WEBVTT - College Athletes Get Ready to Finally Score 0:00:01.800 --> 0:00:04.400 This is Bloomberg Business Week. I'm Charle Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanabek. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 plus technology, politics, economics, all parnessing the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:20.000 analyst in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.200 Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.120 You can also listen to our radio show at two 0:00:25.160 --> 0:00:27.840 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.880 --> 0:00:31.639 YouTube search Bloomberg Global News. Well, it does feel like 0:00:31.640 --> 0:00:33.440 a big step forward. Tim and I have been kind 0:00:33.440 --> 0:00:36.000 of joking about it, laughing about it, kind of excited 0:00:36.000 --> 0:00:38.680 about it, about Americans being able to now pack their 0:00:38.680 --> 0:00:41.880 bags for European vacations, the EU lifting those travel curbs 0:00:41.920 --> 0:00:44.800 for residents of the U S. However, Tim, non essential 0:00:44.800 --> 0:00:47.120 travel between the US and Canada is going to be 0:00:47.159 --> 0:00:49.640 banned for another month, despite mounting pressure from businesses on 0:00:49.680 --> 0:00:52.239 Justin Trudeau's government to ease and restrictions. And then we 0:00:52.240 --> 0:00:55.600 talked about the UK recording the most coronavirus cases in 0:00:55.760 --> 0:00:59.840 a day since mid February. That Delta variant really making 0:01:00.080 --> 0:01:02.240 death going there. Yeah, let's get into it all with 0:01:02.320 --> 0:01:04.680 Dr Ian last Beata, clinical professor of medicine at n 0:01:04.800 --> 0:01:07.080 y UN's Lango in a medical Center, joining us on 0:01:07.080 --> 0:01:09.200 the phone from New York City. Dr LUs Beda, it 0:01:09.280 --> 0:01:11.720 is great to have you with us this afternoon. Help 0:01:11.800 --> 0:01:14.280 us make sense of what exactly is going on with 0:01:14.360 --> 0:01:17.679 the Delta variant in the UK where vaccination rates are 0:01:17.720 --> 0:01:24.160 really high. So happy Friday, everyone, hope everyone is doing well. Uh. 0:01:24.400 --> 0:01:26.720 The Depta variant is really a concern and on this 0:01:26.760 --> 0:01:29.520 program we've talked about it over the last several weeks, 0:01:29.560 --> 0:01:33.720 really almost a month ago when we noticed cases in 0:01:33.720 --> 0:01:37.680 India where really less than ten percent of the population 0:01:37.760 --> 0:01:41.800 had been vaccinated, which is really a perfect kind of 0:01:41.800 --> 0:01:45.800 Petrie dish to have viral replication and mutations, and we've 0:01:45.800 --> 0:01:50.680 seen COVID certainly has a predisposition to mutate, and unfortunately 0:01:50.760 --> 0:01:54.720 the Delta variant or the Indian variant, Uh, it's not 0:01:54.800 --> 0:01:59.360 only a more infectious but has more complications, so people 0:01:59.400 --> 0:02:02.640 have a higher viral load before they really feel sick. 0:02:02.680 --> 0:02:05.480 A lot of the symptoms are really common cold symptoms, 0:02:05.480 --> 0:02:09.160 and people don't even realize until they deteriorate that they 0:02:09.200 --> 0:02:13.560 have it. Running knows, headache, fever, even cough. It seems 0:02:13.639 --> 0:02:16.840 very much like a common cold, but the viral levels 0:02:16.840 --> 0:02:20.000 are much higher. It's much more transmissible, so that when 0:02:20.000 --> 0:02:23.960 people call for spread it, it's at a much higher level. Fortunately, 0:02:24.040 --> 0:02:27.840 our vaccines so far, the MR and A vaccines um 0:02:28.040 --> 0:02:32.920 appear to be about effective. So this is yet another 0:02:33.240 --> 0:02:37.600 good reason if you haven't been vaccinated, please do get vaccinated, 0:02:38.520 --> 0:02:40.920 because there's a lot of data that if you do 0:02:41.040 --> 0:02:45.960 get COVID there are short term and long term complications 0:02:46.000 --> 0:02:49.400 that may be problematic, and we can talk about those later. Well. 0:02:49.440 --> 0:02:50.720 And one thing I want to ask you about