1 00:00:00,120 --> 00:00:04,360 Speaker 1: Bloomberg is now on your dashboard with Apple CarPlay and 2 00:00:04,360 --> 00:00:08,160 Speaker 1: Android Auto. It gives you access to every Bloomberg podcast, 3 00:00:08,280 --> 00:00:11,560 Speaker 1: live audio feeds from Bloomberg Radio, print stories from Bloomberg 4 00:00:11,640 --> 00:00:14,920 Speaker 1: News in audio form, and the latest headlines of the 5 00:00:14,920 --> 00:00:18,600 Speaker 1: click of a button with Bloomberg News. Now it's free 6 00:00:18,680 --> 00:00:21,439 Speaker 1: with the latest version of the Bloomberg Business App. That's 7 00:00:21,680 --> 00:00:24,400 Speaker 1: the Bloomberg Business App. Get it on your phone in 8 00:00:24,440 --> 00:00:27,760 Speaker 1: the Apple App Store or on Google Play. Just download 9 00:00:27,800 --> 00:00:30,560 Speaker 1: the app, connect your phone to your car and get started. 10 00:00:30,960 --> 00:00:34,400 Speaker 1: And it's all presented by our sponsor, Interactive Brokers. 11 00:00:35,400 --> 00:00:38,600 Speaker 2: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney. Alongside 12 00:00:38,640 --> 00:00:39,800 Speaker 2: my co host Matt Miller. 13 00:00:40,200 --> 00:00:44,279 Speaker 1: Every business day we bring you interviews from CEOs, market pros, 14 00:00:44,320 --> 00:00:48,160 Speaker 1: and Bloomberg experts, along with essential market moven News. 15 00:00:48,720 --> 00:00:51,839 Speaker 2: I'm the Bloomberg Markets podcast called Apple Podcasts or wherever 16 00:00:51,960 --> 00:00:54,560 Speaker 2: you listen to podcasts, and at Bloomberg dot com Slash 17 00:00:54,600 --> 00:00:58,760 Speaker 2: podcast times for New York get the latest thinking on boys. 18 00:00:58,800 --> 00:01:02,120 Speaker 2: What's been just at work day in the House of Representatives, 19 00:01:03,440 --> 00:01:05,479 Speaker 2: you know, congress Woman, thank you so much for joining 20 00:01:05,520 --> 00:01:07,480 Speaker 2: us here. Can you help put in context what happened 21 00:01:07,480 --> 00:01:08,479 Speaker 2: on the House floor today. 22 00:01:09,640 --> 00:01:13,040 Speaker 3: Yeah, so we got the two thirds vote to remove 23 00:01:13,160 --> 00:01:18,160 Speaker 3: George Santos. We've expelled him, and it was Look, it 24 00:01:18,200 --> 00:01:20,319 Speaker 3: was a solemn day. I mean, he deserved it. He 25 00:01:20,360 --> 00:01:22,560 Speaker 3: deserved to be removed. I voted for the expulsion. But 26 00:01:22,640 --> 00:01:25,039 Speaker 3: the end of the day is it is a sad 27 00:01:25,680 --> 00:01:29,319 Speaker 3: stain on the institution and it was important that we 28 00:01:29,440 --> 00:01:34,120 Speaker 3: had to remove him so his constituents can elect somebody new, 29 00:01:34,240 --> 00:01:37,280 Speaker 3: somebody they can trust and have a relationship with. The 30 00:01:37,319 --> 00:01:41,280 Speaker 3: reality is George Santos had lost the trust of his colleagues, 31 00:01:41,480 --> 00:01:44,279 Speaker 3: his constituents. And the bottom line here is we asked 32 00:01:44,280 --> 00:01:46,600 Speaker 3: the Ethics Committee at the beginning of this year to 33 00:01:46,680 --> 00:01:51,080 Speaker 3: do a thorough investigation, and they had issued thirty eight 34 00:01:51,120 --> 00:01:56,480 Speaker 3: different subpoenas, interviewed forty individual witnesses, They reviewed one hundred 35 00:01:56,520 --> 00:01:59,559 Speaker 3: and seventy thousand pages of documents, and they were able 36 00:01:59,600 --> 00:02:03,920 Speaker 3: to produce use the evidence to the members that warrants 37 00:02:04,040 --> 00:02:08,799 Speaker 3: his expulsion. I mean, he used campaign money on everything 38 00:02:08,840 --> 00:02:13,720 Speaker 3: from luxury items to botox. He even created fictitious loans 39 00:02:14,240 --> 00:02:19,680 Speaker 3: and then he used campaign donors money to reimburse himself 40 00:02:19,680 --> 00:02:23,799 Speaker 3: to those fictitious loans. We even had a colleague, Max Miller, 41 00:02:23,840 --> 00:02:26,240 Speaker 3: one of our colleagues here in Congress, who said that 42 00:02:26,280 --> 00:02:29,160 Speaker 3: he even used his and his mother's credit card to 43 00:02:29,320 --> 00:02:35,880 Speaker 3: make unapproved purchases or donations. And so it is really 44 00:02:35,960 --> 00:02:39,240 Speaker 3: troubling and disturbing that we had this con artist sitting 45 00:02:39,280 --> 00:02:42,160 Speaker 3: in Congress with us, and quite frankly, it's been a 46 00:02:42,200 --> 00:02:47,040 Speaker 3: distraction this entire year. So I'm relieved to see that 47 00:02:47,120 --> 00:02:49,639 Speaker 3: he will no longer be in this institution. And I'm 48 00:02:49,680 --> 00:02:52,679 Speaker 3: hopeful that we will have a special election very soon. 49 00:02:52,680 --> 00:02:54,120 Speaker 3: As you know, the governor does need to call a 50 00:02:54,120 --> 00:02:57,880 Speaker 3: special election within ten days, and the people of the 51 00:02:57,919 --> 00:03:00,560 Speaker 3: third Congressional District in New York, which is a piece 52 00:03:00,560 --> 00:03:03,600 Speaker 3: of Queens and Nassau County, will be able to elect 53 00:03:03,639 --> 00:03:04,600 Speaker 3: someone that they can trust. 54 00:03:04,919 --> 00:03:08,120 Speaker 4: Yeah, Congressman, maybe if you can just elaborate there, tell us, 55 00:03:08,280 --> 00:03:10,600 Speaker 4: you know, what is a special election, How does that 56 00:03:10,639 --> 00:03:13,600 Speaker 4: play out from here? What kind of timeline, who would 57 00:03:13,720 --> 00:03:16,440 Speaker 4: you know elect that kind of a person. Just give 58 00:03:16,480 --> 00:03:17,760 Speaker 4: us a little bit of the lay of the land, 59 00:03:17,919 --> 00:03:19,480 Speaker 4: how we proceed from here. 60 00:03:20,320 --> 00:03:24,200 Speaker 3: But following expulsion, there will be a formal notification to 61 00:03:24,240 --> 00:03:26,360 Speaker 3: the Governor of the State of New York. The governor 62 00:03:26,360 --> 00:03:29,360 Speaker 3: then has ten days to call a set special election, 63 00:03:30,560 --> 00:03:34,239 Speaker 3: and then it would most likely be in February, and 64 00:03:35,400 --> 00:03:38,400 Speaker 3: at that point the people of New York's third district 65 00:03:38,440 --> 00:03:41,560 Speaker 3: will be able to elect someone new and that's how 66 00:03:41,600 --> 00:03:43,760 Speaker 3: the process will play out. So we will that seat 67 00:03:43,800 --> 00:03:45,920 Speaker 3: will be vacant for a couple of months. 68 00:03:46,760 --> 00:03:51,160 Speaker 2: So Congresswoman, will this help or hinder the GOP in 69 00:03:51,240 --> 00:03:52,240 Speaker 2: terms of keeping the House? 70 00:03:54,520 --> 00:03:56,760 Speaker 3: Well, I don't think that we could have based our 71 00:03:56,800 --> 00:03:58,960 Speaker 3: decision on that. We have to do what is right 72 00:03:59,000 --> 00:04:02,640 Speaker 3: in this case to be removed. But what I do 73 00:04:02,720 --> 00:04:06,240 Speaker 3: believe is that the Nasau County organization, led by Chairman 74 00:04:06,320 --> 00:04:08,400 Speaker 3: Joe Cairo, is one of the best in the country, 75 00:04:08,760 --> 00:04:11,640 Speaker 3: and they have flipped because, by the way, not just 76 00:04:11,640 --> 00:04:13,440 Speaker 3: because they're the best in the country, but because the 77 00:04:13,440 --> 00:04:16,720 Speaker 3: Democrats policies in New York are just so ridiculous. Right, 78 00:04:16,720 --> 00:04:20,839 Speaker 3: They've created a crisis, whether it's public safety, migrant crisis, 79 00:04:21,200 --> 00:04:24,560 Speaker 3: the Democrats policies have done that. And because of that 80 00:04:24,680 --> 00:04:28,719 Speaker 3: messaging that Republicans are right they write on policy, they've 81 00:04:28,720 --> 00:04:31,320 Speaker 3: been able to flip not just these congressional seats, but 82 00:04:31,320 --> 00:04:33,760 Speaker 3: they've been able to flip the county executive. You have 83 00:04:33,800 --> 00:04:36,239 Speaker 3: Bruce Blakeman there is doing a great job. You also 84 00:04:36,320 --> 00:04:40,800 Speaker 3: have a Republican district attorney now county legislature. They were 85 00:04:40,800 --> 00:04:44,280 Speaker 3: able to flip all of that because not only are 86 00:04:44,279 --> 00:04:46,640 Speaker 3: they a strong organization, but because the Democrats in New 87 00:04:46,720 --> 00:04:49,080 Speaker 3: York have done such a bad job and are driving 88 00:04:49,120 --> 00:04:51,359 Speaker 3: the city in the state into the ground. So with 89 00:04:51,520 --> 00:04:55,040 Speaker 3: that said, I still believe that Republicans can hold onto 90 00:04:55,040 --> 00:04:57,760 Speaker 3: that seat in a special election. But at the end 91 00:04:57,800 --> 00:04:59,960 Speaker 3: of the day, it's up to the voters. The voters 92 00:05:00,080 --> 00:05:03,000 Speaker 3: get to choose who they want. The bigger challenge for 93 00:05:03,120 --> 00:05:07,120 Speaker 3: Republicans is that our governor is trying to redraw congressional 94 00:05:07,120 --> 00:05:10,520 Speaker 3: maps again. She is trying to tilt the scale once 95 00:05:10,560 --> 00:05:13,400 Speaker 3: again after we had an independent master last year draw 96 00:05:13,560 --> 00:05:15,760 Speaker 3: our maps and we won these four seats. So that 97 00:05:16,240 --> 00:05:19,360 Speaker 3: that corrupt activity that we're seeing from the Democrats trying 98 00:05:19,360 --> 00:05:22,159 Speaker 3: to tilt the scale with and redraw these maps to 99 00:05:22,160 --> 00:05:25,640 Speaker 3: give themselves an advantage is more what jeopardizes the Republican 100 00:05:25,680 --> 00:05:26,679 Speaker 3: majority in Washington. 