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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Daily

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Speaker 1: we bring you insight from the best in economics, finance, investment,

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Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com, and of course on the Bloomberg. This

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Speaker 1: is important on an election day, We're gonna recalibrate with

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Speaker 1: Kathleen Fisher of Bernstein. Kathy, it's a single digit world

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Speaker 1: one year trailing SMP up six percent. If I bought

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Speaker 1: the footsie and dollars that'd be negative eight as well.

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Speaker 1: Maybe on an election day, have to recalibrate. What do

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Speaker 1: I recalibrate too? In equities, bonds, in cash. You know,

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Speaker 1: we've been saying for some time that investors should expect

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Speaker 1: mid single digit returns. Were there. That's what's new, you know.

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Speaker 1: That's when you think of the past few years. We've

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Speaker 1: had some great years. Last year was very, very strong

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Speaker 1: across global equity markets. It's not surprising this year is

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Speaker 1: less good because we do think you're going to get

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Speaker 1: roughly six percent compound returns on US stocks over the

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Speaker 1: next decade or so and maybe seven ish outside the

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Speaker 1: US UM which is one of the reasons. We're really

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Speaker 1: encouraging clients to stick with a non US allocation, maintain

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Speaker 1: lobal equity allocation because non U s docks are cheaper. Right,

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Speaker 1: We're wanted to go, and we're beginning to hear a

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Speaker 1: real percolation of getting back in non US. Is that

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Speaker 1: Semens of Germany or is that a company I don't

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Speaker 1: know in Cambodia? Which is it? It's both? Um. Clearly,

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Speaker 1: the problems that Europe has are well understood. Um the

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Speaker 1: problems emerging markets have are perhaps less well understood because

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Speaker 1: they're not a monolithic group. Each country is very different

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Speaker 1: and they've pretty much been sold off in tandem. So

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Speaker 1: I think the key thing is to look at companies

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Speaker 1: that are located outside the US, understand what their business

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Speaker 1: model is, who their customers are, and make a decision

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Speaker 1: about the valuation of those companies independent of where they're located.

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Speaker 1: Let's talk about where the customers are located themselves. In

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Speaker 1: the way you're looking for the companies to be located.

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Speaker 1: When do you want the client based to be located

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Speaker 1: off those companies? Do you want it to be a

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Speaker 1: European story or an international story that gets the European valuation.

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Speaker 1: So this is the really important question. Is all of

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Speaker 1: the trade um discussions, the trade problems, the trade skirmishes

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Speaker 1: are causing all of that to be less clear than normal. Right.

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Speaker 1: We would argue that in China, for example, you want

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Speaker 1: to be in Chinese companies that are selling to Chinese

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Speaker 1: local consumers because they are of course having the ability

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Speaker 1: to spend more money on goods and services right there. Um,

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Speaker 1: that is still true. Um, But with the perception of

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Speaker 1: China slowing down, a lot of those stocks have sold

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Speaker 1: off as well. So there's a lot of idiosyncratic issues

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Speaker 1: have to look at in each situation. So it's not

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Speaker 1: a model alnel with the issue. But in terms of multinationals,

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Speaker 1: I would argue if you're thinking, if you're worried about

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Speaker 1: a country in Europe that's not as robust as it

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Speaker 1: might be, But there's a company that's a multinational selling

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Speaker 1: to company to consumers all around the world, you can

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Speaker 1: get discounted stocks um that are very attractive. Think going

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Speaker 1: to get to the top story of the day, the

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Speaker 1: midterm elections. There's a view that gridlock is good for markets.

