1 00:00:00,120 --> 00:00:02,840 Speaker 1: We shouldn't as Democrats be a power in the Republicans. 2 00:00:02,960 --> 00:00:05,680 Speaker 1: President Trump was sent here to smash conventional nords. I 3 00:00:05,720 --> 00:00:08,400 Speaker 1: would rather see a congressional solution. It's part of my DNA. 4 00:00:08,840 --> 00:00:19,080 Speaker 1: This is Bloomberg Sound On on Bloomberg two. I'm Kevin Thrilly, 5 00:00:19,200 --> 00:00:22,960 Speaker 1: Chief Washington correspondent for FROMTVERG Television and Bloomberg Radio, broadcasting 6 00:00:23,000 --> 00:00:27,440 Speaker 1: remotely today as we continue to grapple with the health response, 7 00:00:27,520 --> 00:00:32,800 Speaker 1: the economic fallout from the coronavirus pandemic, and the latest 8 00:00:33,040 --> 00:00:38,080 Speaker 1: on the race. We're waiting for Francesca Chambers to join 9 00:00:38,200 --> 00:00:41,120 Speaker 1: us on the line. She is a White House correspondent 10 00:00:41,880 --> 00:00:46,040 Speaker 1: for McClatchy News. And when we get Francesca on the line, 11 00:00:46,360 --> 00:00:48,960 Speaker 1: we will bring you so much news today, so much 12 00:00:49,000 --> 00:00:51,680 Speaker 1: news today, and we'll start with what happened in the Senate. 13 00:00:52,159 --> 00:00:56,120 Speaker 1: The Senate passed the virus relief bill and even now 14 00:00:56,160 --> 00:01:01,560 Speaker 1: has plans for an even bigger, bigger Simulus. And so 15 00:01:02,000 --> 00:01:04,800 Speaker 1: the Senate, and I'm reading from Stephen Dennis, Laura Litton, 16 00:01:04,840 --> 00:01:07,200 Speaker 1: and Billy Houses reporting on the Bloomberg terminal, the big 17 00:01:07,240 --> 00:01:10,559 Speaker 1: the big lead. The Senate cleared the second major bill, 18 00:01:10,720 --> 00:01:15,040 Speaker 1: responding to the coronavirus pandemic, with lawmakers rushing to follow 19 00:01:15,120 --> 00:01:18,680 Speaker 1: up with an additional economic rescue package that President Donald 20 00:01:18,720 --> 00:01:24,600 Speaker 1: Trump administration estimates will cost one point three trillion dollars. 21 00:01:24,600 --> 00:01:28,680 Speaker 1: So what essentially this does is to provide free testing 22 00:01:29,000 --> 00:01:31,800 Speaker 1: for all individuals who seek a test as it relates 23 00:01:31,840 --> 00:01:36,080 Speaker 1: to the coronavirus. It would also allow for their to 24 00:01:36,280 --> 00:01:39,640 Speaker 1: be uh two weeks of paid sick leave. But that's 25 00:01:39,760 --> 00:01:44,520 Speaker 1: not the only thing. That's not the only economic stimulus. 26 00:01:44,560 --> 00:01:47,720 Speaker 1: And I can't underscore this enough. That is not the 27 00:01:47,800 --> 00:01:52,080 Speaker 1: only economic stimulus that the administration is planning on. They're 28 00:01:52,080 --> 00:01:55,680 Speaker 1: also planning on a one point three trillion dollar plan 29 00:01:56,080 --> 00:02:00,480 Speaker 1: which includes five hundred billion dollar payments direct payments to Americans. 30 00:02:00,520 --> 00:02:03,280 Speaker 1: I'm told by my executive producer, Christine Barato that we 31 00:02:03,320 --> 00:02:05,800 Speaker 1: have Francesca Chambers now on the line. Francesca, I know 32 00:02:05,840 --> 00:02:08,919 Speaker 1: you've been working tirelessly reporting on this story. Is the 33 00:02:08,919 --> 00:02:12,320 Speaker 1: White House correspondent for McClatchy. What can you tell us 34 00:02:12,320 --> 00:02:18,040 Speaker 1: about what exactly the economic stimulus would do for everyday Americans? Well, 35 00:02:18,040 --> 00:02:20,959 Speaker 1: that's what we're actually still trying to get details on Kevin. 36 00:02:21,360 --> 00:02:24,239 Speaker 1: They haven't exactly said what it would would it would do. 37 00:02:24,600 --> 00:02:28,200 Speaker 1: But one interesting thing is these thousand dollars and how 38 00:02:28,240 --> 00:02:30,239 Speaker 1: Americans would be able to use it. I was talking 39 00:02:30,280 --> 00:02:33,200 Speaker 1: to Larry Couplow, and he said that they would be 40 00:02:33,200 --> 00:02:35,799 Speaker 1: able to use it on groceries and that they would 41 00:02:35,800 --> 00:02:37,240 Speaker 1: also be able to use it on things like their 42 00:02:37,280 --> 00:02:40,720 Speaker 1: mortgage while they're not getting paid. It's not necessarily for 43 00:02:40,720 --> 00:02:43,040 Speaker 1: people to go out and use to say, go out 44 00:02:43,040 --> 00:02:45,520 Speaker 1: to eat, which is definitely something that they don't want 45 00:02:45,560 --> 00:02:49,400 Speaker 1: people to do. But during the briefing today, President Trump 46 00:02:49,440 --> 00:02:52,760 Speaker 1: wouldn't really get into the details of how many times 47 00:02:52,800 --> 00:02:55,200 Speaker 1: they plan to give Americans money, how much, at what time. 48 00:02:55,440 --> 00:02:58,040 Speaker 1: There's a Treasury proposal today that suggested they would do 49 00:02:58,080 --> 00:03:01,919 Speaker 1: it in two ways. So, I mean, when are folks 50 00:03:02,000 --> 00:03:04,480 Speaker 1: going to get the money? April eighth or April six 51 00:03:04,560 --> 00:03:06,480 Speaker 1: and May eighteenth or what are you hearing in terms 52 00:03:06,480 --> 00:03:10,120 Speaker 1: of the timing people need this cash now? Yeah, And 53 00:03:10,160 --> 00:03:12,760 Speaker 1: that is what Treasury proposal said. It wouldn't be in 54 00:03:12,800 --> 00:03:15,600 Speaker 1: the month of March. It would be later on. And 55 00:03:15,639 --> 00:03:18,600 Speaker 1: again that's just a proposal from the Treasury Department that 56 00:03:18,800 --> 00:03:21,800 Speaker 1: is not necessarily what is going to happen once they 57 00:03:21,840 --> 00:03:24,560 Speaker 1: get with Congress, so it could be moved up, but 58 00:03:24,800 --> 00:03:29,119 Speaker 1: you're absolutely right, it wouldn't be in March. So as 59 00:03:29,160 --> 00:03:31,799 Speaker 1: you play this forward in terms of how whether or 60 00:03:31,840 --> 00:03:34,720 Speaker 1: not there's bipartisanship and on to the capital in the 61 00:03:34,760 --> 00:03:38,400 Speaker 1: in the capital, the vote in the Senate was so 62 00:03:38,480 --> 00:03:43,920 Speaker 1: there were eight nos. And you know, you look at that, Uh, 63 00:03:43,960 --> 00:03:47,080 Speaker 1: it's it's quite remarkable that that people would would vote 64 00:03:47,080 --> 00:03:52,080 Speaker 1: against it. I mean, but for the most part there's bipartisanship, um, 65 00:03:52,240 --> 00:03:56,480 Speaker 1: is there not In terms of trying to get stimulus through, well, 66 00:03:56,480 --> 00:04:00,400 Speaker 1: there are certain senators who are who's firned about the 67 00:04:00,480 --> 00:04:04,040 Speaker 1: idea that this could turn into a big bailout for businesses, 68 00:04:04,480 --> 00:04:07,120 Speaker 1: and so they are opposed to that. And as all 69 00:04:07,160 --> 00:04:09,440 Speaker 1: these things take place, you have to remember they're all 70 00:04:09,480 --> 00:04:12,640 Speaker 1: being rolled into big packages as the President has set. 71 00:04:12,920 --> 00:04:15,840 Speaker 1: So perhaps you're in favor of something like giving American 72 00:04:15,880 --> 00:04:19,000 Speaker 1: workers a direct check, but you might not be in 73 00:04:19,080 --> 00:04:22,040 Speaker 1: favor of something else that could be a part of that, 74 00:04:22,400 --> 00:04:26,119 Speaker 1: like giving the airline industry a proposed fifty billion and loans. 