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White Collar Job Losses Will Trickle Down In A Bad Way · Bloomberg Intelligence

0:01
Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, along
0:04
Speaker 1: with my co host of Bonnie Quinn. Every business day
0:06
Speaker 1: we bring you interviews from CEOs, market pros, and Bloomberg experts,
0:10
Speaker 1: along with essential market moving news. Find the Bloomberg Markets
0:13
Speaker 1: Podcast on Apple podcast or wherever you listen to podcasts,
0:17
Speaker 1: and on Bloomberg dot com. It is time now to
0:20
Speaker 1: welcome Danielle di Martineau, boost CEO and director of Intelligence
0:24
Speaker 1: at Quill Intelligence. Of course, Danielle's former advisor at the
0:27
Speaker 1: Dallas Fed and also a Bloomberg opinion columnists and she's
0:30
Speaker 1: based in Dallas. Danielle, what do you make of the
0:33
Speaker 1: idea that we may not get stimulus before the election
0:37
Speaker 1: while the pandemic lingers. So there's that, and that will
0:42
Speaker 1: definitely put a pin in any kind of burgeoning recovery
0:47
Speaker 1: that we're seeing. Well, I think that there are two
0:51
Speaker 1: different factors at work in today's market. One of them
0:55
Speaker 1: is that there's this underlying weakness that is going to
0:58
Speaker 1: continue to play out and stay and local employment for example,
1:02
Speaker 1: in in in families who are just getting by and
1:06
Speaker 1: we're waiting patiently as as they could for that next
1:11
Speaker 1: true stimulus package that provided them with a weekly jolt
1:16
Speaker 1: of of income while they continue to wait out a
1:19
Speaker 1: full and escape velocity, if you will, reopening of the
1:23
Speaker 1: U S economy. The other thing I think that's at
1:26
Speaker 1: play today, though, is the market trying to wrap its
1:29
Speaker 1: head around quantitatively what the stop gap measures will accomplish.
1:35
Speaker 1: There is a lot of money in Uncle Sam's checking account,
1:38
Speaker 1: the Treasury General account, and money that can be can
1:42
Speaker 1: be pulled upon. But what what will what will it
1:46
Speaker 1: do to say, keep the airline workers on payrolls versus
1:50
Speaker 1: the rest of the country that needs stimulus measures not
1:53
Speaker 1: receiving them. What might do you can those checks come
1:57
Speaker 1: out before election day? And most importantly, I think what's
2:00
Speaker 1: driving trading today is rumblings on trading floors about Bill
2:05
Speaker 1: Gates saying we might not need a vaccine. If what
2:09
Speaker 1: treated President Trump is as good as it is, we
2:12
Speaker 1: might be able to move past the pandemic with just
2:15
Speaker 1: treatments in hand. So, Danielle, you know, the the administration
2:20
Speaker 1: is touting uh, the declining unemployment rate, the fact that
2:24
Speaker 1: the people are going back to work, But at the
2:26
Speaker 1: same time we see big companies like the Walt Disney
2:29
Speaker 1: Company talking about, you know, laying off an additional twenty
2:32
Speaker 1: eight thousand employees. What is your sense as to the
2:36
Speaker 1: underlying health of the employment market or lack there of
2:41
Speaker 1: in the United States. Well, I think it's more important
2:45
Speaker 1: to look past. Twenty eight thousand is a huge mass
2:49
Speaker 1: layoff figure. It gates gets a lot of headlines, but
2:52
Speaker 1: two thirds of those workers were part time, So the
2:55
Speaker 1: economic the macroeconomic impact is not nearly as bad as
2:59
Speaker 1: well as fargoes intent this morning that it was going
3:01
Speaker 1: to be laying up and another seven hundred employees of
3:04
Speaker 1: KPMG announcing that it would be laying off white collar
3:08
Speaker 1: workers in tax and auditing and consulting UM. The list
3:12
Speaker 1: goes on and on of companies that are beginning to
3:15
Speaker 1: cut at headquarters salaried employees. If you looked at the
3:19
Speaker 1: job openings data yesterday, the worst category by far was
3:24
Speaker 1: business and professional services, and in Friday's Peril Report we
3:28
Speaker 1: saw three consecutive months of losses again in business and
3:31
Speaker 1: professional services. These are the highest paying positions that account
3:35
Speaker 1: for the vast majority of US consumption, and they will
3:39
Speaker 1: continue As these white collar job losses percolate through the economy.
