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tv   Bloomberg Markets Balance of Power  Bloomberg  December 11, 2020 12:00pm-1:00pm EST

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from bloomberg world headquarters to our tv and radio audiences worldwide, welcome to "balance of power." we want to check with a stack -- start with a check of the markets. kailey: i think the primary driver is the lack of any tangible process on the fiscal aid front. certainly, the worsening virus headlines don't help. they may also be a bit of taking risk off the table. around down almost every sector is in the red. are inovery plays that the most pain. energy and financials on the bottom of the pile. the small-cap, cyclical play, are getting hit as well. the banks, that bradley has to do with the risk off tone, but also what is going on in yield.
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there is the bid for safety in the bond market taking shape not just today, but over the course of the week. the 10 year yield is down nine basis points yielding below 0 .88%. it is not just here where we have deadlock in politics, but also the u.k. and eu not getting it together when it comes to brexit. loweras taken gilt yields than 18 basis points the past five days. beid: the markets seem to reacting to a lack of apparent progress on the fourth round of fiscal stimulus. we are getting conflicting signals. the word is on capitol hill, we go to laura davidson. where are we? laura: we are still where we were months ago. the two outstanding issues still being talked about in the senate are this aid for state and local governments as well as legal liability shield for companies over covid losses. democrats are pushing for this
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state and local money, republicans say they want the legal liability shield. this is an issue that has been outstanding for months. there are talks that have been on -- ongoing, but we need to be at the point where there is a breakthrough, where they're coming out with a compromise plan because they need to pass this next friday. the other, kidding factor is that the bill that is out there, it is just an outline. the plan that is out there does not include stimulus checks. the white house has said they want to have at least $600 payments to individuals. also hearing from bernie sanders, the progressive, and also josh hawley, a conservative republican saying they want $1200 checks. that really adds to the complicating picture. both, republicans and democrats agree to a package around $900. the question -- billion. the question is, can they fit in all these pieces? david: and we are having
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increased shutdowns across the country. the governor of new york announced that he would stop indoor dining as of monday. that is for all of us in new york. we are not going to dine indoors anymore as of monday. four of you from the white house, we welcome brian morgenstern. he is the white house deputy press secretary. great to have you with us. give us the view from the white house. you are the official spokesperson. what does the white house want in terms of a round of stimulus? brian: great to be back with you. the president prosperity has been clear from the start, he wants to help people and families. that is small businesses through the ppe program. he has always been supportive of direct payments. checks in the mail. it is things like that, getting businesses the protection they need. that is important to senator mcconnell. we know to get anything through congress, it has to go through the senate. he is closely in tune with his
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caucus. allowing businesses to be open. also, money for opening schools is an important thing that seems to have bipartisan compromise. we want schools to be open and unemployment insurance benefits, we don't want to incentivize unemployment, but we do want to provide relief to those that need it. these measures to help families, small businesses, have been and remain things the administration is advocating for. it is unfortunate we saw speaker pelosi come out and indicate what we at the white house have been saying for months, that it seems like the democrats have been delaying a deal for political reasons now that election day has come and gone. they seem to be willing to negotiate. it is unfortunate the sort of political cynicism we have seen, but we are hopeful that we see the two sides coming a little bit closer together. we remain hopeful as wee been, for the monthly proceeding. david: a purely the shutdown of indoor dining was not for new
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york state, it is for new york city. i don't want to get people outside of new york city to concerned about dining indoors as of monday. let's go back to mitch mcconnell. he came out today and said just give up on the state assistance. he has proposed in the past taking state assistance and the limitation on liability off the table. taking it out and agreeing on what they can agree on. as the white house in favor of that? brian: the white house, as you saw, has come out in favor of several standalone's such as extending ppp, unemployment insurance, stimulus checks. our priority is getting relief to the people who need it. that is why even in the absence of a bill, the president took action on an eviction moratorium, student loan relief. he extended unemployment insurance using disaster relief funds. he has really been looking for any and all authority to provide relief wherever we can get it. he has been very open-minded,
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really, a good-faith negotiator throughout this whole process. the difference i would say between the president's position , really, the republicans and the democrats appears to be the republicans are focused on getting relief to people, families, small businesses who need it, the democrats seem to be passing money between government entities. we have the american people out there who need the relief. that is who we are really focused on. david: isn't it a fair argument, or tell me it is and if you think it is not, from the states who's a part of that money is going to keep people employed at the state level. we are laying people off and we want to keep state employees on the payroll as well. brian: that is a concern. we support our police, firemen, teachers and others. were for allchecks americans of a certain income group. the unemployment insurance is for all americans who may be negatively affected. really, we want to help every american family who needs it.
