WEBVTT - Tips for Staying Safe at the Polls 0:00:00.240 --> 0:00:03.240 This is Bloomberg Business Week. I'm Carl Masser. Every day 0:00:03.279 --> 0:00:05.200 we're bringing you the latest news from the worlds of 0:00:05.200 --> 0:00:08.920 business and finance, plus technology, politics. So much going on 0:00:08.960 --> 0:00:12.160 in the world of politics, economics, and it's all harnessing 0:00:12.160 --> 0:00:15.000 the power of Business Week reporters and editors. You can 0:00:15.000 --> 0:00:18.720 download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot com. 0:00:18.960 --> 0:00:21.000 If you can also listen to our radio show at 0:00:21.000 --> 0:00:23.759 two pm Eastern on Bloomberg Radio and be sure to 0:00:23.760 --> 0:00:27.080 watch us too on YouTube by searching Bloomberg Global News. 0:00:27.280 --> 0:00:30.040 You are listening to Bloomberg Business Week. So some of 0:00:30.080 --> 0:00:32.320 the headlines we've seen record cover of nineteen deaths in 0:00:32.360 --> 0:00:35.800 Eastern Europe. We see new curbs coming into place over Europe. 0:00:35.880 --> 0:00:40.320 Charlie mentioned earlier about JP Morgan Chase asking most of 0:00:40.360 --> 0:00:44.040 its employees in England to work from home. So we 0:00:44.120 --> 0:00:47.199 continue to see this UM sore court in cases really 0:00:47.200 --> 0:00:50.080 starting a key battleground states to UM as we all 0:00:50.120 --> 0:00:53.720 head to the polls for today's presidential election. Let's get 0:00:53.720 --> 0:00:57.440 back to someone who is seeing all of this happen firsthand. 0:00:57.480 --> 0:01:00.440 Dr Peter Alperin is VP at Ducks May. It's a 0:01:00.440 --> 0:01:02.800 professional medical network for physicians. He joins us on the 0:01:02.800 --> 0:01:06.600 phone in San Francisco, where he practices. Um, nice to 0:01:06.640 --> 0:01:09.160 have you back with us, Dr Alprin. How are you 0:01:09.200 --> 0:01:10.959 What are you seeing when it comes to the virus 0:01:11.040 --> 0:01:15.319 right now? Oh? Well, thanks for having me back in 0:01:15.440 --> 0:01:18.800 San Francisco. Actually, we have been pretty fortunate in the 0:01:18.880 --> 0:01:23.480 sense that we've had kept our baseline levels of coronavirus 0:01:23.560 --> 0:01:27.039 pretty low. And um, we've been had really good community 0:01:27.080 --> 0:01:29.560 support in terms of people doing the things that matter socially, 0:01:29.560 --> 0:01:33.280 distancing and wearing masks. Um, that's been We've seen you know, 0:01:33.360 --> 0:01:37.680 outbreaks of course. Uh, and we've been relatively slow to open. 0:01:37.760 --> 0:01:40.600 So in San Francisco, things are looking pretty good here 0:01:40.600 --> 0:01:43.080 on election day. But when you look around the country, 0:01:44.000 --> 0:01:46.240 how do you see it and what are your anticipation 0:01:46.319 --> 0:01:48.240 or what do you expect kind of how this plays 0:01:48.280 --> 0:01:51.000 out for the U, especially watching I don't know if 0:01:51.000 --> 0:01:53.120 it's a fair assumption that, in terms of what's going 0:01:53.120 --> 0:01:55.240 on in Europe, should we assume that's going to happen 0:01:55.720 --> 0:01:59.440 here in the US. Yeah, So, Um, it is a 0:01:59.480 --> 0:02:01.960 little scared when you look around the country where you're 0:02:02.000 --> 0:02:05.920 definitely seeing virus caseloads surge. You're seeing um, you know, 0:02:06.000 --> 0:02:10.400 increased case testing rates as well as increased numbers of hospitalizations. UM. 0:02:10.520 --> 0:02:12.520 And I think what you're seeing in Europe is in 0:02:12.560 --> 0:02:14.760 some ways what's playing out in many parts of the 0:02:14.760 --> 0:02:18.640 country here with these increased caseloads, particularly in the middle 0:02:18.639 --> 0:02:21.680 part of the country and other places where you know 0:02:21.720 --> 0:02:26.040 people have gathered. UM. It is a it's really just 0:02:26.120 --> 0:02:29.120 the same things that help us prevent UM. You know, 0:02:29.160 --> 0:02:31.600 the spread of COVID nineteen that we've talked about a 0:02:31.639 --> 0:02:33.840 million times. It's this is very much a marathon