1 00:00:02,600 --> 00:00:05,320 Speaker 1: Welcome to the Bloomberg Penl podcast. I'm Paul swing you, 2 00:00:05,360 --> 00:00:07,680 Speaker 1: along with my co host Lisa Brahma wits. Each day 3 00:00:07,720 --> 00:00:10,240 Speaker 1: we bring you the most noteworthy and useful interviews for 4 00:00:10,280 --> 00:00:12,520 Speaker 1: you and your money, whether at the grocery store or 5 00:00:12,560 --> 00:00:15,480 Speaker 1: the trading floor. Find a Bloomberg Penl podcast on Apple 6 00:00:15,520 --> 00:00:17,960 Speaker 1: podcast or wherever you listen to podcasts, as well as 7 00:00:17,960 --> 00:00:21,160 Speaker 1: at Bloomberg dot com. We got some news coming out 8 00:00:21,160 --> 00:00:23,960 Speaker 1: of Europe this morning. Germany lines up six hundred billion 9 00:00:24,000 --> 00:00:26,759 Speaker 1: dollars for virus aid and also the European Union is 10 00:00:26,800 --> 00:00:29,280 Speaker 1: backing stimulus. We're starting to get some movement coming out 11 00:00:29,320 --> 00:00:31,440 Speaker 1: of the Western Europe. We had, of course, the US 12 00:00:31,480 --> 00:00:35,440 Speaker 1: Federal Reserve immediately expanded the repo offering this week by 13 00:00:35,520 --> 00:00:38,760 Speaker 1: one and a half trillion dollars. So starting to get 14 00:00:38,760 --> 00:00:41,280 Speaker 1: some movement there. To get a sense of what this means, 15 00:00:41,360 --> 00:00:45,440 Speaker 1: will ask Steve Blitz, chief US economists for T. S. Lombard. 16 00:00:45,479 --> 00:00:47,199 Speaker 1: He joins us on the phone. Steve, thanks so much 17 00:00:47,240 --> 00:00:49,480 Speaker 1: for joining us. Give us a sense of kind of 18 00:00:49,520 --> 00:00:52,720 Speaker 1: how you feel the response has been from the Fed. 19 00:00:52,800 --> 00:00:55,720 Speaker 1: We had that emergency rate cut, we had them coming 20 00:00:55,760 --> 00:00:59,600 Speaker 1: in injecting some liquidity here this week. How do you 21 00:00:59,600 --> 00:01:03,920 Speaker 1: think the FED is kind of handling this a crisis here? Well, 22 00:01:03,960 --> 00:01:07,160 Speaker 1: I think they're doing the best they can obviously, um. 23 00:01:07,240 --> 00:01:09,720 Speaker 1: I think the hard thing is that I think you 24 00:01:09,800 --> 00:01:11,680 Speaker 1: have to go back to point one, which is that 25 00:01:12,280 --> 00:01:16,120 Speaker 1: this is not a financially driven sell off, right, So 26 00:01:16,200 --> 00:01:20,640 Speaker 1: this was a non financial event, uh that created the 27 00:01:20,800 --> 00:01:24,319 Speaker 1: sell off, and as such, the Fed doesn't have a 28 00:01:24,600 --> 00:01:28,640 Speaker 1: misguided policy to walk back right as they did kind 29 00:01:28,640 --> 00:01:32,640 Speaker 1: I'm sorry about a year ago. So it is, um. 30 00:01:32,880 --> 00:01:35,479 Speaker 1: So they don't have anything to unwind here that they 31 00:01:35,520 --> 00:01:39,679 Speaker 1: did wrong. So that puts them a little at sea 32 00:01:39,920 --> 00:01:44,040 Speaker 1: in terms of what's the right move. So one habit says, 33 00:01:44,120 --> 00:01:46,200 Speaker 1: cut the funds right, Cut the funds right, cut the 34 00:01:46,200 --> 00:01:48,760 Speaker 1: funds right, and that's the habit both of the market 35 00:01:48,880 --> 00:01:51,760 Speaker 1: as well as the Fed, and they'll cut and will 36 00:01:51,800 --> 00:01:57,080 Speaker 1: be basis points after the FOMC meeting on Wednesday. The 37 00:01:57,440 --> 00:02:00,360 Speaker 1: I think the more interesting thing that's going on was 38 00:02:00,400 --> 00:02:03,520 Speaker 1: their move yesterday because in this move you would expect 39 00:02:03,600 --> 00:02:06,600 Speaker 1: treasury yields to go down, which they have a lot, 40 00:02:07,720 --> 00:02:11,280 Speaker 1: but the selling that's occurred and the widening credit spread 41 00:02:11,320 --> 00:02:13,880 Speaker 1: that we're seeing basically the old live woory three months, 42 00:02:13,919 --> 00:02:18,400 Speaker 1: they'll spread. That's widening out. Tells you that there's stress 43 00:02:18,440 --> 00:02:22,560 Speaker 1: in the system, which isn't that unusual if you think 44 00:02:22,560 --> 00:02:24,960 Speaker 1: about this rapid and this much of a drop in 45 00:02:25,000 --> 00:02:29,280 Speaker 1: the equity market. To create that, people have made bad bets. 46 00:02:29,720 --> 00:02:34,440 Speaker 1: I mean at the very you know ABC part of it. Uh. 47 00:02:34,520 --> 00:02:37,320 Speaker 1: And people make bad bets and now they have to 48 00:02:37,720 --> 00:02:41,239 Speaker 1: they need cash to cover it. Uh. And so there's 49 00:02:41,280 --> 00:02:44,560 Speaker 1: a scramble for cash, So you sell treasuries, you go 50 00:02:44,600 --> 00:02:47,360 Speaker 1: to the banks, you try to draw calf from the banks. 51 00:02:47,400 --> 00:02:50,800 Speaker 1: And I think that's what that's what's going on right now. Seven. 52 00:02:50,960 --> 00:02:53,120 Speaker 1: This is a really important point because we have on 53 00:02:53,120 --> 00:02:57,600 Speaker 1: one hand an economic shock and economic potentially crisis and 54 00:02:57,680 --> 00:03:01,000 Speaker 1: developing as a result of the slowdown that's been forced 55 00:03:01,080 --> 00:03:04,640 Speaker 1: on the whole world frankly because of the coronavirus. But 56 00:03:04,680 --> 00:03:07,760 Speaker 1: then you have the financial shock that you're starting to 57 00:03:07,800 --> 00:03:11,000 Speaker 1: see the stresses in this in the system. How much 58 00:03:11,240 --> 00:03:15,080 Speaker 1: do you think the financial shock in the financial crisis 59 00:03:15,160 --> 00:03:18,440 Speaker 1: was alleviated or prevented enough to just sort of focus 60 00:03:18,480 --> 00:03:20,400 Speaker 1: on the economic at this point, Do we have more 61 00:03:20,440 --> 00:03:24,440 Speaker 1: to go on the economical It's a great question, and 62 00:03:24,440 --> 00:03:26,280 Speaker 1: I would say, we have more to go, because I 63 00:03:26,320 --> 00:03:29,760 Speaker 1: think that what we we we