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tv   Bloomberg Markets Balance of Power  Bloomberg  May 6, 2019 12:00pm-1:00pm EDT

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on the brief today, shawn donnan on the uncertain path for u.s. china trade negotiation. the united states raising the stakes in iran and lauren davidson on the quest to get president trump's tax returns. , you've been following the negotiations between president trump in china closely. were you as surprised as the rest of the world? shawn: global markets were surprised. we always knew there would be a rough ride into the final stages of the negotiations. when donald trump threatened to impose further tariffs on china, was it all just a negotiating tactic and will that tactic yield a deal or will it backfire on the president or take us into a summer of potential turmoil? david: even as we expected that delegation from china, we will come back to the chinese response in a moment. now we go to nick on the
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situation in iran and the news we are sending an aircraft carrier and a bomber group into the area because of possible threats from iran. what is happening? the uss abraham lincoln had been scheduled to go to the region a month ago and the administration has said it is accelerated that timetable. this is in line with what the administration has done before, trying to signal a hard line to iran. it is not clear what the threats are that john bolton was referring to when the u.s. issued that statement last night. you did say they were concerned about potential attacks against u.s. troops. it is not entirely clear what is going on, but certainly a strong signal where the u.s. is saying to iran, tread carefully or we may respond. david: that goes to the heart of the matter. is this a ratcheting up of pressure on iran, or do something change on the ground?
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there are some reports that maybe the iranians are preparing themselves so they could take action against american interests. there is intelligence on the ground, the u.s. administration is not sharing that with reporters. more broadly, this administration has consistently ratchet up pressure against iran. there is a steady drip every few days where the u.s. does something, whether it be imposing sanctions on the islamic revolutionary guard corps, tightening sanctions related to oil exports or civilian nuclear activities, part of the broader administration effort to course iran into meeting mike pompeo's 12 goals, which he says are aimed at getting the country to act like an "normal country." david: let's talk about turkey. nato is getting to this issue about whether turkey will take those missiles? nick: that's right.
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this is a long simmering dispute between the united states and nato. turkey wants to buy a russian missile defense system. turkey is also part of the u.s. f-35 advanced fighter aircraft program. the u.s. says these systems are not compatible. whilennot have the f-35 you also have this russian missile defense system. so far they have remained at loggerheads. turkey says it is not willing to back down. the u.s. is looking at new ways to ratchet up the pressure. david: now we want to go to lauren davidson and the fight against president trump's tax returns. are we going to get to see those tax returns? lauren: it is highly unlikely. a month ago the chairman of the ways and means committee made this request. secretary steven mnuchin put them off twice and alice is the deadline mnuchin made himself.
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he has consulted with the justice department. we expect to see the reasoning the doj can up with. every indication from the treasury secretary is this is an illegal request. you look at all of the other instances between house democrats and the administration where there has been a refusal to hand over documents, whether that be financial records from the trump organization accounting firm, the unredacted robert mueller report. this will be to set up the fight for democrats to see what more enforceable actions they can take next. david: the reports have been they have an opinion from the justice department saying there is no legitimate legislative purpose behind the request. say, how doeshey this get resolved? the issue is this legislative request and the law that neil is relying on does not say he needs a request.