and 0:02:33.840 --> 0:02:36.480 not a sprint. So it's very very difficult. I know 0:02:36.520 --> 0:02:39.080 people are tired, but we really have to persevere. Well, 0:02:39.120 --> 0:02:41.600 what are you guys finding and the folks that you 0:02:41.600 --> 0:02:45.359 know within your netric metric network, excuse me, within your 0:02:45.360 --> 0:02:48.280 network at doximity. You know, what are doctors hearing from 0:02:48.280 --> 0:02:50.200 patients because you guys are doing, as we know a 0:02:50.200 --> 0:02:52.520 lot of telemedicine. We've talked with this, you know about 0:02:52.560 --> 0:02:54.840 this with you before. You know, what are they hearing 0:02:54.840 --> 0:02:57.160 from patients? Are they kind of getting back to taking 0:02:57.200 --> 0:03:01.160 care of you know, normal medical procedure is um or 0:03:01.280 --> 0:03:05.480 are they still kind of hesitant. Yeah, so UM. On 0:03:05.520 --> 0:03:08.680 the network, we're seeing a tremendous amount of discussion related 0:03:08.720 --> 0:03:11.440 to uh COVID nineteen in the various topics that you 0:03:11.480 --> 0:03:16.320 brought up. Specifically, UM physicians are discussing that there's that 0:03:16.680 --> 0:03:19.880 you know, patients are UM, you know, having just you know, 0:03:19.919 --> 0:03:22.960 it's it's a tough time out there and trying to UM, 0:03:23.000 --> 0:03:25.400 you know, take care of themselves and their family members. 0:03:25.440 --> 0:03:30.000 But in particular we are seeing UM a persistence of telehealth. 0:03:30.040 --> 0:03:33.080 To telehealth is really has UM is staying the course. 0:03:33.080 --> 0:03:36.920 It's obviously less than it was in the springtime when 0:03:36.960 --> 0:03:39.640 there was a huge surge, but we're still seeing around 0:03:39.920 --> 0:03:46.160 particularly of healthcare being delivered through telehealth. Although many physicians 0:03:46.160 --> 0:03:48.800 have of course reopened their offices and there are procedures 0:03:48.800 --> 0:03:52.080 that are being done UM and but they're being very 0:03:52.120 --> 0:03:54.480 careful as they bring patients into their office. That's another 0:03:54.560 --> 0:03:58.000 topic of discussion on the Doctor Simity network is all 0:03:58.000 --> 0:04:01.440 the protocols and things that have happened to UM patients 0:04:01.800 --> 0:04:04.080 have a safe encounter with their physicians when they do 0:04:04.280 --> 0:04:06.280 when they do need to come into their offices, so 0:04:06.400 --> 0:04:09.880 distancing UM, washing their hands and spacing out those appointments 0:04:09.920 --> 0:04:11.400 just a little bit more. What do you think we 0:04:11.440 --> 0:04:14.280 need to think about two in terms of I actually 0:04:14.320 --> 0:04:16.480 went to the poll this morning, really early, first thing 0:04:16.480 --> 0:04:18.440 in the morning, mostly as a journalist. I kind of 0:04:18.440 --> 0:04:21.160 wanted to see what it turnout and what it was like. 0:04:21.400 --> 0:04:24.560 UM did drop my ballot, But UM, I think, you know, 0:04:24.640 --> 0:04:26.240 I did think about I don't really want to be 0:04:26.240 --> 0:04:28.640 around a lot of people, you know, and I do 0:04:28.760 --> 0:04:31.400 think about is it just the basic safety, you know, 0:04:31.600 --> 0:04:33.719 to wash your hands, keep your social distancing. And I 0:04:33.720 --> 0:04:36.800 think everybody understand, certainly in this New York metro area 0:04:36.839 --> 0:04:39.760 the protocols. Um, but I do think there are people 0:04:39.960 --> 0:04:44.919 who are concerned still and understandably so understandably so. UM, 0:04:45.080 --> 0:04:47.480 but you know that the need to vote is so 0:04:47.520 --> 0:04:49.800 important and so critical. So if you are going to 0:04:49.839 --> 0:04:53.800 go to the polls today, um, and you haven't gone already, UM, 0:04:53.880 --> 0:04:55.720 if you can go in the midday when polls tend 0:04:55.800 --> 0:04:58.720 to be slightly have fewer people, that's a great thing 0:04:58.760 --> 0:05:01.919 to do, because it really is please you sort of imply, Carol, 0:05:02.000 --> 0:05:06.680 it's really about keeping your distance