WEBVTT - Pfizer’s Promising Early Vaccine Data 0:00:00.240 --> 0:00:03.280 This is Bloomberg Business Week. I'm Karl Masser. Every day 0:00:03.279 --> 0:00:05.200 we're bringing you the latest news from the world's of 0:00:05.200 --> 0:00:08.920 business and finance, plus technology, politics. So much going on 0:00:08.960 --> 0:00:12.160 in the world of politics, economics, and it's all harnessing 0:00:12.160 --> 0:00:14.840 the power of Business Week reporters and editors. If you 0:00:14.840 --> 0:00:18.280 can download Bloomberg Business Week on iTunes, SoundCloud or Bloomberg 0:00:18.320 --> 0:00:20.480 dot com. If you can also listen to our radio 0:00:20.560 --> 0:00:23.439 show at two pm Eastern on Bloomberg Radio and be 0:00:23.440 --> 0:00:26.280 sure to watch us too on YouTube by searching Bloomberg 0:00:26.360 --> 0:00:29.160 Global News. All right, we do want to focus in on, 0:00:29.240 --> 0:00:31.960 of course, the virus today. We really have some highs 0:00:31.960 --> 0:00:34.320 and lows when it comes to COVID nineteen. We of 0:00:34.360 --> 0:00:36.880 course have talked about the COVID nineteen vaccine being developed 0:00:36.880 --> 0:00:41.239 by Fiser preventing more infections in a study. So that 0:00:41.400 --> 0:00:44.280 is definitely the good excuse me, the good news. The 0:00:44.360 --> 0:00:47.520 rough news, of course, being cases in the US topping 0:00:47.520 --> 0:00:50.040 a hundred thousand for a fourth day, bringing the nation's 0:00:50.080 --> 0:00:53.240 total close to the ten million mark. So a lot 0:00:53.320 --> 0:00:56.960 going on. Let's get to it with Dr Josh Sharfstein. 0:00:57.120 --> 0:00:59.680 Weis Stein for Public Health Practice and Community engagement at 0:00:59.720 --> 0:01:02.920 Johns Hopkins Bloomberg School of Public Health of Johns Hopkins 0:01:03.040 --> 0:01:05.800 Bloomberg School of Public Health, supported by Michael R. Bloomberg, 0:01:05.840 --> 0:01:09.400 of course, founder of Bloomberg LP and Bloomberg Philanthropies. Dr 0:01:09.440 --> 0:01:12.479 Sharfstein joining us on the phone in Baltimore, So nice 0:01:12.520 --> 0:01:14.960 to have you here with us. So you wake up 0:01:15.000 --> 0:01:17.480 and see these headlines about fiser and you think, what, 0:01:19.760 --> 0:01:23.160 that's great news. I mean, it's certainly great to see 0:01:23.560 --> 0:01:26.240 this kind of promising data. We know that it's got 0:01:26.240 --> 0:01:28.280 to be validated. People are gonna look at it. We 0:01:28.360 --> 0:01:31.000 know they're you know, even have to be more safety 0:01:31.080 --> 0:01:34.560 data collected. But you know, the big question before now 0:01:34.800 --> 0:01:39.640 was whether or not evidence of an immune response was 0:01:39.680 --> 0:01:43.360 really evident that people wouldn't get the disease. And that 0:01:43.480 --> 0:01:47.600 answer appears to be yes. But the vaccine isn't just 0:01:47.760 --> 0:01:51.280 giving people antibodies, it's actually protecting them from getting sick. 0:01:51.560 --> 0:01:53.480 I mean, this is huge, this is massive. At the 0:01:53.520 --> 0:01:56.000 same time we talked about this, Dr Charfstein at the 0:01:56.040 --> 0:01:59.920 top of our broadcast, that an important development, right, It's 0:02:00.040 --> 0:02:02.920 kind of what we've all been working towards. But we 0:02:03.000 --> 0:02:04.920 kind of need to slow down because it of course 0:02:05.000 --> 0:02:07.960 means now we have to kind of make and produce 0:02:08.080 --> 0:02:11.560 and manufacture the vaccine and create the quantity that the 0:02:11.600 --> 0:02:15.400 world needs. Well, the first thing is to make sure 0:02:15.440 --> 0:02:17.720 the results bear out. You know, there will be a 0:02:17.800 --> 0:02:20.079 chance for the Food and Drug Administration to really look 0:02:20.120 --> 0:02:22.560 at the data. There will be an independent advisory committee 0:02:22.560 --> 0:02:24.560 that will look at the data, um, and you know 0:02:24.639 --> 0:02:27.919 that those are really important checks to make sure that 0:02:28.040 --> 0:02:30.760 we're dealing with it's an effective vaccine for the for 0:02:30.840 --> 0:02:34.720 the population. Um. The good news is though that the 0:02:34.800 --> 0:02:37.560 company has already started making the vaccine, So it's not 0:02:37.639 --> 0:02:40.840 a case typically you might wait to see the review 0:02:40.880 --> 0:02:43.520 of the data and then you'd start making it for 0:02:43.680 --> 0:02:47.280 in quantity. But um, the companies here and the other 0:02:47.320 --> 0:02:50.560 companies too, they're making vaccine so that if it turns 0:02:50.600 --> 0:02:53.240 out the vaccine works, you know they have it right away. 0:02:53.280 --> 0:02:56.360 And so the company is projecting maybe ten million doses 0:02:56.400 --> 0:02:58.280 by the end of the year, which is you know, 0:02:58.280 --> 0:03:00.040 it seems like a lot, but of course it's not 0:03:00.800 --> 0:03:03.560 enough for you know, the world or the United States. 0:03:03.560 --> 0:03:05.760 But it's a pretty good start. It's not ten million 0:03:05.800 --> 0:03:08.280 doses two years from now. You know, they've really been 0:03:08.720 --> 0:03:11.920 working very hard to get this going, and so it creates, 0:03:12.120 --> 0:03:14.360 you know, the opportunity the other you know, part of 0:03:14.400 --> 0:03:18.600 the good news here is that the protein that is 0:03:18.680 --> 0:03:22.440 the target of those you know, it's sort of the 0:03:22.440 --> 0:03:27.440 the key aspect of the vaccine um is also targeted 0:03:27.520 --> 0:03:30.560 by other vaccines. So I think there's some optimism that 0:03:30.600 --> 0:03:33.000 if this vaccine works, that the other vaccines which are 0:03:33.000 --> 0:03:36.040 in late age clinical trials, will also work, and that 0:03:36.080 --> 0:03:38.880 will mean we're not just dealing with scaling up one vaccine, 0:03:38.920 --> 0:03:41.640 but maybe a number of vaccines, which hopefully all will 0:03:41.680 --> 0:03:45.320 be very effective. Right, And as you said, we need 0:03:45.360 --> 0:03:48.040 to get through all the safety steps to make sure that. 0:03:48.120 --> 0:03:50.120 I mean, key to this is people who want to 0:03:50.240 --> 0:03:53.160 take it, and I do wonder the more that we explain. 0:03:53.240 --> 0:03:55.680 I mean, there are people who are just anti vaccinations, 0:03:56.160 --> 0:03:58.280 and that's kind of a group that has felt that 0:03:58.320 --> 0:04:01.320 way before COVID, But there are people who I think 0:04:01.360 --> 0:04:04.920 because we've seen this process politicized that it's it's made 0:04:04.960 --> 0:04:07.200 people a little bit nervous about taking it. You know, 0:04:07.480 --> 0:04:10.520 what confidence do you have in terms of the steps 0:04:10.520 --> 0:04:13.400 that are being taken on a safety level that ultimately 0:04:13.400 --> 0:04:16.760 the vaccines, vaccines that are out on the market will 0:04:16.800 --> 0:04:20.600 be safe ones and ones that should be taken by 0:04:20.640 --> 0:04:23.480 all Americans or those that you know, as many as 0:04:23.480 --> 0:04:27.320 it can can be. Well, I think that the Food 0:04:27.320 --> 0:04:31.800 and Drug Administration put out some very reasonable standards for safety, 0:04:31.839 --> 0:04:34.279 and that's why the company is still collecting data for 0:04:34.320 --> 0:04:37.880 safety UM to really make sure there at least a 0:04:37.920 --> 0:04:40.920 couple of months of very good safety data showing a 0:04:41.080 --> 0:04:44.920 very safe vactin and you know, so that does give 0:04:44.920 --> 0:04:48.000 me confidence, but it's also important to realize that vaccines 0:04:48.680 --> 0:04:50.839 are going to be given to a lot of people 0:04:50.920 --> 0:04:54.479 and there may be UM different kinds of safety UH 0:04:54.760 --> 0:04:57.840 signals that come up over time, and so it's just 0:04:57.880 --> 0:05:01.919 as important to continue monitor for safety and monitor for 0:05:01.960 --> 0:05:05.120 the data and effectiveness and be able to adjust the 0:05:05.200 --> 0:05:07.560 vaccine program as that changes over time. If you have 0:05:08.080 --> 0:05:10.240 very strong safety data at the beginning, it's going to 0:05:10.320 --> 0:05:13.479 be very helpful to