WEBVTT - Why the Coronavirus is Different

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<v Speaker 1>This is Bloomberg Business Week. I'm Carol Masser and I'm

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<v Speaker 1>Jason Kelly. We're here every day bringing you the latest

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<v Speaker 1>news from the world's of business and finance, plus technology, politics, economics,

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<v Speaker 1>all harnessing the power of Bloomberg Business Week reporters and editors,

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<v Speaker 1>hundred and twenty countries. You can download Bloomberg Business Week

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<v Speaker 1>on iTunes, SoundCloud, or Bloomberg dot Com. You can also

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<v Speaker 1>listen to our radio show weekdays at two pm Eastern

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<v Speaker 1>only on Bloomberg Radio. Lots going on, and there's more

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<v Speaker 1>moves by countries and cities around the globe to mitigate

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<v Speaker 1>the effects of the coronavirus. Here in the US, it's

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<v Speaker 1>really kind of a patchwork of moves by governors and

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<v Speaker 1>mayors across the country. Safe to say, though, Jason, it's

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<v Speaker 1>been a pretty severe response. Here to talk a little

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<v Speaker 1>bit about that response and whether it makes sense is

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<v Speaker 1>Dr Dave Westerner, He's professor of biology at Davidson College,

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<v Speaker 1>who joins us on the phone from Davidson, North Carolina.

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<v Speaker 1>Dr Westerner, really appreciate your time on this Monday. It

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<v Speaker 1>has been a severe response. I've had a lot of

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<v Speaker 1>people say, wait a minute, are we overdoing it? Are we? Yeah?

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<v Speaker 1>Well thanks for having me on today. Yeah, that's that's

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<v Speaker 1>a great question. Has been a severe response? Um? You know,

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<v Speaker 1>I think there's there's so many unknowns with this virus

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<v Speaker 1>that a severe response is warranted. Um. If you look

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<v Speaker 1>what happened in China, I mean, they had much more

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<v Speaker 1>severe response, and within a month or so of of that,

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<v Speaker 1>it seems like they were able to get under control

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<v Speaker 1>the number of new the new infections. So I think

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<v Speaker 1>that's the goal here. If we implement these strategies, now,

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<v Speaker 1>are we going to mitigate the effects over the next

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<v Speaker 1>month or so? Excuse me? And uh so, dr you know,

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<v Speaker 1>tell us about what makes this one different because it

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<v Speaker 1>feels severe. Again, we don't have broad testing yet here

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<v Speaker 1>in the United States, and so maybe the numbers are

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<v Speaker 1>a skewed a little bit, but you know, it's terrifying,

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<v Speaker 1>candidly to see the numbers coming out of Italy, uh

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<v Speaker 1>and and other countries. Help us understand you know, what's

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<v Speaker 1>different about this. Yeah, I think it's a it's a

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<v Speaker 1>great question. I think it's a question A lot of

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<v Speaker 1>people have, you know, the just the back up a

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<v Speaker 1>little bit. I guess coronaviruses are not entirely new. We've

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<v Speaker 1>known about coronavirus is for half a century or more. Um. Indeed,

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<v Speaker 1>probably a quarter to a third of what we'd call

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<v Speaker 1>the common cold is typically caused by coronaviruses. It really

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<v Speaker 1>was two thousand two, I guess, with the Stars outbreak,

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<v Speaker 1>which was a coronavirus, and then two thousand thirteen with

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<v Speaker 1>the Mirrors outbreak, which again with a coronavirus, that we

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<v Speaker 1>started seeing this family of viruses as potentially major um

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<v Speaker 1>impactors of human health. I think what's so Stars and

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<v Speaker 1>Mirs had fairly high mortality rates. With Mirrors about a

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<v Speaker 1>third of the people who were infected actually died, which

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<v Speaker 1>is extraordinarily high. Um. Both those viruses were not easily

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<v Speaker 1>transmitted from person to person, though, So this virus we're seeing,

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<v Speaker 1>you know, a related virus in the coronavirus family, that

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<v Speaker 1>is much easily more easily transmitted from person to person,

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<v Speaker 1>and I think that is really the cause for concerns.

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<v Speaker 1>Even though the mortality rate seems to be significantly lower

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<v Speaker 1>than Stars, we're seeing many more people become infected, much

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<v Speaker 1>more quickly. But that's what I think, that's a big worry.

