Latest / Bloomberg Intelligence / Global Staffing CEO of LaSalle Breaks Down Jobs Report

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Global Staffing CEO of LaSalle Breaks Down Jobs Report · 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 CEO, market pros, and Bloomberg experts,
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  Speaker 1: along with essential market moving news. Find the Bloomberg Markets
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  Speaker 1: Podcast on Apple Podcasts or wherever you listen to podcasts,
• 0:17
  Speaker 1: and on Bloomberg dot com. Earlier this morning, we got
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  Speaker 1: some disappointing jobs numbers pay rolls. They rose forty nine
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  Speaker 1: thousand in January after right downwardly revised two hundred and
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  Speaker 1: twenty seven thousand decline in December. Econdress they had forecast
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  Speaker 1: a one and five thousand game four januaries and disappointing certainly. Uh,
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  Speaker 1: let's get let's dig deep into those numbers. We do
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  Speaker 1: that with Tom Gimbo. He's a founder and CEO of
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  Speaker 1: LaSalle Network. Lasl Network is one of the leading staffing
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  Speaker 1: and recruiting firms in the country. Tom, what did you
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  Speaker 1: make of the jobs data this morning? If I told
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  Speaker 1: you last April or May that we'd be at six
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  Speaker 1: point three percent unemployment, we'd have fifty thousand jobs in
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  Speaker 1: Uh in January, I think most people would have taken
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  Speaker 1: that deal. Could we get a little into hope here sometimes?
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  Speaker 1: And and what we're seeing is we still have hospitality
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  Speaker 1: and leisure and restaurants that are are really severely hampered
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  Speaker 1: due to COVID, and we're still adding jobs in unemployment
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  Speaker 1: six point three percent. Like we've got to We've got
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  Speaker 1: to take it with the grainest faults and perspective of
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  Speaker 1: where things are at right now. Yeah, I mean, it's
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  Speaker 1: terrifying to see that manufacturing actually lost jobs. They were
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  Speaker 1: down ten thousand. Private payrolls were just up six thousand,
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  Speaker 1: and you know, columns have been looking for one sixty
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  Speaker 1: three thousand. That's such a massive difference. What's the gap here? Tom?
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  Speaker 1: Why are people not seeing how bad this is? Well,
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  Speaker 1: the distribute, the distribution of the vaccine has really been hampered.
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  Speaker 1: I think that that most people, uh, And I'm talking
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  Speaker 1: to CEO, CFOs and leaders of HR every single week.
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  Speaker 1: And the belief was that we'd be getting this role
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  Speaker 1: out of these vaccines and a lot more fluid fashion,
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  Speaker 1: and that it would be getting into the mainstream, not
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  Speaker 1: just the elderly and first responders, and that would help
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  Speaker 1: lift up a lot of the hospitality and restaurant leisure
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  Speaker 1: activities and we haven't seen that. But but the positive
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  Speaker 1: is is that we did see such a big increase
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  Speaker 1: in temporary hiring and that means that companies are bringing
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  Speaker 1: people in and they are getting work done. There are
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  Speaker 1: jobs being added, and that's in that positive and that
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  Speaker 1: really is assigned to a recovering economy. Tom, how do
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  Speaker 1: you expect some of those areas that have been hit hard,
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  Speaker 1: like leisure, like the restaurant industry, Um, you know, how
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  Speaker 1: do you expect those jobs to come back? Will be
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  Speaker 1: kind of a linear uh, in line with vaccinations. How
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  Speaker 1: do you see that playing out? I think it'll be
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  Speaker 1: it's linear to it, but it'll it'll be delayed because
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  Speaker 1: people are have a little bit of cautu about cautious optimism.
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  Speaker 1: And I think what we'll see the timing of it's
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  Speaker 1: going to actually be really good for the economy. And
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  Speaker 1: what I mean by that is we should get role
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  Speaker 1: out to most people in April and May, and that
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  Speaker 1: leads right into the summer travel season, and it also
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  Speaker 1: leads into baseball games and concert tours, people being outside
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  Speaker 1: it beaches and restaurants and so with with people being
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  Speaker 1: comfortable to eat outside and now currently and then on
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  Speaker 1: top of that, the vaccine roll out to the average
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  Speaker 1: population and the summer um there's reason to be optimistic
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  Speaker 1: that we're going to see a jobs market boom in June, July,
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  Speaker 1: and August. How much does that depend on stimulus and
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  Speaker 1: how it's apportioned, though, Tom, I'm not so sure that
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  Speaker 1: it depends on the stimulus that much. I think, you know,
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  Speaker 1: the stimulus is really there's so much to slice and
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  Speaker 1: dice on that, and you have the um. The infrastructure part,
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  Speaker 1: I think is great because if we can if we
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  Speaker 1: can get people working in in those types of jobs
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  Speaker 1: that the country needs anyway, that's a positive. I'm one
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  Speaker 1: of those that remains skeptical that giving money to people
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  Speaker 1: that already have jobs and haven't lost it and haven't
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  Speaker 1: been negatively, I'm not sure that does anything more than
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  Speaker 1: just make people happy and happy doesn't create an economic boom.
