WEBVTT - Biden Address Sets 'Appropriate' Tone 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovik. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.680 clus technology, politics, economics, all parnising the power of Business 0:00:13.680 --> 0:00:17.160 Week reporters and editors, not to mention our journalists and 0:00:17.160 --> 0:00:19.640 analyst in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.239 download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.400 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.880 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.920 --> 0:00:31.680 YouTube search Bloomberg Global News. Well, lot's to talk about. 0:00:31.720 --> 0:00:34.400 Let's get into it with Dr Joshua Sharfstein. Weistein for 0:00:34.560 --> 0:00:37.959 public health practice and community engagement that JOHNS. Hopkins Bloomberg 0:00:38.040 --> 0:00:39.760 School of Public Health. He joins us on the phone 0:00:39.760 --> 0:00:42.240 from Baltimore. The Bloomberg School of Public Health is supported 0:00:42.240 --> 0:00:45.760 by Michael R. Bloomberg, founder of Bloomberg LP, and Bloomberg Philanthropiest. 0:00:45.840 --> 0:00:48.120 Dr Sharfstein, thanks so much for joining us. I want 0:00:48.120 --> 0:00:50.640 to start right in with the New York City news 0:00:50.640 --> 0:00:53.040 we heard today from Mayor build a Blasio July first 0:00:53.080 --> 0:00:57.279 full opening is that a realistic day or is it 0:00:57.320 --> 0:01:01.880 too too much too soon? Well, it depends what you 0:01:01.880 --> 0:01:07.240 mean by full opening. Obviously, Um, things are looking better 0:01:07.480 --> 0:01:11.920 and that means that we can do more more safely. Um. 0:01:12.080 --> 0:01:14.920 But I'm sure he doesn't mean going all the way 0:01:14.920 --> 0:01:19.240 back to twenty nineteen and pretending like the pandemic didn't happen. Um. 0:01:19.360 --> 0:01:22.600 I think it's going to be important, particularly for people 0:01:22.600 --> 0:01:26.560 who are not vaccinated, to be careful and to you know, 0:01:26.600 --> 0:01:29.319 wear masks when they're close to other people. And I 0:01:29.360 --> 0:01:32.560 think there's still going to be some prudent precautions necessary. 0:01:32.640 --> 0:01:34.280 What's your guidance to all of us who may have 0:01:34.319 --> 0:01:37.280 been already vaccinated and so as we go about our world. 0:01:37.319 --> 0:01:39.800 I know I still feel comfortable wearing a mask just 0:01:39.880 --> 0:01:42.919 about everywhere out in public and certainly at our office. 0:01:43.120 --> 0:01:46.560 What's your guidance to everyone? Well, I think we're starting 0:01:46.600 --> 0:01:50.160 to see certainly the recommendations for outside change. People who 0:01:50.200 --> 0:01:53.320 are vaccinating, you can feel pretty comfortable outside unless they're 0:01:53.320 --> 0:01:55.960 you know, completely crowded together with a lot of people 0:01:56.000 --> 0:01:59.760 breathing on them, um, in like a crowd. But um, 0:02:00.040 --> 0:02:03.080 and then you know, indoors, I think people will start 0:02:03.120 --> 0:02:05.800 to get more confident, particularly where they know that other 0:02:05.840 --> 0:02:09.800 people are vaccinated around them. UM. And I think that 0:02:10.360 --> 0:02:14.080 the real difference will be when the rates of transmission 0:02:14.240 --> 0:02:17.160 and the cases in the community go way down, because 0:02:17.200 --> 0:02:19.560 you know, even if your vaccine, you can still get sick. 0:02:19.600 --> 0:02:22.399 And we've seen cases like that and a very few 0:02:22.560 --> 0:02:25.240 small number of people, but that you know, it's possible 0:02:25.280 --> 0:02:28.720 to get quite sick. So I think that people will 0:02:30.560 --> 0:02:33.760 you still get if you're vaccinated, well, um, you know, 0:02:33.800 --> 0:02:38.440 particularly for older adults, um, they can get hospitalized and 0:02:38.480 --> 0:02:42.600 there have been cases of death. Um. So it's not impossible. 0:02:42.840 --> 0:02:46.639 It's not like you're you know, superman or superwoman if 0:02:46.639 --> 0:02:51.119 you get vaccinated that you're completely you know, uh, impervious. 