Speaker 1: This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm
Speaker 1: Jason Kelly and I'm Carol Master. Welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. Now, Jason, it's week five
Speaker 1: or six or more, depending on when you started sheltering
Speaker 1: at home. It's a week where there was talk of
Speaker 1: a virus resurgence in the fall and winter, a week
Speaker 1: er markets bounced around on lots of corporate earnings and
Speaker 1: companies not surprisingly and increasingly withdrawing their full year guidance.
Speaker 1: It's also a week where the President actually shifted his
Speaker 1: tone a little bit, Jason on reopening. He did, indeed,
Speaker 1: and that was in part of response to this sort
Speaker 1: of patchwork checkerboard that we're seeing across the United States,
Speaker 1: governors really trying to make the hard decision about when
Speaker 1: to reopen their individual economies. We also saw a blockbuster
Speaker 1: another blockbuster, and not in a good way, jobless claims report,
Speaker 1: the market sort of digesting that. In the meantime, we
Speaker 1: spoke to CEOs, investors, Nobel Laureate indeed, and all of
Speaker 1: these conversations, we should remind folks they took place over
Speaker 1: the course of the week. News is changing fast, so
Speaker 1: keep up to date. If you hear things and you're like, wait,
Speaker 1: did that actually happen? Uh, sometimes it changed almost overnight.
Speaker 1: That's right, Jason. And among the conversations we had this
Speaker 1: week with the Box CEO, chairman and co founder Aaron Levy.
Speaker 1: It's actually featured in the magazine in BW Talks, and
Speaker 1: we got his thoughts. He's very concerned, obviously about the crisis,
Speaker 1: but he also sees some opportunities for growth and in
Speaker 1: certain sectors, so we caught up with him. We also
Speaker 1: caught up with the CEO of Headspace. We've been trying
Speaker 1: to focus our show a lot on the physical and
Speaker 1: the mental well being of all of us. I think
Speaker 1: it's very important to both you and me. We know
Speaker 1: it's important to our listeners. Richard Pearson, he co founded
Speaker 1: that meditation app and let's just say it his mainstream
Speaker 1: in a big way. And full disclosure, both you and
Speaker 1: I love Headspace, the app. It's on our phones and
Speaker 1: really find it helpful in this situation and also helpful,
Speaker 1: no doubt about it. We went back to Nobel Laureate
Speaker 1: Paul Krugman. He you know, has talked about the economy,
Speaker 1: the impact on individuals and workers. He also sees that
Speaker 1: we are in a problem where it's not about specifically
Speaker 1: low wages, but it's a problem of no wages for workers,
Speaker 1: and that's why he says stimulus really needs to think
Speaker 1: about helping out individuals to get our economy back on track.
Speaker 1: It was a great conversation that's coming up. First up, though,
Speaker 1: we go inside the magazine and find out why COVID
Speaker 1: nineteen is so hard to beat. We spoke with Business
Speaker 1: Week editor Joe Weber and Blueberg Healthcare reporter Robert Langreth.
Speaker 1: This virus is COVID, you know, you know, it's looking
Speaker 1: increasingly obviously like it's not going away anytime soon, and
Speaker 1: we're really going to need to develop custom treatments against us.
Speaker 1: That is, things drugs that are specifically designed to target
Speaker 1: this covid because the vaccine might take a while and
Speaker 1: the antibize it. The General is developing that wass are
Speaker 1: likely to be some of the first custom design drugs
Speaker 1: it could come up out against this coronavirus. And the
Speaker 1: General and in particular has been working on antibodies for
Speaker 1: a lot of visas for a long time. But they've
Speaker 1: been even though they don't sell any drugs for infections. Now.
Speaker 1: They've been quietly working on antibodies for various effectants for
Speaker 1: a long time, and they had right literally a month
Speaker 1: or two before the coronavirus happened, they had the most
Speaker 1: successful trial in the history of a bowl of treatment,
Speaker 1: and that was their antibody cocktail. Now they're trying to
Speaker 1: do the same what they as a bola for the coronavirus.
Speaker 1: Devised antibodies block the key spike proteins in the top
Speaker 1: of the virus and basically neutralize the virus. And you
Speaker 1: could inject this in and use it either potentially as
Speaker 1: a treatment for six patients or kind of as a
Speaker 1: prophylactics like high risk workers like doctors and nurses and
Speaker 1: people are kind of going into the line of fire.
Speaker 1: How difficult is it, Bob, to get to it, like,
Speaker 1: in other words, to get funnily an antibody treatment that
Speaker 1: actually works. We've got lots of folks working on it,
Speaker 1: but it sounds like that there's a fair amount of
Speaker 1: failure to be expected along the way, like anything in
Speaker 1: drug developments, Absolutely no guaranteed. All work that could be
Speaker 1: you know, side effects that you know they don't expect,
Speaker 1: you know, there's absolutely no guaranteed that you know, that's
Speaker 1: one reason why there's there's actually several companies working on it,
Speaker 1: so we generals one doesn't work out. There's Astigenica, there's
Speaker 1: a chemic called Veerabot technology you know, literally is working on.
Speaker 1: There's like several kind of efforts that are like semi
Speaker 1: semi competing with your other apparel efforts. So there's like
Speaker 1: several kind of shots and goals kind of what they
Speaker 1: call it. But there is reason to be hopeful that
Speaker 1: the antibody treatment you know, as a as a you know,
Speaker 1: better odds of success than than some other you know, treatments.
Speaker 1: And one reason that does have this track it worked
Speaker 1: against the bowl and some particularly tough viral diseases. And
Speaker 1: we quote in our stories, I have the former head
Speaker 1: of the FBA, Scott got Lap, saying, you know, if
Speaker 1: I had to bet on any one drug treament working
Speaker 1: out and being able to help, it would be some
Speaker 1: of these antibodies rocks, because the technology is really you know,
Speaker 1: increased amazingly and speed and specificity over the years. Well,
Speaker 1: and I do wonder about that sort of collaboration and
Speaker 1: competition and everything that normally happens in this world. How
Speaker 1: has that changed as you look across this entire industry?
Speaker 1: Bomb Well, I mean, you know, the different companies you know,
Speaker 1: as we look at are still doing different efforts and
Speaker 1: analyzed and slightly different approaches. So a lot of different
Speaker 1: companies doing different things. What's new and what's different? Is
Speaker 1: there kind of there is more of a spirit of
Speaker 1: like keeping in touch with the you would normally be
Speaker 1: your competitor and talk to them about you know, you're
Speaker 1: doing X and I'm doing why, and like how might
Speaker 1: we work together? And you know, if you need to
Speaker 1: work together, you know we will. Uh So there there
Speaker 1: there is kind of this feeling that, you know, some companies,
Speaker 1: you know, may may need to donate the manufacturing capacity
Speaker 1: to whatever turns out to work, you know, and not
Speaker 1: sit on it. You know, if that that may if
Speaker 1: someone else's drug works and then and then yours doesn't,
Speaker 1: you may need to kind of you know, donate your
Speaker 1: your manufacturing capacity of the cause in some way. And
Speaker 1: they are not not be worried about the fact that
Speaker 1: someone else's drugs it's the one that turned out to work.
Speaker 1: And that's the kind of discussions that we're hearing are
Speaker 1: going on right now. Now there's no there's nothing specific
Speaker 1: in the place because none of these things have you
Speaker 1: have worked yet, so we don't know, and so for
Speaker 1: the time being, it's good that you know we general
Speaker 1: On has a lot of and a lot of other
Speaker 1: companies are you working on similar type blocks for you
Speaker 1: just can't predict which of these things are going to
Speaker 1: work your test them. That's Bloomberg News healthcare reporter Robert
Speaker 1: Langrath and Joe Webber, the editor of Bloomberg Business Week.
Speaker 1: This is one of those stories that I think will
Speaker 1: be going back to Carol in some ways because it,
Speaker 1: yes is a moment in time, but also setting the
Speaker 1: medical stage is at the core of all of this.
Speaker 1: Well and discovering some kind of antibody treatments. It means
Speaker 1: that we can treat those that already are infected, and
Speaker 1: until we have a vaccine, it's kind of a short
Speaker 1: term prophylactic for those that are at high risk. And
Speaker 1: so this is how we need to think about it,
Speaker 1: right Jason, because of vaccine is going to take a
Speaker 1: lot longer than we all have time for it to
Speaker 1: some extent, so we've got to figure out steps along
Speaker 1: the way so that we can reopen the economy and
Speaker 1: get back to somewhat of a normal way of living,
Speaker 1: whatever normal looks like. On the other side of this,
Speaker 1: you're listening to Bloomberg Business Week, speaking of health. Coming up,
Speaker 1: we hear from a doctor on the front lines of
Speaker 1: the COVID nineteen pandemic. Not just a doctor, but ahead
Speaker 1: of a massive hospital system where the first U case
Speaker 1: of the virus was confirmed. This is Bloomberg. You're listening
Speaker 1: to Bloomberg Business Week with Carol Master and Jason Kelly
Speaker 1: from Bloomberg Radio. Well, today we're bringing you some of
Speaker 1: the most important and informative conversations we had on our
Speaker 1: daily Bloomberg Business Week radio show this week about the coronavirus. Carol,
Speaker 1: so Jason, we spoke with Dr Rod Hawkman, the Presidency
Speaker 1: of Providence Health and they have been one of the
Speaker 1: great resources that we have leaned on during the COVID
Speaker 1: nineteen pandemic. And what's interesting, of course, the first US
Speaker 1: case was confirmed at their hospital system, although as we're learning,
Speaker 1: maybe some of these cases came earlier. Anyway, he talked
Speaker 1: to us about where we are in the virus and
Speaker 1: where we need to be. You know, the thing that
Speaker 1: we had, we were lucky enough, I guess, because we
Speaker 1: have the first case January one in uh Washington State
Speaker 1: and that put us on the alarm because we knew
Speaker 1: once we had that case, this this is going to spread.
