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this is a rush transcript from "Sunday Morning Futures," July 19, 2020. This copy might also no longer be in its remaining kind and may be up to date.
MARIA BARTIROMO, FOX information ANCHOR: good Sunday morning, everybody. Thanks for joining us. i'm Maria Bartiromo.
Straight forward right here on "Sunday Morning Futures": company-new polls out on the presidential election coming up.
Crime is up across the nation, public trust is down, with just 107 days except election 2020, this as Congress returns to work the next day to hammer out a new coronavirus reduction equipment earlier than the August recess. they have got got two weeks
condo Minority chief Kevin McCarthy on what to expect, as tens of millions of american citizens concern employ protections and extra unemployment advantages are set to run out.
White condo Chief of personnel Mark Meadows is right here with an insider's seem from the White house, as the screws hold turning on China.
lawyer conventional invoice Barr calls out corporate the us for kowtowing to Beijing. Senator John Kennedy will be part of me with what his circulate may be next.
additionally, world investor Ray Dalio is here responding to A.G. Barr's warning about China.
Plus, what does all of this suggest for the 2020 election? Former White residence chief strategist Steve Bannon with his message on President Trump on what it's going to take to win in November.
All that and a lot more, as they look forward appropriate here, at this time on "Sunday Morning Futures."
All that developing, however, first, flags throughout the Capitol are at half-body of workers this morning in remembrance of civil rights icon John Lewis.
The longtime Georgia congressman passed away Friday evening after a battle with pancreatic cancer. He was eighty years historic. a good patriot, Lewis turned into the ultimate living speaker on the 1963 March on Washington, the place Dr. Martin Luther King Jr. delivered his "I have a Dream" speech.
condominium Minority chief Kevin McCarthy turned into his friend and colleague. He joins me now.
Congressman, it's decent to peer you this morning. My condolences.
REP. KEVIN MCCARTHY (R-CA): first rate to peer you, Maria. thanks.
and i do want to focus on John Lewis only for a moment, because he lived such an fantastic lifestyles and became an fantastic man. At the sort of young age, he tried to go a bridge readily to supply americans the correct to vote. He did it in a peaceful method. And he was beaten essentially to his demise.
I actually have walked across that bridge with him before. And when he would inform the story, he would cease at a second and says, I can not be aware past beyond this element, as a result of they'd beat him.
And he did it in a peaceable manner to aid exchange this nation that no longer do people are -- choice about which bathing room they use or which counter they devour on, or even registering to vote.
MCCARTHY: He made this nation more advantageous. And he lived his existence in a way that they will all appreciate and are living up to. And he was variety to all.
And he -- I just spoke to him a pair weeks ago, checking on his health, however speaking to him about what's occurring in the nation today, because he did it in a peaceable method to aid hold and to definitely create a extra ideal union. I consider can -- a lot to be aware him and are living through his instance to make this nation improved.
BARTIROMO: sure, thanks for that.
after they go to damage, after their interview, we're going to reveal a little clip of John Lewis, which is a pretty clip and whatever that i do know that their audience will love. So, reside with us for that.
however let me get to the enterprise at hand for their viewers.
and you're going lower back to -- Congress will return to work day after today. and you are a potential subsequent stimulus package, a relief package.
What should be in that kit, Congressman?
MCCARTHY: a couple of things should be in that equipment.
but they even have a huge amount of money, more than about $1.5 trillion, still out there that they now have already appropriated that they need to get into this economic climate.
however the issues I seek are the things they should do. They need legal responsibility of insurance policy, as a result of these small companies are questioning whether they can open once more, their colleges and others. So, let's offer protection to these as they circulation ahead.
Let's additionally study, any time you are using federal money, it mustn't supply you a -- de-incentivize the potential to work. we've made a mistake the place they overpaid on unemployment insurance, where now or not it's complicated for americans to return lower back to work as a result of they may be making greater on unemployment than they could working.
So we've got to straighten that out as they circulate ahead. i'd analyze areas that they may -- should prioritize the safeguard when it comes to infant care or for their children and their lecturers interior colleges.
and then i'd look at the supply chain. If they gain knowledge of nothing from this, now not the lies of China, but bringing those jobs back to the united states, but additionally their provide chain itself, not being beholden to China for thus lots of their crucial minerals and others. Let's find a way that they Strengthen it right here and for their stockpiling.
i might do that in a different manner, working with the deepest sector to stockpile it.
BARTIROMO: neatly, so the president would like faculties to open in the fall, Congressman. Will there be cash during this subsequent bill for schools? And what concerning the states?
Are these the priorities presently for that next bill?