75 00:04:27,520 --> 00:04:29,400 Speaker 1: So look, I mean, I think I think there's so 76 00:04:29,400 --> 00:04:31,800 Speaker 1: many people Francesca, and your reporting has just been so 77 00:04:31,839 --> 00:04:34,640 Speaker 1: incredibly on top of all of this is so many 78 00:04:34,640 --> 00:04:37,080 Speaker 1: people are trying to figure out what exactly this means. 79 00:04:37,880 --> 00:04:40,240 Speaker 1: I think everyone's kind of scratching their heads, I mean, 80 00:04:40,720 --> 00:04:42,920 Speaker 1: and one of the things that I think has come 81 00:04:43,000 --> 00:04:46,280 Speaker 1: up is that issue of a bailout in particular, and 82 00:04:46,320 --> 00:04:49,599 Speaker 1: so people like Senator Elizabeth Warren, they've been urging that 83 00:04:49,640 --> 00:04:52,520 Speaker 1: there'll be some type of fallout from this, that if, if, 84 00:04:52,720 --> 00:04:55,000 Speaker 1: if companies are going to get a bail out, that 85 00:04:55,080 --> 00:04:58,080 Speaker 1: they have to get some other funds. But it seems 86 00:04:58,080 --> 00:05:00,480 Speaker 1: that as of now everyone is just for kissed on 87 00:05:00,680 --> 00:05:03,839 Speaker 1: flattening the curve. What has the administration been saying about 88 00:05:03,880 --> 00:05:06,480 Speaker 1: the the the whether or not they're making any progress 89 00:05:06,480 --> 00:05:09,880 Speaker 1: on that front. Well, as far as the bailout goes, 90 00:05:09,920 --> 00:05:12,360 Speaker 1: they're refusing to say that it's a bailout there, saying 91 00:05:12,360 --> 00:05:15,080 Speaker 1: again that these are loans, which is money that these 92 00:05:15,080 --> 00:05:17,720 Speaker 1: companies would have to pay back. They believe that as 93 00:05:17,760 --> 00:05:19,800 Speaker 1: soon as the curve, as you said, it's flattened, people 94 00:05:19,839 --> 00:05:22,400 Speaker 1: will go back to traveling, staying in hotels and whatnot, 95 00:05:22,560 --> 00:05:24,960 Speaker 1: and so that these revenues will go back up the 96 00:05:25,000 --> 00:05:28,160 Speaker 1: curve itself. You heard that Roberts say today that once 97 00:05:28,200 --> 00:05:30,839 Speaker 1: there are more tests, you're going to see a spike 98 00:05:31,360 --> 00:05:34,760 Speaker 1: because people just hadn't been getting tested before. That doesn't 99 00:05:34,800 --> 00:05:36,800 Speaker 1: mean the number of cases spike. It just means we 100 00:05:36,880 --> 00:05:39,839 Speaker 1: just now know about those cases. So she warned people 101 00:05:39,880 --> 00:05:42,280 Speaker 1: that for five or six days, just because you see 102 00:05:42,320 --> 00:05:44,720 Speaker 1: a spike in the curve, it doesn't mean that there's 103 00:05:44,760 --> 00:05:47,560 Speaker 1: some sort of tipping point that's happening. They just need 104 00:05:47,640 --> 00:05:51,400 Speaker 1: to get those numbers under control. So that bears repeating. 105 00:05:51,520 --> 00:05:53,880 Speaker 1: And and folks, if you're listening, what Francesca said is 106 00:05:53,960 --> 00:05:57,120 Speaker 1: so incredibly important because there's a testing site that just 107 00:05:57,320 --> 00:06:01,200 Speaker 1: opened uh in Arlington, Virginia. I through testing site right 108 00:06:01,200 --> 00:06:03,240 Speaker 1: in our area, and there's other testing sites going up, 109 00:06:03,440 --> 00:06:05,680 Speaker 1: and I would encourage everyone to visit CDC dot com 110 00:06:05,760 --> 00:06:11,360 Speaker 1: to find out where precisely they can get of cases increase. 111 00:06:11,560 --> 00:06:14,599 Speaker 1: It's because the sites have opened, right, Is that what 112 00:06:14,640 --> 00:06:19,480 Speaker 1: you're saying? That's what the administration is saying today. Debora Berkes, 113 00:06:19,560 --> 00:06:23,320 Speaker 1: the coordinator for the coronavirus at the White House, is 114 00:06:23,360 --> 00:06:25,760 Speaker 1: saying that yes, once they are more tests, it would 115 00:06:25,800 --> 00:06:28,680 Speaker 1: stand to reason that maybe people who had mild symptoms 116 00:06:28,720 --> 00:06:31,840 Speaker 1: and did not realize they had the coronavirus get tested, 117 00:06:32,400 --> 00:06:35,360 Speaker 1: then there will be more cases. But that doesn't necessarily 118 00:06:35,480 --> 00:06:38,520 Speaker 1: mean that that that that is getting worse in the 119 00:06:38,600 --> 00:06:42,440 Speaker 1: United States, so to speak, in terms of sorry Rabbis 120 00:06:42,480 --> 00:06:45,279 Speaker 1: audio issues. We're all dealing with this in real time. Uh. 121 00:06:45,320 --> 00:06:47,360 Speaker 1: In terms of what we just started from Francesca is 122 00:06:48,000 --> 00:06:51,080 Speaker 1: falling of the curve will take place only after more 123 00:06:51,120 --> 00:06:54,320 Speaker 1: people get tested, and so as these test sites open 124 00:06:54,440 --> 00:06:57,640 Speaker 1: up then that is so important. So I just want 125 00:06:57,680 --> 00:06:59,479 Speaker 1: to thank everyone for bearing with this as we again 126 00:07:00,000 --> 00:07:04,560 Speaker 1: oh with working remotely and uh, I'm Kevin Cirelli, chief 127 00:07:04,560 --> 00:07:07,880 Speaker 1: Washington correspondent for Bloomberg TV and Radio. And coming up, 128 00:07:07,880 --> 00:07:10,120 Speaker 1: we're gonna have a much more on the economic impacts 129 00:07:10,120 --> 00:07:14,239 Speaker 1: of this, and we're gonna check in with Stephen Kyle, 130 00:07:14,280 --> 00:07:16,960 Speaker 1: he's a professor of applied economics at Cornell University, and 131 00:07:17,040 --> 00:07:20,880 Speaker 1: Chad Campbell, who's a Democratic traategist. Much more on Bloomberg. 132 00:07:46,520 --> 00:07:51,040 Speaker 1: This is Bloomberg's Sound On with Kevin Sirel on Bloomberg 133 00:07:52,200 --> 00:07:54,600 Speaker 1: and one on five point seven m h D two. 134 00:07:56,080 --> 00:07:59,560 Speaker 1: I'm Kevin Cirelli, chief Washington correspondent for Bloomberg Television and 135 00:07:59,600 --> 00:08:02,120 Speaker 1: bloom Or Radio. Joining me on the telephone now is 136 00:08:02,120 --> 00:08:05,320 Speaker 1: Stephen Kyle. He's a professor of Applied economics and finance 137 00:08:05,360 --> 00:08:09,080 Speaker 1: at Cornell University's diyce In School of Business. Uh, Stephen, 138 00:08:09,200 --> 00:08:11,360 Speaker 1: thank you so much for being here, and just to 139 00:08:11,400 --> 00:08:13,560 Speaker 1: bring folks up to speed on some other headlines because 140 00:08:13,560 --> 00:08:16,240 Speaker 1: the news is moving so fast. Larry Cudlow said that 141 00:08:16,360 --> 00:08:20,320 Speaker 1: General Motors has offered to make ventilators for the outbreak. Again, 142 00:08:20,400 --> 00:08:24,520 Speaker 1: Larry Cudlow has said that they have said that that 143 00:08:24,600 --> 00:08:28,480 Speaker 1: Mary Barra, the CEO of General Motors, has offered to 144 00:08:28,560 --> 00:08:31,880 Speaker 1: make hospital ventilators and auto factories that have been shuttered 145 00:08:31,960 --> 00:08:36,520 Speaker 1: due to the coronavirus outbreak. Um. In terms of the 146 00:08:36,559 --> 00:08:40,400 Speaker 1: market reaction, the stock markets fell with crude on economy 147 00:08:40,480 --> 00:08:44,280 Speaker 1: worries the financial market spasm, sending US stocks down more 148 00:08:44,320 --> 00:08:47,360 Speaker 1: than five percent and Bloomberg Dollar Index up to a 149 00:08:47,480 --> 00:08:50,840 Speaker 1: record as the economic fallout from the pandemic outpaced the 150 00:08:50,920 --> 00:08:54,640 Speaker 1: massive response from governments in central banks. Stephen, break us down. 151 00:08:54,679 --> 00:08:57,360 Speaker 1: What did you notice today in the markets? Well, the 152 00:08:57,400 --> 00:09:00,000 Speaker 1: honest thing I thought was that both bonds and stocks 153 00:09:00,040 --> 00:09:03,960 Speaker 1: went down. People were looking for cash big time, and uh, 154 00:09:04,120 --> 00:09:07,000 Speaker 1: we're even selling rods, which is not what you usually 155 00:09:07,040 --> 00:09:11,200 Speaker 1: expect to see. Happen. As a former bond trader, I 156 00:09:11,200 --> 00:09:15,280 Speaker 1: I actually, for one, profited hugely on the Black Friday 157 00:09:15,679 --> 00:09:19,920 Speaker 1: many years ago. But but I think that is something 158 00:09:19,960 --> 00:09:22,240 Speaker 1: that will with Earth can deal with. If the problem 159 00:09:22,360 --> 00:09:25,079 Speaker 1: is that people want cash, the Fed can do that. 160 00:09:25,480 --> 00:09:28,199 Speaker 1: So I think that is something they can deal with, 161 00:09:28,720 --> 00:09:33,240 Speaker 1: um in relatively short order. In terms of what's going on, 162 00:09:33,360 --> 00:09:37,760 Speaker 1: I mean, is the economic stimulus that lawmakers in Washington 163 00:09:37,920 --> 00:09:40,920 Speaker 1: are considering and that are that they're doing and in 164 00:09:41,000 --> 00:09:45,439 Speaker 1: checting liquidity into Americans lives? Is that enough? Uh? It 165 00:09:45,600 --> 00:09:48,320 Speaker 1: may will not be enough, but I think at the moment, 166 00:09:48,840 --> 00:09:51,920 Speaker 1: speed is of the essence. Uh. And there are really 167 00:09:51,920 --> 00:09:54,720 Speaker 1: two aspects to this. One is the humanitarian and the 168 00:09:54,760 --> 00:09:57,920 Speaker 1: other is what makes a good stimulus. I know, most 169 00:09:57,920 --> 00:10:00,680 Speaker 1: banged for the buck on the humanitari are inside. The 170 00:10:00,679 --> 00:10:04,040 Speaker 1: people who are intro are those who live paycheck to paycheck, 171 00:10:04,160 --> 00:10:06,200 Speaker 1: or who get paid hourly and are being told to 172 00:10:06,240 --> 00:10:09,520 Speaker 1: go home and and and not go out in socially distance, 173 00:10:09,840 --> 00:10:12,839 Speaker 1: or who have been laid off. Those people still need 174 00:10:12,880 --> 00:10:15,320 Speaker 1: to feed themselves and their families. They still need to 175 00:10:15,320 --> 00:10:17,719 Speaker 1: make liment and they're not getting a paycheck at all. 176 00:10:18,120 --> 00:10:25,680 Speaker 1: So giving them a quick uh guilt of help is 177 00:10:25,720 --> 00:10:28,760 Speaker 1: a very good idea, and it also is a very 178 00:10:28,840 --> 00:10:32,360 Speaker 1: good stimulus because we know that all of those people 179 00:10:32,400 --> 00:10:34,360 Speaker 1: will run right out and spend that money in the 180 00:10:34,400 --> 00:10:37,120 Speaker 1: local economy as fast as they get it, because they 181 00:10:37,160 --> 00:10:41,280 Speaker 1: live paycheck to paycheck. Longer term, we may be looking 182 00:10:41,320 --> 00:10:44,559 Speaker 1: at other aspects of it, but for the moment um, 183 00:10:44,800 --> 00:10:48,280 Speaker 1: that is the most important thing. Let's remember overall, we 184 00:10:48,360 --> 00:10:53,280 Speaker 1: know that this coronavirus, the underlying problem, will eventually and 185 00:10:53,679 --> 00:10:56,440 Speaker 1: we will at some point get a vaccine. We will 186 00:10:56,480 --> 00:10:59,480 Speaker 1: at some point be through this, and the and the 187 00:10:59,520 --> 00:11:02,920 Speaker 1: problem is to help people in the interim and to 188 00:11:03,000 --> 00:11:06,000 Speaker 1: make sure that businesses we are going to want when 189 00:11:06,000 --> 00:11:09,560 Speaker 1: this is over don't go down the tubes. You know, 190 00:11:09,679 --> 00:11:13,560 Speaker 1: it really is harrowing so much of the developments of this, 191 00:11:13,679 --> 00:11:16,640 Speaker 1: and I'm wondering if if you saw or notice anything 192 00:11:16,640 --> 00:11:19,160 Speaker 1: within the past twenty four hours that gave you and 193 00:11:19,160 --> 00:11:21,800 Speaker 1: if you could if you could share it with us. Well, 194 00:11:21,920 --> 00:11:25,040 Speaker 1: one thing that made me optimistic was Mitch McConnell coming 195 00:11:25,040 --> 00:11:28,320 Speaker 1: around and deciding that these things need to happen right away, 196 00:11:28,320 --> 00:11:32,160 Speaker 1: and he's absolutely correct about that. I think the markets 197 00:11:32,240 --> 00:11:37,400 Speaker 1: want to see some uh certainty or at least some 198 00:11:37,640 --> 00:11:40,679 Speaker 1: outlines of what the government is going to do. Um 199 00:11:40,760 --> 00:11:43,760 Speaker 1: and the outlines of the overall crisis will become clearer 200 00:11:43,840 --> 00:11:47,360 Speaker 1: once there's been more testing. But I think the quicker 201 00:11:47,480 --> 00:11:52,079 Speaker 1: the the legislature can provide some degree of certainly of 202 00:11:52,120 --> 00:11:55,120 Speaker 1: the markets, the better off there will be. You know, 203 00:11:55,200 --> 00:11:57,559 Speaker 1: I think that's really interesting. I mean, you mentioned McConnell, 204 00:11:57,600 --> 00:12:00,120 Speaker 1: but based upon the conversations that I'm having, in the 205 00:12:00,120 --> 00:12:03,920 Speaker 1: conversations that I'm talking with with Treasury Secretary Manution as 206 00:12:03,920 --> 00:12:06,440 Speaker 1: well as Speaker of the House Nancy Pelosi, they really 207 00:12:06,480 --> 00:12:09,360 Speaker 1: are working round the clock to try to make sure 208 00:12:09,400 --> 00:12:12,319 Speaker 1: that folks can get the cash that they need. And 209 00:12:12,320 --> 00:12:14,240 Speaker 1: and I'm wondering, I mean, have you noticed more by 210 00:12:14,280 --> 00:12:17,800 Speaker 1: partisanship on this front. Well, no, I think you're absolutely 211 00:12:17,880 --> 00:12:20,040 Speaker 1: right about that. But there are some members of Mr 212 00:12:20,120 --> 00:12:24,520 Speaker 1: McConnell's caucus that are causing problems, and he is seemingly 213 00:12:24,640 --> 00:12:27,079 Speaker 1: cracking the whip on him today and saying we've got 214 00:12:27,080 --> 00:12:28,920 Speaker 1: to do this, and you may not like it, but 215 00:12:29,040 --> 00:12:30,960 Speaker 1: it has to happen, and I'm happy to be seen. 216 00:12:31,880 --> 00:12:34,600 Speaker 1: I mean, it is just so remarkable to me that 217 00:12:34,679 --> 00:12:38,560 Speaker 1: with all of the news and all of the developments 218 00:12:38,640 --> 00:12:43,000 Speaker 1: around the world and every citizen in every country being 219 00:12:43,040 --> 00:12:47,720 Speaker 1: impacted by this, that there are still some people, some 220 00:12:47,880 --> 00:12:50,920 Speaker 1: people who want to play politics. I mean, if that's 221 00:12:50,960 --> 00:12:53,440 Speaker 1: not infuriating, I don't know what it is. You know 222 00:12:53,480 --> 00:12:57,440 Speaker 1: that that really is aggravating. And good on McConnell. Yes, 223 00:12:57,760 --> 00:13:01,959 Speaker 1: and and and good on the administration for taking the 224 00:13:02,080 --> 00:13:05,600 Speaker 1: lead on sending people immediate helpe. That is not the 225 00:13:05,679 --> 00:13:08,920 Speaker 1: kind of policy that comes naturally to the Republican Party. 