can now begin I 64 00:03:29,800 --> 00:03:32,560 Speaker 1: think looking at China coming back, and I think you 65 00:03:32,560 --> 00:03:36,000 Speaker 1: can sort of now model out you know, probably in 66 00:03:36,160 --> 00:03:38,760 Speaker 1: six weeks the NBA will be back playing. You know, 67 00:03:38,800 --> 00:03:42,360 Speaker 1: it's just a guess obviously, um and things will come back. 68 00:03:42,360 --> 00:03:45,600 Speaker 1: So there's this quick economic contraction that will then of 69 00:03:46,520 --> 00:03:49,240 Speaker 1: that that that that's going to come back. But wait, 70 00:03:49,320 --> 00:03:51,040 Speaker 1: see you before you continue, I just want to bring 71 00:03:51,080 --> 00:03:53,960 Speaker 1: you some breaking news. The New York Federal Reserve announcing 72 00:03:54,000 --> 00:03:56,720 Speaker 1: that today they will be buying treasury security is of 73 00:03:56,800 --> 00:03:59,800 Speaker 1: up to thirty years a bona fide que four q 74 00:04:00,040 --> 00:04:02,280 Speaker 1: E five, whatever number you want to put on this. 75 00:04:03,040 --> 00:04:06,520 Speaker 1: But after the program that they opened up yesterday, the 76 00:04:06,720 --> 00:04:10,240 Speaker 1: REPO operations, the expanded ones that they're operating that they're offering, 77 00:04:10,240 --> 00:04:15,520 Speaker 1: which were really aimed at alleviating funding pressures and systematic issues. 78 00:04:15,560 --> 00:04:17,839 Speaker 1: This is this is outright qui. It sounds like we 79 00:04:17,839 --> 00:04:19,600 Speaker 1: will bring you more details as we get them, but 80 00:04:19,680 --> 00:04:23,240 Speaker 1: carry on. Yeah, okay, so let's just pick up that. Okay, 81 00:04:23,279 --> 00:04:26,560 Speaker 1: So what's happening here? And this is I've been a 82 00:04:26,760 --> 00:04:31,039 Speaker 1: very important point to understand. They're not the old QUI was, 83 00:04:31,160 --> 00:04:33,960 Speaker 1: Let's flatten the curve. Let's get ten uere yields even 84 00:04:34,080 --> 00:04:38,119 Speaker 1: lower to stimulate you know, borrowing, you know, mortgages, things 85 00:04:38,160 --> 00:04:41,000 Speaker 1: like that. What they're doing is they're saying, you know what, 86 00:04:41,279 --> 00:04:44,040 Speaker 1: this financial pressure, there's a lot of people out there, 87 00:04:44,160 --> 00:04:47,480 Speaker 1: invite people. I don't necessarily mean individuals, just people's institutions 88 00:04:47,480 --> 00:04:53,000 Speaker 1: as well, uh, domestic and foreign that need to raise cash. 89 00:04:53,120 --> 00:04:55,200 Speaker 1: And the thing you sell when you need to raise 90 00:04:55,240 --> 00:04:58,119 Speaker 1: cash is treasuries. And what the and what the FETE 91 00:04:58,200 --> 00:05:00,360 Speaker 1: is saying is we will be on the the other 92 00:05:00,440 --> 00:05:03,600 Speaker 1: side of that trade to buy the treasuries to alleviate 93 00:05:03,640 --> 00:05:06,479 Speaker 1: any funding pressures in the repo market. So we'll be 94 00:05:06,520 --> 00:05:09,680 Speaker 1: there to buy it. So that institutions that need to 95 00:05:09,760 --> 00:05:12,919 Speaker 1: raise cash because of financial stress from the collapse in 96 00:05:13,000 --> 00:05:16,240 Speaker 1: equity prices as well as all the other bets that 97 00:05:16,279 --> 00:05:19,080 Speaker 1: go wrong, credit bets, you know, you name it. You've 98 00:05:19,120 --> 00:05:21,520 Speaker 1: got people on all the time talking about you know, 99 00:05:21,600 --> 00:05:25,159 Speaker 1: hedge funds, trades and things like that. Um, they need 100 00:05:25,240 --> 00:05:28,600 Speaker 1: to raise cash. And what they're with the FEDS stepping 101 00:05:28,640 --> 00:05:31,360 Speaker 1: up from doing is saying, I'm here, We're here, We're 102 00:05:31,400 --> 00:05:34,039 Speaker 1: buying the treasuries from you. You don't have to find 103 00:05:34,080 --> 00:05:36,840 Speaker 1: private sector buyers will buy them from you to keep 104 00:05:36,880 --> 00:05:40,479 Speaker 1: the markets functioning. Uh. And that's and that's step one, 105 00:05:40,600 --> 00:05:43,279 Speaker 1: and that is the step to take, and all the 106 00:05:43,279 --> 00:05:46,080 Speaker 1: other steps about you they get a steeper curve because 107 00:05:46,080 --> 00:05:49,479 Speaker 1: this isn't a good steepening of the curve. So a 108 00:05:49,520 --> 00:05:52,360 Speaker 1: steepening of the curve and all the other things I've 109 00:05:52,400 --> 00:05:54,720 Speaker 1: talked about about things to try and get the economy 110 00:05:54,760 --> 00:05:57,880 Speaker 1: going again and borrowing and to keep lending going really 111 00:05:57,880 --> 00:06:02,400 Speaker 1: takes second place to this. Steeplitz, thank you so much 112 00:06:02,440 --> 00:06:05,320 Speaker 1: for being with us. A good luck out there, Stay healthy. Steeplitz, 113 00:06:05,400 --> 00:06:08,960 Speaker 1: chief US economist at TS Lombard uh joining us on 114 00:06:09,000 --> 00:06:11,880 Speaker 1: the phone as we all isolate ourselves into our own 115 00:06:11,880 --> 00:06:15,400 Speaker 1: little pods to prevent us all from giving each other's diseases. 