WEBVTT - Biden’s Boost to Competition Promises Long-Run Gains 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carole Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.320 --> 0:00:09.799 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 plus technology, politics, economics, all partnising the power of Business 0:00:13.680 --> 0:00:17.160 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:20.000 analysts in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.239 Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.760 pm Eastern Time on the Bloomberg Radio or watch us 0:00:27.760 --> 0:00:31.560 on YouTube search Bloomberg Global News. It's a bunch of headlines. 0:00:31.960 --> 0:00:33.680 Tim and I just want to mention before we get 0:00:33.720 --> 0:00:36.199 into our next guest. The U s c d C 0:00:36.640 --> 0:00:39.400 updating its COVID nighteen guidance for kindergarten through high school, 0:00:39.400 --> 0:00:43.280 providing flexibility for local decision makers to determine what's needed 0:00:43.280 --> 0:00:46.400 to safely keep kids in the classroom. We are, though, Tim, 0:00:46.440 --> 0:00:49.559 seeing infections rising across most regions of the world as 0:00:49.560 --> 0:00:52.400 that delta variant spreads that from the World Health organizations 0:00:52.479 --> 0:00:55.440 chief scientistic We're also seeing South Africa going through a 0:00:55.600 --> 0:00:58.279 third wave as it's just battering the country right now. 0:00:58.280 --> 0:01:00.840 And in Canada, residents in Ontario kulds the vast majority 0:01:00.880 --> 0:01:03.200 of restrictions lifted in August. A tale of two different 0:01:03.200 --> 0:01:05.120 stories when we look around the world when it comes 0:01:05.120 --> 0:01:06.920 to the vaccine and with COVID, And then there's those 0:01:07.000 --> 0:01:10.640 late day headlines from Fiser yesterday looking for emergency authorization 0:01:10.720 --> 0:01:13.240 for a third booster desk. Let's get to it with 0:01:13.440 --> 0:01:15.840 Dr Ian lust Beta, clinical professor Medicine at n y 0:01:15.920 --> 0:01:18.720 U Land going on the phone in New York City. 0:01:18.800 --> 0:01:23.479 I and so good to have you here. Happy Friday. Um, 0:01:23.520 --> 0:01:25.600 I gotta start with the Fiser headline. We are all 0:01:25.600 --> 0:01:28.800 trying to understand what's going on. Do we all need 0:01:28.840 --> 0:01:31.360 to be all of a sudden now a little worried 0:01:31.400 --> 0:01:34.319 about when our vaccine is going to wear off? When 0:01:34.319 --> 0:01:37.240 we need to get a booster. What's the conversations you 0:01:37.240 --> 0:01:41.240 guys are having at the hospital? Sure? Happy Friday, Thanks guys. 0:01:41.319 --> 0:01:45.360 So there's no question the Delta variant, the Indian variant, 0:01:45.840 --> 0:01:51.200 is really becoming a global dominant stream. I'm not surprising. 0:01:51.200 --> 0:01:56.800 We're really seeing evolution and action here right. The organisms 0:01:57.280 --> 0:02:00.800 adapt to a changing environment. They tend to become more 0:02:00.880 --> 0:02:06.560 fit uh and outcompete other organisms even if they're similar. 0:02:07.280 --> 0:02:10.360 So what we're really seeing is the virus adapt and 0:02:10.440 --> 0:02:16.480 change and become more contagious, higher concentrations in sneezing or coughing. 0:02:17.360 --> 0:02:20.400 At this point, though it seems to be similar risk. 0:02:20.480 --> 0:02:23.880 In other words, we're not seeing more deaths really as 0:02:23.919 --> 0:02:26.920 a result of delta other than in people who are 0:02:26.919 --> 0:02:32.080 not vaccinated. So for people who are not vaccinated, of 0:02:32.160 --> 0:02:36.320 hospitalized patients are now patients who have not received vaccines. 0:02:36.360 --> 0:02:39.160 So this is certainly an argument for the vaccine. The 0:02:39.280 --> 0:02:43.000 concern is that we are seeing some breakthrough cases. So 0:02:43.320 --> 0:02:46.760 I've certainly had my share of patients who have received 0:02:46.760 --> 0:02:52.040 both vaccines and who then become symptomatic with the delta variant. 