Wells fargo a bad day as they put up a disappointing quarter. The first loss since 2008 and they cut their dividend from . 10 from . 21. A choppy day in a choppy time. David we are also getting mixed messages about the coronavirus. Yesterday it seemed like the news coming out of california may have triggered some of that happening. Why would that hit the faang . I thought if we had more coronavirus we like the faang better because we have to use it more from home . Abigail i think the two are a bit separate. The news out of california did take stocks lower, but the faang started to turn lower earlier. Au have these stocks up in huge way because of the stayathome element. Also these Companies Put up great quarters in april. We are into the earnings season now. We will be curious to see how they have fared over last three months. There is Something Interesting also ahead later this month. , jeffe the ceos of amazon bezos, Mark Zuckerberg of testifiedand alphabet before Congress Later this year. Some will say it will be the biggest antitrust tech hearing of all time. Not likely action happens but at least putting out the idea of regulation. You have the stocks that have run so far so fast, it does not take a lot to push them back in the other direction. So much uncertainty between the virus, earnings, and what is ahead as you put all this together. David . David fair enough. Ive seen this play before about pulling the Big Tech Companies before congress and nothing has happened yet. Thank you so much to abigail doolittle. Congress has done so much to support the economy and the tally is starting to mount up. In the month of june alone the deficit for the United States of america was 864 billion in mulvaney and more may be on its way with additional stimulus. ,e welcome douglas holtzeakin the former head of the congressional. 864 billion in a month. 14 of gdp if you do not add more in. Can we afford this . we can afford this. The money is not free. In this moment, the most important thing is to support the american people, get businesses back on their feet and get the economy to recover. That is the route to getting the budget in better shape, that is the route to getting anything we care about, better incomes, less any quality, all of that comes with getting the economy to full employment. Do what is necessary, focus on what is necessary, and recognize that at some point in the future , 2023, 2024, there will be a moment of reckoning where we have to be able to control the growth of the debt. That will require difficult political choices in terms of higher revenues, reduce bending, and that moment is in the future. David you say the money is not free but it seems like jay powell has done everything in his power to make it close to free. How much is the fed supporting the sparring level by keeping the Interest Rates so low . Douglas i think the fed has done an extraordinary job of insulating the Financial Markets from the larger fallout of the covid19 pandemic. If you think back, we had an enormous cash flow hit, a mad scramble for liquidity in the fed flooded markets for liquidity, provided that, and by and large Financial Markets function well. In doing so they cut rates to zero and there is a lot of cash. That has made it easier for the federal government to borrow, but i think markets would have provided this financing anyway. It is essential for the recovery that the federal government have a large and markets will be will be far from being shy. David what more needs to be done . Most people think there will be another wave, it is when and how big it is. Have we learned anything about what the most efficacious way to put money into the economy . Talking you hear people about how much we will happen unemployment benefits, lets get money to states and localities including the schools there is too little discussion of the lessons we should be learning right now, with california and other states. This is far from surprising. From the beginning we knew there would be likely recurrences, outbreaks, headwinds from the virus itself. The question becomes how can we continue to operate the economy in the presence of this virus and not have to shut it down. To me that says focus on the businesses, what does it take to make those businesses safe for employees to go back to work, say for to engage in commerce, it might be ppe, it might be modifications for the workplace itself, that will be a business expense. Congress put offset that to some extent with targeted policies to pay for those for tax credits and other things. That is someplace they ought to think hard about. Thousands ofeds of Small Businesses have likely already close their doors. In the discussion as well. We have to have an Effective Program past the ppe to get the ppp to get the businesses up and running again. Those are the key pieces. David it strikes me that this crisis is difficult because there is a huge economic question. You cannot answer the economic question without knowing something about the dme elegy. About the epidemiology. E in the a hol bucket . The more we have to shut down, we will not be able to be refilling the economic bucket. Douglas that is a good point. We know households have about 2 trillion more in the bank right now than they had in february. We have pulled money into the household sector and there is nowhere for it to go. He did not get the money out of it until we get the Business Cycle opened up. The mistake is to have too much confidence on the virus side, or too much belief in sending out checks as stimulus and that will be fine if we do that. I do not think either of those is true. Even though the virus has not come it is important we get those and continue to operate, even though virus has not gone away. We can replace unemployment with a check from the employer, which is what we want in the end. David