>> from bloomberg head quarters in new york, i am joe weisenthal. romaine: i am romaine bostick, and we will continue our coverage on donald trump. we learned just a few moment ago that the white house physician did say president trump is quote in good spirits after that diagnosis we heard about overnight and that he has been receiving some treatment cocktail an antibody made by regenerating --

regeneron pharmaceuticals. something that we were looking for as i hope to get over the covid crisis, but now it appears president trump is effectively getting a dose for himself. of course an extraordinary day ready much sense two or one bang in the morning -- withhicks being diagnosed the coronavirus, but one of the more extraordinary days in a tog time in d.c., adding that the news with the job report which is a disappointment, stimulus talks accelerating. mostin general, one of the event driven days in quite a while. romaine: event driven and here we are, 32 days out from the u.s. presidential election. i believe david westin is standing by joining us in this coverage of what is going on with the president.

david: thank you so much, i want to bring to one of our colleagues that we turn to when we have health care questions, that is drew armstrong. we have this letter from president trump's physician saying this regeneron antibody cocktail he has been treated with, tell us about that cocktail do we know it if it is effective? >> this is a cocktail of antibodies which mimics some of the body's immune response to the virus. in terms of what we know about how ineffective it is -- effective it is, we know little bit. the company that makes it has released results from about 275 patients from a trial. they show that it reduces the load of the virus in the patient which is a good thing. that is a significant -- but i think it is important to remember these are early data, this is not approved, it is highly experimental.

i think it is one of the cocktail of options out there for doctors to use. the other site is the side effects of the drug in this early set of data appears to be benign whichne -- is certainly a good thing when you look at an experiment the basis. this is not been tested on a committed number. david: we have vice president joe biden speaking in michigan. >> if everyone wears a mask in public. the patriotic, not about being a tough guy, it is about doing your part. wearing a mask is not only going to protect you, but it also protects those around you, your mom, your dad, brother, sister, husband, wife. do not just do it for yourself, do it for the people you love, the people you work with. the seriousness of this virus

also underscores that we need regular testing with results turned around rapidly and that is available to everyone, not just the folks in the white house or who travel with me that deserve regular testing. it is folks in the meatpacking and food processing plants, grocery store workers, every single american deserves safety and peace of mind. we needed transparency. those who test positive needs to participate and -- in contact tracing so that everyone they may have exposed can get tested themselves. that is how you stop transmission for any epidemic. it is basic. we need to take the science of fighting this disease seriously if we are going to save lives. above all, the news is a reminder that we as a nation need to do better in dealing with this pandemic. taking these steps is how we will protect ourselves.

just as important is how we will protect one another. i hope you all -- of those who are fighting this virus including the first family and so many americans today recover and recover soon. my prayers are with the families of the more than 207,000 americans who have died from this virus. many of them got up this morning , to the breakfast table with an empty chair of someone they lost and loved. million more than 7 americans who are now infected, have been infected. that includes folks here in grand rapids and all across michigan, especially all of you with the ufcw who are on the front lines of this pandemic and this economic crisis.

the ufcw workers who have always been on the front lines of fighting for the needy -- dignity and respect you deserve. i know it has been tough, this morning, the september jobs report came out. the last one before election day, i am grateful for all those who are able to get their jobs act to work again, but with fewer jobs than we have hoped for and millions of families, millions are still wondering when it will be their turn to come back from the brink. signs, according to the national press, are not encouraging. once again, the job gains are slowing down. we are seeing temporary layoffs turn permanent. this month marks are the largest single month increase in the long-term unemployment since we started keeping records in 1948. there are now an additional 781,000 americans who have been trying to find work for at least six months.

they've been looking forward for at least six months and have not found it. in the past, that is a sign for permanency for the. 647,000till down manufacturing jobs worldwide since the crisis started. all told, we are now 30 million workers who have either lost hours, lost paychecks, or lost their jobs entirely. participation in the labor force fell last month and remains sharply down since this began especially for women. there is another roughly 700,000 people who have dropped out of the labor force, stop looking for a job. the vast majority were women. demonstrating once again how this economic crisis has been especially tough on women and families in this country. this will be the first presidency in modern history to

leave office with fewer jobs than when it came into office. michigan has lost more than 361,000 jobs since the beginning of 2017. in fact, factories were already closing before covid. like the plan here in grand rapids. they announced back in january they were shutting down and cutting 210 local jobs. manufacturing has already slipped into recession last year, the net loss of auto manufacturing jobs you saw here in michigan. the economic pain was only amplified by the pandemic. local businesses are closed like all places around america. more than 26 million on employment claims were filed by americans last month. 46 million americans have