116 00:06:15,560 --> 00:06:18,040 Speaker 1: It is it is really interesting to see the federers 117 00:06:18,040 --> 00:06:21,160 Speaker 1: are coming out with this step. And to Steve's point, 118 00:06:21,200 --> 00:06:23,800 Speaker 1: which I think is a really important one, it does 119 00:06:23,880 --> 00:06:26,400 Speaker 1: not the FED does not want to see the price 120 00:06:26,480 --> 00:06:29,760 Speaker 1: action that it saw this week in treasuries, where yields 121 00:06:29,880 --> 00:06:32,560 Speaker 1: rose simply because people were selling what they could and 122 00:06:32,600 --> 00:06:35,040 Speaker 1: they wanted to sell longer dated treasuries because that is 123 00:06:35,080 --> 00:06:37,880 Speaker 1: a haven asset, and this, to me is going to 124 00:06:37,920 --> 00:06:40,440 Speaker 1: put a backstop on that kind of activity. At least, Paul, 125 00:06:40,520 --> 00:06:42,960 Speaker 1: it is an intended immediate impact on the equity markets 126 00:06:43,040 --> 00:06:44,720 Speaker 1: at Lisa, we had the doll up close to a 127 00:06:44,760 --> 00:06:46,719 Speaker 1: thousand points here, so I had routed a couple hundred 128 00:06:46,720 --> 00:06:50,120 Speaker 1: points here on this news of about four point six. Yeah, 129 00:06:50,160 --> 00:06:53,320 Speaker 1: and taking a look at thirty year treasury yields, which 130 00:06:53,320 --> 00:06:56,440 Speaker 1: had been higher on the day now not surprisingly lower 131 00:06:56,480 --> 00:07:00,200 Speaker 1: on the day at one point for one percent. We 132 00:07:00,320 --> 00:07:03,000 Speaker 1: got much more coming up, Lisa, Abramwods, Paul Sweeney, this 133 00:07:03,160 --> 00:07:10,080 Speaker 1: is bloomberg. One of the things that we've clearly learned 134 00:07:10,080 --> 00:07:14,080 Speaker 1: with this coronavirus, it is a global pandemic affecting all 135 00:07:14,160 --> 00:07:17,240 Speaker 1: parts of the globe and that includes UH, the UK, 136 00:07:17,360 --> 00:07:20,360 Speaker 1: and Western Europe. We have Marion Harkin, she's an independent 137 00:07:20,400 --> 00:07:23,400 Speaker 1: member of Ireland's parliament joining with us. She's also a 138 00:07:23,400 --> 00:07:27,560 Speaker 1: former European Union Parliament member representing Ireland. Marian, thanks so 139 00:07:27,640 --> 00:07:30,520 Speaker 1: much for joining us. You know, as we deal with 140 00:07:30,640 --> 00:07:34,120 Speaker 1: the effects here and the growing effects of the coronavirus 141 00:07:34,120 --> 00:07:36,160 Speaker 1: here in the United States, give us a sense of 142 00:07:36,240 --> 00:07:39,040 Speaker 1: kind of how it's been in Ireland. I know that 143 00:07:39,080 --> 00:07:43,600 Speaker 1: Ireland partially shut down schools as a virus outbreak worsensia. 144 00:07:43,600 --> 00:07:45,280 Speaker 1: Give us a sense of what's happening on the ground 145 00:07:45,280 --> 00:07:51,360 Speaker 1: in Ireland. Well, good morning, Paul, and it's certainly we 146 00:07:51,440 --> 00:07:55,640 Speaker 1: woke up to a different world, a different reality today. 147 00:07:56,160 --> 00:08:00,280 Speaker 1: And I was in the Irish Parliament yesterday and our 148 00:08:00,400 --> 00:08:07,560 Speaker 1: Prime Minister Artichia announced the new regulations actually from Washington, 149 00:08:08,120 --> 00:08:12,920 Speaker 1: and we have completely closed down our schools, our colleges. 150 00:08:13,280 --> 00:08:17,800 Speaker 1: People are being asked to maintain what they call social 151 00:08:17,880 --> 00:08:22,080 Speaker 1: distance or social distancing, which is to remain about a 152 00:08:22,200 --> 00:08:28,480 Speaker 1: meter apart from other people. Hand Washing is strongly encouraged 153 00:08:28,520 --> 00:08:32,959 Speaker 1: on a very regular basis, and the purpose of an 154 00:08:33,120 --> 00:08:38,360 Speaker 1: All large events have been canceled, anything over a hundred 155 00:08:38,880 --> 00:08:43,280 Speaker 1: in an enclosed area or five hundreds outside. And I 156 00:08:43,360 --> 00:08:47,640 Speaker 1: have no doubts that maybe even by this evening or tomorrow, 157 00:08:47,960 --> 00:08:50,600 Speaker 1: that that will be changed again. I mean, if you 158 00:08:50,640 --> 00:08:55,400 Speaker 1: look across the EU, for example UM, in Norway, UM 159 00:08:55,800 --> 00:09:00,439 Speaker 1: they have closed all their pubs, and in Belgium there 160 00:09:00,480 --> 00:09:06,319 Speaker 1: are significant restrictions on opening ours for pubs, for restaurants, etcetera. 161 00:09:06,640 --> 00:09:11,360 Speaker 1: So there's a whole raft of measures being taken at 162 00:09:11,400 --> 00:09:15,200 Speaker 1: a pace, shall we say, And the whole purpose, Paul, 163 00:09:15,600 --> 00:09:22,040 Speaker 1: is to slow down the transmission of the virus, because 164 00:09:22,440 --> 00:09:26,600 Speaker 1: we want our health care systems to be able to 165 00:09:26,840 --> 00:09:31,440 Speaker 1: deal with what happens when somebody catches this virus. And 166 00:09:31,800 --> 00:09:34,559 Speaker 1: that's the real issue. It's not that we can stop its. 167 00:09:34,720 --> 00:09:38,600 Speaker 1: We we can't stop transmission of a virus unless we 168 00:09:38,679 --> 00:09:42,199 Speaker 1: have immunity, and of course we have none. So it's 169 00:09:42,200 --> 00:09:44,559 Speaker 1: it's to make sure or to try and make sure 170 00:09:45,080 --> 00:09:50,280 Speaker 1: that we don't find ourselves in a position that our 171 00:09:50,320 --> 00:09:55,600 Speaker 1: health care systems are completely overwhelmed, like, for example, as 172 00:09:55,640 --> 00:10:00,640 Speaker 1: has happened in Italy, Marianne, there's sort of an irony 173 00:10:00,880 --> 00:10:04,440 Speaker 1: baked into the concept of social distancing right now because 174 00:10:04,679 --> 00:10:07,160 Speaker 1: we're being told to stay away from each other, and 175 00:10:07,240 --> 00:10:10,359 Speaker 1: yet there seems to be a greater degree of cooperation 176 00:10:10,559 --> 00:10:14,040 Speaker 1: among elected officials and central bankers when it comes to 177 00:10:14,240 --> 00:10:17,160 Speaker 1: trying to formulate some sort of response. And I'm wondering, 178 00:10:17,520 --> 00:10:20,640 Speaker 1: as an independent member of Ireland's Parliament, do you get 179 00:10:20,679 --> 00:10:23,959 Speaker 1: the feeling as people are coming together, regardless of their 180 00:10:24,000 --> 00:10:27,400 Speaker 1: political event or what country they're from. You do you 181 00:10:27,440 --> 00:10:32,720 Speaker 1: get a sense of unity or not really. Oh absolutely, 182 00:10:33,760 --> 00:10:37,400 Speaker 1: there is a real sense we're in it together. You know. 183 00:10:37,640 --> 00:10:41,839 Speaker 1: It's not actually doctors and medicine, certainly in the short 184 00:10:41,960 --> 00:10:45,840 Speaker 1: term that that will help us. It's the actions that 185 00:10:46,000 --> 