1 00:00:00,560 --> 00:00:05,279 Speaker 1: Live from our nation's how do we reopen this economy? 2 00:00:05,400 --> 00:00:08,520 Speaker 1: The latest on how this pandemic is impacting farmers. What 3 00:00:08,600 --> 00:00:11,600 Speaker 1: does this do from the United States relationship with China? 4 00:00:11,760 --> 00:00:16,720 Speaker 1: Bloomberg Sound On, the insiders, the influencers, the insides. We're 5 00:00:16,720 --> 00:00:19,919 Speaker 1: responding to this crisis and manufacturers are stepping up like 6 00:00:20,040 --> 00:00:23,560 Speaker 1: never before. You're looking at seveny Kennedys for different ductines. 7 00:00:23,680 --> 00:00:26,320 Speaker 1: How do we make sure a pandemic of this scale 8 00:00:26,400 --> 00:00:30,440 Speaker 1: never happens again? This is Bloomberg Sound On with Kevin 9 00:00:30,520 --> 00:00:34,839 Speaker 1: Surrelate on Bloomberg and one oh five point seven f 10 00:00:34,960 --> 00:00:38,600 Speaker 1: m h D two. President Trump continues his Coronavirus Task 11 00:00:38,640 --> 00:00:41,440 Speaker 1: Force briefings. He can catch it right here. We are 12 00:00:41,560 --> 00:00:47,160 Speaker 1: again on standby for those news conferences, and Ryan seg 13 00:00:47,200 --> 00:00:50,280 Speaker 1: Beck with Bloomberg National political reporter, will help us set 14 00:00:50,320 --> 00:00:54,440 Speaker 1: the stage, as will Max Mason, Bloomberg opinion columnists. All 15 00:00:54,440 --> 00:00:56,840 Speaker 1: of that, plus Eric Lawson giving us the latest on 16 00:00:57,920 --> 00:01:01,320 Speaker 1: news of the day, and John Payne, micronic strategist, is 17 00:01:01,360 --> 00:01:03,920 Speaker 1: back lots to get through. My name is Kevin Serillian. 18 00:01:03,960 --> 00:01:07,640 Speaker 1: I'm the chief Washington correspondent for Bloomberg Television and for 19 00:01:07,760 --> 00:01:10,360 Speaker 1: Bloomberg Radio. Dr Fauci's gonna be at the ball game 20 00:01:10,400 --> 00:01:13,479 Speaker 1: tomorrow night, but he's not gonna be at the Coronavirus 21 00:01:13,680 --> 00:01:19,040 Speaker 1: Task Force briefing. CNN says that the doc says he 22 00:01:19,120 --> 00:01:22,559 Speaker 1: was he assumed he wasn't invited. So much to get through, 23 00:01:22,959 --> 00:01:24,480 Speaker 1: so much to get through. But this is on the 24 00:01:24,480 --> 00:01:28,800 Speaker 1: Bloomberg terminal. I'm reading Victoria Hodge's report. Anthony Fauci says 25 00:01:28,800 --> 00:01:32,199 Speaker 1: he assumes he's not invited to President Donald Trump's coronavirus briefing, 26 00:01:32,400 --> 00:01:35,600 Speaker 1: set for five pm in Washington on Tuesday. Faulci, the 27 00:01:35,600 --> 00:01:39,640 Speaker 1: top us infectious disease expert spoke with spoke on CNN 28 00:01:39,720 --> 00:01:42,440 Speaker 1: less than an hour before Trump is scheduled to resume 29 00:01:42,520 --> 00:01:47,760 Speaker 1: his briefings. Wow. Wow, that's where we begin tonight with 30 00:01:48,160 --> 00:01:54,200 Speaker 1: Ryan Teague back with Rye is of course a Bloomberg 31 00:01:54,320 --> 00:02:03,160 Speaker 1: National National political reporter, Rye Fauci and President Trump. Wow. Uh, 32 00:02:03,800 --> 00:02:06,800 Speaker 1: it's a you know, Matt, looks like we're hearing. We're 33 00:02:06,840 --> 00:02:11,720 Speaker 1: actually hearing. Uh some technical difficulty, so I will reset. 34 00:02:12,280 --> 00:02:14,760 Speaker 1: Uh So any moment now we are expected to hear 35 00:02:14,800 --> 00:02:19,160 Speaker 1: from President Trump, who will speak at the Corona Virus 36 00:02:19,480 --> 00:02:24,079 Speaker 1: Task Force briefing. UM and Ryan, are you there, I'm here. 37 00:02:24,120 --> 00:02:26,560 Speaker 1: Can you hear me? I can hear you? Thank you? 38 00:02:27,040 --> 00:02:29,919 Speaker 1: All right? So Falci versus President Trump Brown a million? 39 00:02:30,040 --> 00:02:34,040 Speaker 1: What's going on? Um, it's a match. I'm not gonna 40 00:02:34,040 --> 00:02:36,480 Speaker 1: say it's a match man herven Um, I don't know 41 00:02:36,480 --> 00:02:39,320 Speaker 1: where it was made, but it's a match. I think 42 00:02:39,360 --> 00:02:41,880 Speaker 1: that the President is in a position here where he 43 00:02:41,880 --> 00:02:45,280 Speaker 1: feels like you can't uh firefout you, which would be 44 00:02:45,320 --> 00:02:49,320 Speaker 1: his natural impulse when he is uh disagreeing with someone 45 00:02:49,440 --> 00:02:53,440 Speaker 1: this heavily. Um. But uh so he's going to do 46 00:02:53,480 --> 00:02:56,240 Speaker 1: the next best thing, which is just kind of constantly 47 00:02:56,360 --> 00:02:58,760 Speaker 1: nil him and um, you know, try to sort of 48 00:02:58,760 --> 00:03:02,280 Speaker 1: publicly undermine him. It's kind of a similar dynamis essence 49 00:03:02,280 --> 00:03:05,720 Speaker 1: when he was a Treney general. So the dynamic now 50 00:03:05,880 --> 00:03:09,520 Speaker 1: is that the administration is trying to reset how they 51 00:03:09,560 --> 00:03:13,840 Speaker 1: conduct business on the coronavirus. What do you think based 52 00:03:13,919 --> 00:03:17,000 Speaker 1: upon your reporting, Ryan te backwith we are going to 53 00:03:17,240 --> 00:03:23,280 Speaker 1: hear as it changes from President Trump. Um. I think 54 00:03:23,320 --> 00:03:26,919 Speaker 1: that he is trying, on a sort of official level 55 00:03:27,520 --> 00:03:30,960 Speaker 1: to um walk theline. He saw the tweet where he 56 00:03:31,000 --> 00:03:33,880 Speaker 1: put out a picture of himself wearing a mask, and 57 00:03:34,600 --> 00:03:37,480 Speaker 1: he a week earlier he wore the mask, and and 58 00:03:37,480 --> 00:03:39,600 Speaker 1: and they sort of you know, we're kind of past that. 59 00:03:40,360 --> 00:03:43,080 Speaker 1: The problem with with the particular president is that he 60 00:03:43,120 --> 00:03:47,200 Speaker 1: tested backslide when when he is saying something he doesn't 61 00:03:47,200 --> 00:03:49,640 Speaker 1: in its heart belief and I think in his heart 62 00:03:49,720 --> 00:03:53,320 Speaker 1: he doesn't really there on things like the mask and 63 00:03:53,960 --> 00:03:57,160 Speaker 1: how to respond to the virus. And so you're going 64 00:03:57,200 --> 00:03:59,800 Speaker 1: to kind of always hear this sort of dissonance where 65 00:04:00,320 --> 00:04:02,840 Speaker 1: that he's going to tweet something, but then the next 66 00:04:02,880 --> 00:04:05,640 Speaker 1: day he's gonna say something that kind of backtracks a 67 00:04:05,640 --> 00:04:10,040 Speaker 1: little bit from it. So meanwhile, the Biding campaign has 68 00:04:10,160 --> 00:04:12,840 Speaker 1: struck back on President Trump on the issue of masks 69 00:04:12,880 --> 00:04:14,920 Speaker 1: and a new ad, You've got the latest on the 70 00:04:14,920 --> 00:04:18,680 Speaker 1: Bloomberg terminal. What do we know? Well, this is this 71 00:04:18,680 --> 00:04:20,880 Speaker 1: This is just one of those ads where you know, 72 00:04:20,920 --> 00:04:23,520 Speaker 1: as a person who watches these things very closely, I 73 00:04:23,600 --> 00:04:27,520 Speaker 1: literally laughed out loud because, um, it shows It's basically 74 00:04:27,560 --> 00:04:29,040 Speaker 1: just a segment of a speech that he gave in 75 00:04:29,120 --> 00:04:32,039 Speaker 1: June thirtieth about how we should respond to the coronavirus, 76 00:04:31,880 --> 00:04:34,359 Speaker 1: and in a normal era that it would be a 77 00:04:34,360 --> 00:04:37,760 Speaker 1: pretty blos speech. It's like wear a mask, socially distance 78 00:04:38,040 --> 00:04:41,040 Speaker 1: do the right thing. Um, given sort of what the 79 00:04:41,080 --> 00:04:44,120 Speaker 1: President has said, contry those things, it stands out a 80 00:04:44,160 --> 00:04:46,480 Speaker 1: little bit more. But then midway through the ad they 81 00:04:46,520 --> 00:04:50,920 Speaker 1: do this kind of mom's tages of Joe Biden wearing masks. Um, 82 00:04:50,920 --> 00:04:53,200 Speaker 1: He's it's him at a press conference, it's him talking 83 00:04:53,240 --> 00:04:55,200 Speaker 1: to a reporter, it's him at a brown table, it's 84 00:04:55,240 --> 00:04:57,040 Speaker 1: him at a church, it's him and his wife walking 85 00:04:57,080 --> 00:04:59,040 Speaker 1: near the Washington Monument. And every single one he's wearing 86 00:04:59,040 --> 00:05:02,360 Speaker 1: a mask. I counted fourteen separate images of him wearing 87 00:05:02,360 --> 00:05:06,239 Speaker 1: a mask in a six Uh. So clearly they see 88 00:05:06,240 --> 00:05:09,320 Speaker 1: this as something they want to push, Like he might 89 00:05:09,560 --> 00:05:11,720 Speaker 1: wear a mask once, he might tweet out that he's 90 00:05:11,720 --> 00:05:13,520 Speaker 1: doing it, but this is this is how you do it. 91 00:05:13,560 --> 00:05:15,120 Speaker 1: You do it every single time. And you know what 92 00:05:15,160 --> 00:05:17,000 Speaker 1: else I mean, I just don't really think people care. 93 00:05:17,160 --> 00:05:19,840 Speaker 1: I think most American families outside of Washington, d C. 94 00:05:20,040 --> 00:05:22,159 Speaker 1: And outside of UH, we just got word of the 95 00:05:22,160 --> 00:05:25,400 Speaker 1: two minute warning UH for President Trump and Will Well 96 00:05:25,440 --> 00:05:27,400 Speaker 1: you can listen to the start of the press conference 97 00:05:27,480 --> 00:05:30,960 Speaker 1: right here on Bloomberg. But I think many Americans and 98 00:05:31,000 --> 00:05:32,680 Speaker 1: their families are just trying to get through the summer. 99 00:05:32,680 --> 00:05:34,200 Speaker 1: They're trying to figure out if their kids are going 100 00:05:34,200 --> 00:05:36,000 Speaker 1: back to school, they're trying to figure out if they 101 00:05:36,000 --> 00:05:37,520 Speaker 1: still have a job that they're going to be furlough. 