1 00:00:00,080 --> 00:00:04,080 Speaker 1: We've seen the images on TV about people fleeing conflict 2 00:00:04,080 --> 00:00:07,640 Speaker 1: in the Middle East, specifically Syria, trying to make their 3 00:00:07,680 --> 00:00:11,160 Speaker 1: way to a better life. What happens to refugees after 4 00:00:11,240 --> 00:00:13,840 Speaker 1: they get here? How do they pay their rent and 5 00:00:13,880 --> 00:00:18,120 Speaker 1: get a job? The biggest problems facing refugees being resettled 6 00:00:18,160 --> 00:00:21,520 Speaker 1: in the US is economic, and help is coming from 7 00:00:21,560 --> 00:00:35,159 Speaker 1: what might be considered an unlikely place, Wall Street. Welcome 8 00:00:35,159 --> 00:00:39,200 Speaker 1: to Benchmark, a podcast about the global economy. I'm Daniel Moss, 9 00:00:39,200 --> 00:00:42,159 Speaker 1: a columnist for Bloomberg View in New York, and I'm 10 00:00:42,200 --> 00:00:46,519 Speaker 1: Scott Landman and economics editor with Bloomberg in Washington. A 11 00:00:46,600 --> 00:00:51,600 Speaker 1: couple of financial market insiders have started a foundation interfaith 12 00:00:51,680 --> 00:00:54,880 Speaker 1: Refugee project that raises money from some of the biggest 13 00:00:54,960 --> 00:00:59,080 Speaker 1: names in the business pinco, JP, Morgan Goldman, Sachs, Morgan 14 00:00:59,200 --> 00:01:02,080 Speaker 1: Stanley in a few others along the way. They're trying 15 00:01:02,120 --> 00:01:06,800 Speaker 1: to re engineer refugee resettlement with a distinctly economic edge. 16 00:01:07,080 --> 00:01:10,440 Speaker 1: Welcome to our guests, Greg Sharon Now and Michelle Brohart. 17 00:01:10,640 --> 00:01:15,720 Speaker 1: Thank you before we dive too deeply into this. Our 18 00:01:15,720 --> 00:01:19,880 Speaker 1: story here isn't just some technocratic exercise in a profit 19 00:01:19,920 --> 00:01:24,800 Speaker 1: and loss spreadsheet. It's also deeply personal. Tell us about 20 00:01:24,959 --> 00:01:27,960 Speaker 1: what you do in the finance industry and a little 21 00:01:28,000 --> 00:01:31,479 Speaker 1: bit about your background. Sure, I'm a portfolio manager PIMPCO. 22 00:01:32,080 --> 00:01:35,920 Speaker 1: I manage our commodity mutual fund and absolute term products, 23 00:01:36,280 --> 00:01:38,040 Speaker 1: and I contribute to the rest of the back of 24 00:01:38,120 --> 00:01:43,399 Speaker 1: thought process regarding energy and portrollum in particular. My background 25 00:01:43,640 --> 00:01:47,119 Speaker 1: is that I am in relationship to the work I'm 26 00:01:47,120 --> 00:01:50,440 Speaker 1: doing refugees outside of office hours, is that I'm a 27 00:01:50,440 --> 00:01:53,360 Speaker 1: grandchild of refugees. And tell us a little bit about 28 00:01:53,360 --> 00:01:57,280 Speaker 1: your grandparents refugee experience. Yes, and my grandparents were fortunate 29 00:01:57,320 --> 00:02:00,080 Speaker 1: to get out of Germany in the late nineties and 30 00:02:00,120 --> 00:02:03,880 Speaker 1: be resettled into Panama. It was good fortune because my 31 00:02:04,000 --> 00:02:07,480 Speaker 1: grandmother was able to use a relationship her family had 32 00:02:07,520 --> 00:02:11,280 Speaker 1: had previously with the Panamanian ambassador Germany to get herself out. 33 00:02:11,360 --> 00:02:14,560 Speaker 1: That shows how lucky and fortunate she was. And then 34 00:02:14,720 --> 00:02:18,600 Speaker 1: I got to be a product of the experience of 35 00:02:18,680 --> 00:02:22,680 Speaker 1: her and my grandfather re integrating into a new country 36 00:02:22,760 --> 00:02:25,520 Speaker 1: where they did not speak the language. Her education was 37 00:02:25,560 --> 00:02:28,480 Speaker 1: taken from her because she was still a teenager at 38 00:02:28,520 --> 00:02:30,760 Speaker 1: that time, so they did not have the normal skills 39 00:02:31,200 --> 00:02:34,000 Speaker 1: that you