WEBVTT - Gen Z Nurses Concerned About Burnout 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 Stanovk. We're here every day bringing 0:00:07.280 --> 0:00:09.799 you the latest news from the worlds of business and finance, 0:00:09.840 --> 0:00:13.640 plus technology, politics, economics, all partnising the power of Business 0:00:13.640 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:19.480 analyst in more than one hundred and twenty countries. You 0:00:19.520 --> 0:00:22.840 can download Bloomberg Business Week at 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. Searched Bloomberg Clobal News well. Last month, 0:00:31.920 --> 0:00:34.960 Bloomberg News reported that the fallout from the nursing shortage 0:00:35.000 --> 0:00:38.240 that's plaguing US hospitals it got so bad that six 0:00:38.800 --> 0:00:42.000 of the nurses at just one Pennsylvania facility in the 0:00:42.040 --> 0:00:44.800 western part of the state left last year, and twenty 0:00:44.800 --> 0:00:47.640 two of those remaining stage day five day walkout that 0:00:47.720 --> 0:00:51.680 halted elective surgery twenty excuse me, so a significant number 0:00:51.720 --> 0:00:54.160 of nurses there. Things aren't likely to get better anytime 0:00:54.200 --> 0:00:57.080 soon either. The US forecast and annual average of one 0:00:58.160 --> 0:01:02.760 thousand five hundred openings for registered nurses through twenty We've 0:01:02.800 --> 0:01:04.479 got a great voice on all of this. Dr mont 0:01:04.520 --> 0:01:06.840 Abusaide is the co founder and CEO of Incredible Health. 0:01:07.080 --> 0:01:10.040 It's a marketplace for connecting hospitals to nursing talent. She 0:01:10.120 --> 0:01:12.840 joins us once again on the phone, this time from Austin. 0:01:12.959 --> 0:01:16.920 Dr Abuzaide, how are you. I'm doing well. Thank you 0:01:17.000 --> 0:01:18.520 so much for having me. Yeah, it's good to have 0:01:18.560 --> 0:01:20.000 you back with us. I just want to get an 0:01:20.040 --> 0:01:21.600 update before you get into all the great data that 0:01:21.600 --> 0:01:24.920 you guys have on what nursing staffing challenges are looking 0:01:24.920 --> 0:01:27.040 like throughout the country, because you've just got a great 0:01:27.120 --> 0:01:31.399 view on that data. Yeah, absolutely so. Overall it is 0:01:31.760 --> 0:01:35.360 continuing to look look very challenging across the board. You know, 0:01:35.480 --> 0:01:39.480 our population, the US population is aging. That's clearly more 0:01:39.520 --> 0:01:42.560 demand on the healthcare system, and he supplied workers have 0:01:42.720 --> 0:01:45.839 not kept up with that demand. Um, we're seeing increasing 0:01:45.920 --> 0:01:49.920 turnover among nurses across the country. The average turnover right 0:01:49.920 --> 0:01:51.920 now is about twenty one and a half the set, 0:01:52.280 --> 0:01:55.520 whereas before the pandemic it was at seventeen percent. And 0:01:55.600 --> 0:01:57.160 Dr I want to get into some of the data 0:01:57.320 --> 0:01:59.680 that you sent over to US so incredible health. He 0:01:59.760 --> 0:02:04.440 served twelve GENC nurses. You found that SEV pointed to 0:02:04.520 --> 0:02:07.600 staffing shortages as their main concern in entering the field. 0:02:07.920 --> 0:02:10.320 Something you could walk us through that a little bit, 0:02:10.360 --> 0:02:14.280 because when staffing shortages, you know, present an opportunity to 0:02:14.320 --> 0:02:18.880 these new nurses trying to enter the field. Yeah. Absolutely, So, 0:02:19.200 --> 0:02:22.360 you know, new UH nursing schools are seeing higher than 0:02:22.400 --> 0:02:27.079 ever applications and are also um graduating more more nurses 0:02:27.120 --> 0:02:30.240 than ever before in the history of the US. However, 0:02:30.440 --> 0:02:33.720 despite that activity, it's still it's still not meeting the 0:02:33.720 --> 0:02:37.480 needs of the staffing needs of the health system. UM. 0:02:37.520 --> 0:02:40.240 You know, the the new nurses when they are graduating, 0:02:40.240 --> 0:02:43.200 they're really looking at two areas. Primarily, number one is 0:02:43.240 --> 0:02:45.720 like how well is this unit staff. The reason they 0:02:45.760 --> 0:02:48.160 care about that is because they don't want to be overworked. 