Biden Vows to Stay in Race Despite Gaffes; Bank Earnings

Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Amy 0:00:10.840 --> 0:00:13.720 Morris and I'm Karen Moscow. Here are the stories we're 0:00:13.760 --> 0:00:15.080 following today, Karen. 0:00:15.120 --> 0:00:18.319 President Biden continues to insist he will remain in the 0:00:18.360 --> 0:00:22.159 twenty twenty four presidential race, but two critical mistakes in 0:00:22.160 --> 0:00:26.200 the span of two hours deepened concerns about his mental acuity, 0:00:26.239 --> 0:00:30.040 threatening his campaign. Biden mistook two of his biggest allies 0:00:30.200 --> 0:00:33.040 for his greatest enemies. At the opening of the press conference, 0:00:33.080 --> 0:00:36.400 Biden fumbled a question about Vice President Kamala Harris. 0:00:37.200 --> 0:00:40.239 I wouldn't have picked Vice President Trump to be vice president, 0:00:40.800 --> 0:00:42.879 so I think she's not qualified to be president. 0:00:43.479 --> 0:00:46.319 And before the news conference, at a NATO event, the 0:00:46.320 --> 0:00:50.320 President stunned the audience when he mistakenly introduced Ukrainian President 0:00:50.440 --> 0:00:53.760 Vladimir Zelensky as Russian President Vladimir Putin. 0:00:54.120 --> 0:00:55.640 And now I want to hand it over to the 0:00:55.680 --> 0:00:59.360 President of Ukraine, who has as much courage as he 0:00:59.400 --> 0:01:06.119 has determination, ladies and gentlemen, President Putin, President Putin. We've 0:01:06.120 --> 0:01:08.560 got big President Pruser, President Lensky. 0:01:09.120 --> 0:01:12.240 Well. Almost immediately after the press conference ended, at least 0:01:12.319 --> 0:01:15.559 three more House Democrats joined the growing list of lawmakers 0:01:15.600 --> 0:01:19.240 calling on Biden to step aside. Biden continues to resist 0:01:19.240 --> 0:01:21.920 those calls, saying he's the best person for the job 0:01:22.200 --> 0:01:25.000 and that he has support from NATO leaders. 0:01:25.280 --> 0:01:30.280 I'm not handing any my European allies CONFI to say, Joe, 0:01:30.319 --> 0:01:33.520 don't run. What I hear them say is you've got 0:01:33.520 --> 0:01:36.680 to win. I can't lets the sky come forward. He'd 0:01:36.680 --> 0:01:37.320 be a disaster. 0:01:38.040 --> 0:01:41.119 Now at least sixteen congressional Democrats are calling on Biden 0:01:41.200 --> 0:01:43.440 to bow out of the presidential race. 0:01:43.680 --> 0:01:46.040 And one of those now calling for Biden to leave 0:01:46.080 --> 0:01:49.320 the race is Democratic Representative Jim Hins of Connecticut, the 0:01:49.440 --> 0:01:52.880 ranking member on the House Intelligence Committee. He explained his 0:01:52.960 --> 0:01:56.120 decision on MSNBC, and I'm far from. 0:01:55.920 --> 0:01:59.640 The only Democrat who believes this, that the numbers, the 0:01:59.720 --> 0:02:03.960 Tree projectory, what Americans feel in their bones right now 0:02:04.440 --> 0:02:07.440 suggest not only that Joe Biden would lose this race, 0:02:07.560 --> 0:02:10.920 but that he or we would lose the Senate and 0:02:11.040 --> 0:02:11.560 the House. 