WEBVTT - Surveillance: Infrastructure Plan With Deese 0:00:05.120 --> 0:00:09.200 Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Along 0:00:09.240 --> 0:00:13.200 with Jonathan Ferrell and Lisa Brownwitz. Daily we bring you 0:00:13.320 --> 0:00:18.600 insight from the best and economics, finance, investment, and international relations. 0:00:18.960 --> 0:00:23.840 Find Bloomberg Surveillance on Apple Podcast, Suncloud, Bloomberg dot Com, 0:00:23.920 --> 0:00:30.360 and of course on the Bloomberg Terminal. The worlds attention 0:00:30.360 --> 0:00:32.120 on the President of the United States and a two 0:00:32.120 --> 0:00:35.600 point to five. You can really take your point there, John, 0:00:35.640 --> 0:00:38.320 about the world will be attention here because this is 0:00:38.360 --> 0:00:41.040 a sea change in terms of stimulus, and then as 0:00:41.120 --> 0:00:43.960 we see on infrastructure. What I like about this John, 0:00:43.960 --> 0:00:47.879 and particularly our next guest, is he is definitive as 0:00:47.960 --> 0:00:52.360 the experienced deputy. I don't know anyone John of this 0:00:52.680 --> 0:00:57.520 vintage who as deputy or special assistant has such an 0:00:57.560 --> 0:01:02.040 interesting cross section of experience ends in the executive process 0:01:02.040 --> 0:01:04.400 in Washington. That man is Brian da City joins us 0:01:04.480 --> 0:01:08.040 right now, the White House Director of the National Economic Council, 0:01:08.080 --> 0:01:10.320 Brian Good to catch up again. Let's just start right here. 0:01:10.400 --> 0:01:12.640 Big plan, a lot of detail we need to work through. 0:01:12.720 --> 0:01:14.640 I want to start with a simple one. Help me 0:01:14.720 --> 0:01:17.920 understand how you'll measure success beyond just big terms like 0:01:17.959 --> 0:01:20.440 closing the gap, closing the keg. How will you measure 0:01:20.480 --> 0:01:24.600 success specifically in the years to come. Well, look, it's 0:01:24.600 --> 0:01:26.640 good to be with you, guys. We have a major 0:01:26.680 --> 0:01:30.520 infrastructure problem in the United States were globally when it 0:01:30.520 --> 0:01:33.760 comes to our physical infrastructure, our roads are in bad 0:01:33.800 --> 0:01:36.919 need of a pair. The typical person pays a thousand 0:01:37.000 --> 0:01:40.880 dollars in extra cost in wasted time and fuel. And 0:01:40.920 --> 0:01:43.880 if you think about modern infrastructure like broadband, one in 0:01:43.959 --> 0:01:46.960 three households in rural areas of the country can't even 0:01:46.959 --> 0:01:50.400 access high speed internet. This is all holding our economy back. 0:01:50.640 --> 0:01:52.800 So as we think about coming out of this crisis 0:01:52.840 --> 0:01:55.280 and rebuilding and building back better, as the President said, 0:01:55.440 --> 0:01:58.520 we need to train our focus on a big, bold, 0:01:58.560 --> 0:02:01.280 but also practical in smen in America, and that's what 0:02:01.400 --> 0:02:03.480 the President is going to talk about today. The American 0:02:03.560 --> 0:02:07.560 Jobs Plan is a historic capital investment in America, and 0:02:07.560 --> 0:02:10.240 our metric of success will be can we make a 0:02:10.360 --> 0:02:15.079 generational investment improve these things that matter to people's lives, uh, 0:02:15.160 --> 0:02:17.360 the the way they commute, the way they interact with 0:02:17.400 --> 0:02:19.640 their loved ones, the way they work and do so 0:02:19.720 --> 0:02:21.920 in a way that actually creates millions of jobs in 0:02:21.960 --> 0:02:24.079 the process. So that's the goal. That's the that's where 0:02:24.080 --> 0:02:25.720 the President will be talking about today, and that's where 0:02:25.720 --> 0:02:27.760 we'll be kicking off the legislative process. This, of course 0:02:27.840 --> 0:02:30.320 is public sector investment. We need to talk about private 0:02:30.320 --> 0:02:32.760 sector investment as well. And many people will be asking 0:02:32.800 --> 0:02:35.240 Brian how writing the corporate tax right as we come 0:02:35.240 --> 0:02:41.040 out of a crisis actually helps develop private investment in America. Well, look, 0:02:41.320 --> 0:02:43.360 you talk about private investment, and I do want to 0:02:43.360 --> 0:02:46.880 just make an important point. These public investments are among 0:02:46.919 --> 0:02:50.320 the highest return investments in terms of spurring private investments. 