Americans are still spending and they still have the money to spend. David and they are optimistic. Mike not only did they hang in the numbers showed the lowest Inflation Expectation in history for consumers over the next five years, just 2. 2 . Whetheris worried about Inflation Expectations get on board. T makes the on board unmoored. For is something to look in 2020. Kevin now we are going to in los angeles. What were the principal takeaways . Kevin im not sure there were major changes in the dynamic of the race. Two things coming from joe biden. He was able to successfully contrast himself to Bernie Sanders on medicare for all. After the debate, i spoke with some officials in the campaign that said they were satisfied with that aspect of the performance. I would note how he talked about china. He would want to work with the united nations, a contrast with the current status quo. Now we go over to london. We have a new head of the bank of england. What do we know about him . Andrew bailey who will take over in march. In many ways, he is the ultimate insider. Backgotiated with the bank in 2016. He will be the next governor. He is already seen as the front rain or. Front runner. That changed in recent weeks. He was very much the standout candidate. A very goodailey is regulator. He doesnt have much experience in the Monetary Policy side of it. You look at tong handle the complicated regulatory issues . Its a difficult transition and regulations are at the heart of it. He has some experience in that regard. Was a governor. He knows that site as well. I think his regulatory ability is one of the big reasons they went with him. David thank you so much from london. Coming breaking news across. United has removed the 737 max until june 4. Earlier, they were putting off until april. Boeing is having a rough day. They had the space capsule that went up and it did not work out so well. Now it appears that united is 707 max. The 730 max the stock is down 1 on the news. This is what is going on in the market. We turn to kaylee. We just keep going higher. This is the best week since september. We have gained, its the first streak since two years ago. You have heard michael meet the Michael Mckee talk. We are continuing that march higher. You see that today. Volatilityion today, may be higher than expected. Boeing news is not welcome. They had enough problems already. An important employer. Its an important art of the industrial section. Retreating to the lows of the session. This is two months longer than american or southwest, they are inting this plane back april. This is taking a big hit today because they said they will stop production in january. That jet makes up 50 of their revenue. Vonnie General Electric makes the engine for them. They do not need the bad news. A lot of companies are tied to this. The broader economy, when inventories are driven on gdp, it is a whole maker in the economic data. Right now, we want to turn to mark crumpton. Mark nancy pelosi and Mitch Mcconnell are at an impasse over impeachment. The speaker says she wont transfer the articles of impeachment of the senate lays out the procedures for the trial. Mcconnell says the house have no leverage to dictate terms. The United States is watching north korea for signs of a possible Missile Launch for nuclear test. Officials are referring to it as a christmas surprise. A significant launch for test would mean the end of the moratorium and raise tensions in the reason. There is a possible Christmas Gift in early december. The Trump Administration is running out of time to salvage nuclear negotiations. Mps voted for the brexit bill. The Prime Minister opened debate by declaring his legislation offers no possibility for a further delay. It would take the u. K. Out of the European Union union by january 31. Of Queen Elizabeth has been admitted to the hospital. He was admitted as a precautionary measure for treatment of a preexisting condition. Philip is also the duke of edinburgh. He could be hospitalized for a few days. He stopped attending public engagements in 2017. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries, this is bloomberg. David . Up, the decision to go through the latest Court Decision for the future of the Affordable Care act. At 1 00, we are joined by wilbur ross. Thats coming up on Bloomberg Television and radio. David i am david westin. Obamacare has been under attack accord since the day it was enacted. The latest challenge comes from texas. They have ruled that the mandate is unconstitutional. It remanded the case to reconsider how much it can survive without the mandate. Let me ask you a question, how effective is the mandate. It was important to the overall system. I think that was the argument. The answer is the mandate is vital to one part of obamacare, how these marketplaces function. If you think about obamacare, its a broad law, it incorporates changes to medicaid which covers lower income americans that some states chose not to expand. There is a series of changes jumpstarting payment reform in the Health Care System to address costs. Its unclear that those other issues are affected by the individual mandate. There is no question a lot of Health Policy scholars felt it was pivotal to the operation of health care marketplaces. I think the lack of an individual mandate has an impact going forward. David the Trump Administration is no big fan it. They are not even defending it. They zeroed out the individual mandate. What happened as a result of that . The interesting thing is a lot of people felt that was going to have significant impact. It hasnt as of yet. Some this might take a few years to show up. The reality is you already have many situations before it was zeroed out. You had many counties, especially rural areas, with very little competition. You see higher prices and higher premiums because of the lack of competition. They dont want to offer a product that would not be profitable given the patient makes in an area. You did not see a lot of these counties with Affordable Care act plans. The question is going to be as you move forward how is this going to affect states who want to put their own individual mandates into effect. Massachusetts has one. California is talking about it as well. The question is going to be if states step in, how will that take place of what was the individual mandate. David im fond of saying in politics you cant be something with nobody. What else happens . What else have you seen . They are not eager to give it up. What is being talked about . You have seen the challenge with medicare for all in the debates that have gone on. It came up again last night. The challenge with medicare for all with Bernie Sanders elizabeth warren, its going to require a destruction of the current marketplace for Health Insurance. 