WEBVTT - Fed Minutes Suggest Some Support for Faster Tapering 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Karl 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 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 plus technology, politics, economics, all purtnising 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 --> 0:00:23.479 Bloomberg Business Weekend iTunes, SoundCloud, or Bloomberg dot com. You 0:00:23.480 --> 0:00:25.439 can also listen to our radio show at two pm 0:00:25.440 --> 0:00:28.400 Eastern Time on Bloomberg Radio or watch us on YouTube 0:00:28.400 --> 0:00:32.000 search Bloomberg Clovel News. We did get the latest minutes 0:00:32.120 --> 0:00:34.640 from the last policy setting meeting of the Federal Resort 0:00:34.680 --> 0:00:37.520 that was earlier this month. At meeting, we did see 0:00:37.840 --> 0:00:40.760 uh in terms of the SMP five hundred equities rolling 0:00:40.800 --> 0:00:43.120 over SMP five hundred e racing some of those earlier 0:00:43.200 --> 0:00:46.800 gains and just turning lower after the Fed minutes, So 0:00:46.840 --> 0:00:49.360 we are seeing some market reaction on a day where 0:00:49.360 --> 0:00:52.360 we're seeing little volume. We also got a big batch 0:00:52.360 --> 0:00:55.040 of economic news, so here filtering through it all for 0:00:55.120 --> 0:00:57.280 us and great to have back with us is Steven 0:00:57.320 --> 0:01:00.400 Skanky he's chief economic advisor over at keel Point. Former 0:01:00.480 --> 0:01:03.280 US Treasury and White House National Security Council staff member 0:01:03.560 --> 0:01:06.080 Steve based in Washington. We find him on the phone 0:01:06.840 --> 0:01:09.880 from Washington, d C. On this Wednesday, UH, Steve, good 0:01:09.920 --> 0:01:12.640 to have you here with Creedy and myself. UM. First 0:01:12.640 --> 0:01:16.679 of all, happy Thanksgiving, UH five minutes. What stands out 0:01:16.720 --> 0:01:21.960 for you? Well, I think what what stands out most 0:01:22.080 --> 0:01:26.560 is that is that the governors were really sangment about 0:01:27.440 --> 0:01:32.800 their decision to UH to begin to taper without making 0:01:32.840 --> 0:01:38.960 a decision on interest rates. And it's not that there's 0:01:38.959 --> 0:01:40.600 not turbile. I mean, if you if you look at 0:01:40.640 --> 0:01:43.760 the big picture, even coming into that meeting, it was 0:01:43.840 --> 0:01:49.400 before they that they knew the good jobs report for 0:01:49.640 --> 0:01:54.880 October and the increase for August and September UM. But 0:01:55.520 --> 0:01:58.160 you know, it would have been very easy to conclude 0:01:58.160 --> 0:02:00.880 that their job was done when when you look at 0:02:01.160 --> 0:02:04.440 the trend increase in employment and then the fact that 0:02:04.480 --> 0:02:09.200 we've seen the level of price increases even with the 0:02:09.800 --> 0:02:14.240 PC personal Consumption Expenditure and Index Act today at five 0:02:14.320 --> 0:02:19.360 percent headline core A three and a half roughly UM, 0:02:19.760 --> 0:02:24.560 the fense easily could have declared victory and gotten on 0:02:24.639 --> 0:02:27.760 with their plans. And yet that wasn't That wasn't the 0:02:27.800 --> 0:02:30.560 tenor of the meeting, Steve, I want to ask you 0:02:30.600 --> 0:02:32.920 what the variables are here? Because we know that the 0:02:32.960 --> 0:02:35.200 market is waiting for this rate liftoff. We know they're 0:02:35.200 --> 0:02:39.000 waiting for this accelerated tapering. What could change between now 0:02:39.040 --> 0:02:42.040 and say January or stay December when we really get 0:02:42.040 --> 0:02:45.040 a new kind of tapering amount for January? What are 0:02:45.040 --> 0:02:47.480 we watching here? The labor market, the commandities market. What 0:02:47.560 --> 0:02:51.760 are the variables involved in this decision making? Well, there's 0:02:52.320 --> 0:02:57.240 there are several carol uh, and first, happy Thanksgiving to you. 0:02:57.440 --> 0:03:01.440 It's always great to be with you, and I'm so 0:03:01.480 --> 0:03:04.640 glad to be on with you a creety today. Um, 0:03:04.880 --> 0:03:09.000 it's always a pleasure. The variables the FET has in 0:03:09.040 --> 0:03:13.480 front of I mean that the personal uh, the consumption 0:03:13.480 --> 0:03:18.359 expenditures uh coming in still strong. It looks like fourth 0:03:18.400 --> 0:03:21.919 quarter g d P is on track to be up 0:03:22.000 --> 0:03:25.720 six and a half percent on an annualized basis. That's 0:03:25.720 --> 0:03:29.239 significantly above the sort of the four four and a 0:03:29.320 --> 0:03:32.680 half that have been in the consensus forecast. The FETE 0:03:32.800 --> 0:03:36.000 is not unaware of that, and as they come into 0:03:36.000 --> 0:03:39.440 December when they have to decide what's going to happen, 0:03:40.720 --> 0:03:44.040 uh with well, they've already announced what they're gonna do 0:03:44.120 --> 0:03:48.920 with the paper beginning December fifteen. So November fifteen to 0:03:49.040 --> 0:03:52.800 December fifteen, that's said, December fifteen to January fifteen, that's 0:03:52.800 --> 0:03:57.560 set also. But but but they're seeing in real time 0:03:58.440 --> 0:04:01.720 a better than expected GDP growth number. They have in 0:04:01.760 --> 0:04:07.320 front of them, better than expected October jobs number and 0:04:07.400 --> 0:04:09.600 the upward revision. So they have a chance out to 0:04:09.640 --> 0:04:13.840 see what happens to November jobs and uh, you know, 0:04:13.880 --> 0:04:19.120 which is measured mid mom and we just saw the 0:04:18.839 --> 0:04:24.800 the the unemployment claims number coming out today weekly. Uh, 0:04:25.240 --> 0:04:29.559 way better than expected. Uh, it's it's a long time 0:04:29.600 --> 0:04:35.000 since it's it's been this low. Right, So here go ahead, Well, Steve, 0:04:35.040 --> 0:04:36.800 you know, and and Crey brought up some good, you know, 0:04:37.080 --> 0:04:39.400 a good question in terms of the variables that we 0:04:39.600 --> 0:04:41.720 can expect the Fed to be focusing on to kind 0:04:41.720 --> 0:04:44.760 of figure out as they find tune their policy and 0:04:44.800 --> 0:04:47.600 really fine tune their message. I think they've been many 0:04:47.640 --> 0:04:51.080 would argue they've been very clear and very careful about 0:04:51.160 --> 0:04:56.200 messaging to the markets and um really to all of 0:04:56.279 --> 0:04:59.640 us who watch the economy. Uh, what is it? I mean, 0:04:59.680 --> 0:05:03.800 if we get that strong jobs report next Friday, is 0:05:03.880 --> 0:05:06.880 that it in your view? Or all bets are off 0:05:06.920 --> 0:05:08.960 because they're waiting for the latest and greatest, and we 0:05:08.960 --> 0:05:13.880 know with COVID still out there, anything can happen. I 0:05:13.880 --> 0:05:16.880 don't think all bets are off there. There's certainly being 0:05:17.000 --> 0:05:21.280 very careful. One of the things that this current FED 0:05:21.320 --> 0:05:24.640 share learned as did this process, remember the taper tent 0:05:24.760 --> 0:05:31.400 from going back under Chair Bernaki, It's it's important for 0:05:31.440 --> 0:05:35.960 the markets to to have a clear and clean understanding 0:05:36.000 --> 0:05:40.160 of what the Fed is planning to do. Uh and uh. 0:05:41.160 --> 0:05:43.400 With the information that we have in front of us 0:05:43.480 --> 0:05:48.480 just today, you're very easy for them to change course, 0:05:49.040 --> 0:05:53.960 accelerate paper, say something about raising interest rates. You know, 0:05:54.160 --> 0:05:57.680 coming into the meeting a couple of weeks ago, the 0:05:57.760 --> 0:06:05.240 markets were the market bet the that was three rate increases, 0:06:05.279 --> 0:06:10.240 three fund rate increases in one in June at the 0:06:10.320 --> 0:06:13.839 end of taper, one in September, and then one in December. 