0:02:50.320 --> 0:02:54.080 So we know public investments in airports return several dollars 0:02:54.080 --> 0:02:56.840 in private investments. Public investments in basic R and D 0:02:57.320 --> 0:03:01.320 provide the backbone for innovation off what private investment flows. 0:03:01.520 --> 0:03:03.280 So we know these are the kinds of high value 0:03:03.320 --> 0:03:06.280 investments that can spur the kind of private investment we need. 0:03:06.560 --> 0:03:08.560 We also think it's a reasonable thing to look at 0:03:08.600 --> 0:03:11.520 how to cover the cost of that capital investment over 0:03:11.560 --> 0:03:13.760 the long term. That's where the President's proposal comes in, 0:03:14.000 --> 0:03:17.839 corporate tax reform. Let's end the race to the bottom internationally. 0:03:17.919 --> 0:03:21.400 Let's have a competitive tax system that encourages domestic investment 0:03:21.639 --> 0:03:23.640 and do so in a way that over fifteen years, 0:03:23.639 --> 0:03:27.200 would raise sufficient revenue to cover this plan. Ryandece, you 0:03:27.200 --> 0:03:30.000 will be in Pittsburgh, that is in the vicinity of 0:03:30.080 --> 0:03:34.960 Connor Lambs sevente Congressional district. You need Connor Lamb's vote 0:03:34.960 --> 0:03:37.920 to get this done. How are you going to amend 0:03:38.120 --> 0:03:42.200 adjust establish the Texas to pay for this so that 0:03:42.320 --> 0:03:46.760 Mr Lamb can be reelected. Look in districts like that 0:03:46.880 --> 0:03:49.480 and all around the country, people see and feel why 0:03:49.520 --> 0:03:54.200 we need this investment. Bridges are crumbling, schools are crumbling. 0:03:54.480 --> 0:03:58.120 There are four thousand schools, including in that district, where 0:03:58.200 --> 0:04:00.800 kids are drinking water from lead. Okay, but how are 0:04:00.800 --> 0:04:03.000 you going to do the Texes? Brian, tell me how 0:04:03.080 --> 0:04:05.640 Connor lama is going to vote for this given the 0:04:05.720 --> 0:04:10.280 tax hesitancy from sea to shining Sea. Here's what I 0:04:10.280 --> 0:04:13.080 would say. You look at the seventeen tax cut that 0:04:13.200 --> 0:04:17.040 passed without a single Democratic vote. It was bad tax policy. 0:04:17.720 --> 0:04:22.159 It's encouraged more profits and production to actually move overseas, 0:04:22.480 --> 0:04:25.200 and it's deeply unpopular. What we're saying is we can 0:04:25.240 --> 0:04:28.320 do better than that. We can create a competitive tax code. 0:04:28.560 --> 0:04:30.720 We can raise revenue, and we can invest in things 0:04:30.800 --> 0:04:34.120 that really matter to the American people. And so that's 0:04:34.160 --> 0:04:37.360 the that's the basics of this. The corporate tax reforms 0:04:37.360 --> 0:04:40.200 that we're talking about here would still leave the corporate 0:04:40.279 --> 0:04:43.840 rate lower than any year since World War Two, other 0:04:43.880 --> 0:04:45.359 than the last couple of years in the wake of 0:04:45.360 --> 0:04:47.320 the Trump tax cut. So we're talking about a year 0:04:47.360 --> 0:04:50.800 is reasonable and practical, and the investments would really change 0:04:50.839 --> 0:04:54.320 the game for families in places like western Pennsylvania r 0:04:54.360 --> 0:04:57.040 And there's a radical economic sea change under what you're 0:04:57.040 --> 0:05:00.120 talking about. This idea that in the past there a 0:05:00.200 --> 0:05:03.279 popular belief that the private sector was way more efficient 0:05:03.320 --> 0:05:05.920 than the public sector. It was the way to generate growth. 0:05:06.360 --> 0:05:10.240 This proposal questions that, basically saying it needs to come 0:05:10.240 --> 0:05:12.400 from the government. Yes, it's infrastructure, but it's a lot 0:05:12.400 --> 0:05:15.560 of other programs as well. What evidence are you pointing 0:05:15.600 --> 0:05:19.920 to that public investing can be perhaps as efficient or 0:05:19.960 --> 0:05:23.600 more efficient in generating growth and pushing this economy ahead. 