1 00:00:03,080 --> 00:00:06,439 Speaker 1: Global business news twenty four hours a day. If Bloomberg 2 00:00:06,519 --> 00:00:09,600 Speaker 1: dot Com, the Radio plus Mobile act and on your radio. 3 00:00:09,880 --> 00:00:13,960 Speaker 1: This is a Bloomberg business flag from Bloomberg World Handquarters. 4 00:00:14,000 --> 00:00:16,920 Speaker 1: I'm Charlie. Pelatist update brought to you behind the American 5 00:00:17,079 --> 00:00:22,360 Speaker 1: Arbitration Association. Business disputes are inevitable. Resolve faster with the 6 00:00:22,440 --> 00:00:27,600 Speaker 1: American Arbitration Association, the global leader in alternative dispute resolution 7 00:00:27,680 --> 00:00:30,800 Speaker 1: for over eighty five years. Learn more at ad R 8 00:00:31,000 --> 00:00:33,400 Speaker 1: dot org. Now over to the First Word breaking news 9 00:00:33,520 --> 00:00:36,920 Speaker 1: desk for today's afternoon call. Here he is Bill Maloney. 10 00:00:37,320 --> 00:00:40,919 Speaker 1: Good afternoon, Charlie. Markets are under pressure today and mid 11 00:00:40,960 --> 00:00:44,120 Speaker 1: weakness in the retail space. Dallas currently lower by a 12 00:00:44,200 --> 00:00:46,640 Speaker 1: hundred ninety three points, says to be dropped sixteen in 13 00:00:46,760 --> 00:00:50,360 Speaker 1: NAZAC falls thirty six, the small cap six hundreds down 14 00:00:50,440 --> 00:00:53,200 Speaker 1: six points, and the US ten yield at one point 15 00:00:53,320 --> 00:00:56,560 Speaker 1: seven four per cent. Eight out of tennis V sectors 16 00:00:56,600 --> 00:00:59,800 Speaker 1: are lower, led by losses in consumer discretionary, healthcare and 17 00:00:59,840 --> 00:01:04,679 Speaker 1: the financials. Only energy and utilities gained doubt Transports fall 18 00:01:04,720 --> 00:01:07,720 Speaker 1: a hundred and seven, as about Texas sink fifty six, 19 00:01:08,080 --> 00:01:11,280 Speaker 1: and the VIX is higher by five percent down. Leaders 20 00:01:11,280 --> 00:01:15,000 Speaker 1: to the downside included Disney, Nike, and Walmart. Fractional gains 21 00:01:15,000 --> 00:01:19,759 Speaker 1: for Chevron, Microsoft, and Caterpillar. Disney, Macy's and Fossil dropped 22 00:01:19,760 --> 00:01:23,640 Speaker 1: after earnings, with Fossil plunging twenty nine percent. Well Electronic 23 00:01:23,720 --> 00:01:27,720 Speaker 1: Arts gained as much as six after its results. Live 24 00:01:27,760 --> 00:01:30,039 Speaker 1: from the first Breaking news desk on Bill Maloney, Charlie 25 00:01:30,080 --> 00:01:31,960 Speaker 1: all right, thank you very much, Bill Maloney, and to 26 00:01:32,040 --> 00:01:35,320 Speaker 1: hear live breaking news over your Bloomberg Time Squawk. Ask 27 00:01:35,440 --> 00:01:38,480 Speaker 1: you a w K on new terminal. I'm Charlie pell 28 00:01:38,600 --> 00:01:42,600 Speaker 1: that's a Bloomberg business flash. Thank you very much, Charlie Pelletts. Well, 29 00:01:42,840 --> 00:01:46,120 Speaker 1: imagine trying to get the permits needed for a twenty 30 00:01:46,160 --> 00:01:50,520 Speaker 1: four billion dollar public transit project. It features two new 31 00:01:50,600 --> 00:01:53,240 Speaker 1: tubes that would go under the Hudson River to connect 32 00:01:53,320 --> 00:01:56,880 Speaker 1: New Jersey with midtown Manhattan, as well as several major 33 00:01:57,080 --> 00:02:02,720 Speaker 1: upgrades to the region's transportation infrastructure. Sure two dozen different 34 00:02:02,840 --> 00:02:05,400 Speaker 1: government agencies have a say in all this, and someone's 35 00:02:05,400 --> 00:02:07,680 Speaker 1: got to bring them all together. Joining us now as 36 00:02:07,720 --> 00:02:11,920 