Speaker 1: This is Bloomberg Business Week. I'm Carol Masser. Every day
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Speaker 1: Global News. If you're listening to Bloomberg Business Week, Carol
Speaker 1: Masser in our Bloomberg Interactor Broker Studio along with Tim
Speaker 1: Stanovic Bloomberg Quicktake. We've got to talk a little bit
Speaker 1: more about the virus because we just mentioned about BioNTech
Speaker 1: what they said that they're on target with Fightser to
Speaker 1: meet their production targets. We also have a store about
Speaker 1: Anthony Fauci slamming the UK's drug regulators saying that it
Speaker 1: rushed to clear the COVID nineteen vaccine from Fightser and Biotech.
Speaker 1: And then you've got Stage trying to figure out, okay,
Speaker 1: how many doses am I going to get Tim? Yeah,
Speaker 1: I mean that the issue among the many issues is
Speaker 1: that there's no sort of standardized rollout program for this
Speaker 1: and does envision a scenario where, I mean some states
Speaker 1: don't even have the technology right now to keep a
Speaker 1: large number of these visor doses cold for a significant
Speaker 1: period of time. Yeah, So there's so much that we
Speaker 1: still have or that we need answers to. Let's get
Speaker 1: into all of this with Dr Ian LUs Better back
Speaker 1: with us as he is on every Friday, Clinical Associate
Speaker 1: Professor Medicine at n y U Land Going Medical Center
Speaker 1: with us on the phone in New York City. Hey, Ian,
Speaker 1: nice to have you here with Tim and myself. Um,
Speaker 1: so what stood out for you this week because we've
Speaker 1: got a lot of headlines to go through for sure.
Speaker 1: Happy Friday. CONTI hope, I hope you guys are staying
Speaker 1: safe and doing well. Yeah, definitely some challenges. You know,
Speaker 1: we're seeing more cases locally, you know, here in the
Speaker 1: Tri state areas, certainly nothing comparing to the to the
Speaker 1: Midwest and out west, where you know the record recording
Speaker 1: a large number of hospitalizations and deaths and taking you know,
Speaker 1: certainly more extreme measures of shutdown Uh. Locally though, we
Speaker 1: are very excited because we've gotten word that we should
Speaker 1: be expecting the FIS vaccine delivery about mid December, probably
Speaker 1: around December fifty you specifically in ny U landown n
Speaker 1: y U line going is expecting. We got a call
Speaker 1: from you know, one of our senior administrators and uh,
Speaker 1: you know they're sort of working out exactly how that's
Speaker 1: going to be, you know, distributed. My senses, these come
Speaker 1: in you know, large boxes and dry ice and have
Speaker 1: to be kept you know, frozen, so around the country
Speaker 1: and certainly here distribution will be uh an issue. But
Speaker 1: each box has approximately five thousand, a little under five
Speaker 1: thousand doses, and uh there are so we're in the
Speaker 1: range of practices, you know, uh the faculty group practice
Speaker 1: and of course hospitals and so forth. So I think, um,
Speaker 1: it's going to be a little bit of a logistical challenge,
Speaker 1: you know. Fortunately, UM, it's not an emergency, uh, and
Speaker 1: it's going to be on a voluntary basis. Interestingly enough,
Speaker 1: really it's mandatory to have your flu shot, which is
Speaker 1: only about effective, but it is really everyone who is
Speaker 1: seeing patients is supposed to get a flu shot. Um,
Speaker 1: but it's not yet mandatory, certainly for COVID. I think
Speaker 1: most people, at least the colleagues I speak to, are
Speaker 1: very enthused and are you ready to line up to
Speaker 1: get it? It is going to be two vaccines, two shots,
Speaker 1: approximately a month apart. So well what about you, dr?
Speaker 1: Are you going to get it? You'll be among the
Speaker 1: first in line, uh, if they'll let me. I mean, look,
Speaker 1: you are your your medical provider. You're on the front lines.
