New york city for bloomberg television. All eyes on cleveland, ohio. Jon ferro, i dont know your history with cleveland, ohio besides the best Football Team on the planet, but this debate tonight will be a battle. It will be interesting to see just in the first 10 minutes how the debate agains the debate begins. Jonathan jonathan my association with cleveland is lebron james. Did i do that right . Tom you nailed that. Jonathan we can explore that another time. In the markets, i am not sure what the implications or conflict once is actual or consequent is actually are. The nearterm risk, the number one is that we dont have an outcome november 4. If we get a clear lead and joe biden really solidifies that in the debate tonight, is that risk on . Do you fade the volatility off the back of that without really considering the policy implications of a democratic sweep . I think that might be a step too far, but i am trying to work through those issues with a series of guests. We continue to do that through the next way for hours. Tom on economics, politics, and this evening forward in cleveland. Our Kevin Cirilli in cleveland, getting ready for the debate. Lisa, you really underscore to this Quiet Movement into q4 of a slowing american economy. We see that on trumps day friday. On jobs day friday. Lisa you look at the slowing Global Economy and the lack of action in washington, d. C. , the lack of the ability of the Federal Reserve to stimulate, and you can see the nervousness not an actual price action, but if you look under the surface in options activity, you can see that the short thats on the nasdaq surging to the most since 2016 on a net basis. People not necessarily hedging with cash. They are hedging in those derivatives markets. Tom the vix backs up not appoint, 26. 92. Just quiescent throughout. Joe quinlan is going to join us in a moment. You get lucky with your scheduling sometimes. We have bob woodward with us later in the hour. The book is rage, but we are really going to focus on all of the illusions back to Richard Nixon fromard another time and place. It really speaks to the folded to whaton Kevin Cirilli says is the number one issue for americans, and that is their economic wellbeing. Jonathan exactly, and that is the issue that matters. We explored this just yesterday. Lets explore it again. Whether books like this matter over the longterm, they come with a lot of fanfare, and then he week later it is what book . It never sticks. What is amazing, the political analysts are all saying it, the stability of the polling has been remarkable. What shakes that up . Can this debate check that up . I think that is a big question. Tom stunning to see the 42 leveling for mr. Trump, even as he is challenged in a number of the battleground states. Right now we start strong in this hour. Withuinlan with us Maryland Bank of America Private Bank with marrow and with errill and bank of America Private Bank. Joe on down days, theres opportunities that we are still out there buying the companies, some of these smaller Cap Tech Companies around 5g, ecommerce, electric vehicles. So we are still buyers because we expect on the other side of the election, we will get fiscal stimulus. So we are selectively buying amongst consolidation in volatility. Jonathan if that is the case, why do i get the sense that you are piling into more cyclical parts of the market . See we are because we do global expansion, and the numbers out of china are better. We know that is engineered by the chinese, but europe is doing its part. In the United States, fiscal policy is going to be what Monetary Policy was in the last 10 years. It is going to be backstopped. I think the markets are pining the markets will deliver. Lisa a buyer of what . Cash holdings that are sitting on the sidelines . Are you one of those that fits into that category . Joe we are underweight the emerging markets. I think theyve got some problems to deal with. We still have a bias towards u. S. , but it is also balanced in japan and the Life Science Companies of europe. We have taken money and put it elsewhere. Lisa how are you hedging . We are telling clients to be investors, not traders. Look at the dividend payers, look through the election. I know the media is talking about we will not have a clear winner the next day, but we will have a winner. Have checks and balances. We have a constitution. Jonathan ive got to jump in, joe. That one always drives me crazy. Forgive me. The media is not talking about it. The market is pricing it. It is in the vix curve. You can see it. Joe we see the volatility, but like we were talking before, the markets i think have already priced in to a large degree a democrat sweep. They have come around to that that is why we had an ugly september. That was part and parcel of that. I think more of our clients are seeing through the election and want to be on the other side owning good companies. Tom so what do we own to take advantage of futures coming in, vix cash coming in, the general good feeling out there . We have to make choices. What should they be . Joe believe it or not, materials, cyclicals, industrials, some