Where the world of politics meets the world of business. I owe you a word of explanation. We had some technical problems. For those of you on television, you got to see some charts for a bit. Now we are off and running. The first president ial debate takes place in ohio tonight. Kevin cirilli is on the scene in cleveland. Great to have you there. Before we get into the substance of what might be discussed, set the stage. Who will be there, what kind of arena is it, what are the rules moderator chris wallet Chris Wallace will have to enforce . Kevin 90 minutes, uninterrupted , the first time President Trump and go but it will go headtohead and both are giving clues about their strategy based upon who they are surrounding themselves with. Room given then social distance guidelines. Congressman tim ryan, a central democrat, and another centrist democrat in battleground states of ohio and pennsylvania will be meanwhile,den, and we are learning some conservatives in the farright movement of the party are also going to be with President Trump , people like senator marsha blackburn, one of the key members of the Senate Judiciary committee that will take up the nomination of judge amy Coney Barrett, as well as congressman jim jordan, another ultraconservative in the freedom caucus, someone who has deep political ties to the president s chief of staff mark meadows in terms of negotiating on that stimulus. We are gathering the strategies as joe biden tries to make a play for centrist and President Trump tries to rally that working class base. David that is fascinating. I had not known that before he just told it to me. If we read into that, that means the debate has shifted to the right, that means joe biden is going toward the center. There is no coincidence you have conor lamb, just across the border in pittsburgh. You have tim ryan as well. Centrist democrats. Republicans are going to the right. That might suggest where the debate is shifting. Kevin precisely. We are also gathering after the debate joe biden will be embarking on an ohio pennsylvania train tour. He has a storied history with amtrak in terms of traveling from delaware to washington, d. C. During his time in the senate. It is all about the working Class Coalition he is trying to win back. He is outperforming Hillary Clinton amongst africanamericans. He is outperforming Hillary Clinton amongst White College educated women. Ands underperforming her, President Trump is outperforming his 2016 levels, amongst white workingclass men. That is why the Biden Campaign is feeling emboldened to make inroads to constituencies that traditionally, based on last cycle, democrats have struggled with. David we look forward to hearing your reporting throughout the day and the night. That is Kevin Cirilli, chief washington correspondent. All week we are looking at ohio as part of our swing state series leading up to the election. It is no coincidence the first debate tonight is taking place important ohiow has been in many elections. That is something kyle contact explained to us. Kyle for a long time no state better reflected the National Voting than ohio did. Ohio typically voted a little more republican, and ohio has also voted for the winning Electoral College candidate 29 of the last 31 elections, going back to 1896. David now we welcome our bloomberg political contributor rick davis from stone core capital. Put together ohio with the broader question of what the nation will be seeing tonight. To what extent is it important both of these candidates appeal to ohio because to some extent ohio does represent what they need to do nationwide. That it is a good point ohio is not necessarily included and a lot of the conversations around the battleground states because there are so many battleground states in play. Ohio has always pulled close between trump and joe biden, and the workingclass suburbs like what Kevin Cirilli was just talking about with areas like youngstown is a hotbed for trumpism in the country. Trump will want to play there hard, and tonight you will see his message try to appeal not to the white suburban itll class women that are in play in most of the state, but to try to get his base rallied up amongst the bluecollar workers of ohio. David he has several subjects he can choose from. We have a lot on the agenda. What is best for him . The economy and the manufacturing jobs . Is it his nominee to the Supreme Court, or Something Else . Rick he will stress the manufacturing jobs. He has been doing that on the campaign trail in michigan and pennsylvania and will again in ohio. He wants to take credit for the things he was able to do in his administration. Regardless of whether there was an increase in manufacturing jobs, he will claim he is committed to it. The argument is stressed because of the downturn from the coronavirus. I think he will stay away from where we are today, but talk about what he has been able to accomplish the first two years of his administration. David from the other side of the stage, what does joe biden need to keep the subject on . Rick joe biden has his own jobs plan. He will not let trump out jobs create him. You will see him arguing for that. He is also going to say the economy is in shambles with almost 30 Million People unemployed. He has a plan to put them back to work. I think he will