WEBVTT - Marketers Pushing Black Lives Matter While Underpaying Black Influencers

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<v Speaker 1>This is Bloomberg Business Week. I'm Carol Masser and I'm

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<v Speaker 1>Bloomberg Quick Takes Tim Stanabek. We're here every day bringing

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<v Speaker 1>YouTube search Bloomberg Global News. So I'm guessing that you

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<v Speaker 1>don't have to check your calendar on this, because one

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<v Speaker 1>year today we know the World Health Organization declared the

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<v Speaker 1>coronavirus outbreak a global pandemic. Tim, We've come a long way.

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<v Speaker 1>We have come a long way. We've come a long

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<v Speaker 1>way when it comes to vaccine. But at the same time,

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<v Speaker 1>I think if you were to ask any of us

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<v Speaker 1>one year ago today, if one year later where we

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<v Speaker 1>are now, five hundred more than five hundred thousand of

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<v Speaker 1>our fellow Americans would be dead as a result of

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<v Speaker 1>this pandemic we'd have probably said no way, yeah exactly. Um,

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<v Speaker 1>and listen, we're still hearing stories about people not taking vaccines,

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<v Speaker 1>not wanting to, even as we see the availability of

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<v Speaker 1>such are increasing. Listen, we had a bunch of our

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<v Speaker 1>former presidents get together and really kind of collaborative, collaboratively,

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<v Speaker 1>say let's get the vaccine. Check it out. We've lost

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<v Speaker 1>enough people and which suffered enough damage in order to

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<v Speaker 1>get rid of this pandemic. It's important for our fellow

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<v Speaker 1>citizens to get vaccinated. I'm getting vaccinated. We college we

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<v Speaker 1>won't just pandemic to in as soon as possible, so

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<v Speaker 1>we urge you to get vaccinated and when it's available

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<v Speaker 1>to you, So roll up your sleeve and do your part.

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<v Speaker 1>This is our shot. Now it's up to you, all right. Uh.

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<v Speaker 1>Former presidents and former First ladies. Yeah, that's right. Some

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<v Speaker 1>familiar voices you've heard. George W. Bush, Jimmy Carter, Barack Obama,

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<v Speaker 1>and of course Bill Clinton. One name missing though, yeah fromer.

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<v Speaker 1>President Trump exactly did not take part, but we do

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<v Speaker 1>know he and the former First Lady Um Milania did

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<v Speaker 1>get the vaccine. They did. They got it in secret though,

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<v Speaker 1>at the White House before they left all right. So nonetheless,

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<v Speaker 1>we're hearing a lot of people come out and say,

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<v Speaker 1>let's get the vaccine. So let's get through, uh kind

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<v Speaker 1>of where we've come you know, what we've come through

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<v Speaker 1>over the past year, and where we are Rupoli Lamay.

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<v Speaker 1>She is Associate Scientists for the Departments of International Health

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<v Speaker 1>at Johns Hopkins Bloomberg School of Public Health. It is

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<v Speaker 1>supported by Michael R. Bloomberg, founder, Bloomberg LP, and Bloomberg Philanthropies.

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<v Speaker 1>She's on the phone in Falls Church, Virginia. RUPOLLI, thanks

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<v Speaker 1>for um letting us kind of put that out because

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<v Speaker 1>that was kind of a big deal. You know, you

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<v Speaker 1>are seeing lots of leaders and leadership come out and

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<v Speaker 1>really encourage Americans to get the vaccine. That's something you've

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<v Speaker 1>been watching as well. That's right, Thanks so much for

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<v Speaker 1>having me. And I think it's really important if people

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<v Speaker 1>get the vaccine because it is a new product and

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<v Speaker 1>there tends to be I think maybe people might have

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<v Speaker 1>more concerns because it is a new vaccine, So it's

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<v Speaker 1>really important to get folks that people trust out there

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<v Speaker 1>talking about their experiences and showing people that they're also

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<v Speaker 1>getting the vaccine, to show that they trust the process

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<v Speaker 1>and the product. So the reason I brought up President

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<v Speaker 1>Trump not taking part in this is because there's new

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<v Speaker 1>research coming from the Pew Center that says that partisan

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<v Speaker 1>differences are seen in vaccine and tent Democrats are now

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<v Speaker 1>twenty seven percentage points more likely than Republicans to say

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<v Speaker 1>they plan to get or have already received a coronavirus vaccine.

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<v Speaker 1>I wonder from your perspective if if you think that

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<v Speaker 1>it's a missopportunity for the former president not to come

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<v Speaker 1>out publicly he did at Sea Pack. He said he

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<v Speaker 1>told everyone at Sea Pack to get a shot, but

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<v Speaker 1>not to participate in a video like this that and

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<v Speaker 1>and not be public when he got the vaccine in

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<v Speaker 1>secret at the White House back in January. You know,

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<v Speaker 1>it's a great question, and I think if we track

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<v Speaker 1>intentions since the beginning of last March, from about a

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<v Speaker 1>year ago today, we can see that there's always been

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<v Speaker 1>a bit of a huge change, I would say with

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<v Speaker 1>regards to the proportion of Democrats that said that they

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<v Speaker 1>would be willing to get a vaccine and Republicans, And

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<v Speaker 1>as you just mentioned in the new Pew report, it's

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<v Speaker 1>actually it's widen compared to what we have seen about

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<v Speaker 1>a year ago, and so I think anything we can

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<v Speaker 1>do to really narrow that gath right is really important.

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<v Speaker 1>Do I think that having a political leader um that

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<v Speaker 1>a lot of people such as former President Trump did

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<v Speaker 1>vote for in and in this last election, come out,

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<v Speaker 1>would that make a difference. Yes, I do think it would. Um.

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<v Speaker 1>I think even if it's not him, I think other

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<v Speaker 1>Republican leaders if they came out and really talked about

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<v Speaker 1>the process of getting the vaccine and you know, maybe

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<v Speaker 1>questions that they may have had that there were then

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<v Speaker 1>a laid after they talked to a healthcare provider or

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<v Speaker 1>a vaccine scientist, I think it would go a long way,

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<v Speaker 1>especially when you look at disparities by state, and you

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<v Speaker 1>look at sort of political ideology by state, and we're

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<v Speaker 1>starting to see some of those differences as well. And listen,

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<v Speaker 1>we understand, right Repoli like why there might be certain

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<v Speaker 1>segments of our population, particularly the black community, who said,

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<v Speaker 1>you know what, I'm not comfortable with this. I get it. Um.

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<v Speaker 1>Having said that, what are you hearing when it comes

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<v Speaker 1>to community leaders. We've talked to folks, uh, you know,

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<v Speaker 1>certainly religious leaders who are trying to reach out to

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<v Speaker 1>their communities, to to especially a minority communities, to help

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<v Speaker 1>them step up. What are you seeing Are we making

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<v Speaker 1>any progress along those lines? I think it's a great question,

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<v Speaker 1>and it's a lot of work that I have been

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<v Speaker 1>focusing on with colleagues that we have been going to

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<v Speaker 1>African American churches and talking to congregation members and really

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<v Speaker 1>you know, trying to be there as resource persons so

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<v Speaker 1>that when people do have questions about the vaccines, were

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<v Speaker 1>able to answer those. I have to give a huge

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<v Speaker 1>sort of hats off, I would say to religious leaders,

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<v Speaker 1>especially within the African American community, that I think are

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<v Speaker 1>really going above and beyond. They want to make sure

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<v Speaker 1>that their members have the right information that they need

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<v Speaker 1>to make an informed decision, and a lot of them

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<v Speaker 1>have reached out to I know, not only myself, but

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<v Speaker 1>other colleagues that have worked in vaccine science and have

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<v Speaker 1>been asking individuals to come and sort of sit in

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<v Speaker 1>on these listening sessions so that individuals that have been

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<v Speaker 1>studying the vaccine science are there for them to ask questions.

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<v Speaker 1>And so I think we are starting to see some

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<v Speaker 1>of that progress. However, I think to your earlier I

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<v Speaker 1>think there is going to be there's as you know,

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<v Speaker 1>medical trauma, historic medical trauma because of experimentation, and so

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<v Speaker 1>I think that, you know, it's gonna be hard to

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<v Speaker 1>eradicate it overall. But I think we're we're doing better

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<v Speaker 1>with regards to disparities. The problem is still going to

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<v Speaker 1>be access, which tends to be more of the issue.

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<v Speaker 1>Not necessarily intention but access to the vaccine. This is

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<v Speaker 1>also becoming a problem. Well, it's interesting because I was

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<v Speaker 1>going to ask you, Okay, so tell me about what

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<v Speaker 1>are the questions people are asking. But if it's increasingly

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<v Speaker 1>maybe not that people and certainly within minority communities are hesitant,

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<v Speaker 1>but it's just about having the access and what are

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<v Speaker 1>we making Are we making any progress in that? Because

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<v Speaker 1>it does feel like Tim and I talked about this,

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<v Speaker 1>It feels like in our spheres that we are seeing

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<v Speaker 1>either family members or people we now that are increasingly

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<v Speaker 1>being able to get access to the vaccine, which it

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<v Speaker 1>didn't feel that way maybe a month ago, six weeks ago. Absolutely,

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<v Speaker 1>I think States are doing an amazing job of ramping up.

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<v Speaker 1>We now have a third vaccine product, which will also help.

