1 00:00:00,160 --> 00:00:03,160 Speaker 1: As Democrats be a power in the Republicans. President Trump 2 00:00:03,160 --> 00:00:05,680 Speaker 1: was sent here to smash conventional norms. I would rather 3 00:00:05,680 --> 00:00:08,399 Speaker 1: see a congressional solution pitched part of my DNA. This 4 00:00:09,000 --> 00:00:14,319 Speaker 1: is Bloomberg Sound on with Kevin Shirley on Bloomberg and 5 00:00:16,440 --> 00:00:20,560 Speaker 1: two production and Schumer to the rescue. They're pushing the 6 00:00:20,600 --> 00:00:25,040 Speaker 1: Republicans to expand stimulus in their Hill talks. Will take 7 00:00:25,079 --> 00:00:27,520 Speaker 1: you all of the latest, will give you, rather all 8 00:00:27,560 --> 00:00:31,600 Speaker 1: of the latest on the economic front, especially as helicopter 9 00:00:31,680 --> 00:00:36,280 Speaker 1: cash now gaining traction nearly twelve hundred dollars for qualifying 10 00:00:36,320 --> 00:00:40,080 Speaker 1: Americans and more than two grand for families. The latest 11 00:00:40,159 --> 00:00:43,760 Speaker 1: on the economic relief that the administration and Democrats says 12 00:00:44,320 --> 00:00:47,199 Speaker 1: is very much on its way as early as the 13 00:00:47,240 --> 00:00:51,159 Speaker 1: next ten days. The Federal Reserve extending emergency programs to 14 00:00:51,200 --> 00:00:55,400 Speaker 1: include UNI funds. After another route, the SMP five hundred 15 00:00:55,400 --> 00:00:59,840 Speaker 1: fell in the biggest weekly drops since October of two 16 00:00:59,840 --> 00:01:05,640 Speaker 1: thousand and eight. Meanwhile, the President saying that federal aid 17 00:01:05,880 --> 00:01:10,640 Speaker 1: will last until the economy recovers, and some lawmakers on 18 00:01:10,680 --> 00:01:13,160 Speaker 1: both sides of the aisle found themselves wrapped up in 19 00:01:13,280 --> 00:01:17,360 Speaker 1: questions pertaining to whether or not they traded off of 20 00:01:17,400 --> 00:01:20,920 Speaker 1: intelligence briefings on the coronavirus. I spoke with one of 21 00:01:20,920 --> 00:01:22,959 Speaker 1: those senators and I'll tell you. I'll tell you what 22 00:01:23,040 --> 00:01:25,279 Speaker 1: she had to tell me. On Bloomberg Television. My guests 23 00:01:25,280 --> 00:01:27,560 Speaker 1: with me for the A block Jordan Fabian, who is 24 00:01:27,600 --> 00:01:30,560 Speaker 1: my colleague at Bloomberg. He's Bloomberg News White House reporter. Jordan. 25 00:01:30,640 --> 00:01:35,360 Speaker 1: Are you there? Uh, you know, we're hanging in. It's Friday, 26 00:01:35,400 --> 00:01:37,440 Speaker 1: my friend. We made it through the end of the week, 27 00:01:37,480 --> 00:01:39,720 Speaker 1: and Jordan, I want to congratulate you as well as 28 00:01:39,720 --> 00:01:43,320 Speaker 1: our colleagues and our colleagues across the industry for an 29 00:01:43,400 --> 00:01:47,680 Speaker 1: amazing week of coverage today or today as well throughout 30 00:01:47,680 --> 00:01:49,880 Speaker 1: the week as we've all tried to deliver the news. 31 00:01:50,360 --> 00:01:53,920 Speaker 1: What is the latest in terms of the economic stimulus? 32 00:01:53,960 --> 00:01:57,720 Speaker 1: What is Treasury Secretary Stephen Manusian saying, and what is 33 00:01:57,760 --> 00:02:00,639 Speaker 1: the and what are Democrats saying on the hill about 34 00:02:00,720 --> 00:02:06,360 Speaker 1: when people are finally going to get some economic relief. Yeah, 35 00:02:06,440 --> 00:02:08,680 Speaker 1: let's take a step back real quick, Kevin. So, the 36 00:02:08,720 --> 00:02:13,800 Speaker 1: Center Republicans yesterday put out their proposal, but Treasury Secretary 37 00:02:13,880 --> 00:02:17,160 Speaker 1: Manuchin went to Capitol Hill today and said that it's 38 00:02:17,200 --> 00:02:21,320 Speaker 1: not enough. And he's pushing the Center Republicans to expand 39 00:02:21,320 --> 00:02:26,160 Speaker 1: that package. Expand direct aid to Americans is something that 40 00:02:26,520 --> 00:02:30,600 Speaker 1: Center Republicans like Leader Chuck Schumer and Democrats in the 41 00:02:30,639 --> 00:02:34,080 Speaker 1: House have been pushing for. So we'll see how that 42 00:02:34,240 --> 00:02:38,880 Speaker 1: complicates the process here. Because Mitch McConnell, the Center Republican leader, 43 00:02:38,919 --> 00:02:41,240 Speaker 1: says he wants a deal by the end of today 44 00:02:41,560 --> 00:02:44,400 Speaker 1: and a vote by Monday. I think that Center Republicans 45 00:02:44,400 --> 00:02:46,200 Speaker 1: took a look at what the markets did this week 46 00:02:46,240 --> 00:02:48,920 Speaker 1: and they know that they need to have something ready 47 00:02:48,960 --> 00:02:53,800 Speaker 1: to go by Monday to really calm or try to 48 00:02:53,840 --> 00:02:57,520 Speaker 1: calm the market. So right now the pass forwards unclear, 49 00:02:57,600 --> 00:03:00,320 Speaker 1: but those are the dynamics right now up on the Okay, 50 00:03:00,360 --> 00:03:02,520 Speaker 1: So if you're so, the bottom line is that a 51 00:03:02,600 --> 00:03:07,760 Speaker 1: vote could come Monday evening. Correct, that's what they're aiming for. Yeah, 52 00:03:07,800 --> 00:03:12,000 Speaker 1: a vote could come sometime on Monday. That's what Senate 53 00:03:12,360 --> 00:03:15,720 Speaker 1: leaders are aiming for. And uh and so far we 54 00:03:15,760 --> 00:03:18,120 Speaker 1: haven't heard that it's going to be delayed off of that, 55 00:03:18,240 --> 00:03:21,040 Speaker 1: but they're still working through the fine point. Okay, So 56 00:03:21,320 --> 00:03:25,360 Speaker 1: who gets the money? It's about per person for a 57 00:03:25,360 --> 00:03:27,639 Speaker 1: certain threshold. What do we know about who's gonna get 58 00:03:27,639 --> 00:03:30,640 Speaker 1: money because we're gonna talk about the markets coming up. 59 00:03:30,639 --> 00:03:33,000 Speaker 1: But I think most people right now in the country 60 00:03:33,360 --> 00:03:35,680 Speaker 1: care less about the markets and more about putting food 61 00:03:35,680 --> 00:03:37,720 Speaker 1: on the table. So when can they get money in 62 00:03:37,760 --> 00:03:42,800 Speaker 1: their bank accounts? Well, that's uh, yeah, that's what they're 63 00:03:42,880 --> 00:03:45,240 Speaker 1: trying to work through right now. You know that right 64 00:03:45,280 --> 00:03:48,120 Speaker 1: now those um that those checks are aimed at middle 65 00:03:48,160 --> 00:03:53,240 Speaker 1: income individuals. UM. They there are some people like in 66 00:03:53,280 --> 00:03:55,160 Speaker 1: the in the House and then the Senate who want 67 00:03:55,160 --> 00:03:59,400 Speaker 1: to expand that definition to make sure that more people 68 00:03:59,440 --> 00:04:02,600 Speaker 1: are getting the checks and that more of the aid 69 00:04:03,120 --> 00:04:07,040 Speaker 1: is directed toward um, those middle income and lower income people. 70 00:04:07,080 --> 00:04:10,520 Speaker 1: Because right now, you know, the Center proposal puts forward 71 00:04:10,600 --> 00:04:13,400 Speaker 1: about two ors and eight billion dollars worth of loan 72 00:04:13,440 --> 00:04:19,160 Speaker 1: guarantees key companies that are suffering from this coronavirus outbreak. 