Fight . Sen. Boxer this is Donald Trumps america. I do not think you need a special playbook. You just have to look out the window and think about what weve gone through the last four years, the chaos, the fact that we are no longer a leader in the world, our allies have abandoned us and tyrants love trump. We get hit with a pandemic and the first thing trump says is it will disappear. We have 15 cases, it is going down to one, i will never forget that day. I know we are talking about business and i honestly think he thought if he admitted what he had been told by people like dr. Fauci, the stock market would go down. If you are the leader of the free world, you have to focus on the challenges. What did he do . He passed it off to the different governors, said go forward, hardly giving them any money, and we are suffering. People are dying. People are scared. Be withk i happened to my children and my grandchildren. My husband and i said we cannot stand it. Everybody got tested, nobody wants to give it to anybody else. Urgently where you are able to get together. You talk about what i do with my life. One of the things i want to do is spend more time with my kids and grandkids when i left the senate. My golden years are turning into stolen years. This is Donald Trumps fault. I am sorry. Not the virus. I have never seen a president so afraid of something that he says i am not responsible. That is what it is about. He will say whatever he wants. He will go after joe. He will be vicious. Howhe end of the day, it is are we feeling about our country . I do not think the feelings are good. All you have to look at is right track wrong track. David we have had a very rough few months because of the coronavirus and the economic consequences. At the same time we have a ways to go until november 3. What does it do to the democratic position and joe bidens position if the numbers get better, if President Trump can say we are coming back out of it . Sen. Boxer well, we are used to that. There is no race that does not tighten at the end. Let me tell you what the issue is. There is no sure thing, no sure thing whatsoever. Joe needs to get 270 electoral votes. We know the path to get there, there are a couple of different paths, and we have to focus on that. , we have toything focus on voter turnout. That is critical. S ask to yourster voting for, they only ask the people who vote in the last president ial election, the others do not count. There has to be enthusiasm. I think when he added kamala to the ticket, that was such a healing move. As you know, we have seen tremendous protest going on in our streets. People of every ethnic background. I think this ticket of joe, who is older, kamala who is younger, male, female, different ethnicities, it says something in and of itself. If that can be turned into voter enthusiasm, i think we are going to make it. If people say i do not think so, i will not bother coming if trump succeeds, which i do not think he will, in slowing down the post office, this thing is a nightmare. We have issues before us. I think we have to focus on getting out the vote and getting the postmaster general to stand down. David who should we be focused on in terms of voters. As we plug this out between now and november 3, before it was a handful of battleground states, supposedly wisconsin, pennsylvania, michigan. Who should we focus on . Is it the suburbs . Sen. Boxer lets start off with the states. We know the states. I will not mention all of them, but in addition to the ones you mentioned, there is florida, theres arizona, we have to make sure we get colorado, nevada. We have states in the west, we have states in the midwest, and we have florida and georgia in the south. That is number one. In terms of the suburbs, i do not think there is a separate message. I raised my family in the suburbs, the San Francisco suburbs. It was very red country when i got there. It turned purple and then it turned blue. Suburban moms, when they heard george floyd call out for his mother, this grown man, on the ground, with all of these Police Officers leaning on his neck depriving him of oxygen, and he not think, if you do that hit the women of the suburbs, not to say it did not hit the man, but im very familiar with what women feel because we are moms and grandmas and aunts, and i think again it comes back to the america we are living in. We have a Good Alternative in joe . Yes. Somebody tested, somebody compassionate. I never met anyone more empathetic. I served with him for 70 years. He is a great legislator for so many years. He is a great legislator. When barack obama wanted to pass health care, joe helped get the votes. When we needed the stimulus bill, and remember that moment, we needed a stimulus to bring our economy back, who did it . Joe. We have the alternative to a dangerous president. David no one could have watched that video tape of george floyd and not have their hardware out of that man and his family. At the same time their heart go out to that man and his family. In the wake of that weve had some violent demonstrations. You cannot watch the video of the writing and looting without being concerned about it. We have heard nothing about law and order. Did the democrats make a mistake . We will surely hear about it next week in the Republican Convention . Sen. Boxer it is obvious. Joe wrote the crime bill. Joe has the credit. Kamala was a prosecutor. Youre not going up a tensed a ticket thatainst a says we do not need police. I want to talk about your point about violence. That was a small percentage of the thousands and thousands of good people who came out to say we do not want to see this anymore. Black lives matter. The people who were doing the people who areow anarchists on the right and the left. Lets face it, ive been to enough marches to know. They try to record for everybody because they do not care. It for tried to wreck everybody because they do not care. It was awful and i was proud of our mayors and governors dealing with it. I thought when trump sent in Homeland Security like his own militia, that was a black eye for him. Nobody like that. People said what are they doing here . Did not even have names on their shirts, you did not know who they were. This president , we have seen him for what he is. He does not know what he is doing. He wants to be a dictator, his best friends are dictators, it is unreal. Every day. We have a very good ticket against him. David i do not want to let you go without talking about the senate for just a minute. You served for 24 years. A two ago, i am not sure anyone was talking about the democrats taking it, what will make the difference . Sen. Boxer i am not a great predictor, but what i would say is if there is a blue wafer president , i think we will take back the United States senate. We have great candidates on the democratic side. We have several black candidates running. In south carolina, in georgia, in mississippi, in louisiana. I am working to help them. I call it my meet the moment project because we need diversity in the senate. When i got to the senate, their only two women, then we had six and everyone said here are the women. You have to get more than six out of 100. Now we have about 26. It is a slow grind. Africanamericans are 13 of the and we only have three africanamerican senators. I think we have a chance with the excitement of the peoplential ticket if know they will have to work hard to vote. This will be something. I loved it when some of our speakers set, and i think it was Michelle Obama fabulous she said get a plan, you may have to bring your chair or your water, you may have to stay there. We will vote. This is a big election. David big election indeed. Thank you so much. That is barbara boxer, former democratic senator from california. Coming up, we get the scorecard for the Democratic Convention from former John Mccain Campaign manager rick davis. This is balance of power on Bloomberg Television and radio. David this is balance of power on uber television radio. It is time for first word news. We go to mark crumpton. Mark there are new signs the coronavirus pandemic may be starting to slow down. The u. S. Has reported more than 50,000 new cases for six Straight Days and the senator for Disease Control and prevention says deaths should start to drop as schools and universities do more to contain the pandemic. Total cases in the u. S. Are more than 5. 5 million according to data compiled by Johns Hopkins university. More than 174,000 americans have died. The nations postmaster general is on capitol hill defending his management of the u. S. Postal service. Louis dejoy is testifying before the senate Homeland Security committee. As we head into the election season, i want to ensure this committee and the American Public that the Postal Service is fully capable and committed to delivering the nations election mail securely and on time. This sacred duty is my number one priority between now and election day. The u. S. Postal service is at the center of a political clash between President Trump and Congressional Democrats over voting and the integrity of the upcoming november election. It is also becoming entangled in the stall negotiation over a new virus relief bill in congress. The House Oversight committee will question is to do joy on monday. Ce seems to be pen disagreeing with President Trump over the farright Conspiracy Theory qanon. President trump said of the turkish president erdogan says the nation has discovered Large National gas reserves off the black seacoast. Earlier this week he says to deliver good news that would usher in a good air a for the energy dependent company. He hopes erdogan says to start extracting and using the reserves by 2023. Turkey is dependent on iran, iraq, and russia for its energy. Turkey 41rts caused billion. Turkey 41 billion. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I mark crumpton. This is bloomberg. The day after, political junkies are going through the Democratic Convention assessing how they did and turning their attention to what comes next week. Throughout our coverage has been bloomberg political contributor rick davis. Thank you so much for being with us. Let me use the baseball analogy. Runs, hits, errors. How do you score the Democratic Convention . Rick on the runs basis, starting from the top and working down, the tap the fact that jill and joe biden were such a hit in their speeches, they both exceeded expectations and planted strong punches on the current president and both of them made the case for why the bidens would be a breath of fresh air in the white house. Kudos to them for that. There were other hits. Was one of the surprise items that came out of this and has gone viral. It has bled to some it has led to some upside to the viral nation of the convention, and the unity of the convention. No one expected the Progressive Left to tow the line and show the level of support they did, but even nvidia where they had the former candidates that opposed joe biden and some of the video shots where they were together, they look like they like each other and were enjoying themselves and like to joe biden. Likability is a big factor. David what about errors . Natureverall the viral of conventions was horrible. There were a lot of fits and starts. When Bernie Sanders was ready to give his speech, which was an important topic, there was a lot of issues with starting on time and the backdrops and some of the visuals were hard to get your head around. The real question is will anybody remember this convention two weeks from now . Where were the big moments people will remember in october and november before they vote . I scratch my head to come up in something i think is interesting. David lets put that question to the republicans. What are you expecting next week . It will certainly be different from what we saw this week. Week was ais reintroduction of joe biden in his own leadership skills, next week will be all trump, all the time. Theyve already said he will appear every single day of the convention, which is not horribly unusual. Convention had cameos from him at various times of the convention, but this is going to be all about donald trump. He sees this as a celebration of as presidency and his aura an individual, which is bigger than his presidency. It will be much more focused. I think it will lack the deep bench the democrats showed. Multiple president s appeared at the Democratic Convention. There will be no former president s at the Republican Convention, and the question will be how does he handle some of these issues. He is hot on china right now and will focus on some of the leadership he has given to try to push china back. I am sure he will do a victory lap on his recent successes in the middle east on peace talks and recognition between the uae and israel. There are upsides, and i suspect he will focus on it. The real questiois hodoes he handle covid in the economy, because that is not been a strong suit for him lately. David and can he stay on script, which could make for better television. Rick only if he stays on script will he be bad. I have no doubt the managers of the convention worrying about no matter what they put in that teleprompter, donald trump will take control of that convention every single day and make news, and not necessarily the news they were out to make. David it will be worth watching, no question. Thanks very much to Bloomberg Contributor rick davis. Hell be with us once again for coverage of the Republican NationalConvention Starting monday at 10 00 eastern. Meanwhile President Trump is speaking at Arlington Virginia at the council for national policy. He says china will own america if joe biden gets elected. He also says some allies are trying to take advantage of the u. S. You can listen to the speech on live go on the bloomberg. Power onalance of Bloomberg Television and radio. After years of neglect by both parties, my administration understands that a strong nation must have strong borders. David this is balance of power on Bloomberg Television and radio. It is time to check on the markets. We want to check on how the markets may be reacting to what we heard. One of the questions is taxation because joe biden has made no secret about the fact they have a lot of plans that will cost a lot of money and our taxes will go up. Are the markets reacting to that . Abigail today not so much. From a broader brush stoke standpoint, and white have to present preface this by saying this is more of an art than a science, the Biden Campaign is talking about taxes going up roughly 3. 5 billion. That would obviously be a hit from a broad brush stoke standpoint it looks like it will be more income tax for the wealthy, taxing more inheritances, the Capital Gains tax will be taxed as ordinary income, and killing tax breaks. 800bulk of this will come, billion is broken down from the Biden Campaign. Then 700 30 billion from the Corporate Tax rate being raised to 28 . Another one receiving some billion for310 capital reduction for the oflthy, and the rate 39. 6 . As of halep this could affect the market, it sounds like it could as for how all of this is affecting the market, it sounds at first bryants like it could be no big at first glance like it could be negative. Markets over the last couple of years a real roller coaster ride. Whoever wins the presidency, it looks like it could be an overheated market. It is difficult to say if joe biden wins the presidency and these tax increases going to play that it is going to definitely be a negative. A lot of people like the certainty joe biden as a president could offer for the economy and the jobs picture. David indeed. It is a lot of money. 3. 