3:42
Speaker 1: That will continue to trickle down, but not in a
3:45
Speaker 1: good way to the smaller businesses that are still holding
3:48
Speaker 1: on but in need of their of their business. So, Danielle,
3:53
Speaker 1: what happens next? How does the economy recover? How do
3:56
Speaker 1: people get by? I mean what the federals are has
3:59
Speaker 1: done as much as it can. There's possibly things that
4:01
Speaker 1: can do. It says, it's toolbox is never empty. But
4:04
Speaker 1: essentially this is a federal government issue. Does Joe Biden
4:09
Speaker 1: need to get elected and then, you know, implement a
4:11
Speaker 1: huge amount of stimulus. Well, I think the scenario that
4:16
Speaker 1: the ladder of the two scenarios that you just painted
4:18
Speaker 1: out has been playing out in the bond market for
4:21
Speaker 1: the better part of a week now. We've seen bond
4:23
Speaker 1: yields break out of a very tight range in which
4:26
Speaker 1: they've been stuck anticipating some massive stimulus spending bill. Uh.
4:30
Speaker 1: If Biden is victorious on on election day or in
4:34
Speaker 1: the days that follow, the question I have though for
4:38
Speaker 1: all politicians inside the Beltway is whether or not they're
4:41
Speaker 1: going to be looking to implement some programs that have
4:44
Speaker 1: proven successful in Germany, jobs, reskills, training, vocational training, infrastructure
4:50
Speaker 1: spending more than throwing money at people who who need it.
4:54
Speaker 1: And I'm not saying we should put people out on
4:56
Speaker 1: the street by any means, but more than that, actually
4:59
Speaker 1: pro biting means by which people can get back into
5:03
Speaker 1: the workforce forcibly the way that it was done years
5:06
Speaker 1: ago in the New Deal, when there were no bridges
5:09
Speaker 1: and tunnels. Now we just have crumbling bridges and tunnels
5:12
Speaker 1: and roads that need to be repaired. I would hope
5:15
Speaker 1: that the Order of Business number one would be looking
5:19
Speaker 1: to stimulus spending measures that not just make sure people
5:23
Speaker 1: were put back on their feet, but also that gave
5:25
Speaker 1: them job opportunities. So, Danielle, we heard from FED Chairman
5:29
Speaker 1: pal You speaking yesterday at an economics conference calling for
5:34
Speaker 1: fiscal stimulus. Yet again, um does Congress listen to to
5:40
Speaker 1: FED chair people when FED chairman when they do speak
5:43
Speaker 1: about fiscal stimulus, Well, congress is track record is pretty
5:49
Speaker 1: is pretty spotty on that account. Bernanke spent years of
5:52
Speaker 1: his career as head of the fed UH pleading with
5:56
Speaker 1: Congress to do more on the fiscal side and to
5:59
Speaker 1: be more creative on a fiscal side, and he got
6:01
Speaker 1: the heisman time and again, which is why we ended
6:04
Speaker 1: up having q E two and que three. Uh. The
6:07
Speaker 1: problem I have with with Powell, though, is on a
6:09
Speaker 1: more fundamental level, and that is that it appears that
6:12
Speaker 1: most of the Fed's tools in the toolbox are broken.
6:16
Speaker 1: And the one thing that that Powell knows he can
6:19
Speaker 1: do if there's fresh treasury issuance in order to finance
6:23
Speaker 1: stimulus spending, it is by those bonds via quantitative eavening
6:28
Speaker 1: that filters back into the stock market. Daniel d Martino Booth,
6:31
Speaker 1: thank you so much for joining us yet again. We
6:33
Speaker 1: always appreciate your insights. Danielle de Martino Boots, CEO and
6:37
Speaker 1: directive intelligence at Quill Intelligence, former advisor at the Dallas
6:41
Speaker 1: Federal Reserve, and a Bloomberg Opinion columnists. Also you know
6:45
Speaker 1: just extraordinary book. She's the author of fed Up, an
6:49
Speaker 1: insider's take on why the Federal Reserve is bad for America.
6:55
Speaker 1: It is time for Bloomberg Opinion on Bloomberg Radio. Tai
6:58
Speaker 1: Kim Technology Commas for Bloomberg Opinion joins is here. There's
7:02
Speaker 1: some significant news out recently. The House of Representatives out
7:06
Speaker 1: with a report suggesting some key regulatory oversight provisions for
7:10
Speaker 1: some of the biggest tech companies out there, including Apple, Google, Amazon,
7:15
Speaker 1: and Facebook. Take Kim, thanks for joining us. We really
7:18
Speaker 1: appreciate it. How it just give us a sense of
7:20
Speaker 1: what the House report says and how worried does some
7:24
Speaker 1: of these tech companies be. I think the technology companies
7:28
Speaker 1: should be worried. Um, this report was four hundred fifty pages.
7:33
Speaker 1: The subcommittee poured over one point three million documents, and
7:36
Speaker 1: they really laid out the case and a pattern of
7:39
Speaker 1: anti competite behavior by each and every one of these
7:42
Speaker 1: big tech companies. And it kind of lays our role
7:44
Speaker 1: map and a case for action over in that coming year.
