david d.: thanks for having me, david. state that is, as you know, really central to both strategy,' electoral to reach the magic number of electoral votes. as expected, this has been a pretty heated campaign here in the wolverine state for the last several months. david w.: the wolverine state went narrowly for president trump last time. what tipped it over the edge? we hear about a county on the northern border of detroit. david d.: i would say a number of things tipped the scale in trump's direction. when you win a state by less than 11,000 votes, you could point to any number of thousand -- things that would lead to that margin of victory. i would say a couple things are important to that result. one is that the clinton campaign basically ignored michigan until the very end. that was part of their assumption that michigan was going to be part of that solid blue wall, that of course crumbled on election day 2016. part of that was the fact that folks in michigan, as well as in places across the country, were not terribly

david: let's talk about this year. a lot of the auto insurers are up this year in part because people aren't driving as much and if you don't drive as much, it is hard to have an accident. i presume there are fewer people claiming an accident and therefore you don't have to pay out as much. tricia: i think that might be one piece, but we've also continued to grow, not only market share, based on units, policies, and really, if you think about it, immediately in march, vehicle miles traveled have been reduced, but as states have reopened, it continued to go up. we are still not pre-covid level of driving. we are about 8% to 10% down. but that gap is closing as we see more people driving more often. that lasted a couple months. many companies gave back credit or have reduced rates. david: if you get a rebate, that was because you thought it was a good idea or the regulators said you would have to give back money -- why did the insurers start giving back money? tricia: we did it because it was the right thing to do. we im

david: let me ask about that.you got a rebate, that was because you thought it was a good idea or the regulators said you would have to give back money. why did the insurers start giving back money to their policyholders? tricia: we did it because it was the right thing to do. we immediately saw driving, vehicle miles traveled go down. 40%. it went back up quickly to 20%, etc., but we sat down and said, we don't want margins that big. it is not the right thing to do. we want to be competitively priced. so we gave 20% credits for both april and may, and subsequently -- we are very analytically driven, so we went state-by-state, channel by channel, product by product. so far, we've had rate decreases in about 35 states. those are baked in permanently. david: today when people have an accident, the accidents are more expensive than they used to be. is that because the cars are more complicated, more expensive to repair? tricia: they absolutely are. a couple reasons. one is the components of the cars. so i started as

i am david westin. thoughts this morning with president trump as news broke of his covid-19 diagnosis. to give us some initial thoughts about joe biden and what is going on with the cap income we turn to a political contributor. we have a statement from former vice president joe biden's doctor saying he was tested for covid-19 and he was negative, along with his wife. we have to go through the government and the campaigns to find out who is negative. what is this mean? >> it is very good news. we have been getting -- we have been hearing from so many people who are thankfully negative, including the former vice president and the current vice president. for the campaign, that is the big question. it looks like the campaign is on hold to a certain extent. the president has had to cancel events coming forward. thatnot know about events were some out on the calendar, if he was feeling well enough, what he do them and when people willing to go to them? would other people step in in his wake? the vice preside

alex: yes, david. look, i think i think it is in the public's best interest that we are seeing this kind of public-private partnership. it would be very difficult for us to make the kinds of advancements and accelerate the timelines that we are doing right now were it not for the partnership we are seeing not only in terms of funds being provided but literally the day to day interactions taking place between regulators and scientists across many of these platforms. you know, in our case, from the very beginning we made a pledge that we would do this on a not-for-profit basis. yes, we are working with the government. we have accepted government funds, but we also recognize it is important for us at this very unique time to do it on a not-for-profit basis so that we can give as many people access around the world as possible. so that is the approach we are taking. david: there is a fear in some circles that wealthy people will get the vaccine quicker than people who are not wealthy and you have, with oth