saving lives, but you're still going 0:05:13.560 --> 0:05:15.680 to need to keep an eye on safety even as 0:05:16.000 --> 0:05:18.440 UM the you know, the number of cases come down. 0:05:18.760 --> 0:05:20.480 We're gonna do some news and come back. But just 0:05:20.520 --> 0:05:22.880 in about forty seconds, is there anything in terms of 0:05:22.960 --> 0:05:27.000 vaccines given to older people versus younger people. Um, is 0:05:27.000 --> 0:05:29.240 there any difference in terms of the safety or the 0:05:29.240 --> 0:05:31.840 ability for an individual to to deal with it? Does 0:05:31.880 --> 0:05:35.160 that have anything to do at the age? Well, that's 0:05:35.160 --> 0:05:37.080 a great question, and that's one of the reasons that 0:05:37.120 --> 0:05:39.480 the data really needs to be reviewd carefully to look 0:05:39.520 --> 0:05:42.120 to see if there's a difference by age. There haven't 0:05:42.120 --> 0:05:45.719 been childs and children yet, but you know, um, people 0:05:46.279 --> 0:05:49.680 younger adults versus older adults. It's a really important question 0:05:49.680 --> 0:05:52.360 because the older adults are really at risk for serious 0:05:52.360 --> 0:05:55.160 at the highest rest for serious illness and death, and 0:05:55.240 --> 0:05:57.440 so that will be what the FDA looks at, will 0:05:57.440 --> 0:06:00.760 be what the BBC looks at when they're determining their recommendation. 0:06:01.320 --> 0:06:04.440 And that's why it's it's really important to realize that 0:06:04.520 --> 0:06:07.240 it's not just you know, we have a vaccine and 0:06:07.320 --> 0:06:09.640 we don't have a vaccine, but all of these individual 0:06:09.720 --> 0:06:12.599 questions add up to its strong vactine strategy. So in 0:06:12.640 --> 0:06:15.719 our first block, Dr Sharfstein, we talked about really some 0:06:15.839 --> 0:06:19.960 of the positive news surrounding the FISER developments today and 0:06:20.040 --> 0:06:22.640 the end to end a COVID nineteen vaccine On the 0:06:22.640 --> 0:06:24.440 flip side, because I feel like it's been a day 0:06:24.440 --> 0:06:27.320 of highs and lows. We're watching cases in the U 0:06:27.400 --> 0:06:30.479 s topping a hundred thousand for a fourth day, nation's 0:06:30.520 --> 0:06:33.479 total close to the ten million mark. I was talking 0:06:33.520 --> 0:06:37.200 to as I mentioned UM, the head of a pharmaceutical 0:06:37.200 --> 0:06:40.520 company saying, get ready for some pretty dark days come 0:06:40.640 --> 0:06:43.280 this winter here in the United States. How do you 0:06:43.320 --> 0:06:45.240 see the next few months playing out when it comes 0:06:45.279 --> 0:06:49.960 to COVID nineteen. Well, this is a really difficult time. 0:06:50.200 --> 0:06:52.320 And it's not just a number of cases. It's a 0:06:52.400 --> 0:06:55.679 number of hospitalizations. We have places in the country where 0:06:55.680 --> 0:06:58.800 there are no hospital beds for sick patients and they're 0:06:58.839 --> 0:07:01.560 having to build new hospital goals or airless patients out. 0:07:02.040 --> 0:07:06.119 Those regions could grow. Um, the healthcare system could really 0:07:06.839 --> 0:07:09.119 be pushed to the limit or pass it in different 0:07:09.120 --> 0:07:11.400 parts of the country, and then deaths are increasing. So 0:07:11.760 --> 0:07:15.480 this is a really difficult time. I think the vaccine announcement, 0:07:15.480 --> 0:07:18.840 if nothing else, tells us that we're not um stuck 0:07:18.840 --> 0:07:21.920 in this situation forever. We The more vigilant we can be, 0:07:22.040 --> 0:07:25.360 the more we can do now to fight against the virus. 