Speaker 1: And of course we had the Kirkland nursing Home and
Speaker 1: then more and more. When I think people have to understand,
Speaker 1: I'm also an imman knowlogist by training. That was my degree.
Speaker 1: So this this virus has been out and around and
Speaker 1: it's not like it just pops up somewhere. So what
Speaker 1: we're finding out a lot of asymptomatic cases, relatively mild cases.
Speaker 1: So what we really think, it's not like this thing
Speaker 1: is just kind of spreading from one town to the next.
Speaker 1: That in a lot of cases, that's there. And then
Speaker 1: what happens if the people get together or it you know,
Speaker 1: it breaks out in the nursing home and then you
Speaker 1: have a flare and it's up. So a lot of
Speaker 1: us believe a lot of this has been out and
Speaker 1: around us for a lot longer than we really believe
Speaker 1: it to be. The good news for us is that
Speaker 1: we've been at it longer and we stayed pretty pretty
Speaker 1: hard on social distancing. So we're really starting to see
Speaker 1: not only we're starting to see the real decrease in
Speaker 1: the number of cases things are opening up. The actually
Speaker 1: some of our hostiles are half empty because we stopped
Speaker 1: a lot of elective surgery and whatnot, and we're actually
Speaker 1: trying to think, how do we turn this back and
Speaker 1: carefully and what do we do next? So what you're
Speaker 1: going to see around the rest of the country, and
Speaker 1: are these what people would say, are what seem like outbreaks,
Speaker 1: But there's gonna be flares in cases that are there,
Speaker 1: and it takes a while. Both points you did on
Speaker 1: top of it, and I say more a little later
Speaker 1: on getting on top of it, and particularly in densely
Speaker 1: populated areas, you know, it has a tendency obviously to
Speaker 1: spread a lot each here than it does in the
Speaker 1: less dense settings. So I need we want to ask you,
Speaker 1: you know, Dr hawkman, you know, what does coming out
Speaker 1: of this look like? And I know there's a bunch
Speaker 1: of steps and we'll get into that, but what does
Speaker 1: coming out of this look like? In your view? It's
Speaker 1: gonna look so like people start out waves after you know,
Speaker 1: what's the second waves look like. I think it's more
Speaker 1: a king to ripples that we're going to see. So
Speaker 1: we're going to have to live with a spyrus as long.
Speaker 1: I hate to say it, until we have a vaccine,
Speaker 1: but I think we can get into a better relationship
Speaker 1: with it and be able to manage and control it better. Obviously,
Speaker 1: as more people in the community have been exposed have
Speaker 1: some level of immunity, we get better at testing and
Speaker 1: then you bring things back. But we're going to have
Speaker 1: and we should expect in places like Washington or California
Speaker 1: or other places that there will be these little ripples
Speaker 1: that occur where there'll be in some cases that breakout
Speaker 1: we've got. You know, that's where the isolation getting on
Speaker 1: top of it early really makes sense. But we'll have that.
Speaker 1: We're gonna have to live with that. I have to
Speaker 1: say through the end of the year. Now is it compatible?
Speaker 1: You know, we live in a real tech community. So
Speaker 1: following Amazon, Microsoft, we're all talking about how to get
Speaker 1: people back to work and be able to do that safely.
Speaker 1: And we think we can we can gradually open that up,
Speaker 1: but we aren't gonna have We're not going to see
Speaker 1: the end of the COVID nineteen, but he'll be a
Speaker 1: lot more. It'll be easier to control it, easier to
Speaker 1: diagnose it. So we were talking about kind of life
Speaker 1: after the virus, and you said you don't see large
Speaker 1: groups gathering for a long time. Two questions, what's a
Speaker 1: long time? And so things like sports, concerts, um kids
Speaker 1: going to college, Uh, you know, pick your thing, commuting, like,
Speaker 1: how do we you know, what are the events we
Speaker 1: can do? What are the events we can't. You talked
Speaker 1: about office settings probably work, but I'd love more specifics
Speaker 1: you're thinking because it's a really informed thinking. Sure. So
Speaker 1: I've had a whole bunch of university presidents call me
Speaker 1: and say, okay, kind of get my kids back in September,
Speaker 1: and if we do, how do we do it? So
Speaker 1: we had good discussions about that, but I said, when
Speaker 1: the kids, if you can get the kids back, which
Speaker 1: I think I think you can, you'd preferably we'd love
Speaker 1: to test them before they come back to campus and
Speaker 1: have as much information knowing that they're healthy coming back.
Speaker 1: And then in in the you know, you're not going
Speaker 1: to have a lecture hall with three people in it,
Speaker 1: but you could have smaller classrooms with some spread and
Speaker 1: probably do learning that's a combination of torul and in
Speaker 1: place learning. Uh so, kind of mapping that out and
Speaker 1: making sure to do it. So I think there's really
Speaker 1: some hope for universities because you can manage the population,
Speaker 1: manage the setting. I think in terms of large gatherings,
Speaker 1: you know, concerts, a lot of folks that have theaters.
Speaker 1: In Seattle, it said, when can we get back to
Speaker 1: what we're doing? It's just gonna be hard to see
Speaker 1: unless we have a better control on what this looks
Speaker 1: like getting two hundred, fifty or three hundred people in
Speaker 1: the same room. So for sporting events, I kind of
Speaker 1: think we're all going to learn to love golf a lot,
Speaker 1: and the question is whether you can do You can
Speaker 1: do some pro sports maybe without a large crowd. You
Speaker 1: know that's control, but at least you can watch it
Speaker 1: on TV. So that's some of the ways thinking in
Speaker 1: terms of that. The good news is is that every
Speaker 1: week that goes by, we learn more. So Alaska's really
Speaker 1: opening up. We're gonna start opening up, and I think
Speaker 1: we'll learn a lot by what happens. So every week
Speaker 1: or months that goes by, we'll get smarter about it
Speaker 1: and be able to kind of refine some of those
Speaker 1: predictions that are out there. But right now, if you
Speaker 1: ask me that's that would be off the top quick.
Speaker 1: Did you say so, I'm sorry forgive me. Did you
Speaker 1: give us a timeframe for when we can kind of
Speaker 1: get back to normal large groups? Is that a year away? Well?
Speaker 1: I said when when are you're talking large groups? Like
Speaker 1: seeing you in our place? The Seahawks, are the Mariners
Speaker 1: are doing that? I gotta believe that we're not going
Speaker 1: to feel comfortable with a we have a vaccine and
Speaker 1: then a question on the vaccine and you know, there's
Speaker 1: so much noise out there. I kind of laugh when
Speaker 1: I hear it. You know, there's at least fifteen different
Speaker 1: companies working on vaccines, and part of it's working on
Speaker 1: there's some newer vaccine technology that uses messenger RNA that
Speaker 1: might give us a vaccine faster than some of the others.
Speaker 1: You know, we're going to see how that is, because
Speaker 1: we've got to get better at getting vaccine faster than
Speaker 1: saying a year, a year and a half. So that's
Speaker 1: what I'm looking towards that. Dr Rod Hawkman, he's the
Speaker 1: president CEO of Providence Health. They're based out there in Everett, Washington,
Speaker 1: and Jason. They have been a great resource for us
Speaker 1: and understanding the virus itself, how you treat with it,
Speaker 1: what are the concerns, and and why it's going to
Speaker 1: take us a while to really get our hands around
Speaker 1: it well and very much on the front lines. And
Speaker 1: this is a system. As you say, some of the
Speaker 1: earliest cases that were identified. We did get some news
Speaker 1: this week as you alluded to that the earliest deaths
Speaker 1: may have happened in California even earlier weeks before what
Speaker 1: happened in Washington state. But clearly the state of Washington,
Speaker 1: the Seattle area has set a template. A lot of
Speaker 1: folks here on the East Coast have learned what they've
Speaker 1: been doing. He's also said he would love to test
Speaker 1: everyone before going back to work. And he was the one,
Speaker 1: remember who said, doesn't expect to see large groups gathering
Speaker 1: for a long time, and that means, you know, those
Speaker 1: sports outings and you name it, it's not going to
Speaker 1: happen until we get a vaccine. And he's a Seahawks fan.
Speaker 1: You're listening to Bloomberg Bus this week coming up, another
Speaker 1: edition of Business Week Talks featuring our conversation with Box
Speaker 1: CEO Aaron Levy. This is Bloomberg. You're listening to Bloomberg
Speaker 1: Business Week with Carol Masser and Jason Kelly from Bloomberg Radio.
Speaker 1: We're bringing you some of the most important and informative
Speaker 1: conversations that we had on our daily radio show about
Speaker 1: the coronavirus this week, and we're bringing you today another
Speaker 1: edition of Business Week Talked. That's where we sit down
Speaker 1: with the CEO, business leader and really go a little
Speaker 1: deeper than the typical earnings interview or just sort of
Speaker 1: drive by what's happening at your company. We get into
Speaker 1: leadership and we get into in this case, crisis management.
