Particularly for you. Having spent so much time close to her, what did you see about the greatness some of us do not get to see just watching her on the bench . Was a Justice Ginsburg surprising person in many ways. She was shy and retiring and super serious, and yet she had an extraordinary sense of humor. She loved to laugh. That is part of the reason she was able to maintain such great relationships with all of her colleagues on the Supreme Court and with everybody who worked with her, including her famous friendship with justice scalia. It was interesting to get a little bit of a window into how practical she was, how strategic she was. Person a very strategic and i think you see that in a lot of her rulings. In honor of a lifetime to tell her story. David one of the things that strikes me as remarkable is we forget when she started out, it was not recognized that the equal protection clause even applied to women and she systematically i got to see one of her arguments at the Supreme Court when i was clerking there, she said about systematically dismantling that. Yet she never became strident, she was strong in the view, but in my experience she was never strident. Betsy no. She prided herself on that. How great for you you got to witness that. Did you get a sense at the time this is Something Different . The course of in systematically dismantling these laws it was clear she was going to win. That was an alabama statute about women being excused from our grand jury as a favor. What it was was do not do us any favors. Betsy we are protecting you. The protection turned out to be a kind of cage. Aboutinteresting to think what our lives were like back then. A woman could be fired for being pregnant, a wife had to get her husbands permission to get credit, to get bank credit. In many states the married man could not be charged with raping his spouse. These were things that were woven into law practice, and it was Ruth Bader Ginsburg who thought the u. S. Constitution should treat every american equally regardless of gender. One of my favorite quotes in our , we were asking her about taking this on, she said i thought of myself as a kindergarten teacher, because the justices did not think discrimination existed. They did not get it. I love that. Not a teacher. A kindergarten teacher. David exactly, and she had a lot of teaching to do. They were all men she was teaching. Betsy she was not going to do it by yelling at them. She was going to do it by convincing them. David she was that way when i saw her. She did not raise her voice. She stood up to Justice White who try to push her around, she was determined but mildmannered. How much of her attitude toward women came from her mother, that is quite a story with what her mother tried to do for her, but also her remarkable relationship with her husband, himself a brilliant tax lawyer. Betsy i think her mother was the most influential person in her young life. Her mother was very smart, but had not been able to go to college. In her family, the boys were sent off and there was a boy who went to college, not her mother. After her older sister died becameoung, ruth bader the object of all her mothers attention. Her mother would take her to the library and she would expose her to music and concerts, and you got the sense that Ruth Bader Ginsburg was so proud of her mother. She used to say what is the difference between a bookkeeper and a Supreme Court justice . One generation. She felt she was carrying on what her mother could have done. Her mother died when she was 17 just on the eve of her graduation from high school. Had given her a great grounding. Then there is marty, who she met ,n college and famously said easy see in the pictures from the documentary, she was a beautiful woman with no lack of suitors. Ginsberg wasmarty the first boy who cared that i had a brain. Brillianceer the that eventually was displayed to the rest of us. He believed in her and he was not threatened by her in any way. He became an extremely successful tax lawyer, but when the time came, he stepped back a little bit in order to allow his wife to shine and fulfill her promise. David you have a sense of what she made of the port toward the end of her time . The court evolved and changed. One of them was it became more conservative overall. She started out with the majority and ended up a very effective dissenter. It also became much more political, the subject of a lot of politics. What did she make of that . Betsy i cannot say exactly. I know she maintained very good relationships with all of her colleagues on the court, including her more conservative colleagues no matter what her private feelings must have been. I think she felt it was extremely important to have civil discourse. As you say, she dreamed of writing many majority opinions, but she wound up reading wound up being the great dissenter and then she had to accommodate herself the idea that perhaps she was writing these dissents for the ages in the hope they would be quoted or used in majority opinions down the line. We will see whether or not that happens. Person andragmatic one of the things about having great relationships with her colleagues as perhaps it will be able to pull them to your side once in a while, which i think she did with Justice Roberts a few times. David i am sure. Whether they will be majority opinions are not, i know she will be quoted well into the ages. Thank you. West, codirector of the awardwinning documentary rbg. Time for a check on the markets with Abigail Doolittle. Still down . Abigail still down. A risk off tone. The s p 500 had been down 2. 