Transcripts For BLOOMBERG Balance Of Power Democratic National Convention 20240712

We will bring you that as well as remarks from some of those mr. Biden had to beat to get the nomination, including former mayor Pete Buttigieg. He will speak in just a few minutes from now. We welcome Bloomberg White house reporter mario. Give us a sense of what joe biden has to do tonight and what he wants to do. What is a win for him tonight . Mario obviously in his 50 year career in washington this is the biggest moment of his political career. This is the biggest speech he will be delivering tonight. His Campaign Said earlier that he will lay out is positive vision for the country and reaffirm his core belief that he can unite this divided nation. So anything that would hit that note would be a win for joe biden. David who is he speaking to . He is speaking to all of us but who is the target audience. If there is one person he wants to reach tonight and maybe change their mind, or at least get them enthusiastic, who is it . Mario he wants to get the voter back that donald trump in 2016. This bluecollar independent voter, mainly democrat, but was disaffected with the Democratic Party and decided to try something new with donald trump. Joe biden wants to convince that voter to come back into the fold. David lets be honest here. You know this better than i do, but it is not generally thought that this is joe bidens strong suit. He is not barack obama, Ronald Reagan, one who gives a big, eloquent speech. So does he have to tone down the expectations a bit . Mario not really. He is not the greatest orator in the party, but his biggest strength is his humanity. That is one of the reasons he made it across the finish line. He is a centrist. He is able to connect with the common joe, no pun intended, voter, and make them feel comfortable. He is able to relate to that bluecollar, that everyday worker. David remind our audience, what we are waiting for is andrew yang, the former president ial candidate, we will bring you that in the moment. In the meantime, back in your specific beat at the white house, President Trump is out and about, even as this convention is going on. Mario you are absolutely right. All week he has trolled counter programs. He is going to be on another network right now speaking in an interview. Earlier today he counter programs in an ultimate way by visiting scranton, pennsylvania near where joe bidens hometown is, where he tried to convince pennsylvanians that joe biden had potentially abandoned him. He is trying to quell that hometown enthusiasm that joe biden may get from pennsylvania. David at the same time, as joe biden has shown an ability to resist letting donald trump get inside his head, because donald trump has that energy to get under peoples skins and throw them off their game. Mario you are absolutely right. It has been a point of frustration for republicans as well. The coronavirus pandemic of course has altered the Traditional Campaign cycle. Biden has not been on the road as much, whereas President Trump has the most visible platform in the country. So theres so much that the democrats can feed off of from donald trump. But conversely, joe biden is running such a carefully crafted campaign to try and not make any mistakes that he is not giving as much fodder to the republicans. David we are seconds away from andrew yang a joshing addressing the convention. One thing joe biden has been able to do is get his former rivals to come around and support him. Mario you are absolutely right. We have seen that all week. They have come out each night singing his praises. He got a lot of them early on in this cycle once they got through the tough primary. But that is one of the things he has done, really show he can unify. That is a message he is trying to portray as well, he cannot only unify the party, but the country. David fascinating. We are watching the convention out of the corner of our eye to see when andrew yang takes the state. Hes an interesting character, he really appeals to silicon valley, something that would be helpful to democrats. Mario he is very popular in the party. He actually lobbied david i am going to let him interrupt us right now. We are going to the convention and andrew yang. Mr. Yang hello come america. I am andrew yang. You might know me as the guy running for president talking about math in the future. Unfortunately for all of us, that future is now. The pandemic has accelerated everything. You do not know if your Childs School is going to reopen this fall. Thisf americans leave that is the worst time we have ever experienced. And 42 of the jobs lost, millions of jobs will never return. Andre in a deep, dark hol,e we need leaders that will help us dig out. Many prominent many politicians promised and failed to deliver. If you voted for trump or did not vote at all in 2016, i get it. Ofy of us have gotten tired politicians seemingly but we must give this country, our country, a chance to recover. And recover is only possible with a change in leadership and new ideas. Bold and innovative policies that will get help into your hands are possible, but we need your help to turn the page for this country and 75 days. We are here tonight to celebrate joe bidens nomination as the democratic candidate for president. I have gotten to know both joe and kamala on the trail over the past year. The way you get to really know a person when the cameras are off and the crowds are gone, just you and them. They are real people. They understand the problems we face. They are patriots who want the best for our country, and if we give them the chance, they will fight for us and our families every day. Our future is now and it is daunting, but i ask you tonight to join me to help joe and kamala turn the page for our country, and lead us forward to a future we will be proud to leave to our children. Now i would like to turn it over to a great democrat will be with us throughout the evening. Between the two of us we have 11 emmys. Nowd andrew yang is turning to the pledge of allegiance at the convention. We will come back to the convention for various speakers are of the evening. I want to thank mario parker, who will be part of our coverage throughout this week and next week. Throughout all of our convention coverage, we have had bloomberg politicalan contributors right here to help me get through it and they are back with us tonight. Rick, let me start with you. Is this difficult to have this number of rivals who appear to be sincere in saying they are enthusiastic for the man to beat them . Rick absolutely. You want to show that consolidation around the nominee. These people were rivals around the primary. Some who did that are in early stages that even joe biden. It was not a runaway campaign. You want to show the parties unified and you want to show that you can be the leader of that pack. And so there is a careful courting process that goes on where people like me would go to their staff and themselves and say if you want a good slot at the convention, you have to tell the line. And that is exactly what we are seeing this week. David how is this setting up the party not just for this race, but down the road as well . Think we have seen a generational shift occurring before our eyes with this party. We have seen some people who have been around. I understand joe bidens First Convention may have been in the early 1970s. He has been in american politics 40, 50 years. But you have this new really exciting energetic young generation of democrats who have also been showcased, perhaps not given as much time but showcased at the event. So i think we are seeing the torch being handed over to a certain extent. Moreurse it is to a much of course it is a much more Diverse Group then we have seen when joe biden first started out. And i think tonight what we are going to see is a preview of how joe biden is going to handle what may be the toughest campaign i think in American History in terms of the amount of rhetoric. If we listened last night to what the president was light live tweeting during former president obamas speech, i think were going to have a tough campaign on our hands, and biden will tell us tonight how he is going to handle it. David that is the highlight of the night. I am delighted that you are going to be staying with us. Coming up, we are going to be healing from the Atlanta Mayor, and a look at how joe biden try to address racial inequality. This is coverage of the Democratic National convention on Bloomberg Television and on radio. Radio. David welcome back to special coverage of the Democratic National convention on Bloomberg Television and radio. One of the major issues addressed throughout this convention has also become a very big one for wall street and Companies Across the country. The continuing quest for racial equality. Q. To lay out this important and difficult issue is alix steel. Alix good to be here. You can really see the racial inequality play out throughout the pandemic as well. All of this was addressed by Elizabeth Warren in massachusetts. Sen. Warren our Economic System has been rigged to give bailouts to billionaires and to there in the face of everyone else. But we can build a thriving economy by investing in families and fixing what is broken. Joes plan to build back a better include includes making the wealthy pay their fair share, Holding Corporations accountable, repairing racial inequities, and fighting corruption in washington. Alix lets look deeper into that racial inequality. The fed released a copperheads of look at race and the economy, and this truly stood out. These are assets by race and ethnicity. As you can see, whites have a much higher share of that than any others, black or hispanic. Real estate and corporal equities and Mutual Fund Shares are very much owned by whites. It also means when you have a 50 rally in the s p, it will disproportionately benefit white individuals. Also, banks have two issues when it comes to race. The first is on the consumer side. Banking has really contributed to the income and wealth gap by withholding credit from some black businesses and individuals, plus charging them higher rates. This is what we found. You take a look at black