WEBVTT - Different States, Different Pandemic Responses 0:00:00.720 --> 0:00:03.720 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.800 --> 0:00:06.320 Jason Kelley. We're right here every day bringing you the 0:00:06.400 --> 0:00:11.160 latest news from the world's of business and finance, plus technology, politics, economics, 0:00:11.240 --> 0:00:14.280 all harnessing the power of Business Week reporters and editors, 0:00:14.440 --> 0:00:16.439 and of course Carol that's part of a team of 0:00:16.520 --> 0:00:20.439 twenty seven hundred journalists and analysts more than a hundred 0:00:20.480 --> 0:00:23.280 and twenty countries and Jason. You can download Bloomberg Business 0:00:23.280 --> 0:00:26.239 Week on iTunes, SoundCloud, bl Bloomberg dot com. You can 0:00:26.280 --> 0:00:28.640 also listen to our radio show at two pm Eastern 0:00:28.680 --> 0:00:31.560 on Bloomberg Radio every weekday, or watch us on YouTube 0:00:31.600 --> 0:00:36.680 by searching Bloomberg Global News. Yep, lemon, it's Monday. Oh 0:00:36.760 --> 0:00:39.479 my god, I feel it. It feels it. Um, you 0:00:39.479 --> 0:00:41.800 know interesting we I kind of had to go out 0:00:41.840 --> 0:00:44.839 and about for a medical thing and or dental thing. 0:00:45.400 --> 0:00:48.120 Um that experience was good. I did. I went to 0:00:48.159 --> 0:00:51.480 a show, I went to a store, so and um, 0:00:51.520 --> 0:00:53.680 you know, they're being very very careful, but I can 0:00:53.720 --> 0:00:56.680 see how you can quickly tip into like, oh my god, 0:00:56.680 --> 0:01:01.560 I'm out. Yeah, totally well and reopening. That is the 0:01:01.600 --> 0:01:03.880 word of the day for sure. And how it's going 0:01:03.920 --> 0:01:06.520 in the effect on the virus is important. Joe No 0:01:06.840 --> 0:01:10.000 Sarah is with us. I am very lucky because it's 0:01:10.040 --> 0:01:11.680 the second time today I've gotten to talk to him. 0:01:11.760 --> 0:01:14.840 How lucky am I? Uh? He joins his on the 0:01:14.840 --> 0:01:18.160 phone from Florida. Mr no Sarah, you are seeing this 0:01:18.280 --> 0:01:21.080 up close and personal in terms of one state's reaction, 0:01:21.280 --> 0:01:23.760 and as you often are, you've got a little bit 0:01:23.760 --> 0:01:27.520 of a different take. What are you seeing? Well? Here 0:01:27.560 --> 0:01:30.039 in booka a time, Let's face it, it's filled with 0:01:30.080 --> 0:01:34.640 New Yorkers. Um, everybody's wearing a mask. I said Sonoma yesterday, 0:01:34.920 --> 0:01:37.959 and I asked somebody what would happen if some torsions 0:01:38.000 --> 0:01:40.039 came in without a mask? And they told me that 0:01:40.120 --> 0:01:42.600 awkward had told him that they need to ask that 0:01:42.680 --> 0:01:45.240 person to leave and that they would try and help 0:01:45.319 --> 0:01:49.920 them from behind a closed door. So, uh, it's not 0:01:50.080 --> 0:01:53.560 like the people that I see, many of whom are elderly. 0:01:53.560 --> 0:01:56.480 By the way, this is Florida, South Florida, are all 0:01:56.480 --> 0:01:59.320 wearing masks. They're all doing the working thing. But there's 0:01:59.360 --> 0:02:03.480 no question is a huge spike in Florida. Um. And 0:02:04.160 --> 0:02:09.000 I think the governant is correct and ascribing a fair 0:02:09.000 --> 0:02:12.160 amount of that to young people who are you know, 0:02:12.440 --> 0:02:16.480 crowding into the bars without without mass, without social distancing, 0:02:16.560 --> 0:02:21.120 and and spreading virus and and the the startling number 0:02:21.280 --> 0:02:24.720 is that the average aide of a person with a 0:02:24.800 --> 0:02:27.959 positive case has dropped from sixty two to thirty four. 0:02:28.840 --> 0:02:30.839 So that pretty much tells you what's going on here. 0:02:30.880 --> 0:02:33.480 And the governor has responded by closing the bars. And 0:02:33.919 --> 0:02:36.600 when he does his daily thing like Cuomo used to do, 0:02:36.800 --> 0:02:40.280 he's always talking about masks and social distancing and washing 0:02:40.280 --> 0:02:42.360 your hands and the importance of all of that. But 0:02:42.400 --> 