WEBVTT - Covid-19 Vaccine Distribution, Rubenstein on New Book 0:00:00.240 --> 0:00:03.280 This is Bloomberg Business Week. I'm Karl Masser. Every day 0:00:03.279 --> 0:00:05.200 we're bringing you the latest news from the worlds of 0:00:05.200 --> 0:00:08.920 business and finance, plus technology, politics. So much going on 0:00:09.000 --> 0:00:12.160 in the world of politics, economics, and it's all harnessing 0:00:12.160 --> 0:00:14.840 the power of Business Week reporters and editors. If you 0:00:14.880 --> 0:00:18.280 can download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg 0:00:18.320 --> 0:00:20.480 dot com. If you can also listen to our radio 0:00:20.560 --> 0:00:23.400 show at two pm Eastern on Bloomberg Radio and be 0:00:23.440 --> 0:00:26.320 sure to watch us too on YouTube by searching Bloomberg 0:00:26.360 --> 0:00:28.840 Global News. Let's get into it. Let's talk about it 0:00:28.880 --> 0:00:31.360 because distribution logistics, this is kind of where we are 0:00:31.360 --> 0:00:34.360 when it comes to dealing with the virus. Let's bring 0:00:34.360 --> 0:00:37.400 in our guests with us is Marissa Farrebo. She's senior 0:00:37.479 --> 0:00:40.560 vice president and chief supply chain Officer at advent Health. 0:00:40.600 --> 0:00:43.599 That's a faith based, nonprofit healthcare system based in Florida. 0:00:43.840 --> 0:00:47.040 They operate though across multiple states. And this on a 0:00:47.120 --> 0:00:50.280 day where global cases from the virus exceed seventy two 0:00:50.280 --> 0:00:55.320 point two million and deaths of surpassing one point six million. Yeah, exactly. 0:00:55.360 --> 0:00:57.920 Whenever I hear those numbers, Marissa um nice to have 0:00:58.040 --> 0:01:00.120 you here with us. First of all, how are are 0:01:00.120 --> 0:01:04.000 you doing? How's your team doing? Hi? Carol, Hi Tim, 0:01:04.520 --> 0:01:07.520 Thanks for having me on the show today. We're um, 0:01:07.640 --> 0:01:09.800 we're hanging in there. I mean, we're doing great. We're 0:01:10.440 --> 0:01:14.200 really getting excited about this vaccine. UM. There's been a 0:01:14.200 --> 0:01:16.920 lot of planning, a lot of preparation that's gone into 0:01:17.000 --> 0:01:19.800 this time. So this is a big week. We're very 0:01:19.800 --> 0:01:22.840 excited for it. So are you giving vaccines at the 0:01:23.000 --> 0:01:28.200 hospital yet? We're expecting the vaccines to arrive on our 0:01:28.240 --> 0:01:33.160 campuses tomorrow and then we'll be um, we'll be administering 0:01:33.240 --> 0:01:35.920 them shortly thereafter. And I want to bring in also 0:01:35.959 --> 0:01:38.199 with us as Dr Brent Box. He's senior vice president 0:01:38.200 --> 0:01:41.319 and chief medical officer at advent Health. He also is 0:01:41.400 --> 0:01:44.479 joining us, like Marissa on the phone from Florida. So, Brent, 0:01:44.640 --> 0:01:46.640 I mean, listen, this is the day we've all been 0:01:46.640 --> 0:01:49.400 thinking about. How did you, um, you know, how are 0:01:49.400 --> 0:01:52.400 you approaching in terms of the distribution, the rollout, making 0:01:52.440 --> 0:01:54.480 sure that everybody's going to get that second dose? Tell 0:01:54.480 --> 0:01:56.720 me about kind of the logistical planning you must be 0:01:57.240 --> 0:01:59.000 the two of you in the middle of right now. 0:02:00.360 --> 0:02:04.520 So Hi, Carol, let's join you this afternoon. Yes, this 0:02:04.600 --> 0:02:08.000 is a is an exciting week because this is worked. 0:02:08.040 --> 0:02:11.320 It's been several months in the planning, and the team 0:02:11.320 --> 0:02:15.000 has been putting together a playbook for for about two 0:02:15.040 --> 0:02:18.560 and a half months. And the playbook is um beginning 0:02:18.560 --> 0:02:21.680 to be executed this week and and and really starting 0:02:21.680 --> 0:02:24.560 over the weekend. So we're excited to get started. Um, 0:02:24.600 --> 0:02:26.480 the playbook that you guys put in place. I love 0:02:26.520 --> 0:02:28.679 that you use that word because I've been saying over 0:02:28.680 --> 0:02:30.400 the last few months, i mean, right t him like 0:02:30.639 --> 0:02:33.040 nobody had the playbook for the virus, but you guys 0:02:33.200 --> 0:02:36.080 in the local community, ultimately, they've got to come up 0:02:36.080 --> 0:02:38.600 with something they have that's this is what this is 0:02:38.600 --> 0:02:41.919 when you go to school for exactly. So, so I'm curious, um, 0:02:42.160 --> 0:02:44.240 Dr Box, in terms of the things that you guys 0:02:44.240 --> 0:02:47.440 have been working on and anticipating and putting in places. 