WEBVTT - Bloomberg Businessweek Weekend - August 28, 2020 0:00:02.520 --> 0:00:06.320 This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm 0:00:06.400 --> 0:00:08.799 Jason Kelly and I'm Carol Masser. Welcome to the weekend 0:00:08.960 --> 0:00:12.160 edition up Bloomberg Business Week. It is week twenty four, 0:00:12.240 --> 0:00:15.319 working from home and Jason, once again a lot of 0:00:15.360 --> 0:00:18.480 old struggles brought to light again of course the virus. 0:00:18.560 --> 0:00:22.440 We saw some progress. We saw obviously continued stresses. Racism 0:00:22.440 --> 0:00:24.960 once again front and center following the shooting of another 0:00:25.000 --> 0:00:28.600 black man, Jacob Blake, by police in Kenosha, Wisconsin. That 0:00:28.680 --> 0:00:31.680 was followed by protests who were confronted and shot at 0:00:31.680 --> 0:00:34.560 by an armed counter protester. It was a difficult week. 0:00:34.960 --> 0:00:38.040 It was a difficult week, and it came amidst the 0:00:38.080 --> 0:00:42.840 Republican National Convention following the Democratic National Convention last week. 0:00:43.120 --> 0:00:46.160 It also came at a time when sports once again 0:00:46.400 --> 0:00:50.080 came to the four not as entertainment, but as a 0:00:50.240 --> 0:00:56.320 realm in which athletes are standing up increasingly for social justice. 0:00:56.440 --> 0:01:01.120 We saw sports come to a halt or lear this week, Carol, 0:01:01.200 --> 0:01:04.640 at least momentarily, as athletes and the rest of us 0:01:04.920 --> 0:01:07.600 wrestle with what goes on from here. You no doubt 0:01:07.640 --> 0:01:10.480 about it, Jason, sports struggling with racism and what's going 0:01:10.480 --> 0:01:14.080 on with society, so too our two other industries. We're 0:01:14.080 --> 0:01:17.160 talking about Silicon Valley and film. We're gonna hear from 0:01:17.160 --> 0:01:20.319 two voices where blacks and minorities are finding it hard 0:01:20.360 --> 0:01:22.560 to have a presence there. We're also going to hear 0:01:22.560 --> 0:01:25.679 from Louis Vuitton's Virgil Ablow about the importance to give 0:01:25.680 --> 0:01:29.759 opportunities to young black designers and his mission to eradicate 0:01:30.000 --> 0:01:33.399 systemic racism. We begin this hour, though, with a story 0:01:33.440 --> 0:01:36.080 inside the magazine on other news this week, and that 0:01:36.200 --> 0:01:38.880 was J Powell, who was at the fed's annual Jackson 0:01:39.120 --> 0:01:42.199 Whole Symposium. He unveiled a new approach to setting US 0:01:42.280 --> 0:01:44.959 monetary policy. You can get full analysis of that at 0:01:45.000 --> 0:01:48.480 Bloomberg dot com and of course on the Bloomberg. But meantime, 0:01:48.800 --> 0:01:51.600 Mike Reagan, he's senior editor of Bloomberg Markets Live blog. 0:01:51.960 --> 0:01:54.720 He writes a love letter to FED chief J. Powell 0:01:54.720 --> 0:01:57.440 from its Loving stock Market, and we talked with Michae 0:01:57.440 --> 0:02:00.280 along with Bloomberg Business Week editor Joe Weber. And yes, 0:02:00.440 --> 0:02:02.800 it's satire, you know, I just thought it was a 0:02:02.840 --> 0:02:05.960 clever idea. I mean, how much can you write sort 0:02:05.960 --> 0:02:09.399 of the same old story about the new record high 0:02:09.520 --> 0:02:13.800 and you know, credited with at least in large parts 0:02:13.840 --> 0:02:16.000 the low rates from the set, and we'll take on 0:02:16.120 --> 0:02:18.480 to sort of shore up the corporate bond market. So 0:02:18.960 --> 0:02:20.679 I thought you all had a really clever idea to 0:02:20.760 --> 0:02:22.480 kind of approach you from a different angle. So of 0:02:22.520 --> 0:02:24.760 course I was, I was on board, and I was 0:02:24.760 --> 0:02:26.440 trying to figure out, you know, what, what sort of 0:02:26.520 --> 0:02:29.680 voice would the stock market have if it you know, 0:02:29.720 --> 0:02:33.200 we're personified, and I just assumed it would be a 0:02:33.200 --> 0:02:35.440 real smart alec, you know, a real or real wise guy. 0:02:35.520 --> 0:02:37.560 So that's that's that's kind of the tone. That's the 0:02:37.680 --> 0:02:40.840 tone I went with. Well, but you also unveil some 0:02:40.960 --> 0:02:45.720 really thoughtful questions that I think some market watchers Mike 0:02:45.880 --> 0:02:48.520 are kind of wondering about at this point, right when 0:02:48.560 --> 0:02:51.040 it comes to future FED policy, right, and you know, 0:02:51.680 --> 0:02:54.200 obviously that's the question I think on everyone's mind is 0:02:54.360 --> 0:02:57.600 what more can the SET do? I mean, obviously, uh, 0:02:57.760 --> 0:03:01.320 they really uh innoculate the corporate bond market. I think 0:03:01.360 --> 0:03:05.440 that's the most important thing is that in economic downturn 0:03:05.520 --> 0:03:08.600 like this, what really freaks out the stock market more 0:03:08.600 --> 0:03:11.720 than anything, is it that credit market starts to wobble. 0:03:11.800 --> 0:03:14.519 So the Fed, by cuip BYD corporate bonds and even 0:03:14.520 --> 0:03:17.800 the corporate bond ets I think sort of took away 0:03:17.840 --> 0:03:21.240 a lot of uh, the sort of background risk that 0:03:21.320 --> 0:03:24.240 stock investors would have worried about. UM. But you know, 0:03:24.600 --> 0:03:27.680 the question is, well, once the Fed starts doing anything, 0:03:28.200 --> 0:03:31.200 I think people get greedy and expect more and more 0:03:31.360 --> 0:03:35.720 uh types of of unconventional policies to to keep the 0:03:35.720 --> 0:03:40.000 party going. Um and especially because you know, the stock 0:03:40.040 --> 0:03:44.960 markets roaring, but the economy is still a big question mark. 0:03:45.000 --> 0:03:47.000 I mean, the numbers aren't as bad as they were 0:03:47.600 --> 0:03:51.400 in say, March and April, uh and and May, but 0:03:51.800 --> 0:03:55.200 we're certainly not back to where we were. Uh. You 0:03:55.240 --> 0:03:57.600 know what Lord could defend possibly do. A lot of 0:03:57.640 --> 0:04:00.840 people are sort of wishful thinking and hoping that it'll 0:04:00.920 --> 0:04:04.160 Bill hint at some sort of yield curve control down 0:04:04.160 --> 0:04:06.880 the road where they'll keep those longer and you know 0:04:06.920 --> 0:04:10.360 ten a thirty year yields in check um, which would 0:04:10.400 --> 0:04:12.480 influence obviously mortgage rates and that sort of things. But 0:04:12.920 --> 0:04:14.360 I don't know, I don't know what more you can 0:04:14.400 --> 0:04:16.279 expect from the Fed. They've kind of pushed back on 0:04:16.360 --> 0:04:20.320 that sense of yield curve control, that that it's really imminent. 0:04:21.000 --> 0:04:22.680 A lot of the speakers from the side of have 0:04:22.839 --> 0:04:25.920 just said they're not sure it really does as much 0:04:26.520 --> 0:04:28.479 as good as people are hoping, you would. What are 0:04:28.520 --> 0:04:30.839 the odds that you know, if the if the FED 0:04:31.000 --> 0:04:33.680 really needed to do more at some point, if things 0:04:33.800 --> 0:04:38.000 really did, say there's a second uh, a wave of sorts, 0:04:38.040 --> 0:04:39.880 and you know that is the fear, as we had 0:04:39.920 --> 0:04:43.120 into in the colder months here, that you know that 0:04:43.200 --> 0:04:46.080 maybe there's a second wave that sort of get mixed 0:04:46.120 --> 0:04:48.640 gets a little mixed up around with the with the 0:04:48.760 --> 0:04:51.680 flu like in a common cold. You know, like we're 0:04:51.720 --> 0:04:54.800 looking at some stuff that might get crazy again. And 0:04:54.839 --> 0:04:56.719 like what what kind of amma would would the FED 0:04:56.760 --> 0:05:00.800 potentially have if that, if that scenario ever happened. Uh, 0:05:00.800 --> 0:05:03.400 you know, I would guess that that gave power anyone 0:05:03.440 --> 0:05:06.080 has the sense first reaction to that would be you 0:05:06.200 --> 0:05:08.719 really got to get the ciscal policy staked out, because 0:05:08.800 --> 0:05:13.400 that's really where you can get focused to help to individuals, 0:05:14.200 --> 0:05:17.880 unemployed people and struggling business owners that needed a lot more. 0:05:17.920 --> 0:05:20.240 So I think that would be their first pushback and say, look, 0:05:20.920 --> 0:05:23.800 we can't solve anything that the concress has to get 0:05:24.000 --> 0:05:28.560 sort of uh together and past something to get that 0:05:28.600 --> 0:05:33.360 fiscal support. Um after that, I mean it's a good question. 