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00:00♪ DAVID: CAN BLOOMBERG WORLD HEADQUARTERS TO OUR AUDIENCES WORLDWIDE, I AM DAVID WESTIN. LOOKING TO BALANCE OF POWER. LATE YESTERDAY, PRESIDENT TRUMP RESPONDED TO THE CRISIS AT THE CAPITAL IN A RECORDED ADDRESS IN WHICH HE SAID HE CONDEMNED THE PEOPLE WHO STORMED THE CAPITAL AND AT THE SAME TIME ACKNOWLEDGED THAT THERE WILL BE A NEW ADMINISTRATION TAKING OVER. PRES. TRUMP: A NEW ADMINISTRATION WILL BE INAUGURATED ON JANUARY 20. MY FOCUS TURNS TO ENSURING AN ORDERLY TRANSITION OF POWER. DAVID: WE WELCOME OUR POLITICAL CONTRIBUTOR TO RESPOND TO WHAT HAS BEEN AN ALREADY EXTRAORDINARY WEEK. THE PRESIDENT SAID THERE WILL BE A NEW ADMINISTRATION. HE NEVER USED JOE BIDEN'S NAME. NOW HE SAYS HE IS NOT GOING TO THE INAUGURATION. IS THIS WHAT WE NEED FOR AN ORDERLY TRANSITION OF POWER? > > IT IS A STEP IN THE RIGHT DIRECTION. WE SHOULD SAY THAT IN TWO HOURS AGO, HE ALSO TWEETED THE 75 MILLION GREAT AMERICAN PATRIOTS THAT VOTED FOR ME WILL HAVE A GIANT VOICE INTO THE FUTURE. THEY WILL NOT BE TREATED UNFAIRLY. WE ARE SEEING ONCE AGAIN THE VIDEO, WHICH IS A SHARP CONTRAST TO WHAT HE WAS SAYING THAT A BEFORE AND FOLLOWED UP SEVERAL HOURS LATER BY THESE KIND OF TWEETS AND TWEETING AFTER THAT HE WILL NOT BE ATTENDING THE INAUGURATION. ONE OF THE MANY QUESTIONS I HAVE IS WHETHER THE PRESIDENT IS NOT ONLY GOING TO TRY WITH HIS INNER CIRCLE, BUT WHETHER HE WILL TRY TO PARDON THESE PEOPLE WHOSE CHARGES ARE BEING LEVELED AGAINST ALREADY WHO STORMED THE CAPITAL ON WEDNESDAY. DAVID: JUST A FEW MINUTES AGO, WE HEARD FROM NANCY PELOSI REFERRED BACK TO WHAT HAPPENED WITH RICHARD NIXON IN THE 60'S WHEN REPUBLICAN LEADERSHIP WENT TO THE HILT, -- THE HILL -- IS THAT REALISTIC GIVEN THE SHORT PERIOD OF TIME WE HAVE LEFT? > > THE MOST REALISTIC PATH IS WHAT SHE SAID, RESPECTED REPUBLICANS, MITCH MCCONNELL, MIKE PENCE, PEOPLE THAT HE RESPECTS, HIS CHILDREN AND FAMILY, NEED TO GO TO HIM TO MAKE THIS HAPPEN. THAT IS THE PATH FORWARD. I HAVE A HARD TIME BELIEVING THAT MIKE PENCE WILL INVOKE THE 25TH AND IT IS DIFFICULT TO IMAGINE THAT THEY COULD GET AN IMPEACHMENT AND REMOVAL DONE IN 13 DAYS. COULD THEY DO IT? YES, THERE IS NO TIMEFRAME. BUT IT WOULD BE INCREDIBLY FAST HISTORICALLY FOR THEM TO ACT ON SOMETHING LIKE THAT. I THINK SHE IS RIGHT. THAT WOULD BE THE WAY TO DO IT. REPUBLICANS NEED TO STEP UP. DAVID: IN THE MEANTIME, WOULD BE THE FIRST TO SAY THERE COMES A POINT WHEN YOU HAVE TO START THINKING ABOUT THE FUTURE. WHAT DO YOU MAKE OF WHAT BIDEN IS DOING WHAT HE SAID AND IN HIS APPOINTMENTS? JEANNE: I THINK YOU SHOULD STAY AWAY FROM DISCUSSIONS AS TO WHAT HAPPENS WITH PRESIDENT TRUMP. I THINK HE WAS RIGHT TO CONDEMN THE VIOLENCE. BUT I THINK HE NEEDS TO THINK AHEAD. LET'S NOT FORGET, TODAY WE HAD BAD NEWS ON UNEMPLOYMENT. WE ALSO HAD BAD NEWS, INCREASINGLY BAD NEWS ON THE NUMBER OF DEATHS DUE TO COVID. HE NEEDS TO BE FOCUSED ON THE HEALTH CRISIS THAT HAS DESTROYED ASPECTS OF THE HEALTH OF THIS COUNTRY FOR THE LAST YEAR AND HAS HAD AN INCREDIBLE IMPACT ON THE ECONOMY. EVERYBODY FROM YOUNG CHILDREN TO THE ELDERLY. HE NEEDS TO BE FOCUSED ON THAT AND WHAT HE IS GOING TO DO WHEN HE HITS THE GROUND RUNNING ON JANUARY 20. DAVID: THANK YOU FOR PUTTING A DIFFICULT WEEK IN PERSPECTIVES. AGAINST THE BACKDROP OF THE CRISIS IN WASHINGTON, THE GOVERNMENT RELEASED UNEMPLOYMENT FIGURES AND THEY SHOWED A LOSS OF 140,000 JOBS BUT DID REVISE NOVEMBER TO INTERPRET THESE NUMBERS FOR US, WE WELCOME STATE STREET GLOBAL ADVISOR ECONOMIST. THE MARKET SAID MAYBE IT IS GOOD NEWS BECAUSE WE ARE GOING TO HAVE STIMULUS. SIMONA: I AM CONFIDENT FROM AN MACROECONOMICS PERSPECTIVE, 2021 WILL BE A MUCH BETTER YEAR THAN 2020. WE ARE NOT GOING TO GO FROM HERE TO THERE IN A STRAIGHT LINE AND WE NEED TO BE MINDFUL OF THAT. AT THE SAME TIME, WE HAVE TO -- THE SINGLE CAUSE. IF WE WERE NOT LOOKING AT THE SURGING CASE NUMBERS, DID NOT HAVE TO IMPLEMENT MOBILITY RESTRICTIONS, WE WILL BE LOOKING AT A DIFFERENT FORECAST. IT IS A SOFT PATCH, I DON'T THINK IT IS A SINGLE MONTH SOFT SPOT, BUT I DON'T THINK IT HAS EXTENDED BEYOND TWO MONTHS OR THREE AT THE MOST BECAUSE VACCINES ARE COMING AND PENT-UP DEMAND WILL MATERIALIZE. DAVID: A SINGLE CAUSE, IT LOOKED TO ME LIKE THE NUMBERS, IT WAS ALL IN LEISURE AND HOSPITALITY. I THINK RESTAURANT WORKERS WORK A DISPROPORTIONATE NUMBER OF THE LOST JOBS. SIMONA: YOU ARE RIGHT. IN FACT, THERE WERE PARTS OF THE REPORT WHERE WE WERE PLEASANTLY SURPRISED. BUSINESS SERVICES, I THOUGHT WAS QUITE STRONG. I AM WONDERING WHETHER THIS STRENGTH CONTINUING INTO JANUARY AND