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he has the authority to get the returns of any taxpayer, including donald trump. his steps could go two ways. he could issue a subpoena or sue mnuchin for not complying with the initial request. what a house democrats are trying to figure out is how we get democrats to follow our request or even looking at more creative idea. do we bring back the house jail, which seems unlikely. david: that would be unlikely. thanks to laura davison. back to shawn donnan entree. what is been the china reaction? of the u.s.th erin china business council and asked what she had learned about the possible visit from the council. rin: our colleagues in beijing were telling us they were able to reach several people at their desks in beijing, but that most
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of them were still planning on coming to washington. the big question is whether that is just the mid-level negotiators or whether vice premier joins them. david: is the delegation coming? shawn: the answer is we do not know. the white house is giving us guidance they still expect the delegation to come this week but we do not know who is going to be leading that delegation or what is going to happen. that delegation is due to arrive wednesday and talk through the end of the week. saiddministration had friday, may 10 as a pencils down moment to close the deal. a lot of questions hanging over all of this right now. david: let's take the president at his word, which is if they do not have an overall deal by friday he will increase the and therom 10% to 25%
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rest of the imports are just around the corner -- the tariff from 10% to 25% and the rest of the imports are just around the corner. what does that do to negotiations? is that a rubicon? shawn: it is crossing a redline. before the two sides were talking about scaling back the tariffs. it would be hard for the chinese not react in their own way. the big question here is donald trump bluffing? look at u.s. markets today, they came up hard in the morning but recovered a lot of rounds since then. that seemed to say markets think the president may be bluffing, that this may be a tactical move. the question is to the chinese see it that way and are they willing to talk with a gun to their head? it should be said the president try to similar maneuver in the closing stages of the nafta negotiations last year. applied a lot of pressure on the
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canadian side and eventually did get to a deal, although that dragged on for a few weeks and passed a few busted deadlines. it is a big question as to what we will see by the end of this week. will we get the outlines of a deal or is this likely to drag on? there is big risk that if they go ahead and apply these tariffs come and we are hearing this from the business community enormous risk an for the business economy -- for the u.s. economy. these tariffs would really disliked supply chains. david: thank you so much for that terrific reporting. that is shawn donnan, our colleague in washington. stocks are down, but they are off the lows. here to explain is emma chandra. risk off sentiment across u.s. markets and global markets. majors all putting in a 1% loss at the moment. , as in p5just shy
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hundred and nasdaq all off 1%. is materials, industrials, and tech. with tech it is the chip stocks. take a look at the philadelphia semiconductor index. the stocks down 2.6%. down the most intraday in the session since january. news, it is all being driven by president trump and his tweets reigniting that trade war with china. with all of that, saying the return of volatility, rising around 34%. 46% at the open. that is the most since september. that was a volatile month. let's take a look at a chart i have for you as well. shorting on the low volatility. the largest net short on record, that is the white bar. not come is good news
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to those traders this morning. bloomberg markets saying perhaps the spike we are seeing today is a reward for those who have been more cautious in their portfolios. a quick look at some of the movers. consumerdiscretionary, spending took big hits. big lots -- big loss on nike, whirlpool, and ralph lauren. david: president trump is proud of what he has done with the economy. does the strength of that economy give him the right to risk trade negotiations? that is next. this is bloomberg. ♪
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david: this is "balance of power." president trump came to power promising growth in the economy
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has performed well under his tenure. with his tweets threatening new tariffs on goods with china, he seems to be risking some of that growth. of clubme the president for growth, david mcintosh. good to have you here. m.: thanks for having me. david: i know you've been pleased with what the president has done. how you feel about the new threat of tariffs? we think the strong economy has been a result of those tax cuts. when you do look at this in two ways. americanse attacks on . there are a drag on the economy. they're probably what is keeping us below 4% gdp growth and if it is implemented as policy will have very negative consequences. then i stepped back and said there is a second way to look at this.
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that is remembering the book donald trump wrote before he was president -- "the art of the deal." this may be his effort to set out for the chinese at the closing days the negative consequences if we do not reach a deal. i'm ready to put these tariffs into place. if that leads to a constructive deal where both sides pullback and reduce the tariffs, then it could be a win-win for both economies. we will have to wait and see. it is a dangerous game because the chinese may not understand about donald trump. they may react by pulling back and saying they have essentially lost faith. my hope is they have done their homework. they are smart individuals, and they realize how president trump operates in a negotiation. david: i wonder how growth in china and the united states might affect the negotiation. does the president feel that we of the economy going well. i have a stronger hand.
