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Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along

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Speaker 1: with my co host of Bonnie Quinn. Every business day

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Speaker 1: we bring you interviews from CEOs, A, market pros, and

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Speaker 1: Bloomberg experts, along with essential market moving news. Kind the

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Speaker 1: Bloomberg Markets Podcast on Apple podcast or wherever you listen

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Speaker 1: to podcasts, and on Bloomberg dot com. Let's get straight

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Speaker 1: to Lauren sour Johns Hopkins University System, Professor of Emergency Medicine.

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Speaker 1: We're getting the numbers out of you know, you're right now,

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Speaker 1: Italy recording a record new daily coronavirus cases of just

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Speaker 1: more than ten thousand, ten thousand and ten people in Italy.

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Speaker 1: On Thursday it was just eight thousand, eight hundred. We

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Speaker 1: have England, you know, fighting in terms of Boris Johnson

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Speaker 1: telling some of the districts to shut themselves down, places

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Speaker 1: like Manchester, you know, really reacting to this. So it's

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Speaker 1: it's causing a lot of trouble around the world again, Lauren,

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Speaker 1: how much worse is this going to get? Once again?

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Speaker 1: You know, I don't think we know, but I think

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Speaker 1: all of the signals are indicating that we need to

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Speaker 1: be prepared for it to be bad again. Um, even

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Speaker 1: in places that we thought we had sort of passed

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Speaker 1: the peak. I think a lot of us are starting

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Speaker 1: to think that this is the second wave that we've

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Speaker 1: been hoping we didn't see, UM, and that some people

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Speaker 1: have dismissed as not coming, especially because it's aligning with

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Speaker 1: respiratory viruses and more generally so UM, making sure that

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Speaker 1: that we have a sense of what cases are COVID cases,

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Speaker 1: what cases are flu and RSV cases, and really being

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Speaker 1: able to manage those patients appropriately. I think we're going

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Speaker 1: to continue to see the numbers take up across the globe. Yeah,

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Speaker 1: and you have to worry about hospitals once again, you

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Speaker 1: have to worry about senior homes and so on. Boris

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Speaker 1: Johnson just saying about an hour ago that he doesn't

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Speaker 1: want new national virus lockdowns, and and there's many countries

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Speaker 1: that don't. But you do see the likes of France

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Speaker 1: imposing curfews and the likes of Ireland saying that you

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Speaker 1: can't gather in people's homes anymore. Um. Is that what

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Speaker 1: it's going to take? More complete shutdowns? Yeah? I mean

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Speaker 1: I don't think anyone wants to see these lockdowns. I

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Speaker 1: think that they are really challenging to implement and enforce

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Speaker 1: and have can have you know, dramatic impacts on people,

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Speaker 1: and particularly on the mental health space, and and the

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Speaker 1: idea that they impact the our ability to get people

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Speaker 1: back into schools, back into jobs, back into the economy. Um.

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Speaker 1: But we did see the efficacy of these control measures

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Speaker 1: early in the pandemic, um, you know, and in the

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Speaker 1: spring and summer, So they shouldn't be discounted for sure.

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Speaker 1: And while I'm sure they'll be applied regionally based on

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Speaker 1: the way cases are moving, Um, they we definitely can't

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Speaker 1: discount them as a control measure at this point, Lauren.

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Speaker 1: You know, after the President got sick and sort of

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Speaker 1: you know, basically went on national television and radio for

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Speaker 1: sort of four days straight and then appeared at a

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Speaker 1: you know, a town hall last night and seemed to

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Speaker 1: be in good condition. Does it mean that therapeutics have

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Speaker 1: got that good that you could go immediately to hospital

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Speaker 1: as soon as you feel symptoms and get these steroids

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Speaker 1: and these drugs and be fine four days if you're

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Speaker 1: one of the people that receives the virus in this

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Speaker 1: for a fairly generic way. Yeah, I don't think that

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Speaker 1: that's what it means at all. In fact, I think

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Speaker 1: that the president received exceptional care as the president of

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Speaker 1: the United States, and I think his case actually highlights,

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Speaker 1: UM the disparities of care across the nation, across our nation,

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Speaker 1: and across the globe. UM that that many people who

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Speaker 1: had been infected with with oars kobe to like him, UM,

