WEBVTT - Robinhood Shares Take A Slide 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol 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 harnessing 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 --> 0:00:19.600 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.200 download Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.120 You can also listen to our radio show at two 0:00:25.160 --> 0:00:27.840 pm Eastern Time on Bloomberg Radio, or watch us on 0:00:27.880 --> 0:00:33.920 YouTube search Bloomberg Global News. We went through some of 0:00:33.920 --> 0:00:36.800 the headlines when it comes to returning to work. Paul 0:00:36.960 --> 0:00:39.880 Wells Fargo pushing its return to office plan to October. 0:00:40.240 --> 0:00:43.080 Florida's hospitals here in the US have been strained by 0:00:43.200 --> 0:00:46.400 delusion COVID patients UH Closer to home here in New 0:00:46.440 --> 0:00:50.480 York City cases are spiking as well. Let's get an 0:00:50.520 --> 0:00:53.680 international perspective, a perspective from around the world. Joining us 0:00:53.720 --> 0:00:57.360 now is Dr Chizuba we Nady and associate scientists at 0:00:57.360 --> 0:01:00.120 the Johns Hopkins Bloomberg School of Public Health. All so 0:01:00.160 --> 0:01:04.120 the Nigeria, Country director at the Johns Hopkins International Vaccine 0:01:04.160 --> 0:01:08.160 Access Center, Dr Wenatti joins us from Nigeria. Thanks so 0:01:08.240 --> 0:01:10.880 much for joining us. How are you doing. I'm fine, 0:01:10.920 --> 0:01:13.680 Thank you, It's great to be here. Well, it's great 0:01:13.680 --> 0:01:16.399 to have you on the show. Give us we we 0:01:16.480 --> 0:01:19.199 do focus. We have been focusing a lot on what's 0:01:19.200 --> 0:01:22.120 been happening here in the United States. UM, give us 0:01:22.160 --> 0:01:25.199 an update from Nigeria, because according to the Bloomberg Vaccine Tracker, 0:01:25.680 --> 0:01:29.679 only one percent of the population has been inoculated. That's right, 0:01:29.880 --> 0:01:34.160 only one percent of Nigerian's have received the vaccine. And 0:01:34.760 --> 0:01:38.919 that one percent is courtesy of the Kovacs facility. UM. 0:01:38.959 --> 0:01:43.600 We received three point nine million doses way back in February, 0:01:43.840 --> 0:01:49.240 and the government ruled out the vaccination program quite effectively 0:01:49.520 --> 0:01:52.000 and used of all the vaccines. And I have to 0:01:52.000 --> 0:01:55.640 say that one of the concerns with the vaccines is 0:01:55.680 --> 0:01:59.000 the risk of expiration, and so the government was able 0:01:59.040 --> 0:02:03.880 to roll it out without any single vaccine expiring. UM 0:02:04.040 --> 0:02:06.880 and and that really speaks to the need and the 0:02:07.040 --> 0:02:10.280 demand for the vaccine. There is a latent demand for 0:02:10.560 --> 0:02:13.480 these vaccines. Despite the fact that we have heard about 0:02:14.040 --> 0:02:16.400 vaccine hesitancy. There are some people who are heasy, that 0:02:16.560 --> 0:02:18.919 for sure, but there are still quite a number of 0:02:18.960 --> 0:02:22.200 people who want these vaccines. UM there is now a 0:02:22.320 --> 0:02:26.480 new batch of vaccine that we just received m August 0:02:26.600 --> 0:02:30.880 first four million doses from the US government actually through 0:02:30.880 --> 0:02:34.639 recovered facility, and so plants are on their way right 0:02:34.639 --> 0:02:39.559 now to UM get those vaccines rolled out and people vaccinated. 0:02:39.639 --> 0:02:42.000 But as you can see, four million doses will only 0:02:42.040 --> 0:02:45.519 bring us up to one two percent vaccinated. So there's 0:02:45.560 --> 0:02:48.839 still quite a lot of on net need for vaccination, 0:02:49.000 --> 0:02:53.639 for COVID vaccination in Nigeria and indeed in all of 0:02:53.680 --> 0:02:57.519 Africa and many lower middle income countries. So talking on it, 0:02:57.520 --> 0:02:59.200 that's kind of where I wanted to go. What's what's 0:02:59.240 --> 0:03:02.880 the plan or what's expectation in Nigeria and across Africa 0:03:02.960 --> 0:03:06.040 for maybe the intermediate term over the next six months 0:03:06.400 --> 0:03:10.280 in terms of percentage vaccinated, how high do you think 0:03:10.320 --> 0:03:12.320 you can get that number and over what time frame? 