1 00:00:00,160 --> 00:00:03,360 Speaker 1: This is Bloomberg Wall st Week. What's the state of 2 00:00:03,400 --> 00:00:06,360 Speaker 1: corporate governance? The deficit is a real issue. The US 3 00:00:06,400 --> 00:00:09,920 Speaker 1: economy continues to send mixed signals. The financial stories that 4 00:00:10,000 --> 00:00:13,000 Speaker 1: cheap our world fed action to con concerns over dollar 5 00:00:13,039 --> 00:00:16,520 Speaker 1: liquidity and encouraging China data. The five hundred wealthiest people 6 00:00:16,520 --> 00:00:19,160 Speaker 1: in the world. Through the eyes of the most influential 7 00:00:19,239 --> 00:00:22,520 Speaker 1: voices Larry Summers, the former Treasury Secretary, star Ward CEO, 8 00:00:22,640 --> 00:00:26,360 Speaker 1: Kevin Johnson sec Chairman J Clayton, Bloomberg wool Street Week 9 00:00:26,480 --> 00:00:31,080 Speaker 1: with David Weston from Bloomberg Radio. A year like no other, 10 00:00:31,440 --> 00:00:35,160 Speaker 1: from the pandemic to race relations to foreign relations, as 11 00:00:35,200 --> 00:00:38,400 Speaker 1: told through the books we read. Welcome to a special 12 00:00:38,479 --> 00:00:41,360 Speaker 1: year end edition of Bloomberg Wall Street Week. I'm David 13 00:00:41,400 --> 00:00:45,479 Speaker 1: Weston this week special contributor to Larry Summers of Harvard, 14 00:00:46,000 --> 00:00:50,880 Speaker 1: Bloomberg editor in Chief, John Micklethwaite Westmore of the Robin 15 00:00:50,920 --> 00:00:55,480 Speaker 1: Hood Foundation, and Richard has of the Council on Foreign Relations. 16 00:00:56,040 --> 00:00:59,040 Speaker 1: We spent the year glued to our screens, whether it 17 00:00:59,080 --> 00:01:02,120 Speaker 1: was a terminal or a laptop, or a smartphone, or 18 00:01:02,160 --> 00:01:04,679 Speaker 1: just to play an old television set, and the headlines 19 00:01:04,720 --> 00:01:07,440 Speaker 1: came in faster than we could really absorb them, going 20 00:01:07,480 --> 00:01:10,920 Speaker 1: back and forth among COVID nineteen and a presidential election 21 00:01:11,120 --> 00:01:14,520 Speaker 1: and gyra, any markets and stark reminders of the very 22 00:01:14,600 --> 00:01:17,840 Speaker 1: different lives that we lead based on our wraiths and 23 00:01:17,880 --> 00:01:21,240 Speaker 1: our ethnicity and our economic status. But even as we 24 00:01:21,240 --> 00:01:23,880 Speaker 1: struggle to keep up with the day today, it is 25 00:01:23,920 --> 00:01:26,679 Speaker 1: not too soon to start thinking about the larger themes, 26 00:01:26,720 --> 00:01:30,000 Speaker 1: the longer arc of history that we are living through. 27 00:01:30,319 --> 00:01:32,080 Speaker 1: And there is no better way to do that than 28 00:01:32,120 --> 00:01:34,600 Speaker 1: to read some of the books that were published during 29 00:01:34,720 --> 00:01:37,600 Speaker 1: this year. And so we have this special installment of 30 00:01:37,600 --> 00:01:40,440 Speaker 1: Wall Street Week given over to books that were published 31 00:01:40,480 --> 00:01:43,440 Speaker 1: this year, seeing his history through the eyes of some 32 00:01:43,480 --> 00:01:46,000 Speaker 1: of the authors who are making us think and reflect. 33 00:01:46,240 --> 00:01:49,240 Speaker 1: We begin, as we must, with the pandemic and what 34 00:01:49,360 --> 00:01:51,280 Speaker 1: it showed us about how we deal with the crisis 35 00:01:51,520 --> 00:01:54,960 Speaker 1: and whether our governments are up to it. Bloomberg Editor 36 00:01:54,960 --> 00:01:58,640 Speaker 1: in chief John Mikeltway joined with economist author Adrian Waldrich 37 00:01:58,920 --> 00:02:01,560 Speaker 1: to bring us the wake up call, a penetrating look 38 00:02:01,560 --> 00:02:04,720 Speaker 1: at which countries worked and which did not well. The 39 00:02:04,880 --> 00:02:08,640 Speaker 1: very short answer is that Britain and America, you know, 40 00:02:09,040 --> 00:02:10,959 Speaker 1: to the countries that have led the world have done 41 00:02:10,960 --> 00:02:15,120 Speaker 1: it incredibly badly. Um if just monitored by the number 42 00:02:15,120 --> 00:02:18,639 Speaker 1: of deaths per million, well over eight hundred deaths per million. 43 00:02:18,919 --> 00:02:22,320 Speaker 1: By contrast Germany down round a hundred and fifty, and 44 00:02:22,440 --> 00:02:27,959 Speaker 1: especially these Asian countries Japan, South Korea, Singapore, Taiwan, you 45 00:02:28,040 --> 00:02:31,400 Speaker 1: know they're they're in very small numbers three, sometimes as 46 00:02:31,400 --> 00:02:34,480 Speaker 1: a few as five deaths per million, sometimes twenty thirty 47 00:02:34,560 --> 00:02:37,520 Speaker 1: deaths per million, and so there has been a real difference, 48 00:02:37,520 --> 00:02:41,359 Speaker 1: as you put, between good government and bad government. Indeed, 49 00:02:41,400 --> 00:02:44,040 Speaker 1: government has been the difference between living and dying in 50 00:02:44,080 --> 00:02:48,240 Speaker 1: many places. And what accounts for that. There are various theories. 51 00:02:48,240 --> 00:02:50,840 Speaker 1: I mean, for example, the Asia, particularly Taiwan, Korea, and 52 00:02:50,960 --> 00:02:53,040 Speaker 1: something that China done well because it's more of a 53 00:02:53,120 --> 00:02:57,600 Speaker 1: collectivist approach to society rather than individualistic. I think we 54 00:02:57,639 --> 00:03:00,200 Speaker 1: should come back to China in a second. But on 55 00:03:00,240 --> 00:03:02,399 Speaker 1: the on the broad terms, I think that's a too 56 00:03:02,400 --> 00:03:06,040 Speaker 1: good an excuse for the West, on too several different levels. Firstly, 57 00:03:06,080 --> 00:03:09,120 Speaker 1: if you look at any measure of other things to 58 00:03:09,160 --> 00:03:12,400 Speaker 1: do with state efficiency schools, you know who's whose schools 59 00:03:12,400 --> 00:03:15,000 Speaker 1: are doing well. It's the same set of countries are 60 00:03:15,040 --> 00:03:17,760 Speaker 1: doing well. Whose whose general health systems lead to long 61 00:03:17,800 --> 00:03:21,560 Speaker 1: life expectancy. The same thing virtually every barometer of whether 62 00:03:21,600 --> 00:03:24,359 Speaker 1: a government is working well or not. There's been moving 63 00:03:24,360 --> 00:03:27,640 Speaker 1: in Asia's direction over the past twenty thirty years. And 64 00:03:27,680 --> 00:03:29,360 Speaker 1: it's just that's the reason why it's a wake up 65 00:03:29,400 --> 00:03:33,680 Speaker 1: called the argument consensus. Yes, there is an