Speaker 1: This is Bloomberg Business Week. I'm Carol Masser and I'm
Speaker 1: Jason Kelly. We're here every day bringing you the latest
Speaker 1: news from the world's of business and finance, plus technology, politics, economics,
Speaker 1: all harnessing the power of Bloomberg Business Week reporters and editors,
Speaker 1: not to mention our hundred journalists and analysts more than
Speaker 1: a hundred and twenty countries. You can download Bloomberg Business
Speaker 1: Week on iTunes, SoundCloud, or Bloomberg dot com. You can
Speaker 1: also listen to our radio show weekdays at two pm
Speaker 1: Eastern only on Bloomberg Radio. Back with us, I want
Speaker 1: to get right to him is Dr Ian LUs Bader,
Speaker 1: clinical Associate Professor of Medicine at n y U Landgoing
Speaker 1: Medical Center. He is on the phone from there where
Speaker 1: he's been working at one of the I c U
Speaker 1: units at the hospital. UM. Dr LUs Bader, and nice
Speaker 1: to have you here with us. I hope you're staying
Speaker 1: safe and sound. Tell us a little bit about where
Speaker 1: you are right now and some of the work that
Speaker 1: has been facing you in the last twenty four hours.
Speaker 1: So thank you again for having me, and I hope
Speaker 1: you guys are are all stay safe as well. UM.
Speaker 1: I was surrounding earlier at the hospital and some of
Speaker 1: the I c U s with the with the medical teams,
Speaker 1: and you know, I think we have some good news
Speaker 1: and less good news. The good news is that the
Speaker 1: case volume is dropping, their more discharges. I think the
Speaker 1: overall mood of the staff is more positive still obviously
Speaker 1: in the midst of crisis and a number of patients
Speaker 1: on ventilators and with a high mortality once you are intubated. UM.
Speaker 1: But I think the spirit is very good, and I
Speaker 1: think there's a real commitment of the doctors and nurses
Speaker 1: and the scientists and some of the researchers to really
Speaker 1: figure out what's going on and try and come up
Speaker 1: with some solutions. UM. I think some of the less
Speaker 1: good news are limitations who are a little limited in
Speaker 1: the office in testing to try and diagnose someone who
Speaker 1: you know, for example, clinically has COVID nineteen h point
Speaker 1: of care testing is very limited. And we also know
Speaker 1: that about of those patients are false negatives. In other words,
Speaker 1: they hadn't and you may have to test them once twice.
Speaker 1: And we've even had a patient who needed a third
Speaker 1: nasal swab in order to make the diagnosis when it
Speaker 1: was obvious that's that's what they had. And the reason
Speaker 1: you need to be sure is to enroll patients and
Speaker 1: studies and that as you know today in the news
Speaker 1: exciting about GILLIAD. But I think some of that excitement
Speaker 1: is a little premature. You know, all of these UH
Speaker 1: studies are really unlimited number of patients. UM. Most of
Speaker 1: them are not placevo control trials or randomized placebo control
Speaker 1: trials where you can really say is this the right
Speaker 1: treatment to use? Their encouraging results or they may drop
Speaker 1: their hospitals stay by a day, UH, they may drop
Speaker 1: their fevers earlier. So people are getting excited, but the
Speaker 1: reality is we don't have a consensus as to the
Speaker 1: best way to treat patients with coronavirus COVID nineteen. We
Speaker 1: can't determine which patients are going to do well in advance.
Speaker 1: So thank thankfully most of them do well and have
Speaker 1: the patients who deteriorate and then who need to come
Speaker 1: into the hospital, they're on randomized studies now because it's
Speaker 1: hard to know, and those studies can include the hydroxy
Speaker 1: chloroquine with without a zettermycin, something called i le sex
Speaker 1: inhibitors which decrease inflammation. Ran dezevie, which is an anti
Speaker 1: viral similar to the HIV drugs. It's an RNA nucleoside
Speaker 1: analog and that Gilliad is working on and that had
Speaker 1: some excitement, but again, no controlled studies and convalescent plasma
Speaker 1: where you capture the antibodies and plasma of patients who
Speaker 1: have documented to recover, infuse that into sick patients. And
Speaker 1: there have been some studies out of China on that,
Speaker 1: and there are a few places in the United States
Speaker 1: that are also working on that. That also seems encouraging,
Speaker 1: but at this point we don't really have a huge
Speaker 1: consensus as to this is the best way to treat someone. Well.
