Transcripts For BLOOMBERG Bloomberg Markets Americas 2024071

Harvesting. Have you gotten your ballot . Are you going to sign it . If you want, i will sign it. Here it is, get out of here. That is the most honest way of doing it, and that is unfair. Now they are taking all of that enthusiasm that our party has, and we have tremendous enthusiasm. I think we have record enthusiasm. [applause] whiche a base alexa nobody has ever seen including these people, wall street journal, fantastic story this weekend, fantastic cover story on the base, an incredible base. Everyone here will vote. We have a tremendous base. They dont. They have no enthusiasm for their candidate. Bernie, they had more enthusiasm for him. Bernie sanders, he is the greatest loser i have ever seen. This guy can lose and be so happy. [laughter] Hillary Clinton, i want to use nice language. I dont want to use a certain word but it starts with sc they will say he used foul language. Bernie sanders got taken advantage of by Hillary Clinton. Worse. By the democrats this time. Warren,as, elizabeth got out of the campaign one day prior to the super tuesday vote. Bernie sanders would have won every state. Biden won by a little bit. She didnt do well but she took thousands of votes away. If you add just a percentage of those votes back, bernie would have easily won the nomination. I am glad that he didnt because he had more enthusiasm. Much smaller base than ours, but equally as enthusiastic. This base does not like joe biden. They dont like joe biden. I think we are going to get a lot of votes, we did last time. Primarily because of trade. I know how other countries take advantage of us, i understand that. That is something that Bernie Sanders people feel. I understand trade. I have done usmca, i got rid of nafta. [applause] china tariffs. China had the worst year they have had in 67 years prior to the plague. The worst year they have had in decades. We had the best year we have ever had, but we took in billions from china. We never took in 10 cents from china. For 25 years not only obama 425 years, china was taking in anywhere between 200 billion and 550 billion from the united states. I give them all the credit, number one, for being smart and outfoxing all of the people here, their representatives, but china, we built china. 500 billion a year. Wto,e that, before the china was flatlined. It was after that happened. Then they took advantage of us because we didnt have people that were smart enough to see. By the way, biden be the worst of all of them because his son took out 1. 5 billion and he takes out fees. Give me a break. China will own our country if this guy gets elected. [applause] so we have a big one coming. Just to finish, enthusiasm. They take the enthusiasm out of the equation because they are going to go knocking on everyones door. Will you sign it . Nobody knows who is signing it. Now they want to have it where the signature doesnt have to be verified. The signature doesnt have to be verified. And then they are going to play the game that we are not patriotic . What they are doing is using covid to steal an election. Defraud using covid to the american people, all of our people, of a fair and free election. [applause] dont let them give you the post office stuff. The postal service, they do a great job, lose a lot of money. Amazonif they charged and these companies a couple dollars more a package, that amazon has to pay, not the customer, you know what would happen . The post office would start doing well. Amazon dumps all the packages. Why should we do it . If they charged amazon of course, he owns the washington post. When i get bad stories in the washington post, i wonder why. I tell it like it is, right . [applause] more duringmplished the first 3. 5 years of this administration than any president in the history of our country. I am not even getting pushback. I have been saying this for two years, three years. But we have done more lets say just about. Won ayou know, somebody war. We have accomplished more than any other administration in the history of our country. We have secured our borders, we built our wall, which will be finished shortly. We brought back manufacturing jobs. Entire defeated albaghdadi, we also killed the biggest salamani. Of them all, right . We appointed 300 new judges by the end of the first term. It is an unheardof number. President obama was very nice and he gave me 142 openings. Historically, you get no openings. When you become president , the first question is how many judges . None, sir. Very important thing, federal judges. I have appointed. We will have appointed it could be even more than that by the end of the first term. I said, first day, how many judges do i get to a point . They said 142. He thought hillary was going to win. And the republican did not make it easy. If you have enough time, there is not much anybody can do about it. We ended up with 142. We are going to end up with 300, and two Great Supreme Court justices. [applause] sayingember this, i am i am demanding, actually, a list. Let biden put up a list of judges that he will appoint. I have a list of 25. We will be announcing a list over the next couple of weeks, so you know exactly where we stand. He cannot do it. It is not him. He has no choice. The radical left will demand that he appoints super radical left, wild, crazy justices going into the supreme court. Your American Dream will be dead. And by the way, the next had two. I have some president s have had none. I have had two in a relatively short amount of time. The next one could have 2, 3, four, and even five. This is so important, this is whether you are talking about life, second amendment, whether you are talking about military. This is so important. We have to do this. We have to win this election. We brought back manufacturing, we rebuild our luke perry, we wiped out isis. When i came, isis was all over. The Prime Minister of iraq was here last week. He said i want to thank you for defeating isis. States . Me or the united he said you because before they were all over. And you defeated them. I said, tell that to the media. He said, i will. Lets see if he does. We passed the biggest tax cuts and regulation cuts in the history of our country. [applause] we replaced the worst trade deal greatade, nafta, with a usmca deal that will keep our companies here, will be treating us very nicely. I wont say the other two countries were thrilled with it but they were happy enough. That is another thing. They said youll never ever be able to replace nafta. We got it through congress. We fixed a lot of our broken and bad trade deals. We are getting 40 