WEBVTT - The U.S. Still a Long Way From Normal 0:00:01.800 --> 0:00:04.400 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanibek. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 plus technology, politics, economics, all furnishing the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:19.600 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.200 download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.120 You can also listen to our radio show at two 0:00:25.160 --> 0:00:27.840 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.880 --> 0:00:33.800 YouTube search Bloomberg Global News. We've got a lot of 0:00:33.800 --> 0:00:36.319 stuff going on. Europe continues at least parts of year, 0:00:36.400 --> 0:00:39.800 pushing back on that Astra Zeneca vaccine. You've got Italy, 0:00:40.000 --> 0:00:42.199 that country facing a new lockdown one year after the 0:00:42.200 --> 0:00:45.919 pandemic started, and then President by last night putting out 0:00:45.920 --> 0:00:47.960 the fourth of July is maybe a moment where we 0:00:48.000 --> 0:00:51.320 can kind of get quote unquote back to normal, as 0:00:51.360 --> 0:00:53.040 long as you keep it in small groups. Yeah. I 0:00:53.120 --> 0:00:55.440 watched that last night to Carol, and one thing that 0:00:55.480 --> 0:00:58.320 really stuck out to me was the eligibility of people 0:00:58.360 --> 0:01:02.320 who were are able to get vaccines. Biden administration pushing 0:01:02.720 --> 0:01:06.400 for everyone every adult by May one, right, and I 0:01:06.480 --> 0:01:08.760 understand the prioritizing earlier on, and I think at this 0:01:08.800 --> 0:01:10.840 point people are like, it's so confusing. Can I go? 0:01:10.959 --> 0:01:12.759 Can I not? And just like kind of opening it up, 0:01:13.000 --> 0:01:15.720 let's get into it with one of our go to voices. 0:01:16.000 --> 0:01:18.160 Really when we always get a true gut check. Dr 0:01:18.240 --> 0:01:20.800 Ian LUs Bader, Clinical Professor of Medicine at n y 0:01:20.880 --> 0:01:24.679 U Landgown. He is on the phone in New York City. 0:01:24.720 --> 0:01:28.440 How are you hey, They're doing very well. Happy Friday, guys. 0:01:28.640 --> 0:01:31.399 Thank you for all your efforts over the past year 0:01:31.560 --> 0:01:35.000 with you know, sticking with the story and encouraging people 0:01:35.040 --> 0:01:40.240 and putting out good, good information. So well likewise to 0:01:40.319 --> 0:01:42.480 you as well. I really do mean it when I 0:01:42.520 --> 0:01:44.560 say when you come on, you know, we've thrown so 0:01:44.680 --> 0:01:47.240 much at you, and you just kind of you often 0:01:47.280 --> 0:01:49.040 ahead of the curve in terms of things that are 0:01:49.040 --> 0:01:51.160 going to be in the headlines next week and just 0:01:51.280 --> 0:01:53.440 really giving us again, just like you said to us, 0:01:53.520 --> 0:01:57.840 really smart information. So okay, So one year, first of all, 0:01:57.880 --> 0:02:00.440 take me back one year. I like, do you remember 0:02:00.440 --> 0:02:03.480 it like it was yesterday? I do remember it, and 0:02:03.520 --> 0:02:06.400 I think we uh we we talked about it. It 0:02:06.760 --> 0:02:11.359 uh was really devastating. The hospitals were overloaded, and the 0:02:11.360 --> 0:02:15.840 stock market was crashing and stores were closing. Uh the 0:02:15.919 --> 0:02:18.240 city was shut down, and you know, you could hit 0:02:18.280 --> 0:02:20.560 a hit a golf full or shoe a cannon down 0:02:20.960 --> 0:02:25.320 Madison Avenue and or Lexington where Bloomberg studios are and 0:02:25.360 --> 0:02:28.639 not hit anyone or anything. There wasn't a car or 0:02:28.680 --> 0:02:30.880 truck on the road. There wasn't a person in the street. 