0:02:51.200 --> 0:02:55.320 But it brings the risk down to very manageable level. 0:02:55.600 --> 0:02:59.760 You know. It's similar to other types of infections that 0:02:59.800 --> 0:03:03.160 can cause of serious illness, and so I think you 0:03:03.240 --> 0:03:08.320 just have to be be reasonably careful. Um and And 0:03:08.919 --> 0:03:11.560 I think the most important thing though, is everyone's risk 0:03:11.720 --> 0:03:16.280 is less when there's less coronavirus being transmitted. So if 0:03:16.280 --> 0:03:19.000 we all work together keep that number going down, we'll 0:03:19.040 --> 0:03:21.720 all feel more and more confident. Taking off the mask. 0:03:22.240 --> 0:03:24.960 Carol mentioned the surges that we're seeing in some parts 0:03:24.960 --> 0:03:27.800 of the country right now, Why why is that happening? 0:03:27.800 --> 0:03:29.799 Why is that still happening at this point? And look, 0:03:29.880 --> 0:03:32.000 I think we need to ask this in the context 0:03:32.040 --> 0:03:34.920 of understanding that the United States is in a very 0:03:34.920 --> 0:03:36.760 good place compared to rest of the world when it 0:03:36.760 --> 0:03:39.720 comes to administering vaccinations. We keep getting just devastating numbers 0:03:39.760 --> 0:03:42.200 from other parts of the world, particularly India, which we'll 0:03:42.200 --> 0:03:44.160 talk about just a little bit later. But here in 0:03:44.200 --> 0:03:47.560 the US, you know, we are hundreds of millions of 0:03:47.720 --> 0:03:49.760 shots have been administered, So why are we still seeing 0:03:49.800 --> 0:03:53.280 these pockets of infections? But because there's still a lot 0:03:53.280 --> 0:03:55.320 of people who haven't been vaccinated. I mean that that's 0:03:55.360 --> 0:03:57.840 a simple answer to that question. Um, you know, the 0:03:58.680 --> 0:04:01.520 chance of getting sick if your vaccinated is just so 0:04:01.640 --> 0:04:04.560 much lower. Um, it's you know, I think there was 0:04:04.640 --> 0:04:09.400 just a study with a prevention which is just you know, 0:04:09.480 --> 0:04:12.520 just a tremendous response to the vaccine. But if you 0:04:12.560 --> 0:04:15.160 look out in some of these days, just like Michigan recently, 0:04:15.680 --> 0:04:19.040 it's a race between the virus and the vaccine, and 0:04:19.160 --> 0:04:23.120 the virus is getting you know, a little boost from 0:04:23.240 --> 0:04:27.640 the variants which are more transmissible and more lethal, and 0:04:27.760 --> 0:04:31.640 the vaccine is you know, moving ahead, but starting to 0:04:31.680 --> 0:04:35.080 slow down a little in some places because um, you know, 0:04:35.080 --> 0:04:37.560 we're the people who are really excited to get vaccinated 0:04:37.600 --> 0:04:40.000 are all getting vaccinated, and now it's getting a little 0:04:40.000 --> 0:04:43.720 bit harder to find and reach people who still need 0:04:43.760 --> 0:04:45.840 to be vaccinated. So I think if you think about 0:04:45.880 --> 0:04:49.280 it as a raise between the virus and the vaccine, 0:04:49.279 --> 0:04:53.120 and the the virus is just getting fast or um, 0:04:53.200 --> 0:04:55.640 the vaccinations really have to keep up. Well that's what 0:04:55.680 --> 0:04:58.159 I feel like I still don't quite understand in terms 0:04:58.200 --> 0:05:01.480 of is it we've got to get to hurt immunity 0:05:01.839 --> 0:05:04.679 so that the variants can't take us to another wave. 0:05:04.760 --> 0:05:07.000 Because I know we talked about the so called Indian 0:05:07.080 --> 0:05:10.120 variant of the virus. China and Israel have identified cases 0:05:10.160 --> 0:05:12.600 and that new variant is thought to be fueling India 0:05:12.640 --> 0:05:14.560 is deadly or new wave of cases that has made 0:05:14.560 --> 0:05:17.599 it the world's second worst hit country. Um, help me 0:05:17.720 --> 0:05:23.160 understand kind of the mix between getting the vaccine getting 0:05:23.160 --> 0:05:24.800 ahead of the variants. And just got about a minute, 0:05:24.800 --> 0:05:27.480 then we'll come back and talk some more. Sure, Well, 0:05:27.520 --> 0:05:30.400 you know India, it's multiple variants, not to the when 0:05:30.440 --> 0:05:32.960 they're calling the India variants, there are multiple um that 0:05:33.000 --> 0:05:36.400 are causing the problem and um basically there are not 0:05:36.480 --> 0:05:39.400 a lot of people vaccinated in India. That's the challenge. 