will have to suffer through a spike of virus cases is that economy reopens according to lloyd blankfeinays policymakers cannot wait for a vaccine to reopen the economy. blankfein said, this time do not worry about the banks. >> most critics of the banks have to acknowledge they are liquid and safe. can i contemplate if something goes on so long, this massive default -- sure, but i would say of 10 or 25 things to worry about, that should not be on the list at all. a vaccine is showing promise. there are signs it creates an immune response. the results are a sample of initial studies. the company says the data could not have been better. phaseare finalizing three, the last in the study. we are hoping to start in july of this year. severaldy would be thousand subjects across many countries. to start in july as planned. nejra: 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. manus: coming up, gold falls off. more on the markets. this is bloomberg. ♪ >> we have asked the question repeatedly, why

it's devastating. >> without further adieu, really a man who needs no introduction, lloyd blankfein, hairman and ceo of goldman sachs it's great to have you lloyd, thanks for joining us this morning you have taken to twitter, i think. you are a little bit late, but you've gotten really good at it really fast and i've got -- i can go back to rate at the beginning when this was happening and sort of see all your comments and just to give you -- throw a compliment your way, they're always very measured and productive and really not a waste of time for what you've gone through i want to start by asking you, as a risk manager, one of the best, i really believe that, do you think the way we're approaching reopening the country, do you think that this is a feasible way to do it in terms of both risk -- trying to minimize risk but also trying to get the economy open again >> i think we're experimenting here you know, the states -- you know, from the beginning of the federalist period, you know, the states -- were always had -- the states made their own rules. the states were supposed to be ki

you so much, lloyd blankfein, chairman and ceo of goldman sachs for 12 years.row, i'll be talking with brian moynihan, chairman of bank of america. coming up here, we have representatives dwight evans from the state of pennsylvania. ♪ david: welcome back to "balance of power" on bloomberg television and radio. i'm david westin. of thented dwight evans venue represents the district in and around philadelphia. congressman, walking. -- thank you for joining us. it looks like a third of the cases are in pennsylvania. tell us the situation in your home district. right now, kind of waiting. system, red has a light, green light, blue light, that goes across the system. a lot of the economic impact along business but as well public health. our hospitals have been taking a lot of weight, not as much as new york, but we have at our challenges. we are basically trying to figure out a way to deal with this pandemic. people are very much cooperating, trying to figure out the best way to handle it. is there pressure within your constituency to get back to business, get back

also on the open, lloyd blankfein says the u.s.- a spike in cases as the economy reopens. stimulus measures can't go on indefinitely. we will hear what the former ceo of goldman sachs had to say. this is bloomberg. ♪ >> to some degree, if a vaccine appears and i know there was positive news today, but it has to go through trials -- we have to make sure it doesn't kill people, it is effective, it has distributed.tured, the country can't be on welfare, even if that was magical. theye postponing it, but are learning things about treating viruses, there are treatments people are aware of so there is some benefit to it, but not as huge as if there were an ultimate vaccine that would make people comfortable. to a greater extent, we are postponing people's exposure to it and to some extent, we are eliminating the risk that would happen if the health care system was overwhelmed while people had it. in the long run, we have to contemplate that people will go back to work. no matter when you do it, look at the asian countries were they are h

check out what lloyd blankfein tweeted. hospitals are not overwhelmed. most will be exposed anyway since we can't sequester until there is a vax is a public health benefit from broad lockdowns worth such extreme damage to livelihoods and what is more important, the potential human lives lost which are, of course, very important or the toll on the economy and possibly irreparable damage to the economy. tim seymour? >> well, look, now, if you think about where lloyd was on april 24th, i follow him on twitter, by the way i doesn't tweet that often and when he does, he's got something to say and a month ago he was saying i'm not so sure it's wise for states to be opening but that's why we have a federal system where states can do what they do and was somewhat critical of georgia. here he is coming in and talking about a more populous line there's politics attached to this i think there's economics attached and fascinating it's what's happening and do think lloyd blankfein jumping in when some might have expected him to be one of the folks we h weighing on a