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Speaker 1: Historically it's gridlock good for markets. Now it will be

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Speaker 1: because people assume little change. But going back to I

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Speaker 1: said before, Um, nothing in the elections is going to

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Speaker 1: change the fact that we still have to deal with

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Speaker 1: these trade issues and the fact that interest rates are rising,

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Speaker 1: and all these things will be sources of volatility for

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Speaker 1: stock markets. Um. But gridlock is the expectation and would

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Speaker 1: probably be the best outcome for the election. Cathy Fisher,

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Speaker 1: great to have you with us on Bloombock Surveillance on

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Speaker 1: an important day as the midterm results approaches. Bernstein's head

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Speaker 1: of Wealth and Strategies. What we're trying to do today

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Speaker 1: on this election day is give you smart coverage from

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Speaker 1: deeply experienced political types. One of those would be Douglas

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Speaker 1: High Here, of course is uh some of the public

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Speaker 1: service to the Republicans and particularly the President Bush the younger,

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Speaker 1: and of course with his work of the Republican National Committee. Uh,

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Speaker 1: and now, and I should say with Eric Canter as well.

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Speaker 1: He's out of Chapel Hill years ago. And Doug, the

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Speaker 1: reason I'm field you're on is you have an encyclopedic

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Speaker 1: knowledge of Iowa. What do the pundits get wrong about

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Speaker 1: the changes of Iowa, of which you know every square

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Speaker 1: acre well Iowa is a growing and changing state. At

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Speaker 1: the state with a with an economy that's doing better

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Speaker 1: than the national average. Obviously that the whole country is

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Speaker 1: doing pretty well right now, but I always been at

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Speaker 1: the leading edge of that. Right now and because it's changing,

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Speaker 1: we we have a couple of races that that people

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Speaker 1: are looking at. David Young's congressional race, who has been

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Speaker 1: in um Um Congress for a couple of years now,

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Speaker 1: is arguably the most vulnerable race um that any Republican

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Speaker 1: has right now is expected to be a pickup. And

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Speaker 1: then another race that people weren't looking at as recently

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Speaker 1: is say a month ago, um is Steve King, who,

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Speaker 1: after controversy after controversy m has really put himself behind

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Speaker 1: in eight ball. And I should say these are two

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Speaker 1: very you know, people tend to think of Iowa's being

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Speaker 1: the same thing, but these are are very homogenious place.

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Speaker 1: These are very different congressionals. Doug, your claimed, Doug is

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Speaker 1: somebody could talk to all sides, all parties within the

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Speaker 1: internicing battle of American politics is the activities of Mr

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Speaker 1: King of Iowa. Is it past its cell by date?

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Speaker 1: I mean, is that the past history and it's going

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Speaker 1: to end with this election, all of them hatred. But

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Speaker 1: the anger that we see out there, Oh, I think

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Speaker 1: the anger that we've seen is here to stay for

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Speaker 1: a while. Unfortunately. UM. But what we've seen with Steve

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Speaker 1: King is so many times he said so many outrageous

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Speaker 1: things that it's given his Democrat an opportunity here to

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Speaker 1: to knock him off by surprise. It is a very

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Speaker 1: heavily Republican and Republicans tend to vote Republican regardless, just

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Speaker 1: as Democrats tend to do. UM. He's northwestern um Iowa's

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Speaker 1: places like Sioux City and Emmitsburg. He still should win,

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Speaker 1: but he's gonna have a closing here. And if Steve

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Speaker 1: King loses, that means it's not going to be a

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Speaker 1: good night for Democrats, It's gonna be a great night

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Speaker 1: for DA. On a broader basis, other Republicans migrating over

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Speaker 1: time towards a Whig outcome, are they becoming so narrow

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Speaker 1: and their number of registered voters in their need to

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Speaker 1: pull over disaffected Democrats and independence that they I don't

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Speaker 1: them what flavor of Wig in my history, but they

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Speaker 1: risk eighteen we do? You know? We we have Unfortunately,

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Speaker 1: and I say as a Republican. We have repelled a

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Speaker 1: lot of voters who are are looking in different directions

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Speaker 1: right now because of what they've seen coming from the

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Speaker 1: Republican Party. And that that really speaks to what this

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Speaker 1: entire election, at least on the House side is going

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Speaker 1: to be. If you look at what President Trump has

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Speaker 1: done over the past couple of days or weeks, even

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Speaker 1: they've made a strategic decision that this is not about

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Speaker 1: persuading anybody to vote Republican. It's about motivating Republicans to

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Speaker 1: get to the poll. We're not trying to appeal to

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Speaker 1: new voters here. We want our voters to get to

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Speaker 1: the But don't you need that? That's critical? I don't

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Speaker 1: you need new voters to survive, to live, to prosper Yes.

