27,160 --> 00:30:30,560 Speaker 1: connected to malesz Dun giving himself awards now, but being 525 00:30:30,560 --> 00:30:32,760 Speaker 1: conducted to males A Dung. It's a reminder of you know, 526 00:30:32,800 --> 00:30:35,520 Speaker 1: the Chinese greatness, the Communist great but but but really 527 00:30:35,560 --> 00:30:37,440 Speaker 1: the Hong Kong I hear you, But the Hong Kong 528 00:30:37,480 --> 00:30:40,200 Speaker 1: protests are even one could argue, or even more powerful, 529 00:30:40,200 --> 00:30:42,480 Speaker 1: and they're still protesting. They're still in the streets, and 530 00:30:42,720 --> 00:30:45,240 Speaker 1: there's Bloomberg has been doing excellent reporting on this, and 531 00:30:45,240 --> 00:30:48,320 Speaker 1: our colleagues a Bloomberg TikTok have been doing excellent reporting 532 00:30:48,320 --> 00:30:51,560 Speaker 1: on this because really, these young people who are protesting 533 00:30:51,640 --> 00:30:55,360 Speaker 1: in Hong Kong are are standing up against President she 534 00:30:55,600 --> 00:30:57,720 Speaker 1: and and and it's still going and a lot of 535 00:30:57,720 --> 00:31:01,000 Speaker 1: folks didn't think they were gonna last that long. Good radar, 536 00:31:01,520 --> 00:31:04,640 Speaker 1: Ryan Tige back with what is on your radar? I 537 00:31:04,680 --> 00:31:06,840 Speaker 1: think this has been something that has been neglected for 538 00:31:06,840 --> 00:31:10,360 Speaker 1: a while. But legal marijuana left leaning think tank Data 539 00:31:10,440 --> 00:31:14,200 Speaker 1: for Progress, so caveat there, but they have pretty sound 540 00:31:14,200 --> 00:31:17,080 Speaker 1: methodology on this. Released a survey that found that in 541 00:31:17,160 --> 00:31:20,920 Speaker 1: all but one state in the Union, that's forty nine states, 542 00:31:21,240 --> 00:31:25,920 Speaker 1: a majority of Trump voters think that marijuana should be legalized. 543 00:31:26,600 --> 00:31:29,360 Speaker 1: And he didn't come out I find out. It's not 544 00:31:29,400 --> 00:31:31,840 Speaker 1: about yeah. I mean, he's very populist, and you would 545 00:31:31,840 --> 00:31:33,840 Speaker 1: expect him to be the kind of person who would 546 00:31:34,240 --> 00:31:37,520 Speaker 1: just see where the majority is and say, yeah, I 547 00:31:37,560 --> 00:31:40,720 Speaker 1: like that too, regardless of whether he pursued it. Um 548 00:31:40,760 --> 00:31:43,320 Speaker 1: he's he's not. I think that he's had personal views 549 00:31:43,440 --> 00:31:47,920 Speaker 1: about drug use which influence him on that Republican party 550 00:31:48,440 --> 00:31:51,400 Speaker 1: um is still not quite there yet. Democrats aren't quite 551 00:31:51,400 --> 00:31:54,840 Speaker 1: there yet either. But I think being from a state 552 00:31:54,920 --> 00:31:57,160 Speaker 1: that has gone ahead with this, it's a lot more 553 00:31:57,160 --> 00:32:00,680 Speaker 1: popular than the political class. I think realized. All right, 554 00:32:00,680 --> 00:32:02,400 Speaker 1: you want to know what's on my radar Twitter and 555 00:32:02,440 --> 00:32:05,200 Speaker 1: not President Trump's tweet, Jack Dorsey's tweets. Did you guys 556 00:32:05,200 --> 00:32:10,320 Speaker 1: hear about this? Twitter CEO Jack Dorsey's account was hacked, 557 00:32:10,680 --> 00:32:13,280 Speaker 1: and it was hacked and then sent races tweets. According 558 00:32:13,320 --> 00:32:16,280 Speaker 1: to the Bloomberg Terminal, Twitter Inc. Chief executive Officer Jack 559 00:32:16,320 --> 00:32:20,400 Speaker 1: Dorsey's account sent out a stream of offensive tweets on Friday, 560 00:32:20,680 --> 00:32:23,840 Speaker 1: what the company said was a hack more than fifteen tweets. 561 00:32:24,080 --> 00:32:26,840 Speaker 1: I mean, what it says a lot about Twitter in 562 00:32:26,880 --> 00:32:29,600 Speaker 1: my opinions, but it says a lot about Twitter, which 563 00:32:29,680 --> 00:32:34,200 Speaker 1: is has has spread so much hatred and misinformation. It's 564 00:32:34,240 --> 00:32:36,960 Speaker 1: just another example of how Twitter is so not ready 565 00:32:36,960 --> 00:32:42,000 Speaker 1: for prime time for the audience. Two factor authentication, two factor. 566 00:32:43,720 --> 00:32:46,040 Speaker 1: I just feel like everyone can get hacked and it's 567 00:32:46,080 --> 00:32:49,240 Speaker 1: just okay. So Twitter released a statement from Brandon Boorman, 568 00:32:49,280 --> 00:32:53,240 Speaker 1: that's Twitter spokesman, and he said, yes, Jack's account was compromised. 569 00:32:53,240 --> 00:32:55,920 Speaker 1: We're working on it and investigating what happened these social 570 00:32:55,960 --> 00:32:58,680 Speaker 1: media platforms. Folks. It is the sign of the times, 571 00:32:58,720 --> 00:33:00,400 Speaker 1: I guess. I want to thank our panel, arc Ross, 572 00:33:00,400 --> 00:33:04,440 Speaker 1: founder of Charricko Global Global, Louise Giavone, journalists and senior 573 00:33:04,520 --> 00:33:08,840 Speaker 1: lecturer at Johns Hopkins University Carey Business School, and of 574 00:33:08,840 --> 00:33:12,040 Speaker 1: course my colleague Ryan t Back with Bloomberg News national 575 00:33:12,280 --> 00:33:15,760 Speaker 1: political correspondent, and for David Bonson for checking in with us. 576 00:33:15,760 --> 00:33:18,160 Speaker 1: Have a great weekend, everybody. Thank you so much, so 577 00:33:18,160 --> 00:33:22,000 Speaker 1: so much for listening. I'm Kevin Cirelli Drive Safe, Travel Safe, um, 578 00:33:22,040 --> 00:33:24,240 Speaker 1: the chief Washington correspondent for Bloomberg, and you're listening to 579 00:33:24,280 --> 00:33:24,720 Speaker 1: Bloomberg