0:02:45.880 he hasn't mandated mass, which is something that for instance, 0:02:45.919 --> 0:02:49.919 the mayor of Miami has done. And uh, Miami is 0:02:49.919 --> 0:02:53.160 also closed down the beaches for July four, for the 0:02:53.280 --> 0:02:58.080 just the weekend. So um, you know, but you know, 0:02:58.440 --> 0:03:03.480 he's a thing, Jason. Take a look at California. You know, 0:03:03.919 --> 0:03:08.440 California number going out just as fast as Paria numbers are, 0:03:08.680 --> 0:03:11.840 just as fast as Texas numbers are. The virus does 0:03:11.919 --> 0:03:15.960 not care whether you're a progressive governor or a Trump 0:03:16.000 --> 0:03:20.240 loving governor. It really doesn't. And it appears to me 0:03:20.520 --> 0:03:25.080 more and more than just the act of reopening spreads 0:03:25.240 --> 0:03:28.480 virus no matter how much you try to prevent that 0:03:28.600 --> 0:03:31.880 from happening. Um, you know, if we lived in a 0:03:31.960 --> 0:03:34.400 society where a hundred percent of the people wore mass 0:03:34.440 --> 0:03:37.000 and a hundred percent of the people practice social distancing 0:03:37.040 --> 0:03:39.920 all the time, you know, maybe we'd be in better shape. 0:03:40.240 --> 0:03:42.160 But we don't live in that kind of society, and 0:03:42.200 --> 0:03:44.960 so this is kind of the price or pain. Well, 0:03:45.000 --> 0:03:47.080 so you know, Joe, here's the deal. I think so 0:03:47.120 --> 0:03:49.920 many of us are like finger wagging at Florida saying, 0:03:50.000 --> 0:03:52.880 see what you're doing, see what you've created. I mean, 0:03:53.360 --> 0:03:57.440 how should we look at what's happening either in Florida 0:03:57.680 --> 0:03:59.920 or some of the other states where we're seeing number 0:04:00.080 --> 0:04:03.560 just go up. I mean, you know, are they doing 0:04:03.640 --> 0:04:07.520 something wrong or not necessarily because maybe hospitalizations aren't going 0:04:07.560 --> 0:04:10.080 up as much, or you know, and those that are 0:04:10.280 --> 0:04:13.680 more vulnerable are actually quarantining while those that aren't so 0:04:13.760 --> 0:04:15.960 vulnerable are going out and about. And that's a more 0:04:16.000 --> 0:04:18.680 realistic way of kind of getting back to normal and 0:04:18.720 --> 0:04:23.640 reopening our economy. Right. So here's the problem that the 0:04:24.200 --> 0:04:26.320 what the happ to inmiologists say is that you should 0:04:26.320 --> 0:04:29.960 get your R number below one. That means that every 0:04:30.000 --> 0:04:33.960 person who has it gives it to fewer than one person, 0:04:34.320 --> 0:04:39.240 uh statistically, um. But no state is really willing to 0:04:39.320 --> 0:04:41.400 do that, not even New York. New York's at one 0:04:41.440 --> 0:04:43.640 point oh two, which is pretty good as far as 0:04:43.680 --> 0:04:45.600 like at one point five three, Texas is are like 0:04:45.680 --> 0:04:49.120 one point a California's because if they wait that long, 0:04:49.120 --> 0:04:52.960 and they worry about businesses shutting down, about about the 0:04:53.000 --> 0:04:56.479 economy getting worse and worse, So there's an anxiety to 0:04:56.600 --> 0:04:59.920 open up the society as quickly as possible to get 0:05:00.120 --> 0:05:03.680 to get economic activity back up and running. So I 0:05:03.720 --> 0:05:07.480 think you could make a scientific case that every almost 0:05:07.520 --> 0:05:13.080 every state has reopened too early according to the you know, 0:05:13.120 --> 0:05:20.919 the the hard and FASTI epidemiological UM recommendation. UM. But 0:05:20.920 --> 0:05:24.880 but and this is the consequence that we're facing now, 0:05:24.960 --> 0:05:27.640 is that people are giving it to more than one 0:05:27.680 --> 0:05:31.480 person and the numbers aren't going up. The flip side 0:05:31.560 --> 0:05:34.200 is if it truly is all younger people, they will 0:05:34.240 --> 0:05:37.440 be less death and less hospitalizations because younger people are 0:05:37.440 --> 0:05:41.800 more invulnerable to it. Some of them are asymptomatic, and 0:05:42.080 --> 0:05:44.280 you know you can survive in that kind of situation. 