1 00:00:00,840 --> 00:00:03,960 Speaker 1: Why from our Nation's All Talk here in Washington, d 2 00:00:04,000 --> 00:00:08,000 Speaker 1: C turns to President Elect Joe Biden's administration, historically speaking 3 00:00:08,000 --> 00:00:10,440 Speaker 1: the markets that perform better when there is divided government. 4 00:00:10,560 --> 00:00:13,920 Speaker 1: The biggest pressure for physical stimulus is an off taking 5 00:00:13,960 --> 00:00:18,880 Speaker 1: cases Bloomberg Sound On, the insiders, the influencers, the inside. 6 00:00:19,120 --> 00:00:22,360 Speaker 1: Biden has promised again and again he will unite the 7 00:00:22,400 --> 00:00:25,880 Speaker 1: country's state government's control elections left in the constitution. I 8 00:00:25,920 --> 00:00:29,840 Speaker 1: think that we can expect a smooth, thoughtful, methodical transition. 9 00:00:30,080 --> 00:00:34,600 Speaker 1: This is Bloomberg Sound On with Kevin Shirley on Bloomberg 10 00:00:35,880 --> 00:00:40,199 Speaker 1: and one oh H D two. President Elect Joe Biden 11 00:00:40,400 --> 00:00:45,440 Speaker 1: talks about Thanksgiving should your family gather? Plus New York 12 00:00:45,479 --> 00:00:49,720 Speaker 1: City school's close as the virus rate reaches three trigger 13 00:00:49,800 --> 00:00:52,839 Speaker 1: point in the Big Apple. All of this as talks 14 00:00:52,880 --> 00:00:56,560 Speaker 1: continue not just between Republicans and Democrats about a potential 15 00:00:56,600 --> 00:01:01,000 Speaker 1: fiscal stimulus deal, but also between Speaker Pelosi and Biden. 16 00:01:01,160 --> 00:01:03,520 Speaker 1: A lot to get through. We begin tonight with sound 17 00:01:03,560 --> 00:01:06,840 Speaker 1: on from President Elect Joe Biden, speaking out of Virtual 18 00:01:06,920 --> 00:01:11,440 Speaker 1: Roundtable healthcare summit from biden headquarters in Wilmington's. He says 19 00:01:11,480 --> 00:01:13,640 Speaker 1: that Thanksgiving is going to be a little different for 20 00:01:13,720 --> 00:01:18,200 Speaker 1: his family this year. Take a listen. Thanksgivings coming up. Well, 21 00:01:18,480 --> 00:01:22,800 Speaker 1: they said, Joe, maximum ten people in your home. Maximum. Joe, 22 00:01:23,120 --> 00:01:25,280 Speaker 1: I got a big family. You probably heard a lot 23 00:01:25,319 --> 00:01:28,200 Speaker 1: about we do everything together. Well, you know, we're just 24 00:01:28,319 --> 00:01:31,240 Speaker 1: not gonna where is there going to be three of us? 25 00:01:31,520 --> 00:01:34,399 Speaker 1: It comes from a broader perspective. As US stocks slumped 26 00:01:34,480 --> 00:01:39,440 Speaker 1: with fresh restrictions curtailing the spread of coronavirus overshadowing signs 27 00:01:39,480 --> 00:01:43,679 Speaker 1: that scientists are making fast progress toward a vaccine, and 28 00:01:43,760 --> 00:01:46,760 Speaker 1: New York City Mayor builds a Blasio speaking from city Hall, 29 00:01:47,120 --> 00:01:50,280 Speaker 1: saying that the nation's largest school system will go completely 30 00:01:50,320 --> 00:01:54,000 Speaker 1: remote as the coronavirus takes on hold of New York City. 31 00:01:54,280 --> 00:01:58,080 Speaker 1: Here's some sound on that from the Blasio. He had 32 00:01:58,400 --> 00:02:02,000 Speaker 1: bad news. We spent some time him confirming it, double 33 00:02:02,080 --> 00:02:06,240 Speaker 1: checking it. Because it is exactly on the number of 34 00:02:06,320 --> 00:02:09,480 Speaker 1: three point zero zero percent. We do need to close 35 00:02:09,600 --> 00:02:14,200 Speaker 1: our schools for the coming days. No one is happy 36 00:02:14,240 --> 00:02:17,800 Speaker 1: about this decision. We all, in fact, are feeling very 37 00:02:17,800 --> 00:02:20,840 Speaker 1: sad about this decision. And as the virus continues to 38 00:02:20,880 --> 00:02:25,520 Speaker 1: wreak havoc across Republican and Democratic controlled states, President elect 39 00:02:25,560 --> 00:02:28,919 Speaker 1: Biden is moving closer to formally claiming the White House 40 00:02:29,160 --> 00:02:33,160 Speaker 1: as states push ahead with certifying election results despite President 41 00:02:33,200 --> 00:02:36,760 Speaker 1: Donald Trump's efforts to challenge the vote earlier. Today, the 42 00:02:36,760 --> 00:02:40,840 Speaker 1: pressure mounting not just from reporters and Democrats, but also 43 00:02:40,880 --> 00:02:44,400 Speaker 1: from Republicans. Take a listen to Senator Lindsey Graham, a 44 00:02:44,440 --> 00:02:48,280 Speaker 1: Republican from South Carolina, who spoke earlier to reporters and said, 45 00:02:48,320 --> 00:02:51,240 Speaker 1: the President Trump has to get the Biden transition team 46 00:02:51,400 --> 00:02:54,040 Speaker 1: up to speed, and I would urge him to give 47 00:02:54,240 --> 00:02:58,040 Speaker 1: entail briefings to Uh, to Joe Biden. How much further 48 00:02:58,120 --> 00:03:01,359 Speaker 1: to go? I don't know. We're gonna be fine at 49 00:03:01,360 --> 00:03:03,800 Speaker 1: the end of the day. This thing will work itself out. 50 00:03:04,440 --> 00:03:08,160 Speaker 1: Wendy Benjaminson is politics editor for US here at Bloomberg News, 51 00:03:08,160 --> 00:03:12,000 Speaker 1: and Wendy, it's now Republicans who are urging President Trump 52 00:03:12,320 --> 00:03:15,760 Speaker 1: to meet with the transition team of President Electual Biden, 53 00:03:16,000 --> 00:03:23,160 Speaker 1: particularly on matters of national security as well as the coronavirus. Yes, well, 54 00:03:23,280 --> 00:03:26,960 Speaker 1: some Republicans are high, Kevin Uh. Some Republicans are, and 55 00:03:27,000 --> 00:03:30,120 Speaker 1: there they seem to be limiting it to the national 56 00:03:30,160 --> 00:03:34,040 Speaker 1: security briefings, the intelligence briefings which he is of course 57 00:03:34,200 --> 00:03:37,880 Speaker 1: entitled to his president elect. Um. But the president elect 58 00:03:38,120 --> 00:03:42,520 Speaker 1: is complaining today and his staff was yesterday about the 59 00:03:42,520 --> 00:03:46,080 Speaker 1: fact that they can't get any visibility into any federal 60 00:03:46,160 --> 00:03:49,520 Speaker 1: agency right now until the g s A, the General 61 00:03:49,560 --> 00:03:53,920 Speaker 1: Services Administration that ascertained that he is the winner, and 62 00:03:54,080 --> 00:03:57,200 Speaker 1: so that means they cannot begin to coordinate with the 63 00:03:57,360 --> 00:04:01,400 Speaker 1: FDA on vaccine distribution or the cd SEE on you know, 64 00:04:01,520 --> 00:04:05,520 Speaker 1: new guidance during the uptake of cases. There are a 65 00:04:05,560 --> 00:04:10,000 Speaker 1: million areas in which the troop withdrawal is another thing. Um. 66 00:04:10,040 --> 00:04:14,280 Speaker 1: You know, Joe Biden technically is a private citizen, and 67 00:04:14,320 --> 00:04:18,680 Speaker 1: so he has no ability to talk to these officials 68 00:04:18,720 --> 00:04:21,880 Speaker 1: about any of these really important issues that are all 69 00:04:21,880 --> 00:04:24,360 Speaker 1: going to get dumped on his lap on January twenty. 70 00:04:24,800 --> 00:04:27,440 Speaker 1: So let me follow up on this because yesterday our 71 00:04:27,520 --> 00:04:30,560 Speaker 1: colleague David Weston on Bloomberg Television and Radio's Balance of 72 00:04:30,640 --> 00:04:35,120 Speaker 1: Power interviewed HHS Secretary Alex asar and he asked him 73 00:04:35,160 --> 00:04:39,160 Speaker 1: point blank about whether or not it was problematic that 74 00:04:39,560 --> 00:04:43,960 Speaker 1: the Trump administration is not providing coronavirus briefings. Two Biden's 75 00:04:43,960 --> 00:04:48,080 Speaker 1: transition team and secretary as are on paraphrasing, but essentially, 76 00:04:48,120 --> 00:04:50,320 Speaker 1: said Wendy, Well, the bureaucrats are going to handle that. 77 00:04:51,200 --> 00:04:54,720 Speaker 1: What is the Biden transition team saying about what they're 78 00:04:54,800 --> 00:04:58,720 Speaker 1: missing out on and other than this is an American 79 00:04:59,040 --> 00:05:01,880 Speaker 1: virus and not a partisan virus. But what are they 80 00:05:01,920 --> 00:05:05,320 Speaker 1: missing out on and what impact is that having in 81 00:05:05,400 --> 00:05:08,839 Speaker 1: terms of their ability to get in there on January 82 00:05:08,880 --> 00:05:12,039 Speaker 1: one hit the ground running. Well, I have to go 83 00:05:12,120 --> 00:05:14,640 Speaker 1: off what they say, which is the opposite of what 84 00:05:14,720 --> 00:05:19,159 Speaker 1: Secretary Azar says, and what they say is that they cannot. 85 00:05:19,520 --> 00:05:22,080 Speaker 1: They would like to know, for example, what is the 86 00:05:22,080 --> 00:05:26,000 Speaker 1: Trump administration's vaccine distribution plan, because if they agree with 87 00:05:26,040 --> 00:05:28,120 Speaker 1: it and it's all swimming along, then as soon as 88 00:05:28,200 --> 00:05:31,599 Speaker 1: fisor or bio in Tech or Moderna get the approval 89 00:05:32,040 --> 00:05:37,720 Speaker 1: to serve mass producing their vaccine, great President Biden. After January, 90 00:05:37,760 --> 00:05:41,360 Speaker 1: we'll be able to distribute the vaccine. But what if 91 00:05:41,480 --> 00:05:46,400 Speaker 1: Biden's people don't like the Trump vaccine distribution plan? They 92 00:05:46,440 --> 00:05:49,200 Speaker 1: need to make plans now to change it so we're 93 00:05:49,200 --> 00:05:52,440 Speaker 1: not all sitting in our homes next summer. Um. You know, 94 00:05:52,600 --> 00:05:55,719 Speaker 1: that's that's the sort of thing. Do you have enough 95 00:05:55,760 --> 00:05:59,080 Speaker 1: refrigeration trucks to keep the vaccine cold? What is your 96 00:05:59,080 --> 00:06:01,240 Speaker 1: plan for distributing at what order are you going to 97 00:06:01,279 --> 00:06:04,840 Speaker 1: distribute it in? They can't get those answers any more 98 00:06:04,880 --> 00:06:07,800 Speaker 1: than anyone else can, do you think, Wenney Benjamin sim 99 00:06:07,839 --> 00:06:10,640 Speaker 1: Bloomberg Politics editor with US. Do you think, Wendy, that 100 00:06:10,760 --> 00:06:14,440 Speaker 1: people like Senator Lindsey Graham, a Republican of South Carolina 101 00:06:14,480 --> 00:06:17,000 Speaker 1: who we just heard from, do you think that that 102 00:06:17,200 --> 00:06:21,400 Speaker 1: is going to provide enough pressure on the Trump administration 103 00:06:21,480 --> 00:06:26,000 Speaker 1: to begin some of those briefings. I don't know. I 104 00:06:26,160 --> 00:06:28,520 Speaker 1: don't know. I think that that would require me getting 105 00:06:28,520 --> 00:06:32,280 Speaker 1: inside President Donald Trump's head. Um. I think he is. 106 00:06:32,440 --> 00:06:35,400 Speaker 1: He is not going to give up this fight easily. 107 00:06:35,480 --> 00:06:38,240 Speaker 1: I think we can see that there is mounting pressure 108 00:06:38,240 --> 00:06:42,280 Speaker 1: from a lot of Republicans that they've that the vote 109 00:06:42,480 --> 00:06:48,840 Speaker 1: fraud lawsuit pursuit is becoming quixotic at best, that they 110 00:06:48,880 --> 00:06:52,680 Speaker 1: have not, you know, produced any evidence of massive fraud. 111 00:06:52,760 --> 00:06:56,600 Speaker 1: That there is um that there are uh, you know, 112 00:06:56,680 --> 00:06:59,839 Speaker 1: that there aren't enough votes to change the election outcome. 