Job Gains Are A Mirage Until Stimulus Runs Out: LaSalle CEO

rate does not show the racial disparities. So the black unemployment rate, for example, was fifteen point four percent, and within that men's unemployment in the black community sixteen point four percent, so much much worse than the overall unemployment rate at eleven point one percent. Let's bring in somebody who tries to place people in jobs where they are needed. Tom Gimball is founder and CEO of LaSalle Network staffing and Recruiting agency and it's been going since so it's

seen several business cycles. Tom, thanks for joining. What are you seeing the last month or two who's calling you to find them workers? Well? That's the interesting thing is

business is okay. It's not terrible. It's definitely not pre COVID levels, but there's not consistency across verticals and per you know, I've had my business for almost twenty five years, and through two thousand one and the two thousand and eight two thousand nine recovery, UM, you'd see verticals that we're doing well, and now it just happens to be company by company depending on how they're staffed and what their client mixes. And it's really not an a vertical

industry per se. So what we're seeing across the board, though, is I t continues and I'm not talking tech companies. It could be a manufacturing company, but they're hiring technology talent continues to be the leader in the in the fields that are hiring Thomas. So as you look at some of this data gain a couple of months here, you've had some uh pretty strong data. Is that is

the labor environment tries to recover here? Is this is simply Corporate America kind of bringing back some furloughed workers or is this any type of new hiring growth growth hiring? I would characterize it. What are you seeing? It's definitely not growth hiring. It is absolutely dependent on p PP money and companies having government backed UH finances in order to bring people back, and I think that's what we're

seeing is the intersection right now. People say, why is the stock market up when there's forty million not thirty five million people unemployed, And the answer is because we haven't had a true intersection of suffering from an economic basis. Even people that haven't been called back, they're getting six dollars a week unemployment from the federal government on top of their state unemployment. So they're at forty five to fifty dollars a year, and well, maybe not hold of

where they were. They're definitely not begging for peanuts in the parking lot to be able to eat. They can pay their bills, and so you get these situations of what we're looking at. Um. Well, the numbers are are mirage. It's a little bit of smoke and mirrors until we get the September October numbers. Everything else is is really smoking mirrors because of the government funding. So Tom tell us about the data you collect on people that tell

you they are looking for jobs, actively seeking jobs. I presume you know you've got roles and roles of people previous customers and continuing customers. Well, the interesting thing is is when you have so many service workers, hospitality waiters, waitresses, hotel employees, so on and so forth. It's really where the lines share was. Then in the flip side in

corporate America, you saw a lot of excess salespeople. So what companies were doing through a growth market from two thousand ten to uh, you know, really February of this year, is they're hiring an anticipation of business picking up and continuing to grow. So companies were hiring more people than they needed for today, but to be ready for next month, next quarter, next year, and get them trained and acclimated. Those are the people that are now on the street.

They got let go because the business wasn't there yet. And so the hard part is trying to find out that there's very few companies that say we're gonna do a downsizing, line up our best people and let's get rid of them first, right. That doesn't happen for the most part um And and so we've got a lot of people that are just confused over where they where. They let go because they made too much money and companies needed to take a hit, which is true. There's

a few people like that. I've actually hired some of them myself, but but secondarily, there's a lot of people that maybe weren't even qualified for the jobs. And at three point five percent unemployment, you get a lot of companies taking chances to hire people. At eleven percent or fourteen percent unemployment, companies don't take chances. They only hire

proven commodities. So, Tom, we're starting to see, you know, in some key states California, Texas, Florida, you know, big labor states, kind of seeing some of the virus go the other way. Uh, you know, states and cities beginning to kind of close down once again. Are we going to see that in the numbers over the next couple of months. Are you thinking to what extent? Yeah, I think we're going to see that quite a bit because

it's coinciding with the p PP money wearing off. And even though they extended it from ten weeks to twenty four weeks, the majority of companies that took the money it expired, they used it at the way they were supposed to and it's expiring at the expired at the end of June. And so now what you're having is an intersection of companies, uh don't have money to pay their people from the government. They're not going to have an influx of business due to quarantine, and business is

being shut down by their state governments. And at the same time they're going to have no choice for survival but to lay people off. So I think you're really at an interesting intersection between the COVID health crisis and a false sense of economic security from the government money starting to run out. It'll be a real interesting third quarter.