226 00:13:09,120 --> 00:13:11,880 Speaker 1: I mean they their natural reaction would be to cut 227 00:13:11,920 --> 00:13:15,840 Speaker 1: tacks right, which which given't necessarily a bad thing, but 228 00:13:15,920 --> 00:13:18,840 Speaker 1: it only provides help to people who still have jobs. 229 00:13:19,160 --> 00:13:22,040 Speaker 1: And it isn't immediate. Um, it doesn't. We're gonna have 230 00:13:22,080 --> 00:13:24,719 Speaker 1: to leave it. We're gonna have to leave it there. 231 00:13:24,720 --> 00:13:26,600 Speaker 1: Stephen Kyle, thanks so much for checking in with us. 232 00:13:26,600 --> 00:13:29,440 Speaker 1: Professor of A five Economics and Finance at Cornell University, 233 00:13:29,480 --> 00:13:31,800 Speaker 1: States In School of Business. I'm Kevin SERELLI more Next, 234 00:13:31,840 --> 00:13:45,000 Speaker 1: this is Bloomberg. This is Bloomberg's Sound On with Kevin 235 00:13:45,080 --> 00:13:49,480 Speaker 1: s on Bloomberg and one or five point seven m 236 00:13:49,600 --> 00:13:54,800 Speaker 1: h D two. I'm Kevin Sirelli, Chief Washington correspondent for 237 00:13:54,800 --> 00:14:00,280 Speaker 1: Bloomberg Television and Bloomberg Radio on another day of as 238 00:14:00,320 --> 00:14:04,719 Speaker 1: we all, as we all grapple with the coronavirus. I'm 239 00:14:04,760 --> 00:14:09,880 Speaker 1: I'm actually broadcasting remotely. Today. We've covered the political implications 240 00:14:09,920 --> 00:14:13,560 Speaker 1: of this as it relates to the Senate and Treasury 241 00:14:13,600 --> 00:14:17,360 Speaker 1: Department working to bring about some economic relief, some immediate 242 00:14:17,400 --> 00:14:20,720 Speaker 1: economic relief, and of course another volatile day on the markets. 243 00:14:21,400 --> 00:14:24,600 Speaker 1: There's now the political implications of a presidential election. Chad 244 00:14:24,640 --> 00:14:26,440 Speaker 1: Campbell's on the line. He was with me on Bloomberg 245 00:14:26,480 --> 00:14:29,360 Speaker 1: Television last night. He's the senior vice president of strategy 246 00:14:29,400 --> 00:14:32,440 Speaker 1: Stree sixty, which is a democratic strategy firm, and he's 247 00:14:32,480 --> 00:14:36,120 Speaker 1: the former minority leader in the Arizona State Legislator Chat. 248 00:14:36,160 --> 00:14:39,560 Speaker 1: Thanks so much for being here. There were conflicting reports 249 00:14:39,600 --> 00:14:43,640 Speaker 1: about Senator Bernie Sanders and whether or not he's continuing 250 00:14:43,720 --> 00:14:48,120 Speaker 1: his campaign today. What do we know? Well, I think 251 00:14:48,120 --> 00:14:50,840 Speaker 1: we're all kind of an await and see mode. We 252 00:14:50,920 --> 00:14:53,920 Speaker 1: saw many of us sat the comments from his campaign 253 00:14:54,520 --> 00:14:57,360 Speaker 1: chair last night and some of the comments this morning 254 00:14:57,360 --> 00:15:00,680 Speaker 1: about the process of assessing the camp pain and where 255 00:15:00,720 --> 00:15:04,920 Speaker 1: it stands. But you know, I don't know what pathway forward. 256 00:15:05,240 --> 00:15:08,360 Speaker 1: Mr Sanders has at this point, after last night victories 257 00:15:08,360 --> 00:15:11,280 Speaker 1: for Joe Biden, the map is pretty clear in terms 258 00:15:11,320 --> 00:15:13,920 Speaker 1: of the delicate So I think, you know, most of 259 00:15:14,000 --> 00:15:16,360 Speaker 1: us on the Democratics, I would like to see Senator 260 00:15:16,480 --> 00:15:18,840 Speaker 1: Sanders get out of the race and start to let 261 00:15:18,840 --> 00:15:22,640 Speaker 1: the party coalesce behind its eventual nominee. You know, I 262 00:15:22,760 --> 00:15:28,480 Speaker 1: just don't see really how anything would be able to 263 00:15:28,520 --> 00:15:31,720 Speaker 1: continue if you're if you're Sanders campaign, I just don't 264 00:15:31,760 --> 00:15:33,360 Speaker 1: see the path forward. I just don't see at a 265 00:15:33,440 --> 00:15:35,760 Speaker 1: time and in which there's a global crisis that this 266 00:15:35,800 --> 00:15:37,760 Speaker 1: would be able to continue. I mean, what is the 267 00:15:37,800 --> 00:15:40,800 Speaker 1: case that he's making to stay in the race. So 268 00:15:40,880 --> 00:15:42,840 Speaker 1: the only case that that I'm hearing, and I think 269 00:15:42,880 --> 00:15:44,480 Speaker 1: many of us are hearing, is that some of his 270 00:15:44,560 --> 00:15:47,320 Speaker 1: supporters want him to remain in the race to continue 271 00:15:47,320 --> 00:15:50,800 Speaker 1: talking about some of his big ticket items, some of 272 00:15:50,840 --> 00:15:53,240 Speaker 1: the big vision itams he has, and to make sure 273 00:15:53,320 --> 00:15:57,840 Speaker 1: that that Joe Biden doesn't ignore those items, doesn't doesn't 274 00:15:58,040 --> 00:16:00,800 Speaker 1: stop talking about those issues while he's on campaign trail. 275 00:16:01,280 --> 00:16:03,280 Speaker 1: And I think that's a flawed strategy. I think again, 276 00:16:03,320 --> 00:16:05,840 Speaker 1: the sooner the standards gets out of the race, the 277 00:16:05,880 --> 00:16:09,600 Speaker 1: sooner he hopefully you know fingers crossed gets behind Joe 278 00:16:09,640 --> 00:16:13,040 Speaker 1: Biden and starts to work with the party at large. 279 00:16:13,600 --> 00:16:15,960 Speaker 1: I think that actually gets more buying for Mr Biden 280 00:16:16,000 --> 00:16:19,080 Speaker 1: and others to incorporate some of those the bigger ideas 281 00:16:19,080 --> 00:16:22,440 Speaker 1: from the Sanders campaign. The longer he stays in the race, 282 00:16:22,520 --> 00:16:25,280 Speaker 1: the more contentious it will get. And again, I think 283 00:16:25,280 --> 00:16:27,480 Speaker 1: the more that the both sides will dig their heels in, 284 00:16:27,560 --> 00:16:29,360 Speaker 1: and that's not a good thing for the Democrats and 285 00:16:29,720 --> 00:16:33,000 Speaker 1: something we all want to avoid. Okay, So, I mean, 286 00:16:33,040 --> 00:16:35,720 Speaker 1: if you're Joe Biden, how how does this change? How 287 00:16:35,720 --> 00:16:38,800 Speaker 1: does the I mean everything in America has changed this week. 288 00:16:38,840 --> 00:16:41,080 Speaker 1: But if you're Joe Biden, how do you campaign? How 289 00:16:41,080 --> 00:16:43,840 Speaker 1: do you deal with this while trying to be respectful 290 00:16:43,920 --> 00:16:47,600 Speaker 1: of everyone in government, including the Democrats, including Republicans. I 291 00:16:47,600 --> 00:16:50,840 Speaker 1: mean virtually every bill that's coming out is bipartisan. How 292 00:16:50,880 --> 00:16:55,240 Speaker 1: do you campaign? I mean, there's just what's the playbook? Yeah, 293 00:16:55,560 --> 00:16:57,680 Speaker 1: I mean, first and foremost, obviously you're going to have 294 00:16:57,760 --> 00:17:00,280 Speaker 1: to cancel and continue to cancel all the biggest events. 