0:05:44.680 --> 0:05:47.320 So you know, Florida has actually done a very good 0:05:47.400 --> 0:05:49.920 job of protecting the nursing homes, much better than New York, 0:05:49.960 --> 0:05:54.240 and there's been many, many fewer deaths among the elderly. Uh. 0:05:54.360 --> 0:05:57.480 That's so every state has a kind of a mixed 0:05:57.480 --> 0:06:00.839 bag off. They've done well if as they've done wrong. 0:06:01.480 --> 0:06:03.919 The progressives have to I've had a great deal of 0:06:03.960 --> 0:06:06.760 fun sort of blasting the red state governors and the 0:06:06.800 --> 0:06:09.600 red state governors that a great deal of fun saying, see, 0:06:09.640 --> 0:06:11.640 I numbers are lower than yours, even though you know, 0:06:11.920 --> 0:06:14.800 on and on and on, it's ridiculous. Everybody should be 0:06:15.279 --> 0:06:17.560 trying to figure out the best way to reopen that'll 0:06:17.640 --> 0:06:20.760 kill the fewest numbers of people. Yeah, alright, well, I 0:06:20.880 --> 0:06:23.719 thought provoking as always. Joe No Sarah joining us on 0:06:23.760 --> 0:06:28.120 the phone. Bloomberg opinion columnist, best selling author, host of 0:06:28.160 --> 0:06:31.640 the award winning podcast The Shrink next Door, which has 0:06:31.680 --> 0:06:36.040 a new bonus episode dropping next week, I believe, so 0:06:36.240 --> 0:06:40.160 check that out. It's also gonna be a an Apple 0:06:40.200 --> 0:06:43.360 movie Apple TV movie starring Paul Rutt and Will Ferrell. 0:06:43.400 --> 0:06:45.960 Can't wait for all of that. This is Bloomberg Business 0:06:45.960 --> 0:06:50.000 Week with Carol Masser and Jason Kelly on Bloomberg Radio 0:06:50.320 --> 0:06:52.640 this is one of these like I just rubbing my 0:06:52.720 --> 0:06:56.719 hands so excited to get some time with these guys. 0:06:56.800 --> 0:06:59.800 Josh Green is just one of the guys you want 0:06:59.800 --> 0:07:01.640 to hear or from at a time like this, especially 0:07:01.880 --> 0:07:05.320 as this election really heats up. He's got a great 0:07:05.360 --> 0:07:09.040 story in the magazine in role Swap. Trump runs as 0:07:09.080 --> 0:07:13.240 an outsider, Biden plays incumbent. Josh joins us on the phone, 0:07:13.240 --> 0:07:16.000 as does Joe Webber. He is, of course the editor 0:07:16.080 --> 0:07:19.400 of Bloomberg Business Week. So Joel, I think you feel 0:07:19.440 --> 0:07:21.320 the same way I do. You just want to know 0:07:21.320 --> 0:07:23.000 what Josh Green has to say about all this, right, 0:07:23.760 --> 0:07:25.560 we do. But I also want to just say that, 0:07:25.600 --> 0:07:27.520 you know, we we got this story in and then 0:07:27.520 --> 0:07:30.000 the art department came up with some art that was 0:07:30.040 --> 0:07:32.040 just phenomenal, and we're also like do we need the 0:07:32.040 --> 0:07:34.240 words anymore? So, you know, the greatest Josh is like 0:07:34.280 --> 0:07:37.760 the art department can sometimes be even better. But you know, 0:07:37.800 --> 0:07:40.480 the conceit really started with Josh, which was you know, 0:07:40.560 --> 0:07:44.880 obviously the presidential race being what it is, um and 0:07:44.920 --> 0:07:48.200 the times being what they are, it's almost like the 0:07:48.440 --> 0:07:53.920 president as an incumbent UM and UH and Biden have 0:07:54.000 --> 0:07:58.040 almost switched places, it seems, where Biden is actually running 0:07:58.080 --> 0:08:02.400 like the incumbent might, whereas Trump has maintained this sort 0:08:02.440 --> 0:08:06.760 of outsider persona, almost despite actually being interred of the 0:08:06.800 --> 0:08:09.320 tyeral government. Um So, Josh, as you sort of dug 0:08:09.320 --> 0:08:10.640 into this, one of the things that really stood out 0:08:10.640 --> 0:08:13.800 to me was the number of authoritative people you've talked 0:08:13.800 --> 0:08:17.120 to have advised other presidential campaigns in the past. And 0:08:17.120 --> 0:08:18.960 I'm really curious, you know, what were the things that 0:08:19.000 --> 0:08:22.440 stood out to you as you were reporting this. Well, 