73 00:04:19,640 --> 00:04:22,080 Speaker 1: But the Democrats are arguing more of that money should 74 00:04:22,080 --> 00:04:25,080 Speaker 1: be directed directly toward individual Jordan Fabian's on the line. 75 00:04:25,120 --> 00:04:28,520 Speaker 1: He is Bloomberg's White House reporter. He's talking about the 76 00:04:28,520 --> 00:04:34,440 Speaker 1: economic stimulus potentially for uh, middle and low income Americans 77 00:04:34,440 --> 00:04:38,080 Speaker 1: and when exactly those checks are going to be deposited. 78 00:04:38,120 --> 00:04:40,800 Speaker 1: Originally they have been circulating in the first week of 79 00:04:40,880 --> 00:04:45,240 Speaker 1: April as as well as mid May, another second round, 80 00:04:45,240 --> 00:04:48,760 Speaker 1: the President saying earlier today that the economic stimulus will 81 00:04:48,800 --> 00:04:53,360 Speaker 1: happen as long as the effects of the coronavirus continue. 82 00:04:54,240 --> 00:04:56,719 Speaker 1: Jordan's this is just one of the tools that the 83 00:04:57,200 --> 00:05:01,039 Speaker 1: lawmakers and policymakers are utilizing. It's not just helicopter cash. 84 00:05:01,600 --> 00:05:05,440 Speaker 1: They also have the ability to incentivize small businesses to 85 00:05:05,600 --> 00:05:09,919 Speaker 1: not make layoffs, to not do layoffs. Talk to me 86 00:05:09,960 --> 00:05:13,480 Speaker 1: a little bit about the other tools in the arsenal. Yeah, 87 00:05:13,480 --> 00:05:16,000 Speaker 1: that's right, and that's what that's what some of the 88 00:05:16,040 --> 00:05:18,920 Speaker 1: discussions are about. These loans, right that you have that 89 00:05:19,080 --> 00:05:22,200 Speaker 1: come with conditions. So, like you mentioned that, they're going 90 00:05:22,240 --> 00:05:25,120 Speaker 1: to try to intentivize those small businesses not to lay 91 00:05:25,120 --> 00:05:28,279 Speaker 1: off their employees. If you're talking about the airlines, you 92 00:05:28,320 --> 00:05:31,279 Speaker 1: know they're gonna try to infuse the airlines with about 93 00:05:31,320 --> 00:05:36,960 Speaker 1: fifty billion dollars worth of loans accounting the cargo carriers 94 00:05:37,040 --> 00:05:39,760 Speaker 1: with the condition that you know, they still fly certain 95 00:05:39,880 --> 00:05:42,920 Speaker 1: routes that maybe the federal government could even take an 96 00:05:42,920 --> 00:05:45,440 Speaker 1: equity stake in some of those companies in order to 97 00:05:45,600 --> 00:05:50,000 Speaker 1: recoup games for the taxpayer. Later on, once the econuor covers. 98 00:05:50,080 --> 00:05:53,359 Speaker 1: So there's some strength attached here. And and uh, you 99 00:05:53,360 --> 00:05:56,600 Speaker 1: know the companies will will go into that with eyes 100 00:05:56,640 --> 00:05:59,200 Speaker 1: open when they if they take the loans, if these 101 00:05:59,240 --> 00:06:01,520 Speaker 1: loans get past a law. Jordan, what you just said 102 00:06:01,600 --> 00:06:04,960 Speaker 1: is so incredibly important, folks. I mean, it bears repeating 103 00:06:05,640 --> 00:06:09,400 Speaker 1: that this is different than two thousand and eight. This 104 00:06:09,520 --> 00:06:13,880 Speaker 1: is bailouts with strings attached. Okay, that the fact, and 105 00:06:13,880 --> 00:06:16,080 Speaker 1: there is precedent for this. Look no further than two 106 00:06:16,120 --> 00:06:18,599 Speaker 1: thousand and eight for Fannie Mae and Freddie Mack when 107 00:06:18,600 --> 00:06:22,719 Speaker 1: the government entered into a so called conservatorship as it 108 00:06:22,760 --> 00:06:27,000 Speaker 1: relates to this. So they're they're saying that these bailouts 109 00:06:27,000 --> 00:06:29,760 Speaker 1: are gonna say, hey, you know what, no CEO additional 110 00:06:29,760 --> 00:06:32,440 Speaker 1: pay increases if you're about to take taxpayers money. Am 111 00:06:32,440 --> 00:06:35,880 Speaker 1: I hearing this correctly? Jordan's yeah, that's right. There's a 112 00:06:35,920 --> 00:06:39,279 Speaker 1: cap on executive compensation, so they set the levels so 113 00:06:39,360 --> 00:06:42,800 Speaker 1: that those uh, those top executives can't increase their pay 114 00:06:42,880 --> 00:06:46,200 Speaker 1: over a certain amount compared to last year. But one 115 00:06:46,200 --> 00:06:48,440 Speaker 1: thing that the president really wants and one thing that 116 00:06:48,600 --> 00:06:52,320 Speaker 1: you know I'm hearing from some of his supporters outside 117 00:06:52,360 --> 00:06:55,000 Speaker 1: of the White Houses that they don't they weren't restrictions 118 00:06:55,040 --> 00:06:58,080 Speaker 1: on stock buybacks of these companies. They don't want these 119 00:06:58,080 --> 00:07:01,200 Speaker 1: companies just to take the loans and then later used 120 00:07:01,200 --> 00:07:04,080 Speaker 1: the proceeds to do stock by backs. And the President 121 00:07:04,080 --> 00:07:07,359 Speaker 1: has talked about that twice now at White House news conferences, 122 00:07:07,400 --> 00:07:09,840 Speaker 1: saying he was he was angry that some of the 123 00:07:09,880 --> 00:07:13,840 Speaker 1: companies that got tax relief from his TV tax cup 124 00:07:13,880 --> 00:07:16,600 Speaker 1: they'll just use them for stock by backs and dividends, 125 00:07:16,680 --> 00:07:18,360 Speaker 1: and he doesn't want that to happen this time around. 126 00:07:18,400 --> 00:07:20,960 Speaker 1: He wants that money to be put back into the 127 00:07:20,960 --> 00:07:24,040 Speaker 1: economy and to help you know, these companies hire and 128 00:07:24,160 --> 00:07:28,400 Speaker 1: keep workers and produce good So we'll see if that 129 00:07:28,400 --> 00:07:30,800 Speaker 1: that gets into the lowsomehow because right now there's no 130 00:07:30,880 --> 00:07:34,360 Speaker 1: provision that would prevent those buy backs and the Senate legislation. 131 00:07:34,920 --> 00:07:37,640 Speaker 1: Jordan's great stuff, great reporting. We've got a minute left, 132 00:07:37,640 --> 00:07:39,760 Speaker 1: but I want you to tell me something good that 133 00:07:39,880 --> 00:07:44,040 Speaker 1: happened today. What's something good that happened today? Well, I 134 00:07:44,040 --> 00:07:46,040 Speaker 1: walk my dog Kevin. That's pretty good, right, you know 135 00:07:46,080 --> 00:07:48,720 Speaker 1: what that is? Good man? I mean, you know what, 136 00:07:48,920 --> 00:07:51,760 Speaker 1: that's a great thing. I mean, I I've heard so 137 00:07:51,880 --> 00:07:55,040 Speaker 1: much stuff about how grateful people are for having pets, 138 00:07:55,080 --> 00:07:57,520 Speaker 1: and you know what, Uh, that's good enough for me. 139 00:07:57,600 --> 00:08:00,000 Speaker 1: Jordan after a week like this, Hey, great job, gets 140 00:08:00,160 --> 00:08:03,640 Speaker 1: rest this weekend. Keep socially distant, everybody. I'm Kevin Sirelli. 141 00:08:03,800 --> 00:08:06,160 Speaker 1: That was Jordan Fabian, Bloomberg News, White House reporter, my 142 00:08:06,200 --> 00:08:08,640 Speaker 1: good friend and of course colleague. You can download the 143 00:08:08,640 --> 00:08:11,200 Speaker 1: Bloomberg Sound On podcast on Apple iTunes and Bloomberg dot com, 144 00:08:11,320 --> 00:08:13,200 Speaker 1: or by downloading the Bloomberg Business app. You can also 145 00:08:13,200 --> 00:08:16,120 Speaker 1: find me on Radio dot com, I Heart Radio and Spotify. 