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Speaker 1: but who are not the President, who don't, who won't

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Speaker 1: receive these exceptional standards of care, UM did not do

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Speaker 1: as well and continue to not do as well. And

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Speaker 1: we still see people dying across the globe every day

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Speaker 1: because UM, they don't have this access to care and

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Speaker 1: they don't have this exceptional management. But also because it

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Speaker 1: may be, you know, a one off case. We can't

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Speaker 1: learn anything from a single case. You know, there's so

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Speaker 1: many confounding variables in what happened to him and his

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Speaker 1: course of treatment and how his case was managed that

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Speaker 1: there's no way to infer that it's specific to one

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Speaker 1: rug or one experimental therapeutic or one type one element

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Speaker 1: of his care. UM, all those things combined probably created

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Speaker 1: an environment in which he UM received the best you know,

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Speaker 1: had the best possible outcome. Anyone of his stats could

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Speaker 1: have expected. Yeah, and I think that bear is repeating.

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Speaker 1: And Chris Christie spent a week in the hospital, for example,

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Speaker 1: he also got all sorts of drugs that you know,

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Speaker 1: we don't know about. Possibly not as well cared for

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Speaker 1: as the president, but probably very very closely, you know,

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Speaker 1: in terms of the standard. But if you look at

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Speaker 1: England right now, we just heard that four thousand, six

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Speaker 1: hundred forty seven people were hospitalized and new virus deaths

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Speaker 1: were up by one thirty six the day before. So

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Speaker 1: people are still dying daily from this virus. I think

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Speaker 1: that needs to be underlined constantly. Is there any reduction

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Speaker 1: in the fatality rate in terms of who's getting it? Yeah, UM,

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Speaker 1: I can't speak to the actually like the specific numbers.

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Speaker 1: I think there's a lot of people working on understanding

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Speaker 1: how we manage these patients and if mortality is decreasing. Um.

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Speaker 1: I haven't seen the you know, the latest data on that,

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Speaker 1: but I can say that I think we're getting better

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Speaker 1: at managing, UM, how how we manage, how we ventilate,

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Speaker 1: how we take care of these patients and so um,

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Speaker 1: you know, we are able to get patients out of

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Speaker 1: the hospital faster, which is always better. For people. UM,

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Speaker 1: we're able to keep people off mechanical ventilation, which demonstrates

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Speaker 1: that we're managing their respirations better. So we're learning a

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Speaker 1: lot more about the patients and how to manage um

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Speaker 1: these respiratory effects and that that always will lead to

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Speaker 1: improved outcomes. If you can keep people off mechanical ventilation,

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Speaker 1: you know, it's it's always better to keep people from

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Speaker 1: being intubated. So I think we are getting better at

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Speaker 1: caring for COVID nineteen patients. UM. I don't know if

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Speaker 1: we if we can say that we've reduced mortality yet. Um,

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Speaker 1: but we ventilate less and we um and we get

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Speaker 1: people out of the hospital quicker, Lauren. Really just time

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Speaker 1: for yes or no answer. But at the beginning, people

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Speaker 1: were discouraged from going to hospital until they really felt

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Speaker 1: like it was life and death. Now it seems like

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Speaker 1: people are being encouraged to go immediately. What's your advice,

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Speaker 1: I would say, get tested. That's step one. So get tested. UM,

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Speaker 1: you know your status, and if you're feeling unwell, then

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Speaker 1: it's time to call your doctor or go to the hospital.

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Speaker 1: If you don't have a primary care doctor. Laurence, thank you.

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Speaker 1: We put you on the spot all the time to

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Speaker 1: try and give us answers. And we're fully aware that

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Speaker 1: you all are learning about this day by day as well,

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Speaker 1: and we appreciate that you keep up with all of

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Speaker 1: the everything that's going on. Lauren sour Johns Hopkins University,

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Speaker 1: Assistant Professor of Emergency Medicine, delighted to welcome kids Juke's

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Speaker 1: chief Global effects strategist for Associated General and so much more.

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Speaker 1: In fact, that's just the beginning of what he does

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Speaker 1: for Associate A General Kit. Let's get straight into it.

