WEBVTT - The Wild West of Cryptocurrencies 0:00:01.800 --> 0:00:04.400 This is Bloomberg Business Week. I'm Charle Masser and I'm 0:00:04.440 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanobek. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the world of business and finance, 0:00:09.840 --> 0:00:13.600 plus technology, politics, economics, all furnessing the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:19.480 analysts in more than one hundred and twenty countries. You 0:00:19.520 --> 0:00:22.800 can download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg 0:00:22.840 --> 0:00:24.840 dot Com. You can also listen to our radio show 0:00:24.840 --> 0:00:27.520 at two pm Eastern Time on Bloomberg Radio, or watch 0:00:27.600 --> 0:00:31.880 us on YouTube search Bloomberg Global News. Well around the world, 0:00:32.320 --> 0:00:35.839 COVID cases topping one hundred sixty nine million, deaths exceeding 0:00:35.920 --> 0:00:38.800 three point five million, more than one point seven eight 0:00:38.800 --> 0:00:42.440 billion doses of the vaccine have been given, and here 0:00:42.680 --> 0:00:44.720 closer to home, at least from me New York City. 0:00:44.760 --> 0:00:47.520 Past a milestone in the outbreaks easing as the seven 0:00:47.600 --> 0:00:50.120 day average for positive tests fell below one percent for 0:00:50.159 --> 0:00:52.600 the first time this year. Let's get into all that 0:00:52.640 --> 0:00:55.360 and more with Dr Ian lust Bader, clinical professor of 0:00:55.400 --> 0:00:58.120 medicine at n y U Lango Medical Center. He joins 0:00:58.200 --> 0:01:00.800 US now on the phone from Long Island. Dr LUs Beder, 0:01:01.040 --> 0:01:04.400 good to talk to you today. How are you, tim 0:01:04.800 --> 0:01:08.040 Always a pleasure, Happy Friday, doing very well, Happy Friday. 0:01:08.080 --> 0:01:10.680 I'm wondering how you're seeing this play out in in 0:01:10.720 --> 0:01:13.720 your own experience at n y U. H the seven 0:01:13.760 --> 0:01:16.520 day average for positive tests falling below one percent for 0:01:16.560 --> 0:01:21.720 the first time this year. Definitely a dramatic reduction and hospitalizations. 0:01:21.720 --> 0:01:25.640 There's still a few uh COVID bids UH at n 0:01:25.760 --> 0:01:28.680 y U, so it's not zero, but as you say, 0:01:28.840 --> 0:01:32.399 it's below one percent, and certainly the number of new 0:01:32.440 --> 0:01:36.240 cases and cases that need to be hospitalized are down dramatically, 0:01:36.280 --> 0:01:39.000 and you know, we're seeing that in the United States, 0:01:39.000 --> 0:01:43.120 which just encouraging. Cases coming down, and we have obviously 0:01:43.160 --> 0:01:46.040 a number of people who've who've had it and who've 0:01:46.040 --> 0:01:50.040 been immunized, so we're approaching herd immunity, you know, around 0:01:50.080 --> 0:01:53.280 the world. Definitely, I don't think that this is over 0:01:53.400 --> 0:01:55.960 yet by any stretch of the imagination. Well, I'm wondering 0:01:56.320 --> 0:01:58.960 if you think it will will get to the point 0:01:59.000 --> 0:02:04.720 that that the President has made a goal of US 0:02:04.760 --> 0:02:08.320 adults having one shot by the fourth of July, and 0:02:08.639 --> 0:02:11.600 we're just over six at this point. That's a that's 0:02:11.600 --> 0:02:13.239 a goal that he's put out. Are we going to 0:02:13.280 --> 0:02:17.000 make it? You know? I hope so. I think so. 0:02:17.440 --> 0:02:21.400 We still have a small um group, but a strong 0:02:21.480 --> 0:02:26.200 group a vaccine hesitant people who you know, watch videos 0:02:26.240 --> 0:02:30.120 on YouTube and on the internet and uh and or 0:02:31.120 --> 0:02:35.880 our hesitant based on on a variety of videos and 0:02:35.960 --> 0:02:38.440 other information they get. You know, we do try and 0:02:38.520 --> 0:02:42.840 reassure people. Nothing is a pent for sure. Um, I 0:02:42.880 --> 0:02:45.160 can tell that we're certainly not going to get to 0:02:45.200 --> 0:02:48.960 a p with vaccine hesitant people, but I think will 0:02:49.000 --> 0:02:50.680 be in a much safer zone if we get to 0:02:50.720 --> 0:02:54.240 that seventy and I think getting that by July fourth 0:02:54.360 --> 0:02:57.120 is reasonable. Yes, the latest numbers from the CDC telling 0:02:57.200 --> 0:03:00.480 us that of the population eighteen years of age or 0:03:00.520 --> 0:03:03.280 old or have received at least one dose of the vaccine. 