1 00:00:00,400 --> 00:00:03,480 Speaker 1: Live from our nation's All Talk here in Washington, d 2 00:00:03,560 --> 00:00:07,520 Speaker 1: C turns to President elect Joe Biden's administration. Historically speaking 3 00:00:07,520 --> 00:00:09,960 Speaker 1: the markets that performed better when there is divided government. 4 00:00:10,080 --> 00:00:13,440 Speaker 1: The biggest pressure for physical stimulus is an up taking 5 00:00:13,480 --> 00:00:18,400 Speaker 1: cases Bloomberg Sound on the insiders, the influencers, the inside. 6 00:00:18,640 --> 00:00:21,759 Speaker 1: Biding has promised again and again that he will unite 7 00:00:21,800 --> 00:00:25,200 Speaker 1: the country's state government's control elections as in the constitution. 8 00:00:25,320 --> 00:00:29,400 Speaker 1: I think that we can expect a smooth, thoughtful, methodical transition. 9 00:00:29,640 --> 00:00:34,200 Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg 10 00:00:35,440 --> 00:00:38,760 Speaker 1: and one oh five point seven h D two breaking news. 11 00:00:38,840 --> 00:00:42,360 Speaker 1: President elect Joe Biden to tap Janet Yellen for Treasury 12 00:00:42,720 --> 00:00:45,680 Speaker 1: in a historic pick amidst the crisis. We have the 13 00:00:45,760 --> 00:00:49,239 Speaker 1: latest on the policy as well as the politics. Meanwhile, 14 00:00:49,720 --> 00:00:53,800 Speaker 1: miserable markets turn to blessing for battered stock pickers. A 15 00:00:53,880 --> 00:00:56,120 Speaker 1: lot to get through, and we begin tonight with sound 16 00:00:56,160 --> 00:00:59,720 Speaker 1: on the transition. This as President elect Joe Biden has 17 00:00:59,760 --> 00:01:03,000 Speaker 1: now announced that he is planning to tap Janet Yellen, 18 00:01:03,120 --> 00:01:07,400 Speaker 1: the previous chairwoman of the Federal Reserve, to be Treasury Secretary. 19 00:01:07,480 --> 00:01:10,800 Speaker 1: Diving into my Bloomberg terminal. Biden plants to nominate formal 20 00:01:10,840 --> 00:01:15,319 Speaker 1: Federal Reserve Chair Janet Yellen to service as Treasury Secretary. This, 21 00:01:15,440 --> 00:01:18,520 Speaker 1: according to people familiar with the matter. Choosing the first 22 00:01:18,560 --> 00:01:22,320 Speaker 1: woman and a seasoned central banker for the nation's top 23 00:01:23,080 --> 00:01:30,320 Speaker 1: economic policy job is the coronavirus pandemic threatens another US downturn. Meanwhile, 24 00:01:30,480 --> 00:01:33,559 Speaker 1: we should also note that they have also said that 25 00:01:34,040 --> 00:01:37,080 Speaker 1: the transition is also going to be picking uh Tony 26 00:01:37,120 --> 00:01:40,440 Speaker 1: blinkoln to be Secretary of State, and former Secretary of 27 00:01:40,480 --> 00:01:44,080 Speaker 1: State John Kerry has been tapped to be Climates are now. 28 00:01:44,080 --> 00:01:47,000 Speaker 1: The Washington Post caught up with former President Barack Obama 29 00:01:47,040 --> 00:01:50,480 Speaker 1: about all of these transition picks earlier today. Here's the 30 00:01:50,520 --> 00:01:54,440 Speaker 1: former president. There's been some damage done that is going 31 00:01:54,480 --> 00:02:00,680 Speaker 1: to take some time to uh um uh dig ourselves 32 00:02:00,720 --> 00:02:04,200 Speaker 1: out of. But there's no doubt that Joe's got the 33 00:02:04,280 --> 00:02:06,040 Speaker 1: right people to do it, and and I have every 34 00:02:06,040 --> 00:02:07,840 Speaker 1: confidence they'll be able to do it. It just may 35 00:02:07,840 --> 00:02:11,280 Speaker 1: not happen instantaneously. And a headline crossing the Bloomberg terminal 36 00:02:11,360 --> 00:02:14,079 Speaker 1: as we speak that Michigan has now certified the election 37 00:02:14,280 --> 00:02:17,920 Speaker 1: results showing a Biden victory. Much more politics coming up 38 00:02:17,919 --> 00:02:20,640 Speaker 1: but sticking with the transition and where things stand on 39 00:02:20,680 --> 00:02:23,399 Speaker 1: the names that we gathered from today by colleague Ryan 40 00:02:23,480 --> 00:02:27,359 Speaker 1: Teague back with a Bloomberg National Politics reporter Ryan Janet 41 00:02:27,440 --> 00:02:30,520 Speaker 1: Yell into the Treasury and Tony Blink into the States Department. 42 00:02:30,720 --> 00:02:34,160 Speaker 1: What else do we know? Yeah, Well, what we know 43 00:02:34,560 --> 00:02:38,960 Speaker 1: is that of course Barack Obama would say that these 44 00:02:39,000 --> 00:02:42,000 Speaker 1: are good picks, because these are all Obama people. Um, 45 00:02:42,120 --> 00:02:45,560 Speaker 1: what's so far what we're seeing is shaping up to 46 00:02:45,680 --> 00:02:49,239 Speaker 1: be a sort of Obama term. A lot of people 47 00:02:49,240 --> 00:02:52,600 Speaker 1: who were worked for him coming back. That's not a 48 00:02:52,600 --> 00:02:55,079 Speaker 1: big surprise given that it's only been four years of 49 00:02:55,200 --> 00:02:59,040 Speaker 1: the last administration. In recent years, if there's been more 50 00:02:59,080 --> 00:03:02,320 Speaker 1: of an eight year stretch between parties switching, and it's been, 51 00:03:02,360 --> 00:03:05,399 Speaker 1: they've been reaching out a little bit more. But this 52 00:03:05,480 --> 00:03:08,000 Speaker 1: is this is Biden picking people that he's comfortable with, 53 00:03:08,440 --> 00:03:13,040 Speaker 1: and it's Biden picking people who really are just known 54 00:03:13,080 --> 00:03:18,080 Speaker 1: as competent and not controversial. Um, there's been almost no 55 00:03:18,200 --> 00:03:22,920 Speaker 1: reaction on the right other than carry uh. None of 56 00:03:22,960 --> 00:03:25,239 Speaker 1: them really provoke a strong reaction. And I think that's 57 00:03:25,240 --> 00:03:28,840 Speaker 1: exactly what Biden is. In Bloomberg's Tyler Patriot Jennifer Epstein 58 00:03:28,919 --> 00:03:32,320 Speaker 1: and Slea Mosen also analyzing some of the names that 59 00:03:32,360 --> 00:03:35,920 Speaker 1: were picked earlier today. In addition to Anthony blink and 60 00:03:36,000 --> 00:03:39,200 Speaker 1: Tony Blinken as Secretary of State, Jake Sullivan, formerly one 61 00:03:39,240 --> 00:03:42,120 Speaker 1: of Hillary Clinton's closest aids, is going to be named 62 00:03:42,280 --> 00:03:46,880 Speaker 1: Biden's National security advisor, and Linda Thomas Greenfield will be 63 00:03:46,920 --> 00:03:51,119 Speaker 1: nominated to serve as Biden's ambassador to the United Nations, 64 00:03:51,160 --> 00:03:55,160 Speaker 1: and of course Ron Klein will be his chief of staff. 65 00:03:55,240 --> 00:04:00,600 Speaker 1: So this, according to multiple developments, and and really, I 66 00:04:00,640 --> 00:04:06,360 Speaker 1: think to your point, Ryan, shows precisely what the direction 67 00:04:06,600 --> 00:04:09,200 Speaker 1: of the administration is going to be picked. You and 68 00:04:09,240 --> 00:04:12,080 Speaker 1: I know this, our listeners know this. The rollout of 69 00:04:12,120 --> 00:04:15,240 Speaker 1: these names, uh, and and the contingency of the national 70 00:04:15,280 --> 00:04:19,240 Speaker 1: intelligence names coming first really depicts what kind of direction 71 00:04:19,640 --> 00:04:22,640 Speaker 1: they are looking to showcase. Now, there is diversity in 72 00:04:22,680 --> 00:04:25,440 Speaker 1: these there is diversity in these picks, but there's also, 73 00:04:25,480 --> 00:04:30,279 Speaker 1: as you mentioned, um, a history with the Obama administration. 74 00:04:30,440 --> 00:04:33,360 Speaker 1: These are names that are known not just in Washington, 75 00:04:33,440 --> 00:04:35,960 Speaker 1: d c. Not just to Wall Street and Main Street, 76 00:04:36,000 --> 00:04:39,719 Speaker 1: but also in geo political circles around the world. More importantly, 77 00:04:40,120 --> 00:04:42,960 Speaker 1: or perhaps just as importantly, that's a more precise word 78 00:04:43,080 --> 00:04:48,640 Speaker 1: usage Kevin more or just as importantly, UH President elect 79 00:04:48,680 --> 00:04:52,039 Speaker 1: Biden has a deep relationship with many of these individuals, 80 00:04:52,040 --> 00:04:55,400 Speaker 1: including of course Tony Blinkoln who started with him back 81 00:04:55,440 --> 00:04:59,800 Speaker 1: when he was serving as a Senator from Delaware. No. Right. 82 00:05:00,040 --> 00:05:03,120 Speaker 1: The other thing that these people have is recognition from 83 00:05:03,160 --> 00:05:05,960 Speaker 1: people who would be serving below them. I think we saw, 84 00:05:06,000 --> 00:05:08,960 Speaker 1: particularly with the State Department, but also with other agencies 85 00:05:08,960 --> 00:05:11,440 Speaker 1: over the last four years under Trump, UH that a 86 00:05:11,440 --> 00:05:14,359 Speaker 1: lot of people burned out or did not like the 87 00:05:14,400 --> 00:05:17,039 Speaker 1: direction that the departments were going and left for the 88 00:05:17,040 --> 00:05:20,560 Speaker 1: private sector or for other work, nonprofit work. UM. I 89 00:05:20,600 --> 00:05:23,279 Speaker 1: think that these people coming back in is a signal 90 00:05:23,360 --> 00:05:25,400 Speaker 1: to some of them that you know, if you want 91 00:05:25,400 --> 00:05:27,800 Speaker 1: to come back like this, this would be a person 92 00:05:27,839 --> 00:05:30,040 Speaker 1: that you would like working for. So I think that 93 00:05:30,240 --> 00:05:31,880 Speaker 1: is going to be a top job for all of 94 00:05:31,920 --> 00:05:35,800 Speaker 1: them as rebuilding the institutional muscle UH that may have 95 00:05:36,240 --> 00:05:40,080 Speaker 1: weakened in some of those agencies under Trump and so 96 00:05:40,440 --> 00:05:43,599 Speaker 1: UH I think it's it's really interesting just to notice 97 00:05:44,200 --> 00:05:47,760 Speaker 1: just the direction of what picking UH former Fed sharewoman 98 00:05:47,920 --> 00:05:50,960 Speaker 1: Janet Yellen to be Treasury Secretary and the impact that 99 00:05:51,080 --> 00:05:53,560 Speaker 1: that's going to have not just in terms of the 100 00:05:53,560 --> 00:05:58,000 Speaker 1: domestic economy, but the global economy. UH. FED sharewoman yelling 101 00:05:58,400 --> 00:06:04,239 Speaker 1: when she was back on getting her Senate confirmation hearing 102 00:06:04,680 --> 00:06:09,200 Speaker 1: by the Senate Banking Committee really did garner uh some 103 00:06:09,200 --> 00:06:13,160 Speaker 1: some praise from progressives and people like Senator Elizabeth Warren 104 00:06:13,560 --> 00:06:15,480 Speaker 1: might have wanted to see her go in a more 105 00:06:15,520 --> 00:06:19,160 Speaker 1: progressive direction, but she wasn't really opposed by progressives as 106 00:06:19,240 --> 00:06:22,160 Speaker 1: much as say A Larry Summers was, and so uh 107 00:06:22,839 --> 00:06:27,039 Speaker 1: she was actually on Bloomberg Television just the other week 108 00:06:27,240 --> 00:06:30,039 Speaker 1: really talking about just how essential it's going to be 109 00:06:30,520 --> 00:06:33,719 Speaker 1: to have economic stimulus in order for the US economy 110 00:06:33,760 --> 00:06:36,479 Speaker 1: to recover. Take a listen to what former FED share 111 00:06:36,520 --> 00:06:40,200 Speaker 1: and future Treasury Secretary Janet Yellen had to say to 112 00:06:40,240 --> 00:06:42,560 Speaker 1: my colleagues just a few weeks ago at the Bloomberg 113 00:06:42,560 --> 00:06:46,400 Speaker 1: New Economy Forum. The notion that the FIT FIT can 114 00:06:46,480 --> 00:06:50,680 Speaker 1: do all that is required at this point to support 115 00:06:50,720 --> 00:06:55,280 Speaker 1: the economy UM is just wrong, And the FIT is 116 00:06:55,760 --> 00:07:01,360 Speaker 1: really pleading for fiscal relief. I believe it's essential. Case 117 00:07:01,400 --> 00:07:03,880 Speaker 1: in point, the dynamic that has emerged between the outgoing 118 00:07:03,920 --> 00:07:07,039 Speaker 1: Treasury Secretary Stephen Monution as well as the current FED 119 00:07:07,120 --> 