What about your own business? How do you work at a time like this when companies have such a choice if they are even able to hire that they can really just probably put out a help wantedsign literally on their windows of their properties. Do you also suffer and how are you managing? I appreciate you asked, So it's a real interesting dynamic. We we've got about two a little under two hundred and fifty employees on staff, and we haven't laid off a soul at the Sound Network.

So what we've done is is Number One, we've always managed the company in a fiscally conservative way to be ready for situations like this. Number Two, companies are hiring, You've just got to find the pockets and and that's the biggest challenge. And what I've seen more than anything else in our company is we've always been a culture

first company. And when you have happy people that are appreciative of the where they work, they're going to execute the mission in a lot more efficient way than other folks. And so we've been able to pick up business. And we've moved internal recruiters, so we've moved more people to our I T practice. We've moved them off call centers, which is slowed down because of the proximity of workers

in a in a closed in environment. Our supply chain in our HR practice or human resources practice is picked up, and we've moved recruiters into that space. And so you've really got to do what I call chasing the gap. You've got to find where uh the gap and opportunities. But to your question, um about companies being able to run an AD and getting people, that's exactly why they need us, because there's too many people applying to a job.

With forty million unemployed people, you run an AD, you're gonna get hundreds, if not thousands, of people who aren't qualified for it and you can never get through that batch on your own. Tom, what is your sense kind of going forward of uh, maybe how the workforce may change. Um, in this country, we've had more and more people working from home. We've probably had a lot of companies recognizing that,

g we can do this. Do you think there's gonna be material changes and maybe how companies staff themselves and and maybe where they elect to have their workers. You know, there's a there's a couple of different hypotheses on this that I have, but you know, first and foremost, I look at the situation and it's going to be driven by company profits. And if companies are going remote with workers from home and they're doing well and making money,

they'll stay with it. And when they don't and the times change, you'll see it reverse no matter what the situation is, because if you're not making money, that is the definition of why you're you're in business. UM, So that that will truly dictate it. Secondarily, though, on the aspect of work from home, UM, what you're you're gonna see is if people can work from anywhere, you're going to hire people that are the least expensive. It's like

off shoring. People didn't off shore to to India or the Philippines or or what have you because they thought the work was better. They thought it was cheaper and it was acceptable. And so what you're gonna have in the same situation is if you can hire a developer, if everybody's gonna work from home, why would you pay somebody two hundred thousand dollars in San Francisco and you can pay a hundred and ten thousand dollars in Montana.

And that will affect the real estate markets, the rental real estate markets, the homeownership in in major metropolitan cities, and will be a huge ripple effect. I don't think work from home. I think two years from now you're going to see office back to levels that they were pre COVID TOM. When you wake out race and your data, do you notice anything, Well, it's there. There's a there's a lot of difference between in race from college degree

and non college degree and where people are working. And you have major metropolitan areas that that obviously have a higher minority standpoint versus more rural areas, and I think those continue to be issues but that that every company

is going to face. Um the biggest challenge is how do we get more minorities into colleges to have college degrees to compete against what's been traditionally a white labor force, and that's where we spend a lot of our time with either historically black colleges and universities and state colleges that tend to have a higher minority concentration. Hey, Tom, just quickly, what do you make of this um the issue about the uh H one B visa issue. How much of is that going to be a problem for

U S recruiters. It's a it's a big issue when you're when you're looking at at tech talent and bringing people in and not just traditional like software developers and bearing stereotypical like that, but but engineering as well, and a lot of the STEM type position science, technology, engineering, and math. There's been a lot of those roles that have been H one B visa type situations and and

there's really two fold. Number one is having that talent available and number two, um is the message that it sends of diversity and people wanting to come here and and work. Now, on the flip side of it, if that talent is not going to be allowed in the country,

companies are just gonna off shore the business anyways. And the majority of big technology companies they have facilities, offices or strategic alliances with companies and other countries, and so then we're gonna lose the people uh from being here, and we're actually gonna lose the payroll taxes into the system because we're just gonna be paying an offshore company to do it for us. I think it's a real

detriment uh politics aside. I think it's a real detriment to the economy and to getting the best talent in the world to want to be in America. Tom, thank you so much for your insights today. Always just fascinating getting insights from somebody who really, you know, is at the cold face of the labor market and those who are looking for work. And obviously we're seeing millions and millions looking for work right now. Tom Gimbal joining us

their founder and CEO of LaSalle Network. It's based in Chicago. It's been stuffing and recruiting since and really there are some messages in what Tom was saying their pole, you know, most obviously that this is just not going to end anytime soon. There's so many people to be placed. Yeah,

exactly right. Plus you've got the again those big states, California, Texas, Florida, some others, Arizona, it's going to be, you know, a real issue to try to deal with those numbers which are sure to go the other way here as some of those states kind of pulled back on the reopening.