102 00:05:37,760 --> 00:05:41,760 Speaker 1: I mean the amount of anxiety that they are under, 103 00:05:41,839 --> 00:05:45,760 Speaker 1: that Americans are under, and quite frankly that both politicians 104 00:05:45,800 --> 00:05:48,160 Speaker 1: and both sides you know on Capitol Hill for example, 105 00:05:48,440 --> 00:05:51,000 Speaker 1: it's a mess. It's just a complete nightmare. And you 106 00:05:51,040 --> 00:05:54,080 Speaker 1: point this out, the first votes are actually going to 107 00:05:54,160 --> 00:05:57,760 Speaker 1: be conducted in six weeks. Talk to us about the process, 108 00:05:57,800 --> 00:05:59,840 Speaker 1: not so much about the politics, but the process of 109 00:05:59,880 --> 00:06:05,280 Speaker 1: how people are gonna be actually casting ballots in six weeks. Well, yeah, 110 00:06:05,279 --> 00:06:08,360 Speaker 1: be careful what you wish for, because my editor is 111 00:06:08,600 --> 00:06:10,920 Speaker 1: just literally bored of hearing you talk about process. But 112 00:06:10,960 --> 00:06:13,040 Speaker 1: I love voting, but I think it's important. But I 113 00:06:13,080 --> 00:06:15,159 Speaker 1: love your editor. I don't want to get the middle rise. 114 00:06:15,279 --> 00:06:17,640 Speaker 1: Don't get me in trouble. I'm just the host. Great, 115 00:06:17,680 --> 00:06:21,279 Speaker 1: you're a great editor. In North Carolina will be the 116 00:06:21,320 --> 00:06:24,520 Speaker 1: first state to begin mailing out absentee ballots, and that 117 00:06:24,600 --> 00:06:27,520 Speaker 1: it typically has done a sixty days before the elections 118 00:06:27,520 --> 00:06:31,359 Speaker 1: went up. Begin so like first part of September, people 119 00:06:31,360 --> 00:06:34,039 Speaker 1: in North Carolina and may start receiving absentee ballot and 120 00:06:34,080 --> 00:06:37,120 Speaker 1: turning them in. Now, it's a state that doesn't do 121 00:06:37,200 --> 00:06:39,080 Speaker 1: a lot of absentee voting, so it's probably not going 122 00:06:39,120 --> 00:06:42,680 Speaker 1: to be a huge thing. Um. But then mid September, 123 00:06:43,320 --> 00:06:48,360 Speaker 1: right after that, around September fifteen, you're gonna start seeing Michigan, Pennsylvania, 124 00:06:48,720 --> 00:06:51,919 Speaker 1: states like that have UM forty five days before the election, 125 00:06:51,960 --> 00:06:55,040 Speaker 1: they start mailing out ballots. And then September nine and 126 00:06:55,080 --> 00:06:58,120 Speaker 1: twentie is the next sort of batch of states that 127 00:06:58,200 --> 00:07:01,080 Speaker 1: come and start mailing out at vall Michigan and Pennsylvania 128 00:07:01,080 --> 00:07:04,720 Speaker 1: in particular. UM, they don't allow early voting. So what 129 00:07:04,760 --> 00:07:07,280 Speaker 1: they do is they say you can show up at 130 00:07:07,320 --> 00:07:09,680 Speaker 1: your elections office. You can say I would like to 131 00:07:09,720 --> 00:07:12,400 Speaker 1: sign up three in ABSENC voter and I would and 132 00:07:12,440 --> 00:07:14,640 Speaker 1: they will process that immediately. And then you say, and 133 00:07:14,680 --> 00:07:16,600 Speaker 1: I would like to vote absent right now, and then 134 00:07:16,600 --> 00:07:18,760 Speaker 1: they will hand it down. You can show it up 135 00:07:18,920 --> 00:07:20,760 Speaker 1: and you can hand it right back to them. There 136 00:07:20,800 --> 00:07:24,200 Speaker 1: are so many Pennsylvania are going to be voting. Just 137 00:07:24,280 --> 00:07:27,560 Speaker 1: to reset here, I'm Kevin Surreally, chief Washington correspondent for 138 00:07:27,560 --> 00:07:30,720 Speaker 1: Bloomberg Television and for Bloomberg Radio, and we are covering 139 00:07:31,280 --> 00:07:37,120 Speaker 1: multiple fronts tonight. Uh, this of course the president's first 140 00:07:37,160 --> 00:07:41,160 Speaker 1: Coronavirus Task Force briefing, where he is urging Americans to 141 00:07:41,200 --> 00:07:45,040 Speaker 1: wear a mask when not socially distancing. Joining us on 142 00:07:45,080 --> 00:07:49,800 Speaker 1: the line. Now, as a Democratic insider, Joel Payne and Joel, 143 00:07:49,880 --> 00:07:53,040 Speaker 1: I take it you were also listening and carefully following 144 00:07:53,960 --> 00:07:56,040 Speaker 1: what the President had to say. Joel is a Democratic 145 00:07:56,040 --> 00:07:59,640 Speaker 1: shroud is a former director of African American media outreach 146 00:07:59,720 --> 00:08:06,120 Speaker 1: for Hillary Clinton's presidential campaign. Joel your reactions, Hey, Kevin, Hey, look, 147 00:08:06,160 --> 00:08:10,320 Speaker 1: I thought the President obviously made a pivot in his tone. Um. 148 00:08:10,360 --> 00:08:13,400 Speaker 1: I think, uh, just in terms of the actual length 149 00:08:13,440 --> 00:08:15,280 Speaker 1: of the press conference. I'm sure that will make a 150 00:08:15,320 --> 00:08:18,960 Speaker 1: lot of his allies happy. This was a much more 151 00:08:19,000 --> 00:08:22,600 Speaker 1: focused president. Um. Now he'll still drive his critics crazy, 152 00:08:22,600 --> 00:08:25,520 Speaker 1: but I say things like the Chinese virus and um, 153 00:08:25,560 --> 00:08:27,880 Speaker 1: you know, trying to deflect and divert away from some 154 00:08:27,920 --> 00:08:32,199 Speaker 1: of the responsibility. But um, this is probably about as 155 00:08:32,240 --> 00:08:34,160 Speaker 1: good as he and his team could have hoped for. 156 00:08:34,679 --> 00:08:37,880 Speaker 1: Um in terms of this type of a setting for him. Um, 157 00:08:37,920 --> 00:08:40,400 Speaker 1: now this is day one. Come back and talk to 158 00:08:40,440 --> 00:08:43,160 Speaker 1: me on Friday, or talk to me next week. Um 159 00:08:43,200 --> 00:08:46,840 Speaker 1: after more bad news and after more criticism and critique. 