7 . The more dramatic improvement is for the tech heavy nasdaq. At the lows down 2. 4 , now down. 7 . This is apple, the Worlds Largest publicly traded company is trading higher at this point. There is technical action happening for apple. You can make the case that august, the 43 rally from the earning support in july to the recent peak should never have happened, that the stock was already fairly valued. Some of the froth is coming off and pointing to the idea that is the case on across asset basis, we have bonds trading higher but it is certainly not a flight to safety. The yen is flat. It will be interesting to see how these markets close out if apple continues to climb, perhaps we will come off the lows. David it is nothing compared to what we had in the spring. It is off, but nothing like that. That was abigail panic selling across the board. That was investors rushing to safety. That is not happening at this point. It seems it is a correction of the idea that the big rally we saw in august should never have happened. Investors got ahead of themselves, as you made the case a couple weeks ago, what goes up must come down. It is a question of where support is. David thank you to Abigail Doolittle for that report on the market. Coming up we talked to dick durbin of illinois about Ruth Bader Ginsburg and what happens next. Ons is balance of power Bloomberg Television and bloomberg radio. David it took just over an hour from the time the world learned of the passing of Ruth Bader Ginsburg until the political maneuvering began. Mitch mcconnell tweeting the senate would move forward expeditiously to vote on whomever President Trump nominates, despite how close we are to a major election. We talked to the second most powerful democrat in the senate, dick durbin of illinois, but we started out asking him to reflect on the effect Justice Ginsburg had on the law in the nation. Sen. Durbin when i met her for the first time, i can recall the day. I noted how she was slight in stature, but apparently in her lifetime, a pillar of strength. What a giant lady. Experienced the kind of discrimination and adversity which women have faced for generations, but she did not go quietly. She fought back. And made a real difference. I know that because since she passed i have run into so many women in my own family who have opened up and told me what they she wasbout her their hero, the woman they look to as a Guiding Force in their lives and the life of our country. The only thing i regret is so , so time has been spent many words have been wasted on the political side of her succession, and not enough time reflecting on her life. To think she died within days of john lewis, civil rights icon, is a reminder to all of us are as there are very few of these great still left. David she left behind a world very different from the one she found. It strikes me that no matter who you are, republican or democrat, even President Trump, there is no question has to be a woman who succeeds her. That in itself is an accomplishment. Sen. Durbin it is. I think it is an indication of america moving forward. Just as black lives matter, the lives of women matter, the lives of everyone matter in america. A givenreminder, it is you will fill her vacancy with a woman. David it wouldve been tragic for ginsberg to pass away at any time, but on the people but election it is particularly frought. Put aside the election. In the normal course, what is the process, how long should it take to make sure we are making a good decision, you and the senate are making a good decision . Sen. Durbin this is an appointment to the highest court in the land, a lifetime appointment. We know there are decisions hanging in the balance on this choice in this election. , we would trymes to make certain it was a person who is moderate in their approach, someone we could trust to weigh the evidence and consider the law in an objective way. We have departed from that so dramatically. In this situation, we recall on the democratic side when senator mcconnell said to president obama, though you were duly elected by the American People, you have no power in the closing year of your office to fill a vacancy on the Supreme Court. In that case it was philia. That had never been the it was Antonin Scalia of. That had never been the case before. Mcconnell announced that would be the new guidepost. His membership boards right behind him and said that will be the standard from this point forward. Here we are four years later, the same thing occurs with a republican president , and mcconnell wastes no time saying that standard we will abandon it completely. We will say this vacancy needs to be filled by donald trump and approved by the Republican Senate, even if it is the last day before the election. David we remember merrick garland, distinguished court of appeals judge, did not even get a hearing on that. The court would look differently if yet been confirmed. If he had the boat, would there be anything to stop the republicans from moving forward . Sen. Durbin let me just say