WEBVTT - Fully Vaccinated Can Forgo Masks in Some Outdoor Settings 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 plus technology, politics, economics, all parnessing the power of Business 0:00:13.680 --> 0:00:17.160 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:20.000 analysts in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.239 Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.880 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.920 --> 0:00:31.520 YouTube search Bloomberg Global News Listen. We went over the 0:00:31.520 --> 0:00:33.720 big headlines that came out just about two hours ago 0:00:33.760 --> 0:00:37.680 about the CDC issuing new masking guidelines for fully vaccinated people. 0:00:38.000 --> 0:00:40.159 Were President Biden Tim come out and talk about it. 0:00:40.200 --> 0:00:42.440 At the same time, there are two new cases of 0:00:42.479 --> 0:00:45.239 blood clots linked to the J and J vaccine, and 0:00:45.280 --> 0:00:48.519 you've got you know, countries around the globe looking to 0:00:48.600 --> 0:00:52.120 help India because we know, as was reminded in kind 0:00:52.159 --> 0:00:54.360 of a newsroom note today that as when we talk 0:00:54.400 --> 0:00:56.960 about the vaccine feels and the virus, it feels pretty 0:00:56.960 --> 0:00:58.960 good in the United States. We've made a lot of progress, 0:00:59.200 --> 0:01:01.360 but you look to some European nations, and you look 0:01:01.400 --> 0:01:03.680 to the developing world, and you look to India, they 0:01:03.720 --> 0:01:05.680 are still struggling big time. And look, that's a really 0:01:05.720 --> 0:01:08.080 important point. The fact is the United States is doing 0:01:08.120 --> 0:01:10.480 really well, but it's among only a handful of countries 0:01:10.680 --> 0:01:12.880 when it comes to vaccinating so many people. Yeah, so 0:01:13.000 --> 0:01:14.800 let's talk about it, and let's talk about where we 0:01:14.800 --> 0:01:16.520 are and where we go from here. So great to 0:01:16.520 --> 0:01:18.800 have back with us. Dr Dave Westerner, he's professor of 0:01:18.880 --> 0:01:22.120 biology at Davidson College. He's on the phone from Davidson, 0:01:22.200 --> 0:01:24.720 North Carolina. Dr Westner, nice to have you back here 0:01:24.800 --> 0:01:27.640 on Bloomberg Business Week with Tim and myself. You know, 0:01:27.800 --> 0:01:31.040 on our planning call today are producer Paul Brennan reminded 0:01:31.120 --> 0:01:33.280 us that the last time we talked with you, we 0:01:33.280 --> 0:01:36.479 were talking about double masking, which is what I often do, 0:01:37.160 --> 0:01:40.080 uh in the office outside the office still and that 0:01:40.160 --> 0:01:42.120 was just a few months ago. Now we're talking about 0:01:42.240 --> 0:01:45.640 conditionally taking off our masks in public. Have we gone 0:01:45.680 --> 0:01:48.680 too far too fast in your view? Yeah, Well, thanks 0:01:48.680 --> 0:01:53.560 for having me back to Yeah, it's situation. Things change, 0:01:53.840 --> 0:01:57.320 Things change, quickly. Um. Yeah, I think given the evidence 0:01:57.360 --> 0:02:01.160 that we have now about how good the vaccines are working, um, 0:02:01.200 --> 0:02:04.080 I think it's worth relaxing some of those restrictions for 0:02:04.160 --> 0:02:07.560 people that are fully vaccinated. I think that the challenges 0:02:07.600 --> 0:02:09.320 you know, if you're out in public, you don't know 0:02:09.360 --> 0:02:11.679 what the vaccine status is of someone else. So I 0:02:11.720 --> 0:02:13.400 think that's where it gets a little bit tricky. And 0:02:13.480 --> 0:02:18.000 it really seemed like with the CDC's presentation today, Professor, 0:02:18.040 --> 0:02:21.880 that the point was to really get those people who 0:02:21.919 --> 0:02:25.160 haven't been vaccinated yet, provide some sort of incentive, and 0:02:25.240 --> 0:02:27.959 to really show them, hey, this thing works so well 0:02:28.000 --> 0:02:29.600 that that these are the things you can do. But 0:02:29.639 --> 0:02:33.640 I'm wondering did it not go far enough? Yeah? I 0:02:33.680 --> 0:02:36.480 think you know, the vaccine rollout I think has gone 0:02:36.480 --> 0:02:38.800 pretty well United States. We had a rocky start. I 0:02:38.840 --> 0:02:41.520 think things now are going pretty well. But the big 0:02:41.560 --> 0:02:44.960 concern is that group of people that are vaccine has 0:02:45.440 --> 0:02:48.800 how do you get them on board to get the vaccines? 