0:05:39.440 --> 0:05:43.400 The vaccines actually do protect pretty well to the extent 0:05:43.440 --> 0:05:46.000 they've been tested against variance, they do a pretty good job. 0:05:46.040 --> 0:05:49.320 So getting vaccinated is the best defense against the variants. 0:05:51.040 --> 0:05:53.119 We've got to get to that place though, where people 0:05:53.120 --> 0:05:55.440 who are hesitant, the ones who weren't the ones waiting 0:05:55.480 --> 0:05:57.320 in line, the ones who weren't you know, the ones 0:05:57.320 --> 0:05:59.960 who wanted to like jump in line to actually get vaccinated. 0:06:00.160 --> 0:06:02.320 There's a lot of people that I know, yeah, go ahead, please, 0:06:02.720 --> 0:06:05.599 you really have to, you know, listen to people answer 0:06:05.680 --> 0:06:08.440 their questions and make the vaccines acceptable to them in 0:06:08.520 --> 0:06:11.359 places that they're comfortable. And we're seeing you know, you 0:06:11.440 --> 0:06:14.080 do the first bunch through football stadiums, and then you 0:06:14.160 --> 0:06:17.200 do a whole other bunch through pharmacies, and then you've 0:06:17.200 --> 0:06:19.359 really got to go door to door to find people 0:06:19.600 --> 0:06:22.800 and offer them vaccine. And that's exactly what we're doing 0:06:22.839 --> 0:06:28.040 here in Baltimore. Actually, the Health Department is developed a 0:06:28.160 --> 0:06:30.279 right campaign. Well, let's get right back to it with 0:06:30.400 --> 0:06:33.520 Dr Josh Josh Sharfstein y Stein for Public Health Practice 0:06:33.520 --> 0:06:36.680 and Community Engagement, Johns Hopkins Bloomberg School of Public Health, 0:06:36.760 --> 0:06:40.360 joining us on the phone from Baltimore. Dr Sharfstein, before 0:06:40.400 --> 0:06:42.119 we went to break, you were talking to us about 0:06:42.279 --> 0:06:44.839 what exactly you were doing in Baltimore and the City 0:06:44.839 --> 0:06:48.200 of Baltimore was doing in order to get those Americans 0:06:48.279 --> 0:06:51.400 vaccinated who haven't yet gotten the vaccine. How's it going 0:06:51.560 --> 0:06:55.359 and what exactly are you doing. So the Health Department 0:06:55.760 --> 0:06:59.080 has a pretty comprehensive strategy, and you know, they started 0:06:59.080 --> 0:07:02.200 with some of the biggervaccine sites which were you know, 0:07:02.440 --> 0:07:06.600 mobbed initially with people, and then they did a big 0:07:06.680 --> 0:07:10.040 outreach campaign in coordination with the various hospitals in the city, 0:07:10.080 --> 0:07:14.240 including Johns Hopkins, and I think they visited almost every 0:07:14.280 --> 0:07:18.640 major UH senior housing um development in the city and 0:07:18.680 --> 0:07:21.760 did vaccine clinics right there. And now they're shifting to 0:07:21.960 --> 0:07:26.000 even UH the idea of smaller mobile clinics so and 0:07:26.080 --> 0:07:29.240 pop up clinics. Of course, the pharmacies also have vaccine 0:07:29.280 --> 0:07:33.400 and they've seen a consistent rides in vaccinations and they've 0:07:33.440 --> 0:07:36.400 also paired this direct outreach work with a lot of 0:07:36.560 --> 0:07:41.000 education on the vaccine, a communications campaign, multiple opportunities. A 0:07:41.040 --> 0:07:43.200 health commissioner and the mayor have done a great job 0:07:43.720 --> 0:07:46.880 going around the city answering people's questions and so, you know, 0:07:46.920 --> 0:07:49.960 I volunteer at the city Health Department's vaccine site and 0:07:50.400 --> 0:07:53.040 it's just really inspiring to see so many people showing 0:07:53.120 --> 0:07:56.040 up getting protected, um, doing you know, what they need 0:07:56.080 --> 0:07:59.360 to do, and being really really happy about it. So 0:07:59.480 --> 0:08:04.119 is it a case of people they