1 00:00:00,600 --> 00:00:05,319 Speaker 1: Live from our nation's camera. How do we reopen this economy? 2 00:00:05,440 --> 00:00:08,560 Speaker 1: The latest on how this pandemic is impacting farmers. What 3 00:00:08,680 --> 00:00:11,639 Speaker 1: does this do From the United States relationship with China? 4 00:00:11,840 --> 00:00:16,759 Speaker 1: Bloomberg Sound On, the insiders, the influencers, the insidts. We're 5 00:00:16,800 --> 00:00:19,959 Speaker 1: responding to this crisis and manufacturers are stepping up like 6 00:00:20,120 --> 00:00:23,680 Speaker 1: never before. We're looking at seveny kenneddates for different duct teams. 7 00:00:23,720 --> 00:00:26,360 Speaker 1: How do we make sure a pandemic of this gale 8 00:00:26,440 --> 00:00:30,520 Speaker 1: never happens again? This is Bloomberg Sound On with Kevin 9 00:00:30,600 --> 00:00:35,040 Speaker 1: Surrelate on Bloomberg and one oh five point seven fm 10 00:00:35,200 --> 00:00:37,879 Speaker 1: h D two. Washington Post says it's going to be 11 00:00:37,920 --> 00:00:44,080 Speaker 1: exceptionally cold weather for May, with near freezing temperatures. Bundle 12 00:00:44,159 --> 00:00:47,800 Speaker 1: up Washington, plus a depressing job's day. The latest on 13 00:00:47,840 --> 00:00:51,640 Speaker 1: the job's Day numbers to peak unemployment since post world 14 00:00:51,760 --> 00:00:54,560 Speaker 1: for since post recession. Mattie Doubler's here and she's going 15 00:00:54,600 --> 00:00:56,560 Speaker 1: to break down all of that. I have an exclusive 16 00:00:56,560 --> 00:01:00,160 Speaker 1: interview from Bloomberg Television with House Financial Services Committee a 17 00:01:00,160 --> 00:01:03,800 Speaker 1: woman Maxine Waters. She gives us a preview of next 18 00:01:03,840 --> 00:01:09,160 Speaker 1: week's negotiations. Folks with Speaker Pelosi and Republicans. Can this 19 00:01:09,400 --> 00:01:12,480 Speaker 1: build the next round of economic stimulus? Can it avoid 20 00:01:12,840 --> 00:01:16,800 Speaker 1: a partisan collision? Course? And Hugar Shamali weighs in on 21 00:01:16,880 --> 00:01:19,960 Speaker 1: foreign policy. We talk real estate with one of the 22 00:01:20,000 --> 00:01:24,160 Speaker 1: best in the business of luxury real estate, Maurice EO Yamanski, 23 00:01:24,240 --> 00:01:28,600 Speaker 1: Founder and CEO of the Agency. And it's Friday. I 24 00:01:28,640 --> 00:01:31,720 Speaker 1: gotta talk sports. I gotta talk the business of sports. 25 00:01:31,800 --> 00:01:35,000 Speaker 1: Let's end on an upbeat note with Evan nov Williams. 26 00:01:35,040 --> 00:01:38,080 Speaker 1: He's Bloomberg Sports Business reporter. We have an amazing show. 27 00:01:38,120 --> 00:01:42,160 Speaker 1: We're covering literally all of my favorite topics somedays, folks, 28 00:01:42,280 --> 00:01:44,960 Speaker 1: when you start the show. And one of the privileges 29 00:01:44,959 --> 00:01:47,039 Speaker 1: and I was saying this earlier on air of being 30 00:01:47,080 --> 00:01:49,160 Speaker 1: a reporter is getting a front row seat to history. 31 00:01:49,280 --> 00:01:52,600 Speaker 1: But I think sometimes we miss the moment sometimes, and 32 00:01:52,680 --> 00:01:57,440 Speaker 1: today's one of those days. Unfortunately, that is it's harsh 33 00:01:57,760 --> 00:02:00,840 Speaker 1: and and I'm reading from the Bloomberg term right now. 34 00:02:00,880 --> 00:02:04,880 Speaker 1: In the harshest, in the harshest downturn for American workers 35 00:02:04,880 --> 00:02:10,359 Speaker 1: in history. Employers cut an unprecedented twenty point five million 36 00:02:10,480 --> 00:02:15,399 Speaker 1: jobs in April, tripling the unemployment rate to fourteen point 37 00:02:15,520 --> 00:02:19,960 Speaker 1: seven percent. That's the highest unemployment rate since the Great 38 00:02:19,960 --> 00:02:25,360 Speaker 1: Depression era of the nineteen thirties, and that's only unfortunately, 39 00:02:25,400 --> 00:02:29,000 Speaker 1: economists are saying it's only sets a worsen in May. 40 00:02:29,960 --> 00:02:32,800 Speaker 1: I mean you, you just gotta let the number speak 41 00:02:32,800 --> 00:02:37,200 Speaker 1: for itself. Fourteen points seven percent unemployment. Joining us on 42 00:02:37,200 --> 00:02:40,800 Speaker 1: the telephone line. Uh, is someone who I'm incredibly grateful 43 00:02:41,080 --> 00:02:43,840 Speaker 1: is going to break down this moment for us. Maddie Doubler. 44 00:02:44,080 --> 00:02:46,800 Speaker 1: She always comes on on job today, but but she 45 00:02:46,880 --> 00:02:49,120 Speaker 1: knows her stuff better than anyone. And she's the founder 46 00:02:49,120 --> 00:02:52,760 Speaker 1: of Forward Strategy, senior fellow at the National Taxpayers Union, 47 00:02:52,760 --> 00:02:55,960 Speaker 1: and former Coalitions director for the House Republican Conference. Maddie, 48 00:02:56,840 --> 00:02:59,919 Speaker 1: what I mean, I don't have words for it. Hey 49 00:03:00,080 --> 00:03:03,560 Speaker 1: have wild day. Not too long ago, I was coming 50 00:03:03,560 --> 00:03:06,120 Speaker 1: on talking about Jobs Day and we were talking about 51 00:03:06,160 --> 00:03:08,520 Speaker 1: how it was the best employment situation we've seen in 52 00:03:08,600 --> 00:03:11,400 Speaker 1: fifty years. Uh, and you hit in the head. Now 53 00:03:11,440 --> 00:03:13,919 Speaker 1: we're looking at a situation that is the worst we've 54 00:03:13,960 --> 00:03:17,519 Speaker 1: seen in a hundred years. So you know, the one 55 00:03:17,560 --> 00:03:19,680 Speaker 1: thing I will say, and I've been I think saying, 56 00:03:19,680 --> 00:03:24,800 Speaker 1: in a sense, we kind of started to acknowledge how difficult, Uh, 57 00:03:25,160 --> 00:03:28,800 Speaker 1: the economic consequences of trying to convey continue the coronavirus 58 00:03:28,880 --> 00:03:32,119 Speaker 1: we're going to be was that we knew um these 59 00:03:32,160 --> 00:03:36,320 Speaker 1: economic consequences would be severe and that hopefully they will 60 00:03:36,320 --> 00:03:38,400 Speaker 1: be temporary. Now, you said that there were twenty point 61 00:03:38,440 --> 00:03:40,600 Speaker 1: five million jobs lost in the course of a month, 62 00:03:40,600 --> 00:03:44,920 Speaker 1: which is absolutely incredible and unprecedented. Eighteen point one million 63 00:03:44,920 --> 00:03:48,720 Speaker 1: of those were classified as temporary though, so that is 64 00:03:48,760 --> 00:03:52,560 Speaker 1: a sizable portion of the people who are currently unemployed 65 00:03:52,960 --> 00:03:55,720 Speaker 1: believe that they will be going back to their jobs. 66 00:03:55,720 --> 00:03:59,480 Speaker 1: The question is when and how quickly we can get 67 00:03:59,480 --> 00:04:02,400 Speaker 1: the economy me back online. That's something that we simply 68 00:04:02,440 --> 00:04:04,840 Speaker 1: don't know yet. As you said in May, we may 69 00:04:04,880 --> 00:04:07,920 Speaker 1: still see that top line number worse than UM. I 70 00:04:08,000 --> 00:04:12,320 Speaker 1: have caution against using the unemployment rate number too much 71 00:04:12,520 --> 00:04:16,280 Speaker 1: because there is a lot of static in these numbers. 72 00:04:16,279 --> 00:04:18,000 Speaker 1: And why do I say that, Well, today, when the 73 00:04:18,000 --> 00:04:22,840 Speaker 1: BLS released these recent report, they included a really interesting no, 74 00:04:23,160 --> 00:04:25,360 Speaker 1: you know, to get this data, they actually do survey 75 00:04:25,440 --> 00:04:27,560 Speaker 1: this person to person, which is now down over the phone, 76 00:04:27,600 --> 00:04:30,200 Speaker 1: so people aren't being exposed to the virus. But these 77 00:04:30,200 --> 00:04:33,640 Speaker 1: surveyors got explicit instructions. Because of the unprecedented nature of 78 00:04:33,640 --> 00:04:37,120 Speaker 1: coronavirus that said, if you are dealing with someone who 79 00:04:37,200 --> 00:04:40,400 Speaker 1: is furloughed, who's temporary laid off, please categorize them as 80 00:04:40,400 --> 00:04:43,600 Speaker 1: a temporary layoff BLS. And they released this report today 81 00:04:43,600 --> 00:04:46,239 Speaker 1: said they thought that looking at the data, it's seeing 82 00:04:46,279 --> 00:04:49,320 Speaker 1: that some of those workers were not categorized as such 83 00:04:49,800 --> 00:04:51,880 Speaker 1: UM and as a result, the unemployment rate would actually 84 00:04:51,920 --> 00:04:54,719 Speaker 1: be higher than the fourteen point seven percent. But see, 85 00:04:54,760 --> 00:04:56,719 Speaker 1: this is this is just this is where I could 86 00:04:56,720 --> 00:05:00,000 Speaker 1: pull my hair out because the data is so incredib 87 00:05:00,320 --> 00:05:03,239 Speaker 1: the data from the medic from from on the medical 88 00:05:03,320 --> 00:05:06,719 Speaker 1: side of the virus. You've got countries using all different 89 00:05:06,760 --> 00:05:09,600 Speaker 1: types of data rubrics now, and then you look at 90 00:05:09,600 --> 00:05:12,560 Speaker 1: the economic front here just in the United States alone, 91 00:05:13,320 --> 00:05:16,080 Speaker 1: and to your point, Maddie, I mean, it's it's tough 92 00:05:16,120 --> 00:05:18,080 Speaker 1: to get a read. It's tough to get a read 93 00:05:18,600 --> 00:05:22,440 