francine lacqua and tom keene on this monday. is is bloomberg. ♪ tom: -- francine: this is "bloomberg surveillance." if you look at european stocks, they are not declining as much as they were an hour ago, but a lot of folks are focusing on the -- a lot of the focus is on the number of horrific deaths over the weekend. that is counteracting all that we heard from central banks and policymakers last week. the dollar rebounding and treasuries also rebounding. we had a wonderful conversation with javier blas, down today. tom: oil down today, no on brent it 22 handle crude. what we focus on are the different research trying to game out the unknown unknown of where gdp will be. those are grim statistics. you see it now, as francine mentioned -- price up, you'll down across the fixed income space. the act -- price up, yield down across the fixed income space. not flattening to any kind of record flat, the distancing between the two-year and the 10-year, but nevertheless a dampening led by commodities and of course some of the currency a

tom keene is in new york. a different day if you look at the markets, definitely trying to focus on the number of deaths and infections as opposed to the extra stimulus eared we are in uncharted territory. tom: also in waiting mode, francine, and this is from now two hours, make it 3.5 hours from now, without question the most anticipated jobs number in the history of the nation. this is the weekly jobless claims. it is expected to surge out. i put a chart out on twitter and linked -- and linkedin. it is just ordinary what we could see. david folkerts-landau coming up. in a moment. let me go to the tape right now, equities, bonds, currencies, commodities. not all that much going on. a bit of a pullback, the dow two days in a row elevated off where we were in the grimness of friday, of monday as well. also oil with a little bit of a lift off about it, francine. european stocks retreating with equities, government bonds advancing. i am looking overall at european sovereign debt. we are seeing a little bit of a m

i am tom keene -- i am tom keene. lots to talk about. richard haass will be with us. i will tell you, there was a decided shift in the grimness here in new york and all of the personified by a normal field on the east side of central park, halfway up in the 90's across mount sinai. the sumerians -- samaritans have large white tents up. they will be in operation tomorrow. francine: we continue following that very closely. i also followed the press conference of president trump together with what we heard from dr. felty. there's a lot going on on the human side and on the health care crisis that we keep bring you up-to-date because that has an impact. tom: we are watching brent crude, $20 a barrel about three hours ago. in new york city with our first word news is viviana hurtado. viviana: that is where we began with trump abandoning his goal of a return to normal life by easter. he wants the public to continue faxing social distancing until at least the end of april. earlier on sunday, top what us medical advisor, dr. anthony fauci telling cnn, 200,000 americans could

i am francine with tom keene. what a week we had last week, and what a day and probably the week ahead. we are expecting the stimulus from the u.s.. there is a lot of concern of what behind the doors is going on. and we look at the numbers, infections in the u.s. and europe and why debts keep rising so much in spain and in italy and what can be done. tom: we have an important interview in the next hour on the virus. we will go to mount sinai for that. i am next to the outside i manhattan hospital in new york. i will tell you, it is an extra ordinary monday. i know you see in in london, we see it in new york, with quiet streets and politicians really needing to adapt. my major message in this hour is the complete readjustment and struggle that global wall street is having trying to gauge this contraction. i love what bruce kasman said at jp morgan. he looks back and harkens back to the contractions that we saw before world war ii. francine: i think we had an update on friday from goldman sachs, j.p. morgan on the s

tom keene in new york.former ecb president and daniel morris of bnp paribas are still with us. we were talking about the supply chain shocks we are going to be experiencing. how quickly do you think stressed companies in the eurozone are going to be experiencing problems? how quickly do you think bad loans are going to start to pick up? jean-claude: i think of course nobody knows exactly what is likely to be the dynamic of the phenomenon but it is clear that it is unfolding and it would be of a duration which might be much more what we think or what we thought at the beginning. that is the reason why i make the point that it is important that credit remains available. i would make the point also that we are already discussing the beforepeaceful weaponry the coronavirus exploded and fiscal weaponry is very modern. i am happy to see that in the u.s., the house of representatives has decided to embark on some action precisely to deal with the coronavirus. in europe it is absolute necessary, also because there