about merrick garland, he was done alisa wellqualified for this position, but he was treated so badly by senator mcconnell, they did not give him a hearing, they refused to meet with him and sit in their office and meet with obamas suggested nominee. U. S. Tt question. People say what can you do you asked a key question. It borders down to the reality. It takes the conscious of four republican senators who say we will not be hypocritical and stay in by the statements and stand by the statements we made, we will let the next president fill this vacancy. It takes that. We have no power as democrats when it comes to the ultimate outcome otherwise. David these are your colleagues. You know them well. It is impossible to know when the vote comes what they will do. Right now, do you think there are four . We have two who have suggested they have substantial reservations. Do you have a sense of how the vote may come out . Sen. Durbin i can tell you it is hard to find people who will stand up under these circumstances. Ive watched the Republican Senate caucus silent, if not cowering before President Trump when he ridiculed one of their heroes, john mccain. When that happened, it shouldve been a clarion call for republicans, it is time to stand up for what we believe in. They would not do it. So many of them said we would go along. They were afraid of political retribution by trump and his followers, and again they have the same challenge. Some of them had gone through the humiliating experience of reversing stated public positions made four years ago and said take me on, hold me to the standard, this is the way it will be. Now theyve reversed themselves. How embarrassing it may be personally. Maybe two more will stand up. That is what it takes. David we are before an election, not just for president , but for one third of the senate. Senators up for election will be on the judiciary committee. How does this cut in that election . Does it make President Trump stronger and making them agree with him or might they split because they need to for the votes . Sen. Durbin it is interesting. When they asked people across illinois and most part of america, what is the number one issue in this election, not surprisingly it is about health care. We are in the midst of a pandemic. People are sensitive to their own health and their future, and there are concerns as to whether or not their Health Insurance will be there if they needed. That is where the Supreme Court steps in. It is important to us to convince the American People this is not a debate among the big shots in washington at the highest level. This is a decision about the future of the court which will have an impact on your Health Insurance and whether your family recovered. When the Supreme Court decides the future of the Affordable Care act, it affects every family. Colleagues issue my take into consideration. They have to explain how they can endanger the Health Insurance of america in the midst of a pandemic. David as you say we have the challenge to the Affordable Care act the trumpet ministration is backing, challenging it. We also had an instance about 20 years ago where the Supreme Court had to get involved in a president ial election. Ruth Bader Ginsburg was influential in that in she wrote the dissent from bush versus gore. What are the ramifications if we have challenges . Right now we have 240 five lawsuits already about this election. Sen. Durbin there is no question the decision by the American People in this election, unless it is overwhelming, unless it is overwhelming, will be contested in the court. Public opinion first, that in the courts and beyond. The president has said he will not accept any verdict of the American People that does not reelect him. Anything else he says would be a fraud. That is where he starts. We have had no president in the history of the United States say what donald trump has said about americas elections. The court will play a role. David also reflecting for a moment on what this means for the institution of the Supreme Court. There was a day we can remember when they were not very political, these fights were not fought at all. I spoke to justice but i clerked for Justice Powell and he was approved in an hour. What have we done to the Supreme Court and what is at risk and now we handle this nomination . Sen. Durbin i can tell you Ruth Bader Ginsburg representing the aclu, arguing before the Supreme Court, outspoken in her positions, approved by the United States senate 963. It tells you there was a time we did not do the litmus test of issues. They look to the qualifications and whether or not they could serve us over the course of a lifetime. As you know there been many justices who went to the court that people expected certain things to happen and it did not happen. Justices and lifetime appointment started reflecting on issues differently. We have politicize the Supreme Court. I think the refusal to fill a vacancy was a breaking point. Someone approved by donald trump before the republicans will consider it. We should ask for more than that. Fault in there some both sides. We did have the instance with harry reid saying we will not have the 60 vote rule. Is there some fall on both sides . Sen. Durbin of course there is fault on both sides. Going back to harry reids decision, i sat next to