113 00:07:00,120 --> 00:07:02,240 Speaker 1: And if Joe Biden really does have three hundred and 114 00:07:02,279 --> 00:07:04,640 Speaker 1: six electoral votes, that's a lot of legal room to 115 00:07:04,800 --> 00:07:08,360 Speaker 1: even lose, even lose the state. So um, I think 116 00:07:08,400 --> 00:07:12,520 Speaker 1: there is partial. I'm not sure exactly when President Trump 117 00:07:12,560 --> 00:07:14,960 Speaker 1: is going to accept that he's lost in hand over 118 00:07:15,000 --> 00:07:20,720 Speaker 1: the hand over the government to President Biden. Me this 119 00:07:20,720 --> 00:07:23,440 Speaker 1: this meshes with my reporting earlier today. I spoke with 120 00:07:23,480 --> 00:07:27,200 Speaker 1: the source Wendy, who essentially said, especially Maggie story in 121 00:07:27,280 --> 00:07:30,240 Speaker 1: the Times from the last I think it's twenty four 122 00:07:30,240 --> 00:07:34,560 Speaker 1: hours now with regards to the legal fees surrounding Rdy Giuliani, 123 00:07:34,640 --> 00:07:37,559 Speaker 1: of course, the President's personal attorney, who has been who's 124 00:07:37,560 --> 00:07:40,600 Speaker 1: been leading this this effort, and the team around him 125 00:07:40,640 --> 00:07:43,760 Speaker 1: is really perplexed in terms of what the longer term 126 00:07:43,840 --> 00:07:47,000 Speaker 1: strategy is, not just for President Trump, but for someone 127 00:07:47,080 --> 00:07:50,640 Speaker 1: like Juliani. And so it it I hear what you're saying, 128 00:07:50,640 --> 00:07:53,360 Speaker 1: and it and it really is I think interesting because 129 00:07:53,480 --> 00:07:55,800 Speaker 1: right now a lot of these sources that we all 130 00:07:55,840 --> 00:07:59,080 Speaker 1: talk to are trying to figure out where should they 131 00:07:59,120 --> 00:08:02,800 Speaker 1: be directing their long term chess match, so to speak, 132 00:08:02,800 --> 00:08:06,400 Speaker 1: because the elections over, so what's their longer term strategy? 133 00:08:06,400 --> 00:08:09,560 Speaker 1: And we're watching them all grapple with this and figure 134 00:08:09,600 --> 00:08:12,040 Speaker 1: this out in real time. You mentioned the vaccines. Let's 135 00:08:12,080 --> 00:08:16,200 Speaker 1: just provide a quick Bloomberg News coronavirus update. Fiser saying 136 00:08:16,200 --> 00:08:18,720 Speaker 1: that a final analysis when he just pointed to this, 137 00:08:19,000 --> 00:08:23,240 Speaker 1: Fiser saying a final analysis of clinical trial data showed 138 00:08:23,240 --> 00:08:27,800 Speaker 1: that its vaccine was effective, paving the way for the 139 00:08:27,840 --> 00:08:32,120 Speaker 1: company to apply for the first US regulatory authorization for 140 00:08:32,200 --> 00:08:36,320 Speaker 1: a coronavirus shot. Within days, the US gave the green 141 00:08:36,400 --> 00:08:40,040 Speaker 1: light for the first COVID nineteen diagnostic kit for self 142 00:08:40,080 --> 00:08:43,400 Speaker 1: testing at home, adding a tool to battle the pandemic 143 00:08:43,679 --> 00:08:47,640 Speaker 1: as nationwide testing capabilities come under more strain and more 144 00:08:47,760 --> 00:08:51,000 Speaker 1: US states imposing restrictions as we've alluded to to tamp 145 00:08:51,080 --> 00:08:55,280 Speaker 1: down the unrelenting surge. It's remarkable because a lot of 146 00:08:55,280 --> 00:08:56,840 Speaker 1: the issues and this will be we only have a 147 00:08:56,840 --> 00:09:00,120 Speaker 1: minute left, but I'll end with this. And Europe, in 148 00:09:00,200 --> 00:09:04,360 Speaker 1: Germany's specifically, there's been a protest over Germany's strategy to 149 00:09:04,480 --> 00:09:08,080 Speaker 1: quell the virus, and it actually turned violent. Poland reported 150 00:09:08,080 --> 00:09:11,720 Speaker 1: a record six and three deaths, and UK doctors warned 151 00:09:11,720 --> 00:09:15,320 Speaker 1: that tough new measures must be placed when England's lockdown ends. 152 00:09:15,840 --> 00:09:19,840 Speaker 1: It's it's really remarkable. This is not a uniquely American problem. Tokyo, 153 00:09:19,960 --> 00:09:24,719 Speaker 1: for example, also reporting a record number of new cases Wednesday. Remarkable, 154 00:09:24,880 --> 00:09:26,920 Speaker 1: Wendy Benjaminson I want to thank you so much for 155 00:09:26,920 --> 00:09:28,560 Speaker 1: your time, my friend. It's always great to hear with you. 156 00:09:28,559 --> 00:09:30,520 Speaker 1: Have you watched the new episode under the new season 157 00:09:30,520 --> 00:09:38,400 Speaker 1: of The Crown? Oh my gosh. Yes, that's good, so good. No, 158 00:09:38,520 --> 00:09:40,120 Speaker 1: I won't tell you anything, but let me tell you. 159 00:09:40,120 --> 00:09:42,520 Speaker 1: You're for a treat, my friend. Always great to catch 160 00:09:42,559 --> 00:09:44,559 Speaker 1: up with. You can make sure you watch that. I'm 161 00:09:44,679 --> 00:09:48,000 Speaker 1: Kevin's really always having fun. I'm the chief Washington correspondent 162 00:09:48,040 --> 00:09:52,240 Speaker 1: for Bloomberg Television and for Bloomberg Radio. It's fun to smile, right, 163 00:09:52,840 --> 00:10:08,240 Speaker 1: you're listening to Bloomberg. You're listening to Bloomberg. Sound On 164 00:10:08,320 --> 00:10:12,360 Speaker 1: with Kevin Surley on Bloomberg and one oh five point 165 00:10:12,400 --> 00:10:16,640 Speaker 1: seven f M h D two. I'm Kevin Surreal. I'm 166 00:10:16,679 --> 00:10:21,200 Speaker 1: the chief Ahington correspondent for Bloomberg Television and from Bloomberg Radio. 167 00:10:21,240 --> 00:10:23,400 Speaker 1: I was talking to my mom earlier. I said, Mom, 168 00:10:23,480 --> 00:10:25,640 Speaker 1: you know we're not doing the Thanksgiving things this year 169 00:10:26,080 --> 00:10:28,559 Speaker 1: because you know the virus. But I said, I gotta 170 00:10:28,600 --> 00:10:31,439 Speaker 1: get a pie recipe. You know, I gotta make a pie. 171 00:10:31,760 --> 00:10:33,360 Speaker 1: I love apple pie. When I was a kid, I 172 00:10:33,440 --> 00:10:36,280 Speaker 1: made it back in Delco with our next door neighbors. 173 00:10:36,280 --> 00:10:39,079 Speaker 1: The Riley's and we made the best apple pie. It 174 00:10:39,200 --> 00:10:42,120 Speaker 1: was so good. I love pie, I really do. It's 175 00:10:42,200 --> 00:10:47,040 Speaker 1: it's it's the quintessential for me. It's the quintessential Thanksgiving 176 00:10:47,160 --> 00:10:52,560 Speaker 1: dish pies. I don't know pickcan um, what else? Pumpkin 177 00:10:53,360 --> 00:10:57,280 Speaker 1: and of course my dad always loves pican but uh, 178 00:10:58,240 --> 00:11:00,840 Speaker 1: apple with a little bit of an Ally's anyway. So 179 00:11:00,880 --> 00:11:03,079 Speaker 1: if you've got some good pie recipes, send them my way. 180 00:11:03,160 --> 00:11:06,360 Speaker 1: I love a good pie. Okay, Time for the market update. Uh. 181 00:11:06,400 --> 00:11:09,760 Speaker 1: And we began, of course, with US stocks slumping as 182 00:11:09,840 --> 00:11:15,520 Speaker 1: fresh restrictions to curtail the spread of coronavirus overshadowed signs 183 00:11:15,520 --> 00:11:19,640 Speaker 1: that scientists are making fast progress toward a vaccine. The 184 00:11:19,760 --> 00:11:23,800 Speaker 1: dollar folks held near its lowest level in two years. 185 00:11:24,200 --> 00:11:27,760 Speaker 1: The SMPI index closed that it's lows of the day 186 00:11:27,800 --> 00:11:31,400 Speaker 1: after New York City shut schools because of rising infection. 187 00:11:31,760 --> 00:11:36,800 Speaker 1: Fiser advanced after saying that it's COVID nineteen vaccine effective, 188 00:11:37,080 --> 00:11:39,440 Speaker 1: paving the way for the company to apply for the 189 00:11:39,559 --> 00:11:46,120 Speaker 1: first U S regulatory authorization for a coronavirus shot within days. 190 00:11:46,880 --> 00:11:51,359 Speaker 1: I love that news. Lows slumped after earnings trailed analysts 191 00:11:51,440 --> 00:11:56,040 Speaker 1: expectations while Target advanced on soaring, soaring sales. You know, 192 00:11:56,040 --> 00:11:59,720 Speaker 1: it all comes with so much mixed information, whether it's 193 00:12:00,160 --> 00:12:03,360 Speaker 1: traders looking at what's happening with New York City schools 194 00:12:03,480 --> 00:12:06,560 Speaker 1: or the optimism around the vaccines. And my colleagues on 195 00:12:06,559 --> 00:12:10,120 Speaker 1: Bloomberg Television and Bloomberg Radio got us some sound from 196 00:12:10,320 --> 00:12:13,600 Speaker 1: Michael Kushma, the c i O of Global Fixed Income 197 00:12:13,720 --> 00:12:17,000 Speaker 1: at Morgan Stanley, and he's old Bloomberg earlier today. With 198 00:12:17,040 --> 00:12:20,719 Speaker 1: an uncertain economic outlook, the toughest thing to do is 199 00:12:20,760 --> 00:12:23,720 Speaker 1: get money in the pockets of consumers. Here's some sound 200 00:12:23,760 --> 00:12:28,080 Speaker 1: on that. That is the challenge is getting people remaining confident, 201 00:12:28,160 --> 00:12:31,760 Speaker 1: keeping the economy running at a reasonable pace, keeping money 202 00:12:31,760 --> 00:12:34,000 Speaker 1: in people's pockets so that even if they're not spending 203 00:12:34,040 --> 00:12:37,760 Speaker 1: it today, when the gates are lifted, when the lockdowns 204 00:12:37,760 --> 00:12:40,400 Speaker 1: are lifted, there is money in people's pockets where it's 205 00:12:40,440 --> 00:12:42,760 Speaker 1: the corporate sector of the household sector, they can go 206 00:12:42,800 --> 00:12:45,480 Speaker 1: out and spend. And that was what's gonna have a 207 00:12:45,640 --> 00:12:48,920 Speaker 1: very strong pop down the road and compensates in theory 208 00:12:49,240 --> 00:12:53,080 Speaker 1: at least for the weakness for seeing now. Calvin Schnorret 209 00:12:53,160 --> 00:12:55,199 Speaker 1: is a senior economist at nay Reed, and he is 210 00:12:55,200 --> 00:12:57,560 Speaker 1: a frequent guest on this program. We're always grateful for 211 00:12:57,600 --> 00:12:59,679 Speaker 1: his time. Calvin, I mean, we just heard some sound 212 00:12:59,720 --> 00:13:03,200 Speaker 1: one money back in the pockets of consumers, and we're 213 00:13:03,200 --> 00:13:06,679 Speaker 1: seeing the uncertainty in the markets over the past couple 214 00:13:06,679 --> 00:13:13,480 Speaker 1: of days. So is is Mr Kushma right? Well, first 215 00:13:13,480 --> 00:13:15,880 Speaker 1: of all, Kevin, you and I've been talking about the 216 00:13:15,920 --> 00:13:19,600 Speaker 1: impact of the coronavirus on the economy for eight months now, 217 00:13:19,960 --> 00:13:22,720 Speaker 1: and one thing that I've stressed again and again is 218 00:13:22,720 --> 00:13:25,319 Speaker 1: that the economy is not gonna be healthy until until 219 00:13:25,320 --> 00:13:28,400 Speaker 1: the public is healthy, until in the health crisis UH 220 00:13:28,920 --> 00:13:32,000 Speaker 1: is more under control. So it's not surprising to see 221 00:13:32,080 --> 00:13:34,800 Speaker 1: the market rising and falling on news like this. And 222 00:13:34,880 --> 00:13:37,240 Speaker 1: we've seen a big surge lately in the in the 223 00:13:37,240 --> 00:13:40,280 Speaker 1: new cases, Um. But in terms of getting money in 224 00:13:40,320 --> 00:13:42,680 Speaker 1: the hands of consumers, I would take a very different view. 225 00:13:42,800 --> 00:13:45,560 Speaker 1: You know, we've seen that the labor market is very 226 00:13:45,720 --> 00:13:49,240 Speaker 1: very it's been strugging. We saw a huge job losses. Um, 227 00:13:49,280 --> 00:13:51,160 Speaker 1: it's come back a bit. You still have seven percent 228 00:13:51,240 --> 00:13:54,720 Speaker 1: unemployment six point nine, but that means the people are 229 00:13:54,840 --> 00:13:57,800 Speaker 1: employed and actually people have had money building up in 230 00:13:57,800 --> 00:13:59,880 Speaker 1: their bank accounts. You look at the Fitter Reserve statist 231 00:14:00,559 --> 00:14:05,080 Speaker 1: there's an increase of three trillion dollars since the beginning 232 00:14:05,080 --> 00:14:07,080 Speaker 1: of the years. So people do have money to spend it, 233 00:14:07,280 --> 00:14:09,880 Speaker 1: and we're seeing that in the retail sales numbers that 234 00:14:09,960 --> 00:14:13,840 Speaker 1: come out. Retail sales are are pretty robust. That despite 235 00:14:13,840 --> 00:14:17,360 Speaker 1: the worries about the virus. You know, I gotta focus 236 00:14:17,400 --> 00:14:20,560 Speaker 1: on what really has been one of the hot pockets 237 00:14:20,600 --> 00:14:23,920 Speaker 1: of uh of the U s economy. And it's something 238 00:14:23,960 --> 00:14:26,480 Speaker 1: that I really don't think the nerd in me has 239 00:14:26,480 --> 00:14:30,080 Speaker 1: been able to focus in enough on Calvin Schnorre senior 240 00:14:30,120 --> 00:14:32,600 Speaker 1: economists over there at n and that's the housing market. 