0:02:31.240 --> 0:02:33.400 So I think we've come a long long way. I 0:02:33.480 --> 0:02:38.520 agree with the President Biden at Hope really does seem brighter, 0:02:38.760 --> 0:02:42.200 and I agree. I think by July four a good 0:02:42.280 --> 0:02:46.040 majority of people will be vaccinated. Maybe we'll have those 0:02:46.720 --> 0:02:50.080 COVID passports, so people should feel free to you know, 0:02:50.240 --> 0:02:53.200 be going to restaurants if they've been vaccinated, and being 0:02:53.240 --> 0:02:55.720 in small groups. So I think we've made a lot 0:02:55.760 --> 0:02:59.240 of progress. A little concern about the variants. I think 0:02:59.280 --> 0:03:02.680 there is still a small chance of uh, of another wave, 0:03:02.800 --> 0:03:05.640 but I think we're making progress. I am just a 0:03:05.680 --> 0:03:08.799 little concerned because I still see in some patients some 0:03:08.960 --> 0:03:12.600 vaccine hesitancy, which worries me. Talk a little bit about that. 0:03:12.639 --> 0:03:14.480 I mean, is there a pattern emerging that you're seeing, 0:03:16.000 --> 0:03:19.880 You know, I think it's very variable. A lot of 0:03:19.919 --> 0:03:23.000 the physicians have had it, and I think um to 0:03:23.120 --> 0:03:27.400 some degree, there may be some socioeconomic issues. I think 0:03:27.480 --> 0:03:30.960 there are some people who are afraid of the vaccine 0:03:31.040 --> 0:03:33.800 or afraid of side effects. And every time on the 0:03:33.800 --> 0:03:36.200 news we hear now a little bit about the astros 0:03:36.280 --> 0:03:39.360 Eneca vaccine and in Europe and here with you know, 0:03:39.520 --> 0:03:42.920 some potential blood clots. But what I'd help patients for 0:03:43.040 --> 0:03:46.640 all of these vaccines take whatever is available. There's not 0:03:46.800 --> 0:03:49.800 one that's materially better than the other. J and J 0:03:50.000 --> 0:03:54.520 certainly convenient with one vaccine. But whenever you're vaccinating millions 0:03:54.600 --> 0:03:57.720 or hundreds of millions of people, there will always be 0:03:57.800 --> 0:04:01.120 reports about you know, death or in allergic reaction or 0:04:01.160 --> 0:04:04.760 a blood clot. Very hard to tease that out, because 0:04:04.840 --> 0:04:07.800 when you're vaccinating a lot of people, someone along the 0:04:07.800 --> 0:04:11.520 way is going to have a complication that's unrelated to 0:04:11.640 --> 0:04:14.440 the vaccine. It's just happens to be a day or 0:04:14.480 --> 0:04:17.400 two or three after they got a vaccine. People die, 0:04:17.560 --> 0:04:20.480 people get clots, other things happen. So we do need 0:04:20.520 --> 0:04:23.040 to look into it. I mean, there may be something there, 0:04:23.080 --> 0:04:25.840 but overall, it seems the vaccines have been very safe, 0:04:26.240 --> 0:04:29.320 very effective. Uh, And I think we need to push 0:04:29.320 --> 0:04:31.280 on ahead with it. What about, though, and Tim, what 0:04:31.360 --> 0:04:33.200 was the data you just were sharing with me about? 0:04:33.320 --> 0:04:35.840 Is it New York City positivity? So Mayor to Blasio 0:04:35.880 --> 0:04:40.520 tweeting this out earlier today. Six positivity rate for a 0:04:40.600 --> 0:04:43.520 seven day average. I mean, compared to January, that's pretty good, 0:04:43.760 --> 0:04:46.240 but compared to last fall and over the summer, that's 0:04:46.240 --> 0:04:50.279 not a good number. It's not a great number. Um 0:04:50.360 --> 0:04:55.840 And again, positivity doesn't that's positive tests doesn't necessarily mean 0:04:56.279 --> 0:05:00.800 hospitals are overloaded. They're not. There's a very stable number. Also, 0:05:00.880 --> 0:05:03.800 it doesn't necessarily mean kids should not be going back 0:05:03.839 --> 0:05:07.240 to school. I think they should. And a lot of 0:05:07.279 --> 0:05:09.839 this is arbitrary. If it's three percent or five percent 0:05:09.920 --> 0:05:13.240 or six percent positivity, you know, we need to get 0:05:13.279 --> 0:05:15.359 kids back in school. We need to get all the 0:05:15.400 --> 0:05:19.000 teachers vaccinated. There really no no reason not to do that. 0:05:19.960 --> 0:05:23.640 The restaurants are starting to open up. I would certainly say, 0:05:24.279 --> 0:05:26.840 you know, when you go flying these days, the planes 0:05:26.880 --> 0:05:29.920 are full, you don't know who's been vaccinated. Certainly, I 0:05:29.960 --> 0:05:34.039 think people who have been vaccinated UM should really be 0:05:34.120 --> 0:05:37.120 able to get priority for some of these things like restaurants. 