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dot org. Now over to the First Word breaking news desk for today's afternoon call. Here he is Bill Maloney. Good afternoon, Charlie. Markets are under pressure today and mid weakness in the retail space. Dallas currently lower by a hundred ninety three points, says to be dropped sixteen in NAZAC falls thirty six, the small cap six hundreds down six points, and the US ten yield at one point
seven four per cent. Eight out of tennis V sectors are lower, led by losses in consumer discretionary, healthcare and the financials. Only energy and utilities gained doubt Transports fall a hundred and seven, as about Texas sink fifty six, and the VIX is higher by five percent down. Leaders to the downside included Disney, Nike, and Walmart. Fractional gains for Chevron, Microsoft, and Caterpillar. Disney, Macy's and Fossil dropped
after earnings, with Fossil plunging twenty nine percent. Well Electronic Arts gained as much as six after its results. Live from the first Breaking news desk on Bill Maloney, Charlie all right, thank you very much, Bill Maloney, and to hear live breaking news over your Bloomberg Time Squawk. Ask you a w K on new terminal. I'm Charlie pell that's a Bloomberg business flash. Thank you very much, Charlie Pelletts. Well, imagine trying to get the permits needed for a twenty
four billion dollar public transit project. It features two new tubes that would go under the Hudson River to connect New Jersey with midtown Manhattan, as well as several major upgrades to the region's transportation infrastructure. Sure two dozen different government agencies have a say in all this, and someone's got to bring them all together. Joining us now as Senator Corey Booker, Democrat from New Jersey U S Senator joining us from Washington, d C. Home of Bloomberg one
and one oh five point seven h D two. Senator Booker, thank you very much for being with us. Just give us an update if you can on the the gateway of project and all of the red tape that you are trying to cut through. Thank you. What people who are in the greater New Jersey, New York region know
how critical this infrastructure project is. In fact, the Secretary of Transportation says, this is the nation's most important infrastructure project because the Hudson River is the busiest river crossing and all of North America, and it claws up the Northeast Corridor, the biggest busiest rail traffic in America, and frankly, it carries more people than plane travel to and from
the north East Quarridor. So this is an urgently needed project, and I came into the Senator it was derailed, and we've been working to pull everybody together, the two governors, of four Senators, the Obamba administration to get this thing going. And finally we've gotten it moving. I was able to get a bill through some legislation through with Roger Wicker leadership from the South Um Republican and now we have
funding mechanisms in place. So a lot of these things are moving thanks to some great leadership on both sides of the river. But the challenge now is do we have to wait years more than a decade to get these tunnels done? Or can we streamline, not taking shortcuts, but streamline a lot of this bureaucracy so we can get it done because every year, uh that we wait, we lose so much money and hurt the environment even more.
Senator Book, you want a special election to represent New Jersey in the US Senate, then in November re elected to a full six year turn out. You've been there a few years. What are you finding is the biggest
stumbling block to a project like this? It makes sense, and everybody who doesn't want to streamline bureaucracy, well, that's the beauty of my experience in the short time I've been in the Senate for two and a half years, is that if you actually reach out and and work with folks and and talk with them, you can get
Republican partners on issues that you're passionate about. So from criminal justice reform, gosh, I've even passed legislation with with Ted Cruz, and so this is a project again that was broken installed, but because of bipartisan work, we've been able to get something just over the last nine months from dead installed, then the water installed, and now really moving down the track. Now this is a great area again of bipartisanship, where I'm finding Republican partners and saying, hey,
let's streamline a lot of these things. In fact, some of the loan processes that often that make it cumbersome. We were able to already get legislation included in one of the bigger transportation bills going through to streamline the loan processes. But I know this from being a mayor, that every hour lost in a project is money. And I know how much New Jersey transit writers are hurting right now because of not having these tunnels. So I want to try to speed this along as quickly as possible.
And yes, I'm pleased that I have friends on the other side of the aisles who are willing to work with me. Uh Senator A Booker. It's been reported that three billion dollars in potential costs would be added to the project if it takes three full years in order to secure all the necessary permits. That's the kind of stuff you're talking about. Yeah, and people don't realize how ghastly the costs are. The longer and more complicated the
bureaucracy is. I don't want to short take any shortcuts on environmental reviews and the like, but people have to
understand and I won't allow that to happen. But if we can streamline this bureaucracy, think about this, it actually has a better impact on the environment if you do things quicker, because the longer we now have people stalled in traffic with all of that emissions going into the air, the longer we take for this and the more people are having to find more secuitous routes into the city, the more damage is being done. So there is cost
reasons for this, environmental reasons. And then the other one that naturally we all know is my commuters have to live a lot earlier because they can't count on the rail transit not being delayed. So they're not lost for work, they're losing time with families, um, they're they're endangering their jobs. The urgency to get this done as quickly as possible is there, and I know we could streamline these processes
and get it done more timely. Fashioned Senator book or your spokesman downplayed speculation that you may be on the on a very short list to be the vice president vice president nominee if Hillary Clinton, of course, that she seems poised to do whins the Democratic nomination. Would that but what is that a step you consider seriously taking? I mean, would not would this not help you move forward?
Some of these things you're so passionate about. You know what I've I've found in the last two and a half years in the Senate that I can champion things and actually deliver for my state. I love my job, I'm new in it. I really want to stay put, and it's nice to be on this short list and hear my name and trust me. I just saw my mother's from Mother's Day and she was flattered by it all. But she has a saying. She says, behind every successful child is an astonished parent. So I'm happy that she's
being astonished. But the reality is I got work to do. So you would turn it down if Hillary Clinton asked you. I'm not saying that. I'm just saying right now, let's focus on getting the job done in the Senate. All right, Well, well, I'm gonna take that as a maybe I'll call your mom. Senator Booker, Senator Corey Booker, thank you so very much for joining us, Democratic senator from New Jersey. Joining us from Washington, d C, home of Bloomberg. I'm Kathleen Hayes.
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