WEBVTT - Bloomberg Businessweek Weekend-July 2, 2020 0:00:02.520 --> 0:00:07.160 This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm 0:00:07.240 --> 0:00:09.639 Jason Kelly and I'm Carol Masser. Welcome to the weekend 0:00:09.800 --> 0:00:12.479 edition of Bloomberg Business Week. Over the next couple of hours, 0:00:12.520 --> 0:00:14.880 we're gonna bring you news of the week, insights from 0:00:14.920 --> 0:00:17.079 the magazine, and so much more. And Jason, it was 0:00:17.120 --> 0:00:18.959 week sixteen. We both had to kind of do a 0:00:19.000 --> 0:00:22.440 reality check on that. We've been working from home for 0:00:22.480 --> 0:00:25.639 about four months. Like so many other Americans. We began 0:00:25.840 --> 0:00:28.200 this working from home just before the first quarter of 0:00:28.200 --> 0:00:30.560 the year ended. Now we just wrapped up the second quarter. 0:00:30.920 --> 0:00:32.960 The first half of the year is over, and this 0:00:33.040 --> 0:00:36.320 week Bloomberg Business Week magazine a little bit of a respite, 0:00:36.360 --> 0:00:39.479 perhaps from some of the big headlines out there and 0:00:39.560 --> 0:00:42.840 stresses that we've all been dealing with. It's the heist issue, 0:00:43.040 --> 0:00:45.440 and we'll get more later on from our editor Joel 0:00:45.440 --> 0:00:49.240 Webber and features editor Max Chafkin. It is, as you say, 0:00:49.240 --> 0:00:51.839 a little bit of a respite, Carol, uh and the 0:00:51.840 --> 0:00:54.520 heist issue. It's an annual tradition, so looking forward to 0:00:54.560 --> 0:00:58.120 hearing more about that. But meanwhile, the headlines continued to 0:00:58.160 --> 0:01:01.480 come fast and furious. We are a country in a 0:01:01.520 --> 0:01:05.920 world dealing with multiple crises, and crises that continue to 0:01:06.040 --> 0:01:08.720 befuddle us in many ways, not the least of which 0:01:09.160 --> 0:01:13.440 is the virus. We got spiking cases across the United States, 0:01:13.959 --> 0:01:16.680 and it is a scary time for many people. We're 0:01:16.720 --> 0:01:19.440 going to hear later on what that means from a 0:01:19.480 --> 0:01:22.800 medical perspective, and obviously it informs just about every conversation 0:01:23.280 --> 0:01:26.680 we had, but first it's a topic we continue to discuss, 0:01:27.000 --> 0:01:29.400 diversity and inclusion, and one of the most read stories 0:01:29.440 --> 0:01:32.440 on the Bloomberg this week the Unwritten Code on race 0:01:32.560 --> 0:01:35.280 Black and White on Wall Street. You're right, Jason, it 0:01:35.360 --> 0:01:37.160 was one of the most read stories of the week 0:01:37.240 --> 0:01:39.679 on the Bloomberg. We got more from Bloomberg News Finance 0:01:39.680 --> 0:01:43.920 reporter Michelle Davis. Over the past few weeks, UH, Wall Street, 0:01:44.360 --> 0:01:46.880 much like the rest of the country and the rest 0:01:46.880 --> 0:01:50.520 of corporate America, has been facing of reckoning over race, 0:01:50.920 --> 0:01:55.080 and that means there's been lots of conversations happening, and so, 0:01:55.240 --> 0:01:57.720 you know, I wanted to talk to black workers across 0:01:57.720 --> 0:01:59.880 the industry to hear about, you know, what it's like 0:02:00.080 --> 0:02:03.080 to be black in a predominantly white industry, what sorts 0:02:03.080 --> 0:02:05.840 of conversations are happening at their firms right now, and 0:02:06.280 --> 0:02:10.040 you know why they think diversity initiatives has failed. And 0:02:11.080 --> 0:02:14.440 in talking to folks, what I found or what I heard, 0:02:14.520 --> 0:02:16.560 you know, was that, well, a lot of people are 0:02:16.600 --> 0:02:18.680 really heartened by the fact that, you know, there are 0:02:18.720 --> 0:02:21.920 these open conversations about race happening right now. It is 0:02:22.040 --> 0:02:25.080 clear that Wall Street has failed as people of color, 0:02:25.120 --> 0:02:28.280 and there's a lot of skepticism that anything is going 0:02:28.320 --> 0:02:33.120 to change anytime soon because a big part of this is, 0:02:33.560 --> 0:02:35.640 you know, there are these unwritten rules and there is 0:02:35.639 --> 0:02:39.240 a systemic racism that is just ingrained in the culture 0:02:39.360 --> 0:02:43.079 that uh, you know, some say it is going to 0:02:43.200 --> 0:02:46.680 take a long time to change more than just a conversation, Michelle, 0:02:46.720 --> 0:02:49.320 what surprised you the most as you were reporting this 0:02:49.360 --> 0:02:53.680 story because the way you wrote it is fantastic because 0:02:53.720 --> 0:02:57.440 you just come right out with these we these unwritten rules. 