WEBVTT - COVID-19 and Protecting Vulnerable Populations 0:00:00.720 --> 0:00:03.720 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.800 --> 0:00:06.320 Jason Kelly. We're right here every day bringing you the 0:00:06.400 --> 0:00:11.160 latest news from the world's of business and finance, plus technology, politics, economics, 0:00:11.240 --> 0:00:14.280 all harnessing the power of Business Week reporters and editors, 0:00:14.440 --> 0:00:16.439 and of course Carol that's part of a team of 0:00:16.520 --> 0:00:20.439 twenty seven hundred journalists and analysts more than a hundred 0:00:20.480 --> 0:00:23.280 and twenty countries and Jason. You can download Bloomberg Business 0:00:23.280 --> 0:00:26.239 Week on iTunes, SoundCloud, old Bloomberg dot com. You can 0:00:26.280 --> 0:00:28.640 also listen to our radio show at two pm Eastern 0:00:28.680 --> 0:00:31.560 on Bloomberg Radio every weekday, or watch us on YouTube 0:00:31.600 --> 0:00:36.640 by searching Bloomberg Global News. Let's get into some analysis 0:00:36.720 --> 0:00:40.440 of what we heard, Carol, because we've got the team assembled. 0:00:40.479 --> 0:00:44.080 They've been waiting patiently, uh to walk us through this. 0:00:44.360 --> 0:00:46.960 It was an interesting hearing and listen. These are the 0:00:46.960 --> 0:00:50.000 guys who are on the front lines. Paula Manucha, Well, 0:00:50.040 --> 0:00:52.880 I feel like over the last sixteen weeks fifteen sixteen weeks, 0:00:52.920 --> 0:00:55.520 these are the two individuals that have really been at 0:00:55.520 --> 0:00:58.480 the forefront when it comes to programs to take care 0:00:58.520 --> 0:01:01.240 of businesses large and small, all as well as individuals 0:01:01.280 --> 0:01:04.640 in the US economy. So let's get into it. Joining 0:01:04.720 --> 0:01:07.399 us right now is, of course, our Michael McKey, Bloomberg 0:01:07.400 --> 0:01:10.880 News International Economics and Policy correspondent Mike McKee joining us 0:01:11.120 --> 0:01:14.399 from our studios in New York. Also Jeffrey Cleveland, chief 0:01:14.440 --> 0:01:16.880 economist at Payton and Regal. He's on the phone from 0:01:16.920 --> 0:01:19.120 Los Angeles, and Mike, let me start with you. Anything 0:01:19.120 --> 0:01:21.959 that really jumps out. I know we've been hearing, certainly 0:01:22.000 --> 0:01:24.440 from J. Powell a lot over the last few weeks, 0:01:24.480 --> 0:01:27.399 but anything in particular that stood out for you. Nothing, 0:01:27.440 --> 0:01:30.280 a lot of market moving. I was a little surprised 0:01:30.280 --> 0:01:33.440 that there wasn't more criticism of some of the mistakes 0:01:33.520 --> 0:01:37.319 that were made during the funding of various programs. UH. 0:01:37.480 --> 0:01:41.880 The Government Accountability Office last week with rather scathing report 0:01:41.920 --> 0:01:45.480 about that. If anything, it might have been the idea 0:01:45.880 --> 0:01:48.760 um the J. Powell suggested they might be willing to 0:01:49.440 --> 0:01:54.640 lower the threshold for main street loans. There doesn't seem 0:01:54.680 --> 0:01:56.640 to be a lot of interest in that at the moment, 0:01:56.640 --> 0:01:58.920 he said. Three D banks have signed up, but they're 0:01:58.960 --> 0:02:01.200 not getting a lot of company interested in that. And 0:02:01.480 --> 0:02:03.720 there was some concern that it was going to be 0:02:03.760 --> 0:02:07.160 a little too late. Also, Steve Manuchan said that they 0:02:07.320 --> 0:02:10.239 were willing to consider some sort of program for commercial 0:02:10.240 --> 0:02:15.320 mortgage back to securities. Uh so if if they do 0:02:15.400 --> 0:02:18.080 those two things that expands the lending programs, maybe they 0:02:18.120 --> 0:02:21.280 get more money out Pole of course declining to get 0:02:21.360 --> 0:02:23.640 involved in saying what kind of stimulus they should do, 0:02:23.680 --> 0:02:26.320 but both men making the case they probably do need 0:02:26.360 --> 0:02:29.880 to do more stimulus. So Jeffrey Cleveland, come on in here, 0:02:29.960 --> 0:02:34.480 chief economists for Pitton and Regal out in Los Angeles. Uh, 0:02:34.840 --> 