WEBVTT - Bloomberg Businessweek Weekend - September 3rd, 2021 0:00:01.040 --> 0:00:05.400 This is Bloomberg Business Week inside from the reporters and 0:00:05.600 --> 0:00:09.200 editors who bring you America's most trusted business magazine, plus 0:00:09.240 --> 0:00:13.160 global business, finance and tech news. As it happened. Bloomberg 0:00:13.240 --> 0:00:16.759 Business Week with Carol Messier and Bloomberg Quick Takes Tim 0:00:16.800 --> 0:00:21.480 Stinevin on Bloomberg Radio. Hi, everyone, Welcome to the weekend 0:00:21.560 --> 0:00:25.200 edition of Bloomberg Business Week. It was another jam packed 0:00:25.200 --> 0:00:27.440 week and this week, first of all, when it came 0:00:27.480 --> 0:00:29.960 to trading, we did wrap up the month of August, 0:00:30.120 --> 0:00:33.320 tim marking the seventh consecutive monthly gain for U S docks. 0:00:33.320 --> 0:00:36.479 Despite so much going on domestically and in the world, 0:00:36.520 --> 0:00:39.320 the chief among them, Carol, was a week where the 0:00:39.400 --> 0:00:42.960 US officially wrapped up operations in Afghanistan, a process that 0:00:43.080 --> 0:00:46.440 has left thousands of Afghans seeking refuge in the US. 0:00:46.560 --> 0:00:50.480 This coming nearly twenty years after the United States first 0:00:50.479 --> 0:00:53.479 invaded the country after September eleven, We're going to talk 0:00:53.520 --> 0:00:56.760 all about that with Janami day Murray, the Senior Director 0:00:56.800 --> 0:00:59.840 of US Emergencies, had saved the children, and what the 0:01:00.040 --> 0:01:03.440 ganization is doing to help those refugees, half of whom 0:01:03.440 --> 0:01:06.320 our children now Afghanistan. As to mention definitely on our 0:01:06.360 --> 0:01:08.880 minds this week. So too was China, which continues to 0:01:08.920 --> 0:01:13.880 increase oversight on companies, industries, investing, and it's kids. Every day, 0:01:13.920 --> 0:01:16.959 tim it felt like China was coming out, regulations were 0:01:16.959 --> 0:01:20.800 coming out from Beijing about another crackdown on some other 0:01:20.959 --> 0:01:23.880 aspect of their economy. We got into that with Bloomberg 0:01:23.880 --> 0:01:26.800 New Economy editorial director Andy Brown, who wrote about the 0:01:26.840 --> 0:01:29.679 billions that Chinese tech leaders are shelling out in a 0:01:29.720 --> 0:01:32.200 sign of solidarity. We're going to hear from him in 0:01:32.200 --> 0:01:34.160 a bid And the thing about Andy is there's pretty 0:01:34.200 --> 0:01:36.440 much no better voice to talk to about that, given 0:01:36.480 --> 0:01:40.600 his experience living in China for so many years. All 0:01:40.640 --> 0:01:42.839 of that to come in our first hour of Bloomberg 0:01:42.840 --> 0:01:45.000 Business Week. And if you check out the cover of 0:01:45.080 --> 0:01:47.639 Business Week, you're gonna see it's a special double issue 0:01:48.000 --> 0:01:52.200 and Carol, it is all about cities exactly. Uh And 0:01:52.240 --> 0:01:54.680 I love the cover. It says welcome to utopia and 0:01:54.720 --> 0:01:58.920 then in parentheses in theory. And so that really speaks 0:01:58.960 --> 0:02:00.960 to the cover story, which is a story by our 0:02:01.040 --> 0:02:02.880 Joshua Breusting. We're gonna hear from him a little bit 0:02:02.920 --> 0:02:06.440 later on, and he writes about e commerce legend Mark Laurie, 0:02:06.720 --> 0:02:09.200 who's got a plan for the perfect city. But now 0:02:09.240 --> 0:02:11.320 he's got to actually take those words and put them 0:02:11.320 --> 0:02:13.840 into action. Not so easy. Not so easy. Mark Laurie 0:02:13.919 --> 0:02:16.320 is a fascinating guy. If his name sounds familiar, because 0:02:16.720 --> 0:02:18.880 perhaps because five or six years ago you saw him 0:02:18.880 --> 0:02:21.000 on the cover of Bloomberg Business Week when he launched 0:02:21.040 --> 0:02:24.680 jet dot com, that company ultimately getting acquired by Walmart 0:02:24.680 --> 0:02:27.359 a few years ago for more than three billion dollars. 