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tv   Bloomberg Markets  Bloomberg  August 10, 2021 1:00pm-2:00pm EDT

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bound by pressure to leave or face impeachment. >> given the circumstances, the best way i can help now is if i step aside and let government get back to governing. therefore, that is what i will do. my resignation will be effective in 14 days. mark: governor cuomo had been refusing to leave even after the state attorney found he had violated multiple federal and state harassment laws. it was found the governor harassed nearly a dozen within. county prosecutors are weighing criminal charges well accusers are pursuing civil lawsuits. the senate has passed a $550 billion infrastructure plan that would represent the biggest burst of spending on u.s. public in decades. it also would be a significant victory for president biden's economic agenda.
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the bipartisan vote today came after months of negotiations and days of slow moving senate debate. the president's do to speak about his plan from the white house later this hour. the nation's top infectious disease experts say state and local governments should require teachers to get vaccinated against covid-19. dr. anthony fauci tells msnbc he knows his position will anger some. tensions rising across the country between state governments and school districts over a mask and vaccine requirements. florida governor ron desantis threatened to withhold pay from officials who defy his executive order banning classroom mask mandates. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪
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>> 1:00 p.m. in new york. i am kailey leinz. here are the top stories we are following around the world. new york governor andrew cuomo steps down, vowing -- bowing to pressure to do so in the face of sexual harassment allegations. and we have the latest on the sweeping 550 billion dollar infrastructure package past by the senate and what lies ahead with the partisan budget resolution. later, live comments from the president. we will also discuss vaccine mandates in the hospitality industry. let's first get a quick check on the markets. the s&p 500 trading at a fresh record high. tech is lacking charlie:.
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the nasdaq 100 down 4/10 of 1%. semiconductors are lagging the hardest. stocks still down more than one percentage point. in the bond market, yields creeping higher. two basis points on the 10-year treasury yield to 1.3 port -- 1.34%. oil recovering from two days of losses. wti trading at $68.69 a barrel. let's kick it off with the resignation of andrew cuomo. he leaves office in 14 days. shelly banjo joints me for more. when he leaves, lieutenant governor hochul will take over. do we know what happens with the investigation cuomo was already facing? >> technically they could continue to go on, but yesterday said -- yesterday they said they were unlikely to. that if he ended up resigning on his own, they can continue but
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have not come out to say for sure. it is likely it will be dropped. kailey: what other legal issues could, face? new york's attorney general said he had broken state and federal law with some of these allegations. what happens next? david: he does face process -- shelly: he does face possible criminal charges. a criminal complaint has been filed in albany and they are investigating as well as the district attorney's office is in four districts. albany, manhattan and nassau are looking into charges as well. they could be pursued and women have also said they would press charges, but so far only one has
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pressed charges in, but so far s pressed charges in albany. [no audio] shelly: hochul is really well known around the state. she has been around in new york politics for decades. she is best known for going upstate, all around the state. she will visit many different cities around the state. not as much of a presence in new york city as cuomo has, but she is her own woman and she is not attached to cuomo politically or personally in the way other aides have been. it gives her a little bit of a clean slate in order to pursue things but she has a lot of messes to clean up. cuomo created a lot of messes. kailey: we understand from the white house press secretary jen psaki that biden has not yet spoken with kathy hochul.