0:05:25.080 --> 0:05:27.280 Look at the end of the day, the private investment 0:05:27.279 --> 0:05:31.080 and what is what drives the economy forward. But at core, 0:05:31.640 --> 0:05:34.200 if we look back to great periods where America has 0:05:34.200 --> 0:05:36.120 done great things, whether it's the building of the interstate 0:05:36.160 --> 0:05:38.920 highway system or the space race in the nineteen sixties. 0:05:39.320 --> 0:05:43.919 Well designed public investment can spur innovation at could spur productivity, 0:05:43.920 --> 0:05:45.960 and it could spur job growth all around in America. 0:05:46.320 --> 0:05:48.680 We know that's true in things like basic research. We 0:05:48.760 --> 0:05:51.400 know it's true in things like physical infrastructure. And the 0:05:51.440 --> 0:05:55.239 issue is that for forty years we have undermined those 0:05:55.360 --> 0:05:58.520 basic drivers of economic growth. So this isn't about the 0:05:58.520 --> 0:06:01.560 public versa private sector. This is about public sector investments 0:06:01.560 --> 0:06:04.599 that we know will actually generate job growth, we know 0:06:04.720 --> 0:06:07.640 will help spur innovation across the economy, and we have 0:06:07.720 --> 0:06:10.159 done before as a country. This is not new. It's 0:06:10.200 --> 0:06:12.320 just that we haven't done it in quite some time, 0:06:12.400 --> 0:06:14.440 and we need to do it at historic scale, something 0:06:14.520 --> 0:06:16.760 we haven't discussed. I found this morning bron is staying 0:06:16.839 --> 0:06:18.840 local tax deductions. Can we sit on that just for 0:06:18.880 --> 0:06:22.039 a moment. There are three House Democrats basically saying we 0:06:22.080 --> 0:06:24.719 say no sell, no deal. What's your message for them 0:06:24.760 --> 0:06:28.039 this morning? Look, the President is gonna put out his 0:06:28.080 --> 0:06:30.240 plan today. He's going to talk about why we need 0:06:30.279 --> 0:06:32.400 these investments, and he can talk about some of his 0:06:32.520 --> 0:06:35.000 ideas on how to pay for it. He is eager 0:06:35.080 --> 0:06:38.000 and we are eager now to hear from everyone about 0:06:38.000 --> 0:06:39.640 their ideas. There's a lot of people who are going 0:06:39.680 --> 0:06:42.240 to have ideas about how to structure those investments, people 0:06:42.240 --> 0:06:44.560 who are gonna have ideas about how to pay for this. 0:06:44.760 --> 0:06:46.520 Some people may argue that we don't need to pay 0:06:46.560 --> 0:06:49.320 for portions of this. That's the conversation that we need 0:06:49.360 --> 0:06:51.400 to move forward here. What the President is going to 0:06:51.480 --> 0:06:54.760 be clear is that he wants input from Republicans and 0:06:54.800 --> 0:06:57.479 Democrats alife. We want to find practical ways to move 0:06:57.480 --> 0:07:01.239 this forward, but these are investments that we cannot afford 0:07:01.279 --> 0:07:03.040 not to make. That's the message you're here from the 0:07:03.040 --> 0:07:04.880 president and you want to stand from the Republican side. 0:07:04.920 --> 0:07:07.560 They don't feel like you want their input whatsoever. They 0:07:07.560 --> 0:07:09.240 were invited to the White House for the last one 0:07:09.240 --> 0:07:11.240 point nine trily in dollar bill. They didn't feel like 0:07:11.280 --> 0:07:13.680 they would listen to. Are you just saying that or 0:07:13.720 --> 0:07:15.880 do you actually hear something from the Republican side you'd 0:07:15.880 --> 0:07:19.360 like to include and if so, what is it. This 0:07:19.440 --> 0:07:23.240 issue of infrastructure having creates a unique opportunity for us 0:07:23.280 --> 0:07:27.000 to do work together and find common ground solutions. This 0:07:27.080 --> 0:07:29.240 is an issue that four years you all know you've 0:07:29.280 --> 0:07:33.240 been covering it. Democrats and Republicans, the business community, the 0:07:33.320 --> 0:07:36.080 labor community have all been saying, can't we come together 0:07:36.160 --> 0:07:39.280 and do something big on America's infrastructure. This has been 0:07:39.320 --> 0:07:41.559 happening for years. We've been saying this, but we haven't 0:07:41.600 --> 0:07:44.480 actually done it. We believe this is a unique opportunity. 