We will move on to the second segment. Mr. Biden that was a productive segment, wasnt it . David that is a taste of what we got to see 90 minutes last night. Lets go to Kevin Cirilli in cleveland. Help pick up the pieces. What is the aftermath . Kevin Vice President joe biden speaking in cleveland earlier today before getting on a train. He will go to parts of ohio as well as pennsylvania to continue campaigning. He continued to criticize the president s tone and trying to move forward. Two other takeaways i would note. First and foremost, the last five minutes of the debate outlined we are getting set up to not know the results on november 3, and might not know the results for a week, dare i say a couple of weeks, maybe even into the december for the results. President trump and joe biden saying at the end they were prepared to take this all the way through the judicial system. Finally, it lacked policy. The next debate in two weeks in miami is a town hall format. It will be moderated by sees bands steve scully. Cspans steve scully. Maybe we will get more policy. Joe biden said he is leader of the party. Whether that alienates the far left blank, we do not know. Turnsr that entire debate off voters from turning out to vote is a question i am hearing from both sides of the analysis this morning. David thank you so much to Kevin Cirilli for all of your reporting in cleveland. Last night they touched a little bit on economic policy, although it was hard to find it and all of the backandforth and interruptions. At the same time the economy needs help. There is a recovery going on but clearly it is slowing down. There is a lot of uncertainty over things like coronavirus and possible shutdowns. To help us sort through what the economy needs to hear from the president ial candidates, we welcome blair effron, Centerview Partners cofounder and partner. Great to have you with us. Put aside what we heard her to not here last night. What does the economy need to hear . What does American Business need to hear from the leadership of this country . Blair thanks for having me on. Lets talk about first the economy. We do not forget the people out of work. 3 million more than were out of work and the 2008 recession. We have state and local governments being hurt. 500 billion of debt taken on during covid. We have 7. 5 million Small Businesses at risk. What we really need, and you have heard it from the fed chair, youve heard from the treasury department, what we really need is a continuation of the work done in march to get a strong stimulus package so we can get and maintain on a road to recovery, and the longer we do not do that, the more we turn this into a deeper hole. Guy to stay on this david to stay on the stimulus package, doesnt matter how big it is . We hear about 2. 2 trillion, we hear about 1. 1 trillion, doesnt matter if they get it done more than how much it is . Blair the size does matter. We need something substantial. The house is talking about 2. 2 trillion. The 600 unemployment credit has worn off. In the early phases of covids size does matter. You want to take a bazooka to it and you want to be ahead of the curve. The stock market remains robust. What does that tell you . It tells you investors are being patient. What the recovery to take hold over the longer term, and that the National Balance sheet can handle it. You get the economy growing again, then we can focus at that point what it means for all of the various debt figures for the economy. Right now we need Something Big and we need it quickly. David how anxious is the csuite . If we look at the markets, they have held up terribly well. Is there a disconnect . Blair i do not think there is. Have gotten so good about managing through uncertainty. What they did for the most part during covid was put their heads down and figure out how to manage the immediate crisis, and frankly how to think longer term to take advantage of what covid exposed. Frankly there are plenty of businesses that look at the situation and said if we do not move quickly we will be disrupted. Think about retail. Look what happened with walmart or target in terms of how well some ofe done versus the less fortunate retailers. The fact is what i think youll will see is a lot of companies saying we need to make investments now so our businesses are competitive three and five years from now. Covid set up a lot of that thinking, whether it was how you do a supply chain, how you use the technology to your advantage , how you withstand disruption. Exposed a lot and you have a group of executives who said we will have to take some action. Against that, they obviously want to have a macro environment. Certain or more steady. David lets talk about that macroenvironment. That takes us back to what we heard and did not hear in the debate. We have two very different approaches in managing the economy between President Trump and Vice President biden. We have President Trump saying i want to cut taxes and have more deregulation, we will bring businesses back on shore, then you have joe biden saying we may have to raise some taxes because we need to invest more. The businesses across the country, which are they more inclined to go with . Blair i think most businesses today see the need for investment. They understand china is investing at four times the rate we are. They understand that. Getting underserved communities into the 21st century, whether it is broadband, whether it is wiring schools. They understand having a set of policies that lets them be rewarded for making the longterm investment and having the shareholders have the right incentive to stay long term is the best thing for growth. Economy,w the everybody benefits. Point t there is wo, i think there is appreciation that covid has been unfair. It has hurt the lower income brackets severely. If we have an economy that works for everybody, we have to invest back in it. If you look at what joe biden is saying, he wants to invest 5 trillion back into the economy whether it is in climate or manufacturing or historically black colleges. Peoplezing that the more you can bring along and give opportunity to, the better we all are. Most executives appreciate that. David we are trying to claw our way out of recession. Typically do not raise taxes at a time like that. Are you concerned if we have a biden plan implemented it would slow down growth . Blair i am not concerned at all. Fundamentally you go back to obama when taxes at the top or 39. 