WEBVTT - The Cruise Ship Suicides Began After The Passengers Left 0:00:01.360 --> 0:00:04.120 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney. Along 0:00:04.120 --> 0:00:06.200 with my co host of Bonnie Quinn. Every business day 0:00:06.240 --> 0:00:10.360 we bring you interviews from CEOs, market pros, and Bloomberg experts, 0:00:10.400 --> 0:00:13.600 along with essential market moving news. Find the Bloomberg Markets 0:00:13.600 --> 0:00:17.000 Podcast on Apple podcast or wherever you listen to podcasts, 0:00:17.000 --> 0:00:20.440 and on Bloomberg dot com. This is Bloomberg Markets. I'm 0:00:20.480 --> 0:00:23.360 Carol Masser and for Bonnie and Paul. Well, this story 0:00:23.400 --> 0:00:25.919 has been among the most read since it hit the 0:00:25.920 --> 0:00:28.920 Bloomberg terminal and has to do with the cruise industry, 0:00:29.440 --> 0:00:31.520 and basically we know this is an industry that has 0:00:31.560 --> 0:00:34.400 been hit hard, obviously by the pandemic. We've also seen 0:00:34.440 --> 0:00:37.360 some of the horror stories as patients tried patients, i 0:00:37.360 --> 0:00:40.000 should say, as travelers and passengers tried to get off 0:00:40.040 --> 0:00:42.479 the ships during those early days of the pandemic. Well, 0:00:42.520 --> 0:00:45.639 someone who's been reporting on the industry from day from 0:00:45.720 --> 0:00:49.680 day one, as Austin Carr, technology reporter at Bloomberg News, 0:00:49.720 --> 0:00:52.000 he joins us right now on the phone from Los Angeles. 0:00:52.280 --> 0:00:55.800 His latest story talks about not the passengers, but the 0:00:55.880 --> 0:01:01.160 members of cruise and the cruise of the cruise line 0:01:01.240 --> 0:01:05.280 that had to really stay on the ships for many 0:01:05.440 --> 0:01:10.040 weeks months until they could get off safely. Austin, good 0:01:10.040 --> 0:01:12.440 to have you here with us. UM tell us about 0:01:12.440 --> 0:01:15.240 your story, because you do look specifically at the cruise 0:01:15.280 --> 0:01:19.720 that were kind of left behind after the passengers left totally. 0:01:20.080 --> 0:01:22.640 Um So at the beginning of the pandemic when the 0:01:22.680 --> 0:01:25.399 cruise industry was hit, there was so much emphasis on 0:01:25.440 --> 0:01:28.880 the passengers and the struggles that they had to both 0:01:28.880 --> 0:01:32.240 deal with outbreaks aboard several ships owned by operators like 0:01:32.360 --> 0:01:35.720 Royal Caribbean and Carnival UM. But after they gone off, 0:01:35.760 --> 0:01:38.280 there was sort of a class of forgotten people, the 0:01:38.600 --> 0:01:42.480 crew workers, all the sort of lower paid UH folks 0:01:42.480 --> 0:01:46.920 for often from poorer countries abroad that really struggled to 0:01:46.920 --> 0:01:52.280 get home due to changing health rules, evolving travel restrictions, 0:01:52.320 --> 0:01:55.840 borders being struck down shut down, and there was tens 0:01:55.880 --> 0:01:58.600 of thousands of them stuck at sea. Uh and and 0:01:58.640 --> 0:02:01.480 this story sort of explores some of the difficult conditions 0:02:01.560 --> 0:02:04.600 they had to face be they sort of the uncertainty 0:02:04.640 --> 0:02:06.640 of when they were going to get home and see 0:02:06.720 --> 0:02:12.360 family being stuck in small cabins in some cases without windows. 0:02:12.520 --> 0:02:15.520 UM and they're pay, being cut off and just living 0:02:15.520 --> 0:02:19.120 in a very highly regimented lifestyle due to the pandemic 0:02:19.200 --> 0:02:21.360 that for a lot of them resulted in uh some 0:02:21.520 --> 0:02:26.080 mental health issues, depression and anxiety and stress over things 0:02:26.080 --> 0:02:28.240 like their salaries being cut off and wondering when they 0:02:28.240 --> 0:02:30.359 were going to get back to work. And this story 0:02:30.360 --> 0:02:33.600 explores some of those uh sort of cases, the conditions 0:02:33.600 --> 0:02:37.080 of board ships as well as unfortunately, tragically, the suicides 0:02:37.160 --> 0:02:41.839 that resulted in certain on these cruises during repatriation. Well 0:02:41.840 --> 0:02:43.960 and Austin, this is something you know with your reporting 0:02:44.000 --> 0:02:45.960 