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we don't want to necessarily play favorites are pass money between government entities and launder it between the federal government and state governments. we want the money to go directly to the people. that has been really our focus. david: as i recall, the first round, president trump was enthusiastic about getting paychecks. again, you are supporting that. i guess it is $600 is what the support is, but we have josh hawley joining with bernie sanders saying let's make it $1200. put it into the continued resolution. with the white house support that? brian: i would say the president has broadly been in favor of the checks. as you saw in the cares act and in subsequent rounds of talks. he has been in favor, but there is a coequal branch of government. with two houses in it.
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we try to give the negotiators the space they need to really make progress, but i think the position the president is probably in favor of providing this direct paymentsthe people has her main consistentdy mnuchin yesterday saying he is still optimistic something can get done. is president trump optimistic? recognizing a think we essentially have one week left, don't we? brian: yeah. the president remains and always will be a cheerleader for our country. -- ours that there economy is doing relatively well, there are parts still suffering from the pandemic. that is why he continues to support relief for those who need it. really has remained optimistic throughout. as i stated earlier, the democrats have shown really a level of cynicism that is unfortunate here, but the president still remains optimistic that our negotiators can get something done and remain hopeful we can get
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something done. we stand ready to work with the senate and the house to push something across the sh presidentit is d: as you say, e is a cheerleader and seems to be an optimist. take us through this weekend coming up because this is really sort of a faithful weekend for the white house, for the president of the united states because the electoral college will meet and vote on monday unless it is stopped from doing that. what are the plans at the white house? is there a push specifically involved in litigation? brian: that is really more of a campaign question, and of course, the president is working to vindicate any and all legal rights and achieve any remedies that he can in court to assure it was a free and fair election with illegal votes counted and illegal votes not counted. i will say, there is a strong focus here at the white house on operation warp speed and the vaccines getting out to the american public.
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we saw just this morning, the fda, hhs, the secretary was out stating that the fda has indicated it will approve the first safe and effective covid-19 vaccine. that is extremely promising news for america and really great news. it should give us optimism that we are in the process of defeating this virus. what that means is we could see fda authorization in the coming hours or day or so. we can't control the fda, but we are hopeful they will work very quickly. that means we could have shipments this weekend and shots in the arm as soon as monday in some places. this progress is really outstanding. operation warp speed, the president's initiative here, is really a huge focus because it is a very important issue for the american public in helping to get us through the pandemic. david: i wouldn't be doing my job if i didn't put you on the spot. the new york times has just come out with a report saying we will
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get fda approval as of tonight. do you have any information? brian: i would say we are not in a position to speak for the fda as to when they would come out with an approval, but you saw the public advisory committee meeting last evening report out a favorable recommendation. we are really helpful the fda will be able to move as soon as possible, if it is this evening, i think the white house would come out and cheer the announcement because really, the president's position the betters is about saving lives. that is really what it has always been about. if that happens, operation warp speed is prepared to ship right away and get it to the end users as directed by the governors to long-term to vaccinate health care workers on the front lines. we want to see people getting vaccinated, hopefully, some people, by monday. that would really be outstanding progress for the nation. david: we certainly all hope for that.
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housemorgenstern, white deputy press secretary. coming up, the view from labor. what is needed and what can't be compromised. ."is is "balance of power the usual gifts are just not going to cut it. we have to find something else. good luck! what does that mean? we are doomed. [laughter] that's it. i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [laughing] that works. - any idea how much it will cost? - you have a choice. insurance or goodrx. - i have insurance. - insurance is not what it used to be. people struggle to get their prescription covered and prices keep rising. i recommend goodrx.
