And throwing a little excitement into the game. Bonds are higher. That supports the bigger decline we had for the s p 500 earlier. At this point again we are seeing for bonds, the decline in yields probably more outsized than the pullback we have for stocks. Perhaps there is some volatility, but not today. One place there was movement was in Prescription Drug sales. Amazon has decided they will come to that business. Higher on then news they are opening an Online Pharmacy where they will sell drugs on a digital basis. Discounts to prime members. On this you have the likes of sourcelgreens, amyris from anything involved in the drugstore supply chain down in a is way as the commerce giant getting into the business. This has been thought it would happen for a while, but now that it is here come easy the big selling pressure in the health care chains. Amazon off the highs but in a hohum day is up. 7 . David thanks to Abigail Doolittle for that report on the markets. The ceos of facebook and twitter are spending their day testifying before congress, not about antitrust issues but how they have handled political speeds. We welcome mat parole we welcome matthew perault, who earlier served of director of Public Policy at facebook. Thank you for being with us. This is all about section 230 of the communications act. Lets go back to what that provides. It was enacted in 1996, which was the stone age when it comes to social media and in essence it says if you are providing an interactive computer service, you are not a publisher and you cannot sue me. What is the thrust of this today . A different world today. Matt that is exactly right and thanks for having me on. The core of section 230 is it provides immunity for platforms for content posted by people who use those platforms. If youre hosting content as a content creator, you are not liable for the content. Senator Lindsey Graham started with the question if you are making the decision to take certain speech down, we are talking about tweets as well as facebook post, if you are deciding to take them down, arguing editor, and sorted you be liable and should you be liable . Matthew the point of section 230 was to enable content moderation. Content and not be conflicted about whether they would be liable if they took steps to address problematic content. David what is the check on these Companies Make arbitrary decisions or blatantly law decisions. We do have libel laws that says the publisher of the New York Times cannot be reckless even if it is a public subject deciding what to say and what not to say. Matthew that is right, but there is bratwurst a protection in the United States, brought First Amendment broad First Amendment protection for tech publishers. Tellovernment cannot private companies how to moderate speech on their platforms. The platforms are subject to other areas of law. There is they are subject to National Security law and antitrust law so they are other mechanisms that hold companies liable. Why do they need further protection beyond why do they have absolute immunity . Matthew is a great question. I do not think about section 230 as protecting the companies as it presents a model for certain kinds of technology that enables people like me to speak freely on tech platforms to reach a broader audience. Decades ago we had more gatekeepers who stood in the way of people having the ability to speak freely and share information with each other. Section 230 makes those Business Models possible. It is not just protect large platforms like facebook and google, it protects smaller startups as well. If legislators decided to roll back section 230, those Business Models would go away. Instead of having User Generated Content platforms like facebook and twitter, the internet would feel more like your experience on netflix and spotify where you have to get a license to have your content shared. David you say this is to protect your ability to communicate on social media, but it does affect everyones right to do it, because one of the republicans one of the issues republicans are focused on is conservative republican post that have been taken down or have had flags put on saying you should not believe this. Matthew thats right. Platforms can moderate speech on their site. Rolled backwas further and platforms reliable for everything every user posted on their site. Sites like facebook and twitter, that is millions or billions of posts on a daily basis. A difficult content moderation task. It is likely the spaces for expression would be narrower because platforms would not permit controversial speech if they thought it would land them in court. David what about alternatives that are not rolling back section 230 but doing other things. As i understand, we had mr. Dorsey sate is all about the algorithms and people should be able to choose which algorithms they are using. On the other hand, mr. Zuckerberg was saying it is about transparency and he is in favor of some government regulation of transparency. To see ainteresting trend in the direction of social Media Companies supporting government regulations. That is because they have felt like theyve been under intense criticism for a long period of time when they tried to moderate content and they would like rules of the road to help them understand exactly what government once out of them. You saw both companies calling today for regulation. A better appeals process, more transparency, they would like to see regulation that would make that possible. For instance, in