0:02:52.400 --> 0:02:54.480 And a lot of this data is really based out 0:02:54.520 --> 0:02:57.960 of Israel, where they were vaccinated before we were, and 0:02:58.000 --> 0:03:00.600 they're beginning to see more breakthrough case says as well. 0:03:00.680 --> 0:03:03.679 So that's really the concern. Why why is that Is 0:03:03.720 --> 0:03:08.000 it because of the delta variant? That's a great question. 0:03:08.560 --> 0:03:12.519 So it's it could be for a few reasons. One is, uh, 0:03:12.840 --> 0:03:17.680 even though we're seeing antibodies that do slightly decrease over time. 0:03:18.080 --> 0:03:20.120 I can tell you most of the patients that we 0:03:20.240 --> 0:03:23.639 check for spike protein, and we try not to check everyone. 0:03:23.720 --> 0:03:25.640 I mean, that would be a waste of resources if 0:03:25.639 --> 0:03:30.120 you're checking antibodies on everyone who's who's been vaccinated UM. 0:03:30.160 --> 0:03:32.480 But in select people who may be traveling or have 0:03:32.600 --> 0:03:36.720 other issues, those antibodies are sky high. But it does 0:03:36.840 --> 0:03:40.600 look like over time, uh, and certainly in Israel UM 0:03:40.840 --> 0:03:45.640 that antibody levels are dropping. So probably a combination of 0:03:45.680 --> 0:03:50.160 slightly lower antibody levels and perhaps a more aggressive variant 0:03:50.240 --> 0:03:54.800 in DELTA is why we're seeing UM these breakthrough infections. 0:03:55.120 --> 0:03:57.920 The good news is in terms of hospitalizations, and part 0:03:57.920 --> 0:03:59.880 of this is our data and part of it is Israel's. 0:04:00.000 --> 0:04:04.360 You know, we're seeing a range of effectiveness that drops 0:04:04.360 --> 0:04:09.920 from to about nine. So the vaccines are still very effective. 0:04:10.880 --> 0:04:15.080 The question is will that begin to wane over time? 0:04:15.560 --> 0:04:17.960 The other question that comes up is should we be 0:04:18.600 --> 0:04:22.640 developing a delta vaccine, which does make sense, but maybe 0:04:22.680 --> 0:04:26.400 we should put our efforts into vaccinating more people than 0:04:26.560 --> 0:04:29.720 giving a third dose to people who have already received 0:04:31.839 --> 0:04:35.000 you're preaching to the choir. So what's interesting though, is, 0:04:35.160 --> 0:04:38.120 and we've had this conversation this week, um Dr les 0:04:38.160 --> 0:04:41.719 Bader is that if you can't get those people to 0:04:41.839 --> 0:04:45.320 get the vaccine, you can't get to hurt immunity, and 0:04:45.400 --> 0:04:50.000 that increasingly gives the virus the opportunity to seize on 0:04:50.040 --> 0:04:53.600 two new hosts to continue to mutate, which could potentially 0:04:53.720 --> 0:04:57.200 I'm not I'm not a Susie pessimism or pessimistic kind 0:04:57.200 --> 0:05:00.760 of person, but it's it does open the or to 0:05:00.920 --> 0:05:04.320 creating a virus that is even more potent, more lethal, 0:05:04.440 --> 0:05:08.040 and more contagious, contagious than what we're dealing with right now. Right, 0:05:08.080 --> 0:05:11.200 that's the reality of it. Right. So the longer the 0:05:11.320 --> 0:05:16.400 virus replicates globally, the higher the chance of another variant developing. 0:05:16.440 --> 0:05:18.800 I think it's inevitable that there will be you know, 0:05:18.920 --> 0:05:21.680 and other variants you know, lambda all the way out 0:05:21.720 --> 0:05:25.560 to Iota. Um. So we certainly feel that there will 0:05:25.600 --> 0:05:28.320 be more variants. The question is will they be potentially 0:05:28.360 --> 0:05:32.120 more lethal? It is an argument to get everyone vaccinated. 0:05:32.160 --> 0:05:36.320 Of course, there's hesitancy, and rarely we are seeing you know, 0:05:36.640 --> 0:05:40.040 odd symptoms after people get vaccinated, and you know, you 0:05:40.080 --> 0:05:42.880 always have to tell patients, look, what is the risk 0:05:43.000 --> 0:05:45.760 of getting COVID versus the risk of the vaccine. The 0:05:45.880 --> 0:05:48.960 risk of you know, having a complication from COVID is 0:05:49.040 --> 0:05:52.720 far greater than the risk of a complication from the vaccine, 0:05:52.760 --> 0:05:56.480 although we do see a handful of the issues after that. 0:05:56.839 --> 0:05:58.640 But I agree with