Strategy was tested immediately. Hillary clinton gave a scathing speech about the economy. The speech is about trumps Business Record and past statements. Msnbc, cnn, and fox took the remarks live. These were her sharpest attacks in columbus. Sec. Clinton liberals and conservatives say trumps ideas would be disastrous. The chamber of commerce and labor unions. Mitt romney and elizabeth warren. Economists on the right and the left and the center all agree trump would throw us back into recession. He says women will start making equal pay as soon as we do as good a job as men. He calls himself the king of debt. And his tax plan sure lives up to that name. Alexander hamilton would be rolling in his grave. He has written a lot of books about business. They all seem to end at chapter 11. [laughter] is this who you want to lead us in an emergency . Someone thinskinned and quick to anger, who would likely be on twitter attacking reporters, or bringing the regulatory system down on his critics, when he should be focused on fixing what is wrong . Would he even know what to do . Mark unlike in the past when clinton attacked trump, this time team trump replied with more than just a few tweets, deploying a more conventional tool. What is known as Rapid Response. The Trump Campaign fired off 9 press releases, along with a a handful of trumps tweets. He followed that up with posting this video on instagram. Mr. Trump Hillary Clinton is only right about one thing; i understand debt and how to handle it. I made a fortune with debt. Debt for this country is a disaster. Obama has piled it on. She has been there watching. Mark how did clinton and trump do on this first day of the new era for the Trump Campaign . John lets start with Hillary Clinton. This is part deux of the attacks that she launched against trump. A few weeks ago this was sharp and solid. One speech in the past had a element of surprise. She is in a slightly more vulnerable position, defending the obama record. She came across a little more tentative, not quite as mark the Clinton Campaign wants to make this a referendum on donald trump. I thought that was effective for her. Against reporters talking about trumps past statements, which is a vulernability. It opens the door to real human being examples of those who has been a problem for trump visavis the economy. I thought the trump team was not perfect, but there were solidly researched documents. Priority one for trumps team is to convince people that he has turned the page. Today was a much different way of responding, to comfort republicans at least. John it is clear from our team at bloomberg that the rnc was doing all of this for trump. They basically outsourced that Rapid Response. That is an encouraging sign. The fact that the rnc was on board, firing stuff off. Mark their Research Shop is good. John even though some of the claims they made in the Rapid Response mark they were atypical. John the Trump Campaign woke up to discouraging data and sobering realities. Troubling polls that were no match for the even more troubling trump fundraising numbers. His campaign only raised 3. 1 million last month, compared to the 25. 4 million the Clinton Campaign raised during the same period, despite trump lending his campaign more than 2 million. Trumps team only had 1. 3 million in cash on hand. In a statement this morning, Trumps Campaign said his donor outreach has only just begun, adding to date the fundraising has been incredible and we continue to see outpourings of support for mr. Trump and money to the Republican Party. That statement belied slightly by the actual numbers. Where do things stand now on day one of the postlewandowski era . Mark this is why money counts. Because of the debates, the convention, and the intense coverage. They wont need as much money now they need money. It is overwhelmed by the fundraising thing. They have a narrative problem because this looks bad. They also have a reality problem. They need to be on with paid media. They are raising money now. The question is, what do they do with it . Do they compete on tv, or do they hold their breath, follow the leader . Trump, as his Campaign Starts at the conventions, i hope whatever damage is being done by this narrative doesnt hurt them in the long run. John this fundraising number is horrific, abysmal, appalling, shocking. Mark less money than some house candidates. John they are broke. The campaign is broke. The campaign has debts. Mark they have taken in money since. John as of the time of the filing of this report, which is the only data that we have, they were in the red to the tunes of millions of dollars. Mark he doesnt need to be paid back dividends. John nonetheless, it is not a campaign. Yes, they have liabilities. In any case, they are liabilities. The campaign is effectively nonfunctional. Not a campaign. Why arent they on the air in enough battleground states . They dont have enough money to pay for the battleground states. This renders this campaign nonfunctional at the president ial campaign right now. Mark if they play by the standard rules, they are going to lose. This morning, trump did a couple of owners, one with the today show, where he stayed relatively on message. This afternoon, trump held a meeting in new york with ben carson and a group of evangelical leaders. One of these attendees, named