WEBVTT - NAACP President on Racial Equality 0:00:00.720 --> 0:00:03.720 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.800 --> 0:00:06.320 Jason Kelley. We're right here every day bringing you the 0:00:06.400 --> 0:00:11.160 latest news from the world's of business and finance, plus technology, politics, economics, 0:00:11.240 --> 0:00:14.280 all harnessing the power of Business Week reporters and editors. 0:00:14.440 --> 0:00:16.439 And of course Carol that's part of a team of 0:00:16.520 --> 0:00:20.439 twenty seven hundred journalists and analysts more than a hundred 0:00:20.480 --> 0:00:23.280 and twenty countries and Jason. You can download Bloomberg Business 0:00:23.280 --> 0:00:26.239 Week on iTunes, SoundCloud, bl Bloomberg dot com. You can 0:00:26.280 --> 0:00:28.640 also listen to our radio show at two pm Eastern 0:00:28.680 --> 0:00:31.560 on Bloomberg Radio every weekday, or watch us on YouTube 0:00:31.600 --> 0:00:36.240 by searching Bloomberg Global News. Jason Kelly and Alex Steel 0:00:36.280 --> 0:00:39.640 here with you on a Friday. Delighted to have back 0:00:39.720 --> 0:00:43.440 with us our reality check, our human gut check, which 0:00:43.479 --> 0:00:45.320 actually is a little bit of a pun since you're 0:00:45.360 --> 0:00:48.320 a gastrointurologist. Dr Ian les Vader. I had never really 0:00:48.320 --> 0:00:52.760 thought about that. Jason, You are always funny, but especially today. 0:00:52.800 --> 0:00:55.840 How are you doing very well? Uh? And I'm happy 0:00:55.920 --> 0:00:58.120 to introduce you if you haven't met her before, to 0:00:58.320 --> 0:01:02.040 Alex Steele, our colleague from Blomberg Television and Bloomberg Radio 0:01:02.320 --> 0:01:05.399 joining me and Carol's absence. Uh, doctor less fair of course, 0:01:05.440 --> 0:01:08.000 his clinical associate professor of medicine at n y U 0:01:08.040 --> 0:01:13.000 s Land Gun Medical Center. So give us that reality check, Ian. 0:01:13.400 --> 0:01:17.199 You know, I feel like the news has been slightly better, 0:01:17.319 --> 0:01:20.399 maybe a little this week as we look across the country. 0:01:20.520 --> 0:01:23.680 Certainly things feel stable in New York. What do you 0:01:23.760 --> 0:01:28.240 see from your perspective? Definitely good news and bad news. 0:01:28.280 --> 0:01:30.360 By the way, I too, am a native New Yorker 0:01:30.440 --> 0:01:32.720 born and raised on the Upper West Side, so there 0:01:32.720 --> 0:01:34.040 are not a lot of us that we have to 0:01:34.080 --> 0:01:36.880 stick together, but I'm a little more than sixteen years. 0:01:39.160 --> 0:01:41.520 In terms of the virus, there was a recent article 0:01:41.520 --> 0:01:44.840 of the New England Journal and ME correspondence that was 0:01:44.880 --> 0:01:49.840 a little disconsorting. It showed patients with mild UH disease 0:01:50.000 --> 0:01:52.840 that that were treated with oxygen, you know, not totally 0:01:52.880 --> 0:01:57.120 asymptomatications how to drop over the course of approximately a 0:01:57.160 --> 0:02:01.240 hundred twenty days in their antibodies. So uh, it is 0:02:01.320 --> 0:02:05.920 more clear that the antibodies that are forming are maybe 0:02:05.920 --> 0:02:10.840 transient uh finite, and that raises questions about vaccines. How 0:02:10.919 --> 0:02:14.920 much of an antibody response they elicit, and certainly for 0:02:15.000 --> 0:02:18.119 patients who say I don't want a vaccine, I don't 0:02:18.120 --> 0:02:20.720 need a vaccine, I had it, there really is a 0:02:20.800 --> 0:02:23.360 question even if you do have anibodies, how long they 0:02:23.360 --> 0:02:25.680 will last? Laugh. So I think that that was an 0:02:25.680 --> 0:02:29.120 interesting new bit of data, not to mention, of course, 0:02:29.120 --> 0:02:31.959 the increased cases that we're seeing. Always good to meet 0:02:32.000 --> 0:02:35.080 another fellow New Yorker. Uh, where do you grow up? 0:02:35.080 --> 0:02:39.360 By the way, uh, nineties between Columbus and Amsterdam, and 0:02:39.360 --> 0:02:41.760 they moved over to the East Side. So I went 0:02:41.840 --> 0:02:44.960 to school and medical school here. So I'm a longtime 0:02:44.960 --> 0:02:48.079 New Yorker, but I love the whole country. Thank Yeah, yeah, 0:02:48.080 --> 0:02:49.520 you have to say that. Eighty seventh and West End, 0:02:49.560 --> 0:02:51.520 so we were in the hood. Okay. So um, the 0:02:51.560 --> 0:02:54.760 antibody research was a little confusing this week. But also 0:02:54.800 --> 0:02:58.000 confusing to me was then the positive T cell research. 