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<v Speaker 1>That's what. Okay, and help help us with this because

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<v Speaker 1>this is the conversation I think, especially as we see

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<v Speaker 1>our cities and our states being um, you know, self

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<v Speaker 1>quarantining and shut down completely. I guess the question is,

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<v Speaker 1>and people have said this that if if what we

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<v Speaker 1>keep hearing from officials who are telling us that most

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<v Speaker 1>people will be fine, some people won't even know they

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<v Speaker 1>have the virus, and that really those most at risk,

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<v Speaker 1>whether it's the elderly, are those who have some kind

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<v Speaker 1>of illness, you know that those are the most vulnerable.

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<v Speaker 1>I mean, if if are we is it correct to

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<v Speaker 1>say that most people will be fine? And then because

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<v Speaker 1>of that, you know, is the content Is the spread

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<v Speaker 1>of the virus still that worrisome? I think yes, most

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<v Speaker 1>people will will be fine. Um, but that doesn't mean

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<v Speaker 1>the spread of the virus should not be worriesothing to

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<v Speaker 1>all of us. Uh, your average person, relatively young, relatively healthy, Yes,

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<v Speaker 1>all the information suggests if that person gets infected, they'll

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<v Speaker 1>probably be fine. They'll have a minor cold, they may

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<v Speaker 1>be completely asymptomatic, they may have flu like symptoms. But

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<v Speaker 1>the real concern is those people can transmit the virus

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<v Speaker 1>to others, and if that virus then gets transmitted to

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<v Speaker 1>a more vulnerable population, the elderly people underlying medical conditions,

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<v Speaker 1>it's gonna have very severe consequences. And if those numbers

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<v Speaker 1>go up, the health care system is not prepared to

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<v Speaker 1>deal with that many people coming in with severe consequences.

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<v Speaker 1>And so Dr Westerner, you know, you've heard that a

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<v Speaker 1>lot of the same things we have from Dr Fauci

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<v Speaker 1>and others about the length of this sort of new

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<v Speaker 1>life that that we're living in. What what do you

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<v Speaker 1>make of that? I mean, is this a two month thing?

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<v Speaker 1>Is this a three six? Like? What are we looking

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<v Speaker 1>at here? Yeah? I think that's that's a great question.

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<v Speaker 1>And we don't know. I mean, this is something we

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<v Speaker 1>haven't seen before. We don't really know. Um, if you

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<v Speaker 1>look at influenza, there's been a lot of comparisons between

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<v Speaker 1>this and influenza. We pretty much know every year influenza

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<v Speaker 1>cases are going to decrease in March, decrease again in April,

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<v Speaker 1>will be almost non existent in May. You know, if

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<v Speaker 1>that turns out to be the case for coronavirus, great,

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<v Speaker 1>it's going to be gone relatively soon, but we don't

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<v Speaker 1>know if that's gonna be the well. And I'm going

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<v Speaker 1>to say that just listening to other medical coverage as

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<v Speaker 1>well that we've been doing on our network, is that

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<v Speaker 1>summer saying we don't know because it's now showing up

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<v Speaker 1>the virus and some warmer locations, so we don't know

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<v Speaker 1>that those warmer temperatures are going to shut down the virus.

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<v Speaker 1>I guess I guess it goes back to there's just

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<v Speaker 1>so much we don't know about this particular strain of

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<v Speaker 1>the coronavirus that really um explains some of the hysteria

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<v Speaker 1>and understandable shutdowns. Dr Dave Westerner, Professor of Biology, Davidson College,

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<v Speaker 1>on the phone from Davidson, North Carolina. This is Bloomberg

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<v Speaker 1>Business Week with Carol Masser and Jason Kelly on Bloomberg Radio.

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<v Speaker 1>Last night, Joe Biden and Bernie Sanders got together in

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<v Speaker 1>a studio, not in front of an audience. Kevin Sirelli,

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<v Speaker 1>we know, was watching it. Chief Washington correspondent for Bloomberg

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<v Speaker 1>Radio and television host of Bloomberg Sound On that's coming

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<v Speaker 1>up later on in d C. He joins us from Washington, alright,

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<v Speaker 1>keV Amid all of this, there is still a nominating

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<v Speaker 1>contest going on. What do you see last night? What

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<v Speaker 1>do you see last night? Well, first of all, I

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<v Speaker 1>mean three things. First and foremost, I mean, you've got

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<v Speaker 1>primaries that are being delayed as a result of the pandemic.

