mr. biden: false. pres. trump: it is all a pipe dream but we are going to have the greatest economy in the world, but if you want to get -- if you want to kill the economy? get rid of your oil industry. what about fracking? ms. welker: let me allow the vice president to respond. mr. biden: i never said i oppose fracking. pres. trump: you said it on tape. mr. biden: show the tape. put it on your website. the fact of the matter is, he's flatlining. ms. welker: would you rule out banning fracking? mr. biden: i do rule out banning fracking. the answer is that we need other industries to ultimately get to complete zero omissions by 2025. what i will do with fracking over time is make sure we can capture the emissions from fracking, capture the emissions from gas. we can do that by investing money, and doing it, but it is a transition to that. ms. welker: i have one more question. pres. trump: excuse me -- he was against fracking. he said it. i will show it to you tomorrow. i am against fracking. until he got the

mr. biden: mr. biden: i do rule out banning fracking because we need other industries to ultimately get to complete zero omissions by 2025. what i will do with fracking over time is make sure we can capture the emissions from fracking, capture the emissions from gas. we can do that by investing money, but it is a transition to that. kristen: i have one more question. pres. trump: excuse me -- he was against fracking. he said it. i will show it to you tomorrow. until he got the nomination, went to pennsylvania. pennsylvania, he will be against it very soon. mr. biden: fracking on federal land, i said. kristen: let me ask this final question in this section. president trump, people of color are much more likely to live near oil refineries and chemical plants. in texas, there are families who worry the plants near them are making them sick. your administration rolled back regulations on these facilities. why should these families give you another four years in office? pres. trump: the families we are t

mr. biden: no, no, no. there is a question about whether or not -- it is a lifetime appointment and i'm not going to attempt to change that at all. there is some literature about the possibility of going from one court to another court, not just staying the whole time on the supreme court. but i have made no judgment. my word. i have made no judgment. it is just a group of serious scholars that have a number of ideas how we should proceed from this point on. we will give them 180 days, god willing, if i am elected, to be able to make such a recommendation. >> do you have reaction to president trump planning an outdoor event at the white house tonight? [bell ringing] mr. biden: look, you know, if you have children, all parents are taught that the example you set impacts on how your kid s react. when you are the boss of an operation, the example you set matters to the rest of the company. the words of the president and the actions of the president matter. they matter a great deal. and when the president of th

mr. biden: how old are you? >> 18. mr. biden: well thank you for helping. >> my name is tristan. >> i'm beverly. mr. biden: we really got it going. --ell you what [indiscernible] >> whenever trump comes out and says -- [indiscernible] mr. biden: with h1n1, it was -- [indiscernible] panic, no any of that. but i just want you to know that sawas barack -- i know you him in philly, but he's a good friend. , the infectious disease experts said look, this is what will happen as we move forward. there are a lot more communicable diseases transmitted that you can't build a wall high enough. and pandemics are going to be caused. so we set up an office in the white house. we hired people, we put from the cdcerts and other areas of the federal government. we would put them in other countries so you would see it coming. we had 34 people in china. knowledge best of our , he never asked them to go into wuhan to figure out how best -- how bad the situation was. was praising he the president of china, president xi. from the beginning, it

mr. biden: taxpayers' money. pres. trump: it's what? mr. biden: taxpayers' money. it did not come from china. pres. trump: it's not the taxpayers. it's called china. you know what they did to pay it? they devalued their currency and also paid up. you know who got the money? our farmers, our great farmers, because they were targeted. you never charged them anything. also, i charged them 25% on dumped steel. because they were killing our steel industry. we were not going to have a steel industry. and now we have a steel industry. ms. welker: ok, vice president biden, your response. mr. biden: my responses there's one. a reason he's bringing up all of this malarkey. there's a reason for it. he doesn't want to talk about the substantive issues. it's not about his family and my family. it's about your family and your family is hurting badly. if you're making less than -- if you are a middle-class family, you are getting hurt badly right now. you're sitting at the kitchen table this morning deciding, we cannot get new tires, they are bald, but we have to wait another mon

