WEBVTT - Bloomberg Businessweek Weekend-November 14, 2020 0:00:00.880 --> 0:00:06.280 This is Bloomberg Business Week with Carol Messer from Bloomberg Radio. Hi, 0:00:06.360 --> 0:00:08.960 I'm Carol Masser. Welcome to the weekend edition of Bloomberg 0:00:09.000 --> 0:00:11.920 Business Week Week thirty five Working from home. Still for 0:00:12.000 --> 0:00:16.200 so many as COVID nineteen's most recent global waves dominated headlines, 0:00:16.600 --> 0:00:20.040 so too did very promising developments on a vaccine. It 0:00:20.120 --> 0:00:22.680 was a week full of reminders though that we are 0:00:22.720 --> 0:00:25.800 still in a global health pandemic, and we're also thinking 0:00:25.800 --> 0:00:28.840 a lot about life after the coronavirus. If there's a theme, 0:00:29.000 --> 0:00:32.240 it's be patient with that in mind. Coming up this hour, 0:00:32.720 --> 0:00:35.360 We've really need seen anything like this, and in terms 0:00:35.360 --> 0:00:38.960 of the economic and financial impact. Jeff Lucy O Robin 0:00:39.040 --> 0:00:41.720 Hayes on figuring out how to fly passengers safely. I 0:00:41.760 --> 0:00:43.680 caught up with him from the nine eleven Memorial and 0:00:43.800 --> 0:00:47.920 Museum Summit on security. Plus the president of the Philadelphia Fed, 0:00:47.920 --> 0:00:51.760 Pat Harker, on the election, the economy and creating resilient workers. 0:00:52.159 --> 0:00:55.000 We begin, though, with the cover story of this week's magazine. 0:00:55.160 --> 0:00:58.880 It's about building a better future and what's needed. Simply put, 0:00:59.240 --> 0:01:02.240 we need global cooperation and that's what the Bloomberg New 0:01:02.240 --> 0:01:06.080 Economy Forum will tackle It kicks off Monday, virtually four 0:01:06.160 --> 0:01:08.959 days of global programming with a blockbuster agenda and a 0:01:09.000 --> 0:01:12.319 line above leaders talking about everything from the coronavirus to 0:01:12.360 --> 0:01:15.959 climate change and the biggest challenges humanity faces. For more, 0:01:16.000 --> 0:01:19.040 we checked in with Business Week Economics editor Christina Lindblad 0:01:19.200 --> 0:01:22.400 and Bloomberg business Week editor Jill Weber. Christina was the 0:01:22.520 --> 0:01:26.240 architect of this little package of stories and and she 0:01:26.280 --> 0:01:27.800 did a great job, and that was one of the 0:01:27.840 --> 0:01:30.320 reasons that um I wanted to have her on the 0:01:30.360 --> 0:01:33.559 show today. And obviously we talked about zel yesterday, which 0:01:33.600 --> 0:01:37.880 is um I thought just a phenomenally interesting one in 0:01:37.920 --> 0:01:41.240 regards to Venezuela and sort of how people they are 0:01:41.319 --> 0:01:43.679 making use of it to do something that you know, 0:01:43.760 --> 0:01:47.120 the company, you know, Zell, never intended to have happened. 0:01:47.560 --> 0:01:49.480 Um And that's just sort of an example. I think 0:01:49.480 --> 0:01:52.800 of the approach that Christina used throughout the issue is 0:01:52.840 --> 0:01:54.680 sort of like, how do we tap into some of 0:01:54.840 --> 0:01:58.840 these biggest challenges that that we face, that humanity faces, 0:01:58.880 --> 0:02:02.480 And obviously that kind of starts with the pandemic since 0:02:02.520 --> 0:02:04.320 that is the you know, one of the stories of 0:02:04.320 --> 0:02:07.080 the year. For sure. Um Christina can be that and 0:02:07.200 --> 0:02:10.280 kind of lay out what you learned about this story 0:02:10.320 --> 0:02:14.240 by Jason Galen and long haulers. Yeah, thanks Carol for 0:02:14.280 --> 0:02:17.919 having me on. I've been interested in the long haulers 0:02:17.960 --> 0:02:20.360 for a while because I think we were also focused 0:02:20.360 --> 0:02:25.440 for every day still on infection rates and hospitalizations and 0:02:25.440 --> 0:02:28.679 and and that, but also to understand that there are 0:02:28.720 --> 0:02:32.640 people who some of them have symptoms that are so 0:02:32.680 --> 0:02:35.919 bad that they're almost disabled, they cannot go back to work, 0:02:36.040 --> 0:02:39.560 and it's been several months, and that the scientific and 0:02:39.680 --> 0:02:42.799 health community can't