241 00:14:33,000 --> 00:14:34,920 Speaker 1: I mean, the housing market is the hottest part of 242 00:14:34,960 --> 00:14:39,640 Speaker 1: the US economy. Why that's right. The housing market actually 243 00:14:40,280 --> 00:14:42,840 Speaker 1: is hot enough that it would look good even in 244 00:14:42,880 --> 00:14:47,120 Speaker 1: a normal economic environment. Economy is struggling. Why is it 245 00:14:47,160 --> 00:14:49,320 Speaker 1: going so on? And I do appreciate that you turn 246 00:14:49,360 --> 00:14:53,600 Speaker 1: into the nerd here for pretty answer. I'm glad someone does, Calvin, 247 00:14:53,720 --> 00:14:55,200 Speaker 1: you know, because I have fun when I get to 248 00:14:55,280 --> 00:14:57,080 Speaker 1: nerd out. But go ahead. I didn't mean to interrupt. 249 00:14:57,600 --> 00:15:00,840 Speaker 1: What we've seen is pretty much every aspect of the 250 00:15:00,880 --> 00:15:03,480 Speaker 1: housing market is strong. We've seen strong home sales for 251 00:15:03,600 --> 00:15:07,120 Speaker 1: several months and rising housing prices. And this morning we've 252 00:15:07,120 --> 00:15:10,200 Speaker 1: got data from the Census Department. The housing starts came 253 00:15:10,200 --> 00:15:13,320 Speaker 1: out and there was a four point nine percent Now 254 00:15:13,360 --> 00:15:16,880 Speaker 1: the Bloomberg consensus expectation was three point two percents. It 255 00:15:16,960 --> 00:15:20,920 Speaker 1: was a strong number. And September strits starts revised up 256 00:15:21,200 --> 00:15:23,960 Speaker 1: to six percent growth. So this is a this is 257 00:15:24,000 --> 00:15:27,440 Speaker 1: a really strong number. Um. A lot of things going on. 258 00:15:27,920 --> 00:15:30,000 Speaker 1: Part of it is pandemic. People want to get out 259 00:15:30,040 --> 00:15:33,440 Speaker 1: of a downtown apartment into a home that said, you know, 260 00:15:33,480 --> 00:15:36,000 Speaker 1: maybe it's safer to be out in the suburbs. Interest 261 00:15:36,120 --> 00:15:39,000 Speaker 1: rates are really low. Um. I was talking earlier that 262 00:15:39,080 --> 00:15:41,560 Speaker 1: a lot of households actually are doing pretty well. So 263 00:15:41,600 --> 00:15:44,560 Speaker 1: there's a lot of financial backing that is driving home 264 00:15:44,600 --> 00:15:47,720 Speaker 1: sales and and and housing prices right now. So I 265 00:15:47,840 --> 00:15:50,080 Speaker 1: hear you, and let me follow up on this, because 266 00:15:50,120 --> 00:15:52,600 Speaker 1: we this has been a thread over the past several months. 267 00:15:52,600 --> 00:15:56,720 Speaker 1: I hear you that the housing market for uh certain 268 00:15:57,000 --> 00:15:59,400 Speaker 1: a certain class of Americans has been has been doing 269 00:15:59,480 --> 00:16:01,960 Speaker 1: very well. But it is well documented, whether it's on 270 00:16:02,000 --> 00:16:04,720 Speaker 1: the Bloomberg terminal with data or what the folks over 271 00:16:04,760 --> 00:16:08,600 Speaker 1: at McKinsey are doing, for example, that lower socio economic 272 00:16:09,040 --> 00:16:12,600 Speaker 1: uh income Americans are really struggling right now, and so 273 00:16:12,720 --> 00:16:15,440 Speaker 1: what and it's it's you know, whether it's rural America 274 00:16:15,640 --> 00:16:21,800 Speaker 1: or in cities. Uh. And there's this palpable sense of anxiety, 275 00:16:21,800 --> 00:16:25,840 Speaker 1: economic anxiety that even the layoffs that have come a 276 00:16:25,880 --> 00:16:30,600 Speaker 1: cross sector across the country might start hitting white collar jobs. 277 00:16:30,840 --> 00:16:33,840 Speaker 1: And so what can policymakers do to provide some certainty? 278 00:16:34,000 --> 00:16:36,400 Speaker 1: And you know, we're a couple of months away from 279 00:16:36,440 --> 00:16:41,360 Speaker 1: from vaccines being widespread, but what can policymakers in DC 280 00:16:41,440 --> 00:16:44,960 Speaker 1: do now to alleviate some of that potential risk? Do 281 00:16:44,960 --> 00:16:47,960 Speaker 1: you know what I mean? Well, we've we've been having 282 00:16:48,000 --> 00:16:52,400 Speaker 1: back and forth discussion about another round of fiscal stimulus, 283 00:16:52,400 --> 00:16:54,800 Speaker 1: and it's it's just completely caught up in the politics. 284 00:16:54,880 --> 00:16:58,760 Speaker 1: We've seen that fiscal stimulus that would help, you know, 285 00:16:58,760 --> 00:17:01,920 Speaker 1: the households that are struggling this this crisis has really 286 00:17:01,920 --> 00:17:05,680 Speaker 1: worsened income inequality and wealth in economic quality. The people 287 00:17:05,720 --> 00:17:08,199 Speaker 1: who can work from home in the suburbs and have 288 00:17:08,440 --> 00:17:10,760 Speaker 1: a four oh one k are doing well. The people 289 00:17:10,800 --> 00:17:13,040 Speaker 1: who are on the front lines in retail or other 290 00:17:13,119 --> 00:17:17,359 Speaker 1: they're struggling, particularly if they're renting um, you know, and 291 00:17:17,720 --> 00:17:22,119 Speaker 1: another stimulus package that would help the businesses, help the 292 00:17:22,280 --> 00:17:27,359 Speaker 1: unemployment insurance would really be uh an extra insurance valve 293 00:17:27,440 --> 00:17:30,840 Speaker 1: right now, insurance cover. And so it's a follow up 294 00:17:30,840 --> 00:17:32,680 Speaker 1: on that. And Calvin Snore's with us. He's a senior 295 00:17:32,720 --> 00:17:36,240 Speaker 1: economist over at Navy, and we're talking about some of 296 00:17:36,240 --> 00:17:39,800 Speaker 1: the harder parts of the recovery and also some of 297 00:17:39,800 --> 00:17:41,919 Speaker 1: the bright spots. There are other people and you know 298 00:17:42,000 --> 00:17:45,920 Speaker 1: this Calvin, who are looking trying to see, Okay, once 299 00:17:45,960 --> 00:17:47,920 Speaker 1: we do get out of this, is there going to 300 00:17:48,000 --> 00:17:51,119 Speaker 1: be some type of collapse in the tech market. But 301 00:17:51,359 --> 00:17:54,360 Speaker 1: I want to stay with housing because we saw what happened, 302 00:17:54,680 --> 00:17:57,119 Speaker 1: you know, a couple of decades ago when there was 303 00:17:57,160 --> 00:17:59,520 Speaker 1: a housing bubble and the market boom was in the 304 00:17:59,520 --> 00:18:01,760 Speaker 1: mid SUOT thousands, and it's in then too well. And 305 00:18:01,840 --> 00:18:04,440 Speaker 1: so are you concerned that some of the hot spots, 306 00:18:04,440 --> 00:18:07,359 Speaker 1: are the bright spots for certain sectors of the economy, 307 00:18:07,400 --> 00:18:11,960 Speaker 1: are actually going to end up being bubbles that burst. No, 308 00:18:12,200 --> 00:18:14,680 Speaker 1: this is this is completely different, and I could I 309 00:18:14,720 --> 00:18:17,359 Speaker 1: could have just answers that No, there's no there's no similarity. 310 00:18:17,880 --> 00:18:19,760 Speaker 1: There's some things that make you think well, a lot 311 00:18:19,760 --> 00:18:23,240 Speaker 1: of construction, rising prices. You know, the two thousand's had 312 00:18:23,320 --> 00:18:26,360 Speaker 1: some trouble, but then what we had was a speculative 313 00:18:26,440 --> 00:18:29,359 Speaker 1: building boom. There was so much construction and there was 314 00:18:29,400 --> 00:18:32,639 Speaker 1: a lot of lending through the subprime mortgage market. That 315 00:18:32,680 --> 00:18:35,679 Speaker 1: meant people who previously couldn't buy a home, you know what, 316 00:18:35,760 --> 00:18:38,560 Speaker 1: would buy a home. We have a housing shortage now, 317 00:18:38,760 --> 00:18:41,080 Speaker 1: and keeping in mind we were talking a minute ago 318 00:18:41,280 --> 00:18:44,600 Speaker 1: about the lower income people who are struggling with paying 319 00:18:44,640 --> 00:18:47,600 Speaker 1: rents and everything, the housing shortage has really pushed up 320 00:18:47,640 --> 00:18:50,480 Speaker 1: rents for people in apartments and kept people from being 321 00:18:50,520 --> 00:18:54,080 Speaker 1: able to buy a home. So, um, this increase in 322 00:18:54,119 --> 00:18:57,119 Speaker 1: housing starts today is like one and a half million 323 00:18:57,200 --> 00:19:01,960 Speaker 1: total one point two million annual rate for single family starts. 324 00:19:02,560 --> 00:19:05,000 Speaker 1: That's that's actually below the trend pace you need for 325 00:19:05,040 --> 00:19:08,679 Speaker 1: population growth. We have not made up the lack of 326 00:19:08,760 --> 00:19:10,960 Speaker 1: housing that was built over the private decades. So this 327 00:19:11,000 --> 00:19:13,919 Speaker 1: is a good news. Fascinating your favorite Thanksgiving pie? Quickly, 328 00:19:15,119 --> 00:19:18,760 Speaker 1: I make my grandmother's piecros recipe for apple pie. I 329 00:19:18,880 --> 00:19:22,800 Speaker 1: love that, love those family recipes. It's like I should 330 00:19:22,800 --> 00:19:24,919 Speaker 1: do like a Delco cookbook. All right, thank you so much, 331 00:19:24,960 --> 00:19:28,520 Speaker 1: Kelvin Schnore's senior economists at Mary much more coming up next. 332 00:19:28,520 --> 00:19:36,720 Speaker 1: I'm Kevin surreally you're listening to Bloomberg? Why from our 333 00:19:36,840 --> 00:19:39,680 Speaker 1: Nation's all Talk here in Washington, d C turns to 334 00:19:39,800 --> 00:19:43,480 Speaker 1: President Elect Joe Biden's administration. Historically speaking, the markets have 335 00:19:43,600 --> 00:19:46,840 Speaker 1: performed better when there is divided government. The biggest pressure 336 00:19:46,920 --> 00:19:50,639 Speaker 1: for physical stimulus is an off taking cases. Bloomberg Sound 337 00:19:50,720 --> 00:19:55,240 Speaker 1: on the insiders, the influencers, the inside siding has promised 338 00:19:55,280 --> 00:19:58,280 Speaker 1: again and again, the cable, the unite the country's state 339 00:19:58,320 --> 00:20:01,320 Speaker 1: government's control elections. That's in the constitutions. I think that 340 00:20:01,400 --> 00:20:05,800 Speaker 1: we can expect a smooth, thoughtful, methodical transition. This is 341 00:20:05,840 --> 00:20:14,159 Speaker 1: Bloomberg Sound On with Kevin on Bloomberg two. The virus 342 00:20:14,200 --> 00:20:18,560 Speaker 1: continues to surge and families across the country readjusting their 343 00:20:18,600 --> 00:20:22,080 Speaker 1: Thanksgiving plans. This as New York City schools to close 344 00:20:22,119 --> 00:20:24,720 Speaker 1: as the virus rate reaches the three percent trigger point. 345 00:20:25,040 --> 00:20:28,840 Speaker 1: Investors react and Fiser says that their vaccine is now 346 00:20:30,200 --> 00:20:36,840 Speaker 1: effective and Republicans. Republicans now urging President Trump to start 347 00:20:36,840 --> 00:20:40,160 Speaker 1: cooperating with President elect Joe Biden. We have a jam 348 00:20:40,200 --> 00:20:43,080 Speaker 1: packed show and a lot to get through. So buckle 349 00:20:43,160 --> 00:20:46,520 Speaker 1: up and we begin tonight with sound on Thanksgiving. This 350 00:20:46,600 --> 00:20:49,320 Speaker 1: coming from President elect Joe Biden, who spoke at a 351 00:20:49,400 --> 00:20:54,359 Speaker 1: virtual roundtable at a healthcare summit from Biden HQ in Wilmington, Delaware, 352 00:20:54,640 --> 00:20:57,680 Speaker 1: and he said that his family, along with other millions 353 00:20:57,720 --> 00:21:00,240 Speaker 1: of Americans of families, is going to be a little 354 00:21:00,240 --> 00:21:03,440 Speaker 1: bit different for them this year. Here he is. Thanksgivings 355 00:21:03,480 --> 00:21:07,679 Speaker 1: coming up. Well, they said, Joe, maximum ten people in 356 00:21:07,720 --> 00:21:10,920 Speaker 1: your home. Maximum. Joe, I got a big family. You 357 00:21:11,040 --> 00:21:14,040 Speaker 1: probably heard a lot about we do everything together. Well, 358 00:21:14,080 --> 00:21:16,800 Speaker 1: you know, we're just not gonna where they're going to 359 00:21:16,880 --> 00:21:20,640 Speaker 1: be three of us. Meanwhile, states both controlled by Republicans 360 00:21:20,640 --> 00:21:24,960 Speaker 1: and Democrats having to take differing actions as coronaviruses continue 361 00:21:25,119 --> 00:21:28,480 Speaker 1: to spike across the country. New York City Mayor Builds A. 362 00:21:28,520 --> 00:21:32,280 Speaker 1: Blasio spoke from city Hall earlier today and said that 363 00:21:32,320 --> 00:21:35,840 Speaker 1: the nation's largest school system will go completely remote as 364 00:21:35,880 --> 00:21:38,600 Speaker 1: the coronavirus continues to take hold of the Big Apple. 