0:02:27.720 --> 0:02:32.520 Uh Lori before that was the founder of diapers dot com, 0:02:32.720 --> 0:02:35.480 a company that he sold to Amazon for hundreds of 0:02:35.480 --> 0:02:38.920 millions of dollars. And now he's got his sight set 0:02:38.960 --> 0:02:42.680 Carol on creating this utopia. Unclear where exactly it's going 0:02:42.760 --> 0:02:45.280 to be, but he's had this realization of late that 0:02:45.600 --> 0:02:47.359 this is what he wants to focus on for a 0:02:47.400 --> 0:02:50.119 bit more though. On this week's Double Cities issue, let's 0:02:50.160 --> 0:02:52.639 catch up with the Washington d C editor behind it all. 0:02:52.760 --> 0:02:55.960 Here's Amanda Culson Hurley. This is a great cover story, 0:02:56.360 --> 0:03:00.919 UH and just a great story about how Laura, like 0:03:00.919 --> 0:03:03.120 like a lot of other people in UH in the 0:03:03.160 --> 0:03:08.200 tech world, has gotten the city building or city planning 0:03:08.280 --> 0:03:14.000 bug and UH really has this vision of um of 0:03:14.160 --> 0:03:17.679 not only building uh this city from scratch that would 0:03:17.720 --> 0:03:22.480 eventually have five million people, but structuring it on the 0:03:22.840 --> 0:03:26.920 economic ideas of Henry George, who was a thinker in 0:03:26.960 --> 0:03:32.040 the nineteenth century. Uh. And in the process, the city 0:03:32.120 --> 0:03:36.360 and Laura's vision would kind of save capitalism from itself. 0:03:36.360 --> 0:03:42.280 It would uh you know, reduce inequality and produced a 0:03:42.440 --> 0:03:47.320 society and egalitarian society. Um. You know, he's not h 0:03:47.400 --> 0:03:49.240 and he admits on the story. You know, he's not 0:03:49.360 --> 0:03:53.360 super clear in the details yet, still working through a 0:03:53.480 --> 0:03:57.400 lot about how, you know, how this city would be governed, 0:03:58.080 --> 0:04:01.080 even where it would be located. They're looking at sites 0:04:01.320 --> 0:04:04.120 in the American West, but it's not even clear what 0:04:04.280 --> 0:04:06.360 state it would be. End. I gotta tell you iired 0:04:06.360 --> 0:04:09.800 a team. Yack. Then here's what are you serious about it? Yeah? 0:04:10.000 --> 0:04:11.880 You know, man, I think we talk about the importance 0:04:11.880 --> 0:04:14.560 of public private partnerships. This feels like a public private 0:04:14.600 --> 0:04:19.240 partnership ultimately on steroids, leaning more towards the private. So 0:04:19.520 --> 0:04:21.359 it's curious. We'll have to see where it goes. You know, 0:04:21.480 --> 0:04:23.479 this one hit really close to home. A third story 0:04:23.480 --> 0:04:27.120 that I want to talk about in the city's issue. 0:04:27.400 --> 0:04:30.839 I know, sometimes I'm on the phone with my parents 0:04:30.880 --> 0:04:32.800 or something, your friends, and I'm like, I gotta just 0:04:32.839 --> 0:04:35.279 call you back because there's an ambulance right here, there's 0:04:35.279 --> 0:04:38.680 a highway right here, there's some person screaming right here. Uh. 0:04:40.640 --> 0:04:43.640 How do you make cities quieter and therefore increased quality 0:04:43.640 --> 0:04:46.279 of life because people want to live in them sometimes 0:04:46.320 --> 0:04:49.680 regardless of how loud they are. Yeah, that's right. And 0:04:50.680 --> 0:04:53.760 this Uh, we have this great essay in the Issue 0:04:53.920 --> 0:04:56.960 about sound in cities, and it kind of starts with 0:04:57.040 --> 0:05:00.440 the fact that UM cities did get somewhat quiet during 0:05:00.480 --> 0:05:04.840 the pandemic, and yet noise complained, you know, largely did 0:05:04.880 --> 0:05:08.919 not decree, which tells you something, right um, in that 0:05:09.560 --> 0:05:12.080 a lot of the time people weren't commuting in the work, 0:05:12.480 --> 0:05:15.480 they were staying at home, and then their neighbor turns 0:05:15.480 --> 0:05:17.760 on a leaf blower or something, and you think, Okay, 0:05:17.800 --> 0:05:20.359 it's gonna be so much quieter in the suburbs or 0:05:20.560 --> 0:05:25.039 you know, in a residential neighborhood than than in Times square. Uh, 0:05:25.080 --> 0:05:28.400 And that's not really the case. Or perhaps it's quieter, 0:05:28.920 --> 0:05:31.880 but you know that neighborhood noise is every bit as 0:05:31.920 --> 0:05:37.279 annoying if not more so so our our writer fergus