0:05:37.160 --> 0:05:39.080 You know, if you show your card, you know, there 0:05:39.080 --> 0:05:42.880 should be very little hesitancy about going in and sitting down. 0:05:43.040 --> 0:05:45.760 That that's my sense. But I agree the numbers are 0:05:45.839 --> 0:05:50.440 slightly um up a bit, but I don't necessarily think 0:05:50.440 --> 0:05:53.920 that's translating into hospitalizations. In other words, more people may 0:05:53.960 --> 0:05:57.279 be having it, and probably many of them are being treated, 0:05:57.279 --> 0:05:59.440 and let's talk about it's maybe in the next segment. 0:05:59.680 --> 0:06:03.279 Who was some of the IVY monoclonal antibodies which worked 0:06:03.360 --> 0:06:07.040 very well. Dr les Beata. We're monitoring the President expected 0:06:07.120 --> 0:06:08.840 to make comments at any moment. We might have to 0:06:08.880 --> 0:06:12.480 tear away from this conversation. Having said that there's money 0:06:12.520 --> 0:06:17.560 in that massive COVID relief COVID stimulus package that includes 0:06:17.560 --> 0:06:20.880 money for states to deal with the costs of COVID UM, 0:06:20.880 --> 0:06:22.280 how do you think that might help some of the 0:06:23.279 --> 0:06:26.880 problems that we've seen in terms of the vaccine rollout. Well, 0:06:26.880 --> 0:06:29.200 I think you're a number of problems. One is certainly 0:06:29.320 --> 0:06:31.200 for a states that has spent a lot of money 0:06:31.240 --> 0:06:34.360 on hospitals, as we have here in the tri state area. 0:06:34.440 --> 0:06:37.120 That will certainly be helpful. You always have to think 0:06:37.160 --> 0:06:39.120 about the back end of printing all that money, what 0:06:39.200 --> 0:06:42.279 the consequences are. That's a different story. But when it 0:06:42.320 --> 0:06:45.719 comes to COVID, we really have to encourage everyone to 0:06:45.760 --> 0:06:50.480 get vaccinated. I agree totally with taking away any restrictions. 0:06:50.720 --> 0:06:53.720 You know, anyone over eighteen really should have it. And 0:06:53.839 --> 0:06:57.600 why because the longer it takes to get to hurt immunity, 0:06:57.920 --> 0:07:00.920 the more likely you're going to have viral application and 0:07:01.000 --> 0:07:04.200 resistant variants. So the idea is to try to get 0:07:04.200 --> 0:07:07.720 as many people vaccinated as soon as possible, and that 0:07:07.760 --> 0:07:13.480 will really prevent these potentially resistant mutations from occurring. Dr 0:07:13.560 --> 0:07:17.080 Let's say go ahead. So we need to do that, 0:07:17.160 --> 0:07:19.679 you know, as soon as possible. Now we are seeing 0:07:19.720 --> 0:07:22.800 some patients who are getting COVID sometimes in between their 0:07:22.840 --> 0:07:25.160 first and second vaccine. They do have to be careful 0:07:25.400 --> 0:07:30.000 and we have some very interesting new UH treatments. For example, 0:07:30.040 --> 0:07:33.320 if you have um COVID and you're in any one 0:07:33.360 --> 0:07:36.640 of the risk groups diabetes, high blood pressure, etcetera, we 0:07:36.720 --> 0:07:39.560 can give you an I V monoclonal antibody. You come 0:07:39.600 --> 0:07:43.000 into the hospital, you get one infusion takes twenty thirty minutes, 0:07:43.200 --> 0:07:47.400 very effective. That's made by Lily. We're working out some medications. 0:07:47.480 --> 0:07:52.760 Mark uh malneu previer is very effective at viral replications. 0:07:52.760 --> 0:07:55.400 So we definitely have treatment options, but the best of 0:07:55.440 --> 0:07:59.040 course is to get those vaccines in and we are 0:07:59.120 --> 0:08:03.600 capacity to give vaccines really exceeds the availability, so that's 0:08:03.640 --> 0:08:06.280 the limiting supply at the time. I'm really glad you 0:08:06.320 --> 0:08:08.280 brought up treatment because that's exactly where I wanted to 0:08:08.280 --> 0:08:10.240 go with my My next question, how are you seen 0:08:10.280 --> 0:08:13.680 treatment change throughout the pandemic where we were a year ago? 0:08:14.240 --> 0:08:16.680 And do we get to a