david g.: first sure.epending on what vaccine you're talking about, either -20 degrees or -80 degrees celsius. the challenge you have is not only will you need dramatically more capacity globally, but you also have a series of handoffs as the vaccine goes from one step to another. everyone of those handoffs presents a problem where you may lose the cold chain. it is critical it be kept cold throughout the cycle and that it needs to be administered within six hours fitting room temperature. the partnership with aws provides one source throughout those handoffs. once you have all of the data on a single cloud-based solution, which we are calling are linked solution, now you can apply machine learning. you can understand how long the door is left open, how the -- how will that affect the efficacy. get all of the data in one location, use machine learning in ai to better analyze the data to provide more exclusions. guy: how much of the -- david: how much of the wind in your sales is a result of covid, and i as

rachel: this is david. david: hi. i'm david. hello. athena: hi, david.e was to have athena take rachel through the commercial baking process, for her to see the efficiency and how the cost could be lower. but instead of rachel having an open mind and learning... rachel: i use fresh eggs, so i don't know if you -- athena: eggs come pasteurized in boxes. rachel: oh, oh, no. so, we use the fresh, and we have a machine that cracks them all. lemonis: ...she's arguing about the eggs... rachel: i have tried those eggs, and they don't taste as good. athena: no one will taste the difference. rachel: all right. we'll see. we'll see. lemonis: ...and the butter... rachel: i use salted butter, by the way. athena: you do salted butter? we're gonna get rid of that. rachel: no, it makes it so good, i'm telling you. athena: but you don't want to add that to -- you can control it. rachel: i know! i add it, too. i add salt, too. lemonis: ...which doesn't sound very constructive to me. athena: we're gonna do two versions of this. lemonis: we're gonna do her version and your

♪ david: this is my kitchen table and also my filing system.ver much of the past three decades, i have been an investor. the highest calling of mankind, i've often thought is private equity. [laughter] and then i started interviewing. i've learned in doing my interviews how leaders make it to the top. >> i asked him how much he wanted. he said $250. i said fine. i didn't negotiate with him. i did no due diligence. david: i have something i'd like to sell. how they stay there. everyone has no doubt use band-aids or tylenol. those products are well-known products produced by johnson & johnson, but johnson & johnson is also a giant in many other areas. it is taking a leading role pairing a vaccine for covid-19. its ceo is alex gorsky, a west point train former military man who has done an incredible job over the last eight years making this company the most valuable health care company in the world. some people say the most commonly spoken words in the english language today are "can you hear me" because of the zoom phenomenon, but i assume in you

♪ david: this is my kitchen table and also my filing system.ver much of the past three decades, i have been an investor. the highest calling of mankind i have often thought was private equity. [laughter] and then i started interviewing. i watched your interviews, so i know how to do interviewing. i have learned in doing my interviews how leaders make it to the top. >> i asked him how much he wanted. he said $250. i said fine, i didn't negotiate with him. i did no due diligence. david: i have something i would like to sell. and how they stay there. you don't feel inadequate now being only the second-wealthiest man in the world, is that right? in the last several decades, one of the most important people in international finance is not actually not that well-known to the public. her name is kristalina georgieva. she was a senior commissioner of the european commission, she was the chief executive of the world bank, and now she's the managing director of the imf. she heads an organization whose purpose is to help countries that have financial prob

david: because?ricia: i think people love our culture and working here, and i think we have a huge future. the technology is absolutely there. i can see a car going from point --o be in a geo fenced area geo-fenced area, but there's a lot to be done. i think it will be longer than most people predicted david: -- most people predicted. david: when you were able to go into your office, you were well known for walking into the cafeteria and sitting down with the average person. why did you do that? why didn't you eat in your office with other executives. tricia: when you break bread with people, they open up to you. about things they want to change. ♪ david: let's talk about progressive's background. progressive, and great name, that is a very positive word. was that the original name of the company? when was the company started? tricia: it was the original name. the company was founded in 1937 by joe louis and jack green. they were two attorneys in cleveland. they didn't know what they wanted to do, bu

ben-david. dr. ben-david: the cost of health care will go down if everybody is part of the system. that was the original idea of the end --individual mandate. notaffordable care act does address some of the needs of wyoming. system that i envision would make sure that we have funding for all of hospitals and retaining health for professionals. , whenresentative lummis the senator took on the challenge of immigration reform, he had high hopes. toyears later, we are trying solve the problem that has gotten worse. how do we address the challenges and finally find the solution to this problem? the beginning of immigration reform has got to be to secure our borders. we have to have secure orders before we can expand immigration. but to secure our borders and replace the lottery with a merit-based system. mostottery is one of the unfair components of our immigration system. we should be able to help those who have been standing in line for years to try to get into this country head of the lottery. helply,