O'Sullivan, Uh, 0:05:37.400 --> 0:05:40.280 you know, try to kind of dive into what it 0:05:40.360 --> 0:05:43.720 is about urban noise that bothers us or pleases us 0:05:43.760 --> 0:05:46.960 the most, and kind of found that, uh, you know, 0:05:47.040 --> 0:05:50.640 often it's not just about the volume. It's uh, you know, 0:05:50.760 --> 0:05:53.880 it's it's about the kind of overall effect. It varies 0:05:53.920 --> 0:05:56.839 a lot from place to place. That was the Washington 0:05:56.920 --> 0:05:59.719 d c editor behind it all, Amanda Coulson Hurley and 0:05:59.800 --> 0:06:02.520 to got the City's issue. Lots of stories there. You 0:06:02.560 --> 0:06:04.680 can find that at Bloomberg dot com, on newsstands and 0:06:04.720 --> 0:06:07.640 also on the Bloomberg terminal. Still ahead though, on Bloomberg 0:06:07.640 --> 0:06:09.960 Business Week, you have seen those horrific images of the 0:06:09.960 --> 0:06:12.279 people of Afghanistan as they struggled to get out of 0:06:12.279 --> 0:06:15.479 the country amid the US withdrawal. This week, one hundred 0:06:15.520 --> 0:06:17.680 thousand were able to get out with the help of 0:06:17.720 --> 0:06:21.120 the United States, and many of those now seeking refuge. Well, 0:06:21.120 --> 0:06:23.080 we're going to get into how that's happening, some of 0:06:23.120 --> 0:06:34.560 their stories. That's coming up next. This is Bloomberg. This 0:06:35.080 --> 0:06:39.080 is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. 0:06:39.160 --> 0:06:43.960 Tim Stinovik from Bloomberg Radio. This past week was filled 0:06:43.960 --> 0:06:47.039 once again with tough images of the evacuation of Afghanistan, 0:06:47.080 --> 0:06:50.760 a crisis situation that involved the airlifting of fifty hundred 0:06:50.800 --> 0:06:54.560 Americans and one hundred thousand Afghans. Those Afghans are now 0:06:54.560 --> 0:06:57.600 taking shelter and countries around the globe, thousands here in 0:06:57.640 --> 0:07:00.320 the United States. Save the Children is a among the 0:07:00.400 --> 0:07:03.440 organizations helping out. For more on the work they're doing, 0:07:03.560 --> 0:07:06.760 Carol talked with janemy Day Moray, the senior director of 0:07:06.839 --> 0:07:09.840 US Emergencies that Save the Children. I am out at 0:07:09.880 --> 0:07:14.360 Delis Airport providing services and supports, particularly to the young 0:07:14.480 --> 0:07:19.600 children and the new mothers who are coming through. Working 0:07:19.680 --> 0:07:26.000 inside the airport, UM providing safe places for women, private 0:07:26.000 --> 0:07:28.880 places for women to be able to nurse and also 0:07:29.080 --> 0:07:33.160 change diapers. Many of the children have been traveling for 0:07:33.920 --> 0:07:37.720 more than thirty hours, and you can imagine UM sitting 0:07:37.760 --> 0:07:40.400 in the same diapers that whole time. They have their 0:07:40.480 --> 0:07:44.920 diaper rash, and so they really need support UM when 0:07:44.920 --> 0:07:47.200 they're getting off the flight, right And from what I 0:07:47.320 --> 0:07:51.360 understand that, I mean, there are so many that our kids, 0:07:51.760 --> 0:07:55.760 about half of them, is that correct? From what we've 0:07:55.800 --> 0:07:59.200 been seeing absolutely and many of them are young children, 0:07:59.280 --> 0:08:03.680 so very very vulnerable children. The families have taken an 0:08:03.680 --> 0:08:07.760 incredibly long slight and been evacuated. As I'm sure people 0:08:07.760 --> 0:08:10.560 have seen on the news. It's about a fifteen hour 0:08:10.680 --> 0:08:15.240 flight then to the dullas here in Virginia. UM families 0:08:15.320 --> 0:08:19.560 then have to come into the airport, their process through 0:08:19.600 --> 0:08:22.960 customs and border protection, which has been taking a number 0:08:23.000 --> 0:08:27.240 of hours. They then proceed upstairs where they're tested for 0:08:27.360 --> 0:08:31.560 COVID and in that large lounge where all the families 0:08:31.640 --> 0:08:34.600 passed through, that's where we have our first mother and 0:08:34.720 --> 0:08:38.680 baby areas. For many families, when they get to that space, 0:08:39.080 --> 0:08:42.160 it's the first time