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Speaker 1: Welcome to the Bloomberg Penl Podcast. I'm Paul swing you

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Speaker 1: along with my co host Lisa Brahma Wicks. Each day

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Speaker 1: we bring you the most noteworthy and useful interviews for

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Speaker 1: you and your money. Whether at the grocery store or

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Speaker 1: the trading floor. Find a Bloomberg Penl podcast on Apple

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Speaker 1: podcast or wherever you listen to podcasts, as well as

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Speaker 1: at Bloomberg dot com. I want to go back to

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Speaker 1: a statistic that really stood out to me, and it

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Speaker 1: was a little bit alarming, and it has gotten about

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Speaker 1: a bunch of pushback given the lack of testing. Andrew Cuomo,

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Speaker 1: governor of New York State, saying the hospitalization rate for

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Speaker 1: the coronavirus in New York State is fifteen to nineteen percent.

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Speaker 1: He was arguing for more capacity for hospital beds for ventilators,

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Speaker 1: and he was talking about the incredible strain it's going

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Speaker 1: to put on the healthcare ses. To me, the United

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Speaker 1: States joining US now is Andy Slavitt, former Acting Administrator

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Speaker 1: for Medicare and Medicaid Services. No one better to have

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Speaker 1: a frontline view on exactly how strained this could potentially be. Andy,

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Speaker 1: I want to first get your idea, get your thoughts

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Speaker 1: on that fifteen hospitalization rate. People are pushing back and

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Speaker 1: saying that's sensational considering the fact that so many people

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Speaker 1: haven't been tested. Do you think that it is an

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Speaker 1: accurate reflection of just how dire this virus is when

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Speaker 1: it does affect people and they do develop symptoms. So

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Speaker 1: everybody is going to be hearing all sorts of data,

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Speaker 1: and we should all appreciate the fact that this is

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Speaker 1: a novel virus. It hasn't been with us for that long,

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Speaker 1: and every data is a piece of dated only a

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Speaker 1: data point, and so over time will have I think

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Speaker 1: reliable forms of data. But if you listen to this data,

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Speaker 1: I think we should be closer to UM. I wouldn't

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Speaker 1: say anybody should panic, but we should be closer to

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Speaker 1: panic than we should be to calm. On the scale

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Speaker 1: of one to ten, Uh, we should be at an eight.

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Speaker 1: We shouldn't be. So I tend to say every piece

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Speaker 1: of data that I see, UM, I want to understand

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Speaker 1: it and assume the channel until proven otherwise. Because in

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Speaker 1: this environment where you're where we have no immune system

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Speaker 1: for this virus, where a number of people have underlying

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Speaker 1: medical conditions, where we have a number of seers who

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Speaker 1: did whom this is a lethal condition. Better to be safe.

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Speaker 1: And if we're wrong, and if the turns out to

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Speaker 1: be um, hallelujah, someone can go back and criticize the

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Speaker 1: people who said eighteen percent later. But I certainly, I

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Speaker 1: certainly would rather behave on the much more cautious side.

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Speaker 1: So Andy, just broadly defined, can you give us your

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Speaker 1: sense of kind of how you think our U s

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Speaker 1: healthcare system is prepared for what could be a surge

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Speaker 1: in patients uh, from this virus. So we're not prepared.

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Speaker 1: But but let me put that in context. Um. You

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Speaker 1: know that that expression, um they didn't build the church

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Speaker 1: for for Easter Sunday as one that comes to mind. Um,

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Speaker 1: you know if we built hospitals in New York eight

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Speaker 1: times the size, uh, then we would be um. You know,

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Speaker 1: we know that wouldn't make a lot of sense. But

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Speaker 1: there are places where we should be better prepared, things

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Speaker 1: like surge capacity, the ability to bring hospitals, UM, ships, equipment,

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Speaker 1: UM safety gear. Um. You know we should have been

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Speaker 1: had we should have had much higher stockpiles of that.