you. I think if if we 0:05:58.720 --> 0:06:02.160 can't get people every vaccinated and someone is willing to 0:06:02.200 --> 0:06:07.960 take a third shot, that probably would provide some protection. Yes, yeah, 0:06:08.040 --> 0:06:09.919 Dr Les, just in twenty seconds, are we gonna be 0:06:09.920 --> 0:06:13.679 wearing masks again in the fall? You know? I think 0:06:13.880 --> 0:06:17.680 right now we're seeing people well protected. There's no real 0:06:17.839 --> 0:06:20.800 urgent concern. The fall is a few months away. I 0:06:20.800 --> 0:06:23.320 don't see any real concerns. I think we're beginning to 0:06:23.440 --> 0:06:27.040 de mask. If Delta really takes off for another variant, 0:06:27.240 --> 0:06:29.760 we might have to rethink that approach. But right now 0:06:30.640 --> 0:06:32.680 people are taking their masks off and I think they're 0:06:32.720 --> 0:06:35.440 doing well. Let's get right back to Dr Ian lesbad Our, 0:06:35.440 --> 0:06:37.680 clinical professor of Medicine at n y U Land going 0:06:37.800 --> 0:06:39.960 on the phone in New York City. One more thing 0:06:39.960 --> 0:06:42.520 on the virus and then we want to move on. Um, 0:06:42.560 --> 0:06:46.520 what's the end game? You know, in terms of how 0:06:46.600 --> 0:06:49.840 you think Dr Lesbada, this works out. Is it just 0:06:49.880 --> 0:06:52.440 a case of a lot of people. I'm thinking of us. 0:06:52.680 --> 0:06:54.920 I'm just looking at the U S situation. A lot 0:06:55.000 --> 0:06:58.240 of people get the vaccine and that helps create some 0:06:58.320 --> 0:07:00.960 kind of herd immunity. You've got other people who are 0:07:00.960 --> 0:07:02.960 going to get the virus. They're either going to recover 0:07:03.120 --> 0:07:06.360 develop their own immunity, or they're going to die off. 0:07:07.000 --> 0:07:11.320 Unfortunately to be so blunt, and then that's how we 0:07:11.320 --> 0:07:15.040 get to a better place. Ultimately, Well, this is a 0:07:15.040 --> 0:07:17.520 global problem, and that even though we like to focus 0:07:17.520 --> 0:07:20.600 on the United States, we we really can't. Um at 0:07:20.600 --> 0:07:24.160 this point, I believe globally, out of eight billion, eight 0:07:24.200 --> 0:07:28.720 plus billion, people somewhere in the three billion range may 0:07:28.760 --> 0:07:32.080 have received you know one, one or more vaccines. We 0:07:32.160 --> 0:07:35.400 don't really have great data from countries like China and Russia, 0:07:35.600 --> 0:07:38.560 and we also really don't know how effective those vaccines are. 0:07:38.600 --> 0:07:42.320 They seem to be not nearly as effective as the 0:07:42.640 --> 0:07:46.000 you know, M R and A vaccines. I think, um, 0:07:46.080 --> 0:07:48.640 we are going through this for at least another year 0:07:48.760 --> 0:07:51.920 or more. We've back in nineteen eighteen it took three 0:07:52.000 --> 0:07:55.840 years in multiple waves with a Spanish flu um and 0:07:55.880 --> 0:07:57.800 I think we're going to see a higher death count 0:07:57.840 --> 0:08:02.440 and higher disability, and it may be even years of 0:08:02.840 --> 0:08:06.080 post covid or long hal symptoms. Um, this is not 0:08:06.160 --> 0:08:09.640 a completely benign illness. Even if you get it. Loss 0:08:09.680 --> 0:08:12.280 of smell and taste and so forth may be transient, 0:08:12.520 --> 0:08:14.240 but there may be other issues. So we do need 0:08:14.320 --> 0:08:17.840 to work on things perhaps like ipmecton or other maybe 0:08:17.840 --> 0:08:22.440 off the shelf medications or other treatments or preventatives. While 0:08:22.480 --> 0:08:25.920 we're waiting to vaccinate people, we really have not focused 0:08:26.000 --> 0:08:28.160 enough on that area of research, and I think we 0:08:28.240 --> 0:08:30.600 need to do that, and I think we still have 0:08:30.760 --> 0:08:34.520 kind of enough a rough year or two in the 0:08:34.600 --> 0:08:38.720 United States. I believe the as we said, UM, we 0:08:38.760 --> 0:08:40.920 still have a pretty good level of protection, you know, 0:08:43.160 --> 0:08:45.600 even against the delta variant. But in the areas of 0:08:45.600 --> 0:08:48.000 the country that are not