0:07:44.480 --> 0:07:46.880 This is a moment and we are absolutely committed to 0:07:46.920 --> 0:07:49.240 the idea that we want to bring people together here 0:07:49.280 --> 0:07:51.520 their ideas and find a way forward. Brian, I want 0:07:51.600 --> 0:07:53.840 you to speak to the nation now, and frankly, Brian, 0:07:53.880 --> 0:07:56.640 I'm worried about those loudsy bridges on Roots seven up 0:07:56.640 --> 0:08:00.120 by Middlebury in Vermont, But Brian, I want you to 0:08:00.160 --> 0:08:05.720 speak about this. How far behind we are in internet 0:08:05.840 --> 0:08:10.120 and fast internet for our children learning across America. Is 0:08:10.160 --> 0:08:15.120 this bill today gonna solve that problem? Look, this crisis 0:08:15.240 --> 0:08:19.280 has exposed just how vulnerable we are as a country 0:08:19.320 --> 0:08:23.320 to the fact that we don't have the basic infrastructure 0:08:23.400 --> 0:08:26.360 backbone of the twenty century. We don't have high speed, 0:08:26.360 --> 0:08:29.160 reliable internet for everyone. You know, there are kids around 0:08:29.160 --> 0:08:33.040 the country who are sitting in McDonald's parking lots can 0:08:33.080 --> 0:08:35.160 get all mine to try to What are we going 0:08:35.240 --> 0:08:39.439 to do about in this bill today? It's gonna fix 0:08:39.520 --> 0:08:43.040 the McDonald's parking lot to take my kid to Starbucks 0:08:43.120 --> 0:08:47.240 reality we see in the island of Manhattan. Absolutely, this 0:08:47.320 --> 0:08:51.600 bill is going to commit a hundred billion dollars to 0:08:51.800 --> 0:08:56.319 get the goal of a pent access to affordable broadband 0:08:56.440 --> 0:08:59.360 in this decade. It'll do it by building out the 0:08:59.360 --> 0:09:03.280 physical the physical elements we need, particularly in rural and 0:09:03.280 --> 0:09:06.160 remote areas. And it will do it by providing carrots 0:09:06.160 --> 0:09:08.360 and sticks to carriers to make sure that there are 0:09:08.360 --> 0:09:11.480 affordable plans available in every part of the country. We 0:09:11.559 --> 0:09:13.839 can do this in this decade. We need a one 0:09:13.880 --> 0:09:17.400 time investment of public capital, which will spur enormous amounts 0:09:17.400 --> 0:09:19.400 of private capital and is also the right thing to 0:09:19.480 --> 0:09:21.800 do so that our kids, and our families and our 0:09:21.840 --> 0:09:25.680 businesses can actually get into the twenty one century economy. Brian, 0:09:25.920 --> 0:09:28.160 this two point to five trillion dollar plan is thought 0:09:28.160 --> 0:09:30.040 of as a wish list as much as it is 0:09:30.120 --> 0:09:33.760 an outline for Biden's plans. How negotiable is this at 0:09:33.760 --> 0:09:35.800 this point? Where can we see it going in terms 0:09:35.880 --> 0:09:40.080 of the main non negotiable points. Well, I think if 0:09:40.120 --> 0:09:44.280 you go through this plan. Every element of it reflects 0:09:44.320 --> 0:09:46.600 serious and thoughtful work that has been done over the 0:09:46.640 --> 0:09:49.360 course of years to identify where our gaps in our 0:09:49.400 --> 0:09:53.079 infrastructure exist and how we could actually invest to solve them, 0:09:53.120 --> 0:09:55.040 like the issue of broadband we were just talking about. 0:09:55.480 --> 0:09:57.360 So what we're gonna do is we're gonna sit down 0:09:57.360 --> 0:10:00.360 and ask people where do they see opportunity here and 0:10:00.400 --> 0:10:03.400 where can we move move the ball forward. But what 0:10:03.480 --> 0:10:06.560 the President is going to be uncompromising about is to say, 0:10:06.600 --> 0:10:09.160 this is a moment where we need to make a 0:10:09.160 --> 0:10:13.040 big capital investment in the country. Everybody recognizes that that's 0:10:13.080 --> 0:10:16.120 the case. The question is can we actually get it done. 0:10:16.320 --> 0:10:18.080 That's what the President is going to be saying, Brian, 0:10:18.160 --> 0:10:20.520 let's finish on this two point to five trillion. And 0:10:20.520 --> 0:10:23.160 in the White House statement the great challenges of our time, 0:10:23.400 --> 0:10:27.360 the climate crisis and the ambitions of an autocratic China. 