WEBVTT - Contact Tracing in Workplaces 0:00:00.720 --> 0:00:03.720 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.800 --> 0:00:06.320 Jason Kelly. We're right here every day bringing you the 0:00:06.400 --> 0:00:11.160 latest news from the world's of business and finance, plus technology, politics, economics, 0:00:11.240 --> 0:00:14.280 all harnessing the power of Business Week reporters and editors, 0:00:14.440 --> 0:00:16.439 and of course Carol that's part of a team of 0:00:16.520 --> 0:00:20.439 twenty seven hundred journalists and analysts more than a hundred 0:00:20.480 --> 0:00:23.280 and twenty countries and Jason. You can download Bloomberg Business 0:00:23.280 --> 0:00:26.240 Week on iTunes, SoundCloud, bl Bloomberg dot com. You can 0:00:26.280 --> 0:00:28.640 also listen to our radio show at two pm Eastern 0:00:28.680 --> 0:00:31.560 on Bloomberg Radio every weekday, or watch us on YouTube 0:00:31.600 --> 0:00:36.599 by searching Bloomberg Global News. Let's set the Business week agenda, 0:00:36.680 --> 0:00:39.360 because we need to figure out what's going on in 0:00:39.400 --> 0:00:42.120 this trade, what's on investor's mind. We've got the perfect 0:00:42.120 --> 0:00:45.640 team assembled to do that. Uh. In the meantime, just 0:00:45.680 --> 0:00:48.160 bring you one headline that the FED will begin buying 0:00:48.240 --> 0:00:52.280 broad portfolio of US corporate bonds. That certainly is going 0:00:52.320 --> 0:00:57.680 to play into the discussions today. Let's talk about what's happening, 0:00:57.760 --> 0:01:00.560 especially on the equity side, with Gina Mark and Adams. 0:01:00.640 --> 0:01:03.480 That's because she's the chief equity strategist for Bloomberg Intelligence. 0:01:03.480 --> 0:01:05.759 She joins us on the phone from New Jersey, Dave Wilson, 0:01:05.800 --> 0:01:08.040 of course, our stocks editor, author of the chart and 0:01:08.280 --> 0:01:10.839 stock of the Day. Uh, Dave, I want to start 0:01:10.840 --> 0:01:13.840 with you because you heard Charlie break down the numbers, 0:01:14.160 --> 0:01:17.000 the swings that we've been seeing. Take us inside the trade, 0:01:17.040 --> 0:01:20.399 help us understand what's what what lovers are moving here. Yeah, 0:01:20.440 --> 0:01:24.080 it looks like things have just kind of stabilized a bit, 0:01:24.200 --> 0:01:28.440 arguably after you know what we saw on Friday with 0:01:28.560 --> 0:01:31.000 stocks getting off to a pretty good early start and 0:01:31.000 --> 0:01:33.520 then not being able to hang on the gains. Today 0:01:33.560 --> 0:01:35.160 it was kind of the opposite where you had the 0:01:35.160 --> 0:01:40.000 early losses and markets come back. Uh. You see technology 0:01:40.120 --> 0:01:43.959 stocks at the forefront. Today you see communications stocks and 0:01:44.000 --> 0:01:47.080 there we're talking about the likes of Google's owner Alphabet 0:01:47.120 --> 0:01:49.919 as well as Facebook. But it's not like anyone group 0:01:50.040 --> 0:01:53.320 is sort of a standout at this point. It's just 0:01:53.440 --> 0:01:56.160 interesting to see the kind of reversals that have gone 0:01:56.160 --> 0:01:59.400 on today's trading. I mean, you know, early on you 0:01:59.520 --> 0:02:02.440 saw take the travel stocks. I mean, they've certainly been 0:02:02.920 --> 0:02:06.560 among the more valuable shares out there, and they were 0:02:06.600 --> 0:02:09.280 down big time early on, and now you look at them. 0:02:09.280 --> 0:02:12.120 I mean, Americans up six tents of a percent. You know, 0:02:12.240 --> 0:02:14.880 Delts is a little changed, and you know cruise lines. 0:02:14.880 --> 0:02:17.919 You've got Cornable down a bit two point three percent, 0:02:18.000 --> 0:02:21.200 but roal Caribbeans barely lower. So you know, we we've 0:02:21.240 --> 0:02:24.000 certainly seen a lot movement in those shares. Uh. Same 0:02:24.040 --> 0:02:26.360 thing with the biggest banks, which are little changed at 0:02:26.400 --> 0:02:29.480 this point after having fallen early on. So a lot 0:02:29.520 --> 0:02:33.880 of recovery going on in today's trading after some early losses. 