1 00:00:00,320 --> 00:00:03,120 Speaker 1: We shouldn't as Democrats be a power in the republicist 2 00:00:03,160 --> 00:00:06,120 Speaker 1: President Trump was secure to smash conventional norms. I would 3 00:00:06,160 --> 00:00:08,560 Speaker 1: rather see a congressional solution. Pitch part of my DNA. 4 00:00:09,000 --> 00:00:19,880 Speaker 1: This is Bloomberg sound on sling on Bloomberg two. Busy 5 00:00:19,960 --> 00:00:25,880 Speaker 1: day with regards to reopening the economy. This estates are 6 00:00:25,920 --> 00:00:30,120 Speaker 1: grappling with all of the incoming data and helped data 7 00:00:30,560 --> 00:00:33,680 Speaker 1: that's helping them to guide whether or not or how 8 00:00:33,800 --> 00:00:36,440 Speaker 1: rather to reopen the economy. And the latest on the 9 00:00:36,479 --> 00:00:40,760 Speaker 1: meat shortage risk that is climbing up to of US 10 00:00:40,880 --> 00:00:45,720 Speaker 1: poor capacity offline, the latest on how this pandemic is 11 00:00:45,760 --> 00:00:49,839 Speaker 1: impacting farmers. We're gonna dive into it. Meanwhile, as we 12 00:00:49,920 --> 00:00:54,760 Speaker 1: are speaking, the House is voting to pass that small 13 00:00:54,760 --> 00:00:57,680 Speaker 1: Business Administration package. And that's where our first guest likely 14 00:00:57,840 --> 00:01:00,240 Speaker 1: is right now, Congressman Andy Park the reut it did 15 00:01:00,240 --> 00:01:02,600 Speaker 1: from sendas, so when he calls in, we'll be able 16 00:01:02,640 --> 00:01:05,200 Speaker 1: to to interview him about that. But joining us on 17 00:01:05,240 --> 00:01:09,480 Speaker 1: the line, Jack Fitzpatrick. He is Bloomberg Government's congressional reporter, Jack. 18 00:01:09,840 --> 00:01:11,760 Speaker 1: So what's the vote total right now? They're they're going 19 00:01:11,840 --> 00:01:14,399 Speaker 1: to pass this in the in the House no, Yes, 20 00:01:14,520 --> 00:01:17,840 Speaker 1: this is a very bipartisan measure at this point. Counting 21 00:01:17,880 --> 00:01:20,880 Speaker 1: it up right now, they're at a d eighteen yeses 22 00:01:21,120 --> 00:01:26,399 Speaker 1: and one no. I'm curious how bipartisan things remain going 23 00:01:26,520 --> 00:01:28,600 Speaker 1: forward because there are all sorts of debates about what 24 00:01:28,640 --> 00:01:31,560 Speaker 1: should be in the next bill. But for now, this 25 00:01:31,640 --> 00:01:34,200 Speaker 1: is clearly going to pass the House very slowly as 26 00:01:34,319 --> 00:01:37,640 Speaker 1: lawmakers trickle in and out. Uh. And then we'll see 27 00:01:37,680 --> 00:01:40,520 Speaker 1: how quickly it gets to the President's desk and signed, 28 00:01:40,600 --> 00:01:44,319 Speaker 1: and actually how quickly the SBA can process this and 29 00:01:44,440 --> 00:01:46,520 Speaker 1: get this money out because that will be important for 30 00:01:46,520 --> 00:01:49,520 Speaker 1: a lot of small business. Well, it's just been remarkable 31 00:01:49,600 --> 00:01:52,880 Speaker 1: to see the drip, drip drip of all these big 32 00:01:52,920 --> 00:01:56,360 Speaker 1: businesses that are that are taking advantage of this. Uh. 33 00:01:56,680 --> 00:01:59,200 Speaker 1: These loans that were supposed to be for the mom 34 00:01:59,200 --> 00:02:03,600 Speaker 1: and pop shops main Street. Yeah, they faced the challenge 35 00:02:03,840 --> 00:02:08,040 Speaker 1: writing this bill to say, well, what's a small business? 36 00:02:08,200 --> 00:02:11,080 Speaker 1: And I think a lot of people will probably regress 37 00:02:11,120 --> 00:02:13,800 Speaker 1: the fact that they said it was by a location 38 00:02:13,840 --> 00:02:16,520 Speaker 1: by location basis, So if you have fewer than five 39 00:02:16,960 --> 00:02:20,880 Speaker 1: employees at a location like a franchise, technically you could 40 00:02:20,919 --> 00:02:24,440 Speaker 1: get this loan. Now you've seen shake Shack give back 41 00:02:24,480 --> 00:02:26,560 Speaker 1: the money. But that's not exactly the best way to 42 00:02:26,600 --> 00:02:29,480 Speaker 1: govern is to give out money to companies that are 43 00:02:29,520 --> 00:02:32,600 Speaker 1: not really small businesses and then wait for a backlash 44 00:02:32,639 --> 00:02:35,600 Speaker 1: and they voluntarily get it back. They did not fix 45 00:02:35,720 --> 00:02:39,359 Speaker 1: that though in this they provided more money. And we'll 46 00:02:39,400 --> 00:02:41,920 Speaker 1: see how the administration carries it forward and if on 47 00:02:41,919 --> 00:02:44,240 Speaker 1: a case by case basis, maybe they reject some of 48 00:02:44,280 --> 00:02:47,840 Speaker 1: those franchise type companies. You know, we've got a problem 49 00:02:47,840 --> 00:02:50,840 Speaker 1: in Washington when lawmakers on both sides of the aisle 50 00:02:51,160 --> 00:02:53,880 Speaker 1: are asking the question how to define a small business. 51 00:02:53,880 --> 00:02:55,680 Speaker 1: If they don't know how to define a small business, 52 00:02:55,720 --> 00:02:57,919 Speaker 1: maybe they shouldn't be in office. All right, let's keep 53 00:02:57,960 --> 00:03:00,600 Speaker 1: it local for a second, because DC Area of leaders 54 00:03:00,760 --> 00:03:03,919 Speaker 1: reading from the Bloomberg Terminal by Jordan Fabian's reporting, DC 55 00:03:04,160 --> 00:03:08,000 Speaker 1: Area leaders are asking the United States to keep federal 56 00:03:08,120 --> 00:03:10,760 Speaker 1: workers at home. This is fascinating, Jack, because here in 57 00:03:10,800 --> 00:03:12,160 Speaker 1: the inside of the d n B and the and 58 00:03:12,200 --> 00:03:15,920 Speaker 1: the Greater Washington Area Mayor Bowser, Muriel Bowser, Mayor Bowser, 59 00:03:16,360 --> 00:03:19,440 Speaker 1: she's asked Washington d C and the governors of Maryland 60 00:03:19,440 --> 00:03:23,160 Speaker 1: Hogan in Northam of Virginia UH to to to make 61 00:03:23,200 --> 00:03:27,200 Speaker 1: sure that the US government keep work from home policies 62 00:03:27,240 --> 00:03:31,560 Speaker 1: in place for federal employees. This is where this is 63 00:03:31,600 --> 00:03:34,040 Speaker 1: fascinating because, as you and I both know, Jack, having 64 00:03:34,120 --> 00:03:36,360 Speaker 1: been here for the last couple of years, Washington d 65 00:03:36,480 --> 00:03:41,200 Speaker 1: C's population doubles in size with the commuters coming in 66 00:03:41,240 --> 00:03:43,800 Speaker 1: every day, and right now there's only about six hundred 67 00:03:43,840 --> 00:03:47,400 Speaker 1: thousand people inside of the city of Washington, d C. 68 00:03:47,880 --> 00:03:51,280 Speaker 1: A Mayor Bowser's you know, very nervous that this industry 69 00:03:51,320 --> 00:03:54,600 Speaker 1: town a k a. The government might pose significant health 70 00:03:54,720 --> 00:03:59,400 Speaker 1: risk to Washington d C. Yeah, that that is really significant. 