Speaker 1: on this. And every single solitary state in the Union 94 00:05:23,000 --> 00:05:25,960 Speaker 1: and and community down to a county by county level 95 00:05:26,000 --> 00:05:30,000 Speaker 1: across the country has different standards of how they are 96 00:05:30,040 --> 00:05:33,880 Speaker 1: you of how they are reopening. So how does how 97 00:05:33,880 --> 00:05:39,000 Speaker 1: do economists even begin to try to calculate when this 98 00:05:39,120 --> 00:05:43,520 Speaker 1: will turn around? Well, we don't know. I think that 99 00:05:44,200 --> 00:05:46,039 Speaker 1: Kevin What's been helpful for me as I kind of 100 00:05:46,040 --> 00:05:48,320 Speaker 1: wade through this is that question. I asked myself the 101 00:05:48,400 --> 00:05:51,520 Speaker 1: question what do we know? That's the better question to 102 00:05:51,520 --> 00:05:54,120 Speaker 1: be asking because they can inform how much we can 103 00:05:54,120 --> 00:05:56,560 Speaker 1: look into the future. I can figure out what comes 104 00:05:56,600 --> 00:05:59,240 Speaker 1: next now that so what do we know? Well, so 105 00:05:59,320 --> 00:06:01,720 Speaker 1: what we know is social distancing works, right, I mean, 106 00:06:01,720 --> 00:06:04,400 Speaker 1: at the outset of this thing, what we knew was 107 00:06:04,440 --> 00:06:06,920 Speaker 1: that the United States did nothing. Two point two million 108 00:06:06,960 --> 00:06:10,279 Speaker 1: people were going to die from this situation. That didn't happen. 109 00:06:10,400 --> 00:06:12,719 Speaker 1: So let's state for the record right now that all 110 00:06:12,760 --> 00:06:16,280 Speaker 1: of the quarantining and all of the things that we've 111 00:06:16,320 --> 00:06:19,359 Speaker 1: been going through the last two months have worked in 112 00:06:19,400 --> 00:06:21,799 Speaker 1: the sense that they have prevented a lot of pain 113 00:06:21,880 --> 00:06:24,320 Speaker 1: and a lot of disease from spreading. But what does 114 00:06:24,320 --> 00:06:27,160 Speaker 1: that also mean? That means that a state's reopened and 115 00:06:27,240 --> 00:06:30,920 Speaker 1: social distancing rules are eased, we will probably see an 116 00:06:30,960 --> 00:06:35,000 Speaker 1: increase in cases. Now. What we want to have in 117 00:06:35,320 --> 00:06:38,160 Speaker 1: prepared for that is for our medical institutions to be 118 00:06:38,240 --> 00:06:39,520 Speaker 1: able to handle that. And that was part of the 119 00:06:39,520 --> 00:06:42,680 Speaker 1: point of social distancing, so that they weren't overwhelmed with 120 00:06:42,680 --> 00:06:44,400 Speaker 1: too many people out first, and it seems that we've 121 00:06:44,400 --> 00:06:47,599 Speaker 1: accomplished that. But secondly, then the question is what do 122 00:06:47,680 --> 00:06:49,920 Speaker 1: you do as an employer? How do you keep your 123 00:06:49,960 --> 00:06:52,800 Speaker 1: employees safe? So I think that the answer here is 124 00:06:52,920 --> 00:06:55,919 Speaker 1: we need to support businesses as they reopened, to have 125 00:06:56,040 --> 00:06:58,880 Speaker 1: different protocols in place, to be able to train their 126 00:06:58,880 --> 00:07:02,360 Speaker 1: staff appropriately, and for everyone to acknowledge that like, we're 127 00:07:02,400 --> 00:07:05,080 Speaker 1: not going right back to normal. We're going back to 128 00:07:06,200 --> 00:07:08,960 Speaker 1: I just said, we're ruining back anything. We're reopening, but 129 00:07:09,040 --> 00:07:11,280 Speaker 1: we need to do things a little bit differently in 130 00:07:11,400 --> 00:07:13,880 Speaker 1: order to keep infections at day and in order to 131 00:07:13,920 --> 00:07:16,160 Speaker 1: make sure that people are staying safe. It's people have 132 00:07:16,360 --> 00:07:19,480 Speaker 1: confidence that they can stay safe, they will fully but 133 00:07:19,640 --> 00:07:24,120 Speaker 1: surely start to uh go and interact in a way 134 00:07:24,160 --> 00:07:27,080 Speaker 1: commercially like they didn't before. All right, Mattie Sempler, I 135 00:07:27,160 --> 00:07:29,440 Speaker 1: wish we had better numbers to report. Maddie Duppler, thank 136 00:07:29,480 --> 00:07:31,840 Speaker 1: you so much, founder of Forward Strategy, senior fellow at 137 00:07:31,840 --> 00:07:35,080 Speaker 1: the National Taxpayers Union, and former coalition director for the 138 00:07:35,120 --> 00:07:38,120 Speaker 1: House Republic and Conference. Maddie, thank you so much for 139 00:07:38,120 --> 00:07:41,200 Speaker 1: for coming on earlier today, folks. I skyped for Bloomberg 140 00:07:41,240 --> 00:07:45,840 Speaker 1: Television with House Financial Services Committee Chairwoman Maxine Waters. She's 141 00:07:45,840 --> 00:07:49,040 Speaker 1: the Democrat from California, and I asked her point plank 142 00:07:49,160 --> 00:07:53,480 Speaker 1: about her response to the fourteen points seven percent unemployment rate, 143 00:07:53,480 --> 00:07:55,800 Speaker 1: which is the highest sense of the Great Depression. Here's 144 00:07:55,800 --> 00:08:00,880 Speaker 1: our interview. Well, you're absolutely correct. It is remarkable, and 145 00:08:01,040 --> 00:08:05,320 Speaker 1: uh we know that people uh need this unemployment money 146 00:08:05,880 --> 00:08:08,280 Speaker 1: uh that they have coming to them. We have a 147 00:08:08,280 --> 00:08:12,680 Speaker 1: problem with the states being overwhelmed with the numbers and 148 00:08:12,720 --> 00:08:16,680 Speaker 1: their systems are not prepared to handle it. But we're 149 00:08:16,680 --> 00:08:19,760 Speaker 1: doing everything that we can. But in addition to that, 150 00:08:20,160 --> 00:08:23,400 Speaker 1: because of unemployment, we've got to make sure that we 151 00:08:23,520 --> 00:08:27,680 Speaker 1: do everything we can to ensure that people have a 152 00:08:27,720 --> 00:08:30,720 Speaker 1: decent quality of life. They've got to be able to 153 00:08:30,720 --> 00:08:32,800 Speaker 1: pay the rent. They've got to be able to put 154 00:08:32,840 --> 00:08:35,120 Speaker 1: food on the table, they've got to be able to 155 00:08:35,120 --> 00:08:38,280 Speaker 1: put gasoline in the car to go to the grocery store. 156 00:08:38,760 --> 00:08:42,840 Speaker 1: And so I am working very hard. I started out 157 00:08:42,880 --> 00:08:46,079 Speaker 1: early on and I wanted direct payments to the family 158 00:08:46,320 --> 00:08:49,280 Speaker 1: for two thousand dollars for the adults and one thousand 159 00:08:49,280 --> 00:08:52,480 Speaker 1: dollars for the children. It got negotiated with the Senate 160 00:08:52,679 --> 00:08:55,960 Speaker 1: and it ended up in the care's package being basically 161 00:08:56,000 --> 00:09:00,160 Speaker 1: to have hundred to adults and five hundred children. But 162 00:09:00,240 --> 00:09:02,600 Speaker 1: we've got to improve on that. I want to improve 163 00:09:02,679 --> 00:09:06,200 Speaker 1: on that, and I'm pushing again for two thousand dollars 164 00:09:06,200 --> 00:09:08,560 Speaker 1: for the adults in one thousand dollars for each child 165 00:09:08,840 --> 00:09:12,280 Speaker 1: in the next package that we're about to produce. In 166 00:09:12,320 --> 00:09:16,120 Speaker 1: addition to that, I have focused with Mr Heck in 167 00:09:16,160 --> 00:09:20,439 Speaker 1: my committee on what we're going to do on rental assistance. 168 00:09:20,880 --> 00:09:25,640 Speaker 1: We were asking, you know, landlords and apartment owners to 169 00:09:25,760 --> 00:09:29,120 Speaker 1: play some moretarm on evictions. They're doing that in cities 170 00:09:29,160 --> 00:09:32,200 Speaker 1: and states all over the country. But we certainly can't 171 00:09:32,280 --> 00:09:36,600 Speaker 1: leave these small landlords in particular holding the bag. We've 172 00:09:36,600 --> 00:09:39,800 Speaker 1: got to pay for it. So my legislature, that's what 173 00:09:39,840 --> 00:09:41,880 Speaker 1: I want to ask you, That's what I want to Yes, 174 00:09:42,200 --> 00:09:43,680 Speaker 1: that's what I want to ask you about, is the 175 00:09:43,720 --> 00:09:46,760 Speaker 1: rental assistance program. Because right now we have an unemployment 176 00:09:46,840 --> 00:09:50,280 Speaker 1: crisis in this country. How do we make sure Chairwoman 177 00:09:50,360 --> 00:09:55,280 Speaker 1: Waters that this unemployment crisis doesn't become an eviction crisis. Well, 178 00:09:55,480 --> 00:09:59,440 Speaker 1: unfocused on it. We have legislation. It's going to be 179 00:09:59,600 --> 00:10:02,600 Speaker 1: in the ex package. It's just a matter of whether 180 00:10:02,679 --> 00:10:05,080 Speaker 1: or not we can get the Senate to agree to 181 00:10:05,160 --> 00:10:09,199 Speaker 1: the amount My bill with Mr. Heck is one hundred 182 00:10:09,280 --> 00:10:14,560 Speaker 1: billion dollars to assist renters, one hundred billion dollars. We 183 00:10:14,800 --> 00:10:19,160 Speaker 1: know that we are headed towards a crisis in this area. 184 00:10:19,520 --> 00:10:22,720 Speaker 1: We know that landlords are worried about whether or not 185 00:10:23,160 --> 00:10:25,960 Speaker 1: they're gonna be able to make the mortgage payments on 186 00:10:26,040 --> 00:10:29,120 Speaker 1: those units that they own that the renters are in, 