0:02:48.200 --> 0:02:50.480 And two and the second reason is because they want 0:02:50.480 --> 0:02:52.280 to make sure that they're going to be well trained 0:02:52.440 --> 0:02:56.240 by experienced nurses. UM. On the job training is an 0:02:56.280 --> 0:02:58.640 area that new grad nurses and gen Z nurses focus 0:02:58.720 --> 0:03:01.680 on a lot because the termans you know, how successful 0:03:01.720 --> 0:03:04.080 they are in the early parts of their clear Okay, 0:03:04.080 --> 0:03:05.880 so it sounds like what you're saying is that you know, 0:03:06.000 --> 0:03:08.359 for many of these new nurses they're looking at the 0:03:08.440 --> 0:03:11.760 landscape right now and saying this is a recipe for burnout. 0:03:13.280 --> 0:03:18.639 Exactly seventy already feel report feeling overloaded and overwhelmed um 0:03:18.720 --> 0:03:21.200 during their on boarding process as they're joining a new 0:03:21.200 --> 0:03:25.320 employer and uh, and they're really exciting inefficient training systems 0:03:25.320 --> 0:03:28.920 and not having enough experienced nurses to train them. I'm 0:03:28.960 --> 0:03:32.440 wondering dr opposite if we're going to see you know, 0:03:32.440 --> 0:03:35.280 I shared these statistics early on in our in our conversation, 0:03:35.360 --> 0:03:38.680 just the delta between open positions and available nurses given 0:03:38.720 --> 0:03:42.920 what you know at Incredible Health, is it possible for 0:03:43.120 --> 0:03:47.600 the US to actually fill that annual average of onod 0:03:47.640 --> 0:03:50.280 and five hundred openings for registered nurses that is set 0:03:50.320 --> 0:03:54.520 to go through right now. It is not actually possible. 0:03:54.600 --> 0:03:57.360 There are not enough nurses to fill fulfill those roles. 0:03:58.040 --> 0:04:01.360 We know that there are many helpeses because staring um 0:04:01.440 --> 0:04:04.200 hire muses from abroad. Uh. And we know that there's 0:04:04.240 --> 0:04:07.800 going to be continuing increases of of of nursing schools 0:04:07.840 --> 0:04:10.680 needing to graduate more and more nurses. So what's the 0:04:10.680 --> 0:04:14.600 way to fix this. So I don't enough. So what's 0:04:14.600 --> 0:04:17.640 the way to fix this. There's a couple of ways 0:04:17.680 --> 0:04:20.120 that we need. A couple of areas where we need 0:04:20.160 --> 0:04:24.960 to focus. Number one is UH continuing to invest in 0:04:24.960 --> 0:04:29.160 the training of nurses, particularly after nursing school so UH 0:04:29.480 --> 0:04:32.039 expanding the training programs that are available for nurses. Are 0:04:32.160 --> 0:04:35.559 still very few hospitals, not enough hospitals in this country 0:04:35.560 --> 0:04:39.680 that are willing to train UH nurses into different specialty areas. 0:04:40.000 --> 0:04:42.560 We also need to continue to increase the capacity of 0:04:42.680 --> 0:04:45.520 nursing schools so they can train more nurses as well. 0:04:46.200 --> 0:04:48.680 And I'm curious. It stuck out to me that you 0:04:48.720 --> 0:04:52.719 survey gen Z nurses in particular, and I mean, is 0:04:52.800 --> 0:04:56.599 this uniquely a problem among gen Z nurses or would 0:04:56.640 --> 0:05:01.359 you suspect that it's all age categories. It's happening in 0:05:01.360 --> 0:05:03.520 all age categories. But the reason we really focused in 0:05:03.560 --> 0:05:06.760 on the gen Z nurses because they are the next 0:05:06.800 --> 0:05:10.440 generation of nurses that's entering the workforce right now. The 0:05:10.520 --> 0:05:13.719 nursing workforce in the US comprises of five different generations, 0:05:14.080 --> 0:05:16.279 and so what's going on with this This this newest 0:05:16.320 --> 0:05:19.760 one is critical to ensuring the success of the future 0:05:19.760 --> 0:05:22.640 of the US nurse workforce. Um. The other thing that 0:05:22.680 --> 0:05:25.000 we the other thing, the reason we focus on it 0:05:25.080 --> 0:05:28.479 is we knew that this this cohort has unique challenges 0:05:28.920 --> 0:05:31.600 and so we really these products and features that support them. 0:05:31.640 --> 0:05:34.520 You know, they have their one third of the employers 0:05:34.560 --> 0:05:36.800 on the Incredible Health platform are using the platform to 0:05:36.880 --> 0:05:40.279 hire in your graduate nurses. We've on job matching for 0:05:40.360 --> 0:05:43.160 them as well as career coaching that's needed for them. Uh, 0:05:43.200 --> 0:05:46.000 it's always to improve their experience as they're entering the workforce. 