1 00:00:01,360 --> 00:00:04,120 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along 2 00:00:04,120 --> 00:00:06,200 Speaker 1: with my co host of Bonnie Quinn. Every business day 3 00:00:06,240 --> 00:00:10,360 Speaker 1: we bring you interviews from CEO, market pros, and Bloomberg experts, 4 00:00:10,400 --> 00:00:13,600 Speaker 1: along with essential market moving news. Find the Bloomberg Markets 5 00:00:13,600 --> 00:00:17,000 Speaker 1: Podcast on Apple Podcasts or wherever you listen to podcasts, 6 00:00:17,000 --> 00:00:20,280 Speaker 1: and on Bloomberg dot com. Earlier this morning, we got 7 00:00:20,320 --> 00:00:23,520 Speaker 1: some disappointing jobs numbers pay rolls. They rose forty nine 8 00:00:23,560 --> 00:00:27,280 Speaker 1: thousand in January after right downwardly revised two hundred and 9 00:00:27,360 --> 00:00:31,000 Speaker 1: twenty seven thousand decline in December. Econdress they had forecast 10 00:00:31,120 --> 00:00:36,080 Speaker 1: a one and five thousand game four januaries and disappointing certainly. Uh, 11 00:00:36,159 --> 00:00:38,680 Speaker 1: let's get let's dig deep into those numbers. We do 12 00:00:38,720 --> 00:00:41,360 Speaker 1: that with Tom Gimbo. He's a founder and CEO of 13 00:00:41,479 --> 00:00:44,639 Speaker 1: LaSalle Network. Lasl Network is one of the leading staffing 14 00:00:45,000 --> 00:00:47,680 Speaker 1: and recruiting firms in the country. Tom, what did you 15 00:00:47,720 --> 00:00:50,800 Speaker 1: make of the jobs data this morning? If I told 16 00:00:50,800 --> 00:00:52,880 Speaker 1: you last April or May that we'd be at six 17 00:00:52,920 --> 00:00:55,920 Speaker 1: point three percent unemployment, we'd have fifty thousand jobs in 18 00:00:56,160 --> 00:00:58,480 Speaker 1: Uh in January, I think most people would have taken 19 00:00:58,520 --> 00:01:01,000 Speaker 1: that deal. Could we get a little into hope here sometimes? 20 00:01:01,000 --> 00:01:04,480 Speaker 1: And and what we're seeing is we still have hospitality 21 00:01:04,880 --> 00:01:09,840 Speaker 1: and leisure and restaurants that are are really severely hampered 22 00:01:09,880 --> 00:01:13,319 Speaker 1: due to COVID, and we're still adding jobs in unemployment 23 00:01:13,400 --> 00:01:15,720 Speaker 1: six point three percent. Like we've got to We've got 24 00:01:15,720 --> 00:01:17,640 Speaker 1: to take it with the grainest faults and perspective of 25 00:01:17,680 --> 00:01:20,399 Speaker 1: where things are at right now. Yeah, I mean, it's 26 00:01:20,520 --> 00:01:23,720 Speaker 1: terrifying to see that manufacturing actually lost jobs. They were 27 00:01:23,760 --> 00:01:27,080 Speaker 1: down ten thousand. Private payrolls were just up six thousand, 28 00:01:27,200 --> 00:01:29,800 Speaker 1: and you know, columns have been looking for one sixty 29 00:01:29,880 --> 00:01:34,360 Speaker 1: three thousand. That's such a massive difference. What's the gap here? Tom? 30 00:01:34,400 --> 00:01:38,040 Speaker 1: Why are people not seeing how bad this is? Well, 31 00:01:38,080 --> 00:01:41,399 Speaker 1: the distribute, the distribution of the vaccine has really been hampered. 32 00:01:41,640 --> 00:01:44,759 Speaker 1: I think that that most people, uh, And I'm talking 33 00:01:44,800 --> 00:01:47,960 Speaker 1: to CEO, CFOs and leaders of HR every single week. 34 00:01:48,480 --> 00:01:50,960 Speaker 1: And the belief was that we'd be getting this role 35 00:01:51,000 --> 00:01:53,360 Speaker 1: out of these vaccines and a lot more fluid fashion, 36 00:01:53,800 --> 00:01:56,320 Speaker 1: and that it would be getting into the mainstream, not 37 00:01:56,400 --> 00:01:59,400 Speaker 1: just the elderly and first responders, and that would help 38 00:02:00,120 --> 00:02:05,160 Speaker 1: lift up a lot of the hospitality and restaurant leisure 39 00:02:05,200 --> 00:02:09,080 Speaker 1: activities and we haven't seen that. But but the positive 40 00:02:09,160 --> 00:02:11,640 Speaker 1: is is that we did see such a big increase 41 00:02:11,680 --> 00:02:14,840 Speaker 1: in temporary hiring and that means that companies are bringing 42 00:02:14,880 --> 00:02:17,440 Speaker 1: people in and they are getting work done. There are 43 00:02:17,600 --> 00:02:20,280 Speaker 1: jobs being added, and that's in that positive and that 44 00:02:20,520 --> 00:02:24,880 Speaker 1: really is assigned to a recovering economy. Tom, how do 45 00:02:24,919 --> 00:02:28,360 Speaker 1: you expect some of those areas that have been hit hard, 46 00:02:28,560 --> 00:02:32,440 Speaker 1: like leisure, like the restaurant industry, Um, you know, how 47 00:02:32,440 --> 00:02:34,600 Speaker 1: do you expect those jobs to come back? Will be 48 00:02:34,680 --> 00:02:38,240 Speaker 1: kind of a linear uh, in line with vaccinations. How 49 00:02:38,280 --> 00:02:41,840 Speaker 1: do you see that playing out? I think it'll be 50 00:02:42,200 --> 00:02:45,520 Speaker 1: it's linear to it, but it'll it'll be delayed because 51 00:02:46,080 --> 00:02:50,040 Speaker 1: people are have a little bit of cautu about cautious optimism. 52 00:02:50,080 --> 00:02:51,960 Speaker 1: And I think what we'll see the timing of it's 53 00:02:52,000 --> 00:02:54,480 Speaker 1: going to actually be really good for the economy. And 54 00:02:54,800 --> 00:02:57,560 Speaker 1: what I mean by that is we should get role 55 00:02:57,600 --> 00:03:00,560 Speaker 1: out to most people in April and May, and that 56 00:03:00,639 --> 00:03:03,520 Speaker 1: leads right into the summer travel season, and it also 57 00:03:03,639 --> 00:03:08,000 Speaker 1: leads into baseball games and concert tours, people being outside 58 00:03:08,080 --> 00:03:11,359 Speaker 1: it beaches and restaurants and so with with people being 59 00:03:11,400 --> 00:03:15,800 Speaker 1: comfortable to eat outside and now currently and then on 60 00:03:15,880 --> 00:03:18,080 Speaker 1: top of that, the vaccine roll out to the average 61 00:03:18,120 --> 00:03:22,320 Speaker 1: population and the summer um there's reason to be optimistic 62 00:03:22,320 --> 00:03:25,600 Speaker 1: that we're going to see a jobs market boom in June, July, 63 00:03:25,760 --> 00:03:28,960 Speaker 1: and August. How much does that depend on stimulus and 64 00:03:28,960 --> 00:03:32,880 Speaker 1: how it's apportioned, though, Tom, I'm not so sure that 65 00:03:32,919 --> 00:03:35,840 Speaker 1: it depends on the stimulus that much. I think, you know, 66 00:03:35,880 --> 00:03:38,760 Speaker 1: the stimulus is really there's so much to slice and 67 00:03:38,840 --> 00:03:44,000 Speaker 1: dice on that, and you have the um. The infrastructure part, 68 00:03:44,080 --> 00:03:46,080 Speaker 1: I think is great because if we can if we 69 00:03:46,120 --> 00:03:49,720 Speaker 1: can get people working in in those types of jobs 70 00:03:49,720 --> 00:03:53,400 Speaker 1: that the country needs anyway, that's a positive. I'm one 71 00:03:53,440 --> 00:03:56,360 Speaker 1: of those that remains skeptical that giving money to people 72 00:03:56,360 --> 00:03:59,040 Speaker 1: that already have jobs and haven't lost it and haven't 73 00:03:59,080 --> 00:04:03,080 Speaker 1: been negatively, I'm not sure that does anything more than 74 00:04:03,160 --> 00:04:07,000 Speaker 1: just make people happy and happy doesn't create an economic boom. 75 00:04:07,040 --> 00:04:11,520 Speaker 1: It creates complacency. Tom. You know, one of the concerns 76 00:04:11,520 --> 00:04:13,720 Speaker 1: out there is some of these job losses that we've 77 00:04:14,040 --> 00:04:16,680 Speaker 1: that we've seen over the last twelve months, they may 78 00:04:16,680 --> 00:04:19,719 Speaker 1: be more permanent than maybe we initially thought. Is he 79 00:04:19,760 --> 00:04:22,760 Speaker 1: