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Speaker 1: Why from our nations, how do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do? From the United States relationship with China?

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Speaker 1: Bloomberg Sound On, the Insiders, the influencers, the insides. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. We're looking at seveny Kennedys for different duct teams.

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Speaker 1: How do we make sure a pandemic of this sale

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Speaker 1: never happens again? This is Bloomberg Sound On with Kevin

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Speaker 1: Surrelate on Bloomberg and one oh five point seven f

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Speaker 1: M h D two. Joe Biden delivers his presidential acceptance

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Speaker 1: speech while he's hoping it's going to get him elected president.

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Speaker 1: The latest on the final night of the Virtual Democratic

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Speaker 1: National Convention. And Steve Bennon arrested by postal inspectors. Widen's

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Speaker 1: focus on agency. What does it mean for the US

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Speaker 1: Postal Service? This, of course is Steve Bennon was indicted today.

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Speaker 1: I'll give you the latest on that front as well.

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Speaker 1: A lot to get through all of that, plus US

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Speaker 1: China escalating tensions. I just was speaking to to UH

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Speaker 1: Keith Croc the under Secretary of Economic Affairs was at

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Speaker 1: the White House literally half hour ago, and he was

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Speaker 1: giving me an update on on what things are going

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Speaker 1: to happen in the next couple of weeks and the

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Speaker 1: response from the universities as they're telling folks that divest, divest,

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Speaker 1: divest from China. The State Department's warning sounding the warning sign.

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Speaker 1: He says, it's a foreshadowing. We'll talk a little bit

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Speaker 1: about that. Mr Lena gothe Polulu is gonna join us.

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Speaker 1: She's a Bloomberg national political reporter. Greg Bower is former

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Speaker 1: FBI Assistant Director, former U S attorney and a partner

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Speaker 1: at Brown Steing Hyatt Farbourn Shrek. He's got great insights

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Speaker 1: on what went on with Bannon today. And then Adam Goodman.

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Speaker 1: Adam Goodman the Republican media go to strategists, and of

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Speaker 1: course he's a Ballard Partners in Washington. He's been hold

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Speaker 1: up down in Florida. Plus Dave Jolly, I'm telling you

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Speaker 1: we've got an all star lineup of insiders. So stick around.

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Speaker 1: We're gonna have a lot to get through, and we're

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Speaker 1: gonna go through a lot. Oh, and disappointing economic indicators

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Speaker 1: from Job exclaims, My number of the day is the

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Speaker 1: I R S forecasting thirty seven point two million fewer

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Speaker 1: W two forms for next year. Wow, the I r

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Speaker 1: S is forecasting that they're gonna need thirty seven point

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Speaker 1: two million fewer W two forms for the next year.

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Speaker 1: We've got and the next on the Over the course

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Speaker 1: of the show, a host of different economic indicators that

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Speaker 1: we're gonna check in with. But we begin tonight with

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Speaker 1: the big story. Joe Biden, the Democratic presidential nominee, will

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Speaker 1: address the final night of the Virtual Democratic National Convention.

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Speaker 1: Mr Lena a Gulf of Polulu is a Bloomberg national

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Speaker 1: political reporters. She joins us, She's been all over this story,

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Speaker 1: covering the virtual campaign trail, the actual campaign trail, and

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Speaker 1: this is a massive speech for Joe Biden. Give us

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Speaker 1: a previewers or later, Hey, Kevin, this is indeed a

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Speaker 1: massive speech. I mean, this is probably by far the

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Speaker 1: most important speech in his lengthy political career. Um. You know,

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Speaker 1: normally under any election this speech would be important, but

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Speaker 1: this year it might carry even more weight because of

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Speaker 1: the coronavirus. Not only is this a nation in crisis,

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Speaker 1: but remember Biden has not been on the campaign trail,

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Speaker 1: he really hasn't exposed himself to voters, and so today

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Speaker 1: this is really the moment in a primetime address where

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Speaker 1: he really has the chance to to shape the way

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Speaker 1: voters think of him and really reintroduced himself to voters,

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Speaker 1: UM that might only remember him as Obama's vice president.

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Speaker 1: Now what Biden say, We're we're expecting to see some

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Speaker 1: of the themes that played out in the past few days,

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Speaker 1: UM in the convention. Those include party unity, party diversity,

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Speaker 1: but also attacks on Trump and why he's failed as

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Speaker 1: president to contain the coronavirus. UM. You know. But advisors

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Speaker 1: to the Biden campaign say that the speech will actually

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Speaker 1: be bigger than Trump and really an opportunity for Biden

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Speaker 1: to make his case UM two American voters, and maybe

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Speaker 1: a more optimistic and positive tone. You know. I. I

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Speaker 1: think this is is fascinating because so much of the

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Speaker 1: Virtual Democratic Convention has been the Democrats effort to turn

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Speaker 1: this into a referendum on President Trump. It's been a

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Speaker 1: strategy that they've wanted. It's been a strategy that they've

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Speaker 1: tried to utilize, whether it's Senator Bernie Sanders making an

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Speaker 1: argument not about progressive policy, but more of an argument

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Speaker 1: about his words quote unquote defeeding fascism or in former

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Speaker 1: President Barack Obama speech last night, in which he delivered

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Speaker 1: a blistering critique and a rallying cry to the Obama

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Speaker 1: coalition to reunite and get out the vote on November three.

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Speaker 1: But what I'm hearing from you, Mr Lenna, a gulf

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Speaker 1: of Polulu Bloomberg, national political reporter, is that we might

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Speaker 1: actually get some concrete policy from Joe Biden tonight, this

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Speaker 1: as Republicans have tried to portray him as someone who

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Speaker 1: is hiding from the American people. I really think so.

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Speaker 1: And you know what's important to note is who Biden

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Speaker 1: is going to have sort of um raised the curtain

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Speaker 1: to his speech before him. We're talking about a former

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Speaker 1: primary opponents. So we have Andrew Gang people to judge,

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Speaker 1: Michael Bloomberg, Corey Booker, all of them, they ran against him,

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Speaker 1: and now we're going to see them, you know, get

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Speaker 1: on that stage and back him up. And you know,

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Speaker 1: remember what these candidates sort of stand for. Yang has

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Speaker 1: a very untraditional base that he can sway. Bloomberg is

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Speaker 1: a former Republican. Booker's young age and voice on racial justice.

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Speaker 1: And then of course Boodo judge his ties to them

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Speaker 1: at West and so we're really going to see sort

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Speaker 1: of this diversity UM angle coming in and all these

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Speaker 1: candidates talking about issues that UM that Biden is going

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Speaker 1: to back. And of course we also have a former

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Speaker 1: VP candidates that Biden was betting. He bet it in

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Speaker 1: total eleven women. Three of those women will speak tonight UM.

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Speaker 1: Sammy Baldwin, for example, of the first LGBT senator elected,

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Speaker 1: So that's going to be an issue that's at the forefront.

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Speaker 1: Of course, we have Sammy Duckworth, a former US Army veteran,

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Speaker 1: who's going to point to Biden's military ties, and so

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Speaker 1: all of these points are going to be made the

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Speaker 1: four Biden hits the stage, and then when he does,

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Speaker 1: you know, it's really going to be a moment where

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Speaker 1: he's going to lay out his vision for America. Just

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Speaker 1: in terms of the ratings check I'm reading from the

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Speaker 1: Los Angeles Times, the third night of the Democratic National

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Speaker 1: Convention delivered the largest TV audience for the events so far,

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Speaker 1: with an average of one point four million viewers across

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Speaker 1: the major cable news channels and broad cast networks. That's

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Speaker 1: still though it's tracking well below the Democratic Convention, the

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Speaker 1: event that back in Philly, the d N c UM

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Speaker 1: that average twenty five million viewers over the first three nights,

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Speaker 1: which is two percent higher higher than this virtual convention.

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Speaker 1: Why do you think that is? What are they saying

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Speaker 1: about the decline of viewership and are they worried about

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Speaker 1: that that less people seem to be plugged in? I mean, listen,

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Speaker 1: this is definitely a convention that's all virtual, and so

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Speaker 1: I think it's been harder for both campaigns to sort

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Speaker 1: of feed off of any momentum that they can build

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Speaker 1: off on the trail and then later transfer onto the screens. UM.

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Speaker 1: But you know, uh, time will tell what the ratings

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Speaker 1: will be like for tonight. But of course, you know,

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Speaker 1: this convention comes down to this moment, and so I

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Speaker 1: would expect ratings to night to be a little bit

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Speaker 1: higher because voters do want to listen to what Joe

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Speaker 1: Biden has to say. UM. Having said that, you know,

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Speaker 1: we've seen a convention that's run very smoothly um so far,

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Speaker 1: and that was you know, sort of beating expectations. Uh.

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Speaker 1: When it comes to technical difficulty difficulties that could have, UM,

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Speaker 1: you know, risen throughout this convention that was largely expected,

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Speaker 1: but it's been smooth, UM. And you know, the last

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Speaker 1: thing I'll say about ratings is really ratings, UM, are

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Speaker 1: really just going to come down to how they compared

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Speaker 1: to the Republican U National Convention. And for sure officials

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Speaker 1: on the other side are taking notes on what the

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Speaker 1: Republicans have done this week and and what will be

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Speaker 1: very interesting to see, Kevin, is how viewership compared to

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Speaker 1: what the Republicans can lure in next week. It really

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Speaker 1: is going to be remarkable. In the two minutes or

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Speaker 1: so we have left, what has been the highlight for you?

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Speaker 1: Not in highlight, what's been the most notable item in

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Speaker 1: your reporter's notebook that stood out over the course of

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Speaker 1: this week. UM, I think that, you know, Um, one

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Speaker 1: of the most powerful moments that we've seen, UM, in

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Speaker 1: this convention has I think definitely been the Harris speech.

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Speaker 1: I mean, you know, the black daughter of immigrants from

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Speaker 1: India and Jamaica, the first woman of color to accept

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Speaker 1: the nomination for vice president for a major political party.

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Speaker 1: I think that you know, that was definitely a highlight

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Speaker 1: in the convention and really a turning point for this

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Speaker 1: part d um. And you know, I think that that

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Speaker 1: is a larger theme that played out throughout the entire convention.

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Speaker 1: Just the role, uh that women have in politics and

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Speaker 1: the representation that they have in politics was definitely one

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Speaker 1: of the most powerful moments. And what's something that went

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Speaker 1: under what what what's what are you going to be

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Speaker 1: looking for tonight? Last minute? You know, I'm actually really

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Speaker 1: curious how the Trump campaign is going to be um

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Speaker 1: looking at tonight's uh attack game, and more specifically, I mean,

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Speaker 1: we know the president right now is in Joe Biden's

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Speaker 1: tonetown of Granton, Pennsylvania, campaigning. Uh, and we know that

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Speaker 1: the campaign has really tried to portray Joe Biden that's

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Speaker 1: someone who's sort of out of touch with reality. And

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Speaker 1: so you know what's gonna be really interesting is whether

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Speaker 1: we're going to see any Biden gaps today. Um. And

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Speaker 1: you know that's something that the Trump campaign is really

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Speaker 1: going to use, um that to go on the offense.