0:10:28.000 --> 0:10:31.000 I found the last line there just absolutely fascinating. The 0:10:31.040 --> 0:10:34.240 ambitions of an autocratic China. Can you span out specifically 0:10:34.280 --> 0:10:36.760 to us how the challenge is posed by the Chinese 0:10:36.760 --> 0:10:38.839 Communist Party have shaped this bill in front of us, 0:10:39.120 --> 0:10:42.360 this plan. Well, one of the things the President is 0:10:42.360 --> 0:10:45.040 going to talk about today is that this moment is bigger. 0:10:45.480 --> 0:10:48.760 You've mentioned earlier that the world is watching that this 0:10:48.880 --> 0:10:53.120 is a moment where the question is can democracy succeed 0:10:53.160 --> 0:10:56.480 in delivering for for their people? And that's a question 0:10:56.520 --> 0:10:58.720 that a lot of people are asking all around the world. 0:10:59.240 --> 0:11:00.800 So part of what we're trying to do, your part 0:11:00.880 --> 0:11:02.360 with the President is trying to do here is to 0:11:02.440 --> 0:11:05.280 make clear what the stakes are. We are falling behind 0:11:05.320 --> 0:11:07.800 in R and D, We're falling behind an investment in 0:11:07.960 --> 0:11:11.720 supply chains and critical industries. But this is a moment 0:11:11.760 --> 0:11:15.760 where we can show that American actually invest domestically in 0:11:15.800 --> 0:11:18.559 our own domestic strength in a way that will provide 0:11:18.559 --> 0:11:20.720 benefits to the world. We've already seen it with the 0:11:20.760 --> 0:11:23.480 Rescue Plan. We passed the Rescue Plan. We've seen increases 0:11:23.480 --> 0:11:25.720 in our own growth rate, but also spillovers in terms 0:11:25.720 --> 0:11:28.000 of demand for the world. That is the essential role 0:11:28.080 --> 0:11:31.280 that the American economy can play and American democracy can 0:11:31.280 --> 0:11:32.920 play in the world. We just have to show that 0:11:32.920 --> 0:11:34.960 we're up to the task. Great to catch up with you. 0:11:35.040 --> 0:11:37.160 Let's talk again soon, specifically on China. We'd love to 0:11:37.160 --> 0:11:41.040 continue that conversation. BRYANTSA the white House, National Economic Council 0:11:41.400 --> 0:11:49.720 Director opening day used to be April ten. I don't 0:11:49.760 --> 0:11:53.120 know when it was Cincinnati, but I tell you, Lisa, 0:11:53.440 --> 0:11:56.160 it will be great to see all of sports get 0:11:56.200 --> 0:11:58.679 back in some way or form, as we see with 0:11:58.800 --> 0:12:01.160 the n C Double A right now. Yeah, My plans 0:12:01.160 --> 0:12:03.360 have definitely have been charted out to try to get 0:12:03.360 --> 0:12:05.480 everyone back, and not just for vaccinations. Where I know 0:12:05.559 --> 0:12:08.280 that city Field, for example in New York City has 0:12:08.320 --> 0:12:11.520 been in Yankee Citium for that matter, have been outfitted 0:12:11.600 --> 0:12:15.600 as inoculation stations. There is a question of how baseball, 0:12:15.679 --> 0:12:17.920 of how some of the other sports will look different 0:12:18.160 --> 0:12:21.640 in a post pandemic era, Tom or a almost post 0:12:21.679 --> 0:12:25.679 pandemic era, almost pandemic era. That is something we will 0:12:25.679 --> 0:12:28.360 address down. Lisa, Bramwots and Tom Kenyan. We welcome all 0:12:28.360 --> 0:12:31.640 of you, particularly Bloomberg eleven three oh in New York 0:12:31.679 --> 0:12:36.480 and I must say up on Boston are Bloomberg affiliate 0:12:36.559 --> 0:12:39.960 up in Boston as well joining us now. Derek Jeter 0:12:40.480 --> 0:12:43.960 of the Miami Marlins are chief executive officer. He launching 0:12:44.040 --> 0:12:46.680 himself into the stands a few years ago, the one 0:12:46.800 --> 0:12:50.680 Yankee that red Sox fans due respect and also with us. 0:12:50.720 --> 0:12:54.280 Anthony Shea with Loane Depot, the executive of the Marlins, 0:12:54.400 --> 0:12:59.280 