0:02:47.520 --> 0:02:51.720 It kind of playing out like you anticipated, you know, 0:02:52.120 --> 0:02:55.639 it really is. There's a lot of fluidity to what 0:02:55.680 --> 0:02:59.080 we learned every day. Um. But we had a group 0:02:59.120 --> 0:03:02.800 of about fifty of our experts and leaders across the 0:03:02.840 --> 0:03:06.000 system work hard on this over the last couple of months, 0:03:06.000 --> 0:03:09.400 and and we we were able to really track with 0:03:09.480 --> 0:03:13.160 the federal the CDC, the FDA, the guidance it was 0:03:13.200 --> 0:03:16.440 out there to put together a playbook, um that will 0:03:16.680 --> 0:03:19.600 that will really make sense in the safe administration of 0:03:19.639 --> 0:03:22.560 this vaccine. So, Dr Box, how are you deciding who's 0:03:22.600 --> 0:03:26.960 going to get the vaccine in these early stages. So 0:03:27.040 --> 0:03:31.400 we are following tim, We're following state and federal guidelines. 0:03:32.080 --> 0:03:35.640 We're really following it to the t um It's basically 0:03:35.680 --> 0:03:40.640 based on the National Academy of Medicine phased approach, which 0:03:40.680 --> 0:03:44.080 is in line with the CDC approach. So we're really 0:03:44.160 --> 0:03:47.760 focusing on those healthcare workers are team members who are 0:03:47.760 --> 0:03:52.440 taking care of COVID patients every day, the healthcare workers 0:03:52.480 --> 0:03:55.200 with the highest risk of being exposed to the virus, 0:03:55.840 --> 0:03:57.680 Which makes sense, right. We've been hearing from a lot 0:03:57.720 --> 0:03:59.720 more is it come on in on this so logistically 0:03:59.800 --> 0:04:02.000 to and I've had a lot of conversations about these 0:04:02.000 --> 0:04:06.280 are viruses that have to be kept at incredibly cold temperatures. Uh, 0:04:06.320 --> 0:04:08.200 and I think they can you know without that, they 0:04:08.240 --> 0:04:11.240 only last for a very short period of time. So 0:04:11.520 --> 0:04:15.840 what's been involved logistically in you getting prepared for receiving 0:04:15.840 --> 0:04:18.720 the vaccine and making sure they're kept in a safe place. 0:04:18.760 --> 0:04:22.320 Talk to us a little bit about that, sure will. 0:04:22.360 --> 0:04:25.080 As Dr Box mentioned, you know, we we started our 0:04:25.120 --> 0:04:28.760 planning many months ago, UM, and really at that time 0:04:28.800 --> 0:04:30.760 really thought about, Okay, how do we how are we 0:04:30.839 --> 0:04:33.360 going to store vaccines? Where are they going to get 0:04:33.360 --> 0:04:35.680 sort of going to get stored everywhere? And where we 0:04:35.800 --> 0:04:38.800 landed was really a hub and spoke model. UM. We 0:04:38.839 --> 0:04:42.919 did secure some additional ultra low freezers so that we 0:04:42.960 --> 0:04:46.520 could increase capacity at our hub sites. UM. But a 0:04:46.560 --> 0:04:49.800 lot of planning, a lot of preparation, UM. You know, 0:04:49.880 --> 0:04:53.400 backup plans have gone into place as well. So I'm 0:04:53.600 --> 0:04:56.320 really proud of the team for for really coming together 0:04:56.400 --> 0:04:59.040 and and forgive me, I'm gonna jump in because I mean, 0:04:59.279 --> 0:05:00.960 we're I know our audience, I know Tim, and I 0:05:01.080 --> 0:05:03.360 like we love the nitty gritty of of the details. 