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<v Speaker 1>I think these a lot of the issues that we

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<v Speaker 1>were having with supply the problem that we are seeing

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<v Speaker 1>is that the outreef is not necessary really matching the

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<v Speaker 1>segment of the population. And what I mean by that

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<v Speaker 1>is when you're asking individuals to essentially pre register for

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<v Speaker 1>their priority group online and you, as you can imagine,

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<v Speaker 1>you have huge segments of the population that is just

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<v Speaker 1>not comfortable registering online. And that's really where there is

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<v Speaker 1>a mismatch. And we've talked to several states about this,

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<v Speaker 1>is that how do we make sure that we recruit

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<v Speaker 1>and we really communicate our outreach in a way that

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<v Speaker 1>is accessible for the segments that are eligible. And I

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<v Speaker 1>think states are still sort of catching up to that,

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<v Speaker 1>if you will, We're not quite there yet. That's huge.

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<v Speaker 1>I never even thought about that, right because you have

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<v Speaker 1>to put in a ton of information online and if

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<v Speaker 1>you listen, a lot of people may not be comfortable

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<v Speaker 1>with that. Not only if you're not comfortable, but if

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<v Speaker 1>you don't have regular access to the internet, if if

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<v Speaker 1>you're not somebody who accesses the Internet through a PC

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<v Speaker 1>or maybe your smartphone is the primary way you're doing that,

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<v Speaker 1>and it's not necessarily a mobile friendly site. So so,

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<v Speaker 1>so what does that look like, RIPOLLI? Does it? Does

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<v Speaker 1>it look like it looks like door to door with

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<v Speaker 1>with the census. I mean, is is that what we

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<v Speaker 1>are going to have to do? Yeah, No, it's a

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<v Speaker 1>great question, and I think there's a number of different

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<v Speaker 1>ways that we can go about doing this. So earlier

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<v Speaker 1>on in the pandemic, we were working with the City

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<v Speaker 1>of Baltimore to let people know, for example, if they

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<v Speaker 1>needed to get tested, right, because this was sort of

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<v Speaker 1>an issue kind of earlier on about a year ago.

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<v Speaker 1>And one thing that I thought was really interesting and

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<v Speaker 1>innovative was they put in that the city put in

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<v Speaker 1>leafless in water bell, right, so you have your water bell,

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<v Speaker 1>and then in that there's a leaselet of information that

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<v Speaker 1>there was a call in number that you could call

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<v Speaker 1>in different ways in which you can get really assistance

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<v Speaker 1>if you needed help getting testing. I think doing something

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<v Speaker 1>similar like that, because the one thing that we have learned,

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<v Speaker 1>especially going to these different congregations that tend to be

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<v Speaker 1>filled with individuals that are fifty five and older, by

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<v Speaker 1>the way they do say things like well, I don't

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<v Speaker 1>know how to get online or how would I look

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<v Speaker 1>for an appointment at CBS dot com, And so part

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<v Speaker 1>of that is understanding like can we help with peer navigators,

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<v Speaker 1>which has really been happening in a number of different

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<v Speaker 1>countries with regards to any sort of a treatment option.

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<v Speaker 1>Is that something we could do? But I think there

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<v Speaker 1>is still a long way to go. Unluckily, I mean

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<v Speaker 1>a lot of individuals that are older can at least

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<v Speaker 1>have access to individuals that do feel comfortable getting online.

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<v Speaker 1>What do you just do it? Like, why don't we

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<v Speaker 1>just do like after a hurricane or you know, something

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<v Speaker 1>really terrible where there's the Red Cross comes in, there's

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<v Speaker 1>big tents for feeding, people were handing out water. It's

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<v Speaker 1>done overnight. It's just line up and get it done. Yep.

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<v Speaker 1>It's a great idea, and they're starting to do that

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<v Speaker 1>in some states, like for example, I know Hawaii was

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<v Speaker 1>sort of first to this because they started sort of

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<v Speaker 1>math maxination sites if you will, that do not require appointments.

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<v Speaker 1>I believe they have walked in at stadium and this

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<v Speaker 1>was several months ago, right, So they were sort of

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<v Speaker 1>ahead of it in that way because they understood they

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<v Speaker 1>were like, well, people aren't going to get online, right,

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<v Speaker 1>this isn't a way that we're going to be able

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<v Speaker 1>to get people to get an appointment, and so I

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<v Speaker 1>think it's more states are able to do that, and

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<v Speaker 1>you know, move towards that model, then I think we'll

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<v Speaker 1>be able to more quickly and rapidly, I think ramp

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<v Speaker 1>up how many people are actually getting a shot in

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<v Speaker 1>the arm. Well, it's interesting because we are seeing still

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<v Speaker 1>increased demand, you know, more demand than supply in many

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<v Speaker 1>places right now. Yesterday we learned that the state of

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<v Speaker 1>Alaska is reducing the age to anyone who works in

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<v Speaker 1>the state or lives in the state over the age

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<v Speaker 1>of sixteen will soon be able to get the vaccine.

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<v Speaker 1>At the same time, Governor Ronda Santas that Florida said

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<v Speaker 1>the vaccine could be open to all adults in April.

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<v Speaker 1>Are these the right moves right now when we do

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<v Speaker 1>still have demand exceeding supply and among certain demographics and

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<v Speaker 1>age groups. Yeah, I don't think they're mutually exclusive, right.

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<v Speaker 1>I think the goal here is to make sure that

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<v Speaker 1>we're allowing access to populations as quickly as possible, so

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<v Speaker 1>that we can get a proportion of the population vaccinated

0:10:27.559 --> 0:10:29.120
<v Speaker 1>as do it as possible. But I think that can

0:10:29.160 --> 0:10:31.960
<v Speaker 1>go hand to hand with still continuing to do outrage

0:10:31.960 --> 0:10:34.679
<v Speaker 1>where we are seeing disparities right, So whether that be

0:10:35.120 --> 0:10:37.720
<v Speaker 1>you know, a pop up sort of vaccination clinic where

0:10:37.720 --> 0:10:39.720
<v Speaker 1>they set it up in the neighborhood, they allow people

0:10:39.760 --> 0:10:41.840
<v Speaker 1>to come in, they allow people to get vaccinated without

0:10:41.920 --> 0:10:45.320
<v Speaker 1>you know, having pre registration, etcetera. Um, but I think

0:10:45.320 --> 0:10:48.480
<v Speaker 1>it's it's something that you could do simultaneously, side by side,

0:10:48.520 --> 0:10:50.160
<v Speaker 1>and I think that's the only way we're really going

0:10:50.200 --> 0:10:52.200
<v Speaker 1>to be able to reach people that really need to

0:10:52.200 --> 0:10:54.520
<v Speaker 1>get the vaccine, that are more at higher risk of exposure.

0:10:54.559 --> 0:10:56.280
<v Speaker 1>All right, So probably the question that Tim and I

0:10:56.440 --> 0:10:58.160
<v Speaker 1>love to ask people, it's okay, here we are a

0:10:58.280 --> 0:11:00.720
<v Speaker 1>year in. UM, I don't know, it's the timeline do

0:11:00.720 --> 0:11:02.280
<v Speaker 1>you think for this year where we start to feel

0:11:02.320 --> 0:11:05.920
<v Speaker 1>quote unquote normal. It's so funny. We were just looking

0:11:05.960 --> 0:11:08.320
<v Speaker 1>at models this morning. Um, you know, with our Infectious

0:11:08.360 --> 0:11:10.960
<v Speaker 1>Disease Dynamic, this is modeling unit. And one of the

0:11:11.000 --> 0:11:12.520
<v Speaker 1>and one of the questions that I had, of course

0:11:12.679 --> 0:11:14.400
<v Speaker 1>is you know what are we looking at? And I

0:11:14.400 --> 0:11:17.160
<v Speaker 1>think if we can continue, if folks can continue to

0:11:18.000 --> 0:11:20.280
<v Speaker 1>do the non pharmaceutical interventions, and what I mean by

0:11:20.320 --> 0:11:23.120
<v Speaker 1>that is social distancing still you know how wearing a

0:11:23.120 --> 0:11:25.320
<v Speaker 1>face mask for the most part, still meeting outside I

0:11:25.320 --> 0:11:27.000
<v Speaker 1>think if we can stay at the levels that we

0:11:27.040 --> 0:11:29.880
<v Speaker 1>have been engaging in those types of activities, we should

0:11:29.960 --> 0:11:32.120
<v Speaker 1>start to see a pretty The summer is starting to

0:11:32.120 --> 0:11:34.760
<v Speaker 1>look actually really quite nice with regards to how supply

0:11:34.920 --> 0:11:37.600
<v Speaker 1>is changing with Johnson and Johnson coming in UM and

0:11:37.679 --> 0:11:40.280
<v Speaker 1>we'rek helping with that product development processes. I think you

0:11:40.320 --> 0:11:42.280
<v Speaker 1>all know. I think the key here is going to

0:11:42.360 --> 0:11:44.760
<v Speaker 1>be we then see things like what happens in Texas

0:11:44.840 --> 0:11:46.960
<v Speaker 1>where all of a sudden they're repealing a mask mandate.

0:11:47.280 --> 0:11:49.240
<v Speaker 1>And our concern there, as you can imagine, is that

0:11:49.280 --> 0:11:51.520
<v Speaker 1>are we at the right threshold of a population with

0:11:51.559 --> 0:11:54.600
<v Speaker 1>regards to a population acquiring immunity to be able to

0:11:54.600 --> 0:11:57.199
<v Speaker 1>go there yet? And that's the concern is that are

0:11:57.200 --> 0:11:59.200
<v Speaker 1>we going to have setbacks because of that? Right? So

0:11:59.240 --> 0:12:01.280
<v Speaker 1>it's not going to be ques. So I think that's

0:12:01.280 --> 0:12:03.920
<v Speaker 1>going to be the key here. As as governors decide

0:12:03.960 --> 0:12:07.000
<v Speaker 1>to reopen states, are they doing it safely? Are they early?

