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>> welcome to a special edition of "balance of power" on the people of the republican national convention. thank you for joining us. >> we often imagine our history written in years or decades. sometimes, it is written in seconds and inches, and images. >> yesterday in pennsylvania, bullets fired from the semi-automatic rifle grazed the ear of donald trump, killed one of the attendees, and critically injured two others. the suspected shooter was killed. present biden was briefed earlier today before making brief remarks. >> we do not yet have any information about the motive of the shooter. i urge everyone to please do not make assumptions about his

motives or affiliations. let the fbi do their job. let the partner agencies do their job. i want this investigation to be thorough and swift. investigators will have every resource they need to get it done. joe: the president will address the nation at 8:00 eastern from the oval office. we will be joined by analysts and historians to bring context to these disturbing events and discuss what it means for markets trend to price an election unlike any other we have seen before. we will be turning to that part of the story later. we begin with nance cook in milwaukee. thank you for joining us at the table at a moment we did not think we would be on the air, just a day before the republican national convention begins. you are our trump whisper in touch with the campaign, what do we know about his condition?

will we see him before the convention begins? >> he was as of this morning not going to arrive in milwaukee until wednesday. he is now arriving this afternoon. they have scrambled the plans. he spent the night at his golf club in bedminster. he talked to a bunch of people this morning. he talked to donors. he talked to pastor scott. he said trump is in high spirits. he said he is not in pain. who knows if that is the case or not. he was making jokes, feeling good, keeping it light. i think the campaign is very rattled by this. two of trump's top aides were in pennsylvania with him and they feel rattled. i huge number of people from the campaign were in milwaukee and feel rattled. they see this as an opportunity to rise above it and portraying him as a statesman unifying the

country. i think they are ripping up plans and re-approaching how they think about the convention. kailey: that is exactly what i wanted to ask you. it was supposed to be a celebration, effectively the coronation of donald trump as nominee. there was going to be excitement around his vice presidential pick. instead, it has become about a failed assassination attempt. >> i talked to a campaign official this morning and they are not changing the lineup or who speaks. i think what is up for grabs right now is the tone. i think there was going to be a lot of bashing of president biden and talking about biden's record and the inflation, the economy, and immigration. i think we will still see that but more the idea of trump as a fighter who came through impeachments and now in

assassination attempt. they will position him as even more a movement figure four republicans. this is a moment where the whole country is coming together. no one wants to see anyone get shot. i think they will try to capitalize on that to reach new voters. kailey: you are seeing bipartisan calls to condemn political violence in addition to seeing that image of donald trump with his fifth raised -- fist raised with his ear bleeding. looking forward to all of your reporting in milwaukee, thank you so much. joining us now is the founder and president of bianco research. we know there are some things you cannot discount. the assassination of a leading residential is one of them. when futures open in less than

an hour, what do you expect we will see? >> i would not be surprised if we see little changed at this point. let's look at the last three months, whether you want to talk about stocks, bond yields, or the dollar. can you see in the charts the conviction data of may 30 or june 27, the data of the debate? the answer is largely no. the markets did not change directions or increase volatility around those events. we have another event. will this event change the direction where those events did not before? if it does, it is most likely because it is maybe going to be perceived as a potential wave election. it is one thing if trump or biden were to win the election. it is another whether or not they get the house and senate that need to affect their policy. we tend to forget the president can say i want to lower or rays texas but he still needs 218

members of the house and 51 members of the senate to agree. otherwise, it will not happen. i suspect this will be more like june and may with little change in the market for at least the initial hours and days until we think about the broader implications. joe: how about we forget the trump trade or the biden trade. how about just the element of volatility? uncertainty. we are hearing repeated references to black swans, uncertainty going forward. what does this mean for the vix tomorrow? >> you are right. there is always uncertainty that could change the outlook. does it change the outlook for profitability, for the trajectory of the economy? the events as disturbing as they

were, the answer is they do not change the direction. i do not think the vix will go up as much. you have to keep in mind late last week if you look at things like the vix and rotation in the market after chairman powell's testimony on capitol hill, we were already seeing a lot of turn in the market away from the issue. if there is any churn in the market or increase in the vix, it is probably residual of that and not what happened. kailey: what about what has happened in 2024 thus far? are we more vulnerable now to some kind of catalyzing event, potentially making the house of cards crumble? are there enough fundamentals that any geopolitical risk and added uncertainty will not be enough to beat cataclysmic late -- be cataclysmically upsetting?

