WEBVTT - Crash Course in Crisis Leadership

0:00:00.160 --> 0:00:04.160
<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

0:00:04.240 --> 0:00:08.719
<v Speaker 1>quick takes. Tim Stinovic on Bloomberg Radio Fed Wednesday up.

0:00:08.760 --> 0:00:10.399
<v Speaker 1>That was a big deal. But we also just came

0:00:10.440 --> 0:00:13.000
<v Speaker 1>from the plaza where we were surrounded by a bunch

0:00:13.039 --> 0:00:19.680
<v Speaker 1>of leaders, heads of companies, heads of state, heads of organizations, nonprofits, you, governor,

0:00:19.680 --> 0:00:22.599
<v Speaker 1>to there. There were definitely a lot of politicians as well,

0:00:22.720 --> 0:00:25.439
<v Speaker 1>and it made us think a lot about leadership, and

0:00:25.480 --> 0:00:27.639
<v Speaker 1>our next guest has a lot to say when it

0:00:27.640 --> 0:00:30.520
<v Speaker 1>comes to being a prepared leader. We're talking about Erica

0:00:30.680 --> 0:00:33.000
<v Speaker 1>H James. She's dean of the Wharton School at the

0:00:33.080 --> 0:00:37.040
<v Speaker 1>University of Pennsylvania. She joins US now via zoom from Philadelphia.

0:00:37.400 --> 0:00:39.880
<v Speaker 1>You've heard it before, but it's worth repeating. New Book along,

0:00:39.920 --> 0:00:42.880
<v Speaker 1>written along with Lynn Perry Wootton, is the prepared leader

0:00:42.880 --> 0:00:46.760
<v Speaker 1>emerged from any crisis more resilient than before. Erica, it's

0:00:46.760 --> 0:00:48.640
<v Speaker 1>good to have you on a Bloomberg Business Week. How

0:00:48.680 --> 0:00:51.879
<v Speaker 1>are you? I'm great, Tim Carol, thanks for having me.

0:00:52.240 --> 0:00:55.000
<v Speaker 1>Thanks so much for joining us. So you know, I

0:00:55.000 --> 0:00:59.320
<v Speaker 1>know that you and Um Lynn wouldn't have done decades

0:00:59.360 --> 0:01:03.120
<v Speaker 1>of research into leadership. What is the sort of common

0:01:03.160 --> 0:01:07.480
<v Speaker 1>thread that ties all leaders together, whether we're talking about

0:01:07.760 --> 0:01:12.959
<v Speaker 1>leaders of companies, leaders of business schools or or leaders

0:01:12.959 --> 0:01:17.119
<v Speaker 1>of countries. Well, there's more than just one common thread,

0:01:17.240 --> 0:01:19.520
<v Speaker 1>but I think there are a couple that are really important.

0:01:19.560 --> 0:01:23.120
<v Speaker 1>One is a focus on what you're trying to achieve.

0:01:23.360 --> 0:01:26.680
<v Speaker 1>What's the outcome? WHAT'S THE VISION? What's the direction that

0:01:26.720 --> 0:01:31.399
<v Speaker 1>you want to take your organization, Your City, Your Unit Um?

0:01:31.440 --> 0:01:34.960
<v Speaker 1>And then the second is the ability to communicate effectively

0:01:35.080 --> 0:01:38.280
<v Speaker 1>so that people buy into what it is you are

0:01:38.319 --> 0:01:40.200
<v Speaker 1>asking them to do in order to get to that

0:01:40.280 --> 0:01:43.520
<v Speaker 1>outcome or get to that vision. So communication of your

0:01:43.600 --> 0:01:46.480
<v Speaker 1>outcome or desired end goal are the two things that

0:01:46.520 --> 0:01:49.680
<v Speaker 1>are common among all leaders. has there been any kind

0:01:49.720 --> 0:01:52.600
<v Speaker 1>of rethink on leadership coming off the COVID pandemic? I

0:01:52.640 --> 0:01:55.600
<v Speaker 1>do think, you know, all leaders kind of took a

0:01:55.680 --> 0:01:58.840
<v Speaker 1>real deep look at themselves and and and their strategies

0:01:58.880 --> 0:02:01.640
<v Speaker 1>and how they deal with employer employees, especially as I

0:02:01.640 --> 0:02:04.840
<v Speaker 1>feel like employees still a bit in the driver's seat

0:02:05.240 --> 0:02:07.040
<v Speaker 1>at this point, when you've got a lot of workers

0:02:07.120 --> 0:02:08.640
<v Speaker 1>are still saying I'm going to work at home, why

0:02:08.639 --> 0:02:10.600
<v Speaker 1>I don't want to come back to the office. Um.