is the blue line and what is the red bar. The share of the group that uses these products, what stood out is the credit card, store card, mortgages, auto loans, all of them are not used as much by black individuals, more so than whites. Those whoou look at have no credit at all, its disproportionately higher for the black community. To get things like a home loan, it is hard if you cannot get any credit. The other things banks have to deal with is within their ranks, particularly on the exec and of little level. It is pretty grim. Bank of america pledging over 1 billion to fight inequality. Hsbc wants to double their black staff in senior roles by 2025. Blackrock wants to increase their black workforce i 35 . That all sounds good, but then you have to deliver on it. And you have to deliver on it on an executive level. Citigroup has seen overall black workers rollover. Pledges are good, words are cheap. Now the action has to happen. David says that all. That was terrific laying it out that way. She will be back with more later in the program. For more right now on racial inequality in america, and how a Biden Administration would address this critical issue, welcome john hope bryant. Still with us are rick davis and jeanne zaino. Thank you so much for being with us. It strikes me that we had a problem with income and wealth inequality long before the pandemic, but the pandemic has exacerbated that problem. Explain it. Americall, when major has a headache, black and brown ones have pneumonia. By the way, im glad youre having the Atlanta Mayor on any moment. Shes doing an incredible job. This goes back to 400 years of basically reverse wealth transfer. That goes to slavery and we worked very hard but we did not get the fruits of our labor. Nor did we get the land that was given to every other person who came from europe just as a product of showing up. We missed out on income and wealth. The memo onver got Free Enterprise and capitalism. Abraham lincoln created a bank but was killed in the next month. The mission was to teach us about Financial Literacy and how the markets work. Now blacks have 8 net worth of their white counterparts, and we have the same intelligence level. What we need to do now is to have a president that is not only the chief compassion officer, but chief opportunity officer. And what biden has to prove his he cannot only be decent and compassionate, which i think he has absolute credentials around, but he can also create jobs. Told even if you want to treat money like a socialist, you have to first collect it like a capitalist. We need to create a generation of black capitalists and owners and entrepreneurs and Business Owners at scale, who then turn around and create jobs in these neighborhoods. Rick i am curious because obviously this is all in the context of a president ial campaign, and we plan at this convention is to put joe biden in the white house come january of next year. And hes obviously very sensitive to the issues of economic inclusion, and what can he do in year one that can accelerate the trends that have already been put into motion by people like you to actually get caught up to this issue somewhat . John yeah. I wrote something called a new Marshall Plan. You can put that off the internet. And it lays out a very cogent client, very much like after world war ii, because i believe we are at war. We are at war with the virus, and we need a war plan, including an economic plan. Kcollege. The one thing we can do to address africanamerican injustice is make investments for every black person to get up to a college education, use that to go to work somewhere, no giveaway program, then it costs no money. Thats an investment into america. Income tax credit. Everyone making less than a certain amount would get a tax bonus just like wall street does. And all of america would pay for that, not just Small Businesses. We would all share the burden, but it would lift the ranks of everybody because we will put that money back in the economy. Financial literacy for all. Internships for all. So, corporate credit, if you will, tax credit, for creating internships and apprenticeships at scale. This is what happened with the Marshall Plan and the g. I. Bill after world war ii, by the way. There are other moments of this, including creating new strategies for banks to make capital available. And one thing is focus on raising credits to over 700. Throughent can do this the regulatory agencies david im sorry but we have to go to keisha lance bottoms, the mayor of atlanta right now. One foughtms no harder for your no one fought harder for your right to vote the john lewis. Now we have atlantas mayor keisha lance bottoms. Hello. I know you are recovering from the coronavirus. How are you feeling . Mayor bottoms good evening. I feel really good, thank you for asking. Many legd is having ring side effects that people are talking about all in all, my family is doing great. Glad to hear it but i think a lot of americans are going to be dealing with that for a long time. I wanted to ask you something. Is atlanta ready for election day . We will be ready and we are going to do everything we can to make sure that voting goes smoothly, but we are encouraging people if you can vote early in your state to please do so. Early vote during the early vote. Julia perfect. Excellent advice. Over 40 states now allow some form of early bedding early voting. Stay safe mayor, and i turn it over to you. Mayor bottoms thank you, julia. Good evening. I am keisha lance bottoms, a mother of four, and mayor of atlanta, georgia, cradle of the civil rights movement. And like so many other cities, a place where the struggle for Human Dignity continues. I am proud to have grown up in this city. Schools,in its public and blessed to have known our hometown heroes, like dr. Joseph oury, and our teacher, friend, our conscience, our congressman, john lewis. He walked gently amongst us, not as a distant icon, but as a godfearing man, who did what he could to fulfill the asyet unfulfilled promise of america. People often think that they cant make a difference like our civil rights icons. But every person in a movement matters. Those who make the sandwiches, swept the church floors, stuffed the envelopes. They, too, changed america, and so can we. The baton has now been passed to each of us. Justice, weout for have gathered in our streets to demand change, and now, we must pass on the gift john lewis sacrificed to give us. We must register, and we must vote. In his party essay written to us, congressman lewis expressed his pride in the activism that has swept our country, and he reminded us that if we fail to exercise our right to vote, we can lose it. Aree are those who disgracefully using this pandemic to spread misinformation and interfere with voting, forcing many, in livesto still risk their to exercise their sacred right to vote. A right that has already been paid for with the blood, sweat, tears, and lives of so many. So lets stand up for our children, our childrens children, and for this great democracy that our ancestors worked to build, and lets vote. And lets organize to get others to vote with us. You can help make this happen by texting vote to 30330. We know how important it is that leaders, like joe biden and Kamala Harris. People of honor and integrity, who hold just as close to their hearts, and believes that the lives of my four black children matter. Audrey lord,of your will not protect you. Congressman lewis would not be silenced, and neither can we. We cannot wait for some other time, some other place, some other heroes. We must be the heroes of our generation, because we, too, are america. Our vote can be our voice. David we have been listening to the mayor of atlanta, keisha lance bottoms. John hope bryant, i apologize, i know you wanted to hear what the mayor had to say. Besides your thoughts about what she said, i want to bring in jeanne zaino. Before we got interrupted, she badly wanted to ask you a question. Jeanne i wanted to ask you, my colleague rick had just asked you about what you had hoped that joe biden, a joe biden presidency might do day one or year one if he takes office. And i am wondering, as you listen to the convention and as you read the platform, are you hearing what you want to hear from democrats . We are hearing an awful lot about spending during a time when the economy is so devastating. Do we have the money to do what you want them to do . You cannot cut yourself out of a crisis, you have to grow yourself out of one. I am hearing a lot about decency. And we need more of that. So we need to have much more of a focus on capitalism and Free Enterprise. I was going to say earlier, and i am glad i did defer to the mayor, shes doing a great job, and i always let women go first. My mother taught me right. I was going to cite one million black is is is is what we need. And george floyd and the rest of them, eric garner and the rest of them who were murdered, no one talks about it in economic terms. Almost all of them were in 500 credit score neighborhoods. Include the credit score 100 points and you solve property and create gdp opportunity. Move it another 100 points and you had more gdp. You need one million black businesses and entrepreneurs. That should be the goal it should have been the goal of this president , and it needs to be the goal if biden is going to become president. And i think the party is missing an opportunity if they do not embrace, not just the pain, but the promise. I think that is the point youre making. My ideal politician as a republican has a republican and democratic heart. David so well set. Thank you so much. You are very patient and eloquent, we appreciate it. Rick and jeannie will be staying with me throughout the night with much more ahead, including of course that big address from joe biden, the nominee for president. This is bloomberg. Erg. 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. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. But what if you could stdo better than that . K. Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. David from bloomberg World Headquarters in new york, welcome back to the special edition of balance of power, covering the democratic convention. The theme tonight is americas promise. We have been hearing speakers emphasized the unity of the party behind its efforts to unseat President Donald Trump. We will build to the climax where we hear from the nominee for president of the United States. That is joe biden. We go to sophie in hong kong with the china open. Sophie it is green across the screen. Shanghai composite gaining ground after a two day decline. Say , we had a guest based on the shape of the recovery and that d correlation from global equities. China growing for that index. Check out the hang seng gaining ground after falling to a two week low after the u. S. Suspending its treaty. Baguetteevenue is prepandemic levels. Pulling up the chart to check in on the offshore yuan, volatility picks up. Vol onum on threemonth cnh. Broadly speaking, the rest of asia, we pull up the board. We are seeing a risk on tone being helped by news of the vaccine promise. Reinventing gains in asia after the thursday show off. Both markets now bouncing back. News kime jumping on jongun has delegated responsibility for relations with seoul and with d. C. To his younger sister. David thank you so much to sophie in hong kong. We have seen the first ever virtual collection first first ever virtual convention. The question we have is, who is watching and how does it compare with prior conventions . For answers, we turn to our chief washington correspondent, kevin cirilli. Rick davis and you need zeno are still with us and you need zeno are still with us. We have been crunching the numbers all week tracking very carefully just how much of an impact this Virtual Democratic Convention is actually having. If you look at some of the numbers, it has been significantly down. Overall Television Viewership compared to 2016 look at that chart. Of the 2016 viewers. On day 1, 20 6 million. This go around, on day 1, 20 6 million. Inn of course, day three 2016, nearly 25 Million People. Just last night, 22. 8 Million People watching senator Kamala Harris give her big speech as accepting the Vice President of nomination for the Democratic Party. This is where it gets interesting. It is a virtual convention, but campaign. Ile if you look at digital viewership, they have nearly tripled on the digital end. 29 Million People on day one. Those of the latest numbers we have available in terms of digital viewership. I am told when i talked to democratic strategists whether it is First Lady Michelle Obama or dr. Joe biden or last night, senator Kamala Harris, they are going to be repackaging these not just for cable news cycles but also for social media platforms. They are hoping this will give new life to the virtual. Convention i can also tell you that behind me, the occupant of the white house and his reelection campaign, they are carefully watching from a procedural standpoint how they can better capitalize on some of the decline in viewership for next week. It is so good to talk to you. My question is where you were going. What do you bet President Trump is going to be saying next week about viewership on the rnc . I have a feeling we are going to ring an awful lot on how he is beat the democrats in terms of numbers. Want to know what your thoughts are and how the rnc is going to play this as they try to beat the dnc. Me he something tells is ready to say, challenge accepted. I think back to the rally he gave in oklahoma. Remember that massive rally . When it was heavily criticized by the Political Class as well as democrats and even some republicans for going against some of the dish some of the social distancing guidelines, he said, look at the record he set on saturday night viewership for fox news. Tonight. D to see you is an exciting night to be with you. This, part ofof the message is that Television Viewership has been down the last 10 years. I know the convention i ran for john mccains nomination in 2008, both barack obama and john mccain got over 35 Million Viewers for their speech. The nominator has reduced the denominator has reduced. People are not watching Television Like they did in the past. Kevin i was geeking out talking to you offline about the dynamics of the mccain and palin convention. You were just explaining the pomp and circumstance to put it mildly and the pageantry and how political junkies really had to try to create moments on every single night. Moments ande the photographed on the front pages on the newspapers have now become the moments that are going to go viral on your cell phone. That is where the political strategists are playing in this era as we enter into that virtual campaign. David i was at that convention. I remember the lipstick on a pig remark. Rick moments are important. David i have not seen that moment i have to say. Thanks so much for kevin cirilli. Our chief washington correspondent. Coming up, we talk with former treasury secretary Larry Summers on how concerned wall street should be about a biden presidency. This is coverage of the Democratic National convention on Bloomberg Television and radio. David welcome back to special coverage of the Democratic National convention. Joe biden has already laid out an ambitious set of economic programs from clean energy to infrastructure and energy. Alix steel is here on what a Biden Administration might mean for our taxes. Alix higher taxes and higher taxes for corporations. Here are some of the highlights. One, to raise Corporate Tax rates all the way to 28 . The big one is restoring the individual tax rate to almost 40 . What does it mean for wall street . I spoke to the ceo of talon and company. Here is what he had to say. When you look at who is going to be in the white house, one of them is going to be another fiscal stimulus. We have to figure out a way to pay for it. I would say increase taxes. That is going to be something the market is already contending with. Alix he think the market is already contending with it. This chart may show Something Different. This is the effective Corporate Tax rate. It sits at 17 . Before the pandemic, we were 23 in 2016. The biden tax cuts could reduce those aftertax profits of 7 . That rate is an additional 1 trillion in revenue through 2030. That is going to hurt certain companies. Which companies are going to be most at risk . One way of looking at it is looking at the returns of sectors that did really well after the President Trump tax cut in 2016. You have financials, industrials and energy. They were the ones that did well on the tax cuts. The ones that did not move that much were staples, utilities as well as reads. Industrials could also be in the hot seat. They are going to see some upside pressure on wages. That could hurt margins in addition to the Corporate Tax increases. Higher minimum wages and higher Corporate Taxes. Energy could be one of the ones that suffer most of all. Higher Corporate Taxes, may be reduction in subsidies. The take away is it could be a defensive sector market winner if joe biden wins. The question is how bad the other side fair . David allete is what a lot of that is what a lot of people on wall street are wondering. Because of the prospect of higher taxes, someone wall street have expressed concern over a possible biden presidency. White house Economic Advisor larry kudlow says President Biden would crater the stock market. We welcome wall street we computer wall street week compute contributor larry summe. As wall street right to be as concerned as some people are . Larry i do not think so. Wall street was concerned before bill clinton was elected. Wall street was concerned before barack obama was elected. Wall street was concerned before john kennedy was elected. The evidence is very clear that the stock market goes up faster during democratic administrations than during republican administrations. Corporate profits increase more rapidly during democratic administrations. Reason because effective Economic Strategies are from the middle out, not from the top down. That is what tends to happen when we have a democratic administration. Gain not have anything to from the planet suffering from Climate Change. The market does not have anything to gain from crony capitalism. And the erosion of Property Rights of the kind that we have seen in the last four years. Inre is no market stake active incompetence of the kind we have seen in dealing with covid. Program president s would keep top marginal tax rates way below where they were in the periods when the u. S. Economy has grown most rapidly. Can predict markets and nobody can predict the future with great confidence, but the sum out engage in these kind of scare tactics is to make forecasts that are about as accurate as Larry Kudlows forecasts have been over the has year or two when he absolutely been consistently optimistic for the policies and beliefs of his boss. David i also wonder whether wall street looks at all of the factors that should be looking at. It tends to look at what is going to happen with taxes and regulation. Byead recently a paper someone you know well from the peterson institute. If you look at hyperinflation, it is not so much how much money is created. It is a question of confidence in government. It is when markets lose confidence in the government itself. Something we have heard a lot about in this convention. Is democracy really itself at stake . Larry i do not think we are going to have hyperinflation in the United States. I certainly do not want to be heard as forecasting that no matter how the election turns out, that we are going to have any kind of hyperinflation. That is really not my view. Is that wedo believe have all got a great steak in a great stake in the rule of law a system that is. Raised on, rule of law. A system that is based on what you know, rather than who you know and in objectivity. Whether it is when the government chooses to give contracts to companies or the way in which taxes are collected over the way in which rules are passed to protect the environment. Look, countries that have rules based capitalism do much better than countries that have deals based capitalism where everything is a deal with the head of state. That certainly has eroded over the trump years. It has eroded in favorable treatment of trump properties. It