we have this on employment insurance, a supplement of 600 a month of coming in. Where are you on the question of whether that is discouraging people . I hear conflicting stories. Douglas our estimates is the 600 has raised Unemployment Insurance to the percent where 63 of workers make more than their previous job. Government employees, many who got laid of quickly are better off financially. The reality is i think it has not had a big impact so far because people have large lockdowns in the labor market has not been functioning, but looking forward it is too big of an impediment to recovery. Congress will have to separate out those two, which are important. One is to make sure households have enough support they can maintain their lifestyles and pay their rent and pay their bills and having good labor market incentives. You cannot have 600 contingent on you staying out of work. We have to have money and households not contingent on being unemployed that allows you to go back to work and that is the key going forward. David really appreciate you being with us. That is douglas holtzeakin, president of the American Action forum. Powerup on balance of we will talk with sean shaw, a former representative of the Florida House of representatives. He will talk about what is happening in his home state of florida when it comes to coronavirus. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for first word news and for that we go to Mark Crumpton. Mark the United States as escalating tensions with china on another front. The Trump Administration is denouncing beijings claims to the South China Sea is unlawful. That aligns the u. S. With a ruling by the United Nations tribunal. The u. S. Sees china stepping up a campaign to dominate the resource rich region and the smaller nations there. President trump is downplaying a rift with big diseases expert dr. Anthony fauci. The president told reporters he gets along with dr. Fauci very well. Fauci says he has not seen the president since early last month. Only eight u. S. States have imposed mandatory protections against the coronavirus aimed at farmworkers to halt the spread of the disease. That is despite the cdc releasing targeted guidelines. Farms are turning into various hotspots with agricultural areas Like Washington posting some of the highest infection rates in the nation. Face coverings will be mandatory in all english shops starting july 24. The u. K. Health secretary will make that announcement today. Those who did not wear masks could be fined. Labor unions, business lobbyists, and opposition politicians have been pressuring Boris Johnsons government about the masks. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David thanks so much. Florida reported something over 12,000 new coronavirus cases, which was fewer than the Record Number on sunday, but also reported a Record Number of 132 debt and a 24hour period. We welcome sean shaw with the Vanguard Law Firm and before that he was in the Florida House of representatives and was an unsuccessful candidate for return of for attorney general in the state. He has founded a progressive lobbying firm people over profit. Thanks for being with us. Give us a sense of where the coronavirus is today in florida. Sean i am happy to be here, thank you. The coronavirus is everywhere in florida, unfortunately. They are scary numbers. We are peaking every day. Notre in a place where i do think a lot of people have confidence, notably in the transparency of the actual numbers, but just in terms of the leadership coming out of tallahassee, our capital and our governors mansion. We are the highest state in the country for coronavirus new cases. We do not have a mandatory mass order. The governor has ordered students back to school. It does not seem leading we are doing the things we need to do to flatten the curve in florida. Lets talk about governor desantis. He was one of the first ones out of the box to sate lets reopen. Is the governor continuing to have the Political Support of the people in florida or are people starting to wonder about whether he should be more strict when it comes to social distancing . Sean youre talking to a bigtime democrat in florida. I would certainly say his support is eroding, even if im trying to be objective. When this first started, our governor isour extremely tied to donald trump. He only won his race because Donald Trump Endorsed him in the primary. To donaldwes a lot trump. He is much more interested in the economy and the appearance of normalcy than health and risks and what the sciences. He was late to close the beaches in florida. He was in a spat with Governor Cuomo from new york, and we did not do much to shut down florida, then our governor did a victory lap and set our cases are not even that bad, we are not even spiking that bad in florida. We do not need to do all of the restrictive things that went on in new york. Now here we are. We are about a month after he did the victory lap in the press where he demanded an apology and wanted to know who was going to apologize to him for the way he was treated when he refused together way of new york. How muchortunate coronavirus and the response has been politicized in florida. In florida we are used to dealing with natural disasters in a nonpolitical way. Democrats are used to giving credits to republicans for handling disasters and emergencies in a way that is nonpartisan and a way that keeps people safe and a way that keeps people feel good. This is not a partisan divide against desantis. This is an indictment on his leadership in general. The way he went back and forth on the beaches. The way he is blaming everyone except himself on why florida is peaking. We are peaking because we did not do all the things we should have done and did not do all the things other state should have done. This is a problem and