e. W. Jackson tweeted out this video of trumps closeddoor remarks. Mr. Trump shes been in the public eye for years and years. And yet there it is nothing out there. Its going to be an extension of obama, but its going to be worse. With obama, you have your guard up. With hillary, you dont. Mark that is what we call in the trade, a trump classic. He said we dont know anything about hillary in terms of religion. Hillary clinton talked about her faith at times. We know a fair amount about it. John, what does that performance say about trumps message discipline . John that says that he has no message discipline on a day that job one was to take on the clinton economic speech. He finds himself in front of a group of evangelicals, saying something that is again raising his insinuations about president obama in an outrageous way, saying he is not a christian. That is the implication. I commend mr. Trump to read any biography about Hillary Clinton, bill clinton, or even the New York Times in january, when they reported a story that i was present for, in which she talked about her methodist faith. Hillary clinton is methodist, that is the first title of the story. She has only been a methodist, and that is everywhere. Mr. Trump, just type her name into google, and youll discover everything you need to know about Hillary Clintons religion. Mark i suspect if he gets asked about it, he will walk it back. John but all these conspiratorial ruminations and so the things he should be are going. A stuff that will get a lot of attention instead of things he should be arguing. Mark he will never get total discipline. Doing this in the context of a general election can throw him off message. It can create problems with certain voters. The press is on this stuff. They cannot be happy in trump tower if this is how he performs. John i have said since the turning of the page, the more the important pivot is not the operational pivot. And in the new era, we have him doing exactly the same stuff people were worried about before. It gains him nothing. Not a single vote in america. Mark if you look at past practice, he panders. He thinks this is what they wants to hear. You cant pander in a general election. John and that is not what they want to hear, most of them. We head to ohio to break down Hillary Clintons economic speech. But first a word from our sponsors. Mark joining us to talk more about fundraising of donald j. Trump, billionaire, one of the top political fundraisers, ever, in the history of this young country. He was mitt romneys finance chair and now heads paul ryans finances. Spencer zwick, thanks for coming back. There is lots of talk about how Donald Trumps current financial situation is dire. His campaign says, not a problem. What is the reality of the current mismatch between what the Campaign Needs to spend, and how much they have . Going back four years ago, may was critical for romney. We had about 100 million cash on hand. We knew that you do not get the month of may back. Once you get into the fall, you need to be campaigning and not raising money as much. Now is the time to be raising money. I worry that they have passed through the month of may and have not performed that fund raising side. John have you become a fullfledged trump backer . Spencer no, but im a loyal republican. I worry that they have passed i want the party to be successful. I would like to see the Republican Party win. Mark you are not where governor romney is with respect to mr. Trump . Spencer have not decided what im going to do in the fall. I am 100 focused on paul ryan in his agenda. By the way, we are raising records amount of money at team ryan. I think we are doing that because paul is talking about an agenda and vision for america. John is it not the case that you have to work hard . You worked really hard to raise a lot of money for mitt romney. It seems you have to almost work as hard in the opposite direction to be in the state they are currently in. 1. 8 million cash on hand. That is less than some who run unopposed. There effectively a bankrupt campaign. You have to try to be in the hole this point. Spencer you would think, sitting at the top of the ticket, being the republican nominee for president , that you could just look to a few events and raise more money than that. People want a message. They want to hear a vision articulated by the candidate. I dont think you can blame this on the operations of the campaign or the finance staff or the bundlers or donors. At the end of the day, the buck stops with the candidate. Mark you work for a candidate that have a lot of wealth, maybe not as donald trump. You have seen this in the past, trump should just write a big check. Explain to people the psychology that takes over, once a wealthy person writes a big check, how hard it is to raise money. Spencer almost impossible. People say, he doesnt care about the donors. He may not want this as much because hes not willing to spend the time raising the money. For someone like mitt romney or donald trump, it is easier to write a check than to ask colleagues to do the same. Mark it seems to me that he would either have to go all the way and be willing to fund the entire thing, or not to do it at all. The minute he gives 50 million. That is not enough to get him through. Would that be enough to trigger the psychology