7:48
Speaker 1: And they gave a bunch of remedies. Some of them
7:51
Speaker 1: more aggressive ones may not happen and buy pars in Congress,
7:54
Speaker 1: but you never know what happens with the November election.
7:57
Speaker 1: If there's a Democratic sweep, and I do think we're
7:59
Speaker 1: gonna there's a good chance some of these remedies will
8:02
Speaker 1: be pointed action in coming. Here do we have an
8:05
Speaker 1: outline of the types of remedies Congress is looking for? Yeah,
8:09
Speaker 1: they have like a dozen things in there. Um. The
8:12
Speaker 1: most important one is a structural separation of any dominant
8:16
Speaker 1: platform if they compete with other competitors on their business. UM.
8:21
Speaker 1: Another big one is a shift of burdener proof. So
8:25
Speaker 1: whenever of these big dominant platform big tech companies by
8:28
Speaker 1: company in the future, UM, they're going to have to
8:30
Speaker 1: prove that it's not anti competitive. So the burdener approof
8:33
Speaker 1: will beyond the technology company to argue that it's not
8:38
Speaker 1: anti competitors. So those are two big ones. UM. So
8:41
Speaker 1: there are a lot of recommendations that they lay it out.
8:45
Speaker 1: So tell you I think you know. Historically the United
8:48
Speaker 1: States has taken a very light touch too big tech
8:52
Speaker 1: in terms of regulations, I guess, preferring to foster innovation.
8:56
Speaker 1: And we're gonna argue whether that's been positive or negative,
8:58
Speaker 1: but certainly it's helped Silicon Valley. Is there a real
9:02
Speaker 1: bipartisan support for significantly regulating these big tech companies like
9:07
Speaker 1: an Amazon, like an Apple? Right now? There isn't bipart
9:12
Speaker 1: support for the more aggressive remedies, but there is support
9:15
Speaker 1: for certain things such as increasing funding for the antitrust
9:19
Speaker 1: regulators DEDC and the Anti Trust Division the t o
9:23
Speaker 1: j UM. But yes, there isn't like the Republicans aren't
9:27
Speaker 1: a board for more of these uh progressive breakup actions.
9:32
Speaker 1: Does any of this change if we get a change
9:34
Speaker 1: in leadership or even you know, the change in the
9:37
Speaker 1: Senate for example. I think so like if the Senate
9:40
Speaker 1: changes and there's a Biden administration. Um, it was reported
9:44
Speaker 1: earlier this week the Biden the Biden team was given
9:48
Speaker 1: the heads up on this report. So I think if
9:50
Speaker 1: we see a democratic administration, will see some action. Another
9:54
Speaker 1: thing that the report outlined was UM potential limits on
9:58
Speaker 1: self preferential behavi year by Google and Apple. So what
10:02
Speaker 1: Google does is they kind of bolster their own services
10:06
Speaker 1: on top of search results and potentially with either the
10:10
Speaker 1: d o J, which actually is on the Trump administration, UM,
10:14
Speaker 1: potentially putting out the report leader this week or next
10:17
Speaker 1: week to go after Google in terms of the the antitrust lawsuit. UM,
10:21
Speaker 1: that's another thing that that could be put in action.
10:24
Speaker 1: And also Apples app Store. UM, I could see it
10:28
Speaker 1: certain legislation to limit Apple from preferential treatment for their
10:33
Speaker 1: apps and services. So tell you, I think even last year,
10:38
Speaker 1: I believe it was when the Federal Trade Commission and
10:42
Speaker 1: the Department of Justice kind of divvied up these big
10:46
Speaker 1: tech companies and say, okay, you take a look, you
10:48
Speaker 1: d J, you take a look at these companies. You
10:51
Speaker 1: Federal Trade Commission, you take a look at these companies.
10:53
Speaker 1: Is this report in concert with those investigations or is
10:57
Speaker 1: it separate from them? And and how are they tied together?
11:00
Speaker 1: If at all? So, I think they're pretty separate. This
11:03
Speaker 1: was the House subcommittee doing their investigation. The d o
11:07
Speaker 1: j it's is on their own path, and the most
11:10
Speaker 1: imminent one is a lawsuit that's going to to Google
11:14
Speaker 1: for their search engine and the dominance and the ad
11:18
Speaker 1: platform business. But I do believe they're separate. But they
11:21
Speaker 1: all they're all tied in together of greatest scrutiny of
11:24
Speaker 1: big technology companies because I mean, everyone agrees that these
11:29
Speaker 1: companies are just so dominant in their markets and something
11:33
Speaker 1: needs to be done. And this four hundred fifty page
11:35
Speaker 1: report really I think it is an important step because
11:37
Speaker 1: the outlines the huge pattern of behavior. Uh Specifically, I
11:41
Speaker 1: think the most egregious is Amazon in terms of how
11:44
Speaker 1: they know aplied on individual seller data to inform their
11:48
Speaker 1: private label business. So there's this great pattern behavior of
11:53
Speaker 1: these companies using their market power. And I think this,
11:56
Speaker 1: this report, this vast report, is really good step in
12:00
Speaker 1: terms of going to the next level of actual actions
12:04
Speaker 1: against these companies. So these companies, many of them, have
12:06
Speaker 1: been dealing with or working with these types of issues.