0:07:25.400 --> 0:07:27.880 Those are lives that we're saving, because if we can 0:07:28.000 --> 0:07:30.400 get a safe and effective vaccine and be able to 0:07:30.440 --> 0:07:33.480 distribute it. Um, then we want as many people to 0:07:33.520 --> 0:07:36.480 make it to that point as possible. So hopefully it 0:07:36.640 --> 0:07:39.640 is a little bit of the you know, the inspiration 0:07:39.800 --> 0:07:42.560 for people to continue to wear masks, to continue to 0:07:42.680 --> 0:07:46.080 distance to protect themselves and others to not go to 0:07:46.320 --> 0:07:49.480 big indoor parties. And and and if if more people 0:07:49.520 --> 0:07:51.840 can realize like, look, all I gotta do is make 0:07:51.880 --> 0:07:55.080 it a few more months, um, you know, into one 0:07:55.280 --> 0:07:58.320 and maybe we can all put this behind us to 0:07:58.440 --> 0:08:02.160 a really robust vaccination efforts, then um, this would you know, 0:08:02.280 --> 0:08:04.400 will help people? I think through this time. I can't 0:08:04.400 --> 0:08:07.400 tell you how many times I have that conversation at home, um, 0:08:07.440 --> 0:08:10.480 with my daughter seventeen, and actually with family members who 0:08:10.920 --> 0:08:14.000 you know, when we even think about doing something together, 0:08:14.040 --> 0:08:16.200 it's like, I've come this far, why would I risk 0:08:16.280 --> 0:08:19.239 it at this point? Um? What is the difference about 0:08:19.240 --> 0:08:21.120 the cold though? Does it make it tougher? I mean, 0:08:21.120 --> 0:08:23.840 obviously it makes it tougher that we've got to be indoors, right, 0:08:23.880 --> 0:08:26.680 and if we're collecting indoors with other people, that it 0:08:26.800 --> 0:08:29.960 just increases our chances of potentially of getting COVID nineteen. 0:08:29.960 --> 0:08:33.680 But there's there also something just about um the virility 0:08:33.679 --> 0:08:37.800 of the virus of COVID nineteen during colder weather. I 0:08:37.840 --> 0:08:41.000 think nobody really knows that for sure, but probably there's 0:08:41.080 --> 0:08:44.320 something there. But the bigger issue is that people are 0:08:44.360 --> 0:08:47.000 together indoors, and we know now a lot about how 0:08:47.040 --> 0:08:49.560 the virus is transmitted, and you know, a lot of 0:08:49.600 --> 0:08:52.240 people indoors without wearing masks. It's like rolling out the 0:08:52.240 --> 0:08:55.720 red carpet for the virus. And you know that obviously 0:08:55.760 --> 0:08:57.840 the big problem with this virus is that it can 0:08:58.000 --> 0:09:01.400 it transmits when people don't know they're even sick. And 0:09:01.480 --> 0:09:04.840 so you know, you can think you're totally fine and 0:09:05.000 --> 0:09:06.880 lo and behold, you know you've gotten a lot of 0:09:06.880 --> 0:09:09.440 people infected. I mean, we're now on our third outbreak 0:09:09.480 --> 0:09:12.280 at the White House where they're testing you know, everybody 0:09:12.320 --> 0:09:15.680 all the time, and it's not helping because they weren't 0:09:15.960 --> 0:09:18.720 i think, taking you know, all the precautions in addition 0:09:18.760 --> 0:09:21.600 to doing the testing. So everybody's got to realize, like, 0:09:21.720 --> 0:09:26.439 not even a negative test should um make you feel competent. Um. 0:09:26.480 --> 0:09:28.280 I know that there's some parties where people say we'll 0:09:28.320 --> 0:09:30.480 just get tested and come to the party. That is 0:09:30.520 --> 0:09:33.960 not a excuse to not wear masks could be distanced 0:09:34.000 --> 0:09:36.720 because people can really get sick. You know, you mentioned 0:09:36.720 --> 0:09:39.680 the White House, you know, President elect Joe Biden announced 0:09:39.679 --> 0:09:42.800 a new thirteen member Coronavirus Task Force. We heard about it, 0:09:43.360 --> 0:09:46.920 um and earlier today and certainly over the weekend as well. 0:09:48.200 --> 0:09:51.200 That's January. And I do wonder what you're thinking about 0:09:51.240 --> 0:09:53.679 as you watch, because the federal government is so important 0:09:53.679 --> 0:09:56.199 in this process, and I know that there's without getting 0:09:56.200 --> 0:09:59.880 political concerns that we really haven't had um an or 0:10:00.040 --> 0:10:05.079 organized you know, unilateral strategy when it came to COVID nineteen. 