5 trillion, which could make a difference. It could affect different sectors differently. Can you sort out which ones might be hurt and which ones could be helped . Abigail one reason to think this could be an issue for the markets is the sectors most likely to be hit if joe biden does when the presidency are this years stayathome sectors , including Communication Services like google and facebook, discretionary which is being buoyed by amazon, technology and health care. That is something to keep in mind. On the other hand, sectors that will be less hit and benefit materials are likely to see their earnings hurt by only 3. 8 , whereas other sectors could see earnings hit up to 10 . Traditionally under president s tax plan passed a couple of years ago, that has diminished to some degree. Ay come back to the focus in positive way for investors. David that is Abigail Doolittle reporting on the markets and how they might be affected by joe biden presidency. Coming up, u. S. Relations with iraq on the heels of a meeting at the white house between the iraqi minister and President Trump. We will be joined by Brigadier General retired mark kimmitt coming up next on balance of power on Bloomberg Television and radio. 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. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. David this is bloomberg balance of power. Pelosi is getting pressure from moderate democrats running in swing states. They want her to reopen stimulus talks with republicans. The coalition sees tomorrows house vote on Postal Service funding is an opportunity to revive negotiations. Bill barr says he would be vehemently opposed to any attempt to pardon edward snowden. He made the comments to the Associated Press after President Trump he might consider it. Theden was charged under espionage act in 2013 for disclosing details of highly classified government surveillance programs. Negotiatorf brexit says a deal with u. K. Seems unlikely. Talks broke up after a week of little progress. Lebanon is proposing a two week partial lockdown and a nighttime curfew. Coronavirus cases increased sharply after an explosion in a root killed and wounded thousands. The virus has also spread because of crowding at hospitals and funerals. Global news 24 hours a day on air and on quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. David the Prime Minister of a rock met yesterday with President Trump. At question was continued true troop presence in his country. Thank you for being here. Give us a sense of where we are with a rock. Iraq. To reset theing relationship with the new Prime Minister. President and the new Prime Minister recognize that there will be a need for american troops at a lesser number for some time. We dont need fighting troops, but the iraqis still need air logisticsd other support. I expect that we will see the troops there for quite some time. President trump has made no secret that he wants to draw down those troops. Do we want to pull more out . What its interesting we have found a country where they want to keep us in, and we want to pull out. I think we will find a middle ground. The return of isis would not be something the president would want to see. I think we will see those american troops at a lower posture for some time. David bring us up to speed on we now have a new Prime Minister. Is the country stabilized . The country is stabilized to some extent, for they are dealing with a lot of problems. Have external problems such as covid and low oil prices. They feel like the meat in the sandwich between the u. S. And around. They have their own between they have a iran. Problem with malicious seeming to have more authority than the Government Troops themselves. The economy is in bad shape. The protests are still going on. This Prime Minister has a lot on his plate. David lets talk about turkey. And naturalund oil gas in the black sea. How can that affect the region . On one hand, turkey has been saying bigger than five. They have been trying to convince the world that they are a player. Its not just the five members of the security council. This discovery in the black sea to some extent gives them a lot more muscle for geopolitical relations. Tar e not going to be this is only 6. 5 years supply. Israel has twice as much natural gas. This would give them a little more muscle in the region. But not as much as president everyone may suggest. David its going to take them some time to get it out of the sea. Has an immediate rhetorical effect. He admits turkey will not be selfsufficient for their natural gas needs until 2021 or 2022 at the earliest and it probably will be longer than that. Isid everything over there more complicated because there is also natural gas in the Eastern Mediterranean. Aboutre to be an argument where the Continental Shelf ends inside the mediterranean. Themore explosive in Eastern Mediterranean because they are confronting their you are enemy, grece. Confronting not only the eu but a fellow nato member. While it may be good news in the black sea, we are no closer to resolving the situation than we were prior to this announcement. David we appreciate you being with us. He will be staying with us for the second hour when we talk about what President Biden might mean for the military. Coming up here, kindness and politics. We will talk with the founder of a company that brings you the kind bar. This is balance of power on Bloomberg Television and radio. Power this is balance of on Bloomberg Television and radio. Our next guest built