0:12:07.200 --> 0:12:09.440
<v Speaker 1>Really that's going to impact how we're gonna look. Going

0:12:09.480 --> 0:12:11.560
<v Speaker 1>to need that state to state passport, we can just

0:12:11.559 --> 0:12:16.360
<v Speaker 1>see it a pandemic passport. Poli uh LeMay, thank you

0:12:16.440 --> 0:12:19.679
<v Speaker 1>so much, really appreciated Associate scientist over at Johns Hopkins

0:12:19.920 --> 0:12:23.520
<v Speaker 1>the Bloomberg School of Public Health. This is Bloomberg Business

0:12:23.640 --> 0:12:27.400
<v Speaker 1>Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich

0:12:27.760 --> 0:12:30.200
<v Speaker 1>from Bloomberg Radio. You know, Carol, you and I have

0:12:30.200 --> 0:12:32.680
<v Speaker 1>been talking a lot about it being a year since

0:12:32.720 --> 0:12:36.839
<v Speaker 1>the World Health Organization called this a pandemic. Let's think

0:12:36.840 --> 0:12:39.959
<v Speaker 1>about what has happened during that year. Twenty nine million

0:12:40.000 --> 0:12:42.800
<v Speaker 1>infected here in the United States, five d and twenty

0:12:42.880 --> 0:12:46.840
<v Speaker 1>nine thousand dead, and about ten million who are unemployed.

0:12:47.240 --> 0:12:50.800
<v Speaker 1>That's big destroy, big disruption if you think about it, big,

0:12:50.840 --> 0:12:53.360
<v Speaker 1>big disruption. I mean, it's it's absolutely shocking when when

0:12:53.360 --> 0:12:56.320
<v Speaker 1>we really think about those numbers. Emma Court is somebody

0:12:56.320 --> 0:12:58.079
<v Speaker 1>who has been thinking a lot about those numbers. She's

0:12:58.080 --> 0:13:00.440
<v Speaker 1>a healthcare reporter at Bloomberg News and Us on the

0:13:00.440 --> 0:13:03.960
<v Speaker 1>phone right now from New York City. Emma, your your

0:13:04.040 --> 0:13:08.880
<v Speaker 1>latest future feature follows ten Americans over the last year.

0:13:09.240 --> 0:13:12.120
<v Speaker 1>It's a diverse group. It includes a comedian like Mike

0:13:12.679 --> 0:13:17.720
<v Speaker 1>big Leia. It includes a psychiatrist, it includes a physician,

0:13:18.240 --> 0:13:22.520
<v Speaker 1>It includes a business leader, a funeral home director. How

0:13:22.559 --> 0:13:24.800
<v Speaker 1>their lives have changed over the last year. What is

0:13:24.840 --> 0:13:29.040
<v Speaker 1>a common thread that runs through their stories. Yeah, and

0:13:29.080 --> 0:13:31.959
<v Speaker 1>thank you so much for having me. I really appreciate it.

0:13:32.320 --> 0:13:34.679
<v Speaker 1>I think we're all trying to find ways to process

0:13:34.760 --> 0:13:38.240
<v Speaker 1>what's happened over the last year and understand these tremorous

0:13:38.320 --> 0:13:41.080
<v Speaker 1>changes that have occurred in our lives and in the

0:13:41.120 --> 0:13:44.080
<v Speaker 1>world at large. I think this is the common thread

0:13:44.120 --> 0:13:46.000
<v Speaker 1>between a lot of these stories, and I think many

0:13:46.040 --> 0:13:48.720
<v Speaker 1>of us probably recognize us in our own lives as

0:13:48.760 --> 0:13:51.960
<v Speaker 1>these sort of themes of loss and grief and trauma

0:13:52.080 --> 0:13:56.959
<v Speaker 1>and sorrow, but also you know, change and adjustments and

0:13:57.360 --> 0:14:00.560
<v Speaker 1>coping and so um. You know, we spoke with, you know,

0:14:00.600 --> 0:14:04.440
<v Speaker 1>a funeral director in California, for instance, who you know,

0:14:04.559 --> 0:14:06.959
<v Speaker 1>just a couple of months ago, lost not just her

0:14:06.960 --> 0:14:09.080
<v Speaker 1>father with whom you know, she and her mom and

0:14:09.120 --> 0:14:12.800
<v Speaker 1>her son lived, but also two uncles. And she's also

0:14:12.920 --> 0:14:16.160
<v Speaker 1>grappling with a new reality at work where funeral homes,

0:14:16.240 --> 0:14:18.600
<v Speaker 1>you know, I think, especially in California, have been just

0:14:18.679 --> 0:14:22.400
<v Speaker 1>absolutely overwhelmed and have had to start waiting list for

0:14:22.400 --> 0:14:25.200
<v Speaker 1>for people coming in and even turn some families away,

0:14:25.320 --> 0:14:28.600
<v Speaker 1>and um, that's just been, as you can imagine, incredibly difficult.

0:14:28.600 --> 0:14:31.600
<v Speaker 1>She said. It's almost unheard of in that industry. Um,

0:14:31.640 --> 0:14:34.040
<v Speaker 1>and then you have things like you know, Mike Verbiglia,

0:14:34.160 --> 0:14:37.880
<v Speaker 1>who you know, initially when the pandemic started, thought you know,

0:14:37.920 --> 0:14:43.239
<v Speaker 1>he would never try doing stand up comedy remotely, and then, um,

0:14:43.280 --> 0:14:45.880
<v Speaker 1>you know what he ended up finding. As the pandemic

0:14:45.960 --> 0:14:47.960
<v Speaker 1>drag done over the summer, he said, you know what,

0:14:48.160 --> 0:14:51.360
<v Speaker 1>I will, I will try this out, and he found

0:14:51.440 --> 0:14:54.160
<v Speaker 1>you know, it's a different experience. He said, it's harder,

0:14:54.360 --> 0:14:57.360
<v Speaker 1>for sure than the comedy feller, right, but it's something

0:14:57.360 --> 0:15:00.280
<v Speaker 1>where he can actually see people now in their living rooms,

0:15:00.280 --> 0:15:02.120
<v Speaker 1>sitting on their couch and you can actually see their

0:15:02.120 --> 0:15:04.720
<v Speaker 1>faces as opposed to a dark you know club where

0:15:04.760 --> 0:15:06.400
<v Speaker 1>you can only see kind of the front road because

0:15:06.400 --> 0:15:08.600
<v Speaker 1>of all the bright lights. So I think, um, you know,

0:15:08.640 --> 0:15:10.960
<v Speaker 1>we're all changed because of this, and I think our

0:15:11.000 --> 0:15:13.440
<v Speaker 1>economy has changed, or the way we work and live

0:15:13.520 --> 0:15:16.200
<v Speaker 1>has changed. But there are ways that I think we

0:15:16.240 --> 0:15:18.840
<v Speaker 1>are finding, you know, maybe not a silver lining, but

0:15:18.920 --> 0:15:21.240
<v Speaker 1>you know, new ways of living a bit all that.

0:15:21.480 --> 0:15:23.200
<v Speaker 1>I love what my had to say about reading the room.

0:15:23.200 --> 0:15:26.120
<v Speaker 1>It's a little bit more difficult when you're doing it virtually.

0:15:26.320 --> 0:15:30.280
<v Speaker 1>It's like really tough, you know, speaking about um reading

0:15:30.280 --> 0:15:32.560
<v Speaker 1>the room, I look around the rooms here now that

0:15:32.560 --> 0:15:34.120
<v Speaker 1>I'm back at work, but I think about to my

0:15:34.240 --> 0:15:35.760
<v Speaker 1>room at home when I was working. There was a

0:15:35.760 --> 0:15:37.880
<v Speaker 1>lot of yoga pants. There was a lot of casual

0:15:37.920 --> 0:15:41.200
<v Speaker 1>where I've worn a lot of jeans back at the office,

0:15:41.240 --> 0:15:45.040
<v Speaker 1>which I haven't done in years. Um, fashion industry, that's

0:15:45.080 --> 0:15:48.280
<v Speaker 1>another one. Retail, like, it's just been really an upheaval

0:15:48.280 --> 0:15:51.400
<v Speaker 1>there as well. And you talk to Valerie steel over

0:15:51.440 --> 0:15:55.560
<v Speaker 1>at the museum at the Fashion Institute of Technology, Yeah,

0:15:55.640 --> 0:15:58.160
<v Speaker 1>we did, and it was funny. She referenced this like

0:15:59.080 --> 0:16:01.960
<v Speaker 1>quote about how sweatpants basically mean a person who has

0:16:02.000 --> 0:16:03.840
<v Speaker 1>given up. Well, I mean, I think a lot of

0:16:03.920 --> 0:16:06.720
<v Speaker 1>us then have given us over the last year, because

0:16:06.760 --> 0:16:09.800
<v Speaker 1>that is that is I'm wearing leggings right now, just

0:16:10.320 --> 0:16:15.040
<v Speaker 1>from the waist down. I would not wear that into

0:16:15.040 --> 0:16:17.440
<v Speaker 1>the office, but I think, you know, it's interesting she

0:16:17.520 --> 0:16:19.560
<v Speaker 1>was saying, this was a trend that was in the

0:16:19.600 --> 0:16:21.680
<v Speaker 1>works already, right. You think of that sort of stand

0:16:21.720 --> 0:16:24.760
<v Speaker 1>classico aesthetic, the all birds, so like you know, the

0:16:25.200 --> 0:16:27.520
<v Speaker 1>hoodies to work, and so this was a trend that

