Isaac there is not much agreement we have down here, but that is undeniably top of the list. What we have seen over the past few weeks is both parties coalescing around the idea it is necessary and in the vital when it comesest to my policy with china. It is not just here. It is also our partners around the globe. I think the eu has been more serious around this matter. We have had some developments in terms of Congress Passing limited sanctions and china responding. Note thatrtant to thus far the backandforth between china and the United States has been measured, proportional, and largely symbolic. My call is we will continue to have these back and forths and a degree in headline volatility, but there is no reason to believe leaders on either side of the pacific want to see a massive unwind of their relationship in the near term and theyre battling with issues domestically. There hasyou say, been backandforth in the last day. There is also been backandforth between joe biden and President Trump over economic plans. Joe biden does not seem to be a big fan of china. I wonder in the new election we are having this fall, if everyone will stand up for free trade. Another point of apparent agreement is neither side seems to be saying lets have free trade. Isaac do your point, former Vice President joe biden came out with what was dubbed a Unity Task Force document last week and offered his first economic overview. Me is thereiking to are two main points. Though the even former Vice President agrees with President Trump regarding with china there was harsh language in these documents regarding the relationship with china. It seems the only difference is tactically. Joe biden appears to want to push china multilaterally with our trading partners, and President Trump has shown a willingness to go it alone on that front. More broadly, this is something that would be set back almost mindnumbing to think about both Major Party Candidates for the presidency of the United States are supporting, significantly, manufacturing onshore. This is a big shift and to me this is the most important component of this election. One way or the other, we are going to see how this u. S. Congress and the white house can bring manufacturing back. The visions are similar in that they are both full of economic nationalism. There are differences. There are also differences on things like taxation. It is clear that joe biden would want more taxation. He might have more leeway to get that done if the senate goes democrat. Some ofden go as far as the leftwing of his party would want him to . Isaac just a few months ago the Trump White House thought they would be running with an economic tailwind at their backs and campaigning against a modernday shake of our che guevera. What you have is the economic fallout from the coronavirus and a far more centrist candidate than the white house expected. Joe biden, through this Unity Task Force, has moved to the left. Plethora offf a areas where his new policy position is slightly more progressive than his original campaign status. By and large, he rejected the big ticket items like medicare for all, like the Green New Deal , like legalization of Recreational Cannabis and a national fracking band. It seems they did everything they could to assuage the progressive wing as much as possible without spooking centrist and moderate voters. David that is november. In july we have issues about keeping the economy going and whether we will hit some sort of uplift with respect to Unemployment Insurance. Where does that stand. Is this a matter of if it gets done or when and who will get the credit for getting something done this month . Isaac lets start with the high level. I am as confident as you can be about anything in this Political Climate there will be a phase four deal of over 1 trillion and fiscal support signed into law by early august. We have miles yet to go and i think you know there will be a fair amount of political posturing and kabuki theater between here and the bill signing, but i am confident it will get done. Both parties are incredibly incentivized to secure certain items that matter to them. Democrats want to and local funding as well as an extension of the supplemental Unemployment Insurance payment. Republicans want business Liability Protection and repurpose think of the ppp funds. There is something that brings everyone to the table. We will get a deal done. I am as confident as can be. As for credit, i think both will take credit. Ultimately it is positive for President Trump because any market positive news and developments benefit the economy. David no question about it, although he has a lot of problems he will have to overcome with the coronavirus and the economy if it keeps going the way it is right now. Always a pleasure to have you with us. That is isaac boltansky, director of policy research at compass point. Our colleague Francine Lacqua is holding a webinar with francine bailey, the governor of the frank of the bank of england along with John Williams about libor and other subjects. A lot of work the industry on conventions and cash credit adjustments as well as standardized stocks. That work is fairly advanced and we should be in a position through the working group to publish those papers in relatively short timeframe. Thank you. I have another question. What regulatory tools and approaches are being considered for those portfolios which cannot be transitioned by the end of 2021 . It consideration of higher capital charges, providing strict product guidelines, those are the two. Governor bailey . Supervisorsley our are now in close touch with the Banking Sector to ensure each institutions planning and executing the transition. Is to narrowis down the legacy through those actions. ,hat involves concrete actions but also a program of information and education. , you have the aim of education and supervision supporting the industry, we