And the recent peak last week up more than 80 . Some investors taking trips off the table. The 10 year yield down. It does not feel panicked. It seems more orderly. If below that, it could get disorderly but right now, orderly selling. You mentioned froth the market when it comes to tech. Any indication that comes out so far question mark they are still so far . They are still relatively high. Relative to technicals, it seems the buyers are trying to step in even with the sellers at work. Nasdaq 100 holding its moving average. Apple has not touched that support line. We could see some selling pressure but we are likely to see the market hold up so long as they are in place. Tech has taken the spotlight away from oil. Oil is down today more than a percent. It is something to keep in mind. It is risk off but oil is very sensitive to the economy. This is one time investors may be nervous around the economy. But overall, orderly and risk off. David lawmakers return to washington with a full agenda and not much time before they head back to campaigning in october. Libby, always a pleasure to have you with us. There are two issues, whether to keep the government going at the end of the month, and relief with a stimulus package. How are those connected . Nice to be here with you. In some ways, the deadline to pass the Government Spending , the last opportunity for members of congress to come together and reconcile some big differences around the covid relief spell. Congress really stepped up here and passed on most 3 trillion worth of spending to address the covid lead downturn in the economy. Covidled downturn in the economy. There are similarities in agreement. View has been there is likely a deal but they are coming at the last possible moment in the continuing resolution of the funny bill for 2021 was viewed as a last opportunity. The fact that they agreed that they would go do something without covid stimulus included makes the chances of a the election lower than what we got. Economists seem to be universal almost in saying we need more but the pressure seems to be reducing. Economic pressures have not driven it up. To the lawmakers think we need to have another round of stimulus . It is a great point. Economic data is more positive than what many folks expected. There are some signs that there might be some weakening as we get closer to the election, which, as you and i both know, political lot of Downside Risk of lawmakers do not come to a resolution and if the economy does start weakening closer to the election. Are some leading indicators that would show there might some fragilitys in the economy. The point here is there is a chance that, when the data catches up here, and the market starts pricing in some of the Downside Risk, it might be too late. To your point earlier, policymakers might have gone home to start campaigning for the november election. Aere does not seem to be sense of urgency now but a continuation of the markets today, could change the political calculus. Especially in the case of president trump. He does not want to go to reelection. The stock market has been one of his shining data points. I do not think he wants to go to reelection with that market. That changes things. Election have an november 3. Who has more to lose, republicans or democrats, if they fall short . Will both be somewhat vulnerable. It is a reason i have been confident they would pass something. Risk totical downside not doing anything. But you have to think it is republicans. They control the white house. They control the senate. More some ways, they have to lose than the democrats. It is not that democrats do not have any Downside Risk but in terms of who has more to lose, it is certainly republicans. Especially in the senate, there are 35 seats up for reelection. Three seats are being defended by republicans. The political map for the Senate Reelection is much trickier for republicans. Leading one to think they would come to a resolution because they have more to lose come november. The president had a wideranging News Conference at the white house and one thing he said is i may be open to altogether with china. Is that a real change in policy . It is a note he struck throughout his office. It is a note he struck during his entire administration. It is something he ran consistent with his ideology. What it means in practice before the election what the administration is doing and not just what they are saying as it relates to china, it is taking steps toward decoupling, especially around technologies and export controls, visa restrictions, travel restrictions. There is an incremental decoupling, i think we would argue is already happening stop what that means for a second term is a big question. Right, his wideranging press conference, he would signal that yes, it would. Voters just want to make sure they have a job, that they can afford the grocery bill in their rent bill. And to their rent bill. So far . Ot worked an interesting point. In some ways, china is an easy scapegoat. Easy pew research did a poll this almostthat showed that 70 of americans have a negative view on china. That is the highest it has ever. Een in some ways, Voter Sentiment has changed around china and it makes it difficult for either Political Party to look like they are closing up with china as a result. But you are right. This is not necessarily a itchen table issue, although has been an easy scapegoat from a policymaker perspective. Is the pimco head of public policy. Coming up, getting a grip on the swing state of arizona through the lens of a single county. Josh greene of Bloomberg Businessweek is here with his reporting on a key group of voters. That is coming up next on Bloomberg Television and bloomberg radio. David we turn now to bumper first word news. Donald trump is considering an unprecedented step as an incumbent president. He is planning to spend his own money to win reelection. Bidens campaign and other democratic entities have outraised his campaign in recent months. Private industry officials are make it safeto covid vaccine. The fda commissioner tweeted that there will be no cutting corners when it comes to approving vaccine. President trump made it up substantially campaign about the deep state in the vaccine. The nuclear arms rivals have been engaged in an intense standoff since may. Tiktok, citing privacy concerns, that sets process poses a threat to india security. Vice president john coates reinvited the debate over whether they would go ahead next year regardless of the coronavirus situation. They were scheduled to be held the summer but were pushed back one year due to the pandemic. 