tom keene, does the market front run the fed now? given the fed has brought interest rates to wear the market was pushing the fed, does the market no further? tom: we will see. the markets always test any institution. john lived that at the bank of england. what is fascinating about is on, growth.at i would go to topline gdp and the subdued inflation component. get to an economy with a 50 basis point cut, you get to an economy that is politically unsustainable and unacceptable. you get 3% nominal gdp, which just doesn't get it done. vonnie: what do you mean by that, tom? do you mean it is unsustainable from a deficit point of view? john: i am not too worried about the deficit because everybody has been so wrong about high interest rates for so long, but i would suggest that you could look at it in an inflation-adjusted term for the animal spirit of the economy adding in that inflation, and i am not sure that we know where the nominal track of gdp is. response is, your this is politically untenable? john: whose politics? there's so man

i'll be joined by tom keene in one hour.e've had a couple incredible weeks on the markets, a lot of volatility, a lot of people working from home. good morning to you, as well. european and asian stocks declining this monday. u.s. equity features are pretty fluctuating, investors trying to figure out negative coronavirus news means against the stimulus measures that trigger the balance in risk assets last week, dollar getting, oil falling desk gaining, or will -- dollar gaining, oil falling. let's get to blooming first word news. is viviana hurtado. at his: president trump goal of a normal life by easter. he wants the public to practice social distancing until the end of april. earlier, top white house advisor dr. fauci telling cnn as many as 200,000 americans could die if efforts to mitigate the spread of the virus on to successful.. -- aren't successful. secretary mnuchin wants to have operations of this week. he told fox news sunday the massive $2 trillion stimulus plan was signed into law friday. congress is discussing a

this is "bloomberg surveillance ," a little bit different, a special edition from the homes of tom keene in new york and francine lacqua in london. tom, the debate has shifted. europe is almost fully in lockdown. we had these extraordinary measures announced the prime minister of the u.k., a lockdown in the u.k., but the reality is if you look at the lockdown and what officials are trying to do to contain the health crisis, you have to match it with the economic reality. so we talk about testing people that could be immune, testing people who have recovered to try to figure out what the next phase economically could be. tom: the next phase, you see it in the markets today, francine. we have some important interviews on surveillance today to keep you updated on the virology. as london joins the lockdown, lockdowns appear at the margin to be working. there are terrific charts out there. what is important this tuesday is we are beginning to get a math, a cardinal rule in statistics that you need 30 data points, 30 data points, 30 days of information, if you will, to really get a sense of wh

tom keene is in new york. it is a huge day for the markets. we have headlines from the iea, seeing for the first time since 2009 demand dropping this year. tom: demand dropping, you are exactly right, francine. this is about supply shock and demand shock as well. we see it across all sorts of stories. we will touch on each of these stories, but after javier blas's global leadership on the oil store, i know francine will start strong with will kennedy this morning. francine: that is shortly, tom. do you want to go through the data? tom: yeah, let me go through the data. the news is in conversations. limit 12.55 with a massive curve flattening, oil down at the bottom, speaking volumes. next screen, please. the vix is a good litmus paper, not moving here with futures down, 40.94. i am not sure what the implied 5.0is, but i'm guessing will be a good place to start. that is the yen. what is absolutely telling, there is persistent yen strength through the japanese day and the london morning. the 30-year bond. third screen -- and i know francine has a

tom keene, jon

and morning, good afternoon good evening, this is bloomberg surveillance, tom keene in new york. a lot of focus on the markets. european indices we are seeing on most everything down 6%. we look at the travel restrictions between europe and the u.s.. tom: a dramatic change and it's a change of liquidity. this is where the financial people really start looking at the books and overnight they look at the very short trust market began to shift yesterday afternoon about 2:00 p.m. we will have a great chart coming up on this. madame lagarde is worried more about big -- worried about more than economics. francine: this is something a lot of people, i dunno if they saw coming but certainly we should be more prepared, but your absolute right. let's go into the data and i will have a liquidity chart in the moment. down.tures down futures down. all of this rocketing off the president's speech last night which was taken quite poorly by the markets. onto the next screen with oil weaker. a couple of pretty good days. down to a stronger yen, that's a safe haven play. brazilian riel an example o