MCCARTHY: smartly, the area of expertise of what they have at this time, Maria, they now have greater than $one hundred billion that they now have already appropriated that may go to the states.
I think they are able to look at ways in which they can make that enhanced flexibility. And loads of times, we're finding, when they sent these moneys to these governors, that they have held it up, as an alternative of pushing it all the way down to the counties and the cities.
i want to see extra flexibility, the place it goes to the counties and cities in the place of need. we'd look at hospitals in the event that they need more in the process of the place we're going forward.
MCCARTHY: They even have more than $a hundred billion sitting there for the sort of a hit software of PPP for small businesses that saved tens of millions of jobs.
Now we're considering the fact that some states must shut definite parts. Is there a more suitable need for small businesses? They have already got funds sitting there.
MCCARTHY: So, could they use the money already appropriated to clear up some of these complications?
BARTIROMO: certain. I remember.
however, you know, the Democrats are pushing back on the president saying he wants to open faculties. and i wonder how a good deal of here is politics, youngsters, you recognize, it's horrifying for fogeys to claim, we're going to ship their kids lower back to faculty, and they have no idea what the circumstance is in terms of the coronavirus.
We're seeing spikes across the nation.
here is what President Trump informed me just recently once I interviewed him at first of this pandemic. hearken to this.
(begin VIDEO CLIP)
BARTIROMO: Your critics want you to hold it closed going into the election?
DONALD TRUMP, PRESIDENT OF the U.S.: yes, I do. I do. I think it's a political component, moreover. I feel some sense...
BARTIROMO: as a result of they are saying you might be placing money, company ahead of lives.
TRUMP: No, no.
I consider the americans that want to see the right factor occur, they accept as true with me. They must get their nation open. You know, if it turned into up to a couple americans, let's keep it closed for a very long time, ok, a long time. And watch the U.S. go down the tubes. not going to occur.
(end VIDEO CLIP)
BARTIROMO: I imply, I wager they are going to be living with this, Congressman.
but can they really go lower back to their typical lives safely right now, given these spikes that we're seeing throughout the nation?
MCCARTHY: In definite components of the country, you could.
nobody wants to send somebody to college it is dangerous. it is why Congress may still actually examine this. How do they protect when it comes to newborn care, the babies in college and the teachers?
but what's greater important, for those who analyze these contemporary experiences, you might be discovering that little ones can -- should now not -- have not kept their analyzing, their writing and their math, losing more than 30 percent of it. They can not have an entire era it truly is uneducated.
MCCARTHY: So, what they need to do is definitely put that plan together, as a result of they have got to be certain schools can reopen.
And that takes a responsibility of what we're doing. Now we're discovering, even in California, where L.A. and San Diego say they may be now not going to open for the total yr?
MCCARTHY: be aware what's happening right here with Warp velocity. they have obtained five corporations that are in BARDA that have a real promise of having a vaccine, may even be this yr, or the therapies which are coming forward.
the following day goes to be better than today, based upon what this administration is doing.
BARTIROMO: yes, however look what's going on to their cities.
BARTIROMO: seem what's going on to their cities.
i do know you have got a invoice at the moment to punish any one who's taking down statues. but there's a massive stream throughout the country on the other aspect of the aisle. Your colleagues on the left, they want to defund the police.
listen to Joe Biden these days. right here it's.
(begin VIDEO CLIP)
query: will they agree that they are able to redirect one of the most funding?
JOSEPH BIDEN (D), PRESIDENTIAL CANDIDATE: yes, absolutely.
one of the issues that they also need to be doing is essentially changing the way -- and i had been pushing it for years -- changing the way they take care of their reformatory device. it would be a rehabilitation gadget, now not a punishment equipment.
(conclusion VIDEO CLIP)
BARTIROMO: smartly, what does that imply, Congressman?
as a result of they are seeing this bail reform in long island permit criminals back on the street. and that is the reason some of the factors crime is skyrocketing. what is your responsibility, because the leader of the GOP, to get legislations and order again in location in this country?
MCCARTHY: smartly, each American should be scared at the moment, because what you just confirmed nation become Joe Biden observed, sure, he's for defunding the police.
you have got got Congresswoman Omar, who wants to dismantle the usa. then you have bought Nancy Pelosi, who is allowing them to smash the us from statues and on. they have a responsibility for rule and legislation and for justice.
And what we're observing the Democrats doing -- watch what Nancy Pelosi simply mentioned the other day. She thinks what's going on is -- in Portland is a graffiti problem. No, it's a mob problem that is overrunning.
you've got individuals throughout this nation scared to demise. you have got younger children being murdered...
MCCARTHY: ... as a result of what they're doing to the police branch. here's wrong. I introduced a invoice...