Speaker 1: I want to go back to to something you said
Speaker 1: there at the top of the conversation in which is
Speaker 1: around you know, sort of the mood of the healthcare workers,
Speaker 1: you know, in New York City where where you are.
Speaker 1: I mean, this is the undisputed epicenter at this point.
Speaker 1: So what your painting is is it does give me
Speaker 1: and I think a lot of our listeners a little
Speaker 1: bit of hope. Talk to us about how they are
Speaker 1: feeling about PPE, how are they feeling about sort of
Speaker 1: having the the materials both protective and otherwise that they
Speaker 1: need to deal with. Still a significant amount of patients
Speaker 1: coming in. Oh for sure, no, no question, this is
Speaker 1: not going away soon, and we certainly don't know if
Speaker 1: there will be a second wave or even a resurgence
Speaker 1: in the full um. So typically in the old days,
Speaker 1: when you see a patient with say tuberculosis or UH
Speaker 1: transmissible disease, all of your PPE was disposable, in other words,
Speaker 1: from your mask, to your gloves, to your gowns. Now, uh,
Speaker 1: some of that is rash and gowns get disposed. Masks, Uh.
Speaker 1: The N nine masks have to be fit tested to
Speaker 1: make sure there are no leaks. A leak would not
Speaker 1: serve you well. And patients generally, or rather doctors are
Speaker 1: usually given one per day, not one per patient, so
Speaker 1: you do have to be careful with it. You do
Speaker 1: have to Usually people put a mask over the mask
Speaker 1: of disposable surgical mask, where we have more of those.
Speaker 1: So there is PPE, but it's not it's being conserved.
Speaker 1: Let's put it that way. You know, I want to
Speaker 1: go back to what you said, I mean, does the
Speaker 1: majority of our population need to be tested? In order
Speaker 1: for us to really get a handle on this virus
Speaker 1: and and to ultimately understand what works and what doesn't.
Speaker 1: Great question, and the answer is absolutely yes, Uh, we
Speaker 1: really and healthcare workers. So it's going to be impossible
Speaker 1: in the New York area to send everyone to their
Speaker 1: local lab ten million people, uh and get antibody. So
Speaker 1: although ideally that should be done, but that would really
Speaker 1: overwhelm the system. Um. But certainly healthcare workers. There are
Speaker 1: doctors who would love to know whether or not they
Speaker 1: have antibodies. Although I must say we are not adent
Speaker 1: sure having antibodies will protect you, because there are some
Speaker 1: mutations and there are have been some studies where people
Speaker 1: clear the virus theoretically cured and then at a later
Speaker 1: point are tested and have virus in there you know,
Speaker 1: naso pharynx. So that's a little ambiguous. But there are
Speaker 1: many physicians who work up close E n T doctors, dentists, um,
Speaker 1: gas ronturologists, you know, when the list goes on and on,
Speaker 1: who who think they've been sick. Uh, maybe they had
Speaker 1: a mild virus, maybe they had COVID either from a
Speaker 1: patient or something else. And if they had antibodies, would
Speaker 1: feel much more comfortable going back to work. All right,
Speaker 1: stick with us if you can, Doctor less Bader, We're
Speaker 1: going to continue this conversation in just a minute. Dr
Speaker 1: Ian Lesbater, he is on the front lines making his
Speaker 1: rounds at the I see you this weekend at the
Speaker 1: n y U Lango Medical Center. We're going to continue
Speaker 1: that conversation in just a minute. You're listening to Bloomberg
Speaker 1: Business Week, Jason Kelly, Carol Masser. You're on Bloomberg. Dr
Speaker 1: Ian les Baider is still with us, Clinical Associate Professor
Speaker 1: of Medicine at n y U Landgown Medical Center. He
Speaker 1: is covering the I See you at the hospital as
Speaker 1: we speak. He's there and he's on the phone. Um Ian,
Speaker 1: thanks so much for sticking around with us. UM talk
Speaker 1: to us, because I think what we're hearing increasingly from
Speaker 1: governors from everyone is about how do we reopen in
Speaker 1: the criteria UM that has to be met to be
Speaker 1: able to UM reopen cities and states. How do you
Speaker 1: see it? What what does the other side look like
Speaker 1: to you? So you're exactly right that testing is really
Speaker 1: key in this situation and we don't really have that. Uh,
Speaker 1: optimally you'd want to bring people back, such as healthcare
Speaker 1: workers who have that uh I g G positive showing
Speaker 1: antibodies to COVID. They think they had a mild infection
Speaker 1: or more severe infection, and presumably they are now safe.
