Rebound we had off of the lows and how magnificent it was. You have to put that in context with how fast we sunk into a bear market. That bear market drill down we 500, s p p p 500, that was the quickest drawdown we had on record here to see a bounce like this i guess is not completely out of the realm of expectations given how far and how quickly we fell. Taylor we were member that day clearly. It was march 23. Just at the pace and rate at which you talked about the fall and the rebound. In the middle of this, we talk about a 50 rebound. You are still giving incredible superlatives when you talk about it really has been a risk on. It is Consumer Discretionary materials, tech, they are up 60 since the lows on march. Really interesting that even though the fed has been so involved, the rate sensitive sectors have not been the all performers. Romaine i would like to get amys perspective on the rates market. Treasuries have been the lowflow shower of Financial Markets for the last few months. We have seen rates taking up the last couple of days. What do you make of the move we have been seeing in treasury . Iy it is interesting because would say in the Options Market while we do not trade rate derivatives, all of the impacts that come to goad to gold or the highyield market, feel the effects fully. I thought was interesting is yesterday after we had the move in a rates and the subsequent selloff in gold and silver, the Options Market was doing call buying on all of the precious metals. People are suggests not quite buying it yet. They are ready to reload and this is a longer story with an interim blip in it. Caroline it is one we hope you will have your view on in the future. Now, that is it for the closing bell. Would you miss is up next what did you met is up next. This is bloomberg. Caroline we have some breaking news coming from lyft. It is still a sorry tale. Secondquarter revenue, 339 million, down 61 . That is a small beat. Adjusted net loss comes in at 260 6 million. A smiley smaller lost and had been expected. Active riders down 60 . Rider falling 1. 8 . Almost double where it was this time last year. Romaine zero sells. There is still a lot of optimism. You talk about a company that is not only seen a drop in active riders, but we have also seen a lot of discounting so you wonder how that is going to factor into things with regard to their outlook as well as the regulatory issues they appear to be facing in california. Taylor that will dominate the call. The cfo saying they limited their adjusted losses. A company that is trying to hang on with uber to limit those losses and try to turn profitability. From on this, will bring in mandeep singh. Take the fundamentals aside. You think overshadowing all of this is that california ruling that went into effect last week that could limit their business if they have to convert those employees to be fulltime . Mandeep you make a great point. I think the focus on the call will be on how they are controlling the cost side of things. We know the demand slump is going to be there for a few quarters. For a company like left, which is focused on the ridesharing within the u. S. , it is all about, can they survive this time of four to six quarters . They have to suspend operations in a market like california where exposure could be around 25 of the revenue comes from that market, i think that would be a huge blow. Talkingl be a big point. I think the results are slightly better than expected. When i look at the revenue per ative rider, that is still good trend. It should it goes to show the engagement level was not as bad as everyone thought. I do see some Silver Lining in the result. I think the trend does not seem to be that bad. Caroline the cofounder and ceo saying, we are encouraged by the recovery trends and we are beginning to see rides in july up compared to april. They are starting to see the don of some hopeful signs in terms of people willing to get back in cars. So much is hinged on how the virus is hopefully dampening down around the u. S. And whether or not we see a second wave. What do you think you want to hear out of a call in terms of how they can continue to take costs out of the business . Lyft, you want to see a balance. Because this is a smaller company, do not want to see the growth going away completely. Investors losing trust in this company the important thing is diversification. Delivery,ot in full in food delivery, but they have room to expand beyond ridesharing. Maintaining that growth story as well as controlling cost. If they need both, it is a fine balancing act. I am encouraged by the prince they have given, especially the active riders down 60 . Revenue per active rider was down. They still have a high level of engagement at their rider days. Romaine that is encouraging. What about the Pricing Power . There have there has been some discounting coming out of the pandemic. Is that the type of discounting that would be sticky, that they would continue to do going into the future . Is that something they can safely retain most of the customers that maybe came in on the back of those discounts . Both i do not think uber and lyft have talked about clearing down the subsidies and discounting. The market is a lot more rational now, both on the food delivery and ridesharing side. I do think the Pricing Power is in tact. We have seen that in food delivery that these companies can raise prices marginally. There are restrictions on the restaurant side. Same thing on the ridesharing side. They are not going to raise prices given the demand right now. Romaine the outlook here and for now, it appears investors are pretty happy with what they see. Mandeep singh with Bloomberg Intelligence. Think you for jamming for jumping in as quickly as you did. I want to bring news and on cisco. Coming the fiscal number in at . 