FEBRUARY. SERVICES IS WEAK IN PRICE OF SERVICES. LEISURE, HOSPITALITY, PLACES WHERE IT IS NOT SO MUCH THEY DON'T HAVE THE MONEY -- IT IS A VERY DIFFERENT POPULATION. CONSTRUCTION, MANUFACTURING, OTHER PARTS OF SERVICES ARE DOING OK. THAT IS VERY REASSURING. DAVID: THAT RAISES THE QUESTION, HOW MUCH HELP WITH THESE STIMULUS CHECKS GIVE US? IT IS NOT SO MUCH THAT PEOPLE DON'T HAVE THE MONEY, THEY DO NOT HAVE THE ABILITY TO SPEND IT. SIMONA: LET ME QUALIFY THAT STATEMENT. THERE ARE SOME PEOPLE FOR WHOM THE AVAILABILITY OF FUNDS IS AN ISSUE. THAT IS WHERE YOU NEED THOSE STIMULUS CHECKS. WHETHER THOSE FUNDS WILL BE SPENT IMMEDIATELY, HOW THEY WILL BE SPENT, WHERE THEY WILL BE SPENT, IT IS AN OPEN QUESTION. YOU MAY GET THE MONEY AND BE WILLING TO GO OUT, BUT YOU WILL HAVE TO WAIT. IT IS POSSIBLE THAT THE BENEFIT OF THE STIMULUS CHECKS MATERIALIZES DOWN THE LINE. GIVEN THE NUMBER -- TO COVID NUMBERS, MOBILITY RESTRICTIONS EXTEND RATHER THAN GO AWAY. IT WAS ANNOUNCED YESTERDAY THAT SOME OF THE MEASURES IMPLEMENTED POST-CHRISTMAS WILL BE EXTENDED. I DON'T THINK MASSACHUSETTS WILL BE DOING SOMETHING IN THE NEXT FEW WEEKS. DAVID: DO YOU THINK OVERALL IN 2021 WE WILL HAVE A RECOVERY? ARE YOU LOOKING AT A NEGATIVE GDP NUMBER FOR THE FIRST QUARTER AND WHAT ABOUT THE SECOND QUARTER? SIMONA: I AM NOT LOOKING OUT AN OUTRIGHT NEGATIVE NUMBER, BUT A WEAK NUMBER FOR THE FIRST QUARTER. A SMALL POSITIVE NUMBER, SINGLE-DIGIT, SECOND QUARTER IS A BETTER NUMBER. THIRD QUARTER, A BETTER NUMBER. YOU GET THE SERVICE SECTOR MOMENTUM, THE PENT-UP DEMAND THROUGH THE SYSTEM AS WE PROGRESS THROUGH THE YEAR. I DON'T THINK IT IS IMPOSSIBLE TO ENVISION A FIRST QUARTER NEGATIVE TREND, SOMETHING SMALL. I DON'T HAVE THAT IN MY FORECAST AS OF NOW. DAVID: ALWAYS GREAT TO HAVE YOU WITH US. THAT IS SIMONA MOCUTA, SENIOR ECONOMIST WITH STATE STREET. LET'S GET A CHECK OF THE MARKETS. HOW ARE THE MARKETS PROCESSING? KAILEY: IT HAS BEEN A LONG WEEK. DESPITE EVERYTHING WE ARE SEEING AND A DISAPPOINTING JOBS REPORT, THE EQUITY MARKETS ARE POISED FOR A WEEKLY GAIN WITH A MORE MIX IN TODAY'S SESSION. THE DOW IS LOWER. THE S & P 500 AND NASDAQ ARE HIGHER. TECH STOCKS ARE PERFORMING ON THE DAY. INVESTORS LOOKING PAST THE BAD NEWS, MAYBE SEEING IT AS GOOD NEWS, THAT DISAPPOINTING PAYROLL PRINT COULD BE MORE STIMULUS COMING AND THAT IS WHAT THE MARKET IS BETTING ON WITH THE DEMOCRATIC SWEEP WE SAW TAKE SHAPE THIS WEEK. A MORE ROBUST STIMULUS WILL COME UNDER DEMOCRATIC CONTROL. THE REFLATION TRADE HAS ROARED BACK. YOU ARE SEEING YIELDS CLIMBING HIGHER TODAY. PRICE YIELDS UP THREE BASIS POINTS. 1.1% IS WHERE WE SAID. THAT IS 20 BASIS POINTS HIGHER THAN MONDAY. A NOTE OF CAUTION, WHILE BONDS AND EQUITIES ARE SHOWING THAT REFLATION TRADE, KEEP AN EYE ON COPPER BECAUSE COPPER FUTURES ARE LOWER ONLY BY ABOUT .4%. THAT MAY INDICATE A LITTLE BIT MORE CONCERNED ABOUT THE GROWTH OUTLOOK THAT EQUITIES AND BONDS ARE TELLING US. AS FAR AS OTHER THINGS THAT ARE LOWER, THE WORST PERFORMING SECTORS IN THE S & P ARE THE FINANCIAL AND COMMUNICATION SERVICES. WE HAD JP MORGAN AND BANK OF AMERICA LOWER BY ABOUT 1.5%. BOTH OF THOSE STOCKS HIT THEIR HIGHEST SINCE FEBRUARY OF LAST YEAR YESTERDAY, A LITTLE BIT OF STEAM COMING OFF OF THAT RALLY. COMMUNICATION SERVICES, FACEBOOK AND TWITTER, CAUGHT IN THE POLITICAL CROSSHAIRS. FACEBOOK HAS SUSPENDED PRESIDENT TRUMP'S ACCOUNTS UNTIL THROUGH AT LEAST THE DURATION OF HIS TERM FOR THE NEXT TWO WEEKS. TWITTER TEMPORARILY DID SUSPEND, THEY ARE UNDERGOING PRESSURE TO ELONGATE THAT BAN AND THE EVENTS OF THIS WEEK HAVE PUT INTO PERSPECTIVE THE POLICIES OF FACEBOOK AND TWITTER. NOW YOU HAVE LAWMAKERS AND OTHER GROUPS SAYING THEY ACTED TOO LATE PUTTING REGULATION BACK IN THE SPOTLIGHT. THEY MAKE THE CASE THAT THESE COMPANIES NEED TO BE MONITORED MORE CAREFULLY AND THOSE STOCKS ARE DOWN IN THE BALLPARK OF 2%. DAVID: THANK YOU FOR THAT REPORT ON THE MARKETS. COMING UP, WHAT IS NEXT ON CAPITOL HILL. A DEMOCRATIC SENATOR FROM MINNESOTA, TINA SMITH. THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. ♪ ♪ DAVID: THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. TIME FOR FIRST WORD NEWS. KARINA: THE HOUSE WILL MOVE TO IMPEACH PRESIDENT TRUMP IF CABINET MEMBERS FAILED TO INVOKE THE 25TH OF HIM AND REMOVE HIM FROM OFFICE. NANCY PELOSI SAYS SHE IS STILL WAITING TO HEAR FROM VICE PRESIDENT MIKE PENCE. SHE WILL PROCEED WITH ACTION IF MR. TRUMP DOES NOT RESIGN. SHE SAYS SHE HAS SPOKEN WITH THE SENIORMOST U.S. MILITARY OFFICIAL ABOUT TRUMP AND THE SAFETY OF NUCLEAR CODES IN HIS REMAINED DAYS IN OFFICE. WHEN PRESIDENT-ELECT JOE BIDEN IS