WEBVTT - Inflation Tops 10% on Key Items That Americans Just Can't Avoid 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanivik. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.640 plus technology, politics, economics, all partnising the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:19.640 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.239 download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.160 You can also listen to our radio show at two 0:00:25.160 --> 0:00:27.840 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.880 --> 0:00:32.479 YouTube search Bloomberg Global News. So safe to say our 0:00:32.520 --> 0:00:35.479 kids just cannot catch a break. Between the pandemic and 0:00:35.520 --> 0:00:37.520 being schooled at home for a long time, missing out 0:00:37.520 --> 0:00:40.640 on all important socialization for months at a time, and 0:00:40.640 --> 0:00:43.960 then the chronic shootings in schools and society where kids 0:00:44.000 --> 0:00:45.879 often end up being the target. It has been a 0:00:45.920 --> 0:00:48.960 worldful of stress for our younger citizens. We did hear 0:00:49.000 --> 0:00:52.120 the House of Representatives yesterday passing and sweeping gun reform law, 0:00:52.200 --> 0:00:55.040 but it seems like it's not going to get past 0:00:55.160 --> 0:00:57.520 the Senate. Let's get into it and specifically what it 0:00:57.560 --> 0:01:01.000 means for our nation's youth, joining us as dot or tomorrow. Mendelssohn, 0:01:01.160 --> 0:01:03.080 Director of the Center for Adolescent Health at the Johns 0:01:03.120 --> 0:01:06.360 Hopkins Bloomberg School of Public Health, the Johns Hopkins Bloomberg 0:01:06.360 --> 0:01:08.480 School of Public Health that is supported by Michael R. Bloomberg, 0:01:08.520 --> 0:01:12.479 the founder of Bloomberg LP and Bloomberg Philanthropies. Dr Medison, 0:01:12.560 --> 0:01:14.039 we wanted you on the program today because you're an 0:01:14.040 --> 0:01:18.080 expert in adolescent mental health, child psychology, and you can 0:01:18.080 --> 0:01:21.240 really give us an overview on what our nation's kids 0:01:21.319 --> 0:01:24.720 go through, not just if they you would experience a 0:01:24.720 --> 0:01:28.040 horrific event like this, but just preparing for events like this. 0:01:28.280 --> 0:01:30.840 When I was in school, we weren't doing drills for 0:01:31.000 --> 0:01:32.880 active shooters. Carol, I know it wasn't happening when you 0:01:32.920 --> 0:01:35.080 were a Columbine. Happened my freshman year of high school, 0:01:35.160 --> 0:01:37.560 and I feel that was a sort of a changing 0:01:37.600 --> 0:01:39.640 moment um. How do we need to think about this 0:01:39.680 --> 0:01:43.080 in the context of mental health. Yeah, so thank you 0:01:43.160 --> 0:01:45.280 for having me. It's a pleasure to be with you today. 0:01:45.800 --> 0:01:48.720 And yes, you're absolutely right that these kinds of events have, 0:01:49.200 --> 0:01:52.800 you know, sort of cute and then ongoing impact for 0:01:52.920 --> 0:01:55.280 young people. And of course the young people who are 0:01:55.320 --> 0:01:59.160 most affected are either out of school where shooting has happened, 0:01:59.240 --> 0:02:01.920 or you know, in community in some way. But even 0:02:02.040 --> 0:02:04.280 young people who may live far away are going to 0:02:04.360 --> 0:02:07.400 hear about these events through the media, and like you're saying, 0:02:07.400 --> 0:02:11.320 they may also be experiencing drills or other change procedures 0:02:11.320 --> 0:02:14.440 in their school. So I think it's important for parents 0:02:14.440 --> 0:02:18.560 to understand that this might raise anxieties and concerns for 0:02:18.639 --> 0:02:21.680 young people. And I think it's really important to sort 0:02:21.680 --> 0:02:24.320 of know your child as well as to be thinking 0:02:24.360 --> 0:02:28.320 about their age and their developmental stage. So, you know, 0:02:28.400 --> 0:02:31.200 for very young children, you may decide you want to 0:02:31.240 --> 0:02:33.480 turn the news off, and you you know, you may 0:02:33.520 --> 0:02:36.440 want to sort