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psaki says biden had not spoken with cuomo. thinking about this broader than new york state, what does this mean for the democratic party? shelly: this is going to have quite a few reverberations. everyone at some point had to deal with governor cuomo. she was head of that -- he was head of the governors association, he was a starter in covid and looked up upon as a counter to donald trump. you do know that everyone kind of had ties to cuomo, what happens next with that? it also opens up a lot of offices around the local, state and national politics. who ends up running for governor in 2022? people currently holding seats in congress, local city politics , across the state, it can shake up -- i think this will just be
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the beginning of the reverberations. kailey: shelly banjo, thank you very much. we will continue to cover this story. the other big news is the senate passing a 550 billion dollar bipartisan infrastructure package. annmarie hordern is on capitol hill. part one is past, what happens with the three point $5 trillion budget resolution? >> about 10 minutes ago, steven dennis saying they have begun debate on this resolution, which would then sweep in the reconciliation. this is a democrat only package to get through soft infrastructure. this is an expansion of childcare, elementary school, medic -- medicare and climate initiatives. we actually don't know a timeframe for this. it could be anywhere from a few
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minutes, to ours, till late in the evening. in march, the last time there was a budget reconciliation, one amendment was open for 11 hours. senator schumer became the majority senator to have been prevailed over a record amendment. republicans are going to bring amendments to the floor. this is really political posturing. and then they go on recess and september is the showdown in terms of these two bills in the house. kailey: what do we expect in the house? the senate, nancy pelosi and progressives she has to wrangle on her side. >> it is going to be interesting to see what the house does. speaker pelosi has said at a number of times that she will not take up the bipartisan infrastructure agreement until there is a reconciliation package. that is not to the progressive left. but as we have seen, moderate
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democrats in the house are saying we want to be able to move on the bipartisan infrastructure agreement before we get reconciliation. also, some of them saying they are worried about spiking inflation and the topline figure of that reconciliation being $3.5 trillion. potentially that $3.5 trillion could get water down in the house, but we will see them work in tandem according to pelosi. kailey: we are expecting president biden to speak later. this is a legislative win. does it give him more political capital to get other initiatives through congress later on? shelly: it is symbolic. the president did campaign on wanting to bring back bipartisanship. what you see is a hello jill -- capitol hill. this is not going to help them in terms of the reconciliation package. republicans already say they are not going to stand for it. some of them already today
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voting no on the infrastructure package just in protest to the fact that they don't want democrats pushing through trillions of dollars. this will be symbolically a huge win for the president. his first year in office, and to get something done -- the past two administrations haven't been able to do that. kailey: we are awaiting remarks from the president. thank you so much. coming up, we discussed the future of broadband and why the senate vote was --. dzs ceo is next. ♪
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kailey: this is bloomberg markets.
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the senate passed a $550 billion infrastructure plan. we are looking at a live shot right now. that represents the biggest burst of spending on u.s. public in decades. for more, charlie vote -- vogt. we are talking $550 billion for the whole package. 65 billion allocated to broadband. is that enough? >> it is better than where we have been. the 65 billion dollars, specifically the $42 billion being allocated to support underserved communities is the single largest stimulus bill ever passed. i think it is a great start. from here, i think we build on where we are at. kailey: how quickly cannot money be deployed and actually make a difference in some communities? charlie: that is one of the key
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questions. there has been several different stimulus packages that have been supported, especially underserved markets over the past 20 years. it has been somewhere in the $4 billion a year range. this is something that can be two to three times more than that on an annualized basis. we are hoping this allows service providers to pull in and accelerate their time-to-market for underserved communities. kailey: where should the money be focused? we talk about the digital divide, but where are the most underserved communities that are the least connected compared to those that are very well connected? charlie: 20% of the united states, 70 million families, are either without internet or have very limited coverage. nine states, when you look at
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mississippi, louisiana, arkansas, these are states that are underwhelming lee underserved. -- underserved. this is a bill that is going to allocate funds. each state is getting a minimum of $100 million. $37 billion still has to be allocated and i think is going to be allocated based on the states and the communities that they are serving. kailey: how do you expect, from your perspective, running a broadband company, that this will translate into demand for your business? charlie: the service providers have been accelerating high-speed broadband access since the pandemic began. the pandemic did expose how limited the internet is. you have 340 million people that are working from home, learning from home, playing games,
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e-sports, the requirement of telemedicine, so this thing we are doing now is significantly different than where the network was just two years ago. not only do we have an opportunity to upgrade existing networks, but with this particular bill, i think it is not only going to provide access to those who do not have internet, or have very limited internet, but it is going to give companies like dzs the opportunity to accelerate fiber-based broadband. that is an important part to make. most of rural america has been served by legacy and copper-based infrastructure. the way this bill is structured, with a minimum 20 megabytes down, service providers are going to have to provide fiber-based services to the home. that has been the most cost preventative measure up to this point, just because of the cost