0:02:48.880 --> 0:02:50.960 And Yeah, I think you're absolutely right that this this 0:02:51.040 --> 0:02:54.959 is sort of a you know, uh, carrot approach. You look, 0:02:55.000 --> 0:02:57.400 if you get the vaccine, here's some extra things you 0:02:57.400 --> 0:02:59.680 can you can take advantage of so hopefully that will 0:02:59.680 --> 0:03:01.919 commit some people that have been on the fence about 0:03:01.960 --> 0:03:03.960 getting the vaccine. What do you say to people who 0:03:04.040 --> 0:03:06.600 are still afraid about getting the vaccine? Because I know 0:03:06.919 --> 0:03:09.800 people within my sphere that are definitely saying, Yep, I'm 0:03:09.840 --> 0:03:13.320 not comfortable. I'm gonna still wait. Yeah, I think you know, 0:03:13.760 --> 0:03:16.320 follow the evidence. I mean, the evidence suggests these are 0:03:16.400 --> 0:03:20.720 really effective vaccines. The evidence suggests these are really safe vaccines. 0:03:20.840 --> 0:03:23.560 I mean, despite the stories you've heard about the blood 0:03:23.560 --> 0:03:26.600 clots and potential association with the J and J vaccine, 0:03:27.080 --> 0:03:30.919 I mean, everything suggests these are really safe and extremely 0:03:30.919 --> 0:03:34.880 effective vaccines. What about from a public health messaging perspective, 0:03:34.920 --> 0:03:37.800 because there there are questions about whether former President Trump 0:03:37.800 --> 0:03:40.960 should come out and give sort of a big endorsement 0:03:41.280 --> 0:03:44.720 of the vaccine and and really messaging to people who 0:03:44.880 --> 0:03:48.080 follow him closely that this is the right thing to do. Yeah, 0:03:48.160 --> 0:03:52.480 I think those kinds of public announcements certainly help. I saw, say, 0:03:52.520 --> 0:03:55.800 the other day with Foreign President Obama and m Charles 0:03:55.800 --> 0:03:59.760 Barkley and Shaquille O'Neil um, and they were specifically targeting 0:03:59.840 --> 0:04:03.400 the African American community to get vaccines. But yeah, I mean, 0:04:03.440 --> 0:04:07.400 those kinds of public statements by public figures certainly helping, 0:04:07.480 --> 0:04:10.240 and we need more of those. What do you say, 0:04:11.440 --> 0:04:13.480 you know, I think about the science and I did 0:04:13.920 --> 0:04:17.039 uh some reading into the vaccine and the research to 0:04:17.120 --> 0:04:19.680 kind of understand it, if you know, just so that 0:04:19.960 --> 0:04:21.599 I knew what we're dealing with it. What is the 0:04:21.720 --> 0:04:25.760 science behind the process that we got here in terms 0:04:25.800 --> 0:04:27.839 of the vaccines that you think if you you know 0:04:27.880 --> 0:04:30.599 that you can share and remind us all that maybe 0:04:30.680 --> 0:04:32.840 would put some people at ease, because I think there's 0:04:32.839 --> 0:04:35.600 still a feeling Dr Wessner that we rushed through this 0:04:36.120 --> 0:04:39.200 and we did right, but the science isn't brand new 0:04:39.960 --> 0:04:42.080 right exactly. And I think that's an issue we have 0:04:42.120 --> 0:04:44.440 talked about before with when I was on with you. 0:04:44.839 --> 0:04:47.960 Um yeah, I think the the approval of these vaccines 0:04:48.600 --> 0:04:51.840 happened quickly, but I don't think it was rushed. I mean, 0:04:51.880 --> 0:04:54.719 we had trials just like you would with any with 0:04:54.800 --> 0:04:57.760 any drug, any vaccine that's getting approved. You know, there 0:04:57.800 --> 0:05:02.000 are some people in the the Fiser vaccine, some in 0:05:02.279 --> 0:05:05.159 the MODERNA vaccine. Uh, you know, we went through those 0:05:05.360 --> 0:05:08.680 double wind trials. We have good data about the efficacy 0:05:08.720 --> 0:05:11.320 of these vaccines UM and we had good data about 0:05:11.320 --> 0:05:14.160 the safety of these vaccines. Also, I think, you know, 0:05:14.680 --> 0:05:17.679 anytime you're going from forty people to millions of people 0:05:17.760 --> 0:05:20.680 getting vaccine getting vaccinated, you know, there's gonna be the 0:05:20.760 --> 0:05:22.960 chance that you see some issue that one in a 0:05:23.000 --> 0:05:25.640 million event that you're not going to catch, you know, 0:05:25.760 --> 0:05:29.000 even if you have people in a trial. But that's 0:05:29.000 --> 0:05:32.240 always the case with with new pharmaceuticals that are being developed. 