Speaker 1: This time around, we spoke with Aaron Levy. He's the
Speaker 1: CEO and co founder of Box. So we've you know,
Speaker 1: we've been very, very focused as a company, um with
Speaker 1: our two thousand employees on obviously first the health and
Speaker 1: safety of all of our employees, but but but secondarily
Speaker 1: making sure that we really helped us support our custom
Speaker 1: or during this time. So our our platform is used
Speaker 1: by about a hundred thousand businesses globally, including the Fortune
Speaker 1: five hundred um really to help them be able to
Speaker 1: securely access and share their data from anywhere. And so
Speaker 1: any company that is um uh you know right now
Speaker 1: and a work work from home or remote work environment
Speaker 1: obviously needs secure access to their data and their information.
Speaker 1: Um and our platform is is there to help them
Speaker 1: with that. So um, so we're right now, we're just
Speaker 1: focused on our customers making sure that they can get
Speaker 1: the most out of our technology right now while they're
Speaker 1: in this new way of of working from a work
Speaker 1: from home environment. What have you learned it as you've
Speaker 1: talked to you know sort of folks on on the
Speaker 1: front lines, is that we're of trying to stand up
Speaker 1: their companies in a different way. Yeah, I mean this
Speaker 1: is this is certainly probably one of the most radical
Speaker 1: shifts in technology and business operations in history. Um. The
Speaker 1: you know, the first is obviously the technology front. So
Speaker 1: being able to run your company almost completely in the cloud,
Speaker 1: where you have to have modern technologies, whether that Zoom
Speaker 1: or WebEx or Microsoft Teams or Slack from a video
Speaker 1: conferencing and a chat standpoint, or being able to get
Speaker 1: access to your data from applications and platforms like Box.
Speaker 1: So some companies were already way ahead of the curve.
Speaker 1: They've been invested in these in these technologies for three
Speaker 1: or five or ten years, UM and other companies that
Speaker 1: I obviously had to scramble much more rapidly UM and
Speaker 1: in some cases in a much more disruptive way to
Speaker 1: be able to respond to this. So the first is
Speaker 1: the big technology transformation I think most companies are experiencing UM.
Speaker 1: And then as soon as companies started to settle into
Speaker 1: this remote work and work from home environment UM, really
Speaker 1: the next shift has been actually how we work and
Speaker 1: UM and this is probably gonna be the most profound
Speaker 1: part of the transformation, which is how we're collaborating, what
Speaker 1: hours we're doing work, how we moved our our our
Speaker 1: businesses and projects forward. So we are seeing some pretty
Speaker 1: significant changes in the underlying ways that people are working.
Speaker 1: So we're we're seeing that that the days are actually
Speaker 1: longer in terms of work is getting done more in
Speaker 1: off hours from our customers were thing that people are
Speaker 1: using more technology to be able to do their jobs.
Speaker 1: So obviously we've shifted too, you know, much more virtual
Speaker 1: ways of working, and we're seeing an increase in collaboration
Speaker 1: amongst industries. So UM in businesses like media or life
Speaker 1: sciences or healthcare or education, massive increases in the amount
Speaker 1: of collaboration and data sharing that's happening in those markets. So, um,
Speaker 1: so the you know, the certainly there's gonna be a
Speaker 1: lot of businesses and business models that are under pressure
Speaker 1: right now. But for those that aren't, or for those
Speaker 1: that are are responding to this event, um, we're seeing
Speaker 1: um still significant levels of a lot of these industries.
Speaker 1: So you know, it's interesting. I'm listening to what you're
Speaker 1: talking about, and Jason and I have been asking a
Speaker 1: lot of CEOs of various companies from different industries about
Speaker 1: what's what's kind of the longer term impact of the virus?
Speaker 1: How does how does it change our world? So when
Speaker 1: we emerge, you know, from this immediate crisis, what's the
Speaker 1: most important, in your view underappreciated way that the world
Speaker 1: will be different and at least from your area of expertise. Yeah, yeah, no, great,
Speaker 1: great question. I mean I think I think there's so
Speaker 1: many things that we've um just taken for granted in
Speaker 1: terms of how we do our work. Um that you know,
Speaker 1: we go into the office, we go into meeting, we
Speaker 1: you know, take a couple of hours, we get teams together,
Speaker 1: we maybe take a while to make a decision. We
Speaker 1: don't necessarily bring in all the voices from around our
Speaker 1: company to make that decision. It happens to be whoever,
Speaker 1: whoever could attend the meeting, you know, you know physically
Speaker 1: in a lot of cases, UM, or we we go
Speaker 1: and we spend three days on a on a international
Speaker 1: trip to do one or two meetings in a different country. UM.
Speaker 1: I think what we're gonna start to see is, is
Speaker 1: you know, how productive we can do with technology and
Speaker 1: how much more connected we can actually be with technology. UM.
Speaker 1: In the past couple of weeks, I've I've spent probably
Speaker 1: five times the amount of time I have historically with
Speaker 1: international colleagues, UM, and even in international customers. And that's
Speaker 1: because it's just so much easier where the expectation is
Speaker 1: that we're gonna be much more communicative and we're gonna
Speaker 1: be able to collaborate much more efficiently now. So I
Speaker 1: think you're actually going to see in a very odd
Speaker 1: way because of social distancing and increase in the level
Speaker 1: of conne action that teams have, in the connection you
Speaker 1: have with your customers, in the amount of collaboration that
Speaker 1: you're doing on a global basis, um, and there will
Speaker 1: be a lot of positives um to that. I think
Speaker 1: you're gonna see all new businesses emerge. You're gonna see
Speaker 1: all new types of players be able to get customers
Speaker 1: that previously wouldn't have been able to serve on a
Speaker 1: global basis. And of course at the same time, we're
Speaker 1: going to see real, real and severe impact obviously the
Speaker 1: local economy, um, you know, being right at the center
Speaker 1: of that. And that's Box CEO, Aaron Levy, a young guy,
Speaker 1: but he has seen some things for sure. And this
Speaker 1: is a company, Carol, that is very much on the
Speaker 1: front lines in sort of a different way. As we
Speaker 1: have shifted so much of our lives remote, we are
Speaker 1: leaning heavily on the cloud. And I love what he said.
Speaker 1: A leadership lesson is, you know, sometimes you have to
Speaker 1: learn to pivot. You have to be decisive, but you've
Speaker 1: got to change to adapt to the situation. And that
Speaker 1: is certainly something all leaders are learning right now. Amid
Speaker 1: the virus. You're listening to Bloomberg business Week. Coming up,
Speaker 1: we hear from Jason Flom, the founder and CEO of
Speaker 1: Lava Record, someone who has done so much in the
Speaker 1: music si industry. He still is, but he's also helping
Speaker 1: those wrongly incarcerated. He is an incredible guy. This was
Speaker 1: a wide ranging conversation. To say the least, you're gonna
Speaker 1: want to tune in. This is Woomberg. You're listening to
Speaker 1: Bloomberg Business Week with Carol Masser and Jason Kelly from
Speaker 1: Bloomberg Radio. Well, today we're bringing you so the most
Speaker 1: important and we hope informative conversations we had on our
Speaker 1: daily Bloomberg business Week radio show about the coronavirus, it's
Speaker 1: impact and how different industries and different leaders are dealing
Speaker 1: with it. Jason, we have the opportunity to catch up
Speaker 1: with Jason flam He's the founder and CEO of Lava Records.
Speaker 1: He has been in the music industry for a long
Speaker 1: long time. We talked with him about what the industry
Speaker 1: will look like after the virus, because everything has had
Speaker 1: to shut down, slow down because of the virus. We
Speaker 1: also talked with him about the work he has done
Speaker 1: on helping those wrongfully incarcerated. He's created an organization, he's
Speaker 1: also got a podcast, so so much to talk about.
Speaker 1: We also talked with him about our respect of daughters.
Speaker 1: Here's an author, mine a reader. I am broadcasting from
Speaker 1: my daughter's bedroom here in sleepy Hollow, New York. And
Speaker 1: so I have at hand her favorite book, which, and
Speaker 1: I'm not kidding you, is Lulu as a Rhinoceros. So
Speaker 1: we oh my god, him, I'm about to melt into
Speaker 1: a puddle of chairs here, but keep going. We have
Speaker 1: so she's too. And now every dog that looks like
Speaker 1: Lulu is Lulu when we go out on walks and
Speaker 1: things like that. And she basically, even at two, can
Speaker 1: like point out every sort of turn in the book.
Speaker 1: So anyway, thank you as a as a father, thank
Speaker 1: you for writing that book. It's really it's a very
Speaker 1: sweet tale. And it's been, uh, it's been just a
Speaker 1: wonderful addition to our library. Oh that makes me so happy.
Speaker 1: I'm really glad she likes so I'm glad you guys
Speaker 1: are having a good experience with it. So it was
Speaker 1: a labor of love. Yes, it appears so and and
Speaker 1: and you you wrote it with your daughter, do it?
Speaker 1: Do I have that right? Yeah? Yeah, I wrote it
Speaker 1: with my daughter. Now you're reading to your daughter, so
Speaker 1: it's really a beautiful thing. Um, yeah, I wrote with
Speaker 1: my daughter, just because my my you know, I do
Speaker 1: a lot of work with one on the board of
Speaker 1: this organization called vet POL, which is Veterans in Power
Speaker 1: to protect African wildlife, and so their mission it's U
Speaker 1: S Military veterans who are on the ground in South
Speaker 1: Africa arresting poachers, breaking up poaching rings, and saving rhinos
Speaker 1: and elephants. And I came back from a trip there
Speaker 1: and got to spend time up close and personal with rhinos.