0:02:11.880 --> 0:02:15.480 Congressman Jim Hmes of Connecticut, former President Obama and Nancy 0:02:15.480 --> 0:02:19.040 Pelosi have reportedly held some private meetings about the future 0:02:19.080 --> 0:02:22.240 of Biden's campaigns. He and n reports both Obama and 0:02:22.320 --> 0:02:26.160 the ex House speaker expressed worries about Biden's mental fitness 0:02:26.400 --> 0:02:28.480 and how difficult it will be for him to beat 0:02:28.520 --> 0:02:31.520 Donald Trump and later President Biden said he was not 0:02:31.560 --> 0:02:35.440 opposed to taking a neurological exam if his doctors recommend it, 0:02:35.840 --> 0:02:36.840 if they think there's. 0:02:36.639 --> 0:02:40.200 A problem, I promise you word that they don't think 0:02:40.240 --> 0:02:42.600 it's a problem. I think I should have a neurological exam. 0:02:42.600 --> 0:02:44.040 Again, I'll do it. 0:02:44.800 --> 0:02:47.359 No one's suggested that to me now, and I'll ask 0:02:47.360 --> 0:02:50.720 you another question. No matter what I did, no one's 0:02:50.760 --> 0:02:51.800 going to be satisfied. 0:02:52.560 --> 0:02:54.799 Biden did admit that there are other people who can 0:02:54.840 --> 0:02:57.799 beat Trump too, but quote, it's awful hard to start 0:02:57.840 --> 0:02:58.519 from scratch. 0:02:59.080 --> 0:03:02.120 Well. Meanwhile, lemy T. Trump met with Hungarian Prime Minister 0:03:02.240 --> 0:03:06.600 Victor Orbon yesterday in Florida. The Hungarian leader posted a 0:03:06.639 --> 0:03:10.040 photo with the Republican nominee at is Mari Lango Resort, 0:03:10.120 --> 0:03:13.160 showing the pair giving a thumbs up. Hraman is the 0:03:13.200 --> 0:03:17.320 European Union with the closest contact with the Russias Vladimir 0:03:17.360 --> 0:03:21.279 Putin and has worked to stall Western aid to Ukraine. 0:03:21.880 --> 0:03:24.680 We'll have much more analysis on the race for president 0:03:24.720 --> 0:03:26.359 in just a few minutes. But we want to turn 0:03:26.400 --> 0:03:28.359 back to the markets now, when we haven't said this 0:03:28.480 --> 0:03:31.639 in more than a week, no record closed for stocks. 0:03:31.680 --> 0:03:33.360 In fact, the tech led sell off led to a 0:03:33.360 --> 0:03:35.560 two percent drop in the NASDAK and a nearly one 0:03:35.600 --> 0:03:38.080 percent drop for the S and P. Kate Moore is 0:03:38.080 --> 0:03:41.680 head of Thematic Strategy at Blackrock Global Allocation and says 0:03:41.760 --> 0:03:43.840 the market has a good base to move forward. 0:03:44.200 --> 0:03:47.520 Most people were skeptical about the sustainability of the equity 0:03:47.560 --> 0:03:50.120 market going into the second half of the year. There 0:03:50.120 --> 0:03:53.160 are little anxious that we can't repeat returns. 0:03:53.520 --> 0:03:55.560 I think this message. 0:03:55.080 --> 0:03:56.760 That we're getting now that the FED is going to 0:03:56.800 --> 0:03:58.680 be in a place where they can continue to or 0:03:58.720 --> 0:04:00.360 they can start to ease policy. 0:04:00.080 --> 0:04:01.080 And continue to guide us. 0:04:01.240 --> 0:04:03.800 That is the path into the beginning of twenty twenty 0:04:03.840 --> 0:04:06.960 five is going to be quite supportive for equity markets. 0:04:07.480 --> 0:04:10.720 Black Rocks Cape bora Bloomberg index of the magnificent seven 0:04:10.760 --> 0:04:14.000 megacaps yesterday slid the most since twenty twenty two. 0:04:14.520 --> 0:04:16.280 Well, let me the big focus today is going to 0:04:16.320 --> 0:04:18.360 be the start of earning season from the big bank 0:04:18.480 --> 0:04:21.719 City Group, JP, Morgan Chase and Wells Fargo all report 0:04:21.800 --> 0:04:25.680 this morning. Rebecca Patterson is a former chief investment strategist 0:04:25.680 --> 0:04:27.160 at Bridgewater Associates. 