0:08:22.480 --> 0:08:25.280 you know, overall, what stood out was just the oddity 0:08:25.320 --> 0:08:28.120 of this race. But the specific thing that seems so 0:08:28.160 --> 0:08:30.440 odd as we talked about, is that the two guys 0:08:30.440 --> 0:08:33.040 have sort of just swapped roles. So in speaking to 0:08:33.400 --> 0:08:39.160 pres past presidential strategist, administration officials, Trump officials, it really 0:08:39.240 --> 0:08:42.120 has to do with the unique nature of these two men. 0:08:42.160 --> 0:08:44.960 I mean, on the one hand, Donald Trump, you know, 0:08:45.160 --> 0:08:48.400 loves being a Kennedy, loves holding stadium rallies and tweeting 0:08:48.440 --> 0:08:51.680 and criticizing people. But he's never really kind of cotton 0:08:51.960 --> 0:08:53.959 to running the government. And when you look at all 0:08:54.040 --> 0:08:56.800 this going wrong in the country, from the spread of 0:08:56.920 --> 0:09:00.240 COVID to the recession and the collapse of stock all 0:09:00.320 --> 0:09:02.719 these other things. It's kind of understandable why he might 0:09:02.720 --> 0:09:04.760 not want to focus on that and run the way 0:09:04.760 --> 0:09:07.920 a traditional president would, which is having lots of rose 0:09:07.960 --> 0:09:11.160 garden ceremonies and reminding people that he's the president and 0:09:11.200 --> 0:09:14.160 he's in charge. On the other hand, you know, we've 0:09:14.160 --> 0:09:17.439 never had a candidate quite like Joe Biden, somebody who's 0:09:17.480 --> 0:09:20.640 been on the national stage for so long and it's 0:09:20.720 --> 0:09:24.679 so familiar that he doesn't really need to introduce himself 0:09:24.720 --> 0:09:27.800 to voters the way that like a new candidate like 0:09:27.840 --> 0:09:30.800 Barack Obama did in two thousand and eight. Biden doesn't 0:09:30.840 --> 0:09:34.719 really have to convince people, hey, you know, I'm qualified 0:09:34.760 --> 0:09:37.080 to be president because he's been vice president for eight years, 0:09:37.120 --> 0:09:39.280 he's been a senator for a hundred and forty years 0:09:39.400 --> 0:09:44.560 or something like that, and so he he has very 0:09:44.600 --> 0:09:47.680 well known name recognition. People have a very clear idea 0:09:47.679 --> 0:09:51.320 of who Joe Biden is, moderate, Uncle Joe whatever, whatever, 0:09:51.600 --> 0:09:53.680 and so he can kind of camp out in his basement, 0:09:53.760 --> 0:09:57.360 and as long as he's leading in the polls by ten, twelve, 0:09:57.559 --> 0:10:01.200 fourteen points, he can essentially run an incumbents campaign and 0:10:01.240 --> 0:10:03.880 just say Hey, vote for me. I'm Joe. Time to 0:10:03.880 --> 0:10:06.920 put me in charge. Well, and a big difference is, 0:10:06.920 --> 0:10:10.719 as you write in your story, is about you know, incumbents, 0:10:10.760 --> 0:10:15.160 you know, going after um, undecided voters in the middle right, 0:10:15.200 --> 0:10:19.320 and that's what's missing from Trump. Yeah, it really is. 0:10:19.320 --> 0:10:22.160 I mean, look, there's a reason that incumbent presidents of 0:10:22.280 --> 0:10:25.320 both parties going back a hundred years tend to do 0:10:25.360 --> 0:10:28.600 the same thing. You roll out a big second term agenda, 0:10:28.679 --> 0:10:33.040 You bring in government business big wigs into the oval office. 0:10:33.120 --> 0:10:35.680 You kind of flaunt the power that you have in 0:10:35.720 --> 0:10:41.000 the bully pulpit and sort of established the conditions by 0:10:41.000 --> 0:10:43.760 which voters think, you know, that guy looks like he's 0:10:43.800 --> 0:10:45.800 in charge of thinks, let's give him four more years. 