and maintaining that so, 0:05:07.160 --> 0:05:10.040 you know, staying six feet away from people, bringing your 0:05:10.040 --> 0:05:12.680 own pen as always, of course, a good idea reviewing 0:05:12.680 --> 0:05:15.440 your ballot. Knowing knowing who you and who you want 0:05:15.440 --> 0:05:19.039 to vote for is um yes or no is super 0:05:19.040 --> 0:05:21.680 important as well, so you spend less time inside of 0:05:21.720 --> 0:05:25.680 the actual pulling up if you can, you can perhaps 0:05:25.760 --> 0:05:28.240 wait in your car if that works for you, so 0:05:28.240 --> 0:05:29.880 that you can stay a little more isolated, and of 0:05:29.920 --> 0:05:32.919 course wear a mask. So just some of those common 0:05:32.920 --> 0:05:35.839 sense things I think are tremendously important. Hey, one last 0:05:35.880 --> 0:05:38.279 question before we go, um, Dr Alprin. You know I'm 0:05:38.320 --> 0:05:41.120 hearing from people. I'm seeing it that medical plans where 0:05:41.120 --> 0:05:44.039 telemedicine was kind of adopted just kind of loosely to 0:05:44.040 --> 0:05:48.080 get us through COVID, now systems are saying or employers 0:05:48.080 --> 0:05:49.479 are saying, listen, this is going to be a part 0:05:49.480 --> 0:05:51.960 of your medical plan going forward. We've turned the quarter 0:05:52.040 --> 0:05:55.279 on this, you think, I do. You know that's something 0:05:55.320 --> 0:05:57.960 that we've seen a tremendous amount of discussion on the 0:05:58.000 --> 0:06:01.040 Docimity network related to to tell in medicine. I think 0:06:01.040 --> 0:06:03.520 we are going to turn the corner. Patients really like 0:06:03.720 --> 0:06:07.840 the convenience that telehealth provides, particularly patients with chronic conditions, 0:06:07.880 --> 0:06:10.000 so that they can uh, you know, be seen a 0:06:10.040 --> 0:06:12.080 little bit more frequently by their providers and in a 0:06:12.120 --> 0:06:16.040 safer environment. And I think physicians have m have realized 0:06:16.080 --> 0:06:17.919 that this is something that they need to offer, and 0:06:17.960 --> 0:06:19.880 I think figuring out how to do that is a 0:06:19.960 --> 0:06:22.080 bit of an ongoing process in terms of how to 0:06:22.120 --> 0:06:24.520 incorporate it into their practice. But I think it's her 0:06:24.560 --> 0:06:26.320 to stay all right. Gonna leave it on that note, 0:06:26.360 --> 0:06:29.320 stay safe, Really appreciate your time. Dr Peter Alpern, He's 0:06:29.440 --> 0:06:32.520 vice president of do Simity, also a physician in private 0:06:32.880 --> 0:06:35.400 practice in San Francisco, and of course joining us on 0:06:35.440 --> 0:06:39.600 the phone from San Francisco on this election day Tuesday. 0:06:39.640 --> 0:06:44.159 This is Bloomberg Business Week with Carol Masser from Bloomberg Radio. 0:06:44.440 --> 0:06:47.239 Are most read story number one on the Bloomberg Termamental 0:06:47.279 --> 0:06:50.400 about China suspending the Shanghai and Hong Kong debut of 0:06:50.480 --> 0:06:53.120 and Groups thirty five billion dollar offering. It was supposed 0:06:53.120 --> 0:06:55.919 to be the world's biggest I p O was supposed 0:06:55.960 --> 0:06:58.599 to happen Thursday, but it's not. You knew about it, 0:06:58.600 --> 0:07:01.640 thanks tort Bloomberg New Economy Editorial director Andy Brown. He 0:07:01.640 --> 0:07:05.280 has written and talked about how aunt's biggest obstacles, maybe 0:07:05.400 --> 0:07:08.240 the Chinese government. Andy is with us again on the 0:07:08.240 --> 0:07:10.640 phone in New York City, and I'm so glad you're here. 0:07:10.680 --> 0:07:13.480 You know, this headline hit and I think for a 0:07:13.520 --> 0:07:15.600 lot of people it was a bit shocking. But you 0:07:15.680 --> 0:07:17.880 did write about this and kind of gave us all 0:07:17.880 --> 0:07:20.120 the heads up. And a colony wrote last month, why 0:07:20.240 --> 0:07:24.360 is it, though, that China is doing this? You know, 0:07:24.600 --> 0:07:30.680 Jack ma has always had an uneasy, ambiguous relationship with 0:07:31.120 --> 0:07:35.720 Chinese authorities. He once was he famously quoted as saying 0:07:36.320 --> 0:07:39.960 