0:06:14.880 --> 0:06:18.799 Very aggressive and defenses shut that down, and the market 0:06:19.200 --> 0:06:23.640 accepted that easily and readily. Remarkably so in my opinion, 0:06:23.760 --> 0:06:26.279 still with us is Steve skanky chief Economic advisor at 0:06:26.360 --> 0:06:28.640 keel Point, as well as the former U. S. Treasury 0:06:28.640 --> 0:06:31.599 and White House National Security Council staff member joining us 0:06:31.600 --> 0:06:33.760 on the phone from Washington, d C. It's so handy 0:06:33.800 --> 0:06:35.840 to have you here, Steve, because we are still talking 0:06:36.040 --> 0:06:38.680 about those FOMC miths that we just got things looking 0:06:38.800 --> 0:06:41.120 kind of good from the FEDS perspective, but they are 0:06:41.160 --> 0:06:44.720 saying there is room for them to really accelerate some 0:06:44.800 --> 0:06:48.800 of that tapering. How fast does is fast? How fast 0:06:48.800 --> 0:06:51.280 can this actually happen? How quickly can it happen? A 0:06:51.360 --> 0:06:53.440 quick reminder to our audience is that the last time 0:06:53.480 --> 0:06:56.440 they actually announced the tapering, they only really gave an 0:06:56.440 --> 0:06:59.720 amount till December. From January on, we don't know what's 0:06:59.720 --> 0:07:04.440 happened things. So Steve to you, how fast is fast? Well, 0:07:04.560 --> 0:07:07.680 right now, they're they're scheduled to to have phased out 0:07:07.680 --> 0:07:12.400 their bond buying program by June. And UH, from you know, 0:07:12.520 --> 0:07:15.520 from from the discussion after the meeting and from reading 0:07:15.600 --> 0:07:18.560 to the minutes, as I said, they seem to be 0:07:18.640 --> 0:07:23.320 sanguine about where prices are UH and where the economy 0:07:23.080 --> 0:07:27.600 is generally. Now, obviously we've got some some great news 0:07:27.640 --> 0:07:33.520 on the employment side with the August, Attember, October jobs numbers, 0:07:33.600 --> 0:07:38.760 and if we get similarly good news for November, they 0:07:38.800 --> 0:07:43.200 could at their December meeting decided to accelerate. What would 0:07:43.320 --> 0:07:48.400 what would acceleration look like? Probably not more than doubling 0:07:48.480 --> 0:07:53.760 up at the most. Recall that they get into the 0:07:53.840 --> 0:08:00.000 most trouble and think about December of uh two years ago, 0:08:01.760 --> 0:08:05.680 um when three years ago, when when there are comments 0:08:05.760 --> 0:08:12.960 just caused the financial markets into turmoil. So it's not 0:08:13.000 --> 0:08:15.720 going to be a big change, and any change is 0:08:15.760 --> 0:08:19.800 going to be well telegraphed, and the market is is 0:08:19.840 --> 0:08:22.560 going to feel good about it about it coming. What 0:08:22.720 --> 0:08:26.080 the market is seems to be most concerned about is 0:08:26.760 --> 0:08:30.080 waking up and finding FED is is behind the curve 0:08:30.600 --> 0:08:34.360 and then is rushing or struggling to to catch up. 0:08:34.720 --> 0:08:39.840 At that point, confidence is lost as to whether the 0:08:39.920 --> 0:08:46.320 FED really has rain on inflation and its policy actions. 0:08:46.559 --> 0:08:50.400 And Steve I asked, sorry, I asked, how fast is fast? 0:08:50.440 --> 0:08:53.040 But this is already a much faster pace than what 0:08:53.120 --> 0:09:00.000 we saw in the wake of drop. Yes, yes, uh, 0:09:00.280 --> 0:09:03.920 But but they've been preparing us for it for a 0:09:03.960 --> 0:09:07.760 good bit and many would argue that they've waited way 0:09:07.800 --> 0:09:12.600 beyond when they logically could have started this UM and 0:09:12.960 --> 0:09:15.720 uh so, so to go at this pace, to to 0:09:15.880 --> 0:09:18.640 have it done over over eight months is Yeah, it's 0:09:18.679 --> 0:09:23.319 faster than before. But markets seems to be very comfortable 0:09:23.400 --> 0:09:26.040 with it, and it also seems to be consistent with 0:09:26.080 --> 0:09:27.960 the data that they have in front of them. Well, 0:09:27.960 --> 0:09:29.600 that's what I was thinking about, because we were just 0:09:29.640 --> 0:09:31.840 talking so much about this on Monday as deals were 0:09:31.840 --> 0:09:34.360 moving up. UM Steve is that whether or not the 0:09:34.440 --> 0:09:36.600 data points we knew we'd get a big data dump 0:09:37.040 --> 0:09:39.280 this week, whether or not they would confirm that move 0:09:39.360 --> 0:09:41.280 up in race, and it certainly seems like it's playing 0:09:41.280 --> 0:09:46.040 out that way. If the FED decides to UM reduce, 0:09:46.400 --> 0:09:50.120 you know, they're they're the tapering moving along much faster. 