0:10:45.840 --> 0:10:49.920 That's worked for every president, you know, except for UM, 0:10:49.960 --> 0:10:53.360 George H. W. Bush and Jimmy Carter and my in 0:10:53.440 --> 0:10:56.440 my lifetime. And because the incumbents, he has a real 0:10:56.559 --> 0:11:00.480 measurable advantage. So it's sort of interesting that hump has 0:11:00.600 --> 0:11:04.840 chosen to forego those potential advantages. I mean, he can, 0:11:05.200 --> 0:11:08.520 you know, call a nationally televised address, you know, he 0:11:08.520 --> 0:11:10.360 can reach out, you know, he can you can start 0:11:10.480 --> 0:11:12.960 jobs program. There are things that you do in a 0:11:12.960 --> 0:11:16.120 big recession that Trump is just not doing. And by 0:11:16.200 --> 0:11:19.120 failing to do those, I think that helps explain why 0:11:19.160 --> 0:11:22.560 it is that swing voters, voters in the middle at 0:11:22.640 --> 0:11:25.760 least right now, according to the polls we have, are 0:11:25.840 --> 0:11:31.199 primarily signing with Joe Biden. So, Josh, I mentioned the 0:11:31.200 --> 0:11:33.600 the artwork and for those who haven't seen it, and 0:11:33.640 --> 0:11:38.000 because this is obviously a radio program, uh, the art 0:11:38.000 --> 0:11:42.160 department superimposed a Biden face on Trump and a Trump 0:11:42.160 --> 0:11:45.120 face on Biden to get this point across UM. And 0:11:45.160 --> 0:11:48.840 I'm wondering if that's still haunting you, Josh. It is 0:11:48.880 --> 0:11:54.440 haunting my dreams and my nightmareage. I tweeted. I treated 0:11:54.480 --> 0:11:56.360 out the image on my Twitter feed a little a 0:11:56.360 --> 0:11:58.240 little while ago if anybody wants to check it out, 0:11:58.240 --> 0:12:01.239 and I'm pretty sure it's a business week UM online 0:12:01.240 --> 0:12:04.120 and the print, but yeah, it's it is weird. The 0:12:04.160 --> 0:12:08.760 face the face swapping is a very vivid visual representation 0:12:08.840 --> 0:12:10.560 of the broader idea I was trying to get out 0:12:10.600 --> 0:12:12.000 here and one that you will not be able to 0:12:12.000 --> 0:12:16.400 shake from your mind for better or force. And so, Josh, 0:12:16.640 --> 0:12:19.840 the unusual nature of this campaign, we got to talk 0:12:19.840 --> 0:12:22.080 about that as well. That's sort of Biden in the 0:12:22.120 --> 0:12:26.400 basement in many ways, and Trump not being able to 0:12:26.400 --> 0:12:30.480 to do these rallies. How much of that atmosphere or 0:12:30.559 --> 0:12:33.400 lack of atmosphere is contributing to sort of the topsy 0:12:33.400 --> 0:12:38.360 turvy nature of this. I think it's contributing a huge amount, because, um, 0:12:38.400 --> 0:12:40.880 you know, the problem for Trump is that right now 0:12:41.160 --> 0:12:44.400 the election is a referendum on Donald Trump, and things 0:12:44.400 --> 0:12:46.679 aren't going real well, not in the public health sense, 0:12:47.040 --> 0:12:49.960 not in an economic sense, and so he needs to 0:12:50.000 --> 0:12:52.640 sort of switch tech and make this a choice election 0:12:52.720 --> 0:12:55.400 between Trump and Biden. Which one do you like, which 0:12:55.400 --> 0:12:57.439 one you trust, which one is better suited to run 0:12:57.480 --> 0:13:00.080 the economy. That's what Trump's campaign is trying to do. 0:13:00.200 --> 0:13:03.680 But but it's difficult, as you said, because Trump held 0:13:03.760 --> 0:13:07.880 one sort of aborted fit full stadium rally, doesn't look 0:13:07.880 --> 0:13:10.040 like it's gonna be any more an anytime soon. He 0:13:10.160 --> 0:13:15.319 can't use the traditional methods that he did in twenty six. Uh. 0:13:15.440 --> 0:13:17.320 He just doesn't seem inclined, as I point out in 0:13:17.320 --> 0:13:19.680 this piece, to behave in the way a normal president 0:13:19.720 --> 0:13:23.360 would and use the Oval Office, use the White House 0:13:23.360 --> 0:13:25.960 bully pulp, but use the rose Garden to try and 0:13:26.000 --> 0:13:29.640 make those distinctions. And because Biden is so far ahead 0:13:29.679 --> 0:13:32.240 in the polls, he doesn't really have any pressure on 0:13:32.320 --> 0:13:34.679 him to get out there and get in front of 0:13:34.760 --> 0:13:38.160 voters and risk making a gas, making mistakes, saying something 0:13:38.160 --> 0:13:40.960 offensive that could weaken as support. And so here we 0:13:41.000 --> 0:13:45.920 are on what feels like a glide path toward a 0:13:45.960 --> 0:13:49.319 Biden victory at least barring change. But of course, as 0:13:49.360 --> 0:13:53.240 we know, everything changes every three weeks exactly. And I 0:13:53.240 --> 0:13:55.800 would never you know, this is a president who and 0:13:55.880 --> 0:13:58.600 a candidate formally who did things his own way and 0:13:58.800 --> 0:14:00.640 full all you know, kind of old all of us 0:14:00.679 --> 0:14:02.720 in terms of finding his way to the White House. 