Speaker 1: Welcome to the Bloomberg Penl Podcast. I'm Paul swing you
Speaker 1: along with my co host Lisa Brahma Wicks. Each day
Speaker 1: we bring you the most noteworthy and useful interviews for
Speaker 1: you and your money. Whether at the grocery store or
Speaker 1: the trading floor. Find a Bloomberg Penl podcast on Apple
Speaker 1: podcast or wherever you listen to podcasts, as well as
Speaker 1: at Bloomberg dot com. I want to go back to
Speaker 1: a statistic that really stood out to me, and it
Speaker 1: was a little bit alarming, and it has gotten about
Speaker 1: a bunch of pushback given the lack of testing. Andrew Cuomo,
Speaker 1: governor of New York State, saying the hospitalization rate for
Speaker 1: the coronavirus in New York State is fifteen to nineteen percent.
Speaker 1: He was arguing for more capacity for hospital beds for ventilators,
Speaker 1: and he was talking about the incredible strain it's going
Speaker 1: to put on the healthcare ses. To me, the United
Speaker 1: States joining US now is Andy Slavitt, former Acting Administrator
Speaker 1: for Medicare and Medicaid Services. No one better to have
Speaker 1: a frontline view on exactly how strained this could potentially be. Andy,
Speaker 1: I want to first get your idea, get your thoughts
Speaker 1: on that fifteen hospitalization rate. People are pushing back and
Speaker 1: saying that's sensational considering the fact that so many people
Speaker 1: haven't been tested. Do you think that it is an
Speaker 1: accurate reflection of just how dire this virus is when
Speaker 1: it does affect people and they do develop symptoms. So
Speaker 1: everybody is going to be hearing all sorts of data,
Speaker 1: and we should all appreciate the fact that this is
Speaker 1: a novel virus. It hasn't been with us for that long,
Speaker 1: and every data is a piece of dated only a
Speaker 1: data point, and so over time will have I think
Speaker 1: reliable forms of data. But if you listen to this data,
Speaker 1: I think we should be closer to UM. I wouldn't
Speaker 1: say anybody should panic, but we should be closer to
Speaker 1: panic than we should be to calm. On the scale
Speaker 1: of one to ten, Uh, we should be at an eight.
Speaker 1: We shouldn't be. So I tend to say every piece
Speaker 1: of data that I see, UM, I want to understand
Speaker 1: it and assume the channel until proven otherwise. Because in
Speaker 1: this environment where you're where we have no immune system
Speaker 1: for this virus, where a number of people have underlying
Speaker 1: medical conditions, where we have a number of seers who
Speaker 1: did whom this is a lethal condition. Better to be safe.
Speaker 1: And if we're wrong, and if the turns out to
Speaker 1: be um, hallelujah, someone can go back and criticize the
Speaker 1: people who said eighteen percent later. But I certainly, I
Speaker 1: certainly would rather behave on the much more cautious side.
Speaker 1: So Andy, just broadly defined, can you give us your
Speaker 1: sense of kind of how you think our U s
Speaker 1: healthcare system is prepared for what could be a surge
Speaker 1: in patients uh, from this virus. So we're not prepared.
Speaker 1: But but let me put that in context. Um. You
Speaker 1: know that that expression, um they didn't build the church
Speaker 1: for for Easter Sunday as one that comes to mind. Um,
Speaker 1: you know if we built hospitals in New York eight
Speaker 1: times the size, uh, then we would be um. You know,
Speaker 1: we know that wouldn't make a lot of sense. But
Speaker 1: there are places where we should be better prepared, things
Speaker 1: like surge capacity, the ability to bring hospitals, UM, ships, equipment,
Speaker 1: UM safety gear. Um. You know we should have been
Speaker 1: had we should have had much higher stockpiles of that.