6 . In his first term the market was up 30 up 44 , higher than it was term. Trumps first employment was better. 2. 8 million jobs a year versus 2 million jobs under trump. Thing fore key business generally is that we have a longterm focus, a steady course of policy, reestablishing our position with allies across the world, but doing it in a way that does recognize America Needs first. I think i see broadbased support for that. Fundamentally if you can give more people more opportunity, they become consumers over time and that helps everybodys business. David as you talk to your clients, are they holding off to find out what happens after november 3 . Blair sure. Any company thinking about doing something important ought to understand what the landscape will look like for 21 and beyond. It would be unwise to embark on something important. It does not mean that every day youre not doing something to make business better, every day you are not doing something to increase investment. In terms of big decisions, you want to have more certainty on what the framework will look like politically and from a macro perspective. David youve made no secret about the fact that you supported President Biden Vice President biden for some of the reasons you have expressed on this program. After last night, how do you feel about his chances . Say last night he benefited. He showed himself to be steady and decency, a lot of people are looking to that. Toill leave it to others make prognostications about november. I think he reassured a lot of people whos gog to mn. Vid a lot of us focus on the policy part of economic policy, that is what we doing the media. . S there a soft side what we saw in the debate was more a matter of tone than substance. How important is that to the economy and American Business . Blair great question. I think tone matters a lot. Policy matters a lot. The steadiness at the top is something the private sector looks to. They have enough complications running their businesses that anything that can reduce that complication they value. Across anden to come talk to america last night with a steady hand on the tiller, it does matter. In terms of policy, looking forward to the next debate where hopefully both candidates will more completely layout their vision. Americans deserve it. David for at least let one another talk. Thank you so much. A treat to have you with us. That is blair effron. Coming up next, we talk with the democratic congresswoman from cleveland, marcia fudge. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. I am david westin. We turn to Mark Crumpton for bloomberg first word news. Mark Boris Johnsons conservative party has struck a deal with rebels from within his own party over giving u. K. Parliament more power to scrutinize new emergency coronavirus measures. That move of a damaging blow to his authority. Speaking at the house of commons , the Prime Minister set a risk posed by an increase in virus cases in the u. K. And europe calls for swift action. Johnson there is a serious and growing problem with the resurgence of the virus and that is why we have put forward the package of measures we did last week. The Prime Minister had been warned more than 100 of his own mps were preparing to vote against the parliament if that comprehensive government did not compromise. Nine zip codes in new york city account for one quarter of all coronavirus cases citywide. That is according to mayor bill de blasio, who says parts of brooklyn and queens are helping to drive up the rate. The weekly average of positive tests rose slightly to 1. 46 , and new daily cases increased to 354 from 338. That uptick comes as the city moves to allow Indoor Dining to resume starting today, limited to at least 25 capacity. Senate democrats Want Supreme Court nominee Amy Coney Barrett to promise to recuse herself from cases related to the 2020 election. That is after President Trump said the court might decide the outcome, and he expects her to break a tie. Supreme Court Justices decide themselves whether to step away from my case. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David our series on swing states in this election is focused on ohio, state President Trump needs to win if he is to be reelected president. We welcome democratic congresswoman marcia fudge of ohio. Districtative fudges includes regions from cleveland to akron. Thank you for joining us. Your overall reaction to the debate in your backyard . Rep. Fudge thank you for having me. Debateaway from the feeling embarrassed for this nation. I have never seen such a display. I have watched many debates and ive never seen anything like i saw last night. David did you think there was blame on both sides . Rep. Fudge i certainly think so, but i also think there was clear difference between town, between tone, between presence, between caring about the country and not just trying to score points and call names. I think there was a clear distinction. We cannot even get through the first set of questions before the president was attacking, talking over joe biden. I heardook at it, and this morning on television, they were saying the moderator admonished the president 70 15. S or something and joe the president kept violating the rules. Ive never seen the lack of to quorum, the lack of president ial presence i witnessed last night. Givegive us us david us a sense of what your constituents would have heard that would have helped them or not help them. Was about discussions Racial Justice and violence as well. What did you hear from the disco candidates . Your district has a large proportion of africanamerican voters. Rep. Fudge it does. The first thing my constituents were concerned about was they would couple the two. Race and violence do not have anything in common. Into