00:07:10,680 Speaker 1: chair UH J. Powell in which they've been engaging in 120 00:07:11,360 --> 00:07:15,240 Speaker 1: back and forth with letters about handing back some of 121 00:07:15,240 --> 00:07:18,040 Speaker 1: the funds that Congress had allocated for the Federal Reserve 122 00:07:18,160 --> 00:07:20,960 Speaker 1: lending facilities. The FED is saying, no, we need to 123 00:07:21,040 --> 00:07:24,080 Speaker 1: keep this in order to help stimulate the economy. Congress 124 00:07:24,120 --> 00:07:27,520 Speaker 1: should do its due diligence to pass economic relief. So, 125 00:07:28,000 --> 00:07:32,360 Speaker 1: in Fed chair yelling as his Treasury secretary, you now 126 00:07:32,640 --> 00:07:36,760 Speaker 1: have two heads of the central bank who are going 127 00:07:36,800 --> 00:07:41,360 Speaker 1: to be saying exactly what the central bank needs in 128 00:07:41,480 --> 00:07:45,680 Speaker 1: order to get this economic recovery back on track. Ryanc 129 00:07:45,840 --> 00:07:48,680 Speaker 1: Beck with wow, I mean that's it's historic, especially in 130 00:07:48,720 --> 00:07:52,240 Speaker 1: our in our Bloomberg circles. Yeah. No, I think that 131 00:07:52,320 --> 00:07:55,080 Speaker 1: it's the fact that she knows what it's like to 132 00:07:55,080 --> 00:07:58,680 Speaker 1: be on the other side of that. I guess hand 133 00:07:58,760 --> 00:08:03,360 Speaker 1: Powell relationship UH that they have UM is going to 134 00:08:03,600 --> 00:08:06,280 Speaker 1: be a significant advantage to her. And I think to 135 00:08:06,360 --> 00:08:09,320 Speaker 1: the to the Biden human again, this is also a 136 00:08:09,320 --> 00:08:12,640 Speaker 1: team that went through all of this before. I mean 137 00:08:12,720 --> 00:08:18,040 Speaker 1: Biden was there in two thousand nine and UH in 138 00:08:18,080 --> 00:08:21,600 Speaker 1: the past recession and seeing how things played out, and 139 00:08:21,640 --> 00:08:23,000 Speaker 1: I think that this is a little bit of a 140 00:08:23,080 --> 00:08:25,840 Speaker 1: do over. In some cases, I think that we may 141 00:08:25,960 --> 00:08:28,520 Speaker 1: be surprised by some of the directions they go in, 142 00:08:28,680 --> 00:08:31,520 Speaker 1: having seen what happened when they took a more moderate 143 00:08:31,520 --> 00:08:34,360 Speaker 1: approach last time. It's so remarkable. I was a reporter 144 00:08:34,400 --> 00:08:38,520 Speaker 1: at Politico during Janet Yellen's confirmation hearing in November of 145 00:08:38,520 --> 00:08:40,960 Speaker 1: two thousand and thirteen, and I just was in prepping 146 00:08:41,000 --> 00:08:44,240 Speaker 1: for the show looking at what my colleague at the time, 147 00:08:44,760 --> 00:08:46,800 Speaker 1: Kate Davidson, who's now at the Wall Street Journal, what 148 00:08:46,880 --> 00:08:49,199 Speaker 1: we wrote in terms of the preview, and so many 149 00:08:49,320 --> 00:08:52,720 Speaker 1: of these themes are going to come up in her tenure, 150 00:08:53,120 --> 00:08:56,839 Speaker 1: in terms of how strong is the Republican opposition, will 151 00:08:56,880 --> 00:09:00,079 Speaker 1: anyone carry the audit the Fed flag regulatory pol to 152 00:09:00,160 --> 00:09:03,120 Speaker 1: see and then oh yeah, chief among them too big 153 00:09:03,240 --> 00:09:06,160 Speaker 1: to fail, and that in particular at a time in 154 00:09:06,160 --> 00:09:09,600 Speaker 1: which there is trillions of dollars of stimulus on the 155 00:09:09,640 --> 00:09:12,640 Speaker 1: table right now, and how much money is going to 156 00:09:12,720 --> 00:09:15,679 Speaker 1: be needed, not just in two thousand and thirteen, that 157 00:09:15,720 --> 00:09:17,959 Speaker 1: was needed for two thousand and eight, but now is 158 00:09:17,960 --> 00:09:20,120 Speaker 1: going to meeting it in this day and age. It's 159 00:09:20,160 --> 00:09:24,360 Speaker 1: going to be a remarkable, remarkable to have the former 160 00:09:24,400 --> 00:09:28,960 Speaker 1: head of the Central Bank now as Treasury secretary dealing 161 00:09:28,960 --> 00:09:32,160 Speaker 1: with geo political matters all around the world with sanctions 162 00:09:32,440 --> 00:09:36,160 Speaker 1: mind you now taking the head of the Treasury Department. 163 00:09:36,160 --> 00:09:38,959 Speaker 1: I mean, folks, this is it's it's remarkable. My thanks 164 00:09:38,960 --> 00:09:41,160 Speaker 1: to Ryan C. Beckwith and coming up on the program, 165 00:09:41,360 --> 00:09:43,640 Speaker 1: we have much more politics and policy and we'll get 166 00:09:43,679 --> 00:09:46,920 Speaker 1: some reaction on what happened in the markets today this 167 00:09:47,000 --> 00:09:49,600 Speaker 1: as investors have been watching what's been going on with 168 00:09:49,640 --> 00:09:52,160 Speaker 1: the on the vaccination front, and we'll have all of 169 00:09:52,200 --> 00:09:54,520 Speaker 1: that coming up. You can download the Bloomberg Sound on 170 00:09:54,559 --> 00:09:56,920 Speaker 1: podcasts on applei Junes, at Bloomberg dot com or by 171 00:09:56,960 --> 00:09:59,960 Speaker 1: downloading the Bloomberg Business App. I'm Kevin SURREALI your listen 172 00:10:00,000 --> 00:10:07,400 Speaker 1: in to Bloomberg. You're listening to Bloomberg Sound On with 173 00:10:07,480 --> 00:10:11,600 Speaker 1: Kevin Currel on Bloomberg and one oh five point seven 174 00:10:12,200 --> 00:10:16,880 Speaker 1: D two. I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg 175 00:10:16,960 --> 00:10:21,720 Speaker 1: Television and for Bloomberg or Radio again if you're just 176 00:10:21,840 --> 00:10:26,600 Speaker 1: joining us, major major headlines just throughout the afternoon. Janet 177 00:10:26,640 --> 00:10:32,160 Speaker 1: Yellen is going to be Treasury Secretary in a Biden administration. Again. 178 00:10:32,200 --> 00:10:35,640 Speaker 1: FED Chair Janet Yellen. Former FED Chair Janet Yellen has 179 00:10:35,679 --> 00:10:39,360 Speaker 1: now been tapped to be the Treasury Secretary in a 180 00:10:39,480 --> 00:10:43,440 Speaker 1: Biden administration, and it's going to be remarkable to see 181 00:10:44,320 --> 00:10:46,560 Speaker 1: how all of that plays out this in the fight 182 00:10:46,600 --> 00:10:50,080 Speaker 1: for more fiscal stimulus. Also, what we don't know is 183 00:10:50,920 --> 00:10:53,120 Speaker 1: what how We know a little bit, but but but 184 00:10:53,200 --> 00:10:56,440 Speaker 1: it will be interesting to see her positions on geopolitical 185 00:10:56,480 --> 00:10:59,880 Speaker 1: matters as it relates to sanctions, as it relates to 186 00:11:00,040 --> 00:11:05,280 Speaker 1: international matters UH at the Treasury Department. Time now to 187 00:11:05,360 --> 00:11:07,520 Speaker 1: check in on what happened in the markets. US stocks 188 00:11:07,520 --> 00:11:11,600 Speaker 1: climbed as investors piled into companies that will benefit most 189 00:11:11,679 --> 00:11:15,400 Speaker 1: from a return to normal economic activity. Tech shares lagged behind, 190 00:11:15,800 --> 00:11:20,000 Speaker 1: while gold slump. The SMP five hundred briefly extended gains 191 00:11:20,040 --> 00:11:23,560 Speaker 1: on news that Joe Biden will nominate former Federal Reserve 192 00:11:23,679 --> 00:11:27,640 Speaker 1: Chair Janet Yelling to be Treasury Secretary. She recently said 193 00:11:27,679 --> 00:11:31,679 Speaker 1: that the recovery will be uneven and a lackluster if 194 00:11:31,720 --> 00:11:35,280 Speaker 1: Congress doesn't spend more to fight unemployment and keep small 195 00:11:35,320 --> 00:11:38,280 Speaker 1: businesses afloat. We actually have that sound bite ruffles on 196 00:11:38,280 --> 00:11:41,920 Speaker 1: the boards. Let's hear once again from our colleagues. Interview. 197 00:11:42,000 --> 00:11:44,640 Speaker 1: Recent interview with fed share Janet yelling in which she 198 00:11:44,720 --> 00:11:47,080 Speaker 1: talked about the need for more stimulus. Here she is 199 00:11:47,679 --> 00:11:51,040 Speaker 1: the notion that the fit fit can do all that 200 00:11:51,240 --> 00:11:55,920 Speaker 1: is required at this point to support the economy. Um 201 00:11:56,080 --> 00:12:00,280 Speaker 1: is just wrong and the fit is really clear eating 202 00:12:00,400 --> 00:12:05,800 Speaker 1: for fiscal relief. I believe it's essential. Meanwhile, my colleagues 203 00:12:05,800 --> 00:12:08,160 Speaker 1: caught up with Chris Zacharelli, who is the chief investment 204 00:12:08,240 --> 00:12:11,760 Speaker 1: officer for independent advisor Alliance, who told them quote, the 205 00:12:11,800 --> 00:12:16,480 Speaker 1: market would view Janet Yellen's appointment as market friendly. At 206 00:12:16,480 --> 00:12:19,880 Speaker 1: the very least, she is likely to work well with 207 00:12:20,120 --> 00:12:23,920 Speaker 1: Chair Powell. Okay, joining us on the telephone line, UH, 208 00:12:23,960 --> 00:12:27,440 Speaker 1: is Michael Reagan, a senior editor for Bloomberg Markets Live. 209 00:12:27,520 --> 00:12:30,040 Speaker 1: That's what happened in the market today. Let's begin with 210 00:12:30,160 --> 00:12:35,040 Speaker 1: President elect Biden's pick in Janet Yellen to be Treasury 211 00:12:35,160 --> 00:12:38,240 Speaker 1: Do you agree, I mean, is this a market friendly pick? Well, 212 00:12:38,240 --> 00:12:40,560 Speaker 1: you know, Kevin, I think that quote you read from 213 00:12:40,600 --> 00:12:44,760 Speaker 1: the source of UH is pretty indicative of what we've 214 00:12:44,760 --> 00:12:46,559 Speaker 1: heard from a lot of people. The market is very 215 00:12:46,559 --> 00:12:50,280 Speaker 1: familiar with Janet Yellen. Investors are very familiar with her. Um, 216 00:12:50,360 --> 00:12:54,679 Speaker 1: she's a known entity. UM. It's interesting because the Treasury 217 00:12:55,160 --> 00:12:58,240 Speaker 1: Secretary pick is not in past years the type of 218 00:12:58,280 --> 00:13:01,600 Speaker 1: thing that would necessarily moved the markets one way or 219 00:13:01,600 --> 00:13:06,480 Speaker 1: the other. Us Elizabeth Warren go ahead, Well, yeah, and 220 00:13:06,559 --> 00:13:09,320 Speaker 1: that's a great point. And that was, you know, in 221 00:13:09,360 --> 00:13:11,520 Speaker 1: the fact of some people's minds. I think there was 222 00:13:12,280 --> 00:13:16,080 Speaker 1: uh some speculation, uh that maybe Elizaeth Warren would get 223 00:13:16,120 --> 00:13:19,400 Speaker 1: a very high profile White House Cabinet position like that. 224 00:13:19,720 --> 00:13:22,720 Speaker 1: The fact that it appears not to be Treasury Secretary 225 00:13:22,800 --> 00:13:26,880 Speaker 1: Harry is maybe appealing to the investors in in one way, 226 00:13:26,920 --> 00:13:29,880 Speaker 1: But I think it's it is that notion that um, 227 00:13:29,920 --> 00:13:34,320 Speaker 1: you know, skinn manution was such a powerful Treasury secretary 228 00:13:34,360 --> 00:13:37,360 Speaker 1: compared to some of his predecessors, to President Trump sort 229 00:13:37,360 --> 00:13:41,520 Speaker 1: of entrusted him with a lot more of the type 230 00:13:41,520 --> 00:13:44,439 Speaker 1: of obviously the trade negotiations and that sort of thing. 231 00:13:44,480 --> 00:13:47,440 Speaker 1: He was very much a right hand man to Trump. 