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Speaker 1: The e C. S vonder Lyon is sending a team

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Speaker 1: to London next week to intensify talks. Why why is

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Speaker 1: the European Union being so nice if you like, to

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Speaker 1: Britain when Boris Johnson gave himself a self imposed deadline

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Speaker 1: of yesterday, um I look, I think in the end

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Speaker 1: it's in the interest of both parties to get a deal,

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Speaker 1: at least a deal, not to add further disruptions to

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Speaker 1: their economies. Remember, you know, these are big trading partners

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Speaker 1: for the EU as a whole. The UK is about

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Speaker 1: number three or number two you know out there in

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Speaker 1: terms of number three in terms of overall trade, So

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Speaker 1: it's not it's not negligible even for them. It's a

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Speaker 1: bigger relationship the other way around by without any doubt

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Speaker 1: at all. But so they have an interest in getting

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Speaker 1: something over the line. You wouldn't want the negative hit

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Speaker 1: from a freeze on trade or a real major disruption

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Speaker 1: on trade between the UK and the EU to happen

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Speaker 1: in the middle of a pandemic. He wouldn't want to happen, ever,

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Speaker 1: But it would be really dumb not to be able

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Speaker 1: to get something cobbled together in the middle of a pandemic. Um,

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Speaker 1: So I suspect that the EU will feel that they

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Speaker 1: have to keep on coming at it and going at it.

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Speaker 1: In my fifth suspect, but for all the rhetoric that

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Speaker 1: the UK will have to stay at it as well, um,

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Speaker 1: trying as hard as it knows how to try to

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Speaker 1: make sure it gets you know, a better deal than

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Speaker 1: the one that thinks it is inadequate. But but you know,

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Speaker 1: clearly it's easy to make a mess of this from here. Yeah, no, absolutely,

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Speaker 1: And I'm sure I hear what you're saying. But if

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Speaker 1: Europe has already announced to it's sending a team next week,

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Speaker 1: then what's the incentive for Boris Johnson to back down

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Speaker 1: on anything or to reach some kind of compromise on

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Speaker 1: anything before the weekend. I mean you say in your

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Speaker 1: note that you say it seems unlikely the UK side

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Speaker 1: will walk away. I guess that's something, But it also

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Speaker 1: means that the UK doesn't really need to come up

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Speaker 1: with some kind of solution. Well the UK, you know,

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Speaker 1: I mean sort of. The facts are still that the

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Speaker 1: UK has more to lose economically, um, and perhaps has

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Speaker 1: you know, look the more difficult job given the starting

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Speaker 1: point politically, that that the UK government may have a

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Speaker 1: trickier task in terms of selling failure to negotiate something

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Speaker 1: sensible to its own supporters. But um, you so the

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Speaker 1: UK needs to save face. But the UK also needs

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Speaker 1: to limit the economic damage because there's there's no getting

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Speaker 1: away from fact that is that is bigger here. In

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Speaker 1: that sense, the UK it still doesn't want to just

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Speaker 1: walk away, but it does want the European side to

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Speaker 1: understand we could. Um, the rest of us are looking

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Speaker 1: there saying can you please all get you know, at

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Speaker 1: least something that avoids this cliff edge disaster in the

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Speaker 1: first quarter of next year. Little send the economy you know,

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Speaker 1: straight back into a deep recession again at exactly the

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Speaker 1: wrong time. Um, and and maybe that's still possible. I mean,

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Speaker 1: I would say my my central assumption is that you know,

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Speaker 1: at this point they're going to make a mess of it.

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Speaker 1: But um, you know, at least, you know, while they

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Speaker 1: still talk, maybe maybe sense prevails somehow. Yeah, Ki explained

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Speaker 1: to us why Europe is not happy and why Britain

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Speaker 1: is not happy. So on fisheries, for example, it's just

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Speaker 1: one one example, but there's also that have a playing field.