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associated with delivering fiber-based services to the home. kailey: you and your business are dealing with supply chain constraints and you expect those to last into next year. how could some of those supply chain issues hamper this effort to expand broadband? charlie: it has been the perfect storm. you point out something that all of us in the industry have been dealing with since the pandemic. it starts with some of the key semi conductor components that hit with a demand curve they haven't seen with -- haven't seen for decades. this perfect storm with a lot of demand being placed on a semiconductor market that is limited in their ability to deliver components to meet the needs. i think it is a challenge we are going to navigate over the next 12 to 18 months. we announced a very strategic partnership with broadcom and i think that, and other
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partnerships are going to help dzs navigate the best we can. kailey: thanks for your insight. charlie vogt, dzs ceo. le bernardin's opening for lunch for the first time since the pandemic and will require proof of vaccination. joining us now is its executive chef eric ripert. i will start here, how good is business? >> the business is excellent. new york is coming back quickly. a lot of new yorkers did not travel, did not go on vacation, and therefore they are in the city and at nights it is very difficult to get a table. kailey: how has the delta variant changed -- are you starting to see demand rebound wayne? eric: the people worried about the variants for the right reasons, but what we have
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decided is to be proactive. we ask our clients to show proof of vaccination. our team has been vaccinated. in the dining room, we wear masks. we have a strict protocol to protect clients. now the clients are showing their proof of vaccination. kailey: do you expect other restaurant tours to follow you? eric: a lot of restaurants are starting to do so. i believe the mayor made it mandatory starting september 16. for all of the restaurants in your to provide -- to ask clients to provide proof of vaccination. kailey:kailey: are you finding requiring vaccinations is giving you an advantage of getting workers in the door? restaurants in general have had trouble retaining workers. are you having that problem? eric: it is difficult to find
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some workers. i believe that is true in every industry, but mostly in hospitality. we are starting to have people looking for jobs, especially for the fall, but it is giving us a big advantage to have clients who feel secure going out and having an experience and not be worried so much about the variant. kailey: are you having to pay those workers more to get them in the door? eric: it is definitely an inflation. with products we are buying, but also with salaries of the workers. kailey: let's talk about the inflation. we talk so much on bloomberg about higher commodity prices. how is that impacting you and the foods you are cooking? eric: it is definitely having a huge impact on our budgets. therefore, we are raising the
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prices on the menu. nobody seems to be concerned. clients are not complaining about the fact that that it is more expensive to eat at our restaurant then it was a year ago. it is an inflation. everyone is aware that. because of the labor, the supplies being limited and so on. everybody is on board. kailey: so, you are able to exercise a certain degree of pricing power, do you expect to be able to continue to do so? will these issues update? eric: if the inflation continues, we will have to adjust prices again. in a few weeks or months. hopefully, inflation will not be significant in the weeks to come or months to come. but it all depends on the -- obviously i do not have a crystal ball.
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kailey: when speaking about the economy, there are millions unemployed, a lot of families have been hit very hard. i know that you at le bernardin work with city harvest, a charity. talk to us about that effort on the work you are doing in that environment? eric: le bernardin has been working with the biggest food rescue organization in the world. last year, during the pandemic, city harvest delivered 40 million pounds of food to new yorkers in need. usually, we deliver 17 million pounds of food. we worked with kitchens during the crisis, cooking 400 meals a day that were going to nurses, doctors supporting new york and then delivering those meals to shelters for for every client
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that comes to le bernardin, we give five dollars to city harvest. that provides a meal for 13 people every day. so far we have been able to support 100,000 people. kailey: that is incredible. do you see that your charity efforts will continue post-pandemic? have you put increased importance on that effort just during this time? eric: le bernardin has always been linked and connected to the city harvest. i am actually vice chair of the board. in good times and bad times, we support the initiatives of city harvest because in new york city, 1.5 million people live under the poverty level. one child out of four does not know when they will get their next meal and regular times. i imagine now with the pandemic. kailey:kailey: it's not just everyday consumers, every restaurant has. i have seen anecdotally, a
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number of empty restaurant fronts that have closed during the last year. do you expect we will see a resurgence in restaurants in the coming months? eric: yes. the fact that new york is coming back strongly, we are anticipating people to come back , whether they are working from their house seems to be excited to socialize and go back to a different environment. new york will come back very quickly, probably one of the first cities to come back. that will have an impact on the hospitality and the restaurant industry. i believe that we will be doing well as we reopen workplaces. kailey: a lot of us in the city would love that. eric ripert of le bernardin. thank you for your time. governor andrew cuomo's resignation.
