tv Bloomberg Surveillance Bloomberg July 20, 2020 7:00am-8:00am EDT
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>> in an environment where unemployment is going up, and for those that are in work, there will be that fear of the specter of unemployment coming on the tracks. >> folks are not going to go out and spend up the same level if they feel insecure about their families' safety and their own health. >> a lot of businesses are not buying into the v. they see a different destination, regardless of the journey. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. this is "bloomberg surveillance ." with equity futures recovering, we are live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. the negotiations were there weekend about the size of the package. it is about the signal this morning. some progress in brussels. tom: and it starts again in three hours. they are taking a break right now. we had today out -- maria tadeo
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in brussels. then you rollover in the stimulus, and the struggle is to get to august. that is what they are going to do at the white house today to have senator mcconnell go up to .ee mr. trump this is a republican party in full-scale panic. jonathan: congress returning to work. a $2 trillion spread between democrats and republicans going into these negotiations. lisa: it will be really interesting to see what president trump is demanding and what he is willing to give up. let's start with what tom already laid out. 4:00 a.m. eastern time or p.m. brussels time, we get the eu leaders reconvening to try to get some kind of agreement. the signal is positive. the question is in the details, as you were talking about earlier today. we will hear from the white house meeting with mcconnell, as well as treasury secretary steven mnuchin, to discuss a new
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stimulus package. very curious about the payroll tax cuts president trump is demanding that has bipartisan opposition. aftermarket, we get to kick of tech earnings ibm leading the charge. then we get later microsoft come on wednesday, google, amazon and facebook. jonathan: some real tech week this and underperform this -- real tech weakness and underperformance coming into this. tom: you saw it. mike wilson had a really smart note at morgan stanley talking about when they finally coalesce. one time, it is the cyclicals doing well. then the tech does well. back-and-forth, back-and-forth. you really wonder when they come together and make a real bull market. jonathan: in the fx market, slightly firmer euro. $1.14, up 0.25%. are there reasons for optimism?
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let's bring in jp morgan's private bankhead of market strategy. your take away after a weekend of negotiations? a modest positive surprise, the fact that they are coming back and talking again shows real intent to nail down the headline numbers in this deal. we knew that there would be some compromises on the road to recovery and final agreement here. we knew the headline number would come down from that 750. loansift from grants to seems to be down. it is still enough of the market as a panacea for the troubles. once we get some agreement on that, hopefully it comes today, then we can move on to some ,ther issues around governance around conditionality on the
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money, but also, this is quite a big moment for europe. your market strategy colored by what you hear from bruce chasm and -- from verse katzman and michael feroli? how do you adopt your market call to the presumed unemployment to come? david: you are absolutely right, there's going to be a lot more aemployment coming, certainly shift from temporary unemployment to permanent to some degree. it is going to be a very challenging labor market in the united states and around the world for a number of quarters, probably a number of years. it confirms that we are early cycle. there's going to be plenty of spare capacity to grow into in the coming years. it is going to being inflation is likely to be very low -- it is going to mean inflation is likely to be very low. you will try to get inflation
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back to target. you will have policymakers at your back. hopefully we don't get any policy mistakes. the debate in washington about the next level of stimulus is very important. hopefully we see that number higher rather than lower. as long as we get those things together, we should in theory be , whichy cycle investing means usually you want to start to put cash to work in parts of the economy that are going to survive the shakeout and thrive in the next decade. it looks to us potentially that it could be passed the peak of the default cycle, where you have seen a lot of defaults and m grades -- and downgrades out of the investment grade market as well. exposure take tactical and also find away within this ultra lowly yielding environment to have a little bit of an allocation for gold. lisa: what is the policy mistake
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you are most concerned about? david: a premature turn towards austerity, the exact mistake that was made across the developed world in the early part of the last decade, and the aftermath of the global financial crisis. getting worried too soon about the trajectory of public debt, trying to soon and to aggressively to close the budget deficit when there's large parts of the economy that need support, that are fragile, and we haven't seen a return to the momentum, the animal spirits in the private sector, and really starting to put people back to work. we know that with assistance from central banks, the governments of the developed world have no problem issuing the guesstimates of that they need -- the vast amounts of debt that they need. supporting the markets through this normal shock, supporting the economy, businesses large and small, allows the recovery to continue and hopefully get past this health crisis, and then you start to lay the foundation for future growth. all of that is more important