0:02:57.440 --> 0:02:59.880 And note that some people will say, no, that's not true, 0:03:00.000 --> 0:03:02.920 maybe that's untrue, but the reality is is, as I 0:03:02.960 --> 0:03:06.680 read it, at least knowing Wall Street fairly well, every 0:03:06.680 --> 0:03:10.200 one of them rang true to some extent or another. 0:03:10.560 --> 0:03:14.640 But what surprised you the must So I would say 0:03:15.200 --> 0:03:19.400 two thinks. One is I hadn't realized that even though 0:03:19.440 --> 0:03:22.720 Wall Street has, you know, had diversity initiatives in place 0:03:22.800 --> 0:03:26.240 for decades, the industry has actually gotten whiter over the 0:03:26.280 --> 0:03:29.960 past few years. At JP Morgan Bank America and City Group, 0:03:30.280 --> 0:03:34.480 the percentage of black workers overall has been falling, not rising. 0:03:34.639 --> 0:03:38.160 So that was surprising to me. And the other part 0:03:38.240 --> 0:03:41.000 was just the fact that every single person I talked 0:03:41.000 --> 0:03:45.200 to you had experienced some sort of racism. Not you know, 0:03:45.680 --> 0:03:48.840 just when they left the building, because social status doesn't 0:03:48.840 --> 0:03:51.600 protect you from racism, but it was inside the building, 0:03:51.600 --> 0:03:54.160 and it's you know, maybe not all of it was 0:03:54.280 --> 0:03:57.320 as overt as like a coworker calling them an an 0:03:57.320 --> 0:04:00.080 appropriate name, but it was just these little things that 0:04:00.160 --> 0:04:04.600 happened every single day that um, I found shocking and horrible. Frankly, 0:04:04.800 --> 0:04:07.080 I gotta tell you just the list reading through, and 0:04:07.080 --> 0:04:09.800 I've read it a couple of times. I mean, you know, 0:04:10.240 --> 0:04:13.600 as you say, never forget, despite all those promises about diversity, 0:04:13.640 --> 0:04:16.160 only about one percent of senior management on Wall Street 0:04:16.279 --> 0:04:19.200 is black. You know, you go down this list, adopt 0:04:19.200 --> 0:04:22.920 a white voice, don't laugh too loudly, act like all 0:04:22.960 --> 0:04:25.960 of this is normal. Don't talk about race. I've had 0:04:26.080 --> 0:04:28.960 conversations with a lot of folks. I know, Jason, you 0:04:29.000 --> 0:04:34.480 have to and you know, it's amazing how Black Americans 0:04:34.600 --> 0:04:36.960 on Wall Street and I feel like in corporate America 0:04:37.080 --> 0:04:39.960 they have really felt like they are not allowed to 0:04:40.080 --> 0:04:44.680 speak freely and that's troublesome. Yeah, And I think something 0:04:44.720 --> 0:04:47.240 that one person I talk to you said that I 0:04:47.279 --> 0:04:49.920 think really kind of sums up what you just said there. 0:04:50.400 --> 0:04:52.920 And what I found interesting is that a lot of 0:04:52.920 --> 0:04:55.599 this dogs have to do with culture. So you know, 0:04:55.640 --> 0:04:57.839 if you have to change your hide part of yourself 0:04:57.880 --> 0:05:01.039 to fit into a culture. And based on the conversations 0:05:01.160 --> 0:05:03.880 I had, you know, people are getting penalized if they don't, 0:05:04.000 --> 0:05:06.880 So that means there's clearly something wrong with the system 0:05:06.960 --> 0:05:10.640 and the culture itself. And I think, you know, the 0:05:10.640 --> 0:05:14.599 big question is how do you actually Here's that one 0:05:14.600 --> 0:05:15.960 thing I would have loved to do and here that 0:05:16.000 --> 0:05:18.880 I didn't is actually be able to break down like 0:05:19.360 --> 0:05:24.239 what the black representation is like on actual treating floors 0:05:24.279 --> 0:05:27.599 and like within investment making because those numbers they don't 0:05:27.680 --> 0:05:31.680 exist anywhere. Um. I