0:02:33.919 --> 0:02:36.080 Of look mighty familiar in terms of the kinds of 0:02:36.160 --> 0:02:39.360 stocks that we're falling. All right, let's bring Gina Martin Adams. 0:02:39.360 --> 0:02:41.760 Gina Um, you're writing on the Bloomberg. You talk about 0:02:41.800 --> 0:02:44.680 the stocks rebound, stocks bounce back, may remain under fire 0:02:44.760 --> 0:02:47.080 until green shoots emerge. I do feel like we're at 0:02:47.080 --> 0:02:49.360 this juncture. Jason and I were talking about it last week, 0:02:49.400 --> 0:02:52.040 about a week ago exactly that all of a sudden, 0:02:52.040 --> 0:02:54.959 investors were like, wait a minute, like, you know, we've 0:02:54.960 --> 0:02:57.960 gotten way ahead of ourselves. Let's see what the economic 0:02:58.160 --> 0:03:01.720 and corporate profit outlook ultimately is, and we need more 0:03:01.800 --> 0:03:05.000 data on that. I would totally agree. I think what 0:03:05.080 --> 0:03:07.880 actually happened is the first few months of this recovery 0:03:07.960 --> 0:03:10.639 rally was really all about pricing a new Fed policy, 0:03:10.639 --> 0:03:14.079 a new monetary policy regime. Once we got to the 0:03:14.080 --> 0:03:17.240 point where we fully priced extremely low interest race for 0:03:17.280 --> 0:03:20.080 a very long period of time, we sort of lost 0:03:20.080 --> 0:03:22.959 our momentum. And and I think now the next phase 0:03:23.000 --> 0:03:25.120 has to be about, Okay, great, we are willing to 0:03:25.160 --> 0:03:29.320 pay a lot more for equities given just this permanently 0:03:29.320 --> 0:03:32.640 low interest rate landscape, But where is the earnings all 0:03:32.760 --> 0:03:34.480 going to go? And I do think that that's going 0:03:34.560 --> 0:03:37.280 to be the next leg of the rally or not 0:03:37.480 --> 0:03:40.280 rally is sort of the progression of earnings estimates, the 0:03:40.280 --> 0:03:43.040 progression of economic green shoots while we start to see 0:03:43.080 --> 0:03:45.840 some growth, and how does that forecast compare to the 0:03:45.880 --> 0:03:50.160 current consensus expectation, which is sub two percent growth um 0:03:50.240 --> 0:03:53.000 in the next twelve months following the end of this month. 0:03:53.080 --> 0:03:57.280 So expectations are very low, but economic growth is also 0:03:57.520 --> 0:04:00.000 pretty slim, and I think the market is going to 0:04:00.040 --> 0:04:01.840 go back and forth trying to figure out, you know, 0:04:01.880 --> 0:04:05.480 how to pair expectations with reality. So we just got 0:04:05.480 --> 0:04:09.000 to get comfortable with this level of back and forth, Gina, 0:04:09.240 --> 0:04:11.400 I think that's some of it. I think also though, 0:04:11.400 --> 0:04:14.560 if you look at things like factor leadership and sector leadership, 0:04:15.160 --> 0:04:20.840 you have seen some rotation back to more stability, more defensiveness, 0:04:20.839 --> 0:04:25.440 sort of the momentum quality, low volatility trait that really 0:04:25.520 --> 0:04:29.839 dominated pre crisis does appear to be making a little 0:04:29.839 --> 0:04:33.160 bit of headway over the last week or so. And 0:04:33.200 --> 0:04:36.520 I think that's really just about stuff like high volatility 0:04:36.560 --> 0:04:40.320 and high bankruptcy risk and kind of low quality stocks 0:04:40.960 --> 0:04:44.120 really ripped out of the march low so much more 0:04:44.200 --> 0:04:46.920 than they normally do in the first leg of recovery 0:04:47.400 --> 0:04:50.160 that I think that segment of the rally got a 0:04:50.200 --> 0:04:53.520 little bit ahead of itself. And that's the segment where 0:04:53.600 --> 0:04:57.040 you would normally see, you know, growth prospects start to emerge. 