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  Speaker 1: It creates complacency. Tom. You know, one of the concerns
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  Speaker 1: out there is some of these job losses that we've
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  Speaker 1: that we've seen over the last twelve months, they may
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  Speaker 1: be more permanent than maybe we initially thought. Is he
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  Speaker 1: talked the hiring managers, what kind of feedback you're getting
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  Speaker 1: on on some of those discussions. Yeah, there's always going
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  Speaker 1: to be jobs that are eliminated due to technology and
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  Speaker 1: and and this time the technology is remote work and
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  Speaker 1: video conferencing. But we're talking about twenty years ago that
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  Speaker 1: things moved to the internet and people thought printers would
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  Speaker 1: go away and you wouldn't have commercial printers or or
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  Speaker 1: or consumer printing services anymore. And if they lessen, but
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  Speaker 1: they're not gone automatically, and we can always go back
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  Speaker 1: to the horseshoe in the automobile. So you're always going
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  Speaker 1: to lose jobs. We shouldn't make it a catastrophic thing
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  Speaker 1: that it's the result of this procession. It's the result
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  Speaker 1: of technological evolution, and it will happen now, and it
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  Speaker 1: will happen again in three years and in seven years,
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  Speaker 1: and will continue to see that. And that's why having
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  Speaker 1: people that are in the trade that we're always going
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  Speaker 1: to need plumbers and carpenters and and and and and
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  Speaker 1: service workers are really important. And then also having a
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  Speaker 1: population that goes to college and they learn how to code,
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  Speaker 1: and they learn accounting and finance skills, and they learn
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  Speaker 1: the law, and they learned social sciences. Those are important,
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  Speaker 1: and I think we continue that down the path that
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  Speaker 1: we've always done. Everything will work out. What were the
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  Speaker 1: calls you were getting in the last month for people
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  Speaker 1: looking for temporary workers or even permanent workers. Across the board.
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  Speaker 1: We had it for marketing, we had it for sales.
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  Speaker 1: We had huge demand as always for I T especially
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  Speaker 1: UH security and UH cloud computing, a ton of accounting
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  Speaker 1: and finance back offices, healthcare revenue cycle as hospitals became
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  Speaker 1: able to do more traditional procedures. So I mean, I'm
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  Speaker 1: on the board of directors for they Can Staffing Association,
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  Speaker 1: which is the largest largest temporary staffing membership association in
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  Speaker 1: the country, and we've seen across the board that businesses
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  Speaker 1: are are in a recovery mode of using our services. Now. Well, Tom,
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  Speaker 1: that is good news, and let's hope that it continues
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  Speaker 1: and even even stronger a pace as we go throughout
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  Speaker 1: one I know people surely needed out there. That's Tom
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  Speaker 1: Gimble of Lasal Network at the Global Staffing Company. According
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  Speaker 1: to our covid at tracker worldwide cases at four hundred
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  Speaker 1: sixty three thousand, four hundred eighty three in the last
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  Speaker 1: just most recent glimpse of what we're looking at Let's
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  Speaker 1: bring in Laurence sour from Johns Hopkins University to talk
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  Speaker 1: to us a little bit more now about where we
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  Speaker 1: are overall. By the way, from the beginning, we're looking
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  Speaker 1: at one hundred five point zero one million cases, Lauren,
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  Speaker 1: these new strains of the coronavirus. Do anticipate there will
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  Speaker 1: be more of them? And have you seen any Are
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  Speaker 1: you starting to see more of the ones that we
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  Speaker 1: know about? Yeah, we are starting to see more cases
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  Speaker 1: of the variants that we're first discovered in Britain and
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  Speaker 1: um in South Africa across the globe so um, and
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  Speaker 1: that is probably a mix of having more cases of
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  Speaker 1: that are associated with a variant popping up, but then also, UM,
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  Speaker 1: once we noticed these early cases, we increase our sequencing
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  Speaker 1: or surveillance efforts to identify them. So it's probably that
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  Speaker 1: we're seeing them increase in their case numbers, but also
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  Speaker 1: in our ability and desire to detect them. Lauren. Um,
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  Speaker 1: it's Super Bowl weekend. How concerned are you that this
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  Speaker 1: might be a super spreader vent in terms of people
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  Speaker 1: having big Super Bowl watch parties. Yeah, I think we're
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  Speaker 1: all a little concerned about this. In the same way
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  Speaker 1: we've been concerned from other holidays. I mean, it's in
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  Speaker 1: many of the states across the country. Here, it's cold,
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  Speaker 1: people are going to be indoors because they're going to
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  Speaker 1: be specifically watching TV. Um. It's you know, it is
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  Speaker 1: an event that we know people gather for and many
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  Speaker 1: people will be excited to to have something to celebrate.
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  Speaker 1: Um Uh. We know that there's big parties across the
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  Speaker 1: country during Super Bowl Sunday, and so I think, um,
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  Speaker 1: I think the message is similar to what we heard
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  Speaker 1: over the holidays. You know, try to limit your your travel,
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  Speaker 1: try to limit your gathering, in your contact with other people,
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  Speaker 1: especially people that are not in your bubble or in
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  Speaker 1: your media family. And really, you know, stick with it.
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  Speaker 1: And I think that's hard to say and it's hard
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  Speaker 1: to hear. But the more we stick with it. But
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  Speaker 1: as we get more and more people vaccinated, the more um,
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  Speaker 1: the closer we get to some sense of normalcy. And
• 8:44
  Speaker 1: that's that idea of returning back to our daily lives. Lauren,
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  Speaker 1: I mean, if you had your way, and you wouldn't
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  Speaker 1: probably want to make decisions like this, but would you
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  Speaker 1: have everybody still in the bubble. It seems like We're
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  Speaker 1: getting more and more sign that, you know, corporate America
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  Speaker 1: for example, and and and even the state governments want
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  Speaker 1: things to get back to normal a little bit. So
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  Speaker 1: there's a little extension of things like, um, you know,
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  Speaker 1: the ten pm car few on Sunday for example, for
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  Speaker 1: the Super Bowl. We're getting more companies suggesting that their
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  Speaker 1: workers come back to work for a couple of days
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  Speaker 1: a week. Unions and public schools are locked in a
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  Speaker 1: battle about whether teachers should come back to the classroom.
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  Speaker 1: Why should things be any looser now when you know
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  Speaker 1: ostensibly it's more dangerous out there. Yeah, that's a great question.
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  Speaker 1: I think, Um, what we're struggling with is how hard
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  Speaker 1: it is to UM maintain this distancing right, UM and
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  Speaker 1: maintain this alternative approach to how we interact with people. UM.