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Speaker 1: There's also other items on the agenda, and Europe wants

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Speaker 1: to make sure that the UK doesn't leave clauses open

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Speaker 1: such that it can decide on subsidies in the future

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Speaker 1: without Europe's input. I mean that seems reasonable now, Yeah,

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Speaker 1: So the I mean, I think this is the nature

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Speaker 1: of of all trade deals is they're very complicated in

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Speaker 1: terms of people looking forward and trying to prevent someone

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Speaker 1: being able to cheat in the future. And part of

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Speaker 1: the issue is that after you know, forty five years

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Speaker 1: of a free trade area, neither side is very good

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Speaker 1: at working out how you untangle it. Equally, the purpose,

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Speaker 1: if you like, politically, was to be able to walk

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Speaker 1: away from the EU from the UK government's perspective, and

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Speaker 1: they're they're not going to interfere in our domestic business,

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Speaker 1: so they feel bound to that statement, whereas in practice

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Speaker 1: any trade deal involves a compromise on exactly that. Um.

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Speaker 1: So again, you know, they have to find the way

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Speaker 1: to swallow some pride but get most of what they

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Speaker 1: want on both sides. And you know it's whether they

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Speaker 1: have the political will to manage that. And of course

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Speaker 1: all this is going on as lockdowns continue to increase

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Speaker 1: in severity across Europe and in Britain as well, the

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Speaker 1: House gatherings even in barred in London at the moment,

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Speaker 1: and in other areas obviously across England. Kit what happens

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Speaker 1: to Sterling and the euro and this environment, and does

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Speaker 1: some of this depend on the dollar and what happens

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Speaker 1: with general election here? Um it almost everything depends on

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Speaker 1: what happens with the dollar as well. But look, I

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Speaker 1: think the market I mean the last you know, I

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Speaker 1: threw out a Twitter pole lunchtime today when when Boris

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Speaker 1: Johnson made his comments and about sixty four think no

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Speaker 1: deal is likely. So the market has something priced in

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Speaker 1: for no deal. But if you if you do get

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Speaker 1: a walk away, UM, I think we'll see, certainly we'll see, certainly, sir,

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Speaker 1: Sterling lose UM five percent or so and more probably

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Speaker 1: between five and ten percent against the euro, and the

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Speaker 1: euro would lose something against the dollar as well, So

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Speaker 1: O cable on that basis if we just walk away

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Speaker 1: will be the wrong side of UM pretty quickly. I

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Speaker 1: don't think it's you know, Sterling is so beaten up

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Speaker 1: and historically so weak at these levels in trade weighted

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Speaker 1: terms that I don't think it's it's it's going to

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Speaker 1: send it dramatically further than that. I do think that

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Speaker 1: the worst story will be, you know, we're we're likely

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Speaker 1: to end up in a bad environment with negative rates

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Speaker 1: sometime next year of the Bank eng and feels they

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Speaker 1: need to do something that's not good for the currency.

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Speaker 1: And we are likely to be the worst performer in

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Speaker 1: terms of global growth of certainly of the kind of

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Speaker 1: the G ten countries on the on the average growth

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Speaker 1: of one and there's nothing, there's nothing terribly encouraging in that. Frankly, well,

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Speaker 1: we will continue to watch the headlines as they come out. Again,

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Speaker 1: it's still Friday, so something might still happen. Before the

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Speaker 1: weekend or into next week. Kid, thank you so much

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Speaker 1: for joining us this afternoon, London in time, Kitch you

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Speaker 1: associated general now very happy to welcome Meshu, senior editor

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Speaker 1: at the National Review and for Spoomberg opinion columnist. Mesh

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Speaker 1: I want to ask you, obviously about the Scotus hearings

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Speaker 1: this week, but first we have to have to mention

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Speaker 1: the dueling town halls last night. I wonder if you're

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Speaker 1: watching them in split screen and you know what your

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Speaker 1: lasting impressions were. Well, I preferred to go to the

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Speaker 1: transcript rather than watch it um to to compress the

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Speaker 1: time commitment. And I think we got a pretty good

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Speaker 1: picture of both of these men and what they're like.

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Speaker 1: The voters were able to assess, for example, whether the

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Speaker 1: story of cognitive decline that President Trump has been telling

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Speaker 1: about Joe Biden UH is accurate or whether it's overdrawn.