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Speaker 1: I will tell you that those recommendations have been strongly

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Speaker 1: made in certain quarters for a long long time, UM,

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Speaker 1: and I think dismissed um candidly by this administration. Although

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Speaker 1: I'm not trying to take a shot at them. I

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Speaker 1: think it's just a fact um uh. But but I

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Speaker 1: will also tell you that even if we had prepared UM,

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Speaker 1: I still believe, even if we were better prepared, the

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Speaker 1: scope of the virus as such that I think we

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Speaker 1: still would have been overwhelmed. So we're going to see

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Speaker 1: a lot of parts of our hospital system understrain, most

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Speaker 1: particularly the people who work in the healthcare system on

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Speaker 1: the front line, who I think are are really going

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Speaker 1: to end up in our real heroes in all of this,

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Speaker 1: because they are going to be operating often without a playbook, UM,

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Speaker 1: seeing a lot of things that is that are contagious,

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Speaker 1: without without the best protective gear at times, because our

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Speaker 1: supplies are running running low, and and they're going to

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Speaker 1: be overwhelmed. And that group of people that I think

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Speaker 1: we really have to demonstrate an immense amount of gratitude

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Speaker 1: for because they're really going to be the ones that

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Speaker 1: are going to have to help us get through this andy.

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Speaker 1: One other thing that Governor Cuomo said was that he

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Speaker 1: expects the virus to peak in New York State in

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Speaker 1: forty five days, which seems like quite a long time

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Speaker 1: from now for it to peak. Can you give us

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Speaker 1: a sense of if that is the case, what the

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Speaker 1: scope of cases could potentially be in whether asking Americans

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Speaker 1: to stay home actually will help alleviate that or at

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Speaker 1: least mitigate that. So it's really interes interesting. Uh. You

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Speaker 1: you all of course have heard all of these expressions

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Speaker 1: flattened the curve, right, all of America is becoming familiar

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Speaker 1: with that expressions. Exactly. It's it's trending, and it's trending.

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Speaker 1: Maybe there should be clothing lines called flattening your curves

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Speaker 1: or something. But oh lord, exactly, we're gonna go all

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Speaker 1: kinds of fun places with this virus. We're going to

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Speaker 1: have to have some humerum in my opinion. But um,

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Speaker 1: the the the truth is the implication of that means

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Speaker 1: we would rather it actually take longer then have it shorter. Uh.

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Speaker 1: And I know that that's a weird thing to get

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Speaker 1: her hands around, because that means that the social disruption,

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Speaker 1: the economic disruption, we'll go on for longer. But if

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Speaker 1: we if we socially isolate um, we will reduce the

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Speaker 1: number of cases to your prior question that the health

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Speaker 1: care system has to handle. But it will also mean

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Speaker 1: that this is going to go on for our longer

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Speaker 1: a longer period of time. Uh and uh and and

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Speaker 1: and we should be okay with that because we will

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Speaker 1: be able to build immunity to the virus eventually, UM

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Speaker 1: have some herd immunity, eventually have some uhum drugs that

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Speaker 1: can combat it. But um it only it will only work.

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Speaker 1: The only way it works is if people socially isolate.

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Speaker 1: And I hate that expression because I don't want people

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Speaker 1: to socially isolate. I want people to physically isolate. But

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Speaker 1: it only works if people hashtag stay home or if

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Speaker 1: you first day the ft home as is I've seen

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Speaker 1: trend to get on Twitter. That's the most important thing

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Speaker 1: people can do right now. Andy, how about the testing.

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Speaker 1: Where are we in terms of getting test kits broadly

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Speaker 1: disseminated across the country so we can really start getting

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Speaker 1: accurate count as to the scope of this. Well, candidly,

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Speaker 1: we're well behind where we should be. UM. You know

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Speaker 1: the we had our first case the day as South

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Speaker 1: Korea and their tests their tests were available ten days

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Speaker 1: prior to that first test. And we are. So we're

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Speaker 1: roughly a month or more behind where we need to be.

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Speaker 1: And now I believe we're doing all of the right

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Speaker 1: things to ramp up production. I think you'll see production

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Speaker 1: double uh and test double across the country this week. Um,

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Speaker 1: And I think that's a good thing. Um, It'll will

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Speaker 1: still be well short if you look at a per

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Speaker 1: capita basis for the rest of the world, will still

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Speaker 1: be in the last place. And then I will say this, Um,

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Speaker 1: we will see I suspect we'll see a bump, but

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Speaker 1: we will our supply chain with things that allow us

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Speaker 1: to do these tests, because it's not just a cute swab.