0:05:33.360 --> 0:05:36.600 I'm sure goll consider buying more assets, buying more treasuries, 0:05:36.640 --> 0:05:40.640 more corporate brons to keep those liquidity and those markets functioning. 0:05:40.720 --> 0:05:43.760 But um, I think ultimately their pushback would be, look, 0:05:43.760 --> 0:05:47.119 it's time for the system side to take over. And really, 0:05:47.480 --> 0:05:50.600 you know, Ulster that safety net for everyone. It's it's 0:05:50.600 --> 0:05:52.919 what you're talking about. Uh it turns out to be 0:05:53.000 --> 0:05:54.680 the case, which I think there's a pretty good chance 0:05:54.680 --> 0:05:58.040 it could be. And that's Mike Regan from Bloomberg Markets 0:05:58.160 --> 0:06:01.640 and of course Bloomberg Business Week ed or Joel Weber. 0:06:01.680 --> 0:06:05.400 You know, this was in some ways a lighthearted look, 0:06:05.440 --> 0:06:09.600 but also something pretty serious underneath this, which is this 0:06:09.800 --> 0:06:13.480 disconnect that we're seeing, and it reminded me a bit Carol. 0:06:14.040 --> 0:06:16.599 Another conversation we had this week. You'll have to check 0:06:16.600 --> 0:06:19.760 it out on our podcast feed to hear it about 0:06:19.839 --> 0:06:22.960 the K shaped recovery, and it is something that we're 0:06:23.000 --> 0:06:26.080 spending a lot of time on because it is a way, 0:06:26.240 --> 0:06:28.600 it's a lens in many ways to look at what's 0:06:28.640 --> 0:06:30.920 going on in the world when it comes to stock 0:06:30.960 --> 0:06:36.880 market success, but also this backdrop of vast vast inequality. Yeah, reminder, 0:06:36.920 --> 0:06:40.720 some are coming back after the economic downturn, some are 0:06:40.800 --> 0:06:43.320 not alright. Coming up our regular check in with the 0:06:43.360 --> 0:06:46.119 team at Johns Hopkins Bloomberg School of Public Health about 0:06:46.120 --> 0:06:49.000 COVID nineteen and the headlines this week that you need 0:06:49.040 --> 0:06:51.560 to know that's coming up next on Bloomberg Business Week, 0:06:51.640 --> 0:06:59.160 And this is Bloomberg. This is Bloomberg Business Week with 0:06:59.240 --> 0:07:03.240 Carol Masser and Jason Kelly from Bloomberg Radio. Well, Carol, 0:07:03.320 --> 0:07:07.920 underneath everything that's going on, a society that is wrestling 0:07:08.000 --> 0:07:10.760 with its past and what it ultimately wants to be. 0:07:11.080 --> 0:07:13.920 Amid all of that, we are still in the midst 0:07:13.960 --> 0:07:17.640 of a global health crisis tied to the spread of 0:07:17.800 --> 0:07:21.720 COVID nineteen. We dug into that this week with one 0:07:21.760 --> 0:07:24.920 of our experts from Johns Hopkins. That's right, Jason, And 0:07:25.040 --> 0:07:27.400 it was a week where we saw global virus cases 0:07:27.480 --> 0:07:31.120 top twenty four million. We cut up with Dr Tangela 0:07:31.200 --> 0:07:35.200 Pernell Johns Hopkins Bloomberg School of Public Health about the 0:07:35.320 --> 0:07:39.160 latest headlines on the virus and also about the concept 0:07:39.200 --> 0:07:41.640 of health disparities that have really been brought to light 0:07:41.880 --> 0:07:45.000 as a result of COVID nineteen. At first, like would 0:07:45.040 --> 0:07:47.000 like to thank both of you for having you here. 0:07:47.040 --> 0:07:49.520 It is indeed an honor to be able to talk about, 0:07:49.800 --> 0:07:52.080 you know, some of our work and so, as you 0:07:52.400 --> 0:07:57.480 correctly alluded to, this is a problem worldwide, but in particularly, 0:07:57.560 --> 0:08:02.040 this is a problem for the exact same disadvantaged populations 0:08:02.120 --> 0:08:05.920 that are typically the same population that you see experiencing 0:08:05.960 --> 0:08:10.760 health disparities and health inequities from a variety of different causes. 