232 00:13:47,520 --> 00:13:51,640 Speaker 1: So I think, you know, investors were probably more curious 233 00:13:51,679 --> 00:13:54,560 Speaker 1: than than usual to see who this Treasury secretary under 234 00:13:54,559 --> 00:13:57,120 Speaker 1: Biden would be. And so the fact that it is 235 00:13:57,240 --> 00:14:00,520 Speaker 1: yelling the fact that they're, um, you know, the Trump's 236 00:14:00,520 --> 00:14:03,880 Speaker 1: administration is leaving Biden with a lot of sort of 237 00:14:03,920 --> 00:14:07,720 Speaker 1: finished and unfinished business on the international trade front obviously, 238 00:14:07,800 --> 00:14:10,880 Speaker 1: especially with China. Um that I think maybe there is 239 00:14:10,920 --> 00:14:14,680 Speaker 1: this speculation that this role of Treasury secretary is a 240 00:14:14,679 --> 00:14:17,000 Speaker 1: bit more of a market mover than that maybe it 241 00:14:17,160 --> 00:14:20,800 Speaker 1: was in in sort of you know, more um sort 242 00:14:20,840 --> 00:14:24,560 Speaker 1: of normal administrations for back uh for lack of a 243 00:14:24,600 --> 00:14:28,680 Speaker 1: better word. So so meanwhile, it's it's remarkable and and 244 00:14:28,760 --> 00:14:32,760 Speaker 1: such smart analysis coming from my colleague Michael Reagan, senior 245 00:14:32,840 --> 00:14:34,880 Speaker 1: editor for Bloomberg market Side. I know, I'm going to 246 00:14:35,000 --> 00:14:37,800 Speaker 1: ask you a historical question, and I did not I 247 00:14:37,880 --> 00:14:40,080 Speaker 1: was not able to find this out. And Tom Keane's 248 00:14:40,120 --> 00:14:42,200 Speaker 1: gonna be mad at me. Tom don't be mad at me, Okay, 249 00:14:42,240 --> 00:14:44,400 Speaker 1: Tom kinge, Tom king don't be mad at me. And 250 00:14:44,480 --> 00:14:47,960 Speaker 1: I and I said, uh, my issue, do has there 251 00:14:47,960 --> 00:14:49,960 Speaker 1: ever been a situation where the head of the central 252 00:14:49,960 --> 00:14:54,880 Speaker 1: bank has gone to the treasury secretary? You know, problem's 253 00:14:54,880 --> 00:14:56,920 Speaker 1: gonna be mad at me too. I don't know which 254 00:14:56,960 --> 00:14:58,960 Speaker 1: is which is nothing though, that's kind of a normal 255 00:14:59,040 --> 00:15:02,480 Speaker 1: safe place. But yeah, Kevin, that's that I know of. 256 00:15:02,640 --> 00:15:06,080 Speaker 1: I've never heard of that scenario before. If you're listening, 257 00:15:06,080 --> 00:15:07,720 Speaker 1: tweeted me, because I want to know. I gotta I 258 00:15:07,760 --> 00:15:10,400 Speaker 1: gotta figure this out, because it's really I can't stress 259 00:15:10,400 --> 00:15:12,600 Speaker 1: this enough. I remember I was a cub reporter fresh 260 00:15:12,680 --> 00:15:14,920 Speaker 1: out of Penn State. The whole world ahead of me, 261 00:15:15,120 --> 00:15:17,720 Speaker 1: and I go to Politico and uh, and I'm covering 262 00:15:17,720 --> 00:15:21,000 Speaker 1: the confirmation hearings and for Janet Yellen and and in 263 00:15:21,080 --> 00:15:24,600 Speaker 1: Derkson and um, you know, so many of the issues. 264 00:15:24,640 --> 00:15:26,520 Speaker 1: It was. We were at the in two thousand and thirteen. 265 00:15:26,520 --> 00:15:28,560 Speaker 1: We were at the tail end. You know, we were 266 00:15:28,600 --> 00:15:30,880 Speaker 1: out of the two thousand and eight recovery. You know, 267 00:15:30,920 --> 00:15:35,000 Speaker 1: we had recovered essentially, and now we're like right back 268 00:15:35,040 --> 00:15:37,440 Speaker 1: in the thicket things and it's worse. It's different, but 269 00:15:37,520 --> 00:15:40,520 Speaker 1: it feels worse in terms of in terms of the 270 00:15:40,560 --> 00:15:45,400 Speaker 1: economic calamity that the coronavirus has rock has has brought. Meanwhile, 271 00:15:45,520 --> 00:15:48,120 Speaker 1: and I gotta pivot because there was another major current 272 00:15:48,200 --> 00:15:51,720 Speaker 1: in the markets today. The NAZDAC one hundred was little changed, 273 00:15:52,000 --> 00:15:55,080 Speaker 1: while the Russell two thousands of smaller companies jumped almost 274 00:15:55,120 --> 00:15:58,920 Speaker 1: to percent. Why Astra Zeneca became the latest firm to 275 00:15:59,000 --> 00:16:04,000 Speaker 1: deliver positive vaccine developments, bolstering demand for cruise line operators 276 00:16:04,040 --> 00:16:07,920 Speaker 1: and airlines because obviously they think that the vaccine comes 277 00:16:07,920 --> 00:16:10,760 Speaker 1: that they'll do better small caps are about are up 278 00:16:10,800 --> 00:16:14,880 Speaker 1: about eight in November, on track for the best month ever. 279 00:16:15,000 --> 00:16:17,800 Speaker 1: What happened with Asher's edechet to day Michael Reagan, Well, 280 00:16:17,880 --> 00:16:19,920 Speaker 1: you know, Kevin, it's the story that we've seen the 281 00:16:20,040 --> 00:16:23,120 Speaker 1: last month or so where there's there's basically just two 282 00:16:23,160 --> 00:16:25,840 Speaker 1: sides to the stock market. There's one those mad back 283 00:16:25,880 --> 00:16:29,680 Speaker 1: one companies that you're talking about, stuff like Facebook and 284 00:16:29,760 --> 00:16:33,360 Speaker 1: Netflix and Apple, the companies that really not only were 285 00:16:33,400 --> 00:16:36,840 Speaker 1: immune to the pandemic this year, but actually kind of 286 00:16:36,920 --> 00:16:39,360 Speaker 1: drives from them as people you know, were stuck in 287 00:16:39,360 --> 00:16:43,080 Speaker 1: front of their computers more and more throughout their day. 288 00:16:43,400 --> 00:16:45,760 Speaker 1: Then you have the whole rest of the market, which 289 00:16:45,840 --> 00:16:49,760 Speaker 1: is those the cruise line operators, the airline companies, the 290 00:16:49,960 --> 00:16:53,880 Speaker 1: energy companies that sell them guts and oil, um, the 291 00:16:54,040 --> 00:16:58,800 Speaker 1: basically everyone who's not a Internet focused business that would 292 00:16:58,800 --> 00:17:02,240 Speaker 1: benefit it's life. Uh, someday gets back to normal. And 293 00:17:02,320 --> 00:17:05,000 Speaker 1: so every time there is this sort of positive moves 294 00:17:05,040 --> 00:17:07,760 Speaker 1: on a vaccine, you know, they they sort of break 295 00:17:07,800 --> 00:17:11,040 Speaker 1: it down shorthanded as the say home trade being those 296 00:17:11,040 --> 00:17:14,960 Speaker 1: big tech companies were the reopening trade, which is basically 297 00:17:15,040 --> 00:17:18,159 Speaker 1: everyone else. Um. The thing is, those big tech companies 298 00:17:18,160 --> 00:17:20,280 Speaker 1: are such a big weight in the NASS BACK one 299 00:17:20,359 --> 00:17:23,399 Speaker 1: hundred and in the SMP five hundred that when it 300 00:17:23,440 --> 00:17:26,160 Speaker 1: gets to this sort of binary event, are we getting 301 00:17:26,160 --> 00:17:29,440 Speaker 1: closer to reopening or are we getting you further away 302 00:17:29,480 --> 00:17:32,439 Speaker 1: from it and shutting down harder because of the virus. 303 00:17:32,760 --> 00:17:34,480 Speaker 1: And and and to your point about the two the 304 00:17:34,480 --> 00:17:37,520 Speaker 1: two narratives that have emerged with regards to Astra Zeneca, 305 00:17:37,640 --> 00:17:42,040 Speaker 1: So you've got UH, you've got what happened with SVB 306 00:17:42,240 --> 00:17:47,840 Speaker 1: larynx Uh coming out and saying that astro Jenica, Astra 307 00:17:47,920 --> 00:17:52,119 Speaker 1: Zeneca tried to embellish their word, embellish their COVID vaccine 308 00:17:52,160 --> 00:17:57,359 Speaker 1: results um and he essentially made those claims on Bloomberg Television. 309 00:17:57,760 --> 00:18:01,040 Speaker 1: Then Astra Zeneca comes out and talks to my colleagues 310 00:18:01,040 --> 00:18:06,520 Speaker 1: Alex Steeling, Guy Johnson and says that those comments from 311 00:18:06,600 --> 00:18:11,200 Speaker 1: SVB Lerinc. Analysts were incorrect and that they were too harsh. 312 00:18:11,320 --> 00:18:13,919 Speaker 1: I have sound on this. Take a listen to Astra 313 00:18:14,040 --> 00:18:19,240 Speaker 1: Zeneca executive for VP and Biopharmaceuticals business Unit President Rude 314 00:18:19,320 --> 00:18:23,200 Speaker 1: Dabber earlier today talking to my colleagues. Heerious, I think 315 00:18:23,200 --> 00:18:26,480 Speaker 1: those comments are quite harsh. We need to realize that 316 00:18:27,080 --> 00:18:30,639 Speaker 1: the study has been executed by a top scientists from 317 00:18:30,680 --> 00:18:34,920 Speaker 1: Oxford as well as as Zenica. We will published later 318 00:18:34,960 --> 00:18:37,320 Speaker 1: in the week the full data set. So they are 319 00:18:37,359 --> 00:18:41,119 Speaker 1: working around the clock in order to give full visibility 320 00:18:41,200 --> 00:18:44,560 Speaker 1: about the different cohorts we have studied. And I think 321 00:18:44,560 --> 00:18:48,280 Speaker 1: it's far too early to speculate about how regulators will 322 00:18:48,680 --> 00:18:52,200 Speaker 1: will react on on that, Michael Reagan very quickly only 323 00:18:52,240 --> 00:18:55,760 Speaker 1: have fifteen seconds. Was it too harsh? Well, I think 324 00:18:56,160 --> 00:19:00,040 Speaker 1: from the investment community standpoint, um, any progressive news in 325 00:19:00,080 --> 00:19:04,679 Speaker 1: any of these three vaccines, um, whether it's it's maybe 326 00:19:04,680 --> 00:19:07,439 Speaker 1: they're they're being a little bit too strong than they 327 00:19:07,440 --> 00:19:09,800 Speaker 1: should be. Any good news on the vaccine front is 328 00:19:09,800 --> 00:19:11,400 Speaker 1: going to be good news for the markets for now. 329 00:19:11,520 --> 00:19:13,800 Speaker 1: Maybe they could get some good news for the Philadelphia Eagles. 330 00:19:13,800 --> 00:19:16,800 Speaker 1: You're following me, Michael Reagan, senior editor for Bloomberg Markets Live. 331 00:19:16,920 --> 00:19:18,960 Speaker 1: Much more coming up next. I'm Kevin's really this is 332 00:19:18,960 --> 00:19:35,879 Speaker 1: Bloomberg from our all talk here in Washington, d C. 333 00:19:36,080 --> 00:19:39,879 Speaker 1: Turns to President elect Joe Biden's administration. Historically speaking, the 334 00:19:39,880 --> 00:19:42,439 Speaker 1: markets have performed better when there is divided government. The 335 00:19:42,520 --> 00:19:46,160 Speaker 1: biggest pressure for physical stimulus is an up taking cases 336 00:19:46,240 --> 00:19:51,280 Speaker 1: Bloomberg Sound On the Insiders, the influencers, The inside siding 337 00:19:51,320 --> 00:19:54,720 Speaker 1: has Thomas again and again. It will unite the country's 338 00:19:54,800 --> 00:19:57,920 Speaker 1: state government's control elections. That's in the constitution. I think 339 00:19:57,960 --> 00:20:01,639 Speaker 1: that we can expect a smooth, thought full, methodical transition. 340 00:20:01,920 --> 00:20:10,680 Speaker 1: This is Bloomberg Sound On with ke On Bloomberg. President 341 00:20:10,720 --> 00:20:14,679 Speaker 1: elect Joe Biden taps former Fed chairwoman Janet Yellen to 342 00:20:14,800 --> 00:20:19,119 Speaker 1: be Treasury Secretary, plus Tony Blinkin to lead the State Department. 343 00:20:19,280 --> 00:20:24,600 Speaker 1: All of that plus additional announcements come as Biden World 344 00:20:24,720 --> 00:20:28,480 Speaker 1: take shape in the cabinet, and the latest on what's 345 00:20:28,480 --> 00:20:31,639 Speaker 1: happening with the vaccination front lots to get through. We 346 00:20:31,720 --> 00:20:36,240 Speaker 1: begin tonight with Biden World taking shape. President elect Joe 347 00:20:36,280 --> 00:20:40,120 Speaker 1: Biden is set to name former Federal Reserve chairwoman Janet 348 00:20:40,200 --> 00:20:45,639 Speaker 1: Yellen to be Treasury Secretary, his longtime geopolitical aid and 349 00:20:45,720 --> 00:20:50,720 Speaker 1: adviser Tony Blinken to be Secretary of State, Avril Haynes 350 00:20:51,080 --> 00:20:54,800 Speaker 1: to be his pick for the Director of National Intelligence, 351 00:20:55,160 --> 00:20:58,360 Speaker 1: charged with overseeing more than a dozen federal offices from 352 00:20:58,359 --> 00:21:02,399 Speaker 1: the CIA to National Jurity Agency, and if confirmed, we 353 00:21:02,400 --> 00:21:06,919 Speaker 1: should note this Avril Haynes as the Director of National Intelligence, 354 00:21:06,920 --> 00:21:09,240 Speaker 1: would be the first woman to serve as Director of 355 00:21:09,359 --> 00:21:12,480 Speaker 1: National Intelligence in this position, mind you was created in 356 00:21:12,520 --> 00:21:16,840 Speaker 1: the aftermath of September of the September eleventh, two thousand 357 00:21:16,920 --> 00:21:21,399 Speaker 1: and one terrorist attacks. Then he also are also now 358 00:21:21,760 --> 00:21:25,160 Speaker 1: uh he is going to name Alejandro may Orchis, who 359 00:21:25,240 --> 00:21:28,919 Speaker 1: led the U s Citizenship and Immigration Services Agency in 360 00:21:28,960 --> 00:21:34,320 Speaker 1: the Obama administration, to be the head of Homeland Security. 