Speaker 1: The problem is testing a large number of people and
Speaker 1: how accurate is it. As we've said before, thirty of
Speaker 1: nasal swabs or false negatives. We have patients who have
Speaker 1: COVID clinically and it takes two or three swabs. So
Speaker 1: this is really unstarted territory. We've never really had a
Speaker 1: pandemic like this in the United States in recent memory.
Speaker 1: We've never locked down states and returned people. So we
Speaker 1: really don't know the exact safest way to do this,
Speaker 1: and there's always some risk um But at the end
Speaker 1: of the day, I think people do need to return
Speaker 1: for a variety of reasons UH, financial and mental health,
Speaker 1: and my sense would be the most vulnerable people and
Speaker 1: we knew we know that population diabetes, hypertension, underlying disease, obesity, UH.
Speaker 1: There are a number of conditions that seem to make
Speaker 1: the outcome is worse. Although we do still see young
Speaker 1: people who get into trouble. Those should remain on isolation
Speaker 1: until they can be tested. The reality is a vaccine
Speaker 1: is probably a year away. You cannot keep ten million
Speaker 1: people in the tri state area or in in the
Speaker 1: in the Greater New York area at home for a
Speaker 1: year until a vaccine comes out. So there has to
Speaker 1: be some way of developing a return before you can
Speaker 1: get hurt immunity. And that's ultimately what we want is
Speaker 1: enough people either to have the disease in a mold
Speaker 1: form or vaccinated so everyone can safely returned. But as
Speaker 1: fought she says, there are people will have to wear
Speaker 1: masks and do some social distancing until that is achieved. Well, so, Ian,
Speaker 1: let's talk about that, you know a little bit further
Speaker 1: under the auspices of you're there in New York City.
Speaker 1: We work in New York City. We know the physical
Speaker 1: plant that is Manhattan. Especially, what is a I'm asking
Speaker 1: you to purely sort of speculate here, but what is
Speaker 1: a New York City on the other side of this
Speaker 1: where social distancing and all of those things need to
Speaker 1: be in place for some measure of time. What does
Speaker 1: it look like and feel like. What what's the advice
Speaker 1: you would give to people in terms of moving around
Speaker 1: trying to you know, kind of live something akin to
Speaker 1: a normal life. Since we know about or so of
Speaker 1: people generally UH do reasonably well with us. They have
Speaker 1: mild to moderate disease, relatively small percent come to the
Speaker 1: emergency room, and another smaller percent get intibated. Unfortunately, once
Speaker 1: you're intibated, a higher percent to not do well for
Speaker 1: a variety of reasons, and we need to figure out
Speaker 1: a better treatment. With those randomized control studies that we
Speaker 1: talked about, hydroxy chloroquine ile sex inhibitors from de severe
Speaker 1: convalescent plasma. I think everyone will feel better when we
Speaker 1: have data about what really works, and at this point
Speaker 1: we have a lot of anecdotal evidence on us all
Speaker 1: number of patients. In the next few months we should
Speaker 1: be getting much the results of much bigger trials. But
Speaker 1: as people return, I think masks and gloves in the
Speaker 1: subway are reasonable. It's very hard to keep six feet
Speaker 1: apart as as one can imagine um, and there will
Speaker 1: be some risk, and I think people who are ill
Speaker 1: and can't take that risk probably should not go back,
Speaker 1: and we'll have to figure out how to accommodate them.
