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First Move with Julia Chatterley
U.S. Weekly Jobless Claims Rise for First Time in a Month; Biden Team says Transition Delay Could Hamper COVID-19 Response; Alan Greenspan gives a warning. Aired 9-10a ET
Aired November 19, 2020 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:16]
RICHARD QUEST, CNN BUSINESS ANCHOR: Live from New York, I'm Richard Quest in for Julia Chatterley today and tomorrow, and here is your need to know.
A grim toll. The United States COVID deaths now exceed a quarter of a million deaths, and this is as the transition remains blocked between
Donald Trump and President-elect Biden.
Alan Greenspan gives a warning. The former Fed chief says he has never seen anything like it in his many years in government and power.
And ready for Warp Speed. You'll hear my interview with the head of the U.S. program that's going to get the vaccines to Americans: what he is
worried about, and how he is looking at politicians.
Now, it's Thursday, let's make a move.
A warm welcome. Julia is off for the day. I am in sitting in for her.
Let's start with the way the markets and the futures are looking. The market actually opens half an hour from now, and if you look at the way the
Dow and the S&P futures is showing there, you have it, it's off just a tad set to fall for the third straight day. Weakness in Europe, you know, the
FTSE is down as other major markets -- all the major markets.
Interesting, they're all down roughly the same amount, which shows it's a common worry, rather than specific to any market.
And again, Asia similarly, except maybe Hong Kong, which does have unique factors. Hong Kong in some sense, makes the point I'm trying to make, which
is that the unique factors of Hong Kong and China at the moment, pushing that market down further.
The weekly U.S. jobless claims, 742,000 new claims and that is higher than expected. There are fears of how new rollbacks will affect the recovery.
For instance, what seemed to take the air out of the balloon of the market yesterday, New York City public schools have closed again, and the School's
Chancellor and Mayor de Blasio said that they don't know how long they will be closed for.
This is all because the positivity rate were over three percent. Record number of new cases in Japan with new health restrictions possible, and the
death toll has hit a record in Delhi, where new cases spiked some 18 percent across India over the last 24 hours.
The I.M.F. says that the global recovery may be losing momentum, and warns of elevated asset valuations, all of which takes us straight to the drivers
and how we're moving today.
And let's start with those jobless claims numbers that came from the United States, 743,000. Matt Egan is with me to put perspective on this.
It's very difficult to put perspective when you come out of months of such high numbers and then you start to see something approaching normality, but
Matt Egan the underlying current with more lockdowns help us understand what it does mean.
MATT EGAN, CNN BUSINESS SENIOR WRITER: Richard, yes, let's put some context around this number out this morning, 742,000 Americans filing for
unemployment benefits. For some perspective, during the Great Recession, during the worst week of the Great Recession, the number was 665,000.
That means that today's number is actually significantly worse than the worst week of the last recession. That is just truly staggering.
Now, the good news is listen, jobless claims have come down from their peak, as you mentioned, parts of the economy like the housing market, they
are recovering. But the bad news is the fact that the pandemic is worsening, as you mentioned, and that is going to do real damage to the
economy.
As you talked about, New York City public schools just this morning going all virtual for the first time since the spring and the summer. We heard
from United Airlines talking about an uptick in cancellations and a deceleration of bookings. Clearly, the economy needs more help.
Unfortunately, it's probably not coming anytime soon. The U.S. Senate is out of town until December. That means there's no fiscal stimulus coming
anytime soon.
Richard, one economist that I follow closely, he called this a dereliction of duty by Congress.
QUEST: The market yesterday, it was quite interesting the way in which it should be -- not hugely -- but it was up for most of the session until
about two o'clock and then it literally turned turtle and ended off over 300 points.
Now, I attribute that to, we sort of got the news about New York schools and there was a realization that things are not going to be as smooth as
perhaps investors had been expecting or were too rosy.
[09:05:18]
EGAN: I think that's right. I think that the New York City public school announcement is another reminder of how even though we have really good
news coming on the vaccine front, there's not one, but two vaccines that are believed to be highly effective. That doesn't really help us right now.
The numbers are getting worse in terms of coronavirus infections, hospitalizations, and that's forcing the local authorities including in New
York City, but elsewhere around the country to respond.