0:09:50.440 --> 0:09:52.280 Should we assume that as soon as that done, they're 0:09:52.280 --> 0:09:54.360 going to start raising rates or that's a bad assumption. 0:09:55.679 --> 0:09:57.640 I think that's a bad assumption. At this point, they 0:09:57.679 --> 0:10:00.360 want to give themselves as much latitude as they can. 0:10:00.679 --> 0:10:03.720 And you recall schure Apol at the press conference on 0:10:03.840 --> 0:10:08.040 November three, when asked about rates, he just shut it down. 0:10:08.280 --> 0:10:10.880 He said, we're not even talking about that. We're going 0:10:10.960 --> 0:10:13.880 to finish the taper of the bomb buying program, and 0:10:13.920 --> 0:10:17.400 then we'll look at what we're gonna do with rates. Uh, 0:10:17.480 --> 0:10:21.600 there'd have to be some dramatic change, uh in the data, 0:10:21.840 --> 0:10:26.040 and in particular that that all of a sudden employment 0:10:26.720 --> 0:10:33.680 just blossoms. G d P growth is running hot into 0:10:33.960 --> 0:10:39.520 January February. And and they can come to his inclusion, 0:10:40.040 --> 0:10:42.400 you know, at the at the end of at the 0:10:42.480 --> 0:10:46.280 end of their March meeting, for example, and just say, 0:10:46.480 --> 0:10:51.160 as we complete our taper and if it were accelerated, 0:10:51.480 --> 0:10:55.560 it could end in March. We we will we will 0:10:55.600 --> 0:11:02.240 be looking at what what what the environment suggests as 0:11:02.240 --> 0:11:05.760 far as an adjustment in the interstate policy. Well, and 0:11:05.800 --> 0:11:08.240 I feel like even if there are questions out there right, 0:11:08.240 --> 0:11:11.120 we know for certain that the Fed, Steve and creating 0:11:11.200 --> 0:11:14.520 that the VET has been very good about telegraphing and 0:11:14.559 --> 0:11:17.480 spoon feeding us um what's to come, so that to 0:11:17.520 --> 0:11:21.199 avoid any kind of big surprises. Steve Skanky have a 0:11:21.280 --> 0:11:24.240 safe and happy and healthy Thanksgiving. So great to check 0:11:24.280 --> 0:11:26.920 in with you. Steve Skankey over at kill Point, former U. S. 0:11:26.960 --> 0:11:29.960 Treasury and White House National Security Council staff member. This 0:11:30.280 --> 0:11:34.000 is Bloomberg Business Week with Carol Masser and Bloomberg Quick 0:11:34.040 --> 0:11:38.200 Takes Tim Stenovich from Bloomberg Radio. So we have often 0:11:38.240 --> 0:11:40.840 talked on air about mounting student debt. We've talked about 0:11:40.840 --> 0:11:44.360 the levels of credit card debt. Another mounting pile of 0:11:44.400 --> 0:11:46.840 debt on our radar is a hundred forty billion dollars 0:11:46.840 --> 0:11:49.000 in medical debt. It's all in a story that you 0:11:49.000 --> 0:11:51.960 will find online at Bloomberg dot com slash business Week. 0:11:52.200 --> 0:11:54.320 So let's get to it with Bloomberg News healthcare reporter 0:11:54.400 --> 0:11:57.920 John Tazzi with us on the phone in New York City, 0:11:58.040 --> 0:12:00.800 along with Bloomberg business Week editor Joel on the access 0:12:00.840 --> 0:12:02.679 line in Brooklyn. So I have to say Krety and 0:12:02.679 --> 0:12:05.400 I were talking about this story, it's it's really upsetting 0:12:05.480 --> 0:12:07.680 to see the levels of debt that we're talking about 0:12:07.760 --> 0:12:11.560 and who's in particular targeted with all of this. Yeah, 0:12:11.600 --> 0:12:14.600 and it was I think timely because you know, as 0:12:14.640 --> 0:12:17.480 we kind of enter whatever phase of the pandemic um 0:12:17.920 --> 0:12:20.480 we're in now, we're you know, left with the consequences 0:12:20.480 --> 0:12:22.800 and the legacies of some of this stuff, and and 0:12:22.840 --> 0:12:25.880 the the amount of debt that um medical debt that 0:12:26.480 --> 0:12:31.640 is crewing for all Americans is obviously really troubling, but 0:12:31.679 --> 0:12:34.160 then to know that there's this racial element on top 0:12:34.200 --> 