that really just always stands out and that it's not 0:02:46.040 --> 0:02:48.840 just broad strokes. You actually get into the individuals and 0:02:48.880 --> 0:02:52.600 tell their stories. Give us one of the stories of 0:02:52.760 --> 0:02:55.000 one of the workers from one of the cruise ships 0:02:55.120 --> 0:02:58.400 and what they went through and what the outcome was. 0:02:59.600 --> 0:03:01.920 So well, one of the families that we'd focus on 0:03:02.040 --> 0:03:06.839 is the Solar family. Uh the a crew member named 0:03:06.919 --> 0:03:10.919 Joseph Salzer was on a ship called Carnival Breeze. He've 0:03:10.919 --> 0:03:14.040 been transferred a number of times during the pandemic in 0:03:14.080 --> 0:03:16.680 an attempt to get home to Hungary, and he really 0:03:16.680 --> 0:03:20.440 epitomizes what a lot of the cruise industry crew members 0:03:20.440 --> 0:03:24.200 went through, which was, Yeah, these these isolated effects living 0:03:24.240 --> 0:03:26.800 in a on a ship where you were stuck in 0:03:26.840 --> 0:03:30.440 your cabin with mandated curfews, limited time in which you 0:03:30.480 --> 0:03:33.720 could go outside. For example, this worker might be able 0:03:33.760 --> 0:03:36.320 to leave for about an hour day for breakfast, but 0:03:36.520 --> 0:03:38.640 it might take forty five minutes just to get a 0:03:38.640 --> 0:03:42.200 coffee due to understaffing and sort of social distancing rules 0:03:42.240 --> 0:03:45.840 that made lines very, very long. Um, you know, people 0:03:45.880 --> 0:03:48.240 just talked about the monotony of living at sea. They 0:03:48.520 --> 0:03:51.240 felt like prisoners, they felt like cargo with with sort 0:03:51.240 --> 0:03:54.520 of no E T A. And ultimately, at some point 0:03:54.720 --> 0:03:59.200 in this long journey endless journey home, Joseph Salzer hadn't 0:03:59.200 --> 0:04:01.680 been seen for several days. He missed daily temperature checks, 0:04:01.720 --> 0:04:04.800 he hadn't responded to text from friends, and they sent 0:04:05.720 --> 0:04:08.480 crews to check on him, and unfortunately they found him 0:04:08.840 --> 0:04:13.360 hanged inside his cabin. And the story explores not just 0:04:13.440 --> 0:04:15.560 what led to that tragedy, but how it affects a 0:04:15.600 --> 0:04:17.920 family at home having to deal with a death and 0:04:18.000 --> 0:04:21.719 international waters with the company that sort of incorporated with 0:04:21.839 --> 0:04:24.719 entities all around the world. Right, and if anybody has 0:04:24.760 --> 0:04:26.800 been on a cruise ship and and like you have 0:04:26.839 --> 0:04:30.600 done some reporting you know on Carnival specifically, you know, 0:04:30.720 --> 0:04:32.919 it is a global workforce. I mean that's kind of 0:04:32.960 --> 0:04:35.760 what makes it unique. And it's an opportunity for people 0:04:35.760 --> 0:04:39.280 around the around the globe, and in particular people you 0:04:39.279 --> 0:04:42.520 know who might have trouble finding jobs in their home country, 0:04:43.000 --> 0:04:45.240 uh and are just looking for a start somewhere. It's 0:04:45.240 --> 0:04:47.680 an opportunity for them. So it is a global workforce 0:04:47.720 --> 0:04:49.839 and your right. So what I want to get to 0:04:50.080 --> 0:04:53.200 is also a couple of things. First of all, what 0:04:53.200 --> 0:04:56.400 what do the cruise ship companies say as a result 0:04:56.440 --> 0:04:59.359 of this, Because it wasn't just it seems like one suicide, 0:04:59.400 --> 0:05:02.240 but it seems like multiple suicides from some of the 0:05:02.279 --> 0:05:07.760 crew members. So first off, they do highlight how immensely 0:05:07.800 --> 0:05:11.600 difficult uh it was to get these crew members home. 0:05:11.600 --> 0:05:15.280 I mean, it's one thing to offload American taskers at 0:05:15.320 --> 0:05:18.080 an American port and charted them flights home, but what 0:05:18.120 --> 0:05:21.279 about workers that are from places like Ukraine and the 0:05:21.279 --> 0:05:25.720 Philippines and in India. It was a very logistically difficult 0:05:25.800 --> 0:05:29.240 time getting them home by land air and c especially 0:05:29.279 --> 0:05:33.200 with the CDC changing a lot of