00:10:50,800 Speaker 1: we take as individuals. As I said, we we cannot 186 00:10:51,679 --> 00:10:55,360 Speaker 1: stop the virus spreading. What we can do is slow 187 00:10:55,440 --> 00:11:00,400 Speaker 1: down the transmission so that healthcare workers number one, don't 188 00:11:00,440 --> 00:11:04,800 Speaker 1: have to make awful choices about who they treation who 189 00:11:04,840 --> 00:11:09,720 Speaker 1: they don't, and secondly that they themselves don't get overwhelmed 190 00:11:09,960 --> 00:11:13,040 Speaker 1: or come down with the disease. So I think people 191 00:11:13,160 --> 00:11:18,200 Speaker 1: recognize that the only way we can get through this 192 00:11:18,760 --> 00:11:25,520 Speaker 1: in any ship is that we must as individuals take responsibility, 193 00:11:25,960 --> 00:11:29,400 Speaker 1: and then our governments and our health care systems take 194 00:11:29,480 --> 00:11:36,280 Speaker 1: their responsibilities. But nobody is immune from this. And as 195 00:11:36,320 --> 00:11:40,000 Speaker 1: I said, have woken up to a new reality. This 196 00:11:40,160 --> 00:11:42,520 Speaker 1: is important and I think that it is true, and 197 00:11:42,760 --> 00:11:45,720 Speaker 1: people are taking responsibility and schools are closing around the world. 198 00:11:46,360 --> 00:11:49,120 Speaker 1: As a government official, though, there is a responsibility to 199 00:11:49,160 --> 00:11:52,040 Speaker 1: act on the fiscal side, and we did get out 200 00:11:52,040 --> 00:11:55,920 Speaker 1: of the European Union. Today a plan to to loosen 201 00:11:56,000 --> 00:11:59,000 Speaker 1: the budgets of a number of different nations in order 202 00:11:59,040 --> 00:12:02,440 Speaker 1: to allow them to provide the stimulus needed. German these 203 00:12:02,520 --> 00:12:04,480 Speaker 1: government came out and said that it was going to 204 00:12:04,520 --> 00:12:07,600 Speaker 1: provide unlimited credit. It appears to be ready to abandon 205 00:12:07,640 --> 00:12:09,960 Speaker 1: its balanced budget credo that it's gone by for a 206 00:12:10,000 --> 00:12:12,640 Speaker 1: long time in Ireland. What are you doing? How much 207 00:12:12,679 --> 00:12:17,760 Speaker 1: is it going to cost? Well, at one level, we 208 00:12:17,760 --> 00:12:20,480 Speaker 1: were lucky we had a certain amount of money put 209 00:12:20,520 --> 00:12:24,480 Speaker 1: aside to deal with the fallout from breakxfit, and that 210 00:12:24,600 --> 00:12:28,560 Speaker 1: of course is being completely used up now to start 211 00:12:28,640 --> 00:12:31,480 Speaker 1: funding some of the measures that we have put in place. 212 00:12:31,800 --> 00:12:34,640 Speaker 1: It probably won't be enough, but it's the start. So 213 00:12:34,760 --> 00:12:37,600 Speaker 1: some of the measures that we will be putting in 214 00:12:37,679 --> 00:12:42,560 Speaker 1: place and have put in place include next week, for example, 215 00:12:42,920 --> 00:12:45,480 Speaker 1: we will have a sitting of Parliament where we will 216 00:12:45,559 --> 00:12:51,120 Speaker 1: put through emergency legislation on those who have to self 217 00:12:51,120 --> 00:12:55,120 Speaker 1: isolated or who have to leave work, both employed and 218 00:12:55,240 --> 00:13:00,200 Speaker 1: self comployed, that they will get a certain race of 219 00:13:01,120 --> 00:13:05,360 Speaker 1: payments that they can continue to live and feed their families. 220 00:13:05,640 --> 00:13:08,480 Speaker 1: If you work in the public service, you're entitled to 221 00:13:08,600 --> 00:13:11,960 Speaker 1: sick pay, but otherwise your employer may not be able 222 00:13:11,960 --> 00:13:14,640 Speaker 1: to pay you. So we are putting in place those 223 00:13:14,679 --> 00:13:19,000 Speaker 1: emergency measures that nobody will be outside the loop and 224 00:13:19,040 --> 00:13:23,480 Speaker 1: that people will take the responsible decision to sell size 225 00:13:23,480 --> 00:13:27,880 Speaker 1: place without fear of having to say I have no income, 226 00:13:28,280 --> 00:13:32,400 Speaker 1: I have no money. And for example, other measures that 227 00:13:32,880 --> 00:13:37,160 Speaker 1: have already been taken in the last twenty eight hours 228 00:13:37,160 --> 00:13:41,040 Speaker 1: would include all of our police who are in training 229 00:13:41,440 --> 00:13:44,240 Speaker 1: at the moment, even those who are only there for 230 00:13:44,880 --> 00:13:48,280 Speaker 1: a couple of months, have all been given full guard 231 00:13:48,280 --> 00:13:55,319 Speaker 1: the powers because we need more policemen available. The army 232 00:13:55,440 --> 00:13:59,480 Speaker 1: is beginning to move in as certain buildings that have 233 00:13:59,600 --> 00:14:03,679 Speaker 1: been you for other purposes will now be available if 234 00:14:03,760 --> 00:14:08,120 Speaker 1: necessary for a medical use. So a lot of action 235 00:14:08,160 --> 00:14:12,480 Speaker 1: in the last twenty four hours, some of it preparatory 236 00:14:12,640 --> 00:14:15,920 Speaker 1: and some of us are pretty immediate. And the good 237 00:14:15,960 --> 00:14:20,320 Speaker 1: news for workers here is that we will backdate any 238 00:14:20,360 --> 00:14:23,320 Speaker 1: payments to the ninth of March for people who are 239 00:14:23,440 --> 00:14:27,000 Speaker 1: sick or who have to sell isolates. Marian Harkin, thank 240 00:14:27,000 --> 00:14:29,160 Speaker 1: you so much for being with us. Marian Harkin, independent 241 00:14:29,160 --> 00:14:33,120 Speaker 1: member of Ireland's Parliament and former European Union Parliament member 242 00:14:33,240 --> 00:14:37,640 Speaker 1: representing Ireland, joining us to give us a sense of 243 00:14:37,720 --> 00:14:40,960 Speaker 1: what they're doing to grapple with this. In the United States, 244 00:14:40,960 --> 00:14:43,120 Speaker 1: the focus very much front and center in Washington, d 245 00:14:43,200 --> 00:14:45,840 Speaker 1: c and what kind of plan is being drafted by 246 00:14:46,000 --> 00:14:50,000 Speaker 1: Nancy Pelosi and Treasures diectory Stephen Manuchin. They have been 247 00:14:50,040 --> 00:14:52,880 Speaker 1: discussing all of the details hashing that out. Meanwhile, the 248 00:14:52,880 --> 00:14:57,600 Speaker 1: Federal Reserve came out and basically announced around of quantitative easing. 