12:12
Speaker 1: Let's say, in Europe for a very very long time.
12:14
Speaker 1: Margaret of s day Or was one of the most
12:17
Speaker 1: fierce competition commissioners that the European Commission has ever seen.
12:21
Speaker 1: And all of the companies that we're talking about how
12:23
Speaker 1: to work with her, What lessons can they learn in
12:28
Speaker 1: terms of how they deal with Congress? How will how
12:30
Speaker 1: will you know what the US wants from these companies
12:33
Speaker 1: differ from what the EU wanted and ultimately got from
12:36
Speaker 1: most of these companies. So the EU is actually in
12:39
Speaker 1: progress with a number of these antitrust probes. Also, they
12:43
Speaker 1: started a few months ago invest seeing Apple and how
12:46
Speaker 1: they require their in app purchasing and the fift cut.
12:50
Speaker 1: So I think we're actually going to see a lot
12:52
Speaker 1: of these actions come together at once, and the EU
12:57
Speaker 1: is still involved and really working, especially on the Apples.
13:00
Speaker 1: So I think we'll see a lot of these governments,
13:03
Speaker 1: but they're all all on there are on all their
13:05
Speaker 1: stuff tracks, like they're not really working together. Um, potentially
13:09
Speaker 1: we'll see the state, the trained generals and the d
13:11
Speaker 1: o J I think the d J is trying to
13:13
Speaker 1: get this data trainee channels on board for their Google lawsuits,
13:17
Speaker 1: so they're all on this epic tracks. But I do
13:19
Speaker 1: think over the coming year, we're just going to see
13:22
Speaker 1: more scrutiny action. You look at the stocks, the stocks
13:26
Speaker 1: are not worried. Stocks are trading up, they're not trading
13:29
Speaker 1: down on this news. Particularly. What does that tell you time, Um,
13:34
Speaker 1: I think day to day it's it's it's tough to say.
13:36
Speaker 1: I mean, I think this stuff is going to take
13:40
Speaker 1: a long time to get legislated out, a year or
13:43
Speaker 1: two at the earliest. I mean, this is not something
13:46
Speaker 1: that you could flip on a switch and say, oh,
13:48
Speaker 1: new Congress to kind of work on it. So it's
13:50
Speaker 1: gonna take time. And I mean I don't really foresee
13:54
Speaker 1: like vast breakup per se, but I do see on
13:57
Speaker 1: the margin rule changes limiting acqua eficians, like I said,
14:01
Speaker 1: the self preferential behavior and maybe prep and it's not
14:04
Speaker 1: being compelled to give up the private business. So I'm
14:07
Speaker 1: not saying that you know, they're earning power and gets
14:10
Speaker 1: smashed because of their scrutiny, But I do think there
14:13
Speaker 1: will be accents where there will be limits to their
14:16
Speaker 1: behaviors and in terms of crushing competitors and things of that,
14:20
Speaker 1: some of that action will will be under this also.
14:23
Speaker 1: Take him, always a fascinating conversation. Take him as technology
14:26
Speaker 1: columnists for Bloomberg Opinion, and we thank him for joining
14:30
Speaker 1: us today. And you know, it really is interesting called
14:32
Speaker 1: you preparing you know, a Digital Services Act, so an
14:36
Speaker 1: actual act of regulation. And if you go on a
14:39
Speaker 1: website for any of these companies in Europe at the moment,
14:42
Speaker 1: you know, you have to answer a whole load of
14:45
Speaker 1: information about you know, what you're allowing them to take
14:49
Speaker 1: from you in terms of your privacy and so on.
14:50
Speaker 1: You don't you don't typically get that yet in the US.
14:56
Speaker 1: Let's get straight to our next guest. He needs, you know,
14:58
Speaker 1: is political contributor and professor polit legal science at Iona College, Jennie.
15:03
Speaker 1: A lot to talk about, not least the VP debate tonight,
15:05
Speaker 1: but first let's talk about Nancy Pelosi trolling the President
15:09
Speaker 1: on the view a few moments ago. Having had a
15:11
Speaker 1: conversation this morning with Steve Mnuchen about airline aide that
15:14
Speaker 1: apparently is going nowhere. Does Donald Trump bite before the
15:18
Speaker 1: debate tonight? Does he make some kind of unilateral announcement
15:22
Speaker 1: or something to do with stimulus. You know, I'm not
15:26
Speaker 1: very good at predicting what Donald Trump will do. I
15:31
Speaker 1: hesitate to do that, but if I had to guess,
15:34
Speaker 1: I would say I do think he will respond. Um.
