WEBVTT - GameStop’s Plunge Triggers Halts as Platforms Restrict Trades 0:00:00.320 --> 0:00:02.920 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:02.960 --> 0:00:05.800 Bloomberg Quick Takes Tim Stanebeck. We're here every day bringing 0:00:05.800 --> 0:00:08.320 you the latest news from the world's of business and finance, 0:00:08.360 --> 0:00:12.119 plus technology, politics, economics, all harnessing the power of Business 0:00:12.160 --> 0:00:15.640 Week reporters and editors, not to mention our journalists and 0:00:15.640 --> 0:00:18.480 analysts in more than one twenty countries. You can download 0:00:18.520 --> 0:00:21.720 Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:21.920 --> 0:00:23.680 You can also listen to our radio show at two 0:00:23.680 --> 0:00:26.360 pm Eastern Time on Bloomberg Radio or watch us on 0:00:26.400 --> 0:00:30.240 YouTube search Bloomberg Global News. So I have to say, Tim, 0:00:30.360 --> 0:00:32.640 we were taking our weekend show this morning, and you know, 0:00:32.680 --> 0:00:35.400 it's a crazy week when virus news is overshadowed in 0:00:35.400 --> 0:00:37.680 our world by the phenomenon that is game stopped, which 0:00:37.760 --> 0:00:40.279 we are going to continue talking about over the next 0:00:40.360 --> 0:00:42.879 few hours. It's the story. It is the story. But 0:00:43.000 --> 0:00:46.760 let's not forget the other big story is the virus. Yeah, 0:00:46.800 --> 0:00:49.480 and look, um, it does feel like we are getting 0:00:49.479 --> 0:00:52.599 to a point where it's the sad reality is that 0:00:52.640 --> 0:00:56.600 thousands of people dying, our fellows citizens every day is 0:00:56.640 --> 0:01:00.160 not the headline anymore. No, and Um, and though the 0:01:00.240 --> 0:01:02.040 numbers are still troubling, even though some of them are 0:01:02.040 --> 0:01:04.160 coming down, let's talk about it because there's a lot 0:01:04.160 --> 0:01:06.560 of stuff going on, including we talked about the variant, 0:01:07.200 --> 0:01:10.160 the South African variant for the virus UH finding cases 0:01:10.200 --> 0:01:12.720 in South Carolina. Dan Pulsky is with us. He's professor 0:01:12.760 --> 0:01:15.480 of health policy and Management at Johns Hopkins Bloomberg School 0:01:15.480 --> 0:01:18.040 of Public Health. He has studied health economics and health 0:01:18.040 --> 0:01:20.760 care policy. The Bloomberg School of Public Health, supported by 0:01:20.760 --> 0:01:24.040 Michael R. Bloomberg, founder a Bloomberg ALP and Blomberg Philanthropies, 0:01:24.160 --> 0:01:26.640 stands with us on the phone from Philadelphia. Dan, good 0:01:26.640 --> 0:01:29.000 to have you here with Tim and myself. Um, there 0:01:29.040 --> 0:01:32.479 is a fair amount of headlines out and about there. Uh, 0:01:32.520 --> 0:01:34.440 what do you think is most important for our audience 0:01:34.440 --> 0:01:36.039 to kind of focus on right now when it comes 0:01:36.080 --> 0:01:42.800 to COVID and the vaccine rollout. Um. I guess patience 0:01:44.520 --> 0:01:50.280 that's patients with a C. Yes, exactly. UM. You know, 0:01:50.320 --> 0:01:53.680 I think there's a lot of optimism that everything's going 0:01:53.720 --> 0:01:55.640 to get back to normal, but it's going to take 0:01:55.720 --> 0:01:59.320 some time. Um. And you know, the vaccines are in shortage, 0:01:59.440 --> 0:02:03.400 so all of the issues that I think are um 0:02:03.440 --> 0:02:07.000 out there around you know, the anxiety about getting my dose. 0:02:07.280 --> 0:02:09.720 When am I going to get it? What's going wrong? Um? 0:02:09.760 --> 0:02:12.880 You know it comes back to that. They're just it's 0:02:12.880 --> 0:02:15.440 gonna take a little time to produce vaccines for for 0:02:15.480 --> 0:02:18.239 everyone around the world. Dan, I I gotta ask. Um. 0:02:18.280 --> 0:02:23.000 You know Carol mentioned the South African strain being found 0:02:23.080 --> 0:02:27.919 in South Carolina today. Uh. We we don't know, based 0:02:27.960 --> 0:02:31.760 on testing how effective the existing vaccines are against new 0:02:31.800 --> 0:02:35.919 strains that emerge. UM, but