answer the questions that they have about 0:02:42.880 --> 0:02:47.680 whether they're ultimately going to be done with this, you know, 0:02:47.880 --> 0:02:51.040 how long are they going to have these symptoms? Well, 0:02:51.040 --> 0:02:54.600 and it's interesting Christina, considering um, you know, I think 0:02:54.919 --> 0:02:58.880 there's sometimes some populations being kind of cavalier about COVID 0:02:58.960 --> 0:03:02.240 nineteen and you have to remember that, you know, some 0:03:02.280 --> 0:03:04.959 people get it, they don't have a lot of um, 0:03:05.000 --> 0:03:07.440 you know, leftover effects, if you will, and then other 0:03:07.480 --> 0:03:09.240 people get it and it stays with them, as you 0:03:09.280 --> 0:03:11.120 just said, for a really long time. It's just a 0:03:11.120 --> 0:03:14.760 reminder that this virus impacts us all in very different ways. 0:03:15.400 --> 0:03:18.040 That's right. Actually, one of the things that we found 0:03:18.120 --> 0:03:20.919 is that sometimes people who had no symptoms, are very 0:03:21.000 --> 0:03:24.960 light symptoms actually had the biggest problems with you know, 0:03:25.040 --> 0:03:29.400 the sort of long term viral um hangover you would 0:03:29.400 --> 0:03:34.320 say M and you know the other hangover that UM. 0:03:34.360 --> 0:03:36.800 We're all going to kind of be faced with. Here 0:03:36.880 --> 0:03:40.480 is the economic implications of this because COVID can have 0:03:40.720 --> 0:03:45.560 multi oregan impacts and implications, and we're also starting to 0:03:45.600 --> 0:03:48.440 see that there will be an impact in terms of disability. 0:03:48.480 --> 0:03:51.320 What does that mean for all of us? Christina, Well, 0:03:51.360 --> 0:03:54.800 that's I think we talked to several researchers who are 0:03:54.840 --> 0:03:57.960 trying to answer just that question and something they're starting 0:03:58.000 --> 0:04:01.600 to grapple with. I mean, have been comparisons to polio 0:04:01.720 --> 0:04:06.280 for instance, to try to have long range estimate. So 0:04:06.400 --> 0:04:08.640 what would it be like if there had been no 0:04:08.800 --> 0:04:11.240 vaccines that you know, they came in at the right time. 0:04:11.280 --> 0:04:13.920 And I think that's going to be important here. Obviously 0:04:13.960 --> 0:04:17.560 the vaccine, you know, not to have more infected population, 0:04:17.680 --> 0:04:19.960 but we still will have to answer the questions of 0:04:20.000 --> 0:04:23.799 how we help people who UM have damaged their organs, 0:04:23.920 --> 0:04:29.440 their hearts UM and sometimes need UM not just pulmonary rehabilitation, 0:04:29.520 --> 0:04:36.840 but they're also having people describe brain fogs. M So, Christine, 0:04:36.880 --> 0:04:39.359 I want to talk to about Tom or like a 0:04:39.400 --> 0:04:44.680 Bloomberg economic story which sort of talks about how they've 0:04:44.680 --> 0:04:46.840 done They crunched a bunch of numbers to try and 0:04:46.839 --> 0:04:50.320 figure out sort of what the path of global economies 0:04:50.440 --> 0:04:52.440 is going to look like over the next couple of 0:04:52.560 --> 0:04:55.320 years and decades, and they go so far as to say, 0:04:55.640 --> 0:04:59.280 right about five we're going to see a shift in 0:04:59.360 --> 0:05:03.679 terms of UM, a free market economy being overtaken by 0:05:03.839 --> 0:05:07.479 by state driven ones. UM. Can you talk about where 0:05:07.520 --> 0:05:09.479 else he goes in that story and what it means 0:05:09.560 --> 0:05:11.640 for for us. Can I just say to this is 0:05:11.640 --> 0:05:13.520 a must read, like everybody has to read this to 0:05:13.600 --> 0:05:17.480 kind of understand I think where our world is going. Christina, Yeah, 0:05:17.560 --> 0:05:19.960 I think he did a good job of laying out 0:05:20.480 --> 0:05:22.880 where where we're going to be at mid century and 0:05:23.240 --> 0:05:26.680 to put numbers to something that we've been tracking for 0:05:26.720 --> 0:05:29.440 a while, which is the sort of some people said 0:05:29.440 --> 0:05:32.360 the Asian century. You know, like that this the century 0:05:32.400 --> 0:05:37.440 belongs to Asia and so overall emerging markets. UM