0:16:27.560 --> 0:16:29.760
<v Speaker 1>was really kind of more accelerated by the pandemic that

0:16:29.880 --> 0:16:32.280
<v Speaker 1>it didn't just sort of come out of nowhere, and

0:16:32.320 --> 0:16:34.320
<v Speaker 1>she said, you know, if we go back to the office,

0:16:34.360 --> 0:16:36.120
<v Speaker 1>even if it's kind of part time, people will be

0:16:36.160 --> 0:16:38.320
<v Speaker 1>doing more dry cleaning, and you know, maybe they'll be

0:16:38.360 --> 0:16:40.080
<v Speaker 1>wearing our suits a couple of days a week. But

0:16:40.440 --> 0:16:42.200
<v Speaker 1>it seems like it's kind of sure to stay at

0:16:42.240 --> 0:16:44.440
<v Speaker 1>this point, and we only have ten seconds left. Do

0:16:44.520 --> 0:16:47.160
<v Speaker 1>we continue to bake? You talk to Karen Kolberg, coach

0:16:47.200 --> 0:16:49.280
<v Speaker 1>CEO of King Arthur Baking Company. We all know those

0:16:49.280 --> 0:16:54.320
<v Speaker 1>flower shortages right right, so they, you know, the baking

0:16:54.360 --> 0:16:56.800
<v Speaker 1>trend is they think it's here to stay. You know,

0:16:56.840 --> 0:16:59.200
<v Speaker 1>you're hopefully not going to be making sour dough every

0:16:59.280 --> 0:17:01.160
<v Speaker 1>day the way made you right in the beginning of

0:17:01.200 --> 0:17:06.680
<v Speaker 1>a pandemic, but you know, to make salad. Oh God, listen,

0:17:06.680 --> 0:17:08.640
<v Speaker 1>I was on a hunt for flower many months ago.

0:17:08.760 --> 0:17:11.880
<v Speaker 1>It was really tough. Um. It's a great right through

0:17:12.240 --> 0:17:15.320
<v Speaker 1>of just oh so many individuals being impacted, all of

0:17:15.400 --> 0:17:17.879
<v Speaker 1>us by the pandemic. I really appreciate it, Emma, Thank

0:17:17.920 --> 0:17:20.720
<v Speaker 1>you so much. Bloomberg News healthcare reporter Emma Court. This

0:17:21.000 --> 0:17:25.040
<v Speaker 1>is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes.

0:17:25.160 --> 0:17:28.760
<v Speaker 1>Tim Stinovic from Bloomberg Radio Tim, We're living in a

0:17:28.760 --> 0:17:31.560
<v Speaker 1>world where it feels like just about anybody can get

0:17:31.600 --> 0:17:34.400
<v Speaker 1>famous on TikTok, YouTube and Instagram. It's something we talked

0:17:34.440 --> 0:17:36.800
<v Speaker 1>to Nick Bilton about just just a few weeks ago,

0:17:37.000 --> 0:17:39.680
<v Speaker 1>right right, being famous. Yeah, you did that HBO documentary

0:17:39.720 --> 0:17:42.080
<v Speaker 1>which is really really cool. And listen, as our Bloomberg

0:17:42.119 --> 0:17:44.720
<v Speaker 1>News technology reporter Sarah Fryer found out, it's a lot

0:17:44.760 --> 0:17:47.040
<v Speaker 1>easier you can do that, but it's a lot easier

0:17:47.119 --> 0:17:49.600
<v Speaker 1>to make a living doing it if you are white.

0:17:49.840 --> 0:17:52.000
<v Speaker 1>So joining us with more on the stories. Max Chafkin,

0:17:52.080 --> 0:17:54.600
<v Speaker 1>features editor at Bloomberg business Week. He's with us on

0:17:54.720 --> 0:17:57.120
<v Speaker 1>the phone in Queen's New York along with Bloomberg Business

0:17:57.119 --> 0:18:00.480
<v Speaker 1>Week editor Joe Weber on the Access line in Brooklyn.

0:18:00.640 --> 0:18:03.360
<v Speaker 1>This is a deep die that just once again, Jill,

0:18:03.520 --> 0:18:06.760
<v Speaker 1>you know, shows us the inequities about you know, doing

0:18:06.840 --> 0:18:09.760
<v Speaker 1>something in this world, but you're treated differently, pay differently

0:18:09.800 --> 0:18:12.359
<v Speaker 1>if you're black or if you're white. That's right, and

0:18:12.359 --> 0:18:14.199
<v Speaker 1>and just a reminder that this is all part of

0:18:14.200 --> 0:18:17.439
<v Speaker 1>the equality issue of Bloomberg Business Week, which has been

0:18:17.520 --> 0:18:19.639
<v Speaker 1>rolling out all week. And you know, we've got to

0:18:19.640 --> 0:18:22.359
<v Speaker 1>talk about taxes a little bit and then uh, instead

0:18:22.359 --> 0:18:24.600
<v Speaker 1>of taking money, let's talk about making money. But some

0:18:24.640 --> 0:18:28.359
<v Speaker 1>people get to make more than others. Um Max. Great

0:18:28.400 --> 0:18:30.520
<v Speaker 1>to talk with you about this feature that you edited

0:18:30.640 --> 0:18:33.520
<v Speaker 1>and and tell us. What Sarah found is she dug

0:18:33.520 --> 0:18:37.719
<v Speaker 1>into the reporting. You know, the feature is about when

0:18:38.160 --> 0:18:39.760
<v Speaker 1>what you probably should think of as sort of the

0:18:39.760 --> 0:18:43.560
<v Speaker 1>new Hollywood. So this is the world of influencers, YouTubers,

0:18:43.600 --> 0:18:47.959
<v Speaker 1>tick talkers, UM and memurs, uh and and and so on,

0:18:48.000 --> 0:18:51.719
<v Speaker 1>basically anyone who's kind of making content UM for mobile

0:18:51.720 --> 0:18:56.800
<v Speaker 1>phones and and for you know, young people. And you know, obviously, uh,

0:18:57.119 --> 0:18:59.320
<v Speaker 1>we're living through this moment that you know, starting last

0:18:59.320 --> 0:19:01.879
<v Speaker 1>summer where um, you know, everyone around the world and

0:19:02.000 --> 0:19:07.159
<v Speaker 1>especially m or marketers included, UM, basically became much more

0:19:07.240 --> 0:19:11.560
<v Speaker 1>aware of you know, racial issues, Black Lives Matter movement.

0:19:11.560 --> 0:19:13.840
<v Speaker 1>We started seeing you know, all of these kind of

0:19:13.880 --> 0:19:17.240
<v Speaker 1>Instagram takeovers, you know, you know, being pushed by you know,

0:19:17.280 --> 0:19:20.200
<v Speaker 1>both baseboth activists, but also lots and lots of big companies.

0:19:20.280 --> 0:19:22.920
<v Speaker 1>And what Sara found out is, you know, often the

0:19:22.960 --> 0:19:26.040
<v Speaker 1>people are actually making this content are being paid less,

0:19:26.080 --> 0:19:28.359
<v Speaker 1>so so they're they're making content that is in some

0:19:28.400 --> 0:19:32.359
<v Speaker 1>ways you know whatever narrowing. Uh, you know, narrowing a

0:19:32.359 --> 0:19:36.040
<v Speaker 1>cultural gap, but there's there's still a pay gap, so

0:19:36.200 --> 0:19:38.959
<v Speaker 1>you know, when it comes to social media. And this

0:19:39.000 --> 0:19:41.439
<v Speaker 1>is something that Sarah addresses in her piece. One of

0:19:41.480 --> 0:19:44.680
<v Speaker 1>the promises all the way back to when the Internet

0:19:44.720 --> 0:19:47.280
<v Speaker 1>was really founded, right, it would democratize things. It was

0:19:47.320 --> 0:19:53.320
<v Speaker 1>a meritocracy. People would be treated equally these social platforms.

0:19:53.080 --> 0:19:57.200
<v Speaker 1>It's not a meritocracy, is it, Max, Yeah, totally. And

0:19:57.200 --> 0:19:58.960
<v Speaker 1>and that's one of the one of the really interesting

0:19:59.000 --> 0:20:02.119
<v Speaker 1>things in this story. Sarah has some reporting from uh

0:20:02.240 --> 0:20:06.000
<v Speaker 1>former Facebook employee who was working on the rollout of

0:20:06.000 --> 0:20:08.720
<v Speaker 1>one of these new you know, social media features for Facebook,

0:20:09.040 --> 0:20:12.480
<v Speaker 1>and he, you know, encouraged his bosses to try to

0:20:12.480 --> 0:20:16.440
<v Speaker 1>sign up some black and Hispanic influencers on the platform

0:20:16.480 --> 0:20:19.040
<v Speaker 1>because they are some of the biggest, you know users

0:20:19.040 --> 0:20:21.639
<v Speaker 1>of Instagram, some of the um, you know, some of

0:20:21.640 --> 0:20:23.960
<v Speaker 1>the most popular people on the site, and and so

0:20:24.040 --> 0:20:25.919
<v Speaker 1>it made a lot of sense, um, even from a

0:20:25.920 --> 0:20:28.800
<v Speaker 1>business perspective. And as this person, as a source described,

0:20:28.840 --> 0:20:33.080
<v Speaker 1>you know, he was basically shot down, um because Facebook said, well, look,

0:20:33.080 --> 0:20:35.000
<v Speaker 1>we don't have relationships with these people. We don't have

0:20:35.040 --> 0:20:39.800
<v Speaker 1>relationships with with with non white influencers, which is you know,