advantage there, 66 00:03:33,960 --> 00:03:35,760 Speaker 1: but it's the kind of advantage which gives you a 67 00:03:35,880 --> 00:03:39,600 Speaker 1: ten or advantage. It's not the sort of advantage which 68 00:03:39,640 --> 00:03:45,120 Speaker 1: explains somebody being twenty or thirty times better. I mean, you, David, 69 00:03:45,120 --> 00:03:47,360 Speaker 1: mostly in our day jobs, when we look at a 70 00:03:47,400 --> 00:03:50,960 Speaker 1: company and one company is sort of twenty better than 71 00:03:51,080 --> 00:03:53,680 Speaker 1: another one, you think that other ones in trouble. In 72 00:03:53,720 --> 00:03:57,440 Speaker 1: this case, countries were twenty times better. And that brings 73 00:03:57,440 --> 00:03:59,520 Speaker 1: me on the second thing. If you look at South Korea, 74 00:04:00,120 --> 00:04:03,200 Speaker 1: look at Soul, London and New York, they're roughly the 75 00:04:03,240 --> 00:04:06,680 Speaker 1: same size. It souls a little bit bigger, and yet 76 00:04:06,720 --> 00:04:09,920 Speaker 1: New York has lost over twenty five thousand people, London 77 00:04:10,040 --> 00:04:14,160 Speaker 1: well over six thousand, Souls lost a few dozen. And 78 00:04:14,240 --> 00:04:16,880 Speaker 1: this is the place that bought parasite. It's a place 79 00:04:16,960 --> 00:04:19,840 Speaker 1: with some of the world's largest nightclubs. It's a place 80 00:04:19,880 --> 00:04:21,960 Speaker 1: that bought K pop, which I know you listened to 81 00:04:22,000 --> 00:04:26,760 Speaker 1: all the time. It's a vibrant, chaotic, democratic city with 82 00:04:26,839 --> 00:04:30,000 Speaker 1: a lot of creativity, crowded subways, huge things. It's got 83 00:04:30,040 --> 00:04:32,800 Speaker 1: exactly the same kind of dynamic as London or New York. 84 00:04:33,040 --> 00:04:35,200 Speaker 1: It just happens to be a lot better run, and 85 00:04:35,200 --> 00:04:38,520 Speaker 1: it's run because people have paid attention to government. How 86 00:04:38,600 --> 00:04:40,760 Speaker 1: much of it is because of the leadership the particular 87 00:04:40,839 --> 00:04:44,120 Speaker 1: people involved, That's a really good question. And again I 88 00:04:44,160 --> 00:04:46,320 Speaker 1: think this is where America particularly has to be a 89 00:04:46,360 --> 00:04:47,920 Speaker 1: bit careful. And I think there are a lot of 90 00:04:47,960 --> 00:04:50,600 Speaker 1: Americans who think that because Donald Trump did a bad 91 00:04:50,680 --> 00:04:53,040 Speaker 1: job with COVID, and I think by most people standards, 92 00:04:53,240 --> 00:04:55,839 Speaker 1: he did do a very bad job. Um that, so 93 00:04:55,920 --> 00:04:57,919 Speaker 1: to speak, the problem is solved. And I think that 94 00:04:58,080 --> 00:05:01,520 Speaker 1: just isn't true. You look at the fundamental reason why 95 00:05:01,560 --> 00:05:04,159 Speaker 1: America was bad at this, it's because it has a 96 00:05:04,160 --> 00:05:06,839 Speaker 1: health care system that's designed to look after the rich 97 00:05:07,320 --> 00:05:10,400 Speaker 1: and the old. So any a pandemic hits everybody, hits 98 00:05:10,440 --> 00:05:13,800 Speaker 1: the poor particularly, so America was always bound to be exposed. 99 00:05:13,800 --> 00:05:16,320 Speaker 1: And you look at the other things wrong with American government, 100 00:05:16,880 --> 00:05:20,479 Speaker 1: racist policing, Well, you know, Donald Trump may not have 101 00:05:20,560 --> 00:05:23,440 Speaker 1: helped that much, but I covered Rodney King in Los 102 00:05:23,480 --> 00:05:26,039 Speaker 1: Angeles thirty years ago. That has been going on a 103 00:05:26,040 --> 00:05:29,839 Speaker 1: long time. Look at American schools, okay, the twentieth or thirtieth, 104 00:05:29,880 --> 00:05:32,400 Speaker 1: depending how you measure it. In the world when it 105 00:05:32,440 --> 00:05:36,040 Speaker 1: comes to education, there's education tables that the Asians come 106 00:05:36,080 --> 00:05:38,600 Speaker 1: top in, but that's been going on for years. To 107 00:05:39,000 --> 00:05:40,760 Speaker 1: Trump may not have done much to help. It said 108 00:05:40,800 --> 00:05:44,360 Speaker 1: that the structural problems with the American state go much 109 00:05:44,400 --> 00:05:46,440 Speaker 1: deeper than just one man. It is to do with 110 00:05:46,480 --> 00:05:49,400 Speaker 1: the fact that the Republicans don't have any answers to 111 00:05:49,400 --> 00:05:51,720 Speaker 1: do with government other and to make it smaller, and 112 00:05:51,800 --> 00:05:55,279 Speaker 1: the Democrats two wedded to the public sector unions to 113 00:05:55,360 --> 00:05:58,000 Speaker 1: engage with the reform. And as long as that continues, 114 00:05:58,080 --> 00:06:00,240 Speaker 1: America is going to have that problem that any big 115 00:06:00,240 --> 00:06:02,479 Speaker 1: crisis is public sector is not going to be much good. 116 00:06:03,160 --> 00:06:06,280 Speaker 1: That was John Michels Waite, editor in chief of Bloomberg 117 00:06:06,440 --> 00:06:10,120 Speaker 1: and author of The wake Up Call Coming Up. America's 118 00:06:10,160 --> 00:06:13,600 Speaker 1: long struggle with race came to the four again with 119 00:06:13,680 --> 00:06:17,240 Speaker 1: the killing of George Floyd in Minneapolis, and Westmore of 120 00:06:17,279 --> 00:06:19,640 Speaker 1: the Robin Hood Foundation took us through the anatomy of 121 00:06:19,680 --> 00:06:23,400 Speaker 1: a similar incident in Baltimore five years ago, when Freddie 122 00:06:23,400 --> 00:06:27,400 Speaker 1: Gray was killed. That's next on Wall Street Week on Bloomberg. 123 00:06:32,640 --> 00:06:36,599 Speaker 1: This is Bloomberg Wall Street Week with David Weston from 124 00:06:36,720 --> 00:06:40,159 Speaker 1: Bloomberg Radio. This is Wall Street Week. I'm David Weston. 