0:14:02.760 --> 0:14:05.560 So time will tell whether or not this will ultimately 0:14:05.640 --> 0:14:08.600 hurt him. Uh. In the meantime, it's an incredible read, 0:14:08.880 --> 0:14:12.040 great reporting, Josh as always, and I gottas the picture 0:14:12.600 --> 0:14:15.720 connected with the story that's in the magazine, it's online. Yeah, 0:14:15.720 --> 0:14:17.800 it's a little jar, it's a little makes me a 0:14:17.800 --> 0:14:23.880 little look at me go, Please stop, please stop, um, 0:14:23.920 --> 0:14:26.760 of course. Josh Greeny, National correspondent, Bloomberg Business Week on 0:14:26.800 --> 0:14:29.200 the phone from Washington, and our thanks to Joel Weber, 0:14:29.360 --> 0:14:32.520 Bloomberg Business Week, editor on the phone in Massachusetts. This 0:14:32.880 --> 0:14:36.400 is Bloomberg Business Week with Carol Masser and Jason Kelly 0:14:36.760 --> 0:14:40.200 on Bloomberg Radio. We love talking to Andy Brown. He 0:14:40.320 --> 0:14:45.280 is the editorial director of Bloomberg New Economy, always looking 0:14:45.440 --> 0:14:48.000 at the whole world. Are expert on China, he joins 0:14:48.080 --> 0:14:50.440 us on the phone from New Hampshire. I do want 0:14:50.480 --> 0:14:53.160 to start, maybe in an unconventional way, though, Andy, if 0:14:53.200 --> 0:14:55.280 I may. I know you've been in New Hampshire now 0:14:55.320 --> 0:14:57.480 for a number of months. What does this all look 0:14:57.560 --> 0:15:01.640 like from there? What does you mean? What does the 0:15:01.680 --> 0:15:05.120 trade war? And what does what does this crisis look like? 0:15:05.200 --> 0:15:08.680 The shutdown everything? Because I realized that we haven't really 0:15:08.720 --> 0:15:11.440 talked to you about that element, sort of from a 0:15:11.520 --> 0:15:14.960 personal and professional perspective, because you know, we hear from 0:15:15.160 --> 0:15:18.360 all these folks across the country, and um, I wonder 0:15:18.400 --> 0:15:20.720 what it looks like from your perspective, especially given how 0:15:20.760 --> 0:15:24.760 in touch you are with the rest of the world. Yeah, so, um, 0:15:25.040 --> 0:15:28.960 I don't know from my from my vantage point here 0:15:29.040 --> 0:15:33.080 in Sunnopy, New Hampshire, it seems that the United States 0:15:33.080 --> 0:15:37.360 has forgotten about the pandemic. Everybody's coming here on holiday. Uh, 0:15:37.480 --> 0:15:40.480 nobody is wearing a face mask. Nobody seems to be 0:15:40.560 --> 0:15:44.560 thinking about social distancing. Um. The good news, I guess, 0:15:44.800 --> 0:15:47.680 is that Americans are traveling again. And we were just 0:15:47.720 --> 0:15:51.360 talking actually the New New Economy Forum with the the 0:15:50.640 --> 0:15:54.080 h air BnB CEO just a couple of days ago, 0:15:54.320 --> 0:15:59.200 thinking us the business for airbnb, um is roaring back. Um. 0:15:59.320 --> 0:16:02.120 I gotta say though, I mean, overall, the rest of 0:16:02.160 --> 0:16:04.520 the world is looking at the United States, the lack 0:16:04.560 --> 0:16:07.480 of face must, the lack of social distancing, the lack 0:16:07.520 --> 0:16:10.800 of a coordinated government response to this, and shaking its 0:16:10.800 --> 0:16:14.160 head and saying, you know, how, how how is this? 0:16:14.200 --> 0:16:17.360 How is this possible? Particularly in Asia where this is 0:16:17.440 --> 0:16:20.120 just sort of it's a reflex. Now it's a social reflex. 