SWORN IN OFFICE, PRESIDENT TRUMP WILL NOT BE THERE. THE PRESIDENT TWEETED TODAY, TO ALL THOSE WHO HAVE ASKED, I WILL NOT BE GOING TO THE INAUGURATION. ON THURSDAY, MR. TRUMP PLEDGED A SMOOTH TRANSITION OF POWER. TRUMP WILL BE THE FIRST INCUMBENT PRESIDENT SINCE ANDREW JOHNSON TO SKIP THE SUCCESSOR'S SWEARING IN. MORE THAN 4000 AMERICANS DIED FROM THE CORONAVIRUS YESTERDAY. THAT BREAKS A RECORD FOR DEATHS FOR THE SECOND CONSECUTIVE DAY ACCORDING TO DATA BY JOHNS HOPKINS AND BLOOMBERG. MORE THAN 277,000 NEW CASES WERE REPORTED ACROSS THE COUNTRY, AMONG THE HIGHEST NUMBERS FOR THE ENTIRE PANDEMIC AS STATES REPORT A SURGE OF CASES FOLLOWING THE HOLIDAYS. GLOBAL NEWS 24 HOURS A DAY ON AIR AND ON BLOOMBERG QUICKTAKE, POWERED BY MORE THAN 2700 JOURNALISTS AND ANALYSTS IN OVER 120 COUNTRIES. I AM KARINA MITCHELL, THIS IS BLOOMBERG. DAVID: THANK YOU. A NEW CONGRESS TRIES TO REGAIN NORMALITY AFTER THE SHOCKING ATTACK ON WEDNESDAY. WELCOME ONE OF THOSE DOING THE NATION'S BUSINESS, DEMOCRATIC SENATOR FROM MINNESOTA, TINA SMITH. GOOD TO HAVE YOU WITH US. LET'S LOOK FORWARD. WE HAVE A NEW CONGRESS, WE ARE ABOUT TO HAVE A NEW SENATE WHERE THERE IS A 50/50 SPLIT THAT KAMALA HARRIS WILL BREAK THE TIE ON. WHAT ARE YOUR HOPES AND DREAMS FOR WHAT CAN BE A CONCH -- ACCOMPLISHED? TINA: I APPRECIATE HIS QUESTION. AS I HEARD THE OPENING TO OUR CONVERSATION, THE TRAGIC NEWS THAT WE LOST 4000 AMERICANS YESTERDAY TO COVID. THAT IS A REMINDER OF THE IMPORTANT CRUCIAL WORK WE HAVE TO DO IN CONGRESS WHEN WE ALL COME BACK TOGETHER ON JANUARY 21. I AM ENTHUSIASTIC ABOUT MY NEW COLLEAGUE FROM GEORGIA. I'M EXCITED THAT WE ARE GOING TO HAVE A VERY SLIM MAJORITY IN CONGRESS AND IT WILL BE INCUMBENT UPON US TO TAKE THAT MAJORITY TO ACCOMPLISH THINGS FOR THE PEOPLE. IN MINNESOTA, WE HAVE DARK WINTERS ANYWAY, AND THIS IS GOING TO BE A DARK WINTER. I AM LOOKING FORWARD TO WHAT WE CAN DO TO RESPOND TO THIS PANDEMIC. THERE IS SO MUCH MORE WE NEED TO DO. AND THINK ABOUT WHERE WE CAN GO FROM HERE AS THIS REALLY IMPORTANT POINT IN OUR COUNTRY, IN PUBLIC HEALTH AND IN DEMOCRACY AS WE SAW JUST A COUPLE OF DAYS AGO IN CONGRESS AND IN THE WHITE HOUSE -- AND IN THE CAPITAL. DAVID: I AM FROM MICHIGAN SO I KNOW ABOUT THOSE WINTERS. LET'S TALK ABOUT THE PANDEMIC AND THE AWFUL SITUATION WE HAVE ACROSS THE COUNTRY, A RECORD 4000 DEATHS IN ONE DAY. WHAT IS THERE LEFT FOR CONGRESS TO DO? WHO JUST PASSED THE STIMULUS BILL WHICH INCLUDED MONEY FOR VACCINATION PROGRAMS AND TESTING. IS THERE MORE THAT NEEDS TO BE DONE? TINA: I THINK WE NEED TO MAKE SURE THAT WE HAVE A NATIONAL STRATEGY TO GET THOSE VACCINES OUT TO PEOPLE. CLEARLY, THAT HAS NOT HAPPENED LIKE WE WOULD HAVE HOPED IN DECEMBER, THE GOAL OF GETTING 20 MILLION PEOPLE VACCINATED CELL FALL SHORT -- CELL FAR SHORT. I LOVE THAT PRESIDENT-ELECT JOE BIDEN HAS LAID OUT THE GOAL OF GETTING PEOPLE VACCINATED. THAT IS GOING TO TAKE A FULL-COURT PRESS. YOU NEED TO CONSIDER DOING THINGS LIKE INVOKING THE DEFENSE PRODUCTION ACT, BRINGING US ALL TOGETHER TO MAKE SURE THAT THAT HAPPENS. THE OPTIMIST IN ME IS HOPEFUL THAT AS WE DO THAT TOGETHER, THAT HAVE -- THAT THAT WILL HELP TO START TO MEND THE DAMAGE THAT HAS BEEN DONE TO OUR CIVIL SOCIETY OVER THE LAST FEW DAYS AND THE LAST FEW WEEKS AND THE LAST MANY YEARS. CONGRESS HAS A ROLE TO PLAY IN THAT. ONE THING I WANT TO MENTION AS I THINK ABOUT WHAT WE NEED TO DO AROUND THE COUNTRY IS THAT THE COVID RELIEF PACKAGE WHICH WAS PASSED INCLUDED AN EVICTION MORATORIUM THAT EXPIRES ON JANUARY 21. IT IS AN EXAMPLE AND A SYMBOL OF THE WORKS WE NEED TO DO TO MAKE SURE PEOPLE ARE ABLE TO KEEP THEIR HOUSES, THAT THEY DON'T LOSE THEIR APARTMENTS, THAT WE DID NOT HAVE GREATER HOMELESSNESS FOR THOSE THAT HAVE LOST THEIR JOBS AND LOST A WAY TO TAKE CARE OF THEMSELVES. THERE IS MUCH MORE WORK WE COULD DO TOGETHER IN CONGRESS AND I AM HOPEFUL WE CAN DO THAT IN A BIPARTISAN WAY. WE SAW SOME INCREDIBLE BIPARTISAN WORK THAT LED US TO THE LAST COVID RELIEF PACKAGE. WE NEED TO GO BACK TO WORK ON THAT. DAVID: I WANT TO COME BACK TO THE LAST FEW DAYS AND WHAT HAPPENED AT THE CAPITAL AND GET YOUR SENSE ABOUT WHETHER IT MAY ACTUALLY CHANGE THE DISCOURSE ON CAPITOL HILL, MAYBE MAKE IT EASIER TO GET THINGS DONE. PEOPLE ON BOTH EXTREMES MIGHT REIN IN WHAT THEY ARE SEEING TO WORK TOGETHER. IT SHOWED HOW FRAGILE OUR UNION REALLY IS. TINA: THE REALITY THAT DEMOCRACY DOES NOT JUST HAPPEN, IT IS SOMETHING WE HAVE TO WORK FOR, WAS ON FULL DISPLAY. WE SAW AN ARMED AND VIOLENT MOB LITERALLY TAKE OVER THE LEGISLATIVE BRANCH OF OUR GOVERNMENT FOR A FEW HOURS. WHAT YOU SAID ABOUT WORDS AND