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Speaker 1: And uh, you know, the advisors of of of VP

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Speaker 1: Vice President Biden are hoping everything will run smoothly. Uh

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Speaker 1: And in fact, we're actually pointing to his speech that

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Speaker 1: he gave intense in Philadelphia following the George Floyd protests,

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Speaker 1: where you know, um, he sort of held his own

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Speaker 1: and was able to deliver a very strong speech pointing

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Speaker 1: to that to basically ensure viewers that it's going to

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Speaker 1: run smoothly. But you know what, I'm gonna be lostening out.

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Speaker 1: All right, We're gonna have to wait and see Mr

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Speaker 1: Lena gulf of Pollulu, Bloomberg national political reporter all over

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Speaker 1: the story. Congrats on great coverage, and of course I'll

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Speaker 1: be looking forward to what the team delivers tonight. I'm

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Speaker 1: Kevin Serelli, chief Washington correspondent for Bloomberg TV and Radio.

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Speaker 1: You're listening to Bloomberg nine and nine one. This is

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Speaker 1: Bloomberg's Sound On with Kevin Surreley on Bloomberg and on

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Speaker 1: all five point seven MHD two. My name is Kevin Cerelli.

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Speaker 1: I'm the chief Washington correspondent for Bloomberg Television Bloomberg Radio.

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Speaker 1: You know we were talking to the break about the

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Speaker 1: importance of cat naps on these long days. Kevin, you

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Speaker 1: gotta shut your eyes. And as you know, Dad would

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Speaker 1: never say when I was growing up outside of Philian Delco.

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Speaker 1: But Dad would always say he would after work, he

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Speaker 1: would come home, he would sit in the chair and

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Speaker 1: he would close his eyes, and I'd be like, oh,

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Speaker 1: Dad's asleep, And he would literally burst out talking and go,

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Speaker 1: I'm not asleep. I am resting my eyes. And I'm

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Speaker 1: like Dad could never sleep. He could only rest his eyes.

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Speaker 1: So I guess if you have to rest your eyes, then, uh,

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Speaker 1: then you're doing something right. All right, bad day for

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Speaker 1: Steve Bannon. Uh, let's get to the late of Steve

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Speaker 1: Bannon charged with fraud over border wall group. Bannon's arrest

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Speaker 1: by postal inspectors, meanwhile, has widened the focus on the service.

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Speaker 1: But let's start on the Bloomberg terminal. Tina Davis and

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Speaker 1: David Yaffie bellany reporting quote. Steve Bannon, one of the

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Speaker 1: architects of Donald Trump's sixteen presidential campaign, was arrested and

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Speaker 1: charged with fraud over his involvement in an online group

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Speaker 1: that raised more than twenty five million dollars to help

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Speaker 1: fund wall on the US Mexico border. Despite portraying the

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Speaker 1: this is what was called we Build the Wall fundraising

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Speaker 1: group as a volunteer campaign, Bannon received more than a

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Speaker 1: to pay personal expenses, prosecutors said, and he has expected

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Speaker 1: to appear in uh under your court. And actually we

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Speaker 1: just got a headline before coming on air that he

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Speaker 1: uh is released with restricted travel, not that you can

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Speaker 1: really go anywhere these days on a five million dollar bond.

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Speaker 1: Let's welcome back to the program. The Gregory Brower. He

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Speaker 1: is the former FBI Assistant director as well as a

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Speaker 1: former U S attorney and now he is a partner

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Speaker 1: at Brownstein, Hyatt, Farber and Shrek. Greg I mean, I

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Speaker 1: just want to let it. I just want you to,

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Speaker 1: you know, get it rolling for us, I mean for

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Speaker 1: for Steve Bannon. I mean this. I got off air

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Speaker 1: this morning and was picking up an ice offee and

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Speaker 1: I see this cross the Bloomberg terminal. I mean my

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Speaker 1: jaw dropped. I thought, here he's indicted. I mean, what

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Speaker 1: was your reaction and what does it mean? More importantly

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Speaker 1: for the broader Trump coalition. Kevin, It's great to be

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Speaker 1: with you. This wasn't surprise, I think to everyone. Steve

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Speaker 1: Bannon have been the subject of a referral to the

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Speaker 1: Department of Justice by the Senate Intelligence Committee Committee recently

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Speaker 1: on suspicion of of misleading committee, making misstatements to the

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Speaker 1: committee in an interview with the committee some time ago.

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Speaker 1: And so I don't think it would have surprised anybody

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Speaker 1: to see potential charges relating to that referral. But this

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Speaker 1: sort of came out of the blue. It is, Um,

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Speaker 1: it's another indictment of someone close to the president. We've

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Speaker 1: seen charges and convictions of several close Trump associates. Now

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Speaker 1: this one's a little different, Um, and I think was

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Speaker 1: very surprising. What we're talking about. A lot of money

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Speaker 1: here million dollars and uh three co defendants with Bannon.

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Speaker 1: These are just allegations at this point of course, but

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Speaker 1: the government seems to have a lot of evidence and

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Speaker 1: it will be very interesting to see how this develops.

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Speaker 1: It really is going to be remarkable. But what do

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Speaker 1: you think it means? Greg, based upon your long career

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Speaker 1: both with the FEDS and UH now at brownsing hired

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Speaker 1: Farmer and Shrek, what do you think it means for

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Speaker 1: how do I say, for people who are very intricately

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Speaker 1: linked two presidential campaigns on both sides of the aisle,

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Speaker 1: and then they go off and they maybe start a

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Speaker 1: superpack or maybe they start an online advertising venture and

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Speaker 1: they use it to collect cash, and they use it

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Speaker 1: to to rake in Big Bucks, and you know, I

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Speaker 1: mean it's you know, I respect. Maybe are the FEDS

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Speaker 1: paying more of a closer eye on this because there's

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Speaker 1: you know, you know this Greg, that's the talk of

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Speaker 1: the town a lot of the times. Well, I don't

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Speaker 1: know that this particular indictment says anything or means anything

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Speaker 1: with respect to others who have worked on presidential campaigns

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Speaker 1: or in the White House and then go off and

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Speaker 1: and uh, you know, make a lot of money either

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Speaker 1: in the private sector or suggested running super PACs. Right,

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Speaker 1: I mean, there are many legal, perfectly legal ways to

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Speaker 1: make money, including a lot of money, um by by

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Speaker 1: capitalizing on your experience in government. Um. This is is

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Speaker 1: not that this seems to be, according to the allegations,

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Speaker 1: just a straight up fraud situation where you have, at least,

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Speaker 1: again according to the indictments allegations, a small group of

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Speaker 1: people who get together and decide that they can capitalize

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Speaker 1: on a A group of folks out there in the

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Speaker 1: country who think that building the wall is a great

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Speaker 1: idea are willing to contribute. I'm sure in some cases,

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Speaker 1: small amounts five dollars ten dollars to the effort, and

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Speaker 1: they all got sucked in. It's just a kind of

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Speaker 1: a classic scam, as I read the indictment, that really

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Speaker 1: preyed upon ordinary folks who probably couldn't really afford, for

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Speaker 1: the most part, to be giving even even small amounts

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Speaker 1: of money, but did so because they believed in this

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Speaker 1: cause and had no idea that their money was going

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Speaker 1: into the pockets of these people had alleged by the government.

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Speaker 1: There were three other individuals who were also indicted, and

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Speaker 1: let's read from U S Attorney Audrey Strauss's UH statement, quote,

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Speaker 1: the defendants defrauded hundreds of thousands of donors, capitalizing on

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Speaker 1: their interest and funding a border wall to raise millions

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Speaker 1: of dollars under the false pretense that all of that

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Speaker 1: money would be spent on construction. UH. The President, for

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Speaker 1: his part, he tweeted out, quote, I disagreed with doing

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Speaker 1: this very small, tiny section of wall in a tricky

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Speaker 1: area by a private group which raised money by ads.

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Speaker 1: It was only done to make me look bad, and

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Speaker 1: perhaps it now doesn't even work. Should have been built

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Speaker 1: like the rest of the wall five plus miles. That's

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Speaker 1: according to the President's tweet. It found guilty, Bannon, who

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Speaker 1: was aged sixty six, could face as many as twenty

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Speaker 1: years in prison prison, though it's rare for the maximum

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Speaker 1: sentenced to be imposed. Wow. Uh, this comes greg on

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Speaker 1: the same day, the same day that the Trump administration

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Speaker 1: lost a bid to block a subpoena by the Manhattan

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Speaker 1: District Attorney for the president's tax filings. What give us

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Speaker 1: the update on the tax filing case is? Are they

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Speaker 1: ever going to be made public or no? Well, we've

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Speaker 1: we've seen in this case in particular, just how long

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Speaker 1: and convoluted the litigation process can take. Even when um,

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Speaker 1: the party seeking certain documents, like in this case the

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Speaker 1: tax returns is successful, it can take a long time

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Speaker 1: through various appeals to actually get there. But let's let's

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Speaker 1: remember putting aside the legal uh, the effort that the

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Speaker 1: Manhattan bea is going through now, tax returns. Uh. Presidential

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Speaker 1: tax returns or tax returns by from a presidential candidate

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Speaker 1: is something that has been made public for decades now.

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Speaker 1: Just as a matter of course, the idea is that

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Speaker 1: any candidate would not produce his or her tax returns

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Speaker 1: is something that you know, we were like fifty years

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Speaker 1: past that point. Uh, And so we tend to focus

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Speaker 1: on the litigation and and the which you know, the

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Speaker 1: d A is winning so far. But we really, in

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Speaker 1: my mind, should take a step back and ask ourselves,

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Speaker 1: why should this district attorney or anybody else have to

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Speaker 1: go to court to try to get these tax returns.

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Speaker 1: They should have been produced as part of the campaign

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Speaker 1: in the normal course of modern presidential politics. It's really

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Speaker 1: stunning that this president has not done that. It's gonna

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Speaker 1: be very interesting to see how all of this plays out.

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Speaker 1: Gregg Brower is a former FBI Assistant director and the

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Speaker 1: former U S attorney and now a partner at Brownstein, Hyatt,

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Speaker 1: Farber and Check. Hey, Greg, thanks so much for coming

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Speaker 1: on and making time for me. I appreciate it. Great

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Speaker 1: to be with you. Kevin, thank you. And coming up,

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Speaker 1: we talked more policy and politics, uh, and a preview

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Speaker 1: of the d n C plus the latest economic indicators.

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Speaker 1: My name is Kevin S. Really, I'm the chief Washington

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Speaker 1: correspondent for Bloomberg Television and for Bloomberg Radio. Panel joins next,

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Speaker 1: you're listening to Bloomberg how do we reopen this economy?

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Speaker 1: The latest on how this pandemic is impacting farmers. What

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Speaker 1: does this do for the United States relationship with China?

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Speaker 1: Bloomberg Sound on, The insiders, the influencers, the insids. We're

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Speaker 1: responding to this crisis and manufacturers are stepping up like

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Speaker 1: never before. We're looking at seveny Kennedys for different vaccines.

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Speaker 1: How do we make sure a pandemic of this scale

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Speaker 1: never happens again? This is Bloomberg Sound On with Kevin

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Speaker 1: Slate on Bloomberg and one Ohm HD two. The most

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Speaker 1: important political speech of Joe Biden's long career tonight, the

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Speaker 1: final night of the Virtual Democratic Convention. We've got a

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Speaker 1: complete preview the policy, the politics, and every angle covered.