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david: this is "balance of power ." i am david westin. mark.n now to americans may start getting vaccinated for the covid-19 virus as early as monday. coronavirus document -- the
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battle over a new coronavirus leave package continues. mcconnell tells democrats to stop their stance for help for states. >> small businesses need saving now. unemployed people need relief extended right now. vaccine distribution networks need funding right now. none of that should be held hostage over intergovernmental bailouts for states that are currently raking in revenue faster than they can spend it. >> leader mcconnell also called for passage of a one-week stopgap funding bill and quick passage of a defense policy bill. with a december 31 deadline looming, a nokia is looking more likely. -- a no deal brexit is looking more likely. prime minister johnson had pleaded with eu leaders to step
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in and salvage the negotiations. officials admit that without new political direction, the teams will have little to talk about. authorities in china have detained a bloomberg news assistant on suspicion of endangering national security. a chinese citizen was seenei escorted from her apartment building monday by plainclothes security officials. officials e under investigation and her rights have been fully insured. a spokesperson says the company has been speaking to authorities to find out more. 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 mark crumpton. this is bloomberg. david: one of the major sticking point in getting a stimulus deal done is the republicans demand there be a limitation on covid liability for those reopening businesses, something some are concerned might put workers at risk. welcome the man who represents
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over 12.5 million of those workers, richard trumka. always good to have you with us. give us the view from labor about this issue about limiting liability. oppose any provision that undermines our ability to hold workers or employers, rather, accountable for jeopardizing the health and safety of workers. this would be the worst time to this infant -- this incentivize businesses and employers from doing everything they can to protect the health and safety of working people and consumers. homesing those in nursing and other congregate care facilities. it, is the worst time to do during an upsurge in the pandemic. we have tried for months to get a standard and this administration has refused to provide any standard. to do is show business so that if business
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does nothing or they are absolutely negligent, they would be shielded from liability from not only employees, but from consumers as well who think it is the wrong time to do it. we think it is overbroad and totally unnecessary and they are using it as to try to blackmail us to get a bill. as i understand, the proposal is not an absolute shield. it gives a safe harbor that says if you are an employer and you comply with state and local restrictions on opening up, then, you cannot be sued. particularly as you look at a biden administration, doesn't that give you some solace? richard: there are no federal restrictions. they are guidelines. there is nothing they are required to do. and so, this would protect them if they did nothing. that is nice words, but it is overly broad and quite frankly, unenforceable. there are some of ramifications from it. in the middle of a pandemic,
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they should be focusing on getting the health and safety standard that protects workers. i could seethat, talking to them about protecting employers who have done everything necessary or who have complied with that standard. but there is no standard right now, it is all voluntary compliance. david: wlookat a deadline of december 31 on some of those special unemployment benefits coming off. we have seen mitch mcconnell propose if we can't come to terms overall, let's take state assistance and the liability limitation off the table entirely. and just go forward with the rest of it. could you live with that? richard: i heard what they said, they tried to make this look like government entities exchanging money. helps to state and local governments is not local entities exchanging money, it is protecting jobs. we will lose one million jobs. one million people will be
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unemployed. one million families won't have any employment come or income coming in if the aid is not there. it is necessary to keep the government going. necessary to prop up the economy in general. one million people losing their jobs is going to be a drag on the economy like we have never seen or have not seen for a long time. the result is, they should be able to do something. it is mitch mcconnell and mitch mcconnell alone, who is saying no to help those local entities. we are talking about firefighters and teachers and first responders and nurses and snowplow drivers and people of that sort. he has done nothing for six months. nothing. and now, he comes and says, let's jettison and let's forget about one million people.