BARTIROMO: So, your bill -- your bill does what?
MCCARTHY: When legislation...
MCCARTHY: Their bill will withhold federal delivers for cities that do not uphold and supply protection to the statues...
MCCARTHY: ... since the cities have the accountability for legislation and order, not to leave these precincts, no longer to allow these mobs to rule their communities.
BARTIROMO: Wow. sure.
MCCARTHY: They ought to arise to this.
BARTIROMO: it's horrifying available. I consider you.
Congressman, it's respectable to look you this morning. They actually will be staring at the traits.
Thanks so an awful lot, Congressman Kevin McCarthy, this morning.
we will see you soon, sir. thanks.
arising: White house chief of workforce Mark Meadows on the scorching seat over the administration's response to the coronavirus.
As they take a spoil, a glance on the late, remarkable John Lewis.
BARTIROMO: Welcome lower back.
we have acquired new FOX information polls launched this morning. And it indicates coronavirus is the #1 subject for voters headed into the 2020 election.
greater than half of them disapprove of how the president has handled this pandemic.
i'm joined at this time via the White condo's chief of team of workers, Mark Meadows. He has been leading the administration through this disaster.
And, Mark, it is respectable to have you this morning. Thanks very a good deal for joining us.
First off, what can you say to your critics who say the president has fallen short in his response to the pandemic?
MARK MEADOWS, WHITE condominium CHIEF OF team of workers: well, definitely, any time that they get faced with something it really is new and strange, you even have to engage.
And so this got here from China. in the last 4 or five months, they now have been having to work out how to provide very own defensive machine, ventilators, making sure that they now have medical institution beds.
and i can tell you, as they look ahead, there are a number of issues that we're engaged on to make certain that we've the therapeutics, while fresh as, this morning, shipments going to Florida and Indiana and other areas to be sure that some of the cures that are vital in these crucial areas are basically occurring.
and that i can also inform you that it's a 24/7 around-the-clock kind of work. i was on the phone with the president this morning, as they have been engaged on one of the responses. you will see some new initiatives popping out this week, as the president isn't handiest main, but will continue to steer and step in a couple of fronts.
one of those that you simply simply mentioned past, Maria, is about their schools. How are they going to open their faculties and make sure that mothers and dads won't have to be troubled about the protection of their toddlers that are going again to faculties?
And so there will be over $70 billion that this president has already approved to work with Congress to are trying to make sure that they not handiest hold the classrooms protected, but the lecturers secure and the college students protected.
MEADOWS: and you will see a really vast five to 6 elements when it comes to what they could be doing when it comes to making sure that their colleges are safe.
BARTIROMO: it is in fact crucial.
certainly, they are going to should live with this for a little while, before they get the innovation from their pharma sector and a vaccine. tell me what the president would like to see in another relief package, Mark.
the place are they when it comes to the relief and the have an effect on on the economic climate and individuals's livelihoods?
MEADOWS: neatly, there may be -- the discussions have simply begun over the remaining week or so.
we have been having a few inside discussions over the last couple of months. however, as they have started to have interaction with their Senate and apartment colleagues up on Capitol Hill, those will start in earnest starting day after today.
Monday, i know that leader McConnell and chief McCarthy can be coming into meet with the president and Steven Mnuchin, who's leading it from their side, to in fact start to great-tune it.
So i would see there may be three diverse areas that we'll make certain of, that they now have adequate funds to make certain that they expedite not handiest the Warp velocity because it pertains to the remedies that we've, even if it be therapeutics or vaccines, but they additionally wish to make certain that they keep individuals employed.
if you happen to appear at the economy and where they deserve to go along with it, we're no longer going to be shy about making bound that they now have protections for the American employee and those that make use of people. And so you're going to peer an extra thrust there.
It seems like that that new equipment may be in the trillion-greenback range, as they now have all started to examine it, even if or not it's a payroll tax deduction, even if or not it's making certain that unemployment merits proceed, with out a disincentive to come to work.
and then, bluntly, we're taking a look at a couple of areas to analyze manufacturing, bringing a few of these essential manufacturing jobs lower back from remote places, in order that we're not ever put in a situation the place they need to rely upon foreign countries to make certain that they can protect american citizens.
BARTIROMO: And the president has talked concerning the crime throughout the country as neatly.
Is there anything coming when it comes to an government order on returning law and order to this nation?
MEADOWS: neatly, he's already finished a few issues.
however he is working very closely with legal professional usual Barr. i will tell you that, this week, what we're looking at isn't best what a lot of people have known as the govt order on statues, which he did that. however it truly is actually -- the statues are one aspect, nevertheless it's truly about holding their communities safe.