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we want to bring in a republican representative from new york, covering staten island and southern brooklyn. i will just ask first for your reaction to the governor's resignation. >> it is long overdue. many of us who had called for the governor to resign months ago over the nursing home scandal have been waiting for the governor to take responsibility. it seems it is the sexual harassment that has led to the governor's resignation. however, many of us believe the 15,000 individuals that died in nursing homes in new york deserve justice. those numbers were large, much larger than should have been more could have been prevented. many of those deaths, had the governor utilized facilities like the javits center and the u.s. navy ships sent in by former president trump and other facilities set up specifically for covid positive patients instead of nursing homes. that is one reason i called for
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the governor to resign in february. but he is finally doing the right thing. kailey: now that he has resigned , he was facing an impeachment inquiry, do you believe that should continue? >> it should. they have to look at the new york state constitution to see if they have the ability to impeach the governor following resignation. he may avoid the impeachment of the constitution does not allow them to move that process forward. i know the judiciary committee and to the assembly is looking at that now. the only reason to impeach him at this point is to be sure he does not run for office again if he chooses to come back to state office at some point. aside from that, there is obviously criminal investigations taking place and we need to let those play out. let those district attorneys and sheriffs to the investigations, do their due diligence and see if there is anything else to
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this. i believe today's resignation is welcome news for those who want to move forward. it is sad this has occurred and it is terrible, but at the end of the day moving forward and allowing lieutenant governor kathy hochul to fill the remainder of his term was appropriate. kailey: speaking of hochul, do you expect to be able to govern with her in a bipartisan manner? >> i do. i have always been outnumbered in terms of democrats to republicans. whether it was my time in the assembly or just serving as an official in new york city, i am surrounded by democrats. we have to try to find ways to work together where we can. unfortunately now things have been so polarizing. it has been difficult to find common ground. with lieutenant governor hochul, we will find common ground. she is more moderate than the governor.
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i hope she will look at some of the things i have been pushing cuomo to do like repeal the state's bail laws. take action to restore public safety. here in new york city, the bail law has been a disaster and led to all sorts of crime. we were able to fight and get the governor to make some changes to restore common sense, like manslaughter and homicide, felony drug charges, but there's still so many crimes where people with extensive histories are being released. kailey: 30 seconds left, how do you see this episode with cuomo changing the relationship between new york city and albany? >> i think kathy hochul will be much easier to work with. cuomo let his ego get in the way. mayor de blasio will be leaving,
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which is great news. with two new leaders both in city hall and albany come i think there's better days ahead for new york. i hope we can restore common sense and i am looking forward to working with anyone and everyone to move the state forward including lieutenant governor hochul. kailey: thank you for giving us your reaction. i want to check quickly on the markets. stocks are off session lows. underperformance coming from technology. nasdaq 100 down by 1%. sox -- six down by 1 -- bond years creeping higher two basis points on the 10 year to 1.34%. i want to get to mark crumpton, standing by. mark: as we have been reporting, new york governor andrew cuomo is resigning. he made the announcement today, bowing to pressure to leave
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office or face impeachment. the governor had been refusing to leave even after new york attorney general letitia james found he had violated multiple federal and state harassment laws. county prosecutors are weighing criminal charges while accusers consider civil lawsuits. the u.s. senate has passed a $550 billion infrastructure plan that would represent the biggest curves -- biggest burst of spending on public works in decades. a significant victory for president biden's economic agenda. the vote today came after months of negotiations and a slow-moving senate debate during which republicans opposed the distillation and force democrats to run up the clock on procedural motions. the president is expected to speak from the white house later this hour. the european union has decided not to reinstate instructions on
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non-essential travel from the united states despite new covid cases in the country excluding the threshold. the government of each member state can decide whether to follow it. the fund california established two years ago to keep forever going bankrupt again because of catastrophic wildfire may face its first big test. the second largest in california history, known as the dixie fire, is still raging area 26 days after it began. by at least one estimate, damages may have already topped $1 billion. a threshold which could tap an insurance fund. the account can tames less than half the money it was projected to have. global news 24 hours a day, on-air and on bloomberg quick take, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg.