vaccinated, they're going to have 0:08:48.080 --> 0:08:52.559 an increase in hospitalizations and other problems. It's it's look, 0:08:52.679 --> 0:08:54.000 this is something that we are and we know we're 0:08:54.000 --> 0:08:55.679 gonna have to be living with for years. And as 0:08:55.679 --> 0:08:57.640 you mentioned the question of treatment as a question of 0:08:57.640 --> 0:08:59.839 getting more and more people vaccinated, Dr less bide A, 0:08:59.880 --> 0:09:01.360 well have you. I want to talk about the heat 0:09:01.400 --> 0:09:04.479 wave that is hitting parts of the United States. California 0:09:04.800 --> 0:09:08.800 bracing for another weekend of heat that could set records 0:09:08.840 --> 0:09:12.720 temperatures above add ten degrees fahrenheit in some parts of 0:09:12.760 --> 0:09:15.240 the Central Valley of California. As a doctor, as a 0:09:15.280 --> 0:09:18.120 medical professional, how do people what do people need to 0:09:18.160 --> 0:09:23.000 know about surviving these type of heat? Very important? We're 0:09:23.040 --> 0:09:27.679 definitely seeing some global changes. Uh. Why and for how long? 0:09:27.720 --> 0:09:30.280 We don't really know. UM. I do want to mention 0:09:30.600 --> 0:09:34.199 something called Ariel's Checklist, which people can google a R 0:09:34.360 --> 0:09:38.480 I E. L. Ariel's Checklist, and it talks about acclimating 0:09:38.520 --> 0:09:41.520 to the heat, uh, not hiking in the middle of 0:09:41.520 --> 0:09:46.719 the day, slowly acclimating, hydrating, wearing loose clothing, getting enough 0:09:46.760 --> 0:09:50.199 sleep UH, and determining the wet bulb globe temperature. In 0:09:50.240 --> 0:09:54.440 other words, really what is the ambient temperature? And why 0:09:54.520 --> 0:09:57.800 this is very important is because, based on your age, 0:09:58.000 --> 0:10:01.839 health and activity, once the these temperature begins to rise, 0:10:01.880 --> 0:10:06.520 a lot of problems happen. There can be nausea, headache, dehydration, 0:10:07.360 --> 0:10:10.120 and once the body's temperature goes above one oh four 0:10:10.520 --> 0:10:14.800 often it's irreversible. You can have confusion, fainting, seizures UH, 0:10:14.880 --> 0:10:19.000 and death quite frankly, so once you get irreversible damage 0:10:19.040 --> 0:10:21.880 to the brain or the heart, uh, it's it's a 0:10:21.960 --> 0:10:25.760 real problem. So it's very important for people to understand 0:10:25.800 --> 0:10:29.880 the difference between heat exposure, heat exhaustion, and heat stroke. 0:10:30.040 --> 0:10:33.200 Heat stroke is really the life threatening, you know, condition, 0:10:33.320 --> 0:10:36.360 and to be very careful to get into cool areas, 0:10:36.480 --> 0:10:40.960 have some air conditioning, even if that's not available, to 0:10:41.080 --> 0:10:45.520 minimize your exposure, because this is often undiagnosed and people 0:10:45.640 --> 0:10:49.160 by the time they're symptomatic or often very far along 0:10:49.200 --> 0:10:52.719 with with body temperatures and core temperatures that are very 0:10:52.800 --> 0:10:55.679 elevated beyond what they are aware and people around them 0:10:55.720 --> 0:10:58.160 should pay attention and see if someone does not look 0:10:58.200 --> 0:11:01.920 good when they're outside, respond right away. Don't think they're 0:11:01.920 --> 0:11:05.280 making this up. It's it's a very lethful uh and 0:11:05.360 --> 0:11:08.680 often under diagnosed condition. And increasingly we're seeing these hotter 0:11:08.720 --> 0:11:13.079 temperatures coming earlier and sooner and uh more frequent, uh 0:11:13.120 --> 0:11:16.360 in places that normally didn't like the Pacific Northwest. Yeah, 0:11:16.360 --> 0:11:19.840 that was shocking, crazy, crazy, crazy. UM. Thank you so much. 0:11:20.000 --> 0:11:22.520 Dr Ia los Pader, Clinical Professor of Medicine, m y 0:11:22.559 --> 0:11:27.479 U Lengo Medical Center on the phone in New York City. 0:11:31.400 --> 0:11:34.920 You're listening to Bloomberg Business Week with Carol Messer and 0:11:35.000 --> 0:11:40.520 Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So our 0:11:40.559 --> 0:11:43.080 tough story on this Friday, of