0:04:57.480 --> 0:04:59.800 But we're really starting to question that segment. So I 0:04:59.800 --> 0:05:01.120 think it's going to be a back and forth and 0:05:01.200 --> 0:05:04.160 kind of choppy your market um for the for the 0:05:04.200 --> 0:05:07.200 factor and sector leaders as well. Hey just quickly, um, Gina, 0:05:07.279 --> 0:05:10.320 just about twenty seconds, when can we expect fairly for 0:05:10.360 --> 0:05:12.719 our companies to start saying, okay, here's our outlook. We 0:05:12.720 --> 0:05:15.440 have an outlook to give you how much when when 0:05:15.480 --> 0:05:17.800 should we expect them to be able to do that? Yeah, 0:05:17.880 --> 0:05:19.760 I think that you'll hear a little bit more of 0:05:19.800 --> 0:05:22.480 that in the June at the July quarter. Sorry, So 0:05:22.839 --> 0:05:25.400 with the next learning season really kicks off only a 0:05:25.400 --> 0:05:27.960 month from now, a little less than a month from now, shocking, 0:05:28.520 --> 0:05:30.719 and it at that point, I think we'll hear a 0:05:30.760 --> 0:05:34.159 little bit more about Okay, at least for June. What 0:05:34.320 --> 0:05:36.960 did the reopenings from the US look like? What does 0:05:37.000 --> 0:05:39.920 our do our prospects for growth looks like? You know, 0:05:40.040 --> 0:05:41.880 how are we going to do in terms of liquidity 0:05:41.880 --> 0:05:44.279 and leverage? Those types of things are going to start 0:05:44.320 --> 0:05:46.520 to eat out I think in the July quarter. Great, 0:05:46.880 --> 0:05:49.280 all right, thank you so much. Gina Martin, Adam's chief 0:05:49.279 --> 0:05:51.960 Equity Strategies for Bloomberg Intelligence. Joining us on the phone 0:05:52.000 --> 0:05:55.159 from New Jersey, Dave Wilson. This is Bloomberg Business Week 0:05:55.320 --> 0:05:59.360 with Carol Masser and Jason Kelly on Bloomberg Radio. Well, 0:05:59.360 --> 0:06:02.120 our next guest, Tom Goodmanson is President CEO at the 0:06:02.240 --> 0:06:07.720 customer experience intelligence company Collabrio. They use AI driven analytics 0:06:07.839 --> 0:06:10.480 and they use it to track customer behavior and sentiment 0:06:10.480 --> 0:06:13.440 and they work with their clients using that information. They're 0:06:13.440 --> 0:06:15.800 based in Minneapolis. That's exactly where Tom joins us on 0:06:15.839 --> 0:06:20.400 the phone on this Monday. Tom, Welcome to Bloomberg Radio. 0:06:20.560 --> 0:06:22.400 Nice to have you here with us. You know, I 0:06:22.440 --> 0:06:24.160 have to be honest with you. I read your website 0:06:24.160 --> 0:06:26.119 a couple of times, read a bunch of your press 0:06:26.160 --> 0:06:30.240 releases and some other information. What exactly do you guys 0:06:30.440 --> 0:06:34.360 do using ai UM to kind of bridge gaps between 0:06:34.400 --> 0:06:40.000 customers and clients. Yeah, thanks, Carol. You know, we we 0:06:40.080 --> 0:06:44.440 really put it simply, we sit in contact centers and 0:06:44.480 --> 0:06:47.760 we're listening to what's going on between the customer and 0:06:47.800 --> 0:06:51.880 the and the agent, and we're helping that it would 0:06:51.920 --> 0:06:55.960 be a better, better insight. And so we're doing we 0:06:56.000 --> 0:07:01.400 provide analytic insights by UH record and then and then 0:07:01.520 --> 0:07:06.960 running it through our engines to do things like predictive NPS. NPS, 0:07:07.000 --> 0:07:12.360 we do predictive scoring, we do predictive how how agents think. 0:07:12.800 --> 0:07:14.800 So we really are trying to get in the minds 0:07:14.840 --> 0:07:17.080 of the agent in order to give a better UH 0:07:17.760 --> 0:07:21.720 situation to the end user. And so this plays into 0:07:22.000 --> 0:07:24.720 one of the terms that we have all started to 0:07:25.120 --> 0:07:28.480 use and come to GRIPS with, which is contact tracing 0:07:28.920 --> 0:07:34.400 so help us understand how it fits into that broader effort. Yeah. 0:07:34.440 --> 0:07:37.200 So if you think about this is a very heated 0:07:37.280 --> 0:07:42.360 if somebody's calling in and they've got covid um or 0:07:42.640 --> 0:07:44.960 the other is they find out you know, they get 0:07:44.960 --> 0:07:48.400 the people that have been diagnosed, and they find out 0:07:48.440 --> 0:07:50.840 who they've talked to. You have to have a kind 0:07:50.840 --> 0:07:54.000 of a bedside manner. And so we're helping those agents 0:07:55.040 --> 0:07:58.480 train and understand how to how to help. And then 0:07:58.760 --> 0:08:02.800 the AI is ivan to to maybe see trends. So 0:08:02.840 --> 0:08:05.920 we're not just taking the word of the person calling in, 0:08:06.240 --> 0:08:08.400 but we might be able to spot some other trends 0:08:08.480 --> 0:08:10.560 that are going on in a region in an area. 0:08:12.080 --> 0:08:15.360 So are you learning anything so far through that work 0:08:15.400 --> 0:08:19.000 because we're all trying to figure out what happens next here. Yeah. 0:08:19.080 --> 0:08:22.000 The work we're finding right now is think about how 0:08:22.080 --> 0:08:24.480 much we have to to spin up, right, So the 0:08:24.520 --> 0:08:27.400 work is maybe three to four weeks old in a 0:08:27.400 --> 0:08:29.520 lot of the regions that are just spinning these up 0:08:29.560 --> 0:08:32.520 as we start to open up the world a little 0:08:32.559 --> 0:08:35.640 bit here and so the insights have not started pouring 0:08:35.679 --> 0:08:39.720 in other than people are are scared when they call 0:08:39.800 --> 0:08:42.640 and just trying to provide calming. That's probably the number 0:08:42.679 --> 0:08:45.280 one thing that I'm seeing is just being having a 0:08:45.320 --> 0:08:48.480 calming influence for now. Yeah, you know it's interesting too 0:08:48.480 --> 0:08:51.840 because I think about you guys, you know, play into 0:08:52.160 --> 0:08:54.040 different worlds. You get to you get you have a 0:08:54.080 --> 0:08:56.920 certain window that maybe some of us don't, And I 0:08:56.960 --> 0:08:59.040 do wonder what it says to us about kind of 0:08:59.080 --> 0:09:03.640 where we are in our world, especially as post COVID nineteen. 0:09:03.679 --> 0:09:06.280 We're not done, as many of the doctors we talked 0:09:06.280 --> 0:09:08.840 to and members of the medical community remind us, you 0:09:08.880 --> 0:09:11.000 know that we're not anywhere near to being done, but 0:09:11.040 --> 0:09:13.199 we are reopening and people are making their way back. 0:09:13.200 --> 0:09:15.520 We're trying to figure out, Okay, what does our world 0:09:15.559 --> 0:09:17.920 look like, what does the marketplace look like? What does 0:09:17.920 --> 0:09:21.800 the economy look like? What would you say? You know, 0:09:21.960 --> 0:09:24.439 that's a good question. And if I had the answer 0:09:24.440 --> 0:09:28.839 to that, I'd probably have my employees back at work. Um, 0:09:29.080 --> 0:09:32.199 you know, where people are, people are really cautious. You're 0:09:32.240 --> 0:09:35.320 seeing a lot of excitement. They're they're tired of being 0:09:35.360 --> 0:09:38.439 at home and home schooling and doing all that stuff. 0:09:38.480 --> 0:09:41.920 But then there's that fear factor. Um, We've got a 0:09:42.000 --> 0:09:45.520 lot of things that you know, people feel that they've 0:09:45.600 --> 0:09:48.040 been left out of but they don't know how quite 0:09:48.080 --> 0:09:51.040 to go back. And so I think as some programs 0:09:51.080 --> 0:09:53.440 like this should allow us that confidence that we're going 0:09:53.480 --> 0:09:58.760 to find UH problems and hotspots more quickly we did 0:09:58.840 --> 0:10:02.200 early this year, UH and and allow us to maybe 0:10:02.360 --> 0:10:04.760 give us a little bit of confidence as we go 0:10:04.840 --> 0:10:08.839 back right and to isolate maybe a little bit more effectively. 0:10:09.160 --> 0:10:12.200 And to that end, Tom, I mean, what's your sense 0:10:12.240 --> 0:10:16.319 about who should ultimately be running these types of operations? 0:10:16.360 --> 0:10:19.480 Because I think a lot of people candidly are skeptical 0:10:19.600 --> 0:10:22.680 of the federal government, but we also know that state 0:10:22.760 --> 0:10:26.959 local governments have different levels of funding. What's the optimal 0:10:27.440 --> 0:10:30.839 system from your perspective? You know, from my perspective, it's 0:10:31.000 --> 0:10:35.800 I think it's a public private type UH partnership UM. 0:10:36.360 --> 0:10:39.280 The public good, the health departments and what have you. 0:10:39.360 --> 0:10:41.440 I think they have the data and the know how 0:10:42.000 --> 0:10:45.079 UM companies like ours have the skill to let them 0:10:45.120 --> 0:10:47.640 get to work and do what they do best. And 0:10:47.679 --> 0:10:50.560 then they between the two of us, then spin up 0:10:50.600 --> 0:10:55.000 and partner with business provider outsourcers so b p o 0:10:55.120 --> 0:10:58.560 s to get them the bodies that they need. Because 0:10:58.600 --> 0:11:01.439 this is a body of intensive as you can imagine. 