him when he made the decision. At this point Mitch Mcconnell had ever used the filibuster in a way never seen in the history of the United States senate. Hundreds and hundreds of filibusters to stop judges. Mcconnell made it clear he would do everything in his power to delay the business of the senate so we cannot fill the vacancies and that is when harry reid made his decision. He decided if youre going to abuse the filibuster that extent, we have to change the rules. David i do not want to get too far ahead of ourselves, but there is a lot of talk if there is a nomination made and pushed through before the election or in a lameduck, there might be consequences if the senate goes to the democrats and Vice President biden gets elected president. What you make of the discussion of doing away with the rule and packing the courts, increasing the membership. Is there at some point at which we draw back from the abyss . Sen. Durbin i hope we do and i hope we can. Im apprehensive. Four months ive been pleading with the caucus to try to remember what the senate used to be. In the last calendar year, how were considered on the floor . 22. Six of them by rand paul that would just throw away amendments. Six of the 22. The senate, once it delivered a body, that conversation started long before Ruth Bader Ginsburg, and it should continue. In terms of the future of the constitution, i will not speculate on that. The senate has to reach a point where it will roll up the sleeves and do the peoples business which Mitch Mcconnell has deteriorated beyond description. Talk that was part of my earlier today with Senate Minority whip dick durbin from illinois. We are hearing from democrats, we are not hearing from republicans because reportedly Mitch Mcconnell sent out a note to all of his caucus saying to not talk, keep your powder dry, even if you think youre inclined not to confirm, please keep quiet. We are not hearing from the republicans thus far. President trump has now said he will name his next nominee by the end of this week, friday or saturday. He does not want to press forward with the confirmation. We have to bear in mind there is not that much time for the senate, because one third of them need to get home and start their process of campaigning. Very little time left but they will try to push it through. It will be controversial, particularly if the senate goes to the democrats and the people voting in the lameduck session for the new nominee, some of them will not be there a month later. Theres a lot to watch politically, as well as what the Supreme Court will be dealing with. Two weeks from today is the first day of the new torn, the new term, when they will decide things like the legitimacy of the Affordable Care act. We turn to North Carolina to get the lay of the land from the head of the Politics College in salisbury, North Carolina. And will hear from Eleanor Holmes norton of washington, d. C. , representative of the district of columbia to the congress. She was a close friend of Justice Ginsburg and they had worked in the same way as Legal Advocates for civil rights for many years. That is coming up in the second hour on radio. Ons is balance of power Bloomberg Television and radio. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Call. For one thousand dollas off your walkin bath plus a free kohler bidet seat with purchase. David this is balance of power on Bloomberg Television and radio. I am david westin. We go now to mark crumpton. Mark secretary of state mike pompeo said the United States is venezuelannctioning president maduro without detailing with the sanctions were. Secretary pompeo unveiled new sanctions on nations or entities that do business with iran. The United States is about to reach a grim milestone. The number of covid19 related deaths is approaching 200,000. Former fda commissioner Scott Gottlieb says he expects the u. S. To experience at least one more cycle of the virus in the fall and winter. Boosting the risk of military confrontation in the taiwan strait, hoping to deter taipei from continuing to deepen ties with the u. S. China is ratcheting up tensions in the taiwan strait, hoping to deter taipei from deeper ties with the u. S. In a series of exercises, china repeatedly breached the median line. Separating the countries. Try to regards the island as part of its territory even though it has been ruled separately for 70 years. Says he willmp announce his picture a place Supreme Court Justice Ginsburg by the end of this week. He says he wants to see a Senate Confirmation vote before the november election. He says he will likely pick a woman. Died [noburg audio] david last week, it was arizona we looked at. This week, it is North Carolina. To give us a sense of the politics of the state, we welcome professor Michael Bitzer, chair of politics at catawba college. Give us your sense, a snapshot, of North Carolina and what is it . Is it blue, red, purple . Dr. Bitzer we are a purple state with a very slight attendance tend to read. It is dependent on who shows up. What happened in North Carolina after two thousand and thousand 10 is north carolinians have sorted themselves into respective partisan camps. In 2000 four, george w. Bush won thestate by 13 points and democratic governor running for reelection also won by 13 percentage points. Caroliniansrth