0:05:03.400 --> 0:05:05.359 Like what else, Like you said, backup plans, What have 0:05:05.440 --> 0:05:07.640 you had to kind of think about to make sure 0:05:07.640 --> 0:05:09.960 you've got a backup plan for it? Is it the refrigeration, 0:05:10.080 --> 0:05:13.320 is it other things? Yeah, that's a great point. You know, 0:05:13.320 --> 0:05:17.480 as we think about the need for that ultra cold storage, UM, 0:05:17.520 --> 0:05:20.320 even just dry ice machines, you know, how do we 0:05:20.440 --> 0:05:22.559 and then how do you how do you manage dry 0:05:22.600 --> 0:05:25.359 ice and how do you get trained on that? So really, 0:05:25.400 --> 0:05:28.440 again you just mentioned some of those details, and the 0:05:28.440 --> 0:05:31.880 teams spent a lot of time um really incorporating that 0:05:31.920 --> 0:05:34.359 and making sure all aspects of this, you know, have 0:05:34.440 --> 0:05:36.919 really been sought through well and are outlined in the 0:05:36.920 --> 0:05:39.760 playbook that Dr Box just mentioned. So take us through 0:05:39.839 --> 0:05:42.440 visually what this looks like. Is this a room that 0:05:42.480 --> 0:05:45.159 will be dedicated for the next few months with a 0:05:45.240 --> 0:05:48.159 line of people outside just walking in one after the 0:05:48.200 --> 0:05:54.320 other getting shots here. No, so the room where we're 0:05:54.400 --> 0:05:57.200 storing product is going to be in a very different 0:05:57.200 --> 0:06:00.600 place than where we were administering the vaccines UM. And 0:06:00.640 --> 0:06:03.520 so you know our storage is, you know, is in 0:06:03.680 --> 0:06:07.919 highly secured split spaces and um we you know where 0:06:07.960 --> 0:06:12.200 we can properly store and keep the refrigeration and freezing 0:06:12.520 --> 0:06:16.960 needs there. UM. And then our prods and our administration 0:06:17.080 --> 0:06:21.400 will be occurring at very specific sites with um again 0:06:21.520 --> 0:06:27.400 very uh practiced protocols in place, and and um really 0:06:27.440 --> 0:06:31.400 walk being able to have our employees and of our 0:06:31.480 --> 0:06:34.920 team members and others come to those spaces. UM. Dr 0:06:34.960 --> 0:06:38.080 Box wondering how long you think it will ultimately take 0:06:38.120 --> 0:06:42.279 to vaccinate your staff and those frontline healthcare way workers. 0:06:42.279 --> 0:06:45.080 What's the timeline you're anticipating and when do you start 0:06:45.080 --> 0:06:47.800 to anticipate the vaccine actually going out to the general 0:06:47.839 --> 0:06:53.440 public those most vulnerable. First, Okay, let me first answer 0:06:53.640 --> 0:06:56.440 the first question. I think that um, you know, we're 0:06:56.480 --> 0:06:59.200 we are set up and we have planned to vaccine 0:06:59.560 --> 0:07:02.920 vaccine and our team members as fast as the vaccine 0:07:03.400 --> 0:07:07.600 comes to us. We have some very large systems here 0:07:07.600 --> 0:07:12.840 in Florida, and for example, we'll be vaccinating um at 0:07:12.880 --> 0:07:16.440 two administration pods here in Orlando at a thousand team 0:07:16.480 --> 0:07:21.000 members per day, so that we we we anticipate getting 0:07:21.040 --> 0:07:23.600 that vaccine out to our team members as quickly as 0:07:23.640 --> 0:07:27.040 it comes. You know, it's not clear how fast the 0:07:27.120 --> 0:07:31.680 vaccine will come to the community, but we look forward 0:07:31.760 --> 0:07:34.520 to participating in that and will be prepared as a 0:07:34.520 --> 0:07:39.280 health system to to help our communities in every every 0:07:39.320 --> 0:07:42.080 place that we operate. Dr Box, How are the communities 0:07:42.200 --> 0:07:45.240 where your hospitals are. What are the numbers that you're seeing. 