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Speaker 1: All of that plus some disappointing economic indicators. What does

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Speaker 1: it mean for fiscal stimulus talks? What does it mean

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Speaker 1: for the pace of the economic recovery. We're also going

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Speaker 1: to touch on Iran and some foreign policy and the

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Speaker 1: bombshell indictment that had my jaw dropping, Steve Bannon. Steve

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Speaker 1: Bannon was indicted today along with three others over at

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Speaker 1: the US Prosecutors saying soliciting UH funds to build a

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Speaker 1: portion of the wall. We're gonna talk about that, uh,

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Speaker 1: and a lot more with an all star panel. We've

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Speaker 1: got David Jolly who's gonna join us. David, of course,

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Speaker 1: as a former Republican Florida congressman, he's now a registered independent.

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Speaker 1: He is the executive chairman of Serve America Movement and

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Speaker 1: the host of the new podcast American Revolution. We also

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Speaker 1: have Adam Goodman. He is a go to Republican media strategist.

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Speaker 1: He's also a columnist and a partner at Ballard Partners,

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Speaker 1: which is around the world, but he's based in Washington,

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Speaker 1: d C. Though he's been down in Florida. So a

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Speaker 1: lot to get through. But first and and I'm gonna

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Speaker 1: play you my tape with I was just at the

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Speaker 1: White House earlier this afternoon. UH. I met up with

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Speaker 1: the U S Undersecretary for State, Keith Track again, and

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Speaker 1: I asked him what the reaction has been on the

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Speaker 1: State's Department's urging for for folks to divest from their

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Speaker 1: China entanglements. You don't want to miss what he told me, Truly,

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Speaker 1: you don't want to miss what he told me. It's

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Speaker 1: a preview of what is going to come in the

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Speaker 1: short term on a nonpartisan front. Coming up, we're gonna

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Speaker 1: talk about iran UH and of course the jobless claims data,

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Speaker 1: because the jobless claims the number of Americans who filed

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Speaker 1: for unemployment in the last week. Remember two weeks ago

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Speaker 1: it was fewer than a million and I was and

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Speaker 1: and this week it ticked up two above one million.

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Speaker 1: So it's a disappointing jobless claims number. We're gonna talk

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Speaker 1: about that as well. But we begin tonight with the

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Speaker 1: big story. It's the final night of the virtual Democratic

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Speaker 1: National Convention and Joe Biden is going to be speaking

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Speaker 1: the Democratic presidential nominee. He's going to be speaking tonight,

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Speaker 1: delivering what is without question, one of, if not the

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Speaker 1: most important speech of his political career. He's gonna have

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Speaker 1: to talk to southwestern Pennsylvania, to Flint, Michigan, as well

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Speaker 1: as to Youngstown, Ohio, and all of the key battleground

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Speaker 1: counties that he needs to take back if he wants

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Speaker 1: to win the electoral college. Remember, folks, he's got to

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Speaker 1: win the electoral college. Who doesn't the popular vote is

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Speaker 1: as as the Democratic Party found out with Hillary back

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Speaker 1: in sixteen, it doesn't it doesn't matter if you if

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Speaker 1: you want to be president, you gotta win the electoral college,

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Speaker 1: regardless of what you feel about the electoral college. Adam

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Speaker 1: Goodman is on the line. He is a Republican media strategist,

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Speaker 1: columnists and partner at Ballard Partners in Washington. Uh. David

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Speaker 1: Jolly joins us former Republican Florida congressman. He's now a

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Speaker 1: registered independent, and he's the chairman of Serve American Movement

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Speaker 1: and the host of the new podcast American Resolution. All Right, Adam,

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Speaker 1: I'm gonna start with you. What are you gonna be

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Speaker 1: looking for tonight? What does Joe Biden have to do

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Speaker 1: to make you and your Republicans and the Republican Party

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Speaker 1: in the president's re election campaign nervous? Well? Uh, first,

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Speaker 1: he has to be coherent. Okay, let's start there. Now.

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Speaker 1: One of the big guessing games was whether or not

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Speaker 1: Joe was going to go live or go takes. And

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Speaker 1: you know, I think one of the things that he's

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Speaker 1: he and his team are the most concerned about is

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Speaker 1: the ability of him to deliver, especially when under any pressure.

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Speaker 1: And I think there is a sense of pressure about

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Speaker 1: tonight because for a lot of Americans, Uh, Joe Biden

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Speaker 1: is kind of coming out of the house that is

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Speaker 1: speak and it is going to be coming into their

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Speaker 1: living rooms uh and into their cell phones. Uh. And

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Speaker 1: we'll have to deliver a message that is reassuring because

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Speaker 1: the you might say, up to this point, it has

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Speaker 1: really been a contest, Kevin, of Donald Trump versus COVID.

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Speaker 1: After the Republican Convention next week, it will fully be

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Speaker 1: a contest of Donald Trump versus Joe Biden. And this

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Speaker 1: is where Joe Biden hopes to get a good start

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Speaker 1: on things, especially in the Swing States, which frankly is

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Speaker 1: where the whole election will be decided beginning tonight. You know,

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Speaker 1: it's gonna be very interesting to see just how those

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Speaker 1: swing states play. David, Jolly, give us a preview. What

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Speaker 1: are you going to be looking for tonight, Because he's

429
00:25:20,119 --> 00:25:21,920
Speaker 1: got to win over people like you, David, I mean,

430
00:25:21,960 --> 00:25:24,840
Speaker 1: and and you're you know, someone who's now a registered independent.

431
00:25:24,920 --> 00:25:27,520
Speaker 1: You've you've been frustrated with the Republican Party, You've been

432
00:25:27,600 --> 00:25:30,280
Speaker 1: very public about it. He's got to win over people

433
00:25:30,320 --> 00:25:32,720
Speaker 1: like you around the country if he wants to win

434
00:25:34,080 --> 00:25:37,159
Speaker 1: he does. He also has to win over the constituency

435
00:25:37,200 --> 00:25:39,680
Speaker 1: that frankly swung the election to Donald Trump, which were

436
00:25:39,720 --> 00:25:43,680
Speaker 1: your Obama Trump voters. And I think that's if there's

437
00:25:43,760 --> 00:25:47,800
Speaker 1: one gap in the convention so far, it's that constituency.

438
00:25:47,880 --> 00:25:49,960
Speaker 1: And and how hard is he going to make his

439
00:25:50,040 --> 00:25:53,440
Speaker 1: case towards that constituency. And I say that in the

440
00:25:53,600 --> 00:25:56,600
Speaker 1: context that look, you only have so much time for

441
00:25:56,640 --> 00:25:59,400
Speaker 1: so many messages in any political moment, and that's true

442
00:25:59,440 --> 00:26:02,120
Speaker 1: of a convince. And what Democrats have done very well

443
00:26:02,160 --> 00:26:05,240
Speaker 1: thus far as they've made the leadership case where Donald

444
00:26:05,240 --> 00:26:08,120
Speaker 1: Trump has failed to lead, Joe Biden has and he

445
00:26:08,160 --> 00:26:11,760
Speaker 1: will and he can restore integrity to the office if

446
00:26:11,760 --> 00:26:14,600
Speaker 1: you will. They've also made the case very strongly and

447
00:26:14,600 --> 00:26:18,719
Speaker 1: effectively for diversity, a party that looks like America. They

448
00:26:18,800 --> 00:26:21,120
Speaker 1: made the case for history with the nods of Kamala

449
00:26:21,160 --> 00:26:24,680
Speaker 1: Harris for the number two slot. All of it very powerful.

450
00:26:25,280 --> 00:26:28,280
Speaker 1: But to your point, Kevin, what about the constituency that

451
00:26:28,320 --> 00:26:31,320
Speaker 1: actually voted for Donald Trump, which is your largely white,

452
00:26:31,400 --> 00:26:36,439
Speaker 1: working class, labor oriented constituencies and communities in Wisconsin and

453
00:26:36,480 --> 00:26:40,480
Speaker 1: Pennsylvania and Michigan states like that. At what I'm looking

454
00:26:40,520 --> 00:26:43,560
Speaker 1: for in Joe Biden tonight is we saw the case

455
00:26:43,640 --> 00:26:46,959
Speaker 1: made against Donald Trump by both Obamas and Hillary Clinton

456
00:26:47,160 --> 00:26:51,040
Speaker 1: very forcefully. Does Biden continue that narrative, Where does he

457
00:26:51,119 --> 00:26:53,719
Speaker 1: let that rest and say, this is what I'm going

458
00:26:53,760 --> 00:26:57,080
Speaker 1: to do for the next four years from a policy perspective,

459
00:26:57,119 --> 00:26:59,640
Speaker 1: how I'm going to change the lives of every American

460
00:26:59,720 --> 00:27:02,399
Speaker 1: and voting the constituency that may have voted for Donald

461
00:27:02,400 --> 00:27:06,359
Speaker 1: Trump four years ago. I find this so interesting, David Jolly,

462
00:27:06,400 --> 00:27:08,359
Speaker 1: you just touched on something, and I gotta I gotta

463
00:27:08,359 --> 00:27:10,600
Speaker 1: follow up on it, because this is where I grew

464
00:27:10,680 --> 00:27:15,040
Speaker 1: up is with and and you know, with the people

465
00:27:15,040 --> 00:27:18,479
Speaker 1: who just who look at every election and sometimes they

466
00:27:18,560 --> 00:27:21,480
Speaker 1: vote for Democrats and sometimes they vote for Republicans, and

467
00:27:21,480 --> 00:27:24,080
Speaker 1: and it's I think it's a foreign concept, if I'm

468
00:27:24,119 --> 00:27:27,760
Speaker 1: being really honest right now, I think it's a foreign

469
00:27:27,840 --> 00:27:30,520
Speaker 1: concept for a lot of people inside of the Beltway.

470
00:27:30,720 --> 00:27:34,919
Speaker 1: And you said, David that you think that was one

471
00:27:34,960 --> 00:27:36,800
Speaker 1: of the big gaffs, your words, but one of the

472
00:27:36,840 --> 00:27:39,840
Speaker 1: gaffs was that the d n C didn't play to

473
00:27:40,080 --> 00:27:42,240
Speaker 1: those individuals. I just want to we have a minute

474
00:27:42,280 --> 00:27:43,640
Speaker 1: left before the jump, but I want to I want

475
00:27:43,640 --> 00:27:47,160
Speaker 1: you to elaborate on that because it's very important. Yeah,

476
00:27:47,400 --> 00:27:50,000
Speaker 1: let's look at the primary. Joe Biden entered the Democratic

477
00:27:50,000 --> 00:27:52,679
Speaker 1: Primary as lunch Pale Joe, he was a candidate that

478
00:27:52,720 --> 00:27:56,520
Speaker 1: could win those constituencies. He never took off. It took

479
00:27:56,520 --> 00:28:00,000
Speaker 1: it into South Carolina and the African American Democratic constituents

480
00:28:00,280 --> 00:28:03,600
Speaker 1: to propel him ever since South Carolina. That is the

481
00:28:03,640 --> 00:28:06,600
Speaker 1: message she's been on, which is great for a turnout

482
00:28:06,600 --> 00:28:09,280
Speaker 1: election where you need an energized pace, but what about

483
00:28:09,280 --> 00:28:11,680
Speaker 1: a persuasion election where you've got to bring back those

484
00:28:11,680 --> 00:28:15,120
Speaker 1: Trump voters at Democrats lost in four years. That's an

485
00:28:15,160 --> 00:28:17,399
Speaker 1: audience waiting to hear what Joe Biden wants to do

486
00:28:17,480 --> 00:28:20,119
Speaker 1: for them. That's the ads that Joe Biden should speak

487
00:28:20,119 --> 00:28:24,280
Speaker 1: to tonight. And I think it's remarkable because because the Democrats,

488
00:28:24,280 --> 00:28:27,879
Speaker 1: in every source that I speak with on the President's

489
00:28:27,920 --> 00:28:31,439
Speaker 1: re election campaign as well as strategists, they're saying that

490
00:28:31,520 --> 00:28:34,040
Speaker 1: they want to make this a referent They're banking are

491
00:28:34,080 --> 00:28:38,200
Speaker 1: making this a referendum election and a turnout election, and

492
00:28:38,200 --> 00:28:42,160
Speaker 1: and it's and the Republicans are banking that it's going

493
00:28:42,200 --> 00:28:45,240
Speaker 1: to be about the same coalition that in the same

494
00:28:45,280 --> 00:28:47,880
Speaker 1: type of strategy that that allowed him to pull off

495
00:28:48,120 --> 00:28:52,120
Speaker 1: the victory in ten. It's really it's two different strategies.

