Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news as it happened. Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stinovik on Bloomberg Radio. Hi, everyone, Welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. Carol Masser is off this
Speaker 1: week a big week in politics, from midterm primaries here
Speaker 1: to escalating tensions between the US and China. On Tuesday,
Speaker 1: how Speaker Nancy Pelosi became the highest ranking American official
Speaker 1: to visit Taiwan in twenty five years. We're gonna have
Speaker 1: more on that in just a moment. Also ahead on
Speaker 1: the program, stories from a special double issue of Bloomberg
Speaker 1: Business Week that document the war on women playing out
Speaker 1: across the nation. It's one that's reached new heights with
Speaker 1: the Supreme Courts reversal of rov Wade earlier this year.
Speaker 1: First up, though, we spotlight the woman who made headlines
Speaker 1: all week, the Speaker of the House, Snancy Pelosi, Bloomberg's
Speaker 1: Creedy goopd and I spoke with Bloomberg senior government reporter
Speaker 1: Ian Marlowe about her East Asian trip and White put
Speaker 1: Beijing on edge. She's a particularly strong China hawk who uh,
Speaker 1: you know, has been defying China on a lot of
Speaker 1: these things, on human rights, on on trade issues, on
Speaker 1: other things for for for most of her career. I mean,
Speaker 1: if you look back, um to just after the Tienamen
Speaker 1: Square crackdown, in her and a couple of other senators
Speaker 1: unfurled a little banner in Tanneman Square, uh, you know,
Speaker 1: commemorating those who died something you know that that seems
Speaker 1: unthinkable now but shows you just how far she's willing
Speaker 1: to go in terms of you know, sticking up for
Speaker 1: you know, you know, her her values and other things, um,
Speaker 1: at the risk of at that point personal safety, but
Speaker 1: also um on this trip geopolitical ramifications. I mean, she
Speaker 1: was willing to go through with this. Um. You know,
Speaker 1: we can talk about whether she was ever going to
Speaker 1: realistically be able to back down after the trip was announced,
Speaker 1: but you know, she was willing to go through this
Speaker 1: even though there were obviously huge consequences. And I think
Speaker 1: you know, a visit to Taiwan at any given point
Speaker 1: in time, for for China is very sensitive. Um. They
Speaker 1: protest you know, regularly when these types of delegations go.
Speaker 1: But it's just the the senior nous of her going
Speaker 1: um is just you know, a little bit too much
Speaker 1: for for for China to bear right now, especially given
Speaker 1: the sensitive domestic dynamics in China. Well, I think what's
Speaker 1: what's so interesting about the time of year is it's
Speaker 1: happening at the same time as you have two massive
Speaker 1: bills I believe passed through through Congress. You have a
Speaker 1: fifty two billion dollar Chips Act over five years, and
Speaker 1: then on top of that, you have this order from
Speaker 1: the Commerce Department I believe too for a lot of
Speaker 1: these names like Intel and Video to actually not that
Speaker 1: dis incentivizes them to increase their fab production over in
Speaker 1: Taiwan and China. Yeah, it's not it's not just about
Speaker 1: human rights, it's not just about ideology. It's about you know,
Speaker 1: strategu ega economic competition between the two. And she's been
Speaker 1: part of a very you know, generally bipartisan push to
Speaker 1: sort of decouple from China and to push the US
Speaker 1: sort of manufacturing industry, especially in high tech, towards a
Speaker 1: more competitive edge with China. You know, after a few
Speaker 1: decades where China really has benefited from you know, relatively
Speaker 1: stable and friendly uh international economic order. If this really
Speaker 1: was a goal of the administration, why not put even
Speaker 1: more money towards it, you know, with any manufacturing countries
Speaker 1: want to bring it home, they want to bring it
Speaker 1: close to, you know, to their other industrial base. But
Speaker 1: America is not the only place that is, uh, you know,
Speaker 1: putting these types of bills in place, dedicating billions of
Speaker 1: dollars to you know, funding those types of companies. And
Speaker 1: I think the brute reality here is that this technology,
Speaker 1: this manufacturing capacity is not in America right now, and
Speaker 1: it won't be for for many years to come. And
Speaker 1: that's both structural and it's also a matter of policy
Speaker 1: with America sort of being to this compared to you know,
Speaker 1: whether it's places like Taiwan or South Korea or China itself.
Speaker 1: That was Bloomberg Senior government reporter Ian Marlowe. We turned
Speaker 1: now to our next Yes, my Bloomberg quick take colleagues,
Speaker 1: Scarlet Fou. She worked in Hong Kong for eight years
Speaker 1: and has a personal connection to Taiwan. I used to
Speaker 1: visit Taiwan regularly. I would go every other summer because
Speaker 1: my grandparents lived there. My parents grew up in Taiwan.
Speaker 1: They were born in China, but they fled to Taiwan
Speaker 1: with the Nationalist government, grew up in Taiwan, and we
Speaker 1: would go back and visit family regularly. So I've really
Speaker 1: was able to see Taiwan evolved and developed from a
Speaker 1: society that lived under martial law to a society that
Speaker 1: was holding free elections. So what's so important about it?
Speaker 1: Why do we care about this particular location? In real estate?
Speaker 1: Is location, location, location, And that's kind of the case
Speaker 1: here because Taiwan is about a hundred miles off of
Speaker 1: china South eastern coast. If you were to look at
Speaker 1: it on a map, it is the biggest land mass
Speaker 1: between Japan and the Philippines. So it's in this crucial position,
Speaker 1: and so the US and every other country in the
Speaker 1: Asi Asia Pacific region seize Taiwan as crucial to containing
Speaker 1: China and its military ambitions and economic ambitions. That's just strategically.
Speaker 1: Then you've got, of course, the economics. The world is
Speaker 1: completely dependent on Taiwan semiconductors. The island is responsible for
Speaker 1: about nine of the world's most advanced chips. These are
Speaker 1: the chips that power your smartphone, your car, the AI
Speaker 1: and your smartphone, the AI in your car, so it
Speaker 1: makes the world go around. Right now, talk to us
Speaker 1: a little bit about China's relationship with Taiwan and where
Speaker 1: it stands right now. It's really really complicated, is the
Speaker 1: short answer. It's it's really actually quite convoluted as well,
Speaker 1: because if you go back to recent history, Japan had
Speaker 1: to give up Taiwan to China after losing World War Two.
Speaker 1: But there was a civil war in China, so the
Speaker 1: Nationalist government that was in China was defeated by the
Speaker 1: Communist Party. They fled the mainland and set up shop
Speaker 1: in Taiwan. They were supported by the US government, which
Speaker 1: recognized the Nationalist Party as the rightful government but temporarily
Speaker 1: displaced government of China, and everything switched when the US
Speaker 1: decided to change sides and recognize the Communist government in
Speaker 1: Beijing instead. In doing so, it recognized that Beijing is
Speaker 1: the seat of government for China. There's only one China,
Speaker 1: and it is the government in Beijing. China has a
Speaker 1: one China policy. The US agrees with that, uh Taiwan
Speaker 1: is part of China. The US agrees with that, but
Speaker 1: at the same time, it hasn't really clarified what it
Speaker 1: would do if China were to take Taiwan. Taking Taiwan
Speaker 1: by force, taking Taiwan by welcoming it back not clear.
Speaker 1: There's a lot of intentional ambiguity when it comes to
Speaker 1: Taiwan and where it fits in with the One China
Speaker 1: policy when it comes to how the US is going
Speaker 1: to act on anything. Our thanks to Quick Take Scarlet
Speaker 1: Foo for her insight. With tensions between the world's pre
Speaker 1: eminent superpowers on the rise once again coming up next.
Speaker 1: Pelosi's visit to Taiwan is just one source of stress
Speaker 1: for China. Another is the multibillion dollar banking scandal embroiling
Speaker 1: the country's rural lending market. Will explain when we come back.
Speaker 1: You're listening to Bloomberg Business Week. This is Bloomberg. This
Speaker 1: is Bloomberg Business Week with Carol Messer and Bloomberg Quick
Speaker 1: Takes Tim Spinovik from Bloomberg Radio. Grassroots boycotts and epic
Speaker 1: banking scandal and over leveraged housing developers are stoking concerns
Speaker 1: that China may be on the verge of a Lehman
Speaker 1: Brothers moment. In a story you'll find in the finance
Speaker 1: section of the magazine this week, bankers at five local
Speaker 1: lenders are accused of stealing billions of dollars from depositors.
Speaker 1: Business Week Markets and Finance editor Pat mcneer is here
Speaker 1: to explain the crisis and confidence and the dynamics of
Speaker 1: China's rural lending system. It's actually very similar to I
Speaker 1: think things we might we might know of here, where
Speaker 1: you have these kind of networks of local banks, um
Speaker 1: that are are there to kind of you know, plow
Speaker 1: money into the countryside, uh and businesses that have kind
Speaker 1: of historically not had enough capital UM. Editing this story,
Speaker 1: I was really reminded of kind of analogs to the
Speaker 1: savings and loan business here in the United States a
Speaker 1: long time ago, very very similar kind of situation a
Speaker 1: lot of ways. And what some of these rural lenders
Speaker 1: were doing was they were offering people um higher rates
Speaker 1: to attract deposits. And some you know, alleged bad actors
Speaker 1: got involved in this. Uh. There was a company that
Speaker 1: had that was a major shareholder in five of these
Speaker 1: rural lenders. There was essentially a scam and then that
Speaker 1: created really a mass movement of depositors demanding their money back.