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than worrying about the budget deficit right now. jonathan: there seems to be commitment to that here in the united states. a $2 trillion spread, nevertheless, between democrats and republicans. it is small caps versus large, value versus oath, international versus united states. on those three debates, do you have one that you have a little more conviction on over the others? david: i think at the moment, you would be very brave to go into outright small caps because we are still dealing with a lot of the economic fallout that is particularly difficult for smaller companies to deal with. they did to have left higher leverage levels, less ability to cap several funding sources. when you look in financial services in small-cap, we see a wave of bankruptcies and insolvencies. the smaller banks maybe take a hit there. we probably have the most conviction on that. the other rotations, of course,
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we talk about when to buy national, when to buy value. the situation is in parts of the world, including in some of the states in the u.s., if you look at some of the growth rates to cases and hospitalizations, we see a little bit of a slow down just in the growth rate of the moment. markets usually react to the second derivative, so that could be part of a rotation if we see beggar -- if we see better news going forward. of course, earnings season will give us a little bit of color. we expect every sector is going to be negative, but others only single digits. see another blowout to tech earnings, and this weakness in the last few days will turn around. any sign that we are getting closer to further shutdowns should be greeted well by
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international stocks. tom: the fact is we have value traps. i look at chevron as the example. what a crater it has been. how do you avoid the value traps that are out there? david: great question. i think focus on the long growth trajectory in these underlying sectors. everyone can see how the digital economy has gained in this situation. the need for health care innovation, sustainability amongst investors. business isrlying linked to those trends and you are trading at a reasonable aluation, the likelihood of value goes away. -- of a value trap goes away. the strength of the balance sheet keeps the things that we look. ofdoubt there's large parts the investing landscape that are challenged in some way in
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secular terms. that is why we believe strongly in active management in fixed equities and income -- in fixed income and equities. jonathan: david stubbs there of jp morgan. a massive day on both sides of the land take for the next steps for fiscal authorities. tom: no doubt about it. in and about two hours and 50 minutes. at the white house today, everyone is transfixed by the distance of the president from his party, and that has direct, immediate impact. i was thunderstruck over the weekend at how people are poised for further layoffs. jonathan: i was encouraged by one thing with the president's interview with mr. wallace of fox news. it was on the payroll tax cuts. he was specifically asked whether that was a redline for him to get this done. he did not confirm or deny that, and that is encouraging because it is not something i think democrats will go for.
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the democrats are going to have to give something up. i am not sure they want to assume a payroll tax cut in the process. tom: that's true. the immediacy of the election is tangible here. my working number is $1.5 trillion, but many others are above that, so they are going to have to negotiate to get above that. jonathan: in this particular conversation, november is the support factor, not the risk factor, because nobody wants to be seen holding of a fiscal package going into a november election. shortly that has got to be the case. lisa: there's an interesting question about the popular $600 andor setting the hence tenant blame and benefit, yet publicans -- $600 enhanced unemployment benefit, yet republicans still pushing back on that. jonathan: a little later in the program, david malpass on the need for debt forgiveness. from new york city this morning, good morning.
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heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." with the first word news, i'm riddick -- i'm ritika gupta. in new jersey, a gunman dressed as a fedex driver shot and killed a federal judge -- driver and killed a federal judge's son and wounded her husband. the judge was not hurt in the attack. the netherlands, austria, denmark, and sweden are satisfied with $450 billion of a fund being made available as grants. the rest will be in the form of low interest loans. eu leaders will meet again today to work out remaining issues. the white house and senate majority leader mitch mcconnell began talks today on a new coronavirus stimulus package.
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bloomberg has learned the administration is bulking at $25 billion that republican lawmakers want for testing and contact tracing. mcconnell has been preparing to unveil a republican bill this week for he negotiates with the democrats. president trump is playing down a resurgence of coronavirus cases in the u.s. he told fox news many people experience "nothing more than the sniffles." he called the u.s. response to the outbreak "the envy of the world," and called infectious disease chief anthony fauci alarmist. be valued atd about $13 billion, the largest takeover in the oil industry since it was rocked by the coronavirus pandemic. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪
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restaurants, hotels, and other travel and hospitality business. jonathan: there's a $2 trillion spread as congress gets back to work in washington, d.c. secretary mnuchin setting the stage going into the weekend. coming out of the weekend, it is all about fiscal policy on both sides of the atlantic. alongside tom keene and lisa abramowicz, i'm jonathan ferro. in your equity market in new york, counting you down to the opening bell, two hours and 12 minutes away, equity futures down a little bit, seven points. we are down 0.2% after putting together a week of gains and some real outperformance over big tech last week. $1.1460, up about 0.3%. 10, 0 .60%. they come in a single basis point. wide open for fiscal policy, that is the story in washington. tom: no doubt about it.