ay would put segment that dealt with race and nothing to race has do with violence. My people would have benefited more by them talking about what we do about justice in policing. They wouldve benefited more about what are we going to do about schools that are falling apart, what are we going to do about housing, what are we going to do about living wages. They would have by that. What we have seen, especially in the time of covid, it has laid bare not only the racial tensions in this country, but it has shown it is a lack of health care in communities of color that has created the disproportionate number of people of color who are dying from this disease. It has also laid bare it is the people who look like me and people in our communities who are the front liners. We are the ones who work in the grocery stores, we are the bus drivers, we are the delivery people. We do not make enough money to have insurance yet we are the people who have to interact with people every day. I think maybe they both could have done better, but certainly i think they could have at least admitted, at least the president admitted there is a race problem in this country because there is. David congresswoman, always good to have you with us. That is congresswoman marcia fudge, democrat from ohio. Power onbalance of Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for a market check. We go to scarlet fu. Steve mnuchin may is going up to talk to nancy pelosi. Scarlet may be happening. It has been that way for a couple of weeks. It is the last trading day of the quarter and the everything rally is back in force. Steven mnuchin said he does expect to reach some kind of stimulus deal with nancy pelosi. We are all waiting with baited breath. You are seeing big caps and small caps, techs and cyclicals all up. For the s p and nasdaq, this is the fourth gain in five days which is why you are seeing gains of 1. 5 for the intraday for industry groups. The employment report was also betterthanexpected. Perhaps that is a hopeful sign before the jobs report on friday. Banks higher on stimulus hopes, hospitals higher after the debate but im not sure we learned anything from policy. The big take away from last nights debate was President Trumps refusal to accept the legitimate of any reluctant any election outcome. Most likely we will not know the winner, it will be contested for weeks or month. You could have a 10 correction from that. If you have a contested situation. Scarlet he sees perhaps a 10 correction if there is no outcome, if this drags on. Hopefully we will not get to that point. David we can hope that is true, who knows given the debate last night. There is one outfit that is happy with this upmarket, and that is palantir. They are coming out with their direct listing. A good day to do that. Scarlet a good day, a good backdrop because all of the gains in the equity market. This is a direct listing, which is different from the ipo in the company is not selling new shares or raising new money as a result. Existing shareholders are deluded. Usually there is no lockup period. Palantir has placed limits on how much insiders like employees and investors catch up equities. The nyse sent a Reference Price of 2. 75 based on secondary trading performance. This is a floor that allows the price discovery process to begin. Youre looking at projected revenues for the first half of 2024 palantir. This is a money losing Data Mining Company founded by peter tchir. Rising 44 and surpassing 1 billion. Said it will turn profitable this year on an adjusted basis, excluding stock compensation. What i find interesting about palantir is not only was it named for the all seeing stones in lord of the rings, one of the early investors was the nonprofit Venture Investing arm of the cia. This is a company dependent on government contracts. David they get a lot of money out of the cia. Up next, we will continue our swing state review with republican congressman bill johnson ohio. This is balance of power on Bloomberg Television and radio. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. David this is balance of power. We go to Mark Crumpton. Mark it was billed as the first president ial debate but last nights event in cleveland, ohio, whitley turned into a debacle. Insults drowning out issues. President trump and joe biden battled over the coronavirus. Mr. Biden he knew it was a deadly disease. He knew it. He said he did not tell us and he did warn us because not want to panic the American People. You would not panic. He panicked. President trump they give you bad press the matter what i do. Fake news. That is the way it is, unfortunately. I do not care. I have gotten used to it. You could never have done the job we did. You do not have it in your blood. Mr. Biden i know how to do the job and get the job done. Pres. Trump you did not do well on swine. Swine. Mark Moderator Chris Wallace had a hard time keeping the discussion and control. One more chance securing a deal with democrats on a fiscal stimulus package while stopping short of the 2. 2 trillion proposal from House Speaker nancy pelosi. The two sides are set to meet shortly. Secretary mnuchin says he believes the number to be closer to 1. 5 showing dollars and a plan put forward by a Bipartisan Group of house members. The proposal would escalate spending up to 2 trillion if the virus pandemic persists. Death ofmourning the singer and activist helen reddy, which was announced yesterday by her family on facebook. Best known for her song, i am in thewhich was anathema feminist movement in the 1970s. Diagnosed with dementia in 2015. 78 years old. 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. President trump and Vice President biden were speaking to the nation last night but specifically speaking to the swing state in ohio. Welcome, republican congressman sitting in the southeastern part of the state bordering kentucky and pennsylvania. It is the longest district east of the mississippi. Is that right . It absolutely is. Windshield time. I will bet you do. Give us your take on how you think your constituents are responding in the debate last night . A lot of talking over one another and namecalling. What substance do you think your constituents took away . Exchange, noively question about it. Chris wallace had a tough job but in the end, it ended up to on one because Chris Wallace joined with joe biden to gang up on the president. Biden got softball present questions. The president has only been in office for 3. 