know anecdotally that you know, at 0:05:31.839 --> 0:05:34.920 some of the banks, there are no black workers on 0:05:35.160 --> 0:05:39.600 certain desks, but it's just there. It's it's I think 0:05:39.680 --> 0:05:42.200 until there are actual numbers, it's going to be it 0:05:42.279 --> 0:05:44.680 might be hard for some of the banks to actually 0:05:44.800 --> 0:05:47.200 admit that there is a problem. And that's Bloodberg News 0:05:47.240 --> 0:05:49.760 Finance reporter Michelle Davis, as we said, one of the 0:05:49.800 --> 0:05:52.000 most read stories of the league, which in some ways 0:05:52.040 --> 0:05:54.640 I have to say is good news in the sense 0:05:54.680 --> 0:05:57.000 that I do feel like Wall Street is paying attention 0:05:57.360 --> 0:06:02.360 to this story more and more. Race, race relations and inequality, Carol. 0:06:02.600 --> 0:06:06.160 Oftentimes on Wall Street went unspoken, and I think that 0:06:06.320 --> 0:06:09.320 is underneath everything that Michelle was writing about in this story, 0:06:09.640 --> 0:06:14.240 these unwritten rules. They are disturbing to read, but also 0:06:14.720 --> 0:06:18.760 paint a portrait of maybe, maybe, just maybe a Wall 0:06:18.800 --> 0:06:20.760 Street that's ready to change. I'm just gonna say, check 0:06:20.760 --> 0:06:22.560 out our story in the Bloomberg at Bloomberg dot com 0:06:22.560 --> 0:06:26.080 because there are so many revealing statistics and startling statistics 0:06:26.160 --> 0:06:29.400 in that story. You're listening to Bloomberg Business Week coming up. 0:06:29.400 --> 0:06:33.279 As states continue reopening, the question remains, are they doing 0:06:33.320 --> 0:06:35.640 it too soon? We'll hear from one of our go 0:06:35.760 --> 0:06:38.719 to voices on the virus, dr Ian LUs Bader He's 0:06:38.760 --> 0:06:41.520 the clinical Associate Professor of Medicine at n y U 0:06:41.640 --> 0:06:45.200 Landgo Medical Center. It's a week where Anthony Faucci came 0:06:45.240 --> 0:06:48.200 out and talked about virus cases could rise to a 0:06:48.279 --> 0:06:51.679 hundred thousand a day if behaviors don't change. The story 0:06:51.760 --> 0:07:01.560 front and center. This is Bloomberg. Is is Bloomberg Business 0:07:01.600 --> 0:07:05.280 Week with Carol Masser and Jason Kelly from Bloomberg Radio. 0:07:05.360 --> 0:07:07.000 And today we're bringing you some of the most important 0:07:07.000 --> 0:07:10.040 and we hope informative conversations we had on our daily 0:07:10.080 --> 0:07:14.080 Bloomberg Business Week radio show this week. And Carol, as 0:07:14.280 --> 0:07:17.280 much as we would love to move on from the virus, 0:07:17.360 --> 0:07:20.240 the virus is not moving on from us. We continue 0:07:20.280 --> 0:07:23.320 to see spiking cases across the country. Well, and I 0:07:23.360 --> 0:07:26.200 feel like it was brought front and center by Anthony Fauci. Right. 0:07:26.200 --> 0:07:29.040 He's the U. S Government's top infectious disease specialist. Jason 0:07:29.080 --> 0:07:31.720 he warned lawmakers that virus cases could rise to a 0:07:31.800 --> 0:07:34.680 hundred thousand a day if behaviors do not change. I'm 0:07:34.760 --> 0:07:37.600 very concerned and I'm not satisfied with what's going on 0:07:38.080 --> 0:07:40.520 because we're going in the wrong direction. One of the 0:07:40.600 --> 0:07:43.640 voices that we talked to weekly is Dr Ian LUs Bader, 0:07:43.680 --> 0:07:46.160 his clinical Associate Professor of Medicine at n y U 0:07:46.240 --> 0:07:49.080 Landgoing Medical Center, and he told us where we are 0:07:49.160 --> 0:07:53.040 when it comes to fighting the virus. Most doctors that 0:07:53.120 --> 0:07:56.920 I speak to certainly are very concerned, and hospitals are 0:07:56.960 --> 0:08:01.280 concerned as they should be um to some degree. You know, 0:08:01.320 --> 0:08:04.680 I think by by not really mandating you know, masks 0:08:04.720 --> 0:08:08.200 and social isolation, really by giving that as an option, 0:08:08.280 --> 0:08:11.560 which you know, with multiple states and in a free country, 0:08:11.560 --> 0:08:15.760 that's certainly one approach. We're really in a way, uh 0:08:15.800 --> 0:08:20.400 following the Swedish model, which is letting nature take its course. 