0:03:12.840 --> 0:03:16.200 It's very hard to say because as you know, most 0:03:16.240 --> 0:03:19.560 of the global vaccine supplies have been locked up by 0:03:19.720 --> 0:03:22.240 you know, reach out countries who got in there first, 0:03:22.320 --> 0:03:25.880 and you know they the manufacturing and some of SUCU 0:03:25.960 --> 0:03:29.880 companies to produce vaccines for them and secure those vaccine doses. 0:03:30.480 --> 0:03:33.040 But now we're seeing more and more of the rich 0:03:33.080 --> 0:03:37.800 countries UM donating some of their doses to the COVAC facility. 0:03:38.280 --> 0:03:42.560 We know that the COVACT facility your mart to of 0:03:43.080 --> 0:03:47.240 the population of the countries that they would provide vaccine 0:03:47.440 --> 0:03:51.400 to cover those and that would be over a period 0:03:51.520 --> 0:03:54.880 of um you know, from from February that was going 0:03:54.920 --> 0:03:58.040 to be an over a period of one year, one 0:03:58.080 --> 0:04:01.320 and a half years. So in the next six months 0:04:01.200 --> 0:04:03.960 m we are hoping that we should be able to 0:04:04.000 --> 0:04:09.200 get enough vaccines from both the KOVAC Facility as well 0:04:09.240 --> 0:04:12.840 as the African Union who is making our invent also 0:04:12.920 --> 0:04:16.200 to provide some vaccines UM to to try and get 0:04:16.240 --> 0:04:19.920 to that. But we're not sure for if we're going 0:04:19.960 --> 0:04:24.760 to get to because right now the global vaccine supply 0:04:25.040 --> 0:04:31.160 is in very very short um supply and UM the 0:04:31.200 --> 0:04:34.440 prospects for producing enough to to feed the world or 0:04:34.480 --> 0:04:39.080 to satisfy the world need is actually quite a bleak. 0:04:39.680 --> 0:04:41.920 You know. Well, one thing that I've been thinking about 0:04:41.920 --> 0:04:44.520 a lot and look in recent months is the fact 0:04:44.560 --> 0:04:47.720 that in the United States we are so wealthy when 0:04:47.760 --> 0:04:51.640 it comes to vaccines, and there are so many Americans 0:04:51.880 --> 0:04:53.880 right now who are sick because they did not take 0:04:53.920 --> 0:04:56.479 a vaccine. And around the world there are so many 0:04:56.480 --> 0:04:58.640 people who would get in line to get the vaccine 0:04:58.640 --> 0:05:01.000 that is just sitting there at a drug store waiting 0:05:01.040 --> 0:05:03.960 for an American to come and get it. From a 0:05:04.279 --> 0:05:07.240 from the perspective of a public health expert, a physician, 0:05:07.720 --> 0:05:09.960 and somebody who's living in a country where only one 0:05:10.000 --> 0:05:12.760 percent is vaccinated, what goes through your head when you 0:05:12.800 --> 0:05:19.159 see that? Yeah, I I I find that. I mean, 0:05:19.240 --> 0:05:25.120 that's that's unfortunate really because, um, there are many people 0:05:26.000 --> 0:05:29.640 elsewhere who would line up, like you say, for these vaccines. 0:05:30.400 --> 0:05:34.640 But but that is that is the reality in in 0:05:34.640 --> 0:05:37.040 in the US, and I think it will also be 0:05:37.080 --> 0:05:40.040 the reality in now and middle income countries when we 0:05:40.160 --> 0:05:44.840 do have enough vaccines. There will in every population there 0:05:44.839 --> 0:05:47.160 will be some people who are hesitant. Right, And so 0:05:47.520 --> 0:05:50.839 US has reached that state where you have you have 0:05:51.000 --> 0:05:55.280 satisfied those who will take the vaccine immediately, and you're 0:05:55.320 --> 0:05:58.600 now in the in the phase where you need to, um, 0:05:58.640 --> 0:06:01.680 you need to encourage age those who are still on 0:06:01.800 --> 0:06:04.440 the sense about the vaccine. You encourage them to get 0:06:04.480 --> 0:06:06.680 the vaccine. But there there are some people who will 0:06:06.720 --> 0:06:10.479 not get the vaccine, and that's that's the truth. I 0:06:10.560 --> 0:06:15.360 think the US vaccine mandates. That's a hot topic here 0:06:15.640 --> 0:06:19.040 in the United States and I guess other developed markets 0:06:19.080 --> 0:06:22.000 that have relatively high vaccination rates. Do you think that's 0:06:22.040 --> 0:06:24.680 something that should be enforced either at the you know, 0:06:24.960 --> 0:06:27.520 the government level, or maybe just at a private level. 