361 00:21:34,359 --> 00:21:36,920 Speaker 1: This would make him the first Latino to run a 362 00:21:37,080 --> 00:21:43,080 Speaker 1: department tasked with enforcing the nation's immigration laws. And John Kerry, 363 00:21:43,320 --> 00:21:46,359 Speaker 1: former Secretary of State and standard bearer of the Democratic Party. 364 00:21:46,480 --> 00:21:50,040 Speaker 1: John Kerry will return to government as a climate czar 365 00:21:50,520 --> 00:21:55,320 Speaker 1: and Biden's administrations signaling the importance that they place on 366 00:21:56,200 --> 00:21:59,600 Speaker 1: climate change, and of course we should note chief among them, 367 00:21:59,680 --> 00:22:02,560 Speaker 1: he was one of the architects of the Paris Climate Agreement, 368 00:22:02,920 --> 00:22:06,720 Speaker 1: which was largely which the Trump administration withdrew from. He's 369 00:22:06,720 --> 00:22:09,680 Speaker 1: a strong supporter rather of the Paris Climate Agreement, John 370 00:22:09,760 --> 00:22:12,320 Speaker 1: Kerry was. So that's where we begin, and we have 371 00:22:12,400 --> 00:22:16,560 Speaker 1: sound on this transition from none other then former President 372 00:22:16,600 --> 00:22:20,479 Speaker 1: Barack Obama, who spoke with the Washington Post. There has 373 00:22:20,520 --> 00:22:23,560 Speaker 1: been some damage done that is going to take some 374 00:22:23,640 --> 00:22:31,080 Speaker 1: time to hum to dig ourselves out of. But there's 375 00:22:31,119 --> 00:22:33,639 Speaker 1: no doubt that Joe's got the right people to do it, 376 00:22:33,760 --> 00:22:35,639 Speaker 1: and and I have every confidence they'll be able to 377 00:22:35,640 --> 00:22:38,600 Speaker 1: do it. It just may not happen instantaneously. And while 378 00:22:38,720 --> 00:22:44,080 Speaker 1: publicly the President elect is naming individuals to form his government, 379 00:22:44,320 --> 00:22:48,600 Speaker 1: behind the scenes, increasingly more publicly, ron Klain, his chief 380 00:22:48,640 --> 00:22:53,280 Speaker 1: of staff, is urging that the outgoing administration coordinate on 381 00:22:53,320 --> 00:22:56,879 Speaker 1: a host of different issues pertaining to national security and 382 00:22:56,960 --> 00:23:00,800 Speaker 1: the coronavirus. Ron Klein was on ABC's This Week yesterday 383 00:23:00,880 --> 00:23:03,760 Speaker 1: speaking with George Stefanopolis. There's a lot of focus on 384 00:23:03,800 --> 00:23:06,639 Speaker 1: that vaccine rollout plan that's going to be critical in 385 00:23:06,680 --> 00:23:09,040 Speaker 1: the early days of a Biden presidency. We have no 386 00:23:09,119 --> 00:23:12,919 Speaker 1: access to that and sentiment already. Leader Chuck Schumer, the 387 00:23:12,920 --> 00:23:15,399 Speaker 1: Democrat from New York, said that the President elect is 388 00:23:15,440 --> 00:23:20,320 Speaker 1: looking forward and toward getting a coronavirus relief bill. Here 389 00:23:20,320 --> 00:23:23,959 Speaker 1: he is speaking in Manhattan on Sunday morning. Money for 390 00:23:24,000 --> 00:23:27,679 Speaker 1: state and local governments, and money for mass transit, and 391 00:23:27,760 --> 00:23:31,440 Speaker 1: money for healthcare, new testing, money to help distribute the 392 00:23:31,560 --> 00:23:36,399 Speaker 1: vaccines once they are produced. More money and that's precisely 393 00:23:36,440 --> 00:23:39,159 Speaker 1: what my colleagues asked to former Fed share soon to 394 00:23:39,240 --> 00:23:42,760 Speaker 1: be Treasury Secretary Janet Yellen when she appeared at the 395 00:23:42,760 --> 00:23:45,879 Speaker 1: Bloomberg New Economy Forum just several weeks ago, and she 396 00:23:45,960 --> 00:23:48,840 Speaker 1: had this to say. The notion that the fit fit 397 00:23:49,040 --> 00:23:52,879 Speaker 1: can do all that is required at this point to 398 00:23:53,080 --> 00:23:57,600 Speaker 1: support the economy, UM is just wrong and the FIT 399 00:23:58,040 --> 00:24:03,600 Speaker 1: is really pleading for fiscal relief. I believe it's essential 400 00:24:04,359 --> 00:24:06,800 Speaker 1: my colleagues with me for the hour, or my panelists 401 00:24:06,840 --> 00:24:09,440 Speaker 1: with me for the hour. Jen Nassa of Republican Strategists, 402 00:24:09,480 --> 00:24:12,879 Speaker 1: former chairwoman of the Massachusetts Republican Party and founder for 403 00:24:13,080 --> 00:24:16,600 Speaker 1: Conservative Women for a Better Future, and Joe Crowley, former 404 00:24:16,600 --> 00:24:20,840 Speaker 1: New York Congressman and Democratic Caucus chair. Joe, I'll begin 405 00:24:20,920 --> 00:24:23,280 Speaker 1: with you. You hear those names, You hear the lay 406 00:24:23,280 --> 00:24:26,280 Speaker 1: of the land on this Monday evening in Washington, d C. 407 00:24:27,160 --> 00:24:30,920 Speaker 1: And your reaction about what the administration is putting together 408 00:24:31,280 --> 00:24:33,480 Speaker 1: and really how fiscal stimulus is going to be one 409 00:24:33,520 --> 00:24:37,080 Speaker 1: of the first priorities. Well, I think when I first 410 00:24:37,080 --> 00:24:39,440 Speaker 1: look at this and first plush, you know, I I 411 00:24:39,840 --> 00:24:42,600 Speaker 1: think of these are very stable, for the lack of 412 00:24:42,600 --> 00:24:46,320 Speaker 1: a better word, stable appointments right now, Um, like Janis 413 00:24:46,359 --> 00:24:49,679 Speaker 1: Elifer instance, someone who has experience in this in this 414 00:24:49,760 --> 00:24:53,159 Speaker 1: arena and has the respect of the business community, but 415 00:24:53,240 --> 00:24:58,280 Speaker 1: also has respect of Killamore, left leaning within the Democratic 416 00:24:58,440 --> 00:25:01,840 Speaker 1: Party and caucus. But also if I can for a moment, 417 00:25:01,920 --> 00:25:06,560 Speaker 1: just how remarkably historic this is, UH seeing especially the 418 00:25:06,600 --> 00:25:10,160 Speaker 1: diversity of this so far in terms of gender and race. 419 00:25:10,800 --> 00:25:14,040 Speaker 1: Um it's it's, it's, it's, it's it's incredibly balanced, I 420 00:25:14,080 --> 00:25:16,720 Speaker 1: think in terms of the beginnings of what I think 421 00:25:16,720 --> 00:25:21,240 Speaker 1: will be the most diverse um UH cabinet in history 422 00:25:21,280 --> 00:25:24,520 Speaker 1: of our country in all likelihoods. So I think at 423 00:25:24,560 --> 00:25:27,720 Speaker 1: one hand, it's it's almost so are predictable. At the 424 00:25:27,760 --> 00:25:30,800 Speaker 1: same time, all these people on this list were really shocking. 425 00:25:31,200 --> 00:25:34,359 Speaker 1: At the same time, it's really apparent how loyal I 426 00:25:34,400 --> 00:25:37,080 Speaker 1: think President Alec Biden is going to be to bring 427 00:25:37,119 --> 00:25:39,080 Speaker 1: about a diverse cabinet. Let me follow up with the 428 00:25:39,080 --> 00:25:41,280 Speaker 1: show cralogy, just because you know all these players so 429 00:25:41,280 --> 00:25:43,440 Speaker 1: so well, and look, I mean, you know the nerd 430 00:25:43,520 --> 00:25:46,280 Speaker 1: in me just in noting the significance of having two 431 00:25:46,320 --> 00:25:50,040 Speaker 1: former heads of the Center. Note, you have Jennet Yellen 432 00:25:50,280 --> 00:25:55,040 Speaker 1: to be Treasury Secretary, former FED chair UH working with 433 00:25:55,680 --> 00:25:57,959 Speaker 1: j Powell, and we're going to dive into this coming up, 434 00:25:58,320 --> 00:26:01,720 Speaker 1: but just that right there is is fascinating in terms 435 00:26:01,720 --> 00:26:04,400 Speaker 1: of the need for fiscal stimulus. She's been out making 436 00:26:04,840 --> 00:26:08,439 Speaker 1: the rounds on Bloomberg TV, on our competitors, urging for 437 00:26:08,520 --> 00:26:13,920 Speaker 1: there to be more fiscal stimulus. She was in many ways, um, 438 00:26:13,960 --> 00:26:16,040 Speaker 1: I don't want to say, I think she was showing 439 00:26:16,400 --> 00:26:19,520 Speaker 1: what she will do when she talks to Congress about 440 00:26:19,520 --> 00:26:22,480 Speaker 1: the need for more fiscal stimulus and really showing herself 441 00:26:22,520 --> 00:26:27,080 Speaker 1: to be a centrist type of stabilizing pick no. So 442 00:26:27,200 --> 00:26:29,320 Speaker 1: I think that's true. As said, she comes to this 443 00:26:29,440 --> 00:26:33,000 Speaker 1: with with great experience. But I think, Kevin, the biggest 444 00:26:33,080 --> 00:26:36,520 Speaker 1: change here is that you have a president elect that 445 00:26:36,720 --> 00:26:39,480 Speaker 1: not only recognizes the crisis step we're in, that is 446 00:26:39,560 --> 00:26:44,480 Speaker 1: called for additional stimulus and called for additional reaction to 447 00:26:44,600 --> 00:26:49,040 Speaker 1: crush the COVID virus. That's that's completely a turn about 448 00:26:49,480 --> 00:26:52,400 Speaker 1: from the present state of our of our president. And 449 00:26:52,480 --> 00:26:55,000 Speaker 1: I will suggest to anyone who's listening, if you voted 450 00:26:55,040 --> 00:26:58,320 Speaker 1: for the president because you liked the fiscal policies, you 451 00:26:58,520 --> 00:27:01,119 Speaker 1: like the tax policies, I really think you have to 452 00:27:01,160 --> 00:27:02,960 Speaker 1: look at the damage he's doing. Right now to the 453 00:27:03,000 --> 00:27:06,600 Speaker 1: country in terms of not being cooperative in this transition 454 00:27:07,200 --> 00:27:11,359 Speaker 1: and really hoping to leave the Biden administration in a 455 00:27:11,400 --> 00:27:15,240 Speaker 1: more difficult position. That's not being true Sports or Americans 456 00:27:15,240 --> 00:27:17,000 Speaker 1: about this, And I think you could be potentially very 457 00:27:17,080 --> 00:27:19,240 Speaker 1: very damaging, Jennasa. I have a lot of questions to 458 00:27:19,240 --> 00:27:21,000 Speaker 1: ask you coming up throughout the hour, and we've got 459 00:27:21,000 --> 00:27:23,239 Speaker 1: a minute left here. But your reaction to what Joe 460 00:27:23,359 --> 00:27:31,959 Speaker 1: just said, UM, I disagree, respectfully disagree, e Congressman. Um, 461 00:27:32,000 --> 00:27:34,680 Speaker 1: but I mean, you know, I think look, the Republicans, 462 00:27:34,920 --> 00:27:38,640 Speaker 1: we had come to the table numerous times, Um, you know, 463 00:27:38,960 --> 00:27:42,359 Speaker 1: the summer into early fall with package. It wasn't the 464 00:27:42,400 --> 00:27:45,080 Speaker 1: same as the Democrats wanted again and again and again. 465 00:27:45,119 --> 00:27:48,480 Speaker 1: The Republicans to look for ways for people to get 466 00:27:48,480 --> 00:27:52,440 Speaker 1: fact works for the country is always going to be 467 00:27:52,640 --> 00:27:55,960 Speaker 1: putting people's pockets because they're earning it, they're out working, 468 00:27:56,040 --> 00:27:58,639 Speaker 1: and then they're going to confuse it into the economy. 