0:16:20.160 --> 0:16:22.240 People don't need to be told. And of course we're 0:16:22.240 --> 0:16:24.480 seeing this now in Europe, which is about to take 0:16:24.520 --> 0:16:27.040 a decision on on on on reopening and who's going 0:16:27.080 --> 0:16:29.440 to come in And I'm afraid it looks like the 0:16:29.520 --> 0:16:31.200 United States is not going to be on that list, 0:16:31.240 --> 0:16:33.360 but China will be. And that's going to be a 0:16:33.440 --> 0:16:37.360 huge deal if if Europe closes its stores to American 0:16:37.400 --> 0:16:41.800 travelers but opens them to the Chinese. God like, you 0:16:41.800 --> 0:16:44.160 can't even get your head around something like that. You know, 0:16:45.160 --> 0:16:47.240 I love your column, and I'm going to just you know, 0:16:47.280 --> 0:16:49.600 kind of switch gears a little bit, because, you know, 0:16:49.960 --> 0:16:54.520 we all tweeted out the pictures of the impact that 0:16:54.640 --> 0:16:57.840 the global pandemic had on our environment. Right, we had 0:16:57.880 --> 0:17:01.280 a respite, We had clearer and bluers guys around the world. 0:17:01.440 --> 0:17:04.440 We were seeing, you know, mountains that we hadn't seen 0:17:04.520 --> 0:17:07.119 for a while. We talked about the skies in China 0:17:07.280 --> 0:17:10.840 that are certainly known, you know for being um, very 0:17:10.960 --> 0:17:15.080 very polluted, and we've got to break but that's changed again. 0:17:15.119 --> 0:17:18.120 And you write about this Andy in your column, Um, 0:17:18.240 --> 0:17:21.080 how China is once again kind of retreating on climate 0:17:21.160 --> 0:17:23.760 change and what the impact of that will be, not 0:17:23.840 --> 0:17:28.119 just on our environment, but on its relationship again with 0:17:28.200 --> 0:17:31.080 the West, already a troubled relationship with the West. Talked 0:17:31.080 --> 0:17:32.800 to us a little bit about that. Yeah, so so, 0:17:32.920 --> 0:17:35.719 having lived in China for for for decades, I've kind 0:17:35.720 --> 0:17:39.160 of seen previous episodes of this. And you know where 0:17:39.240 --> 0:17:43.320 where suddenly Beijing soot filled skies turned blue. And when 0:17:43.400 --> 0:17:45.400 they turned blue, Beijing is one of the most beautiful 0:17:45.440 --> 0:17:47.800 cities in the world. Um, you know, the first time, 0:17:49.280 --> 0:17:53.800 China was hoping to host the Olympic Games, and an 0:17:53.800 --> 0:17:56.639 inspection committee from the Olympics came in and the government 0:17:56.760 --> 0:18:00.040 ordered all the coal boil at COALFI had boilers to 0:18:00.160 --> 0:18:02.360 turn off, and the city shivered for a couple of days, 0:18:02.359 --> 0:18:05.000 but the sky's turned blue. And then something similar happened 0:18:05.040 --> 0:18:07.960 during the Olympics in two thousand and eight. And we've seen, 0:18:08.000 --> 0:18:10.640 as you say, something quite similar just a few months 0:18:10.640 --> 0:18:13.640 ago where the Chinese economy went into lockdown and all 0:18:13.720 --> 0:18:17.520 of those coal fired power stations all around Beijing that 0:18:17.760 --> 0:18:21.560 belt smoke into the Chinese capitol um you know, shut 0:18:21.640 --> 0:18:24.880 off and suddenly, you know, you had this what now 0:18:24.920 --> 0:18:29.640 people now call Olympic Blue. Unfortunately, every one of these 0:18:29.680 --> 0:18:33.199 episodes has been fleeting uh and it's proved to be 0:18:33.280 --> 0:18:36.680 the case in the latest episode, where you know, the 0:18:36.920 --> 0:18:39.960 Chinese economy is now is now roaring back to life. 0:18:40.320 --> 0:18:45.000 Carbon emissions are where they were before the lockdown, and 0:18:45.040 --> 0:18:48.400 the worst of it is that things that covered emissions 0:18:48.960 --> 0:18:52.040 are about to spike even higher. And this is because 0:18:52.880 --> 0:18:55.399 China is going back. Local governments are going back to 0:18:55.480 --> 0:18:58.680 the tried and tested way of of of kicking off 0:18:59.000 --> 0:19:03.320 GDP growth build coal fire power stations, and and the 0:19:03.960 --> 0:19:06.840 tension here, I think this is rarely going to set 0:19:06.960 --> 0:19:11.520 up a whole new area of tension with the West 0:19:11.840 --> 0:19:14.399 because because most of the West or much of the 0:19:14.400 --> 0:19:17.800 West is heading in exactly the opposite direction. You know, 0:19:17.920 --> 0:19:21.000 Britain hasn't burned a lump of coal in weeks and weeks. 