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Speaker 1: And I think that people could get a good perspective

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Speaker 1: on that. And with Trump, we've all seen a lot

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Speaker 1: of Trump philosophy years and he was the same as

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Speaker 1: as usual. There was there and you know, and that

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Speaker 1: includes the combativeness, it includes the conspiracy theories UM and UH,

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Speaker 1: and and it includes the uh, the kind of uh

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Speaker 1: rambling and disconnected sentences that we've come to expect, and frankly,

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Speaker 1: we get a little bit from both of these candidates

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Speaker 1: the whole Q and on stuff. Does he not know

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Speaker 1: what it is? Is he lying to the public when

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Speaker 1: he says he doesn't know what it is, except that

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Speaker 1: he knows they battled pedophilia and are very against it,

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Speaker 1: as if anyone in the world isn't. Well, you know,

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Speaker 1: at a certain point you have to say, given that

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Speaker 1: this has come up so frequently, um, maybe it's time

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Speaker 1: he learned something about it. You know. The the explanation

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Speaker 1: that he gives is not an excuse. And when you, um,

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Speaker 1: say you don't know something about it, you don't then

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Speaker 1: follow it up with praise, which is what he has done. Um.

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Speaker 1: So you know, it's entirely possible that he is ignorant

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Speaker 1: of it. But you know, I think at this point

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Speaker 1: it's part of his job not to be All right,

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Speaker 1: let's move to the course, because it's been a very

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Speaker 1: very interesting week in terms of Scota's hearings, but also

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Speaker 1: the idea that Democrats will want to maybe make changes

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Speaker 1: to the Supreme Court if in fact it becomes more

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Speaker 1: plausible for the Democrats to do so. First of all,

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Speaker 1: on the hearings, Judge Amy Coney Barrs is all butt

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Speaker 1: in at this point, did you learn anything that you

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Speaker 1: didn't already know about this candidate for the Supreme Court? Well,

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Speaker 1: you know, these hearings are not designed to shed a

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Speaker 1: ton of light on the judicial philosophy of the nominees.

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Speaker 1: So uh so I can't say that I learned a

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Speaker 1: lot in that respect. Um, I did get a good

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Speaker 1: picture of somebody who is extraordin nearly adept, who was

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Speaker 1: who was pretty quick on her feet, uh and extremely

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Speaker 1: knowledgeable about Supreme Court case law, doctrines and so forth.

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Speaker 1: This is what we'd expected, um. But but she was

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Speaker 1: able to hold her own him, Etcender Feinstein, after asking

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Speaker 1: her some tough questions about the Affordable Care Act, for example,

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Speaker 1: pronounced herself impressed by Barrett's answers. Yes. And you have

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Speaker 1: a great column out on this, Judge Barrett's best ally

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Speaker 1: as Ruth Bader Ginsburg, And you point to the fact

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Speaker 1: that not answering questions is a bipartisan tradition. But of

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Speaker 1: course senators are always within their rights to try and

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Speaker 1: change it, or try and you know, at least pressure

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Speaker 1: the potential justice and see how they perform under pressure.

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Speaker 1: It is, you know, one of the last times you'll

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Speaker 1: hear from them publicly speaking like that, except the special

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Speaker 1: events and so on. Biden said last night that the

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Speaker 1: public with no around election time what the Democrats plan is.

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Speaker 1: If they do have a chance to impact the court

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Speaker 1: strategy around the country, what do you imagine the Democrats

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Speaker 1: will come up with? Is an injustices really something that

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Speaker 1: the public will want? So I think Biden has twisted

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Speaker 1: himself and not a little bit on this question. So

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Speaker 1: last night he said that voters deserved to have his

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Speaker 1: answer to it before they voted before election day. But

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Speaker 1: of course people are already voting, and Vice President Biden

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Speaker 1: certainly knows this. Uh So there's no real good justification

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Speaker 1: for waiting except to wait and see what the political

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Speaker 1: winds um deliver. I think that there's gonna be a

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Speaker 1: lot of interest on the part of the left wing

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Speaker 1: of the Democratic Party and expanding the Supreme Court and

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Speaker 1: getting more reliable liberals on the bench if they're in

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Speaker 1: a position to do that. That is, if Biden wins,

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Speaker 1: and if the Democrats have the Senate UM so far

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Speaker 1: that has been an unpopular position in the polls. There's

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Speaker 1: a pretty long historical tradition of rejecting that kind of gift.