Speaker 1: Pat talked to us about the trust factor here, because
Speaker 1: if you need to rmate to make a lending system work,
Speaker 1: at the core of it as you need that trust factor.
Speaker 1: What is at stake here when it comes to whether
Speaker 1: or not this is a system that can get recovered. Yeah,
Speaker 1: I mean, I think like this is actually a broader
Speaker 1: issue in China generally. You know, this is one of
Speaker 1: a couple of stories that we've been monitoring. We've also
Speaker 1: been monitoring this boycott on mortgages. Now this's a there's
Speaker 1: a different situation, but it involves developers who've built houses
Speaker 1: that they're not delivering. Um. So you've had a lot
Speaker 1: of consumers who have in China who have really gotten
Speaker 1: a push for you know, give us your money and
Speaker 1: we will give you a higher rate by this apartment
Speaker 1: and you'll you'll, you'll you'll have you know, I will
Speaker 1: deliver this apartment. And they're finding that like these these
Speaker 1: promises are not being made good. On the difference in
Speaker 1: China and here is that then China also has a
Speaker 1: very powerful state that also has you know, large ownership
Speaker 1: shares in all of the big big state banks and
Speaker 1: can kind of come in and exert some control. But
Speaker 1: we're just seeing this this control fray. And so we're
Speaker 1: seeing you know, protests on the street and grassroot movements
Speaker 1: to kind of you know, resist these things when when
Speaker 1: they come along and really hurt ordinary Chinese consumers and households.
Speaker 1: Do those ordinary Chinese consumers and how solds you're referring
Speaker 1: to do do they have any power when they go
Speaker 1: to the streets. Well, I mean it looks like they
Speaker 1: exerted some recently. You know, there was there was a
Speaker 1: very large protest in Henan Province, um, and you know
Speaker 1: they were met with um. You know, there were kind
Speaker 1: of violent clashes with security forces. I understand a lot
Speaker 1: of them are sort of playing clothes, um and UM.
Speaker 1: It looked pretty bad. And now we're kind of seeing
Speaker 1: that here are the authorities. They're they're coming in. They're saying,
Speaker 1: you know, we're going to step in and we're gonna
Speaker 1: make depositors whole, and we're gonna crack down on this
Speaker 1: royal ending system that we had earlier kind of loosened
Speaker 1: up on in order to make capital more available. And
Speaker 1: this is that kind of sea sign that you know
Speaker 1: from here in New York as I edit these stories
Speaker 1: and I see them, that you really see out of
Speaker 1: China is this there's both this kind of tight control
Speaker 1: and then a kind of a freewheeling consumer finance sector
Speaker 1: and authorities are always kind of trying to find like
Speaker 1: the balancing point for this, and when it doesn't work,
Speaker 1: things happen on the streets that consumer finances actors so
Speaker 1: crucial here because I mean, didn't China have and correct
Speaker 1: me if I'm wrong, Pat, but didn't China have this
Speaker 1: massive kind of retail trading boom that it never quite
Speaker 1: recovered from them? I want to say. I want to
Speaker 1: say a lot of Chinese stocks are owned by the
Speaker 1: Chinese consumers. So to see it once again become a
Speaker 1: consumer lending story, I think it's pretty interesting when it
Speaker 1: comes to how developed Chinese markets are actually getting. Yeah,
Speaker 1: and you know, and we've also seen all these issues
Speaker 1: with like wealth management products that have been heavily sold
Speaker 1: and then you know, maybe turned out to be riskier
Speaker 1: than people thought. And then you know, you've seen China
Speaker 1: kind of trying to decide what it wants to do
Speaker 1: with these companies that these big tech companies that have
Speaker 1: I P O and um, you know, suddenly start to
Speaker 1: look like both you know, separate power centers as large
Speaker 1: companies can be, but also maybe are taking on new
Speaker 1: financial risks that the regulators are trying to get their
Speaker 1: their hands around. I mean, at one point, you know,
Speaker 1: there was an online lender through a phone app that
Speaker 1: you know I I think was like the largest money
Speaker 1: market fund in the world. Um and uh so you
Speaker 1: have this really kind of protean, dynamic consumer sector sometimes
Speaker 1: with a lot of envelopes being push combined with a
Speaker 1: state that both you know, really like wants to encourage investment,
Speaker 1: but also you know, has its eye on uh, you know,
Speaker 1: social control, and you know, and and and then you
Speaker 1: see things kind of you know, happen in terms of protests. Well,
Speaker 1: pat speaking of social control, the story that you edited
Speaker 1: in the current issue of the upcoming issue I should
Speaker 1: say a Bloomberg Business Week magazine, it ends with COVID zero.
Speaker 1: So we got to talk a little bit about what's
Speaker 1: going on with COVID zero and not necessarily an update,
Speaker 1: but the way that it's happening on the economy right now,
Speaker 1: not just from the perspective of economic growth or lack thereof,
Speaker 1: but from the perspective of politically, uh, and what it
Speaker 1: means for China's future in terms of leadership. Yeah, I mean,
Speaker 1: I'll be careful because I'm not an expert on what's
Speaker 1: happening with COVID zero in China. But I do think
Speaker 1: that there is the kind of overall overlay of you know,
Speaker 1: on top of all of this, you know, you have
Speaker 1: the fact that you know, China has been very strict
Speaker 1: in its COVID controls and that's creating a lot of
Speaker 1: social pressures and also you know, constraints constraints on business.
Speaker 1: I mean, is one of the people we talked to,
Speaker 1: it's like, all this stuff is another risk getting baked
Speaker 1: into a big risk cake in China. I mean that
Speaker 1: big risk cake is the exact I want to say
Speaker 1: disincentive for a lot of Western investors to hot back
Speaker 1: into China. The story isn't exactly supportive of of that,
Speaker 1: is it. No, you know, it's tricky though, I mean,
Speaker 1: it's it's hard to get a view from this in
Speaker 1: some ways from from outside. You know, we've seen you know,
Speaker 1: all of these problems with ever grand unfolding last year,
Speaker 1: and you look at it and you think like, well,
Speaker 1: is this China's Layman moment? And then things seem to
Speaker 1: kind of move a little bit uh slowly after things
Speaker 1: start to look bad, and then somehow these stories kind
Speaker 1: of keep coming back, so you sort of wonder is
Speaker 1: this going to be, you know, going to go very slowly?
Speaker 1: And then all of a sudden That was pat Rickneer,
Speaker 1: Business Week's Markets and Finance editor with a story from
Speaker 1: the magazine. You can find it online, on the terminal
Speaker 1: and on news stands now. Our thanks to Bloomberg's Creedy
Speaker 1: Gupta for joining us there as well. Still ahead on
Speaker 1: Bloomberg Business Week, we shift our focus back to domestic
Speaker 1: challenges in the world of finance, specifically in venture capital.
Speaker 1: Amy nu Yakis, the CEO of the venture firm ant Miss,
Speaker 1: joins us on the other side. This is Bloomberg broadcasting
Speaker 1: from the financial capital of the world, Bloomberg eleven Frio
Speaker 1: in New York to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine
Speaker 1: sixty to the country Sirius xm Chado one nine team
Speaker 1: and around the globe. The Bloomberg Business app and Bloomberg
Speaker 1: Radio dot com. This is Bloomberg Business Week. Bloomberg News
Speaker 1: reported back in June the adventure capital funding for the
Speaker 1: second quarter hit its lowest level since To help us
Speaker 1: make sense of the tough conditions and get insight into
Speaker 1: where women entrepreneurs are focusing their efforts, Bloomberg's Katie Grayfield
Speaker 1: and I spoke with Amy Noyakis, who's the co founder
Speaker 1: in CO c I O at the venture capital firm Anthemus.
Speaker 1: We've talked to her before about venture capital, of course,
Speaker 1: and also about supporting women in venture capital. Amy, It's
Speaker 1: good to have you with us. How are you. I'm good,
Speaker 1: I'm good. I'm tired. It's been a very crazy, busy summer.
Speaker 1: Well what do you mean by that? Well, you know,
Speaker 1: I think it's been an interesting time for venture capital. Um.
Speaker 1: You know, we've heard a lot about this sort of
Speaker 1: idea that might be a silent crash happening in DC,
Speaker 1: or that we're at the beginning of the end of
Speaker 1: VC as the market to dry it up. But you know,
Speaker 1: I'm telling you from my perspective, I'm not seeing it. Um.
Speaker 1: I mean, the current market environment has really put capital
Speaker 1: location decisions to the test, and I think people have
Speaker 1: made some big mistakes in the last couple of years.
