We said tuesday night we knew there would be an effort to count votes that will extend through the week, and now was not the time to get ahead of ourselves. This is how the electoral process is supposed to work. These votes are being counted that were cast in places like arizona. Stage votes were people dropped off ballots on election day. They were set aside, there love the last ones to count, they have a different look to them than the ones cast in advance of the election. We see joe bidens lead diminishing in arizona. In pennsylvania, they set aside all of the early votes and counted the election day votes first, which looked good for donald trump. Now they are counting those ballots that came in later through the electoral vote process, through the early vote process, and it looks much better for joe biden. Until the votes are done, this election is incredibly close, just like in 2016 we have to be patient to decide who the end is. I would say all indication in each of these open states is that joe biden has the votes in the pipeline that it looks like he could get to 270. It is still advantage biden, but until the votes are counted and finished, we still have a race. Are also joined by our other partner in crime, jeanne zaino. She is a professor of Political Science at ionia college. What you think the race stands . It looks like is going in Vice President bidens direction, but it is not there yet. Ive been so surprised by what is happening in georgia that we are at a point where we all to beorgia deidre are specific to a pulling and a county count room and getting access to watch the vote count. Notenk it is important to none of these lawsuits are actually pointing to fraud in any way. It is all transparency. By and large, theyre all being handled at the local level with nobodynd district judges is trying to hide the vote. I think all of this will come and go. It is a footnote to this process. I do not blame the president for using every tactic he can to ensure a boat is fair and it is properly we have to show where fraud is occurring. Right now we do not see it. David you cannot hold it against the president of United States to say i want to make sure everything is legit, i want to make sure all of the votes get counted. At the same time, you have to think about whether there has to be an exit strategy. , thet to quote roy blunt senior republican senator from missouri who spoke to reporters today. It was interesting what he said. He said if they had a case to make, referring to President Trumps campaign, there is a process where they make that. I do not think it is unreasonable for the president to allow that number to be a parent. I also do not think it is unreasonable for Vice President biden to accept the official results and do whatever it is he thinks he should do. Whatever one of the obligations of leadership is you should always have in my mind how do i leave. Is that a message starting to be sent from Senior Republicans to the white house . Rick not only the white house but to other republicans. Roy blunt is also in leadership in the United States senate, he is the chairman of the policy committee which is a powerful spot in Republican Leadership in the United States senate. When he speaks he is speaking not just of the senator from missouri but also as one of the key people around mitch mcconnell. A lot of people will be reading into this. I would commend everybody a little commercial to go to youtube and watch the john mccain concession speech in 2008. We had a lot of tension around the first africanamerican becoming president and john mccains concession speech was being hailed as the proper way for democracy to transfer power. If you want to see how it was done not too long ago, i would say that speech is something worth looking up while we have this debate today and into the weekend. David i am so glad you mentioned that because id forgotten it. I was in the control room abc news when that happened in 2008. Outside on that platform, i remember thinking it was so gracious, so statesmanlike, good for the republic. I agree we should all watch that one more time. Jeanne, i want to come over you. Even as we talk about republican setting a message to President Trump, we have to think about what happens with the democrats. Whatever happens, the one thing that is clear is the blue wave did not happen. People who came forward with medicare for all, with a wealth tax, not a lot of enthusiasm for that. How to the democrats get themselves back together and govern more towards the center . Jeanne not only did the great blue wave not happen. Quite unexpectedly, the democrats lost seats in the house. They retain the majority because they picked up 70 seats in 2018, but they lost seats in the house picked up so many seats in 2018, but they lost seats in the house and did not make that gains in the senate and look likely not to capture the majority there. Democrats will have to be careful Going Forward. We have the Georgia Special election. We know the party that has lost the white house, if it turns out that joe biden takes it, has a tougher time in these special elections, and Going Forward they will