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  Speaker 1: Schools obviously are incredibly important one of our highest priorities
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  Speaker 1: to get back to normal. But I agree with you.
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  Speaker 1: I mean, I think, um, it is very dangerous out there,
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  Speaker 1: and we're in some places we're having increased case council.
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  Speaker 1: I mean, we have seen a drop since the post
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  Speaker 1: holiday surge, which is fantastic, but all the more reason
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  Speaker 1: to keep it up. We love to see things go
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  Speaker 1: back to normal, people returning to classrooms and workplace UM,
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  Speaker 1: and being able to gather, you know, have social gatherings.
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  Speaker 1: But we can't do this up and down where every
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  Speaker 1: time things start to drop and cases start to fall,
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  Speaker 1: we try to go back to pre COVID times, because
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  Speaker 1: then we just see those surges again. We have to,
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  Speaker 1: you know, really stick with it. As vaccines come online,
• 10:30
  Speaker 1: as we get better at treating, as we clear out
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  Speaker 1: the cases from our hospitals and make rooms UM, that's
• 10:35
  Speaker 1: where we have to focus. We would there's no one
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  Speaker 1: more than public health you know, experts who would love
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  Speaker 1: to see UM things return to a sense of normalcy.
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  Speaker 1: You know, we've been going full steam ahead for over
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  Speaker 1: a year now, and and I think the the the
• 10:51
  Speaker 1: approach of sticking with it for a bit longer as
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  Speaker 1: we start to develop herd immunity through vaccination UM is
• 10:59
  Speaker 1: really really horton. So, Lauren, as we we have the
• 11:03
  Speaker 1: astra Zeneca vaccine, the fiser of vaccine, what's the next
• 11:07
  Speaker 1: vaccine that you expect to come into the market that
• 11:10
  Speaker 1: you'll be putting into the arms of your patients. Yeah,
• 11:13
  Speaker 1: I think everyone's very excited about the Johnathan and Johnason vaccine.
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  Speaker 1: It sounds like they're up for emergencies authorization now, which
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  Speaker 1: is fantastic. UM. This is a one shot vaccine, which
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  Speaker 1: is even better because the logistics of delivering it UM
• 11:27
  Speaker 1: will be streamlined UM and may allow for some novel
• 11:31
  Speaker 1: approaches to vaccine delivery. UM and any new tool in
• 11:35
  Speaker 1: our tool kit is really just very very exciting. UM.
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  Speaker 1: So I think that's the next one that we're expecting
• 11:42
  Speaker 1: to see online and at least in the US will
• 11:44
  Speaker 1: probably start to see it pretty soon. This also has
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  Speaker 1: the potential to be really beneficial in places where we
• 11:49
  Speaker 1: don't have strong cold chain storage and we need more
• 11:53
  Speaker 1: logistical support for the two dose vaccine. UM. So I
• 11:57
  Speaker 1: think everyone's hopeful sort of waiting to hear from the
• 12:00
  Speaker 1: SBA on that and UM, I know they just schedule
• 12:03
  Speaker 1: the meaning, So looking for that February read out on
• 12:07
  Speaker 1: whether or not this one will come forward with another
• 12:09
  Speaker 1: emergency authorization. Lauren, about eleven months ago, you know, all
• 12:13
  Speaker 1: of our lives changed dramatically at the same time. For
• 12:17
  Speaker 1: most of us, it was just a case of waiting
• 12:19
  Speaker 1: and being careful and bid by bit normality was trying
• 12:22
  Speaker 1: to seep in for you, However, your whole focus likely
• 12:27
  Speaker 1: had to change to one particular virus, the coronavirus, and
• 12:32
  Speaker 1: this particular strain of the coronavirus. What what's happened to
• 12:35
  Speaker 1: the rest of the work that you used to be
• 12:37
  Speaker 1: able to do and how much damage do you see
• 12:42
  Speaker 1: created because you've had to among you know, all of
• 12:45
  Speaker 1: the doctors and nurses and professors out there, switch your
• 12:48
  Speaker 1: focus to this one particular thing. Yeah. Um, it's something
• 12:53
  Speaker 1: that I think about a lot, usually some time between
• 12:56
  Speaker 1: the hours of two and four in the morning when
• 12:58
  Speaker 1: I can't quiet my brain. Um, it's it's sometimes feels
• 13:03
  Speaker 1: like we don't know what we did before COVID because
• 13:05
  Speaker 1: this has been such an all hands on deck approach,
• 13:07
  Speaker 1: and I absolutely worry about my colleagues and especially the
• 13:10
  Speaker 1: health care workers out there who are solely focused on
• 13:13
  Speaker 1: this and all the efforts that we've redirected to respond,
• 13:16
  Speaker 1: which those efforts are incredibly important. But you're right, there's
• 13:19
  Speaker 1: all this other work that we have been doing and
• 13:21
  Speaker 1: strengthening health systems and working on public health interventions that
• 13:24
  Speaker 1: have have really fallen by the wayside. And I think
• 13:27
  Speaker 1: we're gonna see the the both the negative and the
• 13:30
  Speaker 1: positive effects of all this public health strengthening for years
• 13:33
  Speaker 1: to come because we've dropped a lot of programming. You know.
• 13:36
  Speaker 1: I think a great example is that we're worried about
• 13:38
  Speaker 1: childhood vaccinations. UM, we're worrying about the people who have
• 13:43
  Speaker 1: had their underlying health conditions not being treated as much
• 13:46
  Speaker 1: because they either are scared to go to hospital or
• 13:48
  Speaker 1: the hospital didn't have capacity for them. We're outpatient visits
• 13:52
  Speaker 1: have been canceled. You know, There's going to be a
• 13:54
  Speaker 1: lot of downstream health, economic, public health, UM, and social
• 13:59
  Speaker 1: impacts that we will have to manage and work our
• 14:01
  Speaker 1: way out of for years to come. I think we're
• 14:04
  Speaker 1: all looking forward to an opportunity to work on something
• 14:07
  Speaker 1: besides COVID right now. UM. But we just have to
• 14:10
  Speaker 1: get there, and we have to get there through making
• 14:12
  Speaker 1: those good choices and continuing those public health interventions that
• 14:15
  Speaker 1: we know work so well. And Lauren, how are the
• 14:18
  Speaker 1: people on the front lines that Johns Hopkins, how are
• 14:21
  Speaker 1: they doing in the emergency rooms and throughout the hospital.