course, present find signing 0:11:43.080 --> 0:11:46.199 that sweeping executive order. It's all about promoting competition across 0:11:46.240 --> 0:11:49.520 American industries and in the labor market. He's calling on 0:11:49.640 --> 0:11:52.160 regulators to take steps to lower drug prices, tough and 0:11:52.240 --> 0:11:55.080 murder enforcement in tech and banking, give workers more power 0:11:55.120 --> 0:11:58.319 to change jobs and negotiate higher wages. There is a lot, 0:11:58.960 --> 0:12:00.800 I should say, there are a lot moving parts to this. 0:12:01.080 --> 0:12:03.559 Let's get to it and with what the Bloomberg audience 0:12:03.559 --> 0:12:06.520 needs to know. David McLachlan is Justice Department of Justice 0:12:06.520 --> 0:12:09.840 reporter for Bloomberg News, joins us on the phone from Washington, 0:12:09.960 --> 0:12:12.480 d C. David, this thing is wide ranging, it's far, 0:12:12.679 --> 0:12:16.120 it's sweeping. What do we need to know about the 0:12:16.160 --> 0:12:20.880 most important parts of it? Yeah, so it covers about 0:12:21.000 --> 0:12:26.160 seventy two different initiatives and and proposals. Um And the 0:12:26.440 --> 0:12:30.079 basic idea is that, um, you know, competition and a 0:12:30.240 --> 0:12:34.200 trust enforcement is primarily handled by the Federal Try Commission 0:12:34.200 --> 0:12:37.719 and the Justice Department they review mergers and and UM 0:12:38.240 --> 0:12:41.720 monopoly conduct and that sort of thing. But what the 0:12:41.800 --> 0:12:43.920 idea of this The idea of this order is to 0:12:44.040 --> 0:12:49.120 basically say to all government agencies that oversee different industries 0:12:49.880 --> 0:12:53.479 that you have a role to play in promoting competitions 0:12:53.480 --> 0:12:56.880 through rules and regulations, and that those agencies should be 0:12:57.040 --> 0:13:01.320 or could be doing more to promote uh competition in 0:13:01.360 --> 0:13:05.520 the market that they oversee. So is this about consumers winning? 0:13:05.640 --> 0:13:07.880 Is this about America winning against the rest of the 0:13:08.120 --> 0:13:10.440 rest of the world? Of what is what's the endgame? 0:13:10.480 --> 0:13:12.680 I'm kind of a payoff kind of girl, Like, what 0:13:12.679 --> 0:13:16.880 what's the point? Well, what I think this is a 0:13:17.000 --> 0:13:23.680 response to is a concern that many economists, any trust 0:13:23.840 --> 0:13:29.000 experts have been raising over the last few years UM 0:13:29.040 --> 0:13:34.760 about industries UM becoming over the last couple of decades 0:13:34.840 --> 0:13:39.079 very consolidated. And we see that mostly or maybe primarily 0:13:39.120 --> 0:13:41.439 in the tech company in the tech industry, with the 0:13:41.880 --> 0:13:44.760 big tech companies like like Amazon and Google, et cetera. 0:13:45.559 --> 0:13:49.160 But really it's an issue that UM many people see 0:13:49.360 --> 0:13:53.880 happening across the economy and the worry is that UM, 0:13:53.920 --> 0:13:58.360 it's leading to maybe higher prices, less choice for consumers. UM. 0:13:58.400 --> 0:14:00.840 There's also this labor market issue. You if you live 0:14:00.880 --> 0:14:03.600 in a town with fewer employers. This is definitely an 0:14:03.600 --> 0:14:07.120 issue in rural areas. You know, they have more leverage 0:14:07.160 --> 0:14:10.480 over you as a worker, and you have um less 0:14:10.559 --> 0:14:16.760 leveraged bargain for higher wages, which the President mentioned today. 0:14:16.840 --> 0:14:20.160 So this is really an effort to go beyond tech 0:14:20.280 --> 0:14:23.000 the stories that tend to be in the news right now, 0:14:23.520 --> 0:14:29.720 to cover other industries, UM and help consumers and workers. Okay, 0:14:29.880 --> 0:14:31.760 that's what you know. It's funny. We were just talking 0:14:31.800 --> 0:14:34.520 with Till whatever Business Week and Eric Palcunas about David 0:14:34.600 --> 0:14:36.960 versus Goliath, and it was about engine number one going 0:14:37.000 --> 0:14:39.880 after x on mobile. Uh, and they had a big win. 0:14:40.160 --> 0:14:43.400 And is that what it's about, is David versus Goliath? 