tom keene sent this to me. it comes from someone who writes a following we have changed it looking for an immediate 100 basis point fed cut. one wonders if the fed has to start talking about qe as well. tom: moments ago publishing on this. the keyword is immediate. i really want to convey the urgency to get there fast, like tonight. jonathan: feels like a lifetime away. joining us on the phone, pre-out. walk me through all of this. you are one of the first bloomberg customers to find a message and soon as the terminal. your thoughts, please? >> sure. thanks for having me on. i think we have been talking -- and i have been on your show before, we talk how this went from a supply shock to a demand shock. to the last couple of days, it felt like the market was breaking. the u.s. rates market, the most there, u.s.t out treasuries, it seemed market functioning had become an issue. that is why i think the market was screaming for policy help across the board. fiscal, we have not had anything. the president didn't giv

francine lacqua in london, tom keene is in new york. some time talking about yields, treasury yields in the u.k., just moments ago the 10-year yield in the u.k. at a record low. tom: that is the way to go as a world reaction from what we saw from chairman powell. the major message this money besides the zombie apocalypse, with everyone in america staying up late for election results, is the yield continues to work lower. the major message is that there is in no way a change in the yield structure of the historic moment we saw yesterday afternoon. francine: neil dwane is expecting yields to go lower. let's get to the bloomberg first word news in new york city with viviana hurtado. viviana: tuesday was indeed super for joe biden. the former vice president reviving his campaign on the biggest night of the democratic primary campaign, winning nine states including texas, massachusetts upsets. california.rs took he also won in colorado and vermont. sanders seems to be on the way to win unsurmountable leads. but now biden has momentum. michael

this is "bloomberg surveillance" on a friday, francine and london, tom keene in new york. tom, this is something maybe the market is waiting for, but the focus is also of course on what is happening in the u.s., overtaking china in terms of the number of cases without stimulus package. tom: i will say there are two big stories here, francine, the idea in america, the spread of the virus, just getting ready of this hour of "bloomberg surveillance," you hear the sirens constant in the background here in upper east new york city.in particularne is of focus on louisiana, and the other issue, francine, picking up the debris of all the those factorsof is able market with a vix of 63 -- a bull market with a vix of 63. francine: yes, we will have a lot more on the market. first, let's get straight to new york city and bloomberg first word news. here is viviana hurtado. viviana: we begin with a major change in tone overnight between the u.s. and china. president donald trump and xi jinping pledging in a phone call to cooperate, this in the fight against the coronavirus. this comes a

tom keene and francine lacqua with a great team helping us pieced together what we usually do effortlessly. many of us remote, including our technical people captaining the ship. better markets, futures up five. the german headline that we just saw really shows a continued stimulus in the air. francine: it is. first of all, well done to our superteam doing a great job. germany, we had that headline minutes ago which is why i was looking down, the stimulus package to boost the post virus economy. and number of initiatives in europe, and a couple of governments saying not only minimum wage but no company big or small will be left to fail. in france, they made a lot of workers take their holidays last week so if they can reopen they will do so in july and august. the european union was looking at suspending the budget deficit rules which would be helpful for companies to spend as much as they can. tom: lots going on. we will talk with kevin cirilli about that press conference yesterday and dr. fauci not in attendance. right now with the news in new york city, viviana hurtado. viviana: republi

i'm francine lacqua in london, tom keene is in new york. you had a fantastic hour recapping some of the falls that we saw yesterday. if you look at oil stabilizing somewhat, and european stocks somewhat. tom: you have the german two-year back under 1% negative yield. over a positive 1% in the united states. i will call it stabilization and recovery today, but i am not hearing all clear by anyone. really smart research notes out in the last 24 hours, combining virus dynamics with oil dynamics. that is a distinction of this crisis. francine: and i am looking two -- to european -- let's get to first word news in new york city with viviana hurtado. viviana: we begin with a u-turn from president trump on the need for an economic stimulus he now says he will seek a payroll tax cut and belief are industries hit i the new coronavirus. today the president is promising to unveil what he calls very dramatic action to support the economy. bloomberg has learned for now the package will not include help for airlines and others in the travel industry. now

tom keene is in new york working from home as well. arkets through the terminal, look at breaking news, and a full roundup of what dollars do throughout the day. tom: at the end of the quarter, without question, the most somber end of quarter from december of 2001. really extraordinary.