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Speaker 1: There's a bunch of things you need in the lab,

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Speaker 1: re agents and machines and so forth. Those supplies are

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Speaker 1: in demand across the world and there's only so many

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Speaker 1: of them and they can only be made so fast.

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Speaker 1: So I suspect we will have a surge in tests

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Speaker 1: and that will be a good news. But I think

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Speaker 1: they will then becoming shorts supply again. Andy, just talking

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Speaker 1: about hashtag flatten the curve and hashtags stay. They have

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Speaker 1: home um and all the sort of social media presence

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Speaker 1: you know, there's sort of sort of gallows humor out there,

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Speaker 1: people coming up with innovative ways to pass the time

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Speaker 1: in their homes as they isolate. But there's also talk

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Speaker 1: about arise and anxiety and a and arise and sort

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Speaker 1: of uh, this feeling of fear. And you said, you know,

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Speaker 1: on the scale from panic to panic panic, Well, I mean,

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Speaker 1: how can you can you give people a sense of Well,

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Speaker 1: perhaps if people take it really seriously, it won't have

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Speaker 1: to be the catastrophe that you're saying. Well, look, this

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Speaker 1: will end, this will end, We will get through this

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Speaker 1: the and we will have a period in our lives

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Speaker 1: that will always look back on that will be um,

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Speaker 1: you know, will days, will it be ninety days, will

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Speaker 1: let be underneated? Well, well well we don't know that now,

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Speaker 1: but we'll know that, um, and we will always look back. Uh,

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Speaker 1: so it will, it will be over. We should just

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Speaker 1: be thinking about this is every life lost, just like

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Speaker 1: every life life lost to the flu or a hard condition. Um,

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Speaker 1: we should try to prevent so. UM. That means some sacrifice,

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Speaker 1: That means staying in, That means doing some things differently.

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Speaker 1: That means and I and with that comes from anxiety,

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Speaker 1: financial anxiety, social anxiety. UM, all of those things, and

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Speaker 1: it's it's okay to to feel those things because the

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Speaker 1: future is uncertain while we're in it, right, we will

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Speaker 1: get through this. We're gonna have to leave it there.

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Speaker 1: I could speak with you often and thank you so

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Speaker 1: much for taking the time. Really appreciate it. Andy Slavitt,

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Speaker 1: former Acting Administrator for Medicare and Medicaid Services, talking about

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Speaker 1: the situation facing the healthcare sector. This is bloomberg as

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Speaker 1: we look at the potential for a peak in New

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Speaker 1: York State, one of the most heavily affected regions by

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Speaker 1: coronavirus spread UH in forty five days. That's alw long time.

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Speaker 1: It's a long disruption, disruptive period, and I'm wondering on

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Speaker 1: the market implications. This is the unknown and a lot

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Speaker 1: of people trying to game out when it's time to

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Speaker 1: start getting back in as as people watch. Marcus Whipsaw

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Speaker 1: and Peter Sheer has been watching it and he's been

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Speaker 1: doing an incredible job really monitoring not only the macro

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Speaker 1: but also the micro from Academy Securities ahead of macro strategy. Peter,

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Speaker 1: where are you in terms of the risk off field

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Speaker 1: that we've had in markets? The worst day in the

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Speaker 1: SMP yesterday. Since seven, are we getting close to peak

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Speaker 1: panic here? Yeah? So I like getting risk on Friday

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Speaker 1: ahead of the president. We clearly rallied in the weekends,

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Speaker 1: told off and are lower than that. Now I would

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Speaker 1: be adding a little bit of risk here, but I

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Speaker 1: caution people. I think it's really a bet on DC

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Speaker 1: coming through with a very large stimulus program, probably in

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Speaker 1: the trillion dollar stimulus program, and maybe a side bet

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Speaker 1: that we make progress against the VIRU as fast than

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Speaker 1: people expect. So interesting, Peter, So, I think we had

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Speaker 1: the FED come in in a big way over the weekend.