health processes, uh, 0:05:33.360 --> 0:05:36.720 from from you know, sending people home in US waters, 0:05:36.720 --> 0:05:39.600 but also abroad just a lot of borders being shut down, 0:05:40.080 --> 0:05:43.440 and just you know, concern about COVID being spread through 0:05:43.440 --> 0:05:45.840 these cruise ships. So be'st number one and then the 0:05:45.920 --> 0:05:48.600 second Um, they do emphasize that they tried to take 0:05:48.640 --> 0:05:51.000 care of the workers best possible. They provided them with 0:05:51.680 --> 0:05:55.440 free food, housing, paid for all their transportation getting home, 0:05:55.520 --> 0:06:00.000 provided them free WiFi, and even counseling services by phone 0:06:00.200 --> 0:06:02.039 so you could call if you had sort of mental 0:06:02.040 --> 0:06:04.640 health issue, you would call a hotline and hopefully get 0:06:04.640 --> 0:06:07.560 in touch with a trained therapist. Um. The issue is, 0:06:07.640 --> 0:06:10.120 I suppose that when we talk to workers, they've actually 0:06:10.120 --> 0:06:13.680 felt concerned about these types of hotlines. They were worried 0:06:13.720 --> 0:06:17.240 that if they sort of disclosed emotional issues that they 0:06:17.240 --> 0:06:20.039 were dealing with anxiety and stress and depression, that that 0:06:20.120 --> 0:06:24.920 might jeopardize their employment somehow with the championship going forward. 0:06:25.040 --> 0:06:27.760 So it was just also just one of the interesting 0:06:27.800 --> 0:06:29.880 direct of the story is just how taboo of a 0:06:29.960 --> 0:06:32.799 subject it is among seafarers that they sort of pride 0:06:32.839 --> 0:06:35.599 themselves on salthy toughness and don't want to admit that 0:06:35.680 --> 0:06:39.240 they might be dealing with just a very difficult, isolating, 0:06:39.320 --> 0:06:42.000 trying experience, in many ways a more extreme version of 0:06:42.040 --> 0:06:44.479 what we're all going through with lockdowns at home. Hey, 0:06:44.760 --> 0:06:47.320 just got about a minute or so left here. Um. 0:06:47.400 --> 0:06:49.919 To be fair, Also, I feel like, um, Austin is 0:06:50.000 --> 0:06:52.800 you know, mental health was not a top of mind 0:06:53.520 --> 0:06:56.040 issue for I feel like the broader public and certainly 0:06:56.040 --> 0:06:59.120 for the broader corporate world. You know, most were thinking 0:06:59.160 --> 0:07:01.200 about physical health. And I mean, I just I've had 0:07:01.200 --> 0:07:03.760 a lot of conversations too with CEO. Is that you know, 0:07:04.480 --> 0:07:06.920 the thing that everybody realized is that it wasn't just 0:07:06.960 --> 0:07:11.520 a physical toll, but a mental wellness toll as well. 0:07:11.560 --> 0:07:14.480 And I feel like the cruise industry, um, and certainly 0:07:14.480 --> 0:07:19.080 the cruise employers kind of went through that realization as well. 0:07:19.200 --> 0:07:22.600 Just got about forty seconds here. Absolutely, it's such a 0:07:22.600 --> 0:07:25.320 good point, Carol. And one of the psychologists that we 0:07:25.400 --> 0:07:27.880 talked to for the story just called that sort of 0:07:27.920 --> 0:07:30.680 a pandemic within the pandemic. In other words, there's been 0:07:30.680 --> 0:07:33.560 such focus on some of the desks that happened directly 0:07:33.720 --> 0:07:38.000 through COVID, either due to infections or or otherwise. And 0:07:38.320 --> 0:07:40.360 this is just also some of the ancillary effects that 0:07:40.400 --> 0:07:42.720 we have to deal with being isolated at home, and 0:07:42.760 --> 0:07:45.280 these cruise ship workers really reflect that. If you you've 0:07:45.280 --> 0:07:47.280 been dealing with that at home, you might really enjoy 0:07:47.320 --> 0:07:49.400 the story because it talks about some of the trials 0:07:49.440 --> 0:07:51.840 that they went through in challenges just dealing with that 0:07:52.560 --> 0:07:56.120 mental health and depression at the well. It's another round 0:07:56.160 --> 0:07:58.480 of great reporting by you, Austin. Thank you so much. 0:07:58.520 --> 0:08:02.040 Austin Carr and really Balance their technology reporter at Bloomberg 0:08:02.040 --> 0:08:05.240 News joining us on the phone from Los Angeles. Check 0:08:05.480 --> 0:08:09.160 check him out by the way at Austin car on Twitter. 