of these financials, they are still way down from prepandemic levels. Good coret competencies, good cash flow. It is the cyclical industrials, materials side of the equation. Tom that is like amazon, right . Lisa yes. [laughter] amazon and everybody other than amazon. Joe we still like Life Science Companies, technology. There is some space. When we get a fiscal package, we are going to get a fiscal stimulus package, a lot of that is going to be spent on infrastructure from 5g, for electrical vehicles, for solar. I am not talking about bridges and levees. I am talking about real 21st century stuff. Lisa so if you like stocks, what is the 6044 olio for 2020 6040 portfolio for 2020 . Joe for a young investor, say a 35yearold, it is 7030 stocks and fixed income. Obviously the more you go out on the curve, you have to pull in a little bit. But if you need the yield, you need to be in the dividend, they are kind of the frontline proxies. It depends on where you are at, your needs and your income desires. Jonathan just to put a bow on it, does tonight matter . Does the debate matter from a market perspective . Joe certainly i do think it matters. People have been waiting a long time for this, to see how the president performs and joe biden. Who gets the upper hand, we will see. Can biden stand up two trump . I think the answer is yes. So it does matter because weve got these swing states out there. Think the polls are tightening more than they are suggesting otherwise, so it is going to matter to the swing state independent voter, yes. Jonathan appreciate it. Merrill and bank of America Private Bank head of cio market strategy. Tom, will they be standing tonight . Can they walk around the stage . Could we see anything like a repeat of what we saw with President Trump and Hillary Clinton, where they almost followed each other around and around . Tom this is the strategy of the president. I am not sure secretary clinton was following him around. It will be interesting to see the body language. I will say, i am not an expert on this, but the number of debates i have seen is hugely dependent on who the moderators wallace is deeply experienced at demanding control. Jonathan Chris Wallace has said he wont be chairing this debate and Fact Checking simultaneously. I think it is important to recognize that in debates, it is up to the two people debating to factcheck each other. Tom absolutely. Lisa, jump in here. I flunked debate 101 in seventh grade. Lisa was the star of it. But i totally agree. You dont need to factcheck. People can listen and make up their own mind. Lisa the key to tonights having the best viral moment and avoiding the worst viral moment. Avoiding that moment of having them following each other around in a strange way. That is the issue. Jon, can you imagine her in seventh grade . Jonathan it is the younger abramowicz that debates semiprofessional he. Lisa thats true, actually. Tom there were scouts in the stands from the university of chicago. One of them screamed out, you nailed it. [laughter] jonathan tom, before we wrap this up, i just want to pick up on a phrase you used a little bit earlier in the conversation, and i wonder if any of the candidates tonight will use it. I dont mean to interrupt. When tom keene cuts in with a guest and says i dont mean to interrupt, you better be sure he means to interrupt you. [laughter] where did that come from, tom . Tom i cant remember. Some lawyer. Lisa i cant remember to recollect. Jonathan i dont mean to interrupt, but i do. Jeanne zaino coming up a little bit later. You know what, tom . Ill put money on it you will, right here on bloomberg surveillance. Ritika with the first word news, im ritika gupta. President trump and joe biden go head to head for the first time tonight in the opening president ial debate in cleveland. The president has unwittingly done biden a big favor. He has lowered expectations for bidens performance. The president has spent months painting biden as sleepy, data ring and senile. That may sleepy, doddering, and senile. That may have lowered the bar for his performance. Democrats have released a scaledback 2. 2 trillion dollars proposal to support the u. S. Economy. The legislation is designed to move along talks between House Speaker nancy pelosi and treasury secretary steven mnuchin. If they cannot agree on a deal, the house could vote on a bill this week. More details coming out from the New York Times investigation of President Trumps taxes and income. He earned 427 million from his role on the apprentice, and the show projected the false image of a successful real estate mogul, which eventually helped him win the white house. The administration called the report a political hit piece. The Trump Administration may impose more sections on irans financial system. The u. S. May target more than a dozen and declare the entire system offlimits. The goal is to cut off irans economy from the outside world, except in limited circumstances. Uber is considering whether to buy a ridehailing joint venture in europe and latin america. There have been earlystage talks, but it could be difficult to agree on a price. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im rick guba. Im ritika gupta. This is bloomberg. For lawyers on both sides to make sure every american vote counts, i would urge americans to vote early and mail their ballot early so that there is no controversy that the road will be counted if they are going to vote controversy that their vote will be counted if they are going to vote absentee. Jonathan french hill speaking on bloomberg surveillance within the last 24 hours. We are counting you down to the opening bell, and the opening of that debate a little later in cleveland, ohio. Price action here in new york city, equity futures down ive, a little more than 0. 1 down five, a little more than 0. 1 . Eurodollar just north of 1. 17. Your aussie is where the outperformance is. Yields do nothing, the story once again this morning. 10 year. 65 , yields going nowhere. Payrolls friday just around the corner. Politics first, Economic Data second in the back half of the week. Tom i would note turkish lira, with the military affairs and the challenges of turkey, truly spiked to a strength of 7. 78, and it has reversed about 80 of that spike, so we are watching it carefully. And i havent mentioned this morning, argentinian peso works out among immense challenges to 76. 06 on the published peso. Jeanne zaino is with us, iona College Professor of Political Science and bloomberg contributor, in cleveland with Kevin Cirilli. Let me cut to your expertise. What we will you listen for and the first five minutes tonight . Jeanne what i am listening for in particular is does joe biden exceed the expectations that have been so lowered by the president and his team, and of course, does the president make a case that he is working in the best interest of the American Public and best situated to move us through this pandemic . We hit one Million Deaths in the world. The United States is still leading. Can he hold steady in terms of getting us to where we need to be visavis the economy . Those are the two big things. I think health care is going to be a major thing i am listening, and of course, theres going to be a lot on taxes. Tom i believe the language is from scranton to park avenue. How does the john went from park avenue the gentleman from park avenue and maralago present this in an open environment it a battleground state . Jeanne the president has got an uphill battle. This is not the story he wanted area joe biden is going to be making the case that this is a park avenue guy, and the New York Times story present that. Hes not the guy he told you he was. Hes not the businessman he told you he was. He is not the person to leave the country. I think the president is not going to lose supporters, so i think the real question is can he pull over these undecided voters . And there are very few of them, only about 5 according to the polls. Lisa is joe biden a good debater . Jeanne hes not a bad debater, and i think hes been undersold. In the primaries, he was debating 10, 15 people at once, and that is difficult. Lisa, i know you are a debate start. That is difficult to do. Lisa hold on, whoa. Let me set the record straight. I am not a debate star. My son is very much into debate. I do know it is the job of the debater, not necessarily the moderator, to factcheck. You think joe biden has the chops, based on his history, 25 toh his history, factcheck anything President Trump might come up with . Jeanne if i was advising biden, i would say do not fact check. I agree, traditionally that is what happens, but donald trump has a very good way of getting his opponents off track and offkilter, and i think if biden tries to go down that path in a 90 minute debate, i think he is going to get himself in trouble. Biden needs to focus with a laser beam on covid, the economy, health care. He needs to be empathetic and show that he has a different potential president and President Trump president than present trump. Particularly if he starts talking about his son or his family, that is not going to be good for joe biden. We know from the research this is not as much about what happens tonight as what happens afterward in these viral moments. Out for havingch a bad viral minute. Tom you are too young to remover this, but you used to go into the voting booth, your father would pull you up and let you pull the thing even though your father knew the whole thing was rigged. How is this different with absentee voting across the nation . How will that change the dynamic . Jeanne many people in swing states will have had the chance to vote already, so the teams have to be cognizant about this. People are making decisions already and are in the process of doing that, so the campaigns have to target people voting at this point. Youre right, we dont know what the absolute numbers of people will be voting by mail as opposed to the traditional voting in person. We expect there will be a lot, given that there is a pandemic. Jonathan just a final question for me. How does the former Vice President handle the hunter biden question . I cant think of a single time he has really adequately handled it, and