is 0:02:50.760 --> 0:02:54.120 the CDC came out I believe it was maybe yesterday 0:02:54.200 --> 0:02:58.160 or the day before, and they said that the delta 0:02:58.320 --> 0:03:02.720 that highly transmits vel transmissible COVID incteen variant that first 0:03:02.919 --> 0:03:06.000 came from India, first identified in India, now makes up 0:03:06.040 --> 0:03:10.400 at least ten percent of all US cases. Is that troubling, 0:03:10.520 --> 0:03:14.160 especially as we still need a lot of people vaccinated 0:03:14.160 --> 0:03:17.880 here in the US. It's definitely troubling because there are 0:03:17.919 --> 0:03:21.679 many parts, especially in the Southern States, um due to 0:03:21.800 --> 0:03:26.639 vaccine hesitancy that have not been vaccinated, and so that 0:03:26.960 --> 0:03:30.680 ten percent could certainly grow higher. We know it's a 0:03:30.760 --> 0:03:34.359 dominant strain uh in Europe and the UK, so they've 0:03:34.560 --> 0:03:37.360 they sort of supplanted the UK variant, you know, with 0:03:37.440 --> 0:03:40.520 the delta or Indian variant. So that really is a 0:03:40.520 --> 0:03:44.680 problem because for people who are not vaccinated, there was 0:03:44.760 --> 0:03:48.520 a much higher transmissibility. So, yes, I think that ten 0:03:48.560 --> 0:03:51.160 percent in the US is going to get worse, and 0:03:51.200 --> 0:03:53.600 I think that's a real problem. So what's the guidance 0:03:53.640 --> 0:03:56.680 to all of us who are increasingly walking around with 0:03:56.720 --> 0:03:59.440 no masks out and about in the world. If your 0:03:59.520 --> 0:04:03.000 vaccinated did as you said, we're okay, right, we're protected 0:04:03.040 --> 0:04:08.160 against this one. Right. It does look that the mRNA 0:04:08.280 --> 0:04:14.880 vaccines provide about an ad protection. Now, UH. Part of 0:04:14.920 --> 0:04:16.880 the reason that you want to try and get as 0:04:16.960 --> 0:04:20.119 much of the globe vaccinated as can be is because 0:04:20.160 --> 0:04:23.240 you want to break that chain of constant infections. And 0:04:23.279 --> 0:04:27.200 the more viruses replicate, the more chance they have to mutate. 0:04:27.600 --> 0:04:32.720 So the real issue is if that delta variant continues 0:04:32.839 --> 0:04:38.479 to migrate and continues to mutate, there's a significant risk 0:04:38.720 --> 0:04:44.640 that it could become pierce the vaccination protection that's currently 0:04:44.680 --> 0:04:47.440 going on right now, that doesn't appear to be the case. 0:04:47.760 --> 0:04:50.239 And that's an argument for the Southern States or people 0:04:51.000 --> 0:04:54.159 who have not been vaccinated to get vaccinated. And I 0:04:54.240 --> 0:04:57.520 understand there's vaccine hesitancy and things on the internet that 0:04:57.600 --> 0:05:00.479 scare people about, you know, clots and for hility and 0:05:00.480 --> 0:05:03.800 a whole host of things. Vaccines are not a hundred 0:05:03.880 --> 0:05:06.280 percent safe, but it is much safer to get a 0:05:06.360 --> 0:05:10.919 vaccine than to suffer COVID UH and to suffer the 0:05:11.040 --> 0:05:14.799 short term and potentially now we're seeing longer term potential 0:05:14.839 --> 0:05:21.080 consequences of COVID, including perhaps brain effects. So so getting 0:05:21.200 --> 0:05:25.200 vaccinated is really key to break that chain of viral replication. 0:05:25.360 --> 0:05:27.599 Talk a little bit about Dr about that doctor less 0:05:27.600 --> 0:05:29.159 better was something I was going to ask you about. 