0:05:46.160 --> 0:05:49.000 Dr man Abuse, the co founder and CEO of Incredible Health, 0:05:49.040 --> 0:05:51.520 joining us on the phone from Austin, Texas. Really appreciate 0:05:51.560 --> 0:05:55.120 your time once again, Dr Abuse. You're listening to Bloomberg 0:05:55.160 --> 0:05:58.840 Business Week with Carol Measure and Bloomberg Quick Takes Tim 0:05:58.920 --> 0:06:03.240 Stinovic on Bloomberg Radio. Think back to November, but I 0:06:03.240 --> 0:06:06.320 didn't selected. Jennet Yellen is the first female Treasury Secretary. 0:06:06.360 --> 0:06:08.720 It was considered a master stroke. The thinking was that 0:06:08.800 --> 0:06:12.040 her impeccable economic credentials would allow her to stay above 0:06:12.080 --> 0:06:14.600 the fray. Instead, the former chair of the Fed now 0:06:14.680 --> 0:06:16.960 finds herself in the middle of a brawl in Washington, 0:06:17.000 --> 0:06:19.560 where the latest worry is that the Fed's quest attainment 0:06:19.560 --> 0:06:22.760 inflation will plunge the country into a recession, pushing up 0:06:22.800 --> 0:06:27.119 unemployment from the historic lows achieved under yelling those words 0:06:27.160 --> 0:06:30.640 from Selea Mosen, senior Washington correspondent for Bloomberg News. She 0:06:30.720 --> 0:06:32.680 joins us on the phone from Washington, d C. And 0:06:32.720 --> 0:06:34.800 that's part of a story in the current issue of 0:06:34.960 --> 0:06:37.960 Bloomberg business Week. Also joining us as Joel Webber, the 0:06:38.080 --> 0:06:40.360 editor of Bloomberg Business Week. He's with us in the 0:06:40.400 --> 0:06:44.719 Bloomberg Interactive Broker studio. Joel, I think to myself after 0:06:44.720 --> 0:06:47.840 reading this piece, poor Jennet Yellen, Poor Jenney Yellen. I 0:06:48.040 --> 0:06:50.320 guess that could have been the headline for the story. Uh. 0:06:50.320 --> 0:06:53.239 And and you're right. And the thing that has been 0:06:53.279 --> 0:06:57.120 amazing to watch here has been inflation. Just take everyone 0:06:57.520 --> 0:07:00.120 by surprise, not only on Wall Street, but all so 0:07:00.480 --> 0:07:05.080 in Washington. And here you have Janet Yellen, who's absolutely storied, 0:07:05.880 --> 0:07:09.720 impeccable resume from her time at the FED, gets tapped 0:07:09.720 --> 0:07:12.400 by Biden to take over Treasury, and then all of 0:07:12.440 --> 0:07:16.680 a sudden inflation starts, um, you know, slapping Biden on 0:07:16.800 --> 0:07:19.080 both cheeks back and forth for for months on end. 0:07:19.560 --> 0:07:23.520 And uh, you know, in that moment um Yellen took 0:07:24.080 --> 0:07:26.640 the Biden White House by surprise and said she was 0:07:26.680 --> 0:07:30.520 wrong about the path that inflation would take. And that 0:07:30.720 --> 0:07:34.840 ends up being this great little insight into the Biden 0:07:34.920 --> 0:07:39.160 White House d c UH policy in general, and and 0:07:39.280 --> 0:07:43.280 the you know, just the the troublesome foe that inflation 0:07:43.400 --> 0:07:45.600 is um but sle for you, what did it reveal, 0:07:47.000 --> 0:07:49.920 you know, to me, it showed that it's important to 0:07:50.000 --> 0:07:52.960 have a Treasury Secretary who has the trust at a 0:07:53.040 --> 0:07:55.680 personal relationship and the ear of the President of the 0:07:55.960 --> 0:07:58.680 of the United States. The fact that, as I wrote 0:07:58.720 --> 0:08:01.200 in the story, that Chief Is asked Ron Plaine from 0:08:01.200 --> 0:08:05.000 the White House didn't invite Secretary Yellen two key meetings 0:08:05.040 --> 