TONING DOWN THE RHETORIC, I THINK IT IS IMPORTANT. YOU SAID EARLIER ABOUT HOW WORDS MATTER, SOMETHING BARACK OBAMA SAID. I AM HOPEFUL THAT SOME OF MY COLLEAGUES SAW THE IMPACT, THE CONSEQUENCE OF THE WORDS THAT THEY HAVE BEEN USING, THE WAY IN WHICH THEY HAVE BEEN FEEDING THIS FIRE OF LIES AROUND OUR ELECTIONS AND THAT THEY WILL UNDERSTAND THAT THEY HAVE TO BE MORE CAREFUL AND THE THREAT THAT WE ARE UNDER RIGHT NOW IS NOT A DEMOCRAT OR REPUBLICAN THREAT, IT IS AN AMERICAN THREAT. I FEEL I AM GOING TO BE COUNTING ON THAT AND WORKING TO THAT. DAVID: IN THAT SPIRIT, DO YOU HAVE ANY CONCERN ABOUT THE MOVES TO GET PRESIDENT TRUMP OUT OF OFFICE BEFORE THE INAUGURATION? WE HEARD FROM NANCY PELOSI, OTHERS, CHUCK SCHUMER, WHETHER IT IS THE 20 FIT THE MOVEMENT OR IMPEACHMENT, IS THAT A WAY TO PUT THIS BEHIND US AND GO FORWARD TOGETHER? TINA: THE QUESTION IS, HOW DO WE DEMONSTRATE TO OURSELVES, OUR COUNTRY, THE WORLD THAT THERE ARE CONSEQUENCES IN AMERICA WHEN YOU CHALLENGE AND YOU THREATEN THE FOUNDATIONS OF OUR DEMOCRACY. THAT IS WHAT HAPPENED ON WEDNESDAY. THE PRESIDENT INCITED A MOB TO ATTACK THE LEGISLATIVE BRANCH AND THAT IS WHAT THEY DID. IF THERE ARE NO CONSEQUENCES FOR THAT DIRECT ATTACK ON OUR DEMOCRACY AND PUBLIC SAFETY AND ON OUR NATIONAL SECURITY, IF THERE ARE NO CONSEQUENCES FOR THAT, HOW DO YOU MOVE FORWARD? THAT IS THE SPIRIT THAT DRIVES ME. IT IS NOT A QUESTION OF PUNISHING REPUBLICAN OR DEMOCRAT AND REPUBLICANS, IT IS ABOUT SHOWING OURSELVES THAT YOU CANNOT ATTACK THE FOUNDATION OF OUR DEMOCRACY AND HAVE NOTHING HAPPEN. DAVID: TERRIBLY IMPORTANT. THERE WILL BE CONSEQUENCES NO MATTER WHAT HAPPENS. THANK YOU VERY MUCH. THAT IS SENATOR TINA SMITH, A DEMOCRAT FROM MINNESOTA. A PROGRAMMING NOTE, WALL STREET WEEK AIR TONIGHT AT 6:00 P.M. WE WILL HAVE LARRY SUMMERS AND KRISTINA HOOPER AMONG OUR GUESTS. THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. ♪ DAVID: THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. IT IS TIME FOR STOCK OF THE HOUR. I WOULD SAY THAT TESLA IS ON A ROLE AS THE SHARES OF GOING UP ABOUT -- ABOVE $800. IT IS THE FIFTH LARGEST U.S. CORPORATION. HE WAS OUR COLLEAGUE EMMA CHANDRA. EMMA: TESLA, ANOTHER RECORD, A GAIN OF 8 PRESENT. IT HAS GAINED 23% THIS WEEK. IT IS ON AN 11 DAY RALLY. THAT STRADDLES THE END OF 2020 AND THE BEGINNING OF 2021. YOU MENTIONED THE SHARE PRICE, CLOSE TO $900. JUST 103 THERE'S AGO, THAT SHARE PRICE WAS $200. PERHAPS, THE MOST EMBLEMATIC SHOWING OF THIS FRENZY IN TESLA SHARES OVER THE LAST FEW MONTHS AND THE LAST YEAR. THE COMPANY COULD BE KNOCKING ON $1 TRILLION VALUATION. IT IS AT ABOUT $800 BILLION AT THE MOMENT. THAT MEANS THAT TESLA IS WORTH MORE THAN GM, FORD, DAIMLER, AND BMW COMBINED AND THEN SOME. IT IS A SPECTACULAR RIDE FOR THE ELECTRIC VEHICLE COMPANY. TWO ANALYSTS CAPITULATED, UPGRADING THE COMPANY TO A HOLD AND CONSIDERABLY THE ONE SIDE OF THE STORY FOR TESLA FOR MORE THAN A YEAR. YESTERDAY WE HEARD FROM RBC SAYING, WE'VE GOT THOSE STOCKS COMPLETELY WRONG. ALL OF THIS IS GOOD FOR THE FOUNDER OF TESLA, ELON MUSK. THIS WEEK WE HAVE SEEN HIM GET THE MANTLE OF BEING THE WORLD'S RICHEST PERSON AND PROBABLY THE FASTEST WEALTH CREATION IN HISTORY. $165 BILLION ADDED TO HIS FORTUNE IN THE LAST YEAR. SOME TRIVIA FOR YOU, I WANTED TO TALK OF WAR -- TALK MORE ABOUT TESLA, IT WENT PUBLIC IN 2010, THE STOCK PRICE HAD RISEN AT MORE THAN 23,900% SINCE 2010. DAVID: I'M NOT SURE HOW TO CALCULATE A 23,000% INCREASE. EMMA: I DID NOT DO THAT KIND ELATION MYSELF. DAVID: I'M SURE YOU COULD. COMING UP NEXT, THE HEAD OF NEW YORK'S LARGEST HOSPITAL GROUP, STEVE CORWIN IS HERE FOR A REPORT ON HOW HOSPITALS ARE DOING IN NEW YORK AND ACROSS THE COUNTRY. SECONDLY, WHERE WE ARE ON VACCINATIONS WITH ESSENCE THAT IT IS LAGGING WHERE WE SHOULD BE IN GETTING WITH EVERYONE VACCINATED. STEVE CORWIN IS GOING TO GET US UP TO SPEED ON WHAT HE IS SEEING IN NEW YORK. THAT IS NEXT ON "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. ♪ DAVID: THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. FOR BLOOMBERG FIRST WORD NEWS, WE GO TO KARINA MITCHELL. KARINA: NANCY PELOSI SAYS SHE HAS SPOKEN WITH THE SENIOR U.S. MOST WINTRY OFFICIAL ABOUT PRESIDENT TRUMP AND THE SAFETY OF NUCLEAR CODES IN HIS REMAINING DAYS IN OFFICE. SHE SAYS CONGRESS WILL MOVE TO OUST HIM FROM OFFICE IF MEMBERS DO NOT INVOKE THE 25TH AMENDMENT. SHE SAYS TRUMP IS UNHINGED AND IS CONCERNED HE WILL LAUNCH A MILITARY STRIKE. DOMINION VOTING SYSTEMS IS SUING SIDNEY POWELL FOR $1.3 BILLION. THE VOTING MACHINE COMPANY IS ACCUSING HER OF DEFAMATION. SHE WAS FIRED SHORTLY AFTER A NOVEMBER