0:14:43.480 --> 0:14:47.920 You know, individuals consumers who in many ways and and 0:14:47.920 --> 0:14:50.000 and some workers and we saw this play out during 0:14:50.000 --> 0:14:53.840 the pandemic, right that really got hurt hard and we're 0:14:53.920 --> 0:14:56.320 left behind. While we know that there were some workers 0:14:56.360 --> 0:14:58.160 that were able to work at home, there was no 0:14:58.200 --> 0:15:01.760 really disruption in their lives. Uh. You know, So is 0:15:01.800 --> 0:15:03.600 that what it's about, like getting to some of those 0:15:03.600 --> 0:15:10.200 inequities that we really saw big time during the pandemic. Yeah, 0:15:10.240 --> 0:15:13.840 because there's a plenty of research. Uh. And then then 0:15:13.680 --> 0:15:17.400 then some people dispute this, but there is research showing that. Um. 0:15:17.440 --> 0:15:19.600 So when you when you have a monopoly or dominant 0:15:19.600 --> 0:15:22.760 firmative market, of course that company may have the power 0:15:22.800 --> 0:15:25.000 to raise prices and may lead to less choice. But 0:15:25.320 --> 0:15:28.520 but some people think they are wider macroeconomic effects, effects 0:15:28.520 --> 0:15:34.160 on productivity, UM and income inequality. Like the superstar companies 0:15:34.200 --> 0:15:38.440 may pay their workers very well, but others in the 0:15:38.440 --> 0:15:40.840 economy who may not be working at those companies might 0:15:40.840 --> 0:15:44.640 be losing out. And so um, there are worries that 0:15:44.640 --> 0:15:47.480 that when not dominant firms or just a handful of 0:15:47.520 --> 0:15:53.720 dominant firms are controlling markets, there are bigger um problems 0:15:53.720 --> 0:15:57.440 that are being caused. Um. And so I think that's 0:15:57.520 --> 0:15:59.480 what the White and the White House is trying to 0:15:59.480 --> 0:16:01.880 get out with. So, David, that what happens now, because 0:16:01.880 --> 0:16:03.960 as we saw, we were listening to this, we were 0:16:03.960 --> 0:16:05.880 watching it, it was playing on our YouTube. When Biden 0:16:05.920 --> 0:16:08.520 signed this executive order, he was flanked by members of 0:16:08.560 --> 0:16:11.520 his cabinet, by antitrust officials. What do they go into 0:16:11.600 --> 0:16:15.840 now in order to put this into action. Well, so 0:16:15.880 --> 0:16:20.640 a lot of this now gets into rulemaking and regulations, 0:16:20.640 --> 0:16:25.000 which UM kendy as you know, kind of a long 0:16:25.160 --> 0:16:29.520 ruling process because it can involved court challenges. So so 0:16:29.600 --> 0:16:34.400 for example, one of the UM proposals are directives that 0:16:35.400 --> 0:16:39.240 is in the order is restoring net neutrality UM the 0:16:39.440 --> 0:16:43.520 requirements that Internet providers treat Internet traffic, but basically the 0:16:43.600 --> 0:16:49.800 same UM, and listeners might remember that that was a 0:16:49.840 --> 0:16:53.080 big fight for many years Obama tried to the Obama 0:16:53.120 --> 0:16:56.800 administration implemented that neutrality rule. They were challenged in the courts. 0:16:57.400 --> 0:17:01.160 Eventually we're undone and so that went on for many years, 0:17:01.920 --> 0:17:05.800 so the impact was not immediate, and so I think 0:17:05.880 --> 0:17:09.720 that could be UM. I don't know if every proposal 0:17:09.720 --> 0:17:12.840 will be fought in the courts, but uh, some certainly 0:17:13.119 --> 0:17:16.480 will be UM. So it could take some time, but 0:17:16.840 --> 0:17:20.000 even some agencies like the FTC are already acting to 0:17:20.880 --> 0:17:23.840 UM implement some of these ideas. Well. It's interesting when 0:17:23.880 --> 0:17:25.840 you were kicked off, you said, seventy two new different 0:17:25.840 --> 0:17:29.480 initiatives and proposals, all government agencies ever seeing different industries. 