0:06:27.680 --> 0:06:29.440 If you want to come into my restaurant, you've got 0:06:29.440 --> 0:06:35.520 to prove that you've been vaccinated. Personally, I think so. Um, 0:06:35.640 --> 0:06:38.919 with the way the COVID transmission is happening and the 0:06:39.040 --> 0:06:43.920 risk of of viral variants that you know, could cost 0:06:43.960 --> 0:06:50.080 more harm than good. UM, I think that clearly we 0:06:50.080 --> 0:06:52.400 if we have more vaccination, is going to slow the 0:06:52.440 --> 0:06:56.520 spread of of the of the virus and the variants 0:06:56.520 --> 0:07:00.560 and reduce the odds that even more dangerous variant will emerge. 0:07:00.600 --> 0:07:05.040 And that's something we really need to worry about, UM 0:07:05.200 --> 0:07:07.920 right now. I think many employers want to see that 0:07:07.960 --> 0:07:13.520 their employee show their vascination cards. So at Hopkins, for example, UM, 0:07:13.560 --> 0:07:18.000 there's no mandates per se, but if you're not vaccinated, 0:07:18.120 --> 0:07:22.200 you have to be tested often and so you know, 0:07:22.360 --> 0:07:25.800 it's still an inconvenient for you to get tested maybe 0:07:25.840 --> 0:07:31.400 every other day or wearing masks consistently. So I think 0:07:31.440 --> 0:07:34.440 that they definitely has to do something to be done 0:07:34.480 --> 0:07:37.880 if either there's evactive mandates in place or there is 0:07:38.120 --> 0:07:42.800 stricter and more regular testing, because we don't want an 0:07:42.840 --> 0:07:47.160 individual's freedom to infringe on the health of the public 0:07:47.320 --> 0:07:51.520 or the community, So that sense of responsibility must be upheld. 0:07:52.080 --> 0:07:55.240 What is the best way to instill that sense of 0:07:55.360 --> 0:07:59.080 responsibility in someone who says, well, forcing me to get 0:07:59.120 --> 0:08:03.520 a vaccine is a threat to my individual liberty. The 0:08:03.560 --> 0:08:08.400 best way I think is is to put the responsibility 0:08:08.640 --> 0:08:13.800 back on them right to not put the public at risk. 0:08:14.240 --> 0:08:17.120 So I think what they're doing in in in France 0:08:17.240 --> 0:08:22.080 is if you're not vaccinated, then you stay home. Those 0:08:22.120 --> 0:08:25.480 who are vaccinated now have the liberty to go out 0:08:26.280 --> 0:08:30.040 because we're not going to close the economy down for 0:08:30.200 --> 0:08:33.439 those who refuse to get vaccinated and continue to be 0:08:33.480 --> 0:08:37.679 a threat to the public. Help. So, Um, while we 0:08:37.800 --> 0:08:42.559 don't want to infringe on individual liberties and freedoms, um, 0:08:42.600 --> 0:08:45.200 we would have to put the owners back on the 0:08:45.240 --> 0:08:50.040 individual who refuses to get vaccinated to you know, to 0:08:50.040 --> 0:08:53.520 to keep from spreading the disease to other people, So 0:08:54.640 --> 0:08:57.920 you would you if you're not vaccinated, then you would 0:08:57.920 --> 0:09:01.599 have to wear masks, you would have to test frequently, 0:09:01.960 --> 0:09:04.320 and you would have to prove that you're not a 0:09:04.520 --> 0:09:08.720 risk to the public. So I think it's a matter 0:09:08.760 --> 0:09:11.400 of putting a carrot and a stick, and I think 0:09:11.400 --> 0:09:15.720 the stick should be wielded where people, you know, refuse 0:09:15.800 --> 0:09:18.960 to get vaccinated if there's no medical reason for them 0:09:18.960 --> 0:09:22.480 not to get vaccinated. So dr wee not. The delta 0:09:22.559 --> 0:09:25.520 variant is obviously the dominant variant on a global scale. 