Speaker 1: And I was sitting on the couch with my dog
Speaker 1: Lulu and telling her about my trip, and she looked
Speaker 1: at me right in the eyns well, I'm a rhinoceros too,
Speaker 1: And I was like, what are you? What are you
Speaker 1: talking about? You're obviously a dog. You're small and purager
Speaker 1: on my couch as she said, Kate, you see, I
Speaker 1: have short legs, a big body, and a flat head.
Speaker 1: I only run fast for short distances, and I'm clumsy,
Speaker 1: and I burp and snore and far like a rhino.
Speaker 1: I'm a rhino. So I thought, let's tell the story
Speaker 1: and if we could create a hero for kids who
Speaker 1: feel left out, put down or bullied because the way
Speaker 1: they look, the way they feel it the way they are,
Speaker 1: Let's do that. And so I listed the help of
Speaker 1: my daughter, Um, and she's a real writer and she's
Speaker 1: remember the LGBTQ community as well. So it just came out,
Speaker 1: you know whatever, We did it, and it came out
Speaker 1: better than I could have expected. And now it's a
Speaker 1: hit book. And I hope everyone goes and got to
Speaker 1: this called Lulu is a rhinoceros. It's terrifict. I can
Speaker 1: tell you it's it's got great pictures and a very
Speaker 1: as you say, sort of a really nice message to it. Um.
Speaker 1: And in any case, uh, well, it's just one of
Speaker 1: the many things that you've done. I mean, let's talk
Speaker 1: about the music industry if we can. Everything has been disrupted,
Speaker 1: but people are maybe not making music right now in
Speaker 1: the exact same ways. What does it look like on
Speaker 1: the ground, I mean, how is the music industry affected here?
Speaker 1: Oh my god, it's a you know, upheaval, like I
Speaker 1: guess almost every industry right because of the fact that
Speaker 1: there's no concerts. I mean, this is a very you know,
Speaker 1: look the whole world. It's hard to imagine that five
Speaker 1: or six weeks ago we would have been having a
Speaker 1: conversation about where to go for dinner. You know, now
Speaker 1: it's a question you when I have dinner in the
Speaker 1: kitchen or the dining room, you know, I dining room
Speaker 1: or whatever, um, or in front of the TV. Um.
Speaker 1: But yeah, So the music industry is completely offended that
Speaker 1: they're saying that the concerts could be as much as
Speaker 1: eighteen months away before we see a return to some
Speaker 1: sort of normalcy. It's obviously going to be gradual. Um.
Speaker 1: People are consuming music, for sure. Um, they're consuming it
Speaker 1: in different ways. Not in their commute to work, but
Speaker 1: at home. They're diving into their catalogs. We're seeing a
Speaker 1: trend towards rock and a little bit you know, a
Speaker 1: slight decline and hip hop and pop to more people
Speaker 1: listening to rock, people listening to music that makes them
Speaker 1: feel good and comfortable, pulling you know, catalog is up. Um.
Speaker 1: Not surprisingly, I guess as people are home and they
Speaker 1: have time to you know, and they're looking for something
Speaker 1: that feels I think, you know, comfortable and familiar and good.
Speaker 1: So delighted that we have Jason Flam with him, founder
Speaker 1: and CEO of Lava Records. He's also a founding board
Speaker 1: member of the Innocence Project host of the hit podcast
Speaker 1: Wrongful Conviction. UM, Jason tell Us remind everybody about the
Speaker 1: work to doing with the Innocence Project and your podcast
Speaker 1: where you really get to and have these incredible conversations
Speaker 1: with people who were wrongfully incarcerated. Yeah, thanks so much. Um.
Speaker 1: You know, I started this podcast a few years ago.
Speaker 1: Guess my timing was good because so the people, the Exonorees.
Speaker 1: I've gotten to know hundreds of Exonorees over the years
Speaker 1: of working with the Innocence Projects since the mid nineties,
Speaker 1: early nineties, and they're the most extraordinary people that you
Speaker 1: can never meet because they've literally been to hell and
Speaker 1: they've come back and out and and with with with grace,
Speaker 1: with courage, with optimism, and you know what we're focusing
Speaker 1: on now, you know, with this Wrongful Conviction series, we're
Speaker 1: doing a special edition each week sorry Google backcheck. Each
Speaker 1: week on the show, we tell an individual story of
Speaker 1: a person who was wrong with the convicted, sentenced to death,
Speaker 1: sentence to life in prison, served decades for crimes they
Speaker 1: didn't commit. So it's it's tragedy and try open every episode.
Speaker 1: And now we're doing a special edition Wrongful conviction at
Speaker 1: the time of COVID, where we have these extraordinary people
Speaker 1: who survived, Damian Echoles, Amanda Knox and others talking about,
Speaker 1: you know, the lessons they learned from this extreme isolation
Speaker 1: and hardship, and how those might apply to people who
Speaker 1: are suffering now in their own sort of you know,
Speaker 1: with the walls closing in, you know, And so what
Speaker 1: do you take away? I mean, what's the lesson for
Speaker 1: the rest of us. Obviously none of us are very
Speaker 1: very few of us are enduring what those folks did,
Speaker 1: But as you say, there are lessons in there for
Speaker 1: how to cope with the world that's dramatically changed and
Speaker 1: maybe most importantly, a world that many people are experiencing,
Speaker 1: maybe for the first time, this world of isolation. What
Speaker 1: what have you drawn from them? Well, that's I'm glad
Speaker 1: you asked. And again the podcast is wrongful conviction, but
Speaker 1: the you know what they've taught me in these episodes.
Speaker 1: We have two out already, um Damian Nichols and Amanda
Speaker 1: Knox episodes are out, and they talk about the importance
Speaker 1: of you know, body work, you know, exercise, yoga, They
Speaker 1: talk about reading, the importance of keeping your mind engaged.
Speaker 1: I learned from Nick Yaris, whose episode comes out next week,
Speaker 1: who was on death row for twenty two years. You know,
Speaker 1: he said to me, I've never heard it this way,
Speaker 1: but he said, you know, we read two hundred books
Speaker 1: worth of words each year, but we don't read books
Speaker 1: as generally speaking. Right. He said, there's so many wonderful
Speaker 1: books you can read, and that's what got him through
Speaker 1: and turned him around in prison, was reading some of
Speaker 1: the great books. So Davian Ecoles, you know who's against
Speaker 1: We survived eighteen years on death row in Arkansas. He
Speaker 1: talks about keeping a sense of humor through all of this,
Speaker 1: and he even talks about some some moments that he
Speaker 1: found a reason to smile on death row, which sounds insane,
Speaker 1: but it's not when you hear him tell it. You know,
Speaker 1: one of the things that we wanted to ask you
Speaker 1: because we've been doing the stories, um, Jason, not the stories,
Speaker 1: it's reality of the prisons and the prisoners. You know,
Speaker 1: with AMID, the COVID nineteen outbreak and the you know,
Speaker 1: we're seeing high levels of outbreak at these prisons and
Speaker 1: so on. You know, I'm just curious if you've been
Speaker 1: talking with folks you know on the inside, and what
Speaker 1: you're hearing about, you know how they're dealing with this.
Speaker 1: I have been, and you know, it's it's it's really,
Speaker 1: it's an impossible nightmare to even for those of us
Speaker 1: out here. Do you even try to understand. I mean,
Speaker 1: there is no such thing as social distancing in prison.
Speaker 1: A lot of the prisons in America are dorm style
Speaker 1: environments where the people are are right next to each other,
Speaker 1: right on top of each other in bunks um. There
Speaker 1: are there are cells that have multiple people in them.
Speaker 1: Of course, our local jails have crowded, you know, tiny
Speaker 1: cells where everyone sharing one toilet and people are sharing
Speaker 1: you know everything. I mean in Sing Sing recently, the
Speaker 1: first guy that died at Sing Sing was a guy
Speaker 1: who was in the law library every day using the typewriter.
Speaker 1: So everyone else that used the typewriter is kind from
Speaker 1: my Let's not forget that. You know, the guards are
Speaker 1: suffering as well, right, and this is something we and
Speaker 1: and on the top of that, we have to talk
Speaker 1: about the fact that there's eleven there are eleven million
Speaker 1: people going in and out of our jails prisons every year,
Speaker 1: and so we cannot control this virus in a free
Speaker 1: environment and in free society if we don't decarceerrate, because
Speaker 1: with that much churn going back and forth, and with
Speaker 1: all the people, all the civilians besides the guards, they
Speaker 1: go in and out of the prisons every day, the
Speaker 1: you know, religious people of the you know, the pastors
Speaker 1: or whatever. You might have people who are different kind
Speaker 1: of workers that go in and out. You know, they
Speaker 1: all go back to the community and they bring it
Speaker 1: in with them where they bring it out with him.
Speaker 1: It's it's a nightmare. So I think now is the
Speaker 1: moment for us all to take a hard, hard look
Speaker 1: and take bold, decisive action to decarceerrate and to you know,
Speaker 1: end this national nightmare, this disastrous, failed social policy of
Speaker 1: mass incarceration. There's no reason for it. That's Jason Flam
Speaker 1: the founder and c of Lava Records. He's also a
Speaker 1: founding board member of The Innocence Project. He's host of
Speaker 1: the hit podcast Wrongful Conviction. He what really struck with me,
Speaker 1: I gotta say, Jason, is his reminding us that we've
Speaker 1: got to end that policy of mass incarceration. Just talking
Speaker 1: about the prison community, how they too are really unfairly
Speaker 1: and disproportionately being impacted by the virus. Yeah, I was
Speaker 1: really looking forward to this because, in addition to him
Speaker 1: writing Lulu is a Rhinoceros, you had talked so much
Speaker 1: about him, and the conversation you had and really a
Speaker 1: deep conversation in a lot of ways toward the end
Speaker 1: of our show one day really stuck with me afterwards. Well,
Speaker 1: that wraps up the first hour the weekend edition of
Speaker 1: Bloomberg Business Week from Bloomberg Radio. I'm Jason Kelly and
Speaker 1: I'm Carol Mass. Are plenty coming up in our next hour,
Speaker 1: including a conversation with the CEO of the Pittsburgh International Airport,
Speaker 1: Christina Kusodas. Fascinating conversation about obviously their air traffic is
Speaker 1: way down, and her thoughts on what life it's like
Speaker 1: after the virus when it comes to the airport and
Speaker 1: airline communities. Plus take a deep breath, We caught up
Speaker 1: with the CEO and the co founder of the wellness
Speaker 1: app Headspace. He put a lot of this in perspective,
Speaker 1: talked about his business and how it's really become mainstream.