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Speaker 1: What did you make of that? And you think, Uh,

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Speaker 1: the Fed is doing all that it needs to do

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Speaker 1: here to try to stabilize markets. You know, I think

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Speaker 1: the FED missed getting the commercial paper facility out on Sunday. Um,

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Speaker 1: you know they've announced it today. One of my experiences

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Speaker 1: with the financial crisis was that they offer, not just

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Speaker 1: the FED, but politicians everyone would kind of miss deadlines.

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Speaker 1: They would try and put in a firebreak, and once

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Speaker 1: the fire had gone past that, the break did no good.

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Speaker 1: So I think we have to act more aggressively and

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Speaker 1: be ahead of the things because I think market and

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Speaker 1: economic psychology kicks in and being just a little late

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Speaker 1: sometimes it's almost as bad as doing nothing at all.

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Speaker 1: And just to give you a little bit more detailed,

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Speaker 1: the commercial paper facility is going to be that the

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Speaker 1: Federal Reserve is arranging will be backed by ten billion

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Speaker 1: dollars from the try sury departments. It will be ten

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Speaker 1: billion dollars of credit protection UH for this facility in

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Speaker 1: order to lower the short term costs for companies looking

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Speaker 1: to access the commercial paper market. I'm wondering, Peter. One

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Speaker 1: thing that you've done a really good job of is

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Speaker 1: looking at the technicles underpinning this, and a lot of

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Speaker 1: people are trying to figure out how much we're seeing

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Speaker 1: just mass unwindes of risk are funds of other leverage strategies,

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Speaker 1: hedge funds, you know, is that really what has been

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Speaker 1: driving the activity that we've been seeing. I think it

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Speaker 1: was a big part of last week. Um, you know.

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Speaker 1: I think this risk parity type strategy, which ranges from

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Speaker 1: the more sophisticated like a Bridgewater who uses commodities, stocks

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Speaker 1: and bonds, to less of this data ones where people

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Speaker 1: just own stocks versus bonds, they were getting hit. I

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Speaker 1: think we are either done or very close to the

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Speaker 1: end of that selling pressure coming from those funds, and

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Speaker 1: those are bad because they're kind of like hitting these

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Speaker 1: sell everything button. They get forced to sell stocks, bonds,

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Speaker 1: and commodities, so it feels like when you're in the

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Speaker 1: end of that. The thing I'm watching most closely right

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Speaker 1: now is one to three year corporate bond paper. And

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Speaker 1: you know, I think in golf they say, you know,

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Speaker 1: you drive for show and you put for dough. To me,

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Speaker 1: it's that short end that's really critical because that's what

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Speaker 1: people rely on for financing. That's to me why it

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Speaker 1: was so important that the FED gets this commercial paper

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Speaker 1: facility up and running, that they're getting banks to board

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Speaker 1: at the discount window again to alleviate pressure at that

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Speaker 1: front end, because that's really where you know, it's really

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Speaker 1: exciting to talk about where the long dated bonds are,

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Speaker 1: but problems there are really really scary to me, and

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Speaker 1: I think they can be addressed and they're being addressed. Peter,

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Speaker 1: are you seeing any capitulation in the market right now

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Speaker 1: or is it just too early? You know, we saw

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Speaker 1: some capitulation I think last week, um and it was

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Speaker 1: a bit encouraging again on Friday, where you saw things

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Speaker 1: like the high yield market and leverage loan market not

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Speaker 1: get dragged around quite as badly by the stock market.

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Speaker 1: Right now we're back to everything being hit hard again,

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Speaker 1: everything moving in tandem UM, credit spreads moving much wider

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Speaker 1: as stocks struggle. Having said that, there's a bunch of

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Speaker 1: new issues out today on the investment grade corporate bond market.

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Speaker 1: If those can get placed, I think it's going to

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Speaker 1: show that there is this kind of cash on the sidelines.