0:09:25.559 --> 0:09:29.559 Do we know anything about how long it will remain 0:09:29.640 --> 0:09:33.360 and driving these surges? Is it just a factor of 0:09:33.520 --> 0:09:36.640 when something else comes along or is there a scenario 0:09:36.640 --> 0:09:39.199 where this dies out as a variant? He should we 0:09:39.240 --> 0:09:44.199 think about it? The way to think about it is that, um, 0:09:44.360 --> 0:09:49.440 the more the virus is transmitted, the more the risk 0:09:49.520 --> 0:09:53.600 of variant emergence. So the delta variant right now, obviously 0:09:53.640 --> 0:09:57.920 you know the results of continuous transmission. The way we 0:09:58.000 --> 0:10:00.160 are going to get rid of the delta variant it 0:10:00.240 --> 0:10:02.960 is for you know, more people to get vaccinated and 0:10:03.000 --> 0:10:07.800 for us to curb transmission by maintaining the same um. 0:10:07.840 --> 0:10:10.760 You know, public health measures social distance and wearing masks, 0:10:10.800 --> 0:10:13.960 avoiding crowds and things like that. So if we look 0:10:14.000 --> 0:10:16.360 at the if we look at the epidemic curve of 0:10:16.559 --> 0:10:19.480 let's say the alpha, we can really tell with the 0:10:19.520 --> 0:10:23.959 alpha because alpha is less transmissible than the delta variants. 0:10:24.000 --> 0:10:28.319 So we're actually looking at a longer term UM scenario 0:10:28.600 --> 0:10:31.560 where if we don't put enough measures in place, the 0:10:31.600 --> 0:10:35.040 delta variants might actually stay longer than we saw, the 0:10:35.120 --> 0:10:38.920 alpha variant being like a major driver of of of 0:10:39.040 --> 0:10:44.400 the epidemic. So I would say that UM, for now, 0:10:44.520 --> 0:10:47.679 it's really really important for us to get the vaccination 0:10:47.800 --> 0:10:51.640 rates of around the world because another variant might emerge 0:10:51.679 --> 0:10:55.520 from a part of the world where vaccines are not available. 0:10:55.960 --> 0:10:58.199 This is exactly what we were warned about months ago, 0:10:58.240 --> 0:11:00.199 and we're seeing it happen right now. Dr She is 0:11:00.200 --> 0:11:03.640 about Wenati, Associate Scientist at the Johns Hopkins Bloomberg School 0:11:03.679 --> 0:11:06.200 Public Health, also Nigeria Country Director at the Johns Hopkins 0:11:06.240 --> 0:11:08.720 International Vaccines Center, the Johns Hopkins Bloomberg School of Public 0:11:08.760 --> 0:11:10.520 Health that is supported by Michael R. Bloomberg, founder A 0:11:10.520 --> 0:11:14.000 Bloomberg LP and Bloomberg philanthropies. Well, the U S economy 0:11:14.080 --> 0:11:17.080 is in the midst of a historic comeback. It's happening, though, 0:11:17.160 --> 0:11:20.559 with the lowest rate of labor force participation in more 0:11:20.559 --> 0:11:23.400 than four decades and a record number of unfilled jobs. 0:11:23.480 --> 0:11:27.800 It leaves economists, policymakers and investors wondering where have all 0:11:28.040 --> 0:11:31.360 the workers gone? Those are the words from Olivia Rockman. 0:11:31.600 --> 0:11:34.679 She's US economy reporter for Bloomberg News. She's joining us 0:11:34.679 --> 0:11:37.679 on the phone from San Diego. Also, Joe Webber's joining us. 0:11:37.679 --> 0:11:39.360 He's at her at Bloomberg Business Week. He joins us 0:11:39.360 --> 0:11:42.240 on the access line from Massachusetts. Yes, San Diego, that's 0:11:42.440 --> 0:11:44.640 pretty nice place to be right now, Olivia, I can 0:11:44.640 --> 0:11:48.520 speak like that as a Californian, Joel, Where have all 0:11:48.880 --> 0:11:52.719 the workers gone? It has been a question that companies 0:11:53.280 --> 0:11:56.880 UM an economists have just been obsessing about um since 0:11:57.320 --> 0:12:01.680 the economy started to pick up steam. And there's help 0:12:01.720 --> 0:12:04.960 wanted signs. The biggest thing I've been seeing a like 0:12:05.120 --> 0:12:08.920 signing bonuses and like this isn't like nothing. We're talking 0:12:08.960 --> 0:12:12.559 like thousands of dollars