Speaker 1: I will tell you that those recommendations have been strongly
Speaker 1: made in certain quarters for a long long time, UM,
Speaker 1: and I think dismissed um candidly by this administration. Although
Speaker 1: I'm not trying to take a shot at them. I
Speaker 1: think it's just a fact um uh. But but I
Speaker 1: will also tell you that even if we had prepared UM,
Speaker 1: I still believe, even if we were better prepared, the
Speaker 1: scope of the virus as such that I think we
Speaker 1: still would have been overwhelmed. So we're going to see
Speaker 1: a lot of parts of our hospital system understrain, most
Speaker 1: particularly the people who work in the healthcare system on
Speaker 1: the front line, who I think are are really going
Speaker 1: to end up in our real heroes in all of this,
Speaker 1: because they are going to be operating often without a playbook, UM,
Speaker 1: seeing a lot of things that is that are contagious,
Speaker 1: without without the best protective gear at times, because our
Speaker 1: supplies are running running low, and and they're going to
Speaker 1: be overwhelmed. And that group of people that I think
Speaker 1: we really have to demonstrate an immense amount of gratitude
Speaker 1: for because they're really going to be the ones that
Speaker 1: are going to have to help us get through this andy.
Speaker 1: One other thing that Governor Cuomo said was that he
Speaker 1: expects the virus to peak in New York State in
Speaker 1: forty five days, which seems like quite a long time
Speaker 1: from now for it to peak. Can you give us
Speaker 1: a sense of if that is the case, what the
Speaker 1: scope of cases could potentially be in whether asking Americans
Speaker 1: to stay home actually will help alleviate that or at
Speaker 1: least mitigate that. So it's really interes interesting. Uh. You
Speaker 1: you all of course have heard all of these expressions
Speaker 1: flattened the curve, right, all of America is becoming familiar
Speaker 1: with that expressions. Exactly. It's it's trending, and it's trending.
Speaker 1: Maybe there should be clothing lines called flattening your curves
Speaker 1: or something. But oh lord, exactly, we're gonna go all
Speaker 1: kinds of fun places with this virus. We're going to
Speaker 1: have to have some humerum in my opinion. But um,
Speaker 1: the the the truth is the implication of that means
Speaker 1: we would rather it actually take longer then have it shorter. Uh.
Speaker 1: And I know that that's a weird thing to get
Speaker 1: her hands around, because that means that the social disruption,
Speaker 1: the economic disruption, we'll go on for longer. But if
Speaker 1: we if we socially isolate um, we will reduce the
Speaker 1: number of cases to your prior question that the health
Speaker 1: care system has to handle. But it will also mean
Speaker 1: that this is going to go on for our longer
Speaker 1: a longer period of time. Uh and uh and and
Speaker 1: and we should be okay with that because we will
Speaker 1: be able to build immunity to the virus eventually, UM
Speaker 1: have some herd immunity, eventually have some uhum drugs that
Speaker 1: can combat it. But um it only it will only work.
Speaker 1: The only way it works is if people socially isolate.
Speaker 1: And I hate that expression because I don't want people
Speaker 1: to socially isolate. I want people to physically isolate. But
Speaker 1: it only works if people hashtag stay home or if
Speaker 1: you first day the ft home as is I've seen
Speaker 1: trend to get on Twitter. That's the most important thing
Speaker 1: people can do right now. Andy, how about the testing.
Speaker 1: Where are we in terms of getting test kits broadly
Speaker 1: disseminated across the country so we can really start getting
Speaker 1: accurate count as to the scope of this. Well, candidly,
Speaker 1: we're well behind where we should be. UM. You know
Speaker 1: the we had our first case the day as South
Speaker 1: Korea and their tests their tests were available ten days
Speaker 1: prior to that first test. And we are. So we're
Speaker 1: roughly a month or more behind where we need to be.
Speaker 1: And now I believe we're doing all of the right
Speaker 1: things to ramp up production. I think you'll see production
Speaker 1: double uh and test double across the country this week. Um,
Speaker 1: And I think that's a good thing. Um, It'll will
Speaker 1: still be well short if you look at a per
Speaker 1: capita basis for the rest of the world, will still
Speaker 1: be in the last place. And then I will say this, Um,
Speaker 1: we will see I suspect we'll see a bump, but
Speaker 1: we will our supply chain with things that allow us
Speaker 1: to do these tests, because it's not just a cute swab.