0:07:45.520 --> 0:07:49.840 What is the hospital capacity like in these places? You know, 0:07:49.880 --> 0:07:52.800 it really varies across our system because it's it's occurring 0:07:52.840 --> 0:07:56.520 at different rates in different states, but are our communities 0:07:56.960 --> 0:08:00.640 obviously are are stress just like our facilities are um 0:08:00.680 --> 0:08:04.120 But in general, our our facilities are doing well. UM. 0:08:04.160 --> 0:08:08.680 They have really um stretched to accommodate the needs of 0:08:08.720 --> 0:08:11.960 the volume of patients that COVID is presented to us. 0:08:12.440 --> 0:08:15.360 So our team members are are really doing great work 0:08:15.440 --> 0:08:18.680 and our and our hospitals are are really standing in 0:08:18.720 --> 0:08:21.040 there for our communities. Dr Box, Is it like what 0:08:21.120 --> 0:08:22.800 it was back in the you know kind of the 0:08:22.880 --> 0:08:27.800 hyphe points are peaks um for Florida? You know, are 0:08:28.160 --> 0:08:32.440 our peak was in the midsummer. We are definitely seeing 0:08:32.480 --> 0:08:36.640 a slow rise here in Florida right now. So it's 0:08:36.679 --> 0:08:39.280 we're not We're not seeing the same volume here in 0:08:39.280 --> 0:08:42.480 Florida that we did in the Midsummer, but we're prepared 0:08:42.520 --> 0:08:44.720 for it if it comes. Chrissa, I want to bring 0:08:44.720 --> 0:08:46.840 you back in here and get more on the logistics 0:08:46.920 --> 0:08:50.880 and planning for the vaccine rollout at your hospitals. How 0:08:50.920 --> 0:08:53.120 are you planning for different vaccines that need to be 0:08:53.160 --> 0:08:56.720 stored differently. We know the Fiser vaccine has to be 0:08:56.720 --> 0:08:59.240 stored at a very low temperature, but that's not the 0:08:59.280 --> 0:09:01.800 story for other vaccines that could potentially be coming in 0:09:01.840 --> 0:09:06.160 the next few months. You know that that's a great question, Tim, 0:09:06.240 --> 0:09:08.640 And and certainly you know, this has just been such 0:09:08.679 --> 0:09:12.839 an amazing feat you know, across many different areas to 0:09:12.960 --> 0:09:17.439 come together and be able to manage this complex very rapid. 0:09:18.320 --> 0:09:20.840 But for us, you know, it really is translating to 0:09:21.280 --> 0:09:24.679 being able to manage UM through a single system. And 0:09:24.760 --> 0:09:29.000 so we're using our single system regardless of the way 0:09:29.040 --> 0:09:31.559 that it's being stored. So regardless of it whether it's 0:09:31.559 --> 0:09:34.640 in an ultra low freezer or whether it's in a refrigerator, 0:09:34.960 --> 0:09:37.000 it's all making its way into a system, so we 0:09:37.040 --> 0:09:39.000 can account for it that way, we can look at 0:09:39.000 --> 0:09:42.080 our data analytics that way, UM and that's really you know, 0:09:42.120 --> 0:09:45.360 that really helps guide our future decisions in the space 0:09:45.679 --> 0:09:49.040 um dr box. Last question, just got about thirty seconds here. 0:09:49.080 --> 0:09:51.360 Do you anticipate, I don't know, and a summer that 0:09:51.440 --> 0:09:53.960 we are back to kind of a more normal way 0:09:53.960 --> 0:09:56.000 of life. What are you telling your teams at this point? 0:09:56.000 --> 0:09:59.360 And just quickly if you could, you know, we're telling 0:09:59.400 --> 0:10:01.720 our teams are couple of things. Number one, we're strongly 0:10:01.800 --> 0:10:06.480 encouraged the vaccine, and number two, we're strongly encouraged our 0:10:06.520 --> 0:10:09.959 team members in our communities to continue doing what makes sense, 0:10:10.000 --> 0:10:15.240 you know, ppe wearing, mass social distancing, avoiding large gatherings, 0:10:15.280 --> 0:10:17.880 all those things that we know that really make a difference, 0:10:18.360 --> 0:10:20.880 um while they're while the time goes by and the 0:10:21.000 --> 0:10:25.840 vaccine becomes more and more prevalently in our population. So 0:10:26.160 --> 0:10:28.840 those are the two things that we're focusing on, and 0:10:28.880 --> 0:10:31.640 we are very hopeful that those two together will bring 0:10:31.720 --> 0:10:34.880 us to that place in the summer. You mentioned fingers crossed. 