187 00:10:29,480 --> 00:10:32,040 Speaker 1: and we have not overlooked it. I started working on 188 00:10:32,080 --> 00:10:35,040 Speaker 1: this some time ago, was not able to get it 189 00:10:35,120 --> 00:10:39,200 Speaker 1: into the supplemental, the emergency supplemental that we did. But 190 00:10:39,360 --> 00:10:43,320 Speaker 1: I've been working with leadership. We will have something and 191 00:10:43,320 --> 00:10:46,320 Speaker 1: and it right now. I've targeted one hundred billion dollars 192 00:10:46,360 --> 00:10:49,720 Speaker 1: for it. Chairwoman Waters, I mean Speaker Pelosi, who spoke 193 00:10:49,840 --> 00:10:53,480 Speaker 1: with problem or televisions David Weston yesterday, was very optimistic 194 00:10:53,520 --> 00:10:55,920 Speaker 1: about getting a bill advanced up by the end of 195 00:10:56,000 --> 00:10:59,480 Speaker 1: next week. But in terms of it, it appears, based 196 00:10:59,559 --> 00:11:01,920 Speaker 1: upon my reporting, that it's on a collision course with 197 00:11:02,000 --> 00:11:05,800 Speaker 1: sent a majority Leader Mitch McConnell. How optimistic are you, 198 00:11:05,960 --> 00:11:08,959 Speaker 1: Chairwoman Waters, that this is going to end up on 199 00:11:09,000 --> 00:11:11,920 Speaker 1: the President's desk desk within the next two weeks. But 200 00:11:11,960 --> 00:11:14,000 Speaker 1: first of all, I gotta tell you that no matter 201 00:11:14,040 --> 00:11:17,320 Speaker 1: what happens the day before, I end up every morning, 202 00:11:17,360 --> 00:11:21,240 Speaker 1: every morning being optimistic. Yes, we're always on a collision 203 00:11:21,320 --> 00:11:24,760 Speaker 1: course with the Senate, with McDonald, but we have to 204 00:11:24,880 --> 00:11:27,800 Speaker 1: fight through it. We have to negotiate. This is where 205 00:11:27,880 --> 00:11:32,400 Speaker 1: negotiating skills are most important. What do you know about 206 00:11:32,480 --> 00:11:34,880 Speaker 1: some of the members who care about it? And if 207 00:11:34,960 --> 00:11:41,720 Speaker 1: McDonald a McDonald, McDonell, is McConnell is not supportive of it, 208 00:11:42,040 --> 00:11:45,559 Speaker 1: can you gather up a number of Republicans who may 209 00:11:45,600 --> 00:11:48,000 Speaker 1: be supportive of it so you can put some pressure 210 00:11:48,040 --> 00:11:50,800 Speaker 1: on him. What leverage do you have? What is it 211 00:11:50,920 --> 00:11:53,200 Speaker 1: you know that he wants and he cares about And 212 00:11:53,280 --> 00:11:57,040 Speaker 1: so it's a matter of tough negotiations. Yes, they're gonna 213 00:11:57,120 --> 00:12:00,440 Speaker 1: resist oftentimes as long as they can it. I want 214 00:12:00,440 --> 00:12:03,680 Speaker 1: to tell you both Pelosi and show Me are pretty 215 00:12:03,679 --> 00:12:07,040 Speaker 1: good at what they do. And so we're not discouraged, 216 00:12:07,080 --> 00:12:10,480 Speaker 1: we're not intimidated. We're got to negotiate and we're gonna 217 00:12:10,520 --> 00:12:13,679 Speaker 1: go for what we believe is needed and on it 218 00:12:13,800 --> 00:12:17,720 Speaker 1: to give some support and security to the people of 219 00:12:17,760 --> 00:12:20,880 Speaker 1: this country. Madam Cherwleman. One of the big things that 220 00:12:20,920 --> 00:12:24,280 Speaker 1: you have a jurisdiction over on the Financial Services Committee 221 00:12:24,360 --> 00:12:27,360 Speaker 1: is oversight UH and and making sure that all of 222 00:12:27,400 --> 00:12:29,560 Speaker 1: the liquidity and all of the money that has been 223 00:12:29,600 --> 00:12:32,240 Speaker 1: told out to the banks, the large financial institutions, the 224 00:12:32,320 --> 00:12:37,120 Speaker 1: small businesses UH that that that is being carefully watched over. 225 00:12:37,760 --> 00:12:40,360 Speaker 1: Can you can you give us an update on where 226 00:12:40,360 --> 00:12:43,560 Speaker 1: your oversight is with in regards to that, and do 227 00:12:43,559 --> 00:12:47,720 Speaker 1: you have any concerns about how the banking industry has 228 00:12:47,760 --> 00:12:51,160 Speaker 1: handled all of this influx of cash. Yes, I do 229 00:12:51,280 --> 00:12:55,040 Speaker 1: have some concerns, and the oversight committee is just getting started. 230 00:12:55,240 --> 00:12:58,200 Speaker 1: But of course I worked through UH some of the 231 00:12:58,240 --> 00:13:00,760 Speaker 1: problems that we had in adding the p p P 232 00:13:01,360 --> 00:13:05,000 Speaker 1: UH distributed equitably UH, and so I know what the 233 00:13:05,040 --> 00:13:07,880 Speaker 1: problems are. I do know that some of our big 234 00:13:07,880 --> 00:13:12,560 Speaker 1: banks created portals for their concierge UH clients, and I 235 00:13:12,600 --> 00:13:14,840 Speaker 1: do know that at first they were only dealing with 236 00:13:14,920 --> 00:13:18,280 Speaker 1: people who had SV loans with them already at the bank. 237 00:13:18,520 --> 00:13:22,400 Speaker 1: I was disappointed that there were people who had relationships 238 00:13:22,400 --> 00:13:24,559 Speaker 1: and been dealing with the bank for twenty and thirty 239 00:13:24,640 --> 00:13:28,719 Speaker 1: years UH that were not accepted UH with the applications 240 00:13:28,760 --> 00:13:32,200 Speaker 1: that they were trying to turn in. And so the 241 00:13:32,240 --> 00:13:36,160 Speaker 1: banks UH in the first care's bill did take care 242 00:13:36,480 --> 00:13:40,120 Speaker 1: of in my estimation, too many big businesses, and many 243 00:13:40,160 --> 00:13:42,840 Speaker 1: of those big businesses have been put to shame, and 244 00:13:42,920 --> 00:13:46,560 Speaker 1: many of them are returning the loans that they got, 245 00:13:46,840 --> 00:13:49,640 Speaker 1: and so the money did run out and a lot 246 00:13:49,679 --> 00:13:52,400 Speaker 1: of the small business were left hanging, and so on 247 00:13:52,480 --> 00:13:57,160 Speaker 1: the Emergency supplemental I created a sixty billion dollar target 248 00:13:57,480 --> 00:14:00,319 Speaker 1: that would go to the m D eyes that is 249 00:14:00,360 --> 00:14:05,160 Speaker 1: the demot de Minority Depository institutions, and to the cp 250 00:14:05,320 --> 00:14:11,040 Speaker 1: C df eyes UH and these UH micro lenders credit unions, 251 00:14:11,120 --> 00:14:14,240 Speaker 1: and to the community banks. These are the people who 252 00:14:14,280 --> 00:14:18,040 Speaker 1: are closest to those small businesses, who know them, who 253 00:14:18,080 --> 00:14:20,360 Speaker 1: know how to work with them, and so they have 254 00:14:20,480 --> 00:14:23,760 Speaker 1: done an excellent job since we got that emergency bill 255 00:14:23,800 --> 00:14:27,560 Speaker 1: pass and they have been able to connect more with 256 00:14:27,600 --> 00:14:31,040 Speaker 1: the small businesses. And when I targeted that money, that 257 00:14:31,160 --> 00:14:34,000 Speaker 1: gave them the liquidity that they needed in order to 258 00:14:34,040 --> 00:14:37,120 Speaker 1: do the loans that were so needed. And so many 259 00:14:37,160 --> 00:14:40,640 Speaker 1: of them have found, uh you know UH that going 260 00:14:40,720 --> 00:14:43,320 Speaker 1: to the smaller lenders, they can do a lot better. 261 00:14:43,560 --> 00:14:47,160 Speaker 1: They're still they're still eligible for p p P and 262 00:14:47,240 --> 00:14:50,440 Speaker 1: I'm still encouraging them to go. But yes, we are 263 00:14:50,440 --> 00:14:52,400 Speaker 1: doing a lot better and we're taking care of the 264 00:14:52,440 --> 00:14:56,280 Speaker 1: smaller businesses. Now, Waters me have thirty seconds left, but 265 00:14:56,320 --> 00:14:58,440 Speaker 1: I want to get this question in for minorities, for 266 00:14:58,560 --> 00:15:01,560 Speaker 1: elderly workers and well as well. They've been more negatively 267 00:15:01,600 --> 00:15:05,800 Speaker 1: impacted by this economic crisis than other groups. What's your 268 00:15:05,800 --> 00:15:10,480 Speaker 1: message to them. My message to them, particularly though older workers, 269 00:15:10,760 --> 00:15:13,800 Speaker 1: is that we put an extra six hundred dollars for 270 00:15:13,920 --> 00:15:17,440 Speaker 1: each of you in the first Cares Bill because we 271 00:15:17,480 --> 00:15:21,600 Speaker 1: wanted you to have protection above and beyond what you 272 00:15:21,640 --> 00:15:23,800 Speaker 1: may be able to get on unemployment. And we've got 273 00:15:23,800 --> 00:15:26,480 Speaker 1: to keep on looking out for you. You have friends 274 00:15:26,600 --> 00:15:29,000 Speaker 1: in the Congress of the United States of America. We 275 00:15:29,080 --> 00:15:33,760 Speaker 1: care about you, and we've got to keep going. That 276 00:15:33,840 --> 00:15:37,840 Speaker 1: was my interview with House Financial Services Committee Chairwoman Maxine Waters, 277 00:15:37,840 --> 00:15:41,000 Speaker 1: the Democrat from California, who was here in Washington, d C. 278 00:15:41,240 --> 00:15:43,880 Speaker 1: She's been working from Washington, d C. I'm told for 279 00:15:43,960 --> 00:15:47,760 Speaker 1: at least the past day or so, pivoting now resetting. 