0:12:38.720 of it, that um is clearly clearly affecting people of 0:12:38.760 --> 0:12:43.320 color more than white people, uh, just shows how um, 0:12:43.559 --> 0:12:45.840 how pervasive some of this stuff can be. So so 0:12:45.960 --> 0:12:49.160 John walk us into the data and and how the 0:12:49.200 --> 0:12:54.040 story came about. Sure, Yeah, I mean the kind of 0:12:54.160 --> 0:12:57.880 poor thing we were trying to understand is, um, you know, 0:12:57.920 --> 0:13:00.440 it's been well known for a long time that medical 0:13:00.480 --> 0:13:05.280 debt is uh sort of disproportionate or you distributed that 0:13:05.440 --> 0:13:10.880 black Americans in particular are more likely to have medical 0:13:10.960 --> 0:13:15.040 debt than white Sitspanics are more likely to have medical 0:13:15.080 --> 0:13:17.600 debt than whites. And so we were really kind of 0:13:17.640 --> 0:13:20.800 just trying to understand, you know, why that's the case, 0:13:21.080 --> 0:13:25.560 and UM, you know what it's like to um, you know, 0:13:25.679 --> 0:13:29.280 to experience that. You know. One of the things that 0:13:29.600 --> 0:13:32.440 UM you know turned up in our reporting is that 0:13:32.480 --> 0:13:34.800 there's sort of a lot of variability. If the hospital 0:13:35.160 --> 0:13:38.720 or healthcare provider has an unpaid bill, UM, then they 0:13:38.720 --> 0:13:40.400 have sort of a set of choices of kind of 0:13:40.400 --> 0:13:44.200 what they can do. UM. You know, they can sort 0:13:44.200 --> 0:13:48.640 of try to pursue that uh payment maximally and take 0:13:48.679 --> 0:13:50.839 patients to cord or put leans on their houses or 0:13:50.880 --> 0:13:54.839 garnish their wages, um you know, or they can um 0:13:54.880 --> 0:13:58.480 you know, sort of uh check whether the patient is 0:13:58.880 --> 0:14:01.920 eligible from finance unel it and in fact, non nonprofit 0:14:01.920 --> 0:14:04.520 hospital they're supposed to do that. But there's a lot 0:14:04.559 --> 0:14:08.199 of variability in the industry about sort of how those 0:14:08.880 --> 0:14:12.120 um you know, how those practices are put into into place. 0:14:13.200 --> 0:14:16.240 So actually, let's just stick with this hospital element um 0:14:16.280 --> 0:14:18.720 for a moment, because I found that to be a 0:14:18.800 --> 0:14:22.400 particularly interesting part of the article. And as you're reporting, 0:14:22.400 --> 0:14:26.880 revealed even executives at hospitals weren't exactly in in the 0:14:27.000 --> 0:14:31.400 know about how some of their their facilities were actually 0:14:31.600 --> 0:14:35.760 enforcing this and actually you know, going after people's credit, right, Yeah, 0:14:35.800 --> 0:14:37.520 I mean, I think that's one of the most revealing 0:14:38.040 --> 0:14:40.680 things that came up in this recording. As you know, 0:14:40.720 --> 0:14:44.800 there were at least one large hospital system in New 0:14:44.880 --> 0:14:48.200 York City, the public hospital system, your Health and hospitals 0:14:48.240 --> 0:14:52.640 corporations UM you know. Uh. When advocates brought to their 0:14:52.680 --> 0:14:57.360 attention that they were shooting patients in court over unpaid 0:14:57.400 --> 0:15:01.840 bill um, the CEO stopped it. He said, I didn't 0:15:01.840 --> 0:15:03.960 know that was happening, um, and they put a stop 0:15:03.960 --> 0:15:05.680 to it, and that actually kind of led to some 0:15:05.880 --> 0:15:08.000 change in their practices and they said they've added more 0:15:08.040 --> 0:15:14.640 financial counselors, they're doing more to proactively reach out to patients, uh, 0:15:14.680 --> 0:15:16.880 you know, who may not be able to pay. And 0:15:16.920 --> 0:15:19.440 I think, you know, it just goes to show that 0:15:19.480 --> 0:15:21.480 there is, you know, there's a whole sort of like 0:15:22.120 --> 0:15:28.400 set of discretionary choices for healthcare uh providers here about 0:15:28.440 --> 0:15:31.160 like how they respond in one of these situations, which 0:15:31.200 --> 0:15:33.600 are you know, all too common that this is not 0:15:33.640 --> 0:15:36.640 a rare thing that