0:04:27.520 --> 0:04:30.480 I think the banking system is really the heartbeat of 0:04:30.600 --> 0:04:33.880 our economy. It keeps the blood pumping, if you will, 0:04:33.920 --> 0:04:37.080 in terms of capital and liquidity getting to businesses and 0:04:37.160 --> 0:04:40.760 households so they can spend and invest and grow. So 0:04:40.800 --> 0:04:43.040 how the banks are doing is fundamental, not just for 0:04:43.160 --> 0:04:45.240 my view on the equity market, but for on the 0:04:45.279 --> 0:04:47.200 broader macro landscape as well. 0:04:47.600 --> 0:04:52.000 Former Bridgewater Associates chief investment strategist Rebecca Patterson note shares 0:04:52.040 --> 0:04:54.520 of the largest lenders have done far better than the 0:04:54.640 --> 0:04:58.240 stocks of their smaller rivals. JP Morgan and Goldman Sachs 0:04:58.279 --> 0:05:00.760 are trading near records. Well Wells, far Go and others 0:05:01.080 --> 0:05:02.880 are around multi year highs. 0:05:03.480 --> 0:05:06.440 And today, after inflation cooled in June to the slowest 0:05:06.520 --> 0:05:10.120 pace since twenty twenty one, investors get another key reading 0:05:10.279 --> 0:05:13.400 this morning. For more, We're joined by Bloomberg's John Tucker, 0:05:13.480 --> 0:05:14.599 John and Amy. 0:05:14.640 --> 0:05:17.960 The producer Price Indecks out at eight thirty Wall Street Time, 0:05:18.320 --> 0:05:21.720 may confirm that inflation is looking really good. It comes 0:05:21.760 --> 0:05:24.120 a day at the Consumer Price Indeck show to inflation 0:05:24.160 --> 0:05:26.839 at the slowest pace in more than three years. Economist 0:05:26.880 --> 0:05:31.320 Claudia Sama New Sensory Advisors reacted to the latest figures, this. 0:05:31.400 --> 0:05:34.200 Is the disinflation story. It's here, and it has been here. 0:05:34.240 --> 0:05:36.719 We've just it's been under the hood and been hidden. 0:05:36.920 --> 0:05:40.480 Federal Reserve Bank of Chicago President Austin Goolsby described their 0:05:40.520 --> 0:05:44.400 latest inflation data as excellent, adding the figures provide the 0:05:44.520 --> 0:05:46.640 evidence the central Bank is on a path to its 0:05:46.680 --> 0:05:50.560 two percent goal. Goolsby declined to offer guidance on the 0:05:50.680 --> 0:05:53.640 timing of the first indust rate cut, but markets are 0:05:53.720 --> 0:05:57.279 clearly pricing. In September, I'm John Tucker, Bloomberg Radio. 0:05:57.520 --> 0:05:59.919 All right, John, thank you. In company news, Boeing is 0:06:00.080 --> 0:06:03.320 notified some seven thirty seven Max customers in recent weeks 0:06:03.320 --> 0:06:06.000 that aircraft do for delivery in twenty twenty five and 0:06:06.040 --> 0:06:10.080 twenty twenty six face additional delays. Sources say the planemaker 0:06:10.080 --> 0:06:13.240 has cautioned that delivery timelines continue to slip by three 0:06:13.279 --> 0:06:20.480 to six months on top of already late handovers. And 0:06:20.560 --> 0:06:21.760 it's time now for a look at some of the 0:06:21.800 --> 0:06:24.120 other stories making news in New York and around the world. 0:06:24.120 --> 0:06:26.799 And for that we're joined by Bloomberg's Michael Barr Michael, 0:06:26.800 --> 0:06:27.560 good morning. 