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<v Speaker 1>And then secondly, it was it was really a substantive

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<v Speaker 1>debate last night, both former Vice President Joe Biden as

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<v Speaker 1>well as Senator Bernie Sanders only really attacking each other's

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<v Speaker 1>records and not making it personal. They also that this

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<v Speaker 1>is the third point that I would make. They also

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<v Speaker 1>rarely mentioned the president's name if there was something in

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<v Speaker 1>some analysis that was done at the inclusion of the

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<v Speaker 1>debate that found they really focused on how each of

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<v Speaker 1>them would have responded and would respond to the pandemic. UH.

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<v Speaker 1>Senator Sanders used it to double down on his assertions

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<v Speaker 1>for Medicare for all. The former Vice president used it

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<v Speaker 1>as an opportunity to talk more about his leadership style

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<v Speaker 1>and how he would have conducted it. And you know,

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<v Speaker 1>Biden really using UH terms so far as to say

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<v Speaker 1>that there needs to be a mobilized effort equivalent to

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<v Speaker 1>to World War two, UM and so from that standpoint, Uh,

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<v Speaker 1>it just is a broader illustration of how much the

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<v Speaker 1>pandemic has really caused, injected so much uncertainty obviously into

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<v Speaker 1>the lives of every American and every citizen in the world,

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<v Speaker 1>but also uh into the longer term election cycle. Well, yeah,

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<v Speaker 1>you do wonder you know what else might potentially have

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<v Speaker 1>to change as a result of this, Kevin, I mean,

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<v Speaker 1>we've got another round at primaries tomorrow. I mean, Americans,

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<v Speaker 1>can they get you are those folks who need to

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<v Speaker 1>be voting? Can they do it? Do it? You know,

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<v Speaker 1>that's that's a question that those individuals are going to

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<v Speaker 1>have to rely on their local governments in order to

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<v Speaker 1>get that guidance UM. And and of course people listening,

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<v Speaker 1>you can go to your local government websites to make

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<v Speaker 1>sure that you get that guidance UM in terms of

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<v Speaker 1>the voting UM. But beyond that, it's also worth noting

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<v Speaker 1>that a lot of these folks had pre uh pre

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<v Speaker 1>election voting and and and began voting early ballot voting,

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<v Speaker 1>uh several weeks ago, so that that's a part of

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<v Speaker 1>this as well. Um. There's been also some in Washington,

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<v Speaker 1>d C. You have just raised, uh, the issue as

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<v Speaker 1>campaigning for the year is changed dramatically. You know, no

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<v Speaker 1>more rallies, no more town halls. Uh, there was no

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<v Speaker 1>live studio audience last night. Uh. And and so that's

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<v Speaker 1>just something else that I think top campaign officials on

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<v Speaker 1>both campaigns are are are working through as well. And Kevin,

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<v Speaker 1>do you think that that could lead to a scenario

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<v Speaker 1>where maybe, uh, Sanders, who is not the front runner

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<v Speaker 1>at this point, maybe backs off just a little bit.

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<v Speaker 1>I mean, certainly, as you say, the tone was yeah,

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<v Speaker 1>I mean, they certainly were disagreeing on certain things, but

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<v Speaker 1>it felt like a more cordial tone than we've seen

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<v Speaker 1>in many of the previous debates. Absolutely, And and you know,

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<v Speaker 1>both candidates reaffirmed that whomever the Democratic nominee is, that

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<v Speaker 1>they would do anything everything in their power to campaign

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<v Speaker 1>for the other person. Biden made that very clear. Standards

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<v Speaker 1>made that very clear, and just you know, speaking, you know,

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<v Speaker 1>it almost is surreal to see all three of the campaigns,

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<v Speaker 1>the president's reelection campaign, Biden campaign, Sanders campaign, to see

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<v Speaker 1>their them put out not them per se, but they're

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<v Speaker 1>they're collective campaigns to be putting out these it's on

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<v Speaker 1>it's like they're living in a vacuum, these attack emails