billion from japan. We fixed a horrible deal made with south korea. Remember, a Hillary Clinton special. This will produce 250 thousand jobs. She was right, but the jobs went to south korea. She said it would produce 250,000 jobs, and it did i to south korea. We stood up to china like nobody has ever stood up between the deal,s, and the trade remember, the ink was not dry beef or the china virus poured into our virus. I view that differently. It is done very well. Last week, they have the largest order of corn, largest order of soybeans. They are doing things. They are very smart. People see my attitude and they will say, we are going not going to order. They do just the opposite. The great sonny perdue is here. There he is. Is that right, sonny . I got a call. The largest order of corn in the history of our country, twice. The largest order of soybeans. Here is how smart. Somebody else would say running sun country we are not going to do business with them, he is not saying nice things. China is very smart. Instead they order more corn than we ever thought possible, right, sonny . And now i have farmers calling me up. Sir, we love china. Please dont be too tough on them. It makes it difficult, sonny. We do too good of a job sometimes. We have achieved American Energy independence. We are now number one in the world by far. [applause] and i saw where these phonies they want to end everything we have done. They want to go to wind. They dont even know if they want to go to wind. I think they just want to close up our country because they are taking away our strength. There is no such thing. Solar cannot do it. Solar is very expensive. They want to go to other forms of alternative energy. I think that is ok but we dont have that. It is not going to power these massive factories. And hydro, i love. It is one of my alltime favorites. Hydro, i love. The great dams. You dont see it too much. The environmentalists say you cannot build a dam there, but we have done things that nobody thought was possible. Example, keystone pipeline, we got that approved. Dakota access pipeline, they were all bogged down, right . We got things that they said you could not get done. We are energy independent. They said we want to ban fracking. How do you think they will do in dakota,klahoma, north louisiana will love it. There is basically they want no fossil fuel whatsoever. No gas, no oil, no coal. They dont want anything. Now they are getting killed. The polls came out in texas. Texas was not happy. They want no guns, no oil and gas, and they want no god. Guns, right, no oil and gas. I dont think you are going to do to get in texas. George washington could come back from the dead and he could choose us as vp candidate delete great abraham lincoln, and you will not win the state of texas if you have no oil, no guns, no religion. You are not going to win too many places. [applause] obamacaresd horrible and very unfair individual mandate basically knocked out obamacare. Your second amendment. So important. We protected your second. We cut drug prices, first time in 51 years. We got drug prices down. I did a favored nations clause. Meaning we pay the same price as the lowest country with the best deal. The companies are going crazy, the Drug Companies. They are taking ads on me. I went to mark meadows. They have nothing but cash. Big pharma they call it, for a reason. Nobody gives the politician more money than big pharma. Not even close. I said if you are not going to negotiate a deal, we are going to do a favored nations clause. The biggest guys. Have countries out there that are paying a tiny fraction of what our people are expected to pay. If you have a country, germany, u. K. , allby the way, of europe, canada pays 50 less. People leave our country to go to canada, pick up their drugs, and,. I said i want a favored nations clause. I also want a rebate. Instead of the money going to the middleman, who happened to be the richest people in the world. Frankly, they get more money than the Drug Companies as you can see, President Trump speaking at the charlotte convention, accepting the nomination as well after the roll call today, which is pretty much a done deal. Speaking officially on thursday night but we are hearing from him now as well, talking about the democrats a lot, saying if you want to drive them crazy talk about 12 more years, not four more years. He talked about 80 million ballots, it would be impossible to tabulate those. In his opinion, it would be a mess. Then he talked about the stock market being at records, and nasdaq hitting 16 record since the beginning of the pandemic. Speaking of the markets, let see how they are performing. They are higher and have been all day. The s p is up. 75 . Meat get to some of the and bones of what may happen this week at the rnc with Brown University professor of Political Science wendy schiller. We are hearing a lot of the same rhetoric here at the rnc that we have been hearing. What will the message be that he wants everyone to come away with after this week . Wendy i think he is repeating those things right now. Practicing the speech from thursday evening, i think that we will see a lot of donald trump this week. In 2016ed he won focusing on himself, and though he is doing the same thing, but now he has accomplishments to post about. These are things that democrats have to figure out how to counteract. It will not be as easy as people think it might be. Vonnie as you say that, a headline crossing that new york is going to probe whether President Trump improperly inflated assets. New york probing whether President Trump improperly inflated assets. The new York Attorney general will be doing that. More details on that as we have them. What will happen polling wise after this week . There was one message from the democrats, get trump out. They didnt talk too much about the platform, wax eloquent on mission statements, and it looks like we may see the same from the republicans. Dy the event the mental fundamental premise of conventions is do no harm. The democrats did that last week. I think it was a missed opportunity for them to focus more on the economy. You can see now what the problem is with obamacare, trump praising the fact that he ruined obamacare. In fact, it is stronger than ever. More states have bought into that plan than ever before, but those are democrat and some republican leaning states. The voters may say you got rid of it but it is still available. The average voter may not be as partisan and doesnt realize that it is still there. But response to trumps point about we killed it. This is part of the democrats issue. This will be all over