0:03:03.720 --> 0:03:08.119 I'm wondering about how incentives can play into this. As 0:03:08.160 --> 0:03:10.760 you heard me mentioned earlier in the show, California is 0:03:10.800 --> 0:03:12.960 just the latest state to offer a vaccine lottery, a 0:03:13.040 --> 0:03:17.200 hundred and sixteen point five million dollars in prizes available. 0:03:17.720 --> 0:03:21.440 This seems to be working, doesn't it. You know, it 0:03:21.520 --> 0:03:24.079 is to a degree. I don't think this has been 0:03:24.120 --> 0:03:28.400 done before. I'm unaware of any vaccine incentives that we've 0:03:28.440 --> 0:03:31.000 done in the recent past that I can think of. 0:03:31.600 --> 0:03:34.800 But whether it's a New York state with UM free 0:03:35.080 --> 0:03:39.480 uh university, state university or city university tuition, you know, 0:03:39.640 --> 0:03:43.760 in in a raffle um or prize money, uh, you know, 0:03:44.080 --> 0:03:47.240 it is a public health crisis, and I think I 0:03:47.280 --> 0:03:49.480 think it makes sense to do it. It's certainly going 0:03:49.520 --> 0:03:52.320 to capture many I don't know if all the vaccine 0:03:52.320 --> 0:03:55.160 hesitant people, but I think as long as it's um 0:03:55.640 --> 0:03:59.160 a positive step forward, I I support it. I'm one 0:03:59.200 --> 0:04:01.160 of the tens of million of people in the United States. 0:04:01.160 --> 0:04:04.680 You This weekend we'll be traveling to visit family, and 0:04:05.120 --> 0:04:06.920 it will be the first time that I've seen my 0:04:07.000 --> 0:04:11.680 grandmother in since March of last year. She's everybody's vaccinated. 0:04:11.680 --> 0:04:13.880 We're excited to all see each other. But I gotta 0:04:13.920 --> 0:04:17.159 tell you, it feels like for me, because we're all vaccinated, 0:04:17.200 --> 0:04:19.840 that that things are going to be just like they 0:04:19.839 --> 0:04:22.320 were before the pandemic. And I'm not expecting us to 0:04:22.360 --> 0:04:26.560 do anything differently. Are we making a mistake by doing that? No, 0:04:26.880 --> 0:04:28.680 I don't. I don't think so. And by the way, 0:04:28.720 --> 0:04:34.160 congratulations on good genes Heaven Griff. Very impressive, I must say, 0:04:34.240 --> 0:04:37.440 so that's that's a positive UM. But I think the 0:04:37.560 --> 0:04:41.000 data it really is reassuring in terms of being with 0:04:41.120 --> 0:04:45.560 vaccinated UM people in groups, even if you haven't seen 0:04:45.600 --> 0:04:48.120 them for a while. I think it is safe. Ideally, 0:04:48.160 --> 0:04:49.920 you know, if you can sit outside, if the weather 0:04:50.000 --> 0:04:52.359 is nice, if you can, you know, still keep that 0:04:52.440 --> 0:04:55.359 six ft apart, maybe a gentle hug and then and 0:04:55.400 --> 0:04:57.480 then step back a little bit, you know, just to 0:04:57.560 --> 0:05:02.840 be safe. But I think the data is very clear that, uh, 0:05:03.040 --> 0:05:06.920 staying together with that vascinated groups indoors or outdoors, as 0:05:06.960 --> 0:05:10.480 the CDC said, is certainly fine to do. And even 0:05:10.480 --> 0:05:12.880 though we occasionally find a little bit of virus in 0:05:12.920 --> 0:05:16.080 the naves of parents, you know, with swabs like the Yankees, 0:05:16.279 --> 0:05:18.480 you know that we've talked about, I think it's going 0:05:18.520 --> 0:05:22.520 to be very safe. And I think the emotional positivity 0:05:22.600 --> 0:05:24.760 of being with family, for your ninety eight year old 0:05:24.800 --> 0:05:31.000 grandmother to see her grandkids and family, has such a 0:05:31.040 --> 0:05:35.000 positive energy that I think that that far outweighs the 0:05:35.120 --> 0:05:38.600 very small risk of of getting an infection. Yeah, we're 0:05:38.600 --> 0:05:41.160 certainly excited about it our Our two year old gets 0:05:41.160 --> 0:05:43.159 to see her for the first time, you know, in 0:05:43.320 --> 0:05:46.720 more