they've been offered any food, water, 0:08:42.760 --> 0:08:47.080 relief UM in hours, many many hours. We're talking about 0:08:47.120 --> 0:08:50.040 Jena May dam Ray. She's senior director of US Emergencies 0:08:50.040 --> 0:08:52.959 that Save the Children with US from Washington, d C. 0:08:53.400 --> 0:08:56.559 Jano May. One of the things that I find a 0:08:56.679 --> 0:08:58.920 situations like this, times like this, is that one needs 0:08:58.960 --> 0:09:01.840 to get beyond those big broad headlines and understand that 0:09:01.920 --> 0:09:06.000 underneath all of those headlines are people, families, children, individual stories. 0:09:06.400 --> 0:09:08.080 What can you share with us about some of the 0:09:08.080 --> 0:09:11.000 people that you are helping some of the personal stories, 0:09:11.000 --> 0:09:13.760 as you said, a lot of them, the kids in particular. 0:09:14.240 --> 0:09:16.560 Half of these refugees have been kids so far. Most 0:09:16.600 --> 0:09:20.040 of them are coming not wearing shoes, without any bags. 0:09:20.280 --> 0:09:25.600 UM help us put some faces uum these individuals. There 0:09:25.640 --> 0:09:29.080 was a father who was watching his three beautiful little 0:09:29.120 --> 0:09:33.040 girls through some coloring in the space, and he was 0:09:33.080 --> 0:09:36.200 a very tall, proud man, and of course wearing a 0:09:36.320 --> 0:09:39.280 COVID mask. But he turned to me and his eyes 0:09:39.360 --> 0:09:41.960 just welled up with tears and he said, I was 0:09:42.040 --> 0:09:45.800 a translator at the US embassy. I had a good 0:09:45.840 --> 0:09:49.280 life in Afghanistan. I had a car and a house, 0:09:49.320 --> 0:09:52.720 which are a big deal to have in Afghanistan. And 0:09:52.800 --> 0:09:56.600 he said, I have nothing now. I don't know what 0:09:56.640 --> 0:09:59.640 I'm gonna do. I have to start again. I have nothing. 0:10:00.280 --> 0:10:02.320 And I was like, I told him, you have your 0:10:02.360 --> 0:10:06.040 beautiful girls, and you are welcome here in the US. 0:10:06.200 --> 0:10:09.560 And that was just one moment. And then if I 0:10:09.600 --> 0:10:12.720 may share another one, a beautiful moment at the Philadelphia 0:10:12.800 --> 0:10:16.880 airport again, another family. They were about to board the 0:10:16.880 --> 0:10:19.920 bus to go out to Port Dix. And one of 0:10:19.960 --> 0:10:23.240 the soldiers who was there, who's helping staff up the site. 0:10:23.960 --> 0:10:26.520 Uh looked at them. The last man who was there 0:10:26.520 --> 0:10:28.680 with his family is the last person in mine to 0:10:28.720 --> 0:10:31.240 get on the bus, and he gave him. The soldier 0:10:31.320 --> 0:10:34.320 gave the man a big bear hug, and the man 0:10:34.360 --> 0:10:37.440 smiled and just hugged back, and the soldier said to 0:10:37.480 --> 0:10:41.720 the man, welcome to America. You're gonna love it. And 0:10:41.760 --> 0:10:46.040 it was just this beautiful moment of smiles and and 0:10:46.160 --> 0:10:51.520 welcome to people who have suffered incredibly on their journey 0:10:51.559 --> 0:10:54.360 to get here, and they've arrived here with hope for 0:10:54.760 --> 0:10:58.199 a with hope for safety and security, but also hope 0:10:58.240 --> 0:11:01.640 for a better life now here in a for their families. 0:11:01.840 --> 0:11:04.120 You know, I do think that when it comes to 0:11:04.160 --> 0:11:06.439 the Middle East, we tend to group all the countries together, 0:11:06.920 --> 0:11:10.559 all of the situations together, And there's obviously different situations, 0:11:10.600 --> 0:11:14.679 different countries, different relationships that the US has um with 0:11:14.760 --> 0:11:17.720 various regions within the Middle East. But it's also a reminder, 0:11:17.760 --> 0:11:21.000 and you're helping us be reminded of that that it's 0:11:21.040 --> 0:11:25.600 not just soldiers and terrorists and war, but it's people 0:11:25.640 --> 0:11:30.360 who were prior to this living a quote unquote normal 0:11:30.440 --> 0:11:34.280 life and a good life. Absolutely, and that's also a 0:11:34.400 --> 0:11:37.199 very troubled life because the country has been at war 0:11:37.320 --> 0:11:40.880 a long time and conflict is deadly for women and 0:11:40.960 --> 0:11:45.640 girls and children especially they're the innocent ones in these conflicts. 