0:20:39.800 --> 0:20:41.760
<v Speaker 1>on one hand, that's kind of an explanation, but it's

0:20:41.800 --> 0:20:45.040
<v Speaker 1>also of course an indictment because you know, that's that's

0:20:45.040 --> 0:20:48.080
<v Speaker 1>a huge oversight, especially for a company that is supposed

0:20:48.080 --> 0:20:50.879
<v Speaker 1>to be focused on data. So so and and with

0:20:51.000 --> 0:20:54.399
<v Speaker 1>the piece argues, um, you know, really persuasively is you

0:20:54.440 --> 0:20:57.120
<v Speaker 1>know in the old days, you know of the entertainment

0:20:57.119 --> 0:20:59.399
<v Speaker 1>industry where we're really used to hearing about you know,

0:20:59.560 --> 0:21:03.560
<v Speaker 1>basically white male studio executives, um, you know hiring uh

0:21:03.680 --> 0:21:06.359
<v Speaker 1>sort of you know, propagating their own biases, and we

0:21:06.400 --> 0:21:08.600
<v Speaker 1>see the same kind of thing happening with social media

0:21:08.640 --> 0:21:11.760
<v Speaker 1>companies where you have a lot of basically white executives, um,

0:21:11.840 --> 0:21:14.119
<v Speaker 1>white marketers and of course you know who are they

0:21:14.160 --> 0:21:18.680
<v Speaker 1>gonna hire. They're gonna hire people like them. Hey, Max,

0:21:18.800 --> 0:21:21.119
<v Speaker 1>so how much money are we are? Were you talking

0:21:21.160 --> 0:21:23.399
<v Speaker 1>about here? In general? Like, how how big of a

0:21:23.960 --> 0:21:27.919
<v Speaker 1>of an industry of influencers influencers become and what's the

0:21:27.960 --> 0:21:31.680
<v Speaker 1>pay dis variety actually look like for for them? Yeah?

0:21:31.760 --> 0:21:34.720
<v Speaker 1>So the the biggest uh, you know, the biggest social

0:21:34.760 --> 0:21:38.159
<v Speaker 1>media influencers, um, you know, are are pulling in millions

0:21:38.200 --> 0:21:39.919
<v Speaker 1>of dollars a year, you know, as much as a

0:21:39.960 --> 0:21:42.679
<v Speaker 1>hundred thousand dollars of post um. This kind of like

0:21:42.840 --> 0:21:46.000
<v Speaker 1>middle of the road influencers are making anywhere from you know,

0:21:46.040 --> 0:21:49.440
<v Speaker 1>a few hundred bucks to several thousand dollars to say,

0:21:49.480 --> 0:21:52.600
<v Speaker 1>make a TikTok video for a brand. UM. The lead

0:21:52.640 --> 0:21:55.000
<v Speaker 1>example of this story, you had kind of an up

0:21:55.040 --> 0:21:59.760
<v Speaker 1>and coming influencer UM who Sidney McCrae, who who created

0:21:59.800 --> 0:22:04.440
<v Speaker 1>as dance uh for a record label. UH, was paid

0:22:04.760 --> 0:22:07.639
<v Speaker 1>to do it, and then she saw a white influencer

0:22:07.720 --> 0:22:11.040
<v Speaker 1>come in later and was paid by an affiliate of

0:22:11.080 --> 0:22:15.600
<v Speaker 1>that label. Basically you know, probably something like ten times

0:22:15.640 --> 0:22:18.119
<v Speaker 1>more and that you know, that white influencer had a

0:22:18.119 --> 0:22:21.199
<v Speaker 1>lot more followers UM uh. So so you know, you

0:22:21.200 --> 0:22:23.199
<v Speaker 1>could argue there should be some difference, but there is

0:22:23.240 --> 0:22:26.160
<v Speaker 1>something a little bit staggering about somebody who who creates

0:22:26.640 --> 0:22:29.720
<v Speaker 1>UM creates this art and and then it's you know,

0:22:29.760 --> 0:22:33.359
<v Speaker 1>performed by a white person for a much much larger figure. Well.

0:22:33.400 --> 0:22:34.760
<v Speaker 1>The other thing, you know, and we talked about this

0:22:34.800 --> 0:22:37.320
<v Speaker 1>a lot when it comes to women, When you know,

0:22:37.359 --> 0:22:38.920
<v Speaker 1>when it comes to minority is just in the business

0:22:38.920 --> 0:22:41.320
<v Speaker 1>workplace of having kind of mentors and people and the

0:22:41.359 --> 0:22:44.639
<v Speaker 1>infrastructure in place to bring along often, you know, people

0:22:44.680 --> 0:22:47.720
<v Speaker 1>like yourselves. There is UM sur Wrights in her story

0:22:48.160 --> 0:22:51.000
<v Speaker 1>Max about the Crib, which is a group of well

0:22:51.040 --> 0:22:54.800
<v Speaker 1>known influencers minorities for banding together to kind of learn

0:22:54.840 --> 0:22:58.879
<v Speaker 1>from one another. Yeah, this, this editing a story caused

0:22:58.920 --> 0:23:00.600
<v Speaker 1>me to have to get up to date on the

0:23:00.680 --> 0:23:08.160
<v Speaker 1>hype houses. If Andrew Yang is elected mayor, I think

0:23:08.359 --> 0:23:12.040
<v Speaker 1>UM the the so that the deal is basically these

0:23:12.040 --> 0:23:15.919
<v Speaker 1>are are sort of collectives of influencers. Brands will UM

0:23:16.000 --> 0:23:18.880
<v Speaker 1>you know sometimes sponsor the entire house and like these

0:23:19.000 --> 0:23:20.840
<v Speaker 1>you know, it's like a group of attractive young people.

0:23:20.880 --> 0:23:24.840
<v Speaker 1>They produced content mentioning the brand and UM and Sarah

0:23:25.040 --> 0:23:27.280
<v Speaker 1>spoke with a new one which is UM you know,

0:23:27.320 --> 0:23:31.400
<v Speaker 1>focused on you know, black influencers called the Curb around

0:23:31.400 --> 0:23:33.280
<v Speaker 1>the Corners. He said, And what's interesting is you know

0:23:33.600 --> 0:23:36.680
<v Speaker 1>that this this group UM, they signed up a big

0:23:36.720 --> 0:23:40.879
<v Speaker 1>corporate sponsor, a T and T UM. It's just launching now.

0:23:40.920 --> 0:23:42.800
<v Speaker 1>I mean you know that this this is something that's

0:23:42.800 --> 0:23:45.560
<v Speaker 1>that that's happening at the moment um and and they're

0:23:45.560 --> 0:23:48.080
<v Speaker 1>really excited about it because from the point of the

0:23:48.200 --> 0:23:50.320
<v Speaker 1>view of the influencers, like it allows them to kind

0:23:50.320 --> 0:23:52.399
<v Speaker 1>of compare notes on say, because that's that's one of

0:23:52.440 --> 0:23:55.080
<v Speaker 1>the big issues here. We have um people, these these

0:23:55.160 --> 0:23:56.760
<v Speaker 1>these kind of up and coming stars. It's just like

0:23:56.840 --> 0:24:00.800
<v Speaker 1>in Hollywood, right, no one knows exactly what what theyre work. Yeah,

0:24:00.800 --> 0:24:03.320
<v Speaker 1>and that creates opportunity to be taken advantage of. Yeah,

0:24:03.320 --> 0:24:05.760
<v Speaker 1>and they're right exactly. Um. Good stuff. There's so much

0:24:05.800 --> 0:24:08.080
<v Speaker 1>detail in this story. Max, Thank you so much, and

0:24:08.200 --> 0:24:11.080
<v Speaker 1>thanks to Joe Weber as well. That story by Sarah Fryer.

0:24:11.480 --> 0:24:15.520
<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

0:24:15.600 --> 0:24:19.800
<v Speaker 1>Quick Takes Tim Stinovic from Bloomberg Radio. So another far

0:24:19.880 --> 0:24:22.359
<v Speaker 1>most read stories on the Bloomberg was also highlighted in

0:24:22.359 --> 0:24:24.919
<v Speaker 1>Bloomberg's Five Things to Start Your Day newsletter that was

0:24:24.960 --> 0:24:28.120
<v Speaker 1>this morning. It's the subject of a Bloomberg podcast. We're

0:24:28.160 --> 0:24:31.040
<v Speaker 1>talking about an ancestral search done by our own Bloomberg

0:24:31.040 --> 0:24:34.399
<v Speaker 1>News Senior executive editor of The America's Jacqueline Simmons. What

0:24:34.680 --> 0:24:38.720
<v Speaker 1>she found out during this process. Uh, it's I've listened

0:24:38.760 --> 0:24:41.400
<v Speaker 1>to some of the podcast. It's really riveting. Jackie joins

0:24:41.480 --> 0:24:43.680
<v Speaker 1>us on the phone in New York City. Jackie is

0:24:43.720 --> 0:24:45.359
<v Speaker 1>so good to have you here with Tim and myself

0:24:45.359 --> 0:24:47.840
<v Speaker 1>so tell us about what you initially set out to

0:24:47.920 --> 0:24:50.840
<v Speaker 1>do and kind of why you did it and where

0:24:50.840 --> 0:24:54.920
<v Speaker 1>it led you. Sure, um, thanks for having me. So

0:24:55.400 --> 0:24:59.439
<v Speaker 1>this really was born out of the conversation I had

0:24:59.520 --> 0:25:03.360
<v Speaker 1>with my co host Rebecca Greenfield about how to approach

0:25:03.400 --> 0:25:06.280
<v Speaker 1>the next even you know, just a short reminder, the

0:25:06.320 --> 0:25:08.439
<v Speaker 1>first two were about the gender pay gap, and at

0:25:08.480 --> 0:25:12.520
<v Speaker 1>the time we're having discussiom, you know, there was George Floyd, UM,

0:25:12.560 --> 0:25:15.399
<v Speaker 1>and we also saw coming out of the pandemic a

0:25:15.440 --> 0:25:20.000
<v Speaker 1>lot of economic data, whether it was unemployment figures or

0:25:20.240 --> 0:25:24.639
<v Speaker 1>small businesses closing, and you know, you could see how

0:25:24.680 --> 0:25:30.920
<v Speaker 1>the disparity skew to certain demographics, and especially the black demographic.