0:08:07.640 where they were going to discuss how to message and 0:08:07.720 --> 0:08:10.880 talk about the economy, they didn't invite her just says 0:08:11.000 --> 0:08:14.240 that she is not seen as someone who needs to 0:08:14.440 --> 0:08:17.680 be involved in every step of the way. And you know, 0:08:17.800 --> 0:08:20.560 really I was talking to some executives last week after 0:08:20.560 --> 0:08:22.680 the story came out. They were saying that Yellen just 0:08:22.800 --> 0:08:25.160 needs to call up President Biden say I need to 0:08:25.200 --> 0:08:27.480 be in every single meeting and we you and I 0:08:27.520 --> 0:08:30.200 need to talk one on one about what's really happening 0:08:30.240 --> 0:08:32.640 in the economy, because maybe Biden is not getting the 0:08:32.640 --> 0:08:36.160 bad news. And how I mean compared this to past 0:08:36.160 --> 0:08:39.360 administrations and the relationship that the president typically has with 0:08:39.400 --> 0:08:42.760 the Treasury secretary. How unusual is it that I mean, 0:08:43.040 --> 0:08:45.840 people are saying that conversation even needs to happen, that 0:08:46.360 --> 0:08:49.320 Yellen isn't being invited to these key meetings and needs 0:08:49.360 --> 0:08:52.679 to speak up. You know, this is part of the 0:08:52.760 --> 0:08:56.160 jockeying when you're at the highest levels of power. There 0:08:56.160 --> 0:08:58.400 are always going to be people inside the White House 0:08:58.480 --> 0:09:00.960 who want to have the ear of the president. We 0:09:01.040 --> 0:09:04.679 thought this very clearly play out in the Trump administration, 0:09:05.120 --> 0:09:06.840 and it's just up to you know, if you are 0:09:06.880 --> 0:09:09.679 a Captinet officer, you have been confirmed by the Senate 0:09:09.800 --> 0:09:12.920 and you go to down there to Capital Hill for 0:09:12.960 --> 0:09:15.600 those grillings over your work, then it is your job 0:09:15.679 --> 0:09:17.800 to say, hey, I am going to be in charge. 0:09:18.400 --> 0:09:21.120 So who has President Biden deferred to? Who is the 0:09:21.120 --> 0:09:24.520 administration deferred to? Instead of the traditional role of the 0:09:24.520 --> 0:09:27.160 Treasury Secretary going out in front of the media and 0:09:27.200 --> 0:09:31.840 facing the media, who's doing that? Now? What we're seeing 0:09:31.960 --> 0:09:36.240 is that the White House is National Economic Director Brian Deaf, 0:09:36.400 --> 0:09:39.120 who is actually not an economist. He's a lawyer by training. 0:09:39.600 --> 0:09:41.880 He is the one who is talking the most about 0:09:41.920 --> 0:09:45.760 the economy publicly, and he seems to be running a 0:09:45.880 --> 0:09:48.440 lot of the meetings and being the point man. Now 0:09:48.559 --> 0:09:51.200 in part, that is his job, that that role was 0:09:51.280 --> 0:09:53.800 created under the Clinton administration to kind of have an 0:09:53.800 --> 0:09:57.640 inter agency process of hey, everyone, all the stakeholders of 0:09:57.720 --> 0:09:59.760 various parts of the economy, how we can all work 0:09:59.760 --> 0:10:03.280 to other. But somehow it seems like Yellin's views, you know, 0:10:03.360 --> 0:10:07.240 she has this sterling reputation, uh, and she is not 0:10:07.320 --> 0:10:11.079 being listened to. It is his job, Brian d'ss job, 0:10:11.120 --> 0:10:13.320 and Ron Clean the chief of staff job, to say, 0:10:13.400 --> 0:10:16.720 let's make sure we are listening to this top shelf 0:10:16.720 --> 0:10:20.319 economists that we tapped, and so how is that conversation 0:10:20.360 --> 0:10:24.040 going to go from here? So, because obviously it shows 0:10:24.080 --> 0:10:26.160 that there's a little bit of a riff between Treasury 0:10:26.200 --> 0:10:29.000 and the White House. How much patience does Jennet you 0:10:29.040 --> 0:10:32.920 don't even have to stick around in government, you know, 0:10:33.200 --> 0:10:34.559 I think a lot of it is going to come 0:10:34.600 --> 0:10:37.200 down to voters. We're going to hear from them in 0:10:37.280 --> 0:10:42.000 November a referendum on the democratic economic policy, and if 0:10:42.040 --> 0:10:44.839 it comes out as you know what, we expect a 0:10:44.880 --> 0:10:48.439 pretty big wipeout for Democrats. That is the natural point 0:10:48.440 --> 0:10:52.600 at which a president and his captain officers consider, you know, 0:10:52.679 --> 0:10:55.840 for the president's side, do I need to rebuild any 0:10:55.880 --> 0:10:59.080 of my team's economic or national security or foreign policy team, 0:10:59.520 --> 0:11:02.200 And for Janet Allen to think, well, look, if I'm 0:11:02.200 --> 0:11:05.840 not useful in this administration, then do I need to 0:11:05.880 --> 0:11:09.800 stay a select One of the most interesting parts of 0:11:09.840 --> 0:11:12.800 this story, and it's full of really great tidbits, encourage 0:11:12.800 --> 0:11:15.440 everybody to check it out, is the reporting that you 0:11:15.520 --> 0:11:20.080 did around Treasury Secretary Janet Yellen and her thoughts on 0:11:20.240 --> 0:11:24.160 sanctions against Russia or lack thereof. Um talk to us 0:11:24.160 --> 0:11:27.920 about what you found. Yeah, that was really interesting. It 0:11:27.960 --> 0:11:31.400 turns out that there was a momentous to day February six, 0:11:31.920 --> 0:11:36.040 two days after Putin invaded and the G seven the 0:11:36.120 --> 0:11:40.440 European Union, everyone had, you know, done shuttle diplomacy at 0:11:40.480 --> 0:11:45.040 the highest levels of power, eighteen hour work days and decided, okay, 0:11:45.120 --> 0:11:50.119 we can all get together and levy extremely punishing sanctions 0:11:50.120 --> 0:11:53.360 that will shock Vladimir Putin. Uh In What they thought 0:11:53.400 --> 0:11:56.720 could be just a seventy two hour operation to take 0:11:56.760 --> 0:12:00.200 down Kiev in Ukraine. And it was Saturday morning, and 0:12:00.280 --> 0:12:03.240 Jenny Allen said to the President in a in a 0:12:03.360 --> 0:12:07.040 situation room meeting that I'm not ready for this. And 0:12:07.160 --> 0:12:11.840 it took a foreign prime minister, Italy's Mario Joggy to 0:12:11.960 --> 0:12:14.360 bring her on board. And what that showed us was 0:12:14.400 --> 0:12:18.440 that maybe she's not nimble enough for the type of 0:12:18.480 --> 0:12:21.080 work that needs to be done in an administration compared 0:12:21.120 --> 0:12:24.120 to a central bank. That's a really interesting insight, you know. 0:12:24.240 --> 0:12:26.959 The other one, Celia, that it just made me kind 0:12:26.960 --> 0:12:29.000 of wonder about, was like, you know, at the beginning 0:12:29.040 --> 0:12:32.559 of the Biden presidency, uh, you know, one of the 0:12:32.960 --> 0:12:35.840 foremost things that yean and champion was this idea of 0:12:36.080 --> 0:12:40.440 a new global tax sort of architecture, and it's been 0:12:40.800 --> 0:12:43.520 hinted at that that might be in jeopardy. What's the 0:12:43.600 --> 0:12:45.600 latest on that front since that was so near and 0:12:45.600 --> 0:12:48.559 dear to her, You know, it really depends on who 0:12:48.600 --> 0:12:51.960 you ask. Um. I've heard from some people that Poland 0:12:52.080 --> 0:12:55.280 is the holdout in Europe and with one no vote, 0:12:55.320 --> 0:12:58.040 the whole thing can be vetoed, meaning that you does 0:12:58.080 --> 0:13:01.720 not sign up on this your landmark deal. But it 0:13:01.840 --> 0:13:05.160 seems like they're the concessions that they want are manageable. 0:13:05.200 --> 0:13:08.160 But look, even if Janet Yellen wins a hundred and 0:13:08.160 --> 0:13:11.880 forty countries uh, you know, consensus to sign on to 0:13:12.000 --> 0:13:14.600 this deal, she still has to get support from Congress, 0:13:14.600 --> 0:13:16.960 and she doesn't have deep ties over there. Yeah. What 0:13:17.000 --> 0:13:18.760 I found so interesting about this is, I mean the 0:13:18.760 --> 0:13:21.160 political aspect of this too, and to what extent voters 0:13:21.320 --> 0:13:23.560 actually care about something like this, Sleia, just in the 0:13:23.600 --> 0:13:26.360 last thirty seconds we have with you, No, this is 0:13:26.360 --> 0:13:28.640 not a kitchen table issue. They don't care about corporate 0:13:28.679 --> 