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. This is bloomberg. David except once, the color of the state seems to be changing in a key component of that is a county which includes the suburbs of phoenix. A third edition issue, we welcome them now. I learned things, i did not realize how big it is, for one thing. All of the surrounding suburbs. Most of the population whoever wins that tends to win the state. Suburbs really emerged during the trump years as the frontier of u. S. Politics. I did a deep dive of looking at the two trends that have driven a pretty striking change from a to one thatalready swinging toward democrats and joe biden. It is auch of Democratic Change in the suburbs . We have a tendency to think suburbs are overwhelming the plight but not so much the case anymore. The Fastest Growing county in america. Driven by rapid diversification. Latinosx of not just but of asians, pacific islanders, so it is very much a multicultural type of suburb which is emblematic of suburbs across the country. Much more heavily black, latino, rich, poor, they look much more like america. Long as it is represented by someone like joe biden as as opposed to bernie sanders. What will drive voters this year . I sent a bunch of focus groups of undecided voters and by far, the overwhelming issue was president trumps and going of covid. They were deeply unhappy. Many were also skeptical democrats and joe biden but my big take away is this will be the deciding issue in the race. A secondary issue is the issue of immigration in the way the Republican Party swung to the right. Arizona is interesting because they are where our country was at 10 years ago on the immigration front. They elected joe arpaio, the notorious sheriff who is very antiand served for 24 years, and went through a process of immigration and people were very supportive of republican efforts to curb illegal immigration and crackdown hard. It eventually became alienating to the professional class. They ousted him the same year they elected trump. Now we see in the poll numbers, they are moving against trump and that brand of republican politics. It is a warning sign for trump and republicans who need to win the state of arizona. They will have a chance of moving into the white house. Is it a concern about or the economic consequences of having to shut down . This is somewhat subjective because that was much more of an issue of physical safety but beyond that, a sense that there was really no plan, nobody in it was not science and safety driving the states response or trumps response. It was political. A lot of these folks voted for trump in 2016 and were very upset a better job was not being done handling the crisis. The senate in arizona, a Key Senate Race especially in the president ial race with president trump. We have any sense of the situation which might apply and particularly battleground states . Maricopa as being a vanguard of a group of fastgrowing, traditionally republican metro areas like atlanta, dallas, houston. We are seeing the same changes with the same groups of voters in all of these suburbs. That is why i think it might be a canary in the coal mine and why you might see evidence of this shift from red to blue even in 20 midterm elections. House democrats made huge gains, many of them by ousting former republican members from these suburban districts. Trump atrd president the convention, they said the democrats were out to support destroy suburbs, basically on the lawn order claim. Is that resonating at all . I think somewhat. Trump strategy is to try and frighten voters, have them think about safety and property values. He spent a lot of time on twitter talking about this stuff and lobbing. I did not get the sense that was the foremost concern. It was clearly covid. There is some trepidation watching the violent protests unfold and it was at least causing voters to pause and think about who they might want to vote for. Whether or not that is enough to save trump, we will see. I am a little skeptical based on the reporting i have done. That is his gambit, that he will try and keep these voters by striking a note of fear that he hopes will keep them in the fold. Riff reporting. Still ahead, and interview with nancy pelosi, her thoughts of how she can get a stimulus bill through congress a little time left. It is time now for the stock of the hour. Shares of tesla climb as it was left out of the s p 500. Today, it deal with gm was announced. Is right. Tesla taking a onetwo punch. The stock tumbled as much as 20 , the biggest oneday drop ever. September but it is the second best performer in the nasdaq 100. Still up more than 300 . The prevailing consensus was the s p 500 inclusion was in the back. We have seen tessa run up 50 since late july when it had four straight quarters of profit, a prerequisite for being included in the s p. Retail investors back to being able to sell funds that would have to buy tesla once the stock was added. It of bullish try options trades had been magnified. Offsidest of traders because most are out of money and that means underlying prices below the strike price. Is time for tesla to mount a comeback. On august. Alized sold 5 billion of shares to raise cash and that added pressure to the recent decline. We know tesla faces a more competitive landscape, and General Motors is investing 2 million and will partner with the trump maker truck maker. Theill get all of that in 3 00 p. M. Hour. Up here, an exclusive talk with nancy pelosi next. David this is bloomberg balance of power on bloomberg. I am david westin. We are speaking with nancy pelosi. We need a financial