that bernie didn't have the right connections he didn't have the you was on the speed dial or of lloyd blankfein or jamie diamond so now he's sitting in jail warren should be also in jail for doing the exact pretty much the exact same thing so you know we started with an exercise in poor taste and that's why we talked about warren buffett and his poor taste of pretending to be an ordinary person who plays a ukulele and that's why we have the pink flamingos up here because pink flamingos is an exercise in what buffet is exercising. or as i want to say we're going to now and with an exercise in good taste very poor smell you don't know how difficult it's been to sit through this segment as we have this surprise here for our final headline and that is some more be a cheese from france up near the cone tehreek. a near the swiss border and alba oh yeah take a whiff of that. max is half french essential so. i'm thinking max with this last segment this although wise exercise in poor taste that we could end up becoming a cheesy as of right now we're talking about. french citizenship here basically becau

we will talk to lloyd blankfein later this morning. this is bloomberg. ♪ francine: this is bloomberg surveillance. tom and francine from new york and london. tomorrow, fed chair jerome treasury secretary steve mnuchin will testify before the -- before congress. we expect them to hold steady on rates. the ecb publishes their account of the latest monetary policy on thursday. the annual gathering of the chinese legislature gets underway after induced delays. that is what we are expecting throughout the day. to our editorght in singapore to look at the markets and what they are looking for. coming with ages couple of the indices but in general, what are the markets looking at? is it central banks or treasuries or are they just following the number of infected? >> the biggest thing at the moment is the u.s.-china trade situation. that has overtaken the virus as to what people are watching. to stop has asked tsnc dealing with huawei. the nationalhave people's conference and china would like markets to be stable. think those kinds of tension

you know who we can do to learn sitting you know with lloyd blankfein one of the architects of the whole wall street us all she says you guys are so smart you have to come with me to washington to fix these economic problems and that's what was revealed that's at the heart of russia that is it you know what were the big c. rist a big influence had nothing to do with numbers in that provinces and screwing around the internet and had to do with real it revealing up to desk that who was up to his eyeballs in all this stuff was out to attack bernie and undermine him and it revealed the content of hillary clinton's shameless speeches to wall street where she defended and she said what a smart guy you'll know how to fix this problem will donald trump was running on the pain of ordinary americans who had lost their houses who we've had no improvement of income equality and since clinton was president in a little bit at time we have a lot of suffering out there for all people why brown black male female what have you hillary clinton was tone deaf she did not address it said went for the big mone

i want to go back to yesterday were i talked to lloyd blankfein about what the difficulties would be. we haven the long run to contemplate that people will go back to work. it, look when you do what happens to some of these aren countries where they new exposures. the second they go back to work, that will be an expectation whenever they do it. when we look back at this at some time in the future, if we go through that anyway, people will be critical that the official sector sacrificed

lloyd blankfein with an important update, 12 noon. stay with us. this is bloomberg. ♪ >> this economy will recover. it may take a while. it may take a period of time that will stretch through the end of next year. we really don't know. tom: chairman powell last night on 60 minutes, cbs television network. no question it had a huge influence on the zeitgeist this monday morning. part of it is the tool kit that the fed has, part of it is the toolkit that other federal bankers have. peter schaffrik with us. we are thrilled with the interest rate strategy take a bakery -- to take a bigger, broader view as well. what is the turning on negative rates? synthesize this, over x number of years, what is the scorecard for negative rates? have they help the echo peter: i think there is -- have they helped? bit ofi think there is a a mixed give-and-take, recen really. what was said is that they succeeded in supporting the economy as a whole, but clearly there is a cost particular to the banking system. that is the trade-off that others are looking at in particu