NEWS CONFERENCE IN WHICH SHE CLAIMED AGENTS FROM IRAN AND CHINA INFILTRATED DOMINION MACHINES TO SWITCH TRUMP VOTE IN FAVOR OF JOE BIDEN. SHE CLAIMED THE SOFTWARE HAD TIES TO THE LATE VENEZUELAN DICTATOR, HUGO CHAVEZ. ALL PASSENGERS ARRIVING IN U.K. WILL BE REQUIRED TO PROVE THEY DON'T HAVE CORONAVIRUS. TRAVELERS WILL HAVE TO SHOW A NEGATIVE TEST RESULT TAKEN WITHIN 72 HOURS OF THE START OF THEIR JOURNEY. THE GOVERNMENT SAYS ANYONE WHO DOES NOT PRODUCE EVIDENCE WILL BE FINED. BORIS JOHNSON PUT THE COUNTRY INTO ITS THIRD NATIONAL LOCKDOWN AS INFECTION RATES SOAR. GLOBAL NEWS 24 HOURS A DAY ON AIR AND ON BLOOMBERG QUICKTAKE, POWERED BY MORE THAN 2700 JOURNALISTS AND ANALYSTS IN OVER 120 COUNTRIES. I AM KARINA MITCHELL, THIS IS BLOOMBERG. DAVID: COVID-19 CASES CONTINUED TO SURGE AROUND THE COUNTRY WITH DAILY FATALITIES REACHING 4000 AS OF YESTERDAY. SOME HOSPITALS ARE NEAR THE BREAKING POINT, EVEN AS VACCINATION PROGRAMS ARE STRUGGLING. WE WELCOME DR. STEVEN CORWIN, THE LEADER OF NEW YORK PRESBYTERIAN, RANKED THE NUMBER ONE HOSPITAL SYSTEM IN NEW YORK AND NUMBER FIVE IN THE COUNTRY. THANK YOU FOR BEING WITH US. LET'S START WITH THE HOSPITAL. HOW BADLY STRESSED ARE THEY, HOW BADLY STRESS IS YOUR HOSPITAL SYSTEM? DR. CORWIN: HOSPITALS ACROSS THE COUNTRY CLEARLY ARE STRESSED. YOU HAVE SEEN WHAT IS HAPPENING IN SOUTHERN CALIFORNIA, OTHER PARTS OF THE COUNTRY, CERTAINLY RURAL HOSPITALS HAVE DIFFICULTY BECAUSE THEY DON'T HAVE THE ICU RESOURCES. WE ARE CLEARLY SEEING STAFFING SHORTAGES AROUND THE COUNTRY. THE REASON FOR THAT IS IN THE SPRINGTIME, IN NEW YORK WHEN WE WERE UNDER SIGNIFICANT DURESS, WE WERE ABLE TO GET STAFF FROM AROUND THE COUNTRY FROM OUR SISTER HEALTH SYSTEMS. THAT IS NOT POSSIBLE NOW. WE ARE AT ONE THIRD OF THE CASES THAT WE HAD IN THE PANDEMIC IN MARCH-APRIL TIMEFRAME. WE ARE STARTING TO GET STRETCHED IN TERMS OF OUR RESOURCES AND WE EXPECT THAT WE WILL HAVE A SIGNIFICANT SURGE OVER THE NEXT WEEK OR TWO, GIVEN THE CHRISTMAS AND NEW YEAR'S HOLIDAY, AS OTHERS WILL. I THINK IT IS GOING TO BE A PRETTY DARK REST OF JANUARY INTO EARLY FEBRUARY AND WE HAVE TO BUCKLE UP. ON THE FORTUNATE SIDE OF THE EQUATION, I DO THINK WITH THE INCOMING BIDEN ADMINISTRATION, THERE WILL BE A RENEWED FOCUS ON THIS, NOT ONLY TESTING AND TRACING, BUT ALSO ON THE VACCINE ROLLOUT. I WOULD ANTICIPATE AS WE GET INTO THE APRIL-MAY TIMEFRAME, WE WILL SEE SIGNIFICANT IMPROVEMENT. WE WILL HAVE A TOUGH FEW WEEKS AHEAD OF US. DAVID: ONE OF THE THINGS WE SAW IS THE DISPROPORTIONATE EFFECT THAT THIS DISEASE TENDS TO HAVE ON BLACK AND LATINO COMMUNITIES AND PARTICULARLY, AMERICAN INDIANS AS WELL. ARE THERE SPECIAL EFFORTS BEING MADE TO ADDRESS THOSE SPECIFIC NEEDS? DR. CORWIN: IT IS VERY COMPLICATED BECAUSE PART OF IT IS WHAT WERE THE UNDERLYING SOCIAL DETERMINANTS OF HEALTH. WHAT IS YOUR HOUSING LIKE, WHAT IS YOUR FOOD SECURITY LIKE MY DID YOU HAVE ACCESS TO PRIMARY CARE, WHAT WAS YOUR CONDITION BEFORE YOU CAME IN? THERE IS NO QUESTION THAT THIS HAS DISPROPORTIONATELY AFFECTED PEOPLE OF COLOR IN THIS COUNTRY, THE BIPOC COMMUNITIES, IF YOU WILL. WE HAVE TO SPEND A LOT OF TIME AND EFFORT TO MAKE SURE THAT THAT DISPARITY IS NOT EXACERBATED BY THE VACCINE ROLLOUT. WE ALSO SEE A LOT OF HESITANCY IN THESE COMMUNITIES AROUND TAKING THE VACCINE WHICH WILL FURTHER ADD TO THE MISERY WE ARE ALREADY SEEING. WE HAVE TO HAVE AN ENORMOUS PUBLIC RELATIONS, PUBLIC SERVICE ANNOUNCEMENTS, DISCUSSIONS, ANSWERING QUESTIONS, CERTAINLY IN MY OWN HOSPITAL SYSTEM, WE ARE SPENDING A LOT OF TIME WITH OUR COMMUNITIES OF COLOR ABOUT THAT BECAUSE HISTORY FOR BLACK AND LATIN POPULATION IS THEY HAVE BEEN EXPERIMENTED UPON SO YOU HAVE TO GET OVER THAT HURDLE TO GET VACCINATION RATES AS HIGH AS WE NEED AS A COUNTRY. DAVID: WHAT ARE YOU SEEING IN TERMS OF THE DEMOGRAPHICS OF THE PEOPLE YOU'RE ADMITTING WITH COVID-19? IS THERE A DISPROPORTIONATE NUMBER FOUR ARE BLACK AND LATIN X? DR. CORWIN: IT DEPENDS ON WHICH HOSPITAL YOU ARE TALKING ABOUT BECAUSE THE COMMUNITIES ARE DIFFERENT. IN UPPER MANHATTAN, IT IS PREDOMINANTLY LATIN X BECAUSE THAT IS THE LOCAL POPULATION. IN BROOKLYN AND QUEENS, FOR THOSE OF YOU WHO ARE FAMILIAR WITH THAT, A VERY DIVERSE POPULATION. IN OUR LOWER MANHATTAN LOCATION WHICH IS CLOSE TO CHINATOWN, A HIGH PROPORTION OF ASIANS. IT REALLY DEPENDS ON WHERE YOU ARE. IN TERMS OF MORTALITY, WE ARE BETTER THAN WE USED TO BE, CERTAINLY OUR MORTALITY RATE IN THE SPRING PANDEMIC WAS IF YOU WERE HOSPITALIZED, YOU HAD A 20% CHANCE OF DYING. THAT IS IN THE 5% TO 6% RANGE NOW. STILL TOO HIGH BUT ARE SUPPORTIVE CARE MEASURES ARE BETTER, I SEE YOU