his Snack Food Company around the central message of kindness. Maybe it is no supporter no coincidence that he is a supporter of joe biden. What is the substance of kindness and it politics . I certainly dont like partisan politics. It is not a field that i enjoy, but i do think there are people who inspire us to become the best we can be. Asy rule by uniting us opposed to dividing us. In this case, it is clear that joe biden is a decent human being. , i am not apendent democrat or republican. There is no doubt in my mind that joe biden is going to be the man for the moment. Values that are under threat. You have gotten involved in some issues around the world. Can you simply be kind and stand for something . You can be kind but at some point, you have to push back dont you . Respectful of the armed forces, the need for secure borders and i think you can do that with passion, respect with compassion and respect. I dont number the specific statistics, but it is staggering the number of people who lead fortune 500 companies who are immigrants or children of immigrants. I am an immigrant. My father was liberated by american soldiers and i will never forget how america welcomed him and us. Able to have created thousands of jobs and be a part of america in many ways if i happen in welcome if i had not been welcome. There is a way to protect our borders with kindness and respect. People confuse kindness with weakness. It takes an enormous amount of strength to do a kind thing. It is very different from being nice. You can be nice and polite but to be kind, you have to be strong. You have to stand up to the bully. Requires a protagonist force of action and thats what we need today. David you are a very successful entrepreneur and this man. Tell us how your business has done under donald trump and how it might be under joe biden. You have any concern there . I i have it in business since finished law school 26 years ago. Making a lots of last 16 yearshe we have grown and we are proud to have grown with different administrations. Comfortable that our business is not the issue that keeps me up at night. What keeps me up at night is reading an article about how in russia, they poisoned a person challenged vladimir putin. I dont want to live in fear. A holocaustf survivor, i dont take anything for granted. Nobody should be above the law. Everybody should respect constitutional laws and not take these things for granted. It is really important for us to defend these things. Making sure we are working together to defend our constitution, to unite our country, to Work Together to build bridges and build a Better Future for so many people who are left behind. That one of the things you have worked so hard on is the strife between israelis and pens palestinians. Thats thep First Time Since egypt normalized relations. Do you give President Trump credit for that . It was a hopeful effort between israelis and palestinians in camp david and the rose garden but yes, i absolutely give the Trump Administration a lot of credit for achieving a resolution and hopefully the resolution between the uae and its real, it is something i am grateful for and respectful of. David will it inhibit the settlements . See how things are interpreted. Proud of the progress. I think President Trump had the to put an embassy in the capital of israel. Every nation should be sovereign and decide where their own capital is. Things whereber of i respect what this administration has done. I do believe there are huge issues in terms of defending democracy, defending rule of law, making sure that we have in our white house someone who is a role model to all of us so if you have a daughter, she doesnt feel like there is misogyny in the whitefield white house. Lifeyou can build your affecting other people with empathy and kindness, thinking about the United States for you think but yourself, thats how we are going to build a better country. David no one who loves this country can not be dedicated to the rule of law. Do you think that president obama may have gone too far to say that one man, donald trump might undo that . Isnt that going a little far . My entire life is about trying to listen to each other and respect other people and see the other side. I have a very hard time thinking that this is not one of the most important elections of our time. Hadntcurrent president behaved the way he behaved, if he gets reelected i am terrified about what that can mean for the rule of law. For the things that were taken for granted like read, equality, respect. I think it is very serious and consequential. I dont think you can overstate. Leaders dont control a democracy overnight. It takes time. We as a nation have to make sure politicians understand they are responsible to represent us. They are here to serve us, we are not here to serve them. We have to have in the white house a Public Servant like joe biden said yesterday, who is going to look after everybody. Regardless of who votes for them. The president is the only office who has to think of everybody. The abilitys shown throughout his history to be nonpartisan. Its important that progressives and conservatives find Common Ground to unite and joe biden is the person to do that. Pleasure toreally a have you with us. Coming up, joe biden sent a strong message for