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Speaker 1: And how do you get them when you've got when

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Speaker 1: you've got ads? For example, what we've seen in the

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Speaker 1: last twenty four hours ripped off the network by us

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Speaker 1: Why set of networks? I should point out, I mean,

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Speaker 1: how do you go out and get marginal new voters? Yeah?

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Speaker 1: I think the answer is you dolt. And Democrats aren't

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Speaker 1: just appealing to new voters, I think very smartly they've

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Speaker 1: appealed to get new candidates, better candidates, more experienced and

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Speaker 1: differently experienced candidates. Se if female veterans who are running

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Speaker 1: as Democrats right now, that is a prototype of a

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Speaker 1: candidate that can appeal to a much broader swath of

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Speaker 1: voters than you know, what we typically have seen from

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Speaker 1: Republicans in the past, and certainly discycle it's a problem

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Speaker 1: for them. Douga, thank you so much, greatly appreciative, too

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Speaker 1: quick as stuff. Douglas high with his work as a

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Speaker 1: former RNC communications director and of course working closely with

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Speaker 1: Eric Cantor. On this election day, it is good to

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Speaker 1: speak to someone who has taken a different road in

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Speaker 1: a time where all sorts of Americans um maybe separate

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Speaker 1: uh faith from the daily grind of Washington. Joe Lieberman

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Speaker 1: has pushed against that, of course a Senator from ken Connecticut,

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Speaker 1: but far more his public service to the nation of

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Speaker 1: Vice President of candidate as well, Senator Lieberman, wonderful to

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Speaker 1: have you with us. Pim and I are going to

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Speaker 1: jump into the election, but I must ask you about Pittsburgh,

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Speaker 1: and I want to ask you through the prism of

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Speaker 1: your son. You know your father was a liquor store owner,

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Speaker 1: you went to Yale. Your son wandered through New Haven

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Speaker 1: as well, right, and he went to green He went

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Speaker 1: to be a headmaster at Greenfield Hebrew Academy. We always

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Speaker 1: do our background at Pomberg Surveillance in Atlanta. In Atlanta,

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Speaker 1: what do you say to the kids in the Greenfield

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Speaker 1: Hebrew Academy or any other Jewish school in this station

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Speaker 1: after what we just saw on forget about the media

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Speaker 1: frenzy and adults pressing it. What is your son, as

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Speaker 1: a former headmaster there, what does he say to the kids. Yeah,

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Speaker 1: so I'll say I think my son, matt Um would say,

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Speaker 1: and I certainly say I would say to the kids,

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Speaker 1: believe in America. Um, the Jewish people have never lived

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Speaker 1: in a country outside of Israel where uh we have

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Speaker 1: had as much respect, opportunity, freedom, etcetera. And uh this

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Speaker 1: act and uh there've always been anti Semites, but we've

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Speaker 1: gone through a period of remarkable acceptance and openness in

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Speaker 1: our country where the anti Semites have really felt they

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Speaker 1: had to stay quiet. And look, I'm here. I ran

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Speaker 1: for a vice president thanks to Al Gore asking me

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Speaker 1: to go on the ticket. There never was any anti

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Speaker 1: Semitism in that campaign. And Uh, we did get half

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Speaker 1: a million more votes than the other ticket. So I'm

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Speaker 1: not relitigating the Supreme Court decision. I'm just saying, what

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Speaker 1: a statement about the fairness of the American people. Now

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Speaker 1: there's an been an uptick in anti Semitic acts, there's

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Speaker 1: still a minority. What happened in Pittsburgh and Squirrelville into

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Speaker 1: Synagogue was really the work of a lone wolf who

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Speaker 1: was uh, who was fed anti Semitism, semitism which he

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Speaker 1: wanted over social media. So I'd say to those kids,

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Speaker 1: Jewish kids, Okay, stay alert, but don't but get involved

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Speaker 1: in America. It's it's the great It really is the

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Speaker 1: greatest country in the world. It is a lone wolf.