Speaker 1: I mean this is this is this shipment's meant for you? Right? Absolutely, yes,
Speaker 1: And that's the understanding. I actually thought the very first
Speaker 1: people who would get it would be the in hospital uh, physicians,
Speaker 1: the hospitalists and critical care specialists, because they are literally
Speaker 1: bathing and COVID you know, in the patients that are
Speaker 1: in the hospital and isolation rooms and so forth. Many
Speaker 1: of those patients are very sick and need you know,
Speaker 1: very close care, the you know, the intensive care nurses
Speaker 1: and so forth. But my understanding is it's really going
Speaker 1: to be apparently available to all of the you know,
Speaker 1: frontline health professionals, which is great. So be for the
Speaker 1: end of December or early January if most of us
Speaker 1: can get it. Again, it's two doses, so a month
Speaker 1: later you'd get the second dose. I think people are
Speaker 1: very enthused about it. Yeah, it sounds a way. I've
Speaker 1: got to ask you a question. It keeps kind of
Speaker 1: coming up at home. Why do they need to be
Speaker 1: kept so cold in this for preservation? This particular formulation
Speaker 1: is you know, minus seventy three you know centigrade. Uh,
Speaker 1: And that makes it very difficult shipped on dry ice.
Speaker 1: The Maderna vaccine, not that we're playing you know, favorites here, uh,
Speaker 1: is it doesn't need to be kept quite as cold.
Speaker 1: That's not going to be probably approved or distributed until later. Well,
Speaker 1: it's very effective both very similar technology this messenger or
Speaker 1: in a technology which is new. Uh. And I think
Speaker 1: people have some concerns, but really all of the data
Speaker 1: we've seen seems to be very encouraging. No vaccine is safe.
Speaker 1: There are and certainly with a flu shot, you know,
Speaker 1: we do see dion Bret syndrome and this transfer smilelitis.
Speaker 1: There are side effects. So but we're really not seeing
Speaker 1: that much from this particular class of a vaccine. So
Speaker 1: so let's say you do get proved in the UK.
Speaker 1: Let's say you do get this this vaccine, and you
Speaker 1: get it close to mid December, you get it in
Speaker 1: another month for your your second dose. How do you
Speaker 1: anticipate that your behavior is going to change in the
Speaker 1: spring and in the late winter. That's a great question. Uh, certainly,
Speaker 1: I think you know, for me, when I see patients,
Speaker 1: I put on an N ninety mask, goggles, um. When
Speaker 1: we do procedures like colonoscopy. You know we're gowned up
Speaker 1: when gloves um and so it is stressful and uncomfortable
Speaker 1: walking around all day with the mask and goggles um.
Speaker 1: And so I think certainly I would think about switching
Speaker 1: to a surgical mask which fits a lot looser. You know,
Speaker 1: you don't feel quite as restricted. Um. And I think
Speaker 1: is more people get vaccinated, Uh, the level of tension
Speaker 1: will go down. There is a little bit of anxiety
Speaker 1: when you're seeing patients and you realize this person could
Speaker 1: hurt me. I'm here to help them, but they could
Speaker 1: potentially hurt me. That takes a toll when you've been
Speaker 1: doing that month after month. So Dr les Bader Tim
Speaker 1: just shared with me a story, um, and we were
Speaker 1: just talking about it a little bit. How New York
Speaker 1: has one of America's lowest per capita rates of COVID
Speaker 1: nineteen hospitalizations, but it's surrounded by states UM that are
Speaker 1: far worse and that that's pretty much dangerous sign and
Speaker 1: perhaps a sign of what's to come. Do. What are
Speaker 1: you seeing and what are your expectations? So that's really
Speaker 1: a similar question that I and my colleagues have raised.
Speaker 1: Certainly know we're seeing some pockets of outbreaks, you know
Speaker 1: in Brooklyn and UH, some out in Long Island, UH
Speaker 1: and definitely a few more hospitalizations for COVID, but nothing
Speaker 1: like March and April. And we're certainly not seeing the
Speaker 1: huge surge that's going on in the Midwest and out west.
Speaker 1: And we ask, you know, why is this not happening?
