WEBVTT - Episode 15: Take Paternity Leave Like a Boss 0:00:00.240 --> 0:00:10.360 I'm having God Baby. This episode is brought to you 0:00:10.400 --> 0:00:13.840 by nat X, the Binary Options Exchange. Binary options let 0:00:13.920 --> 0:00:16.560 you limit your risk and trade stock in dissees, commodities 0:00:16.560 --> 0:00:19.480 for x and more from a single account. Nat X 0:00:19.600 --> 0:00:23.520 is a CFTC regulated exchange with transparency, free market data, 0:00:23.720 --> 0:00:27.160 and fairness guaranteed. The future of trading is here now 0:00:27.320 --> 0:00:30.480 at n A d e x dot com Future's options 0:00:30.480 --> 0:00:32.960 and spots. Trading involves risk and may not be appropriate 0:00:33.080 --> 0:00:41.720 for all investors. Hello and welcome back to Bloomberg benchmarkt 0:00:41.720 --> 0:00:44.960 podcast about the global economy. I'm Tori Stillwell, an economics 0:00:44.960 --> 0:00:47.840 reporter with Bloomberg News and d C, and it is Thursday, 0:00:47.880 --> 0:00:52.280 December tenth. I am with my colleagues inco hosts Dan Moss, 0:00:52.280 --> 0:00:56.040 who has moved to New York, and Akiedo still in 0:00:56.080 --> 0:00:59.160 San Francisco. Hey guys, Hey guys, how's it going. We're 0:00:59.160 --> 0:01:02.200 all super excited about our episode this week, which is 0:01:02.280 --> 0:01:05.440 about the economics of paternity leave. It's one that we've 0:01:05.480 --> 0:01:09.240 been anticipating for a while now. Dandy want to tell 0:01:09.280 --> 0:01:13.440 everyone why I am going to be a father next week. 0:01:13.760 --> 0:01:17.560 The ju date is December fift and I am taking 0:01:17.880 --> 0:01:21.600 three weeks of paternity leave, which is a first for me. 0:01:22.520 --> 0:01:25.640 We thought this was a great time to share a 0:01:25.640 --> 0:01:30.160 little bit and to talk to someone who's studied in 0:01:30.200 --> 0:01:35.640 a serious academic manner the pros and cons not just 0:01:35.760 --> 0:01:40.160 of maternity leave, which is common enough, but paternity leave. 0:01:40.800 --> 0:01:44.120 What's in it for the dads and what does the 0:01:44.160 --> 0:01:47.720 research show about what's in it for the kids. When 0:01:47.720 --> 0:01:50.280 our daughter is a little older, she probably won't want 0:01:50.280 --> 0:01:53.280 me around for three weeks. I've got to cash in now. 0:01:54.720 --> 0:01:56.880 So Dan, our hope is that by the time you 0:01:56.960 --> 0:01:59.880 leave our studio today you are going to be armed 0:02:00.160 --> 0:02:02.920 the best that economics has to say about the next 0:02:02.960 --> 0:02:04.760 few weeks that you're going to be spending with your 0:02:04.760 --> 0:02:09.160 new baby, and that we have Villiam, a Dame on 0:02:09.160 --> 0:02:12.080 the line. He's a senior economist with the O E. 0:02:12.160 --> 0:02:14.839 C D and he leads a team of analysts there 0:02:14.880 --> 0:02:19.680 who are experts on family and children policies. Hello Willam, Hello, 0:02:19.760 --> 0:02:23.200 good evening, How are you doing great? Hi? Hi, thank 0:02:23.240 --> 0:02:26.760 you so much for joining us. Well, let's start with 0:02:26.880 --> 0:02:30.440 some context on parental leave in general, with some particular 0:02:30.480 --> 0:02:33.960 scrutiny on the US. So we had the family and 0:02:34.040 --> 0:02:37.760 medical leave Act of nine, which guaranteed that new mothers 0:02:37.800 --> 0:02:41.480 and fathers and companies with at least fifty employees can 0:02:41.560 --> 0:02:44.280 take up to twelve work weeks of leave that covers 0:02:44.400 --> 0:02:48.000 roughly half the workforce. However, none of that leave is 0:02:48.040 --> 0:02:51.320 paid for anyone, and the fact that mothers getting no 0:02:51.360 --> 0:02:54.680 pay in particular makes the US an outlier among most nations. 