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Speaker 1: dot org. Now over to the First Word breaking news
Speaker 1: desk for today's afternoon call. Here he is Bill Maloney.
Speaker 1: Good afternoon, Charlie. Markets are under pressure today and mid
Speaker 1: weakness in the retail space. Dallas currently lower by a
Speaker 1: hundred ninety three points, says to be dropped sixteen in
Speaker 1: NAZAC falls thirty six, the small cap six hundreds down
Speaker 1: six points, and the US ten yield at one point
Speaker 1: seven four per cent. Eight out of tennis V sectors
Speaker 1: are lower, led by losses in consumer discretionary, healthcare and
Speaker 1: the financials. Only energy and utilities gained doubt Transports fall
Speaker 1: a hundred and seven, as about Texas sink fifty six,
Speaker 1: and the VIX is higher by five percent down. Leaders
Speaker 1: to the downside included Disney, Nike, and Walmart. Fractional gains
Speaker 1: for Chevron, Microsoft, and Caterpillar. Disney, Macy's and Fossil dropped
Speaker 1: after earnings, with Fossil plunging twenty nine percent. Well Electronic
Speaker 1: Arts gained as much as six after its results. Live
Speaker 1: from the first Breaking news desk on Bill Maloney, Charlie
Speaker 1: all right, thank you very much, Bill Maloney, and to
Speaker 1: hear live breaking news over your Bloomberg Time Squawk. Ask
Speaker 1: you a w K on new terminal. I'm Charlie pell
Speaker 1: that's a Bloomberg business flash. Thank you very much, Charlie Pelletts. Well,
Speaker 1: imagine trying to get the permits needed for a twenty
Speaker 1: four billion dollar public transit project. It features two new
Speaker 1: tubes that would go under the Hudson River to connect
Speaker 1: New Jersey with midtown Manhattan, as well as several major
Speaker 1: upgrades to the region's transportation infrastructure. Sure two dozen different
Speaker 1: government agencies have a say in all this, and someone's
Speaker 1: got to bring them all together. Joining us now as
Speaker 1: Senator Corey Booker, Democrat from New Jersey U S Senator
Speaker 1: joining us from Washington, d C. Home of Bloomberg one
Speaker 1: and one oh five point seven h D two. Senator Booker,
Speaker 1: thank you very much for being with us. Just give
Speaker 1: us an update if you can on the the gateway
Speaker 1: of project and all of the red tape that you
Speaker 1: are trying to cut through. Thank you. What people who
Speaker 1: are in the greater New Jersey, New York region know
Speaker 1: how critical this infrastructure project is. In fact, the Secretary
Speaker 1: of Transportation says, this is the nation's most important infrastructure
Speaker 1: project because the Hudson River is the busiest river crossing
Speaker 1: and all of North America, and it claws up the
Speaker 1: Northeast Corridor, the biggest busiest rail traffic in America, and frankly,
Speaker 1: it carries more people than plane travel to and from
Speaker 1: the north East Quarridor. So this is an urgently needed project,
Speaker 1: and I came into the Senator it was derailed, and
Speaker 1: we've been working to pull everybody together, the two governors,
Speaker 1: of four Senators, the Obamba administration to get this thing going.
Speaker 1: And finally we've gotten it moving. I was able to
Speaker 1: get a bill through some legislation through with Roger Wicker
Speaker 1: leadership from the South Um Republican and now we have
Speaker 1: funding mechanisms in place. So a lot of these things
Speaker 1: are moving thanks to some great leadership on both sides
Speaker 1: of the river. But the challenge now is do we
Speaker 1: have to wait years more than a decade to get
Speaker 1: these tunnels done? Or can we streamline, not taking shortcuts,
Speaker 1: but streamline a lot of this bureaucracy so we can
Speaker 1: get it done because every year, uh that we wait,
Speaker 1: we lose so much money and hurt the environment even more.