125 00:06:40,600 --> 00:06:43,240 Speaker 1: The United States was rocked this year by a series 126 00:06:43,279 --> 00:06:47,120 Speaker 1: of police killings of unarmed black citizens, including that of 127 00:06:47,160 --> 00:06:50,640 Speaker 1: George Floyd in Minneapolis and Brianna Taylor in Louisville. And 128 00:06:50,720 --> 00:06:52,919 Speaker 1: this is just the latest in a long line of 129 00:06:53,000 --> 00:06:56,440 Speaker 1: such incidents through American history, revealing the deep divisions in 130 00:06:56,480 --> 00:06:59,640 Speaker 1: our society. Westmore, the head of the Robin Hood Foundation, 131 00:06:59,800 --> 00:07:02,159 Speaker 1: had written about one of these. It was the killing 132 00:07:02,200 --> 00:07:05,160 Speaker 1: of Freddy Gray in Baltimore back in two fifteen, and 133 00:07:05,200 --> 00:07:07,880 Speaker 1: west lays out what happened, what led to it, and 134 00:07:07,920 --> 00:07:11,760 Speaker 1: what the aftermath was from a variety of perspectives. I'm 135 00:07:11,760 --> 00:07:15,120 Speaker 1: a Baltimore native and in many ways Baltimore City helped 136 00:07:15,120 --> 00:07:17,840 Speaker 1: to raise me. Uh and I I one of the 137 00:07:17,840 --> 00:07:20,760 Speaker 1: things that really struck me about Freddy's story was, you know, 138 00:07:20,880 --> 00:07:24,680 Speaker 1: I I I unfortunately have been to many funerals before 139 00:07:24,800 --> 00:07:27,680 Speaker 1: my life, but his funeral was the first funeral that 140 00:07:27,720 --> 00:07:30,280 Speaker 1: I had ever been to, when the person who was 141 00:07:30,360 --> 00:07:33,400 Speaker 1: laying in the casket I never knew in life, and 142 00:07:33,480 --> 00:07:37,000 Speaker 1: that haunted me because pretty Rays funeral was a big 143 00:07:37,040 --> 00:07:40,880 Speaker 1: deal in Baltimore. But then the thing that really helped 144 00:07:40,880 --> 00:07:43,280 Speaker 1: to to to trigger wanting to write this book and 145 00:07:43,360 --> 00:07:46,320 Speaker 1: tell this story was was not just the horror of 146 00:07:46,360 --> 00:07:48,480 Speaker 1: his death, but in many ways the horror of his life. 147 00:07:48,720 --> 00:07:50,440 Speaker 1: And that's what I want. I wanted to uncap when 148 00:07:50,440 --> 00:07:54,160 Speaker 1: I wanted to uncover, and you say, I'll just read 149 00:07:54,160 --> 00:07:56,960 Speaker 1: a bit from the prologue here. You say we had 150 00:07:57,040 --> 00:07:59,760 Speaker 1: come from similar places, you and Freddy Gray, but I 151 00:07:59,800 --> 00:08:02,280 Speaker 1: had been so fortunate, so blessed, And you're going to 152 00:08:02,320 --> 00:08:05,160 Speaker 1: talk about your mother and your grandparents and the breaks 153 00:08:05,160 --> 00:08:06,920 Speaker 1: you got along the way. How does it happen that 154 00:08:06,960 --> 00:08:10,280 Speaker 1: two people with similar sorts of situations can take such 155 00:08:10,360 --> 00:08:13,800 Speaker 1: divergent paths. Well, you know, I think that one of 156 00:08:13,800 --> 00:08:15,240 Speaker 1: the things I wanted to be able to look at 157 00:08:15,320 --> 00:08:17,800 Speaker 1: is when you look at the life of Freddy Gray, 158 00:08:17,960 --> 00:08:20,720 Speaker 1: for for so much of us, particularly for individuals, all 159 00:08:20,760 --> 00:08:23,520 Speaker 1: of us who feel like we're coming out from the 160 00:08:23,560 --> 00:08:27,560 Speaker 1: margins right where where this wasn't always destined that we 161 00:08:27,920 --> 00:08:30,000 Speaker 1: can end up being there. There are a lot of 162 00:08:30,040 --> 00:08:32,280 Speaker 1: factors that play into it, but one of the big 163 00:08:32,280 --> 00:08:36,440 Speaker 1: factors that plays into unfortunately is luck. It's it's had 164 00:08:36,480 --> 00:08:39,200 Speaker 1: getting getting a break that someone else might not get, 165 00:08:39,480 --> 00:08:42,320 Speaker 1: an opportunity that someone else might not get, and and 166 00:08:42,400 --> 00:08:44,760 Speaker 1: the idea that we would have or can have a 167 00:08:44,840 --> 00:08:48,880 Speaker 1: society that is relying on luck as a prerequisite in 168 00:08:48,960 --> 00:08:51,320 Speaker 1: order for people to be able to move from one 169 00:08:51,320 --> 00:08:54,320 Speaker 1: position to another to another position is really hard. And 170 00:08:54,400 --> 00:08:57,120 Speaker 1: you think about Freddie's life in particular. Uh, you know, 171 00:08:57,200 --> 00:09:03,040 Speaker 1: Freddie was born premature, under eight, addicted to heroin. His 172 00:09:03,200 --> 00:09:05,760 Speaker 1: mother never made it to high school. She couldn't read 173 00:09:05,840 --> 00:09:09,959 Speaker 1: or write. She has these twins, Freddy and his twin sister, Frederika. 174 00:09:10,160 --> 00:09:12,400 Speaker 1: By the time they had gained enough weight to actually 175 00:09:12,480 --> 00:09:15,200 Speaker 1: leave the hospital, they moved into a housing project in 176 00:09:15,280 --> 00:09:19,320 Speaker 1: West Baltimore that had endemic levels of lead inside of 177 00:09:19,320 --> 00:09:23,680 Speaker 1: the home. And so Freddy Gray is now underweight, addicted 178 00:09:23,720 --> 00:09:26,760 Speaker 1: to heroin, lead poisoned, and by this time in his 179 00:09:26,840 --> 00:09:30,400 Speaker 1: life he's two years old. And so it gets back 180 00:09:30,400 --> 00:09:33,200 Speaker 1: to this larger point of did Freddy Gray even have 181 00:09:33,280 --> 00:09:36,480 Speaker 1: a chance, did he even have a shot, or was 182 00:09:36,559 --> 00:09:40,160 Speaker 1: that last interaction that he had where where he was, 183 00:09:40,200 --> 00:09:43,440 Speaker 1: where he died, was killed in police custody for the 184 00:09:43,520 --> 00:09:47,080 Speaker 1: crime of making eye contact with police which triggered probable cause. 185 00:09:48,360 --> 00:09:52,400 Speaker 1: Was that a just want the last system to break 186 00:09:52,800 --> 00:09:56,320 Speaker 1: in the life of Freddy Gray. Well, see, that's what 187 00:09:56,440 --> 00:09:58,160 Speaker 1: I found. One of the things I found very powerful 188 00:09:58,160 --> 00:10:01,160 Speaker 1: in this book is obviously what happened with the police 189 00:10:01,200 --> 00:10:03,959 Speaker 1: was inexcusable. Police officers were indicted, although I don't think 190 00:10:03,960 --> 00:10:06,319 Speaker 1: they were convicted, but it was inexcusable what happened in 191 00:10:06,360 --> 00:10:09,120 Speaker 1: the police fan But the problem with Freddy Gray started 192 00:10:09,120 --> 00:10:11,400 Speaker 1: away past that. And when you talk about systems, we 193 00:10:11,480 --> 00:10:15,640 Speaker 1: talk about systemic racism, systemic inequality. It's a series of systems. 194 00:10:15,640 --> 00:10:18,120 Speaker 1: There's a lot of systems here that put Freddy Gray 195 00:10:18,160 --> 00:10:20,600 Speaker 1: in the wrong place and for that matter, put police 196 00:10:20,640 --> 00:10:23,240 Speaker 1: in the wrong place at the same time. That's exactly right. 197 00:10:23,280 --> 00:10:24,840 Speaker 1: I mean, when you look at the life of Freddy Gray, 198 00:10:24,880 --> 00:10:28,440 Speaker 1: every every system failed him. Uh, you know, the education system. 