of create space around this for children 0:02:36.440 --> 0:02:39.320 who are going to be hearing about this at school 0:02:39.440 --> 0:02:42.400 or through friends. Um, I think it's really important to 0:02:42.800 --> 0:02:46.280 create space for your child to talk about what they've heard, 0:02:46.400 --> 0:02:49.920 what they're feeling, and what their questions are. Sometimes kids 0:02:49.919 --> 0:02:54.080 have misperceptions or fears about events that parents can really 0:02:54.080 --> 0:02:58.240 help to talk through. It's also important for parents to 0:02:58.360 --> 0:03:02.400 work through their own emotions for talking with children so 0:03:02.440 --> 0:03:04.440 that we can really be focused on on what our 0:03:04.520 --> 0:03:07.400 children's needs are and I think the more that we 0:03:07.440 --> 0:03:11.560 can provide you know, basic information that is in line 0:03:11.800 --> 0:03:13.960 with how old our kids are and kind of what 0:03:13.960 --> 0:03:16.520 they're ready to hear, that that can be really helpful 0:03:16.560 --> 0:03:19.200 for young people well. And I do think about you know, 0:03:19.240 --> 0:03:21.120 we always talk about in our world, in our realm, 0:03:21.160 --> 0:03:25.360 about public private partnerships, and I do think about you know, 0:03:25.400 --> 0:03:27.440 mental well being wellness. I do feel like we took 0:03:27.480 --> 0:03:31.160 a major step forward during the pandemic and coming off 0:03:31.200 --> 0:03:33.359 of George Floyd. I mean, there were just a lot 0:03:33.400 --> 0:03:37.480 of very strong conversations and understandings being felt and made. 0:03:37.880 --> 0:03:40.320 But I also do think that we need to still 0:03:40.600 --> 0:03:42.560 continue to move forward on this and think about the 0:03:42.640 --> 0:03:45.760 role of schools maybe in all of this um and 0:03:45.840 --> 0:03:49.360 making sure that there are environments where kids who are 0:03:49.360 --> 0:03:52.080 struggling get the support at home, but maybe also at 0:03:52.120 --> 0:03:56.160 these educational institutions. I agree with that. I think schools 0:03:56.160 --> 0:04:00.560 are really important resource for our our young people's total health. 0:04:01.000 --> 0:04:04.880 So teachers can also help to create space to have 0:04:05.080 --> 0:04:09.400 sort of safe, age appropriate conversations about current events. And 0:04:09.480 --> 0:04:13.360 also schools are spaces where young people who have emerging 0:04:13.400 --> 0:04:16.800 mental health needs can hopefully be identified and can be 0:04:17.400 --> 0:04:20.320 um provided with the supports that they need, and that 0:04:20.400 --> 0:04:24.560 might come from a school mental health UH specialist, or 0:04:24.600 --> 0:04:27.919 it might come from referrals for outside sources. But I 0:04:27.920 --> 0:04:31.680 think schools are often really important gateways to for connecting 0:04:31.839 --> 0:04:36.039 children with services that they need. I'm just trying to 0:04:36.120 --> 0:04:40.520 understand the differences between what's happening now and what's happened, 0:04:40.680 --> 0:04:43.960 you know, since Columbine, and what happened before that, And 0:04:44.080 --> 0:04:46.800 I'm trying to figure out as we look for answers 0:04:46.839 --> 0:04:49.080 in a really difficult time. I think for a lot 0:04:49.080 --> 0:04:53.360 of people, what is it about America that makes us 0:04:53.400 --> 0:04:56.200 unique when it comes to these types of mass shootings? 0:04:56.200 --> 0:05:00.320 And in the developed countries I should say, Okay, yeah, 0:05:00.320 --> 0:05:04.000 So I think a common misperception right now is that 0:05:04.279 --> 0:05:08.400 mental health issues cause mass shootings, and I think, um, 0:05:08.480 --> 0:05:11.400 what's true is that guns cause mass shootings. And so 0:05:11.600 --> 0:05:14.120 you know, gun policy is going to be critical for 0:05:14.240 --> 0:05:18.360 resolving that this problem in our country. Mental health care 0:05:18.440 --> 0:05:21.560 is incredibly important and does need more attention, but that's 0:05:21.600 --> 0:05:27.920 not the answer to reducing