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Speaker 1: Everyone's just waiting. But as a whole, you are really

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Speaker 1: making a bet right now that DC is going to

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Speaker 1: get its act together, because I am afraid if DC

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Speaker 1: doesn't get its act together, we have a very different

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Speaker 1: situation that financial crisis, because to me, this is a

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Speaker 1: bottom up problem, and it's going to be small businesses

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Speaker 1: and individuals losing their income because they're doing what they're

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Speaker 1: being told to by the government. And if that's not replaced,

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Speaker 1: I think that trickles up very quickly as people don't

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Speaker 1: make rent payments, don't do this. And you know, we

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Speaker 1: all look at that underemployment rate UM as well as

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Speaker 1: the unemployment rate. I think that underemployment rate could sky

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Speaker 1: rocket to financial crisis levels in a matter of weeks

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Speaker 1: if government doesn't act. Hey, Peter, we really appreciate your thoughts.

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Speaker 1: Peter to your ahead of macro strategies at Academy Securities

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Speaker 1: calling us on the phone giving us his thoughts here Lisa,

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Speaker 1: and thank you. It's really an issue you. I think

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Speaker 1: Peter really makes a good point there right at the end,

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Speaker 1: which is, uh, you know, despite that what we're hearing

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Speaker 1: from Governor Cuomo about what's going on in the Tri

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Speaker 1: State area, really do need potentially, I think to what

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Speaker 1: the markets are telling us is a federal stimulus plan

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Speaker 1: uh to really um, you know, really address some of

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Speaker 1: the economic uh you know, issues that small businesses, medium

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Speaker 1: sized businesses are forcing. I also think it's interesting, he pinpointed,

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Speaker 1: the Exxon and Verizon issuance is coming to the investment

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Speaker 1: grade cripon market. It really it'll be interesting to see

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Speaker 1: how those issuances go, particularly for Exon and given the

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Speaker 1: fact that they were downgraded yesterday and the price of

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Speaker 1: oil is falling off a cliff, so it's an interesting

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Speaker 1: time to refinance. But Verizon also coming to market interesting

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Speaker 1: to see. I mean, there's a lot of cash supposedly

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Speaker 1: waiting to buy this stuff, although we've seen some massive

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Speaker 1: outflows record from here we have, and you know, it's

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Speaker 1: just you know, a lot of stock. What I am

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Speaker 1: amazed at as you look at yesterday's trading, a lot

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Speaker 1: of stock was trading down at those levels. So you know,

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Speaker 1: a lot of activity in the marketplace, a lot of

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Speaker 1: volume in the marketplace. Uh. You wonder if this is

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Speaker 1: kind of setting some type of stabilization, some type of

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Speaker 1: floor we will see going forward. This is Bloomberg. We

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Speaker 1: are talking about China. That's one thing John mentioned that

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Speaker 1: that Blimber Economics just downgraded its expectations for the growth

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Speaker 1: and it's not that surprising giving the given the dismal

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Speaker 1: numbers we got over the weekend out of China, which

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Speaker 1: raises a question about supply chains and just getting the

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Speaker 1: materials that companies in the United States and elsewhere in

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Speaker 1: the world need in order to produce and sell their products.

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Speaker 1: Joining us now, Gorang shows Strey, Managing director Mergers and

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Speaker 1: Acquisitions in Business services focused on logistics and transportation for

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Speaker 1: Lincoln International. Gorong, I'd love to start with just how

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Speaker 1: vast the disruption has been given the shutdowns that we

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Speaker 1: saw in China earlier this year. How disruptive has that

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Speaker 1: been to the supply chain? Sure, and it's certainly had

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Speaker 1: a profound impact on the global supply chain here in

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Speaker 1: particular in the first few months the year, and certainly

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Speaker 1: remains an involving in dynamic situation here. Uh. You know,

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Speaker 1: it really did start over worries about sourcing product from

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Speaker 1: China as they were forced to shut down production, particularly

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Speaker 1: here in the US, as many of our manufacturers have

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Speaker 1: a significant amount of exposure to Chinese productions. Backed percent

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Speaker 1: of the Fortune On companies have Tier one suppliers that

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Speaker 1: are supplying parts directly into the US manufacturing process. And

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Speaker 1: you know, even more worrisome is virtually all of the

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Speaker 1: Fortune one companies are sourcing or have Tier two suppliers,