stimulus. You have a heroes act for over three months without real action from the senate. Do we still need this as badly . The economic numbers are coming in not as badly. Did we really have a cliff we stepped off of . Speaker pelosi yes, we have tens of millions of people unemployed in our country and whatever the analysis is at the Kitchen Table we need a stimulus. We need a stimulus in terms of job creation, we need money to invest in ending this is a mystery to me why this administration has refused to invest in crushing the virus. Not only in doing that are we able to open the economy and open our schools safely, we need funding to keep people from being evicted, we need Food Security funding, and all of this is stimulus. Food stamps are stimulus, Unemployment Insurance benefits are stimulus to the economy. While they are stabilizers, they are also stimulus. David if that is the case, why are people not across the way and the Senate Getting that message . They do not seem to be very inclined to come to the table and get something done. Speaker pelosi i do not know why they do not. The chairman of the fed and other said leaders have said clearly that we need a stimulus, we need a boost. They even referenced state and local governments fiscal stimulus is important to the economy. People will be put out of jobs. They will go on Unemployment Insurance. What good is that . Why would we want to deprive the American People of the services they deserve . Why would we not honor our heroes, health care as well as food, teachers, transportation, sanitation, First Responders . Why would we want them to risk their lives to save lives so they could lose their jobs . There are some in the senate on the republican side who said they do not want to spend one more dollar. Imagine they do not want to spend one more dollar to crush the virus, open our economy by crushing that virus, to support state and local governments, and putting money in the pockets of the American People. David that leads me to the question, is there a deal, even though you might not want to take the deal, that you could take it all . Speaker pelosi of course. David Chuck Schumer said it was emaciated. Is there even conversation about an emaciated bill . Speaker pelosi what senator mcconnell put forth is fraudulent. Said you maymer emaciated. Box thatt to check the senators can go home and say, i tried. It is not trying. It is not even an attempt to do the right thing. Mitch mcconnell knows that. He has to satisfy those republicans in his caucus who do not want to spend one more dollar whether it is feeding the food insecure children, for saving families from eviction, stopping the dismantling of the Postal Service so people can go without risking their health. Again, first and foremost, crushing the virus and putting money into the pockets of the American People. Meager ithave is so insults the intelligence of the American People. It does not solve the problem and we know we have to compromise. We know we have to negotiate in order to reach an agreement. We all want an agreement, make no mistake. But get serious, get real, Mitch Mcconnell. He pushed pause. May 15th he pushed the pause button. It was not until the last few weeks he is coming up with a suggestion. In that time nearly 5 million more people have become infected since he pushed the pause button and nearly over 100,000 people have died. Speaker pelosi talk about what it means david talk about what it means to get serious. With whom . Senator mcconnell, the secretary of the treasury, mark meadows . Who is on the other side of the negotiating table . Speaker pelosi certainly not mark meadows. In terms of negotiation, republicans have to negotiate among themselves. Mitch mcconnell has this pathetic bill which is half of what secretary mnuchin has proposed. They are not even in agreement. We said we would come down. We came down 1 trillion and then we came down further and said we would meet them halfway. Some of that is because we can put off the timing of some of ours. It is about timing and we can have that negotiation. To to ignore those needs, ignore how could they ignore the virus and the cost to our economy . Two of the sticking points for us our state and local government, which not only provides many needs for the American People, but provides 90 of the Public Education system in our country. Needed,money coronavirus centric in terms of education, are double what they want to do. Of course, the funding for crushing the virus. Those would be the three areas that are pretty far apart. David on state and local assistance, you know the arguments are. They do not want the money to go to bloated pension plans. Are you willing to attach restrictions that it goes to think specifically related to covid19 . Speaker pelosi first of all, i would not say those are reasons, i would say excuses because they do not believe in government. They do not believe in science that is why they have not gone with testing, treatment, mask wearing, etc. They do not believe in science and they do not believe in governance. This money going to state and local government is very centric tooronavirus offset the expenses that have already been made to fight the virus and meet the needs, health needs, of people infected. Secondly, to talk about the loss of revenue because of the shutdowns around the country. Having that in their will prevent further in there will prevent further firing. People will have to be let off from work and they will go on unemployment. Where have you saved money by reducing services to the rican people and having state governments are going to reduce services and fire people unless we get this sorted. What republicans are saying is quite sad because they know this money is corona centric and you have to document the need in order to get the money. David as you described this i am not sure how you get there from here given the process you described. It is not clear with whom you are negotiating or if they can negotiate because some members do not want to spend money. How do we get there given that you are going to have to go recess soon . Speaker pelosi we will be