Transcripts For BLOOMBERG Bloomberg Technology 20240713

100,000. The World Health Organization in the meantime is warning countries against stopping lockdowns too soon. We will take you to the press conference in washington as soon as it begins. We are expecting President Trump to speak at any moment now. Meantime, i want to bring in Romaine Bostick. You have been following the markets all day. There have been some good days, but most days have been down days. What was driving the market today . Romaine, are you there . Looks like we lost romaine. We are going to go now to the ceo of google cloud, who is joining me now on the phone. You,s, before i get to just want to show what the market has been like for google over the last month and a half. Google shares down from a peak but this has been a time of record business for you. You have seen Unprecedented Demand on google meet, your videoconferencing service. If you will, talk to us about how you have navigated a surge in demand and business as all of your own employees have had to work from home. Seens, we have extraordinary interest in our cloud offerings, our collaboration tools, meeting product, and cloud platform. We moved our employees to work from home early, recognizing this would likely be a global issue with the virus. It is an extraordinary growth in our meetings product. Just to give you a sense, 2 billion minutes of meetings per day. That is equal to thousands and thousands of years of meetings are happening in a single day every day. Pickup fromenormous people driving a secure platform, governments, hospitals, educational institutions around the world. We have people using it in peru, italy, madrid, south korea, and every state in the United States. We are seeing big growth. We are helping retailers, manufacturers, media companies, all of them transition. Now, as you said, this unprecedented surge in activity. Curious how this translates into sales. I know you are giving away google meet for free. But when it comes to g suite in general which includes meat, gmail, calendar, drive, and docs. Thomas we have seen people asking us for full enterprise support. Usingople shifting from the meeting capability to broadening the use of the broader portfolio of g suite. We are not quite there so i will not give you a forecast but we are very encouraged by the adoption. Just to give you a sense, we have grown 25 times our volume since january. Day today, we are adding millions of users incrementally every day. We are seeing lots of interests from different parts of the world. We broad brush are helping people, hospitals, governments, businesses to tackle the virus and take the burden off their workforce. Helping people drive supply chains and i. T. , infrastructure to support normas growth. We are enormous growth. We are also helping with consumer demand. We have seen retailers, for example, seeing 25, 30 times theire of black friday on ecommerce sites and in their logistic systems which run on our cloud. We are also helping the educational institution, nonprofit support, citizens working from home. And we see a huge increase in governments wanting us to help them with social services, medical testing, Scientific Research programs. An enormous number of these different activities we are doing in different parts of the world, not just the u. S. , to support people through this very difficult period of the pandemic. T competes with zoom. Zoom has gotten a lot of the mind share in the pandemic despite vulnerabilities. They recovered today. Do you feel like zoom has kind of taken the wind out of the sails for meet a little bit . Looking you do to compete and get some of that mind share on your side . Thomas we made our enterprise meetings product suite for all organizations through september. We have seen large growth in a number of industries. Health Care Organizations were worried about patient data being not secure on other platforms. Governments, we are helping the governments in italy, governments in italy, spain, the state of oklahoma. A number of places use our technology to offer social services and run the governments themselves. Theelped one of largest retailers in germany transition their workforce, over 100,000 employees, to using our meetings products so they can collaborate and keep the supply chain running. We are seeing growth in medical institutions. So a variety of different places. We are very optimistic about the growth of meet. We are seeing great interest from people. The capacity is well managed. We have plenty of capacity for people. Cityse of that, when a like new york city says we would like to offer 1. 3 Million Students distancelearning using your platform, we can provision them in a single day. We are very confident in our products. We are confident customers can use it for the same security they expect from google. We are optimistic for the future. Emily speaking of that since you mentioned g suite for education, there was a lawsuit filed yesterday that accuses google of collecting biometric childrentudents and without their permission. What is your response to that . Thomas i cannot comment on that. Google classroom and google meet both meet the required security and privacy standards. We find that contractually with many organizations. We meet the required privacy standards in many, many countries. It has been used even before the crisis in many parts of the world. So i am not going to comment on that specific question because the situation where we are working through that with the appropriate organizations. Emily now there has been a lot of stories about private Companies Working with the government to help in efforts to tackle covid19. Curious, are you working with any Government Agency to aid in their response to the virus or tracking of the virus . Thomas yes. We have helped a number of organizations. I will just give you an example. The Oklahoma State department of health. The staff can engage remotely with people who may have been exposed to the virus. We built it on a mobile app to allow people to do that. We worked with the government of spain to provide a tool for citizens to self assess if they got coronavirus infection. We helped the Australian Department of health launched its coronavirus monitoring application called the coronavirus australia application. We