Speaker 1: But the majority of people should be able to go back.
Speaker 1: But testing would be helpful. We still as an outpatient,
Speaker 1: cannot have someone come in who symptomatic, do a spit
Speaker 1: saliva test and get a result back. Hopefully that will
Speaker 1: come soon. We so patients come in, you know they
Speaker 1: have the disease. Uh, you can't test them and we
Speaker 1: really can't offer them a good treatment. So I think
Speaker 1: when we get those two blocks in, I can tell
Speaker 1: you that you have it and not just tell you
Speaker 1: you have the symptoms of it. And I can tell
Speaker 1: you this works most of the time. I think people
Speaker 1: will be concerned, But I don't think either of that
Speaker 1: data is very soon. It'll probably be a few months, uh,
Speaker 1: and that's probably the trajectory that people will safely return
Speaker 1: to work. All right, listen, thank you so much. And
Speaker 1: I know this was a hectic day for you and
Speaker 1: and you stepped away, so we really appreciate it. Dr
Speaker 1: Ian LUs Bader, stay safe, Be well, Clinical Associate Professor
Speaker 1: of Medicine at n y U Landgo Medical Center on
Speaker 1: the phone from there. He's been working at the I
Speaker 1: c U units as we speak. This is Bloomberg Business
Speaker 1: Week with Carol Masser and Jason Kelly on Bloomberg Radio.
Speaker 1: Someone's had a lot of experience covering the global economy.
Speaker 1: Jason is our own Tom Orleck can't get enough of
Speaker 1: this guy. And I was so excited to get a chance,
Speaker 1: and I'm so excited to get a chance to to
Speaker 1: talk to him, because China remains just the big story.
Speaker 1: And of course Tom Arol gives Bloomberg Economics chief economis
Speaker 1: he joins us on the phone from Washington. All right, Tom,
Speaker 1: so we woke up this morning. We saw some of
Speaker 1: it actually as we were going to bed last night,
Speaker 1: things happening in China. This is a momentous moment, right,
Speaker 1: I think it's it's really unprecedented. Jason. We have a
Speaker 1: six point eight contraction in China's GDP in the first
Speaker 1: quarter of the year um and of course that's against
Speaker 1: the backdrop of an economy which typically is expanding around
Speaker 1: six percent a year. So really an extraordinary drop in
Speaker 1: China's growth and sort of a vivid illustration of the
Speaker 1: magnitude of the impact which lockdown with the lockdowns which
Speaker 1: of course we now have not just in China, but
Speaker 1: in the US, in Europe, around the world are having
Speaker 1: on output well. And Tom, this is a nation that
Speaker 1: thrives and grows un demand from the rest of the world,
Speaker 1: and right now they really have to rely on local
Speaker 1: demand right to kind of bring about a recovery. That's right, Carol,
Speaker 1: And so I mean, if we dig into the details
Speaker 1: of the Chinese Chinese data, what we see is actually
Speaker 1: they came back quite strongly at the end of the quarter.
Speaker 1: February was terrible, massive contraction. March they regained a lot
Speaker 1: of the lost ground. So there was an optimistic sort
Speaker 1: of note there. But thinking into the second quarter, the
Speaker 1: point you make, Carol, about the rest of the world
Speaker 1: and what's happening here in the US and in Europe,
Speaker 1: it's really going to come into play. Who is trying
Speaker 1: to going to export to when the US is contracting,
Speaker 1: when Europe is contracting, when all of these other emerging
Speaker 1: markets are in trouble um And so for that reason,
Speaker 1: even as the lockdown eases in China, we don't expect
Speaker 1: an aggressive recovery. And so Tom some historical context of
Speaker 1: it, it it feels like is important here, both recent and
Speaker 1: maybe not so recent. From a recent perspective, you know,
Speaker 1: this is a country that that was already especially given
Speaker 1: or in the context of its relationship with the United
Speaker 1: states already in in a little bit of a difficult position.