0:11:45.679 --> 0:11:48.520 And so for US as a country to now be 0:11:48.640 --> 0:11:53.240 receiving thousands of Ascan children who will be able to 0:11:54.760 --> 0:11:58.240 become contributing members here and be a part of the 0:11:58.360 --> 0:12:00.520 you know, be a part of our country now is 0:12:00.760 --> 0:12:03.120 kind of what we're all about and what we were 0:12:03.160 --> 0:12:06.360 we were founded on years ago. But it's beautiful to 0:12:06.400 --> 0:12:09.480 see the reception that they are receiving, both here at 0:12:09.559 --> 0:12:13.880 Dulles and also in Philadelphia at the airport and at 0:12:13.880 --> 0:12:17.600 all of the military bases where they're arriving or being 0:12:17.679 --> 0:12:21.240 sent in order for their visas to be processed. Save 0:12:21.320 --> 0:12:24.400 the Children is also working out at Fort Bliss, which 0:12:24.440 --> 0:12:28.800 is Bio Paso, Texas. That's one of the largest receiving sites. 0:12:28.840 --> 0:12:32.400 They'll have about ten thousand of the refugees there while 0:12:32.440 --> 0:12:36.120 they're waiting for their visas to be processed before they 0:12:36.120 --> 0:12:39.680 can be safely released into the US, and where they're 0:12:39.800 --> 0:12:44.320 again operating programs for children to keep them safe, to 0:12:44.440 --> 0:12:48.559 help them start to learn English, to help them uh 0:12:48.840 --> 0:12:52.640 again be children and and come back to being what 0:12:52.720 --> 0:12:55.480 a normal experiences. I know, schools across the US are 0:12:55.520 --> 0:12:58.920 starting now, and children here have traditions as they start, 0:12:59.000 --> 0:13:01.960 and these chill when they're starting to build their traditions 0:13:02.000 --> 0:13:04.840 in the US and the days ahead. Tell us what 0:13:05.000 --> 0:13:08.640 happens once they settled. You've talked to us about helping 0:13:08.679 --> 0:13:11.280 them get settled. They obviously have to get processed as 0:13:11.280 --> 0:13:16.040 you mentioned, through customs, border protection, get visas um, obviously 0:13:16.120 --> 0:13:19.200 some basic supplies, and then transferred, as you said, to 0:13:19.240 --> 0:13:22.480 a transit shelter. Um. What are the next steps for them? 0:13:22.480 --> 0:13:27.120 How are they then assimilated into US a society. Well, 0:13:27.200 --> 0:13:30.400 they will from the transit shelter. They're then sent to 0:13:30.440 --> 0:13:33.120 the military days. They'll be there for the next they're 0:13:33.160 --> 0:13:36.480 they're predicting the next months or six weeks, sometimes a 0:13:36.520 --> 0:13:41.000 little bit longer. During that time, they're trying to establish 0:13:41.120 --> 0:13:44.280 programs on the basis that will help them start to 0:13:44.360 --> 0:13:47.800 begin to learn about life here in America and help 0:13:47.880 --> 0:13:51.440 them without assimilation process. And then they will travel on. 0:13:51.559 --> 0:13:55.880 Many of them have families or have worked for employers 0:13:56.000 --> 0:13:58.720 and they who have a presence in the US. They'll 0:13:58.760 --> 0:14:02.000 be moving on to community. These across the country and 0:14:02.080 --> 0:14:05.760 will start to contribute. Once they get their visas and 0:14:05.840 --> 0:14:09.319 their work permits, they'll be able to start to contribute 0:14:09.800 --> 0:14:13.640 um in our communities to being a part of who 0:14:13.679 --> 0:14:16.480 we are as a country. That's Jane may Day Murray, 0:14:16.640 --> 0:14:19.400 the senior director of US Emergencies at Save the Children. 