at 0:05:37.480 --> 0:05:40.720 the start of the century, where about of GDP, but 0:05:41.000 --> 0:05:44.440 you know through by twenty fifty there will be more 0:05:44.480 --> 0:05:48.039 than half almost six, and China will be by far, 0:05:48.320 --> 0:05:52.760 you know, the biggest um, the biggest part of that. 0:05:52.920 --> 0:05:55.640 And we have this great graphic that sort of shows 0:05:55.680 --> 0:05:58.599 the reordering of the top ten economies, you know, and 0:05:58.720 --> 0:06:02.880 basically China bumps the US off the number one slot, 0:06:03.279 --> 0:06:06.599 India bumps Japan at a number three slot, and you know, 0:06:06.680 --> 0:06:09.640 and you see sort of the kind of youthful developing markets, 0:06:10.040 --> 0:06:12.600 you know, moving up and the sort of aging economies 0:06:12.640 --> 0:06:15.600 moving down. That was Business Week Economics editor Christina Lynn 0:06:15.680 --> 0:06:18.279 Blad and Bloomberg Business Week editor Joel Webber. Check out 0:06:18.320 --> 0:06:21.359 the full cover story and several stories are all related 0:06:21.400 --> 0:06:24.000 to the Bloomberg New Economy Forum. It is in this 0:06:24.000 --> 0:06:26.840 week's issue of Bloomberg Business Week magazine that is online, 0:06:26.880 --> 0:06:30.280 on newsstands and of course always on the Bloomberg Coming up, 0:06:30.560 --> 0:06:33.320 no doubt, thinking about many of these global issues facing 0:06:33.320 --> 0:06:36.200 our time is the CEO of Jet Blue, Robin Hayes. 0:06:36.560 --> 0:06:39.159 You talked with me about the airline industries woes and 0:06:39.200 --> 0:06:42.520 a safely way back. That's next on Bloomberg Business Week. 0:06:42.760 --> 0:06:47.600 This is Bloomberg. This is Bloomberg Business Week with Garrol 0:06:47.640 --> 0:06:50.640 Mazer from Bloomberg Radio. We'll bring you some of the 0:06:50.680 --> 0:06:53.680 highlights from our daily radio broadcast and podcast, and then 0:06:53.680 --> 0:06:56.320 included drawing out a panel I did at this week's 0:06:56.360 --> 0:07:00.200 third annual nine eleven Memorial and Museum Summit on Security. Now, 0:07:00.200 --> 0:07:02.680 that event brings together many of the world's leading voices 0:07:02.720 --> 0:07:06.160 on security matters from across the public and private sectors. 0:07:06.480 --> 0:07:09.200 It's all about figuring out ways to make our companies, cities, 0:07:09.240 --> 0:07:12.320 and nations safer. Now that's something top of mind for 0:07:12.400 --> 0:07:15.240 Robin Hayes. He's the CEO of J Blue Airways who 0:07:15.320 --> 0:07:17.880 is constantly thinking about how to keep passengers and his 0:07:17.960 --> 0:07:20.600 crew members safe. And I just want to shout out 0:07:20.680 --> 0:07:23.559 everyone on the front lines of this pandemic. You know. Uh, 0:07:23.720 --> 0:07:25.680 we talk a lot about the medical workers who have 0:07:25.720 --> 0:07:29.800 just done a phenomenal job, but airline employees, t s, 0:07:29.840 --> 0:07:33.400 a customs Board of Protection, and all law enforcement officers 0:07:33.400 --> 0:07:35.840 have been at the forefront of this. So just a 0:07:35.960 --> 0:07:38.440 huge shout out to all of them. We couldn't have 0:07:38.440 --> 0:07:42.120 done this without their tremendous support. Um, you know, um 0:07:42.960 --> 0:07:45.000 for those of us who in the industry, at nine eleven, 0:07:45.000 --> 0:07:47.600 it really was one of those defining moments. And you 0:07:47.680 --> 0:07:50.800 think that when you've got that behind you in your career, 0:07:50.920 --> 0:07:53.560 it's unlikely you're going to see anything like that ever 0:07:53.720 --> 0:07:56.480 game or at least you hope you do. And of 0:07:56.520 --> 0:07:59.560 course that's not true. I mean, as hard as nine 0:07:59.640 --> 0:08:03.440 eleven was on the industry, um it really we've seen 0:08:03.440 --> 0:08:06.560 with this pandemic something that has a far bigger impact. 