tom keene is in new york working from home as well. we look at markets through the terminal, look at breaking news, and a full roundup of what dollars do throughout the day. tom: at the end of the quarter, without question, the most somber end of quarter from december of 2001. really extraordinary. if there is one thing i can give color to, it is that the new york police department, the acclaimed nypd, has five deaths within the organization, not just police officers, but their staff as well. really bringing home the seriousness of this in new york we are in the interregnum, francine, up to jobs day. of wednesday,rts thursday, and friday will be extraordinary. francine? francine: i have to say, we are going to spend a lot of time talking about those pmi numbers in china. they are nowhere near normal, but they are much better than they were a month ago. let's get to first word news in new york city with viviana hurtado. viviana: we begin with the white house, and congressional democrats are preparing for a fourth economic stimulus. the p

i'm taylor riggs, stepping in for tom keene in new york. francine lacqua joining us from london shortly. we want to bring you the breaking as well. in the meantime, an update on the bloomberg -- we will get the mark out of there for german business confidence, coming in at about 87.7. you are seeing continued relief here into the ecb. translating over to a gain for some of the european stocks. in the meantime, i want to get a check on the bloomberg first word news with viviana hurtado. viviana: we begin with the senate passing the major -- the second major coronavirus relief bill, president trump signing it provides paid sick leave and financial help for testing. lawmakers are rushing to come up with phase three. that is a comprehensive rescue plan that tops 1.3 trillion dollars that taylor was just referencing. it includes direct payments to americans for direct aid for struggling industries. ae federal reserve taking dramatic late-night step to help money market mutual funds. the central bank is agreeing to help meet the funds by househol

. ♪ ♪ bloomberg "surveillance," tom keene in new york, francine lacqua in london.are working in a lockdown london and a lockdown in new york. thank you for listening on our radio product and all of our digital products including sirius xm and on television, tv . we are thrilled to bring that to you on the bloomberg. many of you logged on to the terminal through your cell phones. with us now is christopher verrone. gold is to the moon. is there a technical construction to gold right now or is it indeterminate? christopher: it is very determinate and the answer is higher, and i suspect we will see new all-time highs in gold not before long. if you look at gold and many other currencies whether it is yen or aussie or cabs or euro, gold made all-time highs. we have to look at gold in an uptrend. it is outperforming equities. 15%, stockst 14% or up 11% or 12%, so on the beta rally gold has outperformed. is gold telling us after -- there is an us inflation problem longer-term? we are seeing that in the stabilization of the breakeven rates as well. francine: what do y

♪ one more time ♪ it is bloomberg "surveillance," francine lacqua in london, tom keene new york.ve seen on a friday is the popularity of pets in america, the animal shelters across america are empty right now as people are looking for the comfort of well mannered beasts across america. francine: i only have one question -- why is your dog better behaved than my kids? he does not even bark. tom: it provides a lot of comfort, and the vet bill has been something. we say good morning to all the vets at the shelters who provide comfort to cats and dogs. as we spoke with steven riley on the dynamics of infectious disease, it is important to speak to someone steeled in the operational process of our hospitals. mr. del rio joins us from emory college where he has been the leader at grady memorial hospital for years. it is such a joy to have you with us from atlanta. we will speak to raphael bostic later. how is atlanta preparing for what seems to be an expanding crisis? carlos: we are doing several things. in our hospitals and daily operations, how do we expand the capacity? how do we in

taylor riggs stepping in for don king -- tom keene.ed to watch out for, especially looking at bond yields. treasuries on the move. look at the italian 10 year, a level we have not seen. taylor: some of the volatility we have seen, we have spilled over from bonds into equities. we could be hitting what could be the third circuit breaker limit down if we open below 7%. markets will shut down for 15 minutes. according to indications of where it could open, down 9%. markets not happy with powell's announcement. francine: we will have more on that. let's get to bloomberg first rolled news. the mostwe begin with extreme effort yet to slow the march of coronavirus. of cdc recommending events 250 people or more not be held for two months. weddings, parades, concerts. not to china, it is worse than analysts feared. factories be enclosed across the nation. industrial output plunging 13.5%. retail sales down more than 20%. we end with the first one-on-one debate between joe biden and bernie sanders. they sparred on ideological lines over how the