0:08:12.520 --> 0:08:15.240 One thing that this year and I hope we talk 0:08:15.320 --> 0:08:18.200 about and do a lot more about next year, and 0:08:18.280 --> 0:08:22.480 that is reaching out and really especially when it comes 0:08:22.520 --> 0:08:25.720 to the financial sector getting into those underserved communities. Our 0:08:25.760 --> 0:08:28.040 next guest has some thoughts on that. Darren Williams, the 0:08:28.080 --> 0:08:30.680 CEO of Southern Bank Court, joining us on the phone 0:08:30.720 --> 0:08:34.040 from Arkansas. Darren, nice to have you here on Bloomberg. 0:08:34.080 --> 0:08:36.640 First of all, set the set this stage for us. 0:08:36.880 --> 0:08:40.559 You're talking about c d f ies, community development financial institutions. 0:08:40.720 --> 0:08:43.439 Remind our audience for those who may not be familiar 0:08:43.480 --> 0:08:46.840 what they're all about. Sure, First of all, Carole, thank 0:08:46.840 --> 0:08:50.920 you for having us welcome. CDFIs or Community development finances 0:08:50.920 --> 0:08:53.760 institutions are UH. They can be banks, can could be 0:08:53.800 --> 0:08:56.679 credit unions, loan funds, and even venture funds. But we 0:08:56.800 --> 0:08:59.040 agree to the destination by the Department of Treasury and 0:08:59.240 --> 0:09:02.679 six of our activity must take place in low and 0:09:02.800 --> 0:09:06.520 moderate income SENSUS tract communities. It's a public private partnership. 0:09:06.600 --> 0:09:10.280 We received UM support from the government to ensure that 0:09:10.400 --> 0:09:14.000 we actually provide access to capital and credit in areas 0:09:14.040 --> 0:09:17.080 where they don't traditionally slow. If you think about in America, 0:09:17.120 --> 0:09:19.880 the number of banks and final institutions have traditionally have 0:09:20.040 --> 0:09:25.079 specifically declined UH in low income, often minority and rural communities, 0:09:25.280 --> 0:09:27.000 and so we're filling the gap. We're kind of the 0:09:27.080 --> 0:09:30.520 financial first responders for communities that don't have access to 0:09:30.600 --> 0:09:32.679 traditional capital and credit. And first of all, I do 0:09:32.760 --> 0:09:35.240 want to point out and remind everybody that you were 0:09:35.440 --> 0:09:37.880 part of the Blueberg fifty UH this year, which is 0:09:37.920 --> 0:09:41.120 really just individuals who stand out from all walks of life, 0:09:41.240 --> 0:09:44.160 all aspects of our world in terms of the impact 0:09:44.240 --> 0:09:46.160 that they are you know, making on our world and 0:09:46.280 --> 0:09:49.240 changing things UM for the better. So having said that, 0:09:50.120 --> 0:09:52.840 um tell us how this can be a game changer 0:09:53.000 --> 0:09:58.040 for especially those underserved communities. Well, first of all, care 0:09:58.040 --> 0:10:00.079 I'm honored to be a part of Bloomberg's fifth the 0:10:00.160 --> 0:10:03.079 and and that's a recognition that really deserving of the 0:10:03.280 --> 0:10:06.560 entire cd f I industry, in the minority depositoral industry. UH. 0:10:06.760 --> 0:10:11.240 During this pandemic, we saw UM these low income, underserved 0:10:11.280 --> 0:10:16.480 optimonority communities being left behind when access to federal stimilus programs, 0:10:16.520 --> 0:10:19.760 for example, the paycheck Protection program, which put dollars in 0:10:19.880 --> 0:10:25.280 hands of businesses to keep their employees on the payroll. Unfortunately, 0:10:25.440 --> 0:10:28.440 many of these small business and underserved and rural communities 0:10:28.720 --> 0:10:31.599 don't have access to juditional banks. One because many of 0:10:31.679 --> 0:10:34.480 those banks have have abandoned those rules and small communities 0:10:34.480 --> 0:10:37.880 so they're not there. But also because also because you know, 0:10:38.000 --> 0:10:41.520 typically small and minority businesses UH just don't have that 0:10:41.640 --> 0:10:44.800 type of relationship with with banks. And so we worked 0:10:45.360 --> 0:10:48.439 with the administration and with Congress to ensure UH. In 0:10:48.520 --> 0:10:50.559 the first round of paycheck Protection dollars, there was a 0:10:50.640 --> 0:10:54.599 car about of money UH thirty billion dollars out of 0:10:54.679 --> 0:10:57.400 that six D fifty billion that would be set aside 0:10:57.440 --> 0:10:59.760 for c d f I in the eyes. So we 0:11:00.120 --> 0:11:03.319 make sure that those dollars get to those small businesses 0:11:03.440 --> 0:11:05.959 that often don't have access to odditional capital and credit. 