mass shootings. So what would 0:05:27.920 --> 0:05:31.560 be the answer to reducing mass shootings? So I think 0:05:31.600 --> 0:05:34.359 gun control policies are really critical. I mean, one of 0:05:34.360 --> 0:05:38.040 the things that differentiates our country from others is um 0:05:38.480 --> 0:05:41.559 the policies that we have around gun ownership, access to guns, 0:05:41.600 --> 0:05:43.440 and so forth, And so I think that's a really 0:05:43.480 --> 0:05:46.640 important area. And in fact, there are experts at the 0:05:46.640 --> 0:05:50.960 Bloomberg School who study those policies specifically and can really 0:05:50.960 --> 0:05:53.719 speak well to what's needed in this area. How do 0:05:53.800 --> 0:05:56.880 you know when it's a crisis moment um, Dr Mendelssohn, 0:05:56.920 --> 0:05:59.919 and it's not a case of just having a conversation 0:06:00.120 --> 0:06:04.880 sin and that there's something more that needs to be done. Yeah, So, 0:06:05.200 --> 0:06:07.400 I mean, I think that one thing for parents to 0:06:07.480 --> 0:06:11.880 watch for is always shifts in children's behavior. So if 0:06:11.880 --> 0:06:15.120 you're noticing something really different, your child is suddenly withdrawing 0:06:15.240 --> 0:06:18.760 from things they used to enjoy or having very different behavior, 0:06:18.880 --> 0:06:21.679 seeming distressed in a different kind of way, that's something 0:06:21.720 --> 0:06:25.360 to pay attention to. And I think having open communication 0:06:25.960 --> 0:06:30.200 with children is always really important so that they do 0:06:30.320 --> 0:06:33.479 feel comfortable opening up when you ask them about what's 0:06:33.520 --> 0:06:35.800 going on. And that's another thing too, is to ask 0:06:36.000 --> 0:06:40.360 don't assume that children will um broach the topic, but 0:06:40.560 --> 0:06:42.800 if you make it a safe space to be able 0:06:42.839 --> 0:06:46.120 to say when something is bothering them and that's sort 0:06:46.160 --> 0:06:49.880 of ongoing in your family. Culture makes it easier when 0:06:50.440 --> 0:06:54.200 crises do arise. Dr Medlson. I'm wondering, you know, as 0:06:54.320 --> 0:06:56.120 as a parent, and people who listen to the show 0:06:56.200 --> 0:06:58.640 regularly know that I have a three year old, and 0:06:58.680 --> 0:07:00.560 you know, I sometimes talk with my wife if you know, 0:07:00.560 --> 0:07:02.880 how do we know if he's acting like a normal 0:07:02.920 --> 0:07:05.680 three year old versus uh, something that we should have 0:07:05.720 --> 0:07:08.080 an eye on? Us relatively new parents? What is the 0:07:08.080 --> 0:07:09.920 way to know that stuff without actually going to a 0:07:10.000 --> 0:07:13.120 doctor and speaking to somebody who is an expert in 0:07:13.240 --> 0:07:16.800 child behavior. Yeah, that's a great question. I do think 0:07:16.840 --> 0:07:21.200 there's lots of great online resources through the American Academy 0:07:21.200 --> 0:07:25.680 of Pediatrics and other sort of respected UM sources of 0:07:25.720 --> 0:07:29.520 information on child development. UM. There are also great books 0:07:29.520 --> 0:07:33.080 out there. But again, when when in real doubt, UM, 0:07:33.200 --> 0:07:36.040 it is it is helpful to talk to a pediatrician 0:07:36.080 --> 0:07:41.920 directly or a child mental health specialist? Um, it's you know, Unfortunately, 0:07:41.960 --> 0:07:43.960 we are living in a society where I think most 0:07:44.000 --> 0:07:46.680 would say more of this is going to come and 0:07:46.760 --> 0:07:50.560 is going to be more stress on our younger population. UM. 0:07:50.720 --> 0:07:55.880 Is it ever too young to start having these conversations. Again, 0:07:55.920 --> 0:07:59.960 I think that as long as conversations are developmentally appropriate, 0:08:00.040 --> 0:08:04.520 it so for instance, for younger kids, often fewer details 0:08:04.520 --> 0:08:08.920 are better, keeping things more concrete and simple. UM. I 0:08:08.960 --> 0:08:13.640 think if conversations are developed developmentally appropriate UM and do 0:08:13.720 --> 0:08:18.400 not overwhelm children unnecessarily with information that makes them feel 0:08:18.600 --> 0:08:21.559 sort of paralyzed and afraid, then I think it's really 0:08:21.560 --> 0:08:25.320 healthy and in fact, UM crises or events that happen 0:08:25.360 --> 0:08:28.400 in the world can be opportunities to talk to children 0:08:28.480 --> 0:08:32.319 about how we can have positive impact on the world 0:08:32.400 --> 0:08:35.839 and how we can identify what our values are and 0:08:35.920 --> 0:08:38.439 work to change problems that come up in the world. 