0:02:54.680 --> 0:02:56.920 In fact, in a study of a one and eighty 0:02:56.960 --> 0:03:00.520 five countries, only the US and Papua New Guinea provide 0:03:00.560 --> 0:03:04.720 no statutory cash benefits during maternity leaves. So what do 0:03:04.720 --> 0:03:08.799 we know about paid paternity leave in other countries. Um, 0:03:09.320 --> 0:03:14.680 Paid fraternity leave is increasing in quite a few OB 0:03:14.880 --> 0:03:19.480 city countries to the extent that by now about one 0:03:19.560 --> 0:03:23.519 foot of O city countries provide paid leave for fathers 0:03:23.560 --> 0:03:27.280 in one form or another. Well, as you just said, 0:03:27.440 --> 0:03:31.080 in the US, even the maternity leaf is unpaid. Now 0:03:31.200 --> 0:03:35.560 that said, there are many corporations which do pay it. 0:03:35.560 --> 0:03:39.560 It's just not required by law to be paid. No. Well, 0:03:39.760 --> 0:03:43.440 the last year, this time last year, I was in 0:03:43.480 --> 0:03:47.600 the US looking at a different paid leave models. There 0:03:47.640 --> 0:03:51.680 are paid leaf models employers. Some employers provide paid leave, 0:03:52.160 --> 0:03:56.440 but then they often provide paid leave to the workers 0:03:56.880 --> 0:04:00.920 they would like to keep. Most which means that some 0:04:01.200 --> 0:04:05.720 high flyers or very skilled people will get the option 0:04:06.160 --> 0:04:08.360 to vail of a couple of weeks have paid leave, 0:04:08.800 --> 0:04:13.880 but not everyone does, and in particularly low income workers 0:04:13.960 --> 0:04:17.120 who might be relatively easy to replace in the job 0:04:17.200 --> 0:04:20.920 they're doing, do not get income support, which means that 0:04:21.120 --> 0:04:24.360 their child doesn't get a great start in life. Some 0:04:24.560 --> 0:04:30.280 states in the US also provide paid leaves in different forms. 0:04:30.320 --> 0:04:34.640 There is short term or Temporary Disability Insurance, which provides 0:04:34.839 --> 0:04:41.560 paid leaves in five er States, and Puerto Rico and California, 0:04:41.680 --> 0:04:45.920 and New Jersey and Rhode Island have paid family leaves 0:04:46.520 --> 0:04:50.480 for both men and women. For our listeners out there, 0:04:50.560 --> 0:04:52.480 the o e c D is kind of like this 0:04:52.760 --> 0:04:56.320 elite club rich nations and the o e c D 0:04:56.520 --> 0:05:01.720 average for paternity leave is nine weeks at sixty of 0:05:01.800 --> 0:05:04.800 full pay um, and the US, at least on a 0:05:04.839 --> 0:05:07.400 federal level is zero. Villain. You know, I was looking 0:05:07.440 --> 0:05:09.320 at these o e c D stats. I saw that 0:05:09.720 --> 0:05:13.800 Japan and Korea offer some of the most generous um 0:05:13.880 --> 0:05:17.720 paid paternity packages to their fathers, and I was really 0:05:17.720 --> 0:05:19.840 surprised to see this because you know, I grew up 0:05:19.839 --> 0:05:23.599 in Japan. Um My, I'm Japanese. I spent half my 0:05:23.680 --> 0:05:26.599 life there and it's such a conservative country when it 0:05:26.640 --> 0:05:30.760 comes to gender norms. Um. So I'm assuming that it's 0:05:30.800 --> 0:05:34.359 a case that not all Japanese fathers actually take this 0:05:34.440 --> 0:05:38.719 benefit even though it's