also helped in asia to build a platform called dr. Anywhere. It is a Telemedicine Service that runs on our cloud. And it offers consultation with locally registered doctors. Medications delivered to the doorstep. We have seen a 400 increase in volume of traffic through that. These are examples in different parts of the world. We are also doing work with many medical Research Institutions to provide them the capabilities they need. Machine learning in our platform to help further identify ways to combat the disease. Emily last question, thomas. We dont know how long this is going to last, the shutdown is going to last, the work from home guidelines will last, but you have to have some operating assumption about how long this goes on for. How long are you and your employees prepared to do all of this remotely . How long are you planning to do this remotely . Some ceos are telling us it could be six months before their employees go back to work. Thomas we work with governments in each country where we have employees to understand what the es and policies they have what the rules and policies they have on people returning to work. The first two to three weeks when the virus is detected as growing and expanding quickly in a country, most organizations ask us for Business Continuity solutions. Room that a war has been running since january with support teams, etc. , to help people transition to a work from home and Business Continuity scenario. Once you get through the first three to four weeks, you have to plan to run operations in a fundamentally different way for six or seven months. In some cases, people are worried they have to run a different way. We have seen, for example, Grocery Stores seeing huge spikes in their online systems because people are no longer going to restaurants and they have to shift the calories they consume in a different way. So we helped a number of grocers in different parts of the world build solutions. We are building out distancelearning for people. Schools are shut down. Rather than pick a date. It is not our job to pick a date. Governments will provide the guideline on that. Health care experts will provide a guideline on that. We are helping people with technology prepare for an extended period if necessary. Thomas, really great to have your perspective on all of this given how much the crowd has helped to make all this possible. Thank you so much. I want to get back to Romaine Bostick now, our cohost, for a check on the market. It was a down day today. Talk to us about the biggest movies you have been following. Romaine it could have been worse. You have a market that started off the weak positive and ended on a down note. We saw the major indices down on the day 1. 5 and on the week down 2 to 3 . When you look at the movers, it was an interesting dichotomy here. We saw some of the tech names hold up this week. The strongest sector was actually not in the normal tech that we think of, hardware or software, but it was in biotech. We saw the biotech index rise for a second straight week now. Obviously, a lot of this is people making bets on any sort of potential advancements we get with regards to a Coronavirus Vaccine as well as other health care measures, genetic testing, other things that may be an outgrowth of the crisis we are in. Up talk about names about 10 or so on the week. The, we saw some names in more traditional tech space also get bids this week. You talk about Akamai Technology up for the week. Some strong bids. And then some stalwarts like microsoft weaving higher by about 3 for the week. Onlyer ended up about 1 on the week. But most of these names as well as the chatter we have been heaving out of analysts seemed to suggest there are pockets of the market that do offer some degree of defensiveness and maybe potentially some degree of value. Emily all right. Romaine bostick, thank you so much for giving us that update. We will continue to follow. We are waiting for the press conference to start at the white house any moment now. Meantime, pressure had been on Companies Like google, like facebook, like twitter to crack down harder on misinformation in the time of the coronavirus. Especially given that it is now a matter of life and death. I want to bring in the words from someone who has been called the closest thing that Silicon Valley has two a conscience, and that is tristan harris, the president and cofounder of the center for humane technology. You recently came out with a medium post in which you prescribed something. Prescribed something that you believe they should be doing more. You said it is time for us to abandon the fiction of neutral metrics and mutual engagement that selected for the worst aspect of human nature. We need more like a thoughtful journalist, doctor, or other fiduciary agent that ks about that cares about ethics. What more do you want to see from these companies right now . Tristan yes. Thank you, emily, for having me. It is good to be back with you. The point that we made is this is the new Public Information infrastructure. If there was anything that was wrong with technology before, we are going to notice it a lot more now. Think of it as a ergonomics. If you sit in a nonergonomic chair for 20 minutes, it is not a big deal. But when you live and breathe in that chair for 10 hours a day, you notice ergonomic matters. Technology for the mentally, the Business Model that uses clicks and likes to ranks what we see has created a toxic information environment that we now know to be lifeanddeath consequences if we do not get it right. As we are now unavoidably reliant on this as i would do Public Information infrastructure, it is a public wit responsibility. The point we made in this medium piece is that technology is the only actor, the only agent in the system that can skate to where the puck is exponentially ca going to be. Especially in the developing world, they reached 3 billion people. People they can reach before the virus can. A lot of people said we dont know because the fundamental point is that our brains are not really wellequipped to see exponential curves. That is why we were so late on this phenomenon, because our ever had not natively seen expert and curves. Now that we are dealing with that, Technology Companies have a responsibility. This could be things like whatsapp saying shelter at home and user Profile Photo. 