point where, because we 0:08:16.720 --> 0:08:19.400 are going to be living with this, it's unlikely we're 0:08:19.440 --> 0:08:22.360 going to eradicate it that it becomes just in general 0:08:22.400 --> 0:08:27.200 treatable if somebody comes down with it. Well, absolutely, so 0:08:27.240 --> 0:08:30.120 we talked about it sort of the ideal medication like 0:08:30.200 --> 0:08:34.240 tamiflu also tamifere for the for influenza, or or some 0:08:34.280 --> 0:08:39.040 of the intranasal sprays. Now, Mark with Ridgeback Pharmaceuticals is 0:08:39.080 --> 0:08:42.720 working on a Phase two three on an oral anti 0:08:42.800 --> 0:08:45.440 viral that seems to be very effective. Originally it was 0:08:45.480 --> 0:08:48.199 being looked at for flu, but it seems very effective 0:08:48.200 --> 0:08:52.120 for coronavirus, so that's exciting, and some preliminary studies with 0:08:52.200 --> 0:08:55.720 about a patients do show that it's highly effective. So 0:08:55.760 --> 0:08:58.959 I think we are close to an oral medication which 0:08:59.000 --> 0:09:02.200 should be revolution very still, get your flu shot, get 0:09:02.200 --> 0:09:04.840 your COVID shot, so that that's great. And we have 0:09:04.880 --> 0:09:08.400 an I V monoclonal antibody that I've sent a number 0:09:08.440 --> 0:09:11.640 of patients for. They they they're symptomatic, they get a 0:09:11.640 --> 0:09:16.000 positive swab, they call I call uh you know NYU 0:09:16.080 --> 0:09:19.520 for example, And this is available in many medical centers. Uh. 0:09:19.559 --> 0:09:22.680 It's called ben lamb miview mab, which is great made 0:09:22.679 --> 0:09:27.080 by Lily and I V and monoclonal antibody cocktail and 0:09:27.160 --> 0:09:31.600 patients often feel better much sooner and prevents hospitalizations. So 0:09:31.640 --> 0:09:35.839 we definitely have better options um as opposed to a 0:09:35.920 --> 0:09:38.320 year ago, as Carol talked about where people would be 0:09:38.360 --> 0:09:41.480 overwhelming the hospitals, and we were guessing at things like 0:09:41.559 --> 0:09:44.600 steroids and REMD svere and you know, a whole host 0:09:44.640 --> 0:09:46.680 of things. So I think we've made a lot of progress, 0:09:46.679 --> 0:09:48.720 which is encouraging. Yeah, I feel like we've talked about 0:09:48.760 --> 0:09:50.720 all of those things. Hey, one thing going back to 0:09:50.760 --> 0:09:53.160 what the President said, and again we're monitoring for when 0:09:53.160 --> 0:09:55.360 he steps up to the podium at the White House 0:09:55.400 --> 0:10:00.840 and begins talking again. I just wonder the very ends. Uh. 0:10:00.880 --> 0:10:03.560 And you talked about a possible peak again. Could that 0:10:03.760 --> 0:10:07.000 throw off our returning to normalcy by summer in your view, 0:10:07.920 --> 0:10:11.200 I think that's the only thing that could derail a recovery, 0:10:11.280 --> 0:10:13.439 and it is a possibility, and I don't think we're 0:10:13.480 --> 0:10:16.040 out of the woods yet. But again, I think getting 0:10:16.120 --> 0:10:19.920 everyone vaccinated because at this point the vaccines do seem 0:10:19.960 --> 0:10:23.679 to have some efficacy against the variants, So I would say, 0:10:23.760 --> 0:10:27.200 let's get as many people vaccinated as possible, as soon 0:10:27.240 --> 0:10:31.800 as possible. But if we don't, absolutely that could derail 0:10:31.880 --> 0:10:35.040 things with a flare of a resistant variant, that would 0:10:35.080 --> 0:10:38.040 really set us back and would be uh, both an 0:10:38.040 --> 0:10:41.160 economic and I think psychologic shock. But so far the 0:10:41.240 --> 0:10:44.200 variants haven't shown to be resistant to the vaccines, right, 0:10:45.000 --> 0:10:47.719 exactly right. That's why I think it's important to to 0:10:48.160 --> 0:10:52.360 move ahead to reassure people. A bad vaccine hesitancy. People 0:10:52.440 --> 0:10:55.160 see in the news, the reports are from both on 0:10:55.200 --> 0:11:00.680 the Internet and elsewhere about potential complications, clots, etcetera. There's 0:11:00.760 --> 0:11:04.200 no data that any of these things are are significant 0:11:04.360 --> 0:11:07.240 or serious. They have to be looked into, and I 0:11:07.280 --> 0:11:10.640 think people should stop looking for excuses not to go 0:11:11.240 --> 0:11:14.439 come on in, let's open it up to everyone. Uh. 0:11:14.480 --> 0:11:16.680 And that's really the only way we will be able 0:11:16.720 --> 0:11:19.400 to put this behind us and have a relatively normal summer, 0:11:19.679 --> 0:11:22.880 which I think we should at the rate we are going. 