280 00:15:47,760 --> 00:15:50,040 Speaker 1: My name is Kevin serli On, the Chief Washington correspondent 281 00:15:50,080 --> 00:15:53,400 Speaker 1: fro Bloomberg TV and Radio. Hagar Shamali joins us. She's 282 00:15:53,440 --> 00:15:57,600 Speaker 1: the CEO of Greenwich Media Strategies. The former Treasury spokesperson 283 00:15:57,680 --> 00:16:02,320 Speaker 1: for Terrorism and Financial and Elligence, and my friend who 284 00:16:02,440 --> 00:16:06,760 Speaker 1: just launched this amazing new YouTube show called she's the 285 00:16:06,760 --> 00:16:09,760 Speaker 1: host of oh My World on YouTube, hug Our. First 286 00:16:09,800 --> 00:16:11,800 Speaker 1: of all, congratulations, I know how hard it is to 287 00:16:11,880 --> 00:16:14,280 Speaker 1: launch a show. I can't even imagine how hard it 288 00:16:14,360 --> 00:16:16,400 Speaker 1: is to launch a show during the middle middle of 289 00:16:16,440 --> 00:16:20,240 Speaker 1: a pandemic. Tell us about your show. Thank you so much, 290 00:16:20,760 --> 00:16:23,040 Speaker 1: um that I really appreciate that, Kevin, and I really 291 00:16:23,040 --> 00:16:25,240 Speaker 1: appreciate the shout out. It was not an easy road, 292 00:16:25,240 --> 00:16:27,560 Speaker 1: but I'm so glad I did it. The show is 293 00:16:27,720 --> 00:16:30,680 Speaker 1: a ten minute weekly or new show that sums up 294 00:16:30,720 --> 00:16:33,480 Speaker 1: the top global stories in a fun and easy way, 295 00:16:33,520 --> 00:16:36,600 Speaker 1: in an approach that explains to an American viewer why 296 00:16:36,640 --> 00:16:38,960 Speaker 1: these issues around the world matter to them. See, I 297 00:16:39,040 --> 00:16:41,400 Speaker 1: love this because I think there's such a need for it. 298 00:16:41,480 --> 00:16:43,520 Speaker 1: And I say this as a compliment. And you and 299 00:16:43,560 --> 00:16:46,200 Speaker 1: I talk about this offline all the time. I'm a 300 00:16:46,240 --> 00:16:49,600 Speaker 1: massive nerd and a dork and I am obsessed with 301 00:16:49,640 --> 00:16:52,440 Speaker 1: geo politics and I know you aren't too as well. 302 00:16:52,480 --> 00:16:55,760 Speaker 1: And and I think people are often intimidated by it, 303 00:16:55,840 --> 00:16:57,760 Speaker 1: but they really shouldn't be. And the thing that I 304 00:16:57,800 --> 00:17:01,000 Speaker 1: love about your new uh, YouTube aries is that you 305 00:17:01,160 --> 00:17:03,880 Speaker 1: really make it easy to understand, and you really do 306 00:17:04,000 --> 00:17:07,080 Speaker 1: not hide your personality, and I think so often in 307 00:17:07,119 --> 00:17:11,240 Speaker 1: our world it's encouraged to do so. And I am 308 00:17:11,280 --> 00:17:15,240 Speaker 1: appreciative that you're embracing your inner nerd because I thought 309 00:17:15,240 --> 00:17:18,040 Speaker 1: I was the only one, Hogar, Thank you. I really 310 00:17:18,080 --> 00:17:21,320 Speaker 1: appreciate that. I absolutely call everybody in the show, anyone 311 00:17:21,359 --> 00:17:23,760 Speaker 1: who's listening, I call them glorious geeks. Can I be 312 00:17:23,800 --> 00:17:26,879 Speaker 1: a glorious geek? You are the one among the first 313 00:17:26,920 --> 00:17:29,520 Speaker 1: of the glorious geeks? All right, good good, all right? 314 00:17:29,560 --> 00:17:30,879 Speaker 1: Let me ask you what the heck is going on 315 00:17:30,920 --> 00:17:35,640 Speaker 1: with North Korea? Um? Alright, So North Korea, Kim Jong 316 00:17:35,720 --> 00:17:39,240 Speaker 1: lun has allegedly reappeared, and you know, there was some 317 00:17:39,320 --> 00:17:42,360 Speaker 1: band or as to whether or not it was actually him. 318 00:17:42,400 --> 00:17:45,040 Speaker 1: There are some rumors that it wasn't him. People have 319 00:17:45,040 --> 00:17:48,040 Speaker 1: compared photos. Um. You know, for me, honestly, it's hard 320 00:17:48,040 --> 00:17:51,399 Speaker 1: to say because I'm not an expert on facial recognition. 321 00:17:51,560 --> 00:17:55,200 Speaker 1: But but he's you know, he's reappeared. He's come out, 322 00:17:55,280 --> 00:17:59,240 Speaker 1: you know, just recently saying that appraising President She of 323 00:17:59,400 --> 00:18:03,320 Speaker 1: China or their efforts against COVID nineteen UM and so 324 00:18:03,359 --> 00:18:04,760 Speaker 1: it's hard to say. You know, they say that he 325 00:18:04,800 --> 00:18:06,679 Speaker 1: was in lockdown from COVID and that was that, but 326 00:18:06,720 --> 00:18:09,320 Speaker 1: there are signs that, you know, it may have been 327 00:18:09,320 --> 00:18:13,080 Speaker 1: more than that. All right, So as that happens, you've 328 00:18:13,119 --> 00:18:16,560 Speaker 1: also got and I'm glad you. I think you're focusing 329 00:18:16,600 --> 00:18:18,760 Speaker 1: on North Korea. My understanding on one of the on 330 00:18:18,840 --> 00:18:20,440 Speaker 1: the first episode of the show, or did I make 331 00:18:20,480 --> 00:18:23,320 Speaker 1: that up? That's right, That's right, Okay, good, I knew 332 00:18:23,359 --> 00:18:27,800 Speaker 1: I wasn't about how he reappeared and why there was 333 00:18:27,840 --> 00:18:31,199 Speaker 1: such a fuss for three weeks over his disappearance. You know, 334 00:18:31,240 --> 00:18:32,879 Speaker 1: we got if someone's got a call Donis Robin, and 335 00:18:32,920 --> 00:18:35,600 Speaker 1: I'm determined to get Dennis Robin on this program, especially 336 00:18:35,600 --> 00:18:37,679 Speaker 1: since I've been watching the Michael Jordan thing. All Right, 337 00:18:37,800 --> 00:18:40,159 Speaker 1: US China relations you know, earlier in the program, I 338 00:18:40,200 --> 00:18:44,160 Speaker 1: spoke with Maxine Waters, who chairs the Financial Services Committee. Look, 339 00:18:44,160 --> 00:18:45,919 Speaker 1: I mean, they're taking a look at the economy, but 340 00:18:46,000 --> 00:18:48,359 Speaker 1: a lot of her colleagues and she herself as well, 341 00:18:48,600 --> 00:18:52,520 Speaker 1: they've got questions for for the U. S. China relationship. 342 00:18:52,720 --> 00:18:55,520 Speaker 1: Where does that go in the short term? Ar you know, 343 00:18:55,600 --> 00:18:58,040 Speaker 1: it's what were the things that I'm seeing this week 344 00:18:58,160 --> 00:19:00,840 Speaker 1: is that the US government, and this doesn't surprise me 345 00:19:00,880 --> 00:19:03,520 Speaker 1: given my own my own experience in this government, they 346 00:19:03,560 --> 00:19:08,000 Speaker 1: are parsing out their approach to China because of COVID 347 00:19:08,600 --> 00:19:12,159 Speaker 1: and other mutual interests like the economy, right and trade, 348 00:19:12,400 --> 00:19:14,160 Speaker 1: and so the White House made an effort this week 349 00:19:14,560 --> 00:19:18,440 Speaker 1: um to reach out and to say that they want 350 00:19:18,480 --> 00:19:21,080 Speaker 1: you know, that they appreciate the relationship and they you know, 351 00:19:21,119 --> 00:19:24,760 Speaker 1: they feel certain ties with China, and China is taking 352 00:19:25,000 --> 00:19:27,840 Speaker 1: shots back at the US as part of this broader 353 00:19:27,880 --> 00:19:30,480 Speaker 1: pushed to shift the narrative away from the cover up, right, 354 00:19:30,520 --> 00:19:33,600 Speaker 1: that that they that that China has been pursuing to 355 00:19:33,760 --> 00:19:37,280 Speaker 1: cover up their own situation related to coronavirus and the 356 00:19:37,560 --> 00:19:39,520 Speaker 1: and and what they and how it started and so on. 357 00:19:39,880 --> 00:19:43,320 Speaker 1: So China still definitely holds a grudge. The US is 358 00:19:43,359 --> 00:19:48,440 Speaker 1: able to say, he's putting it mildly. Yeah, they're able 359 00:19:48,480 --> 00:19:51,000 Speaker 1: to split, And that's that's not surprising. Having been on 360 00:19:51,000 --> 00:19:53,120 Speaker 1: the other side. I remember that very clearly with Russia, 361 00:19:53,320 --> 00:19:56,119 Speaker 1: when Russia had invaded Crimea, we were able to pursue, 362 00:19:57,119 --> 00:20:02,080 Speaker 1: you know, interests of mutual benefit and also punished them 363 00:20:02,080 --> 00:20:04,479 Speaker 1: with sanctions at the same time, China doesn't like that, 364 00:20:04,520 --> 00:20:08,280 Speaker 1: and so this really is a sign of a professor 365 00:20:08,320 --> 00:20:09,960 Speaker 1: has said that this could be a new phase of 366 00:20:10,000 --> 00:20:14,280 Speaker 1: a new Cold War. I don't disagree with that. And no, 367 00:20:14,720 --> 00:20:19,320 Speaker 1: we've seen secretary revolution and the Chinese have said that, 368 00:20:19,800 --> 00:20:22,480 Speaker 1: you know there maybe they are looking to move ahead 369 00:20:22,520 --> 00:20:24,200 Speaker 1: and if they's one of the trade deal, but I'm 370 00:20:24,200 --> 00:20:27,000 Speaker 1: not sure. Huggar come back next week. Huggar Sharmali, CEO 371 00:20:27,000 --> 00:20:29,320 Speaker 1: of Grnwich Media Strategies and the host of the new 372 00:20:29,359 --> 00:20:32,520 Speaker 1: show on YouTube, Oh My World. Be sure to check 373 00:20:32,560 --> 00:20:34,840 Speaker 1: that out. I'm Kevin Sirelli. More Next, this is Bloomberg 374 00:20:34,840 --> 00:20:43,119 Speaker 1: and I did I one. You're listening to Bloomberg Sound 375 00:20:43,160 --> 00:20:46,679 Speaker 1: On with Kevin si related on Bloomberg one and one 376 00:20:46,720 --> 00:20:49,119 Speaker 1: old five point seven f