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<v Speaker 1>and and and fundraising at this time. I mean, it's

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<v Speaker 1>just it's nonsensical. Um. And so I think you're gonna

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<v Speaker 1>notice some significant changes in the coming weeks to just

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<v Speaker 1>how even on that level they communicate. I mean, it's

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<v Speaker 1>it's it's quite striking, you know, when when you're talking

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<v Speaker 1>about just the moment that we're in and you've got

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<v Speaker 1>to you know, then you've got these emails for fun. Well,

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<v Speaker 1>and one last question, just got about thirty seconds. You

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<v Speaker 1>do wonder we talked about longer lasting impacts as a

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<v Speaker 1>result of what we're going through because of the virus

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<v Speaker 1>taking an audience away, with candidates not playing to the

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<v Speaker 1>audience or cheers or booze. It really made it a

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<v Speaker 1>very different type of debate. As you said, they stuck

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<v Speaker 1>to the issues. Just got about thirty seconds here. I'll

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<v Speaker 1>keep this sight. Absolutely they they stuck to the issues.

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<v Speaker 1>And I gotta end on a note of optimism. I

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<v Speaker 1>just was flipping through my social media feeds and and

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<v Speaker 1>I saw that navy ship off the coast of Italy

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<v Speaker 1>playing the Italian national anthem, and I just thought, you know,

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<v Speaker 1>let's put that moment out there on your beautiful show, Carol,

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<v Speaker 1>and Jason's well, thank you, and we do appreciate, yeah,

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<v Speaker 1>you know, and all that we're all going through to

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<v Speaker 1>kind of end on that note is um is really

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<v Speaker 1>really wonderful. Kevin, thank you so much. I know you're

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<v Speaker 1>dealing with a lot as well as you continue to

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<v Speaker 1>cover what's going on in Washington and certainly on the

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<v Speaker 1>campaign trail, which is really not happening right now because

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<v Speaker 1>too is shut down. Is Kevin Cirelli, Chief Washington correspondent

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<v Speaker 1>at Bloomberg Radio and TV host a Bloomberg Sound One

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<v Speaker 1>in Washington, d C. Carol Masser in our interactive Broker

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<v Speaker 1>studio here in New York. Uh, my co host Jason

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<v Speaker 1>Kelly out there at home. Uh. And this is how

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<v Speaker 1>we're doing it, folks. Interest. Interesting story on the Bloomberg

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<v Speaker 1>Today about how Walt's one of my favorite stories. I

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<v Speaker 1>have to say, yeah, getting blind side. Yeah, well let's

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<v Speaker 1>talk about it. Yeah, it's uh, it's Wall Street getting blindsided, right,

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<v Speaker 1>I mean in a lot of ways and some great color.

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<v Speaker 1>I have to say Max Able's and he knows this

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<v Speaker 1>is one of my favorite writers at Bloomberg because he

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<v Speaker 1>just gets things other people don't he gets insights into

0:12:08.320 --> 0:12:11.000
<v Speaker 1>the titans of Wall Street that you do. He joins

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<v Speaker 1>us on the phone from New York City as just

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<v Speaker 1>Joel Webber, the editor of course of Bloomberg Business Week, Max,

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<v Speaker 1>want to start with you first. How are you doing?

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<v Speaker 1>How are you feeling? Thank you so much for asking.

0:12:21.800 --> 0:12:24.560
<v Speaker 1>I'm great, especially when I hear your your live on

0:12:24.600 --> 0:12:26.839
<v Speaker 1>the air compliment, which means so much for me. But

0:12:27.280 --> 0:12:28.720
<v Speaker 1>I do want to give a shout out to my

0:12:28.880 --> 0:12:32.760
<v Speaker 1>colleagues Street or Naturajan and Kathy Burton, who helped me

0:12:32.840 --> 0:12:36.360
<v Speaker 1>build this story about you know, Wall Street. I think

0:12:36.360 --> 0:12:39.840
<v Speaker 1>you know whether or not you really adorn and admire,

0:12:40.200 --> 0:12:43.120
<v Speaker 1>you know, the financial services industry, or if you despise it,

0:12:43.240 --> 0:12:45.520
<v Speaker 1>or if you're afraid of it. You know, the thing

0:12:45.679 --> 0:12:47.880
<v Speaker 1>that I think we'd all agree on is that Wall