would have to be successfully integrated to an economy, 40 00:02:34,040 --> 00:02:36,960 Speaker 1: and they did not have family and natural connections. And 41 00:02:37,000 --> 00:02:39,360 Speaker 1: when I go through my family's history, it really is 42 00:02:39,919 --> 00:02:44,359 Speaker 1: emblematic of what the refugee experiences. Michelle, My experience is 43 00:02:44,360 --> 00:02:48,200 Speaker 1: a little different with the refugees. I am born and 44 00:02:48,280 --> 00:02:52,679 Speaker 1: raised in Kansas with parents and grandparents and great grandparents 45 00:02:53,120 --> 00:02:55,600 Speaker 1: who have all been American, and we haven't really experienced 46 00:02:55,639 --> 00:03:00,519 Speaker 1: a refugee crisis in Kansas. We have any of things 47 00:03:00,560 --> 00:03:04,600 Speaker 1: the matter with Kansas that's there. There are wonderful things 48 00:03:04,600 --> 00:03:06,760 Speaker 1: about Kansas, and there are wonderful things that need to 49 00:03:06,800 --> 00:03:09,519 Speaker 1: change about Kansas. That's for sure. Kansas is one of 50 00:03:09,560 --> 00:03:12,520 Speaker 1: the states that has chosen to not take refugees. That 51 00:03:12,600 --> 00:03:16,040 Speaker 1: wasn't really the catalyst that pushed me um. It was 52 00:03:16,080 --> 00:03:18,480 Speaker 1: the conversations that we had with the It was what 53 00:03:18,520 --> 00:03:20,640 Speaker 1: you would see in the news, and also just being 54 00:03:20,760 --> 00:03:23,639 Speaker 1: in the oil industry, you read a lot about Libya 55 00:03:23,720 --> 00:03:25,560 Speaker 1: and the fleeing of people, and you read about these 56 00:03:25,600 --> 00:03:28,079 Speaker 1: humanitarian crisis that of course impact the oil market, but 57 00:03:28,160 --> 00:03:32,480 Speaker 1: also impact humanitarian aid in Europe and what it's doing 58 00:03:32,600 --> 00:03:36,440 Speaker 1: even to like the nearby countries. So my interaction with 59 00:03:36,560 --> 00:03:40,480 Speaker 1: refugees was I. I left the US for a week 60 00:03:40,560 --> 00:03:43,160 Speaker 1: or two, maybe two weeks, and went to Jordan to 61 00:03:43,320 --> 00:03:45,560 Speaker 1: visit a refugee camp and to visit some of some 62 00:03:45,680 --> 00:03:49,040 Speaker 1: internally displaced people inside of Jordan's um, and I met 63 00:03:49,120 --> 00:03:51,960 Speaker 1: refugees who had been fleeing from Syria as well as Iraq. 64 00:03:52,560 --> 00:03:56,080 Speaker 1: And the interesting thing I think about the my interaction 65 00:03:56,160 --> 00:03:59,200 Speaker 1: with some of the refugees from Iraq was that it 66 00:03:59,320 --> 00:04:02,680 Speaker 1: must have been six months, no, maybe maybe eighteen months 67 00:04:02,680 --> 00:04:06,360 Speaker 1: before I had gone there, Ices had attacked Mosl. And 68 00:04:06,400 --> 00:04:09,600 Speaker 1: when Isis attacked Mosle, those those people fled from there. 69 00:04:09,880 --> 00:04:12,000 Speaker 1: But the impact that it had on the oil market 70 00:04:12,080 --> 00:04:15,960 Speaker 1: was significant. Even though Mosa was nowhere near oil's oil supply, 71 00:04:16,080 --> 00:04:18,400 Speaker 1: it's still impacted the market. I met a lot of 72 00:04:18,440 --> 00:04:21,640 Speaker 1: those refugees from that, and so my relationship with Mosle 73 00:04:21,720 --> 00:04:25,080 Speaker 1: and the refugees all got tied together at that point. 74 00:04:25,320 --> 00:04:27,200 Speaker 1: And what do you do in the oil industry? I 75 00:04:27,279 --> 00:04:30,440 Speaker 1: trade oil and oil products. Now, how did you get 76 00:04:30,440 --> 00:04:35,200 Speaker 1: the broader financial services seen interested in the work that 77 00:04:35,240 --> 00:04:38,520 Speaker 1: you're doing. Now? Many people in finance give a lot 78 00:04:38,600 --> 00:04:42,960 Speaker 1: back some of the country's biggest philanthropists from the street, 79 00:04:43,440 --> 00:04:46,880 Speaker 1: But was this a particular area that you found was underserved. 