0:13:32.280 max rate, especially when they see gas prices and the 0:13:32.360 --> 0:13:35.320 price of burger meat going up sky high. Yeah. So, 0:13:35.559 --> 0:13:38.520 as far as Democrats in November, no matter what she 0:13:38.600 --> 0:13:40.719 does on that front, it's not necessarily going to be 0:13:40.760 --> 0:13:43.480 a win, at least politically for Democrats. Again, just a 0:13:43.520 --> 0:13:47.400 fantastic piece written by Selea Mosen and team Janet Yellen 0:13:47.480 --> 0:13:51.080 is getting trapped in the blame game over inflation. Selea 0:13:51.200 --> 0:13:54.280 is senior Washington correspondent for Bloomberg News. Be sure to 0:13:54.400 --> 0:13:56.679 check out this story. It's featured in the current issue 0:13:56.720 --> 0:13:59.320 of Business Week magazine. It's available on newsstands, on the 0:13:59.360 --> 0:14:02.960 Bloomberg term Mental and at Bloomberg dot com slash business Week. 0:14:03.120 --> 0:14:05.280 Our thanks also to Joe Weber. He is the editor 0:14:05.360 --> 0:14:07.719 of Bloomberg Business Week. You heard him live here from 0:14:07.720 --> 0:14:15.319 the Bloomberg Interactive Brokers Studios. This is Bloomberg Business Week 0:14:15.480 --> 0:14:19.440 with Carol Messer and Bloomberg Quick Takes Tim Stinovic on 0:14:19.600 --> 0:14:23.480 Bloomberg Radio. In an interview earlier today with Bloomberg News 0:14:23.600 --> 0:14:26.760 Editor in chief John mcclethwaite at the Quitar Economic Forum, 0:14:26.760 --> 0:14:30.320 Tesla's Elon Musk struck a sober tone as he forecast 0:14:30.400 --> 0:14:33.640 a probable recession in the US and left doubts about 0:14:33.680 --> 0:14:37.080 his commitment to a forty four billion dollar takeover of Twitter. 0:14:37.360 --> 0:14:42.000 Here's an excerpt of that discussion. With respect to the 0:14:42.240 --> 0:14:45.480 Twitter transaction, There's a limit to what I can say 0:14:45.680 --> 0:14:50.600 publicly given that is um somewhat of a sensitive matter. Um. 0:14:50.960 --> 0:14:55.520 So I would like to be measured in my responses here, um, 0:14:55.720 --> 0:15:00.960 such as not to generate incremental lawsuits. Um mhm un. 0:15:01.360 --> 0:15:05.600 That seems to be a risk. You sometimes managed to overcome, Yes, 0:15:05.960 --> 0:15:11.560 deposition minimization is I think important? Have you have, have 0:15:12.000 --> 0:15:17.360 Twitter given you enough information? Well, there are still, um 0:15:18.160 --> 0:15:21.920 a few unresolved matters. You've You've probably read about the 0:15:22.560 --> 0:15:27.240 question as to whether the number of fake and spam 0:15:27.320 --> 0:15:29.800 users on the system is less than five percent as 0:15:29.840 --> 0:15:33.960 Twitter claims, which I think is probably not most people's 0:15:34.000 --> 0:15:38.280 experience on we're using Twitter. Um So we're still awaiting 0:15:38.280 --> 0:15:41.640 resolution on that matter. Um. And that that is a 0:15:41.720 --> 0:15:47.400 very significant matter. Um So we're awaiting resolution on that. 0:15:48.080 --> 0:15:51.360 And then of course there is the question of will 0:15:51.440 --> 0:15:57.200 the dead portion of the round come together? And then 0:15:57.240 --> 0:15:59.520 will the share holders mode in favor? So I think 0:15:59.520 --> 0:16:04.320 those are the three things that um standard the you know, 0:16:04.600 --> 0:16:07.880 that needs to be resolved before the transaction can complete. 0:16:08.400 --> 0:16:11.040 What about the general state of the economy? Does that 0:16:11.120 --> 0:16:13.040 weigh on you when you think about this? I mean 0:16:13.040 --> 0:16:15.800 you just described it. You have a super bad feeling 0:16:16.280 --> 0:16:18.880 about the economy. Are you still in that position? I 0:16:19.160 --> 0:16:21.960 just said you earlier. Joe Biden has just come out 0:16:22.280 --> 0:16:26.360 and said that a recession in America is not inevitable. 