0:08:38.480 --> 0:08:40.640 And that can be a way of helping empower young 0:08:40.679 --> 0:08:44.240 people to think about how they can take action. Dr Mendelson, 0:08:44.280 --> 0:08:46.679 before you, before we leave and wrap up, we did 0:08:46.720 --> 0:08:48.720 want to get to that there was an act that 0:08:48.800 --> 0:08:51.280 passed in Baltimore, and I think it's very relevant to 0:08:51.360 --> 0:08:53.480 this conversation. Can you just fill us in on that. 0:08:54.440 --> 0:08:58.760 Absolutely so, Baltimore past the Elijah Coming Healing City Act 0:08:59.160 --> 0:09:03.800 to really address the widespread historical trauma and collective trauma 0:09:03.920 --> 0:09:07.000 in Baltimore due to the effects of structural racism and 0:09:07.440 --> 0:09:10.040 UM sort of historic wrongs that have been done, and 0:09:10.120 --> 0:09:15.079 this initiative, this is the only citywide legislation path to 0:09:15.120 --> 0:09:19.079 really create a trauma informed, trauma responsive city. That's a 0:09:19.160 --> 0:09:23.520 really exciting opportunity UM. And there's a task force to 0:09:23.600 --> 0:09:28.640 help oversee how this UM legislation really gets enacted. But 0:09:28.720 --> 0:09:32.360 more importantly, there's real engagement with community UM. The idea 0:09:32.400 --> 0:09:35.440 is to have a community movement UM that can really 0:09:35.440 --> 0:09:38.760 promote healing in Baltimore. Hopefully this will be a model 0:09:38.840 --> 0:09:41.880 for other cities. I think it's important to note that 0:09:41.960 --> 0:09:46.920 while you know this, the school shootings have been devastating, 0:09:47.000 --> 0:09:50.320 that many communities, such as those in Baltimore, have experienced 0:09:50.360 --> 0:09:53.120 violence in an ongoing way. Dr mar Medalson directed the 0:09:53.160 --> 0:09:55.520 Center for Adolescent Health at the Johns Hopkins at Bloomberg 0:09:55.520 --> 0:09:59.079 School of Public Health. You're listening to Bloomberg Business Week 0:09:59.280 --> 0:10:02.640 with Carol man Her and Bloomberg Quick Takes Tim Stinovic 0:10:03.120 --> 0:10:06.240 on Bloomberg Radio. We want to get to the cover 0:10:06.440 --> 0:10:08.920 story and the Bloomberg Big Take, and might we add 0:10:09.120 --> 0:10:11.199 the cover image alone is a must see. The stories 0:10:11.200 --> 0:10:13.840 about Larry Ellison, the Oracle billionaire. You know him well, 0:10:14.320 --> 0:10:18.000 who's making his Hawaiian island more hospitable to the super rich, 0:10:18.040 --> 0:10:20.400 but pushing out families that have been there for generations. 0:10:20.520 --> 0:10:23.439 Sophia Alexander had the enviable task of traveling to Lanai 0:10:23.559 --> 0:10:26.960 and spending some serious time in Hawaii. She's the author 0:10:27.080 --> 0:10:29.439 of this cover story for Bloomberg Business which he's Wealth 0:10:29.440 --> 0:10:31.520 Team reporter for Bloomberg News. She's with us in the 0:10:31.520 --> 0:10:34.320 Bloomberg Interactor Broker Studio. Joe Weber is the editor of 0:10:34.320 --> 0:10:36.920 Bloomberg Business Week. He joins us in the Interactive Broker 0:10:36.960 --> 0:10:38.640 Studio as well. Joel, I want to start with the 0:10:38.679 --> 0:10:41.600 Lord of Lenai, the cover of Bloomberg Business Week. You 0:10:41.679 --> 0:10:43.559 do each week, tell us how the sausage is made 0:10:43.559 --> 0:10:45.599 when it comes to the cover, But this one is 0:10:45.640 --> 0:10:51.720 particularly poignant. Uh So. It's a painting of Larry Ellison 0:10:52.080 --> 0:10:55.600 um in a very you know, provocative kind of pose 0:10:55.800 --> 0:10:58.800 of of