And the president's dedicated to do that. one of the vital unrest that they noticed even in the final month or so, but specially last evening and the week main up to it, in Portland, or not it's simply not suitable, for those who analyze communities not being protected and never upholding the rule of thumb of legislation.
BARTIROMO: sure. it's appropriate.
MEADOWS: So, legal professional everyday Barr is weighing in on that, with Secretary Wolf.
and you will see something rolled out this week as they birth to head in and ensure that the communities, no matter if it be Chicago, or Portland, or Milwaukee, or someplace across the heartland of the country. They deserve to be certain that their communities are secure.
BARTIROMO: Mark, let me flip to the Russia probe.
you probably did such a brilliant job for those who were on the Oversight Committee when it comes to zeroing in on the origins of the Russia probe. They now recognize, for sure -- Lindsey Graham informed us this about a month in the past, basically, so their viewers turned into mindful, that the FBI knew that the dossier was just made-up rubbish, and the subsource advised the FBI brokers that.
And yet Jim Comey and Andrew McCabe stored on pushing forward, renewing warrants to undercover agent on Carter page.
Your response to what they comprehend now. And when are they going to listen to from John Durham? Will there be indictments, sir?
MEADOWS: well, I suppose the American people predict indictments.
i know I are expecting indictments, in accordance with the proof I even have considered. Lindsey Graham did a pretty good job in getting that out. They be aware of that they not only knew that there wasn't a case, however they endured to investigate and secret agent -- and, sure, i exploit the observe undercover agent -- on Trump campaign officials, and, basically, even doing issues when this president changed into sworn in, and after that, and doing it in an inappropriate method.
you might be going to look a few other documents come out in the coming days to be able to suggest that, no longer best turned into the crusade spied on, but the FBI did not act correctly as they have been investigating.
it's all starting to come unravel -- to unravel. and that i tell you, it's time that americans go to penitentiary and people are indicted.
BARTIROMO: it be just miraculous that, for three years, this president become investigated and investigated again over some thing that wasn't even real, and the total nation turned into up in hands about collusion.
I imply, you comprehend, I do not hear the rest on the other side of the aisle about this wrongdoing, which is only astounding to me.
MEADOWS: well, it's magnificent.
And here is the exciting issue is, it be not handiest that it wasn't genuine. The problem is, they knew it wasn't actual.
MEADOWS: And in the event you comprehend something is not proper, and also you proceed the investigation, that is collusion. that's the variety of element that they must cease. and that's the reason what they -- where they need to dangle americans dependable.
BARTIROMO: Mark, it be exceptional to have you ever this morning. Please come back soon. Thanks so a whole lot.
MEADOWS: Thanks, Maria.
BARTIROMO: Mark Meadows becoming a member of us there.
coming up subsequent, Louisiana Senator John Kennedy with breaking information on what to predict from the Senate, as they seem ahead on "Sunday Morning Futures."
reside with us.
BARTIROMO: Welcome again.
Lawmakers are returning to Washington the following day to barter the next coronavirus reduction equipment, but can either side attain an contract earlier than tens of millions of americans lose their further unemployment advantages at the end of July?
becoming a member of me right now with his expectations for a bill is Louisiana Senator John Kennedy. He serves on the Banking, finances and Appropriations Committee.
Sir, it's tremendous to look you this morning. Thanks so lots for joining me.
SEN. JOHN KENNEDY (R-LA): You bet.
BARTIROMO: What are your priorities for a next stimulus bill? Do you are looking to get anything out before the recess starts again on August 8?
KENNEDY: well, it depends upon what's in the invoice, Maria.
I have no idea what's going to be within the bill. I do not know if there could be a invoice. And, frankly, neither does any person else. It takes 60 votes to circulate a bill within the Senate.
The best thing i'm definite of right now is that the bill they move, if they pass one, are usually not Speaker Pelosi's bill. it's untethered to reality. And among most senators, together with many Democrats, it's about as frequent as a sinkhole.
among the many courses that they will discuss could be, number 1, probably probably the most essential, getting their faculties open, cash, additional cash for okay-12. Most fair-minded people believe that retaining their colleges closed will do much more hurt to their youngsters than the coronavirus ever can.
nonetheless, i do know lots of folks are scared. in case you do not want to send your infant returned to faculty, you mustn't, and you isn't forced to. And if you're a trainer or an worker, and also you do not wish to go back, don't. it is between you and the college board.
however I believe they can have satisfactory kids, adequate lecturers, and sufficient employees, with the right substances, to get their colleges open. They probably won't have closed them right down to begin with.