0:10:05.800 --> 0:10:08.760 Um what needs to continue to happen until we get 0:10:08.800 --> 0:10:11.720 to the next administration and what does the new administration 0:10:11.760 --> 0:10:15.200 need to make sure that they do come January? Well, 0:10:15.240 --> 0:10:19.640 I think right now it's great that the president of 0:10:19.720 --> 0:10:23.560 active created a scientific group that's going to not only 0:10:23.600 --> 0:10:27.640 advise him but also helped educate the public about the 0:10:27.679 --> 0:10:30.199 critical things that can be done to reduce the spread 0:10:30.200 --> 0:10:32.000 of the virus in this difficult time. I'd like to 0:10:32.040 --> 0:10:37.480 see a lot of cooperation between the transition and the administration, 0:10:37.640 --> 0:10:39.440 you know, I think that's going to be very important. 0:10:39.520 --> 0:10:43.719 We're really in a battle against the virus, and we 0:10:44.000 --> 0:10:46.800 you know, I don't want to have a really abrupt, 0:10:46.880 --> 0:10:50.120 difficult transfer power in the middle of all that, because 0:10:50.120 --> 0:10:52.680 it'll just slow down what we can do to save lives. 0:10:52.720 --> 0:10:55.959 So I think that's gonna be important. You know, the 0:10:56.000 --> 0:11:00.640 Biden transition has a series of priorities that are on 0:11:00.679 --> 0:11:04.640 its website about the coronavirus, including making sure there's an 0:11:04.679 --> 0:11:09.160 uprotective equipment for people who are essential employees are in healthcare, 0:11:09.640 --> 0:11:12.760 making sure that there's a national testing strategy. Those are 0:11:12.920 --> 0:11:15.720 very good priorities, and I think, um, the you know, 0:11:15.760 --> 0:11:17.600 the important thing is going to be to be prepared 0:11:17.679 --> 0:11:21.880 to start executing those priorities as soon as they're able 0:11:21.920 --> 0:11:24.760 to take over. Yeah, it's certainly a full plate. Um. 0:11:24.920 --> 0:11:27.240 Dr Sharfstein, thank you so much. Really appreciate your time. 0:11:27.320 --> 0:11:30.040 Dr josh Sharfstein. He's VISTINE for Public Health Practice and 0:11:30.080 --> 0:11:33.720 Community Engagement, director of the Bloomberg American Health Initiative at 0:11:33.760 --> 0:11:37.000 Johns Hopkins University of course, Johns Hopkins Bloomberg School of 0:11:37.000 --> 0:11:39.840 Public Health, supported by Michael R. Bloomberg, founder of Bloomberg 0:11:40.000 --> 0:11:43.800 LP and Bloomberg Philanthropies. This is Bloomberg Business Week with 0:11:43.880 --> 0:11:47.760 Carol Messer from Bloomberg Radio. So we are definitely starting 0:11:47.800 --> 0:11:50.120 to hear more about a Biden white house, the players involved, 0:11:50.160 --> 0:11:52.440 the people who may take some of the top spots 0:11:52.480 --> 0:11:55.839 of his administration in the meantime, What might Abiden white 0:11:55.840 --> 0:11:59.560 house be like and what economic policies might he pursue 0:11:59.559 --> 0:12:02.360 all bloom Burg business Week Economics editor Peter coy he 0:12:02.440 --> 0:12:05.880 writes about that, He writes about bonomics and returned to normalcy. 0:12:05.960 --> 0:12:08.400 Let's get into it with Peter. He joins us on 0:12:08.440 --> 0:12:10.400 the phone from New Jersey. Also with the s Bloomberg 0:12:10.400 --> 0:12:13.480 business Week editor Joel Webber, He's on the phone in Brooklyn. 0:12:13.559 --> 0:12:17.480 We're looking forward here, Joel, trying to um and and 0:12:17.520 --> 0:12:20.440 part of this was, like, you know, the one of 0:12:20.440 --> 0:12:23.360 the scenarios that we had to uh kind of plan 0:12:23.520 --> 0:12:26.720 for last week was you know, eventually and ended up 0:12:26.760 --> 0:12:28.760 coming on Saturday. You know, what, what what does this 0:12:28.840 --> 0:12:34.079 country look like under President elect Biden, and more specifically, 0:12:34.120 --> 0:12:36.760 what does it mean for business and the economy and 0:12:36.760 --> 0:12:40.240 and for that you know, Peter ko Um, you know, 0:12:40.440 --> 0:12:43.400 definitely raised his hand and said I think I know, uh, 0:12:43.480 --> 0:12:46.040 and we said, oh, please tell us. So, So, Peter, 0:12:46.120 --> 0:12:50.600 what's your what's your thesis for what Bidenomics means for America. Well, 0:12:50.640 --> 0:12:52.680 it comes out of what we know about Joe Biden, 0:12:52.840 --> 0:12:57.520 his long history in Congress and Senate, and his personality. Uh, 