Speaker 1: And I think, you know, I'm guessing, but I think
Speaker 1: there are a few possibilities. One is, I think New
Speaker 1: Yorkers have been very meticulous and wearing masks outside of
Speaker 1: a few areas UM too. I think we've had a
Speaker 1: lot of patients who were second have gotten sick during
Speaker 1: really UM March and April, and we're seeing a lot
Speaker 1: of antibody positivity, a number of patients who either had
Speaker 1: mild symptoms or sometimes severe symptoms. And I think the
Speaker 1: estimate is at least twenty of people at least in
Speaker 1: the New York City area that have positive antibodies, and
Speaker 1: we typically think HERD immunity is somewhere in the fifties,
Speaker 1: sixties seventy percent range. But I think when you have
Speaker 1: a large population that is antibody positive and there even
Speaker 1: maybe more than that because the antibodies fade and your
Speaker 1: left with cellular T cell immunity. So I think there
Speaker 1: are a number of people who've actually had this UM
Speaker 1: and that's why I think we're not seeing it spread
Speaker 1: quite like wildfire as we're seeing out west and in
Speaker 1: the Midwest. But fortunately we are we are seeing a
Speaker 1: slight increase but not a huge increase in the number
Speaker 1: of hospitalizations. Do you think that's going to remain like this?
Speaker 1: I mean, obviously you can't make predictions, but but given
Speaker 1: what we saw every Thanksgiving, the way that people were traveling,
Speaker 1: given what people's plans are perhaps for the Christmas holiday
Speaker 1: in late December holidays, I mean this this could go up. Yeah, Tim,
Speaker 1: that's an excellent point. And we do expect, um uh,
Speaker 1: with sort of less social distancing over Thanksgiving and and
Speaker 1: and the December holidays, um that we will see a
Speaker 1: bump is certainly in positive cases usually too three weeks
Speaker 1: after after that time, So there's definitely going to be
Speaker 1: a bump in the number of cases. Will there be
Speaker 1: a bump in the number of hospitalizations, probably somewhat, you know, Again,
Speaker 1: we do have to remember the vast majority of people
Speaker 1: who get this, certainly young people or people below seventy
Speaker 1: you know, may get sick, but they do fairly well.
Speaker 1: They don't all get um hospitalized. Now, if older people
Speaker 1: or people with lung disease, hypertension, obesity, ETCeteras, diabetes, if
Speaker 1: they've been exposed, and they really shouldn't be exposed because
Speaker 1: they should know really to isolate and not socialize. But
Speaker 1: if they've been exposed, we do expect certainly a bump
Speaker 1: in cases. But I think New York has been so
Speaker 1: far the tries this area at least relatively spared because
Speaker 1: a lot of people have already um had it. But
Speaker 1: according to COVID, the COVID Tracking Project, single day case
Speaker 1: records are set yesterday in Vermont, Rhode Island, New Jersey, Massachusetts, Pennsylvania.
Speaker 1: I'm just thinking that's, like, as Tim said earlier, like
Speaker 1: everything around New York um DR Lesbader just seems to
Speaker 1: be increasing absolutely in those areas. You know, Vermont main
Speaker 1: Upper New England was really spared during the March and
Speaker 1: April time period. So I think we're seeing and this
Speaker 1: is what happened in nineteen eighteen. You know, there were
Speaker 1: areas of the country as it went around the country
Speaker 1: in these different waves that thought, oh gosh, we're going
Speaker 1: to escape it. And of course they didn't escape it
Speaker 1: because this is what happens in pandemics. But my sense
Speaker 1: is we are not going to have anywhere near that
Speaker 1: same lethality as um is the Spanish flu in in
Speaker 1: nineteen eighteen. You know, we have vaccines that are going
Speaker 1: to be administered within the next few weeks um. But
Speaker 1: I do think those other areas that were not hit
Speaker 1: are having, you know, terrible surges. Hopefully they've had time
Speaker 1: to prepare, knowing what happened and knowing what they need
Speaker 1: with personal protective equipment, dental lators. Hopefully they're prepared for that,
Speaker 1: and hopefully their population new you know, not to push
Speaker 1: the envelope if you're at risk, don't socialize, don't go out.