146 00:08:16,240 --> 00:08:19,160 Speaker 1: Walk your dogs, Walk your dogs, go outside, get some 147 00:08:19,240 --> 00:08:23,480 Speaker 1: fresh air. Be socially distant, be mindful, but walk your dog, 148 00:08:23,560 --> 00:08:42,680 Speaker 1: Be grateful. I'm Kevin Sirelli. You're listening to Bloomberg. You're 149 00:08:42,760 --> 00:08:46,599 Speaker 1: listening to Bloomberg Sound On with Kevin Sirel on Bloomberg 150 00:08:47,679 --> 00:08:50,040 Speaker 1: and one or five point seven m M H D two. 151 00:08:50,640 --> 00:08:53,800 Speaker 1: I'm Keevin Sireli, watching the correspondent for Bloomberg Television and 152 00:08:53,920 --> 00:08:57,280 Speaker 1: Bloomberg Radio. My guest with me on the line. Edge Stringham. 153 00:08:57,600 --> 00:09:01,600 Speaker 1: He is the president of the American Institute for Economic 154 00:09:01,679 --> 00:09:05,760 Speaker 1: Research and a Professor of Economic Organizations and Innovation at 155 00:09:05,800 --> 00:09:07,920 Speaker 1: Trinity college. And how are you? How's your family? You 156 00:09:07,920 --> 00:09:12,520 Speaker 1: guys doing okay? Al right? Great? Thank you? All right? 157 00:09:12,640 --> 00:09:16,440 Speaker 1: So Ed, the markets took a tumble again today. This 158 00:09:16,679 --> 00:09:23,679 Speaker 1: is the SMP five man fell in the biggest weekly 159 00:09:23,840 --> 00:09:27,640 Speaker 1: drop since October two thousand and eight. When is this? 160 00:09:27,840 --> 00:09:34,120 Speaker 1: When is this downward trend gonna end? Head? Oh, it's 161 00:09:34,120 --> 00:09:40,120 Speaker 1: been extremely worrying to me. And I certainly would not 162 00:09:40,200 --> 00:09:46,000 Speaker 1: have predicted that it's just going and going and going down. 163 00:09:46,320 --> 00:09:50,719 Speaker 1: And I was earlier today they oh that maybe we'll 164 00:09:50,760 --> 00:09:54,079 Speaker 1: have another maybe a flat thing and update, But but 165 00:09:54,320 --> 00:10:01,599 Speaker 1: it really reflects how damaging thing are on the economy. 166 00:10:01,800 --> 00:10:07,640 Speaker 1: And that includes a the help ramifications of the coronavirus, 167 00:10:07,720 --> 00:10:13,800 Speaker 1: but also be the policy ramisfications when supply chains are 168 00:10:13,840 --> 00:10:19,079 Speaker 1: so disruptive, when people cannot work, when business is half 169 00:10:19,120 --> 00:10:24,760 Speaker 1: to close, when uh workers don't even have a short 170 00:10:24,840 --> 00:10:29,840 Speaker 1: event on this really really gotten much worse than than 171 00:10:31,080 --> 00:10:34,320 Speaker 1: well ed. I mean, look, it's bad, I mean and 172 00:10:34,320 --> 00:10:37,640 Speaker 1: and it's it's kind of paradoxical for me if I'm 173 00:10:37,679 --> 00:10:41,280 Speaker 1: being completely transparent to focus on the markets at a 174 00:10:41,360 --> 00:10:47,640 Speaker 1: time in which every single American, whether you're in Delaware County, Pennsylvania, 175 00:10:48,080 --> 00:10:51,920 Speaker 1: or you're in Des Moines, Iowa is feeling the effects 176 00:10:52,000 --> 00:10:59,040 Speaker 1: and the anxiety, the economic anxiety of what this shutdown means. 177 00:10:59,320 --> 00:11:04,000 Speaker 1: The DAL had the worst week, the worst week since 178 00:11:04,080 --> 00:11:09,120 Speaker 1: two thousand and eight. But is there any sign or 179 00:11:09,160 --> 00:11:12,200 Speaker 1: what can Washington do and not President Trump, I'm talking 180 00:11:12,280 --> 00:11:16,280 Speaker 1: lawmakers and both parties. What can they do come Monday 181 00:11:16,360 --> 00:11:19,520 Speaker 1: to provide to to lessen just a pitch, just a 182 00:11:19,720 --> 00:11:23,800 Speaker 1: smidge of the anxiety that Americans are feeling. What can 183 00:11:23,840 --> 00:11:28,960 Speaker 1: be done by policymakers? Well, the wal Street Journal had 184 00:11:29,000 --> 00:11:32,400 Speaker 1: I thought a great article from the editorial board today 185 00:11:32,520 --> 00:11:36,839 Speaker 1: and I'm talking about how some of the policies that 186 00:11:37,760 --> 00:11:43,720 Speaker 1: are so heavy handed in some cases are actually potentially 187 00:11:43,760 --> 00:11:51,079 Speaker 1: deadlier as a physically deadlier to humans then the disease itself. 188 00:11:51,559 --> 00:11:56,960 Speaker 1: If we shut down the economy, people who need to 189 00:11:57,040 --> 00:12:00,640 Speaker 1: be caring for the relatives don't have an income, they 190 00:12:00,640 --> 00:12:06,199 Speaker 1: can't do that. People who have children who are not well, 191 00:12:06,280 --> 00:12:11,920 Speaker 1: they can't, they can't help them. And businesses the ball 192 00:12:12,000 --> 00:12:16,720 Speaker 1: businesses so broken, restaurant workers have no source of income. 193 00:12:16,760 --> 00:12:21,880 Speaker 1: That just actually can be even even deadlier for Americans 194 00:12:21,960 --> 00:12:26,800 Speaker 1: or worldwide than the action virus itself. So I think 195 00:12:26,880 --> 00:12:30,600 Speaker 1: that we do need to be a little bit wary 196 00:12:31,080 --> 00:12:35,840 Speaker 1: about two factors. One obviously want to stop the disease 197 00:12:35,920 --> 00:12:41,760 Speaker 1: from spreading and making sure that the hospitals don't get overrun. 198 00:12:41,880 --> 00:12:46,640 Speaker 1: So the idea of mitigating the thread a lattening the 199 00:12:46,679 --> 00:12:50,920 Speaker 1: curve idea at the same time doing it in a 200 00:12:51,000 --> 00:12:57,760 Speaker 1: way that's not so dractonian and harmful for all economic activities. 201 00:12:57,840 --> 00:13:00,720 Speaker 1: And I can give you an example that travel band 202 00:13:01,360 --> 00:13:05,720 Speaker 1: in some abstract sense could make sense if there was 203 00:13:05,760 --> 00:13:10,480 Speaker 1: no coronavirus in the United States. When we need to 204 00:13:10,520 --> 00:13:12,920 Speaker 1: cooch the Chinese out, we need to get the Europeans out. 205 00:13:13,040 --> 00:13:15,400 Speaker 1: If we don't want to get the coronavirus in the 206 00:13:15,480 --> 00:13:21,280 Speaker 1: United States. Well, unfortunately, at this point it's here and 207 00:13:21,880 --> 00:13:25,720 Speaker 1: New Yorker and spreads the coronavirus just as much as 208 00:13:25,760 --> 00:13:32,480 Speaker 1: somebody's from Europe China. And to say that, you know, 209 00:13:32,520 --> 00:13:35,840 Speaker 1: we're going to continue to travel band and definitely or whatever, 210 00:13:35,880 --> 00:13:37,920 Speaker 1: I don't even know it's on the table at this moment, 211 00:13:38,400 --> 00:13:44,360 Speaker 1: that is counter productive. Another counterproductive policies that Marco Rubio, 212 00:13:44,520 --> 00:13:48,240 Speaker 1: Peter Navarro and the President are pushing is, oh, let's 213 00:13:48,480 --> 00:13:54,600 Speaker 1: now mandate that of medical supplies come from the United 214 00:13:54,640 --> 00:13:58,160 Speaker 1: States Hey, I don't think that's a good idea. I 215 00:13:58,160 --> 00:14:00,520 Speaker 1: got enough to ring. Ed Stringham is on the line, 216 00:14:00,520 --> 00:14:02,440 Speaker 1: and this this is a this is a I want 217 00:14:02,480 --> 00:14:04,040 Speaker 1: to interrupt you because I want to set it up here. 218 00:14:04,400 --> 00:14:07,160 Speaker 1: Ed Stringham is the president of the American Institute for 219 00:14:07,200 --> 00:14:11,560 Speaker 1: Economic Research and a professor of Economic Organizations that UH 220 00:14:11,600 --> 00:14:16,560 Speaker 1: and Innovation at Trinity College. Ed Ed Ed, I when 221 00:14:16,600 --> 00:14:19,520 Speaker 1: I think of the supply chain, and I think that 222 00:14:19,760 --> 00:14:23,560 Speaker 1: the pharmaceuticals and the drugs and the medicines that many 223 00:14:23,600 --> 00:14:28,680 Speaker 1: Americans are taking are so heavily reliant upon China and 224 00:14:28,760 --> 00:14:31,320 Speaker 1: everything that's going on right now, you mean to tell 225 00:14:31,320 --> 00:14:33,920 Speaker 1: me you think that the bipart is an approaches ed 226 00:14:34,080 --> 00:14:37,880 Speaker 1: from Marcia Blackburn, Marco Rubio as well as Democrats like 227 00:14:37,920 --> 00:14:41,680 Speaker 1: Mark Warner, as well as Senator Menendez, a Democrat from 228 00:14:41,720 --> 00:14:43,280 Speaker 1: New Jersey. You you mean to tell me that you 229 00:14:43,320 --> 00:14:47,720 Speaker 1: don't think that's gonna work. Why we're in a crisis. 