. >>> a big guest coming up at 8:30 a.m former ceo of goldman sachs, lloyd blankfein. you know he's got a wicked sense of humor and a sense of what is going on right now what are his views on the fed and market lloyd coming up at 8:30 a.m. eastern time >>> first, a check on the news today. a little good news before that uber report. lyft reporting better than expected revenue and more importantly because we are always looking for those green chutes lyft says ridership has risen a bit in april shares of lyft getting a list. they are up 13% pre-market grubhub going the other way. last month, they said while business is improving, sales suffered because corporate sales were hurt. order trends have picked up. markets less affected by the outbreak american consumers continue to brace for a meat shortage. one company said it is restarting production. let's get that story >> smith field food will restart its pork plant today after going three weeks being closed part of the hong kong group says it is taking up in phases and should be at full capacity by the end of the month >>

david: lloyd blankfein.

lot of that is just confusion because of speed >> interesting so i guess, i mean, for example, lloyd blankfein was on our air this morning and asked about the program and the fed programs as well and his point was that as the immediacy of the crisis gets more gradual over time and we all get used to this, that's when you focus on things like abuse. does this all seem like part of the process to you or is there something significant going on >> no, i think if i step back from it, my first -- this is an emergency and people are hurting and the first priority is getting the money out there. there's always going to be some level of abuse and confusion i applaud the government for moving so quickly to get that money to the people that matter. i think where we're now starting to see some of the process is, the definition of things like small business like the people that are really hurting are the really small companies in main street america with two employees, ten employees, but what we're seeing is a lot of the public companies, bigger companies, are getting these funds. yeah, some of them are re

former goldman sachs ceo lloyd blankfein explaining why he supports this move earlier on "squawk box. >> i think the right thing to do is to kind of push in the direction of opening up the economy. now, some people express this as dollars versus health. but that's not fair. it's really health versus health because, you know, poverty, gdp is also a health issue life expectancy goes down if there is -- you know, if we have a bad economy, if gdp drops by a lot. >> all right how should investors position themselves as the markets and the economy show signs of life joining me now are charlie br brinzinskoi and scott kimball. guys, good afternoon good to see you, charlie and to hear you soon, scott charlie, i know that you guys at aerial notoriously focus on value. you're breaking up the way you're looking at companies based on businesses. unaffected, companies with head winds and those to stay away from i'm particularly wondering about those in the middle where you might see value. what does value mean to you in this kind of an environment? >> yeah, everybody talking about how the market i

suffer through a spike in virus cases as the economy reopens according to lowell -- lloyd banks -- lloyd blankfein break saying they can afford to wait -- afford to wait for vaccine before reopening. most historical credits would have to acknowledge. can i contemplate something that goes on so long and all that good stuff, sure, but i would say there 10 or 25 things to worry about i don't think that should be high on the list at all. sweeping. is planning tax cuts while protecting the automotive and agriculture interest. spring will be able to enter the u.k. tariff free from january the third. global news 24 hours a day on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine: thank you so much. angela merkel and emmanuel macron have offered a breakthrough deal to shield the eu. europe must it together. we want to set up a temporary fund to reach 500 billion euros from the eu budget. not a credit but a budgetary expenditure which would provide most funded sectors and regions print -- regions. francine: the germ

lloyd is saying. >> yeah. ricky sandler, the hedge fund manager joined us yesterday with his point of view that is somewhat similar to what you're hearing from mr. blankfein, perhaps going further, calling for herd immunity, urging young people to go to concerts i didn't come back to him on this, but almost saying that certain governors in states are trying to stay closed to hurt trump's reelection chances but to your point, carl, this is -- this is a larger and larger cohort of people who say, hey, we can't keep doing this for very much longer we have got to hoopen up. those at risk will have to not be a part of this economy. but once again, that's not an unimportant or -- or that's not an insignificant amount of people they also have enormous spending power. you pointed that out, carl >> yep >> one wonders when they make these calls how many people will show up even when we do fully open up. >> agreed. and you know what? this weekend will be a good sort of case study. at least on aviation got some numbers out of tsa posted pass-throughs for yesterday's traffic, 318,000 it's down 88% year-on-year, but it's up 88,000 from the day before memorial day, long