we do know that the 0:02:36.040 --> 0:02:40.480 drug manufacturers are already altering their formulas in order to 0:02:40.520 --> 0:02:43.840 address this. Should should people put off getting a vaccine 0:02:43.840 --> 0:02:47.079 that first shot to try to get one that actually 0:02:47.639 --> 0:02:53.320 uh protects against new strains? Uh? No, don't put it off. 0:02:53.800 --> 0:02:57.240 Get your vaccine when it's your turn to get your vaccine, 0:02:57.280 --> 0:03:02.919 for sure. UM. But you know in the new variants 0:03:03.000 --> 0:03:07.360 UM bring up, you know it's something similar to flu 0:03:07.520 --> 0:03:10.720 and that over the law, we're going to be living 0:03:10.760 --> 0:03:16.240 with this virus for a long time, UM, for years, UM, 0:03:16.280 --> 0:03:18.720 and it's gonna keep evolving, just like we need a 0:03:18.720 --> 0:03:21.720 flu shot every year. UM. I wouldn't be surprised if 0:03:21.720 --> 0:03:24.520 we end up needing ah, you know, to get the 0:03:24.639 --> 0:03:30.040 COVID whatever variants of the year into our um shot. Um, 0:03:30.160 --> 0:03:33.120 just as part of how we conduct our daily lives. 0:03:33.320 --> 0:03:34.880 You know. I groaned when I heard that, but then 0:03:34.920 --> 0:03:36.480 I thought to myself, Hey, that's not so bad. You know, 0:03:36.520 --> 0:03:40.240 getting the flu shot is not that big of a deal. Yeah, 0:03:40.280 --> 0:03:42.320 it's not the big of a deal. But also getting 0:03:42.360 --> 0:03:45.360 flu isn't that big of a deal. I mean, it's 0:03:45.440 --> 0:03:48.000 it's still you know, a serious can be serious for people, 0:03:48.080 --> 0:03:51.600 especially if they're vulnerable. UM. You know right now, COVID 0:03:51.720 --> 0:03:55.040 is certainly much more serious than the flu. So that's 0:03:55.160 --> 0:03:57.520 I think where the difference is. Getting a flu shot 0:03:57.560 --> 0:04:00.040 isn't a big deal, but you know, getting getting of 0:04:00.120 --> 0:04:02.040 it certainly is worse. And I think that's some of 0:04:02.040 --> 0:04:03.840 the fear on the new variants is just so much 0:04:03.920 --> 0:04:07.760 uncertainty and you think, Okay, well we've finally got this tackle, 0:04:08.440 --> 0:04:11.000 and then these variants come up, and it just brings 0:04:11.080 --> 0:04:12.800 up the fact that you know, this is something we're 0:04:12.800 --> 0:04:14.640 gonna have to live with one way or another for 0:04:14.760 --> 0:04:18.520 quite some time. When you say that we may have 0:04:18.600 --> 0:04:21.960 to get a vaccine for COVID on a regular basis, 0:04:21.960 --> 0:04:24.240 just like we do for a flu vaccine. Will it 0:04:24.279 --> 0:04:25.920 be a case that it's the same thing that if 0:04:25.920 --> 0:04:27.640 you don't know, you might get a little sick, or 0:04:27.680 --> 0:04:28.760 is it a case that if you don't get it, 0:04:28.800 --> 0:04:30.919 you're gonna get really sick and maybe create some problems 0:04:30.920 --> 0:04:35.040 in society? Um, you know, I think it's the same 0:04:35.040 --> 0:04:38.760 messaging as as flu that every person who gets the 0:04:38.760 --> 0:04:41.839 flu vaccine, you're not only protecting yourself, but you're protecting others, 0:04:41.880 --> 0:04:45.000 particularly those most vulnerable that actually can't get the flu vaccine. 0:04:45.360 --> 0:04:48.920 So that's certainly um going to be the case for 0:04:48.920 --> 0:04:55.160 for the coronavirus vaccine as well. Um. Uh, but you know, 0:04:55.200 --> 0:04:58.120 and and then I think on top of that, uh, 0:04:58.160 --> 0:04:59.800 you know, this is a kind of thing that you know, 0:04:59.839 --> 0:05:04.200 like up a expert in in like you know, Dr 0:05:04.279 --> 0:05:08.360 Fraud she can explain better than myself. But um, if 0:05:09.040 --> 0:05:15.160 if the vaccine doesn't have really great coverage, variants that 0:05:15.279 --> 0:05:18.159 can spin out when you know a lot there's a 0:05:18.160 --> 0:05:20.760 lot of people covered, but not enough people covered. Yeah 0:05:20.880 --> 0:05:23.719 that the viruses. People are fighting against the virus, and 0:05:23.720 --> 0:05:26.359 then the virus kind of fights back, and and the 0:05:26.400 --> 0:05:28.760 one who's fighting back the virus who who's fighting back 0:05:28.839 --> 0:05:30.880 is a little bit stronger than the one that before. 