has eroded in the nontransparency of the Trump Administration with respect to tax rules and with respect to the trump families payment to taxes. It has happened in various respects with respect to those who are close to the administration. You sell it today you saw it today in the accusations and to be sure, they are just accusations, of private profiteering on the basis of the little wall of the build a wall concept by steve annan, the brains behind the president s 2016 campaign. Descendhe United States even a small part of the way a argentine crony capitalist type state is something people should be very discouraged about, very disturbed about and want to stop at the earliest possible moment. David coming back to the question of democrats and whether they could i wonder if it is simpler if it is too simple to say democrats versus republicans. We are seeing two different wings of it. I republican a Progressive Party represented by Bernie Sanders and aoc and more moderate. Do we know where joe barton joe biden could come out . I think it is too simple to suggest that a Biden Administration or if we had a Different Administration or we were considering the preferences of whoever would be the treasury secretary that is going to come out all the way in one camp or the way in and other camp in another camp. My view is for a whole set of reasons with zero Interest Rates and a sluggish economy, we need to think differently and much more radically about fiscal deficits and fiscal policy than was the right way to think years ago. Progressives are pushing the party in the right direction. We surely need more progressive had and than we have the scaling back of tax progressivity and the opening of new loopholes, shelters, the special breaks for corporations that have occurred in the last four years have been a grievous error. Too not we certainly need be much more aggressive about the environment. We need to leave the world, not trail the world with respect to Climate Change. On the other hand, i do not believe in a politics of envy. I believe that we should raise money in ways that are fair, but it should not be our objective to tear down institutions that have been economically successful for the sake of tearing them down, which is a belief that some people have. Is thet believe that it right thing to prosecute people unless we have evidence they have committed crimes just because there have then unfortunate there have been unfortunate economic outcomes. I think we need to be highly aggressive about Climate Change, that there is vastly more risk we will do too little than we will do too much. We need to think about Market Mechanisms that maximize efficiency. I do not think governing comes down to deciding whether you are on team moderate or team progressive. I think governing, and this is something with all his experience, Vice President biden understands very well, big governing is about making key choices issue by issue, tracking through all of the consequences adopt andicies you that is what i think we will see. I think the right kinds of pragmatic policies are going to involve more fiscal stimulus than they would have 20 years ago. They are going to involve more attentiveness to inequality than they once would have. They are not going to involve some kind of declaration of class war or imposition of socialism. I am confident Vice President biden understands that. David it is always a treat to have you with us. Coming up, we are going live to beijing to find out how joe biden would change u. S. Relations with china. Plus, the latest on the trade deal talks. This is coverage of the Democratic National convention. This is cory booker ending his remarks. Another former rival of joe biden. This is my team. David welcome back to special coverage of the Democratic National convention. We were reminded today of the difficult time the president , whether it is . Trump or joe biden is whether does donald trump or joe biden is going to have sorting things out with china. To take us through the relationship, we welcome our colleague, tom mackenzie. Thank you for being with us. Give us your sense from chinas point of view. I was intrigued by this statement today. No encouragement from the u. S. Side. Tom what we have heard from the commerce officials in china is they do expect these talks to happen sometime soon. To give you a sense of the importance to which china attaches to this phase i trade agreement, look at the front page of the china daily. That is the frontpage story along with a major story taking place in china, which is flooding in central china, which is impacting tens of millions of people here and putting a severe strain on the three gorges dam. Back to the trade talks. There seems to be some optimism despite those comments from trump that you will have this review process at some time, possibly in the next few days. That dovetails but we have heard from larry today from larry kudlow and Peter Navarro who say that largely, china is still sticking to its agreements over the phase i deal. It seems both sides want to get to the talks on this even if trump says he canceled the conversations. To recap what has happened this week, he did have washington canceling the extradition treaty with hong kong and other bilateral agreements. You have mike pompeo warning china he might sanction them over there support for iran. You have pressure on u. S. Never cities today fest their holdings u. S. Universities to divest their holdings. I am curious under that context, do you see it as a bit of a contrast that Peter Navarro is talking about what a great job china is doing on the current trade work they have agreed to and on the other hand, almost every other division of the federal government is bashing china for what they have responsibility for. Tom it is fascinating because Peter Navarro is the uber hawk on china. He is deeply disliked in beijing. He has written some firebreathing books about china. The fact that he is saying they are largely staying committed to the phase i deal is interesting. It also illustrates how difficult it has been for beijing to read the tea leaves in washington. They have tried to do their research and tried to align with the legs of Steve Mnuchin the legs of Steve Mnuchin. It does seem when it comes to the phase i trade deal, both sides are committed even when you hear from trump that he remains anchored decrement anchored by china over the pandemic. David as we are speaking now, President Trump is making headlines despite the fact that it is the Democratic National convention. He is giving an interview on another network saying that the rnc next week is going to have more live appearances. Despite the fact he just gave the interview, he is going to watch Vice President biden. Coming up next, more coverage by bloomberg. Experience the ultimate sports hub. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. David from bloomberg World Headquarters in new york, im david westin. This is a special edition of balance of power. Live coverage of the Democratic National convention. It is 10 00 p. M. In new york as we enter the final hour of the convention. The theme is americas promise. We have been hearing speakers emphasize the unity of the party behind its efforts to unseat President Donald Trump. This hour will build to the climax when we hear from the person will be nominated for the president of the United States. He is joe biden. Still with us are rick davis and jeanne zaino. Rick, you have talked to people who have run campaigns. You have run some yourself. Are people saying it is going well, not so well . Rick i think it is mixed. There are parts of it that people in the business love. The roll call was one of the things most people thought was exceptionally well done and really added a lot of the viral nature of the convention. What a great way to see the country and hear from those people. There have been some highlights. Most are like me. They are fascinated by the fact that we have come to this moment and have an all electronic convention. I would say that the democrats had the harder task. They had to be the first ones to ever do it. It will be interesting to see how the republicans contrast with them on technology and the program just a few days away. David we have President Donald Trump saying they will have a Michelle Obama is on tape. You are a palestra a professor of political science. You have students, young people we call them. Most of us older people say the youngsters are going to love this streaming thing. Do they . Jeanne they have been paying attention. When we were talking to kevin, it used to be back in the day you go to college, we would bring a tv. Nobody brings a tv to a dorm room. They are all streaming. They do not tend to watch things live. They tend to look at them when they come up. One of the questions i have is, have the democrats had enough of these viral moments that they will be replayed the amount of times they want . We know donald trump is a master programmer of television and all things social media. I suspect he is going to be able to create a lead those viral moments and get a lot of attention next week. Whether that translates into votes is another question. He is banking on being able to suck out the oxygen of the room. David did you schedule a moment that lipstick on the peg . Rick these are the kinds of things you spent an enormous amount of time trying to think through. The reality is in watching tv, you only remember the moments. Ed is not sitting around taking notes on what it is not sitting around taking notes on what barack obama said. One of the greatest moments of the reagan conventions were when Ronald Reagan came in while the first lady was speaking and blew her a kiss as he entered the room. We tested that. On tv setsayed out across the country while people watch and say, what a loving couple. They are just like us. Those are the things you strive for. It is incredibly difficult to create that magic electronically. Processsee what kind of tonight plays out. I would say last night was a little flat around the speech of Kamala Harris. It was in a darkened hall with nobody there. It seemed kind of cold. Let cf they can warm it up lets see if they can warm it up for joe biden. David lets go back to a very serious issue. The coronavirus pandemic has led to the loss of millions of jobs and exacerbated the problem we already had of large and growing income inequality across the country. Here with a closer look at the state of the economy is alix steel. Alix President Trump still polling better within the economy than joe biden. Lets take a look at some of the plans. It is called the caring economy. It is based on manufacturing, clean energy and three million jobs in the health care and education sector. There are a lot of confusing signals on the data on how good or bad the underlying economy is. Steve ratner spoke to you earlier. Democrats are going to argue, look where we are. The republicans are going to argue yes, but it is Getting Better. The evidence is clear is Getting Better for more slowly than the president has promised everybody when he kept talking about vshaped recoveries. Alix you have record highs in the stock market, Consumer Spending surprising to the upside. This chart from the Census Survey tells a different story. Almost 127 million americans experienced a loss of income since midmarch. 