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that is a pill too big for us to swallow. one million people means something to us. david: of course. i never want to let you go without giving us your perspective right now on the labor market. where are we on the on the plane situation from your perspective? richard: the unemployment situation is really bad. we have 26.1 million people right now who are either unemployed or otherwise out of work because of the virus or have seen their hours drop and pay drop because of the pandemic. job growth is slowing. a stimulus is needed. can the people getting hurt -- and the people getting hurt the most are minorities. black and employment rate is still 10.3%. that is higher than it was any time the great recession. arer health care, they getting hit more with the pandemic because they are on the front lines and are not being protected. it is a double whammy.
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they are losing jobs, they are out of work, and those that are working, are jeopardized. overallright now, the official rate of 6.7%, but that is for the wrong reasons. it dropped because 400,000 people left the labor market and are not counted anymore because a job. david: an awful lot of work left to do for the biden administration as it comes in. always a treat to have you win. wall street week airs tonight at this is. eastern time "balance of power" on bloomberg television and radio. ♪
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david: it has been a stunning week for ipo's capping off with airbnb's big debut yesterday.
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opening popbiggest for any billion dollar plus ipo on record. it is up 113% from its ipo price. the appetite for these new listings has really been remarkable. a lot of people are pointing to retail investors for that. they are possibly the reason we are seeing such a wide gap between where the ipo price is and where it actually opens and why there is so much money left on the table. it is not just buying directly into the stocks themselves, but also to ipo etf. million,tten $173 doordash, worth of inflows. i was right the first time. that is a record. ipo's broadly gave it really hot right now. december has been a record month. we have seen a record month in terms of new listings capping a record third quarter this year. so far in 2020, we have seen $163 billion worth of ipo
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volume. things are really hot in this market right now. that is causing a lot of people to say the word bubble, harkening back to 1999, that internet boom where you could top into the terminal gtv . i could show you the chart that shows you the s&p performance relative to performance from 1995 to 1999. tracking very closely to what we are seeing play out in the market right now. david: thank you so much. very informative. up next, president-elect biden is running into resistance in his pick for the pentagon. former pentagon official. that is coming up next on "balance of power" on bloomberg television and radio. ♪
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david: this is "balance of power." we got out to mark crumpton. mark: in new york city,
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restaurants will not be able to offer indoor dining as of monday. governor cuomo said covid-19's benchmarks.assed hospitalization rates are increasing dramatically and called them the ultimate cause for concern. outdoor dining and take out can continue. the head of the united nations says the pandemic has exposed long-term fertility in equalities and justice in the world. the secretary-general said the crisis has had a huge social and economic impact and caused damage that "no vaccine can undo." he spoke from new york during an online event linked with the nobel prize celebrations a day after the world food program was awarded the 2020 peace prize. president trump and his party raised 207 point $5 million in less than three weeks. after the into his coffers at a much
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higher rate after he began to see contributions to fight his loss to president-elect joe biden. not all the money came from big money donors. the federal election commission said the bulk of the cash came wired, the platform for gathering donations online. turkey is pushing back against sanctions of the u.s. and european union. president erdogan said turkey's disputes can be resolved through dialogue and cooperation. it came hours after the eu gave the green light for the expansion of sanctions over turkey's expiration of gas reserves in disputed waters. the country faces u.s. sanctions for buying a russian air defense system. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton.
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this is bloomberg. david: thanks, mark. president-elect biden named his national security team. his pick for secretary of retired general lloyd austin, a respected general who commanded centcom, buddy less the uniform less than eight years ago, the minimum for being out of service before taking over defense. welcome now retired bigger went onmark kimmit who to become a deputy assistant secretary of defense and assistant secretary of state. thank you for being with us. what do you know about general austin? i don't hear anybody questioning his qualifications. >> i don't think so. i have known lloyd for many years. i served with him and under him in 2006. he is immensely qualified from a combat commander point of view. the outstanding question is can he translate that into policy and politics inside of washington, d.c.? david: there's the question
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about handling the politics. there is also civilian control of the military. the origin of the statute that exists. congress says you have to be out of uniform for eight years because they are worried about the connection between the military, civilian control. mark: i read an article this morning i thought laid that out well. under general mattis, general dunford, the two of them bimed -- combined to make one voice. it was pretty much a marine voice setting the defense policy. close,u want is a collegial relationship between the civilian side and the military side, but not the strong links we saw under jim mattis. what i found interesting about the article is they said the solution is retired general nelly, the current chief. david: that's interesting.