Speaker 1: But the industry wide correction that we're seeing this year
Speaker 1: isn't a surprise to any of us who have been
Speaker 1: doing this for decades, nor is it affecting all companies
Speaker 1: are all investors in the same way. I think it's
Speaker 1: just simply a needed correction. Right. For the last ten
Speaker 1: plush years, we've seen unprecedented amounts of capital shifting into
Speaker 1: venture capital, particularly the tech sector, inspiring entrepreneurs and would
Speaker 1: be founders to build new digital companies that are challenging
Speaker 1: the old guard and most importantly or make a lot
Speaker 1: of sense. But in the majority of these cases, the
Speaker 1: markets and the employees and the consumers these companies have
Speaker 1: reaped a ton of benefits through this evolution. However, there
Speaker 1: are lots of founders and investors alike who have attempted
Speaker 1: to build companies that aren't solving real problems. They're not
Speaker 1: focusing on business fundamentals, and they're letting hubers get the
Speaker 1: best of them. Right. While the global funding has slowed,
Speaker 1: there are still plenty of great companies growing, expanding, and building.
Speaker 1: And there are still plenty of companies out there, and
Speaker 1: so I'm kind of feeling like the bigger issue is
Speaker 1: how many of these people that have kind of jumped
Speaker 1: into the game in the last inning are really throwing
Speaker 1: things off right, Like, DC is hard and it's supposed debate.
Speaker 1: It's why the returns are so high. There's huge upside
Speaker 1: for investors that are finding and back in great companies.
Speaker 1: But the problem is, I think over the last couple
Speaker 1: of years, it's looked too easy and that's attracted a
Speaker 1: lot of folks frankly don't belong in the game. And
Speaker 1: now that it's gotten a little harder again, you've got
Speaker 1: to look a little harder for the good ideas. You've
Speaker 1: got to be smarter about the way you value the companies.
Speaker 1: It's the dumb money that's disappeared, and it's taken a
Speaker 1: lot of promising companies with it. Give us some good ideas.
Speaker 1: Where are there still opportunities? Well, I listen on the
Speaker 1: investor side, I think there's a ton of opportunity in
Speaker 1: the early stage. Um, it's still very much a sweet spot.
Speaker 1: A lot of the market contraction that we've seen has
Speaker 1: been in the later stage. I'm personally biased because we're
Speaker 1: at antemestic fans of the of the early stage strategy.
Speaker 1: But I think that if you're a quality early stage
Speaker 1: investor and you're in it for the long haul, you'll
Speaker 1: navigate this correction incredibly well. Valuations are getting haircuts if
Speaker 1: they deserve. Dealfull In, competition for capital is sort of
Speaker 1: flowing a bit, and investors at the early stage, I think,
Speaker 1: are wealth positions. Got to focus on the fundamentals. You've
Speaker 1: got to stay from the away from the fluff. Hubrist.
Speaker 1: A great company is a great company, and there's always
Speaker 1: space for great companies. I'd say for the companies and
Speaker 1: the founders, they should probably take the advice that they
Speaker 1: should have heated years ago. Not all capital is the same.
Speaker 1: Pay attention to who's backing your company, and don't get
Speaker 1: swindled by a heavy valuation that you know you can't
Speaker 1: back up. I mean, we've seen so many examples of that.
Speaker 1: I don't want to say they were, you know, swindled,
Speaker 1: but we've seen a lot of down rounds, uh in
Speaker 1: the past few months. Amy, Yeah, and listen, that's not surprising, right,
Speaker 1: I Mean, the roll on the purpose of a good
Speaker 1: venture capital capital investor hasn't changed. It is our job
Speaker 1: and should be our jard to deploy capital responsibly and
Speaker 1: help grow portfolio companies. That doesn't mean that there's a
Speaker 1: one size fits all approach to how we do that.
Speaker 1: And I think the biggest issue for me is that
Speaker 1: so many of these players have jumped in eyes closed
Speaker 1: with little to no experience and how to build and
Speaker 1: support a quality company. And these are the folks that
Speaker 1: have caused a lot of the pain in the market. Um,
Speaker 1: you know, I think some of the strategy is driven
Speaker 1: by hubris, and I don't think it's appropriate to write
Speaker 1: the entire sector off just because a large number of
Speaker 1: folks decided to jump into the d send naked before
Speaker 1: checking if there was water in the pool. Right, Hey,
Speaker 1: I want to get an update on the female Innovator's
Speaker 1: Lab that you recently launched, And because when we talk
Speaker 1: about ventro capital, especially women in venture capital, we're talking
Speaker 1: like single digit percentage of venture capital goes to women
Speaker 1: each year. Yeah, it's still I'm you know, it's still
Speaker 1: an area that we spent a lot of our time
Speaker 1: on an anthemous and I think a big part of
Speaker 1: that is because it was how we were founded, right,
Speaker 1: you know, I'm a woman founder of a company, and
Speaker 1: not only am I investor, but I'm somebody who started
Speaker 1: a company from scratch and watched how hard it was
Speaker 1: and difficult it was to raise capital to grow my company,
Speaker 1: and there weren't a lot of supporters around UM. So
Speaker 1: when we looked across the entirety of the fintech sector,
Speaker 1: we wanted to make sure UM that we were playing
Speaker 1: a very solid roll in in sort of putting our
Speaker 1: money where our mouth is. And and so we've been
Speaker 1: backing women founders in Europe in the US for a
Speaker 1: couple of years now specifically and what we call the
Speaker 1: earliest venture studio stage, money and ideas coming together at
Speaker 1: the very beginning and helping these women build their company.
Speaker 1: And I think it's a really great opportunity not only
Speaker 1: to see some fantastic businesses and help women, you know,
Speaker 1: get a leg up and grow, but also you know,
Speaker 1: as as as we've sort of found it's making a
Speaker 1: huge difference. That was Amy no yarkis co founder and
Speaker 1: co c i O at the adventure capital firm Anthemus.
Speaker 1: You're listening to Bloomberg Business Week. Up next, we explore
Speaker 1: the latest salvos in America's war on women in the
Speaker 1: aftermath of Rovie Wade's reversal. This is Bloomberg. You're listening
Speaker 1: to Bloomberg business Week with Carol Messer and Bloomberg Quick
Speaker 1: Takes Tim Stinovik from Bloomberg Radio. The latest issue of
Speaker 1: Bloomberg business Week magazine is a special double issue, with
Speaker 1: the entire feature section dedicated to the struggles facing women
Speaker 1: in America today and the Supreme Court's decision to overturn
Speaker 1: Roevie Wade back in June may have been the breaking point.
Speaker 1: Katie gray Felt and I are here with Business Week
Speaker 1: Economics Editor Christina Lynn Blad and Business Week Features Editor
Speaker 1: Daniel Sachs to explore this hard hitting and at times
Speaker 1: heartbreaking series of stories and personal accounts that have emerged
Speaker 1: since the ruling. Christina, I want to start with you
Speaker 1: and talk a little bit about this, this double issue,
Speaker 1: this section, and how it all came together. When did
Speaker 1: you start thinking about it. It started as a conversation
Speaker 1: right after UM the leak of the memo, the Supreme
Speaker 1: Court memo. UM. It started actually with some members of
Speaker 1: our art department who are young mothers um and an
Speaker 1: editor editor in chief and it was you know, this idea.
Speaker 1: Actually the language we used at the beginning was it
Speaker 1: feels like there's a war on women going on in America.
Speaker 1: And it grew out of there. We we sort of
Speaker 1: began to take stock like not just of of you know,
Speaker 1: the Supreme Court decision, but formula shortages that the past
Speaker 1: two years of you know, working from home, juggling, you know,
Speaker 1: school closures, and just sort of how women feel burnt out.
Speaker 1: And then this just really um, the Supreme Court decision
Speaker 1: just really felt like, you know, it just almost too much,
Speaker 1: too much to take. I can just add to see it.
Speaker 1: It also just felt like overturning Row was just like
Speaker 1: something that just felt unimaginable and sort of the final
Speaker 1: straw um And and the leak was the first tip
Speaker 1: off to the disbelief. And then once it happened, we
Speaker 1: were like, not only do we have to do this issue,
Speaker 1: but we have to do this issue very quickly, because
Speaker 1: like the rage has just been on leave. And so
Speaker 1: what I really like about this issue is how many
Speaker 1: different angles you attack it from. And we're going to
Speaker 1: get into a few here, but Christina, let's start with
Speaker 1: sort of the economic impact. What this means for women
Speaker 1: and all the advancements that women have made so far
Speaker 1: over the past decades. I think that people maybe weren't
Speaker 1: aware of actually how much research has been done on
Speaker 1: what abortion access means to women's own personal financial well
Speaker 1: being and how writ large what that means for the economy.
Speaker 1: People have done, you know, research looking at this and
Speaker 1: and found that you know, for educational attainment like huge,
Speaker 1: huge factor, and and earnings and the types of careers
Speaker 1: that women end up end up in it, and and
Speaker 1: you multiply that sometimes two, three, four times for minorities.