BARTIROMO: there's also some consensus on limiting ability for groups, faculties, and govt in terms of their legal responsibility.
Is there consensus there? Will that be within the next invoice?
KENNEDY: there's not a consensus on the rest.
however the different considerations they are able to discuss will be, as you stated, limiting liability for their faculties and their universities and their hospitals. they can work on trying to supply reduction to individuals laid off who lose their medical health insurance. they will focus on additional PPP. they can discuss extra unemployment compensation.
Payroll tax cut can be on the table, as will direct stimulus funds to American individuals.
KENNEDY: however, once more, there's not a -- there may be not even near a consensus yet.
BARTIROMO: you're also working on a invoice.
I need to movement on to China. you might be engaged on a bill for you to restrict American agencies from collaborating with the chinese Communist birthday celebration.
a extremely staggering speech this week by legal professional everyday bill Barr. Let's hear that. and then I need to get your tackle where they are with China. right here is invoice Barr.
(begin VIDEO CLIP)
WILLIAM BARR, U.S. attorney standard: The gold standard ambition of China's rulers is rarely to alternate with the united states. it's to raid the USA.
when you are an American enterprise leader, appeasing the PRC may carry short- term rewards, however, within the end, the PRC's intention is to replace you.
(end VIDEO CLIP)
BARTIROMO: relatively surprising comments there, Senator.
What can you tell us about this? The A.G. known as out expertise agencies Cisco, Google, Microsoft, Yahoo, Apple, all with the aid of name. what's at stake if these agencies proceed working with China?
KENNEDY: common Barr, in my estimation, is absolutely proper.
The chinese language people are fabulous people, however their govt, the Communist party of China, is made from a bunch of outlaws. they're bullies. They take into account simplest power. if you're too first-class to them, in case you flip the other cheek, they simply stab you within the neck.
The poster infant for what the regularly occurring became speakme about is the management on the countrywide Basketball association. The NBA management is so grasping, so anxious to do enterprise in China that they do whatever the chinese language Communist party tells them to do.
If the celebration advised the management of the NBA to join the Taliban, the NBA management would say, where's the line? i'm working on a bill that would restrict American organizations from giving in to this bullying with the aid of the Communist celebration of China.
it could say, basically, if you supply in to them, you violate American legislation. Now, or not it's a fragile invoice to draft, and we're working on it.
KENNEDY: however Barr is correct.
BARTIROMO: They need to demonstrate you this video of the Uyghurs in China.
Now, this video changed into shot in 2018, so or not it's now not new. but what it evidently suggests are the Muslims and the Tibetans which are locked up in camps in China. they are blindfolded. they're being lined up.
And what can you inform us? what is the responsibility of the free world to take a stand towards these individuals being locked up in China? The chinese Communist celebration has pushed returned and pointed out, or not it's none of your enterprise what goes on in other nations, Senator.
KENNEDY: smartly, in my estimation, what the chinese Communist celebration has completed to the Tibetans and the Uyghurs is despicable.
all of the Tibetans and the Uyghurs need to do is observe their religion. And the Communist party in China says, your faith is the Communist birthday celebration of China. And they should get up to them, now not just different governments, different Western democracies, however those that value free business as smartly.
And for those of my colleagues on Capitol Hill who admire the authoritarian socialist strategy of international locations like China...
KENNEDY: ... i'll just tell you, appear on the Uyghurs, appear on the Tibetans.
seem to be what China is doing now, causing mischief with India, within the South China Sea, in Hong Kong. All they remember is -- I do not are looking to delivery a chilly warfare with China, but weak spot invitations the wolves. And they need to be firm with them.
And, on Thursday, the president signed the Hong Kong sanctions invoice, unanimously passed via the bipartisan Senate. here's an important message.
I just will element out that China has already sanctioned Marco Rubio and Ted Cruz.
BARTIROMO: and that they say that this is holding -- here's for them retaining CCP officials liable for what's occurring in China, Senator, true brief.
KENNEDY: I feel Ted and Marco likely will wear the sanctions as a badge of honor.
For two decades, they now have been told by way of the commentariat that they ought to be patient with China, that free enterprise will exchange them.
KENNEDY: they're making an attempt to change free enterprise.
BARTIROMO: Senator, thanks so plenty.
We could be appropriate returned.
BARTIROMO: Welcome again.
smartly, it is 107 days unless the us will vote for its next president, in what can be one of the most essential coverage-based elections in background.
My subsequent guest is aware of what it takes to win the White condo. He helped lead Donald Trump to victory in 2016 because the chief executive of his crusade.
becoming a member of me at this time is once once again former White apartment chief strategist, host of "conflict Room: Pandemic," Steve Bannon.