i think he is losing Political Support even on his side based on how he is responding. David at one point hundred desantis was saying there is a different story across the states. South florida is very different from the panhandle so we will handle it differently. Is he allowing local mayors in miami beach to be more restrictive in what they are doing . Sean he is somewhat doing that. At the beginning he issued executive orders and was requiring local governments to do certain things. Middle oftampa in the the i4 corridor. Our local government has mandated masks because we do not have a statewide order. Your local governments are allowed to do some things that might be more restrictive. For the state that has the highest spike in coronavirus numbers, it is unclear why we do not have a statewide mandatory mass order. That seems to be the number one first thing he would do. Now to your question yes ordered schools to be reopened, for example in Broward County in Miamidade County in palm beach county, they are saying we will not send our students back to school fulltime in person despite what the governor says because we do not take it is safe. I think we will have interesting conversations about what might happen in terms of retribution or punishment to those local School Districts who do not think it is safe to send their students back to school. There are a lot of people who, we have all of these closures, we have mandatory mask orders that local governments have done. We have bars and restaurants semiclosed, but we will send our kids back to school question we will send our kids back to school . I think a lot of people are not comfortable with that and will be interesting to see what happens when that day gets upon us. David what is the situation with testing . I know youre positive you rate is 11 . Is florida ramping up testing . Sean we are ramping up testing. Desantis is saying increased testing leads to increased numbers and increased positivity. Listen. We need to understand we are not in normal times. People are going to be upset if they are restricted. Businesses will suffer if their activity is restricted. To get this under control in the longterm we have to engage in shortterm pain. Our governor in florida was not committed enough to that shortterm sacrifice, one because he was getting a lot of heat from the Business Community , but two because President Trump was saying this is not a big deal and trying to exude normalcy and our governor followed him. This is the result. Our inability to have the shortterm sacrifice has led to these high numbers. Florida has a high elderly population. We are extremely vulnerable with some other places and it is unfortunate. This could have been avoided if we had engaged in more shortterm pain. Quickly,nally and where is the are they shifting their position because they are seeing the consequences . Where is the Business Community . Sean restaurant and bar owners are sick of this. Some of them want to open fulltime into what they need to do. That is what political leaders want to deal with. That is why you elect governors and senators and president s because they have to make tough decisions that sometimes are not popular. The science and our experience in the medical community is telling us you have to do certain things to stop this and flatten the curve. Politicians come if they do those certain things will take criticism from certain segments of the Business Community and they will take hits on the political spectrum. That is what leaders do. That is what leadership is. You have to make those tough calls and we are not making them in florida. David sean smith, thank you so much for joining us. Sean smith is the founder of people over profits. Coming up later, we will talk with the democratic senator from michigan Debbie Stabenow about Vice President bidens new plan about local green energy. That is coming up on balance of power on Bloomberg Television and bloomberg radio. David it is time for the stock of the hour. We will pick a bank today and will pick wells fargo which lagged behind the others and turned into a loss for the First Time Since 2008. Scarlet fu is here to tell us what went wrong at wells fargo. Scarlet the three big banks reporting earnings, wells stands out for all the wrong reasons. The first deficit since the financial crisis. Wells set aside 9. 5 billion for bad loans, these are comparable to what citigroup and jp morgan reported, but unlike those banks wells does not have the same kind of wall street Trading Operations to limit its decline. It cannot count on tens of billions of dollars in trading revenue to offset stress and other parts of its business. The ceo was upfront, calling it a poor quarter on the earnings call. This marks the third Earnings Report under his leadership. He came in and inherited a mess of legacy problems. The fake account scandal and the reputational damage that resulted in, with the Federal Reserve limiting wells fargos asset growth. His aim has been to cut costs. It is not a narrative that inspires investors. Look at how the stock has performed, down, down, down. It has trailed its peers. Wells is one of the worst performers in the kbw bank index. David they are not as bacon tradingas as bait in as big in trading. Interest rates are low. Can they make money in this environment . Scarlet it goes to the heart of this. As a result it had to pull back from making home loans and auto loans even with Interest Rates this low and demand picking up once the worst of the pandemic arrived. The net interest margin, which is a probability measure, has plunged by 2. 25 . This is something we will be discussing with the cfo later today. David . David that is something im looking forward to. Thanks to scarlet fu for that report on wells fargo. Coming up we will talk to dr. Carlos dalio of Emory University about the fight against the prana virus. That coming up next on balance of power on Bloomberg Television and radio. Hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. 