101 00:05:27,480 --> 00:05:29,920 Speaker 2: Does do you have a candidate that you would like 102 00:05:30,160 --> 00:05:31,080 Speaker 2: to see run. 103 00:05:32,120 --> 00:05:34,200 Speaker 3: I do not have a candidate that is for the 104 00:05:34,240 --> 00:05:37,800 Speaker 3: county organizations to determine. Hopefully they're going to be doing 105 00:05:37,800 --> 00:05:40,000 Speaker 3: their due diligence now, and I know that they will. 106 00:05:40,000 --> 00:05:42,080 Speaker 3: They'll be making sure that they have background checks and 107 00:05:42,160 --> 00:05:43,040 Speaker 3: that they're going. 108 00:05:42,839 --> 00:05:45,160 Speaker 2: Well, well, they don't have the greatest track record, let's 109 00:05:45,160 --> 00:05:45,440 Speaker 2: be honest. 110 00:05:45,440 --> 00:05:47,360 Speaker 3: Well that's why I'm saying. That's exactly what I'm saying. 111 00:05:47,400 --> 00:05:49,400 Speaker 3: We've gotten their word now that they will be doing that, 112 00:05:50,200 --> 00:05:53,440 Speaker 3: and so we could prevent this in the future. But look, 113 00:05:53,720 --> 00:05:57,919 Speaker 3: I think it is it is important for people to 114 00:05:58,000 --> 00:06:01,280 Speaker 3: understand that whether it's a Republican or Democrat, we needed 115 00:06:01,279 --> 00:06:04,200 Speaker 3: to move to do this. The last five expulsions. By 116 00:06:04,240 --> 00:06:07,800 Speaker 3: the way, we're all Democrats in our history. The first 117 00:06:07,800 --> 00:06:10,040 Speaker 3: time a Republican has been expelled from the House of 118 00:06:10,080 --> 00:06:12,159 Speaker 3: Representatives in the history of the United States. 119 00:06:12,480 --> 00:06:13,279 Speaker 2: Equal opportunity. 120 00:06:13,279 --> 00:06:16,960 Speaker 4: I guess so, congress Woman. You did list a whole 121 00:06:17,000 --> 00:06:20,640 Speaker 4: bit of evidence that the Ethics Committee had compiled in 122 00:06:20,720 --> 00:06:24,360 Speaker 4: supporting the expulsion of George Santos, But a lot of 123 00:06:24,400 --> 00:06:28,200 Speaker 4: what the House members who elected to not expel him, 124 00:06:28,360 --> 00:06:30,320 Speaker 4: what they were hung up upon, was that he wasn't 125 00:06:30,360 --> 00:06:34,920 Speaker 4: actually convicted of anything yet. That is But I mean, 126 00:06:34,960 --> 00:06:37,440 Speaker 4: do you think that this potentially could set a dangerous 127 00:06:37,480 --> 00:06:40,960 Speaker 4: president here that if people's you know, skeletons come out 128 00:06:41,000 --> 00:06:43,800 Speaker 4: of the closet and you know, maybe you just don't 129 00:06:43,839 --> 00:06:46,520 Speaker 4: like how somebody's voted, that their seat could be in jeopardy. 130 00:06:47,920 --> 00:06:50,200 Speaker 3: Well, first of all, he will have his day in 131 00:06:50,360 --> 00:06:54,000 Speaker 3: court as it relates to responding to those twenty three 132 00:06:54,200 --> 00:06:57,760 Speaker 3: criminal charges, and that will determine whether he goes to jail, okay, 133 00:06:57,839 --> 00:07:01,120 Speaker 3: But as it relates to remaining in this is we 134 00:07:01,200 --> 00:07:03,560 Speaker 3: referred it to the Ethics Committee and they did their 135 00:07:04,520 --> 00:07:07,320 Speaker 3: they did their investigation where was able to produce the 136 00:07:07,480 --> 00:07:11,320 Speaker 3: evidence that showed that he took from his campaign donations 137 00:07:11,680 --> 00:07:15,480 Speaker 3: and used them for personal gain and enrichment and that 138 00:07:15,600 --> 00:07:19,200 Speaker 3: was just inappropriate and warrants his removal from the institution. 139 00:07:19,960 --> 00:07:22,240 Speaker 2: Congress Woman, as I understand that the Republicans have a 140 00:07:22,320 --> 00:07:24,600 Speaker 2: four seat majority in the House, so that will go 141 00:07:24,720 --> 00:07:29,880 Speaker 2: to three practically, what does that mean for getting legislation through? 142 00:07:29,920 --> 00:07:33,200 Speaker 3: From your perspective, Look, whether it was four or three, 143 00:07:33,280 --> 00:07:35,640 Speaker 3: it was still difficult, right, I mean, it is not 144 00:07:35,840 --> 00:07:39,680 Speaker 3: easy when you have such a slim majority. We're trying to, 145 00:07:40,280 --> 00:07:42,840 Speaker 3: you know, reconcile the differences and see where we can 146 00:07:42,880 --> 00:07:46,000 Speaker 3: find that common ground to move things forward. Despite having 147 00:07:46,240 --> 00:07:48,280 Speaker 3: the slim majority, we've been able to pass a good 148 00:07:48,360 --> 00:07:51,960 Speaker 3: number of these appropriation bills to fund the government. The 149 00:07:52,000 --> 00:07:53,800 Speaker 3: Senate has done zero, by the way, so they have 150 00:07:53,840 --> 00:07:56,120 Speaker 3: a slim majority there too. I think it's by margin 151 00:07:56,200 --> 00:08:00,559 Speaker 3: of one. So it makes governing difficult, which which really 152 00:08:00,600 --> 00:08:04,480 Speaker 3: actually begs for more bipartisanship. I mean, at the end 153 00:08:04,520 --> 00:08:08,000 Speaker 3: of the day, you know, sometimes the extremes try to 154 00:08:08,800 --> 00:08:13,040 Speaker 3: upset the apple card. We see more bipartisanship, more common 155 00:08:13,120 --> 00:08:16,880 Speaker 3: ground and common sense policy moving forward. And so we 156 00:08:17,440 --> 00:08:20,720 Speaker 3: have to work with what we have and we continue 157 00:08:20,760 --> 00:08:23,080 Speaker 3: to push for the things that we believe in, which is, 158 00:08:23,080 --> 00:08:25,880 Speaker 3: we want secure borders, we want to support our law enforcement. 159 00:08:25,880 --> 00:08:29,880 Speaker 3: We want to address this crisis of energy independence. We 160 00:08:29,920 --> 00:08:33,520 Speaker 3: need more energy production, not less, like the president it says. 161 00:08:33,559 --> 00:08:37,760 Speaker 3: And we need to make sure that we are addressing 162 00:08:37,760 --> 00:08:40,760 Speaker 3: our fiscal issues, and that means we need to spend 163 00:08:40,840 --> 00:08:42,840 Speaker 3: less money and be more responsible. And so that's what 164 00:08:42,840 --> 00:08:44,800 Speaker 3: we're going to continue to push with that agenda, and 165 00:08:44,840 --> 00:08:47,160 Speaker 3: we help some Democrats do join us, because those are 166 00:08:47,200 --> 00:08:49,120 Speaker 3: the right things that the American people want to see. 167 00:08:49,160 --> 00:08:53,240 Speaker 3: They want to see you inflation reduced, energy, affordable borders 168 00:08:53,240 --> 00:08:55,600 Speaker 3: being secured, the migroant crisis ending in New York City. 169 00:08:55,880 --> 00:08:59,520 Speaker 3: It would be great if Senator Schumer passes our legislation 170 00:08:59,600 --> 00:09:01,880 Speaker 3: that would do these things, because we've passed them already 171 00:09:01,880 --> 00:09:02,440 Speaker 3: out of the House. 172 00:09:02,720 --> 00:09:05,200 Speaker 2: Right all right, Congresswoman, thank you so much for joining us. 173 00:09:05,240 --> 00:09:10,040 Speaker 2: Really appreciated. Nicole malliotakas Congresswoman Representatives of the US House 174 00:09:10,080 --> 00:09:11,840 Speaker 2: of Representatives representing New York. 175 00:09:13,120 --> 00:09:16,520 Speaker 5: You're listening to the team. Ken's our live program Bloomberg 176 00:09:16,559 --> 00:09:19,960 Speaker 5: Markets weekdays at ten am Eastern on Bloomberg dot Com, 177 00:09:20,000 --> 00:09:23,160 Speaker 5: the iHeartRadio app, and the Bloomberg Business App, or listen 178 00:09:23,240 --> 00:09:25,360 Speaker 5: on demand wherever you get your podcasts. 179 00:09:27,640 --> 00:09:29,280 Speaker 2: Look at the lay of the land on the markets 180 00:09:29,320 --> 00:09:32,200 Speaker 2: as well as Washington, DC news coming from both places. 