have been in the line what will we do with the absolutely your dues of a legacy where people say i cannot do this because it has been structured in such a way that the key was thrown away when the contract was locked up. Legislation, the if the u. K. Legislation works in it. K. Context, we cannot say will not work in every part of the world. It is not designed for that. Do not think this is the magic solution and you can sit tight and wait for it to come along. Does anybody else want to come in . Governor, how likely do you think the boe can make the libor nonrepresentative announcement at the end of 2020, and does the sta and boe prefer to make announcements of different currency liabilities at different times . Governor bailey. The sta will make that judgment when they for governor bailey the sta will make that judgment when they believe it is appropriate. T is still relatively new it sets out the criteria that should be used. I think it is wise not to put a date on it. David a live webinar being conducted with andrew bailey, governor of the bank of england, as well as John Williams, president of the new york fed. You can continue to listen to this on live. On your bloomberg terminal. We will catch up with the head of the New York Hospital center on the coronavirus. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. It is time for first word news. We go to mark crumpton. Mark a new poll shows joe biden with a fivepoint lead over President Trump in texas. According to the Dallas Morning News and the university of texas at tyler, biden a hold of 46 to 41 lead among registered voters. Hold said they disapproved of mr. Trumps performance. China is imposing shanks and imposing sanctions against ted cruz and marco rubio over legislation intended to punish beijing purge treatment of ethnic minorities in the countrys far west. Other u. S. Officials were also named. The move is symbolic. Last week u. S. Sanctioned a top member of chinas Ruling Communist Party and three other officials over alleged human rights abuses. If you are black in america, the coronavirus is more likely to kill you, and the disparity has gotten worse as cases have surged across the country. Bloomberg news found in counties where the majority of residents are black, the death rate has climbed to 3. 5 times the national average, up from three time several months ago. In places with more than 100 deaths, blacks have made up 23 of them. That is twice their share of the population. In pro football, Washington Team will no longer be known as the redskins. It is dropping the team after coming under pressure from sponsors and retailers. Washingtons principal owner and coach are working to come up with a new name and logo. It is a big reversal for snyder, who has said in the past the name will never change while he owned the team. The timing of this suggests the power of the current debate over racism in america. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I mark crumpton. David . David thank you so much to mark crumpton. We will turn to the coronavirus. Europe has made great progress in fighting the coronavirus. No deaths reported on sunday, the first time that has happened since the crisis began. Other states are on the front lines and we dock we welcome dr. Steven corwin, ceo of the new york president of the New York Presbyterian Hospital. Thank you so much for being with us. Explain what has happened. New york is doing well. Other states are not. Where does the difference come from . Dr. Corwin we had our peak in the march and april timeframe and then struggled at that point and have come down substantially. Now we are seeing the wave move across the country. Others not as severely affected are now getting severely affected. Some of that is premature reopening, some illconceived reopenings like bars, a lot of indoor dining, and some of that is the Natural History of what this virus is going to do. We are not complacent at all in new york. We realize this could rebound on us in tragic ways. We are extremely nervous and disheartened by what is happening in the rest of the country. David we do not wish ill on any state, goodness knows, as a country, but i have seen others say the mistake is you cannot keep people shut in until the curve flattens. You have to bring it down. It that right . Dr. Corwin you want to see with a lot of testing you are testing at a rate of anywhere other 3 or 4 , 1 positivity. Once you start seeing positivity with widespread testing in the 10 plus percent range, we can range,ges now in the 25 you have widespread you cannot Contact Trace under those circumstances and you cannot avoid the spread of the virus. That is the problem. You cannot quell it. We may have flattened some and some of the other states, but not sufficiently. In the absence of a widespread testing regime, you get into a circumstance where you get Community Spread and all bets are off. David what about the testing system in the country . 10 ,seen rates well over which seems to be the magic number to make sure we are doing what we need to do. We see those long lines and places. I have heard there are problems because of a delay in the results. If it takes you a week to get the results back, you cannot Contact Trace. Dr. Corwin i think you have a couple of different problems. The first is unless you have a low number of infections, you cannot appropriately at lee Contact Trace. If youre getting 1000 cases per day, you cannot Contact Trace. Problem two is you cannot wait three days to get a test result back and we are now seeing concerns some of the test being outsourced. Testingd problem with is although we have tested a lot more than we did early on, we still are not testing frequently enough or adequately enough in all of our states. Of problemstion hampers our ability to curtail this virus. David given what is going on in other states like florida, arizona, california, and texas, is it inevitable we