Speaker 1: There's a bunch of things you need in the lab,
Speaker 1: re agents and machines and so forth. Those supplies are
Speaker 1: in demand across the world and there's only so many
Speaker 1: of them and they can only be made so fast.
Speaker 1: So I suspect we will have a surge in tests
Speaker 1: and that will be a good news. But I think
Speaker 1: they will then becoming shorts supply again. Andy, just talking
Speaker 1: about hashtag flatten the curve and hashtags stay. They have
Speaker 1: home um and all the sort of social media presence
Speaker 1: you know, there's sort of sort of gallows humor out there,
Speaker 1: people coming up with innovative ways to pass the time
Speaker 1: in their homes as they isolate. But there's also talk
Speaker 1: about arise and anxiety and a and arise and sort
Speaker 1: of uh, this feeling of fear. And you said, you know,
Speaker 1: on the scale from panic to panic panic, Well, I mean,
Speaker 1: how can you can you give people a sense of Well,
Speaker 1: perhaps if people take it really seriously, it won't have
Speaker 1: to be the catastrophe that you're saying. Well, look, this
Speaker 1: will end, this will end, We will get through this
Speaker 1: the and we will have a period in our lives
Speaker 1: that will always look back on that will be um,
Speaker 1: you know, will days, will it be ninety days, will
Speaker 1: let be underneated? Well, well well we don't know that now,
Speaker 1: but we'll know that, um, and we will always look back. Uh,
Speaker 1: so it will, it will be over. We should just
Speaker 1: be thinking about this is every life lost, just like
Speaker 1: every life life lost to the flu or a hard condition. Um,
Speaker 1: we should try to prevent so. UM. That means some sacrifice,
Speaker 1: That means staying in, That means doing some things differently.
Speaker 1: That means and I and with that comes from anxiety,
Speaker 1: financial anxiety, social anxiety. UM, all of those things, and
Speaker 1: it's it's okay to to feel those things because the
Speaker 1: future is uncertain while we're in it, right, we will
Speaker 1: get through this. We're gonna have to leave it there.
Speaker 1: I could speak with you often and thank you so
Speaker 1: much for taking the time. Really appreciate it. Andy Slavitt,
Speaker 1: former Acting Administrator for Medicare and Medicaid Services, talking about
Speaker 1: the situation facing the healthcare sector. This is bloomberg as
Speaker 1: we look at the potential for a peak in New
Speaker 1: York State, one of the most heavily affected regions by
Speaker 1: coronavirus spread UH in forty five days. That's alw long time.
Speaker 1: It's a long disruption, disruptive period, and I'm wondering on
Speaker 1: the market implications. This is the unknown and a lot
Speaker 1: of people trying to game out when it's time to
Speaker 1: start getting back in as as people watch. Marcus Whipsaw
Speaker 1: and Peter Sheer has been watching it and he's been
Speaker 1: doing an incredible job really monitoring not only the macro
Speaker 1: but also the micro from Academy Securities ahead of macro strategy. Peter,
Speaker 1: where are you in terms of the risk off field
Speaker 1: that we've had in markets? The worst day in the
Speaker 1: SMP yesterday. Since seven, are we getting close to peak
Speaker 1: panic here? Yeah? So I like getting risk on Friday
Speaker 1: ahead of the president. We clearly rallied in the weekends,
Speaker 1: told off and are lower than that. Now I would
Speaker 1: be adding a little bit of risk here, but I
Speaker 1: caution people. I think it's really a bet on DC
Speaker 1: coming through with a very large stimulus program, probably in
Speaker 1: the trillion dollar stimulus program, and maybe a side bet
Speaker 1: that we make progress against the VIRU as fast than
Speaker 1: people expect. So interesting, Peter, So, I think we had
Speaker 1: the FED come in in a big way over the weekend.