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Speaker 1: And if it is a narrow segment of society, how

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Speaker 1: do all of us reaffirm and push against that danger? Well,

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Speaker 1: great question, I mean, I think in every way, and

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Speaker 1: I must say it began in Squirrel Hill in Pittsburgh.

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Speaker 1: The reaction to of the of the non Jewish neighbors

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Speaker 1: uh in Squirrel Hill, to the of the non Jewish

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Speaker 1: elected officials was so uh to me, moving in genuine UH.

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Speaker 1: There was a man I never met him, Rich Fitzgerald

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Speaker 1: County Executive in uh squirrel Hill, he says, these are

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Speaker 1: my neighbors, these are my friends. In other words, these

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Speaker 1: aren't the Jews. These are my neighbors, my friends. So

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Speaker 1: each of us has to do that obviously, not just

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Speaker 1: what Jews with everybody else, um who is maybe a

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Speaker 1: little different. And you know, I always say, if you're

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Speaker 1: Jewish and or a Christian or Muslim and you believe

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Speaker 1: in the Bible, you gotta remember that over and over

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Speaker 1: it again. It says, never forget that you were strangers

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Speaker 1: meaning foreigners or immigrants or minority in the land of Egypt,

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Speaker 1: and you better be nice to strangers who are around

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Speaker 1: you today. Are we broadcast in Egypt? I think we're

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Speaker 1: in right now. It's around the world. Senator Lieberman, I'm

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Speaker 1: wondering if you have any concrete advice or guidance for

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Speaker 1: the new senators, because there will be some new senators

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Speaker 1: based on today's election. What guidance would you give them.

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Speaker 1: I know that when you entered the Senate, George Mitchell,

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Speaker 1: I believe told you to folk gus on one or

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Speaker 1: two things. And when you left the Senate you had

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Speaker 1: some words about bipartisanship, which ring true today, Well, it's

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Speaker 1: true that. Look, i'd say to the new centator most

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Speaker 1: important of all, because Congress has really let down the

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Speaker 1: American people, because they really have put party in ideology

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Speaker 1: and interest group ahead of of solving America's problems, ahead

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Speaker 1: of the best interests of the country. And I would,

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Speaker 1: I would really say and plead with new centators, don't

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Speaker 1: let that happen. Uh makes I never introduced a piece

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Speaker 1: of legislation that I cared about without finding a Republican

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Speaker 1: co sponsor because I knew if I did that, the

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Speaker 1: odds were would never get it done. And that's the

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Speaker 1: way things generally have worked in Congress since the very beginning,

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Speaker 1: back in the eighteenth century. So to me, that's the

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Speaker 1: critical challenge for new centers. I I'm co chair of

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Speaker 1: a group called No Labels, were involved in this campaign.

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Speaker 1: Everybody else seems to be talking about Republican, Democrat, red blue, liberal, Conservative.

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Speaker 1: We're actually we raised over fifteen million dollars and we're

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Speaker 1: supporting Republicans and Democrats if they give us reason to

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Speaker 1: believe they're going to get into Congress and solve some

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Speaker 1: problems instead of just screaming at each other and hopefully

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Speaker 1: they'll they'll win today A Senator Lieberman just quickly. The

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Speaker 1: seventeenth Amendment to the Constitution pertains to the popular election

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Speaker 1: of senators. Do you think it would make any sense

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Speaker 1: to have the senators elected by the state legislators, so

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Speaker 1: that the people who go to Washington specifically represent the

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Speaker 1: interests of their states. Interesting, I don't now, As you know,

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Speaker 1: for us an amazingly long time, right into the early

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Speaker 1: years of the twentieth century, about a hundred years ago,

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Speaker 1: a little more. Uh, it was the state legislators that

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Speaker 1: elected the senators. Now that began, I think because our founders,

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Speaker 1: who were revolutionaries and and fought against the King of

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Speaker 1: England established a new country, of free country. They were

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Speaker 1: still a bit they were elitists. They were a bit

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Speaker 1: worried about what the people would if you let them go.