M h D two. My 377 00:20:49,200 --> 00:20:51,879 Speaker 1: name is Kevin Cirelli. I'm the chief Washington correspondent for 378 00:20:51,920 --> 00:20:56,359 Speaker 1: Bloomberg Television and for Bloomberg Radio. And a devastating job's 379 00:20:56,440 --> 00:21:01,160 Speaker 1: day fourteen points seven percent on n employment, the worst 380 00:21:01,359 --> 00:21:06,000 Speaker 1: unemployment number since the Great Depression. I mean, I don't 381 00:21:06,000 --> 00:21:09,159 Speaker 1: even think economists can wrap their head around this. And 382 00:21:09,200 --> 00:21:11,560 Speaker 1: you know, look, I'm selfish. It's a doom and gloom 383 00:21:11,640 --> 00:21:15,400 Speaker 1: day inside of the nation's capital. It's raining. It took 384 00:21:15,480 --> 00:21:17,640 Speaker 1: like my third walk, you know, to get my head 385 00:21:17,640 --> 00:21:19,760 Speaker 1: around it, in between the TV and the radio thing, 386 00:21:20,200 --> 00:21:22,600 Speaker 1: and I'm thinking, I need some optimism. It was just 387 00:21:22,640 --> 00:21:24,760 Speaker 1: a couple of months ago. I was in I was 388 00:21:24,800 --> 00:21:27,199 Speaker 1: in Beverly Hills, I was at the Polo Lounge. I 389 00:21:27,200 --> 00:21:30,120 Speaker 1: had all of these these visions of what the year 390 00:21:30,240 --> 00:21:33,760 Speaker 1: was gonna be like, and you know, and then bam, 391 00:21:33,800 --> 00:21:36,119 Speaker 1: like the rest of the world, really it's shut down. 392 00:21:36,200 --> 00:21:38,919 Speaker 1: I am incredibly grateful for our next guest, who I 393 00:21:38,960 --> 00:21:42,200 Speaker 1: hope is going to give me some optimism. Mauricio Yamanski. 394 00:21:42,240 --> 00:21:45,400 Speaker 1: He is the founder and CEO of The Agency, which 395 00:21:45,440 --> 00:21:49,960 Speaker 1: is a full service luxury real estate brokerage and lifestyle company. Baricio, 396 00:21:50,080 --> 00:21:52,040 Speaker 1: welcome to the show. I saw you quoted in the 397 00:21:52,040 --> 00:21:54,000 Speaker 1: Wall Street Journal. I thought we gotta get him on 398 00:21:54,200 --> 00:21:57,240 Speaker 1: because I thought you had some really interesting points to make. 399 00:21:58,119 --> 00:22:01,280 Speaker 1: Tell me, what are you optimists in the long run 400 00:22:01,400 --> 00:22:05,800 Speaker 1: about the real estate market? Coming back? Hey Kevin, how 401 00:22:05,800 --> 00:22:07,919 Speaker 1: are you nice to talk to you? And I am 402 00:22:07,960 --> 00:22:13,480 Speaker 1: definitely optimistic. I'm gonna give you some heavy optimism to Mauricio. 403 00:22:14,800 --> 00:22:17,000 Speaker 1: I'm listening to you we need to bring it on. 404 00:22:17,240 --> 00:22:20,040 Speaker 1: So yeah, you look, the house is going to become 405 00:22:20,040 --> 00:22:23,400 Speaker 1: a much more important asset for everybody. Behavior, human behavior 406 00:22:23,680 --> 00:22:26,679 Speaker 1: is going to become much more important, right so, uh, 407 00:22:26,760 --> 00:22:29,360 Speaker 1: and space is going to become, you know, more important, 408 00:22:29,400 --> 00:22:31,960 Speaker 1: and it's already becoming. We're already starting to see that. 409 00:22:32,119 --> 00:22:37,119 Speaker 1: So I think the residential class, the residential asset is 410 00:22:37,160 --> 00:22:40,159 Speaker 1: going to become a very good asset and an important asset. 411 00:22:40,880 --> 00:22:44,240 Speaker 1: So I'm optimistic on the long run. Certainly the short 412 00:22:44,320 --> 00:22:46,960 Speaker 1: run COVID. You know, nobody can go out right now. 413 00:22:47,200 --> 00:22:48,679 Speaker 1: So that's what I want to know is, you know, 414 00:22:48,720 --> 00:22:51,080 Speaker 1: we've seen all of the reports. Oh, people are looking 415 00:22:51,119 --> 00:22:53,879 Speaker 1: at the Hampton's for Reynolds and all of that, But 416 00:22:54,480 --> 00:22:58,440 Speaker 1: how has this changed your business model and the immediate 417 00:22:58,600 --> 00:23:02,320 Speaker 1: short term as everyone around the world is trying to 418 00:23:02,440 --> 00:23:06,600 Speaker 1: get their head around this thing. Yeah, so you know, 419 00:23:06,760 --> 00:23:09,480 Speaker 1: right now, what we're doing is, uh, we've changed a 420 00:23:09,480 --> 00:23:11,280 Speaker 1: lot of different ways. We've changed the way that we 421 00:23:11,320 --> 00:23:14,800 Speaker 1: show property. We're doing a lot of virtual tours, were 422 00:23:14,920 --> 00:23:17,520 Speaker 1: using the Internet and a lot we're doing zoom calls, 423 00:23:17,560 --> 00:23:22,080 Speaker 1: we're doing FaceTime showings. Uh. You know, I've sold since 424 00:23:22,160 --> 00:23:26,280 Speaker 1: COVID two homes to uh Chinese buyers that haven't seen 425 00:23:26,320 --> 00:23:29,880 Speaker 1: their homes um and they're you know, just moving money. Uh. 426 00:23:29,920 --> 00:23:32,439 Speaker 1: Certainly the rental market is out of control, you know, 427 00:23:32,520 --> 00:23:36,480 Speaker 1: particularly in areas like Los Angeles, Malibu, Aspen. Uh you 428 00:23:36,520 --> 00:23:38,960 Speaker 1: know at the Hampton's where there's a lot more space 429 00:23:39,520 --> 00:23:41,760 Speaker 1: and uh, you know, people want to go there, you 430 00:23:41,800 --> 00:23:44,040 Speaker 1: know in the summers. I think that the European vacation 431 00:23:44,119 --> 00:23:47,000 Speaker 1: this summer is pretty much sixtinct. Yeah, That's what I 432 00:23:47,040 --> 00:23:49,199 Speaker 1: find fascinating is we we've talked so much about this 433 00:23:49,240 --> 00:23:53,199 Speaker 1: program about regulations and from a regulatory perspective, but you 434 00:23:53,280 --> 00:23:56,600 Speaker 1: just broke down precisely. You touched on so many different things, 435 00:23:56,680 --> 00:24:00,160 Speaker 1: especially vacations, everything being impact and Mauricio you Man's he's 436 00:24:00,200 --> 00:24:03,240 Speaker 1: on the phone. He's the founder and CEO of the Agency, 437 00:24:03,280 --> 00:24:06,199 Speaker 1: which is a full service luxury real estate brokerage and 438 00:24:06,320 --> 00:24:11,080 Speaker 1: lifestyle company. From from as you look even beyond this, 439 00:24:11,200 --> 00:24:13,840 Speaker 1: when are you I mean we were talking earlier with 440 00:24:13,880 --> 00:24:17,280 Speaker 1: Maxim Waters, who chairs the Financial Services Committee, and she 441 00:24:17,400 --> 00:24:19,840 Speaker 1: was alluding to how every state right now is a 442 00:24:19,880 --> 00:24:24,000 Speaker 1: patchwork of reopenings. So how do you, as a CEO 443 00:24:24,240 --> 00:24:28,879 Speaker 1: grapple with the patchwork of reopenings all around the country 444 00:24:29,000 --> 00:24:35,680 Speaker 1: when everyone's following a different model based on the medical experts. Yeah, 445 00:24:35,720 --> 00:24:40,600 Speaker 1: it's very confusing. And um, we're going to be you know, 446 00:24:41,280 --> 00:24:44,480 Speaker 1: we're all analyzing national associates and Realtor has just put out, 447 00:24:44,600 --> 00:24:47,119 Speaker 1: you know, some guidelines today. You know. But at the 448 00:24:47,200 --> 00:24:48,639 Speaker 1: end of the day, Kevin, what we need to do 449 00:24:48,680 --> 00:24:51,159 Speaker 1: is we need to find out how we are you know, 450 00:24:51,200 --> 00:24:52,960 Speaker 1: how many people are we going to have at a 451 00:24:53,119 --> 00:24:55,720 Speaker 1: at a particular office. You know, what is the new 452 00:24:55,760 --> 00:24:58,240 Speaker 1: regulations going to look like? What are open house is 453 00:24:58,280 --> 00:25:00,000 Speaker 1: going to look like? Right? I mean, am I gonna 454 00:25:00,080 --> 00:25:03,359 Speaker 1: be allowing loads of clients to come in? Or are 455 00:25:03,400 --> 00:25:06,200 Speaker 1: we going to have a line upside of the open house? Right? 456 00:25:06,600 --> 00:25:11,280 Speaker 1: The ppe? Uh? You know, from the perspective of staff 457 00:25:11,320 --> 00:25:13,439 Speaker 1: and agents, you know, how many people are we going 458 00:25:13,480 --> 00:25:16,360 Speaker 1: to have inside each office? And what are we going 459 00:25:16,400 --> 00:25:18,639 Speaker 1: to be doing and what kind of recommendations are we 460 00:25:18,680 --> 00:25:21,040 Speaker 1: going to be asking you know, everybody. You know, we're 461 00:25:21,080 --> 00:25:23,399 Speaker 1: certainly gonna ask everybody that's sick or any sort of 462 00:25:23,440 --> 00:25:25,960 Speaker 1: symptoms to stay home. You know, back in the day, 463 00:25:26,040 --> 00:25:28,320 Speaker 1: we used to say come to work, don't be uh, 464 00:25:28,400 --> 00:25:30,240 Speaker 1: you know, don't be a sissy, you know, get to 465 00:25:30,280 --> 00:25:32,800 Speaker 1: work now. It's you know, you have you know, if 466 00:25:32,840 --> 00:25:36,880 Speaker 1: you have an ingrown tonial, stay home very s. See. 467 00:25:36,920 --> 00:25:39,800 Speaker 1: What I find interesting is everybody's pent up in their 468 00:25:39,800 --> 00:25:42,359 Speaker 1: own homes right now, and and part of me is 469 00:25:42,400 --> 00:25:46,000 Speaker 1: wondering if once the restrictions are lifted, everyone's gonna want 470 00:25:46,000 --> 00:25:48,960 Speaker 1: to jump out, do work on their home, you