0:14:19.680 --> 0:14:22.040 Coming up, we had to Beijing, where China's President g 0:14:22.200 --> 0:14:25.320 continues to make his mark to create a common prosperity 0:14:25.400 --> 0:14:28.520 for his country and in the process Chinese tech billionaires 0:14:28.560 --> 0:14:31.920 while they're forking over billions to show their allegiance. That 0:14:32.000 --> 0:14:34.880 story is still to come. On Bloomberg Business Week. This 0:14:35.200 --> 0:14:42.960 is Bloomberg Broadcasting from the financial capital of the world, 0:14:43.080 --> 0:14:46.520 Bloomberg eleven Rio in New York to Washington, d C. 0:14:46.720 --> 0:14:51.440 Bloomberg to Boston, Bloomberg one oh six one to San Francisco, 0:14:51.480 --> 0:14:54.960 Bloomberg nine sixty to the country Sirius XM General one 0:14:55.040 --> 0:14:58.760 nine and around the globe the Bloomberg Business in Bloomberg 0:14:58.840 --> 0:15:02.920 Radio dot Com. This is Bloomberg Business Week with Carol 0:15:03.000 --> 0:15:07.320 Messer and Bloomberg Quick Takes Tim Stinovian on Bloomberg Radio. 0:15:08.880 --> 0:15:11.400 So yeah, another round of headlines out of China. This week, 0:15:11.400 --> 0:15:13.800 as the government and regulators continue to crack down on 0:15:13.920 --> 0:15:16.920 aspects of their society with a goal of creating, in 0:15:16.920 --> 0:15:20.240 the words of Chinese President g a common prosperity. Those 0:15:20.280 --> 0:15:23.600 moves this week included China limiting online gaming by miners 0:15:23.600 --> 0:15:26.920 to three hours a week, China's securities regulator planning to 0:15:27.040 --> 0:15:30.080 rain in the country's buyout firms, and China threatening to 0:15:30.120 --> 0:15:33.360 ban e commerce companies that violate i P laws and 0:15:33.400 --> 0:15:35.760 tim That's just a few of the headlines that came 0:15:35.760 --> 0:15:37.800 out of Beijing this week. With all this in mind, 0:15:37.800 --> 0:15:40.680 we checked in once again with Bloomberg New Economy editorial 0:15:40.680 --> 0:15:44.040 director Andy Brown, who recently wrote about what wealthy tech 0:15:44.160 --> 0:15:47.120 entrepreneurs in China are doing to show solidarity with the 0:15:47.240 --> 0:15:52.760 Chinese government. Yeah, that's that's exactly right. This is political 0:15:53.160 --> 0:15:57.360 theater of the highest order. Um President, as you say, 0:15:57.600 --> 0:16:02.240 is on a campaign to promote common prosperity. In doing so, 0:16:02.480 --> 0:16:07.680 he's reviving the maoist eras there are of egalitarianism, and 0:16:08.280 --> 0:16:13.360 the country's billionaires have got the message. Then they're coughing 0:16:13.520 --> 0:16:17.320 up billions of dollars, something like thirteen billion just in 0:16:17.360 --> 0:16:22.080 the last few months handed over to charity. Great. If 0:16:22.120 --> 0:16:26.360 you're looking at your billionaires and your most dynamic Chinese 0:16:26.360 --> 0:16:30.280 companies to hedge their political risk, you're a shareholder, perhaps 0:16:30.480 --> 0:16:33.680 you're not quite so happy, Andy, Is this the Cultural Revolution? 0:16:33.720 --> 0:16:37.840 Two point oh? In some ways, Look, this is a 0:16:37.880 --> 0:16:40.880 lot of this is a lot of this is about politics. 0:16:41.080 --> 0:16:45.320 And you know, during the Cultural Revolution, people in China 0:16:45.560 --> 0:16:50.760 famed compliance. Um uh, they didn't really mean it. Um. 0:16:50.800 --> 0:16:53.400 There's a penalty to be paid in China to day 0:16:53.600 --> 0:16:57.880 if you go against the party line. And line now 0:16:58.120 --> 0:17:03.680 is egalitarianism um And this means really a an assault 0:17:04.160 --> 0:17:08.240 on the private sector. And that's really where the problem 0:17:08.320 --> 0:17:12.320 comes from because so much of China's inequality is baked 0:17:12.520 --> 0:17:15.919 into the system, is baked into the taxation system. But 0:17:16.600 --> 0:17:19.600 it's the billionaires the private sector that are paying the 0:17:19.600 --> 0:17:23.640 price for this. Well okay, So you know, every time 0:17:23.680 --> 0:17:26.400 you and I talk, I think about, you know, presidency 0:17:26.640 --> 0:17:29.120 and what the end game is. Because on one hand, 0:17:29.200 --> 0:17:32.119 right they do long term planning, China does as a country, 0:17:32.160 --> 0:17:35.320 as a nation, as a government, and they have been 0:17:35.440 --> 0:17:40.680 very open about wanting to dominate major industrial sectors. At 0:17:40.680 --> 0:17:42.720 the same time, some of what they're doing feels like 0:17:42.800 --> 0:17:46.440 they're pushing back on the ability to do that in capitalism. 