181 00:09:32,320 --> 00:09:35,120 Speaker 2: Billy Lipshealty covers of markets for US for Bloomberg News. 182 00:09:35,480 --> 00:09:38,040 Speaker 2: And Joe Matthew, the host of all kinds of stuff 183 00:09:38,040 --> 00:09:40,000 Speaker 2: on radio TV. He's our political go to guy down 184 00:09:40,000 --> 00:09:43,000 Speaker 2: and Washington will tie in with that. George Santos News 185 00:09:43,000 --> 00:09:44,920 Speaker 2: coming out of the House of Representatives. Bailey, let's start 186 00:09:44,920 --> 00:09:46,199 Speaker 2: with you. We've had a little bit of a rally 187 00:09:46,240 --> 00:09:49,600 Speaker 2: here in stocks in the last hour. What's pushing that. 188 00:09:49,720 --> 00:09:52,360 Speaker 6: Yeah, market's picking up the two year yield hitting a 189 00:09:52,400 --> 00:09:55,600 Speaker 6: low of four point five seven percent, lowest since mid June. 190 00:09:55,600 --> 00:09:58,400 Speaker 6: This coming is Powell speaks. The big thing, guys, that 191 00:09:58,520 --> 00:10:01,640 Speaker 6: stands out. Powell a couple of a few weeks ago 192 00:10:01,720 --> 00:10:05,160 Speaker 6: said policy is restrictive. Today he's saying it's well into 193 00:10:05,240 --> 00:10:08,920 Speaker 6: restrictive territory. Investors that I've been talking to, reading between 194 00:10:08,960 --> 00:10:11,000 Speaker 6: the lines, taking that a bit more dubvish than he 195 00:10:11,080 --> 00:10:14,920 Speaker 6: has been, so not completely going full of molly, but 196 00:10:15,080 --> 00:10:18,120 Speaker 6: does seem like he's indicating more that maybe we are 197 00:10:18,160 --> 00:10:21,080 Speaker 6: going to see rates peter out and maybe not see 198 00:10:21,080 --> 00:10:21,480 Speaker 6: the master. 199 00:10:21,640 --> 00:10:23,800 Speaker 4: I can't help sometimes but just have to roll my 200 00:10:23,840 --> 00:10:26,520 Speaker 4: eyes as people's like the traders interpretation of the Fed 201 00:10:26,559 --> 00:10:29,679 Speaker 4: speak it's it's mad libs. Well, I we're literally hanging 202 00:10:29,720 --> 00:10:31,640 Speaker 4: on the removal or edition of one word. 203 00:10:31,720 --> 00:10:33,920 Speaker 6: But I will say that Powell has been very clear 204 00:10:34,080 --> 00:10:37,040 Speaker 6: and he's delivered. That's why I think it's interesting that 205 00:10:37,080 --> 00:10:39,440 Speaker 6: the market's right now pricing in five cuts this year, 206 00:10:39,920 --> 00:10:42,760 Speaker 6: when Powell has continued to beat the drum that higher 207 00:10:42,800 --> 00:10:46,080 Speaker 6: for longer is here and they're not considering cuts anytime soon. 208 00:10:46,440 --> 00:10:48,679 Speaker 2: So Joe, We've had an hour here plus to kind 209 00:10:48,679 --> 00:10:52,960 Speaker 2: of digest the news coming out of Washington, DC. Representative 210 00:10:52,960 --> 00:10:56,120 Speaker 2: Santos from New York expelled from the House of Representatives. 211 00:10:56,720 --> 00:10:58,240 Speaker 2: What are you kind of hearing from your sources down 212 00:10:58,240 --> 00:10:59,920 Speaker 2: in DC, you know, in the last hour. 213 00:10:59,840 --> 00:11:02,400 Speaker 7: So well, I find it compelling that a majority of 214 00:11:02,440 --> 00:11:05,960 Speaker 7: Republicans voted to keep him. Yeah, when we spoke earlier, 215 00:11:05,960 --> 00:11:08,520 Speaker 7: I hadn't seen the breakdowns yet, but a majority of 216 00:11:08,520 --> 00:11:11,800 Speaker 7: the Republican conference voted not to expel George Santos. I'm 217 00:11:11,840 --> 00:11:13,880 Speaker 7: not sure what that means for the narrative of this 218 00:11:13,960 --> 00:11:17,040 Speaker 7: is the principled party that did what needed to be done. 219 00:11:17,320 --> 00:11:21,240 Speaker 7: The entire leadership voted to keep him. And look, we 220 00:11:21,320 --> 00:11:24,600 Speaker 7: got through this before a little bit. Lawmakers see a 221 00:11:24,640 --> 00:11:27,240 Speaker 7: precedent being set here. He's not been convicted of anything. 222 00:11:27,800 --> 00:11:30,800 Speaker 7: While the Ethics Committee did recommend this action and the 223 00:11:30,920 --> 00:11:34,200 Speaker 7: chairman himself brought the resolution, he's not been convicted of 224 00:11:34,200 --> 00:11:37,400 Speaker 7: anything technically, and that makes other lawmakers a little uncomfortable 225 00:11:37,440 --> 00:11:39,640 Speaker 7: knowing they could maybe be in the same position someday. 226 00:11:39,800 --> 00:11:42,520 Speaker 4: I mean, we did kid before that. Perhaps George Santos's 227 00:11:42,559 --> 00:11:44,760 Speaker 4: next big appearance could be dancing with the stars, but 228 00:11:44,840 --> 00:11:49,200 Speaker 4: it's very likely that he probably prison is probably the 229 00:11:49,280 --> 00:11:49,679 Speaker 4: next up. 230 00:11:49,800 --> 00:11:51,600 Speaker 7: Who knows that he's got He's got to go through 231 00:11:51,600 --> 00:11:54,440 Speaker 7: his trial here. But there are a lot of folks 232 00:11:54,520 --> 00:11:58,360 Speaker 7: speculating on what corner of the entertainment world might be 233 00:11:58,360 --> 00:12:00,800 Speaker 7: a home in the meantime for George Sands, because look, 234 00:12:00,840 --> 00:12:03,160 Speaker 7: he's not going to go quietly. He's already, by the 235 00:12:03,200 --> 00:12:05,000 Speaker 7: way on his way out, put up a resolution to 236 00:12:05,240 --> 00:12:08,040 Speaker 7: expel Jamal Bowman, and he says he's going to take 237 00:12:08,080 --> 00:12:10,120 Speaker 7: as many other lawmakers down with him as he can. 238 00:12:10,240 --> 00:12:12,960 Speaker 7: So we'll be hearing from George stands Joe. 239 00:12:13,000 --> 00:12:14,880 Speaker 2: I mean, the Republicans in the House only had a 240 00:12:14,880 --> 00:12:18,520 Speaker 2: four seat majority as it was thin as it was 241 00:12:18,600 --> 00:12:21,320 Speaker 2: now it's even thinner. Does that practically day to day 242 00:12:22,080 --> 00:12:25,720 Speaker 2: going to impact their ability to drive their agenda? 243 00:12:25,920 --> 00:12:26,560 Speaker 5: Not going to help? 244 00:12:27,280 --> 00:12:29,160 Speaker 7: To hear Speaker Johnson say, the whole number of the 245 00:12:29,160 --> 00:12:32,960 Speaker 7: House is now four to thirty four. We just, by 246 00:12:33,040 --> 00:12:35,400 Speaker 7: the way, got to four thirty five for the first 247 00:12:35,400 --> 00:12:38,120 Speaker 7: time in quite a while. Last week a Republican won 248 00:12:38,160 --> 00:12:40,800 Speaker 7: a seat in Utah that brought us back to quorum. 249 00:12:41,120 --> 00:12:42,840 Speaker 7: So now that this has happened, we're just kind of 250 00:12:42,840 --> 00:12:44,600 Speaker 7: back to where we were a couple of weeks ago. 251 00:12:45,280 --> 00:12:48,000 Speaker 7: The fact is, I mean, four seats is nothing, and 252 00:12:48,040 --> 00:12:50,640 Speaker 7: this technically doesn't make much of a difference between it's 253 00:12:50,720 --> 00:12:52,400 Speaker 7: really it's barely a majority. 254 00:12:52,640 --> 00:12:55,240 Speaker 4: Just to come back to the mad libs discussion aka 255 00:12:55,280 --> 00:12:59,000 Speaker 4: interpreting Fed speak, Bailey, So you know, we had Vince 256 00:12:59,000 --> 00:13:02,080 Speaker 4: Agnerella on before on our chief macro strategist here at Bloomberg, 257 00:13:02,120 --> 00:13:04,400 Speaker 4: and he was saying to us that what traders were 258 00:13:04,440 --> 00:13:07,680 Speaker 4: also really hanging on to was this word if in 259 00:13:07,720 --> 00:13:10,960 Speaker 4: the Powell statement. So the full sentence, to take the 260 00:13:11,000 --> 00:13:14,080 Speaker 4: full context here is that Powl said we are prepared 261 00:13:14,120 --> 00:13:18,160 Speaker 4: to tighten policy further if it becomes appropriate to do so. 262 00:13:18,400 --> 00:13:20,320 Speaker 4: That another word that your traders getting hut. 263 00:13:20,240 --> 00:13:23,000 Speaker 6: Up on that is one. But I will say it's 264 00:13:23,040 --> 00:13:26,480 Speaker 6: been well kind of expected that the FED is done, 265 00:13:26,520 --> 00:13:30,240 Speaker 6: and we've seen rates implying that. So I think to 266 00:13:30,280 --> 00:13:32,000 Speaker 6: your point and kind of Vince calling it out that 267 00:13:32,360 --> 00:13:36,680 Speaker 6: if we're not a big if, but they're they're. 268 00:13:36,480 --> 00:13:39,559 Speaker 8: Done, condicate the optionality exactly. And that's the big thing. 269 00:13:39,600 --> 00:13:41,880 Speaker 6: And that's what Powell's messaging from the start has been 270 00:13:42,200 --> 00:13:44,640 Speaker 6: is keeping all doors open and not really trying to 271 00:13:44,720 --> 00:13:46,920 Speaker 6: cheer on the market and just calling out right now 272 00:13:46,960 --> 00:13:51,040 Speaker 6: a two year on pace four its largest drop since 273 00:13:51,200 --> 00:13:53,079 Speaker 6: on a weekly basis since mid March. 