0:06:27.480 --> 0:06:30.600 Good morning Karen. Today, the fate of New Jersey Senator 0:06:30.640 --> 0:06:32.600 Bob Menendez is now in the hands of a New 0:06:32.680 --> 0:06:36.719 York City jury. The judge delivered instruction yesterday afternoon to 0:06:36.760 --> 0:06:40.560 the jury in the Menendez bribery trial. Prosecutors say the 0:06:40.600 --> 0:06:44.520 Democrat accepted gold bars and cash from three New Jersey 0:06:44.560 --> 0:06:48.800 businessmen in exchange for favors. More than a million electrical 0:06:48.839 --> 0:06:52.960 customers in Houston are still without power after Hurricane Beryl 0:06:52.960 --> 0:06:57.000 made landfall Monday with sweltering heat. Most customers have been 0:06:57.040 --> 0:07:00.520 notified they won't have their power restored until the end 0:07:00.600 --> 0:07:04.000 of the weekend. This woman criticized utility companies. 0:07:04.560 --> 0:07:06.640 A lot of businesses are suffering. But when you see 0:07:06.640 --> 0:07:11.560 the lights downtown with empty complexes, and then you see 0:07:11.760 --> 0:07:15.680 mom and pop shop that's closed, that affects a lot 0:07:15.680 --> 0:07:16.120 of people. 0:07:16.920 --> 0:07:20.720 Meanwhile, the current heat wave across the Southwest is especially brutal. 0:07:20.800 --> 0:07:23.400 In Las Vegas, the temperature has hit one hundred and 0:07:23.440 --> 0:07:27.680 fifteen degrees or more for six consecutive days. Actor Alec 0:07:27.760 --> 0:07:32.560 Baldwin's trial continues. In New Mexico, Hanegutierras reed who served 0:07:32.640 --> 0:07:35.920 as the set's armorer and has already been sentenced to 0:07:36.000 --> 0:07:39.040 eighteen months in prison, is expected to be called to 0:07:39.120 --> 0:07:43.840 the stand later today. Meanwhile, a crime scene technician testified 0:07:44.160 --> 0:07:47.200 that live bullets were discovered mixed in with the dummy 0:07:47.280 --> 0:07:51.480 rounds in several places on the set of Rust. New 0:07:51.560 --> 0:07:55.200 Yorkers have paid fifty eight percent more in food delivery 0:07:55.240 --> 0:07:58.440 fees since a minimum wage law went into effect in 0:07:58.560 --> 0:08:01.520 late twenty twenty three. The report by the New York 0:08:01.560 --> 0:08:05.440 City Department of Consumer and Worker Protection suggests that restaurant 0:08:05.440 --> 0:08:08.880 delivery services have passed on the bulk of these rising 0:08:08.920 --> 0:08:12.520 costs to customers. Meanwhile, in California, some fast food to 0:08:12.600 --> 0:08:17.000 restaurant owners are scrambling to absorb a jump in labor costs. 0:08:17.480 --> 0:08:20.640 A new California law boosted the hourly wage from fast 0:08:20.640 --> 0:08:23.760 food workers from sixteen dollars to twenty dollars an hour. 0:08:24.240 --> 0:08:27.520 Many major fast food chain operators say they're cutting hours 0:08:27.720 --> 0:08:30.960 and raising prices to stay in business. This man owns 0:08:31.240 --> 0:08:33.559 nine Jersey Mikes in Los Angeles. 0:08:33.720 --> 0:08:35.280 We've had to cut back in their hours, We've had 0:08:35.280 --> 0:08:38.520 to cut back on staff, and we're trying to accommodate 0:08:38.559 --> 0:08:39.520 as much as possible. 0:08:39.600 --> 0:08:43.000 But when the people aren't the customers aren't coming in. 0:08:43.360 --> 0:08:45.600 It's very difficult to pay for to pay for the 0:08:45.640 --> 0:08:46.400 staff to be here. 0:08:46.679 --> 0:08:49.440 Global News twenty four hours a day and whenever you 0:08:49.520 --> 0:08:52.560 want it with Bloomberg News Now. I'm Michael Barr, and 0:08:52.640 --> 0:08:54.120 this is Bloomberg Karen. 