here for the month of september at least, or as long as it takes. We have to make sure the government is not shut down, as the president proudly announced that he would take pride in shutting down the government. We will come to agreement on that. I feel quite certain. We have other initiatives we need to put forward and some of them go directly to making sure that the American People, that we are making the scientific decision to crush the virus, to honor our heroes, state and local resources, and putting money in the pockets of American People. At the same time ensuring people are able to vote without risking their life or health so that they can vote safely. Ignoring with the president is saying about vote by mail, which he does, and instead having confidence their vote will be counted. We have a tall order to address and if you do not believe in science, as they obviously do not, and you do not believe in governance, as many do not they do not want to spend any money there is a strong difference of opinions. We will find agreement, i know we will. In order for that to happen theyre going to have to come to their own agreement instead of being hundreds of billions of dollars apart between what Mitch Mcconnell is doing and what secretary mnuchin suggested. David you refer to shutting down the government. There have been reports that you and secretary mnuchin have agreed to keep it going. What are you so confident . It has been the case in the past that president trump, even though we thought we had a deal, changing his mind. Why are you confident he will not do that this time . Speaker pelosi you are never confident about the president when youre talking about veracity or truth. That is why it is a waste of time to listen to what he says. We did not come to an agreement. We separately acknowledged it would be important for us to have a clean, continuing resolution. That they would not be heaping things on that would be influencing one side or the other. It only makes sense to do that and i feel quite certain we will get that done. To vetoresident chooses a continuing resolution, i would find it hard for him to do that. But who knows . Republicans in congress have never stood in the way do any of his grotesque behaviors. I do not know why they would start now. Nonetheless, it is not in anybodys interest for the government to be shut down. Cost to be avoided at all and we have many times swallowed bitter pills in order to keep government open because it is essential to do so. David madam speaker, we talked before about this election, not on who wins or loses, but would protect the integrity of the election. We believe the results that come out. You proposed some supplemental funding for the United StatesPostal Service. What can we do, you do and we do, to make sure whoever wins or loses november 3rd or thereafter that we can believe in the integrity of the process . Speaker pelosi this is essential because we are a democracy. We need to respect the result of an election whoever wins. There are other players, bad actors like the russians, who would like to dim the glow of democracy. They are doing this in other countries in the world. They are trying to jeopardize the integrity of elections, to undermine the effectiveness of democracy. The president welcomes their intervention. That is most unfortunate. In fact, in many cases not even legal. What we have to do is join together and say, the American People decide who the next president of the United States as, not vladimir putin. For them to dismantle the postal system so as to impede the ability of votes to be expeditiously received and returned in a timely fashion, has to be a bright light has to be shown on that so the amerco people now. It is going to happen so you better vote early, but only wants. Not illegally as the president suggested more than one time. We have to ensure the integrity of the elections not by assuming it. By secretaries of state around the country asking for more funding so they can implement the increased voting they will see. Some of it will be by mail, some will be in isolation because of the coronavirus. It is a reality. Whether your voting by mail to avoid going to a polling place or you just want to go to the polling place, but there will be special distancing and that may require more places, more hours, more days, and that takes more money. That is what we have in the heroes act. We are hoping republicans will agree that the health of our democracy and the health of the American People warrants a small amount of money. A small price to pay for our democracy. David finally, do believe democrats are prepared for what could be a nasty election . Let us be frank, we heard things out of the Trump Campaign that are personal. You even heard it with that hair salon business. Are you and the other democrats prepared to get almost petty and how do you respond to things like that . Speaker pelosi you know, you have to take the high road. One thing i learned growing up in politics, you cannot become them. That is how they want you to conduct yourself. That is the problem. We set a higher standard. The American People are craving, craving a vision about how they can have Economic Security and Health Security and good education for their children and preserving this planet. If you are in denial about science, which the administration is, you reject science to say the planet is in jeopardy. Young people care very much about that. People do not want to hear the pettiness and backandforth. They want to now what is it mean, how does it connect to them . Their hopes, and dreams, and aspirations, fears, their concerns they have about the future . The elections are always about the future and that is where we have to take the discussion. I am so proud of joe biden and kamala harris. That ticket is going to take us into the future in a respectful, seeking Common Ground where we can find it, standing our ground for working families as we come out of this labor day. We can honestly say they will say what w they say. We do not agonize, we organize. We unionize to benefit american working families. David thank you so much