0:02:10.600 --> 0:02:12.800
<v Speaker 1>But tell us about kind of the impact of the pandemic.

0:02:14.280 --> 0:02:18.600
<v Speaker 1>I think the pandemic rocked everyone's world and you know

0:02:18.680 --> 0:02:22.120
<v Speaker 1>what we thought to be true? The safety was which

0:02:22.160 --> 0:02:26.359
<v Speaker 1>we thought are our universe operated in, was all sort

0:02:26.400 --> 0:02:30.400
<v Speaker 1>of thrown up in in in the wind. Uh. So

0:02:30.520 --> 0:02:33.760
<v Speaker 1>I do think that leaders are thinking about their responsibilities differently.

0:02:33.880 --> 0:02:37.080
<v Speaker 1>I think they're thinking about their outcomes differently, I think

0:02:37.120 --> 0:02:40.120
<v Speaker 1>they're thinking about their people differently and to your point,

0:02:40.280 --> 0:02:44.720
<v Speaker 1>Carol Um, that rethink is being pushed a lot by

0:02:45.120 --> 0:02:49.040
<v Speaker 1>employees and recognizing that they are in the driver's seat.

0:02:49.120 --> 0:02:51.280
<v Speaker 1>They have a lot that they want to contribute, but

0:02:51.320 --> 0:02:54.760
<v Speaker 1>they want to contribute in their own way and under

0:02:54.800 --> 0:02:57.440
<v Speaker 1>their own terms, and I think leaders are now trying

0:02:57.480 --> 0:03:00.080
<v Speaker 1>to come to terms with how do we manage in

0:03:00.120 --> 0:03:03.560
<v Speaker 1>an environment where, you know, they were in charge, they

0:03:03.600 --> 0:03:06.040
<v Speaker 1>set the rules, they set the policies and now have

0:03:06.200 --> 0:03:10.760
<v Speaker 1>to be flexible to changing demographic and changing interests of

0:03:10.800 --> 0:03:13.320
<v Speaker 1>their key stakeholders. Isn't this a good thing? Isn't this

0:03:13.360 --> 0:03:16.680
<v Speaker 1>a great thing? It is a great thing and it

0:03:16.720 --> 0:03:19.079
<v Speaker 1>will be a great thing over time. I think right

0:03:19.080 --> 0:03:23.000
<v Speaker 1>now we're caught up in this middle stage where we're

0:03:23.000 --> 0:03:26.920
<v Speaker 1>not quite sure where to exert influence and pressure and

0:03:26.960 --> 0:03:31.359
<v Speaker 1>where to pull back. And until we sort of normalize Um,

0:03:31.400 --> 0:03:36.000
<v Speaker 1>the flexibility, until we normalize what you know, the need

0:03:36.040 --> 0:03:39.720
<v Speaker 1>to listen to a variety of stakeholders and and add

0:03:39.760 --> 0:03:42.080
<v Speaker 1>their and put into the equation of our decision making,

0:03:42.320 --> 0:03:44.840
<v Speaker 1>we're going to still be going through a pretty rocky period,

0:03:45.000 --> 0:03:48.040
<v Speaker 1>I would argue, for a couple of years actually. You know,

0:03:48.080 --> 0:03:50.000
<v Speaker 1>it is interesting too, when I think about a crisis

0:03:50.000 --> 0:03:51.680
<v Speaker 1>like I hit you right and you're in the midst

0:03:51.720 --> 0:03:53.040
<v Speaker 1>of it, you've got to deal with it and you're

0:03:53.080 --> 0:03:55.800
<v Speaker 1>running around, you know, putting out fires and so on

0:03:55.840 --> 0:03:58.640
<v Speaker 1>and so forth. But there are crisis that you know,

0:03:58.920 --> 0:04:01.760
<v Speaker 1>as a result, stay with a company or a leader

0:04:01.840 --> 0:04:04.040
<v Speaker 1>for a long time. How do you think about that?