the place. Trade as well. Trump had bad trade policy performers but he made sure that they got subsidized. Maybe that helps them, maybe not. It will be a tough time for the democrats to run on trump on policy, which is why you saw them run on character. The problem is, a lot of people knew this about trump when he got elected the first time and im not sure that many people have change their minds since then. Vonnie what demographics and what states should we be watching . Definitely different from last time around. Purple states are different now. Voters, whoban identified as republican, voted for trump last time but may have views that are more liberal. They tend to be in the suburbs. Somsuburban women. Also people over the age of 65. For the first time in years, democrats are pulling even in this demographic. That affects particular states like arizona and florida in terms of voters over 65, who will be voting by mail in much bigger numbers. The problem with republicans, male tod the vote in work just as much as the democrats. I dont understand the argument they are trying to make. Certainly, they will need all of those votes to arrive just as much as the democrats. Or the will coronavirus economy actually impact the selection . Beasley, yes, voters are thinking about these issues top of mind. At the same time, President Trump and talk about the stock market being at record highs and putting back 9 Million People to work. This suggests that 30 Million People are out of work, and many of them are still out of proper work, but he can use these numbers and make it seem like he is doing a great job. Really tougha moving target for the democrats. For the economy, trump will offer hope. I fixed it last time. He sort of over plays how much he fixed economy versus inheriting a pretty good economy, but there are some ways in which the economy was better until covid. What he is ignoring covid. He says he could not have done a better job, we will get a vaccine, and we will get through it. He has that on his side. Most people want to believe the trump version of things, rather than a democrats version of doom and gloom. That is always the problem of the democrats running against someone who is optimistic. This is the challenge for the democrats. Thank you. Come back soon. We want to extend the conversation. It got cut a little short because of the president speaking at the rnc. That is wendy schiller. Stay with bloomberg for our coverage of the Republican National Convention Starting tonight at 10 00 new york time, and continues all week. Positivity in the market on signs that the Trump Administration could be trying to fasttrack vaccines and other therapies. The fda is looking to expand therapies to a blood Plasma Treatment from recovered patients. Lets get to our next guest from Johns Hopkins university, dr. Tanjala purnell. An associate director for the center of equity and urban health institute. Thank you. You have been concentrating on the different demographics and how they are impacted by covid19. Anything to suggest that fast tracking plasma therapies or anything like that will help these specific demographics . Dr. Purnell absolutely. Think you for inviting me to be here. It is my pleasure to talk about some of our work here. Thisf the things that current pandemic has really unveiled to the general public is that covid19 itself is not the only issue. The reason why the communities are hardest hit were the most vulnerable in the first place is because of these structural inequities. While we are optimistic and hopeful that the treatment, including plasma therapy, will be something that will be beneficial to these groups, just like the general population, we know that this is not the endall beall. The samehave to tackle structural inequities that landed us here in the first place. Vonnie is there anything positive that we can tell these communities about covid19, what we are learning about it, treatments of it . Hospital beds, the ability to walk into a hospital without retaliation if you are not legal. Is there any improvement since we started learning that minorities are much more worse affected . Dr. Purnell i would love to sit here and say, yes, absolutely things are better, but truthfully, i cannot say that. In fact, there are some members of the community who are more concerned now than ever before. Especially here in the united states, we have a lot going on aside from covid, including a lot of social unrest, due to things that are being shown in the media, for example, violence against people of color, things that are happening to the immigrant populations. Of usvery hard for those working within these communities in the context of health care to make promises to people that these things will not happen to them. That has improved, i believe, is several places now understand the importance of having covid19 testing, not just available by car. In the beginning, people had to have a car. Enough of us were speaking about how that disadvantages people in urban communities. That is one thing that has changed. Vonnie thank you. Please join us again soon. We have to leave it there. Purnell, assistant professor of epidemiology at the Hillary Clinton<\/a>, i want to use nice language. I dont want to use a certain word but it starts with sc they will say he used foul language. Bernie sanders got taken advantage of by Hillary Clinton<\/a>. Worse. By the democrats this time. Warren,as, elizabeth got out of the campaign one day prior to the super tuesday vote. Bernie sanders would have won every state. Biden won by a little bit. She didnt do well but she took thousands of votes away. If you add just a percentage of those votes back, bernie would have easily won the nomination. I am glad that he didnt because he had more enthusiasm. Much smaller base than ours, but equally as enthusiastic. This base does not like joe biden. They dont like joe biden. I think we are going to get a lot of votes, we did last time. Primarily because of trade. I know how other countries take advantage of us, i understand that. That is something that Bernie Sanders<\/a> people feel. I understand trade. I have done usmca, i got rid of nafta. [applause] china tariffs. China had the worst year they have had in 67 years prior to the plague. The worst year they have had in decades. We had the best year we have ever had, but we took in billions from china. We never took in 10 cents from china. For 25 years not only obama 425 years, china was taking in anywhere between 200 billion and 550 billion from the united states. I give them all the credit, number one, for being smart and outfoxing all of the people here, their representatives, but china, we built china. 