0:08:20.600 --> 0:08:24.520 And when that happens, there's certainly a significant risk. As 0:08:24.640 --> 0:08:27.600 Dr Fauci says, you know, cases at this point we're 0:08:27.600 --> 0:08:30.200 about forty or fifty thousand a day. We know they're 0:08:30.240 --> 0:08:34.440 really much higher because we're really only picking up about 0:08:34.520 --> 0:08:38.480 one intent or only diagnosing one intent. There are probably 0:08:38.559 --> 0:08:42.439 ten times more people who have UH COVID than than 0:08:42.600 --> 0:08:45.280 are actually being picked up by tests. So we're talking 0:08:45.679 --> 0:08:48.880 hundreds of thousands a day of new cases, and of 0:08:48.880 --> 0:08:54.280 course that translates into potentially um higher surge on hospitals 0:08:54.280 --> 0:08:56.480 and health care facilities, and this is what we're seeing 0:08:56.520 --> 0:08:59.680 across the Sun Belt. Yeah, it's not even it's not 0:08:59.760 --> 0:09:03.920 even just the surge with hospitals, which is a concern, 0:09:04.400 --> 0:09:08.800 but really ultimately a higher death rate and then what 0:09:08.920 --> 0:09:12.200 I like to call post COVID syndrome. Even people who 0:09:12.240 --> 0:09:15.520 get through it often have a lot of other symptoms 0:09:15.520 --> 0:09:19.240 and ongoing healthcare issues. So it's it's quite worrisome. Ian. 0:09:19.320 --> 0:09:21.960 Let's talk about that. In anticipation of our conversation, I 0:09:22.000 --> 0:09:25.600 was talking to others about, um, exactly what you're getting to. 0:09:25.920 --> 0:09:27.839 You know, you were the first one, Jason, and I 0:09:27.920 --> 0:09:29.600 can kind of almost remember the day where you talked 0:09:29.600 --> 0:09:33.600 about the blood clots, you know, throughout the body and 0:09:33.679 --> 0:09:37.120 this was just not something you see often. Talk to 0:09:37.240 --> 0:09:39.920 us about the implications of that and and the problems 0:09:39.920 --> 0:09:42.560 that seemed to be maybe staying with some patients even 0:09:42.600 --> 0:09:47.440 after they recover. Exactly, So this uh and Dr Faucci 0:09:47.480 --> 0:09:49.400 has said this. He said, this is a virus with 0:09:49.559 --> 0:09:54.920 protein manifestations, meaning multiple ways of manifesting. We typically think 0:09:55.000 --> 0:09:59.480 of viruses perhaps as an ammonia or fever, chills and aches, 0:09:59.800 --> 0:10:03.640 but this virus is unique. We we really can't think 0:10:03.640 --> 0:10:09.680 of something similar where multiple organs are affected, strokes in 0:10:09.720 --> 0:10:13.040 the brain, and kidney disease, liver disease, very high liver 0:10:13.120 --> 0:10:17.760 function test g I disease, nausea, vomiting, diarrhea, and not 0:10:17.880 --> 0:10:24.920 only that, besides UM killing people with blood clots and 0:10:24.920 --> 0:10:28.280 and some of the latest data show that the virus 0:10:28.360 --> 0:10:32.760 seems to increase platelet aggregation or the stickiness of platelets 0:10:32.800 --> 0:10:36.120 and platelets. Normally, you know, we need to to cause 0:10:36.160 --> 0:10:38.280 some clotting when you get an injury or a cut, 0:10:38.559 --> 0:10:41.960 but when there's a massive increase in platelet stickiness, you 0:10:42.000 --> 0:10:45.080 get clots everywhere. And that probably explains a lot of 0:10:45.120 --> 0:10:47.840 the you know, severe consequences that we see as a 0:10:47.880 --> 0:10:52.200 result of these infections. Well, and presumably that ultimately has 0:10:52.240 --> 0:10:57.199 an impact on a hospital and doctor's abilities to treat 0:10:57.240 --> 0:11:00.280 a whole host of things, including new case is. But 0:11:00.360 --> 0:11:04.320 also this long tail, as it were, uh Ian of 0:11:04.480 --> 0:11:08.680 COVID exactly right, So we have the you know, the 0:11:08.760 --> 0:11:13.520 acute UH injury or the the acute illness, and we're 0:11:13.559 --> 0:11:18.360 still a bit perplexed why there is a number of 0:11:18.360 --> 0:11:21.679 patients who have mild to to no symptoms. And this 0:11:21.760 --> 0:11:24.880 is that large young group of people who are asymptomatic, 0:11:24.920 --> 0:11:29.359 they form a reservoir. They're often feel fine and feel invulnerable. 