0:05:32.320 --> 0:05:34.400 So so I don't think people should worry about the 0:05:34.880 --> 0:05:38.839 process being being rushed um and for the basic science. 0:05:39.160 --> 0:05:42.000 You know, again, the there's been a lot of talk 0:05:42.040 --> 0:05:45.080 about the MADERNA and fives are being these MR and 0:05:45.120 --> 0:05:49.279 A based vaccines, which is something new. It's it's new 0:05:49.360 --> 0:05:53.320 in that we haven't had human vaccines using those technologies before. 0:05:54.080 --> 0:05:56.719 But the basic technology scientists have been looking at, have 0:05:56.800 --> 0:05:59.599 been experimenting with for a couple of decades. It's not 0:05:59.680 --> 0:06:02.560 something that was just invented out of out of the 0:06:02.720 --> 0:06:06.080 air over the last year. And we're not changing genetics 0:06:06.080 --> 0:06:09.159 with these vaccines, despite what, despite what people on Twitter 0:06:09.200 --> 0:06:11.880 get in touch with us about. Right. That's another another 0:06:12.080 --> 0:06:15.440 concern that you hear in various places that because the 0:06:15.520 --> 0:06:18.760 vaccine is injecting RNA into your cells, it's going to 0:06:18.920 --> 0:06:22.720 alter your RNA or also your DNA. That's that's not 0:06:22.800 --> 0:06:25.640 the case. The RNA that's getting into your cells through 0:06:25.640 --> 0:06:30.320 the vaccine is very short lived molecule. It degrades very 0:06:30.400 --> 0:06:33.000 very quickly. It's just in there for a short period 0:06:33.040 --> 0:06:36.240 of time. Your cells are producing some of that spike protein. 0:06:36.960 --> 0:06:40.080 The immune system is recognizing that acting against it, but 0:06:40.160 --> 0:06:44.120 there's no long term change to your cells because these vaccines, 0:06:44.640 --> 0:06:49.200 Professor Westner, let's talk variants. There's a Bloomberg Intelligence report 0:06:49.200 --> 0:06:52.719 out this afternoon from Sam Fazli, our colleague at Bloomberg, 0:06:53.279 --> 0:06:57.000 who says that the virus variant from India seems like 0:06:57.040 --> 0:07:01.600 it responds to ASTRA and likely all vaccines. Are we 0:07:01.680 --> 0:07:05.559 seeing right now any variants able to really get past 0:07:05.640 --> 0:07:08.400 the existing vaccines right now to an extent that should 0:07:08.440 --> 0:07:11.920 be alarming to us. Yeah, that that's a good question, 0:07:12.040 --> 0:07:15.040 And so far it seems like we have not seen 0:07:15.120 --> 0:07:18.040 that um that variant that can that can evade the 0:07:18.040 --> 0:07:23.360 existing vaccines. U The CDC categorizes the vaccines as variants 0:07:23.400 --> 0:07:25.559 of concern and these are the ones we've heard about. 0:07:25.600 --> 0:07:29.720 The UK variant, the Brazilian variants, South African variant, and 0:07:29.760 --> 0:07:32.800 then the higher level from that is the variant of 0:07:33.240 --> 0:07:35.360 high consequence, and that would be a variant that can 0:07:35.480 --> 0:07:38.960 escape the existing vaccines. UM, and so far we don't 0:07:39.000 --> 0:07:42.920 have a variant identified in that in that category. Use, 0:07:42.960 --> 0:07:47.160 different vaccines are going to have different efficacies against different variants. 