And continues on into the fall campaign, which has started now. That is sort of divide and conquer. He looks at the political equation as those who will support a very clear black and white option. The black and white option for years ago was the border and immigration using almost the same rhetoric that Illegal Immigrants were drug dealers, rapists and murderers. Transitioned has into his description of social unrest around the country. David does that put joe biden in a difficult situation . He is trying to take a tax that is not black and white, basically saying we should allow demonstrations, but we shouldnt be violent. How effective was that speech he gave monday . Rick i think it was an effective speech setting out barriers and boundaries for this debate around donald trump. It is always easier from a political context to make a minds. E stick in voters trump is particularly good at embedding these dark themes. Biden has an additional requirement where he has to convince voters that he is the right guy to solve the problem, not just describe it. His solutions are much less dramatic. It is not pulling out the military or the police and breaking heads. It is finding common cause amongst people to solve problems within the community. Very difficult to convey that in a way that voters will get excited. But really, the only option he has to transition with trump. David at the same time, there is a lot of talk about suburban voters. Not just white, but suburban female voters across the board. Is there a risk on the president s part that they will recoil from him being too harsh . Rick sure and they did, in 2018 them in terms. You are right, suburbs are much more integrated than they used to be. When youre talking about white voters, white women voters, that is only a segment of the women vote in the suburbs. Sure. I think biden has their ear right now. They have already said they have problems with the Trump Administration on unrelated issues, but they also care about security of their neighborhoods. Some of these darker themes espoused by trump will have some resonance. Right now, i would say biden has a receptive audience and it is his view that it stay in the suburbs. David it is pretty clear right now trump wants to be out and about, so to speak. Biden, not quite so much. We see the president actually going to North Carolina today. Is joe biden almost having a rose garden strategy even though he is not in the white house . And if you can grow roses a basement, that would be his strategy. Certainly, his strategy related to covid, was to be more respectful of the social distancing, travel and mask guidance that he had been getting from experts. Donald trump is the opposite. He wants to reopen right away. He wants to avoid the appearance of wearing a mask. He thrives off of crowds regardless of whether they are socially distant. Right now, i would say advantage, trump because he is out campaigning actively and the media likes to cover that. Much more difficult to cover daily electronic news briefs from the biden camp. I think you see biden announce that he will be going to wisconsin this week and getting out of the basement and starting to wage a more active campaign. David what would you be advising the biden camp right now if they asked you . Rick i think the strategy he has got to start getting out and being more aggressive at pushing back on trump both from a messaging point of view and also physically, getting around to the states, is crucial. He hasnt been to wisconsin in two years. They were supposed to have a convention there. Now, i think he has got to take it on the road and carry this message that it is not his watch that they have got to worry about as far as violence in the streets. It is Donald Trumps which is why it is happening now. David we are watching the polls narrow. They seem to be showing and narrowing. Even President Trump going ahead in some key places. At the same time, the former Vice President is winning one thing and that is fundraising. 300 million in one month . Million,excess of 300 almost double what he raised a month ago. Obviously, the convention and his fundraising apparatus have really hit their mark. Also, you can tell there is some intensity behind the biden camp through these kinds of things like really big fundraising. The campaign was bound to close. The country is pretty well divided with only a few Percentage Points of undecided viewers voters at this stage. You knew that would show up. Bidens to lose in the sense that in the vast majority of the battleground states, biden is still ahead. In some cases, by much smaller margins than Hillary Clinton four years ago. There is an anticipation that this could be a pretty close election. David one last thing. Mr. Biden is speaking out today on education and returning to schools. Does he need to get this campaign back up to the question of returning to schools because that gets us back into coronavirus . Ank the education issue is important issue related to coronavirus, but it also targets those suburban women we were talking about earlier. This is a very important issue for them on whether or not they can get their kids back to school, what will be the future of education in the next administration and more conversation about the responsible approach to covid to contrast with the Trump Administrations efforts to try to reopen as quickly as possible regardless of the implications of covid. David on the state of massachusetts, the senate race, it turned out to be quite a drama. Rick it wasnt as close as anybody thought it would be, but it was dramatic. It is the first time i kennedy has ever lost on the ballot in massachusetts. That is a big deal. What is really instructive is that he lost by