splitting tickets has shrunk to probably three to 5 of the electorate. Most have their minds made up. David that seems to be true across the country. A low number of undecided. What are the key counties . Are there key counties have to get . Dr. Bitzer out of the 100 counties in North Carolina, 12 of them will deliver 50 of the vote. Those are the major urban counties, mecklenburg, charlotte critical that, within those urban counties, the suburbs are indeed the true battlegrounds. Charlotteties like and raleigh voted for Hillary Clinton to do one in 2016. If you go to the suburban counties, donald trump won those counties to do one in 2016. If those urban suburbs that 50, illy split 50 will be watching those to see if there is any slippage among republicans in those areas and how deep is the margin in those surrounding suburban counties and if democrats eat into that republican advantage. David how fast is North Carolina growing . That is to say, are there numbers of voters they are today who were not there in 2016 . Millioner roughly 2 register voters since 2016. The state continues to grow exponentially as does our registered voter pool. Out of that, we already have nearly one million north carolinians who are registered voters who have requested an absentee by mail ballot. That is unheard of in this state. So the interest and the enthusiasm is certainly through the roof here in North Carolina. David looking at the real clear politics average of the polls, it looks like it is 1 for biden right now in North Carolina, which is essentially a dead heat. How do you play it right now . Is it a dead heat and is it really fighting over that very small number of people who are undecided . Dr. Bitzer it is. I heard one consultant say that if a candidate wins by more than 5 in this state, that is a landslide. Donald trump won the state a little over 3. 5 percentage points. By 1. 5lis, in 2014, points. This will be a very tight election. On wholl very dependent shows up and how do the campaigns motivate and energize their respective bases. David what are the issues . That,is some speculation with the passing of Ruth Bader Ginsburg, that elevates the importance of the court. Is that true, and in North Carolina, which way do you think it cuts . Dr. Bitzer it is too early to determine that here in North Carolina, but the key voting bloc will be suburban women. How does the president s pick plates of them . Plato them . Are they willing to look past other issues and concerns and vote purely on the court and the Court Nominee that he puts forward . That will be the critical component. White, suburban women in those competitive battleground counties battleground states like North Carolina. Probably within the margin of error. Dr. Bitzer interestingly, he is playing behind the president s numbers here in the state. Early on, he made a concerted effort to tie himself to President Trump. When his Approval Rating started to slip in this state, so too did his numbers as well. He needs to hope that this Supreme Court pick really energizes and pulls the base back to supporting him come november 3. David professor, great to have you with us. That was instructive. T is professional professor Michael Bitzer of catawba college. We will take a look at how much Political Risk is driving down stocks today. This is Bloomberg Television bloomberg on television and on radio. David this is balance on Bloomberg Television and radio. I am david westin. Whether it is concerned over banking irregularities or increased Political Uncertainty or new worries about the virus, we are seeing a pattern of equity selloffs. To gives us some understanding is christopher smart, barings chief global strategist. What is going on with equities . Christopher they are going down. I think these are headlines we are getting today. The markets would have blown through them at a point earlier this summer, and we would have scratched our heads in a different direction. Clearly, the mood has soured on a number of fronts. It has created some air pockets for the market. The dollar has spiked today. We have seen the yields falling a little bit. I think a lot of it is atmospherics. What do you make of these bank investigations, what do you make of preelection jitters . That sort of thing. Fundamentally, it is a couple of things that are drawing into question what investors are trying to get a handle on. Ofs the Senate Confirmation a new Supreme Court justice mean that further stimulus is going to be delayed, and is there a shutdown at risk . Also, we have heard from a lot of Central Banks last week. Not entirely clear if they are going to be able to deliver the next stage of growth. I think those are two bigger things that are driving markets ofay in the midst of a swirl other slightly unsettling headlines. Know, it is difficult to markets are complicated, but do you think may be passing of Ruth Bader Ginsburg, not so much who will be on the court, but the prospect that we do not get an answer as quickly as we might like to the presidency. Is the question, who will be president or is it just knowing who it will be . Christopher i think some of it is around it seems like the volume of our political discourse has been turned up another couple of notches in the last 40 to hours. 