0:11:23.080 --> 0:11:25.920 How key is that Alaska already opening up eligibility to 0:11:25.960 --> 0:11:28.280 all adults. New York City expected to do so by 0:11:28.320 --> 0:11:32.000 late April or early May. UM. How crucial is it 0:11:32.040 --> 0:11:34.440 that all states do that pretty quickly in order for 0:11:34.559 --> 0:11:38.320 us to really get and meet those targets by the President. 0:11:39.240 --> 0:11:41.679 I think it's key. I have so many people under 0:11:41.720 --> 0:11:44.640 age sixty five or sixty who are saying, when can 0:11:44.679 --> 0:11:46.440 I get it? I would love to get it, and 0:11:46.520 --> 0:11:51.440 unfortunately regulations say no. Uh. Some of them have medical issues, 0:11:51.480 --> 0:11:53.319 and then we're able to get them online at the 0:11:53.400 --> 0:11:57.440 Javit Center and other vaccination centers. But many are otherwise healthy, 0:11:57.600 --> 0:12:01.320 but they won't be unless they get vaccinated. So I 0:12:01.360 --> 0:12:04.280 think we need to get those vaccines from the government. 0:12:04.360 --> 0:12:07.840 You're from manufacturing to the government to the states, and 0:12:07.880 --> 0:12:10.840 for the states that then distributed to those vaccine centers, 0:12:10.840 --> 0:12:14.160 so we can really get people in and out. And 0:12:14.559 --> 0:12:17.560 the more people that are vaccinated and do well, the 0:12:17.640 --> 0:12:21.160 less vaccine hesitancy, because then everyone knows people who have 0:12:21.200 --> 0:12:23.440 had a vaccine and did fine, and then they're less 0:12:23.440 --> 0:12:25.840 afraid to go. Where are we now when it comes 0:12:25.840 --> 0:12:27.840 to vaccines and kids, Because if we do get to 0:12:27.840 --> 0:12:30.200 the point where everybody who's sixteen or eighteen and over 0:12:30.360 --> 0:12:33.240 can get the vaccine, that still leads a very large 0:12:33.320 --> 0:12:36.200 number of people in the US who are under that age, 0:12:36.600 --> 0:12:39.280 and we'll be able to get the vaccine. Great question. 0:12:39.400 --> 0:12:42.240 One of my patients asked me that question just earlier 0:12:42.280 --> 0:12:45.400 today about their kid who was under eighteen. The reason 0:12:45.440 --> 0:12:47.720 that we went for the older age group was because 0:12:47.800 --> 0:12:50.840 that was the group that had the highest complications, the 0:12:50.920 --> 0:12:56.120 highest death rate older age and symptoms and conditions such 0:12:56.160 --> 0:12:59.959 as obesity, hypertension, cop D. Most of the kids below 0:13:00.080 --> 0:13:04.240 eighteen death rates and complications were very, very low, So 0:13:04.360 --> 0:13:06.360 the feeling was look in a worst case if they 0:13:06.400 --> 0:13:10.360 get that, you know, they should have minimal post COVID syndrome. Uh. 0:13:10.440 --> 0:13:13.560 Most are not long haulers. Some have lost their smell, 0:13:13.640 --> 0:13:17.439 but most bounce back. Well, nevertheless, they are a reservoir 0:13:17.960 --> 0:13:23.480 of virus, So you're exactly right. Ultimately we should vaccinate everyone. 0:13:23.840 --> 0:13:26.720 The studies, the viral studies did not really look at 0:13:26.760 --> 0:13:29.720 that group, so we can't we can't really report on 0:13:29.720 --> 0:13:33.640 the safety data, but I think that group should be included, 0:13:33.679 --> 0:13:36.840 and we do need to to broaden out that. But 0:13:37.000 --> 0:13:40.800 certainly the highest risk groups are above eighteen. But you're 0:13:40.800 --> 0:13:45.280 exactly right. Unless you eventually vaccinate kind of potential reservoirs, 0:13:45.559 --> 0:13:48.880 it's going to be harder to really eradicate UH, these 0:13:48.960 --> 0:13:52.559 quiet pools of the virus. So I agree, eventually it's 0:13:52.559 --> 0:13:54.760 going to have to be opened up to everyone, and 0:13:54.800 --> 0:13:58.480 I think that will be done probably sometime after the summer. 