than half his life. Um, Dr les Bader, if 0:05:46.760 --> 0:05:49.039 we were doing this interview six seven months ago, we'd 0:05:49.040 --> 0:05:52.440 be talking about the potential spike in cases following Thanksgiving 0:05:52.520 --> 0:05:54.440 or following Christmas. Just in the last minute that we have, 0:05:54.480 --> 0:05:56.400 and we'll come back with you. Do you expect to 0:05:56.440 --> 0:05:59.640 see a similar spike in cases because they are down dramatically, 0:05:59.680 --> 0:06:03.960 but after this holiday weekend. I don't think we're going 0:06:04.000 --> 0:06:08.080 to see as big as spike because of the widespread vaccinations. 0:06:08.240 --> 0:06:11.640 I think in the US we're on a good trend. Globally, 0:06:11.760 --> 0:06:14.200 I'm not so sure at all that this is over. 0:06:14.279 --> 0:06:17.360 I think we're having under reporting of many cases from 0:06:17.400 --> 0:06:20.479 many countries, but I think we're good in the United States. 0:06:20.520 --> 0:06:22.559 I don't think we're going to see a meaningful spike 0:06:22.640 --> 0:06:26.720 after the holiday weekend, but certainly globally it is by 0:06:26.720 --> 0:06:28.800 no means over. Well, let's get right back to it 0:06:28.839 --> 0:06:32.120 with Dr Ian LUs beda clinical clinical professor of medicine. 0:06:32.120 --> 0:06:34.200 Excuse me, Dr LUs Better at n y U Landgo 0:06:34.400 --> 0:06:37.040 Medical Center joining us on the phone from Long Island. 0:06:37.120 --> 0:06:40.760 Dr LUs Better, I want to get to the idea 0:06:40.760 --> 0:06:44.000 of COVID long haulers. It's something that we started to 0:06:44.000 --> 0:06:47.080 hear about about a year ago. And those folks you've 0:06:47.320 --> 0:06:51.400 had lingering COVID symptoms, what do we know about how 0:06:51.400 --> 0:06:55.520 they can be treated now? Well, it's definitely a challenge. 0:06:55.920 --> 0:06:59.640 We are seeing a subset of patients who really have 0:06:59.839 --> 0:07:03.719 the these ongoing symptoms, ongoing chest paint, pok shortness of breath, 0:07:04.120 --> 0:07:08.800 brain fog um, heart issues. And we do know the 0:07:08.880 --> 0:07:13.960 virus effects every organ. In other words, we see uh, myocarditis, 0:07:14.000 --> 0:07:19.040 cardiac inflammation, kidney certainly long you know, obviously we've had 0:07:19.640 --> 0:07:24.480 Why most people resolve almost too normal and why other 0:07:24.600 --> 0:07:28.040 people have these ongoing symptoms isn't completely clear. There are 0:07:28.080 --> 0:07:30.480 a number of clinics and why you recently has a 0:07:30.520 --> 0:07:35.720 new clinic for long bawlers or post COVID syndrome. It's 0:07:35.760 --> 0:07:39.120 not as if we have a magic pill, but we 0:07:39.240 --> 0:07:42.320 certainly are really trying to learn about this and and 0:07:42.360 --> 0:07:45.000 follow those patients kind of study the patient's try a 0:07:45.080 --> 0:07:48.960 variety of different approaches. There's some evidence that some of 0:07:48.960 --> 0:07:54.000 those patients um after they get vaccinated, even though they've 0:07:54.040 --> 0:07:56.600 had COVID obviously and they have long haawl of syndrome 0:07:57.200 --> 0:08:00.240 post COVID syndrome. If you give them a vaccine, a 0:08:00.280 --> 0:08:02.880 subset of those do get better. So that's still another 0:08:03.640 --> 0:08:07.040 uh motivation for people even if they've had it, to 0:08:07.160 --> 0:08:10.520 get the vaccine. But there's definitely an ongoing set. I've 0:08:10.520 --> 0:08:14.239 had patients for a year who have just felt terribly 0:08:14.400 --> 0:08:16.720 even though they have the antibodies, and even though they've 0:08:16.800 --> 0:08:19.080 gone through it and their family has gone through it 0:08:19.120 --> 0:08:22.040 and the family feels better, they do not very hard 0:08:22.080 --> 0:08:25.560 to tease out exactly what that is or the magic 0:08:25.680 --> 0:08:28.720 formula to make them better. Yeah, I mean, I'm glad 0:08:28.760 --> 0:08:31.400 you mentioned the anecdotal evidence that we had seen earlier 0:08:31.440 --> 0:08:34.800 this year about those who had been vaccinated the symptoms 0:08:34.800 --> 0:08:38.360 actually getting