0:12:47.880 --> 0:12:51.199
<v Speaker 1>Street seems to have this ability to look around corners

0:12:51.400 --> 0:12:54.400
<v Speaker 1>and to make money from from the ability to predict

0:12:54.600 --> 0:12:57.760
<v Speaker 1>us next. And what our reporting showed is that just

0:12:57.920 --> 0:13:02.359
<v Speaker 1>didn't not happen here. You know that they existential crisis

0:13:02.600 --> 0:13:05.440
<v Speaker 1>happened without Wall Street seeing it coming. And that's what

0:13:05.440 --> 0:13:10.480
<v Speaker 1>our stories about. So, Joel, what do you make of this?

0:13:10.640 --> 0:13:13.199
<v Speaker 1>You have you know, both as the editor of Business

0:13:13.240 --> 0:13:15.559
<v Speaker 1>Week and formally the editor of Boomberg Markets, you have

0:13:15.600 --> 0:13:20.320
<v Speaker 1>a keen understanding of this type of person and and

0:13:20.400 --> 0:13:24.240
<v Speaker 1>sort of the the behemoth that is Wall Street in

0:13:24.320 --> 0:13:27.000
<v Speaker 1>many ways. Did this surprise you? What? What did you

0:13:27.040 --> 0:13:29.640
<v Speaker 1>see in this story? Well, I think the thing that

0:13:29.720 --> 0:13:32.440
<v Speaker 1>we kind of hit on with Max and Um we

0:13:32.480 --> 0:13:34.160
<v Speaker 1>reached out to the sort of the middle of last

0:13:34.160 --> 0:13:37.400
<v Speaker 1>week and said, hey, this thing's happening, and you know,

0:13:37.440 --> 0:13:40.160
<v Speaker 1>it's starting to turn into a blood bath and everything's

0:13:40.160 --> 0:13:43.240
<v Speaker 1>turning red, like what is the mood right now? And

0:13:43.360 --> 0:13:45.120
<v Speaker 1>he just was able to talk to some people who

0:13:45.160 --> 0:13:47.360
<v Speaker 1>we don't normally get to talk to. And what really

0:13:47.360 --> 0:13:50.840
<v Speaker 1>struck us was just literally how blindsided, well the top,

0:13:50.920 --> 0:13:53.040
<v Speaker 1>the top echelons of Wall Street were by this. And

0:13:53.040 --> 0:13:55.640
<v Speaker 1>it's funny. And even since he wrote the story and

0:13:55.679 --> 0:13:58.720
<v Speaker 1>we published it last last Friday, it's been sort of

0:13:58.720 --> 0:14:01.800
<v Speaker 1>interesting because I've been seeing things like um comments that

0:14:01.960 --> 0:14:05.240
<v Speaker 1>Davos pop up, and even then, you know, like the

0:14:05.280 --> 0:14:08.800
<v Speaker 1>coronavirus situation in China was something that was on people's

0:14:08.880 --> 0:14:12.480
<v Speaker 1>radar a little bit, But those comments feel so dated

0:14:12.520 --> 0:14:14.800
<v Speaker 1>when you look back at them already, because I think

0:14:14.840 --> 0:14:19.080
<v Speaker 1>everyone just underestimated, obviously how big of a global phenomenon

0:14:19.160 --> 0:14:21.800
<v Speaker 1>this was going to be. And you know, looking at

0:14:21.920 --> 0:14:24.720
<v Speaker 1>all of those comments and these comments from from the

0:14:24.760 --> 0:14:27.120
<v Speaker 1>highest levels of Wall Street, it just it goes to

0:14:27.160 --> 0:14:29.200
<v Speaker 1>show you here, you know, we had this epic bowl

0:14:29.240 --> 0:14:32.200
<v Speaker 1>market forever and one of the favorite things everybody talked

0:14:32.240 --> 0:14:34.320
<v Speaker 1>about was like, what could bring this thing down? And

0:14:34.400 --> 0:14:36.880
<v Speaker 1>yet the thing that has brought it down, like literally

0:14:36.920 --> 0:14:40.000
<v Speaker 1>wasn't a thing that anybody was pointing to. Well, And

0:14:40.040 --> 0:14:42.360
<v Speaker 1>I think what's fascinating is these are the individuals we

0:14:42.440 --> 0:14:45.240
<v Speaker 1>kind of turned to. Certainly the President did, bringing all

0:14:45.280 --> 0:14:48.120
<v Speaker 1>of the big bank execs to Washington to say, Okay,

0:14:48.120 --> 0:14:50.760
<v Speaker 1>where are we? What's going on? Is this a financial crisis?