um him sort of as like almost as 0:10:58.840 --> 0:11:03.720 a conquisador um. And there's a very traditional Hawaiian vibe 0:11:03.760 --> 0:11:06.760 to the artwork, which is also reflected in the artwork 0:11:06.960 --> 0:11:09.680 that we've commissioned for the story on the inside. UM. 0:11:09.760 --> 0:11:12.920 But you know, the Yeah, let's just say Larrialison did 0:11:12.960 --> 0:11:14.920 not want to participate in the story. UM, so hence 0:11:14.960 --> 0:11:17.080 why you have to recruit an artist to like make 0:11:17.160 --> 0:11:20.959 a painting. Um. This one is a really interesting story though, 0:11:21.120 --> 0:11:24.199 And honestly I knew nothing about this, although I have 0:11:24.360 --> 0:11:27.400 been to Hawaii to the islands that look at Lanai 0:11:27.480 --> 0:11:30.000 and you're like, WHOA, what's that island? And Lanai is 0:11:30.040 --> 0:11:33.439 this amazing story in and of itself because it's basically 0:11:33.800 --> 0:11:36.920 always been as long as it's been, um, you know, 0:11:37.000 --> 0:11:40.000 sort of developed and civilized in the you know, quote 0:11:40.080 --> 0:11:44.080 unquote modern terms. Um, it has really the ownership of 0:11:44.120 --> 0:11:46.480 that highland has been in very few hands. It was 0:11:46.600 --> 0:11:51.240 forever a dull plantation. Another dull billionaire basically bought it 0:11:51.440 --> 0:11:55.000 um and then just a decade ago fell into Larrialison's hands. 0:11:55.040 --> 0:11:57.959 And for all the conversations that happened about Hawaii, and 0:11:58.120 --> 0:12:00.720 I think Mark Zuckerberg has gotten a ton of attention 0:12:00.760 --> 0:12:04.160 for what he's sort of cobbled together. Nobody owns an island. 0:12:04.240 --> 0:12:08.640 Larry Olson bought the whole thing. This island is hit 0:12:09.040 --> 0:12:11.199 and he can basically do with it whatever he wants. 0:12:11.400 --> 0:12:14.120 But that means the three thousand locals who live there 0:12:14.400 --> 0:12:17.040 and they rent from him and basically owned from him. 0:12:17.120 --> 0:12:21.000 Have found themselves in a really difficult position. So Sophie, 0:12:21.200 --> 0:12:23.280 you went there, you talked to them. Are what are 0:12:23.280 --> 0:12:28.160 they experiencing? Yes, So it's interesting because they're used to, uh, 0:12:28.200 --> 0:12:30.120 their island being owned by a billionaire. There was a 0:12:30.120 --> 0:12:33.160 billionaire before Larry Allison that owned it, David Murdoch. Um. 0:12:33.200 --> 0:12:36.240 As you mentioned, he was the Dole chairman at the 0:12:36.240 --> 0:12:38.719 time he took it over, I believe, um. But he 0:12:38.880 --> 0:12:41.360 was what they now call a poor billionaire. He was 0:12:41.440 --> 0:12:44.920 worth like a couple of billion dollars compared to Ellison's 0:12:45.080 --> 0:12:48.520 roughly billion dollars on any given day. It's just this 0:12:48.760 --> 0:12:51.920 amount of wealth is so unfathomable to pretty much anyone, 0:12:52.200 --> 0:12:54.440 and so they're seeing firsthand what he can actually do 0:12:54.520 --> 0:12:58.439 with it. Um. So Ellison, you know, he owns pretty 0:12:58.520 --> 0:13:01.240 much everything, He controls pretty mu everything, and because of 0:13:01.280 --> 0:13:04.440 his massive fortune, he can really like shape this island 0:13:04.440 --> 0:13:07.160 into what he wants. The other billionaire, you know, was 0:13:07.200 --> 0:13:10.240 letting the hotels run down, the community pool was writing down. 0:13:10.400 --> 0:13:12.360 He just couldn't afford to keep it up. But it's 0:13:12.360 --> 0:13:14.600 not a problem for Allison. So what is Allison doing. 0:13:14.720 --> 0:13:17.560 Is he investing, is he propping everything up? And is 0:13:17.600 --> 0:13:22.560 he embracing the locals. So it depends who who you ask. 0:13:22.760 --> 0:13:24.560 There are some people who are really happy with what 0:13:24.640 --> 0:13:27.000 he's done. You know, one person I talked to who 0:13:27.440 --> 0:13:29.800 is in the story, Gail Allen. She says, you know, 0:13:30.160 --> 0:13:32.320 he bought the grocery story and he turned into a 0:13:32.360 --> 0:13:35.319 mini Whole Foods, which you know, she's very happy about, 0:13:35.400 --> 0:13:37.240 and a lot of people would be very happy about. 