274 00:13:53,200 --> 00:13:56,760 Speaker 2: So he just remind us, Joe, kind of how the 275 00:13:56,760 --> 00:13:58,600 Speaker 2: next steps are going to work here in terms of 276 00:13:58,679 --> 00:14:01,640 Speaker 2: I guess calling for special election and all that. It 277 00:14:01,679 --> 00:14:03,080 Speaker 2: happens pretty quickly, right. 278 00:14:02,960 --> 00:14:06,280 Speaker 7: Yeah, this is going to be up to Kathy Hokel. 279 00:14:07,120 --> 00:14:09,960 Speaker 7: There will be a special election. She's got if I 280 00:14:09,960 --> 00:14:12,680 Speaker 7: remember correctly here, it's ten days after the ouster to 281 00:14:12,760 --> 00:14:14,959 Speaker 7: announce the election, and then it'll have to be held 282 00:14:14,960 --> 00:14:17,880 Speaker 7: within seventy to eighty days. So we'll go through this, 283 00:14:17,920 --> 00:14:19,080 Speaker 7: but then we have to go through it all over 284 00:14:19,080 --> 00:14:21,240 Speaker 7: again with the real election. And you know Democrats are 285 00:14:21,280 --> 00:14:23,000 Speaker 7: determined to flip this seat. They think they have the 286 00:14:23,080 --> 00:14:25,960 Speaker 7: votes to do it. You know, you're going to see 287 00:14:25,960 --> 00:14:28,480 Speaker 7: a Swazi campaign that could do very well in that area. 288 00:14:28,840 --> 00:14:30,640 Speaker 7: But Kathy Hockle will make the first move here and 289 00:14:30,640 --> 00:14:32,600 Speaker 7: I suspect we'll hear from her in the coming days. 290 00:14:32,680 --> 00:14:35,280 Speaker 2: All right, Very good, Joe Matthew, thanks for joining us here. 291 00:14:35,280 --> 00:14:38,000 Speaker 2: A host of sound on that is one p M. 292 00:14:38,120 --> 00:14:39,120 Speaker 2: Wall Street Time. 293 00:14:39,680 --> 00:14:40,080 Speaker 8: Check it out. 294 00:14:40,120 --> 00:14:42,640 Speaker 2: He'll have the latest reporting on what's happening in historic 295 00:14:42,720 --> 00:14:45,840 Speaker 2: day in Washington, DC. And Billy Lipschutz, he covers all 296 00:14:45,880 --> 00:14:48,720 Speaker 2: the markets for Bloomberg News, doing a little roundtable there 297 00:14:48,760 --> 00:14:50,360 Speaker 2: on a very unique. 298 00:14:50,200 --> 00:14:53,760 Speaker 4: Day here in both the jeh you know, hand in hand. 299 00:14:53,640 --> 00:14:56,520 Speaker 5: Go figure. You're listening to the tape. Catch a live 300 00:14:56,600 --> 00:15:01,040 Speaker 5: program Bloomberg Markets weekdays at ten am Eastern on Bloomberg Radio, 301 00:15:01,200 --> 00:15:03,920 Speaker 5: the tune in app, Bloomberg dot Com, and the Bloomberg 302 00:15:03,960 --> 00:15:07,040 Speaker 5: Business App. You can also listen live on Amazon Alexa 303 00:15:07,120 --> 00:15:10,440 Speaker 5: from our flagship New York station Just Say Alexa, playing 304 00:15:10,520 --> 00:15:13,119 Speaker 5: Bloomberg eleven thirty. 305 00:15:14,160 --> 00:15:17,360 Speaker 2: George Hampton Georges. He's the president and CEO of cure 306 00:15:17,360 --> 00:15:22,680 Speaker 2: Ax Pharmaceuticals. He joined us via zoom. George, your company, 307 00:15:23,000 --> 00:15:26,600 Speaker 2: your cure X Pharmaceuticals. You have I Guess, a prescription 308 00:15:26,680 --> 00:15:29,240 Speaker 2: medicine for overweight and abast patients. What is that and 309 00:15:29,760 --> 00:15:31,720 Speaker 2: how is it playing in this market? 310 00:15:32,920 --> 00:15:36,560 Speaker 9: Sure, we have Contrave. Contreve has been on the market 311 00:15:36,560 --> 00:15:40,000 Speaker 9: in the United States is twenty fifteen. It's very different 312 00:15:40,000 --> 00:15:42,200 Speaker 9: from the other products that you just mentioned. It's not 313 00:15:42,240 --> 00:15:45,360 Speaker 9: a GLP one. It's the only oral non DEA control 314 00:15:45,480 --> 00:15:51,080 Speaker 9: medication approved by the FDA for obese and overweight patients. 315 00:15:51,480 --> 00:15:54,080 Speaker 9: And so it's it's been a pretty exciting year. As 316 00:15:54,080 --> 00:15:57,000 Speaker 9: you mentioned, We've got you surges in our business across 317 00:15:57,040 --> 00:15:59,760 Speaker 9: not just the United States, but across Europe and in 318 00:16:00,160 --> 00:16:02,520 Speaker 9: all forty eight markets that we're currently operating. 319 00:16:02,760 --> 00:16:05,920 Speaker 4: So something Georgia, Paul and I were wondering just as 320 00:16:05,960 --> 00:16:09,680 Speaker 4: you were coming on here, is the obesity crisis in 321 00:16:09,720 --> 00:16:11,560 Speaker 4: America getting any worse? 322 00:16:11,680 --> 00:16:12,080 Speaker 2: Right now? 323 00:16:12,120 --> 00:16:15,080 Speaker 4: Like? Why this year has it been such a breakout 324 00:16:15,160 --> 00:16:17,600 Speaker 4: year for weight loss drugs? And you know, this really 325 00:16:17,640 --> 00:16:19,680 Speaker 4: seemed to be something that was so top of mind 326 00:16:19,680 --> 00:16:22,520 Speaker 4: in the news a couple of years ago. You know, 327 00:16:22,640 --> 00:16:25,960 Speaker 4: is it getting any worse? Is it stabilizing? Like why 328 00:16:26,000 --> 00:16:28,080 Speaker 4: now all this attention on weight loss drugs? 329 00:16:29,320 --> 00:16:31,320 Speaker 9: Well, I think a few things when it was getting 330 00:16:31,320 --> 00:16:33,280 Speaker 9: in a lot of attention a number of years ago, 331 00:16:33,440 --> 00:16:36,440 Speaker 9: and then you know, the pandemic took over as a 332 00:16:36,520 --> 00:16:39,800 Speaker 9: top healthcare news story over the number one epidemic, which. 333 00:16:39,640 --> 00:16:42,320 Speaker 8: Is obesity in the United States. Right And so now. 334 00:16:42,240 --> 00:16:44,160 Speaker 9: We've kind of be able to turn ourselves back to 335 00:16:44,520 --> 00:16:48,560 Speaker 9: you know this this particular situation, obesity is not getting better. 336 00:16:49,000 --> 00:16:51,280 Speaker 9: We are progressing as a society. We have over forty 337 00:16:51,320 --> 00:16:54,280 Speaker 9: three percent of our adult population that's obese, projected to 338 00:16:54,320 --> 00:16:57,520 Speaker 9: be almost fifty percent in the next decade. Our children 339 00:16:57,560 --> 00:16:59,600 Speaker 9: coming behind us are even more obese than we are 340 00:16:59,800 --> 00:17:02,479 Speaker 9: as adults. And so this is we have to intervene. 341 00:17:03,120 --> 00:17:05,240 Speaker 9: And ABC is a you know, kind of a special situation. 342 00:17:05,440 --> 00:17:08,239 Speaker 9: Is it's really the only chronic disease that's reached this 343 00:17:08,359 --> 00:17:12,399 Speaker 9: level without any type of you know, pharmaceutical device or 344 00:17:12,920 --> 00:17:14,639 Speaker 9: service intervention that's that's paid for. 345 00:17:15,359 --> 00:17:18,720 Speaker 2: So but like, hasn't no zempic been in the marketplace 346 00:17:18,760 --> 00:17:22,080 Speaker 2: for a while for and there's been other diabetes pharmaceutical 347 00:17:22,160 --> 00:17:24,920 Speaker 2: solutions in the marketplace. Why are we now saying, hey, 348 00:17:24,920 --> 00:17:26,840 Speaker 2: this can be for weight loss. Wasn't that known for 349 00:17:26,880 --> 00:17:27,600 Speaker 2: a while. 350 00:17:29,400 --> 00:17:30,800 Speaker 9: But I think it was known for a while. Sure, 351 00:17:30,920 --> 00:17:33,480 Speaker 9: you know zepic. Importantly, it doesn't have the indication for 352 00:17:33,520 --> 00:17:34,000 Speaker 9: weight loss. 353 00:17:34,000 --> 00:17:35,440 Speaker 8: It's a sister product, which is. 354 00:17:35,400 --> 00:17:37,159 Speaker 9: The same product at a higher dose, is called wa 355 00:17:37,200 --> 00:17:41,359 Speaker 9: Gobe see commercials for that. Mon Journal from lily Is 356 00:17:41,359 --> 00:17:45,160 Speaker 9: is another another diabete type two diabetes product that will 357 00:17:45,160 --> 00:17:48,200 Speaker 9: also be under zep bound a new name that is 358 00:17:48,520 --> 00:17:50,680 Speaker 9: uh that will be used for for weight loss. But 359 00:17:50,680 --> 00:17:55,000 Speaker 9: they are essentially identical, identical products. We these tools are 360 00:17:55,000 --> 00:17:57,960 Speaker 9: great tools, the g LP ones, you know, with goby 361 00:17:57,960 --> 00:18:00,000 Speaker 9: and and and zep bound they are they're going to 362 00:18:00,119 --> 00:18:02,879 Speaker 9: be great tools that a lot of people will be 363 00:18:02,920 --> 00:18:05,439 Speaker 9: able to lose a significant amount of weight on. And 364 00:18:05,560 --> 00:18:08,000 Speaker 9: they you know, when you get big companies like Novo 365 00:18:08,240 --> 00:18:10,240 Speaker 9: and Lily in the marketplace, they tend to do the 366 00:18:10,320 --> 00:18:13,439 Speaker 9: right thing, right. They tend to bring a great product 367 00:18:13,440 --> 00:18:16,399 Speaker 9: to market and put all the products and services behind 368 00:18:16,400 --> 00:18:18,600 Speaker 9: it to to help help that disease journey. 