Speaker 1: I've got patients who literally have been in homes in
Speaker 1: Massachusetts for you know, eight months now only going out,
Speaker 1: you know, for shopping because they're afraid of exposure. Obviously
Speaker 1: not everyone can do that, but potensible people in those
Speaker 1: areas hopefully have been isolating. Yeah, exactly. Hey, thank you
Speaker 1: so much. As always, stay safe, be well, and we'll
Speaker 1: talk to you next week. Dr Iain Los Beta, Clinical
Speaker 1: Associate Professor Medicine at n y U Land Going Medical Center.
Speaker 1: On the phone in New York City, you're listening to
Speaker 1: Bloomberg Business Week with Carol Messer on Bloomberg Radio. People
Speaker 1: talk about the productivity that comes working remotely. Well, if
Speaker 1: I work seven days a week, you know, fifteen sixteen
Speaker 1: hours a day, I don't take any holidays at least
Speaker 1: for a period of time, I'm going to be more productive.
Speaker 1: But I think there's there's two access to that chart.
Speaker 1: One is certainly the productivity measured over longer periods of time.
Speaker 1: But I also think the other pieces creativity and what
Speaker 1: mindful of which I don't want to wake up as
Speaker 1: a as a as a company. I don't want to
Speaker 1: wake up as an industry and have hollowed our skill
Speaker 1: sets out. All right, If you didn't recognize the voice
Speaker 1: that was City Group CEO Michael Corbett in a televised
Speaker 1: interview with Carlyle's David Rubinstein, host a peer to peer
Speaker 1: on Bloomberg Radio and TV that was at a Bloomberg
Speaker 1: invest Talks event that aired earlier today. Tim, I feel
Speaker 1: like this is gonna be. This is what everybody's discussing
Speaker 1: about working from home. Are we more productive? Less productive?
Speaker 1: Will it continue? He obviously has some second thoughts about it. Yeah,
Speaker 1: and I only have second thoughts about it. I have
Speaker 1: first thoughts about it. Um. I think it's on a
Speaker 1: case by case basis, and of course it changes depending
Speaker 1: on what you do for work. Yeah, exactly. And it's
Speaker 1: a luxury to be able to work from home, right
Speaker 1: as we've seen right in the pandemic that a lot
Speaker 1: of people can't do that. This story, those comments by
Speaker 1: Michael Corbett, it is among our most read stories on
Speaker 1: the Bloomberg and Jenny Seraine wrote about it specifically. She's
Speaker 1: financial porter at Bloomberg News. She's with us on the
Speaker 1: phone from New York City. Hey, Jenny on, nice to
Speaker 1: have you here. So Michael Corbett not holding back there, No,
Speaker 1: definitely not. And you know he's really been um, pretty
Speaker 1: much an advocate for getting his employees back eventually slowly um,
Speaker 1: but really hasn't been um, you know, saying that they
Speaker 1: would be moving towards the more permanent work from home structure.
Speaker 1: So it's very consistent, but this is kind of a
Speaker 1: new tack the productivity questions. That was kind of interesting
Speaker 1: to hear from him today. I think there will be
Speaker 1: this balance though, between what it does to productivity and
Speaker 1: also what it does for when it comes to the
Speaker 1: real estate footprint of these companies, because they can save
Speaker 1: so much money, especially if if these companies do what
Speaker 1: Silicon Valley companies are doing, which is pay people less
Speaker 1: if they leave Silicon Valley for example. Yeah, Michael, you know,
Speaker 1: that's a good point, Jenny, did Michael Did Corbett say, yeah,
Speaker 1: we're ready to have they made any changes in terms
Speaker 1: of real estate needs or it sounds like not because
Speaker 1: he expects everybody or wants everybody to come back. Yeah.