CARE MEASURES ARE BETTER, THERE ARE THERAPIES THAT HAVE SOME EFFECT. WE ARE BETTER IN TERMS OF TREATING PEOPLE BUT THE BEST WAY TO GET TO THE END OF THIS IS VACCINATED EVERYBODY, GET SHOTS INTO ARMS AND LET'S DO IT AS QUICKLY AS WE POSSIBLY CAN. DAVID: LET'S TALK ABOUT WHAT IS KEEPING US FROM GETTING THAT DONE. LET ME ASK YOU IN YOUR HOSPITAL SYSTEM, WHAT PERCENTAGE OF YOUR HEALTHCARE WORKERS HAVE BEEN INOCULATED WITH FIRST DOSE -- THE FIRST DOSE? DR. CORWIN: WE ARE PROBABLY OVER 90% AND WE ARE VERY CLOSE TO BEING ABLE TO MOVE TO THE NEXT POPULATIONS. I STILL THINK WE HAVE HESITANCY IN CERTAIN GROUPS OF OUR EMPLOYEES, PARTICULARLY OUR SERVICE WORKERS, TRANSPORTERS, REGISTRARS, AND WE ARE SPENDING A LOT OF TIME AND EFFORT WITH THOSE GROUPS TO EDUCATE, TO INFORM. MY RESPONSE TO THE HESITANT ONES IS, IT IS SAFE. WE GO THROUGH THOSE ISSUES. YOU ARE NOT BEING A SPEARMINT UPON, WE GO THROUGH THOSE ISSUES. IF YOU ARE THINKING OF GETTING PREGNANT, NOW IS THE TIME TO GET IT. TO BE HONEST WITH YOU, YOU DESERVE IT. YOU ARE A FRONT LINE HEALTHCARE WORKERS. YOU PUT YOURSELF IN HARM'S WAY FOR MONTHS. YOU DESERVE THIS, YOUR FAMILY DESERVES IT. DAVID: WHAT IS CAUSING THE DELAYS, THE PERCEIVED DELAYS IN GETTING THE VACCINE OUT AND ADMINISTERED TO THE EXTENT THAT WAS EXPECTED? IS IT BECAUSE THE RULES ARE TOO RIGID? DR. CORWIN: THERE ARE A COUPLE OF THINGS. FIRST, DO WE HOLD BACK PERCENT OF THE DOSES? THERE ARE STUDIES SUGGESTING YOU CAN HOLDBACK LESS OF THE DOSES. I THINK THE BIDEN ADMINISTRATION IS LOOKING AT THAT SO THAT YOU COULD GET MORE OUT THERE FROM THE FEDERAL STOCKPILE OF THIS. AND THAT WOULD BE OF HELP. HAVING SAID THAT, NOT TO DIGRESS TOO MUCH, YOU HAVE TO FOLLOW THE REGIMEN. THE NOTION THAT YOU CAN GET AWAY WITH WINDOWS DOSE OF THE VACCINE IS INCORRECT -- ONE DOSE OF THE VACCINE IS INCORRECT. I AM SHOCKED THAT THEY RECOMMENDED THAT IN GREAT BRITAIN. THAT IS NOT WHAT THE SCIENCE SHOWS. THE SECOND THING IS CLEARLY WHAT YOU DON'T WANT TO DO IS BE IN A SITUATION WHERE YOU HAVE GIVEN ALL OF THE SHOTS AND THEN YOU DON'T HAVE SUPPLY FOR THE SECOND DELLS. -- YOU DON'T HAVE SUPPLY FOR THE SECOND DOSE. YOU DON'T WANT TO MAKE THE VACCINES UP. IF YOU GET PFIZER THE FIRST TIME, YOU WANT PFIZER THE SECOND TIME. LET'S FOLLOW THE SCIENCE. THE FDA HAS BEEN VERY STRONG ABOUT THAT. WITH THE APPROPRIATE GUIDELINES AND KNOWING WHAT THEIR PRODUCTION FACILITIES ARE, YOU PROBABLY CAN RELEASE MORE VACCINE FEDERALLY AND THAT WILL HELP. ON THE GUIDELINE ISSUE, I THINK WE HAVE TO LOOSEN UP. -- I THINK WE HAVE TO LOOSEN IT UP. THIS IS NOT A LINEAR PROCESS. NOT EVERY HEALTHCARE WORKERS GOING TO TAKE IT. NOT EVERYONE OVER 75 IS GOING TO TAKE IT. YOU HAVE TO MOVE DOWN THE LIST QUICKLY. WHAT WE ABSOLUTELY WANT TO DO IS GET ESSENTIAL WORKERS, PEOPLE WHO HAVE COMORBID CONDITIONS, WHO ARE PATIENT AT RISK, WE HAVE TO GET THIS DONE AS SOON AS POSSIBLE. THE GOAL IS 70% OF THE POPULATION. IF WE DO THIS IN A LINEAR MANNER, I DON'T THINK WE WILL GET THERE. WE HAVE TO BE VERY AGGRESSIVE ABOUT EXPANDING THE CRITERIA IF THE SUPPLY IS AVAILABLE AND EXPANDING IT QUICKLY. DAVID: FINALLY, THERE HAS BEEN SOME TALK, INCLUDING SOME GOVERNORS THAT YOU AND I BOTH KNOW, ABOUT PENALIZING HOSPITALS FOR NOT GETTING ADMINISTERED. DOES THAT MAKE SENSE TO YOU? DR. CORWIN: NOT REALLY. PART OF WHAT HAPPENS IS, WE TALKED ABOUT THIS EARLIER, NOT EVERYBODY IN THE HOSPITAL WANTS TO TAKE IT, FOR WHATEVER REASON. YOU MIGHT SAY I WILL TAKE IT TOMORROW, I WOULD FEEL THAT WAY, BUT OTHERS DON'T. THE BETTER PART IS EXPAND THE CRITERIA QUICKLY. AT THIS POINT, I BELIEVE WE WILL HAVE MORE NATIONAL DEMAND THAN SUPPLY, THEREFORE, LET'S GET THE SUPPLY OUT THAT WE HAVE. DAVID: IT IS ALWAYS A PLEASURE TO HEAR FROM YOU. THANKS TO THE NEW YORK PRESBYTERIAN CEO, DR. STEVEN CORWIN. COMING UP, WE HEAR FROM RICHARD TRUMKA ON HOW THE GEORGIA SENATE ELECTIONS WHAT HE ♪ DAVID: THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. TO SAY IT HAS BEEN A BIG WEEK IN WASHINGTON UNDERSTATES IT. FROM DEMOCRATS CLAIMING TWO NEW SENATE SEATS MEAN THEM CONTROL OF THE U.S. SENATE TO A MOB INVASION OF CAPITOL HILL. FOR HIS PERSPECTIVE ON WHAT THIS ALL COULD MEAN, WE WELCOME RICHARD TRUMKA. IT HAS BEEN A DIFFICULT WEEK FOR US ALL. AT THE SAME TIME, WE ARE GETTING READY FOR A NEW ADMINISTRATION. PRESIDENT TRUMP ADMITTED THERE WILL BE A NEW ADMINISTRATION. GIVE US YOUR TAKE ON WHAT WE HEARD YESTERDAY WHERE PRESIDENT-ELECT JOE BIDEN HAS NAMED A NEW LABOR SECRETARY AND COMMERCE SECRETARY. WHAT DO YOU MAKE OF THEM? RICHARD: I THINK PRESIDENT BIDEN HAS DONE AN INCREDIBLE JOB OF PUTTING TOGETHER A