71 00:03:59,440 --> 00:04:03,240 Speaker 1: I mean, if you walk around downtown for a little bit, 72 00:04:03,320 --> 00:04:06,960 Speaker 1: you'll see how incredibly empty it is where the federal 73 00:04:07,000 --> 00:04:12,120 Speaker 1: ghost It really is a ghost town, and you you 74 00:04:12,200 --> 00:04:15,400 Speaker 1: see it with the traffic that usually comes into the city. 75 00:04:16,080 --> 00:04:18,640 Speaker 1: But it is a challenge for the federal government to 76 00:04:18,720 --> 00:04:21,600 Speaker 1: keep operating this way. You know, there there were complaints 77 00:04:21,680 --> 00:04:24,000 Speaker 1: back when they passed the Care Act about money for 78 00:04:24,120 --> 00:04:28,120 Speaker 1: totally unrelated government agencies in there. But if you're going 79 00:04:28,160 --> 00:04:31,240 Speaker 1: to have everybody working from home, you need to give 80 00:04:31,279 --> 00:04:33,640 Speaker 1: a bunch of money to the entire federal government to 81 00:04:33,960 --> 00:04:37,800 Speaker 1: increase their I T capacity. Uh, it's a huge challenge. 82 00:04:37,839 --> 00:04:39,880 Speaker 1: But clearly, when it comes to the health of d 83 00:04:40,080 --> 00:04:45,440 Speaker 1: c our social distancing is enhanced by the fact that 84 00:04:45,200 --> 00:04:48,800 Speaker 1: that central area is empty rather than totally full of 85 00:04:48,880 --> 00:04:50,680 Speaker 1: people like it usually would be. You know, I gotta 86 00:04:50,680 --> 00:04:55,200 Speaker 1: applaud the Washingtonians, you know, of all backgrounds, because this 87 00:04:55,279 --> 00:04:57,200 Speaker 1: is a city. Maybe I shouldn't say this. This is 88 00:04:57,200 --> 00:05:00,279 Speaker 1: a city filled a type day personality over achievers. We've 89 00:05:00,279 --> 00:05:05,800 Speaker 1: all been respecting the social distancing guidelines, you know, Governor Hogan, 90 00:05:05,880 --> 00:05:12,480 Speaker 1: Larry Hogan, Uh, he said, Uh, I'm sorry. Mayor Bowser wrote, quote, 91 00:05:12,520 --> 00:05:15,840 Speaker 1: this is a hard balancing act between ensuring the continuation 92 00:05:15,920 --> 00:05:19,880 Speaker 1: of critical government functions and ensuring the safety and well 93 00:05:19,960 --> 00:05:23,479 Speaker 1: being of employees. And this was in a letter to 94 00:05:23,560 --> 00:05:27,320 Speaker 1: the Office of Personnel Management, uh, asking the leaders of 95 00:05:27,440 --> 00:05:30,760 Speaker 1: asking the Trump administration rather to quote continue to implement 96 00:05:30,839 --> 00:05:34,960 Speaker 1: broader telework policies for the federal workforce end quote. And 97 00:05:35,000 --> 00:05:37,960 Speaker 1: that was a letter that not only Mayor Bowser wrote, 98 00:05:38,000 --> 00:05:42,320 Speaker 1: but also Virginia Governor Ralph Northam and Maryland Governor Larry Hogan, 99 00:05:42,560 --> 00:05:46,200 Speaker 1: and Deborah Burke's right. Deborah Burkes, the White House Coronavirus 100 00:05:46,279 --> 00:05:50,719 Speaker 1: Task Force coordinator. She said yesterday that quote, we don't 101 00:05:50,760 --> 00:05:53,840 Speaker 1: see a decline yet end quote in the DMV region, 102 00:05:53,880 --> 00:05:57,680 Speaker 1: and she's continuing to encourage residents to keep practicing their 103 00:05:57,720 --> 00:06:00,880 Speaker 1: their social distancing. I mean, it is, it's such a 104 00:06:00,920 --> 00:06:05,320 Speaker 1: local story and it's so incredibly important. But you know, 105 00:06:05,600 --> 00:06:08,560 Speaker 1: I mean, do you think, based upon your reporting that 106 00:06:08,680 --> 00:06:11,080 Speaker 1: Congress Leader McConnell and Speaker Pelosi that they're going to 107 00:06:11,160 --> 00:06:14,640 Speaker 1: listen to Hogan, Bowser and Northam. I it's so far 108 00:06:15,560 --> 00:06:20,440 Speaker 1: there hasn't been a huge budding of heads between members 109 00:06:20,440 --> 00:06:25,360 Speaker 1: of Congress and the local authorities around here. Obviously you've 110 00:06:25,400 --> 00:06:30,320 Speaker 1: heard uh President Trump sniping with Governor Hogan, so I'm 111 00:06:30,360 --> 00:06:34,640 Speaker 1: curious how long the relative good will last. But you know, 112 00:06:34,720 --> 00:06:39,279 Speaker 1: I haven't heard of any discussions yet of prematurely opening 113 00:06:39,360 --> 00:06:43,960 Speaker 1: up the federal government and having work in person, especially 114 00:06:44,000 --> 00:06:47,520 Speaker 1: because look, even if you were um you kind of 115 00:06:47,560 --> 00:06:51,200 Speaker 1: opposed to Mayor Bowser's leadership. Steller, you know, if you're 116 00:06:51,240 --> 00:06:54,480 Speaker 1: a Republican and maybe you have budded heads with DC 117 00:06:54,680 --> 00:06:58,520 Speaker 1: leadership before, these are federal workers who could potentially be 118 00:06:58,560 --> 00:07:00,159 Speaker 1: put in a lot of danger if they have to 119 00:07:00,279 --> 00:07:02,240 Speaker 1: come into the city and go into the office. As 120 00:07:02,279 --> 00:07:04,800 Speaker 1: you said before, we have gotten to our peak. So 121 00:07:04,880 --> 00:07:07,799 Speaker 1: it's nobody. I haven't really heard a lot of lawmakers 122 00:07:07,800 --> 00:07:09,960 Speaker 1: saying that the federal government at least should go back 123 00:07:09,960 --> 00:07:13,320 Speaker 1: to normal, at least not yet, and it is quite fascinating. 124 00:07:13,320 --> 00:07:15,000 Speaker 1: All right, last question for you before we got to 125 00:07:15,080 --> 00:07:17,240 Speaker 1: let you go out. Thank you so much, Jack Fitzpatrick 126 00:07:17,840 --> 00:07:21,040 Speaker 1: for for joining us this hour. Uh. And if the 127 00:07:21,080 --> 00:07:23,720 Speaker 1: President doesn't speak, we might even have you back. But 128 00:07:25,040 --> 00:07:28,800 Speaker 1: but um, what are you hearing about economic stimulus phase 129 00:07:28,880 --> 00:07:32,600 Speaker 1: four still the first week of May. Uh. That's gonna 130 00:07:32,600 --> 00:07:35,720 Speaker 1: be tough to say, because McConnell has said he doesn't 131 00:07:35,800 --> 00:07:38,600 Speaker 1: want to get into that until they come back. Now 132 00:07:38,640 --> 00:07:42,280 Speaker 1: technically they say, well maybe we'll come back May fourth. Uh. 133 00:07:42,800 --> 00:07:45,640 Speaker 1: We don't know if that's realistic, though clearly there is 134 00:07:45,640 --> 00:07:49,000 Speaker 1: gonna be a fight between Democrats and Republicans on state 135 00:07:49,040 --> 00:07:52,720 Speaker 1: and local uh money. H McConnell talking on the H 136 00:07:52,960 --> 00:07:56,840 Speaker 1: would show about how he'd rather the states potentially go bankrupt, 137 00:07:57,040 --> 00:08:00,560 Speaker 1: which currently legally they can't uh than bail out things 138 00:08:00,600 --> 00:08:05,000 Speaker 1: like pension systems that were maybe troubled before the virus hit. Um, 139 00:08:05,040 --> 00:08:07,800 Speaker 1: we don't know everything else that's going to get into that, 140 00:08:07,840 --> 00:08:09,320 Speaker 1: because they are going to have to take a little 141 00:08:09,320 --> 00:08:12,560 Speaker 1: bit of time to have a debate over how how 142 00:08:12,600 --> 00:08:14,680 Speaker 1: to structure this legislation. I think it would be a 143 00:08:14,680 --> 00:08:18,360 Speaker 1: pretty big bill, um, But for now we see a 144 00:08:18,400 --> 00:08:21,840 Speaker 1: pretty big distance between the two sides on that key 145 00:08:21,920 --> 00:08:25,000 Speaker 1: issue of state and local government. Uh. And I am 146 00:08:25,120 --> 00:08:27,800 Speaker 1: a little skeptical that they could both come back in 147 00:08:27,800 --> 00:08:30,080 Speaker 1: person on May fourth. If they can, maybe we'll see 148 00:08:30,080 --> 00:08:33,360 Speaker 1: it sooner. Otherwise they'll have to do some remote work 149 00:08:33,400 --> 00:08:35,839 Speaker 1: on that bill probably. And Anna Palmer and Jake Sherman 150 00:08:35,880 --> 00:08:38,959 Speaker 1: a political playbook interview and Governor Hogan, who just also 151 00:08:39,040 --> 00:08:43,160 Speaker 1: happens to be uh, the chairman of the National Governor's Association. 