0:08:06.640 --> 0:08:09.480 And you know, with nine eleven, as awful as it was, 0:08:09.640 --> 0:08:12.760 there was a sense of Okay, we now, you know, 0:08:12.800 --> 0:08:16.360 the worst has passed us. We need to put sort 0:08:16.360 --> 0:08:19.680 of protect the aviation system to make sure those threats 0:08:19.680 --> 0:08:22.400 don't come back. But I think with the pandemic, we're here, 0:08:22.440 --> 0:08:25.920 what's seven months on, We're entering into another way things 0:08:25.920 --> 0:08:29.520 could get worse, and so I think just the amount 0:08:29.600 --> 0:08:33.199 of uncertainty that's been created over a longer period of time. 0:08:33.880 --> 0:08:38.560 I mean, the industry is still down on where it 0:08:38.600 --> 0:08:41.880 was pre pandemic, and after nine eleven we'd already sort 0:08:41.920 --> 0:08:46.680 of recovered by a significant degree six or seven months later, 0:08:46.760 --> 0:08:50.240 at least in terms of volumes of people find I mean, Robin, 0:08:50.360 --> 0:08:52.120 is it's safe to say that we are looking when 0:08:52.160 --> 0:08:54.120 it comes to the airline industry, when it comes to 0:08:54.200 --> 0:08:57.080 security security, this is kind of the biggest moment, the 0:08:57.120 --> 0:09:01.800 biggest test once again since nine eleven though oh yeah, actually, 0:09:01.840 --> 0:09:05.319 I mean I think in since you know, commercial aviation 0:09:05.360 --> 0:09:08.400 first started, we've never seen anything we really need seen 0:09:08.440 --> 0:09:11.160 anything like this. And in terms of the economic and 0:09:11.520 --> 0:09:16.960 financial impact UM and the only UM, the only moderating 0:09:17.000 --> 0:09:20.920 impact is the only moderating fact of this time was 0:09:20.960 --> 0:09:23.520 the industry was in much better shape coming into this 0:09:23.679 --> 0:09:26.880 than it was back pre nine eleven. I want to 0:09:26.880 --> 0:09:28.600 get a little bit of a gut check because I 0:09:28.600 --> 0:09:30.880 feel like every day on Bloomberg we certainly are talking 0:09:30.920 --> 0:09:34.160 about the airline industry. Um. You know the amount of 0:09:34.160 --> 0:09:36.200 money that's been lost, the jobs have been lost, I 0:09:36.240 --> 0:09:40.080 mean your industry, as you first hand. No, UM, it's 0:09:40.120 --> 0:09:42.840 just been so so tough. I do wonder how do 0:09:42.880 --> 0:09:44.560 you juggle how do you think about because you have 0:09:44.600 --> 0:09:47.840 to think about security for passengers, security for your crew members, 0:09:48.200 --> 0:09:50.280 safety for all of them. You're juggling a lot. It's 0:09:50.320 --> 0:09:53.680 also about survival and keeping this industry going, one that 0:09:53.800 --> 0:09:57.640 is so important to our economy. On the other side, yeah, 0:09:57.679 --> 0:10:02.080 you know, when we when this UM first happened, we 0:10:02.280 --> 0:10:06.720 remember in Jeff, you know, calling everyone in and saying Okay, 0:10:06.720 --> 0:10:09.319 what are we going to do here? Number one priority 0:10:09.640 --> 0:10:14.000 is to ensure the safety and security about customers and 0:10:15.240 --> 0:10:17.880 crew members, which is our word for employees now. You know, 0:10:17.960 --> 0:10:20.719 as Peter knows, historically, when you've talked about that, you've 0:10:20.760 --> 0:10:23.800 talked about making sure airplanes are safe, that well maintained, 0:10:24.120 --> 0:10:28.480 and that we prevent uh threats to security or threats 0:10:28.480 --> 0:10:31.440 to the safety of flight getting near the airplane. That's 0:10:31.480 --> 0:10:34.000 the whole system is built around that. US has done 0:10:34.080 --> 0:10:36.360 as job, better job than anyone else in the world 0:10:36.520 --> 0:10:40.480 in in putting that safety and security infrastructure in place, 0:10:40.720 --> 0:10:43.000 but suddenly we had an invisible enemy. We didn't know 0:10:43.120 --> 0:10:44.880 where it was. We didn't even know what we were 0:10:44.920 --> 0:10:48.960 looking at. So one, safety and security about people and 0:10:49.440 --> 0:10:54.160 customers and recognizing that um uh, you know, sometimes the 0:10:54.200 --> 0:10:57.720 ability to do that lags the information we've got like 0:10:57.800 --> 0:11:00.640 everyone else. You know, we had a big discussion about PPE. 0:11:01.000 --> 0:11:04.080 We remember it was piety was the health care system 0:11:04.120 --> 0:11:06.760 to begin with, you know what, the benefits of masks 0:11:06.760 --> 0:11:10.120 and face coverings wasn't fully understood. So we have people 0:11:10.120 --> 0:11:13.080 in Jet Blue saying, you know, why can't we issue 0:11:13.440 --> 0:11:16.120 face coverings. Well, first of all, that wasn't the official advice, 0:11:16.160 --> 0:11:19.040 and secondly you couldn't get them back then. The second 0:11:19.080 --> 0:11:22.720 part was financial security and making sure we did what 0:11:22.800 --> 0:11:25.440 we could do to protect our airline and make sure 0:11:26.120 --> 0:11:29.120 that we could weather this pandemic. You know, Robert, what 0:11:29.120 --> 0:11:31.920 are your expectations for recovery? What kind of visibility do 0:11:31.960 --> 0:11:34.520 you have? You said, I think earlier that you know, 0:11:35.360 --> 0:11:38.959 we still have a ways to go. What's your visibility 0:11:38.960 --> 0:11:42.120 on this? Yeah, So we just uh, you know, quarter 0:11:42.240 --> 0:11:45.080 three we were burning just over six millions dollars of 0:11:45.160 --> 0:11:48.480 cash a day. Um, you know, for que quarter four, 0:11:48.520 --> 0:11:51.480 we think that's going to be slightly better, between between 0:11:51.559 --> 0:11:54.600 four to six million dollars a day. You know, that's 0:11:54.600 --> 0:11:57.920 sounds significantly from the second quarter, but of course it's 0:11:57.960 --> 0:12:01.120 not sustainable over the long term. And as we think 0:12:01.160 --> 0:12:04.560 about one one of the things that I think the 0:12:04.600 --> 0:12:09.600 airline industry believes is that leisure travel and domestic travel 0:12:09.640 --> 0:12:13.760 will cover more quickly than international travel or business travel. 0:12:14.440 --> 0:12:18.040 So focused on making sure that we have positioned well 0:12:18.080 --> 0:12:20.320 for that, we've announced over sixty new routes of Jet 0:12:20.320 --> 0:12:23.920 Blue during this pandemic, focusing on those sort of leisure 0:12:23.960 --> 0:12:26.319 markets and where we think people who want to fly 0:12:27.000 --> 0:12:28.720 in the short term, and I think about what are 0:12:28.720 --> 0:12:31.720 the necessary systems right after nine eleven. You know, now 0:12:31.760 --> 0:12:34.200 we've gotten used to taking off our shoes or putting 0:12:34.240 --> 0:12:36.720 liquids and containers, like it's just become the normal way 0:12:36.720 --> 0:12:38.880 of traveling. Robin, what do you see as some of 0:12:38.880 --> 0:12:41.080 the necessary systems that are going to be put in 0:12:41.120 --> 0:12:44.040 place and probably with us from now on because we 0:12:44.080 --> 0:12:47.760 could get another health pandemical crisis. I mean, I think 0:12:47.760 --> 0:12:50.839 there are some things that will change for for for good. 0:12:50.960 --> 0:12:54.600 And I think awareness of public health, a sort of 0:12:54.880 --> 0:12:57.480 pressure to make sure that if you're not feeling well 0:12:57.559 --> 0:13:01.000 for whatever reason, that you don't fly airlines making it 0:13:01.040 --> 0:13:05.200 easier for people to change tickets so that they're not 0:13:05.280 --> 0:13:08.120 forced to fly when they're sick. And I remember the 0:13:08.120 --> 0:13:09.800 old days. I was going through some stuff the other 0:13:09.880 --> 0:13:12.560 day and I found the old vaccination certificates when I 0:13:12.559 --> 0:13:15.120 had as a child, because certain countries, you know, you 0:13:15.200 --> 0:13:17.960 have to show you had had a yellow fever vaccination 0:13:18.040 --> 0:13:22.080 and such like. And I think going forward, you know, 0:13:22.240 --> 0:13:25.120 I see a world. I think it will start with COVID, 0:13:25.160 --> 0:13:27.080 but I think we will create the infrastructure that we 0:13:27.080 --> 0:13:29.719 can use it for other pandemics using some of these 0:13:29.720 --> 0:13:33.880 tools and technologies where you know whether you have been vaccinated, 0:13:33.960 --> 0:13:36.360 whether you've had a recent test. These will be some 0:13:36.440 --> 0:13:41.040 of the requirements to fly to at least onto some countries, 0:13:41.640 --> 0:13:44.040 if not, if not more globally. I mean, I actually 0:13:44.040 --> 0:13:47.960 think in the way these international markets start