496
00:28:52,160 --> 00:28:54,560
Speaker 1: So if you put on your political strategist cap, it's

497
00:28:54,640 --> 00:28:58,120
Speaker 1: it's two different strategies in terms of in terms of

498
00:28:58,160 --> 00:29:00,840
Speaker 1: the in terms of what the campaign in directors are saying.

499
00:29:00,880 --> 00:29:03,800
Speaker 1: Coming up next, more policy and politics with our panel.

500
00:29:04,360 --> 00:29:08,320
Speaker 1: I'm Kevin Curreli, chief Washington correspondent for Bloomberg Television Bloomberg Radio. Remember,

501
00:29:08,360 --> 00:29:11,080
Speaker 1: you can catch all of our special continuing coverage a

502
00:29:11,160 --> 00:29:14,880
Speaker 1: cross platform throughout the night on Bloomberg Television and Bloomberg Radio.

503
00:29:14,960 --> 00:29:20,560
Speaker 1: You're listening to Bloomberg, you're listening to Bloomberg. Sound On

504
00:29:20,640 --> 00:29:24,640
Speaker 1: with Kevin Surley on Bloomberg and one oh five point

505
00:29:24,720 --> 00:29:27,960
Speaker 1: seven f M h D two. My name is Kevin Surreally,

506
00:29:28,320 --> 00:29:31,720
Speaker 1: I'm the chief Washington correspondent for Bloomberg Television and for

507
00:29:31,880 --> 00:29:36,719
Speaker 1: Bloomberg Radio. And remember, folks, David Weston, the David Weston

508
00:29:37,360 --> 00:29:41,040
Speaker 1: is anchoring our convention coverage this weekend next week and

509
00:29:41,080 --> 00:29:43,600
Speaker 1: I'll be at the White House. Uh, and we've got

510
00:29:43,640 --> 00:29:47,720
Speaker 1: you know, Rick Davis, Genie's I know, and the whole

511
00:29:47,760 --> 00:29:52,760
Speaker 1: gang offering analysis on the policies, on the tax plans,

512
00:29:52,760 --> 00:29:56,160
Speaker 1: on the foreign policy check it out, you know, and

513
00:29:56,160 --> 00:29:57,840
Speaker 1: and we'll be we'll be doing it again tonight as

514
00:29:57,840 --> 00:30:04,160
Speaker 1: we wait for Joe Biden ends speech at the Virtual Convention.

515
00:30:04,240 --> 00:30:07,600
Speaker 1: The convention ratings, by the way, are down. They've dipped,

516
00:30:07,840 --> 00:30:11,560
Speaker 1: they've dropped, whether it's virtual, whether it's just trends. I

517
00:30:11,600 --> 00:30:14,400
Speaker 1: was reading from the l A Times. You gotta anytime

518
00:30:14,400 --> 00:30:16,200
Speaker 1: you want to talk about rings, I always gonna always

519
00:30:16,200 --> 00:30:20,920
Speaker 1: go to Hollywood. Uh. The third night of the Democratic

520
00:30:20,960 --> 00:30:23,760
Speaker 1: National Convention delivered the largest TV audience for the events

521
00:30:23,800 --> 00:30:26,440
Speaker 1: so far, with an average of twenty one point four

522
00:30:26,480 --> 00:30:30,760
Speaker 1: million viewers across the major gable networks and television networks.

523
00:30:30,800 --> 00:30:36,600
Speaker 1: But but but it's still down double digits down from

524
00:30:36,640 --> 00:30:40,560
Speaker 1: the the same time back in all right, we gotta

525
00:30:40,600 --> 00:30:45,240
Speaker 1: talk some legal legalities, because did you see this? How

526
00:30:45,280 --> 00:30:47,560
Speaker 1: could you not? I got off fair this morning after

527
00:30:47,680 --> 00:30:51,080
Speaker 1: the morning rush, and I look at my Bloomberg terminal

528
00:30:51,200 --> 00:30:55,560
Speaker 1: on my phone and folks, my jaw dropped. Steve Bannon indicted.

529
00:30:55,880 --> 00:30:59,400
Speaker 1: Steve Bannon charged with fraud over Border Vall group reading

530
00:30:59,440 --> 00:31:01,160
Speaker 1: from the Bloomberg terminal. Steve band In, one of the

531
00:31:01,240 --> 00:31:05,560
Speaker 1: architects of Donald Trump's sixteen presidential campaign, was arrested and

532
00:31:05,640 --> 00:31:09,520
Speaker 1: charged with fraud over his involvement in an online group

533
00:31:09,560 --> 00:31:14,040
Speaker 1: that raised more than twenty five million bucks to help

534
00:31:14,080 --> 00:31:18,080
Speaker 1: fund a wall on the US Mexico border. He had

535
00:31:18,080 --> 00:31:21,240
Speaker 1: this we Build the Wall fundraising group as a volunteer campaign,

536
00:31:21,240 --> 00:31:24,840
Speaker 1: and he received more than one million dollars from the

537
00:31:24,880 --> 00:31:26,600
Speaker 1: group and then use some of it to pay for

538
00:31:26,720 --> 00:31:31,920
Speaker 1: personal expenses. According to US prosecutors, three others were also indicted.

539
00:31:31,960 --> 00:31:35,400
Speaker 1: Audrey Strauss sent a statement the defendants to frauded hundreds

540
00:31:35,400 --> 00:31:39,360
Speaker 1: of thousands of donors, capitalizing on their interest in funding

541
00:31:39,360 --> 00:31:41,960
Speaker 1: a border wall to raise millions of dollars under the

542
00:31:41,960 --> 00:31:45,120
Speaker 1: false pretense that all of that money would be spent

543
00:31:45,600 --> 00:31:48,960
Speaker 1: on construction. President Trump in the White House are distancing

544
00:31:48,960 --> 00:31:51,280
Speaker 1: themselves from Steve Bean. Remember they had a very brutal

545
00:31:51,720 --> 00:31:54,320
Speaker 1: public falling out several years ago. Adam Gidmans on the

546
00:31:54,360 --> 00:31:57,640
Speaker 1: Line Republican media strategist, columnists and partner at Ballard Partners

547
00:31:57,640 --> 00:32:01,640
Speaker 1: in Washington, and David Jolly, a former GEOP Florida congressman

548
00:32:02,120 --> 00:32:06,560
Speaker 1: who is now the chairman of America American Resolution and

549
00:32:06,720 --> 00:32:09,160
Speaker 1: um or. He's the host of the podcast American Resolution.

550
00:32:09,240 --> 00:32:14,000
Speaker 1: He's the chairman of Serve American Movement. He's a registered independent. Now, Adam,

551
00:32:14,240 --> 00:32:17,280
Speaker 1: I mean, you know Wow, this bandon news really caught

552
00:32:17,280 --> 00:32:20,960
Speaker 1: me by surprising. I think a lot of other people. Well,

553
00:32:21,040 --> 00:32:24,120
Speaker 1: it's not something that I'm sure the president wants the

554
00:32:24,200 --> 00:32:26,960
Speaker 1: value who in his next commercial. But you know what's

555
00:32:27,000 --> 00:32:30,320
Speaker 1: setting up, Kevin Hill is really it's really setting up.

556
00:32:30,680 --> 00:32:34,200
Speaker 1: There are gonna be two rogues galleries that the that

557
00:32:34,240 --> 00:32:36,720
Speaker 1: the respective sides are gonna throw at each other and

558
00:32:36,840 --> 00:32:39,920
Speaker 1: ads in social media, etcetera. On the one side, the

559
00:32:39,960 --> 00:32:43,520
Speaker 1: Democrats will throw at the president, uh, the indictments and

560
00:32:43,560 --> 00:32:47,080
Speaker 1: convictions of certain people in the administration and now most

561
00:32:47,320 --> 00:32:51,640
Speaker 1: likely adding Steve Bannon too, that wonderful list of luminaries.

562
00:32:52,080 --> 00:32:54,960
Speaker 1: But on the other side, the Republicans, with the Republicans

563
00:32:54,960 --> 00:32:58,040
Speaker 1: will throw at the Democrats in their rogues gallery are

564
00:32:58,120 --> 00:33:00,600
Speaker 1: all the people that we pre see if we're going

565
00:33:00,680 --> 00:33:04,160
Speaker 1: to be pulling Joe biden strings if Joe Biden's elected president,

566
00:33:04,520 --> 00:33:09,960
Speaker 1: and that rogues gallery which includes Bernie Sanders and Alexandria

567
00:33:10,760 --> 00:33:17,600
Speaker 1: Kacio Ortez and George Soros and the BLM movement, Uh,

568
00:33:17,680 --> 00:33:19,920
Speaker 1: all of those people on that side of the rogues

569
00:33:19,960 --> 00:33:24,080
Speaker 1: gallery versus the indictments on the Republican side. The bottom

570
00:33:24,080 --> 00:33:26,120
Speaker 1: line and all that, in my opinion, then, because I

571
00:33:26,160 --> 00:33:29,320
Speaker 1: think that's almost certain to happen in both both both directions.

572
00:33:29,520 --> 00:33:33,440
Speaker 1: Is when you think about voters in their self interests. Ultimately,

573
00:33:33,560 --> 00:33:36,160
Speaker 1: people vote their self interests in the cool of night,

574
00:33:36,280 --> 00:33:39,080
Speaker 1: after all the passion and all the conversation and all

575
00:33:39,120 --> 00:33:43,440
Speaker 1: the debate. What is more in my the voters self interest?