order for companies to be able to share more information with researchers and others, companies will need to have protections once they share that information. Facebook might share data with the researcher at cambridge ended up in a massive scandal that resulted in significant fines and changes to the companys business practices. In order to facilitate sharing data with researchers, lawmakers need to make that possible and there might be more momentum in that direction. It is far from clear there will ever be legislation, but if there were legislation to curtail this immunity, what would be the business affect . Facebook or google do not need protection. They can take care of themselves. What would it do to upstarts trying to get into the social Media Business . Matthew that is an important point. A company like facebook currently has 30,000 people responsible for security on the platform. That is an enormous number of people looking at the content of the site, trying to make the site as safe and secure. A Startup Company is not going to be able to devote those kinds of resources to moderate content. The underlying purpose of section 230 was to enable these Business Models where you have a platform that provides a vehicle for speech and individuals who use that platform are responsible for the content of the speech. That is important for Smaller Companies who cannot devote the kinds of resources to protecting security archer platforms might be able to. David as you know, these are truly global companies. What is going on with regulation along these lines elsewhere . I have heard a lot in the eu about antitrust or competition law or regulation. Ive not heard as much about political speech. Are other jurisdictions taking a look at the same issues . Matthew they are. There is activity in the u. K. And the European Union and activity in australia. As you say, it is on antitrust issues. For some of these jurisdictions, they are thinking about new mechanisms to hold the platforms more broadly accountable. Their proposals for digital platforms or institutions within government that would closely monitor activity on Certain Networks and make sure that activity was consistent with the best practices laid out. It is likely we will see more of that kind of government action, even if section 230 is rolled back. David great to have you. We are the man you are the man we wanted to talk to. That is matt perault. You can see the hearings ongoing. If you want to follow those you can go to the bloomberg terminal and put in live and follow them live. Coming up, we talked to a man whose company is on the front lines, ed racht of global medicine response. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turned to Mark Crumpton for bloomberg first word news. Graham istor lindsey denying he urged the republican Elections Officials throw away mailin ballots. Georgia secretary of state told the Washington Post that senator graham asked him whether he had the power to toss all mailin ballots from certain counties, arguing election clerks may have accepted ones with nonmatching signatures for political reasons. Senator graham calls the claims ridiculous. Itsicas effort to revive virus battered economy has been put on pause or thrown into reverse. Statesmuch of the united , new infections are soaring at the fastest pace since the earliest days of the pandemic. California has reimposed bands on many indoor businesses. Michigan has ordered a partial three week shutdown. , and newashington jersey have tightened restrictions. New york citys covid19 positive test rate over its sevenday average is 2. 74 , below a 3 threshold that would trigger a shut down of in person schooling. Mayor bill de blasio said new york city continues to hold on. The citys Public School system, the largest in the United States , is operating on a daytoday basis. Iowa republican senator Chuck Grassley says he will immediately quarantine after being exposed to someone who tested positive for covid19. That tightened margin for the gop to confirm judy shelton to the Federal Reserve board. With three republican senators opposing shelton and Florida Republican rick scott also in quarantine, republicans could fall short of the votes they need to confirm her. 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 thank you so much. Last spring when the first covid crisis hit United States emts were called upon to give the first line of defense, including the 38,000 men and women that work at Global Medical response, transporting men and women to hospitals around the country. Now were heading into a new wave of the pandemic and we welcome dr. Ed racht, chief medical officer of Global Medical response. What are you seeing on the front lines now as we see the numbers of infections and hospitalization spike up. How is that affecting your business . Ed the volume is increasing. The difference from the previous components of the illness is this has spread throughout a variety of different communities , including the rural and frontier environment and those are difficult to access. The number of patients is increasing. We are also now starting to see patients who had been infected with covid, who had prolonged illness or residual from that illness that are seeking care in the health care environment. Primary care has moved to telemedicine and away from the bricks and mortar care during this time period. There are patients seeking that level of care through the front doors of the emergency medicine system. Testing youru