better. Do we have anything beyond anecdotal at 0:08:38.360 --> 0:08:42.679 this point? There are no really formal studies. All of 0:08:42.720 --> 0:08:45.080 those studies are really being done, and there are a 0:08:45.120 --> 0:08:49.679 number of clinics that are being followed. And typically it's 0:08:49.720 --> 0:08:53.360 a multi specialty approach. In other words, will have pullman 0:08:53.559 --> 0:08:58.960 pulmonologists involved, lung specialists and neurologists involved. Uh. It's really 0:08:59.000 --> 0:09:03.040 a number of different specialties and they're really analyzed. We 0:09:03.120 --> 0:09:06.480 try a number of approaches for symptomatic treatment and anti 0:09:06.600 --> 0:09:08.880 viral treatment and a host of different things, but there 0:09:08.960 --> 0:09:12.360 is not a consensus. Certainly, it would be interesting to 0:09:12.400 --> 0:09:16.640 look at some things like ivermectin that that has been 0:09:16.679 --> 0:09:20.319 looked at for prevention and treatment. I think we're going 0:09:20.360 --> 0:09:25.439 to have to explore some unusual or untried approaches since 0:09:25.520 --> 0:09:29.280 this is basically new and we're really learning trying to 0:09:29.400 --> 0:09:32.720 learn how to deal with it as best as can be. Fortunately, 0:09:32.720 --> 0:09:36.599 it's a small group of patients, but they are very intractable. 0:09:37.320 --> 0:09:42.040 Many are miserable, and many have difficulty really returning to work. Yeah, 0:09:42.080 --> 0:09:43.959 it's the people who have been affected by it. I 0:09:44.640 --> 0:09:47.120 really feel for them. Dr Lustbader. I want to end 0:09:47.160 --> 0:09:51.760 just talking about the origins of the coronavirus, because over 0:09:51.800 --> 0:09:53.320 the weekend there was a report in the Wall Street 0:09:53.360 --> 0:09:56.160 Journal that said three researchers from the WU Hunt Institute 0:09:56.160 --> 0:09:58.959 of Virology in China, we're sick enough all the way 0:09:58.960 --> 0:10:02.160 back in November of tw nineteen that they went to 0:10:02.440 --> 0:10:05.920 the hospital. The Wall Street Journal sites an undisclosed US 0:10:05.960 --> 0:10:09.080 intelligence report, And I'm wondering if you think that we 0:10:09.160 --> 0:10:13.080 are ever going to know from the perspective of this 0:10:13.200 --> 0:10:17.679 medical community, the scientific community where the virus came from. 0:10:17.720 --> 0:10:20.200 I think it's really important to to do our best 0:10:20.240 --> 0:10:22.600 to find out. I think there's mounting evidence that it 0:10:22.640 --> 0:10:26.200 really was a lab leak. You do think, um, I do. 0:10:26.360 --> 0:10:30.319 I think transparency in sciences and medicine is what it's 0:10:30.360 --> 0:10:32.640 all about. You know, we and that we go to 0:10:32.679 --> 0:10:36.520 other hospitals, We read papers, labs are visited to be 0:10:36.640 --> 0:10:41.040 reviewed and see what if whatever findings or scientific breakthroughs 0:10:41.040 --> 0:10:43.720 are found. It's a very open system, at least in 0:10:43.720 --> 0:10:47.000 the United States, and I think when you're prevented from 0:10:47.000 --> 0:10:51.720 doing that, it's very suspicious. And and Rand Paul Senator 0:10:51.800 --> 0:10:55.559 Paul actually raised some good points about no intervening animal 0:10:55.600 --> 0:10:59.680 species being found. And I think, um, we really trust 0:10:59.720 --> 0:11:02.880 sign in test and I think Dr Faucium might have 0:11:02.920 --> 0:11:06.559 been too trusting in this case. We really need to 0:11:06.640 --> 0:11:11.000 keep a lot of research domestically uh and and carefully 0:11:11.040 --> 0:11:13.840 monitored because all of the lamps in the United States 0:11:14.559 --> 0:11:18.000 are reviewed by by central agencies to prevent this sort 0:11:18.000 --> 0:11:19.680 of thing. Well, hopefully we get to a point where 0:11:19.679 --> 0:11:22.040 we actually can determine the origins. Dr LUs Bader, it's 0:11:22.080 --> 0:11:24.080 always great to chat with you have a great weekend. 