80 versus . 74. Theyre giving a one q forecast. It appears to be lighter than expected. 69 to 71 for fiscal one q. The estimate was for . 76. The revenue forecasts trailing estimates. Fiscal shares down 4. 5 . Coming up, the u. S. Is on track to lose 25 of its restaurants. Even as dining has started to pick up. We are going to discuss that with the ceo of opentable. That is coming up next. This is bloomberg. Caroline he joined carlisle three years ago and has expanded the global credit business to 50 billion. Now, the fed liquidity taking over markets. Howaid to bloomberg covid19 is preparing him to reposition his portfolio. There are two things that have happened through this time. This rapid shift in volatility in the market where you saw a drop off in demand quicker than we have seen before. Then you saw a rapid recovery in the markets because of what the fed was doing in terms of stimulus. That has traded some noise in the marketplace. We are trying to figure out what the longterm trend is. We have been doing two things. One is, as the markets recovered, we have been repositioning the portfolio. We are improving and upgrading the quality of those assets to reposition those. In the illiquid portfolios, we are repositioning our portfolios to higher assets that we think and sustain a portion of the pandemic we are in right now. Side, weivate liquid are looking for opportunities in companies that we think are leaders in the field and sector they are in that are going to survive and they are looking to make acquisitions. We are seeing situations where companies are looking to make acquisitions in their space. They want to increase their position in that market. Or they are looking to make acquisitions with respect to property equipment as they see some opportunities coming out the back end of this recession we are going into. Those are the situations we are focused on as opposed to the stress opportunities people have talked about. I want to get back into stress. You mentioned acquisition financing. That is something we have seen banks play in in a big way. To what extent when you are looking at the market more largely are you seeing banks step back from the market . The banks going into this in march and april, there was something north of 300 billion of revolving lines of credit that were drawn by corporate as a defensive mechanism to bolster low liquidity. That puts a lot of pressure on the bank Balance Sheets. Some of that has been refinanced in the marketplace. There has been north of 250 billion highyield issuance and some 17 of the revolvers that were drawn in the leverage space have been paid back by some of that. Past 10 to 15 the years have actually been exiting the market with respect to extending large amounts of credit and to leverage credit space. If you look at the trends, that has been happening since 1997 where the institutional loan market and a highyield have come out of it. The regulators have regulated a light of that excess leverage off their Balance Sheet. Today, they do not hold as much risk in credit as they did 10 or 12 years ago. That migration was already happening. You are seeing folks in the private markets have less leverage or no leverage on their structures with more Patient Capital looking to make these loans. Banks are looking to the syndicated market where they can distribute loans more broadly to people like ourselves. Haso you think this crisis made them step back in a bigger way given they had taken on such revolver capacity . I think they are not as aggressive as they were prior to the crisis. I think also if you think about what they have not started to realize yet realize in their Balance Sheet but they have permission for his the impact of the consumer side. Consumer credit, autos etc. They have broader issues to think about from an overall Balance Sheet and management perspective. When you are risk managing, you have to think about that. That is going to impact their thinking with respect to how aggressive they are going to be in extending credit. Romaine mark jenkins, head of global credit at carlyle group. Economy. N to the the covid19 induced economic downturn has affected no industry more than restaurants. One in every four u. S. Restaurants on track to go out of business permanently. That is according to a forecast by the restaurant booking service opentable. Debbie sue who