0:05:29.400 --> 0:05:32.240 There's concern that a new COVID study is is sort 0:05:32.240 --> 0:05:35.400 of pointing to a potential loss of tissue from the 0:05:35.400 --> 0:05:38.440 brain um. This is from a warning from Dr Scott Gottlieb, 0:05:38.480 --> 0:05:40.760 former Commissioner of the FDA. He was tweeting about this, 0:05:42.000 --> 0:05:44.520 right So, there is a study in the UK where 0:05:44.520 --> 0:05:48.360 they did look at brain scans and did see a 0:05:48.400 --> 0:05:51.919 loss of brain tissue cortex, which is uh, the outer 0:05:52.080 --> 0:05:55.640 part of the brain, and that's really a concern. You know, 0:05:55.680 --> 0:05:59.200 we know the virus really effectual organs. It's really a 0:05:59.320 --> 0:06:04.360 vascular tropic virus, and so it can affect the heart 0:06:04.400 --> 0:06:07.520 with myocarditis, and the lungs with lung clots. And we 0:06:07.600 --> 0:06:11.000 see loss of smell very commonly. Loss of smell and 0:06:11.040 --> 0:06:15.160 taste is one of the most common early indications of 0:06:15.160 --> 0:06:18.799 of the infection with COVID, and part of that maybe 0:06:18.920 --> 0:06:23.360 because of a brain effects actually not peripheral like your 0:06:23.400 --> 0:06:26.160 sense of smell in the nose, but actually CNS or 0:06:26.200 --> 0:06:29.520 brain effects, and that is really terrifying. We don't really 0:06:29.560 --> 0:06:33.719 know long term if people are losing brain tissue what 0:06:33.920 --> 0:06:37.440 that's going to do in the future. Two incidents of 0:06:37.480 --> 0:06:42.880 dementia or other complications longer term another argument to get vaccinated, 0:06:43.040 --> 0:06:44.719 right right, there's no there's things we don't know about 0:06:44.760 --> 0:06:47.800 the longer term impacts of somebody having COVID. Well, we've 0:06:47.800 --> 0:06:50.800 talked a lot about the toll beyond the death toll, 0:06:50.880 --> 0:06:54.839 beyond the hospitalizations, beyond the numbers of COVID, And there's 0:06:54.880 --> 0:06:58.360 a story in Bloomberg on Bloomberg dot Com today by 0:06:58.400 --> 0:07:01.680 our own Katya Dmitriev and read pick her talking about 0:07:01.680 --> 0:07:05.280 opioids ripping through the US workforce. Death's at a record level, 0:07:05.360 --> 0:07:09.640 a record nine seven hundred and twenty two overdosed deaths 0:07:09.680 --> 0:07:12.560 in the US for the year through November twenty. Dr 0:07:12.600 --> 0:07:15.080 Iain LUs Bader is clinical professor of medicine at n 0:07:15.200 --> 0:07:17.400 y un n Y US Lingo and Medical Center. He 0:07:17.480 --> 0:07:23.200 joins us once again, um, Dr LUs Bader. What we've 0:07:23.200 --> 0:07:25.320 talked so much about this with you. The idea that 0:07:25.360 --> 0:07:27.760 the death toll is from COVID is it's it's beyond 0:07:28.360 --> 0:07:32.160 what we saw from COVID. It's also people in isolation, 0:07:32.200 --> 0:07:35.000 people in loneliness. And I think this wondering what you 0:07:35.000 --> 0:07:37.360 think of these death toll numbers coming from the opioid crisis. 0:07:38.440 --> 0:07:41.760 You know, I think the COVID nineteen pandemic and home isolation, 0:07:41.880 --> 0:07:46.120 social isolation has taken a real toll on um. Not 0:07:46.240 --> 0:07:50.440 only our lives or psyches, are many, many elements of 0:07:51.280 --> 0:07:55.000 social fabric. And we talked about is in almost a 0:07:55.080 --> 0:07:59.560 humorous way, the that people at home become either hunks, drunks, 0:07:59.720 --> 0:08:04.600 or meaning they they they either embrace the pain and 0:08:04.640 --> 0:08:07.120 the challenge and say I'm going to use this opportunity 0:08:07.480 --> 0:08:13.000 to improve myself, or they say, um, I'm really stressed 0:08:13.000 --> 0:08:15.200 and I'm going to hide whether it's an alcohol or 0:08:15.240 --> 0:08:19.680 food or opioids and really become a little self destructive. 0:08:20.600 --> 0:08:25.239 And I think the healthiest approach is one to reduce 0:08:25.280 --> 0:08:29.800 the availability and doctors should be very cautious about prescribing opioids, 0:08:29.840 --> 0:08:34.200 which I think they are, but also empower patients and say, look, 0:08:34.280 --> 0:08:37.160 if you're feeling down, if you're feeling sad, what's the 0:08:37.200 --> 0:08:40.679 best approach, And candidly, the best approach is to help 0:08:40.760 --> 0:08:44.480 other people turn that inward looking I'm in pain, I'm 0:08:44.520 --> 0:08:48.880 having trouble dealing with things. If possible to look outward 0:08:48.920 --> 0:08:51.240 and say, how can I make a positive impact on 0:08:51.360 --> 0:08:53.640 people around me? On a friend, on a family member? 