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a headline that could be written for washington, the leader of france sites "a spirit of compromise" among eu leaders. that comes to the spirit of compromise not of democrats and republicans, but how about the republicans and their hook -- and they republican president? kevin cirilli is our chief washington correspondent. what is going to be detention at the white house today? kevin: there's a host of different issues. first and foremost, how the president is going to be able to reset following a difficult summer as it relates to the pandemic. but also on to the looming battle just in a few weeks pertaining to the next round of economic stimulus. we heard from the president over the weekend in an interview with fox news with regards to how he plans to negotiate the next round of economic stimulus, and whether or not he is going to push as forcefully for a payroll tax cut, much to the potentially confusion of some folks on
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capitol hill. jonathan: what goes first in the policymaking process, size or substance? does size dictate substance, or does substance dictate size? kevin: for republicans, it is size. democrats are going to dig in on certain policy issues to be included. here's why. republicans are arguing that the price tag of the economic stimulus must be around $1 trillion. they don't want to see it go more than that. even some conservatives would like it to be significantly less. democrats are saying there needs to be much more assistance, not just for public workers, but also for folks who are not public workers and need some rent assistance as well. tom: a pandemic is a pandemic. do you judge that the size, scope, and scale of case and death dynamics tilts this washington debate? kevin: i think the data of which parts of the country are being impacted by this virus right now
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would suggest that it is typically right now more southern states experiencing an uptick, and as a result, i think that is why republicans are increasingly much more receptive to the idea of another round of stimulus. but look, let's not mince words here. vicee got former president joe biden aggressively campaigning and saying that the president has had a colossal failure as it relates to handling this. behind-the-scenes with the reset up the president's reelection campaign, they are looking for some type of major marker at 1600 pennsylvania avenue and across the river in arlington, where they are headquartered, the campaign, to try to get some more momentum back after what has been a very difficult summer for them. lisa: what is the logic behind president trump's opposition of $25 billion of funding for states for testing and tracing? kevin: i think in terms of the tracing, there's two points. the first and foremost is that
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they feel by boosting more access to testing, they will be able to get more data. that is a position that has been bolstered by the likes of people -- by people like dr. deborah birx, who has been carefully advising vice president mike pence, as well as the president come on this particular matter. but beyond that, when we talk about schools and sports institutions and the need for rapid testing, all of these different models are ways that america is discovering in real time how they are going to have to deal with this over the immediate short term. that is why there's a lot of confusion because no one community -- every community is different in terms of how they are handling this virus. lisa: is this a stimulus bill, or an additional round of bailout money? the question of trying to prop up an economy still beset by a pandemic versus actually engaging in infrastructure
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projects like the fbi headquarters that president trump would like funding for, can you draw the distinction in terms of what has been proposed so far? kevin: one person's stimulus is another person's bailout. that is just the game of washington, d.c. that is something we have seen play out even before the pandemic. but the bottom line here is that the political partisanship is going to cause many individuals to say that is a bailout unless they are able to get some stimulus for themselves. that tension is going to be on full display. i think a lot of republicans who are very uncomfortable with writing a blank check for another round of stimulus, but hey, this is a situation we find ourselves in. jonathan: great work. looking forward to the week ahead. i guess the answer has to be both. many in washington hoped we would get to july and we would be in a different place. this economy is steer him -- is still under a severe amount of
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restrictions, and you can't enter a new phase of stimulus in an economy that is still restricted from opening up. for that reason, you have to provide something to offset the shock to income still, and you might have to do that through to year-end as well. lisa: there's been an incon sistency, though. we are not necessarily getting a coherent message on that front. that seems to be detention underlying this fiscal plan. jonathan: i think that is a reason, one of the more important reasons why people have become more constructive on europe versus the united states. it is less about them getting their act together on the physical front. it is more about the tidier, cleaner reopening process. tom: that is clearly the zeitgeist at the moment. i am not sure if i believe it, but there's no question in most conversations there is a tilt that way. david prole of epic investment really pushed against that belief about a half-hour ago. jonathan: democrats versus
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republicans. we do it all over again. i wish we didn't have to come up with that is the way things work obviously. is a redline for the democrats that we need to discuss, and that is to help the states. we are already starting to see state-level austerity. tom: when the austerity clicks and, that i would suggest once the actual austerity clicks in. jonathan: the federal government clearly has the ability to operate countercyclical he, and they should. that may be the argument from david malpass. he joins us next on this program. s&p 500 futures down around about three points, will off the lows, down 0.1% on the s&p 500. we focus on brussels, talks resume at 4:00 p.m. local time, 10:00 a.m. eastern. $1.1406.advancing from new york this morning, good morning.