576
00:33:43,760 --> 00:33:45,640
Speaker 1: Is it a number of people I probably have never

577
00:33:45,640 --> 00:33:49,480
Speaker 1: met that went off to prison or is it people

578
00:33:49,760 --> 00:33:53,000
Speaker 1: that will have dramatic impact and bearing all my life

579
00:33:53,040 --> 00:33:56,000
Speaker 1: to be I'm sure and I'm certain it's the latter,

580
00:33:56,400 --> 00:33:59,120
Speaker 1: And that's why I can't wait for the dueling rogues, galleries,

581
00:33:59,160 --> 00:34:00,960
Speaker 1: the commercials to be fun to make by the way,

582
00:34:01,360 --> 00:34:04,000
Speaker 1: um and see how that all plays out. But I

583
00:34:04,000 --> 00:34:07,560
Speaker 1: think the relevance the Bannon piece, which has got all

584
00:34:07,560 --> 00:34:12,560
Speaker 1: of Washington of chorus a buzz, is less relevant in Wisconsin,

585
00:34:12,760 --> 00:34:17,000
Speaker 1: in Ohio and Pennsylvania. But what is relevant is what

586
00:34:17,560 --> 00:34:20,719
Speaker 1: each side will bring, uh if in the White House

587
00:34:20,760 --> 00:34:23,239
Speaker 1: in two thousand twenty one and beyond. And I think

588
00:34:23,280 --> 00:34:25,759
Speaker 1: that's where the advantage will go to the Republicans. I

589
00:34:25,840 --> 00:34:27,879
Speaker 1: must be reading too much. Markers are really I can't

590
00:34:27,880 --> 00:34:31,680
Speaker 1: believe what I'm gonna say. The I think the what

591
00:34:31,800 --> 00:34:35,200
Speaker 1: you're here, what I'm hearing from from you is that

592
00:34:35,560 --> 00:34:39,680
Speaker 1: the Democrats are making an ethos argument, something that the

593
00:34:39,719 --> 00:34:43,279
Speaker 1: Republicans and the Trump coalition did last cycle against Hillary,

594
00:34:43,440 --> 00:34:46,360
Speaker 1: and now the Republicans are making more of a logost

595
00:34:46,400 --> 00:34:49,640
Speaker 1: argument in terms of the policy. It's remarkable again, and

596
00:34:49,640 --> 00:34:51,680
Speaker 1: we touched on it earlier, and David Jolly, you've been

597
00:34:51,680 --> 00:34:56,280
Speaker 1: all over this. It's remarkable the different calculations that both

598
00:34:56,320 --> 00:34:59,839
Speaker 1: campaigns are making. It really is a reversal. I mean,

599
00:35:00,160 --> 00:35:02,719
Speaker 1: especially the Steve Bannon stuff, which would have been a

600
00:35:02,719 --> 00:35:07,440
Speaker 1: bombshell in any other cycle, predating is now just a

601
00:35:07,480 --> 00:35:12,360
Speaker 1: footnote on the news cycle. Yeah. Look, I I generally

602
00:35:12,360 --> 00:35:15,680
Speaker 1: agree with my friend Adam's assessment, and I think it's

603
00:35:15,719 --> 00:35:19,080
Speaker 1: an indictment somewhat of our body politic that we we

604
00:35:19,640 --> 00:35:21,560
Speaker 1: don't really seem to care too much and we have

605
00:35:21,600 --> 00:35:25,160
Speaker 1: a president that lives within a culture of criminality. I mean,

606
00:35:25,200 --> 00:35:27,960
Speaker 1: this is the sixth close advisor to the president who

607
00:35:27,960 --> 00:35:31,719
Speaker 1: has now been arrested on very serious, significant charges. We

608
00:35:31,800 --> 00:35:34,080
Speaker 1: know the president's own history. He's been named as an

609
00:35:34,200 --> 00:35:36,879
Speaker 1: unindicted co conspirator in the Southern District of New York

610
00:35:36,880 --> 00:35:40,880
Speaker 1: and the Michael Cohen case. And to Adam's point, I

611
00:35:41,320 --> 00:35:44,879
Speaker 1: think he's exactly right. Republicans we brand Democrats as being

612
00:35:45,200 --> 00:35:49,360
Speaker 1: the party of socialism, whether Joe Biden professors socialist policies

613
00:35:49,440 --> 00:35:52,239
Speaker 1: or not, they'll say he's part of the Party of Socialism.

614
00:35:52,520 --> 00:35:55,320
Speaker 1: But the reason that works is because there's been a

615
00:35:55,400 --> 00:35:58,920
Speaker 1: vacuum created by Republican leaders who have refused to call

616
00:35:58,960 --> 00:36:01,880
Speaker 1: out the culture of criminal right from the very beginning.

617
00:36:01,920 --> 00:36:04,200
Speaker 1: If the likes of Marco Rubio and Lindsay Graham and

618
00:36:04,239 --> 00:36:07,440
Speaker 1: Ted Cruz and Republican leaders had said Donald Trump does

619
00:36:07,480 --> 00:36:10,600
Speaker 1: not reflect who Republicans are and we reject this culture

620
00:36:10,600 --> 00:36:13,719
Speaker 1: of criminality, and if they had condemned him for what

621
00:36:13,920 --> 00:36:18,239
Speaker 1: he has done, then it would be a different context

622
00:36:18,800 --> 00:36:22,759
Speaker 1: that that all voters, including Republican voters, are operating with

623
00:36:22,840 --> 00:36:25,440
Speaker 1: them when they make a decision. But their silence has

624
00:36:25,480 --> 00:36:27,719
Speaker 1: allowed Donald Trump to operate in this way. And now

625
00:36:27,760 --> 00:36:30,280
Speaker 1: we just accept it as part of the political culture

626
00:36:30,280 --> 00:36:33,239
Speaker 1: that Republicans have enabled. And so let's listen to the

627
00:36:33,239 --> 00:36:35,799
Speaker 1: Party of Socialism arguments and vote on that. All right,

628
00:36:35,960 --> 00:36:38,879
Speaker 1: Panels gonna stay, Adam Goodman, David Jolly coming up next.

629
00:36:38,920 --> 00:36:42,120
Speaker 1: We're checking with the State's Department on rising tensions between

630
00:36:42,160 --> 00:36:46,000
Speaker 1: the US and China and a preview of what's ahead.

631
00:36:46,360 --> 00:36:49,200
Speaker 1: I'm Kevin's really, chief Washington correspondent for Bloomberg Television and

632
00:36:49,239 --> 00:36:53,080
Speaker 1: Bloomberg Radio. Plus full economic analysis on the NASAC one

633
00:36:53,160 --> 00:36:57,279
Speaker 1: hundreds new record despite another million people fought, more than

634
00:36:57,320 --> 00:37:00,880
Speaker 1: a million people filing for unemployment claims. You're listening to Bloomberg.

635
00:37:03,640 --> 00:37:07,120
Speaker 1: You're listening to Bloomberg. Sound On with Kevin Surreley on

636
00:37:07,200 --> 00:37:10,680
Speaker 1: Bloomberg and one oh five point seven f M h

637
00:37:10,840 --> 00:37:14,360
Speaker 1: D two. My name is Kevin Sirelian, the chief Washington

638
00:37:14,400 --> 00:37:18,400
Speaker 1: correspondent for Bloomberg Television and for Bloomberg Radio. Secretary of

639
00:37:18,520 --> 00:37:23,760
Speaker 1: State Mike Pompeo is headed to the United Nations tomorrow.

640
00:37:23,800 --> 00:37:26,759
Speaker 1: The Trump pushes Trump. President Trump is pushing the U

641
00:37:26,960 --> 00:37:30,120
Speaker 1: n to renew Iran's sanctions in a blow to the

642
00:37:30,200 --> 00:37:33,440
Speaker 1: nuclear deal. David Wayner and Slamos, in reporting on the

643
00:37:33,520 --> 00:37:36,400
Speaker 1: terminal quote, President Trump said he would call on the

644
00:37:36,480 --> 00:37:40,759
Speaker 1: U n. Security Council to restore all nuclear related sanctions

645
00:37:40,840 --> 00:37:45,040
Speaker 1: on Iran in an attempt to kill off the nuclear

646
00:37:45,080 --> 00:37:49,239
Speaker 1: agreement and forced Tehran back to the negotiating table. He

647
00:37:49,320 --> 00:37:52,560
Speaker 1: said yesterday. Mark it down. Iran will never have a

648
00:37:52,640 --> 00:37:55,280
Speaker 1: nuclear weapon. We paid a fortune for a failed concept

649
00:37:55,520 --> 00:37:57,960
Speaker 1: of failed policy that would have made it impossible to

650
00:37:58,000 --> 00:38:01,520
Speaker 1: have peace in the Middle East. It's a snap back,

651
00:38:02,120 --> 00:38:04,600
Speaker 1: and uh, the move's gonna set the Trump administration on

652
00:38:04,640 --> 00:38:07,200
Speaker 1: a collision course with other world powers who say that

653
00:38:07,239 --> 00:38:11,680
Speaker 1: the US doesn't have the authority to reimpose international sanctions.

654
00:38:11,920 --> 00:38:14,480
Speaker 1: That they say, and they say that they won't go along.

655
00:38:14,840 --> 00:38:19,960
Speaker 1: Secretary Pompeo will formally propose the snapback of sanctions um

656
00:38:20,040 --> 00:38:24,080
Speaker 1: within the next twenty four hours at the United Nation.

657
00:38:24,560 --> 00:38:28,960
Speaker 1: So iron now at the forefront as well. Earlier today

658
00:38:29,000 --> 00:38:30,440
Speaker 1: I was at the White House. I spoke with the

659
00:38:30,520 --> 00:38:34,000
Speaker 1: Under Secretary for Economic Affairs about escalating tensions between the

660
00:38:34,120 --> 00:38:36,680
Speaker 1: US and China. Take a listen to my interview with

661
00:38:36,760 --> 00:38:40,719
Speaker 1: Keith Rock. You sent a letter to the colleges and

662
00:38:40,800 --> 00:38:44,400
Speaker 1: universities urging them to be on guard against the communist

663
00:38:44,400 --> 00:38:48,120
Speaker 1: parties of China's influence on college and university campuses across

664
00:38:48,160 --> 00:38:50,759
Speaker 1: the country. You also said that they would be quote

665
00:38:50,800 --> 00:38:54,520
Speaker 1: unquote prudent since I vest from their financial endowments that

666
00:38:54,560 --> 00:38:58,279
Speaker 1: are entangled with Chinese investments. What's the response and the

667
00:38:58,360 --> 00:39:02,960
Speaker 1: reaction been to the States Department from the colleges and universities.