And these restrictions while they are intended, of course, to make sure the pandemic doesn't get any worse, there's going to be a real economic harm
and I think investors are once again waking up to that.
QUEST: Okay, Matt, as we look to the day, we are where we stand at the beginning, and we look toward to where we end, what's going to be the
number one factor we look at?
EGAN: Well, I think today people are going to once again be digesting these jobless claims numbers that we talked about. At the start, the fact that
it's getting worse is obviously not good. This comes after retail sales came out the other day showing weaker than expected numbers there as well.
We hear on the corporate front about job cuts, about airline struggles. And then we look to Washington and realize that there's no fiscal stimulus
coming. The Federal Reserve doesn't have that much more to do, so you know, I think it's a reason why people might be a little bit cautious here going
forward -- Richard.
QUEST: Matt Egan. Matt, thank you.
And staying with the United States and the number of people dead now attributable to coronavirus, it is 250,000. Nearly 80,000 people are in
hospital. It is a deteriorating situation as Natasha Chen reports.
(BEGIN VIDEOTAPE)
NATASHA CHEN, CNN NATIONAL CORRESPONDENT (voice-over): More than a quarter million people have died from coronavirus since the pandemic began in the
United States. On Wednesday, over 1,800 Americans lost their lives to the virus.
DR. JONATHAN REINER, CNN MEDICAL ANALYST: If you were to read all the names of the people who have died in the United States from coronavirus, it would
take about 10 days. That's the magnitude of the loss.
CHEN (voice-over): There's growing concern in the northeast as new cases rise across the region. The country's largest school district closed down
today after New York City saw an average of three percent test positivity over the last seven days.
MAYOR BILL DE BLASIO (D-NY), NEW YORK CITY: We set a very clear standard and we need to stick to that standard. And I want to emphasize to parents,
to educators, to staff, and to kids that we intend to come back and come back as quickly as possible.
CHEN (voice-over): In Pennsylvania, case numbers are soaring. The state reported approximately 6,400 new cases on Wednesday, growing concern there
as over 2,900 patients are currently hospitalized with the virus, the highest number so far in the pandemic.
And in New Jersey, Governor Phil Murphy has implemented new restrictions on indoor dining and outdoor gatherings. Since then, the state has reported
more than 4,000 new cases each day for four of the past five days.
In Wisconsin, the governor announced he is extending his state of emergency order and statewide mask mandate until January as ICU beds in that state
are running out.
ANDREA PALM, SECRETARY-DESIGNEE, WISCONSIN DEPARTMENT OF HEALTH SERVICES: Over the past week, hospitals have reported nine of our ICUs at 100 percent
capacity.
There are zero ICU beds available in one region of our state.
CHEN (voice-over): Along with Wisconsin announcing new restrictions, Minnesota reports it is closing indoor dining and gyms and limiting social
gatherings.
And Kentucky is moving the entire state to online learning to try to stem the increase in confirmed cases. These states join nearly two dozen other
cities and states that have increased restrictions over the last week.
Some states are still not taking many important measures despite rising numbers, including Florida, which is starting to see an uptick of cases
again after its summer surge.
Even though some counties in Florida do have mask mandates, there is still no statewide regulation requiring face coverings.
And in South Dakota Governor Kristi Noem is doubling down on her refusal to mandate masks.
GOV. KRISTI NOEM (R-SD): Some have said that my refusal to mandate masks is the reason why our cases are rising here in the State of South Dakota and
that is not true.
I'm not in favor of mandating mask wearing. I don't believe that I have the authority to mandate that.
(END VIDEOTAPE)
QUEST: That is Natasha Chen reporting there. Joe Biden says that their refusal of the Trump administration to work on a suitable and smooth
transition is costing time and will cost lives as a result.
Joe Johns is with us from Washington. The head of Operation Warp Speed, told me that, you know the plans were already in place. The train is about
to leave the station in terms of delivering the vaccine once it has emergency authorization. So, what is the concern of the transition here?
[09:10:18]
JOE JOHNS, CNN SENIOR WASHINGTON CORRESPONDENT: The number one concern, if I can sort of translate it for you is about priorities. The administration
of Donald Trump may have very different priorities on the development and delivery of a vaccine than a Joe Biden administration would, and I think
that's the number one thing.