0:10:35.160 --> 0:10:37.680 Good luck with everything we know. It's a it's a 0:10:37.840 --> 0:10:41.320 huge task for everyone involved in this process. Dr Brent Box, 0:10:41.440 --> 0:10:44.720 senior vice president, chief medical Officer at event Health. Also 0:10:44.800 --> 0:10:48.040 Marissa Faraba, she's senior vice president chief supply chain Officer 0:10:48.080 --> 0:10:50.480 at advent Health as well, both of them joining us 0:10:50.480 --> 0:10:54.120 on Florida. It's a massive task. This is Bloomberg Business 0:10:54.120 --> 0:10:57.720 Week with Carol Messer from Bloomberg Radio. So we've got 0:10:57.720 --> 0:10:59.600 a FED meeting this week, last of the year that's 0:10:59.600 --> 0:11:02.720 happening on Wednesday. And what a year it was. Yeah, 0:11:02.840 --> 0:11:06.440 Jerome Powell breakout star of the year, right totally totally, 0:11:06.440 --> 0:11:08.680 I mean really stepping up and stepping up quickly and 0:11:08.760 --> 0:11:12.040 That's exactly what Rich Miller gets into in a story 0:11:12.120 --> 0:11:15.120 currently in the magazine. He's economics report at Bloomberg News 0:11:15.160 --> 0:11:17.720 on the phone from the nation's capital along with Jill Webber, 0:11:18.000 --> 0:11:20.640 editor Bloomberg Business Week, on the remote access from Brooklyn. 0:11:20.679 --> 0:11:22.959 I was teasing it earlier, Joel, and I said, J. 0:11:23.120 --> 0:11:25.640 Powell's got to get his cape out again, uh, in 0:11:25.760 --> 0:11:29.599 this Wednesday meeting. I mean, he has really just been unbelievable, 0:11:29.679 --> 0:11:34.000 certainly dealing with the pandemic. You mean Clark Kent exactly. 0:11:35.600 --> 0:11:37.720 Remember he's the one that just looks like a civilian. 0:11:37.800 --> 0:11:40.000 So yeah, you know, I think we when we've talked 0:11:40.000 --> 0:11:45.800 about just people who have had extraordinary impact on the year, 0:11:45.880 --> 0:11:48.440 I think J. Pale is right at the top of 0:11:48.440 --> 0:11:51.760 that list. And yeah, we could have certainly had some 0:11:51.840 --> 0:11:55.600 Superman themed art to go with the story. But you know, 0:11:55.679 --> 0:11:58.120 I think the other thing that Rich did a really 0:11:58.160 --> 0:12:00.040 good job of pointing out in the story is that 0:12:00.559 --> 0:12:02.560 it's not only just in the context of this year, 0:12:02.600 --> 0:12:05.720 it's actually sort of in the context of fed Shares 0:12:05.880 --> 0:12:08.080 as a whole. Like if you if you look at 0:12:08.080 --> 0:12:12.040 that Pantheon pal if you you know, if this was 0:12:12.120 --> 0:12:15.040 his this was the end of his derm, he would 0:12:15.040 --> 0:12:17.839 be right at the top of that pantheon with people 0:12:17.920 --> 0:12:21.000 like Paul Vulgar, and the Volker thing is exactly where 0:12:21.000 --> 0:12:23.120 all him. The mike over to Rich and say, we 0:12:23.200 --> 0:12:25.840 talk to us more about the Vocal wrinkle of the 0:12:25.920 --> 0:12:30.040 story in your reporting, because Vocer's um obviously been a 0:12:30.080 --> 0:12:34.640 person that has also been talked about in that pantheon context. Yeah. Yeah, 0:12:34.679 --> 0:12:38.400 and I mean it is kind of amazing that, uh 0:12:38.679 --> 0:12:41.360 Powell has had a relationship in some sense with Vocal 0:12:41.440 --> 0:12:44.360 since the early ninety nine and Volker obviously passed away 0:12:44.360 --> 0:12:48.080 a year ago. But uh, you know Powell was he 0:12:48.160 --> 0:12:50.080 sort of recounted, you know, he was a middle ranking 0:12:50.120 --> 0:12:53.640 Treasury official and he said, you know, here's a guy 0:12:53.679 --> 0:12:56.000 who's now rules the roof of the FED, saying I 0:12:56.120 --> 0:12:58.120 was frightened the we been meeting this guy. You know, 0:12:58.640 --> 0:13:01.960 he got the sick foot seven and Sakar jumping, you know, 0:13:03.040 --> 0:13:08.600 h imposing policymaker who tamed inflation. Uh. But now Powell, 0:13:08.679 --> 0:13:10.880 you know, he's you know, he's not six seven, he's 0:13:10.920 --> 0:13:15.400 like five ten minute he's but he's in his own way. Uh, 0:13:15.640 --> 0:13:18.839 He's he's made his mark, you know, what do they say, 0:13:18.840 --> 0:13:21.640 A crisis makes a makes a man or a woman, right, 0:13:21.760 --> 0:13:24.760 and he rose to the occasion. But it's not only that. 0:13:24.800 --> 0:13:29.920 He's also uh sort of turned monetary policy up on 0:13:29.960 --> 0:13:34.680 its on its head, you know, uh uh vocal sort 0:13:34.679 --> 0:13:38.040 of pushed on employment up to like over ten percent 0:13:38.160 --> 0:13:41.960 to to bring down inflation. But now uh Powell wants 0:13:42.000 --> 0:13:46.000 to push unemployment down maybe the three point five percent 0:13:46.080 --> 0:13:48.760 or below to try to bring up inflation. It's like, 0:13:48.800 --> 0:13:51.880 you know, jiu jitsu type thing. But what is what 0:13:52.000 --> 0:13:55.160 is the legacy of of Chair Powell at this point? 