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Bloomberg's Halperin on Trump's Economic Team Picks (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York, Bloomberg to Washington, d C,
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  Speaker 1: Bloomberg to Boston, Bloomberg twelve Wonders, to San Francisco, Bloomberg
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  Speaker 1: nine to the country's ene and around the globe the
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  Speaker 1: Bloomberg Radio Plus Athen Bloomberg got gone. This is taking stock.
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  Speaker 1: Coming up on taking stock. What do Howard Lauber, the
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  Speaker 1: chairman of the real estate brokerage firm Douglas Ellman, Steve
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  Speaker 1: roth ahead of Vornado Realty Trust, and also Steve Fineberg,
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  Speaker 1: co founder of Service Capital Management, have in common. They've
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  Speaker 1: joined the team, the economic team of Republican candidate Donald Trump.
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  Speaker 1: We've got more details coming up right now. Les go
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  Speaker 1: to Charlie Pellett in the Bloomberg news room for details
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  Speaker 1: about business news. All right, hey, thank you very much.
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  Speaker 1: Pim Fox. Looking at stocks, We have got twenty nine
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  Speaker 1: minutes to go ahead of the clothes here on a Friday,
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  Speaker 1: on track for a record on the S and P
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  Speaker 1: and for naz DAK. Right now, stocks close to the
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  Speaker 1: highs of the day. SMP five index up sixteen, a
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  Speaker 1: gain of nine tenths eight tenths of one percent. Right
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  Speaker 1: now Nasdaq is up one point one percent down. Industrial
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  Speaker 1: is up by nine tenths of one percent. Nastac Compositive
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  Speaker 1: Index trading above its record clothes for the first time
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  Speaker 1: in a year, putting it on the verge of joining
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  Speaker 1: the SMP at a record. Muhammad al Arian is a
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  Speaker 1: Bloomberg View columnists and the chief economic advisor to Alian
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  Speaker 1: sandom Bloomberg Television and Radio. This morning, he was talking
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  Speaker 1: about today's jobs numbers, and we asked him why the
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  Speaker 1: Fed won't be moving as many times as anticipated at
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  Speaker 1: the start of the year because of the global economy.
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  Speaker 1: That is what's holding them back, and that's what's also
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  Speaker 1: has depressed expectations within the market of great heights. Although
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  Speaker 1: at two percent for September, I think that's still too low.
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  Speaker 1: I would put it at And the Labor Department said
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  Speaker 1: the unemployment rate remained steady at four point nine percent
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  Speaker 1: as more Americans came off the sidelines to join the workforce.
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  Speaker 1: Two people with knowledge of the matter say City Group,
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  Speaker 1: the US bank with the most derivatives, purchased a portfolio
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  Speaker 1: of credit default swaps from retreating rival credit Suite Group
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  Speaker 1: SMP five hundred indecks up seventeen now to one. A
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  Speaker 1: gain of eight tents of one percent. Naz Stack up
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  Speaker 1: fifty four, a gain of one point one percent down,
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  Speaker 1: Industrials up a hundred and seventy five points, a gain
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  Speaker 1: there of one percent. The ten year down thirty seconds,
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  Speaker 1: the yield one point five eight percent, Gold down one
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  Speaker 1: point eight percent to thirty two on Wall Street. Now
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  Speaker 1: we'll look at the other stories making news. Thank you,
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  Speaker 1: Charlie from the Bloomberg News Room. I'm Jill Schneider. This
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  Speaker 1: news update is brought to you by Blue Jeans Enterprise
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  Speaker 1: Video Cloud. See Faces, Emotions, Energy, see the people your
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  Speaker 1: trial at blue Jeans dot com and click the radio Mike,
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  Speaker 1: Blue Jeans Work Smarter, Connect Better. Republican presidential nominee Donald
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  Speaker 1: Trump is expected to endorse House Speaker Paul Ryan. Fox News,
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  Speaker 1: citing two unidentified Republicans, says it will happen tonight in Wisconsin.