• 14:24
  Speaker 1: I think we're all struggling a little bit. I think
• 14:26
  Speaker 1: everyone's tired. Um. The vaccine arrival was a real boost,
• 14:30
  Speaker 1: I think, but we do have people who are still
• 14:33
  Speaker 1: very vaccine hesitant, who have some concerns and some challenges
• 14:38
  Speaker 1: to their trust with the medical community that we need
• 14:41
  Speaker 1: to be better at addressing, and we need to work
• 14:44
  Speaker 1: really hard on this community. And just you know, checking
• 14:47
  Speaker 1: on your friends and colleagues can be really hard when
• 14:49
  Speaker 1: you're also going through the same um you know, day
• 14:52
  Speaker 1: in and day out flog of this work. It is
• 14:55
  Speaker 1: really challenging. So you look for those little highlights of positivity.
• 14:58
  Speaker 1: You know, someone we discharge from the hospital after a
• 15:01
  Speaker 1: really long time, or having a friend their colleague who
• 15:04
  Speaker 1: decides to get the vaccine after being on shore. All
• 15:06
  Speaker 1: those little positive notes, Um, they're really they're really really valuable.
• 15:12
  Speaker 1: You know, just when I was being connected, whenever your
• 15:14
  Speaker 1: producers told me she got a puppy, and it's so
• 15:17
  Speaker 1: exciting to hear those things. Those little highlights are hugely valuable. Um,
• 15:22
  Speaker 1: when you have so many challenges day in and day out, Lauren,
• 15:24
  Speaker 1: when this is over, assuming at some point it will
• 15:26
  Speaker 1: be at least under control properly, will there be a
• 15:29
  Speaker 1: huge amount of grief and and a lot of anger
• 15:32
  Speaker 1: or do you think that people are you know, not
• 15:34
  Speaker 1: blaming anybody for this. They're just sad that it's happening.
• 15:39
  Speaker 1: I think it's going to be a mix, and I
• 15:41
  Speaker 1: think a lot of it will depend on UM how UM,
• 15:45
  Speaker 1: how the pandemic has challenged your economic stability, your health
• 15:51
  Speaker 1: UM broadly, how it's impassive friends and family UM, and
• 15:54
  Speaker 1: loved ones near and dear to you right. So, UM,
• 15:57
  Speaker 1: the anger is reasonable because we had um ample opportunity
• 16:02
  Speaker 1: to put public health interventions in place UM, and they
• 16:06
  Speaker 1: it feels as though in many cases they were undermined UM.
• 16:10
  Speaker 1: And a lot of this work is resting on local
• 16:13
  Speaker 1: public health authorities and local health care workers without that
• 16:17
  Speaker 1: functional support that you needed from the top down. UM.
• 16:20
  Speaker 1: And so I think it's going to be a mix
• 16:22
  Speaker 1: of sadness and anger, probably both, probably both coming and
• 16:26
  Speaker 1: going at different times, and it's going to be a
• 16:28
  Speaker 1: long time of dealing with it. Lauren, thank you so
• 16:31
  Speaker 1: much for joining us. And I have so much to do,
• 16:34
  Speaker 1: and we really appreciate your time each week trying to
• 16:37
  Speaker 1: help us just stay up the speed on all the
• 16:39
  Speaker 1: developments here. We really appreciate your time. Lawrence Sour, Associate
• 16:42
  Speaker 1: Professor of Emergency Medicine that Johns Hopkins School of Medicine
• 16:45
  Speaker 1: on the phone from Baltimore, and we should not that
• 16:47
  Speaker 1: the Bloomberg School of Public Health, supported by Michael R. Bloomberg,
• 16:50
  Speaker 1: founder of Bloomberg LP and Bloomberg Philanthropy. Well, we are
• 16:56
  Speaker 1: coming up to Super Bowls Sunday. Despite absolutely all of
• 17:01
  Speaker 1: the challenges, we do have two teams that can play together,
• 17:04
  Speaker 1: including the Seattle Seahawks, which, by the way, we're one
• 17:07
  Speaker 1: of the only teams in the league to remain untouched
• 17:12
  Speaker 1: by the virus in spite of so many challenges in
• 17:15
  Speaker 1: that area of the universe. But let's get to the
• 17:18
  Speaker 1: ads part of things, because some people just watch the
• 17:21
  Speaker 1: role forge, not me, of course, but Tara la Chapelle
• 17:24
  Speaker 1: has a great Bloomberg opinion piece out talking about how
• 17:28
  Speaker 1: those stalwart advertisers are just not coming back this year
• 17:31
  Speaker 1: because well, people aren't spending money and so perhaps it's
• 17:34
  Speaker 1: a way of saving the money. And we're talking about
• 17:36
  Speaker 1: the likes of Bodweiser, the likes of Pepsi, the likes
• 17:39
  Speaker 1: of Avocadas of Mexico, some of the ones that we
• 17:42
  Speaker 1: were really depending on to entertain us. So Tara, thanks
• 17:45
  Speaker 1: for joining and explain to us that did this exodus
• 17:49
  Speaker 1: if you like, of some of the major advertisers bring
• 17:52
  Speaker 1: down the price of a thirty second spot, you would
• 17:56
  Speaker 1: think it would, but it didn't. In the place with
• 17:58
  Speaker 1: an average of five point five million dollars for a
• 18:01
  Speaker 1: thirty second commercial. So it did go up from a
• 18:05
  Speaker 1: year ago. Um, but I think that's because what you're
• 18:07
  Speaker 1: seeing is as these big advertisers kind of back away
• 18:10
  Speaker 1: for obvious reasons. Just look around at the world. Um,
• 18:14
  Speaker 1: you have these upstarts from that benefited during the pandemic
• 18:18
  Speaker 1: and during lockdowns that are using this time to really
• 18:21
  Speaker 1: solidify their brand standing and to put their name out
• 18:24
  Speaker 1: there even more in front of people. Um, So they're
• 18:26
  Speaker 1: buying up a lot of this space. You'll see a
• 18:28
  Speaker 1: lot of newer companies entering the phrase this year. So Taril,
• 18:32
  Speaker 1: let's take a look at one of the stalwarts that's
• 18:35
  Speaker 1: not going to be there, Budweiser. What was the rationale
• 18:38
  Speaker 1: that they gave? So I think, you know, it has
• 18:41
  Speaker 1: to do with wanting to conserve capital use it for
• 18:44
  Speaker 1: things having to do with getting the company through the crisis.