0:11:01.480 --> 0:11:04.880 The CDC and George Washington University say that we should 0:11:04.880 --> 0:11:08.760 have thirty tracers for every hundred thousand residents. That's a 0:11:08.760 --> 0:11:10.559 lot of that's a lot of people to get spun 0:11:10.640 --> 0:11:13.240 up to make this work. So the whole idea, right, 0:11:13.480 --> 0:11:16.000 Jason had and I've had tons of conversations about the 0:11:16.000 --> 0:11:18.080 importance of testing and tracing and that's how it's going 0:11:18.080 --> 0:11:21.040 to give the confidence. So you guys are working to 0:11:21.160 --> 0:11:24.360 kind of help work places get those programs in place. 0:11:24.400 --> 0:11:27.560 Just got about forty seconds left here. Yeah, we've got 0:11:27.640 --> 0:11:31.760 you know, we've got We're working really hard to help companies, 0:11:31.760 --> 0:11:35.560 but also the state governments. We've engaged with many state governments. 0:11:35.600 --> 0:11:37.679 We think that that's the right place to put the 0:11:37.720 --> 0:11:41.240 biggest centers because each state, as we've seen, has had 0:11:41.360 --> 0:11:46.520 different approaches to and different outbreaks, and so we think 0:11:46.559 --> 0:11:49.120 that that's the best place to help them. And then companies, 0:11:49.160 --> 0:11:51.760 of course, if they do the next level to help 0:11:51.800 --> 0:11:54.360 their employees is a really important step as well. And 0:11:54.360 --> 0:11:56.560 we should point out that you're partnering with Amazon and 0:11:56.600 --> 0:12:00.240 Trilio to UM work on those virtual contact trace seeing 0:12:00.280 --> 0:12:04.920 operations around the US. UM really appreciated. Excuse me your time. 0:12:04.960 --> 0:12:09.520 Tom Goodmanson is president CEO at Collabrio. He is based 0:12:09.520 --> 0:12:11.320 in Minneapolis and that's where he joined us on the 0:12:11.360 --> 0:12:14.760 phone Jason on this Monday. Yeah. Interesting to see. I mean, 0:12:14.800 --> 0:12:17.480 these are going to be massive logistical and somethings and 0:12:17.520 --> 0:12:20.800 almost infrastructure challenges. If you can't offset that with some 0:12:20.880 --> 0:12:23.720 machine learning, obviously that would make sense. Interested to hear 0:12:23.760 --> 0:12:25.880 how this all goes, because through the summer we're going 0:12:25.960 --> 0:12:27.760 to be the new corporate system that you need you 0:12:27.760 --> 0:12:29.959 to write, another thing that you have to have in place. 0:12:30.240 --> 0:12:33.800 This is Bloomberg Business Week with Carol Masser and Jason 0:12:33.920 --> 0:12:38.520 Kelly on Bloomberg Radio. A big headline crossing this morning 0:12:38.559 --> 0:12:42.600 courtesy of the Supreme Court, a decision that really was 0:12:42.840 --> 0:12:46.640 not expected, and I would say even less expected was 0:12:46.720 --> 0:12:50.880 the breakdown in terms of how the justices voted. Let's 0:12:50.880 --> 0:12:54.559 talk about it with Jeff Green, because this is a milestone, 0:12:54.679 --> 0:12:59.200 it feels like, in terms of rights for workers and 0:12:59.320 --> 0:13:05.840 specifically uh lgbt Q workers. Jeff tell us about it. Yeah, 0:13:05.840 --> 0:13:08.439 I mean the thing that a lot of people maybe 0:13:08.480 --> 0:13:11.319 still don't realize is that in a majority of Americans 0:13:11.360 --> 0:13:17.520 are not protected um from discrimination in this country up 0:13:17.600 --> 0:13:22.160 until well today. Um So if you in many states, 0:13:22.720 --> 0:13:25.199 a majority of states in fact, if somebody wanted to 0:13:25.240 --> 0:13:28.280 fire you for being gay or transgender, it was legal. 