249 00:14:57,640 --> 00:15:00,120 Speaker 1: Basically they're going to be buying treasuries with maturity is 250 00:15:00,240 --> 00:15:03,360 Speaker 1: ranging up to thirty years. We are seeing a rally, 251 00:15:03,440 --> 00:15:06,480 Speaker 1: although it is off earlier highs and Nadack up three 252 00:15:06,520 --> 00:15:09,840 Speaker 1: point two percent, the SMP three, the Dow two point 253 00:15:09,880 --> 00:15:18,800 Speaker 1: seven percent. This is Bloomberk. I want to take a 254 00:15:18,800 --> 00:15:22,600 Speaker 1: look at the medical side of coronavirus, in particular how 255 00:15:22,600 --> 00:15:25,760 Speaker 1: we track it, how we test for it, and frankly, 256 00:15:26,160 --> 00:15:28,400 Speaker 1: how close we are to actually crying it or solving 257 00:15:28,400 --> 00:15:30,640 Speaker 1: it or a merely rating at least the effects. Luckily, 258 00:15:30,680 --> 00:15:33,400 Speaker 1: we have Maxinis and Bloomberg opinion columnists covering all things 259 00:15:33,440 --> 00:15:37,080 Speaker 1: healthcare with us today. Max I want to start with 260 00:15:37,120 --> 00:15:40,360 Speaker 1: Anthony Fauci, who is the director of the National Institute 261 00:15:40,360 --> 00:15:44,200 Speaker 1: for Allergy and Infectious Disease. Yesterday, he was testifying in 262 00:15:44,240 --> 00:15:47,800 Speaker 1: front of Congress and he said he admitted that it 263 00:15:47,920 --> 00:15:50,240 Speaker 1: was a failing of the U S healthcare system that 264 00:15:50,280 --> 00:15:53,840 Speaker 1: we did not have sufficient testing at the outset. Can 265 00:15:53,880 --> 00:15:57,640 Speaker 1: you just walk through why we did not have better 266 00:15:57,680 --> 00:16:00,480 Speaker 1: testing available right away so that we could try and 267 00:16:00,560 --> 00:16:05,080 Speaker 1: isolate people immediately. So there you know, any number of 268 00:16:05,160 --> 00:16:08,640 Speaker 1: reasons or failures for this, UM. You know, a failure 269 00:16:08,920 --> 00:16:12,040 Speaker 1: of cooperation between agencies like the CDC and the f D, 270 00:16:12,160 --> 00:16:17,160 Speaker 1: a failure to bring in private companies and state labs 271 00:16:17,280 --> 00:16:21,480 Speaker 1: rapidly enough. Decision at the outset. Instead of using w 272 00:16:21,720 --> 00:16:24,520 Speaker 1: h O developed tests one that's been deployed all over 273 00:16:24,840 --> 00:16:28,240 Speaker 1: the world, we decided to develop our own, which turned 274 00:16:28,240 --> 00:16:32,400 Speaker 1: out to have problems. The introducing those problems obviously created 275 00:16:32,480 --> 00:16:36,160 Speaker 1: difficulties and and slow the raw and beyond that, UM 276 00:16:36,200 --> 00:16:39,760 Speaker 1: just an overall decision by the government for UM, you know, 277 00:16:39,840 --> 00:16:45,440 Speaker 1: not necessarily the best reasons to restrict deliberately the number 278 00:16:45,480 --> 00:16:49,080 Speaker 1: of tests that were deployed and developed and and like 279 00:16:49,120 --> 00:16:51,480 Speaker 1: the number of people that were tested, limiting it only 280 00:16:51,560 --> 00:16:54,400 Speaker 1: to people with the direct travel history to China in 281 00:16:54,440 --> 00:16:56,720 Speaker 1: spite of the fact that there was you know, already 282 00:16:56,760 --> 00:16:59,520 Speaker 1: evidence of spread in other parts of the world, and 283 00:16:59,560 --> 00:17:02,760 Speaker 1: you know the reality that the earlier, you know better 284 00:17:02,800 --> 00:17:06,000 Speaker 1: to overtest and under test and we really didn't even 285 00:17:06,080 --> 00:17:09,760 Speaker 1: get to that that mindset until just a few weeks ago. 286 00:17:09,960 --> 00:17:15,040 Speaker 1: So failure of leadership, failure of science, failure, um on 287 00:17:15,040 --> 00:17:18,040 Speaker 1: on many many levels has led to this this point, Max, 288 00:17:18,119 --> 00:17:20,680 Speaker 1: where are we right now in terms of the number 289 00:17:20,720 --> 00:17:24,880 Speaker 1: of kids we have in this country, how widely dispersed 290 00:17:25,119 --> 00:17:27,879 Speaker 1: they are right now? How easy is it for somebody 291 00:17:27,880 --> 00:17:30,200 Speaker 1: to get a test? And and just kind of where 292 00:17:30,240 --> 00:17:33,119 Speaker 1: are we today? Do you think, unfortunately, all that we 293 00:17:33,160 --> 00:17:36,679 Speaker 1: really have our sort of these ad hoc estimates. Um. 294 00:17:36,840 --> 00:17:40,720 Speaker 1: I'll point people to former FDA Commissioner Scott Gottlieb, who 295 00:17:40,720 --> 00:17:43,879 Speaker 1: has been you know, talking to state labs of the CDC, 296 00:17:44,359 --> 00:17:47,720 Speaker 1: private companies, trying to come up with a reasonable estimate. UM. 297 00:17:47,760 --> 00:17:50,720 Speaker 1: So we we really don't have a confirmed number unfortunately. 298 00:17:51,280 --> 00:17:53,760 Speaker 1: And UM it seems to be the case that you know, 299 00:17:53,800 --> 00:17:56,680 Speaker 1: your ability to get tested really depends on where you are. 300 00:17:56,720 --> 00:17:59,640 Speaker 1: Are you in a state that that took early steps 301 00:17:59,680 --> 00:18:03,000 Speaker 1: to to you know, develop its own tests to stand 302 00:18:03,080 --> 00:18:06,000 Speaker 1: up at more capacity than it needed any any given 303 00:18:06,040 --> 00:18:08,040 Speaker 1: moment um, when we're still not at a point where 304 00:18:08,080 --> 00:18:11,000 Speaker 1: everyone who needs to be tested can be unfortunately, and 305 00:18:11,160 --> 00:18:13,639 Speaker 1: probably won't be for a little bit to come, although 306 00:18:13,920 --> 00:18:17,840 Speaker 1: Anthony Fauci did say today that he expects the number 307 00:18:17,840 --> 00:18:21,760 Speaker 1: of tests to increase dramatically over the upcoming weeks, and 308 00:18:21,800 --> 00:18:24,800 Speaker 1: part because the US government is partnering with private companies. 