0:13:58.720 --> 0:14:02.400 I do wonder to any entrees um strategy and getting 0:14:02.440 --> 0:14:05.640 ahead of COVID. It's not just thinking about your nation, 0:14:05.720 --> 0:14:07.720 but it's thinking about the world, right because there's no 0:14:07.760 --> 0:14:10.839 real clear borders when it comes to the virus UH, 0:14:10.880 --> 0:14:13.560 and major developed countries need to think about making sure 0:14:13.600 --> 0:14:17.640 that there are vaccines for UH, those emerging economies, those 0:14:17.679 --> 0:14:21.760 who maybe don't have such quick access to vaccines. You're 0:14:21.800 --> 0:14:24.720 exactly right that, yes, we definitely need to get our 0:14:24.720 --> 0:14:28.520 country vaccinated, that will be protective. But unless the world 0:14:28.560 --> 0:14:33.200 gets immunized, you will have these pockets in isolated areas 0:14:33.200 --> 0:14:38.480 that good could potentially have that viral replication and mutations 0:14:38.560 --> 0:14:42.560 which could be resistant. So, yes, this, like smallpox, really 0:14:42.600 --> 0:14:45.760 has to be a worldwide effort. Uh, And I think 0:14:45.800 --> 0:14:47.840 we did it with smallpox. We should be able to 0:14:47.840 --> 0:14:50.520 do it with COVID, but it is taking a bit 0:14:50.560 --> 0:14:54.800 of time. Nevertheless, you know, we've come become a tremendous 0:14:54.840 --> 0:14:58.720 distance in one year, really amazing, from no vaccine and 0:14:58.880 --> 0:15:01.960 very few treatments. Uh. We still have a long way 0:15:01.960 --> 0:15:04.040 to go, but I think we've made great progress. And 0:15:04.080 --> 0:15:06.160 you're right, it has to be a global effort. Hey, 0:15:06.200 --> 0:15:10.040 what does that mean for the development of vaccine in 0:15:10.040 --> 0:15:12.040 the future. We were able to do this so quickly, 0:15:12.080 --> 0:15:13.640 I say we as if I had any part to 0:15:13.680 --> 0:15:15.800 do with it. No, I had nothing to do with it. 0:15:15.880 --> 0:15:18.760 The doctors, the scientists, the health care professionals, and I'd 0:15:18.760 --> 0:15:21.080 certainly appreciate them. But what does it mean for how 0:15:21.160 --> 0:15:23.800 quickly we're able to do this? Does this bode you know, 0:15:23.880 --> 0:15:28.800 bode well for treatment of cancer and other viruses? Absolutely? 0:15:28.840 --> 0:15:31.800 You know the message your RNA technique, which is the 0:15:31.840 --> 0:15:34.920 Maderna ampviser vaccines. Not that the other ones are not 0:15:35.040 --> 0:15:38.440 very effective. They use a different technique with a with 0:15:38.480 --> 0:15:42.920 a viral vector, other approaches, but the m RNA that 0:15:43.040 --> 0:15:46.120 can be tweaked I think is amazing. And I think 0:15:46.200 --> 0:15:49.600 that technique. And just quickly, because we're gonna have to 0:15:49.600 --> 0:15:54.080 go to the president, just quick wrap up. Huge, great potential, Tim, 0:15:54.120 --> 0:15:57.320 great potential. All right, for great weekend, forgive us, forgive us, 0:15:57.480 --> 0:16:04.520 uh Ian last better, Thank you so much. You're listening 0:16:04.560 --> 0:16:08.320 to Bloomberg Business Week with Carol Messer and Bloomberg Quick 0:16:08.360 --> 0:16:12.320 Takes Tim Stinovik on Bloomberg Radio. So here we are 0:16:12.440 --> 0:16:17.360 one year later. Yes, progress since the outbreak, and yet 0:16:17.400 --> 0:16:21.000 the US is still charting the long way back to normal. Tim, Yeah, 0:16:21.080 --> 0:16:23.600 And and charts are the theme of the day or 0:16:23.600 --> 0:16:25.520 the theme of the piece. When it comes to Olivia 0:16:25.600 --> 0:16:29.120 Rockman and colleagues latest piece on the US economy and 0:16:29.240 --> 0:16:32.640 the aftermath of the surges, I won't say the aftermath 0:16:32.640 --> 0:16:34.360 of the pandemic by any means, but where we are 0:16:34.360 --> 0:16:37.440 in the recovery. She's Bloomberg News US Economy reporter joins 0:16:37.480 --> 0:16:39.320 us on the phone from New York City. It is 0:16:39.360 --> 0:16:42.400 so hard for me, Olivia to choose one single chart 0:16:42.400 --> 0:16:43.960 from this to focus on. So I'm going to ask 0:16:44.000 --> 0:16:46.080 you to do the hard work here. What is one 0:16:46.200 --> 0:16:48.880 chart in your piece that tells the story of the 0:16:48.920 --> 0:16:52.000 recovery from a year ago? And for a radio folks, 0:16:52.040 --> 0:16:53.720 we're gonna put post it so you get a little 0:16:53.720 --> 0:16:55.000 bit of a vision as well, and check it out 0:16:55.000 --> 0:16:56.720 on YouTube because some of these pick these charts will 0:16:56.760 --> 0:17:00.760 come up. Hi, thanks for having me. In terms of 0:17:00.800 --> 0:17:03.480 the charts that we've covered, I think the jobs market 0:17:03.680 --> 0:17:05.840 is maybe the most important, given that it's the one 0:17:05.920 --> 0:17:09.720 that still had the most progress to be had last year. 0:17:09.760 --> 0:17:12.359 We lost about twenty two million jobs in March and 0:17:12.400 --> 0:17:15.760 April and we're still only halfway back to recovering those 0:17:16.200 --> 0:17:18.439 and that's of course the metric that's lifted up closely 0:17:18.480 --> 0:17:21.800 by both the Treasury and sent Cheer Powell. And so 0:17:21.840 --> 0:17:24.359 it's going to continue to be a huge conversation going 0:17:24.400 --> 0:17:26.360 into the rest of this year. Okay, so I can 0:17:26.440 --> 0:17:28.720 explain this chart for and and do it. Try to 0:17:28.720 --> 0:17:31.000 do it justice because we're talking on the radio here, 0:17:31.040 --> 0:17:33.840 But it shows an absolute jump and unemployment when the 0:17:33.840 --> 0:17:36.959 pandemic was declared all the way up to a whopping 0:17:37.000 --> 0:17:39.760 twenty two point nine percent and then coming down to 0:17:40.119 --> 0:17:43.639 just about eleven point one percent. Uh. This is the 0:17:44.119 --> 0:17:48.000 the US rate of unemployment and underemployment, so different than UM. 0:17:48.040 --> 0:17:51.639 The headline figures that we see what else were you 0:17:51.680 --> 0:17:54.600 focusing on when you think about the recovery here? What 0:17:54.680 --> 0:17:56.520 are some important metrics that we need to keep in 0:17:56.560 --> 0:18:00.800 mind and also explain a little bit because there's been disconnect, 0:18:00.880 --> 0:18:07.080 a huge disconnect between Wall Street in Main Street, right, 0:18:07.119 --> 0:18:10.719 so looking at the flip side of the job sector 0:18:10.760 --> 0:18:13.880 of the economy. Housing on the other hand, has been 0:18:14.160 --> 0:18:18.320 extremely strong thanks to low borrowing rates, and so we 0:18:18.400 --> 0:18:21.480 see that existing home sales and new home sales as 0:18:21.520 --> 0:18:25.320 well as just mortgage refinancing is skyrocketing and has been 0:18:25.359 --> 0:18:28.600 extremely strong. Now to your point about this K shape 0:18:28.600 --> 0:18:32.920 recovery that we often talk about, evictions are up massively 0:18:33.400 --> 0:18:37.040 UM in the last year, and that's mostly because renters 0:18:37.080 --> 0:18:39.680 as opposed to homeowners, are having a really hard time. 0:18:39.720 --> 0:18:42.040 And again many of the renters are people that have 0:18:42.359 --> 0:18:46.119 lost their jobs. Well, and another chart, I mean, listen, 0:18:46.280 --> 0:18:48.320 it all goes back to yeah, I think the jobs 0:18:48.320 --> 0:18:50.080 one is such a big one, but you do break 0:18:50.080 --> 0:18:52.720 it down restaurants and bars. Listen, Olivia. We have talked 0:18:52.960 --> 0:18:56.119 about that so much over the past twelve twelve months, 0:18:56.359 --> 0:18:59.120 talked to a lot of the well known chefs here 0:18:59.160 --> 0:19:01.440 in the New York metro area. I mean they were 0:19:01.560 --> 0:19:05.560 just shut down, and you guys have a chart on that. Yeah, 0:19:05.600 --> 0:19:09.240 that's right. So restaurants actually have been, you know, kind 0:19:09.240 --> 0:19:13.639 