love the government, but don't marry them. In other words, 0:07:40.320 --> 0:07:43.400 keep your distance. And regulators have never quite known what 0:07:43.600 --> 0:07:47.280 to make of Jack ma Um. On the one hand, 0:07:47.720 --> 0:07:50.280 they look at him as a big opportunity. He's clearly 0:07:50.320 --> 0:07:53.120 a disruptor. He's bringing a lot of small and medium 0:07:53.120 --> 0:07:57.720 sized enterprises into the formal economy, putting capital their way. 0:07:58.000 --> 0:08:00.680 On the other hand, there's always been the sense among 0:08:00.760 --> 0:08:05.160 regulators that he's an accident waiting to happen. Um. They 0:08:05.160 --> 0:08:08.440 haven't been able to decide. And yesterday or today rather 0:08:08.920 --> 0:08:12.360 they did uh. They've decided that he's too much of 0:08:12.520 --> 0:08:16.080 a risk and they're reining him in. Well, and why wait, though, 0:08:16.200 --> 0:08:18.480 kind of to the eleventh hour. You know, Andy, this 0:08:18.560 --> 0:08:20.640 is obviously a company that they've been looking at for 0:08:20.680 --> 0:08:23.440 some time. Why is it, you know, is it just 0:08:23.520 --> 0:08:25.280 because the I p O finally said to them, what 0:08:25.360 --> 0:08:27.040 we've got to We've got to really now look at 0:08:27.080 --> 0:08:30.080 this more closely and maybe do something about it. Well, 0:08:30.120 --> 0:08:33.920 he made a terrible, a terrible political mistake. It was 0:08:33.960 --> 0:08:37.280 at at a at a conference recently in Shanghai. He 0:08:37.400 --> 0:08:42.560 lit into Chinese and international financial regulators, basically called them 0:08:42.559 --> 0:08:46.720 all a bunch of fusty old folk holding back innovation, 0:08:47.200 --> 0:08:51.640 stunting the dreams of young people. Um, you know, not 0:08:51.640 --> 0:08:54.960 not under not understand. He said that the Basel accord 0:08:55.040 --> 0:08:56.880 was an old people was an old people's club. He 0:08:56.920 --> 0:09:00.560 said banks in China, um what they sickly had a 0:09:00.600 --> 0:09:03.600 had a pawn shop mentality. And he said all this 0:09:03.679 --> 0:09:06.800 at a conference where the headline that the keynote speaker 0:09:07.200 --> 0:09:09.880 was one Chief Sean. He's one of the most powerful 0:09:09.920 --> 0:09:13.120 men in China. Formerly he was the anti corruptions are 0:09:13.120 --> 0:09:15.640 but it's also one of the godfathers of the Chinese 0:09:15.920 --> 0:09:19.400 banking system. And one Chi Shan's line at that conference 0:09:19.720 --> 0:09:23.960 was completely opposite. His line was we have to be cautious, 0:09:24.000 --> 0:09:26.360 safety first, and Jack Mark comes in and says, we've 0:09:26.360 --> 0:09:28.680 got to rip it all up and start again one 0:09:28.760 --> 0:09:34.080 Chi Shan. Obviously his arguments have won the day. Yeah, 0:09:34.120 --> 0:09:37.960 I can't I anticipate that. Um you know, uh that 0:09:38.080 --> 0:09:39.960 Jack Mars you know, PR team kind of sitting at 0:09:39.960 --> 0:09:41.520 the side being like, what are you saying? What are 0:09:41.520 --> 0:09:44.920 you saying? Um? What's interesting is though, you know, Andy, 0:09:44.960 --> 0:09:47.680 I think about China wanting to open up and be 0:09:48.160 --> 0:09:51.880 much more involved in and be really dominant, whether it's technology, finance, 0:09:51.960 --> 0:09:55.120 more sophisticated parts of the global economy, and I feel 0:09:55.120 --> 0:09:57.319 like Auntie is one way for them to do this. 0:09:57.400 --> 0:09:59.280 But it's interesting then to see them kind of rein 0:09:59.400 --> 0:10:01.480 it in so it's is much more a personal thing 0:10:02.280 --> 0:10:04.040 when it comes down to it. Or are they really 0:10:04.080 --> 0:10:07.880 concerned about kind of the structure and the sprawl if 0:10:07.920 --> 0:10:10.959 you will, of aunt Well, this is a this is 0:10:11.000 --> 0:10:14.240 a broader political issue, you know. I mean, China right 0:10:14.280 --> 0:10:18.079 now is throwing open its markets to foreign investments. It's 0:10:18.160 --> 0:10:22.000 once more money in the markets, and and that message 0:10:22.559 --> 0:10:26.320 has got a very is is being welcomed by by 0:10:26.600 --> 0:10:29.040 US investment. Maybe like Ray Dalio was saying, you know, 0:10:29.080 --> 0:10:32.559 we really need to rewait China and investor portfolios is 0:10:32.600 --> 0:10:36.400 now three percent should be If it goes to fifteen percent, 0:10:36.400 --> 0:10:39.520 it would imply this massive gusher of money. But what 0:10:39.640 --> 0:10:44.400 this episode dramatically highlights is that when you get involved 0:10:44.480 --> 0:10:48.719 in Chinese markets, you're also getting entangled in Chinese politics. 