295 00:17:00,280 --> 00:17:02,200 Speaker 1: This is not going to be an in person type 296 00:17:02,200 --> 00:17:05,159 Speaker 1: of campaign for the foreseeable future. Uh, It's gonna be 297 00:17:05,200 --> 00:17:07,680 Speaker 1: a lot of virtual town halls, a lot of digital 298 00:17:07,680 --> 00:17:11,359 Speaker 1: interaction with with voters, and I think really at this point, 299 00:17:11,400 --> 00:17:13,520 Speaker 1: you know, the Biden has the advantage of the fact 300 00:17:13,560 --> 00:17:16,520 Speaker 1: that he has an insurmountable delegate lead. So the primary 301 00:17:16,640 --> 00:17:18,679 Speaker 1: is now over, so we can at least begin to 302 00:17:18,720 --> 00:17:21,040 Speaker 1: pivot to bringing the party together. And I think that's 303 00:17:21,040 --> 00:17:23,920 Speaker 1: his focus right now, is bringing the progressive side with 304 00:17:23,960 --> 00:17:26,879 Speaker 1: the more moderate side, bringing them all into the Democratic 305 00:17:26,920 --> 00:17:30,000 Speaker 1: tent so that when hopefully things get back to normal 306 00:17:30,119 --> 00:17:32,840 Speaker 1: as we head in the summer. Uh and and fingers 307 00:17:32,880 --> 00:17:34,840 Speaker 1: crossed the end the campaign starts to get back to 308 00:17:34,880 --> 00:17:38,520 Speaker 1: a normal type of campaign, that the full Democratic Party 309 00:17:39,280 --> 00:17:41,720 Speaker 1: base will behind be behind Joe Biden and he can 310 00:17:41,800 --> 00:17:44,880 Speaker 1: focus on Donald Trump and in the general election. Uh. 311 00:17:44,880 --> 00:17:47,199 Speaker 1: You know, and during that time, I think that that 312 00:17:47,359 --> 00:17:50,200 Speaker 1: Mr Biden has to talk about any potential policy differences 313 00:17:50,200 --> 00:17:52,560 Speaker 1: he may or may not have with Mr Trump around 314 00:17:52,600 --> 00:17:55,920 Speaker 1: the handling of the coronavirus situation. But obviously you don't 315 00:17:55,960 --> 00:17:58,800 Speaker 1: want to politicize the efforts being made right now from 316 00:17:58,840 --> 00:18:01,800 Speaker 1: both sides of the aisle who help stimulate the economy 317 00:18:01,880 --> 00:18:03,920 Speaker 1: to make sure that the public health is being secured. 318 00:18:04,640 --> 00:18:06,159 Speaker 1: We don't want to make that a political game. I 319 00:18:06,240 --> 00:18:08,639 Speaker 1: hope nobody wants to make that a political game. And 320 00:18:08,800 --> 00:18:11,439 Speaker 1: and you know, again, fingers cross, we get out of 321 00:18:11,200 --> 00:18:14,080 Speaker 1: this situation we're in in the foresteeable future and can 322 00:18:14,080 --> 00:18:16,919 Speaker 1: get back to what would be hopefully a more normal 323 00:18:16,960 --> 00:18:19,760 Speaker 1: life as we're all used to do. I think Chad 324 00:18:19,800 --> 00:18:21,800 Speaker 1: Campbell's on the line. He's a senior vice president of 325 00:18:21,840 --> 00:18:25,000 Speaker 1: Strategies three sixties, which is a democratic strategy firm. He's 326 00:18:25,000 --> 00:18:29,399 Speaker 1: the former minority leader in the Arizona State Legislator And uh, 327 00:18:29,440 --> 00:18:32,040 Speaker 1: you know, I just I think you know, when I 328 00:18:32,080 --> 00:18:34,480 Speaker 1: was talking last night with folks and yourself included on 329 00:18:34,480 --> 00:18:39,760 Speaker 1: Bloomberg TV and radio, you know, the assumption is that 330 00:18:40,520 --> 00:18:47,280 Speaker 1: it will become an this this horrific, catastrophic, depressing pandemic 331 00:18:47,720 --> 00:18:52,280 Speaker 1: will become an economic story by the summer. So it 332 00:18:52,600 --> 00:18:55,199 Speaker 1: in a way, it almost feels like the campaign is 333 00:18:55,240 --> 00:18:59,000 Speaker 1: on pause. At least the public campaign is on pause, 334 00:18:59,280 --> 00:19:02,960 Speaker 1: is it not. Yeah, I think it is in some respects. 335 00:19:03,000 --> 00:19:05,400 Speaker 1: And again I think that is that the good thing 336 00:19:05,440 --> 00:19:07,720 Speaker 1: for Joe Biden is that the primary is now for 337 00:19:07,760 --> 00:19:10,240 Speaker 1: the most part over. He kind of secured that victory 338 00:19:10,320 --> 00:19:14,040 Speaker 1: last night, so that pause is not a bad thing. Uh, 339 00:19:14,080 --> 00:19:16,480 Speaker 1: you know, he can again solidify the Democrat fish and 340 00:19:16,520 --> 00:19:19,360 Speaker 1: start working towards the general election vision. And I think 341 00:19:19,359 --> 00:19:21,080 Speaker 1: I mentioned this last night when we already got on 342 00:19:21,080 --> 00:19:23,399 Speaker 1: the show last night. You know, if there's anybody that 343 00:19:23,520 --> 00:19:27,160 Speaker 1: knows how to tackle an economic recession and that's been 344 00:19:27,160 --> 00:19:29,880 Speaker 1: through this before, it's Joe Biden. Uh. You know, President 345 00:19:29,880 --> 00:19:33,480 Speaker 1: Obama and Vice President Biden got our country through what 346 00:19:33,600 --> 00:19:35,720 Speaker 1: was one of the worst financial crisis teams we've seen 347 00:19:35,760 --> 00:19:37,919 Speaker 1: at that point when they took office, and I think 348 00:19:38,000 --> 00:19:39,679 Speaker 1: Joe Biden will make the case that he can do 349 00:19:39,720 --> 00:19:43,080 Speaker 1: that again, because there is no doubt that this pandemic 350 00:19:43,400 --> 00:19:46,040 Speaker 1: is going to negatively impact our economy and in some 351 00:19:46,240 --> 00:19:49,399 Speaker 1: reports are already saying this could be worse than the 352 00:19:49,440 --> 00:19:52,480 Speaker 1: recession we just went through on a magnitude of many 353 00:19:52,600 --> 00:19:55,440 Speaker 1: levels actually, And so I think Joe Biden can can 354 00:19:55,600 --> 00:19:58,520 Speaker 1: legitimately make the case that he's been here before, he's 355 00:19:58,560 --> 00:20:01,719 Speaker 1: done this before, and we want somebody with that experience 356 00:20:02,040 --> 00:20:03,800 Speaker 1: in the White House to get us out of this 357 00:20:03,920 --> 00:20:07,399 Speaker 1: economic downturn that we're all going to face. Almost certain 358 00:20:07,480 --> 00:20:08,720 Speaker 1: right now at this point, we're all going to be 359 00:20:08,760 --> 00:20:11,480 Speaker 1: facing some type of economic hardship and Joe Biden will 360 00:20:11,480 --> 00:20:12,919 Speaker 1: want to make the case that he's the man to 361 00:20:12,960 --> 00:20:15,600 Speaker 1: bring us out of that that that situation we're going 362 00:20:15,640 --> 00:20:18,119 Speaker 1: to be in. I mean, and just in terms of 363 00:20:18,119 --> 00:20:20,080 Speaker 1: an end point, I mean there, you gotta you gotta 364 00:20:20,119 --> 00:20:22,280 Speaker 1: look for the good. You gotta look for the good. 365 00:20:22,359 --> 00:20:24,920 Speaker 1: You gotta look for the good. Anthony Fauci, who of 366 00:20:24,960 --> 00:20:27,360 Speaker 1: course is the director of the National Institute of Allergy 367 00:20:27,640 --> 00:20:30,800 Speaker 1: and Infectious Diseases in the United States, he has stated 368 00:20:31,000 --> 00:20:33,560 Speaker 1: repeatedly that we're about a year to a year and 369 00:20:33,600 --> 00:20:38,840 Speaker 1: a half away from a vaccine. So you know, look, vaccines, 370 00:20:38,880 --> 00:20:42,560 Speaker 1: they're gonna come. They're already being tested. Many countries are 371 00:20:42,560 --> 00:20:44,800 Speaker 1: looking at this. There was just another report China now 372 00:20:44,880 --> 00:20:48,640 Speaker 1: has human testing on on a vaccine out of Wuhan, 373 00:20:48,680 --> 00:20:51,000 Speaker 1: which of course was the site of where this all started. 