capacity yet . We have talked to other Public Health officials who say this is different from the last time, it is all around the country so we cannot redeploy assets. Ed it is a good question and it is a concern for the Front Line Health Care throughout. Maps in the are the early phases of this illness had hotspots. We were able to deploy the men and women throughout the country to the hotspots. We were able to rotate them. There is an intensity to managing this population. This is different. This is more of a nationwide impact. Communities are starting to see larger volumes in the urban environment and rural environment. We do not have as much capacity to take from lower impact areas and move those providers to a higher impact area. This is a new stressor on the front line ems system. David one of the issues last spring was personal protective equipment. How are you set for that . Do you think we have enough . Organization was very concerned about this early on, and as i think we have all learned over time, it is not just appropriate ppe. It is ppe that has been produced appropriately. We have seen a challenge with masks and different types of ppe that may not meet the standards, and we made a decision that we would essentially move way ahead in anticipating we will need this ppe. It is a constant discussion it is a constant effort on the part of the frontline to make sure we are way ahead, not knowing where the end of this particular surge will be. We know there is an end. We know there will be a time. We do not know when that will be. David it is clear we will have a rough patch between here and then. Lets talk about the then. We have two promising reports of vaccine candidates, and more apparently may be on the way. At the same time, there will be issues about distribute in the vaccine. I think of your organization is transporting patients to medical facilities, but could you be involved in the transportation of vaccines to get millions of doses distributed . Ed absolutely. We are in the midst of discussions with a variety of entities about that exact concept. The ems system has historically brought emergency medical providers to the patients side and brought the patient to definitive care. In the circumstances there are hundreds of thousands of individuals in the rural and frontier environment that have great difficulty in accessing care. One of the concepts is to move the vaccine to that community and to mass vaccinate those individuals using nurses, paramedics, emts as appropriate to the state to administer that vaccine. Address ge is to the challenges to address is how to transfer that effectively. You know both vaccine candidates require significant require refrigeration. One 94, the other negative four. It does require vigilance and appropriate methodologies to make that work. This is clearly a partnership of Healthcare Providers and transporters to tackle those hard to hit areas that are not going to have the same kind of access in the vaccine. If we get one or more vaccines and we need mass distribution, what is the role of the government . Are you in the conversation with warp speed or a transition into a Biden Administration . Ed the government, both the federal and state governments, regulatory entities, departments of health, manage those programs. This is an orchestra of individuals who set the criteria , who empower, who allow the vaccine to be distributed as it should be distributed. There, eightwind, to 10 years ago, there was a concern about how to get seasonal influenza vaccine to the same kind of communities. That is where the ems world stepped up and said we have Healthcare Providers who are very capable of administering the vaccine, of looking at how that is done programmatically, how do we now translate those efforts in those historical successes into the covid19 vaccination time period . A lot of players involved, a lot of priorities, and we are interacting with all of those at the state and federal level. David we are all rooting for you, i think i can say that with confidence. Great to have you with us. , chief dr. Ed racht medical officer for Global Medical response. At 1 30 p. M. Eastern time i will be joined by hhs secretary alex azar on the subject of the vaccine and distribution. Thatll be on bloomberg radio. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We want to get you big market movers. Home Improvement Stores are seeing more customers and a higher average sales. For home depot that was not enough for the quarter. Joining us is kailey leinz. Kailey home depot is lower 3. 4 today, but homeimprovement is hot. A lot of people have spent most of the year inside their homes and investing in them. That has benefited not just homebuilders in terms of home sales, but stores like home depot. You saw that show up in their comparable sales data they released for the third quarter, jumping 24 . That followed growth of 23 in the second quarter. Where the bad news comes in is that even though revenue is rising, costs are rising. There are costs per sale, how much they have to invest for each sale dollar, up 24 . Largely related to things theyve had to do. Extra cleaning in the stores, protective equipment for their employees, all of the costs to start to add up and home depot plans to invest an additional 1 billion in Worker Compensation going forward. That is weighing on the shares. It is the fifth quarter in a row home depot has fallen after reporting results, even after beating in terms of estimates. Another issue