Speaker 1: Senator Corey Booker, Democrat from New Jersey U S Senator 37 00:02:12,200 --> 00:02:16,240 Speaker 1: joining us from Washington, d C. Home of Bloomberg one 38 00:02:16,240 --> 00:02:20,320 Speaker 1: and one oh five point seven h D two. Senator Booker, 39 00:02:20,360 --> 00:02:22,720 Speaker 1: thank you very much for being with us. Just give 40 00:02:22,800 --> 00:02:26,160 Speaker 1: us an update if you can on the the gateway 41 00:02:26,240 --> 00:02:29,200 Speaker 1: of project and all of the red tape that you 42 00:02:29,240 --> 00:02:32,000 Speaker 1: are trying to cut through. Thank you. What people who 43 00:02:32,000 --> 00:02:34,880 Speaker 1: are in the greater New Jersey, New York region know 44 00:02:35,040 --> 00:02:37,840 Speaker 1: how critical this infrastructure project is. In fact, the Secretary 45 00:02:37,880 --> 00:02:41,320 Speaker 1: of Transportation says, this is the nation's most important infrastructure 46 00:02:41,320 --> 00:02:44,400 Speaker 1: project because the Hudson River is the busiest river crossing 47 00:02:44,400 --> 00:02:47,680 Speaker 1: and all of North America, and it claws up the 48 00:02:47,680 --> 00:02:52,359 Speaker 1: Northeast Corridor, the biggest busiest rail traffic in America, and frankly, 49 00:02:52,440 --> 00:02:55,480 Speaker 1: it carries more people than plane travel to and from 50 00:02:55,480 --> 00:02:58,920 Speaker 1: the north East Quarridor. So this is an urgently needed project, 51 00:02:59,360 --> 00:03:01,960 Speaker 1: and I came into the Senator it was derailed, and 52 00:03:02,040 --> 00:03:05,800 Speaker 1: we've been working to pull everybody together, the two governors, 53 00:03:05,800 --> 00:03:09,680 Speaker 1: of four Senators, the Obamba administration to get this thing going. 54 00:03:09,680 --> 00:03:12,600 Speaker 1: And finally we've gotten it moving. I was able to 55 00:03:12,639 --> 00:03:16,280 Speaker 1: get a bill through some legislation through with Roger Wicker 56 00:03:16,600 --> 00:03:21,240 Speaker 1: leadership from the South Um Republican and now we have 57 00:03:21,320 --> 00:03:23,959 Speaker 1: funding mechanisms in place. So a lot of these things 58 00:03:23,960 --> 00:03:26,119 Speaker 1: are moving thanks to some great leadership on both sides 59 00:03:26,160 --> 00:03:28,520 Speaker 1: of the river. But the challenge now is do we 60 00:03:28,560 --> 00:03:31,840 Speaker 1: have to wait years more than a decade to get 61 00:03:31,840 --> 00:03:36,160 Speaker 1: these tunnels done? Or can we streamline, not taking shortcuts, 62 00:03:36,200 --> 00:03:39,120 Speaker 1: but streamline a lot of this bureaucracy so we can 63 00:03:39,120 --> 00:03:42,360 Speaker 1: get it done because every year, uh that we wait, 64 00:03:42,720 --> 00:03:46,000 Speaker 1: we lose so much money and hurt the environment even more. 65 00:03:46,320 --> 00:03:49,320 Speaker 1: Senator Book, you want a special election to represent New 66 00:03:49,400 --> 00:03:52,960 Speaker 1: Jersey in the US Senate, then in November re elected 67 00:03:53,000 --> 00:03:55,160 Speaker 1: to a full six year turn out. You've been there 68 00:03:55,160 --> 00:03:57,480 Speaker 1: a few years. What are you finding is the biggest 69 00:03:57,520 --> 00:04:00,000 Speaker 1: stumbling block to a project like this? It makes sense, 70 00:04:00,240 --> 00:04:05,200 Speaker 1: and everybody who doesn't want to streamline bureaucracy, well, that's 71 00:04:05,240 --> 00:04:07,480 Speaker 1: the beauty of my experience in the short time I've 72 00:04:07,480 --> 00:04:09,160 Speaker 1: been in the Senate for two and a half years, 73 00:04:09,320 --> 00:04:12,480 Speaker 1: is