0:25:30.960 --> 0:25:34.720
<v Speaker 1>And so the thinking behind the series is really a

0:25:34.880 --> 0:25:39.040
<v Speaker 1>chance to query that gap. UM. Knowing that um, you know,

0:25:39.080 --> 0:25:42.439
<v Speaker 1>there were protests in the streets after George Floyd's killing,

0:25:42.960 --> 0:25:46.240
<v Speaker 1>and knowing that this desparit widening on the back of

0:25:46.440 --> 0:25:50.520
<v Speaker 1>this major global pandemic. And so that's basically kind of

0:25:50.560 --> 0:25:52.640
<v Speaker 1>what got us thinking about the story, and that got

0:25:52.680 --> 0:25:55.600
<v Speaker 1>me thinking about my story and how does my family

0:25:55.680 --> 0:25:58.560
<v Speaker 1>narrative fit into that. Well. I don't want to give

0:25:58.560 --> 0:26:02.359
<v Speaker 1>too much away in a podcast, but what can you

0:26:02.400 --> 0:26:05.320
<v Speaker 1>tell us about what you found about your own family

0:26:05.359 --> 0:26:09.120
<v Speaker 1>without without giving too much away. It's sure, I mean

0:26:09.400 --> 0:26:13.000
<v Speaker 1>in a nutshell, Um, really it's a cantle worms. Um,

0:26:13.240 --> 0:26:16.840
<v Speaker 1>I thinking about you know, their families. History is going

0:26:16.880 --> 0:26:20.720
<v Speaker 1>to find you know that can but in this case, uh,

0:26:20.760 --> 0:26:24.439
<v Speaker 1>you know, tracing your roots back to slavery. Um in

0:26:24.480 --> 0:26:27.919
<v Speaker 1>this country is no these small task. Um. There are

0:26:27.920 --> 0:26:32.360
<v Speaker 1>no clear ledgers. Uh, there's no clear record keeping. Synceus

0:26:32.440 --> 0:26:36.199
<v Speaker 1>records go back only so far. Um, and a lot

0:26:36.240 --> 0:26:38.399
<v Speaker 1>of people who really do know the history. You know,

0:26:38.640 --> 0:26:42.360
<v Speaker 1>have you know Sally passed away or forgotten or moved on.

0:26:43.000 --> 0:26:46.320
<v Speaker 1>I did manage to piece enough of the tail together

0:26:46.520 --> 0:26:52.200
<v Speaker 1>to understand what we lost, um, you know after coming

0:26:52.240 --> 0:26:57.199
<v Speaker 1>into land in East Texas. However, so you know, cantle worms,

0:26:57.240 --> 0:27:01.159
<v Speaker 1>but pretty interesting, you know when you tilt back the

0:27:01.280 --> 0:27:06.080
<v Speaker 1>layers to find out what we came and then subsequently lost. Well,

0:27:06.080 --> 0:27:07.760
<v Speaker 1>and you go back to your great great aunt and uncle.

0:27:07.840 --> 0:27:10.240
<v Speaker 1>What's interesting too and liked tim. Uh. You know, we

0:27:10.240 --> 0:27:11.960
<v Speaker 1>don't want to give away too much because you really

0:27:12.000 --> 0:27:14.680
<v Speaker 1>you guys, over the season of the podcast, UM kind

0:27:14.680 --> 0:27:17.040
<v Speaker 1>of work it through, but it gets to that bigger

0:27:17.480 --> 0:27:19.920
<v Speaker 1>story and something we've been talking about here on Bloomberg

0:27:19.920 --> 0:27:23.800
<v Speaker 1>Business Week all week about um blacks and wealth and

0:27:23.840 --> 0:27:26.240
<v Speaker 1>wealth creation and how you get it. And I think

0:27:26.560 --> 0:27:29.880
<v Speaker 1>the disparities between blacks and whites you really dig into that.

0:27:30.040 --> 0:27:33.800
<v Speaker 1>I mean, wealth happens over generations, and whites have had

0:27:33.800 --> 0:27:36.880
<v Speaker 1>an opportunity to do that. Blacks have not, at least

0:27:36.920 --> 0:27:42.080
<v Speaker 1>not as much. Yeah, so I would say, um, you know,

0:27:42.440 --> 0:27:46.240
<v Speaker 1>systemic racism is all about structures in our society, in

0:27:46.400 --> 0:27:51.040
<v Speaker 1>our economy, our communities that are uneven. And you know,

0:27:51.040 --> 0:27:53.800
<v Speaker 1>when I think about the land, narrative of our family

0:27:53.800 --> 0:27:57.360
<v Speaker 1>in Texas fits with that because it tells the broader

0:27:57.800 --> 0:28:00.560
<v Speaker 1>narrative of how you passed on law. You know, just

0:28:00.680 --> 0:28:02.320
<v Speaker 1>keeping in mind that a lot of the wells in

0:28:02.400 --> 0:28:06.639
<v Speaker 1>this country comes from property. I think it's importing for

0:28:06.680 --> 0:28:09.600
<v Speaker 1>senta ince fact. And so when there's disparities and one's

0:28:09.640 --> 0:28:13.960
<v Speaker 1>ability to access loans, um, disparity in the way you

0:28:14.119 --> 0:28:18.040
<v Speaker 1>actually bob proper and neighborhoods been desirable or less desirable,

0:28:18.480 --> 0:28:21.120
<v Speaker 1>or when you're in a tax code that is put

0:28:21.160 --> 0:28:24.159
<v Speaker 1>you out a disadvantage. All that taken together, you know,

0:28:24.320 --> 0:28:27.199
<v Speaker 1>makes it systemic. And so you know, our land is

0:28:27.359 --> 0:28:30.639
<v Speaker 1>part of that narrative pulled from you know, a different optic.

0:28:31.480 --> 0:28:36.280
<v Speaker 1>I wonder about these trends shifting. I wonder about, Look,

0:28:36.320 --> 0:28:39.240
<v Speaker 1>this is a story that has played out in your

0:28:39.240 --> 0:28:45.520
<v Speaker 1>family over generations. How does this get fixed within our lifetimes?

0:28:45.560 --> 0:28:48.000
<v Speaker 1>How do we fix these systemic issues? It's it's a

0:28:48.080 --> 0:28:51.400
<v Speaker 1>question that we've been grappling with, well, you know, in

0:28:51.440 --> 0:28:54.120
<v Speaker 1>this current issue of Bloomer Business Week, of course, but

0:28:55.080 --> 0:28:58.240
<v Speaker 1>this year, for in last year talking about it a lot,

0:28:58.320 --> 0:28:59.719
<v Speaker 1>and I would lay on it wise and have been

0:28:59.760 --> 0:29:04.280
<v Speaker 1>fixed already. M hmm. Yeah. So I mean that's the

0:29:04.400 --> 0:29:07.760
<v Speaker 1>kind of you know, a thousand dollar question. Um, it

0:29:07.840 --> 0:29:11.160
<v Speaker 1>doesn't happen overnight. I think, you know, awareness is a

0:29:11.240 --> 0:29:13.320
<v Speaker 1>first step, and I think that what we saw in

0:29:13.360 --> 0:29:17.840
<v Speaker 1>twenty after May um was just you know, kind of

0:29:18.080 --> 0:29:22.040
<v Speaker 1>woke up a lot of people. Um, however you saw

0:29:22.800 --> 0:29:25.040
<v Speaker 1>whatever is your point of view is, it's sort of

0:29:25.080 --> 0:29:28.440
<v Speaker 1>the awareness was kind of put front and center about

0:29:28.600 --> 0:29:32.120
<v Speaker 1>the disparity issue in this country and quite honestly the

0:29:32.120 --> 0:29:35.640
<v Speaker 1>disparity issue around the globe. So how does it get six?

0:29:35.840 --> 0:29:37.280
<v Speaker 1>I think you're gonna have to have a lot of

0:29:37.280 --> 0:29:40.320
<v Speaker 1>painful conversations. I think you're gonna have to have legislation.

0:29:40.440 --> 0:29:42.640
<v Speaker 1>I think it's going to have to have take that

0:29:42.720 --> 0:29:49.200
<v Speaker 1>conversation and awareness to planning level UM with real specifics UM.

0:29:49.280 --> 0:29:51.440
<v Speaker 1>And you know, the banks are going to have to

0:29:51.800 --> 0:29:54.840
<v Speaker 1>you know, change the way that they operate to some

0:29:54.920 --> 0:29:58.880
<v Speaker 1>degree and sort of in terms of inclusivity, in terms

0:29:58.960 --> 0:30:02.600
<v Speaker 1>of you know, the issue that we've had with redlining, um,

0:30:02.640 --> 0:30:06.120
<v Speaker 1>you know everything right to the tax code um. Right.