that could be an issue for home depot is there probusiness that caters to professional contractors. If that starts to weigh on their businesses, that could weigh on home depots business in return. The pandemic of factor across the board. We heard from walmart. They are benefiting from people stopping up in stores due to the pandemic. That did mean comp sales and ecommerce sales were up 79 , but they cannot give a forecast given all of the uncertainty around the virus. David this comes against the backdrop of the retail Sales Numbers out today, which were disappointing and revised down. Then i read from Stephen Stanley they revised them up for august. Good news or bad news . Kailey the october numbers were clearly disappointing. Retail sales rose. 3 . Economists were looking for. 5 . That was the slowest rate. It shows the recovery we had seen through the summer is starting to slow. You can may says because of a couple things, may a sentiment issue, people not wanting to shop because of the pandemic but also we have to consider it we have not got any more fiscal stimulus that means consumers have less cash in their wallets. David i would be disappointed if we got through that without talking about stimulus. Thanks to kailey leinz. Coming up next, we look for the next four years of a joe Biden Administration as it looks at the middle east. Martin indyk will be with us. This is balance of power. David this is balance of power on Bloomberg Television and radio. Im david westin. Bloomberg first word news, we go to Mark Crumpton. Mark president elect joe biden is starting to fill out his white house staff as he presses ahead with this transition. He has named his campaigns chief counsel, dana remus, as white house counsel, Senior Campaign aide jen omalley dillon, steve burke eddie, and mike donelan will join the staff as well. Louisiana congressman Cedric Richmond will give up his house seat for a role on the biden team. Indias Prime Minister is hoping to attract Foreign Investment to modernize indias urban centers as the nation rebuilt its economy after the coronavirus pandemic halted activity. The Prime Minister gave the keynote speech on the second day of the Bloomberg New economy forum. Future. E looking at our major changes in education, health care, shopping. Be a part ofs to this convergence of the physical and digital world. Minister sayse india has completed work on two thirds of its projects to build smart cities. The u. K. And European Union could reach a postbrexit trading deal as soon as monday. The two sides are edging closer to agreement on the biggest sticking points. The urgency is ramping up with britains departure from the eu 31. Le market on december without an agreement, millions of consumers will face the return of quotas and tariffs for the first time in a generation. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David thanks very much, mark. The Trump Administration set a ferent apparently was rejected. What do you make of that . Martin two surprises. First, that President Trump would consider a strike against iran, military strike, given that his basic instinct is to east, notn the middle start new ones. Surprising that he would think about starting another one on his way out the door. The second thing is mike pompeo, secretary of state, who normally does not stand up to trump, is a hardliner when it comes to iran, apparently got the president to back away from this very bad idea. David stepping back from that particular report, look at what happened with u. S. Iran and u. S. Israeli relations over the years. To what extent was the Trump Administration successful if not isolating but undermining irans position in the region by helping israel, developing normal relations with uae, bahrain, sudan . Oftin it is a tale contrasts. In his policy toward iran, he withdrew from the nuclear deal. Iran did also, marching toward a is back toow it where it was before they signed the agreement, before they dismantled their nuclear capabilities. Hashe one hand, trump actually exacerbated the situation when it comes to Nuclear Weapons despite the fact that he put huge pressure on iran through sanctions. On the israeli side, of course, he improved the relations with israel quite dramatically, working with Prime Minister file. Ahu on the iran and as you point out, there is this breakthrough, which i think trump deserves some credit, of relation between uae and bahrain and sudan and israel, which is a strategic consequence. Share a common adversary in iran. Gulfs right across the from iran, and that gives israel better capability to act if they need to. Overall, a better platform is really and sunni arabs cooperating, which of the incoming bonded administration can use to help stabilize the reason region. David president elect biden says he would be open to reentering the jcpoa if iran goes back and make some changes in the agreement. How nervous does that make israel . They did not like the jcpoa when it was entered into under the obama administration. Martin i dont think netanyahu would like it at all. He urged trump to write the agreement. Has a verylect biden different approach. Back intoo bring iran the agreement, get rid of that stockpile that they have been building up of potentially weapons grade uranium, shut down the centrifuges again, and then negotiate to deal with the problems that the original jcpoa address. Did not back into the ,greement, i think can be done partly by the u. S. Lifting those sanctions that it reimposed with