Tom Donnelly, Expedia, Peter Kern discussed on Bloomberg Surveillance


Expedia names Peter Kern CEO and it's raising about three point two billion dollars of new capital and union Pacific seas freight volume down twenty five percent this quarter and that's a Bloomberg business slash Tom Donnelly said thank you thank you very much turning our attention now to Washington DC and the debate over immigration the president Donald Trump signed a good executive order just yesterday to temporarily curb the issuing of new green cards for would be permanent residence in the United States and Tom with the labor market heading the way it is I imagine this is just the beginning I would suggest the professionals I speak to on this Sir absolutely stunned at the action they don't have a strong opinion about it you know the actual receipt an ex couple weeks but they are stunned by the actioner totally rejoins us with Eurasia group to cover the territory here John just very simply our immigration and the president's desire here over six zero sixty days how many American jobs will he protect in that time very few minutes I think this is not necessarily about protecting jobs immediately I think it is more about setting up a dynamic and setting up the immigration issue to create a contrast with Joe Biden for the election in the fall immigration basically shut down the country the pharmacy the the applications are not processing green cards there's a connection here for temporary workers they didn't cover the H. one B. program on this a lot this order doesn't do it only for sixty days so the end of the sixty days okay yeah they got a look at it again play we can extend that service worth fighting for so that's where we are sixty one days out what would you suggest happens I think that they're probably gonna extend this I think that the president if you look at the groups that typically a support integration restrictions making arm on the president's announcement but I think the president also has a business constituency think about folks who need these immigrant workers and rely on them especially agricultural sector but I can accept this is red meat for the clinical case you've got to think that they're going to find a way to make this last longer than sixty days after that John weaver I'm sorry we live in this every day they they accepted medical workers agricultural workers in radio presenters from I think it's just great how they did that I think the full transparency just so the audience does not this is a process I'm going through so I won't be offering a judgment on this particular policy just as an observation though John you can see how this is going to be a huge focal point ahead of twenty twenty little bit later this morning we'll have an extra four point five million dollar jobless claims four point five million jobless claims according to the estimate that would take us to near twenty five million in five weeks this is gonna be a big debate and I just want to jump from your perspective because you've got to read the political tea leaves this is how the president is setting himself up for November does he manage to bring the left with him to the left come in on this topic or to make a further the other white I think if you look at Joe Biden's immigration plan it's automatic programs in the region plan but even more let me think that you've got the possibility of I would love for you and if people workers that are here the possibility of more workers coming into the plan so I think that we're the Democratic Party is certainly far left the president trump but you're right this is a sensitive issue and the human Gration is gonna be politically charged so I think the president doesn't did did we understand this is an issue that affects his daughter and you know they're fighting over the same voters in a couple of key battleground state in November so too but but we're Democratic Party is not where president trump is that they're gonna have to oppose this we'll find some you know cater question sensible policies that would allow immigrants coming we're needing or something like that John I was struck as I was researching this issue last night I was struck by the push back the president trump is getting out within the further right parts of the Republican Party basically saying this doesn't go far enough by any stretch of the imagination but if it is going to be extended it would have to be increased at all of the exemptions render it basically toothless how moderate is this on some levels within the framework of the Republican range of president trump I mean the reality is that the greatest carer if you don't like immigration the best cure for too many immigrants your country is what draws people to this country so you're gonna see integration numbers dropped dramatically throughout the course this year at the job market collapses while moderate extremists opposed to living in it you know we we don't usually banned green card after people so I think it's a fairly extreme but it's not nearly as far as some of his kind of principle organized supporters want to see which is why I think they're going down the road yeah this all came together pretty fast over the course of forty eight hours you may see this expanded in consultations with business leaders and heavily affected groups and of course the trump campaign I certainly think it's so much easier Richard today on this important political issue just because of time SPC John I think we have to swing back to claims this is the number of the week it is the litmus paper if you will for where is this nation economically frankly it falls into the immigration debate is well claims accountable one thing they are but to Lisa's point it's been pretty difficult to understand whether accurately reflects the pain people coming through right now because of process issues I'm processing the recipe leaflet set out that that might be it has been slow down perhaps in California more size and for that reason the perhaps five six million a week is the absolute Max but doesn't capture the potential of how high these claims could god that's reason why I'm curious to see how much claims are going to meet expectations or exceed them as Bloomberg intelligence's expects because if we get that five and a half million claims number are we basically just looking at an uncountable flood of unemployment that's just hitting up against the processing restraints and and that to me is a really key question do do we all agree that the song hear from experts is thirty million is where we're heading isn't this a one off of my opinion on that but given the direction of travel we got three right now the short yourself to understand these very very difficult to gauge week to week whether this is just to give you a decent rate on that three million is the low estimate add to this claim sprint and most six million is the height that is a pretty large spread just think about that what we were doing on claims before all of this to in two thousand two hundred fifty dollar were up to eighteen thousand now now we're talking about three million spread between the law when the high estimate will send a ticket because the lack of understanding of what we're up against I mean if you think about a company like hertz rental cars it seemed fairly solvent earlier this year within the span of less than two months now looks like it's on the brink of bankruptcy if you look at bond prices images shows the reversal in fortunes how quickly how unexpected the model that in a big way correct don replied that he can always just run to get to me saying that there is a case where people are getting rejected then reapplying so potentially double counting coins as well to catch up with help later this week and some of the words me the claims number up.

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