the same kind of coalition that kennedys used to win repeatedly, left of center young people. Senator markey was able to play the progressive card and keep those young liberal voters on his side and undermining the attractiveness of the kennedy brand. I would say it is the end of camelot. David i kennedy losing in massachusetts sure sounds like it. Some breaking news right now on billionaire investor bill ackman. He had one of those blank check companies. Bloomberg has learned he approached airbnb about a merger with that blank check company, but the home rental sites said no thank you. They said it prefers a traditional. Public offering coming up, the ups and downs of the coronavirus. Thealk with martin mckee, ceo of new york presbyterian hospital. David this is balance of power. We turn now to Mark Crumpton for bloomberg first word news. Mark Health Officials are signaling they may be a new phase in the countries by the against the coronavirus. New cases are declining in recent hotspots, but they are spiking in places like iowa and south dakota. Officials say events like College Reopenings and the sturgis motorcycle rally in south dakota are likely playing a role, but it is also assigned americans may be letting their guards down after months of restrictions. Overall, u. S. Cases this week top 6 million. And ourwup on what you colleague were discussing a few moments ago, one National Poll shows that President Trump has cut into joe bidens lead for the race for the white house. The poll from usa today and Suffolk University has biden lead down from a 12 point advantage he held in june. In brazil, the government has been handing out so much cash in response to the pandemic, that property is approaching a historic low. About 30 of the population, 66 Million People in brazil have been getting 110 a month. That makes it brazils most ambitious social program ever. One University Says the percentage of people below the poverty line has fallen to a 16 year low, but many are questioning how long the president can keep up those payments. 75 years ago today, world war ii ended when japan surrendered aboard the uss missouri. That ended a global nightmare that left as many as 85 Million People dead. More than 60 million americans served in uniform. As of may, the department of Veterans Affairs said about 300,000 were still alive. Global news, 24 hours a day, on air and quicktake on bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am Mark Crumpton. This is bloomberg. David thank you so much. I want to come back to that coronavirus. He even as the rates of infection flatten and drop in places like california and texas, they are on the rise in several states across the midwest. We welcome now dr. Steven corwin , ceo of new york presbyterian. Thank you very much for being with us. Give us your sense of where we are, because it feels almost like whackamole. What is going on with this disease . Dr. Corwin i think the moving average across the country is moving down. Before,ve talked about as you start to open, youre going to titrate infections. You have to be capable of dealing with those outbreaks, which is why testing becomes so important and Contact Tracing to try to keep a lid on this thing until we are capable of treating it and having a vaccine for. The moving average going down is positive. Some of these hotspots are a problem. The opening of colleges, the opening of schools presents a challenge. Indoor dining presents a challenge, opening theaters. We have to be mindful of that so if ite can scale it back looks like we are having an outbreak in a particular area. In new york, we are down to about 2 of our covid peak, which is very comforting. Now, we are going to look at new York City Schools reopening. There is going to be a push for more indoor venues as the weather gets colder. We are going to have influenza start in the fall. I think seeing that moving average go down and seeing the daily infections go down below the 10,000 number is what dr. Fauci has said would be comforting if we can get to that by october. David are we up to meeting the challenges . It looks like we may have to manage this disease for a while before there is this magical cure. Cant count on that. Can we reopen our economy and schools to some extent prudently . Dr. Corwin i hope that we can. I think we missed the boat a little in terms of not tamping down the infection number. I think we had the debate over masks, social distancing. I dont think that helped us as a country. We politicized it, which was unfortunate. I think maintenance of masks, social distancing, getting the infection number down, will allow us to cautiously reopen the economy. We have to reopen the economy. We cant stay still forever, but you want to do it in as prudent a manner as possible. You read in the Financial Times today as well as other venues that germany thinks they are having a vshaped recovery. Part of that is because they were able to control the pandemic to a greater extent than we have. I think the two go hand in glove. David are we making Good Progress on the testing front . It seems like almost every day we have something. Are we making substantial progress on testing . Dr. Corwin not as much as i would like. We still have issues with shortages and things of that nature, so we cant do as much testing as we would like. Lets just talk about the point of cure testing for a moment. Some of the tests can do one every 15 minutes. That is four tests an hour. , wemachines that we have can do batch testing where we can do thousands of tests a day. It,e had the relations for with these machines, we can do turn in less than 24 hours and get these things done quickly. The public ought to be mindful that ultimately, you want to be able to