35 of americans are expecting to lose employment income in the next four weeks. Disproportionately, that is going to hurt black and hispanic americans. Those without bachelors degrees and the younger generation. One of the biggest problems despite Homebuilder Sentiment being so high as the housing sector itself. We have a heat map that tracks how many people in states have little or no concern if they can pay rent in august or their mortgage. The lighter the purple color is, the worst they wind up feeling. In mid july, more than a third of new yorkers had housing and security. In the houston area in texas, that figure approached 40 . It is going to hurt those in the lower income scale the worst. The federal Housing Administration mortgages have the highest illiquid see ray in four decades. That winds up parting people have shaky credit. They put down small payments, a down payment, those loans are the most exposed. You cannot foreclose on anyone for a year. But then what . Does it exacerbate any homelessness issues . You cannot build wealth or pass it on if you are in foreclosure for your health. For your house. David there is a lot of anxiety across the country for the reasons you describe. President trump has been speaking on fox news. He had this to say about the president ial nominee, bidens potential impact on the market and your 401 k . And it went up like a rocketship. The same thing would happen now. The 401 k will go up 25, 30 . They will go down 40 or 50 if he gets in. David coming back now with us is Bloomberg White house reporter mario parker. It sounds like two ships passing in the night. Alix was talking about people having jobs and paying their rent. Is that his strategy . Mario that is a familiar line he has been using on the campaign trail for the better part of a year. If the democrats get in, your 401 k will be decimated. He has been saying that for quite a while. Heowes that to what what pains that on his regulations and etc. Democrats this week have argued he inherited the good economy he had precovid. David i am not sure what it would do for peoples 401 k s. What about the stimulus bill we thought we were going to have to have by july 31 . We are way past that. Is that dead . Where does it stand from the white houses point of view . Usual it is a case of gridlock we have seen in washington. The president of course a couple weeks ago tried to circumvent it with executive orders. Criticizingbeen nancy pelosi, trying to chide her to come back to the negotiating table so they can work something out. Right now, it is deadlocked. Exact timet the donald trump was talking to about our 401 k , cory booker was speaking at the convention. He made the point, he said almost exactly what alix was saying. 30 million americans are not getting enough to eat. 5. 4 million have lost their insurance since march. The democrats are making the point you have a lot more at risk than your 401 k . They will not concede the markets will go down because joe biden will become president. They make a strong case there other things that are more pressing in america. David is the white house making a miscalculation . Mario that is absolutely right. The way you describe it is perfect. Saycrats see this they the economy was not working for everyone even before covid. There were some people who were left out. Large slots of the population large swaths of the population left out. Bidenssomewhat of campaign slogan. They want to address income inequality. Quite frankly, that is some of the things we saw this summer in terms of some of the unrest. Some of it was rooted in income inequality. It because the nation to want to take a look at some of these issues. Jeanne how did the white house feel that they can best respond next week . Are we getting any sense as to how they respond . Rick laid out some of the numbers. They are devastating numbers coming out of the convention. How does the white house feel they are going to respond not just in terms of 401 k s pledge to people in the battleground states who they need if they have any hope of winning the electoral college. Numbers wise, it looks like the popular vote is hard for them to get. How did they speak to those people and refute some of the numbers that are in front of us . Mario we had some reporting today on what the republicans are looking at in terms of next week. They are going to paint this picture of optimism. They argue the democrats have painted a picture of doom and gloom. They are going to head home with this message of hopefulness next week. As you mentioned, and it was a preppy description, the president is a showman as well. This is in his wheelhouse, the production. He is going to try to put on a show and put on this patriotic theme next week. Pete we are waiting for buttigieg, a formal arrival of jode bidens of joe bidens. We will take you to that when he begins talking. Is the white house confident about this race or are they anxious even though they do not want to admit it . Mario they are a lot more confident than they were three or four weeks ago. A couple weeks ago, we spoke with President Trumps new campaign manager. He saw a correlation between the president s rebounding in the and his return to the podium. They feel good about where they are, especially given all of the crazies that faced the country all of the crises that face the country. David we are going to go to the convention. We are about to hear from the former mayor of south bend, indiana. He is Pete Buttigieg. President hasrent made me cry, but as never had anything but it has never had anything to do with his warmth or kindness. Joe bidens empathy is genuine. President obama knows what we all know. Joe biden understands suffering and loss and sacrifice. Mayor Pete Buttigieg also knows something about sacrifice. He volunteered and was deployed to afghanistan, then returned home to indiana to become a highly effective public servant. Say hi to mayor pete. Good evening. Lived a life of service in office and uniform. When you put your life on the line for this country, you do it not because it is the country you live in, but because it is a country you believe in. I believe in this country because america uniquely holds the promise of a place where everyone can belong. Know that for too long, that promise has been denied. We also know america is at its best when we make that circle of belonging later. Belonging later. Aer 10 years ago, i joined military where firing me because of who i am was not just possible, it is policy. In 2020, it is unlawful in america to fire someone because of who they are or who they love. My finger, a on wedding we celebrated, here where i am standing reflects how this country can change. Love makes my marriage real. Political courage made it possible. Including that of joe biden who stepped out ahead of this party when he said Marriage Equality ought to be the law of the land. There is a long way to go, but if this much can change between 2010 and 2020, imagine what could change between now and 2030. Achieve,hat we could this coalition we are building this very season. Gathering progressives and moderates, independents, and what i like to call future former republicans standing for in america where everyone belongs. Joe biden is right. This is a contest for the soul of the nation. To me, that contest is not between good americans and people americans. It is the struggle to call out what is good in every american. It is up to us. Will america be a place where fate is about healing and not exclusion . Can we become a country that lives up to the truth that black lives matter . Will we handle questions of science and medicine by turning to scientists and doctors . Will we see to it that no one who works fulltime can live in poverty . I trust joe biden and Kamala Harris to guide us toward that future. I have seen up close their empathy and their capacity. Just as i have seen my fellow americans capaiccity to support and occlude and include one another in better ways. The idea ofs born, an out candidate seeking any office at all was laughable. Earlier this year, i campaigned for the presidency often with my husband at my side, winning delegates to this convention. Now, i come to this convention proudly supporting joe biden and Kamala Harris. Joining fellow democrats who were squaring off in competition a few months ago. A number of us got together to talk about the joe we know. I am cory booker. Welcome to everybody at home. I am excited to present to you a group of people that ran in the 2020 david we have been listening to mayor Pete Buttigieg as he introduces a tape of a range of rivals to Vice President biden contesting for the nomination as they come together virtually on tape once again to support this nomination. Coming up, michael bloomberg, founder and majority owner of bloomberg lp addresses the dnc minutes from now. This is coverage of the Democratic National convention on Bloomberg Television and radio. David this is special coverage of the Democratic National convention on Bloomberg Television and radio. We are moments away