0:05:31.000 --> 0:05:34.560 So that's kind of the scientific challenge why it's so 0:05:34.600 --> 0:05:37.600 important to get vaccinated. Dan, Um night, We we only 0:05:37.640 --> 0:05:39.600 have about thirty seconds left. But I know you've been 0:05:39.600 --> 0:05:43.160 looking very closely at the rollout of the vaccine. Um, 0:05:43.200 --> 0:05:46.159 we've heard a lot about speed bumps in your opinion. 0:05:46.240 --> 0:05:50.480 How are we doing so far, because this is a race. Well, 0:05:50.520 --> 0:05:54.599 we've been doing pretty poorly. Um, but you know we 0:05:54.680 --> 0:05:57.559 now have you know Biden's goal of a hundred million 0:05:57.600 --> 0:06:00.880 doses in a hundred days. Um, it's gonna be some 0:06:01.000 --> 0:06:03.120 a lot more bumps in the road to kind of 0:06:03.160 --> 0:06:06.280 get to the point where, um, things are rolling at 0:06:06.279 --> 0:06:10.440 a pace where I feel like that can be achieved. So, UM, 0:06:10.480 --> 0:06:13.440 I think it's a worthy goal and I'm optimistic. Let's 0:06:13.440 --> 0:06:15.880 get back to you. Dr Dan Pulsky, Professor of Health 0:06:15.880 --> 0:06:18.680 economics and Policy at the Johns Hopkins Bloomberg School of Health. 0:06:18.680 --> 0:06:21.280 He joins us on the phone from Philadelphia. The Johns 0:06:21.279 --> 0:06:24.040 Hopkins Bloomberg School of Public Health is supported by Michael R. Bloomberg, 0:06:24.120 --> 0:06:28.080 founder of Bloomberg LP and Bloomberg Philanthropies. Dan I wanted 0:06:28.120 --> 0:06:30.880 to get your thoughts on what we We just heard 0:06:31.400 --> 0:06:34.280 from Jason Farley at the Bloomberg who's the professor of 0:06:34.360 --> 0:06:38.200 nursing at talking all about how we need to ramp 0:06:38.240 --> 0:06:40.560 up production of vaccine to get those shots in arms. 0:06:40.600 --> 0:06:43.479 What is the right way to ramp up production and 0:06:43.520 --> 0:06:50.960 then also ramp up distribution in an administration of vaccine UM, 0:06:51.000 --> 0:06:58.039 I would say that the challenge of ramping up distribution 0:06:58.720 --> 0:07:03.400 is you know, were more challenging and that it's so distributed. 0:07:03.600 --> 0:07:07.720 So to ramp up production, you know, we can rely 0:07:07.880 --> 0:07:12.720 on industry UM that I think has that capacity. But 0:07:12.840 --> 0:07:17.560 to ramp up distribution, it's like inventing a new company. UM. 0:07:17.600 --> 0:07:21.280 You know, it's putting up places to distribute vaccine, that's 0:07:21.320 --> 0:07:25.040 training people how to do it. UM. The staffing challenges, 0:07:25.200 --> 0:07:30.720 the logistical challenges, the information system challenges are you know, 0:07:31.040 --> 0:07:35.200 there's just no infrastructure in place to really UM, you know, 0:07:35.520 --> 0:07:38.000 ramp up quickly and reliably. But I think one thing 0:07:38.000 --> 0:07:40.360 that's so frustrating to people is that it's not like 0:07:40.400 --> 0:07:42.280 we had no warning, right, Like, this is something that 0:07:42.320 --> 0:07:45.400 we knew since you know, some people since February, most 0:07:45.440 --> 0:07:48.680 people since March, that we would need to distribute an 0:07:48.680 --> 0:07:53.840 administer vaccine and manufacture tons and tons of vaccines. Well 0:07:53.840 --> 0:07:56.560 but the manufacturing. And we're not mad at you, We're 0:07:56.560 --> 0:08:02.400 just trying to understand how did it happen. I mean, 0:08:02.440 --> 0:08:05.240 I think it was, you know, a leadership, a vacuum 0:08:05.240 --> 0:08:08.880 in the prior administration. Uh. You know, I was part 0:08:08.920 --> 0:08:13.000 of this panel talking of you planning for one aspect, 0:08:13.120 --> 0:08:16.360 which is, you know, how to distribute vaccines equitably when 0:08:16.360 --> 0:08:19.000 it's in shortage, And we were talking back in the 0:08:19.040 --> 0:08:23.080 summer and making really