A centrist government or a leftist government. I think it is the former. David we have a tweet from jeb bush. Congratulating president elect joe biden. We also have Boris Johnson congratulating president elect joe biden and Vice President elect Kamala Harris at the same time. Is this result good for business or bad for business or does it depend . To big prospects. Number one, a sense of stability. Get telegraphed in advance which is a good thing for business confidence. Secondly and more importantly, the chances of any significant tax hikes have diminished greatly. With Mitch Mcconnell, there will not be any big tax hikes and thats the big story for business. We have been so focused on covid19. We are over well over 100,000 cases a day in the united states. Can we expect a significant difference in the approach for of Joe Biden Administration and what will it look like . The Biden Administration will from back dr. Fauci wherever he has been exiled in the last couple of months. Dr. Fauci again becomes the dominant player on health policy. I dont see a Biden Administration closing down the country. Newi do see a lot of tough standards on Wearing Masks, social distancing. Dr. Fauci will call the shots. We have seen a lot of that in the campaign where the Biden Campaign has been different from the trump campaign. Thank you so much. Now we are going to turn to scarlet fu. She has a tech report. Thats right. To putlyst i took talk out a note this morning before joe biden received more than 270 electoral votes. Sectorook for the tech which drives the s p and is the most important factor behind the nasdaq as well. Thetake here is that victory of joe biden is a bullish scenario. It is under vona potential for tech names heading into 2021. The main reason is that divided divisive government takes antitrust law off the table. This was the single biggest risk. It would have a Ripple Effect across the second. Now, you have a smaller likelihood that theres going to be a major action taken following the House Committee report on how the big tech names were abusing their positions. To be sure, the doj lawsuit against google is still in progress and its still a longterm threat. That will take years to resolve. The overall regulatory and bar environment looks less onerous than it would have otherwise. It bears repeating, a said weame out and agreed there is an issue, but we have much milder ways of dealing with it. The same time, there is tax issues that might have affected tech. There was repatriation of income overseas and concerns that a Joe Biden Administration might be hard on tech on taxes. Her breathing a sigh of relief. You told me about this, the tech was coming up through the week. Yes this was a big concern for a lot of the Technology Companies especially because when it comes to the repatriation taxes, they are paying them in installments. They have a lot of payments in the years to come. Now with the likelihood of higher repatriation taxes off the table, that becomes a lesser concern. You will have a ratcheting down of overall u. S. China tensions. Its not just something that affects technology, but we have seen with the Trump Administrations actions on huawei and how they have tackled the tiktok situation, this has been a big overhang for the tech sector. It is interesting as well because we have a deadline on the tiktok sale on november 12. Oracle is set to team up with walmart to buy a stake in a separate company that will encompass tiktok usa and it will be listed later. It is complicated and we dont have the final details of the deal, but that is something that is still on the schedule that will be addressed in the coming week and were not sure how its going to play out. David thank you. Tech andscarlet fu on the Biden Administration. President obama now is congratulating president elect biden and Vice President elect harris. Saying they will have a decisive victory. We have already heard from jeb bush. We also heard from the Prime Ministers of england as well as the Prime Minister of canada congratulating Prime Minister president elect. Whether or not we go to court, it looks like its a done deal. President trump continues to vow to fight. His golfotographed on course early this morning. It will be interesting to see how Mitch Mcconnell reacts in a statement that his forthcoming one would expect over the next hour or so. In terms of policy, all talk turns to how president elect joe especially invern his first 100 days when fiscal negotiations are ongoing. This is someone who campaigned on the notion of having a progressive tax policy plan. Now it faces for divisive government. The republicans would still have significant clout and centrist would in terms of the policy prescriptions. That they have been able to hope for and campaign on. A geopoliticalm standpoint, Boris Johnson now one of the other individuals around the world Global Leaders who have come out to offer their congratulations to will nowelect biden turn to the team that will ascend assemble around him. He is not a political outsider, he has deep ties to washington. Perhaps theany ways most complete opposite choice that america could have selected in the sense of the tone and their president s. Nowoes put an end point for on what were very turbulent years in washington, d. C. During the trumpet administration. Toid thank you so much kevin cirilli. Now, a very special guest. A Bloomberg Opinion columnist and also the president of Queens College cambridge. We need to think bigger and broader about the significance of this election which it looks like we now know where its coming out with respect to the president and the senate. What does this mean for the economy for economic regulation for the future . Thank you for having me. It means that you are going to have to see a lot done quickly. That is the point that kevin just made. In president elect comes facing a horrible covert situation and an economy that is slowing down. He will have a divided government if not a divided country. Most likely, i hope that doesnt happen, he will have a complicated transfer of power. This will not be 2008 when we were also in a crisis and the incoming Obama Administration worked closely with the outgoing Bush Administration to understand quickly what was going on and react. This may be a difficult transition. The next few months are going to be really important because if he doesnt get off the ground quickly on covid into the economy, the u. S. Will play even more catchup. David we have been thinking so much about the election, it feels like we have forgotten about covid19. What can we expect differently dealing with the pandemic from joe