of voters saying, if you can get 50 million, he can get that much more . So he has to commit, i am funding at all the way to 500 million, or he should not write any checks . Spencer throughout the primary he said he did not want to waste time raising money. Looking at the may report, it turns out he meant what he said. [laughter] john you said it comes back to the candidate and his message. In the past three weeks, donald trump has said a number of things that are problematic in terms of his poll standing. Things he said after the orlando shooting, etc. What do you hear from donors that are skittishly getting on board the trump train . What do you hear in terms of the message that is central . Spencer i think donors are craving an opportunity to be inspired, to be led by a candidate. For many, they are not seeing that. Just when they start to get comfortable we hear a comment about a judge, or post orlando tragedy about himself. I think donald trump, in order to raise money, should stop talking about Trump University and tell the American People what he will do as president in the first 100 days. Mark your message point is clearly right. Lets talk about the mechanics of fundraising, which you know well. Lets say that they called you and and asked what they needed to do going forward. Should they be focusing on super pacs, the rnc, small dollars how should they try to get out of this hole . Spencer i dont understand why the Term Campaign has not engaged a low dollar community. He talks about how he can gather tens of thousands of people. Why not ask them to give . It might not be thousands of dollars per person, but if he has enough money coming from small dollar contributors, it will add up. Ask Bernie Sanders. Mark you started barack obama and presenters. How much could he raise . Spencer he could put 100 million in the bank. Mark by november . Spencer yeah, probably between now and november. The other part, he would have to get a supcer pac engaged or have the party begin to take over his fundraising. I think they have proven at the Trump Campaign, either they are not capable or interested in raising money. Mark well, they seem to be. They are spending a their amount of time in red states raising money. They are not rejecting the notion. Spencer if you are spending the time, you might as well do it well. Mark he boasted about raising 12 million in texas. Were those impressive numbers to you . Spencer yeah, if those turn out to be true. He won the primary without having to raise or spend too much money. Largely, that is your fault in the media for giving him hundreds of millions dollars in free advertising. He might become president without spending a fraction of what barack obama or mitt romney spent. John as successful as you were, you witnessed how the financial disparity between the Mitt Romney Campaign and Obama Campaign ruined you. You think that it is impossible . That the disparity is too great to make up, and that the consequences will be huge for trump . Spencer i thought may, while hillary was still fighting with Bernie Sanders, was the time to raise a bunch of money. John that month is gone, and so is most of june. [laughter] mark to find the state of Donald Trumps fundraising situation in one word. Spencer in his fundraising operation . Crisis. Mark spencer zwick, thank you very much. More of our interview with donald j. Trump, jr. Up next. If you are watching us in washington, dc, you can listen to us on the radio on bloomberg 99. 1 fm. We will be right back. John joining us from columbus, ohio, kasie hunt, who attended Hillary Clintons speech earlier today. Compare and contrast Hillary Clintons Performance Today with that prior foreignpolicy speech in which she tried to do the same thing on International Matters to donald trump. Kasie hey guys. Apologies in advance, we are having small Gale Force Winds in columbus, ohio. Hillary clinton clearly intended to follow up stylistically on that National Security speech, where she hit a groove. We saw her become comfortable being sarcastic, snarky, taking these jabs. She did some of that today in the second economic speech. It was clear that is what they wanted to go for. One time she was talking about the research for the speech, going through and saying, my staff sent me this, and i looked at it and said, really, he really said that . There were some authentic moments like that. It is trickier territory for her. You could tell that she was a, a little less comfortable, and b, its harder to defend an economic recovery that has Many Americans feeling like they are not part of it. That is contributed to donald trump and Bernie Sanders success. You could sense that inherent tension. Mark they tried to not comment on the lewandowski departure. Have they talked about how they are dealing with Rapid Response for the first time . Kasie like oh right, this is the number of Campaign Emails im supposed to get everyday . Not yet. I would be curious over the next 24 hours. I am not sure that you will see them respond officially. Certainly you will get a bit of chatter and recognition that its going on. John is the Clinton Campaign aware that donald trump is raising questions about her religious faith, within the last couple hours . Kasie i have an inquiry out to them. They have not talked about it so far. The really on that, he methodist