160 00:08:47,400 --> 00:08:50,280 Speaker 1: But I do think that this probably served what the 161 00:08:50,320 --> 00:08:52,559 Speaker 1: President wanted was to make him the story and to 162 00:08:52,640 --> 00:08:54,960 Speaker 1: somewhat put him back in control of the narrative. You know. 163 00:08:55,040 --> 00:08:59,000 Speaker 1: I think it was fascinating to see Joel Payne, democratic 164 00:08:59,080 --> 00:09:03,160 Speaker 1: strategist decision for the president to address the nation, to 165 00:09:03,240 --> 00:09:08,079 Speaker 1: address the media, the world alone, to not be flanked 166 00:09:08,080 --> 00:09:12,000 Speaker 1: by top administration officials. That's a decision, that's a that's 167 00:09:12,000 --> 00:09:16,520 Speaker 1: a communication strategy, that's he's trying to convey something there, 168 00:09:16,920 --> 00:09:20,560 Speaker 1: which is that he's going to own this. Uh. And 169 00:09:20,760 --> 00:09:24,360 Speaker 1: there's an understanding, almost a subtle one that now he's 170 00:09:24,440 --> 00:09:26,960 Speaker 1: in charge. For Dr Fauci to go on CNN an 171 00:09:27,040 --> 00:09:31,720 Speaker 1: hour before this coronavirus task for his briefing begins and 172 00:09:31,760 --> 00:09:34,760 Speaker 1: to say he doesn't believe he's invited, and then for 173 00:09:34,800 --> 00:09:37,600 Speaker 1: the President to go out there solo. That says something. 174 00:09:38,120 --> 00:09:41,640 Speaker 1: What will the Democratic response be Joel Payne and Biden 175 00:09:41,760 --> 00:09:46,520 Speaker 1: headquarters to this press conference. I think the response is 176 00:09:46,559 --> 00:09:49,280 Speaker 1: not going to be much different from Biden. Biden has 177 00:09:49,280 --> 00:09:52,080 Speaker 1: taken from kind of day one, where he's been the 178 00:09:52,080 --> 00:09:55,880 Speaker 1: presumptive nominee A do no harm approach, and I think 179 00:09:55,880 --> 00:09:58,679 Speaker 1: he would continue to hammer home his messages talk about 180 00:09:58,679 --> 00:10:00,719 Speaker 1: the president's failures to be on top of this for 181 00:10:00,760 --> 00:10:04,160 Speaker 1: a minute one from day one. But um, I don't 182 00:10:04,200 --> 00:10:06,640 Speaker 1: I don't get the sense that the Biden campaign will 183 00:10:06,720 --> 00:10:10,080 Speaker 1: wildly go off course from their strategy. Their strategy has 184 00:10:10,080 --> 00:10:12,800 Speaker 1: been working for them. Hey, you have to remember the 185 00:10:12,840 --> 00:10:15,920 Speaker 1: President has had moments like this where he has tried 186 00:10:15,960 --> 00:10:18,680 Speaker 1: to signal a sibity. He his allies have tried to 187 00:10:18,720 --> 00:10:22,160 Speaker 1: signal that he's doing things differently. Here's the mistake that 188 00:10:22,200 --> 00:10:24,920 Speaker 1: I think the President in this team are making, taking 189 00:10:24,920 --> 00:10:27,040 Speaker 1: an anti Falci and a dead Burgs out of the 190 00:10:27,080 --> 00:10:30,400 Speaker 1: mix as the medical experts. Really, all they're doing is 191 00:10:30,440 --> 00:10:33,040 Speaker 1: putting the target right back on the President. So if 192 00:10:33,080 --> 00:10:37,000 Speaker 1: you have the probably the best manifestation of this press 193 00:10:37,040 --> 00:10:40,400 Speaker 1: conference was when Trump was allowing Falci and Berts lead 194 00:10:40,559 --> 00:10:44,240 Speaker 1: with facts and Pence to direct traffic a bit and 195 00:10:44,280 --> 00:10:47,000 Speaker 1: the President would be there to interject here and there. 196 00:10:47,320 --> 00:10:49,400 Speaker 1: The President, because of how he likes to run his 197 00:10:49,480 --> 00:10:52,280 Speaker 1: White House, needs to be in control. And so now 198 00:10:52,360 --> 00:10:55,400 Speaker 1: he's got his press conference. Um, if the news gets better, 199 00:10:55,520 --> 00:10:57,840 Speaker 1: it'll be good for the president. But as he said 200 00:10:57,840 --> 00:10:59,880 Speaker 1: by his own amisment, doesn't appear that news is gonna 201 00:10:59,880 --> 00:11:04,720 Speaker 1: get uttering. It is quite quite remarkable. This, of course, says. 202 00:11:04,720 --> 00:11:08,199 Speaker 1: The back and forth on masks has continued to intensify, 203 00:11:08,240 --> 00:11:11,920 Speaker 1: and again, just to reset, President Trump UH said that 204 00:11:12,240 --> 00:11:15,400 Speaker 1: uh he has no problem wearing a mask and that 205 00:11:15,480 --> 00:11:21,160 Speaker 1: he will use his gladly. The President delivering his Coronavirus 206 00:11:21,160 --> 00:11:24,199 Speaker 1: Task Coorse briefing, which we are now under the impression 207 00:11:24,200 --> 00:11:27,880 Speaker 1: will be daily daily on