Speaker 1: Actually there are a hundred and fifty four economists and
Speaker 1: researchers compiled this huge Amika's brief for the court, summarizing
Speaker 1: all of these decades worth of research. But as we know,
Speaker 1: in the end, I mean, the majority opinion, if you
Speaker 1: read it, is framed very narrowly on constitutional grounds and
Speaker 1: did not really address any of that. One thing that
Speaker 1: I noticed in the wake of the leaked opinion back
Speaker 1: in May and then in the actual overturning of Roe v.
Speaker 1: Wade was the way that a lot of people started
Speaker 1: talking about abortion and reproductive medical careacter differently. There was
Speaker 1: this move to really be public with experiences that many
Speaker 1: women and men had gone through. And I'm wondering if
Speaker 1: you could tell us about what I think is one
Speaker 1: of the most powerful features in the magazine, which features
Speaker 1: ten women sharing their stories about how an abortion changed
Speaker 1: their life. Christina, I just talked about the studies and
Speaker 1: the research that we have telling this economic story, but
Speaker 1: we really wanted to humanize that and bring that to
Speaker 1: a personal level, UM and really find and find and
Speaker 1: have women share their own their own stories of how
Speaker 1: not only an abortion change their life personally, but their
Speaker 1: ability to earn a living, or their financial trajectory, or
Speaker 1: their ability to just live out their hopes and dreams. UM.
Speaker 1: And we really wanted to talk to a cross section
Speaker 1: of women. We didn't just want to talk to, you know,
Speaker 1: a bunch of videos. Wanted to hear from women's CEOs.
Speaker 1: We wanted to hear from working class women. We want
Speaker 1: to hear from black women, UM, immigrants, women, really a
Speaker 1: cross section and there were certainly, UM we had two
Speaker 1: women who actually one is seventy six and one is eighty,
Speaker 1: so they obviously had their abortions pre row. So not
Speaker 1: only did they share the kind of harrowing stories of
Speaker 1: what it was like to you know, get a phone number,
Speaker 1: call from a pay phone, have someone pick you up
Speaker 1: in a car to get an abortion, unsure if you
Speaker 1: will ever make it home, UM, but then be able
Speaker 1: to fifty five years later tell the story of how
Speaker 1: that enabled them to ask to have children, you know,
Speaker 1: fifteen years after that, and not only create financial stability
Speaker 1: for themselves but for the next generation. UM. We spoke
Speaker 1: to a woman who grew up Mormon in Utah, UM
Speaker 1: and talked about hitting her professional feeling at the age
Speaker 1: of twenty two because being a white Mormon woman who pregnant,
Speaker 1: like that's it for your your professional your professional life.
Speaker 1: And so she was able to find a neighbor who
Speaker 1: helped give her the money to get an abortion, and
Speaker 1: she ended up leaving Utah and now she's not only
Speaker 1: carved out an amazing career for herself, she's married and
Speaker 1: her husband's to stay at home father. We definitely heard
Speaker 1: from this cross section of women that in the you know,
Speaker 1: brown and black communities, UM, that is often taboo to
Speaker 1: talk about an abortion, and that sort of plays into
Speaker 1: a lot of the anti abortion rhetoric and campaigns that
Speaker 1: have gone on over the years. How you know the
Speaker 1: Dobb's ruling. Really, these women felt liberated, like we have
Speaker 1: to we have to get rid of the shave, and
Speaker 1: we have to talk about and share these stories that
Speaker 1: may be uncomfortable. We even had a state senator open
Speaker 1: up to us and and talk about is something she's
Speaker 1: carried with her for decades, and since she's come out
Speaker 1: about it, she's discovered two other women in her family
Speaker 1: who also had abortion. This has unleashed not only rage
Speaker 1: among women, but just sort of like bringing these critical
Speaker 1: conversations to the forefront. You know, when reading this this issue,
Speaker 1: the features, the articles, and the issue, one theme kept
Speaker 1: coming up was how deeply personal this is not just
Speaker 1: for the people featured, but for the way that we
Speaker 1: talked about reproductive rights here in the US and Christina,
Speaker 1: that's no exception for your own story and you got
Speaker 1: deeply personal. Yeah, your essay here. Yes, I talked about
Speaker 1: an abortion I had at six, for the same reasons
Speaker 1: that Danielle was talking about this other person we interviewed.
Speaker 1: I wasn't ready. I had an idea of what I
Speaker 1: wanted my career trajectory to be. I was in the
Speaker 1: early parts of that had just gotten a master's degree
Speaker 1: and just motherhood wasn't part of that plan at that early.
Speaker 1: Um I now have two children. Sorry, I have two children. Um,
Speaker 1: it was it would be in years before I would
Speaker 1: go on to have my first child. So yeah, I
Speaker 1: do think it's really important that that we normalize talking
Speaker 1: about this, that we get rid of this stigma, because
Speaker 1: we have to convince the world that that allowing women
Speaker 1: to plan the size and the timing of their families
Speaker 1: is their right and not only and it is add
Speaker 1: it's not only impacting women. As to him, I think
Speaker 1: you mentioned earlier like this impact men, and I think
Speaker 1: some of some of that research Christina that you pointed
Speaker 1: to earlier talked about how you know the right to
Speaker 1: choose does have a ripple effect on men because obviously
Speaker 1: there are men. The men are the other half of
Speaker 1: these this equation, and when you're talking about whether it's
Speaker 1: like teen pregnancies or pregnancies in your twenties, I mean
Speaker 1: that changes the trajectory of or cant change the trajectory
Speaker 1: of a guy's life too well. Danielle pushing forward. One
Speaker 1: of the stories that you edited, uh was specifically about
Speaker 1: digital privacy and this new abortion landskip that we're living
Speaker 1: in now. I mean, when you think about what people
Speaker 1: are even searching, what apps they might have on their phone. Uh,
Speaker 1: there's concern about sort of those privacy protections that are
Speaker 1: in place, one of you know. I think there's so
Speaker 1: many conversations happening coming out of this moment, and one
Speaker 1: of the ones that I think very quickly surfaced, specifically
Speaker 1: from the tech community and from abortion rights activists, is
Speaker 1: that we are now women are now living under women,
Speaker 1: trans women, non binary, We're now living under this kind
Speaker 1: of new surveillance date any moves you make, any digital
Speaker 1: moves you make, whether it's a period tracking app, your
Speaker 1: web searches, text messages, and now it's like, well, actually
Speaker 1: investigators can get their hands on this data and potentially
Speaker 1: use this against me. And so there there's this horrific
Speaker 1: case out of Mississippi where a woman several years ago
Speaker 1: um not only went through the horrific experience of having
Speaker 1: to deliver a stillborn baby, but they went through the
Speaker 1: web searches and found that she at one point had
Speaker 1: searched for abortion pills, and so they brought murder charges
Speaker 1: against her. It's like, I think it took a year
Speaker 1: for them to eventually drop them. But that is sort
Speaker 1: of like the dystopia, the dystopia that we're talking about.
Speaker 1: You know, activists are definitely saying, like, even when it
Speaker 1: comes to text messages, we should women should be using
Speaker 1: encrypted services like a signal or what'sapp? You know location,
Speaker 1: there's like location data that could be tracked about. You know,
Speaker 1: is she traveling to get an abortion out of state?
Speaker 1: Or you know what's she searching for abortion pills online?
Speaker 1: The period tracking apps, there are millions and millions of
Speaker 1: women who have used these and um and the data
Speaker 1: can be shared, you know, with analytics firms who can
Speaker 1: hand over two investigators. A completely different world from when
Speaker 1: decades ago the ruling of Reevery Wade came down. Many
Speaker 1: thanks to Business Week editors Christina Lynn Bladden Daniel Sachs
Speaker 1: for sharing their stories and for shining a light on
Speaker 1: these important issues. We really just scratch the surface. In
Speaker 1: this special double issue of Bloomberg Business Week, available on
Speaker 1: news stands now online at Bloomberg dot com slash Business
Speaker 1: weekend of course, on the Bloomberg terminal, we have more
Speaker 1: stories in there, including the political angle Democrats aren't forgiving
Speaker 1: Biden's slow response to the Row reversal, and then also
Speaker 1: how it's getting harder to be a woman in the US.
Speaker 1: We're going to dive into that in just a few minutes.
Speaker 1: That does wrap up the first hour of the weekend
Speaker 1: edition of Bloomberg Business Week from Bloomberg Radio. I'm Tim Staniv.
Speaker 1: Katie Gradfield is in this week for Carol Masser. Ahead
Speaker 1: in our next hour, we'll focus on their cover story
Speaker 1: about the deterioration of women's rights in America, and we'll
Speaker 1: take you to West Texas it's among the country's most
Speaker 1: dangerous places for pregnant women. This is Bloomberg is Bloomberg
Speaker 1: Business Week inside from the reporters and editors who bring
Speaker 1: you America's most trusted business magazine, plus global business, finance
Speaker 1: and tech news As it happened. Bloomberg Business Week with
Speaker 1: Carol Messier and Bloomberg Quick Takes Tim Stinevik on Bloomberg Radio.