0:04:05.120 --> 0:04:07.760
<v Speaker 1>So in our work we talked about two different kinds

0:04:07.760 --> 0:04:10.280
<v Speaker 1>of crisis. We talked about the sudden crisis, which is,

0:04:10.440 --> 0:04:12.480
<v Speaker 1>as you describe, something that sort of happens out of

0:04:12.480 --> 0:04:15.520
<v Speaker 1>the blue, we didn't really anticipate it, and oftentimes it's

0:04:15.520 --> 0:04:19.440
<v Speaker 1>an externally imposed threat. So you know, the weather conditions

0:04:19.560 --> 0:04:21.880
<v Speaker 1>in Puerto Rico right now are a crisis for that

0:04:21.920 --> 0:04:26.320
<v Speaker 1>region of the world. Um At, a Paris attack is

0:04:26.360 --> 0:04:31.679
<v Speaker 1>a crisis that happens pretty suddenly. And yet the kinds

0:04:31.680 --> 0:04:33.800
<v Speaker 1>of crisis that we tend to deal with on a

0:04:33.880 --> 0:04:36.559
<v Speaker 1>day to day basis but never really invest in learning

0:04:36.560 --> 0:04:39.240
<v Speaker 1>how to manage them well, or what we call smoldering crises.

0:04:39.520 --> 0:04:41.880
<v Speaker 1>Those are those things that are internal to the organization,

0:04:42.080 --> 0:04:45.880
<v Speaker 1>oftentimes the function of poor decision making or in attention

0:04:45.920 --> 0:04:49.200
<v Speaker 1>to particular issues, that just bubble onto the surface for

0:04:49.320 --> 0:04:52.480
<v Speaker 1>quite some time until they erupt into something pretty significant.

0:04:53.080 --> 0:04:56.440
<v Speaker 1>And I think both of both kinds of crises matter

0:04:56.480 --> 0:04:58.640
<v Speaker 1>and we need to be responsive to them, but we

0:04:58.720 --> 0:05:03.120
<v Speaker 1>tend to we in the UH, you know, create practices

0:05:03.200 --> 0:05:05.839
<v Speaker 1>around the sudden crisis and less so about around the

0:05:05.839 --> 0:05:08.200
<v Speaker 1>small green ones. We do want to get back to

0:05:08.240 --> 0:05:10.280
<v Speaker 1>our guest. We're talking with Erica James, dean of the

0:05:10.279 --> 0:05:13.720
<v Speaker 1>Wharton School at the University of Pennsylvania. She and her

0:05:13.760 --> 0:05:18.200
<v Speaker 1>co writer have a new book out with Lynn Perry Wooden.

0:05:18.320 --> 0:05:21.279
<v Speaker 1>It is called the prepared it's been a long day.

0:05:21.360 --> 0:05:25.360
<v Speaker 1>The prepared leader emerged from any crisis more resilient than before.

0:05:25.880 --> 0:05:28.360
<v Speaker 1>Um Erica, one thing I wanted to ask you. We're

0:05:28.400 --> 0:05:31.559
<v Speaker 1>always interested in particular leaders and I'm curious what leaders

0:05:31.600 --> 0:05:35.880
<v Speaker 1>you looked at uh in terms of what do you say? Well,

0:05:35.960 --> 0:05:38.120
<v Speaker 1>I was just gonna I'm so sorry to interrupt your carrol.

0:05:38.560 --> 0:05:41.480
<v Speaker 1>There are there are some really good Um blurbs on

0:05:41.520 --> 0:05:44.440
<v Speaker 1>the back of the book from familiar leaders. Ross brewer

0:05:44.680 --> 0:05:48.960
<v Speaker 1>over at Walgreens, boots alliance, at bastion, Delta, James Gorman, chairman,

0:05:49.000 --> 0:05:51.159
<v Speaker 1>and Ce old Morgan Stanley. So I mean they've read

0:05:51.160 --> 0:05:55.720
<v Speaker 1>the book. Yeah, but we're wondering about lessons like, you know,

0:05:55.920 --> 0:05:58.400
<v Speaker 1>who specifically we should be looking at? Yeah, Erica, like

0:05:58.480 --> 0:06:00.480
<v Speaker 1>it's just in this world it's so phone to get

0:06:00.520 --> 0:06:02.640
<v Speaker 1>some specific examples of like kind of leaders that you

0:06:02.640 --> 0:06:05.039
<v Speaker 1>guys have looked at who have come under pressure and