So we are talking about this morning's jobs report. It was eagerly anticipated the number perhaps better than estimates, but we should mention that estimates ranged from half a million to nine millions, so there was really a huge, huge disparity in what economists thought was going to be the case in this data. Let's bring in an economist now, Danielle di Martino Booth. She is CEO and Director of

Intelligence at quill In Intelligence. She's also also Bloomberg opinion columnist and also author of fed Up, an insider's take on why the Federal Reserve is bad for America. Danielle, thanks for joining. Explain to us what's good about this data. Larry Codlow says, it's about the furloughs coming down and that's going to continue. What else is good about this data? Well, you know money. The thing is because of the misclassification error.

I think a lot of people in my world have started to follow the Department of Labor data that come out on on a weekly basis, it's much time where if you will, and it's not prone to the same

seasonal adjustment. So if you look at that day against the backdrop of a hundred and sixty four point six million in the US labor force, you see the all in, including the pandemic unemployment Assistance program, you have thirty one point five million Americans right now collecting unemployment insurance in one of the state state and insurance programs or the

Cares Act extended benefits programs as well. So that is a record high number, and that is what I follow the most closely because it's a hard number and it's it's not prone to seasonal adjustments. It's simply the number of Americans collecting unemployment insurance as of the same week as the survey week that we saw for the non farm payroll data this morning. So, Daniel, you're based in the Dallas you of a grounds eye view of kind

of what's happening in that state. Give us a sense of kind of where you think a state as big and as diverse as Texas, how is it dealing with the resurgence and cases there and kind of how do you think that's going to impact employment numbers going forward as we think about not just Texas, but Florida and Californian Arizona and California has just shut down nineteen counties

as well. Uh So, the way I look at this is is traffic patterns, it's open table reservations, it's Google trends in terms of individuals looking for unemployment insurance benefits, and we've seen them pick up for the last few weeks. There are very few paying attention to initial unemployment claims, but they are definitely moving in the wrong direction. They've missed the consensus for three weeks in a row, meaning

they've come in higher. And that is what we're seeing here in Dallas and in other places that are slowing down. Restaurants are closing back up, bars have obviously closed again, and there's much more reticence on the part of a lot of people to go out and spend and that is filtering through to the number of people applying for the first time for unemployment insurance exactly. We just literally a few minutes ago had Nationale Tennessee revert back to

phase two from phase three. So it's happening incrementally around the country. Done, what are re employment benefits and bonuses, well, re employment benefits and bonuses are uh A their theoretical and some of the things that we've heard thrown out would be potentially a four thousand dollar credit to travel around the country um and go see America. It would

come back to you with your taxes. Basically, what they're trying to do is incentivize Americans to come back into the workforce, many of whom are making more money today, making six hundred dollars extra a week that is set to expire on July thirty one. I truly believe that the Democrats are dead set on extending that six hundred dollars because of the effect that it would have. And we as we see one state after another lift rental moratorium um uh and the national moratorium by the way,

on stead really assisted uh Renters lifts on July. So you've got two different cliffs, if you will, for people who have been relied on stimulus to tie them over. So, Danielle, give us a sense not given we've got a couple more data points here on the labor front. How do you think this US economy is going to uh? You know, presumably we're gonna get this brutal UH second quarter g d P print. But how do you expect the remainder of the year into two thousand and twenty one to

develop from an economic activity perspective. Well, so I'll be much more comfortable when I start to see the number of people collecting pandemic uneployment assistant claims begin to go down. We've had one point eight million added to that in the data that we have. Last week it was one point six million, So these are new entrants. UH Looking for Cares Act released this Pandemic Unmployment systince last through the end of the year, by the way, December thirty one.