from one of the highlights this evening. Maybe next to hearing from joe biden. Michael r. Bloomberg, former democratic president ial antedate and the candidate and the founder of this network is about to address the convention. I find it interesting that with mike, where they put him. They put him almost before joe biden. Give me the thinking. Conventionebut at speeches four years ago went over very well. He lysed a tough attack on donald trump he launched a tough attack on donald trump. They knew he could pull off a good convention speech. I would say that even though he did not make it deep into the field of primaries, he had a big impact on the primaries and continues to have a big impact on the campaign through his generosity financially but also pointing out a lot of issues with Donald Trumps administration. I would not be surprised that he would be put in this slot. He has a great following around the country. I think it is a good transition to this centrist view of the party that joe biden has been projecting throughout this convention. David people may not know this. The Bloomberg Foundation has a program to train up new mirrors. One a new mayors. One of the graduates was keisha lance bottoms. When he was running for president , a lot of the mayors stepped up for him. Jeanne absolutely. That is what a party needs to do , create strong bench of young and upandcoming people. As you look at issues like gun control, health, these are issues that matter to the democratic race. No one has understood as well democratic base. No one has understood as well as mike burke that you reach the centrist base. You combine those things and it makes a lot of sense for joe biden. David it is pretty impressive the way they have perpetrated this. You and i have been talking on the air. There have not been big moments that will go down through history. We are going to go to michael r. Bloomberg. I have supported democrats, republicans and independents. I have actually been a democrat, republican and independent. All about people and the two people running for president could not be more different. One believes in fax. One does not in facts. The other does not. One listens to experts. The other thinks he knows everything. One looks forward and see strength in americas diversity. The other looks backwards and sees immigrants as enemies and white supremacist as allies. Here is another difference. One has proven he knows how to handle a crisis by helping to lead the economic turnaround after the 2008 recession while the other has not only failed to lead, he has made the Current Crisis much worse. When confronted with the biggest calamity and a president has faced calamity any president has faced in the modern era, donald trump spent the first part of the year downplaying the threat and ignoring thousandsndreds of needlessly sick or dead. He has failed the American People catastrophically. Ago, i came before this convention and said new yorkers no way con new yorkers know a con when we see one. Im urging you to vote against him because he has done a better job. Today, unemployment is at historic highs. Small businesses are struggling just to survive. It did not have to be this way. Before iran for mayor, i spent 20 yet before i ran for mayor , i spent 20 years running a business i built from scratch. I want to ask small Business Owners and their employees one question. Would you rehire or work for someone who ran your business into the ground and who always does what is best for him or her even when it hurts the company and whose reckless decisions put you in danger and spends more time tweeting than working . If the answer is no, why the hell would we ever rehire donald trump for another four years . Trump says we should vote for him because he is a great businessman. Really . He drove his companies into bankruptcy six times, always leaving behind customers and contractors who were cheated, swindled and stopped doing business with him. This time, all of us are paying the price. We cannot let him get away with it again. Donald says we should vote for him because the economy was great before the virus. Den and obama created more jobs. Economic growth was higher under biden and obama than under trump. While biden helped save one million Auto Industry jobs, trump has lost 250,000 manufacturing jobs. When trump says he wants to mid America Great again, he is making a pretty good case for joe biden. Our goal should not be to bring back the pandemic economy. It should be as joe says, to build it back better. Createconomic plan will Clean Energy Jobs will fight another crisis trump is ignoring, Climate Change. Joe will rebuild our crumbling roads and bridges. Something trump has talked about doing but in the last three and a half years, he has not done anything. What a joke. Let me tell you a secret. Donald trumps economic plan was to give a huge tax cut guys like and thend not need it lie about it to everyone else. Well, joe will rollback the tax cut i got so we can fun things our whole country needs like training for adults who have lost jobs and making college more affordable and investing in American Research and develop so the products of tomorrow are made today by american workers. Believe america is the greatest country in the world. Not because we won the Second World War but because of why we fought it. For freedom, democracy and equality. My favorite childhood book was called johnny tremaine, about a boston boy who joins the sons of liberty at the dawn of the american revolution. At the end of the book, johnny stands on lexington comments and sees a nation that is quote, green with spring, dreaming of the future. That is the america i know and love. That is the america we are in danger of losing under this president. Lets put an end to this whole sorry chapter in American History and elect leaders who will bring integrity and stability, sanity and competence back to the white house. Joe and kamala, go get them for all of us. David we have been listening to michael r. Bloomberg. Once again, he has the founder and majority owner of bloomberg lp, our parent company. Lets turn to our political contributors and bring in Bloomberg White house reporter, mario parker. Give assays a sense give us a sense on how they are going to regard this speech by mr. Bloomberg. Mario he tried to make the Business Case or lack thereof as to why biden should be elected and donald trump should not be returned to the white house. Houses inite their opinion, the most powerful weapon is the economy. They will argue the regular cuts they have made, the tax cuts they have made are the other decisions like trade have been nothing but a boon to the american economy. David i do not know how much of this is coordinated, but it does strike me there is a theme here. We heard Mike Bloomberg say i am not saying he did a debt he was a bad guy, im just saying he did a bad job. We heard president obama saying we disagree on policies. He does not take the job seriously. It is almost like a performance evaluation. Jeanne i think that is an Important Message for democrats to get out there. This election is decided in battleground states. It is a very narrow number of americans who actually make this decision given how our system works. Those people, if you voted for donald trump, Everybody Knows he we was in 2016 and who he is now. Are you better off today . Has he done a good job . The case being made by Mike Bloomberg, obama and others as he has failed the test. David i wonder what the answer to that question is. Describe the trump voter. Lets pick michigan or pennsylvania. Why would they change their mind . Rick i do think what like bloombergs position in tonights program represents is an elevation of economic attacks on trump. Administration gave a perfectly healthy economy to the trumpet administration and they squandered it. This convention is not focused much on the economic debates. Mike bloombergs place on this Program Helps elevate that argument. Mike bloomberg has credibility with large and small Business Owners alike who say i can attest that Mike Bloomberg that joe biden is going to do a better job for you than donald trump will. That might pick up some of those voters you are describing. David how vulnerable does the white house think it is on the economic argument . Mario the white house is confident on the economic argument. Polls off of polls, treat them unfairly them unfavorably on the coronavirus pandemic. Economy,of the President Trump has had a consistent lead over joe biden in terms of who voters trust to shepherd the economy. David this is a fascinating point because a lot of polls have gone south for President Trump. The one people trust the one thing people trust him on is the economy. Jeanne that has been consistent. It is typical for republicans. Donald trump has continued that despite the state of the economy. Americans a still trust him. Youve got to hit him on the economy because when you look at the numbers, its not as strong as they should be. David many thanks to mario parker. Rick and jeanne will be staying with us. I will the Biden Administration deal with china . Part of the conversation with ian bremmer coming up next. This is coverage of the Democratic National convention on Bloomberg Television and radio. David welcome back to special coverage of the Democratic National convention. Im david westin. President trumps allies have been criticizing the convention for not mentioning one of the u. S. s greatest strategic challenges, china. I spoke about this earlier with ian bremmer about how a future Biden Administration might take a different approach toward beijing, particularly when it comes to technology. Ian pretty much everyone, democrat and republican, agrees that the United States needs to take a tougher policy, a tougher stance against china. Werear involved involved in a serious coverup in the coronavirus in the first week, when they didnt until their own people, never mind the World Health Organization or the rest of the world. Hundreds of thousands of chinese from wuhan leaving the country. Bidens met about that, trumps mad about that. They are trying to become a superpower, to have a lot more access and control over data of people outside