500 billion a year. Wto,e that, before the china was flatlined. It was after that happened. Then they took advantage of us because we didnt have people that were smart enough to see. By the way, biden be the worst of all of them because his son took out 1. 5 billion and he takes out fees. Give me a break. China will own our country if this guy gets elected. [applause] so we have a big one coming. Just to finish, enthusiasm. They take the enthusiasm out of the equation because they are going to go knocking on everyones door. Will you sign it . Nobody knows who is signing it. Now they want to have it where the signature doesnt have to be verified. The signature doesnt have to be verified. And then they are going to play the game that we are not patriotic . What they are doing is using covid to steal an election. Defraud using covid to the american people, all of our people, of a fair and free election. [applause] dont let them give you the post office stuff. The postal service, they do a great job, lose a lot of money. Amazonif they charged and these companies a couple dollars more a package, that amazon has to pay, not the customer, you know what would happen . The post office would start doing well. Amazon dumps all the packages. Why should we do it . If they charged amazon of course, he owns the washington post. When i get bad stories in the washington post, i wonder why. I tell it like it is, right . [applause] more duringmplished the first 3. 5 years of this administration than any president in the history of our country. I am not even getting pushback. I have been saying this for two years, three years. But we have done more lets say just about. Won ayou know, somebody war. We have accomplished more than any other administration in the history of our country. We have secured our borders, we built our wall, which will be finished shortly. We brought back manufacturing jobs. Entire defeated albaghdadi, we also killed the biggest salamani. Of them all, right . We appointed 300 new judges by the end of the first term. It is an unheardof number. President obama was very nice and he gave me 142 openings. Historically, you get no openings. When you become president , the first question is how many judges . None, sir. Very important thing, federal judges. I have appointed. We will have appointed it could be even more than that by the end of the first term. I said, first day, how many judges do i get to a point . They said 142. He thought hillary was going to win. And the republican did not make it easy. If you have enough time, there is not much anybody can do about it. We ended up with 142. We are going to end up with 300, and two Great Supreme Court<\/a> justices. [applause] sayingember this, i am i am demanding, actually, a list. Let biden put up a list of judges that he will appoint. I have a list of 25. We will be announcing a list over the next couple of weeks, so you know exactly where we stand. He cannot do it. It is not him. He has no choice. The radical left will demand that he appoints super radical left, wild, crazy justices going into the supreme court. Your American Dream<\/a> will be dead. And by the way, the next had two. I have some president s have had none. I have had two in a relatively short amount of time. The next one could have 2, 3, four, and even five. This is so important, this is whether you are talking about life, second amendment, whether you are talking about military. This is so important. We have to do this. We have to win this election. We brought back manufacturing, we rebuild our luke perry, we wiped out isis. When i came, isis was all over. The Prime Minister<\/a> of iraq was here last week. He said i want to thank you for defeating isis. States . Me or the united he said you because before they were all over. And you defeated them. I said, tell that to the media. He said, i will. Lets see if he does. We passed the biggest tax cuts and regulation cuts in the history of our country. [applause] we replaced the worst trade deal greatade, nafta, with a usmca deal that will keep our companies here, will be treating us very nicely. I wont say the other two countries were thrilled with it but they were happy enough. That is another thing. They said youll never ever be able to replace nafta. We got it through congress. We fixed a lot of our broken and bad trade deals. We are getting 40 billion from japan. We fixed a horrible deal made with south korea. Remember, a Hillary Clinton<\/a> special. This will produce 250 thousand jobs. She was right, but the jobs went to south korea. She said it would produce 250,000 jobs, and it did i to south korea. We stood up to china like nobody has ever stood up between the deal,s, and the trade remember, the ink was not dry beef or the china virus poured into our virus. I view that differently. It is done very well. Last week, they have the largest order of corn, largest order of soybeans. They are doing things. They are very smart. People see my attitude and they will say, we are going not going to order. They do just the opposite. The great sonny perdue is here. There he is. Is that right, sonny . I got a call. The largest order of corn in the history of our country, twice. The largest order of soybeans. Here is how smart. Somebody else would say running sun country we are not going to do business with them, he is not saying nice things. China is very smart. Instead they order more corn than we ever thought possible, right, sonny . And now i have farmers calling me up. Sir, we love china. Please dont be too tough on them. It makes it difficult, sonny. We do too good of a job sometimes. We have achieved American Energy<\/a> independence. We are now number one in the world by far. [applause] and i saw where these phonies they want to end everything we have done. They want to go to wind. They dont even know if they want to go to wind. I think they just want to close up our country because they are taking away our strength. There is no such thing. Solar cannot do it. Solar is very expensive. They want to go to other forms of alternative energy. I think that is ok but we dont have that. It is not going to power these massive factories. And hydro, i love. It is one of my alltime favorites. Hydro, i love. The great dams. You dont see it too much. The environmentalists say you cannot build a dam there, but we have done things that nobody thought was possible. Example, keystone pipeline, we got that approved. Dakota access pipeline, they were all bogged down, right . We got things that they said you could not get done. We are energy independent. They said we want to ban fracking. How