5 years and got grilled on his record, and yet, bidens 47 year record was never even touched. Saw, and i have had a number of phone calls this morning, is it reconfirmed for america to start policy differences between candidates. The section on law and order was especially clear because Vice President biden could not even name one. Over the last years, he talked about hard work left to do but the only thing americans remember about joe bidens performance is that he said he is the democrat party. Radical left of his party and his refusal to back tax cuts, which will a few just cutting through what i said. An ideant that is just and on organization. We know that is not true. He said he would shut down the economy because of covid. That will not work. He struggled to say he supports law and order. He is not for the Green New Deal the head of the fbi said. T is not an organization we know we are given to travel from place to place to place. In the military, if it walks duck, sounds aa good duck, it is probably a duck. The other thing biden said, he would not commit to not packing the supreme court. Outside the rounds of responsible governing. Its payment to me. I want to get back to President Trump in a moment. Splay white is outside the round. The election, something that was not done before. Is that outside the norms of a have the votes . He established the rules. Majority leader Mitch Mcconnell 2016, when president obama was leaving office, we had the president of one party, a senate of another party, and a divided government. Biden said last night that we should let the American People speak. They did speak, in 2016 and again in 2018, when they increased the number on the senate because the president promised he was going to appoint conservative justices to the supreme court. Is not overly complicated. The constitution gives the president of the right to nominate. It gives the senate the right and responsibility to consent and that is what the man is doing. His constitutional duty. Elections have consequences, as this one will as well. You pointed out how Vice President the way some people would have liked to have done. He said standdown but standby when he talked about proud boys, a farright, violent group. There was a lot of noise going on at that point. Biden was talking over the president and Chris Wallace was talking over the president. The president was trying to listen to the question and to what joe biden was saying. It was that time that the president was being ganged up on. I know the president and i heard privately. He does not support and does not stand with white supremacists. He does not and anyone who wants to fabricate a false claim to say he does, it is just irresponsible. To get your take on ohio specifically. Today, the court moved into a swing state status with Vice President biden and President Trump. How do you see it this year . They were wrong in 2016 and they are trying to figure out how to put this on their wounds here in 2020. Saying as late as 7 30 on Election Night that Hillary Clinton would be the next president or president elect. We now know how that turned out. I am not surprised that pollsters are saying that but i live in ohio. I work throughout eastern and Southeastern Ohio and the enthusiasm for the president today far exceeds what it was in 2016. There is no way it is a close election in ohio. The president will take ohio, north carolina, florida, and the president is going to win this election. It is really valuable to have your opinion on the election. Votersup, how undecided reacted to last nights chaotic debate. Uncommitted swing state voters as the violence ended. What did he learn from his focus group . That is coming up next. David breaking news right now. Shares of astana have started trading for the first time. The Software Maker via a direct list and not an ipo. The busiest month ever for ipos and direct listings because we are still waiting for them to start trading. Frank is had a career putting together poles, analyzing poll results, and advising on strategy. He was at the debate in cleveland last night and put together a focus group on undecided voters from seven swing states who he talked with in detail and here is a taste of what he had to tell them. I need to see another debate now just to confirm what we saw tonight and biden passes ability to stand up to trump. Policies and so on and so forth. Did not biden convince me of anything. He is on president ial of what historically president ial is. On a annoying like nails chalkboard but him acting that way does not necessarily impact my bottom line. Trump being unhinged and a has directeds what my decision. Why should joe be elected, not why i should not vote for trump. Here is the man himself, frank. Great to have you again as you were last night. Watching the debate, no one could see what was going on around me. Commenting they were doing it in the national debate. I found it fascinating that they started off strongly for trump. That he came out affirmative and strong and tough. It wears well for maybe 15 minutes and after 30 minutes, you get sick of it and then you hate it. Donald trump started by defining what he was about an by dissident disagreeing with joe biden and by the end of the day, they were angry with him because he had not spent any time talking about what it was for. He spent the entire time talking about what he was against. Joe biden started the debate relatively weak and did not appreciate that he said to the president to shut up and called the president a clown. No one thinks that is deserved. By the end, biden was speaking straight to the camera and when he did, there was an emotional appeal that they could feel at home and his appeal, mentioning the loss of his son, when joe