Speaker 1: Plus the man himself, Carol Paul Krugman. Yeah, he argues
Speaker 1: that the next round of stimulus. We've got to think
Speaker 1: about those states and cities. It's crucial to getting the
Speaker 1: economy back on track. This is Bloomberg. You're listening to
Speaker 1: Bloomberg Business Week from Bloomberg Radio. Hello. I'm Carol Masser
Speaker 1: and I'm Jason Kelly. Today we're bringing you some of
Speaker 1: the most important, we hope informative and helpful conversations we
Speaker 1: had on our Bloomberg Business Week daily radio show about
Speaker 1: the coronavirus, it's impact, and insights from leaders, executives, and
Speaker 1: big thinkers, all of it happening in real time as
Speaker 1: news continued to cross the Bloomberg terminal. Jason, We're going
Speaker 1: to hear from the CEO of Pittsburgh International Airport, Christina Cusodas.
Speaker 1: It was named one of the world's most innovative companies
Speaker 1: this year by Fast Company. We're else going to hear
Speaker 1: from Richard Pearson. He's the CEO of the wellness app Headspace.
Speaker 1: You and I both use it, full disclosure. It was
Speaker 1: cool to catch up with him and then know about
Speaker 1: laureate Paul Krugman. Alright, first up, we take you inside
Speaker 1: the magazine look at how America needs real time data
Speaker 1: to get through this health crisis. We spoke to Bloomberg
Speaker 1: Business we get it, or Joe Weber and Bloomberg News
Speaker 1: senior trade reporters showing down on his story in the
Speaker 1: magazine this week. You look out there, and we look
Speaker 1: at this great, big economy that we've got, and you're
Speaker 1: trying to reach for some data to show you what's
Speaker 1: happening in there. And the reality is, you look at
Speaker 1: the normal economic data that we rely on, the non
Speaker 1: farm payrolls, the inflation data, all of that stuff, and
Speaker 1: it's just not telling us what we need to know
Speaker 1: right now, because this thing is just moving too fast,
Speaker 1: and that tells us something bigger. Here. We have, you know,
Speaker 1: ostensibly the biggest economic crisis of our lifetime, and yet
Speaker 1: the data we rely on to measure the economy isn't
Speaker 1: keeping up well. Something new. I love this line in
Speaker 1: your story. Peering into our future my be easier if
Speaker 1: we knew with certainty what happened in our immediate past.
Speaker 1: I mean to get an idea. This is what Jason
Speaker 1: and I talk about so much, and I'm assuming you
Speaker 1: know Joel and your team. It's like, what does life
Speaker 1: look like post COVID nineteen? But unless we can kind
Speaker 1: of trust the data that we're dealing with now. We
Speaker 1: really don't know, right, Sean, And we don't have the
Speaker 1: data yet on on our media past, a lot of
Speaker 1: our media past that first quarter GDP, those three months
Speaker 1: to March. The first reading we're going to get over
Speaker 1: that is April nine. The data, you know, the one
Speaker 1: that we really care about. That the second quarter that
Speaker 1: we're in now where most economists agree the big downturn
Speaker 1: is happening. We're not going to get that until the
Speaker 1: end of July, all right. So this is such a
Speaker 1: great read in part because there are some history lessons
Speaker 1: in here, some callbacks the McNamara fallacy tell us about
Speaker 1: that shown right. So, there was this grim bit of
Speaker 1: data that the American military operated, it really planned the
Speaker 1: war around in Vietnam for for years, and that was
Speaker 1: body count. Literally from the ground on up. They were
Speaker 1: reporting the number of enemy combatants killed on a daily basis,
Speaker 1: and commanders back in Washington we're using that to assess
Speaker 1: how the war was going. The problem was is that
Speaker 1: you've got some really perverse and incentives in the system.
Speaker 1: There where uh commanders on the ground whose careers depended
Speaker 1: on this data, were inflating the data and reporting that
Speaker 1: back up all the way to Robert McNamara UH, who
Speaker 1: was then leading the war effort in the Kennedy administration,
Speaker 1: and UM, he was looking at these daily body counts
Speaker 1: thinking the war was going great for years, that the
Speaker 1: US was winning, when in fact it was losing quite
Speaker 1: heavily on the ground. The McNamara fallacy is what came
Speaker 1: out of that, And that is what happens when policymakers
Speaker 1: in particular, but it could be investors, quants, it could
Speaker 1: be UH, politicians, business leaders, CEOs when they have their
Speaker 1: nose in the data and they ignore what is going
Speaker 1: on in the world around them, and that leads to
Speaker 1: just some really bad choices and some big mistakes. And
Speaker 1: so that's you know, that's the downside of data. Right now,
Speaker 1: we don't have the data we need. At the same time,
Speaker 1: we can all look out into the world and know
Speaker 1: that things are not going well. So do we need
Speaker 1: to think please Well, I was just gonna say, you know,
Speaker 1: like there we're not totally driving blind here and that
Speaker 1: there are places that you know, the Federal Reserve and
Speaker 1: the GDP now index, Shaun is one way that we
Speaker 1: have attempted that. Economics has attempted to kind of put
Speaker 1: its pools on them now and that has its limitations, right,
Speaker 1: So so what we're what we're starting to do now
Speaker 1: and you're seeing it in in a lot of the
Speaker 1: alternative pieces of data that we're all looking at. People
Speaker 1: were looking at open table bookings there for a while
Speaker 1: at the beginning of this crisis. Is that collapse uh
Speaker 1: in in reservations through that booking app h reservations at
Speaker 1: restaurants that that happened in cities as the shutdown orders
Speaker 1: went through. We've been looking at t s A security
Speaker 1: clearance data to show the number of air travelers. We're
Speaker 1: looking at traffic data, electricity usage data, all of that stuff.
Speaker 1: But all of that is is kind of partial. It's
Speaker 1: not necessarily reliable. And while the Federal Reserve and a
Speaker 1: number of the regional feds have put together uh these
Speaker 1: efforts to try and measure short term GDP, and the
Speaker 1: Atlanta Fed does this, the New York Fed is is
Speaker 1: played with this, the Filly Fed has played with it
Speaker 1: as well. Um, none of those things are really reliable
Speaker 1: enough to count on yet, So we need that data.
Speaker 1: We're looking for that high frequency data, but we don't
Speaker 1: yet have that magic data that we need. What makes
Speaker 1: me nervous is not having that magic data, is that
Speaker 1: here we have policymakers trying to figure out what's the
Speaker 1: right steps to take. We're gonna be talking with Paul
Speaker 1: Krugman and get who take on this um a little
Speaker 1: bit later on our broadcast. But I do under Sean like,
Speaker 1: if we don't have that magic data, might we be
Speaker 1: taking the wrong policy steps right now that will hurt
Speaker 1: us later on. That's absolutely the risk. We really don't
Speaker 1: yet know where the damage is in this economy, the U.
Speaker 1: S economy right now, and that means you can't necessarily
Speaker 1: target the policy response to the right areas. And that's
Speaker 1: something uh that we're gonna be adjusting where that policymakers
Speaker 1: are going to be adjusting, uh or in dealing with
Speaker 1: a lot in the months to come. And that's Sean
Speaker 1: Donna Bloomberg, new senior trade reporter, and Joel Webber, the
Speaker 1: editor of the magazine. I love me some Shan Don,
Speaker 1: and just because he is so smart about blending the
Speaker 1: data side but also the anecdotal side, weaving it all together.
Speaker 1: Because yes, the numbers tell you a certain amount, but
Speaker 1: also the implications of those numbers. They're massive, Carol, a
Speaker 1: timely story, right, and in a week where we had
Speaker 1: what point five million jobs vanishing in five weeks because
Speaker 1: of the lockdown, the latest data showing that, you know,
Speaker 1: our country has put faith in statistics, but the numbers,
Speaker 1: as Shaun writes and reports, maybe failing us this time.
Speaker 1: And it's really important because we've got to get the
Speaker 1: right policy to get the economy back on track. You're
Speaker 1: listening to Bloomberg this week, coming up economist, New York
Speaker 1: Times columnists and Nobel Laureate Paul Krugman. This is Bloomberg.
Speaker 1: You're listening to Bloomberg Business Week with Carol Masser and
Speaker 1: Jason Kelly from Bloomberg Radio. We're bringing you some of
Speaker 1: the most important and informative conversations that we had throughout
Speaker 1: the week on our daily radio show, all about the virus, Jason,
Speaker 1: increasingly about how do we treat it and increasingly also
Speaker 1: what does life look like after the virus? Right, And
Speaker 1: we caught up with Nobel Laureate Paul Kruegman. This is
Speaker 1: someone who just a few weeks ago was in our
Speaker 1: studio talking about his new book. It was a very
Speaker 1: different world. This virus. It was on the horizon, but
Speaker 1: no one, no one, no one really anticipated what was
Speaker 1: going to happen. His writing, as always, has been incredib
Speaker 1: sharp about this, and we dug into some very serious issues.