152 00:08:43,240 --> 00:08:47,160 Speaker 1: He's calling that complete nonsense for State's bell out. Thanks 153 00:08:47,160 --> 00:08:51,040 Speaker 1: to Jack Fitzpatrick, Bloomberg Government's congressional reporter. More Next, I'm 154 00:08:51,120 --> 00:08:53,720 Speaker 1: Kevin Cirelli, Chief Watching the corresponder for Bloomberg TV and Radio. 155 00:08:54,640 --> 00:08:59,199 Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg 156 00:09:00,080 --> 00:09:06,320 Speaker 1: On and One. I'm Kevin Cirilli, Chief Washington correspondent for 157 00:09:06,320 --> 00:09:09,520 Speaker 1: Bloomberg Television and Bloomberg Radio. One of the interviews that 158 00:09:09,559 --> 00:09:12,600 Speaker 1: I was watching last night was Secretary of State Mike 159 00:09:12,640 --> 00:09:16,840 Speaker 1: Pompeo when he spoke on Fox News on the Ingram 160 00:09:16,920 --> 00:09:20,479 Speaker 1: angle and he blasted China and the World Health Organization 161 00:09:20,600 --> 00:09:25,160 Speaker 1: over the coronavirus transparency failures. Quote they need to be 162 00:09:25,280 --> 00:09:29,760 Speaker 1: held accountable. Secretary Pompeo told Laura Ingram joining us on 163 00:09:29,800 --> 00:09:32,360 Speaker 1: the line now, friend of the program and someone who 164 00:09:32,440 --> 00:09:35,839 Speaker 1: is a senior advisor to Secretary Pompeo and of course 165 00:09:35,920 --> 00:09:39,720 Speaker 1: is the spokesperson for at the Department of State, Morgan Ortegas. Morgan, 166 00:09:39,800 --> 00:09:42,800 Speaker 1: thank you for being for coming on. I appreciate it. Kevin, 167 00:09:42,840 --> 00:09:46,880 Speaker 1: it's so great. Thanks for having me back, of course anytime. Okay, So, 168 00:09:46,880 --> 00:09:49,560 Speaker 1: so walk us through this, because so so many every 169 00:09:49,600 --> 00:09:52,040 Speaker 1: time I've had a lawmaker on Morgan, I've asked them. 170 00:09:52,080 --> 00:09:55,040 Speaker 1: Republicans and Democrats are like, how is this going to 171 00:09:55,160 --> 00:10:00,520 Speaker 1: change the United States relationship with China and how might 172 00:10:00,640 --> 00:10:03,840 Speaker 1: China be held accountable? What can you tell us? Well, 173 00:10:03,840 --> 00:10:06,160 Speaker 1: I think that's a great question that I see it 174 00:10:06,240 --> 00:10:09,600 Speaker 1: is not just the United States relationship with China, but 175 00:10:09,679 --> 00:10:12,680 Speaker 1: I see it as the Chinese Communist Party's relationship with 176 00:10:12,720 --> 00:10:17,280 Speaker 1: the world. You've seen Merkel call for an investigation, You've 177 00:10:17,320 --> 00:10:19,959 Speaker 1: seen out of the United King let's see, at the 178 00:10:20,000 --> 00:10:22,000 Speaker 1: top of my head, you've seen out of the United 179 00:10:22,080 --> 00:10:25,760 Speaker 1: Kingdom of France and others calling out the CCP, the 180 00:10:25,840 --> 00:10:30,400 Speaker 1: Chinese Communist Party. During this time, people have begun, i think, 181 00:10:30,440 --> 00:10:34,559 Speaker 1: to be very frustrated with the disinformation and propaganda and 182 00:10:34,640 --> 00:10:37,440 Speaker 1: realize realizing quite frankly, that the world is allied to 183 00:10:37,960 --> 00:10:40,360 Speaker 1: for quite some time about the origins of this virus. 184 00:10:40,440 --> 00:10:43,680 Speaker 1: We still actually have no idea. The world has no 185 00:10:43,840 --> 00:10:47,600 Speaker 1: idea where this virus actually started. The Chinese Communist Party 186 00:10:47,640 --> 00:10:50,160 Speaker 1: told us that has started from from a wet market. 187 00:10:50,480 --> 00:10:53,640 Speaker 1: That's great, that's interesting. What I'm sure that the scientific 188 00:10:53,640 --> 00:10:57,000 Speaker 1: community would love to see some facts behind it. Um. Additionally, 189 00:10:57,000 --> 00:11:00,239 Speaker 1: when you look at Africa, you had many African leaders 190 00:11:00,559 --> 00:11:02,880 Speaker 1: a couple of weeks ago, just in the last two 191 00:11:02,920 --> 00:11:06,760 Speaker 1: weeks that called in UH their Chinese ambassadors for the 192 00:11:06,800 --> 00:11:12,000 Speaker 1: mistreatment and the racism against African nationals UH in China. 193 00:11:12,520 --> 00:11:15,560 Speaker 1: This was well documented by many, by many in the media, 194 00:11:16,080 --> 00:11:18,400 Speaker 1: and so so when we look at this situation, we 195 00:11:18,440 --> 00:11:21,120 Speaker 1: think it's not just about the United States relationship with China, 196 00:11:21,360 --> 00:11:24,240 Speaker 1: it's about the world's relationship with China, and and we 197 00:11:24,559 --> 00:11:27,680 Speaker 1: Secretary Pompeo has been at the forefront for a long 198 00:11:27,720 --> 00:11:32,360 Speaker 1: time calling out yeah, of calling out things like Huawei 199 00:11:32,440 --> 00:11:36,360 Speaker 1: and five G these authoritarian um back to five Gen 200 00:11:36,400 --> 00:11:40,360 Speaker 1: networks and and um. You know, you would never ever 201 00:11:40,400 --> 00:11:43,800 Speaker 1: ever want something like this terrible pandemic to happen by 202 00:11:43,840 --> 00:11:46,960 Speaker 1: any means. But I would say that it is certainly, 203 00:11:46,960 --> 00:11:49,640 Speaker 1: in my opinion, shining a light on the behavior that 204 00:11:49,679 --> 00:11:51,560 Speaker 1: we have been trying to call out for quite some time. 205 00:11:51,800 --> 00:11:53,360 Speaker 1: So I have so many follow up questions, but want 206 00:11:53,360 --> 00:11:54,839 Speaker 1: I want to bring it back home for a minute, 207 00:11:54,920 --> 00:11:57,400 Speaker 1: especially with China, because Morgan, when I talked to the 208 00:11:57,400 --> 00:12:00,600 Speaker 1: business community, when I talked to main Street, you know, 209 00:12:00,640 --> 00:12:04,520 Speaker 1: and you hear the numbers today with jobless claims and whatnot. 210 00:12:04,960 --> 00:12:09,840 Speaker 1: I mean, it is really frustrating that General Secretary Shijing Ping, 211 00:12:10,920 --> 00:12:13,080 Speaker 1: you know, it is not being transparent as you mentioned 212 00:12:13,120 --> 00:12:16,360 Speaker 1: with the scientific community. Is he going to have to pay? 213 00:12:16,520 --> 00:12:18,600 Speaker 1: Is the Communist Party gonna have to pay? And this 214 00:12:18,640 --> 00:12:21,280 Speaker 1: isn't coming just from Republicans, this is coming from Democrats 215 00:12:21,360 --> 00:12:23,079 Speaker 1: to are they going to have to pay up? And 216 00:12:23,200 --> 00:12:25,720 Speaker 1: what pressure from a policy or what tools in the 217 00:12:25,760 --> 00:12:30,240 Speaker 1: policy toolbox are at the administrations and Congress's disposal that 218 00:12:30,280 --> 00:12:34,040 Speaker 1: you can share with us about what might be coming. Well, 219 00:12:34,080 --> 00:12:36,280 Speaker 1: I can certainly speak for the State Department and what 220 00:12:36,400 --> 00:12:39,840 Speaker 1: Secretary Pompeio is focused on, and I know what he's 221 00:12:39,840 --> 00:12:42,400 Speaker 