biden . Every government has to strike a different balance difficult balance. One is Public Health. Two is maintaining social and economic normalcy. Its a really difficult balance. In the case of President Trump, the emphasis has been on the economy. Casualty has been Public Health. I think youre going to see something different, an understanding that you cannot have sustainable economic recovery without good Public Health. We need to learn to live with covid and we cannot learn to live with covid when infection rates are going through the roof and hospitalizations are going up. I would expect the incoming president elect will put more emphasis on Public Health seeing it as necessary for a sustainable economic recovery. Expect there to be much more guidance from washington to citizens as to what they need to do Wearing Masks and everything to make sure we can live better with covid and expect a major effort on test and trace. Without a test and trace system, we dont stand a chance of living well with covid. Summers said we have been given a false choice. To favor the economy or health, but we can have both if we are very rigorous on the social distancing and the actions we need to take to protect ourselves. I wonder if Asian Countries could be examples of that. Or is there such a difference in cultures that you cannot replicate it . Taiwan has not missed a beat on their economy and they have a fatalities. E of we must have both. My equation has three variables. Public health, economic and social interactions, and personal freedom. The reason why the asian economies have done much better is that they have either social responsibility in taiwan, korea, and japan, or force of quicklynt in china to realign the third factor personal freedom with what is needed for Public Health. We do not have the collective responsibility. You incentivized by giving better information, protecting people who lose jobs because they are infected and they should stay home. We can do this. We have the tools to do this. We will do it differently from what has happened in asia, but you can wreck reconcile that and you can have both over time which is Public Health and more normal economic and social interactions. We cannot have a fully functioning and healthy economy without fixing the covid19 problem. Looking more broadly at the economy, we seem to have recovery where some companies are doing well and others not at all. That doesnt seem to be getting much better. Is there anything that the Biden Administration could do to address the lower leg of the k . That was the inequality limit. Its getting worse and we have to realize this. It is not as much inequality of income and wealth, it is an inequality of opportunity. We are seeing massive damage to frompportunity of people the most vulnerable segments of our society. That is a concern to this generation in future generations. We are seeing kids losing touch completely with your schools online. They dont have the ability, the computers, the wifi, the place at home to work on this. This is really important. Youre going to see the notion that we have to address opportunity and redistribution so the tax system will have a bigger element of redistribution that will deal with income and wealth inequality and you are going to see efforts to make sure that the inequality of opportunity is made less unequal. That is really important for all americans. In aannot be a good house challenged neighborhood. Lets talk about stimulus. We heard this week from jay powell saying you need to go big with fiscal stimulus. It hasnt happened yet. We look across to europe and say they have a better, more coordinated approach. Does this election and a Biden Administration hold out any hope for you it we might have better coordination . To Work Together a bit better . Whats going to be critical is it the Incoming Administration can convince congress this is not just about relief. This is something way beyond relief. Whatever fiscal package comes in in an optimal world, i know we dont live in an optimal world, but its best to start with its optimal. We need four things. One is relief. Through nohurting fault of their own. Number two is we need expenditures on things that are critical for living with covid. We are not going to get rid of covid for the next 69 months at the earliest. We need more resources to test and trace and for the hospital system. Third, we need to acknowledge issue of scarring. Shortterm problems becoming longterm problems. That is particularly true for household insecurity. We have talked about the importance of making sure that demand doesnt get damaged so we can come up a vibrant economy. Aboute to think seriously what do you do with rising Household Economic insecurity. Finally, nikkei recovery is not just about households. It is about economies. More corporate concentration which means less competition and the world is the global eisen. D globalizing. What the Biden Administration needs to do is say these are the four steps we are going to address overtime so dont get hung up on relief. We are going to have all four which means a vibrant marketbased economy. David theres nobody we would rather talk to on a day like today then you. To reset what is going on, we started with the projection from the Associated Press that Vice President biden is now president elect biden. That was followed by competing statements from President Trump saying that is a false claim that is not whats happening and he is going to litigate on monday to prosecute his lawsuit. Then, we had president elect biden with Vice President elect Kamala Harris saying he was humble and honored to take this up. Then the Biden Campaign announced we will have remarks from the president elect at about 8 p. M. This evening. We have had congratulations coming in from president obama, calling it a historic victory. Ofo from jeb bush, brother george w. Bush. Then from the Prime Ministers of canada and the u. K. All congratulating president elect joe biden. Now we turn to someone who has been by my side throughout this entire process, mcdavis. He is a political contributor. He ran a lot of campaigns. Thatare your thoughts now it appears to be over but for some litigation . We are witnessing a new chapter in political history. One that showed an amazing amount of participation in the applicable process. A process that shows a high level of integrity and president who seems to be recalcitrant and accepting results. The reality is in countries recognizing president elect biden, this will just pick up momentum in it becoming a defective acceptance effective acceptance. He cannot get in the natural way of the process of transfer of power and of the democratic system moving on. He is rapidly going to find out that the parade is marched right past him. David there has been a lot of attention paid to president elect biden. Its going to be nothing to whats coming up. Would you say he has handled this the right way in the statements he has made and how he has handled it . Yes you can look at the two public statements he has made in person since the election both on Election Night and last night. He really has not overreached. He hasnt tried to claim victory. He has said let the process work. He has done what he could to bolster the integrity of the electoral path process by being patient. He has also asked the country to come together and create unity. He recognizes even though we have had an enormous amount of participation this year, that the country is divided. 