Speaker 1: I'm curious, as you have watched policies unfold from the government,
Speaker 1: are they the right ones and what's needed to kind
Speaker 1: of maintain the economy as much as they can right
Speaker 1: now and help us when we get on the other side. Okay,
Speaker 1: the this program that just got some additional funding. So far,
Speaker 1: it has not worked particularly well. A lot of the
Speaker 1: money has gone to businesses that don't need it. But
Speaker 1: you know that doesn't worry That's that's actually, in some
Speaker 1: way the least bad part of what's happening. Um. The
Speaker 1: two things that worry me a lot are still we
Speaker 1: have had no significant relief for state and local governments,
Speaker 1: and those governments have to balance their budgets and they're
Speaker 1: on the front lines, and it's gonna they're even in
Speaker 1: pure economic terms, they're going to be forced into austerity
Speaker 1: measures that are going to extend this slump long after
Speaker 1: the virus has let up. Um. And the other thing
Speaker 1: is unemployment benefits. Um, we have a on paper, we
Speaker 1: have a really good plan that gives people a lot
Speaker 1: of of compensation, but it's being run through state unemployment
Speaker 1: offices which have been totally overwhelmed. So the last number
Speaker 1: I saw it was in Florida. Uh, you know, only
Speaker 1: one person in eight who has been approved for unemployment
Speaker 1: has actually benefits, has actually received any money. So um,
Speaker 1: So we're falling down enormously on the implementation on the
Speaker 1: unemployment benefits. So if you take it all together, what
Speaker 1: we have is, you know, we've had kind of the
Speaker 1: right ideas and how to deal with this, but we've
Speaker 1: fallen down enormously that the money is just not flowing
Speaker 1: on our sufficient scale to deal with the magnitude of
Speaker 1: this catastrophe. And Paul, when it comes to execution it,
Speaker 1: it feels like one of the raging debates that that
Speaker 1: it seems like we're we're having, maybe unwittingly or maybe
Speaker 1: very wittingly, is between the power of the federal government,
Speaker 1: the responsibility of the federal government, and the responsibility and
Speaker 1: the role of state and local governments. How did we
Speaker 1: get here and where do you think it goes from here?
Speaker 1: In terms of that breakdown. Well, you know, we have
Speaker 1: a federal system, which does sometimes cause problems. I mean,
Speaker 1: and you know in Britain there's no question there's there's
Speaker 1: a government and and I mean there are local authorities,
Speaker 1: but effectively it's it's centralized. But um we've have we
Speaker 1: liied way too much on state and local initiative, um
Speaker 1: um in situations where they just don't have the resources.
Speaker 1: So I've been looking on the unemployment front, and I'm
Speaker 1: looking at Canada, which also has a federal system with
Speaker 1: very strong provinces, but they have unemployment benefits scheme which
Speaker 1: is not too different from ours, except the federal government
Speaker 1: set up a portal and a hotline and people in
Speaker 1: Canada are getting their emergency unemployment benefits within days, whereas
Speaker 1: we are still, you know, immensely backlogged. So uh why
Speaker 1: I think it's you could you can understand the political
Speaker 1: history that got us at this point, but this is
Speaker 1: a point where we we should have a take charge
Speaker 1: federal government in terms of of getting that money to
Speaker 1: people who needed and we don't. Well, and Paul, you
Speaker 1: mentioned this at the outset. You know, part of the
Speaker 1: execution has been that the money may not be going
Speaker 1: to the right places, and and it calls to mind
Speaker 1: something I know you've been looking at and certainly we've
Speaker 1: been talking about, which is the inequalities that are really
Speaker 1: being exposed, many inequalities candidly that you've been writing about
Speaker 1: four years and years by this crisis. You know, you
Speaker 1: think about the restaurant industry, You think about frontline workers,
Speaker 1: You think about the fact that folks like us candidly
Speaker 1: we have the ability to do our jobs from home.
Speaker 1: There are many who don't. What do we need to do.
Speaker 1: What can we do in the short term to try
Speaker 1: and alleviate some of that huge structural problem. Well, again,
Speaker 1: I think the the interesting thing about this one is
Speaker 1: that this is uh, for once, it's not a problem
Speaker 1: of low wages. It's a problem of no wages. We're
Speaker 1: having a problem with people are just losing jobs and uh,
Speaker 1: we're probably uh it's going to be probably twenty five
Speaker 1: million or more jobs at least lost. Um and we
Speaker 1: can rush aid now. The the Cares Act, that big
Speaker 1: two trillion dollar bill did uh not only enhance on
Speaker 1: employment bed it's what expanded the scope, which is the
Speaker 1: right thing to do. The trouble is as far as
Speaker 1: I can tell, almost nobody has received those benefits yet.
Speaker 1: I mean it expanded it to give book as contractors
Speaker 1: self employed. But but the state offices UH can't even
Speaker 1: deal with the backlog of conventional unemployments insurance claims. So
Speaker 1: that's what we What we we need is is need
Speaker 1: to be getting income out to lots of people. I
Speaker 1: would say that that is um, this is a case
Speaker 1: where it's not hard to determine who who needs aid.
Speaker 1: You know, sometimes you can worry about it. This is
Speaker 1: an administratively complicated It's not now, it's really it. Uh.
Speaker 1: And particularly since since it's such an emergency. UH, if
Speaker 1: a few a few undeserving people get some money, who cares?
Speaker 1: The important point is it's the tens of millions of
Speaker 1: people who are suffering. So but and we should take lessons.
Speaker 1: I mean, this will this is not going to be
Speaker 1: the last crisis we face. I am curious what your
Speaker 1: perspective is to Like, we have a headline crossing United
Speaker 1: Airlines said to offer shares fifty and they're offering up
Speaker 1: over thirty nine million shares. I mean they're looking to
Speaker 1: raise money, we get it. What is the balance between
Speaker 1: helping big companies as well as small companies, but big
Speaker 1: companies in particular, who do employ thousands and hundreds of
Speaker 1: thousands and millions of workers around the country. What's what's
Speaker 1: the balance between helping them out, which is kind of
Speaker 1: big bailouts, you know, versus helping you know, individuals. What
Speaker 1: is what is the how do you see from an
Speaker 1: economic point of view, what's the balance about what we
Speaker 1: need to do or do we need to be all
Speaker 1: in on all of it? Well, we need to be
Speaker 1: all in with the caveat that we shouldn't in the
Speaker 1: business of wrestling um stockholders particularly, I mean this is
Speaker 1: uh the uh famous for romi corporations are people and
Speaker 1: my friend but he but he actually meant was that
Speaker 1: they employee people, and their employees are absolutely just because
Speaker 1: someone happens to work for a big company doesn't mean
Speaker 1: that they're less deserving of help than someone who's working
Speaker 1: for a small company. But but we want that to
Speaker 1: be bailouts that that uh, where the taxpayers aren't aren't
Speaker 1: bailing out wealthy individuals who who are who are in
Speaker 1: you know, stockholders And that's kind of as Paul Krugman,
Speaker 1: we were looking forward to this as anyone would. He's
Speaker 1: so smart and on point, not shy, Carol, and really
Speaker 1: assessing the way that this response has been handled so
Speaker 1: far and maybe what we need going forward, especially when
Speaker 1: it comes to employment. And what I love about him,
Speaker 1: you know, he's City University of New York professor of economics,
Speaker 1: but he's written several books, many books, I think over thirty.
Speaker 1: His latest book is called Arguing with Zombies, Economics, Politics,
Speaker 1: and the Fight for a Better Future. And what we
Speaker 1: love about him, Jason, is he does bring in everything economics, politics,
Speaker 1: who looks at the world with a really big perspective
Speaker 1: and tries to figure out, okay, what's best for everybody
Speaker 1: moving forward. You're listening to Bloomberg Business Week. Coming up
Speaker 1: the CEO of Pittsburgh International Airport. This is Bloomberg. You're
Speaker 1: listening to Bloomberg Business Week with Carol Masser and Jason
Speaker 1: Kelly from Bloomberg Radio. Well, today we're bringing you some
Speaker 1: of the most important, we hope informative conversations we had
Speaker 1: on our daily Bloomberg Business Week radio show all about
Speaker 1: the virus. That's all anyone is really talking about. We're
Speaker 1: trying to bring you some holistic conversations looking at this
Speaker 1: story from lots of different angles. One of the industries,
Speaker 1: of course, impacted severely by the virus is the airline industry,
Speaker 1: and of course that includes airports. And for a view
Speaker 1: on that, we caught up with Christina Kusoda. She's the
Speaker 1: CEO of Pittsburgh International Airport, named one of the world's
Speaker 1: most Innovative companies this year by company. Passengers are way down.
Speaker 1: All of our numbers are way down, whether we look
Speaker 1: at T s A, boardings, baggage, concession, sales, taxi or
Speaker 1: uber lift transactions, parking revenue, all of that is down
Speaker 1: by But what is I know, like shocking, right, It's
Speaker 1: just it's empty in our terminals and our parking lots everywhere.
Speaker 1: But what is going on is that we have two
Speaker 1: military bases here, the air National Guard and the Pennsylvania
Speaker 1: National Guard Air Force Reserve, excuse me, in the Pennsylvania
Speaker 1: National Guard. We've got cargo flights with a whole lot
Speaker 1: of e commerce going on, cargo flights in and out.