mr. biden: he did virtually nothing. then he gets out of the hospital and talks about, oh, don't worry, it is all going to be over soon. come on. there's not another serious scientist in the world who thinks it's going to be over soon. kristen: president trump, your reaction? pres. trump: we're learning to live with it. we have no choice. 99.9% of young people. we have to recover. we can't close up our nation. you have to open our school and we can't close up our nation or you're not going to have a nation. mr. biden: he says we're learning to live with it. people are learning to die with it. you folks home will have an empty chair at the kitchen table this morning. that man or wife going to bed tonight and reaching over to tri to touch out of habit where their wife or husband was, is gone. learning to live with it. come on. we are dying with it because he's never said. see, you said, "it's dangerous." when's the last time? is it really dangerous still? are we dangerous. you tell the people it's dangerous now. what shoul

mr. biden: what about fracking pres. trump: what about fracking? mr. biden: i never said i opposed fracking. pres. trump: you said it on tape! mr. biden: show the tape. these kids came with parents. they were separated at the border to make a disincentive. mr. biden: they did -- pres. trump: they did it. we changed the policy. who built the cages, joe? annmarie: kailey leinz joins us now from new york. kaylee, this is far different from the first debate. you just heard a bear, china, covid, climate. for you, what are the highlights? kailey: one of the highlights, annmarie, was the mute button that was not even really used. president trump in particular taking a very different tack this time around than in the first debate, where his more aggressive performance really ended up hurting him in the polls. that is not to say that the two candidates did not attack each other. president trump really coming after biden on his record throughout his political career, but specifically during the obama administration, and he also came after biden and his family fo

mr. biden: he says we are learning to live with it. people are learning to die with it. >> you also said a vaccine will become owing within weeks -- will be coming within weeks. is that a guaranty? pres. trump: no, it is not a guarantee, but it will be coming before the end of the year. mr. biden: anyone who is not in control, anyone saying i do not takers possibility, anyone responsible for that many deaths should not remain president of the united states of america. ritika: the candidates largely comply with rules that allowed for them time to speak. governments have started to impose curfews more widely to stop a resurgence of the coronavirus. daily virus cases are hitting records across the continent. france recorded more than 40,000 new cases for the first time. the u.k. has signed its first major trade deal since brexit. the agreement with japan largely preserves the terms under which the u.k. traded with tokyo as part of the european union. meanwhile, there are signs of progress in trade talks between the u.k. and the eu. global

mr. biden: i can understand it. i kind of thought at one point -- maybe i shouldn't have said this -- the president of the united states conducted himself the way he did, i think it was just a national embarrassment. but look, i just hope that the american people and those undecided voters try to determine what each of us has as an answer to their concerns. reporter: you mentioned the president's comments about the proud boys, stand back and stand by. today they made that a rallying cry. what are your fears about the implications -- do you have a message for the proud boys today? mr. biden: cease and desist. cease and desist. the american people will decide who is the next president, period. american people, get out and vote. vote early, vote whatever way is most convenient for you. if you show up in large enough numbers, nothing will change. if in fact we win this election, this president will step down. a lot of bravado, he has no alternative. the american people will not stand for. my message to the proud boys an

mr. biden: he says we are learning to live with it. people are learning to die with it. >> you also said a vaccine will become owing within weeks -- will be coming within weeks. is that a guaranty? pres. trump: no, it is not a guarantee, but it will be coming before the end of the year. mr. biden: anyone who is not in control, anyone saying i do not takers possibility, anyone responsible for that many deaths should not remain president of the united states of america. ritika: the candidates largely comply with rules that allowed for them time to speak. governments have started to impose curfews more widely to stop a resurgence of the

mr. biden: that is not true. pres. trump: he did not have a job until you became vice president. >> i was not impressed with the lack of decorum. amna: six voters from both -- from across the country came away feeling more frustrated than informed. >> to see the kind of behavior exhibited was very disappointing. >> very disappointed they were fighting with each other. they were very personal in some of their discussions, bringing family into it. >> i do not think either one was able to express any substantive point. it was all a rehash of things i had heard earlier. >> raise your hand if you feel like you have learned something. nobody learned anything new. amna: they issued a statement saying, last night's debate made clear additional structure should be added to the format of e remaining debates to ensure a more orderly discussion of the issues. vice president mike pence and senator kama harris will debate on october 7. the next presidential debate is scheduled for october 15. for the pbs newshour, i am on the vase.