80 00:04:48,000 --> 00:04:51,440 Speaker 1: So I think what was evident to me and Michelle 81 00:04:51,440 --> 00:04:54,640 Speaker 1: and Who's saying, is that we work in very global communities, 82 00:04:54,720 --> 00:04:57,839 Speaker 1: we work in very current communities. But how do people 83 00:04:57,839 --> 00:05:00,160 Speaker 1: get engaged with donating and how do people getting age 84 00:05:00,160 --> 00:05:02,040 Speaker 1: are called They need someone to help them get over 85 00:05:02,080 --> 00:05:04,200 Speaker 1: the finish line, something to connect with, and at that 86 00:05:04,240 --> 00:05:07,359 Speaker 1: time there wasn't that obvious connection happening among our community. 87 00:05:07,600 --> 00:05:10,240 Speaker 1: I am fortunate that my wife, Julie Gersnie is one 88 00:05:10,279 --> 00:05:13,960 Speaker 1: of our founders, worked in international human rights and nonprofits 89 00:05:14,000 --> 00:05:16,800 Speaker 1: for her career. And when I went home two years ago, 90 00:05:16,839 --> 00:05:18,920 Speaker 1: and this was after the pictures of the Turkish of 91 00:05:19,000 --> 00:05:21,520 Speaker 1: the boy washing up on the Turkish shores, you know, 92 00:05:21,560 --> 00:05:23,720 Speaker 1: we were able to use our connections through her work 93 00:05:23,800 --> 00:05:26,920 Speaker 1: to engage in this. And then I looked around and said, well, 94 00:05:27,040 --> 00:05:30,120 Speaker 1: I wonder if we had the same pathway for everyone 95 00:05:30,160 --> 00:05:32,440 Speaker 1: else who who I work with, the new Michelle works with, 96 00:05:32,680 --> 00:05:35,560 Speaker 1: to become engaged in the subject. Couldn't we really start 97 00:05:35,600 --> 00:05:38,800 Speaker 1: moving the needle, both raising dollars to help address refugees, 98 00:05:38,800 --> 00:05:42,839 Speaker 1: but more important, raising advocacy efforts and building community to 99 00:05:42,880 --> 00:05:45,200 Speaker 1: address some of the greater. You know ills that the 100 00:05:45,200 --> 00:05:49,520 Speaker 1: refugees were facing, and how do you make the maximum 101 00:05:49,520 --> 00:05:53,479 Speaker 1: economic impact with the dollars that you raise. You know, 102 00:05:53,600 --> 00:05:57,440 Speaker 1: what do you target and what are the basic economic needs? 103 00:05:57,440 --> 00:06:00,720 Speaker 1: Are the most basic economic needs that you are seeking 104 00:06:00,760 --> 00:06:05,360 Speaker 1: to rectify. So we took a life cycleolistic approach. Um. 105 00:06:05,400 --> 00:06:08,080 Speaker 1: For one, we started from no infrastructure, so we had 106 00:06:08,080 --> 00:06:10,640 Speaker 1: a physical sponsor model which allows us to then take 107 00:06:10,760 --> 00:06:13,279 Speaker 1: whatever money we receive and distributed to our partners. But 108 00:06:13,320 --> 00:06:15,840 Speaker 1: we don't have the ability to run overhead, so all 109 00:06:15,880 --> 00:06:18,040 Speaker 1: of that is paid for out of pocket by the founders. 110 00:06:18,360 --> 00:06:20,000 Speaker 1: And what we did is we decided we were also 111 00:06:20,040 --> 00:06:23,680 Speaker 1: not experienced enough to drive programming that we wanted to 112 00:06:23,839 --> 00:06:27,280 Speaker 1: support organizations that we're doing critical work from whether or 113 00:06:27,279 --> 00:06:30,640 Speaker 1: not they're helping like World Vision and Islamic Relief does 114 00:06:30,640 --> 00:06:33,679 Speaker 1: in the camps helping people literally to sustain their lives 115 00:06:34,040 --> 00:06:36,760 Speaker 1: at a point where the greatest vulnerability to using. The 116 00:06:36,800 --> 00:06:40,200 Speaker 1: International Refugee Assistance Project, which helps the legal services of 117 00:06:40,320 --> 00:06:44,240 Speaker 1: refugees who need help to gain resettlement and then highest 118 00:06:44,720 --> 00:06:47,440 Speaker 1: on the United States Fund, is one of the nine organizations, 119 00:06:47,600 --> 00:06:50,279 Speaker 1: most seven of which are faith based, that actually do 120 00:06:50,360 --> 00:06:53,240 Speaker 1: the actual act resettling in the United States. So our 121 00:06:53,240 --> 00:06:56,200 Speaker 1: project decided to take the life cycle approach support organizations. 