available. You're right, absolutely not. But 0:05:38.880 --> 0:05:43.039 Japan and Korea are very interesting countries and there are 0:05:43.040 --> 0:05:46.760 a good example of, um you know, the different reasons 0:05:46.800 --> 0:05:52.200 governments have to introduce paidly for fathers. Basically, what what 0:05:52.440 --> 0:05:55.800 is one of the main drivers of policy development in 0:05:55.800 --> 0:06:00.279 both these countries is to persistently low fertility. Right, so 0:06:00.480 --> 0:06:05.480 for years the government has been trying to design policy 0:06:05.520 --> 0:06:10.400 measures that would help increase fertility rates, and they think 0:06:11.279 --> 0:06:14.560 one of those. Well, the thing is, one of the 0:06:14.600 --> 0:06:19.440 main issues young Japanese men and women have when they're 0:06:19.440 --> 0:06:23.640 thinking about forming a family is that they face a 0:06:23.880 --> 0:06:29.839 very difficult issues in terms of reconciling work and family commitments. 0:06:29.880 --> 0:06:32.760 Because the working hours in a regular job in Japan, 0:06:33.480 --> 0:06:36.160 as you will know, are very long. You commit yourself 0:06:36.240 --> 0:06:40.599 to the firm and in return you get um lifetime 0:06:40.680 --> 0:06:45.560 employment and increased renumeration over the life course in a 0:06:45.640 --> 0:06:50.880 seniority place system. Now, men and women cannot combine their 0:06:50.960 --> 0:06:55.600 work practices with with a family life. And in the past, 0:06:56.360 --> 0:07:00.280 when when the male breadwinner model was widely accepted, that 0:07:00.520 --> 0:07:05.599 was no problem. But nowadays in Japan, young women are 0:07:05.680 --> 0:07:11.600 more likely to have an educational degree high tertiary education 0:07:11.640 --> 0:07:15.120 degree than young men, and they want to pursue a 0:07:15.240 --> 0:07:19.080 labor marked career just as the young men do, and 0:07:19.200 --> 0:07:23.600 it's very difficult to combine that with having children. So 0:07:23.640 --> 0:07:26.920 what the Japanese government is realized is we have to 0:07:27.000 --> 0:07:32.920 help our younger people. And one way of helping women 0:07:33.320 --> 0:07:37.520 and men are combining work and familiar life is giving 0:07:37.560 --> 0:07:42.400 them the right to pay paternity leads. It is relatively new. 0:07:42.920 --> 0:07:46.320 Take up among in Japanese men is very low. It's 0:07:46.360 --> 0:07:53.720 about to p and two of our colleagues in Bloomberg's 0:07:53.720 --> 0:07:57.840 Tokyo office have just taken paternity leave now, having said 0:07:57.880 --> 0:08:02.120 that they are both expatriates. Is there any evidence that 0:08:02.200 --> 0:08:06.360 these relatively generous provisions in Japanese law are having the 0:08:06.440 --> 0:08:11.120 desired policy effect? The demographic tied there seems like a 0:08:11.160 --> 0:08:14.200 difficult thing for just one policy to swim against. I 0:08:14.280 --> 0:08:16.840 guess the question could apply to a career as well. 0:08:17.680 --> 0:08:21.600 For this particular measure. I think that it's too early 0:08:21.680 --> 0:08:25.960 to tell whether it has an effect in future on 0:08:25.760 --> 0:08:30.440 the on the demographic trends, but I think that the 0:08:30.520 --> 0:08:34.800 realization in both Japan and Korea is growing that it's 0:08:34.840 --> 0:08:37.320 not so much that they have to change their social 0:08:37.360 --> 0:08:39.920 policy because they have already made a lot of changes 0:08:40.000 --> 0:08:43.800 in that they also have to change their workplace practices 0:08:44.200 --> 0:08:47.319 and that is much more difficult to accomplish. This is 0:08:47.360 --> 0:08:51.000 all fascinating. After this break, we will go through the 0:08:51.240 --> 0:08:55.199 pro and con lists for Dan taking a long paternity 0:08:55.240 --> 0:09:01.400 leave after award from our sponsor. What do traders want 0:09:01.840 --> 0:09:04.640 to limit risk? Access every opportunity and trade on a 0:09:04.720 --> 0:09:07.640 level playing field. 