0:08:54.280 --> 0:09:00.920 All right, Michael Barr, thank you time now for the 0:09:00.960 --> 0:09:03.400 Bloomberg Sports Update with John Stashaur. 0:09:03.520 --> 0:09:05.880 John, good morning, Good morning kiaraon Yankee, he said, Tampa 0:09:05.880 --> 0:09:08.200 Bay trying to accomplish a couple of things not done 0:09:08.240 --> 0:09:10.800 in a month. Win, a series, win, a second game 0:09:10.840 --> 0:09:13.760 in a row. Didn't happen. The rais Randy and Rose 0:09:13.800 --> 0:09:16.160 Arena two run holder first inning, Yanks tied the game 0:09:16.240 --> 0:09:18.560 solo shots by Austin Wells and won soto with the 0:09:18.640 --> 0:09:21.559 Rays with three in the third off Nester Cortez, who 0:09:21.600 --> 0:09:24.080 continues to struggle on the road, Tampa Bay won five 0:09:24.120 --> 0:09:27.680 to four. Aaron Judge has cooled off last eight games, 0:09:27.720 --> 0:09:30.840 no extra base hits, no RBIs that despite coming up 0:09:30.880 --> 0:09:33.400 in the first inning with runners at second and third, 0:09:33.440 --> 0:09:35.959 nobody out. He also had two on with one out 0:09:36.240 --> 0:09:38.319 in the ninth after. 0:09:38.440 --> 0:09:40.560 Six hundred at bets you know, things like that happen. 0:09:40.640 --> 0:09:42.320 You know, you never want that to happen. You're trying 0:09:42.320 --> 0:09:44.600 to come through and yeah, I just missed a couple 0:09:44.600 --> 0:09:46.000 of pitches. But when it comes down to it, I 0:09:46.000 --> 0:09:47.760 got to get the job done there, you know, especially 0:09:47.760 --> 0:09:49.840 in that situation, you know, down a couple of runs, 0:09:50.040 --> 0:09:52.480 Guy's working somewhere at bats in front of me. You know, 0:09:52.480 --> 0:09:54.280 I got to keep the line moving there, and you know, 0:09:54.320 --> 0:09:56.240 either get on base or get the guys over in 0:09:56.240 --> 0:09:58.360 the scoring position a little bit more for Minny Rice. 0:09:58.640 --> 0:10:01.160 Yanks left ten minut on base, one for nine with 0:10:01.240 --> 0:10:03.760 runners in scoring position. What have saved them during this slump? 0:10:03.840 --> 0:10:05.959 The Orioles have lately been losing. They get swept a 0:10:06.040 --> 0:10:08.440 home by the Cubs by a combined twenty one to 0:10:08.520 --> 0:10:11.319 twos of Baltimore only two games ahead. Yanks and Orioles 0:10:11.640 --> 0:10:14.120 started a big weekend series tonight at Camden Yards break 0:10:14.200 --> 0:10:16.160 up the Mets. They had that stretch where they went 0:10:16.240 --> 0:10:18.760 ten and twenty five. They are now on one where 0:10:18.800 --> 0:10:22.080 they've gone twenty three and ten. Cityfield sweep at Washington, 0:10:22.320 --> 0:10:25.160 winning seven nothing behind David Peterson Mets home tonight for 0:10:25.240 --> 0:10:28.400 Colorado today will be the forty ninth Grand Slam semifinal 0:10:28.440 --> 0:10:31.840 match for Novak Djokovic's thirteenth at Wimbledon. He'll face Italy's 0:10:31.840 --> 0:10:36.200 Lorenzo Mussetti. Carlos Alcaraz meets daneil Medvedev, who Alcarez beat 0:10:36.200 --> 0:10:38.880 in the semis last year before he upset Djokovic in 0:10:38.920 --> 0:10:42.480 the final. Women's final Tomorrow Jazz Bin Palini