Speaker 1: What did you make of that? And you think, Uh,
Speaker 1: the Fed is doing all that it needs to do
Speaker 1: here to try to stabilize markets. You know, I think
Speaker 1: the FED missed getting the commercial paper facility out on Sunday. Um,
Speaker 1: you know they've announced it today. One of my experiences
Speaker 1: with the financial crisis was that they offer, not just
Speaker 1: the FED, but politicians everyone would kind of miss deadlines.
Speaker 1: They would try and put in a firebreak, and once
Speaker 1: the fire had gone past that, the break did no good.
Speaker 1: So I think we have to act more aggressively and
Speaker 1: be ahead of the things because I think market and
Speaker 1: economic psychology kicks in and being just a little late
Speaker 1: sometimes it's almost as bad as doing nothing at all.
Speaker 1: And just to give you a little bit more detailed,
Speaker 1: the commercial paper facility is going to be that the
Speaker 1: Federal Reserve is arranging will be backed by ten billion
Speaker 1: dollars from the try sury departments. It will be ten
Speaker 1: billion dollars of credit protection UH for this facility in
Speaker 1: order to lower the short term costs for companies looking
Speaker 1: to access the commercial paper market. I'm wondering, Peter. One
Speaker 1: thing that you've done a really good job of is
Speaker 1: looking at the technicles underpinning this, and a lot of
Speaker 1: people are trying to figure out how much we're seeing
Speaker 1: just mass unwindes of risk are funds of other leverage strategies,
Speaker 1: hedge funds, you know, is that really what has been
Speaker 1: driving the activity that we've been seeing. I think it
Speaker 1: was a big part of last week. Um, you know.
Speaker 1: I think this risk parity type strategy, which ranges from
Speaker 1: the more sophisticated like a Bridgewater who uses commodities, stocks
Speaker 1: and bonds, to less of this data ones where people
Speaker 1: just own stocks versus bonds, they were getting hit. I
Speaker 1: think we are either done or very close to the
Speaker 1: end of that selling pressure coming from those funds, and
Speaker 1: those are bad because they're kind of like hitting these
Speaker 1: sell everything button. They get forced to sell stocks, bonds,
Speaker 1: and commodities, so it feels like when you're in the
Speaker 1: end of that. The thing I'm watching most closely right
Speaker 1: now is one to three year corporate bond paper. And
Speaker 1: you know, I think in golf they say, you know,
Speaker 1: you drive for show and you put for dough. To me,
Speaker 1: it's that short end that's really critical because that's what
Speaker 1: people rely on for financing. That's to me why it
Speaker 1: was so important that the FED gets this commercial paper
Speaker 1: facility up and running, that they're getting banks to board
Speaker 1: at the discount window again to alleviate pressure at that
Speaker 1: front end, because that's really where you know, it's really
Speaker 1: exciting to talk about where the long dated bonds are,
Speaker 1: but problems there are really really scary to me, and
Speaker 1: I think they can be addressed and they're being addressed. Peter,
Speaker 1: are you seeing any capitulation in the market right now
Speaker 1: or is it just too early? You know, we saw
Speaker 1: some capitulation I think last week, um and it was
Speaker 1: a bit encouraging again on Friday, where you saw things
Speaker 1: like the high yield market and leverage loan market not
Speaker 1: get dragged around quite as badly by the stock market.
Speaker 1: Right now we're back to everything being hit hard again,
Speaker 1: everything moving in tandem UM, credit spreads moving much wider
Speaker 1: as stocks struggle. Having said that, there's a bunch of
Speaker 1: new issues out today on the investment grade corporate bond market.
Speaker 1: If those can get placed, I think it's going to
Speaker 1: show that there is this kind of cash on the sidelines.
Speaker 1: Everyone's just waiting. But as a whole, you are really
Speaker 1: making a bet right now that DC is going to
Speaker 1: get its act together, because I am afraid if DC
Speaker 1: doesn't get its act together, we have a very different
Speaker 1: situation that financial crisis, because to me, this is a
Speaker 1: bottom up problem, and it's going to be small businesses
Speaker 1: and individuals losing their income because they're doing what they're
Speaker 1: being told to by the government. And if that's not replaced,
Speaker 1: I think that trickles up very quickly as people don't
Speaker 1: make rent payments, don't do this. And you know, we
Speaker 1: all look at that underemployment rate UM as well as
Speaker 1: the unemployment rate. I think that underemployment rate could sky
Speaker 1: rocket to financial crisis levels in a matter of weeks
Speaker 1: if government doesn't act. Hey, Peter, we really appreciate your thoughts.