mr. biden said he would "choose hope over fear." higher yields. 11 days onto our many elections, the state of the economy waiting and waiting and waiting for a vaccine. good morning, everyone. bloomberg surveillance on friday in new york. anna edwards in london. in for francine lacqua. give me a united kingdom focus. how much of written is locked down right now? -- how much of great britain is locked down right now? anna: quite a lot. lockdown, in a short two to three week circuit breaker. the northwest of england, the northwest, the northeast. the list is growing longer. tom: it is going to be interesting. to say the least, the lockdown in america is not a lot done but is very regional, as mentioned in the debate last night. the upper middle west really hit hard right now. in new york city with our news, ritika gupta. ritika: president trump and joe biden covered a wide range of issues in last night's second debate. amongst them, racism, corruption, and the manner in which the president handled the coronavirus. trump: no choice. we

mr. biden: they do have a right to know. they don't have a right to know where i stand before a vote. >> you will come out with a clear position before election day? mr. biden: yes, depending on how they handle this. ritika: the candidates will face off next week in the final presidential debate. president trump fell well short of joe biden last month when it came to fundraising, according to a filing. the trump campaign and the republican national committee in.ed almost $248 million september a day earlier, biden's campaign announced it had taken in a record $383 million. the coronavirus's march across the u.s. midwest has caught up with the region's most populous states. illinois, ohio, and michigan are seeing big jumps in cases. yesterday, eleanor reported more than 4000 new cases -- illinois reported more than 4000 cases. in michigan, hospitalizations have risen 31% the last week alone. in the u.k., prima disturb -- prime minister boris johnson's coronavirus plan has descendents or chaos. local leaders are rejecting his

and joe biden's aides later tried to walk it back. mr. biden earlier made a remark when he said he had never called for an end to fracking even though, actually, he has called for an end. it all highlighted what could be a real challenge for the democrats. they have very radical plans for the economy that may threaten the jobs and livelihoods of many american workers. what's at stake for the u.s. economy as we confront the last few days of this campaign? joining me now is chairman austan goolsbee. thanks very much for joining us. >> yeah, great to see you again. gerry: so the debate on thursday night's lots of policy discussion there, we can get into a bit of that. it was striking, again, that joe biden laying out his energy plan did indicate quite strongly that he wants to get rid of fossil fuels, he wants to get rid of fracking. pretty radical plans the democrats are coming up. they also are going to raise taxes on corporations and on wealthier individuals, look, i'm just wondering at a time when the economy is so fragile and so much un

mike president trump, mr biden also wa nts to president trump, mr biden also wants to end the forever wars in afghanistan and iraq. although he would keep a small troop presence in both the battle terrorism. what else would stay the same sort of? russian policies wouldn't actually change that much and china policy might change less than you would expect. on russia the relationship at the top would certainly look different. president trump often personally seemed ready to forgive vladimir putin for violating international norms but his administration published russia with sanctions and that would probably continue under a biden presidency. on china, mrtrump has traded his friendship with xijinping for has traded his friendship with xi jinping for accusations about spraying the coronavirus for harsh measures a new cold war rhetoric. mr biden also wa nts to war rhetoric. mr biden also wants to get tough on china especially with trade but he would be less confrontational and work more closely with allies to pressure beijing. joe biden says he wants to not only revive american leadership b

mr. biden also wants to get tough on chinaespecially with trade. but he would be less confrontational and work more closely with allies to pressure beijing. joe biden says he not only wants to revive american leadership, but reinvent for the times. the world has also changed over the past four years, not only the united states, and his efforts could reveal just how much. barbara plett-usher, bbc news, washington. nada: let's take a quick look at other needs. british prime minister boris johnson says the united kingdom should prepare for leaving the european union without a trade deal at the end of the year. mr. johnson once that unless the eu fundamentally changes its negotiating position, britain's future relationship with the bloc would be based on the terms of the world trade organization. french president emmanuel macron is visiting the scene of a gruesome attack where a teacher was decapitated in a suburb of paris. the atck was shot dead by the police. they can was said to have -- the victim was said to have shown cartoons of the prophet moham