170 millione americans who get their Health Insurance through their employer on the private marketplace, suggesting those plans will be taken away is a huge political problem. While you have some democrats its a way to blow up the system, the middle of the pack, joe biden and pete buttigieg, they have provided a public option where it competes with private plans. The challenge of blowing up and starting over has led more democrats to say build on the Affordable Care act. Republicans still say its not really working. We need to proceed in a different direction. This is going to get sorted out in the election. David if there are problems like you identified, when about to the right . President trump says we will take care of the issues. We have not seen a plan yet. People are breathing a sigh of relief around this decision because it does delay the more difficult questions until after the election. For republicans, the question will be what kind of alternative could be formulated that is consistent with conservative rentals. It could still retain these protections the way the Affordable Care act is. Believe conservatives thats not the right approach. Now that people are used to the way the Affordable Care act problems, these way exclusions were dealt with, its going to be hard to take those away and proceed in a different course. They may just have to suck it up and view the exclusions the same way that obamacare dealt with them and move the system and a more market direction. David you are a policy expert. As a practical matter, would you say its going to be defined by the Affordable Care act . Erasing that from the books is going to be almost impossible . The Affordable Care act was signed into law a decade ago. Almost over a decade ago. The fact that we have been living with this law and the structure of the law for that long, there has never been precedent in American History for a program that was created that has been in existence for so long and then take away. Its unlikely that the basic structure changes. There are questions about elements of it, if it is being implemented in the best possible way. If they are creating the choice on the marketplace. Those are questions future administrations will impact. David thank you so much for being with us. Ahead, shares of Winnebago Industries are jumping after beating expectations. We will talk to the ceo next. Of power onnce Bloomberg Television and radio. David it is time now for the stock of the are. Today, it is Winnebago Industries. They are up 9 after reporting earnings. For revenuesimates and earnings. We are pleased to have join us from minneapolis the president and ceo. Congratulations. Is responding in kind. What is driving it . Thank you. We had a very solid firstquarter of the 2020 here. Our net revenues were up. Is retailiving it outperformance of our brands in the rv market. David you have had an acquisition. Bring us uptodate on how that is going. Acquisition on the of the new more corporation. Its a luxury highend motorhome manufacturer in the United States. It has a great readership team and great products. They have passionate customers. It was a very complementary brand. Newmark has been taking the share of the product. The opportunity to bring this into the full strengthens our motorhome segment. We reached a more affluent customer that is a little bit more resilient. David he is the winnebago ceo. Question. E hackneyed is it synergy . Is the sum greater than the parts . Will beink there synergy on the cost of material side of the equation. Look for those and Work Together to find those where appropriate. There will be strong synergies in terms of the practices around the chain of business. It could be in dealer relationships. It is a highquality business. We get to learn from them now. We think the company is much stronger as well. We do hope for that. We are talking about a successful quarter. How much of that was gaining market share . Rvthe market here in the industry in the last year has been down slightly on the retail side. The wholesale side has been going through a bit of an inventory normalization process in the field. The success of our brand has been outperforming the industry at retail by 10 . 5 have been running at plus or greater. We are focused on product quality and fantastic customer service. That proposition in this day and age seems to be resonating with our dealers. The industry is doing fine. How do People Finance these things . I am wondering if the low Interest Rates are helping your company. Financingess to during the retail process is an important element. Rvs more than 60 of the are financed in some way. We cant always see the source directly. The Interest Rates are important. They result in monthly payments. Ratethe fed is raising the a year or so ago, they did that five times, that didnt have a slowdown on impact of the retail environment. The fed has come back and make some adjustments to the rate. They are looking at a more stable rate. Consumer feel more confident in terms of what the rates will be. David everyone is focused on the u. S. Consumer. You have direct dealings with consumers. What do you see in terms of their appetite . Is it growing . Isoverall, the u. S. Economy on the backs and shoulders of the consumer. They are bearing the weight of the good things that are happening. Said, we interact with those consumers directly. The consumer has been stronger in other areas of the