handled it well. Theres no doubt in my mind that comes up later this evening. What is the best way of handling it . Jeanne i think the best way of handling it saying, hes my son. This is not about me or my family. This is about the American Public, and i can do a better job than you, mr. President , in terms of handling this deadly pandemic and everything that is to follow. I dont think he should get into a back about family a backandforth about family. Jonathan jeanne zaino there, of iona college and bloomberg contributor. In the bond market, nothing. A snooze. Treasury market going absolutely nowhere. It foreignexchange, we have a weaker dollar, stronger euro. Once we get past this debate, we clear the way later this week for Economic Data. Payrolls friday is important. Need to understand the degree to which the economy and recovery has lost moment in. We will get a snapshot of that little bit later this week. Mckee talked to michael about this. He focused on the continuing mystery of thursday claim. This is not just about jobs report friday, the end of q3 and all of that to me, it is all of that. To me, it is about planes, and it is a mystery about claims, and it is a mystery. Jonathan 850,000 positive on payrolls is the median estimate right now. That range continues to be wide. The previous number, 1. 3 7 million. Lisa, can i throw this out there . Stop playing it down. You were a great debater. We have seen the videos. Weve seen it on vhs. Lisa ill have what tom is drinking. Ill have one of those. Shakespeare. Hs of [laughter] jonathan i started drinking what tom was drinking about two weeks into doing this show with him. On bloomberg tv and radio, special coverage of that debate with david westin. This is bloomberg. Jonathan from new york and london, this is bloomberg surveillance for audience worldwide. Live on bloomberg tv and radio alongside tom keene and lisa abramowicz, im jonathan ferro. Equity futures all over the place. Basically unchanged on the s p. In the bond market, nothing. 65 is your yield on the 10 year. In foreignexchange a little bit of price action. Eurodollar starting to push forward again. No idea why. Firmer one third of 1 . 40. 30, as in, holding pattern. Whatand see, wait and see we get later on the political side. Tom the political side as well but i will take it into the jobs report in any indication we are getting into q4 slow down. Every house has published the idea of down big and update. Now what. Us ofhearing joins capital economics. What is the call for q4 . Cut to the chase. Do you need more information or can you make an informed speculation about the fourth now . Neil the one thing we can be clear on at this stage is the pace of recovery will slow in q4 versus q3. It is important to distinguish between levels and growth rates. The other thing that gets lost in discussion is the fact that the u. S. , when you take a big step back and look how the u. S. Recoveryming is how has been about as vshaped as you can hope. Our estimate is at the moment gdp is 4 below where it was in february. You compare that with the u. K. , it is about 7 . Similar numbers in france and spain. It is only china that has done a better job of combating this in the u. S. I think the recovery will get more difficult from here. Tom we have just gotten out the trade balance numbers, and it is a distressing factor of an ever large trade balance. That is on the back end of the gdp equation. When you look at net exports and attract those imports coming into america, how they affect not only the u. S. Dynamic, but the global trade dynamic . Neil that is a big question. We could spend all day debating it. There are couple of points worth thinking about. The first is a lot of those like adequateings equipment, homey medical equipment, home equipment. It is not just the u. S. , the same is true for european economies. You have seen a surge in imports in both the u. S. With the goods in the trade balance deteriorates. Who produces those . China. We have seen a corresponding increase in exports from china. Chinas trade balance has ofounded in terms substantial surplus following the pandemic, whereas the deficit in the u. S. Has grown and into european countries, too. Like i said, that reflects patterns in the wake of the pandemic and the need to protective equipment and so forth. This is all reminiscent in the debate in the runup to the 2008 crisis. Jonathan lets talk about the permit shifts around the trade story in globalization. We had the benefit of your most recent note, and this title is how covid19 has stopped the march of globalization. Walk us through it. Neil apart from being Good Breakfast reading, the essence of the argument is the twin pillars on which the wave of globalization have charge world growth following the cold war were already starting to weaken before the pandemic. Those pillars were policy and politics, technology on the other. Those are fraying. Thepandemic has exacerbated strains undermining those pillars. I think there two elements. The third is that china has almost as united front there is united front against beijing across western capitals, both