0:11:29.400 --> 0:11:32.840 They're not wearing masks. They're potentially transferring this to other 0:11:32.920 --> 0:11:36.160 people who are older, which is why you know, universal 0:11:36.280 --> 0:11:41.280 masking is certainly a reasonable request for for all UM 0:11:41.360 --> 0:11:46.760 and then uh, insusceptible patients, you get this really cascade 0:11:46.760 --> 0:11:49.280 of effects that make people more short of breath, have 0:11:49.400 --> 0:11:54.280 clots everywhere, and then even if people survive after hospitalization, 0:11:54.320 --> 0:11:57.439 many have a long term not only psychologic effects but 0:11:57.520 --> 0:12:03.080 physical effects. Ian A Fiser vaccine showed some promise. And 0:12:03.080 --> 0:12:05.480 what's interesting is well street investors they tend to react 0:12:05.720 --> 0:12:11.120 pretty enthusiastically, rather quickly when it comes to virus news 0:12:11.640 --> 0:12:15.200 UM put it in context, when do you realistically still 0:12:15.600 --> 0:12:18.640 expect a vaccine? So I, you know, I think this 0:12:18.800 --> 0:12:21.400 is encouraging news Fightser is one of the number of 0:12:21.679 --> 0:12:25.360 companies Maduna j and j a estro Zeneca, you know, 0:12:25.400 --> 0:12:27.520 who are really moving forward. A lot of these studies 0:12:27.520 --> 0:12:30.319 are going to go into phase three with wider number 0:12:30.320 --> 0:12:34.400 of patients. The Fiser study is is fairly small, uh 0:12:34.440 --> 0:12:37.079 you know, forty five patients or so um, but it 0:12:37.160 --> 0:12:40.520 certainly is encouraging. What we don't know is in a 0:12:40.640 --> 0:12:44.920 larger number of patients, how many will develop antibodies that 0:12:44.960 --> 0:12:48.880 are neutralizing, how long those antibodies will last, and will 0:12:48.960 --> 0:12:52.520 the virus mutates. So I think it is encouraging that 0:12:52.559 --> 0:12:55.800 we're making progress. It is a unique way of making 0:12:56.160 --> 0:13:01.520 UH vaccine with messenger RNA which gets into your own 0:13:01.600 --> 0:13:06.760 cells and uh UH forms these proteins that are typical 0:13:06.840 --> 0:13:10.560 of the coronavirus COVID nineteen, typically the spike protein, and 0:13:10.600 --> 0:13:13.560 then your body forms antibodies to that, so you're not 0:13:13.720 --> 0:13:17.560 subject to the risk of a live virus. And we 0:13:17.640 --> 0:13:20.439 think that this is hopefully a better way. It is 0:13:20.480 --> 0:13:23.480 a relatively new technology, but again there are a lot 0:13:23.520 --> 0:13:28.040 of hurdles before not only is it proven effective, but 0:13:28.559 --> 0:13:32.240 it can be ramped up, manufactured and distributed, and probably 0:13:32.240 --> 0:13:37.719 there'll be several vaccines using similar technology, hopefully with similar efficacy. 0:13:38.120 --> 0:13:41.200 So I think at some point UH and I'm thinking early, 0:13:43.120 --> 0:13:45.439 but I think it can be a very bumpy road 0:13:46.200 --> 0:13:49.160 until we get there where it where it's widespread. That's 0:13:49.200 --> 0:13:52.240 Dr Eatin loss Better, clinical Associate professor of medicine at 0:13:52.360 --> 0:13:54.640 n y U Landgown Medical Center and Jason. I feel 0:13:54.679 --> 0:13:57.160 like so many of our weekly conversations with him have 0:13:57.360 --> 0:14:01.479 really often revealed things at then are in the headline. 0:14:01.520 --> 0:14:03.360 So I really feel like he has kept us ahead 0:14:03.360 --> 0:14:06.520 of the news when it comes to COVID nineteen. Well, 0:14:06.559 --> 0:14:08.800 and one of the reasons, and I think we're feeling 0:14:08.840 --> 0:14:11.440 this acutely, is because New York was so much on 0:14:11.480 --> 0:14:13.719 the front lines in New York City specifically, and he 0:14:13.800 --> 0:14:16.520 was on the front line, so he saw this virus 0:14:16.640 --> 0:14:18.760 up close and personal. He saw the effect that it 0:14:18.840 --> 0:14:22.680 had on doctors and nurses and other essential workers. And 0:14:22.720 --> 0:14:26.720 he's also seen the cautious reopening, a reopening that got 0:14:26.880 --> 0:14:30.280 a little more