Speaker 1: Peter to your ahead of macro strategies at Academy Securities
Speaker 1: calling us on the phone giving us his thoughts here Lisa,
Speaker 1: and thank you. It's really an issue you. I think
Speaker 1: Peter really makes a good point there right at the end,
Speaker 1: which is, uh, you know, despite that what we're hearing
Speaker 1: from Governor Cuomo about what's going on in the Tri
Speaker 1: State area, really do need potentially, I think to what
Speaker 1: the markets are telling us is a federal stimulus plan
Speaker 1: uh to really um, you know, really address some of
Speaker 1: the economic uh you know, issues that small businesses, medium
Speaker 1: sized businesses are forcing. I also think it's interesting, he pinpointed,
Speaker 1: the Exxon and Verizon issuance is coming to the investment
Speaker 1: grade cripon market. It really it'll be interesting to see
Speaker 1: how those issuances go, particularly for Exon and given the
Speaker 1: fact that they were downgraded yesterday and the price of
Speaker 1: oil is falling off a cliff, so it's an interesting
Speaker 1: time to refinance. But Verizon also coming to market interesting
Speaker 1: to see. I mean, there's a lot of cash supposedly
Speaker 1: waiting to buy this stuff, although we've seen some massive
Speaker 1: outflows record from here we have, and you know, it's
Speaker 1: just you know, a lot of stock. What I am
Speaker 1: amazed at as you look at yesterday's trading, a lot
Speaker 1: of stock was trading down at those levels. So you know,
Speaker 1: a lot of activity in the marketplace, a lot of
Speaker 1: volume in the marketplace. Uh. You wonder if this is
Speaker 1: kind of setting some type of stabilization, some type of
Speaker 1: floor we will see going forward. This is Bloomberg. We
Speaker 1: are talking about China. That's one thing John mentioned that
Speaker 1: that Blimber Economics just downgraded its expectations for the growth
Speaker 1: and it's not that surprising giving the given the dismal
Speaker 1: numbers we got over the weekend out of China, which
Speaker 1: raises a question about supply chains and just getting the
Speaker 1: materials that companies in the United States and elsewhere in
Speaker 1: the world need in order to produce and sell their products.
Speaker 1: Joining us now, Gorang shows Strey, Managing director Mergers and
Speaker 1: Acquisitions in Business services focused on logistics and transportation for
Speaker 1: Lincoln International. Gorong, I'd love to start with just how
Speaker 1: vast the disruption has been given the shutdowns that we
Speaker 1: saw in China earlier this year. How disruptive has that
Speaker 1: been to the supply chain? Sure, and it's certainly had
Speaker 1: a profound impact on the global supply chain here in
Speaker 1: particular in the first few months the year, and certainly
Speaker 1: remains an involving in dynamic situation here. Uh. You know,
Speaker 1: it really did start over worries about sourcing product from
Speaker 1: China as they were forced to shut down production, particularly
Speaker 1: here in the US, as many of our manufacturers have
Speaker 1: a significant amount of exposure to Chinese productions. Backed percent
Speaker 1: of the Fortune On companies have Tier one suppliers that
Speaker 1: are supplying parts directly into the US manufacturing process. And
Speaker 1: you know, even more worrisome is virtually all of the
Speaker 1: Fortune one companies are sourcing or have Tier two suppliers,
Speaker 1: all based in affected areas of China. I think, you know,
Speaker 1: at least for the first couple of months of the year,
Speaker 1: most US companies were able to get by here with
Speaker 1: a lot of the buffer stock that they had pre
Speaker 1: bought and anticipation of a slowdown that typically occurs with
Speaker 1: the Chinese New Year. I think what's been a little
Speaker 1: bit more worrisome is that as China came back from
Speaker 1: the holidays here, there's been some challenges really over the