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Speaker 1: So instead they said that the state legislator, which was

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Speaker 1: likely to be the elite of the state, would choose senators. Uh,

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Speaker 1: that's not the way. We We've got to let the

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Speaker 1: people decide very quickly. Here won by less than eleven

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Speaker 1: thousand votes, eight tens of a percent against Mr Whicker.

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Speaker 1: Did you have your did you have your acceptance speech

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Speaker 1: already or was it? Oh, I gotta make this up fast.

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Speaker 1: How that worked that even? Yeah? No, I'll tell you

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Speaker 1: a quick story about that night. Um so we wrote

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Speaker 1: an acceptance speech in a concession speech. I pretty much

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Speaker 1: did that every race I was, including the ones that

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Speaker 1: I was um uh favorite, heavily to win. But here's

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Speaker 1: the story I want to tell you. The post close

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Speaker 1: at eight o'clock. Around nine o'clock, my Press secretary comes

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Speaker 1: in and says, Peter Jennings will go live if you

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Speaker 1: declare victory. Now what do you think I said? I

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Speaker 1: haven't won one yet. Okay, Senman, take you so much

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Speaker 1: of Connecticut, Thank you so much. Worldwide vote This is

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Speaker 1: Bloomberg pulls open nicely across much of the nation and

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Speaker 1: closing six pm mission Kentucky and parts of Indiana as well.

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Speaker 1: It is good to catch up with the former chairman

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Speaker 1: of the President's Council of Economic Advisors. This for the

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Speaker 1: Democrat Barack Obama. Austin Gouldsby joins us from Chicago this morning. Austin,

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Speaker 1: you've done a lot of work in economics and internet,

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Speaker 1: in technology, you did a lot of work for Slate

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Speaker 1: sort of the hipper. You mean you're the hipper kind

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Speaker 1: of guy. You know, you're in the groove. Is there

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Speaker 1: a generational change today for the Democratic Party? Well, first

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Speaker 1: of all, thanks for had me back, Tom. Uh. I

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Speaker 1: think there's some you can feel there is some generational

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Speaker 1: change taking place in the Democratic Party. I don't know

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Speaker 1: how that plays out, but I think you're you're definitely

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Speaker 1: seeing a lot of different types of candidates, uh, for

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Speaker 1: running running for Congress, running for state reps, um as

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Speaker 1: the higher up you go to, and even for governor.

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Speaker 1: As you start getting to the presidential candidates and the senators,

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Speaker 1: maybe a little less um change. Yeah, and and Pim,

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Speaker 1: this goes back to the incredibly important internet commerce tech

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Speaker 1: sensitivity and the generation gap. Gooulesby. The Supreme Court just

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Speaker 1: upheld the state's version of net neutrality. But but Austin Googlesby,

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Speaker 1: does the economy still determine election outcome? Doesn't seem like it.

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Speaker 1: You know, that's kind of the puzzle. Uh. You would

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Speaker 1: have thought that the sitting president and if the economy

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Speaker 1: is doing this well at the mid term, that we

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Speaker 1: all he talked about the fact that he didn't might

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Speaker 1: be because his mind is elsewhere but it might be

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Speaker 1: because the economy isn't what's leading people to vote. And

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Speaker 1: you know, the President Trump himself put it when he said, well,

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Speaker 1: we can talk about the economy, but but that's kind

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Speaker 1: of boring. So it seems like most of the older

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Speaker 1: rules are off, where where the how the economy was doing,