do you think they will do in dakota,klahoma, north louisiana will love it. There is basically they want no fossil fuel whatsoever. No gas, no oil, no coal. They dont want anything. Now they are getting killed. The polls came out in texas. Texas was not happy. They want no guns, no oil and gas, and they want no god. Guns, right, no oil and gas. I dont think you are going to do to get in texas. George washington could come back from the dead and he could choose us as vp candidate delete great abraham lincoln, and you will not win the state of texas if you have no oil, no guns, no religion. You are not going to win too many places. [applause] obamacaresd horrible and very unfair individual mandate basically knocked out obamacare. Your second amendment. So important. We protected your second. We cut drug prices, first time in 51 years. We got drug prices down. I did a favored nations clause. Meaning we pay the same price as the lowest country with the best deal. The companies are going crazy, the Drug Companies<\/a>. They are taking ads on me. I went to mark meadows. They have nothing but cash. Big pharma they call it, for a reason. Nobody gives the politician more money than big pharma. Not even close. I said if you are not going to negotiate a deal, we are going to do a favored nations clause. The biggest guys. Have countries out there that are paying a tiny fraction of what our people are expected to pay. If you have a country, germany, u. K. , allby the way, of europe, canada pays 50 less. People leave our country to go to canada, pick up their drugs, and,. I said i want a favored nations clause. I also want a rebate. Instead of the money going to the middleman, who happened to be the richest people in the world. Frankly, they get more money than the Drug Companies<\/a> as you can see, President Trump<\/a> speaking at the charlotte convention, accepting the nomination as well after the roll call today, which is pretty much a done deal. Speaking officially on thursday night but we are hearing from him now as well, talking about the democrats a lot, saying if you want to drive them crazy talk about 12 more years, not four more years. He talked about 80 million ballots, it would be impossible to tabulate those. In his opinion, it would be a mess. Then he talked about the stock market being at records, and nasdaq hitting 16 record since the beginning of the pandemic. Speaking of the markets, let see how they are performing. They are higher and have been all day. The s p is up. 75 . Meat get to some of the and bones of what may happen this week at the rnc with Brown University<\/a> professor of Political Science<\/a> wendy schiller. We are hearing a lot of the same rhetoric here at the rnc that we have been hearing. What will the message be that he wants everyone to come away with after this week . Wendy i think he is repeating those things right now. Practicing the speech from thursday evening, i think that we will see a lot of donald trump this week. In 2016ed he won focusing on himself, and though he is doing the same thing, but now he has accomplishments to post about. These are things that democrats have to figure out how to counteract. It will not be as easy as people think it might be. Vonnie as you say that, a headline crossing that new york is going to probe whether President Trump<\/a> improperly inflated assets. New york probing whether President Trump<\/a> improperly inflated assets. The new York Attorney<\/a> general will be doing that. More details on that as we have them. What will happen polling wise after this week . There was one message from the democrats, get trump out. They didnt talk too much about the platform, wax eloquent on mission statements, and it looks like we may see the same from the republicans. Dy the event the mental fundamental premise of conventions is do no harm. The democrats did that last week. I think it was a missed opportunity for them to focus more on the economy. You can see now what the problem is with obamacare, trump praising the fact that he ruined obamacare. In fact, it is stronger than ever. More states have bought into that plan than ever before, but those are democrat and some republican leaning states. The voters may say you got rid of it but it is still available. The average voter may not be as partisan and doesnt realize that it is still there. But response to trumps point about we killed it. This is part of the democrats issue. This will be all over the place. Trade as well. Trump had bad trade policy performers but he made sure that they got subsidized. Maybe that helps them, maybe not. It will be a tough time for the democrats to run on trump on policy, which is why you saw them run on character. The problem is, a lot of people knew this about trump when he got elected the first time and im not sure that many people have change their minds since then. Vonnie what demographics and what states should we be watching . Definitely different from last time around. Purple states are different now. Voters, whoban identified as republican, voted for trump last time but may have views that are more liberal. They tend to be in the suburbs. Somsuburban women. Also people over the age of 65. For the first time in years, democrats are pulling even in this demographic. That affects particular states like arizona and florida in terms of voters over 65, who will be voting by mail in much bigger numbers. The problem with republicans, male tod the vote in work just as much as the democrats. I dont understand the argument they are trying to make. Certainly, they will need all of those votes to arrive just as much as the democrats. Or the will coronavirus economy actually impact the selection . Beasley, yes, voters are thinking about these issues top of mind. At the same time, President Trump<\/a> and talk about the stock market being at record highs and putting back 9 Million People<\/a> to work. This suggests that 30 Million People<\/a> are out of work, and many of them are still out of proper work, but he can use these numbers and make it seem like he is doing a great job. Really tougha moving target for the democrats. For the economy, trump will offer hope. I fixed it last time. He sort of over plays how much he fixed economy versus inheriting a pretty good economy, but there are some ways in which the economy was better until covid. What he is ignoring covid. He says he could not have done a better job, we will get a vaccine, and we will get through it. He has that on his side. Most people want to believe the trump version of things, rather than a democrats version of doom and gloom. That is always the problem of the democrats running