have to think about what happens in 2020, that their progressive policies did not resonate in the way they expected and wanted. Now we are looking at a divided government in which you will have joe biden unable to fulfill the promises he made, the progressive promises they wanted him to make that he was flirting with. That will be tougher if he is president. Timewill have a long before they have any chance of picking up the senate. If you look at the estimates on that, youre looking at several cycles before democrats can take the senate again, and they have a potential if joe biden takes the white house, of losing seats in a midterm when their president is in the white house. Democrats are going to have to try to do a better job of understanding where democrats, inependents, moderates are these purple states and repeating what they did in 2018, not 2020. David so great to have the team back together. It has been a long week but there is nobody i would rather spend it with them jeanne zaino and rick davis. Now for a check on the markets. Joining us is scarlet fu. Scarlet we are seeing moderate losses in the u. S. And europe. Blockbuster week in terms of the Global Equity rally, but it is losing momentum as we head towards the weekend, even with the better expected jobs report and perhaps clarity on the vote count. The gains over the previous four days were good enough for the s p and the nasdaq to score their best week since april. You can see the msci all country shy ofndex is 122 points its record high reached in september. European stocks up 7 on the week, and tech was the undisputed winner in the u. S. , up 9 , recovering from a big selloff the previous week. Up and down. Down and then up. Lessthanperfect earnings from four out of the big five tech names set stocks lower. We also had a lot of concern they were overvalued in a blue wave scenario, where it is cheaper and more economically Sensitive Companies would be in a better position. Lets look at other asset classes. The dollar is slumping for a fourth day. That has been a consistent theme. The fed made it clear it is ready to stand by with more stimulus as needed. Did not get specific, but jay powell has stressed there are plenty of tools left at the fed disposal. Gold moves to the dollar. Youre seeing a pop of 4 . The yield curve flattens. This is after a steady steepening since february. The vix reached 41, down almost wellpoint this week. One month low. It is down today even as indexes are underwater. David thank you so much. As the path to the presidency narrows for President Trump and widens for former Vice President joe biden, the president is coming on the courts to turn things around. Law professor Ciara Torresspelliscy next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turn to mark crumpton. Mark joe biden is on the verge of winning the white house. He has overtaken President Trump in pennsylvania and as a slight lead in georgia. Pennsylvania has 20 electoral votes. ,f mr. Biden were to win their he has if mr. Biden were to win there, he would have more than 270 electoral votes. President trump shows no signs of dropping his legal challenges. Last night he said the election was being stolen but is offered no evidence of voter fraud. Nancy pelosi is urging republicans to come back to the negotiating table to reach an agreement on the coronavirus stimulus package. Nancy pelosi saying she prefers an omnibus bill rather than a stopgap measure to complete government funding for the rest of fiscal year 2021. During her news conference, she also expressed confidence joe biden would win the president ial election. Officials will take another crack at reaching a brexit trade agreement this weekend. Boris johnson and ursula von der leyen will speak by phone saturday. After 14 Straight Days of negotiations, the two sides are blaming each other for the lack of progress. The discussions are stuck on three big issues. The level Playing Field for business, access to british fishing waters, and how any potential deal is enforced. Luxury fashion boutiques and jewelry stops in the Financial Capital of italy have been shut down. Regions one of several ordered to undergo a partial lockdown aimed at stopping the spread of the coronavirus. The new restrictions are not as severe as the countrys near 10 week lockdown in the spring. Many european nations have been reluctant to reimpose those kind of shutdowns because of the massive economic damage that resulted. 