0:02:37.639 what does the Fed and what does the Treasury need 0:02:37.680 --> 0:02:40.800 to be doing at this moment, especially as listen you 0:02:40.840 --> 0:02:44.760 are at unfortunately what many are considering the new epicenter 0:02:44.760 --> 0:02:47.799 of this in in Los Angeles, with this outbreak or 0:02:47.919 --> 0:02:51.640 this surge or resurgence, depending on your perspective, that we're 0:02:51.680 --> 0:02:53.840 hearing what needs to be done from a fiscal and 0:02:53.880 --> 0:02:58.360 monetary perspective. Yeah, Jason, I thought the best exchange was 0:02:58.480 --> 0:03:03.400 between David Scott Georgia and uh the Secretary Treasury in 0:03:03.400 --> 0:03:05.239 the in the FED chair, And you know, he really 0:03:05.320 --> 0:03:09.359 highlighted something that clients are asking me, you know every day, 0:03:09.360 --> 0:03:12.000 are you know what's been done? Is it helping main 0:03:12.040 --> 0:03:14.880 Street or is it helping Wall Street? And I think 0:03:15.000 --> 0:03:18.000 Powell answered that very well. He said, what they're doing 0:03:18.080 --> 0:03:20.639 will help the main street, it will help the economy 0:03:20.800 --> 0:03:24.639 by keeping the markets open, you know, by keeping access 0:03:24.720 --> 0:03:29.799 to capital available, by keeping financial conditions easy. That should 0:03:29.960 --> 0:03:33.160 help main Street help the economy as as things reopen. 0:03:33.560 --> 0:03:36.280 So I thought that that was a good exchange, but 0:03:36.560 --> 0:03:39.240 I think it highlights the problem that most people have 0:03:39.400 --> 0:03:43.440 right now. We have twenty five million unemployed, yet we're 0:03:43.520 --> 0:03:48.880 recording the best quarter for the stock market since and 0:03:48.960 --> 0:03:51.800 so you know, meeting that is difficult. I think you know, 0:03:51.800 --> 0:03:54.840 if you've watched that whole hearing, you it's the infrastructure, right, 0:03:54.880 --> 0:03:57.400 how do you get capital to where it is needed 0:03:57.440 --> 0:04:00.160 most in a timely fashion? There there is no see 0:04:00.200 --> 0:04:03.280 way to do that, as the Treasury Secretary said, they're 0:04:03.360 --> 0:04:06.240 using the banking system. So the main street lending facility 0:04:06.320 --> 0:04:08.840 is uh, you know, the obvious candidate. But it's taken 0:04:08.880 --> 0:04:10.760 a while to get that ramped up. And as of 0:04:11.040 --> 0:04:13.360 the FENS balance as of Wednesday, there was about thirty 0:04:13.360 --> 0:04:17.240 seven billion there, so not a huge uptake. So that's 0:04:17.279 --> 0:04:20.840 that's a difficult process. But keeping financial conditions easy, is 0:04:20.880 --> 0:04:23.400 a short answer to your question. Yeah, and they certainly 0:04:23.440 --> 0:04:25.239 have been doing a great job at that. Mike McKie, 0:04:25.279 --> 0:04:27.400 it's an interesting week. It's a holiday week, but there's 0:04:27.400 --> 0:04:30.120 a job you know, there's tons of economic news culminating 0:04:30.120 --> 0:04:32.480 in that Thursday jobs report, and of course we'll get 0:04:32.480 --> 0:04:35.960 fed minutes tomorrow. So I don't know what, if anything, 0:04:36.120 --> 0:04:39.200 is really of utmost importance in your in your view, 0:04:40.000 --> 0:04:42.000 you know, it would have probably been the job's report, 0:04:42.360 --> 0:04:45.159 because we had a good jobs report last month and 0:04:45.200 --> 0:04:48.160 then everybody got excited that maybe we were getting uh 0:04:48.400 --> 0:04:50.640 to the rebound a little bit quicker. And j Pal 0:04:50.760 --> 0:04:52.839 said today he thought we had gotten to the rebound 0:04:52.839 --> 0:04:55.440 a little bit quicker than they had anticipated. But now 0:04:55.480 --> 0:04:58.640 with this all these emerging hotspots, you've gotta wonder, as 0:04:58.680 --> 0:05:02.680 governors moved to shut various industries down, they're not doing 0:05:02.800 --> 0:05:06.000 a wholesale shutdown, but as bars close again, Um, you 0:05:06.040 --> 0:05:08.400 wonder all the people who are on the June pay 0:05:08.520 --> 0:05:10.760 rolls report, which we get on Thursday, how many of 0:05:10.800 --> 0:05:13.520 them will be on the July payrolls report. So this 0:05:13.600 --> 0:05:17.120 is just gonna move everybody's interest forward a month to 0:05:17.279 --> 0:05:21.560 see and because this has come back so strong in 0:05:21.680 --> 0:05:25.720 different places. It kind of makes all the data seem outdated. 