opening up 0:13:48.559 --> 0:13:51.000 because everyone's focused on the vaccine. But the vaccine is 0:13:51.040 --> 0:13:53.199 only going to be part of this. You know, only 0:13:53.520 --> 0:13:56.200 certain proportion of people will take a vaccine. It's only 0:13:56.280 --> 0:13:58.920 partly affective. We can't rely on it, and so we're 0:13:58.960 --> 0:14:01.520 gonna have to have other ways of giving people comfort 0:14:01.840 --> 0:14:03.880 that they can fly on. An airplane goes away, they're 0:14:03.880 --> 0:14:07.240 going to go and they're gonna remain completely safe. That's 0:14:07.320 --> 0:14:09.959 Jeff Lucy Robin Hayes with an important reminder that it 0:14:10.000 --> 0:14:13.079 will be several measures that will need to bring passengers 0:14:13.080 --> 0:14:16.040 back to planes. By the way, that conversation happened before 0:14:16.080 --> 0:14:18.800 the promising vaccine news this week, which we know got 0:14:18.800 --> 0:14:21.680 many excited, but like Robin, reminded us that there are 0:14:21.720 --> 0:14:24.080 still several steps and months before we see a world 0:14:24.200 --> 0:14:28.000 vaccinated against the coronavirus. You're listening to Bloomberg Business Week 0:14:28.080 --> 0:14:32.479 coming up some optimism with the reports of the vaccine 0:14:32.560 --> 0:14:36.200 efficacy from the Seiser Vaccine. Dr William Moss of the 0:14:36.240 --> 0:14:39.560 International Vaccine Access Center at Johns Hopkins on the race 0:14:39.600 --> 0:14:42.640 for a vaccine, that race picking up speed this week. 0:14:42.880 --> 0:14:48.680 This is Bloomberg. This is Bloomberg Business Week with Carol 0:14:48.720 --> 0:14:52.880 Mazer from Bloomberg Radio. COVID nineteen cases reached a record 0:14:53.000 --> 0:14:56.400 in the US. We were also watching Europe's hotspots as well. 0:14:56.480 --> 0:14:59.040 This week, a lot of virus headlines. And then Dr 0:14:59.120 --> 0:15:02.680 Anthony Fauci, the top US infectious disease official, said COVID 0:15:02.680 --> 0:15:04.880 won't be a pandemic for a lot longer because of 0:15:05.000 --> 0:15:08.320 rapid progress in vaccine development. A lot going on and 0:15:08.360 --> 0:15:11.120 in the thick of it. Dr William Moss, Executive director 0:15:11.160 --> 0:15:14.480 of the International Vaccine Access Center at the Johns Hopkins 0:15:14.480 --> 0:15:17.680 Bloomberg School of Public Health. That school, of course, supported 0:15:17.680 --> 0:15:21.560 by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. Well. 0:15:21.640 --> 0:15:23.840 Dr Moss joined us on what's been a big week 0:15:24.000 --> 0:15:26.600 in the race for a vaccine. We are seeing record 0:15:26.760 --> 0:15:31.400 numbers of cases in the United States. We're seeing high 0:15:31.520 --> 0:15:35.480 numbers of deaths hospitals that are really being stretched to 0:15:35.520 --> 0:15:39.320 the limits, and that that pattern is going to continue 0:15:39.360 --> 0:15:41.920 for the next couple of months as we head into winter, 0:15:42.800 --> 0:15:47.520 more more people being indoors, more people interact indoors into 0:15:47.520 --> 0:15:50.520 the holiday season. But as you said there, we also 0:15:50.640 --> 0:15:56.359 have some optimism with the reports of the vaccine efficacy 0:15:56.520 --> 0:15:59.760 from the fist or vaccine being much higher than people 0:15:59.760 --> 0:16:04.120 look spected, recognizing that we only know about this through 0:16:04.160 --> 0:16:08.040 a press release presumably from a review of the data 0:16:08.080 --> 0:16:11.480 by an independent day if they monitoring board. But well, 0:16:11.560 --> 0:16:14.240 we still do not know right as as these headlines 0:16:14.280 --> 0:16:17.000 come out from a Fiser, we're anticipating some news from 0:16:17.040 --> 0:16:20.640 Maderna as well. That's promising. We don't know what how 0:16:20.680 --> 0:16:24.960 long protection lasts. We don't know exactly what these vaccine 0:16:25.040 --> 0:16:28.680 ultimately will do, right, That's right, There are still a 0:16:28.800 --> 0:16:33.400 number of outstanding questions. Then I have a confidence will 0:16:33.400 --> 0:16:36.760 be able to answer these questions. But what we know 0:16:36.920 --> 0:16:42.120 now is that in this late stage of these phase 0:16:42.200 --> 0:16:47.359 three clinical trials, with the results from the FISER vaccine 0:16:47.720 --> 0:16:53.480 demonstrating showing you know, high protection of people who got 0:16:53.520 --> 0:16:57.320 the vaccine were protected compared to the placebo group. Um, 0:16:57.360 --> 0:17:00.480 but as you said, there's still a number of outstanding questions. 