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Speaker 1: how the income growth was in the last year um

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Speaker 1: is not the main determinant. Maybe that's a sign that

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Speaker 1: the income growth for for regular people hasn't been as

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Speaker 1: great as as you know, what if I told you

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Speaker 1: the unemployment rate was this low and I told you

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Speaker 1: we were growing at a decent clip in the old bag,

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Speaker 1: probably would have said, well, people's incomes must be rising

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Speaker 1: like crazy like they did at the end of the nineties,

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Speaker 1: but they kind of have not been. All right. But

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Speaker 1: if that's the case, and let's just take that as

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Speaker 1: uh something that you posit, does that indicate then that

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Speaker 1: the tone in Washington, in the Senate and in the

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Speaker 1: House will change. I don't necessarily mean that they're going

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Speaker 1: to do anything bipartisan, but the focus what they focus

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Speaker 1: on is going to be different. Because if the focus

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Speaker 1: is no longer on the economy to win votes, it's

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Speaker 1: got to focus on something else. You know, that's a

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Speaker 1: nice theory, but it actually turns into a dart theory,

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Speaker 1: which is I think it is going to focus on

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Speaker 1: something else, but it's not going to be something fun

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Speaker 1: and light. It's gonna be nasty. Uh. Cultural battles, and

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Speaker 1: we have seen play out in the past as you

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Speaker 1: run up to a presidential election, most lee Washington doesn't

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Speaker 1: get anything done, but they set up a series of

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Speaker 1: show votes to try to embarrass and humiliate the other side.

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Speaker 1: And I bet for sure they're going to do that.

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Speaker 1: I mean, I mean when I make jokes Austin about

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Speaker 1: your work on technology and the generation gap, but actually

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Speaker 1: it's serious. Way back in the nineties early internet, you

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Speaker 1: were one of the first people to say, Okay, how

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Speaker 1: do we use the internet if we're old or young?

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Speaker 1: Do you see a change in our consumption of political

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Speaker 1: messages during an election? And I say this with a

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Speaker 1: gentleman from Chicago being path breaking on use of social

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Speaker 1: media a few years back, I mean, is there a

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Speaker 1: shift now in our consumption of social stuff for politics?

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Speaker 1: The first of all time? I appreciate that there's somebody

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Speaker 1: who still remembered what I did back in the day.

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Speaker 1: I mean, we're gonna be I'm gonna be a old

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Speaker 1: man said that the bar. Remember that paper that you

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Speaker 1: can't have viewed sixteen election outcome and the way it's

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Speaker 1: surprised everybody, or the way of surprise posters and others

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Speaker 1: and not recognize whoa something's going on with technology and

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Speaker 1: elections that that we never had before. So what's your

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Speaker 1: two cents right now? Yeah? Look, I think that continues

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Speaker 1: the medians. That's that's a different way in my view,

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Speaker 1: a different way of saying. The media environments completely changing

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Speaker 1: and we're catching up to that. And that's that has

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Speaker 1: happened before. First came in radio, then TV, than the cable,

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Speaker 1: than the internet, now the social media, and it will

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Speaker 1: probably change two or three more times, but it takes

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Speaker 1: you one to three election cycles to catch up to

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Speaker 1: the new technologies. I'm hoping that voters will becoming cre

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Speaker 1: seemingly sophisticated and skeptical of what they're seeing on social

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Speaker 1: media and on the Internet. That certainly happened to TV

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Speaker 1: ads that politicians ran, It certainly happened on cable, It

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Speaker 1: certainly happened on the regular internet. It kind of hasn't

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Speaker 1: happened so far. We you know, we're getting ourselves worked

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Speaker 1: up into these memes, oftentimes that are proved to be

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Speaker 1: completely false. Um. I feel like, within you know, one

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Speaker 1: to two more cycles, people are going to be saying, oh,

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Speaker 1: social media doesn't work. People aren't aren't listening to that anymore?