0:08:10.800 --> 0:08:13.320 So UM, you know, we at the Johns Hopkins that 0:08:13.320 --> 0:08:16.120 have been Health Institute and also at the Center for 0:08:16.200 --> 0:08:20.240 Health Equity, we UM have a series of different approaches 0:08:20.560 --> 0:08:23.880 to try and tackle this problem. So obviously we do 0:08:24.000 --> 0:08:29.120 research that involves vulnerable populations. We do this work in 0:08:29.200 --> 0:08:34.000 conjunction with our community and the patient stakeholder partners who 0:08:34.080 --> 0:08:37.080 actually have a voice at the table and helping to 0:08:37.200 --> 0:08:41.360 really help us design, implement, and also disseminate our finding. 0:08:42.200 --> 0:08:46.320 Another approach is really our education and training. Unfortunately, we 0:08:46.440 --> 0:08:50.079 know that all of these problems in these disparities are 0:08:50.120 --> 0:08:54.240 truly just rooted in generational inequities and it won't be 0:08:54.360 --> 0:08:57.679 all fixed Unfortunately, it doesn't appear that it will all 0:08:57.720 --> 0:09:00.840 be fixed in one generation. And so another thing that 0:09:00.920 --> 0:09:04.360 we really focus on is really training the next generation 0:09:04.440 --> 0:09:09.280 of health equity researchers or public health practitioners so that 0:09:09.360 --> 0:09:12.120 we can make sure that this work continues, so that 0:09:12.400 --> 0:09:15.680 the gains that we achieve, you know, we'll also be 0:09:15.720 --> 0:09:17.960 able to keep those games. Dr Purnell, I think we 0:09:18.040 --> 0:09:20.600 wonder too, Like it's interesting one of the stories we're 0:09:20.600 --> 0:09:22.560 focusing on. Jason and I were just talking about it 0:09:22.600 --> 0:09:24.920 that you know, Abbot coming out and saying they've got, 0:09:25.280 --> 0:09:28.800 you know, a fifteen minute test for the virus and 0:09:28.840 --> 0:09:31.000 getting ready to ramp it up right, And we've talked 0:09:31.040 --> 0:09:34.959 about how we need to have systems in place that 0:09:35.040 --> 0:09:37.800 help us get control of the virus for everyone. And 0:09:37.840 --> 0:09:41.800 I do wonder we've had lots of conversations, certainly because 0:09:41.800 --> 0:09:45.400 of this pandemic, about the inequalities uh, in terms of 0:09:45.520 --> 0:09:49.719 access to health care and good health care among different communities. 0:09:50.120 --> 0:09:53.080 So what things, as you say, you talk with people 0:09:53.080 --> 0:09:55.839 in these communities, UH, they've got a place at the 0:09:55.880 --> 0:09:58.920 table what needs to be done. And I do wonder 0:09:58.920 --> 0:10:00.800 if there are things coming out of this crisis, whether 0:10:00.840 --> 0:10:04.839 it's telemedicine or other things that will make a difference. Absolutely, 0:10:04.880 --> 0:10:07.720 So I think that you know there this answer is twofold. 0:10:07.800 --> 0:10:10.720 So first of all, in terms of access to testing, 0:10:10.840 --> 0:10:13.600 you're absolutely right, you know and saying that we know 0:10:13.840 --> 0:10:16.920 that there's not equal access, and in particular, even as 0:10:16.920 --> 0:10:20.920 we get these advances in technology, for example, rapid testing, 0:10:21.240 --> 0:10:24.120 we also know that, um the dissemination of this is 0:10:24.160 --> 0:10:27.760 not equal among different communities, in particularly the communities that 0:10:27.840 --> 0:10:30.760 were already disadvantaged. So I think that one of the 0:10:30.800 --> 0:10:33.120 things that we need to keep in mind is that 0:10:33.240 --> 0:10:36.640 as we are trying novel approaches to really get this 0:10:37.160 --> 0:10:39.400 virus under control, we have to think about, well, what 0:10:39.480 --> 0:10:43.520 are the structural barriers to people who are living, for example, 0:10:43.840 --> 0:10:47.520 and neighborhoods that don't have easy access to testing. We 0:10:47.559 --> 0:10:51.280 need to think about things like not necessarily requiring cars. 0:10:51.320 --> 0:10:53.960 Think about at the beginning of this, many people have 0:10:54.120 --> 0:10:56.160 to have a car to drive up to get tested. 