detailed plans for that. But we 0:08:23.080 --> 0:08:26.480 we we just wanted information about what the administration was 0:08:26.520 --> 0:08:29.120 doing to plan for this period that we all knew 0:08:29.200 --> 0:08:32.400 was going to start, you know, six months in the future, right, 0:08:32.480 --> 0:08:34.960 and we never got any information. We were frustrated, like 0:08:35.000 --> 0:08:37.960 why why aren't they sharing any information? Only now do 0:08:38.000 --> 0:08:40.360 we realize there was no information to share. It's like 0:08:40.640 --> 0:08:44.040 planning for It's like planning for war, right, planning for war. 0:08:44.480 --> 0:08:46.959 You know it's coming, we know we have to manufacture 0:08:46.960 --> 0:08:49.280 a lot of tanks and being really basic here and 0:08:49.320 --> 0:08:51.720 then okay, we make the tanks, but wow, how do 0:08:51.760 --> 0:08:54.120 we get it to people in the field who need it? 0:08:54.200 --> 0:08:56.120 How do we get it to you know, the members 0:08:56.160 --> 0:08:57.560 of the military. I mean, I feel like that's what 0:08:57.600 --> 0:09:01.080 we did, and I just into it staggering. And I 0:09:01.120 --> 0:09:03.280 do know the body administration has been has been rather 0:09:03.360 --> 0:09:06.360 frank about saying that maybe the situation was a lot 0:09:06.400 --> 0:09:08.600 worse than we anticipated, and they're getting up to speed. 0:09:08.600 --> 0:09:10.199 But I guess I just don't understand why it is 0:09:10.200 --> 0:09:13.839 a nation all of the companies involved just say okay, 0:09:14.040 --> 0:09:17.160 let's go on, you know, into overdrive and just let's 0:09:17.360 --> 0:09:19.599 ramp up manufacturing of the vaccines and do everything and 0:09:19.640 --> 0:09:23.800 anything to get them out there. Yeah. Um, well, the 0:09:23.800 --> 0:09:27.320 the the issue with the manufacturing, it is actually it's 0:09:27.400 --> 0:09:31.120 quite a miracle, and that a typical way of vaccines 0:09:31.280 --> 0:09:35.040 developed is the manufacturing doesn't start to laughter, everything has 0:09:35.080 --> 0:09:39.080 been approved, but this was such an extraordinary circumstance that 0:09:39.120 --> 0:09:43.599 everything was being done in parallel. Um, so while the 0:09:43.679 --> 0:09:48.120 drug was being tested, manufacturing was being ramped up. And uh, 0:09:48.280 --> 0:09:52.280 it's actually been quite a feat compared to the past. 0:09:52.320 --> 0:09:55.480 It's a highly regulated industry. It's hard to do these things. 0:09:55.520 --> 0:10:02.280 A tremendous amount of um collaboration between industry partners, new 0:10:02.320 --> 0:10:06.360 partnerships being developed and working with government, so you know, 0:10:06.400 --> 0:10:08.880 while it's certainly not fast enough and there's a lot 0:10:08.880 --> 0:10:11.040 of challenges to get it at a rate that I 0:10:11.080 --> 0:10:14.319 think people would feel would be you know, even a 0:10:14.400 --> 0:10:17.560 bee will probably not to be here. UM. But you know, 0:10:17.600 --> 0:10:21.720 I think the larger perspective is that, um, it has 0:10:21.760 --> 0:10:26.040 been you know, historic feat of development and of manufacturing. 0:10:26.480 --> 0:10:30.640 It's just the demand is so an extraordinary Dan, we 0:10:30.679 --> 0:10:33.360 only have about fifteen seconds left. Your best estimation for 0:10:33.559 --> 0:10:35.760 when everybody who wants a vaccine will be able to 0:10:35.800 --> 0:10:40.880 get one here in the United States? Um, I would say, 0:10:41.400 --> 0:10:44.240 you know, through the year, end of the year. Wow, 0:10:44.559 --> 0:10:45.960 that's a lot different than what we heard from the 0:10:45.960 --> 0:10:49.199 President earlier this earlier this week, who said that it 0:10:49.240 --> 0:10:53.280 will be by this spring. Yeah. Well it's it's yeah, Dan, 0:10:53.320 --> 0:10:56.240 Thank you so much, UM, and really appreciate it. Dr 0:10:56.320 --> 0:10:59.000 Dan Pulsky, Professor of Health economics and Policy at Johns 0:10:59.040 --> 0:11:02.560 Hopkins Bloomberg schoo Public Health, on the phone from Philadelphia 0:11:02.559 --> 0:11:04.480 and of course the Bloomberg School of Public Health supported 0:11:04.480 --> 0:11:08.360 by Michael R. Bloomberg, founder of Bloomberg Elpy and Bloomberg Philanthropies. Listen, 0:11:08.400 --> 0:11:09.800 I know you and I kind of hammer. He was 0:11:10.000 --> 0:11:12.240 such a gem. But you know, I think we all 0:11:12.280 --> 0:11:14.480 kind of want to know, like when when do we 0:11:14.480 --> 0:11:16.760 start to get back to normal? When will we be vaccinated? 