0:11:05.960 --> 0:11:09.360 And so with this latest round of paycheck protection dollars 0:11:09.400 --> 0:11:13.160 in this latest Stimus faction, proud that the Congress and 0:11:13.679 --> 0:11:17.800 Administration has seemed that to inject about twelve billion dollars 0:11:18.320 --> 0:11:21.560 into the c d f I and Minority Depository banking 0:11:21.840 --> 0:11:24.880 UH and financial services space. So I gotta ask you, 0:11:24.960 --> 0:11:27.480 we're a trillion dollar economy. I still feel like that's 0:11:27.520 --> 0:11:30.880 significant amounts of money. But when you see the stimulus 0:11:30.920 --> 0:11:33.679 packages that come down, when you see the initiatives that 0:11:33.840 --> 0:11:36.760 come generally speaking from the big financial sector, they're still 0:11:36.800 --> 0:11:40.400 not doing enough, are they? Well, clearly there's much more 0:11:40.440 --> 0:11:42.760 that can be done. There's a huge disconnect between what 0:11:42.960 --> 0:11:45.440 you see on Wall Street and what's happening in Main 0:11:45.480 --> 0:11:48.600 Street America. Of course, to your most recent segment before 0:11:48.640 --> 0:11:51.080 I came on, you're talking about the gains in Wall Street. 0:11:51.520 --> 0:11:54.079 You talk to the folks in Main Street and rule America. 0:11:54.120 --> 0:11:55.960 They don't feel those games. They don't see that, they 0:11:55.960 --> 0:11:59.920 don't feel that they're being disproportionately impacted by COVID. Uh. 0:12:00.040 --> 0:12:03.000 They are the essential workers. They providing and food and 0:12:03.120 --> 0:12:05.559 feeding the world, but they're not able to work remotely. 0:12:05.640 --> 0:12:07.280 They're having to put their lives on the line to 0:12:07.320 --> 0:12:09.920 continue to be essential workers provide that things needed. And 0:12:10.000 --> 0:12:12.520 so we do need, desperately need access because many of 0:12:12.520 --> 0:12:16.440 these markets we serve call they were struggling before COVID, right, 0:12:16.480 --> 0:12:19.560 so under what was hind those communities. Job losses were 0:12:19.600 --> 0:12:22.920 hind in that community. And so clearly with the with 0:12:23.040 --> 0:12:26.079 the impact of COVID being disproportionately impacted and felt in 0:12:26.120 --> 0:12:29.719 those communities, we need additional support to provide really a 0:12:29.800 --> 0:12:33.000 broad based relief because as we get this pandemic under control, 0:12:33.320 --> 0:12:36.160 it's important that all the economy come back, uh, that 0:12:36.280 --> 0:12:38.400 we all you know, build back better. As as as 0:12:38.520 --> 0:12:41.160 as presidents they like Biden who talks about that must 0:12:41.240 --> 0:12:45.720 include these underserved rural communities. We cannot forget rural communities 0:12:45.920 --> 0:12:47.440 in the United States. Well, the only way we're going 0:12:47.480 --> 0:12:49.079 to close that wealth gap is by making sure that 0:12:49.160 --> 0:12:52.600 money gets to all segments of our economy. Darren, thank 0:12:52.640 --> 0:12:55.200 you so much, really appreciated. Good luck and happy New Year. 0:12:55.280 --> 0:12:58.160 Darren Williams see Southern Bank or part of the Bloomberg 0:12:58.240 --> 0:13:00.320 fifty and part of a successful effort to add ten 0:13:00.400 --> 0:13:04.199 billion for community development finance institutions of that second round 0:13:04.240 --> 0:13:08.800 of paycheck protection program loads. So I think it's safe 0:13:08.840 --> 0:13:12.000 to say that we are all thinking a lot more 0:13:12.400 --> 0:13:15.959 about the world of medicine and healthcare generally because we 0:13:16.000 --> 0:13:18.080 did see some disruption as a result. Obviously a lot 0:13:18.120 --> 0:13:21.280 of disruption to be quite