just took over of chi over of that company this month joins us to talk about what she has seen in the Restaurant Industry and what is going on with her company. Great to have you on here. I want to get right down to this issue about your business, your Business Model, which is to be a conduit between diners and restaurants during a time when most about are not going out to eat and many restaurants are struggling to make ends meet. What have you seen in your data and your relationships you have with these restaurants about their longterm future . Debby thanks for having me on. We are seeing a lot of trends as restaurants are opening and then having to close as the pandemic is spiking in the region they are in. The good news is that people in the u. S. And canada are dining out again. Conducted a recent survey and 25 sent of those respondents said they are dining out at least once a week. We are seeing outdoor reservations are up 20 yearoveryear. Also, restaurants are spending a lot of time because diners care about safety. So, aching sure their limiting capacity. That they have making sure they are limiting capacity. Contactlesss like pay. That is very top of mind for restaurants and diners. The metric is grim. We are on the front lines of this. 25 or we think that one in four restaurants are not going to survive. We think that might even be conservative. Caroline we are looking at pictures of your app, how you are trying to enhance the support mechanism for these businesses by offering take away. You have helped with that pivot. I am interested by your global province because, how grim is it versus the rest of the world . The u. K. Doing a lot to try to support restaurants. In mexico and australia. How is the u. S. Faring in terms of support for restaurants versus the rest of the world . Debby you are correct that the data looks very different depending on what country you look at. We have all of this data published in our state of the industry report. We see the u. K. And germany actually looking almost flat yearoveryear, which is great to see. In the u. S. As you look at the u. S. As a whole, we are down yearoveryear. Each state and city are so different. You have pockets or regions where you are seeing almost flat yearoveryear activity and you have other much more populated cities like new york where the dining demand and reservations have tanked. It is great we are a Global Company at it helps us hedge and be in many markets at once, but we are seeing a downward trend everywhere. It is perhaps more pronounced in markets like the u. S. And mexico. Im curious with your involvement with the restaurants you work with, any lobbying going on right now that you are hoping for specifically from a stimulus package from congress . Congress has been the receptive to some of your discussions with them. Debby opentable is very supportive of the restaurants act. We will come out and say that. Any government aid we can be giving to restaurants right now is necessary. And forn this call people listening and watching, the best ways we can be supporting restaurants is dining out, whether that is going to the restaurant or ordering delivery or getting takeout. Any aid that governments can be provided is wonderful. Romaine youre taking over a job, a pretty big job at a pretty Pivotal Moment in your industry and for our economy overall. What is the growth story right now for opentable . What are you looking to do . Much our mission is very the same even during covid. Our mission is to help people experience the world through dining. Reimaginingwe are the way we think about dining or the way we dine out is evolving. Reservations are more important now than ever. Weterms of our relevance, have never been more relevant. We are looking at within restaurant tech, we know this is going to be upandcoming as the pandemic rages on. Ortactless pay or takeout online menus or ordering before you get to the restaurant or paying after your meal on your app, all of those are things that opentable is focused on and those are things we are betting on to help restaurants and diners forge through this. I was targeted with an ad earlier today from google asking me to support Small Businesses by ordering takeout through their platform. You have something in new york that is prevalent. Will we look on competition favorably. We welcome any signs or companies that are coming in and being innovative and thinking outside the box. It pushes us to be better. Taylor i want to end on a diversity note. We are in a time where we are looking to increase diversity not only on the corporate level in the boardroom. You are a ceo in the pandemic. How has it been not only coming into this new row in the middle of one of the toughest recessions we have had but also being a diverse member of the team . It has been really wonderful so far. Prior to opentable was kayaked. It has always been a company that has fostered talent, been a meritocracy and so i felt very supported throughout my career here. Howuld not be more excited opentable and are efforts and our efforts going forward. I am really excited and