469 00:27:58,800 --> 00:28:00,840 Speaker 1: All right, coming up, we're gonna tell much more about 470 00:28:00,880 --> 00:28:03,880 Speaker 1: the transition. Uh. And the conversations are lack there off 471 00:28:03,880 --> 00:28:07,919 Speaker 1: conversations between Trump World and Biden World. With our panel, 472 00:28:08,040 --> 00:28:11,160 Speaker 1: Jen Nasser and Joe Crowley and we'll dive into uh 473 00:28:11,200 --> 00:28:14,480 Speaker 1: the geopolitics of the shift that we're that we're noticing 474 00:28:14,520 --> 00:28:17,960 Speaker 1: now based upon previous remarks that we can glean from 475 00:28:18,000 --> 00:28:20,760 Speaker 1: some of the picks in the past, including Tony Blinken, 476 00:28:20,840 --> 00:28:23,840 Speaker 1: who's appeared on this program. I'm Kevin Serelli, chief Washington 477 00:28:23,880 --> 00:28:27,119 Speaker 1: correspondent for Bloomberg Television and for Bloomberg Radio. You're listening 478 00:28:27,119 --> 00:28:41,040 Speaker 1: to Bloomberg. You're listening to Bloomberg Sound On with Kevin 479 00:28:41,120 --> 00:28:44,960 Speaker 1: Zurley on Bloomberg and one Old five point seven f 480 00:28:45,160 --> 00:28:49,360 Speaker 1: m h D two. Forget about your legal challenges and 481 00:28:49,360 --> 00:28:52,520 Speaker 1: who's counting what votes? Please God. I asked the Trump 482 00:28:52,560 --> 00:28:55,240 Speaker 1: administration to open the books on the vaccine and the 483 00:28:55,320 --> 00:28:58,840 Speaker 1: virus generally to the to the Biden team. That was 484 00:28:59,120 --> 00:29:04,160 Speaker 1: New Jersey Governor Phil Murphy Democrat today, warning that states 485 00:29:04,160 --> 00:29:07,600 Speaker 1: will need a robust federal partnership for the complex job 486 00:29:07,640 --> 00:29:12,720 Speaker 1: of vaccine distribution, pleading with the Trump administrations to reporters 487 00:29:13,360 --> 00:29:16,000 Speaker 1: earlier today, my name is Kevin Cirelli. I'm the chief 488 00:29:16,000 --> 00:29:19,000 Speaker 1: Washington correspondent from Bloomberg TV and Radio. Panelists with me 489 00:29:19,080 --> 00:29:21,520 Speaker 1: for the hour All star panelists got to say, Joe 490 00:29:21,560 --> 00:29:25,479 Speaker 1: Crowley former New York congressman and Jen Nasser, Republican strategist, Jen, 491 00:29:25,560 --> 00:29:27,400 Speaker 1: I want to get your reaction to the New Jersey 492 00:29:27,440 --> 00:29:31,560 Speaker 1: governor and and really the urging not just of people 493 00:29:31,640 --> 00:29:37,040 Speaker 1: like Governor Murphy, but Senator to me, Senator Murkalski Uh, 494 00:29:37,240 --> 00:29:42,920 Speaker 1: Collins uh, Senator Kevin Kramer, a staunch ally of President Trump's. 495 00:29:43,080 --> 00:29:45,320 Speaker 1: That's for I know him, for Rob Portman and in 496 00:29:45,400 --> 00:29:49,280 Speaker 1: not bed all urging cooperation, these are those are all Republicans. 497 00:29:49,320 --> 00:29:54,240 Speaker 1: I just rattled off, urging cooperation for the Trump administration 498 00:29:54,320 --> 00:30:00,400 Speaker 1: to cooperate with the Biden transition team. Jim, Yeah, I mean, look, 499 00:30:00,920 --> 00:30:03,680 Speaker 1: I don't I don't know if there's any Republican who 500 00:30:03,960 --> 00:30:07,880 Speaker 1: actually wants to believe that Trump is not going to 501 00:30:07,880 --> 00:30:10,920 Speaker 1: be the president. Um. But at this point, you know, 502 00:30:11,200 --> 00:30:14,840 Speaker 1: despite the legal challenges, I think that, um, it's pretty 503 00:30:14,840 --> 00:30:17,680 Speaker 1: obvious where this is going, and I think that it's 504 00:30:17,720 --> 00:30:22,040 Speaker 1: time for the President and his team to you know, 505 00:30:22,160 --> 00:30:25,440 Speaker 1: to help the next the transition go along smoothly. That's 506 00:30:25,520 --> 00:30:27,880 Speaker 1: that's the right thing and the respectful thing. That doesn't 507 00:30:27,880 --> 00:30:30,280 Speaker 1: mean the challenges can't keep going on. That doesn't mean 508 00:30:30,320 --> 00:30:32,840 Speaker 1: I'm giving up, but you know, just to be able 509 00:30:32,880 --> 00:30:36,000 Speaker 1: to have a smooth transition. Um, I think at this 510 00:30:36,040 --> 00:30:37,680 Speaker 1: point is is the right way to go. You know, 511 00:30:37,760 --> 00:30:40,840 Speaker 1: I think what you just said, and I've spoken all 512 00:30:40,840 --> 00:30:43,480 Speaker 1: throughout the weekend as well as in the past couple 513 00:30:43,520 --> 00:30:47,160 Speaker 1: of days with members of the administration and members of 514 00:30:47,280 --> 00:30:51,600 Speaker 1: the the re election campaign effort, and all of them 515 00:30:51,640 --> 00:30:55,440 Speaker 1: say that privately what you just said of you can 516 00:30:55,480 --> 00:30:58,440 Speaker 1: still pursue the legal action even if it's you know, 517 00:30:58,560 --> 00:31:02,080 Speaker 1: a very narrow path while also cooperating. And it's the 518 00:31:02,120 --> 00:31:05,800 Speaker 1: decision not to cooperate on something like the coronavirus that 519 00:31:05,800 --> 00:31:09,240 Speaker 1: has really frustrated many of these individuals behind the scenes 520 00:31:09,280 --> 00:31:11,239 Speaker 1: based upon my reporting. I mean, I can tell you 521 00:31:11,280 --> 00:31:14,800 Speaker 1: that because you look at the coronavirus news and the 522 00:31:14,840 --> 00:31:19,640 Speaker 1: coronavirus cases that are continuing to skyrocket, and Republican and 523 00:31:19,720 --> 00:31:25,600 Speaker 1: democratic states across the country, and it's it's it's almost 524 00:31:25,640 --> 00:31:28,680 Speaker 1: as if this back and forth cable news fodder of 525 00:31:28,800 --> 00:31:32,280 Speaker 1: left and right, both sides, and the fanfare of it 526 00:31:32,080 --> 00:31:35,440 Speaker 1: is small ball. It's plastic. It's not even plastic. It's 527 00:31:35,480 --> 00:31:38,280 Speaker 1: like it's like I don't even know, I'm I ran 528 00:31:38,280 --> 00:31:42,240 Speaker 1: out of an analogy. Christine Rada, who's back from vacation thankfully, 529 00:31:42,280 --> 00:31:45,080 Speaker 1: our executive producer. I don't have the analogy. Joe Crowley, 530 00:31:45,120 --> 00:31:50,200 Speaker 1: come in here, Well, I agree that. See what I did, Jen, 531 00:31:50,320 --> 00:31:52,160 Speaker 1: See what I did, Joe. I got you to agree, 532 00:31:52,200 --> 00:31:55,120 Speaker 1: and you thought it would never happen. I bring people together. Kevi, 533 00:31:55,400 --> 00:31:59,320 Speaker 1: go ahead, I just show I agree with a Republican counterparts. 534 00:32:00,280 --> 00:32:03,800 Speaker 1: So and I welcome it. It's fine, there's no no 535 00:32:03,840 --> 00:32:06,120 Speaker 1: problem with that. But listen, you know this is something 536 00:32:06,120 --> 00:32:07,960 Speaker 1: that should have been done two weeks ago, you know, 537 00:32:08,080 --> 00:32:11,040 Speaker 1: walking and chewing them at the same time. I agree that, 538 00:32:11,160 --> 00:32:14,360 Speaker 1: you know, he's entitled to his legal challenges, but also 539 00:32:14,880 --> 00:32:18,840 Speaker 1: he should have invoked um that the transition should at 540 00:32:18,880 --> 00:32:21,560 Speaker 1: least start to talk to the other side here and 541 00:32:21,840 --> 00:32:24,200 Speaker 1: help them prepare in the event, as we all know 542 00:32:24,280 --> 00:32:27,200 Speaker 1: what's going to happen, that he's not re elected president 543 00:32:27,240 --> 00:32:30,040 Speaker 1: United States. And so now we've pushed that back two weeks, 544 00:32:30,120 --> 00:32:35,280 Speaker 1: and the whole point of questioning, really questioning the validity 545 00:32:35,360 --> 00:32:39,240 Speaker 1: of this selection is doing tremendous damage to our democracy 546 00:32:39,600 --> 00:32:43,440 Speaker 1: and how we're not only looking at it from inside 547 00:32:43,480 --> 00:32:45,120 Speaker 1: the United States, but how the rest of the world 548 00:32:45,200 --> 00:32:47,840 Speaker 1: looks at us, at us as well. I think there's 549 00:32:47,840 --> 00:32:50,600 Speaker 1: been some real damage done here. I think it's reversible, 550 00:32:50,600 --> 00:32:52,520 Speaker 1: but you know it's gonna take some time and convincing 551 00:32:52,520 --> 00:32:55,920 Speaker 1: a lot of Republicans who voted for Trump that these 552 00:32:55,920 --> 00:32:59,560 Speaker 1: elections were legitimate and thought right, and the said day 553 00:32:59,600 --> 00:33:03,160 Speaker 1: that anyone running for president would would would undermine a 554 00:33:03,280 --> 00:33:05,080 Speaker 1: system like this. All right, I want to pivot back 555 00:33:05,080 --> 00:33:07,720 Speaker 1: to policy because we've got two major developments, and you 556 00:33:07,760 --> 00:33:10,000 Speaker 1: guys know both of you know I'm a huge much 557 00:33:10,040 --> 00:33:12,600 Speaker 1: more policy oriented, and so I want to divide the 558 00:33:12,640 --> 00:33:17,160 Speaker 1: remaining time in this block to uh additional fiscal stimulus, 559 00:33:17,160 --> 00:33:19,360 Speaker 1: but the news of Janet Yellen and then what it 560 00:33:19,400 --> 00:33:22,000 Speaker 1: means for US and China relations with Tony Blankett. Let's 561 00:33:22,040 --> 00:33:23,960 Speaker 1: start quick, and I want to get both of your 562 00:33:24,000 --> 00:33:26,680 Speaker 1: reactions quick, So both of these sound bites. We're gonna 563 00:33:26,720 --> 00:33:30,560 Speaker 1: begin with how Janet Yellen, former fedshare now who Biden 564 00:33:30,680 --> 00:33:33,480 Speaker 1: is tapping to be Treasury secretary. She appeared at the 565 00:33:33,480 --> 00:33:37,880 Speaker 1: Bloomberg New Economy Forum talking more about additional steps that 566 00:33:37,920 --> 00:33:41,280 Speaker 1: could be taken with fiscal stimulus. Here, she is, we 567 00:33:41,360 --> 00:33:46,280 Speaker 1: need um support for the economy, both for monetary and 568 00:33:46,320 --> 00:33:52,040 Speaker 1: fiscal policy, and monetary policy has already done a huge amount. 569 00:33:52,560 --> 00:33:58,480 Speaker 1: Fiscal policy response in the United States has been extremely impressive. 570 00:33:59,080 --> 00:34:03,680 Speaker 1: But um, actually it's it's much larger as the fiscal 571 00:34:03,800 --> 00:34:07,080 Speaker 1: support than what was done after the two thousand and 572 00:34:07,200 --> 00:34:11,880 Speaker 1: eight nine financial crisis. But um, the fiscal support his 573 00:34:12,080 --> 00:34:16,160 Speaker 1: noww lapsed. So Jen, I mean, you know, you know, 574 00:34:16,320 --> 00:34:19,080 Speaker 1: the divide in your party is whether or not more 575 00:34:19,160 --> 00:34:23,839 Speaker 1: stimulus is needed. She's saying that it is needed. Yeah, 576 00:34:23,880 --> 00:34:26,640 Speaker 1: I'm on the side that we don't need more stimulus, 577 00:34:26,960 --> 00:34:28,920 Speaker 1: you know. I mean, I think that at the end 578 00:34:28,920 --> 00:34:31,040 Speaker 1: of the day, do we give us to business owners, 579 00:34:31,040 --> 00:34:34,040 Speaker 1: the small business owners to keep their doors open, to 580 00:34:34,160 --> 00:34:37,840 Speaker 1: keep their lights on. But it's the best stimulus for 581 00:34:37,960 --> 00:34:41,680 Speaker 1: America is to get people back to work, not to 582 00:34:41,840 --> 00:34:45,440 Speaker 1: have lockdown. That's a bad way to go. That is 583 00:34:46,000 --> 00:34:48,480 Speaker 1: terrible for the economy. Well, they're not saying lockdowns. I 584 00:34:48,520 --> 00:34:49,880 Speaker 1: want to be clear on this. They're not saying a 585 00:34:49,960 --> 00:34:52,359 Speaker 1: national lockdown. And they've said that, they've said that they're 586 00:34:52,360 --> 00:34:54,120 Speaker 1: not in favor of a national I know, but that 587 00:34:54,239 --> 00:34:57,680 Speaker 1: that there are states that are locking down. There in Massachusetts, 588 00:34:58,120 --> 00:35:02,560 Speaker 1: we're closing at restaurants have to close. So if you're 589 00:35:02,600 --> 00:35:05,719 Speaker 1: a waitress, if you're a waiter. If you own the restaurant, 590 00:35:05,960 --> 00:35:09,080 Speaker 1: you're losing money because people are not coming in. And 591 00:35:09,120 --> 00:35:11,279 Speaker 1: when you hear that, you know kids aren't going back 592 00:35:11,320 --> 00:35:13,680 Speaker 1: to school. Well, parents can't go to work. There have 593 00:35:13,760 --> 00:35:16,879 Speaker 1: been articles and articles about single moms not being able 594 00:35:16,920 --> 00:35:19,239 Speaker 1: to keep their jobs or be able to advance in 595 00:35:19,280 --> 00:35:22,839 Speaker 1: their careers because their kids aren't in schools. So we 596 00:35:22,840 --> 00:35:25,360 Speaker 1: can talk about stimulus. It's easy just to give a 597 00:35:25,480 --> 00:35:28,719 Speaker 1: check to people. What's difficult is to make those decisions 598 00:35:28,719 --> 00:35:31,160 Speaker 1: as to how to get people back to work safely. 