199 00:10:28,440 --> 00:10:30,960 Speaker 1: When when the last day of attendance that he had 200 00:10:31,000 --> 00:10:35,040 Speaker 1: recorded in Baltimore City Public schools was in tenth grade, 201 00:10:35,040 --> 00:10:37,120 Speaker 1: when he was nineteen years old, he had been in 202 00:10:37,200 --> 00:10:41,319 Speaker 1: special education developmental coursework his entire academic career because of 203 00:10:41,360 --> 00:10:45,320 Speaker 1: the lead poisoning. The CDC indicates that five microbes of 204 00:10:45,480 --> 00:10:48,199 Speaker 1: lead and every decolet of blood is enough to give 205 00:10:48,240 --> 00:10:50,640 Speaker 1: him a person cognitive damage for the rest of their life. 206 00:10:50,960 --> 00:10:54,040 Speaker 1: Freddy Gray had thirty six, and so this was a 207 00:10:54,040 --> 00:10:57,679 Speaker 1: young man who, from the earliest ages from from room 208 00:10:57,720 --> 00:11:01,320 Speaker 1: being a toddler, was going to be cognitively damaged for 209 00:11:01,320 --> 00:11:03,120 Speaker 1: the rest of his life because of something he had 210 00:11:03,160 --> 00:11:05,600 Speaker 1: absolutely zero to do with. And now is that the 211 00:11:05,600 --> 00:11:07,320 Speaker 1: fact that the home that he was living in and 212 00:11:07,360 --> 00:11:09,920 Speaker 1: the water that he was drinking was making him sick. 213 00:11:10,240 --> 00:11:13,000 Speaker 1: And so when you're looking at all these various systems 214 00:11:13,040 --> 00:11:16,160 Speaker 1: that then were in place and just were not in 215 00:11:16,280 --> 00:11:19,400 Speaker 1: place in the life of Freddy Gray, uh, it forces 216 00:11:19,480 --> 00:11:21,360 Speaker 1: all of us to understand that this is not just 217 00:11:21,400 --> 00:11:25,040 Speaker 1: going to be about policing. Performing the police department is 218 00:11:25,679 --> 00:11:29,800 Speaker 1: necessary and it is imperative. However, we also have to 219 00:11:29,880 --> 00:11:32,240 Speaker 1: understand that the amount of systems and the amount of 220 00:11:32,240 --> 00:11:36,720 Speaker 1: touches that Freddy Gray had in broken systems throughout led 221 00:11:36,760 --> 00:11:39,080 Speaker 1: to the to the idea that that last interaction with 222 00:11:39,120 --> 00:11:42,600 Speaker 1: the broken system without one broken system, was just kind 223 00:11:42,640 --> 00:11:45,040 Speaker 1: of a continuation of a lot of the larger life 224 00:11:45,120 --> 00:11:48,679 Speaker 1: challenges that he was facing, and I want to take 225 00:11:48,720 --> 00:11:50,520 Speaker 1: us through some of the concrete steps, because you have 226 00:11:50,559 --> 00:11:53,640 Speaker 1: constricrete steps in your book that should be taken. But 227 00:11:53,720 --> 00:11:56,120 Speaker 1: before that, this is a story about Freddy Gray, but 228 00:11:56,160 --> 00:11:58,840 Speaker 1: it's also the story about eight other individuals. Uh. It's 229 00:11:58,840 --> 00:12:01,280 Speaker 1: a it's a really interest in compelling way to tell 230 00:12:01,320 --> 00:12:04,240 Speaker 1: the story sort of Russiaman from different people's points of 231 00:12:04,280 --> 00:12:08,080 Speaker 1: view at the time over those critical five days that 232 00:12:08,280 --> 00:12:11,520 Speaker 1: were really Baltimore was on fire. Gives a sense of 233 00:12:11,559 --> 00:12:15,040 Speaker 1: some of those characters that you identify. I tell you, David, 234 00:12:15,120 --> 00:12:16,400 Speaker 1: it was one of the things that I actually loved 235 00:12:16,400 --> 00:12:19,280 Speaker 1: about the story because if if Baltimore, Baltimore is one thing, 236 00:12:19,280 --> 00:12:22,160 Speaker 1: it's full of characters. And I was hearing it from 237 00:12:22,160 --> 00:12:25,720 Speaker 1: every single strata of our society about what people thought 238 00:12:25,800 --> 00:12:29,160 Speaker 1: about what happened, and what were the lessons learned, and 239 00:12:29,160 --> 00:12:31,680 Speaker 1: and so I really wanted to then take some of 240 00:12:31,720 --> 00:12:34,480 Speaker 1: those conversations that I was having personally with people and 241 00:12:34,559 --> 00:12:36,400 Speaker 1: share them with the world. And so I broke it 242 00:12:36,440 --> 00:12:39,800 Speaker 1: down to these eight characters. You know, Uh, a police 243 00:12:39,880 --> 00:12:43,320 Speaker 1: major who grew up in West Baltimore, who was having 244 00:12:43,320 --> 00:12:45,240 Speaker 1: conversations with me where he said he's one of the 245 00:12:45,280 --> 00:12:48,559 Speaker 1: highest ranking African Americans on the police force, but he 246 00:12:48,640 --> 00:12:50,760 Speaker 1: was having conversation and it would say, you know, I 247 00:12:50,880 --> 00:12:53,160 Speaker 1: know that none of my colleagues woke up that morning 248 00:12:53,440 --> 00:12:56,080 Speaker 1: with homicide in their mind. But I also know for 249 00:12:56,120 --> 00:12:58,679 Speaker 1: the kids in West Baltimore why they don't believe me. 250 00:12:59,240 --> 00:13:02,120 Speaker 1: You know a woman who lost her brother to police 251 00:13:02,200 --> 00:13:05,960 Speaker 1: violence just eighteen months earlier in Baltimore City, and who 252 00:13:06,000 --> 00:13:08,680 Speaker 1: was loving the fact that Baltimore was rising up and 253 00:13:08,679 --> 00:13:11,800 Speaker 1: Baltimore was was was marching and doing something about this, 254 00:13:12,080 --> 00:13:14,480 Speaker 1: but also was feeling a real sense of frustration because 255 00:13:14,480 --> 00:13:17,120 Speaker 1: she's basically saying to herself, but where was this when 256 00:13:17,120 --> 00:13:19,679 Speaker 1: my brother was killed by police and no one had 257 00:13:19,720 --> 00:13:23,439 Speaker 1: anything to say. You know a basketball star turn protester, 258 00:13:23,800 --> 00:13:25,840 Speaker 1: the son of the owner of the Baltimore Orioles, who 259 00:13:25,880 --> 00:13:28,320 Speaker 1: was the head of baseball operations. So when the Baltimore 260 00:13:28,320 --> 00:13:30,920 Speaker 1: Orioles played the Chicago White Sox and for the first 261 00:13:30,920 --> 00:13:32,920 Speaker 1: time in baseball history, they played a game and the 262 00:13:32,960 --> 00:13:35,920 Speaker 1: official attendance was zero because the city was in the 263 00:13:35,920 --> 00:13:38,720 Speaker 1: state of emergency. He was one of the final people 264 00:13:38,760 --> 00:13:41,200 Speaker 1: to make the call and say I want to play 265 00:13:41,200 --> 00:13:43,520 Speaker 