know, 471 00:25:49,080 --> 00:25:51,879 Speaker 1: invest in a in a new property, or you know 472 00:25:51,920 --> 00:25:54,080 Speaker 1: they're sick of I've been in my place and I'm 473 00:25:54,119 --> 00:25:56,679 Speaker 1: looking at the floors. They're driving me insane, you know. 474 00:25:57,840 --> 00:26:00,440 Speaker 1: But I'm wondering, you know, if if that's going to 475 00:26:00,560 --> 00:26:05,000 Speaker 1: factor into some of the economic uh rebound or economic 476 00:26:05,080 --> 00:26:07,679 Speaker 1: comeback as as folks are already starting to refer to 477 00:26:07,760 --> 00:26:12,240 Speaker 1: it as I think for sure we have all of 478 00:26:12,240 --> 00:26:15,439 Speaker 1: our agents have been calling all of their clients and 479 00:26:15,520 --> 00:26:18,040 Speaker 1: just really asking quite honestly, you know, if they're happy 480 00:26:18,080 --> 00:26:20,080 Speaker 1: with their home, and you know, they'd like to change 481 00:26:20,080 --> 00:26:21,879 Speaker 1: their home, if they's a place where they'd like to 482 00:26:22,080 --> 00:26:26,080 Speaker 1: you know, stay, and you know, you people have either 483 00:26:26,160 --> 00:26:29,520 Speaker 1: really fallen in love with their homes or have said 484 00:26:29,600 --> 00:26:32,160 Speaker 1: to us, man, I really wish I made that move 485 00:26:32,240 --> 00:26:34,600 Speaker 1: that I you know, I was cheap about or didn't 486 00:26:34,640 --> 00:26:37,800 Speaker 1: do or I've been renting. You're also going to see 487 00:26:37,800 --> 00:26:40,159 Speaker 1: a huge change in the millennial and the behavior of that. 488 00:26:40,440 --> 00:26:42,920 Speaker 1: You know, all of these millennials that you know, we're 489 00:26:42,960 --> 00:26:45,040 Speaker 1: renting and uber ring and it was all about just 490 00:26:45,160 --> 00:26:48,600 Speaker 1: being mobile. I think have really you know, sharing a 491 00:26:48,680 --> 00:26:50,760 Speaker 1: kitchen and sharing a living room and you know, the 492 00:26:50,800 --> 00:26:53,359 Speaker 1: micro living. I definitely think we're going to start seeing 493 00:26:53,359 --> 00:26:56,159 Speaker 1: a big difference and change in that u you know, 494 00:26:56,160 --> 00:26:58,439 Speaker 1: where that human behavior is changing. So I think the 495 00:26:58,440 --> 00:27:00,440 Speaker 1: way of the future is going to change as well, 496 00:27:00,480 --> 00:27:03,639 Speaker 1: because you're you're you're jumping from one generation to the 497 00:27:03,680 --> 00:27:06,600 Speaker 1: next generation who has never seen anything like this, and 498 00:27:06,640 --> 00:27:09,040 Speaker 1: I think we're going to see a huge different in 499 00:27:09,320 --> 00:27:12,359 Speaker 1: the behavior of that generation. Maricio Yumanski is on the line. 500 00:27:12,400 --> 00:27:14,640 Speaker 1: He's the founder and CEO of The Agency, a full 501 00:27:14,640 --> 00:27:18,000 Speaker 1: service luxury real estate and brokerage and lifestyle company. Mauricio, 502 00:27:18,119 --> 00:27:21,399 Speaker 1: you know you talk about the different generational gaps or 503 00:27:21,520 --> 00:27:24,560 Speaker 1: gap and how that's impacting the economy. You know, I'm 504 00:27:24,600 --> 00:27:29,040 Speaker 1: struck by this because especially from the last downturn that 505 00:27:29,080 --> 00:27:31,800 Speaker 1: we had more than a decade ago in two thousand 506 00:27:31,880 --> 00:27:34,160 Speaker 1: and eight, and these I mean, you can't compare two 507 00:27:34,160 --> 00:27:36,679 Speaker 1: thousand and eight to the pandemic downturn that we're in 508 00:27:36,800 --> 00:27:40,040 Speaker 1: right now. And yet I'm curious, you know, I'm gonna 509 00:27:40,080 --> 00:27:41,800 Speaker 1: ask you to do it. Compare. I mean, can you 510 00:27:41,840 --> 00:27:45,200 Speaker 1: compare the housing crisis right now? So what we saw 511 00:27:45,680 --> 00:27:47,920 Speaker 1: in two thousand and eight or are they two entirely 512 00:27:47,960 --> 00:27:52,040 Speaker 1: different beasts? Well, it's too early to tell, but I 513 00:27:52,080 --> 00:27:54,560 Speaker 1: can tell you from what the information that we have 514 00:27:54,640 --> 00:27:57,440 Speaker 1: gathered and that we know today, we can certainly make 515 00:27:57,480 --> 00:28:01,600 Speaker 1: certain assumptions. In two thousand and eight, for the generality speaking, 516 00:28:01,640 --> 00:28:05,040 Speaker 1: we saw approximately a thirty five percent drop in pricing, 517 00:28:05,640 --> 00:28:07,920 Speaker 1: and you know, somewhere around a thirty to thirty five 518 00:28:07,960 --> 00:28:13,040 Speaker 1: percent drop in volume. Okay, Uh, there was a banking crisis, 519 00:28:13,080 --> 00:28:15,480 Speaker 1: and but yet you know, things continue to move and 520 00:28:15,520 --> 00:28:19,440 Speaker 1: all of you know, and there was continued volume occurring showings. 521 00:28:19,440 --> 00:28:23,800 Speaker 1: Showings were down only about and showings is a critical 522 00:28:23,960 --> 00:28:27,040 Speaker 1: aspect of understanding what the future is going to look like, 523 00:28:27,080 --> 00:28:31,720 Speaker 1: because without showings we kept going depending es grows. So today, 524 00:28:31,800 --> 00:28:34,960 Speaker 1: from a price perspective, there's still a lot of confusion 525 00:28:35,000 --> 00:28:37,600 Speaker 1: in terms of how much the housing markets gonna get 526 00:28:37,680 --> 00:28:41,760 Speaker 1: hit from from UH reduction in pricing what I can 527 00:28:41,800 --> 00:28:46,000 Speaker 1: tell you is that ground zero for showings is January 528 00:28:46,160 --> 00:28:48,880 Speaker 1: one of every year. That's ground zero. That's the slowest 529 00:28:49,320 --> 00:28:54,320 Speaker 1: showing date of the year every year. UH, these showings 530 00:28:54,360 --> 00:28:58,400 Speaker 1: after March twelve. The showing activity after March twelve from 531 00:28:58,520 --> 00:29:03,040 Speaker 1: ground zero from January first was down. Okay, so from 532 00:29:03,080 --> 00:29:05,720 Speaker 1: the lowest day of the year, we're down forty percent. 533 00:29:06,280 --> 00:29:09,840 Speaker 1: As of yesterday, we are back in the country. This 534 00:29:09,920 --> 00:29:13,160 Speaker 1: is a country a general statistic. We are back to 535 00:29:13,240 --> 00:29:17,600 Speaker 1: ground zero January one numbers. So we're starting to see 536 00:29:17,600 --> 00:29:21,280 Speaker 1: an uptick of showing activity. We're starting to see people 537 00:29:21,320 --> 00:29:24,480 Speaker 1: come out. We're starting to see a floor of volume. 538 00:29:24,960 --> 00:29:28,080 Speaker 1: We saw a week over week in terms of volume. 539 00:29:28,560 --> 00:29:32,840 Speaker 1: UH generally speaking, again, you know the nation UH saw 540 00:29:32,960 --> 00:29:37,840 Speaker 1: approximately a seventy seventy five percent drop UH two weeks 541 00:29:37,840 --> 00:29:45,000 Speaker 1: ago week over week versus the last week we saw 542 00:29:45,160 --> 00:29:50,680 Speaker 1: forty eight percent drop between vers and this week we're 543 00:29:50,720 --> 00:29:54,520 Speaker 1: expecting a much a catch up on that. So we're 544 00:29:54,520 --> 00:29:57,560 Speaker 1: starting to see the nation in the housing UH come 545 00:29:57,560 --> 00:30:02,000 Speaker 1: out of this tremendous volume. Recession pricing is still impossible 546 00:30:02,120 --> 00:30:05,960 Speaker 1: to tell. UH. There's a lot of conversations, certainly East 547 00:30:06,000 --> 00:30:10,240 Speaker 1: Coast New York. There's big conversations that we're gonna see 548 00:30:09,280 --> 00:30:13,160 Speaker 1: a hit. Uh and then the beneficiaries of that are, 549 00:30:13,240 --> 00:30:15,320 Speaker 1: you know the conversation. Can you hold on for me 550 00:30:15,320 --> 00:30:16,720 Speaker 1: for after the break? I want to I want to 551 00:30:16,720 --> 00:30:19,240 Speaker 1: continue this. I've got two more questions for Is that okay? 552 00:30:19,600 --> 00:30:22,080 Speaker 1: All right? Thank you? Mauricio. Umanski's gonna stay with us. 553 00:30:22,080 --> 00:30:24,800 Speaker 1: We're gonna ask him about Giveback, which is something he's 554 00:30:24,840 --> 00:30:26,800 Speaker 1: deeply involved in as well. He's the founder and CEO 555 00:30:26,840 --> 00:30:29,080 Speaker 1: of the agency. My name is Kevin CURRELLI. I'm the 556 00:30:29,120 --> 00:30:32,160 Speaker 1: chief Washington correspondent from Bloomberg TV and for Bloomberg Radio. 557 00:30:32,280 --> 00:30:56,400 Speaker 1: You're listening to Bloomberg. You're listening to Bloomberg. Sound On 558 00:30:56,480 --> 00:31:01,800 Speaker 1: with Kevin Curreley on Bloomberg and on All five two 559 00:31:02,520 --> 00:31:06,040 Speaker 1: and folks, I'm Kevin surreally, chief Washington correspondent for Bloomberg 560 00:31:06,080 --> 00:31:08,640 Speaker 1: TV and for Bloomberg Radio. Next week we have complete 561 00:31:08,680 --> 00:31:11,880 Speaker 1: coverage of all of the House negotiations on the next 562 00:31:11,960 --> 00:31:14,360 Speaker 1: round of economic stimulus. Plus we'll be checking in with 563 00:31:14,440 --> 00:31:18,280 Speaker 1: lawmakers and senators as Dr Fauci heads to the Senate. 