against someone who is optimistic. This is the challenge for the democrats. Thank you. Come back soon. We want to extend the conversation. It got cut a little short because of the president speaking at the rnc. That is wendy schiller. Stay with bloomberg for our coverage of the Republican National<\/a> Convention Starting<\/a> tonight at 10 00 new york time, and continues all week. Positivity in the market on signs that the Trump Administration<\/a> could be trying to fasttrack vaccines and other therapies. The fda is looking to expand therapies to a blood Plasma Treatment<\/a> from recovered patients. Lets get to our next guest from Johns Hopkins<\/a> university, dr. Tanjala purnell. An associate director for the center of equity and urban health institute. Thank you. You have been concentrating on the different demographics and how they are impacted by covid19. Anything to suggest that fast tracking plasma therapies or anything like that will help these specific demographics . Dr. Purnell absolutely. Think you for inviting me to be here. It is my pleasure to talk about some of our work here. Thisf the things that current pandemic has really unveiled to the general public is that covid19 itself is not the only issue. The reason why the communities are hardest hit were the most vulnerable in the first place is because of these structural inequities. While we are optimistic and hopeful that the treatment, including plasma therapy, will be something that will be beneficial to these groups, just like the general population, we know that this is not the endall beall. The samehave to tackle structural inequities that landed us here in the first place. Vonnie is there anything positive that we can tell these communities about covid19, what we are learning about it, treatments of it . Hospital beds, the ability to walk into a hospital without retaliation if you are not legal. Is there any improvement since we started learning that minorities are much more worse affected . Dr. Purnell i would love to sit here and say, yes, absolutely things are better, but truthfully, i cannot say that. In fact, there are some members of the community who are more concerned now than ever before. Especially here in the united states, we have a lot going on aside from covid, including a lot of social unrest, due to things that are being shown in the media, for example, violence against people of color, things that are happening to the immigrant populations. Of usvery hard for those working within these communities in the context of health care to make promises to people that these things will not happen to them. That has improved, i believe, is several places now understand the importance of having covid19 testing, not just available by car. In the beginning, people had to have a car. Enough of us were speaking about how that disadvantages people in urban communities. That is one thing that has changed. Vonnie thank you. Please join us again soon. We have to leave it there. Purnell, assistant professor of epidemiology at the Johns Hopkins<\/a> Business School<\/a> of public health. Ness school of public health. Mark im Mark Crumpton<\/a> with bloomberg first word news. Republican today officially nominated President Trump<\/a> for a second term. The president called the november election the most important in the history of our country. He made an unscheduled appearance after the nomination was official. Justdownsize convention, 330 six delegates participated in the rollcall vote at the Charlotte North Carolina<\/a> convention center. Democratic Governor Tony Evers<\/a> has condemned the shooting sunday of a 29yearold lachman who was hospitalized in serious condition after he was shot by police in front of his three children as he leaned over into his suv. Shooting in kenosha happened around 5 00 p. M. And was cap it from across the street on cell phone video that was posted online. The Associated Press<\/a> reports in the footage, the man, identified as jacob lake, walks from the sidewalk around the front of his suv to his driverside door as officers follow him with their guns pointed and shouting. The ap report that as blake opens the door and leans into the suv, an officer grabbed his shirt from behind and opens fire, while blake has his back turned. Joe biden released a statement calling for an immediate full and transparent investigation, adding that the officers must be held accountable. Later sunday evening, protesters set cars on fires, smashed windows, and clashed with Police Officers<\/a> in kenosha who were in riot gear. At least seven are dead after three massive wildfires continue to burn in northern california. More than 250,000 people are under evacuation orders across the state. Racing to fight the flames as well as preparing for an onslaught of a Severe Weather<\/a> system packing high winds and more lightning that sparked those fires. 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<\/a>. This is bloomberg. Live from toronto, i am greg bonnell. Vonnie im vonnie quinn in new york. We are joined by our bloomberg and Bnn Bloomberg<\/a> audiences. Here are the top stories we are following from around the world. Back to school up to a slow start. We will look at how retailers are faring in the era of virtual learning. From bill ackman to paul ryan to billy being involved in one of the hottest trends of 2020, a blank check company. We will be talking with the founder of rubys, sandy beall, now the cofounder of fast acquisition. Tropical storms threatening the u. S. Gulf coast. Marcourel laura and are impacting the areas production. Have some nice strength today. Optimism out there that the Trump Administration<\/a> wants to fasttrack both treatments and vaccines as they come. Some excitement about this treatment involving blood plasma from recovered covid19 patients. You put it together, the s p 500 performing a little more strongly percentagewise than the nasdaq. Tech stocks are working in our favor today but nice to see that it is not all about tech stocks, broader based today. Pushing to new highs in the s p 500. Toronto, not too bad either. Seeing a little bit of strength in the Energy Sector<\/a> as well. A very interesting time of year, considering most of us in toronto would be celebrating the Canadian National<\/a> exhibition that would usually be on, telling us back to school is around the corner. It is not happening. So many changes out there, but what does it mean for the retail industry, if you are not going to have a retail season . Chiefl cohen is the industry advisor for the npd. How much does retail depend on us opening up our wallets at this time . You are absolutely