on up and it's all on 0:12:12.600 --> 0:12:15.720 an attempt to incentivize workers to come out of the 0:12:15.720 --> 0:12:19.400 closet because they have just literally it seems like they've 0:12:19.400 --> 0:12:22.400 gone missing. But it turns out that, um, it's not 0:12:22.720 --> 0:12:25.559 quite as big of a mystery, um as it might seem, 0:12:25.559 --> 0:12:28.720 and that Olivia sort of helped UH do some sleuthing 0:12:28.720 --> 0:12:31.199 and figure out what was at the bottom of it. 0:12:31.640 --> 0:12:33.440 And and Olivia, I'll turn it over to you. But 0:12:33.600 --> 0:12:37.199 part of this is frankly just because of boomers, right, 0:12:38.880 --> 0:12:41.080 that's right. So one of the big factors is that 0:12:41.120 --> 0:12:44.400 boomers retired at double the rate that they did in 0:12:44.440 --> 0:12:48.120 twenty nineteen last year, and so we have this highly 0:12:48.120 --> 0:12:52.120 productive group of workers that now is basically out for 0:12:52.120 --> 0:12:54.640 for good. And then at the same time, we're seeing 0:12:54.640 --> 0:12:57.760 the birth rate decline and we're not seeing young people 0:12:57.800 --> 0:13:00.280 and try to work force at as fact of wait 0:13:00.640 --> 0:13:05.640 as those generations before them did. Well, you know, Olivia 0:13:05.840 --> 0:13:08.120 al from Jersey called me and said, get back to work. 0:13:08.160 --> 0:13:11.000 So here I am back back to work. But one 0:13:11.000 --> 0:13:13.760 of the issues that I think some people may have 0:13:13.840 --> 0:13:16.319 is maybe their skills just kind of lapse here and 0:13:16.520 --> 0:13:18.800 they might not be as employable as maybe they were 0:13:18.800 --> 0:13:20.920 when they're in their workforce. And I'm thinking maybe about 0:13:20.960 --> 0:13:23.960 some some of the older demos um what are you 0:13:23.960 --> 0:13:28.760 finding as at least ages. So it's of course historical 0:13:29.080 --> 0:13:33.080 that employers discriminate against people who are older when it 0:13:33.120 --> 0:13:36.480 comes to hiring because they know they won't get as 0:13:36.480 --> 0:13:39.000 many years out of that worker. At the same time, 0:13:39.520 --> 0:13:41.800 while skills may lapse when you spend more time out 0:13:41.800 --> 0:13:44.720 of the workforce, it also means that if you've had 0:13:44.760 --> 0:13:47.720 these long resume gaps when you're applying for a job, 0:13:48.320 --> 0:13:51.760 employers often, you know, let those resumes out or aren't 0:13:51.760 --> 0:13:54.360 as quick to hire, and so it makes it harder 0:13:54.360 --> 0:13:57.079 for people to jump back into the workforce the longer 0:13:57.120 --> 0:14:01.160 they've been away. So what do economists and analysts who 0:14:01.240 --> 0:14:03.960 you speak to say needs to happen when it comes 0:14:04.000 --> 0:14:09.040 to policy making decisions to encourage employees to get back 0:14:09.040 --> 0:14:12.560 to work. There are a number of factors here. So 0:14:12.679 --> 0:14:14.960 one of them that we've kind of found over the 0:14:15.040 --> 0:14:18.120 last six months or so is a childcare problem. And 0:14:18.200 --> 0:14:22.840 so parents, particularly women, left the labor force at high rates, 0:14:22.880 --> 0:14:25.400 and some see the cost of childcare and they say, 0:14:25.440 --> 0:14:27.720 you know what, why go back at a low wage 0:14:27.760 --> 0:14:30.440 when I can just save on that cost. And so 0:14:30.600 --> 0:14:33.800 some of what Biden has proposed in this trillions of 0:14:33.840 --> 0:14:39.360 dollar packages childcare castability. So that's one thing. Another thing 0:14:39.600 --> 0:14:42.520 is the opioid crisis that's caused a lot of people 0:14:42.560 --> 0:14:45.840 to lead the labor force, and again that takes a 0:14:45.920 --> 0:14:52.440 crackdown on you know, rehabilitation and help for these individuals. 