and Barbora 0:10:42.559 --> 0:10:45.520 craged Dakova, seated only thirty first before next week's Open 0:10:45.600 --> 0:10:49.320 Championship hits the Scottish Open. Justin Thomas eight under sixty 0:10:49.320 --> 0:10:51.920 two for his first opening round lead in three years 0:10:51.920 --> 0:10:54.439 of sixty five for Rory McElroy back for the first 0:10:54.480 --> 0:10:56.640 time since those miss futs at the end of the 0:10:56.720 --> 0:11:00.000 US Open last month. John Stashanwer Bloomberg Sports. 0:11:02.559 --> 0:11:06.680 Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:06.760 --> 0:11:09.679 and around the world on Bloomberg dot Com and the 0:11:09.679 --> 0:11:13.080 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:14.960 --> 0:11:17.760 President Biden made some gaffes while speaking at the NATO 0:11:17.840 --> 0:11:21.160 summit in Washington. He mistakenly referred to Vice President Kamala 0:11:21.240 --> 0:11:25.360 Harris as Donald Trump. He also incorrectly called Ukrainian President 0:11:25.440 --> 0:11:30.520 Vladimir Zelensky, Russian President Vladimir Putin. Still President Biden consists 0:11:30.920 --> 0:11:33.240 or rather continues to insist that he is the man 0:11:33.360 --> 0:11:33.960 for the job. 0:11:34.520 --> 0:11:37.480 I'm determined on running, but I think it's important that 0:11:37.520 --> 0:11:41.319 I really lay fears I see, let them see me 0:11:41.440 --> 0:11:41.920 out there. 0:11:42.880 --> 0:11:45.720 Now we're joined now by Bloomberg's Kevin Whitelof with some 0:11:45.800 --> 0:11:48.640 analysis of this. Kevin, how much damage did that news 0:11:48.679 --> 0:11:50.120 conference due to the Biden campaign? 0:11:51.400 --> 0:11:54.079 I mean, at this point, every little bit hurts. I mean, 0:11:54.080 --> 0:11:56.280 I think the biggest problem is that, you know, he 0:11:56.320 --> 0:11:58.480 can go out as he did, have a pretty good 0:11:58.480 --> 0:12:01.720 press conference, sound pretty wrong, make some good arguments, make 0:12:01.760 --> 0:12:04.280 a couple some forceful remarks, and then one or two 0:12:05.559 --> 0:12:07.920 gaffs are the things that I'm going to be getting 0:12:07.960 --> 0:12:10.959 everybody's attention. So I think that if this press conference 0:12:10.960 --> 0:12:13.280 had happened, I don't know, say a month ago, it 0:12:13.280 --> 0:12:15.600 probably would have gone, you know, without a huge amount 0:12:15.600 --> 0:12:18.640 of attention. But in the wake of that debate performance 0:12:18.679 --> 0:12:23.040 and everybody trying to focus on every single moment, it's 0:12:23.040 --> 0:12:26.640 almost impossible for him to truly rewrite the narrative at 0:12:26.640 --> 0:12:29.000 this point, or at the very least is going to take, 0:12:29.240 --> 0:12:32.880 you know, weeks and weeks and weeks, and the Democrats 0:12:32.920 --> 0:12:34.800 really don't have that kind of time if they are 0:12:34.840 --> 0:12:39.040 going to think at all about the option of replacing 0:12:39.120 --> 0:12:40.280 him at the top of the ticket. 0:12:40.600 --> 0:12:43.000 Is that why we're seeing more Democrats come out now 0:12:43.040 --> 0:12:46.160 and openly call for Biden to step aside because of 0:12:46.200 --> 0:12:47.120 that time factor. 