0:02:58.040 --> 0:03:02.200 Can you walk me through sort of what the differences are? Well, Uh, 0:03:02.360 --> 0:03:05.720 the immune response really is composed of two arms. Typically 0:03:05.720 --> 0:03:09.079 we think of the cells which form antibodies, and they 0:03:09.120 --> 0:03:11.840 work both in a short term called I G M 0:03:11.880 --> 0:03:13.960 anti bodies, and that I G G which tend to 0:03:14.000 --> 0:03:17.280 be longer lasting, but all of those can vary. Typically, 0:03:17.280 --> 0:03:20.680 if you have certain viruses like measles, if you actually 0:03:20.680 --> 0:03:24.440 get the disease as opposed to the vaccine, those are 0:03:24.560 --> 0:03:28.680 lifetime antibodies small pox or variety. But then there are 0:03:28.720 --> 0:03:32.440 also diseases like hid or hepatitis C, where you get 0:03:32.440 --> 0:03:34.920 antibodies and they do not kill the virus. People have 0:03:35.000 --> 0:03:39.440 chronic hid or chronic hepatitis C. You need anti viral treatments. 0:03:39.480 --> 0:03:42.440 But there are also cellular immunity typically we call the 0:03:42.880 --> 0:03:48.000 key cell related immunity, which also helps kill a variety 0:03:48.040 --> 0:03:51.840 of pathogens from bacteria also the viruses, and that we 0:03:51.960 --> 0:03:55.600 feel maybe longer lasting. We're just really beginning to see 0:03:56.360 --> 0:03:59.920 with these vaccines, we need to study what is the 0:04:00.200 --> 0:04:03.880 nature of the response. Ideally you get both and ideally 0:04:03.880 --> 0:04:07.800 that will give you a longer pertition. Again, assuming the 0:04:07.880 --> 0:04:12.440 virus does that, you take so ian as you look 0:04:12.640 --> 0:04:15.840 at the look ahead to the vaccine. I wanted to 0:04:15.840 --> 0:04:17.680 ask you a question that came up in a conversation 0:04:17.680 --> 0:04:19.159 we had yesterday with the new president of the a 0:04:19.320 --> 0:04:24.240 m A. And it largely is about actually I'm checking myself. 0:04:24.320 --> 0:04:27.040 A conversation we had with a doctor from Johns Hopkins, 0:04:27.800 --> 0:04:31.320 who I believe is actually a sociologist, and talking about 0:04:31.360 --> 0:04:35.080 the culture of vaccination and how she and her colleagues 0:04:35.120 --> 0:04:38.960 are actually worried about when the vaccine is available, essentially 0:04:39.000 --> 0:04:43.400 convincing people that they should get it. How much do 0:04:43.480 --> 0:04:47.200 you worry about that? You are exactly right, and that 0:04:47.320 --> 0:04:50.480 really is a concern. I've spoken to my own patients, 0:04:50.480 --> 0:04:53.800 and I've also looked at studies, and really we're talking 0:04:53.839 --> 0:04:58.240 about perhaps fifty people who would be hesitant, and it's unclear, 0:04:58.600 --> 0:05:00.720 you know what this is, what kind of beliefs are 0:05:00.760 --> 0:05:04.040 going on their fear. And certainly some of these vaccines 0:05:04.120 --> 0:05:07.400 are new message or a name Maderna, the astra zanca, 0:05:07.680 --> 0:05:10.960 a variety of new approaches which we think are more effective, 0:05:11.440 --> 0:05:15.520 but they are untested, meaning they haven't been used for decades. 