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Is there any statistical evidence 0:09:50.520 --> 0:09:56.320 that men who avail themselves of paternity leave suffer, at least, 0:09:56.360 --> 0:10:02.319 according to some statistical models, a decline in earnings over time? No? 0:10:02.640 --> 0:10:08.000 Intuitively yes, in statistically no, because there is not a 0:10:08.040 --> 0:10:14.000 long time series of UM in most countries of men 0:10:14.520 --> 0:10:17.120 that have taken leave on on a large basis, So 0:10:17.240 --> 0:10:20.240 you you you don't get a large enough statistical sample 0:10:21.000 --> 0:10:23.960 over a large enough period to look at that. There 0:10:24.000 --> 0:10:29.120 are some studies in Sweden where parental leaf has been 0:10:29.520 --> 0:10:33.400 been taken for a longer period of time. The first 0:10:34.400 --> 0:10:40.839 period of parental leave was introduced UM in the the 0:10:40.840 --> 0:10:44.360 father month was introduced, and there you have some studies 0:10:44.400 --> 0:10:49.560 on the effect of earnings on on your own earnings 0:10:49.640 --> 0:10:54.080 and on spouses, but the amount of studies on that 0:10:54.120 --> 0:10:58.080 particular topic over time is very small. I'm a guinea 0:10:58.120 --> 0:11:02.360 pig in the US, definitely. So we have all this 0:11:02.480 --> 0:11:06.280 context that we just discussed. But let's go through the 0:11:06.320 --> 0:11:11.200 economic research to say, or at least to come up 0:11:11.200 --> 0:11:13.640 with some good idea of how long a leave Dan 0:11:13.679 --> 0:11:16.559 should personally take. Will go through the case for him 0:11:16.600 --> 0:11:18.960 to be careful and limit the length of his leave, 0:11:19.360 --> 0:11:21.520 and then we'll go through the case for him to 0:11:21.600 --> 0:11:25.800 take as much leave as he possibly can. Right, so 0:11:26.280 --> 0:11:28.280 you know the case for Dan to be a little 0:11:28.320 --> 0:11:32.080 bit careful in taking a longer leave. Earlier, we heard 0:11:32.120 --> 0:11:35.040 from Villain that there isn't a lot of research out 0:11:35.080 --> 0:11:38.880 there that shows what the career implications are of parents 0:11:38.880 --> 0:11:41.480 who take a longer leave, but we have some studies 0:11:42.040 --> 0:11:45.040 and um, at least according to one study out of Sweden, 0:11:45.120 --> 0:11:49.440 this is by Ellie and Johansson um, mothers who took 0:11:49.480 --> 0:11:52.680 a longer leave got paid four point five percent less 0:11:52.720 --> 0:11:56.240 and fathers who took a longer paternity leave got paid 0:11:56.320 --> 0:11:59.559 seven point five percent less. That was four years down 0:11:59.640 --> 0:12:02.080 the road, So it's kind of like a medium term effect. 0:12:02.640 --> 0:12:05.640 But like we said, the research out there is like, 0:12:05.679 --> 0:12:09.720 it's pretty is a small sample. Economists are still trying 0:12:09.760 --> 0:12:13.080 to learn about this villain. If it is the case 0:12:13.400 --> 0:12:16.880 that parents end up earning less down the road when 0:12:16.920 --> 0:12:20.319 they take longer leaves, how do you think that mechanism works. 