230 00:14:47,840 --> 00:14:51,200 Speaker 1: We need to have as much supplied as possible. We 231 00:14:51,280 --> 00:14:57,320 Speaker 1: need to be ranting up American production of math respirator 232 00:14:57,920 --> 00:15:03,920 Speaker 1: and to start diverting that American manufacturing capacity away from 233 00:15:04,040 --> 00:15:08,040 Speaker 1: crucial needs to UH be buying inputs that we used 234 00:15:08,040 --> 00:15:12,360 Speaker 1: would buy from Mexico or China or wherever this is done. 235 00:15:12,440 --> 00:15:15,360 Speaker 1: That's exactly the wrong moment. I don't think it's a 236 00:15:15,360 --> 00:15:18,240 Speaker 1: good idea in general, but especially don't see this in 237 00:15:18,280 --> 00:15:20,400 Speaker 1: the midst of the health set. All right, we got 238 00:15:20,440 --> 00:15:21,920 Speaker 1: a minute left, But I want you to tell me 239 00:15:21,960 --> 00:15:24,120 Speaker 1: something good. It's all dum and gloom these days. Give 240 00:15:24,160 --> 00:15:26,600 Speaker 1: me one good thing that happened today that you noticed, 241 00:15:26,880 --> 00:15:29,360 Speaker 1: that gave you hope, that gave you optimism. Come on, 242 00:15:29,520 --> 00:15:32,440 Speaker 1: give me something good. It's Friday. Uh. The vix uh 243 00:15:33,880 --> 00:15:38,760 Speaker 1: options measures of volatility were at near record highs this 244 00:15:38,880 --> 00:15:41,680 Speaker 1: week that they were last night checked. I've fallen from 245 00:15:42,080 --> 00:15:46,960 Speaker 1: the sixty, which means traders are predicting there's gonna be 246 00:15:47,560 --> 00:15:52,600 Speaker 1: less volatility ahead. And so I do think that things 247 00:15:52,600 --> 00:15:55,240 Speaker 1: are gonna work out, even though you know, I'm very alarmed. 248 00:15:55,240 --> 00:15:57,240 Speaker 1: In the short run, I think that's being gonna work. 249 00:15:57,240 --> 00:16:00,360 Speaker 1: After cutting, we'll get through this. And I think that's 250 00:16:00,360 --> 00:16:01,760 Speaker 1: a great note to end it on. You're right. The 251 00:16:01,840 --> 00:16:05,200 Speaker 1: volatility index is so incredibly important. It's such a great 252 00:16:05,240 --> 00:16:08,720 Speaker 1: predictor of where things are going. And the volatility index 253 00:16:08,800 --> 00:16:12,480 Speaker 1: declined today from eight d to sixty, so that's a 254 00:16:12,680 --> 00:16:14,960 Speaker 1: very good sign, and that's a sign that we can 255 00:16:15,000 --> 00:16:18,240 Speaker 1: all be hopeful for. Thank you to Ed Stringham, the 256 00:16:18,280 --> 00:16:21,840 Speaker 1: president of the American Institute for Economic Research and professor 257 00:16:22,080 --> 00:16:25,040 Speaker 1: at Trinity College. Coming up next, much more with Mattie 258 00:16:25,040 --> 00:16:29,320 Speaker 1: Tuppler and Congresswoman Judy Chew. I'm Kevin Serelli, Chief Washington 259 00:16:29,320 --> 00:16:32,400 Speaker 1: correspondent for Bloomberg Television and Bloomberg Radio. And you're listening 260 00:16:32,440 --> 00:16:44,040 Speaker 1: to Bloomberg. You're listening to Bloomberg. Sound On with Kevin 261 00:16:44,040 --> 00:16:47,920 Speaker 1: Sirele on Bloomberg and one on five point seven f 262 00:16:48,120 --> 00:16:53,480 Speaker 1: m h D two. Happy Friday, host, Stay positive, Stay positive. 263 00:16:53,560 --> 00:16:57,880 Speaker 1: I'm Kevin Surreali, chief Washington correspondent for Bloomberg Television and 264 00:16:57,920 --> 00:17:01,440 Speaker 1: Bloomberg Radio. Joining me on the telephone line is Congresswoman 265 00:17:01,480 --> 00:17:05,240 Speaker 1: Judy Chew. She's a Democrat from California. She represents California's 266 00:17:06,200 --> 00:17:10,960 Speaker 1: seven district. Congresswoman, thank you for joining us. I mean, 267 00:17:11,600 --> 00:17:15,679 Speaker 1: what a week Let's go over what Americans should be 268 00:17:15,720 --> 00:17:19,760 Speaker 1: doing this weekend, which is what staying home, being socially distant, 269 00:17:20,200 --> 00:17:24,680 Speaker 1: not going outside unless they need to, and working from home. Correct. 270 00:17:26,040 --> 00:17:30,119 Speaker 1: That is right, and in fact, we in California just 271 00:17:30,359 --> 00:17:35,240 Speaker 1: got a stay at home order, So businesses that are 272 00:17:35,480 --> 00:17:40,520 Speaker 1: not doing essential business have to shut down. But also 273 00:17:41,040 --> 00:17:45,640 Speaker 1: everybody must stay at home. Uh. They can go out 274 00:17:45,680 --> 00:17:49,960 Speaker 1: to shop for groceries, to the pharmacy, do their laundry, 275 00:17:50,119 --> 00:17:53,600 Speaker 1: take out money from banks. They can actually also go 276 00:17:53,680 --> 00:17:56,800 Speaker 1: out for walks, but it's important for them to maintain 277 00:17:56,880 --> 00:18:00,400 Speaker 1: a six ft distance when they do so. Oh yes, 278 00:18:00,520 --> 00:18:06,000 Speaker 1: it's official here for forty million people in this state. Congresswoman, 279 00:18:06,119 --> 00:18:07,959 Speaker 1: you know I want to ask you this question, and 280 00:18:08,000 --> 00:18:10,720 Speaker 1: I mean it in all seriousness. Some people are freaked 281 00:18:10,720 --> 00:18:12,720 Speaker 1: out by this. You know, they're hearing on the news, 282 00:18:13,119 --> 00:18:17,120 Speaker 1: shelter in place, they're they're seeing so much volatility in 283 00:18:17,280 --> 00:18:20,080 Speaker 1: the markets. They're worried about their jobs, they're worried about 284 00:18:20,119 --> 00:18:24,840 Speaker 1: having to put food on the table. But should people 285 00:18:24,960 --> 00:18:31,480 Speaker 1: be scared or should people be vigilant? I have to 286 00:18:31,560 --> 00:18:36,120 Speaker 1: commend our state and city leaders here because they've been 287 00:18:36,200 --> 00:18:43,120 Speaker 1: so proactive. I think that if we follow the guidelines 288 00:18:43,119 --> 00:18:47,720 Speaker 1: that they've offered to us, that we should feel that 289 00:18:48,080 --> 00:18:54,359 Speaker 1: our future will be okay. Uh, we just have to 290 00:18:54,400 --> 00:18:59,280 Speaker 1: make sure that we know what is being asked of 291 00:18:59,359 --> 00:19:04,120 Speaker 1: us and why it's being asked, and then just make 292 00:19:04,160 --> 00:19:07,639 Speaker 1: sure that everybody is indeed safe. I I really do 293 00:19:07,720 --> 00:19:12,400 Speaker 1: think that if we follow these prescriptions that we will 294 00:19:12,520 --> 00:19:14,040 Speaker 1: get through that. You know, I like the word that 295 00:19:14,080 --> 00:19:16,280 Speaker 1: should use their Congresswoman Judy Choose on the line, she's 296 00:19:16,280 --> 00:19:20,520 Speaker 1: a Democrat from California. She said, if we followed these prescriptions, 297 00:19:21,160 --> 00:19:24,880 Speaker 1: She's not using the word restriction, She's saying prescriptions. This 298 00:19:24,960 --> 00:19:28,800 Speaker 1: is what our federal, our local, and our state government 299 00:19:28,800 --> 00:19:33,800 Speaker 1: officials have prescribed in order to beat this virus. Congress Woman, 300 00:19:33,840 --> 00:19:36,360 Speaker 1: you're also a member of the Small Business Committee, and 301 00:19:36,840 --> 00:19:41,520 Speaker 1: small businesses are incredibly anxious. They are incredibly anxious that 302 00:19:41,600 --> 00:19:44,399 Speaker 1: this is I mean, the world has been. It's devastating. 