0:05:25.800 --> 0:05:28.840 At this point, everything we're gonna get this week isn't 0:05:28.839 --> 0:05:31.719 really going to tell us necessarily where we are because 0:05:31.839 --> 0:05:34.160 most of it's old, and it doesn't really tell us 0:05:34.200 --> 0:05:35.600 where we're going because we don't know how long it's 0:05:35.640 --> 0:05:39.520 gonna last. And so, Jeffrey Cleveland, what is the one 0:05:39.640 --> 0:05:42.080 either data point that we'll get this week or looking 0:05:42.120 --> 0:05:47.159 ahead that you're most interested in seeing and analyzing. We've 0:05:47.160 --> 0:05:51.000 been highlighting continuing claims out on Thursday. You're being being 0:05:51.240 --> 0:05:54.080 the thing to watch every week. It's more timely than 0:05:54.160 --> 0:05:57.039 the Job's reports. I hate to dismiss the Job's report. 0:05:57.080 --> 0:06:00.360 It's always been my favorite economic data player. I feel 0:06:00.400 --> 0:06:02.719 bad doing that, but yeah, the continuing claims date I 0:06:02.720 --> 0:06:05.440 think is key. UM hit more in a real time since. 0:06:06.040 --> 0:06:09.400 But you know there's great uncertainty. I think you know 0:06:09.440 --> 0:06:11.120 there's been some good work here. It's not just the 0:06:11.160 --> 0:06:14.599 shutdowns that are being put in place. You mentioned Los Angeles. Uh, 0:06:15.320 --> 0:06:16.960 we're being told we can't go to the beach on 0:06:17.000 --> 0:06:19.800 the fourth of July. But it's really the fear of 0:06:19.800 --> 0:06:23.000 the virus that did the economic damage there's a good 0:06:23.160 --> 0:06:27.039 working paper out today from from University of Chicago highlighting this. 0:06:27.360 --> 0:06:30.120 You had a big drop off in consumer activity, but 0:06:30.200 --> 0:06:32.560 only about seven percent of that has accounted for by 0:06:32.680 --> 0:06:35.200 the quote unquote legal restrictions. Most of it is just 0:06:35.240 --> 0:06:37.760 people staying home because they're afraid. So the question is, 0:06:37.839 --> 0:06:40.440 as we see the virus count take up yesterday, l 0:06:40.480 --> 0:06:44.919 A County recorded the highest daily increase so far. You know, 0:06:45.000 --> 0:06:47.400 does that cause people to shut down again and then 0:06:47.440 --> 0:06:49.840 do we have a second round of economic effects. It's 0:06:50.160 --> 0:06:52.880 a really good question. Yeah, I agree with you, Michael McKee. 0:06:52.880 --> 0:06:54.479 Just to wrap up, so what is it? Is it 0:06:54.520 --> 0:06:56.080 a V shape? Is it a U shape? Is it 0:06:56.080 --> 0:06:58.479 an upside down Nike swush? Have we decided what the 0:06:58.520 --> 0:07:02.279 recovery looks like? We haven't really decided. Um. The working 0:07:02.279 --> 0:07:04.560 assumption to most people was a sort of a square 0:07:04.640 --> 0:07:07.760 root sign where are you you? You had a quick 0:07:07.800 --> 0:07:10.200 V and then just a flat But now we don't know. 0:07:10.320 --> 0:07:13.480 We could be heading into a W situation. I think 0:07:13.480 --> 0:07:15.800 the takeaway from today is the same as it's always been. 0:07:15.800 --> 0:07:19.600 The viruses in charge. Yeah, well, stay tuned to everyone 0:07:19.600 --> 0:07:21.840 and we'll figure out what that symbol will ultimately be 0:07:21.920 --> 0:07:24.160 right when it comes to this recovery. Yeah, and who knows. 0:07:24.200 --> 0:07:27.080 It feels like we have a different answer every day. 0:07:27.080 --> 0:07:28.880 That's the world we're living in, all right, gentlemen, Thank 0:07:28.920 --> 0:07:31.680 you so much. Jeffrey Cleveland, chief economists for Payton and Regal, 0:07:31.760 --> 0:07:34.480 joining us on the phone from Los Angeles. And are 0:07:34.520 --> 0:07:38.280 in Michael McKee, international economics and policy correspondent for Bloomberg. 