Speaker 1: past few weeks um to really get goods out of
Speaker 1: the country. So production is starting to slowly restart in
Speaker 1: the country, but they're having challenges finding truck drivers and
Speaker 1: getting through a lot of the height and levels of
Speaker 1: screening that are required to get these products overseas. And
Speaker 1: certainly it's not just those suppliers and manufacturers that are
Speaker 1: looking for Finnish goods from from China, but also those
Speaker 1: that are sourcing components that are required in production. So
Speaker 1: now worries are over what does future production capacity look
Speaker 1: like here in the US as well as globally here
Speaker 1: if you can't get certain critical components that you're sourcing
Speaker 1: from China. So I think this is really highlighted the
Speaker 1: fact for many companies that were already re examining their
Speaker 1: supply chains given the trade wars, do we need to
Speaker 1: figure out alternate supplies outside of China going to other
Speaker 1: countries like Vietnam, or in Europe, going more near sourcing
Speaker 1: to Eastern Europe, or even in the US re re
Speaker 1: igniting efforts to source products from Mexico. So I think
Speaker 1: this will only heighten the level of attention that's being
Speaker 1: put on making sure you have redundancy in the supply
Speaker 1: chain and moving away from the reliance in China so
Speaker 1: go wrong. How about here in the U. S. It's
Speaker 1: very early days of trying of kind of this country
Speaker 1: of coming to grips with the virus and and shutting
Speaker 1: down in certain cities. Give us a sense of kind
Speaker 1: of how the logistics set up here in the US
Speaker 1: may play out from the I'm thinking the trucking companies, railroads,
Speaker 1: what's the status there? Sure? Sure? And I think look, fortunately, um,
Speaker 1: thus far we have been fairly resilient here, and you know,
Speaker 1: there's been a lot of panic in terms of going
Speaker 1: out there and stocking up UH inventories that you know,
Speaker 1: in terms of household goods. But um, I think the
Speaker 1: longer term where here is, if this is more pervasive,
Speaker 1: it's going to have an impact on unemployment here. You know,
Speaker 1: if you look at the ports on the West coast,
Speaker 1: for example, at the Port of Long Beach here, if
Speaker 1: we start to see a prolonged shutdown, there's gonna be
Speaker 1: millions of jobs at risk here if there's less cargo
Speaker 1: that's coming across through those ports. We've had fourteen months
Speaker 1: of consecutive declines and the shipments that are coming in
Speaker 1: from overseas, and that is going to continue here for
Speaker 1: most estimates here. And what that means is, you know,
Speaker 1: as many as one out of nine people that are
Speaker 1: kind of in those jobs at the ports will potentially
Speaker 1: lose their jobs here. But then thinking about some of
Speaker 1: the more critical supply chains that we need, including pharmaceuticals
Speaker 1: and other electronics that may be going into healthcare equipment,
Speaker 1: I think there's heightened efforts here in the US to
Speaker 1: make sure that those supply chains remain unimpacted here. So
Speaker 1: we are optimistic that that will be the case here,
Speaker 1: And certainly it's getting a lot more attention than it
Speaker 1: was getting here three or four weeks ago, when everyone's
Speaker 1: attention was just not can we get product out of China? Now,
Speaker 1: let's really let's make sure our domestic supply chains remain
Speaker 1: intact as well. Drawing Shot Street, thanks so much for
Speaker 1: joining us to really appreciate your thoughts growing as a
Speaker 1: managing director and head of Lincoln International's North American logistics.
Speaker 1: Let's bring in Max mess and he covers all things
Speaker 1: healthcare related by Bloomberg Opinion and Max. I want to
Speaker 1: start with that hospitalization rate of fifteen to nine percent.