china, and competing with american tech companies. Both trump and biden would want to fight back against that. The chinese have unilaterally changed the rule set. There is no more one state, two systems with hong kong. The entire western world proposes china doing that. That would be true for both trump and biden. So really, what you see in the next few months will be both the president and the former Vice President competing to show that each are tougher against this chinese government. And i think that if biden came youd certainly see a stronger effort to make u. S. Policy more multilateral. Use our allies and make statements together, where trumps already inpatient is more unilateral, and forcing allies to get on board with the americans as opposed to constructing policies together. But i think the broad, sweeping strokes that those policies toward china actually wouldnt change much between these two leaders. David so not a potentially big difference, at least on the substance. Weve heard republican say you dont hear about china because they dont disagree with us on it at all. At the same point, is this sort of fundamental is a different approach, particularly in the tech world, particularly the internet, where theres a term now ive read, net nationalism . Its thought to be open to all. Some countries, apparently led by china, want to use as an instrument of state power. Ian thats very clear. And we used to talk about a world wide web. Thats has quaint today. There is no search that sounds quaint today. There is no such thing. China has a separate internet of things that works for their own people, and also that they are starting to export to countries like zimbabwe, for example, pakistan, mostly poorer countries that have benefited from chinese investments and loans. But the advanced industrial democracies are almost all aligned with the american tech firms. We can talk about net nationalism, david, but there are only two countries in the world that have Global Technology firms truly of scale. And thats the United States and china. So, i think its more accurate to talk about Technology Cold war, which we are presently in. The chinese do not allow american tech firms like facebook or google or like amazon to function openly in the chinese market, the largest data market in the world. And the United States is now making it clear that huawei and, very soon, tiktok and wechat, will not be operating in the United States. And by the way, we dont want them operating with our allies either. If they do operate with our allies, we intend to make that costly, both in terms of intelligence sharing and perhaps economic sanctions, as well. Once again, i think that policy would be almost completely upheld if we were to see a Biden Administration come into place. David that was part of my conversation with ian bremmer earlier today. He gives views on china, on what some are calling a cold war over tech. We welcome back tom mackenzie, anchor of the Bloomberg China open. Thanks for staying with us. Give us the perception from china. Do they agree theres a fundamentally different approach to the internet than the United States, whether an instrument of safe power or not . Emily increasing tom increasingly, there is a view we are getting a bifurcation of the Technology World between the west and china. Huawei was the jewel in the crown because its a major private company linked to the party, a Massive International presence, and it was leading on innovations. It is the leader in 5g. Its been very successful at that. The most recent curve announced by the Trump Administration tightens the news, and i noose. I was speaking to someone who said that gives them a timeframe of six to nine months. After that, they could be down for the count. They could be building their own semiconductors, but theyre still at least 510 years away from that. Huawei was hoping to set global standards. They are still doing fairly well in places like africa and submissions on that continent, and also latin america. But its a rent study setting the standards. So yes, there is a view you are going to have to focus on the indigenous invasion. When you speak to investors, they see opportunities around this bifurcation. Theres so much r d spending focused domestically on Building Technology supply chains to protect it from these curves in the u. S. Jeanne tom, as we wait for biden to come out and accept this nomination, what is mood like in china over a perspective biden presidency . And do they feel like this is going to be a retread of the Obama Administration and its approach to china . Or do they expect Something Different . We heard biden with a lot of tough talk on china and it has not been clear what that transit into beyond revitalizing the relationship with the allies, potentially. Tom i think thats a good question. Theres a couple questions we go back to the obama era and when he was in power, would you think china would go back to working on. Those are Climate Change in the iran deal. We were talking to david and ian bremmer about that. They coulds start significant conversations. They are concerned about alliances and rebuilding alliances, particularly in europe, and also restarting and recommitting to the transpacific partnership, which threatens china. Aey are also concerned that Biden Administration would be tougher on human rights issues, particularly around hong kong. That is a concern for them. But they would be optimistic that they could sit down, restart conversations on some of these issues. I dont think they are under any illusion, but the view here is a strategy in the u. S. Whether ,iden or trump remains the same and the tactics may change but the strategy will remain the same. David can we make progress on soybean and trade with huawei and tiktok looming . Tom thats another key question. Both sides seem to be saying you can continue to ensure the phase i deal holds up. Weve heard that from Administration Officials in beijing and in the u. S. Whether or not you can isolate that from technology concerns is a key question. Chinese Officials Say they are going to bring up wechat and tiktok when they sit down for a review on trade talks because those are significant companies. At some point, the dam is going to break, but they will hold off until after the elections. David that will make it a fun discussion. Thank you so much. Great to have you here. Coming up, moments away from the highlight of the evening and the convention. Democratic president ial nominee joe bidens acceptance speech. Well bring that to you live. This is the Democratic National convention on Bloomberg Television and radio. David this is special coverage of the Democratic National convention. Im david westin. We are moments away from joe bidens acceptance speech in wilmington, delaware. Lets bring in rick davis and jeannie zana, and our chief washington correspondent, kevin. Let me ask you, a loyal pennsylvanian, the getting the working class behind joe biden. What does joe biden need to do to speak to those workers tonight . Kevin hes got to talk to scranton, pennsylvania, his hometown that President Trump was at earlier this week. He has to make the pitch that manufacturing jobs mind you, the Manufacturing Sector was in decline even before covid19 due to global forces, so hes got to make a pitch that manufacturing jobs are going to rebound, come back, and come back stronger. On the issue of energy policy, if he is going to back the greener deal, he has to walk a narrow tight rope as it relates to fracking, fracking crucial in a state like pennsylvania to the economy in the keystone state. But then hes got to look at the southwestern portion of the state along that border between ohio and pennsylvania, conor lamb country. Conor lamb is the Freshman Congress member who is able to red a trump district, a district in a special election and be able to win it back for democrats. Hes a different kind of politician when you contrast him with alexandria ocasiocortez. Joe biden, 10, 20 years ago, much more like a conor lamb. But will he now have to inherit the more progressive life of the party . We dont know. Ronalda generation ago, reagan did a version of this when he attracted the workingclass to him, ragan democrats, like wayne county. Can joe biden do the reverse . I think one of the things is Hillary Clinton lost them to donald trump, primarily because she didnt speak to their hopes, dreams, aspirations. She took them for granted. So, the question now is who are those people . Because the jobs have been declining. I think you look at it from a point of view of who is trump space . Trumps base they are not likely to move. They are more white rural males than wayne county people that you mentioned. Those are now the suburbs of the cities that used to be dominated by democrats, and those are up for grabs. Donald trump won those suburban voters last time because they didnt trust Hillary Clinton. The question tonight, in my view, and youve seen the centrist messaging coming out of this convention, the battle for the suburbs is on and joe biden is going to try to wreak as much havoc on the suburbs as he can. David is that with the battle is going to be . Jeanne it is the suburbs. Its also women. And that is critically important. And thats where Kamala Harris is so critical and, of course, joe biden is going to come out tonight and he is going to try to make the case that he is going to bring the security to the suburbs, both economic, health, restore education, and bring normalcy back to the white house. Its stunning when you think he ran 29 in 1972, and it is 2020 and finally, after his entire life of pushing for this, he is going to be accepting this nomination. Its absolutely astounding, whether you like him or not, what a life he has led. David there is a lot of talk from the president about law and order, and specifically as jeannie says about the suburbs, saying theyre going to come after you in the suburbs. Yet the democrats didnt respond at all. Did that surprise you . Kevin no, it doesnt. Back in the 2000 election, it was about security im sorry, the 2004 election it was about security mounds. In the post9 11 president of cycle, rick, you know this, it was the same argument the late