economy. We are still on pace in 2019 to have one of the top five retail years in the history of our industry. It is not substantial. David thank you. He is coming to us from minneapolis. Later today, i speak with the bank of america chairman and ceo. This is balance of power on Bloomberg Television and radio. David from new york, this is balance of power on Bloomberg Television and radio. Im david westin. For first word news, we go to mark crumpton. Mark the u. S. And china are planning the formal signing of the first phase of the trade agreement. President trump tweeted today that he had a very good talk with xi jinping about the trade agreement. Begun making has largescale purchases of american and cultural products. Mr. Trump also said the two discussed north korea and hong kong. The White House Budget Office is pressing the navy to stick to a Campaign Pledge by President Trump to work toward fielding a fleet of more than 350 ships. Fiscaly proposal for year 2021 calls for a 280ship fleet by 2025. Far short of the president s goals. The Government Accountability office says the navy is facing ongoing and what it calls substantial maintenance delays. U. S. Regulators had taken a crucial step in the battle against the deadly ebola virus. Vaccinehas approved a developed and made by merck. It was found in the 100 effective when given at least 10 days in advance. The tests were conducted in guinea during the 2014 22016 outbreak. An ongoing outbreak in congo has killed more than 2000 people. Notre dame kept christmas going throughguinea two world w, but a fire has stopped the cathedral from celebrating midnight as this year. It is the first time the landmark will be dark in more than two centuries. Officials say restorations and repairs from the april fire could take five years. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. It is both an honor and a disappointment to be the lone candidate of color on the stage tonight. The question is will you might alone color a candidate that candidate of color on the stage . You know when you need to donate to political campaigns . Disposable income. David that was democratic candidate andrew yang last night at the debate in los angeles, remarking on the lack of diversity on stage. We welcome from the university politics,a center of kyle. Does he have a point here, do democrats have a problem . He has a point, in that there were several candidates of color who were running not on the stage other than andrew yang. He has a point, in that there were several candidatesthat sat vote for somebody because they share demographic characteristics with them. In this particular contest, you have leading candidates who happen to be white men, particularly joe biden supported by black voters. Bernie sanders gets a substantial amount of hispanic support. If those voters were voting based on demographic characteristics, there might be a more Diverse Group of people on stage, but as of this point, they are not doing that. These voters are gravitating toward more established politicians, white politicians. You have a note out, 2019, dear of stability. Hadwent back to january and a paragraph where you said, you could publish today without a word changed. Did anything happened last night that might change the paragraph . Kyle i dont think so, this is all in the eye of the beholder, and we dont know what effect the debates would have it any. Personally, i thought joe biden had his best performances. Amy klobuchar also had one of her best debates. No one did poorly overall. Since joe biden has gotten injured, the story has been this stability at the top of the race. He has led the National Polls the whole time. Elizabeth warren took the lead for a day or two earlier in the year and that was it. Last night, we saw a lot of the sniping among the candidates was at directed at biden, but buttigieg, klobuchar. I wonder if the candidates have taken their eyes off the prize a little bit. Is still the one to beat, and i dont think anybody laid a glove on him last night. David lets look at one bit of sniping, with how people raise their funds. Elizabeth warren when after pete buttigieg, and he responded. According to Forbes Magazine magazine, im the only person on stage who is not a million or billionaire. This is the problem with issuing purity tests you yourself cannot pass. [applause] pledge never to be in the company of a Progressive Democratic donor, i could not be up here. David kyle, clearly, some of the candidates want to spend time of this. Never to be in the company of a Progressive Democraticdo the voters not baso gave money to which ones . Do they care about how they got their money . I am sort of dubious of that. I will say democratic voters care more about issues of fundraising and i am sort of duf that. Donors and republicans do. Republicans basically dont even believe in campaignfinance regulation, whereas democrats, as we saw last night, some are advocating for Public Financing of campaigns. You would never see an exchange like we saw last night and i have a medical republican debate. It is an interesting strategic one in that war and is saying we should have small dollar donors fund our campaigns. Buttigieg is saying we should enforce rules on ourselves that the other side, the republicans, will not also enforce on themselves. It is a question of more purity versus this utility push by buttigieg, in that we should change the way we fund elections, but in the here and now, we have to play by the rules. Personally, i think go to judges being more realistic here. Andif you are like warren, you can have success raising money from small donors, that is a great thing to tout. It wasnt clear for much of the year whether warren would have enough money to have staying power, but she has done well for herself on a small dollar front. So has Bernie Sanders, who has a similar message on donors. David explain one thing to me, amy klobuchar. Debatees up with every with everyone saying that she was the most effective, but her numbers do not move. Kyle i think she was going after buttigieg, specifically targeting iowa, which is a state that