Speaker 1: So they had actually been in the process of kind
Speaker 1: of shrinking their New York footprint already, and so I
Speaker 1: think they had already been on that, on that plan,
Speaker 1: and so this coming definitely accelerated that and and kind
Speaker 1: of helps them maybe consolidate a little bit more. But
Speaker 1: he did say, you know, probably not everyone will have
Speaker 1: been back in the office full time. It probably will
Speaker 1: allow us to think our real estate fook print um
Speaker 1: in some way. But really really help back from saying
Speaker 1: that there was going to be some more permanent wide
Speaker 1: breadgets or about work at any group. Yeah, I feel
Speaker 1: like I'm hearing from more people, especially in the financial community,
Speaker 1: that their expectations are it's going to be him very,
Speaker 1: very different that there they won't need as much real
Speaker 1: estate that they do anticipate that workers. You know, now
Speaker 1: we're nine months in Habits are hard to change, and
Speaker 1: people like the flexibility of being able to work at home.
Speaker 1: I wonder what the implications are of this, though, doesn't
Speaker 1: mean different things for team development and the way that
Speaker 1: people work with teams. Doesn't mean different things for the
Speaker 1: way that mentors work with mentees and are able to
Speaker 1: actually nurture talent development of organizations. I mean, that's a
Speaker 1: really good point, Jenny, and I've heard that about the concerns,
Speaker 1: especially for maybe minorities and women who already have a
Speaker 1: tough time making inroads what that might mean for talent development. Yeah. Well,
Speaker 1: and Corbett brought that up as well, kind of noting that, um,
Speaker 1: he really wants to know what this will mean for
Speaker 1: the creativity that people bring to their roles. You know,
Speaker 1: so much of what happens in an office is just
Speaker 1: those kind of random moments where you run into a
Speaker 1: colleague and come up with an idea and run with it. Um,
Speaker 1: which is really hard to create in this remote virtual environment. Um.
Speaker 1: So I think that's that's kind of what he was
Speaker 1: planting to do with that comment. Um. And another six
Speaker 1: thing is just one of offices look like, you know,
Speaker 1: the group has been moving towards this open floor plan. Um.
Speaker 1: You know, is that really bople in a post pandemic wealth?
Speaker 1: I know, as we look at our open environment, like listen,
Speaker 1: that's been the rage, right, and like all of a sudden,
Speaker 1: everybody's like, ah, yeah, maybe we need some barriers here.
Speaker 1: I wonder though, how how how Corbett's position perhaps differs
Speaker 1: from those of his peer banks and those from his colleagues.
Speaker 1: What have you found at your reporting, Jenny, I think
Speaker 1: it's definitely a mix. It seems like the of some
Speaker 1: in financial service tess who are more comfortable with like
Speaker 1: a scheme where employees may work from home three days
Speaker 1: a week and come in two days a week or
Speaker 1: vice versa. UM. But I really haven't heard a lot
Speaker 1: of books and banking talk about, you know, doing the
Speaker 1: more permanent everybody works from home forever. UM. It seems
Speaker 1: like there's there's some desires for either a mix or
Speaker 1: definitely feelings like getting everyone back. UM. There's also the
Speaker 1: regulatory component. You know, banks are heavily regulated, UM. And
Speaker 1: you haven't heard much regulators on this point actually, UM,
Speaker 1: But historically they've definitely really focused on having you know,
Speaker 1: bless and seats as it were. I love this interview,
Speaker 1: and I know you went a couple of places, as
Speaker 1: did David Rubinstein with UM Corbette. But they also talked
Speaker 1: about when Wells Fargo got Wakoba uh and basically away
Speaker 1: from city group. UM. He addressed that, Yeah, it was
Speaker 1: super interesting, UM. And really what's interesting about it is
Speaker 1: he talked about wanting that branch network, which is so fascinating.