0:13:28.360 --> 0:13:31.480 It was little, there was no recourse up until the 0:13:31.520 --> 0:13:34.600 Supreme Court basically said that the nineteen sixty four Civil 0:13:34.720 --> 0:13:39.040 Rights Act can be interpreted to cover LGBT rights as well, 0:13:39.080 --> 0:13:42.040 which makes us, you know, pretty much on par with 0:13:42.080 --> 0:13:45.400 the with the gay gay marriage ruling. You know, it's 0:13:45.440 --> 0:13:48.720 interesting to Jeff that Greg store To writing about this 0:13:48.760 --> 0:13:50.120 today and he says more than half of the U 0:13:50.160 --> 0:13:53.520 s States don't cover sexual orientation and gender identity through 0:13:53.520 --> 0:13:56.040 their own anti discrimination laws, and more than half of 0:13:56.080 --> 0:13:59.280 the nation's eight million LGBT workers live in those states. 0:13:59.320 --> 0:14:04.120 So this is a big, big deal, right yeah, And 0:14:04.200 --> 0:14:08.640 it's um, like you said, unexpected to some degree, um 0:14:08.640 --> 0:14:14.240 with the current Supreme Court configuration. And I mean it, 0:14:13.760 --> 0:14:16.679 it gets most of the workers now are protected. I 0:14:16.720 --> 0:14:19.680 mean that the title title seven, as this nineties four 0:14:19.760 --> 0:14:22.840 laws referred to in shorthand, does not cover people who 0:14:22.920 --> 0:14:27.040 work at companies that have less than fifteen employees. And 0:14:27.120 --> 0:14:31.680 that's still probably around ten to fift of Americans work 0:14:31.720 --> 0:14:35.280 at smaller companies that small majority of Americans worker companies 0:14:35.720 --> 0:14:38.920 with less than a thousand people, So there wasn't a 0:14:38.960 --> 0:14:42.040 lot of protection for people who worked at the smallest companies. 0:14:42.080 --> 0:14:44.560 Most of the large corporations, like most of the Fortune 0:14:44.600 --> 0:14:47.960 five hundred SMP five already have some sort of a 0:14:48.000 --> 0:14:53.200 regulation protecting LGBT workers. So the law was really meant 0:14:53.480 --> 0:14:56.080 to protect you know that the law really was sort 0:14:56.120 --> 0:14:59.760 of not covering people who were outside of those big 0:15:01.520 --> 0:15:04.920 and so what does this mean? You know, Jeff, you 0:15:04.960 --> 0:15:06.640 and your team do such a great job sort of 0:15:06.680 --> 0:15:10.880 covering diversity in all of its aspects on the managing 0:15:10.920 --> 0:15:13.240 university team at Bloomberg, and I do wonder is you 0:15:13.280 --> 0:15:16.840 guys have talked about it. What are the practical uh 0:15:17.040 --> 0:15:21.320 implications for this? Are there sort of economic factors that 0:15:21.840 --> 0:15:23.880 enter in here? What what does it really mean when 0:15:23.880 --> 0:15:26.640 we get down to brass tax Well, I mean it 0:15:26.640 --> 0:15:32.320 means job security, legal protection for a group of and 0:15:32.360 --> 0:15:35.000 maybe it make it a little more likely that people 0:15:35.040 --> 0:15:36.640 will be out at work. I mean. One of the 0:15:36.680 --> 0:15:40.080 big issues with gay marriage UM was that a lot 0:15:40.160 --> 0:15:45.240 of companies had been offering benefits same sex benefits UM 0:15:45.320 --> 0:15:49.360 and when gay marriage was legal in all fifty states. 0:15:49.440 --> 0:15:51.360 There was this idea that we don't need that anymore 0:15:51.360 --> 0:15:53.600 because now you can get married and get the benefits. 0:15:53.640 --> 0:15:56.160 But a lot of people were concerned that if they 0:15:56.160 --> 0:15:57.800 lived in a state where it was legal to fire 0:15:57.840 --> 0:15:59.840 me for being gay, then I really didn't want to 0:16:00.040 --> 0:16:02.280 betise my marriage or I didn't want to get married, 0:16:02.760 --> 0:16:06.760 so I would lose my my healthcare, um, unless I 0:16:06.800 --> 0:16:08.360 got married, and then I could be fired. So there 0:16:08.400 --> 0:16:10.760 was sort of this catch funny too, and that's now 0:16:11.000 --> 0:16:14.040 sort of taken away, um, at least when it comes 0:16:14.040 --> 0:16:18.240 to domestic implications. There's so global implications to being gay 0:16:18.320 --> 0:16:22.040 and married in other countries, but as of today, for 0:16:22.160 --> 0:16:26.400 most Americans, that is not an issue. Yeah, now it's 0:16:26.440 --> 0:16:28.680 great and uh, we really appreciate you bringing us the 0:16:28.800 --> 0:16:32.080 details of this. Jeff Green Menjing, diversity reporter for Bloomberg 0:16:32.200 --> 0:16:36.520 joining us. Uh from Detroit. This felt seismic in anyways. 