1: focused on is getting is getting to the facts. You know, 222 00:12:42,520 --> 00:12:46,160 Speaker 1: he's often said that we can talk about retribution, uh, 223 00:12:46,160 --> 00:12:48,040 Speaker 1: and who's to blame and all of that stuff later, 224 00:12:48,080 --> 00:12:51,479 Speaker 1: And we really genuinely don't see this at the ash 225 00:12:51,640 --> 00:12:53,520 Speaker 1: at the as a blame game. At the State Department, 226 00:12:53,800 --> 00:12:56,120 Speaker 1: what we're trying to get to is the truth. And 227 00:12:56,160 --> 00:12:58,800 Speaker 1: when you look at everything that's being talked about in 228 00:12:59,000 --> 00:13:02,160 Speaker 1: and the daily press conferences by the White House, everything 229 00:13:02,200 --> 00:13:05,480 Speaker 1: that's talked about around the world about coronavirus, there's one 230 00:13:05,640 --> 00:13:09,000 Speaker 1: fundamental question that the world has to answer, Kevin, just one, 231 00:13:09,640 --> 00:13:12,480 Speaker 1: and that question is how do we make sure a 232 00:13:12,520 --> 00:13:16,800 Speaker 1: pandemic of this scale never happens again? Right? I think 233 00:13:16,880 --> 00:13:19,440 Speaker 1: when you look at everything, that's fundamentally what what the 234 00:13:19,480 --> 00:13:22,319 Speaker 1: world has to figure out coming out of this pandemic. 235 00:13:22,840 --> 00:13:25,560 Speaker 1: The problem is that we can't answer that question. We 236 00:13:25,559 --> 00:13:28,360 Speaker 1: can't answer that question until we have genuine live virus 237 00:13:28,400 --> 00:13:31,200 Speaker 1: samples from from the origin of the virus. We can't 238 00:13:31,200 --> 00:13:34,360 Speaker 1: answer that question until the w H O and investigators. 239 00:13:34,520 --> 00:13:36,839 Speaker 1: We'd love it to be Americans, if it could be anybody, right, 240 00:13:36,840 --> 00:13:41,200 Speaker 1: we need we need credible sciences, doctors, investigators UH to 241 00:13:41,320 --> 00:13:43,320 Speaker 1: be able to get into China to find out what 242 00:13:43,400 --> 00:13:47,120 Speaker 1: happened at the beginning. And I think that maybe perhaps 243 00:13:47,160 --> 00:13:50,199 Speaker 1: there's a misplaced since amongst some some of the leadership 244 00:13:50,200 --> 00:13:52,520 Speaker 1: of this CCP that the world will move on from 245 00:13:52,520 --> 00:13:56,160 Speaker 1: this pandemic and onto the next crisis. We think we 246 00:13:56,160 --> 00:13:58,000 Speaker 1: can't allow that to happen. And by the way, it's 247 00:13:58,040 --> 00:14:00,600 Speaker 1: not just China, right, there's lots of there's lots of 248 00:14:00,600 --> 00:14:04,199 Speaker 1: countries who aren't reporting the facts. I mean, look at Iran, uh. 249 00:14:04,040 --> 00:14:08,160 Speaker 1: You know the president had the graphic up um uh cush. 250 00:14:08,240 --> 00:14:10,440 Speaker 1: I think maybe it was last week. Of all the 251 00:14:10,559 --> 00:14:13,360 Speaker 1: various countries of what they're reporting. We know that when 252 00:14:13,360 --> 00:14:16,320 Speaker 1: we look at democracies for the most part, when we 253 00:14:16,400 --> 00:14:20,280 Speaker 1: when we look at governments that are transparent and open, 254 00:14:20,320 --> 00:14:22,680 Speaker 1: that are accountable to their people, you tend to get 255 00:14:22,680 --> 00:14:25,240 Speaker 1: good reporting and good data. When you look at more 256 00:14:25,280 --> 00:14:28,280 Speaker 1: authoritarian regimes we have, we find that we have less 257 00:14:28,280 --> 00:14:31,160 Speaker 1: credible data. So it's not just China, it's Iran and 258 00:14:31,160 --> 00:14:33,800 Speaker 1: many other countries around the world. We're calling for clear 259 00:14:33,840 --> 00:14:37,120 Speaker 1: and transparent data so that we can ultimately answer the 260 00:14:37,160 --> 00:14:40,240 Speaker 1: fundamental question of this is how this started, and this 261 00:14:40,280 --> 00:14:42,320 Speaker 1: is how we prevent a pandemic from the scale from 262 00:14:42,360 --> 00:14:45,360 Speaker 1: ever happening again. One of the frustrations I think that 263 00:14:45,560 --> 00:14:48,640 Speaker 1: Republicans and Democrats have have shared publicly, as you know 264 00:14:48,720 --> 00:14:51,280 Speaker 1: Morgan is Morgan or take uses on the line spokesperson 265 00:14:51,320 --> 00:14:54,240 Speaker 1: for the State Department, is that they haven't been the 266 00:14:54,280 --> 00:14:57,880 Speaker 1: World Health Organization. Uh, you know what is the What 267 00:14:57,960 --> 00:15:01,680 Speaker 1: has w h O been doing to pressure Beijing, to 268 00:15:01,720 --> 00:15:04,840 Speaker 1: pressure the Communist Party of China to allow for the 269 00:15:04,880 --> 00:15:08,000 Speaker 1: best doctors in the world, the best scientists in the world, 270 00:15:08,560 --> 00:15:11,560 Speaker 1: whether they're American or European, to be able to go 271 00:15:11,680 --> 00:15:16,120 Speaker 1: into China to research this. Yeah. And I would say, 272 00:15:16,160 --> 00:15:18,520 Speaker 1: by the way, I often remind people, you know when 273 00:15:18,560 --> 00:15:21,080 Speaker 1: we're when we're talking about this, but the real heroes 274 00:15:21,120 --> 00:15:24,560 Speaker 1: there are they're heroes all around the world, uh, from 275 00:15:24,600 --> 00:15:27,440 Speaker 1: this terrible pandemic. But the early heroes are are the 276 00:15:27,520 --> 00:15:31,480 Speaker 1: Chinese doctors and scientists and journalists. Many of them spoke up. 277 00:15:32,000 --> 00:15:34,280 Speaker 1: Many of them lost their lives for speaking up. You know. 278 00:15:34,360 --> 00:15:37,520 Speaker 1: We think about ductor Lee another too uh, you know 279 00:15:37,560 --> 00:15:41,080 Speaker 1: who have died of coronavirus lost their lives. Many of 280 00:15:41,080 --> 00:15:45,080 Speaker 1: these scientists were were told not to continue publishing some uh, 281 00:15:45,400 --> 00:15:50,359 Speaker 1: some people were harassed or even this resolved, media reports were, uh, 282 00:15:50,360 --> 00:15:53,600 Speaker 1: we're locked up. So um so we know that that 283 00:15:53,600 --> 00:15:56,080 Speaker 1: that that the early heroes of this. There are many 284 00:15:56,200 --> 00:15:59,720 Speaker 1: Chinese nationals who risked their own lives to tell the truth, 285 00:15:59,720 --> 00:16:03,520 Speaker 1: and we're certainly grateful for that. But the challenge, um 286 00:16:03,560 --> 00:16:07,640 Speaker 1: as it really specifically to my dog just joined in 287 00:16:08,160 --> 00:16:13,560 Speaker 1: love that. I love that. What's the dog's name? Do 288 00:16:13,560 --> 00:16:16,640 Speaker 1: you not want to share? No, that's fine, it's AUSSI so, 289 00:16:16,960 --> 00:16:20,840 Speaker 1: I honestly has strong opinions about the whow well the 290 00:16:20,920 --> 00:16:23,920 Speaker 1: thing that I would mention it's okay, I got we 291 00:16:23,960 --> 00:16:25,880 Speaker 1: gotta leave it there, and I think I think Ozzy 292 00:16:25,960 --> 00:16:30,240 Speaker 1: needs some help the dog. But Morgan artagus a memorable 293 00:16:30,280 --> 00:16:33,480 Speaker 1: interview as always, But if folks, if you're listening, make 294 00:16:33,520 --> 00:16:36,840 Speaker 1: sure to read that diary from Wuhan that was that 295 00:16:36,920 --> 00:16:40,080 Speaker 1: one of the journalists that Morgan was was mentioning coming 296 00:16:40,120 --> 00:16:43,240 Speaker 1: up more policy and politics. I'm Kevin SURREALI no dog 297 00:16:43,320 --> 00:16:46,960 Speaker 1: here yet, Chief Washington correspondent for Bloomberg TV and radio, 298 00:16:46,960 --> 00:16:55,000 Speaker 1: and you're listening to Bloomberg nine to nine one. You're 299 00:16:55,040 --> 00:16:58,920 Speaker 1: listening to Bloomberg Sound On with Kevin Surrele on Bloomberg 300 00:17:00,040 --> 00:17:03,640 Speaker 1: and one oh five point seven D two. I'm Kevin Curreli, 301 00:17:03,760 --> 00:17:08,440 Speaker 1: Chief Washington correspondent for Bloomberg Television and Bloomberg Radio, and 302 00:17:09,119 --> 00:17:13,160 Speaker 1: we are awaiting President Trump's daily Coronavirus Task Force briefing. 