• 18:47
  Speaker 1: Believe they're also donating money. But I also think it
• 18:50
  Speaker 1: comes down to if you're a big advertiser, and this
• 18:53
  Speaker 1: is the advertising event of the year, you know, as
• 18:55
  Speaker 1: Bannie says, some people do just watch it for these
• 18:57
  Speaker 1: commercials for the entertainment value. If you don't strike the
• 19:01
  Speaker 1: right tone in a moment like this, with not just
• 19:03
  Speaker 1: the crisis and this somber mood we're all in, but
• 19:06
  Speaker 1: also the sort of political tensions out there in the
• 19:08
  Speaker 1: country right now and these divisions. I mean, it's a
• 19:11
  Speaker 1: really precarious situation to be putting out an ad where
• 19:15
  Speaker 1: you know you're banking on people's emotions, and so I
• 19:17
  Speaker 1: think it's just a risk that really wasn't worth taking
• 19:20
  Speaker 1: for the price this year for a lot of these
• 19:21
  Speaker 1: companies that said, uh, Budweiser's sister brands like bud Light,
• 19:26
  Speaker 1: they are buying ad space, and same with PEPSI they're
• 19:29
  Speaker 1: still sponsoring the halftime show, and some of Peps's other
• 19:32
  Speaker 1: businesses like Mountain Dew and three Delay, they're also buying
• 19:36
  Speaker 1: ad times. I think if these companies are trying to
• 19:38
  Speaker 1: shift around where they spend their money and be a
• 19:40
  Speaker 1: little bit smarter about it this year, a little bit
• 19:42
  Speaker 1: more careful, Well that's just a taro, because my next
• 19:45
  Speaker 1: question is going to be if they're sitting it out
• 19:47
  Speaker 1: this year, then what's to guarantee that they get first
• 19:50
  Speaker 1: DIBs next year on where they are in in the
• 19:54
  Speaker 1: in the schedule, assuming that they go back next year,
• 19:57
  Speaker 1: of course, but it seems that they are keeping their
• 19:58
  Speaker 1: hand in with the Super Bowl organization and so on,
• 20:03
  Speaker 1: so that runs that might take those faults this year,
• 20:06
  Speaker 1: don't get first adds next year. Yeah, I think you
• 20:09
  Speaker 1: know these companies are they have a strong relationship with
• 20:12
  Speaker 1: the NFL and UM. I think everyone kind of understands
• 20:15
  Speaker 1: this year has been a bit of a weird year,
• 20:16
  Speaker 1: but these companies are still big sponsors and the bottom
• 20:20
  Speaker 1: line being that they're big advertisers and advertising is not
• 20:23
  Speaker 1: going away these companies. It's very important to them, whether
• 20:26
  Speaker 1: it's on traditional linear television or on streaming apps, and
• 20:30
  Speaker 1: whether it's for something like a big football game or
• 20:34
  Speaker 1: just regular programming. I think that these brands see it
• 20:37
  Speaker 1: as important as delivering video advertising content to people. Terror
• 20:44
  Speaker 1: What are some of the more highly anticipated ads for
• 20:48
  Speaker 1: this Super Bowl? I know they some of them get
• 20:50
  Speaker 1: teased out on YouTube and other places. Yeah, there's been
• 20:54
  Speaker 1: quite a few. The one I'm kind of interested in
• 20:56
  Speaker 1: going back to that idea of you know, trying to
• 20:59
  Speaker 1: strike the right tone. Um, you have an how their
• 21:02
  Speaker 1: bush the parent of Budweiser doing and their own ad
• 21:05
  Speaker 1: for the parent company, and it's the slogan is, let's
• 21:09
  Speaker 1: grab a beer, and you know it's about how, you know,
• 21:11
  Speaker 1: at the end of a rough day or really just
• 21:13
  Speaker 1: sort of any purpose, you kind of say, well, let's
• 21:15
  Speaker 1: just grab a beer. And I'm curious to see how
• 21:17
  Speaker 1: that plays out. And you know, it's it's like, you
• 21:20
  Speaker 1: don't want to sound tone deaf at a moment like this,
• 21:22
  Speaker 1: and you don't want to use the pandemic for your marketing.
• 21:24
  Speaker 1: But so these companies are really walking a fine line
• 21:27
  Speaker 1: and I'm curious to see how people receive that. Yeah, Tara,
• 21:30
  Speaker 1: I mean, forgive my cynicism, but are we going to
• 21:32
  Speaker 1: see a bunch of ads playing on sentiments and sentimentality
• 21:36
  Speaker 1: and nostalgia and you know, getting together when this is
• 21:39
  Speaker 1: all over and appreciating what you have And you know,
• 21:42
  Speaker 1: there's nothing wrong with that, but we don't want to
• 21:44
  Speaker 1: be manipulated into those feelings. And it's also exhausting, right,
• 21:49
  Speaker 1: like I think, you know, we're trying to escape this
• 21:51
  Speaker 1: moment watching you know, the sports game that everyone loves
• 21:54
  Speaker 1: to see every year, and instead you're reminded of where
• 21:58
  Speaker 1: we are in the world right now. So I think
• 22:00
  Speaker 1: it is a little frustrating. Um. But at the same time,
• 22:03
  Speaker 1: you know, some companies do a really good job with
• 22:04
  Speaker 1: it too, so we'll see we need some laughs, that's right. So, Terry,
• 22:11
  Speaker 1: you know, from the business side of it, Vicom CBS.