0:08:53.640 --> 0:08:55.800 Can I make a call? Can I do a good 0:08:55.840 --> 0:09:00.400 deed for someone? That is the most energizing way to 0:09:00.520 --> 0:09:04.880 say I have an important role in life, and um, 0:09:04.920 --> 0:09:07.480 and I'm not going to take something to ease my 0:09:07.559 --> 0:09:11.360 own pain and potential risk. Well before the pandemic, the 0:09:11.400 --> 0:09:15.080 Trump administration was working a lot on addressing the opioid 0:09:15.080 --> 0:09:17.480 epidemic in the United States, And I'm wondering if you 0:09:17.559 --> 0:09:20.760 think that one of the ramifications of the pandemic is 0:09:20.800 --> 0:09:23.480 that we just don't have the attention of this as 0:09:23.520 --> 0:09:25.360 a public health crisis, given the fact that we are 0:09:25.400 --> 0:09:28.679 going through another public health crisis right now. It can 0:09:28.720 --> 0:09:32.040 be your right. Often it's hard for people to do 0:09:32.360 --> 0:09:36.360 multiple multitasking. And the opioid crisis never went away. It's 0:09:36.360 --> 0:09:38.680 been here with us for many years at a good 0:09:38.720 --> 0:09:43.280 point with with with um fentinel and other synthetic substances 0:09:43.320 --> 0:09:46.200 coming over the border, and it's something that we took 0:09:46.200 --> 0:09:48.560 our eye off the ball and need to refocus on it. 0:09:48.840 --> 0:09:50.920 The reasons for it and how to address it, I 0:09:51.000 --> 0:09:53.440 think are absolutely right. I think that's worsened it, but 0:09:53.520 --> 0:09:55.920 it was always with us right that fentanyl and this 0:09:56.040 --> 0:09:59.000 story talks about this UM and they talk about it 0:09:59.040 --> 0:10:01.480 that it can be a hundred times more potent and 0:10:01.600 --> 0:10:04.880 morphine more than opiod. Deaths in the twelve months through 0:10:04.880 --> 0:10:09.959 November stem from such drugs, these synthetic opioids UM and 0:10:10.240 --> 0:10:13.920 they talk about people thinking they're taking cocaine or or 0:10:13.960 --> 0:10:17.560 they're taking xanix and then finding out that it's it's 0:10:17.559 --> 0:10:20.079 not it's got ventinl in it. You know, the interesting 0:10:20.160 --> 0:10:23.480 part is, UM listen. It has a toll in our 0:10:23.520 --> 0:10:26.360 society in so many different ways, but it also has 0:10:26.400 --> 0:10:29.640 an economic impact by these people. The White House once 0:10:29.880 --> 0:10:32.560 gave out a number two and a half trillion dollars 0:10:32.640 --> 0:10:38.880 costing the U. S economy from because of the opioid crisis. 0:10:38.920 --> 0:10:42.240 I mean, this is something that we've got to figure out. 0:10:42.880 --> 0:10:46.600 Dr Les Beder, I think we have to interdict the 0:10:46.679 --> 0:10:51.600 flow of synthetic sentinel and opioids which are coming from overseas, 0:10:52.200 --> 0:10:55.760 not not friends sending it. And it's highly addictive and 0:10:55.840 --> 0:10:58.960 highly dangerous, much more potent and much more life threatening. 0:10:59.200 --> 0:11:03.160 And we all should need to address Americans dependence or 0:11:03.480 --> 0:11:07.120 a preference to try that. And so I think we 0:11:07.200 --> 0:11:10.040 need to work at both. And right now there is 0:11:10.040 --> 0:11:12.400 a flood coming in across the border, and I think 0:11:12.400 --> 0:11:16.000 we also need to work on our predilection for using it. 0:11:16.280 --> 0:11:17.520 They want to end on a high note, just in 0:11:17.520 --> 0:11:20.600 the last thirty seconds that we have UM a positive note. 0:11:20.880 --> 0:11:23.079 I'm wondering if one thing that that we can all 0:11:23.080 --> 0:11:24.840 do this weekend to help us all relax as we 0:11:24.840 --> 0:11:29.360 get into summer. I definitely think there are plenty of 0:11:29.400 --> 0:11:34.840 alternative approaches. Meditation. Regular exercise TM has been shown to 0:11:34.880 --> 0:11:39.160 be very effective. Exercise, but socialize and help someone else 0:11:39.240 --> 0:11:42.280 do a good deed, make someone else feel better, make 0:11:42.280 --> 0:11:46.840 a positive contribution, recycle anything positive will not only make 0:11:46.920 --> 0:11:49.960 you feel better, it will make the recipient feel better. 