Speaker 1: Plenty ahead in our second hour of the weekend edition
Speaker 1: of Bloomberg Business Week, including more on what it means
Speaker 1: to be a woman in modern times, from living in
Speaker 1: a post Row America to scrolling past the online haters.
Speaker 1: First up, though a gripping essay from the magazine that
Speaker 1: serves as the cover story for this special double issue
Speaker 1: Business Week Calumness Claire Suddeth joins me and Bloomberg's Katie
Speaker 1: Greifeld to explain why the undoing of Roevie Wade makes
Speaker 1: everything far more precarious for American women following fifty years
Speaker 1: of prosperity. It's a combination of negligence and indifference and
Speaker 1: then women's circumstances getting worse. You know, I think women have,
Speaker 1: as has everyone you know, been coming out of this pandemic,
Speaker 1: two years of maybe no child care or unreliable child care.
Speaker 1: You know, millions of women dropped out of the labor
Speaker 1: force in the depths of the pandemic. I think only
Speaker 1: I think it's one million still have yet to return
Speaker 1: to work um and the most common reason given is
Speaker 1: that they can't find or afford child's care. We still
Speaker 1: don't have paid leave for the only wealthy country that
Speaker 1: doesn't give new moms time off work after they have
Speaker 1: a baby. We're in this situation where women have been
Speaker 1: struggling for so long, and then things have been getting
Speaker 1: you know, immeasurably harder, largely because of COVID, but not entirely.
Speaker 1: Yet we still are not doing anything about it. You know,
Speaker 1: we periodically have bills before Congress about maybe we'll give
Speaker 1: parents four weeks of paid leave. You know that having
Speaker 1: had a baby, that's not very much time at all.
Speaker 1: A baby isn't even legally able to be accepted by
Speaker 1: a licenseitate care facility at that young age. So many
Speaker 1: of these bills stall and go nowhere or just flat
Speaker 1: out fail. Then there's a formula shortage. There's all these
Speaker 1: other things that keep happening, you know, school shootings, and
Speaker 1: it just feels to women like this constant barrage of
Speaker 1: bad news and they just can't get on top of it.
Speaker 1: And so the cover of Bloomberg business Week, I absolutely
Speaker 1: love what the cover looks like, and it has the
Speaker 1: breaking point in big text right there. And I'm curious,
Speaker 1: I mean, Okay, if we're at the breaking point now,
Speaker 1: does anything change? Is there any sort of I don't know,
Speaker 1: light in at the end of the tunnel that things
Speaker 1: will get better or just are things as as we
Speaker 1: look at them now, Uh, just gonna get harder from here.
Speaker 1: I think in the short term things are going to
Speaker 1: get harder. Um, you know, maybe even in the long term.
Speaker 1: I don't know. It really just depends on what states
Speaker 1: in the federal government do going forward about all of this.
Speaker 1: But a lot of these sort of large scale, chronic
Speaker 1: social issues, no one's really addressing them in a meaningful
Speaker 1: sort of way. I Um, you know, I think people
Speaker 1: do want some good news, and I think the good
Speaker 1: news this is a lot harder to measure. UM. But
Speaker 1: as women are talking about this more amongst themselves, um,
Speaker 1: with men in their lives. Um. And while that's sort
Speaker 1: of hard to measure or really um, you know, put
Speaker 1: your finger on that, the mood has shifted. At least
Speaker 1: you've seen a lot of sort of pieces of legislation
Speaker 1: stall at the federal level in Congress and various degrees
Speaker 1: of government. Does that sort of put the onus then
Speaker 1: on corporations at least, you know, when we're talking about
Speaker 1: women in their corporate lives to try to make things better,
Speaker 1: Like could this be used sort of as a recruiting tool?
Speaker 1: I think it has for a long time. I mean,
Speaker 1: you know, when you look at the statistic, I think
Speaker 1: it's like twenty of workers in the US have access
Speaker 1: to paid parental leave. Almost all of those workers are
Speaker 1: white collar workers. And so if you are a company,
Speaker 1: if you're in tech finance, you know, anything where you're
Speaker 1: competing for talent um. There's a reason why companies in
Speaker 1: recent years have expanded their paid leave policies is because
Speaker 1: it's it makes them more attractive. The issue is that
Speaker 1: there's not a trickle down effect. You know, we're still
Speaker 1: at that, you know, under a quarter of workers. The
Speaker 1: percentage of low wage workers who get any sort of
Speaker 1: leave at all is I don't know what the updated
Speaker 1: number is, but as of last year it was less
Speaker 1: than ten percent. I think it's nine and so yes
Speaker 1: and no. I think it's the answer to that because
Speaker 1: I get the question is sort of like who are
Speaker 1: you talking about when you asked that question? Clear you
Speaker 1: spent a good portion of time over the last few
Speaker 1: months dedicated to a feature that's in the current issue
Speaker 1: of Bloomberg Business Week magazine. It's all about part of
Speaker 1: West Texas that's become a very dangerous place to be
Speaker 1: pregnant and how it's getting an even scarier there. Texas
Speaker 1: leads the US in maternity ward closures. What did you
Speaker 1: find in your visit to West Texas? Yeah, so I
Speaker 1: came to this story because I kept reading all of
Speaker 1: these um like small local stories and local papers all
Speaker 1: over the country about hospitals closing their maternity wards, and
Speaker 1: I thought, what, how, how can you close a maternity ward.
Speaker 1: Doesn't every hospital need to be able to deliver babies?
Speaker 1: And I looked into it further. In Texas is sort
Speaker 1: of like the epitome of the problem, and within Texas
Speaker 1: the epitome of the problem. There is this town called Alpine,
Speaker 1: which is in West Texas, truly in the middle of nowhere.
Speaker 1: I mean three and a half hours I think from
Speaker 1: El Paso, five hours from San Antonio. And we're not
Speaker 1: talking driving on an expressway type of road. This is
Speaker 1: like a highway with no rest stops. And it's the
Speaker 1: only hospital within a twelve square mile area that delivers
Speaker 1: babies and um so many nurses burnt out and quit
Speaker 1: during the pandemic that it is. I think now is
Speaker 1: open about five days a week, but for the majority
Speaker 1: of the past year it's been only able to deliver
Speaker 1: babies three days a week, which, if you know anything
Speaker 1: about having a kid um they don't arrive on schedule.
Speaker 1: You can't say I'll just give birth on Tuesday. Then
Speaker 1: I guess that's fine line. Um. You know, women do
Speaker 1: try to schedule induction to to try to work around that,
Speaker 1: but even that is like not is not working. And um,
Speaker 1: because the access to prenatal care is also incredibly low.
Speaker 1: While being the only hospital, they have a lot of
Speaker 1: what are called pre term birth, our baby is born
Speaker 1: really early, um, and they need access to Nike or
Speaker 1: a needle reonatal intensive care unit and Big Ben doesn't
Speaker 1: have one, and so they have to medivac these babies
Speaker 1: out to larger hospitals. Read Clears full essay in the magazine,
Speaker 1: available online and on newsstands. Now up next. Internet misogynists
Speaker 1: are making it harder for women online too. Luckily there's
Speaker 1: drue f Wallow. She's really kind of established this role
Speaker 1: for herself, almost this like fulk hero type role going
Speaker 1: after guys who are kind of awful on the Internet.
Speaker 1: The story of the TikTok vigilante we don't deserve but
Speaker 1: desperately need. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: with Carol Messer and Bloomberg Quick Takes. Tim Stinovik from
Speaker 1: Bloomberg Radio. Well. Story featured in the new issue of
Speaker 1: business Week magazine, written by Alex Barnka, technology reporter for
Speaker 1: Bloomberg News, is all about how one of TikTok's biggest
Speaker 1: stars is roasting dudes for misogyny and racism. Alex Brinka's
Speaker 1: technology reporter for Bloomberg. Also with us is Joel Weber,
Speaker 1: the editor of Bloomberg business Week. He's with us right
Speaker 1: now in the Bloomberg Interactive Broker studio. So, Joel, it's
Speaker 1: so funny. We're talking about a person named Drew F. Wallow,
Speaker 1: and you know, we think about the power of the
Speaker 1: people have with these platforms. She has got seven point
Speaker 1: five million followers on TikTok. So it's fewer than Justin Bieber,
Speaker 1: but she's got like as many as Jimmy Fallon, almost
Speaker 1: as much as Jimmy Fallon and and yet you know,
Speaker 1: not big, maybe not household name, And it just speaks
Speaker 1: to how well uh she owns TikTok. And it was
Speaker 1: also just totally caught our attention from the moment that
Speaker 1: Alex of flagged uh this is an option because uh
Speaker 1: drew in the aftermath of the Supreme Court decision UH
Speaker 1: that basically you know, upended uh Roe versus Wade. Um,
Speaker 1: we're thematically talking about that. Uh, this this in this
Speaker 1: week's issue. Um, and this is a sort of a
Speaker 1: surprising silver lining to all of that, which is how
Speaker 1: laughter can actually become a weapon. Alex tell us more
Speaker 1: about Drew's approach here. Yeah, and you know, you say
Speaker 1: she's not a household name, but if you're on TikTok,
Speaker 1: she is absolutely a household name for better or for
Speaker 1: some of these um, misogynistic type online trolls. For worse,
Speaker 1: Drew as a character who's really um increased in popularity
Speaker 1: over the last year. She we got to chat for
Speaker 1: this story. She is sharp, she is witty, but she
Speaker 1: also cares really deeply about women who she says she's protecting.