564 00:31:18,360 --> 00:31:21,640 Speaker 1: Sticking with Housing a guest first time on the program, 565 00:31:21,640 --> 00:31:24,040 Speaker 1: hopefully you'll come back, MAURICEO to break down. We we 566 00:31:24,120 --> 00:31:27,040 Speaker 1: don't talk enough about housing on this show, and uh, 567 00:31:27,120 --> 00:31:29,520 Speaker 1: I want to make sure that we do that, Mauricio Yamanski. 568 00:31:29,520 --> 00:31:32,280 Speaker 1: He's founder and CEO of the Agency, which is a 569 00:31:32,320 --> 00:31:36,400 Speaker 1: full service luxury real estate brokerage and lifestyle company. And 570 00:31:36,440 --> 00:31:38,080 Speaker 1: you know before the break, I mean you were you 571 00:31:38,120 --> 00:31:40,760 Speaker 1: were sounding optimistic and on a day like this, when 572 00:31:40,760 --> 00:31:44,480 Speaker 1: the unemployment rate spikes to a historic high post depression, 573 00:31:44,800 --> 00:31:48,880 Speaker 1: we need some optimism, Mauriceo. I'm here to bring it 574 00:31:49,000 --> 00:31:51,440 Speaker 1: for you. Kevin, and so I just before I let 575 00:31:51,480 --> 00:31:53,280 Speaker 1: you go, I know that you're deeply involved with an 576 00:31:53,320 --> 00:31:55,880 Speaker 1: incredible organization that I wanted to ask you about, and 577 00:31:55,920 --> 00:31:58,360 Speaker 1: I didn't want you to get cut off by the break. 578 00:31:58,440 --> 00:32:02,560 Speaker 1: And you're a longtime support of give Back, which helps 579 00:32:02,600 --> 00:32:05,920 Speaker 1: families in need. And we know right now especially there 580 00:32:05,960 --> 00:32:07,640 Speaker 1: are a lot of people out there, a lot of 581 00:32:07,640 --> 00:32:10,640 Speaker 1: people too many hurting. Tell us what you guys are 582 00:32:10,680 --> 00:32:14,760 Speaker 1: doing for projected Back. Well, we've been a great partner 583 00:32:14,840 --> 00:32:17,960 Speaker 1: with give Back Homes, and what we do, generally speaking, 584 00:32:18,080 --> 00:32:21,040 Speaker 1: is we all of our agents give a portion of 585 00:32:21,080 --> 00:32:24,400 Speaker 1: their commission to give back homes and we in essence 586 00:32:24,480 --> 00:32:27,400 Speaker 1: raised money to build homes for the needy, primarily through 587 00:32:27,400 --> 00:32:31,120 Speaker 1: Habitatic for Humanity. But ever since COVID, we've changed and 588 00:32:31,200 --> 00:32:33,680 Speaker 1: the resources of funds, and we moved those funds to 589 00:32:33,880 --> 00:32:37,240 Speaker 1: different places like the World Central Kitchens, which delivers fresh 590 00:32:37,280 --> 00:32:40,640 Speaker 1: meals to families in need, Direct Relief which provides essential 591 00:32:40,680 --> 00:32:43,880 Speaker 1: medical items and pp equipment to health workers, and to 592 00:32:43,920 --> 00:32:47,280 Speaker 1: the world Health organizations. So we've just transferred our funds 593 00:32:47,560 --> 00:32:52,000 Speaker 1: to you know, really try to help. COVID nineteen good stuff. 594 00:32:52,040 --> 00:32:55,440 Speaker 1: Appreciate your time, Acio Umansky, founder and CEO of the agency. 595 00:32:55,880 --> 00:32:59,000 Speaker 1: Appreciate you coming on to break down everything in the 596 00:32:59,040 --> 00:33:02,560 Speaker 1: housing And now let's pivot, let's reset. It's Friday, let's 597 00:33:02,560 --> 00:33:05,120 Speaker 1: have a little fun. Joining us on the line is 598 00:33:05,160 --> 00:33:08,200 Speaker 1: my colleague who I always think has the coolest shot 599 00:33:08,320 --> 00:33:10,480 Speaker 1: at Bloomberg. I don't know if I should say that, 600 00:33:10,520 --> 00:33:13,920 Speaker 1: but Evan Novi Williams is on the line. He reports 601 00:33:13,960 --> 00:33:18,240 Speaker 1: on all things pertaining to the business of sports, and you, 602 00:33:18,400 --> 00:33:23,080 Speaker 1: my friend, have written incredible, incredible work in the past 603 00:33:23,080 --> 00:33:26,840 Speaker 1: couple of days for how how how people are watching 604 00:33:26,880 --> 00:33:30,520 Speaker 1: even more television They're can They're streaming more than ever 605 00:33:30,720 --> 00:33:34,040 Speaker 1: even without sports. What do you know, Evan, Yeah, I 606 00:33:34,040 --> 00:33:36,200 Speaker 1: mean it's certainly, you know, the big question is is 607 00:33:36,240 --> 00:33:38,840 Speaker 1: what changes permanently. But there's no, no, no doubt that 608 00:33:39,000 --> 00:33:42,040 Speaker 1: in this time, you know, people are watching more television. 609 00:33:42,320 --> 00:33:44,680 Speaker 1: They're actually spending in some ways a little less time 610 00:33:44,720 --> 00:33:46,520 Speaker 1: on their phones. I think a lot of times, you know, 611 00:33:46,760 --> 00:33:49,080 Speaker 1: you look at your mobile phone when you're commuting, when 612 00:33:49,120 --> 00:33:51,240 Speaker 1: you're out on the street, when you're at work, etcetera. 613 00:33:51,320 --> 00:33:53,320 Speaker 1: It's a lot of time spent on television, a lot 614 00:33:53,360 --> 00:33:55,120 Speaker 1: of times spent on tablets, a lot of times spent 615 00:33:55,200 --> 00:33:57,800 Speaker 1: on computers. But no doubt, you know, there are people 616 00:33:57,800 --> 00:33:59,440 Speaker 1: are spending a lot more time in front of screens 617 00:33:59,440 --> 00:34:02,120 Speaker 1: and that's effecting, you know, the way the whole business operates. 618 00:34:02,480 --> 00:34:07,400 Speaker 1: How do you think the league's are planning for the fall? 619 00:34:07,840 --> 00:34:10,759 Speaker 1: How are they planning for a return or are they 620 00:34:10,840 --> 00:34:17,120 Speaker 1: having to do different types of of contingency plans? Yeah, 621 00:34:17,160 --> 00:34:18,920 Speaker 1: I mean the way I kind of break this down is, 622 00:34:19,040 --> 00:34:21,279 Speaker 1: you know, you have to think sports teams make money 623 00:34:21,280 --> 00:34:23,880 Speaker 1: in two ways. They make money by putting sports games 624 00:34:23,920 --> 00:34:27,320 Speaker 1: on television, and they make money by having people attend 625 00:34:27,400 --> 00:34:30,279 Speaker 1: sporting events. And every league has a different you know, 626 00:34:30,400 --> 00:34:32,800 Speaker 1: ratio of how reliant they are on those two buckets. 627 00:34:33,120 --> 00:34:36,040 Speaker 1: The NFL, for example, you know, ticket sales they're not 628 00:34:36,080 --> 00:34:38,919 Speaker 1: an afterthought, but they're not particularly big. The media rights 629 00:34:38,920 --> 00:34:41,360 Speaker 1: deals are the huge ones. So for the NFL, you know, 630 00:34:41,400 --> 00:34:44,400 Speaker 1: hosting events without people is not the end all beal. 631 00:34:44,960 --> 00:34:46,279 Speaker 1: You know, if you look at the league like Major 632 00:34:46,320 --> 00:34:48,799 Speaker 1: League Baseball a hundred and sixty two games, there's a 633 00:34:48,840 --> 00:34:51,920 Speaker 1: lot of ticket sales. The stadiums are fairly big. They 634 00:34:51,960 --> 00:34:55,040 Speaker 1: rely a lot more on the in person fan to 635 00:34:55,120 --> 00:34:56,920 Speaker 1: balance their budgets. So I think they're going to be 636 00:34:57,000 --> 00:34:59,520 Speaker 1: the ones that maybe are a little more pressured think 637 00:34:59,560 --> 00:35:01,640 Speaker 1: a little bit more about trying to draw fans to 638 00:35:01,719 --> 00:35:05,280 Speaker 1: stadiums in some capacity, just because you know, the money 639 00:35:05,280 --> 00:35:07,720 Speaker 1: relies on it so much. See that's what I find 640 00:35:07,800 --> 00:35:10,319 Speaker 1: just remarkable. I mean, are they going to have to 641 00:35:10,400 --> 00:35:14,640 Speaker 1: have are they talking about having only a certain number 642 00:35:14,640 --> 00:35:17,719 Speaker 1: of people allowed to the stadiums or how is that 643 00:35:17,760 --> 00:35:20,279 Speaker 1: going to work? Kevin? They're talking about everything, you know. 644 00:35:20,320 --> 00:35:23,640 Speaker 1: I spoke with an architect for for stadiums earlier this 645 00:35:23,680 --> 00:35:25,920 Speaker 1: week who was saying that he thought arenas should be 646 00:35:25,960 --> 00:35:29,640 Speaker 1: dividing every seat up into you know, forty or fifty 647 00:35:29,640 --> 00:35:33,200 Speaker 1: person pods that are fully separated, and even in there 648 00:35:33,280 --> 00:35:35,319 Speaker 1: you do some social distancing, or you let a group 649 00:35:35,360 --> 00:35:38,520 Speaker 1: of people who maybe live together take out an entire pod. 650 00:35:39,000 --> 00:35:42,360 Speaker 1: You know, the idea of a sixty thousand seat stadium 651 00:35:42,680 --> 00:35:45,239 Speaker 1: might now only seat fifteen thousand if you do the 652 00:35:45,320 --> 00:35:48,160 Speaker 1: proper separation. You know, I don't think anybody wants to 653 00:35:48,239 --> 00:35:50,800 Speaker 1: go that route. My guests would be that the NFL 654 00:35:51,320 --> 00:35:54,160 Speaker 1: would say no fans before they allow ten thousand into 655 00:35:54,160 --> 00:35:57,880 Speaker 1: a stadium in some weird configuration of you know, separated 656 00:35:57,880 --> 00:36:01,120 Speaker 1: by clear cellophane and things like that. Um. But you know, 657 00:36:01,160 --> 00:36:03,400 Speaker 1: if you're the NHL and the NBA, you you operate 