0:12:57.600 --> 0:13:00.480 and the circumstances the country is in right now. So 0:13:00.720 --> 0:13:02.800 you you step away from all those things and you 0:13:02.880 --> 0:13:07.440 come up with a fairly centrist person in a country 0:13:07.480 --> 0:13:12.280 that is divided. Um, he did win, but if there 0:13:12.280 --> 0:13:14.920 are a lot of people, the Republicans that are likely 0:13:15.000 --> 0:13:17.120 to control the Senate, there's a lot of people out 0:13:17.160 --> 0:13:22.960 there who voted for him who mainly were voting against Trump, 0:13:23.480 --> 0:13:28.200 and more for personality reasons than policy reasons. So he 0:13:28.240 --> 0:13:32.160 doesn't have like a strong mandate A and let me 0:13:32.200 --> 0:13:36.600 do it. Biden's way number one and number two. Um, 0:13:36.880 --> 0:13:40.000 number two is that even if he did want to 0:13:40.040 --> 0:13:45.040 advance a strong Democratic platform, Mitch McConnell is very likely 0:13:45.080 --> 0:13:48.280 to retain the position of cinema jarity leader won't let 0:13:48.360 --> 0:13:52.200 him the same way he blocked Obama's agenda when Biden 0:13:52.280 --> 0:13:56.160 was a VP. So I gotta say, Peter, love your story. 0:13:56.280 --> 0:13:58.760 As always, we always learned so much, but I do 0:13:58.880 --> 0:14:03.360 wonder so as to point out, you know, divided Congress 0:14:03.400 --> 0:14:06.320 and a Republican Senate with the Democrat in the White 0:14:06.360 --> 0:14:10.839 House could be good for the markets the corporate profits, right, 0:14:10.880 --> 0:14:14.360 but what does it mean for the economy and economic policies. Yeah, well, 0:14:14.440 --> 0:14:17.000 let's first start out with why the stock market seem 0:14:17.080 --> 0:14:20.160 to like it. Um, you might have thought that because 0:14:20.320 --> 0:14:24.480 the the chance of a strong stimulus fated a little bit, 0:14:25.080 --> 0:14:31.120 because the Republican Senate might have given a big if 0:14:31.520 --> 0:14:34.800 Trump had gotten reelected, might have voted for a big 0:14:34.840 --> 0:14:37.960 package just to bolster their man. Less likely to do 0:14:38.120 --> 0:14:41.760 so if it's a Biden white house. Uh. Similarly, there 0:14:41.760 --> 0:14:44.040 would have been a big package if Democrats had taken 0:14:44.040 --> 0:14:46.120 the Senate and Biden at once, and with divided government 0:14:46.160 --> 0:14:49.320 you get probably less stimulus. That's a short term thing. 0:14:49.680 --> 0:14:51.720 But it could be that what was happening the financial 0:14:51.720 --> 0:14:57.720 markets were looking ahead to the prospect of smaller tax 0:14:58.400 --> 0:15:01.160 increase than they would have had if the Democrats had 0:15:01.160 --> 0:15:03.720 taken the Senate, which seemed like a real possibility for 0:15:03.720 --> 0:15:08.200 a while there. Peter, can we also talk about taxes? 0:15:08.560 --> 0:15:12.600 What what do we expect from Biden on that front? Well, well, 0:15:12.720 --> 0:15:14.800 we can say what he said he wants to do, 0:15:14.840 --> 0:15:19.280 which is insulate people earning less than four hundred thousand 0:15:19.320 --> 0:15:23.880 dollars a year from any tax increase UH and raised 0:15:23.960 --> 0:15:27.440 the corporate income tax rate, which was cut under the 0:15:27.520 --> 0:15:33.760 Trump tax cut from thirty five. The right was on 0:15:33.800 --> 0:15:36.120 the world's highest. Well, there's a lot of loopholes in 0:15:36.160 --> 0:15:37.960 it that made it effectively lower in there, but still 0:15:38.280 --> 0:15:41.440 that headline rate was quite high at twenty one. It's 0:15:41.600 --> 0:15:43.880 it's right in the ballpark, maybe on the low side 0:15:43.920 --> 0:15:48.080 among the other rich industrialized nations. Biden is talking about 0:15:48.080 --> 0:15:52.400 putting back up at twenty eight UM, so splitting the 0:15:52.480 --> 0:15:56.520 difference between the old one and the new one. It's 0:15:56.560 --> 0:15:58.400 also talking, by the way, for people in the New 0:15:58.480 --> 0:16:01.840 York metro area who are listening to his program, lifting 0:16:01.840 --> 0:16:05.880 the