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amanda: i melinda lane, looking to bloomberg markets. >> here the top stories we are following for review around the world. president biden here in the u.s. expected to deliver more marks any moment after the senate passed a $550 billion it the structure plan rep resenting the biggest burst of spending in decades. we will review those comments live. plus, shares of coinbase falling ahead of its second-quarter earnings report. we speak to a venture capitalist about the impacts on the company. and, coronavirus cases in the u.s.. a former head of drug development for merck and pfizer, dr. jonathan javits.
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amanda: we are seeing mixed picture for the market today. we are seeing industrials rocketing ahead. you can think that infrastructure bill, at least in part for some of the activity in the materials group. up almost 9% on the date today. a boost as see those delta variant picking up cases. that will support names like pfizer and modernity. overall, you are seeing weakness, the focus does appear to remain on the infrastructure bill. we are waiting for the president to speak on this live. the latest on this.
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great to have you with us, i want to start with just how far this is, because these are comp gated processes. >> that's exactly right. this is the first up of many others to come. an important portal, this is significant. bipartisanship here in washington, d.c.. to get it the finish line. as you say, a number of hurdles ahead. speaker pelosi has set a number of times, a redline area saying i will not take up a bipartisan infrastructure agreement. right now, we have in the senate, working through the framework. the vehicle for budget reconciliation. what you're going to be seeing
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on the senate floor is a lot of republicans coming to the floor to say why they should not be spending $3.5 trillion. kailey: it will go through, just a matter of when. is anything happened that point? >> we don't know yet. a very good question. we could see speaker pelosi bring back a special session with the house. to get things moving forward. also another looming cloud over capitol hill. that is the debt ceiling. it ends, in the resolution, there was no mention of the debt ceiling. we also already heard from treasury secretary janet yellen. i spoke to a number of republican senators today who said the democrats are the ones that have control.
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and they need to do this themselves. they want to spend all this money, we don't want our hand on a bipartisan debt ceiling. potentially they take them to the cliff. that is something else on top of the bipartisan infrastructure, on top of $3.5 trillion of record deletion that he to work out how the government is going to pay tax on the backfill. amanda: we should not gloss over what is a recent historical moment. i'm sure the president will remind us of his achievement. does that bode well for some of these other issues to find some of the senators or other ones that will approach it the same way? >> it certainly does. president biden is going down victory lap today. he campaigned on the fact that he thinks he can get washington to work well in reach alongside
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the aisle. even if you're not from the same party, you can come to a similar agreement. it stops there. in terms of republicans. democrats believed bipartisanship. but, it is a significant moment as you mentioned. especially because the passive administration was not able to get to this point. the fact that we have not seen significant investment in hard infrastructure like broadband, the fixing of airports and bridges in decades. kailey: they can so much for your coverage. again, we are awaiting remarks from president biden. we expect them later this hour. coming up, crypto training quick platform coinbase, we discussed what to expect. that's next. this is bloomberg. ♪
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>> this still, as written, without the amendment, stifles innovation. it is effectively like saying every time you load a webpage you have to collect all of the personal information of the person visiting your website. it is insane, and it cannot be complied with as written. it misunderstands how the technology works. kailey: this is bloomberg markets. that was jesse powell on proposed changes to the crypto tax reporting rule and the infrastructure bill that just passed in the senate. he spoke to bloomberg before the senate passed that bill. clearly he has an opinion, and i think a lot of enthusiasts in the crypto space are hoping this gets tweaked in the house.