0:17:46.480 --> 0:17:50.800 Can they do both? Can they be leaders in industries? Um? 0:17:50.880 --> 0:17:54.919 And at the same point, Okay, it's a really good point, Carol. 0:17:55.040 --> 0:17:58.280 I mean, China is playing by a different set of 0:17:58.359 --> 0:18:02.000 rules here. This is not capitalism where the purpose of 0:18:02.080 --> 0:18:06.879 the corporation is to maximize shareholder value. What companies in 0:18:06.960 --> 0:18:09.879 China are being told now is that your purpose in 0:18:09.960 --> 0:18:14.440 life is to fall into line and support government policy 0:18:14.480 --> 0:18:18.119 when it comes to technology, when it comes to the economy, 0:18:18.560 --> 0:18:22.560 and also social and political objectives. So we saw that 0:18:22.640 --> 0:18:26.320 with this announcement that online gaming companies, we're going to 0:18:26.400 --> 0:18:29.320 have to drastically limit the number of hours that kids 0:18:29.320 --> 0:18:31.840 spend in front of their screens three hours a week. 0:18:32.520 --> 0:18:36.639 This is a this is a bit to fix a 0:18:36.840 --> 0:18:39.840 social problem in China, and companies are expected to take 0:18:39.840 --> 0:18:43.160 the lead. And it doesn't matter the impact on their 0:18:43.200 --> 0:18:47.560 profits or indeed especially not the impact on foreign investors. 0:18:47.600 --> 0:18:50.520 It's simply peripheral. So are they putting at risk their 0:18:50.520 --> 0:18:54.120 ability to be a global leader going forward, one that's 0:18:54.160 --> 0:18:59.480 respected by global investors, global business? You know, I'm trying 0:18:59.520 --> 0:19:01.280 to unders and kind of what the endgame I mean, 0:19:01.320 --> 0:19:03.800 I understand the idea of spreading out the wealth and 0:19:03.840 --> 0:19:08.959 making sure that there's no upheavals within China itself, but 0:19:09.000 --> 0:19:11.360 I do wonder about what the future role is then 0:19:11.480 --> 0:19:15.360 as a nation. Yeah, well, you know when when you're 0:19:16.880 --> 0:19:21.000 when you're the communist party. Um, you know, every every 0:19:21.080 --> 0:19:25.520 mail looks like it needs a hammer. And Um, they're 0:19:25.520 --> 0:19:29.040 going about this in a really draconian peremptory way. I mean, 0:19:29.080 --> 0:19:31.600 the problems that they're addressing in China are similar to 0:19:31.640 --> 0:19:34.960 problems elsewhere in the world. I mean, inequality in China 0:19:35.040 --> 0:19:39.080 is about the same as inequality in the United States. Um. 0:19:39.119 --> 0:19:42.400 The difference is that, you know, the way the way 0:19:42.440 --> 0:19:46.240 they've decided to go about this is to is to 0:19:46.440 --> 0:19:53.280 scapegoat the country's leading entrepreneurs, including uh Jack mar Of course, 0:19:53.280 --> 0:19:55.720 who was the biggest and the most powerful of them all, 0:19:56.160 --> 0:19:58.880 and that was Bloomberg New Economy editorial director Andy Brown. 0:19:58.920 --> 0:20:01.320 Be sure to check out Andy's weekly column at Bloomberg 0:20:01.320 --> 0:20:04.040 dot com and on the Bloomberg you're listening to Bloomberg 0:20:04.040 --> 0:20:07.240 Business Week coming up next. He talks with everybody, and 0:20:07.280 --> 0:20:10.600 those conversations have led to another book, this one about 0:20:10.840 --> 0:20:14.400 the American experiment, and by everybody, we really mean everybody 0:20:14.680 --> 0:20:17.520 the innovators making and remaking the United States. Has told 0:20:17.560 --> 0:20:21.199 to Carlisle Group co founder and hosta Bloomberg Wealth David Rubinstein, 0:20:21.640 --> 0:20:39.560 this is Bloomberg. You're listening to Bloomberg Business Week with 0:20:39.720 --> 0:20:44.320 Carol Messer and Bloomberg Quick takes Tim Stinovik from Bloomberg Radio, 0:20:45.840 --> 0:20:48.600 So Tim, let's be fair. He talks with all kinds 0:20:48.640 --> 0:20:51.520 of leaders from all walks of our u s lives, 0:20:51.560 --> 0:20:54.840 of our global lives. Really the household names, the executives, 0:20:54.880 --> 0:20:58.360 the innovators, the warriors, the upstarts, the artists, and from 0:20:58.359 --> 0:21:02.280 those conversations he has written trilogy of books. Those books 0:21:02.320 --> 0:21:05.320 on leadership called How to Lead, Wisdom