369 00:18:18,720 --> 00:18:21,159 Speaker 4: So tell us more about what cure Ax offers in 370 00:18:21,240 --> 00:18:23,639 Speaker 4: this space, the drug that you guys have for obesity, 371 00:18:24,000 --> 00:18:27,720 Speaker 4: how somebody can take it, what they should be maybe 372 00:18:27,760 --> 00:18:30,639 Speaker 4: reasonably expecting in terms of the weight loss goals, and 373 00:18:30,680 --> 00:18:32,920 Speaker 4: what the drug can accomplish. 374 00:18:32,960 --> 00:18:35,960 Speaker 9: Sure, so we know the product's been growing, you know, 375 00:18:36,000 --> 00:18:39,320 Speaker 9: significantly over the last decade since it's been launched in 376 00:18:39,320 --> 00:18:42,640 Speaker 9: the United States. We acquired the product in twenty nineteen, 377 00:18:43,200 --> 00:18:46,080 Speaker 9: and we acquired it with a different lens of how 378 00:18:46,160 --> 00:18:47,880 Speaker 9: to grow the product and how to make it available 379 00:18:47,880 --> 00:18:49,919 Speaker 9: to patients. So the first thing we did knowing that 380 00:18:49,960 --> 00:18:52,280 Speaker 9: it was a cash only market, right, so these are 381 00:18:52,280 --> 00:18:54,800 Speaker 9: not covered by private insurance and they're not covered by 382 00:18:54,840 --> 00:18:56,920 Speaker 9: the government yet, although we're I think we're. 383 00:18:56,720 --> 00:18:58,040 Speaker 8: Starting to make some good progress. 384 00:18:58,840 --> 00:19:02,439 Speaker 9: We create a program called Cure Access where any patient 385 00:19:02,480 --> 00:19:05,920 Speaker 9: who's prescribed the product can actually access the product for 386 00:19:06,160 --> 00:19:07,280 Speaker 9: ninety nine dollars and have. 387 00:19:07,320 --> 00:19:08,520 Speaker 8: It shipped directly to their home. 388 00:19:08,880 --> 00:19:11,800 Speaker 9: We put that in place as a bridge to, you know, 389 00:19:11,840 --> 00:19:14,359 Speaker 9: help people start to fight this disease for themselves, until 390 00:19:14,440 --> 00:19:17,600 Speaker 9: such time that that insurance and the government, you know, 391 00:19:17,640 --> 00:19:21,320 Speaker 9: start start covering these products as they as they typically would. 392 00:19:21,080 --> 00:19:22,280 Speaker 8: For all of the chronic diseases. 393 00:19:22,800 --> 00:19:25,520 Speaker 9: We'll do well over five hundred thousand prescriptions this year 394 00:19:25,600 --> 00:19:28,440 Speaker 9: just in the United States, over a million worldwide, and 395 00:19:28,520 --> 00:19:31,359 Speaker 9: as I mentioned, we've got and we've got we're now 396 00:19:31,359 --> 00:19:33,000 Speaker 9: in forty eight countries approved. 397 00:19:33,000 --> 00:19:34,919 Speaker 4: It seems like that could be a huge opportunity for 398 00:19:35,000 --> 00:19:37,880 Speaker 4: you if insurance would cover this kind of a drug. 399 00:19:37,880 --> 00:19:40,720 Speaker 4: I mean, is that something that's likely to happen anytime soon? 400 00:19:42,119 --> 00:19:44,280 Speaker 9: I think so. You know, the tro act, which is 401 00:19:44,320 --> 00:19:47,080 Speaker 9: the treatment reduced O BCD ACTSS, has never had more 402 00:19:47,080 --> 00:19:51,119 Speaker 9: support inside of both both both chambers in Washington, d C. 403 00:19:52,040 --> 00:19:54,680 Speaker 9: We've we've spent a lot of time up there educating 404 00:19:54,680 --> 00:19:57,800 Speaker 9: the different the different groups on exactly what this disease 405 00:19:57,880 --> 00:20:01,520 Speaker 9: is are The biggest barrier really is that for the 406 00:20:01,560 --> 00:20:06,439 Speaker 9: longest time, Americans and Europeans in all First world countries 407 00:20:06,440 --> 00:20:09,879 Speaker 9: that view obesity as a lifestyle and you just can't. 408 00:20:10,880 --> 00:20:12,800 Speaker 9: You just can't tell someone to put the pork down 409 00:20:12,800 --> 00:20:14,760 Speaker 9: and go for a walk. It doesn't it doesn't work. 410 00:20:14,760 --> 00:20:17,960 Speaker 9: They truly have an underlying disease that's driving their obesity. 411 00:20:18,359 --> 00:20:20,399 Speaker 9: And you can see this and in families, you can 412 00:20:20,400 --> 00:20:22,679 Speaker 9: see families who have a beast members and other family 413 00:20:22,680 --> 00:20:25,000 Speaker 9: members who are coming from the same eating habits and 414 00:20:25,040 --> 00:20:27,480 Speaker 9: lifestyles are not obese. And so you know, we finally 415 00:20:27,560 --> 00:20:30,320 Speaker 9: have start, you know, start to have enough medications to 416 00:20:30,440 --> 00:20:32,800 Speaker 9: make a dent in uh and we're striving this. 417 00:20:33,640 --> 00:20:36,359 Speaker 2: George, your company cure Ex Pharmaceuticals. It says here in 418 00:20:36,400 --> 00:20:40,000 Speaker 2: Mike Bloomberg terminal based in Marstown, New Jersey. 419 00:20:40,040 --> 00:20:43,440 Speaker 9: We we were prior to the epidemic, and the epidemic 420 00:20:43,480 --> 00:20:45,000 Speaker 9: we moved to Nashville, Tennessee. 421 00:20:45,560 --> 00:20:47,720 Speaker 2: Okay, all right, question, why do you get if you 422 00:20:47,800 --> 00:20:50,040 Speaker 2: guys are in this space which people are going crazy for, 423 00:20:50,160 --> 00:20:52,600 Speaker 2: why are you still at private company? Why aren't you 424 00:20:52,600 --> 00:20:54,919 Speaker 2: public or why hasn't somebody bigger acquired you? 425 00:20:57,040 --> 00:20:59,480 Speaker 9: Well, our first our first goal was to establish the 426 00:20:59,520 --> 00:21:02,480 Speaker 9: product in a better in a better marketplace, in a 427 00:21:02,600 --> 00:21:05,800 Speaker 9: in a better position than it was in the previous hands. Right, 428 00:21:05,840 --> 00:21:07,600 Speaker 9: So the company that had it before us went went 429 00:21:07,640 --> 00:21:12,720 Speaker 9: bankrupt and yeah, right, and so we we established cure 430 00:21:12,720 --> 00:21:14,879 Speaker 9: acts really to go after two different disease dates, you know, 431 00:21:15,680 --> 00:21:19,800 Speaker 9: obesity and smoking cessation. And so we're doing a great job, 432 00:21:19,840 --> 00:21:23,439 Speaker 9: I think with now the number one Oral branded product 433 00:21:23,440 --> 00:21:26,320 Speaker 9: in the United States. Uh, and we have a nice 434 00:21:26,480 --> 00:21:28,720 Speaker 9: we have a great product in that's phase three ready, 435 00:21:28,720 --> 00:21:31,000 Speaker 9: we're negotiating with the FDA for smoking cessation. So we 436 00:21:31,040 --> 00:21:33,600 Speaker 9: continue to achieve our goals. I think we're you know, 437 00:21:33,600 --> 00:21:35,600 Speaker 9: we're getting we're getting a fair amount of attention now 438 00:21:35,880 --> 00:21:38,760 Speaker 9: now for the obste the epidemics taken off and and 439 00:21:38,840 --> 00:21:41,320 Speaker 9: we've we've yeah. 440 00:21:41,119 --> 00:21:43,560 Speaker 2: All right, Well, I would say, I mean, I like Nashville. 441 00:21:43,560 --> 00:21:45,880 Speaker 2: It's a great town. But there's no Jersey shore down there, dude, 442 00:21:45,880 --> 00:21:46,880 Speaker 2: So I don't know. 443 00:21:46,840 --> 00:21:49,000 Speaker 4: You have to excuse me because we are Jersey people 444 00:21:49,200 --> 00:21:50,560 Speaker 4: in the studio. 445 00:21:51,400 --> 00:21:52,960 Speaker 9: I lived in Philly for a long time. I spent 446 00:21:53,040 --> 00:21:54,359 Speaker 9: a lot of time in Avalon. 447 00:21:54,240 --> 00:21:55,159 Speaker 8: There you go. There's my man. 448 00:21:55,200 --> 00:21:55,399 Speaker 5: All right. 449 00:21:55,440 --> 00:21:57,480 Speaker 2: George Hampton, thank you so much for joining us. George 450 00:21:57,560 --> 00:21:59,720 Speaker 2: is the president and see of cure Ax Pharmaceuticals, giving 451 00:21:59,800 --> 00:22:03,280 Speaker 2: us some more information on these some obesity drugs, the 452 00:22:03,280 --> 00:22:05,000 Speaker 2: weight loss drugs, and kind of where we are in 453 00:22:05,040 --> 00:22:07,040 Speaker 2: that pipeline. A lot of options out there, and it 454 00:22:07,040 --> 00:22:10,240 Speaker 2: seems like it's going to become even more pronounced going 455 00:22:10,240 --> 00:22:11,919 Speaker 2: forward as these companies continue to invest. 456 00:22:12,400 --> 00:22:15,480 Speaker 5: You're listening to the tape cans Are Live program Bloomberg 457 00:22:15,600 --> 00:22:19,199 Speaker 5: Markets weekdays at ten am Eastern on Bloomberg Radio, the 458 00:22:19,240 --> 00:22:22,480 Speaker 5: tune in app, Bloomberg dot Com, and the Bloomberg Business App. 459 00:22:22,520 --> 00:22:25,320 Speaker 5: You can also listen live on Amazon Alexa from our 460 00:22:25,359 --> 00:22:30,400 Speaker 5: flagship New York station. Just say Alexa, play Bloomberg eleven thirty. 