from new york across central park, i am tom keene. in london, francine lacqua as well. extraordinary efforts by our teams to make all of this remote stuff happen here in the lockdown of new york and london. that does not mean the conversations will stop. great conversations lined up today. thank you so much for watching our last hour with rupert harrison. we move forward with michael a moment.ning us in my observation is that every nation for itself right now. how was prime minister johnson's weekend? francine: i do not think they are competing with each other. there is a lack of coordination, but when you look at the u.k., that is coronation between treasury and bank of england. so it is domestic coordination that got it right. if you look at the global efforts, maybe coordination could help in terms of medicine of swaps -- medicinal sops information. boris johnson has told people to self-isolate or at least distance themselves. if you look at pictures across london, many people, far too many people, are just not heeding the advice of what the government is saying, whi

i'm francine lacqua in london, and tom keene in new york.. has said it will seek an ambitious incomprehensible agreement with the u.s. byare delighted to be joined the international trade minister, greg hands, joining us from westminster. thank you for joining us. before we talk about the agreement, i need to ask about the coronavirus, and whether you think that will hinder any kind of trade negotiation because people cannot travel, or people are just distracted? greg: i am not expecting it to have an impact on the trade negotiations themselves, but clearly, you will be aware in the u.k., we are facing -- we're taking the problem seriously. boris johnson is convening a big government meeting today, setting our game plan for dealing with the virus and how we can communicate what we want the public to do and so on. it is a very, very big issue in the u.k. as well. francine: how do you see the virus developing in the u.k.? and thepart of meetings prime minister is discussing with cobra today. do we have a good handle on it? greg: we do. the who

tom keene is in new york.u look at the markets, definitely trying to focus on the number of deaths and infections as opposed to the extra stimulus eared we are in uncharted territory. tom: also in waiting mode, francine, and this is from

this is "bloomberg surveillance" on a friday, francine and london, tom keene in new york. aybe the market is waiting for, but the focus is also of course on what is happening in the u.s., overtaking china in terms of the number of cases without stimulus package. tom:

. ♪ ♪ johnson, tom keene in new york. .about the virus, the number of cases globally is nearing 100,000 and more cases in the united states, germany, and south korea. the health director of the palladium group is joining us in washington to join -- discuss this. let's talk about what we don't know. we don't have enough test kits and we don't know exactly how many people have got the virus, how fast it is spreading, what the delta is. what can you tell the -- tell last? >> that is correct. we don't have enough test kits and don't seem to be able to enoughonalize how to get test kits to people. how many people have been exposed, how many people develop clinic goal -- clinical symptoms, how many people die. we have only done about 1500 been so far and there have quite a lot of missed opportunities in order to get to a broader implementation of testing so that we have a better picture of the epidemiology of this virus in the country. you it is wonderful to have with us and with your decades out of johns hopkins and work with go

this is "bloomberg surveillance ," a little bit different, a special edition from the homes of tom keenelacqua in london. tom, the debate has shifted. europe is almost fully in lockdown. we had these extraordinary measures announced the prime minister of the u.k., a lockdown in the u.k., but the reality is if you look at the lockdown and what offic

and morning, good afternoon good evening, this is bloomberg surveillance, tom keene in new york. e markets. european indices we are seeing on most everything down 6%. we look at the travel restrictions between europe and the u.s.. tom: a dramatic change and it's a change of liquidity. this is where the financial people really start looking at the books and overnight they look at the very short trust market began to shift yesterday afternoon about

francine lacqua in london, taylor riggs stepping in for tom keene in new york. we look at the markets but also the human aspects. we are trying to figure out how long the quarantine will last and what that means for the economic effects longer term. taylor: it is incredible. you walk around new york city and it is doom and gloom. there is no one on the streets. it is like a zombie apocalypse out here. curious with the health experts we will be speaking to. when we could start to get a vaccine. we hear there are some in clinical trials, wondering if perhaps that is the next hope to look forward to. francine: from the conversations i have had, and they are very preliminary, it looks like a vaccine will be a couple years away unless they can speeded up. but there seemed to be three drugs that are working and fighting it off once you catch the coronavirus. we will delve deeper and see if it will make or break drug companies. let's get to first word news with viviana hurtado. viviana: we begin with president trump, who did a 180 on the coronavirus p he now says it is

and francine lacqua in london, taylor riggs is in new york, in for tom keene. what a week.ency meeting from the fed, that congress, the markets are still failing to be calm. taylor: volatility is the new theme of the week. last week you had two market limit circuit breakers that were hit. right now we are

i'm francine lacqua in london, tom keene is in new york. ping some of the falls that we saw yesterday. if you look at oil stabilizing somewhat, and european stocks somewhat. tom: you have the german two-year back under 1% negative yield. over a positive 1% in the united states. i will call it stabilization and recovery today, but i am not hearing all clear by anyone.