0:11:50.240 --> 0:11:51.760 It's a great way to wrap it up. Hey, listen, 0:11:52.000 --> 0:11:54.000 uh and you always make us feel better and just 0:11:54.280 --> 0:11:57.000 giving us so much information, just giving us up to date. 0:11:57.200 --> 0:11:59.560 Dr Alas better have a great weekend, clinical Professor of 0:11:59.559 --> 0:12:02.559 medicine and why you lend going medical center. You're listening 0:12:02.600 --> 0:12:06.440 to Bloomberg Business Week with Carol Messer and Bloomberg Quick 0:12:06.480 --> 0:12:11.400 Takes Tim Stinovic on Bloomberg Radio. So cashing in finally 0:12:11.559 --> 0:12:14.480 college athletes are getting ready to finally score Tim some 0:12:14.720 --> 0:12:18.160 serious cash. Joining us now is Bailey lip Schultz, Equities 0:12:18.160 --> 0:12:21.520 reporter at Bloomberg News, on the phone from New York City. Bailey, 0:12:21.520 --> 0:12:23.360 It's great to have you. What Carol's referring to is 0:12:23.480 --> 0:12:26.440 coming next month July for student athletes in at least 0:12:26.480 --> 0:12:29.320 six states, including Alabama, Florida, Georgia, and Texas. They will 0:12:29.360 --> 0:12:31.640 be able to earn money by doing things like marketing 0:12:31.679 --> 0:12:34.640 themselves on social media and selling autographs. So what does 0:12:34.679 --> 0:12:39.880 that mean for US Congress for laws for legislation, Well, 0:12:40.000 --> 0:12:43.120 the big push right now has been for Congress to 0:12:43.360 --> 0:12:46.800 pass a national standards, something that will have a level 0:12:46.840 --> 0:12:50.439 playing field for off fifty states. Um. But there's been 0:12:50.480 --> 0:12:52.920 a big divide. We've seen at least eight bills introduced 0:12:52.960 --> 0:12:55.600 in the last year. There's kind of a widespread on 0:12:55.679 --> 0:12:59.200 both sides, whether they want to include health insurance, whether 0:12:59.240 --> 0:13:01.880 players should be to get paid towards a longer term, 0:13:01.920 --> 0:13:04.959 whether they can be union eye or be seen as employees. 0:13:05.000 --> 0:13:08.160 There's a huge debate on uh Capitol Hill about what 0:13:08.240 --> 0:13:10.640 that could look like. UM, So there's kind of a crunch, 0:13:10.720 --> 0:13:12.560 but as of now, it doesn't seem like they're going 0:13:12.600 --> 0:13:16.240 to get something in ahead of that July one date. 0:13:17.280 --> 0:13:19.200 It's been a long time coming. I mean, we have 0:13:19.320 --> 0:13:23.000 done so many stories here at Bloomberg, and we know 0:13:23.200 --> 0:13:26.480 other news outlets have done the same ballet about the 0:13:26.520 --> 0:13:29.600 amount of money that we know in college sports, where 0:13:29.800 --> 0:13:34.240 universities and coaches paid millions of dollars and the college 0:13:34.280 --> 0:13:39.080 athletes get paid nothing. Um, I'm assuming the college is 0:13:39.160 --> 0:13:42.079 a lot of them, not so happy about this. Well, 0:13:42.120 --> 0:13:43.600 the big thing is that they just want a level 0:13:43.640 --> 0:13:45.760 playing field. And it's not that they would get paid. 0:13:45.840 --> 0:13:47.840 There's no pay to play. Pay to play is not 0:13:47.920 --> 0:13:50.360 something that's considered. But the players want to be able 0:13:50.400 --> 0:13:53.040 to do local ads. If you're a quarterback for Alabama, 0:13:53.120 --> 0:13:55.520 they want to be able to sign UM to talk 0:13:55.559 --> 0:13:58.480 about the local car dealership for example. UM. And that's 0:13:58.520 --> 0:14:00.679 something that a lot of these players want to Obviously, 0:14:00.720 --> 0:14:02.200 as you said, the n C double it makes a 0:14:02.240 --> 0:14:04.559 lot of money on these players. The coaches make a 0:14:04.559 --> 0:14:07.520 lot of money. They're huge facilities, but the players can't 0:14:07.520 --> 0:14:10.240 do anything um. Which really stands out because if you're 0:14:10.240 --> 0:14:12.520 an entrepreneur at the Harvard you can feel free to 0:14:12.559 --> 0:14:14.440 make money, but if you're a football player, you can't 0:14:14.440 --> 0:14:18.600 