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 am mark crumpton. This is bloomberg. David . David President Trump continues to claim voting irregularities are keeping him from the win he says he deserves, and the Campaign Continues to file and threatened to File Lawsuits all around the country reported for her view of the legal situation, we welcome Ciara Torresspelliscy, a fellow at the Brennan Center for justice. Thank you for being with us. Let me start with the most basic thing. We heard from the president saying there has been fraud. There are a lot of lawsuits that have been filed or threatened to be filed. Im not sure any of those alleged fraud, do they . Ciara they do not. One of the things i think is so frustrating for those of us who are election lawyers is you cannot stop a count of votes. This is a strange posture to frame it. Welcome getting into the courts because then perjury rules apply, so you cannot just lie about things to a judge. David is there any supporting evidence brought forward . If youre going for a emergency order in a court will supported with affidavits, sworn documents. I do not think i have seen any of those yet. Ciara there seems to be an effort to cause a lot of and cast the election under a cloud of doubt. What we have not seen as a concrete case of some problem with the election that would give estate to trump instead of joe biden. The president s campaign made any progress in any of their lawsuits . Have they slow down or stop any vote counting . Ciara they have not stopped the vote counting. There was a win in pennsylvania where there observers got to get a little bit closer to the people counting the votes, but because of covid they still have to stay six feet away. David besides lawsuit, i want to come back to the pennsylvania one, but besides lawsuits there is a possibility of recounts. You would know better than i, come in certain sectors you can ask for a recount and get it. Wisconsin is headed for recount, georgia has already said they are likely to have one, but when you have a recount, how many boats switch . Switch. Any votes ciara very few. That is in part because of the technology we adopted poste 2000. We do not have the hanging check we adopted post 2000. We do not have the hanging chads. When you run the same ballots through the same machine, you usually get the same vote counts. I think the margins and most of these states are bigger than that. Lawsuit that as been up to the Supreme Court already is the one in pennsylvania. It has to do with the decision to say we will allow certain ballots to be counted that come in after election day, provided they are postmarked before. Three days was the ruling. The Supreme Court said we will not get involved. It is still pending. That could change some votes, credited . Votes, could change some votes, couldnt it . Ciara probably not. You could have a judge that feel strongly one way or another or a panel of judges or the Supreme Court. They have been known to issue some disappointing, from a smallatic point of view, but i think in general the Supreme Court does not want to be in the role the Rehnquist Court was in bush versus gore because it hurt the credibility of the court. David im not sure those justices came away feeling covered in glory after bush versus gore. At the same time, this is different from birth versus gore gore itin bush versus was a handful of counties in south florida and it was clear whichever way that went would determine the presidency. We are a ways away from deciding the votes that may have come in after election day determine the result. In pennsylvania, much less in the country. Ciara exactly. There are a lot of Different Reasons why a bush versus gore situation is not comparable. In florida in 2000 it was possible for gore to ask for a partial recount. Florida changed its law after 2000. Other courts learned from bush versus gore that you do not have to take every election challenge that arrives at your front door. There is something called the political questions doctrine, which allows the federal courts to refuse to hear certain disputes about elections because it is not something that has a judicially manageable standard. David and to editorialize, critically when the constitution has a procedure for resolving comments as it goes to the congress, not the courts. That is my editorializing. Thanks to Ciara Torresspelliscy , law professor at stinson university. An update on the house. The Associated Press says new jersey congressman Jeff Van Drew has won reelection to the house. Whende National Headlines he voted against President Trumps and switch to the republican party. He defeated amy kennedy, the wife of former congressman patrick kennedy. Still ahead, we will talk to ian bremmer to get his take on what a joe biden presidency might mean for Foreign Policy. Ons is balance of power Bloomberg Television and radio. David this is over good bounce of power on Bloomberg Television this is balance of power. Today might be selling off a little bit in equities but overall equity markets have not been unhappy with the election week. Scarlet they are looking forward to a divided government if you want to take score of what is happening. The equity rally is on pause, but that is an improvement over what we saw the start of trading. S p futures falling as much as 1. 