0:13:37.280 --> 0:13:39.480 But you know, the Whole Foods is like the marker 0:13:39.559 --> 0:13:42.520 of gentrification. After all, Um and a lot of other 0:13:42.559 --> 0:13:46.040 people on the island are more anxious because the problem is, 0:13:46.120 --> 0:13:49.400 no one really knows what Larry's plans are. And he 0:13:49.679 --> 0:13:52.840 is very you know, like behind the scenes. The old 0:13:52.920 --> 0:13:55.559 billionaire who owned it, David Murdock, he was very involved 0:13:55.559 --> 0:13:57.600 in the community. He talked to people in the community. 0:13:57.920 --> 0:14:00.000 But Larry does not engage with the community at all. 0:14:00.040 --> 0:14:02.640 He's never been into a community meeting. He basically let 0:14:02.800 --> 0:14:05.600 his company do the talking for him, and even the 0:14:05.600 --> 0:14:07.640 people who work there. When the people I talked to 0:14:07.760 --> 0:14:10.840 said she has no idea what his plans are. So 0:14:11.160 --> 0:14:14.000 you get that perspective, but you also get a perspective 0:14:14.240 --> 0:14:17.280 of people who are affiliated with with him, right and 0:14:17.360 --> 0:14:20.000 who who have worked for him. And so there's this 0:14:20.000 --> 0:14:22.160 this other side of the conversation, which is he can 0:14:22.200 --> 0:14:25.040 kind of do anything he wants, right, and so what 0:14:25.040 --> 0:14:27.880 what what has he done on that side? Because he 0:14:27.960 --> 0:14:30.640 has spent some money there. Yes, he's spent a bunch 0:14:30.640 --> 0:14:33.120 of money. I mean one of the first things he did, 0:14:33.280 --> 0:14:35.720 let's just start there, is build a noboo on the island. 0:14:35.880 --> 0:14:37.920 He said at one point that when he arrived the 0:14:37.920 --> 0:14:42.560 food with Yeah, exactly, Um, well there's actually the one 0:14:42.600 --> 0:14:45.320 noboo and then there's sense a by no boo, So 0:14:45.360 --> 0:14:49.440 there's actually that's for the mass exactly. You know, it's 0:14:49.480 --> 0:14:52.720 like two no boos on one small island. Um. You know, 0:14:52.760 --> 0:14:55.560 he renovated the four seasons hotels. He spent tens of 0:14:55.560 --> 0:14:58.720 millions of dollars on that, and so now rooms at 0:14:58.760 --> 0:15:02.200 the ocean side one on thousands, even tens of thousands 0:15:02.200 --> 0:15:05.280 of dollars a night for some of the sweets. Still 0:15:05.360 --> 0:15:07.680 is that where she stayed? When she staying? You know, 0:15:08.120 --> 0:15:12.000 he hasn't seen the expense concluded answer that I'm just 0:15:12.000 --> 0:15:13.520 gonna say, I haven't seen it. So I don't. I 0:15:13.520 --> 0:15:16.400 don't know, keep going and so, and there's a bunch 0:15:16.400 --> 0:15:18.520 of other stuff that he's doing. He is building a 0:15:18.520 --> 0:15:22.160 new housing project because housing is huge issue on the island. 0:15:22.480 --> 0:15:24.560 There's a bunch of stuff he wants to do, but 0:15:24.600 --> 0:15:27.720 there's nowhere for these construction workers to live. Um. And 0:15:27.760 --> 0:15:31.000 then more recently, most recently, he's also building a Monches 0:15:31.080 --> 0:15:34.000 Story School. And the big question is whose kids are 0:15:34.080 --> 0:15:36.240 those for? Well, I thought was really poignant part of 0:15:36.240 --> 0:15:39.360 the story when you included the question that one of 0:15:39.400 --> 0:15:41.320 your one of the people you featured in the story 0:15:41.360 --> 0:15:44.440 asked about the research that they did with the mon 0:15:44.520 --> 0:15:48.440 A Story School. Is their communication with the established school 0:15:48.480 --> 0:15:51.520 to make sure that the curriculum actually melds with when 0:15:51.560 --> 0:15:54.040 these kids graduate and go there. How does that speak 0:15:54.080 --> 0:15:58.360 to the way that what's happening on the island isn't 0:15:58.400 --> 0:16:02.880 perhaps necessary necessary early organic. Yeah, I mean communication or 0:16:02.960 --> 0:16:07.280 lack thereof is the biggest concern among residents, even those 0:16:07.320 --> 0:16:09.600 who are more in favor of him. They just don't 0:16:09.680 --> 0:16:12.800 really know what's happening at anyone time. Like so the 0:16:12.840 --> 0:16:18.040 rumor mill or coconut wireless as it's called on the island. Yeah, 0:16:18.680 --> 0:16:21.440 is you know, people depend on it for their news. 0:16:21.560 --> 0:16:26.520 He owns the community newspaper now too. So, um, we 0:16:26.560 --> 0:16:30.480 didn't talk about some other exclusive reporting relating to Tom Cruise. 