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  Speaker 1: In an interview with w t MJ and Milwaukee Today,
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  Speaker 1: Ryan said his number one goal is to keep Congress
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  Speaker 1: in the hands of Republicans. My primary job is Speaker
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  Speaker 1: of the House, is check Republican majority. If we lose
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  Speaker 1: our majority and Republicans switched from a Republican majority of
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  Speaker 1: the House majority that needs for losing everything across the
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  Speaker 1: country that meets Hillary Clinton comes in with the government
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  Speaker 1: that looks like what Barack Obama had in his first
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  Speaker 1: two years. Speaking to a meeting of black and Latino
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  Speaker 1: journalists in Washington today, Democratic presidential nominee Hillary Clinton says
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  Speaker 1: she knows she has work to do to win over
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  Speaker 1: Americans trust. She blames some of her low approval ratings
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  Speaker 1: on Republican attacks. Florida Democratic Senator Bill Nelson is urging
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  Speaker 1: Senate Republicans to reconvene and pass an emergency spending bill
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  Speaker 1: to combat the zeke of virus. Is uh government in
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  Speaker 1: action that is the height of irresponsibility. A prominent real
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  Speaker 1: estate executive is throwing his hat in the ring for
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  Speaker 1: the New York City mayoral race. Republican Paul Massey has
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  Speaker 1: announced his candidacy to challenge Mayor Bill de Blasio in
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  Speaker 1: next year's election. Global News twenty four hours a day,
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  Speaker 1: powered by more than journalists and analysts in more than
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  Speaker 1: one twenty countries. I'm Jill Schneider, and this is Bloomberg Charlie,
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  Speaker 1: and we thank you and again recapping stocks higher, with
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  Speaker 1: the SMP five hundred index up eight tens of one percent.
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  Speaker 1: Downd US reels now up one hundred seventy eight points,
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  Speaker 1: a gain of one I'm Charlie Pellette. That's a Bloomberg
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  Speaker 1: business flash. You're listening to taking stock with Pim Fox
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  Speaker 1: at Gatlee Mays on Bloomberg Radio. Hillary Clinton holds a
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  Speaker 1: four point lead over Donald Trump in Georgia. Now, Georgia
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  Speaker 1: hasn't voted for a Democratic presidential nominee in about a
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  Speaker 1: quarter of a century. This is all according to results
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  Speaker 1: from an Atlanta Journal Constitution poll that was released today.
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  Speaker 1: Also released today details of Donald Trump's economic team here
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  Speaker 1: to tell us more, is Mark Halprin. He is co
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  Speaker 1: host of With All Due Respect. He's also co managing
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  Speaker 1: editor of Bloomberg Politics. With All Due Respect can be
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  Speaker 1: seen weeknights at five pm Wall Street Time on Bloomberg
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  Speaker 1: Television and Bloomberg in Washington, d C. Mark, thanks for
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  Speaker 1: being here. Tell us about the economic team that Donald
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  Speaker 1: Trump has assembled. Well, it's a it's a diverse group
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  Speaker 1: in terms of their professional backgrounds, A little surprising. It's
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  Speaker 1: not diverse in terms of gender or race. It's all
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  Speaker 1: white men. And uh, it's a lot of people who
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  Speaker 1: have been associated with Donald Trump. I'd say, uh, they
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  Speaker 1: run more towards protectionists rather than free traders, which is
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  Speaker 1: of course a big economic issue for the country. And
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  Speaker 1: when where Donald Trump has challenged the party's orthodoxy, And uh,
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  Speaker 1: you've got some former government officials, a lot of people
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  Speaker 1: in the private sector finance as well as manufacturing. And
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  Speaker 1: I don't think it does anything to really tell us
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  Speaker 1: much more about Donald Trump's economic orientation than we knew before,
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  Speaker 1: which is to say he is in some ways a
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  Speaker 1: classic center right Republican, in other ways icon of classic again,
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  Speaker 1: particularly on trade. Some names include John Paulson, the hedge
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  Speaker 1: fund manager, Steve Feinberg, the co founder of Serberis Capital Management,
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  Speaker 1: Tom Barrack of Coliny Cappell. In addition, Steve Roth, the
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  Speaker 1: head of Ornado Realty Trust, and Howard Lawber, the chairman
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  Speaker 1: of the real estate brokerage firm Douglas Element. Do they
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  Speaker 1: have the expertise that the Republican Party needs to govern
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  Speaker 1: or to tackle the issue of the U S economy? Well,
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  Speaker 1: you know, one of the big mysteries when you've got
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  Speaker 1: a candidate like Donald Trump, with no government experience, is
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  Speaker 1: what kind of people could actually bring into the government.