1: the game even if there's no fans in there, because 266 00:13:43,559 --> 00:13:45,679 Speaker 1: I want the world to see this. And so by 267 00:13:45,920 --> 00:13:49,679 Speaker 1: looking at it through these various sets of eyes, by 268 00:13:49,679 --> 00:13:51,439 Speaker 1: looking at it through people who come up and represent 269 00:13:51,480 --> 00:13:54,120 Speaker 1: different stratas of our society, you know, we really wanted 270 00:13:54,160 --> 00:13:57,719 Speaker 1: to show a kaleidoscope of how complex so many of 271 00:13:57,760 --> 00:14:01,199 Speaker 1: these situations are, but also how it's still fundamentally colms 272 00:14:01,240 --> 00:14:05,880 Speaker 1: down to two disparate issues, its race and its poverty, 273 00:14:06,240 --> 00:14:09,640 Speaker 1: and how those two beasts have a way of coinciding 274 00:14:09,840 --> 00:14:12,480 Speaker 1: to create pretty disastrous results if we are not dealing 275 00:14:12,559 --> 00:14:16,040 Speaker 1: with them. That was Westmore, head of the Robin Hood Foundation, 276 00:14:16,080 --> 00:14:19,320 Speaker 1: an author of Five Days, The Fiery Reckoning of an 277 00:14:19,320 --> 00:14:23,160 Speaker 1: American city. Coming up in a year full of ups 278 00:14:23,200 --> 00:14:27,320 Speaker 1: and downs, energy was no exception. Expert Dan Jurgen put 279 00:14:27,320 --> 00:14:29,880 Speaker 1: it all in a broader context in his book The 280 00:14:29,880 --> 00:14:34,320 Speaker 1: New Map That's Next. On Wall Street Week on Bloomberg. 281 00:14:40,160 --> 00:14:44,160 Speaker 1: This is Bloomberg Wall Street Week with David Weston from 282 00:14:44,280 --> 00:14:47,400 Speaker 1: Bloomberg Radio. This is Wall Street Week. I'm David Weston. 283 00:14:47,720 --> 00:14:51,840 Speaker 1: The pandemic hit worldwide, demand for oil hard, leaving OPEC 284 00:14:51,920 --> 00:14:54,320 Speaker 1: plus scrambling throughout the year to figure out how to 285 00:14:54,360 --> 00:14:57,640 Speaker 1: respond to that fall in demand. Dan Jurgen of I 286 00:14:57,840 --> 00:14:59,960 Speaker 1: H S Market kept us abreast of all of the 287 00:15:00,000 --> 00:15:02,440 Speaker 1: has changes, but also put it in the larger context 288 00:15:02,520 --> 00:15:04,760 Speaker 1: of how we are shifting the way we get our 289 00:15:04,880 --> 00:15:07,360 Speaker 1: energy and use our energy, all of which is covered 290 00:15:07,400 --> 00:15:10,000 Speaker 1: in his new book, The New Map. I think it's 291 00:15:10,000 --> 00:15:12,480 Speaker 1: an evolution that's going on, but I was recently with 292 00:15:12,640 --> 00:15:15,240 Speaker 1: a bunch of the leaders of the electric power industry. 293 00:15:15,240 --> 00:15:18,800 Speaker 1: They do look to be net zero carbon by or 294 00:15:19,920 --> 00:15:22,720 Speaker 1: many of them are moving that direction. Other parts of it. 295 00:15:22,760 --> 00:15:25,440 Speaker 1: I think it evolves over time. There are two eight 296 00:15:25,520 --> 00:15:28,200 Speaker 1: million cars in the United States and about two hundred 297 00:15:28,240 --> 00:15:30,440 Speaker 1: seventy nine million run on gasoline, and I don't think 298 00:15:30,440 --> 00:15:32,640 Speaker 1: people are going to throw away their cars. So I 299 00:15:32,680 --> 00:15:35,440 Speaker 1: think it's this is the longer evolution, and I think 300 00:15:35,480 --> 00:15:37,760 Speaker 1: there's what's happens in the US, but the US remembers 301 00:15:37,800 --> 00:15:41,040 Speaker 1: only fifteen percent of CEO two emissions, China's twice that. 302 00:15:41,680 --> 00:15:45,680 Speaker 1: India other emerging markets are looking towards commercial energy to 303 00:15:45,720 --> 00:15:48,520 Speaker 1: get away from burning wood and waste in people's houses 304 00:15:48,520 --> 00:15:50,880 Speaker 1: with their health consequences. So I think this is something 305 00:15:50,880 --> 00:15:55,119 Speaker 1: that unfolds time directionally, where it's going. That's clear directionally 306 00:15:55,120 --> 00:15:57,320 Speaker 1: in the timing really matters, and the bets can be 307 00:15:57,400 --> 00:15:59,680 Speaker 1: rather substantial. In your book, you point out how many 308 00:16:00,000 --> 00:16:02,240 Speaker 1: obs you know, I think there's ten million are tied 309 00:16:02,280 --> 00:16:05,800 Speaker 1: to the energy industry. We also have trillions of dollars globally. 310 00:16:06,240 --> 00:16:08,160 Speaker 1: Who's putting bets on which side of this? And we 311 00:16:08,200 --> 00:16:11,480 Speaker 1: saw a report today that Xson basically internal documents leaked 312 00:16:11,560 --> 00:16:13,880 Speaker 1: suggests that Exon is not moving as quickly as maybe 313 00:16:13,920 --> 00:16:17,720 Speaker 1: some others away from fossil fuel emissions. China certainly might benefit. 314 00:16:17,760 --> 00:16:20,000 Speaker 1: You point out in your book, Russia, maybe not. Who's 315 00:16:20,040 --> 00:16:22,160 Speaker 1: betting on which side of Well, let me say I 316 00:16:22,240 --> 00:16:25,400 Speaker 1: think the X and thing, of course that's still unfolding story. 317 00:16:25,440 --> 00:16:28,240 Speaker 1: But I think what's happening is all major companies now 318 00:16:28,240 --> 00:16:31,400 Speaker 1: are looking at their at their at their emissions and 319 00:16:31,440 --> 00:16:33,200 Speaker 1: saying what are they going to be? And then the 320 00:16:33,280 --> 00:16:36,200 Speaker 1: question becomes how do you mitigate them? And in the 321 00:16:36,240 --> 00:16:38,000 Speaker 1: in the New Map, you know, there's this whole chapter 322 00:16:38,120 --> 00:16:42,000 Speaker 1: called Breakthrough Technologies, based upon the work that Ernie more Needs, 323 00:16:42,040 --> 00:16:44,680 Speaker 1: a former Energy secretary, and I did for lead for 324 00:16:44,920 --> 00:16:48,760 Speaker 1: Bill Gates Foundation and Breakthrough Energy Coalition about the technologies 325 00:16:48,800 --> 00:16:51,400 Speaker 1: we need, and one of them that's really very major 326 00:16:51,520 --> 00:16:55,040 Speaker 1: is what's called carbon capture carbon mitigation. Simply when you 327 00:16:55,080 --> 00:16:57,800 Speaker 1: look at the numbers, and I think that's where you 328 00:16:57,840 --> 00:17:02,080 Speaker 1: know we're going to see increase uh investment going in 329 00:17:02,160 --> 00:17:04,760 Speaker 1: terms of research on that to meet it. In terms 330 00:17:04,760 --> 00:17:08,960 Speaker 1: of countries, China is a significant winner here because it didn't, 331 00:17:09,119 --> 00:17:13,080 Speaker 1: unlike the US, it imports its oil and it regards 332 00:17:13,080 --> 00:17:16,320 Speaker 1: that as a major strategic problem, particularly in the geopolitical 333 00:17:16,320 --> 00:17:19,480 Speaker 1: issues that are now developing, and it has a dominant 334 00:17:19,480 --> 00:17:21,840 Speaker 1: position in many of what you might call that they 335 00:17:21,880 --> 00:17:25,119 Speaker 1: call the new energies. For instance, about sevent the solar 336 00:17:25,160 --> 00:17:27,760 Speaker 1: panels of the world are made in China, another ten 337 00:17:27,800 --> 00:17:32,480 Speaker 1: percent by Chinese companies, and it's Chinese manufacturing that's partly 338 00:17:32,520 --> 00:17:36,400 Speaker 1: responsible for this revolutionist solar costs which have come way down, 339 00:17:36,440 --> 00:17:39,199 Speaker 1: so you know they would be a big beneficiary of this. 340 00:17:40,040 --> 00:17:42,440 Speaker 1: One of the things that I was surprised I learned 341 00:17:42,440 --> 00:17:45,480 Speaker 1: from your book is the Department Energy under President Trump 342 00:17:45,560 --> 00:17:48,560 Speaker 1: is investing an awful lot of money in research, science 343 00:17:48,560 --> 00:17:52,080 Speaker 1: and research, some of which actually has to go to renewables. 344 00:17:52,520 --> 00:17:56,080 Speaker 1: Right uh. Six and a half billion dollars in UM 345 00:17:56,160 --> 00:18:00,119 Speaker 1: in basic science research, and that's the foundation, really, the 346 00:18:00,160 --> 00:18:04,320 Speaker 1: true foundation of an energy transition, and that's been pretty consistent. 347 00:18:04,400 --> 00:18:08,879 Speaker 1: That has been one area of bipartisan cooperation in seeing 348 00:18:08,920 --> 00:18:11,560 Speaker 1: the importance of maintaining that commitment. And this is where 349 00:18:11,600 --> 00:18:14,040 Speaker 1: the U strength really comes from, which is we have 350 00:18:14,080 --> 00:18:18,399 Speaker 1: this incredible ecosystem that goes from seventy national labs, that 351 00:18:18,520 --> 00:18:22,520 Speaker 1: kind of expenditure, universities, companies, startups. No other country has 352 00:18:22,600 --> 00:18:26,960 Speaker 1: that advantage in new technologies take wind and solar there 353 00:18:27,040 --> 00:18:29,560 Speaker 1: those are fifty years old industries, but it's only in 354 00:18:29,600 --> 00:18:32,880 Speaker 1: the last ten years that they've really become so competitive. 355 00:18:33,080 --> 00:18:35,080 Speaker 1: So it takes time, and so the investment you make 356 00:18:35,119 --> 00:18:37,440 Speaker 1: now really pays off, but it can take ten or 357 00:18:37,480 --> 00:18:40,320 Speaker 1: twenty years from now. Dan draw one other contrast that 358 00:18:40,359 --> 00:18:42,760 Speaker 1: again I got from your book, the New Map, and 359 00:18:42,800 --> 00:18:45,440 Speaker 1: that is between Russia, which is very dependent on fossil 360 00:18:45,440 --> 00:18:48,479 Speaker 1: fuels goodness knows, and Saudi Arabia, which is also very 361 00:18:48,560 --> 00:18:51,560 Speaker 1: matter but they have that vision campaign going. Do is 362 00:18:51,640 --> 00:18:54,000 Speaker 1: Russia have anything similar to that about what comes after 363 00:18:54,080 --> 00:18:57,040 Speaker 1: fossil fuels? No, I don't think so. I mean a 364 00:18:57,040 --> 00:18:59,840 Speaker 1: gladim Our Putent said, it's great, O. Our budget is 365 00:18:59,840 --> 00:19:03,560 Speaker 1: own nowt to oil instead of being oil that money 366 00:19:03,640 --> 00:19:05,960 Speaker 1: coming from it. But I think Russia has been talking 367 00:19:06,000 --> 00:19:10,840 Speaker 1: about diversification for UH for twenty years since Putin came 368 00:19:10,920 --> 00:19:14,280 Speaker 1: to power, and it's really not happening. In fact, I 369 00:19:14,320 --> 00:19:16,880 Speaker 1: was at a conference where I asked Putin that question. 370 00:19:16,920 --> 00:19:20,680 Speaker 1: He and Chancellor Merkel were on the platform about diversification, 371 00:19:20,760 --> 00:19:23,399 Speaker 1: but we got sidetracked because I mentioned shale and he 372 00:19:23,480 --> 00:19:26,080 Speaker 1: really doesn't like US shale. So he he gave me 373 00:19:26,160 --> 00:19:29,040 Speaker 1: his UH, his his opinions on that, which were pretty strong. 374 00:19:29,280 --> 00:19:31,879 Speaker 1: So I think Saudi Arabia is trying to do it, 375 00:19:31,920 --> 00:19:34,320 Speaker 1: but you know, it's hard to shift an economy that 376 00:19:34,520 --> 00:19:37,520 Speaker 1: is so dependent upon oil. It was hard before COVID, 377 00:19:37,680 --> 00:19:40,240 Speaker 1: it's more difficult right now. And I think one of 378 00:19:40,240 --> 00:19:42,680 Speaker 1: the things that saudis it's clear to them in order 379 00:19:42,680 --> 00:19:46,040 Speaker 1: to diversify away from oil, you actually need some oil revenues. 380 00:19:46,520 --> 00:19:49,119 Speaker 1: That was Dan Jurgen, vice chairman of i h S 381 00:19:49,160 --> 00:19:52,080 Speaker 1: Market and author of the New Map. Coming up, we 382 00:19:52,240 --> 00:19:54,600 Speaker 1: end this special edition of Wall Street Week with Larry 383 00:19:54,640 --> 00:19:58,120 Speaker 1: Summers and his book Picks for the Year. That's next 384 00:19:58,160 --> 00:20:13,720 Speaker 1: on Wall Street Week on Bloomberg. This is Bloomberg Wall 385 00:20:13,760 --> 00:20:17,920 Speaker 1: Street Week with David Weston from Bloomberg Radio. We are 386 00:20:17,960 --> 00:20:21,040 Speaker 1: back with our special contributor Larry Summers of Harvard for 387 00:20:21,200 --> 00:20:23,760 Speaker 1: his view on some books this year that really stood 388 00:20:23,760 --> 00:20:26,359 Speaker 1: out for him. So, Larry, what books really made an 389 00:20:26,400 --> 00:20:29,080 Speaker 1: impression on you this year? There are three that I'm 390 00:20:29,080 --> 00:20:33,159 Speaker 1: going to comment on, David. Uh. The first is my 391 00:20:33,359 --> 00:20:40,640 Speaker 1: former boss, Barack Obama's UH memoir. Politicians memoirs are usually 392 00:20:41,400 --> 00:20:52,280 Speaker 1: ghost written exercises in self justification and in rewarding UH 393 00:20:52,760 --> 00:21:00,800 Speaker 1: the politicians UH friends with compliments. UH. President Obama's UH 394 00:21:01,119 --> 00:21:08,480 Speaker 1: book is obviously self written. It is much more candid 395 00:21:08,560 --> 00:21:15,080 Speaker 1: than most such memoirs. Like all of US, President Obama 396 