0:07:47.160 --> 0:07:49.960 That as not as surprise, UM, but so far it 0:07:50.280 --> 0:07:53.960 seems like the certainly the Maderna Advisor vaccines are pretty 0:07:54.000 --> 0:07:56.880 effective against all the all of that variants that we've 0:07:56.920 --> 0:08:00.600 identified so far. How does this work though, terms of 0:08:01.240 --> 0:08:05.880 variance mutating or having viral variants? Right, we have it 0:08:05.920 --> 0:08:08.680 with I'm assuming the common flu. Right, this is why 0:08:08.800 --> 0:08:13.360 the flu vaccine gets tweaked often every year. But when 0:08:13.480 --> 0:08:18.960 is variants normal and manageable versus variants being problematic and 0:08:19.000 --> 0:08:25.240 creating another pandemic. Right, You're absolutely right with the flu analogy. 0:08:25.320 --> 0:08:28.559 We have a new vaccine every year because influenza virus 0:08:28.680 --> 0:08:33.000 mutates very rapidly, and we see slight variations in the 0:08:33.480 --> 0:08:36.880 strain of the flu from from year to year. Generally speaking, 0:08:36.920 --> 0:08:41.079 coronaviruses do not mutate as rapidly as influenza viruses. So 0:08:41.160 --> 0:08:45.400 it's not that big an issue with coronaviruses, but they 0:08:45.400 --> 0:08:48.280 do mutate over time. That's that's natural. You are going 0:08:48.280 --> 0:08:51.080 to see variants, and I think what we have to 0:08:51.120 --> 0:08:54.439 do as as researchers is really stay on top of 0:08:54.960 --> 0:08:58.040 what variants are we seeing in different locations. We've heard 0:08:58.040 --> 0:09:00.800 a lot about genomic sequencing of the bio us. Um. 0:09:00.920 --> 0:09:03.600 That's something the US did not jump on early enough 0:09:03.679 --> 0:09:07.040 in my opinion. Um. But we have to keep that 0:09:07.040 --> 0:09:10.360 that genomic sequencing up so that we can identify those 0:09:10.640 --> 0:09:13.439 variants as they appear and then look to see if 0:09:13.480 --> 0:09:16.360 in fact those are causing infections people who already had 0:09:16.400 --> 0:09:20.400 been vaccinated, indicating that they may be they maybe breakthrough variances. 0:09:20.520 --> 0:09:22.320 Are we doing that? Are we keeping on top of that? 0:09:23.120 --> 0:09:24.720 I think we're doing a better job now that we 0:09:24.720 --> 0:09:27.800 were six months ago. Um. Yeah, I think it's one 0:09:27.800 --> 0:09:30.960 of those those deals where you can't be doing good enough. 0:09:31.640 --> 0:09:33.360 But I think we are doing a better job now 0:09:33.640 --> 0:09:38.400 of of monitoring the appearance of new variants. So one 0:09:38.400 --> 0:09:40.079 thing I've been thinking a lot about is is how 0:09:40.120 --> 0:09:43.800 the pandemic ends now that the United States is on 0:09:43.840 --> 0:09:45.960 a good path to vaccination. While at the same time, 0:09:46.120 --> 0:09:48.280 the rest of the world really isn't How do how 0:09:48.320 --> 0:09:50.000 does this play out? Like, what are we talking about 0:09:50.000 --> 0:09:53.280 a year from now? That's a great question, um. You know, 0:09:53.320 --> 0:09:55.440 I think there's a couple of answers. You know, as 0:09:55.440 --> 0:10:00.599 long as the virus is mutating very rapidly throughout a population, 0:10:00.600 --> 0:10:03.160 whether it's India here in the United States to some 0:10:03.240 --> 0:10:07.800 other place, there's the potential for new, very dangerous variants 0:10:07.920 --> 0:10:10.360 to arise. UM. And I think that's that's one of 0:10:10.400 --> 0:10:15.079 the UM arguments in favor of the US sending vaccine 0:10:15.120 --> 0:10:18.080 doses to to India. UM. Sixty million doses for India 0:10:18.080 --> 0:10:20.000 as a drop in the bucket, I know. But but 0:10:20.840 --> 0:10:24.640 having us help another country get their population vaccinated, UH 0:10:24.800 --> 0:10:27.800 is potentially beneficial for US because it's eliminating the chance 0:10:27.880 --> 0:10:31.360 of new variants appearing someplace else. UM. But that's what 0:10:31.480 --> 0:10:32.959 the other side of the question is. You know, are 0:10:32.960 --> 0:10:35.240 we going to eliminate this virus? And I think everyone 0:10:35.240 --> 0:10:37.160 agrees the answer is no. It's not going to be 0:10:37.720 --> 0:10:41.400 like polio or smallpox or one of these viruses that 0:10:41.440 --> 0:10:45.280 we can almost completely eliminate from the human population. I mean, 0:10:45.280 --> 0:10:49.000 more likely, it's