0:05:16.240 --> 0:05:20.040 So vac scenes are essentially useless unless you get people 0:05:20.080 --> 0:05:23.160 to take them. Well, what percentage of the population would 0:05:23.200 --> 0:05:28.040 have to We really are worried about at least a 0:05:28.120 --> 0:05:32.839 fifty herd immunity, So we're talking about of the population 0:05:32.920 --> 0:05:36.680 fifty or sixty maybe even more than that. They either 0:05:36.839 --> 0:05:39.880 have the disease with long lasting antibodies, So we just said, 0:05:40.360 --> 0:05:43.360 many of the cases do not have long lasting antibodies 0:05:44.279 --> 0:05:47.440 and or getting a vaccine. So even people who have 0:05:47.440 --> 0:05:50.279 had the disease, be it mild, if they do not 0:05:50.400 --> 0:05:53.719 have antibodies or antibody tigers, even if they were proven 0:05:53.760 --> 0:05:56.000 to have it, we're going to have to convince them 0:05:56.040 --> 0:05:59.400 to take the vaccine. In addition to people who have 0:05:59.520 --> 0:06:03.160 never had the sellon people is a lot, and so 0:06:03.360 --> 0:06:06.800 you're talking potentially, you know, a hundred million people who 0:06:06.800 --> 0:06:09.840 will made a vaccine, maybe more, and that is a 0:06:09.920 --> 0:06:12.800 serious concern. If if the majority or even a large 0:06:12.839 --> 0:06:15.200 percent don't want to take a vaccine, that would be 0:06:15.240 --> 0:06:18.120 a problem. Right all right, in less Pader, dr Ian 0:06:18.160 --> 0:06:20.640 les Pader, hang with us for a minute. We're gonna 0:06:20.680 --> 0:06:24.120 do some news and uh, some other business and come 0:06:24.120 --> 0:06:26.200 back to you. We're gonna talk about reopening what you're 0:06:26.240 --> 0:06:28.839 seeing here in New York because it is very different, 0:06:28.880 --> 0:06:30.400 I think from what's going to the rest of the country. 0:06:30.560 --> 0:06:33.279 One headline, Alex Crossing that you are nice enough to 0:06:33.440 --> 0:06:36.200 just share with the group here. Trump says China trade 0:06:36.240 --> 0:06:39.640 deal means less to him now after the virus. This 0:06:39.720 --> 0:06:42.080 is based on an interview I believe he's giving with 0:06:42.440 --> 0:06:46.000 barstool sports, barstools, Florts, bog Man. I'm pretty sure that's 0:06:46.040 --> 0:06:49.520 David Portnoy's. Uh, yeah, it is. He was the guy 0:06:49.520 --> 0:06:51.880 who sort of incited all the robin Hood traders, right, 0:06:51.960 --> 0:06:54.080 He would take scrabble letters out of a scrabble bag 0:06:54.200 --> 0:06:56.239 and then decide that's where he was going to invest. 0:06:56.320 --> 0:06:59.680 So it's really interesting to me that Trump is giving 0:06:59.680 --> 0:07:02.880 an interview to him specifically. But beside that point, you know, 0:07:02.960 --> 0:07:05.160 the trade deal. Going after the trade deal, that's the 0:07:05.240 --> 0:07:07.240 nuclear option in the market. So if he does that, 0:07:07.440 --> 0:07:10.720 all bets off. Yeah. Absolutely, And we saw a lot 0:07:10.720 --> 0:07:13.720 of evidence this week that even with consulate closures and 0:07:13.800 --> 0:07:15.600 all the back and forth, as long as the trade 0:07:15.680 --> 0:07:18.720 deal is intact, are exactly right investors like, all right, 0:07:18.920 --> 0:07:23.640 we're gonna exactly all right. Much more ahead, including more 0:07:23.680 --> 0:07:28.000 with Dr les Vader MS Boomberg. All right, so talk 0:07:28.040 --> 0:07:30.680 to us about schools. Dr Ian les Pader, what's your 0:07:30.880 --> 0:07:33.160 latest thinking as you talk to your colleagues on the 0:07:33.160 --> 0:07:36.880 medical side, because everybody's got to take here, well, I've 0:07:36.920 --> 0:07:39.240 got a number of teachers who are a little afraid 0:07:39.320 --> 0:07:42.800 to go back. I think has been has been stated, 0:07:42.960 --> 0:07:46.000 you know, young kids generally do very well. Also, they 0:07:46.080 --> 0:07:48.520 carried the virus, but they tend not to be very sick, 0:07:48.840 --> 0:07:51.480 so they're sort of acient tramatic carriers. So I think 0:07:51.520 --> 0:07:55.000 students will be fairly safe, really even up through high 0:07:55.040 --> 0:07:57.760 school without a problem. I probably through college as well. 0:07:58.120 --> 0:08:01.400 Their teachers may have a little bit more risk, but 0:08:01.480 --> 0:08:04.760 I believe nothing is risk free. Everything you do has 0:08:04.800 --> 0:08:06.960 some risk, and I would say if you're not in 0:08:07.040 --> 0:08:10.640 a high risk group high blood pressure, diabetes, obesity, many 0:08:10.640 --> 0:08:13.280 of our teachers do have some of those problems. And 