0:17:00.520 --> 0:17:04.400 For example, we don't know what the vaccine efficacy is 0:17:04.520 --> 0:17:09.359 in older adults or people with underlying medical conditions that 0:17:09.480 --> 0:17:13.160 place them at higher risk for severe disease of COVID nineteen. 0:17:13.520 --> 0:17:15.720 That will come out of the trial results, but we 0:17:15.760 --> 0:17:18.840 don't know that now. We don't know how long this 0:17:18.920 --> 0:17:23.760 protection is gonna last. We hope it's gonna last year, 0:17:24.119 --> 0:17:26.600 years or more, um, But we just don't know, and 0:17:26.640 --> 0:17:30.840 that's going to take further follow of these participants in 0:17:30.880 --> 0:17:35.680 the trials Until we really know how long the protection lasts. 0:17:35.800 --> 0:17:40.240 We also won't know whether they're long term side effects. Um. Again, 0:17:40.359 --> 0:17:42.800 we need the longer follow up, We need the full 0:17:42.880 --> 0:17:46.000 trial data to be able to see that. But right now, 0:17:46.040 --> 0:17:48.160 what we'll be able to say is, in the short 0:17:48.280 --> 0:17:52.639 term this these vaccines look protective, vaccines look safe. At 0:17:52.680 --> 0:17:55.960 least that's what I'm hoping for. Well, yes, fingers crossed, right, 0:17:56.080 --> 0:17:58.760 Dr Molsa, what happens next? Um? You know, I do 0:17:58.880 --> 0:18:02.080 feel like you're all learning about I've said it before, 0:18:02.119 --> 0:18:05.520 how the sausage is made in terms of vaccine development, right, 0:18:05.640 --> 0:18:08.040 we're all talking about it so much and I know 0:18:08.080 --> 0:18:10.680 that there's some nervousness about the rapidity of the process, 0:18:10.720 --> 0:18:13.720 but we are learning about how it all happens. So 0:18:14.000 --> 0:18:17.160 what's kind of next here, Whether it's the Fiser vaccine, 0:18:17.200 --> 0:18:20.800 whether it's Maderna's vaccine. What are you anticipating how things 0:18:20.800 --> 0:18:24.560 play out over the next few weeks, a few months. Yes, 0:18:24.640 --> 0:18:26.760 and you're exactly right. I don't think there's ever been 0:18:26.800 --> 0:18:32.280 such public scrutiny of the vaccine development and evaluation products. 0:18:32.680 --> 0:18:36.760 What we anticipate happening next is that a company such 0:18:36.760 --> 0:18:40.880 as Fiser Maderna will need to put admit an application 0:18:41.000 --> 0:18:45.879 to the Food and Drug Administration for emergency use authorization 0:18:46.240 --> 0:18:50.840 so that these vaccines could be made available to high 0:18:50.920 --> 0:18:55.520 risk individuals as early as possible. What the Food and 0:18:55.560 --> 0:19:00.119 Drug Administration has put forth as guidelines is that the 0:19:00.200 --> 0:19:04.480 trials need to wait until at least half of the 0:19:04.560 --> 0:19:08.360 participants have had two months of follow up uh. Fiser 0:19:08.440 --> 0:19:12.600 anticipates that that's going to happen later this month or 0:19:12.600 --> 0:19:16.040 fourth week of November, and then they will be able 0:19:16.080 --> 0:19:20.480 to submit their application for an emergency use authorization to 0:19:20.600 --> 0:19:24.080 the f d A. The the all the trial data 0:19:24.119 --> 0:19:28.440 will then be reviewed by an independent body. Hopefully data 0:19:28.520 --> 0:19:32.280 will be made public. Hopefully this whole process will be transparent. 0:19:32.720 --> 0:19:35.840 We need that for the public's trust. UM and they 0:19:35.840 --> 0:19:40.439 would anticipate shortly after the application and this review process 0:19:40.560 --> 0:19:44.080 that there would be, assuming the safety and efficacy data 0:19:44.160 --> 0:19:47.920 hold up UM, that will have an emergency use authorization. 