biden was emotional and talked about fighting for working class americans, that is what the public wants to hear. That was trump in 2016. I will fight for the ignored and the forgotten. In 2020, donald trump is fighting for himself and voters do not like that. People might have liked Vice President biden night more than President Trump, but are we switching any votes here, as a practical matter . Votes. Ted to switch some what i learned last night was about likability. It is not who you want to share a drink with. It is actually, do they like you . Does donald trump like americans and us joe biden care about people . Thatiden clearly won exchange yesterday. Donald trump in his tone and aggressive that it turned people off. When we ask people questions at the end, give me a phrase to describe joe biden, most comments were positive. When we got to describe donald trump, almost all of them were very negative. It moved a couple of people were trump. At the polls, i think you will find that donald trump failed in his mission to bead that biden lead. It is a pleasure to have you with us. With us last night and today, the poster, franklins. Frank luntz. Trading sharply higher right now. This is balance of power on bloomberg radio. David welcome back. Heading the enron task force, working as the head of the criminal fraud section of the department of justice, and a Senior Member of bob muellerspecial counsel team in the 2016 election. He has written a new book about the experience. Welcome to bloomberg. We are joined by my colleague. For joining us, gentlemen. Think pect, do you do you think the molar investigation succeeded in its mission . There are ways in which it did exceed succeed. I try to account how we got there, trying to walk a reader through how the investigation has been pieced that has pieced together so much information about howmanafort, russia capped our election. I also did not want to write an easy book about how we overcame the thing we did well but also things we could have done better, i offered my own assessment as to things that i thought we should have done differently. Couple of years covering the molar investigation or trying to because there were no leaks from it. I found the details of the book to be fascinating. I want to go back to what you were talking about. Much has been made in terms of the big picture we will get to but in terms of success, indictments against the gru are fivenow that we weeks away from the next election, it seems the message got shouted out in whatever one is got whatever is going on. It is as we know, probably happening again. Absolutely. One thing that is a shame that i write about is there is clear evidence russia interfered in our election. An analogy to pearl theor, after pearl harbor, country banded together, understood it was under attack, and it was not politicized. Everyone knew who attacked us and that something had to be done. Is that gotten muddied the people who try and politicize the issue, colluded, and it is not a legal term, with russia. But leave that aside. There is no evidence of that. It still does not mean you ignore what russia did. That is where i think the country has a long way to go in defending itself and hardening the target so we are not subject to interference with foreign countries. As you say in the introduction to the book, one reason you wrote this is like watergate before hand, it helps to have a first hand account of what happened. Comparing it to what happened in the special counsel office, fire, had an effect on the steps you took. Would that be a fair judgment . And ahink it is fair really good point. One thing i think is useful, the reason i wrote the book, is we can see what we did, what we did not do, and some of the ways in which Current Special counsel toes inhibited our ability speak publicly and what i call the education function of the i amal counsels office, old enough to actually remember this. He spoke out about why he was seeking the nixon tapes and explained that to the public. Current special counsel rules, where we are just a part of the department of justice and do not have an ability to speak unilaterally about what happened, does a disservice to educating the American Public about what we did, why, and what we did not do. I think the rules need to change because god forgive god forbid your in this situation with the next president. You want to make sure the public understands what it is the special counsel is doing. I think we have one minute left and we came up against the special counsel restrictions and who the person is. Robert mueller, whom you know very well and i followed his career for decades, and admirable public servant, the type of guy who does not want to clearly the type of guy who does not want to put himself front and center. That turned out to be and in addition toward the office, was it not . Bob mueller is a national treasure. Of the press as i recount is you live and die by the press. Is just not him as a person. But i think it would be useful to have rules where we could go public to say here is why we did not subpoena the president , something i think we should have done. It would have been useful to have a discussion about it, about why we did not look at the finances of the president. Yes. A very interesting peek inside the tent. Thank you so much and this is bloomberg. [ 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. Ask about saving up to 1,500 on your installation. Virtual appointments now available. Crumpton made it clear the two candidates clearly cannot stand each other. They hurled insults throughout that hour and a half long event. Mr. Biden Everybody Knows he is a liar. I want to make sure pres. Trump you graduated last in your class. Mr. President , can you let him finish, sir . Mr. Biden he does not now how to do that. Know how to do that. Let him speak, mr. President. Pres. Trump you just lost the left. You agreed with Bernie Sanders on a plan mr. Biden folks, do you have any idea what this clown is doing . Moderator Chris Wallace of fox news trying to stay in control
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