Speaker 1: On the platform. If you see a Drew video in
Speaker 1: your feed on TikTok, you'll be scrolling and um, a
Speaker 1: video of a guy will typically pop up saying some
Speaker 1: pretty awful things. There are either racists, their sexist, uh,
Speaker 1: they're fat phobic, And then all of a sudden, Drew's
Speaker 1: face will cut in, usually with her kind of trademark laughter,
Speaker 1: cackling at these men and she basically kind of dismantles them.
Speaker 1: And she does it in a really interesting way. Drew
Speaker 1: is very smart and clever, and she makes some really
Speaker 1: like logical points and and basically picks apart these guys
Speaker 1: with logic. But she also takes these tactics that online
Speaker 1: trolls are really known for comedy, commenting on people's appearance,
Speaker 1: telling the guy he's already going bald, and kind of
Speaker 1: wraps the logic in this wrapper of of the same
Speaker 1: tactics that online trolls like to use when they go
Speaker 1: after women in on the platform. And I'll tell you,
Speaker 1: I've seen these guys takedown videos or just like completely
Speaker 1: delete their accounts. They don't take it as well um
Speaker 1: as maybe some of their victims do. So she's really
Speaker 1: kind of established this role for herself almost, this like
Speaker 1: folk hero type role going after guys who are kind
Speaker 1: of awful on the internet, editorializing too much. The Internet
Speaker 1: makes it very easy for people to say all sorts
Speaker 1: of things. It's also I think something social media platforms
Speaker 1: have really tried to address, walk us through how maybe
Speaker 1: that's not enough. Yeah, so the platforms are are a
Speaker 1: little bit reactive, right. They might ban certain words or
Speaker 1: allow creators to mute words or block people. But these
Speaker 1: guys will UM kind of take tactics that that stay
Speaker 1: step ahead or trolls to speak more generally. If they
Speaker 1: are banning things like UM like quote I hate fat women,
Speaker 1: and folks notice that that language is getting banned or
Speaker 1: taken down for bullying by the platforms, they'll change tax
Speaker 1: and say things like I only love men who weigh
Speaker 1: less women who weigh less than twenty pounds. So um,
Speaker 1: the platforms are UM, whether it's TikTok, Instagram, Facebook, Twitter,
Speaker 1: they all have policies in place to kind of combat bullying.
Speaker 1: But look, frankly, UM, these bad actors on the platform
Speaker 1: move a lot quicker and speak in different languages or
Speaker 1: use code that is very well recognized by people on
Speaker 1: the internet. But it's this little bit of a game
Speaker 1: of kind of whackable. Um. What Drew has been able
Speaker 1: to do is basically keep up with the times and
Speaker 1: kind of um, you know, uh, slide a knife through
Speaker 1: these guys UM online and keep up with what they're
Speaker 1: saying and how they're kind of skirting these rules. So
Speaker 1: there's some things out there. A lot of it depends
Speaker 1: on UM fans, followers, or people on the platforms to
Speaker 1: report things themselves. Um, but you know, if you can
Speaker 1: stay a step ahead and then maybe that hand to
Speaker 1: hand combat is a little bit more fierce. In the moment,
Speaker 1: it just feels like you she may have like no
Speaker 1: shortage of options to pick from. And I'm curious, did
Speaker 1: you put that towards Earlia? How does she pick who
Speaker 1: she takes down? Yeah, so initially she would kind of, um,
Speaker 1: I'm talking a year and a half ago and she
Speaker 1: started this, um uh, this kind of path. She would
Speaker 1: look for guys and find them who are kind of
Speaker 1: saying awful things. These days, she wakes up to thousands
Speaker 1: and thousands of notifications across all platforms. She has those
Speaker 1: notifications turned off because there are so many of them. Um,
Speaker 1: but a lot of times now her fans, her followers
Speaker 1: will actually tag her in videos of people who are
Speaker 1: going after women or who are uh you know, um
Speaker 1: slewing racist, misogynistic or fat phobic comments on the platform.
Speaker 1: There's another camp. Um, there's a lot of folks who
Speaker 1: like to attack her. So those are coming straight into
Speaker 1: her notifications as well. Um, but you know, it seems
Speaker 1: like there's a lot out there. I will say, Um,
Speaker 1: she did tell me that it's getting a little bit
Speaker 1: tougher to find guys that she hasn't roasted before, or
Speaker 1: subject matter she hasn't roasted before. Um, so you know
Speaker 1: whether that's because she's doing her job too well as
Speaker 1: she sees it, or if things are cracking down a
Speaker 1: little bit. Who knows? She should come over a lot
Speaker 1: of these things are referrals. Yeah, she should come over
Speaker 1: to Twitter. I see a lot of this stuff there.
Speaker 1: Can you talk a little bit about the business of
Speaker 1: of somebody with seven point million, seven point five million
Speaker 1: followers on TikTok, Like, how does she make money? Yeah?
Speaker 1: Absolutely so. Drew wouldn't divulge exactly how much she makes,
Speaker 1: but she will say she's making a living off of it. Um.
Speaker 1: There are a few venues for somebody like her to
Speaker 1: make money. The platforms do pay out a small amount
Speaker 1: if you're in something like TikTok's creat or fund. Um.
Speaker 1: But when I talked to creators across the platform outside
Speaker 1: of just Drew, they say that's basically coffee money or
Speaker 1: lunch money. UM. Where they make a lot of their
Speaker 1: money is on brand sponsorships. Brand partnerships will they'll post
Speaker 1: sponsored posts with clothing or other products. Drew also has
Speaker 1: a podcast, so folks will start to venture outside of
Speaker 1: the platforms as well for opportunities for advertisers or sponsors
Speaker 1: to work with her. That was Bloomberg Technology reporter Alex Barenka,
Speaker 1: along with Business Week editor Joe Weber and Bloomberg Markets
Speaker 1: reporter Creedy Gupta, and we salute the entire team from
Speaker 1: the magazine for their outstanding work on this issue. Still
Speaker 1: to come on Bloomberg business Week, a Silicon Valley veteran
Speaker 1: has a new playbook for both aspiring and established workplace leaders.
Speaker 1: The mana church job is to help a group of
Speaker 1: people be able to achieve more together. So how did
Speaker 1: they do that? Tech entrepreneur Julie Zoo explains that and more.
Speaker 1: Up next, This is Bloomberg Broadcasting from the financial capital
Speaker 1: of the World, Bloomberg E Love in Frio in New
Speaker 1: York to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: O six one is San Francisco, Bloomberg Name sixty to
Speaker 1: the country Sirius XM Chado one nine team and around
Speaker 1: the globe, the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Business Week. Greidfeld and I have been
Speaker 1: in here chatting about what it's like to be a manager.
Speaker 1: And you know what, spoiler alert, neither of us are managers.
Speaker 1: Know somehow, I'm not in charge of a single person
Speaker 1: other than myself. It's probably a good thing for both
Speaker 1: of us. I know, it's a lot of work. It's
Speaker 1: really interesting because it's something that Julie Zoo writes about.
Speaker 1: She's the co founder of the tech advisory firm In
Speaker 1: Spirit and also the author of the Making of a Manager.
Speaker 1: What did you when everyone looks to you? So I
Speaker 1: was years old. I had just joined a scrappy start
Speaker 1: up three years prior. It was a little college social
Speaker 1: networking at the time called Facebook heard of it. Luckily
Speaker 1: for me, you know, to start up grew and grew,
Speaker 1: and so within a couple of years we had added
Speaker 1: a lot more people. And since I was one of
Speaker 1: the early people there, one day my manager turned to
Speaker 1: me and said, you know, we have four new designers
Speaker 1: joining next week and I don't have time to meet
Speaker 1: with them. Why don't you be their manager? And at
Speaker 1: this point, you know, I had no training at this
Speaker 1: about how to lead, how to manage, but yet I
Speaker 1: found myself in this situation needing to ramp up new
Speaker 1: people and help our team grow. And this is a
Speaker 1: very common story in Silicon Valley or in any context
Speaker 1: where a small team starts to take on bigger and
Speaker 1: bigger goals. Uh. And that is how I found myself
Speaker 1: in that role. Um, without that preparation, I made every
Speaker 1: single mistake in the book about learning how it is
Speaker 1: to manage and lead people. And ultimately, some years later,
Speaker 1: I decided to write all that down and UM, hopefully
Speaker 1: make it seem like I'm having a coffee chat with
Speaker 1: somebody else finding themselves in that situation. And so I mean,
Speaker 1: if you could go back in time and talk to
Speaker 1: younger Julie Newly in that situation, what would you say?