374 00:20:51,440 --> 00:20:55,840 Speaker 1: And the United States is testing on vaccines. The Germans 375 00:20:55,840 --> 00:20:58,480 Speaker 1: have a test, the Aussies have a test. Tell me 376 00:20:58,560 --> 00:21:01,200 Speaker 1: something good you heard today, chat tell me some good news, 377 00:21:01,240 --> 00:21:03,960 Speaker 1: So so bleak out there, give me something good. Come on, 378 00:21:04,040 --> 00:21:06,320 Speaker 1: you got to find something. You know. What I would 379 00:21:06,320 --> 00:21:09,320 Speaker 1: say is it actually is encouraging to see both parties 380 00:21:09,359 --> 00:21:12,600 Speaker 1: come together in d C and start working on on 381 00:21:12,960 --> 00:21:17,480 Speaker 1: big solutions in the partisan fights, and that's where we 382 00:21:17,480 --> 00:21:20,080 Speaker 1: should focus right now. I'm very happy to see that. 383 00:21:20,720 --> 00:21:22,760 Speaker 1: I think people are coming together as Americans, and that's 384 00:21:22,760 --> 00:21:24,520 Speaker 1: something we all need to remember. At the end of 385 00:21:24,560 --> 00:21:26,240 Speaker 1: the day, this affects all of us, no matter if 386 00:21:26,240 --> 00:21:29,399 Speaker 1: we're democratic, Republican, independent, all of us are affected by this. 387 00:21:29,480 --> 00:21:30,639 Speaker 1: We need to keep that in mind if we try 388 00:21:30,680 --> 00:21:32,720 Speaker 1: to work through this stage. Are you out in Arizona? 389 00:21:32,760 --> 00:21:36,520 Speaker 1: Where are you based right now? Yeah? Phoenix? Yea Phoenix, Arizona. 390 00:21:36,720 --> 00:21:39,000 Speaker 1: How is Phoenix reacting to this? Are they taking it 391 00:21:39,080 --> 00:21:43,400 Speaker 1: seriously in Phoenix? Because indec they're taking it very seriously. Yeah. 392 00:21:43,440 --> 00:21:46,240 Speaker 1: The city council is voting on some emergency measures today. 393 00:21:46,320 --> 00:21:49,160 Speaker 1: Many of the suburbs have already implemented them emergency measures. 394 00:21:49,720 --> 00:21:52,920 Speaker 1: The mayor declared the state of emergency yesterday and closed 395 00:21:52,920 --> 00:21:56,360 Speaker 1: down the sit down bar, sit down coffee shops, sit 396 00:21:56,359 --> 00:21:59,199 Speaker 1: down restaurant type of situation. So following a lot of 397 00:21:59,200 --> 00:22:02,040 Speaker 1: the national guy aline are being released. So and I 398 00:22:02,040 --> 00:22:04,040 Speaker 1: can tell you, you you know, I've been in Phoenix my 399 00:22:04,080 --> 00:22:07,160 Speaker 1: whole life, forty seven years here, uh, and you can 400 00:22:07,200 --> 00:22:10,680 Speaker 1: see it. The traffic here is next to nothing. Uh, 401 00:22:10,720 --> 00:22:13,720 Speaker 1: it's really people are taking you seriously. People are kind 402 00:22:13,720 --> 00:22:16,679 Speaker 1: of hungering down and only really doing essential types of activities. 403 00:22:16,880 --> 00:22:19,480 Speaker 1: And again, it's good to see most people taking this seriously, 404 00:22:19,800 --> 00:22:22,280 Speaker 1: trying to work for the greater goods. That's a positive sign. 405 00:22:23,040 --> 00:22:25,920 Speaker 1: I just can't understand how you could not take this seriously. 406 00:22:25,960 --> 00:22:27,879 Speaker 1: I mean, what, how selfish do you have to be 407 00:22:27,960 --> 00:22:30,720 Speaker 1: to not take this seriously? I can't see it. Chad, 408 00:22:30,760 --> 00:22:33,120 Speaker 1: You're gonna stick around because we have more to talk about. 409 00:22:33,119 --> 00:22:35,560 Speaker 1: I want to talk Died more into the economic specifics 410 00:22:35,560 --> 00:22:38,680 Speaker 1: of this. That's uh, that's that's Chad Campbell. He's a 411 00:22:38,720 --> 00:22:41,800 Speaker 1: senior vice president at Strategies three sixty. I'm Kevin s. Really. 412 00:22:42,080 --> 00:22:44,280 Speaker 1: You can download the Bloomberg Sound on podcast on Apple, 413 00:22:44,359 --> 00:22:46,960 Speaker 1: itudes of Bloomberg dot com, or by downloading the Bloomberg 414 00:22:46,960 --> 00:22:49,240 Speaker 1: Business app. You can also find us on Radio dot com, 415 00:22:49,440 --> 00:22:53,440 Speaker 1: I Heart Radio, and Spotify. Keep taking it, keep taking 416 00:22:53,480 --> 00:22:55,960 Speaker 1: it seriously, and for all of our latest coverage on 417 00:22:56,040 --> 00:22:59,440 Speaker 1: COVID nineteen, head over to Bloomberg dot com slash coronavirus. 418 00:22:59,560 --> 00:23:02,520 Speaker 1: Also go of the CDC dot gov. You're listening to Bloomberg. 419 00:23:22,280 --> 00:23:26,840 Speaker 1: This is Bloomberg's sound on with Kevin Sirel on Bloomberg 420 00:23:27,960 --> 00:23:30,359 Speaker 1: and one or five point seven m h D two. 421 00:23:32,200 --> 00:23:35,520 Speaker 1: I'm Kevin Sireley, Chief Washington correspondent for Bloomberg Television and 422 00:23:35,520 --> 00:23:39,800 Speaker 1: Bloomberg Radio. Bear with us, folks. I'm working from home 423 00:23:39,880 --> 00:23:43,040 Speaker 1: just like everyone else's and our team Charlie Valmer in 424 00:23:43,080 --> 00:23:46,439 Speaker 1: New York, Bob Bragg in New York, Christine Barratt are 425 00:23:46,480 --> 00:23:51,439 Speaker 1: executive producer, working tirelessly to help produce this show. And 426 00:23:51,640 --> 00:23:55,280 Speaker 1: they actually even just mailed some equipment down that hopefully 427 00:23:55,400 --> 00:23:58,919 Speaker 1: will allow us to even sound more crystal clear in 428 00:23:58,960 --> 00:24:01,480 Speaker 1: the weeks ahead as we all adjust, As we all 429 00:24:01,520 --> 00:24:04,920 Speaker 1: adjust and stay positive, stay positive, folks. Is we're gonna 430 00:24:04,960 --> 00:24:07,320 Speaker 1: get through this. It's we're going to get We're getting 431 00:24:07,320 --> 00:24:09,160 Speaker 1: through this. We don't have a choice but to get 432 00:24:09,200 --> 00:24:11,680 Speaker 1: through this. So we're gonna get through this. Uh. And 433 00:24:11,800 --> 00:24:13,640 Speaker 1: joining us on the line to help us get through 434 00:24:13,720 --> 00:24:17,320 Speaker 1: this is Chad Campbell, Senior vice president of Strategies three sixty. 435 00:24:17,359 --> 00:24:20,640 Speaker 1: He's a Democratic Strategy It's a Democratic Strategy firm. He's 436 00:24:20,640 --> 00:24:23,760 Speaker 1: the former minority leader in the Arizona State Legislator. All right, 437 00:24:23,800 --> 00:24:26,879 Speaker 1: we were talking about, you know, some positive developments you know, 438 00:24:26,920 --> 00:24:32,000 Speaker 1: I keep going back to the greatest generation, Chad. You know, 439 00:24:32,200 --> 00:24:34,480 Speaker 1: both of my grandfather's thought in World War Two, and 440 00:24:34,760 --> 00:24:37,639 Speaker 1: I just keep thinking, you know what they prepared us 441 00:24:37,680 --> 00:24:40,320 Speaker 1: for this, They prepared us for this. And you go 442 00:24:40,440 --> 00:24:43,680 Speaker 1: through all of these memorials, and in Washington, d see 443 00:24:43,680 --> 00:24:47,000 Speaker 1: a beautiful city, and and you see it, and and 444 00:24:47,000 --> 00:24:50,080 Speaker 1: and you go through the last week, and it just 445 00:24:50,119 --> 00:24:55,000 Speaker 1: puts in perspective the magnitude of this moment, the magnitude 446 00:24:55,040 --> 00:24:57,440 Speaker 1: of the moment, and how we all have to meet 447 00:24:57,520 --> 00:25:00,800 Speaker 1: the moment. And it feels so uncomfortable able to sit still. 