Also, there's just the question of simply being read in on the machinery and how it works, which seems to be a very important issue for the incoming
Biden administration as well. If they have to wait until January 20th, which is Inauguration Day, then they could be in a tough spot, because they
won't fully understand this program that's been put in place by the Trump administration -- Richard.
QUEST: Now, Joe, I want you to listen to what a JPMorgan analyst, a chief strategist said, he says, we are talking about -- he calls it an American
Horror Story about the whole transition and refusal to concede -- he says, "Bottom line, a lot of very unorthodox things have to happen for Trump to
be re-elected. Even so, I'm not ruling anything out."
Basically, this comes down to Donald Trump could be re-elected, if all the stars align, but it's not likely to happen. Why is it -- so it is a
difference between possible and probable, but we seem to be focusing a great deal on the can?
JOHNS: Right, and the fact of the matter is, it's all about mathematics. And if you look, from state to state, the elections where Donald Trump is
contesting, it is very clear or becoming increasingly clear that these challenges as well as the demands for recount will not deliver more than a
few hundred or even a few thousand votes, when Donald Trump frankly, requires tens of thousands of votes to overturn elections.
What's also clear, I think, if you talk to the legal observers, is what the Trump campaign seems to be trying to do is basically to flip one state just
to say that he had a win, and therefore the conspiracy theories and baseless claims that he has been tweeting out, may have some factual
irrelevance.
But it's not clear at all that that's going to happen, at least so far -- Richard.
QUEST: Joe Johns who is in Washington and will continue to watch, obviously.
Japan's Prime Minister says that the country is on maximum alert at the moment. More than 2,000 COVID infections reported on Wednesday.
Selina Wang is with me from Tokyo. The situation in Japan is deteriorating, and new restrictions are now being put in place. What more can they do?
SELINA WANG, CNN CORRESPONDENT: Well, actually right now in Tokyo, they've also reached a record, more than 500 cases today, that is the highest since
the pandemic began. The city has raised its alert level to the highest level, but when it comes to actual changes in daily life, the way it works
in Japan is that this alert system is largely symbolic.
So the government doesn't have any legal authority to enforce any of the restrictions. But you heard Prime Minister Suga there saying that Japan is
on maximum alert. He is encouraging people to wear masks at all time, even when in restaurants. And even though we are seeing Japan hit these daily
records, more than 2,000 today, the government has not yet declared a state of emergency.
That is what the government did back in the spring, and essentially what it means is that it allows the local regional governments to urge people to
stay at home. But again, Richard, no legal enforcement here.
QUEST: Selina Wang in Tokyo. Those are the drivers. Now to the news around the world.
Forecasters say lingering rain from what was Hurricane Iota could trigger more life-threatening floods across Central America. The storm has carved a
path of destruction throughout the region, which have been battered by Hurricane Eta only two weeks ago.
Iota has killed at least 26 people.
After meeting with the Israeli Prime Minister today, Mike Pompeo made history becoming the first U.S. Secretary of State to visit a Jewish
settlement in the West Bank. Most countries consider the settlements illegal. Pompeo said goods from U.S. imports made settlements will now be
labeled "Made in Israel."
Coming up on First Move, an interview Julia did with the former Fed Chief Alan Greenspan who admits that in his 94 years, he has never seen anything
like we're all going through now.
(COMMERCIAL BREAK)
QUEST: Welcome back to the FIRST MOVE the futures are still pointing not lower. This is on the back of course of further pandemic worries. And the
IMF warning of elevated asset valuations. That means things are too expensive. And therefore there's the likelihood that of course things could
go the other way and disappointing jobless claims that we've got this morning.
Alan Greenspan, former Fed Chair, inscrutable and indomitable Alan Greenspan stepped down 14 years ago. However, his views are still much
sought after and he is still very much a practitioner of the dismal science.
Just like in decades past, he says that the current virus uncertainty is unprecedented. Julia Chatterley spoke to the man they once called "The
Maestro" about the difficulty of plotting the economic future.
(BEGIN VIDEOTAPE)
ALAN GREENSPAN, FORMER FEDERAL RESERVE CHAIRMAN: I've never seen a particular situation during my professional experience, anything like this,
trying to forecast where the virus is going is at this particular stage, very little more than a guess, and we have to adjust our forecasting and
our policies accordingly.