what has been a dizzying 208 00:11:28,000 --> 00:11:30,560 Speaker 1: day of news in Washington, and coming up, we're gonna 209 00:11:30,559 --> 00:11:33,480 Speaker 1: break down all of it, uh, from the Senate Banking 210 00:11:33,480 --> 00:11:36,440 Speaker 1: Committee to Capitol Hill in the economic stimulus and and Joel, 211 00:11:36,480 --> 00:11:38,760 Speaker 1: you're gonna stick around, right You're you're you're with me 212 00:11:38,840 --> 00:11:42,199 Speaker 1: for the for the rest of the hour until you 213 00:11:42,280 --> 00:11:45,240 Speaker 1: tell me goodbye. We can never tell Joel to go. 214 00:11:45,480 --> 00:11:47,320 Speaker 1: It's great to have you back. And Eric Watson is 215 00:11:47,320 --> 00:11:49,800 Speaker 1: Bloomberg's congressional reporter. He's going to check in with us 216 00:11:50,040 --> 00:11:52,640 Speaker 1: to get the dispatch from Capitol Hill on what's going 217 00:11:52,720 --> 00:11:55,959 Speaker 1: on with those negotiations. Remember, folks, you can download the 218 00:11:55,960 --> 00:11:59,280 Speaker 1: Bloomberg sound on podcast on Apple iTunes, at Bloomberg dot 219 00:11:59,280 --> 00:12:02,240 Speaker 1: com or by downloading the Bloomberg Business app. You can 220 00:12:02,280 --> 00:12:05,520 Speaker 1: also find me on Radio dot Com, I Heart Radio, 221 00:12:05,720 --> 00:12:08,000 Speaker 1: and Spotify. Make sure you're drinking your water. It's a 222 00:12:08,080 --> 00:12:12,480 Speaker 1: human one again, so incredibly hot and humid outside. I'm 223 00:12:12,559 --> 00:12:16,120 Speaker 1: Kevin Cirilli, Chief Washington correspondent for Bloomberg Television and for 224 00:12:16,200 --> 00:12:20,559 Speaker 1: Bloomberg Radio. And get this. Judy Shelton, president of Donald 225 00:12:20,600 --> 00:12:23,880 Speaker 1: Trump's contentious pick for the Federal Reserves Board of Governors, 226 00:12:23,920 --> 00:12:27,280 Speaker 1: cleared a key hurdle to confirmation by winning the approval 227 00:12:27,720 --> 00:12:31,840 Speaker 1: of a majority on the Senate Banking Committee. She was 228 00:12:31,920 --> 00:12:35,280 Speaker 1: backed in a party line vote thirteen to twelve. Judy 229 00:12:35,360 --> 00:12:39,600 Speaker 1: Shelton is now one step closer to getting Senate approval. 230 00:12:39,720 --> 00:12:47,360 Speaker 1: More Next, this is Bloomberg. You're listening to Bloomberg Sound 231 00:12:47,440 --> 00:12:51,440 Speaker 1: On with Kevin Currel on Bloomberg and one oh five 232 00:12:51,480 --> 00:12:54,320 Speaker 1: point seven FM h D two. I was at the 233 00:12:54,360 --> 00:12:58,360 Speaker 1: Department of Justice today with the FEDS and UM. I 234 00:12:58,440 --> 00:13:04,199 Speaker 1: interviewed John Demmer. John's the Assistant Attorney General for National Security. 235 00:13:04,200 --> 00:13:06,839 Speaker 1: He used to be a big boeing guy before he 236 00:13:06,920 --> 00:13:09,680 Speaker 1: got the d o J as they call it. And 237 00:13:09,720 --> 00:13:13,800 Speaker 1: I did a socially distance interview. Had the mask outside 238 00:13:13,840 --> 00:13:16,640 Speaker 1: of the Department of Justice. But it's really really interesting, folks, 239 00:13:16,640 --> 00:13:21,000 Speaker 1: because John is actually the individual who was leading the 240 00:13:21,280 --> 00:13:26,320 Speaker 1: team at the Department of Justice on China, and the 241 00:13:26,559 --> 00:13:30,520 Speaker 1: d o J announced that they indicted UM to Chinese 242 00:13:30,520 --> 00:13:32,920 Speaker 1: hackers and they're saying that they were backed by the 243 00:13:32,960 --> 00:13:35,920 Speaker 1: Communist Party of China. Now, what these hackers did according 244 00:13:35,920 --> 00:13:38,960 Speaker 1: to court documents, UH and their lawyers deny this, but 245 00:13:39,040 --> 00:13:44,239 Speaker 1: according to the court docs, they we're targeting US companies 246 00:13:45,160 --> 00:13:48,600 Speaker 1: and not just the United States, like ten countries. According 247 00:13:48,640 --> 00:13:53,160 Speaker 1: to the court documents, these hackers, Chinese hackers were looking 248 00:13:53,200 --> 00:13:55,640 Speaker 1: after to try to get information. Are you ready for 249 00:13:55,640 --> 00:14:01,680 Speaker 1: this on COVID nineteen research, intellectual property pertaining to COVID 250 00:14:01,800 --> 00:14:05,080 Speaker 1: nineteen research. So that's making its way through the course. 