303 00:19:44,440 --> 00:19:48,080 Speaker 1: I mean, it's it's real. Can you give me some 304 00:19:48,280 --> 00:19:51,480 Speaker 1: other in addition to the economic stimulus that's gonna likely 305 00:19:51,520 --> 00:19:53,359 Speaker 1: pass on Monday and Tuesday of next week, can you 306 00:19:53,400 --> 00:19:57,040 Speaker 1: give me some other anecdotes or some other facts about 307 00:19:57,280 --> 00:20:00,320 Speaker 1: other tools in the arsenal that that policy make can 308 00:20:00,400 --> 00:20:04,439 Speaker 1: deploy to help small businesses. Well, I do want to 309 00:20:04,480 --> 00:20:09,560 Speaker 1: make all the small businesses aware that there is a 310 00:20:09,560 --> 00:20:15,359 Speaker 1: a an s P A program um for COVID virus 311 00:20:15,440 --> 00:20:20,119 Speaker 1: related cases. UH. Now COVID virus UH COVID nineteen is 312 00:20:20,880 --> 00:20:23,359 Speaker 1: being declared part of a disaster. So, in other words, 313 00:20:23,400 --> 00:20:27,600 Speaker 1: every small business is eligible to take out a loan 314 00:20:27,880 --> 00:20:29,840 Speaker 1: up for up to two million dollars at a very 315 00:20:29,920 --> 00:20:35,600 Speaker 1: very low interest rate to help them get over this process, UH, 316 00:20:35,640 --> 00:20:39,240 Speaker 1: to help keep their businesses alive. So these loans are 317 00:20:39,240 --> 00:20:43,080 Speaker 1: available right now, but we want to even go further 318 00:20:43,119 --> 00:20:45,439 Speaker 1: with this, and we're actually discussing measures that we can 319 00:20:45,480 --> 00:20:48,920 Speaker 1: take for the third stimulus, so we are watching out 320 00:20:49,359 --> 00:20:53,160 Speaker 1: for them. I know it's really tough. I know it's 321 00:20:53,320 --> 00:20:56,680 Speaker 1: especially tough for those who are in the food business, 322 00:20:56,800 --> 00:21:02,679 Speaker 1: the restaurants, um, the bars, um. But Congressman, it's devastating. 323 00:21:02,760 --> 00:21:06,080 Speaker 1: I mean it is. It's devastating. I mean, and it's 324 00:21:06,119 --> 00:21:09,080 Speaker 1: real construction workers, people in the supply chains. I mean, 325 00:21:09,600 --> 00:21:12,280 Speaker 1: it's so incredibly real, Congressman, And I know you know this, 326 00:21:12,359 --> 00:21:14,000 Speaker 1: and I don't want to be on a soapbox, But 327 00:21:14,320 --> 00:21:16,800 Speaker 1: for people listening out there who are feeling so anxious 328 00:21:16,840 --> 00:21:20,200 Speaker 1: because of the very real economic anxiety that's out there, 329 00:21:20,880 --> 00:21:23,200 Speaker 1: you're saying, where can they go to get information about 330 00:21:23,200 --> 00:21:27,000 Speaker 1: these loans? So you just go onto the SBA site 331 00:21:27,600 --> 00:21:29,960 Speaker 1: and you will find information there. This is this is 332 00:21:29,960 --> 00:21:32,479 Speaker 1: the top priority. All right, and congress Woman, you are 333 00:21:32,520 --> 00:21:35,760 Speaker 1: also the first Chinese American woman ever elected to the 334 00:21:35,760 --> 00:21:39,320 Speaker 1: House of Representatives. Uh. You know, there's been a lot 335 00:21:39,359 --> 00:21:42,120 Speaker 1: of talk about the rhetoric around this, and I wanted 336 00:21:42,160 --> 00:21:46,760 Speaker 1: to give you an opportunity to tell me your thoughts. Well, 337 00:21:46,800 --> 00:21:51,080 Speaker 1: I am so concerned about the president usage of the 338 00:21:51,200 --> 00:21:56,960 Speaker 1: term Chinese virus. He's doubling down on this term when uh, 339 00:21:57,000 --> 00:22:01,000 Speaker 1: every other leading entity is saying, do not use that term, 340 00:22:01,440 --> 00:22:06,400 Speaker 1: use the official term COVID nineteen or Corona virus. In fact, 341 00:22:06,600 --> 00:22:11,080 Speaker 1: the World Health Organization said, do not have a disease 342 00:22:11,119 --> 00:22:15,560 Speaker 1: associated with a place, and uh that is because there 343 00:22:15,600 --> 00:22:17,760 Speaker 1: is too much of a stigma that's associated with it. 344 00:22:18,240 --> 00:22:23,879 Speaker 1: And Secretary of Health and Human Services Alex Asar declared 345 00:22:23,920 --> 00:22:26,720 Speaker 1: to me and hearing that he would refrain from doing 346 00:22:26,720 --> 00:22:29,920 Speaker 1: that because he did not want the stigma. Uh. The 347 00:22:29,960 --> 00:22:34,000 Speaker 1: head of the CDC, Robert Redfield, also confirmed that he 348 00:22:34,000 --> 00:22:37,800 Speaker 1: would not use the term. Um, we know that their 349 00:22:37,880 --> 00:22:41,600 Speaker 1: consequences if you continue to use its terms. In fact, 350 00:22:41,640 --> 00:22:45,600 Speaker 1: every time the President uses it, there are more insults, 351 00:22:45,600 --> 00:22:49,600 Speaker 1: dirty looks. There have even been assaults against Asian Americans. 352 00:22:50,000 --> 00:22:52,280 Speaker 1: One woman who has assaulted on a New York subway 353 00:22:52,280 --> 00:22:55,240 Speaker 1: simply because she was wearing a face mask. A young 354 00:22:55,320 --> 00:23:00,520 Speaker 1: boy aged sixteen who was beaten by bullies who uh 355 00:23:00,720 --> 00:23:03,400 Speaker 1: declared that he had coronavirus enough so that it put 356 00:23:03,480 --> 00:23:07,879 Speaker 1: him into the hospital. So they're really serious consequences to 357 00:23:08,040 --> 00:23:11,160 Speaker 1: this name calling, especially in the time like now where 358 00:23:11,160 --> 00:23:14,040 Speaker 1: there's so much fear and anxiety. Congresswoman Judy Choose on 359 00:23:14,080 --> 00:23:18,960 Speaker 1: the line, she's a Democrat from California. She represents California's district. 