668
00:39:03,000 --> 00:39:06,520
Speaker 1: By the way, the response has been really appreciated. Kevin,

669
00:39:06,840 --> 00:39:09,600
Speaker 1: and I was chairman of the board of trustees at

670
00:39:09,640 --> 00:39:12,359
Speaker 1: at produced, so it's talking to my fellow colleagues, and

671
00:39:12,400 --> 00:39:14,600
Speaker 1: I sent it to the to the board of trustees

672
00:39:14,680 --> 00:39:17,560
Speaker 1: or the board of governors, depends what university you're at

673
00:39:18,040 --> 00:39:22,359
Speaker 1: um UH. The presidents are getting as well. And it

674
00:39:22,480 --> 00:39:28,759
Speaker 1: was about the threat of authoritarianism from the Chinese Communist Party,

675
00:39:28,840 --> 00:39:35,040
Speaker 1: to academic freedom, to honoring human rights. UH. Also in

676
00:39:35,120 --> 00:39:37,600
Speaker 1: terms of protecting their endowments. And the fourth one is

677
00:39:37,640 --> 00:39:41,759
Speaker 1: really safeguarding their intellectual property. You know. Bloomberg investigation in

678
00:39:41,800 --> 00:39:45,440
Speaker 1: two thousand and nineteen found that Chinese companies were raking

679
00:39:45,440 --> 00:39:49,080
Speaker 1: in hundreds of millions of dollars in terms of the

680
00:39:49,239 --> 00:39:52,839
Speaker 1: entanglements between the endowments as well as the Communists as

681
00:39:52,880 --> 00:39:55,920
Speaker 1: well as Chinese companies. I'm wondering if this is just

682
00:39:56,000 --> 00:39:59,040
Speaker 1: a directive or if this is a warning to these

683
00:39:59,120 --> 00:40:03,400
Speaker 1: universities about action either executive or legislative, that might be

684
00:40:03,480 --> 00:40:06,080
Speaker 1: coming in the short term. It's really a heads up,

685
00:40:06,520 --> 00:40:09,280
Speaker 1: and I think that's why they were really appreciative because

686
00:40:09,280 --> 00:40:12,520
Speaker 1: I can tell you most these boards of trustees I

687
00:40:12,560 --> 00:40:14,440
Speaker 1: didn't know, you know, back when I was the chairman

688
00:40:14,440 --> 00:40:18,240
Speaker 1: a Purdue UH, that they their endowment funds are invested

689
00:40:18,239 --> 00:40:20,879
Speaker 1: in many, many Chinese companies, and it may be done

690
00:40:20,880 --> 00:40:24,160
Speaker 1: through venture capital firms, it may be with the companies

691
00:40:24,239 --> 00:40:27,799
Speaker 1: listed on the American exchanges, might be with the ones

692
00:40:27,840 --> 00:40:31,600
Speaker 1: listed on Chinese exchange, or it might be through an

693
00:40:31,600 --> 00:40:35,800
Speaker 1: emerging index fund. And as you know, the President's Financial

694
00:40:35,840 --> 00:40:41,080
Speaker 1: Working Group announced that hey, by the end of next year, UH,

695
00:40:41,120 --> 00:40:45,600
Speaker 1: these Chinese companies have to do something equivalent to Sarbanes Oxley,

696
00:40:45,640 --> 00:40:47,920
Speaker 1: and they have to have their books audited, so they

697
00:40:47,920 --> 00:40:50,160
Speaker 1: have to be as transparent as all the other companies

698
00:40:50,200 --> 00:40:52,759
Speaker 1: on the exchanges. And that's really he goes right now.

699
00:40:53,280 --> 00:40:56,440
Speaker 1: The risk is huge for you know, the American the

700
00:40:56,480 --> 00:40:58,719
Speaker 1: average American investors, and it also creates a on level

701
00:40:58,719 --> 00:41:01,640
Speaker 1: playing field for the companies since Sarbanes Oxley, and of

702
00:41:01,640 --> 00:41:03,759
Speaker 1: course just a couple of months ago, this was something

703
00:41:03,760 --> 00:41:06,080
Speaker 1: that you and I had talked about in a previous interview,

704
00:41:06,160 --> 00:41:09,600
Speaker 1: and since then, the Senate has passed with unanimous consent,

705
00:41:10,040 --> 00:41:15,120
Speaker 1: legislation that would require for Chinese firms that are listed

706
00:41:15,160 --> 00:41:19,400
Speaker 1: on the US exchanges to follow and comply with Sarbanes Oxley?

707
00:41:19,600 --> 00:41:22,760
Speaker 1: Is the President supportive of that and is that likely

708
00:41:22,800 --> 00:41:25,279
Speaker 1: going to be taken up in the House? Well, I,

709
00:41:25,480 --> 00:41:28,360
Speaker 1: you know, I think that when you see the results

710
00:41:28,400 --> 00:41:31,799
Speaker 1: of this recommendation from President's working group, in essence, that's

711
00:41:31,880 --> 00:41:36,080
Speaker 1: what they said, you have to be transparent or um.

712
00:41:36,160 --> 00:41:40,879
Speaker 1: You have to dlist and um. And you know these

713
00:41:40,880 --> 00:41:43,240
Speaker 1: companies are forced to the list, they have one other choice,

714
00:41:43,600 --> 00:41:45,960
Speaker 1: and that is to get their books audit it and

715
00:41:46,280 --> 00:41:48,279
Speaker 1: you know there's probably a high likelihood they have to

716
00:41:48,360 --> 00:41:52,640
Speaker 1: restate uh their financials. And as you know, a guy

717
00:41:52,680 --> 00:41:55,920
Speaker 1: who's taking three companies public uh man, I'll tell you

718
00:41:56,000 --> 00:41:58,040
Speaker 1: if you have to restate your financials, that would be

719
00:41:58,040 --> 00:41:59,480
Speaker 1: the time you'd want to go under the desk in

720
00:41:59,520 --> 00:42:02,480
Speaker 1: the feed up Zion. That's about two hundred companies that

721
00:42:02,520 --> 00:42:05,640
Speaker 1: this could impacts are that are publicly traded. Are you

722
00:42:05,719 --> 00:42:08,360
Speaker 1: nervous about the impact that that could have on American

723
00:42:08,400 --> 00:42:11,440
Speaker 1: investors who are already many of them in the middle class,

724
00:42:11,680 --> 00:42:15,600
Speaker 1: facing significant economic uncertainty. Well, by the way, I think

725
00:42:15,800 --> 00:42:18,239
Speaker 1: that's why really the heads up and by the way,

726
00:42:18,239 --> 00:42:21,000
Speaker 1: it doesn't end at the university endowments. If you think

727
00:42:21,000 --> 00:42:23,080
Speaker 1: of the state pension funds, I mean, if you think,

728
00:42:23,120 --> 00:42:27,560
Speaker 1: for example, the Mothers state pageant fund. Cowper's about a

729
00:42:27,640 --> 00:42:32,840
Speaker 1: five hundred billion dollar fund. Uh, they have tens of

730
00:42:32,880 --> 00:42:34,919
Speaker 1: millions of dollars. They might even have over a hundred

731
00:42:34,960 --> 00:42:38,239
Speaker 1: million dollars invested in Chinese companies. And as you know,

732
00:42:38,640 --> 00:42:42,000
Speaker 1: their chief investment officer just was asked to leave. So

733
00:42:42,600 --> 00:42:45,400
Speaker 1: but the citizens don't know that. And I mean the

734
00:42:45,480 --> 00:42:49,920
Speaker 1: fireman's funds, the teacher's funds, and and I think, uh,

735
00:42:50,239 --> 00:42:53,120
Speaker 1: not only has the President done a great job of

736
00:42:53,520 --> 00:42:58,080
Speaker 1: waking up uh the world on this, but also Congress

737
00:42:58,120 --> 00:42:59,640
Speaker 1: you can see this is the one of the one

738
00:42:59,640 --> 00:43:04,480
Speaker 1: of the most unifying passionate bipartisan issues, is this threat

739
00:43:05,200 --> 00:43:09,120
Speaker 1: from China and whether it's in the universities, the pension

740
00:43:09,160 --> 00:43:12,920
Speaker 1: funds wherever. Maybe. And last Thursday, that's why we announced

741
00:43:13,200 --> 00:43:17,240
Speaker 1: that Confucius Centers we now have deemed as a foreign

742
00:43:17,239 --> 00:43:21,719
Speaker 1: mission uh run by you know, a a foreign country.

743
00:43:21,800 --> 00:43:25,719
Speaker 1: And so that's really too um shine a light on it.

744
00:43:25,760 --> 00:43:28,160
Speaker 1: And this really has to do with our transparency campaign

745
00:43:28,360 --> 00:43:32,520
Speaker 1: that we're doing with Sinjong Hong Kong um. So it's

746
00:43:32,560 --> 00:43:34,920
Speaker 1: important I want to follow follow up on this notion

747
00:43:35,000 --> 00:43:38,360
Speaker 1: with state pension funds because when at a time in

748
00:43:38,400 --> 00:43:43,560
Speaker 1: which so many states are hurting economically and financially, and

749
00:43:44,000 --> 00:43:46,640
Speaker 1: at the same time their pension funds are invested in

750
00:43:46,680 --> 00:43:51,440
Speaker 1: many cases are entangled with Beijing, for example, how do states?

751
00:43:51,480 --> 00:43:54,920
Speaker 1: How how do states untangled that? Out of respect for

752
00:43:54,960 --> 00:43:58,160
Speaker 1: the national security concerns, but also to make sure that

753
00:43:58,280 --> 00:44:02,000
Speaker 1: the average American work isn't going to suffer or lose

754
00:44:02,040 --> 00:44:05,279
Speaker 1: benefits again at a time when they're already hurting. And

755
00:44:05,320 --> 00:44:07,799
Speaker 1: by the way, that is the point to what the

756
00:44:07,840 --> 00:44:11,720
Speaker 1: President's working room did, because if you look at, for example,

757
00:44:11,719 --> 00:44:15,200
Speaker 1: the h example of Luck and Coffee, so what they

758
00:44:15,200 --> 00:44:17,080
Speaker 1: were doing is they were cooking their books. We couldn't

759
00:44:17,080 --> 00:44:21,520
Speaker 1: audit them. The stock dropped. I think investors lost over

760
00:44:22,000 --> 00:44:26,080
Speaker 1: hundreds of millions of dollars. And and by the way,

761
00:44:26,120 --> 00:44:28,120
Speaker 1: there's probably a lot of other companies out there because

762
00:44:28,120 --> 00:44:30,640
Speaker 1: if you if you're not audited, you can you can

763
00:44:30,719 --> 00:44:35,640
Speaker 1: hide subsidized revenue, you can hide bribes, you can make

764
00:44:35,680 --> 00:44:37,960
Speaker 1: your earnings at the end of the quarter noor problem.

765
00:44:38,000 --> 00:44:42,520
Speaker 1: You can count subscription, you can count uh one time

766
00:44:43,360 --> 00:44:46,640
Speaker 1: revenue as subscription revenue, which will crank up your multiple

767
00:44:47,120 --> 00:44:49,759
Speaker 1: So there's so many things that you can do. And

768
00:44:49,840 --> 00:44:52,960
Speaker 1: for the sake of of the United States exchanges being

769
00:44:52,960 --> 00:44:55,480
Speaker 1: the gold standard of the world, this is this is

770
00:44:55,640 --> 00:44:58,080
Speaker 1: a long overdue move. And a small business can't cook

771
00:44:58,120 --> 00:45:00,680
Speaker 1: their books to the I R s. They can't. They

772
00:45:00,680 --> 00:45:02,400
Speaker 1: can't cook their books to I R s. And by

773
00:45:02,400 --> 00:45:04,399
Speaker 1: the way, when you're a public company, I mean I've

774
00:45:04,440 --> 00:45:06,480
Speaker 1: taken three companies public. I mean what you've got to

775
00:45:06,520 --> 00:45:09,000
Speaker 1: do for Sarbanes Oxley not only costs a lot of money,

776
00:45:09,320 --> 00:45:11,400
Speaker 1: but but you've got to have your best town and

777
00:45:11,520 --> 00:45:13,960
Speaker 1: it's got to be super clean. So these clean investments

778
00:45:13,960 --> 00:45:16,440
Speaker 1: in these clean funds and these clean stock exchanges are

779
00:45:16,480 --> 00:45:20,440
Speaker 1: really key um to upholding the gold standard of our

780
00:45:20,480 --> 00:45:22,799
Speaker 1: financial system in the United States. Final question for you,

781
00:45:22,880 --> 00:45:25,040
Speaker 1: what's next in terms of the process here on this

782
00:45:25,120 --> 00:45:29,000
Speaker 1: particular issue. What's coming down the pipeline in the short term. Well,

783
00:45:29,040 --> 00:45:31,799
Speaker 1: we'll we'll we'll see. Uh, well we'll come. That's totally

784
00:45:31,840 --> 00:45:34,479
Speaker 1: the president's decision. But I think one of the things

785
00:45:34,480 --> 00:45:38,640
Speaker 1: in terms of the universities, Uh, here's here's an interesting thing.