0:16:36.640 --> 0:16:39.600 You said it at the top. Unexpected to have, you know, 0:16:40.160 --> 0:16:44.760 Neil Neil Gorsuch, who's conservative to have also John Roberts, 0:16:44.760 --> 0:16:48.640 the Chief Justice, also conservative. Gorsch was the surprise for me. 0:16:48.840 --> 0:16:52.200 I mean, Roberts has has emerged swing vote this swing 0:16:52.280 --> 0:16:55.680 vote right, um, and in many ways, uh, you know, 0:16:55.800 --> 0:16:58.840 seeing Neil Gorsuch not only vote that way but right 0:16:58.920 --> 0:17:02.360 for the majority, right right exactly. I mean that is 0:17:02.400 --> 0:17:05.359 really taking a big step in terms of what that 0:17:05.400 --> 0:17:08.040 decision was all about. And I do think, you know, 0:17:08.200 --> 0:17:10.640 we look at the three branches of our government, um, 0:17:10.680 --> 0:17:12.399 and how they are supposed to kind of checks and 0:17:12.440 --> 0:17:15.359 balances on one another, and this, you know, shows to 0:17:15.720 --> 0:17:18.760 me at least that it continues to be an independent 0:17:18.800 --> 0:17:20.560 Supreme Court, which is such an important part for this 0:17:20.720 --> 0:17:23.280 government functioning. And I do think, you know, when it 0:17:23.359 --> 0:17:26.879 comes to rights of all individuals, I think there was 0:17:26.920 --> 0:17:29.679 a segment of the population that looked at this that 0:17:29.800 --> 0:17:34.520 has been rightly agitated at an upset and at least said, 0:17:34.520 --> 0:17:36.520 all right, here's a little bit of good news as 0:17:36.520 --> 0:17:39.760 we press forward. Yeah, considering certainly that the recent backdrop 0:17:41.160 --> 0:17:44.760 This is Bloomberg Business Week with Carol Masser and Jason 0:17:44.880 --> 0:17:48.919 Kelly on Bloomberg Radio. So no doubt about it. What 0:17:48.960 --> 0:17:51.520 happens from here largely depends on what happens next with 0:17:51.560 --> 0:17:53.879 the virus, the economy, what type of bounce back we 0:17:53.960 --> 0:17:56.000 see as the country in the world reopen depends on 0:17:56.000 --> 0:17:58.800 whether or not people feel safe enough to go back 0:17:58.840 --> 0:18:01.919 to work and resume economic activities. This is happening on 0:18:01.960 --> 0:18:04.080 a day when new outbreaks in the US have some 0:18:04.119 --> 0:18:07.399 states concerning whether to pause reopening. So in today's Business 0:18:07.400 --> 0:18:09.840 Week Economics edition, we thought we got to look at 0:18:09.880 --> 0:18:12.159 where we are when it comes to the virus with us. 0:18:12.200 --> 0:18:15.600 As Michelle Cortez, health science and medical technology reporter at 0:18:15.600 --> 0:18:18.280 Bloomberg News, she joins us back with us on the 0:18:18.280 --> 0:18:20.960 phone from Minneapolis, Minnesota. Michelle, it is good to have 0:18:21.080 --> 0:18:24.640 you here. Where are we like, you know, people talk 0:18:24.680 --> 0:18:28.359 about second wave reopenings, Maybe we should pause them. What 0:18:28.440 --> 0:18:31.400 are you hearing? What do we need to know? Well? 0:18:31.440 --> 0:18:33.760 I think that what we're learning is that this virus 0:18:33.960 --> 0:18:36.919 is a virus when all the other viruses, as we 0:18:36.960 --> 0:18:40.359 would have expected. The fact that most people in the 0:18:40.359 --> 0:18:45.480 world are still completely vulnerable to this new new type 0:18:45.520 --> 0:18:49.359 of a bug. There's no natural immunity to it. People 0:18:49.400 --> 0:18:52.200 had hoped that because it does fall into this kind 0:18:52.200 --> 0:18:56.919 of seasonal arrangement of viruses, that we would see a 0:18:57.000 --> 0:19:00.080 waning of its impact in the summer months. We're not 0:19:00.200 --> 0:19:02.720 seeing that. We're seeing it's still going from one person 0:19:02.760 --> 0:19:05.439 to the next person. As long as there are people 0:19:05.600 --> 0:19:08.920 to be infected, that virus wants to infect them. And 0:19:09.760 --> 0:19:11.520 we haven't seen a drop, so we're not going to 0:19:11.560 --> 0:19:14.640 see a second peak. We might just see an increasing acceleration. 