will have a spike in the new york area . We talked with the governor of new jersey last week and he said one of the things he had not anticipated was the problems in other states and people coming back into his state. Dr. Corwin we have already anticipated we would get a second wave. We started out the pandemic with 450 icu beds. Our baseline now will be over 600. We have to presume it will come back. Until we have a vaccine or an treatment or a combination, we are living with this virus. We do not have herd immunity, we are far from herd immunity, and you are in a situation where opening verses infections. The more you open, the higher the risk of inflation of infections. It does not matter what zip code you are in. It will hurt you. David talk about the treatment. The vaccine we all are hoping for comes when it comes. We have heard there all there are treatments like remdesivir. Is there a danger communicating to the populace you do not have to worry so much because we are better at the treatment. Dr. Corwin there is a big danger. We do not have an effective treatment. Remdesivir has some effect. Steroids come in later stages of the disease may confer survival benefits. Improvements in the way we do supportive care, but let me give you a stark statistic. 20our pandemic experience, percent of patients hospitalized die. That is an enormous number of debts. In our most advanced heart 10 eries, we have a 5 to mortality. 20 mortality in a disease where you get hospitalized is nothing to sneeze at. We also have to recognize that as a society, we have to prevent harm from happening to others. Im very mindful of the fact people want to have their liberty, but you should not have the liberty to infect somebody else. We have to wear masks. There is no question about it. We have to discipline ourselves to do that. There may be activities we just cannot do, like hanging around in bars and things of that nature. He may have less of a mortality if youre in your 20s and 30s and still die from this, no question about it. David he may not be able to hang around bars. Can you send your kids to school . Are there states in which we could do that . Dr. Corwin it will be very tricky. First we want to get your rate in the Community Way down, which a lot of our states do not have, particularly texas. The second is you want to be able to protect your teachers and you want to be able to be able protect your kids. There is so much we do not know about this disease. People said the warm weather comes it will go again. Hope is not a strategy. You can hope it will go away, but it has not gone away. There is a lot we do not know. We now know there are asymptomatic and presymptomatic spreaders. Kids can get sick, but kids can also spread it. We also have to be concerned about our teachers. There is a lot that goes into this. A hybrid model with less kids in class, a lot is disinfection, wearing masks, being able to Contact Trace is critical, and as i said before, you cannot Contact Trace if you have 10 or 11 or 12,000 infections every day in a state. It is not possible. David this may be outside of your camp, but how do you balance the Health Effects of children staying at home. There are some risks there as well, particularly in an urban setting. Dr. Corwin it is tough, and it is beyond my ken. We struggled mightily in new york about closing the new York City School system. You want children to be educated. Many children rely on the School System for food, food stability. Number three, parents who have to work who cannot take off for work rely on the School System for their children to be able to go to it. It is a very difficult decision. What i would say is until the virus is low enough in the community, it is hard to contemplate opening schools in any substantive way. David really appreciate you being with us. That is dr. Steven corwin, president and ceo of the New York Presbyterian Hospital center. Now we go to the stock of the hour which will remain on the subject of coronavirus. It is pfizer because they have two candidates for a vaccine. We go to scarlet fu for a report. Scarlet pfizer is the best performer in the dow industrials on that Covid Vaccine hope. Its german partner is seeing its adr search as well to a four month high. When you talk about the two oftreatments those treatments have gotten fast track designation. Priority status they stomp lemonade it data from their phase i one and phase two studies. Both of these use messenger Rna Technology to mimic the virus. The phasefree three vaccine trials are set to start later this month with 30,000 patients. And biontech did get money last month for research and r d as part of the white house warp speed program. We know theres a lot of competition to find a vaccine. In terms of Market Opportunities for that vaccine, i was looking at research from Bloomberg Intelligence to look at what a accessible vaccine would be worth. Success 100 cynical and 5050 profit sharing, a vaccine could be worth between 6 billion and 11 billion, reaching the upper band of that value if there are annual vaccinations required. It depends on pricing strategy. One thing to keep in mind is Large Pharmaceutical Companies like Johnson Johnson and astrazeneca have announced plans to sell any covid19 vaccine at cost. We have not heard pfizer identify any of that. It is something to keep in mind as we look at how vaccines currently make up 13 of its revenue. One of the smaller slices of the internalyou consider medicine and oncology are bigger part of the top line. David . David does the fact that the fda is fast trapping say anything about whether the vaccine will work, or is it if they make it faster than they can go fast . Scarlet it does not indicate a success in the clinical trials. It just is there reason for optimism and a reason to continue pushing ahead. We will see how it all shakes out. David . David we are all rooting for accurate thanks to scarlet fu for