organized labor last night. We talked to one of the foremost organized labor only come back. When we come back. As president , the first step i will take is to get control of the virus that has ruined so many lives. I understand something this president has not from the beginning, we will never get our economy back on track, we will not get our kids safely in schools, we will not have our lives back until we deal with this virus. That was joe biden speaking last night vowing to take control of the virus as his first step in office. For more on that union perspective, we are joined by the aflcio president. Bidenree with joe certainly that this is a number one priority. Is this efficient . It enough to get the jobs back . No, but you cant get the jobs back until you do. President trump never has understood and i dont think he ever will that in order to fix the economy, you have to fix the pandemic. It is such a drag on everything. After you fix the pandemic, then you have to do things that are necessary. Invest in infrastructure, ring the jobs back, look at the tax code and incentivize people to build here and make things here and people start to grow the economy. Giving workers a chance to increase their wages because remember, our economy is 72 driven bys consumer spending. When workers have more money, they can spend. The spending creates demand, the demand creates jobs. That is the cycle upward rather than the vicious cycle downward that we have been in for a while. David we still have 74 days until november 3. We just got new jobless claims which were above a million again. Its what we need to do to get the jobs addressed right now before we wait for november 3 . People are hurting. I think its horrible that Mitch Mcconnell went on a three week vacation and left People Holding the bag. Week unemployment expansion expired. Hazard pay expired. A number of things that would help workers expired. They need to pass the heroes act. It will meet the problem that we have. The problem we have is enormous. Passing the heroes act will start that. It will give us a standard to protect those workers that are still on the job, mandate that they have to have proper ppe that they are still fighting for. In some instances, we have to supply it for them because they cannot get it elsewhere. It will help state and local governments. It will help the school systems. It will do all of those things plus more. Help with health care. The heroes act really should be passed and it has been on which mcconnells desk for 95 days. Steadfast have been in that position. Of theou take half heroes act . Nancy pelosi has suggested taking part of it now and coming back. Would that work for your members . Understanding you want to come back for more. Heres what i would do. Instead of 12 months unemployment insurance, give us six. Yes, we would go with that because we have sixmonth of people not suffering. Right now, people are being evicted and having their utilities turned off. Because they dont have the resources to do that. We would work on that. Proposal. Si made that they were at 3 trillion. Publicans were at 1 trillion. They try to come to a deal and they said no. David that is terribly important for the reasons you mentioned. Lets go to the longerterm. Bidens remarks, he specifically said he wanted in his administration to support organized labor. What does that mean in practice . Economy, there is inequality. When we talk about inequality, people think about wages and wealth. There is also inequality of opportunity. Both of those are driven by inequality of power. Corporations are too strong because the laws are antiquated. They were made in the 1940s. We have to rebalance the power. And you rebalance the power, workers will get a chance to negotiate for a better share of what they produce. Instead of inequality growing, inequality will begin to shrink and the middle class will begin to prosper. Thats what he means. To do that, you have to pass the act that will change the laws and give us a chance for a fair voice on the job. Have to change the tax laws. President trumps tax laws, there is a provision that encourages outsourcing. It rewards companies who build things offshore. We have to reverse that. We have to do a number of other things. Manufacturing priority. Remember, when you lose manufacturing, you dont just lose the factory. You lose the research and development that goes with it. We have been able to develop products and get them in front of everybody else. At that goes away. We can bring that back and he is committed to doing that. David its always such a great pleasure to talk to you. Coming up, balance of power continues. Rncill look at what the representative thinks about what joe biden said. From new york city, im taylor riggs. Coming up, the fed revealing concern over the impact on the u. S. Economy from the pandemic, reversing six weeks of highyield inflows, all with Corporate America choking on its debt and jeopardizing the pace of the economy. The bond rally stalling with cracks emerging in the u. S. Economy. A grateful market is great bull market is over. Debt is not as stimulating as it used to be. You do not get much in fixed income. The upside is limited. It is climbing a wall of worry. The downside is enormous. We have so much debt to finance. A huge amount of