because its virus and contain the its actions in hong kong. Also the nature of the virus exacerbates some of the strains on the Global Trading system. In particular, the fact that china has led the recovery and the recovery has been unbalanced as far as its trade has rebounded. It is not done anything to the economies. I think it is the fact that a lot of the focus in chinese stimulus has been on things like niche generation technology, five nextgeneration technology, 5g, ai, and that feeds the narrative china is a technological rival to the u. S. And others. Put that together and it is a combustible mix. It is too soon to judge what the economic legacy of the pandemic will be, but i suspect when the history books get written, we will step back and judge this is the moment where u. S. And china decoupling became inevitable and irreversible and globalization began to retreat. Jonathan hard to write those chapters now. What you describe is important, potentially for markets. At the turn of the last cycle, coming out of the last global recession, china was a Growth Engine for the world. There is positive spillover. They exported some of the good stuff. Around howis time much of that positive spillover we will actually get from places like china and how vulnerable economies like germany might be in the next cycle, the next recovery . Neil that is a good question. Chinas recovery will mechanically lift world growth china has a big part of the World Economy and it is rebounding. It is not going to do much to reflect demand in other economies. Its recovery has come alongside a rebound in its trade surplus. Wavee in 2009 where huge of chinese stimulus sucked in imports from other countries and help to reflate growth, that is not going to happen this time around, aside from a few commodity producing economies, perhaps. What will the consequences be . From a market perspective, one is likely to be that real toerest rates will have remain at rockbottom negative levels as far as the eye can see. This is the only way well get aggregate demand and deficit countries back to precrisis norms. Policy has remain extremely supportive in the u. S. And in europe. Central banks have to remain extremely supportive. Countries that make them a step in terms of tightening policy too quickly or withdraw policy support too fast will be at risk of seeing recovery. Thespect earlier about how u. S. Has led the way. The news we are getting in terms of the stimulus front gives us pause for thought on that. The other potential market consequence is inflation, this idea that as you repatriate supply chains it will be more expensive and that will be passed on, leading to an increase in prices. How much do you buy into that argument . Neil i do not buy into it as far supply chains. If you think about how great they wouldns were, be undermined and exacerbated, actually they function pretty well. If you cast forward five years if you are in london or washington and thinking about the need to stockpile, to produce and to have strategically important goods like medical equipment, that kind of stuff. I think you stockpile it, i do not think you invest in large amounts of capital produce it at home. The answer on the supply front is the need to have ppe as you stockpile it rather than produce it at home. Where i think you start to potentially get inflation down the line is not because of their tree to globalization. The retreat to globalization. It is because of the institutional resolve to bear down, inflation starts to weaken. We go through shifts over time and we have just been through 30 orthodoxy hase been to control inflation. In a world of low growth, high levels of debt with increasing financial repression, we will move to a world where Central Banks will become increasingly tolerant and accepting of higher debt and governments will welcome it because it will help them deal with the public debt burden. Im not suggesting this is around the corner. I think the next two or three years, disinflation is the only game in town. Toward the end of the decade, can we be so sure . I do not think we can. Me inflation at 3 or 4 when youre trying to deal with some of the fiscal cost of the pandemic and the Global Financial crisis is perhaps one of the least worst options. Jonathan before we let you go, the most important question of this conversation, can you explain to tom keene who where they are in the league. Neil the least you know about them the better. They are a source of constant angst is all you need to know. Tom thank you. Jonathan neil shearing of capital economics. Tom bottom of the league. That is called doing a red sox. Jonathan that is called doing a red sox. Tom you really like this program. Jonathan what show is it . Tom you are in it. All of the drunks at the bar, the local bar, it is a pub. I misspoke. It is a wonderful effort. Getting lots of buzz. It is jasons today kiss and it is a great on thought it is ekis and a great ensemble cast. I can understand a third of what jon ferro says and one third of what they are saying. Lisa that make sense. Jonathan great respect, but i do not understand what you are saying. 