attack the jobs issue in a slightly different way. He will spend a lot of time talking about the Public Health problems associated with covid and not just the fact we are in the middle of a pandemic, but our Health System needs to be reinforced to support it. You will see him talking to suburban voters about health care tonight. David i would be surprised if there was not a side crack about President Trumps taxes. Does biden have to resist the temptation to spend a lot of time on that subject . Rick i think joe biden will have to spend an enormous men of time resisting donald trump all night long. If he can get a word in edge wise will be a success. The key for the biden camp as they do not engage trump and they let trump be trump, but in the meantime joe biden communicates directly to the voters in his own style and substance. It is more like a candidate appearance where both are the stage than a debate tonight. David it is a fascinating point you make your if you look back through history, it is the affe ct a candidate more than the cells more than the substance. It is what gestures they make, what their face looks like, when they look at their watch. That works affect best for joe biden . We know what President Trump will look like. Rick we all remember al gore sign in george h. W. Bush looking at his watch, sarah palin winking. Nonverbal cues about how the night is going will make news. It is hard to tell. Joe biden may throw out a couple of technical points to reinforce the claim he is not senile, which is what donald trump has been saying all month since the convention. There is going to be a lot of opportunities for each of them to game out the night. You usually cannot tell until the next date what impact they will have. David we will all be watching that debate closely and you will be with us. There is also business may be getting done on capitol hill as they talk about maybe a fourth round of stimulus. There is apparently discussion between nancy pelosi and secretary mnuchin. I wonder whether those two could get a deal done. We talked with Chuck Grassley last week and he said the white house and nancy pelosi agree to something and they have a problem with republican senators. This is what Chuck Grassley said. Grassley this used to be the white house versus closely. Now the present versus nancy pelosi. Now the white house as we can go to 1. 5 trillion. He should be careful because i do not think that bilby get through the United States senate. David is the biggest hurdle the white house or republicans in the senate . Rick sender grassley knows his stuff and i would not doubt he has his ear to the floor of the senate as to what republicans are willing to take. I would say there are republicans up for reelection in tight races where they would join with the democrats on a deal if the Trump Administration and nancy pelosi agree. As much as i agree republicans want a smaller stimulus than what nancy pelosi is selling, if the Trump Administration, secretary mnuchin, nancy pelosi agree, i cannot imagine a scenario where those republicans up for reelection do not vote yes. That is Bloomberg Contributor rick davis. He will be part of our debate covered started tonight at 8 30 on Bloomberg Television and bloomberg radio. Coming up, one of the topics in the debate will be race and violence in our cities. We talk with an expert of racial justice, professor monica bell of yale. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turned to Mark Crumpton for bloomberg first word news. Mark President Trump and joe biden go headtohead for the first time tonight in the opening president ial debate in cleveland. Only a tiny fraction of voters say the debate is likely to change their minds. In a new poll from monmouth university, 87 say they are not likely to be swayed on the debate. Only 3 say it is very likely. President trump sons are defending their father against the New York Times reporting that he avoided paying income tax. In separate interviews on fox, eric trump and donald trump, jr. Set their fathers Companies Pay millions of dollars and other taxes. They acknowledge he has used depreciation, tax credits, and other provisions of the tax code to reduce his personal tax bill. Trumpmes reported mr. Paid 750 in federal income tax in 2016 and 2017 and pay no income tax at all in 10 of the previous 15 years thanks to massive losses by his businesses. Boris johnson is dismissing reports of concern among his conservative Party Colleagues that he is still not fully recovered from covid19. The british Prime Minister said he is fitter than he was before. The Prime Minister became seriously ill and require treatment and intensive care after testing positive for coronavirus in march. He spent about a month away from his duties at the peak of the u. K. Outbreak. A wildfire in northern californias wine country has now more than tripled in size. The blaze has forced thousands of evacuations and is threatening properties in a region devastated by fires just three years ago. The fire is located north of san francisco. It has burned more than 36,000 acres. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David the deaths of george floyd and Breonna Taylor have led to months of protests and civil unrest, bringing to the floor the nation struggle to overcome 400 years of racism and putting on the agenda for tonights debate the subject of race violence in our cities. We welcome a student of the quest for racial justice, monica bell is associate professor of law and sociology at Rail University at Yale University and has written this is specifically on the agenda tonight. Not a surprise what has gone on in this country. You have studied this. What are the fundamental issues that need to be addressed, whether they will be or not on the debate stage. Monica one of the fundamental issues we have to understand is these problems of Police Racism and Police Violence and the experience of particularly black communities, but not only black communities with respect to policing have deep historical and structural roots. We need to hear solutions from the candidates that do not run officersaining police out of overt racism. We have to understand these problems are baked into the fundamental structure of Police Departments, so we need to see Structural Solutions that touch not just policing, but also multiple structures through which black communities especially, but also brown communities and other marginalized communities are oppressed and left out of our democracy. David by and large, policing has been left to local government to handle. Obviously with some issues in federal. Housing is different. Much of what youre talking about is a housing issue, not just a policing issue . Monica of course these issues intersect. One of the challenges as a lawyer and a sociologist is the dominance of policing and housing operate on multiple levels. It is true Police Governance is primarily local and there are 18,000 plus Police Departments in our nation. The federal government also has a massive role to play in the priorities of policing. With respect to housing, the situation is somewhat more a lot ofed, although decisionmaking in terms of housing, are also quite local. There are cooperative agreements between the federal government and state and local governments around housing. It is true that historically, largely for many different ofhanisms, the establishment of, the Fair Housing Act 1968, and the massive federal housing infrastructure predating that, the federal government has long had a serious role to play in housing. The federal government set up thereated Public Housing are distinctions. Impulsese fundamental of my work is not to see one problem is proceeding the other. Your wayt desegregate out of harsh policing. You also cannot police your way around the persistence of housing segregation. Basically we have to operate on all of these issues at the same time and recognize the interconnections between housing, education, policing, etc. Youd from your study, what expect or hope to hear from President Trump on the one hand and former Vice President biden the other hand. They seem to have different approaches. Monica absolutely. One of the things that has been fascinating to me as a student of policing and federal policing policy during the trump we have seen over the past decade or so a greater embrace by people on the right of recognizing the deep libertarian issues that emerge out of policing and the criminal justice system. There is a pretty massive embrace by people on the right ecarceration, police reform, etc. We have started to see a coalition emerging prior to the ascendance of President Trump, who has taken, almost an anachronistic position with respect to law and order issues and with respect to policing. Actively encouraging police to be brutal toward people who they ways has setn some back the conversation in Police Unions about what sorts of accepted. Uld be i expect we will see a Strong Defense of status quo policing by President Trump while also embracing other sorts of david what you hope to hear from joe biden . Hear is aat i hope to recognition that the problems of Public Safety we face in our nation are not problems they to be fixed by police alone. Guy thank you david thank you so much. A pleasure to have you with us. I hope you come back for a much longer discussion. That is monica bell, associate professor of law at yell law school and a sociology professor as well as yale. Still ahead, we will talk to tom perez, chair of the Democratic National committee come on the day of the big debate. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for a check on the markets with scarlet fu. Not so great, not so bad. Scarlet so much for the month end rally that had been taking shape. The nasdaq also giving up some of its recent gains. It had just finished its best to day advances since april. The nasdaq with relative outperformance today. It strength the last two days is a sign of defensive posturing. The catalysts are many. New york daily virus positive rate top 3 for the first time in months just as schools reopen. ,o movement on fiscal stimulus even with nancy pelosi and Steven Mnuchin speaking this morning and committing to agree to speak some more tomorrow. House democrats released their latest action plan, a 2. 2 trillion package, much farther much smaller than the 3. 4 trillion act they passed. You can see the 1200 check. 20 of the plant will be your mark for state and local government and this is a hard no for republicans. 10 for education. Few economists are expecting any deal to be struck before elections. You saw j. P. Morgan and Goldman S