122 00:06:56,240 --> 00:06:59,280 Speaker 1: We thought we're doing valuable work at all different portions 123 00:06:59,360 --> 00:07:02,800 Speaker 1: of the refugee life cycle. You know, at PIMCO, we've 124 00:07:02,839 --> 00:07:06,080 Speaker 1: actually done an additional step that I was involved with 125 00:07:06,520 --> 00:07:11,480 Speaker 1: where we signed up for the previous White Houses call 126 00:07:11,640 --> 00:07:15,160 Speaker 1: for public private partnership. And what PIMCO decided to do, 127 00:07:15,520 --> 00:07:17,960 Speaker 1: and we certainly think this is a great idea, is 128 00:07:18,240 --> 00:07:23,320 Speaker 1: they raised money to pay for housing for refugees in 129 00:07:23,400 --> 00:07:26,600 Speaker 1: our Orange County community. And why we determined to do 130 00:07:26,640 --> 00:07:28,360 Speaker 1: this is that if you look at a refugee comes 131 00:07:28,360 --> 00:07:30,880 Speaker 1: to United States, the US government only gives a few 132 00:07:30,880 --> 00:07:33,640 Speaker 1: thousand dollars to one of these resettlement agencies that are 133 00:07:33,680 --> 00:07:36,360 Speaker 1: supposed to give them a couple of months of running 134 00:07:36,400 --> 00:07:39,960 Speaker 1: start and in their integrating up and then they are 135 00:07:39,960 --> 00:07:42,520 Speaker 1: able to get some social services from other parts of 136 00:07:42,600 --> 00:07:45,600 Speaker 1: the federal support system. But effectively it is not enough. 137 00:07:45,640 --> 00:07:47,240 Speaker 1: And if you look at the needs of the refugees, 138 00:07:47,240 --> 00:07:50,200 Speaker 1: they spend in an ordinate amount of time simply trying 139 00:07:50,240 --> 00:07:53,720 Speaker 1: to raise money to pay their rent when what they 140 00:07:53,760 --> 00:07:55,440 Speaker 1: really need to be doing. A lot of them needs 141 00:07:55,440 --> 00:07:58,760 Speaker 1: needs to be learning how to speak language, gain training 142 00:07:59,200 --> 00:08:01,560 Speaker 1: creates stability in their home. If you have your home 143 00:08:01,600 --> 00:08:03,920 Speaker 1: and you're moving seven times in a year because you're 144 00:08:03,920 --> 00:08:05,960 Speaker 1: struggling to meet your rent, your kids are not in 145 00:08:06,000 --> 00:08:08,560 Speaker 1: the school in a stable environment, and you end up 146 00:08:08,560 --> 00:08:11,640 Speaker 1: creating a cycle of poverty that it becomes harder to escape. 147 00:08:11,840 --> 00:08:15,440 Speaker 1: And then you're falling into this cliche eye view of 148 00:08:15,440 --> 00:08:18,360 Speaker 1: what a refugee really is that they're draining on society 149 00:08:18,400 --> 00:08:20,800 Speaker 1: at ctera, etcetera. Yes, when in fact, if you look 150 00:08:20,840 --> 00:08:23,760 Speaker 1: at refugees as a whole, they tend relative to other 151 00:08:23,800 --> 00:08:28,320 Speaker 1: immigrants by a higher incidents of home ownership. Eventually higher 152 00:08:28,360 --> 00:08:31,760 Speaker 1: instances are becoming that citizen. They tend to be very 153 00:08:31,880 --> 00:08:34,760 Speaker 1: interested because in the country that they've allowed to come 154 00:08:34,760 --> 00:08:36,880 Speaker 1: to is the one who saved their lives and has 155 00:08:36,920 --> 00:08:40,439 Speaker 1: given them a future. And you know, in some respects 156 00:08:40,679 --> 00:08:43,680 Speaker 1: we feel like