right. Back to school is not only about School Supplies<\/a> and getting apparel for kids. It drives so much additional impulse. It drives traffic into the stores. The big challenge this year is back starts oren does not start, how will that differ the spending . We have seen some industries capitalize on that, like technology, where they are getting a huge boom from what is going on with stay at home, the entertainment component of that, education component of that, and certainly work from home. Vonnie i would have thought that if anything you need to spend more. Buy electronics, but not share them with other people, you may need to buy supplies for home, arrange some activities at home, as well as stuff for the classroom if it is a hybrid model. Anything to suggest that backtoschool will not be bigger this year . Beshal back to school could sizable he bigger when you think about it, but it will be different. Instead of buying School Supplies<\/a> come in many cases, we could be buying furniture for kids to sit at a desk. If things continue like we have seen with the back to office that is not happening so quickly, a lot of the businesses and corporations are delaying it. That will create that additional spend as people have not fixed up their home yet, they certainly will. Back to school will create a different time. Kids still need clothes. They outgrow them, but they dont need the same level, the same type. They dont have the same social pressures to make sure they have the right brands, outfits. There is some business to be had. The retailers that have done well have done very well. I was retailers that are hardpressed to build an online entity, they are having having the hardest times of late. That somenger retailers get left behind. The headline numbers say retail is strong, but we are seeing that the money is shifting, not being spent in restaurants, being spent in homeimprovement. Not everyone is taking part in the new movement, and may need some support, if they are going to survive this thing. Right. you are it is what we call discretionary divergence. Money that would be spent on restaurant, travel, vacations, even ticket sales for movies, sporting events, concerts, all of those businesses are basically shuttered at the moment. That is putting a large amount of money into the consumers pocket. In some cases, where we are not spending is giving us freedom to spend elsewhere. Which is why you see tangible items selling better. Buying that has been growing has been shut off for a while. Returns,eriential those tangible items for retail to continue to do well. Vonnie who is not getting paid, who is waiting for their bills to be settled up . Those are the ones that are suffering, the people who did not actually send the checks to settle their bills who can continue in business, while those who shift the inventory but cannot get paid, are sort of stuck. The two industries that im watching closely feeling the pinch are landlords for real estate. A lot of businesses cannot afford to pay their rent. Commercial and residential. The other is the suppliers. In many cases, restaurants are struggling to stay open, and if lucky, operating at 20 of normal capacity. Those suppliers are also feeling the pinch when it comes to being paid. The restaurants, in order to open up on a minimal basis, it is not only the staff but the produce they are buying, beverages. Think about the absence of the bar business in these restaurants. That is where the margin is made for these restaurant owners. That they are having a hard time staying afloat. Greg we are getting ahead of ourselves here, but vonnie put the idea in my head. What about black friday . Black friday traditionally is the day after christmas. We have seen it go a little bit earlier, cyber monday. Black friday was about the week for a while. Last year it was about black november because retailers started to advertise early. Be midar, prima week to to late october. That will become the new unofficial start to the holidays. Black friday will be busy online, maybe instore, but dont expect to see the herds of people rushing through the doors. Look for most promotion to be very spread out across the month of november, even into october. Holidays will start earlier than ever. Vonnie thank you so much. Group. Cohen, of the npd coming up, we are looking at the recent boom in Blank Check Companies<\/a> with sandy beall, fast acquisition coceo. This is bloomberg. Vonnie this is Bloomberg Markets<\/a>. Im vonnie quinn in new york. Blank Check Companies<\/a> have become the rage in wall street in 2020. Sonali basak explains how they work and why they have become so popular. Investors seek to raise hundreds of millions of dollars with the promise to use it in 24 months or so to pursue a takeover. Acs trust them to make money in the longer term. Finance titans like bill ackman, cliff robbins, and others have recently raised money for spacs. Centerviewollo, and have one, too. Total issuance for past 25 billion through mid august. Already the most ever raised in a single year. Technology billionaire and Sacramento Kings<\/a> over there for helpsd dv said a spac them capture the greatest wealth opportunity in history, miles away from where they were a couple days ago when the perception of spacs was dim at best. They were kind of sleazy, people didnt know the companies, investors. Then in the early 2000, citibank became the first bank to work with spacs. The ipo market had shut. Point are at the spac where it is a better path than an ipo. Sonali privately held firms are choosing spacs because they pose fewer regulatory hurdles. They can get access to Public Markets<\/a> faster and without jumping through the same hoops as an initial public offering. Investment banks like spacs because they bring in substantial fees. Oppressed expectation for ipos, spacs have generated more than 800 million in fees for credit suisse, goldman, citigroup, and others. But spacs are not without risk. Many produce deals that fail to produce returns. In that time, the s p rallied more than 200 . But wall street is betting that spacs will fulfill their promise and that todays spacs will match big money to the right deals. Bill ackman, who launched the ever biggest spac in july, summed up the opportunity and challenge. We are in a unicorn meeting to marry a very attractive unicorn on the other side but that meets our characteristics. We are designed to be an attractive partner. Vonnie one of the most recent spacs, fast acquisition started trading friday. They focus in the restaurant and hospitality industry. Joining me now is the coceo sandy bell, also the cofounder of ruby