0:07:38.320 --> 0:07:41.520 There in our Bloomberg Interactor Brooker Studio. This is Bloomberg 0:07:41.560 --> 0:07:46.000 Business Week with Carol Masser and Jason Kelly on Bloomberg Radio. 0:07:46.480 --> 0:07:52.840 Hard pivot here, no segway here from Capitol Hill. Uh, 0:07:53.360 --> 0:07:57.040 to the heist issue, which is one of our favorite 0:07:57.080 --> 0:07:59.800 things every year. We're gonna be talking about it over 0:07:59.800 --> 0:08:01.560 the next couple of days. But we have to diget 0:08:01.560 --> 0:08:05.880 into a story that did phenomenally well on the Bloomberg yesterday. 0:08:05.880 --> 0:08:08.400 Claire Saidith wrote it. She is a writer for Bloomberg 0:08:08.440 --> 0:08:10.920 Business Week. Of course, durants on the phone from Brooklyn. 0:08:11.160 --> 0:08:14.760 The case of the empty Frames remains art world's biggest mystery. 0:08:14.880 --> 0:08:17.880 If that doesn't draw you in, I don't know what does, Claire. 0:08:18.000 --> 0:08:22.320 It's so phenomenal. Tell us what's going on this is 0:08:22.560 --> 0:08:26.200 the hest of all heyst in some ways, Yeah, it is. 0:08:26.280 --> 0:08:29.800 And it's also so it's um it's thirty years old. 0:08:29.960 --> 0:08:33.800 In St. Patrick's day, Um, two men dressed up as 0:08:33.960 --> 0:08:38.000 Boston police officers and stole um what has been estimated 0:08:38.040 --> 0:08:42.439 to be about half a billion dollars in artwork, and 0:08:42.520 --> 0:08:45.439 it has never been solved. So it's the largest art y. 0:08:46.160 --> 0:08:49.000 Also makes it the most famous art hysmin history. It's 0:08:49.040 --> 0:08:52.880 been the subject of books and podcasts. Um, there's this 0:08:52.920 --> 0:08:56.440 whole Simpsons episode, or Mr Burne goes to prison because 0:08:56.440 --> 0:09:00.400 it turns out he stole the painting. It's it's same us. 0:09:00.440 --> 0:09:02.200 And I don't want to say that I know the 0:09:02.200 --> 0:09:04.559 answer to it, because what makes it so famous is 0:09:04.600 --> 0:09:06.640 the fact that it's never been solved. And there's this 0:09:06.720 --> 0:09:12.320 whole cottage industry of FBI agents and private detectives and 0:09:12.880 --> 0:09:17.280 armchair sluice who have been trying and failing so far 0:09:18.120 --> 0:09:21.120 to come up with um an answer. And it's funny 0:09:21.120 --> 0:09:23.559 because they all have wildly different theories and they all 0:09:23.559 --> 0:09:27.400 disagree with each other. I mean, it's really it just 0:09:27.600 --> 0:09:30.800 reads you know, as you said, you know, we often, Jason, 0:09:30.840 --> 0:09:32.960 I talked about Claire. You know, things that could be 0:09:33.000 --> 0:09:36.200 adapted as a series. I mean it just so reads 0:09:36.240 --> 0:09:39.800 like a George Clooney movie or something, right, yeah, exactly, 0:09:39.800 --> 0:09:42.920 and each episode would be one of the different theories 0:09:42.960 --> 0:09:46.840 I guess you could do. Um. Yeah, it's UM, it's interesting. 0:09:46.880 --> 0:09:49.280 You know. The FBI, it technically has been working on 0:09:49.320 --> 0:09:51.640 this for a really long time, and they've had different 0:09:51.679 --> 0:09:54.360 agents in charge at different points in the three decades. 0:09:54.920 --> 0:09:56.880 For a while they thought it was in France, there 0:09:56.920 --> 0:10:00.800 was the sting in Miami. Um really early on they 0:10:00.800 --> 0:10:04.679 went to Japan that turned out to definitely not be true. UM. 0:10:04.800 --> 0:10:08.880 And now their current theory is that, um, they think 0:10:08.920 --> 0:10:13.400 the paintings were stolen by some sort of um cabal 0:10:13.559 --> 0:10:17.760 of in Boston's organized crime and UM, they've tracked it 0:10:17.840 --> 0:10:20.280 up to a certain point in the early two thousand's 0:10:20.280 --> 0:10:22.840 and then they sort of just UM, I don't know 0:10:22.880 --> 0:10:26.360 what happened after that. What was the security? I mean, 0:10:26.360 --> 0:10:30.480 this is an army museum, right there was there Well, 0:10:30.520 --> 0:10:33.400 I will say this is while it had an extensive 0:10:33.480 --> 0:10:37.719 art collection, it's it's a small museum. It's private. Um. 0:10:37.760 --> 0:10:41.440 And in the nineties UM, and also the case in 0:10:41.480 --> 0:10:45.200 many museums, especially back then they didn't really have a 0:10:45.240 --> 0:10:48.200 lot of security, so they had motion detectors and they 0:10:48.200 --> 0:10:50.880 had a few security cameras, but not in the galleries. 