15:36
Speaker 1: He was very very active on Twitter, as you know,
15:39
Speaker 1: and you've been talking about all night, um and so
15:42
Speaker 1: you know from yesterday late yesterday to into today. So
15:46
Speaker 1: I would be surprised if he didn't respond. And of
15:49
Speaker 1: course this does I have to say, this does work
15:52
Speaker 1: to the President's advantage. He he wants to um, you know,
15:56
Speaker 1: set this up as a debate between him and particularly
16:01
Speaker 1: the Democratic leadership in the House, led by Nancy Pelosi.
16:04
Speaker 1: So I think any chance he gets to do that,
16:06
Speaker 1: he's going to do that. And this is a way
16:09
Speaker 1: to energize his base. So I would be surprised if
16:12
Speaker 1: he didn't respond. Genny, you know, I want to ask
16:15
Speaker 1: you about what you think President trump strategy is here.
16:19
Speaker 1: But every time I mentioned President Trump and strategy, Tim
16:21
Speaker 1: O'Brien Bloomberg Opinion Calmness and long time Trump chronicle or
16:25
Speaker 1: tells me that the president does not have a strategy.
16:28
Speaker 1: But what do you think his strategy is here so
16:31
Speaker 1: close to the election, seemingly handing the opposition of victory. Yeah,
16:38
Speaker 1: and I would have to say, you just made me
16:39
Speaker 1: chuckle because Tim is so right about that, and I
16:42
Speaker 1: would never ever disagree with him on anything to do
16:45
Speaker 1: with Trump. Um, and I do think he's right. There
16:47
Speaker 1: does not seem to be a strategy. And in this case,
16:50
Speaker 1: when we were getting these tweets last night, these mixed
16:53
Speaker 1: messages about the stimulus package, I was scratching my head
16:57
Speaker 1: to try to figure out what could the thing king be.
17:00
Speaker 1: For most people running for office, the opportunity to invest
17:04
Speaker 1: money into the pockets of the people voting for them
17:07
Speaker 1: would be something they would jump at. So the idea
17:09
Speaker 1: that the President took that off the table when it
17:12
Speaker 1: seemed they were, you know, getting much closer in the
17:14
Speaker 1: last few days was absolutely baffling from a sort of
17:17
Speaker 1: electoral campaign political strategy perspective. And then to your point,
17:22
Speaker 1: I had Tim running in my head saying, Okay, well
17:24
Speaker 1: maybe there is no strategy here. So you know, it's
17:27
Speaker 1: really really hard to tell what the president. The most
17:30
Speaker 1: I can say is, on the one hand, he makes
17:32
Speaker 1: a case about walking away from the table when you're negotiating,
17:35
Speaker 1: you have to be prepared to do that, and that
17:36
Speaker 1: seems to be what he did last night. And then
17:39
Speaker 1: he walked back right up to the table a few
17:41
Speaker 1: hours later. So you know, we're getting these again mixed
17:44
Speaker 1: messages from the president, in which case he can always
17:46
Speaker 1: declare victory, and that seems to be sort of par
17:49
Speaker 1: for the course with him. If there is a deal,
17:51
Speaker 1: he can declare victory. If there's not, he can say, see,
17:54
Speaker 1: I told you so, and I walked away before you know,
17:56
Speaker 1: this thing didn't work. Let's I'll forget that this is
17:59
Speaker 1: a very very ill man right now as well. And
18:02
Speaker 1: while you know, officially he had no symptoms yesterday, he's
18:06
Speaker 1: on huge doses of you know, very strong chemicals and
18:10
Speaker 1: you know apparently at some point that will start to
18:13
Speaker 1: wear off in the next day or two, after the
18:14
Speaker 1: fifth dose of de severe. How much do you think
18:17
Speaker 1: that that is coloring his stands on things right now? Yeah,
18:23
Speaker 1: I mean, this is the million dollar question. And I
18:25
Speaker 1: don't think we know, as you just said that his
18:28
Speaker 1: doctors are saying that he's showing no symptoms, and yet
18:30
Speaker 1: we hear from doctor to you know, say that this
18:34
Speaker 1: absolutely can cause you to have a reaction, and that
18:37
Speaker 1: can be in you know, some kind of psychological way
18:39
Speaker 1: as well. So I think the honest answer is that
18:42
Speaker 1: none of us know that said um, even if the
18:45
Speaker 1: President wasn't on these medicines, I'm not sure any of
18:48
Speaker 1: us would be surprised by the tweeting and the decisions
18:51
Speaker 1: made in the last twenty four hours visa VI or
18:54
Speaker 1: the statements made not decisions visa be some kind of
18:57
Speaker 1: stimulus package. I'm not sure what the answer to that is.