just access isn't 0:08:04.120 --> 0:08:07.000 there It's just difficult for them to get the vaccine, 0:08:07.040 --> 0:08:09.040 And so that by making it easier, people are more 0:08:09.040 --> 0:08:11.640 than willing to get it versus people who because I 0:08:11.640 --> 0:08:13.960 know I work with people, I know people who are like, 0:08:14.120 --> 0:08:16.840 I'm just not comfortable yet taking the vaccine. So what 0:08:16.880 --> 0:08:19.280 are you finding is kind of the bigger reasons for 0:08:19.320 --> 0:08:24.120 why people maybe haven't gotten the vaccine yet. So it 0:08:24.200 --> 0:08:26.040 really does depend. There are a lot of a lot 0:08:26.080 --> 0:08:27.960 of different reasons. There are a lot some people were 0:08:27.960 --> 0:08:30.240 in the wait and see group. You know that they 0:08:30.320 --> 0:08:31.480 they're like, you know, I don't want to be the 0:08:31.520 --> 0:08:33.839 first one. Let's see how it goes for the first group. Well, 0:08:33.840 --> 0:08:36.240 those people can look around and see that you know, 0:08:36.280 --> 0:08:38.840 their friends and neighbors are actually doing pretty well when 0:08:38.880 --> 0:08:41.720 they's not vaccinated. And in fact, I've even seen people 0:08:41.720 --> 0:08:44.400 who say, you know, I'm here because my daughter got 0:08:44.480 --> 0:08:46.600 vaccinated and she's doing great, and she really wants me 0:08:46.640 --> 0:08:48.320 to be vaccinated. And you can tell that it might 0:08:48.360 --> 0:08:50.400 have been a little bit of hesbancy at one point, 0:08:50.440 --> 0:08:53.480 but you know the the facts that it's just so 0:08:53.640 --> 0:08:56.839 much better to be vaccinated. It's hard to deny, and people, 0:08:56.920 --> 0:08:58.800 I think are coming around, and so we're seeing the 0:08:58.880 --> 0:09:03.000 number of wait and see people go down over time. Well, 0:09:03.080 --> 0:09:05.640 question that Carol and I have have been asking each 0:09:05.640 --> 0:09:07.240 other for weeks now, if we want to ask you, 0:09:07.640 --> 0:09:11.320 Dr Sharfstein, is why people have different reactions to the vaccine. 0:09:11.360 --> 0:09:14.640 For example, I got my second fiser shot on Sunday. 0:09:14.840 --> 0:09:16.360 I took Monday off just in case I had a 0:09:16.360 --> 0:09:18.439 bad reaction. For twenty four hours, I felt fine, But 0:09:18.480 --> 0:09:21.559 from hours thirty six I was lethargic, I was a key, 0:09:21.920 --> 0:09:23.959 I felt sick, and then it went away like a 0:09:24.040 --> 0:09:27.360 light switch at seven pm Monday night. Why does this happen? Like? 0:09:27.400 --> 0:09:29.200 Why did I feel like that? What's going on in 0:09:29.240 --> 0:09:31.640 my and why did I when I took it basically 0:09:31.760 --> 0:09:33.439 by two doses of fiser. I felt pretty okay. I 0:09:33.480 --> 0:09:37.520 felt a little tired maybe, but no big deal. So UM, 0:09:37.559 --> 0:09:40.120 I couldn't answer specifically for each of you, but I 0:09:40.120 --> 0:09:43.599 can say that, you know, our bodies react differently to vaccines, 0:09:43.640 --> 0:09:45.760 and some people get more of a reaction than others. 0:09:45.840 --> 0:09:49.640 What's happening is the immuse of some basically getting trained 0:09:50.080 --> 0:09:54.880 to recognize a piece of the coronavirus. Of the vaccines 0:09:54.880 --> 0:09:57.280 don't carry the whole coronavirus, they just carry a piece, 0:09:57.679 --> 0:10:01.319 but it trains the immune system. When immune system gets trained, 0:10:01.720 --> 0:10:06.360 you have basically chemicals being released inside your body, not 0:10:06.520 --> 0:10:10.679 for chemicals that UM do the training and get you know, 0:10:10.720 --> 0:10:14.640 the cells ready in case the actual coronavirus comes in. 0:10:14.720 --> 0:10:18.120 They recognize that piece and again and the immune system 0:10:18.240 --> 0:10:22.360 kills the virus. And so you're that what you feel 0:10:22.679 --> 0:10:26.360 is a little bit of the chemicals you know that 0:10:26.559 --> 0:10:31.600 sometimes cause fever, sometimes cause fatigue. Um, the chemicals that 0:10:31.760 --> 0:10:34.520 are part of the