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this is the time to push, even if i take a little bit of a hit? it seems like president xi is looking at his economy and saying it is not looking back. it is it encouraging the world leaders to be tougher? rep. delaney: i have heard the -- david m.: i have heard the president articulate that. we have a strong economy and this will play out in the long run. president xi has to look at the general effect the tariffs have had on his economic growth, where he did a recent lower for them. hopefully, and this is where the charming part of president trump's approach may play into it, that he can share -- we both gain in the long run with this. you can return to the strong economic growth you have had. we will have what the president calls a more fair trade environment, and both sides can win. it is going to be a dance back and forth, where each side will lay out, if you do not agree
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with me, here are the negative consequences that ensue. i think china is at the end of the rope in terms of terror plays. -- in terms of tariffs plays. because the government owns and controls industry, they could put more trade barriers in place in retaliation. bitd: go to the politics a and who is with the president and who is not with the president. the chinese came out with a response. their spokesperson came out with a response that said we have heard this before. we are used to this. we can move on. it will not impede our going forward. as the u.s. threat on the tariff increases chinese good, i think that situation appears many times before. it struck me as ironic that the immediate support he got was from chuck schumer, the minority leader on the democratic side in the senate. chuck schumer wrote hang tough on china, president trump.
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do not back down. are the democrats more the presidents on this strategy than republicans? rep. delaney: i do not think -- david m.: i do not think so. i'll he said it is dangerous to take advice from someone who wants to kill you. chuck schumer would like to see president trump defeated, and the only way that can be guaranteed of the economy tanks. i would be leery for the advice from someone who may want to see a dip in the economy for a political gain in the elections. on the republican side, you do see a split where the base of the party supports the president on the tariffs but a lot of the more conservative members who also support him realize that it is dangerous for our economy and could hurt the economic growth that the republicans are depending on in order to not repeat the disaster of the midterm elections. david: let's go forward to the next presidential election and talk about what role you see
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growth playing in that -- the club for growth playing in that election. you are a supporter of the president on tax cuts and deregulation. where would the club for growth pick their spots? david m.: we will look at continued efforts on those economic issues. double down on the regulatory relief. there is opportunities for the administration to do that. we are looking at creating a true free market in health care and appreciate the president putting that back on the table when congressional republicans ducked after the obamacare repeal failed. that the hill republicans are not good on is spending. there is going to be a big battle on lifting the spending caps where republicans who are defense hawks will team up with the democrats and say if you let me spend my money, i will let you spend your money. in the end, they are spending
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the american money in the future. that may not have a negative economic impact, but it puts a large overhang and in the end creates more leverage for the chinese when you think about it since they are the biggest owner of that debt. those are the issues we will focus on. the ones i think will make the biggest difference in the election is how is the economy doing? do people feel secure they will not lose their jobs. their children will get a job in the graduate from college? that is probably the one way trump can overcome the feeling among suburban, well-educated moderates who do not like his approach to politics. if they think their family will be better off, then they will market go for fairly radical democrat alternatives. democraticou see any candidates you might appeal to you on some of those issues? david m.: most of them are way off target. they have put forward these aggressive medicare for all,
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government takeover of health insurance. they have put forward huge taxes, particularly the tax on unrealized gains that are very dangerous for our economy and the growth in the economy, and there is one area that there is an interesting combination of free-market conservatives and progressives. -- an issue bill that will come up in the nominations this week in the senate. it is exemplified by the xm bank. we oppose that because we think it is crony capitalism. progressives oppose it because they think it is a corporate bailout. the best economic result may not be the best thing for boeing, but the best economic result across the board is to let the marketplace provide that financing and defund the xm bank. david: the president has had a little bit of difficulty in getting nominees through for the federal reserve. as you look at that, other candidates you favor?
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when it came to the supreme court, the president put out a list of people he thought would be good candidates. could the club for growth help the president about that kind of list for the fed? david m.: we would be delighted to. i cannot say i have developed one now, but i was thinking about exactly that when stephen moore withdrew his name after herman cain, that same approach the president used on the supreme court of finding people who agree with his economic approach but have the academic credentials that are unassailable. there are people out there in academia who do not subscribe to the mainstream teensy and -- fed,sian approach at the but they are intelligent enough, like milton friedman was in his day. who are the new milton friedmans? icannot give you the list but
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have made a note we need to develop one. david: that is club for growth president david mcintosh coming to us from washington. boeing is back in the crosshairs after reports it knew early on about a problem with the software in its boeing 737 but failed to inform those flying the airplanes. we talk about that next. this is bloomberg. ♪
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david: boeing is our stock of the hour. shares dropped the most in the month. there are new questions about the company's transparency of the 737 max 8 and emma chandra is here to tell us all about it. emma: the transparency or lack of transparency. boeing new the cockpit release angle of attack sensors on the jet were not working properly and needed -- and they knew months before the first crash of the 737 max jet.