Speaker 1: You know, in the middle of HIDEM when lots of
Speaker 1: banks are closing branches, the idea that he would still
Speaker 1: rue or wish that they had that big national branch
Speaker 1: but branch um is kind of unique. So UM. Definitely
Speaker 1: a really interesting interview that Womens Bang had what about
Speaker 1: when it comes to digital banking and the way that
Speaker 1: people are banking differently, not just over the last few years,
Speaker 1: but but in the pandemic. We're talking to Joel and
Speaker 1: Bread earlier at Business Week and they had an executive
Speaker 1: form MasterCard on their list because of the way that
Speaker 1: touched touchless payments just shot up in the last year. Yeah,
Speaker 1: I mean, it's definitely true that UM consumers have really
Speaker 1: moved into roads to adopt mobile and online banking. UM
Speaker 1: and Corbet actually adjusted the fact that, you know, if
Speaker 1: they went out and said we're just we're just study
Speaker 1: to close every branch or we're ready to close you know,
Speaker 1: a lot more branches, a lot of customers would lead
Speaker 1: because even though they really like that mobile and online experience,
Speaker 1: is still has this weird desire to just be able
Speaker 1: to go in person and be able to talk to
Speaker 1: the humans. So UM, even though they're seeing you know,
Speaker 1: lest foot topic and their branches, these those you still
Speaker 1: want to have that option because without it, they really
Speaker 1: feel like consumers would would get to the bank just
Speaker 1: don't lose my money, and I'm okay, I don't need
Speaker 1: to go into the branch. Like I can do everything
Speaker 1: on my phone and I'm happy. All I know is
Speaker 1: I need to go to the A T M. Twice
Speaker 1: a year, four twice a year. Yeah, that's it now,
Speaker 1: it is right. You really don't need to go, all right,
Speaker 1: Jenny Seraine, thank you so much of a great weekend,
Speaker 1: great reporting. Jenny is, of course, finance reporter at Bloomberg
Speaker 1: News on the phone in New York City. Are you
Speaker 1: being serious or you're just like kidding? Is that what
Speaker 1: you do twice a year? This year? It will be
Speaker 1: twice just this year, but it is. I prefer not
Speaker 1: having cash. Yeah, I do too, but it's it's you know,
Speaker 1: it's not something that every everyone is accustomed to at
Speaker 1: this point. But yeah, I mean, I think with the pandemic,
Speaker 1: a lot of people change the way they're handling money.
Speaker 1: I always think about how I grew up and my
Speaker 1: dad had the envelope of cash. It's like where every
Speaker 1: It's like how everything was duld? Did you at some point?
Speaker 1: I have to hide it from you? He had it
Speaker 1: from all of us kids. There was seven of us.
Speaker 1: He had a big time. Only my mom knew where
Speaker 1: it was This is Bloomberg Business Week with Carol Messer
Speaker 1: from Bloomberg Radio. We just have a few minutes left
Speaker 1: in today's trading day. Let's get right to our market gas.
Speaker 1: Time for the Drive to the Close with David Dietz,
Speaker 1: President and chief investment strategist at Point View Wealth Management
Speaker 1: seven point three billion in assets under management. David back
Speaker 1: with us on the phone from some of New Jersey. David,
Speaker 1: good to have you here. President Elect Joe Biden being
Speaker 1: you know, rather um, you know, kind of he said,
Speaker 1: The job's report was graham. I felt like he was
Speaker 1: grimm to and just understanding the plight of a lot
Speaker 1: of Americans and the additional stimulus and aid that they need.
