Melania trump and some of the activity around these wearing in ceremony for these new citizens. The goal to make donald trump seem personable and softer. I think so far the rnc has done a decent job. Criticismre was some of the democrats last week saying it was soft on the policy specifics. At the same time i dont think i have heard much about what President Trump would do with four more years. I think the lack of a second term agenda has plagued is effort thus far and it something they can continue to look at doing, particularly with the president set to speak tomorrow night. Thats a venue where you would expect to hear more about what a second term would look like from the nominee himself. But i think its going to be important for the president and his team to articulate that policy. Having done policy on several president ial campaigns come i think that voters still want some substance. Not all of it but some of it. I think bidens team and trump steam have been trumps team have been lights. David we did get one hint from larry kudlow in a brief appearance, saying that we are going to have tax cuts and more deregulation. Is that something we need . Is that something that makes sense . We spoke to Rudy Giuliani and he said i dont think we need more tax cuts. Lanhee its one of those things where you will get a cheer from a conservative audience. That is something americans would like to see. Is that at the top of the list . Im not sure given the covid19 pandemic i would think health care is at the top of the list. That is something that the republicans have talked about alternatives on the health care side of the ledger that they need to be more aggressive in thinking about, what are the Different Solutions to Lower Health Care costs and continue to expand access. Thats one issue. And more broadly, economic recovery is important. Tax cuts might be a piece of that but you have to be broader and more at the 50,000 foot level when you think about the ways to get the economy jumpstarted. Talk avid and you david and you talk about the cost of health care, theres a effects, north of 18 of gdp depends on health care. D going back to the 60s, health care has been going up. It started much lower than that. On the other hand the cost of corporate taxes has been going down. Thats not been a growing burden on the economy. Lanhee Health Care Costs are problem, not just in costs but federal Health Spending and outofpocket costs which workers, employees, and americans have felt very acutely. They are spending more money out of their pockets for prescription drugs. These are going to be Critical Issues regardless of his president. I think it is important for republicans to contrast. Democrats have been clear that they are looking for the public set where sector, the government to take more control over the health care system. Whether thats a medicare for all style solution or something called the public option which would create a government backstop to compete against five it plans. Presenteds have not an alternative. It doesnt fit on a Bumper Sticker but the idea of expanding choice and competition and increasing transparency has the potential to lower cost down the road and things republicans should be comfortable talking about. David health care has been an issue for some time. But this election is different because of covid19 in the concern, our response to it and what needs to be done. Going into this President Trump was polling not terribly well on that. Is he correcting that . Its tough because of the reality of what covid19 did to the united states. The lost lives, the people in the hospital, that kids cannot go back to. Back to school. So far we have not heard a lot about covid19. We have heard about how the president put in place a travel ban from china and thats free much it. Last weeks convention the democrats were on covid19 nonstop. I think the republicans have to figure out today and tomorrow how they begin to counter those narratives and those issues around what has happened with covid19. Otherwise it is a vulnerability for the trumppentz ticket. Onid you have worked several elections and its really about donald the person. Its a personality cult it would appear. Republicansminent around him. Is there a benefit to that . Has the Republican Party turned into the trump party . Lanhee conventions are usually about promoting the nominee. You will see a lot of nominee promotion, whether it was in 2012 whether mitt romney was the nominee and also john mccain. Whats unusual is the amount of control President Trump has had over the program, over what we are hearing from republicans and others speaking at this convention. Theres no question that donald trump has a much stronger hold on the Republican Party overall. That includes the voter base, not just elected officials. Much stronger than previous nominees in the Republican Party. Is this party the party of trump . A lot of that depends on the election. Donald trump wins four more years, his images more closely associated with the Republican Party. If he is not successful we will see a huge battle for the heart and soul of the Republican Party emerge. David whether he wins or loses, what does this mean for the down ballot . Particularly in the senate which seems to be contested in a way we did not expect a year or so ago. Lanhee you are seeing senate seats in play acrosstheboard, colorado, North Carolina, North Carolina, arizona, those were good to be tough but also. Eorgia, potentially texas the challenge for down ballot republicans is