faith has been very much a part of her public persona, but also her private life for a long time. We have seen her through the course of this Campaign Talk about how she received emails from a jesuit priest, and how this is played a lot into her some of the more authentic moments that we saw during the primary campaign was when you talked about those issues. I think they feel like they are on relatively comfortable ground, especially when compared to donald trump. Mark ohio is a microcosm of one of the most important battleground states. You have looked at the relative strengths the two candidates there. Tell us about that. Kasie some of the cleveland reporting is pretty good on this. The Organization Democrats is three times the size of where republicans are. Republicans are on the same page. The strickland campaign, the state party. Republicans are splintered. John kasich is not endorsed. The state party chair has not said nice things about donald trump. Everything here is a microcosm of what you are seeing nationally. John kasie hunt, please get out of that gale force. Coming up, donald trump junior, with new information. We will be right back. Trumps eldest son, donald mark yesterday on the program, we showed you some of my interview with Donald Trumps eldest son, donald trump junior, and we talked about possible moves before cleveland. You can watch that campaign in full online. We have additional footage from our interview yesterday at trump tower. I about the swirling beefsteak speculation. How is the running mate process going . Its going great. There are a lot of people interested because they love the message. Both nontraditional as well as traditional. I think we will be very excited about announcing somebody who will be great and help turn this country around. I know the short list. We will get there. Mark if i asked you to write it down on a piece of paper, how confident would you be that you know . Donald well, the second you think something is etched in stone, its different five minutes later. The process is still ongoing. Mark are you confident that the person he picks, the nonpartisan media will look and say that person is absolutely qualified to be president if something should happen . Donald no question. Mark you are newer to politics than your dad, but almost every answer you have given today, i think republicans around the country would say that is the answer we need. Youre talking about changing washington, not having politics as usual, about making about the voters. One criticism of your dad that has come up a lot lately is that when he is on the stump, he is not talking about business like you are. He is talking about Trump University, wayne newton, all sorts of things. Is that fair . Donald i think he is happy to talk about anything, good, bad, indifferent. He is not usually randomly bringing up issues. There are 50 people like yourself in a room as in him questions. I think because of the fact that he doesnt speak from a teleprompter, he speaks from his heart, and he doesnt speak like the rest of us, he speaks like the American People. There may be a segue that may not be as relevant, but it is relevant to him. Everything is not scripted. He doesnt run through of vetting process of 10,000 supercomputers telling people what they want to hear. He is always going to be himself. That is what has won over so many people. Mark have you heard that criticism from people that he needs to focus more on jobs and change . Donald you hear that from everyone. Everyone in the world right now is a political expert. You hear that from some and others say thank you for calling them out. Thank you for being so forward about it. If that empowers people and gives them the proverbial guts to speak about real issues in this country, real issues that we face, thats a good thing. This pc dialogue of everyone is good, no one is out to get us, and its the guns. Thats nonsense. We have to be able to have those conversations. And my father has run that. Has done that. John with the issue of bringing up uncomfortable things, this is a criticism i hear a lot, that he goes off on tensions. Off on tangents. Donald and he will bring a back. But i think thats why hes such a good speaker. There is an entertainment factor. Im not going to deny that. He is speaking from his heart. There are issues he can bring up. I think he realizes now, and why he has changed some of it, is that there is a time in a place to do that and a time in a place to talk policy. We will keep on track and on message. I think he has done it well, especially for somebody who has been doing this all of a few months. Mark our thanks again to donald trump junior. When we come back, we head to the emergency brags it. Brexit. An alarm may sound. Be warned. We can promote and preserve the values we hold so dear, like democracy, like freedom, like tolerance. Thats how our extraordinary country has always made its influence felt, not by walking away from the world, but i engaging with it. Brits dont quit. John that was Prime MinisterDavid Cameron making his appeal to voters, who will decide if the United Kingdom will leave the european union. John, watching cameron there, you have a bunch of polls recently that suggest the vote will be to remain. The bookies seem to believe that too. Give us a sense of if you think people are