Steve, or not it's awesome to see you this morning. Thanks for being here.
We want to roll out these polls this morning from FOX news and get your take on all of this, as a result of, as soon as once again, they see the president lagging.
What do you believe is occurring? right here is President Trump on the economic climate, 47 p.c approve, 47 % disapprove, Steve. and then you have got received different polls which reveal the president lagging Joe Biden. Your take?
STEVE BANNON, FORMER WHITE condo CHIEF STRATEGIST: hear, when you go back and seem to be in -- I believe it turned into in March, 51 p.c of the American people idea President Trump became doing an excellent job, a pretty good job in leadership on this pandemic. I consider, in the poll, or not it's 37, 38 %, anything like this.
here is about simply bold motion and daring management. What I consider the president should still do, my suggestion would be, each day, delivery to have the excellent americans round you, Dr. Fauci, Dr. Birx, the vp, Dr. Redfield at CDC, Chief of body of workers Meadows, have them in the Oval, get briefed each day on an action plan, simply power action, action, action, and do it via motion, urgency, and focus.
And get a plan for masks. Get a plan for the schools. deliver the governors in, but with these five people around the desk. and then every couple of days, you bring in the media, and also you tell them what the plan of the day is. You inform them where we're riding action.
President Trump is a man of action. When he is taken action on whether shutting down China, shutting down Europe, declaring this a countrywide emergency, when President Trump is taking motion, the polls replicate this.
i might -- I believe the polls may still be an illustration to americans within the White residence that, whats up, you are within the driver's seat here. simply go back to the plan you have obtained.
And, also, you've got made a decision about federalism, I consider, is awfully wise, but encompass the governors now, in particular as this form of weaponized virus is impervious to summer season heat and humidity. It also is asymptomatic. It additionally goals and looks love it objectives essentially the most prone.
And so this is where they ought to have, I think, targeted interventions. I believe Dr. Birx has mentioned this during the past. The White house has all of the features. I consider it be simply bringing it together round President Trump in a principals simplest, and each couple of days deliver the media in there and let President Trump clarify what moves he takes, no longer one of these two- hour press conferences, where the media can throw out all these different questions.
however center of attention on the pandemic. in case you center of attention on the pandemic, you're going to beginning to make genuine growth. and that i believe the polls will all beginning to fall in vicinity.
remember, the CCP lied. americans died. I feel the president can take management in this and power this. and i suppose the polls will deal with themselves.
BARTIROMO: What are you able to say about Joe Biden's plans at this time, Steve?
This week, the previous vice chairman unveiled a climate plan to cost $2 trillion. seem, he is going to be elevating taxes. he's already mentioned that, that he'll be elevating taxes. If Elizabeth Warren is his working mate, she -- or no longer -- she may well be Treasury secretary, but she will be able to certainly be a vital, key voice in the economic climate.
She desires to institute a wealth tax. You know, seem, they are facing a $22 trillion debt. and you would say, good enough, you must lift taxes in that regard. however he is using that better earnings to come up with issues like a $2 trillion green plan.
What's your tackle Biden's agenda?
BANNON: seem to be, Biden doesn't know what his agenda is. he's attempting to reinvent himself each different day.
He goes as much as Scranton, Pennsylvania, and makes this type of populist economic nationalist speech. he is in reality the concierge of Wilmington, Delaware, which is the headquarters of the entire international businesses.
You understand, Joe Biden, to me, has to come forward to the American individuals and tell what his plan on China is. The president's sort of conflict council has laid out the four horsemen of the Apocalypse towards the chinese language Communist birthday celebration, the national safety adviser, head of the FBI, the secretary of state, and then absolutely Secretary -- legal professional ordinary Barr in that unbelievable speech.
those four individuals laid out an integrated and coherent war plan to confront the chinese language Communist party on technological and tips struggle and financial warfare, after which, with their allies, beginning to open up the South China Sea, and aid their allies in India on the border of chinese language- occupied Tibet.
you might be seeing an built-in warfare plan put collectively to take down -- confront first after which take down the chinese Communist birthday party, to call their bluff.
And Joe Biden, in his entire speech the other day on economics, outlined China, I consider, one time, speaking about electric powered automobiles. Joe Biden is the candidate of globalization. he's a complete globalist. He has kowtowed to the chinese Communist celebration.
The president has a coherent plan against the chinese language Communist party. i need the secretary of Treasury to take part there and Treasury to birth to drop the hammer. but you have got seen a coherent battle plan. I think you have got just bought to get that same degree of coherence on the chinese language virus this is right here, the CCP virus that has come to the united states.
and i suppose, in case you do this, issues will come together. and i do not feel Joe Biden has a solution. thus far, it be been nearly incoherent.