cautious this week, even as New York, 0:14:30.320 --> 0:14:33.800 New Jersey, Connecticut, all the states around us, in the 0:14:33.840 --> 0:14:37.200 states that we live in. Carol started to say, we 0:14:37.240 --> 0:14:39.240 may need to slow this down because of what's going 0:14:39.280 --> 0:14:42.040 on across the country. Yeah, two steps forward, one step back. 0:14:42.080 --> 0:14:44.920 It feels like you're listening to Bloomberg Business Week coming up. 0:14:44.960 --> 0:14:47.640 We can't forget it's a presidential election year. Why Summer 0:14:47.680 --> 0:14:50.640 saying President Trump and former Vice President Joe Biden, well 0:14:50.680 --> 0:14:53.360 that they've switched roles when it comes to the election 0:14:53.440 --> 0:14:56.200 that's coming up next. It's like a freaky Friday. This 0:14:56.320 --> 0:15:04.920 is Bloomberg. This is Bloomberg Business Week with Carol Masser 0:15:05.040 --> 0:15:09.840 and Jason Kelly from Bloomberg Radio. Well, today we're bring 0:15:09.960 --> 0:15:11.640 you some of the most important and we hope informative 0:15:11.640 --> 0:15:15.240 conversations we've had on our daily radio show, Bloomberg business Week. 0:15:15.600 --> 0:15:18.480 This week, Carol and we can't get too far away 0:15:18.520 --> 0:15:21.520 from politics. No, and it's easy to sometimes forget it's 0:15:21.520 --> 0:15:24.520 a presidential election year. Jason, it's just about four months away. 0:15:24.760 --> 0:15:28.000 Josh Green one of our favorite voices from Business Week 0:15:28.040 --> 0:15:30.360 to have on air. He's a national correspondent. He wrote 0:15:30.360 --> 0:15:34.640 the book about the elections. This week though, writing about 0:15:34.640 --> 0:15:37.600 the role swap going on between President Trump, the incumbent, 0:15:37.960 --> 0:15:40.520 and his challenge our former vice president, Senator Joe Biden. 0:15:40.560 --> 0:15:44.640 Basically Biden Jason is acting more like the incumbent. Josh 0:15:44.720 --> 0:15:48.400 joined us along with Bloomberg Business Week editor Joe Webber. Overall, 0:15:48.440 --> 0:15:50.840 what stood out was just the oddity of this race. 0:15:50.960 --> 0:15:53.520 But the specific thing that seems so odd, as we 0:15:53.560 --> 0:15:55.680 talked about, is that the two guys have sort of 0:15:55.680 --> 0:15:59.960 just swapped rolls. So in speaking to you past presidential strategy, 0:16:00.000 --> 0:16:04.120 administration officials, Trump officials really has to do with the 0:16:04.280 --> 0:16:06.480 unique nature of these two men. I mean, on the 0:16:06.560 --> 0:16:09.880 one hand, Donald Trump, you know, loves being a Kennedy, 0:16:09.960 --> 0:16:13.600 loves holding stadium rallies and tweeting and criticizing people, but 0:16:13.680 --> 0:16:16.640 he's never really kind of content to running the government. 0:16:16.680 --> 0:16:18.440 And when you look at all this going wrong in 0:16:18.480 --> 0:16:22.200 the country, from the spread of COVID to the recession 0:16:22.280 --> 0:16:24.640 and the collapse the stock marketing, all these other things, 0:16:24.880 --> 0:16:26.720 it's kind of understandable why he might not want to 0:16:26.720 --> 0:16:29.840 focus on that and run the way a traditional president would, 0:16:29.840 --> 0:16:33.360 which is having lots of rose garden ceremonies and reminding 0:16:33.400 --> 0:16:36.320 people that he's the president and he's in charge. On 0:16:36.360 --> 0:16:38.720 the other hand, you know, we've never had a candidate 0:16:38.800 --> 0:16:41.720 quite like Joe Biden, somebody who's been on the national 0:16:41.800 --> 0:16:45.840 stage for so long and it's so familiar that he 0:16:45.920 --> 0:16:49.760 doesn't really need to introduce himself to voters the way 0:16:49.800 --> 0:16:52.480 that like a new candidate like Barack Obama did in 0:16:52.480 --> 0:16:56.240 two thousand and eight. Biden doesn't really have to convince people, hey, 0:16:56.280 --> 0:16:59.280 you know, I'm qualified to be president because he's been 0:16:59.400 --> 0:17:01.480 vice president for eight years he's been a senator for 0:17:01.600 --> 0:17:04.280 a hundred and forty years or something like that, and 0:17:04.359 --> 0:17:09.879 