• 22:14
  Speaker 1: CBS has the rights uh this year, and they pay
• 22:17
  Speaker 1: a lot of money uh for NFL rights. Is it
• 22:21
  Speaker 1: still expected to be a big money maker for CBS here?
• 22:28
  Speaker 1: I mean I think so, but obviously, like year by year,
• 22:31
  Speaker 1: that's the question. And this is slowly, you know, the
• 22:33
  Speaker 1: audience is getting smaller. It's still the biggest programming event
• 22:37
  Speaker 1: of the year, but you know, more and more people
• 22:39
  Speaker 1: are are tuning out for various reasons. I mean more
• 22:42
  Speaker 1: than just cord cutting. I mean, there's just been a
• 22:45
  Speaker 1: lot of pressure on live sportes over time, and of
• 22:48
  Speaker 1: course the more time you've sent away from watching it,
• 22:51
  Speaker 1: you know, it's harder to kind of come back. But
• 22:53
  Speaker 1: I think with the NFL, what was really interesting about
• 22:55
  Speaker 1: them was they were able to get through their whole
• 22:57
  Speaker 1: season all the way up until the super Bowl, and
• 22:59
  Speaker 1: it's just it's a really um interesting case that they
• 23:02
  Speaker 1: were able to do this, and I think, you know
• 23:04
  Speaker 1: a lot of people will probably tune in for that
• 23:06
  Speaker 1: reason because of what else are we doing right now?
• 23:09
  Speaker 1: But you're missing the party aspect, you know that getting
• 23:12
  Speaker 1: together with friends and the chicken wings and nachos like
• 23:14
  Speaker 1: that's obviously not going to be there this year. But
• 23:17
  Speaker 1: you know, if it's it's definitely a good escape. You mean,
• 23:19
  Speaker 1: you're not learning selves in different languages to The American
• 23:24
  Speaker 1: Gaming Association says gambling will full thirty seven percent from
• 23:28
  Speaker 1: last year. Can we assume that that's that's money that's
• 23:32
  Speaker 1: just not there because you know, people don't have jobs,
• 23:35
  Speaker 1: or will some of this money go towards other, you know,
• 23:38
  Speaker 1: super Bowl related things such food? Good question. I'm not sure,
• 23:44
  Speaker 1: all right, Terror, So thank you so much for that.
• 23:46
  Speaker 1: We appreciate it. Tarry La Chapelle Entertainment, Telecommunications and Biel's
• 23:50
  Speaker 1: calmness for Bloomberg Opinion. I mean, so, Vanni, one of
• 23:53
  Speaker 1: the things that's really concerning as it relates to the
• 23:55
  Speaker 1: pandemic is will this be a super spreader event? Are
• 23:59
  Speaker 1: people going to still go ahead with their big Super
• 24:02
  Speaker 1: Bowl parties and if so, will we see a spike
• 24:05
  Speaker 1: in you know, positive cases a couple of weeks from now. Yeah,
• 24:10
  Speaker 1: I mean you've got to think that people will be
• 24:13
  Speaker 1: a little bit careful, but it's just very hard to No,
• 24:16
  Speaker 1: it's not something we can predict. I think, Um, is
• 24:18
  Speaker 1: it worth? Is it worth getting coronavirus for Tom Brady? Yeah?
• 24:24
  Speaker 1: I know it yet, but you know you listen to that.
• 24:26
  Speaker 1: Dr Faucci and he is very concerned. Made some comments
• 24:28
  Speaker 1: earlier in this week that just judging by past behavior,
• 24:31
  Speaker 1: when you think about other times you get together Thanksgiving, Christmas,
• 24:35
  Speaker 1: we definitely saw a spike following those times. And um,
• 24:38
  Speaker 1: I know Dr Faucci earlier this week was calling out,
• 24:41
  Speaker 1: you know, extolling folks, don't have big parties, keep it
• 24:45
  Speaker 1: just within your household because we're really making gains here
• 24:48
  Speaker 1: in terms of the metrics. Let's not go the other way. So, um,
• 24:52
  Speaker 1: we'll see how that plays out, but certainly I'm gonna do.
• 24:56
  Speaker 1: I'm gonna go to Chiefs. I'm going Patrick at home.
• 24:58
  Speaker 1: That's the way I'm going. This is Bloomberg coming up.
• 25:02
  Speaker 1: We are awaiting remarks from President Biden. He's talking about
• 25:05
  Speaker 1: the state of the economy and the need for the
• 25:08
  Speaker 1: American Rescue Plan. When we get those remarks, we will
• 25:10
  Speaker 1: bring them to your First Let's get a sense of
• 25:12
  Speaker 1: what is going on in Washington, d C. As it
• 25:15
  Speaker 1: relates to this fiscal stimulus plan. We can do that
• 25:17
  Speaker 1: with Bloomberg, deputy team leader and Edgerton. She covers all
• 25:21
  Speaker 1: things down there on Capitol Hills, and I thanks so
• 25:23
  Speaker 1: much for joining us here. What do we know? It
• 25:26
  Speaker 1: looks like, okay, we had the Senate passing by fifty
• 25:29
  Speaker 1: vote a blueprint for this one point nine trillion dollar stimulus.
• 25:33
  Speaker 1: Is it going to get done in this form? Yeah,
• 25:36
  Speaker 1: they're kind of teaming this up as a backup. Now.