Speaker 1: What would be the main bullet point there? The most
Speaker 1: important thing I would tell somebody in that situation here
Speaker 1: is what the job of a manager is. Because here's
Speaker 1: the thing. We grow up. We watch movies. We have
Speaker 1: a sense of like, what does the boss do right?
Speaker 1: And we think about the boss that the person who
Speaker 1: makes decisions, the person who hires and fires people, the
Speaker 1: person who gets to tell everyone else you know, what's
Speaker 1: right and how things go. And the reality is, in
Speaker 1: my experience like, that's not really what great managers do.
Speaker 1: So the first thing I wanted from to understand is
Speaker 1: what exactly is the job of management? And very simply
Speaker 1: I define it as the manager's job is to help
Speaker 1: a group of people be able to achieve more together.
Speaker 1: So how do they do that right? How do they
Speaker 1: actually get a group of talented people to achieve more together?
Speaker 1: There are three main levels that a manager has. The
Speaker 1: first is people. You know, you need to bring in
Speaker 1: talented people who have the skills to be able to
Speaker 1: do what the group wants to do together. The second
Speaker 1: is process. So you have all of these great people, okay,
Speaker 1: how should they work together? You know? How do they
Speaker 1: come up with new ideas? How do they resolve disagreements?
Speaker 1: Who should do what? You know? How does the work
Speaker 1: get divided? And finally, purpose, which is defining what does
Speaker 1: success look like for this group of people? How do
Speaker 1: we know what a good job is? How do we
Speaker 1: know what a great job is? How do we know
Speaker 1: what a mediocre job is? All that has to be
Speaker 1: shared in terms of all of the members on the
Speaker 1: team in order for this to two team to go
Speaker 1: on and do great things. I'm wondering about people who
Speaker 1: may not be managers yet and may not even aspire
Speaker 1: to be managers, and how you know we talked about
Speaker 1: this idea of managing up and the idea of working
Speaker 1: with your bosses in a way that is productive. What
Speaker 1: advice do you have for people in those situations? The
Speaker 1: most important advice I have for somebody when they think
Speaker 1: about managing up is make sure you know these two things.
Speaker 1: Make sure that your manager knows what you aspire for,
Speaker 1: what your goals. Goals are in your career. Do you
Speaker 1: want to get a promotion? Do you want to manage one? Did?
Speaker 1: Do you want to take on big projects? Or or
Speaker 1: you know, are you very happy doing what you're doing?
Speaker 1: You know, what kind of projects are you excited to
Speaker 1: take on? What kind of challenges are meaningful? And what
Speaker 1: kind of things do you hate doing? Make sure your
Speaker 1: manager understands that, right, So ask yourselves, does my manager
Speaker 1: understand what my aspirations are, what my strengths are, what
Speaker 1: my weaknesses are? And if not, go ahead and tell
Speaker 1: them right, tell them in a one on what make
Speaker 1: sure they know. And the second question is do you
Speaker 1: want to understand what success for my manager looks like
Speaker 1: in regards to what I can do to help them,
Speaker 1: because if you don't feel like you know what your
Speaker 1: manager is aspiring for in regards to the team that
Speaker 1: you're a part of, or what success for you looks
Speaker 1: like you know you were to be basically talking past
Speaker 1: each other. So both of these things need to be
Speaker 1: true and if they're not clear, that's what you know.
Speaker 1: Time with the manager in one on one at eis
Speaker 1: four right. Make sure they understand your goals. Make sure
Speaker 1: you understand their goals. That's Julie's zoo. She's co founder
Speaker 1: at in Spirit and her new book is called The
Speaker 1: Making of a Manager, What to Do When Everyone looks
Speaker 1: to you. It's out now. You're listening to Bloomberg Business
Speaker 1: Week coming up an insider's take on the New York
Speaker 1: real estate market. Can you imagine trying to rent a
Speaker 1: studio for four thousand dollars a month? And most of
Speaker 1: these guys don't realize just half fast the product moving,
Speaker 1: I would venture the guest right now. Product is on
Speaker 1: the market for less than three days plus. The CEO
Speaker 1: of Sentient Jet tells us why the business of private
Speaker 1: aviation is taking off. This is Bloomberg. You're listening to
Speaker 1: Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes
Speaker 1: Tim Stinovich from Bloomberg Radio. We're wrapping up this weekend's
Speaker 1: program with a pair of guests who respective businesses revolve
Speaker 1: around two big ticket items, Manhattan apartments and private jets.
Speaker 1: We'll start with real estate, and despite rising interest rates
Speaker 1: and declining home sales nationally, prices here in the Big
Speaker 1: Apple are still soaring. For more insight into the key
Speaker 1: trends to watch in New York City's housing scene, Carol
Speaker 1: Masser and I spoke with Francis Katson. She's founder of
Speaker 1: the Cats and team at the residential brokerage firm Douglas Element.
Speaker 1: There's such a disconnect between the commercial and the residential.
Speaker 1: The residential has seemed to actually outperform expectation all the time,
Speaker 1: even amongst and nine point one percent installation, even amongst
Speaker 1: interest rate hikes. We're seeing such an interesting trump, uh
Speaker 1: you know, sort of a patent. You know. This year alone,
Speaker 1: condom median sales prices are up fourteen point one percent
Speaker 1: against last year, which was the run up inverted commas.
Speaker 1: So there seems to be this really niche demand for
Speaker 1: people wanting to diversify from their portfolio back into real
Speaker 1: estate because there's been a capitulation over the past couple
Speaker 1: of months. So Frances, are they just buying real estate
Speaker 1: as an investment and not living in it or so
Speaker 1: what's happened is that you've got two types of vice.
Speaker 1: You've got people who want to actually diversify with kN
Speaker 1: thirty one money buying into these homes and actually getting
Speaker 1: an absolute sugar high on their rentals. The rental market
Speaker 1: is up year of a year with less than two
Speaker 1: percent vacancy rate, with an average trading price for a
Speaker 1: studio of four thousand dollars, which means that it's on
Speaker 1: a sugar high like no One's scene, which is allowing
Speaker 1: people to get a performer into effect that gives them
Speaker 1: a good a good, a good rent roll. The end
Speaker 1: user is also taking advantage because although the rates have
Speaker 1: gone up, there's still this potential value because when there's uncertainty,
Speaker 1: there's negotiability. What about when it comes to foreign buyers.
Speaker 1: Here what we saw was a very big change during
Speaker 1: COVID because there were some countries that were not going
Speaker 1: to be compliant with the FDA COVID requirements. Coming back
Speaker 1: into the US, such as China and Russia. So what
Speaker 1: we had was very specific buyers coming in. Now what
Speaker 1: we're seeing since the floodgates, if you will, have opened up,
Speaker 1: we've got a nice return of cash from overseas. A
Speaker 1: lot of people are coming into the luxury sector. That's
Speaker 1: the luxury meaning over four million. This past week we
Speaker 1: saw twenty one contracts signed, which is eight contracts up
Speaker 1: above the week prior. And we're seeing a lot of
Speaker 1: people wanting to come back and park their cash in
Speaker 1: New York. When we start seeing prices like this, to me,
Speaker 1: it says it's getting a litttle bit hot and at
Speaker 1: some point this has got to call, well, the sales
Speaker 1: market will adjust, and I think we're seeing that now.
Speaker 1: I think right now with the GDP at a negative
Speaker 1: point nine percent, some would say that we are in
Speaker 1: a recession. Some would say we're not. The market has
Speaker 1: cooled on its price for square foot performance, but the
Speaker 1: velocity has changed. By simple virtue, there's not a lot
Speaker 1: of inventory right now because people don't want to sell
Speaker 1: down on their assets. So there's this pent up demand
Speaker 1: for the remaining prospects who want to get in and
Speaker 1: get out of paying sugar high rental and get back
Speaker 1: into owning equity. Where are you seeing any signs of
Speaker 1: slowdown right now? Because you have the entire spectrum when
Speaker 1: it comes to listings, are you seeing any part of
Speaker 1: it slowdown? That's such a great question because you are
Speaker 1: seeing such a breakdown on segments. The entry market is
Speaker 1: the most impacted because they need the most compelling interest
Speaker 1: rate in order to buy in with not a lot
Speaker 1: of wage growth. It's very tough to make when you've
Speaker 1: got such high rental markets and people wanting to get
Speaker 1: out of being extorted on that. They want to own equity,
Speaker 1: but it's really tough. If the rates are going up,
Speaker 1: it squashes that segment because they have the least to
Speaker 1: spend and the most to lose. On the luxury side,
Speaker 1: they're not so dependent neither is foreign money on necessarily
Speaker 1: an interest rate. So you're finding that these particular customers
Speaker 1: are ready to play and are coming in to get
Speaker 1: a deal, and there's a there's a conversation to be
Speaker 1: had between the extreme of what we want to achieve
Speaker 1: on the sale price and where the biased fuel inherent
Speaker 1: value is. I'll describe the rental market right now because
Speaker 1: if you're if you're a renter, if you're just moving
Speaker 1: to New York, you're in a tough spot right now.