it's important to support refugees here to 157 00:08:43,920 --> 00:08:47,000 Speaker 1: gain that success. And you know, we also think it's 158 00:08:47,080 --> 00:08:50,240 Speaker 1: very important and we've supported to organizations that are very 159 00:08:50,280 --> 00:08:52,960 Speaker 1: active in advocacy because we do think it's important that 160 00:08:53,000 --> 00:08:55,800 Speaker 1: we need to rally Congress, we need to rally our 161 00:08:55,880 --> 00:08:58,920 Speaker 1: support for continue doing not only to allow refugees to resettle, 162 00:08:59,080 --> 00:09:01,280 Speaker 1: but to ensure that when they get here that they 163 00:09:01,280 --> 00:09:04,400 Speaker 1: have a chance for success. Talk a little bit about 164 00:09:04,480 --> 00:09:08,760 Speaker 1: this cycle of poverty that you say some people fall into. 165 00:09:09,840 --> 00:09:15,040 Speaker 1: Is there too much attention on that in resettlement programs 166 00:09:15,200 --> 00:09:20,560 Speaker 1: and not enough on getting people into a role where 167 00:09:20,600 --> 00:09:24,680 Speaker 1: they can participate in the economy. And what we're talking 168 00:09:24,720 --> 00:09:26,839 Speaker 1: about here is sort of how we think about refugees 169 00:09:27,000 --> 00:09:29,360 Speaker 1: in a popular sense. You know, where it's impacting our 170 00:09:29,400 --> 00:09:33,200 Speaker 1: election cycles. Where it's impopping our dialogue on a national level, 171 00:09:33,280 --> 00:09:36,720 Speaker 1: is that we are focusing on the challenges to both 172 00:09:36,760 --> 00:09:40,200 Speaker 1: the physical budget and the drain on society. And you 173 00:09:40,200 --> 00:09:42,559 Speaker 1: know whether or not there is someone who is losing 174 00:09:42,559 --> 00:09:46,520 Speaker 1: out because we're helping refugees come in, meaning like there's 175 00:09:46,520 --> 00:09:48,599 Speaker 1: an American that could have gotten that social services that 176 00:09:48,640 --> 00:09:51,400 Speaker 1: were subsequent to prize. But when you look at over 177 00:09:51,440 --> 00:09:54,800 Speaker 1: the life cycle of the refugee, these refugees are within 178 00:09:55,080 --> 00:09:58,319 Speaker 1: eight to nine years. There's a study done and and 179 00:09:58,480 --> 00:10:01,440 Speaker 1: we are working paper published by two professors and a 180 00:10:01,480 --> 00:10:04,000 Speaker 1: Notre dame that highlight by year eight or nine, they're 181 00:10:04,040 --> 00:10:07,600 Speaker 1: positively contributing to the fiscal balance, positively contributing to the 182 00:10:07,679 --> 00:10:11,160 Speaker 1: economy and by your twenty they've returned twent of investment. 183 00:10:11,520 --> 00:10:13,760 Speaker 1: And if you leok just so folksiclear when you say 184 00:10:13,840 --> 00:10:16,360 Speaker 1: the n B you're talking about the National Bureau of 185 00:10:16,440 --> 00:10:21,400 Speaker 1: Economic Research, the group which did a calls recessions and 186 00:10:21,440 --> 00:10:25,719 Speaker 1: recoveries one of our favorite topics. And if you look 187 00:10:25,720 --> 00:10:28,400 Speaker 1: at it, there was a Department of Human and Health 188 00:10:28,440 --> 00:10:31,319 Speaker 1: Services published or they didn't publish, they weren't allowed to, 189 00:10:31,400 --> 00:10:34,720 Speaker 1: but it was leaked that refugees contribute sixties three billion 190 00:10:34,720 --> 00:10:37,560 Speaker 1: dollars to the economy over ten years. So I think 191 00:10:38,600 --> 00:10:41,760 Speaker 1: when you think about how much they are contributing already, 192 00:10:42,480 --> 00:10:44,880 Speaker 1: imagine how much more they could contribute if we really 193 00:10:44,880 --> 00:10:47,120 Speaker 1: gave them the tools to success and we really built 194 00:10:47,120 --> 00:10:49,640 Speaker 1: their foundation for them to be successful. Let's talk a 195 