being overconfident or if there could be a shocker here. Possibly a bit. The leave campaign was doing really well and beginning to gather force. Then you had the murder of an mp. And the british people are howling. They want to get out of this. They are fed up. They are angry. There is a choice between the camera and world and the nigel world. We dont like either of them, but we are grumpy about europe. It seems to be going up, the emotion of those who want to go, and then this tragic murder that happened, and there was a reaction to extremism. People like me thought if there was a terror incident, a murder, Something Like that, it would probably be something that pushed people to leaving, and exactly the opposite has happened. John the remains like, what has been their strongest argument for voters . Its simple, and its an understandable one. You have the status quo. If you take a jump the other way, its a jump into the end around. People talk about the fear factor. In some ways, its scam mongering. Why would you want to do this if we could have a recession . Why would you want to do this if we cant negotiate trade deals . Why would you want to do this if in order to sell things into europe you would have to accept the same rules . And so on and so on. John so, the people arguing for staying in the eu are playing the fear card. Yes. John the people arguing to get out there are always eurosceptics. What brought it to a head that this campaign to leave gathered as much momentum as it did, at least at one time . The last time the british voted on this was in the 1970s. They are comfortable with the they are uncomfortable with the fact that europe has gotten more cohesive. Especially in one party, especially in the conservative party, it eats away at them. Eventually, cameron gave in and said we need a referendum to solve this problem. One issue is whether he will be able to do that. When we were there, the interesting thing is in the old days, dreamy eyed idealists used to be the ones as saying europe would solve everything. Now, i would say the dreamy eyed idealists are the ones saying we will become a freetrade paradise like singapore. Mark the outcome of the vote will tell the tale to a large extent, but what is the process . Cameron remains a slightly lucky politician. He often gets himself into terrible things and then gets out of them. Back to your first question, we should not necessarily assume the basic dynamics are really simple. The old want to leave by an overwhelming majority. At the moment, they are outnumbered by the young and by labor voters. John not just the young but the younger. Middleage down. That level. And the very young. Theres a festival in glastonbury next weekend. Bad weather. There are a lot of things that i dont know anyone on the remain side who feels sure about this. They thought they were doing well two or three weeks ago, and then there was a surge. John i want to talk about cameron himself, who is may be the leading voice for remaining in. What happens to his political prospects if he loses this vote . If he loses, one, its very difficult to imagine him saying. Imagine him staying. You will probably end up with scotland out of britain if britain comes out of europe. Scotland will likely vote to stay in. He is an oldfashioned tory, which has been a disaster. The issue is, even if britain votes to remain, his problems dont necessarily and there. A lot of tories are saying, unless he wins convincingly, we are going to have leadership campaigns against him. At the moment, he would settle for anything that gets a remain vote. John how quickly would he be gone . Very quickly. Days. You could argue, and you may argue that you need somebody at the top to see things through. Its very difficult to imagine the conservative party the conservative party, as you might remember, is ruthless. It gets rid of leaders very, very quickly. The labour party not. Mark one of the more surprising people who came out in favor of exiting was forest johnson. He clearly has ambitions that are greater than almost anybodys ambitions in the world. If britain votes to leave, does force johnson ride that to the head of the conservative party . There are people who believe he has always been skeptical about europe and would not vote to leave. Cameron was expecting him to stay on the remain side and he jumped to leave. Its a simple thing. Whoever wants to be leader, the mps have to nominate two people, and then you go to the party activist. The Party Activists are overwhelmingly euro. Eurosceptic. If johnson gets those, he has a good chance of winning. But the mps might not vote for him. It would on most certainly be somebody we dont know. Johnson looks damaged. Cameron looks damaged. Osbourne looks damaged in the context of leave. The party has a history of picking relatively unknown people, plucking the amount, and plucking them out and putting them in front of people. John john is predicting a plucking. Who knew . Up next, we talked to kim from the wall street journal, about the president ial race and her new book. Mark with us now is a wall street journal columnist and member of their advisory board. She has a written a book that is skyrocketing on amazon. By it while you can. Kim, thank you for joining us. Kim thank you for having me. Mark you are positing that the left does something