48 hours. We are talking about constitutional changes, a very big potential outcome avenue does outcome of an election. It is not so much Political Jitters as it is the way those jitters may impact the fiscal impasse of the u. S. Government, how the Federal Reserve and the Central Banks around the world will be able to support Global Growth as well. Those political atmospherics are important, but maybe not quite as important as how they will impact, you know, future fiscal and monetary policy. David lets talk about that because, as a practical matter, going todency is not impact what the fed does, but fiscal stimulus is quite different. This may well post opponent as they wrangle over the confirmation. As they wrangle over the confirmation. Joe biden has promised a lot of spending. Did the markets like that . Christopher i think they do. You look at a Trump Presidency and a biden presidency and they both have a significant amount of fiscal support. There is a scenario where you have a biden presidency and a Republican Senate still where there could be a lot more standoff. I think overall, we are going to fiscal policy next year in the u. S. , it is just these shortterm headlines raise the question of how much will we get, how soon will we get it, is there a chance of a shutdown now with this deadline and new business to confirm a Supreme Court justice on the docket . David what is the Market Pricing and with respect to the coronavirus . We had a former fda had coming out and saying i think there will be another wave. He was pretty emphatic. We are approaching 200,000 people who have died. Are the markets reacting to news over the virus at all at this point . Christopher it is hard to separate. I think if we had this headline by itself today, maybe not much of a reaction, but it certainly does not help. Markets have always been pricing in, expecting there would be some sort of another wave going into the fall and winter. I think, maybe even more important than this news today, is the fact that we may have real lockdown measures taken. Not anything like we saw in march, but something that might actually slow down the recovery in certain sectors, certain parts of the economy. David your job is so hard. I do not in view. We had rib i do not envy you. We had reports out of california that sales tax receipts are coming in much better than thought. Maybe the economy is coming back faster than we understand. Christopher i think that is absolutely true and i think that is the problem with painting these things with too broad a brush. We have seen the stimulus packages that have been delivered around the country since the spring have been very helpful in certain parts of the economy, particularly lower income families. We have seen not just a recovery goods and Online Shopping but actually in person Retail Shopping in parts of the country. Travel has begun to come back at a low level. So there are pockets of recovery and maybe that is why some of these broader headlines that they may not be so durable or that the fiscal stimulus may not come as quickly or as broadly as we would have hoped, those are the kinds of dampeners or clouds on the horizon that create market days like today. David one of the things we lost with the pain to make free time was companies willing to go out on a limb and say what their earnings would be going forward. That is coming back. Is that christopher it is. That is part of the good news. The fed did step in and restore liquidity. Anyhey do not feel there is shortterm liquidity problem, they are also beginning to feel like they can see some in demand end demand and you have seen that in markets and analysts estimates. Now, his visibility is beginning to as visibility is beginning to return, that has been very supportive of the Market Recovery up until last week. Generally speaking, investors are really straining hard to get a sense of what 2021 is going to look like and that is why, you know, the earnings on one side are helpful. The political clouds in washington, the delay in stimulus, are unhelpful. David thank you, christopher smart, this is Bloomberg Barings chief global strategist. Illegalons of moneylaundering. Scarlet fu has a look at the story. Scarlet it is something that chris smart just referred to. When you look at the s p 500, banks are one of the worst performing in there. It is global as well because the too. Was about 3. 5 down according to an investigation, we have documents showing internal compliance officers at banks flagging more than 2 trillion dollars in questionable transactions over an 18 year period. Bank amongdeutsche those biggest offenders, but not the only ones. 90 Financial Institutions appearing in the documents. These banks reportedly moved cash for people or entities that they could not identify and then they neglected to file the required paperwork until years later. The fines that do come as a result often do not do much as well because the investigation found large fines led to an increase and what is called suspicious activity reports, but there was rarely any followup. Just the financial crisis, for context, banks beefed up their compliance stuff. Includes monitoring potential Money Laundering and financial crimes, but at the same time, we know the operating environment has been extorted nearly difficult for these banks. Low Interest Rates led to falling margins. The banks had a couple of boom