♪ david: this is my kitchen table and also my filing system.ver much of the past three decades, i have been an investor. the highest calling of mankind, i've often thought is private equity. [laughter] and then i started interviewing. i've learned in doing my interviews how leaders make it to the top. >> i asked him how much he wanted. he said $250. i said fine. i didn't negotiate with him. ♪ david: the famous fund manager, peter lynch, once said if you like a product, find out who the owner is because maybe the owner represents a good stock to buy. on that principle, when i heard my family kept going to a company in my neighborhood called fresh fields, an organic food chain, i began to say maybe there's an investment here, so i looked into it, and it turns out fresh fields was looking for some capital. my firm invested. it was a very good investment. we love the company. we love the food. then along came a company called whole foods, who said they wanted to buy it. i initially said i did not want to sell. but when i met john mackey, i realized

david? david: thank you so much, mark.residential candidate joe biden has made no secret of his plans to raise taxes on the wealthy if a, using them to pay for his programs causing some americans to look at their tax planning ahead of the election. joining us is jere doyle, bny seniorwealth management vice president. talk about why americans would want to rush through their lawyer right now to figure what they need to do. jere: one of the problems is currently there is a very large exemption in the united states. you have the ability to give away, during a lifetime, without having to pay transfer tax or million. up to $11.5 that $11.5 million exemption is scheduled under current law to revert in the year 2026 to $5 inflation.exed for the problem is that if the democrats hit the trifecta in november, there is a fear that what will happen is that exemption that is currently $11.58 million will be reduced to as low as $3.5 million, and possibly as $1 million for gift tax purposes. we are turning clients to look at this now. g

david?avid: nato defense ministers begin their fall meeting tomorrow, but this time it will be virtual instead of taking place physically in brussels. for a preview of what is to be discussed, we welcome the u.s. ambassador tomato, kay bailey hutchinson curated -- the u.s. ambassador to nato, kay bailey hutchinson. what is your agenda and you can bet the pandemic will be on the agenda? amb. hutchison: definitely. that is what everyone is dealing with in europe as well as the united states. nato came up with a plan. the defense minister in june put in place so we would have help for allies if there was a second wave. unfortunately, we are seeing the second wave right now. we are beginning to disperse to some of these countries that have an uptick, and that is most of the countries in europe, and just for instance, the u.s. put 200 ventilators into our stockpiles as part of our nato plan, and those ventilators are now being distributed to albania, montenegro, and north macedonia. we have a tru

david: david: thank you for being here, douglas holtz-eakin.up, we will hear from the other end of the state of florida. this is "balance of power" on bloomberg television and radio. ♪ ♪ david: this is "balance of power" on bloomberg television and radio. i'm david westin. meeting for its annual meeting this week, and the managing director kristalina georgieva says we need more fiscal stimulus, more rather than less. >> no worries about debt levels for now.are not for now, the biggest worry is we don't do enough to support the economy and until we have a durable exit from the health crisis. with interest rates being at record lows, governments can borrow and inject, hopefully, not only a recovery, but a more potent, higher productivity-based growth so they can repay the debt they are acquiring now. not the casever, for low income countries already in debt stress. that is why it is so important that we make sure they are provided with relief and are supported with grants and concessions in financing, a big theme for our annual meetings. >> what

back to you, david. david: edward, the bottom line you have irony where you have a republican conservative president who is closer to where the democrats are than he is where to the senate republicans are, right? reporter: exactly the president this morning said he would rely, he could rely on some democratic votes to get a bigger package passed but he said the president says that he believes republicans will come on board when they see what he has got in a bigger package. we'll see how the negotiations go. david: final follow-up though, the key question for the president and for most republicans whether they can prevent the democrat governors around the country from getting a bailout on mistakes that they made before the epidemic kicked in is there any way you can kind of separate the money from past sins if you will? reporter: that is exactly what they're trying to do through targeted language. i understand through sources familiar with the talks that the treasury secretary steve mnuchin is trying to p