303 00:17:13,920 --> 00:17:16,040 Speaker 1: We will bring that to you live in its entirety. 304 00:17:16,119 --> 00:17:19,720 Speaker 1: You can catch that right here on Bloomberg one. Joining 305 00:17:19,800 --> 00:17:21,879 Speaker 1: us on the line. A friend of the program, and 306 00:17:22,000 --> 00:17:25,960 Speaker 1: she knows all about the economic numbers, which we unfortunately 307 00:17:26,359 --> 00:17:30,840 Speaker 1: have to dive into again today. Maddie Duppler's on the line, Mattie, 308 00:17:30,840 --> 00:17:33,720 Speaker 1: how are you. I'm good, Kevin, aw you doing. I'm 309 00:17:33,720 --> 00:17:36,879 Speaker 1: better than the jobs numbers, the jobless claims. Maddie's the 310 00:17:36,960 --> 00:17:40,600 Speaker 1: founder of Always Have Fun Jobs Things talk about. Sorry 311 00:17:40,760 --> 00:17:44,600 Speaker 1: I interrupted you. You interrupted your You interrupted your your introduction. 312 00:17:45,320 --> 00:17:48,879 Speaker 1: Maddie Duppler found her Forward Strategies, senior fellow at the 313 00:17:48,960 --> 00:17:52,320 Speaker 1: National Taxpayers Union and former Coalitions director for the House 314 00:17:52,320 --> 00:17:55,200 Speaker 1: Republican Conference. Matty, Mattie, Maddie, all right, do you think 315 00:17:55,240 --> 00:17:58,080 Speaker 1: tell us about tell us about the job's claims. Well, 316 00:17:58,119 --> 00:18:01,440 Speaker 1: I just want to remind folks, today's Thursday. Every week 317 00:18:01,520 --> 00:18:04,760 Speaker 1: on Thursday we get unemployment claims. Those are different than 318 00:18:04,920 --> 00:18:07,840 Speaker 1: the jobs numbers on jobs Friday that we normally talk about. 319 00:18:07,840 --> 00:18:10,720 Speaker 1: That tell us about the unemployment numbers. Every week we 320 00:18:10,800 --> 00:18:13,560 Speaker 1: learned how many people are filing for unemployment insurance. So, 321 00:18:13,600 --> 00:18:16,320 Speaker 1: of course, over the past several weeks we've seen those 322 00:18:16,359 --> 00:18:20,480 Speaker 1: claims numbers explode unprecedented levels. Today we saw four point 323 00:18:20,520 --> 00:18:26,040 Speaker 1: four million people had filed the previous week for unemployment benefits. That, though, 324 00:18:26,280 --> 00:18:29,560 Speaker 1: is a downward trend over the last two weeks. The 325 00:18:29,600 --> 00:18:32,159 Speaker 1: previous week was five point two um and that was 326 00:18:32,200 --> 00:18:35,040 Speaker 1: actually revised downwards lightly. And before that we've been in 327 00:18:35,080 --> 00:18:38,320 Speaker 1: the six million numbers. So that's good in the sense 328 00:18:38,440 --> 00:18:43,560 Speaker 1: that this is leveling out. How I want to pause you. 329 00:18:42,480 --> 00:18:46,680 Speaker 1: You're telling me what Neil Dutta said, the economist Neil 330 00:18:46,760 --> 00:18:52,120 Speaker 1: Dutta said yesterday, which is we've reached the bottom. So 331 00:18:52,240 --> 00:18:54,800 Speaker 1: I was just about to say, I don't think we 332 00:18:54,880 --> 00:18:58,520 Speaker 1: have reached the bottom. For Yeah, I know, I always 333 00:18:58,560 --> 00:19:00,680 Speaker 1: like to bring good news. I'm in this thing that's 334 00:19:00,760 --> 00:19:04,080 Speaker 1: happening contumist, but I'm also over realized. Here's what I 335 00:19:04,119 --> 00:19:08,399 Speaker 1: think is happening. UM. One, these unemployment systems are getting 336 00:19:08,440 --> 00:19:11,560 Speaker 1: caught up. They were overwhelmed by the billions upon millions 337 00:19:11,560 --> 00:19:13,480 Speaker 1: of workers who are filing in the first part of 338 00:19:13,480 --> 00:19:15,760 Speaker 1: the month. So they're still getting caught up. So this 339 00:19:15,800 --> 00:19:18,439 Speaker 1: isn't so much a bottom as it is potentially a 340 00:19:19,760 --> 00:19:22,480 Speaker 1: a reflection of the fact that these systems are now 341 00:19:22,840 --> 00:19:27,200 Speaker 1: able to process claims more thoroughly. Secondly, with the Cares Act, 342 00:19:27,280 --> 00:19:30,720 Speaker 1: they expanded the people who can get unemployment insurance. That's 343 00:19:30,720 --> 00:19:33,239 Speaker 1: people like gig workers who previously would not have been 344 00:19:33,280 --> 00:19:37,880 Speaker 1: able to access unemployment insurance. Those people need separate processing. 345 00:19:37,960 --> 00:19:39,879 Speaker 1: I don't think we've seen a lot of those people 346 00:19:39,920 --> 00:19:41,520 Speaker 1: get work through the system yet, so I think we 347 00:19:41,560 --> 00:19:44,920 Speaker 1: still need to wait to see how many people UM 348 00:19:45,000 --> 00:19:48,680 Speaker 1: are actually getting into the unemployment benefits line. Now, the 349 00:19:48,760 --> 00:19:51,360 Speaker 1: third point I'll make about how the situation is still 350 00:19:51,440 --> 00:19:54,560 Speaker 1: changing could be positive. We don't know yet the effect 351 00:19:54,920 --> 00:19:58,560 Speaker 1: of the PPP loans unemployment. Remember, the PPP loans are 352 00:19:58,600 --> 00:20:01,240 Speaker 1: intended to allow small but this not only to keep 353 00:20:01,280 --> 00:20:05,600 Speaker 1: people on their payrolls, but rehire workers that they had 354 00:20:05,600 --> 00:20:08,000 Speaker 1: to let go as a result of the coronavirus. So 355 00:20:08,040 --> 00:20:11,200 Speaker 1: it's possible that these numbers do start to level out 356 00:20:11,280 --> 00:20:13,600 Speaker 1: even if different workers start to come on like those 357 00:20:13,640 --> 00:20:16,960 Speaker 1: gig workers. Potentially people will be able to get rehired 358 00:20:17,000 --> 00:20:19,480 Speaker 1: and roll off of the role. But we won't know 359 00:20:19,560 --> 00:20:21,560 Speaker 1: that until we have several weeks of data and we 360 00:20:21,560 --> 00:20:25,000 Speaker 1: can see who is continuing to claim benefits week after week. 361 00:20:25,240 --> 00:20:27,560 Speaker 1: Maddie Doubler's on the line. She's founder and CEO of 362 00:20:27,680 --> 00:20:31,280 Speaker 1: Four Words Strategies. Headlined crossing the Bloomberg Terminal as we 363 00:20:31,320 --> 00:20:34,560 Speaker 1: speak that the House of Representatives has that vote, has 364 00:20:34,680 --> 00:20:38,240 Speaker 1: enough votes to pass the four hundred and eighty four 365 00:20:38,280 --> 00:20:42,360 Speaker 1: billion dollar virus relief plan. The vote is still ongoing, 366 00:20:42,400 --> 00:20:45,560 Speaker 1: but again breaking news headline crossing the Bloomberg Terminal. The 