>> inflation has come down. there is talk of more weakness in the economy. there is the old adage that economic expansions new not die of old age, -- do not die of old age, they are murdered. hopefully, it was not yesterday that would have caused that. nevertheless, it is weaker. the economy is weaker and more vulnerable. part of that is, is it vulnerable for crisis? i would argue where we were in january versus now, the economy is more vulnerable. i do not happen to think we will see that crisis come about. i do not think we will see a meaningful slow down or recession. but you are right, given the type of black swan events we

have seen and given the vulnerability of the economy, it is something you have to consider that could happen throughout the balance of the year. joe: great to have you with us, jim bianco. thank you for joining us on bloomberg tv and radio. coming up, republican senator ron johnson of wisconsin joins us ahead of the rnc in his home state. that is next on this special "balance of power" from milwaukee on bloomberg tv and radio. ♪

joe: welcome back to a special edition of "balance of power" on bloomberg tv and radio. we are live from the republican national convention in milwaukee with a special opportunity to join our audiences in the wake of the shooting in pennsylvania. joining us now, republican senator johnson. thank you for having us in your home state today. >> welcome to milwaukee. joe: thank you. it is great to be here. i think all of us who got here safely are very appreciative of this moment. there was a text from your colleague in the senate, a tweet. today is not just some isolated incident, he said in reaction to the shooting. the central premise of the biden campaign is that donald trump is an authoritarian fascist who must be stopped at all costs. that led directly to president trump's attempted assassination. do you believe that? >> i hope this was just a one

off. there is no doubt about the fact we are divided as a nation politically. lincoln set a house divided against itself cannot stand, and he was right. the hope that i have, if you think about it, we are not a naturally divided people. the major goals in life, safety, security, opportunity to take care of your family, those are goals we share. why are we so horribly divided? because you have political groups purposely dividing us. i would argue that is what identity politics is all about. i would like to be able to tone down the rhetoric. we have challenges facing this nation. $35 trillion in debt. people cannot afford things. a lot of problems in this nation. wide-open border. we will be feeling the ramifications of that for years

if not decades to come. let's acknowledge most americans love this country. most americans want the best for this country, for each other, and try and focus on areas of agreement. i come from the private sector. you don't get far in the private sector arguing. you will find agreement on the big goals in life. proof of it is in tragedies. we are trying to do it right now after this tragedy. after 9/11, we came together as a nation just like that. so it is possible but it does require political leadership. i'm happy to try and provide that leadership. kailey: you do provide leadership as a statewide official for the state of wisconsin. you are the senator. we just heard from a number of security officials in a briefing saying their plan for this convention that will be held over the course of this week is unchanged. they seem pretty secure in what they initially planned. given the events of the last 24 hours, would you advise them to be ramping it up?

does the status quo prior to 6:00 on saturday night stand this week? >> first of all, they are increasing security. there is more personnel here. they did react to the concerns i had and others had in terms of the protest zones played they have moved those. you see the security and the manpower. that is the most important thing. you have to have visible law enforcement and manpower to deter any kind of action. anybody who wants to come here to protest, do it peacefully. the goal is we want people to come here and experience this convention and leave with a really good impression of wisconsin. that is the goal. let's try and achieve it. joe: it strikes me there is a decision to be made here about tone, as the program was thrown up in the air and speeches are rewritten. this is a former president and candidate who has talked a lot

on the campaign about retribution. it strikes me there is a choice between martyrdom or moderation. which should he take? >> i believe those comments about retribution, he said our retribution is winning. everything they have accused donald trump, for example, foreign influence of russia, being a danger to democracy, weaponizing government, that is what the biden administration has done. i do not think donald trump is a danger to democracy. bill barr came out and said the same thing. take a look at what actually happens. joe: politically, you could seize on this and do a lot with this opportunity. is this an opportunity to lower the temperature or leverage it to win the election? >> i have been saying this for literally two or three years now. the fact we are a divided nation is a real threat to this country. it is a threat to individuals. you have a 50-year-old father of

two, wonderful person, tragically died. two other people grievously wounded. because of politics? on most things, people truly do agree. we will disagree over exactly what the solution is to address a particular problem. but we are all trying to create a better country, create opportunity, create a safe environment. let's focus on those areas. kailey: what is the role of congress in the aftermath of analyzing how what happened yesterday happened? i know the chair of the oversight committee in the house is looking to have the director of the secret service testified next week. others have put forward legislation regarding security details for presidential candidates. what is the role of congress? what should the senate be doing? >> it will have multiple roles. the role i'm trying to play is i am trying to turn down the temperature. i'm trying to get americans to realize we are in this together and we share the same goals. when it comes to our oversight