so he has very well known name recognition. People have 0:17:09.920 --> 0:17:13.120 a very clear idea of who Joe Biden is, moderate, 0:17:13.240 --> 0:17:15.840 Uncle Joe whatever, whatever, And so he can kind of 0:17:15.880 --> 0:17:18.000 camp out in his basement and as long as he's 0:17:18.080 --> 0:17:22.040 leading in the polls by ten, twelve, fourteen points, he 0:17:22.080 --> 0:17:25.119 can essentially run an incumbents campaign and just say, hey, 0:17:25.200 --> 0:17:29.200 vote for me. I'm Joe. Time to put me in charge. Well, 0:17:29.200 --> 0:17:31.399 and a big difference is, as you write, your story 0:17:31.720 --> 0:17:36.440 is about you know, incumbents, you know, going after um, 0:17:36.760 --> 0:17:39.960 undecided voters in the middle right. And that's what's missing 0:17:40.240 --> 0:17:43.359 from Trump. Yeah, it really is. I mean, look, there's 0:17:43.359 --> 0:17:46.680 a reason that income in presence of both parties going 0:17:46.720 --> 0:17:49.360 back a hundred years tend to do the same thing. 0:17:49.840 --> 0:17:52.520 You roll out a big second term agenda, You bring 0:17:52.520 --> 0:17:56.600 in government business big wigs into the Oval office, You 0:17:56.680 --> 0:17:59.199 kind of flaunt the power that you have in the 0:17:59.240 --> 0:18:04.400 bully pulp it and sort of established the conditions by 0:18:04.400 --> 0:18:07.160 which voters think, you know, that guy looks like he's 0:18:07.160 --> 0:18:09.200 in charge of Thanks, let's give him four more years. 0:18:09.240 --> 0:18:13.639 That's worked for every president you know, except for George H. W. 0:18:13.880 --> 0:18:17.359 Bush and Jimmy Carter and my in my lifetime, and 0:18:17.440 --> 0:18:20.680 you know, because the incumbents, he has a real measurable advantage. 0:18:21.040 --> 0:18:23.960 So it's sort of interesting that Trump has chosen to 0:18:24.840 --> 0:18:28.159 forego those potential advantages. I mean, he can, you know, 0:18:28.280 --> 0:18:32.119 call a nationally televised addressed you know, he can reach out. 0:18:32.200 --> 0:18:34.399 You know, he can you can start jobs program. There 0:18:34.440 --> 0:18:36.520 are things that you do in a big recession that 0:18:36.520 --> 0:18:39.960 Trump is just not doing. And by failing to do those, 0:18:40.000 --> 0:18:43.880 I think that helps explain why it is that swing voters, 0:18:44.000 --> 0:18:46.960 voters in the middle at least right now, according to 0:18:47.040 --> 0:18:52.720 the polls we have, are primarily signing with Joe Biden. So, Josh, 0:18:52.760 --> 0:18:55.920 I mentioned the the artwork, and for those who haven't 0:18:55.960 --> 0:18:59.360 seen it, and because this is obviously a radio program, 0:18:59.800 --> 0:19:03.919 the Our Department superimposed a Biden face on Trump and 0:19:03.960 --> 0:19:07.080 a Trump face on Biden to get this point across um. 0:19:07.200 --> 0:19:10.760 And I'm wondering if that's still haunting you, Josh. It 0:19:10.920 --> 0:19:16.159 is haunting my dreams and my nightmare. I tweeted, I 0:19:16.320 --> 0:19:18.440 treated out the image of my Twitter feed a little 0:19:18.440 --> 0:19:20.399 a little while ago. Anybody wants to check it out 0:19:20.440 --> 0:19:23.400 and I'm pretty sure it's a Business Week um online 0:19:23.400 --> 0:19:26.280 in the print, but yeah, it's it is weird. The 0:19:26.320 --> 0:19:30.959 face the face swapping is a very vivid visual representation 0:19:31.000 --> 0:19:32.720 of the broader idea I was trying to get out 0:19:32.760 --> 0:19:34.159 here and one that you will not be able to 0:19:34.160 --> 0:19:37.080 shake from your mind for better or force, and that's 0:19:37.080 --> 0:19:40.879 Sploomberg Business Sweet national correspondent Josh Green, along with Joel Weber, 0:19:40.920 --> 0:19:44.320 the editor of the magazine, and the art. As these 0:19:44.320 --> 0:19:46.800 guys alluded to for this story. You gotta go check 0:19:46.840 --> 0:19:49.040 it out if you're listening to us on the radio, 0:19:49.480 --> 0:19:52.080 just you know, go to Josh Green's Twitter feed because 0:19:52.520 --> 0:19:56.520 it says a lot about where we are and it 0:19:56.720 --> 0:20:00.240 also a, as you said at the top, Carol, a 0:20:00.320 --> 0:20:02.479 reminder we're still in the midst of a presidential election 0:20:02.520 --> 0:20:05.520 and also are a reminder that when Donald Trump has involved, 0:20:05.840 --> 0:20:08.639 it's never business as usual, and it certainly is the 0:20:08.680 --> 0:20:11.239 case as we get closer and closer to November. That's 0:20:11.240 --> 0:20:12.920 what I was thinking when we're talking to Josh and Joel. 0:20:12.920 --> 0:20:16.560 It's an unusual year on so many different levels, including politics. 