and the gentleman from Loan Depot, celebrate their announcement that 0:12:59.400 --> 0:13:02.600 Loan Deepot will sponsor the stadium and will be very 0:13:02.720 --> 0:13:06.000 visible for the Miami Marlins in this season. Anthony say, 0:13:06.240 --> 0:13:09.960 from Sea to Shining Sea, you do loans for America, 0:13:10.400 --> 0:13:13.880 you do financing for America. What is your advantage to 0:13:13.960 --> 0:13:19.240 brand with Derek Jeter and the Miami Marlins. Well, good morning, Uh, 0:13:19.280 --> 0:13:22.360 it is such an exciting day as I'm sitting here 0:13:22.840 --> 0:13:26.160 at the new Loan People Park. I think our partnership 0:13:26.240 --> 0:13:30.680 between two organizations, particularly with Derek, is just a natural fit. 0:13:31.280 --> 0:13:35.280 We're just so enthusiastic about partnering up with Derek and 0:13:35.440 --> 0:13:38.320 the Marlins organization and that we just couldn't do more 0:13:38.360 --> 0:13:42.120 through Derek. It is the Miami Marlins, which you've worked 0:13:42.160 --> 0:13:45.439 four in five years on to improve and to really 0:13:45.520 --> 0:13:49.880 recast the franchise like you knew in New York. Where 0:13:49.880 --> 0:13:53.600 are you on the path right now? Well, look, you know, 0:13:53.640 --> 0:13:55.640 we we've made a lot of progress I think in 0:13:55.679 --> 0:13:57.280 the three and a half years that we've been here, 0:13:57.280 --> 0:13:58.840 but we still have a long way to go. You'll 0:13:58.880 --> 0:14:00.320 you'll always hear me say we have a long way 0:14:00.360 --> 0:14:02.120 to go, regardless of what happens during the course of 0:14:02.120 --> 0:14:06.400 the season, but we're taking some positive strides forward, you know, 0:14:06.480 --> 0:14:09.960 both on the baseball operations side and the business operation side, 0:14:10.000 --> 0:14:13.240 and day like today is is extremely important to our 0:14:13.280 --> 0:14:16.400 our organization and we could be happier with the partnership 0:14:16.440 --> 0:14:18.400 that we have with Anthony and little people. You start 0:14:18.440 --> 0:14:20.840 with the Citrus Series with Tampa, but then you've got 0:14:20.840 --> 0:14:22.440 to get on the road and all the rest of 0:14:22.480 --> 0:14:25.960 the grind of Major League Baseball. Derek Jeter, you were 0:14:26.000 --> 0:14:30.000 affected by COVID last year and frankly into this year. 0:14:30.320 --> 0:14:33.240 What precautions? What did you learn from that process that 0:14:33.360 --> 0:14:36.880 you can bring forward? Is this nation heels? Yeah, I'll 0:14:36.880 --> 0:14:39.920 tell you what you know, I said it at the time. Affected. 0:14:39.920 --> 0:14:41.600 I don't even know if that's the right word to use. 0:14:41.640 --> 0:14:43.920 I mean, we had, you know, eight team players as 0:14:43.960 --> 0:14:46.400 positive in the in the span of a week. And 0:14:46.680 --> 0:14:48.480 you know what I think we learned through it to 0:14:48.560 --> 0:14:52.320 the course of that ordeal was but you can't take 0:14:52.320 --> 0:14:54.720 anything for granted. I think there was a false sense 0:14:54.760 --> 0:14:57.200 of security with our players because we were in somewhat 0:14:57.200 --> 0:15:00.360 of a bubble, and it just takes one one case 0:15:00.440 --> 0:15:03.120 that can can end up spreading throughout an entire team. 0:15:03.200 --> 0:15:05.640 And and uh, you know, the health and safety of 0:15:06.080 --> 0:15:08.720 you know, our players are coaches, our staff are fans 0:15:08.800 --> 0:15:11.680 is extremely important to us. And uh, you know, you 0:15:11.760 --> 0:15:14.479 learn from past mistakes and you move on. So we're 0:15:14.520 --> 0:15:16.680 happy that. Uh, you know, I think baseball is an 0:15:16.680 --> 0:15:19.840 industry up until this point has has uh stayed pretty 0:15:19.840 --> 0:15:22.120 clear of COVID up into this point. What do you 0:15:22.160 --> 0:15:24.960 think it's harder, Derek being part of a team that 0:15:25.040 --> 0:15:28.640 won five World Series or running a baseball franchise as 0:15:28.640 --> 0:15:32.960 the owner. That's a good question. I don't even know 0:15:32.960 --> 0:15:35.600 