461 00:22:32,080 --> 00:22:32,960 Speaker 8: Let's talk AI. 462 00:22:33,080 --> 00:22:35,240 Speaker 2: Why not because that was a big driver of this 463 00:22:35,320 --> 00:22:37,359 Speaker 2: market performance of this year. I couldn't tell you. I 464 00:22:37,400 --> 00:22:39,480 Speaker 2: wouldn't know AI if I tripped over. But people tell 465 00:22:39,480 --> 00:22:42,000 Speaker 2: me it's going to revolutionize the world. And we've got 466 00:22:42,000 --> 00:22:44,400 Speaker 2: one of those folks here, Charlie Hernandez. He's to see 467 00:22:44,440 --> 00:22:46,879 Speaker 2: of my pocket lawyer who joins us live here in 468 00:22:46,880 --> 00:22:50,800 Speaker 2: our Bloomberg Interactive Brokers Studio. So let's start, really thirty 469 00:22:50,840 --> 00:22:54,560 Speaker 2: thousand foot Charlie, what is MyPocket lawyer dot AI? 470 00:22:54,760 --> 00:22:57,440 Speaker 10: Well, let me start by saying the entire legal profession 471 00:22:57,480 --> 00:23:00,399 Speaker 10: is about to fundamentally change, and wait going to be 472 00:23:00,400 --> 00:23:02,280 Speaker 10: without a little bit of heartburn. Okay, the world doesn't 473 00:23:02,320 --> 00:23:04,439 Speaker 10: like to change, but luckily Silicon Valley is in the 474 00:23:04,440 --> 00:23:05,400 Speaker 10: business of changing world. 475 00:23:05,480 --> 00:23:06,160 Speaker 8: So I hear. 476 00:23:06,640 --> 00:23:09,400 Speaker 10: We've got something very exciting, which is the first time 477 00:23:09,560 --> 00:23:12,320 Speaker 10: AI technology is in the position where it can give reliable, 478 00:23:12,640 --> 00:23:15,919 Speaker 10: high quality, and most importantly affordable legal advice online and 479 00:23:15,960 --> 00:23:17,720 Speaker 10: that's going to change the landscape fundamentally. 480 00:23:18,600 --> 00:23:20,480 Speaker 4: Tell us a little bit about your background, Charlie, and 481 00:23:20,520 --> 00:23:21,400 Speaker 4: how you got into this. 482 00:23:21,840 --> 00:23:22,280 Speaker 8: Absolutely. 483 00:23:22,359 --> 00:23:24,479 Speaker 10: So I started a fintech company about four years ago 484 00:23:24,520 --> 00:23:27,040 Speaker 10: after doing a JDMBA out of Harvard, So my backgrounds 485 00:23:27,040 --> 00:23:27,840 Speaker 10: in business and law. 486 00:23:28,040 --> 00:23:29,440 Speaker 8: But I think the important thing. 487 00:23:29,320 --> 00:23:31,960 Speaker 10: Is that when we were at this fintech company, we 488 00:23:32,040 --> 00:23:36,200 Speaker 10: realize that consumers who are underserved from a financial perspective 489 00:23:36,240 --> 00:23:38,960 Speaker 10: also don't have access to legal resources. And this is 490 00:23:39,000 --> 00:23:41,359 Speaker 10: a huge problem in the US right now, especially when 491 00:23:41,400 --> 00:23:43,760 Speaker 10: you get to low income communities. Almost one hundred percent 492 00:23:43,800 --> 00:23:46,640 Speaker 10: of civil legal issues go completely unaddressed. And so that's 493 00:23:46,640 --> 00:23:49,879 Speaker 10: what this technology is designed to solve for, is that 494 00:23:50,760 --> 00:23:52,600 Speaker 10: we really have a big problem with people not getting 495 00:23:52,600 --> 00:23:54,359 Speaker 10: the legal help that they need in the US, and 496 00:23:54,440 --> 00:23:56,080 Speaker 10: for the first time, we have an ability to use 497 00:23:56,119 --> 00:23:58,160 Speaker 10: technology to get them that legal help. 498 00:23:58,200 --> 00:23:58,919 Speaker 8: How does it work? 499 00:24:00,000 --> 00:24:02,439 Speaker 10: If a beta product out right now which takes a 500 00:24:02,760 --> 00:24:04,679 Speaker 10: contract that you have any sort of legal document, we 501 00:24:04,680 --> 00:24:06,520 Speaker 10: will simplify it, we will summarize it, we will explain 502 00:24:06,560 --> 00:24:07,000 Speaker 10: it for you. 503 00:24:07,240 --> 00:24:08,520 Speaker 8: But that's really just the teaser. 504 00:24:08,560 --> 00:24:10,720 Speaker 10: The real product we're launching a month from now, and 505 00:24:10,760 --> 00:24:12,879 Speaker 10: that's what's going to fundamentally change everything because that is 506 00:24:12,880 --> 00:24:15,400 Speaker 10: a place where you can go. Any legal question you have, 507 00:24:15,640 --> 00:24:17,080 Speaker 10: you can go, you can get it answered in a 508 00:24:17,119 --> 00:24:19,679 Speaker 10: reliable way. But the challenges are there are a lot 509 00:24:19,680 --> 00:24:21,520 Speaker 10: of people who are afraid of this technology. Right you 510 00:24:21,520 --> 00:24:23,719 Speaker 10: can imagine how lawyers would react to this. Most lawyers 511 00:24:23,800 --> 00:24:26,080 Speaker 10: are anywhere between concerned too panicked. 512 00:24:25,800 --> 00:24:26,840 Speaker 8: At the idea of AI. 513 00:24:26,880 --> 00:24:29,159 Speaker 10: And so there are really three reasons why people have 514 00:24:29,200 --> 00:24:32,199 Speaker 10: opposition to this type of technology. The first one is 515 00:24:32,240 --> 00:24:34,159 Speaker 10: people are concerned that if you use AI to give 516 00:24:34,240 --> 00:24:36,720 Speaker 10: legal advice online, it will cause consumer harm if it 517 00:24:36,760 --> 00:24:39,320 Speaker 10: gives the wrong legal advice. Now, the answer to that, 518 00:24:39,400 --> 00:24:40,879 Speaker 10: and it's a really easy one, is that there is 519 00:24:40,960 --> 00:24:44,320 Speaker 10: real consumer harm happening right now every day by people who. 520 00:24:44,280 --> 00:24:45,640 Speaker 8: Do not have access to legal help. 521 00:24:45,880 --> 00:24:48,680 Speaker 10: The second piece of opposition is that people are concerned 522 00:24:48,680 --> 00:24:50,800 Speaker 10: that this will create a two tiered system where some 523 00:24:50,840 --> 00:24:53,320 Speaker 10: people will have access to lawyers wealthy people, and other 524 00:24:53,320 --> 00:24:56,240 Speaker 10: people will only have access to technology. Now that is wrong, 525 00:24:56,240 --> 00:24:58,720 Speaker 10: because there is already a two tiered system. Wealthy people 526 00:24:58,800 --> 00:25:01,719 Speaker 10: have access to lawyers, everybody else doesn't have access to anything. 527 00:25:01,960 --> 00:25:03,800 Speaker 10: And now the third piece of opposition for why people 528 00:25:03,840 --> 00:25:06,159 Speaker 10: are afraid of this technology is lawyers are afraid it 529 00:25:06,160 --> 00:25:09,000 Speaker 10: will take their jobs. And why I'm here to say 530 00:25:09,119 --> 00:25:10,919 Speaker 10: that we've built this technology in a way that all 531 00:25:10,920 --> 00:25:12,960 Speaker 10: it is going to do is get lawyers more work, 532 00:25:13,080 --> 00:25:15,439 Speaker 10: more clients, access to people that never would have had 533 00:25:15,480 --> 00:25:17,760 Speaker 10: access to lawyers before, and more revenue streams. 534 00:25:17,800 --> 00:25:18,840 Speaker 8: So it's really a win for everything. 535 00:25:19,080 --> 00:25:20,679 Speaker 2: How do you see that playing out? How does that 536 00:25:21,040 --> 00:25:21,720 Speaker 2: scenario work? 537 00:25:21,840 --> 00:25:24,520 Speaker 10: So there are millions of people across the country right 538 00:25:24,520 --> 00:25:26,840 Speaker 10: now who don't have access to lawyers at all, and 539 00:25:26,960 --> 00:25:28,760 Speaker 10: these are some of the most entrepreneurial people in our 540 00:25:28,800 --> 00:25:31,480 Speaker 10: workforce right These are immigrancies or people starting businesses and 541 00:25:31,520 --> 00:25:33,880 Speaker 10: they can't afford lawyers, and so in the short term, 542 00:25:33,880 --> 00:25:35,520 Speaker 10: these are people who can go to a lawyer and 543 00:25:35,640 --> 00:25:37,480 Speaker 10: for the first time they will have access to legal 544 00:25:37,520 --> 00:25:39,440 Speaker 10: help in a much more efficient way because by the 545 00:25:39,480 --> 00:25:41,960 Speaker 10: time we send people through our technology to an attorney, 546 00:25:42,119 --> 00:25:44,520 Speaker 10: to our network of attorneys, it is packaged in a 547 00:25:44,560 --> 00:25:46,159 Speaker 10: really efficient way that we have a memo, we have 548 00:25:46,200 --> 00:25:48,320 Speaker 10: a brief put together. They know exactly what the case 549 00:25:48,320 --> 00:25:51,320 Speaker 10: issue is, what the context is. We have a recommendation 550 00:25:51,400 --> 00:25:53,560 Speaker 10: for the course of action. So if it used to 551 00:25:53,560 --> 00:25:55,399 Speaker 10: take them three hours to bring on a new client, 552 00:25:55,440 --> 00:25:56,760 Speaker 10: they can now do it in thirty minutes. 