0:08:13.360 --> 0:08:16.360 I think if you're wearing a mask and you're teaching, 0:08:16.680 --> 0:08:19.440 I think you're you're relatively safe. And I think we 0:08:19.560 --> 0:08:23.760 have to try school openings um because I think we 0:08:23.800 --> 0:08:27.760 can't get the economy back until basically kids are safe 0:08:27.880 --> 0:08:30.920 in schools. So I think it is reasonable to do 0:08:31.640 --> 0:08:34.640 certainly in certain states like New York where the case 0:08:34.760 --> 0:08:37.920 rate is way down, I think it's very reasonable and 0:08:37.960 --> 0:08:40.839 appropriate to do that. And I think as we do 0:08:40.880 --> 0:08:44.360 it and it works, people will feel more confident about it. 0:08:44.679 --> 0:08:47.400 Other businesses may have a challenge. I see people sitting 0:08:47.400 --> 0:08:51.040 in outdoor restaurants. It's definitely a smaller volume, and that 0:08:51.160 --> 0:08:56.680 may be an economic risk, but I think people eating outside, uh, 0:08:56.720 --> 0:09:00.400 if they're not shouting or speaking loudly and spreading virus, 0:09:00.679 --> 0:09:04.120 I think that's also reasonably safe. And obviously with a 0:09:04.200 --> 0:09:07.520 vaccine and with more herd immunity, it will over time 0:09:07.600 --> 0:09:10.280 become more safe. Well, it seems like the two issues 0:09:10.280 --> 0:09:12.760 tied together, and that like, once it gets cold, New 0:09:12.800 --> 0:09:14.840 Yorkers don't like to be cold, so we're not going 0:09:14.880 --> 0:09:17.440 to go out and sit outside in the restaurant, which 0:09:17.480 --> 0:09:20.360 brings people back inside. You can't eat inside a restaurant 0:09:20.400 --> 0:09:23.120 until least October one. It's the same thing for schools. 0:09:23.120 --> 0:09:26.600 If it's crowded, what kind of indoor systems can you 0:09:26.760 --> 0:09:29.760 have to make the ventilation better? So it's kind of 0:09:29.840 --> 0:09:34.880 like being outside. You're exactly right. So I was recently 0:09:34.920 --> 0:09:38.240 at the dentist and they have not only air cleaners 0:09:38.280 --> 0:09:41.840 that exchange air in the roofs frequently, but UV lights 0:09:41.920 --> 0:09:45.079 and so they've already adopted a series to make that 0:09:45.320 --> 0:09:48.400 time in the chair a safer experience, and I think 0:09:48.400 --> 0:09:50.120 we're going to really have to do that. It would 0:09:50.120 --> 0:09:52.800 be smart to get a jump on this, and certainly 0:09:52.840 --> 0:09:57.400 the New York City school system and really in other classrooms. 0:09:57.760 --> 0:09:59.959 The most you can do is reduced risk. You can 0:10:00.040 --> 0:10:04.320 ever eliminate risk. People may have asymptomatic carriage of the virus, 0:10:04.360 --> 0:10:07.040 certain kids. But I think if we can do better 0:10:07.120 --> 0:10:10.440 air exchange filters, ultra violet light, we can I think 0:10:10.480 --> 0:10:14.600 at least reduce the risk to everyone in the classroom. 0:10:14.640 --> 0:10:17.600 So Ian I asked this of almost everyone when we 0:10:17.640 --> 0:10:20.560 talk about the virus or the markets right now, as 0:10:20.640 --> 0:10:23.360 you think about it from a physician's perspective, what worries 0:10:23.360 --> 0:10:27.000 you the most about the virus at this point? Well, 0:10:27.480 --> 0:10:30.920 exactly as Alex said, you know, we're going into the 0:10:31.080 --> 0:10:33.720 UH fall and winter where it will be difficult to 0:10:33.720 --> 0:10:37.280 be outside where we will by definition of closer contact, 0:10:37.360 --> 0:10:40.360 you can't entertain outside. And I don't think we're going 0:10:40.400 --> 0:10:43.560 to have a vaccine until early that's what's for a 0:10:43.640 --> 0:10:46.920 January or February. And exactly as you said that everyone 0:10:47.040 --> 0:10:49.679 is willing to take it. So I think we may 0:10:49.720 --> 0:10:52.520 reach a crunch not only in the number of cases, 0:10:52.559 --> 0:10:56.120 but in the the exposure as the weather gets colder, 0:10:56.160 --> 0:10:59.520 as we move indoors UH and as we perhaps get 0:10:59.559 --> 0:11:01.480 a second a wave. So away think, no