0:10:56.400 --> 0:10:59.760 We need to think about things like are people able 0:10:59.760 --> 0:11:04.440 to get tested as they are asymptomatic? Are people able 0:11:04.480 --> 0:11:08.000 to get tested without a physician prescription? So all of 0:11:08.000 --> 0:11:11.000 these things could really be a barrier to people who 0:11:11.000 --> 0:11:14.480 are already disadvantaged by this system. And then, you know, 0:11:14.520 --> 0:11:17.319 in terms of thinking about longer term what we need 0:11:17.360 --> 0:11:20.440 to do within these communities, I really really need to 0:11:20.480 --> 0:11:23.760 take a look at this and realize that COVID nineteen 0:11:24.040 --> 0:11:27.520 is not some magical unicorns that just came out of 0:11:27.600 --> 0:11:31.800 nowhere and then all of a sudden um disproportionately impacted 0:11:31.840 --> 0:11:35.120 certain groups of people. What it did was really open 0:11:35.200 --> 0:11:38.800 our eyes to the facts, you know, more mainstreams that 0:11:39.000 --> 0:11:42.079 there are pockets of society who have not been properly 0:11:42.120 --> 0:11:44.800 taken care of by society, and we need to be 0:11:44.880 --> 0:11:48.640 committed to the long term work of addressing these structural 0:11:48.679 --> 0:11:51.679 barriers so that the next virus or the next whatever 0:11:52.080 --> 0:11:55.400 don't continue to be the things that keeps happening. You know, 0:11:55.800 --> 0:11:58.439 enough is enough with this. That's Tandela per Now from 0:11:58.440 --> 0:12:01.040 the Johns Hopkins Bloomberg School up Public Health and of 0:12:01.040 --> 0:12:03.760 course the Johns Hopkins Bloomberg School of Public Health supported 0:12:03.760 --> 0:12:07.400 by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. 0:12:07.679 --> 0:12:10.240 They are really our go to voice to really understand 0:12:10.360 --> 0:12:12.560 all of the headlines that are coming out on a 0:12:12.640 --> 0:12:15.400 daily basis. Jason and give us some perspective on where 0:12:15.480 --> 0:12:18.200 we are in this fight against COVID nineteen. Well, and 0:12:18.200 --> 0:12:20.560 it was an interesting week two because we started by 0:12:20.640 --> 0:12:24.680 talking about convalescent plasma. We ended up, you know, maybe 0:12:24.679 --> 0:12:28.120 taking a slightly different view of the world, especially as 0:12:28.160 --> 0:12:30.800 we think about getting back to school, talking about testing, 0:12:31.240 --> 0:12:35.280 but also underneath it all, as you pointed out, inequality. 0:12:35.520 --> 0:12:38.679 It has come to the four Yeah. Absolutely. I mean 0:12:38.679 --> 0:12:41.200 she talks so much about health disparities and she says, 0:12:41.240 --> 0:12:43.560 you know, Americans are just starting to learn about this 0:12:44.120 --> 0:12:46.400 um but it has definitely been a conversation that we 0:12:46.440 --> 0:12:48.840 have talked about a lot these inequalities when it comes 0:12:48.880 --> 0:12:52.240 to healthcare. And speaking of inequalities, we are seeing that 0:12:52.440 --> 0:12:56.160 a lot big time in Silicon Valley. Coming up Bloomberg 0:12:56.240 --> 0:12:59.600 News Enterprise technology reporter Nico Grant, he digs deep into 0:12:59.640 --> 0:13:04.080 the race sism in Silicon Valley. It's unbelievable stories, right. 0:13:04.200 --> 0:13:07.120 Sydney Sykes is a young woman who came out of 0:13:07.200 --> 0:13:11.800 Harvard had so much potential in her career in venture 0:13:11.840 --> 0:13:16.560 capital after working at a consulting firm, and she worked 0:13:16.600 --> 0:13:20.560 at New Enterprise Associates ANYA, which is pretty prominent in 0:13:20.600 --> 0:13:25.040 Silicon Valley, and when she introduced talented black entrepreneurs to 0:13:26.000 --> 0:13:29.280 some of her white colleagues, she said she'd feel the 0:13:29.360 --> 0:13:33.840 chemistry in the room, sour um, the wet entrepreneurs, the 0:13:33.840 --> 0:13:37.719 white investors pardon me, always said the same thing afterwards, 0:13:37.760 --> 0:13:40.840 that they just couldn't get excited about the idea or 0:13:40.880 --> 0:13:44.600 the person. She said, the same thing happened when there 0:13:44.720 --> 0:13:47.959 was a referral for a black candidate for a job 0:13:48.240 --> 0:13:52.080 in vc UM and she had to leave the industry. 0:13:52.240 --> 0:13:55.480 More from Blueberg's Nico Grant. That's coming up next. Stay tuned. 0:13:55.760 --> 0:14:04.080 This is Bloomberg. You're listening to Bloomberg Business Week with 0:14:04.160 --> 0:14:07.760 Carol Masser and Jason Kelly from Bloomberg Radio. Jason, this 0:14:07.880 --> 0:14:09.920 next half hour, we're gonna look at two industries where 0:14:09.920 --> 0:14:12.680 blacks and minorities are finding it difficult to have a presence. 