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Speaker 1: all based in affected areas of China. I think, you know,

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Speaker 1: at least for the first couple of months of the year,

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Speaker 1: most US companies were able to get by here with

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Speaker 1: a lot of the buffer stock that they had pre

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Speaker 1: bought and anticipation of a slowdown that typically occurs with

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Speaker 1: the Chinese New Year. I think what's been a little

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Speaker 1: bit more worrisome is that as China came back from

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Speaker 1: the holidays here, there's been some challenges really over the

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Speaker 1: past few weeks um to really get goods out of

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Speaker 1: the country. So production is starting to slowly restart in

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Speaker 1: the country, but they're having challenges finding truck drivers and

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Speaker 1: getting through a lot of the height and levels of

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Speaker 1: screening that are required to get these products overseas. And

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Speaker 1: certainly it's not just those suppliers and manufacturers that are

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Speaker 1: looking for Finnish goods from from China, but also those

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Speaker 1: that are sourcing components that are required in production. So

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Speaker 1: now worries are over what does future production capacity look

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Speaker 1: like here in the US as well as globally here

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Speaker 1: if you can't get certain critical components that you're sourcing

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Speaker 1: from China. So I think this is really highlighted the

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Speaker 1: fact for many companies that were already re examining their

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Speaker 1: supply chains given the trade wars, do we need to

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Speaker 1: figure out alternate supplies outside of China going to other

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Speaker 1: countries like Vietnam, or in Europe, going more near sourcing

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Speaker 1: to Eastern Europe, or even in the US re re

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Speaker 1: igniting efforts to source products from Mexico. So I think

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Speaker 1: this will only heighten the level of attention that's being

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Speaker 1: put on making sure you have redundancy in the supply

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Speaker 1: chain and moving away from the reliance in China so

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Speaker 1: go wrong. How about here in the U. S. It's

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Speaker 1: very early days of trying of kind of this country

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Speaker 1: of coming to grips with the virus and and shutting

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Speaker 1: down in certain cities. Give us a sense of kind

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Speaker 1: of how the logistics set up here in the US

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Speaker 1: may play out from the I'm thinking the trucking companies, railroads,

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Speaker 1: what's the status there? Sure? Sure? And I think look, fortunately, um,

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Speaker 1: thus far we have been fairly resilient here, and you know,

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Speaker 1: there's been a lot of panic in terms of going

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Speaker 1: out there and stocking up UH inventories that you know,

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Speaker 1: in terms of household goods. But um, I think the

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Speaker 1: longer term where here is, if this is more pervasive,

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Speaker 1: it's going to have an impact on unemployment here. You know,

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Speaker 1: if you look at the ports on the West coast,

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Speaker 1: for example, at the Port of Long Beach here, if

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Speaker 1: we start to see a prolonged shutdown, there's gonna be

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Speaker 1: millions of jobs at risk here if there's less cargo

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Speaker 1: that's coming across through those ports. We've had fourteen months

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Speaker 1: of consecutive declines and the shipments that are coming in

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Speaker 1: from overseas, and that is going to continue here for

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Speaker 1: most estimates here. And what that means is, you know,

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Speaker 1: as many as one out of nine people that are

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Speaker 1: kind of in those jobs at the ports will potentially

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Speaker 1: lose their jobs here. But then thinking about some of

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Speaker 1: the more critical supply chains that we need, including pharmaceuticals

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Speaker 1: and other electronics that may be going into healthcare equipment,

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Speaker 1: I think there's heightened efforts here in the US to

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Speaker 1: make sure that those supply chains remain unimpacted here. So

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Speaker 1: we are optimistic that that will be the case here,

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Speaker 1: And certainly it's getting a lot more attention than it

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Speaker 1: was getting here three or four weeks ago, when everyone's

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Speaker 1: attention was just not can we get product out of China? Now,

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Speaker 1: let's really let's make sure our domestic supply chains remain

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Speaker 1: intact as well. Drawing Shot Street, thanks so much for

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Speaker 1: joining us to really appreciate your thoughts growing as a

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Speaker 1: managing director and head of Lincoln International's North American logistics.