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pressure isting the coming from democrats as much as republicans on the issue. mark: exactly. people i really expect by congresswoman slotkin, they former cia employee, made the point we just don't want too cozy of a relationship between those he uniform and tie. there has to be a collegiality but not uniformity in the thinking that happens inside the pentagon. that is why we have civilian military control. david: more imminent is the , nationalor some ndaa defense authorization act. keep the money coming to the military which is pending. the white house indicated the president might veto it. the processtration, of continuing to find the military has been destructive because it doesn't allow us to do any long-term planning.
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they will be money flowing to the troops and some level of aperations but not at the nda is signed. the president is trying to roll in his particular issues into the act because it is the most likely piece of legislation to be signed before he leaves. he has thrown in the issue of occasions0, given authority for facebook and twitter. he has thrown in this question about the names of military posts. he has a couple of other issues he says are not resolved inside the ndaa he will veto. david: the names of posts. i wanted it correct me if i'm wrong. the military is fine with renaming those bases. it is the political side in the white house that is concerned about it. mark: as we saw down at virginia military institute recently, ulled a statue of
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stonewall jackson with no significant outburst of anger. troops are troops. they know how the system works. they were not ever ashamed to be assigned to fort hood, but they recognize john bell hood was some who fought against the union. troops of other things on their mind, more so than the name of the post in which they are working. david: let's talk about other things in this bill. it did not necessarily come from the white house. there's a requirement that says you have to punish the turks for the soviet -- russian surface-to-air missiles that would require some sanctions to be imposed. is that a good idea/ -- idea? mark: the threat of sanctions is a good idea with turkey. if we follow though is a different issue. president heard on has -- resident erdogan has acquired a weapon systems that is as dangerous to nato as his enemies. there is concerned the s 400 would allow the f-35 to be
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detected. there is no way to know if the russians have built-in electronic back door so they can see that information. this is going to be one of the many issues we have with turkey brought up in the first couple weeks of the administration under president biden. beid: i believe there may provisions about withdrawing troops from germany, something some people are not happy about. president trump says he wants to do it. that?do you stand on is it a good idea for congress to tell the white house where they should withdraw troops from are not? -- were not? -- or not? mark: it is not a precedent for congress to get involved. they hold up appropriations. there is logic behind reducing the number of troops in germany and redeploying them to poland. poland is much more active. the russians are farmer interested in that area. we have been reducing troops in
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germany since the end of vietnam. when i was over there is a young captain we had 375,000 troops. we are down to about 35,000. bringing 10,000 out will not make a difference. 20 5000 soldiers or 35,000 soldiers are not going to stop a million soviets if they coming to germany. david: that 10,000 would not necessarily come out of your. is in their talk of repositioning them from poland or latvia? mark: the idea is to take them from germany and continue the buildup we started inside of poland. we have division headquarters there now. we have a significant capacity to work alongside the polish military, which is a good military. that is where the action is. it is not in germany anymore. david: really great to have you, retired breeder general mark kimmit -- brigadier general
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mark kimmit. we will talk with the former prime minister of ireland and former european union ambassador to the united states about where things stand as we enter the crucial weekend in brexit negotiations. this is "balance of power" on bloomberg television and radio. ♪
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david: this is "balance of power " on bloomberg television and radio. boris johnson and european commission president ursula von der leyen are preparing people for the possibility there will not be a deal for the u.k. exiting the eu. the look of the honorable john who served as a european ambassador to the united states. he is now chairman of isfc
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ireland developing business in ireland. thank you for being with us. you have been in these rooms and dealt with a lot of these people. give us a sense of what is happening. they will have to conclude by sunday, although we have had deadlines before. is there a prospect for a deal at this point -- there hasas been a lot of muscle out for a new trade agreement with the european union and britain. unfortunately an agreement has not been reached on the content of the trade agreement. in the event the agreement is not reached and ratified, and it has to be done by the european and british parliament before christmas, they will be no trade agreement. a lot of heavy tariffs will have to be introduced. car parts exported from britain, food imported into britain over
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to ireland or the european union. these would also fall side the wayside because britain rejects european rules adjudicated by the european courts of justice. they don't want anything to do with the european court of justice or european rules. they want to make their own rules alone. that of course means british standards become completely incompatible with european standards. there could be lower environmental standards, lower labor protection standards. they could fire standards and other areas, or they could be subsidizing. alternatively, eu firms could be subsidizing or undercutting britain.