that report. Coming up, we will talk with laura brown from George Washington university and she is a student of president ial history. We will talk about the difference between President Trump and President Biden as they run for the presidency in november. That is coming up next with lara brown of George Washington university. Ons is balance of power Bloomberg Television and bloomberg radio. David this is balance of power on Bloomberg Television and radio. Im david westin. It is time for first word news with mark crumpton. The british Prime MinisterBoris Johnson said today its important to wear a Face Coverings in confined spaces such as shops. He added in the government would be making an announcement in the coming days on whether they should be mandatory in those settings. The mandatory on that public transport, the tube, but as to the value in confined spaces where you come into contact with people you dont normally meet. Whats been interesting on the Face Covering issue in the last several months is that the scientific evaluation of Face Coverings, their importance in stopping ever saw droplets, that has been growing. Last week, masks were made mandatory in scotland. To follow thate story and bring you more details as we get them. Prime minister johnson will launch a campaign to urge businesses to prepare for the end of the brexit transition period december 31. The survey shows only a quarter of directors say their firms are ready. British Authorities Say they will spend 890 million on new border infrastructure. Hong kong is taking new steps to keep the coronavirus from andading, shutting all gyms game arcades in a next several days. All inbound travelers will have to pass a virus test. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. David thank you so much. The president ial election this year is happening in the middle of three crises, with the pandemic, economic collapse, and the racial strife we are seeing across the country. We welcome an expert in president ial leadership and brown, dr. Lara professor of political science, and the author of a forthcoming book coming out this month amateur hour. Let me start with a hard one. President trump has the uphill climb as of now, but has anybody had to hold on to the presidency with this kind of crisis around them . Lara i do think when we look at this moment, it is really most analogous to jimmy carters run in 1980. He was a firstterm Party President , running for reelection. In trouble with his own party, had a challenge from ted kennedy in the primaries, which he managed to win. Then the hostage situation with iran and the poor economy caught up with him, and his leadership was thought lacking, and there was a desire for a change to ronald reagan. David humiliation of the hostage crisis and runaway inflation at the time. As you look at donald trump, how much of this election will be determined by how much people perceive his response to the pandemic is . Lara i think it will be important. I also think that part of what we are looking at is really a more general referendum on Donald Trumps presidency. 2018, and we are now seeing this again. There is a sense that this president , for whatever he says, does not appear to demonstrate leadership in the moments that they are needed. Sow division and focus on those things that are personally impacting him, rather than impacting the country. Yet, professor, he was elected in 2016. Im not sure there are any aspects of his character that we are seeing now that we didnt know in 2016. What does that say about what the country wanted, willing to thehim in office, despite characteristics . Lara we were in a different circumstance. One of the things that analysts neglect is how different elections are when they are considered open seat elections versus incumbent referendum. What we had in 2016 was a question to the American People of who do you like better, Hillary Clinton or donald trump, and who do you think should best succeed barack obama . The country said we are not crazy about the direction the democrats have been going in for the last eight years, we think we want to change. We are not necessarily enthusiastic about Hillary Clinton as a nominee, and so win said, she may wilell anyway, but i will vote for change and donald trump who was an unknown. This time its a different perspective. The only question voters need to ask themselves is does donald trump deserve another four years are not . If they conclude he doesnt, the choice for joe biden comes in. David give us a preview of the book coming out later this month. Align the characters of donald trump and joseph biden against one another, and what do they tell us about the kinds of leaders they are, or would be . Lara this book really argues that since jimmy carters the country1976, has, more often than not, been infatuated with the idea of having an outsider. An outsider from washington, mostly meeting a governor. With donald trump, it meant an outsider of politics altogether. More and more, theyve been interested in people with wide name recognition or celebrities, if you will. 2008, barackack to obama did become a National Celebrity during his race, in not dissimilar ways to the way that donald trump did in place 16. What we are looking at as we go forward is this question of, are we prepared to elect someone with political experience, who may be a washington insider, or is there still a desire for someone who will, in the president s words, drain the swamp . While it is more difficult for President Trump to make that argument, because he has been in washington for three years now, there is still the idea that he is an outsider, in and of himself. David this is really interesting, because if that analysis is right i have no reason to believe it is not then in order for joe biden to win this election, you need a different kind of change election. You are going all the way back to jimmy carter, people saying