367 00:20:45,600 --> 00:20:49,240 Speaker 1: House of Representatives has the votes to pass the four 368 00:20:49,320 --> 00:20:54,399 Speaker 1: hundred and eighty four billion dollar virus Relief plan. The 369 00:20:54,480 --> 00:20:56,960 Speaker 1: vote is still on going. Maddie, what does that mean 370 00:20:57,000 --> 00:20:59,879 Speaker 1: for small businesses? Well, that means that there's going to 371 00:20:59,880 --> 00:21:02,639 Speaker 1: be more money available for those PvP loans which ran 372 00:21:02,680 --> 00:21:05,119 Speaker 1: out in a matter of days after the first CARES 373 00:21:05,160 --> 00:21:07,919 Speaker 1: Act was passed. Now the question is whether or not 374 00:21:08,000 --> 00:21:10,960 Speaker 1: that is enough to continue to buy the small employment 375 00:21:10,960 --> 00:21:13,520 Speaker 1: pay rolls across this country. Half this country works for 376 00:21:13,560 --> 00:21:15,760 Speaker 1: a small business. There are a lot of workers out 377 00:21:15,760 --> 00:21:18,880 Speaker 1: there who are depending on their employers getting this assistant 378 00:21:18,920 --> 00:21:21,520 Speaker 1: so they can ride out this storm. We are seeing 379 00:21:21,560 --> 00:21:24,440 Speaker 1: from some employers that they don't think, uh, not only 380 00:21:24,520 --> 00:21:27,120 Speaker 1: is the top line amount not enough, but they don't 381 00:21:27,119 --> 00:21:30,480 Speaker 1: think the runway is long enough. Because this requires employers 382 00:21:30,680 --> 00:21:34,240 Speaker 1: and gives employers support until the end of June. Employers 383 00:21:34,280 --> 00:21:36,600 Speaker 1: are saying right now, looking at the situation in front 384 00:21:36,600 --> 00:21:38,280 Speaker 1: of them, they don't think they're gonna be back onlines 385 00:21:38,400 --> 00:21:40,479 Speaker 1: by that. So Congress is going to need to keep 386 00:21:40,520 --> 00:21:43,520 Speaker 1: working out these these these problems, and they need to 387 00:21:43,560 --> 00:21:47,639 Speaker 1: have a response for the employers across this country who say, listen, 388 00:21:47,840 --> 00:21:50,000 Speaker 1: my states saw in lockdown. I don't think I'm coming 389 00:21:50,040 --> 00:21:52,639 Speaker 1: back online anytime soon. I would like to keep my 390 00:21:52,640 --> 00:21:54,440 Speaker 1: workers employee at the end of June, but I need 391 00:21:54,480 --> 00:21:56,359 Speaker 1: a plan beyond that. I think that's going to be 392 00:21:56,359 --> 00:21:59,520 Speaker 1: the next conversation we're seeing in Washington, because certainly the 393 00:21:59,520 --> 00:22:02,000 Speaker 1: money that being passed by the House of Representatives day 394 00:22:02,080 --> 00:22:04,600 Speaker 1: is needed to continue to fund the p PP loans, 395 00:22:04,720 --> 00:22:06,600 Speaker 1: but there needs to be a plan that that it's 396 00:22:06,640 --> 00:22:09,600 Speaker 1: almost a continguency that allows emporters to keep planning for 397 00:22:09,600 --> 00:22:11,320 Speaker 1: the rest of the year. Well, the Vice President, Mike 398 00:22:11,320 --> 00:22:12,639 Speaker 1: pets He gave an interview I think it was to 399 00:22:12,720 --> 00:22:15,480 Speaker 1: the Wall Street Journal. It was to the Wall Street Journal, uh, 400 00:22:15,760 --> 00:22:18,000 Speaker 1: in the last twenty four hours, and he's saying that 401 00:22:18,040 --> 00:22:21,880 Speaker 1: they're opted. The administration wants to have COVID nineteen put 402 00:22:21,920 --> 00:22:25,840 Speaker 1: behind us, meaning the country in in the summer. I mean, 403 00:22:26,440 --> 00:22:28,919 Speaker 1: no one knows that. That's what's kind of remarkable. Then 404 00:22:28,920 --> 00:22:31,200 Speaker 1: you head down to Georgia and you've got Governor Kemp 405 00:22:31,680 --> 00:22:35,719 Speaker 1: uh speaking positively about President Trump because their state, mind you, 406 00:22:36,200 --> 00:22:39,680 Speaker 1: that is reopening and they're doing it on Friday, and 407 00:22:39,720 --> 00:22:43,440 Speaker 1: he's a Republican governor. UH. Senator Lindsey Graham has advised 408 00:22:43,600 --> 00:22:46,679 Speaker 1: them not to do that. UH are spoken out against it. 409 00:22:46,720 --> 00:22:49,520 Speaker 1: But you know, then you've got Governor Hogan here in 410 00:22:49,560 --> 00:22:53,080 Speaker 1: our home and you know, the DC neighborhood. UH. He's saying, 411 00:22:53,359 --> 00:22:57,000 Speaker 1: not so fast, not so fast. So every state is 412 00:22:57,160 --> 00:23:00,359 Speaker 1: weighing this on their own timeline and weighing the positives 413 00:23:00,359 --> 00:23:01,720 Speaker 1: and the negatives, and they're and they're trying to get 414 00:23:01,720 --> 00:23:04,439 Speaker 1: the data and whatnot. I think it was today Senator 415 00:23:04,480 --> 00:23:07,399 Speaker 1: pat to Me, a Republican from Pennsylvania, he released his 416 00:23:07,480 --> 00:23:09,639 Speaker 1: own version of a checklist that he wants to see 417 00:23:09,800 --> 00:23:13,000 Speaker 1: for Pennsylvania for whether or not that can reopen. And 418 00:23:13,040 --> 00:23:15,359 Speaker 1: of course everyone's been following New York and California, so 419 00:23:15,400 --> 00:23:20,000 Speaker 1: you've got just this barrage of different patchwork of of 420 00:23:20,080 --> 00:23:23,800 Speaker 1: folks opening guidelines and whatnot. And quite frankly, Maddie, you 421 00:23:23,800 --> 00:23:26,480 Speaker 1: and I have talked about this patchwork of regulations in 422 00:23:26,520 --> 00:23:29,240 Speaker 1: the past doesn't always go so well no matter who's 423 00:23:29,240 --> 00:23:32,600 Speaker 1: an office, right, And I do think the administration made 424 00:23:32,600 --> 00:23:35,240 Speaker 1: a positive step in releasing what they called kind of 425 00:23:35,320 --> 00:23:38,520 Speaker 1: like guardrails and sass that states have to satisfy in 426 00:23:38,600 --> 00:23:41,640 Speaker 1: order to reopen. But I think there needs to be obviously, 427 00:23:41,640 --> 00:23:43,120 Speaker 1: there needs to be more testing, that we have more 428 00:23:43,200 --> 00:23:45,760 Speaker 1: data to make those informed decisions. And I think that 429 00:23:45,840 --> 00:23:47,879 Speaker 1: you know, regardless of what the data is, many kind 430 00:23:47,880 --> 00:23:49,840 Speaker 1: of get past the notion of dates. So what we 431 00:23:49,840 --> 00:23:52,439 Speaker 1: need to be focused on is supporting small businesses that 432 00:23:52,520 --> 00:23:55,360 Speaker 1: they have the understanding and then know how to come 433 00:23:55,359 --> 00:23:58,240 Speaker 1: back online slowly, because whenever they come back online, we 434 00:23:58,320 --> 00:24:00,359 Speaker 1: know it's not going to be it's going to have 435 00:24:00,400 --> 00:24:02,959 Speaker 1: to be a phased and approach. So let's make sure 436 00:24:03,000 --> 00:24:05,119 Speaker 1: we're educating small business owners so they know how to 437 00:24:05,160 --> 00:24:08,120 Speaker 1: control their inventory and their cash flows to manage after 438 00:24:08,200 --> 00:24:10,040 Speaker 1: the rest of the year. All right, I got I 439 00:24:10,119 --> 00:24:12,840 Speaker 1: got another question for you, just switching gears leader McConnell 440 00:24:13,280 --> 00:24:16,600 Speaker 1: saying that states might need a bail out. So what 