david: go ahead, ben. ben: the rnc has put out press releases talking about 50,000 poll watchers, a number of those, a large number of those will be lawyers. the question isn't finding enough lawyers. the question is finding enough caffeine to keep the lawyers going for that long. david: speaking of this, what about people like my age who are administering the process, is it hard to get younger people, people younger than me, to be the poll watcher, the ones that process and check you in, or it's not realistic to get a younger people, it's an older person volunteer kind of job? ben: this year so many older voters because of the pandemic because of health concerns and from the election authorities they would not participate this year. a major effort underway to recruit younger poll workers who can step in to replace the ones who were stepping aside. that has turned out to be successful. so we'll probably have for the first time in decades that i can remember, ben, a younger average age across the board, cer

david westin will be hosting.ancy pelosi has signaled democrats are willing to pass a standalone airline relief though. she spoke with the treasure terry secretary steven mnuchin -- she spoke with the treasury secretary steven mnuchin. last week house republicans blocked the democratic proposal to provide more than 20 billions for airlines and contractors. the british government is getting ready to pull the plug on brexit trade talks. bloomberg has learned the u.k. will withdraw from negotiations with the eu next week if there is no clear deal insight. boris johnson has said he wants the outlines of a deal to be clear by october 15. eu officials have said they will not be pressured into making concessions and are prepared to call the prime minister's bluff if he does not compromise. hurricane delta has slaved into mexico, not far from cancun. it weakened slightly before making landfall. winds were near 150 miles per hour. there are fears delta could cause a deadly storm surge that would raise water levels by up to

david: right, you wrote that in your book.s like you asked me the question earlier about how you feel, you could've made a lot more money as big your corporation is -- envy poisons happiness. gratitude is the key. i'm grateful for what i have, not envious for what i don't. i have good health, an amazing marriage, good friends. i have, materially and financially, everything i'll ever need. life is beautiful and amazing, and i'm just grateful every day. i get up, happy to be alive. so, there you have it. that's my key. david: well, you should bottle that and put that in your stores. john: if i could bottle that, i would be a billionaire. [laughter] ♪ >> with election day quickly approaching and the coronavirus pandemic still in full force, mail-in voting is more politically charged than ever. >> mail-in ballots very dangerous. tremendous fraud involved. >> this is not a partisan issue. we have republican secretaries of state who said vote by mail is the safest way to vote. increased investigate -- election and certainty worries

ben-david? dr.en-david: immigration is one of the most important mechanisms to boost local communities. we have been losing residents in rural communities for a long time. immigration is what boosts them. we have a 30% increase in populations in rural areas because of immigration. we are a country based on an -- on immigration. i'm an immigrant. i came through here on the merit process and i am very proud of it. that we provide a path to citizenship for people who came here as children, because they are contributing quite a bit to our economy. and they have the ability to become productive citizens. >> thank you very much. rep. lummis: no rebuttal. >> we will move along. dr. ben-david, this question is for you. his carbon sechrist ration and other carbon capture technologies a way to save the call industry and jobs and two, the planet? dr. ben-david: let's be clear. the demand for coal, and the global demand is declining. it has been declining for a long time. as the global demand goes, so does wyom

i'm david westin.berg first word news, we go to mark crumpton. mark: in china, economic recovery from the pandemic continued in the third quarter. gdp rose 4.9% from a year ago. that is less than expected but higher than the second-quarter numbers. salesme, china's retail rose 3.3% in september and industrial production was up almost 7%. british officials are prepared to water down prime minister boris johnson's controversial lawbreaking brexit legislation, a move that could revive failing talks with the european union. the bill rewrites part of the brexit deal struck with the eu last year. news breaking now. the u.k. government says that it believes this is no basis to resume eu trade talks. it is the largest deal in the shale industry since the collapse and energy demand earlier this year. buycophillips has agreed to concho resources. the takeover will create a heavyweight driller in america's in westlific oilfields texas and new mexico. global news 24 hours a day, on-air, and on quicktake by bloombe