talked the hiring managers, what kind of feedback you're getting 80 00:04:22,760 --> 00:04:26,479 Speaker 1: on on some of those discussions. Yeah, there's always going 81 00:04:26,560 --> 00:04:29,680 Speaker 1: to be jobs that are eliminated due to technology and 82 00:04:29,680 --> 00:04:32,719 Speaker 1: and and this time the technology is remote work and 83 00:04:32,800 --> 00:04:36,840 Speaker 1: video conferencing. But we're talking about twenty years ago that 84 00:04:36,960 --> 00:04:39,560 Speaker 1: things moved to the internet and people thought printers would 85 00:04:39,600 --> 00:04:42,719 Speaker 1: go away and you wouldn't have commercial printers or or 86 00:04:42,960 --> 00:04:46,599 Speaker 1: or consumer printing services anymore. And if they lessen, but 87 00:04:46,640 --> 00:04:49,599 Speaker 1: they're not gone automatically, and we can always go back 88 00:04:49,600 --> 00:04:52,479 Speaker 1: to the horseshoe in the automobile. So you're always going 89 00:04:52,520 --> 00:04:55,960 Speaker 1: to lose jobs. We shouldn't make it a catastrophic thing 90 00:04:56,000 --> 00:04:58,760 Speaker 1: that it's the result of this procession. It's the result 91 00:04:58,800 --> 00:05:02,120 Speaker 1: of technological evolution, and it will happen now, and it 92 00:05:02,160 --> 00:05:04,760 Speaker 1: will happen again in three years and in seven years, 93 00:05:05,000 --> 00:05:08,320 Speaker 1: and will continue to see that. And that's why having 94 00:05:08,360 --> 00:05:10,880 Speaker 1: people that are in the trade that we're always going 95 00:05:10,920 --> 00:05:14,800 Speaker 1: to need plumbers and carpenters and and and and and 96 00:05:14,920 --> 00:05:17,880 Speaker 1: service workers are really important. And then also having a 97 00:05:17,880 --> 00:05:20,560 Speaker 1: population that goes to college and they learn how to code, 98 00:05:20,839 --> 00:05:23,360 Speaker 1: and they learn accounting and finance skills, and they learn 99 00:05:23,440 --> 00:05:26,839 Speaker 1: the law, and they learned social sciences. Those are important, 100 00:05:27,200 --> 00:05:29,520 Speaker 1: and I think we continue that down the path that 101 00:05:29,560 --> 00:05:32,560 Speaker 1: we've always done. Everything will work out. What were the 102 00:05:32,600 --> 00:05:34,960 Speaker 1: calls you were getting in the last month for people 103 00:05:34,960 --> 00:05:40,000 Speaker 1: looking for temporary workers or even permanent workers. Across the board. 104 00:05:40,040 --> 00:05:42,000 Speaker 1: We had it for marketing, we had it for sales. 105 00:05:42,400 --> 00:05:45,800 Speaker 1: We had huge demand as always for I T especially 106 00:05:46,160 --> 00:05:49,719 Speaker 1: UH security and UH cloud computing, a ton of accounting 107 00:05:49,760 --> 00:05:54,359 Speaker 1: and finance back offices, healthcare revenue cycle as hospitals became 108 00:05:55,040 --> 00:05:58,640 Speaker 1: able to do more traditional procedures. So I mean, I'm 109 00:05:58,680 --> 00:06:01,240 Speaker 1: on the board of directors for they Can Staffing Association, 110 00:06:01,240 --> 00:06:05,440 Speaker 1: which is the largest largest temporary staffing membership association in 111 00:06:05,480 --> 00:06:09,160 Speaker 1: the country, and we've seen across the board that businesses 112 00:06:09,200 --> 00:06:12,200 Speaker 1: are are in a recovery mode of using our services. Now. Well, Tom, 113 00:06:12,240 --> 00:06:14,440 Speaker 1: that is good news, and let's hope that it continues 114 00:06:14,480 --> 00:06:17,440 Speaker 1: and even even stronger a pace as we go throughout 115 00:06:18,200 --> 00:06:20,760 Speaker 1: one I know people surely needed out there. That's Tom 116 00:06:20,800 --> 00:06:27,159 Speaker 1: Gimble of Lasal Network at the Global Staffing Company. According 117 00:06:27,200 --> 00:06:30,800 Speaker 1: to our covid at tracker worldwide cases at four hundred 118 00:06:30,839 --> 00:06:34,760 Speaker 1: sixty three thousand, four hundred eighty three in the last 119 00:06:35,120 --> 00:06:39,360 Speaker 1: just most recent glimpse of what we're looking at Let's 120 00:06:39,400 --> 00:06:42,800 Speaker 1: bring in Laurence sour from Johns Hopkins University to talk 121 00:06:42,839 --> 00:06:45,000 Speaker 1: to us a little bit more now about where we 122 00:06:45,040 --> 00:06:47,200 Speaker 1: are overall. By the way, from the beginning, we're looking 123 00:06:47,200 --> 00:06:50,760 Speaker 1: at one hundred five point zero one million cases, Lauren, 124 00:06:50,839 --> 00:06:54,200 Speaker 1: these new strains of the coronavirus. Do anticipate there will 125 00:06:54,200 --> 00:06:56,480 Speaker 1: be more of them? And have you seen any Are 126 00:06:56,480 --> 00:06:58,520 Speaker 1: you starting to see more of the ones that we 127 00:06:58,560 --> 00:07:03,040 Speaker 1: know about? Yeah, we are starting to see more cases 128 00:07:03,160 --> 00:07:07,719 Speaker 1: of the variants that we're first discovered in Britain and 129 00:07:08,120 --> 00:07:12,040 Speaker 1: um in South Africa across the globe so um, and 130 00:07:12,120 --> 00:07:16,040 Speaker 1: that is probably a mix of having more cases of 131 00:07:16,560 --> 00:07:20,160 Speaker 1: that are associated with a variant popping up, but then also, UM, 132 00:07:20,240 --> 00:07:24,760 Speaker 1: once we noticed these early cases, we increase our sequencing 133 00:07:24,840 --> 00:07:29,240 Speaker 1: or surveillance efforts to identify them. So it's probably that 134 00:07:29,280 --> 00:07:32,440 Speaker 1: we're seeing them increase in their case numbers, but also 135 00:07:32,480 --> 00:07:37,280 Speaker 1: in our ability and desire to detect them. Lauren. Um, 136 00:07:37,320 --> 00:07:41,040 Speaker 1: it's Super Bowl weekend. How concerned are you that this 137 00:07:41,160 --> 00:07:43,200 Speaker 1: might be a super spreader vent in terms of people 138 00:07:43,720 --> 00:07:47,520 Speaker 1: having big Super Bowl watch parties. Yeah, I think we're 139 00:07:47,520 --> 00:07:49,440 Speaker 1: all a little concerned about this. In the same way 140 00:07:49,480 --> 00:07:53,480 Speaker 1: we've been concerned from other holidays. I mean, it's in 141 00:07:53,600 --> 00:07:56,200 Speaker 1: many of the states across the country. Here, it's cold, 142 00:07:56,760 --> 00:07:58,480 Speaker 1: people are going to be indoors because they're going to 143 00:07:58,520 --> 00:08:02,480 Speaker 1: be specifically watching TV. Um. It's you know, it is 144 00:08:02,480 --> 00:08:05,400 Speaker 1: an event that we know people gather for and many 145 00:08:05,400 --> 00:08:09,040 Speaker 1: people will be excited to to have something to celebrate. 