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Speaker 1: But Franklin Roosevelt failed at this in the nineteen thirties

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Speaker 1: after an election where he won forty forty eight states

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Speaker 1: and his party had three quarters of the votes in

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Speaker 1: the House and the Senate actually more. Um So, it's

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Speaker 1: historically been a pretty fringe idea in a way it's

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Speaker 1: been it's been an extreme and unpopular one. Uh So,

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Speaker 1: we'll see whether Biden really decides that he wants to

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Speaker 1: lead off his first year in office, assuming he wins

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Speaker 1: with such an idea. Remess, I can't let you go

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Speaker 1: without asking you a little bit about what you're making

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Speaker 1: off some of the Senate races around the country. I mean,

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Speaker 1: obviously we're watching the Lindsay Graham, you know, very closely

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Speaker 1: that race. But also there was a very sort of

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Speaker 1: odd and almost funny exchange between Mark Crk and Tommy

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Speaker 1: duck Worth for the Illinois seat. What's standing out to

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Speaker 1: you and what are you most keeping an eye on? Well,

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Speaker 1: I think that we're at a moment air. These Senate

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Speaker 1: races have very little independence from the presidential race, and

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Speaker 1: the way people vote for the president is likely to

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Speaker 1: be the way they vote for the Senate as well.

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Speaker 1: So I think that a lot of Republican Senate candidates

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Speaker 1: in a lot of states are looking at how the

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Speaker 1: president's doing and uh and getting pretty nervous right now. Yeah,

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Speaker 1: And of course I mean that duck Worth Kirk thing

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Speaker 1: coming up again sort of this cycle, because we're seeing

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Speaker 1: a lot of that around the country. And then finally,

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Speaker 1: you know Ben sass comments about Trump and what they

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Speaker 1: said about the GOP and the election outlook. Did did

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Speaker 1: did that mean anything to you? Does it have any

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Speaker 1: kind of wider implication or is it just the type

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Speaker 1: of chatter that's happening, you know, and say Lincoln projects circles. Well,

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Speaker 1: I am sure that Senator Staff was accurately relating his sentiments.

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Speaker 1: I think that he felt kind of buttoned up and

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Speaker 1: unable to express those kinds of view when he was

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Speaker 1: facing the prospect of a Republican primary in Nebraska and

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Speaker 1: didn't want to spend pro Trump voters. That once he

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Speaker 1: won that primary, I think he's felt more liberated to

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Speaker 1: express his views. Remesh, thank you, throwing a lot of

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Speaker 1: topics that you want to get all of your opinions

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Speaker 1: and your intelligence as we really head to the last

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Speaker 1: couple of weeks in this cycle. It's it's a fascinating

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Speaker 1: one and each time every four years there's always something

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Speaker 1: new that really makes us glued to our media entrepreneurs

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Speaker 1: with the National Review and of course at Bloomberg Opinion columnist,

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Speaker 1: thank you for joining us on this Friday. Now another

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Speaker 1: major story of the day, and for that return to

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Speaker 1: George Ferguson of Bloomberg Intelligence. The Boeing Max has been

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Speaker 1: judged safe to fly by Europe's aviation regulator. This is

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Speaker 1: a serious, serious decision. It's been in the wings, no

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Speaker 1: pun intended for a long long time, but it does

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Speaker 1: like it might be a bit of a strange time

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Speaker 1: to give Boeing the go ahead when account really put

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Speaker 1: Max is in the air. Anyway, George, come on in

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Speaker 1: and talk to us about this. What are your thoughts

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Speaker 1: on the timing of this good morning it Yes, so

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Speaker 1: our thoughts are that we actually thought the European regulator

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Speaker 1: would come in after the US regulator approved the airplane

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Speaker 1: to fly again. But look, I think it's all fine.

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Speaker 1: I think it all of the information we're getting out

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Speaker 1: of the f a A is that they're very happy

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Speaker 1: with the process so far. There's a couple more there's

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Speaker 1: a couple more parts of the process. The f a

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Speaker 1: has two complete order to reauthorize the MAX to fly.