Speaker 1: Senator Book, you want a special election to represent New
Speaker 1: Jersey in the US Senate, then in November re elected
Speaker 1: to a full six year turn out. You've been there
Speaker 1: a few years. What are you finding is the biggest
Speaker 1: stumbling block to a project like this? It makes sense,
Speaker 1: and everybody who doesn't want to streamline bureaucracy, well, that's
Speaker 1: the beauty of my experience in the short time I've
Speaker 1: been in the Senate for two and a half years,
Speaker 1: is that if you actually reach out and and work
Speaker 1: with folks and and talk with them, you can get
Speaker 1: Republican partners on issues that you're passionate about. So from
Speaker 1: criminal justice reform, gosh, I've even passed legislation with with
Speaker 1: Ted Cruz, and so this is a project again that
Speaker 1: was broken installed, but because of bipartisan work, we've been
Speaker 1: able to get something just over the last nine months
Speaker 1: from dead installed, then the water installed, and now really
Speaker 1: moving down the track. Now this is a great area
Speaker 1: again of bipartisanship, where I'm finding Republican partners and saying, hey,
Speaker 1: let's streamline a lot of these things. In fact, some
Speaker 1: of the loan processes that often that make it cumbersome.
Speaker 1: We were able to already get legislation included in one
Speaker 1: of the bigger transportation bills going through to streamline the
Speaker 1: loan processes. But I know this from being a mayor,
Speaker 1: that every hour lost in a project is money. And
Speaker 1: I know how much New Jersey transit writers are hurting
Speaker 1: right now because of not having these tunnels. So I
Speaker 1: want to try to speed this along as quickly as possible.
Speaker 1: And yes, I'm pleased that I have friends on the
Speaker 1: other side of the aisles who are willing to work
Speaker 1: with me. Uh Senator A Booker. It's been reported that
Speaker 1: three billion dollars in potential costs would be added to
Speaker 1: the project if it takes three full years in order
Speaker 1: to secure all the necessary permits. That's the kind of
Speaker 1: stuff you're talking about. Yeah, and people don't realize how
Speaker 1: ghastly the costs are. The longer and more complicated the
Speaker 1: bureaucracy is. I don't want to short take any shortcuts
Speaker 1: on environmental reviews and the like, but people have to
Speaker 1: understand and I won't allow that to happen. But if
Speaker 1: we can streamline this bureaucracy, think about this, it actually
Speaker 1: has a better impact on the environment if you do
Speaker 1: things quicker, because the longer we now have people stalled
Speaker 1: in traffic with all of that emissions going into the air,
Speaker 1: the longer we take for this and the more people
Speaker 1: are having to find more secuitous routes into the city,
Speaker 1: the more damage is being done. So there is cost
Speaker 1: reasons for this, environmental reasons. And then the other one
Speaker 1: that naturally we all know is my commuters have to
Speaker 1: live a lot earlier because they can't count on the
Speaker 1: rail transit not being delayed. So they're not lost for work,
Speaker 1: they're losing time with families, um, they're they're endangering their jobs.
Speaker 1: The urgency to get this done as quickly as possible
Speaker 1: is there, and I know we could streamline these processes
Speaker 1: and get it done more timely. Fashioned Senator book or
Speaker 1: your spokesman downplayed speculation that you may be on the
Speaker 1: on a very short list to be the vice president
Speaker 1: vice president nominee if Hillary Clinton, of course, that she
Speaker 1: seems poised to do whins the Democratic nomination. Would that
Speaker 1: but what is that a step you consider seriously taking?
Speaker 1: I mean, would not would this not help you move forward?
Speaker 1: Some of these things you're so passionate about. You know
Speaker 1: what I've I've found in the last two and a
Speaker 1: half years in the Senate that I can champion things
Speaker 1: and actually deliver for my state. I love my job,
Speaker 1: I'm new in it. I really want to stay put,
Speaker 1: and it's nice to be on this short list and
Speaker 1: hear my name and trust me. I just saw my
Speaker 1: mother's from Mother's Day and she was flattered by it all.
Speaker 1: But she has a saying. She says, behind every successful
Speaker 1: child is an astonished parent. So I'm happy that she's
Speaker 1: being astonished. But the reality is I got work to do.
Speaker 1: So you would turn it down if Hillary Clinton asked you.
Speaker 1: I'm not saying that. I'm just saying right now, let's
Speaker 1: focus on getting the job done in the Senate. All right, Well, well,
Speaker 1: I'm gonna take that as a maybe I'll call your mom.
Speaker 1: Senator Booker, Senator Corey Booker, thank you so very much
Speaker 1: for joining us, Democratic senator from New Jersey. Joining us
Speaker 1: from Washington, d C, home of Bloomberg. I'm Kathleen Hayes.
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