0:13:55.160 --> 0:13:56.680 I mean, I don't think it's too early to start 0:13:56.679 --> 0:13:59.800 talking about it, but I mean, how will he remember 0:13:59.800 --> 0:14:02.640 be remembered for for how he changed the FED? Well, 0:14:02.679 --> 0:14:05.680 I mean I think I think one in the crisis, 0:14:05.840 --> 0:14:11.200 he took the playbook that Ben Bernanke, the former FED chair, 0:14:11.240 --> 0:14:14.720 had during the financial crisis, and he sort of you know, 0:14:14.920 --> 0:14:16.839 as we say in the piece, you know it was 0:14:16.880 --> 0:14:19.920 on did it on steroids? So he pushed he pushed 0:14:19.920 --> 0:14:22.680 the FED into lending to areas where they had never 0:14:22.760 --> 0:14:27.280 gone before. The main street business facility hasn't been as 0:14:27.280 --> 0:14:30.800 successful as they hope, but they've done some lending there, 0:14:31.120 --> 0:14:34.800 they brought up you know, high yield bonds. Um, they 0:14:34.960 --> 0:14:36.920 brought up high yield bonds. They pushed you know, the 0:14:37.080 --> 0:14:41.040 envelope on on on the on the risks they were 0:14:41.040 --> 0:14:45.760 willing to take. And he also, you know, F chairman 0:14:45.840 --> 0:14:50.640 have been uh basically since the fifties when when the 0:14:50.680 --> 0:14:53.760 sort of FED broke away from the Treasury. The Fed 0:14:53.880 --> 0:14:57.800 basically used to provide finance for the Treasury. Just effectively, 0:14:57.840 --> 0:15:01.240 the Fed kept during the war and the immediate after 0:15:01.800 --> 0:15:05.680 kept yields on on the debt that the Treasury was 0:15:05.680 --> 0:15:09.920 selling to finance the war effort lo um. And then 0:15:10.080 --> 0:15:13.200 you know, there there was what it's called the Fed 0:15:13.240 --> 0:15:17.239 Treasury Accord, and the FED became quote unquote or independent. 0:15:17.960 --> 0:15:21.960 But Powell realized, you know, this is you know, we're facing, 0:15:22.000 --> 0:15:25.680 you know, like an epic crisis. I've got to you know, 0:15:25.800 --> 0:15:29.200 put away that kind of squeamishness about you know, cooperating 0:15:29.240 --> 0:15:31.440 with Treasury. And I've gotta we've all got to go, 0:15:31.640 --> 0:15:35.000 you know, we need all government, you know, and that's 0:15:35.120 --> 0:15:36.840 and that's something that we may see I have to 0:15:36.880 --> 0:15:40.640 see again, you know. So he's made his market areas 0:15:41.560 --> 0:15:43.360 to that end. I wanted to rewind the clock a 0:15:43.360 --> 0:15:45.200 little bit to a part of the story that I 0:15:45.240 --> 0:15:49.600 actually I didn't know this, um, but in the before times, 0:15:49.640 --> 0:15:55.400 like just the before times, uh, February Poue was actually 0:15:55.400 --> 0:15:59.080 in Saudi Arabia and was out a meeting of central 0:15:59.080 --> 0:16:03.800 bankers from the Group of twenty and I'm I'm wondering, um, 0:16:03.840 --> 0:16:07.200 you know, how how much of what he saw there 0:16:07.240 --> 0:16:10.960 informed what came out of that UM and and you 0:16:11.040 --> 0:16:13.200 hit tease a little bit about that. I'm just wondering, like, 0:16:13.400 --> 0:16:16.440 what what did you what is your reporting, UM gathered 0:16:16.480 --> 0:16:19.000 from what he what he learned when he was in 0:16:19.000 --> 0:16:21.720 Saudi Arabia for that for those couple of days, I think, 0:16:21.760 --> 0:16:25.200 like a lot of us and you know, in February, 0:16:25.360 --> 0:16:28.040 um uh, you know, he was thinking, Okay, yeah, I 0:16:28.080 --> 0:16:31.480 know there's a coronavirus, but it's uh, you know, it's 0:16:31.520 --> 0:16:34.400 going to be contained to China and maybe the immediate 0:16:34.720 --> 0:16:37.760 you know countries. You know, we're we're a long way 0:16:37.760 --> 0:16:39.560 away from it. You know, it's not going to be 0:16:39.600 --> 0:16:44.040 a sort of earth shattering event for US, the United 0:16:44.080 --> 0:16:47.320 States and the FED. Then he went to Saudi Arabia, 0:16:47.560 --> 0:16:51.040 he meets the Korean delegation there and he saw it 0:16:51.160 --> 0:16:55.640 hearing from the Italian delegation and said, oh, so he 0:16:55.680 --> 0:16:58.200 calls back to you know, the States, and it's a weekend. 