00:10:49,679 --> 00:10:52,439 Speaker 1: little bit more about the economic angle and the political 196 00:10:53,280 --> 00:10:56,520 Speaker 1: issues here. I mean, you have too trends happening in 197 00:10:56,520 --> 00:10:58,480 Speaker 1: the world right now. You have a big increase in 198 00:10:58,559 --> 00:11:03,720 Speaker 1: refugees thanks to especially to war in Syria, mainly going 199 00:11:03,760 --> 00:11:08,120 Speaker 1: towards Europe. And you have a change in the administration 200 00:11:08,200 --> 00:11:11,680 Speaker 1: here in the United States that offers a view that's 201 00:11:11,800 --> 00:11:16,280 Speaker 1: very much opposed to um having an open door towards refugees, 202 00:11:16,320 --> 00:11:19,480 Speaker 1: even though they just I think in recent days relaxed 203 00:11:19,520 --> 00:11:22,640 Speaker 1: the policy somewhat. How has that affected what you do? 204 00:11:22,640 --> 00:11:25,120 Speaker 1: Do you feel that you have to work twice as 205 00:11:25,160 --> 00:11:28,400 Speaker 1: hard to reach your goals? Or more people open up 206 00:11:28,440 --> 00:11:32,200 Speaker 1: their wallets as a result of these kinds of events. 207 00:11:32,679 --> 00:11:34,679 Speaker 1: How would you sum up what's going on? So that's 208 00:11:34,679 --> 00:11:37,400 Speaker 1: a that's a really great question. We've actually seen because 209 00:11:37,440 --> 00:11:39,959 Speaker 1: of the political rhetoric, we've actually seen a lot more 210 00:11:40,000 --> 00:11:45,360 Speaker 1: people interested in contributing to to to assisting in the 211 00:11:45,360 --> 00:11:49,520 Speaker 1: refugee crisis, whether it's resettlement, whether it's advocacy, whether it's 212 00:11:49,600 --> 00:11:53,520 Speaker 1: donating money, whether it's just holding holding small functions to 213 00:11:53,559 --> 00:11:56,920 Speaker 1: help spread the word on on just educating the public 214 00:11:56,920 --> 00:11:59,680 Speaker 1: on what a refugee is and how refugees contribute to 215 00:11:59,720 --> 00:12:03,840 Speaker 1: our our society. So we've actually seen because of the 216 00:12:04,000 --> 00:12:06,200 Speaker 1: because of the reddick, we've actually seen a lot of 217 00:12:06,480 --> 00:12:08,559 Speaker 1: a lot more people step up and say what can 218 00:12:08,600 --> 00:12:11,000 Speaker 1: I do? How can I be a part? How can 219 00:12:11,040 --> 00:12:13,120 Speaker 1: I help? I would say, on a personal level, one 220 00:12:13,160 --> 00:12:14,480 Speaker 1: of the hardest things for me to do is to 221 00:12:14,480 --> 00:12:17,160 Speaker 1: ask people to get involved, and it's amazing how often 222 00:12:17,200 --> 00:12:19,320 Speaker 1: they come back and say no, thank you for asking us, 223 00:12:19,720 --> 00:12:22,200 Speaker 1: and you realize how much people are yearning for community. 224 00:12:22,679 --> 00:12:25,359 Speaker 1: And part of what we're doing is not just raising money, 225 00:12:25,480 --> 00:12:27,480 Speaker 1: are advocating of the average, but we are trying to 226 00:12:27,480 --> 00:12:31,199 Speaker 1: build bridges across different faiths and different and people of 227 00:12:31,240 --> 00:12:33,640 Speaker 1: all sorts of backgrounds, because we think one of the 228 00:12:33,640 --> 00:12:36,560 Speaker 1: reasons we have struggled to meet the needs of refugees 229 00:12:36,600 --> 00:12:39,240 Speaker 1: is that we don't see them as equals. Now, you've 230 00:12:39,280 --> 00:12:43,840 Speaker 1: mentioned greg that most refugees being resettled a children. Now 231 00:12:44,280 --> 00:12:49,120 Speaker 1: that must present a very unique economic challenge. It's not 232 00:12:49,200 --> 00:12:51,800 Speaker 1: just a question of getting them into the workforce, it's 233 00:12:51,840 --> 00:12:55,040 Speaker 1: a question of getting them the life skills so they 234 00:12:55,080 --> 00:12:58,960 