i tell my husband and anyone who will listen, representation matters. Im thrilled i can do my part in that. Thank you very much indeed. A quick check on the latest headlines. Cpi jumped 6 10 of 1 . The index factors out volatile costs. It is seen as a more reliable measure of price trends. The biggest bonuses on wall street may disappoint. Macro revenue will not mean record bonuses. Result is traders could end up being punched by hedge funds. A billionaire has died. Redstone was a Movie Theater operator who became a media mogul. He controlled his assets through his National Amusements ownership. One of the trustees as his whohter is his daughter pushed for the merger of viacom and cbs last year. Was 97. Edstone this is bloomberg. Caroline welcome back. We are waiting to hear from the president ial democratic president ial candidate, joe biden and his newly appointed california senator, Kamala Harris. Lets talk about the shares of an online car retailer. The ecommerce platform benefiting from the social distancing trend and internet shopping. The Company Launched its 25th spending machine. Explain, the president and chairman. Great to spend time with you today. Talk to us about this vending machine. Towed to us about the mission talk to us about the mission in changing the way people buy cars. The pandemic seems to has come seems to have committed many to your vision. Thank you for having us. We started seven years ago trying to create new way to sell cars to customers to make the experience simpler, to give customers better selection and a with bettererience prices. Youre talking about the vending machine, which has been a big part of that. Dealerships spend a lot of money to attract advertisers and investors. It has been going very well the last seven years prior to this. We have been growing at triple digit rates. Customers have responded to that offering. I think recent changes in the world have led to behavior shifts that are pushing even more customers online more quickly than we would have imagined. That is obviously a positive. Romaine the other day, the talk was about inventory issues that used car dealers and car dealers overall. What is the inventory situation for carvana . Thing that starts the inventory shortfall is new car manufacturing. New car manufacturing has been impacted by everything going on with the pandemic. That leads to excess demand for new, which flows into latemodel intocars, which flows new cars. There is a shortage of inventory. We have an offering of buying cars from customers. As we announced the other day, we bought as many cars from customers as we sold to customers. We pick up the cars and give them a check. That means we have ready access to a lot of inventory. We are in a good spot. The next part of our business is we also spent about thousand dollars in parts and labor on every car to make sure we are delivering to customers the best car they can get anyway. That is a real undertaking. That is a manufacturing process. It is operationally intensive. We believe it is the right thing to do for customers, trying to ramp up as quickly as we have been takes a little bit of time. Taylor i do hear from a lot of people that this is a structural here that is undergoing and it will be a long way before we go back to how it was of buying cars in person. I am really curious what somebody customers are telling me in the highend market about not wanting to see it in person or do more test driving and the real comfort ability about doing this online. What is the feedback . Thing thatnteresting happened in times like this is the way disruption overtime occurs is you build an offering that is better for customers. While we may not have the traditional showroom, we deliver the card to the customer. We offer a broader selection, a simpler experience that customers can control. When you think about what a customer is looking for, in most of those measures, we provide the experience most customers would prefer. When you are going to go by car, that is a big moment. That is a purchase that happens every several years. Consumers are going to be riskaverse. It can be easy to say i am going to do it the way it is always been done because i am going to make sure i do not make a mistake. What all this change has caused is it has caused people to reevaluate those habits and say, maybe i will give this a try because maybe i am a little more anxious about going into a dealership. I will try something new. When they are trying it, they are finding something they like. These moments in time are the moments that generated these behavioral shifts that can cause disruption to accelerate. I think that is what we are witnessing. We are working hard to make sure we deliver great experiences to customers. Dealerships have also realized the change in behavior. Alternation focusing online. You have the new entrants to the market that are copycatting what you are onto. You fend off the competition . How do you ensure you get scales faster than others . Ernie we got to where we are by focusing on our customers. Several years ago, we decided we can give