that if you actually reach out and and work 74 00:04:12,520 --> 00:04:14,600 Speaker 1: with folks and and talk with them, you can get 75 00:04:14,640 --> 00:04:18,200 Speaker 1: Republican partners on issues that you're passionate about. So from 76 00:04:18,240 --> 00:04:21,680 Speaker 1: criminal justice reform, gosh, I've even passed legislation with with 77 00:04:21,800 --> 00:04:24,960 Speaker 1: Ted Cruz, and so this is a project again that 78 00:04:25,120 --> 00:04:28,560 Speaker 1: was broken installed, but because of bipartisan work, we've been 79 00:04:28,600 --> 00:04:31,320 Speaker 1: able to get something just over the last nine months 80 00:04:31,320 --> 00:04:34,400 Speaker 1: from dead installed, then the water installed, and now really 81 00:04:34,440 --> 00:04:37,120 Speaker 1: moving down the track. Now this is a great area 82 00:04:37,120 --> 00:04:41,240 Speaker 1: again of bipartisanship, where I'm finding Republican partners and saying, hey, 83 00:04:41,560 --> 00:04:44,479 Speaker 1: let's streamline a lot of these things. In fact, some 84 00:04:44,560 --> 00:04:48,120 Speaker 1: of the loan processes that often that make it cumbersome. 85 00:04:48,440 --> 00:04:51,560 Speaker 1: We were able to already get legislation included in one 86 00:04:51,600 --> 00:04:54,520 Speaker 1: of the bigger transportation bills going through to streamline the 87 00:04:54,560 --> 00:04:57,320 Speaker 1: loan processes. But I know this from being a mayor, 88 00:04:57,360 --> 00:05:01,200 Speaker 1: that every hour lost in a project is money. And 89 00:05:01,560 --> 00:05:04,400 Speaker 1: I know how much New Jersey transit writers are hurting 90 00:05:04,520 --> 00:05:06,960 Speaker 1: right now because of not having these tunnels. So I 91 00:05:06,960 --> 00:05:09,640 Speaker 1: want to try to speed this along as quickly as possible. 92 00:05:09,640 --> 00:05:12,600 Speaker 1: And yes, I'm pleased that I have friends on the 93 00:05:12,640 --> 00:05:14,080 Speaker 1: other side of the aisles who are willing to work 94 00:05:14,120 --> 00:05:19,240 Speaker 1: with me. Uh Senator A Booker. It's been reported that 95 00:05:19,920 --> 00:05:24,520 Speaker 1: three billion dollars in potential costs would be added to 96 00:05:24,560 --> 00:05:28,360 Speaker 1: the project if it takes three full years in order 97 00:05:28,400 --> 00:05:30,800 Speaker 1: to secure all the necessary permits. That's the kind of 98 00:05:30,800 --> 00:05:34,200 Speaker 1: stuff you're talking about. Yeah, and people don't realize how 99 00:05:34,240 --> 00:05:37,279 Speaker 1: ghastly the costs are. The longer and more complicated the 100 00:05:37,279 --> 00:05:40,120 Speaker 1: bureaucracy is. I don't want to short take any shortcuts 101 00:05:40,160 --> 00:05:42,880 Speaker 1: on environmental reviews and the like, but people have to 102 00:05:42,960 --> 00:05:45,040 Speaker 1: understand and I won't allow that to happen. But if 103 00:05:45,080 --> 00:05:47,760 Speaker 1: we can streamline this bureaucracy, think about this, it actually 104 00:05:47,800 --> 00:05:50,640 Speaker 1: has a better impact on the environment if you do 105 00:05:50,720 --> 00:05:54,000 Speaker 1: things quicker, because the longer we now have people stalled 106 00:05:54,000 --> 00:05:57,599 Speaker 1: in traffic with all of that emissions going into the air, 107 00:05:57,960 --> 00:06:00,400 Speaker 1: the longer we take for this and the more people 108 00:06:00,440 --> 00:06:02,640 Speaker 1: are having to find more secuitous routes into the city, 109 00:06:02,920 --> 00:06:06,080 Speaker 1: the more damage is being done. So there is cost 110 00:06:06,160 --> 00:06:09,000 