this. There are some states like colorado where President Trump is not popular. So how to Senator Cory Gardner who has done a great job as an incumbent, how does he make his case independent from donald trump when its clear the president is not interested in candidates down ballot drawing distance from him. Regard know, martha mcsally, can they be successful by drawing that distance while mobilizing those trump voters . David and in the Midterm Election we saw some defection from trump, particularly with women and the suburbs. Sureyou need to do to make that they can hold onto the women they need and the suburbs. Lanhee the suburbs is a question thats fundamental to the future of the gop. The Republican Party has controlled the suburbs over the last many years and president ial elections. He President Trump to win will have to turn things around. Thats why the law order message. The goal is to frame this as anarchy versus police control, or peaceable control of the streets. I think thats dynamic, that dichotomy is something you will hear about because republicans view that is the best way possible to secure support in the suburbs. Thats why this continues to be a big part of the convention. David always great to have you. Talk about politics of the president ial campaign with the man who ran Chris Christies two successful races. Thats coming up on Bloomberg Television and radio. Is balance of power on Bloomberg Television and radio. We returned to Mark Crumpton for first word news. Mark hurricane laura is taking aim at the texaslouisiana coastline. It could rapidly strengthen to become a lifethreatening category four storm with wind of 130 miles per hour. Laura is expected to make landfall late today and the hurricane has disrupted oil and Gas Production in the gulf of mexico. It could keep some of americas biggest refineries shut for months. Its mike pences turn in the spotlight, he delivers the keynote address during the Republican National conventions third night. Its a Pivotal Moment. Reelectednt trump is mr. Pentz might launch his own bid for the white house. Hope francis has the pandemic has not only exposed social inequality, but made it worse. During his weekly address, the pontiff said there are disparities in the workplace, schools, and Government Programs designed to address the abenomics impact. Economic impact. Trade deal with china may pay offer farmers in the united states, bloomberg has learned that beijing is set to purchase a record amount of american toy beans soybeans this year. Probably around 40 million tons, 25 more than 2017. Chinas taking advantage of a drop in soybean prices. 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. , this is crumpton bloomberg. David thank you. President trump has proven himself to be a successful politician, overcoming the doubts some had about his approach. The question becomes how much of his success can be spread to others down the ballot or down the years. Hang wemike to its great to have you with us. Occurs toh this, it me that the unique approach of donald trump was as an insurgent in 2016. He owns the store now, how is it different to run as an incumbent question mark mike incumbents get elected when they do a good job and thrown out when they do a bad job. Early on you could say everything is roped in and i can fix it but as an incumbent you have to say you fixed it read many people gave him the benefit of the doubt and there were many people who did not like him and did not like hillary and gave him the benefit of the doubt. Now with people are upset with coronavirus or racial strife, he owns it as the incumbent. It sounds simple but as an incumbent you get elected by doing a good job. David thats a simple approach. One thing President Trump did power wastside of his covid19. You heard from the democrats, a lot of talk about how he mishandled it. Can he overcome those criticisms . A lot of americans dont trust him as much as they do joe biden in handling the virus. Mistakesclearly made early on in not taking it seriously enough, and certainly when it was more problematic in new york and new jersey and isolating it. I dont think the president use the bully pulpit enough to tell people what they should do to keep people safe. Since he has done that in the last month, canceling the inperson convention and encouraging people to wear masks and seeing other republicans follow suit like governors in arizona and texas have seen those numbers come down. His numbers correspondingly have gone up a little bit. To go up to the first question, if you do a good job, people feel better. He certainly doing a much better job in the last month, whether its too little too late the voters will decide. David how much of running as an incumbent is touting what you have done as opposed to laying out a vision . We have heard more of the former and less of the latter so far. Mark , and theres a bit of both donald trump is specifically someone who has an opinion on. Good or bad there is an opinion. There are not many people waiting to hear that vision from the president. It will reassure some supporters and those who reluctantly voted for him last time, but often an incumbent campaign will try to define the opponent. Lastrats did a good job week in talking about joe biden is a great guy and a great person, someone you can trust. They did a skillful job in varying the ideological differences. And republicans are showing more of an ideological contrast. David the polls i have seen has shown that the republicans have been stubborn and sticking with