0:16:58.200 --> 0:16:59.920 He calls back to the States and says, you know, 0:17:00.720 --> 0:17:03.400 when I come back on Monday, you know, midday, I 0:17:03.440 --> 0:17:05.000 want you know, I want, I want to go through 0:17:05.040 --> 0:17:08.000 all the options we've got. And so he flies back 0:17:08.040 --> 0:17:10.400 in Monday. You know, it comes comes down the ramp 0:17:10.480 --> 0:17:13.280 from his plane, opens up his you know email, and 0:17:13.320 --> 0:17:16.040 he's got all these texts from Stafford saying, man, the 0:17:16.080 --> 0:17:20.119 stock markets cratering, you know, so uh and then it 0:17:20.200 --> 0:17:22.320 was just like off to the races. You know, they 0:17:22.359 --> 0:17:27.800 did more in a month that than than uh Bernakey 0:17:27.880 --> 0:17:30.040 Fed did in you know, a couple of years on 0:17:30.240 --> 0:17:32.520 you know, all on the space of March. Basically, Rich 0:17:32.680 --> 0:17:35.400 just got about thirty seconds forty seconds left here. I mean, 0:17:35.640 --> 0:17:37.760 he has did a lot, and he's moved quickly, and 0:17:37.800 --> 0:17:39.960 we're I think that the world would say, and certainly 0:17:40.040 --> 0:17:42.119 folks in the US would say they're grateful for what 0:17:42.160 --> 0:17:45.520 he's done. Time will tell, though, versus you know, some 0:17:45.600 --> 0:17:48.920 of the steps he's taken, the changes in focus, letting 0:17:48.920 --> 0:17:51.800 maybe inflation run hot, you know, to kind of help 0:17:51.800 --> 0:17:53.719 out the labor market. Time will tell whether or not 0:17:53.760 --> 0:17:57.760 all these strategies are smart, for sure. I mean that's 0:17:57.760 --> 0:18:00.520 a very good, good point, Carol At you know, it's 0:18:01.119 --> 0:18:04.119 there are risks, right, He's pushed all the chips on 0:18:04.160 --> 0:18:06.119 the table, and there are risks. I mean, you know, 0:18:06.480 --> 0:18:08.399 some people are worried about inflation, but a lot of 0:18:08.400 --> 0:18:11.000 other people worried about you know, another stock market bubble 0:18:11.240 --> 0:18:14.679 or really you know, housing boom or something. Because you know, 0:18:15.280 --> 0:18:18.880 he's basically gone all in and uh, as you say, 0:18:18.920 --> 0:18:21.639 we'll see, you know, But I just think about all 0:18:21.640 --> 0:18:23.959 these Fed chiefs though, and let's like crisis after crisis, 0:18:24.000 --> 0:18:26.760 whether it's financial crisis or joannet Yellen dealing you know 0:18:26.920 --> 0:18:30.119 with also some of that as well in getting the 0:18:30.200 --> 0:18:33.520 economy going. It's like and then the pandemic. Rich great read. 0:18:33.600 --> 0:18:36.520 Thank you so much. Rich Miller, Economics reporter, Bloomberg News 0:18:36.520 --> 0:18:38.840 on the phone from Washington, d C. Joe Webber along 0:18:38.880 --> 0:18:41.600 with his puppies, letting them in and out, heard that 0:18:41.600 --> 0:18:43.880 a little bit in the background. Editor of Bloomberg Business Week, 0:18:43.960 --> 0:18:46.679 find that story. It's in the magazine online. On the 0:18:46.680 --> 0:18:50.119 Bloomberg great read. Right, that's a great read. J. J. 0:18:50.240 --> 0:18:53.000 Powell and his legacy. We shall see. You're listening to 0:18:53.119 --> 0:18:57.800 Bloomberg Business Week with Carol Messer on Bloomberg Radio. So, Tim, 0:18:57.840 --> 0:18:59.520 we know we didn't have a playbook, or at least 0:18:59.560 --> 0:19:01.080 most of us didn't, on how to get through the 0:19:01.119 --> 0:19:04.200 global pandemic, that's for sure. Right, We've