786
00:45:38,880 --> 00:45:43,399
Speaker 1: So the college uh Democrats and the College Republicans got

787
00:45:43,440 --> 00:45:47,400
Speaker 1: together and they signed a joint letter about the threat

788
00:45:47,400 --> 00:45:56,040
Speaker 1: from the Chinese commist. The kids agree. That kids agree, Oh,

789
00:45:56,120 --> 00:45:59,880
Speaker 1: the kids agree. That was Keith Truck, the under secret

790
00:46:00,040 --> 00:46:03,400
Speaker 1: Area of State for Economic Affairs, speaking with me earlier

791
00:46:04,200 --> 00:46:06,680
Speaker 1: on at the White House. Uh. And you can watch

792
00:46:06,760 --> 00:46:09,640
Speaker 1: that on Bloomberg Television. Uh. And it'll be cross platform

793
00:46:09,640 --> 00:46:12,560
Speaker 1: wherever you get the Bloomberg, but in the six o'clock

794
00:46:12,560 --> 00:46:16,480
Speaker 1: PM Eastern hour it's gonna air. Uh. So we have

795
00:46:16,600 --> 00:46:19,319
Speaker 1: that on that front as well. Tomorrow I'm gonna be

796
00:46:19,360 --> 00:46:21,320
Speaker 1: speaking with Brian Hook. He has the U S Special

797
00:46:21,440 --> 00:46:25,640
Speaker 1: Envoy for Negotiations with Iran, the individual driving the conversation,

798
00:46:26,040 --> 00:46:28,960
Speaker 1: uh inside of the administration, the go to person at

799
00:46:28,960 --> 00:46:31,799
Speaker 1: the State Department on on US and Iran policy. So

800
00:46:32,280 --> 00:46:34,560
Speaker 1: we are going to talk with him as well. And

801
00:46:34,640 --> 00:46:37,080
Speaker 1: Guys Snodgrass, I'm hoping we'll come on the program because

802
00:46:37,160 --> 00:46:38,520
Speaker 1: I texted with him in the break and I said,

803
00:46:38,520 --> 00:46:40,520
Speaker 1: I just quoted Marcus. Are really I feel like the

804
00:46:40,560 --> 00:46:43,520
Speaker 1: stoic in me, you know guy, because he's the former

805
00:46:43,600 --> 00:46:47,000
Speaker 1: chief speech writer ever at the U for US, for US,

806
00:46:47,080 --> 00:46:49,920
Speaker 1: no for for the Pentagon. Uh. And he's got a

807
00:46:49,960 --> 00:46:53,200
Speaker 1: new book coming out on fighter pilots because he's a

808
00:46:53,200 --> 00:46:55,440
Speaker 1: former fighter pilot, which I cannot wait. Three he just

809
00:46:55,480 --> 00:46:58,160
Speaker 1: sent me a copy. I'm Kevin Sereli, Chief Washington correspondent

810
00:46:58,160 --> 00:47:00,600
Speaker 1: from Bloomberg Television and Bloomberg. Do you know you're listening

811
00:47:00,600 --> 00:47:06,960
Speaker 1: to Bloomberg? N one? This is Bloomberg Sound On with

812
00:47:07,080 --> 00:47:11,480
Speaker 1: Kevin surrel on Bloomberg and one oh five point seven

813
00:47:11,960 --> 00:47:15,239
Speaker 1: h D two. You know, I think back to the

814
00:47:15,320 --> 00:47:18,719
Speaker 1: some of the most historic moments of the conventions, and

815
00:47:19,080 --> 00:47:21,640
Speaker 1: especially for the Democrats. We've been talking a little bit

816
00:47:21,680 --> 00:47:25,560
Speaker 1: about that all week, uh and one of the moments

817
00:47:25,719 --> 00:47:30,520
Speaker 1: that I keep coming back to Bill Clinton when he

818
00:47:30,560 --> 00:47:35,160
Speaker 1: said it's about the economy stupid. And I look at

819
00:47:35,239 --> 00:47:39,280
Speaker 1: these cross tabs on these polls, and it's the one issue,

820
00:47:39,719 --> 00:47:45,480
Speaker 1: the one issue where President Trump is still edging above

821
00:47:46,719 --> 00:47:50,320
Speaker 1: Joe Biden, his challenger. And so as I am watching

822
00:47:50,400 --> 00:47:56,879
Speaker 1: tonight and covering the uh Democratic presidential nominee speech, I'm

823
00:47:56,920 --> 00:48:00,839
Speaker 1: going to be listening like an I was gonna say,

824
00:48:00,840 --> 00:48:02,520
Speaker 1: listening like a hawk. But I don't think I think

825
00:48:02,520 --> 00:48:05,560
Speaker 1: I have my I think I have my comparisons jumbled there.

826
00:48:05,600 --> 00:48:08,920
Speaker 1: I'm gonna be listening carefully attentively to what he has

827
00:48:08,960 --> 00:48:12,680
Speaker 1: to say, specifically about the economy. As I know, will

828
00:48:12,719 --> 00:48:14,960
Speaker 1: my colleague David Weston, who's going to be leading up

829
00:48:15,000 --> 00:48:19,560
Speaker 1: our coverage tonight cross platform on Bloomberg TV and radio simulcast,

830
00:48:19,920 --> 00:48:22,120
Speaker 1: and I'll be at the White House as well, uh

831
00:48:22,239 --> 00:48:27,680
Speaker 1: for reaction and what not. Speaking of the economy. Jobless

832
00:48:27,680 --> 00:48:30,160
Speaker 1: claims today, and this is the thing that's on my radar,

833
00:48:30,600 --> 00:48:34,200
Speaker 1: jobless claims today, We're not too good. It was it

834
00:48:34,840 --> 00:48:38,280
Speaker 1: missed the mark in terms of estimates. Uh. The headline

835
00:48:38,719 --> 00:48:42,200
Speaker 1: was the US jobless claims unexpectedly increased to more than

836
00:48:42,280 --> 00:48:45,680
Speaker 1: one million. Continuing claims declined to lois since early April.

837
00:48:45,960 --> 00:48:50,080
Speaker 1: New Jersey, New York, Texas post larger gains in new claims.

838
00:48:50,440 --> 00:48:53,920
Speaker 1: Read pick heard on the terminal applications for US unemployment

839
00:48:53,960 --> 00:48:58,560
Speaker 1: benefits unexpectedly increased last week, a stumble for the labor

840
00:48:58,600 --> 00:49:02,840
Speaker 1: market and it's long road to recovery. Initial jobs claims,

841
00:49:02,880 --> 00:49:05,560
Speaker 1: as I said, in regular state programs, rose by a

842
00:49:05,600 --> 00:49:08,680
Speaker 1: hundred and thirty five thousand to more than one point

843
00:49:08,880 --> 00:49:13,120
Speaker 1: one million in the week that ended August fifteen, according

844
00:49:13,160 --> 00:49:17,600
Speaker 1: to the Department of Labor. Then a couple that with

845
00:49:17,680 --> 00:49:20,720
Speaker 1: continuing claims, which is the total number of Americans claiming

846
00:49:20,760 --> 00:49:25,240
Speaker 1: ongoing unemployment assistance in those program that decreased to fourteen

847
00:49:25,280 --> 00:49:28,479
Speaker 1: point eight million in the week that ended August eighth,

848
00:49:28,520 --> 00:49:31,480
Speaker 1: which is the lowest since early April. It's going the

849
00:49:31,480 --> 00:49:36,440
Speaker 1: wrong way. So the trend when all of this peaked,

850
00:49:36,480 --> 00:49:38,200
Speaker 1: and if you go onto the terminal you can really

851
00:49:38,239 --> 00:49:44,960
Speaker 1: see this um its spiked in March like March, remember,

852
00:49:45,480 --> 00:49:51,080
Speaker 1: and then it's a giant curve downward. But again, what

853
00:49:51,120 --> 00:49:53,719
Speaker 1: people want to see is below a million for these

854
00:49:53,800 --> 00:49:56,520
Speaker 1: unemployment claims, and it was a one point one. It

855
00:49:56,640 --> 00:49:59,960
Speaker 1: was a one point one mill for for last week.

856
00:50:00,080 --> 00:50:02,440
Speaker 1: So that's what's on my radar and the reason I

857
00:50:02,480 --> 00:50:04,800
Speaker 1: bring it up to the panel, which is of course

858
00:50:04,920 --> 00:50:07,560
Speaker 1: Adam Goodman. He is a Republican media strategist, columnists and

859
00:50:07,560 --> 00:50:10,760
Speaker 1: partner and Ballard Partners in Washington, d C. And David Jolly,

860
00:50:10,800 --> 00:50:14,200
Speaker 1: a former Florida congressman, now are registered independent. He's the

861
00:50:14,239 --> 00:50:17,040
Speaker 1: executive chairman of Serve America Movement and the host of

862
00:50:17,040 --> 00:50:20,719
Speaker 1: the new podcast American Resolution. The reason I bring it

863
00:50:20,800 --> 00:50:23,880
Speaker 1: up is because I think it's gonna put more pressure

864
00:50:24,320 --> 00:50:28,040
Speaker 1: on speaker Pelosi and Leader McConnell to get that fiscal

865
00:50:28,160 --> 00:50:33,120
Speaker 1: stimulus across the finish line. Remember, Speaker Pelosi's gonna bring

866
00:50:33,280 --> 00:50:36,920
Speaker 1: folks back this weekend to vote on a billion dollar

867
00:50:37,600 --> 00:50:41,759
Speaker 1: US Postal service package. But I think it's gonna be

868
00:50:41,800 --> 00:50:45,439
Speaker 1: the foundation for the skinny deal, Adam Goodman. I think

869
00:50:45,440 --> 00:50:48,600
Speaker 1: that this these bad economic indicators, that it's going to

870
00:50:48,680 --> 00:50:50,719
Speaker 1: be the foundation to put pressure on folks to get

871
00:50:50,760 --> 00:50:52,480
Speaker 1: to some type of skinny deal and then maybe they'll

872
00:50:52,480 --> 00:50:56,080
Speaker 1: bring it up again in the lame Duck. Am I wrong? Adam, Uh,

873
00:50:56,120 --> 00:50:59,640
Speaker 1: You're not wrong. I'm very disappointed, frankly, in all sides

874
00:51:00,160 --> 00:51:02,480
Speaker 1: that was so much on the line and so many

875
00:51:02,480 --> 00:51:06,000
Speaker 1: Americans suffering that some of the issues that have become

876
00:51:06,080 --> 00:51:08,759
Speaker 1: the predominant issues that everyone seems to be focusing on,

877
00:51:08,840 --> 00:51:14,759
Speaker 1: including uh, the United States Post Office has sidelined Americans

878
00:51:15,160 --> 00:51:18,400
Speaker 1: who were in increasingly desperate Shaker, are looking for Washington,

879
00:51:18,680 --> 00:51:21,919
Speaker 1: which it does very infrequently actually to get things done

880
00:51:21,960 --> 00:51:24,640
Speaker 1: when we need things to get done. And so yeah,

881
00:51:24,680 --> 00:51:27,959
Speaker 1: so's it's a big disappointment. What you said, though, um Kevin,

882
00:51:28,000 --> 00:51:31,800
Speaker 1: about chain, about the economy, um, and about Bill Clinton,

883
00:51:31,960 --> 00:51:35,720
Speaker 1: and and and and the speech and So the issue

884
00:51:35,719 --> 00:51:38,600
Speaker 1: in this election is clearly the economy. It always is

885
00:51:38,640 --> 00:51:41,279
Speaker 1: the economy. It almost always rather is the economy. And

886
00:51:41,480 --> 00:51:44,839
Speaker 1: I guess was apologies to McGovern and some others, uh

887
00:51:44,960 --> 00:51:48,839
Speaker 1: who fell because of different things, but generally is the economy. Um.