8 41. This is only why we do the show for about an hour and 45 minutes. By the time we get to 8 41 eastern you are calling me drunk at the bar and saying you cannot understand anything i say. Tom we got a fan letter from a wonderful nineyearold. It is true. Lisa look at those markets. Jonathan she knows. Weve been together for years and people cannot figure out whether we actually like each other. I think tom just confirmed it for everyone. Lisa they love each other. Last time he came over and met bill denham. Jonathan that does not sound right. You can clear that up later. This is bloomberg surveillance. Ritika with the first word. Ews, i am ritika gupta tonight in cleveland President Trump and joe biden based off in first president ial debate. Only a tiny fraction of voters said the debate is likely to change their mind. In a new pulp from monmouth they are not7 say likely to be swayed by the debate. The global death toll from the coronavirus has now climbed over one million, but a researcher at the university of melbourne says actual fatalities could be almost double that. He says the virus ability to transmit in people who show no sign of the disease have enabled it to outrun measures to actively quantify cases. A wildfire in northern californias wine country has more than tripled in size. The blaze has caused thousands of evacuation and is threatening properties in a region devastated by fires just three years ago. The fire is located north of san francisco. It has burned more than 36,000 acres. , the Tampa Bay Lightning wanted second stanley cup last night, beating the dallas stars 20 to win the best of seven series. Tampa bay rays player was named the most valuable player of the playoffs. 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. Am ritika gupta this is bloomberg. Tom good morning, bloomberg surveillance. Lisa abramowicz and tom keene. A most important day for this nations politics. Bob woodward joins us of the washington post. 19 books across his storied career. Rage is the book. It is wonderful. Youve been out on the interview trail. I saw the interview with the atlantic. I want to focus, bob woodward, on this historic moment, the debate, and also look back to Richard Nixon and the tapes of another time. As you know, Michael Rosen ball could stop you called. He stopped me cold with a photograph over the shoulder of sam irwin and there was john dean testifying at the watergate hearings. There were tapes then and tapes now. Did you know as you taped President Trump it would have an impact much akin to what we saw from the watergate hearings . Bob no. I certainly did not. I was thinking of not releasing the audio, and Jamie Danielle at me,and my wife persuaded no, in this era when people distrust everything, trumps voice is the most recognizable voice in the world. Put it out and people can hear. T for themselves even after doing this for 50 years you learn things about how to communicate, and quite thattly i did not realize we now released 38 clips. Hasink my assistant still eight hours and 30 minutes in the can. We will release things that might become relevant, for instance when the Supreme Court issue came up, who trump was that he hadinate the opportunity to replace ruth bader ginsburg, we dug into the tapes and found a number of things that were quite relevant that trump said about his relationship with mitch s veryell and trump passionate drive to change the federal judiciary. Tom in the final days, not all the president s men, but in the final days there is a moment who hadrbara conical puritanical intensity had to tell Richard Nixon it was over. The Senate Republicans seem in no way related, whatever anybodys politics, they seem in no way related to the howard bakers of another time. Tell us of your surprised at the action of Senate Republicans in recent months. Bob in a way it is not surprising. They have been supporting the president , in some cases quite blindly, it is almost on automatic pilot. As i quote Jared Kushner in my book, Jared Kushner being the president soninlaw, in a practical way the white house chief of staff, i quote Jared Kushner saying trump executed a hostile takeover of the Republican Party, and i think that is exactly what happened. Is in aile takeover political sense total control. People in the senate, particularly, do not want to cross the president and get on his bad side. We know if you get on his bad ore he will tweet about you say almost anything about anyone , so people are protecting themselves, not just politically, but emotionally. They do not want to go into the arena with trump. Michael the rep tom the Republican Party was reportedly dead after the challenges of Richard Nixon. The republicans risk being the whigs after the kansas nebraska act. The republicans risk being a party that disappears . Bob that is what we will find days, theplus november 3 election, or at least we will get a glimpse. Whether we will get a final outcome is also in doubt. One of the things in our business, there is too much predicting. People do not know the future. My take on what is going to happen november 3 is anything can