0:12:20.320 --> 0:12:22.840 Why do you think that happens? Well, it depends a bit. 0:12:23.520 --> 0:12:27.840 It depends on various factors. One is the the average 0:12:27.840 --> 0:12:32.160 the duration of your spell of leaf. In any country 0:12:32.200 --> 0:12:37.320 like Sweden, the overall paid leaf period is around a 0:12:37.400 --> 0:12:39.680 year and a half. And if you're out of the 0:12:39.720 --> 0:12:43.839 work force for out of the workplace, i should say, 0:12:44.080 --> 0:12:48.480 for that long period of time, that affects your your skills. 0:12:48.760 --> 0:12:53.040 And if you have two children in a rapid succession, 0:12:53.080 --> 0:12:55.680 that means that you're out of the work place for 0:12:55.800 --> 0:12:58.800 quite a long time. So it becomes the effect becomes 0:12:58.840 --> 0:13:02.840 even bigger for man. The effect in the in this 0:13:02.960 --> 0:13:07.839 particular Swedish studies is bigger because they're probably fewer men 0:13:07.960 --> 0:13:12.400 who take paid leave for a prolonged period of time. 0:13:13.360 --> 0:13:17.199 But that is to some extent, you know, the proof 0:13:17.240 --> 0:13:21.800 of the of the pudding is in the eating. At present, 0:13:22.760 --> 0:13:27.560 men women are the most common new leave takers, and 0:13:27.600 --> 0:13:29.920 as long as that is the case, there might be 0:13:30.000 --> 0:13:34.800 employers who feel that they should invest less in women 0:13:35.880 --> 0:13:42.120 or otherwise not promote them in their career path. UM. 0:13:42.240 --> 0:13:47.600 So as there are fewer men who around who take 0:13:48.040 --> 0:13:54.760 a father's leave, the ones that do um are more 0:13:54.800 --> 0:13:59.520 punished between brackets for for their leave taking behavior. So 0:13:59.640 --> 0:14:03.640 the wags penalty is larger. We just ran through the conents. 0:14:03.760 --> 0:14:07.480 What are the pros or if we're making the case 0:14:07.520 --> 0:14:11.360 for Dan to take more time, what should we think about. 0:14:11.440 --> 0:14:13.920 I think the one that comes to me most immediately 0:14:14.040 --> 0:14:17.800 is just your better bonded with your child and that 0:14:17.880 --> 0:14:23.440 leads to better life outcomes for them. That is um 0:14:23.880 --> 0:14:26.360 one of the findings I mean, and that's also one 0:14:26.360 --> 0:14:31.160 of the reasons why governments are investing in in paid 0:14:31.200 --> 0:14:36.520 parental leave, because it invests at the very beginning of 0:14:36.640 --> 0:14:40.520 life when you can change behavior of of the father 0:14:40.680 --> 0:14:44.840 and your most effective in that sense. The study we 0:14:45.000 --> 0:14:48.840 have done in on this I think best is out 0:14:49.680 --> 0:14:56.760 um that you know there are positive effects on cognitive 0:14:57.480 --> 0:15:01.640 child cognitive development if farther a stake leave for a 0:15:01.720 --> 0:15:06.120 longer period. That's just an amazing finding that your your 0:15:06.240 --> 0:15:09.480 child might end up potentially a little smarter if you're 0:15:09.640 --> 0:15:12.960 if the father takes more time off. It's it's it's 0:15:13.000 --> 0:15:16.160 about the bonding. It's about from what we can see, 0:15:16.440 --> 0:15:20.200 what the evidence suggests is it's about not even so 0:15:20.280 --> 0:15:23.720 much the length of time as the quality of time. 0:15:24.640 --> 0:15:29.680 So when it comes to personal contact and interaction with 0:15:29.680 --> 0:15:33.880 with the child, but that that is just one player 0:15:33.920 --> 0:15:36.720 in the game. I don't know whether than his partnered. 