buttigieg and klobuchar think they can win. I think to Rick Santorum in 2012, where he was polling at small numbers up until the iowa caucus. There was a little bit of an uptick for him and then he ended up time with mitt romney in iowa. I think she is hoping to come on late here. I thought her debate was pretty effective, the best when she has had. You could say the same about cory booker, who was not even on the stage last night. He has had good debates but it has not translated into anything. We will have to wait to see whether the she got anything out of this than good headlines. Much. Thank you so coming up, we talked to a Senior Adviser of one of the leading candidates up on that despite debate stage last night, senator Bernie Sanders. This is balance of power on Bloomberg Television and radio. On and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Senator Bernie Sanders was front and center at the democratic debate last night, and he has been at the top were among the top three in the polls redeemer from the beginning. We welcome one of his Senior Advisers, mr. Jeff weaver. He served as his Campaign Manager when he ran for the presidency in 2016 and when he ran for the senate in 2006. Great to have you with us. Give us the elevator pitch. Several candidates left. Unique Bernie Sanders hitch to say i should be the one up on that stage . Jeff if you want a candidate who has for decades stood up for workingclass people, who has never wavered, never worked at a Big Corporation or carried their water in the congress, who has always stood by the little guy, that is the kind of candidate you want in the white house, that makes sense for working families, Bernie Sanders is your candidate. David is Bernie Sanders essentially a Big Government candidate . A lot have his programs would turn control over to the federal government, including with medicare. We spoke to mike braun yesterday, and he warned about the deficit we are running up. Thank goodness we are the only reserve currency, so we are able to pay for all of this largesse by borrowing trillions i year and throwing it on our kids and grandkids. Those chickens will come to roost and we completely deplete the Medicare Trust fund in six years. Areave some other countries to become places where people want to park their capital. David is that of concern to the American People, the voters, in your estimation . Is it a concern to Bernie Sanders how much debt we are running up . Isf absolutely, and that why he pays for every program he has put forward. The wealthy and large corporations have gotten huge tax cuts over the last many years. If they were paying their fair share, this deficit would start to go away. All of these foreign wars we have had the longest in history in the middle east now. These republicans, socalled deficit hawks, they are really not. What they want to do is shrink those elements of government workingclass people and middleclass people. Bernie sanders pays for everything he advocates for. You say he is Big Government but i say he is a smart government candidate. He wants to make sure the American People have a standard of living that his comments are in with the wealth of this country. David one of the things he said last night was rethinking the role on terror. Do you know what that rethinking would be, what would be the different approach from what we far . Aken so jeff we need a Foreign Policy that brings countries together, that does not rely on endless, perpetual warfare to get americas foreignpolicy goals achieved. The current president , as we have seen, is being ridiculed by foreign leaders, he has a very divisive Foreign Policy, he titles dictators around the world. We need a president that will bring countries together to not only do with issues like terrorism but also to deal with what is probably the greatest threat to the planet, global limit change. That is the kind of leadership you would get from Bernie Sanders, somebody that wants to bring people together. We have a very divisive administration right now which and division, and that has to stop in order for our country to move forward. David we are speaking to jeff weaver. What is the path or him to get the nomination . What does he have to do in iowa, new hampshire, after that . Jeff we are competing very hard in nylon. He did well there last time, we expect to do well again. The next state is new hampshire, won by a large margin last time. Probably will not win by as much this time. Nevada, he is pulling evenly with Vice President biden. He will do better in South Carolina the last time. Super tuesday, you will see him do well across the country. We are out here in california, which is now early in the calendar. He did well here last time. We have a bigger operation here this time than last time. We have the largest operation on the ground here than any other candidate. It is a delegate game, obviously. You have to win them to get the nomination. I think we have laid out a path to accumulate the number of delegates that we will need for senator sanders to win on the first ballot at the democratic convention. David how much of a possible impediment might it be, if we have a trial in the senate in the month of january, the impeachment of President Trump . Will that make it more difficult, particularly if he is competing with somebody like joe biden, who doesnt have to be there . He will have to do his constitutional duty. We are already looking at contingency plans, how we move iowa,nator after hours to South Carolina. A little harder on the west coast, but flying him out to those, and then flying him back to washington for votes. He is a very energetic candidate, always out there. He has the energy and stamina to do this. We are already planning for that contingency. David certainly would exhaust me. Jeff i cannot keep up with him. David many things to jeff weaver. Great to have you with us. Coming up at the top of the hour, we are talking with wilbur ross about passage of usmca, the upcoming deal with china, and overall u. S. Policy. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. The house may have voted to impeach President Trump but technically he is not impeached unless and until the Senate Receives the articles of impeachment. It appears because the lows not in any rush to do that. Here to talk about what is going josephason green and watkins. Jason, let me start with you, you are a lawyer. Can she do this, just sit on this forever . She can she can and she is. There is no intent that she will not be sitting on this forever. Can before she gets to do hy to select those individuals that will represent the democratic in thethe congress house, as this trial plays out in the senate. There is no indication this will delay efforts across the next few months. Some indications and rumors that this is an attempt to delay throughout the election. There is no indication from the speaker that that is the intent. She wants to understand what theyre looking at in the senate so they can appoint the right people. Exactly. Speaker pelosi says i want to see what the rules are. Is there going to be a trial when witnesses or just closing arguments that take place . Is there a risk for muc Mitch Mcconnell i think she only needs four votes from republicans not just on conviction, but on calling witnesses. Not likely. I dont expect to see any kind of republican defection from the Senate Majority leader. I think for the most part, they will stay with him. He will get his wish not to call any witnesses. Keep your eyes on the phone numbers. They tell you everything you need to know. Even with the deliberations over the past few makes, there have been no movement in the american public. Republicans are strongly , as young the president can see in the house, he got all republicans, plus a couple of democrats, one even defected and became republican. On the senate side, you will see every republican, even those that have made comments in the past, stick with the president. Mitch mcconnell will get what he wants. Pelosi is smart to try, but mcconnell will get what he wants. David you are a reverend, you have a church. An apparent defection today from christianity today, and coming out saying, he really should be convicted for what he has done. Does that represent the possibility, the division among evangelicals in this country . Joseph it is certainly a strong statement on the part of the editor of christianity today. From a strong departure their posture in the past. The magazine was founded by billy graham in the 1950s. Billy graham was very silent on issues of civil rights and other matters condemning president s in the past. In the late 1990s, the magazine made a comment about bill clinton, so today they are making a comment about President Trump. But remember also, Franklin Graham was quick to say that he does not agree with editorial. Franklin has taken the mantle from his father, who founded christianity today. Franklin made it clear that he does not stand with the editor, although the editor is doing what is, from a christian standpoint, the christian thing. An opportunity for democrats as you go into november 2020, if you can pick up some evangelicals . We may be wrong about this but we think about them tending to vote with republicans these days. Of the things that is frustrating about where this process stands right now is where the reverend was just talking about look at the poll numbers. Republican members will stand with the majority leader. That is not standing with the issues, civility, the constitution, that is standing with the majority leader. The fact that we are looking at poll numbers, even if they have not moved, have been high, suggesting the majority of americans expected this president to be impeached. That is a really high poll number around this issue. Think about past impeachments, where it was with bill clinton, the number of individuals supporting impeachment right now for President Trump, even though it has not moved, is much higher across the board. To the question you are asking,s there an opportunity here talking to the religious right, recognizing that evangelicals largely support the Republican Party absolutely. Even more than that, what we want is to present a case to individuals that want to respect the constitution, the rule of law, understand that there should be ethics and morality in our politics. What about the principles and the constitution on the one hand, and polls on the other side . Eject a president from the white house on a 50 50 vote . Even if there is support for impeachment, there is not the same support for removal. It is right down the middle. Joseph there is not a strong will on the part of the American People to remove the president. While the numbers are not moving , there is no strong will to remove the president from office and republicans see continued support for the president among republican voters, something over 90 . Very strong support among republicans. Equally strong support among democrats to impeach the president. Said, the poll numbers inform the elected officials. Elected officials move one way or the other based on those poll numbers. David thank you so much, jason green and joseph watkins. Said, the poll coming up wilbur ross, secretary of commerce. This is bloomberg. What are you doing back there, junior . Since were obviously lost, im rescheduling my Xfinity Customer Service appointment. Ah, relax. I got this. Which gps are you using anyway . A Little Something called instinct. Been using it for years. Yeah, thats what im afraid of. He knows exactly where were going. My whole body is a compass. Oh boy. The my account app makes todays Xfinity Customer Service simple, easy, awesome. Not my thing. David from bloomberg World Headquarters to our tv and radio audiences worldwide, im david westin. This is balance of power on Bloomberg Television and radio. We are joined on the telephone by u. S. Commerce secretary wilbur ross. Thank you for joining us. Lets start with usmca, our successor to nafta. Now passed by the house. What will be different about our trade with canada, mexico once this goes into effect . Wilbur several things will be different. First of all, the farmers will be
comparemela.com © 2020. All Rights Reserved.