probably going to become a recurrent issue 0:10:49.040 --> 0:10:52.040 that we see much like influence of viruses, dar to 0:10:52.120 --> 0:10:55.560 Western twonds. Do you see if we get to a 0:10:55.600 --> 0:10:58.720 place where the world feels like it used to be? Yeah, 0:10:59.480 --> 0:11:03.160 good question, and um, largely yes, I think. I think 0:11:03.160 --> 0:11:06.560 there may be some things that never go back completely normal, 0:11:06.600 --> 0:11:08.679 but but largely yes. All right, we're gonna leave it 0:11:08.720 --> 0:11:12.120 on that note. I like that optimism. I will do. 0:11:12.480 --> 0:11:15.320 Dr Dave Westerner stay safely Well, Professor of Biology at 0:11:15.360 --> 0:11:17.840 Davidson College, on the phone from David's in North Carolina. 0:11:18.000 --> 0:11:19.720 You know, I feel like Tim, with everything that we do, 0:11:19.760 --> 0:11:22.480 all our conversation, especially when it deals with vaccines and 0:11:22.800 --> 0:11:26.040 COVID specifically, there are caveats. It's just the way it is. Yeah, 0:11:26.080 --> 0:11:28.360 there's so much uncertainty right now, but that's something that 0:11:28.360 --> 0:11:30.520 it seems like we're getting used to, Yeah, exactly, and 0:11:30.559 --> 0:11:34.320 figuring out our way through. You're listening to Bloomberg Business 0:11:34.400 --> 0:11:38.240 Week with Carol Masser and Bloomberg Quick Takes Tim Stinovic 0:11:38.720 --> 0:11:42.280 on Bloomberg Radio. This story definitely caught Tim in my attention. 0:11:42.400 --> 0:11:44.920 It's a story online of Bloomberg Business Week. It's about how, 0:11:44.960 --> 0:11:47.240 for almost a decade the movement to push businesses to 0:11:47.240 --> 0:11:50.079 pay at least fifteen dollars an hour. Tim, It's definitely 0:11:50.120 --> 0:11:54.160 gained momentum, but the US is largest employer. They have 0:11:54.320 --> 0:11:57.800 constantly shot the argument down. So let's get into that snow. Yeah, 0:11:57.800 --> 0:12:00.720 that largest employer being Walmart of course, Miss buck Leasy, 0:12:00.800 --> 0:12:04.359 reporter for Bloomberg News, joining us on the phone from London, Thomas, 0:12:04.360 --> 0:12:07.000 thanks so much for joining us on this. Uh. When 0:12:07.040 --> 0:12:09.240 I read the first sentence of this story, I was 0:12:09.280 --> 0:12:14.400 immediately drawn in. Who is Mendy Hughes so menty she 0:12:14.800 --> 0:12:19.640 associate it's Walmart for some years now, and she is 0:12:19.679 --> 0:12:24.560 still earning eleven eighty five dollars an hour, which makes 0:12:24.559 --> 0:12:27.920 her really an outlet for a number of similists similar 0:12:27.920 --> 0:12:30.480 employees at the likes of Amazon and best Buy It. 0:12:30.480 --> 0:12:33.360 And how I gets all of whom pay fifteen dollars now? 0:12:33.640 --> 0:12:36.760 And thanks so much for having me, guys really appreciate it. Yeah, 0:12:36.559 --> 0:12:39.360 no problem. One thing that and one thing the reason 0:12:39.600 --> 0:12:41.920 this what I mean among the many things that just 0:12:42.000 --> 0:12:45.920 kept surprising me word afterward in this was that Mendy 0:12:46.040 --> 0:12:48.760 is is the person who has been working there for 0:12:48.880 --> 0:12:51.640 more than a decade, And what Walmart says about its 0:12:51.640 --> 0:12:54.840 wages is that it's investing in people for careers, not 0:12:54.920 --> 0:12:59.280 for jobs. But her pay seems to indicate that she's 0:12:59.280 --> 0:13:02.800 not being rewarded in that way. That's that's really right. 