0:14:51.240 --> 0:14:53.040
<v Speaker 1>And you know, these are the folks that we often

0:14:53.080 --> 0:14:55.600
<v Speaker 1>look to to say, Okay, how bad is it? Where

0:14:55.600 --> 0:14:58.000
<v Speaker 1>are we? And the folks we look to that hopefully

0:14:58.040 --> 0:15:01.400
<v Speaker 1>get an early indication that something's worse than what everybody thinks,

0:15:01.480 --> 0:15:03.120
<v Speaker 1>And you know, Max, it's not what we got. These

0:15:03.120 --> 0:15:07.840
<v Speaker 1>guys were as equally surprised. I that is a great observation,

0:15:07.840 --> 0:15:10.280
<v Speaker 1>and I think maybe the difference might be is that

0:15:10.400 --> 0:15:14.120
<v Speaker 1>this is not a financial phenomenon that then in effected

0:15:14.200 --> 0:15:17.800
<v Speaker 1>the real world, which we we um old enough to

0:15:18.280 --> 0:15:23.360
<v Speaker 1>remember the two thousand financial crisis, when financial mechanisms UM

0:15:23.600 --> 0:15:25.520
<v Speaker 1>ended up nearly taking down the rest of the world

0:15:25.600 --> 0:15:29.160
<v Speaker 1>with it. In this case, it's it's a public health

0:15:29.200 --> 0:15:32.400
<v Speaker 1>crisis then infected the markets, and I think that that

0:15:32.520 --> 0:15:38.040
<v Speaker 1>might be what's confusing and upsetting and frustrating to financiers.

0:15:38.040 --> 0:15:39.600
<v Speaker 1>And then, of course, I mean it's worth is pointing

0:15:39.600 --> 0:15:42.280
<v Speaker 1>out that while Wallstreet didn't see this coming, but it's

0:15:42.320 --> 0:15:47.360
<v Speaker 1>also a real life calamity impacting millions, if not billions

0:15:47.360 --> 0:15:50.840
<v Speaker 1>of people around the world. So it's why I think

0:15:50.880 --> 0:15:53.720
<v Speaker 1>even even the Wall Street billionaires we talked to had

0:15:53.720 --> 0:15:56.960
<v Speaker 1>a sense of this is this is UM hurting a

0:15:56.960 --> 0:15:59.920
<v Speaker 1>lot of people all around the world. Max. What was

0:16:00.040 --> 0:16:01.760
<v Speaker 1>the thing that struck you the most? What was the

0:16:01.800 --> 0:16:04.680
<v Speaker 1>anecdote that really jumped out at you? You have a

0:16:04.760 --> 0:16:08.240
<v Speaker 1>keen nose for these Okay, well, I wish I could

0:16:08.720 --> 0:16:10.640
<v Speaker 1>brag him on my own nose. But in this case,

0:16:10.800 --> 0:16:14.240
<v Speaker 1>Tree starring Kathy Um is the recording that gave us

0:16:14.280 --> 0:16:17.240
<v Speaker 1>this just gorgeous opening scene where you know you have

0:16:17.800 --> 0:16:21.280
<v Speaker 1>truly the masters of the universe that that we care

0:16:21.320 --> 0:16:23.920
<v Speaker 1>about here at Bloomberg News. You've got John Paulsen, You've

0:16:23.920 --> 0:16:27.000
<v Speaker 1>got David Einholnd, You've got Dan Lope, You've got Golden Sacks.

0:16:27.320 --> 0:16:31.080
<v Speaker 1>Goldman gathers those three hedge fund magnates together with others

0:16:31.200 --> 0:16:34.120
<v Speaker 1>in a in a literal like Midtown Manhattan steakhouse the

0:16:34.160 --> 0:16:37.920
<v Speaker 1>Sunday before Last. And the scene we have isn't you know,

0:16:38.000 --> 0:16:40.880
<v Speaker 1>a scene of swagger or a scene of understanding the world.