448 00:25:01,200 --> 00:25:05,680 Speaker 1: It feels so uncomfortable to stay at home because as Americans, 449 00:25:06,040 --> 00:25:07,560 Speaker 1: what do we want to do. We want to run in, 450 00:25:07,680 --> 00:25:09,680 Speaker 1: We want to help, we want to rush in, we 451 00:25:09,720 --> 00:25:12,280 Speaker 1: want to help chat and and and the way to help, 452 00:25:12,320 --> 00:25:15,560 Speaker 1: as your patriotic duty, is to sit at home, to 453 00:25:15,640 --> 00:25:19,320 Speaker 1: spread kindness online. Uh and and look, there's gonna be 454 00:25:19,359 --> 00:25:23,120 Speaker 1: opportunities to help. We're hearing about the needs for We're 455 00:25:23,160 --> 00:25:24,960 Speaker 1: hearing what what the what Whole Foods is doing, and 456 00:25:25,000 --> 00:25:27,679 Speaker 1: all the other grocery stores are doing by you know, 457 00:25:27,720 --> 00:25:30,840 Speaker 1: adjusting their hours for the elderly and whatnot. Drive through 458 00:25:30,920 --> 00:25:34,359 Speaker 1: tips buying uh, prepaid cards. I mean, there are things 459 00:25:34,359 --> 00:25:37,199 Speaker 1: that are emerging for folks that we that we can 460 00:25:37,240 --> 00:25:39,280 Speaker 1: all do because we all want to help. But but 461 00:25:40,359 --> 00:25:42,640 Speaker 1: look for that. But also you've gotta be smart. What's 462 00:25:42,640 --> 00:25:44,800 Speaker 1: a way that you've found out chat that the folks 463 00:25:44,800 --> 00:25:48,560 Speaker 1: can help that you want to share? Well, you know, again, 464 00:25:48,600 --> 00:25:50,320 Speaker 1: I think you nailed a lot of it. I think 465 00:25:50,320 --> 00:25:54,160 Speaker 1: first and cornmus is being positive and keeping things in perspective. Um, 466 00:25:54,720 --> 00:25:58,440 Speaker 1: when you talk about the sacrifice of previous generations to 467 00:25:58,520 --> 00:26:01,919 Speaker 1: get through tough time, be it be it world wars, 468 00:26:01,960 --> 00:26:05,280 Speaker 1: be it other outbreaks, about the illnesses, Uh, the the 469 00:26:05,320 --> 00:26:08,439 Speaker 1: amount of sacrifice quote unquote that we're we're having to 470 00:26:09,040 --> 00:26:12,320 Speaker 1: do right now, is this miniscule compared to them? Uh, 471 00:26:12,400 --> 00:26:14,720 Speaker 1: you know, having to stay at home and work from home, 472 00:26:14,760 --> 00:26:17,040 Speaker 1: and you know, I think people in previous generations would 473 00:26:17,040 --> 00:26:20,720 Speaker 1: have loved to have the luxury to have worked from home, right. Uh. 474 00:26:20,920 --> 00:26:23,320 Speaker 1: I think the biggest thing is keep keep positive and 475 00:26:23,359 --> 00:26:25,399 Speaker 1: remain in a in a positive state of mind. And 476 00:26:25,400 --> 00:26:26,960 Speaker 1: then I think the other thing, at least Hearing and 477 00:26:26,960 --> 00:26:29,439 Speaker 1: Phoenix had something that myself and others are trying to 478 00:26:29,440 --> 00:26:33,679 Speaker 1: do is support those local businesses to the extent you can, 479 00:26:34,119 --> 00:26:38,240 Speaker 1: those small mom and pop shops that the businesses, they 480 00:26:38,280 --> 00:26:41,439 Speaker 1: don't have the corporate backing of chains or other larger 481 00:26:41,560 --> 00:26:45,120 Speaker 1: national UH entities. Make sure you can help them out 482 00:26:45,119 --> 00:26:47,920 Speaker 1: as much as possible and patron patronize them as much 483 00:26:47,960 --> 00:26:51,199 Speaker 1: as possible within whatever the restrictions are in place for 484 00:26:51,280 --> 00:26:53,600 Speaker 1: your community, obviously, but they're the ones who are going 485 00:26:53,640 --> 00:26:55,840 Speaker 1: to suffer the most, the owners of those businesses, the 486 00:26:55,840 --> 00:26:58,320 Speaker 1: workers at those businesses. To make sure you're trying to 487 00:26:58,320 --> 00:27:01,520 Speaker 1: help them out and really give them UH the business. 488 00:27:01,520 --> 00:27:03,600 Speaker 1: You can recommend others to go there and then give 489 00:27:03,640 --> 00:27:05,919 Speaker 1: them business if you can again, you know, depending on 490 00:27:05,920 --> 00:27:08,440 Speaker 1: your your local restrictions in place. But those are the 491 00:27:08,440 --> 00:27:10,280 Speaker 1: people are gonna stuffer the most when it's all said 492 00:27:10,320 --> 00:27:13,560 Speaker 1: and done. Most of those larger corporate into devil survive 493 00:27:13,680 --> 00:27:16,840 Speaker 1: just fine. It's the service industry and the workers in 494 00:27:16,840 --> 00:27:18,760 Speaker 1: the industry that they're really going to have the tough times. 495 00:27:18,800 --> 00:27:20,800 Speaker 1: Let's make sure we're helping them out as much as possible. 496 00:27:21,400 --> 00:27:24,520 Speaker 1: President Trump said earlier today that his administration ordered five 497 00:27:24,600 --> 00:27:29,440 Speaker 1: hundred million and nine face masks to combat the coronavirus outbreak. 498 00:27:29,520 --> 00:27:33,639 Speaker 1: This after complaints from healthcare providers of shortages. Uh and 499 00:27:33,920 --> 00:27:36,040 Speaker 1: I also mentioned this earlier of the program. But General 500 00:27:36,080 --> 00:27:39,439 Speaker 1: Motors has said that that they're going to be manufacturing 501 00:27:39,560 --> 00:27:42,880 Speaker 1: hospital ventilators and auto factories. So I mean, it really 502 00:27:42,960 --> 00:27:45,280 Speaker 1: is a wartime effort. I mean you're seeing this. I mean, 503 00:27:45,640 --> 00:27:49,400 Speaker 1: the the art the Army Corps of Engineers has said 504 00:27:49,440 --> 00:27:52,480 Speaker 1: that they are talking about plans about constructing hospitals in 505 00:27:52,560 --> 00:27:55,840 Speaker 1: order to deal with the INFLUXI patients and and hospitals. 506 00:27:55,960 --> 00:27:58,520 Speaker 1: I mean, it's a wartime effort. It's something that we 507 00:27:58,680 --> 00:28:03,520 Speaker 1: really haven't seen, uh domestically in my job, I mean, 508 00:28:03,560 --> 00:28:09,000 Speaker 1: in in my generation of millennials, generations. UH. And you 509 00:28:09,000 --> 00:28:11,640 Speaker 1: know that is reassuring. I mean the reliance to see 510 00:28:11,680 --> 00:28:14,840 Speaker 1: how strong America is in the private sector, Our institutions 511 00:28:14,880 --> 00:28:18,080 Speaker 1: are strong in terms of being able to work together 512 00:28:18,160 --> 00:28:21,480 Speaker 1: to come together to combat this. Uh in in a 513 00:28:21,520 --> 00:28:26,119 Speaker 1: way how I saw there's a Pennsylvania distillery that is 514 00:28:26,160 --> 00:28:31,280 Speaker 1: actually stopping brewing beer. Uh and they're they're actually turning 515 00:28:31,320 --> 00:28:34,320 Speaker 1: it in to make hand sanitizers to help people. I mean, 516 00:28:34,440 --> 00:28:37,520 Speaker 1: everyone's pitching it. I love that. That's the American spirit, 517 00:28:37,560 --> 00:28:40,200 Speaker 1: you know, that's that's that's what you need. What are 518 00:28:40,240 --> 00:28:41,760 Speaker 1: you seeing in Phoenix is I know you guys have 519 00:28:41,880 --> 00:28:45,120 Speaker 1: some ories out there. Yeah, even online today. I mean 520 00:28:45,160 --> 00:28:47,880 Speaker 1: a little another little random kindness that we have a 521 00:28:48,440 --> 00:28:52,320 Speaker 1: you know, a local Jeff here who with coasting recipes online, 522 00:28:52,880 --> 00:28:54,800 Speaker 1: you know, saying hey, if if you're enemy stuck at home, 523 00:28:54,800 --> 00:28:56,800 Speaker 1: here to some of the recipes were using our restaurant. 