146 00:08:09,440 --> 00:08:12,080 Speaker 1: Um Uh. We know that there's big parties across the 147 00:08:12,120 --> 00:08:17,320 Speaker 1: country during Super Bowl Sunday, and so I think, um, 148 00:08:17,760 --> 00:08:19,800 Speaker 1: I think the message is similar to what we heard 149 00:08:19,800 --> 00:08:23,040 Speaker 1: over the holidays. You know, try to limit your your travel, 150 00:08:23,160 --> 00:08:26,440 Speaker 1: try to limit your gathering, in your contact with other people, 151 00:08:26,560 --> 00:08:28,640 Speaker 1: especially people that are not in your bubble or in 152 00:08:28,640 --> 00:08:33,720 Speaker 1: your media family. And really, you know, stick with it. 153 00:08:33,800 --> 00:08:36,000 Speaker 1: And I think that's hard to say and it's hard 154 00:08:36,040 --> 00:08:38,160 Speaker 1: to hear. But the more we stick with it. But 155 00:08:38,320 --> 00:08:41,480 Speaker 1: as we get more and more people vaccinated, the more um, 156 00:08:41,520 --> 00:08:43,920 Speaker 1: the closer we get to some sense of normalcy. And 157 00:08:44,320 --> 00:08:48,800 Speaker 1: that's that idea of returning back to our daily lives. Lauren, 158 00:08:49,080 --> 00:08:52,240 Speaker 1: I mean, if you had your way, and you wouldn't 159 00:08:52,240 --> 00:08:54,520 Speaker 1: probably want to make decisions like this, but would you 160 00:08:54,520 --> 00:08:57,600 Speaker 1: have everybody still in the bubble. It seems like We're 161 00:08:58,160 --> 00:09:03,079 Speaker 1: getting more and more sign that, you know, corporate America 162 00:09:03,120 --> 00:09:06,680 Speaker 1: for example, and and and even the state governments want 163 00:09:06,720 --> 00:09:08,319 Speaker 1: things to get back to normal a little bit. So 164 00:09:08,360 --> 00:09:12,720 Speaker 1: there's a little extension of things like, um, you know, 165 00:09:13,040 --> 00:09:15,079 Speaker 1: the ten pm car few on Sunday for example, for 166 00:09:15,120 --> 00:09:17,720 Speaker 1: the Super Bowl. We're getting more companies suggesting that their 167 00:09:17,760 --> 00:09:19,320 Speaker 1: workers come back to work for a couple of days 168 00:09:19,320 --> 00:09:24,760 Speaker 1: a week. Unions and public schools are locked in a 169 00:09:24,800 --> 00:09:27,319 Speaker 1: battle about whether teachers should come back to the classroom. 170 00:09:27,840 --> 00:09:30,560 Speaker 1: Why should things be any looser now when you know 171 00:09:31,120 --> 00:09:35,120 Speaker 1: ostensibly it's more dangerous out there. Yeah, that's a great question. 172 00:09:35,240 --> 00:09:38,079 Speaker 1: I think, Um, what we're struggling with is how hard 173 00:09:38,160 --> 00:09:42,439 Speaker 1: it is to UM maintain this distancing right, UM and 174 00:09:42,480 --> 00:09:47,320 Speaker 1: maintain this alternative approach to how we interact with people. UM. 175 00:09:47,679 --> 00:09:51,319 Speaker 1: Schools obviously are incredibly important one of our highest priorities 176 00:09:51,360 --> 00:09:53,240 Speaker 1: to get back to normal. But I agree with you. 177 00:09:53,280 --> 00:09:56,680 Speaker 1: I mean, I think, um, it is very dangerous out there, 178 00:09:56,800 --> 00:10:00,520 Speaker 1: and we're in some places we're having increased case council. 179 00:10:00,559 --> 00:10:02,400 Speaker 1: I mean, we have seen a drop since the post 180 00:10:02,400 --> 00:10:05,520 Speaker 1: holiday surge, which is fantastic, but all the more reason 181 00:10:05,600 --> 00:10:08,160 Speaker 1: to keep it up. We love to see things go 182 00:10:08,200 --> 00:10:12,280 Speaker 1: back to normal, people returning to classrooms and workplace UM, 183 00:10:12,400 --> 00:10:15,160 Speaker 1: and being able to gather, you know, have social gatherings. 184 00:10:15,200 --> 00:10:18,160 Speaker 1: But we can't do this up and down where every 185 00:10:18,200 --> 00:10:20,959 Speaker 1: time things start to drop and cases start to fall, 186 00:10:21,320 --> 00:10:23,920 Speaker 1: we try to go back to pre COVID times, because 187 00:10:23,920 --> 00:10:26,280 Speaker 1: then we just see those surges again. We have to, 188 00:10:27,120 --> 00:10:30,560 Speaker 1: you know, really stick with it. As vaccines come online, 189 00:10:30,600 --> 00:10:32,480 Speaker 1: as we get better at treating, as we clear out 190 00:10:32,520 --> 00:10:35,840 Speaker 1: the cases from our hospitals and make rooms UM, that's 191 00:10:35,880 --> 00:10:38,640 Speaker 1: where we have to focus. We would there's no one 192 00:10:38,720 --> 00:10:41,640 Speaker 1: more than public health you know, experts who would love 193 00:10:41,720 --> 00:10:44,640 Speaker 1: to see UM things return to a sense of normalcy. 194 00:10:44,679 --> 00:10:47,400 Speaker 1: You know, we've been going full steam ahead for over 195 00:10:47,440 --> 00:10:51,080 Speaker 1: a year now, and and I think the the the 196 00:10:51,080 --> 00:10:53,600 Speaker 1: approach of sticking with it for a bit longer as 197 00:10:53,640 --> 00:10:59,080 Speaker 1: we start to develop herd immunity through vaccination UM is 198 00:10:59,160 --> 00:11:03,680 Speaker 1: really really horton. So, Lauren, as we we have the 199 00:11:03,720 --> 00:11:06,959 Speaker 1: astra Zeneca vaccine, the fiser of vaccine, what's the next 200 00:11:07,040 --> 00:11:10,320 Speaker 1: vaccine that you expect to come into the market that 201 00:11:10,360 --> 00:11:13,600 Speaker 1: you'll be putting into the arms of your patients. Yeah, 202 00:11:13,600 --> 00:11:17,000 Speaker 1: I think everyone's very excited about the Johnathan and Johnason vaccine. 203 00:11:17,000 --> 00:11:20,320 Speaker 1: It sounds like they're up for emergencies authorization now, which 204 00:11:20,360 --> 00:11:23,640 Speaker 1: is fantastic. UM. This is a one shot vaccine, which 205 00:11:23,679 --> 00:11:27,280 Speaker 1: is even better because the logistics of delivering it UM 206 00:11:27,440 --> 00:11:31,160 Speaker 1: will be streamlined UM and may allow for some novel 207 00:11:31,160 --> 00:11:35,120 Speaker 1: approaches to vaccine delivery. UM and any new tool in 208 00:11:35,120 --> 00:11:38,839 Speaker 1: our tool kit is really just very very exciting. UM. 209 00:11:38,960 --> 00:11:42,040 Speaker 1: So I think that's the next one that we're expecting 210 00:11:42,080 --> 00:11:44,640 Speaker 1: to see online and at least in the US will 211 00:11:44,679 --> 00:11:47,320 Speaker 1: probably start to see it pretty soon. This also has 212 00:11:47,400 --> 00:11:49,880 Speaker 1: the potential to be really beneficial in places where we 213 00:11:49,920 --> 00:11:53,360 Speaker 1: don't have strong cold chain storage and we need more 214 00:11:53,400 --> 00:11:57,560 Speaker 1: logistical support for the two dose vaccine. UM. So I 215 00:11:57,600 --> 00:11:59,960 Speaker 1: think everyone's hopeful sort of waiting to hear from the 216 00:12:00,120 --> 00:12:02,920 Speaker 1: SBA on that and UM, I know they just schedule 217 00:12:03,040 --> 00:12:07,120 Speaker 1: the meaning, So looking for that February read out on 218 00:12:07,160 --> 00:12:09,320 Speaker 1: whether or not this one will come forward with another 219 00:12:09,360 --> 00:12:13,319 Speaker 1: emergency authorization. Lauren, about eleven months ago, you know, all 220 00:12:13,360 --> 00:12:17,199 Speaker 1: of our lives changed dramatically at the same time. For 221 00:12:17,320 --> 00:12:19,160 Speaker 1: most of us, it was just a case of waiting 222 00:12:19,240 --> 00:12:22,920 Speaker 1: and being careful and bid by bit normality was trying 223 00:12:22,960 --> 00:12:27,160 Speaker 1: to seep in for you, However, your whole focus likely 224 00:12:27,240 --> 00:12:32,160 Speaker 1: had to change to one particular virus, the coronavirus, and 225 00:12:32,240 --> 00:12:35,440 Speaker 1: this particular strain of the coronavirus. What what's happened to 226 00:12:35,840 --> 00:12:37,360 Speaker 1: the rest of the work that you used to be 227 00:12:37,400 --> 00:12:41,880 Speaker 1: able to do and how much damage do you see 228 00:12:42,080 --> 00:12:45,280 Speaker 1: created because you've had to among you know, all of 229 00:12:45,320 --> 00:12:48,839 Speaker 1: the doctors and nurses and professors out there, switch your 230 00:12:48,840 --> 00:12:53,440 Speaker 1: focus to this one particular thing. Yeah. Um, it's something 231 00:12:53,440 --> 00:12:56,040 Speaker 1: that I think about a lot, usually some time between 232 00:12:56,040 --> 00:12:58,040 Speaker 1: the hours of two and four in the morning when 233 00:12:58,040 --> 00:13:03,280 Speaker 1: I can't quiet my brain. Um, it's it's sometimes feels 234 00:13:03,320 --> 00:13:05,760 Speaker 1: like we don't know what we did before COVID because 235 00:13:05,800 --> 00:13:07,720 Speaker 1: this has been such an all hands on deck approach, 236 00:13:07,760 --> 00:13:10,960 