19:01
Speaker 1: We hope that he is physically and mentally fine and
19:04
Speaker 1: that we as the American public, are getting honest answers
19:07
Speaker 1: from his doctors. And I don't think after this weekend
19:09
Speaker 1: we can be confident about that. Jenny, we do have
19:12
Speaker 1: a vice presidential debate this evening from Salt Lake City. Uh.
19:17
Speaker 1: You know, typically we don't spend pay too much attention
19:20
Speaker 1: to these VP debates, but given the ages of the
19:24
Speaker 1: two president, the president and the vice president former Vice
19:27
Speaker 1: President Biden, seems a little bit more relevant, doesn't it.
19:31
Speaker 1: It absolutely does. I think in an ideal situation, you know,
19:35
Speaker 1: the vice presidential nominees for two men in their seventies
19:38
Speaker 1: would be a big deal, as you mentioned. And then
19:42
Speaker 1: of course we're in a much different situation, not ideal,
19:45
Speaker 1: in the midst of a pandemic, with a president who
19:47
Speaker 1: we've just been talking about has been diagnosed is currently
19:50
Speaker 1: under treatment, we understand, and a former vice president whose
19:55
Speaker 1: health has been called into question at numerous times, you know,
19:58
Speaker 1: throughout the campaign. So both of those things give this
20:02
Speaker 1: sort of vice presidential debate, which normally gets a rather
20:05
Speaker 1: small audience. I think it's going to get a lot
20:08
Speaker 1: more attention tonight for that reason. And then, of course,
20:10
Speaker 1: just a week ago we have the you know, sort
20:13
Speaker 1: of stunning presidential debate where we didn't get a lot
20:15
Speaker 1: of answers in terms of policies. So I think we're
20:18
Speaker 1: really looking for president vice President Pence to sort of
20:22
Speaker 1: play clean up for the president and to sort of
20:24
Speaker 1: fill in some of those gaps that were left and
20:27
Speaker 1: try to get a you know, a you know, some
20:30
Speaker 1: scoring here for the Republicans in terms of doing a
20:33
Speaker 1: better job. Because of course, polls show that the president
20:35
Speaker 1: did not do well according to voters after that last debate.
20:39
Speaker 1: So what does sont of they Kamala Harris have to
20:41
Speaker 1: do to avoid making a mistake Denny, I think what
20:45
Speaker 1: she's got to do is focus like a laser beam
20:47
Speaker 1: on COVID. I think she's got to prosecute the case,
20:50
Speaker 1: but do it in a, you know, not a terribly
20:52
Speaker 1: stringent way, but bring more evidence forward, if you will,
20:55
Speaker 1: that they have not done well. These are the the
20:58
Speaker 1: American public in terms of managing this crisis, that is
21:01
Speaker 1: the pandemic. I think if she can do that for
21:04
Speaker 1: a sustained period of time, put Pence on the defensive
21:07
Speaker 1: trying to defend you know, in many cases what the
21:11
Speaker 1: administration has done here, she will have succeeded, provided, as
21:14
Speaker 1: you mentioned, she doesn't make any mistakes, and it's gonna
21:17
Speaker 1: be tough. She we haven't seen her in a lot
21:19
Speaker 1: of one on one debates like this, so we're not
21:22
Speaker 1: quite sure she's a great prosecutor. She was very good
21:25
Speaker 1: in the multi person debate, but this is a different
21:28
Speaker 1: format and Vice President Pence is good at this format,
21:31
Speaker 1: and I think he doesn't get enough credit for being
21:33
Speaker 1: successful in this venue. No, thank you so much for
21:37
Speaker 1: joining us. Once again. We appreciate your thoughts here as
21:39
Speaker 1: we get ready for the vice presidential debate. Jeniso, political
21:43
Speaker 1: contributor for Bloomberg News also professor of political science at
21:47
Speaker 1: iona at College. We always appreciate her thoughts here again, So, Vanni,
21:52
Speaker 1: you know the markets are going to be you know,
21:53
Speaker 1: they seem to be not obviously not focused on the
21:55
Speaker 1: debate tonight, but certainly focused on uh Twitter and the
22:00
Speaker 1: it's coming out of the White House as it relates
22:01
Speaker 1: to fiscal stimus. Is it on again? Is it off again? Um?
22:04
Speaker 1: I just don't know. And you know, at some point
22:07
Speaker 1: the focus will turn to the debate. It it maybe
22:09
Speaker 1: an hour before the debate, but at some point the president,
22:12
Speaker 1: you know, won't be able to keep the limelight if
22:15
Speaker 1: he does indeed take it today. Will you be watching tonight,
22:17
Speaker 1: Paul I will? I will. I'm be flipping back between
22:19
Speaker 1: the Yankee game and the debate, so we'll happen to see.