0:10:50.960 --> 0:10:54.280 And actually the overnight shift, um, which is this happened 0:10:54.280 --> 0:10:57.720 at night. There are two guys in their mid twenties 0:10:57.760 --> 0:11:01.720 who had no real security training whatsoever. Um. One of 0:11:01.720 --> 0:11:04.160 them was a music school student and he liked to 0:11:04.200 --> 0:11:07.360 play his trombone at night, and the other one, UM 0:11:07.520 --> 0:11:10.480 played in a rock band. And in other interviews he 0:11:10.520 --> 0:11:13.920 had said he, you know, sometimes may not have come 0:11:13.960 --> 0:11:17.680 to work totally sober, just because you know, he's working 0:11:17.760 --> 0:11:21.600 the night shift at a small museum, so why not. Um, 0:11:21.760 --> 0:11:23.680 But that didn't work out so well for them that 0:11:23.800 --> 0:11:26.960 one night. Yeah. Well, I love all the twists and turns, 0:11:26.960 --> 0:11:28.400 and you know, as you read through the story, you've 0:11:28.440 --> 0:11:30.960 got all these sort of theories popping up, and you know, 0:11:31.080 --> 0:11:32.800 you have it's like, oh, it took place on St. 0:11:32.800 --> 0:11:34.960 Patrick's Day and what does that mean? And then a 0:11:34.960 --> 0:11:36.959 couple of the robbers refer to each other as mate, 0:11:37.080 --> 0:11:39.640 so they're clearly not American. I mean, all these different 0:11:39.640 --> 0:11:42.720 things in Whitey Bulger, of course, the famous criminal makes 0:11:42.760 --> 0:11:46.200 it came out. I mean it's really it's religious. It's 0:11:46.200 --> 0:11:50.280 really just it's so good. Alright, alright, Clara saida thank 0:11:50.320 --> 0:11:52.000 you so much. Congrats on the story, one of the 0:11:52.000 --> 0:11:55.440 most read. It is a feature story in the Heist issue, 0:11:55.520 --> 0:11:59.840 an annual uh sort of romp that This is weeked. 0:12:00.400 --> 0:12:04.000 This is Bloomberg Business Week with Carol Masser and Jason 0:12:04.080 --> 0:12:07.520 Kelly on Bloomberg Radio. Just bring up just being on 0:12:07.559 --> 0:12:09.400 some of the things that are going on, you know, 0:12:09.440 --> 0:12:12.440 looking at the most read stories. Anthony Fauci at the 0:12:12.480 --> 0:12:16.520 top of the leaderboard here in terms of what he 0:12:16.679 --> 0:12:20.480 is saying, around as many as a hundred thousand new 0:12:20.559 --> 0:12:24.320 cases per day, if there's no change in terms of 0:12:24.400 --> 0:12:28.400 how we as people and governments and and everyone else 0:12:28.480 --> 0:12:31.120 are fighting the virus right on a day when global 0:12:31.120 --> 0:12:34.520 deaths succeed five hundred thousand in cases top ten millions, 0:12:34.559 --> 0:12:37.040 so crucial as we know to containing our slowing the 0:12:37.040 --> 0:12:39.720 spread of the virus. Jason, it's it's about protecting the 0:12:39.720 --> 0:12:43.679 most vulnerable, which we no means of course, our older population. 0:12:43.760 --> 0:12:46.080 So let's get into it because we know our next 0:12:46.080 --> 0:12:48.920 guest has some thoughts on it. Dr Near Barzilai. He 0:12:49.160 --> 0:12:51.720 is the director of the Institute for Aging Research at 0:12:51.760 --> 0:12:55.120 the Albert Einstein College of Medicine. He's also director of 0:12:55.160 --> 0:12:57.319 the Paul left Glen Center for the Biology of Human 0:12:57.360 --> 0:13:01.120 Aging Research and of the National Institutes of Health Centers 0:13:01.200 --> 0:13:03.600 of Excellence in the Basic Biology of Aging. So when 0:13:03.640 --> 0:13:06.160 it comes to aging, this is the guy who's joining 0:13:06.200 --> 0:13:09.400 us on the phone in Westchester, New York. Dr bars Ali, 0:13:09.559 --> 0:13:12.240 are nice to have you here on Bloomberg Radio. Um 0:13:13.120 --> 0:13:16.079 talk to us