Speaker 1: have the potential to contribute the workforce. How do you 235 00:12:59,000 --> 00:13:01,800 Speaker 1: do that and is there enough attention focused on that. 236 00:13:02,400 --> 00:13:04,920 Speaker 1: There's been academic studies that have shown that if you 237 00:13:05,000 --> 00:13:08,360 Speaker 1: bring children in under fourteen, they show same level graduation 238 00:13:08,440 --> 00:13:12,120 Speaker 1: rates of the US citizens have and they go on 239 00:13:12,200 --> 00:13:16,040 Speaker 1: to achieve higher UM education and dissimilar rate and they 240 00:13:16,960 --> 00:13:20,880 Speaker 1: end up having fairly high success rates professionally. UM. There 241 00:13:20,920 --> 00:13:22,960 Speaker 1: is an area, though, as you start getting closer to 242 00:13:23,800 --> 00:13:27,079 Speaker 1: high school age and older, where there are structural challenges 243 00:13:27,080 --> 00:13:29,600 Speaker 1: such as English as a second language that have made 244 00:13:29,640 --> 00:13:33,640 Speaker 1: it harder for those young people those dependents to be successful. 245 00:13:33,640 --> 00:13:37,360 Speaker 1: In addition, there are challenges around the fact that if 246 00:13:37,360 --> 00:13:41,120 Speaker 1: a child is coming without a parent or without two parents, 247 00:13:41,160 --> 00:13:44,760 Speaker 1: there's a lot of social challenges that come up with 248 00:13:44,800 --> 00:13:48,240 Speaker 1: that that needs support. UM So we through our support 249 00:13:48,280 --> 00:13:50,960 Speaker 1: of our partners, we some of the money does go 250 00:13:51,040 --> 00:13:55,240 Speaker 1: to helping these individuals overcome those challenges, and I think 251 00:13:55,280 --> 00:13:57,240 Speaker 1: we need to help them do so so that they 252 00:13:57,240 --> 00:14:00,000 Speaker 1: could become productive and have the ability to be success 253 00:14:00,000 --> 00:14:03,960 Speaker 1: Sulder integration. One of the interesting things that I have 254 00:14:04,160 --> 00:14:07,120 Speaker 1: learned is that less than one percent of refugees actually 255 00:14:07,120 --> 00:14:10,240 Speaker 1: get resettled, and so even though the children that do 256 00:14:10,360 --> 00:14:14,000 Speaker 1: get resettled do make it through the resettlement process, there 257 00:14:14,040 --> 00:14:16,600 Speaker 1: is an entire generation of children that are not being resettled, 258 00:14:16,600 --> 00:14:19,560 Speaker 1: that are not receiving formal education, that are not in 259 00:14:19,640 --> 00:14:22,840 Speaker 1: child friendly zones, and that that is an entire generation 260 00:14:23,160 --> 00:14:24,840 Speaker 1: that is going to be lost. And there are a 261 00:14:24,840 --> 00:14:27,920 Speaker 1: lot of NGOs that are calling that generation of children 262 00:14:28,160 --> 00:14:31,880 Speaker 1: the lost generation. One last question, You guys both have 263 00:14:32,720 --> 00:14:35,640 Speaker 1: pretty consuming day jobs, and you're you're doing all this 264 00:14:35,800 --> 00:14:39,680 Speaker 1: work with refugees in your spare time. Has the work 265 00:14:39,720 --> 00:14:43,680 Speaker 1: you've done with refugees given you any specific insights that 266 00:14:43,920 --> 00:14:46,960 Speaker 1: help you do your day jobs? You know, I don't 267 00:14:46,960 --> 00:14:49,280 Speaker 1: think that there's anything that I'm doing in the work 268 00:14:49,320 --> 00:14:52,920 Speaker 1: that really overlaps, except for obviously the refugee crisis are 269 00:14:52,960 --> 00:14:56,320 Speaker 1: in the countries where oil production is, and so maybe 270 00:14:56,320 --> 00:14:58,880 Speaker 1: there's a tiny bit of overlap. I think what it's 271 00:14:59,120 --> 00:15:03,560 Speaker 1: done is just me overall a more alert and aware person, 272 00:15:03,600 --> 00:15:07,080 Speaker 1: and it's given me an extra dose of compassion. So 