BARTIROMO: yes, I need to come lower back to the China story in a 2nd.
but who do you suppose Joe Biden will select as his vice presidential candidate?
BANNON: neatly, I suppose the polling internal to Biden, the number one thing they're taking a look at is someone that can't -- that can't throw him off the - - the place he's going presently.
So, I suppose whether it be Elizabeth Warren, Kamala Harris, I suppose they're looking at a few candidates. I don't consider or not it's going to depend, on the conclusion of the day, who his V.P. is, as a result of, in fact, I believe Joe Biden is the one which goes to get smoked out.
If President Trump continues to power action, that -- and Biden goes to be smoked out and going to have to in fact confront President Trump on the hustings. and i just don't suppose he'll stand up.
BANNON: presently, bear in mind, he -- nothing he puts ahead is truly coherent. And he's attempting to reform himself as a -- or rebrand himself as a populist and economic nationalist, against forty five years of his tune checklist.
It goes to be very, very complicated, because the Trump campaign, as a full -- force multiplier off of what's occurring at the White condo, I think, starts to in reality identify and type of brand Joe Biden for what he is.
BARTIROMO: sure, that changed into a fantastic speech that A.G. Barr made this week, in fact calling out corporate the us, Steve, to assert, appear, you cannot collaborate with the chinese language Communist party, that you are placing profits over the short term ahead of the true issues round country wide security over the long term.
Do you feel, more and more, groups have become it, or are they still seeing the possibility to promote widgets to 1.four billion americans?
BANNON: smartly, they better get it, as a result of he put a shot throughout their bow when he pointed out FARA, and he noted, hi there, not simplest -- he used the be aware - - bear in mind, this is a really smart man.
He used collaborator and appeasement, adequate, collaboration and appeasement. these phrases have been primarily chosen via legal professional usual Barr to position company the united states on observe. Then he referred to FARA. He observed you guys being lobbyists and truly being unregistered international agents.
So here's some thing that he in fact threw down on. and i have obtained to tell you, it become a powerful speech.
The different ones of the NSA director, of the FBI director, of Pompeo even have to be reviewed in an entire context of the place President Trump is taking this, in fact, I think, as a war chief, on financial and assistance struggle.
What they must do these days is then stop enjoying video games with the CCP. stop being a supplicant about this virus. They ought to tell them, I consider, you turn over each piece of information, you open up the P4 lab, you let american citizens and other scientists from around the globe go in there and interview everyone, get each document, or we'll cut you off.
we're going to reduce you off from the U.S. dollar. we'll sanction your banks.
BANNON: And we're going to sanction the maximum individuals of the chinese Communist birthday party, Wang Qishan and Xi.
it's time for -- President Trump has received an excellent announcing: no video games. or not it's time to cease taking part in video games with this murderous dictatorship.
BANNON: They lied. The American people have died. Their own americans have suffered immensely.
BANNON: The Communist birthday celebration -- individuals -- the chinese language Communist people -- the individuals there are blameless victims of this dictatorship.
bill Barr known as it out. right now, Secretary of State Pompeo has to say, you open up each lab.
BANNON: And the secretary of Treasury should come in, with the backing of the president of the united states...
BANNON: ... and say, we're off the dollar. We're sanctioning each financial institution. they will sanction individuals, except you come clean.
BARTIROMO: Oh, my goodness.
BANNON: And we're going to get therapeutics and a vaccine and understand precisely what this aspect is.
hear, this component being asymptomatic, this component being...
BANNON: ... impervious to humidity and warmth, this issue focused on essentially the most susceptible population, the aged, comorbidities, minorities...
BANNON: ... this virus, they know little or no about.
or not it's time for them to stop hiding the counsel.
BARTIROMO: All right, they bought to soar.
My subsequent visitor can have a element or two to claim about that. i'll speak with Ray Dalio, global investor.
Steve Bannon, thank you so lots.
We will be right returned.
BARTIROMO: Welcome lower back.
legal professional familiar bill Barr this week known as on American companies to cease appeasing the chinese Communist birthday celebration, asserting -- quote -- "The highest quality ambition of China's rulers is not to change with the U.S.. it is to raid the U.S.. when you are an American company chief, appeasing the PRC may additionally convey brief-time period rewards, but, in the end, the PRC's aim is to exchange you" -- from A.G. invoice Barr this week.
joining me at the moment is the co-chief funding officer, the co-chairman and the founder of Bridgewater acquaintances, Ray Dalio, who has studied China and dynasties for decades.