been talking about 0:19:04.240 --> 0:19:06.719 that kind of NonStop. But I think we kind of 0:19:06.800 --> 0:19:08.600 maybe do now thanks to a new book at by 0:19:08.640 --> 0:19:11.639 David Rubinstein. Yeah, I think that's definitely the case. I mean, 0:19:11.720 --> 0:19:14.960 David spoke to just the biggest names out there about 0:19:15.080 --> 0:19:19.200 leadership and what they've learned from managing crises in the past. Yeah, 0:19:19.240 --> 0:19:20.960 and leaders from all walks of life. He is the 0:19:21.000 --> 0:19:23.879 co founder and co executive chairman of the private equity 0:19:23.880 --> 0:19:26.359 firm the Carlisle Group, chairman of the Kennedy Center for 0:19:26.400 --> 0:19:29.359 the Performing Arts, the Smithsonian Institution, and the Council on 0:19:29.359 --> 0:19:32.760 Foreign Relations. Also president of the Economic Club of Washington, 0:19:32.920 --> 0:19:35.120 d C. He's also a colleague. He's host of peer 0:19:35.119 --> 0:19:38.320 to peer Conversations on Bloomberg Radio and TV. The book 0:19:38.400 --> 0:19:41.360 is entitled How to Lead Wisdom from the World's Greatest CEOs, 0:19:41.359 --> 0:19:43.920 founders and game changers. Great to have back with us, 0:19:44.320 --> 0:19:47.280 uh this time on the phone from Bethesda, Maryland. David. 0:19:47.400 --> 0:19:50.440 Nice to have you back on Bloomberg. Thank you very 0:19:50.480 --> 0:19:52.560 much for having me. Hey listen, So you've been talking 0:19:52.640 --> 0:19:54.440 to leaders for a long time, and in your book 0:19:54.440 --> 0:19:56.600 you write you point out that when you meet somebody, 0:19:56.640 --> 0:19:59.080 you kind of want to go there, You want to say, so, 0:19:59.119 --> 0:20:00.760 how did you become a lead? How did you how 0:20:00.760 --> 0:20:04.719 did you rise up? Why are you so fascinated? Well, 0:20:04.760 --> 0:20:06.879 I guess when I was little, I was always interested 0:20:06.920 --> 0:20:09.600 in learning how other people became prominent and famous, and 0:20:09.640 --> 0:20:11.359 I used to read about them, and I guess I 0:20:11.359 --> 0:20:14.160 couldn't stop asking people questions. So my mother would say, 0:20:14.440 --> 0:20:17.040 you know, be polite, don't ask people so many questions. 0:20:17.080 --> 0:20:20.560 But I wasn't able to resist. So dozens of leaders 0:20:20.359 --> 0:20:24.760 you spoke to for this Dr Anthony Faucci, Oprah, Jeff Bezos, 0:20:25.000 --> 0:20:30.040 Marilyn Howson, Um. Is there a common thread that runs 0:20:30.040 --> 0:20:32.919 through all of their journeys that you took away from 0:20:32.920 --> 0:20:36.880 the conversations. Sure all of them came from I would 0:20:36.880 --> 0:20:39.600 say middle class, lower middle class or blue collar families. 0:20:39.680 --> 0:20:43.040 None of them were really extremely wealthy, they work their 0:20:43.080 --> 0:20:46.560 way up. They came from a situation where they typically 0:20:46.600 --> 0:20:49.560 had some failures earlier in their career. They all tended 0:20:49.600 --> 0:20:52.360 to have a vision, They were very persistent, they knew 0:20:52.440 --> 0:20:54.919 they wanted to get something done, They were willing to 0:20:54.960 --> 0:20:57.920 share the credit with people, highly honest and a lot 0:20:57.920 --> 0:21:01.440 of integrity, and they rose up in case in situations 0:21:01.480 --> 0:21:03.879 where there's a lot of crisis, you could say the 0:21:04.040 --> 0:21:07.200 words great leaders overcome crises, and many of them overcame 0:21:07.280 --> 0:21:11.240 crises and really show their leadership skills during those crises. So, David, 0:21:11.280 --> 0:21:13.680 I wonder, if you're not a leader as a kid, 0:21:13.880 --> 0:21:17.040 or as a teenager or at college, does that necessarily 0:21:17.080 --> 0:21:19.200 mean you will be a kid a leader later in life? 0:21:19.200 --> 0:21:20.920 I mean, do you do you have to start showing 0:21:20.960 --> 0:21:23.399 some traits basically early on. I wondered if that was 0:21:23.720 --> 0:21:26.080 also a commonality between some of the folks you've talked to. 0:21:27.359 --> 0:21:29.560