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jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. two hours away from the opening bell, here's your price action in the united states. equity procedures -- equity futures recovering just a bit. amazon down monday, tuesday, wednesday, thursday, friday. microsoft off by 5% on the week. going to be interesting to see how tech builds up ahead of earnings over the next couple of weeks. tom: no question about it. this is a week where tech has to decide if it wants to reassert itself. i would also note i did a look at the em currencies. argentina battered as well. but there is a fragility out there, evident on the bloomberg terminal. joining us now is david now pass, mr. trump -- david malpass, mr. trump's selection
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as world bank president. he's had to focus on this horrific virus. he is a physicist from colorado college. i want you to look at the initial force of this ugly pandemic. how is your world bank adapting to the momentum of this pandemic? nd -- jon jon ad and lisa. the world bank is doing ok. we are working from home. developing is that countries are under immense pressure because of the global , the economic shutdown in advanced countries, and the pandemic itself still spreading through countries. they also entered this problem with a lot of debt already on their books, so those are the problems we are trying to deepensas the recession
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and we hope finds the other side and we come out of it. tom: in your distinguished career at bear stearns, and as you built out that world best latin american coverage, there was a mechanism for challenges in the third world and the emerging markets. are the mechanisms there right now, or do we just have to go to a debt suspension? can we use the processes in em that we have available, or is this a new territory? david: i think we would have to look at new territory because the debt itself has changed. in the 1980's, i was in the reagan administration and there was a latin debt crisis that had come from the petrodollar recycling. remember, oil prices had been high, so the banks had a lot of deposits, and they would lend those to the developing world. the problem was they didn't get paid back when oil prices went bank crisisas a
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because bank deposits were a big portion of the capitalization of the banks. they were critical. it was syndicated loans. so this is quite different. there zero bonds involved. there's -- there's eurobonds involved. there's a lot more creditors than in the past. the nature of the debt, china is a much bigger player in this. they weren't really a creditor in the 1980's. those two changes mean you have to look at a different process. what we are doing is a suspension of debt payments now. that is the official bilateral creditors, and we are encouraging the commercial creditors to stop taking payments from the poorest countries. that is a response to the crisis. tom: you do not represent the trump administration, but you were certainly selected by the president to take over the support and task of the world
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bank. he is going over other institutions. his own cdc, going after the world health organization. for all i know, he will go after the world bank. how should the world bank respond to a president? david: i was not selected by him, i was proposed by him for the world bank, and a look at numbers of the world bank unanimously, and it has been going well in terms of changes we are making that can help countries with growth, with better living standards, with all of the things that we are trying to do. climate, education, health, and on down the line. poverty is a big prater the -- big part of the problem. if you boil it down, we want to have international cooperation among the various organizations, but the drive for growth has to come from individual countries. that is what we are trying hard to do at the world bank.