0:13:02.920 --> 0:13:05.480 So she started out, I believe, on seven dollars an 0:13:05.480 --> 0:13:08.800 hour way back when, and that has increased to eleven 0:13:08.800 --> 0:13:11.880 eighty tide, I think that it's not increasing anywhere nearest 0:13:11.880 --> 0:13:13.679 staff that she would like to see on the basis 0:13:13.679 --> 0:13:17.160 that you know, as the story when she's short on 0:13:17.480 --> 0:13:19.840 launchables or frozen TV, then as you know, she's having 0:13:19.840 --> 0:13:22.920 stopped by the drive through McDonald's to her pick up 0:13:22.960 --> 0:13:25.760 you know, and items from print the venue, from the 0:13:25.840 --> 0:13:29.560 value menu. And also to that point, I think that's 0:13:29.559 --> 0:13:31.640 a number of her colleagues, you know, survive on on 0:13:31.679 --> 0:13:34.839 the food steps. So on that basis, I think it 0:13:34.920 --> 0:13:38.000 certainly would want to be seeing a raise that's commensurate 0:13:38.080 --> 0:13:41.640 with what Walmart's rivals are doing. Walmart's argument as long 0:13:41.720 --> 0:13:45.720 being that really seeking to protect ladder of opportunity, wherein 0:13:45.840 --> 0:13:48.559 you know, people's individual ambitions will be rewarded as they 0:13:48.640 --> 0:13:51.640 rise up in the business. But sounds like Mendy, for example, 0:13:51.679 --> 0:13:54.079 who has very immediate concerns, or who have had very 0:13:54.080 --> 0:13:56.680 immediate concerns, such as say, tearing her out of a 0:13:56.760 --> 0:13:59.320 c L and falling behind on medical bills. They're not 0:13:59.360 --> 0:14:02.000 so much thinking about the next job, but more you 0:14:02.000 --> 0:14:04.679 know what neediately has to happen for them to live 0:14:04.679 --> 0:14:07.600 at the very basic level of dignity. I think, so 0:14:07.720 --> 0:14:09.400 help me out here, Thomas, because I think there are 0:14:09.400 --> 0:14:11.760 probably people who are listening. First of all, the math 0:14:12.559 --> 0:14:15.920 that eighty five works out about four hundred seventy four 0:14:15.960 --> 0:14:19.760 dollars a week, about twenty four thousand, six hundred a year. 0:14:19.840 --> 0:14:22.760 So that's what she's dealing with. And she's got a family. Now, 0:14:22.760 --> 0:14:25.000 I know that there are people listening saying, well, wait 0:14:25.000 --> 0:14:27.320 a minute. You know, maybe she works harder and then 0:14:27.360 --> 0:14:29.280 she can get a better job until make more money 0:14:29.280 --> 0:14:32.200 and more benefits. There's that argument. At the same time, 0:14:32.680 --> 0:14:34.640 you know, you live in different parts of the country. 0:14:34.680 --> 0:14:38.280 These are the jobs available. And this is a company, Walmart. 0:14:38.720 --> 0:14:44.040 It's a wealthy employer, absolutely, and you know, more than 0:14:44.080 --> 0:14:46.120 a wealthy employee, which they certainly are, but you know, 0:14:46.200 --> 0:14:50.480 really the world's wealthiest family, America's largest private employer by far, 0:14:51.280 --> 0:14:52.960 and you know it gives you an idea of what 0:14:53.000 --> 0:14:56.160 it would take to get to fifteen dollars, which they 0:14:56.200 --> 0:14:58.920 have done as an average but not a minimum. That 0:14:59.000 --> 0:15:01.560 is what they announced them in February for several of 0:15:01.640 --> 0:15:05.200 the several associates. I mean, you know, the amount they're 0:15:05.240 --> 0:15:08.960 spending getting to that point, it's only about ten percent 0:15:09.080 --> 0:15:12.080 in maybe even less than ten percent, with the amount 0:15:12.080 --> 0:15:14.160 that they're spending on shared by backs because at the 0:15:14.160 --> 0:15:16.800 same time they're not dis initiative. They also announced twenty 0:15:16.840 --> 0:15:19.880 billion shared by back initiatives. So it's certainly an employer 0:15:19.880 --> 0:15:23.120 to can afford to pay its employees fifteen if it 0:15:23.200 --> 0:15:26.320 wanted to write. As you mentioned, their annual revenue increased 0:15:26.320 --> 0:15:28.960 a thirty five billion to more than or by thirty 0:15:29.000 --> 0:15:32.240 five billion to more than five hundred billion dollars in 0:15:32.280 --> 0:15:34.600 the past year to earn twenty two billion in profit. Listen, 0:15:34.640 --> 0:15:37.560 I am all for capitalism and people making a profit. 0:15:37.720 --> 0:15:40.120 I think it's really wonderful and it's I think the 0:15:40.120 --> 0:15:42.640 basis of our country, no doubt about it. What is 0:15:42.680 --> 0:15:45.680 the argument that Walmart puts out there in terms of 0:15:45.720 --> 0:15:48.680 not being able to pay some of its workers more money. 