do a high volume of tests on a frequent basis. You want a low enough level of infection so that if you identify an infection, you can do Contact Tracing and then test the contacts traces in a three to five day. Three to five day period. That is the key. It was unfortunate the cdc came out with guidelines for less testing. You need more testing and i dont think there is much dispute, at least in the Scientific Community and people i have been speaking to about that. David i wonder about that. You head up one of the major country. For the those of us out here in the real world, how do we figure out what the truth is . As you say, the cdc came out and said you dont need to test people who are asymptomatic. We had a flurry of experts come out and say that is not right. Are they undermining their own credibility . And then we have this convalescent plasma thing. It was veryi think unfortunate and it does thermine the credibility of fda and the cdc. The fda mistake was egregious. That should never have happened. You are talking about a subset of patients and you are talking about a misrepresentation of the statistics even according to the people who did the study. What are the consequences of that . That gives everyone to say, i will convalescent plasma as opposed to lets study this more rigorously and see whether it works or not. We got into that same conundrum with hydroxychloroquine. I think that was very unfortunate. , quite frankly, that was unfortunate as well. The simple answer is, we need to rigorously test various therapies to see if they work. We need to do the rigorous testing on the face 3 of the vaccine trials phase three of the vaccine trials to make sure if we are going to mass inoculate, that that works in there can be any appearance that this is politicized either for the president s benefit or the benefit of mr. Biden. It has got to be that we are in this together and that we are trying to improve the public health. I dont think we are in a good place in terms of that. You have now that this is a democrat and republican issue and it should not be. Andd you are a physician your chief of medicine before you were ceo. You have said before your company may lose as much as 1 billion out of operating income because of the coronavirus. How are you doing financially . Billions 100 appropriated in the cares act go to hospitals. Did you see some of that money . Dr. Corwin we did. We will lose in the 200 million to 300 million range in june, which is far less had we not received the cares money. Money fordicated that hospitals be converted to grants. We are still anticipating a loss anywhere from 700 million to 1 billion towards the end of the year. We have seen volumes comes back. The fact that volumes are coming back is completely coincidental with the fact that people feel safer. Think we areid, i looking for a 20 that will be rough and a 21 that will hopefully be better and by 22, we are out of the worst of it from a perspective of a major institution. Cash ona fair amount of hand, cash reserves. We have a very strong Balance Sheet to be able to withstand that. I do have concerns about critical access hospitals, rural hospitals and safety net hospitals that do not have that ability. As with other industries, i think youre going to be seeing a shakeout in this fall in terms of layouts and potentially even bankruptcies, especially if the economy is not coming back and more people are out of jobs. Ont comes to the negative the hospital side. I still think the hospital industry is not by any means out of the woods. David really great to have you with us, appreciate your time. That is dr. Steven corwin, new york presbyterian ceo. Coming up next, what are the markets telling us about the upcoming election . This is balance of power. David every day, we get new polls of registered voters, likely voters and battleground states, but what do those with money on the line think about the election . Welcome Abigail Doolittle for a read on the election market metrics. Abigail as you were mentioning, mainly the polls are favoring candidate biden over President Trump, but they are narrowing as you have been following yourself. This is super interesting because the betting odds have narrowed dramatically. Back in august, joe biden has his that had his odds at 61 beating trump. Now, they are both very close to 50 . Those odds have narrowed and narrowed. It will be interesting to see whether or not we start to see pauls narrow even further from where they were. Again, this is turning into a pretty tightly contested race. We have many talking about the possibility of volatility going into the election. If we take a look at the vix curve, it really makes the point. It is fear index. Historically, it is high, but nothing compared to the 85 when we were in the march lows for stocks. For september, what we are looking at is closer to 28, 32 in october and 34 in november. Really rising volatility. What makes this so interesting is this looks forward by 30 days. November 30 four is actually december. Other issues, may the senate goes to the democrats. It is going to be a really interesting fall. David a lot of uncertainty out there. Thank you so much. Up next, he has run one of the most influential Media Outlets in the country. It is the New York Times. We are going to talk with the ceo about the business of news and weather impartiality can survive the election. Mr. Thompson ran the bbc for coming over. Ons is balance of power Bloomberg Television and radio. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. This is balance of power on Bloomberg Television and radio. For first word news we go to Mark Crumpton. Americas top Infectious Disease expert is worried about the upcoming holiday. Dr. Antho