This is a very complex forecasting procedure and system, largely because the issue of virus is a very rare phenomenon, once in a hundred years.
JULIA CHATTERLEY, CNN BUSINESS ANCHOR: How long do you think it takes the U.S. economy to recover based on all the challenges we are facing at this
moment?
[09:20:07]
GREENSPAN: To answer that quickly, we can get an operating solution to the virus problem. I would carefully say we are in a fine line. We know a great
deal and we know certainly that if we could bring the virus under control, and keep it that way, it is perfectly credible that those who are
forecasting that we will be back to normal by the spring of next year, if not earlier -- I am not guessing -- I mean that they are making sensible
judgments, but it is still -- I would not consider them the most likely response.
In a situation like this, you always have to say, what could go wrong? The major part of the solution here is going to be to get us back to where we
were and that could take a long time, and I am not convinced at all that we have enough information to know how to deal with this type of problem and
without consequences, negative to the overall structure of the society.
CHATTERLEY: Define what you mean by detrimental impact to the structure of society.
GREENSPAN: The outgoing President, he was a very politically hot term, who was engaged in a number of things which I could have done without.
CHATTERLEY: Is the message that you have to do more to protect the economy than less in the absence of perfect information?
GREENSPAN: An answer to that question is, we don't know yet, otherwise, it is perfectly credible to me that we will do a lot of things, each one of
which seemed credible, desirable, and then find out at the end of the day that while he may have appeared that way, and by itself, when you combine
them, it works quite negatively for the economy as a whole.
CHATTERLEY: In the face of all this uncertainty, a pandemic, the politics, as you mentioned, can stock markets continue to go higher?
GREENSPAN: I think the stock markets are going higher because the approach on the issue of the virus being a tool measuring progress, mean since
Pfizer for example, put out its new product, how things have changed in the market and I think you'll find that the major moves in the Dow reflect
changing the quality and the probability of success of what products they come up with, and how long it takes to implement them.
(END VIDEOTAPE)
QUEST: Alan Greenspan talking to Julia and we'll hear more from Dr. Greenspan, later in the program. He was talking about vaccines and
AstraZeneca now says that its vaccine promotes a particularly strong immune response in older patients and other older people who have been tested.
It follows Moderna and Pfizer who have given positive results on their vaccines. CNN's Elizabeth Cohen reports.
(BEGIN VIDEOTAPE)
ELIZABETH COHEN, CNN SENIOR MEDICAL CORRESPONDENT (voice-over): This scourge of COVID-19, more than a quarter of a million people dead in the
United States. But now some hope.
Large clinical trials have shown that not just one, but two vaccines are about 95 percent effective against coronavirus.
GEN. GUSTAVE PERNA, COO, OPERATION WARP SPEED: We are making steady progress and we are ready to execute.
COHEN (voice-over): So to get America vaccinated, here are the next steps. Step one, pharmaceutical companies Pfizer and Moderna will apply to the
F.D.A. for authorization for their vaccines. Pfizer says it will apply Friday and Moderna expects to apply in the next few weeks.
Step two, F.D.A. staff will review the data to see whether the vaccine is safe and whether it works. That's expected to take a few weeks, then step
three, an F.D.A. Advisory Committee of independent experts will review the data. Those meetings will be public and the source tells CNN they've been
scheduled for December 8th, 9th and 10th.
DR. PAUL OFFIT, F.D.A. VACCINE AND RELATED PRODUCTS ADVISORY COMMITTEE: The committee is composed of academics and researchers who are not associated
with the pharmaceutical industry, not associated with the government.
[09:25:08]
COHEN (voice-over): On that F.D.A. Advisory Committee, Dr. Paul Offit, a pediatrician at the University of Pennsylvania.
COHEN (on camera): When you're sitting in that meeting, what standard will you be using in your own mind?
OFFITT: So I think when I'm sitting there, listening to those data presented to us at the F.D.A.'s Vaccine Advisory Committee meeting, I will
be looking to answer the question, would I take this vaccine myself?
COHEN (voice-over): And finally, step four, if the F.D.A. gives the green light a day or two later, another Advisory Committee of independent
experts, this one with the C.D.C. will review the data in an open meeting.