0:19:21.080 --> 0:19:24.879 It's the longest period without coal since the Industrial Revolution, 0:19:25.000 --> 0:19:28.000 you know, in in the eighteen in the eighteen eighties. Um, 0:19:28.119 --> 0:19:31.000 the United States this year is going to be is 0:19:31.040 --> 0:19:34.560 going to be producing more power from renewables than coal 0:19:34.720 --> 0:19:37.120 for the first time ever, you know, the first first 0:19:37.440 --> 0:19:39.800 time in in in in in years and years. And 0:19:40.240 --> 0:19:44.640 you know it's Sweden, Austria. They're going to close down 0:19:44.680 --> 0:19:48.720 their last coal power you know stations. It doesn't really 0:19:48.760 --> 0:19:52.280 matter because China burns half the world's coal, and so 0:19:52.480 --> 0:19:55.760 you know, uh, it's neither here nor there. What happens 0:19:55.800 --> 0:19:59.480 of course in Sweden, in Austria, China burning more coal 0:19:59.600 --> 0:20:02.600 is going to swamp all of those games. Hey, and 0:20:02.680 --> 0:20:05.640 it just got like seconds here, so just quickly, I mean, 0:20:05.880 --> 0:20:09.040 wouldn't these tensions have happened anyway just because the West 0:20:09.280 --> 0:20:12.439 is and has been for a while getting off of coal, 0:20:12.600 --> 0:20:15.280 and China has not really showed any signs of slowing 0:20:15.320 --> 0:20:18.880 just quickly. You're you're, you're right. But I think it's 0:20:18.960 --> 0:20:23.920 just the stock divergence now where you know, coal is 0:20:23.400 --> 0:20:28.679 is really disappearing from the grids in western countries and 0:20:28.720 --> 0:20:31.800 in China it's making comma and will be exported through 0:20:31.840 --> 0:20:33.880 the Belt and Road initiatives. So you're going to get 0:20:33.960 --> 0:20:38.040 coal fired power stations, fleets of these all over pristine 0:20:37.560 --> 0:20:41.800 sections of Central Asia other parts of the developing world. 0:20:41.880 --> 0:20:46.240 China is the largest financier of minds and power stations 0:20:46.280 --> 0:20:48.879 in the developing world. It's just a reminder why we 0:20:48.960 --> 0:20:52.000 do need everybody on the global stage to be talking 0:20:52.040 --> 0:20:56.000 with one another, especially the big powers, whether it's China, 0:20:56.040 --> 0:20:58.600 whether it's the United States or guess what's not happening 0:20:59.000 --> 0:21:02.560 that at that talking is not happening right now? All right, 0:21:02.600 --> 0:21:04.800 Andy Brown, thank you so much keeping us honest on 0:21:04.960 --> 0:21:08.159 all things with the Bloomberg New economy. Journing us on 0:21:08.200 --> 0:21:16.080 the phone from New Hampshire, brother Journal. But you let 0:21:16.119 --> 0:21:20.960 me drive. Oh no, no, no no, no, honey, please, I'll 0:21:21.000 --> 0:21:32.359 do the riding velvet me. I want to drive, Just drive, baby, questions, trying. 0:21:38.840 --> 0:21:42.280 This is the drive to the globe community. Thanks, we'll 0:21:42.400 --> 0:21:46.800 drying us on Bloomberg Radio, and it is time for 0:21:47.080 --> 0:21:49.200 the drive to the clothes back with us. Ryan Dietrich, 0:21:49.280 --> 0:21:52.960 senior market strategist at LPL Financial, looking after about six 0:21:53.080 --> 0:21:55.679 hundred seventy billion dollars that firm is, He joins us 0:21:55.680 --> 0:21:58.720 on the phone from Charlotte, North Carolina. Ryan, always good 0:21:58.720 --> 0:22:02.320 to have you back with Carol and myself. And I'm 0:22:02.320 --> 0:22:04.600 gonna start where I always start with you, which is 0:22:05.160 --> 0:22:07.760 what's going on down in Charlotte. How is this all 0:22:07.760 --> 0:22:11.040 looking from your perspective? Personally? I feel like the last 0:22:11.040 --> 0:22:14.480 time we talked, keep me honest here you were talking about, 0:22:14.520 --> 0:22:18.040 you know, maybe some youth sports starting up again, and 0:22:18.080 --> 0:22:20.960 you're sort of getting back a little bit. I wonder 0:22:21.400 --> 0:22:25.000 what's happened in the in the meantime, Hey, Jason A, Carol, 0:22:25.040 --> 0:22:28.119