from the World's 0:21:05.320 --> 0:21:08.879 Greatest CEOs, Founders and game Changers. The second though, The 0:21:08.880 --> 0:21:13.000 American Story, It's based on his conversations with historians. And 0:21:13.040 --> 0:21:15.399 the third in the series, Just Out, is all about 0:21:15.400 --> 0:21:17.720 the arc of the United States as a young country 0:21:18.000 --> 0:21:21.280 as it invented and reinvented itself in real time. And 0:21:21.320 --> 0:21:24.679 that book's titled him It's called The American Experiment. Dialogues 0:21:24.760 --> 0:21:28.440 on a Dream. The conversationalist, philanthropist and author Behind It All, 0:21:28.520 --> 0:21:31.359 David Rubinstein. He is co founder co chairman of the 0:21:31.359 --> 0:21:34.040 private equity from the Carlisle Group. He's also host of 0:21:34.080 --> 0:21:38.600 Bloomberg Wealth on Bloomberg TV and Bloomberg Radio. Here's our conversation. Well, generally, 0:21:38.640 --> 0:21:40.199 I like to talk to people who are willing to 0:21:40.200 --> 0:21:43.399 say something, as you know from being an interviewer. Uh, 0:21:43.480 --> 0:21:45.680 if you watch the Sunday talk shows, sometimes you say, 0:21:45.680 --> 0:21:47.359 why do these people go on these shows? Because they 0:21:47.359 --> 0:21:49.400 don't want to want to say anything. What you want 0:21:49.480 --> 0:21:51.800 is somebody who's willing to say something and say something 0:21:51.840 --> 0:21:55.200 they haven't said before. That's the best interview, right, And 0:21:55.240 --> 0:21:57.560 so I'm always looking for somebody who is willing to 0:21:57.600 --> 0:22:00.200 be engaging and doesn't want to just spar with the 0:22:00.240 --> 0:22:03.720 interviewer and not say anything. So you know that's that's 0:22:03.720 --> 0:22:05.639 a challenge, but that's what I'm trying to do. And 0:22:05.760 --> 0:22:08.399 you always want somebody that people will listen to and 0:22:08.440 --> 0:22:11.000 want to hear. So if I got an engaging guest, 0:22:11.200 --> 0:22:13.080 but nobody's ever heard of that person, it may not 0:22:13.119 --> 0:22:15.879 be as effective. If you can get Jeff Bezos, you know, 0:22:16.520 --> 0:22:17.960 you know that's people want to hear from him. So 0:22:18.280 --> 0:22:20.399 if you want somebody has a name, and who's going 0:22:20.480 --> 0:22:22.840 to engage And some people are great and some people 0:22:22.840 --> 0:22:25.840 are not as great, And you know you've just figured 0:22:25.840 --> 0:22:28.080 out during the interview. But we think about what's happened 0:22:28.080 --> 0:22:32.320 with the pandemic, the capital riots, um, the inequities, George Floyd, 0:22:32.640 --> 0:22:34.680 we could go on and on. There's it feels like 0:22:34.960 --> 0:22:37.080 a decade or two decades of history have happened in 0:22:37.119 --> 0:22:39.000 the last year and a half. How is that, David 0:22:39.119 --> 0:22:41.840 shaped kind of your thinking and putting this book together. 0:22:41.840 --> 0:22:44.320 And again, the voices you wanted to get to, each 0:22:44.320 --> 0:22:48.160 one has a different thing. The January six event, um, 0:22:48.160 --> 0:22:50.240 I do talk about it extensively in the book, and 0:22:50.240 --> 0:22:53.280 I basically say it was a severe stress test for 0:22:53.320 --> 0:22:56.520 America and America one. And I dedicate the book to 0:22:56.560 --> 0:22:59.760 the public servants who protect our democracy. Because remember, we 0:22:59.840 --> 0:23:02.800 had sixty five lawsuits that were filed to overturn the 0:23:02.880 --> 0:23:06.600 January to overturn the election, and none of them actually prevailed, 0:23:06.640 --> 0:23:08.600 none of them got very far. All the judges basically 0:23:08.880 --> 0:23:10.720 complied with what is the rule of law, and they 0:23:10.760 --> 0:23:13.720 basically didn't act political. So I think we learned a 0:23:13.720 --> 0:23:15.520 lot about the importance of the rule of law in 0:23:15.520 --> 0:23:18.040 this country. We also learned a lot in terms of 0:23:18.080 --> 0:23:20.800 the importance of health care in this country, how it's 0:23:20.840 --> 0:23:24.760 so unfair that people are her minority status or or 0:23:24.920 --> 0:23:29.560