They will make official recommendations about who should get vaccinated and who should get vaccinated first.
Dr. William Schaffner, an infectious disease expert at Vanderbilt University sits on that C.D.C. Advisory Committee.
DR. WILLIAM SCHAFFNER, INFECTIOUS DISEASE EXPERT, VANDERBILT UNIVERSITY: We are interested in complete transparency. These meetings are open to the
public on your computer.
COHEN (voice-over): Once the C.D.C. panel gives its recommendations, Americans can be vaccinated against COVID-19.
COHEN (on camera): Will you take it if it's approved?
SCHAFFNER: I will definitely take it if it is approved.
COHEN: And will you recommend it to your family and friends?
SCHAFFNER: I will definitely recommend it to my family and friends. These vaccines are going to be effective and they will be safe. Otherwise, they
will not be approved. We will look at that very critically.
COHEN (voice-over): Elizabeth Cohen, CNN, reporting.
(END VIDEOTAPE)
QUEST: We'll take a short break. Before the market opens in just a couple of moments from now, opening slightly lower, nothing to worry about but
then it wasn't yesterday either. Market is worried, jobless claims and the market is going to be down when it opens.
This is FIRST MOVE. Richard in for Julia. Back in a moment.
(COMMERCIAL BREAK)
[09:30:03]
QUEST: We are off to the races. The market is now open in New York. It's just 9:30 in the morning here, and as you can see, we're already showing a
lower open. Well, we knew it was going to be like that.
The futures are pointed down, and indeed that is what we really need to see. It is just how far that pressure, that downward selling pressure
maintains or whether it just holds its own and we start to see bias later on.
It's the third straight day where we are seeing a lower open. A U.S. jobless claims of more than 742,000, that's 31,000 from the previous
report, which means that more than 20 million Americans are still collecting some form of benefit. And if you're looking for the reasons why
investors are unhappy. Look to airlines and you'll see United Airlines saying that a rise in flight cancellations this week does not see a linear
economic recovery anytime soon.
You'll hear the CEO of United Airlines on "Quest Means Business." Scott Kirby. More from him tonight on "Quest Means Business."
Operation Warp Speed is the U.S. government's vaccine response to the pandemic, and it's been waiting for exactly such this moment, as everybody
gets ready for official approval or emergency authorization, and then distribution.
I discussed this with the head of Operation Warp Speed and asked him how difficult it was, especially when the Presidential transition wasn't
working.
(BEGIN VIDEOTAPE)
MONCEF SLAOUI, CHIEF ADVISER, OPERATION WARP SPEED: We have two vaccines that are now ready to be approved, and they will be reviewed shortly by the
F.D.A. and we have already a few million doses and we'll have up to 20 million doses to distribute. We worked on how to distribute them.
So, it is running frankly, regardless, there are no decisions that are if you wish, gating the process. Maybe another administration, if there is
another administration will want to steer a little bit more left or a little bit more right. But in effect, the train is running, we're making
vaccines, they are very effective, there will be even more vaccines. So that's what we focus on, frankly.
And at this stage, we don't need critical decisions.
QUEST: To manufacture and distribute, refrigerate and all of these things. Just give our viewers the feeling for how difficult this will be on a
national scale involving 300 million people.
SLAOUI: We have -- the companies have invested into thousands of minus 80- degree refrigerator for one of them, minus 20 degrees, rooms, use rooms for others. We have selected warehouses that are bigger than two or three
football fields, again, with refrigeration, with automation, able to dispatch and distribute millions of doses on a weekly basis.
The transportation is secured in between the companies and the warehouses.
QUEST: You're manufacturing them in large numbers, getting them to the people, administering them. There are some who are saying that the
Emergency Use Authorization, you should have had longer data.
Tell me why you believe the EUA on two months of data is justified.
SLAOUI: Yes. So, I think first of all, you need to know that the F.D.A. has done an analysis. It has shown that more than 95 percent of all adverse
events associated with vaccines happen within the first 40 days after completing immunization.
So, on that basis, the F.D.A. said we need a minimum of 60 days, that is more than 40 because the overwhelming majority of potential adverse events
will have been documented, number one.