immune system getting trained to kill 0:10:34.600 --> 0:10:36.720 the virus, all right, And so we all just feel 0:10:36.720 --> 0:10:40.040 it kind of differently, right bottom line, we feel it 0:10:40.120 --> 0:10:42.040 kind of differently. The second job is a little bit, 0:10:42.360 --> 0:10:45.199 you know, more intense than the first, and people then 0:10:45.240 --> 0:10:48.000 bounce right back. And you know, I tell people that 0:10:48.080 --> 0:10:50.800 it's really if you get it, it's just the feeling 0:10:50.800 --> 0:10:54.080 of your immune system kicking in, and it's a good 0:10:54.200 --> 0:10:58.160 you know, it's assignment that commune system is um is 0:10:58.640 --> 0:11:01.520 doing good job. I think people who don't feel anything 0:11:01.520 --> 0:11:03.920 though the airman system is working well too. All right, 0:11:04.000 --> 0:11:06.800 that's good to know. That helps clarify it. Dr Josh 0:11:06.840 --> 0:11:09.560 Charstein weistein for Public Health Practice and Community Engagement at 0:11:09.600 --> 0:11:12.040 Johns Hopkins Bloomberg School of Public Health, of course, supported 0:11:12.040 --> 0:11:15.160 by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. 0:11:15.240 --> 0:11:18.800 You're listening to Bloomberg Business Week with Carol Messer and 0:11:18.880 --> 0:11:23.319 Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio Well. The 0:11:23.360 --> 0:11:27.559 season finale of The Paycheck podcast is available now on Apples, Spotify, 0:11:27.640 --> 0:11:30.679 and Bloomberg dot Com. The episode tackles the issue of 0:11:30.679 --> 0:11:34.120 closing the racial wealth gap by acknowledging the painful history 0:11:34.160 --> 0:11:36.880 that first created the gap. Carry Wiggham is a professor 0:11:36.880 --> 0:11:40.680 at Binghamton University's Institute of Genocide and Mass Atrocity prevention 0:11:40.920 --> 0:11:44.599 and a contributor to this week's Paycheck podcast. There is 0:11:44.640 --> 0:11:49.000 still the reality that many white Americans have a difficult 0:11:49.040 --> 0:11:56.240 time understanding how slavery was directly connected to, for instance, 0:11:56.679 --> 0:12:02.199 mass incarceration and police brutality. Today, well, joining me now 0:12:02.240 --> 0:12:04.960 is Joel Weber, editor at Bloomberg business Week. He joins 0:12:05.000 --> 0:12:07.640 us on the remote from Brooklyn, and in the Interactive 0:12:07.640 --> 0:12:10.400 Broker studio here in New York is Jackie Simmons. She's 0:12:10.440 --> 0:12:12.520 senior executive editor of The America is also the co 0:12:12.640 --> 0:12:15.960 host of the Paycheck podcast, and she's joining here here 0:12:16.040 --> 0:12:18.360 from Bloomberg News. I think thank you to both of 0:12:18.360 --> 0:12:20.960 you for for joining me today, Joel, I want to 0:12:21.000 --> 0:12:25.240 start with you, uh eight episodes. This is this season finale, 0:12:25.440 --> 0:12:29.040 and this is a particularly powerful one because it wrestles 0:12:29.080 --> 0:12:33.480 with the legacy of a descendant of slave owners. Who 0:12:33.640 --> 0:12:37.319 is one of our colleagues. Yeah, and that's clear Sabbath, 0:12:37.480 --> 0:12:40.800 and who wrote a story today that coincides with this 0:12:41.200 --> 0:12:45.800 um most recent episode of the Paycheck and it is 0:12:45.880 --> 0:12:49.040 it just immediately grabs you by the caller when she 0:12:49.080 --> 0:12:52.480 started reading it, because it is a history that a 0:12:52.520 --> 0:12:56.360 lot of Americans share, where you know, deep in um, 0:12:56.400 --> 0:12:59.920 your family's history. There's um something that you you might 0:13:00.000 --> 0:13:02.920 not be proud of now, but it is the you know, 0:13:03.200 --> 0:13:06.520 a truth, and it was something that clear set out 0:13:06.559 --> 0:13:08.920 to wrestle with. I also just thought, you know, Jackie 0:13:09.000 --> 0:13:11.880 was so siminar in this podcast. I thought it was 0:13:11.920 --> 0:13:15.680 a really interesting contrast and book end to the very 0:13:15.720 --> 0:13:19.959 first episode, which which was about Jackie's story. So so, Jackie, 0:13:19.960 --> 