365 00:21:38,840 --> 00:21:42,000 Speaker 1: Here he is. He had bad news. We spent some 366 00:21:42,080 --> 00:21:45,560 Speaker 1: time confirming it and double checking it because it is 367 00:21:46,560 --> 00:21:50,359 Speaker 1: exactly on the number of three point zero zero percent. 368 00:21:50,600 --> 00:21:53,720 Speaker 1: We do need to close our schools for the coming days. 369 00:21:54,760 --> 00:21:58,760 Speaker 1: No one is happy about this decision. We all, in fact, 370 00:21:58,960 --> 00:22:02,800 Speaker 1: are feeling very sad about this decision, and even as 371 00:22:02,920 --> 00:22:06,400 Speaker 1: optimism was greeted not just on the markets but by 372 00:22:06,440 --> 00:22:10,399 Speaker 1: other others, as Fiser said that a final analysis of 373 00:22:10,440 --> 00:22:16,160 Speaker 1: their clinical trial data showed that their vaccine is effective 374 00:22:16,520 --> 00:22:18,679 Speaker 1: and thus has paved the way for the company to 375 00:22:18,720 --> 00:22:22,240 Speaker 1: apply for the first U S regulatory authorization for a 376 00:22:22,280 --> 00:22:28,880 Speaker 1: coronavirus shot within days. Republicans Republicans are now urging President 377 00:22:28,920 --> 00:22:33,200 Speaker 1: Trump to cooperate with the transition team of President elect 378 00:22:33,280 --> 00:22:36,560 Speaker 1: Joe Biden. And we've got sound on that transition coming 379 00:22:36,600 --> 00:22:40,480 Speaker 1: from Senator Lindsey Graham, a Republican from South Carolina who 380 00:22:40,480 --> 00:22:44,760 Speaker 1: spoke with reporters earlier today and talked about President Trump 381 00:22:45,000 --> 00:22:48,159 Speaker 1: and the Biden transition team. Here he is, and I 382 00:22:48,200 --> 00:22:51,480 Speaker 1: would urge him to give Intael briefings to uh to 383 00:22:51,680 --> 00:22:54,359 Speaker 1: Joe Biden. How much further to go? I don't know. 384 00:22:54,520 --> 00:22:57,440 Speaker 1: We're gonna be fine at the end of the day. 385 00:22:57,480 --> 00:23:00,960 Speaker 1: This thing will work itself out. Aaron McPike is a 386 00:23:01,000 --> 00:23:04,240 Speaker 1: liberal political and media strategist, and Scott transfer is a 387 00:23:04,320 --> 00:23:07,639 Speaker 1: CEO of Optimists and the former data science director for 388 00:23:07,760 --> 00:23:11,320 Speaker 1: Marco Rubio for Presidents campaign. We're thrilled to welcome them 389 00:23:11,320 --> 00:23:14,680 Speaker 1: back both to the program and Scott. Let me follow 390 00:23:14,800 --> 00:23:17,080 Speaker 1: up with you from what we just heard from Senator 391 00:23:17,200 --> 00:23:21,320 Speaker 1: Lindsay Graham, who was now urging President Trump to cooperate 392 00:23:21,560 --> 00:23:27,160 Speaker 1: with the Biden transition team. Do you agree? Yes? I mean, 393 00:23:27,320 --> 00:23:29,879 Speaker 1: it looks if everyone's got a point, we still have 394 00:23:29,960 --> 00:23:32,639 Speaker 1: to do the electoral votes. I'm sorry the electoral colleges 395 00:23:32,760 --> 00:23:34,480 Speaker 1: to vote in a couple of weeks, but it looks, 396 00:23:34,480 --> 00:23:36,800 Speaker 1: by and large, despite all the lawsuits that are out there, 397 00:23:36,840 --> 00:23:39,760 Speaker 1: that this is uh, this is this is heading to 398 00:23:40,000 --> 00:23:43,960 Speaker 1: uh uh an inauguration for Vice President elect Joe Biden. 399 00:23:44,040 --> 00:23:46,560 Speaker 1: I think it's time for a transition. Doesn't mean they 400 00:23:46,600 --> 00:23:48,440 Speaker 1: can't roll any of these things back, but we should 401 00:23:48,480 --> 00:23:51,359 Speaker 1: prepare for all eventualities, and it's it's something that should happen. 402 00:23:51,760 --> 00:23:54,080 Speaker 1: Let me follow up on this point because I want 403 00:23:54,080 --> 00:23:56,520 Speaker 1: to be precise with with the question and to follow 404 00:23:56,600 --> 00:24:00,440 Speaker 1: up here. Even if there were to be some other 405 00:24:00,920 --> 00:24:07,000 Speaker 1: outside events that would alter President Elect Joe Biden's plans 406 00:24:07,040 --> 00:24:13,600 Speaker 1: for January, should the coronavirus at least be a non 407 00:24:13,760 --> 00:24:18,479 Speaker 1: partisan issue, A scientific issue in terms of trying to 408 00:24:18,520 --> 00:24:23,320 Speaker 1: make sure that once this vaccine is ready, that all players, 409 00:24:23,640 --> 00:24:30,360 Speaker 1: all politicians of all political stripes know how to lead. Yeah, decisively. Yes, 410 00:24:30,400 --> 00:24:33,080 Speaker 1: And even more importantly, there is nothing lost or gained. 411 00:24:33,440 --> 00:24:37,040 Speaker 1: I'm sorry, there's nothing lost by reading in um uh 412 00:24:37,040 --> 00:24:39,680 Speaker 1: and coordinating with the Biden transition team. It's doesn't take 413 00:24:39,680 --> 00:24:42,480 Speaker 1: away from anything with the current Trump administration is doing, 414 00:24:42,640 --> 00:24:45,080 Speaker 1: and it doesn't take anything away from any of the 415 00:24:45,119 --> 00:24:47,840 Speaker 1: current lawsuits or any electoral things that need to be 416 00:24:47,920 --> 00:24:50,960 Speaker 1: sorted out. You know, coordination is just good public policy 417 00:24:51,000 --> 00:24:53,960 Speaker 1: going forward. They can only be can only be additive 418 00:24:53,960 --> 00:24:56,760 Speaker 1: for the country. Headlines crossing the Bloomberg Terminal just within 419 00:24:56,800 --> 00:24:58,920 Speaker 1: the last half hour that shows Speaker of the House 420 00:24:59,040 --> 00:25:03,200 Speaker 1: Nancy Pelosi's saying she has spoken uh, just within the 421 00:25:03,280 --> 00:25:07,440 Speaker 1: last day with President elect Joe Biden. This upon upon 422 00:25:07,600 --> 00:25:11,280 Speaker 1: fresh reports Aaron mctick liberal political and media strategists that 423 00:25:11,600 --> 00:25:15,280 Speaker 1: the Biden transition team is talking with lawmakers about what 424 00:25:15,440 --> 00:25:18,199 Speaker 1: a next round of stimulus would look like. The Business 425 00:25:18,240 --> 00:25:22,439 Speaker 1: Roundtable also coming out with their list of priorities for 426 00:25:22,840 --> 00:25:27,520 Speaker 1: what that stimulus could potentially look like. What are you hearing, Aaron, 427 00:25:27,680 --> 00:25:30,399 Speaker 1: from your colleagues, uh in the House as well as 428 00:25:30,440 --> 00:25:33,080 Speaker 1: the Senate on the Democratic side of the aisle, about 429 00:25:33,520 --> 00:25:37,120 Speaker 1: the timetable for such stimulus if it doesn't especially get 430 00:25:37,119 --> 00:25:40,600 Speaker 1: accomplished in the lame Duck. Yeah, well, you know, I 431 00:25:40,800 --> 00:25:43,320 Speaker 1: keep hearing that it's not going to happen until early 432 00:25:43,359 --> 00:25:47,119 Speaker 1: next year, which is unfortunate because the faster that it 433 00:25:47,160 --> 00:25:48,919 Speaker 1: can move before the end of the year, that the 434 00:25:48,960 --> 00:25:52,880 Speaker 1: better for the economy, of course. But but it's if 435 00:25:52,920 --> 00:25:56,000 Speaker 1: so many things are slowed down, and that looks to 436 00:25:56,040 --> 00:25:58,359 Speaker 1: be the case through the end of November and and 437 00:25:58,359 --> 00:26:00,679 Speaker 1: and into December, that they might be able to do 438 00:26:00,800 --> 00:26:06,080 Speaker 1: anything until until Biden becomes president. I mean, at least 439 00:26:06,119 --> 00:26:11,000 Speaker 1: they could shepherd it through early next year, but the 440 00:26:11,760 --> 00:26:14,640 Speaker 1: makeup of the Senate will not change much and there 441 00:26:14,640 --> 00:26:18,359 Speaker 1: will be more Republicans than the House, so you know, unfortunately, 442 00:26:18,440 --> 00:26:21,800 Speaker 1: I think it is it is taking too long. But 443 00:26:21,840 --> 00:26:24,880 Speaker 1: if if they can pass something and move something through 444 00:26:24,920 --> 00:26:27,680 Speaker 1: in January, I think that's the best case. At this point, 445 00:26:28,000 --> 00:26:31,600 Speaker 1: red headline crossing the Bloomberg terminal just as Aaron was speaking, 446 00:26:31,680 --> 00:26:34,920 Speaker 1: the Senate has prepared to leave for recess without voting 447 00:26:35,240 --> 00:26:39,480 Speaker 1: on Judy Shelton as a nomination for the of course 448 00:26:39,520 --> 00:26:43,359 Speaker 1: Federal Reserve Board. This of course coming following a Senator 449 00:26:43,440 --> 00:26:46,879 Speaker 1: Chuck Grassley, Republican of Iowa, being announcing that he was 450 00:26:46,920 --> 00:26:52,440 Speaker 1: diagnosed with COVID nineteen yesterday and uh support amongst Republicans 451 00:26:52,480 --> 00:26:55,159 Speaker 1: simply just not being there, the math not there for 452 00:26:55,320 --> 00:26:58,920 Speaker 1: President Trump's pick to be on the Federal Reserve Board. 453 00:26:58,960 --> 00:27:01,399 Speaker 1: So again the Senate prepared to leave for recess without 454 00:27:01,480 --> 00:27:06,440 Speaker 1: voting on Fed Reserve Board nominee Judy Shelton UM. So 455 00:27:07,400 --> 00:27:11,200 Speaker 1: a new a new headline crossing on that as well 456 00:27:11,240 --> 00:27:14,840 Speaker 1: in terms of what the President Trump can do Scott 457 00:27:14,880 --> 00:27:18,879 Speaker 1: in the remaining um weeks that he has left in 458 00:27:19,000 --> 00:27:21,880 Speaker 1: terms uh in office. We've heard this week and we've 459 00:27:21,880 --> 00:27:25,120 Speaker 1: talked about it. But sticking with the theme of coronavirus, 460 00:27:25,280 --> 00:27:29,760 Speaker 1: what can he do on his way out with the coronavirus? Well, 461 00:27:30,119 --> 00:27:32,520 Speaker 1: and I may be uh mighty voice on this, and 462 00:27:32,520 --> 00:27:34,240 Speaker 1: at least I might started the party, certainly on the 463 00:27:34,240 --> 00:27:40,200 Speaker 1: transition side, making sure whatever eventualities happen, um uh come January, 464 00:27:40,400 --> 00:27:43,120 Speaker 1: either team is ready to step in and make sure 465 00:27:43,119 --> 00:27:46,280 Speaker 1: the coronavirus activities, the virus dwarves feed all those things 466 00:27:46,280 --> 00:27:49,080 Speaker 1: go forward. The other things you can do is certainly, look, 467 00:27:49,080 --> 00:27:52,040 Speaker 1: we have a Continuing Resolution vote coming up in mid 468 00:27:52,119 --> 00:27:54,560 Speaker 1: December to fund the government. I know we just talked 469 00:27:54,560 --> 00:27:56,720 Speaker 1: about the stimulus, but you know, there's there's some talk 470 00:27:56,800 --> 00:27:59,280 Speaker 1: there that while it's not a stimulus, we could see 471 00:27:59,280 --> 00:28:03,200 Speaker 1: some stimulus packages and programs stuck into the Continuing resolution. 472 00:28:03,640 --> 00:28:06,280 Speaker 1: UM that there's an opportunity there to fill in. You know, 473 00:28:06,359 --> 00:28:08,600 Speaker 1: there's some grumbling from the States that, you know, it's 474 00:28:08,600 --> 00:28:10,480 Speaker 1: great we got a virus, but we don't have enough 475 00:28:10,520 --> 00:28:13,480 Speaker 1: money for refrigeration, or what's great, we have a vaccine 476 00:28:13,520 --> 00:28:15,080 Speaker 1: for the virus, but but we don't have you know, 477 00:28:15,200 --> 00:28:17,920 Speaker 1: money for refrigeration trucks and things like that. I think 478 00:28:17,960 --> 00:28:21,199 Speaker 1: there's an opportunity there for the Trump administration. Um. You know, 479 00:28:21,359 --> 00:28:24,360 Speaker 1: this might be their lay accomplishment, the good old political 480 00:28:24,440 --> 00:28:26,960 Speaker 1: Christmas tree vehicle, right, they gotta addressed it up. I 481 00:28:27,000 --> 00:28:29,080 Speaker 1: was at the Willard Hotel and they've got their holiday 482 00:28:29,480 --> 00:28:31,959 Speaker 1: to core up earlier today, and I thought it's beginning 483 00:28:31,960 --> 00:28:35,399 Speaker 1: to feel like the holidays. Love the Willard Hotel. Kevin Surili, 484 00:28:35,440 --> 00:28:41,640 Speaker 1: you're listening to Bloomberg Nune and I one, this is 485 00:28:41,680 --> 00:28:47,040 Speaker 1: Bloomberg Sound On with Kevin Surrele on Bloomberg and one 486 00:28:47,040 --> 00:28:50,680 Speaker 1: oh five point seven f M HD two. I'm Kevin Surreley, 487 00:28:50,880 --> 00:28:54,320 Speaker 1: Chief Washington correspondent from Bloomberg Television and from Bloomberg Radio. 