cap on the assault on deductions to make it 0:16:05.960 --> 0:16:08.280 that would be a break for people. Can I just 0:16:08.360 --> 0:16:11.880 say having um embarrassed, but filing on extension, just getting 0:16:11.880 --> 0:16:14.080 it done. It'll be interesting to see if we have 0:16:14.200 --> 0:16:17.200 some changes and from one of those blue states where 0:16:17.200 --> 0:16:19.080 we were impacted certainly when it came to some of 0:16:19.080 --> 0:16:21.960 those local taxes. You know what's interesting is, you know, 0:16:22.040 --> 0:16:24.520 you say Trump did get a lot of things done, 0:16:24.720 --> 0:16:26.680 even if you didn't agree with how he did it. 0:16:26.800 --> 0:16:30.000 So what do we need to think about in terms 0:16:30.040 --> 0:16:34.120 of those things that he did get done well? Um. 0:16:34.280 --> 0:16:37.200 One of the things he did was he got um 0:16:37.400 --> 0:16:42.880 tougher on China and the absolutely a lot of tariffs. 0:16:43.440 --> 0:16:45.680 And there are a lot of Democrats who think it 0:16:45.800 --> 0:16:47.880 was time to get tough on China. The thoughts the 0:16:47.880 --> 0:16:51.240 Obama administration, which Biden worked for, of course did not 0:16:51.280 --> 0:16:54.800 do enough, but they don't necessarily agree with the way 0:16:55.240 --> 0:16:59.160 Trump went about it. Um. What what Trump did was 0:16:59.160 --> 0:17:01.240 trying to basically it alone. So he didn't just take 0:17:01.240 --> 0:17:04.959 on China, took on the world, and that alienated a 0:17:04.960 --> 0:17:09.320 lot of allies, the Japanese, the Europeans who could have 0:17:09.359 --> 0:17:13.560 been on America's side presenting a united front against China. 0:17:13.720 --> 0:17:16.399 And so one of the things Biden is almost certain 0:17:16.480 --> 0:17:20.680 to do is to uh you know, bolster America's role 0:17:20.680 --> 0:17:25.800 in the World Trade Organization, uh see about entering multilateral 0:17:25.840 --> 0:17:29.639 trade deals. He's not likely to roll back the tariffs 0:17:30.000 --> 0:17:35.119 on China um that Trump put on any time soon, 0:17:35.240 --> 0:17:37.520 because he would want to see you know, you want 0:17:37.520 --> 0:17:40.560 to get something for any anything you give back, and 0:17:40.640 --> 0:17:44.280 China is not likely to budget a lot either so 0:17:44.520 --> 0:17:48.520 don't don't expect the temperature to cool a whole lot 0:17:48.600 --> 0:17:51.119 between the US and China under a Biden administration, let 0:17:51.160 --> 0:17:54.080 alone the issue that the Democrats will push a lot 0:17:54.119 --> 0:17:58.600 harder on the human rights angle. So, Peter, you know, 0:17:58.640 --> 0:18:01.440 we might have you know, a less confrontational tone about 0:18:01.480 --> 0:18:05.240 many things traded among them, and we might see America 0:18:05.320 --> 0:18:10.320 renner the Paris climate of cor We might see you know, 0:18:10.440 --> 0:18:15.040 even even additional help for middle class Americans. Um, there's 0:18:15.080 --> 0:18:16.919 this other note that you read about, which is, you know, 0:18:16.920 --> 0:18:19.159 we could also just have like somewhat of a return 0:18:19.240 --> 0:18:22.040 to normal. Can you remind me what normal even looks like? 0:18:22.320 --> 0:18:26.800 In thirty seconds? So, Peter, long time, isn't it. I'm 0:18:26.840 --> 0:18:31.159 just saying that, Uh, you know that. But Trump was 0:18:31.600 --> 0:18:36.200 has been a chaos president. Even people who support him 0:18:36.440 --> 0:18:40.199 say that is it's not just coming. So is that? Uh? 0:18:41.000 --> 0:18:44.399 In some ways that's his m O and he thought 0:18:44.400 --> 0:18:47.439 it worked for him. Biden is not that kind of person. 0:18:47.560 --> 0:18:51.800 He's the middle of the road. He's a prison with gravitas. 0:18:51.840 --> 0:18:54.159 So I would expect some more calm coming in the 0:18:54.160 --> 0:18:57.399 next four years, a little a little namastay for everyone 0:18:57.440 --> 0:18:59.360 who's out there, I'm just going to put it out there, 0:18:59.400 --> 0:19:02.000 all right, Peter koy. Um, Like I said, we always 0:19:02.040 --> 0:19:04.560 learned something when we talk to you. Bloomberg Economics Editor 0:19:04.560 --> 0:19:06.840 Peter coy on the phone in New Jersey. Joe Webber, 0:19:06.920 --> 0:19:09.320 editor of Bloomberg Business Week, on the remote access from Brooklyn. 