0:11:16.840 --> 0:11:19.360 I'm so sick of this pandemic. No I'm not the 0:11:19.400 --> 0:11:22.920 only one, alright, So great story. Pillow King. Mike Glendel, 0:11:23.120 --> 0:11:25.400 you know him from those late night commercials. You'll also 0:11:25.440 --> 0:11:27.920 know him because a couple of years ago Bloomberg business 0:11:27.920 --> 0:11:30.440 Week did a deep dive into him. He's an ally 0:11:30.440 --> 0:11:33.200 of former President Donald Trump, and his reporter Josh Dean 0:11:33.360 --> 0:11:36.600 is back writing about him again. Laugh at dam Shunn 0:11:36.640 --> 0:11:39.040 his business sue him. That my pelo ceo will not 0:11:39.080 --> 0:11:42.240 stop trying to prove Donald Trump got cheated. That's the headline, 0:11:42.480 --> 0:11:44.319 Josh joining us on the phone in New York along 0:11:44.320 --> 0:11:46.640 with Bloomberg business Week editor Joe Webber on the access 0:11:46.679 --> 0:11:48.480 line in Brooklyn. Tim and I could not get enough 0:11:48.480 --> 0:11:54.160 of this story. Chill uh boy? I I could, um, 0:11:54.240 --> 0:11:57.040 but that was mainly just because of what it is. 0:11:57.480 --> 0:12:00.440 But you know, backstory here. Four years ago, Aosh Dean 0:12:00.600 --> 0:12:05.959 wrote basically the definitive story on Mike Lindell and just 0:12:06.000 --> 0:12:11.199 the preposterous business success story. Um. That that is my 0:12:11.280 --> 0:12:13.880 pillow And this is a guy who went from basically 0:12:13.920 --> 0:12:19.520 being a crack addict UM to an unlikely entrepreneur with 0:12:19.840 --> 0:12:24.120 actually like a pretty successful business. UM. And Josh actually 0:12:24.120 --> 0:12:26.240 did that story four years ago for the magazine and 0:12:26.400 --> 0:12:30.640 it happened to coincide basically with the first couple of 0:12:30.720 --> 0:12:34.160 visits that Lindell had with Trump. And obviously, if you 0:12:34.160 --> 0:12:37.760 know anything about Mike Lindell, the past four years, UM 0:12:37.920 --> 0:12:41.960 have become much trumpier UM, let's say. And so when 0:12:43.000 --> 0:12:47.120 the administration was in its last days, we've kind of 0:12:47.320 --> 0:12:49.120 reached out to Josh and said, what do you what 0:12:49.160 --> 0:12:51.160 do you think about getting back in touch with Mike 0:12:51.240 --> 0:12:54.199 Lendel And so that led to a pretty memorable conversation 0:12:54.240 --> 0:12:57.240 that Josh had with him and this feature. UM, Josh, 0:12:57.320 --> 0:12:59.600 what was the what was the opening question? How did 0:12:59.600 --> 0:13:03.600 the converse stations start with with Mr Lindell? I don't 0:13:03.640 --> 0:13:06.280 even know if I needed to ask a question. I 0:13:06.280 --> 0:13:11.880 think I think I just said hello often running started 0:13:11.960 --> 0:13:15.120 just going I mean that man is UM. I think 0:13:15.160 --> 0:13:17.280 I said in the original story, you know, he's been 0:13:17.280 --> 0:13:19.760 off cocaine and crack now for a long time, but 0:13:19.800 --> 0:13:22.160 it's like his body is permanently stuck in up in 0:13:22.280 --> 0:13:25.680 up cocaine mania. Like, I don't think he's used drugs 0:13:25.720 --> 0:13:27.880 in a long time, but he talks like someone who's 0:13:28.120 --> 0:13:29.840 who maybe just did it for so long that he 0:13:29.880 --> 0:13:34.320 can't he can't control himself anymore. Well so listen, though 0:13:34.400 --> 0:13:37.200 he's definitely an ally of Donald Trump, we know that, 0:13:37.240 --> 0:13:40.520 and you laid out really well, why has he continued 0:13:40.559 --> 0:13:43.400 to be so adamant despite the court cases that have 