customers a better experience by putting a different Business Model and being focused on what customers need. We are going to retain that focus. We are the leaders because that focus allowed us to build an experience that customers love and that drove the growth in volume we are talking about. It is natural when you find something customers love, more people are going to create similar offering. We should expect it to continue. We should expect additional entrants to emerge. We expect to maintain our leadership position. We are going to maintain that focus. Romaine really glad you would take time to clock to talk to us today. Arnie garcia is president , ceo and chairman of carvana. Mark crumpton is standing by. Mark in just a few moments, the u. S. Democratic president ial duo is set to make its formal debut in wilmington, delaware. Youre looking at a live shot. Joe biden, the former u. S. Vice president and Presumptive DemocraticParty Nominee has selected his running mate, California Democratic seminary democratic senator Kamala Harris. They are expected to have brief comments today in wilmington. House Speaker Nancy Pelosi says she rejected what she called an overture from treasury secretary Steven Mnuchin to restart talks on a new round of pandemic relief because the white house had not budged from demands on a smaller stimulus. Speaker pelosi said democrats are willing to resume talks, but she would accused but she accused republicans of not taking the process seriously. The white house wants democrats to reduce their demands on unemployment relief and aid to state and local governments. Authorities say a passenger to rail a passenger train derailed in northeast scotland, killing three people and injuring six others. Serious train accidents are rare in the u. K. The last fatal the round that was in 2007. Isthe driver of the train believed to have died. His family has been informed and are being supported by officers. Officers are continuing to work to inform the families of the other people who sadly died. Six people have been taken to hospital for injuries. This is a tragic incident. Our thoughts are with the family and friends of those who sadly died this morning. We believe all passengers have been accounted for. Rk queen sent a message of condolence, saying the entire royal family joined her in sending thoughts and prayers to the families of those affected. Russia is brushing off International Concerns about the safety of the first covid19 vaccine. Other countries are unhappy about russias quote, competitive advantage. Russia will start mass inoculation this month before a clinical test is completed. 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. Im mark crumpton. This is bloomberg. Caroline we are still waiting to take you to wilmington, delaware where we will hear from democrat trick from president ial candidate joe biden. It is time for smart charts with abigail doolittle. Abigail thanks so much. Joining us today is the chief Market Strategist at stock charts. Com. Great to have you with us. Briefly, the s p 500 had exceeded its record closing high. Then retreated slightly below, even though we do not have a stimulus deal and there is lots of uncertainty. What do you think more broadly for the markets . Will this rally continue . David so many people are focused on the key s p 3400 level. If you zoom out on the chart looking at the longterm history of the markets, that level looms large. I think what would satisfy youyone is your as if are longterm bullish or bearish, the best thing is a bit of a pullback. Not a little more, which would give enough of a pullback to reset and reevaluate where we are at. Trend wouldhe continue and it would appreciate better. It would be more attractive with a bit of a pullback. If you are bearish, you would like to see that first leg downwards. What is not surprise me is brent has remained very positive. Almost two thirds of s p names are above their moving average. That is not saying it is a complete move above. It is a characteristic of a healthy bull market. You need to pullback to the 3200, 3250 level to reset. Abigail lets talk about the rotation situation everyone is talking about. Defenserd to call it since it has been the momentum grow trade. You make a good point that it is not just defense. It is offense this year. I think we are going to be chatting about this more broadly. We are going to take a look at the terminal chart. With technology sector, the word resilient comes to mind. If im thing about a core position, things that do well in bull and bear cycles kind of fit the bill of a safe and core position. When you think about the analogy, it has been good offense. You think about things like semi conductors that have accelerated during a bull market phase. It is often good defense. Even with the recent pullback, people got very excited, thinking we are rotating away from microsoft and others. We are going into financials and industrials. Is longterm trend tells you the relative performance of technology has continued to stay strong. I do not see that changing. If we get a material pullback