0:15:48.680 --> 0:15:50.880 I've been at those annual meetings where workers stand up 0:15:50.880 --> 0:15:53.320 and say I work for you full time and I'm 0:15:53.360 --> 0:15:56.600 also getting welfare. How does that make sense? And what 0:15:56.760 --> 0:16:00.160 is the responsibility of an employer like Walmart who is 0:16:00.240 --> 0:16:04.000 facing the big beheamoth of Amazon who says you can 0:16:04.040 --> 0:16:08.200 probably get a cheaper at Amazon for sure. I think 0:16:08.200 --> 0:16:10.080 it's a really interesting question. I mean to your points 0:16:10.080 --> 0:16:13.120 about capitalism, you know, really being the growth engine that 0:16:13.200 --> 0:16:16.640 so many develops economies of, you know, the past countries. 0:16:17.120 --> 0:16:19.880 I think that what we have come to see is 0:16:19.920 --> 0:16:22.920 that you know, you're sort of driving um this this 0:16:23.080 --> 0:16:25.160 economy in a certain direction in the case of Onemas 0:16:25.160 --> 0:16:28.560 because you now you are America's largest private employer, which 0:16:28.600 --> 0:16:30.840 means that you know, you have a responsibility to lift 0:16:30.840 --> 0:16:33.720 a lot of people up um and you know, guarantee 0:16:34.640 --> 0:16:37.120 living to to the people that work for you. Where 0:16:37.120 --> 0:16:40.080 it becomes complicated is that the CEO doesn't millanswers that 0:16:40.200 --> 0:16:43.360 he wants, you know, to really stagger wage increases in 0:16:43.400 --> 0:16:45.680 the way that benefits the UK economy. So that means, 0:16:45.680 --> 0:16:48.200 you know, creating the right level of ambition within the 0:16:48.240 --> 0:16:51.960 company to see people rise um. But as I mentioned earlier, 0:16:52.000 --> 0:16:54.320 you know, people who have a lot more immediate needs, 0:16:54.360 --> 0:16:56.800 including those on food stamps, might not necessarily see it 0:16:56.880 --> 0:16:59.320 that way. Um and in the case of men, need 0:16:59.360 --> 0:17:01.640 sure earlier in to know what if she worked a 0:17:01.640 --> 0:17:04.000 bit harder, a bit longer. I mean, this is something 0:17:04.000 --> 0:17:06.800 you know, just pulling forty hour weeks, those who you know, 0:17:07.000 --> 0:17:10.600 spend standing up the entire time at times. I'm playing 0:17:10.600 --> 0:17:13.560 Devil's advocate. I just hope you know I'm playing Devil's advocate. 0:17:13.600 --> 0:17:17.640 Go ahead, please, absolutely, absolutely, but just just to use 0:17:17.680 --> 0:17:20.720 you know, the specific example, because she is she is 0:17:20.840 --> 0:17:23.919 one of you know, seven hundred and fifty thousand people 0:17:24.440 --> 0:17:28.800 at that level of employments at Walmart. So these are 0:17:28.880 --> 0:17:32.399 incredibly difficult shifts, and you know, they're very critical shifts 0:17:32.560 --> 0:17:35.560 will have been at least over the past year when 0:17:35.560 --> 0:17:38.040 shoppers have come and then have needed the cashier to 0:17:38.080 --> 0:17:40.320 s in the right direction for their life, al their death, 0:17:40.320 --> 0:17:45.040 holl and everything else. Notice it's a very interesting, interesting 0:17:45.080 --> 0:17:47.320 dynamic rob serving at the moment it is Thomas, and 0:17:47.320 --> 0:17:50.720 I'm I'm wondering why the market hasn't actually pushed the 0:17:50.760 --> 0:17:53.960 wages up because Amazon got out ahead of this and 0:17:54.000 --> 0:17:56.800 said fifteen dollar minimum wage, and it has served it 0:17:56.800 --> 0:17:59.920 pretty well Costco. Costco has gone up to sixteen dollars 0:18:00.320 --> 0:18:03.840 an hour, Target has announced increased wages. Why hasn't the 0:18:03.840 --> 0:18:08.560 market done this to Walmart? But that's a really fascinating question. Um, 0:18:08.680 --> 0:18:12.240 I think that you know, it's used to be. I 0:18:12.280 --> 0:18:15.280 suppose all companies in respect were very much on even 0:18:15.400 --> 0:18:19.760 keel paying stw wages, and everybody was just gaving this, 0:18:20.000 --> 0:18:21.919 you know, waiting to stick are out who would take 0:18:22.000 --> 0:18:24.520 the steps to rape it stuff, whether they would remain 0:18:24.520 --> 0:18:26.800 in the outline, you