Speaker 1: and I absolutely worry about my colleagues and especially the 237 00:13:10,960 --> 00:13:13,560 Speaker 1: health care workers out there who are solely focused on 238 00:13:13,559 --> 00:13:16,160 Speaker 1: this and all the efforts that we've redirected to respond, 239 00:13:16,240 --> 00:13:19,040 Speaker 1: which those efforts are incredibly important. But you're right, there's 240 00:13:19,080 --> 00:13:21,079 Speaker 1: all this other work that we have been doing and 241 00:13:21,160 --> 00:13:24,760 Speaker 1: strengthening health systems and working on public health interventions that 242 00:13:24,800 --> 00:13:27,559 Speaker 1: have have really fallen by the wayside. And I think 243 00:13:27,600 --> 00:13:30,360 Speaker 1: we're gonna see the the both the negative and the 244 00:13:30,400 --> 00:13:33,360 Speaker 1: positive effects of all this public health strengthening for years 245 00:13:33,360 --> 00:13:36,560 Speaker 1: to come because we've dropped a lot of programming. You know. 246 00:13:36,679 --> 00:13:38,640 Speaker 1: I think a great example is that we're worried about 247 00:13:38,679 --> 00:13:42,960 Speaker 1: childhood vaccinations. UM, we're worrying about the people who have 248 00:13:43,080 --> 00:13:46,080 Speaker 1: had their underlying health conditions not being treated as much 249 00:13:46,440 --> 00:13:48,520 Speaker 1: because they either are scared to go to hospital or 250 00:13:48,640 --> 00:13:51,960 Speaker 1: the hospital didn't have capacity for them. We're outpatient visits 251 00:13:52,000 --> 00:13:54,280 Speaker 1: have been canceled. You know, There's going to be a 252 00:13:54,320 --> 00:13:59,000 Speaker 1: lot of downstream health, economic, public health, UM, and social 253 00:13:59,040 --> 00:14:01,800 Speaker 1: impacts that we will have to manage and work our 254 00:14:01,840 --> 00:14:04,120 Speaker 1: way out of for years to come. I think we're 255 00:14:04,160 --> 00:14:07,000 Speaker 1: all looking forward to an opportunity to work on something 256 00:14:07,000 --> 00:14:10,200 Speaker 1: besides COVID right now. UM. But we just have to 257 00:14:10,200 --> 00:14:12,160 Speaker 1: get there, and we have to get there through making 258 00:14:12,160 --> 00:14:15,240 Speaker 1: those good choices and continuing those public health interventions that 259 00:14:15,280 --> 00:14:18,520 Speaker 1: we know work so well. And Lauren, how are the 260 00:14:18,559 --> 00:14:20,960 Speaker 1: people on the front lines that Johns Hopkins, how are 261 00:14:21,000 --> 00:14:23,000 Speaker 1: they doing in the emergency rooms and throughout the hospital. 262 00:14:24,200 --> 00:14:26,120 Speaker 1: I think we're all struggling a little bit. I think 263 00:14:26,160 --> 00:14:30,720 Speaker 1: everyone's tired. Um. The vaccine arrival was a real boost, 264 00:14:30,840 --> 00:14:33,360 Speaker 1: I think, but we do have people who are still 265 00:14:33,480 --> 00:14:38,480 Speaker 1: very vaccine hesitant, who have some concerns and some challenges 266 00:14:38,520 --> 00:14:41,360 Speaker 1: to their trust with the medical community that we need 267 00:14:41,400 --> 00:14:44,000 Speaker 1: to be better at addressing, and we need to work 268 00:14:44,000 --> 00:14:47,240 Speaker 1: really hard on this community. And just you know, checking 269 00:14:47,240 --> 00:14:49,600 Speaker 1: on your friends and colleagues can be really hard when 270 00:14:49,640 --> 00:14:52,880 Speaker 1: you're also going through the same um you know, day 271 00:14:52,880 --> 00:14:55,200 Speaker 1: in and day out flog of this work. It is 272 00:14:55,400 --> 00:14:58,760 Speaker 1: really challenging. So you look for those little highlights of positivity. 273 00:14:58,800 --> 00:15:01,360 Speaker 1: You know, someone we discharge from the hospital after a 274 00:15:01,360 --> 00:15:03,920 Speaker 1: really long time, or having a friend their colleague who 275 00:15:04,000 --> 00:15:06,720 Speaker 1: decides to get the vaccine after being on shore. All 276 00:15:06,760 --> 00:15:12,200 Speaker 1: those little positive notes, Um, they're really they're really really valuable. 277 00:15:12,400 --> 00:15:14,520 Speaker 1: You know, just when I was being connected, whenever your 278 00:15:14,560 --> 00:15:17,200 Speaker 1: producers told me she got a puppy, and it's so 279 00:15:17,240 --> 00:15:22,200 Speaker 1: exciting to hear those things. Those little highlights are hugely valuable. Um, 280 00:15:22,240 --> 00:15:24,920 Speaker 1: when you have so many challenges day in and day out, Lauren, 281 00:15:24,960 --> 00:15:26,920 Speaker 1: when this is over, assuming at some point it will 282 00:15:26,960 --> 00:15:29,600 Speaker 1: be at least under control properly, will there be a 283 00:15:29,680 --> 00:15:32,280 Speaker 1: huge amount of grief and and a lot of anger 284 00:15:32,600 --> 00:15:34,560 Speaker 1: or do you think that people are you know, not 285 00:15:34,720 --> 00:15:38,200 Speaker 1: blaming anybody for this. They're just sad that it's happening. 286 00:15:39,280 --> 00:15:41,080 Speaker 1: I think it's going to be a mix, and I 287 00:15:41,120 --> 00:15:45,400 Speaker 1: think a lot of it will depend on UM how UM, 288 00:15:45,680 --> 00:15:50,480 Speaker 1: how the pandemic has challenged your economic stability, your health 289 00:15:51,040 --> 00:15:54,320 Speaker 1: UM broadly, how it's impassive friends and family UM, and 290 00:15:54,360 --> 00:15:56,960 Speaker 1: loved ones near and dear to you right. So, UM, 291 00:15:57,000 --> 00:16:02,239 Speaker 1: the anger is reasonable because we had um ample opportunity 292 00:16:02,320 --> 00:16:06,240 Speaker 1: to put public health interventions in place UM, and they 293 00:16:06,280 --> 00:16:10,080 Speaker 1: it feels as though in many cases they were undermined UM. 294 00:16:10,160 --> 00:16:13,360 Speaker 1: And a lot of this work is resting on local 295 00:16:13,400 --> 00:16:16,960 Speaker 1: public health authorities and local health care workers without that 296 00:16:17,280 --> 00:16:20,520 Speaker 1: functional support that you needed from the top down. UM. 297 00:16:20,600 --> 00:16:22,520 Speaker 1: And so I think it's going to be a mix 298 00:16:22,640 --> 00:16:26,360 Speaker 1: of sadness and anger, probably both, probably both coming and 299 00:16:26,400 --> 00:16:28,480 Speaker 1: going at different times, and it's going to be a 300 00:16:28,520 --> 00:16:31,480 Speaker 1: long time of dealing with it. Lauren, thank you so 301 00:16:31,560 --> 00:16:33,840 Speaker 1: much for joining us. And I have so much to do, 302 00:16:34,040 --> 00:16:37,160 Speaker 1: and we really appreciate your time each week trying to 303 00:16:37,160 --> 00:16:39,240 Speaker 1: help us just stay up the speed on all the 304 00:16:39,280 --> 00:16:42,480 Speaker 1: developments here. We really appreciate your time. Lawrence Sour, Associate 305 00:16:42,520 --> 00:16:45,960 Speaker 1: Professor of Emergency Medicine that Johns Hopkins School of Medicine 306 00:16:45,960 --> 00:16:47,720 Speaker 1: on the phone from Baltimore, and we should not that 307 00:16:47,760 --> 00:16:50,480 Speaker 1: the Bloomberg School of Public Health, supported by Michael R. Bloomberg, 308 00:16:50,640 --> 00:16:56,120 Speaker 1: founder of Bloomberg LP and Bloomberg Philanthropy. Well, we are 309 00:16:56,120 --> 00:17:01,000 Speaker 1: coming up to Super Bowls Sunday. Despite absolutely all of 310 00:17:01,160 --> 00:17:04,200 Speaker 1: the challenges, we do have two teams that can play together, 311 00:17:04,280 --> 00:17:07,480 Speaker 1: including the Seattle Seahawks, which, by the way, we're one 312 00:17:07,520 --> 00:17:12,120 Speaker 1: of the only teams in the league to remain untouched 313 00:17:12,200 --> 00:17:15,639 