lets have an outsider. Joe biden is the opposite of an outsider. Lara he is. This is why it looks come in some ways, californians perceived their Gubernatorial Election after Arnold Schwarzeneggers 10year gilts office. They were looking for someone with experience, not star power. That person was jerry brown, the former governor, longtime political insider. We also saw a similar dynamic with minnesotans choosing tim polity on the heels of Jesse Ventura in the gubernatorial race. This is not unusual, that the country said when we chose last time did not work for us this time. , foris interesting is joe biden to be elected, he would be the first insider from washington elected since george h. W. Bush in 1988. David ok. Thank you for joining us, professor lara brown George Washington university. And the author of an upcoming book, amateur hour. Coming up, we will speak to Donna Shalala about the fight against the coronavirus in her state of florida. That is next on balance of power on Bloomberg Television and radio. Evision and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Florida is really putting the coronavirus with record numbers of both cases and deaths now, after having been one of the first states to reopen. We now welcome congresswoman Donna Shalala. Give us the latest from your perspective on what is going on with the virus in your state of florida. Donna very nice to see you again, david. It is simply out of control. We opened too soon, we didnt have the discipline that you had at the beginning where you close everything down, and then you gradually open safely. The governor put enormous pressure and he had pressure from the economic interests in the state to open up. They just did not do it right, they didnt listen to Public Health officials, they were not careful. Now we have a virus that is totally out of control with our poor mayors struggling to contain the virus within the county. I represent miamidade county, which includes the beaches, the port, the restaurants and hotels. We have just been devastated. Too,ases are rising here, because we responded to the governors insistence that we open up. Now we have to close down. In my judgment, it would be better to close down completely for 14 to 21 days, but i dont think that will happen. Four months ago, i said the worst thing that could happen is we have to close down again, if we dont close down right at the beginning and start the virus. We are just playing catchup. This virus is clearly out of control in florida. Our governor refuses to mandate masks. To his credit, our mayor has but the governor refuses to come and he insists that schools be open. That is a whole other issue for us. We are in trouble here in florida. It will take leadership and discipline. Unfortunately, i think it will come from the mayors, because know, irnor you dont know why people run for office if they are not going to make hard decisions. He is following the president very closely, the governor. It has just been a tragedy. Too many deaths, too many infections. David as i recall, President Trump praise your governor for opening up as he did. You mentioned the mayors. At what point should the federal government step in and say you have to shut down . Donna they should have done that from the beginning. The federal government simply said we will let the states take care of this. The president made that decision, which was a tragic decision. We need in National Leadership. We are all in this together. That means we need National Leadership with high standards and with everyone doing the same thing at the beginning. We didnt have that. So the states are scrambling, hospitals are scrambling. Our hospitals are filling up now, after april until in which untilad a break april a period in which they had a break. The should have invoked defense production act, taken the cdc guidelines and told everyone how strongly they had to close down, starve the virus, and then gradually and safely opening up. Congress was willing to fund that. They knew the money was available, but now it has been fragmented, and now you see the states that opened too early getting terrible results. Tragic results. David we are mindful of the fact that you serve in congress. You were also the president of the university of miami, in addition to being the head of hhs. Beaches, webars and also have the schools reopening in the fall. We just had the head of new york presbyterian who said you cannot reopen the schools if you dont get the numbers down. What is your take on reopening schools in florida . Donna it is impossible to open the schools in florida. We just got a National Study of all the quarter teachers in the u. S. Are in the high risk category. So we are not just talking about the kids, we are talking about the staff, teachers, and their risk, if we open up too soon. Everybody in florida points to disney because they were able to open up. They had all the money in the world to open up safely. What happens after people leave disney . The schools are not disney. They dont have hundreds of millions of dollars. Frankly, it will take a couple hundred billions of dollars to redesign schools so they can open safely. We have to make sure they have the resources, and in their communities, they have starved the virus to a point where they can do Contact Tracing and then safely open up. With these kinds of numbers, our schools will not open in miamidade county, one of the largest districts in the United States. That parents and School Superintendents working together with the teachers are going to be very careful about as long as the numbers are as high as they are around the country. That is unfortunate for the kids. The American College of pediatrics voiced concern, i am concerned about the kids. They need to be in the classroom, but we need to do it safely, or frankly, we are going to put every teacher, staff member at terrible risk. And we are going to have kids