Speaker 1: Very I mean, can you imagine trying to rent a
Speaker 1: studio for four thousand dollars a month and you have
Speaker 1: to be able to show forty five times the asking
Speaker 1: rent in their accounts. It's brutal, that's insane. And most
Speaker 1: of these guys don't realize just how fast the products moving.
Speaker 1: It's not like you walk in and take a week
Speaker 1: and a half to think about it. Product is getting
Speaker 1: snapped up within hours. There's a there's a stat right
Speaker 1: now on Jonathan Miller on the Miller Samuel's Report that
Speaker 1: shows that products on the market for less than nine days.
Speaker 1: I would venture to guest right now product is on
Speaker 1: the market for less than three days on it. It's
Speaker 1: that fast. That was Francis Katson, founder of the Cats
Speaker 1: and team at Douglas Eleman. So we know real estate
Speaker 1: prices are on the ascent, and you know what else
Speaker 1: is sky high interest in private jets. Aviation consulting from
Speaker 1: our US International reported back in June that private air
Speaker 1: traffic is fifteen percent higher than it was two years ago.
Speaker 1: One of the beneficiaries is Andrew Collins. He's president and
Speaker 1: CEO of Sentient CHET. We saw the addressable market expand
Speaker 1: per se right. A lot of hidden people, hidden customers
Speaker 1: that you know, really took a pandemic to bring them out.
Speaker 1: They might have been a little fiscally conservative, or they
Speaker 1: might have thought about the sustainability issue, but at the
Speaker 1: end of the day, they came out and products like ours.
Speaker 1: We invented the jet cards, so you pre buy twenty
Speaker 1: five hours at a time. When you utilize a service
Speaker 1: like that, you tend to get used to it. And
Speaker 1: so I don't think all the new entrants that came
Speaker 1: in and the expanded you know, amount of and the
Speaker 1: velocity by which you know, the volume came I don't
Speaker 1: know that that will remain exactly as it stands, but
Speaker 1: a good portion of it is. We're very busy this summer.
Speaker 1: Despite you know, raising rates and fuel surcharges and everything else,
Speaker 1: there is a voracious appetite for flying and traveling. Right now,
Speaker 1: are you back to pre pandemic levels? We are well
Speaker 1: passed pre pandemic levels. And is most of it leisure
Speaker 1: or is it a combination of leisure? A little tricky,
Speaker 1: a little tricky because you know, it used to be
Speaker 1: I could tell you was six corporate, it was leisure, etcetera.
Speaker 1: Now it's very much hard to track because it's a
Speaker 1: lot of individuals, a lot of individual flying. Uh, they
Speaker 1: might be just expensing it. You have no idea. In
Speaker 1: some cases you'd have to look at kind of time
Speaker 1: of day and what don't know. I mean, a corporate
Speaker 1: credit card goes through, right, doesn't it um well, because
Speaker 1: when with our card, you actually deposit money and then
Speaker 1: we just dub it down, So we'll never really know
Speaker 1: if you're using it for business or not unless you
Speaker 1: did set it up as a business account. Okay, but
Speaker 1: somebody pays, someone does pay for it. Yeah, and it's
Speaker 1: a lot of times it's a primary customer and it's
Speaker 1: in their name at the end of the day. Though
Speaker 1: you can tell, like you can tell certain routes and
Speaker 1: you can see things come back. Teeter Borrow's come back
Speaker 1: a lot, Westchester's come back. You know, Van Nye's come back.
Speaker 1: So there's a lot of business travel out there that's
Speaker 1: almost sneaky, but it's definitely happening. Do you anticipate a
Speaker 1: reversion to the mean, as we do ease out of
Speaker 1: the pandemic and we and you get back to pre
Speaker 1: pandemic levels which were significantly lower than they are now,
Speaker 1: people become more comfortable on commercial travel. Well, I think
Speaker 1: that commercial has got a long way to go. And
Speaker 1: that's you know, without disrespect to my commercial brethren, but
Speaker 1: there's a lot of people that left the airline industry
Speaker 1: and they're not coming back, or pilots and crews retired,
Speaker 1: so there's a lot of challenges there. Over in Europe
Speaker 1: it's even worse. So right now you're seeing private jetscent
Speaker 1: year over year growth due to the fact that it's
Speaker 1: just very difficult to travel throughout Europe. And uh now,
Speaker 1: I don't I don't know that I see a lot
Speaker 1: of return yet. It just doesn't feel like that. It
Speaker 1: feels like in the fall and in the winter, especially
Speaker 1: this peak period. We're gearing up for a very big
Speaker 1: peak period during the winter. Do you have all the
Speaker 1: workers that you need or that you want, You have
Speaker 1: to be very aggressive. So we've done a lot of
Speaker 1: aggressive work. We've done a lot of recruiting. We've hired
Speaker 1: a lot of aggressive We're paying them more and we're
Speaker 1: talking to a lot more people. You know, it takes
Speaker 1: a lot more to fill oncelot, so we're doing a lot.
Speaker 1: We're also doing not everybody can be a pilot. No,
Speaker 1: not everybody can be a pilot. There's a lot of
Speaker 1: work it goes around being a pilot. But to get crews,
Speaker 1: for instance, yeah, you have to you have to pay more. Hey,
Speaker 1: and you want to talk on a touch on the
Speaker 1: sustainability efforts. You mentioned people who have been previously concerned
Speaker 1: about the environmental impact of perhaps traveling private might not
Speaker 1: have the same concerns now. It does emit a lot
Speaker 1: of c R two. I mean we're talking tons and
Speaker 1: tons per single plane per hour literal tons. What are
Speaker 1: you doing to to offset that and to to kind of,
Speaker 1: you know, make customers feel better about their environmental impact,
Speaker 1: so that you have a lot of different choices. You
Speaker 1: can do nothing and people will still pay and come
Speaker 1: on and fly. You can do a simple carbon offset
Speaker 1: or you know a lot of people will offer access
Speaker 1: to a carbon offset service or something like that. We
Speaker 1: actually don't charge our customers and we do three off setting.
Speaker 1: So we invest millions of dollars in the background to
Speaker 1: do emissions offsetting. So we go a little bit further.
Speaker 1: We go into the water vapors, the aerosols and nitrous
Speaker 1: ox sides, the things that actually make the difference. I
Speaker 1: would argue that we probably are doing one of the
Speaker 1: largest sustainability efforts in private aviation, and so we do
Speaker 1: it with a partner. But um, it's not an additional
Speaker 1: cost to our customer, and every flight is offset three.
Speaker 1: So in the first half of the year, we probably
Speaker 1: did the equivalent. If I was to compare it to things, UM,
Speaker 1: it's the equivalent of planting five million trees or providing
Speaker 1: energy to your average you know town in America for
Speaker 1: a full year. Um, it's it's a lot, and we're
Speaker 1: just getting used to it, and we're just learning it
Speaker 1: and we're just experimenting with things. But we're trying to
Speaker 1: push our industry to do a lot more. I agree
Speaker 1: push push, push away. UM, I love carbon offsetting. What
Speaker 1: about carbon negative efforts where we're actually reducing the carbon
Speaker 1: in the atmosphere, which many would argue that that's what
Speaker 1: we need to do to save this planet. You've got
Speaker 1: to look at a lot of things. You've got to
Speaker 1: look at sustainable aviation fuel. I think you've got to
Speaker 1: look at a lot of ways to you know, one
Speaker 1: of the offshoots of the pandemic that's great is that
Speaker 1: it's virtual, so you're not doing a lot around the
Speaker 1: office as much and things like that. So we're looking
Speaker 1: at a lot of different ways to handle sustainability. I
Speaker 1: would tell you though, the biggest push that can happen
Speaker 1: is an electric and what they're calling V talls, and
Speaker 1: you know, as a company, we have two talls on
Speaker 1: order for both you know, Europe and North America. When
Speaker 1: you get those, um, I hope knock on wood in
Speaker 1: four to five years. That was Andrew Collins. He's president
Speaker 1: and CEO of Sentia Jet. And that wraps up the
Speaker 1: weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks
Speaker 1: so much for joining us. I'm Tim Stenovik. Be sure
Speaker 1: to tune into Bloomberg Business Week Monday through Friday. It
Speaker 1: starts at two pm Wall Street Time on Bloomberg Radio.
Speaker 1: You can also watch our daily broadcast on YouTube. Just
Speaker 1: search Bloomberg Global News and check out our Bloomberg Business
Speaker 1: Week podcast. You can find that at Bloomberg dot com,
Speaker 1: Apple or wherever you get your podcasts. Bloomberg Business Week
Speaker 1: is available on newsstands now, at bloomberg dot com and
Speaker 1: on the Bloomberg terminal. You can also see me on
Speaker 1: Bloomberg Quicktake available on bloomberg dot com, slash Qt, and
Speaker 1: streaming platforms like Roku, Apple TV, Samsung TV and more.
Speaker 1: Have a great weekend everyone. This is bloomberg S