Speaker 1: Clearly a superpower, but one that has been in a
Speaker 1: state I don't know if I would go so far
Speaker 1: as say existential crisis, but but at least sort of
Speaker 1: searching for itself in some ways. This has has really
Speaker 1: thrown so much into question what does it tell us
Speaker 1: about the economic might going forward of China. I think
Speaker 1: that's a really critical question, Jason, And for me, the
Speaker 1: interesting thing is to think about how we've had the
Speaker 1: trade war, which really sort of highlighted the split between
Speaker 1: China and the US UM, now immediately followed by this pandemic,
Speaker 1: which of course illustrates how governments need to work together
Speaker 1: to fight against global risks like disease outbreaks and climate
Speaker 1: change UM, but unfortunately has also illustrated the potential for
Speaker 1: that conflicting, conflicting relationship, with government squabbling over who gets
Speaker 1: access to medical resources, who shares what data, UM, and
Speaker 1: so on. UM. So I think that that the pandemic,
Speaker 1: following hard on the heels of the trade war, is
Speaker 1: really going to be another factor which drives slow slowing
Speaker 1: in globalization or even deglobalization, as governments become more self
Speaker 1: reliant as governments get more suspicious of each other and
Speaker 1: of companies and supply chains which cross borders. So it's broken,
Speaker 1: tim the relationship between the U. S And China, between
Speaker 1: trade between the virus, or at least between these current administrations,
Speaker 1: it's broken. So I think there's certainly something to be
Speaker 1: said for the idea that the current administration in the
Speaker 1: United States UM, and the current administration in China part
Speaker 1: of are important factors of work. Um. The guy we've
Speaker 1: got in the White House, the guy we've got in
Speaker 1: John ann High, China's leadership compound, Um, they've got very
Speaker 1: distinct of kind of muscular, nationally oriented views of the world,
Speaker 1: and I don't think that's really helping the bilateral relationship.
Speaker 1: At the same time, here we have these two major powers,
Speaker 1: a democracy, a single party states, a free market economy,
Speaker 1: a state dominated economy. There's a lot that they can
Speaker 1: disagree about, and the trade war and now the pandemic
Speaker 1: have really brought those disagreements to the surface. I think
Speaker 1: even after the outbreak is over, we're going to see
Speaker 1: that challenging relationship remaining very challenging. And that's going to
Speaker 1: be Frankly an overhang on global growth going forward, not
Speaker 1: just for the next few months, but for the foreseeable future. Well,
Speaker 1: and that's such an important point here, Tom, that you
Speaker 1: know this isn't just about these two countries only about
Speaker 1: thirty seconds left. What does it mean for the rest
Speaker 1: of the world if you're sitting outside of these superpowers,
Speaker 1: either in Asia or in Latin America, or certainly in
Speaker 1: Europe or maybe even in Africa. How does it change
Speaker 1: your playbook? Just got a minute here for thirty seconds. So,
Speaker 1: I mean, the first problem that all of these country's
Speaker 1: faces there is their domestic outbreaks. They need to get
Speaker 1: those under control. Even when that happens, though, they're not
Speaker 1: going to be able to look to China as a
Speaker 1: powerful driver of growth, all the open trade system as
Speaker 1: a sort of a force for lifting them out of
Speaker 1: lifting them and driving development. Yeah, it's such a great point, man,
Speaker 1: h muscular interpretation of the world. Is that what he
Speaker 1: said before? He said I'm going to go back and
Speaker 1: listen to it, because there was the most eloquent description
Speaker 1: of presidency and President Trump that I've heard and explains
Speaker 1: so much. Yeah, it explains a ton alright, Tom Warlick,
Speaker 1: what a treat Bloomberg Economics Chief Economists. This is Bloomberg
Speaker 1: Business Week with Carol Mazer and Jason Kelly on Bloomberg Radio.