Speaker 1: reasons for this, environmental reasons. And then the other one 111 00:06:09,040 --> 00:06:11,599 Speaker 1: that naturally we all know is my commuters have to 112 00:06:11,640 --> 00:06:13,960 Speaker 1: live a lot earlier because they can't count on the 113 00:06:14,160 --> 00:06:17,839 Speaker 1: rail transit not being delayed. So they're not lost for work, 114 00:06:17,880 --> 00:06:21,359 Speaker 1: they're losing time with families, um, they're they're endangering their jobs. 115 00:06:21,640 --> 00:06:24,160 Speaker 1: The urgency to get this done as quickly as possible 116 00:06:24,279 --> 00:06:27,760 Speaker 1: is there, and I know we could streamline these processes 117 00:06:27,800 --> 00:06:30,360 Speaker 1: and get it done more timely. Fashioned Senator book or 118 00:06:30,400 --> 00:06:33,839 Speaker 1: your spokesman downplayed speculation that you may be on the 119 00:06:33,960 --> 00:06:37,520 Speaker 1: on a very short list to be the vice president 120 00:06:38,240 --> 00:06:40,760 Speaker 1: vice president nominee if Hillary Clinton, of course, that she 121 00:06:40,880 --> 00:06:44,520 Speaker 1: seems poised to do whins the Democratic nomination. Would that 122 00:06:44,600 --> 00:06:46,760 Speaker 1: but what is that a step you consider seriously taking? 123 00:06:46,760 --> 00:06:49,159 Speaker 1: I mean, would not would this not help you move forward? 124 00:06:49,240 --> 00:06:51,400 Speaker 1: Some of these things you're so passionate about. You know 125 00:06:51,440 --> 00:06:53,160 Speaker 1: what I've I've found in the last two and a 126 00:06:53,160 --> 00:06:55,360 Speaker 1: half years in the Senate that I can champion things 127 00:06:55,440 --> 00:06:58,839 Speaker 1: and actually deliver for my state. I love my job, 128 00:06:58,920 --> 00:07:01,360 Speaker 1: I'm new in it. I really want to stay put, 129 00:07:01,520 --> 00:07:03,320 Speaker 1: and it's nice to be on this short list and 130 00:07:03,600 --> 00:07:05,760 Speaker 1: hear my name and trust me. I just saw my 131 00:07:05,760 --> 00:07:08,400 Speaker 1: mother's from Mother's Day and she was flattered by it all. 132 00:07:08,800 --> 00:07:11,000 Speaker 1: But she has a saying. She says, behind every successful 133 00:07:11,120 --> 00:07:14,640 Speaker 1: child is an astonished parent. So I'm happy that she's 134 00:07:14,640 --> 00:07:17,240 Speaker 1: being astonished. But the reality is I got work to do. 135 00:07:17,440 --> 00:07:19,400 Speaker 1: So you would turn it down if Hillary Clinton asked you. 136 00:07:19,560 --> 00:07:21,320 Speaker 1: I'm not saying that. I'm just saying right now, let's 137 00:07:21,320 --> 00:07:24,640 Speaker 1: focus on getting the job done in the Senate. All right, Well, well, 138 00:07:24,760 --> 00:07:26,520 Speaker 1: I'm gonna take that as a maybe I'll call your mom. 139 00:07:26,600 --> 00:07:29,200 Speaker 1: Senator Booker, Senator Corey Booker, thank you so very much 140 00:07:29,240 --> 00:07:32,480 Speaker 1: for joining us, Democratic senator from New Jersey. Joining us 141 00:07:32,560 --> 00:07:37,320 Speaker 1: from Washington, d C, home of Bloomberg. I'm Kathleen Hayes. 142 00:07:37,320 --> 00:07:46,000 Speaker 1: Along with Pim Fox. We're taking stock on Bloomberg Radio. Bloomberg. 143 00:07:46,040 --> 00:07:47,880 Speaker 1: Taking Stock has brought to by S S and C 144 00:07:48,200 --> 00:07:52,680 Speaker 1: more experienced, superior technology, independence and expertise. That's how S 145 00:07:52,680 --> 00:07:56,040 Speaker 1: s n C drives the future of fund administration. S 146 00:07:56,040 --> 00:07:59,040 Speaker 1: s n C, they are the future of fund administration.