DIVERSE CABINET. NOT JUST DIVERSE IN THE SENSE OF ETHNIC BACKGROUND OR RACE OR GENDER, BUT ALSO IN THE SENSE OF ECONOMIC GENDER, ECONOMIC DIVERSE CITY. MARTY WALSH WILL BE AN EXCEPTIONAL LABOR SECRETARY FOR THE SAME REASON THAT HE WAS AN OUTSTANDING MAYOR. HE ACTUALLY CARRIED THE TOOLS. HE IS A WORKER THAT CAME THROUGH THE RANKS AND UNDERSTANDS WORKERS. I THINK HE IS GOING TO DO A GREAT JOB. YOU CAN SAY THAT ABOUT EVERY ONE OF THE TICS -- PICKS THAT PRESIDENT-ELECT JOE BIDEN HAS COME THROUGH IN HIS CABINET, BUTTIGIEG FOR TRANSPORTATION, KATIE, THE TRADE REP, ALL OF THOSE HAVE BEEN OUTSTANDING. DAVID: I HAVE HEARD SOME REPORTS THAT ORGANIZED LABOR HAS ISSUES WITH THE GOVERNOR OF RHODE ISLAND BECAUSE THE WAY SHE DID IN TERMS OF THE PENSION SYSTEM. HOW DO YOU FEEL ABOUT HER IN COMMERCE? RICHARD: SHE IS GOING TO DO A GOOD JOB. WE HAD SOME ISSUES IN THE PAST, BUT SHE IS MORE THAN QUALIFIED TO BE COMMERCE SECRETARY AND WE ARE EXCITED. WE WILL WORK WITH HER. IF WE HAVE ANY ISSUES, WE WILL WORK THROUGH THEM. I FEEL CERTAIN THAT THE PRESIDENT-ELECT WILL HELP US GET THROUGH ANY OF THOSE ISSUES. WE ARE NOT HARD BURNT OVER THAT IS ALL -- AT ALL. DAVID: LET'S GO BACK TO THE BIGGEST EVENTS AFFECTING WATCHING HIM. FIRST, THE GEORGIA RUNOFF ELECTIONS THAT CHANGE THE BALANCE OF POWER IN THE SENATE AND OF COURSE, THAT AWFUL ASSAULT ON THE CAPITAL DURING THE COUNTING OF THE BALLOTS. DO YOU BELIEVE THAT THEY MAKE -- THAT THAT MAY CHANGE CONGRESS, DOES IT CHANGE THE DYNAMIC? RICHARD: I THINK IT IS GOING TO HAVE A PROFOUND CHANGE. I THINK WINNING THE TWO SEATS IN GEORGIA WAS A CHANGE BECAUSE IT WILL ALLOW CHUCK SCHUMER TO CONTROL THE AGENDA OF THE SENATE , CONFIRMATION OF THE CABINET WILL COME QUICKER, CONFIRMATION OF JUDGES WILL COME QUICKER. HIS MITCH MCCONNELL WAS STILL IN CHARGE, HE WOULD HAVE TRIED TO STYMIE THE AGENDA JUST LIKE HE DID TO PRESIDENT OBAMA. FOR THE GOOD OF THE COUNTRY, WINNING THOSE TWO SEATS WAS A GOOD THING. WE WILL SEE THE AGENDA MOVE FORWARD. DAVID: WHAT PARTS OF THE AGENDA MOVE FORWARD FASTER OR GO FURTHER? RICHARD: I THINK IT WILL BE A BIGGER PROGRAM TO TAKE CARE OF THE PANDEMIC AND THE ECONOMY, A STIMULUS PROGRAM. YOU WILL SEE THE TELLTALE SIGNS OF THE FIRST CARES PACKAGE, AND THE STIMULUS BILL DYING. YOU SAW 140 THOUSAND JOBS GO AWAY THIS MONTH. OVER ONE MILLION PEOPLE SIGNING UP FOR UNEMPLOYMENT BENEFITS. YOU ARE STARTING TO SEE THE FACT THAT THE CARES PACKAGE IS DEAD AND THE SECOND ONE IS TOO SMALL, IT WILL NOT PULL US OUT. THE FIRST THING WE CAN DO IS THAT. THE SECOND IS A CONCENTRATED PLAN AND THE RESOURCES NECESSARY TO ATTACK COVID-19 AND GET EVERYBODY VACCINATED AND GET THAT BEHIND US SO THAT WE CAN START TO NORMALIZE THE ECONOMY AGAIN. AND THEN WE WILL MOVE INTO LEGISLATION, THAT IS VERY IMPORTANT. FOR US, THE PROLAPSE IS IMPORTANT. RIGHT NOW YOU HAVE A TREMENDOUS IMBALANCE BETWEEN EMPLOYERS AND WORKERS WHEN IT COMES TO POWER. WE ARE NEVER GOING TO GET WAGES AND INEQUALITY UNDER CONTROL UNLESS WE GIVE WORKERS MORE POWER IN THE PRO ACT WHICH IS THE RIGHT TO ORGANIZE, THE PASSAGE OF THAT IS VERY IMPORTANT. YOU WILL SEE THAT AS WELL. DAVID: GIVE US A SENSE IF YOU KNOW ABOUT YOUR OWN WORKERS AND WHO YOU REPRESENT. YOU HAVE SO MANY. HOW MANY HAVE BEEN INOCULATED? RICHARD: WE HAVE SIGNIFICANT NUMBERS OF NURSES, DOCTORS, AND HEALTHCARE WORKERS. WE HAVE HAD A SIGNIFICANT NUMBER OF THEM VACCINATED. WE HAVE NOT HAD MANY OF THE OTHER ESSENTIAL WORKERS VACCINATED YET BECAUSE OF THE LACK OF VACCINES OUT THERE. BUT WE ARE HOPEFUL THAT WILL GET DONE AS WELL SO THAT THOSE ESSENTIAL WORKERS CAN GET PROTECTED. AGAIN, I HAVE TALKED ON THIS SHOW MANY TIMES ABOUT THE NEED FOR OSHA TO PASS AN EMERGENCY PANDEMIC STANDARD AND I THINK UNDER THE INCOMING INDUSTRIES AND, THAT WILL HAPPEN SO WORKERS WILL GET ADDITIONAL PROTECTION EVEN BEFORE THEY ARE VACCINATED. DAVID: IN THE PAST YOU SAID THAT'S INCLUDED IN THE LEGISLATION. ARE YOU NOT GOING TO NEED IT ANYMORE BECAUSE YOU BELIEVE THE NEW LABOR SECRETARY WILL DO IT ON HIS OWN? RICHARD: I THINK YOU WILL SEE THAT THE FIRST WEEK IN OFFICE. YOU WILL SEE THE PANDEMIC STANDARD BE ROLLED OUT. DAVID: WHAT IS THE NUMBER ONE MOST PRESSING ISSUE FOR YOU AS WE GO INTO THE NEW YEAR? RICHARD: OBVIOUSLY, TAKING CARE OF THE PANDEMIC. WE ARE IN A TERRIBLE STAGE NOW. A RECORD DATE FOR PEOPLE DYING, OVER 4000. THE NUMBER OF PEOPLE HOSPITALIZED IS AT A RECORD LEVEL. THE NUMBER OF PEOPLE CONTRACTING COVID IS AT A RECORD LEVEL. GETTING THAT UNDER CONTROL IS IMPORTANT, THE ESSENTIAL THING AND THAT TIES INTO THE SECOND THING, GETTING THE ECONOMY BACK ON TRACK. WE CANNOT GET