0:19:48.440 --> 0:19:52.679 Fiser says that they'll have forty fifty million doses ready 0:19:52.720 --> 0:19:57.160 to go UM by the end of this year. That's 0:19:57.200 --> 0:20:00.040 been one of the things that's allowed this process to 0:20:00.119 --> 0:20:04.200 be accelerated, that the manufacturing has has gone on with 0:20:04.320 --> 0:20:07.680 the studies. You know, there would have not be any 0:20:07.960 --> 0:20:11.000 any kind of changes to the vaccine that was used 0:20:11.359 --> 0:20:14.399 during the trials they but they have scaled up that manufacturing. 0:20:15.040 --> 0:20:18.280 That's Dr William Moss, executive director of the International Vaccine 0:20:18.320 --> 0:20:21.359 Access Center at the Johns Hopkins Bloomberg School of Public Health. 0:20:21.560 --> 0:20:23.879 The Johns Hopkins Bloomberg School of Public Health supported by 0:20:23.920 --> 0:20:27.320 Michael R. Bloomberg, founder of Bloomberg LP. You're listening to 0:20:27.359 --> 0:20:30.199 Bloomberg Business Week. Getting on the other side of COVID 0:20:30.240 --> 0:20:32.960 may create an opportunity for us to give American workers 0:20:33.040 --> 0:20:35.320 a leg up. More on that from the President of 0:20:35.320 --> 0:20:47.719 the Philadelphia FED. This is Bloomberg. This is Bloomberg Business 0:20:47.720 --> 0:20:51.359 Week with Gerrol Masser from Bloomberg Radio. This week, in 0:20:51.400 --> 0:20:55.199 a Bloomberg Live event focusing on strengthening economic resiliency and 0:20:55.240 --> 0:20:57.679 the American worker, I talked with the President of the 0:20:57.680 --> 0:21:00.639 Federal Reserve Bank of Philadelphia, Pat Harker Well. He and 0:21:00.680 --> 0:21:02.560 his team have been focusing on the importance of an 0:21:02.560 --> 0:21:05.919 equitable workforce recovery. It's something that can help get at 0:21:05.920 --> 0:21:09.480 the inequities in our current workforce. It's also sometimes just 0:21:09.560 --> 0:21:12.120 a matter of first looking at what workers really need. 0:21:12.560 --> 0:21:17.560 Workers want to a feel like they're valued and that 0:21:17.640 --> 0:21:21.600 they're rewarded for their work. And people who haven't made 0:21:21.600 --> 0:21:23.879 it yet, right, people who want to get into the 0:21:23.880 --> 0:21:27.800 middle class, uh, they they need a ladder up, They 0:21:27.840 --> 0:21:31.080 need to run up on the ladder. They feel frustrated. 0:21:31.119 --> 0:21:33.200 And that's not just in the urban centers. That's true 0:21:33.240 --> 0:21:37.840 across the country. I think about my district in rural Pennsylvania, 0:21:38.640 --> 0:21:40.720 they feel the same way. So I think that's the 0:21:40.760 --> 0:21:43.159 work we're trying to do with the Philly FED is 0:21:43.280 --> 0:21:47.000 to figure out how to accelerate that process to bring 0:21:47.000 --> 0:21:50.080 more people into the middle class and we're gonna break 0:21:50.119 --> 0:21:51.760 it all down. What do you think about that in 0:21:51.840 --> 0:21:54.280 terms of a new administration, in terms of leadership, and 0:21:54.320 --> 0:21:58.040 in terms of really the meaningful policy discussions that we 0:21:58.080 --> 0:22:00.720 need to be having when it comes to workers. Because 0:22:00.960 --> 0:22:03.800 it's amazing, and you and I talked about this a 0:22:03.800 --> 0:22:06.920 couple of weeks ago, in terms of forgotten workers. It's 0:22:06.920 --> 0:22:11.959 not just thing. It's been around for years exactly. And 0:22:12.000 --> 0:22:16.320 I think, first, I'm looking forward to having policy discussions, right, 0:22:16.600 --> 0:22:19.639 deep policy discussions, having a debate. This is the nature 0:22:19.640 --> 0:22:22.320 of our democracy, having that debate, and I think this 0:22:22.480 --> 0:22:24.439 is worthy of a serious debate. I think this is 0:22:24.440 --> 0:22:27.119 one of the most critical problems we have because if 0:22:27.160 --> 0:22:31.119 we don't solve this problem, then people lose hope, right 0:22:31.160 --> 0:22:34.080 and when they lose hope, lots of bad things happen, 0:22:34.119 --> 0:22:36.879 whether to their health or to the communities. So we've 0:22:36.960 --> 0:22:41.960 got to focus on this right now. So I also 0:22:42.000 --> 0:22:44.879