251 00:14:05,120 --> 00:14:06,760 Speaker 1: If you want to watch that interview, I just tweeted 252 00:14:06,760 --> 00:14:08,680 Speaker 1: it out. It is also going to be airing on 253 00:14:08,720 --> 00:14:12,120 Speaker 1: Bloomberg Television and I believe also on Bloomberg Radio. Um 254 00:14:12,240 --> 00:14:14,760 Speaker 1: but Bloomberg TV dot com, Bloomberg dot com, you can 255 00:14:14,800 --> 00:14:18,840 Speaker 1: find it. John Demmer's China is allowing hackers. That's what 256 00:14:18,920 --> 00:14:21,280 Speaker 1: he had to say about me. And I brought up 257 00:14:21,280 --> 00:14:25,880 Speaker 1: the notion of reputational risk. And the reason I did 258 00:14:26,000 --> 00:14:28,440 Speaker 1: is because the US is, as you know, as we've 259 00:14:28,480 --> 00:14:32,640 Speaker 1: reported on this program as well as another UH platforms 260 00:14:33,160 --> 00:14:35,880 Speaker 1: on this network, the US is in the process of 261 00:14:35,880 --> 00:14:38,960 Speaker 1: trying to bolster their supply chain and the State Department, 262 00:14:39,040 --> 00:14:42,480 Speaker 1: Department Justice, Democrats, Republicans. It's part of a broader push 263 00:14:42,840 --> 00:14:45,880 Speaker 1: for US pop foreign policy. And it's not just supply 264 00:14:45,960 --> 00:14:48,080 Speaker 1: chain when we think of Amazon and the Lake and trucks, 265 00:14:48,120 --> 00:14:53,480 Speaker 1: but also cyber supply chains. And it's fascinating issue because 266 00:14:54,440 --> 00:14:57,840 Speaker 1: when you think about it, China is doing this, there's 267 00:14:57,880 --> 00:15:01,760 Speaker 1: allegations that Russia, but business is have struggled with the 268 00:15:01,800 --> 00:15:04,960 Speaker 1: incentive to report that they might be hacked. Why because 269 00:15:04,960 --> 00:15:07,080 Speaker 1: they don't want to end up. They don't want their 270 00:15:07,080 --> 00:15:10,080 Speaker 1: shareholders to be in the Wall Street Journal or the 271 00:15:10,080 --> 00:15:14,960 Speaker 1: Financial Times and to think that, you know, they gotta whack, 272 00:15:15,440 --> 00:15:17,760 Speaker 1: they got hit, they got hacked. They don't want that 273 00:15:17,800 --> 00:15:19,840 Speaker 1: reputational risk. They don't want to end up and the 274 00:15:19,840 --> 00:15:22,320 Speaker 1: headlines and then the FBI gets involved and everything. And 275 00:15:22,360 --> 00:15:24,680 Speaker 1: I asked John this point, I said, what do you 276 00:15:24,760 --> 00:15:29,040 Speaker 1: say to the c suite level who are nervous, who 277 00:15:29,040 --> 00:15:33,000 Speaker 1: are very, very nervous about getting in touch with the Feds, 278 00:15:34,160 --> 00:15:37,680 Speaker 1: and then bam, they're on the front pages, they're on 279 00:15:37,720 --> 00:15:40,480 Speaker 1: the Bloomberg's, they're on the terminal, you know, they're everywhere. 280 00:15:40,800 --> 00:15:42,680 Speaker 1: And he said, well, if you'll notice in the indictment, 281 00:15:42,680 --> 00:15:47,239 Speaker 1: we didn't name which companies were hacked because they were cooperative. 282 00:15:47,640 --> 00:15:49,600 Speaker 1: This wasn't their fault, and we want to work with 283 00:15:49,640 --> 00:15:52,920 Speaker 1: them to make sure that it doesn't happen again, so 284 00:15:52,960 --> 00:15:56,000 Speaker 1: that so that China isn't stealing us intellectual property. Anyway, 285 00:15:56,560 --> 00:15:59,440 Speaker 1: I'm it's it's a fascinating issue. It's when we always 286 00:15:59,480 --> 00:16:02,440 Speaker 1: talk about um and if you're interested in it, make 287 00:16:02,480 --> 00:16:04,320 Speaker 1: sure you allowed go on to watch it. I'm Kevin's 288 00:16:04,360 --> 00:16:07,760 Speaker 1: really chief Watchington correspondent for Bloomberg Television and from Bloomberg Radio. 289 00:16:07,960 --> 00:16:10,760 Speaker 1: Let's bring it back to the panel. Joel Pain is 290 00:16:10,760 --> 00:16:14,200 Speaker 1: the Democratic strategist roll. You know, the Biden campaign released 291 00:16:14,200 --> 00:16:16,840 Speaker 1: a job's proposal today, But I want to ask you 292 00:16:16,880 --> 00:16:20,359 Speaker 1: about this issue of China because I find it incredibly 293 00:16:20,520 --> 00:16:24,640 Speaker 1: politically fascinating that the Biden campaign is saying they're gonna 294 00:16:24,680 --> 00:16:27,640 Speaker 1: be tough on China, that more tough than Trump, and 295 00:16:27,720 --> 00:16:30,080 Speaker 1: the Trump reelection campaign is saying Trump is going to 296 00:16:30,160 --> 00:16:34,920 Speaker 1: be more tough on China than Joe Biden. Wow. Yeah, 297 00:16:36,040 --> 00:16:39,360 Speaker 1: I think it's obviously an easy issue for either side 298 00:16:39,440 --> 00:16:42,240 Speaker 1: to demogrague might be too strong of a word, but 299 00:16:42,400 --> 00:16:46,080 Speaker 1: to certainly draw an attention to and to try to 300 00:16:46,720 --> 00:16:48,920 Speaker 1: box in the other side. And I think the President 301 00:16:49,000 --> 00:16:52,040 Speaker 1: is probably going to talk about Biden's record in the Senate. 