488 00:28:54,360 --> 00:28:57,120 Speaker 1: So I'm at the Willard earlier today with the talking 489 00:28:57,200 --> 00:29:01,040 Speaker 1: you know, doing my job. And they put up all 490 00:29:01,080 --> 00:29:03,600 Speaker 1: of the holiday displays and they've got them down in 491 00:29:03,680 --> 00:29:06,480 Speaker 1: City Center as well. You know that that one alleyway 492 00:29:06,480 --> 00:29:09,400 Speaker 1: in city Center where they change the I don't know 493 00:29:09,400 --> 00:29:12,560 Speaker 1: if it's like the roof adjacent between the walks, and 494 00:29:12,920 --> 00:29:14,480 Speaker 1: you know, it's beginning to feel like the holidays. And 495 00:29:14,600 --> 00:29:17,360 Speaker 1: and I gotta say, my favorite time of year in 496 00:29:17,480 --> 00:29:21,280 Speaker 1: d C literally is always the holidays. I think it's 497 00:29:21,320 --> 00:29:24,360 Speaker 1: it's it's such a beautiful, magical city and the history 498 00:29:24,520 --> 00:29:27,320 Speaker 1: of it. It's I gotta stay focused on that, you know, 499 00:29:27,360 --> 00:29:29,440 Speaker 1: I gotta stay focused on on that even in these 500 00:29:29,480 --> 00:29:31,880 Speaker 1: tough times. And I get it, trust me, I get it. 501 00:29:32,360 --> 00:29:35,680 Speaker 1: But it's it's a magical city, it's a historic city, 502 00:29:35,840 --> 00:29:38,560 Speaker 1: and it they do remember in the Capitol. You ever 503 00:29:38,600 --> 00:29:40,480 Speaker 1: been in the halls of Congress and it smells like 504 00:29:40,560 --> 00:29:43,040 Speaker 1: smoke and you're like, what's going on? And they like 505 00:29:43,200 --> 00:29:45,880 Speaker 1: the chimneys, you know, in the in the Halls of Congress, 506 00:29:45,880 --> 00:29:49,600 Speaker 1: and it smells literally like chestnuts roasting on an open fire. Um, 507 00:29:50,080 --> 00:29:53,160 Speaker 1: it's awesome. It's awesome. I remember, and then I'll get 508 00:29:53,160 --> 00:29:55,600 Speaker 1: back on topic. Barada is off this week, Christine so 509 00:29:56,560 --> 00:29:58,680 Speaker 1: and it allowed me to keep going with the tangent. 510 00:29:58,760 --> 00:30:03,760 Speaker 1: When President Trump did the holiday media um White House 511 00:30:03,840 --> 00:30:07,280 Speaker 1: Press gathering, as as was the tradition, I took my 512 00:30:07,360 --> 00:30:10,960 Speaker 1: mom and and they had the best holiday cookies, I 513 00:30:10,960 --> 00:30:15,720 Speaker 1: mean the best, and she stuffed them in her pocketbook 514 00:30:16,040 --> 00:30:18,520 Speaker 1: to take going for my godson Pete. And I will 515 00:30:18,640 --> 00:30:21,840 Speaker 1: never ever forget it. And it was such a great memory, 516 00:30:21,880 --> 00:30:25,640 Speaker 1: probably my favorite memory of the last five years. Aaron 517 00:30:25,680 --> 00:30:28,800 Speaker 1: mcpike's with us our Democrat for the Hour and of 518 00:30:28,800 --> 00:30:33,440 Speaker 1: course got transfer our Republican for the hour. I talked 519 00:30:33,480 --> 00:30:36,120 Speaker 1: about the Halls of Congress and the chestnuts. Well, Speaker 520 00:30:36,160 --> 00:30:40,000 Speaker 1: Pelosi is back in charge. That's a sort of a transition, 521 00:30:40,240 --> 00:30:43,560 Speaker 1: kind of rough, but day elected her. The Democratic Caucus 522 00:30:43,640 --> 00:30:48,400 Speaker 1: re elected her, uh for main being Speaker of the 523 00:30:48,400 --> 00:30:50,640 Speaker 1: House again. And take a listen, because we've got sound 524 00:30:50,720 --> 00:30:53,680 Speaker 1: on how she's going to navigate her caucus. Take a 525 00:30:53,720 --> 00:30:57,120 Speaker 1: listen to Speaker Pelosi today, uh talking about how she's 526 00:30:57,160 --> 00:30:59,880 Speaker 1: going to performance Speaker of the House here she has 527 00:31:00,440 --> 00:31:03,280 Speaker 1: I'm very honored. I'm actually I was kind of emotional 528 00:31:03,280 --> 00:31:06,000 Speaker 1: earlier because of some of the things that were said 529 00:31:06,000 --> 00:31:09,560 Speaker 1: in nomination. I'm thrilled, I'm excited, and i can't wait 530 00:31:10,600 --> 00:31:14,640 Speaker 1: to be elected voting working with a new President of 531 00:31:14,680 --> 00:31:20,080 Speaker 1: the United States, Joe Biden and Kamala Harris Aren McPike, 532 00:31:21,000 --> 00:31:24,120 Speaker 1: she not only has to to work with President elect 533 00:31:24,160 --> 00:31:27,520 Speaker 1: Joe Biden, but she also has to work with the 534 00:31:27,520 --> 00:31:34,880 Speaker 1: progressives who are wondering how exactly she will navigate the 535 00:31:35,040 --> 00:31:39,520 Speaker 1: ideological spectrum in her caucus. How will she Aaron, Well, 536 00:31:39,560 --> 00:31:42,360 Speaker 1: I think she's She's been doing it for a long time, 537 00:31:42,560 --> 00:31:46,240 Speaker 1: and especially in the Trump era, she's proved rather deaf 538 00:31:46,400 --> 00:31:49,760 Speaker 1: at it. You know, I think she and Mitch McConnell 539 00:31:49,880 --> 00:31:53,240 Speaker 1: will have to work more closely together. But the thing 540 00:31:53,400 --> 00:31:56,320 Speaker 1: is that the Biden presidency there will be a lot 541 00:31:56,360 --> 00:32:01,680 Speaker 1: more predictability about the way things will go then there 542 00:32:01,720 --> 00:32:05,000 Speaker 1: ever has been with a Trump presidency. So you know, 543 00:32:05,280 --> 00:32:10,080 Speaker 1: I think the agenda clearly will be maybe less big 544 00:32:10,120 --> 00:32:13,240 Speaker 1: and bold and ambitious than it would have been had 545 00:32:13,400 --> 00:32:16,880 Speaker 1: Democrats won the Senate and expanded their margins as expected 546 00:32:16,920 --> 00:32:20,480 Speaker 1: in the House versus losing some seats. But I think 547 00:32:20,480 --> 00:32:24,160 Speaker 1: the progressives will have to fall in line here because 548 00:32:24,680 --> 00:32:27,200 Speaker 1: they're not going to get a very progressive agenda through. 549 00:32:27,280 --> 00:32:31,480 Speaker 1: And look, Joe Biden will have a pretty significant agenda 550 00:32:31,760 --> 00:32:35,000 Speaker 1: in terms of helping the country deal with this public 551 00:32:35,040 --> 00:32:40,560 Speaker 1: health crisis, get vaccines distributed, and rebuilding the Pandemic Office, 552 00:32:40,600 --> 00:32:44,040 Speaker 1: and working with Congress so that we can avoid situations 553 00:32:44,080 --> 00:32:46,400 Speaker 1: like this again in the future. And then there's a 554 00:32:46,440 --> 00:32:49,600 Speaker 1: big economic recovery that's going to have to happen, and 555 00:32:49,640 --> 00:32:51,440 Speaker 1: they will do a lot with small business and I 556 00:32:51,480 --> 00:32:53,800 Speaker 1: believe also with infrastructure, and I think that will be 557 00:32:53,880 --> 00:32:57,040 Speaker 1: the order of the day for the next year. I 558 00:32:57,040 --> 00:32:59,600 Speaker 1: don't think that progressive members of the of the Caucus, well, 559 00:32:59,600 --> 00:33:01,880 Speaker 1: we'll have an issue with that. I mean, they won't 560 00:33:01,920 --> 00:33:03,880 Speaker 1: get a lot of the big, bold ticket items that 561 00:33:03,920 --> 00:33:06,440 Speaker 1: they want, but I don't think they'll have an issue 562 00:33:06,480 --> 00:33:08,440 Speaker 1: with what they are trying to push through. Well, let 563 00:33:08,480 --> 00:33:10,760 Speaker 1: me let me follow up on this with Aaron because 564 00:33:11,320 --> 00:33:14,880 Speaker 1: you know the perception from Scott's point of view, uh 565 00:33:14,920 --> 00:33:16,800 Speaker 1: not spit words in his mouth, but from him and 566 00:33:16,920 --> 00:33:19,720 Speaker 1: his colleagues on the right is that they feel they're 567 00:33:19,760 --> 00:33:23,320 Speaker 1: on the cusp of making major gains in two And 568 00:33:23,400 --> 00:33:27,160 Speaker 1: I mean whether or not that's you know, overly optimistic, 569 00:33:27,520 --> 00:33:31,360 Speaker 1: you know, beyond besides the point, because they still believe 570 00:33:31,440 --> 00:33:34,280 Speaker 1: that the Republicans have a shot at taking back the House. 571 00:33:34,320 --> 00:33:39,760 Speaker 1: In now the ao C crowd, Aaron is saying, we've 572 00:33:39,800 --> 00:33:41,520 Speaker 1: got to go big, and we've got to go bold, 573 00:33:41,560 --> 00:33:45,160 Speaker 1: and we've got to go progressive in order to keep 574 00:33:45,400 --> 00:33:49,680 Speaker 1: and make more gains. But you're saying, Speaker Pelosi is 575 00:33:49,720 --> 00:33:52,400 Speaker 1: gonna say not so fast or what? Yeah, look at 576 00:33:52,400 --> 00:33:54,280 Speaker 1: the look at the reality on the ground. I mean, 577 00:33:54,400 --> 00:33:57,240 Speaker 1: miss McConnell most likely will still be the majority leader. 578 00:33:57,600 --> 00:34:00,720 Speaker 1: And even if there is at on it, you know, 579 00:34:00,760 --> 00:34:02,240 Speaker 1: it's gonna be hard to get some of those big 580 00:34:02,240 --> 00:34:04,400 Speaker 1: ticket items through. Now. The ONOD thing that I that 581 00:34:04,520 --> 00:34:07,640 Speaker 1: I think is we're a little bit early. We haven't 582 00:34:07,680 --> 00:34:10,759 Speaker 1: even sworn in the new Congress yet. But this is 583 00:34:10,800 --> 00:34:15,480 Speaker 1: what we do in DC. Right, they brought out the 584 00:34:15,520 --> 00:34:20,799 Speaker 1: holidays to corps. Everyone's winding down. Yeah, but here here's 585 00:34:20,840 --> 00:34:23,640 Speaker 1: the point. But here's the point, though, you know, you 586 00:34:24,560 --> 00:34:27,040 Speaker 1: I I have a hard time believing that there will 587 00:34:27,080 --> 00:34:30,760 Speaker 1: be big gains made by House republic is. Maybe it's 588 00:34:30,800 --> 00:34:33,880 Speaker 1: it's we keep the margins as they are. But the 589 00:34:33,880 --> 00:34:36,360 Speaker 1: other thing that I would point out is if Democrats 590 00:34:36,440 --> 00:34:39,560 Speaker 1: have a shot at winning them the majority in the Senate, 591 00:34:40,280 --> 00:34:43,200 Speaker 1: that might happen in two because there are some vulnerable 592 00:34:43,239 --> 00:34:47,000 Speaker 1: Republicans and there are some open Republican seats that Democrats 593 00:34:47,000 --> 00:34:49,640 Speaker 1: can very well win ahead. I don't know what the 594 00:34:49,640 --> 00:34:52,960 Speaker 1: calculus will change all that much after the after the 595 00:34:53,000 --> 00:34:58,120 Speaker 1: next Congress, if I may, I think one of the 596 00:34:58,480 --> 00:35:01,879 Speaker 1: happiest members of youngerst this week is is Congressman Tom 597 00:35:01,880 --> 00:35:04,440 Speaker 1: Emmer got re elected on our cc chair um to 598 00:35:04,560 --> 00:35:07,319 Speaker 1: finde odds um and and you know it's it's going 599 00:35:07,400 --> 00:35:10,080 Speaker 1: to add a few seats, prime position to take over 600 00:35:10,160 --> 00:35:14,440 Speaker 1: as the House in two um. You know, Kevin McCarthy 601 00:35:14,480 --> 00:35:17,040 Speaker 1: got re elected as well. Pretty much the entire leadership team, 602 00:35:17,040 --> 00:35:19,960 Speaker 1: I think they understand where the next two years looks like. 603 00:35:20,120 --> 00:35:22,839 Speaker 1: And it's a little bit inside baseball, but in another life, 604 00:35:22,920 --> 00:35:27,200 Speaker 1: this is what we do. I love inside. I used 605 00:35:27,360 --> 00:35:28,880 Speaker 1: I used to work for Congress, and