mr. biden: no. pres. trump: today we are ending the nafta nightmare and signing into law the brand-new u.s.-mexico-canada agreement. >> it is hard to overstate the importance of the usmca. this is the single biggest bipartisan legislative victory for this president and administration. it is a huge deal. >> better than it has been since 2009. that means better than it has been for seven out of eight of the years obama was president. pres. trump: usmca has filed for protections to keep auto manufacturing jobs. since the election, we have created 41,000 brand-new motor vehicle jobs. >> doesn't he deserve some credit for that? the usmca is better than nafta. mr. biden: it is better than nafta. i never said i oppose fracking. >> you said it on tape. mr. biden: show the tape. >> would there be any place for fossil fuels, including coal and fracking, in a biden administration? mr. biden: no, we would make sure it is eliminated. i guarantee you we are going to end fossil fuel. no fracking. we move away from frack

but biden didn't go down. instead, he grew exasperated. mr. biden: will you shut up, man? pres. trump: who is on your list, joe? don't ever use the word "smart" with me. mr. biden: oh, give me a break. you are the worst president america has ever had. jon: biden's clear strategy was not to get to embroil, and to keep speaking to the market people. mr. biden: this is not about my family or his family, it is about your family and the american people. jon: trump's best moment came when he talked about law and order and how police and sheriffs work backing and ge hi. pres. trump: name one group supporting you. jon: but then the president was asked to condemn the white supremacist militias on the streets. [crosstalk] pres. trump: proud boys, stand back and stand by. jon: the proud boys white supremacist group has welcomed the president's comments, saying they had a new recruits since the debate. at this watch party, biden had done better than expected. >> it surprised me a little bit, but it was not enough to impress me either y. he lasted double might. --the whole night. >> his deme

got $3.5 million but joe biden was n when to take lectures about transparent. mr. biden: you have not released a single solitary your of your tax returns. what are you hiding? reporter: baby separated from their parents, and three years on, 500 children have become orphansecause the u.s. thorities don't know where their parents are. the president defended what they have done. president temp: they so well taken care of. they are in facilities that are so clean -- mr. biden: but they are it makes as a laughingstocks and violates every notion of who we are as a nation. reporter:oe biden sought to portray himself as the healer and unifier, donald trump as ths erho will fix broken politics. i went to a bar where trump supporters had been gathered. what was striking was how empty it was. weeks ago there were a few hundred. now around a dozen. twis make a difference? >> i think most americans are change.-- are decid change that many lives.t >> pretty much undecided. reporter donald trump much more disciplined, much more effective in the debate last night, but is it too la

mr. biden: thank you. today once again we are a house divided. but that, my friends, can no longer be. we are facing too many crises. we have too much work to do. we have two bright a future -- too bright a futuree to have a ship wrecked on t the shoals of anger, hate, and division. reporterer: but his presidential opponent appeaears to delight in division. donald trump may still be recovering from covid-19, he has refused to let that stop play. in a series of tweets about talks with democrats over coronavirus, relief legislation, the president declared, "i have instructed my representatives to stop negotiating until after the election." u.s. stocks fell sharply on that bombshell. hours later, trump appppeared to roback a bitit, -- row back a bit, demanding congress provide cash for the airline industry and handouts to help struggling americans. it all adds to a sense of chaos in the white house. trump's team trying to keep his reelection campaign on track while the coronavirus continues to spread. senior advisor and chief speechwriter stephen mi

mr. biden has to be held to account for policies -- you know, you tell me, stuart, let's you and i go out and find a good, pure-bred, keynesian demand side, all right? if john maynard keynes were here after this pandemic contraction and you asked him, mr. keynes, should we be raising taxes? i guarantee you from the general theory, which i have read, he would say no. he would say no. stuart: he would. >> give me a good keynesian, stuart. i'm not in that camp, but i'm telling you, give me an honest keynesian, and no one woulds raise taxes -- would raise taxes. stuart: you knew that, thank you, sir, larry kudlow. >> thank you, stuart. stuart: thank you. quick check of the big board. we have turned south, but it's nothing serious. we're down 22 points. we will have more "varney" after this. ♪