matter how 0:11:01.520 --> 0:11:03.840 we slice it, We're going to see more and more 0:11:03.960 --> 0:11:08.280 cases and unfortunately, more and more hospitalizations in depths. And 0:11:08.320 --> 0:11:12.000 we're seeing that in the South and the next area 0:11:12.080 --> 0:11:14.280 to rule maybe other parts of the country that have 0:11:14.360 --> 0:11:18.040 been spared so far. Right, all right, well, we will 0:11:18.120 --> 0:11:20.600 keep in touch with you. You You are always great at 0:11:20.640 --> 0:11:23.200 giving us the latest, and we really really appreciate it. 0:11:23.320 --> 0:11:25.480 Have a great weekend. Dr Ian less Paid, our clinical 0:11:25.520 --> 0:11:29.520 Associate Professor of Medicine n y US Langon Medical Center, 0:11:29.600 --> 0:11:33.080 joining us on the phone. And Alex, you nailed it. 0:11:33.120 --> 0:11:36.800 I mean schools, schools, school schools. I feel like ones 0:11:36.840 --> 0:11:40.840 in college are going to college, both both both finish it. 0:11:40.920 --> 0:11:43.240 One finishing high school next year and one going to 0:11:43.280 --> 0:11:46.480 be a junior. Yeah, senior, one junior. But they're going back, right, 0:11:47.480 --> 0:11:50.040 they're going back as it right now? Yeah, yeah, here 0:11:50.040 --> 0:11:53.520 in Westchester, part of New York State. But we are thinking, 0:11:53.760 --> 0:11:56.280 we're still waiting to hear on the what the what 0:11:56.320 --> 0:11:58.959 Governor Cuoma has to say because he is going region 0:11:59.000 --> 0:12:01.920 by regions, so we'll see where all that ends up. 0:12:01.960 --> 0:12:03.840 You know, I feel like Alex, coming out of that 0:12:03.880 --> 0:12:09.920 conversation with Dr Ian les Bader, it is fair and 0:12:10.120 --> 0:12:13.360 right to remind people that this virus is still ravaging 0:12:13.360 --> 0:12:16.760 this country. It's easy, maybe a little easier to lose 0:12:16.800 --> 0:12:19.240 sight of that here in the Greater New York area, 0:12:19.280 --> 0:12:22.160 the Tri State area, because the numbers are way down. 0:12:22.600 --> 0:12:26.400 California reporting the biggest one day record of a hundred 0:12:26.440 --> 0:12:31.280 and fifty nine COVID nineteen deaths uh in California. I 0:12:31.280 --> 0:12:33.720 don't know how you feel about this, but it felt 0:12:33.760 --> 0:12:37.040 like at the beginning, California was on it. I totally agree, 0:12:37.840 --> 0:12:39.560 and then all of a sudden, and I don't know 0:12:39.600 --> 0:12:42.319 the intricacies of which regions opened up faster and than 0:12:42.360 --> 0:12:44.760 how it spread, to be honest, but you're right and 0:12:44.800 --> 0:12:47.400 that they had it together and the cases were down, 0:12:47.400 --> 0:12:49.480 and then look what happened. And I think the reason 0:12:49.520 --> 0:12:53.959 why this matters to investors is the difference in asset allocations. 0:12:53.960 --> 0:12:56.600 So if you owned US assets because of the safety 0:12:56.640 --> 0:12:58.640 trade and because the US government has a lot room 0:12:58.679 --> 0:13:00.520 to move and because of the FED, and then you 0:13:00.559 --> 0:13:02.920 see the case is just not under control, and you 0:13:03.000 --> 0:13:05.120 see much more activity in Germany if you just take 0:13:05.160 --> 0:13:07.839 a look at restaurants activity, for example, it's exploding in 0:13:07.880 --> 0:13:11.080 Germany versus here. Um, where do you put your money. 0:13:11.080 --> 0:13:13.760 Then yeah, I think it's a it's a really good 0:13:13.760 --> 0:13:15.760 point because we are trying to to get a handle 0:13:15.760 --> 0:13:17.280 in this. I mean to go back to something you 0:13:17.320 --> 0:13:22.280 said before. Increasingly the reporting that I'm seeing indicates that 0:13:22.800 --> 0:13:25.679 you really have a tale of two states in California. 0:13:25.720 --> 0:13:29.200 That Northern California which did lock down a little bit sooner, 0:13:29.320 --> 0:13:31.440 led by San Francisco, the mayor of San Francisco, and 0:13:31.480 --> 0:13:35.040 really that whole Bay area all the way down through 0:13:35.080 --> 0:13:38.079 Silicon Valley to San Jose they locked down very early, 0:13:38.160 --> 0:13:43.080 stayed lockdown. Southern California was just enough behind. And I 0:13:43.120 --> 0:13:46.240 think especially as you go south, just south of Los 0:13:46.240 --> 0:13:49.200 Angeles into Orange County and maybe down to San Diego. 