309 00:18:24,840 --> 00:18:27,400 Speaker 1: Can you talk a little bit about that. Yeah, absolutely, 310 00:18:27,520 --> 00:18:30,000 Speaker 1: So this is basically, you know, looking to companies like 311 00:18:30,119 --> 00:18:33,200 Speaker 1: lab corp and and quest Um, you know, these sort 312 00:18:33,240 --> 00:18:35,800 Speaker 1: of brand name companies that have labs all over the 313 00:18:35,840 --> 00:18:39,399 Speaker 1: country and um just basically making sure that they too, 314 00:18:39,440 --> 00:18:41,760 Speaker 1: are are part of this effort that you know, if 315 00:18:41,800 --> 00:18:45,160 Speaker 1: if a public lab is overwhelmed, if there isn't one available, 316 00:18:45,640 --> 00:18:48,959 Speaker 1: send it to these companies and they're finally beginning to 317 00:18:48,960 --> 00:18:52,000 Speaker 1: to stand up capacity to to get you know, validate 318 00:18:52,040 --> 00:18:54,480 Speaker 1: these tests and begin to run them. That will be 319 00:18:54,680 --> 00:18:58,320 Speaker 1: a huge help because they're they're more dispersed UM and 320 00:18:58,320 --> 00:19:00,560 Speaker 1: and potentially you know, quite cape bill of running a 321 00:19:00,600 --> 00:19:02,200 Speaker 1: lot of tests. You know, we're not at the stage 322 00:19:02,240 --> 00:19:04,320 Speaker 1: where even they are are going to provide all the 323 00:19:04,359 --> 00:19:06,800 Speaker 1: capacity we need, but they will certainly help a lot. 324 00:19:07,240 --> 00:19:09,240 Speaker 1: Let's talk about cost, Max, I know you're out with 325 00:19:09,280 --> 00:19:13,359 Speaker 1: account A really interesting coronavirus crisis makes a case for 326 00:19:13,520 --> 00:19:16,879 Speaker 1: medicare for all. Talk to us about that does that 327 00:19:16,920 --> 00:19:20,680 Speaker 1: actually have some legs? Yeah, so, you know, the it's 328 00:19:20,720 --> 00:19:25,840 Speaker 1: a uniquely American um phenomenon that in addition to people 329 00:19:26,400 --> 00:19:30,119 Speaker 1: worrying about getting coronavirus, if they're smart, they will also 330 00:19:30,160 --> 00:19:34,199 Speaker 1: be worried about the cost of getting coronavirus UM. You know, 331 00:19:34,280 --> 00:19:37,399 Speaker 1: the first step is obviously testing. There's been an effort 332 00:19:37,440 --> 00:19:40,720 Speaker 1: from insurers and from individual states and the government to 333 00:19:40,840 --> 00:19:43,120 Speaker 1: make sure that that that that people won't be faced 334 00:19:43,119 --> 00:19:45,199 Speaker 1: with costs. But that's you know, you actually have to 335 00:19:45,200 --> 00:19:48,399 Speaker 1: take really aggressive steps to make sure that even testing 336 00:19:48,400 --> 00:19:51,000 Speaker 1: in a pandemic is not going to cost people thousands 337 00:19:51,040 --> 00:19:53,640 Speaker 1: of dollars. And then you get to the stage of 338 00:19:53,640 --> 00:19:56,760 Speaker 1: of whether when people actually have a hospital stay UM. 339 00:19:56,880 --> 00:19:58,959 Speaker 1: You know, a lot of people that don't use their 340 00:19:58,960 --> 00:20:01,760 Speaker 1: health insurance set off into assume that they're protected from 341 00:20:01,840 --> 00:20:04,640 Speaker 1: unexpected bills. But if you end up with an inpatient 342 00:20:04,680 --> 00:20:07,920 Speaker 1: hospital stay, you're gonna hit your deductible UM, You're gonna 343 00:20:07,920 --> 00:20:11,000 Speaker 1: potentially face coinsurance, and that will get you to your 344 00:20:11,040 --> 00:20:13,840 Speaker 1: plans out of pocket maximum, which in many cases is 345 00:20:13,840 --> 00:20:16,879 Speaker 1: in the thousands of dollars. And that's a financial strain 346 00:20:16,920 --> 00:20:19,840 Speaker 1: on many companies. And that's the best case scenario, there 347 00:20:19,840 --> 00:20:22,480 Speaker 1: there are steps the government can take in an emergency 348 00:20:22,640 --> 00:20:25,440 Speaker 1: to kind of prevent that from happening, to protect people 349 00:20:25,440 --> 00:20:28,479 Speaker 1: from costs. Uh still in the works and and unclear 350 00:20:28,480 --> 00:20:30,679 Speaker 1: whether it will be broad enough to help. I'd argue 351 00:20:30,720 --> 00:20:32,560 Speaker 1: that you might want a system in this is what 352 00:20:32,600 --> 00:20:34,320 Speaker 1: I argue might call them where you don't have to 353 00:20:34,320 --> 00:20:37,560 Speaker 1: take emergency steps to protect people from those costs. Max Nis, 354 00:20:37,600 --> 00:20:39,680 Speaker 1: and thanks so much for joining us. We always appreciate 355 00:20:39,720 --> 00:20:42,560 Speaker 1: your perspective on all things healthcare. Max Neison is a 356 00:20:42,560 --> 00:20:45,600 Speaker 1: biotech farm and healthcare condus for Bloomberg Opinion, joining us 357 00:20:45,600 --> 00:20:47,879 Speaker 1: here in a Bloomberg eleven three oh studio. Thank you, Max. 358 00:20:47,960 --> 00:20:50,120 Speaker 1: I mean, honestly, that's just to me. Highlights a lot 359 00:20:50,119 --> 00:20:52,960 Speaker 1: of weak spots, and you know, there's there's a question 360 00:20:53,280 --> 00:20:55,560 Speaker 1: of how much is going to be temporary and how 361 00:20:55,640 --> 00:20:59,680 Speaker 1: much well this entire episode reshape the way some people 362 00:20:59,720 --> 00:21:03,320 Speaker 1: think about a variety of different issues. This medicaid from 363 00:21:03,440 --> 00:21:05,080 Speaker 1: medicare for all. I think it will be back on 364 00:21:05,080 --> 00:21:07,359 Speaker 1: the table, certainly for the Democrats as they think about, 365 00:21:07,560 --> 00:21:09,800 Speaker 1: you know, kind of how to position uh, the US 366 00:21:10,200 --> 00:21:15,960 Speaker 1: against some of these pandemics. If you're looking to distract 367 00:21:15,960 --> 00:21:18,560 Speaker 1: yourself by