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the plane makers do not share those findings with any airlines or with the faa until after the first crash. the faa has criticized them for poor communication. they were supposed to warn pilots about issues with the sensors like confusing readers and the angle of attack fed into the sensor system which has been of concern about how the crashes came to take place. we are seeing united technologies drop. they provide the cockpit displays and another decision of united technologies -- david: ut in two different ways. when can they get in front of it and tell us the whole thing? emma: a lot of people would like to know. it has been a number of months since that second crash. we seem to be getting information in this trip, trip format.
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there's been lots of questions about how this angle of attack played into the system. now we are finding out they knew there was a problem. we also found out that certain customers pay for upgrades. they got that morning if you're getting conflicting readings. that to be another level of concern. david: you have to pay extra. emma: you did. it is not a good look. david: many thanks to emma chandra. president trump is about to host an event honoring the army football team. you can watch it on the bloomberg. next, president trump reigniting traded tax on china, but will his supporters stick with him? we will ask our roundtable. this is bloomberg. ♪
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every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. david: this is "balance of power" on bloomberg television. i'm david westin. for bloomberg first word news, we go to mark crumpton. mark: president trump's former
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attorney michael cohen has arrived at a prison west of new york city to begin serving a three-year sentence. before leaving his apartment today, he told reporters there is still much to be told and said he looks forward to the day when "i can share the truth." was convicted of crimes including campaign-finance violations connected to hush payments made on president trump's behalf. the president has set a deadline with a trade war with china. he warned on friday that tara's worth of $200 billion worth of goods will rise from 10% to 25%. tariffs may also be imposed on billions more in chinese products. the president is unhappy with the pace of talks. the president says a chinese delegation is still coming for talks this week but it is still uncertain if the country's top negotiators will attend. israel and gaza strip militants have reached a truce following the most intense round of fighting in five years. 27 palestinians and four
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israelis were killed. hamas fired hundreds of rockets into israel. the israelis responded with airstrikes. there is a new member of britain's royal family. prince harry and meghan markle have welcomed their first child, a boy. he is the first interracial baby in the monarch's recent history. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. you, mark.k secretary of state mike pompeo is in finland today leading the u.s. delegation of the arctic council. like his boss, he is still focused on china and did not miss an attempt to take a direct swipe at china, even when coming to the arctic. >> china's aggressive behavior elsewhere should inform what we do and how it may treat the arctic. david: we welcome our political
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roundtable, senior advisor to economics, and chris wilson, who served on ted cruz's presidential campaign. let's start with the politics of what is going on with history dispute that seems to be escalating at the moment. how does this play for the republican base of donald trump? mostrepublicans -- >> republicans are free traders, but also fair traders. ofen time to see the outcome his strong stances on trade, i think right now the reaction is pretty good. his approval rating with republicans is in the high 80's percentage. now his numbers on approval of the economy is reaching 55%. that is a reflection of the president succeeding on the economy. unemployment at the lowest since it's been since we put a man in space. most importantly, wages.
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when they rose under obama, they typically rose with supervisors and management class. right now, you have the highest increases of wages happening at the worker class. that is positive for the president, positive for his reelection chances. that is playing well with his base and the swing voters and the republican moms that republicans lost in 2018. david: chris says it is not about china but the economy, wages. does he have a strong point? >> the economy is good, the problem for the president, though, has to do with those farmers who bernie sanders and other democrats are talking to in iowa. these are the people that have suffered tremendously under this trade war. 25, $30 seen what was billion cut to $15 million. farmers are facing a catastrophe in these areas. and the president, to win, goes
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right through the midwest. he has to be concerned about the impact on the trade war, on the very voters he depends on. those are big questions for the president. how democrats will respond. we have still seen a lukewarm response from democrats who have been a bit timid to take on the president with the trade war. david: is that why joe biden came out and said china is not that big of a deal, to appeal to the farmers and say i will make sure that you can sell your stuff? jeanne: absolutely. you have to appeal to those farmers and tell them, you are not going to let those aren't going to foreclosure. you look at one issue, soybeans. joe biden was smart to take that on. other democrats need to follow. . give amy klobuchar credit she has been out there with the support of the farmers doing that. david: farmers have been remarkably patient with the president, but they are really hurting.