553 00:25:57,000 --> 00:25:59,480 Speaker 4: So give us an example of this, Charlie. Let's say 554 00:25:59,480 --> 00:26:02,960 Speaker 4: maybe I mean you're in a car accident or something 555 00:26:03,000 --> 00:26:05,360 Speaker 4: and you're seeking you know, maybe you're like, oh, could 556 00:26:05,359 --> 00:26:07,879 Speaker 4: I sue? Could I get damages? And so is this 557 00:26:07,920 --> 00:26:09,760 Speaker 4: going to be like a smartphone app? Like what do 558 00:26:09,800 --> 00:26:10,040 Speaker 4: you do? 559 00:26:10,400 --> 00:26:11,200 Speaker 8: It is so easy. 560 00:26:11,240 --> 00:26:12,920 Speaker 10: All you have to do is go to MyPocket Lawyer 561 00:26:12,960 --> 00:26:15,399 Speaker 10: dot AI and you ask your question. It'll guide you 562 00:26:15,400 --> 00:26:17,600 Speaker 10: through a series of prompts that'll say, Okay, where did 563 00:26:17,640 --> 00:26:18,359 Speaker 10: this accident happen? 564 00:26:18,440 --> 00:26:20,560 Speaker 8: Was it in California. Was it in New York? Do 565 00:26:20,640 --> 00:26:23,199 Speaker 8: you have a driver's insurance policy? If so, upload it. 566 00:26:23,240 --> 00:26:23,880 Speaker 8: We'll take a look. 567 00:26:23,920 --> 00:26:25,800 Speaker 10: We'll get I guess of what your damages might be, 568 00:26:25,840 --> 00:26:28,080 Speaker 10: what your liability might be. And if this is something 569 00:26:28,080 --> 00:26:30,200 Speaker 10: that we can solve with the technology alone, we will. 570 00:26:30,240 --> 00:26:32,240 Speaker 10: And that's it, and it's easy. If it's something that 571 00:26:32,280 --> 00:26:34,280 Speaker 10: we need to escalate to a lawyer, we will look 572 00:26:34,320 --> 00:26:36,240 Speaker 10: for you in your local area. We will find a 573 00:26:36,320 --> 00:26:40,399 Speaker 10: lawyer that is specifically focusing on this practice area, and 574 00:26:40,400 --> 00:26:41,639 Speaker 10: we will put you in touch with that person and 575 00:26:41,640 --> 00:26:44,080 Speaker 10: we'll send all that information obviously with your consent to 576 00:26:44,119 --> 00:26:45,520 Speaker 10: that lawyer to put you in the position to get 577 00:26:45,520 --> 00:26:46,080 Speaker 10: your help you need. 578 00:26:46,320 --> 00:26:48,280 Speaker 4: And you have attorneys that are like signed onto the 579 00:26:48,359 --> 00:26:50,760 Speaker 4: network already that this is I mean, I guess do 580 00:26:50,840 --> 00:26:52,480 Speaker 4: they see this as good for their business? 581 00:26:52,560 --> 00:26:54,720 Speaker 10: So the funny thing is most attorneys are really really 582 00:26:54,760 --> 00:26:57,080 Speaker 10: excited about this. There's a movement in the legal profession 583 00:26:57,080 --> 00:27:00,159 Speaker 10: called the Access to Justice movement, which essentially recognizes the 584 00:27:00,280 --> 00:27:02,480 Speaker 10: massive need for this type of help across the US 585 00:27:02,560 --> 00:27:04,240 Speaker 10: right now and by the way, beyond the US too. 586 00:27:04,600 --> 00:27:07,000 Speaker 10: And so we've had tons of attorneys tell us not 587 00:27:07,040 --> 00:27:09,040 Speaker 10: only that they are really excited about this, but that 588 00:27:09,040 --> 00:27:11,440 Speaker 10: they want to invest. And this is everyday attorneys, small 589 00:27:11,480 --> 00:27:13,520 Speaker 10: and medium sized law firm attorneys all the way up 590 00:27:13,520 --> 00:27:16,359 Speaker 10: to massive law firm partners and even some celebrity lawyers. 591 00:27:16,359 --> 00:27:18,400 Speaker 2: Also, how are you funding this thing? 592 00:27:19,280 --> 00:27:20,600 Speaker 8: This is where it gets really exciting. 593 00:27:20,640 --> 00:27:22,600 Speaker 10: So I mentioned earlier that Silicon Valley is in the 594 00:27:22,640 --> 00:27:25,440 Speaker 10: business of changing worlds. This is an eight hundred billion 595 00:27:25,480 --> 00:27:28,840 Speaker 10: dollar industry and Silicon Valley is just dying to disrupt 596 00:27:28,840 --> 00:27:31,280 Speaker 10: this industry. There is no more antiquated industry out there 597 00:27:31,400 --> 00:27:32,840 Speaker 10: than the legal profession right now. 598 00:27:33,000 --> 00:27:33,960 Speaker 8: It is so inefficient. 599 00:27:34,000 --> 00:27:35,920 Speaker 10: There are so many places where we can make changes, 600 00:27:36,160 --> 00:27:39,480 Speaker 10: and Silicon Valley investors are Let me ask you a question, 601 00:27:39,640 --> 00:27:40,600 Speaker 10: when is the do you. 602 00:27:40,560 --> 00:27:43,439 Speaker 8: Remember the first time you took an uber? Sure? Yeah, 603 00:27:43,440 --> 00:27:44,679 Speaker 8: really you do? Sure? 604 00:27:45,640 --> 00:27:48,800 Speaker 2: Tell me a marketing trip in La Okay? 605 00:27:48,800 --> 00:27:50,840 Speaker 4: Wow, I couldn't tell you. Okay, keep going? 606 00:27:50,880 --> 00:27:54,480 Speaker 10: And how much of a better experience for that is 607 00:27:54,480 --> 00:27:56,080 Speaker 10: the experience that we are promising people. 608 00:27:55,920 --> 00:27:57,800 Speaker 8: With my pot It's a big promise, dude, it is. 609 00:27:57,880 --> 00:28:00,280 Speaker 10: And there it's all of the same challenges, right. I mean, 610 00:28:00,280 --> 00:28:03,359 Speaker 10: you have this highly regulated industry. There is not a 611 00:28:03,400 --> 00:28:06,200 Speaker 10: free market open and you have this embedded industry group 612 00:28:06,240 --> 00:28:09,320 Speaker 10: that has access to lobbyists. There's regulatory capture at play, 613 00:28:09,520 --> 00:28:11,320 Speaker 10: and they don't want to give up the revenue stream 614 00:28:11,320 --> 00:28:13,320 Speaker 10: of basically what was the taxi industry group back then. 615 00:28:13,440 --> 00:28:15,639 Speaker 10: That's what the legal profession is right now. That's the 616 00:28:15,680 --> 00:28:17,359 Speaker 10: fight that we're waging, and I'm telling you it is 617 00:28:17,400 --> 00:28:18,000 Speaker 10: going to be a war. 618 00:28:18,040 --> 00:28:20,159 Speaker 2: What kind of competition? Who do you think your competition 619 00:28:20,359 --> 00:28:23,280 Speaker 2: is out there? Is there any technological competition to you 620 00:28:23,359 --> 00:28:23,680 Speaker 2: out there? 621 00:28:23,680 --> 00:28:25,919 Speaker 10: In terms of this, we are the most technologically advanced 622 00:28:25,960 --> 00:28:28,960 Speaker 10: from an AI perspective in the consumer legal tech space. 623 00:28:29,200 --> 00:28:33,080 Speaker 10: Now that said, our competition really isn't other legal tech 624 00:28:33,119 --> 00:28:36,720 Speaker 10: competitors or even incumbents. What the competition is is people 625 00:28:36,760 --> 00:28:38,440 Speaker 10: not seeking out the help that they need. So people 626 00:28:38,440 --> 00:28:40,640 Speaker 10: who don't recognize that they have a legal problem, people 627 00:28:40,640 --> 00:28:41,920 Speaker 10: who don't think that they can afford a. 628 00:28:41,920 --> 00:28:43,720 Speaker 8: Lawyer, people who are scared to go to a lawyer. 629 00:28:43,760 --> 00:28:45,160 Speaker 10: So that can be you know, we have a lot 630 00:28:45,200 --> 00:28:46,960 Speaker 10: of folks who are immigrants who need this type of 631 00:28:46,960 --> 00:28:49,480 Speaker 10: help and they're scared because they're undocumented, they don't want 632 00:28:49,480 --> 00:28:50,160 Speaker 10: to go to a lawyer. 633 00:28:50,280 --> 00:28:52,400 Speaker 8: It can be startups who think they can afford a lawyer. 634 00:28:52,680 --> 00:28:53,160 Speaker 8: It can be. 635 00:28:53,240 --> 00:28:56,360 Speaker 10: Anybody who doesn't get the legal help that they need. 636 00:28:56,440 --> 00:28:58,440 Speaker 10: That is the challenge is that they don't realize yet 637 00:28:58,480 --> 00:28:59,960 Speaker 10: that this type of access is out there. 638 00:29:00,320 --> 00:29:02,160 Speaker 4: How does this make money? 639 00:29:02,400 --> 00:29:05,920 Speaker 10: It's a really good question. So it is a two 640 00:29:06,080 --> 00:29:06,760 Speaker 10: process system. 641 00:29:06,800 --> 00:29:08,920 Speaker 8: Basically. The first one is a subscription model. 642 00:29:09,000 --> 00:29:10,880 Speaker 10: So if you think about how much it costs for 643 00:29:10,920 --> 00:29:13,080 Speaker 10: somebody to go to a lawyer right now, the average 644 00:29:13,080 --> 00:29:15,479 Speaker 10: hourly cost is about three hundred and fifty dollars an 645 00:29:15,520 --> 00:29:16,040 Speaker 10: hour to year. 646 00:29:16,080 --> 00:29:18,680 Speaker 4: It sounds low. Maybe that's my New York mind. 647 00:29:18,720 --> 00:29:19,680 Speaker 8: That's because we're in New York. 648 00:29:19,760 --> 00:29:20,560 Speaker 4: Okay, I'm jaded. 