0:12:48.080 --> 0:12:50.079 Well, I mean, they really have to do something before 0:12:50.120 --> 0:12:52.640 the convention or at the convention. If it's going to happen, 0:12:52.960 --> 0:12:56.760 it's it's it's nearly I mean, look, it's almost entirely unprecedented, 0:12:57.040 --> 0:12:59.480 unprecedented for it to even happen that way, it's almost 0:12:59.480 --> 0:13:02.160 impossible for it to happen later. There has to be 0:13:02.200 --> 0:13:04.320 some semblance of a process if they're going to choose 0:13:04.360 --> 0:13:07.240 somebody else. But it's ultimately up to pretty much one man, 0:13:07.400 --> 0:13:11.120 Joe Biden, to make that decision. Essentially nobody else can 0:13:11.160 --> 0:13:13.959 make it for him. But every single Democrat that comes 0:13:13.960 --> 0:13:16.480 out and then calls for him to do it makes 0:13:16.520 --> 0:13:19.640 it that much harder for Biden because you know that 0:13:19.760 --> 0:13:22.600 the Trump campaign is going to bring up every single 0:13:22.640 --> 0:13:27.440 one of those and recycle those calls, and those remarks 0:13:27.120 --> 0:13:29.400 come as we get closer in November. 0:13:29.840 --> 0:13:32.440 Now, not only are we hearing from congressional Democrats, but 0:13:32.480 --> 0:13:35.880 CNN is reporting Obama, Former President Obama, and former Health 0:13:35.880 --> 0:13:39.240 Speaker Nancy Pelosi have reportedly met about this are also 0:13:39.280 --> 0:13:41.880 reportedly quite concerned. Is any of this going to have 0:13:41.920 --> 0:13:42.400 an effect? 0:13:43.559 --> 0:13:48.240 I mean, we'll see. Biden was convinced in twenty twenty 0:13:48.280 --> 0:13:51.040 he was the best positioned, maybe the only person who 0:13:51.080 --> 0:13:53.040 could beat Donald Trump, and he did win. It was 0:13:53.120 --> 0:13:56.640 very narrow, but he won, and he's obviously still convinced 0:13:56.640 --> 0:14:00.120 that he's still the best person to do it now, 0:14:00.120 --> 0:14:02.880 and the polls are a little bit hard to read 0:14:02.960 --> 0:14:06.280 on this one. You know, the obvious replacement would be 0:14:06.320 --> 0:14:09.760 Kamala Harris, and you know her polling and recognition, and 0:14:10.160 --> 0:14:13.960 you know, isn't that much stronger. So I do think 0:14:13.960 --> 0:14:16.360 that it's going to be ultimately up to Biden, probably 0:14:16.440 --> 0:14:20.280 the family around him, his wife in maybe a couple 0:14:20.320 --> 0:14:22.400 of close ages, but you know, almost all of them 0:14:22.440 --> 0:14:25.120 have pretty strong incentives to want him to stay in 0:14:25.160 --> 0:14:27.760 the race. So it's a little hard to imagine who 0:14:27.800 --> 0:14:30.320 exactly is going to be able to come through and 0:14:30.440 --> 0:14:34.040 change his mind. It's going to be a tough thing 0:14:34.120 --> 0:14:37.680 again never been done before. Huge risk involved at this 0:14:37.720 --> 0:14:39.040 point really either way. 0:14:39.800 --> 0:14:44.680 And behind the scenes, Dems reportedly some are angry that 0:14:44.720 --> 0:14:47.560 Biden won't leave the race. Is this causing a split 0:14:47.840 --> 0:14:48.480 in the party. 