4 . Betterthanexpected jobs report for october change the tone. You can see the big leg up in the middle of the screen. Progress on the vote count also remove some uncertainty. Lets take a look at how tech is doing. They have the best relative performance this week versus the s p 500 in six weeks. The blue bars are when the Broader Market outperforms the nasdaq 100, which gets to fits of his value from the five biggest tech names. The yellow bars are when tech reigned supreme come ins can see over the last two years that have it a lot more than the Broader Market outperforming. Volatility is come down dramatically, whether it is for the s p 500 or the nasdaq 100 or even for u. S. Treasuries despite the big move we saw in yields earlier this week. There is less need for protection as we get past the election, even with the possibility of a contested result. Lets look at earnings winners. Earnings season continues. Nine out of 10 companies have reported, but these are the ones that just reported. News corp. Reported a profit beat. Healthsting its cvs boosting its outlook. Tmobile setting a record high, and coty looking past the Second Quarter drop in says sales are falling less than anticipated. Covid Sensitive Companies also in the spotlight. Electronic arts reporting a drop in guidance, and as a result, that is overtaking the first dividend ever, and a Share Buyback announcement. Just a couple of things we are keeping an eye on, but clearly zillow, roku, and square beneficiaries of the pandemic. David very busy week in the markets despite the election. Up next, the Foreign Policy implications of the election with ian bremmer, founder of the eurasia group. Ons is balance of power Bloomberg Television and radio. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save hundreds on your wireless bill. Plus, get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at your local xfinity store today. David this is balance of power on Bloomberg Television and radio. Im david westin. Bloomberg first word news, we go mark to mark crumpton. As we have been reporting, joe biden has taken the lead in pennsylvania over President Trump, putting him on the cusp of victory in the president ial race with 20 Electoral College votes, pennsylvania is the biggest remaining prize on the map. The president cannot win reelection without it. The battle for the white house continues. The Trump Campaign has filed at least six lawsuits in battleground states to challenge the ballot counts. Republican and democratic activists also filed suit, but only a few of the cases may have a real chance to affect the final outcome, and only if the races remain extremely close. Russia is seeing its worst coronavirus numbers since pandemic began. The country reported more than 20,000 new infections today. Authorities insist there is no need to impose a second locked down or shut down businesses nationwide. They claim the Health Care System is capable of handling the surgeon infections but Russian Media have reported on overwhelmed hospitals and inundated medical workers. Hong kong leader carrie lam says whoever wins the president ial election should and what she calls the totally unreasonable interference in the interference of her city and china over all. To beijing,a visit she accused the Trump Administration of repeatedly interfering, pointing to sanctions on officials including herself, and the special trading conditions granted to hong kong. 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, mark. President ial election generally dont get decided on Foreign Policy issues, but president s may make a bigger difference in Foreign Policy than any other area. As we anticipate a possible blighted presidency, we have to consider how he may change the direction of u. S. Policy. We welcome a true expert, ian bremmer, founder of the eurasia group. I dont want to be premature but it certainly looks like it is more likely than not that joe biden will be the next president. If thats the case, how will his foreignpolicy differ from that of Donald Trumps . Ian the way i would put it is bidens domestic policy is radically different from trump, but he will be so much more constrained, especially given the nature of the senate. In foreignpolicy, there are fewer constraints on the president , but he is actually more aligned with trump in terms of policy. There is the equivalent of executive orders that biden will be able to put into place in Foreign Policy for some changes in trajectory. For example, you know that we just withdrew formally from the paris climate record, the only country in the world. Quite unusual to get every other country aligned on something. Bidenfter trump pulled out, biden will put the country back in. The intermediate Nuclear Forces agreement, we will not be leaving the world health organization, and we will be coordinating with vaccine manufacturing with the united nations, who. So i do think there will be some areas that are relatively easy the first couple of months of a Biden Administration that will make leaders around the world feel more comfortable and feel like the u. S. Policymaking is less volatile. But in broad sweeps of policymaking, for example, our orientation toward china, willingness to be the global sheriff in the middle east, mediterranean, our willingness to promote new global trade architecture, you will actually find the orientation of a biden nest ration and a Trump Administration are not all that different. Years,r, obamabiden, 48 were criticized for leading from behind, being too unilateral, not playing the leadership role that allies wanted to see from the United States. That was not just trump, he accelerated it, branded