about the importance of understanding the most 0:13:16.160 --> 0:13:20.160 vulnerable populations, including those who are elderly, in terms of 0:13:20.200 --> 0:13:23.599 really getting a handle on this virus. Alright, so not 0:13:23.840 --> 0:13:26.520 nice being with you. And I want to start with 0:13:26.559 --> 0:13:31.959 a misconception, and that is that there's nothing you can 0:13:32.000 --> 0:13:36.400 do about aging. I think we're confusing by the fact 0:13:36.440 --> 0:13:38.880 that we all end up dying. But that's not the 0:13:39.000 --> 0:13:42.440 same as we cannot do anything about aging. In fact, 0:13:42.960 --> 0:13:45.720 aging has the biology. You know, you can see, you 0:13:45.760 --> 0:13:48.840 can see who's old and who's young. But the more 0:13:48.920 --> 0:13:52.800 important thing is this biology can be targeted. And we 0:13:53.800 --> 0:13:56.760 and when I'm saying we, gero science is gero science 0:13:56.880 --> 0:14:00.360 is kind of a and you the study of all 0:14:00.440 --> 0:14:05.000 these new but we've made huge progress. We went to 0:14:05.480 --> 0:14:09.319 from hope to promise, and we know that aging can 0:14:09.400 --> 0:14:14.240 be targeted by different ways. And I think the COVID 0:14:14.440 --> 0:14:19.280 nineteen just underline how vulnerable are the elderly, but also 0:14:20.080 --> 0:14:24.840 maybe gave hope that we can actually intervene and defend 0:14:25.360 --> 0:14:31.080 the elderly host And so what have we learned, Dr 0:14:31.200 --> 0:14:34.320 Barzilai about you know what we can do? You know, 0:14:34.480 --> 0:14:36.880 taking into account everything that you just said when it 0:14:36.960 --> 0:14:43.040 comes to COVID nineteen, how should we be thinking, especially about, 0:14:43.080 --> 0:14:49.120 as Carol said, this more vulnerable population and given given 0:14:49.400 --> 0:14:51.680 a lot of scary things that that we're seeing out there, 0:14:53.040 --> 0:14:57.760 So you know, I would I would mention as briefly 0:14:57.760 --> 0:15:01.040 as I can two things that are interaction with with 0:15:01.160 --> 0:15:06.080 the environment. That is exercise and nutrition. Right, those are 0:15:06.680 --> 0:15:10.640 things that we know that is going to affect agent. 0:15:11.000 --> 0:15:14.400 It's kind of tough, but it's not really tough for 0:15:14.520 --> 0:15:17.880 people who haven't walked before to start walking, or two 0:15:17.960 --> 0:15:22.800 people to exercise regularly in the and do it safely. 0:15:24.040 --> 0:15:29.280 With the nutrition. I have a specific suggestion that will 0:15:29.320 --> 0:15:32.800 affect more people than many other diets that I can 0:15:33.280 --> 0:15:37.560 tell you, and this is to start doing intermittent fasting, 0:15:37.680 --> 0:15:42.840 which really means just keepping breakfast. We call it sixteen eight. 0:15:43.080 --> 0:15:45.960 You could do fifty nine if you want, but you know, 0:15:46.160 --> 0:15:49.880 sixteen eight is if you finish dinner at eight, don't 0:15:49.960 --> 0:15:53.880 eat anything until twelve the next day. That's sixteen hours 0:15:55.080 --> 0:15:57.640 and you can do it because even if you're hungry, 0:15:57.680 --> 0:16:00.000 there's only two hours to go and then you can 0:16:00.200 --> 0:16:04.360 whatever you want. And with this diet you lose weight also, 0:16:04.560 --> 0:16:09.160 but more important, this is something that upregulate your defense. 0:16:09.680 --> 0:16:14.840 That's important for aging. Can I ask you, but Dr Barsla, 0:16:15.160 --> 0:16:17.160 I want to ask you something. A lot of elderly 0:16:17.160 --> 0:16:20.240 folks have something like diabetes where they have to be 0:16:20.360 --> 0:16:23.040 very careful about, you know, when they eat and how 0:16:23.080 --> 0:16:25.600 they eat in terms of maintaining their levels. So how 0:16:25.640 --> 0:16:29.800 does someone like that, we're losing weight can improve their health, 0:16:30.280 --> 0:16:33.560 but yet they're stuck on something like that. Yeah, well, 0:16:34.080 --> 0:16:39.480 I'm actually a diabetology so and and and so. Look, 0:16:39.680 --> 0:16:42.200 one of the things that we want