0:15:37.280 --> 0:15:40.240 So for him, it would also matter what his partner 0:15:40.440 --> 0:15:45.800 is doing, whether his partner is at work, whether him 0:15:45.880 --> 0:15:52.320 taking a longer time facilitates his partner to to stay 0:15:52.320 --> 0:15:54.320 in touch with work as well. I mean, there's all 0:15:54.360 --> 0:15:57.840 sorts of considerations that that I do not know. The 0:15:57.960 --> 0:16:02.440 level of earnings is an portant consideration also of his partner. 0:16:02.800 --> 0:16:06.560 I mean, in terms of parents taking leave. From an 0:16:06.560 --> 0:16:11.800 economic perspective, it makes sense if the parents who earns 0:16:11.920 --> 0:16:15.880 the least of the two um takes more leaves, and 0:16:15.960 --> 0:16:20.040 unfortunately that's that's often women, and that's why that's this 0:16:20.160 --> 0:16:23.720 trade off. But it's it's sort of like a negative 0:16:23.760 --> 0:16:27.720 cycle here. If women are consistently the ones making lesser, 0:16:27.720 --> 0:16:30.720 they're taking more time off, so it's hurting their potentially 0:16:30.800 --> 0:16:34.560 hurting their career outcomes, their earnings all over again. It's 0:16:34.600 --> 0:16:38.440 just this cycle that gets perpetuated. Yeah, and it's very 0:16:38.560 --> 0:16:41.880 hard to break. But what you see is that among 0:16:42.040 --> 0:16:48.640 younger couples it's much more normal between invoted commas um 0:16:48.680 --> 0:16:54.840 to to try and define the cat tasks more equally. 0:16:55.840 --> 0:16:58.160 So there is definitely change in the air and the 0:16:58.200 --> 0:17:00.600 other things. Of course, like I said, if you have 0:17:00.680 --> 0:17:07.000 more young um female professionals, the chances that they UM 0:17:07.400 --> 0:17:11.680 earn more is also elevated. Hence the chances that they 0:17:12.040 --> 0:17:15.199 also in the household bargaining will be in a stronger 0:17:15.280 --> 0:17:19.640 position and will will push successfully for a better sharing. 0:17:20.320 --> 0:17:22.720 What I'm hearing is millennials, it's all up to you, 0:17:22.840 --> 0:17:27.720 don't screw it up. I think that you you raised 0:17:27.720 --> 0:17:30.280 a good point earlier. Also, though it's sort of this 0:17:30.400 --> 0:17:34.120 culture has to be set from the top. If if 0:17:34.400 --> 0:17:39.800 younger workers, if lower level workers see management taking paternity leave, um, 0:17:39.840 --> 0:17:42.720 they might feel that it's more acceptable for them to 0:17:42.760 --> 0:17:44.760 do so as well, which is why it is so 0:17:44.800 --> 0:17:47.840 important for people like Mark Zuckerberg and people like Dan 0:17:48.440 --> 0:17:51.679 Um who is an executive editor here to take that 0:17:51.840 --> 0:17:55.480 time off. In the eyes of proponents of paternity leave, 0:17:56.800 --> 0:18:00.720 the leadership is come play an important role. It's also 0:18:01.400 --> 0:18:06.360 often senior executive are are are a bit older, so 0:18:06.440 --> 0:18:09.960 it's not just senior leadership, but it's also middle management 0:18:10.080 --> 0:18:14.800 which which come play an important role. And I mean 0:18:15.240 --> 0:18:18.159 I think that for for middle management that they should 0:18:18.160 --> 0:18:23.480 also encourage their staffers to to to take leave if 