exhausted their emergency savings. essential workers here in grand rapids will not forget how the jobs turned steadily into a life-and-death task. report reinforces another painful trend, the continuing of what economists a k shape recovery. letter goings the up is those on the top that keeps going up as everyone else in the middle is going down and below. we are seeing things the worse. this means essential workers, ufcw workers, who sacrificed to keep us going through the pandemic and continue to are being left behind by the most unequal recovery in modern history. struggling,s are

the top 100 billionaires in america have done pretty well, just the top 100 of them. >> we have been listening to former -- vice president joe biden speaking, he went ahead with despite the diagnosis of covid-19 in the president. he started out by exposing his concern for the president but also for the 207,000 families who have lost due to covered. reminds us we need to wear masks , we need to have transparency, reliance science. he went on to talk about jobs and manufacturing jobs and also what he called the kate recovery -- k recovery. this is the second largest city in michigan, it went narrowly by 2.5% for trip -- trump in the last election. in the meantime i want to come back to drew armstrong, our expert on health care. let's talk about the science. we are talking about the regeneron antibody cocktail.

one of the things you suggested is in extremis drug that has been tried out with some promising results and nope side effects. do use and expend mental drug on the president, is that safe? >> one of the things you have to remember is that there are not any fda approved drugs. most of the drugs being used are being used under an fda emergency use authorization or on in extremis a basis -- experimental basis. there is not of the full backing that you have for most other types of medicine. i will go out on a limb and guess the president gets a slightly different than standard medical care than the rest of the country. i am not a physician, but i imagine having the president may be a different experience than some of the rest of the patients

a physician sees in the day-to-day practice of medicine. don't knowt we still are some of the exact details of his condition. bit more, does the use of this regeneron therapy imply everything -- anything about the president underlying condition or is this something that does not tell us how severe it is and that in theory, even if or mild, this might be an approach that a doctor would recommend? readthink it is hard to into that, if you look into the patience of the regenerate -- regeneron trial, these are non-hospitalized patients suggesting they are more moderate-mild cases. this is not necessarily a drug being used in people who are -- patientsthis set of were patients being getting oxygen or on a ventilator. all that said, i think it is

very difficult for us to get any particular details of the president's condition. also the fact that his condition may change from hours to days. we know this is a condition that can progress over the course of a week. they can start off mild and stay mild. there are certainly more going to be it is important to see what those updates say. >> with regard to the pace of approval of some of these treatments, even if the not come had himself down with covid-19, do we have any sense that those approvals were imminent in any way? approvalsd said the for their drug were quite soon, i think with some of these other therapies and also for the vaccine, you need to have data for this. these thingselease under emergency use authorizations and we have seen some of that for example on the

convalescent plasma being used, the hydroxychloroquine being used that was issued and pulled back. we certainly will be seeing more approvals go out, but i think some of that will require the collection of a lot more data. have enough data on this regeneron experiment drug to know that it is to be approved? >> i do not have the answer to that on the top of my head, i think the trial they have released with data on just a couple days ago is in early trial. they have described it as a phase hi -- phase one, 2, 3 trial. beis probably going to months before we do have something like that. these are things that do not move at the speed of days or takes a careful amount of time reviewing these

things, you do not want to get it wrong especially in the middle of a pandemic where it is liable to be used in lots and lots of people. joe: what is the failure to create a ring around the president show about the difficulty of containing this virus? of course the president has resources in terms of anyone else of rapid testing, the ability to create in environment in which to achieve maximum safety and obviously that was breached in some way, what does that talk about the challenge for everyone else and people who have to operate in a normal world? >> what you ask is an important question. when you look at the ring of protection around the president, that mostly involves testing. it does not involve masking. thatng finds infections have already happened, max -- masks tend to stop infections. when we talk about more

resources around the president, when you look at the lack of masking and physical distancing, those are not being used. there are lots and lots of resources, but some of those resources are the simple ones that you see people practicing everything will day and that it did not seem to be practiced at the white house. romaine: i want to go back to some of the treatments, there is talk about those malaria drugs and whether they would be viral -- viable as a treatment. i'm wondering if those have dropped off completely. >> most of the data that has come out of those has been negative in showing these drugs do not have a meaningful positive affect. i emphasized -- people have

described difficulty in filling those trials of hydroxychloroquine and malaria partly because they think it is so politicized. that was certainly something that people wanted to get an answer on, but most of the data around that has shown it does not seem to work effectively. i think it bears reminding, not just the president, but the senior white house staff have been getting tested every day. this is the present who has said i'm not sure we should be testing that much because the more we test, the more positive cases. this proved we need to be testing more rather than less. >> if you talk to public health officials, they all describe a mosaic of protection that you need. you both need to stop infections with public health measures like masking and social distancing and then when you do have infections hopefully which are far fewer because you have been