how to answer that. They're both pretty difficult. I think 0:15:35.640 --> 0:15:37.240 you know, you mentioned it. When you're on a team, 0:15:37.320 --> 0:15:39.320 you're on a field and you have one goal and 0:15:39.360 --> 0:15:41.400 that's to win a championship each and every year, and 0:15:41.440 --> 0:15:43.640 nothing changes. It's the same thing here. I think the 0:15:43.680 --> 0:15:46.800 difference probably is, you know, you're when you when you're playing, 0:15:46.840 --> 0:15:49.040 it's that particular game, that particular day, and on the 0:15:49.040 --> 0:15:51.520 business side, you're looking three, four, five years down the road. 0:15:51.560 --> 0:15:53.640 So I think there's a lot of similarities. But at 0:15:53.640 --> 0:15:55.960 the same time, you gotta have a little bit more patients, alright, 0:15:56.000 --> 0:15:58.000 So more patients three or four or five years down 0:15:58.000 --> 0:16:01.040 the low down the road. At a time when baseball 0:16:01.040 --> 0:16:03.480 franchises across the nation have been really affected by the 0:16:03.480 --> 0:16:06.040 COVID pandemic just because of the revenues that have not 0:16:06.200 --> 0:16:09.280 come in, how will that affect the five year plan 0:16:09.440 --> 0:16:11.960 as you see it right now? I don't think it 0:16:12.000 --> 0:16:14.360 necessarily changes as much. I mean, you know, you look 0:16:14.400 --> 0:16:16.400 at partnerships like the one we have right now with 0:16:16.400 --> 0:16:18.880 with Anthony and Loan Depot. You know, you still have 0:16:18.960 --> 0:16:20.840 to look at the the overall plan, and we're not 0:16:20.840 --> 0:16:23.600 gonna change. You know, we said when we got here 0:16:23.600 --> 0:16:25.880 what we're gonna do, wanted to build sustainable success and 0:16:25.920 --> 0:16:27.640 that's on the field, it's off the field, and it's 0:16:27.640 --> 0:16:30.120 partnerships like this that help us out. And you know, 0:16:30.160 --> 0:16:31.760 on the field, I think we've done a pretty good 0:16:31.840 --> 0:16:34.520 job of building an organization that you know, we can 0:16:34.560 --> 0:16:36.760 be proud of. And it really made some strikes there 0:16:36.760 --> 0:16:39.080 with the minor league sistem system, which is the foundation 0:16:39.120 --> 0:16:41.800 of our success. So in that sense, you know, look, 0:16:41.840 --> 0:16:45.120 everyone was affected, every industry was affected, and uh, you know, 0:16:45.200 --> 0:16:47.080 moving forward, you just kinda have to bounce back from it. 0:16:47.440 --> 0:16:49.640 Derek Jeter with us on Bloomberg Radio. We're thrilled to 0:16:49.720 --> 0:16:52.560 let you know that the Miami Marlins Chief executive Officer, 0:16:52.640 --> 0:16:55.880 Derek Jeter is with us with anthonyche they celebrate Loan 0:16:55.960 --> 0:17:00.600 Depot's naming rights to the Miami Marlins franchise. Uh. To Anthony, 0:17:00.640 --> 0:17:03.000 I want to link this first to you, Anthony, and 0:17:03.040 --> 0:17:05.800 then to Mr Jeter, and that is the idea of 0:17:05.840 --> 0:17:10.440 the spirit of Miami is personified by Mr Jeter. Anthony. 0:17:10.600 --> 0:17:13.000 I don't know if you know this, but Jeter launched 0:17:13.080 --> 0:17:16.639 himself into the stands and a follow ball seven and 0:17:16.640 --> 0:17:19.480 a half games ahead of the Red Sox a million 0:17:19.560 --> 0:17:23.720 years ago. What's the spirit Anthony that Loan Depot season 0:17:23.800 --> 0:17:28.640 all of Florida in this building boom. Well, we as 0:17:28.640 --> 0:17:34.840 America's lender. Uh, you certainly have become part of supporting 0:17:34.840 --> 0:17:40.399 America's housing. Florida is a critically important state for not 0:17:40.480 --> 0:17:43.320 only America, but certainly for Loan Depot. Is one of 0:17:43.320 --> 0:17:48.119 our top customer base. In addition to the fact that, uh, 0:17:48.359 --> 0:17:51.560 you know, Florida is a great great yachting capital of 0:17:51.600 --> 0:17:54.960 the world which we personally and I personally enjoy and 0:17:55.400 --> 0:17:59.600 having the opportunity to pair up with winners here is 0:17:59.640 --> 0:18:02.880 just agree