0:18:23.520 --> 0:18:28.560 they can, and UM, the system in within companies should 0:18:29.080 --> 0:18:33.200 might might give incentives to to middle management to encourage 0:18:33.200 --> 0:18:37.919 to do so. Looking from from from an OCD perspective, 0:18:37.960 --> 0:18:42.960 the fact that the UH, the the the US is 0:18:43.000 --> 0:18:45.600 the is the one who is the country without paid leave, 0:18:46.080 --> 0:18:50.280 but that there are states within the US, like California, 0:18:50.840 --> 0:18:56.560 like New Jersey, like Rhode Island who actually do provide 0:18:56.720 --> 0:19:00.960 paid family leave on an individual basis. Fathers can take 0:19:01.000 --> 0:19:05.800 it and fathers do take it in California, and increasingly 0:19:05.880 --> 0:19:11.080 so over the last ten years, the California and economy, 0:19:11.160 --> 0:19:16.000 the New Jersey economy hasn't ground to hold. Um. It 0:19:16.160 --> 0:19:20.680 is not that difficult or that expensive to to run 0:19:22.280 --> 0:19:25.760 a paid family leave or paid parental leave system. So 0:19:26.200 --> 0:19:28.639 UM and I think those are very important points to 0:19:28.720 --> 0:19:34.280 get across to American policy. MAXs Well, thank you so much, 0:19:34.480 --> 0:19:36.879 Dylan for joining us. It's been great to have you on. 0:19:38.119 --> 0:19:41.160 It was my pleasure to enjoy a couple of nights 0:19:41.160 --> 0:19:49.040 sleep you can still get. Yeah, thanks Will, thanks again 0:19:49.080 --> 0:19:51.920 for listening to Bloomberg Benchmark. At least Aki and I 0:19:51.960 --> 0:19:55.560 will be back next week, by which point then maybe 0:19:55.600 --> 0:19:59.600 cradling his newborn baby in his arms. He's naming it 0:19:59.680 --> 0:20:02.240 Victor Area, He's naming it after me. Don't let him 0:20:02.280 --> 0:20:05.840 tell you differently. So you might not hear from Dan 0:20:05.920 --> 0:20:09.879 for the next few episodes, but stay tuned and you 0:20:09.920 --> 0:20:13.800 can find us on Bloomberg dot Com, iTunes, SoundCloud, Stitcher, 0:20:14.040 --> 0:20:17.800 Google Play, pocket Cast and all the other platforms. And 0:20:17.840 --> 0:20:20.159 while you're there, please take a moment to rate and 0:20:20.200 --> 0:20:22.760 review our show and let us know what you thought 0:20:22.760 --> 0:20:24.679 of the show. You can reach us and follow us 0:20:24.680 --> 0:20:29.040 at Twitter, at Daniel Massti ce Tori Stillwell and at 0:20:29.240 --> 0:20:33.320 seven See you next week. We're proud of our new 0:20:33.359 --> 0:20:36.520 and growing suite of original podcasts, all designed to help 0:20:36.560 --> 0:20:39.960 you navigate the complexities of business, financial markets, and the 0:20:39.960 --> 0:20:43.760 global economy. In addition to Bloomberg Benchmark, which you're listening 0:20:43.760 --> 0:20:46.920 to now, don't miss Odd Lots, a deep dive into 0:20:46.920 --> 0:20:50.280 the intersection of markets, economics, and finance with Joe Wisenthal 0:20:50.320 --> 0:20:53.600 and Tracy Alloway. There's also Deal the Week with our 0:20:53.600 --> 0:20:57.240 mergers and acquisitions reporter Alex Sherman, looking at a breakdown 0:20:57.240 --> 0:20:59.840 of the biggest deals and giving you an inside peek 0:21:00.040 --> 0:21:04.680 to corporate boardrooms. All three shows are available on iTunes, SoundCloud, 0:21:04.800 --> 0:21:07.920 pocket casts for Android, Bloomberg dot Com, and of course 0:21:08.000 --> 0:21:12.480 the Bloomberg Terminal. 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