0:13:21.280 we were kind of hoping you could kind of give 0:13:21.360 --> 0:13:24.160 us an idea about how these bookends came together and 0:13:24.559 --> 0:13:28.559 how you all approached um putting together such an amazing podcast. Yeah, 0:13:29.000 --> 0:13:31.440 thanks for having me. So I would say that when 0:13:31.480 --> 0:13:34.280 we started to think about the next season of The Paycheck, 0:13:34.480 --> 0:13:37.199 you know, the first two seasons were about the gender 0:13:37.320 --> 0:13:41.760 pay gap, but it was round the time post Floyd's 0:13:41.880 --> 0:13:45.440 um killing when we started to sort of think, what 0:13:45.520 --> 0:13:48.640 can we do to really you know, bubble up some 0:13:48.760 --> 0:13:51.640 of the data, some of the history, some of the 0:13:51.720 --> 0:13:55.400 facts from the past that takes us to one and 0:13:55.400 --> 0:13:57.280 sort of capture a little bit of the momentum the 0:13:57.320 --> 0:14:02.120 frustration I think that's been building and so kind of ironically, 0:14:02.400 --> 0:14:05.600 a cousin of mine had been struggling with how to 0:14:06.200 --> 0:14:09.600 get some money from this land that basically has been 0:14:09.600 --> 0:14:13.400 in our family for for many generations. And I started 0:14:13.400 --> 0:14:15.839 researching it. I knew in the back of my mind 0:14:15.920 --> 0:14:19.000 we had this piece of property in East Texas, but 0:14:19.080 --> 0:14:21.320 I never really knew what came of it, And so 0:14:21.360 --> 0:14:24.800 I started going through records, talking to family members. Um. 0:14:24.840 --> 0:14:27.320 I made so many calls, I looked through so many 0:14:27.360 --> 0:14:30.840 you know, sites, and just really talked to officials to 0:14:30.920 --> 0:14:33.600 really try and piece together the picture of the story 0:14:33.160 --> 0:14:36.480 and what it really is. It sort of shows how 0:14:37.080 --> 0:14:41.840 the messiness um of how black families and that time 0:14:42.000 --> 0:14:45.960 acquired land and then also how over time because of taxes, 0:14:46.080 --> 0:14:50.440 sometimes because because of chicanery, we lost that land. And so, 0:14:50.480 --> 0:14:52.760 as you said, it's a great um clear story is 0:14:52.800 --> 0:14:56.320 such a wonderful book, and to a story of a 0:14:56.360 --> 0:15:00.600 black family gaining wealth and losing it, and then her 0:15:00.680 --> 0:15:03.760 story which is very personal equally personal that sort of 0:15:03.800 --> 0:15:06.880 tells it from a perspective of a descendant of a 0:15:07.040 --> 0:15:10.360 slave owner, which is I just think wonderfully kind of 0:15:10.400 --> 0:15:13.880 contrast and rich. There was this moment, Jackie that that 0:15:14.000 --> 0:15:17.400 hit me in in this most recent episode, the finale, 0:15:17.520 --> 0:15:20.800 when I was listening to it today, and it had 0:15:20.840 --> 0:15:23.360 to do with just thinking about my own place in 0:15:23.400 --> 0:15:26.360 this world. And it was it was something that you 0:15:26.400 --> 0:15:30.120 guys talked about the fact that even people who aren't 0:15:30.160 --> 0:15:35.120 descendants of slave owners, white people, UM, they might not 0:15:35.160 --> 0:15:39.080 necessarily think about their connection to slavery because they don't 0:15:39.120 --> 0:15:42.040 necessarily have that connection. But at the same time, they 0:15:42.080 --> 0:15:45.640 are part of a system that has benefited from slavery, 0:15:45.760 --> 0:15:47.680 even if they've only been in this country for one 0:15:47.760 --> 0:15:51.240 or two generations. That's correct. And I think that it 0:15:51.360 --> 0:15:53.840 was a question I asked Claire, and I think I 0:15:53.880 --> 0:15:57.440 thought her perspective on that was was very powerful because 0:15:57.800 --> 0:16:00.400 she was basically saying that it's not you don't get 0:16:00.400 --> 0:16:03.520 a free pass because you can't say that you had 0:16:03.520 --> 0:16:06.680 a direct connection to slavery. Is she's basically, you know, 0:16:06.720 --> 0:16:10.080 being very honest and quite um brave, I think, to 0:16:10.120 --> 0:16:13.240 come out