441 00:24:16,640 --> 00:24:19,200 Speaker 1: do you know about that? Oh? Boys, So this is 442 00:24:19,240 --> 00:24:24,040 Speaker 1: an interesting yours that there with the old boy here 443 00:24:24,080 --> 00:24:26,679 Speaker 1: we go. All right, Well, you know I had to 444 00:24:26,720 --> 00:24:28,679 Speaker 1: heard this whole thing about state bailouts. This is a 445 00:24:28,680 --> 00:24:30,800 Speaker 1: conversation we had back in two thousand and nine. I'm 446 00:24:30,800 --> 00:24:34,080 Speaker 1: having all these flashbacks. I know, I know, back when 447 00:24:34,119 --> 00:24:37,600 Speaker 1: I was just a wee child. Go ahead, I thought, 448 00:24:37,600 --> 00:24:41,080 Speaker 1: I thought, I said to myself. Hopefully I never lived 449 00:24:41,080 --> 00:24:44,440 Speaker 1: through another great recession. News flash, folks were back where 450 00:24:44,440 --> 00:24:48,639 Speaker 1: we started, and it's a pandemic. It's yeah, I've been. 451 00:24:48,720 --> 00:24:52,160 Speaker 1: It's interesting circumstances where we're having this conversation once again. Now. 452 00:24:52,680 --> 00:24:56,680 Speaker 1: I think that it's probably constitutionally suspect um the notion 453 00:24:56,760 --> 00:24:59,720 Speaker 1: that states can be bailed out. Of course, the Puerto 454 00:24:59,760 --> 00:25:03,600 Speaker 1: ric in quote unquote bailout legislation in our practicing TIS 455 00:25:04,080 --> 00:25:06,119 Speaker 1: might offer a blueprint for how you would do that 456 00:25:06,160 --> 00:25:08,760 Speaker 1: with states. UH. The thing to keep in mind is 457 00:25:08,880 --> 00:25:12,000 Speaker 1: that cities have done this in the pastment taken Detroit 458 00:25:12,080 --> 00:25:15,120 Speaker 1: just like two years to litigate that entire bailout, So 459 00:25:15,400 --> 00:25:19,240 Speaker 1: in these very narrow, acute circumstances, I'm not positive that 460 00:25:19,320 --> 00:25:21,760 Speaker 1: this would be the appropriate response. But I do think 461 00:25:21,800 --> 00:25:25,760 Speaker 1: that Leader McConnell had a good point that he was making, 462 00:25:25,840 --> 00:25:27,919 Speaker 1: which was that see a lot of states that have 463 00:25:28,040 --> 00:25:31,440 Speaker 1: been in financial distress and times of downturn, not simply 464 00:25:31,480 --> 00:25:35,119 Speaker 1: because the economic situation has decayed, but because they have 465 00:25:35,240 --> 00:25:38,080 Speaker 1: made poor financial decisions for years and years and years 466 00:25:38,080 --> 00:25:40,080 Speaker 1: had then come home to roost. So he was saying 467 00:25:40,160 --> 00:25:43,560 Speaker 1: that we can't allow this crisis. UH. States can't use 468 00:25:43,560 --> 00:25:46,800 Speaker 1: this crisis to try and get federal task pairs, particularly 469 00:25:46,800 --> 00:25:48,840 Speaker 1: to bail out their pension systems if they see that 470 00:25:48,880 --> 00:25:50,880 Speaker 1: writing on the law. And I think that that's definitely 471 00:25:50,880 --> 00:25:52,960 Speaker 1: a fair point to be making. But one thing to 472 00:25:53,000 --> 00:25:55,359 Speaker 1: note too is that the Federal Reserve has started a 473 00:25:55,400 --> 00:25:57,760 Speaker 1: new liquidity program for state and localities. So I think 474 00:25:57,800 --> 00:25:59,440 Speaker 1: we need to know more about how the set is 475 00:25:59,480 --> 00:26:02,040 Speaker 1: going to step been here before we're talking about what 476 00:26:02,119 --> 00:26:04,679 Speaker 1: the federal government, what Converse is going to do on 477 00:26:04,720 --> 00:26:07,080 Speaker 1: state finances. Now, double are always breaking it down. Stick 478 00:26:07,119 --> 00:26:09,119 Speaker 1: with us because we just got a two minute warning 479 00:26:09,320 --> 00:26:12,159 Speaker 1: for President Trump's daily Coronavirus Task Force briefing, which you 480 00:26:12,200 --> 00:26:16,000 Speaker 1: can listen to right here, folks on Bloomberg FM. And 481 00:26:16,040 --> 00:26:18,359 Speaker 1: again just the breaking news also that the House of 482 00:26:18,400 --> 00:26:21,000 Speaker 1: Representatives does have the votes in order to pass that 483 00:26:21,040 --> 00:26:25,600 Speaker 1: four hundred and eighty four billion dollar UH Economic Stimulus 484 00:26:25,720 --> 00:26:29,360 Speaker 1: UH Economic Stimulus virus relief plan. Again, the House has 485 00:26:29,400 --> 00:26:31,600 Speaker 1: the votes to pass the four hundred and eighty four 486 00:26:31,600 --> 00:26:35,840 Speaker 1: billion dollar virus relief plan. You know, my my sister 487 00:26:35,880 --> 00:26:38,720 Speaker 1: who's older than me, Mara Maria, so really she always says, 488 00:26:38,720 --> 00:26:40,760 Speaker 1: you gotta stay grateful, you gotta look for the good. 489 00:26:40,800 --> 00:26:43,480 Speaker 1: You gotta stay calm and grateful. And so I guess 490 00:26:43,520 --> 00:26:45,440 Speaker 1: that's a good that's a piece of good news that 491 00:26:45,520 --> 00:26:49,760 Speaker 1: Speaker Pelosi better late than never, that Speaker Pelosi was 492 00:26:49,840 --> 00:26:52,240 Speaker 1: able to get the votes. So maybe my sister Maura, 493 00:26:52,320 --> 00:26:54,639 Speaker 1: who's older than me, Like, you can't call people older 494 00:26:54,640 --> 00:26:59,520 Speaker 1: sisters anymore. They get mad. But oh I can't. I'm 495 00:26:59,560 --> 00:27:02,600 Speaker 1: not about to call any sister big You're following me. 496 00:27:02,880 --> 00:27:05,760 Speaker 1: I'm not going there, Maddie. They're gonna get me in trouble. 497 00:27:05,800 --> 00:27:07,320 Speaker 1: I was trying to do a nice shout out. Now 498 00:27:07,359 --> 00:27:09,960 Speaker 1: I feel like I'm gonna get in trouble. Um See, 499 00:27:10,080 --> 00:27:13,160 Speaker 1: I always find myself in all in a ditch. Okay, 500 00:27:13,200 --> 00:27:16,480 Speaker 1: I'm sorry. I don't don't say sorry to me, say 501 00:27:16,520 --> 00:27:20,800 Speaker 1: sorry to say sorry tomorrow. You know we've got the wisdom. 502 00:27:20,880 --> 00:27:26,640 Speaker 1: I love this everywhere, all right. But but seriously though, 503 00:27:26,680 --> 00:27:28,880 Speaker 1: I mean in terms of the next round of economic stimulus, 504 00:27:28,920 --> 00:27:30,440 Speaker 1: And Maddie, if I interrupt you, it' because I'm gonna 505 00:27:30,440 --> 00:27:33,800 Speaker 1: toss to the president. But uh, but what do you know? Well, 506 00:27:33,840 --> 00:27:35,320 Speaker 1: what do you know about the first week of May 507 00:27:35,320 --> 00:27:37,000 Speaker 1: and the next round of stimulus? You mentioned the Fed, 508 00:27:38,160 --> 00:27:40,760 Speaker 1: so the fat I think that the liquidity that the 509 00:27:40,800 --> 00:27:43,080 Speaker 1: Fed has proposed is going to make a big impact, 510 00:27:43,160 --> 00:27:46,800 Speaker 1: but only if he see the confidence boots from Congress. 