360 00:23:19,160 --> 00:23:23,480 Speaker 1: Have you noticed at all that partisanship has dissipated? Can 361 00:23:23,480 --> 00:23:25,720 Speaker 1: you give me at least a glimmer of hope that 362 00:23:25,800 --> 00:23:30,040 Speaker 1: ballmakers on both sides of the aisle are reaching together, 363 00:23:30,600 --> 00:23:34,040 Speaker 1: are working together to provide health relief and to provide 364 00:23:34,280 --> 00:23:38,479 Speaker 1: economic relief in the midst of this pandemic. Well, I 365 00:23:38,600 --> 00:23:43,840 Speaker 1: was so encouraged to see the Senate passed our bill, 366 00:23:44,000 --> 00:23:48,240 Speaker 1: the second Stimulus Bill. The two bills that we passed 367 00:23:48,240 --> 00:23:52,160 Speaker 1: so far are so very, very important, but I especially 368 00:23:52,160 --> 00:23:55,639 Speaker 1: felt passionate about the second one because this is providing 369 00:23:55,760 --> 00:23:59,959 Speaker 1: the relief to the workers. It provides for fourteen day 370 00:24:00,440 --> 00:24:03,199 Speaker 1: days worth of sickly as well as three months of 371 00:24:03,280 --> 00:24:07,199 Speaker 1: paid family because we know that these workers, if they 372 00:24:07,240 --> 00:24:09,800 Speaker 1: get sick, they have to take that time off, and 373 00:24:09,960 --> 00:24:12,480 Speaker 1: how are they going to be able to make ends? 374 00:24:12,560 --> 00:24:17,400 Speaker 1: Me go ahead, Well, the fact that the Senate did 375 00:24:17,400 --> 00:24:20,919 Speaker 1: pass it quickly was good, all right, quickly just speaking 376 00:24:20,920 --> 00:24:23,000 Speaker 1: of quickly, just from a procedural standpoint. I got this 377 00:24:23,119 --> 00:24:26,560 Speaker 1: question a lot from from listeners who have messaged me. Uh, 378 00:24:26,760 --> 00:24:32,359 Speaker 1: how how are lallmakers actually maintaining following social distancing while 379 00:24:32,400 --> 00:24:35,560 Speaker 1: also working and being in the Capitol. Can you just 380 00:24:35,600 --> 00:24:42,479 Speaker 1: give us some protocol insight? So, Um, the stay at 381 00:24:42,480 --> 00:24:46,879 Speaker 1: home orders did not occur, did not start occurring until 382 00:24:47,119 --> 00:24:52,639 Speaker 1: we left last week. UM. And so uh now, uh, 383 00:24:53,560 --> 00:24:59,480 Speaker 1: we pretty much implement it total teller working. Um, we 384 00:24:59,640 --> 00:25:04,800 Speaker 1: are els are staying at home. We are doing virtual meetings. 385 00:25:04,800 --> 00:25:08,720 Speaker 1: In fact, I had a Facebook live teletown hall just yesterday. 386 00:25:09,280 --> 00:25:11,600 Speaker 1: But it was very effective because people could call in 387 00:25:12,280 --> 00:25:15,880 Speaker 1: um or email their questions to us. That we're using 388 00:25:15,880 --> 00:25:19,000 Speaker 1: creative like the rest of the country. Congressman, less than 389 00:25:19,040 --> 00:25:21,840 Speaker 1: thirty seconds, give me some good news. What happened today 390 00:25:21,880 --> 00:25:23,800 Speaker 1: that that that that gave you, gave you hope and 391 00:25:23,800 --> 00:25:27,720 Speaker 1: gave you optimism. Well, I've been so encouraged by these 392 00:25:27,720 --> 00:25:32,000 Speaker 1: acts of kindness. There was a person who set up 393 00:25:32,240 --> 00:25:35,600 Speaker 1: a web page just just to get volunteers, uh, and 394 00:25:35,720 --> 00:25:39,399 Speaker 1: just to get requests from people who needed help, and 395 00:25:39,480 --> 00:25:43,840 Speaker 1: people volunteered in great numbers. Great. Yeah, you know what, 396 00:25:43,880 --> 00:25:46,280 Speaker 1: You've got to spread kindness, You've got to share positivity. 397 00:25:46,440 --> 00:25:49,560 Speaker 1: Congress Woman Judy Chew, Democraptic, California, thank you for taking 398 00:25:49,560 --> 00:25:52,600 Speaker 1: the time. Best of luck this weekend. We're keeping We're 399 00:25:52,600 --> 00:25:55,360 Speaker 1: all with you. I'm Kevin Sireli, Chief Washington corresponded. We're 400 00:25:55,400 --> 00:25:57,920 Speaker 1: with all law lawmakers right now. I'm Kevin Serelli. You're 401 00:25:57,920 --> 00:26:08,520 Speaker 1: listening to Bloomberg one. This is Bloomberg Sound On with 402 00:26:08,640 --> 00:26:13,119 Speaker 1: Kevin on Bloomberg and one or five point seven a 403 00:26:13,320 --> 00:26:17,080 Speaker 1: m h D two Tom Kevin cur really Chief Washington 404 00:26:17,119 --> 00:26:20,000 Speaker 1: correspondent for Bloomberg Television and Bloomberg Radio. What a week, 405 00:26:20,080 --> 00:26:23,119 Speaker 1: and honestly, what a week. And let's just all have 406 00:26:23,160 --> 00:26:27,560 Speaker 1: so much gratitude for all of the medical professionals, everyone 407 00:26:27,600 --> 00:26:33,160 Speaker 1: who's really on the front lines of this and uh, 408 00:26:33,200 --> 00:26:36,320 Speaker 1: and honestly, just be proud of yourself for not not 409 00:26:36,359 --> 00:26:38,920 Speaker 1: what you did professionally, but what you handled this week. 410 00:26:39,000 --> 00:26:41,120 Speaker 1: I mean, I think that we're all a little too 411 00:26:41,160 --> 00:26:43,680 Speaker 1: harder hard on ourselves. Joining me on the line. Good 412 00:26:43,720 --> 00:26:47,160 Speaker 1: friend of the program. Mattie Duppler, founder a Forward Strategy, 413 00:26:47,200 --> 00:26:50,080 Speaker 1: Senior Fellow at the National Taxpayers Union of Former Coalitions 414 00:26:50,119 --> 00:26:54,920 Speaker 1: director for the House Republican Conference. Maddie, thanks for being here. Hey, Kevin, 415 00:26:55,040 --> 00:26:57,240 Speaker 1: from me. You know, it is Friday. What a week. 416 00:26:57,520 --> 00:27:01,720 Speaker 1: But I when I were talking about this offline, I mean, 417 00:27:01,880 --> 00:27:03,439 Speaker 1: I think so many people I see them in my 418 00:27:03,480 --> 00:27:06,240 Speaker 1: social media feeds and and they're doing all they can 419 00:27:06,320 --> 00:27:08,000 Speaker 1: with like the workouts and stuff. But I really had 420 00:27:08,000 --> 00:27:10,600 Speaker 1: a hard time being motivated this week outside of work 421 00:27:10,960 --> 00:27:12,800 Speaker 1: to want you know what I mean. I mean, it 422 00:27:12,880 --> 00:27:16,120 Speaker 1: was just so much. I don't know, Kevy, you gotta 423 00:27:16,240 --> 00:27:18,639 Speaker 1: take what you need, right, I mean, like, if nothing 424 00:27:18,680 --> 00:27:21,199 Speaker 1: else that we can take away from this experience is 425 00:27:21,240 --> 00:27:24,160 Speaker 1: like it's so important to identify what your needs are 426 00:27:24,200 --> 00:27:26,359 Speaker 1: in the moment that they're happening. And maybe it's not 427 00:27:26,520 --> 00:27:29,920 Speaker 1: going and getting a ninety minute workout in because you're 428 00:27:29,920 --> 00:27:32,400 Speaker 1: working from home. Maybe it's just like taking a few 429 00:27:32,440 --> 00:27:34,760 Speaker 1: moments for yourself. But I have been encouraging all my 430 00:27:34,800 --> 00:27:37,440 Speaker 1: friends to just move a couple of minutes out of 431 00:27:37,480 --> 00:27:39,640 Speaker 1: the day. You know, I work from home like four 432 00:27:39,680 --> 00:27:41,240 Speaker 1: year percent of time, so I'm kind of useless. But 433 00:27:41,600 --> 00:27:43,520 Speaker 1: people who aren't used to being home, it's so easy 434 00:27:43,560 --> 00:27:45,320 Speaker 1: to get stuck at your desk and like not move. 435 00:27:45,440 --> 00:27:48,040 Speaker 1: So just get up, dance for one song, whatever it 436 00:27:48,119 --> 00:27:49,760 Speaker 1: is you need to do. A little bit of movement 437 00:27:49,760 --> 00:27:51,520 Speaker 1: can go a long way. But don't be hard what 438 00:27:51,640 --> 00:27:53,439 Speaker 1: you're telling I needed to hear this, Maddie. I mean, 439 00:27:53,600 --> 00:27:55,639 Speaker 1: I got to be honest. I was really hard on 440 00:27:55,680 --> 00:27:58,080 Speaker 1: myself this week. I was like, oh, Kevin, you're missing 441 00:27:58,080 --> 00:28:00,040 Speaker 1: your runs, You're missing this. But you know what, I 442 00:28:00,040 --> 00:28:02,800 Speaker 1: gotta take it easy. I gotta relax and give myself, 443 00:28:02,960 --> 00:28:05,720 Speaker 1: give all of us. I'm really proud to see how Washington, 444 00:28:05,800 --> 00:28:08,000 Speaker 1: d C in particular, as well as