Speaker 1: It's just favorite on favorite here in the three o'clock
Speaker 1: our Bloomberg Businesses. We turned out of Max Abelson, Bloomberg
Speaker 1: News Finance reporter. When I saw this scoop late yesterday,
Speaker 1: I was just blown away, and not surprisingly Max's name
Speaker 1: was on it. Canter Fitzgerald hundreds of job cuts in
Speaker 1: a break from Wall Street. That's the headline. Max joins
Speaker 1: us on the phone to tell us what's going on.
Speaker 1: As Carol Master would say, Max, whoa, this is a
Speaker 1: big story. Wow. I am so glad that you like it,
Speaker 1: and it's so nice to be with you guys, and
Speaker 1: you feel connected to YouTube despite all this separateness. Yeah,
Speaker 1: you doing okay? Max? I am on hanging in there
Speaker 1: and writing fun stories thanks to Street our Natarajan and
Speaker 1: Jillian can who I teamed up with for this one.
Speaker 1: You know, basically, I think it's probably fair to say
Speaker 1: over the last few weeks, what we've heard from Wall
Speaker 1: Street is this pretty unified voice saying like, look, we
Speaker 1: are not going to let people go during you know,
Speaker 1: basically first of all, a public health crisis and also
Speaker 1: be clearly the worst on unemployment catastrophe in decades, if not,
Speaker 1: I think ever, and Cantor Fitzgerald, the you know, which
Speaker 1: is obviously survived this horrible devastation after nine eleven, and
Speaker 1: then Howard Lutnick we built it. Now Candervid Gerald is
Speaker 1: going to lay up hundreds of people. We uh we
Speaker 1: exclusively reported late last night. Why what why are they
Speaker 1: making this move when others are just battening down the
Speaker 1: hatchets here Max, Well, you know, I think that one
Speaker 1: of the reasons that this piece of news was big
Speaker 1: is that it's about um Lutnick, you know, trying to
Speaker 1: shore up his empire. Um. You know, we spoke to
Speaker 1: a lot of people, and you know, so if you
Speaker 1: if you take a step back, you know what you
Speaker 1: see is first of all, just the deepest reductions at
Speaker 1: a Wall Street bank that we've seen since this this
Speaker 1: operator began. But you're also seeing something a little bit
Speaker 1: bigger than that. Inside of Howard Lutnix world, which don't
Speaker 1: don't forget includes we have canderrids Gerald on the one hand,
Speaker 1: but another thing that that Shery and Jillian I reported
Speaker 1: on is BGC Partners, which is an affiliate firm. Their
Speaker 1: share is just absolutely collapsed, uh in the last few
Speaker 1: weeks because they announced that they were splashing their dividend
Speaker 1: I think, to like a penny or something like that,
Speaker 1: and probably more importantly, that they were drawing down hundreds
Speaker 1: of millions of dollars from from their revolving credit facility.
Speaker 1: That that's that's in the last few months. And then
Speaker 1: of course there's also Newmark Knight Frank, I don't know
Speaker 1: if you folks know that name. That's a commercial, real
Speaker 1: steet firm. People they're being ousked to take pay cuffs.
Speaker 1: So the reality is it's a big news story because
Speaker 1: it's it's bigger than just Cantor. It's sort of this
Speaker 1: whole lut Nick, this Lotnic empire. So would this have
Speaker 1: happened may beyond a longer time frame even without the
Speaker 1: virus where their problems already brewing, or is it really
Speaker 1: just because of the virus. Well, one reason that I
Speaker 1: love working with Street are who you both know and
Speaker 1: our golden sax feat reporter. But of course he does
Speaker 1: terrific work across the wall. Street That guy called me
Speaker 1: up this morning. I think literally, I want to say,
Speaker 1: maybe seven thirty a m. I was still in bed.