49i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. David this is balance of power on Bloomberg Television and radio. Im david westin. News. Time for first word for that we go to Mark Crumpton. The federal government has carried out its first execution in 17 years. Who killed in arkansas family in 1996 was put to death by lethal injection. It took place at a federal prison in indiana. In two weeks, millions of americans can lose a crucial economic lifeline, the 600 a week they are getting an extra federal unemployment benefits. Without the additional cash, some of the hardest hit households may be forced to choose which bills to pay. Meantime, policymakers are at a standstill in talks for more stimulus. They have not decided whether to extend the extra jobless payments. In singapore, the economy plunged into recession last quarter due to the pandemic lockdown. Singapores biggest quarterly contraction on record and was worse than expect it. Economists see the Second Quarter as the likely bottom of the cycle. French was on hand to mark the annual bastille day celebrations, however, the usual grandiose error rates were dialed down this year celebrating Health Care Workers and other heroes. In paris, thousands protested the governments handling over the pandemic. Forident macron asked patience as the country tries to recover. Bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Is backhe coronavirus to spreading again in many parts of the country, including california, which has banned indoor activities. Los angeles and san diego says they will not have in person classroom teaching in the fall. Fromlcome carlos del rio, Emory University where he is the distinguished professor of medicine. Tell me where we are with the coronavirus. It seems to be on the margin much parts of the country. You for having me. Unfortunately, we are at a complicated point. Especially in some states, california, texas, florida. They presented 18 of the worlds cases. Mccains we made by sheltering in place in march and april have pretty much been lost, and they when memorial day came and people were tired of sheltering in place, people were tired of not getting together. People went out, they didnt they didnt wear a face mask, they went out with friends, drinking, and we are having a significant upsurge right now which is pressing a lot of the Health Care Systems in the region. Do . D what can you given the situation we have now, it is growing at an uncomfortable rate in a fair amount of the country. Do we have to take a step back . Carlos some states have done that, california has rolled back a lot of the openings, has put significant restrictions in place. Youll have to do that in most states heavily impacted right now. Masks,e to mandate face you have to close large gatherings, including restaurants, bars, nightclubs. It includes churches, places where people gather. Really you will have to limit the number of people who can be at any event at one specific time to no more than 25. If you do that over the next three weeks, we will see a decrease in cases. Then you cannot let your guard down. You need to continue telling people to wear a face mask. Data is some really nice from Goldman Sachs and other places suggesting that if everybody used a face mask, we could do a lot of things that we are currently not doing. It would be equivalent to getting 5 back to the gdp. I think we all need to think about that. Having a face mask and stating say it the best way to boost the economy. A lot of people talk about the importance of testing, and following on, Contact Tracing. But when you have this level of spread, can you keep ahead of it through testing and Contact Tracing . Carlos unfortunately, you cannot. Right now you have too much demand for testing, so there is a delay in getting the results, and also a delay in being able to get testing results to people. That is a challenge we are having. We dont have enough testing capabilities. The u. S. Is doing over 600,000 a day but we probably need to do double that amount in order to what we need to do. There is a problem of having andgh reagents, machines, people to do the testing. David a lot of talk about going back to school. Los angeles says they will not do it. President trump says he wants school kids in the classroom in september. If we are at this level, can those states reopened their schools safely . Carlos one of the things i would say is schools opening is critical to the economy. If you have kids going back to school, parents can go back to work. We need to do Everything Possible to open up schools, but we have to do it safely. You have to look at your local data. There are many areas around the country that will probably be able to reopen. When i think about where the epidemic is right now in new york, connecticut, they may be able to reopen. When you think about california and florida, it is no. There is too much virus in a community. If we can control the virus in the community, you can reopen safely, but we have to do that, decrease transmission, if we want to open schools, and get back to a semblance of normalcy. David where are we with a treatment . A vaccine seems to be off always. We hear about remdesivir, other products. Carlos we made significant progress. We dont yet have something that is curative, something that you can get by mouth in the outpatient setting. Most of our services are inpatient setting. My dream would be to get people something before they get ill when they are diagnosed as positive, before they come into the hospital. I think we are in the way to developing those treatments, but right now the treatments for those who are critically ill have improved significantly. The