0:16:30.680 --> 0:16:34.080 What happened? What happened when Tom came to visit? Yeah, 0:16:34.160 --> 0:16:36.760 so this was It's a funny story because if you 0:16:36.800 --> 0:16:38.560 just bring up with anyone on the island, if you're like, 0:16:38.600 --> 0:16:40.960 do you remember when Tom Cruise visited, They're like, oh, yeah, 0:16:41.040 --> 0:16:43.440 and he flipped his car and you know, a total 0:16:43.520 --> 0:16:48.480 to crash it. Um his car, not his car, Larry's car. Um. 0:16:48.560 --> 0:16:52.640 So back in around when Tom Cruise visited the island, 0:16:52.640 --> 0:16:56.320 he was a guest of David Ellison, who uh Tom 0:16:56.400 --> 0:16:59.800 works with, Uh it's Larry Son on their movies and 0:17:00.000 --> 0:17:03.720 itating Top Gun, Maverick, the the new blockbuster. I heard 0:17:03.760 --> 0:17:06.879 of it. Um when he came to visit. He was 0:17:06.960 --> 0:17:10.639 using one of Larry's cars and he was on one 0:17:10.680 --> 0:17:13.639 of the dirt roads in Lenai and he flipped it, 0:17:13.840 --> 0:17:17.200 totaled the car, you know, and that kind of thing 0:17:17.400 --> 0:17:20.919 just is never reported anywhere because this is Larry's island. 0:17:21.000 --> 0:17:23.720 You know. They basically called his company were like come 0:17:23.760 --> 0:17:27.360 clean it up. Then they did. They exactly they smashed 0:17:27.359 --> 0:17:30.840 the car, recycled it, and then that's that and no 0:17:30.840 --> 0:17:32.359 one ever hears of it again. As I said at 0:17:32.359 --> 0:17:34.160 the top, so obsessed with this story. Check it out. 0:17:34.200 --> 0:17:38.040 It's a great read online interactive stuff going on, Sophie. 0:17:38.040 --> 0:17:40.440 Thank you so much, Sophie, Alexander Wealth Team reporter and 0:17:40.480 --> 0:17:44.080 of course Jill Weber, the editor of Business Week. This 0:17:44.400 --> 0:17:48.120 is Bloomberg Business Week with Carol Masser and Bloomberg Quick 0:17:48.160 --> 0:17:52.240 Takes Tim Stinovic on Bloomberg Radio. A story that's among 0:17:52.320 --> 0:17:54.480 our most ready the most read in the last eight hours. 0:17:54.480 --> 0:17:56.040 Now is it right now? Yeah? I just checked. I 0:17:56.280 --> 0:17:58.400 know it's been like moving up there. It's about how 0:17:58.480 --> 0:18:00.399 one day ahead of the CPI printing unit, it states 0:18:00.400 --> 0:18:03.920 inflation is topping ten on key items that Americans just 0:18:04.040 --> 0:18:06.879 cannot avoid. I mean, I don't know about you, food 0:18:06.880 --> 0:18:09.159 and grant gas. If you're listening right now, you know 0:18:09.240 --> 0:18:12.080 exactly what we are talking about. Olivia Rockman is on 0:18:12.320 --> 0:18:15.040 the story. She's US Economy reporter for Bloomberg News. She's 0:18:15.040 --> 0:18:17.840 with this right now in the Bloomberg Interactive Broker's studios. 0:18:18.160 --> 0:18:19.719 So I read this story and I thought, and I've 0:18:19.720 --> 0:18:21.760 said this throughout the program tod Olivia. This story has 0:18:21.760 --> 0:18:24.240 Carol's name written all over it because she thinks it's 0:18:24.240 --> 0:18:26.600 like a waste of time to strip out food and 0:18:26.720 --> 0:18:29.240 energy when it comes to inflation, because who's not using 0:18:29.320 --> 0:18:32.120 energy and who's not eating food. For the longest time, 0:18:32.200 --> 0:18:35.880 economists were stripping this out because energy for a month 0:18:35.880 --> 0:18:38.240 at a time would be volatile, or food would randomly 0:18:38.280 --> 0:18:40.840 spike and then