or continue to chip away, the s p 3600, you can make an argument that technology is going to be a good place to be in either condition. Abgail next time you join, i would love to talk about the new york faang index because it has been making a series of possibly bearish lower highs. Suggesting that some of the other mega caps, there might be some weakness. So glad your next chart is gold. Gold and silver have been reminiscent of the tech charts. Just up in a way to a huge degree. Perhaps too far, too fast. You think here with gold, maybe a continued pullback and climb . David we talked about go the last time i was on. The gold chart accelerated very quickly from the levels. It has been an impressive run. Goes vertical, you start to want to tap the brakes and think about pulling away from it. One thing i have learned working with institutional investors, when something goes vertical, there is a lot to be made during that time. You cannot just ignore it. You have to be there. Done and whene is there is a pullback, you can really evaluate. You can reevaluate. Gold has a history of becoming extremely overbought. It has gone strong to the upside. Pullback,g a bit of a even in march, it was a steep correction before you saw the resumption of the uptrend. That was the beginning phase of where we are at. It was about 38. 2 , retracing the uptrend from june to august. I can see that going down to where we were the first couple weeks of june. I think the longterm trend, looking at the 50 day moving average, i think gold is setting up for the next leg up. Abgail a lot of gold bugs are relieved to hear you have that opinion. The chart has worked like a charm. David keller of stock charts. Com. Thank you for joining us. This is bloomberg. Well romaine the somewhat the somewhat dormant treasury market looking up. Treasuries falling for a fourth straight day. Supply pressures weighing on investors. Joining us right now, Bloomberg Intelligence strategist ira jersey. Week the moves we saw this in the treasury market, they were kind of interesting. We had a 10 year sale in the u. S. That was met with decent demand. That is after you sell 10 year rates in the secondary market move up by more than 10 basis points over the last few days. We get a 30 year option tomorrow. What is the response by investors . I think there are two things happening. Supply concerns. The Treasury Department is going to be issuing a lot of risk the next couple of months. Announcemente that last week, people had to position for the possibility of significant amount of Interest Rate risk being added to the market by the Treasury Department. 10 year and 30 year yields sold off. The yield curve has steepened because of that. I think that is one of the primary concerns. Secondly, and i think this is important, some of the data we have received and certainly the markets outlook has improved over the last week or so. That is partially a reflection of the higher inflation data we sell today. The headlines saying we might get several different vaccines by year end. If that is true, then your forecast for 2022 has to improve quite a lot. That is what the steepening of the yield curve is implying. Maybe things are not going to be as bad as they seemed two weeks ago. Caroline how much further doesnt need to selloff before everyone starts talking about yield curve control . Ira it would have to sell off quite a bit. Yield curve control as a policy is akin more toward quantitative thatg and a signaling tool Interest Rates are going to remain low and the fed is going to be easy. They talked back yield contrary yield curve control quite a bit. They think that other signaling is going to do just fine. More importantly, and i think this is a positive sign the fed is going to look at, is that some of the forwardlooking inflation indicators like showingreakevens that inflation is back to where it was for the crisis started. That is a positive sign for them. They are not so worried about deflation at the moment, at least in what the market is pricing. Taylor we talked about the 10 year breakevens rising to 167 at one point today. Is it rising Inflation Expectations . Are yields higher due to rising growth expectations or do you think it is a technical issue like you said, rising supplies . Ira a little of all of that. At why when you look nominal treasury yields the regular treasury yield we quote a bloomberg all the time, it has gone up because expectation have expectations have gone up. Tip yields have moved up five basis points. That is a sign that maybe Economic Activity is going to be a little better than expected. Tip,yields, if you buy a you are going to be paying 1 of the governor every year to the government every year for the right to bar your money. That is showing the market things there is going to be accommodative policy for a long time. Romaine we talk about that policy and what is going on in washington. You are looking at shots from wilmington, delaware. We are expecting to see joe biden and his Vice President ial pick, Kamala Harris, scheduled to speak any moment now. Talk about monetary