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farm incomes are really down substantially. how long can the patient's last -- patience last? >> it is a good question. it is about whether the farm economy can recover in the next 18 months, how that impacts november 2020. right now, most farmers are giving the president the benefit of the doubt. they are hurting, but you didn't see the farm districts vote heavily against republicans in 2018. some were really concerned about that. most of those districts reelected there republican members of congress or state within their districts. ist happens in 2020, that why you see the president is the trade war right now. he knows that he can win this and get those farm economies back on track. david: in the meantime, what about the rust belt? there is talk that he is vulnerable in there. there is talk that joe biden could hurt him in some of those states. chris: we will have to see.
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economy,es down to the you have to look at the rust belt as a strong area for the president. it is interesting, the dichotomy that exists on the economy and his overall approval ratio. that is what we are looking at. how do voters cast their ballot? is it about the economy, which we have seen in the past, or is it about personality? you have tonomy, look at the president as a favorite. will he be able to win michigan like 2016? i like his chances against elizabeth warren, bernie sanders. it is a different race against joe biden. i would disagree with his comments on china. i don't think he meant to say what he actually said. we could spend an entire show talking about that. but as long as biden stays out of the camera, does not fall into his gaffes, he is a strong candidate.
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long hehave to see how can maintain discipline around that candidacy. david: i noticed chris carefully said things about bernie sanders and always been warned, but joe biden is a different case as a practical matter. who can make the case to the president? you promised a lot and did not get it. joe biden is the one that can make the case. i would also point to the senator who just got into the race from colorado, amy klobuchar. there are people running up the middle of the aisle following joe biden. if we want to see if the president is nervous about the economy, that explains his meetings with nancy pelosi and chuck schumer, and the $2 trillion on infrastructure. why is he making agreements with democrats on these things? he knows he has to deliver something to the american people, particularly workers on the ground. there is no other reason trump is making a deal on infrastructure.
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he is worried the economy does not stand up by november 2020. david: we will see if he makes a deal. isn't that a point, chris, the president thinks there could be fiscal stimulus because tax cuts are going off. if we get $2 trillion in work projects, that could really help the economy before 2020. we will see. the devil is in the details on that. i look at the meeting with the democrats differently. i think it is more about him getting a few wins, showing that he can work with democrats in congress. he needs that. anybody standpoint of competing with him on the economy, that will be tough to do with the way the economy is humming right now. how many reports have we had over the last 18 months that says the economy is strong now and is about to collapse? we continue to see unemployment drop. i feel really good about his ability.