Speaker 1: And we do have passengers. There may be only four
Speaker 1: hundred a day instead of fourteen thousand, but we do
Speaker 1: have passengers and crews going through and a whole lot
Speaker 1: of frontline staff two hundred and seventeen a day keeping
Speaker 1: this place running. We're talking without Christina Krystota's CEO Pittsburgh
Speaker 1: International Airport. So Christina, so okay, so you have activity
Speaker 1: going on. You're hearing about people in different cities talking
Speaker 1: about reopening. I mean, what does that look like in
Speaker 1: your view? What it looks like is that there will
Speaker 1: be a whole lot of businesses that are closed today
Speaker 1: that will reopen. We never closed, and so what it
Speaker 1: looks like to us is that more of the same
Speaker 1: until people feel comfortable traveling again. We don't expect to
Speaker 1: see a dramatic increase in the number of folks coming
Speaker 1: through the airport. So the industry, I was just listening
Speaker 1: to some of the reports that you were issuing about
Speaker 1: what's happening with the airlines and stocks and earnings and outlooks,
Speaker 1: and it's you know, it's a tough time right now
Speaker 1: for the entire travel ecosystem. So I think that we're
Speaker 1: going to be coming back slowly, whether things are formally
Speaker 1: reopened or just um doing what they're doing today. So Christina,
Speaker 1: let's talk about the airlines, because obviously there are a
Speaker 1: critical part of your ecosystem there, and the airport doesn't
Speaker 1: really work unless you have airplanes coming in and out.
Speaker 1: What can you or should you be doing for them
Speaker 1: and vice versa so that you all can sort of
Speaker 1: survive on the other side of this, Well, I think
Speaker 1: that the vice versa is critical, so we can't exist
Speaker 1: without them, and I promise they can't exist without us.
Speaker 1: So right, well, sometimes you know that's that's not something
Speaker 1: that everybody remembers. But right now what we're doing is
Speaker 1: we have offered our air field to park planes. Right
Speaker 1: this is a big deal. As you've as you've got
Speaker 1: to put a fleet down on the ground, you've got
Speaker 1: to find places where you can park it safely and securely.
Speaker 1: And we have a maintenance space here. American Airlines to
Speaker 1: the maintenance space here at Pittsburgh International. So we had
Speaker 1: seen up to a hundred aircraft parked out on our
Speaker 1: airfield at one time, and that's one of the ways
Speaker 1: that we're making a difference. Uh. The other is that
Speaker 1: we're working closely with our airline partners to make sure
Speaker 1: that we are consolidating our operations on as few concourses
Speaker 1: as possible so we can shut down the others saving
Speaker 1: on utility costs, letting them know what we're doing in
Speaker 1: order to reduced costs as they go through their balance
Speaker 1: sheets and look at you know, O and M costs, etcetera.
Speaker 1: We're doing the same. So it's really that's what we're
Speaker 1: doing in a short term and long term. I think
Speaker 1: we've got to work together to figure out how do
Speaker 1: we restore confidence in the industry as the whole. That's
Speaker 1: what I wanted to ask you because Fast Company and
Speaker 1: one of the reasons they named you as being so
Speaker 1: innovative the airport is you guys have figured out how
Speaker 1: to make travel easier for people with disabilities, and whether
Speaker 1: it's a blind traveler or some other disability. So what
Speaker 1: what does that look like when you think about how
Speaker 1: innovation might impact airports and travel so that it can
Speaker 1: make it safer and more secure and and and bring
Speaker 1: back more people. What does that involve? What kind of
Speaker 1: innovation might we see, what kind of technology might be
Speaker 1: involved to make that happen. So we're going to be
Speaker 1: we have a couple of things that we're working on
Speaker 1: and we'll actually be coming out with publicly within the
Speaker 1: next week or two with some robotics companies here in Pittsburgh.
Speaker 1: Pittsburgh is the center for robotics and artificial intelligence really globally,
Speaker 1: and we're really lucky to have some world leading companies yeah. Yeah,
Speaker 1: and spin offs from Carnegie mail in and companies that
Speaker 1: have Carnegie if the name. So we have been working
Speaker 1: with them really for the last couple of weeks to
Speaker 1: look at ways that we can boost confidence in the industry.
Speaker 1: And and that's what's coming out soon. I don't want
Speaker 1: to talk about it yet, but we're very focused on this,
Speaker 1: looking at what we can do as an airport, but
Speaker 1: also in order to aid the airlines as part of
Speaker 1: that from our facility, uh, and how that might be
Speaker 1: able to be applied to the ecosystem globally. And that's
Speaker 1: Christina Casoda. She's the City of Pittsburgh International Airport. You know.
Speaker 1: I love that we caught up with a regional airport.
Speaker 1: They've got a lot of activity. They still have some
Speaker 1: some business going on right moving around, um, some of
Speaker 1: the cargo planes, but of course business is way down.
Speaker 1: But um. Really interesting to see what she thinks life
Speaker 1: will be like at airports once we get through the virus. Yeah.
Speaker 1: She was really a straight talker, which I appreciated, and
Speaker 1: she's clearly working it. We're looking forward to catching up
Speaker 1: with her in the not too distant future because she's
Speaker 1: got some things going on with some of her local
Speaker 1: partners that really could change the game. And you wonder
Speaker 1: if those sorts of things will be implemented at airports
Speaker 1: around the world. You're listening to Bloomberg busin week. Coming up,
Speaker 1: how to keep your mind at ease, or at least
Speaker 1: trying to during this period of isolation. We're gonna hear
Speaker 1: from the CEO of a well known wellness app, Headspace.
Speaker 1: This is Bloomberg. You're listening to Bloomberg Business Week with
Speaker 1: Carol Masser and Jason Kelly from Bloomberg Radio. We're bringing
Speaker 1: you some of the most important and informative conversations we
Speaker 1: had throughout the week on our daily radio show. Of course,
Speaker 1: all of it Jason dealing with the virus covering so
Speaker 1: many different industries, and one of them included something that
Speaker 1: we were really looking forward to all week. This is
Speaker 1: something that you and I both use full disclosure. It's
Speaker 1: Headspace well known to so many people out there. I
Speaker 1: would bet lots of you have it on your phone,
Speaker 1: you utilize it. Richard Pearson, he's the co founder and
Speaker 1: the CEO of that app, and they are having not surprisingly,
Speaker 1: quite a moment. I think that this situation has brought
Speaker 1: to the surface a lot of the mental health issues
Speaker 1: that I think maybe sitting under the surface that maybe
Speaker 1: we're unaddressed. And I think when you are forced into
Speaker 1: a situation where you it's much harder to you know,
Speaker 1: partake in all the normal's distractions that we that we
Speaker 1: that we kind of do as human beings, I think
Speaker 1: it brings these things and makes them kind of more acute.
Speaker 1: And so I think for the first time in a
Speaker 1: long time, we are actually looking at the state of
Speaker 1: our mind and you know, for some of us, is
Speaker 1: incredibly challenging. UM So, I think that you know, things
Speaker 1: that we're hearing from folks with a few things. I
Speaker 1: think one, I'm not sure that mental health was a
Speaker 1: topic that was being discussed in every single boardroom. Um.
Speaker 1: I think it's being discussed in every single boardroom now.
Speaker 1: I think we're definitely seeing um you know, and we've
Speaker 1: seen that we've had like up too increased in terms
Speaker 1: of enterprise inquiries for our kind of b to be offering.
Speaker 1: So we are definitely seeing an increased there um where
Speaker 1: I think the other piece that's come you know, that
Speaker 1: comes to us is a lot around parenting and kids
Speaker 1: at home. I think people are really struggling with how
Speaker 1: do they balance work life and and kind of raising
Speaker 1: children at home is a really really tricky thing for folks,
Speaker 1: and they'd like two big things that are definitely coming
Speaker 1: towards us as we're seeing this crisis unfold. Totally agree.
Speaker 1: I feel like it's another one of those situations where
Speaker 1: we know the stuff is out there, and yet it's
Speaker 1: not until we have a crisis to people like, wow,
Speaker 1: this is a problem. One thing I want to get
Speaker 1: too rich. I have a sister who's worked in the
Speaker 1: mental health profession for years and has just talked about
Speaker 1: how it's taken even the medical community and even like
Speaker 1: health insurance a long time to respect that mental health
Speaker 1: and a healthy mental health is as important as you know,
Speaker 1: your physical and medical well being. Um, yes, are we
Speaker 1: seeing that change significantly? Will something like COVID nineteen help
Speaker 1: even move the needle on that one even more? Yeah?
Speaker 1: I absolutely think it's accelerated our kind of belief that
Speaker 1: we've had that you know, we've always believed that mental
Speaker 1: health is the kind of UM. You know, it is
Speaker 1: inextrictly linked from physical health, and I think even if
Speaker 1: you look at all the research around stress related chronic diseases,
Speaker 1: that you cannot separate out the two. It's it really
Speaker 1: is kind of whole personal health, not just physical health.
Speaker 1: So I think we're definitely going to see an acceleration
Speaker 1: towards people understanding that looking after the health of your mind,
Speaker 1: we believe is actually the most precious resource UM and
Speaker 1: we think of it as your hard drive. You know,
Speaker 1: if if your mind is not healthy, how can you
Speaker 1: actually make healthy choices, the things that you eat, the
Speaker 1: exercise you take, the relationships that you have, how you sleep.