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amanda: one of the things that will happen is the early adopters, the crypto world will run smack into the regulatory bodies and agencies they hope to avoid by being in the crypto world. there will be a reckoning that will happen but probably an overdue maturation as well. kailey: crypto was starting to have to enter into the lobbying space with this bill. coinbase is set to report earnings after the close today. the clio capital founder joins us now to discuss. sarah, would you think about what is happening on capitol hill? does it help crypto or heard it? >> there are two separate things and play here. crypto and coinbase. the advocates of spoken. they have valid concerns about the scope that would be happening.
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not just for trading exchanges like coinbase. coinbase is already complying with these rules because they are in exchange. but, if you are not an exchange, if you are a minor, the idea of having to collect information does feel overly broad. even though, as of right now, that is what is going to be in the bill. amanda: one of the big question that hangs over the spaces how regulatory agencies and government bodies, and i think of the federal reserve and its willingness to let other currencies dominate, in other words it will not allow that, at some point it will want to rein it in. how these things come together from an investor's point of view. how do you forecast those things that are so hard to forecast? >> it is hard to forecast. we have a new administration, person doing a lot of the crypto rulings right now. somebody teaching classes on the subjects at m.i.t. last year.
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on one hand, it is great to have more crypto expertise. but, it doesn't necessarily mean people are going to be thrilled with the outcomes of the decisions. as an investor, is looking broadly, do we think crypto is going away? no. it is going to become harder and harder, likely in the u.s., the answer is yes. i think that is also why you see these recent large fund races. which is an american founded company. kailey: this doesn't just relate to bitcoin, but many stocks tied to it. coinbase is one of them. how do you invest in equity that is so heavily tied to an asset class that many would say is completely disconnected from fundamentals? >> at the end of the day, the
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fundamental that matters is you want to buy low and sell high. while crypto is largely uncorrelated to the rest of the market, that is not necessarily a bad thing. it is just following, to a large extent, the price. because that has a large impact on the price of stock. amanda: to kailey's point here, we know there is a massive amount of volatility in bitcoin. anybody invested is going to have to accept that fact. coinbase is a strong correlation to bitcoin. which is not typical, and exchange should not necessarily have that kind of correlation, one would argue. do expect that to diminish over time? or, is that the nature of coinbase, that you will invest, and are going to get the bitcoin volatility. >> over time what you might
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start to see more of, will coinbase track to some of the other currencies, although most of those are going to track relatively closely to bitcoin. still sort of the king of crypto. we don't really see in the short-term a lot of that changing. to some extent, if you're buying coinbase, you are buying it because you are open to rising and falling with some of crypto's fluctuations. the interesting thing is in the last quarter, the volume is down quite a bit. some of it is what is going on in china, we're seeing fluctuations of the market. while it is not typical that an individual stock tracks a separate proof of currency, that is the reality for coinbase and investors buying in, they are buying them because they are comfortable. kailey: while bitcoin is
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volatile and crypto is volatile, it is a hot seat. there's competition. how is coinbase position to compete? >> that is a huge question particularly outside of the u.s.. we see this with some of these other really big private exchanges that have struggled to avoid the u.s. market entirely. in the coming quarters, coinbase will have to answer a lot of questions about what it means to be a global exchange not to see u.s.-based exchange, if that is even possible. amanda: appreciate your time today. that's the founder of cleo capital. a little bit later today, we have an extensive conversation with the president and ceo of coinbase.