Speaker 1: by the virus in spite of so many challenges in 314 00:17:15,680 --> 00:17:18,280 Speaker 1: that area of the universe. But let's get to the 315 00:17:18,359 --> 00:17:20,879 Speaker 1: ads part of things, because some people just watch the 316 00:17:21,119 --> 00:17:24,840 Speaker 1: role forge, not me, of course, but Tara la Chapelle 317 00:17:24,920 --> 00:17:27,800 Speaker 1: has a great Bloomberg opinion piece out talking about how 318 00:17:28,040 --> 00:17:31,640 Speaker 1: those stalwart advertisers are just not coming back this year 319 00:17:31,680 --> 00:17:34,440 Speaker 1: because well, people aren't spending money and so perhaps it's 320 00:17:34,480 --> 00:17:36,639 Speaker 1: a way of saving the money. And we're talking about 321 00:17:36,880 --> 00:17:39,520 Speaker 1: the likes of Bodweiser, the likes of Pepsi, the likes 322 00:17:39,520 --> 00:17:42,760 Speaker 1: of Avocadas of Mexico, some of the ones that we 323 00:17:42,800 --> 00:17:45,800 Speaker 1: were really depending on to entertain us. So Tara, thanks 324 00:17:45,840 --> 00:17:49,760 Speaker 1: for joining and explain to us that did this exodus 325 00:17:49,840 --> 00:17:52,080 Speaker 1: if you like, of some of the major advertisers bring 326 00:17:52,160 --> 00:17:56,000 Speaker 1: down the price of a thirty second spot, you would 327 00:17:56,040 --> 00:17:58,399 Speaker 1: think it would, but it didn't. In the place with 328 00:17:58,800 --> 00:18:01,600 Speaker 1: an average of five point five million dollars for a 329 00:18:01,680 --> 00:18:05,080 Speaker 1: thirty second commercial. So it did go up from a 330 00:18:05,160 --> 00:18:07,760 Speaker 1: year ago. Um, but I think that's because what you're 331 00:18:07,800 --> 00:18:10,679 Speaker 1: seeing is as these big advertisers kind of back away 332 00:18:10,840 --> 00:18:14,040 Speaker 1: for obvious reasons. Just look around at the world. Um, 333 00:18:14,160 --> 00:18:18,200 Speaker 1: you have these upstarts from that benefited during the pandemic 334 00:18:18,200 --> 00:18:20,960 Speaker 1: and during lockdowns that are using this time to really 335 00:18:21,000 --> 00:18:24,040 Speaker 1: solidify their brand standing and to put their name out 336 00:18:24,040 --> 00:18:26,360 Speaker 1: there even more in front of people. Um, So they're 337 00:18:26,359 --> 00:18:27,920 Speaker 1: buying up a lot of this space. You'll see a 338 00:18:28,160 --> 00:18:32,320 Speaker 1: lot of newer companies entering the phrase this year. So Taril, 339 00:18:32,400 --> 00:18:34,920 Speaker 1: let's take a look at one of the stalwarts that's 340 00:18:35,000 --> 00:18:37,720 Speaker 1: not going to be there, Budweiser. What was the rationale 341 00:18:38,240 --> 00:18:41,160 Speaker 1: that they gave? So I think, you know, it has 342 00:18:41,240 --> 00:18:43,919 Speaker 1: to do with wanting to conserve capital use it for 343 00:18:44,040 --> 00:18:47,000 Speaker 1: things having to do with getting the company through the crisis. 344 00:18:47,359 --> 00:18:50,320 Speaker 1: Believe they're also donating money. But I also think it 345 00:18:50,359 --> 00:18:53,239 Speaker 1: comes down to if you're a big advertiser, and this 346 00:18:53,359 --> 00:18:55,320 Speaker 1: is the advertising event of the year, you know, as 347 00:18:55,359 --> 00:18:57,680 Speaker 1: Bannie says, some people do just watch it for these 348 00:18:57,680 --> 00:19:01,159 Speaker 1: commercials for the entertainment value. If you don't strike the 349 00:19:01,240 --> 00:19:03,399 Speaker 1: right tone in a moment like this, with not just 350 00:19:03,640 --> 00:19:06,240 Speaker 1: the crisis and this somber mood we're all in, but 351 00:19:06,359 --> 00:19:08,919 Speaker 1: also the sort of political tensions out there in the 352 00:19:08,920 --> 00:19:11,760 Speaker 1: country right now and these divisions. I mean, it's a 353 00:19:11,800 --> 00:19:15,400 Speaker 1: really precarious situation to be putting out an ad where 354 00:19:15,720 --> 00:19:17,800 Speaker 1: you know you're banking on people's emotions, and so I 355 00:19:17,840 --> 00:19:20,040 Speaker 1: think it's just a risk that really wasn't worth taking 356 00:19:20,080 --> 00:19:21,720 Speaker 1: for the price this year for a lot of these 357 00:19:21,760 --> 00:19:26,440 Speaker 1: companies that said, uh, Budweiser's sister brands like bud Light, 358 00:19:26,800 --> 00:19:29,440 Speaker 1: they are buying ad space, and same with PEPSI they're 359 00:19:29,440 --> 00:19:32,920 Speaker 1: still sponsoring the halftime show, and some of Peps's other 360 00:19:32,960 --> 00:19:36,560 Speaker 1: businesses like Mountain Dew and three Delay, they're also buying 361 00:19:36,600 --> 00:19:38,359 Speaker 1: ad times. I think if these companies are trying to 362 00:19:38,359 --> 00:19:40,240 Speaker 1: shift around where they spend their money and be a 363 00:19:40,280 --> 00:19:42,160 Speaker 1: little bit smarter about it this year, a little bit 364 00:19:42,160 --> 00:19:45,080 Speaker 1: more careful, Well that's just a taro, because my next 365 00:19:45,160 --> 00:19:47,040 Speaker 1: question is going to be if they're sitting it out 366 00:19:47,080 --> 00:19:50,000 Speaker 1: this year, then what's to guarantee that they get first 367 00:19:50,320 --> 00:19:53,480 Speaker 1: DIBs next year on where they are in in the 368 00:19:54,640 --> 00:19:57,160 Speaker 1: in the schedule, assuming that they go back next year, 369 00:19:57,160 --> 00:19:58,920 Speaker 1: of course, but it seems that they are keeping their 370 00:19:58,960 --> 00:20:03,760 Speaker 1: hand in with the Super Bowl organization and so on, 371 00:20:03,840 --> 00:20:06,240 Speaker 1: so that runs that might take those faults this year, 372 00:20:06,280 --> 00:20:09,439 Speaker 1: don't get first adds next year. Yeah, I think you 373 00:20:09,480 --> 00:20:12,439 Speaker 1: know these companies are they have a strong relationship with 374 00:20:12,480 --> 00:20:15,320 Speaker 1: the NFL and UM. I think everyone kind of understands 375 00:20:15,320 --> 00:20:16,760 Speaker 1: this year has been a bit of a weird year, 376 00:20:16,760 --> 00:20:20,119 Speaker 1: but these companies are still big sponsors and the bottom 377 00:20:20,200 --> 00:20:23,560 Speaker 1: line being that they're big advertisers and advertising is not 378 00:20:23,640 --> 00:20:26,320 Speaker 1: going away these companies. It's very important to them, whether 379 00:20:26,320 --> 00:20:30,680 Speaker 1: it's on traditional linear television or on streaming apps, and 380 00:20:30,760 --> 00:20:34,280 Speaker 1: whether it's for something like a big football game or 381 00:20:34,560 --> 00:20:37,520 Speaker 1: just regular programming. I think that these brands see it 382 00:20:37,520 --> 00:20:44,600 Speaker 1: as important as delivering video advertising content to people. Terror 383 00:20:44,640 --> 00:20:48,320 Speaker 1: What are some of the more highly anticipated ads for 384 00:20:48,400 --> 00:20:50,920 Speaker 1: this Super Bowl? I know they some of them get 385 00:20:50,920 --> 00:20:54,560 Speaker 1: teased out on YouTube and other places. Yeah, there's been 386 00:20:54,680 --> 00:20:56,719 Speaker 1: quite a few. The one I'm kind of interested in 387 00:20:56,760 --> 00:20:59,240 Speaker 1: going back to that idea of you know, trying to 388 00:20:59,320 --> 00:21:02,080 Speaker 1: strike the right tone. Um, you have an how their 389 00:21:02,119 --> 00:21:05,359 Speaker 1: bush the parent of Budweiser doing and their own ad 390 00:21:05,440 --> 00:21:09,120 Speaker 1: for the parent company, and it's the slogan is, let's 391 00:21:09,119 --> 00:21:11,480 Speaker 1: grab a beer, and you know it's about how, you know, 392 00:21:11,520 --> 00:21:13,159 Speaker 1: at the end of a rough day or really just 393 00:21:13,200 --> 00:21:15,280 Speaker 1: sort of any purpose, you kind of say, well, let's 394 00:21:15,280 --> 00:21:17,840 Speaker 1: just grab a beer. And I'm curious to see how 395 00:21:17,880 --> 00:21:20,040 Speaker 1: that plays out. And you know, it's it's like, you 396 00:21:20,080 --> 00:21:22,119 Speaker 1: don't want to sound tone deaf at a moment like this, 397 00:21:22,200 --> 00:21:24,920 Speaker 1: and you don't want to use the pandemic for your marketing. 