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what the european union once is a code of practice everyone understands, not just with existing regulations but future regulations so there is fair competition and free trade between the two. tradenot really have free without fair competition. that is a difficult area yet to be resolved. david: which is well laid out. this appears to be the largest issue. this is sort of sovereignty both ways. both want their own standards but this is the part i don't understand. that we willis start with the same standards. if they diverge, there is a remedy to adjust the terms of trade. aren't they better off saying we are close to each other, we looking at going as long as we can't and the areas where we stay in harmony rather than blow it all up and go to wto terms for everything? >> the difficulty with making an arrangement is you never know
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what the future has. the whole idea of an economic trade agreement is it lasts indefinitely. businesses have to make dental investments to develop goods, maybe a year or two or three or four years are now. the rules mean more or less the same four years from now two of the are today, or they will be changed in the harmonious way. if britain decides it will leave , on principle having rules is something basis upon -- something they insist upon, they want to develop the market and britain. british firms want to develop the market in the european union will not know where they stand and have different investing. we want the maximum amount of certainty and fairness. it's important to say this works both ways. if we have a code of practice
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that prevents unfair competition, that would prevent unfair competition by eu firms to the disadvantage of written just as it would protect the eu firms from british competition that is unfair. it is a two-way process to have common standards. david: mr. prime minister, did sounds like it will be difficult to come up with a deal. ble. understanda let's come back to your home country of ireland. will there be a border with another ireland? customs clearance is coming across that border? >> we reached an agreement with britain that the border, if there is a border -- if there is a trade agreement would be a less important border than if there was a trade agreement. the northern sea rather than the unenforceable 300-mile long border, the land border in ireland.
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that is already agreed. if there are tariffs to be collected or the conformity of goods with standards to be checked, it will be done at a port in england or belfast other than on the border in ireland, which would be impractical and politically very exclusive because it would aggravate the tensions that existed and cost so much lives in northern ireland over many years. david: something none of us can what. isaresay probably ireland one of the economies most closely integrated with the united kingdom at this point. what are the possible economic effects on ireland, investment in ireland, unemployment in ireland if there is no deal and we go back to w to terms for trade? -- w to terms for trade -- wto terms are trade? face the minus side we substantial tariffs on exports
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of food products to britain. eat andhe food they britain comes from the european union. they will be paying higher prices because of higher tariffs for the food they can buy and british shops. the same operates in reverse. itsain will face tariffs on exports to europe, which it doesn't face of the moment. ireland may take some of that theet because there is tariff wall. there has been a certain significant movement in financial services from london to ireland, to paris and frankfurt. the eu market is much bigger than the u.k. market. financial service operators want to be the big markets where they can serve a bigger range of customers. being in the eu, dublin, frankfurt or paris is more
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advantageous than london. that is a plus for ireland. we would far prefer if there was agreement. we would far prefer if britain never cited to leave the european union at all. as long as we have a common set of rules with britain we were able to meet demands for occasions where we were working together with the european union and reduce tensions and promote understanding between ireland and britain. those opportunities are going to fall away as a result. it must be sovereign at all costs. david: i can't let you go without asking about the situation with covid environment. how is ireland faring? >> ireland is doing relatively better than most european countries. we still have a significant problem. in the last two days there has been reductions in the incidence of covid but that seems to have flattened. we are worried about there will be a lot of mixing of people
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over christmas. a lot of people may be coming back from other countries which have a higher level of covid then we have. that could lead to a spike in covid cases between january and pressure on the hospitals. we are hoping that will not happen. it will cost lives if it does. david: that is one think we are on the same page as you. intrigued to heavy with us. the honorable john bruton, former prime minister of ireland. wall street week airs tonight. baker,ummers, catherine neil ferguson are among the guests. this is "balance of power" on bloomberg television and radio. ♪
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david: this is "balance of power " on bloomberg television and radio. in just moments spacex is scheduled to launch the falcon
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nine rocket from cape canaveral. the rocket is caring as satellite for sirius xm. this is the way you get it. joining us now is shawn casey managing director. us forou for being with the television part of the audience. we are watching the rocket on the launchpad. give us a sense of the significance of this launch. sean: this is a very exciting launch. this is the seventh launch of the b1051 booster. the first stage was used for the nasa crew demolition in march of 2019. it launched the radar sat in june of 2019. the last four launches, the uses of this booster have been for support of the star link mission. star link is typically launching about 15,000 kilograms to low-earth orbit to build of the constellation.