david?haveen david: i agree we mismanaged forests for a century basically, to maximize logging company revenue. the question was actually about climate change. this winter was the warmest winter on record. the previous record was 2019. have an intense hurricane season in the gulf of mexico. while there are multiple other indications of climate change, in siberia we recorded the highest temperature ever and -- inare projected to be the year 2100. time ofto mitigate change and we need to do it now and effectively. i. ben david: -- ms. lummis: thought the question was about what can we do about fires right now? my responses we know how to manage forests better at the state level than the federal level. we can create charter forests to show the practices of the state forests can improve the health of our forests and help them withstand these devastating wildfires that are hurting our air quality much more. a sub headline in a recent editorial said this "donald illustrate returns the symbolic sta

david westin. welcome to "balance of power," where the world of politics meets the world of business. we begin our program with a very special guest. she is the speaker of the house, nancy pelosi. madam speaker, thank you for joining us. it was reported you expressed skepticism whether we can get the fourth round of stimulus before the election. are you skeptical? rep. pelosi: i am hopeful. it does not mean i am positive, but i am hopeful. we have some areas of disagreement that are broad, but we will be talking again later today. we are still alive. we are still talking, i am hopeful we can reach an agreement. i think that was an interpretation of some remarks i never said i was skeptical. you might describe it that way. you understand the concerns we have for our police and fire and health care workers, sanitation, teachers, teachers, teachers. we are still fighting for more money. we think the administration is coming in far too low for our heroes. i think we are close in terms of money, we are

david: really appreciate you being with us, david welch.a part of our coverage on election night tuesday, november 3. join us for the second hour of balance of power on bloomberg radio. this is bloomberg. ♪ jonathan: from the city of london for our viewers worldwide, bloomberg real yield starts right now. investors preparing for the u.s. election. markets are nervous, the election 11 days out. >> we could have something that drags on for days or weeks. >> what if we do get a clean sweep? >> we are certainly seeing some change. >> directionally, rates will be going higher. >> the techno picture is not great. >> we expect volatility to continue even postelection. >> you have to get past the stimulus conversation. >> the bond market is discounting that possibility. noise, of the near term putting that behind us will reduce the premium uncertainty in the market. jonathan:

david: do you agree thought? bob: i would add that in the bush versus gore decision was a controversial one. it raised significant issues institutionally for the court. the court will be reluctant particularly in the case one of the candidates has a substantial popular vote margin for interceding in the election and bite the sort of controversy that was from the lesson. if jim baker had been the lawyer for al gore, would al gore lawyer for our gore what al gore have become the president of the united states in the year 2000? david: >> i have great respect did have great respect and continue to for jim baker and his career. let's not forget this part. the gore campaign has litigated the county rules and the supreme court decision on those county rules, to have a recount that would likely have been successful in the state of florida. this case of bush versus gore ultimately went against gore by one vote on the supreme court. i do not really view that as a triumph of mr. baker. i believe that the bush forces benefit

david: let's talk about covid for a moment.hen covid came, many people worried retail stores would have to shut down, but food retail stores have benefited, you could argue, because people need to eat a lot more, i guess, or they are going up to buy staples. what was it like at the outset? retailer salesl are up primarily because restaurant sales are down so much. people are not eating out so much because they are home more and that has been good for all retailers. it has been good for whole foods as well. maybe a little less good for us because we do a lot of prepared food in our stores, so that is way down. people are not going to our salad bars or our hot food bars. offices are shut down around our stores, so we are not getting that traffic we used to get in, but on the other hand, overall sales are up substantially because everything else is up so much. david: has it made the way you are going to manage in the future differently? has been online sales, and that will continue. once people get a taste of that, they like it. a