happens if somebody has trouble paying 0:15:36.680 --> 0:15:38.880 their bill, um, But there's a lot of variability and 0:15:38.920 --> 0:15:42.840 how how they respond. John, first off, fantastic story. Like, 0:15:43.040 --> 0:15:45.240 like Carol said, we were talking about that, it's really 0:15:45.280 --> 0:15:47.760 just unbelievable when you're reading it. Highly recommend our listeners 0:15:47.800 --> 0:15:50.320 to go out go and check it out. You mentioned 0:15:50.360 --> 0:15:52.200 in the story. Are you write in the story that 0:15:52.280 --> 0:15:56.240 there are some ways that hospitals are trying to make 0:15:56.240 --> 0:15:58.640 things a little bit easier on the folks that can't 0:15:58.640 --> 0:16:01.280 afford it, But some patients say they didn't apply to 0:16:01.320 --> 0:16:03.400 those benefits, They didn't even know how to do it. 0:16:03.600 --> 0:16:06.280 Can you speak to more of that element? Where where 0:16:06.400 --> 0:16:09.280 is the disconnect here? Yeah, I mean I think it's 0:16:09.320 --> 0:16:14.280 a it's a conversation that the whole healthcare industry is happening. 0:16:14.320 --> 0:16:16.000 I mean, first of all, we could just start by 0:16:16.040 --> 0:16:17.840 saying that this is a you know, this is a 0:16:17.880 --> 0:16:22.160 complex transaction, right access in healthcare often you know, sometimes 0:16:22.160 --> 0:16:25.560 in emergency circumstances, people have different insurance plans that pay 0:16:25.600 --> 0:16:28.040 for different things. Some people may be eligible for certain 0:16:28.200 --> 0:16:32.040 assistance or certain programs. Like this is all super complicated. 0:16:32.040 --> 0:16:34.920 Anybody who's had healthcare in the US knows that. And 0:16:34.960 --> 0:16:37.520 I think in that complexity is where a lot of 0:16:37.520 --> 0:16:42.160 these sort of problems arise. UM. So you know, I 0:16:42.200 --> 0:16:44.840 think there is a conversation going on within the health 0:16:44.840 --> 0:16:48.640 care industry about like how do we you know, UM, 0:16:48.760 --> 0:16:52.240 how do we respond in situations and what should we 0:16:52.960 --> 0:16:56.200 be doing as you know, hospitals or healthcare providers, UM, 0:16:56.240 --> 0:16:58.480 you know, to make sure that patients who who deserve 0:16:58.600 --> 0:17:01.640 charity care, who deserve finding out to help UM know 0:17:01.800 --> 0:17:04.000 about it first of all and and can get it. 0:17:04.040 --> 0:17:05.240 And I mean one of the things, you know, we 0:17:05.280 --> 0:17:08.160 spoke to a patient who had you know, twenty eight 0:17:08.160 --> 0:17:11.680 thousand dollars of medical data creed over years, and we're 0:17:11.680 --> 0:17:13.640 struggling to pay our bills. And she said she had 0:17:13.680 --> 0:17:17.479 never been offered financial assistance. Well, John, this is like 0:17:17.680 --> 0:17:18.879 you know, as I read through your story, I was 0:17:18.880 --> 0:17:23.920 curious and like, is this because minorities and lower socioeconomic 0:17:24.359 --> 0:17:28.359 individuals are on the lower socio economic scale don't have 0:17:28.440 --> 0:17:32.240 great medical coverage? Or is it that it's a system 0:17:32.320 --> 0:17:38.520 that repeatedly takes advantage of the vulnerable both. To be honest, 0:17:38.560 --> 0:17:41.240 I think we fully we don't fully know the explanation 0:17:41.280 --> 0:17:45.000 of why thisety exists. Right, there are some underlying inequities 0:17:45.040 --> 0:17:49.800 and income, wealth, healthcare, health insurance coverage that I think 0:17:49.800 --> 0:17:52.520 I'll contribute to it. But you know, one thing that 0:17:52.840 --> 0:17:55.159 you know, people told me as I was reporting the 0:17:55.240 --> 0:17:59.200 story is that you know, and I'm white, UM, black 0:17:59.240 --> 0:18:02.359 people who I of you, We're saying, you know, we 0:18:02.440 --> 0:18:06.160 are spoken to you differently in UM when we get 0:18:06.280 --> 0:18:09.280 medical care. We are there's already a kind of underlying 0:18:09.960 --> 0:18:13.520 UM fear of being treated differently. I don't think that, 0:18:13.800 --> 0:18:18.280 you know, could surprise anyone UM in the United States today. 