trump. Deal, renegotiating the that will be more difficult. The one thing that biden has in thesevor, ironically, almost unilateral sanctions that he put on iran. Sorry, you are breaking up a little bit. Coming back to u. S. Israeli relations, one of the things that cemented those under President Trump was basically President Trump bypassing the palestinians altogether. You were our emissary at one point for the u. S. Palestinian peace negotiations. Is that a viable strategy . It appears they got some eric Company Countries arab countries to say but the palestinians off to the side. Tron did not intend to put the palestinians off to the side. He wanted a piece deal. Peace deal. Effect and accidental peace maker. While pushing for the palestinians, he was ready to ht annexation of parts of the west bank. Say drove the iraqis to stop the annexation and we will normalize. So that is why we had that breakthrough. It was not a breakthrough of peace. These countries were not at war with israel, did not help to solve the israelipalestinian problem, but at least it moves the arabs to more relations with israel. That is a good thing for israel and the United States. David what about the saudis. Everybody has been saying if you could get them to normalize relations, that would be a huge deal. Is there any realistic prospect of that . We know that the saudis felt that President Trump was their friend. Martin it is certainly worth exploring and i would expect President Biden to do so. The saudi normalization with israel would be the crown jewel of the normalization process because of its immense importance in the arab and muslim world. But i think the saudis are a little more reluctant there the mirates. Amorite e more importantly, the crown arabia is not in good light with the democrats and some republicans, in part for his role in the murder of jamal khashoggi, that humanitarian crisis in yemen. Bidenk president elect has a more jaundiced view of the Saudi Crown Prince than trump did. It is kind of like a get out of jail free card that he could use by normalizing with israel and he could suddenly improve his standing in washington in a way that i dont think anybody else anything else could. David thank you so much, martin indyk. Council on Foreign Relations distinguished fellow. Coming up, two runoff elections in georgia will decide which Party Controls the senate. Veteran pollster frank luntz is here with a report. This is balance of power on Bloomberg Television and radio. Levision and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. The 2020 election is not over in the state of georgia. Both senate seats will be decided in a pair of runoff elections between republican incumbents and democratic challengers in january. To get a read on the chances and the chances of the democrats taking both and the senate, we welcome democratic pollster frank luntz, the founder of luntz global. Before we go forward to the runoff, lets go backward to the election we just had in georgia. What did we learn from how people voted on november 3 that may inform what happens in january . Frank theres a greater degree of workingclass voters that are swinging toward the republicans than ever before, that trump and the gop did better among them then even Ronald Reagan when he hit the high watermark in 1984. Conversely, there is a greater degree of uppermiddleclass voters, particularly women, suburbs, moms with children, who are voting democratic. For the democrats since the 1960s. You see this socioeconomic shift, republicans shockingly doing well among the working class, democrats shockingly doing well among the uppermiddleclass. David what was the turn out like . One thing i heard is who wins depends on getting the boat out. It must have been a massive vote in georgia, as elsewhere around the country. Frank i am told that dead people voted in georgia. David watch it even we may get a tweet from that. Frank if you have only been dead about 10 years, you tended to vote mcgrath. 10 to 30 years, you tended to vote republican. I dont know where the joke goes but its a legitimate point. Every human being loaded. Here is the challenge for the gop. I think the democrats have a fair shot of winning at least one of the seats. They cannot wait for january 20. They are watching the news more, participating more, they have been energized by what is going on. On the republican side, because trump keeps communicating that the system is rigged, broken, there was corruption, i am wondering if there will not be a measurable segment of the gop audience that stays home because of what trump has been saying, because he has been demonizing the electoral process. If they stay home, the democrats win those seats. David at the same time, you look at jon ossoff. He has 90,000 votes he has to make up. Frank it is a lot but he also has a lot of money to make it up with. The democrats have never been so wellfunded. We have never had a race like georgia and now we have two of them. I believe this race will be as consequential as the president ial race. If the democrats win this, it means the trump tax cuts are repealed. Puerto rico and d. C. Become a state. It means they end the filibuster rules. So many changes if the democrats win those seats. David you mentioned the money. 