I used to 606 00:35:28,920 --> 00:35:31,800 Speaker 1: carry that firewood into those fireplaces that used to smell 607 00:35:31,840 --> 00:35:34,839 Speaker 1: there Kevin really so I okay, wait wait wait, ripped 608 00:35:34,880 --> 00:35:37,640 Speaker 1: the script? Where's top key? Where's top key? Would I 609 00:35:37,680 --> 00:35:41,000 Speaker 1: need him? Let's rip the script. Wait, go ahead, tell 610 00:35:41,040 --> 00:35:43,080 Speaker 1: me what that's like. We have a minute left. Tell 611 00:35:43,120 --> 00:35:45,880 Speaker 1: me the backstory on the wood and the fire logs 612 00:35:45,960 --> 00:35:49,520 Speaker 1: in the halls of Congress, in the fireplace. Well, again, 613 00:35:49,560 --> 00:35:51,360 Speaker 1: if you work for a member in your intern you 614 00:35:51,400 --> 00:35:52,960 Speaker 1: do you do a bunch of things. I had to 615 00:35:53,000 --> 00:35:55,960 Speaker 1: go pick up lunches. I've had alphabetized soda, and I've 616 00:35:55,960 --> 00:35:57,640 Speaker 1: had to go down to the basement of the Capitol 617 00:35:57,640 --> 00:35:59,640 Speaker 1: and pick up wood and bring it off to a 618 00:35:59,640 --> 00:36:02,200 Speaker 1: congress some hideaways to make sure that those meetings it's 619 00:36:02,239 --> 00:36:04,520 Speaker 1: all nice and warm. Not every room has one, but 620 00:36:04,560 --> 00:36:06,960 Speaker 1: you gotta do it, and it's it's a rite of passage, 621 00:36:07,000 --> 00:36:08,759 Speaker 1: and you know, you get to know, you get to 622 00:36:08,960 --> 00:36:10,880 Speaker 1: that's what you do when you you know, coming up 623 00:36:10,880 --> 00:36:13,640 Speaker 1: on the hill. Okay, did you ever set off a 624 00:36:13,680 --> 00:36:19,560 Speaker 1: fire alarm? No comment? People do this. I love this, 625 00:36:19,760 --> 00:36:22,920 Speaker 1: see that, this is fascinating. This is why I love 626 00:36:22,960 --> 00:36:25,759 Speaker 1: my job. You find out that the interns have to 627 00:36:25,760 --> 00:36:28,359 Speaker 1: get the wood to put them in the fireplaces. Who 628 00:36:28,360 --> 00:36:30,680 Speaker 1: would have thought I'm Kevin Cereli, Chief Washington correspondent from 629 00:36:30,680 --> 00:36:40,919 Speaker 1: them Er TV and radio. You're listening to Bloomberg. You're 630 00:36:40,960 --> 00:36:44,839 Speaker 1: listening to Bloomberg Sound On with Kevin Curreley on Bloomberg 631 00:36:45,920 --> 00:36:48,279 Speaker 1: and one oh five point seven of m h D two. 632 00:36:48,840 --> 00:36:52,319 Speaker 1: I'm Kevin Cereli, Chief Washington correspondent for Bloomberg Television and 633 00:36:52,400 --> 00:36:54,640 Speaker 1: for Bloomberg Radio. You know, we talked so much about 634 00:36:54,640 --> 00:36:58,440 Speaker 1: the coronavirus, UH and what's happening in America. It's important 635 00:36:58,480 --> 00:37:01,920 Speaker 1: to note also what's happening around the world with the virus, 636 00:37:02,000 --> 00:37:05,200 Speaker 1: because in Europe a protest over germany strategy to quell 637 00:37:05,320 --> 00:37:09,040 Speaker 1: the virus turned violent. In Poland, there there is a 638 00:37:09,080 --> 00:37:12,479 Speaker 1: report they reported a record of six hundred and three 639 00:37:12,560 --> 00:37:16,920 Speaker 1: deaths of the coronavirus, and UK doctors are now warning 640 00:37:16,960 --> 00:37:20,320 Speaker 1: that tough new measures must be in place when England's 641 00:37:20,480 --> 00:37:25,400 Speaker 1: lockdown ends. Meanwhile, Tokyo is reporting a record number of 642 00:37:25,400 --> 00:37:29,760 Speaker 1: new cases earlier today, surpassing a previous daily high set 643 00:37:30,080 --> 00:37:33,440 Speaker 1: in August. So countries all over the world are grappling 644 00:37:33,480 --> 00:37:35,120 Speaker 1: with this, but let's take it to the heartland of 645 00:37:35,160 --> 00:37:39,520 Speaker 1: the United States. The Indie Star headline in their health 646 00:37:39,600 --> 00:37:44,800 Speaker 1: section today quote. If Indiana were a country, our COVID 647 00:37:44,920 --> 00:37:50,480 Speaker 1: nineteen mortality rate would be thirty five worst in the world. 648 00:37:50,800 --> 00:37:54,840 Speaker 1: Congressman Trey Hollingsworth is a Republican from Indiana's ninth district, 649 00:37:55,280 --> 00:37:58,279 Speaker 1: and he rejoins the program. Congressman, were grateful for your time. 650 00:37:59,440 --> 00:38:02,640 Speaker 1: I know you're concerned about what's happening in Indiana. What 651 00:38:02,760 --> 00:38:06,799 Speaker 1: should policymakers and your colleagues and Congress be doing to 652 00:38:06,880 --> 00:38:09,600 Speaker 1: help states like Indiana as well as other states around 653 00:38:09,640 --> 00:38:13,160 Speaker 1: the country that are dealing with us well. Certainly, first 654 00:38:13,200 --> 00:38:15,040 Speaker 1: and foremost, we need to make sure that we are 655 00:38:15,080 --> 00:38:18,440 Speaker 1: battling this biological problem with all of the tools available 656 00:38:18,480 --> 00:38:21,239 Speaker 1: to us, Making sure we have the staffing needs so 657 00:38:21,280 --> 00:38:23,520 Speaker 1: that we can take care of those Hoosiers they're getting sick, 658 00:38:23,560 --> 00:38:26,319 Speaker 1: making sure we have the latest therapies, many of which 659 00:38:26,360 --> 00:38:29,040 Speaker 1: have been developed by E Lily, headquartered right in the 660 00:38:29,040 --> 00:38:32,480 Speaker 1: Hoosier State. And then start making sure we're rapidly producing 661 00:38:32,719 --> 00:38:34,920 Speaker 1: as many of these vaccines as possible so that we 662 00:38:34,960 --> 00:38:37,480 Speaker 1: can get them to susceptible populations. First, this is a 663 00:38:37,520 --> 00:38:40,359 Speaker 1: biological problem, and we must address that with as many 664 00:38:40,400 --> 00:38:46,279 Speaker 1: biological strategies as possible. And so as we hear from UH, 665 00:38:46,680 --> 00:38:51,000 Speaker 1: the Biden transition team, and the politics over briefings with 666 00:38:51,040 --> 00:38:56,440 Speaker 1: regards to vaccinations. Should this be an a political issue 667 00:38:56,520 --> 00:38:59,160 Speaker 1: where it's all hands on deck in order to make 668 00:38:59,200 --> 00:39:02,800 Speaker 1: sure that the eye chains are ready, that once Eli 669 00:39:02,840 --> 00:39:07,480 Speaker 1: Lily has additional therapeutics and whatnot or Fiser or Maderna, 670 00:39:07,880 --> 00:39:13,279 Speaker 1: that it's ready to be deployed immediately. That is absolutely correct. Look, 671 00:39:13,480 --> 00:39:16,719 Speaker 1: the reality is it is a remarkable scientific breakthrough to 672 00:39:16,760 --> 00:39:22,239 Speaker 1: get to a vaccine that is effective in just nine months, 673 00:39:22,280 --> 00:39:25,960 Speaker 1: but it will be a remarkable logistical breakthrough to get 674 00:39:26,120 --> 00:39:29,640 Speaker 1: enough Americans inoculated as quickly as we want them inoculated 675 00:39:29,719 --> 00:39:32,520 Speaker 1: owner to stop the spread of this next year. And 676 00:39:32,560 --> 00:39:34,759 Speaker 1: so we must have all hands on deck. It must 677 00:39:34,800 --> 00:39:38,440 Speaker 1: be every person, not just one party or the other party, 678 00:39:38,480 --> 00:39:41,320 Speaker 1: advancing this cause and making sure that we can get 679 00:39:41,360 --> 00:39:44,040 Speaker 1: the treatments that are needed to all of the places 680 00:39:44,120 --> 00:39:47,000 Speaker 1: they are needed as rapidly as possible. And just to 681 00:39:47,320 --> 00:39:49,719 Speaker 1: follow up on that, UH, the US is giving the 682 00:39:49,800 --> 00:39:52,880 Speaker 1: green light for the first COVID nineteen diagnostic kit for 683 00:39:52,920 --> 00:39:55,920 Speaker 1: self testing at home. This is a new development, say, 684 00:39:56,000 --> 00:39:58,920 Speaker 1: adding to a tool that to battle the pandemic as 685 00:39:59,040 --> 00:40:02,359 Speaker 1: nationwide testing abilities come under more stage Congress when we've 686 00:40:02,360 --> 00:40:04,680 Speaker 1: talked about this before. I think for a lot of 687 00:40:04,719 --> 00:40:07,239 Speaker 1: people and their cars on their way home from work 688 00:40:07,320 --> 00:40:10,239 Speaker 1: right now, they're thinking, if the NBA can figure this 689 00:40:10,280 --> 00:40:12,680 Speaker 1: out to some extent, if the NFL can figure this 690 00:40:12,760 --> 00:40:15,959 Speaker 1: out to some extent, why can't our states, Why can't 691 00:40:15,960 --> 00:40:20,440 Speaker 1: our schools? Right? I mean, it's a great question. And look, 692 00:40:20,520 --> 00:40:23,280 Speaker 1: the reality is, we need to be figuring this out. 693 00:40:23,360 --> 00:40:25,400 Speaker 1: We have so many tools at our disposal that we 694 00:40:25,480 --> 00:40:28,520 Speaker 1: didn't six months ago, so many opportunities to reduce the 695 00:40:28,560 --> 00:40:31,680 Speaker 1: severity of this and also become aware if someone does 696 00:40:31,760 --> 00:40:35,160 Speaker 1: become sick even more quickly than ever before. We should 697 00:40:35,239 --> 00:40:37,759 Speaker 1: be focused on figuring this out instead of looking at 698 00:40:37,800 --> 00:40:41,200 Speaker 1: two corner solutions on totally shut everything down for six 699 00:40:41,239 --> 00:40:44,480 Speaker 1: more weeks this has been proposed, or leave everything absolutely 700 00:40:44,480 --> 00:40:46,719 Speaker 1: open and as is. We need to be finding ways 701 00:40:46,760 --> 00:40:49,440 Speaker 1: to work together with the best of our biological sciencests 702 00:40:49,480 --> 00:40:52,160 Speaker 1: as well as the best of our sociological sciences to 703 00:40:52,239 --> 00:40:54,800 Speaker 1: make sure that we get to the best possible outcome 704 00:40:54,840 --> 00:40:57,560 Speaker 1: for Americans. I know Americans are not only concerned about 705 00:40:57,960 --> 00:41:01,040 Speaker 1: COVID nineteen, but they're also concerned about their own incomes, 706 00:41:01,200 --> 00:41:03,879 Speaker 1: about their small businesses, about their kids being educated, about 707 00:41:03,880 --> 00:41:06,200 Speaker 1: going to church, and we've got to find a way 708 00:41:06,360 --> 00:41:09,880 Speaker 1: to get them an answer that isn't just all or nothing, 709 00:41:10,120 --> 00:41:12,879 Speaker 1: is it zero or everything, but gets them as much 710 00:41:12,960 --> 00:41:15,600 Speaker 1: of their lives as possible, as much of their livelihoods 711 00:41:15,600 --> 00:41:19,960 Speaker 1: as possible, while also reducing the possibility that their loved ones, 712 00:41:20,000 --> 00:41:22,879 Speaker 1: their most susceptible loved ones, may become ill. Okay, let's 713 00:41:22,920 --> 00:41:24,800 Speaker 1: talk about let's get wonky for a second, because you 714 00:41:24,880 --> 00:41:29,400 Speaker 1: brought up, uh, the economy targeted fiscal stimulus before the 715 00:41:29,480 --> 00:41:32,759 Speaker 1: end of the year. No, yes, where are we? I 716 00:41:32,760 --> 00:41:35,759 Speaker 1: think it's low likelihood. I don't think Nancy Pelosi's position 717 00:41:35,880 --> 00:41:39,880 Speaker 1: has improved negotiating power wise, given that her majority was 718 00:41:39,880 --> 00:41:41,920 Speaker 1: cut in half in the most recent election. And so 719 00:41:42,320 --> 00:41:45,279 Speaker 1: I think we're going to see a targeted deal, but 720 00:41:45,320 --> 00:41:46,719 Speaker 1: I'm not sure that it's going to happen by the 721 00:41:46,760 --> 00:41:48,560 Speaker 1: end of the year. We certainly have seen up until 722 00:41:48,560 --> 00:41:52,040 Speaker 1: this recent rise in infections that the economy has recovered 723 00:41:52,160 --> 00:41:56,319 Speaker 1: fairly robustly, and aside from industries that have been in 724 00:41:56,480 --> 00:41:59,440 Speaker 1: deep distress for months now, the rest of the economy 725 00:41:59,640 --> 00:42:02,360 Speaker 1: is big need to add more and more employees, and 726 00:42:02,400 --> 00:42:05,120 Speaker 1: we're seeing more and more expansion. We're even seeing some 727 00:42:05,200 --> 00:42:08,719 Speaker 1: hiring