649 00:29:20,680 --> 00:29:22,160 Speaker 10: Yeah, I mean you go in New York market and 650 00:29:22,200 --> 00:29:24,120 Speaker 10: you're talking one thousand dollars twelve hundred dollars an hour, 651 00:29:24,160 --> 00:29:25,840 Speaker 10: especially when you start to get into the areas of 652 00:29:25,880 --> 00:29:28,040 Speaker 10: startup law, real estate law people who are trying to 653 00:29:28,040 --> 00:29:30,520 Speaker 10: close on homes. But when you go to even rural 654 00:29:30,560 --> 00:29:32,920 Speaker 10: areas where people don't really have access to lawyers, it's 655 00:29:32,920 --> 00:29:35,400 Speaker 10: still extremely expensive to get an attorney. And so we 656 00:29:35,440 --> 00:29:39,320 Speaker 10: can charge a small amounts subscription model that really is 657 00:29:39,360 --> 00:29:42,200 Speaker 10: a phenomenal alternative to having to go directly to a lawyer. 658 00:29:42,280 --> 00:29:43,160 Speaker 8: Now that's the first piece. 659 00:29:43,480 --> 00:29:46,360 Speaker 10: The second piece is lawyers spend a ton of money 660 00:29:46,400 --> 00:29:49,160 Speaker 10: every year on trying to acquire new clients, and we 661 00:29:49,200 --> 00:29:51,600 Speaker 10: can make this job so much easier for them. They 662 00:29:51,640 --> 00:29:54,520 Speaker 10: are huge, untapped pool of pools of consumers out there 663 00:29:54,840 --> 00:29:56,920 Speaker 10: that need access to legal help and we can send 664 00:29:56,960 --> 00:29:58,800 Speaker 10: all of those people to lawyers, and lawyers are willing 665 00:29:58,800 --> 00:29:59,960 Speaker 10: to pay us big bucks. 666 00:29:59,680 --> 00:30:00,000 Speaker 8: To do that. 667 00:30:00,560 --> 00:30:02,880 Speaker 2: So where are you in terms of the rollout of 668 00:30:02,880 --> 00:30:04,160 Speaker 2: this product and service. 669 00:30:04,400 --> 00:30:06,440 Speaker 10: So this is where it gets really exciting. A month 670 00:30:06,480 --> 00:30:08,920 Speaker 10: from now, we've got the technology built already. We are 671 00:30:08,920 --> 00:30:10,840 Speaker 10: going to roll it out in about a month, and 672 00:30:11,840 --> 00:30:14,280 Speaker 10: it's going to cause a It's going to ruffle a 673 00:30:14,280 --> 00:30:14,880 Speaker 10: lot of feathers. 674 00:30:14,920 --> 00:30:15,400 Speaker 8: I'll tell you. 675 00:30:15,440 --> 00:30:18,200 Speaker 10: We've already gotten lawsuit threats, We've gotten a cease and 676 00:30:18,240 --> 00:30:20,720 Speaker 10: assist from a competitor. People are not going to be 677 00:30:20,720 --> 00:30:22,480 Speaker 10: happy about this, and it is going to be a big, 678 00:30:22,520 --> 00:30:24,400 Speaker 10: big fight. I mean to use the Uber example again. 679 00:30:24,440 --> 00:30:26,320 Speaker 10: You remember all of the challenges that they had when 680 00:30:26,320 --> 00:30:29,080 Speaker 10: they came into these new cities, and the taxi industry groups, 681 00:30:29,080 --> 00:30:32,400 Speaker 10: taxi and livery, the departments of transportation. They didn't want 682 00:30:32,440 --> 00:30:34,640 Speaker 10: to let their golden goose go. And that is the 683 00:30:34,680 --> 00:30:37,040 Speaker 10: fundamental sea change that has happened in the legal profession 684 00:30:37,080 --> 00:30:37,480 Speaker 10: right now. 685 00:30:37,680 --> 00:30:40,080 Speaker 4: Are there particular areas of law you think that this 686 00:30:40,120 --> 00:30:42,200 Speaker 4: is going to be more successful in than others? 687 00:30:43,000 --> 00:30:46,080 Speaker 10: Absolutely, So let me just give you an example. In 688 00:30:46,200 --> 00:30:49,760 Speaker 10: landlord tenant law, we have an eviction filing happening every 689 00:30:49,800 --> 00:30:53,040 Speaker 10: fifteen seconds here in the US. In those eviction cases, 690 00:30:53,680 --> 00:30:56,880 Speaker 10: ninety percent of the landlords have access to council, only 691 00:30:56,920 --> 00:31:01,000 Speaker 10: ten percent of the tenants due. And you can imagine 692 00:31:01,000 --> 00:31:03,160 Speaker 10: what happens there when you're an unrepresented tenant going up 693 00:31:03,160 --> 00:31:06,040 Speaker 10: against the landlord who has an expensive lawyer, You're not 694 00:31:06,080 --> 00:31:09,040 Speaker 10: going to prevail. So things like landlord tenant law, things 695 00:31:09,160 --> 00:31:13,320 Speaker 10: like family law, employment law, wage garnishment issues, startups who 696 00:31:13,320 --> 00:31:15,160 Speaker 10: don't have access to this, small businesses who don't have 697 00:31:15,200 --> 00:31:19,200 Speaker 10: access to this, debt, consumer debt, bankruptcy. Really, I mean, 698 00:31:19,440 --> 00:31:21,360 Speaker 10: I hate to be so expansive, but that is really 699 00:31:21,400 --> 00:31:25,400 Speaker 10: the scalability of this technology that we're talking about. It's 700 00:31:25,600 --> 00:31:27,880 Speaker 10: phenomenally applicable and it really is going to change the 701 00:31:27,880 --> 00:31:28,880 Speaker 10: game day one. 702 00:31:28,920 --> 00:31:31,840 Speaker 2: How do you start awareness of the build awareness of 703 00:31:31,880 --> 00:31:33,320 Speaker 2: this out there for your target market. 704 00:31:33,760 --> 00:31:38,240 Speaker 10: So we are being as loud as we can be 705 00:31:38,440 --> 00:31:41,240 Speaker 10: about the fact that there is a potential for a 706 00:31:41,320 --> 00:31:45,680 Speaker 10: new world's approach here. The world could look very differently 707 00:31:45,680 --> 00:31:48,600 Speaker 10: when this technology is available, and so we're trying to 708 00:31:48,640 --> 00:31:50,920 Speaker 10: basically communicate it to consumers. We're saying, hey, this could 709 00:31:50,920 --> 00:31:53,200 Speaker 10: be very different. You don't have to take a taxi anymore, 710 00:31:53,240 --> 00:31:54,560 Speaker 10: you can take an uber. You don't have to go 711 00:31:54,600 --> 00:31:56,440 Speaker 10: to an expensive lawyer right away anymore. You can go 712 00:31:56,480 --> 00:31:59,360 Speaker 10: to my pocket lawyer. That's the communication process that we're doing. 713 00:31:59,360 --> 00:32:01,320 Speaker 10: That's why it's really important to talk to folks like you, 714 00:32:01,360 --> 00:32:03,880 Speaker 10: and I think the interesting thing that's been happening is 715 00:32:03,920 --> 00:32:08,959 Speaker 10: that for probably over a decade, lawyers have recognized the 716 00:32:09,040 --> 00:32:12,680 Speaker 10: challenges that the access to justice crisis represents. That lawyers 717 00:32:13,000 --> 00:32:14,960 Speaker 10: are embedded. They don't want to give up the revenue 718 00:32:15,000 --> 00:32:16,480 Speaker 10: streams that they have, and they think they have to. 719 00:32:16,560 --> 00:32:18,120 Speaker 10: We're telling them that you don't. We're telling them that 720 00:32:18,160 --> 00:32:20,640 Speaker 10: we can actually make you more money by serving more clients. 721 00:32:21,000 --> 00:32:24,480 Speaker 10: And the challenge always has been the legal community doesn't 722 00:32:24,560 --> 00:32:27,600 Speaker 10: communicate with the business community. Right I was a JDMBA, 723 00:32:27,760 --> 00:32:29,600 Speaker 10: so I was on both the law side and the 724 00:32:29,640 --> 00:32:32,680 Speaker 10: business side, and there is very little communication. I go 725 00:32:32,720 --> 00:32:34,800 Speaker 10: to these law conferences, I am the only person from 726 00:32:34,800 --> 00:32:37,120 Speaker 10: the business side there, and I'm especially the only person 727 00:32:37,160 --> 00:32:40,240 Speaker 10: from Silicon Valley there. Silicon Valley they didn't used to 728 00:32:40,240 --> 00:32:42,080 Speaker 10: invest in legal tech. That is something new for them 729 00:32:42,080 --> 00:32:43,440 Speaker 10: and it is very exciting. 730 00:32:43,360 --> 00:32:46,040 Speaker 2: Interesting, fascinating story. Charlie, thanks for coming in and sharing 731 00:32:46,080 --> 00:32:48,880 Speaker 2: it with us. Charlee and Hernandez CEO of My Pocket Lawyer. 732 00:32:49,720 --> 00:32:52,800 Speaker 2: Thanks for listening to the Bloomberg Markets podcast. You can 733 00:32:52,840 --> 00:32:56,600 Speaker 2: subscribe and listen to interviews at Apple Podcasts or whatever 734 00:32:56,680 --> 00:32:58,200 Speaker 2: podcast platform you prefer. 735 00:32:58,560 --> 00:33:01,840 Speaker 1: I'm Matt Miller. I'm on Twitter at Matt Miller nineteen 736 00:33:01,920 --> 00:33:02,520 Speaker 1: seventy three. 737 00:33:03,000 --> 00:33:05,360 Speaker 2: And I'm fall Sweeney. I'm on Twitter at pt Sweeney. 738 00:33:05,480 --> 00:33:08,160 Speaker 2: Before the podcast, you can always catch us worldwide at 739 00:33:08,160 --> 00:33:09,920 Speaker 2: Bloomberg Radio.