0:11:24.080 --> 0:11:25.920 Thank you so much for joining us. That's Dr Ian 0:11:25.960 --> 0:11:27.920 lust Better, clinical professor of Medicine at n y U 0:11:28.000 --> 0:11:32.400 Langos Medical Center. You're listening to Bloomberg Business Week with 0:11:32.480 --> 0:11:37.800 Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Well. 0:11:37.840 --> 0:11:40.360 In April, the House of Representatives agreed to discuss the 0:11:40.400 --> 0:11:43.840 possibility of establishing a commission to study reparations. It happened 0:11:43.840 --> 0:11:46.640 more than three decades after the proposal was first introduced. 0:11:46.840 --> 0:11:49.640 President Biden called the resolution a good idea, but full 0:11:49.679 --> 0:11:53.720 reparations from the federal government probably won't becoming anytime soon. 0:11:54.120 --> 0:11:57.360 That said, the city of Evanston, Illinois, is already getting started. 0:11:57.679 --> 0:12:00.600 Joining us today with an article in it a feature 0:12:00.679 --> 0:12:03.760 in the current issue of Bloomberg Business Week magazine, available 0:12:03.760 --> 0:12:06.520 on newsstands and at Bloomberg dot com. Slash business Week 0:12:06.600 --> 0:12:10.640 is Joel Weber, editor at Bloomberg News and Susan Burfield, 0:12:10.880 --> 0:12:15.280 Projects and Investigations reporter at Bloomberg Business Week. They join 0:12:15.440 --> 0:12:20.439 us from Brooklyn. Joel Um, I'm I'm wondering about this 0:12:20.640 --> 0:12:25.080 because reparations are at least how Evanston is defining reparations 0:12:25.120 --> 0:12:28.320 are a lot more complicated than just giving people money, 0:12:28.840 --> 0:12:32.640 that's right. And and I just thought this story, um 0:12:32.679 --> 0:12:37.720 that Susan and her colleague, our colleague Jordan Holman worked 0:12:37.720 --> 0:12:42.000 on for the magazine was amazing and perfectly timed for 0:12:42.000 --> 0:12:43.960 for this week and the events of this week. You know, 0:12:44.000 --> 0:12:47.600 here we are a year after George Floyd's murder um 0:12:47.679 --> 0:12:50.520 and and I think the reparation story is one that 0:12:50.720 --> 0:12:54.080 it has been, you know, one of the most interesting 0:12:54.120 --> 0:12:58.160 to watch. Evanston is Illinois is particularly interesting because this 0:12:58.240 --> 0:13:01.160 is the first US city to really promise that that 0:13:01.240 --> 0:13:03.920 they would take this stuff on. And and boy that's 0:13:03.920 --> 0:13:06.280 not easy. It turns out even even the the word 0:13:06.360 --> 0:13:10.120 reparations can be controversial. So so Susan, can you can 0:13:10.160 --> 0:13:14.200 you help us understand what Evanston is going through and 0:13:14.480 --> 0:13:19.040 where it might go from here? Yeah? Sure. So, you know, 0:13:19.200 --> 0:13:22.240 as you said, there's some kind of two efforts underway 0:13:22.240 --> 0:13:25.800 throughout the country. There's an effort at the national level, 0:13:25.960 --> 0:13:31.040 at least to begin talking about a federal reparations program 0:13:31.120 --> 0:13:35.600 that would probably come to trillions of dollars um for 0:13:35.840 --> 0:13:39.080 every eligible African American. And then there are cities like 0:13:39.160 --> 0:13:44.000 Evanston that are looking at what UM the local cases 0:13:44.080 --> 0:13:49.160 for reparations for you know, injustice discrimination against black residents 0:13:49.200 --> 0:13:53.480 that the cities themselves are responsible for and that they 0:13:53.559 --> 0:13:58.520 can pay within their budget. So that's usually programs of 0:13:58.559 --> 0:14:01.200 millions of dollars in the case of Evanston ten million 0:14:01.240 --> 0:14:05.600 dollars and Susan they're doing this through the lens of 0:14:05.640 --> 0:14:11.000 real estate. Explain why that is. Yeah, so you know, 0:14:11.160 --> 0:14:14.600 for a city like Evanston, UM, it's not going to 0:14:14.679 --> 0:14:20.400 attempt UM to make restitution for something as huge as 0:14:20.480 --> 0:14:25.160 the years of slavery. But what the city wants to 0:14:25.200 --> 0:14:30.120 take responsibility for and is holding itself account accountable for, 0:14:30.600 --> 0:14:35.280 is for housing discrimination UM that black residents tastin Evanston 0:14:35.520 --> 0:14:39.359 for several decades. UM that contributes, as we