honest, because of the pandemic, 0:13:21.360 --> 0:13:24.240 but also in terms of how we get healthcare, uh, 0:13:24.280 --> 0:13:26.839 and thinking again about some of the inequities and the 0:13:26.960 --> 0:13:30.240 costs of it because of COVID nineteen. But there's a 0:13:30.280 --> 0:13:32.720 lot more to think about in deeper plays here. Michael 0:13:32.800 --> 0:13:35.160 Ray is founder and chief executive officer at r X 0:13:35.200 --> 0:13:38.200 Saving Solutions. He's on the phone from Overland Park, Kansas, 0:13:38.800 --> 0:13:41.199 joining us on this Thursday. Michael, nice to have you 0:13:41.320 --> 0:13:44.800 here on Bloomberg. How are you and how is your world? Yeah? 0:13:45.080 --> 0:13:47.600 How is your good to be here? Yeah? How's your world? 0:13:47.679 --> 0:13:50.120 Considering as we continue to watch some of these virus 0:13:50.160 --> 0:13:54.440 headlines around the country. Yeah, you know, it's been good. 0:13:54.520 --> 0:13:56.800 I think, um, you know, as as a general statement, 0:13:56.960 --> 0:14:00.600 we saw quite a bit of growth from a company 0:14:00.640 --> 0:14:03.520 standpoint this year. UM, as it relates to the vaccine. 0:14:04.240 --> 0:14:06.800 You know, we're looking at this as as an employer ourselves. 0:14:07.080 --> 0:14:09.920 We're answering a lot of questions about to our corporate 0:14:10.000 --> 0:14:13.000 clients what this means, you know, when they can expect 0:14:13.080 --> 0:14:16.080 a vaccine and uh, and you know how we can 0:14:16.120 --> 0:14:17.960 help them. Well, what are you hearing on that front? 0:14:17.960 --> 0:14:19.640 I think that's one of the biggest questions. You know, 0:14:19.920 --> 0:14:21.960 we kind of lay people are like, well, when do 0:14:22.080 --> 0:14:23.760 I get the vaccine? And how do I get it? 0:14:24.160 --> 0:14:26.920 Especially since we know the logistics and the distribution of 0:14:27.000 --> 0:14:31.080 it is so tricky. Yeah, you know, I think that 0:14:31.560 --> 0:14:34.520 the Fiser vaccine was especially tricky just with the temperature 0:14:34.600 --> 0:14:37.960 requirements that that came into play, but the Maderna one 0:14:38.440 --> 0:14:40.640 was a little more forgiving. I think that, you know, 0:14:40.760 --> 0:14:43.440 what we're starting to hear is just more frustration. Um. 0:14:43.640 --> 0:14:46.280 You know, ten million vaccines have been shipped, two millions 0:14:46.280 --> 0:14:48.640 have been given, so we're starting to hear, you know, 0:14:48.760 --> 0:14:51.800 more questions about when is that going to hit mainstream? Um, 0:14:51.920 --> 0:14:54.120 why aren't they being given? Um? And I think that 0:14:54.200 --> 0:14:57.120 there's there's been a tremendous number of pr opportunities and 0:14:57.400 --> 0:15:01.720 probably not enough action Um, I expect more pressure to 0:15:01.800 --> 0:15:04.480 be put on that from you know, corporations and health 0:15:04.520 --> 0:15:07.240 plans and for that to change very quickly after the 0:15:07.280 --> 0:15:09.040 new year. All right, So you expect we'll get some 0:15:09.080 --> 0:15:11.040 more clarity when it comes to get to get out. 0:15:11.360 --> 0:15:13.560 Hey Having said that, what about clarity when it comes 0:15:13.600 --> 0:15:15.800 to drug pricing? I feel like one of the great 0:15:16.280 --> 0:15:19.920 black holes is prescription drug pricing. And you know, I 0:15:19.960 --> 0:15:23.040 thought the PBMs, the pharmacy benefit managers, were supposed to 0:15:23.080 --> 0:15:25.160 make it all, you know, better, and I'm not so sure. 0:15:25.200 --> 0:15:27.440 I think there's many who would argue that it hasn't 0:15:27.480 --> 0:15:32.280 necessarily played out that way drug pricing. What changes or 0:15:32.360 --> 0:15:34.880 what are your hope for changes when it comes to 0:15:35.360 --> 0:15:39.000 this year and maybe under a new administration. Yeah, A 0:15:39.080 --> 0:15:41.680 good question and something that we're really dialed in on. 0:15:41.840 --> 0:15:44.160 I think that a lot of focus over the past 0:15:44.200 --> 0:15:47.240 really four years has been put on things like rebates 0:15:47.360 --> 0:15:50.720 most favorite nation drug importation, things that have