0:30:06.160 --> 0:30:09.840
<v Speaker 1>It's a real structural, you know, deeply embedded situation that's

0:30:09.840 --> 0:30:13.120
<v Speaker 1>going to take I'm not sure we're gonna stick in

0:30:13.120 --> 0:30:16.600
<v Speaker 1>our lifetime, I'm afraid, which is incredibly discouraging. Listen, this

0:30:16.640 --> 0:30:18.080
<v Speaker 1>is something we've talked about a lot. It's in the

0:30:18.120 --> 0:30:20.600
<v Speaker 1>Equality issue too of a Business Week magazine about the

0:30:20.640 --> 0:30:23.640
<v Speaker 1>tax code, uh and the racism and biasedness that we're

0:30:23.640 --> 0:30:26.480
<v Speaker 1>seeing in it. More on Jackie's story in the Paycheck Podcast,

0:30:26.480 --> 0:30:29.080
<v Speaker 1>a Bloomberg News series. It examines the intersection of money

0:30:29.120 --> 0:30:32.400
<v Speaker 1>in inequality with Jackie and Rebecca Greenfield, head of Diversity

0:30:32.440 --> 0:30:35.160
<v Speaker 1>coverage at Bloomberg News. Find it at Bloomberg dot com

0:30:35.240 --> 0:30:38.040
<v Speaker 1>or wherever you download your podcast. I was listening, had

0:30:38.080 --> 0:30:40.840
<v Speaker 1>to stop just before the show. But it is fascinating

0:30:40.840 --> 0:30:48.440
<v Speaker 1>and interesting and engaging a road a journal. Yeah, but

0:30:48.560 --> 0:30:53.440
<v Speaker 1>you let me drive? Oh no, no, no, no no, all right, please,

0:30:53.520 --> 0:31:03.360
<v Speaker 1>I'll do the road. I want to drive. Just thank

0:31:03.480 --> 0:31:13.440
<v Speaker 1>the questions, drying job. This is the drive to the globe.

0:31:14.640 --> 0:31:18.360
<v Speaker 1>Thanks well us, Dawn on Bloomberg Radio. Right, just about

0:31:18.400 --> 0:31:21.440
<v Speaker 1>eleven minutes left in today's trading session. Great to have

0:31:21.480 --> 0:31:24.800
<v Speaker 1>back with us. Randy Watt's chief investment strategis at O'Neil

0:31:24.840 --> 0:31:28.760
<v Speaker 1>Global Advisors, with us once again on the phone in Miami. Randy,

0:31:28.880 --> 0:31:31.040
<v Speaker 1>Nice to have you back with us. I feel like

0:31:31.160 --> 0:31:34.360
<v Speaker 1>there has been a lot going on in the financial markets,

0:31:34.360 --> 0:31:36.040
<v Speaker 1>and I think everybody is trying to figure out are

0:31:36.080 --> 0:31:38.840
<v Speaker 1>we going to see more of a pullback? Is tech overdone?

0:31:38.920 --> 0:31:41.280
<v Speaker 1>Is there more fluff to come out? Or is it

0:31:41.320 --> 0:31:43.600
<v Speaker 1>just taking a little bit of the excess out and

0:31:43.640 --> 0:31:46.040
<v Speaker 1>we're gonna move back to the upside. How do you

0:31:46.040 --> 0:31:47.600
<v Speaker 1>see it, especially on a day where we see the

0:31:47.680 --> 0:31:51.520
<v Speaker 1>SMP at another record Well, first of all, thanks for

0:31:51.560 --> 0:31:54.600
<v Speaker 1>having me back, and everybody's safe and well in New York. Yeah,

0:31:54.680 --> 0:31:58.080
<v Speaker 1>thanks you too. I think, um, I think a couple

0:31:58.080 --> 0:32:01.719
<v Speaker 1>of things. I don't. I'm not sure the volatility in

0:32:01.800 --> 0:32:04.200
<v Speaker 1>the short run is done with I know, the market's

0:32:04.280 --> 0:32:07.720
<v Speaker 1>very very strong today. It would not surprise me to

0:32:07.920 --> 0:32:10.800
<v Speaker 1>see a little bit more of volatility, a little bit

0:32:10.800 --> 0:32:14.600
<v Speaker 1>more of a pullback here. But I do think over

0:32:14.720 --> 0:32:17.160
<v Speaker 1>the rest of the year we are going to move higher.

0:32:17.600 --> 0:32:21.000
<v Speaker 1>And the key driver on that is really the stimulus bill.

0:32:21.480 --> 0:32:23.880
<v Speaker 1>If you look at the amount of money we've put

0:32:23.920 --> 0:32:27.000
<v Speaker 1>towards this crisis, and you compare it to the Great

0:32:27.160 --> 0:32:30.640
<v Speaker 1>the Great Recession, the Great Financial crisis, it's about double.

0:32:31.040 --> 0:32:33.600
<v Speaker 1>It's been about two point eight trillion back in that

0:32:33.760 --> 0:32:37.640
<v Speaker 1>two thousand and eight two thou to ten period. With

0:32:37.640 --> 0:32:40.400
<v Speaker 1>with the new law that Biden just signed today, you know,

0:32:40.600 --> 0:32:43.680
<v Speaker 1>that's up to five point eight trillion, and that money

0:32:43.720 --> 0:32:46.400
<v Speaker 1>is going to help stimulate the economy. And I think

0:32:46.400 --> 0:32:48.480
<v Speaker 1>inevitably some of that money is going to find its

0:32:48.480 --> 0:32:51.480
<v Speaker 1>way into financial assets. So I think the direction of

0:32:51.560 --> 0:32:54.040
<v Speaker 1>stocks over the rest of the year is actually up.

0:32:54.280 --> 0:32:56.680
<v Speaker 1>So you don't think that that's already priced in right now.

0:32:56.720 --> 0:32:59.240
<v Speaker 1>It was widely expected that that that this bill would

0:32:59.240 --> 0:33:03.040
<v Speaker 1>pass without publican support, and indeed it did. I think

0:33:03.040 --> 0:33:05.280
<v Speaker 1>it's one thing to be expected, but I think it's

0:33:05.280 --> 0:33:07.520
<v Speaker 1>another thing when the money actually starts to flow into

0:33:07.520 --> 0:33:09.720
<v Speaker 1>the system, and I just think it's such a big

0:33:09.840 --> 0:33:13.640
<v Speaker 1>number that it can't be ignored. Now, I do worry

0:33:13.720 --> 0:33:15.960
<v Speaker 1>about the effect it's going to have an inflation and

0:33:16.040 --> 0:33:18.960
<v Speaker 1>on the bond market longer term, but in this kind

0:33:18.960 --> 0:33:21.640
<v Speaker 1>of short to intermediate term, I think that money is

0:33:21.640 --> 0:33:23.480
<v Speaker 1>going to work its way through the system and that's

0:33:23.480 --> 0:33:27.520
<v Speaker 1>going to drive stocks higher. Where does that money flow specifically, Well,

0:33:27.560 --> 0:33:29.320
<v Speaker 1>it's gonna It's gonna flow in a lot of places.

0:33:29.360 --> 0:33:32.200
<v Speaker 1>One of the things is that this bill fortunately really

0:33:32.240 --> 0:33:34.760
<v Speaker 1>helps the bottom third of the country, and I think,

0:33:34.800 --> 0:33:37.800
<v Speaker 1>as you know, economically, those people tend to be to

0:33:37.880 --> 0:33:40.960
<v Speaker 1>be spenders more than than savers. So that money is

0:33:40.960 --> 0:33:43.080
<v Speaker 1>going to get spent and it's going to drive up

0:33:43.400 --> 0:33:45.960
<v Speaker 1>the demand for goods and services. That's going to help

0:33:45.960 --> 0:33:48.360
<v Speaker 1>boost the economy. It's also probably, unfortunately, going to help

0:33:48.360 --> 0:33:51.520
<v Speaker 1>boost prices a little bit, right, But don't you see that,

0:33:51.880 --> 0:33:54.800
<v Speaker 1>you know, potentially randy that increase in prices. Maybe it's

0:33:54.800 --> 0:33:57.480
<v Speaker 1>just a temporary thing, just some of the disconnect between

0:33:57.520 --> 0:34:00.360
<v Speaker 1>supply chains, reopening, people getting back to working, kind of

0:34:00.800 --> 0:34:03.560
<v Speaker 1>everything ramping up to meet that increased demand, especially as

0:34:03.560 --> 0:34:07.239
<v Speaker 1>the economy gets back on track. Absolutely, I think the

0:34:07.280 --> 0:34:09.280
<v Speaker 1>direction I think there's been a you know, a quote

0:34:09.560 --> 0:34:12.680
<v Speaker 1>a regime change in bond yields, and I think the

0:34:13.120 --> 0:34:15.640
<v Speaker 1>path on bonn yield is higher also, and I think

0:34:15.640 --> 0:34:17.720
<v Speaker 1>that is going to suppress the multiple on the market.