599 00:35:31,480 --> 00:35:33,480 Speaker 1: All right, we're gonna talk about China coming up. We've 600 00:35:33,520 --> 00:35:36,799 Speaker 1: got a minute left. Joe, your reaction to fed cher 601 00:35:36,960 --> 00:35:42,759 Speaker 1: yelling saying that more stimulus is needed. Absolutely, probably in 602 00:35:42,840 --> 00:35:45,920 Speaker 1: Americans infected by this virus. A quarter of a million 603 00:35:45,920 --> 00:35:49,680 Speaker 1: Americans more have died because of it. This is a 604 00:35:49,719 --> 00:35:52,880 Speaker 1: crisis in our country. The reality is that small businesses 605 00:35:52,880 --> 00:35:55,280 Speaker 1: is suffering. In my home city of New York City, 606 00:35:55,560 --> 00:35:58,439 Speaker 1: they expect that a third of all small business will 607 00:35:58,480 --> 00:36:02,480 Speaker 1: not reopen. People be some kind of economic dwinism that 608 00:36:02,520 --> 00:36:05,200 Speaker 1: we're talking about here, you'll survival of Listen, a small 609 00:36:05,200 --> 00:36:08,520 Speaker 1: businesses under a crisis like this, they need stimulus. They 610 00:36:08,520 --> 00:36:10,759 Speaker 1: need help. They need to put money in the hands 611 00:36:10,800 --> 00:36:12,759 Speaker 1: of people who will spend it. And I am news 612 00:36:13,200 --> 00:36:15,919 Speaker 1: there are people who are facing let me face me, evictions, 613 00:36:16,239 --> 00:36:19,000 Speaker 1: small business and evictions. But actually people can't afford to 614 00:36:19,040 --> 00:36:21,480 Speaker 1: pay their rent. And the only reason what this economy 615 00:36:21,560 --> 00:36:23,560 Speaker 1: is moving is because of the stimulus that's been placed 616 00:36:23,560 --> 00:36:25,680 Speaker 1: there in the first place, in these first care packages. 617 00:36:25,719 --> 00:36:27,560 Speaker 1: All right, stay where we are, both of the panelists, 618 00:36:27,560 --> 00:36:29,200 Speaker 1: We've got much more to talk about. We're gonna pivot 619 00:36:29,200 --> 00:36:31,600 Speaker 1: to us China. I'm Kevin SURRELI you're listening Bloomberg nine 620 00:36:31,640 --> 00:36:39,440 Speaker 1: and nine one. This is Bloomberg's Sound on with Kevin 621 00:36:39,480 --> 00:36:43,640 Speaker 1: Surrel on Bloomberg and one all five point seven of 622 00:36:43,840 --> 00:36:48,920 Speaker 1: MHD two. I'm Kevin Sireli, Chief Washington, corresponding for Bloomberg 623 00:36:49,000 --> 00:36:53,840 Speaker 1: Television and for Bloomberg or Radio. Tomorrow my interview with 624 00:36:53,920 --> 00:36:58,160 Speaker 1: Keith Krack, the Under Secretary for Economic Affairs UM. He 625 00:36:58,200 --> 00:37:03,360 Speaker 1: will be with me tomorrow. Joining us right now. Joe Crowley, 626 00:37:03,840 --> 00:37:07,400 Speaker 1: former New York Congressman and Democratic Caucus chair and Jen Nasser, 627 00:37:07,680 --> 00:37:12,680 Speaker 1: Republican strategist, former chairwoman of the Massachusetts Republican Party and 628 00:37:12,840 --> 00:37:17,799 Speaker 1: founder for Conservative Women for a Better future. We are 629 00:37:17,880 --> 00:37:22,520 Speaker 1: going to talk about, uh, what we've been talking about 630 00:37:22,560 --> 00:37:24,960 Speaker 1: for the whole program, and that is the Biden administration 631 00:37:25,320 --> 00:37:28,080 Speaker 1: taking shape. He is tapped Janet Yellen to be Treasury 632 00:37:28,120 --> 00:37:32,840 Speaker 1: secretary and Tony Blinken to be his Secretary of State. 633 00:37:32,880 --> 00:37:36,920 Speaker 1: I actually spoke with Tony Blinken. I believe in July. 634 00:37:37,760 --> 00:37:40,719 Speaker 1: Does anyone else feel like all is a blur? And 635 00:37:40,760 --> 00:37:43,160 Speaker 1: you don't know whether we're in large or April or 636 00:37:43,320 --> 00:37:45,000 Speaker 1: But it was over the summer. I said that to 637 00:37:45,080 --> 00:37:47,720 Speaker 1: Taylor Riggs, my colleague, Taylor Riggs, and I was filling 638 00:37:47,760 --> 00:37:51,080 Speaker 1: in for Weston, David Weston on Balance of Power. We 639 00:37:51,080 --> 00:37:53,160 Speaker 1: were going back and forth in our Bloomberg terminal. I'd 640 00:37:53,160 --> 00:37:56,080 Speaker 1: be saying, when when was the Blanken interview? Blanken, You'll 641 00:37:56,120 --> 00:37:58,959 Speaker 1: miss it. I don't even know it was over the summer. Anyway, 642 00:37:59,000 --> 00:38:02,040 Speaker 1: I asked Tony again about you know, what would what 643 00:38:02,080 --> 00:38:05,480 Speaker 1: would a U. S. China relationship look like? UM in 644 00:38:05,600 --> 00:38:07,799 Speaker 1: a Biden administration? Take a listen to what he told me. 645 00:38:08,280 --> 00:38:09,960 Speaker 1: The first thing is we have to dig out from 646 00:38:10,200 --> 00:38:12,759 Speaker 1: a strategic deficit that I'm afraid President Trump has put 647 00:38:12,840 --> 00:38:16,880 Speaker 1: us in because right now, by every key metric China's 648 00:38:16,880 --> 00:38:20,200 Speaker 1: strategic position is stronger and ours is weaker as a 649 00:38:20,239 --> 00:38:23,319 Speaker 1: result of the president's leadership. Okay, Jen, I know you 650 00:38:23,440 --> 00:38:27,719 Speaker 1: disagree with that analysis, but but I want to come 651 00:38:27,760 --> 00:38:31,240 Speaker 1: back and I want us to think not politically but analytically, 652 00:38:31,760 --> 00:38:35,719 Speaker 1: which is that what he didn't say was that they're 653 00:38:35,719 --> 00:38:37,680 Speaker 1: going to be soft on China. And I think that's 654 00:38:37,719 --> 00:38:40,279 Speaker 1: my biggest takeaway based on all of the conversations that 655 00:38:40,320 --> 00:38:43,920 Speaker 1: I have with the intel world and geopolitical sources, is 656 00:38:43,960 --> 00:38:49,000 Speaker 1: that the US and China relationship is still trending in 657 00:38:49,719 --> 00:38:51,759 Speaker 1: I don't know, I don't even know what adjective to use. 658 00:38:51,840 --> 00:38:54,719 Speaker 1: It's still intensifying. And you would agree with that, right Jen, 659 00:38:54,800 --> 00:38:59,840 Speaker 1: that there are issues of nonpartisanship pertaining to US and China. 660 00:39:00,280 --> 00:39:02,919 Speaker 1: Oh absolutely, I mean, you know, where do we start. 661 00:39:02,920 --> 00:39:05,120 Speaker 1: Do we start at the tariffs? Do we start at 662 00:39:05,120 --> 00:39:09,160 Speaker 1: the access for tech companies or access for journalists and diplomats, 663 00:39:09,200 --> 00:39:12,600 Speaker 1: for the shuttered conflicts, for you know, the strife and 664 00:39:12,680 --> 00:39:15,440 Speaker 1: if China see there are so many things that are 665 00:39:15,640 --> 00:39:19,560 Speaker 1: that have been going on that we need an administration 666 00:39:20,000 --> 00:39:23,359 Speaker 1: that is going to have a tough foreign policy when 667 00:39:23,360 --> 00:39:25,960 Speaker 1: it comes to China. Okay, come in here, Joe, in 668 00:39:26,040 --> 00:39:27,719 Speaker 1: terms of Tony Blinken, I know you've worked with him 669 00:39:27,760 --> 00:39:30,680 Speaker 1: before Tony blink into the State's Department. Your reaction in 670 00:39:30,800 --> 00:39:32,719 Speaker 1: terms of what he said to me, And he goes 671 00:39:32,719 --> 00:39:35,640 Speaker 1: on to say this in this interview that, as Jed 672 00:39:35,760 --> 00:39:38,880 Speaker 1: just pointed out, especially with regards to five G and 673 00:39:39,400 --> 00:39:46,719 Speaker 1: UH digital, it's techno democracies versus techno autocracies, and the 674 00:39:46,760 --> 00:39:50,600 Speaker 1: way that the democracy uses technology is very different than 675 00:39:50,640 --> 00:39:56,040 Speaker 1: the Communist Party of China using technology. Go ahead, Joe, Well, 676 00:39:56,040 --> 00:40:00,000 Speaker 1: I would say this that I think Jim agree Um 677 00:40:00,040 --> 00:40:03,520 Speaker 1: that President Trump, although I think Democrats may not have 678 00:40:03,560 --> 00:40:06,000 Speaker 1: liked the tactic the way which he was doing it, 679 00:40:06,080 --> 00:40:09,719 Speaker 1: maybe he found it had been erratic. Um, he started 680 00:40:09,840 --> 00:40:12,000 Speaker 1: moving on things that Democrats have been talking about, like 681 00:40:12,040 --> 00:40:14,799 Speaker 1: Tim Ryan and others within the rest SOLT for many years, 682 00:40:14,840 --> 00:40:17,920 Speaker 1: in terms of the competition from China, putting aside just 683 00:40:18,000 --> 00:40:20,320 Speaker 1: for a moment, just for a moment, the economic challenges 684 00:40:20,360 --> 00:40:23,720 Speaker 1: that we have in the Pacific and worldwide larger China, 685 00:40:24,400 --> 00:40:28,239 Speaker 1: China's quest for a blue water navy, the actions that 686 00:40:28,280 --> 00:40:30,880 Speaker 1: has taken of the in the in the last decade, 687 00:40:31,280 --> 00:40:35,600 Speaker 1: UH certainly a cause for long their incursion into proper 688 00:40:35,680 --> 00:40:39,880 Speaker 1: Indian territory. The Porto dispute there with India just just 689 00:40:40,160 --> 00:40:42,759 Speaker 1: tip of the iceberg. Some of the influence that the 690 00:40:42,920 --> 00:40:44,960 Speaker 1: that the Chinese is spreading. Look what they're doing in 691 00:40:45,040 --> 00:40:47,880 Speaker 1: soft power in Africa, in South America and elsewhere and 692 00:40:47,960 --> 00:40:50,720 Speaker 1: challenging really what has been the sphere of the United 693 00:40:50,760 --> 00:40:54,760 Speaker 1: States in the southern hemisphere is really alarming in many respects. 694 00:40:55,360 --> 00:40:59,720 Speaker 1: The weakers and the human rights abuses at Hong Kong. 695 00:41:00,200 --> 00:41:02,160 Speaker 1: You look at what's been going on with five G. 696 00:41:02,600 --> 00:41:03,920 Speaker 1: I mean, the list goes on and on, and I 697 00:41:03,920 --> 00:41:07,320 Speaker 1: think I think this conversation right here, Jen Nasser, Joe Crawley, 698 00:41:07,680 --> 00:41:11,000 Speaker 1: you know too incredibly analytical voices to have on this matter, 699 00:41:11,080 --> 00:41:14,840 Speaker 1: just illustrates the consensus, the American consensus as it relates 700 00:41:14,840 --> 00:41:17,200 Speaker 1: to it to US and China. Tony Blinkott someone who 701 00:41:17,239 --> 00:41:21,000 Speaker 1: has been with UH President ELECTU Biden dating back to 702 00:41:21,080 --> 00:41:23,960 Speaker 1: his time in the Senate. So it will be remarkable 703 00:41:24,000 --> 00:41:27,160 Speaker 1: just to see how this emerges. But he has said 704 00:41:27,440 --> 00:41:31,759 Speaker 1: that he wants to rebuild the Western Alliance and in 705 00:41:32,080 --> 00:41:34,359 Speaker 1: terms of getting folks on the same page, and and 706 00:41:34,400 --> 00:41:36,359 Speaker 1: that's a that's a departure, right I mean, and Jen 707 00:41:36,440 --> 00:41:38,800 Speaker 1: would agree with this, uh, in the sense that the 708 00:41:39,440 --> 00:41:43,600 Speaker 1: current administration felt that our Western allies had taken advantage 709 00:41:43,600 --> 00:41:45,200 Speaker 1: of us a little too much and said that there 710 00:41:45,239 --> 00:41:47,840 Speaker 1: needed to be a shake up, so to speak. Okay, 711 00:41:48,080 --> 00:41:49,760 Speaker 1: it's time now for my favorite part of the program, 712 00:41:49,760 --> 00:41:51,520 Speaker 1: which we're gonna do a little earlier because we have 713 00:41:51,560 --> 00:41:54,640 Speaker 1: Tyler Cohen on in the next block, uh, which is 714 00:41:54,760 --> 00:41:57,759 Speaker 1: what is on the panel's radar? Jen Nasser, what's on 715 00:41:57,800 --> 00:42:02,480 Speaker 1: your radar? I love how people. I'm doing the thing 716 00:42:02,560 --> 00:42:04,839 Speaker 1: I think as Barad is back, I'm doing that voice again. 