kind of 0:15:50.880 --> 0:15:53.360 kind of gotten a lot of headlines but fallen flat 0:15:53.560 --> 0:15:58.280 from a productivity standpoint. To me. The bigger piece that 0:15:58.920 --> 0:16:02.360 has not gotten headlines last six to twelve months, but 0:16:02.440 --> 0:16:05.040 it is going to be embraced by the new administration 0:16:05.640 --> 0:16:10.280 is breaking down data silos, making data accessible to consumers, 0:16:10.760 --> 0:16:13.360 making it share able um. And really what you're gonna 0:16:13.400 --> 0:16:15.480 see is that is going to be the key that 0:16:15.680 --> 0:16:19.120 lets private industry come in and really disrupt the status quo. 0:16:20.080 --> 0:16:23.600 It's going to allow consumers to be educated, empowered and 0:16:23.720 --> 0:16:26.160 engage with you know, the decisions that are happening that 0:16:26.400 --> 0:16:29.600 that ultimately cost them dollars um. And that's going to 0:16:29.680 --> 0:16:33.720 be the biggest change in the market. You and I 0:16:33.840 --> 0:16:35.960 really think over the next few years as more and 0:16:36.000 --> 0:16:40.960 more companies, technology companies find cool new ways to help 0:16:41.000 --> 0:16:44.160 consumers make better choices. Well, tell me about that, because 0:16:44.520 --> 0:16:46.240 I do feel like and it's one of the areas 0:16:46.280 --> 0:16:48.640 that has lagged in our economy in terms of the 0:16:48.720 --> 0:16:51.920 medical world, the pharmaceutical world really getting kind of with 0:16:52.080 --> 0:16:54.600 it when it comes to disruption and technology. But I 0:16:54.680 --> 0:16:57.440 do think the pandemic is going to change some of 0:16:57.480 --> 0:17:00.680 that as as myself. I'm speaking my book that I've 0:17:00.720 --> 0:17:03.760 moved on to you know, apps and platforms to check 0:17:03.840 --> 0:17:06.920 in and do different things when it comes to the 0:17:07.040 --> 0:17:09.400 medical world. Tell us about what you guys are doing 0:17:09.480 --> 0:17:12.760 specifically and what are the changes that you're seeing in 0:17:13.160 --> 0:17:19.760 terms of driving down costs for employees employers as a result. Yeah, 0:17:20.480 --> 0:17:23.600 great question. I mean, you know, the entire business that 0:17:23.720 --> 0:17:26.880 we're focused on is helping consumers and employers help plans 0:17:26.880 --> 0:17:29.679 save money on drugs. What we've seen through this COVID 0:17:29.800 --> 0:17:33.000 period is an acceleration and adoption of of our platform. 0:17:33.600 --> 0:17:37.119 We service just about nine million members today and the 0:17:37.359 --> 0:17:40.840 use of our platform spiked. Um. People want to do 0:17:41.040 --> 0:17:44.040 more things digitally. They want to have prescription drugs show 0:17:44.080 --> 0:17:46.080 up at their doorstep and not have to go to 0:17:46.160 --> 0:17:50.320 a pharmacy where a bunch of crowded, you know, sick people. Maybe. Um. So, 0:17:50.680 --> 0:17:53.560 I think you'll continue to see adoption and acceleration in 0:17:53.760 --> 0:17:57.479 healthcare tech as a general statement, and certainly driven by 0:17:57.560 --> 0:17:59.920 some of the government bills, the transparency bills like nine 0:18:00.760 --> 0:18:04.760 and C. Those are going to be big market drivers 0:18:04.800 --> 0:18:08.080 in the medicare market that will expand to the commercial market. Yeah. 0:18:08.119 --> 0:18:11.280 We'll ultimately see whether the incoming administration kind of stays 0:18:11.359 --> 0:18:15.240 with some of the policies that the current administration revealed 0:18:15.280 --> 0:18:18.000 in late November when it comes to drug pricing specifically, 0:18:18.000 --> 0:18:20.879 which was certainly something they talked about a lot, but 0:18:21.240 --> 0:18:24.520 only getting to it a month or so ago. UM, Michael, 0:18:24.560 --> 0:18:26.680 thank you so much. Michael Ray is founder and chief 0:18:26.720 --> 0:18:29.760 executive officer at r X Saving Solutions, joining us on 0:18:29.880 --> 0:18:35.359 the phone from Overland Park, Kansas. What a year and 0:18:35.640 --> 0:18:38.000 typically the end of the year New Year's Eve. It's 0:18:38.240 --> 0:18:41.600 a big day in a normal year for restaurants, but 