0:13:43.480 --> 0:13:46.040 shown that there was no fraud in the election? Why 0:13:46.080 --> 0:13:47.240 has he and I know this is when he was 0:13:47.280 --> 0:13:49.520 often running and talking with you, why has he, though 0:13:50.120 --> 0:13:54.439 continued to say there was fraud. I mean, he's he's 0:13:54.520 --> 0:13:57.240 just one of those people who are so convinced of 0:13:57.840 --> 0:14:00.839 something that no amount of information or evidence would ever 0:14:00.920 --> 0:14:03.440 change his mind. I mean he would tell you, you know, 0:14:04.080 --> 0:14:07.160 for hours on end that he's convinced and that he 0:14:07.200 --> 0:14:10.560 has this you know, quote unquote forensic evidence of machine 0:14:10.559 --> 0:14:13.960 hacking and all this stuff, and talking about examples like 0:14:14.000 --> 0:14:18.040 this man and Italy who allegedly confessed and cord to hack. Well, 0:14:18.120 --> 0:14:19.640 I mean some of these stories you just have to 0:14:19.680 --> 0:14:21.360 do a little bit of begging to realize, like it's 0:14:21.360 --> 0:14:24.720 either been debunked or it's being spun in a slightly 0:14:25.640 --> 0:14:29.480 um disingenuous way so that the evidence isn't really evidence. 0:14:29.520 --> 0:14:32.640 But I mean, you know, unless he's completely doing this 0:14:32.680 --> 0:14:34.640 for show, and I don't think that he is. He 0:14:34.720 --> 0:14:37.680 truly believes that, you know, he's here to save Donald 0:14:37.680 --> 0:14:43.000 Trump's presidency and to save democracy. Well, Josh, I was 0:14:43.080 --> 0:14:47.720 so surprised to read that he's not concerned at all 0:14:47.760 --> 0:14:50.920 by this, uh what you call a big danger the 0:14:50.960 --> 0:14:55.760 dominion voting systems UM having threatened him with a defamation suit. 0:14:56.200 --> 0:14:59.080 Uh you write that a decision in Dominion's favor could 0:14:59.160 --> 0:15:03.160 destroy my pillow as a company. Uh, why is he 0:15:03.200 --> 0:15:06.160 not concerned about this? This is a big deal. Yeah, 0:15:06.200 --> 0:15:09.640 I mean, here's probably the most convincing evidence that he 0:15:09.680 --> 0:15:12.200 truly believes what he's saying, that it's not some kind 0:15:12.240 --> 0:15:15.240 of act, because yeah, I mean, this is a potentially 0:15:15.240 --> 0:15:18.920 an existential threat to my pillow, like a decisive judgment, 0:15:19.000 --> 0:15:21.720 and we're talking like, you know, I think dominions going 0:15:21.960 --> 0:15:25.600 after these these defense for hundreds of millions of dollars. 0:15:25.720 --> 0:15:28.720 If they choose to sue him, um, and he loses, 0:15:28.880 --> 0:15:31.240 then he could lose the company. But he thinks that 0:15:31.280 --> 0:15:34.280 he's right, So he believes as he as he tells it, 0:15:34.640 --> 0:15:36.800 I'm going to go to court and I'll present my 0:15:36.840 --> 0:15:39.760 evidence and i will prevail. I mean it's from the 0:15:39.800 --> 0:15:43.400 outside objectively, it seems crazy and self destructive, but he 0:15:43.400 --> 0:15:46.920 doesn't see it. Tell uh, what do you have to 0:15:46.920 --> 0:15:49.560 say about how his business has been doing? Because there 0:15:49.680 --> 0:15:53.600 was this photograph taking taking of him, uh leaving the 0:15:53.600 --> 0:15:57.520 White House with what appeared to be um some papers 0:15:57.560 --> 0:16:02.120 that referenced martial law. Uh, and and I'm curious, like, hey, 0:16:02.120 --> 0:16:03.480 what do you say about that? And then be how 0:16:03.560 --> 0:16:07.240 is how his business been doing well? The martial law 0:16:07.240 --> 0:16:08.880 of thing he said that was we're not his notes. 0:16:08.920 --> 0:16:11.120 So basically he was going to see Trump to present 0:16:11.400 --> 0:16:15.320 his you know, quote unquote evidence of of like election fraud. 