know everywhere 0:14:39.480 --> 0:14:44.280 to UM a racial income gap of almost seven times 0:14:44.320 --> 0:14:48.480 between black and white families. And you know, in Evanston, UM, 0:14:48.480 --> 0:14:52.160 it's pretty well documented the ways in which black residents 0:14:52.640 --> 0:14:55.000 UM at one point lived all over the city and 0:14:55.040 --> 0:14:58.760 then over the course of about two decades, we're all 0:14:58.760 --> 0:15:02.160 steered towards one neighborhood in Evanston now known as the 0:15:02.200 --> 0:15:07.560 Fifth Ward and Susan can you tell us more specifically 0:15:07.560 --> 0:15:11.440 about Evanston because the story and story that you write, 0:15:11.480 --> 0:15:14.200 and you should also add that this is um episode 0:15:14.440 --> 0:15:18.080 of the Paycheck podcast as well, so there's a whole 0:15:18.120 --> 0:15:21.840 podcast version of this same story. UM. I'd just like 0:15:21.920 --> 0:15:24.240 to understand, like you know, rewind the clock because this 0:15:24.320 --> 0:15:29.520 goes back actually decades in Evanston. What what happened? Yeah? 0:15:29.600 --> 0:15:34.400 So you know, um, Evanston can document kind of the 0:15:35.080 --> 0:15:38.800 first arrival of black residents to the late UM eighteen 0:15:39.120 --> 0:15:42.600 fifties and sixties. Uh. And over the years, you know, 0:15:42.840 --> 0:15:47.360 there were increased number of black residents, especially the Great 0:15:47.400 --> 0:15:52.960 Migration of the nineteen twenties. And as more black residents 0:15:53.600 --> 0:15:59.080 settled in Evanston. Uh, there began kind of official and 0:15:59.240 --> 0:16:06.120 unofficial codes and restrictions on where they could live. And 0:16:06.160 --> 0:16:09.440 then there came redlining, which was a national policy but 0:16:09.600 --> 0:16:13.480 also took place in Evanston. UM. That further made it 0:16:13.560 --> 0:16:17.200 difficult for black residents who now we're all living in 0:16:17.240 --> 0:16:21.800 this one fairly concentrated area, um to get a fair 0:16:21.840 --> 0:16:27.480 mortgage and that policy no plus under investment by the city. 0:16:27.800 --> 0:16:32.280 The results in a neighborhood where the property values are 0:16:32.320 --> 0:16:35.280 lower than elsewhere in Evanston, the homes are worth less 0:16:35.320 --> 0:16:40.640 and families we're lost wealth. Um. In one of the 0:16:40.680 --> 0:16:45.000 stories that we highlight, UM of Carlos Sutton, his home, 0:16:45.440 --> 0:16:48.640 his grandfather's home, was actually moved from one part of 0:16:48.680 --> 0:16:53.600 Evanston to the fifth ward and the home, had it 0:16:53.680 --> 0:16:57.480 been UM, remained where it was, I'm sorry, would today 0:16:57.520 --> 0:17:00.800 be worth maybe five thousand dollars. UM. Where it is now, 0:17:01.120 --> 0:17:04.520 it's worth about a hundred and fifty thousand dollars, not 0:17:04.640 --> 0:17:07.280 even that far away from from where it was in 0:17:07.359 --> 0:17:12.560 the nine twenties. UM, susan ten million dollars. How are 0:17:12.600 --> 0:17:15.920 you that's the beginning? UM. How are they paying for it? 0:17:17.560 --> 0:17:21.040 So the money is coming from a new sales tax 0:17:21.359 --> 0:17:26.880 on UH, the sale of recreational marijuana legalized in Illinois 0:17:26.960 --> 0:17:32.120 at the start of Evanston has one dispensary and UH 0:17:32.240 --> 0:17:36.160 the city is collecting a three percent sales tax and 0:17:36.800 --> 0:17:40.240 estimates that sales will be about a million dollars or so. 0:17:40.400 --> 0:17:43.000 The sales tax will be about a million dollars a year, 0:17:43.440 --> 0:17:46.960 and they've dedicated the first ten million dollars of that 0:17:47.400 --> 0:17:50.480 to reparations. So it could be a ten year program, 0:17:50.560 --> 0:17:54.040 you know, if they raise more money through taxes UM, 0:17:54.119 --> 0:17:56.880 sooner they'll they'll spend that, and they're trying to raise 0:17:56.920 --> 0:18:01.040 additional funds. Susan, can you talk a little bit about, uh, 0:18:01.280 --> 0:18:04.359 just the word reparations and why that's why it's getting 0:18:04.359 --> 0:18:07.440 pushed back in just the last