opportunity for us, Derek, to the kids today 0:18:02.920 --> 0:18:04.760 play like you. I mean, I know it's like in 0:18:04.840 --> 0:18:07.439 the ESPN question and I'm supposed to say that and 0:18:07.480 --> 0:18:10.320 all that, but come on, Derek, you know I see 0:18:10.320 --> 0:18:13.320 the nation and trying to get baseball front and center 0:18:13.640 --> 0:18:16.080 to the kids today. Would they go into the stands 0:18:16.440 --> 0:18:19.760 on a late night twelfth inning? Well, first of all, 0:18:19.880 --> 0:18:21.720 I want to say, I don't appreciate you saying that 0:18:21.760 --> 0:18:26.560 was a million years ago. It wasn't that long ago 0:18:26.920 --> 0:18:31.800 like that, but uh, you know, look, it's it's the 0:18:31.840 --> 0:18:34.800 game changes. It changes from every generation. I remember when 0:18:35.160 --> 0:18:37.240 you know, I was younger, and and you know, one 0:18:37.359 --> 0:18:39.119 great thing is you have access to a lot of 0:18:39.160 --> 0:18:40.840 the ex players and they come in and tell you 0:18:40.840 --> 0:18:42.680 how much the game change. So the game has changed, 0:18:43.560 --> 0:18:45.199 but the game is exciting with a lot of exciting 0:18:45.240 --> 0:18:48.400 young players that are in our organization and other organizations. 0:18:48.400 --> 0:18:50.960 So I I I kinda find it kind of hard 0:18:51.000 --> 0:18:53.560 to try to compare generations, but you know, there's a 0:18:53.560 --> 0:18:55.399 lot of exciting players to watch out there. So the 0:18:55.440 --> 0:18:57.760 players are exciting. Derek, there is a question of whether 0:18:57.800 --> 0:19:00.919 we can shorten the games and whether or not perhaps 0:19:00.960 --> 0:19:03.720 some of the breaks for commercials, for other things, some 0:19:03.800 --> 0:19:06.879 of the waiting and that people are perhaps don't have 0:19:06.880 --> 0:19:10.280 the attention span for should be eliminated. Do you support 0:19:10.320 --> 0:19:13.199 that shortening the games? Taking measures? And what measures do 0:19:13.240 --> 0:19:15.439 you think we should take? Well, I don't know if 0:19:15.440 --> 0:19:18.280 you'd necessarily say shorten the games. I just say increasing 0:19:18.320 --> 0:19:20.760 the action within the game. Look, I mean the games 0:19:20.760 --> 0:19:23.000 are what three hours? Three and a half hours, So yeah, 0:19:23.040 --> 0:19:25.000 there there are ways that you can shorten the games 0:19:25.119 --> 0:19:27.760 to some extent. But I think it's just increasing the 0:19:27.800 --> 0:19:31.000 action and get an opportunity to see how athletic baseball 0:19:31.000 --> 0:19:33.359 players are. And so I think there are some some 0:19:33.480 --> 0:19:36.800 minor rules changes tweaks that you'd be able to accomplish that. Derek, 0:19:36.840 --> 0:19:39.399 I blame Nomar Garcia part. He played with the team 0:19:39.480 --> 0:19:41.480 up to the northeast from where you were playing. He 0:19:41.520 --> 0:19:43.600 gets out of the box. Every kid in America is 0:19:43.640 --> 0:19:46.760 doing this with their hands, stretching out the beat. Do 0:19:46.800 --> 0:19:50.199 we need a clock in baseball? I don't know if 0:19:50.200 --> 0:19:52.680 you necessarily need a clock, you know what I mean? 0:19:52.720 --> 0:19:54.919 They're I think they're you know, they're they're discussing some 0:19:55.000 --> 0:19:57.480 pitch box and and but you know, one of the 0:19:57.520 --> 0:20:00.240 great things about baseball is you know the game ever 0:20:00.280 --> 0:20:01.800 know how long it's gonna be out there. It's a 0:20:01.840 --> 0:20:04.440 family sport. You bring your entire family out and uh 0:20:04.880 --> 0:20:07.280 be able to enjoy three hours with your family. But Derek, 0:20:07.359 --> 0:20:09.680 you know the problem here, and I understand the naming rights. 0:20:09.720 --> 0:20:11.960 You were struggling and you need to get a refight 0:20:12.040 --> 0:20:15.040 through loan Depot and Anthony sheay, but then you rented 0:20:15.080 --> 0:20:18.040 your house to Tom Brady. How is Tom Brady as 0:20:18.080 --> 0:20:20.200 a tenant? I mean, should you have gone to loan 0:20:20.280 --> 0:20:23.199