22:22
Speaker 1: But there are other important things going on. Is that
22:25
Speaker 1: what you're saying? Well, the Yankees, Yeah, they usually get
22:27
Speaker 1: top billing for me, so we'll see. But this will
22:29
Speaker 1: be important, so I think everybody will be paying attention
22:32
Speaker 1: to it. Well, there's another hurricane bearing down on the
22:38
Speaker 1: southern coast of America, and it is just another storm
22:42
Speaker 1: in a extraordinary year of disasters. UH certainly copped capped
22:47
Speaker 1: off by the COVID uh pandemic. Team Rubicon is a
22:51
Speaker 1: nonprofit veteran lead disaster response organization. You have about hundred
22:56
Speaker 1: seventy full time employees a hundred thirties thousand volunteers and
22:58
Speaker 1: they have been busy this year in disaster relieve. Jake Would,
23:03
Speaker 1: founder and CEO of Team Rubicant, joins us here. Jake
23:07
Speaker 1: tell us a little bit about Team Rubican, kind of
23:09
Speaker 1: where this came from and kind of where your focuses
23:12
Speaker 1: uh in an epic. Yeah, well, thank you for having
23:17
Speaker 1: me on to share the story. Team Rubicon were a
23:19
Speaker 1: nonprofit organization that was founded about eleven years ago in
23:23
Speaker 1: the aftermath of the Haiti earthquake. Um I had served
23:26
Speaker 1: in the Marine Corps served in Iraq and Afghanistan. Following
23:29
Speaker 1: the earthquake, I led a team of veterans and doctors
23:32
Speaker 1: down the Court of Prince to help with the response
23:35
Speaker 1: effort down there, and we realized that these men and
23:38
Speaker 1: women who have served in uniform overseas had a lot
23:40
Speaker 1: of skills and experiences that were applicable in disaster zones.
23:44
Speaker 1: So in the decades since, we've built up uh, you know,
23:47
Speaker 1: a really incredible organization that leverages military veterans and first
23:51
Speaker 1: responders to go into disaster zones and humanitarian crises, you know,
23:55
Speaker 1: like we've been seeing throughout I mean, you mentioned the
23:57
Speaker 1: hurricane season. We've got Hurricane Delta, which is an upgrade
24:01
Speaker 1: to a Category force and a slam in the southeast Louisiana.
24:04
Speaker 1: You know, this is one of many major hurricanes that
24:06
Speaker 1: have hit the US already this year. And all of
24:09
Speaker 1: this in the midst of of COVID nineteen. I mean,
24:12
Speaker 1: it's it's been a year fraught with disasters and prices,
24:16
Speaker 1: and and Team Rubican has been their serving communities along
24:18
Speaker 1: the way. So, Jake, how has COVID nineteen changed the
24:22
Speaker 1: environment for you all? I imagine you may have gotten
24:25
Speaker 1: you know, extra volunteers in some ways if people were
24:28
Speaker 1: at home doing nothing and felt like they wanted to
24:30
Speaker 1: to get out there and do something, if they didn't
24:32
Speaker 1: at all, or what have you. But also keeping everybody safe. Yeah, well,
24:36
Speaker 1: we made a commitment early into OVID nineteen. We made
24:39
Speaker 1: two commitments. One we were going to step into that
24:42
Speaker 1: crisis aggressively, and we were gonna assist communities to get
24:45
Speaker 1: through the pandemic, and we've been doing that. We've been
24:47
Speaker 1: doing that by sending medical providers to Navajo Nation, We've
24:52
Speaker 1: been sending up mobile testing sites, We've been distributing PPE
24:57
Speaker 1: for the entire city of Chicago, and we flood did
25:00
Speaker 1: food banks across the country with thousands of volunteers to
25:04
Speaker 1: support their efforts. But we also did it through the
25:07
Speaker 1: lens that we were always going to keep our volunteer safe,
25:10
Speaker 1: and so we very quickly developed the necessary protocols, ensured
25:13
Speaker 1: that we had the necessary PPE to keep our volunteers safe.
25:17
Speaker 1: And the one thing that we realized early was that
25:19
Speaker 1: Mother Nature didn't care about COVID nineteen and we never
25:23
Speaker 1: predicted that we'd have a storm season quite like we've had,
25:26
Speaker 1: But we knew that we were going to have to
25:27
Speaker 1: continue to respond to natural disasters in the midst of this.
25:31
Speaker 1: So that has required us to rework all of our
25:33
Speaker 1: disaster response protocols, ranging from how we fly in volunteers,
25:37
Speaker 1: how they transport in vehicles, how they sleep at night, um,
25:42
Speaker 1: the types of equipment that they have to take h
25:44
Speaker 1: into these homes that they're helping to recover from the storms.