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you can catch emily choi, join us then. up next, as the pandemic continues, the next leg of it could be treatment of the disease. we are talking to jonathan javid. next. ♪
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amanda: this is bloomberg markets, i'm amanda lange. we are watching a wave of delta various cases across the u.s.. the focus has still been on vaccines. one company is working on a treatment, its ceo, dr. jonathan javid is with us now. thanks for being with us. let's start with what your treatment is and where you are with it. >> thanks, amanda.
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we are developing a treatment, also just last month we were outside the government of israel. we are working on both sides. amanda: does the delta variant change and you treat the virus? >> it changes everything. the most important thing, that the vaccines will give us herd immunity. just coming into this building though, i had to get covid tested. the fourth time i have been covid tested this week. our whole life has changed because we don't have effective vaccines right now. that is why it is so important to have treatments to rescue the people who develop covid respiratory failure and wind up in the icu despite vaccines. amanda: of course, unfortunately
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we might find this is a virus that is here for times to come. how does your treatment differ? what is novel about? >> think about the three different kinds of treatments. you have the antivirals, all of the drugs, monoclonal antibodies , that attempt to mop up was released by this virus that cause so much damage. the thing that is unique about our drug is it targets the cell in the long that is attacked by the covid virus. a natural peptide that has been protecting the lungs for 65 million years. it is shown to block the virus from replicating. and to increase the fluid that lines the lungs. sure enough, and clinical trials
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just a few weeks ago, we showed that this drug appears able to block and people who got the drunk compared to people who got the placebo. kailey: can you give this to children? >> we don't know yet. but we know for certain children make this natural peptide in their bodies so there's no reason to think it would be safer children. kailey: one of the big questions for some of the pharmaceutical companies, some that have benefited from the vaccines, we all hope we don't need this forever. subsidy is the what you are talking about is a treatment there would be useful for many kinds of rsv's or any other kinds of viruses that attack the same issues. how big of a market do you think there is post-covid 19 for the drug you're working on? >> not only against other kinds
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of viruses but this drug was first tested against what is called acute respiratory distress syndrome. that is what kills people in the icu with sepsis. 200,000 americans per year who died. yes, we do expect it will be useful. an important and lifesaving and people who have other viruses that attacked the long because they attacked along by a common mechanism, which is to kill this rare cell in the long. and this drug specifically protects that cell. while it is still an investigational drug and we certainly can't make any claims that does work, we hope we will see the same improvement compared to a placebo and other clinical trials. kailey: you are here not just to discuss covid-19 but because you are taking your company public.
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why pick now to go to the public market? >> because now is the point in time where we finished our first phase three trial. we already have our first emergency use authorization in a foreign country. we expect to be getting other foreign approvals. hopefully u.s. fda agreement to use the drug as well. now is the point in time where being a public company and able to access the capital that is needed to launch a drug like this is very important to us. amanda: do you feel as though we are in a new era for these kinds of drugs? we have seen a little bit more flexibility in the past two years, year-and-a-half will that benefit you? >> this is the first time that the fda emergency use authorization rules will emplace on a large-scale basis area the
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fda is still learning and the industry is still learning about how to use them. but, there is no question that rapidly being able to get drugs into the field and rescue patients at risk of thong from a public health emergency supersedes the slower efficacy process that has lived with us for so many years. kailey: thank you for your time and joining us. congratulations again on going public. a reminder for our audience, we are awaiting remarks from president biden after the passage of the 515 billion dollar bipartisan infrastructure plan. we will bring you his remarks as soon as we get them. this is bloomberg. ♪
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mark: new york governor andrew cuomo is resigning area he made the announcement earlier today area bowing to pressure or face
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impeachment. >> given the circumstances, the best way i can help now is if i step aside and let government get back to governing. therefore, that is what i do. mark: governor cuomo have been refusing to leave office even after it was found he had violated multiple laws. the report found he harassed nearly one dozen willie -- one dozen women. accusers are considering civil lawsuit. resignation takes effect in 14 days. the u.s. senate has passed a $550 million infrastructure plan that will represent the biggest burst of spending on u.s. public works in decades. it would also be a significant victory for president biden's economic agenda.

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