511 00:27:46,800 --> 00:27:49,040 Speaker 1: I think having this package passed today is going to 512 00:27:49,119 --> 00:27:52,639 Speaker 1: be a one signal to business owners across this country 513 00:27:52,720 --> 00:27:56,800 Speaker 1: that Washington, DC is trying to have their back because 514 00:27:57,040 --> 00:27:59,359 Speaker 1: we need business owners and what's available to them. They 515 00:27:59,359 --> 00:28:01,960 Speaker 1: need that there is capital that they can access in 516 00:28:02,080 --> 00:28:04,840 Speaker 1: order to keep their businesses afloat, and frankly, we need 517 00:28:04,960 --> 00:28:08,240 Speaker 1: policymakers in Washington, both from a monetary and from a 518 00:28:08,240 --> 00:28:11,879 Speaker 1: fiscal standpoint, talking about that and saying, listen, we have 519 00:28:12,040 --> 00:28:15,240 Speaker 1: resources for you need to go access that, because there's 520 00:28:15,240 --> 00:28:17,560 Speaker 1: been a lot of us in for to roll out 521 00:28:17,560 --> 00:28:19,359 Speaker 1: of these programs that are meant to health these small 522 00:28:19,359 --> 00:28:21,639 Speaker 1: business owners, so much so to the fact that I 523 00:28:21,640 --> 00:28:23,600 Speaker 1: think a lot of small business owners are saying, listen, 524 00:28:23,680 --> 00:28:26,560 Speaker 1: I know that these are tough times. I can't take 525 00:28:26,560 --> 00:28:28,760 Speaker 1: on any more uncertainty, and I certainly can't take on 526 00:28:28,840 --> 00:28:30,639 Speaker 1: us at our program that I feel it's gonna leave 527 00:28:30,680 --> 00:28:32,360 Speaker 1: me holding the bag at the end of this whole thing. 528 00:28:32,440 --> 00:28:35,640 Speaker 1: So that kind of uncertainty is going to create more 529 00:28:35,680 --> 00:28:37,960 Speaker 1: problems for us in the long run. So I just 530 00:28:38,000 --> 00:28:40,600 Speaker 1: think that CAT the legislation has tasked me and those 531 00:28:40,640 --> 00:28:43,040 Speaker 1: resources out there. I think that sp A has been 532 00:28:43,120 --> 00:28:46,640 Speaker 1: doing more to help small businesses understand and navigate, uh, 533 00:28:46,840 --> 00:28:49,680 Speaker 1: exactly what's available to them so that all the resources 534 00:28:49,720 --> 00:28:52,040 Speaker 1: that are available can come to bear where it matters, 535 00:28:52,080 --> 00:28:54,160 Speaker 1: and that's in the rest of the country for small 536 00:28:54,200 --> 00:28:56,160 Speaker 1: business owners across the nation. What do you make a 537 00:28:56,240 --> 00:28:58,800 Speaker 1: Governor Hogan and Trump and the dance that Governor Hogan 538 00:28:58,840 --> 00:29:04,440 Speaker 1: has been doing with the illustration. It's interesting. I mean, yeah, 539 00:29:04,480 --> 00:29:06,160 Speaker 1: you and I both live in d C. And you know, 540 00:29:06,240 --> 00:29:08,480 Speaker 1: we get this question a lot, I think from folks, 541 00:29:08,600 --> 00:29:10,880 Speaker 1: you know, our family friends living outside DC about kind 542 00:29:10,880 --> 00:29:12,400 Speaker 1: of how it all works, like how does it work 543 00:29:12,480 --> 00:29:16,320 Speaker 1: with Virginia and Maryland and DC being this complex network. Well, 544 00:29:16,400 --> 00:29:19,280 Speaker 1: the answer is that it really does depend. And I 545 00:29:19,360 --> 00:29:24,200 Speaker 1: think Governor Hogan um has been on the forefront of 546 00:29:24,480 --> 00:29:28,320 Speaker 1: the virus response, and Virginia and DC have kind of 547 00:29:28,360 --> 00:29:31,200 Speaker 1: been have been striking different tones. I know that that 548 00:29:31,440 --> 00:29:33,680 Speaker 1: was a challenge at the beginning of all of this 549 00:29:33,840 --> 00:29:36,080 Speaker 1: was whether or not DC was gonna follow what Virginia 550 00:29:36,080 --> 00:29:37,520 Speaker 1: and Maryland were doing because they seemed to be a 551 00:29:37,560 --> 00:29:40,520 Speaker 1: little bit more lenient at the outset. UM. I think 552 00:29:40,600 --> 00:29:43,880 Speaker 1: that Governor Hogan is someone who is always going to 553 00:29:43,960 --> 00:29:45,960 Speaker 1: do what he thinks is right for his state, and 554 00:29:46,160 --> 00:29:49,479 Speaker 1: he seems to always kind of point northward in that way, UM, 555 00:29:49,560 --> 00:29:52,360 Speaker 1: which is not what you can always say for all politicians. 556 00:29:52,440 --> 00:29:54,239 Speaker 1: So I think that the good people of Maryland are 557 00:29:54,240 --> 00:29:57,880 Speaker 1: served well by his leadership. UM. And the conversation is 558 00:29:57,880 --> 00:30:00,760 Speaker 1: happening right now between the administration and Maryland about whether 559 00:30:00,880 --> 00:30:03,400 Speaker 1: or not, you know, whether or not we need to 560 00:30:03,440 --> 00:30:06,200 Speaker 1: be like political team players. I think that Governor Hogan 561 00:30:06,320 --> 00:30:10,000 Speaker 1: doesn't have any interest in that. I think. But see, 562 00:30:10,040 --> 00:30:12,800 Speaker 1: this is what's interesting. I mean, because I said this 563 00:30:12,840 --> 00:30:14,080 Speaker 1: at the start of the program, at the top of 564 00:30:14,120 --> 00:30:15,480 Speaker 1: the show, I mean, d C has been like a 565 00:30:15,560 --> 00:30:18,920 Speaker 1: ghost town because only six hundred thousand people, around six 566 00:30:19,000 --> 00:30:23,080 Speaker 1: hundred thousand people reside in inside of Washington d C. 567 00:30:23,280 --> 00:30:26,440 Speaker 1: But it's swells and doubles in size, obviously with all 568 00:30:26,440 --> 00:30:28,120 Speaker 1: the commuters coming in and out of town and so 569 00:30:28,800 --> 00:30:30,840 Speaker 1: and plus do you think of it from that vantage point, 570 00:30:30,880 --> 00:30:33,880 Speaker 1: but also just the amount of travel that folks come, 571 00:30:34,240 --> 00:30:36,280 Speaker 1: you know, all the all the lawmakers you know, and 572 00:30:36,440 --> 00:30:41,400 Speaker 1: and so it's it's really been fascinating to watch that. 573 00:30:41,560 --> 00:30:44,280 Speaker 1: And I think the dance, for lack of a better word, 574 00:30:44,360 --> 00:30:47,200 Speaker 1: that Mayor Bowser and Governor Hogan and Governor Northam that 575 00:30:47,240 --> 00:30:50,040 Speaker 1: they have to do because so many people live in 576 00:30:50,120 --> 00:30:53,400 Speaker 1: Virginia that commute into the Washington d C. And and 577 00:30:53,600 --> 00:30:56,320 Speaker 1: and what that means and and and we all, I 578 00:30:56,360 --> 00:31:00,320 Speaker 1: guess you could say, use the same hospitals in this region. 579 00:31:00,920 --> 00:31:05,360 Speaker 1: So to put those hospitals at risk for being overcapacitated. 580 00:31:05,440 --> 00:31:09,160 Speaker 1: I mean, that's it's it's just really really interesting, interesting, 581 00:31:09,800 --> 00:31:12,360 Speaker 1: uh to to see how that plays out. But I 582 00:31:12,520 --> 00:31:15,320 Speaker 1: think based upon my reporting, the conversations that I've had 583 00:31:15,320 --> 00:31:18,440 Speaker 1: with local folks here, I think Governor Northam, Hogan, and 584 00:31:18,520 --> 00:31:22,520 Speaker 1: Mayor Bowser they've they've all been playing on the same team. 585 00:31:22,600 --> 00:31:24,840 Speaker 1: I mean, for them to write that joint letter, I 586 00:31:24,880 --> 00:31:26,800 Speaker 1: think it was yet in the last twenty four hours 587 00:31:27,480 --> 00:31:31,560 Speaker 1: to the administration, is you know, again showing that here's 588 00:31:31,800 --> 00:31:36,840 Speaker 1: you know, Governor Northam, Mayor Bowser, and UH Governor Hogan 589 00:31:36,960 --> 00:31:42,240 Speaker 1: cut from three very different political ideological cloths, really speaking 590 00:31:42,360 --> 00:31:43,840 Speaker 1: from the same playbook.