polls showt is leading toward joe biden. mr. trumpl head to goodyear but his event is happeng right now. he had this say. president trump: head to, we are up and we tend toook at the ones that are more accurate. there is tremendous energy and we have never seen enthusiasm like this. i think the honest reporters will say in the htory of doing what you're doing, i do not think anyone has seen enthusiasm like this. voters will vote early but they are going to really vote on tuesday. they want to wait until tuesday. at least with me, it happened last time. a great wet -- red wave. >> let's go to larry covering the 2020 election for us. woer where the benefit as of this last-minute flurry of rallies.>> it is so much to do o little time for president trump, tryingo show there is y and he c ene turn this around what he is trailing. in almost every poll. there is a pull he was tking about very accurate, a conservative poster which has consistently given him a good rating. 7 million plus people have voted . an overwhelmingajity of democr

mr biden himself is continuing to campaign, actually come and he is the one that's kind of like a reversal, he is the one who had been really keeping a low profile and was being mocked by the president as sitting in his basement and doing everything virtually. but now he's come out of his basement and has begun to travel more and when he tested negative today, he continued with his campaign plans. so the shoe is on the other foot now. a plans. so the shoe is on the otherfoot now. a president plans. so the shoe is on the other foot now. a president who had been going up to rallies is 110w had been going up to rallies is now sitting under lockdown, so to speak in a military hospital, and mr biden has decided to expand his campaign a little bit. we will see where it goes. as i said, at the moment, it has shifted back to where president trump didn't wa nt where president trump didn't want it, which is coronavirus, thatis want it, which is coronavirus, that is something certainlyjoe biden wants to about. inevitably, that will be a big topic of the debate between the vice presidential candidates

in terms of mr. biden's tax hikes, it is calculated by the hoover university. one quarter of small business income. it will knock out one quarter or 25% of all investments. not only financial assets, but also real assets such as machinery and equipment and buildings. that is how devastating the tax hikes will be. you can rest assured that president trump will make that case in a very strong way. >> that is the same mistake that was made under fdr. right? that would be a horrendous move for the economy. we like calculated out, larry. larry, i want you to take this on. the race is neck and neck and pennsylvania. a key state. i want you to listen to what voters are saying about joe biden's plan to wipe out fracking. watch this. >> he is flip-flopping all over the place. it will t really come back to ht him. we want to know what you are about. we know what president trump is about. he has been four fracking since day one. >> how will it impact the state? >> it will devastate a lot of people. >> it is a joke. it's a joke. >> president obama is coming to town. will t

mr. biden: they do have a right to know where i stand. they don't have a right to know where i stand before i vote. >> they will have a decision come election day? ritika: the candidates will face off next week in the final presidential debate. president trump fell well short of joe biden last month when it came to fundraising, according to a filing. the trump campaign and the publican national committee raised almost $240 million in september. a day earlier, biden announced it had taken in a record 383 million. the coronavirus has marched across the u.s. midwest and has caught up with the region's most populous states, illinois, ohio, and michigan. they are seeing big jumps in cases. yesterday, illinois reported more than 4000 new cases, a record in michigan -- a record. in michigan, hospitalizations have risen. in the u.k., prime minister boris johnson's coronavirus strategy has descended into chaos three days after it was announced. government scientists are calling for an emergency lockdown to slow the rate of infections. global news

mr biden also wants to get up on china, especially with trade. but he'd be less confrontational and work more closely with allies to pressure beijing. joe biden says he wants to not only revived american leadership reinvented for the times. yet the world has also changed over the world has also changed over the past four years, not only the past four years, not only the united states, and his effo rts the united states, and his efforts could reveal just the united states, and his efforts could revealjust how much. barbara plett usher, bbc news, washington. the us budget deficit has hit a record $3.1 trillion in the fiscal year that's just concluded. this is more than twice as big as the previous record set during the financial crisis just over a decade ago. the increase in the gap between government income and spending was almost entirely due to the us coronavirus rescue package. disney has strengthened a content advisory message on its streaming service, warning of racism and stereotyping in some of its classic films. the message says that certa

mr. biden: there are 50 former national intelligence folks who said that what he's accusing me of is a russian plan. they have said this has all the characteristics -- five former heads of the cia, both parties, say what he's saying is a bunch of garbage. nobody believes it except him and his good friend rudy giuliani. pres. trump: you mean the laptop is now another russia russia russia hoax?