cities all across 445 00:28:08,040 --> 00:28:11,520 Speaker 1: this country and rural communities have really come together to 446 00:28:11,600 --> 00:28:16,440 Speaker 1: support one another. And you know, uh, we gotta take 447 00:28:16,440 --> 00:28:18,560 Speaker 1: it easy on ourselves and we're going to get through this. 448 00:28:18,640 --> 00:28:21,320 Speaker 1: And and right, is that what I'm hearing? I no, 449 00:28:21,480 --> 00:28:23,240 Speaker 1: I agree. And you know, so we got through the 450 00:28:23,280 --> 00:28:26,040 Speaker 1: first week of social distancing here in d C. Really 451 00:28:26,119 --> 00:28:28,359 Speaker 1: everything got shut down Friday of last week. So we 452 00:28:28,400 --> 00:28:30,879 Speaker 1: did it. We can keep doing it. You'll keep learning 453 00:28:30,880 --> 00:28:33,119 Speaker 1: as this process goes along. You know. We were just 454 00:28:33,200 --> 00:28:35,360 Speaker 1: FaceTime with our friends in Kansas City and they were 455 00:28:35,359 --> 00:28:37,560 Speaker 1: talking about how people are kind of still trying to 456 00:28:37,560 --> 00:28:40,200 Speaker 1: figure it out because it hasn't seemed as like exigent 457 00:28:40,280 --> 00:28:42,960 Speaker 1: there yet. Like the point to take away here is 458 00:28:43,000 --> 00:28:44,960 Speaker 1: like we'll figure it out. You never know how to 459 00:28:44,960 --> 00:28:46,480 Speaker 1: figure it out until you're in the thrones of it. 460 00:28:46,520 --> 00:28:48,280 Speaker 1: Like I'm a new parent, which that's advice people give 461 00:28:48,320 --> 00:28:49,400 Speaker 1: to me a lot, Like you don't know how you're 462 00:28:49,400 --> 00:28:51,600 Speaker 1: gonna figure it out, so you have to. This is 463 00:28:51,680 --> 00:28:53,440 Speaker 1: kind of the same thing where like you know what, 464 00:28:53,640 --> 00:28:55,400 Speaker 1: like you can do it, you can stay home for 465 00:28:55,400 --> 00:28:57,520 Speaker 1: a little bit longer together. Once we all figure this 466 00:28:57,560 --> 00:29:00,640 Speaker 1: out together, we're gonna be better off. We're gonna Just 467 00:29:00,720 --> 00:29:03,840 Speaker 1: for Washington, d C, Mayor Bowser has extended the social 468 00:29:03,880 --> 00:29:07,960 Speaker 1: distancing period for d C until April. She's saying that 469 00:29:08,000 --> 00:29:11,080 Speaker 1: schools are going to go back in April. It could 470 00:29:11,080 --> 00:29:14,880 Speaker 1: be extended even further. Uh. And of course, the first 471 00:29:14,880 --> 00:29:19,840 Speaker 1: coronavirus death was confirmed in Washington, d C. But you know, 472 00:29:20,360 --> 00:29:22,960 Speaker 1: all right, someone I want to ask you, what if 473 00:29:23,000 --> 00:29:27,280 Speaker 1: you've been noticing Mattie Duppler in terms of the medicines 474 00:29:27,360 --> 00:29:30,760 Speaker 1: that are getting approved, potentially in vaccinations that are getting 475 00:29:30,760 --> 00:29:33,240 Speaker 1: that are working the way through, and how the government's 476 00:29:33,280 --> 00:29:35,880 Speaker 1: working to deregulate in order to bring some of these 477 00:29:35,880 --> 00:29:40,280 Speaker 1: medical treatments more quickly into the market. Well, listen, I 478 00:29:40,320 --> 00:29:43,560 Speaker 1: think that this is a very important conversation for us 479 00:29:43,560 --> 00:29:47,240 Speaker 1: to be having, and unfortunately, I do feel like we 480 00:29:47,280 --> 00:29:49,360 Speaker 1: don't have it until we're at a moment of crisis. 481 00:29:49,400 --> 00:29:52,280 Speaker 1: But the regulations in place right now in order to 482 00:29:52,360 --> 00:29:55,760 Speaker 1: get approval through the FBA are outrageous. You know, We've 483 00:29:55,880 --> 00:29:58,480 Speaker 1: we've seen a little bit of conversation about this over 484 00:29:58,520 --> 00:30:01,680 Speaker 1: the past two years, with the Trump administration of course 485 00:30:01,760 --> 00:30:04,719 Speaker 1: signing into law right to Try, which tried to lessen 486 00:30:04,840 --> 00:30:07,080 Speaker 1: some of those barriers, But we need more of it, 487 00:30:07,240 --> 00:30:09,160 Speaker 1: you know, Like everyone's asking, why is it that we 488 00:30:09,240 --> 00:30:12,000 Speaker 1: have these kind of these barriers in our supply pains? 489 00:30:12,040 --> 00:30:14,800 Speaker 1: Why do we have barriers in the regulatory process. All 490 00:30:14,800 --> 00:30:16,959 Speaker 1: of these things have built up over time so that 491 00:30:16,960 --> 00:30:19,800 Speaker 1: when you encounter a circumstance like what we have right 492 00:30:19,800 --> 00:30:23,800 Speaker 1: now with COVID nineteen, there's absolutely no space in the 493 00:30:23,800 --> 00:30:26,960 Speaker 1: federal bureaucracy for exigency, and like we're seeing a little 494 00:30:27,000 --> 00:30:29,400 Speaker 1: bit of that breakdown. I think the Trump administration has 495 00:30:29,440 --> 00:30:31,960 Speaker 1: done a miraculous job trying to weed through some of 496 00:30:31,960 --> 00:30:33,800 Speaker 1: that stuff. I mean, some of the healthcare stuff that 497 00:30:33,840 --> 00:30:36,160 Speaker 1: they have done at the state level is great. Uh, 498 00:30:36,520 --> 00:30:39,760 Speaker 1: you know, just banning some certificate need laws, allowing for 499 00:30:39,840 --> 00:30:45,160 Speaker 1: some cross functionality of of medical professionals over borders, that 500 00:30:45,240 --> 00:30:47,320 Speaker 1: kind of stuff is just common sense. I hope we 501 00:30:47,400 --> 00:30:51,320 Speaker 1: retain it past this pandemic because it really does speak 502 00:30:51,320 --> 00:30:53,719 Speaker 1: to the fact that we have shortages and healthcare in 503 00:30:53,760 --> 00:30:55,960 Speaker 1: this country, and there are ways that we can eliminate 504 00:30:56,000 --> 00:30:59,520 Speaker 1: that without endangering patients. Certainly decreasing that regulatory barrier is 505 00:30:59,560 --> 00:31:01,680 Speaker 1: one of them. All Right. So another thing that is 506 00:31:01,680 --> 00:31:04,520 Speaker 1: going to come to the forefront on Monday and Tuesday 507 00:31:04,560 --> 00:31:07,719 Speaker 1: of next week is this economic stimulus bill. Everyone's been 508 00:31:07,760 --> 00:31:10,680 Speaker 1: talking about the helicopter cash, But talk to me about 509 00:31:10,760 --> 00:31:14,880 Speaker 1: what what's out there procedurally for small businesses in terms 510 00:31:14,880 --> 00:31:16,800 Speaker 1: of loans that they can get. What what are what 511 00:31:16,840 --> 00:31:19,440 Speaker 1: are Democrats and Republicans saying, if you're a small business 512 00:31:19,480 --> 00:31:22,400 Speaker 1: right now, you're it's scary. It's it's very scary. So 513 00:31:22,520 --> 00:31:25,120 Speaker 1: what what can they do, where can they go? Yeah, Kevin, 514 00:31:25,120 --> 00:31:28,160 Speaker 1: if you're a small business, But if you're an employee 515 00:31:28,160 --> 00:31:30,560 Speaker 1: of a small business, it's even scarier, right, because you 516 00:31:30,600 --> 00:31:32,960 Speaker 1: don't know what your future looks like. This is why 517 00:31:33,000 --> 00:31:36,360 Speaker 1: I think it is so important for Washington to concentrate 518 00:31:36,360 --> 00:31:39,840 Speaker 1: their response in allowing employers to maintain their payrolls even 519 00:31:39,880 --> 00:31:42,240 Speaker 1: if their workers