0:14:52.480 --> 0:14:55.160 So there's so many categories in each one sort of 0:14:55.160 --> 0:14:58.800 has its own policy structure around it. I want to 0:14:58.840 --> 0:15:04.280 talk more about the opoids, um, because when you think 0:15:04.280 --> 0:15:10.560 about the scale of an epidemic like it was and predated, um, uh, 0:15:10.600 --> 0:15:14.280 this pandemic obviously, um, it's easy to maybe think like 0:15:14.320 --> 0:15:16.960 it it wouldn't have had as big of a dint 0:15:17.400 --> 0:15:20.800 as it seems to be happen be having. So like, 0:15:21.080 --> 0:15:26.840 how are economists looking at at the implications from from opioids? 0:15:26.600 --> 0:15:30.800 How how big is that in terms of the missing 0:15:30.800 --> 0:15:35.400 element in this labor force. So drug overdose death in 0:15:35.440 --> 0:15:38.840 particular rose by thirty percent last year. Um. That's a 0:15:38.920 --> 0:15:42.960 huge increase from the years prior. In fact, opioid death 0:15:43.040 --> 0:15:46.640 had been kind of plateau going and have now increased again. 0:15:46.840 --> 0:15:50.160 And the problem there is that in areas where addiction 0:15:50.240 --> 0:15:53.800 rates are higher, we see lower rates of labor force participation. 0:15:54.320 --> 0:15:58.040 And so as this spreads, it sort of worsens the issue. Um, 0:15:58.280 --> 0:16:00.960 Like we've seen a d C for example, been a 0:16:01.040 --> 0:16:06.440 huge problem for many of the employers there. And so 0:16:06.520 --> 0:16:10.320 when you think about, um, what can be done, I mean, like, 0:16:10.360 --> 0:16:11.480 how do you how do you get on the other 0:16:11.520 --> 0:16:16.000 side of this from a policy perspective. So, of course, 0:16:16.040 --> 0:16:19.880 as I mentioned, Biden is proposing this massive infrastructure plan 0:16:20.000 --> 0:16:23.680 which has many different components that are aiming to help 0:16:23.720 --> 0:16:26.560 get people back into the labor force. But as we 0:16:26.680 --> 0:16:29.560 say in our story, you know, labor force participation is 0:16:29.560 --> 0:16:34.280 at a forty year low right now, um, right, Like 0:16:35.160 --> 0:16:39.080 we're back to the seventies exactly. And the seventies was 0:16:39.120 --> 0:16:42.440 a time in which we had you know, historic recession, 0:16:42.560 --> 0:16:47.080 inflation was high, and there were cultural differences then as well. Um. 0:16:47.120 --> 0:16:49.840 And so while we did sort of climb out of 0:16:49.840 --> 0:16:52.680 the pandemic low, we haven't seen a lot of progress 0:16:52.680 --> 0:16:56.160 in labor force participation since August of last year. And 0:16:56.240 --> 0:16:59.160 so it's going to take a lot for for you know, 0:16:59.240 --> 0:17:01.800 policymakers both on the said side and on the White 0:17:01.800 --> 0:17:04.920 House side to come up with solutions to get people 0:17:04.960 --> 0:17:08.000 to start working again. The seventies were quite good for me, 0:17:08.040 --> 0:17:11.600 I'll just point out, all right, let's talk automation here, Olivia. 0:17:11.640 --> 0:17:13.200 When I go to the CBS and get my four 0:17:13.240 --> 0:17:16.200 or five items, I just scan it myself in schedattle. 0:17:16.320 --> 0:17:19.560 I mean, so that's got to be an issue. What's 0:17:19.560 --> 0:17:22.720 really interesting here is in prior recessions, we always saw 0:17:22.880 --> 0:17:28.000 automation coming in kind of to replace manufacturing jobs, factory jobs. 0:17:28.280 --> 0:17:31.800 But because of the health crisis, we've seen automation now 0:17:31.840 --> 0:17:35.200 replacing service workers as well, whether that's in food service 0:17:35.440 --> 0:17:38.399 or as you mentioned as CBS or grocery store. And 0:17:38.520 --> 0:17:41.920 so we've sort of seen what happened in Pire recessions 0:17:41.920 --> 0:17:45.359 now accelerate on the automation front. And in the US, 0:17:45.440 --> 0:17:48.680 we really don't invest that much in reskilling, which would 0:17:48.680 --> 0:17:51.879 help people who've lost their jobs two robots kind of 0:17:51.920 --> 0:17:55.000 get back into the workforce, and so that's that's really 0:17:55.040 --> 0:17:57.399 where we're lacking in that area. Hey, Olivia, just in 0:17:57.440 --> 0:17:59.159 the last thirty seconds that we