Ray, or not it's brilliant to have you ever this morning. Thanks so a great deal for joining us.
RAY DALIO, CO-CHIEF investment OFFICER/CO-CHAIRMAN, BRIDGEWATER pals: respectable to be here.
BARTIROMO: and i know that you have been to China many times. you have got invested in China. what's your reaction to what you are listening to from bill Barr, Ray?
DALIO: neatly, look, i am a mechanic. i'm -- I just examine cause-impact relationships and what things are like, and so no longer ideological.
I have been to China, as you say, for 35 years. and that i watch them. and i -- we're working in an international through which they're a, let's name it, invaluable opponent, that each nation seeks to do what's in its personal interest.
and there is a battle over wealth and vigour. and that's inner or external. and every enterprise, when they go there, forms their own view about what or not it's like. after which there is legislations.
And so the manner I view that remark or that assessment is that, if the govt is going to do some thing that will have an impact, they're going to ought to create legal guidelines, and that these laws will examine what groups are going to do. they're going to behave in keeping with these legal guidelines.
DALIO: otherwise, you're going to have particular person groups make their personal assessments.
And from my assessment of going to China and being there, it be no longer like the China that's being painted. it be now not this communist -- it's highly capitalist. The commercial enterprise equipment is operating, which means, you go there, and the innovation and the issues are potent.
and that's the reason why you might be seeing so many concerns with competitors. it's -- Huawei is ready competitors. And their applied sciences are fairly brilliant.
So, it's a definitely useful opponent.
DALIO: And what's happening now, in the upward thrust of an outstanding vigour to problem an current brilliant vigour, is a similar form of thing that is took place in the 1930-to-'45 period.
So i'm hoping they have a chance to discuss that, because there are different things which are related...
DALIO: ... that each one come together to check -- to set the stage that we're now in.
BARTIROMO: smartly, I are looking to talk greater about this, because you say Huawei is reasonably aggressive, but is rarely Huawei a collection of assets of Nortel Networks?
become many of those belongings stolen? I suggest, how do you study China as a player that is simply a competitor, when, really, they might also very smartly be stealing intellectual property? I wish to get into that if you happen to -- once they come lower back.
Let's take a short smash.
We're speaking with Ray Dalio this morning. And he's not best looking at China, but the huge quantity of stimulus thrown at this economic climate.
we can get into it when they come correct lower back.
(business spoil) BARTIROMO: And they are back with Bridgewater's co-chairman and co- investments officer, Ray Dalio.
And, Ray, they had been talking about China.
I do want to get into the broader financial system and the impact there. You had been studying stimulus, in terms of all of this funds being thrown at this economic climate. What do you consider the implications are, Ray?
DALIO: i'm going to decide on up immediately along with your China piece, after which i'll come to the different.
i'm simply a practical man who has studied histories. And what's occurring now has happened during the history. In particular, I studied the rises and declines of empires and the reserve currency, beginning with the Dutch -- they'd the realm empire -- the British, the U.S., and now.
DALIO: and through that duration of time, there is what you call stealing.
There has all the time been the taking of ideas. The British took, employed architects, who took from the Dutch, who had the shipbuilding. And that turned into their leading aggressive knowledge.
it be a reality. and i consider it be critical to look that arc. part of that arc, as you might be regarding, has...
BARTIROMO: it's a vital aspect.
BARTIROMO: I observed it's a vital factor that you just're making.
there is an arc in which it's like competitors. They could -- internally, you may say someone's stealing their concepts. neatly, it truly is right. I mean, that's simply the practicality.
And on earth, you will not have the identical variety of guidelines. it's greater of a jungle. You wouldn't have legal guidelines. And so or not it's only a practicality...
BARTIROMO: So, should they just say, well, China goes to beat us? I mean, should still they just take a seat returned and say, neatly, look, this is a possibility and that is the reason it?
No, I believe you simply must see it for what it is, and deal with it neatly, correct? In other words, don't contend with it emotionally. approach it like a chess video game. If I make this circulation, it's going to have this implication.
And so I suppose, if it changed into clear -- questions like, do you need to go to battle? there's -- there are four forms of wars brewing. there's a exchange warfare, there may be a know-how battle, there is a geopolitical battle, and there should be would becould very well be a capital battle.
DALIO: And so simply do you need to approach it as that? How do you approach it intelligently to win that war?
Our greatest issue is their personal...
BARTIROMO: Ray, they really need to speak in regards to the financial system. They deserve to speak in regards to the economy. They hope you will come lower back subsequent weekend, Ray.
thanks so tons, Ray Dalio becoming a member of us.
And that'll do it for "Sunday Morning Futures." i am Maria Bartiromo.
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