do anything. It's not just the the players that the 0:14:18.640 --> 0:14:21.640 athletes that will potentially cash in. They need those marketplaces, 0:14:21.640 --> 0:14:24.000 those platforms Bailey that you write about in order to 0:14:24.000 --> 0:14:26.760 do so. Talk to us about marketplaces like open sponsorship 0:14:26.760 --> 0:14:30.680 and playbooked. Yeah. So Playbook is a company that was 0:14:30.720 --> 0:14:33.520 founded by an n ai athlete. The n ai A 0:14:33.640 --> 0:14:37.360 different athletic associations for smaller schools. UM. They actually were 0:14:37.360 --> 0:14:39.880 allowed to stay passing an I O N I L 0:14:39.960 --> 0:14:42.680 law back in October. So those players are making you know, 0:14:42.800 --> 0:14:45.600 fifty bucks for a Twitter Twitter post or something like that, 0:14:45.920 --> 0:14:48.560 and open sponsors a company that really just pairs, so 0:14:48.600 --> 0:14:51.280 they are taking a cut, but their whole role is 0:14:51.440 --> 0:14:54.680 to be a one stop platform where players can kind 0:14:54.720 --> 0:14:57.440 of put themselves and their best foot forward, and companies 0:14:57.480 --> 0:14:59.240 can reach out and try to get paired up and 0:14:59.440 --> 0:15:02.000 you know, whether to tweets, an Instagram post, an actual 0:15:02.080 --> 0:15:04.280 ad um. That's kind of their vision of what this 0:15:04.280 --> 0:15:06.800 would look like. Hey, Bailey States moving on this? Will 0:15:06.800 --> 0:15:09.760 that put pressure on the federal government to do something. 0:15:11.120 --> 0:15:12.880 That's been the push and that's what the n C 0:15:12.960 --> 0:15:16.040 double A has been asking for. People had said July 0:15:16.160 --> 0:15:18.840 first obviously a huge deadline. Now it's looking like year 0:15:18.960 --> 0:15:21.160 end might be something that's on the table. But there's 0:15:21.200 --> 0:15:24.640 such a such a divide between what Congress would want 0:15:24.640 --> 0:15:26.880 what the federal government would want that it's kind of 0:15:26.920 --> 0:15:28.720 a lot of question has been put on the NST 0:15:28.800 --> 0:15:30.680 double A itself, and they have a huge meeting next 0:15:30.720 --> 0:15:33.520 week to discuss an I L legislation. Do you think 0:15:33.520 --> 0:15:36.080 the conversation has really shifted in recent years from this 0:15:36.160 --> 0:15:39.760 being something that is okay, totally acceptable by the American people. 0:15:39.840 --> 0:15:43.240 College athletes should be paid. I think it has and 0:15:43.280 --> 0:15:44.800 I think the main thing is depending on who you 0:15:44.840 --> 0:15:46.800 talk to, it's been a long time coming. We've known 0:15:46.840 --> 0:15:50.000 that July first could be a date. We knew two 0:15:50.080 --> 0:15:52.320 would be the date. The NT double as really sad 0:15:52.320 --> 0:15:55.480 on their hands, and Congress hasn't done much. But if 0:15:55.480 --> 0:15:57.840 you sit down and really think about it, you should 0:15:57.840 --> 0:16:00.360 be able to maximize at least the people were fans 0:16:00.360 --> 0:16:02.600 of it. Should be able to maximize on your athletic 0:16:02.600 --> 0:16:06.160 abilities because you're only kind of in that spotlight once 0:16:06.280 --> 0:16:08.760 and you only have a certain periods or stretched where 0:16:08.760 --> 0:16:11.480 you're you know, have the opportunity to cash in. And 0:16:11.520 --> 0:16:13.600 that's the thing that really spread across a lot of 0:16:13.600 --> 0:16:17.000 people point to college basketball and college football. But if 0:16:17.000 --> 0:16:18.840 you're a woman's gymnast at U c l A, you 0:16:18.840 --> 0:16:21.080 could make a lot a lot of money off of 0:16:21.120 --> 0:16:24.320 selling your name, image and likeness, right exactly. Companies are 0:16:24.320 --> 0:16:26.960 they kind of excited though about this prospect opening up 0:16:26.960 --> 0:16:31.320 in terms of branding and collaborations and partnerships with collegiate athletes. 