people to do 0:16:42.320 --> 0:16:46.640 is lose weight are diabetics, and unfortunately only three percent 0:16:46.720 --> 0:16:50.120 of them will do this. Okay, So the advice and 0:16:50.280 --> 0:16:54.280 the method is good when it comes to treatment, you know, 0:16:54.480 --> 0:16:56.360 and I don't want to spend too much time of it, 0:16:56.480 --> 0:16:59.840 but it's very adjustable. You know, if you're an insulin 0:17:00.000 --> 0:17:02.400 and you're fasting, then the instutin you should get with 0:17:02.440 --> 0:17:05.560 the meals and not with the fath basically, so there's 0:17:05.600 --> 0:17:08.560 a way to do it. But I'm not talking about 0:17:08.560 --> 0:17:13.000 diabetic people now. I'm just talking about if you're you know, 0:17:13.040 --> 0:17:17.160 if you if you're now want to avoid COVID, exercise 0:17:17.760 --> 0:17:22.480 and nutrition or weight loss or or maybe intermittent fasting 0:17:22.960 --> 0:17:25.520 is the way that you can. It does few things. 0:17:25.600 --> 0:17:30.040 It increased your immunity, it decreased your inflammation, and it's 0:17:30.080 --> 0:17:33.520 increased the ability of your body to sustain a very 0:17:33.560 --> 0:17:38.160 severe disease. Okay, so those all are are good advice 0:17:38.320 --> 0:17:41.040 if you can do it. But I really wanted to 0:17:41.200 --> 0:17:46.680 talk about other things. You know, for us, aging has 0:17:47.040 --> 0:17:51.440 eight hallmarks that we agree upon, and the hallmarks are 0:17:51.480 --> 0:17:58.080 really knobs that we can target with drugs that could 0:17:58.560 --> 0:18:01.520 have a major effect on aging. And I want to 0:18:01.560 --> 0:18:05.119 take talk about one of those drugs because this drug 0:18:05.480 --> 0:18:09.800 is readily, readily available and very cheap. Unfortunately, you have 0:18:09.920 --> 0:18:12.120 to tell us about it in thirty seconds because we're 0:18:12.119 --> 0:18:14.160 going to write at a time. Dr Barsla I said, 0:18:14.240 --> 0:18:17.600 just okay. It's it's called mitforming. It's a drug that's 0:18:17.640 --> 0:18:23.000 given to diabetic patients and from studies with COVID nineteen, 0:18:23.119 --> 0:18:27.639 we know that people on mitforming have four times less 0:18:27.640 --> 0:18:32.200 mortality and their hospitalized less. So what I'm saying, there 0:18:32.200 --> 0:18:35.439 are other options where we have to defend the host 0:18:36.119 --> 0:18:40.520 besides fighting the virus. Al Right, well we will, uh 0:18:41.200 --> 0:18:43.520 come Yeah, You'll have to come back and spend more 0:18:43.560 --> 0:18:46.000 time with this because I feel like you are working 0:18:46.080 --> 0:18:48.760 in a number of areas that are certainly very interesting 0:18:49.119 --> 0:18:51.959 to us, in very critical to everything that's going on 0:18:52.000 --> 0:18:54.119 in the world. Dr near bars Lai is the founder 0:18:54.240 --> 0:18:56.439 of the Institute for Aging Research at the Albert Einstein 0:18:56.480 --> 0:18:59.320 College Medicine, among many other things. Uh glad to have 0:18:59.480 --> 0:19:02.679 him with us. This is Bloomberg Business Week with Carol 0:19:02.720 --> 0:19:06.600 Masser and Jason Kelly on Bloomberg Radio Now. In this 0:19:06.640 --> 0:19:10.439 week's edition of Business Week Small Business Survival Guide, we 0:19:10.440 --> 0:19:12.680 continue to look at how small businesses are reopening in 0:19:12.720 --> 0:19:14.840 a week, where as Jason I just talked about some 0:19:14.880 --> 0:19:18.600 states you know, are being very cautious or rolling back plans. 0:19:18.800 --> 0:19:22.440 Joining us once again, as Bloomberg News editor Dimitri Cassa Needy. 0:19:22.560 --> 0:19:26.320 She's on the phone in New York City joining us. 0:19:26.400 --> 0:19:29.160 Also is Abigail Shape and she's owner of Abigail Rose 0:19:29.280 --> 0:19:31.840 and Lily Too. It's a woman and children's clothing store 0:19:31.840 --> 0:19:35.359 that's located in Piermont, New York. She joins us on 0:19:35.400 --> 0:19:38.320 the phone from Piermont. Nice to have you both with 0:19:38.320 --> 0:19:41.639 with us, dimitra Um. We want to get into abigail story. 