have with you, the 0:17:59.200 --> 0:18:01.920 jobs report tomorrow it's expected to show that the US 0:18:01.960 --> 0:18:06.040 added just about seventy five thousand jobs in July. What's 0:18:06.080 --> 0:18:09.720 the number that you're going to be paying attention to, though, Well, 0:18:09.920 --> 0:18:13.240 this story is all about labor fourth participation and economists 0:18:13.240 --> 0:18:16.360 for estimating that labor first participation is going to barely 0:18:16.400 --> 0:18:19.160 move upward. And so you know that's going to continue 0:18:19.160 --> 0:18:20.760 to point to this trend that there's going to need 0:18:20.800 --> 0:18:23.360 to be more happy on the policy front to get 0:18:23.440 --> 0:18:27.399 us back. Olivia Rockman is US economy reporter at Bloomberg News. 0:18:27.440 --> 0:18:29.640 She joins us on the phone from San Diego along 0:18:29.640 --> 0:18:32.200 with Joel weber Eder at Bloomberg Business Week. He's joining 0:18:32.280 --> 0:18:35.480 us from Massachusetts. Olivia's story is featured in the current 0:18:35.520 --> 0:18:37.760 issue of Bloomberg Business Week magazine. You can read it 0:18:37.760 --> 0:18:41.200 now at the Bloomberg Terminal and on Bloomberg dot com 0:18:41.240 --> 0:18:49.040 slash of business Week. This is Bloomberg business Week with 0:18:49.200 --> 0:18:53.879 Carol Masser and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. 0:18:55.560 --> 0:18:57.680 All right, Paul Sweeney sitting here for Carol Master today 0:18:57.800 --> 0:19:01.320 along with Tips Stenovic, Boy me, M and A is 0:19:01.440 --> 0:19:05.520 alive and well. And that whole concept of content is 0:19:05.640 --> 0:19:08.680 king is absolutely making itself known. And I always described 0:19:08.720 --> 0:19:11.119 that term content is king. It's widely used, but I 0:19:11.200 --> 0:19:15.000 describe it to Sumner Redstone, the media mogul. He used 0:19:15.040 --> 0:19:17.160 to just say that all the time because he owned 0:19:17.160 --> 0:19:19.560 a lot of content. Uh, let's take a look at 0:19:19.560 --> 0:19:21.800 some of these deals with Jerry Smith, media reporter for 0:19:21.800 --> 0:19:23.600 Bloomberg News. He joins us on the phone from New 0:19:23.640 --> 0:19:26.800 York City. So, Jerry, first, we had Rees Witherspoon selling 0:19:26.920 --> 0:19:29.720 her Hello Sunshine Media Group to nine million bucks. I 0:19:29.720 --> 0:19:32.879 think this pe folks. And then just today South Parks 0:19:32.880 --> 0:19:36.080 creator signed a new nine million dollar deal with Viacom 0:19:36.200 --> 0:19:39.399 CBS is what's going on out there? Seems like an 0:19:39.440 --> 0:19:42.800 arms race. Yeah, that's absolutely right. I mean there's a 0:19:42.840 --> 0:19:47.080 real land grab right now for high quality programming as 0:19:47.640 --> 0:19:51.240 all the big media giants and tech companies are trying 0:19:51.280 --> 0:19:54.280 to um, you know, fill their streaming services with as 0:19:54.280 --> 0:19:57.400 many TV shows and movies as possible. So this new 0:19:57.440 --> 0:20:01.040 deal Jerry runs through, it covers six more cycles of 0:20:01.160 --> 0:20:05.400 South Park, it includes fourteen made for streaming movies. That's 0:20:05.400 --> 0:20:07.359 the part that really stuck out to me. So this 0:20:07.440 --> 0:20:10.600 is these are for Paramount plus because it's really confusing 0:20:10.640 --> 0:20:15.320 because you can watch south Park on HBO Max. Yeah 0:20:15.400 --> 0:20:17.680 that's right. I mean that's an example of just how 0:20:18.000 --> 0:20:20.920 um you know splintered. The full streaming world is where 0:20:21.320 --> 0:20:23.119 you know, the old episodes of the show might be 0:20:23.160 --> 0:20:26.000 in one streaming service and the new reboot of the 0:20:26.080 --> 0:20:28.720 show is on another. I mean, there's another example where 0:20:29.000 --> 0:20:32.040 Peacock is doing a reboot of The Fresh Prince of 0:20:32.080 --> 0:20:34.679 bel Air, but the old episodes of Fresh Princes are 0:20:34.680 --> 0:20:38.880 on HBO Max. I think ya com CBS. Their