0:18:18.560 --> 0:18:21.520 And so I think the question and again this hasn't 0:18:21.600 --> 0:18:23.520 fully been answered this, you know, to what extent do 0:18:23.680 --> 0:18:28.520 some you know, biases or implicit biases or differential practices 0:18:28.840 --> 0:18:33.600 have a disproportionate impact on people of color. Well, I 0:18:33.600 --> 0:18:36.239 gotta say it's one of those remarkable numbers. And as 0:18:36.280 --> 0:18:38.560 you said, creating the details in it. Um, you know, 0:18:38.760 --> 0:18:43.520 it just is a really serious situation and problem. Um, John, 0:18:43.560 --> 0:18:45.479 thank you so much, really appreciate you bringing it to light. 0:18:45.520 --> 0:18:47.840 Healthcare reporter at Bloomberg News. You can find this story 0:18:47.880 --> 0:18:51.320 online at Bloomberg dot com Slash business Week. Have a 0:18:51.320 --> 0:18:54.120 good Thanksgiving. Joe Webber, same to you, editor of Bloomberg 0:18:54.160 --> 0:18:56.600 Business Week, on the access line from Brooklyn. I should 0:18:56.640 --> 0:18:59.640 point out it's a special double issue of Bloomberg Business 0:18:59.720 --> 0:19:03.879 we deep dive into inflation, which is so relevant, especially 0:19:03.920 --> 0:19:06.600 considering some of the data points that we got today 0:19:06.800 --> 0:19:11.159 from various government agencies and private institutions. So um, but 0:19:11.240 --> 0:19:14.200 it's just again another sign of I feel like those 0:19:14.200 --> 0:19:19.040 who are most vulnerable just kind of getting another another 0:19:19.560 --> 0:19:22.359 a tough situation. Yeah. And the disparities, whether it's regional, 0:19:22.400 --> 0:19:24.600 by whether it's by race, I mean, there's so many 0:19:24.600 --> 0:19:27.439 ways to dissect and splice this but at the end 0:19:27.440 --> 0:19:29.240 of the day, it really is just sad. Carol, There's 0:19:29.200 --> 0:19:30.640 probably no other way to say it, right, and there's 0:19:30.640 --> 0:19:38.080 assistance out there to help these individuals. You're listening to 0:19:38.200 --> 0:19:42.080 Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes 0:19:42.160 --> 0:19:46.720 Tim Stenovit on Bloomberg Radio. Indeed, this is Bloomberg Business 0:19:46.720 --> 0:19:50.399 Week on this Wednesday before Thanksgiving. Tim's off and Krita 0:19:50.440 --> 0:19:53.160 Gupta in his place joining me here in our Interactive 0:19:53.160 --> 0:19:55.920 Broker studio. Well, the U s economy's main growth engine. 0:19:55.920 --> 0:19:59.520 We're talking about American consumers continuing to power ahead, and 0:19:59.600 --> 0:20:02.600 as we heard from Bloomberg Intelligence Pudham Goyle yesterday, that's 0:20:02.640 --> 0:20:06.359 expected to bode pretty well for the nation's retailers. So 0:20:06.440 --> 0:20:08.080 let's get to it and let's see what we're hearing 0:20:08.119 --> 0:20:10.959 from the nation's retailers ahead of the all important holiday 0:20:10.960 --> 0:20:13.960 shopping season. Tom McGhee is back with us. He's president 0:20:14.040 --> 0:20:16.240 of the i C s C. That's the global trade 0:20:16.240 --> 0:20:19.639 Association for the marketplaces industry, and Tom is with us 0:20:19.680 --> 0:20:22.440 once again, joining us right now from Los Angeles. Tom, 0:20:22.440 --> 0:20:24.240 good to have you here with Creating Myself. How are 0:20:24.280 --> 0:20:28.680 you good? How are you Happy Thanksgiving. Happy Thanksgiving. I'm 0:20:28.720 --> 0:20:30.760 getting ready planning to do probably a lot of my 0:20:30.880 --> 0:20:34.639 shopping online, to be quite honest, Um, tell me, we've 0:20:34.640 --> 0:20:38.040 got some really strong economic data on consumers spending. What 0:20:38.080 --> 0:20:42.840 are you hearing from members of the marketplaces community, whether 0:20:42.920 --> 0:20:46.520 it's storefronts, online, what are they saying about the upcoming 0:20:46.560 --> 0:20:49.879 holiday shopping season? Yeah, it's going to be a super 0:20:49.960 --> 0:20:54.600 strong holiday shopping season. We're forecasting eight growth