0:19:41.720 --> 0:19:43.440 But you guys continue to take a look at what's 0:19:43.440 --> 0:19:46.479 going on in small businesses. What's the overlying trend here? 0:19:46.520 --> 0:19:49.359 Do you feel like they're finding it easier or is 0:19:49.359 --> 0:19:53.320 it continuing to be pretty difficult. I think I would 0:19:53.359 --> 0:19:56.439 say I think there are still challenges. It's not you know, 0:19:56.680 --> 0:20:00.920 it's not something where there was a solution um away 0:20:00.960 --> 0:20:03.159 forward and you can just stick with that and not 0:20:03.280 --> 0:20:06.720 have to adjust. I think it's a constant. My sense 0:20:06.760 --> 0:20:09.359 from many business owners, not just Abigail who will be 0:20:09.400 --> 0:20:13.280 talking to in a minute, is that there's a constant reassessment. Um, 0:20:13.359 --> 0:20:16.360 we're not seeing you know the problems that are happening 0:20:16.359 --> 0:20:19.000 in some other states right now, and yet that does 0:20:19.160 --> 0:20:21.560 you know, it would be smart for everybody to kind 0:20:21.560 --> 0:20:23.800 of look at those things pay attention to them, give 0:20:23.840 --> 0:20:26.560 them pause and think about what the plans are going 0:20:26.600 --> 0:20:28.760 to be. If at any given moment you again have 0:20:28.880 --> 0:20:31.680 to reassess and move in another direction because of how 0:20:31.720 --> 0:20:37.760 things are going. And so Abigail, help us understand what 0:20:37.800 --> 0:20:40.240 it does look like from your perspective. And I have 0:20:40.320 --> 0:20:42.600 to say, I'm sort of virtually waving to you. I'm 0:20:42.640 --> 0:20:47.399 just across the just across the Mario Cuomo Memorial Bridge 0:20:48.400 --> 0:20:53.439 otherwise known as the Tapancy Bridge formally and Sleepy Hollow. 0:20:53.520 --> 0:20:57.800 So what are you think over there in Pyrmont. Um. Well, 0:20:57.920 --> 0:21:00.680 we are seeing that people I think as people are 0:21:00.720 --> 0:21:04.439 not going on vacation, maybe as much not traveling. So 0:21:04.600 --> 0:21:07.280 people from the Chi state area are coming to Piermont 0:21:07.320 --> 0:21:11.320 a lot um on the weekends or as a day visitor. UM. 0:21:11.359 --> 0:21:14.640 But a lot of the stores and UM ourselves included, 0:21:15.119 --> 0:21:18.120 are taking it slow to reopen. Um. We are at 0:21:18.200 --> 0:21:20.320 a village with a lot of restaurants, a lot of 0:21:20.320 --> 0:21:25.080 really great restaurants, and the restaurants are open with outdoor seating. UM. 0:21:25.200 --> 0:21:29.600 But UM, so that that's keeping our town really active 0:21:29.680 --> 0:21:33.040 and people are coming to visit for that. UM. But yeah, 0:21:33.200 --> 0:21:36.560 we have a few stores in town that haven't opened 0:21:36.560 --> 0:21:38.439 at all, and we are kind of in an in 0:21:38.480 --> 0:21:43.920 between phase ourselves. How hard has it been, Abigail, Well, UM, 0:21:43.960 --> 0:21:46.359 we're really lucky. We've been UM the store with my 0:21:46.440 --> 0:21:48.560 mom's she started it's named for me and my sister, 0:21:48.800 --> 0:21:51.840 UM and she started at night, and UM it's been 0:21:51.840 --> 0:21:55.159 in Piermont this whole time. UM. We've been through some 0:21:55.240 --> 0:21:59.399 major disasters like Hurricane Sandy and other disasters that hit 0:21:59.440 --> 0:22:04.280 Piermont really hard. UM this is obviously a worldwide UH disaster. 0:22:04.520 --> 0:22:08.840 But UM, our loyal clientele has really stuck with us 0:22:08.880 --> 0:22:13.760 and they've been UH. We've we shifted everything online and 0:22:13.880 --> 0:22:17.080 UM and took herbside and originally in March we were 0:22:17.119 --> 0:22:20.159 doing sort of local delivery and that was keeping us UM, 0:22:20.240 --> 0:22:24.239 keeping us afloat, and people were super supportive, and our 0:22:24.280 --> 0:22:28.040 loyal clientele, I think, really wanted to support businesses that 0:22:28.080 --> 0:22:32.119 were important to them. So UM, we're really extremely lucky 0:22:32.400 --> 0:22:35.120 for that. UM. But it has been definitely challenging. There's 0:22:35.160 --> 0:22:37.840