Speaker 1: I mean, is that an accurate kind of of of
Speaker 1: rate or is it possible to actually know given the
Speaker 1: fact that there isn't that widespread of testing. UM, you
Speaker 1: know that that that rate is a little bit separate
Speaker 1: from the testing it in the sense that these are
Speaker 1: you know, the number of cases that they actually see
Speaker 1: that UM you know that that need to to actually
Speaker 1: be admitted, that need that more intensive care, and that
Speaker 1: that's not so far outside of the sort of range
Speaker 1: of numbers we've seen in other countries UM, you know,
Speaker 1: like like China and Italy. UM. You know this this
Speaker 1: is a disease that is genuinely serious for for significant
Speaker 1: subsets of the population, both the elderly UM and people
Speaker 1: that are immunocompromised without other conditions. You know, they they
Speaker 1: have the potential of developed pneumonia. They will have trouble
Speaker 1: breathing UM if they develop a bad case of this.
Speaker 1: So there will be a significant portion of people that
Speaker 1: we see that that are going to need to be hospitals.
Speaker 1: Part of the reason that that rate is the way
Speaker 1: it is, it's also that a lot of people to
Speaker 1: get the virus our cannon should stay home and that
Speaker 1: that's really important for you know, making sure that we're
Speaker 1: not overwhelming hospitals and um, you know, not not putting
Speaker 1: undue strain. You know that these these people working in
Speaker 1: the rs already are working under a lot of stress,
Speaker 1: um and their their attention and beds should be devoted
Speaker 1: to people that that really needed, so we can hopefully,
Speaker 1: you know, keep if the hospital position rate is high,
Speaker 1: bad thing, because those are the cases we're That means
Speaker 1: we're seeing the cases that we need to see as
Speaker 1: opposed to the majority of young and comparatively healthy people
Speaker 1: that even if they get the virus, it's not all
Speaker 1: that essential that they run to treatment neuron to get
Speaker 1: that they should monitor their symptoms, but the what they
Speaker 1: should be doing is just staying home. So max I
Speaker 1: was just mentioned to Lisa that the Governor Cuomo's really
Speaker 1: putting a lot of focus on the hospitalization and the
Speaker 1: potential scarcity of beds and hospital workers and the capacity
Speaker 1: of the hospital system. Are you hearing that from other
Speaker 1: parts of the country or other leaders, um, you know,
Speaker 1: it's something that you hear constantly from people who study
Speaker 1: health policy and study epidemics. This is the the most
Speaker 1: important thing. That's the swing point of this epidemic is
Speaker 1: avoiding overwhelming hospitals. When you have too many people for
Speaker 1: the number of beds and ventilators, something that we're seeing
Speaker 1: in Italy, you end up having to ration them to
Speaker 1: devoting those resources to the people that are most likely
Speaker 1: to survive. That's not a choice that we want to
Speaker 1: be making in America. That we want to force America
Speaker 1: to make force doctors to if we want to have
Speaker 1: the capacity to give everybody the best possible treatment and
Speaker 1: the best possible chance of making it through, the only
Speaker 1: way to do that is to slow the rate of
Speaker 1: infection um so that we aren't getting so many cases
Speaker 1: that we will get that that kind of overwhelming growth
Speaker 1: that will be to toil overams. So yeah, that that's
Speaker 1: absolutely the crucial issue and the fundament the thing that
Speaker 1: all polishy all policy is and should be addressed at
Speaker 1: at conbuiding Max Dison, thank you so much for being
Speaker 1: with us. I'm sure we'll be hearing more from you
Speaker 1: throughout the days and weeks ahead. Max Niece and Bloomberg
Speaker 1: Opinion Calumness covering all things healthcare. Thanks for listening to
Speaker 1: the Bloomberg P and L podcast. You can subscribe and
Speaker 1: listen to interviews at Apple Podcasts or whatever podcast platform
Speaker 1: you prefer. Paul Sweeney, I'm on Twitter at pt Sweeney.
Speaker 1: I'm Lisa abram Woy. It's I'm on Twitter at Lisa A.
Speaker 1: Bramwoit's one before the podcast. You can always catch us worldwide.
Speaker 1: I'm Bloomberg Radio