0:34:18.480 --> 0:34:20.440
<v Speaker 1>So really gains in the market have to be driven

0:34:20.440 --> 0:34:24.040
<v Speaker 1>by earnings. That being said, I think one is going

0:34:24.080 --> 0:34:26.200
<v Speaker 1>to be a very good year for corporate profits and

0:34:26.239 --> 0:34:29.840
<v Speaker 1>corporate earnings. Right now, earnings estimates are looking for about

0:34:29.960 --> 0:34:34.560
<v Speaker 1>a increase for the SMP to about about one seventy

0:34:34.640 --> 0:34:37.080
<v Speaker 1>two between the market right now is training about twenty

0:34:37.080 --> 0:34:39.800
<v Speaker 1>three times. That's an that's awfully fast earnings growth. And

0:34:39.840 --> 0:34:41.520
<v Speaker 1>I think stock I think I don't think that's all

0:34:41.560 --> 0:34:43.800
<v Speaker 1>priced in yet. I think stocks are going to react

0:34:43.840 --> 0:34:45.640
<v Speaker 1>to that positively. Hey, one thing I want to ask

0:34:45.640 --> 0:34:48.359
<v Speaker 1>you because Dave Wilson, our stocks editor, just at a chart,

0:34:48.360 --> 0:34:50.799
<v Speaker 1>an interesting chart of the day, and it looks specifically

0:34:50.800 --> 0:34:53.400
<v Speaker 1>on how short positions are way down. And Tim and

0:34:53.480 --> 0:34:55.719
<v Speaker 1>I were talking. You know, shorting the market is a

0:34:55.760 --> 0:34:58.319
<v Speaker 1>part of the market, just like going along. And you're

0:34:58.400 --> 0:35:02.440
<v Speaker 1>someone who have managed long only in long short hedge funds,

0:35:02.480 --> 0:35:05.560
<v Speaker 1>I mean, do you see kind of the game stop effect?

0:35:05.560 --> 0:35:07.640
<v Speaker 1>And maybe people a little bit nervous to take on

0:35:07.680 --> 0:35:10.000
<v Speaker 1>their short positions. Is that going to be problematic for

0:35:10.040 --> 0:35:13.359
<v Speaker 1>the financial markets and trading? I think it's I think

0:35:13.360 --> 0:35:16.000
<v Speaker 1>it's scary to step in front of all this money

0:35:16.040 --> 0:35:19.400
<v Speaker 1>that's coming out from the government. Right the Fed remains loose.

0:35:19.800 --> 0:35:23.360
<v Speaker 1>If you look at real rates right now, they're basically negative.

0:35:23.719 --> 0:35:26.799
<v Speaker 1>The Fed continues it's bond buying program, and you have

0:35:26.880 --> 0:35:29.600
<v Speaker 1>one point nine trillion coming out from the federal government.

0:35:29.960 --> 0:35:31.759
<v Speaker 1>So I don't think you want to be a hero

0:35:32.200 --> 0:35:35.000
<v Speaker 1>and step in front of that that that fire hose.

0:35:35.520 --> 0:35:38.520
<v Speaker 1>But eventually that is gonna wind itself down, and when

0:35:38.560 --> 0:35:40.840
<v Speaker 1>it does, I think there'll be much better opportunities to

0:35:40.880 --> 0:35:43.239
<v Speaker 1>short the market. The market is going to have a

0:35:43.280 --> 0:35:46.360
<v Speaker 1>big move here, driven by liquidity. I do worry about

0:35:46.440 --> 0:35:49.239
<v Speaker 1>what the other side of that liquidity looks like. So

0:35:49.320 --> 0:35:52.399
<v Speaker 1>you did say that the the markets will be higher

0:35:52.440 --> 0:35:53.759
<v Speaker 1>by the end of the year, but it's not going

0:35:53.800 --> 0:35:57.279
<v Speaker 1>to be a straight line up there. There could be

0:35:57.360 --> 0:36:00.400
<v Speaker 1>some sort of pullback, some sort of correction. What does

0:36:00.440 --> 0:36:02.960
<v Speaker 1>that look like? How big? I think that's I think

0:36:03.000 --> 0:36:04.920
<v Speaker 1>that's driven by a couple of things. I think it's

0:36:04.960 --> 0:36:08.520
<v Speaker 1>driven by increasing yields and pressure on valuations, and you know,

0:36:08.560 --> 0:36:10.560
<v Speaker 1>a typical move in the market, though you just had

0:36:10.600 --> 0:36:14.279
<v Speaker 1>one on NAS deck, is there usually is volatility peak

0:36:14.360 --> 0:36:16.560
<v Speaker 1>to trough in a given year. Now you just had

0:36:16.560 --> 0:36:20.000
<v Speaker 1>about an eleven pullback on NAVS deck. You haven't had

0:36:20.000 --> 0:36:22.680
<v Speaker 1>that same level pullback on the S and P. A

0:36:22.680 --> 0:36:26.160
<v Speaker 1>little more volatility as rates move up would not surprise me.

0:36:26.440 --> 0:36:27.719
<v Speaker 1>But I think at the end of the day, a

0:36:27.800 --> 0:36:31.200
<v Speaker 1>stronger economy and stronger earnings are going to overcome that

0:36:31.520 --> 0:36:34.319
<v Speaker 1>for for for this year, for this year. So I

0:36:34.360 --> 0:36:38.239
<v Speaker 1>gotta ask you about bitcoin. I know you recently wrote

0:36:38.239 --> 0:36:42.600
<v Speaker 1>a column, uh, and I'm just curious I think about

0:36:43.239 --> 0:36:45.560
<v Speaker 1>you know, if you look at bitcoin, I'm just looking

0:36:45.600 --> 0:36:48.640
<v Speaker 1>at It's already up almost this year. It's on a tear.

0:36:49.040 --> 0:36:51.560
<v Speaker 1>How do we need to be smart about it as investors?

0:36:51.560 --> 0:36:54.399
<v Speaker 1>How do you see it? I think what's funny about

0:36:54.480 --> 0:36:58.000
<v Speaker 1>bitcoin is it was really designed to kind of go

0:36:58.160 --> 0:37:02.360
<v Speaker 1>around the existing financial system. But now the existing financial

0:37:02.400 --> 0:37:05.560
<v Speaker 1>system is actually co opted in, right. So Bank of

0:37:05.600 --> 0:37:08.920
<v Speaker 1>New York is going to start offering digital currency services

0:37:09.000 --> 0:37:13.640
<v Speaker 1>for custody. People like MasterCard and PayPal and Square are

0:37:13.719 --> 0:37:18.440
<v Speaker 1>incorporated incorporating it into their payment networks. So Wall Street

0:37:18.480 --> 0:37:21.000
<v Speaker 1>is kind of voted, and they voted that that bitcoin

0:37:21.160 --> 0:37:23.120
<v Speaker 1>is is here to stay and going to be the

0:37:23.680 --> 0:37:27.080
<v Speaker 1>cryptocurrency of choice. I do think people like it right

0:37:27.080 --> 0:37:29.000
<v Speaker 1>now because they see it as a store of value.

0:37:29.280 --> 0:37:31.719
<v Speaker 1>There's a finite amount of bitcoin that's ever going to

0:37:31.800 --> 0:37:34.560
<v Speaker 1>be created. Why now there's about eighteen point six million

0:37:34.600 --> 0:37:36.520
<v Speaker 1>created right now, The finite amount is going to be

0:37:36.520 --> 0:37:39.000
<v Speaker 1>about twenty one million. And I think people are nervous

0:37:39.040 --> 0:37:42.080
<v Speaker 1>about as we talked about earlier, because of liquidity and

0:37:42.120 --> 0:37:44.560
<v Speaker 1>all this money that's being being put out by the government.

0:37:44.719 --> 0:37:47.520
<v Speaker 1>People are looking for stores of value, and I think

0:37:47.560 --> 0:37:50.600
<v Speaker 1>people are are using bitcoin as a store of value

0:37:50.840 --> 0:37:53.040
<v Speaker 1>kind of like they did it with gold in the past.

0:37:53.600 --> 0:37:57.600
<v Speaker 1>It's not a great transaction mechanism because it's actually pretty slow,

0:37:57.680 --> 0:37:59.520
<v Speaker 1>So I'm not sure if it's going to become like

0:37:59.640 --> 0:38:02.000
<v Speaker 1>the free day thing you used to buy your groceries,

0:38:02.000 --> 0:38:04.800
<v Speaker 1>et cetera. But I think there is value in its scarcity,

0:38:04.840 --> 0:38:07.359
<v Speaker 1>and I think it's your to stay that value. Though.

0:38:07.480 --> 0:38:09.880
<v Speaker 1>Do you think it stays that store of value? Just

0:38:09.880 --> 0:38:11.799
<v Speaker 1>got about twenty seconds. Do is it stay up near

0:38:11.840 --> 0:38:13.600
<v Speaker 1>these levels or do you think it's actually headed a

0:38:13.600 --> 0:38:15.799
<v Speaker 1>lot higher because of that? You know, we're not going

0:38:15.840 --> 0:38:17.720
<v Speaker 1>to just see an endless amount of it just quickly.

0:38:18.520 --> 0:38:20.560
<v Speaker 1>I think over the next several years, it's definitely gonna

0:38:20.560 --> 0:38:22.880
<v Speaker 1>move higher. I think it's up eleven times in the

0:38:22.960 --> 0:38:25.560
<v Speaker 1>last twelve months, so it would not be surprised me

0:38:25.600 --> 0:38:28.080
<v Speaker 1>to see a substantial pullback. But where do I think

0:38:28.080 --> 0:38:29.879
<v Speaker 1>it is three years from now? I think it's higher

0:38:29.880 --> 0:38:33.560
<v Speaker 1>than fift it's a right now. Okay, that's fair. Hey, Randy,

0:38:33.600 --> 0:38:36.760
<v Speaker 1>be well, Um, thank you and stay safe. Randy Watt's

0:38:36.880 --> 0:38:40.400
<v Speaker 1>chief investment Strategies at O'Neil Global Advisors with US from Miami.

0:38:42.640 --> 0:38:45.440
<v Speaker 1>Thanks for listening to Bloomberg Business Week. Download the podcast

0:38:45.520 --> 0:38:48.480
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0:38:48.520 --> 0:38:50.680
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0:38:50.680 --> 0:38:53.360
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0:38:53.360 --> 0:38:54.560
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