• 25:40
  Speaker 1: It's very likely that they will have to go this
• 25:42
  Speaker 1: route if they can't get in any agreement with Republicans.
• 25:45
  Speaker 1: So the budget reconciliation process that they're trying to use
• 25:48
  Speaker 1: to get around the threat of a filibuster in the
• 25:50
  Speaker 1: Senate is a bit of a long process. So they're
• 25:53
  Speaker 1: starting it now to be able to use it by
• 25:55
  Speaker 1: the end of the month if they can't get any
• 25:57
  Speaker 1: Republicans support for bipartisan package. Bipartisan talks are continuing, but
• 26:02
  Speaker 1: most Democrats are not hopeful that they're going to come
• 26:05
  Speaker 1: up with anything. Yeah, I mean, that's one thing, but
• 26:08
  Speaker 1: what about moderate Democratic support? I mean, is due mansion
• 26:10
  Speaker 1: going to be a problem if this does end up
• 26:14
  Speaker 1: being the route that they have to go. That's one
• 26:17
  Speaker 1: reason why this vote was really interesting last night because
• 26:20
  Speaker 1: it past fifty one to fifty with Kamala Harris as
• 26:22
  Speaker 1: Vice President breaking the tie. So Schumer Senate majority Leader
• 26:27
  Speaker 1: Chuck Shumer is able to keep his Democrats together on
• 26:30
  Speaker 1: the bill last night, and so that vodes well for
• 26:32
  Speaker 1: them to be able to pass the final singles package
• 26:36
  Speaker 1: when push comes to shop. So and we we we've
• 26:39
  Speaker 1: seen this budget reconciliation process used before UM. But from
• 26:44
  Speaker 1: strategic perspective, I'm guessing the White House would much prefer
• 26:48
  Speaker 1: a bipartisan package here. Is there any chance that President Biden,
• 26:53
  Speaker 1: Kamala Harris, two veterans of the Senate can maybe flip
• 26:56
  Speaker 1: some reluctant Republicans. Yeah. I think the stance from the
• 27:01
  Speaker 1: Biden white House is that, yes, they want to do
• 27:04
  Speaker 1: things in a bipartisans way. They're going to have that
• 27:06
  Speaker 1: outreach to Republicans, but they're not going to wait forever
• 27:09
  Speaker 1: and I think that's the left and that Biden learned
• 27:11
  Speaker 1: in the Obama White House is that he doesn't want
• 27:13
  Speaker 1: to burn a lot of political capital and a lot
• 27:15
  Speaker 1: of time frankly at the beginning of his administration looking
• 27:18
  Speaker 1: for Republican support that at the end of the day,
• 27:20
  Speaker 1: it's just not going to be there. So you know,
• 27:22
  Speaker 1: they're kind of taking a belt in suspenders approach, passing
• 27:26
  Speaker 1: this this process to to go to Democrat only route
• 27:30
  Speaker 1: if they end up doing that, um, just in case
• 27:33
  Speaker 1: you know that bipartisan support doesn't come through. Yeah, but
• 27:37
  Speaker 1: I mean our Democrats agreed on even the one point
• 27:40
  Speaker 1: nine trillion in the sense of how much of that
• 27:43
  Speaker 1: should go to COVID emergency, how much of it go
• 27:46
  Speaker 1: to state and local government bailouts, how much to go
• 27:48
  Speaker 1: to minimum wage. It seems like there's a lot of
• 27:51
  Speaker 1: dissent within the Democratic Party too, So what would happen
• 27:55
  Speaker 1: if they did end up going the budgets reconciliation. Yeah,
• 28:01
  Speaker 1: and it's a huge package. I mean, one point nine
• 28:03
  Speaker 1: trillions always with a lot of money. We kind of
• 28:05
  Speaker 1: lose sight of that with this sheer size of some
• 28:07
  Speaker 1: of the previous relief packages. But but that's a lot
• 28:11
  Speaker 1: of taxpayer money to go towards this pandemic response. And
• 28:14
  Speaker 1: so you know, it'll be interesting to watch people like
• 28:16
  Speaker 1: Joe Mansion in West Virginia and John Tester of Arizona
• 28:20
  Speaker 1: excuse me of Montana. Um, but you know, I could
• 28:23
  Speaker 1: see them voting for the final package saying the need
• 28:27
  Speaker 1: is too great, you know, putting out some kind of
• 28:29
  Speaker 1: statement saying we would have rather gone the bipartisan route,
• 28:31
  Speaker 1: but go at the end of the day voting with
• 28:34
  Speaker 1: their party. Um. You know, budget reconciliation is a tool
• 28:39
  Speaker 1: that both parties have used, and it's something that Democrats
• 28:41
  Speaker 1: will get a lot of um criticism for because using
• 28:46
  Speaker 1: this much taxpayer money should have bipartisan support. So Anna,
• 28:50
  Speaker 1: let's just assume for for right now that this one
• 28:53
  Speaker 1: point nine trillion does get done, perhaps by towards the
• 28:55
  Speaker 1: end of this month. Um. There is also talk about
• 29:00
  Speaker 1: another physical stimulus plan, perhaps one more focused on longer
• 29:04
  Speaker 1: term projects such as infrastructure. Is there talk about that
• 29:08
  Speaker 1: is that still on the surfaces, that's something that might
• 29:10
  Speaker 1: get pushed down the line. Well, this is something that
• 29:14
  Speaker 1: we've kind of seen in the messaging from Democrats, like
• 29:16
  Speaker 1: how Seager, Nancy Pelosi has been very careful to cast
• 29:20
  Speaker 1: this measure as a release package. You know, this is
• 29:22
  Speaker 1: not a stingless package. She'll tell you, this is a
• 29:24
  Speaker 1: relief package. This isn't just you know, getting the economy
• 29:28
  Speaker 1: what it needs to um not suffer worth effects from
• 29:32
  Speaker 1: the pandemic related closures. The next package will be a
• 29:36
  Speaker 1: proper stimulus package. You know, includesment as infrastructure measures. You're
• 29:40
  Speaker 1: looking forward, you know what kind of structural changes you
• 29:43
  Speaker 1: can make in the economy to make it more efficient, more,
• 29:45
  Speaker 1: just more, you know, all the things that Democrats would
• 29:48
  Speaker 1: like to see in the way that capital flows within
• 29:51
  Speaker 1: the economy. So what will you be looking for next?