watching basketball game or a football game, or 368 00:21:18,840 --> 00:21:21,639 Speaker 1: I mean even a golf tournament. Too bad forget about it. 369 00:21:21,640 --> 00:21:25,040 Speaker 1: You're out of luck. They've all been canceled. American sports 370 00:21:25,040 --> 00:21:28,200 Speaker 1: has been shut down. Scott Sashnik covering it all. Scott 371 00:21:28,240 --> 00:21:31,080 Speaker 1: Sashnik is a Bloomberg Sports columnist joining us here in 372 00:21:31,359 --> 00:21:35,080 Speaker 1: uh in New York. And I'm wondering, Scott, how big 373 00:21:35,119 --> 00:21:37,199 Speaker 1: of it hits this going to be economically? Well, it 374 00:21:37,240 --> 00:21:41,560 Speaker 1: depends on what you're all around. If you're a Madison 375 00:21:41,600 --> 00:21:45,360 Speaker 1: Square Garden, you have two teams, it's the arena, it's 376 00:21:45,400 --> 00:21:48,000 Speaker 1: the network, and you're getting hit on every single part 377 00:21:48,040 --> 00:21:51,639 Speaker 1: of that business. Uh. You have other theaters as well. 378 00:21:51,680 --> 00:21:54,639 Speaker 1: If you're Live Nation, you've got nothing, great company but 379 00:21:54,760 --> 00:21:58,560 Speaker 1: no events, you're getting crushed. Um. If you're a e g. 380 00:21:58,760 --> 00:22:03,120 Speaker 1: An arena operator, you're you're getting crushed. So, uh, it 381 00:22:03,160 --> 00:22:07,399 Speaker 1: remains to be seen what the contracts with the networks 382 00:22:07,400 --> 00:22:09,960 Speaker 1: will look like, what the contracts with the players union 383 00:22:10,400 --> 00:22:13,040 Speaker 1: will look like, whether they get together and figure out 384 00:22:13,080 --> 00:22:15,160 Speaker 1: how to help each other out. But they just don't 385 00:22:15,160 --> 00:22:17,200 Speaker 1: know how long this is gonna last. So let's talk 386 00:22:17,240 --> 00:22:20,760 Speaker 1: about the media rights. That's just the bread and butter 387 00:22:21,000 --> 00:22:25,360 Speaker 1: of the economics of professional sports. And I'm thinking about ESPN, 388 00:22:25,600 --> 00:22:29,399 Speaker 1: Fox Sports, CBS with you know, the March madness. How 389 00:22:29,400 --> 00:22:31,600 Speaker 1: bad is it gonna be for these media companies. It's terrible. 390 00:22:31,800 --> 00:22:34,200 Speaker 1: How bad is it going to be? It's it's terrible, 391 00:22:34,800 --> 00:22:37,680 Speaker 1: but they have to put something on the air. And 392 00:22:38,000 --> 00:22:40,439 Speaker 1: ESPN yesterday put out their statement like we're doing it 393 00:22:40,480 --> 00:22:42,000 Speaker 1: one day at a time. This is what we've got 394 00:22:42,000 --> 00:22:44,520 Speaker 1: on the air tonight. That's all. That's just I mean, 395 00:22:44,520 --> 00:22:48,160 Speaker 1: nobody has done this before. So the bread and butter, 396 00:22:48,240 --> 00:22:50,560 Speaker 1: as you know, why do they pay all these money. 397 00:22:50,600 --> 00:22:54,200 Speaker 1: It's two words live right studio shows and what's called 398 00:22:54,200 --> 00:22:57,920 Speaker 1: shoulder programming. All the things that surround those are just 399 00:22:58,040 --> 00:23:00,399 Speaker 1: sort of the advertisers to the feast, which is the 400 00:23:00,520 --> 00:23:04,119 Speaker 1: live event game. That thing that's been driving O T 401 00:23:04,119 --> 00:23:07,800 Speaker 1: T and driving those rights fees. They're not there. It's 402 00:23:07,880 --> 00:23:10,280 Speaker 1: just not there. I'm just thinking back to a Gary 403 00:23:10,359 --> 00:23:14,600 Speaker 1: Larson cartoon that had a family all around, uh, and 404 00:23:14,640 --> 00:23:17,879 Speaker 1: it was I'm describing cartoons on radio, the best the 405 00:23:17,920 --> 00:23:22,000 Speaker 1: best kind of radio, looking at one spot on the 406 00:23:22,040 --> 00:23:25,040 Speaker 1: wall with nothing there, and it said the world before television, 407 00:23:25,040 --> 00:23:27,000 Speaker 1: and it sort of raises a sort of exesstential moment 408 00:23:27,160 --> 00:23:29,359 Speaker 1: for people could do with their time. What do you 409 00:23:29,359 --> 00:23:32,639 Speaker 1: fill the airwaves with if you don't have this? You know? 410 00:23:32,920 --> 00:23:37,480 Speaker 1: The sports? Yeah, I mean well you know if you're Turner, yes, 411 00:23:37,520 --> 00:23:41,360 Speaker 1: you have a a big portfolio of sport events you do. 412 00:23:42,080 --> 00:23:45,960 Speaker 1: But Turner can show me myriad other things. It's not 413 00:23:46,040 --> 00:23:49,399 Speaker 1: an all sports network like ESPN. Turner has a big 414 00:23:49,680 --> 00:23:51,639 Speaker 1: it's a a t T. Of course, they have a 415 00:23:51,680 --> 00:23:54,439 Speaker 1: big movie library. You want to show me Shawshank, you 416 00:23:54,480 --> 00:23:57,440 Speaker 1: want to show me Rudy. People may still tune in 417 00:23:57,520 --> 00:24:00,639 Speaker 1: for those things, but if you're missing that key component, 418 00:24:01,160 --> 00:24:04,200 Speaker 1: that that ardent fan who wants the game, you're in trouble. Me. 419 00:24:04,440 --> 00:24:07,520 Speaker 1: Just last night I went down the channel guide with 420 00:24:07,560 --> 00:24:11,480 Speaker 1: my son. We're like just going like, nope, that one, Nope, nope, nope. 421 00:24:11,520 --> 00:24:17,400 Speaker 1: But it's amazing how many channels are devoted to sports. 422 00:24:17,720 --> 00:24:21,480 Speaker 1: You think about all the regional sports, all the RSN. Yes, 423 00:24:21,520 --> 00:24:25,879 Speaker 1: Sinclair is exposed there absolutely what what? What are the 424 00:24:26,000 --> 00:24:29,679 Speaker 1: transmission fees? What made? And everybody says the same thing. 