0:10:49.240 --> 0:10:52.960 Right now, it's impossible to say what Jack Ma's political 0:10:53.080 --> 0:10:56.960 risk profile is. Nobody knows, at least of all Jack 0:10:57.000 --> 0:10:59.719 My himself. That's kind of important given the Jack Ma 0:11:00.200 --> 0:11:03.800 is the richest guy in China, and this is potentially, 0:11:03.840 --> 0:11:06.200 if it ever comes, if it ever he ever pulled 0:11:06.240 --> 0:11:09.640 it off, the biggest I p O in history. Um, 0:11:09.679 --> 0:11:12.080 Andy got about twenty seconds. Should we say, this is 0:11:12.120 --> 0:11:14.560 far from over and we could still ultimately see that 0:11:14.600 --> 0:11:16.920 I p O just quickly? Yeah we could. I mean 0:11:17.080 --> 0:11:20.320 it still could go out. But there's going to be, UM, 0:11:20.320 --> 0:11:23.200 it's going to be a very bumpy ride, which essentially 0:11:23.240 --> 0:11:25.600 is what foreign invest does need to expect when they 0:11:25.600 --> 0:11:29.160 get involved in the Chinese financial system. Thank you so much. 0:11:29.200 --> 0:11:30.640 And I we knew in this story Hit we had 0:11:30.679 --> 0:11:32.440 to talk with you, um because she gave us that 0:11:32.480 --> 0:11:34.680 heads up. You've been on it Andy Brown, thank you 0:11:34.760 --> 0:11:37.600 so much. He's editorial director at Bloomberg New Economy. Joining 0:11:37.679 --> 0:11:40.640 us on the phone in New York City. This is 0:11:40.679 --> 0:11:45.079 Bloomberg Business Week with Carol Messer from Bloomberg Radio. Well, 0:11:45.200 --> 0:11:49.840 he's a known Republican economist, worked under President George W. Bush, 0:11:50.160 --> 0:11:52.920 also worked on the campaigns of Mitt Romney, also Jeb Bush. 0:11:53.160 --> 0:11:55.960 And yet he says President Shrump, Well, he doesn't exactly 0:11:56.040 --> 0:11:59.199 have an economic plan. Bloomberg Business Week Economics editor Peter 0:11:59.320 --> 0:12:03.480 Coy watching all things election and the economy, joining us 0:12:03.520 --> 0:12:05.240 on the phone in New Jersey. Also with a s. 0:12:05.240 --> 0:12:09.200 Bloomberg Business Week editor Joel Weber from Brooklyn. Uh. A 0:12:09.240 --> 0:12:12.600 timely story, no doubt about it here, Joel. Yeah, Well, 0:12:12.800 --> 0:12:15.880 Peter is full of timely stories and and we're going 0:12:15.960 --> 0:12:18.559 to see more to common. I hope talk to him 0:12:18.600 --> 0:12:22.040 about more than just uh, this one that he wrote 0:12:22.080 --> 0:12:26.080 for today. But Peter, like, let's start there. You got 0:12:26.080 --> 0:12:31.600 a little time here with Hubbard and curious what you 0:12:31.679 --> 0:12:34.320 what he had to say. Well, I've talked to Glenn 0:12:34.360 --> 0:12:38.480 over the years before and after he was with the 0:12:38.720 --> 0:12:44.840 George W. Bush administration, and he is a sort of conventional, uh, 0:12:46.120 --> 0:12:52.400 sort of small deficit, small government, republican and for Trump 0:12:52.440 --> 0:12:54.520 is not to his liking. So we know that. So 0:12:54.960 --> 0:12:59.000 he said negative things before, but I called him just 0:12:59.040 --> 0:13:00.840 to try to get in aessment of sort of what's 0:13:00.960 --> 0:13:04.560 revalcan establishment thinks Trump, and that's what he came up with. 0:13:05.400 --> 0:13:08.280 He's he has some nice things to say about Trump. 