• 29:54
  Speaker 1: I mean, we're obviously going to be hearing from the
• 29:57
  Speaker 1: White House team in a few minutes about to COVID
• 30:00
  Speaker 1: nineteen responds, for example, and later on we know Jared
• 30:03
  Speaker 1: Bernstein is going to be speaking to the public. What
• 30:06
  Speaker 1: kind of case are we going to hear today from democrats?
• 30:10
  Speaker 1: I think you're gonna hear a lot about the jobs
• 30:12
  Speaker 1: report that came in a bit weaker than expected, and
• 30:15
  Speaker 1: that's kind of an argument for going big at this moment. So,
• 30:18
  Speaker 1: you know, if we had gotten a really robust jobs
• 30:21
  Speaker 1: report this uh, this morning. That would have taken some
• 30:24
  Speaker 1: of the wind out of these stimulus sales. But since
• 30:26
  Speaker 1: those numbers came in a little bit lower than expected,
• 30:29
  Speaker 1: that's gonna be something Democrats used to justify really going
• 30:32
  Speaker 1: big with this round of stimulus. All right, and so
• 30:35
  Speaker 1: we have the stimulus discussions, but we've also got this
• 30:38
  Speaker 1: thing next week called impeachment. How is that going to
• 30:42
  Speaker 1: play out? Do you think in terms of other business
• 30:45
  Speaker 1: going along with the impeachment. Yeah, you know, it's really
• 30:49
  Speaker 1: interesting to see how those impeachment process has kind of
• 30:52
  Speaker 1: become an afterthought on this set. You know, they have
• 30:55
  Speaker 1: been busy confirming Biden's cabinet nominees and working on the
• 30:59
  Speaker 1: stimulus pack it. But of course it will be the
• 31:01
  Speaker 1: business of the day next week, and I don't think
• 31:04
  Speaker 1: they're going to be able to set up a dual
• 31:05
  Speaker 1: track where they do regular Senate business in the morning
• 31:09
  Speaker 1: and deal with the impeachment trial in the afternoon. And
• 31:12
  Speaker 1: it's almost something you kind of get the sense on
• 31:14
  Speaker 1: Capitol Hill that people wish they didn't have to do.
• 31:16
  Speaker 1: You know, it's politically uncomfortable. It brings back bad memories
• 31:20
  Speaker 1: of the Trump administration. They just want to kind of
• 31:23
  Speaker 1: get it behind them. So no multitasking is what you're saying,
• 31:27
  Speaker 1: No multitasking, but probably a push to make it a
• 31:29
  Speaker 1: short trial. You know, there's not much desire on either
• 31:32
  Speaker 1: side of the aisle for this to go much past
• 31:34
  Speaker 1: a week. Yeah, I mean, it's it's pretty amazing if
• 31:37
  Speaker 1: it will start next week though, and we will likely
• 31:39
  Speaker 1: be very tuned in, yes, of course, and in any
• 31:43
  Speaker 1: sense that what role former President Trump will play in
• 31:47
  Speaker 1: the defense at all, do we have any inkling there?
• 31:50
  Speaker 1: So he received a letter yesterday from the House Impeachment Managers.
• 31:53
  Speaker 1: You know, these are the nine House Democrats that act
• 31:56
  Speaker 1: kind of like prosecutors in the trial, and they asked
• 31:59
  Speaker 1: the president to testify under oath to either appear before
• 32:03
  Speaker 1: or during the Senate impeachment trial. And Trump's lawyers responded
• 32:07
  Speaker 1: and said that that would not be happening. They said
• 32:09
  Speaker 1: that this was a political ploy, you know, just kind
• 32:12
  Speaker 1: of a pointless asked from the House Impeachment Managers. But
• 32:16
  Speaker 1: you know, it'll be interesting to see the way Trump's
• 32:19
  Speaker 1: legal team presents his case because we'll we'll expect to
• 32:23
  Speaker 1: see some influence from Trump's himself and the arguments that
• 32:26
  Speaker 1: they make, especially the way that they talk about the
• 32:29
  Speaker 1: November election. You know, I don't expect them to really
• 32:32
  Speaker 1: echo his claims that the election was stolen in those words.
• 32:35
  Speaker 1: But even in the brief response that they filed filed
• 32:39
  Speaker 1: on Monday, um, we we did get kind of a
• 32:43
  Speaker 1: hint that they're going to step gingerly around the question
• 32:46
  Speaker 1: of whether or not the election was legitimate, which, of
• 32:48
  Speaker 1: course it was. Yeah, Lauren or Lauren Sarrows a few
• 32:53
  Speaker 1: minutes ago. That's why I had her name in my head.
• 32:56
  Speaker 1: But Anna, we are going to let you go because
• 32:57
  Speaker 1: there's a lot happening right now. Anna Edgerson is Congress
• 33:01
  Speaker 1: as a deputy team leader for Bloomberg. Thanks for listening
• 33:04
  Speaker 1: to Bloomberg Markets podcast. You can subscribe and listen to
• 33:08
  Speaker 1: interviews at Apple Podcasts or whatever a podcast platform you prefer.
• 33:12
  Speaker 1: I'm Bonnie Quinn. I'm on Twitter at Bonnie Quinn, and
• 33:15
  Speaker 1: I'm Paul Sweeney I'm on Twitter at pt Sweeney. Before
• 33:18
  Speaker 1: the podcast, you can always catch us worldwide at Bloomberg Radio.