524 00:28:56,840 --> 00:28:58,520 Speaker 1: You know, I'm happy to share these people as you 525 00:28:58,560 --> 00:29:02,080 Speaker 1: can make food well you're with your family. Uh. We're 526 00:29:02,080 --> 00:29:05,000 Speaker 1: seeing those types of little things that really mean a lot. 527 00:29:05,480 --> 00:29:07,680 Speaker 1: And I think again, when you add those up together, 528 00:29:07,760 --> 00:29:10,240 Speaker 1: it means it means even more. I mean, one small 529 00:29:10,280 --> 00:29:13,479 Speaker 1: active kindness or or outreach is gonna multiply as more 530 00:29:13,480 --> 00:29:15,360 Speaker 1: and more people do it. And I think to your 531 00:29:15,360 --> 00:29:17,840 Speaker 1: point earlier, you know, the great thing about our country 532 00:29:17,840 --> 00:29:22,480 Speaker 1: is we have the capacity, uh financially technically, we have 533 00:29:22,520 --> 00:29:26,800 Speaker 1: the resources to to convert our our manufacturing processes to 534 00:29:26,800 --> 00:29:29,440 Speaker 1: to make things that we know we need right now 535 00:29:29,480 --> 00:29:32,280 Speaker 1: and respond to emergencies. And and like you said, this 536 00:29:32,360 --> 00:29:34,959 Speaker 1: is in a lot of ways a wartime effort. It's 537 00:29:35,000 --> 00:29:37,160 Speaker 1: a different kind of ore, but it's a wartime effort. 538 00:29:37,200 --> 00:29:39,760 Speaker 1: So I think this is gonna be a test of 539 00:29:39,760 --> 00:29:43,640 Speaker 1: of the public private partnerships and really it's going to 540 00:29:44,040 --> 00:29:46,640 Speaker 1: I think show us how government and priva sector can 541 00:29:46,680 --> 00:29:49,000 Speaker 1: work together in a good way. We've seen that in 542 00:29:49,000 --> 00:29:52,160 Speaker 1: the past, and I think we'll see that again hopefully. Uh. 543 00:29:52,200 --> 00:29:54,040 Speaker 1: And in the long term, we're gonna see once we 544 00:29:54,120 --> 00:29:57,280 Speaker 1: kind of get through the initial hard times and and 545 00:29:57,280 --> 00:29:59,800 Speaker 1: and go past the virus part of this back into 546 00:29:59,800 --> 00:30:01,880 Speaker 1: the and I'm excited it. That's when the true test 547 00:30:01,920 --> 00:30:03,600 Speaker 1: will come to is how do they how does the 548 00:30:03,640 --> 00:30:08,120 Speaker 1: government responsively manage bailing out the private sector engertees, making 549 00:30:08,160 --> 00:30:11,400 Speaker 1: sure people have jobs, making sure all these small businesses 550 00:30:11,400 --> 00:30:14,400 Speaker 1: they're gonna struggle can open their doors up again. And 551 00:30:14,440 --> 00:30:16,120 Speaker 1: that's when we're all going to need to come together again, 552 00:30:16,200 --> 00:30:20,280 Speaker 1: because we don't want this to ruin the next decade 553 00:30:20,360 --> 00:30:23,080 Speaker 1: or the next twenty years. And really, you know, take 554 00:30:23,120 --> 00:30:25,720 Speaker 1: people's life savings and ruin their four one K plans. 555 00:30:25,760 --> 00:30:28,120 Speaker 1: We have to make sure that but the government and 556 00:30:28,160 --> 00:30:31,720 Speaker 1: the private stector of working together that the everyday person 557 00:30:31,800 --> 00:30:34,840 Speaker 1: out there, and again the small business owner, Uh, they 558 00:30:34,880 --> 00:30:37,680 Speaker 1: have their retirement funds, and they have their healthcare, and 559 00:30:37,720 --> 00:30:39,280 Speaker 1: they have their jobs, and all of this is said 560 00:30:39,320 --> 00:30:41,760 Speaker 1: and done. You know, I do just want to note 561 00:30:41,800 --> 00:30:43,720 Speaker 1: that the New York Stock is Change is going to 562 00:30:43,840 --> 00:30:47,640 Speaker 1: close its trading floors and go fully electronic. Again, the 563 00:30:47,680 --> 00:30:50,800 Speaker 1: New York Stockage Change will close its trading floors and 564 00:30:50,920 --> 00:30:55,120 Speaker 1: go fully electronic electronic. New York Governor Andrew Cuomo has 565 00:30:55,200 --> 00:30:58,800 Speaker 1: mandated that non essential businesses have no more than half 566 00:30:59,040 --> 00:31:02,560 Speaker 1: their workforce in office. So New York City very much 567 00:31:02,840 --> 00:31:05,400 Speaker 1: tightening down, making sure that they're doing their part to 568 00:31:05,520 --> 00:31:08,680 Speaker 1: save lives, to stop the spread, to flatten this curve. 569 00:31:09,280 --> 00:31:12,680 Speaker 1: And you know, I mean, you know, it's just the latest. 570 00:31:12,720 --> 00:31:16,960 Speaker 1: I mean, uh, you gotta some other key developments. There's 571 00:31:17,000 --> 00:31:21,000 Speaker 1: now more than two hundred thousand cases worldwide, the deaths 572 00:31:21,040 --> 00:31:23,920 Speaker 1: a little more than eight thousand. New York gets a 573 00:31:23,960 --> 00:31:26,160 Speaker 1: hospital ship from the Navy. So we mentioned the way 574 00:31:26,160 --> 00:31:28,520 Speaker 1: that the private sector is mobilizing. I also want to 575 00:31:28,520 --> 00:31:30,480 Speaker 1: notice all of the brave men and women in our 576 00:31:30,560 --> 00:31:33,520 Speaker 1: in our nation's armed forces, in our nation's reserves. Who 577 00:31:33,840 --> 00:31:36,200 Speaker 1: You've got two Navy ships that are going to be 578 00:31:36,720 --> 00:31:40,440 Speaker 1: uh used as hospitals, which I think is remarkable. Just 579 00:31:40,560 --> 00:31:42,880 Speaker 1: to see the courage that that all of the are. 580 00:31:43,080 --> 00:31:44,840 Speaker 1: You know, once again, the courage that are brave. Then 581 00:31:44,880 --> 00:31:48,280 Speaker 1: and women are going to be using to help people 582 00:31:48,320 --> 00:31:51,080 Speaker 1: get better. Chat. Tell me one more positive thing before 583 00:31:51,120 --> 00:31:52,840 Speaker 1: the show wraps. You've got like a minute left, I 584 00:31:52,840 --> 00:31:56,080 Speaker 1: mean one positive thing, Jed. Going back to that point 585 00:31:56,120 --> 00:31:59,280 Speaker 1: about the brave men and women of the service, I 586 00:31:59,280 --> 00:32:01,120 Speaker 1: would also say all of the other workers that have 587 00:32:01,720 --> 00:32:04,120 Speaker 1: they don't have the luxury or the capacity to work 588 00:32:04,160 --> 00:32:07,360 Speaker 1: from home. Be it first responders, be at people at 589 00:32:07,360 --> 00:32:09,560 Speaker 1: the utility companies, be it people who are picking up 590 00:32:09,560 --> 00:32:11,880 Speaker 1: the trash. There's a lot of people out there. They're 591 00:32:12,080 --> 00:32:13,840 Speaker 1: going to have to go to work to make our 592 00:32:14,000 --> 00:32:18,840 Speaker 1: lives continue to run and keep society functioning. And all 593 00:32:18,840 --> 00:32:22,320 Speaker 1: of those people should be applied to as heroes, and 594 00:32:22,360 --> 00:32:25,720 Speaker 1: if you see them, treat them nicely, thank them for 595 00:32:25,840 --> 00:32:27,960 Speaker 1: all of this stuff they're doing for us, because they're 596 00:32:28,000 --> 00:32:29,520 Speaker 1: really going to be the one that keeps us the 597 00:32:29,560 --> 00:32:32,160 Speaker 1: machines of civilization kind of running for the next few weeks, 598 00:32:32,160 --> 00:32:34,680 Speaker 1: if not longer. All right, Chad Campbell, thank you very much. 599 00:32:34,720 --> 00:32:36,960 Speaker 1: I'm having so really stay positive. If you're listening to 600 00:32:36,960 --> 00:32:49,960 Speaker 1: the Boomberg nine and nine one