425 00:24:29,720 --> 00:24:32,240 Speaker 1: I've talked to all these folks. We don't know, we'll 426 00:24:32,280 --> 00:24:36,719 Speaker 1: figure it out. Are the players do they get paid no. Uh. Specifically, 427 00:24:36,760 --> 00:24:40,919 Speaker 1: the NBA, specifically, after nine eleven, a forced measure clause 428 00:24:41,000 --> 00:24:43,800 Speaker 1: was inserted into the labor contract with the players that 429 00:24:43,840 --> 00:24:48,439 Speaker 1: includes things like disasters, but also the word epidemic. I 430 00:24:48,440 --> 00:24:51,920 Speaker 1: mean that's a specific term. The NHL has a forced 431 00:24:51,960 --> 00:24:54,960 Speaker 1: maasure clause in the standard player contract, but the word 432 00:24:55,000 --> 00:24:57,760 Speaker 1: epidemic that particularly does not appear. You know, I'm just 433 00:24:57,800 --> 00:25:01,680 Speaker 1: struck by how big of a business the athletic leagues 434 00:25:01,920 --> 00:25:03,840 Speaker 1: really are. I mean, it's not just the athletes, it's 435 00:25:03,840 --> 00:25:06,000 Speaker 1: not just the networks, but it's also all of the 436 00:25:06,040 --> 00:25:09,960 Speaker 1: gig employees who work around broadcasting all of these events. 437 00:25:09,960 --> 00:25:12,560 Speaker 1: It's all the people who work on setting up the courts. 438 00:25:12,600 --> 00:25:14,800 Speaker 1: I mean, it's just it's a massive industry. You have 439 00:25:14,960 --> 00:25:19,360 Speaker 1: seen some owners. Mark Cuban immediately addressed those hourly workers. 440 00:25:19,720 --> 00:25:22,560 Speaker 1: Josh Harris and David Blitzer have also addressed they will 441 00:25:22,600 --> 00:25:26,240 Speaker 1: figure out a plan to address compensation for these hourly 442 00:25:26,280 --> 00:25:29,480 Speaker 1: workers who who just rely on this income. I don't 443 00:25:29,480 --> 00:25:31,399 Speaker 1: know if every owner will do that, because I certainly 444 00:25:31,440 --> 00:25:33,800 Speaker 1: don't have to, but at least it was nice to 445 00:25:33,800 --> 00:25:36,919 Speaker 1: see Mark thinking about it at the outset that those 446 00:25:36,960 --> 00:25:38,399 Speaker 1: folks who not are on the front lines. They're not 447 00:25:38,440 --> 00:25:40,800 Speaker 1: the players, they're not the million dollar assets, but they 448 00:25:40,800 --> 00:25:43,280 Speaker 1: are integral to putting on the whole thing and on 449 00:25:43,320 --> 00:25:45,959 Speaker 1: the broader scale of pro sports that people don't think 450 00:25:46,000 --> 00:25:50,520 Speaker 1: about it. These are real estate investments, their media investments. 451 00:25:50,560 --> 00:25:53,919 Speaker 1: These teams are just the centerpiece of all these arms, 452 00:25:54,280 --> 00:25:56,920 Speaker 1: and a lot of that disappears when the game's not there. 453 00:25:57,160 --> 00:26:00,000 Speaker 1: So are the leagues? Are you getting a sense? It's 454 00:26:00,000 --> 00:26:03,119 Speaker 1: seems like most of them are suspending their seasons some 455 00:26:03,240 --> 00:26:05,200 Speaker 1: I guess, like the n C Double A, we're done 456 00:26:05,200 --> 00:26:07,480 Speaker 1: with winter and spring sports and things like that. Are 457 00:26:07,480 --> 00:26:11,440 Speaker 1: they suspending it hoping they can salvage something at some point? 458 00:26:11,480 --> 00:26:13,920 Speaker 1: I guess, you know, it depends on which league you are, 459 00:26:13,920 --> 00:26:16,359 Speaker 1: because the yeah, well almost all sports sports league and 460 00:26:16,400 --> 00:26:18,760 Speaker 1: you know this better than most. What does everybody ramp 461 00:26:18,840 --> 00:26:22,120 Speaker 1: up for the playoffs? Right? The NBA and the NHL. 462 00:26:22,240 --> 00:26:24,760 Speaker 1: You want to see the playoffs, that's what matters most. 463 00:26:24,800 --> 00:26:27,200 Speaker 1: In fact, the joke around NBA circles is the season 464 00:26:27,280 --> 00:26:29,840 Speaker 1: doesn't even start until Christmas, so he's just washing a 465 00:26:29,840 --> 00:26:35,040 Speaker 1: couple of months. Anyway, If big if if four weeks 466 00:26:35,040 --> 00:26:38,639 Speaker 1: from now, six weeks from now, situation improves to a 467 00:26:38,680 --> 00:26:42,000 Speaker 1: point where they can stage games with fans or without, 468 00:26:42,080 --> 00:26:45,480 Speaker 1: because let's not forget the main driver here is always television. 469 00:26:45,640 --> 00:26:48,520 Speaker 1: You'll give up the gate. If they can put those 470 00:26:48,560 --> 00:26:51,920 Speaker 1: teams on the court, on the ice and stage of playoffs, 471 00:26:52,400 --> 00:26:55,480 Speaker 1: they would be happy to do so. Can you imagine 472 00:26:56,000 --> 00:27:00,840 Speaker 1: just having everyone wear masks? I don't exactly. I don't 473 00:27:00,880 --> 00:27:02,800 Speaker 1: think so. But actually there was a picture from the 474 00:27:02,840 --> 00:27:07,000 Speaker 1: nineteen eighteen World Series where the batter was actually they 475 00:27:07,040 --> 00:27:09,119 Speaker 1: were wearing masks in the games. I saw that, So 476 00:27:09,160 --> 00:27:11,359 Speaker 1: maybe maybe you're onto something that At Lisa's and there 477 00:27:11,400 --> 00:27:14,920 Speaker 1: was no there was no Scots sports business reporter for 478 00:27:14,960 --> 00:27:17,360 Speaker 1: Bloomberg News joining us here in our Bloomberg eleven three 479 00:27:17,440 --> 00:27:20,040 Speaker 1: studio talking about the business of sports. Check out The 480 00:27:20,040 --> 00:27:23,879 Speaker 1: Business of Sports podcast with Evan Novi, William Scotts, and 481 00:27:24,240 --> 00:27:26,680 Speaker 1: Michael Barr. A new episode is available now at Bloomberg 482 00:27:26,720 --> 00:27:30,320 Speaker 1: dot com and at iTunes. Thanks for listening to the 483 00:27:30,359 --> 00:27:33,080 Speaker 1: Bloomberg pen L podcast. You can subscribe and listen to 484 00:27:33,119 --> 00:27:36,359 Speaker 1: interviews at Apple Podcasts or whatever podcast platform you prefer. 485 00:27:36,720 --> 00:27:39,520 Speaker 1: Paul Sweeney, I'm on Twitter at pt Sweeney. I'm Lisa 486 00:27:39,520 --> 00:27:41,919 Speaker 1: abram Boy. It's I'm on Twitter at Lisa A. Bramloit's 487 00:27:42,000 --> 00:27:44,879 Speaker 1: one before the podcast. You can always catch us worldwide. 488 00:27:44,880 --> 00:27:45,840 Speaker 1: I'm Bloomberg Radio