and really share that story. Um, you can't 0:16:13.320 --> 0:16:16.600 hide behind you know, something that is structural and systemic 0:16:16.920 --> 0:16:20.640 in our economy, um and in our social system because 0:16:21.000 --> 0:16:23.520 you didn't have a direct descendant. So I think you know, 0:16:23.800 --> 0:16:26.880 everyone's accountable in some way. UM. And I think that 0:16:27.000 --> 0:16:29.720 the most powerful thing in her story is that you 0:16:29.840 --> 0:16:32.800 just have to find the truth about it, you have 0:16:32.840 --> 0:16:34.400 to kind of reckon with the truth. You have to 0:16:34.480 --> 0:16:37.880 understand the past, and you can't hide behind excuses for 0:16:37.960 --> 0:16:40.720 not sort of being willing to not only know it, 0:16:40.760 --> 0:16:43.280 but also embrace it before we can find ways to 0:16:43.320 --> 0:16:47.320 try and fix it. You know, you used a phrase 0:16:47.360 --> 0:16:50.080 there that um. I think in a way it sums 0:16:50.160 --> 0:16:53.760 up everything I've learned about UM through the Paycheck, which 0:16:54.320 --> 0:16:56.680 which is you know this idea that you know we 0:16:56.720 --> 0:17:00.240 make excuses and you know so much of where the 0:17:00.320 --> 0:17:03.480 podcast and the stories that are part of the podcast 0:17:03.560 --> 0:17:06.720 come from is just sort of a cold a cold 0:17:06.760 --> 0:17:11.000 a real, honest to god um full assessment of some 0:17:11.119 --> 0:17:14.439 inconvenient truths, I think. And so Jackie, I'm curious, you 0:17:14.440 --> 0:17:17.440 know your role in this season, how you think about 0:17:17.480 --> 0:17:19.880 it going forward? Like what did what did you learn 0:17:19.960 --> 0:17:22.880 while you were working on this particular season and how 0:17:22.920 --> 0:17:25.080 is that going to inform what's yet to come from 0:17:25.160 --> 0:17:27.480 from the Paycheck? Yeah, I mean I think the thing 0:17:27.520 --> 0:17:30.000 that stood out there's three things that stood out to 0:17:30.000 --> 0:17:32.159 me really in a powerful way. I think at this 0:17:32.440 --> 0:17:36.359 sheer scale of the damage done is almost so hard 0:17:36.400 --> 0:17:39.040 for people to grasp that it makes it easier to ignore, 0:17:39.160 --> 0:17:41.439 if that makes sense. So for instance, you know, we 0:17:41.480 --> 0:17:44.000 did the math. You know, we calculated the cost of 0:17:44.200 --> 0:17:46.679 what was the value of a human body in in 0:17:46.960 --> 0:17:50.440 slave days and that number comes to forty two trillion dollars. 0:17:50.560 --> 0:17:53.000 And that is when you count for inflation and other things. 0:17:53.280 --> 0:17:55.120 You know, what was the cost of the damage done 0:17:55.160 --> 0:17:59.760 when you tear down Blackwall Street? You know, when you lynch, 0:18:00.200 --> 0:18:03.040 you know, when you murder. I mean, what is the 0:18:03.080 --> 0:18:06.320 cost of that? I mean Tulsa alone, Black Wallstree in 0:18:06.400 --> 0:18:08.600 Oklahoma that was two million dollars, so, you know, and 0:18:08.640 --> 0:18:10.359 so on and so forth. So I think you know, 0:18:10.480 --> 0:18:13.440 that was definitely a huge takeaway and sort of overwhelming 0:18:13.440 --> 0:18:15.440 in and of itself. The second one was really there 0:18:15.600 --> 0:18:19.880 the unsung heroes, UM that basically have the resilience, um, 0:18:19.920 --> 0:18:23.280 you know, black and white to keep this narrative going. 0:18:23.760 --> 0:18:26.760 So people like Kelly House. UM. I actually didn't know 0:18:26.840 --> 0:18:29.000 much about her before I started doing the research. She 0:18:29.080 --> 0:18:30.960 was a black woman who was one of the first 0:18:30.960 --> 0:18:35.159 people to talk about reparations and she was jailed for it. Um. 0:18:35.200 --> 0:18:37.480 You know, John Boyd is a Virginia farmer. I think 0:18:37.480 --> 0:18:42.280 an episode five, who you know testified before Congress about um, 0:18:42.440 --> 0:18:45.159 you know, how to get subsidies and payments back to 0:18:45.200 --> 0:18:47.879 black farmers. So you know, there was a number of 0:18:48.080 --> 0:18:51.399 unsung heroes in this narrative, but there are also a 0:18:51.400 --> 0:18:55.000 lot of interesting, interesting things happening in one. Well. It 0:18:55.119 --> 0:18:58.160 is an incredibly powerful series. Jackie, thank you so much 0:18:58.280 --> 0:19:00.560 for joining us to tell us more about it. I 0:19:00.640 --> 0:19:02.240 encourage everybody to check it out. You can listen to 0:19:02.280 --> 0:19:06.159 the Paycheck podcast at Bloomberg dot com, Apple Podcasts, and Spotify. 