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1049 has doneer, b about seven launches. this is the first booster revanche that has had six previous launches. it is launching a commercial payload. this is the sirius xm radio -- it is, built by replacing one of the huge boeing satellites that is already in a geostationary orbit. this represents a tremendous milestone for spacex and begin will to build and re-fly these boosters. block five is a workhorse for spacex. reuse ofis to get these booster programs that bring launch cost down by 10x. this is a big milestone for spacex. the 25th flight for this year.
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2020 have flights for been with reused boosters. this beats the 2018 launch record of 18 flights per year. today's flight is the second heaviest nonclassified payload spacex has launched. as we sit here watching the countdown what matters is just the first couple of minutes of the launch. things may be on hold right now. david: if supposed to launch at 55 after the hour. we will continue to watch this. vonnie quinn will step in with sean casey. i will go over to radio. this is "balance of power" on bloomberg. ♪ vonnie: thanks to david westin for bringing us the beginning of this countdown here. we have the clock at 15econds.
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we watched it go from t minus two minutes, now 15 seconds. we should just assume there is a bit of a delay or perhaps a problem. sean, how often does this happen we see the countdown clock begin and it gets close to lift up time when it stops? we will bring sean into just a moment. this was to launch a satellite to replace a satellite for sirius xm. an actual paying customer for spacex. this comes two days after that fireball we saw on wednesday after a seven minute flight. it was a totally different kind of mission. spacecraft, and unoccupied rocket. -- spacex gotsp
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a lot of information from it. they bellyflop that landed to quick. that particular mission was in order to continue the mars process. elon musk saying possibly we are looking at 2026 before our first starship flight to mars. six years away, five plus years away. not too bad for that to happen. wednesday is sirius xm wanting to get a new satellite up in the air and paying spacex to do the job. nasa and the government in , other types of mission spacex launches. today it is a satellite for a private company. it will take about eight minutes all told when we have liftoff. it is t -15 seconds still. we will continue to monitor this
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and begin any results. we like to follow exactly what happens with spacex. it is all tied up with the mission to mars and eventually private spaceflight. the starship and wednesday's attempt attempting to reach 41,000 feet in the orbit. it did not manage to come down safely but, again, spacex did gain some very valuable data from that. elon musk was very thrilled with the results. we know today's launch has been scrubbed. just in the nick of time. 15 seconds and holding. we will bring you any launch that happens in the future, no doubt. let's get to my colleague jonathan ferro and real yield. ♪
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jonathon: from the city of london for our audience world ride. bloomberg real yield starts right now. valuations. >> the central banks have locked themselves in. forxtraordinarily long rate a long time. low interest ed rates. >> the investors got a bit aggressive. i would amount of what call rational exuberance. >> valuations are high. discounting cash flows at very bond yields or very, low corporate bond yields, you are inflating the valuation. uncomfortable to sit it out. >> don't have many alternatives. them back d to see up. >> to be objective as


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