minute. We have sure 0:18:07.640 --> 0:18:09.480 so I think that you know, there's a sense among 0:18:09.600 --> 0:18:14.240 some black rep residents that reparations should really be reserved 0:18:14.400 --> 0:18:20.480 for the federal government efforts to make up for as 0:18:20.520 --> 0:18:24.879 best it can compensate for and apologize for slavery and 0:18:24.920 --> 0:18:29.119 the discrimination that followed UM, and that every black American 0:18:29.240 --> 0:18:33.240 African Americans should be eligible, and the sense that a 0:18:33.280 --> 0:18:37.240 smaller program h such as Evanston's and especially this first 0:18:37.280 --> 0:18:39.800 step that just focuses on housing, is a bit too 0:18:39.840 --> 0:18:44.919 limited to be called reparations. Susan Burfield, Projects and Investigations, 0:18:44.960 --> 0:18:48.800 reporter at Bloomberg Business Week. It's a fantastic feature that 0:18:48.880 --> 0:18:51.880 you wrote along with Jordan Holman also joining me now 0:18:52.000 --> 0:18:54.960 Joe Weber, editor at Bloomberg Business Week. A big thank 0:18:54.960 --> 0:18:57.919 you to both of you for joining us. You can 0:18:57.960 --> 0:19:00.560 find Susan's story featured in the new issue of Bloomberg 0:19:00.560 --> 0:19:03.960 Business Week magazine. It's available on newsstands and at Bloomberg 0:19:04.080 --> 0:19:08.120 dot com Slash business Week. You're listening to Bloomberg Business 0:19:08.119 --> 0:19:12.040 Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic 0:19:12.440 --> 0:19:15.520 on Bloomberg Radio. Well, if you've been paying any attention 0:19:15.560 --> 0:19:18.640 to what's been happening with cryptocurrencies, you know that volatility, 0:19:18.920 --> 0:19:20.880 at least of late, is the name of the game. 0:19:20.920 --> 0:19:24.800 If you're keeping track right now, Bitcoin down another twells 0:19:24.920 --> 0:19:28.359 thirty six thousand, one hundred and twenty dollars. Joining is 0:19:28.359 --> 0:19:29.879 now to help us make sense of it all is 0:19:29.880 --> 0:19:33.560 Pat Laveki, a CEO of Oasis Pro Markets, joining us 0:19:33.600 --> 0:19:36.160 now on the phone from Darien, Connecticut. Pat, it's great 0:19:36.160 --> 0:19:38.359 to have you back on a Bloomberg Business Week Radio. 0:19:38.359 --> 0:19:42.200 How you doing doing great? Tim, thank you for inviting 0:19:42.240 --> 0:19:44.399 me back. So so take me back to just a 0:19:44.440 --> 0:19:46.560 couple of weeks ago when we got that tweet from 0:19:46.600 --> 0:19:49.159 Elon Musk, that first tweet that that's set off I 0:19:49.200 --> 0:19:52.440 think fair to say this most recent round of volatility 0:19:52.440 --> 0:19:55.439 when it comes to cryptocurrencies, and he talked about the 0:19:55.520 --> 0:19:59.879 energy usage and Tesla no longer accepting bitcoin for purchase 0:19:59.880 --> 0:20:03.600 of cars. What did you think to yourself, oh boy, 0:20:04.480 --> 0:20:07.960 to start with, and then um, that's by the way, 0:20:07.960 --> 0:20:10.959 that's a normal reaction to an Elon Musk tweet. That's right, 0:20:11.200 --> 0:20:14.400 that's right, we're on the same page there. Um. Look, 0:20:14.600 --> 0:20:17.200 we're at the tip of the spear of this whole 0:20:17.280 --> 0:20:23.760 crypto progression and in ten years digital will be ubiquitous 0:20:23.800 --> 0:20:27.120 technologies as well as crypto in my opinion. Oh and 0:20:27.560 --> 0:20:31.680 just in regards to before I get started diving into 0:20:32.160 --> 0:20:34.760 you know, my views uncertain items, I just want to 0:20:34.800 --> 0:20:37.080 share these are my views and not the views of 0:20:37.080 --> 0:20:41.679 oasis pro markets. Okay, important distinction. Um I do I 0:20:41.720 --> 0:20:44.720 do want to know about the about energy usage though, 0:20:44.760 --> 0:20:46.960 I mean, this is this is now front and center. 