So I'll be happier when I start to see the number of Americans collecting unemployment decrease, because that means that you're going to get more velocity and edibility to generate growth the on the mathematical bounce that we know that we're going to see in the third quarter, even as as Goldman Taxes estimated we've closed down the economy a few days ago. That preceded, as Vonnie just said, Nashville and Miami and nineteen counties in California, you're gonna need

a truly reopen economy. The President would be best served to mandate masks, which would get a lot of a lot more people out and purchasing spending, generating economic activity. Danielle. We also had Larry Caudlow a little earlier talking about helping the restaurant industry, the tourism industry, and the entertainment industry. You talked about capital gains, moves, investment right offs. How

do you see that all happening? Will you need a mixture of everything from from what I just mentioned to those reemployment benefits and bonuses to a continuation of p PP. I think you're right. I think it's a combination of many things. I worry that the relief for the restaurant industry is going to come too late because of a recent YELP survey that found had already made the decision to close restaurants in America a third of retailers in America.

These are small businesses. So if they're going to do something to try and rescue the restaurant industry as so much of the country recloses, it's something they need to do very very quickly. Daniel D. Martino Bouth, thank you so much for joining us as always. Danielle As a CEO and Director of Intelligence at Quill Intelligence, also a former advisor at the Dallas Federal Reserve, and also a

Bloomberg opinion columnists and that's not enough. She's also the author of the book entitled Fed Up and Insiders Take on why the Federal Reserve is bad for America the market, Vannie, you know, it's kind of giving back some of those games. We were up about four change on the DAW, now

up about one seventy five. So I think people are recognizing that while the jobs data was certainly a strong, strong number, better than expected, it's a you know, backwards looking number, and maybe going forward the numbers may not

be as good going forward well. And of course, as we get you know, local updates throughout the morning from various parts of the country, you started sort of worrying about coronavirus again, right, and and the surge in some areas not even a resurgence, but you know, a first surge in many areas which were causing which is causing areas to shot down again. Yeah, exactly right. And as you mentioned earlier on Nashville, Tennessee, kind of rolling back from a phase three opening back to a phase two

so as they get more cautious. This is Bloomberg Markets with Paul Sweeney and Bunny Quinn on Bloomberg Radio. Well, the narrative of the COVID nineteen pandemic really over the last week to ten days to two weeks perhaps has been the surge in cases in key populous states such as California, Texas, Florida, Arizona, states that had generally been lightly touched by this virus in the early stages. To get a sense of kind of where we are, where

we're headed. We are so fortunate to have Laurence sour with that she's assistant Professor of Emergency Medicine at the John's Hopkins UH School of Medicine. And I might note that the Bloomberg School of Public Health is supported by Michael Bloomberg, founder Bloomberg ELP and Bloomberg Philanthropies. In this radio station and TV station, Lauren, thank you so much for joining us here. Some really grim numbers coming out

of some key populous Sun belt states. What's your take. Yeah, I think that what we're seeing is the impact of reopening too soon essentially, um, and I don't think it's unreasonable dr pat to the other day on UM some of his testimony so that he expected that we could possibly see a hundred thousand cases here in the US and UM per day. And and I think I think we're headed there. You know, we had a fifty pieces

day yesterday. And UM, I think the impact of these reopening, this new mixing and the wanting so desperately to go back to normal is showing its space. The reopenings that need to be you know, moved back, need to be so down how they contribute to do new spread? Lauren, I think we we're still looking at the date on that, but I do think we are seeing new spread because of those reopening, particularly in places like bars and restaurants

and indoor spaces where there is crowding. Um. You know, there was this rush to get back to normal, and we're not in a place where we can be back to normal. And I think this Jon, we sort of realize that, and you know, remove the political politicization of you know, social distancing and wearing masks and things like that, and just look at them as really public health measures.

The better off will be. So Lauren, there is a playbook on how to bend the curve, which is a term we spoke about a lot early uh in this pandemic. New York, New Jersey, Connecticut, Delaware, Pennsylvania, some states who really had some success and are continuing to see some pretty good numbers. There's no reason why this can't be applied to other parts of the country, is there. Yeah. I think that's right. I mean, I think, um, you know, we have a lot of lessons to learn from places

like New York. Massachusetts is doing really well, UM, and I think they've been pretty restrictive on what they're allowing with reopening, and they also have a lot of community buy in around masking and social distancing, and so learning lessons from the states that have gotten it right um, and even some of the states that have had to backtrack and say we thought we were ready and we're not.