Speaker 1: How do you see it? And if we don't get
Speaker 1: that aid and the right amount of aid, what will
Speaker 1: that ultimately mean in terms of our economy and ultimately
Speaker 1: our financial markets. Well, absolutely, he was. It was appropriate
Speaker 1: to be grim because, of course, the jobs report for
Speaker 1: November came in short of expectations. We still have an
Speaker 1: unemployment rate which is unacceptably high, So you know, that's
Speaker 1: the bad news. Of course, juxtaposed against that is some
Speaker 1: even better news in a way, because we've got terrif
Speaker 1: announcements from not just one but three vaccine producers giving
Speaker 1: US vaccines to have an efficiency rate, and some of
Speaker 1: that's going to be rolled up for the end of
Speaker 1: the year. So we know what the causes, we know
Speaker 1: the problem, but at least we're starting to see a
Speaker 1: very bright light at the end of the tunnel. Nevertheless,
Speaker 1: it's not quite clear exactly when the population will build
Speaker 1: to get vaccinated. So for those poor people who are
Speaker 1: out of a job now or whose businesses on Main
Speaker 1: Street are going south fast, there is certainly a need
Speaker 1: for aid. I wonder how though, you know this aid
Speaker 1: comes with the divided Congress, and what what the expectations
Speaker 1: are from investors right now, especially as we see Vice
Speaker 1: President Pence right now, you know, doing a rally in
Speaker 1: Georgia because that this balance of the Senate actually hangs
Speaker 1: in Georgia. Obamba has headed there this weekend, President Trump
Speaker 1: has headed there this weekend. What is the market expecting
Speaker 1: in terms of that that turnout and not turn out
Speaker 1: with the result of the January fIF election. Well, certainly
Speaker 1: in the last ten days or so, Wall Street is
Speaker 1: getting more optimistic that we may see something before the
Speaker 1: end of the year may see something in the lame
Speaker 1: deck session. I don't know, to be honest with you.
Speaker 1: I mean, we should have had something two months ago.
Speaker 1: And the reasons we didn't get something now then probably
Speaker 1: plays into why we may not get something now, you know,
Speaker 1: from a Wall Street perspective. From my perspective, it's almost
Speaker 1: like trying to buy a stock ahead of the earnings release.
Speaker 1: So you have these negotiations before we really know the
Speaker 1: composition of the Senate um. You know, the Dems may
Speaker 1: be better off waiting. If they capture those two seats,
Speaker 1: they may get a much better deal um later on
Speaker 1: in January, and and so there is a little political
Speaker 1: games and ship people don't really know what all the
Speaker 1: cards are on the table. Nevertheless, is there time for
Speaker 1: that because Americans, as we saw with the jobs report today,
Speaker 1: they're struggling. You know, um every every week is important,
Speaker 1: and so many of these benefit programs do. And at
Speaker 1: the end of the year is I do think people
Speaker 1: sincerely want to get something done and whether people can
Speaker 1: agree on something that at least helps the American people
Speaker 1: in terms of the unemployment problem. Let's hope certainly. The market,
Speaker 1: of course, with its focus six to twelve months ahead
Speaker 1: as we're seeing today, seems to ignore that it's looking
Speaker 1: much further beyond the current problem. Well, that's what I
Speaker 1: wanted to ask you. The market. Definitely it's a discount,
Speaker 1: all right. It does look ahead, and it does seem
Speaker 1: to be discounting any of the tensions and stresses and
Speaker 1: rising cases numbers and rising hospitalization numbers. But if we
Speaker 1: don't get this aid package right now, might the market
Speaker 1: have to discount what's going on even further? You know,
Speaker 1: there's no question about it. Um You know, seventy percent
Speaker 1: American economy is based on consumer spending and is As
Speaker 1: bank accounts dwindled down and the outlook for jobs darkens,
Speaker 1: that's going to affect spending. But of course, what we
Speaker 1: saw back in March was never discount what policy makers
Speaker 1: will do for us. So we have a big meeting
Speaker 1: from the Federal Reserve UH next week. What might they do.
Speaker 1: There's a chance that they say, look, we're going to
Speaker 1: keep the amount of bomb buying going, but we're gonna
Speaker 1: target longer maturities yield curve control. That could be a
Speaker 1: shot in the arm further for the market, for the
Speaker 1: big real estate market, and could be helpful and of
Speaker 1: course right if if things get really bad, then actually
Speaker 1: the lawmakers may pass us temporary stimulus bill. All right,
Speaker 1: well still, well we will, we will certainly see what happens.
Speaker 1: David Deeds, Thank you so much, President and Chief Investment
Speaker 1: Strategies over a point view Wealth Management on the phone
Speaker 1: from Summit, New Jersey. Tongue twisted there, but you know,
Speaker 1: we know we need to get something done here. Thanks
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