0:06:05.080 --> 0:06:08.520
<v Speaker 1>had maybe their leadership tested. Yeah, well, I mean you

0:06:08.640 --> 0:06:12.800
<v Speaker 1>named three terrific ones, all of whom were leading tremendously

0:06:12.839 --> 0:06:17.760
<v Speaker 1>important organizations. UH, during the during the pandemic. You know

0:06:18.040 --> 0:06:22.920
<v Speaker 1>that the transportation industry was thrown for a loop in

0:06:22.960 --> 0:06:25.080
<v Speaker 1>the middle of the pandemic, and so what was you know,

0:06:25.120 --> 0:06:29.040
<v Speaker 1>at bastion leading Delta through that? I remember talking with

0:06:29.080 --> 0:06:31.960
<v Speaker 1>the colleague a Delta who said, Erica, this was the

0:06:32.080 --> 0:06:35.680
<v Speaker 1>day that our revenue basically went to zero, which meant

0:06:35.800 --> 0:06:39.920
<v Speaker 1>nobody was flying anywhere on Delta Airlines and that's a

0:06:39.960 --> 0:06:43.880
<v Speaker 1>pretty tough place to come back from. Uh. So I

0:06:44.240 --> 0:06:47.760
<v Speaker 1>he is a CEO that I admire tremendously and what

0:06:47.880 --> 0:06:50.120
<v Speaker 1>he's been able to do both in terms of, you know,

0:06:50.160 --> 0:06:53.839
<v Speaker 1>through the pandemic, managing all of the different mandates around

0:06:53.880 --> 0:06:58.080
<v Speaker 1>mask wearing, not mask, not mask wearing, that the political

0:06:58.640 --> 0:07:01.960
<v Speaker 1>dynamic that is a part of that conversation, managing the

0:07:02.760 --> 0:07:08.320
<v Speaker 1>Um the passengers on the plane and increased fighting and

0:07:08.480 --> 0:07:12.280
<v Speaker 1>all sorts of stuff, and they handled that as well

0:07:12.280 --> 0:07:15.040
<v Speaker 1>as could be expected under the circumstances and I think

0:07:15.200 --> 0:07:17.800
<v Speaker 1>part of what we saw in his leadership, for example,

0:07:18.520 --> 0:07:22.360
<v Speaker 1>was a willingness to be really authentic, to talk very

0:07:22.400 --> 0:07:25.960
<v Speaker 1>clearly about what they their decision making, why they were

0:07:26.000 --> 0:07:29.880
<v Speaker 1>making their decisions. UH, set new guidelines, allow other people

0:07:29.880 --> 0:07:32.240
<v Speaker 1>in the organization to come forward with their ideas and

0:07:32.280 --> 0:07:36.960
<v Speaker 1>thoughts for for managing the situation and just sort of

0:07:37.160 --> 0:07:41.200
<v Speaker 1>being in the throes of this with employees to get better.

0:07:42.640 --> 0:07:45.600
<v Speaker 1>Dean James, I'm wondering if you know in your classroom

0:07:45.800 --> 0:07:50.760
<v Speaker 1>you can identify, just by interacting with students who are

0:07:50.760 --> 0:07:58.920
<v Speaker 1>going to be the next CEO Su a fair question.

0:08:00.200 --> 0:08:04.000
<v Speaker 1>Good question. UH, no pressure. The students are listening and

0:08:04.120 --> 0:08:07.400
<v Speaker 1>right yes, Um, it's it's hard to know for sure,

0:08:07.520 --> 0:08:11.600
<v Speaker 1>but clearly there are people who have this spark about them,

0:08:11.640 --> 0:08:14.280
<v Speaker 1>who are very articulate and what it is they're trying

0:08:14.320 --> 0:08:17.240
<v Speaker 1>to achieve for their life or what problem they're trying

0:08:17.280 --> 0:08:20.880
<v Speaker 1>to solve, and you can tell that they will be

0:08:20.920 --> 0:08:24.120
<v Speaker 1>in a significant leadership role. Whether they are CEO or

0:08:24.160 --> 0:08:28.200
<v Speaker 1>whether they're an entrepreneur. That's more difficult to predict, but

0:08:28.320 --> 0:08:32.040
<v Speaker 1>there are some people who are just so clearly focused

0:08:32.640 --> 0:08:36.880
<v Speaker 1>on contributing good into the world in some way that