I think that's critical. One of the challenges is, you know that we have to change our approach if we learn new We may have to change our approach if we learn new information, and communicating that to the public UM is really important. So the message are getting today might be slightly different than the message you're getting tomorrow

because we've learned these new things. Yea, where do you go for a new information that you trust to move on the conversation and the research on coronavirus law and other specific places and and is it a day by day thing or it can we really only find new information and amount a month by month basis. Yeah, I think it is a day by day thing. There's a lot of science happening really really quickly, and we have to be a little careful with the science that's coming out.

You know, there's been an uptick in the use of pre prints, which essentially is is research is being published before it's been peer reviewed, and so how we use that information to make operational decisions has to be you know, a little better understood. UM. I am partial to the Hopkins resources. I think we're doing UM. I maybe a little biased, but I think we're doing a lot of really good work UM. And you know, there's a lot

of really good resources on the Hopkins site. And and I think UM information UH outbreak dot info UM is a is a website by scripts that I really like that UM is calling UM research together and it's been really valuable. It's updated regularly, and it's really useful. So there's a lot of sites out there. It's just a

matter of you know, parsing through it. Sometimes it feels like information overload, and I think part of that is because this is so new and were we are adapting our approach based on new information, that it feels like there's this overflows him soul well profession. When I think of Johns Hopkins, I think of two things, lacrosse and world class kind of science medical, uh, you know, knowledge.

And that's why we're so fortunate to have folks like you and the other folks at that Johns Hopkins talking with us. We appreciate that. One question, is this whole mask you mentioned, kind of the mask wearing thing. It's kind of a second nature for us here in this part of the country, but I know in a lot of parts of the country it's really not. Does that require some type of federal mandate if you will to wear masks in public? How do you think you play that?

Yeahs mnate, it would be one option. I think it's UM those can be challenging to enforce. I think we also have to respect the state police powers that give the state the um authority to in um enact public health measures and health care measures. UM I think the biggest thing, honestly is the messaging and the communication around it.

We're in a bit of a trust vacuum when it comes to UM, you know, public health authority and leadership, UM and messaging, and we have to find a way to make the masking or the pace coverings or even the physical distancing not about the politics behind it and who's supporting what, but about the fact that masks keep people safe, the evidence of telling us that my mask is keeping you safe, your mask is keeping me safe UM, and together we can protect our most vulnerable communities and

try to get back to some some of the normality. Lauren, our conversations with you are literally are highlights for the day. So thank you very much for making yourself always available even with everything that's going on. Lauren Sower is a system Professor of Emergency in Medicine JOHNS Hopkins School of Medicine, and I should say she has a Public Health Preparedness Masters and Homeland Security Management as well, so she really

knows what she's talking about. And that out break dot info once again, that website potentially another source of information for us. All well, we have an up market, say off the highs certainly, but certainly uh, you know, up

about one percent on the SDP and the Dallas. Greg was just reporting on the back of those better than expected jobs numbers to get a sense of kind of how we should be thinking about equity investing here today and what is a very very uncertain market, very very uncertain virus uh update where we already got some states that are doing well, some states that aren't doing well.

Barry Ridholts, Bloomberg opinion columnists and host of Masters in Business on Bloomberg Radio, was also the founder and chairman and chief exact investment officer of Ridholt's Wealth Management. Barry, thanks so much for joining us here. First, I just want to start off and kind of how you're thinking about the markets here. We had a better and expected jobs number. We've had some talk from Larry Cudlow about more fiscal stimulus, UM, we've heard from Chairman Pal over

the last several days. Kind of what's your view right here? So the jobs numbers are looking backwards telling us about June and and so far in this insane COVID economic era, every one of those reports have a giant as risk on it. We won't find out what the true numbers look like for months and months and months, they're they're not only going to be revised, but they keep changing categories. And I'd rather see a positive number than a negative number.

But you know, take good or bad, take those numbers with a grain of salt. Looking forward UM. Originally there was a little bit of pushback on the idea of a stimulus. It wouldn't surprise me if we see maybe a trillion dollar direct to employee bypassing the company sort of stimulus, maybe some sort of I can't believe I'm gonna say this again. I feel like Charlie Brown trying to kick the football from Lucy. But maybe we'll get

a infrastructure plan and some sort of stimulus. I've been wishfully thinking about that every year for I think since my bar Mitzvah and and and you know, the market clearly is thinking in terms of looking past into UM. But there's a lot of variables, and it does not look like we're doing a fantastic job managing reopening. And if this gets much worse, I think you're going to see the economy start UM reflected in some of the data.