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we have country offices in almost all of the developing countries, and those work with the government to find what will work next for the countries, and then we can help fund it with loans. the world bank is heavily doing grants, which work with the net positive flow into the poorest countries. that is what we want others to do. it is hard to say you're going to make a loan to a country in extreme poverty because where are they going to get the resources to pay it back? we try to shift the balance towards grants? lisa: that seems to be a theme throughout the world. we are also talking about that reduction. you have been on the record saying that you think there needs to be some debt reduction throughout the developed world. how big a haircut are you talking about? david: we need to do the alice's of countries and what their debt
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sustainability levels are. how much can they support, and then reduce the amount of that to that. but right now, the immediate problem is the need for transparency. one thing going on in the market is debt rescheduling and restructurings where people don't know where the terms are. that means other creditors are reluctant to participate if there is not knowledge of the terms. when i am saying terms, for example, governments in the poorest countries are sometimes borrowing money, and it is never disclosed how much they are supposed to pay. then the government leaves and the people of the country are left with the burden of the debt. that is a cycle, a debt cycle that we have to get out of because the politicians or the leaders can benefit from the immediate loan, but then it is very hard for the people of the country to repay that. tom: in the news this weekend, an article in "the washington post" was heartbreaking on
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lebanon. how can you get assistance to lebanon, that is getting absolutely right now? david: these are tough challenges. lebanon had ticket posits into -- had taken deposits into its banking system and paid a very high interest rate. remember the crisis long ago in the u.s.? you had this elevated interest rate that made it look good for depositors, but when they begin to withdraw, it created a banking crisis. what we are doing in lebanon is trying to support the social safety net. that means actual cash to actual, individual people rather than trying to run it through the government and the banking system, which is so problematic now. jonathan: david, don't test history. we will be here -- don't test tom's history. we will be here all day. you know how this works. [laughter] you know as well as i do that everybody wants to receive a grant. nobody wants to receive a loan.
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when you say there needs to be haircuts, who are you speaking to? david: the official bilateral creditors right now, so that is institutions in the u.s., government institutions. more than half of it now is china, chinese institutions that lend to these countries. what they are doing right now is putting the debt payment at the end of the term. they are pushing it down the soe rather than reducing it, the net present value is being preserved. at some point, you have to reduce the net present value in order to create light at the end of the tunnel for the poorest countries. that is what i've proposed. also, the commercial creditors, the g20 has already asked them to do comparable treatment, meaning they would be reducing the net present value of their loans or what is owed to them.
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we are talking about the poorest , so given the pandemic, it doesn't make sense for the wealthier countries and redditors to get back all of their money from the poorest countries and the people in those countries -- and creditors to get back all of their money from the poorest countries and people in those countries. jonathan: when you send this message to the chinese communist party how receptive are they? david: they are receptive. president xi has said he wants to fully per dissipate and once all chinese agencies to 40 participate in these -- to fully allicipate and wants chinese agencies to fully participate in these efforts. specific about the need for transparency. i will give you one example. central banks have been making
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deposits into other central banks and not lability at a loan -- not labeling it a loan. i will put money in your bank account, but it is not a loan to you. that needs to have more ,ransparency on that practice when others are giving grants or loans to these countries, they know what the totality of the debt is. what i've had people doing is put on the website all of the information we have, and then invite more information. we can shine a lot of light on this and make progress. the reason it is so important is countries can then invite investment into their countries with the knowledge that it is transparent. that the new money coming in knows what it is getting. jonathan: fantastic to catch up with you. incredible insight. got to get you back on the program soon. david malpass there, the world
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bank president. that is the story not just for europe, but worldwide right now. tom: it is absolutely reing however culture, every government philosophy is battling with this, giving money .way jonathan: we talk a lot about europe and the core and helping the periphery of europe. china is a massive story now that has been building for the best part of a decade. when david malpass was speaking about needing haircuts, pushing things back, it was addressing the chinese communist party. lisa: 100%. people were saying china extended potential he $500 billion to the developing world.
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what strings are attached, and how will it get addressed during this crisis? jonathan: camping you down from the opening bell this morning. equity futures down five on the s&p, a little more than 1/10 of 1%. next on the program, dr. jonathan of the rockefeller foundation. heard on bloomberg radio, seen on bloomberg tv on this is "bloomberg surveillance." ritika: with the first word news, i'm ritika gupta. the european union may be on the verge of a deal over that massive stimulus package. the netherlands, austria, denmark, and sweden now appear to be ready to agree that $450 would bef the fund made available as loans and negotiators are an .ntense standoff
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latest round of talks begins today in london. british negotiators say the eu concessions aren't enough. the eu's has attempts to compromise aren't being reciprocated. one democratic representative called florida's coronavirus outbreak out-of-control. donna shelley luther --, shall ala said there should be a lockdown of the entire sedate -- the entire state. comments suggest that months of trade-offs between health and the economy are far from over. president trump is again questioning joe biden's competence. the president told foxnews if biden have to sit through a tough interview, he would be on the ground crying for money. theade the remarks as democratic candidate continues to lead the race. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪
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are going to get better, and in many cases they are going to get better very quickly. jonathan: the president on fox news over the weekend, a 40 in a swamp like washington -- that is a reference to the weather and not the politics. equity futures recovering just a little bit here. the reopening process in this country very much in focus for all the wrong reasons. that continues to be the story. l.a. on the brink, the message from the mayor over the weekend. not a great message to receive. tom: the language this week and was extreme there he. i am so glad you chose that to play with chris wallace. what we choose to do is speak to experts. he's out of harvard, the straw memorial hospital complex at the university of rochester, with decades of experience. he owns a high ground with his on epidemics.