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  Speaker 1: He's not been very specific about that. The ones you
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  Speaker 1: listed are heavy on people from the service sector, finance
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  Speaker 1: and real estate m as opposed to manufacturing, although there
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  Speaker 1: are some manufacturers on there. I think that that I
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  Speaker 1: have very little doubt that if Donald Trump wont that
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  Speaker 1: he would draw more heavily from the private sector. The
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  Speaker 1: kind of deal making, uh non governmental people who he's touted,
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  Speaker 1: rather than what most presidents do. We just bring in
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  Speaker 1: people from past administrations would be some of that, but
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  Speaker 1: I think certainly less of that and you'd see normally
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  Speaker 1: and lesson Hillary Clinton would do. Michael Morrel. Michael Morrell
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  Speaker 1: is the former acting a Central Intelligence Agency director, and
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  Speaker 1: in an op ed piece published in The New York Times,
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  Speaker 1: he had some harsh words for Donald Trump. Is this
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  Speaker 1: what we can expect from former government officials? From now
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  Speaker 1: until the end of the election, you will certainly see
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  Speaker 1: more of this. Morrell is very well respected to serve
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  Speaker 1: presidents of both parties, a career intelligence officer, but a
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  Speaker 1: part of the establishment now. He's was Hillary Clinton's colleague
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  Speaker 1: when she was Secretary of State, so he's got firsthand
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  Speaker 1: experience with her. But it is not an uncommon view
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  Speaker 1: amongst members of the Washington establishment, whether they're partisan or
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  Speaker 1: like Moral Moore of no on partisan figures to look
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  Speaker 1: at Hillary Clinton as a safe traditional figure, in Trump
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  Speaker 1: as someone who outside the mainstream, and in in in
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  Speaker 1: case of Morale and others, someone they see is dangerous. Um.
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  Speaker 1: It's certainly helpful for Hillary Clinton within the establishment, but
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  Speaker 1: Trump's campaign is not predicated on winning over members of
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  Speaker 1: the establishment. And Trump has kind of like catch all
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  Speaker 1: response to anyone who's been involved in American security policy
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  Speaker 1: in the last twenty years, which is, do you think
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  Speaker 1: the country is safe right now? Do you think we
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  Speaker 1: have good relationships around the world? Do you think that
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  Speaker 1: the Iraq War was a success? Uh? If you do,
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  Speaker 1: vote for the person who's got the support of the
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  Speaker 1: people who are the architects of those policies. Well, the
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  Speaker 1: support of states such as Georgia, New Hampshire, Michigan, Pennsylvan You, Florida.
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  Speaker 1: Isn't Donald Trump gonna need those states in order to
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  Speaker 1: capture the electoral College. There's not a path to two
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  Speaker 1: d and seventy electoral votes that doesn't include Georgia, and
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  Speaker 1: there's no surprise that Trump has had a horrible fortnite.
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  Speaker 1: Clinton had a very successful convention by most conventional metrics.
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  Speaker 1: Is no surprise that he's down. He's down by a lot,
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  Speaker 1: and he's down in places that he needs to win
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  Speaker 1: in order to have a chance to get two hundred
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  Speaker 1: and seventy electoral votes. He's having a better day today
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  Speaker 1: for a variety of reasons than he's had, but he's
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  Speaker 1: gonna have to claw his way back into a competitive position.
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  Speaker 1: And if he if he's not safely ahead in places
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  Speaker 1: like Georgia, that does not speak well for his chances
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  Speaker 1: of winning states like Pennsylvania, in Ohio and Florida, then
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  Speaker 1: he must win to get it two d seventy electoral votes.
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  Speaker 1: He's also fundraising along with Hillary Clinton. Give us an
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  Speaker 1: update on his fundraising, because many people were surprised that
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  Speaker 1: he is pretty netconnect a very successful month, in part
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  Speaker 1: raising big checks but in part doing something that I
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  Speaker 1: had was surprised he didn't do world yere, which is
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  Speaker 1: very small dollars. One of my earliest interactions with Donald
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  Speaker 1: Trump in the context of being a presidential candidate was
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  Speaker 1: four years ago when he toyed with running, and I
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  Speaker 1: went by his office and his team showed me binders
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  Speaker 1: full of letters, handwritten letters that people sent him urging
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  Speaker 1: him to run for president. That's the kind of passion
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  Speaker 1: and grassroots fervor that mine the right way can lead
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  Speaker 1: to what Trump accomplished last month, which is people sending
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  Speaker 1: in small checks. These are people who can continue to
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  Speaker 1: contribute because they've not hit the cap of individual giving
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  Speaker 1: about three thousand dollars, and they've become invested in the
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  Speaker 1: campaign in a way that generally turns a lot of
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  Speaker 1: them into volunteers and advocates for him in their neighborhood.
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  Speaker 1: So Trump was going to be outspent, but he had
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  Speaker 1: a very good month and that's encouraging, probably the most
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  Speaker 1: encouraging news of him he's had for the week. Mark Halprin,
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  Speaker 1: thank you, host of With all due respect, weeknights, five pm.
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  Speaker 1: Wall Street Time on Bloomberg Television and Bloomberg nine and
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  Speaker 1: nine one in Washington, d C. This is Bloomberg coming
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  Speaker 1: up on taking Stock, What to Do with Your Money?
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  Speaker 1: Speaking with Chuck Lieberman. He is the chief investment officer
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  Speaker 1: and managing partner for Adviser's Capital Management He says people
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  Speaker 1: are overly negative about the economic outlook.