0:19:14.880 --> 0:19:17.640 But that's what we're looking at, hitting some places harder 0:19:17.680 --> 0:19:21.240 than others. But it has not gone away entirely from anywhere. 0:19:22.119 --> 0:19:24.440 And so Michelle and you and your colleagues have done 0:19:24.440 --> 0:19:27.120 such a good job of synthesizing this. I mean, this 0:19:27.240 --> 0:19:30.359 is ultimately the clash that we are seeing, which is 0:19:30.400 --> 0:19:36.800 public health versus economics and and and economic health. In 0:19:36.920 --> 0:19:40.800 some ways, different states, different localities are dealing with it 0:19:40.840 --> 0:19:43.239 in a different way. What are we learning maybe on 0:19:43.280 --> 0:19:46.280 a on a state by state basis what jumps out 0:19:46.280 --> 0:19:48.400 at you that it sort of gives us a sense 0:19:48.440 --> 0:19:51.040 of where we may be headed. Well, the thing that 0:19:51.200 --> 0:19:53.520 is really jumping out at me is the extent to 0:19:53.560 --> 0:19:59.359 which this is is circumfortble circumfortable for all of us. 0:19:59.520 --> 0:20:02.320 It you have to make your own individual decision. You're 0:20:02.359 --> 0:20:04.240 going to have to make decisions for your family. You're 0:20:04.240 --> 0:20:06.400 going to have to make decisions for your city, your account, 0:20:06.400 --> 0:20:08.240 You're gonna have to make decisions for your states and 0:20:08.400 --> 0:20:11.640 for your country. You really can't get away from that 0:20:11.720 --> 0:20:14.879 when it comes with the situation. Michelle, what do you 0:20:14.920 --> 0:20:17.600 make about the story about Beijing over the weekend and 0:20:17.640 --> 0:20:20.680 that about a new outbreak in Beijing that reached nearly 0:20:20.680 --> 0:20:23.320 a hundred infections over the weekend. They talked about again 0:20:23.960 --> 0:20:27.679 linked to a vegetable market, you know, linked to a market. Um, 0:20:27.720 --> 0:20:30.080 I don't know what is what? How do you take 0:20:30.119 --> 0:20:34.240 that into account? Well, that's exactly the situation right there 0:20:34.480 --> 0:20:38.600 is no escaping this virus. That's what we have learned. 0:20:38.880 --> 0:20:42.520 So we really did think that, you know that they 0:20:42.520 --> 0:20:46.200 were done in China. They had a terrible outbreak in Muhan. 0:20:46.840 --> 0:20:51.359 They closed everything down. They you know, they really handled 0:20:51.359 --> 0:20:54.320 it very aggressively and there was nothing happening there for 0:20:54.400 --> 0:20:57.239 fifty days. They had no cases. But you just have 0:20:57.320 --> 0:20:59.760 to let one or two people in, you get that 0:21:00.119 --> 0:21:03.879 bounding again. And when you still have this completely vulnerable 0:21:03.920 --> 0:21:07.200 population because they haven't had this virus, and that's it. 0:21:07.520 --> 0:21:12.960 Like herd Immunity says, somewhere between six people either have 0:21:13.080 --> 0:21:15.080 to be immunized and you can't do that because it 0:21:15.119 --> 0:21:17.960 doesn't exist, or you have to be infected that's only 0:21:17.960 --> 0:21:21.480 going to give you one outlet. But again, to your point, 0:21:21.560 --> 0:21:23.119 we can't shut down the world, so we're going to 0:21:23.119 --> 0:21:24.920 have to figure out how to live with it. Yeah, 0:21:25.240 --> 0:21:29.639 and so to that exact point, Michelle, what seems to 0:21:29.800 --> 0:21:34.879 have worked from a public health perspective, barring complete shutdown, 0:21:34.920 --> 0:21:37.159 which I think it's safe to say a lot of 0:21:37.240 --> 0:21:41.720 government officials, state officials especially are really resisting, and certainly 0:21:41.760 --> 0:21:43.800 we know that that's going to be resisted at the 0:21:43.880 --> 0:21:48.359 federal level. What seems to be working. It seems like 0:21:48.400 --> 0:21:52.679