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we see his approval rating continuing to move up. david: jeannie, don't you have to sort of agree on this? if the economy is growing 3%, reale have weighed gains, wage and, when you take account of inflation, it will be hard for any democrat to win -- to take the white house. jeanne: i would agree on that, and that is the president's biggest concern. that is why his biggest fight right now is with the fed. he is deeply concerned this will not sustain. the other issue he has, health care. democrats need to run on health care and inequality. as good as the economy is, it has not filtered down. people on main street are not feeling it the way the president and other republicans are saying they should be. those are things the president has to tackle. david: does the president you to tackle health care again? we have not heard much about repealing obamacare. is that his recognition that it
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did not work so well in the off year election? chris: he didn't just bring it up a few weeks ago. it was a shock to republicans when he did. we are going to push a bill and what we strong on pre-existing conditions. david: after the election. that is important. chris: a couple months. that is all right. everybody has to run on their own on that. there is clearly something that has to be done. you see a lot of states collapsing under the weight of the obamacare mandates. as you see obamacare start to dissolve, because of its own structure, i think republicans will be smart, have to come forward with another plan. i would dispute about the idea that people on main street are not feeling the economy. when you see the numbers going up to 55% approval, wages are rising at the worker level at a
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higher level than we ever saw under any past president for the past 20 years, unemployment the lowest in 50 years, it is tough to make the argument that this is not being felt at all levels. david: thanks very much to jeannie zeno and chris wilson. we have breaking news. the istanbul elections are going to be taking another look at. say they officials will have a recount of the elections. we are joined by our chief emerging market strategist. >> i think they will have a full recount. they will take another election. they had merrill elections in ankara. that is where president erdogan made his bread and butter. they are going to do a new election. they will throw it out the door. they lost last month and it looks like they will have a full on election. we will see what the implications of that will be. to me, that speaks to the
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credibility within the erdogan administration. if he cannot come to grips with the fact that his party lost the election, this may be a precursor for creditors to exit the country entirely. david: you can see what is happening to the lira. at the same time, president erdogan got to where he got because of mayoral contests. this may undermine his ultimate power. >> the currency is down roughly 14% to date. considering the country has negative real yields, the shape of the curve is completely inverted. there are a lot of risks there. offshore creditors are backing away entirely. we will have to see how things play out. this is a very fluid situation, we just got the news today. david: thank you. live from new york, this is bloomberg. ♪
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david: you are watching "balance of power" on bloomberg television. i'm david westin. to 22 democrat vying for the nomination to take on donald trump in the presidential race next year. first, there was just one, john delaney, former three term congressman from maryland. we welcome him today for today's conversation in chief. we have debates coming up, june. two different nights. how do you stand out in that pack? it is a pack. john: it is a big pack. i am a more moderate candidate, i'm putting forth solutions that really matter. on the problem solver by nature. a lot of the people are running against have put forth solutions that do not work. i don't think that is what the
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american people are looking for. they are looking for someone to bring us together, solve problems, bring forward new ideas to address some of the issues that i think we are dealing with. i think i'm very different than the rest of the pack, who increasingly is going kind of over to the left. david: certainly different from bernie sanders, elizabeth warren. what about mr. bennett, from colorado, joe biden? they seem to be more cut from your cloth, is that wrong? john: they are closer to me but i think my ideas are better even fundamentally new ideas that are better and more responsive to the problems we have. , i was an is i think on-chip jupiter before i entered congress. i know how the private economy works in this country. i don't think what is going on with the economy right now, unless we put up someone who can go to to toe with the president on the economy, and where the particularly in
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the heartland, believe some of the good trends we are seeing can both continue and be more broadly shared, we are not going to be able to beat him. we need somebody who understands the economy. david: coming back to the crowded pack, give me your strategy to get ahead of that path. you need at least one cutthroat idea. we have heard from bernie sanders about college tuition. we have heard medicare for all. ideas, but bad people breakthrough. what is your idea that will cut through? john: i tell you what i want to do to help workers, double the earned income tax credit. workers are really struggling. they continue to struggle in this country. i have a much better proposal to deal with climate. i'm focused on things like negative emissions technologies, how we extract carbon out of the atmosphere. i'm calling for us to build a co2 pipeline in the heartland of america so we can stimulate his whole new industry we will need to build.
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i would like to make sure we build in the united states. i've called for national artificial intelligence strategy, which is different went anywhere own else is talking about. people are fighting the battles of the past. i'm focused on the future. you talked about trade with china. i may be one of the only democrats who supported the transpacific partnership. i don't see how you can be president trump in rural america unless you supported the transpacific partnership, which would have been the best thing for workers. i think my health care plan is the best. i have a universal health care plan but it is not half-baked like a lot of these things that people are putting forward, which gets rid of private insurance. a terrible idea. at the end of the day, i think my ideas on how to do with climate, health care system, how to deal with workers, is better than others. are, i would say, a smart, experienced, successful businessman with some good ideas. is that enough to get elected
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president? let's be frank, going back to 2016, donald trump tapped into a deep emotional vein in this country, people feeling they were left behind, angry about it. some of the other democratic candidates are tapping into an emotional vein as well. do you need emotion on your side, what is the emotion you can trigger? john: all the people that are out there who are angry that we have not done anything, that they continue to see our elected officials, most of whom are career politicians, put their political party ahead of their country. for somebody of these issues there are common sense solutions where there is common ground. national service. for really uniquely calling that in terms of having a specific plan how to do it. that is the kind of thing where there is broad agreement among democrats and republicans we should do to get the next generation of americans engaged in this notion of common purpose. i think this election will be about who can bring this
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terribly divided nation back together. that was not with the 2016 election was about, but all these things are different. to the people that respond to my candidacy, are all the americans that are out there who are just curious that our political system is broken, and they look at their elected officials, most of which have done this their whole career, and they say you are in it for yourself, not for me. i am just different. i had a successful career in the private sector. i decided to dedicate the rest of my life to public service for the right reasons. david: every candidate needs money to get there. what is the challenge for money with you? congratulations, you qualify on the polling, not on the donors. john: not yet. david: how is the money coming, how are you going to trigger the money? is that little contributions, big contributions? both. we had a third most cash on hand at the end of the third quarter -- first quarter.