0:13:08.320 --> 0:13:11.680 He had agrees with him on taxes and deregulation for 0:13:11.720 --> 0:13:16.439 the most part. Um he he doesn't agree with him 0:13:16.480 --> 0:13:22.360 on trade. He feels like Trump provoked on needless conflict 0:13:22.480 --> 0:13:26.400 with allies over for examples, you aluminum tariffs, and didn't 0:13:26.400 --> 0:13:29.240 go about dealing with China the right way, even though 0:13:29.240 --> 0:13:32.680 he was right to take on China. But as for 0:13:32.800 --> 0:13:36.040 the next term, he said that the Trump has been 0:13:36.080 --> 0:13:40.480 conspicuously vague on what he hopes to achieve in the 0:13:40.559 --> 0:13:42.560 second term. And that's why he said. It's not like 0:13:42.600 --> 0:13:46.400 I dislike his plan, it just doesn't have one right right. Well, 0:13:46.440 --> 0:13:49.000 but he's also not very complimentary bout Joe Biden neither 0:13:49.080 --> 0:13:51.559 when it comes to an economic plan, right right. So 0:13:51.679 --> 0:13:55.720 I got a few Bloomberg terminal subscribers who wrote to 0:13:55.720 --> 0:13:58.400 me and saying how come you singled out his criticism 0:13:58.440 --> 0:14:01.800 of Trump and the headline and not Biden. I said, well, 0:14:02.040 --> 0:14:05.480 I wrote back, I said, look, when a Republican criticizes 0:14:06.360 --> 0:14:17.320 a Democrat, it's not news Republican. Yeah, he doesn't think 0:14:17.360 --> 0:14:21.760 Biden has a very detailed plan either. But you know, 0:14:21.880 --> 0:14:24.280 you could come back, either one of the candidates could 0:14:24.320 --> 0:14:28.000 come back and say, look, um, you know, not governing yet, 0:14:28.280 --> 0:14:31.000 I'm campaigning. It's a different kind of thing. You don't 0:14:31.040 --> 0:14:34.040 necessarily want to have a detailed blueprint what you gonna 0:14:34.080 --> 0:14:37.320 do in office when you're just trying to win votes. Yeah. 0:14:37.640 --> 0:14:40.360 So so, Peter, I know you've been uh squirreling away 0:14:40.360 --> 0:14:43.160 on many things, some of which that you know that 0:14:43.280 --> 0:14:45.840 I've asked you to do, and others day you've created 0:14:46.240 --> 0:14:48.800 nominating But you know, I wanted to kind of pick 0:14:48.840 --> 0:14:52.680 your pick your brain going into election night. And I'm 0:14:52.680 --> 0:14:55.320 wondering sort of like, you know, you as an economist 0:14:55.320 --> 0:14:57.680 and you know, like long time part of the big 0:14:57.760 --> 0:14:59.880 voice of Bloomberg Business Week, what are the things that 0:15:00.040 --> 0:15:03.240 you're you're thinking about. First of all, I always take 0:15:03.280 --> 0:15:05.400 care to say I'm not an ecommis and journalist writes 0:15:05.440 --> 0:15:10.520 about economics, so not not not claiming, but I think, uh, 0:15:11.080 --> 0:15:13.680 you know this, as I wrote on one of my pieces, 0:15:13.720 --> 0:15:15.920 I forgot which one is. There's so many floating around. 0:15:16.160 --> 0:15:17.920 Oh just for the reader, by the way, this for 0:15:17.960 --> 0:15:21.040 the listeners. By the way, you probably need to know 0:15:21.120 --> 0:15:24.880 that we have multiple plans. We have stories for every 0:15:24.880 --> 0:15:31.520 possible contingency pre written. Crazy exercise. It's been a fun 0:15:31.560 --> 0:15:34.560 week in business week, right, I'm gonna actually just add 0:15:34.560 --> 0:15:39.440 a caveat there, which is like every every scenario right 0:15:39.560 --> 0:15:44.200 exactly a meteor could still strike. Um, but but it's 0:15:44.280 --> 0:15:47.920 kind of weird, like placing your it's like wearing virtual 0:15:47.960 --> 0:15:52.080 reality goggles. Where to write an article, the scenario means 0:15:52.120 --> 0:15:55.480 you have to thrust yourself into that world. So I've 0:15:55.520 --> 0:15:58.960 been in the Trump world, Trump wins world, in the 0:15:59.000 --> 0:16:04.280 Biden wins world. I can tell you all about them technicolor. Well, 0:16:04.280 --> 0:16:07.720 but it's interesting, go ahead, go ahead. Oh yeah, Oh no, 0:16:07.840 --> 0:16:09.680 I was going to say, like, you know, I want 0:16:09.680 --> 0:16:13.920 to save all of that for for tomorrow maybe actually, 0:16:14.080 --> 0:16:16.080 But but as you've kind of done that, like, what 0:16:16.160 --> 0:16:17.760 are the things that have stood out to you, especially 0:16:17.800 --> 0:16:20.800 in regards to like what business looks like under either 0:16:20.840 --> 0:16:23.920 of these candidates for the next four years. So Bloomberg 0:16:23.960 --> 0:16:27.400 Economics did a fairly narrow look at just asking one 0:16:27.440 --> 0:16:29.920 key question, but a very important one, you know, is 0:16:30.680 --> 0:16:35.320 like stimulus. So, uh, we have had a several months 0:16:35.360 --> 0:16:39.880 now of a gap in coronavirus relief and starting to 0:16:39.920 --> 0:16:44.320 weigh in the economy. So, um, what's what's going to happen? 