302 00:16:52,360 --> 00:16:54,480 Speaker 1: His record is as president, whether or not he was 303 00:16:54,520 --> 00:16:56,800 Speaker 1: tough on China. And I think what the Biden campaign 304 00:16:56,840 --> 00:16:58,640 Speaker 1: is going to talk about is really some of the 305 00:16:58,680 --> 00:17:01,600 Speaker 1: ways that I mean, folks think that China is maybe 306 00:17:01,680 --> 00:17:04,719 Speaker 1: run circles around Trump and you look at you know, 307 00:17:04,960 --> 00:17:08,920 Speaker 1: um obviously um not not necessarily what happened with coronavirus, 308 00:17:08,960 --> 00:17:10,680 Speaker 1: but if you look at, um, you know, some of 309 00:17:10,720 --> 00:17:14,439 Speaker 1: Trump's relations with the Chinese government and whether or not 310 00:17:14,600 --> 00:17:18,359 Speaker 1: the president is able to um really effectuate a U 311 00:17:18,480 --> 00:17:21,800 Speaker 1: S policy visa v. The Chinese government. I think that's 312 00:17:21,880 --> 00:17:24,840 Speaker 1: gonna be a big issue that showed up an add 313 00:17:25,320 --> 00:17:28,359 Speaker 1: and it's clear that both sides are going to, um, 314 00:17:28,480 --> 00:17:30,520 Speaker 1: you know, try to box on the other side on it. 315 00:17:30,640 --> 00:17:33,960 Speaker 1: So you're right, it is very fascinating, UM and it 316 00:17:33,960 --> 00:17:37,119 Speaker 1: it impacts a lot of stuff. Running impact coronavirus. It 317 00:17:37,160 --> 00:17:41,080 Speaker 1: impacts the economy, um and impact national security. Very very 318 00:17:41,400 --> 00:17:44,840 Speaker 1: compelling stuff to watch out for. It really is Joe Paine. 319 00:17:44,840 --> 00:17:46,920 Speaker 1: It's so great to catch up with you. Please stay safe. 320 00:17:47,160 --> 00:17:48,800 Speaker 1: My best to you and your family, my friend, and 321 00:17:49,040 --> 00:17:51,920 Speaker 1: thank you for checking in with me. I appreciate that 322 00:17:51,920 --> 00:17:53,840 Speaker 1: that's Joe Paine. He's a Democratic strategy as well. Have 323 00:17:53,880 --> 00:17:57,360 Speaker 1: him back on. He's always on our show. UM. Fun 324 00:17:57,400 --> 00:18:00,440 Speaker 1: fact about John Demers. He was born in Italy, I said, 325 00:18:00,520 --> 00:18:03,600 Speaker 1: John apart, he said, goog Yo. I said, the Currellans 326 00:18:03,640 --> 00:18:07,920 Speaker 1: come from a Bruzzo you know, so Italians they're everywhere. 327 00:18:08,760 --> 00:18:10,800 Speaker 1: But I was not born Italy. I was born in Okay. 328 00:18:10,920 --> 00:18:14,800 Speaker 1: Eric Watson's online, he's Bloomberg's congressional reporter. I have relatives 329 00:18:14,800 --> 00:18:18,640 Speaker 1: obviously who were Italians. Eric, Okay, you're up on Capitol Hill. 330 00:18:18,720 --> 00:18:23,560 Speaker 1: What's the latest buddy on the economic stimulus? Oh? Hey, Kevin. 331 00:18:23,640 --> 00:18:26,639 Speaker 1: So in a strange twist of fate, Normally it's Democrats 332 00:18:26,640 --> 00:18:28,040 Speaker 1: that we say are at this array, but this time 333 00:18:28,040 --> 00:18:31,320 Speaker 1: it's the Republican You know, there there's a there's a 334 00:18:31,359 --> 00:18:33,760 Speaker 1: real delay going on with a stimulus. The White House, 335 00:18:33,960 --> 00:18:36,879 Speaker 1: uh Mark Meadows, Chief of Staff and Steve Venustian, the 336 00:18:36,880 --> 00:18:40,280 Speaker 1: treasure Secretary, came up to meet Republicans for their launch 337 00:18:40,280 --> 00:18:41,919 Speaker 1: and we thought they were gonna unvail a bill or 338 00:18:41,920 --> 00:18:44,520 Speaker 1: present the proposal. They didn't really present anything. Was more 339 00:18:44,520 --> 00:18:46,720 Speaker 1: of a listening session. And as you might know, I 340 00:18:46,800 --> 00:18:48,840 Speaker 1: said that we're you know, getting people together as like 341 00:18:48,920 --> 00:18:51,960 Speaker 1: hurting cats. We had fifteen to twenty people speaking up, 342 00:18:52,720 --> 00:18:55,960 Speaker 1: very airing various grievances. Is more like Festivus than a 343 00:18:56,080 --> 00:18:58,560 Speaker 1: than a real start to stimulus negotiations from what we 344 00:18:58,560 --> 00:19:01,720 Speaker 1: were told, and this sickly meant that later in the day, 345 00:19:02,119 --> 00:19:04,800 Speaker 1: when you know, Venusian and Meadows went to meet with 346 00:19:04,840 --> 00:19:07,680 Speaker 1: Pelosi and Schumer, they had nothing to bring forward. So 347 00:19:08,200 --> 00:19:10,400 Speaker 1: we heard from Pelosi and Schumer saying what they didn't 348 00:19:10,400 --> 00:19:13,359 Speaker 1: even come with a proposal. We can't start talks. And 349 00:19:13,400 --> 00:19:15,600 Speaker 1: the bottom line for investors and everyone listening is that 350 00:19:15,680 --> 00:19:18,800 Speaker 1: really unemployment benefits start to run out on Saturday in 351 00:19:18,840 --> 00:19:21,840 Speaker 1: most states, on Sunday New York, and we're not going 352 00:19:21,880 --> 00:19:23,560 Speaker 1: to meet that. We're not going to meet that deadline. 353 00:19:23,600 --> 00:19:25,399 Speaker 1: I mean, we're not gonna meet. We gotta I gotta up, 354 00:19:25,520 --> 00:19:27,200 Speaker 1: I gotta I gotta rip up. The script. Gotta quote 355 00:19:27,200 --> 00:19:30,159 Speaker 1: Tom Keene, you're telling us Eric Wauson, who was live 356 00:19:30,200 --> 00:19:33,480 Speaker 1: on Capitol Hill tonight, we are not going to meet 357 00:19:33,560 --> 00:19:37,200 Speaker 1: that deadline. Well, we're not going to be able. There's 358 00:19:37,200 --> 00:19:39,040 Speaker 1: there's no way Congress is well able to act before 359 00:19:39,200 --> 00:19:43,119 Speaker 1: these last unemployment checks go out, you know, and you 360 00:19:43,160 --> 00:19:46,320 Speaker 1: know the goal of passing something, and it still remains 361 00:19:46,400 --> 00:19:49,320 Speaker 1: the you know, formally the Manusian's goal of passing something 362 00:19:49,359 --> 00:19:51,240 Speaker 1: the end of next week. I just see that really slipping. 