result of that, and younger population being infected, the mortality rate has gone down. We have gotten better at managing this disease. The result of that has been from the research. Is proving out in clinical care. Give us a sense of the Healthcare System overall, where is the most pressure being applied . We had pressure in our new york city hospitals. Who is bearing the brunt on this . Being every area impacted by this disease. Care,ncy room visits, icu it is all being impacted. I will give you an example here in atlanta, Emory Health Care hospitals. I have seen a tripling of a number of patients with covid internet in the last several days. You you think about surges, have to think about three things. We can build out areas of the icu, put more Critical Care areas. We can buy stuff, ventilators, ppe. The problem hospitals are beginning to have its staff. There is not enough staff to take care of the patients. That will be the biggest problem that the Health Care System will have. David thank you so much, great to have you with us, dr. Carlos del rio. Withg up, we will talk democratic senator of michigan Debbie Stabenow on Vice President bidens plan for the economy. This is balance of power on Bloomberg Television and radio. N and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Former Vice President biden unveiled the second part of his economic plan today which includes a green energy of 2 trillion in investment. We welcome now senator Debbie Stabenow of michigan to take us through the plan. Always a pleasure to have you with us. 2 trillion over four years. This is pretty ambitious. Take us to why this makes sense. Sen. Stabenow great to be with you. The bold vision for the future that we need in our country. I can tell you, when i look at it, it has michigan written all over it. We are number one in the midwest in new Clean Energy Jobs. When we look at the fact what i love about what joe budden is proposing, it is about making it here, using it here, about tackling the time Climate Crisis in a way that creates new Clean Energy Jobs, and does it in a way that provides opportunity for everyone, addresses parts of our communities that have been hardest hit by the pollution and the inequalities involved. Of course,ichigan, we are the heart and soul of the Auto Industry. When i look at the provisions increased infrastructure we are not only making the vehicles of the future, but folks have to feel comfortable they can go on a road trip and be able to quickly recharge have vehicle, be able to the same kind of horsepower they need and so on. I am proud of the fact that our Auto Companies in michigan not only are looking at smaller vehicles, but larger ones as well. Things like the gmc hummer or t f150 truck that will be all electric, made in michigan. What joe biden does is embrace the innovation and the future that will create jobs and also tackle the Climate Crisis, which is very real and all around us. I appreciate his boldness in every area. Certainly in michigan where we make and growing things, i am glad and excited about what he has rolled out. David of course, i always want to talk about cars, i am from michigan, my dad and granddad were in the industry. Even as we start to make more electric models, as you suggested, we have our existing internal combustion cars that last a long time. What is he going to do to turn over that fleet . Sen. Stabenow a number of things. All, our internal combustion engines are getting cleaner all the time, which is terrific. At the same time, our companies are really putting forth a bold 2025, 2022,2050 but looking at where we need to go in all electric, also investing in Hydrogen Fuel cells and other areas. We have to continue some of our tax policies like the consumer tax credit to buy a electric vehicles, so people can get in those automobiles. As we were negotiating, and i was involved in negotiating my bill to continue those tax credits, donald trump said absolutely not. We are back to looking at the original package, looking at covid and how we can support what the economy needs going forward. Donald trump said no. He thought the Auto Industry should go bankrupt 11 years ago. Mike pence actually voted for them to go bankrupt, rather than be supported. One of the reasons i feel so good about joe biden is that not only 11 years ago did he have our back in second with our american automobile industry, but after that, remember cash for clunkers, that really got folks back into showrooms, after coming out of bankruptcy . That was my bill. In aw up in a car lot Small Community in michigan. Joe biden was the person who helped me get the votes to pass that, which increased come in one quarter, the gdp by 3 , because we were able to incentivize folks getting back into the showrooms and give them confidence. Everything that joe is talking about relates to jobs and energy, doing it the right way, making sure there is equity involved in what has happened for communities across the country. It is needed. I am ready to go right now. David i can tell. [laughter] it is exciting to talk about clean energy, adding jobs, but transitions are hard. There are a lot of workers in the old industry, but not so clean industry. Transition . Ake the Hillary Clinton got into a lot of trouble by talking about what would happen to coal workers. How do you make that transition without driving people out of jobs . Sen. Stabenow in michigan, we are already making that transition. We have some of the most Clean Energy Jobs in the midwest. Whether it is the Auto Industry making the transition or or windg the equipment f and solar, we have a lot of transitioned after the recession to wind and solar. By the way, there are 8000 parts in a wind turbine. We can manufacture every single one of those in michigan. When we talk about clean energy, you are talking about manufacturing, skilled trades, doing those things that create jobs. Virginia, ie west should tell you my friend and colleague joe manchin and i, are partnering on new legislation to make sure that something that i authored in 2009 to incentivize retooling plans. That we put a priority on places coalwest virginia, operations. We need to say to folks who lost their jobs, there is new technology, as well as other issues. We need to say we care about you, we have your back. Support isicy, our to make sure that you see the kinds of jobs that are available in the future. That is what joe biden is talking about, not leaving anyone behind. To go andre we need making sure every part of the country has the opportunity to be a part of the success in moving forward. David finally, people will say how can we afford this . 