deal 0:20:38.960 --> 0:20:42.359 with the South Park creators runs longer than their license 0:20:42.400 --> 0:20:44.400 to deal with HBO Max, and I think the strategy 0:20:44.480 --> 0:20:47.960 there is eventually those shows, those old episodes of South 0:20:48.000 --> 0:20:50.639 Park end up on Paramount Plus along with all the 0:20:50.680 --> 0:20:54.080 new shows and movies that the creators are making. Jerry, 0:20:54.119 --> 0:20:55.399 I'm getting to the point of being and I'm a 0:20:55.480 --> 0:20:57.520 media analyst, have covered this stuff for thirty five years 0:20:57.520 --> 0:21:00.680 of getting completely overwhelmed by the choices there, but I 0:21:00.760 --> 0:21:02.879 cannot report that after again thirty or five years, I 0:21:02.920 --> 0:21:05.560 finally cut the cord for no other reason than we 0:21:05.640 --> 0:21:09.960 sold our house, you know. Um, But it's interesting here. 0:21:10.520 --> 0:21:11.800 What do you think is next? I mean, are we 0:21:11.840 --> 0:21:14.600 can see more and more of these A list people, 0:21:15.200 --> 0:21:16.399 you know, I kind of go out there and try 0:21:16.480 --> 0:21:22.000 to form production companies and but also content and sell out. Yeah, 0:21:22.000 --> 0:21:26.000 I mean, this is really an incredible time. If you 0:21:26.119 --> 0:21:29.679 are you know, independent studio, I mean Lebron james Is 0:21:30.200 --> 0:21:34.280 Production Studio is also exploring its sale. Um, you know, 0:21:34.720 --> 0:21:38.040 I think that there's uh, you know, these streaming services 0:21:38.119 --> 0:21:41.640 they just need more and more programming and certainly they're 0:21:42.000 --> 0:21:44.400 just in how studios are making a lot of it. 0:21:44.440 --> 0:21:48.520 But if you're an independent producer, I mean you have 0:21:48.880 --> 0:21:50.920 your your phone is probably ringing off the hook right 0:21:50.920 --> 0:21:54.360 now with streaming services that are are looking to do 0:21:54.520 --> 0:21:57.159 deals with you. Well to that, and Jerry, you have 0:21:57.240 --> 0:22:00.760 a new story out in Bloomberg Business. We can current issue. 0:22:00.800 --> 0:22:04.280 It's all about none other than the daily shows. John Stewart. 0:22:04.359 --> 0:22:07.439 He's going to Apple TV. This is cool. Yeah, this 0:22:07.520 --> 0:22:09.560 is cool. And and this is interesting because I remember 0:22:09.680 --> 0:22:15.160 years ago this was what Jerry where uh hbo signed 0:22:15.160 --> 0:22:17.440 a deal with Jon Stewart after he was on Comedy 0:22:17.480 --> 0:22:21.840 Central and nothing ever came of that. Yeah that's right. 0:22:21.840 --> 0:22:23.960 He Um, you know, he had an idea and a 0:22:24.040 --> 0:22:27.520 very ambitious idea to do some sort of animated show 0:22:27.720 --> 0:22:30.520 related to current events and it uh and it just 0:22:30.760 --> 0:22:33.840 died in production. Um. But yeah, he has a new 0:22:33.880 --> 0:22:38.439 show that's coming out on Apple TV TV plus next month. Um, 0:22:38.440 --> 0:22:40.280 it's gonna be a little bit different format in the 0:22:40.359 --> 0:22:43.320 Daily Show. He's going to spend an hour really doing 0:22:43.359 --> 0:22:46.879 a deep dive on a certain specific topic. Um. He 0:22:46.880 --> 0:22:48.760 hasn't said what these topics are going to be yet, 0:22:48.800 --> 0:22:51.560 but it sounds similar to what John Oliver does, a 0:22:51.600 --> 0:22:55.359 former colleague of Stuart's from The Daily Show, John Oliver 0:22:55.440 --> 0:22:58.480 as a show on HBO called Last Week Tonight where he, um, 0:22:58.520 --> 0:23:01.399 you know, spends much of the program just um doing 0:23:01.400 --> 0:23:06.000 a really in depth piece on on a specific topic. Um. 0:23:06.080 --> 0:23:08.280 But yeah, I mean Apple TV Plus has has sort 0:23:08.280 --> 0:23:11.359 of flown under the radar in the whole discussion about 0:23:11.400 --> 0:23:15.160 the streaming wars. Um, certainly Apple has very deep pockets, 0:23:15.240 --> 0:23:18.280 but um, in streaming service, the library is a lot 0:23:18.400 --> 0:23:23.080