shortages in certain key industry. So I think we 728 00:42:08,760 --> 00:42:11,040 Speaker 1: do need that targeted fiscal students. I think it needs 729 00:42:11,080 --> 00:42:13,359 Speaker 1: to be focused on those areas that are seeing deep 730 00:42:13,400 --> 00:42:15,799 Speaker 1: distressed and have seemed deep distress. But I don't think 731 00:42:15,800 --> 00:42:17,239 Speaker 1: we're going to see that by the end of the year. 732 00:42:17,280 --> 00:42:19,480 Speaker 1: I am hopeful that early next year we will begin 733 00:42:19,520 --> 00:42:22,200 Speaker 1: to see that timing as we roll out the vaccine, 734 00:42:22,200 --> 00:42:25,920 Speaker 1: which I hope will further ignite the economy. So on 735 00:42:26,120 --> 00:42:30,720 Speaker 1: that particular issue, especially, you mentioned sort of the concern 736 00:42:30,800 --> 00:42:33,400 Speaker 1: that main Street has. You look at some of the 737 00:42:33,480 --> 00:42:35,880 Speaker 1: more the rags, and I want to take it to 738 00:42:36,040 --> 00:42:40,439 Speaker 1: a regulation that you've really been uh involved in and 739 00:42:40,440 --> 00:42:42,960 Speaker 1: and you've really been the wonk for lack of a 740 00:42:43,000 --> 00:42:46,919 Speaker 1: better word, and that's regulation A. Explain to us how 741 00:42:47,040 --> 00:42:49,600 Speaker 1: that's going to impact because this is super wonky so 742 00:42:49,680 --> 00:42:52,440 Speaker 1: and I know we're coming in really minor here, but 743 00:42:52,560 --> 00:42:55,600 Speaker 1: explain to us where that stands and how that could 744 00:42:55,680 --> 00:43:01,560 Speaker 1: help free up some uh of the liquidity to some 745 00:43:01,680 --> 00:43:07,120 Speaker 1: extent for the small businesses. Look, it's a great question, 746 00:43:07,160 --> 00:43:10,319 Speaker 1: and it comes down to real analysis that we just 747 00:43:10,360 --> 00:43:12,480 Speaker 1: talked about. I have been skeptical that we are going 748 00:43:12,520 --> 00:43:15,279 Speaker 1: to get a very large stimulus package the likes of 749 00:43:15,360 --> 00:43:18,440 Speaker 1: which we saw in March April in May done again. 750 00:43:18,640 --> 00:43:21,920 Speaker 1: So I've been really focused on peeling out key pieces 751 00:43:22,000 --> 00:43:25,640 Speaker 1: of regulatory framework that we can get done, actually get 752 00:43:25,680 --> 00:43:27,720 Speaker 1: through the House, actually get through this and its signed 753 00:43:27,760 --> 00:43:29,799 Speaker 1: by the President, to ensure that we can make a 754 00:43:29,800 --> 00:43:32,839 Speaker 1: meaningful impact on pieces of the economy. Hopefully, as we 755 00:43:32,880 --> 00:43:35,399 Speaker 1: add more and more of those that growth will begin 756 00:43:35,480 --> 00:43:37,799 Speaker 1: to take off even more robustly than we've already seen. 757 00:43:37,800 --> 00:43:39,920 Speaker 1: And what regg A plus really does and my revision 758 00:43:40,160 --> 00:43:43,080 Speaker 1: is enables companies that have recently gone public to be 759 00:43:43,160 --> 00:43:46,400 Speaker 1: able to do those follow line offerings at a higher 760 00:43:46,480 --> 00:43:48,719 Speaker 1: level than they otherwise would have been able to, so 761 00:43:48,760 --> 00:43:51,000 Speaker 1: that they can get that extra growth capital, so they 762 00:43:51,000 --> 00:43:56,000 Speaker 1: can hire by more machines, expand their locations, open more offices, 763 00:43:56,040 --> 00:43:59,400 Speaker 1: do all of the things that create an engender economic growth. This, 764 00:43:59,520 --> 00:44:01,400 Speaker 1: as you say at is not something that is going 765 00:44:01,440 --> 00:44:03,240 Speaker 1: to drive the economy from two and a half percent 766 00:44:03,280 --> 00:44:05,239 Speaker 1: growth to three and a half percent growth. But this, 767 00:44:05,400 --> 00:44:08,880 Speaker 1: in conjunction with many of I've undertaken others in the 768 00:44:08,880 --> 00:44:11,000 Speaker 1: House others in the center have undertaken. I hope it 769 00:44:11,040 --> 00:44:14,120 Speaker 1: will add weight to this economic recovery so that more 770 00:44:14,120 --> 00:44:16,160 Speaker 1: and more Americans feel like they can participate in it, 771 00:44:16,200 --> 00:44:19,880 Speaker 1: and more and more of our businesses resumed growth versus shrinking. 772 00:44:20,040 --> 00:44:22,799 Speaker 1: Chairman Clayton SEC Chairman J Clayton announcing that he's going 773 00:44:22,880 --> 00:44:25,520 Speaker 1: to step down. I mean, are you nervous about a 774 00:44:25,520 --> 00:44:29,200 Speaker 1: Biden administration putting someone in there that would be, you know, 775 00:44:29,680 --> 00:44:33,960 Speaker 1: obviously on it from a different ideological uh bent? He 776 00:44:34,080 --> 00:44:37,560 Speaker 1: was pretty first and form Yeah, agreed in first and foremost. 777 00:44:37,760 --> 00:44:40,279 Speaker 1: Clayton did an amazing job, and I think he should 778 00:44:40,320 --> 00:44:43,240 Speaker 1: get tremendous approbation for the work that he invested, the diligence, 779 00:44:43,280 --> 00:44:46,359 Speaker 1: and frankly his skill and acumen in this space. I'm 780 00:44:46,360 --> 00:44:49,239 Speaker 1: hopeful that the Biden administration recognizes, across a wide rating 781 00:44:49,239 --> 00:44:52,120 Speaker 1: of funds that what Americans want to see is a 782 00:44:52,160 --> 00:44:55,720 Speaker 1: resumption of the economy that they had in January and February, 783 00:44:55,719 --> 00:44:59,040 Speaker 1: and economy where there's very low unemployment, economy where asset 784 00:44:59,080 --> 00:45:01,680 Speaker 1: valuations are in reason, an economy where they are seeing 785 00:45:01,760 --> 00:45:04,799 Speaker 1: meaningful wage increases. And the way to do that is 786 00:45:04,840 --> 00:45:09,000 Speaker 1: to further enable and empower liquidity in our capital markets. 787 00:45:09,040 --> 00:45:10,839 Speaker 1: I want to make sure that we have somebody at 788 00:45:10,840 --> 00:45:15,200 Speaker 1: the SEC that understands that the regulatory framework needs to 789 00:45:15,280 --> 00:45:19,479 Speaker 1: be reshaped, needs to be tweaked to reflect America having 790 00:45:19,520 --> 00:45:22,360 Speaker 1: the deepest, most liquid capital markets in the world. Congress 791 00:45:22,719 --> 00:45:24,320 Speaker 1: hallings versus with us, we got a mental left so 792 00:45:24,440 --> 00:45:28,279 Speaker 1: rapid fire because I know that Jimmy Kevin McCarthy re 793 00:45:28,360 --> 00:45:31,840 Speaker 1: elected Minority leader from the Caucus as well as Scalie 794 00:45:32,160 --> 00:45:35,919 Speaker 1: also re elected the minority whip. Um, you guys feel 795 00:45:35,920 --> 00:45:37,400 Speaker 1: like you're on the custom taken back the House in 796 00:45:38,280 --> 00:45:42,000 Speaker 1: Why absolutely, we cut the majority half in a year 797 00:45:42,040 --> 00:45:44,640 Speaker 1: that they believe that they were going to create a 798 00:45:44,680 --> 00:45:47,160 Speaker 1: tidal way. I believe that we will take it back 799 00:45:47,200 --> 00:45:49,919 Speaker 1: in two There will be a Biden administration. They will 800 00:45:50,000 --> 00:45:52,920 Speaker 1: overstep what those that elected them wanted them to do, 801 00:45:53,000 --> 00:45:56,080 Speaker 1: and we will capitalize them that take back the house 802 00:45:56,160 --> 00:45:59,000 Speaker 1: hold onto the Senate this year and then move forward. 803 00:45:59,120 --> 00:46:01,520 Speaker 1: Thanksgiving you already seconds Thanksgiving? Are you doing it? And 804 00:46:01,560 --> 00:46:04,000 Speaker 1: if so, what is is it? Pie? What's the what's 805 00:46:04,040 --> 00:46:06,480 Speaker 1: the Hollingsworth family thing that you guys do for the 806 00:46:06,520 --> 00:46:09,400 Speaker 1: Turkey Day? Well, we are going to do it. We 807 00:46:09,400 --> 00:46:11,080 Speaker 1: are going to do it in a small number, which 808 00:46:11,080 --> 00:46:13,160 Speaker 1: is a few family and friends, to make sure that 809 00:46:13,239 --> 00:46:15,680 Speaker 1: we do our part to reduce the transmission mechanism. But 810 00:46:15,680 --> 00:46:18,640 Speaker 1: I can assure you thought about five or six. Yeah, 811 00:46:18,680 --> 00:46:20,160 Speaker 1: there will main only be five or six. People will 812 00:46:20,160 --> 00:46:22,120 Speaker 1: probably have enough food for twenty or twenty five. What's 813 00:46:22,120 --> 00:46:24,600 Speaker 1: the thing you're always welcome in Jeffersonville? Well, what am 814 00:46:24,640 --> 00:46:28,120 Speaker 1: I gonna eat? Is it? Pumpkin pie? Alright? Good? Alright, 815 00:46:28,120 --> 00:46:30,640 Speaker 1: so Hollingsworth pumpkin pie. Much more coming up next. I'm 816 00:46:30,719 --> 00:46:39,160 Speaker 1: Kevin Sireli. You're listening Bloomberg Knight, and I want this 817 00:46:39,440 --> 00:46:44,680 Speaker 1: is Bloomberg's sound on with Kevin Surrele on Bloomberg and 818 00:46:44,719 --> 00:46:48,040 Speaker 1: one oh five point seven f M HD two. I'm 819 00:46:48,120 --> 00:46:51,799 Speaker 1: Kevin Sireli, chief Washington correspondent for Bloomberg Television and for 820 00:46:52,040 --> 00:46:55,600 Speaker 1: Bloomberg or Radio. If you're listening. At the top of 821 00:46:55,640 --> 00:47:00,200 Speaker 1: the show, Calvin Schnorre senior economists from nay Read. He 822 00:47:00,239 --> 00:47:03,520 Speaker 1: emailed me after the segment, or emailed our team rather notturally, 823 00:47:03,960 --> 00:47:08,520 Speaker 1: and uh sent us his grandmother's pie recipe for apple pie. 824 00:47:09,040 --> 00:47:12,880 Speaker 1: So it has some nutmeg in it, but you know, 825 00:47:13,040 --> 00:47:16,600 Speaker 1: maybe that's the secret ingredient to making a good quality 826 00:47:16,800 --> 00:47:20,400 Speaker 1: apple pie. I'm a pie guy. I love Thanksgiving pies. 827 00:47:20,600 --> 00:47:23,279 Speaker 1: You know, our our team Reggie on the boards, he 828 00:47:23,560 --> 00:47:27,520 Speaker 1: said he's definitely a blueberry pie fan. And I surely 829 00:47:27,600 --> 00:47:29,640 Speaker 1: said that he's a vegan. It has to be no 830 00:47:29,719 --> 00:47:31,960 Speaker 1: gluten free or vegan. I don't even know how to 831 00:47:32,000 --> 00:47:35,000 Speaker 1: do that, but he's he likes those pies. Aaron McPike, 832 00:47:35,080 --> 00:47:37,880 Speaker 1: liberal political and media strategist Scott tran Or, CEO of 833 00:47:37,920 --> 00:47:42,280 Speaker 1: Optimist and former data science director for Marco Rubio for President. Aaron, 834 00:47:42,719 --> 00:47:50,080 Speaker 1: your favorite Thanksgiving pie pumpkin pretty much always? Okay? You 835 00:47:50,560 --> 00:47:55,920 Speaker 1: like chocolate bourbon pie a lot of It's a lot 836 00:47:55,920 --> 00:48:00,239 Speaker 1: of goodness right there, Scott, You yeah, I gottagree with Aaron. 837 00:48:00,560 --> 00:48:04,880 Speaker 1: A good pecan pie with with with a strong I 838 00:48:04,880 --> 00:48:09,040 Speaker 1: don't know what pecan. You know? Linvilla orchards back in Delco. 