25:47
Speaker 1: And so, yes, we have seen an influx of new volunteers,
25:51
Speaker 1: but we've also seen a dramatic decrease in funding. Um,
25:55
Speaker 1: you know this issue, you know, the economy, the broader
25:57
Speaker 1: macro economic trends that we're seeing are are creating real
26:01
Speaker 1: headwinds for the organization. You know that I think is
26:04
Speaker 1: coupled with kind of the uncertainty of the election and
26:06
Speaker 1: all of the money that's being diverted into both sides
26:10
Speaker 1: of the Democrats and Republicans. And then finally the rise
26:13
Speaker 1: of social justice as an issue that's pre eminent many Americans. Uh,
26:18
Speaker 1: the unfortunate reality is that public support for these disasters
26:22
Speaker 1: has waned. So Jack, let's let's go there a little bit.
26:25
Speaker 1: I mean, I would I would think your resources are
26:27
Speaker 1: beyond stretched in a year like with COVID and this
26:31
Speaker 1: extraordinary storm season that's impacted the United States. Kind of
26:36
Speaker 1: how are you funding your operations? Well, you know, our
26:40
Speaker 1: funding is all uh private philanthropy. So it's it's corporate funding,
26:44
Speaker 1: it's foundations and as individual giving. We don't take any
26:47
Speaker 1: government money and we don't charge the homeowners that we
26:50
Speaker 1: assist for the services that we provide, and so we
26:52
Speaker 1: really rely on these these institutions and these individuals to
26:57
Speaker 1: the fund our efforts. And as I said, you know,
26:59
Speaker 1: people pocketbooks are are stretched. We have extraordinarily high unemployment
27:04
Speaker 1: many sectors of the economy, the core of corporations. Uh
27:09
Speaker 1: you know, despite where the you know, the Doubt and
27:12
Speaker 1: the Nashtac are sitting. You know, many of these companies
27:14
Speaker 1: stock prices are still pummeled. That's that's been an impact
27:17
Speaker 1: to our bottom line because they have fewer dollars available
27:19
Speaker 1: for philanthropy. And so yes, we you know, we're having
27:22
Speaker 1: to kind of clench our jaw here and find creative
27:25
Speaker 1: ways to to flex into these operations and not leave
27:28
Speaker 1: these communities behind. And it's it's challenging. Tell us how
27:33
Speaker 1: very clearly j people can donate. Well, if anybody wants
27:38
Speaker 1: to support our work, they can go to Team root
27:39
Speaker 1: becon USA dot org. You know, five dollars, five dollars,
27:43
Speaker 1: anything in between, anything above, uh, you know, will will
27:46
Speaker 1: maximize the impact that that that money can have in
27:49
Speaker 1: the community. Uh. You know, if you want to volunteer,
27:52
Speaker 1: that's your most precious resource, your time. We'd love to
27:54
Speaker 1: have you and even just sharing the word of what
27:57
Speaker 1: you're hearing and the work that we're doing can go along.
28:00
Speaker 1: So we'd encourage people to follow us on social media
28:02
Speaker 1: and share the story of Team Rubicon. Team Rubicon dot
28:05
Speaker 1: org and Jake, if people did want to volunteer, what
28:08
Speaker 1: are your criteria? It's Team Rubicon USA dot org and
28:14
Speaker 1: anybody is eligible to volunteer as long as they're over
28:16
Speaker 1: the age of eighteen. Um. We you don't have to
28:19
Speaker 1: be a military veteran. It certainly makes up the bulk
28:22
Speaker 1: of our volunteers, but we take people of all stripes.
28:25
Speaker 1: Uh and uh. You know, we're just looking for you know,
28:27
Speaker 1: great American citizens who are looking to help their neighbors.
28:31
Speaker 1: Team Rubicon USA dot org. I'll say that one more time,
28:34
Speaker 1: Team Rubicon USA dot org. Jake, thanks for sharing your
28:37
Speaker 1: story with us today and we will definitely continue to
28:40
Speaker 1: follow your movements throughout the country and stay safe. And
28:44
Speaker 1: I know that if anybody can, you guys can much
28:47
Speaker 1: much appreciated. That is Jake would, founder and CEO of
28:51
Speaker 1: Team Rubicon. Thanks for listening to the Boomberg Markets podcast.
28:56
Speaker 1: You can subscribe and listen to interviews at Apple Podcasts
28:59
Speaker 1: or whatever podcast platform you prefer. I'm Bonnie Quinn. I'm
29:03
Speaker 1: on Twitter at Bonnie Quinn and I'm Paul Sweeney. I'm
29:06
Speaker 1: on Twitter at pt Sweeney. Before the podcast, you can
29:08
Speaker 1: always catch us worldwide at Bloomberg Radio