0:16:32.280 --> 0:16:34.040 I think though, and it seems like that that would 0:16:34.040 --> 0:16:36.000 be the consensus. It would make sense if you could 0:16:36.000 --> 0:16:38.880 market you know, when Zion Williamson was a duke, if 0:16:38.880 --> 0:16:41.280 you could get him in kind of an Adidas or 0:16:41.320 --> 0:16:44.400 a Jordan's sweatshirt or even a Subway ad then you 0:16:44.400 --> 0:16:46.320 could really strike while the iron is hot when these 0:16:46.360 --> 0:16:49.000 people are when these athletes are younger and have their 0:16:49.000 --> 0:16:50.840 own stage, and if you look at a quarterback like 0:16:51.040 --> 0:16:53.920 Trevor Lawrence from Clemston, I can imagine there are a 0:16:54.000 --> 0:16:56.200 number of companies that would have loved to take advantage 0:16:56.200 --> 0:16:57.760 of that well, and that's how you tap into a 0:16:57.800 --> 0:17:00.120 younger audience too. You've got these younger athletes tap thing 0:17:00.120 --> 0:17:02.520 into a younger audience, grabbing them and then having them 0:17:02.800 --> 0:17:05.320 for decades. Hey Bailey, when you think about this from 0:17:05.320 --> 0:17:08.119 a perspective of just dollars and cents, like how much money? 0:17:08.440 --> 0:17:10.480 You know, obviously they are the huge names, the people 0:17:10.480 --> 0:17:13.280 you mentioned, the household names at this point. But does 0:17:13.320 --> 0:17:15.399 it mean that the typical college player on a D 0:17:15.480 --> 0:17:17.480 one team is going to be able to actually make 0:17:17.520 --> 0:17:20.920 some money? Yeah, that's been the thing that playbook has wanted, 0:17:20.960 --> 0:17:23.679 and that's kind of what some of these depending who 0:17:23.720 --> 0:17:25.640 you talk to in the industry, they're saying, is it's 0:17:26.000 --> 0:17:28.680 it's a story, right, So if there's the back of 0:17:28.760 --> 0:17:31.920 long snap Arom, the text Longhorns has a really good story, 0:17:32.040 --> 0:17:33.960 or you know as a vet, there's going to be 0:17:34.000 --> 0:17:36.480 an opportunity to make money there because people will want 0:17:36.520 --> 0:17:38.959 to tell that story through their products. And I think 0:17:39.000 --> 0:17:41.800 it's it spreads much further than most people think. Most 0:17:41.840 --> 0:17:45.080 people would think it's the Alabama quarterback, you Ohio State 0:17:45.160 --> 0:17:48.320 running back, the Syracuse point guard. But there are a 0:17:48.320 --> 0:17:50.200 lot of markets in a lot of places that look 0:17:50.280 --> 0:17:52.639 up to these college athletes. And as you said, if 0:17:52.680 --> 0:17:55.560 they have a couple of thousand followers on TikTok, that's 0:17:55.600 --> 0:17:57.920 an easy way for them to make money and partnered 0:17:57.920 --> 0:18:00.320 in sponsored posts. Hey, how likely is it, LA that 0:18:00.359 --> 0:18:02.720 we're going to see UM kind of a quilt of 0:18:03.080 --> 0:18:08.120 state moves versus federal legislation anytime soon? Could we could 0:18:08.119 --> 0:18:11.399 we see that? Ultimately? I think so, at least to 0:18:11.480 --> 0:18:14.080 start UM as as we've said, you know, July one 0:18:14.240 --> 0:18:15.720 is right around the corner. The n C double A 0:18:15.800 --> 0:18:18.399 has a big council meeting UM next week at the 0:18:18.400 --> 0:18:20.359 start of next week. But everyone I talked to in 0:18:20.359 --> 0:18:23.400 the industry, doesn't expect them to pass some blanket law 0:18:23.440 --> 0:18:25.760 that will look through a national level. So it seems 0:18:25.760 --> 0:18:28.760 like it will be states individually picking up where they can, 0:18:29.160 --> 0:18:32.159 players in schools putting pressure on those states. UM. But 0:18:32.240 --> 0:18:35.280 it definitely will be an interesting, interesting ride to see 0:18:35.400 --> 0:18:37.280 how this plays out because there is a lot of 0:18:37.320 --> 0:18:40.480 money on the line. Well, Alabama, Florida, Georgia, Texas, these 0:18:40.480 --> 0:18:43.320 are big states, big sports states. I mean, how come 0:18:43.880 --> 0:18:45.639 is that just because there is so much sports in 0:18:45.680 --> 0:18:47.680 there that that's how this that's why that this got done. 0:18:48.280 --> 0:18:51.560 Uh kind of first