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we are in a good position to compete against anyone in the field. we are focused on small donors just like anyone. i don't take money from corporations or pacs. we have good supporters. i don't spend all my time fundraising, though. i spend a lot of my time campaigning. i have been to all 99 counties in iowa. no one has done that. i've been endorsed by four county chairs in iowa. all the other candidates have zero endorsements by county chairs. while what is going on in ohio and new hampshire is not what people are focused on right now, if you actually go there, our campaign is in good shape. david: thank you for being here, john delaney. 2020 democratic is agile candidate, former congressman from maryland. this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i'm david westin. clawed his wayy
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through the mud and rain at churchill downs on saturday only to have the wind taken away after 22 minutes of deliberation by the stewarts. not everyone was happy, including the president. but our next guest says the ruling was an obvious call. we welcome our foremost horse expert, david papadopoulos. explain to me why you think it was not a close call. turnming around the second , maximum security, while on the lead, clearly jumped out several path lanes. -- several pads. when you do that and in the process what on multiple horses, 1, 2, 3, and compromise those chances, and frankly, put those horses in danger, you need to be disqualified and put behind them, regardless of where they finish in the race. what is wonderfully on unsatisfactory for everybody is that the horse that went from
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second to first was not affected by any of that, but that is part of the game. you cannot wipe out multiple horses and then be expected to remain where you were. you need to go behind them. david: one of the ways horse racing is different from law. there is something called harmless error. this time you definitely count it. those look like terrible conditions they ran the race in. what about that poor horse that was disqualified, was he trying to get around a puddle? >> some people saw a puddle that he was trying to hop, the jockey understood it as the infield crowd, the horse is not used to having people in the infield. a lot of college kids doing drinking making a lot of noise. the horse seemed to jump to the right. when he jumps over to the right, he creates his chain reaction of events. david: so this is balance of power, what does this have to do with politics? president trump tweeted that this was political correctness run amok, that the best or stood
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not win. what does politics have to do with this? thee was giving voice to frustration of a lot of the gamblers who bet on my own security. why are you elevating a horse that was unaffected by this, putting them in first? what i would say is this in terms of political correctness. deaths inll of the california somehow having an effect on this. back to talk about santa anita. i would love to talk about that. sign up for the balance of power newsletter at bloomberg.com and get the latest in your inbox every day. ♪
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mark: i'm mark crumpton bloomberg first word news. the house judiciary committee will vote wednesday on whether to hold attorney general william barr in contempt of congress, this after the justice department on to provide the
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committee with a full unredacted version of special counsel robert mueller's russia report. the panel had given him until 9:00 local time this morning to comply. in the u.k. k, prime minister theresa may is hoping to break the deadlock that has paralyzed the country's split from the european union. bloomberg has learned her officials are drafting a new customs law that would guarantee there are no checks on goods crossing the u.k.-eu border. the prime minister is trying to get the opposition labour party to sign on to the plan. the former italian premier silvio berlusconi left a milan hospital promising to get back on the campaign trail. the 82-year-old had intestinal surgery last week. he is running for the european parliament. he blasted the italian populist government, saying its partners can only do one thing, squabble. officials in india say they need at least $14 billion to rebuild damaged

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