658 00:36:03,480 --> 00:36:07,000 Speaker 1: in tight fitted indoor arenas, which is a big deal. 659 00:36:07,040 --> 00:36:09,480 Speaker 1: If you talk to to scientists about how this spreads, 660 00:36:10,400 --> 00:36:12,319 Speaker 1: especially those two leagues, you know they're gonna be the 661 00:36:12,320 --> 00:36:14,680 Speaker 1: ones they have to get this stuff in soon. And 662 00:36:14,760 --> 00:36:16,680 Speaker 1: you know, I think having fans for them is is 663 00:36:16,880 --> 00:36:19,840 Speaker 1: almost guaranteed not to have. Even Evan Noy Williams is 664 00:36:19,880 --> 00:36:22,120 Speaker 1: on the line. He covers all the businesses sports for 665 00:36:22,160 --> 00:36:24,040 Speaker 1: Bloomberg and he does an incredible job of it. But 666 00:36:24,080 --> 00:36:25,719 Speaker 1: you know, even and this is what I've been really 667 00:36:25,719 --> 00:36:27,279 Speaker 1: thinking about, and I was when I was prepping for 668 00:36:27,320 --> 00:36:29,279 Speaker 1: the show Evan, I was trying to think, I don't 669 00:36:29,280 --> 00:36:30,920 Speaker 1: want to, you know, get on a soapbox. But one 670 00:36:30,960 --> 00:36:32,840 Speaker 1: of the things that I love about going to Lincoln 671 00:36:32,840 --> 00:36:35,960 Speaker 1: Financial Field back in Philadelphia is it really is an 672 00:36:36,000 --> 00:36:38,920 Speaker 1: illustration of the entire city. I mean, there's people, it's 673 00:36:38,920 --> 00:36:42,319 Speaker 1: an incredibly diverse crowd. It's people of all different backgrounds. 674 00:36:42,760 --> 00:36:47,200 Speaker 1: And my fear is that they would that these rules, 675 00:36:47,320 --> 00:36:51,319 Speaker 1: well maybe good intent, well intentioned would would kind of 676 00:36:51,360 --> 00:36:55,319 Speaker 1: diminish that and only uh, wealthy people would be able 677 00:36:55,320 --> 00:36:57,600 Speaker 1: to have the opportunity to go to the games. Well, yeah, 678 00:36:57,600 --> 00:36:59,960 Speaker 1: so I think about that. So in NFL Stadium, you know, 679 00:37:00,040 --> 00:37:03,040 Speaker 1: seats sixty, let's just say. And the way that teams 680 00:37:03,040 --> 00:37:05,640 Speaker 1: like the Eagles price that is there's very expensive seats 681 00:37:05,680 --> 00:37:08,040 Speaker 1: and then there's also less expensive seats, so they try 682 00:37:08,080 --> 00:37:10,200 Speaker 1: to make it, you know, an opportunity for people of 683 00:37:10,239 --> 00:37:13,320 Speaker 1: all economic classes. If you're telling the Eagles, hey, instead 684 00:37:13,360 --> 00:37:17,359 Speaker 1: of selling six seats, you're now selling ten, obviously there's 685 00:37:17,400 --> 00:37:20,520 Speaker 1: pressure to just sell and keep the really expensive v 686 00:37:20,560 --> 00:37:22,759 Speaker 1: I p ones And who knows what these teams are 687 00:37:22,760 --> 00:37:25,560 Speaker 1: gonna do when when there's so much less supply that's 688 00:37:25,560 --> 00:37:27,800 Speaker 1: how do you price it? And we don't know the 689 00:37:27,840 --> 00:37:30,560 Speaker 1: answer to that. It's a totally legitimate fear. And then 690 00:37:30,560 --> 00:37:32,400 Speaker 1: now I get to talk to you since it's Friday 691 00:37:32,560 --> 00:37:35,200 Speaker 1: and it's the worst shops heyever, I have to ask 692 00:37:35,239 --> 00:37:37,640 Speaker 1: you about Michael Jordan's and what it's doing for ESPN 693 00:37:37,719 --> 00:37:40,239 Speaker 1: and this documentary. I'm obsessed with it. I can't get enough. 694 00:37:40,239 --> 00:37:42,440 Speaker 1: It's it's a it's so well done because it's a 695 00:37:42,440 --> 00:37:46,120 Speaker 1: mini series not just about basketball, not just about an athlete, 696 00:37:46,160 --> 00:37:48,799 Speaker 1: but about so many different cultural things as well. What 697 00:37:48,880 --> 00:37:50,839 Speaker 1: has this done for ESPN in a time when there's 698 00:37:50,840 --> 00:37:52,799 Speaker 1: no sports? I think the big thing it's done is 699 00:37:52,840 --> 00:37:55,279 Speaker 1: it's answered the question for what kind of programming do 700 00:37:55,360 --> 00:37:59,959 Speaker 1: sports fans want right now? Then? Yeah, yeah, we we try. 701 00:38:00,000 --> 00:38:03,600 Speaker 1: I had you know, old sports movies. We tried reruns 702 00:38:03,640 --> 00:38:07,080 Speaker 1: of games, We tried marble racing, we did cornhole League. 703 00:38:07,640 --> 00:38:09,920 Speaker 1: They tried all these things, and it turns out that 704 00:38:10,000 --> 00:38:12,640 Speaker 1: good original programming is the thing that people want now. 705 00:38:13,120 --> 00:38:16,200 Speaker 1: ESPN obviously can't t these up every weekend from now 706 00:38:16,280 --> 00:38:18,879 Speaker 1: until the lockdown ends, but they're speeding up a few 707 00:38:18,920 --> 00:38:21,520 Speaker 1: other ones. We're gonna see the Lance Armstrong documentary sped up, 708 00:38:21,840 --> 00:38:24,319 Speaker 1: There's a Bruce Lee documentary coming, and then the big one, 709 00:38:24,320 --> 00:38:26,120 Speaker 1: which I think people are gonna be very excited about, 710 00:38:26,440 --> 00:38:28,960 Speaker 1: a kind of in depth look at that home run 711 00:38:29,040 --> 00:38:32,279 Speaker 1: race between Sammy Sosa and Mark McGuire. So ESPN has 712 00:38:32,320 --> 00:38:33,719 Speaker 1: a few of these things kind of in the can, 713 00:38:33,800 --> 00:38:36,440 Speaker 1: almost ready to go. They're speeding that process up just 714 00:38:36,480 --> 00:38:39,319 Speaker 1: because they've now realized this is the thing. Six million 715 00:38:39,360 --> 00:38:42,879 Speaker 1: people are watching the journalism. I mean, I commend them. Okay, now, 716 00:38:42,960 --> 00:38:47,839 Speaker 1: quick question is Lance Armstrong is he uh participating in this? 717 00:38:47,920 --> 00:38:49,640 Speaker 1: Do we know? So? I don't know the details of 718 00:38:49,880 --> 00:38:51,640 Speaker 1: all these I believe that one's gonna be the first 719 00:38:51,640 --> 00:38:53,719 Speaker 1: one to run. I think it's a two day, a 720 00:38:53,760 --> 00:38:56,520 Speaker 1: two day thing, um. But yes, his interview with Oprah 721 00:38:56,520 --> 00:38:59,840 Speaker 1: Winfrey is I think one of the best journalism interviews 722 00:38:59,840 --> 00:39:04,000 Speaker 1: of all time. But yeah, he's a totally fascinating character 723 00:39:04,120 --> 00:39:06,640 Speaker 1: and just the way he cheated, the way he kind 724 00:39:06,640 --> 00:39:08,600 Speaker 1: of manipulated the people who were willing to talk out 725 00:39:08,600 --> 00:39:11,680 Speaker 1: about him. And also he had this, you know, tremendously 726 00:39:11,960 --> 00:39:15,439 Speaker 1: you know, great philanthropic side to him that that kind 727 00:39:15,440 --> 00:39:19,279 Speaker 1: of diminished or disappeared after he came out as a cheater, 728 00:39:19,880 --> 00:39:22,000 Speaker 1: So a lot of folds to Lance as a human being. 729 00:39:22,040 --> 00:39:24,399 Speaker 1: The one minute left or any of the league's what's 730 00:39:24,440 --> 00:39:27,120 Speaker 1: their relationship? What are the league's relationship like with Congress 731 00:39:27,200 --> 00:39:29,200 Speaker 1: right now? Or is there is a kind of on mute. 732 00:39:29,840 --> 00:39:32,040 Speaker 1: I mean, the big thing is their relationship with the President. 733 00:39:32,120 --> 00:39:34,440 Speaker 1: You know, it's clear that he thinks about them as 734 00:39:34,520 --> 00:39:36,839 Speaker 1: a key part of reopening this country, and they are, 735 00:39:37,080 --> 00:39:39,800 Speaker 1: you know, very willing to be to use him and 736 00:39:40,120 --> 00:39:42,640 Speaker 1: also you know, keep that conversation going to be a 737 00:39:42,640 --> 00:39:44,120 Speaker 1: part of that as well, you know. So I think 738 00:39:44,120 --> 00:39:45,920 Speaker 1: the big question is I think we're heading to a 739 00:39:45,960 --> 00:39:49,200 Speaker 1: point where you have leagues and the president against certain 740 00:39:49,239 --> 00:39:53,120 Speaker 1: governors who are being particularly stingy about opening up their country, 741 00:39:53,160 --> 00:39:55,640 Speaker 1: their their their state, or mayors in their own cities. 742 00:39:55,800 --> 00:39:57,640 Speaker 1: And I think that's the political showdown we're going to 743 00:39:57,680 --> 00:39:59,120 Speaker 1: get in the sports world. All right, come back and 744 00:39:59,200 --> 00:40:01,040 Speaker 1: let's do a whole seg and on that. Evan no 745 00:40:01,120 --> 00:40:02,880 Speaker 1: Wi Williams. I think you have the coolest job of 746 00:40:02,880 --> 00:40:04,840 Speaker 1: Bloomberg and you do such a great job with it. 747 00:40:05,120 --> 00:40:06,839 Speaker 1: Thank you so much for coming on and come back 748 00:40:06,840 --> 00:40:09,160 Speaker 1: and let's talk about Trump and the League's my name 749 00:40:09,200 --> 00:40:11,680 Speaker 1: is Kevin Cirellian, the chief Washington correspondent for Bloomberg TV 750 00:40:11,719 --> 00:40:14,719 Speaker 1: and for Bloomberg Radio. Awesome show. Thanks to everyone in 751 00:40:14,760 --> 00:40:17,400 Speaker 1: the control room. See you next week. Thanks for listening 752 00:40:17,400 --> 00:40:18,000 Speaker 1: to Bloomberg