taking those public health measures, you need to have testing to be able to identify and limit the impact of those cases. again, i cannot emphasize enough, testing is cleaning up the mess after it has already happened. we have to stop the spill in the first place. spread, of a cent medic people tend to not get tested in the general population unless they are sick. that is not necessarily the case in some parts of the white house complex, but it is an after-the-fact method in terms of controlling this disease, it is not preventative. joe: what would be your first question to the white house doctor at this point? >> i think what people want to know are aspects of does he have a fever? what are his oxygen levels? has he had an x-ray or ct scan? any potential pneumonia? those are the types of details

that certainly after our reporters down in the white house will be asking closely to see what comes up or not. joe: our things to through armstrong, more coming up on the six ordinary date next. this is bloomberg. ♪

>> walk back i'm david westin and i'm here with romaine bostick and joe weisenthal. we have heard the donald trump is in good spirits from his physician after his covid-19 diagnosis and has been treated with regeneron pharmaceuticals antibody cocktail that according to the white house physician. we also heard from joe biden who tod -- sent his best wishes president trump and reinstated that he tested negative himself. let's bring in our health care, michelle cortez. you have a great piece out of this week on testing, what is this experience right now where

we are having the president and the first lady diagnosed telling us about how much testing we should be doing? testing of the happening in the u.s. is different than the testing at the white house -- white house and it is interesting because what seems to have happened at the white house is a false sense of security because of the amount of testing. everyone believed that because they were being checked every single day for the virus, that meant it was definitively not present. that is not exactly what testing does. it is that fundamental lack of understanding of the benefits of testing that has -- the white house and president. david: one of the things i do not understand as a layperson, it does not tell you where you are going to get it read if you do not have behavior that will make it less likely you will get it, then you are closing the barn door after the horses have left. isexactly, the thing is

testing is not something you carry around with you all the time and a light goes off over your head once you become positive and everybody knows to avoid you. in fact, there is evidence you can be transmitting the virus up to 48 hours before you show any symptoms or, in fact, before you test positive. that is why this is so dangerous. not just to the president, but to everybody. when you cannot identify something and where it is, it is hard to stop and it becomes particularly difficult in a situation like what we have in issuested states where like wearing masks and social distancing and other potentially beneficial actions are being seen as a political statement and being frowned upon which is -- has exposed people to the pathogen. joe: just some headlines coming out, regeneron saying the

cocktail therapy we discussed in the last segment was provided to trump under a quote compassionate use request. through armstrong pointed out no actual drug is approved. the company commenting on the drug request in a statement. let's go back to show cortez, when it comes to testing, there is still frustration. it is more widespread, much more easy to get a test today than it was in the spring. however there are still frustrations that it has scaled up enough to do at at the level that would allow us to further make society feel more normal. where is the main bottleneck right now? where is the main difficulty in going from where we got in the spring two now and the next level where it is even more cheaper, more available and people are able to wood on a regular basis like the people in the white house. remember you have to there is almost one million americans being tested every day for coronavirus.

a virus that literally did not exist one year ago, the fact they have been able to create this scale, to manufacture them to get the supply chain working in a just fixed months is absolutely astonishing. what we are talking about here and what the cover of businessweek magazine is this weekend is the next phase, and in fact, an exponential increase in testing. what we are talking about is the idea that testing not specifically for diagnosis, but for surveillance. the way to think about it is we do not want you to be spreading -- getting a test after he found a lump in your breast to diagnose breast cancer, we are talking about doing a colonoscopy and people who are healthy to see whether or not there is something there. tests are hugely different based on what the intent of the testers. of this is the rapidity of those tests, the idea that businesses and venues

can use these as a way to screen people immediately and decide whether or not to admit them. with regard to these lateral flow tests and the tests touted at the white house last week, do liability -- sense of the liability of those tests? tests, thehe new fast tests coming out are not anywhere near as specific as the gold standard test. those are the tests the taken for-six hours to run and sometimes can take days or weeks when there is a backup to get the results. those are the one to tell you whether there is any genetic material from the back -- virus inside of your body. the idea of using these other tests, again, the point is not that you are going to test every single person because that is not with these are doing, they are finding people when they are more infectious, or dangerous.

the idea if you are testing all these people, all of the time heading into the first place, maybe the second day. >> we will have to leave it there, that is all for us here. stay tuned will have much more coverage on this develop and story.

>> i am in san francisco and this is bloomberg technology coming --, coming up patient in chief. president trump has a coronavirus. he has been treated with the regeneron antibody cocktail, will have the very latest. case,he severity of his what it means for the public perception of the virus. t