tom keene is in new york. it is a huge day for the markets. he iea, seeing for the first time since 2009 demand dropping this year. tom: demand dropping, you are exactly right, francine. this is about supply shock and demand shock as well. we see it across all sorts of stories. we will touch on each of these stories, but after javier blas's global leadership on the oil store, i know francine will start strong with will kennedy this morning.

francine lacqua in london, taylor riggs stepping in for tom keene in new york.e human aspects. we are trying to figure out how long the quarantine will last and what that means for the economic effects longer term. taylor: it is incredible. you walk around new york city and it is doom and gloom. there is no one on the streets. it is like

tom keene in new york. a little bit of relief but not when it comes to italian yields. what look -- what christine lagarde did or did not do. how you measure the economic impact of the coronavirus. deflected dollar and cash, it was stunning. theve never seen it velocity to the dollar and cash, it only have i never seen it, would say biblical times but i was not around for that. francine: i will have plenty more on that. let's get to bloomberg first word news. viviana: we begin in china for the first time since january the nation reporting new cases of the coronavirus in the single digits. a month ago china reported almost 15,000 cases in one day. it is a sign of viral outbreak may be coming under control. still the disease is spreading in the u.s. and europe. italy has more than 15,000 cases and over 1000 deaths. the u.s. is now up to 1500 infected. a state of emergency declared in new york city last night. to capitol hill and how -- house speaker nancy pelosi saying she is near an agreement with the trump administration on a coronavirus bill. for paid sicking leave and

i was listening to tom keene this morning on "bloomberg theeillance" talking to head of the council onoreign relations. in as saying here we are post-u.s. world, with no leadership anymore, and you have problems that are going to need world efforts. when the disease gets into smaller frontier markets that don't have the infrastructure to deal with it, that is going to be a problem. to step on damian s -- to step on damian's territory again, somebody is going to have to get money out to these people because the fed is not going to do swap lines with every bank in the world. there's a lot to be done in the corners of the markets that we don't normally think about. we are getting a lot of help in the major markets, but there is still much more to be done. alix: what do you think? damian: this is music to my ears. i will just sit back and let sili figure it all out. i am looking at markets like mexico, brazil. look at brazil. in the worstdown performing asset class so far. the fed has just opened up a swap line with them to inject dollars directly into their economy. this has never been do

i am francine with tom keene., and what a day and probably the week ahead. we are expecting the stimulus from the u.s.. there is a lot of concern of what behind the doors is going on. and we look at the numbers

he spoke to tom keene and scarlet fu over the phone. he oversees about $215 billion for guggenheim.don't see this having much impact at all. i think whether the timing of this event was today or at the next meeting is fairly irrelevant. inevitably, the fed had to act because they had to demonstrate that policymakers are not asleep. ability tos of their really affect an outcome here, a recut is not going to improve earnings materially. a rate cut is not going to cause people to feel better and decide to go out and spend money. tom: what everyone wants to know from you is you have been exceptionally cautious. many have said scott minerd is way too gloomy. the telegraph publishing capital economics analysis which clearly shows a slowdown in china. can you within your caution extrapolate china gdp collapsed over to other nations including america? scott: sure. don over at isi works with ed hyman does an excellent job on china. he now believes that economic activity in the first quarter is contracting at a 20% annualized rate in china. with that much of a slowdown, obviously, it is inter

amy close with char and tom styer dropping out and each of indoor seeing joe biden i think it's very interesting time you have to look at i mean none of them seemed all too keen on dropping out and once they did they immediately went and voted biden so i think it raises the question of would they have dropped out had they not been encouraged where they encouraged i know there's been a lot of talk of us in d.c. and c.n.n. . but it's also an interesting question because it seems to have turned from being a what's best for the party what's best for the country into a stop sanders campaign and i just find that a little bit disheartening because we are in a very very very serious election year now your candidate describes himself as a democratic socialism are you a democratic socialist or you're democrat oh i'm a democrat and i'm a democratic socialist and you're both course but it raises the issue in question about how democrats see themselves and the party and bernie sanders spin it has been an independent congress has identified him in ways that are distinct from the democratic party how deep is the divide between well just let me just call it bernie lynn didn'