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us from quick joins the rockefeller foundation. the sniffles thing, i went listed -- i went ballistic. how do you respond to a president who looks at this virus as the sniffles? virusick: it is clearly a that is not the sniffles. spreads, howw it it creates severe illness. one of the distinguishing features of this coronavirus is its ability to crash intensive care units. and the length of stays for ,eople who do need serious care that is 10 depend -- that is 10% depending on the location, the length of stays are unprecedented. so it is a stealth virus in the 1/3 of the cases
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are a symptomatically. so it is a real challenge -- are asymptomatic. so it is a real challenge. tom: is the president grasping at the idea that it does not have a profound effect on the young? we spoke to a radiology expert at mount sinai who made clear that wasn't true, that there was -- damage, if not death to young people. do you agree with that, five months on? dr. quick: it is the case that it is less frequent, but we are seeing a unique inflammatory response in children and kids that will affect their blood vessels and their health, their brain, and in other parts of the body. it can cause serious illness at all ages, though much less common at the younger ages. lisa: there have been a number
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of studies showing that children do spread the virus, perhaps less so under the age of 11, but nonetheless, they have traditionally been vectors of disease. we can reopenhat schools given the levels of infection that we are seeing throughout the nation right now, as well as the challenges of getting their kids to schools? dr. quick: it is difficult to imagine in places where cases continue to rise exponentially opening schools at this point. thes the children, teachers, the bus drivers, food service workers. it is taking it home to the parents, but then onto the next generation. to make anity needs decision based on the risk there and the state of the epidemic i can't really
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imagine a wholesale, nationwide opening. speak,ter hotez, as we tweeting about this. what is your prescription, as lisa mentions, to go community bycommunity, school district school district, public school by private school? how do we affect that literally tomorrow? dr. quick: doing it tomorrow is impossible. we don't have guidelines. launched a getting reportillion and beyond on testing. one of the critical elements of that was protocol. guidelines, risk-based guidelines for schools in nursing homes, for at risk work communities,rable
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because states and counties and school districts shouldn't be on figure it out. they need some guidance, and we would love for that gotten to come from the cdc or health and human services because that sort of concrete died -- concrete guidance is needed to get the right testing in place to monitor the disease. if you don't have that in the kids sign is1/3 of the getting sick, that is too late. you need to be monitoring and doing screening test, rapid turnaround screening test. we are at 5 million tests a week now. we need to be at 30 million tests a week, particularly going into the fall. distinguishing flu from coronavirus is essential in order to keep our schools and as function -- and
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workplaces as functional as they should be. lisa: hong kong went back into lockdown after 100 cases were diagnosed. i can the u.s., it is always laughable that 100 cases would cause a lockdown. which approach is the right one? dr. quick: you need to have a threshold. as we begin to open workplaces and schools, you need to have in mind at what point say, this is getting out of control, and we are going to close. not permanently. we may close for a few weeks. kind of guidance is what we need to have here. it is somewhat the same situation as snow emergencies. you say at some point, it is unworkable, and we will close. in the case of coronavirus, that closure needs to be to be several weeks. but even the question of
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opening, you need to have here guidelines on when you're going to open. jonathan: fantastic to catch up with you. dr. jonathan quick of the rockefeller foundation. ultimately, the higher thresholds in many states across the sunbelt is what got us into this mess in the first place. it was always going to be about a tolerance level governors. now, we don't have a federal approach to all of this on something as simple as wearing a mask. i still can't believe that is the case in america right now. if medical professionals can all agree we should be wearing a mask, why don't we have a national mandate to do the just that? lisa: the places to watch right now, some of the elected officials say we are on the brink of a fire out of control. jonathan: equity futures doing ok, down 0.1% on the 500.
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>> confidence is the elusive issue here. for those that are in work, that will be that fear of the specter of an employment coming on the tracks. >> folks are not going to go out and spend at the same level if they feel insecure about families' safety in their own health. >> a lot of businesses are not buying into the v. they see a distant effort -- they say i different destination, regardless of the journey. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, endless of arabs -- and lisa
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