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Speaker 1: Let's bring in Max mess and he covers all things

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Speaker 1: healthcare related by Bloomberg Opinion and Max. I want to

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Speaker 1: start with that hospitalization rate of fifteen to nine percent.

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Speaker 1: I mean, is that an accurate kind of of of

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Speaker 1: rate or is it possible to actually know given the

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Speaker 1: fact that there isn't that widespread of testing. UM, you

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Speaker 1: know that that that rate is a little bit separate

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Speaker 1: from the testing it in the sense that these are

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Speaker 1: you know, the number of cases that they actually see

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Speaker 1: that UM you know that that need to to actually

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Speaker 1: be admitted, that need that more intensive care, and that

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Speaker 1: that's not so far outside of the sort of range

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Speaker 1: of numbers we've seen in other countries UM, you know,

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Speaker 1: like like China and Italy. UM. You know this this

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Speaker 1: is a disease that is genuinely serious for for significant

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Speaker 1: subsets of the population, both the elderly UM and people

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Speaker 1: that are immunocompromised without other conditions. You know, they they

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Speaker 1: have the potential of developed pneumonia. They will have trouble

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Speaker 1: breathing UM if they develop a bad case of this.

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Speaker 1: So there will be a significant portion of people that

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Speaker 1: we see that that are going to need to be hospitals.

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Speaker 1: Part of the reason that that rate is the way

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Speaker 1: it is, it's also that a lot of people to

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Speaker 1: get the virus our cannon should stay home and that

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Speaker 1: that's really important for you know, making sure that we're

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Speaker 1: not overwhelming hospitals and um, you know, not not putting

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Speaker 1: undue strain. You know that these these people working in

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Speaker 1: the rs already are working under a lot of stress,

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Speaker 1: um and their their attention and beds should be devoted

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Speaker 1: to people that that really needed, so we can hopefully,

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Speaker 1: you know, keep if the hospital position rate is high,

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Speaker 1: bad thing, because those are the cases we're That means

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Speaker 1: we're seeing the cases that we need to see as

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Speaker 1: opposed to the majority of young and comparatively healthy people

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Speaker 1: that even if they get the virus, it's not all

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Speaker 1: that essential that they run to treatment neuron to get

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Speaker 1: that they should monitor their symptoms, but the what they

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Speaker 1: should be doing is just staying home. So max I

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Speaker 1: was just mentioned to Lisa that the Governor Cuomo's really

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Speaker 1: putting a lot of focus on the hospitalization and the

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Speaker 1: potential scarcity of beds and hospital workers and the capacity

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Speaker 1: of the hospital system. Are you hearing that from other

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Speaker 1: parts of the country or other leaders, um, you know,

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Speaker 1: it's something that you hear constantly from people who study

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Speaker 1: health policy and study epidemics. This is the the most

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Speaker 1: important thing. That's the swing point of this epidemic is

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Speaker 1: avoiding overwhelming hospitals. When you have too many people for

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Speaker 1: the number of beds and ventilators, something that we're seeing

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Speaker 1: in Italy, you end up having to ration them to

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Speaker 1: devoting those resources to the people that are most likely

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Speaker 1: to survive. That's not a choice that we want to

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Speaker 1: be making in America. That we want to force America

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Speaker 1: to make force doctors to if we want to have

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Speaker 1: the capacity to give everybody the best possible treatment and

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Speaker 1: the best possible chance of making it through, the only

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Speaker 1: way to do that is to slow the rate of

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Speaker 1: infection um so that we aren't getting so many cases

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Speaker 1: that we will get that that kind of overwhelming growth

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Speaker 1: that will be to toil overams. So yeah, that that's

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Speaker 1: absolutely the crucial issue and the fundament the thing that

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Speaker 1: all polishy all policy is and should be addressed at

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Speaker 1: at conbuiding Max Dison, thank you so much for being

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Speaker 1: with us. I'm sure we'll be hearing more from you

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Speaker 1: throughout the days and weeks ahead. Max Niece and Bloomberg

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Speaker 1: Opinion Calumness covering all things healthcare. Thanks for listening to

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Speaker 1: the Bloomberg P and L podcast. You can subscribe and

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