0:16:44.480 --> 0:16:49.120 And Bloomberg Economics believes that the strongest stimulus package would 0:16:49.120 --> 0:16:55.160 come with a Biden win and a Democrats taking the Senate. Um, 0:16:55.280 --> 0:17:00.200 perhaps two trillion dollar relief package. Um. The word risk 0:17:00.240 --> 0:17:04.320 would be if there is no decision for weeks and weeks, 0:17:05.280 --> 0:17:09.719 heaps of animosity and however it turns out, um, nobody's 0:17:09.760 --> 0:17:11.199 gonna want to work with each other. And we have 0:17:11.240 --> 0:17:15.720 a small relief package, the one where Trump wins, uh 0:17:15.720 --> 0:17:20.639 and say Democrats, uh, Republicans keep the Senate. You know, 0:17:20.680 --> 0:17:22.640 you still get a pretty good result because the assumption 0:17:22.720 --> 0:17:27.120 there is that the Republicans, already starting to look into 0:17:27.160 --> 0:17:33.159 the midterms, will want to, um, you know, provide a 0:17:33.200 --> 0:17:36.480 little more stimulus than they've been willing to this fall. Well, 0:17:36.600 --> 0:17:38.480 and we know that stimulus is so key in terms 0:17:38.520 --> 0:17:41.719 of keeping the economy going. Obviously, the financial markets all 0:17:41.760 --> 0:17:43.600 it's It's all connected. I kind of kicked off the 0:17:43.600 --> 0:17:47.240 show saying everything's connected, whether it's the virus, the election stimulus. Hey, 0:17:47.280 --> 0:17:51.000 before you go, Um, Joel is quite the taskmaster because 0:17:51.000 --> 0:17:53.560 you've been doing a lot of stories. Um, there's a 0:17:53.600 --> 0:17:56.160 great story. And because we talked so much about poles 0:17:56.280 --> 0:17:59.040 and polling in the election, and you you you ask 0:17:59.080 --> 0:18:00.919 the question, what is the more bit of error? Anyway, 0:18:01.000 --> 0:18:05.880 anybody didn't take statistics, So I don't know how many 0:18:05.960 --> 0:18:09.479 people are listening. Remember Emily Litella from the old Saturday 0:18:09.600 --> 0:18:13.840 Night Live and what's all this fuss about endangered feces? 0:18:17.119 --> 0:18:21.400 I'm saying, what what is all this fuss about the 0:18:21.480 --> 0:18:26.919 Margarine era? No, it's the marginal margin of error. No, 0:18:27.119 --> 0:18:29.680 it's it's it's you gotta read it. It's like impossible 0:18:29.680 --> 0:18:31.800 to explain briefly, but I just try to explain to 0:18:31.840 --> 0:18:36.160 people when you hear this term, it's a little more 0:18:36.160 --> 0:18:39.639 subtle than you might guess. For example, the reported margin 0:18:39.720 --> 0:18:43.560 area or survey refers only to the headline numbers and 0:18:43.680 --> 0:18:46.760 not to the sub components. And also it doesn't refer 0:18:46.880 --> 0:18:50.800 to the differences between the candidates. For example, here there's 0:18:50.800 --> 0:18:53.320 a three percent margin of error on the survey. That 0:18:53.359 --> 0:18:55.359 doesn't mean there's a paper sent margin area on the 0:18:55.400 --> 0:18:58.760 difference between Trump and Biden that the difference would have 0:18:59.160 --> 0:19:01.240 roughly a six per margin of air. Just keep that 0:19:01.280 --> 0:19:03.720 in mind, because yeah, people put a little too much 0:19:03.720 --> 0:19:06.560 faith sometimes in the results they hear from polls. I 0:19:06.560 --> 0:19:08.280 think we left, Joel. I think you want to get 0:19:08.280 --> 0:19:12.240 a drink or something. I think that is a perfectly 0:19:13.119 --> 0:19:16.399 it was a perfectly good sort of cliffhanger. Unfortunately, to 0:19:16.800 --> 0:19:19.680 leave us on heading into tonight where it's