50 of the country did not vote for him and he has made the point over and over that he wants to serve them, the people who voted for donald trump just as much serve the people as supported him. He wants to be a president for all americans. That is a refreshing refrain from what we have witnessed especially in the last year where President Trump especially related to covid has tried to divide the country into here are the republican governors, the great job they are doing and the democratic governors and they are allowing covid to get out of control and social unrest to get out of control. Justully, we will see not a candidate for president but a future president who tries to lower the temperature on division and tries to create more common good within the public. David lets talk about the transition. Lets talk about President Trump because his initial statement is that i dont concede, we will litigate. It is his right to do that. There is nothing wrong about that. Slowdown thise process even beyond litigation in the transition time . How much does president elect biden need cooperation from the Trump Administration if not from donald trump personally . The systems are set up to transfer power regardless of the personal proclivities of the men in office. Many cases there andbeen a lot of animosity there have been some spotty transitions. Professionalized to a large degree. Joe biden will need the cooperation of the administration insomuch as he needs the teams put together to go into the various cabinet agencies to start pulling together information on where things stand. I think you will see the Government Agencies respond in kind. President tries to obstruct that process is going to be an issue. Thathappens as a result of will potentially create some issues for the transition. Past, regardless of the anxiety and animosity that ,xists between the two parties transitions have been held unaccountable for that. The song says theres got to be a morning after. Are the two parties going to move forward . What does this do to change their direction . President elect joe biden, we know what his agenda is. Hes going to focus intensely initially on covid and dealing with the health care pandemic. We know that that has been a high priority for speaker pelosi. The question is going to be how with still business Republicancontrolled Senate and Mitch Mcconnell who has had differing views on how to attack from a Public Policy point of view the number one issue in the joe biden with white house, the pandemic. There will be a lot of efforts toween now and the inaugural find options like a stimulus during lameduck where they can Work Together and find Common Ground on these issues, financially especially, that can be done even in advance of joe biden taking office. David it has been a pleasure working with you. That was rick davis our bloomberg political contributor. Now, we are going to my colleague who has been reporting on pennsylvania. What put it over the top . Democrats cast in this election that overcame the enthusiastic turnout that President Trump got on election day. In pennsylvania, donald trump got more votes in 2016 when he surprised the world and one pennsylvania by 44,000 votes. Even though he got more votes this time then in 2016, joe biden got more. Out hiscular, he turned voting democrats in philadelphia and pittsburgh. Democrats have to have strong showing if youre going to win pennsylvania and overcome the republican votes that take place elsewhere in the state. David President Trump issued a statement shortly after the projections were made saying it president elect hyden will not be the next president and hes going to pursue legal challenges. Those tend to center on pennsylvania. Can you give us a sense of what those challenges are . We were waiting for a press conference to start with Rudy Giuliani when the call was made the Vice President biden is now president elect. This had been called specifically to talk about the rudy rights lawsuit that giuliani plans to file an record on monday. Alleging that republicans were denied the opportunity to watch the polls on election day in cities like philadelphia and were not able to closely inspect ballots being counted in cities like philadelphia. Electionem with these is they are giving no proof of voter fraud. They are suspicious about the republicans may have been denied the opportunity to be in the polls and were closely enough to watch the action, but there is no evidence that ballots were tampered with or any impropriety. The republican officials in pennsylvania say there is no evidence voter fraud. The Republican Senate leader said there is no evidence of misdeeds. Changed atles were the last minute, but there is no evidence of fraud. Republican city commissioner in philadelphia that was in charge of the vote counting process said at no time were observers denied access to watching the ballots being counted. Theres a lot of talk about potential fraud or problems because the folks didnt get a chance to see the counting of close, but no evidence of fraud. David great reporting from pennsylvania. Now, we have the honor of welcoming a member of the senate. Maryland. Rdin from give us your reaction as a democrat to where we are now with president elect joe biden and Vice President elect Kamala Harris. We are all very excited. We are going to have a president who will help restore american values. Who will tell the truth and believe in science. Who will represent all americans. Its going to be important in regards to the agenda for america domestically also americas leadership locally is going to be quite different under a Biden Administration. David we are here because there is a projection that joe biden will be the 46th president of the knighted states united states. President trump is disputing it