0:17:29.520 --> 0:17:31.560 It's all about being more competitive, and I was thinking, yeah, 0:17:31.600 --> 0:17:34.399 but it's an executive order, which could be overturned in 0:17:34.440 --> 0:17:36.840 a couple of years if there's a new president in 0:17:36.880 --> 0:17:40.240 the White House. But I do wonder is this potentially 0:17:40.880 --> 0:17:44.280 going to create some significant changes in terms of how 0:17:44.440 --> 0:17:50.240 US big business operates. Well, that's uh, certainly the hope 0:17:50.280 --> 0:17:54.439 by by those who want more aggressive UM. Any trust 0:17:54.440 --> 0:18:00.440 and force countee a lot of problems in in different markets. UM. 0:18:00.480 --> 0:18:02.280 I mean, I think a lot of the directives in 0:18:02.359 --> 0:18:04.960 the in the in the order we're telling like the 0:18:05.119 --> 0:18:09.879 any trust enforcement agencies can get tougher on on mergers 0:18:09.920 --> 0:18:14.360 and so. Um that's a decision that the agencies will 0:18:14.359 --> 0:18:18.360 have to make abically based on the facts of specific deals. 0:18:18.400 --> 0:18:20.600 But you know what they sort of does is it 0:18:20.640 --> 0:18:26.160 gives political support to enforcers and other regulators to take 0:18:26.240 --> 0:18:28.280 tougher action. They're not going to feel like they're out 0:18:28.280 --> 0:18:32.000 in left field or um, you know, unsupported. If they 0:18:32.000 --> 0:18:34.160 want to do something right now, they face their their 0:18:34.280 --> 0:18:37.520 their bossony this on Monday. If it's like, hey, wait 0:18:37.520 --> 0:18:42.240 a minute, we had that big signing, remember that. Um, yeah, exactly. 0:18:42.840 --> 0:18:45.840 Thank you so much, Davi McLaughlin for breaking it down 0:18:45.840 --> 0:18:48.280 for US. Bloomberg News Department of Justice reporter on the 0:18:48.440 --> 0:18:51.880 phone from Washington, d C. This is Bloomberg Business Week 0:18:52.040 --> 0:18:56.000 with Carol Messer and Bloomberg Quick Takes Tim Stinovic from 0:18:56.040 --> 0:18:58.879 Bloomberg Radio. Tim, what are you doing on Sunday? I'm 0:18:59.080 --> 0:19:02.800 going to be here. I'm going to be hosting, co 0:19:02.920 --> 0:19:05.639 hosting with that Lolo and Emily Chang, the special Billionaires 0:19:05.640 --> 0:19:08.560 going to space this one Richard Branson looking forward to 0:19:08.600 --> 0:19:09.920 There's gonna be some cool stuff. And you know who's 0:19:09.920 --> 0:19:11.640 gonna be on the ground there in New Mexica, none 0:19:11.640 --> 0:19:14.320 other than a Bloomberg News is at Low reporter who's 0:19:14.359 --> 0:19:16.280 right now on the phone from San Francisco, right in 0:19:16.320 --> 0:19:18.640 between jumping up a plane getting back from Sun Valley 0:19:18.640 --> 0:19:22.159 about to getting another plane to head to Spaceport America. Ed. 0:19:22.200 --> 0:19:25.760 Are you tired yet? I'm tired, but I'm excited. You know, 0:19:25.920 --> 0:19:30.040 these are not bad gigs, They're great. Hey, So take 0:19:30.119 --> 0:19:32.520 us through exactly what's going to happen on Sunday morning 0:19:32.520 --> 0:19:35.280 at nine am Eastern time. Yeah, that's a good that's 0:19:35.280 --> 0:19:37.680 a good way place to start, right. So, the Virgin 0:19:37.720 --> 0:19:41.280 Galactic Launch System is a two part to imagine an 0:19:41.280 --> 0:19:44.439 airplane that is dual fuselage with a big wing that 0:19:44.520 --> 0:19:48.560 connects both sides, and then the actual spaceship is planted 0:19:48.600 --> 0:19:50.760 in the middle, so it takes off like a normal airplane, 0:19:51.560 --> 0:19:54.800 climbs and climbs and climbs to a height which is 0:19:54.800 --> 0:19:56.440 a little bit of a surprise to some people, but 0:19:56.480 --> 0:20:01.720 around fifty ft THENT and just context, that's about twenty 0:20:01.960 --> 0:20:04.159 feet higher than like a commercial airliner would fly that 0:20:04.160 --> 0:20:06.240 we're crying across the United States, so it is it 0:20:06.320 --> 0:20:08.840 is pretty high attitude altitude. That's just the stage one. 0:20:08.840 --> 0:20:12.320 So you hit fifty feet and then then it's release, release, 0:20:12.400 --> 0:20:15.280 and the rocket part drops from the middle of the wing, 0:20:15.720 --> 0:20:19.200 and then it's engine ignites, and then it accelerates rapidly 0:20:19.240 --> 0:20:23.280 on an upward arc to around fifty to fifty miles 0:20:23.359 --> 0:20:27.280 above Earth's atmosphere, which is the point of controversy because 0:20:27.280 --> 0:20:29.720 