years after 2009, but there are plenty of busters as well. In terms of the share price, banks are first banks are facing their worst year since 2008 and the share prices are reflecting that. Costcutting ends up becoming the only way for one of the best the only way or one of the best ways of meeting profit estimates, and you have to think that affects the compliance departments at banks. Banks with influence in the inket has bank influence the market has waned as well. In 2005, they kind of for 21 of the s p 500. They accounted for 21 of the s p 500. David President Trump came to office saying we have too much banking regulation. Lets dial back at it. They take that signal, they think the cops are sort of easing off . These transactions happened between 1999 and 2017, so it was not as if there was a track record there was not a track record before trump came to office. Pin itt know that we can all on a looser regulatory environment. David scarlet fu reporting on bank of america and Morgan Stanley and all the banks having problems. Reporter Supreme Court greg stewart joins us on the death of Justice Ginsburg and how it will influence cases in the courts new term. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. I am david westin. Supreme Court Appointments can the court for a generation but can also have immediate effects. The Supreme Court will address the Affordable Care act and the new term. We welcome greg star. This has been focused on by the biden camp, focusing on the Affordable Care act. It is particularly powerful with a pandemic going on. Give us a sense of what that case is that is pending. Greg it will be argued a week after the election. It bears some similarities to a case the court decided in 2012 when they upheld the core of obamacare and the individual mandate the required people to buy insurance or pay a penalty. Chief Justice Roberts upheld the law then as a congressional tax under the congressional taxing power. Republicans in Congress Took away the tax. Law arenents of the trying to overturn the entire law, saying the original rationale is no longer there because there is no longer attacks and the rest of the law cannot stand without the individual mandate. David was Justice Ginsburg a pretty safe vote when she was there to support the Affordable Care act . Does it put it into question if you have a republican nominee instead . Greg it does. She certainly was a safe vote. She voted to uphold it in 2012 and in a later case involving a different issue. Case, if youe asked me a week ago, i would have said the challenge to obamacare was a long shot because you still have the same five justices who upheld it in 2012 on the court. Now you only have four, so defenders of the law will need any other vote. Come from brett kavanaugh. It could come from sam alito. There are good arguments that cavanaugh in particular would be reluctant to throughout the whole law, but it is by no means guaranteed. David is there any question about chief Justice Roberts . He was the swing vote, but he said it was a tax. Greg right. Because the taxes no longer there, it is possible he would this,k, you cannot do this mandate to buy insurance under any other power, and therefore it is unconstitutional. The place where it would be hard to get robertss vote would be that next step, ok, we have to strike down the entire law. That is something john roberts really does not like to do. We have seen several examples where he severed out the unconstitutional part of a law and left the rest standing. He will be a tough vote for opponents to get in this case. David give us a sense of the mechanics of it. You said a week after the election. It is some a questionable whether they have someone confirmed then. Did they have it without a justice, and what happens if a justice comes . Greg they could come or they could put up the argument. Anotherdo not have justice and they take the case and they are split 44, they would reargue the case almost certainly later in the term when they have a full bench. As long as there is a justice confirmed reasonably soon, we can expect a decision by the end of june. David that is our great Supreme Court reporter, greg stohr reporting on the Affordable Care act case coming before the Supreme Court. Balance of power will continue on bloomberg radio. In our second hour, we talk to representative Eleanor Holmes norton, who was very close to Justice Ginsburg. This is balance of power on Bloomberg Television and on bloomberg radio. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Vonnie it is 1 00 p. M. In new york. I am vonnie quinn. Welcome to bloomberg markets. Here are the top stories were following. Theet volatility is back, s p sliding to its lowest since late july. What is contributing to this selloff. Tighter restrictions are looming around the globe. The director of Johns Hopkins school for Public Health advocacy on why she things we should use this moment to transform our Public Health system. Traders might be grabbing a doughnut here and there to calm nerves, or add to them. The krispy kreme ceo on opening a times square location. Lets get a quick check of the markets. We have been down and we have been down more. That is the story. The s p 500 down 2. 5 . The dow is actually down more than that. And the
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