398 00:21:24,960 --> 00:21:27,360 Speaker 1: But so these companies are really walking a fine line 399 00:21:27,359 --> 00:21:30,639 Speaker 1: and I'm curious to see how people receive that. Yeah, Tara, 400 00:21:30,800 --> 00:21:32,840 Speaker 1: I mean, forgive my cynicism, but are we going to 401 00:21:32,920 --> 00:21:36,280 Speaker 1: see a bunch of ads playing on sentiments and sentimentality 402 00:21:36,359 --> 00:21:39,480 Speaker 1: and nostalgia and you know, getting together when this is 403 00:21:39,520 --> 00:21:42,040 Speaker 1: all over and appreciating what you have And you know, 404 00:21:42,359 --> 00:21:44,359 Speaker 1: there's nothing wrong with that, but we don't want to 405 00:21:44,400 --> 00:21:49,120 Speaker 1: be manipulated into those feelings. And it's also exhausting, right, 406 00:21:49,160 --> 00:21:51,680 Speaker 1: like I think, you know, we're trying to escape this 407 00:21:51,760 --> 00:21:54,680 Speaker 1: moment watching you know, the sports game that everyone loves 408 00:21:54,680 --> 00:21:58,040 Speaker 1: to see every year, and instead you're reminded of where 409 00:21:58,080 --> 00:21:59,760 Speaker 1: we are in the world right now. So I think 410 00:22:00,119 --> 00:22:03,120 Speaker 1: it is a little frustrating. Um. But at the same time, 411 00:22:03,160 --> 00:22:04,800 Speaker 1: you know, some companies do a really good job with 412 00:22:04,800 --> 00:22:10,960 Speaker 1: it too, so we'll see we need some laughs, that's right. So, Terry, 413 00:22:11,160 --> 00:22:14,280 Speaker 1: you know, from the business side of it, Vicom CBS. 414 00:22:14,280 --> 00:22:17,160 Speaker 1: CBS has the rights uh this year, and they pay 415 00:22:17,240 --> 00:22:21,240 Speaker 1: a lot of money uh for NFL rights. Is it 416 00:22:21,359 --> 00:22:26,560 Speaker 1: still expected to be a big money maker for CBS here? 417 00:22:28,359 --> 00:22:30,960 Speaker 1: I mean I think so, but obviously, like year by year, 418 00:22:31,119 --> 00:22:33,240 Speaker 1: that's the question. And this is slowly, you know, the 419 00:22:33,240 --> 00:22:37,160 Speaker 1: audience is getting smaller. It's still the biggest programming event 420 00:22:37,200 --> 00:22:39,560 Speaker 1: of the year, but you know, more and more people 421 00:22:39,600 --> 00:22:42,600 Speaker 1: are are tuning out for various reasons. I mean more 422 00:22:42,680 --> 00:22:45,359 Speaker 1: than just cord cutting. I mean, there's just been a 423 00:22:45,400 --> 00:22:48,359 Speaker 1: lot of pressure on live sportes over time, and of 424 00:22:48,359 --> 00:22:51,280 Speaker 1: course the more time you've sent away from watching it, 425 00:22:51,680 --> 00:22:53,199 Speaker 1: you know, it's harder to kind of come back. But 426 00:22:53,240 --> 00:22:55,960 Speaker 1: I think with the NFL, what was really interesting about 427 00:22:55,960 --> 00:22:57,400 Speaker 1: them was they were able to get through their whole 428 00:22:57,440 --> 00:22:59,600 Speaker 1: season all the way up until the super Bowl, and 429 00:22:59,600 --> 00:23:02,800 Speaker 1: it's just it's a really um interesting case that they 430 00:23:02,800 --> 00:23:04,560 Speaker 1: were able to do this, and I think, you know 431 00:23:04,600 --> 00:23:06,480 Speaker 1: a lot of people will probably tune in for that 432 00:23:06,560 --> 00:23:08,600 Speaker 1: reason because of what else are we doing right now? 433 00:23:09,040 --> 00:23:12,160 Speaker 1: But you're missing the party aspect, you know that getting 434 00:23:12,200 --> 00:23:14,840 Speaker 1: together with friends and the chicken wings and nachos like 435 00:23:14,880 --> 00:23:16,920 Speaker 1: that's obviously not going to be there this year. But 436 00:23:17,320 --> 00:23:19,520 Speaker 1: you know, if it's it's definitely a good escape. You mean, 437 00:23:19,560 --> 00:23:24,000 Speaker 1: you're not learning selves in different languages to The American 438 00:23:24,040 --> 00:23:27,920 Speaker 1: Gaming Association says gambling will full thirty seven percent from 439 00:23:28,040 --> 00:23:32,040 Speaker 1: last year. Can we assume that that's that's money that's 440 00:23:32,080 --> 00:23:35,160 Speaker 1: just not there because you know, people don't have jobs, 441 00:23:35,560 --> 00:23:38,479 Speaker 1: or will some of this money go towards other, you know, 442 00:23:38,560 --> 00:23:42,920 Speaker 1: super Bowl related things such food? Good question. I'm not sure, 443 00:23:44,760 --> 00:23:46,719 Speaker 1: all right, Terror, So thank you so much for that. 444 00:23:46,760 --> 00:23:50,159 Speaker 1: We appreciate it. Tarry La Chapelle Entertainment, Telecommunications and Biel's 445 00:23:50,200 --> 00:23:53,840 Speaker 1: calmness for Bloomberg Opinion. I mean, so, Vanni, one of 446 00:23:53,840 --> 00:23:55,600 Speaker 1: the things that's really concerning as it relates to the 447 00:23:55,640 --> 00:23:59,479 Speaker 1: pandemic is will this be a super spreader event? Are 448 00:23:59,480 --> 00:24:02,200 Speaker 1: people going to still go ahead with their big Super 449 00:24:02,200 --> 00:24:05,399 Speaker 1: Bowl parties and if so, will we see a spike 450 00:24:05,880 --> 00:24:10,160 Speaker 1: in you know, positive cases a couple of weeks from now. Yeah, 451 00:24:10,240 --> 00:24:12,760 Speaker 1: I mean you've got to think that people will be 452 00:24:13,080 --> 00:24:16,240 Speaker 1: a little bit careful, but it's just very hard to No, 453 00:24:16,359 --> 00:24:18,760 Speaker 1: it's not something we can predict. I think, Um, is 454 00:24:18,760 --> 00:24:24,080 Speaker 1: it worth? Is it worth getting coronavirus for Tom Brady? Yeah? 455 00:24:24,119 --> 00:24:26,119 Speaker 1: I know it yet, but you know you listen to that. 456 00:24:26,240 --> 00:24:28,879 Speaker 1: Dr Faucci and he is very concerned. Made some comments 457 00:24:28,920 --> 00:24:31,600 Speaker 1: earlier in this week that just judging by past behavior, 458 00:24:31,600 --> 00:24:34,920 Speaker 1: when you think about other times you get together Thanksgiving, Christmas, 459 00:24:35,000 --> 00:24:38,640 Speaker 1: we definitely saw a spike following those times. And um, 460 00:24:38,680 --> 00:24:41,040 Speaker 1: I know Dr Faucci earlier this week was calling out, 461 00:24:41,359 --> 00:24:45,320 Speaker 1: you know, extolling folks, don't have big parties, keep it 462 00:24:45,359 --> 00:24:48,920 Speaker 1: just within your household because we're really making gains here 463 00:24:48,920 --> 00:24:52,440 Speaker 1: in terms of the metrics. Let's not go the other way. So, um, 464 00:24:52,480 --> 00:24:56,719 Speaker 1: we'll see how that plays out, but certainly I'm gonna do. 465 00:24:56,880 --> 00:24:58,760 Speaker 1: I'm gonna go to Chiefs. I'm going Patrick at home. 466 00:24:58,800 --> 00:25:02,639 Speaker 1: That's the way I'm going. This is Bloomberg coming up. 467 00:25:02,720 --> 00:25:05,720 Speaker 1: We are awaiting remarks from President Biden. He's talking about 468 00:25:05,720 --> 00:25:08,199 Speaker 1: the state of the economy and the need for the 469 00:25:08,240 --> 00:25:10,760 Speaker 1: American Rescue Plan. When we get those remarks, we will 470 00:25:10,760 --> 00:25:12,679 Speaker 1: bring them to your First Let's get a sense of 471 00:25:12,720 --> 00:25:15,480 Speaker 1: what is going on in Washington, d C. As it 472 00:25:15,520 --> 00:25:17,880 Speaker 1: relates to this fiscal stimulus plan. We can do that 473 00:25:17,960 --> 00:25:21,320 Speaker 1: with Bloomberg, deputy team leader and Edgerton. She covers all 474 00:25:21,359 --> 00:25:23,840 Speaker 1: things down there on Capitol Hills, and I thanks so 475 00:25:23,920 --> 00:25:26,720 Speaker 1: much for joining us here. What do we know? It 476 00:25:26,760 --> 00:25:29,840 Speaker 1: looks like, okay, we had the Senate passing by fifty 477 00:25:29,960 --> 00:25:33,320 Speaker 1: vote a blueprint for this one point nine trillion dollar stimulus. 