Number two, on a smaller number of people that have participated to the Phase 1 and Phase 2 studies, and we have six to seven months of follow up
now for these first vaccines, the RNA vaccines.
Number three, we are putting together with the F.D.A. and the C.D.C., a very, very thorough, active pharmacovigilance surveillance system to follow
the safety of vaccines once we start immunizing the population.
And fourthly, we have -- here is what we know -- what we know, is one to 2,000 people die every day; 180,000 people or 160,000 are infected every
day. If a vaccine is 95 percent effective, there is no way on Earth, in my view, from an ethical perspective we should wait four more months to allow
for 120,000 people to die if you have a thousand people dying per day in order to exclude a conceptual risk of maybe one person in a hundred
thousand or in 50,000 having an adverse event.
And by the way, we will know immediately, thanks to the pharmacovigilance that's put in place. So I think the therapeutic benefit, the population
benefit of immunizing with something where we understand 95 percent of the risk, compared to the risk we know of the pandemic, in my view is
compelling.
[09:35:47]
QUEST: Over the last nine months, you must have felt the political heat.
SLAOUI: Yes, 100 percent there. There are days where I told myself, "Why on Earth have you done this?" However, the needs and the desire to help and
support with my experience and expertise, of course, overshadows any one of those frustrations.
It did also teach me frankly, I will never go into the politics. And secondly, I think my level of respect has decreased for politicians,
because I think the short-term objective is more important than the values I would say. That has been a big disappointment to me.
You know, I've been attacked in ways that, frankly, were a big surprise to me. I didn't expect it. I let everything go of what I was doing --
everything -- and I came to help and what I got was slaps in the face. And this is incredible.
It's because it's associated with this administration, and I'll just say, I'm not actually -- I'm not supportive of this administration. But I'm
doing this for humanity because it has nothing to do with any administration.
So yes, it was a learning and some days were very tough, very tough. But I'm so happy we have two vaccines that are 95 percent effective. This is
what would change the world.
(END VIDEOTAPE)
QUEST: In Europe, those vaccines can't arrive quickly enough as hospitalizations now reach record levels. German ICUs are at record highs.
I spoke to the German Finance Minister just before coming on air. He says COVID restrictions, at least the major ones are here for the time being to
stay.
(BEGIN VIDEO CLIP)
OLAF SCHOLZ, GERMAN FINANCE MINISTER: Right from the beginning, I discussed that we have to understand that this is a new normality, which will be the
case this year and the next year. And as long as the virus is going from men to men, we have to understand that this is a very difficult situation.
But we can organize to live with it if we have a strict plan, and the plan is to watch the situation and to decide as fast as possible and to take
strong decisions and this is what we did and what we are willing to do.
(END VIDEO CLIP)
QUEST: Melissa Bell is with me. Melissa, the patchwork quilt of restrictions across Europe, at the same time, as the E.U. is still not able
to fully put in place its recovery plan because of Poland and Hungary.
MELISSA BELL, CNN PARIS CORRESPONDENT: That's right, even as these governments try and you know, turn this second wave around, there's still
this uncertainty over what was Richard, let's remember when it was announced back in July, a massive step forward for the European Union.
This was a recovery fund that was going to allow it to get together, to raise funds together to spend them in a way that was full of solidarity
that is rather than the principle that had guided all of their decisions so far, that the borrower must pay, that those most in need of recovery funds
would get them regardless of what their contributions had been.
It was considered a massive step forward for those who were looking for a closer integration within European Union members. Many people consider that
it simply could have happened back in the U.K. when the U.K. was part of it.
And yet here it is, just weeks to go before the E.U. budget is meant to come into place, even as European countries are crying out for this
recovery fund money, falling at the last hurdle in a sense against objections that had seemed that could have seen back in July, inevitable.
Poland and Hungary objecting to the fact that this recovery fund money has been linked to the idea of respect for the rule of law. They feel that it
is an infringement on their sovereignty, and they're blocking the whole thing not only the 750 billion Euro recovery fund, Richard, but the entire
E.U. seven-year budget that is meant to come in in January.
So this is a massive crisis for the European Union.