come back down because of hurricane or 0:18:40.880 --> 0:18:42.960 like just one off things that would happen. But we're 0:18:43.000 --> 0:18:46.119 in this environment now where everything is spiking at the 0:18:46.160 --> 0:18:48.679 same time, and so to just say, oh, those are 0:18:48.760 --> 0:18:51.119 volatile and we're not going to look at them, is 0:18:51.160 --> 0:18:55.200 it isn't working in this very pandemic inflationary environment. The 0:18:55.240 --> 0:18:57.400 other thing is we're talking before we got go. I mean, 0:18:57.600 --> 0:19:01.240 oil isn't everything to transport Haiti in the moving around 0:19:01.320 --> 0:19:03.800 the world. Like, how do you get away from it? 0:19:03.880 --> 0:19:05.959 I said to you before we got going. Every time 0:19:06.000 --> 0:19:11.959 I fill up, where do you go? I'd fill up 0:19:11.960 --> 0:19:14.560 my take and I'm like, oh, but you know what, 0:19:14.640 --> 0:19:16.760 this doesn't cost me anything because it's not a part 0:19:16.760 --> 0:19:19.439 of the core. I mean, I don't know, but that 0:19:19.480 --> 0:19:21.120 credit card statement comes at the end of the month 0:19:21.160 --> 0:19:24.640 and it's there, Um, is there a rethink or dig 0:19:24.680 --> 0:19:26.439 a little bit more into your story and what you 0:19:26.440 --> 0:19:28.879 wanted to get to in reporting this out. So a 0:19:28.880 --> 0:19:30.320 lot of this comes down to what the FED is 0:19:30.320 --> 0:19:32.680 watching when they're setting policy. And for the longest time, 0:19:32.720 --> 0:19:34.920 the FED really did only look at the core because 0:19:34.920 --> 0:19:37.360 they didn't have to worry about these categories. They would fluctuate, 0:19:37.400 --> 0:19:39.760 come back down. At this point, the FED has no 0:19:39.880 --> 0:19:43.600 choice but to look at food, energy and electricity and say, 0:19:43.880 --> 0:19:45.840 how is this impacting Americans? And are we going to 0:19:45.960 --> 0:19:49.119 take action on these categories that maybe before we would 0:19:49.119 --> 0:19:51.159 write off. And it does seem like, based on what 0:19:51.200 --> 0:19:54.040 we've heard from Powell, that they are looking at those 0:19:54.080 --> 0:19:56.760 categories more than they had ever in the past. We 0:19:56.800 --> 0:20:00.280 spoke to Insignerella Global macro strategist here at Bloomberg News 0:20:00.320 --> 0:20:02.600 a little earlier in the program. He gave us his 0:20:02.600 --> 0:20:05.160 predictions for tomorrow. He's not looking at year over year, 0:20:05.160 --> 0:20:07.280 he's looking at month to month, and he says, if 0:20:07.320 --> 0:20:10.480 we see a print that's too hot, the market is 0:20:10.480 --> 0:20:13.360 going to go crazy month to month because it's expecting 0:20:13.359 --> 0:20:15.400 seven tons of a percent. If it see something hotter 0:20:15.440 --> 0:20:17.440 than that, then that's going to be bad news. Talk 0:20:17.480 --> 0:20:20.639 to me about expectations. We have the Bloomberg economists, you know, 0:20:21.119 --> 0:20:23.359 analysis and what we think it's going to be. What 0:20:23.480 --> 0:20:25.760 is your reporting tell you? The economists that I've talked 0:20:25.760 --> 0:20:27.920 to you this week have all said risks are to 0:20:27.960 --> 0:20:30.960 the upside on the print, both for month over month 0:20:31.040 --> 0:20:33.600 and year over year. That's on the headline figure, so 0:20:33.640 --> 0:20:36.959 that that's the ones that include food, energy, and electricity. 0:20:37.240 --> 0:20:41.000 The core may actually cool because we may see apparel, furniture, 0:20:41.080 --> 0:20:45.760 kind of discretionary inventors. Yeah, but the restart to the 0:20:45.840 --> 0:20:48.160 upside because of what gases are doing. We have gas 0:20:48.200 --> 0:20:51.440 almost at five dollars a gallon nationwide. You've got food 0:20:51.440 --> 0:20:55.520 spiking because of Ukraine everything. So if anything, we might 0:20:55.560 --> 0:20:59.000 see something hotter according to economists, Um, and the cool 0:20:59.000 --> 0:21:01.080 offt doesn't look great. And I guess you know we've 0:21:01.119 --> 0:21:02.919