0:13:49.760 --> 0:13:52.079 You know, you you go back, you think about those 0:13:52.080 --> 0:13:55.400 pictures from the beaches a few weeks ago, um or 0:13:55.559 --> 0:13:58.240 maybe now a couple of months ago. Time sort of 0:13:58.360 --> 0:14:01.800 is melting together. Here is no there is no irrelevant, 0:14:02.679 --> 0:14:06.360 but you know it is. Those are two very different things. 0:14:06.440 --> 0:14:08.640 And I talked with a few people this week who 0:14:08.640 --> 0:14:11.840 basically said, listen, I'm in northern California, and that's a 0:14:11.840 --> 0:14:15.160 big distinction. But listen, I mean you look at Texas 0:14:15.200 --> 0:14:17.480 and and also Texas I was talking to somebody this 0:14:17.520 --> 0:14:19.560 morning about this sort of depends on where you are 0:14:19.640 --> 0:14:22.560 in Texas as well. Florida is a little bit similar 0:14:22.600 --> 0:14:25.560 to so UM. But what we do know is exactly 0:14:25.560 --> 0:14:27.680 what you said a few minutes ago or a minute ago, 0:14:28.000 --> 0:14:32.800 which is it's not under control. No, it's not UM. 0:14:32.840 --> 0:14:36.000 And I think what's also interesting is if we do 0:14:36.080 --> 0:14:39.920 get under control in that maybe the cases that we're 0:14:39.960 --> 0:14:43.200 recording our younger people, so hospitalizations eventually will take lower, 0:14:43.520 --> 0:14:46.720 and we do get stimulus out of d c UM. Well, 0:14:46.720 --> 0:14:49.080 how does that set up the US economy then? I mean, 0:14:49.480 --> 0:14:51.640 I don't I don't know how much we're priced for 0:14:51.760 --> 0:14:54.880 that particular scenario either. And I just wonder how you 0:14:54.920 --> 0:14:56.920 look at that, m Maybe you look at us really 0:14:57.000 --> 0:14:59.520 yields and the inflation expectations, and that's kind of what 0:14:59.520 --> 0:15:02.000 we're looking at. But I think that's an interesting part 0:15:02.120 --> 0:15:05.640 uh A situation too, if we actually get it under control, right, 0:15:05.800 --> 0:15:08.280 and so much of it You're exactly right, so much 0:15:08.280 --> 0:15:10.520 of it keep saying that I'm exactly right. I'll come 0:15:10.560 --> 0:15:13.920 back anytime. I know, I know, I really, I'm I 0:15:13.960 --> 0:15:15.680 know as I get that at home. I'm a president 0:15:15.680 --> 0:15:18.160 of the Alex Steel Fan Club. Um. But you know, 0:15:18.760 --> 0:15:21.640 a lot of this is on the minds of legislators 0:15:21.720 --> 0:15:24.880 clearly as they try and figure out what happens with 0:15:25.040 --> 0:15:27.840 this next round. And someone who's watching this really really 0:15:27.840 --> 0:15:30.760 closely is Derek Johnson. He is the president and chief 0:15:30.800 --> 0:15:33.320 executive officer of the Double A cp Joints. Is on 0:15:33.360 --> 0:15:36.160 the phone from Baltimore. Derek, really nice to have you 0:15:36.200 --> 0:15:40.240 with Alex and myself. Thank you for our opportunity. So 0:15:40.320 --> 0:15:42.760 let's talk about what's going on just down the road 0:15:42.800 --> 0:15:46.400 from you in Washington as Congress in the administration try 0:15:46.440 --> 0:15:49.720 and figure out what this next round should look like. 0:15:50.000 --> 0:15:53.120 What is your key piece of advice, your key piece 0:15:53.160 --> 0:16:00.520 of input to them, I will hope consider everyday working people, UH, 0:16:00.600 --> 0:16:05.160 consider our economy, and to make sure our elections are safe. 0:16:05.520 --> 0:16:08.680 Those are the key things that are on the table now, 0:16:09.040 --> 0:16:11.760 both BLOT and MA up provision making sure that elected 0:16:11.800 --> 0:16:14.280 administrations in place so we can carry it out election 0:16:14.320 --> 0:16:17.880 in November. They can ensure that there are some extensions 0:16:17.920 --> 0:16:20.960 of things like the undemployment benefits and a few other 0:16:21.040 --> 0:16:24.640 things that are fingering because of the current health crisis 0:16:24.640 --> 0:16:28.360 that we're in. Making sure that their their resources for 0:16:29.240 --> 0:16:32.640 municipal and state governments because they are they're about to 0:16:32.680 --> 0:16:37.120 hear the financial law, which will be devastating across the country. 