888
00:51:48,920 --> 00:51:52,240
Speaker 1: And if you look at the indusseries and the market indusseries,

889
00:51:52,320 --> 00:51:54,120
Speaker 1: you know the DAO is at twenty eight thousand, which

890
00:51:54,160 --> 00:51:56,880
Speaker 1: is shockingly high compared to what has happened to us

891
00:51:56,880 --> 00:51:59,920
Speaker 1: over the last five months. NAZAC is setting records. Uh.

892
00:52:00,040 --> 00:52:03,360
Speaker 1: All those things are are very encouraging and now normally

893
00:52:03,400 --> 00:52:08,600
Speaker 1: reinforcing of an incumbents re election. The COVID situation has

894
00:52:08,600 --> 00:52:11,440
Speaker 1: obviously thrown all these things a kilter, and we'll have

895
00:52:11,520 --> 00:52:14,399
Speaker 1: job numbers frankly COVIN that will be good or not good,

896
00:52:14,440 --> 00:52:17,200
Speaker 1: depending on week to week for a while, possibly until

897
00:52:17,760 --> 00:52:20,520
Speaker 1: we really have COVID nineteen handled and in our rear

898
00:52:20,600 --> 00:52:23,840
Speaker 1: view mirror. But if the but if Americans at the

899
00:52:23,920 --> 00:52:26,560
Speaker 1: end of the game are going to decide on whose

900
00:52:26,600 --> 00:52:30,800
Speaker 1: best for America's economy moving forward, that's a message. Frankly,

901
00:52:30,880 --> 00:52:33,680
Speaker 1: I think Joe Biden has got to reassure Americans and

902
00:52:33,800 --> 00:52:37,600
Speaker 1: maybe beginning tonight, UM, and his biggest challenge in all

903
00:52:37,719 --> 00:52:40,840
Speaker 1: this is Joe Biden. Regardless of how much you appreciate

904
00:52:40,880 --> 00:52:43,760
Speaker 1: his forty five plus years of public service, he doesn't

905
00:52:43,800 --> 00:52:47,440
Speaker 1: look like a candidate who is kind of positioned or

906
00:52:47,880 --> 00:52:51,480
Speaker 1: ready to lead America into the future. I think he's

907
00:52:51,920 --> 00:52:55,960
Speaker 1: got a wonderful resume and a wonderful credits, But if

908
00:52:56,000 --> 00:52:58,479
Speaker 1: you look at him and interviewed for leaders to lead

909
00:52:58,520 --> 00:53:01,719
Speaker 1: America ahead, Joe Biden would not make the final cut.

910
00:53:01,800 --> 00:53:04,480
Speaker 1: You just wouldn't. And I think what Bill Clinton did

911
00:53:04,480 --> 00:53:08,600
Speaker 1: in sixteen he tried to call for change. He told Hillary, Look,

912
00:53:08,880 --> 00:53:11,399
Speaker 1: you know, Hillary Clinton, that is actually to speak, You're

913
00:53:11,400 --> 00:53:13,960
Speaker 1: going to be the agent of change. If Biden is

914
00:53:14,000 --> 00:53:16,960
Speaker 1: an agent of change, Americans want to know what that

915
00:53:17,040 --> 00:53:19,000
Speaker 1: change looks like. And I think that's what we're going

916
00:53:19,040 --> 00:53:22,480
Speaker 1: to see again beginning tonight. Well that's a really interesting point,

917
00:53:22,520 --> 00:53:24,879
Speaker 1: David Jolly. What's on your radar, which can be something

918
00:53:24,920 --> 00:53:27,960
Speaker 1: that Polkes aren't talking about. Take me to some issue

919
00:53:28,040 --> 00:53:30,560
Speaker 1: or some nuanced angle. What's on your radar? What do

920
00:53:30,560 --> 00:53:34,160
Speaker 1: you think needs more attention? Well, look, I think it's

921
00:53:34,160 --> 00:53:37,480
Speaker 1: a fair question. Does Congress do anything between now and November?

922
00:53:37,640 --> 00:53:39,759
Speaker 1: And one of the things I've been looking at is

923
00:53:40,280 --> 00:53:42,760
Speaker 1: I think two or three weeks ago when Donald Trump

924
00:53:42,800 --> 00:53:46,279
Speaker 1: had that Saturday night executive order storm. Some of them

925
00:53:46,320 --> 00:53:52,120
Speaker 1: really meaningless, others meaningful but constitutionally questionable. Does McConnell say, no,

926
00:53:52,239 --> 00:53:54,680
Speaker 1: we're not doing anything on the Hill because in the

927
00:53:54,760 --> 00:53:58,040
Speaker 1: inaction of the Congress, it empowers Donald Trump to act

928
00:53:58,120 --> 00:54:02,000
Speaker 1: by executive order, which decide the hypocrisy of the Republican's

929
00:54:02,040 --> 00:54:05,799
Speaker 1: approach to that given the Obama years. But that is

930
00:54:05,960 --> 00:54:09,239
Speaker 1: in Donald Trump's style. And you know, on the on

931
00:54:09,320 --> 00:54:11,480
Speaker 1: the economy, I agree with what Adam has said. I

932
00:54:12,480 --> 00:54:14,879
Speaker 1: would I would paraphrase with Karl Rove said to Shawan

933
00:54:14,920 --> 00:54:17,560
Speaker 1: Hannity last night and the night before, which was, if

934
00:54:17,600 --> 00:54:20,520
Speaker 1: Donald Trump would be disciplined, he could win this race

935
00:54:20,560 --> 00:54:23,920
Speaker 1: on the economy. But he keeps stepping on his own message.

936
00:54:24,360 --> 00:54:27,640
Speaker 1: And you know, I liken Donald Trump's rise to the

937
00:54:27,719 --> 00:54:31,360
Speaker 1: office as somebody from reality TV to that of Ronald Reagan,

938
00:54:31,480 --> 00:54:35,200
Speaker 1: somebody experienced in acting. The difference between the two is this,

939
00:54:35,960 --> 00:54:38,640
Speaker 1: Ronald Reagan, youwed how to play the role of president.

940
00:54:39,320 --> 00:54:42,120
Speaker 1: Donald Trump just knows how to grab the headline and

941
00:54:42,160 --> 00:54:45,360
Speaker 1: it's usually disastrous and it creates anxiety the way he

942
00:54:45,360 --> 00:54:48,000
Speaker 1: grabs the headline. If Donald Trump actually could play the

943
00:54:48,080 --> 00:54:50,520
Speaker 1: role of president, I think he'd be leading Joe Biden

944
00:54:50,640 --> 00:54:52,120
Speaker 1: right now. But he's shown in three and a half

945
00:54:52,200 --> 00:54:55,600
Speaker 1: years he's incapable of doing that. It's gonna be fast

946
00:54:55,600 --> 00:54:59,719
Speaker 1: to see the political junk. Listen to YouTube. Veterans of

947
00:54:59,760 --> 00:55:02,239
Speaker 1: the said, I'm like, all right, that was That was

948
00:55:02,280 --> 00:55:04,640
Speaker 1: the extra couple of coffee I needed as I head

949
00:55:04,680 --> 00:55:07,680
Speaker 1: to the White House for like five more hours to

950
00:55:07,800 --> 00:55:11,319
Speaker 1: go through our coverage. Because this is why we do it, right,

951
00:55:11,360 --> 00:55:13,719
Speaker 1: I mean, the political junc me. It's a virtual convention.

952
00:55:13,800 --> 00:55:16,920
Speaker 1: It's Joe Biden. You know, You've got the President of

953
00:55:16,920 --> 00:55:20,320
Speaker 1: the United States and his hometown against his political opponent

954
00:55:20,360 --> 00:55:23,520
Speaker 1: eating pizza. He had pizza. Hey, they should have went

955
00:55:23,560 --> 00:55:27,440
Speaker 1: to Pica's and Delco, you know, or Rnado's even or

956
00:55:27,520 --> 00:55:31,360
Speaker 1: Pinocchio is my personal favorite. Pinocchios and Delco. Got yourself

957
00:55:31,360 --> 00:55:34,720
Speaker 1: at Pepperoni, you know, I mean, come on, all right, Chens,

958
00:55:34,719 --> 00:55:37,960
Speaker 1: thank you so much. Adam Goodman, Republican media strategy columnist

959
00:55:38,000 --> 00:55:41,160
Speaker 1: and partner at Ballard Partners in Washington. David Jolly, former

960
00:55:41,200 --> 00:55:44,440
Speaker 1: Florida Congressman executive chairman of Serve American Movement in the

961
00:55:44,440 --> 00:55:46,799
Speaker 1: host of the new podcast American Resolution, I'll leave you

962
00:55:46,840 --> 00:55:50,080
Speaker 1: with this before we go. I'll never forget when I

963
00:55:50,160 --> 00:55:53,239
Speaker 1: was covering candidate Trump and he took us to Oahwa

964
00:55:53,320 --> 00:55:55,240
Speaker 1: and here I am in the press pool, as it's called,

965
00:55:55,520 --> 00:55:57,960
Speaker 1: and he's eating soft pretzels, and then he gets these

966
00:55:58,040 --> 00:56:00,640
Speaker 1: cheese steaks, and I'm thinking to myself, Know, the one

967
00:56:00,760 --> 00:56:03,279
Speaker 1: time I actually wanted to break the rules and say

968
00:56:03,520 --> 00:56:06,040
Speaker 1: could I have a soft bread sol We're in my hometown.

969
00:56:06,280 --> 00:56:09,120
Speaker 1: You're eating my favorite foods, and instead I'm just typing

970
00:56:09,160 --> 00:56:11,719
Speaker 1: about it and tweeting about it instead of getting to

971
00:56:11,840 --> 00:56:13,919
Speaker 1: enjoy it. Oh, it's so rough to be Kevin's really,

972
00:56:13,920 --> 00:56:16,440
Speaker 1: it's not. I'm grateful. Thanks for listening. Much more tomorrow.

973
00:56:16,480 --> 00:56:19,600
Speaker 1: Brian Hook from the State's Barman and complete reaction on

974
00:56:19,640 --> 00:56:23,800
Speaker 1: the on UH President Trump's reaction to Joe Biden's speech.

975
00:56:23,840 --> 00:56:25,560
Speaker 1: I'm Kevin sereally you're listening to Bloomberg