senator john mccain also tried to make about experience and the commanderinchief, experience they were going to be making. What i talked to sources of the president s reelection campaign, they said they are fully prepared to have the security debate in 2020, a modern type of debate, as they would call it, on a host of different issues relating to law and order. And that, i think when you look at the racial inequality and the racial unrest of the past several months that has really gripped the heart and consciousness of this country, it has been a very different lens in which, and social media feet, in which americans were processing that and digesting that. And on the one hand, the way that someone consumes the racial unrest in the cities in places like wayne county and places like scranton, pennsylvania is very different than the experiences that individuals underwent who actually reside in those cities. And thats why, behind the scenes, republicans are really saying, essentially, theyre willing to draw that contrast in the weeks ahead. David we have been watching at the convention a biopic of joe biden, produced by mr. Guggenheim, an established document a film producer. Right now, we go to the nominee of the president of United States, mr. Joe biden. Mr. Biden good evening. Baker, a a ella giant of this of rights movement, leftist this wisdom. Give me the light. Those are words for a lifetime. The president has cloaked america in darkness for far too long. Too much anger, too much fear, too Division Much division. Here and now, i give you my word. If you interest me with the presidency, i will draw the best of us, not the worst. Light, an ally of the not the darkness. 10 for us, we as the people time for us to come together. We can and will overcome this season of darkness in america. Well choose hope over fear, facts over fiction, fairness over privilege. Im a proud democrat and ill be proud to carry our banner of our party into the national election. So its with great honor and pt thisy i acce nomination for president of the United States of america. But while ill be a democratic candidate, i will be an american president. Hello work as hard for those who supported me then those who didnt vote for me. Thats the job of the president , to represent all of us, not just our base or party. This is not a partisan moment. This must be an american moment. Someone that calls for hope and light for love and love, hope for our future, like to see our way forward, love to one another. America isnt just a collection of clashing interests of red states and blue states. Were so much bigger than that. Were so much better than that. Ago,ear the century frank them roosevelt pledged a new deal in the time of massive uncertainty and fear. Stricken by a disease, stricken by a virus, fdr insisted he would recover and prevail, and he proved believed america could, as well. And he did and we can, as well. This campaign is not just about winning votes. Its about winning heart, and yes, the soul of america, winning it for the generous among us, not the selfish. Winning it for workers who keep this country going, not just the people at the top. Winning it for those communities who have known these injustice of the knee on the neck, for all the young people of knowing g rising ina, bein equity and tracking opportunity. They deserve to experience shrinking opportunity. They deserve to experience americas promise. They deserve to experience it in full. No generation knows what history will ask of it. All we can ever know is whether we are ready when that moment arrives. And now history has delivered us one of the most difficult moments america has ever faced. Four historic crises, all at the same time, a perfect storm, the worst pandemic in over 100 years, the worst economic crisis since the great depression, the most compelling call for Racial Justice since the 19 cities, and 1960s, and the undeniable reality and accelerate threats of Climate Change accelerating threats of Climate Change. The question is simple. Are we ready . I believe we are. We must be. You know, all elections are important. We know in our bones this is more contrapuntal. , time ofave said real peril are also extraordinary possibilities. We can choose a path of becoming angrier, less hopeful, more divided, a path of shadow and suspicion, or we can choose a different path and together, take this chance to heal, to reform, to unite, a path of hope and light. This is a lifechanging election. This will determine what america is going to look like for a long, long time. Characters on the ballot. Compassion is on the ballot. Decency, science, democracy, theyre all on the ballot. Who we are as a nation, what we stand for, and most importantly, who we want to be. Thats all on the ballot. In the choice could not be more clear and the choice could not be more clear. No rhetoric is needed. Just judge the president on the facts. 5 million americans infected by covid19. More than 170,000 americans have died, by far the worst performance of any nation on earth. More than 50 Million People have filed for unemployment this year. More than 10 Million People are going to lose their Health Insurance this year. Nearly one in six Small Businesses have closed this year. And this president , if hes reelected, you know what will happen. Cases and deaths will remain far too high. More mom and pop businesses will close their doors, this time for good. Working families will struggle to get by. And yet the wealthiest 1 will get tens of billions of dollars in new tax breaks. And the assault on the Affordable Care act will continue until its destroyed taking insurance away from more than 20 Million People, including more than 15 Million People on medicaid. Getting rid of the protections that president obama worked so hard to get past for people to have 100 million more people who have preexisting conditions. Speaking of president obama, a man i was honored to serve alongside for eight years as Vice President , let me take this moment to Say Something we dont say nearly enough. Thank you, mr. President. You were a great president , a president our children could and did look up to. No ones going to say that about the current occupant of the white house. What we know about this president is if hes given four more years, hell be what hes been for the last four years. The president takes no response ability, refuses to lead, responsibility, refuses to lead, blames others. Hell wake up every day the job is all about believing the job is all about him, never about you. Is that the america you want, for you, for your family, your children . I see a different america, one thats generous and strong, selfless and humble. Its an america we can rebuild together. As president , the first step i will take when we get control of the virus that has ruined so many lives, is to understand something this president hasnt from the beginning. We will never get our economy back on track. We will never never get our kids back safely in our school. We will never get our lives back until we deal with this virus. Today,gedy where we are it didnt have to be this bad. Just look around. Its not this bad in canada or europe or japan, almost anywhere else in the world. And the president keeps telling us the virus is going to disappear. He keeps waiting for a miracle. Well, i have news for him. No miracle is coming. We lead the world in confirmed cases. We lead the world in deaths. Our economys in tatters. Black, latino, native American Communities bearing the brunt of it. And after all this time, the president still does not have a plan. Well, i do. If im your president , on day one, well implement the National Strategy ive been laying out since march. Well develop and deploy rapid tests, with results available immediately. Well make the medical supplies and protective equipment that our country needs. Well make them here in america so well never again be at the mercy of china or other Foreign Countries in order protect our to protect our own people. Well make sure our schools have the resources they need to open and be safe and effective. Well put politics aside. Well take the muzzle of our experts so the public gets the information they need and deserve, honest, unvarnished truth. They can handle it. Well have a National Mandate to wear masks, not as a burden, but as a patriotic duty to protect one another. In short, well do what we shouldve done from the very beginning. Our current president s failed in his most basic duty to the nation. Hes failed to protect us. Hes failed to protect america. And my fellow americans, that is unforgivable. As president , ill make you a promise. Ill protect america. Ill defend us from every attack, seen and unseen, always, without exception, every time. Look, i understand. I understand how hard it is to have any hope right now. Methis summer night, let take a moment to speak to those of you who have lost the most. I have some idea how it feels to lose someone you love. I know that deep black hole that opens up in the middle of your chest and it feels like youre being sucked into it. And how mean, cruel, and unfair life can be sometimes. But ive learned two things. First, your loved one may have left this earth, but theyll never leave your heart. Theyll always be with you. Youll always hear them. In second, i found the best way through pain and loss and grief is to find purpose. Each of usildren, have a purpose in our lives. We have a great purpose as a nation to open the doors of opportunity to all americans, to save our democracy, to be a light to the world once again, and finally to live up to and make real the words written in the sacred documents that founded this nation that all men and women are created equal, endowed by their creator with certain inalienable rights, among them life, liberty, and the pursuit of happiness. You know, my dad was an honorable and decent man. He got knocked down a few times per hard. Batik pretty hard. But he always got back up. He worked hard and built a great middleclass life for our family. He used to say joey, i dont expect you to come them to come solve my problems, but i sure expect them to understand them. Then he says joey, a job is about a lot more than a pahe