like, hey, 0:19:19.840 --> 0:19:22.240 there's been poles in there's also this thing called margin 0:19:22.280 --> 0:19:24.640 of air, and no one knows anything, like we don't 0:19:24.680 --> 0:19:26.919 have enough uncertainty out there. All right, guys, thank you 0:19:27.000 --> 0:19:29.200 so much. Already my favorite time of the day here. 0:19:29.320 --> 0:19:31.640 This is so good. Uh, Joel Webber, thank you so much. 0:19:31.720 --> 0:19:33.720 Editor Bloomberg Business Week. You've gotta be sure to check 0:19:33.720 --> 0:19:36.080 out the magazine because they are really working hard on 0:19:36.160 --> 0:19:38.320 all the different scenarios and how this all works out 0:19:38.960 --> 0:19:41.919 on the remote access from Brooklyn. Peter Koi economics that 0:19:41.960 --> 0:19:44.520 are Bloomberg Business Week on the phone from New Jersey. 0:19:44.880 --> 0:19:48.120 Check him out to at Peter Koy on Twitter. Always 0:19:48.200 --> 0:19:51.600 great and you learned something you're listening to Bloomberg Business 0:19:51.600 --> 0:19:55.600 Week with Carol Messer on Bloomberg Radio. Well covid N 0:19:55.720 --> 0:19:57.960 team laid bare many of the inequities in our world, 0:19:58.040 --> 0:20:00.240 whether it's about who got sick, access to health, here 0:20:00.280 --> 0:20:02.680 are our ability to really support ourselves and take care 0:20:02.680 --> 0:20:06.840 of our families. It also brought out further a digital divide. 0:20:06.840 --> 0:20:09.600 But as our Bloomberg Associates team researched for its second 0:20:09.600 --> 0:20:13.000 Digital City Tools Report, cities continue to focus on the 0:20:13.040 --> 0:20:16.520 technologies that are enabling city services to be delivered more 0:20:16.520 --> 0:20:19.520 effectively with the goal of providing better services and really 0:20:19.560 --> 0:20:22.320 it's about a higher quality of life for its residents. 0:20:22.520 --> 0:20:27.840 Bloomberg Associates is the philanthropic philanthropic consulting arm of Bloomberg Philanthropies. 0:20:28.040 --> 0:20:30.920 Michael or Bloomberg, of course, the founder majority owner of 0:20:30.920 --> 0:20:34.400 Bloomberg Alp, the parent company of Bloomberg Radio and Bloomberg Philanthropies. 0:20:34.600 --> 0:20:36.960 Let's get more though on this report. Let's bring in 0:20:37.000 --> 0:20:40.280 Milan Deputy Mayor ROBERTA. Coco. She's on the phone in Milan, 0:20:40.440 --> 0:20:44.160 Italy and also with us is Bloomberg Associates Principal Catherine 0:20:44.200 --> 0:20:46.800 Oliver on the phone in New York City. So great 0:20:46.880 --> 0:20:48.920 to have both of you with us, and I want 0:20:48.960 --> 0:20:51.440 to dig into the report in just a moment um, 0:20:51.480 --> 0:20:53.920 but I do have to ask you, mayor Coco, how 0:20:53.960 --> 0:20:57.440 are you doing? Um? We know Italy getting ready for 0:20:58.200 --> 0:21:01.880 um more stimulus, uh, directer measures because of the virus. 0:21:01.960 --> 0:21:05.960 How are you doing? How is your city doing? Okay, 0:21:06.200 --> 0:21:09.840 first of all, thank you for inviting me, and I'm 0:21:09.840 --> 0:21:13.120 really happy to to share my experience with you tonight. 0:21:14.000 --> 0:21:18.400 And uh, you know, Milan was the first largest city 0:21:18.520 --> 0:21:27.440 in Europe struck by the pandemic and we had such 0:21:27.480 --> 0:21:32.600 an arrest during the summer, but now unfortunately we are 0:21:33.160 --> 0:21:40.200 again under a new wave of pandemic. So uh, tonight 0:21:40.840 --> 0:21:46.200 our Prime Minister and Mr Conte is announcing a new 0:21:47.359 --> 0:21:53.080 means for trying to face these pandemic. So we are 0:21:53.160 --> 0:21:56.800 all waiting what will happen, but we know that we 0:21:56.880 --> 0:22:02.840 will have to be ready for a new kind of lockdown. 0:22:03.080 --> 0:22:06.960 We really hope so not as terrible as the previous one. 0:22:07.680 --> 0:22:10.960 But we understand that that we have to do something 0:22:11.280 --> 0:22:16.120 to control the pandemic right right now, and we certainly 0:22:16.200 --> 0:22:19.240 hope that that it isn't as tough as it was 0:22:19.240 --> 0:22:21.560