role, we will let the fbi and the department of justice and the secret service do their investigation. but then, we should be demanding full transparency. staff has already written a letter that we will send. they have to be completely transparent. we have to do oversight on that as well. the american people need to understand exactly what happened. this was a security failure. at the same time, i was unbelievably impressed with how rapidly the agents were on the scene reacting. they had the president covered. i did not do a stopwatch on it but literally a second or two. that is heroism. in all of these tragedies, we always see the best of americans come out as well. we see the worst but also the best. i would like to focus on the best and try to build on that. joe: that is a great answer. we saw a lot of heroes in action yesterday, whether there was a

security lapse. >> father threw himself in front of his children. joe: it was amazing. i do not think any of us could imagine what we would do in that position. christopher wray has repeatedly warned in three separate congressional testimonies over the past year about being vulnerable to terrorism. how worried about this are you over the duration of the campaign? >> we see alienation in our society with social media and school shootings. almost always, those are individuals that do not have good social connections. they feel alienated from their community, from society. for some reason, they want to obtain fame and glory by murdering other people before they murder themselves. it is the tragedy of our times. i do not know a real good solution for it. it would be nice to return to more socialization between human beings as opposed to online where things can get out of hand.

you can say things on social media would never ever think of telling somebody to their face. i have always said the overall solution to our problems is renewed faith, stronger families, more supportive communities. it is an easy thing to say, but i truly believe that. kailey: as you discuss social media, it is worth noting in the immediate aftermath of the shooting yesterday, there was a lot of misinformation circulating before facts had been concerned. how concerned are you about that in an election year? knowing all the uncertainty was about what was happening in 20-20, things that were blatantly false being circulated, is that going to happen this time around? >> i'm concerned about deepfakes. the saying is a lie traveled halfway around the world before the truth can put on its shoes. it is true. misinformation gets spread very quickly. it is difficult to put that back

in the votto. -- in the bottle. that is one of the reasons we have to do oversight in any investigation the fbi conducts. we have seen corruption within the fbi. we have serious problems facing this nation. we cannot just paper those overpaid we need to fix those things. you first have to acknowledge you have a problem, do analysis, and hopefully find people on both sides to address them. kailey: senator, thank you so much for joining us. appreciate you being with us in milwaukee, wisconsin. that is senator ron johnson with us this evening. still ahead, look at how the rnc is ramping up security for this week's events. that is next on this special "balance of power" from the rnc on bloomberg television and radio. ♪

joe: this is a special "balance of power" from the republican national convention on bloomberg tv and radio. i am joe mathieu alongside kailey leinz in milwaukee. thank you for joining us as law enforcement agencies work in the spotlight more than ever as they prepare for the convention that begins tomorrow. tyler has been reporting on the security precautions that remain fluid today. what do we know? >> we are right outside the doors to this arena where the republican national convention is affected to kickoff tomorrow largely as planned. there is a heightened sense of security. earlier this money, president biden announced he directed the head of the u.s. secret service to provide a comprehensive review of the security precautions that will be in place pretty went on to say this about how the secret service is working to make sure former president trump is getting the protection that he needs.

>> mr. trump is a former president, nominee of the republican party, already receives a heightened level of security. i've been consistent in my direction to the secret service to provide him with every protective measure necessary to assure his continued safety. >> the secret service just wrapped up a briefing where they told reporters that their plans remain largely unchanged. that they have been in place for nearly 18 months. but they did add that they are adding more law enforcement personnel outside for this. you were just talking to senator ron johnson who said this extra manpower will be critical to keeping the convention safe. we also learned the secret service is working with nearly 40 different law enforcement agencies coming from all over the country. i have been talking to some officers here from us far away as cleveland, ohio. they are coming in from all over the midwest to keep the convention site safe. we are expecting nearly 50,000 attendees to come to this

convention site between monday and thursday. kailey: tyler kendall reporting outside fiserv forum, thank you so much. those delegates are beginning to trickle in today. we know former president donald trump after surviving the attempted assassination is en route to milwaukee. we will keep you updated when he does arrive in the city. still ahead, the impact of this weekend's assassination attempt overseas. that is next on the special "balance of power" from milwaukee on bloomberg television and radio. ♪

joe: this is a special "balance of power