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Speaker 1: But I think it's a it's a nice endorsement for

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Speaker 1: the airplane that the Europeans feel it's safe enough to

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Speaker 1: fly in their airspace. It looks to us, like you know,

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Speaker 1: by the end of the year, early next year, the

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Speaker 1: MAX will be clear to fly in two of its

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Speaker 1: most important markets, Europe and the US. And so I

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Speaker 1: think if you're bowing, this is great news, and we're

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Speaker 1: seeing it in the share place right now. Yeah, you

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Speaker 1: have to wonder about orders though, and how much they'll

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Speaker 1: come back given the environment that we're in with pandemic

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Speaker 1: and so on. George, we know that there were some

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Speaker 1: some bumps along the way, if you like, and there

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Speaker 1: were some setbacks, software setbacks and so on. Can we

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Speaker 1: fully trust both regulators that they've seen everything, that they

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Speaker 1: followed all the processes, and when we do finally hear

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Speaker 1: from the f a A that the MAX is just

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Speaker 1: absolutely pristine and in great condition. I do think that

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Speaker 1: the airplane has been poured over extensively, and so um,

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Speaker 1: you know, I think there's no such thing as any

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Speaker 1: airplane being pristine, and that may may concerned some of

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Speaker 1: your some of your listeners, but look, I think it's

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Speaker 1: as looked over as any airplane has been in modern history.

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Speaker 1: And I think you know, Bowing has been addressing the problems. Again,

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Speaker 1: the regulators sound comfortable with it. Um. The airplane, I

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Speaker 1: think had some challenge leunges with the MCAST system, which

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Speaker 1: if you didn't follow procedures correctly, you know, led to

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Speaker 1: the crash of the airplane. But I think the airplane

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Speaker 1: still fundamentally is is a good airplane and these are

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Speaker 1: indicators that they fixed that problem with the with the

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Speaker 1: automated flight systems. Where will the max be flying if

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Speaker 1: it is indeed in the air by the end of

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Speaker 1: the year or early next year, who or what will

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Speaker 1: it be flying? And how will order is rebound? Yeah,

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Speaker 1: so flying the airplane is gonna take a little bit

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Speaker 1: of time here, right once you get the new requirements

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Speaker 1: on flight training, which the f A has out for

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Speaker 1: commentary right now, you know, once once that's approved, the

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Speaker 1: airlines that fly the airplane no big operators are our Southwest.

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Speaker 1: They're gonna need They've already said they're gonna need a

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Speaker 1: couple of months to sort of get all their pilots

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Speaker 1: trained and flying the airplane again. Um. You know, I

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Speaker 1: think we heard yesterday from the United the airplane is

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Speaker 1: not even on the schedule through the end of the year,

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Speaker 1: So it's going to be into next year before you

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Speaker 1: really see it flown inside. You'll see it flown at again,

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Speaker 1: United American Southwest, the big customers and Ryanair um orders. Yeah,

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Speaker 1: it's going to be a really rough year for order.

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Speaker 1: We're not even we're more worried about how much of

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00:24:17,520 --> 00:24:20,520
Speaker 1: the backlog goes away than we are how many new

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00:24:20,600 --> 00:24:22,840
Speaker 1: orders come in the books. And some of the backlog

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Speaker 1: has gone away because Boeing has been so long in

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Speaker 1: fixing the problems of the Max. After you get past

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00:24:27,680 --> 00:24:31,920
Speaker 1: a year, adverse clauses set in on sales contracts and

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00:24:32,000 --> 00:24:34,880
Speaker 1: allows your customer to cancel the order. So we're more

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Speaker 1: watching that. It was a really large order book for

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Speaker 1: the airplane, you know, six or seven years large. We

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Speaker 1: think that's probably dwindled and with the airlines that probably

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Speaker 1: want deferrals, probably you know, there's probably not many airlines

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Speaker 1: that want airplanes next year. It's gonna be a challenging

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Speaker 1: year to get deliveries out. George, Thank you so much.

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Speaker 1: George always keeping us honest on airline news. That's George

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Speaker 1: Ferguson of BI. Thanks for listening to Bloomberg Markets podcast.

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Speaker 1: You can subscribe and listen to interviews at Apple Podcasts

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Speaker 1: or whatever podcast platform you prefer. I'm Bonnie Quinn. I'm

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Speaker 1: on Twitter at Bonnie Quinn, and I'm Paul Sweeney. I'm

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Speaker 1: on Twitter at pt Sweeney. Before the podcast, you can

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Speaker 1: always catch us worldwide at Bloomberg Radio