0:19:06.600 --> 0:19:08.960 Jackie Simmons is Senior executive editor for The America's at 0:19:09.000 --> 0:19:11.560 Bloomberg News. She's the co host of the Paycheck podcast. 0:19:11.600 --> 0:19:14.000 Joe Laber, editor at Bloomberg Business Week, on the remote 0:19:14.000 --> 0:19:17.080 from Brooklyn, Guys, thank you so much. This is Bloomberg. 0:19:17.520 --> 0:19:21.560 This is Bloomberg Business Week with Carol Messer and Bloomberg 0:19:21.640 --> 0:19:27.120 Quick Takes. Tim Stinovic on Bloomberg Radio. My fellow Americas, 0:19:28.160 --> 0:19:33.160 trickled down, trickled down economics has never worked. It's time 0:19:33.200 --> 0:19:35.600 to grow the economy from the bottom in the middle out. 0:19:37.160 --> 0:19:40.000 That was of course President Biden in his joint session 0:19:40.080 --> 0:19:43.439 to Congress last night. Joining us now for his thoughts 0:19:43.480 --> 0:19:46.960 is Chris Leu, former Deputy Secretary of Labor under President Obama. 0:19:46.960 --> 0:19:49.000 He joins us on the phone from Charlottesville, Virginia. We 0:19:49.000 --> 0:19:51.760 should note that Chris has just been nominated by President 0:19:51.760 --> 0:19:53.800 Biden to be the U S Ambassador to the United 0:19:53.880 --> 0:19:57.040 Nations for Management and Reform. Chris, thanks so much for 0:19:57.240 --> 0:20:00.680 joining us. UM, absolutely good to be on. Congratulations on 0:20:00.720 --> 0:20:04.159 the nomination too. Um. What did you make of the 0:20:04.200 --> 0:20:08.159 President's joint session? He certainly at the beginning really leaned 0:20:08.160 --> 0:20:11.000 into what he has accomplished over his first one days, 0:20:11.000 --> 0:20:13.920 specifically with regard to COVID, but then really spent the 0:20:14.520 --> 0:20:17.199 next period of time focusing on what he plans to 0:20:17.240 --> 0:20:20.399 do and how he plans to do it. Yeah, for him. First, 0:20:20.440 --> 0:20:24.080 let's just take note of the surroundings and the optics 0:20:24.119 --> 0:20:26.959 around the speech. And it was certainly one of the 0:20:27.160 --> 0:20:30.840 quieter States of the Union or joint addresses that we 0:20:30.920 --> 0:20:33.919 have seen in a long, long time standing. There in 0:20:34.560 --> 0:20:38.320 not even a half filled room. Um, it was subdued, 0:20:38.359 --> 0:20:41.440 and I think it was appropriate for the moment, because 0:20:41.960 --> 0:20:44.920 you know, we've made tremendous gains in terms of COVID 0:20:44.960 --> 0:20:47.800 and the economy. But um, there's still far too many 0:20:47.800 --> 0:20:50.760 people out of work. There's still far too many people 0:20:50.840 --> 0:20:54.280 getting sick and dying, and so ironically, I think the 0:20:54.320 --> 0:20:57.440 setting in the tone was appropriate for the moment. And 0:20:57.520 --> 0:20:59.360 you're right, I mean the speech is really, I think, 0:21:00.880 --> 0:21:04.840 really two to three different parts. One was talking about COVID, 0:21:05.040 --> 0:21:08.399 the two d and twenty million vaccines, the hundred and 0:21:08.440 --> 0:21:11.280 sixty million checks that have gone out the door, but 0:21:11.400 --> 0:21:13.560 really sort of stressing to people, you know what, the 0:21:13.600 --> 0:21:16.560 fight is not over. I mean, we've gotten fifty some 0:21:16.720 --> 0:21:21.600 percent of the American adults immunized, but we still have 0:21:21.680 --> 0:21:24.000 a lot of people, far too many people who haven't 0:21:24.000 --> 0:21:26.439 gotten vaccinated, and that's a problem, and that could be 0:21:26.480 --> 0:21:29.400 a bump in the road, uh if if we can't 0:21:29.440 --> 0:21:32.240