273 00:15:07,120 --> 00:15:09,240 Speaker 1: I think it's helped us understand a little bit of 274 00:15:09,280 --> 00:15:12,440 Speaker 1: the political dynamics developing, which at times can leave one 275 00:15:12,440 --> 00:15:16,640 Speaker 1: feeling very distressed and sad, but also quite aware of them. 276 00:15:17,160 --> 00:15:20,000 Speaker 1: And at the same token, though, when we're following what 277 00:15:20,120 --> 00:15:22,200 Speaker 1: is going on in the political dynamics, because of where 278 00:15:22,200 --> 00:15:24,160 Speaker 1: we sit, we also seeing the dynamics and the pendulum 279 00:15:24,200 --> 00:15:26,920 Speaker 1: swinging the other way. You know, we're getting activists who 280 00:15:26,920 --> 00:15:29,840 Speaker 1: were getting people who are passionate about these issues, who 281 00:15:29,840 --> 00:15:31,880 Speaker 1: are going to show up and potentially lead to different 282 00:15:31,880 --> 00:15:34,400 Speaker 1: political outcomes in the future. So I guess I kind 283 00:15:34,400 --> 00:15:36,800 Speaker 1: of think that I'm a little maybe we're going to 284 00:15:36,840 --> 00:15:39,360 Speaker 1: be a little bit too into what they the opposing sees, 285 00:15:39,880 --> 00:15:42,320 Speaker 1: and to either of you, there is a Mike Pants 286 00:15:42,400 --> 00:15:45,760 Speaker 1: connection in this story. What you're referencing here is the 287 00:15:45,800 --> 00:15:47,880 Speaker 1: story of the family that was not allowed to resettle 288 00:15:47,920 --> 00:15:52,800 Speaker 1: in Indiana and was subsequently successfully resettled in Connecticut. I 289 00:15:52,840 --> 00:15:55,960 Speaker 1: think what that points to me is it's the fear 290 00:15:56,080 --> 00:15:58,840 Speaker 1: that is going in about refugees and not an understanding 291 00:15:58,840 --> 00:16:01,760 Speaker 1: of how well vetted these people are, and how they 292 00:16:01,800 --> 00:16:03,840 Speaker 1: are the most vetted of anyone who's coming to unite 293 00:16:03,880 --> 00:16:06,400 Speaker 1: to days. I think most people don't realize that that's 294 00:16:06,480 --> 00:16:09,080 Speaker 1: lost in the public narrative. For sure. You know, that's 295 00:16:09,240 --> 00:16:12,680 Speaker 1: several years of vetting before they're allowed end one. We 296 00:16:12,720 --> 00:16:14,760 Speaker 1: think of that as a last opportunity for the state 297 00:16:14,800 --> 00:16:17,040 Speaker 1: of Indiana and one game for Connecticut. But the bigger 298 00:16:17,080 --> 00:16:20,080 Speaker 1: issue is that as the states pull back and are 299 00:16:20,160 --> 00:16:23,480 Speaker 1: less willing to work to support refugees, it increases the 300 00:16:23,520 --> 00:16:26,080 Speaker 1: onus of the work we're doing, which is to support 301 00:16:26,120 --> 00:16:29,200 Speaker 1: from a civil society standpoint to step in. Thank you both, 302 00:16:29,320 --> 00:16:32,000 Speaker 1: and good luck to you. Thank you, thank you very much. 303 00:16:35,840 --> 00:16:38,160 Speaker 1: We'll be back next week and until then you can 304 00:16:38,160 --> 00:16:41,360 Speaker 1: find us on the Bloomberg terminal Bloomberg dot com. Our 305 00:16:41,400 --> 00:16:45,480 Speaker 1: Bloomberg app, as well as Apple Podcasts, pocket Casts, and Stitcher. 306 00:16:45,800 --> 00:16:48,160 Speaker 1: While you're there, take a minute, rate and review the 307 00:16:48,160 --> 00:16:51,040 Speaker 1: show so more listeners can find us and let us 308 00:16:51,040 --> 00:16:54,160 Speaker 1: know what you thought. You can follow me at Twitter, 309 00:16:54,920 --> 00:17:00,800 Speaker 1: at Moss Underscore Eco Scott I'm at scott Landman. Benchmark 310 00:17:00,920 --> 00:17:04,080 Speaker 1: is produced by Sarah Pattison. Head of Bloomberg Podcast is 311 00:17:04,119 --> 00:17:07,200 Speaker 1: Francesco Levie. Thanks for listening, See you next time.