717 00:42:04,920 --> 00:42:10,160 Speaker 1: Go ahead, John, what's on your radar? Um? You sound 718 00:42:10,160 --> 00:42:13,360 Speaker 1: a little bit like the Wizard of Oz there. You know, 719 00:42:13,440 --> 00:42:16,520 Speaker 1: that's really just an analogy for the Federal Reserve. Go ahead, 720 00:42:16,680 --> 00:42:20,839 Speaker 1: go ahead. So I think a couple of things. Number One, 721 00:42:21,280 --> 00:42:25,160 Speaker 1: I think the handling of the two thousand twenty elections, 722 00:42:25,600 --> 00:42:28,040 Speaker 1: you know, is going to be looming. Look, whether you 723 00:42:28,120 --> 00:42:30,239 Speaker 1: like Chump or not, the fact of the matter is 724 00:42:30,280 --> 00:42:34,000 Speaker 1: seventy three million people voted for him, and I think 725 00:42:34,040 --> 00:42:36,120 Speaker 1: that a lot on the minds of a lot of 726 00:42:36,160 --> 00:42:41,640 Speaker 1: people are fair and equitable elections, And where's democracy really 727 00:42:41,760 --> 00:42:44,799 Speaker 1: going in the future. In America. That's one thing I'm 728 00:42:44,800 --> 00:42:47,440 Speaker 1: looking at. My other thing is, you know, are we 729 00:42:47,560 --> 00:42:50,799 Speaker 1: headed back into the swamp with Joe Biden's picks that 730 00:42:51,000 --> 00:42:54,040 Speaker 1: are yes, even though they're they're stable. There are people 731 00:42:54,080 --> 00:42:58,640 Speaker 1: who have um have great experience that they are retreads. 732 00:42:58,680 --> 00:43:01,640 Speaker 1: They are people who served the Obama administration are coming 733 00:43:01,640 --> 00:43:05,600 Speaker 1: back now, folks like John Kerry not necessarily the youngest 734 00:43:06,040 --> 00:43:08,759 Speaker 1: um you know. And and for a question that I 735 00:43:08,800 --> 00:43:12,759 Speaker 1: would love to kick back to former Congressman is you know, 736 00:43:12,880 --> 00:43:15,319 Speaker 1: how how do folks like And You're not gonna want 737 00:43:15,320 --> 00:43:18,040 Speaker 1: to answer this, and I'm sorry for asking, this is rhetorical, 738 00:43:18,239 --> 00:43:21,920 Speaker 1: but how do people like A O. C React now 739 00:43:22,239 --> 00:43:24,120 Speaker 1: when you have a lot of these people who are 740 00:43:24,160 --> 00:43:27,640 Speaker 1: coming back who are former administration officials, and it's a 741 00:43:27,719 --> 00:43:32,359 Speaker 1: lot of older folks that have experienced and not you know, 742 00:43:32,440 --> 00:43:37,480 Speaker 1: people that are part of the disquad. Well, I think, 743 00:43:37,600 --> 00:43:40,440 Speaker 1: as as has been said before, it's not the age 744 00:43:40,440 --> 00:43:43,240 Speaker 1: of the person, but the age of the ideas, quite frankly, 745 00:43:43,480 --> 00:43:47,000 Speaker 1: and I think that people are all highly qualified, and 746 00:43:47,040 --> 00:43:49,600 Speaker 1: they have all for the most part, are already been 747 00:43:49,640 --> 00:43:52,600 Speaker 1: improved by the Senate for other positions in the past. 748 00:43:52,920 --> 00:43:54,880 Speaker 1: So I do think that that's an important factor here. 749 00:43:54,920 --> 00:43:58,640 Speaker 1: But let me just say what my it is my 750 00:43:58,800 --> 00:44:03,279 Speaker 1: radar screen is I want how many additional Democrats the 751 00:44:03,320 --> 00:44:05,239 Speaker 1: president will be able to take, not out of the 752 00:44:05,280 --> 00:44:09,239 Speaker 1: Senate but out of the House because these elections, so 753 00:44:09,600 --> 00:44:12,120 Speaker 1: these special elections that would be derived from that would 754 00:44:12,120 --> 00:44:16,040 Speaker 1: take months and would severely Critiale Pelosi's ability to get 755 00:44:16,080 --> 00:44:19,560 Speaker 1: things to the House. That's what I'm wondering. That's that's fascinating. 756 00:44:20,280 --> 00:44:23,840 Speaker 1: Here's what's on my radar. Israel's net and Yahoo and 757 00:44:23,840 --> 00:44:28,359 Speaker 1: Saudi Crown Prince hold the first known meaning reading from 758 00:44:28,400 --> 00:44:33,040 Speaker 1: Dal Jones, Tel Aviv dateline from Felicia, Sports and Summer, 759 00:44:33,160 --> 00:44:37,200 Speaker 1: said Israeli Prime Minister Benjamin neton Yahoo met Saudi Arabia's 760 00:44:37,200 --> 00:44:40,640 Speaker 1: Crown Prince in the kingdom on Sunday, according to to 761 00:44:40,800 --> 00:44:45,320 Speaker 1: Saudi government advisors, in their first known meeting and amid 762 00:44:45,400 --> 00:44:49,120 Speaker 1: a US push to normalize ties between the long time foes. 763 00:44:49,360 --> 00:44:52,560 Speaker 1: Saudi officials have denied the meeting took place. Mr net 764 00:44:52,680 --> 00:44:56,200 Speaker 1: and Yahoo made the secret trip on Sunday evening to 765 00:44:56,320 --> 00:44:59,960 Speaker 1: the seaside corner of northwest Saudi Arabia to join US 766 00:45:00,040 --> 00:45:03,640 Speaker 1: Secretary of State Mike Pompeo's meeting with Prince Mohammed bin 767 00:45:03,719 --> 00:45:06,879 Speaker 1: Salmon and all of this comes as again as they 768 00:45:06,920 --> 00:45:10,960 Speaker 1: discussed several issues, including the normalization of ties, and they 769 00:45:11,040 --> 00:45:16,040 Speaker 1: also discussed Iran, but no substantial agreements were reached. Really 770 00:45:16,080 --> 00:45:20,359 Speaker 1: remarkable and regardless of what happens um in terms of 771 00:45:20,680 --> 00:45:24,360 Speaker 1: what your opinions are, Uh, Tony Lincoln stepping into the 772 00:45:24,400 --> 00:45:26,719 Speaker 1: Secretary of State is going to be dealing with the 773 00:45:26,760 --> 00:45:30,960 Speaker 1: Middle East that looks very very different than it did 774 00:45:31,200 --> 00:45:35,080 Speaker 1: during the Obama administration. And I'm really I'm going to 775 00:45:35,160 --> 00:45:38,360 Speaker 1: be fascinated to to to see how that unfolds. And 776 00:45:38,480 --> 00:45:44,040 Speaker 1: someone with his experience and his strategicy is that do 777 00:45:44,120 --> 00:45:48,200 Speaker 1: we know if that's a work? Uh? And how the 778 00:45:49,719 --> 00:45:53,680 Speaker 1: Prime Minister come back on one piece? But you know, 779 00:45:55,880 --> 00:45:58,120 Speaker 1: I I'm not gonna joke about that, but I I 780 00:45:58,320 --> 00:46:02,040 Speaker 1: your point of veterance and the looting to Jamaica showges Uh. 781 00:46:02,080 --> 00:46:09,040 Speaker 1: You know, is is very very interesting, to say the 782 00:46:09,080 --> 00:46:11,200 Speaker 1: least in terms of where things go. All right, we're 783 00:46:11,200 --> 00:46:15,200 Speaker 1: gonna leave it there, uh And uh yeah, And it 784 00:46:15,239 --> 00:46:18,239 Speaker 1: will be remarkable just to see again how that Middle 785 00:46:18,239 --> 00:46:22,239 Speaker 1: East shapes up in the next administration. My thanks to 786 00:46:22,320 --> 00:46:25,040 Speaker 1: Joe Crowley my thanks to John Nasir. You can download 787 00:46:25,040 --> 00:46:27,719 Speaker 1: the Bloomberg Sound On podcast on Appleachians and Bloomberg dot com, 788 00:46:27,840 --> 00:46:30,839 Speaker 1: or by downloading the Bloomberg Business app. Coming up next, 789 00:46:30,920 --> 00:46:34,160 Speaker 1: we get a full on update with regards to the vaccine. 790 00:46:34,520 --> 00:46:52,520 Speaker 1: I'm Kevin Sirelli. You're listening to Bloomberg nine and nine one. 791 00:46:55,040 --> 00:46:58,560 Speaker 1: You're listening to Bloomberg Sound On with Kevin Surreley on 792 00:46:58,600 --> 00:47:05,080 Speaker 1: Bloomberg on and one oh five point two. I'm Kevin CURIALI, 793 00:47:05,480 --> 00:47:11,919 Speaker 1: Chief Washington correspondent for Bloomberg Television and for Bloomberg Radio. 794 00:47:12,080 --> 00:47:16,040 Speaker 1: So much so many developments rather on the vaccination front 795 00:47:16,239 --> 00:47:19,239 Speaker 1: earlier today, and Bloomberg, my colleagues of Bloomberg really doing 796 00:47:19,440 --> 00:47:22,359 Speaker 1: incredible reporting on it because there was so much back 797 00:47:22,440 --> 00:47:25,239 Speaker 1: and forth with regards to Astra Zeneca. So if you 798 00:47:25,320 --> 00:47:33,480 Speaker 1: saw this, you've got astro as Astra Zenica being criticized 799 00:47:33,880 --> 00:47:39,520 Speaker 1: by s v B Liair Link Therapeutics research director Jeffrey 800 00:47:39,560 --> 00:47:45,120 Speaker 1: Porgus in an interview that he did with UH with Bloomberg. 801 00:47:45,280 --> 00:47:49,040 Speaker 1: Take a listen to Jeffrey Porgus and what he said 802 00:47:49,800 --> 00:47:55,360 Speaker 1: Astra Zeneca did UH with regards to their vaccine COVID 803 00:47:55,440 --> 00:48:00,080 Speaker 1: vaccine results by highlighting a reported efficacy and relative of 804 00:48:00,200 --> 00:48:03,880 Speaker 1: le small subset of subjects in the study. Here he is, 805 00:48:04,719 --> 00:48:07,399 Speaker 1: they found that in the individuals who were given half 806 00:48:07,400 --> 00:48:11,760 Speaker 1: of those of the initial vaccine, they had better efficacy. Now, 807 00:48:11,920 --> 00:48:16,480 Speaker 1: that was a very small subset hundred subjects, which compares 808 00:48:16,560 --> 00:48:20,080 Speaker 1: to forty five thousand or so for the Fiser announcement 809 00:48:20,200 --> 00:48:22,759 Speaker 1: last week. And so I just don't think that you 810 00:48:22,800 --> 00:48:24,960 Speaker 1: can draw too much in the way of a conclusion 811 00:48:25,080 --> 00:48:29,440 Speaker 1: from a twenty seven hundred subject subset where you had 812 00:48:29,480 --> 00:48:34,319 Speaker 1: about thirty cases of COVID overall confirmed. Um, so it's 813 00:48:34,360 --> 00:48:36,600 Speaker 1: just a lot to make a big deal and say 814 00:48:36,640 --> 00:48:40,480 Speaker 1: that your vaccine is as effectives as these vaccines studied 815 00:48:40,480 --> 00:48:44,040 Speaker 1: in massive trials. Well, we have sound on from astra 816 00:48:44,160 --> 00:48:48,319 Speaker 1: Zeneca and their reaction because my colleagues Alex Steel and 817 00:48:48,360 --> 00:48:54,440 Speaker 1: Guy Johnson interviewed astra Zeneca executive VP and Biopharmaceuticals business 818 00:48:54,560 --> 00:48:59,000 Speaker 1: Unit president Rude Dabber. Here he is, I think those 819 00:48:59,080 --> 00:49:02,799 Speaker 1: comments are quite harsh. We need to realize that the 820 00:49:02,840 --> 00:49:06,880 Speaker 1: study has been executed by a top scientists from Oxford 821 00:49:07,320 --> 00:49:10,640 Speaker 1: as well as astro Zeneca. We will published later in 822 00:49:10,640 --> 00:49:13,280 Speaker 1: the week the full data set. So they are working 823 00:49:13,320 --> 00:49:17,120 Speaker 1: around the clock in order to give full visibility about 824 00:49:17,120 --> 00:49:20,359 Speaker 1: the different cohorts we have studied, and I think it's 825 00:49:20,360 --> 00:49:24,520 Speaker 1: far too early to speculate about how regulators will will 826 00:49:24,560 --> 00:49:29,560 Speaker 1: react on on that. Tyler Cohen is a Bloomberg opinion columnist. 