0:20:47.000 --> 0:20:49.159 I mean you probably heard me talking with Charlie Pellett 0:20:49.160 --> 0:20:51.560 about the illegal bitcoin mine that was found in the UK. 0:20:51.760 --> 0:20:56.119 Iran banning bitcoin mining until September twenty two because of 0:20:56.200 --> 0:20:59.320 energy usage concerns. How does cryptocurrency get to a place 0:20:59.320 --> 0:21:02.560 where it's not assuming as much energy? Well, you know 0:21:02.600 --> 0:21:06.720 there's a lot of misconceptions about that, tim as well. Um, 0:21:06.880 --> 0:21:10.600 there is energy usage, but I believe Cathy Wood has 0:21:10.640 --> 0:21:13.760 also shared the fifty percent while fifty of the mining 0:21:13.760 --> 0:21:16.639 activity right now is in China. Most of that is 0:21:16.680 --> 0:21:21.200 supported by renewable and hydroelectric energy sources, just as an 0:21:21.240 --> 0:21:24.520 f y i UM. So that's on the Bitcoin front, 0:21:24.640 --> 0:21:28.480 on the East front, which is the second largest cryptocurrency 0:21:28.520 --> 0:21:33.359 out there. There are major improvements coming along over the summer, 0:21:34.000 --> 0:21:36.720 which is called the Berlin Fork, and then eat layer 0:21:36.800 --> 0:21:38.720 two by the end of the year. And just think 0:21:38.760 --> 0:21:42.080 about it this way. Today it's a four lane highway 0:21:42.080 --> 0:21:47.359 for Ethereum, the Ethereum blockchain at the when Layer two 0:21:47.440 --> 0:21:51.200 is implemented. Now it's a bit controversial because it was 0:21:51.240 --> 0:21:54.439 supposed to have been implemented a couple of years ago UM, 0:21:54.480 --> 0:21:57.520 but they've been going through the auditing process and improving it. 0:21:57.600 --> 0:22:01.040 Because it's a community of basically coders who have put 0:22:01.080 --> 0:22:04.520 this all together. That four lane highway will be you know, 0:22:04.640 --> 0:22:07.680 just as an example of forty eight lane highway. And 0:22:07.760 --> 0:22:12.719 with that there's much less electricity usage required. Now with 0:22:12.920 --> 0:22:15.719 Elon's comments, he came out. He did come out a 0:22:15.800 --> 0:22:19.679 few more about a week later and stated that he 0:22:19.720 --> 0:22:23.800 had spoken to the North American bitcoin miners and they 0:22:23.840 --> 0:22:27.399 had committed to publishing current and planned renewable usage as 0:22:27.480 --> 0:22:30.800 part of mining. So he started stepping back from that 0:22:30.840 --> 0:22:34.399 comment from two weeks ago, and I'm sure between us 0:22:34.440 --> 0:22:38.120 he didn't expect the kind of reaction that is implemented. 0:22:38.720 --> 0:22:42.720 I want to talk touch on regulation here too. UM, specifically, 0:22:42.800 --> 0:22:46.320 get your thoughts on what we heard from bank executives yesterday. 0:22:46.840 --> 0:22:51.880 Earlier this week, Jamie Diamond said to members of Congress UM, 0:22:51.880 --> 0:22:55.560 when asked about cryptocurrency, it was a buyer beware product 0:22:56.080 --> 0:22:58.520 and it goes back to how you run a business. 0:22:58.920 --> 0:23:00.920 He said, quote, I don't MC marijuana, but if you 0:23:00.960 --> 0:23:03.719 make it nationally legal, I'm not going to stop our 0:23:03.760 --> 0:23:06.280 people from banking it. What do you make of his 0:23:06.320 --> 0:23:10.240 comments around crypto Well, I I think that he you know, 0:23:10.359 --> 0:23:15.480 the view is UM, uh throughout my conversations with with 0:23:15.520 --> 0:23:19.680 others in this particular space, that regulation is coming through 0:23:19.800 --> 0:23:24.040 enforcement rather than you know, along the line, Skindlers asked 0:23:24.040 --> 0:23:27.560 for a market regulator. UH. That probably won't happen this year. 0:23:27.720 --> 0:23:30.879 Over the next couple of years, UH, it may eventually 0:23:30.920 --> 0:23:35.520 step up, but UM in the meantime through regulation of 0:23:35.560 --> 0:23:39.240 the u S securities lass. UM, there's this is the 0:23:39.280 --> 0:23:43.119 wild West him and in the wild West it was 0:23:43.280 --> 0:23:46.399 an even Wilder West a year ago, and it's you know, 0:23:46.480 --> 0:23:50.199 a lot of important players are coming into the market. 0:23:50.320 --> 0:23:55.080 So you've seen several major regulators from the Trump administration, 0:23:55.160 --> 0:24:01.960 like Brian Brooks and Redfern move over to crypto exchange US. UH. 0:24:02.320 --> 0:24:07.639 Redfern was at UM the Securities and Exchange Commission. He 0:24:07.720 --> 0:24:10.040