there's a debate about whether that really is going into 0:20:29.720 --> 0:20:35.080 space or not. Is it. Well, if you're on NASA, 0:20:35.160 --> 0:20:37.719 and I think NASA is a pretty good standard, you 0:20:37.720 --> 0:20:40.399 know to go by. NASA says that anything above fifty 0:20:40.400 --> 0:20:44.000 miles above the Earth's atmosphere above Earth is space that 0:20:44.080 --> 0:20:48.159 anyone goes beyond that point is technically an astronaut, but 0:20:48.200 --> 0:20:51.160 others disagree. The others say that the common line, which 0:20:51.240 --> 0:20:54.320 is sixty two miles above Earth, the kind of internationally 0:20:54.400 --> 0:20:58.159 recognized boundary space, is true space. And Blue Origin you 0:20:58.240 --> 0:21:01.439 follow them on Twitter, They've been tweeting the differences between 0:21:01.480 --> 0:21:05.119 their system and their ambitions versus Virgin Galactics, and they 0:21:05.160 --> 0:21:08.439 say that Virgin Galactic are not going into space. Blue Origin, 0:21:08.480 --> 0:21:10.720 which is the company owned by Jeff Bezos, says that 0:21:10.760 --> 0:21:15.280 they simply are operating a high altitude plane. Okay, hold on, 0:21:15.320 --> 0:21:17.240 what do you think about this? Because here we are. 0:21:17.359 --> 0:21:20.080 This is not when they'se versus McDonald's duking it out. 0:21:21.920 --> 0:21:25.679 That's a really good analogy. Why why is this happening? 0:21:25.680 --> 0:21:27.879 Because it's not like, you know, this is open to 0:21:27.960 --> 0:21:32.000 normal people yet, like who cares? This is cool? The 0:21:32.080 --> 0:21:35.199 last time that the Virgin Galactics CEO, Michael cold Glazier 0:21:35.240 --> 0:21:37.240 was on bloom Blow Television, he said, this is not 0:21:37.359 --> 0:21:40.600 about a race between two billionaires. Let's be honest, guys, 0:21:40.880 --> 0:21:46.040 come on, let's real. Jeff bez Us walked past me 0:21:46.119 --> 0:21:49.159 yesterday in some valley. I've shouted out to him, Jeff, 0:21:49.359 --> 0:21:51.720 how are you feeling about Blue Origin? How are you 0:21:51.760 --> 0:21:54.600 feeling about July twenty, and he didn't reply. By comparison, 0:21:55.040 --> 0:21:57.800 Richard Branson has been on international media and TV for 0:21:58.000 --> 0:22:02.200 week drumming up interesting excitement about this. You know, when 0:22:02.240 --> 0:22:05.879 they do reach that fifty miles above a height, they 0:22:05.920 --> 0:22:09.560 will experience weightlessness. There will be six people on board total, 0:22:09.680 --> 0:22:12.840 two pilots for crew members. They call them crew members. 0:22:13.160 --> 0:22:15.919 They'll unbuckle and they'll float around for a few minutes. 0:22:16.000 --> 0:22:18.960 And I've never felt or experienced weight listeners. I would 0:22:19.000 --> 0:22:21.840 love to believe me, but I personally would take that 0:22:21.880 --> 0:22:24.160 to be in space, because I'm not sure where else 0:22:24.200 --> 0:22:30.160 you could do that to a four day I think, 0:22:30.240 --> 0:22:32.040 I think you know the answer to that question. I 0:22:32.080 --> 0:22:35.280 do not have the capital to fund my my own space. 0:22:35.359 --> 0:22:37.240 But that's why I say this is a billionaire's race, 0:22:37.280 --> 0:22:40.920 because ultimately, you know, the near term ambition to These 0:22:40.920 --> 0:22:44.399 two companies are funded by different means. You know, Virgin 0:22:44.440 --> 0:22:47.400 Galactic is a publicly traded company it was a des 0:22:47.480 --> 0:22:50.520 back and Blue Origin is bankrolled by Jeff Bezos. But 0:22:50.560 --> 0:22:52.280 at the end of the day, it's those two men 0:22:52.320 --> 0:22:55.040 that have made this happen, and they're putting themselves in 0:22:55.119 --> 0:22:59.560 pole position to be among a few people in history 0:22:59.640 --> 0:23:02.800 too are going into space, you know, as civilians. Well, 0:23:02.880 --> 0:23:07.160 this is all about the development of space tourism, right 0:23:07.720 --> 0:23:10.879 and you look at Virgin Galactic shares. We've been talking 0:23:10.880 --> 0:23:13.800 about it this week on air on a tear this year, 0:23:13.840 --> 0:23:17.560