0:19:09.560 --> 0:19:14.399 This is Bloomberg Business Week with Kirol Messer on Bloomberg Radio. 0:19:15.440 --> 0:19:18.560 So four thousand people walk out at noon on January twenty, 0:19:19.080 --> 0:19:22.000 and not four thousand walking. I'll say several hundred walking 0:19:22.040 --> 0:19:25.000 because it takes time to process people. It's taking control 0:19:25.080 --> 0:19:29.320 of UM, you know, a hundred federal agencies, UM, National security, 0:19:29.600 --> 0:19:32.439 homeland security, UM. There's a lot of things that have 0:19:32.560 --> 0:19:35.879 to happen, and it has to happen seamlessly. Yeah. That 0:19:36.000 --> 0:19:38.800 was from our conversation Friday with Chris Leu, former Deputy 0:19:38.840 --> 0:19:42.840 Secretary of Labor under the Obama administration. He's now a 0:19:42.880 --> 0:19:45.479 senior fellow at the University of Virginia Miller Center. He 0:19:45.720 --> 0:19:49.000 was Chris was executive director of Barack Obama's two thousand 0:19:49.000 --> 0:19:52.120 eight transition teams. So he understands what it's like when 0:19:52.160 --> 0:19:54.359 there is the changing of the guard, and that really 0:19:54.440 --> 0:19:56.960 is our top story at this hour about a Biden 0:19:56.960 --> 0:19:59.920 white House, but also about the changing of the guard 0:20:00.040 --> 0:20:03.760 the White House is President Trump uh is expected to 0:20:03.840 --> 0:20:06.679 be gone come January, of course, and Joe Biden and 0:20:06.720 --> 0:20:09.239 his team go in in January. There's a lot going on, 0:20:09.320 --> 0:20:12.800 So let's bring in Bloomberg News Politics editor Wendy Benjaminson 0:20:12.960 --> 0:20:15.760 on the phone from Washington, d C. So, Wendy, we're 0:20:15.760 --> 0:20:17.879 going to talk about what a Biden white House looks like, 0:20:17.920 --> 0:20:19.600 because we know we're getting more and more on that. 0:20:19.640 --> 0:20:24.600 But man, what a Monday? What a weekend? What a weekend? 0:20:25.240 --> 0:20:28.800 Did you sleep at all? Um, a little bit last night, 0:20:28.960 --> 0:20:32.119 maybe for the first time and in the week but yeah, no, 0:20:32.320 --> 0:20:34.760 it's it was. It's all great. It's always exciting to, 0:20:35.400 --> 0:20:37.720 you know, be part of history. And that's one of 0:20:37.800 --> 0:20:40.679 the what happened over the weekend. Well, it does certainly 0:20:40.680 --> 0:20:42.680 feel like and today is an interesting one. I feel 0:20:42.720 --> 0:20:44.480 like we're talking a lot more about what a Biden 0:20:44.520 --> 0:20:46.879 white House looks like ultimately. But before we do that, 0:20:46.920 --> 0:20:50.240 we had some changes in the Trump administration. Mark Asper 0:20:50.440 --> 0:20:55.840 is out. Yes, it appears that um, the President, Donald 0:20:55.840 --> 0:20:59.760 Trump by tweet fired Asper, the Defense Secretary, and we 0:21:00.000 --> 0:21:03.240 placed him with someone who works at a different national 0:21:03.240 --> 0:21:07.479 security agency, Chris Miller, And UM, it's not we're not 0:21:07.520 --> 0:21:11.639 even sure that's possible. UM. But it's all very you know, 0:21:11.680 --> 0:21:15.360 reminiscent of UM of the last four years. I mean 0:21:16.000 --> 0:21:20.240 Asper Secretary. Asper did not go along and publicly did 0:21:20.240 --> 0:21:24.800 not go along with Trump's UM request for the invoking 0:21:24.840 --> 0:21:28.280 of the Insurrection Act, which would allow the US military 0:21:28.359 --> 0:21:33.320 to operate against Americans on American soil. UM. It's rarely used, 0:21:33.359 --> 0:21:35.399 I think the last time, I mean it came up 0:21:35.480 --> 0:21:40.359 during the Civil War obviously, UM, but the UM but 0:21:40.640 --> 0:21:42.840 he refused to go along with that and put out 0:21:42.840 --> 0:21:46.880 a statement saying so and I guess um the president 0:21:46.920 --> 0:21:48.879