So Barry the President earlier on was talking about a bit of a comeback in Q three, certainly before the election. I mean, we all know that that's very likely, except for the fact that there is only one direction that the economy can go from here, and that's in an improving direction. Does that mean that markets at records now continue to move higher when we actually see improving data. I'm going to challenge your thesis, and there is always two ways the market can go. We have come way

off the loads of March April May. We're doing so much better than we were. If this entire reopening process and and and the number of infections continues to spiral out of hand, I don't think it's a high probability, but it's a real possibility that that we head back towards those economic clothes if we don't get this virus underhand. Now I only think that's a fifteen possibility. I don't

think that's the most likely outcome. I I'm more concerned about just slipping a little bit and bouncing along kind of where we were this month last month, still a huge improvement from March and April, but not anywhere near where we should be. And a lot of this is going to be dependent on how well we manage uh the lockdown here in New York, where the numbers have

gotten so much better. I've spoken to a lot of colleagues and neighbors and other people we work with in the city, and I'm s arise at how few people are planning on going back into their offices before January one. We just saw a Broadway get locked down for the rest of the year. That's but I suppose just development just I know I'm taking Paul's question here, but I guess that's my point, Bari, because if the market isn't selling off on some of this, then will it ever

sell off? I mean, what will be the thing that gives the market permission to sell off or does it? Well, what does the market have to do with the economy. I I know that's a glib answer, but when you look at the data over history, the at least along shorter periods of time, obviously, when we see a collapse in economic activity, the market has a tendency to follow that, and when the economy begins to recover, the market tends

to presently see that in advance. But that said, um, you know, back in April I wrote a column April one. People thought it was an April fool's joke on maybe the OVID nineteen is not a financial or economic events. Maybe it's a meteor from out of space, and it's not. It hasn't derailed the bull market, and we're just gonna keep going where we are going as soon as we

have a little more clarity on a treatment and a vaccine. Um. Think back to seven yet, a huge move off of the eighty two lows, and the market got she lacked, not just that one day, but about a thirty plus percent correction, and once the market shook that off, it kept on going higher and higher until the ultimate peak in two thousand. This coronavirus crisis, lockdown and market crashing

recovery could end up being very parallel to seven. So yeah, markets ultimately will respond to profits and and future expectations of growth. But but maybe we're looking at this from the wrong perspective, and and maybe this isn't the run of the mill recessions that we typically see the last six to twelve months. The market drops and then we

start all over. Maybe this isn't a reset. Okay, Barry, just real quickly, I want to go to your recent column because the headline was fantastic, the robots will handle your finances now thirty seconds. What do you mean there? So run Carson runs the Carson Wealth Group about twelve and a half billion dollars and he's a big believer that AI and data is going to take us to

a very different place. Not so much what what he describes as the robo advisors, the algorithmic trading and betterment, well from those sort of things, but an entire new approach to UM human computer interaction. You know, once we pass the touring test, once the computer is indistinguishable from a human when you're interacting over a phone or an internet, do you really need a high paid advisor. I think wealthy people want to deal with a human and this

is a solution to UM smaller portfolio issues. Carson Ron Carson thinks that eventually it will be robots and humans working together. It will be fascinating to see what happens in the future. Yes, maybe, if maybe you need a human that acts like a robot or a robot that acts like a human. I'm not sure which would be better. Barry, It's always fun to chat with You have a wonderful

fourth of July weekend. That's very Riddle's opinion columns here at Bloomberg, founder of Adults Wealth Management, and of course the host of Masters in Business, the podcast which is now in its teen season and it is well well worth having to listen to some fantastic Masters in business out there. Thanks for listening to Bloomberg Markets podcast. You can subscribe and listen to interviews at Apple Podcasts or

whatever a podcast platform you prefer. I'm Bonnie Quinn, I'm on Twitter at Bonny Quinn and All Sweeney I'm on Twitter at pt Sweeney. Before the podcast, you can always catch us worldwide at Bloomberg Radio. H