tuesday. Welcome. Graduations for getting this spac out the door. Yearsplus, unlimited time. What you are you looking at for a company that you may want to merge with . Restaurantre in the segment, so we prefer that. Oractually preferred the qsr fast casual segment. We are looking for a great deal. You do that by making the brand stronger, resonating more with the consumer, more product driven culinary focus, more technology acquisition. That is key today along with branding. Being able to fold in operations and a great team for real estate for future growth. Curious now im that you have this spac launched, do you have a short list of opportunities . You can share them with us, if you like, but i understand if not. Are you ready to execute . List fromhave a short about 100 down to around 10. We will would all them away. Two are interested. We are pretty agnostic as to who in the 10 we get. We think they could be good, great. We look forward to the journey, but we want to move fast. Vonnie ruby tuesday, great success, you have proven your meddle in this industry, but at the same time, if you are agnostic as to which one, that means they are all doing a good enough job, there are things that you see in each one of them that you could shine up like a diamond. What would attract them to you, why should they pick you . If it is an entrepreneur or owner operator, family owner operator, lets say, maybe they would like to be public, hedge their risks. Merging with us in the form of a Public Company<\/a> could be a great benefit to them, the demise their risk. In addition, you get a great team. We have run fast casual brands, fullservice brands, to billiondollar companies, billiondollar companies, international, domestic, we have done it all. I think that we have some wisdom. We can help a Smaller Company<\/a> in that halfbillion to 1. 5 billion range quite a bit. Equity,ove to private these are challenging times. There are some funds that have their time limits. It may be the right time to have a transaction. Different reasons for different folks. We think it will be a positive to either group. The challengey, now if you are in this business is immense, given the covid19 lockdowns, that some people may be afraid to reengage. Is it because we are in crisis mode that your spac has this opportunity . Sandy i think so. The pandemic has created crisis, with that comes opportunity. The larger dining rooms versus the drivethrus, smaller dining rooms, fast casual, etc. Doing 75 to are 100 of the original volume. Fullservice are the ones getting slammed, doing generally 50 of their volume. Wante does private equity out of this space . It seems like a lot of spacs popping up this year. It may notsual, qsr, be the best time for private equity to be squeezing margins when it is obviously not the time to do that. Equity, think private they generally have a timeframe. The, say, fiveyear mark in these turbulent times, might be a time to consider selling. Another comment you just made, what is important, i think we are the only active right now 100 focused on retail spac out there. Others could be doing hospitality, but it is what we know. A private equity firm wanted to roll over some, sell, or a private owner did, we would be a lower risk, higher value partner. Are you concerned about those that are franchiseowned, those that have a lot of real estate, brickandmortar . Does that put you off at all . No, actually we Like Companies<\/a> on units. Franchises also. You can create value faster, more indirect control of operations. We would lean toward a company with at least a good balance of company operations. That doesnt scare us at all. That is what we have done our whole lives, most of us. Greg sandy, thanks for joining us. Some hints out there. Somebody may be trying to guess those names. Sandy beall, fast acquisition coceo. We have two storms bearing down on the gulf and we have some Oil Production<\/a> being shot in as a result. We will find out what that means for the price of oil, among other things. This is bloomberg. Greg im greg bonnell in toronto. Alongside vonnie in new york. We have two tropical storms bearing down on the gold coast this week, marco and laura. Offshore Oil Production<\/a> has been shut as a precaution. Obviously, u. S. Residents bracing for potential landfall. Joining us now is brian sullivan. What is the latest . Storm marcocal should be getting close to coming ashore in louisiana as we speak. Tropical storm laura is actually crossing part of cuba right now, heading toward the gulf of mexico. More dangerous of the two storms. Vonnie there is a real concern in particular areas, new orleans, the gulf region . Brian the southern part of louisiana will get quite a battering from both the storms. Risk is goinghe down a little bit as the track drifts to the west. They have been moving west over the last few hours, so that is good news for new orleans but bad news for a lot of the refineries, lng terminals further to the west. About, in thelk past, we have seen this is the season for tropical storms that hopefully do not become hurricanes. I understand some are saying that perhaps these shutdowns are not as severe to the oil industry as in the past. Brian im sorry, i did not hear that last part. I guess maybe the shale revolution meant that the gold coast was important. This is Hurricane Season<\/a> and we have seen the story play out before. Perhaps not as detrimental. Brian absolutely true. If you had gone back 15, 20 years, the shutdowns in the gulf would had would have had a much more tremendous impact on u. S. Supplies. Because of the fracking and shale, it is much less now, just a fraction of what it used to be. Vonnie when will the dangerous part of this be all over . Brian unfortunately, not until thursday or friday. Marco is going to fall apart rather quickly, it will hit the coast of louisiana and then slide into texas and then be gone soon. Laura will cross the gulf of mexico, the water is very warm. There is a chance it could explode exponentially in strength and size. If that happens, we could have a severe impact later in the week. Brian sullivan always monitoring the weather for us. Thank you. This is bloomberg. Caroline it is 2 00 in new york, 7 00 p. M. In london. This is Bloomberg Markets<\/a> the close. I am caroline hyde. Romaine i am romaine bostick. Taylor i am taylor riggs. Caroline u. S. Stocks rising sending the s p 500 and nasdaq to alltime peaks. Of u. S. China tensions. The boom continues. Back driverless cars. Very 2020. The first step to a possible second term. Historic trump with an vote ahead. 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