0:16:41.200 --> 0:16:44.840
<v Speaker 1>We have a scene of people trying to figure out

0:16:44.840 --> 0:16:48.160
<v Speaker 1>what's going on. And of course that is when the

0:16:48.280 --> 0:16:51.320
<v Speaker 1>fight between the Russians and the Saudis break out. The

0:16:51.360 --> 0:16:53.440
<v Speaker 1>oil market balls into chaos. You know, we have the

0:16:53.560 --> 0:16:55.640
<v Speaker 1>we have a scene of these these men all on

0:16:55.720 --> 0:16:58.640
<v Speaker 1>their phones, you know, scaring into their phones as um,

0:16:58.680 --> 0:17:01.360
<v Speaker 1>I think it's a stock future is that halted? And

0:17:01.400 --> 0:17:04.280
<v Speaker 1>then and then a few you know, not long after that,

0:17:04.320 --> 0:17:07.320
<v Speaker 1>we have Mark Lasar, the billionaire, the founder of Avenue,

0:17:07.320 --> 0:17:11.080
<v Speaker 1>who also co owns Milwaukee Bucksky his credit. He said

0:17:11.119 --> 0:17:14.240
<v Speaker 1>on the records to me, I remember telling Joel about it.

0:17:14.280 --> 0:17:17.080
<v Speaker 1>He was basically like, look, I didn't think this was

0:17:17.080 --> 0:17:19.159
<v Speaker 1>going to happen, you know, I thought everyone was going

0:17:19.200 --> 0:17:23.960
<v Speaker 1>to calm down and until recently. I just totally misunderstood

0:17:24.000 --> 0:17:26.840
<v Speaker 1>this thing. And it's always kind of nice to hear

0:17:26.960 --> 0:17:29.439
<v Speaker 1>people whoever they are, are just kind of like be

0:17:29.560 --> 0:17:31.800
<v Speaker 1>honest about it. You know, it's in in a weird way.

0:17:31.840 --> 0:17:34.240
<v Speaker 1>It's kind of rare, but I hope it's It's what

0:17:34.359 --> 0:17:36.680
<v Speaker 1>makes this the Business Weeks fun. I have to say

0:17:36.720 --> 0:17:39.639
<v Speaker 1>the Columbia University professor quote that you have in this story.

0:17:39.680 --> 0:17:41.399
<v Speaker 1>That are the three of you have in this story? Um,

0:17:41.440 --> 0:17:43.560
<v Speaker 1>I guess runs a program and financial engineering said Wall

0:17:43.560 --> 0:17:45.679
<v Speaker 1>Street executives may not have seen this coming because they

0:17:45.680 --> 0:17:48.639
<v Speaker 1>don't understand the pressures on regular people. And even a

0:17:48.720 --> 0:17:51.840
<v Speaker 1>Goldman Sachs former managing director, you guys quote, I do

0:17:51.880 --> 0:17:53.760
<v Speaker 1>think financial people live in a different world, So you

0:17:53.800 --> 0:17:56.800
<v Speaker 1>do wonder about what they miss because they're just it's

0:17:56.800 --> 0:17:59.120
<v Speaker 1>just not what they see on a normal basis. It's

0:17:59.119 --> 0:18:02.320
<v Speaker 1>a must read. Really appreciate it. Max Abelson, Finance reporter

0:18:02.359 --> 0:18:04.960
<v Speaker 1>Bloomberg News on the phone from New York City, stays

0:18:05.000 --> 0:18:08.200
<v Speaker 1>safe along with Joe Weber as well, editor of Bloomberg

0:18:08.200 --> 0:18:10.600
<v Speaker 1>Business Week, joining us on the phone in New York

0:18:10.720 --> 0:18:13.600
<v Speaker 1>as well. Thanks for listening to Bloomberg Business Week. You

0:18:13.640 --> 0:18:16.800
<v Speaker 1>can subscribe to the podcast on iTunes, SoundCloud, or Bloomberg

0:18:16.800 --> 0:18:19.000
<v Speaker 1>dot com. You can also listen to our radio show

0:18:19.119 --> 0:18:22.200
<v Speaker 1>every weekday at two pm Eastern, only on Bloomberg Radio