0:14:12.760 --> 0:14:15.040 And first up, this is a story that's on the 0:14:15.040 --> 0:14:18.160 Bloomberg and at Bloomberg dot com that caught our attention 0:14:18.360 --> 0:14:21.480 and it really should. That's right. Niko Grant, he's one 0:14:21.480 --> 0:14:23.720 of our top reporters out on the West Coast, has 0:14:23.720 --> 0:14:27.840 written some terrific stuff about Silicon Valleys. Some of the 0:14:27.880 --> 0:14:32.960 big players there This week he tackles Silicon Valleys quiet racism. 0:14:33.080 --> 0:14:35.160 We caught up with Nico and here's what he had 0:14:35.200 --> 0:14:40.360 to say. When the national conversation about race and inequality 0:14:40.880 --> 0:14:45.120 got under way earlier this year, I realized speaking with 0:14:45.720 --> 0:14:48.640 um you know, people who work in tech and and 0:14:48.720 --> 0:14:53.800 work in venture capital, that there was this strain um 0:14:53.960 --> 0:14:59.040 of you know, guilt and reflection that was happening among 0:14:59.160 --> 0:15:02.880 some of the people who had been most successful in 0:15:02.880 --> 0:15:07.000 in this system as black individuals, and so specifically, the 0:15:07.160 --> 0:15:11.720 story delves into how people are coming to terms with 0:15:12.280 --> 0:15:17.280 feeling like their colleagues haven't seen or acknowledged the problem 0:15:17.320 --> 0:15:22.600 of racism in the valley, and also grappling with you know, 0:15:22.720 --> 0:15:27.240 one's own decisions, UM one's you know, complicity in in 0:15:27.400 --> 0:15:32.520 this system that has prevented other people from entering the 0:15:32.600 --> 0:15:35.000 tech industry. And you know, the VC industry is so 0:15:35.120 --> 0:15:41.240 crucial because they make decisions that have disproportionate impact on 0:15:41.280 --> 0:15:44.640 what the tech industry looks like UM for you know, 0:15:45.640 --> 0:15:50.720 in corporate terms, generations to come, and so preventing black 0:15:50.840 --> 0:15:54.120 entrepreneurs from succeeding then has knocked on effects of the 0:15:54.160 --> 0:15:57.320 diversity of the company that are being built and being 0:15:57.360 --> 0:16:01.800 funded and are successful and so forth. Man the first 0:16:01.800 --> 0:16:04.520 person accounts that you have um niko from some of 0:16:04.560 --> 0:16:08.640 the individuals, the black um venture capitalist viel or those 0:16:08.680 --> 0:16:11.520 within Silicon Valley and the stories that they had to tell. 0:16:11.600 --> 0:16:13.440 Tell us a little bit about that, share that with 0:16:13.480 --> 0:16:16.880 our our our listeners. You you talk about um, Sydney 0:16:16.960 --> 0:16:19.840 Sykes and also Tyson Clark um tell us a little 0:16:19.840 --> 0:16:23.040 bit about who they are and some of their experiences. Right. 0:16:23.160 --> 0:16:26.720 Sydney Sykes is a young woman who came out of Harvard, 0:16:27.600 --> 0:16:31.240 had so much potential in her career in venture capital 0:16:31.360 --> 0:16:35.720 after working at a consulting firm, and she worked at 0:16:35.960 --> 0:16:40.880 New Enterprise Associates ANYA, which is pretty prominent in Silicon Valley, 0:16:41.000 --> 0:16:45.240 and when she introduced talented black entrepreneurs to some of 0:16:45.280 --> 0:16:49.080 her white colleagues, she said she'd feel the chemistry in 0:16:49.120 --> 0:16:54.000 the room sour um. The white entrepreneurs, the white investors 0:16:54.000 --> 0:16:57.440 pardon me, always said the same thing afterwards, that they 0:16:57.480 --> 0:17:00.440 just couldn't get excited about the idea or the person. 