Nevada, Francesca, Dan Goldman discussed on Bloomberg Law


Winning her congressional district in New York City according to AP, and Dan Goldman, winning New York's tenth congressional district. In New York's 11th, former representative max rose has failed in his attempt to defeat representative Nicole malliotakis the Republican who unseated rose back in 2020. Let's cross to our studios in San Francisco at Baxter with more on some of the races in the Washington D.C. area at yeah, Maryland. Doug a very interesting race now has been going back and forth just in the last half hour. It's changed a hands Neil parrot who is a Republican now is leading David trone with 53% of the vote, parrot. 36% counted. So we'll keep a close eye on that one. Maryland, marijuana legalization, amendment has passed. In Virginia, there are three races that are bellwethers that could be looked at for, you know, for the nation, wexton has a slightly new district with 83% of the vote counted, her district was seen as the easiest seat for Democrats to hold. Now, Stan Berger is behind by about 6000 votes with 83,000 luria behind Higgins by about 19,000 votes and if two of those go, it's gonna be a good night for the Republicans. All right, all right, Ed, let's get back to special coverage of the midterm elections. This is Bloomberg's special coverage of midterms 2022. I'm David Weston. Another key race in these midterm elections is Nevada. We haven't heard from Nevada yet, so we now turn to Bloomberg's Francesca maggioni. She's joining us from Las Vegas. So Francesca is actually we don't know what you're the results yet. Is that right? Yeah, we don't know the results yet, the Senate race is a very tight race, but we probably won't know tonight or even tomorrow and the polls just closed and we won't know any results until the last person has voted. Okay, so what do we know at the process? Do we have any sense of how many people are voting, how many people voted in advance in an early voting absentee? What do we know about the process? So one of the data points that we have about the process is in washoe county Nevada, Republican in person voter turnout was around 52% versus democratic voter turnout that was around 22% as of 3 p.m.. This is not that unexpected since democratic voters are usually more keen to vote through mail. But this is one of the indicators we have as of now and hopefully as the night progresses we're going to have some more data on that. So of course we have a Democrat who is the incumbent there, but it was thought that she had a very tough race in front of her. Do we have a sense Francesca with the issues are that might be driving Nevada voters? Yeah, so many of the voters that I spoke to are really concerned with the cost of living rent in Nevada has jumped up dramatically, it's also really interesting because senator court does not know is the only Latino senator. As of now and the Latino voters are annoyed about or upset about high cost, but at the same time they're both the Republican and the Democrat are trying to appeal to this vote that is really important in Nevada Latino voters account for like 30% of Nevada voters. Of course, Nevada is heavily dependent on the travel and leisure, particularly because of the casinos, the travel that goes out to Las Vegas. Is there any leftover residual resentment of shutdowns? Because the pandemic, or are we past that? Well, I was actually with the culinary workers union this morning. It's a union that has mobilized about more than 60,000 canvases and they are actually endorsing the Democratic Party. So it seems that this workforce is really keen on supporting the current democratic incumbent. Okay, Francesca, thank you so much for reporting from Las Vegas as Bloomberg's Francesca baglione. We welcome now our Wall Street week voices votes reporter. She's now a boss. So Charlotte you've been doing a terrific job keeping us honest here about what role of Wall Street plays in this election. What do we know? I want to point out something about that debt ceiling debate because that is a key issue when you come to Wall Street and asset prices. Let's listen first to two sides of this debate, first coming from congressman Kevin Brady, who spoke to you a little earlier today. Our debts will be paid, they'll be paid on time. I'm a little surprised this issue feels like a little more of that economic fear mongering. We're hearing from The White House about if Republicans take the majority, the economy will crash or social security will end. All those things have been debunked. Now, David, I also want to bring you inside a conversation I had earlier today with Charles Myers, who is the chair of global, which advises and works with more than a hundred clients that is asset managers that says he's really worried that we're really getting close to the fiscal edge or very close to technical defaults, and the only way to avoid that is if Mitch McConnell does the right thing in December, he says, and he thinks it's going to be very difficult for him to do that. That would be having 9 Republican lawmakers really side with the Democrats here to raise the debt ceiling. And that's because as we know, that debt burden has burdened past $31 trillion for the first time ever and is very close to hitting that ceiling what Charles Myers believes is at the beginning of next year. Now, I want to put this in a perspective to you 2011 was raised a couple of times here. What exactly happened in 2011 aside from just that the U.S. was downgraded, which of course was the first time in history you did see, take a look at that, a massive drawdown inequities from peak to trough that was more than 17% almost 18%. That's in P that year ended about flat on the year. And even through September, you saw that overhang really laughed. So months of concern, even after the initial dispute was brought up. There was something else that was different about that time and now David. At that time, it was only equities that really saw the pressure from the debt ceiling debate at this degree. And remember, a lot of folks now, BTIG as well, drawing that concern that this will be similar to 2011. This time around treasuries and the dollar may also be under pressure if this really gets to the degree that people are really worried about. As we've said, this is a two sided issue. They may not want it to get to that point, but to the point that you've been making all night with your guests, this could be a point of leverage as Republicans, certain Republicans may want to start raining in fiscal spending and other issues in the budget at a time when we have the U.S. debt to GDP ratio ballooning past a 120%. And that is very different of an environment that we're dealing with today than in all of the prior times that we've dealt with this. Thank you so much as Bloomberg and I basic. She is our Wall Street votes reporter. Back with us now, our political contributors, Rick Davis of stone court capital and Jeannie Chan Zeno of iona university. So Rick, apart from the debt ceiling issue. What are the other issues that business should be concerned about with the Republicans in charge? Or maybe they should be happy? Some will be happy on issues related to government spending and taxes. There's no question that Republicans may have a much more conservative point of view than what Democrats were calling for with billionaire taxes and taxes on minimum corporate profits and things like that. So that will be a sea change. I would also say an area that Republicans will go after. But for different reasons, is big tech. Both Democrats and Republicans have their issues with big tech. Republicans issues are slightly different. They include things like not using enough conservative voices in their algorithms and things like that. Democrats have a lot of issues related to privacy and other issues on that scale. Will Republicans work with Democrats to sort of unite against big tech is going to be a big question coming forward or do they just move out on their own agenda that has their own specific questions? Gee, this is a little bit like the debt ceiling where I hear about it all the time, but nothing ever gets done. How many hearings have we had about big tech? Where Democrats and Republicans beat up as Rick says for somewhat different reasons but beat up the big day. But nothing happens. Do we really expect anything really

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