Speaker 1: You know, we we published our story last night, and
Speaker 1: this morning he looked me up because he said he
Speaker 1: wanted to update the story with a detail that touched
Speaker 1: on exactly that. And the detail there, Carol, is that
Speaker 1: you know, the there there. You you often see job
Speaker 1: cuts on Wall Street like this, Um, you know earlier
Speaker 1: in the year, you know there's that van flow of
Speaker 1: sort of layoffs on Wall Street, but that that tends
Speaker 1: to happen before bonuses are given. So that's that's a
Speaker 1: reason to think that this is sort of out of
Speaker 1: the ordinary, not part of the normal evan flow that
Speaker 1: we would have normally expected to be earlier in the years.
Speaker 1: That start thinking on that, and so Max only got
Speaker 1: about a minute and a half or so left. That
Speaker 1: should give you time to answer this massive question I'm
Speaker 1: about to ask you, how do you think Wall Street
Speaker 1: will be changed, even in the short to mid term
Speaker 1: by this? Because you you guys do such a nice
Speaker 1: job putting this in the context of everything else that's
Speaker 1: been happening. But there's something afoot here, and I wonder
Speaker 1: if you're starting to get your head around it. Well,
Speaker 1: I'm glad we only have ninety seconds of that day thing.
Speaker 1: It's a very very important and wonderful question. Christina Harper
Speaker 1: at Marcus Magazine and I are trying to think about
Speaker 1: that for a project long term. But look, I'll say this,
Speaker 1: you know, what we're facing in the United States, obviously,
Speaker 1: on the one hand is a public health crisis which
Speaker 1: is devastating and lethal and very scary. On the other hand,
Speaker 1: we're facing what could be, uh, you know, some sort
Speaker 1: of long term financial crisis or reception. But then you know,
Speaker 1: on Wall Street, I think it's probably also fair to
Speaker 1: say that we're seeing this sort of a different kind
Speaker 1: of almost like an existential crisis, where on the one hand,
Speaker 1: as I reported a few weeks ago, and I think,
Speaker 1: talk to you folks about you know, these sort of
Speaker 1: Wall Street culture of aggressiveness, we saw really clashing with
Speaker 1: the needs of public health, and we saw people piling
Speaker 1: into trading floors because there were billions of dollars to
Speaker 1: be made. Michelle Davis and I report on that tree,
Speaker 1: and I reported about fevers on the wall on the
Speaker 1: Puban Fact trading floor, and I think there's a real
Speaker 1: question you know, will we see a different kind of
Speaker 1: Wall Street culture to a merchant. Thisis one that has
Speaker 1: people working from home more often, one that has this
Speaker 1: sort of much much much less than the sort of
Speaker 1: the macho undertones even overtones. I think that it would
Speaker 1: be crazy of me to try to make a guess,
Speaker 1: But all I can tell you is Tree and uh
Speaker 1: and and the folks on the finance team and including
Speaker 1: editors like Christine Harper, are gonna keep our eyes open
Speaker 1: and really try to report hard on that over the
Speaker 1: next months and years. I gotta say that fear versus
Speaker 1: greed theme is something that Jason and I have been
Speaker 1: talking about constantly since I hit the Bloomberg terminal because
Speaker 1: it's just so relevant to today's environment. All Right, Max Abelson,
Speaker 1: you are literally the best. Thank you so much, Have
Speaker 1: a great weekend, get some rest. Just doing some unbelievable
Speaker 1: work and uh he was cited with with some of
Speaker 1: his team. Is is just doing standout, standout work across
Speaker 1: the whole New York bureau, uh last week so and
Speaker 1: just delivering another great energy. He's just love it lean
Speaker 1: and he gets people to talk to him in just
Speaker 1: this amazing way. It's it's a marvelous to watch. Thanks
Speaker 1: for listening to Bloomberg Business Week. You can subscribe to
Speaker 1: the podcast on iTunes, SoundCloud, or Bloomberg dot com. You
Speaker 1: can also listen to our radio show every weekday at
Speaker 1: two pm Eastern, only on Bloomberg Radio