0:16:37.400 --> 0:16:41.120 And in terms of action, UM, no matter what the 0:16:41.120 --> 0:16:44.520 government does, what kind of steps do you see companies making? 0:16:44.520 --> 0:16:47.040 It are real? We see a lot of numbers being 0:16:47.040 --> 0:16:50.640 thrown out X amount of money to black pecs, X 0:16:50.640 --> 0:16:55.960 amount of money for equality, etcetera. What's real? What is 0:16:56.000 --> 0:17:00.240 real is true systemic approaches to address that the cays 0:17:00.280 --> 0:17:03.520 A loan problems that have built up around inequity. Uh. 0:17:03.960 --> 0:17:07.680 Some companies are are season punting the moment to give 0:17:07.720 --> 0:17:10.800 the rosy statements and then uh, in a few months 0:17:10.840 --> 0:17:13.240 from now, when all of the attention has died down, 0:17:14.000 --> 0:17:15.679 whether or not they're going to go back to business 0:17:15.720 --> 0:17:18.520 as usual. UH. I think Ropert Smith had put forth 0:17:18.560 --> 0:17:21.400 a really good uh and a smart plan. UH. Let's 0:17:21.400 --> 0:17:24.239 talk about the super cent solution. We have twenty one 0:17:24.280 --> 0:17:28.840 African American banks across the country. How can they get 0:17:28.880 --> 0:17:33.760 more capital to lend out to build a stronger entrepreneur 0:17:33.920 --> 0:17:37.240 class within the black community. The number one problem with 0:17:37.400 --> 0:17:39.919 entrepreneurs and small business of the black community has access 0:17:39.960 --> 0:17:43.000 to capital, and it with more capital, you see more 0:17:43.000 --> 0:17:47.360 growth is UH. It's it's a great opportunity that has 0:17:47.400 --> 0:17:50.720 been untapped in our realized well. And it's interesting. I 0:17:50.800 --> 0:17:52.320 did want to talk to you if we could, Derek 0:17:52.400 --> 0:17:56.040 briefly about a deal that you did with Viacom CBS, 0:17:56.200 --> 0:17:59.240 because you know so much of this really is it's 0:17:59.240 --> 0:18:02.440 an economic piece that you just discussed it. There's also 0:18:02.480 --> 0:18:07.680 a representation piece that ties right into that. UH into 0:18:07.720 --> 0:18:09.840 that economic piece of it. Tell us about this deal 0:18:09.880 --> 0:18:14.080 with CBS, but we begin to have a conversation with 0:18:14.160 --> 0:18:18.760 CBS Studios UH with the goal in mind of n 0:18:18.760 --> 0:18:23.879 Double ACP partnering to build and developed content how people 0:18:24.080 --> 0:18:27.480 see African Americans on the screen, whether big screen or television, 0:18:27.840 --> 0:18:31.560 oftentimes the perception of how we are treated out in public. 0:18:32.200 --> 0:18:34.520 For the INN Double A c P, we have always 0:18:34.600 --> 0:18:38.040 advocated around the images that are projected. At a hundred 0:18:38.040 --> 0:18:42.880 and eleven year old organization, our second major advocacy fight 0:18:43.320 --> 0:18:45.439 was around the release of a movie call Birth of 0:18:45.440 --> 0:18:48.080 a Nation, because we knew the impact of that movie 0:18:48.080 --> 0:18:52.399 would have a devastating impact on African Americans UH in 0:18:52.560 --> 0:18:56.480 nineteen and which came which came to be true. As 0:18:56.480 --> 0:19:00.359 a result of that movie, UH clan membership UH was 0:19:00.480 --> 0:19:04.520 greater in states like Indiana and Michigan UH in the 0:19:04.600 --> 0:19:09.040 nineteen thirties than it was membership in states of Georgia, Alabama, 0:19:09.040 --> 0:19:14.159 and Mississippi. UH. That projection from that movie spurred a 0:19:14.359 --> 0:19:18.040 whole new unfortunate reality for African Americans and how we 0:19:18.040 --> 0:19:22.080 were treated. So this deal is leading on that. On 0:19:22.119 --> 0:19:24.760 that reality, we have a president in Hollywood. We do 0:19:24.800 --> 0:19:27.080 an annual show called The Image a Wars. But it 0:19:27.160 --> 0:19:30.600 is our goal to expand our footprints so that more 0:19:30.680 --> 0:19:34.119 positive images will be projective of African Americans because there 0:19:34.119 --> 0:19:38.160 are so many rich stories around how we have America 0:19:38.240 --> 0:19:41.399 be America. We know, alright, we're gonna leave it there. 