0:18:41.680 --> 0:18:44.640 it's not going to be that way. In fact, restaurants 0:18:44.640 --> 0:18:47.040 are bracing for a New Year's Eve without much celebration 0:18:47.119 --> 0:18:50.720 after a year obviously without much celebration. Let's get into 0:18:50.840 --> 0:18:53.280 it with our at least young reporter ut Bloomberg News. 0:18:53.320 --> 0:18:55.760 She joins us on the phone from Trenton, New Jersey. UM, 0:18:55.880 --> 0:18:58.159 at lease, nice to have you here. Tell us a 0:18:58.200 --> 0:19:00.679 little bit about the story you did with your colleagues 0:19:01.160 --> 0:19:04.240 about you know, kind of I can't even believe, like 0:19:04.560 --> 0:19:07.000 what this year has meant for the restaurant community, and 0:19:07.640 --> 0:19:11.760 the bad news is far from over. New Year's Eve 0:19:12.000 --> 0:19:16.080 is a huge day for restaurants. UM. To give you 0:19:16.200 --> 0:19:20.919 an idea of of what it means monetarily, there's an 0:19:20.960 --> 0:19:24.000 olive garden in Times Square where people are willing to 0:19:24.040 --> 0:19:28.600 pay four hundred dollars for the New Year's Eve celebration. UM. 0:19:29.400 --> 0:19:34.159 And uh. Last year a lot of chains reported uh 0:19:34.400 --> 0:19:39.760 that versus a typical night they did Outback State Hostedent 0:19:40.160 --> 0:19:46.320 More Business, Olive Garden, did Applebe's eighteen percent more. It's 0:19:46.520 --> 0:19:51.719 it's huge, um One South Orange restaurateur, South Orange, New 0:19:51.800 --> 0:19:55.040 Jersey restaurateur told me on the typical New Year's Eve 0:19:55.080 --> 0:19:58.760 they could make twenty dollars um. This year at Papillon, 0:20:00.160 --> 0:20:03.840 she said, if they make three thousand dollars, she'll feel lucky. Yeah. 0:20:03.920 --> 0:20:05.520 I mean the whole idea of like take out and 0:20:05.640 --> 0:20:07.800 ordering out, you know, I guess it's helped restaurants a 0:20:07.840 --> 0:20:10.080 little bit, but it's it's no comparison on a night 0:20:10.160 --> 0:20:14.600 like tonight, where typically the prices are tacked up big time, 0:20:15.240 --> 0:20:17.800 and we as consumers don't have a problem about kind 0:20:17.800 --> 0:20:22.400 of overspending because we're celebrating a holiday. That's right. Um. 0:20:23.320 --> 0:20:28.560 Carlo Momo, who's um part of the Terra Momo Group family, 0:20:28.760 --> 0:20:32.560 which operates for properties in and around the Ivy League 0:20:32.640 --> 0:20:37.440 town of Princeton, New Jersey, told me that it's fun 0:20:37.600 --> 0:20:40.080 for the staff. New Year's Eve is fun that the 0:20:40.119 --> 0:20:43.160 folks who come after seven or so tend to stay. 0:20:43.440 --> 0:20:46.879 Everybody's happy, everybody has somebody something to look forward to, 0:20:47.440 --> 0:20:51.399 their freely spending and their generous to the staff, and 0:20:51.680 --> 0:20:55.520 that's simply not going to happen this year. Yeah exactly, So, 0:20:55.640 --> 0:20:58.080 I mean, and there's also curfews right in a lot 0:20:58.160 --> 0:21:02.280 of towns and cities that even for someone who might 0:21:02.440 --> 0:21:06.959 try and do something, I guess even outside um, there 0:21:07.000 --> 0:21:08.920 are rules that are going to restrict what they can do. 0:21:10.280 --> 0:21:14.240 That's right in in New Jersey statewide. UM, restaurant indoor 0:21:14.320 --> 0:21:18.680 dining must end at ten o'clock, which then runs into 0:21:18.800 --> 0:21:21.160 well New Year's Eve. How do you do a countdown 0:21:21.280 --> 0:21:26.760 at ten o'clock? So some restaurateurs are sending people off 0:21:26.880 --> 0:21:31.240 with wine bottles or sangria at fifteen percent off so 0:21:31.359 --> 0:21:34.399 that they can continue the party at home. Um. There. 0:21:34.520 --> 0:21:38.280 So there are some bright spots here. The Tara Momo Group, 0:21:38.760 --> 0:21:41.840 for the first time this year, is offering a one 0:21:42.440 --> 0:21:48.960 fifty dollar advanced order in advanced box that feeds for people. Um. 0:21:49.200 --> 0:21:51.120 And this is the first time they've done that. It's 0:21:51.160 --> 0:21:55.760 got for what what's got shrimps, ribs, um. So there's 0:21:55.800 --> 0:22:00.160