00:21:15,560 --> 00:21:22,399 Speaker 1: sees himself in a basically favorable light, but with much 397 00:21:22,520 --> 00:21:33,520 Speaker 1: more admission of uncertainty, of possible regret, and much more 398 00:21:33,560 --> 00:21:40,760 Speaker 1: candor in his portraits of events, UH and ideas. And So, 399 00:21:40,920 --> 00:21:46,000 Speaker 1: if one's looking for a government memoir or a political 400 00:21:46,119 --> 00:21:51,200 Speaker 1: memoir that gives a feeling of what it's like, UH 401 00:21:51,359 --> 00:21:56,480 Speaker 1: to be there seeing things as a senior actor does, 402 00:21:57,680 --> 00:22:01,440 Speaker 1: I can't think of one that's better uh than UH 403 00:22:01,720 --> 00:22:06,240 Speaker 1: President Obama's. Whatever you think of his skill as a president, 404 00:22:07,640 --> 00:22:12,199 Speaker 1: his skill as a memoirst is quite extraordinary. And one 405 00:22:12,280 --> 00:22:15,000 Speaker 1: thing that struck me about that book, Larry, was that 406 00:22:15,640 --> 00:22:18,080 Speaker 1: it doesn't feel like it's pulling a lot of punches, 407 00:22:18,119 --> 00:22:19,639 Speaker 1: but it also doesn't feel like it's a lot of 408 00:22:19,640 --> 00:22:22,680 Speaker 1: score settling. And there are people clearly has really distrigan 409 00:22:22,960 --> 00:22:27,719 Speaker 1: differences opinion with people. Actually he really doesn't quite admire, 410 00:22:27,880 --> 00:22:31,439 Speaker 1: and yet it doesn't feel like he's settling scores. I 411 00:22:31,480 --> 00:22:38,360 Speaker 1: think the President Obama's strength, and some would say his limitation, 412 00:22:39,400 --> 00:22:47,000 Speaker 1: is a kind of extraordinarily mature perspective and capacity for 413 00:22:47,119 --> 00:22:51,679 Speaker 1: strategic empathy. He has the ability to walk in the 414 00:22:51,760 --> 00:22:58,439 Speaker 1: shoes of others and therefore to understand where they're coming from, 415 00:22:58,480 --> 00:23:04,040 Speaker 1: and that limits his capacity for rage or for a 416 00:23:04,160 --> 00:23:10,119 Speaker 1: desire for revenge. And for many of us that is 417 00:23:10,160 --> 00:23:17,280 Speaker 1: a great UH strength UM. For others, it bespeaks to 418 00:23:17,400 --> 00:23:24,520 Speaker 1: an excessive neutrality UM when merits are clear. But I 419 00:23:24,560 --> 00:23:28,800 Speaker 1: think that is something that comes through UH you know 420 00:23:29,000 --> 00:23:32,800 Speaker 1: bulk that is certainly quite revealing of the character of 421 00:23:32,840 --> 00:23:39,480 Speaker 1: its author. So that's one President Obama's book, Deaths of Despair. 422 00:23:40,359 --> 00:23:46,080 Speaker 1: Deaths of Despair is written by UM the Princeton professors 423 00:23:46,160 --> 00:23:53,160 Speaker 1: in case and Anguish UH Dton, and particularly for those 424 00:23:53,240 --> 00:23:59,960 Speaker 1: like me who are drawn to statistics and quantitative information 425 00:24:00,040 --> 00:24:06,320 Speaker 1: nation it is a profoundly disturbing evocation of what is 426 00:24:06,400 --> 00:24:10,639 Speaker 1: happening to the middle of our country. What's happening to 427 00:24:10,760 --> 00:24:14,760 Speaker 1: the middle of our country geographically, what's happening to the 428 00:24:14,760 --> 00:24:17,399 Speaker 1: middle of our country in the sense of the middle 429 00:24:17,960 --> 00:24:24,200 Speaker 1: of the income UH distribution, what's happening to people who 430 00:24:24,280 --> 00:24:32,280 Speaker 1: have middle wrong jobs in hierarchies, And what's happening is 431 00:24:32,320 --> 00:24:36,280 Speaker 1: that too many of them are dying too young. We've 432 00:24:36,320 --> 00:24:40,359 Speaker 1: taken it as a hallmark of a progressive society that 433 00:24:40,560 --> 00:24:47,120 Speaker 1: life expectancy goes up, and for substantial subgroups in our population, 434 00:24:47,800 --> 00:24:53,199 Speaker 1: that has stopped being true, and that is disturbing in 435 00:24:53,280 --> 00:24:57,040 Speaker 1: it in its own set sake, And it is also 436 00:24:57,160 --> 00:25:00,120 Speaker 1: disturbing because of all of the things in terms of 437 00:25:00,160 --> 00:25:05,440 Speaker 1: fulfillment that are likely to be coinciding UH with that, 438 00:25:05,680 --> 00:25:11,160 Speaker 1: and so in terms of pointing to what is going 439 00:25:11,240 --> 00:25:16,600 Speaker 1: to be a huge challenge for our democracy UH going forward. 440 00:25:17,200 --> 00:25:23,680 Speaker 1: This book does a superb job of complimenting more individualistic 441 00:25:24,200 --> 00:25:30,760 Speaker 1: treatments like uhlbility elogy of UH life, and you're can 442 00:25:30,760 --> 00:25:36,520 Speaker 1: agree or disagree with some of their policy recommendations. But 443 00:25:36,720 --> 00:25:42,879 Speaker 1: there's a starkness in decreasing life expectancy and increase in 444 00:25:43,359 --> 00:25:47,520 Speaker 1: UH death that I think has to command the attention 445 00:25:47,960 --> 00:25:51,439 Speaker 1: of anyone who cares about our country's future, and and 446 00:25:51,480 --> 00:25:53,840 Speaker 1: that that increase in death, as I understand it comes 447 00:25:53,840 --> 00:25:59,280 Speaker 1: from things like OpenD addiction, alcoholism, suicide rates, which may 448 00:25:59,359 --> 00:26:02,200 Speaker 1: actually be tied a bit into employment, right, because we've seen, 449 00:26:02,240 --> 00:26:05,800 Speaker 1: particularly in males of prime age, a decline and employment 450 00:26:05,880 --> 00:26:09,400 Speaker 1: rate that's attributed to some of those causes. I think 451 00:26:09,400 --> 00:26:13,240 Speaker 1: it goes both ways. People are more likely to become 452 00:26:13,280 --> 00:26:18,040 Speaker 1: addicted to substances because they're without work, and they're more 453 00:26:18,080 --> 00:26:23,200 Speaker 1: likely to be without work because they're addicted to substances, 454 00:26:23,280 --> 00:26:28,160 Speaker 1: and so uh there's a kind of vicious cycle that's underway. 