0:19:41.400 --> 0:19:43.040 Thank you so much for your time. We really appreciate. 0:19:43.080 --> 0:19:45.920 Dereck Johnson, President and CEO of the Double A CP 0:19:46.040 --> 0:19:48.159 will hope you'll come back. He joined us on the 0:19:48.160 --> 0:19:51.560 phone from Baltimore and Alex such an important point there 0:19:51.600 --> 0:19:53.639 at the end, and you know, takes me back not 0:19:53.880 --> 0:19:56.160 a little quick flex here, you know, to the story 0:19:56.160 --> 0:19:57.920 that I was working on for a long time about 0:19:58.000 --> 0:20:00.360 Lebron James and Maverickrtter what they're doing with spring Hill. 0:20:00.800 --> 0:20:04.720 You know they did a documentary about the first female 0:20:04.840 --> 0:20:08.400 millionaire in the United States, African American woman just down 0:20:08.400 --> 0:20:10.919 the road from me in Irvington, New York, Madam C. J. Walker, 0:20:11.080 --> 0:20:14.040 Which that's Westchester, but still New York, but still New York. 0:20:14.040 --> 0:20:16.280 But it's important to remember that. It is important to 0:20:16.280 --> 0:20:18.679 remember that, and I'm glad you made that distinction. It 0:20:18.720 --> 0:20:21.159 means a lot to me, you know, it means a 0:20:21.200 --> 0:20:23.280 lot that you're listening to me, and and that I 0:20:23.359 --> 0:20:26.560 just we're not married. I'll listen to you all the time. 0:20:27.840 --> 0:20:31.439 You're listening to Bloomberg Business Week with Carol Masser and 0:20:31.520 --> 0:20:35.359 Jason Kelly on Bloomberg Radio. All right, let's talk a 0:20:35.359 --> 0:20:39.199 little Business Week economics. Now, this is the guy we 0:20:39.280 --> 0:20:42.960 need to hear from as everything is going on between 0:20:43.000 --> 0:20:46.720 the US and China. Alex, we're talking about Tom or Like, 0:20:46.840 --> 0:20:49.520 chief economists for Bloomberg Economicsly joins us on the phone 0:20:50.000 --> 0:20:53.280 from Washington. All right, Tom, I feel like this is 0:20:53.320 --> 0:20:56.400 a little bit of a reality check Friday. So many headlines, 0:20:56.480 --> 0:20:59.600 so much rhetoric, but even beyond that, some actual action 0:20:59.680 --> 0:21:02.840 being taken with consulates closing here in the United States 0:21:02.880 --> 0:21:06.040 and then of course over in Chung do. What do 0:21:06.080 --> 0:21:11.320 you make of this? Great to be on Jason Um, So, 0:21:11.680 --> 0:21:16.600 I think the latest developments are a little bit alarming. Um. 0:21:16.640 --> 0:21:19.560 If we think about the last four years of US 0:21:19.680 --> 0:21:23.719 China relations under the Trump administration, UM, clearly it's not 0:21:23.800 --> 0:21:27.400 been super friendly. Right. We've had a trade war, we've 0:21:27.440 --> 0:21:31.359 had sanctions on Huawei. UM. But all of it was 0:21:31.440 --> 0:21:36.600 within the framework of engagement. Right. There was a recognition 0:21:36.880 --> 0:21:40.600 that there were benefits to the relationship. Yes, the US 0:21:40.720 --> 0:21:45.680 said China was behaving badly on intellectual property, on market access, 0:21:45.720 --> 0:21:48.320 and we needed to take steps to address that. But 0:21:48.400 --> 0:21:50.879 if we could address those problems, then we could have 0:21:50.920 --> 0:21:55.639 a mutually beneficial trading relationship. If you read the latest 0:21:55.640 --> 0:22:00.920 speeches by senior officials, the Pompeo speech, a bar speech, 0:22:01.119 --> 0:22:05.640 the O'Brien's speech, there's just a completely different tone. Um. 0:22:05.680 --> 0:22:08.600 It's no longer talking about some problems that we need 0:22:08.640 --> 0:22:11.440