Speaker 1: It really is the core component of living a healthy
Speaker 1: and balanced life. And I think it's been able to
Speaker 1: be pushed to the on the back burner, and some
Speaker 1: people have been open to it, and obviously some people
Speaker 1: are way out in front when I think of certain
Speaker 1: organizations and healthcare systems. But I think this crisis has
Speaker 1: made it top of everyone's agenda because everyone's dealing with
Speaker 1: it in real time. So I absolutely believe that this
Speaker 1: is going to shift the whole conversation and this next
Speaker 1: wave of um of kind of looking for ways that
Speaker 1: we can support people with their mental health because we
Speaker 1: cannot train enough doctors. You know, you've mentioned your system.
Speaker 1: We cannot train enough people um at one on one
Speaker 1: like we're going to have to think of scalable ways
Speaker 1: that we can we can solve these issues respects where
Speaker 1: I think platforms like so like yours are like play
Speaker 1: right to that. Yeah, exactly. Mean you give us a
Speaker 1: perfect bridge to to talk about headspace. I mean when
Speaker 1: you think about folks who were ahead of it and
Speaker 1: out there, I mean you and Anti founded this, Anti
Speaker 1: puddycumb whose voice has been in my head many many,
Speaker 1: many many times, uh founded this in you were out
Speaker 1: ahead of this. What have you learned, especially that you're
Speaker 1: applying now over those years, over those ten years or so,
Speaker 1: that that might be useful to to folks listening right now. Yeah.
Speaker 1: I think one of the things is, you know, where
Speaker 1: for folks to ask themselves the question of where do
Speaker 1: they prioritize their mental health? Like what do they actually
Speaker 1: do for their mind? Um? You know, we spend a
Speaker 1: lot of time looking after our physical appearance and other
Speaker 1: things in life, but how much time do we actually
Speaker 1: spend looking after our most pretty depressions resource. I think
Speaker 1: that's an interesting question for all of us to ask, UM,
Speaker 1: And then you know, I would be I would be biased,
Speaker 1: But I do think that, UM, you know, a mindfulness practice.
Speaker 1: However you apply that, whether that's with a seated meditation practice,
Speaker 1: whether that's applying it to the way that you run,
Speaker 1: whether it's applying it the way that you eat. UM.
Speaker 1: I think there's so many different ways that you can
Speaker 1: apply mindfulness in your life, and the biggest benefit of
Speaker 1: that it gives you a different relationship with your thoughts
Speaker 1: and your emotions. And if we think about stress, most
Speaker 1: of our stress is caused by our thoughts and our emotions.
Speaker 1: And it's not to say that thoughts and emotions are
Speaker 1: necessarily bad. But if we can practice a technique, my
Speaker 1: meditation on mindfulness, we can actually create some distance between
Speaker 1: those thoughts and those emotions and therefore not get so
Speaker 1: swept up in them as as they occur. And I
Speaker 1: think that that process is is one of the most
Speaker 1: valuable things that you can do for your ongoing mental health.
Speaker 1: And to not to look at it is I think
Speaker 1: so many people think about it right, I get really
Speaker 1: really stressed and I do a little exercise and I
Speaker 1: won't feel so stressed. More like an aspirin um. But
Speaker 1: if we can actually think about it as as a
Speaker 1: kind of a vitamin or vitamins, as you say in America,
Speaker 1: that we can get to prevention. You know, you could
Speaker 1: think about doing this thing. You's go to the gym.
Speaker 1: One you're not going to get fit. Our guest at
Speaker 1: this hour is Rich Pearson, co founder and chief executive
Speaker 1: officer of Headspace, joining us on the phone from Santa Monica.
Speaker 1: You know it's any I can't even tell you, Rich,
Speaker 1: the conversation that was going with our team here at
Speaker 1: Bloomberg Business Week, our technical staff, our producers, stuff are
Speaker 1: like are you on this app? Are you on this app?
Speaker 1: There's a lot of apps out there, and I think
Speaker 1: that alone can be stressful and overwhelming about like kind
Speaker 1: of figuring how do you create a meditation practice? You
Speaker 1: know that's calming and you don't feel overwhelmed like I
Speaker 1: gotta do this, I gotta do this. What would you
Speaker 1: suggest to somebody who's feeling stressed out? How should they
Speaker 1: approach it? I think the worst thing that connassement is
Speaker 1: anyone trying to do at the meditation practice to feel
Speaker 1: like another thing on your to do list that you
Speaker 1: never get to, which I think for a lot of
Speaker 1: people that kind of feels like that. And so I
Speaker 1: really think, like with any habit, you should start off
Speaker 1: little and often UM. And I think even if you
Speaker 1: just commit to a few times a week as little
Speaker 1: as three minutes, and build up from there. You know,
Speaker 1: I always think it's like the good analogies like the marathon.
Speaker 1: If you've never run before, you wouldn't go and run
Speaker 1: a marathon like as your first running experience, and I
Speaker 1: think you've got to think about that in the same
Speaker 1: way with meditation UM. I think another really good tip
Speaker 1: is to UM to attach it to a habit that
Speaker 1: you already have. So maybe you want to do it
Speaker 1: just before you go to bed, or maybe you want
Speaker 1: to do it after you have your morning coffee or
Speaker 1: before you have your shower, but trying to attach it
Speaker 1: to the habit that you already have, because it's much
Speaker 1: easier to kind of couple it UM in that way,
Speaker 1: and also just not to put too much pressure on yourself.
Speaker 1: I think the real the big misconception, and this is
Speaker 1: probably the biggest thing that I could say to anyone
Speaker 1: is that meditation is not about stopping your thoughts UM,
Speaker 1: And it's not about having a calm and relaxed UM
Speaker 1: kind of benefit from it. That may be a side
Speaker 1: effect of the practice, but I think so many people
Speaker 1: go in with that expectation. UM. I promise you if
Speaker 1: we could have learned how to stop off the thoughts,
Speaker 1: we'd have done it by ourselves a long time ago.
Speaker 1: And so it really is a process of having a
Speaker 1: different relationship with your thoughts. It's not about stopping them.
Speaker 1: And because people have those pre perpections about what it is,
Speaker 1: when that doesn't happen, they give up and they say
Speaker 1: it's stressful and it doesn't work. So that would be
Speaker 1: the biggest thing that I could say to anyone. It's
Speaker 1: not about stopping thought and it's not about feeling relaxed
Speaker 1: and calm. That may happen, but that's not what you
Speaker 1: should go into it with. And so Rich, you know,
Speaker 1: one of the interesting things that's happened of late, And
Speaker 1: maybe it's in part because of the crisis, as Carol
Speaker 1: pointed out earlier in the conversation, uh, and maybe it's
Speaker 1: part of the work that you and others have been doing,
Speaker 1: and I believe that to be true. The idea of
Speaker 1: meditation has come much deeper into the mainstream, and it
Speaker 1: feels like it has allowed you guys, as a business,
Speaker 1: ultimately we are Bloomberg here to really expand some partnerships
Speaker 1: and maybe uh set up some relationships with people who otherwise,
Speaker 1: I mean talking about governments and other folks who maybe
Speaker 1: ten or fifteen years ago would be like, Okay, thanks
Speaker 1: a lot weirdos, but we got this um but you know,
Speaker 1: tell us about some of the some of the stuff
Speaker 1: you're doing. Yeah, well, people always responded to us like
Speaker 1: that in the early days, I can assure you they
Speaker 1: definitely thought we were stranger and we talked about this idea.
Speaker 1: But yeah, that's definitely shifted. I think the fact that
Speaker 1: you know, Governor rang us up, that Michigan rang us up,
Speaker 1: and I think the reason that that that happened and
Speaker 1: we partnered with New York and Michigan and we've got
Speaker 1: some more coming down the pipeline as well some other
Speaker 1: big partnerships with government is because of the science and
Speaker 1: the efficacy of it. You know, we've been we're the
Speaker 1: only mental health digital mental health product out there with
Speaker 1: the volume of research. We have over sixty five papers
Speaker 1: currently in process, twenty of which have been published proving
Speaker 1: that Headspace can reduce aggression, increased compassion, reduced stress, increased focus,
Speaker 1: reduced job burnout in in um in kind of approved journals.
Speaker 1: And that's Headspace. CEO Richard Pearson joining us from California.
Speaker 1: He is English, as his his co founder. His co
Speaker 1: founder Andy Puttycomb, is a voice you and I've heard
Speaker 1: in our ears many many times, so it was interesting
Speaker 1: to get his perspective. Also, the sort of mainstreaming of
Speaker 1: something that a few years ago was a little woo woo,
Speaker 1: let's be honest a little well, what's interesting to you?
Speaker 1: And what really I took away from it the reminder
Speaker 1: that meditation, you know, it's not about being relaxed or
Speaker 1: being calm. It's not about stopping your thoughts. It's about
Speaker 1: having a different relationship with your thoughts, which I think
Speaker 1: at this time, at this crisis, is something that a
Speaker 1: lot of people really need and could help them out.
Speaker 1: And that wraps up the weekend edition of Bloomberg Business
Speaker 1: Week from Bloomberg Radio. Thanks for joining us. Stay safe everyone,
Speaker 1: I'm Carol Masser and I'm Jason Kelly. Be shure to
Speaker 1: tune into Bloomberg Business Week Radio Live Money through Friday,
Speaker 1: starting at two pm Wall Street Time, And if you
Speaker 1: can't catch us live, get our daily podcast wherever you
Speaker 1: download your podcast. You can also watch the show live
Speaker 1: on YouTube. Just go there and search for Bloomberg Global News.
Speaker 1: We'll be back next week at the same time. This
Speaker 1: is Bloomberg