it in a more direct way, but we have to understand, bidens orientation is closer to trump then you may think, and the constraints on the United States and globally on the geopolitical system are a lot greater than they were during obama and biden the first time around. David two specifics. Biden, if itt happens, try to get us back into the deal with iran . And tpp . Ian on tpp, no. He has discussed that with senior advisers, and even though he think its a good idea and so do i there is no political capital, support for it. In a Democratic Party where the progressives are already feeling like they will have nothing because they dont have cabinet appointments, try to get Transpacific Partnership done. Aint happening. I was talking with a japanese Prime Minister a couple weeks ago. Believe me, our allies would love it if the u. S. Would come in. It will not happen. On the iran nuclear deal, jcpoa, biden would love to get the americans back into it, but the questions is if the armenians would accept it. Unfrozedid the deal, we a lot of iranian assets. That horse has left the stable, so we dont have as much leverage to get in. Also, iranian elections are coming up in 2021. I dont think the Supreme Leader will want to give a win to the moderates, the iranian president in the runup. It will take some time and will take some onerous negotiations before we may be able to get back into a new iranian deal that will look a little bit different from the old. David those of us in the u. S. Are preoccupied with the election. There was another story not related to the election that was financial ipo ant that did not happen. They were on track for a very large ipo. I think at the 11th hour, beijing said, we are going to suspend that. I couldnt figure it out, and then i read about a speech that jack ma had given in october about the way that china was regulating the financial markets. What is going on there . Chiefack ma has upset the financial regulators, and those running the policy in china personally. This is not the first time he has been in the doghouse in china. You remember, he was forced to basically step down from his role at alibaba, said that he would focus on educational issues. That was also because his wings needed to be clipped, from the communist party perspective. You have a very powerful entrepreneurial a state communist system that has no interest in that. Ant financial is the most important Fin Tech Company in the world. Massive in terms of power and consolidation. The Chinese Government understands that is strategic to the future of china, especially in an environment where the americans are going guns blazing against Companies Like huawei. Ware have a Technology Cold , the americans have a potential to fight that organization. The chinese want to make sure that that is doing what the government wants it to do. I think you are right, if it wasnt for the u. S. Election this week, the decision to basically forestall what would have been the largest ipo in World History is the most important geopolitical issue of the week. David does it also raise a fundamental issue for the Chinese Government . Maybe it has always been there, but can it have it both ways . Can it have that command and control over the economy, and still cause it to grow as it wants, particularly in tech . Ian it depends on how much you think labor matters. There is a big debate about whether the future of Artificial Intelligence will be driven primarily by having the best entrepreneurs or having vastly more data. China is the largest data market in the world by a large margin. First because there is no privacy constraints. You think we dont have privacy in the u. S. In china, people dont have privacy. Everything is through their smartphone, and it is consolidated through a couple of super apps. Of deep learning and ai, figuring out your Consumer Behavior is all about just having that data, being able to sift through it, then the chinese will win. If it turns out the future of ai and Technology Innovation is more about having extraordinary entrepreneurs and scientists, the u. S. Will win it. It is not that onto winners and scientists are no good, but in a command economy, some of the best entrepreneurs that china would have will leave china. Lets keep in mind, biden as president , one of the first things he will do will be to make the visa regime feel more friendly to the high telework horse. Sorry canada, france, china. That will be important. If it is all about the scientists and the tech gurus, i feel pretty good about the United States. David i learned every time i talk with you, and that is the truth. Ian bremmer, president of the eurasia group. Coming up, we will digest the latest jobs report with diane swonk. This is balance of power on Bloomberg Television and radio. D radio. David thi this is balance of power on Bloomberg Television and radio. Im david westin. In the midst of a continuing drama over the election, we heard from the Federal Reserve yesterday and got u. S. Job numbers this morning which were drunker than expected. For a review of the state of the economy is diane swonk. Sooner or later, the new president , whoever it is, will have to deal with the economy. First lets talk about where the economy is. Is the fed basically forgettable . Diane it was in the sense that they didnt want to make any news amidst all the news we are seeing with regard to the election. That said, there were some tiles tells from chairman powell. He is concerned about how inhibited the recovery could be if we dont get stimulus package. Manydnt go into as prescriptive issues as he has done in the past, not wanting to step out of his lane at this meeting, but he has already called for fiscal stimulus and what could be needed in terms of helping households, transfers to the state. It is also important, the asset atchase program will stay least at the 120 billion a month that we will see, which is a tell that the fed is willing to go farther. What the fed is concerned about, and he talked about it at some length, is the resurgence in covid cases will determine the course of the economy, and it is much worse than it was in the summer and global in scope. That means it economic consequences could be greater, and that is something the fed is looking at as a look at what they mean to do next. David what kind of a tilted we got from those jobs numbers . They were significantly better than expected. Particularly when it comes to private sector employment. Diane they were better than expected, about the same pace in september. A little over 900,000 on the private sector with losses in the state and local and public sector. The federal government lost many of those census workers, 147,000 rolled off, more will roll up with the census ending. What is important is we lost more jobs in education in response to the constraints on budgets, and the inability to reopen schools and universities. The headwinds on those state and local jobs is something that will be watching closely. That is the primary reason we had a sub our recovery, a lack of money by the state and local governments, cuts at those levels during the recovery in the wake of the 2008 expansion. Other issues, other details in the report, great job gains, but still diminished from april and may. The scarring, the wounds created by covid are beginning to fester. We saw longterm unemployed surge above one million. That is people unemployed more than 27 weeks. The Unemployment Rate for the permanently unemployed held at 6 , up from what we saw in april, when almost all the unemployment was more transitory and temporary in nature. Those are things that we worry about. The longer people are unemployed means the harder it is to get reemployed. And when they do, they often get reemployed at a lower wage. They also suffer mental and Health Challenges as they have longer unemployment, which spills over into Family Structure in the wellbeing of children. This is all exacerbating those wounds and deepening the scars of the crisis at a critical time when aid has lapsed. As good as the numbers were, we are still in the hole by over 10 million jobs from february, which is 15 more than we lost during the height of the Great Recession in 2008, 2009. David several months of good jobs numbers, but as you point out, still over 10 Million People unemployed that were not before the pandemic. That raises the question, what do we do to change that . Term forok at a second President Trump or what seems likely at the moment, a new President Biden, how would their approaches to that question how we get those people back to work how would it differ . Diane one of the biggest issues and it has not been discussed policy around covid is Economic Policy, a point that fed chair jay powell made yesterday. We need a National Policy that is not only better at ramping up testing and tracing and mitigating the spread of the virus, but also treatment, therapeutics, and the distribution of a vaccine, restoring the trust that a vaccine will actually be safe. That is important because the uptake on the vaccine matters as beh as the fact that it may effective. The willingness of people to take the vaccine, despite the losses we have seen, regardless of your political stripes, has fallen by the same amount since may. Only about half of americans now say they are willing to take the vaccine. That is critical to be able to get the kind of immunity we need to be able to reopen the economy more freely. I think thats important to remember. That is number one. The other issue is fiscal stimulus and aid. We need the aid to mitigate those wounds that are festering. Mitch mcconnell said that he was more willing to cut a little bigger deal, although skinny compared to what mnuchin and pelosi were discussing, but that is important as well, that we are now talking about age. We will need more than just one round of it, i fear. Much will depend on the composition of the senate. No matter how it ends up being determined with the runoff races in georgia on the senate opposition, democrats that come into place in the senate will be more conservative than their house counterparts and not as willing to open the spigots. I do think under a biden win, with a democratic leaning senate, you get more stimulus. What we worry about is what we can get