President Trump through thick and thin. But you cannot win with just republicans, you need independents and other folks. How do you reach out to attract people . Does he want to . But ii think he wants to think sometimes he gets in his own way. What they have done during the convention has been good, whether its tim scott or the first lady lady last night, trying to show a Bigger Picture of the Republican Party. Tot is something that tries reassure certain republicans who dont want to be associated with a party seen as racist are going too far. Ronald reagan in 1980 went to speak to the naacp before the election and many people thought it was a mistake because he would not grow the africanamerican vote but it rained moderate white voters in the suburb by providing more comfort. The party could do better on that front and i think theyre trying to do a bit of that now. In 2018, the voters abandoned the party in the suburbs. And there has to be some level of bringing that back. Clearly the Trump Campaign feels like there is their base that did not vote in 2016. Inald trump got fewer votes winning that mitt romney got in losing. So i think the Trump Campaign feels there are more voters to be had in the base did not vote. These conventions matter anymore . Its all virtual now, we had one pole indicating no bump for joe biden last week. Do they matter . Mike if done well they should. Its eight hour of Television Commercials to a national audience. It should matter if they are done well, even if its just reinforcing your own base. But they do matter less. Politics has become so polarized , there some more people who have their minds made up you will see much less tuition in the polls, what youve said earlier about the Trump Campaign support being solid and stubborn. We have fewer swing voters and we had maybe 20 or 30 years ago. David what about money and add a spending . Apiece was out today saying that joe biden is spending a fair amount during the Republican Convention during advise and the Trump Campaign is pulled back this week and next week almost entirely. Mike probably a smart move since they are getting so much free media this week. Smart to conserve those resources. I dont think ultimately money is the determining factor. There is so much free media and coverage and you dont need more to win. I think Money Matters more in lowerlevel races. In this case, Everybody Knows donald trump. Donald trump has become such a dominant figure, what happens after him . This going to potentially jeopardize the Republican Party because it is so much a personality cult . Mike i think theres going to be a battle for the soul of the party in 2024. This can be a fight and youll see people trying to mimic donald trump and pretend they are the next donald trump and i think thats going to be difficult unless you are a businessman on a Number One Television Network show. I think theyll be hard to replicate. And there will be people from a more mainstream or progressive part of the party that are upset with the divisiveness we have seen. I think you will see over the next two to four years, certainly in the next president ial primary, you will see lots of factions battling it out. David thank you so much. Forl ahead, tune in tonight 10 00 eastern time as we resume our live coverage. Thats life here on bloomberg balance of Power Television and radio. Love get a is the check on the markets with scarlet fu. Scarlet this is the fourth Straight Record high for the s p and the nasdaq. Outperform are hear is tech and tech related companies. This a monster raise in second quarter. Tiktokes popping with asking networks to to asking netflix to join in on bidding and some backstop shares improving when it comes to the phase i trade deal. China is such a purchase a record amount soybeans u. S. So the etf that tracks soybeans is trading high. You can see this higher over the past three months they 7. 5 gain. Even their strategists are capitulating. Moving from 3300 to 2500 largely due to the federal reserve. Powell, the fed chair with his speech tomorrow and that is helping to volumes lower and pushing the deals that. He is expected to they the central bank will keep rates lower longer. Thats according to five years according to those who gaze into the crystal ball. And also fast all faster inflation. Option have a fiveyear at 1 00 and we will be looking for that seeing if the market can absorb all of this. A healthy convention a healthy reminder that its the fed that matters. One of the standout speakers, democrat bernie jones is here on why he is supporting President Trump in this election. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. For first word news, we go to Mark Crumpton. Mark hurricane laura is rapidly gaining strength. Forecasters said it could come ashore as a catastrophic category four storm with what they say would be an on survivable 20 foot storm surge that could sink entire communities in texas and louisiana. Authorities are urging coastal residents to flee before it is too late. The system will arise as the most powerful hurricane to strike the u. S. So far this year. In wisconsin the governor has declared a state of emergency. There was a third night of protests in kenosha over the Police Shooting over the weekend of a black man. Businesses were vandalized and buildings set on fire. Shots were fired at a confrontation between protesters and a group of armed men. Two people were killed and one was wounded. The white house chief of staff mark meadows tells politico he does nothing there will be a stim