know, in the near or median tern, 0:18:27.160 --> 0:18:29.359 And then all of a sudden, Walmart is sound as 0:18:29.400 --> 0:18:32.080 well as a bit cornered here because everybody has decided 0:18:32.119 --> 0:18:34.920 to lead from them to raise wages, and they are 0:18:35.160 --> 0:18:37.720 you know, I've heard the story, a very clear outline 0:18:37.760 --> 0:18:40.760 in this, and I do wonder, as you know, BSG 0:18:40.920 --> 0:18:43.920 trends gain momentum, whether there will be that added pressure 0:18:44.000 --> 0:18:46.520 on America's largest employer to actually do something about this. 0:18:46.720 --> 0:18:50.639 We shall see. And as you say, for for Mandy Hughes, 0:18:50.680 --> 0:18:53.200 I mean she's looking to leave Walmart, get out of Arkansas, 0:18:53.359 --> 0:18:54.919 and she says, I would love to get out of Arkansas. 0:18:54.920 --> 0:18:58.080 I could afford to move and that's the other tricky part. Listen, 0:18:58.160 --> 0:19:01.040 this is a really important story, Thomas. Thank you so 0:19:01.119 --> 0:19:03.480 much for bringing it to us. Bloomberg News reporter Thomas 0:19:03.480 --> 0:19:06.760 Buckley joining us from London. Check it out at Bloomberg 0:19:06.800 --> 0:19:10.359 dot com. You're listening to Bloomberg Business Week with Carol 0:19:10.400 --> 0:19:14.840 Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. 0:19:15.200 --> 0:19:17.920 We got to talk about Tesla, and we got to 0:19:17.960 --> 0:19:21.400 talk about the disc because investors Tim not that impressed 0:19:21.400 --> 0:19:25.399 by Tesla's record profit in the first quarter, record profit. 0:19:25.920 --> 0:19:28.359 Chip shortage that hey, wasn't a big deal to Tesla 0:19:28.960 --> 0:19:32.800 has really been a thing that has really hampered looks 0:19:33.040 --> 0:19:36.320 sidelines some companies. Yeah, exactly, stocks down four present today 0:19:36.920 --> 0:19:38.960 near its low. So let's get into it. How come? 0:19:39.320 --> 0:19:43.439 Ben Kylo is senior research analyst, Britt Baird Kaylo Calo 0:19:43.560 --> 0:19:45.480 excuse me? Ben? Hello? Do you think I would know 0:19:45.520 --> 0:19:49.040 this senior research time? Ben? You know it's been a while. 0:19:49.200 --> 0:19:52.600 I kind of like, well, and and we've probably talked 0:19:52.680 --> 0:19:57.360 for ten years. Tesla. It's okay, I mispronounced my siblings name. 0:19:59.560 --> 0:20:04.360 We should to two worked up about. But I'll let 0:20:04.359 --> 0:20:06.280 you take it from here. We'll talk to us about that. 0:20:06.320 --> 0:20:08.720 You've got an outperform, you've got a price target of 0:20:08.760 --> 0:20:11.600 seven thirty six. Stocks now at seven oh six almost 0:20:11.600 --> 0:20:15.119 seven oh seven to share here, Um, what's what's the 0:20:15.119 --> 0:20:16.920 problem with investors or what do you think that they're 0:20:16.920 --> 0:20:19.960 focusing on and maybe that they shouldn't be been well? 0:20:20.000 --> 0:20:22.520 You know, I think that there's there's always been a 0:20:22.560 --> 0:20:25.400 lot of noise, and I think one of the biggest 0:20:25.400 --> 0:20:27.359 things that we took away from the call last night 0:20:28.080 --> 0:20:33.160 has you know, the Model three is selling more than 0:20:33.480 --> 0:20:36.360 a BMW three series. If we take a step back 0:20:36.400 --> 0:20:38.400 and like we go back to like five years ago 0:20:38.440 --> 0:20:40.679 or seven years ago. I don't want to age us, 0:20:40.760 --> 0:20:44.520 but we can't age if we need go back that far. 0:20:44.560 --> 0:20:46.000 It's like no one thought that we were going to 0:20:46.080 --> 0:20:50.720 get here, right and so uh, you know, the expectations 0:20:50.720 --> 0:20:55.040 are extremely high, obviously with the evaluation of whatever it is, 0:20:55.119 --> 0:20:59.040 six seventy eight billion dollars. Uh, there's a lot uh 0:20:59.160 --> 0:21:02.560 you know, people are asking for UM. But I think 0:21:02.600 --> 0:21:04.399 that you know, the big things taking away from the 0:21:04.440 --> 0:21:09.000 car are number one, demand uh stronger than ever. Number Two, 0:21:09.920 --> 0:21:13.480