0:16:26.440 --> 0:16:30.680 How do you feel about the economy. Well, I think 0:16:30.960 --> 0:16:35.080 a recession is inevitable at some point. As to whether 0:16:35.120 --> 0:16:38.400 there is a reception in the near term. Um, I 0:16:38.440 --> 0:16:41.960 think that is more likely than not. Certainly, isn't. It's 0:16:42.000 --> 0:16:45.880 not a certainty, but it appears more likelier than that. 0:16:47.200 --> 0:16:52.080 What do you think? I'm I'm I'm with you. I 0:16:52.120 --> 0:16:54.440 agree with you. I think it's more likely. Can I 0:16:54.520 --> 0:16:56.240 ask you one a particular thing to do with the 0:16:56.240 --> 0:16:58.320 Twitter bid, which is you know you are one of 0:16:58.360 --> 0:17:03.840 the biggest and fastest growing investors in China Tesla. You've 0:17:03.880 --> 0:17:07.919 talked about it being a third of your sales going forward. 0:17:08.520 --> 0:17:11.280 You're not buying Twitter the kind of public forum for 0:17:11.400 --> 0:17:15.760 free speech. The Chinese historically don't tend to be very 0:17:15.840 --> 0:17:20.879 enthusiastic about free speech. Are you worried about whether you 0:17:20.880 --> 0:17:25.399 can keep those two particular horses running? Is buying Twitter 0:17:25.800 --> 0:17:29.760 going to get you in trouble with the Chinese? Well? 0:17:30.359 --> 0:17:37.040 Twitter does not operate in China, so um. And I 0:17:37.080 --> 0:17:43.440 think China does not attempt to interview interfere with the 0:17:43.800 --> 0:17:48.080 free speech of the of the press in the US. 0:17:48.160 --> 0:17:51.840 As far as I know, Accession, you're not under pressure 0:17:51.960 --> 0:17:58.080 to Elbert to uh from China. So I think there's UM. 0:17:59.000 --> 0:18:01.800 I don't think it's gonna really you And in terms 0:18:01.960 --> 0:18:04.760 generally of that issue of freedom, of speech and Twitter. 0:18:04.840 --> 0:18:08.080 You've talked about Twitter being making it even freer and 0:18:08.200 --> 0:18:11.760 letting more people onto it. Um, is there a limit 0:18:11.920 --> 0:18:14.280 at all to to who you think should be allowed 0:18:14.320 --> 0:18:21.280 on to Twitter? Well, my aspiration for Twitter, or in 0:18:21.320 --> 0:18:24.159 general for the digital town square would be that it 0:18:24.280 --> 0:18:27.680 is as inclusive in the broader sense of the word 0:18:27.880 --> 0:18:32.320 as possible. UM that it is, it is appealing a 0:18:32.440 --> 0:18:35.720 system to use. UM. So I mean I do I'd 0:18:35.720 --> 0:18:41.720 like to get like of h that's in North America 0:18:41.800 --> 0:18:44.359 and perhaps I don't know half the world or something 0:18:44.480 --> 0:18:49.480 ultimately on on Twitter in one form or another, and 0:18:49.920 --> 0:18:52.359 that needs That means it must be something that is 0:18:52.400 --> 0:18:54.480 appealing to people. It obviously can out to be a 0:18:54.520 --> 0:18:58.879 place where they feel uncomfortable or harassed, m or there 0:18:58.880 --> 0:19:01.960 will something not use it. That was Testlas CEO Elon 0:19:02.080 --> 0:19:04.760 Musk speaking to Bloomberg News Editor in chief John mickel 0:19:04.760 --> 0:19:07.720 Thwaite at the Quitar Economic Forum. You can check out 0:19:07.760 --> 0:19:11.120 more of that interview at Bloomberg dot com. It's sim 0:19:11.160 --> 0:19:13.680 Stentific and Katie Greifeld were live in the Bloomberg Interactive 0:19:13.680 --> 0:19:16.960 Broker Studio in New York. Katie, there's a lot to 0:19:17.400 --> 0:19:20.240 pick apart here in that interview and a lot of takeaways, 0:19:20.280 --> 0:19:22.840 but perhaps what's most interesting to me is Elon Musk's 0:19:22.920 --> 0:19:26.320 view on the economy. He's got a really he's got 0:19:26.359 --> 0:19:28.800 an interesting perch, given that he's the CEO of this 0:19:28.880 --> 0:19:33.879 multinational car company that has factories in China, in Berlin, 0:19:33.960 --> 0:19:37.160 and in the United States, a unique perch, A super 0:19:37.160 --> 0:19:39.640 bad feeling. He did say that those were his words, 0:19:39.680 --> 0:19:42.119 super bad feeling, super bad feeling. He did say he 0:19:42.160 --> 0:19:45.320 thinks that a recession in the US is inevitable. Also 0:19:45.520 --> 0:19:48.000 interesting to hear him talk a little bit about the 0:19:48.040 --> 0:19:51.240 Twitter deal. He said there's a few