happen. Winp can win, joe biden can , there can be total confusion and chaos for not just days but maybe weeks or god help us longer about who will be the next president. I very much think if you look at this, and this is my analysis of trump, he has the responsibility, as he once told me in one of my many interviews with him for this book, that the job of the president is to protect the people. He has an obligation to tell the truth, and i think he has a moral responsibility to look out for people. , it is election issue the core of democracy. Voting. He should be up there, instead of saying it will be chaos, who knows when we will count the votes, how we will count the votes it is indeed a mess on the surface, but his job as the president should be to repair the problem, or at least tried to come up with solutions with the democrats. Feet and look0 down and realize we are entering this election period, election day, election month, god knows how long it will be, with this not just uncertainty about who will win, but the uncertainty of the process. Taking your car to have it repaired and you going didick it up and they say you check this and that and i say no, we did not. It is unacceptable and absurd. Lisa one thing. When you talk about the moral obligation of President Trump, there is a question about the moral obligation of journalists. This is one response to your book. People were saying if you knew that President Trump understood the danger of covid, why didnt you get out there sooner . Have you been surprised by the degree to which President Trumps presidency has put into the limelight the morality of the media and from that into question . Bob we should be accountable, but there is no one who has read my book and the details of the reporting process who think i could have put something out. There was nothing to put out. I thought trump was talking about china in february, all of the discussion was about china. The head of Infectious Disease for this country for the last 40 years was saying at the end of february, do not worry about it, go to the mall, go to the movies, go shopping, go to the gym. Inwe know, the virus hit us march. Californialing to and florida. If i thought trump knew something about what was going on in this country, i would not have traveled. Just personally. What happened is i asked the larger question, not only what did the president know, when did he know it, but how did he know it . I discovered in may that there was this key meeting january 28 when it was all laid out to trump. That is what he was talking about in february. I did not realize that until may. There is a reporting process, you talk to people, you go back. Question. Ving to that why didnt he say that . Woodward, we have time for one more question. I want you to speak to the Democratic Party experience. They lost with Hillary Clinton last time around. What is the urgency of Vice President biden to run to the middle to november 3 . Bob that is a great question. Burden of not just the party but a lot of people feel the burden of the future of the country on his shoulders, and the debate performance tonight will be key. People will look at that closely , as they should. 2016, i amed in sorry to be too long, but the Democratic Party, the Republican Party failed to see what was going on in this country, and donald trump did in 2016, and he won. When i talk to him about this and went through what he was seeing and what it meant to him, he said not only did i do it in 2016, i will do it again. We will see. Tom bob woodward, thank you so much. I cannot say enough about the immediacy of rage. It begins on the first pages. Just stunning. Bob woodward of the washington post. A joy to have bob on on the day of the debate. Lisa, your thoughts on the debate. Lisa the key question is who has the most to lose. It seems like joe biden, potentially. You can make the same argument for donald trump. It is a game changer. Watchingll admit i am even though i need the surveillance beauty rest. I would expect we would see an 80 million statistic on watching it. Extraordinary. Alexion 2020. David westin leading election 2020. David westing leading our coverage. Cleveland withn jeanne zaino as well. This is bloomberg. Good morning. From new york and london for our audience worldwide, good morning, good morning. The countdown to the open starts right now. 30 minutes until the opening bell with equity futures going nowhere right we begin with the big issue. Debate night in cleveland, ohio. This will be a big show. The most important thing is how does joe biden do. The former Vice President is clearly in the lead. Joe biden leading donald trump by Something Like six to 10 points and should be considered the favorable. People have already formed their opinion about trump. The number of undecided voters is real but it is small. Everyone is now fighting for the votes in the middle. The most important to me since nixon versus kennedy. This will be the most watched debate in a very long time. Jonathan people will watch it. Will it matter . Three quarters of u. S. Voters saying they will watch the debate, but only 3 saying