0:20:16.920 --> 0:20:19.000 You're listening to Bloomberg Business Week coming up as the 0:20:19.000 --> 0:20:22.239 presidential election heats up. We're gonna train our people who 0:20:22.280 --> 0:20:26.919 are professionals um in sports, the sports business, to be 0:20:27.040 --> 0:20:30.440 professionals in the voting business. We'll hear more from Atlanta 0:20:30.480 --> 0:20:33.400 Hawks CEO Steve Coonan, who's taking steps to in shore 0:20:33.440 --> 0:20:36.720 Atlanta voters can get to the polls. This is Bloomberg. 0:20:41.040 --> 0:20:44.520 This is Bloomberg Business Week with Carol Masser and Jason 0:20:44.640 --> 0:20:47.760 Kelly from Bloomberg Radio. Well, today we're bringing you some 0:20:47.800 --> 0:20:50.200 of the most important, we hope informative conversations we had 0:20:50.240 --> 0:20:54.000 on our daily radio show this week. And Carol, it's 0:20:54.080 --> 0:20:58.120 a business of sports invasion, but it's a great invasion. 0:20:58.160 --> 0:21:00.199 And Jason, we know that this year is turning to 0:21:00.240 --> 0:21:03.040 be a very different year on many levels. That includes 0:21:03.080 --> 0:21:05.680 the upcoming presidential election. You and Micha Lynch had an 0:21:05.680 --> 0:21:09.760 interview with the Landahawk CEO Steve Coonan. We have offered 0:21:09.880 --> 0:21:13.119 our arena, State Farm Arena, which is about seven hundred 0:21:13.160 --> 0:21:18.560 thousand square feet, to the Fulton County Commission to host 0:21:19.040 --> 0:21:22.560 voting for both the August runoff in the general election, 0:21:23.280 --> 0:21:26.040 and we will be the home of early voting for 0:21:26.119 --> 0:21:29.600 Fulton County, which is a county that has almost a 0:21:29.640 --> 0:21:34.400 million registered voters UM in early voting in Georgia, you're 0:21:34.400 --> 0:21:38.480 allowed to vote in any super precinct. So we will 0:21:39.080 --> 0:21:41.800 take our full time staff and turn them into full 0:21:41.840 --> 0:21:46.040 time poll workers. One of the difficulties Georgia has had 0:21:46.720 --> 0:21:50.520 is that they aren't volunteer training but maybe an hour 0:21:50.640 --> 0:21:53.919 before the polls opened. And we're gonna train our people 0:21:54.000 --> 0:21:57.960 who are professionals the sports business to be professionals in 0:21:58.000 --> 0:22:01.800 the voting business. They'll train for a week. We will 0:22:01.840 --> 0:22:05.600 open our doors, we will socially distant, we will allow 0:22:05.680 --> 0:22:12.560 for handicap, we will allow um for any kind of needs. 0:22:13.200 --> 0:22:17.480 And the biggest need is for an efficient, timely way 0:22:17.520 --> 0:22:20.359 to vote, and hopefully that's what we're going to deliver 0:22:20.480 --> 0:22:23.400 to the city of Atlanta in Fulam County. Steve, take 0:22:23.440 --> 0:22:26.640 me through the process here, because I'm a Boston guy, 0:22:26.720 --> 0:22:28.879 and if this idea of surfaced here in Boston, it 0:22:28.880 --> 0:22:30.760 would take a decade to get it through all the 0:22:30.800 --> 0:22:33.000 appropriate people that need to put the stamp on it. 0:22:33.200 --> 0:22:35.400 Who'd you have to deal with, who gave the green light, 0:22:35.480 --> 0:22:40.640 and whether roadblocks or any impediments. Actually it moved pretty quickly. 0:22:41.160 --> 0:22:43.800 I kind of had the idea when I was watching 0:22:43.920 --> 0:22:47.359 the protests the first couple of nights, because they were 0:22:47.440 --> 0:22:51.240 literally at the street intersection of where our arena sits, 0:22:51.280 --> 0:22:54.280 and that was the epicenter of the protests in downtown Atlanta. 0:22:55.200 --> 0:23:00.000