0:08:36.920 --> 0:08:39.720
<v Speaker 1>you know that they're going to rise to some significant

0:08:39.800 --> 0:08:44.840
<v Speaker 1>level in society. It's so I mean I'm just trying

0:08:44.880 --> 0:08:46.640
<v Speaker 1>to think right now about people I was in school

0:08:46.679 --> 0:08:49.439
<v Speaker 1>with who have, you know, mostly high school at this point,

0:08:49.440 --> 0:08:52.480
<v Speaker 1>who have gone on to incredible careers that I would

0:08:52.480 --> 0:08:55.880
<v Speaker 1>never have guessed for them. And what what really, you know,

0:08:56.800 --> 0:08:58.599
<v Speaker 1>surprised me about them and if they had that that

0:08:58.760 --> 0:09:03.160
<v Speaker 1>leadership style, well, well, well, just to build on Tim

0:09:03.200 --> 0:09:05.680
<v Speaker 1>like I think you know, is it fair to say, Erica,

0:09:05.720 --> 0:09:10.119
<v Speaker 1>that people can have qualities that would make them initially

0:09:11.160 --> 0:09:13.520
<v Speaker 1>put them in a position to lead something, but then

0:09:13.559 --> 0:09:17.319
<v Speaker 1>it comes to maybe leaders who can do well when

0:09:17.360 --> 0:09:20.400
<v Speaker 1>everything's doing well, versus the leader who all of a

0:09:20.440 --> 0:09:24.320
<v Speaker 1>sudden is faced with a test or a major crisis. Well,

0:09:24.360 --> 0:09:27.360
<v Speaker 1>I love that question, and one of the reasons is

0:09:27.520 --> 0:09:32.120
<v Speaker 1>we tend to think that our title informs how effective

0:09:32.120 --> 0:09:34.560
<v Speaker 1>we will be in a time of crisis, and that's

0:09:34.600 --> 0:09:36.920
<v Speaker 1>not often the case and in fact sometimes it's the

0:09:36.960 --> 0:09:39.960
<v Speaker 1>people who are more quiet, who are more reserved, who

0:09:39.960 --> 0:09:44.400
<v Speaker 1>are readily going about their work, uh, and who aren't

0:09:44.440 --> 0:09:49.640
<v Speaker 1>the most boastful or or aggressive members of your community

0:09:49.679 --> 0:09:52.640
<v Speaker 1>that are paying attention to what's going on in the world,

0:09:52.920 --> 0:09:55.280
<v Speaker 1>are paying attention to what's going on in their organization

0:09:55.600 --> 0:09:58.560
<v Speaker 1>and it's that insight and that very quiet perspective that

0:09:58.600 --> 0:10:01.719
<v Speaker 1>allows them to stand up in times of crisis. So

0:10:02.600 --> 0:10:06.439
<v Speaker 1>the leader then needs to identify those people in the organization,

0:10:06.559 --> 0:10:08.839
<v Speaker 1>and it's not always that people can hold a particular

0:10:09.360 --> 0:10:11.840
<v Speaker 1>c suite title that are going to be the most effective.

0:10:12.320 --> 0:10:15.560
<v Speaker 1>How about this wine? Sorry, Tim that's the brain. All

0:10:15.559 --> 0:10:19.680
<v Speaker 1>of a sudden, like has kicked in. Um, women versus men?

0:10:21.280 --> 0:10:24.160
<v Speaker 1>Are there any qualities or any generalities that we can

0:10:24.200 --> 0:10:28.080
<v Speaker 1>make that women being better in crisis management or men

0:10:28.120 --> 0:10:32.800
<v Speaker 1>being better in crisis management? Yeah, well, recognizing that, to

0:10:32.960 --> 0:10:35.880
<v Speaker 1>use your word, these are generalities, but one of the

0:10:35.880 --> 0:10:39.480
<v Speaker 1>things that we observed in writing the prepared leader is

0:10:40.160 --> 0:10:44.440
<v Speaker 1>because the focus in our book was using the pandemic

0:10:45.440 --> 0:10:49.200
<v Speaker 1>as a thread throughout all different types of crises, what

0:10:49.400 --> 0:10:54.600
<v Speaker 1>we saw was women who brought to the pandemic a

0:10:54.720 --> 0:10:58.160
<v Speaker 1>humanity and a recognition. Yes, there were health related issues