david: talk about power. you have disparate deck you have different aspects of power at general electric. we have an election coming up. i will not ask you to take a position on who will win or lose, but there seems to be quite a diversity in point of view when it comes to renewables. you have plenty of sensitivity analysis on what might happen if we did have democrats in charge rather than republicans. run both our renewables and our power businesses as global businesses. there is no question that as we look around the world we see transitions in many places, from coal and nuclear to the power sources of the future. we do not think that is strictly wind and solar. when you look at energy independence, when you look at the desire for high reliability in addition to addressing climate change challenge, we think we are well-positioned. our onshore wind business is strong. near record shipments in the third quarter. we have had very good progress, nice new order for our emerging offshore wind business and our co

i'm david westin.president trump and former vice president biden have said the sticks could not be higher or this year's election, for a host of reasons. with two weeks ago, we hear from the national intelligence director that iran and pressure are trying to interfere. the formernow attorney general of the united states eric holder. he is now serving as the chairman of the democratic redistricting committee. start with the news overnight. we don't know much overnight, there were not many details. does it surprise you that iran and russia would be trying to send this information to tamper with our elections? eric: not at all. we need to be prepared for these kinds of intrusions, attempts to interfere with our electoral system. what struck me that was strange was the press conference being held last night. the information being shared was not something that was unanticipated, but trying to spin it as an attack on the anmp campaign, as opposed to attack on the american electoral system, i thought was a li

, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. i want to start with a check on the markets because they're not liking what they are seeing. joining us is abigail doolittle. particularly the s&p is not happy today. abigail: we have a pretty risk off day relative to stocks and the markets overall. for its worst day in about a month. this does have to do with resurgence and reemergence of the virus. over the weekend, does go record days of the virus in the u.s. the virus getting worse in europe, close to full restrictions, lockdowns in both spain and italy. it feels like traders were hoping for the best but not quite preparing for the worst, now getting caught offsides. we see the vix is also higher. oil selling off and bonds are trading higher. on the day could be the reemerging trade war between the u.s. and china, china saying it will slaps sanctions on defense contractors. on this we have greens and other commodities lower, along with stocks.

david: now they stay there. you do not feel inadequate because being only the second wealthiest man in the world, right? everyone has no doubt used band-aids or tylenol. well-known products produced by johnson & johnson. johnson & johnson is also a giant and many other areas taking a leading role in preparing a vaccine for covid-19. it's ceo is alex gorsky, a west point trained former military man who has done an incredible job over the last eight years making this company the most valuable health care company. some people say the most commonly spoken words in the english language today are can you hear me because of the zoom phenomenon but i assume in your case, the most commonly asked question is when is the vaccine coming? you must be getting ask this every hour on the hour. when is relaxing coming? alex: it's usually about every 15 minutes i get asked that. i could not be more proud of the incredible work that our scientists and engineers have been doing over the past nine months to put us in the position wh

david: i am david westin. welcome to "balance of power." the president is back at the white house and judging from the tweets back at work. front update on what we know about the situation, we welcome michelle cortez. what do we know and what don't we know about the state of his health? shell: -- michelle: as you know, he is tweeting so we know he is up and about his doctors have said he does not need to be convalescing in bed in terms of some people who have had the virus. it takes them a while to get better heard we know he has been out and walking around. how he is going to fare going forward, it is still early days. we do not know whether not he has gotten through the first wave of the virus itself and how his immune system is reacting in the days to come. david: we have heard that the president is still contagious. him fromey isolate people around him? and how will he do the debate next week? he says he is going to do it. are a lot ofre challenges with keeping somebody who is infected in a safe space and not creating danger to those ar

david? david: the big u.s. have been reporting third-quarter earnings this week reflecting a generally improving economy but also a wave of interest rates approaching zero. for some perspective on the banking industry we welcome rodgin cohen senior chairperson at sullivan and cromwell. give us a sense about what we are seeing in the earnings and what we are seeing in the industry. banks don't like interest rates near zero. as always toasure be here with you. theink you are seeing consequence of several trends. zero interest rates represent a negative drag on bank earnings. marketsalso seeing which are productive in terms of trading revenue for the largest banks. disconnecto seeing a between large corporations and small businesses and consumers which are struggling and which is really struggling which is where some of the draghi is. finally, and i think this is not yet been commented on, there has been a lot of notice of the sharp reduction in brink -- bank provisioning for reserves. to me that is primarily a fu