for your time. Speaker of the house nancy pelosi. Speaker pelosi thank you, david. David good to see you. Coming up, the role of black colleges and training the next generation of doctors. Director ofh the Howard University, dr. Wayne frederick. Week bloomberg philanthropys announced 100 million to four historically black colleges including hauer university. Michael bloomberg is founder of bloomberg lp and this is a new story with larger ramifications. To take us through that we welcome Howard University president dr. Wayne frederick. Thank you for being here. Give us a sense of the largest set of issues with educating africanamerican black doctors. Dr. Frederick it is very important. Africanamerican doctors have been shown to be more culturally competent for treating africanamerican patients and as a result, studies show healthier outcomes in that community is better. The largest barrier to having more africanamerican doctors is still finances. The pipeline from k12 and undergrad has to be addressed. Finance is an issue. Whate flipside africanamerican physicians make after they graduate. That can be influenced as well. When you look at primary care somecians or specialists of it is linked to the fact they graduated with more debt. This is an amazing gift that can be transformative. David can you give us some sense of the degree of underrepresentation of black doctors among the larger physicians population . Dr. Frederick absolutely. If you look at 1978, there were more africanamerican males than this year. 3 of the folks getting into medical school are africanamericans. Significantly underrepresented when you think of the portion of society. When you look at medical schools and you look at the professor professorsthan 1 of at medical schools are africanamerican. Significant underrepresentation throughout the entire system. David give us a sense of what this gift from bloomberg philanthropies will do and what is needed . Dr. Frederick each student currently enrolled in Howard University who is a permanent minority, and is receiving Financial Aid will get 100,000 toward their tuition. They wille of seniors get 25,000 toward this year and 75,000 toward any debt that occurred in prior years. It absolutely will be a significant gift. At howard it is the largest single gift given to our medical school and its history. To 32. 8 million. It gives us the ability to afford Wraparound Services and support the students as well. If we can make that wouldn free, take a significant investment of over 1 billion, but can increase opportunity and result in the support of africanamerican students at howard without tuition. That would be a continuation of what this gift has done. David philanthropies love companies. Is that they help it would lead other people to make a gift to get to that one billiondollar number you gave us . Dr. Frederick we would love to see more people support. Been continuing to impact itnd the major can have on the nations Overall Health. Forcedcanamericans have Health Outcomes have worse Health Outcomes we spend more money. If we can put that into prevention, what we spent as a percentage of gdp would actually decrease. This is an everybodys interest to see more black doctors said that they can improve the Overall Health of the nation. David dr. Frederick, we watched the Republican Convention and heard about efforts the trumpet administration has done to help historically black colleges. It appears they actually have done quite a bit. What is your experience in dealing with the Trump Administration . Dr. Frederick the numbers speak for themselves. Here has been an increase these are generated in congress. The Trump Administration have been supportive of them. They have not blocked any. We have been lobbying all members of congress and all the senators to make the case that our institutions matter and that they have a significant investment. That is seen in many different places. Congress, who is in congress and where they went to school, you look at every field and industry in this country and you see the product of these nations views. There has been increased investment and we will continue after the election as well. David including the current nominee for Vice President , kamala harris, is a proud graduate of Howard University. You have had such a historic role in Race Relations in this country. Howard university, as you read through the civil rights movement, what you make of what is going on in the country right now . Dr. Frederick we have been on a journey for social justice for over 200 years. Some of the things have bubble to the surface and we recognize more people have joined our caravan. Them, but i remain concerned those people will eventually leave the caravan as they did after the civil rights movement. Getrd will be here until we to that ultimate destination. We will do what is necessary. What is going on in the country has been occurring all along, but then beneath the surface. It has now been elevated so that we all have to, hopefully, address it and continue to address it. David it is really terrific to have you with us. That was dr. Wayne frederick, president of Howard University. One of the recipients of this major gift to support medical students. We will check on the markets. They are down today although off the lows. Led again by the nasdaq and tech there has been a nether selloff. In the second hour we talked a senior fellow of the National Taxpayers union. There are conflicting reports on what will happen with taxes. This is balance of power on Bloomberg Television and radio. Vonnie i am vonnie quinn. Groups Financial Markets tina fordham joins with motorsights and general take the 2 billiondollar equities estates in nikola and agrees to manufacture another pickup model. We have the details. We speak to impossible foods cfo david lee about expanding into canada. Let us take a quick check of the markets. It is a bit of a selloff although we are moderating slightly. The dow is down, s p down, it is the nasdaq bearing the brunt of the selloff down 2. 5 . The nasdaq 100 after a 6. 5 day drop on thursday and friday down more than 2 . Crude oil knocking