over some other places. Well, a 0:18:51.560 --> 0:18:54.800 lot of places have signed laws, so like California assigned legislation, 0:18:54.840 --> 0:18:57.000 Michigan assigned legislation, but they go on too affect at 0:18:57.000 --> 0:18:59.399 a later date. UM. Some of these other states, like 0:18:59.440 --> 0:19:02.959 you you met in Alabama or Mississippi, UM, kind of 0:19:03.000 --> 0:19:07.399 pushed forth sooner rather than later. Florida actually earlier, earlier 0:19:07.400 --> 0:19:09.800 in the spring, had pushed to delay it a year, 0:19:10.040 --> 0:19:12.240 and then two days later did a complete one eight 0:19:12.359 --> 0:19:14.320 again and actually said, you know what, we'll have a 0:19:14.320 --> 0:19:18.320 going effect this year because quarterbacks, UM, like the ones 0:19:18.359 --> 0:19:21.040 from Miami and Florida state. We're putting pressure and saying 0:19:21.480 --> 0:19:23.840 it's ridiculous to keep delaying this. Not let us have 0:19:23.920 --> 0:19:28.240 an opportunity to make money on things that rightly they 0:19:28.359 --> 0:19:30.639 they believe they should. Hey Bailey, before we go, just 0:19:30.720 --> 0:19:33.080 in ten seconds, the big names, the big n C 0:19:33.160 --> 0:19:35.640 Double A athletes, what's a realistic expectation for how much 0:19:35.640 --> 0:19:38.359 money they'll be able to pull in each year? But 0:19:38.400 --> 0:19:40.360 the estimate that it could be north of the six 0:19:40.400 --> 0:19:43.280 figures just depending on the following It really truly depends 0:19:43.320 --> 0:19:47.639 on Twitter, TikTok, Instagram posts. Will be big money things 0:19:47.680 --> 0:19:50.520 for these players. Not bad for a college job right now, 0:19:50.600 --> 0:19:53.920 exactly right, that's before you even get out. Great stuff. 0:19:53.920 --> 0:19:57.440 That was a great question, Billy Lipscheltz, Great story, Equities 0:19:57.480 --> 0:20:01.800 reporter at Bloomberg News the phone from New York City. 0:20:02.080 --> 0:20:05.679 You're listening to Bloomberg Business Week with Carol Messer and 0:20:05.760 --> 0:20:11.080 Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well, yesterday 0:20:11.160 --> 0:20:14.880 President Biden signed federal law saying that Juneteenth would be 0:20:15.000 --> 0:20:19.000 a national holiday, a federal holiday. Juneteenth is the June 0:20:19.040 --> 0:20:22.359 nineteenth federal holiday to commemorate the end of slavery in 0:20:22.400 --> 0:20:25.160 the US. Joining us now. Shinny Bastik, Wall Street reporter 0:20:25.240 --> 0:20:27.880 at Bloomberg News. She's here with us in the Interact 0:20:27.880 --> 0:20:30.920 Bloomberg Interactive Broker Studio in New York. Shy, you spent 0:20:31.080 --> 0:20:34.200 so much of yesterday on the phone talking to sources, 0:20:34.600 --> 0:20:37.880 speaking to them about what exactly was going on. Talk 0:20:37.960 --> 0:20:40.639 to me about the scramble that financial institutions went through 0:20:40.720 --> 0:20:42.520 yesterday to try to understand, Okay, how are we going 0:20:42.560 --> 0:20:44.800 to commemorate this now that it's a federal holiday. I mean, 0:20:44.800 --> 0:20:46.679 no jokes. Some of them were like, what is everybody 0:20:46.720 --> 0:20:50.760 else saying? Yeah? So that's how much they were scrambling? 0:20:50.880 --> 0:20:52.960 Were they really? And you know, the thing is, I've 0:20:52.960 --> 0:20:55.400 been asking for a month because last year was when 0:20:55.440 --> 0:20:59.879 financial firms really had started to come out and either 0:21:00.080 --> 0:21:04.840 or give a floating holiday or partial day off, uh something. Really, 0:21:05.160 --> 0:21:07.560 I'm so glad you said that you've you've been asking 0:21:07.600 --> 0:21:09.639 for a month because I think too many observers right 0:21:09.640 --> 0:21:11.680 now and Carol mentioned this just a few minutes ago, 0:21:11.720 --> 0:21:13.320 it seems like, okay, well this was you know, more 0:21:13.320 --> 0:21:15.159 than a d fifty years than making. But also I 0:21:15.160 --> 0:21:17.960 think to a lot of people felt very quick. So 0:21:18.119 --> 0:21:20.760