363 00:19:51,280 --> 00:19:54,080 Speaker 1: I mean, we don't have a gup proposal, and it's 364 00:19:54,080 --> 00:19:56,600 Speaker 1: really Trump He's continuing to there's not a parallel tax cup. 365 00:19:56,680 --> 00:20:00,200 Speaker 1: It's not popular among Republicans. They don't think it's really usedful. Okay, 366 00:20:00,200 --> 00:20:02,560 Speaker 1: because I gotta I want to, I want to. I 367 00:20:02,640 --> 00:20:05,200 Speaker 1: find this fascinating. I can't find a Republican, might mind 368 00:20:05,200 --> 00:20:07,680 Speaker 1: you who wants to go on the record and say 369 00:20:07,520 --> 00:20:10,400 Speaker 1: they don't necessarily criticize the president on it. But they're 370 00:20:10,400 --> 00:20:12,800 Speaker 1: but they're not an agreement on this. What is the 371 00:20:12,920 --> 00:20:16,120 Speaker 1: argument for why Republicans are against the payroll tax cut? 372 00:20:16,240 --> 00:20:20,640 Speaker 1: Politically speaking, it would seem like a home run. Well, 373 00:20:20,680 --> 00:20:23,080 Speaker 1: I mean, look, the real problem is if by you know, 374 00:20:23,119 --> 00:20:24,960 Speaker 1: if you're getting a paall tax cut, it doesn't help 375 00:20:24,960 --> 00:20:26,760 Speaker 1: people who don't have a job. Where were you know, 376 00:20:26,800 --> 00:20:29,760 Speaker 1: forty people who have lost their jobs. They're not getting 377 00:20:29,760 --> 00:20:32,119 Speaker 1: a pay checks. They're not gonna get any benefit from 378 00:20:32,160 --> 00:20:34,600 Speaker 1: a payroll tax uh cut. You know. So it's just 379 00:20:34,680 --> 00:20:36,879 Speaker 1: it's just really they want to target this to the 380 00:20:37,080 --> 00:20:39,040 Speaker 1: people who need it the most, who are really you know, 381 00:20:39,040 --> 00:20:41,840 Speaker 1: a humanitarian level, uh you know, I'm not able to 382 00:20:42,040 --> 00:20:44,119 Speaker 1: you know. And and also there's an implementation issue, like 383 00:20:44,160 --> 00:20:45,640 Speaker 1: how are you going to structure this? Are you gonna 384 00:20:45,680 --> 00:20:50,000 Speaker 1: start to give everybody more for a paycheck in in 385 00:20:50,040 --> 00:20:51,960 Speaker 1: October and then roll it out from there? Is that 386 00:20:52,000 --> 00:20:54,040 Speaker 1: really gonna give you the kind of bump to demand 387 00:20:54,040 --> 00:20:57,040 Speaker 1: that you want. They don't much preferring you know, another 388 00:20:57,320 --> 00:21:00,719 Speaker 1: iteration of this direct check which goes to everybody. And 389 00:21:00,760 --> 00:21:04,760 Speaker 1: that's what Yeah, and that's what's really fascinating. Eric, I 390 00:21:04,800 --> 00:21:06,320 Speaker 1: wish I had more time with you. Can you come 391 00:21:06,320 --> 00:21:08,280 Speaker 1: back tomorrow? Can we get more of an update from 392 00:21:08,320 --> 00:21:11,160 Speaker 1: Eric jasson tomorrow? All right? All right, we heard it there. 393 00:21:11,240 --> 00:21:14,600 Speaker 1: Look booking zaz team surely and Verata. We're gonna get 394 00:21:14,640 --> 00:21:17,360 Speaker 1: him back to Marno because Eric knows everything the insides 395 00:21:17,359 --> 00:21:18,679 Speaker 1: and out to this and what he said about the 396 00:21:18,680 --> 00:21:22,200 Speaker 1: payroll tax cut and actually how it would work and 397 00:21:22,240 --> 00:21:26,280 Speaker 1: whether or not it would actually go into effect retroactively 398 00:21:26,960 --> 00:21:29,680 Speaker 1: for millions of Americans who have been able to keep 399 00:21:29,720 --> 00:21:34,040 Speaker 1: their job. Is is an argument that the President wants 400 00:21:34,080 --> 00:21:36,200 Speaker 1: to make, But you know, I think behind the scenes 401 00:21:36,240 --> 00:21:38,920 Speaker 1: they recognize that it's a It's an argument that they 402 00:21:38,920 --> 00:21:42,200 Speaker 1: want to campaign on uh and and and debate Joe 403 00:21:42,240 --> 00:21:44,840 Speaker 1: Biden on to be blunt. But that's a debate that 404 00:21:44,840 --> 00:21:46,640 Speaker 1: they're probably gonna have to wait for a couple more 405 00:21:46,640 --> 00:21:49,680 Speaker 1: weeks on. I'm more interested in whether or not Republicans 406 00:21:49,720 --> 00:21:53,040 Speaker 1: are going to get on board with providing tax credit 407 00:21:53,080 --> 00:21:55,840 Speaker 1: incentives for businesses not to furlow any workers at the 408 00:21:55,880 --> 00:21:57,840 Speaker 1: end of the year. We're gonna dive into that tomorrow. 409 00:21:57,840 --> 00:22:00,240 Speaker 1: I'm Kevin's really chief Washington correspondent f for Bloomberg's van 410 00:22:00,320 --> 00:22:03,879 Speaker 1: radio drinkwater. It is so humid. Thanks for listening to 411 00:22:03,880 --> 00:22:06,440 Speaker 1: Bloomberg nine and nine one h