unresolved matters. He's 0:19:51.280 --> 0:19:54.840 still waiting for a resolution on that question about bots. 0:19:55.359 --> 0:19:58.240 Interesting though Twitter shares high're about it by about three 0:19:58.240 --> 0:20:00.119 point two percent right now. Tim he did say at 0:20:00.200 --> 0:20:02.760 China is not a deal, not a problem for the company, 0:20:02.760 --> 0:20:04.720 which I thought was interesting. And we should note that 0:20:04.800 --> 0:20:06.399 he was able to do something that no other car 0:20:06.440 --> 0:20:08.879 company has been able to do in China by building 0:20:08.920 --> 0:20:11.840 that wholly owned Tesla factory. If you remember, you know, 0:20:12.320 --> 0:20:14.840 every other car company historically has had to do joint 0:20:14.920 --> 0:20:18.600 ventures with homegrown Chinese company. Musk was able to retain 0:20:18.640 --> 0:20:21.479 control of that Tesla factory again. Check more of that 0:20:21.560 --> 0:20:24.920 out online at Bloomberg dot com. You're listening to Bloomberg 0:20:25.040 --> 0:20:37.200 Business Week, and this is Bloomberg Radio broc Journal. Yeah, 0:20:37.280 --> 0:20:42.240 but you let me drive. Oh no, no, no no, no, honey, please, 0:20:42.359 --> 0:20:48.800 I'll do the driving revels. I want to drive the question. 0:20:52.560 --> 0:20:59.000 This is the drive to the clothes down on Bloomberg Radio. 0:20:59.040 --> 0:21:01.080 All right, listen, ten minut it's to go here. We 0:21:01.119 --> 0:21:03.359 are seeing a rally on the SMP five hundred and 0:21:03.400 --> 0:21:05.800 the nazac Amadoo of course as well, two point seven 0:21:05.800 --> 0:21:07.760 percent to the upside on the SMP the nastac hire 0:21:07.760 --> 0:21:10.359 by two point eight percent. Eager to get into this 0:21:10.400 --> 0:21:12.679 with our next guest, Jeff Crumpelman, to travel all the 0:21:12.680 --> 0:21:15.840 way from Cincinnati. He's with us in the Bloomberg Interactive 0:21:15.840 --> 0:21:18.720 Brokers studios. He's the chief investment strategist and head of 0:21:18.760 --> 0:21:22.000 equities at Mariner Wealth Advisers. Jeff, good to have you 0:21:22.000 --> 0:21:24.440 with us. How are you this afternoon? It's great, It's 0:21:24.520 --> 0:21:25.960 it's great to be back in New York. I haven't 0:21:26.000 --> 0:21:28.919 been here for a couple of years, so you know, 0:21:28.960 --> 0:21:31.159 I'm gonna go to a Broadway play tonight. Nice, and 0:21:31.480 --> 0:21:34.000 it's nice to be back. I'll be here on a 0:21:34.000 --> 0:21:36.480 green day too, hopefully than for arranging it. Okay, yeah, 0:21:36.480 --> 0:21:38.640 well hopefully you're you're back with us in person more 0:21:38.640 --> 0:21:40.399 because it's really good to have you with us in 0:21:40.400 --> 0:21:42.520 the studio. Jeff, you say it's good to be here 0:21:42.560 --> 0:21:44.960 on a green day, so a big side of relief? 0:21:45.000 --> 0:21:48.159 Is the worst behind us? Well, I I yeah, I 0:21:48.200 --> 0:21:50.800 think the operative part of that phrase was the war 0:21:50.960 --> 0:21:52.920 is the worst behind us. We do think that there 0:21:52.960 --> 0:21:56.440 could be more downside. There's there's things that's unsettling as 0:21:56.480 --> 0:21:58.800 we go through all these transitions that we all know 0:21:58.880 --> 0:22:05.160 about FED policy, pandemic to endemic as examples. Politically, we've 0:22:05.200 --> 0:22:07.560 got an election coming up. There's gonna be transition there, 0:22:07.600 --> 0:22:10.000 so on and so forth. The economy is going to 0:22:10.280 --> 0:22:12.720 a slower phase, not a recession, we don't think, but 0:22:12.760 --> 0:22:17.160 a slower phase. And uh so, yeah, it's it's nice 0:22:17.200 --> 0:22:19.399 to see a little bit of green, but I do 0:22:19.520 --> 0:22:22.600 think we've got uh some downside from here. I think 0:22:22.640 --> 0:22:26.680 there's way more upside downside, Yeah, far more upside. Why 0:22:26.680 --> 0:22:28.600 do you say that? Because still on average the SMP 0:22:28.680 --> 0:22:31.960 five hundred from a price earnings perspective is still above 0:22:32.680 --> 0:22:36.040