478 00:25:33,520 --> 00:25:36,400 Speaker 1: Is it going to get done in this form? Yeah, 479 00:25:36,680 --> 00:25:40,360 Speaker 1: they're kind of teaming this up as a backup. Now. 480 00:25:40,400 --> 00:25:42,560 Speaker 1: It's very likely that they will have to go this 481 00:25:42,680 --> 00:25:45,200 Speaker 1: route if they can't get in any agreement with Republicans. 482 00:25:45,320 --> 00:25:48,239 Speaker 1: So the budget reconciliation process that they're trying to use 483 00:25:48,320 --> 00:25:50,560 Speaker 1: to get around the threat of a filibuster in the 484 00:25:50,600 --> 00:25:53,280 Speaker 1: Senate is a bit of a long process. So they're 485 00:25:53,320 --> 00:25:55,800 Speaker 1: starting it now to be able to use it by 486 00:25:55,840 --> 00:25:57,960 Speaker 1: the end of the month if they can't get any 487 00:25:57,960 --> 00:26:01,959 Speaker 1: Republicans support for bipartisan package. Bipartisan talks are continuing, but 488 00:26:02,280 --> 00:26:05,080 Speaker 1: most Democrats are not hopeful that they're going to come 489 00:26:05,160 --> 00:26:08,000 Speaker 1: up with anything. Yeah, I mean, that's one thing, but 490 00:26:08,080 --> 00:26:10,639 Speaker 1: what about moderate Democratic support? I mean, is due mansion 491 00:26:10,840 --> 00:26:14,479 Speaker 1: going to be a problem if this does end up 492 00:26:14,520 --> 00:26:17,440 Speaker 1: being the route that they have to go. That's one 493 00:26:17,440 --> 00:26:20,040 Speaker 1: reason why this vote was really interesting last night because 494 00:26:20,080 --> 00:26:22,639 Speaker 1: it past fifty one to fifty with Kamala Harris as 495 00:26:22,720 --> 00:26:27,640 Speaker 1: Vice President breaking the tie. So Schumer Senate majority Leader 496 00:26:27,680 --> 00:26:30,360 Speaker 1: Chuck Shumer is able to keep his Democrats together on 497 00:26:30,400 --> 00:26:32,520 Speaker 1: the bill last night, and so that vodes well for 498 00:26:32,560 --> 00:26:36,400 Speaker 1: them to be able to pass the final singles package 499 00:26:36,400 --> 00:26:39,560 Speaker 1: when push comes to shop. So and we we we've 500 00:26:39,600 --> 00:26:44,000 Speaker 1: seen this budget reconciliation process used before UM. But from 501 00:26:44,040 --> 00:26:48,399 Speaker 1: strategic perspective, I'm guessing the White House would much prefer 502 00:26:48,480 --> 00:26:53,240 Speaker 1: a bipartisan package here. Is there any chance that President Biden, 503 00:26:53,320 --> 00:26:56,399 Speaker 1: Kamala Harris, two veterans of the Senate can maybe flip 504 00:26:56,440 --> 00:27:01,639 Speaker 1: some reluctant Republicans. Yeah. I think the stance from the 505 00:27:01,640 --> 00:27:04,080 Speaker 1: Biden white House is that, yes, they want to do 506 00:27:04,160 --> 00:27:06,840 Speaker 1: things in a bipartisans way. They're going to have that 507 00:27:06,920 --> 00:27:09,359 Speaker 1: outreach to Republicans, but they're not going to wait forever 508 00:27:09,400 --> 00:27:11,200 Speaker 1: and I think that's the left and that Biden learned 509 00:27:11,240 --> 00:27:13,600 Speaker 1: in the Obama White House is that he doesn't want 510 00:27:13,640 --> 00:27:15,560 Speaker 1: to burn a lot of political capital and a lot 511 00:27:15,560 --> 00:27:18,879 Speaker 1: of time frankly at the beginning of his administration looking 512 00:27:18,880 --> 00:27:20,960 Speaker 1: for Republican support that at the end of the day, 513 00:27:20,960 --> 00:27:22,879 Speaker 1: it's just not going to be there. So you know, 514 00:27:22,920 --> 00:27:26,320 Speaker 1: they're kind of taking a belt in suspenders approach, passing 515 00:27:26,359 --> 00:27:30,280 Speaker 1: this this process to to go to Democrat only route 516 00:27:30,320 --> 00:27:33,280 Speaker 1: if they end up doing that, um, just in case 517 00:27:33,359 --> 00:27:37,120 Speaker 1: you know that bipartisan support doesn't come through. Yeah, but 518 00:27:37,240 --> 00:27:40,320 Speaker 1: I mean our Democrats agreed on even the one point 519 00:27:40,440 --> 00:27:43,240 Speaker 1: nine trillion in the sense of how much of that 520 00:27:43,280 --> 00:27:46,199 Speaker 1: should go to COVID emergency, how much of it go 521 00:27:46,400 --> 00:27:48,760 Speaker 1: to state and local government bailouts, how much to go 522 00:27:48,880 --> 00:27:50,720 Speaker 1: to minimum wage. It seems like there's a lot of 523 00:27:51,480 --> 00:27:55,679 Speaker 1: dissent within the Democratic Party too, So what would happen 524 00:27:55,880 --> 00:28:01,320 Speaker 1: if they did end up going the budgets reconciliation. Yeah, 525 00:28:01,320 --> 00:28:03,280 Speaker 1: and it's a huge package. I mean, one point nine 526 00:28:03,320 --> 00:28:05,119 Speaker 1: trillions always with a lot of money. We kind of 527 00:28:05,160 --> 00:28:07,800 Speaker 1: lose sight of that with this sheer size of some 528 00:28:07,800 --> 00:28:11,160 Speaker 1: of the previous relief packages. But but that's a lot 529 00:28:11,200 --> 00:28:14,399 Speaker 1: of taxpayer money to go towards this pandemic response. And 530 00:28:14,440 --> 00:28:16,840 Speaker 1: so you know, it'll be interesting to watch people like 531 00:28:16,880 --> 00:28:20,000 Speaker 1: Joe Mansion in West Virginia and John Tester of Arizona 532 00:28:20,080 --> 00:28:23,120 Speaker 1: excuse me of Montana. Um, but you know, I could 533 00:28:23,200 --> 00:28:26,960 Speaker 1: see them voting for the final package saying the need 534 00:28:27,040 --> 00:28:29,040 Speaker 1: is too great, you know, putting out some kind of 535 00:28:29,040 --> 00:28:31,440 Speaker 1: statement saying we would have rather gone the bipartisan route, 536 00:28:31,480 --> 00:28:34,320 Speaker 1: but go at the end of the day voting with 537 00:28:34,400 --> 00:28:39,080 Speaker 1: their party. Um. You know, budget reconciliation is a tool 538 00:28:39,160 --> 00:28:41,360 Speaker 1: that both parties have used, and it's something that Democrats 539 00:28:41,400 --> 00:28:46,120 Speaker 1: will get a lot of um criticism for because using 540 00:28:46,440 --> 00:28:50,400 Speaker 1: this much taxpayer money should have bipartisan support. So Anna, 541 00:28:50,960 --> 00:28:53,400 Speaker 1: let's just assume for for right now that this one 542 00:28:53,400 --> 00:28:55,840 Speaker 1: point nine trillion does get done, perhaps by towards the 543 00:28:55,920 --> 00:28:59,920 Speaker 1: end of this month. Um. There is also talk about 544 00:29:00,120 --> 00:29:04,440 Speaker 1: another physical stimulus plan, perhaps one more focused on longer 545 00:29:04,560 --> 00:29:08,600 Speaker 1: term projects such as infrastructure. Is there talk about that 546 00:29:08,680 --> 00:29:10,840 Speaker 1: is that still on the surfaces, that's something that might 547 00:29:10,880 --> 00:29:14,400 Speaker 1: get pushed down the line. Well, this is something that 548 00:29:14,520 --> 00:29:16,640 Speaker 1: we've kind of seen in the messaging from Democrats, like 549 00:29:16,680 --> 00:29:19,960 Speaker 1: how Seager, Nancy Pelosi has been very careful to cast 550 00:29:20,000 --> 00:29:22,640 Speaker 1: this measure as a release package. You know, this is 551 00:29:22,640 --> 00:29:24,600 Speaker 1: not a stingless package. She'll tell you, this is a 552 00:29:24,680 --> 00:29:28,240 Speaker 1: relief package. This isn't just you know, getting the economy 553 00:29:28,280 --> 00:29:32,560 Speaker 1: what it needs to um not suffer worth effects from 554 00:29:32,600 --> 00:29:36,520 Speaker 1: the pandemic related closures. The next package will be a 555 00:29:36,560 --> 00:29:40,200 Speaker 1: proper stimulus package. You know, includesment as infrastructure measures. You're 556 00:29:40,280 --> 00:29:42,960 Speaker 1: looking forward, you know what kind of structural changes you 557 00:29:43,000 --> 00:29:45,520 Speaker 1: can make in the economy to make it more efficient, more, 558 00:29:45,600 --> 00:29:48,840 Speaker 1: just more, you know, all the things that Democrats would 559 00:29:48,880 --> 00:29:51,240 Speaker 1: like to see in the way that capital flows within 560 00:29:51,280 --> 00:29:54,560 Speaker 1: the economy. So what will you be looking for next? 561 00:29:54,560 --> 00:29:57,760 Speaker 1: I mean, we're obviously going to be hearing from the 562 00:29:57,880 --> 00:30:00,680 Speaker 1: White House team in a few minutes about to COVID 563 00:30:00,760 --> 00:30:03,560 Speaker 1: nineteen responds, for example, and later on we know Jared 564 00:30:03,560 --> 00:30:06,240 Speaker 1: Bernstein is going to be speaking to the public. What 565 00:30:06,400 --> 00:30:09,880 Speaker 1: kind of case are we going to hear today from democrats? 566 00:30:10,840 --> 00:30:12,760 Speaker 1: I think you're gonna hear a lot about the jobs 567 00:30:12,800 --> 00:30:15,400 Speaker 1: report that came in a bit weaker than expected, and 568 00:30:15,440 --> 00:30:18,720 Speaker 1: that's kind of an argument for going big at this moment. So, 569 00:30:18,960 --> 00:30:21,120 Speaker 1: you know, if we had gotten a really robust jobs 570 00:30:21,160 --> 00:30:24,240 Speaker 1: report this uh, this morning. That would have taken some 571 00:30:24,280 --> 00:30:26,760 Speaker 1: of the wind out of these stimulus sales. But since 572 00:30:26,800 --> 00:30:28,920 Speaker 1: those numbers came in a little bit lower than expected, 573 00:30:29,040 --> 00:30:32,600 Speaker 1: that's gonna be something Democrats used to justify really going 574 00:30:32,640 --> 00:30:35,720 Speaker 1: big with this round of stimulus. All right, and so 575 00:30:35,960 --> 00:30:38,720 Speaker 1: we have the stimulus discussions, but we've also got this 576 00:30:38,800 --> 00:30:42,440 Speaker 1: thing next week called impeachment. How is that going to 577 00:30:42,520 --> 00:30:44,640 Speaker 1: play out? Do you think in terms of other business 578 00:30:45,720 --> 00:30:49,320 Speaker 1: going along with the impeachment. Yeah, you know, it's really 579 00:30:49,360 --> 00:30:52,480 Speaker 1: interesting to see how those impeachment process has kind of 580 00:30:52,480 --> 00:30:55,240 Speaker 1: become an afterthought on this set. You know, they have 581 00:30:55,360 --> 00:30:59,240 Speaker 1: been busy confirming Biden's cabinet nominees and working on the 582 00:30:59,280 --> 00:31:01,560 Speaker 1: stimulus pack it. But of course it will be the 583 00:31:01,600 --> 00:31:04,080 Speaker 1: business of the day next week, and I don't think 584 00:31:04,080 --> 00:31:05,880 Speaker 1: they're going to be able to set up a dual 585 00:31:05,920 --> 00:31:09,440 Speaker 1: track where they do regular Senate business in the morning 586 00:31:09,600 --> 00:31:12,360 Speaker 1: and deal with the impeachment trial in the afternoon. And 587 00:31:12,400 --> 00:31:14,200 Speaker 1: it's almost something you kind of get the sense on 588 00:31:14,240 --> 00:31:16,560 Speaker 1: Capitol Hill that people wish they didn't have to do. 589 00:31:16,760 --> 00:31:20,840 Speaker 1: You know, it's politically uncomfortable. It brings back bad memories 590 00:31:20,880 --> 00:31:23,120 Speaker 1: of the Trump administration. They just want to kind of 591 00:31:23,160 --> 00:31:26,560 Speaker 1: get it behind them. So no multitasking is what you're saying, 592 00:31:27,520 --> 00:31:29,840 Speaker 1: No multitasking, but probably a push to make it a 593 00:31:29,840 --> 00:31:32,240 Speaker 1: short trial. You know, there's not much desire on either 594 00:31:32,280 --> 00:31:34,560 Speaker 1: side of the aisle for this to go much past 595 00:31:34,560 --> 00:31:37,200 Speaker 1: a week. Yeah, I mean, it's it's pretty amazing if 596 00:31:37,280 --> 00:31:39,680 Speaker 1: it will start next week though, and we will likely 597 00:31:39,720 --> 00:31:43,560 Speaker 1: be very tuned in, yes, of course, and in any 598 00:31:43,600 --> 00:31:46,920 Speaker 1: sense that what role former President Trump will play in 599 00:31:47,080 --> 00:31:49,120 Speaker 1: the defense at all, do we have any inkling there? 600 00:31:50,240 --> 00:31:53,720 Speaker 1: So he received a letter yesterday from the House Impeachment Managers. 601 00:31:53,720 --> 00:31:55,920 Speaker 1: You know, these are the nine House Democrats that act 602 00:31:56,000 --> 00:31:59,520 Speaker 1: kind of like prosecutors in the trial, and they asked 603 00:31:59,520 --> 00:32:03,600 Speaker 1: the president to testify under oath to either appear before 604 00:32:03,720 --> 00:32:07,240 Speaker 1: or during the Senate impeachment trial. And Trump's lawyers responded 605 00:32:07,280 --> 00:32:09,520 Speaker 1: and said that that would not be happening. They said 606 00:32:09,520 --> 00:32:12,080 Speaker 1: that this was a political ploy, you know, just kind 607 00:32:12,080 --> 00:32:16,200 Speaker 1: of a pointless asked from the House Impeachment Managers. But 608 00:32:16,520 --> 00:32:19,600 Speaker 1: you know, it'll be interesting to see the way Trump's 609 00:32:19,680 --> 00:32:23,000 Speaker 1: legal team presents his case because we'll we'll expect to 610 00:32:23,040 --> 00:32:25,960 Speaker 1: see some influence from Trump's himself and the arguments that 611 00:32:26,000 --> 00:32:28,920 Speaker 1: they make, especially the way that they talk about the 612 00:32:29,000 --> 00:32:32,160 Speaker 1: November election. You know, I don't expect them to really 613 00:32:32,280 --> 00:32:35,720 Speaker 1: echo his claims that the election was stolen in those words. 614 00:32:35,800 --> 00:32:39,600 Speaker 1: But even in the brief response that they filed filed 615 00:32:39,680 --> 00:32:43,440 Speaker 1: on Monday, um, we we did get kind of a 616 00:32:43,520 --> 00:32:45,920 Speaker 1: hint that they're going to step gingerly around the question 617 00:32:46,280 --> 00:32:48,400 Speaker 1: of whether or not the election was legitimate, which, of 618 00:32:48,440 --> 00:32:53,720 Speaker 1: course it was. Yeah, Lauren or Lauren Sarrows a few 619 00:32:53,720 --> 00:32:56,280 Speaker 1: minutes ago. That's why I had her name in my head. 620 00:32:56,280 --> 00:32:57,960 Speaker 1: But Anna, we are going to let you go because 621 00:32:57,960 --> 00:33:00,960 Speaker 1: there's a lot happening right now. Anna Edgerson is Congress 622 00:33:01,000 --> 00:33:04,920 Speaker 1: as a deputy team leader for Bloomberg. Thanks for listening 623 00:33:04,960 --> 00:33:08,320 Speaker 1: to Bloomberg Markets podcast. You can subscribe and listen to 624 00:33:08,400 --> 00:33:12,200 Speaker 1: interviews at Apple Podcasts or whatever a podcast platform you prefer. 625 00:33:12,440 --> 00:33:15,400 Speaker 1: I'm Bonnie Quinn. I'm on Twitter at Bonnie Quinn, and 626 00:33:15,440 --> 00:33:18,080 Speaker 1: I'm Paul Sweeney I'm on Twitter at pt Sweeney. Before 627 00:33:18,080 --> 00:33:21,240 Speaker 1: the podcast, you can always catch us worldwide at Bloomberg Radio.