in all 0:20:54.640 --> 0:20:59.240 the conditions for a strong a season or their good um, 0:20:59.320 --> 0:21:04.520 you know, strong economy, jobs, etcetera. So you know, although 0:21:04.800 --> 0:21:07.520 you know there has been strong retail demand to date, 0:21:07.640 --> 0:21:10.439 and obviously a lot of holiday sales have already taken place, 0:21:10.560 --> 0:21:13.600 given some of the supply chain concerns, etcetera, you know, 0:21:13.600 --> 0:21:15.520 all systems to go for the balance of the holiday 0:21:15.560 --> 0:21:18.040 season as well. I don't see anything that would deter 0:21:18.240 --> 0:21:21.480 me from many point nine percent of protection and quite frankly, 0:21:21.520 --> 0:21:24.840 potentially beating it. Well, Tom, you mentioned it's going to 0:21:24.920 --> 0:21:26.640 be a pretty good season. You mentioned some of it's 0:21:26.640 --> 0:21:30.760 already front run as well. How much of this preparation 0:21:30.920 --> 0:21:33.040 are our stores really doing? How much are like talk 0:21:33.119 --> 0:21:37.240 inventories to us? Yeah? I think the retailers have done 0:21:37.240 --> 0:21:39.480 a lot to try to prepare, you know, to manage 0:21:39.520 --> 0:21:41.760 to disapply chain issues. I mean, the first and most 0:21:41.760 --> 0:21:44.000 important thing they've done is trying to encourage shoppers to 0:21:44.040 --> 0:21:46.680 come out early, you know, to to you know, straight 0:21:46.720 --> 0:21:49.399 line demand over a longer period of time. You know, 0:21:49.600 --> 0:21:51.960 the larger retailers have done a lot to try to 0:21:52.000 --> 0:21:57.240 manage inventory in advance, um, you know, everything from looking 0:21:57.280 --> 0:22:01.560 at alternative sources to uh, you know, even getting different 0:22:01.560 --> 0:22:05.400 logistical operations in place to assist. So I think all 0:22:05.400 --> 0:22:09.080 of those things have really played a part in helping 0:22:09.119 --> 0:22:12.679 managing you know, some legitimate supply chain concerns that exists. 0:22:13.080 --> 0:22:16.560 But despite those supply chain concerns and and clar frankly, 0:22:16.600 --> 0:22:19.879 you know, obviously trained on consumer sentiment that has just 0:22:19.920 --> 0:22:23.119 not translated itself into any change. And consider demand or 0:22:23.160 --> 0:22:25.800 behavior right now, I mean it is it is very strong. 0:22:26.480 --> 0:22:30.480 Foot traffic, online traffic, all of all of the above 0:22:30.840 --> 0:22:33.400 is really at very robust levels right now, and I've 0:22:33.400 --> 0:22:36.359 see no indications that's going to change. Pretty remarkable, And 0:22:36.359 --> 0:22:39.280 I know you guys share some data with my team 0:22:39.320 --> 0:22:41.560 and my producer. On average, shoppers are projected to spend 0:22:41.600 --> 0:22:44.480 an average of four over the course of the weekend. 0:22:45.119 --> 0:22:50.040 Um is the bulk of it still brick and mortar. 0:22:50.080 --> 0:22:52.040 I mean we are still a brick and mortar world, 0:22:52.080 --> 0:22:55.520 aren't we. Yeah. No, I think the majority of those 0:22:55.520 --> 0:22:58.639 sales will be within physical stores and and you know, 0:22:58.720 --> 0:23:01.880 but there will be strong oath on e commerce as well. 0:23:01.920 --> 0:23:04.720 I mean, it really is a is a perfect situation 0:23:04.720 --> 0:23:08.240 where you're going to find strong demands throwing demand about channels, 0:23:08.240 --> 0:23:10.680 and as we talked about before, Carroll, I mean, those 0:23:10.720 --> 0:23:13.960 lines are really started to blur, and you know, there's 0:23:13.960 --> 0:23:16.800 a lot of trones acceleratoring the pandemic, and quite frankly 0:23:16.840 --> 0:23:19.919 because of the supply chain issues as well. You know, 0:23:20.000 --> 0:23:23.800 retailers have done a really good job of managing inventory 0:23:23.840 --> 0:23:25.840 and they're using their stores not only as a place 0:23:25.840 --> 0:23:28.480 where people can go and browse ails and shop, but 0:23:28.520 --> 0:23:31.320 they're also using their stories as a way to fulfill 0:23:31.560 --> 0:23:34.360