0:16:15.320 --> 0:16:17.440 And then a lawyer friend of his, if he wouldn't name, 0:16:17.840 --> 0:16:20.440 gave him a second set of notes that included um, 0:16:20.480 --> 0:16:23.320 that martial law reference. So he's like, I don't even 0:16:23.360 --> 0:16:26.000 know what marshal is. That wasn't me um. As for 0:16:26.080 --> 0:16:29.640 the business, he's you know again, he thinks that this 0:16:29.720 --> 0:16:32.080 is good for his business, and it may be. I mean, 0:16:32.080 --> 0:16:34.800 in the short term, he says, sales are up, he's 0:16:34.840 --> 0:16:38.080 hiring more people. He's actually added floor space because you know, 0:16:38.120 --> 0:16:40.440 I think there's probably everything is political today, right, so 0:16:40.520 --> 0:16:43.080 people maybe buying pillows as a reaction to what they 0:16:43.080 --> 0:16:47.600 see as like left wing blowback. Yeah, it's interesting. Really 0:16:48.360 --> 0:16:53.520 a buddy of Donald Trump's. No, I mean I asked 0:16:53.000 --> 0:16:55.320 you talked to the president. He said, no, Like I 0:16:55.320 --> 0:16:57.400 don't have his faw number. We've only met a handful 0:16:57.440 --> 0:16:59.920 of times. But I mean he loves he thinks it's 0:17:00.000 --> 0:17:02.000 Trump is amazing. I mean they've had some meetings. He 0:17:02.040 --> 0:17:05.240 appeared at that that famous or infamous I guess some 0:17:05.480 --> 0:17:09.320 coronavirus briefing. He's been on, you know, in in tons 0:17:09.320 --> 0:17:12.199 of rallies. But he said they're not friends. They've just 0:17:12.200 --> 0:17:15.320 met a fanful of times. And what about you guys 0:17:15.320 --> 0:17:18.880 talk about Yeah, go ahead, go ahead, Joel. What else 0:17:18.880 --> 0:17:24.320 do you guys talk about? Josh, we talked about the pandemic, 0:17:24.760 --> 0:17:29.320 the pandemic and um coronavirus. Mike does not believe that 0:17:29.400 --> 0:17:32.600 it's the threat that we all believe it to be. 0:17:32.840 --> 0:17:36.080 And he takes a supplement that he also sells that 0:17:36.119 --> 0:17:38.680 he thinks keeps him safe. He will not be getting 0:17:38.720 --> 0:17:44.080 the vaccine. Wow, that's shocking to hear. I mean, I 0:17:44.080 --> 0:17:47.040 guess there is some vaccine skepticism. Um. What about his 0:17:47.040 --> 0:17:51.360 political ambitions, Well, for for a lot of the past year, 0:17:51.560 --> 0:17:54.320 there's been pretty rampant speculation in Minnesota the who runs 0:17:54.320 --> 0:17:57.399 for governor? And he has not discouraged that. Um, I 0:17:57.400 --> 0:18:01.399 think the Minnesota Republican Party has has essentially propped him 0:18:01.480 --> 0:18:05.080 up as a likely candidate. He's now saying he's not 0:18:05.160 --> 0:18:07.399 so sure. I mean, this is how far in the 0:18:07.480 --> 0:18:09.959 rabbit hole he is that he believes, like this fraud 0:18:10.080 --> 0:18:14.960 was so bad and so um widespread that no election 0:18:15.359 --> 0:18:18.320 going forward can ever be trusted if there are machines us. 0:18:18.400 --> 0:18:20.680 I mean, this is basically his position now. So he's like, 0:18:20.720 --> 0:18:22.639 why would I run for governor? Couple just deal up 0:18:22.680 --> 0:18:25.160 for me. I just want to know, Jan Krokowski, they're 0:18:25.160 --> 0:18:28.719 not dating. Can we just set the record straight. Definitely 0:18:28.800 --> 0:18:33.640 not dating that one. That story? Yeah, well, Josh, real quick, 0:18:33.640 --> 0:18:36.960 what are the pillows? Like? Very briefly you got him off. 0:18:37.040 --> 0:18:42.920 Jane Krokowski, I don't know love these pillows, right, you know, 0:18:43.600 --> 0:18:45.560 I'm one of those people who I like a memory 0:18:45.600 --> 0:18:48.600 film pillows. I don't I have to say my husband 0:18:48.640 --> 0:18:50.520 one night if because we both were not sleeping, we 0:18:50.640 --> 0:18:54.439 bought some. Uh, I'm not going to say we have 0:18:54.440 --> 0:18:55.960 a lot of different kinds of pillows on our bed. 0:18:56.520 --> 0:18:58.520 Josh Dean is a great read. We're going to feature 0:18:58.520 --> 0:19:00.600 it in the weekend story as well. Uh, and Jill 0:19:00.680 --> 0:19:04.160 Webber thank you as well, really appreciate it. You're listening 0:19:04.200 --> 0:19:08.040 to Bloomberg Business Week with Carol Messer and Bloomberg Quick 0:19:08.080 --> 0:19:12.280 Takes Tim Stenovy on Bloomberg Radio. So, yeah, a top 0:19:12.320 --> 