the right doesnt do at all . Kim when i started writing this book, i thought i would be talking about both sides, but the particular type of intimidation i am talking about, i couldnt find it that much on the right. There are examples, the irs investigating a liberal leaning church that had semiendorsed john kerry. That caused blowback and that ended up getting shut down. There are other examples of republicans playing shenanigans with the federal election commission. Mark why would the left do this more . Kim my argument is that the left, whether you agree with this or not, particularly cares about campaign finance. After citizens united, you could see a discussion at the time among scholars saying we can no longer outright bar people from taking part in elections, so instead, we need to make it painful for them. They were in particular talking about corporations. It has spread now to average americans. John you are discussing a particular type of silencing. What is it you are focused on that you say only liberals do. There are attempts to suppress speech on both sides. Kim what i wrote about in the book are things that happen at the level of government that are very scary. Irs targeting, for example. There were 300 nonprofits told there were about 300 conservative groups that were put on ice. They were told they could not operate and we know that it was based on ideology. What people forget is that in 2010, the year that started, you had letters coming in from democratic members of congress, the president out every day on this saying there were shady conservative groups, tea party groups, and we dont know what going on. Someone ought to do something about this. And the irs did. John one of the most consistent complaints from the Trump Campaign, he is always talking about pc culture. Trying to influence speech and cultural norms. Do you think the kinds of things you are talking about in the book are part of this constellation of issues . Kim i think it is. You talked to a lot of conservatives out there, and i have no doubt that a lot of them are Trump Supporters for this reason. They feel like they cant come out and say what they want to say. A lot of the things i wrote are very jarring to conservatives out there. Have been very scarring to the conservatives out there. Particularly in the tea party groups. There was this john doe probe that one on. A lot of things with the free market. They have felt there is an effort to make sure they cant speak, and a lot of that is part of trumps appeal. Mark how would you characterize where the Editorial Board sits visavis donald trump . Kim well, first of all, the Editorial Board doesnt endorse anybody. We havent in a long, long while. We try to provide the best analysis we can of both candidates. Based on the things we care about, which is free markets and free people. Mark you wrote an editorial today saying if trump keeps running a bad campaign, perhaps the delegates will open up the convention and vote to their conscience. Do you reach a point where you advocate that . Kim we dont advocate that, but we encourage people to take a look at this candidate and see if he has a best shot at winning and enacting good policies in the white house. Mark scott walker said he agreed with paul ryan, that its up to the delegates whether they want to change the rules and allow everyone to vote their conscience and not be bound on the first ballot. What do you think . Kim both National Parties are some of the last big totally private organizations in the world. They are not really bound, at least by any federal law. They do have the right to come up with their own rules. The republican delegates will have to decide if abiding by their conscience is worth the incredible blowback that will come from doing so, but they do have the right to set those rules. John you guys have been critical of trump for a long time. There is no way that you collectively believe he is conservative in any meaningful way. Kim in many policy areas, mr. Trumps views are not what the Editorial Board is in favor of, free trade, for example. When he did his energy speech, i thought it was one of the best Energy Proposals i have seen in a long time, and i cover energy. Getting him to stay on message and talk about that and balancing that out with the other stuff, it makes it tougher to cover the race. Mark congratulations again on the book. Its called the intimidation game. John not the imitation game. Mark the intimidation game, and its about freespeech in america. We will be right back. John its kind of a crazy day because most of us who have covered the Trump Campaign over the course of its existence have never gotten a single Rapid Response to anything. Today, email after email. Its a good sign in terms of their professional organization. Mark i got a very good email from a republican strategist to said that celebrating this is the soft bigotry of low expectations. John nice george w. Bush reference. Tomorrow, we talk about the state of the president ial race. Until then, we say to you, sayonara. Is wednesday, the 22nd of june. I am rishaad salamat. This is trending business. Rishaad we will be visiting various spots in the world, including singapore. We have the retreat. Defensive,n on the will the economy pick up, not man. Stocks heading for their first or klein led lower by japan