QUEST: Melissa Bell who is Paris. Melissa, thank you. You can hear incidentally more of the interview that I did with the German Finance
Minister. That's on "Quest Means Business" tonight, which will be at nine o'clock in Berlin and in Europe, and of course eight o'clock in the United
Kingdom.
Coming up after the break that exclusive interview that Julia had with Alan Greenspan, former head of the Fed, the second part in a moment.
(COMMERCIAL BREAK)
[09:43:31]
QUEST: Alan Greenspan dealt with many crises during his term of office as head of the Fed, but even he hadn't dealt with anything quite like this. In
the second part of the exclusive interview with Julia Chatterley, Dr. Greenspan considers more need of stimulus and of course, congressional
refusal to act.
(BEGIN VIDEOTAPE)
CHATTERLEY: Has the Federal Reserve got the policies right at this moment based on what we're seeing in the underlying economy? Jay Powell said once
again this week, we can do more -- we may need to do more.
GREENSPAN: They do a splendid job. I know how their system works, obviously, in great detail. And I would be very hesitant in second guessing
them because I know their procedures of analysis, the types of people they have and the timeframes that they use are the same ones I would.
CHATTERLEY: You know what the toolkit looks like. Are they out of ammunition based on what you know about their powers? Or do they have more
that they can do?
GREENSPAN: More of the that they can do, but the questions should be --
CHATTERLEY: And if I asked you whether they should not?
GREENSPAN: Incredibly --
CHATTERLEY: You prompted me.
GREENSPAN: I wouldn't wait around for an explicit and very unequivocal answer from me on that question.
[09:45:13]
CHATTERLEY: I know, but it's my job to try. Let's talk about fiscal policy. Would you like to see U.S. Congress do more? They have battled for months
and not agree to a second financial aid package. But there are many millions of Americans that remain out of work and are struggling.
GREENSPAN: Well, I thought that the various different things that have been raised, as potential fiscal policy make a good deal of sense to me. Why we
don't implement them is another question.
I think Pelosi has a particular set of ideas to confront the problems we now confront that seem quite credible to me. All we have to do is implement
them.
CHATTERLEY: We've forgotten the meaning of the word "compromise." Politics is getting in the way of people.
GREENSPAN: I wouldn't think that that was the case.
CHATTERLEY: WHAT should be Joe Biden's number one priority? Set aside the Coronavirus Taskforce in controlling the virus as best we can. What should
be his number one economic priority in your mind, Alan?
GREENSPAN: What you just mentioned is an economic issue, and that is number one as it should be.
CHATTERLEY: Beyond that?
GREENSPAN: Beyond that, what you do if you're operating fiscal policy is adjust to events as they occur and I don't think he put into place things
prior to when they are unnecessary. So, I'm not concerned about the timing question.
Though it is very easy to pass a large bill for both Houses in the Congress with the President's signature if there is a general view that that needs
to be done.
CHATTERLEY: Do you trust policymakers?
GREENSPAN: It depends who they are. Some I do, some I don't.
CHATTERLEY: Collectively?
GREENSPAN: I won't --
CHATTERLEY: It's all it needs.
(END VIDEOTAPE)
CHATTERLEY: Julia Chatterley with Alan Greenspan.
Coming up, the show must go on. How the Royal Opera House in London is managing to put on productions in a time with no audiences.
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[09:50:02]
QUEST: "Wonder Woman 1984" was meant to be one of the big hits for the cinema. But of course, with coronavirus, everything has changed as far as
that goes. Now, it's on course for a record-breaking debut in streaming instead.
In the U.S., it will be available on HBO Max from Christmas Day alongside a theatrical release. HBO Max, of course, is a part of Warner media, which is
part of -- which of course is the same as CNN, part of the same parent company.
From cinema to ballet, London's theaters have been hit, of course by the second lockdown taking place in England at the moment. But that hasn't
stopped original ways and innovative thinking at the Royal Opera House. Anna Stewart reports.
(BEGIN VIDEOTAPE)
ANNA STEWART, CNN REPORTER (voice-over): The Royal Ballet had a spring in their step. After months of preparation, they performed for their first
live audience in early November.
KEVIN O'HARE, DIRECTOR, THE ROYAL BALLET: It was amazing. It was amazing. It was such a feeling you know for everybody in the whole house. Everybody
worked so hard to get us to this point.