0:17:00.880 --> 0:17:04.119 She said. The same thing happened when there was a 0:17:04.200 --> 0:17:08.120 referral for a black candidate for a job in vc 0:17:08.880 --> 0:17:11.560 UM and she had to leave the industry um in 0:17:11.640 --> 0:17:15.040 the end in because of the stress of being the 0:17:15.040 --> 0:17:17.919 only black person in the room. You know, Tyson Clark 0:17:18.080 --> 0:17:22.480 is one of the most prominent black vcs in Silicon 0:17:22.640 --> 0:17:26.399 Valley by dent of working at g V formerly Google 0:17:26.480 --> 0:17:31.119 Ventures at alphabet UM and he, you know, said that 0:17:32.240 --> 0:17:36.160 he just felt so guilty about what he had done 0:17:36.160 --> 0:17:38.600 and what he hadn't done. He said, have I been 0:17:38.640 --> 0:17:42.480 so complicit um to have traded success for not making 0:17:42.480 --> 0:17:47.960 a difference? And really was facing this incredibly poignant personal 0:17:48.040 --> 0:17:52.159 reckoning about his role in the industry and the ways 0:17:52.240 --> 0:17:55.479 that he felt he had to contort himself over the 0:17:55.520 --> 0:18:00.600 course of his career to be acceptable in white institutions. Well, 0:18:00.680 --> 0:18:06.520 and the quotes in this story are are really I'll 0:18:06.560 --> 0:18:09.560 just sit there jarring in in many ways. And one 0:18:09.600 --> 0:18:12.560 of the things, and and sort of building on what 0:18:12.600 --> 0:18:15.880 you were just talking about, Nico, is this quote from 0:18:15.920 --> 0:18:18.600 from Psychs when she says, you feel have to and 0:18:18.800 --> 0:18:20.560 I'm quoting here, you feel you have to be a 0:18:20.600 --> 0:18:23.639 model minority, the best black person. If you mess it up, 0:18:24.040 --> 0:18:26.200 you ruin it not just for you, but for everyone 0:18:26.240 --> 0:18:29.679 who looks like you. And so you talked about the 0:18:29.760 --> 0:18:33.879 contortion the that he talked about, but in this case, 0:18:34.000 --> 0:18:38.560 she's talking about the pressure on her and a lot 0:18:38.640 --> 0:18:42.439 of those very very few people who happen to be 0:18:42.520 --> 0:18:47.159 black and successful in Silicon Valley. Absolutely, And you know 0:18:47.200 --> 0:18:50.560 what's interesting is that these are all very ambitious people. 0:18:50.600 --> 0:18:54.000 These are very well educated people. They are um, you know, 0:18:54.119 --> 0:18:57.880 just absolutely brilliant, and yet they feel, in some instances 0:18:58.000 --> 0:19:04.760 is imposter syndrome. Um about you know, having to say 0:19:04.800 --> 0:19:09.760 what they think about a business when they don't feel um, 0:19:09.800 --> 0:19:12.960 you know, fully accepted in a room, or you know, 0:19:13.040 --> 0:19:15.920 they're certainly the only ones there. And that's Nico Grant. 0:19:15.960 --> 0:19:18.439 He looks after enterprise technology, but so much more for 0:19:18.560 --> 0:19:22.359 us out in San Francisco, Silicon Valley, it is really 0:19:22.400 --> 0:19:26.280 in the midst of an existential crisis. It's not about 0:19:26.359 --> 0:19:30.560 the virus so much anymore. The Northern California area. While 0:19:30.640 --> 0:19:33.640 it's certainly wrestled with that early on, now it's wrestling 0:19:33.640 --> 0:19:38.080 with something even bigger. It's wrestling with really its own soul. 0:19:38.240 --> 0:19:40.560 You're listening to Bloomberg business Week coming up, the founder 0:19:40.560 --> 0:19:43.840 and CEO of Harlem Film talks about supporting independent and 0:19:43.920 --> 0:19:47.120 marginalized filmmakers in New York City, and just like black 0:19:47.240 --> 0:19:51.119 entrepreneurs in Silicon Valley, black filmmakers are also having trouble 0:19:51.200 --> 0:20:00.399 finding funding. This is Bloomberg. You're listening to Bloomberg Business 0:20:00.480 --> 0:20:04.640 Week with Carol Masser and Jason Kelly from Bloomberg Radio. Carol, 0:20:04.640 --> 0:20:06.679 We're going to keep the focus on race this half 0:20:06.720 --> 0:20:09.920 hour and look at another industry where blacks minorities are 0:20:10.000 --> 0:20:13.560 finding it difficult to thrive. This isn't new, but we're 0:20:13.560 --> 0:20:17.000 bringing more attention to it and maybe just maybe a 0:20:17.200 --> 0:20:19.520 little bit of optimism. Well, it was the favorite interview, 0:20:19.560 --> 0:20:21.960 no doubt about it, Jason for us over the last week, 0:20:22.000 --> 0:20:24.080 and it was with the founder of the Harlem Filmhouse. 