now. The longer we wait, the more we will need. David we clearly need more fiscal stimulus to keep us going. As you point out well, Economic Policy has become Public Health policy in the pandemic. What do you, as an economist, conclude about how much can be down . We have the United States on one side. We thought europe was doing well but they are struggling. Then you have taiwan and south korea who have managed it. Is there anything we can learn from those examples to find a path forward . Diane absolutely. Its really important that what happened in europe they bent the curve, were more conservative about reopening, and that gave them wiggle room over the summer, but europe does not have as much air conditioning as the u. S. That was the achilles heel of the sun belt cases that we saw surge over the summer, rapidly openings of restaurants and bars and people showing up unma sked. That was where the spread originated. It was not as likely to occur in europe. Although they realize they had been the curve, they didnt get rid of the virus, and contagion kicked up again, and they let their guard down. We saw the heat wave in europe actually kill more people due to heat exhaustion than the United States because of that differential and air conditioning. Farthe covid virus overshadowed that in the United States. Europe did not have that over the summer. Asia, economies developing like vietnam did much better because of the simple effort on wear masks. Ramping up testing and tracing is important across the board. A National Mask wearing effort is something that is accepted and not politicized. That is really important moving forward. Winter, forward in the right now, things are moving up in an exponential rate. David always great to have you with us, diane swonk, chief economist at grant thornton. Coming up, we are live at the biden headquarters. This is balance of power on Bloomberg Television and radio. Ion and radio. Are you frustrated with your weight and health . 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David this is balance of power on Bloomberg Television and radio. Im david westin. Former Vice President joe biden continues to gain in the key states of pennsylvania and georgia, and holds onto their elites in arizona and nevada. For a view from the Biden Campaign, we welcome emily wilkinson, who has been reporting from there. I understand the Vice President may come out and speak again today. We expect to hear from both biden and senator harris later this evening. It sounds like both of them will be making remarks, and it may be a little more substantial than the short remarks we have seen in the past couple of days. The message here in the Biden Campaign is still optimism as well as telling people to wait. We are also seeing them get a little more aggressive about the fact that they are in the lead in so many states. We had one staffer say today that if trump does not want to concede or get out of the white house, the u. S. Government knows how to get trespassers out of the white house. David i saw that and wondered whether Vice President biden approved that statement. It was a little on the aggressive side. The Vice President has been consistently counseling patie nce. Is there growing impatience inside the camp . Diane someone reminded me that joe biden launched his First Campaign 30 years ago, so what is another few days. His message to the American People has been to not let donald trump unilaterally declare victory, and he has put that same standard on himself. Neither trump nor i can be declared the winner of this election. We have to be declared, we cannot declare ourselves. David what about a court declaring the winner . We have a lot of lawsuits from President Trump. How serious is the Biden Campaign taking those . Do they have lawyers out working . Diane thousands. They have a Legal Defense fund. Its also important to take a closer look at these lawsuits. A few of them have already been dismissed. A lot of them deal with transparency in counting the votes. We saw a few but not a lot of lawsuits alleging fraudulent or illegal ballots are being counted at this point, which is the main talking point you have seen from trump, but the lawsuits are not backing that up. David great to have you with us, emily wilkins. Reporting in wilmington, delaware. Balance of power continues. We will have the latest from pennsylvania with joe watkins, former aide to George Herbert walker bush. This is bloomberg. David from bloomberg World Headquarters in new york, to our audiences worldwide, second welcome to the second hour of balance of power on Bloomberg Television and radio. It is not over yet but it is coming down to a few boats viewed pennsylvania is at the top of the list with President Biden pulling ahead of President Trump in the boat cut by a narrow margin. To take us through where we are, we welcome reverend joe watkins of philadelphia. He served in the white house of George Herbert walker bush and is the host of stream of independence. With us throughout is jeanne zaino of iona college. It is all down to pennsylvania and philadelphia, your home city. Tell us about what you know is going on. Joe