839 00:48:09,120 --> 00:48:13,120 Speaker 1: Delco has an orchard Linnville. We call it, uh that 840 00:48:13,280 --> 00:48:17,680 Speaker 1: is literally the best pie place in America personally. Okay, 841 00:48:17,800 --> 00:48:20,479 Speaker 1: time now for my favorite part of the program, which 842 00:48:20,520 --> 00:48:24,200 Speaker 1: is what is on the panel's radar. Aaron McPike, what's 843 00:48:24,200 --> 00:48:30,040 Speaker 1: on your radar? Honestly like pretty much every well, dishonestly 844 00:48:32,800 --> 00:48:39,280 Speaker 1: like else an Anxiety written Washington, d C. Being the 845 00:48:39,320 --> 00:48:42,480 Speaker 1: president elect is going to a point to the cabinet, 846 00:48:42,600 --> 00:48:44,239 Speaker 1: and I think it's going to take a little bit 847 00:48:44,280 --> 00:48:49,400 Speaker 1: longer than he had initially outlined because there is still 848 00:48:49,440 --> 00:48:55,480 Speaker 1: no aspertainment yet because the Trump administration has not realized 849 00:48:55,680 --> 00:48:59,200 Speaker 1: or has not acknowledged that Joe Biden is in fact 850 00:48:59,320 --> 00:49:01,560 Speaker 1: the president all but once that happens, I hope to 851 00:49:01,600 --> 00:49:04,480 Speaker 1: see some cabinet appointments quickly and I can't wait to 852 00:49:04,520 --> 00:49:07,680 Speaker 1: see who they are. Okay, who do you think? Let's 853 00:49:07,680 --> 00:49:12,040 Speaker 1: play the parlor game. Who do you think for Treasury? Well, 854 00:49:12,080 --> 00:49:16,680 Speaker 1: it seems like Leo Brennard has the inside tracked lock well, 855 00:49:16,719 --> 00:49:19,200 Speaker 1: based upon my reporting, I have to you know, I'm 856 00:49:19,200 --> 00:49:23,160 Speaker 1: on the radio keV focus uh aeron McPike putting me 857 00:49:23,200 --> 00:49:26,640 Speaker 1: on the spot. The tables have turned based upon my reporting, 858 00:49:26,960 --> 00:49:31,160 Speaker 1: I can I feel that my sources are telling me yes, 859 00:49:31,320 --> 00:49:35,160 Speaker 1: Leo Bernard is without question a front runner with regards 860 00:49:35,200 --> 00:49:39,840 Speaker 1: to Treasury. She has definitely named in the circles across 861 00:49:39,880 --> 00:49:46,440 Speaker 1: town that the typically deal with U with the Treasury Department. 862 00:49:46,800 --> 00:49:49,319 Speaker 1: Uh And there's some others as well. You know, I 863 00:49:49,320 --> 00:49:51,400 Speaker 1: think it was just the other day former FED chairwoman 864 00:49:51,480 --> 00:49:54,960 Speaker 1: Janet Helen has been named um and so you know 865 00:49:54,960 --> 00:50:00,239 Speaker 1: it'll be interesting. What about Secretary of State Aaron Well, 866 00:50:01,320 --> 00:50:05,600 Speaker 1: it seems to me that Senator Kohn's has as good 867 00:50:05,600 --> 00:50:07,239 Speaker 1: as job as any of the other names that we've 868 00:50:07,280 --> 00:50:10,640 Speaker 1: been hearing. But it seems that it's pretty much whether 869 00:50:10,800 --> 00:50:15,719 Speaker 1: or not whether or not he gets that job, or 870 00:50:15,840 --> 00:50:20,319 Speaker 1: he is the or he runs the NSC the as 871 00:50:20,360 --> 00:50:23,160 Speaker 1: the advisor. So I think it's all eyes are on 872 00:50:23,239 --> 00:50:25,960 Speaker 1: what happens with with Tony Blinkin first. Well, and it's 873 00:50:26,000 --> 00:50:30,400 Speaker 1: interesting because here in the Beltway, especially amongst the worlds 874 00:50:30,400 --> 00:50:31,840 Speaker 1: that we inhabit, in terms of what we talked to 875 00:50:31,960 --> 00:50:35,080 Speaker 1: or whatnot, my sources are always like, well, keV, you 876 00:50:35,120 --> 00:50:37,279 Speaker 1: know the thing about being Secretary of State is you 877 00:50:37,360 --> 00:50:39,080 Speaker 1: live out of a suitcase. And I'm like, well, after 878 00:50:39,120 --> 00:50:42,040 Speaker 1: a year of sitting on the sideline, you want to 879 00:50:42,040 --> 00:50:46,120 Speaker 1: get on a plane. But it you know, versus other 880 00:50:46,200 --> 00:50:49,320 Speaker 1: departments where you know they're in the oval or whatnot, 881 00:50:49,480 --> 00:50:53,240 Speaker 1: and and really, uh, you know, having much more FaceTime 882 00:50:53,320 --> 00:50:55,160 Speaker 1: so to speak with the commander in chief. So it's 883 00:50:55,200 --> 00:50:58,680 Speaker 1: it's really interesting in terms of the personalities. It's not 884 00:50:58,760 --> 00:51:01,000 Speaker 1: just the title, it's actually doing the day to day 885 00:51:01,040 --> 00:51:06,360 Speaker 1: work and how that changes someone's life. And so, Aaron, 886 00:51:06,400 --> 00:51:10,600 Speaker 1: that's very smart analysis and and and really an interesting take, 887 00:51:11,560 --> 00:51:13,640 Speaker 1: especially because you're right. I mean, it really does give 888 00:51:13,640 --> 00:51:16,279 Speaker 1: you a window, even if it's virtual, into the talk 889 00:51:16,280 --> 00:51:19,880 Speaker 1: of the town, you know, um and and that's what 890 00:51:19,920 --> 00:51:23,400 Speaker 1: everybody's talking about behind the scenes. And you know, uh, 891 00:51:23,440 --> 00:51:26,000 Speaker 1: I guess on virtual zooms, so to speak. Okay, Scott, 892 00:51:26,000 --> 00:51:29,560 Speaker 1: what's on your radar? We tested her literally literally, I think, 893 00:51:29,880 --> 00:51:33,400 Speaker 1: look this, this upcoming CR which could potentially very likely 894 00:51:33,440 --> 00:51:38,840 Speaker 1: be your I am it's again, as as a former 895 00:51:38,840 --> 00:51:41,400 Speaker 1: house guy, you always got the CR is always the 896 00:51:41,400 --> 00:51:50,719 Speaker 1: most fun I guess, quote unquote fun. It's President Trum Yeah, yeah, 897 00:51:47,800 --> 00:51:54,239 Speaker 1: it's yeah. It's his last it's his last potential deal. 898 00:51:54,360 --> 00:51:57,239 Speaker 1: It's his last opportunity where he can make himself the spotlight. 899 00:51:57,640 --> 00:51:59,759 Speaker 1: There's a lot of you know, needs out there, not 900 00:51:59,840 --> 00:52:02,240 Speaker 1: only funny in the government, but you know, around stimulus 901 00:52:02,280 --> 00:52:04,400 Speaker 1: and things like that. We have a lame duck Congress, 902 00:52:04,400 --> 00:52:06,160 Speaker 1: a lot of a lot of congressmen walking with congress 903 00:52:06,160 --> 00:52:08,160 Speaker 1: people walking the halls who may or may not. You know, 904 00:52:08,239 --> 00:52:10,600 Speaker 1: they're gonna vote, but their vote vote may not matter 905 00:52:10,640 --> 00:52:12,640 Speaker 1: in a month. And so I think we're gonna see 906 00:52:12,680 --> 00:52:16,319 Speaker 1: some uh interesting things in and around that. UM. And 907 00:52:16,520 --> 00:52:19,520 Speaker 1: like I said, it's it's the president's last potential big 908 00:52:19,560 --> 00:52:22,560 Speaker 1: deal UM as president. He might he might go out 909 00:52:22,600 --> 00:52:25,360 Speaker 1: with uh with some more news. You know. Well, it 910 00:52:25,960 --> 00:52:30,319 Speaker 1: is remarkable in terms of what the President's chief of 911 00:52:30,320 --> 00:52:33,520 Speaker 1: staff Mark Meadows said earlier today because he said that 912 00:52:33,600 --> 00:52:37,360 Speaker 1: he cannot guarantee that the US government will avert a 913 00:52:37,440 --> 00:52:41,320 Speaker 1: December shutdown. That right there, to your point, Scott Chancer, 914 00:52:41,360 --> 00:52:44,000 Speaker 1: would indicate that Mark Meadows is saying there might be 915 00:52:44,040 --> 00:52:47,840 Speaker 1: some fireworks over this, uh and there could be a 916 00:52:47,880 --> 00:52:50,920 Speaker 1: partial government shutdown around the holidays. What what would why 917 00:52:51,000 --> 00:52:55,680 Speaker 1: would they do that for leverage? I don't over today. Well, 918 00:52:55,760 --> 00:52:57,760 Speaker 1: let stay it's the president has to sign it. Both 919 00:52:58,160 --> 00:53:00,600 Speaker 1: both McConnell and Pelosi may come to a deal, but 920 00:53:00,719 --> 00:53:02,439 Speaker 1: at the end of the day, it's it's President Trump 921 00:53:02,440 --> 00:53:04,640 Speaker 1: who has to sign the deal. And he has shown, 922 00:53:04,880 --> 00:53:06,879 Speaker 1: as they've done these you know deals over the last 923 00:53:06,920 --> 00:53:09,919 Speaker 1: four years, he changes his mind last minute. He uh 924 00:53:10,200 --> 00:53:12,920 Speaker 1: put some things he wants, last minute, takes things away. 925 00:53:13,000 --> 00:53:14,960 Speaker 1: I mean Look, we haven't seen a whole lot of 926 00:53:14,960 --> 00:53:16,480 Speaker 1: them in the last couple of weeks. We're not really 927 00:53:16,480 --> 00:53:18,319 Speaker 1: sure where he stands on these types of things, but 928 00:53:18,600 --> 00:53:20,920 Speaker 1: this is his last point where he is the you know, 929 00:53:21,000 --> 00:53:23,400 Speaker 1: he's the final say he gets the signing, what he 930 00:53:23,480 --> 00:53:25,400 Speaker 1: decides or what he wants is going to be important 931 00:53:25,400 --> 00:53:27,080 Speaker 1: and he can hold the whole deal up if he wants. 932 00:53:27,800 --> 00:53:30,640 Speaker 1: And it's remarkable because Meadows was up on Capitol Hill 933 00:53:30,680 --> 00:53:32,960 Speaker 1: earlier today, of course, meeting with set of Majority Leader 934 00:53:33,000 --> 00:53:35,520 Speaker 1: Mitch McConnell and then made those comments that he can't 935 00:53:35,560 --> 00:53:38,520 Speaker 1: guarantee that there will not be a government shuts out. 936 00:53:38,960 --> 00:53:42,080 Speaker 1: That's very forward thinking, Uh, Scott. In terms of what's 937 00:53:42,120 --> 00:53:44,720 Speaker 1: un your radar, what's on my radar is the Big Apple. 938 00:53:45,239 --> 00:53:48,680 Speaker 1: I mean it's in New York City because you've got 939 00:53:48,840 --> 00:53:50,920 Speaker 1: and I'm in my Bloomberg terminal right now. New York 940 00:53:50,960 --> 00:53:54,080 Speaker 1: City reeling on a one to punch from school shutdowns 941 00:53:54,080 --> 00:53:56,640 Speaker 1: and the subway outlook. So New York's recovery from the 942 00:53:56,640 --> 00:54:00,960 Speaker 1: coronavirus outbreaks suffered twin blows earlier today with the announcement 943 00:54:01,000 --> 00:54:04,560 Speaker 1: of citywide school closings and the warning of massive cuts 944 00:54:04,560 --> 00:54:07,719 Speaker 1: to public transit service. Parents of hundreds of thousands of 945 00:54:07,760 --> 00:54:11,839 Speaker 1: students must find alternative childcare arrangements or adjust their work 946 00:54:11,880 --> 00:54:16,640 Speaker 1: schedules by Thursday tomorrow, after Mayor builds Blasio, UH said 947 00:54:16,680 --> 00:54:19,720 Speaker 1: the city had reached three percent positivity rate that triggered 948 00:54:19,719 --> 00:54:23,759 Speaker 1: temporary halt to in class instructions. I think that is 949 00:54:24,040 --> 00:54:28,560 Speaker 1: everyone can agree, one of the most just the issue 950 00:54:28,560 --> 00:54:31,080 Speaker 1: of education this year and what families are having to 951 00:54:31,120 --> 00:54:35,880 Speaker 1: deal with is is truly truly just harrowing, harrowing to 952 00:54:35,920 --> 00:54:39,800 Speaker 1: say the least. And meanwhile, UH workers also are facing 953 00:54:39,800 --> 00:54:44,120 Speaker 1: the prospect of longer commutes because New York's Metropolitan Transportation 954 00:54:44,200 --> 00:54:46,319 Speaker 1: Authority m t A said that they're going to have 955 00:54:46,360 --> 00:54:51,600 Speaker 1: to slash subways and buses by forty percent and chop 956 00:54:51,640 --> 00:54:55,080 Speaker 1: commuter rail service by half if they don't get fiscal 957 00:54:55,200 --> 00:55:00,000 Speaker 1: stimulus from Washington. Just before the holidays, speaking of transper 958 00:55:00,000 --> 00:55:05,560 Speaker 1: station pandemic, Thanksgiving means half as much driving this year. 959 00:55:05,640 --> 00:55:08,400 Speaker 1: Jeffrey Barret on the Bloomberg Terminal, vaccines are on the horizon, 960 00:55:08,400 --> 00:55:10,560 Speaker 1: but won't be available soon enough to make the holidays 961 00:55:10,600 --> 00:55:14,600 Speaker 1: normal again, with virus cases surging, hospitals filling up, and 962 00:55:14,840 --> 00:55:18,040 Speaker 1: US and more U s States imposing restrictions. Americans are 963 00:55:18,080 --> 00:55:22,160 Speaker 1: likely to drive a lot less this Thanksgiving. Only will 964 00:55:22,160 --> 00:55:28,120 Speaker 1: travel by car this year. That's down from sixty last year. This, 965 00:55:28,200 --> 00:55:31,880 Speaker 1: according to retail fuel tracker gas Buddy, remarkable, no one 966 00:55:31,920 --> 00:55:36,840 Speaker 1: sitting the roads, um and just remarkable. A sign of 967 00:55:37,400 --> 00:55:42,840 Speaker 1: the times. Aaron McPike Scott transfer, thank you and thank 968 00:55:43,040 --> 00:55:46,719 Speaker 1: you for the opportunity to listen to me. I appreciate it. 969 00:55:46,719 --> 00:55:49,240 Speaker 1: I'll be back tomorrow, last to get through. I'm Kevin 970 00:55:49,239 --> 00:56:04,200 Speaker 1: SURRELI you're listening to Bloomberg, wrote in Broken, wrote in 971 00:56:04,520 --> 00:56:05,120 Speaker 1: Botel