827 00:49:29,640 --> 00:49:32,759 Speaker 1: He is a professor of economics at George Mason University 828 00:49:33,080 --> 00:49:36,960 Speaker 1: and writes for the blog Marginal Revolution. His books include 829 00:49:37,000 --> 00:49:42,080 Speaker 1: The Complacent Class, The Self Defeating Quest for the American Dream, 830 00:49:42,120 --> 00:49:46,160 Speaker 1: and his column, which grabbed my attention, is headlined vaccine 831 00:49:46,160 --> 00:49:48,640 Speaker 1: distribution won't be fair and shouldn't be I want to 832 00:49:48,640 --> 00:49:51,360 Speaker 1: ask you about your your column, Tyler, but first I 833 00:49:51,440 --> 00:49:53,480 Speaker 1: want to get you to weigh in on what we 834 00:49:53,600 --> 00:49:58,080 Speaker 1: heard regarding the Astra Zeneca vaccine. It seems the Astra 835 00:49:58,200 --> 00:50:02,120 Speaker 1: Zeneca vaccine is say it is easier to apply in 836 00:50:02,160 --> 00:50:05,400 Speaker 1: many parts of the world. I think this is fantastic news. 837 00:50:06,040 --> 00:50:09,239 Speaker 1: It should be distributed as quickly as possible. But for 838 00:50:09,280 --> 00:50:13,759 Speaker 1: most Americans, actually, our own vaccines are probably better to take. 839 00:50:14,400 --> 00:50:17,720 Speaker 1: So I mean in this regards just as a whole, 840 00:50:18,280 --> 00:50:21,840 Speaker 1: now that the markets are literally whip selling off of 841 00:50:21,960 --> 00:50:26,440 Speaker 1: any any development from thiser from Astra Zeneca what I'm 842 00:50:26,480 --> 00:50:28,520 Speaker 1: hearing from you, and I don't want to put words 843 00:50:28,520 --> 00:50:31,080 Speaker 1: in your mouth, so let me ask the question. Essentially, 844 00:50:31,120 --> 00:50:33,640 Speaker 1: people should take a deep breath and follow the science, 845 00:50:33,760 --> 00:50:36,520 Speaker 1: look at the results of the sample size, and and 846 00:50:36,600 --> 00:50:39,560 Speaker 1: continue to follow the broader trend that these vaccines are 847 00:50:40,360 --> 00:50:43,040 Speaker 1: getting approved over the next couple of weeks and will 848 00:50:43,040 --> 00:50:47,160 Speaker 1: be in in the marketplace within the first six to 849 00:50:47,239 --> 00:50:50,799 Speaker 1: nine months of next calendar year, maybe sooner than that. 850 00:50:50,840 --> 00:50:53,399 Speaker 1: We have much much at better results and choices than 851 00:50:53,440 --> 00:50:56,719 Speaker 1: we thought we would. I am worried about distribution at 852 00:50:56,719 --> 00:50:58,960 Speaker 1: the state and local level and the money and the 853 00:50:59,040 --> 00:51:01,360 Speaker 1: logistics and the lanning, and I'm afraid we're going to 854 00:51:01,440 --> 00:51:04,080 Speaker 1: mess that up. And the cost in terms of lives 855 00:51:04,120 --> 00:51:07,240 Speaker 1: and lost jobs and GDP it still could be quite high. 856 00:51:07,280 --> 00:51:10,399 Speaker 1: So we need to monitor that closely. Okay, now let's 857 00:51:10,440 --> 00:51:13,120 Speaker 1: talk about your column, because you write the priority should 858 00:51:13,160 --> 00:51:15,440 Speaker 1: be given some methods that will save more lives and 859 00:51:15,520 --> 00:51:18,799 Speaker 1: bring back the economy more rapidly. Okay, who should get 860 00:51:18,800 --> 00:51:23,520 Speaker 1: the vaccine first? Tyler Cohen? Well, healthcare workers? Right? Are youably? 861 00:51:23,640 --> 00:51:27,399 Speaker 1: Individuals in the military? Key, people in government? But here's 862 00:51:27,400 --> 00:51:30,839 Speaker 1: the basic conflict. Often you can save more lives by 863 00:51:30,880 --> 00:51:34,200 Speaker 1: giving the vaccine to the less responsible people in the 864 00:51:34,320 --> 00:51:37,840 Speaker 1: less responsible areas, but that's not really fair. The fair 865 00:51:37,880 --> 00:51:40,040 Speaker 1: thing to do would be to give the vaccine to 866 00:51:40,080 --> 00:51:43,280 Speaker 1: the people who have been behaving well and wearing masks 867 00:51:43,320 --> 00:51:46,000 Speaker 1: and not going to large indoor gatherings. So there's a 868 00:51:46,080 --> 00:51:49,680 Speaker 1: basic conflict here. I for one, would rather save the lives. 869 00:51:49,760 --> 00:51:52,960 Speaker 1: But I'm pointing out the conflict. Okay, So this conflict 870 00:51:53,040 --> 00:51:56,719 Speaker 1: is fascinating because you're right, there is an uncomfortable truth here. 871 00:51:57,160 --> 00:52:00,320 Speaker 1: Most of the best distribution methods are blatantly on fair 872 00:52:00,600 --> 00:52:04,640 Speaker 1: and this context, however, fairness is overrated. Priorities should be 873 00:52:04,680 --> 00:52:06,879 Speaker 1: given some methods that will save more lives and bring 874 00:52:06,920 --> 00:52:11,000 Speaker 1: back the economy more rapidly. Okay, so be a little bit. 875 00:52:11,040 --> 00:52:13,520 Speaker 1: I mean, I mean, you go into this, but you know, 876 00:52:13,880 --> 00:52:17,520 Speaker 1: in terms of after we after healthcare workers get it, 877 00:52:17,600 --> 00:52:19,880 Speaker 1: who would you like to see gets it? I mean, 878 00:52:19,920 --> 00:52:22,759 Speaker 1: should who you know go there for us? Who who 879 00:52:22,800 --> 00:52:25,799 Speaker 1: should get it? After the healthcare and military personnel have 880 00:52:25,800 --> 00:52:28,520 Speaker 1: received it and the front line workers. I think we 881 00:52:28,600 --> 00:52:31,200 Speaker 1: have had some particular cities in this country that have 882 00:52:31,280 --> 00:52:34,520 Speaker 1: been hit especially hard by the vaccine. New York City 883 00:52:34,560 --> 00:52:37,840 Speaker 1: would be one example. It is more dependent on say 884 00:52:37,880 --> 00:52:42,000 Speaker 1: the theater and museums reopening in an orderly safe manner, 885 00:52:42,719 --> 00:52:46,359 Speaker 1: whereas a place such as you know, Chattanooga doesn't rely 886 00:52:46,680 --> 00:52:49,880 Speaker 1: on those services in the same way. And to actually 887 00:52:49,880 --> 00:52:52,359 Speaker 1: clean up the problem first in some areas and get 888 00:52:52,400 --> 00:52:55,640 Speaker 1: their economies truly up and running, the south text revenue 889 00:52:55,640 --> 00:52:59,680 Speaker 1: being generated, the deficits wiped out. That to me is 890 00:52:59,719 --> 00:53:02,560 Speaker 1: a high priority than giving everyone a small bit of 891 00:53:02,640 --> 00:53:05,040 Speaker 1: dose everywhere in the country, which is what we're going 892 00:53:05,120 --> 00:53:07,040 Speaker 1: to do. But we'll have, you know, kind of a 893 00:53:07,080 --> 00:53:10,040 Speaker 1: tiny impact at first in many places when we should 894 00:53:10,080 --> 00:53:12,440 Speaker 1: be cleaning up the biggest messes first. So it's it's 895 00:53:12,440 --> 00:53:16,479 Speaker 1: almost like you wouldn't distribute salt to Texas to clean 896 00:53:16,560 --> 00:53:18,960 Speaker 1: up to ice the roads for a blizzard. And so 897 00:53:19,960 --> 00:53:22,279 Speaker 1: maybe that analogy works. But what I'm hearing from you 898 00:53:22,320 --> 00:53:25,160 Speaker 1: as a geographic approach, So where there are a large 899 00:53:25,200 --> 00:53:29,640 Speaker 1: concentration of cases, maybe that that's where the vaccination distribution 900 00:53:29,680 --> 00:53:31,839 Speaker 1: model should go, as opposed to just going to parts 901 00:53:31,880 --> 00:53:35,000 Speaker 1: of the country where there aren't as many cases. The 902 00:53:35,000 --> 00:53:38,480 Speaker 1: problem is right now, there's an upticking cases everywhere. Go ahead, sure, 903 00:53:38,760 --> 00:53:40,399 Speaker 1: but you know, it may be more important to get 904 00:53:40,400 --> 00:53:42,759 Speaker 1: it to Nebraska, where right now the case load is 905 00:53:42,880 --> 00:53:46,120 Speaker 1: rising rapidly, than say to Vermont, where people have actually 906 00:53:46,280 --> 00:53:48,720 Speaker 1: done what they were told to do. That's not fair, 907 00:53:49,080 --> 00:53:52,279 Speaker 1: but again I would rather save more lives. And so, 908 00:53:52,600 --> 00:53:56,759 Speaker 1: as you know it is this you you write your 909 00:53:56,920 --> 00:54:00,560 Speaker 1: final line, which I think is very kind, traversial. I'm 910 00:54:00,560 --> 00:54:03,360 Speaker 1: gonna be honest, Tyler Cohen. You're right, I humbly suggest 911 00:54:03,440 --> 00:54:07,040 Speaker 1: a lottery where you have to live in Fairfax County, Virginia. 912 00:54:07,080 --> 00:54:10,040 Speaker 1: If you're thinking, hey, that's not fair, well that's exactly 913 00:54:10,120 --> 00:54:12,480 Speaker 1: the point. What do you mean by that? I'm sitting 914 00:54:12,560 --> 00:54:15,759 Speaker 1: in Fairfax County right now. That's exactly what I mean. 915 00:54:16,000 --> 00:54:19,359 Speaker 1: I was joking right that. But the point is when 916 00:54:19,400 --> 00:54:21,279 Speaker 1: you ask who should get it first, there's not going 917 00:54:21,320 --> 00:54:24,120 Speaker 1: to be an objectively right answer, But you do have 918 00:54:24,160 --> 00:54:26,080 Speaker 1: to ask the question, are we going to pretend we're 919 00:54:26,120 --> 00:54:28,560 Speaker 1: fair and give a bit to everyone and be ineffective, 920 00:54:28,920 --> 00:54:30,239 Speaker 1: or are we going to go ahead and make the 921 00:54:30,280 --> 00:54:33,240 Speaker 1: tough choices. I'm saying go ahead and make the tough choices. 922 00:54:33,280 --> 00:54:36,200 Speaker 1: It's going to favor someone over someone else, but better 923 00:54:36,480 --> 00:54:40,160 Speaker 1: that than being less effective. Tyler Cohen My fourth grade teacher, 924 00:54:40,239 --> 00:54:45,920 Speaker 1: Betsy Martin Mrs Martin now retired, always had this this expression. 925 00:54:46,000 --> 00:54:49,359 Speaker 1: It was on her wall of Wallingford Elementary School, Little keV. 926 00:54:49,800 --> 00:54:54,359 Speaker 1: It said, fair is not always equal. Fair is not 927 00:54:54,520 --> 00:54:58,239 Speaker 1: always equal. It's remarkable it's stayed with me all these years. Okay, 928 00:54:58,239 --> 00:54:59,840 Speaker 1: I gotta ask you about another column of yours that 929 00:54:59,880 --> 00:55:05,200 Speaker 1: I absolutely give her the vaccine first. But yeah, please continue. Uh, 930 00:55:05,239 --> 00:55:08,279 Speaker 1: this is Martin. If you're listening, I gotta ask you 931 00:55:08,280 --> 00:55:11,800 Speaker 1: about this. COVID nineteen is increasing America's lead over China. 932 00:55:12,200 --> 00:55:14,879 Speaker 1: You're an optimist. Why why do you feel that way? 933 00:55:15,400 --> 00:55:19,520 Speaker 1: Our vaccines are better than theirs. We did them remarkably quickly. 934 00:55:19,880 --> 00:55:22,800 Speaker 1: People had been saying, oh, China does everything so quickly 935 00:55:23,239 --> 00:55:25,359 Speaker 1: and we're so slow. You know, we used to put 936 00:55:25,360 --> 00:55:27,120 Speaker 1: a man on the moon in seven years. We can't 937 00:55:27,120 --> 00:55:29,160 Speaker 1: do that anymore. We showed we can do it again. 938 00:55:29,640 --> 00:55:33,080 Speaker 1: We showed where higher tech, We showed in computational biology 939 00:55:33,160 --> 00:55:36,640 Speaker 1: are an a analysis many areas we are ahead of them. 940 00:55:36,719 --> 00:55:39,320 Speaker 1: We've lost more lives. That's terrible. It's a great tragedy. 941 00:55:39,360 --> 00:55:41,879 Speaker 1: I don't mean to minimize that, but if you're thinking 942 00:55:41,960 --> 00:55:45,120 Speaker 1: about geo political power, the US comes out of this 943 00:55:45,320 --> 00:55:49,120 Speaker 1: looking pretty good. Tyler Cohen, thank you so much, sir, 944 00:55:49,280 --> 00:55:50,960 Speaker 1: for I know we moved your segment around here, so 945 00:55:51,000 --> 00:55:53,759 Speaker 1: thank you so much for your time and for come 946 00:55:53,800 --> 00:55:56,239 Speaker 1: back anytime. I really enjoy reading your column. Spare is 947 00:55:56,280 --> 00:55:57,759 Speaker 1: not always equal. So I went to my dad and 948 00:55:57,760 --> 00:55:59,600 Speaker 1: I said, what does she mean. She says that the 949 00:55:59,640 --> 00:56:03,839 Speaker 1: red word for hard work is more hard work. I'm 950 00:56:03,920 --> 00:56:06,600 Speaker 1: Kevin Serelli and the chief Washington correspondent for Bloomberg TV 951 00:56:06,680 --> 00:56:27,360 Speaker 1: and radio. You're listening to Bloomberg m