0:14:49.880 --> 0:14:52.400 Well, you know, you can only imagine how many private 0:14:52.440 --> 0:14:57.080 conversations are being ahead and calls and emails and texts 0:14:57.120 --> 0:15:00.360 flying around over this. There's obviously this enormous amount of 0:15:00.400 --> 0:15:04.040 concern that not only will if Biden stays in the race, 0:15:04.080 --> 0:15:06.280 will will he lose, but that the Democrats could lose 0:15:06.280 --> 0:15:09.440 both chambers of Congress, and that sort of puts them 0:15:09.480 --> 0:15:13.160 in a really bad, really weak position and gives Donald 0:15:13.200 --> 0:15:17.120 Trump a potentially very free hand to take the country 0:15:17.160 --> 0:15:21.280 in a very different direction. That has everybody very panicked. 0:15:22.120 --> 0:15:24.720 I think the problem they all have is a it's 0:15:24.760 --> 0:15:27.640 not clear if Joe Biden's going to change his mind, 0:15:27.720 --> 0:15:30.760 but be it's really not clear that if you replace 0:15:30.840 --> 0:15:33.680 Biden with someone else at this very late stage, that 0:15:33.760 --> 0:15:35.080 the result is going to be any different. 0:15:35.320 --> 0:15:37.960 We got about a minute here, Kevin the president has 0:15:38.000 --> 0:15:40.680 said he's willing to take a neurological exam. Are we 0:15:40.720 --> 0:15:41.120 past that? 0:15:41.920 --> 0:15:44.880 I mean, you know, at this point, I suppose anything 0:15:44.920 --> 0:15:47.200 could help, but then the question is still going to 0:15:47.200 --> 0:15:49.840 be you know, who believes it. No one really believed 0:15:49.880 --> 0:15:54.600 Donald Trump's supposed a cognitive test either, right, So you know, 0:15:54.640 --> 0:15:57.440 I think that some of these things really get baked 0:15:57.480 --> 0:15:59.800 in the repetition of some of these clips and moments 0:15:59.800 --> 0:16:04.200 on social media are super, super damaging to Biden and 0:16:05.160 --> 0:16:08.040 trying to build it back, trying to show trying to 0:16:08.080 --> 0:16:10.840 make the case that he's able to do it and 0:16:10.880 --> 0:16:15.280 show that he can be nimble on his feet. You know, 0:16:15.840 --> 0:16:17.520 you can do it a couple of times, but it 0:16:17.640 --> 0:16:21.240 just doesn't take much to undo weeks and maybe months 0:16:21.280 --> 0:16:22.040 of that kind of work. 0:16:22.160 --> 0:16:25.520 You're listening to Bloomberg Daybreak today, your morning brief on 0:16:25.560 --> 0:16:29.520 the stories making news from Wall Street to Washington and beyond. 0:16:29.600 --> 0:16:32.360 Look for us on your podcast feed at six am 0:16:32.440 --> 0:16:36.120 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:36.160 --> 0:16:37.359 get your podcasts. 0:16:37.520 --> 0:16:40.760 You can also listen live each morning starting at five 0:16:40.800 --> 0:16:43.960 am Wall Street time, on Bloomberg eleven three to zero 0:16:44.000 --> 0:16:47.200 in New York, Bloomberg ninety nine to one in Washington, 0:16:47.560 --> 0:16:51.640 Bloomberg one sixty one in Boston, and Bloomberg nine sixty 0:16:51.760 --> 0:16:52.800 in San Francisco. 0:16:53.160 --> 0:16:56.320 Our flagship New York station is also available on your 0:16:56.360 --> 0:17:00.320 Amazon Alexa devices. Just say Alexa Play Blue bom Berg 0:17:00.360 --> 0:17:01.640 eleven thirty plus. 0:17:01.920 --> 0:17:05.320 Listen coast to coast on the Bloomberg Business app, serious 0:17:05.560 --> 0:17:09.919 XM Channel one nineteen, the iHeartRadio app, and on Bloomberg 0:17:09.960 --> 0:17:12.119 dot Com. I'm Amy Morris. 0:17:12.000 --> 0:17:15.159 And I'm Karen Moscow. Join us again tomorrow morning for 0:17:15.320 --> 0:17:17.800 all the news you need to start your day, right 0:17:17.840 --> 0:17:19.400 here on Bloomberg Daybreak