THE ECONOMY BACK ON TRACK UNLESS WE TAKE CARE OF COVID. WE HAVE TO HAVE A PROPER STIMULUS PACKAGE THAT WILL START THE ECONOMY, PRIME THE PUMP, GET THE ECONOMY ROLLING SO WE CAN CREATE DEMAND WHICH WILL CREATE JOBS. DAVID: THERE ARE A LOT OF PEOPLE WHO DO NOT HAVE JOBS TODAY WHO HAD THEM BEFORE THE PANDEMIC. RICHARD: WE ARE DOWN 26.1 MILLION PEOPLE UNEMPLOYED. WE HAVE 10 MILLION FEWER JOBS THAN WE DID PRIOR TO THE PANDEMIC. SO YOU ARE SEEING A TREMENDOUS NUMBER OF PEOPLE THAT DO NOT HAVE THE INCOME THEY NEED SO THEY CANNOT CREATE DEMAND, WHICH OBVIOUSLY CREATES JOBS. DAVID: ALWAYS GREAT TO HAVE YOU WITH US. THAT IS AFL CIO PRESIDENT, RICHARD TRUMKA. COMING UP, WE HEAR FROM ONE OF THOSE WHO RESIGNED FROM THE TRUMP ADMINISTRATION, MICK MULVANEY. THAT IS COMING UP NEXT ON "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. ♪ ♪ DAVID: THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO. THE FALLOUT HAS COME FAST AND SERIOUS OVER THE LAST 48 HOURS. INCLUDING PROMINENT MEMBERS OF THE TRUMP ADMINISTRATION RESIGNING AND THAT INCLUDED TWO MEMBERS OF HIS CABINET. ONE OF THOSE WHO RESIGNED WAS MICK MULVANEY, THE FORMER HEAD OF THE OFFICE OF MANAGEMENT AND BUDGET AND FORMER ACTING CHIEF OF STAFF TO PRESIDENT TRUMP. HE RESIGNED AS SPECIAL ENVOY TO NORTHERN IRELAND AND WE HAD A CONVERSATION YESTERDAY AND I STARTED BY ASKING HIM WHAT TRIGGERED HIS RESIGNATION RIGHT NOW AND WHAT WAS AT STAKE. MICK: WHAT WAS DIFFERENT YESTERDAY WAS PEOPLE TOOK IT TO HEART IN A WAY THAT MANIFESTED ITSELF IN ILLEGAL ACTIVITY AND VIOLENTLY ILLEGAL ACTIVITY, THAT IS WHERE THE UNDERESTIMATION WAS IS THAT THERE REALLY WHERE A LOT OF PEOPLE IN THIS COUNTRY, MAYBE NOT A LOT, BUT CERTAINLY ENOUGH YESTERDAY, TO BREAK THE LAW, TO TRY AND FRUSTRATE OUR CONSTITUTIONAL PROCESSES. THAT IS SHOCKING TO ME. IF THE PRESIDENT EVER WALKED INTO MY OFFICE AND SAID, I WOULD LIKE YOU TO DO SOMETHING ILLEGAL, I WOULD HAVE LOOKED AT HIM LIKE HE IS NUTS. WE DID NOT EXPECT ORDINARY CITIZENS TO GO, IT IS A GREAT IDEA FOR US TO GO BREAK INTO THE CAPITAL WITH GUNS IN SOME CIRCUMSTANCES, AND TEAR THE PLACE UP. THAT IS THE DISCONNECT. THAT IS WHAT IS SO WRONG ABOUT YESTERDAY. THAT IS WHY YOU ARE SEEING RESIGNATIONS TODAY. DAVID: I CERTAINLY AGREE WITH YOU. THERE IS A RICH HISTORY IN THIS COUNTRY OF DEMONSTRATION. IT IS IN THE FIRST AMENDMENT, TO PETITION FOR REDRESS OF GRIEVANCES. IN THIS INSTANCE, WE HAVE THE PRESIDENT OF THE UNITED STATES SAYING THAT THE PROCESS WAS ILLEGITIMATE. DOESN'T THAT FREE PEOPLE UP TO SAY, IF THEY ARE NOT LEGITIMATELY IN AUTHORITY, IF THEY ARE NOT DOING SOMETHING LEGITIMATE, THEN ALL BETS ARE OFF. DOESN'T THAT CHANGE THE DISCUSSION? MICK: I DON'T THINK IT CHANGES IT TO ILLEGAL ACTIVITY. YOU HAVE THE RIGHT TO BE ANGRY, BUT NOT TO BE VIOLENT. IT DOES NOT EXCUSE THE PRESIDENT, NOT AT ALL. BUT YOU DON'T GET TO SAY THE PRESIDENT TOLD ME IT IS ILLEGITIMATE, THEREFORE I AM RIGHT TO GO DO THIS. NO, YOU DON'T, AND YOU ARE NOT RIGHT TO DO THAT AND I DO HOPE ALL OF THOSE FOLKS ARE PROSECUTED. THIS WAS AN ACT OF SEDITION. I AM PRETTY SURE IT FITS THE DEFINITION OF SEDITION AND THEY SHOULD BE HELD ACCOUNTABLE. REPUBLICANS HAVE BEEN VERY VOCAL OVER THE COURSE OF THE LAST 6-8 MONTHS, 12 MONTHS ABOUT HOW MUCH WE DESPISE THE VIOLENCE OF THE BLACK LIVES MATTER MOVEMENT. IN YESTERDAY -- AND YESTERDAY, WE GO OUT AND DO THINGS THAT ARE PROBABLY WORSE. SETTING FIRE TO MINNEAPOLIS IS ONE THING, BREAKING INTO THE CAPITAL IS ANOTHER, ESPECIALLY GIVEN THE IMPORTANCE OF THE DAY AND THE CONSTITUTIONAL IMPORT OF THE DAY. THE PRESIDENT IS NOT AT FAULT, BUT JUST BECAUSE THE PRESIDENT TELLS YOU SOMETHING, DOES NOT MAKE IT RIGHT. DAVID: THAT WAS PART OF MY INTERVIEW YESTERDAY WITH FORMER ACTING CHIEF OF STAFF, MICK MULVANEY. WALL STREET WEEK WILL AIR TONIGHT AT 6:00 P.M. AND INCLUDE LARRY SUMMERS AND KRISTINA HOOPER OF INVESCO AS WE TRY TO WRAP UP A TUMULTUOUS WEEK THAT THE MARKETS GOT PAST. COMING UP, BALANCE OF POWER CONTINUES AND WE WILL TALK TO TWO FORMER CANDIDATES FOR PRESIDENT. TOM STEYER AND CARLY ABOUT THEIR THOUGHTS THIS WEEK. THIS IS "BALANCE OF POWER" ON BLOOMBERG TELEVISION AND RADIO.

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'Balance of Power' Full Show (01/08/2020)

"Bloomberg: Balance of Power" focuses on the intersection of politics and global business. As covid cases keep rising, the U.S. reports its first monthly job loss since the spring. Meanwhile, Congress weighs its next steps following the riots. Guests: Sen. Tina Smith, New York Presbyterian CEO Dr. Steven Corwin, AFL-CIO President Richard Trumka (Source: Bloomberg)