that are not having the opportunities we want them to have. Could,briefly, if we 200 billion. Where is that money going to come from, the federal government . Donna it has to. Education is a state function that we have not done the allocation to state and local governments that is in the heroes act that we have promised. Negotiations will probably start when we go back in a week, but we need to get the resources to the states, so they can pass it on to the School Districts, or do it directly with the School Districts. To make sure they have the money to start planning. All of them are planning right now without real resources. I went to Public Schools in cleveland. Traffic in the halls, the small classrooms. For passingigned around infectious disease. We know that from the flu epidemic that occurred in our community. So we have lots of things that we need to do. Every School District is different depending on what their facilities look like. So the president cannot mandate this, cannot threaten them. By the way, his threat was to take away federal money. What do we spend on schools . Oor cheats in poor neighborhoods and special education. Your point is so powerful. For ald talk about it long time, but it all cost money. That is congresswoman Donna Shalala. This is bloomberg. Bloomberg. David this is balance of power on Bloomberg Television and radio. Im david westin. The governors, as Donna Shalala told us, are on the front line dealing with the coronavirus. Earlier, larry hogan of maryland spoke with Kevin Cirilli about the coronavirus and specifically getting back to school. Everybody wants to get kids back to school. But we have to do it in a safe way. We are working very carefully with our state superintendent of schools, school boards, getting input from our Public Health, doctors, scientists, along with our teachers and parents. We are going to come up with a plan that will be some kind of a hybrid that makes sure we get our kids educated and backtoschool but in a safe way. How do you make sure the private schools dont have an advantage over the Public Schools in all the different communities that have different coronavirus rates . How do you make sure it is fair for every student . Sure it isto make fair for every student, regardless of what school they go to or what community they are in. We are giving some flexibility to local jurisdictions in different positions. Knock on state wood is doing much better than other places around the country. We have declining positivity rates, declining hospitalizations, deaths. We are keeping a close eye on it but we are no means out of the woods on this, but we are going to be careful to do it right. I know parents are anxious to get their kids back in school, but theyre also worried about their health. Teachers have a different set of concerns. Teachers have a right to be concerned, which is why we are working together with our teachers ands board. We have to make sure that we approach this in a very careful way. What do you need from the federal government . We are staring down another battle of economic stimulus. What do you need to see coming from washington . Nationalirman of the governors association, we have been fighting since march to get some assistance from the federal government. We have been trying to get help to the states and the government in a third package. Next week, when Congress Comes we havem their recess, been hoping, pushing hard to make sure the state and local governments are included in the package. Lost 1. 5 million state and local government workers in the past 60 days. Its anticipated we could lose as many as 4 million more. Frontlineking about healthcare workers, police and firefighters, people that are out there providing more circumstances services under difficult circumstances. We are impacted at the state and local government level, as our businesses because revenue is down dramatically. Across the country, we expect a decrease in revenues at state governments up to 30 . You just said 4 million jobs could potential he be lost, and that is for government workers. State and local government workers. We have been pushing the administration, working with leaders on congress on both sides of the aisle. By some timel that by the end of july we will have some success. States are making very difficult budget decisions, putting together their budgets, looking at dramatic reductions in staff. In many ways, a government job was seen as a safe job. When you are talking to President Trump, speaker pelosi, what do you want them to specifically know . As we are trying to have this economic recovery, the worst thing we could do is put more people on the unemployment lines , and those folks that are trying to help others in need. We need more money, not less for local governments. And the federal government this is one thing the states cannot do without the federal government. That was governor larry hogan of maryland speaking earlier, on a theme of this program today, the enormous put on governors as they look to do Different Things like reopening schools. We continue the second hour on radio. We will talk about the difficulties with testing. Where are the bottlenecks, why arent we getting the testing that we need . This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following from around the world. Monday starting in the green. The s p 500 gains more than 1 , nearly wiping out its losses for the year. Expectations for earnings are optimistic as u. S. Bank financial releases. Florida reported their biggest oneday rise since the coronavirus pandemic began. The numbers coming in at the same time disney reopens. We will hear from the chairman of the companys themepark business. And how to reopen u. S. Schools. Ill be speaking with the ceo , oneofounder of outschool of the organization providing classes outside. Lets get a check on the markets. 1. 3 that itining is across the board with the s p 500