455 00:26:28,359 --> 00:26:34,480 Speaker 1: But it's a profound statement about the way things function 456 00:26:34,560 --> 00:26:40,560 Speaker 1: in our country that fifty years ago people in their 457 00:26:41,240 --> 00:26:46,000 Speaker 1: fifties had men and men in their early fifties had 458 00:26:46,000 --> 00:26:50,760 Speaker 1: a five percent chance of not working, and today, most 459 00:26:50,800 --> 00:26:54,600 Speaker 1: of the time they have a fifteen percent chance of 460 00:26:55,440 --> 00:26:58,639 Speaker 1: not working. And of course, if fift percent of the 461 00:26:58,680 --> 00:27:02,879 Speaker 1: people overall are not working, that means that the number 462 00:27:02,920 --> 00:27:05,920 Speaker 1: who will be without work for six months within a year, 463 00:27:06,680 --> 00:27:10,520 Speaker 1: or the number of those from disadvantage demographic groups who 464 00:27:10,520 --> 00:27:15,880 Speaker 1: are not working is much greater than and to what say, 465 00:27:15,920 --> 00:27:18,600 Speaker 1: you use a critical word there men, to what extent 466 00:27:18,720 --> 00:27:24,080 Speaker 1: is this skew mail? The the increases have been much 467 00:27:24,119 --> 00:27:28,800 Speaker 1: more substantial among men. Some of that is because something 468 00:27:28,840 --> 00:27:34,000 Speaker 1: else has gone on with respect to UH women. We've 469 00:27:34,000 --> 00:27:36,480 Speaker 1: had a change over the last fifty years in the 470 00:27:36,520 --> 00:27:42,520 Speaker 1: attitude towards women UH working. But I think there is 471 00:27:42,640 --> 00:27:45,679 Speaker 1: an increasing body of evidence some of it has to 472 00:27:45,760 --> 00:27:50,160 Speaker 1: do with the replacement of physical labor, that these trends 473 00:27:50,200 --> 00:27:56,920 Speaker 1: have disproportionately hurt UH men and hurt the economic prospects 474 00:27:58,240 --> 00:28:02,840 Speaker 1: of men. And your third selection goes overseas to China. 475 00:28:04,320 --> 00:28:12,880 Speaker 1: Kishore Madubani, a longtime Singaporean diplomat and international thinker, has 476 00:28:12,960 --> 00:28:18,560 Speaker 1: been perhaps the most powerful voice over the last decade 477 00:28:19,359 --> 00:28:23,640 Speaker 1: making the case that the big transformation in the world 478 00:28:24,320 --> 00:28:28,119 Speaker 1: is the shift in the center of gravity of just 479 00:28:28,280 --> 00:28:34,080 Speaker 1: about everything from the West to the east. And he 480 00:28:34,720 --> 00:28:39,280 Speaker 1: makes this case in many ways and in different forums, 481 00:28:39,320 --> 00:28:42,920 Speaker 1: notably in this book as China one. But I have 482 00:28:43,120 --> 00:28:50,280 Speaker 1: to say that when I looked at non democratic China 483 00:28:51,040 --> 00:28:58,640 Speaker 1: running its society in a way where, despite early mistakes, UH, 484 00:28:58,720 --> 00:29:02,840 Speaker 1: the death rate from COVID as a share of the 485 00:29:02,920 --> 00:29:09,440 Speaker 1: population was in the range of being just one or 486 00:29:09,480 --> 00:29:13,400 Speaker 1: two per cent of what ours has been. It does 487 00:29:13,480 --> 00:29:17,680 Speaker 1: have to make you think about the capacity of different 488 00:29:17,760 --> 00:29:26,600 Speaker 1: systems to protect their people. And I think that people 489 00:29:26,720 --> 00:29:33,480 Speaker 1: have to look very carefully at the differences between Asia 490 00:29:33,560 --> 00:29:37,720 Speaker 1: and the West in terms of the success with which 491 00:29:37,800 --> 00:29:43,920 Speaker 1: societies have dealt with COVID, and think very carefully about that. 492 00:29:44,040 --> 00:29:47,600 Speaker 1: I'm not prepared to say what it means or what 493 00:29:47,760 --> 00:29:53,400 Speaker 1: policy inferences follow uh from it, but it is a 494 00:29:53,600 --> 00:29:59,080 Speaker 1: very stark kind of observation and one that I think 495 00:30:00,200 --> 00:30:04,040 Speaker 1: will deserve over time a lot of reflection. Okay, Larry Summers, 496 00:30:04,080 --> 00:30:05,640 Speaker 1: it's always a light to end the week with you. 497 00:30:05,760 --> 00:30:08,720 Speaker 1: That is our special contribute. Larry Summers, former Treasury Secretary 498 00:30:08,880 --> 00:30:13,200 Speaker 1: of Harvard. Finally, one more thought. It was truly a 499 00:30:13,280 --> 00:30:15,280 Speaker 1: year for the history books. Was some of that history 500 00:30:15,320 --> 00:30:19,080 Speaker 1: already written and much more yet to come. But as 501 00:30:19,120 --> 00:30:21,760 Speaker 1: we start to look forward, take a look at what 502 00:30:21,800 --> 00:30:25,239 Speaker 1: we read this past year. According to both Amazon and 503 00:30:25,280 --> 00:30:27,840 Speaker 1: the New York Public Library, it was not the books 504 00:30:27,840 --> 00:30:30,800 Speaker 1: about the pandemic or about the economy, or about the 505 00:30:30,800 --> 00:30:33,800 Speaker 1: presidential election. No, it was the books about race that 506 00:30:33,920 --> 00:30:37,880 Speaker 1: captured our attention this past year, books like The Vanishing 507 00:30:37,920 --> 00:30:42,320 Speaker 1: Half and White Fragility, and Where the Crawdad Sing Not 508 00:30:42,400 --> 00:30:45,440 Speaker 1: to mention not one but two books by the Obama's 509 00:30:45,720 --> 00:30:48,520 Speaker 1: speaking personally. The book I read this year that made 510 00:30:48,520 --> 00:30:52,000 Speaker 1: the most difference to me was Elizabeth Wilkerson's The Warmth 511 00:30:52,040 --> 00:30:55,120 Speaker 1: of other Sons, the story of the mass migration of 512 00:30:55,160 --> 00:30:57,600 Speaker 1: the twentieth century of Black Americans from the South to 513 00:30:57,680 --> 00:31:00,960 Speaker 1: the North, what they endured, and how their experiences have 514 00:31:01,080 --> 00:31:05,040 Speaker 1: profound and lasting effects to this day. We have a 515 00:31:05,040 --> 00:31:07,640 Speaker 1: lot to put behind us, a lot to repair in 516 00:31:07,640 --> 00:31:11,120 Speaker 1: our health care system, to our economy, to the way 517 00:31:11,160 --> 00:31:14,880 Speaker 1: we govern ourselves. But if there's one thing that should 518 00:31:14,920 --> 00:31:17,480 Speaker 1: have taught us is that we cannot really move forward 519 00:31:17,720 --> 00:31:21,240 Speaker 1: until we fully understand our past, until we fully understand 520 00:31:21,280 --> 00:31:23,200 Speaker 1: the extent to which we have fallen short of our 521 00:31:23,240 --> 00:31:25,160 Speaker 1: goal to make sure that all of us have the 522 00:31:25,240 --> 00:31:28,960 Speaker 1: means to pursue our hopes and our dreams, that all 523 00:31:29,000 --> 00:31:33,200 Speaker 1: of us can truly exercise our right to life, liberty, 524 00:31:33,240 --> 00:31:35,920 Speaker 1: and the pursuit of happiness. That does it for this 525 00:31:35,960 --> 00:31:39,160 Speaker 1: episode of Wall Street Week. I'm David Weston. This is Bloomberg. 526 00:31:39,440 --> 00:31:40,280 Speaker 1: See you next week.