policy. When we talk about fiscal policy here, a lot of the activity we have seen in the treasury market is centered around the increase in treasury issuance. The level of issuance is expected to continue. When you look a little more longterm and you look at the fiscal side of the equation and what the treasure is going to do, you expect the levels to continue to influence rates in the way they have . Supply typically does not impact romaine im going to have to thank you. Is Vice President president ial candidate joe biden and his running mate, Kamala Harris speaking in wilmington. We are keeping our social distancing and playing by the rules. Good afternoon, everyone. , this is anmala exciting day. It is a great day for america in my view. Over the past several weeks, ive had the incredible privilege of meeting and spending a good deal of time with a group of talented women leaders. All of whom are qualified to be president. With each one, the more i learned about them, the more impressed i was. Even though i knew them before. On to thank each and everyone of them for being part of this process and i look forward to working with them as we rebuild this country to get elected and once we are elected, god willing. I approach this with the seriousness of purpose and of mind because this is a serious moment for our nation. We are at one of those inflection points. You have heard me say that before. A life changing election for this nation. The choice we make this november is going to decide the future of america for a very long time. Great and i had a choice. Great opportunities. Great choice but i have no doubt that i picked the right person to join me as the next vice nextdent of the unit Vice President of the United States of america. That is senator kamala \ harris senator Kamala Harris. Today, we had our best grassroots fundraising day of the campaign. Within double our previous record. In doing so, we set a single day record for online political fundraising. I think i no one. I know why. I hope you will join us, those of you who listen today. Go to jode biden. Com today. Go to jode biden. Com today. Know, iss you all smart, tough, experienced. She is a proven fighter for the background of this country, the middle class, for all those who are struggling to get into the middle class. Kamala knows how to govern. She knows how to make the hard calls. She is ready to do this job on day one. The both ready to get to work rebuilding this nation and rick and building it better. As attorney general of the largest date of the country, forla took on the big banks mortgage fraud and won. Took on big oil kids she was a pioneer in dashed on big oil. She was a pioneer in gunny quality. We have all washed the United States senate go toe to toe with trump officials. Trying to hide the truth. Asking the tough questions that need to be asked and not stopping until she got an answer. Forthcoming, it was obvious what the answer was. As a member of the Intelligence Committee and judiciary committee, she has been a senator in the middle of the most Critical National security challenges our country faces. Threats toof all the this nation and ready to respond to them. As a child of immigrants, she knows personally how immigrant families and rich arab country as well as the challenges of what it means to grow up black and indianamerican in the United States of america. Her story is the america story. Not so different in the essentials. She has worked hard. She has never backed down from a challenge. Every ofarned each and the accolades and achievements she has gained, many of them often in the face of obstacles that others put in her way. But never quit. This morning, all across the woke up,ittle girls especially little black and brown girls, who often feel overlooked and undervalued in their communities, but today, just maybe, they are seeing themselves for the first time in a new way as the stuff of president and Vice President. In her cam in the primary, kamala talked about what she referred to as the 3 00 a. M. Agenda. About moms and dads awake late at night in their kitchens worried, scared, uncertain about how they were going to take care of their families. About how they were going to pay the bills. About how they were going to simply make it. Scranton and delaware, i saw that struggle with my family as well. Kamala saw it with hers as well. Millions of americans are living that struggle as we speak, especially in this moment of crisis. Especially with so many jobs lost. Kamala and i both know that all folks are looking for as my dad would say is an even shot. Just give me a fair shot. A shot at making it. And it will be the work of our administration to make sure they get a fair shot. Working families need someone on their side in this nation because they certainly do not have anyone in the president now on their side. That is going to change in the biden harris administration. It is going to be gratifying to see the strong, enthusiastic reaction to senator harris as our next Vice President. You know, it comes from people all over the country. It is already occurring