100 Million Dollars supposedly going into this campaign. Is there any point at which the georgia natives get resentful that so much money from outofstate is coming in, or do they love the attention . Frank both. They love the attention but want people to go away. They like the money being spent in their state but they are tired of the political advertising. I wonder if people will be watching by the end of december. There is another seven weeks of this campaigning after months because georgia became a swing state. Georgia is not the same place today than it even was four years ago. It is genuinely in play. Mcgrath have a real opportunity in the statewide races. They have proven they can win in the national campaign. Even the legislature is likely to change over time. You have ground zero for all the politics in a state that you can drive in any direction and hit a border within four hours. If you love politics, this is the place to be. If you hate politics, i suggest you get out of the state right now. David if you run a local television station, it is one place that you want to be. Is that money going to be well spent . It is not like they have not seen political advertisements all fall. Will without a doubt, it agitate the population and divide them even more. Georgia is a tinderbox of a motion because of what happened in the wake of george floyd, and whats been happening there frankly since the last Gubernatorial Election which itself has been divisive. It is ground zero for national politics, ground zero for social justice and political reform. It is ground zero for just about every controversy we have in this country, and probably what matters most is it is ground zero for voter participation. You have people engaged,nvolved, agitated, divisive all the good and the bad is happening in that state right now. David quite the story, no question. Frank luntz, we will have more with him coming up at 1 00 eastern time. Coming up, former president clinton and former prime thester tony blair on future relationship with china going forward. This is balance of power on Bloomberg Television and radio. Bloomberg television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. China may be the top Foreign Policy issue for the incoming bonded administration. Former president clinton joined former Prime Minister blair at the Bloomberg New economy forward for their thoughts on how to move forward with a difficult u. S. China relationship. Office you and i were in , there was not an expectation exactly, but a hope that as china opened up and developed, then Political Development not in terms of turning into westernstyle democracy, but political evolution in the direction of more liberalism, i think that was our hope, certainly my expectation. You have to say in the last few years there has been more external aggression and more internal repression. That is just the fact. That is what we are dealing with now. I think the strategic relationship is very important to defined, because you need america and europe to work together. Bad if it would be were europe navigating between that. S. And china, and strategic framework has to accept that there will be areas of confrontation and you just mentioned some now. There are inevitably areas of competition. Technology will be one. But you need to leave some space for cooperation. Whether it is the pandemic or indeed what we will talk about later, climate change, none of these problems can be solved today without the participation of china. I think the analogies with the , and these are some of the documents that bloomberg is showing in the forum, decoupling will be painful for the last and china. , as you rightly say, if the new president comes in and has a more strategic framework, then you can identify consistent with or at result cooperation least offer china and the where they differences there are for those cooperation to be fruitful for both sides. Pres. Clinton i agree with that. I also think we can strengthen our negotiating position, our byperating position, reestablishing the relationships that we had with other countries in asia, Southeast Asia in allies,ar, who were our who would have been the Principal Partners in the trade. Eal whether the new administration chooses to revive the transpacific partnership, we can do more to strengthen our partnership and work with them, and we have to recognize the old chinese system, which was by no means a democracy still opennessd enough because there was a regular rotation of leadership. A person isappears in charge of china who intends to stay there for life in essence, that changes things. But we should not accept or assume that it will all be bad without working to make it better. Give the new administration a chance to articulate an approach and try to achieve, in cooperation with europe and the United States and international bodies, a Strategic Partnership that will enable us to do good things together and minimize the bad things that we think will happen if we just walk away. Former president bill clinton and former Prime Minister tony blair speaking at the Bloomberg New economy forum. You can watch that on the terminal using live go on the terminal. 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Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. In moments, fed chair jay powell taking part in a moderated discussion at the Bay Area Council business hall of fame awards ceremony. We will take it to that when the fed chair begins. , still with p 500 walgreens and cvs the worst performers on that amazon drug carrying news. ,ckesson down more than 6 warranted or no. Bitcoin close to 18,000. Yuan trading at 655. Mckee is with us now. Has complete control over this market, is that correct . It just doesnt have c