0:20:24.560 --> 0:20:29.000 They do workshops, film festivals, but they're also about finding 0:20:29.000 --> 0:20:32.840 the support for independent and marginalized filmmakers in New York City. 0:20:33.119 --> 0:20:35.480 We caught up with the amazing cr Caper. She's the 0:20:35.480 --> 0:20:38.199 founder and CEO of Harlem Filmhouse. Check it out. I 0:20:38.240 --> 0:20:41.720 am a huge fan. It is super dope to be here. 0:20:41.880 --> 0:20:47.040 I appreciate you guy. I really appreciate you guys, particularly 0:20:47.040 --> 0:20:51.199 on being on Bloomberg and being on Bloomberg Business and 0:20:51.240 --> 0:20:55.320 allowing people to understand that you know, this is a business, 0:20:55.359 --> 0:20:57.640 even though it is in the arts, still a business, 0:20:57.640 --> 0:21:02.560 and we still need to support marginalized filmmakers with the 0:21:02.640 --> 0:21:06.880 business of films. So right, well, well, thank you so much. 0:21:06.960 --> 0:21:09.280 It's very nice of you to say, and uh, we're 0:21:09.320 --> 0:21:11.639 excited about the work you're doing. Tell us about it. 0:21:11.680 --> 0:21:16.640 Tell us what Harlem Filmhouses just like from the ground up. Well, 0:21:16.680 --> 0:21:19.160 from the ground up. We are a five oh one 0:21:19.200 --> 0:21:23.840 c corporation. We produce film and music festivals. We operate 0:21:24.240 --> 0:21:28.560 year round workshops, theater productions, and live events, while also 0:21:28.720 --> 0:21:33.119 offering business consulting to filmmakers and content creators and underserved 0:21:33.119 --> 0:21:36.960 communities around the world. So what we're really talking about 0:21:37.560 --> 0:21:42.959 is creating an economic ecosystem by providing filmmakers services and 0:21:43.040 --> 0:21:47.280 resources to ensure the longevity of their careers and film, 0:21:47.480 --> 0:21:54.240 theater and related entrepreneurial pursuits such as producing learning what 0:21:54.440 --> 0:21:59.760 the other jobs are in the industry that actually create economy, 0:22:00.320 --> 0:22:05.119 jobs and sustenance for families. I gotta say, c R. 0:22:05.240 --> 0:22:08.120 You know, we have talked to some different folks, Jane 0:22:08.160 --> 0:22:12.199 Rosenthal of Tribeca and some other you know, uh, individuals, 0:22:12.280 --> 0:22:15.040 producers who are writing series for some of the streaming folks. 0:22:15.119 --> 0:22:18.119 I mean, content has had such a tough time in 0:22:18.160 --> 0:22:20.600 the pandemic, right because you just couldn't go around like 0:22:20.720 --> 0:22:23.520 most of us, You couldn't go about, you know, doing 0:22:23.560 --> 0:22:26.520 what you do normally. But in particular content creation. It's 0:22:26.560 --> 0:22:29.640 a lot of people, often in a close case, very 0:22:29.640 --> 0:22:32.240 close to one another, tell us how the pandemic has 0:22:32.280 --> 0:22:35.119 impacted you, guys, and really the communities that you serve 0:22:36.600 --> 0:22:41.119 well for us, because we're often overlooked, you will find 0:22:41.359 --> 0:22:45.719 that there is more than enough content to service the 0:22:45.760 --> 0:22:50.080 world for at least three to five years without repeat. 0:22:50.560 --> 0:22:53.960 And that's the thing. It really draws to attention the 0:22:54.040 --> 0:22:56.879 people that were overlooked, because now you have all this 0:22:57.080 --> 0:23:00.640 amazing content that's been overlooked for years, is from these 0:23:00.640 --> 0:23:04.760 marginalized communities, but who are actually creating and have created 0:23:04.800 --> 0:23:09.360 the content that drives culture forward, that drives box office 0:23:09.480 --> 0:23:12.919 numbers and apps and all of these things. If you 0:23:12.960 --> 0:23:15.320 look at any of the apps and particularly in the 0:23:15.359 --> 0:23:19.359 business models that created, they reside on content. And the 0:23:19.480 --> 0:23:23.200 creators of that content are the young people, are folks 0:23:23.240 --> 0:23:27.280 who embrace the culture of hip hop globally. They're the 0:23:27.320 --> 0:23:30.680 ones creating the content that people are actually wanting to see. 0:23:31.240 --> 0:23:33.080 So then when you take that and you look at 0:23:33.080 --> 0:23:36.600 it and say, well, what are these people creating Beyond 0:23:36.760 --> 0:23:41.280 these clips, They're actually creating shorts, movies and things that 0:23:41.400 --> 0:23:45.720