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Speaker 1: In one or two more cycles. Do you think that

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Speaker 1: we're going to be able to vote online? Maybe? I

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Speaker 1: still kind of feel like everybody's got the not unfounded

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Speaker 1: fear that what if you will? I mean, I mean,

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Speaker 1: because it's not as if the voting booth is all

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Speaker 1: that secure these days. I mean, think of all the

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Speaker 1: things that your phone does that you're like, why why

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Speaker 1: I can't get a signal here? What's that happening? And

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Speaker 1: then apply that to voting. I think it's still going

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Speaker 1: to be some nervousness. Austin, tell me about turnout, I mean,

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Speaker 1: Mike Gallen Polish today from another source, a good source,

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Speaker 1: I should say that under thirty turnout pre election is

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Speaker 1: eight up to two point three million. Does a guy

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Speaker 1: a season guy like you do you just assume that's Democrats? Uh?

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Speaker 1: You know, my basic model of turnout as people turn

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Speaker 1: out when they're pissed, and people the Democrats are pissed,

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Speaker 1: So there's gonna be a lot of turnout. Now that

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Speaker 1: usually sparks the And if you think the other people

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Speaker 1: are all turning out, then you're gonna turn out to Uh.

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Speaker 1: It feels like there's a lot more close contests this

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Speaker 1: time than in the normal mid term where it's kind

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Speaker 1: of a politburo and nine of the incumbents just um

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Speaker 1: get re elected. Uh. And we know the close races

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Speaker 1: leads to turn out too. So I don't think those

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Speaker 1: are all Democrats. It might be the early vote is

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Speaker 1: more disproportionately Democrats, but I think a lot of early

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Speaker 1: voters are are just regular voters. They just they don't

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Speaker 1: want to go on a Tuesday, so they went on Austin.

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Speaker 1: None of this matters. You're out of Milton Academy, the

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Speaker 1: hockey combine of Milton Academy? Are you slotted into take

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Speaker 1: over for Joel Quinnville? I was fired by the black Hawks.

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Speaker 1: That's that's a plus. Actually they grew up in California,

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Speaker 1: so I was there and they'd be like, Oh, we're

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Speaker 1: gonna go see the hockey game. I'll be like, which

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Speaker 1: are they trying to get that in the net. What

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Speaker 1: do they do? So you're not in the shortlist to

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Speaker 1: take over for Joel Quinnville in Chicago. No, but I

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Speaker 1: but I uh, I would be open to if somebody

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Speaker 1: was going to give me a ticket that was good.

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Speaker 1: Black Hawks maype Leefe should be a very good ticket.

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Speaker 1: Always are Red Wings. Austin goes by hockey aficionado, thank

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Speaker 1: you so much. He's a former chairman talking Presidents Council

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Speaker 1: of Economic Advice is seriously pim You know, people go

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Speaker 1: Austin goals be like, okay, what's the deal? And the

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Speaker 1: deal is At an exceptionally young age, he did original

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Speaker 1: work on wait a minute, what is this thing the internet?

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Speaker 1: And you go yeah, yeah, yeah, except it was truly

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Speaker 1: first out of the box, was like this thing doesn't matter.

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Speaker 1: What do you think Do you think in maybe two

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Speaker 1: election cycles will have online voting. I don't think so,

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Speaker 1: because I think that the local prerogative and state prerogative

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Speaker 1: will slow the whole process down. What I think is

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Speaker 1: dumb our lengthy lines at six pm and the children

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Speaker 1: are hungry and I gotta get home and the line

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Speaker 1: is long, and will they keep the polls open? That

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Speaker 1: seems to be happening a lot coast to coast. Thanks

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Speaker 1: for listening to the Bloomberg Surveillance podcast. Subscribe and listen

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Speaker 1: to interviews on Apple Podcasts, SoundCloud, or whichever podcast as

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Speaker 1: platform you prefer. I'm on Twitter at Tom Keane before

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Speaker 1: the podcast. You can always catch us worldwide. I'm Bloomberg

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Speaker 1: Radio