800 62 4a deficit of billion alone because of the crisis. We have a big debt in this country. Can we afford this kind of investment in clean energy . Sen. Stabenow we cannot avoid not to. Both because we have a Climate Crisis hitting us in the face right now, but these are the kinds of policies that will create jobs and grow the economy. The republicans were quick to do a 2 trillion tax cut, trickledown, helped folks at the top, but certainly did not help a lot of folks in michigan trying to grow new jobs. And they did not blink an eye. It did not grow the economy. Maybe the stock market, but not every part of the economy, communities. We are looking at different ways to grow the economy, how you tackle what is real, in terms of the Climate Crisis, how you do it with common sense, with jobs, clean energy policy. It absolutely has to be done. He is proposing a way to do that that will actually create jobs and grow the economy. You witheat to have us, as always, senator Debbie Stabenow. Coming up here, not necessarily the happy warrior. President trump increasingly complaining about how he is being treated in a difficult time. We will talk about that with our washington correspondent josh wingrove. This is balance of power on Bloomberg Television and radio. N and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Lets be honest, President Trump is not having an easy time of it , from pandemic to recession to racial strife. Increasingly, he is not making a secret about it that he feels put upon. We welcome josh and growth wing growth. You have a piece talking about complaining about how he is being treated. Josh all president s are dealt bad hands, it is a case of what they do with it. The president has increasingly been talking about the narrative around himself, complaining that the fbi, irs is treated him, in relation to him requesting his tax records. The media are at the top of the list for his mistreatment, even fox news, he thinks is not sufficiently fair to him. Suppressionls polls, refutes them. Across a range of things from president ial harassment, complaining about the courts are deferential against him, he has always put himself at the center of it. He is really continuing this woe is me narrative, at a time when the pandemic is surging again in the sun belt and americans are scared, wondering what the government at all levels will do about it. David it is a long list, and you may add china to it. He certainly blames them for the coronavirus. Part . S a strategy on his politicians have not done well running against the media. Running against all of these people, is this a strategy to appeal to his base, or is this just his nature . Josh i think this is just who he is. He has always been the center star of his show. In 2016, he really tried to channel other peoples frustration through himself. The forgotten men and women of america. Moret is increasingly felt like it is about himself. That is the change. It is troubling, even for his staff. A couple weeks ago, the staff kicked off a week by doing his first ever tv interview as chief of staff, saying we are focusing on the american worker, we are going to stick it to china. Within the hour, the president had tweeted, asking for Bubba Wallace to apologize for a noose being found in his garage. To change the news agenda can be frustrating, even to his own staff. In oney to set things direction and then it does not last long. David you raise an interesting point, which is President Trump, i thought, campaigned effectively, i am on your side, i am against the swamp. Was at a rally outside of detroit with the united auto workers, saying im on your side. If he is against everybody, whose side is he on . Josh he is still trying to do that. He tweeted on june 30, in reality, they are not after me, they are after you. He wants his supporters to see a tax on him as a tax on them. 2016, a lot of question about the polls. No one expected him to win. The polls are looking a lot worse for him. David he has some challenges. Thanks to josh wingrove. We have a second hour on radio. This is bloomberg. Mark im Mark Crumpton with bloomberg first word news. They potential new wave of coronavirus this winter poses a serious risk to the u. K. And could lead to as many as 120,000 topital debts from september june, according to the u. K. Academy of medical sciences. Comes as england mandates that face coverings will be compulsory in all shops starting july 24. , Senate Majority leader Mitch Mcconnell says republicans will finish their own plan for a new round of pandemic relief next week. He says he is working with the white house on that plan. To work Senate Returns next week, negotiations will begin with democrats. They have already come out with a 3. 5 trillion plan that has passed the house of representatives. Seeking to reclaim his Old Senate Seat in alabama, former attorney general Jeff Sessions faces a Runoff Election against former College Coach tommy tuberville. The political newcomer is backed by President Trump. Sessions held his seat for 20