0:10:58.200 --> 0:11:01.360
<v Speaker 1>that needed to be addressed, but there were also a

0:11:01.480 --> 0:11:06.920
<v Speaker 1>level of emotional issues and interpersonal, dynamic issues that were

0:11:07.000 --> 0:11:10.360
<v Speaker 1>part of this crisis that women brought to the forefront

0:11:10.440 --> 0:11:12.840
<v Speaker 1>and surfaced in a ways, in a way that many

0:11:12.840 --> 0:11:16.320
<v Speaker 1>people seem to appreciate. So that's not to say that

0:11:16.360 --> 0:11:20.000
<v Speaker 1>men can't or didn't do that, but generally some of

0:11:20.040 --> 0:11:25.120
<v Speaker 1>the characteristics that typically describe women and women's leadership found

0:11:25.600 --> 0:11:30.760
<v Speaker 1>value in this particular crisis, which I think informs how

0:11:30.800 --> 0:11:33.679
<v Speaker 1>we should think about the needs that are necessary for

0:11:33.679 --> 0:11:37.560
<v Speaker 1>for leaders going forward. Before we let you go, just

0:11:37.679 --> 0:11:40.760
<v Speaker 1>what's one leadership lesson you can leave with our listeners

0:11:40.760 --> 0:11:43.400
<v Speaker 1>and our viewers at the end of the day here,

0:11:44.640 --> 0:11:47.640
<v Speaker 1>I think the most important thing is to remember that

0:11:47.720 --> 0:11:50.800
<v Speaker 1>people are the are at the heart of what you're doing.

0:11:50.880 --> 0:11:53.160
<v Speaker 1>You're running a company which is not just the brick

0:11:53.200 --> 0:11:56.320
<v Speaker 1>and mortar. It is actually the people you are working for,

0:11:56.520 --> 0:12:01.680
<v Speaker 1>people your your your shareholders, your customer Mers, your clients,

0:12:01.720 --> 0:12:05.679
<v Speaker 1>and understanding what it is they need and being responsive

0:12:05.760 --> 0:12:09.720
<v Speaker 1>to those needs is really, really critical, and sometimes it's

0:12:09.840 --> 0:12:13.480
<v Speaker 1>very easy to get sidetracked by other things that are

0:12:13.520 --> 0:12:18.200
<v Speaker 1>actually less, less Germane, but may sort of capture your

0:12:18.200 --> 0:12:20.160
<v Speaker 1>attention and we lose side of the fact that we

0:12:20.200 --> 0:12:22.640
<v Speaker 1>need to be responsive to the people in our organizations,

0:12:22.640 --> 0:12:25.520
<v Speaker 1>both our employees and our customers. Some great advice to

0:12:25.840 --> 0:12:28.600
<v Speaker 1>wrap up on this Wednesday. Hey, Erica. Thank you so much, Erica.

0:12:28.679 --> 0:12:31.599
<v Speaker 1>James Diana the Morton School at the University of Pennsylvania.

0:12:31.640 --> 0:12:34.280
<v Speaker 1>Check out her new book written with Lynn Perry Wooten.

0:12:34.559 --> 0:12:38.600
<v Speaker 1>The prepared leader emerged from any crisis more resilient than before.

0:12:38.640 --> 0:12:41.120
<v Speaker 1>It's basically like learned from the crisis. Yeah, it's cool,

0:12:41.160 --> 0:12:42.600
<v Speaker 1>but you know, she's also she's a professor, but she's

0:12:42.640 --> 0:12:44.880
<v Speaker 1>also a board member. She's on Morgan Stanley's board. She's

0:12:44.880 --> 0:12:47.360
<v Speaker 1>on Morgan, she's on survey monkey's board too. So she's

0:12:47.400 --> 0:12:49.440
<v Speaker 1>got a lot of practical experience as well, privy to

0:12:49.480 --> 0:12:52.000
<v Speaker 1>a lot of probably interesting conversations in times of real

0:12:52.040 --> 0:12:54.800
<v Speaker 1>stress Um. That will do it for the this fed

0:12:54.840 --> 0:12:57.400
<v Speaker 1>Wednesday for Tim Stanovic and the Hol Bloomberg Business Week

0:12:57.400 --> 0:12:59.680
<v Speaker 1>team of a good and safe evening. This is Bloomberg

0:12:59.720 --> 0:12:59.960
<v Speaker 1>Radio