[video clip] mr. biden: there is no place for hate in america. and both of us have been talking about this for some time, about andthese white supremacist militias are a genuine threat. i would like to complement the fbi and police agencies for what they did and how they stepped up, but look, the words of presidents matter. we have said this before. they can cause the nation to have a market rise and fall, grow the war, bring peace, but they can also bring oxygen to those filled with hate and danger. and i just think it has got to stop the president has got to realize the words he utters matter. talk to gretchen, the governor, earlier, before i landed. she is feeling secure and good, and i think that the fbi and others deserve a great deal of credit for what they have done. host: joe biden yesterday. we mention president trump's tweet about this matter, his response to governor gretchen whitmer's comments. his campaign team responding as well. on fox news yesterday, campaign aide jason miller responded to the governor's comments. [video clip] jas

mr. biden: if this -- pres. trump: if this stuff is true about china, iraq, ukraine, this other stuff, that he is a corrupt politician. don't give me this stuff about being an innocent baby. they call you a corrupt politician. mr. biden: what he's accusing me of is a russian plan. they have said that this has all the -- five former heads of the cia, both parties, that what he is saying is a bunch of garbage. tom: really quite interesting last night. i'm going to go back to mario parker and our team, "trump, covid,par over graft, racism." the backdrop to this is the uncertainty forward. which uncertainty are you focused on? jonathan: the bond market in the markets, if that is what you are speaking to. the 10 year yield up through 80 basis points. the curve, twos-tens up to 70, a level we got close to in early june. and the highs of early june on the tenure in the yield -- early june on the 10 year yield. this economy has added more debt to companies not just in the united states, but around the world. tom: lisa,

much of what mr. biden and his supporters argue are basically fact-free, okay? they are just not true. president trump will straighten owl this out during the debate. he will make the contrast i mentioned a moment ago. it couldn't be clearer. incidentally in terms of mr. biden's tax hikes, it is calculated again, by the hoover institute at stanford university, it would knock out one quarter, okay, kwan universitier one quarter of small business income. it would take out 10% of corporate income. it would knock out one quarter, or 25% of all investment. that is not only financial assets but real assets machinery, equipment, and buildings. that is how devastating those tax hikes will be. you can rest assured president trump will make the case in a very strong way. elizabeth: well that is the same mistake made under fdr, right? you know, so that would be a horrendous move for the u.s. economy. we like how you laid it out, larry. larry, i want you to take this on. we know the race is neck and neck in pennsylvania. that is a key state. larry, listen to what voters in

mr. biden: if the body of scientists say that this is what is ready to be done and it has been tested and they have gone through the three phases, yes, i would take it. i would encourage people to take it. ritika: the two candidates will face off next week in the final presidential debate. president trump will lean on senate majority leader mitch

mr. biden says he would take questions directly from voters on october 15 and is asking the debate commission to move the debate to october 22. the president says a virtual face-off is not what debating is about. mr. biden says the president is trying to evade accountability and does not want to face questions about "his failures on covid and the economy." global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. vonnie: it is 1:00 in new york 6:00 p.m. in london, and 1:00 , a.m. in hong kong. i'm vonnie quinn. welcome to bloomberg markets. here are the top stories from around the world we are following. the move toward a steady business. morgan stanley announcing that it will by money manager eaton vance. we will talk to mike mayo about the acquisition and what is ahead for big bank earnings. president trump says he will skip next week's debate with democratic nominee

host: we hear mr. biden say quite frequently those increased taxes are only of concern if you make over 400 thousand dollars. what do you think of that? certainly, from a legal perspective, those are the folks who will write the checks. we economists tend to look at what happens after that and the flow through to the economy from those taxes. that is where we find the economic burden of some of those taxes will fall on lower and middle class americans. the long term, everyone will see a slight reduction in their after-tax incomes because of the economic harm or reduction in the size of the economy that will result from those taxes. host: how does that fall to all americans? guest: the corporate tax increases that are in his proposal amount to about half of that $3 trillion tax increase. we estimate about half of that will fall on the backs of workers through lower wages. that is a pretty common assumption among most economists. even though he is proposing to tax corporations with higher tax rates and f