of stagnant since the initial reopenings in the summer. That said, 0:19:13.680 --> 0:19:18.800 many economists are optimistic that restaurant sales will found that quickly, 0:19:18.920 --> 0:19:20.760 especially in the next couple of months as the weather 0:19:20.840 --> 0:19:24.880 warms and vaccinations pick up um. But on the other hand, 0:19:24.920 --> 0:19:28.119 we have these COVID variants that remain a risk as 0:19:28.160 --> 0:19:31.040 well as just consumer confidence in terms of their health 0:19:31.080 --> 0:19:33.760 concerns about going out. So one of the charts in 0:19:33.840 --> 0:19:36.640 here that I think could be familiar to a lot 0:19:36.680 --> 0:19:38.920 of people who have been following this story is the 0:19:39.240 --> 0:19:42.359 one that shows the rich getting absolutely so much richer 0:19:42.480 --> 0:19:46.000 during this pandemic. When the pandemic was declared, the wealth, 0:19:46.080 --> 0:19:51.160 the net worth of the world's wealthiest people absolutely jumped 0:19:51.400 --> 0:19:54.480 in the last year up to two point seven trillion 0:19:54.520 --> 0:19:59.159 dollars from just about one point six trillion dollars last March. 0:19:59.640 --> 0:20:03.480 What's the story there. Well, we've seen in the stock 0:20:03.560 --> 0:20:07.080 market that the you know, stocks that have performed extremely well, 0:20:07.200 --> 0:20:09.720 or in the tech industry, and you know, many of 0:20:09.720 --> 0:20:13.040 the wealthiest people are either videos of those companies or 0:20:13.119 --> 0:20:15.400 have stakes in those companies, and so they have done 0:20:15.440 --> 0:20:18.879 extremely well. Now, on the other hand, the services sector 0:20:18.920 --> 0:20:22.960 has been extremely hard hit, and so that's why we see, 0:20:23.160 --> 0:20:27.040 you know, this extreme amount of job loss and poverty elsewhere. Yeah, listen, 0:20:27.119 --> 0:20:29.640 these are charts to tell the story of the past year. 0:20:29.880 --> 0:20:31.719 Uh And I just put it up on Twitter. If 0:20:31.720 --> 0:20:33.080 folks want to get a little bit of a deeper 0:20:33.080 --> 0:20:35.800 dive into it and check it out. Olivia, Thank you 0:20:35.840 --> 0:20:38.720 so much, Olivia Rockman. She's Bloomberg News US economy reporter 0:20:38.800 --> 0:20:40.080 on the phone in New York City. But you know, 0:20:40.119 --> 0:20:41.880 when you break it down to him, this tells so much. 0:20:42.000 --> 0:20:51.120 It does. I mean, it's a tale of two different economies. Absolutely. Journal. Yeah, 0:20:51.160 --> 0:20:56.320 but you let me drive. No, no, no, please, I 0:20:58.960 --> 0:21:14.920 don't want to drive. Question. Try trying, job. This is 0:21:14.960 --> 0:21:18.320 the drive to the globe coming. Thanks, We'll try us. 0:21:18.840 --> 0:21:21.600 Dawn on Bloomberg Radio. All right, just got about eleven 0:21:21.640 --> 0:21:24.639 minutes left in today's trading session, and Charlie was breaking 0:21:24.640 --> 0:21:27.760 down some of those equity numbers. We are just about 0:21:27.800 --> 0:21:30.280 at our hounds of the session after some selling earlier 0:21:30.320 --> 0:21:33.320 on up about three one point on the Dow, the 0:21:33.400 --> 0:21:35.639 S and p U about just about three. Call it flat, 0:21:36.119 --> 0:21:38.879 NAZAC still lower, but definitely off. It's loads of the session. 0:21:38.960 --> 0:21:41.359 What a week it has been. Let's get into a 0:21:41.760 --> 0:21:44.600 Nancy Prile, she's co CEO and senior portfolio manager at 0:21:44.760 --> 0:21:49.520 Essex Essex Investment Management with us on the phone from Chicago. Nancy, 0:21:49.640 --> 0:21:52.240 good to have you here. How are you and what 0:21:52.280 --> 0:21:54.080 do you make kind of the trade this week? Because 0:21:54.080 --> 0:21:57.040 there's been volatility and yet we're ending up with some 0:21:57.160 --> 0:22:02.240 pretty decent gains for the overall equ markets. Exactly well, 0:22:02.240 --> 0:22:06.119 we are seeing a much increased level of volatility, although 0:22:06.280 --> 0:22:10.359 still you know, not crazy, based on both the very 0:22:10.400 --> 0:22:13.560