And so it was very bittersweet that it was our opening night, but also our closing night.
STEWART (voice-over): The next day marks the start of England's second national lockdown. This time, the show will still go on at least online.
STEWART (on camera): Tell me why you made this decision because surely you could have furloughed the company.
O'HARE: Yes, we could have, but I mean, it's just so important for them to do what they're trained to do and to be in the studios and rehearsing
together and performing. It's their job. It's our life. They need to be here training and we need to be performing for the public.
STEWART (voice-over): We caught a dress rehearsal, the final stage of preparation before the livestream performance.
Behind the scenes, dancers have spent months training in bubbled pairs. Classes have been socially distanced, and they are tested twice a week.
Outside, London's West End is empty. Its guild of theatres boarded up. Most theaters never reopened between lockdowns.
FIONA ALLAN, PRESIDENT, U.K. THEATRE: There's a huge appetite for just a cultural experience. But we have no timeframe yet as to when we think we
might be able to return to being viable businesses and by viable businesses, I mean, able to operate without social distancing.
STEWART (voice-over): The U.K. government has a $2 billion Arts Recovery Fund in place, a mix of loans and grants for struggling venues on top of
the renewed furloughs scheme. It is propping up venues of all sizes across the U.K., although not all have received money yet.
O'HARE: The thing that I'm really most concerned about is the freelance workers. You know, because we rely on those amazing artists that come in
and design ballets, lighting designers, you know, as choreographers. That is the real worry because they have slipped the net.
STEWART (voice-over): More help maybe needed for this sector. When the Royal Opera House can fling open its doors once again, less than half the
usual audience size we walk through them due to social distancing.
It's financially unsustainable, a high price for keeping culture alive during COVID.
Anna Stewart, CNN, London.
(END VIDEOTAPE)
QUEST: Anna Stewart reporting there. From the Royal Ballet to the Golden State, San Diego Zoo is hugely important to the city's economy. Do you know
the story of how it came about? Well, Cyril Vanier talks about the San Diego Zoo, which is part of the 100 Club.
(BEGIN VIDEOTAPE)
CYRIL VANIER, CNN CORRESPONDENT (voice-over): The beginnings of one of the world's most famous zoos was an unconventional one, one link to a major
world event, the completion of the Panama Canal.
In 1915, the Panama California exposition was held in San Diego.
RICK SCHWARTZ, AMBASSADOR, SAN DIEGO ZOO GLOBAL: They had animals from all over the world along with everything else. When that exposition was done, a
lot of the exhibitors pulled out and left. The animals that were left behind became the very first animals that are part of the San Diego Zoo.
VANIER (voice-over): According to the zoo, one sound started at all.
SCHWARTZ: We had a local surgeon here named Dr. Harry Wegeforth, as he was driving back from one of his appointments, so we are told, he heard some
lions roaring and turned to his brother who was in the car with him and he said, well, I think it would be splendid if we started a zoo here in San
Diego.
VANIER (voice-over): And in October of 1916, Dr. Wegeforth's dreams were realized.
Less than a decade later, the zoo started a fairly new relationship with Australia setting the foundation for the brand's growth towards global
recognition.
SCHWARTZ: So in 1925 we did have some new residents come to the San Diego Zoo, Cuddlepie and Snugglepot from the Taronga Zoo.
[09:55:14]
VANIER (voice-over): Then in 1955, the new CEO put a spotlight on the zoo's name by turning to a new medium -- television.
Today, the company runs an annual budget of more than $300 million.
PAUL BARIBAULT, CEO, SAN DIEGO ZOO GLOBAL: We're reaching over a billion people a year in 150 countries with our broadcast material.
VANIER (voice-over): And leading through a pandemic has been tricky. Finding new ways to attract and grow the digital audience has been crucial.
But the key to surviving the next 100 years --
SCHWARTZ: We have to be connecting our audience to our commitment to protect wildlife around the globe, and make sure our audience is always
part of that journey. For us, that is going to be critical.
(END VIDEOTAPE)
QUEST: A hundred years old, and that's FIRST MOVE this morning. I'll be back with "Quest Means Business" in just five hours from now.
Until then, as always, whatever you're up to, I hope it's profitable. See you on "Quest Means Business."
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[10:00:00]
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