can't come to work. There needs to 520 00:31:42,280 --> 00:31:46,440 Speaker 1: be a federal backstop that allows UH businesses to continue 521 00:31:46,440 --> 00:31:49,800 Speaker 1: to pay their workers. They're that kind of consistency in 522 00:31:49,920 --> 00:31:53,080 Speaker 1: place because we know, we know why this is happening, right, 523 00:31:53,120 --> 00:31:55,200 Speaker 1: This isn't my two thousand eight where like the financial 524 00:31:55,280 --> 00:31:57,719 Speaker 1: bottom fell out of the economy. We know why this 525 00:31:57,800 --> 00:32:00,120 Speaker 1: is happening. Once the the virus threat has a bad 526 00:32:00,160 --> 00:32:02,200 Speaker 1: a little bit, we need the economy to be able 527 00:32:02,200 --> 00:32:04,920 Speaker 1: to gear up, and in order to do that, we 528 00:32:04,960 --> 00:32:07,200 Speaker 1: need people to have jobs to come back to. So 529 00:32:07,280 --> 00:32:08,720 Speaker 1: I think that there are a number of things in 530 00:32:08,720 --> 00:32:11,280 Speaker 1: the Senate bill that are very helpful for that. Maintaining 531 00:32:11,360 --> 00:32:14,640 Speaker 1: cash flow is paramounts, so uh, it's doing a holiday 532 00:32:14,640 --> 00:32:16,920 Speaker 1: for the payroll tax on the employer's side will be helpful. 533 00:32:17,160 --> 00:32:19,800 Speaker 1: They're also small business loans in there that allow businesses 534 00:32:19,840 --> 00:32:21,840 Speaker 1: to take on a loan to float their payroll for 535 00:32:21,880 --> 00:32:25,240 Speaker 1: the next coming month, and they can use that entire 536 00:32:25,280 --> 00:32:27,479 Speaker 1: payroll without having to pay that loan back if they 537 00:32:27,480 --> 00:32:29,920 Speaker 1: don't have any layoffs in the course of the legislation 538 00:32:29,960 --> 00:32:32,440 Speaker 1: went And in fact, those sort of measures will have 539 00:32:32,480 --> 00:32:35,240 Speaker 1: a task sating effect because they create certainty at a 540 00:32:35,280 --> 00:32:37,240 Speaker 1: time when there is none. So hopefully those measures in 541 00:32:37,240 --> 00:32:39,880 Speaker 1: the Senate bill are part of the final package Sentences 542 00:32:39,880 --> 00:32:42,760 Speaker 1: expected to vote as early as Monday on the proposal. 543 00:32:43,080 --> 00:32:46,200 Speaker 1: They I hate to interrupt you, if they'll vote on 544 00:32:46,240 --> 00:32:54,520 Speaker 1: this on Monday, I mean they are that is not back. Yeah, 545 00:32:54,560 --> 00:32:59,240 Speaker 1: So the conversations right now the Senate McConnell, I believe 546 00:32:59,640 --> 00:33:01,560 Speaker 1: close or right before I got on the phone with you, 547 00:33:01,640 --> 00:33:04,520 Speaker 1: which means this is moving forward. Remember back in two 548 00:33:04,800 --> 00:33:07,600 Speaker 1: eight how Secretary Paulson at the time went to the 549 00:33:07,680 --> 00:33:10,280 Speaker 1: Capitol and told Pelosi like, we don't have time, you 550 00:33:10,360 --> 00:33:14,520 Speaker 1: need to vote, and that that's a moment. Well, and 551 00:33:14,600 --> 00:33:17,040 Speaker 1: this is the thing, Leader McConnell. If he if he 552 00:33:17,080 --> 00:33:19,000 Speaker 1: wants something, he gets it done. So I mean for 553 00:33:19,080 --> 00:33:21,000 Speaker 1: him to file culture as it's known, and to set 554 00:33:21,040 --> 00:33:23,160 Speaker 1: up procedurally for this to come to a head. That's 555 00:33:23,160 --> 00:33:26,960 Speaker 1: a big, big sign, Maddie. We've only got two minutes left, 556 00:33:27,040 --> 00:33:29,880 Speaker 1: but very quickly, in like thirty seconds, give me a 557 00:33:29,920 --> 00:33:34,160 Speaker 1: macro view. What's the FED doing? What is it the 558 00:33:34,240 --> 00:33:37,000 Speaker 1: FED doing that Fed in the kitchen? Think of this problem. 559 00:33:37,040 --> 00:33:40,400 Speaker 1: Every lever they have the pull to increase liquidity liquidity, 560 00:33:40,440 --> 00:33:42,600 Speaker 1: they have essentially pulled it, which is exactly what the 561 00:33:42,640 --> 00:33:44,640 Speaker 1: FEND is supposed to do. Right now, I think we're 562 00:33:44,640 --> 00:33:46,800 Speaker 1: in good position from a monetary policy a standpoint. It 563 00:33:46,800 --> 00:33:49,640 Speaker 1: all depends on football policy. Alright, any other good news? 564 00:33:49,640 --> 00:33:52,120 Speaker 1: Give me some good news that you heard today. Well, 565 00:33:52,160 --> 00:33:53,720 Speaker 1: I can get a good news. I can tell you 566 00:33:53,760 --> 00:33:55,880 Speaker 1: what I'm doing. I put on a couple of old playlists, 567 00:33:55,880 --> 00:33:57,760 Speaker 1: like a couple of years old today and like those 568 00:33:57,840 --> 00:33:59,880 Speaker 1: kind of like nostalgic box really got me through the 569 00:34:00,040 --> 00:34:03,600 Speaker 1: what's the songs? The song I had a little ben 570 00:34:03,680 --> 00:34:08,440 Speaker 1: Fold rock in the Suburbs. Yeah, that is that is 571 00:34:08,480 --> 00:34:13,399 Speaker 1: my damn from way back when, up a little bit. 572 00:34:14,360 --> 00:34:17,120 Speaker 1: You know, I made a playlist as well. I was listening. 573 00:34:17,160 --> 00:34:19,439 Speaker 1: I'm not I mean, I had some guilty pleasures on there, 574 00:34:20,000 --> 00:34:22,319 Speaker 1: but I was just kind of like I do this 575 00:34:22,360 --> 00:34:23,680 Speaker 1: thing where I make the playlist and I try to 576 00:34:23,719 --> 00:34:25,680 Speaker 1: make it all motivational. Finally, I was like, yeah, now 577 00:34:25,719 --> 00:34:27,799 Speaker 1: I'm going back to eminem. I'm going back to my 578 00:34:28,560 --> 00:34:31,799 Speaker 1: to my pop pops. You know what, we should do 579 00:34:31,920 --> 00:34:35,960 Speaker 1: a sound on Extra this weekend about tax relief and 580 00:34:36,000 --> 00:34:40,440 Speaker 1: some other millennial economics. You win. I am potorally in. 581 00:34:40,520 --> 00:34:42,919 Speaker 1: We've had a lot of news this week, so much, 582 00:34:42,960 --> 00:34:44,719 Speaker 1: and I think for for people under forty. I mean 583 00:34:44,760 --> 00:34:46,840 Speaker 1: there's been so much news about the college loans and 584 00:34:46,880 --> 00:34:49,319 Speaker 1: the tax relief and whatnot. So I'm gonna all set 585 00:34:49,320 --> 00:34:51,160 Speaker 1: that up. We can do it on Instagram or something. Okay, 586 00:34:52,880 --> 00:34:55,320 Speaker 1: all right, unplugged this weekend, Maddie, and hug your baby 587 00:34:55,360 --> 00:34:58,400 Speaker 1: for me and tell the husbind I said hello and 588 00:34:58,440 --> 00:35:02,439 Speaker 1: thank you again for joining us. All right, Yeah, that's 589 00:35:02,440 --> 00:35:05,319 Speaker 1: Maddie Tuppler. Everybody. She's the founder of Forward Strategy, senior 590 00:35:05,360 --> 00:35:08,280 Speaker 1: fellow at the National Taxpayers Union, and former Coalitions director 591 00:35:08,600 --> 00:35:12,440 Speaker 1: to the House Republican Conference. Stay positive, stay socially distant, 592 00:35:12,440 --> 00:35:15,440 Speaker 1: but stay socially engaged. Thank you so much for listening. 593 00:35:15,440 --> 00:35:18,279 Speaker 1: Reach out to me cross platform. I'm Kevin SURREALI Chief 594 00:35:18,320 --> 00:35:21,960 Speaker 1: Washington correspondent for Bloomberg Television. Of Bloomberg Radio. You're listening 595 00:35:21,960 --> 00:35:22,560 Speaker 1: to Bloomberg