0:19:15.480 story this hour, this day, this week, and I already 0:19:15.480 --> 0:19:17.280 know that in December when we look back, it's going 0:19:17.320 --> 0:19:20.639 to be a top story this year. It's game Stop 0:19:20.760 --> 0:19:24.840 and the like other names that we don't usually talk about, 0:19:24.880 --> 0:19:27.320 but all of a sudden, they've been really dominating the 0:19:27.320 --> 0:19:29.400 trade in terms of big moves. Yeah. Look it's it's 0:19:29.440 --> 0:19:32.680 not just game Stop, right, it's other stocks as well. 0:19:32.720 --> 0:19:36.159 And and look we're just learning moments ago the Senate panel, 0:19:36.200 --> 0:19:37.960 a Senate panel is planning to hold a hearing on 0:19:38.000 --> 0:19:40.280 the current state of the stock market. And this prompted 0:19:40.320 --> 0:19:42.680 by the activity that we've seen this week. Totally alright, 0:19:42.720 --> 0:19:44.359 So let's get into it, and let's get you up 0:19:44.400 --> 0:19:46.760 to speed on some of the day's headlines because they 0:19:46.760 --> 0:19:50.560 are happening as we speak. Let's bring in Bloomberg News 0:19:50.600 --> 0:19:54.040 cross At reporter Katie greifeld Uh and talk about kind 0:19:54.040 --> 0:19:55.399 of where we are. We're also going to get to 0:19:55.480 --> 0:19:58.399 Jennifer Schelp. She's director Financial Regulation Studies over at the 0:19:58.440 --> 0:20:01.560 Cato Institute, and we'll bring her in just a moment. Katie, though, 0:20:01.600 --> 0:20:04.520 set the scene. Um, where are we when it comes 0:20:04.520 --> 0:20:08.040 to what's going on with game Stop and other stocks 0:20:08.080 --> 0:20:10.240 that have had some big moves and the playing the 0:20:10.280 --> 0:20:14.080 trading platforms that they trade on, Well, it's very much 0:20:14.080 --> 0:20:17.359 a fluid situation. Obviously. The big story today is that 0:20:17.440 --> 0:20:21.040 you have apps like robin Hood and other brokerages limiting 0:20:21.119 --> 0:20:24.119 trading on some of those popular names such as game Stop, 0:20:24.359 --> 0:20:26.439 UM and some of the other we've been calling the 0:20:26.560 --> 0:20:29.600 meme stocks that have just taken off this week. And 0:20:29.680 --> 0:20:32.600 so interestingly, I mean, as you mentioned, game Stop is 0:20:32.640 --> 0:20:36.080 thinking today, as is a n C Holdings, and you 0:20:36.200 --> 0:20:40.200 have seen the benchmark indexes bounced back like the SMP 0:20:40.440 --> 0:20:43.680 for example, it's having a best game game in two months, 0:20:43.720 --> 0:20:47.480 whereas yesterday it was the worst fault since October. So 0:20:48.000 --> 0:20:52.280 clearly a total flip in in who's leading and what's leading. 0:20:52.280 --> 0:20:54.800 And part of the theory is that all of the 0:20:54.880 --> 0:20:57.400 hedge funds who are just getting crushed yesterday on their 0:20:57.440 --> 0:21:02.480 short bets, now that that speculation is curbed, at least temporarily, 0:21:02.520 --> 0:21:07.200 they're basically regrossing and re leveraging on their position. So, Katie, 0:21:07.240 --> 0:21:10.120 when you say restricting trades on platforms like robin Hood, 0:21:10.160 --> 0:21:11.960 what what exactly do you mean? Does that mean that 0:21:12.000 --> 0:21:14.080 if somebody holds robin Hood and they want to sell it, 0:21:14.240 --> 0:21:16.560 they mean, excuse me, holds game Stop and they want 0:21:16.560 --> 0:21:20.880 to sell it, they can't necessarily do that, that's the question. 0:21:21.040 --> 0:21:25.119 So it's it's a bit different across apps. So robin Hood, 0:21:25.160 --> 0:21:28.240 for example, I mean, there are restrictions placed on shares 0:21:28.280 --> 0:21:32.480 and options, and the fact that options trading is restricted 0:21:32.880 --> 0:21:36.600 is a really interesting nuance here because that's theorized the 0:21:36.640 --> 0:21:39.840 fact that you fall just such rampant call buying in 0:21:39.960 --> 0:21:42.480 some of these names. People were saying that's fueling this 0:21:42.920 --> 0:21:47.000 bullish feedback loop. So obviously, with these restrictions and the 0:21:47.000 --> 0:21:49.760