23 of your friends changed their Profile Photo to say sheltering at home. We change the photos to have a mask in front of it because western markets, Wearing Masks is not a native norm. There is a lot they can do to help save lives by changing the design choices. Emily interesting. Interesting. Now, as you say in this post, these companies should be doing more not just to inform but to persuade. Critics would say this is a slippery slope. When covid19 is over, what other views would they be pushing at us . Is it a unique situation right now . Do you see the danger that this could go too far, especially when it comes to other issues . Tristan absolutely. In a way, it example because the point i am trying to make for five years now, which is you cannot have asymmetrically powerful psychological Manipulation Technology wired up to commercial interests. Essentially, the Technology Companies have 21st Century Advertising microtargeting technology, but on coronavirus, it was deploying 20thcentury Public Service notes. I was just on the phone with dr. David navarro, who is the u. N. Envoy for ebola. He said the Public Service announcements are not working. They are boring, just facts. It does not work. Technology companies have never been neutral. On the one side of the equation, they offer nonneutral tools for advertisers. Peoples brains are completely manipulatable. Pay us money to reach them. On the other site, they will tell us in the public and government that we are a neutral platform. People are choosing on their own and we are not influencing them in any way. One of those things cannot be true. We know which is true and that is that tools are influential. They should start manipulative anyone in any direction is a notion that they should be serving the public interest. They need to prioritize that, especially when it comes to conflict with business interests. We will see such enormous consequences taking place on these platforms over the next few weeks. Imagine four weeks from now when the virus is peaking and you will see it build with posts about people who lost loved ones. That is a new and unprecedented event. The reason they need to shift this position of responsibility is we want their engineers thinking of these consequences and preempting them and getting ahead of essentially, what is the right way to present this . Instead of super saying fear and outrage and violence, look at that. These guys are riding on the streets. Having that information in the environment which is not neutral at all is basically selecting the fear processor in the human brain. This is just waking up neutrality and realizing all around they needed to do more. Already arenments using things like location data to track the virus, to help people understand who they may have been in contact with the last couple weeks if they are diagnosed as positive. Does this concern you, or is it ok because it is in the interest of Public Health . Tristan this is a very big debate. Very big and important topic. We should be very wary about the powers that are handed over to Technology Companies. It is easier to handed over that it is to ever take it back. My understanding is there is a bunch of privacy protecting efforts with Contact Tracing using bluetooth sensors and they are never stored on a centralized server but use local decentralized ways of storing the information. That is being rolled out in certain countries. We are seeing trials of that in singapore and iceland and europe is starting to just roll that out. Stanford, a team has been rolling this out. We need this infrastructure because unfortunately we cannot get people back to work without Contact Tracing. The only countries that have been able to beat the curve and flatten it dramatically and get people back to work are the ones that have implemented Contact Tracing. It should be a debate that we have to have about the power of companies. There are things. Something, fors example, to see what are the busiest hours of the store. They say 12 00 to 1 00 is the busiest time to visit so you may want to come whenever later. Those are using aggregate statistics. There may be ways to use that information to better monitor and understand hotspots where people are getting the virus, things like that. It is a very important conversation. It brings up the fact that this gives the public new infrastructure. These are the digital habitats and infrastructure that are now embedded in and lived by. You do not want a private company just running all the traffic lights on all the streets and design where streets go and parks go in the city. You want it to be a Public Works Department with a city for the people. Emily all right. Tristan harris of the center for humane technology. Fork you so much sharing your views with us. Actually, we will move on. Thank you so much. A few weeks ago, i sat down with julie wainwright, the ceo and founder of the realreal, the online luxury consignment market. Just another company that has been pummeled. Shares have been pummeled along with the rest of the market. We met them at their new physical store in san francisco. I wanted to bring you a little portion of that conversation. This is the latest addition of bloomberg studio 1. 0. She is focused on disrupting the online luxury consignment market with the realreal, a Company Worth over half 1 billion, with over 2300 employees, including andinhouse gemologists brand authenticators, and 15 million members. The company rose 45 in its first day of trading after a spectacular three hundred Million Dollar ipo in june 2019. But since then, there have been bumps in the road, including having to withdraw the companys outlook for the full year of 2020 as a result of the coronavirus. You took the company public. Huge, very successful ipo. Tell me about that moment and what that felt like. It was actually just a fabulous day and fabulous moment and a critical milestone for the company. It raised our visibility, gave us the capital, and i feel good about being a public company. Emily at the high, the company has been worth 2. 5 billion. Cnbc did a big investigation about authentication of the company. And they say that they found hundreds of items that were fake. What went wrong there . Julie we are the only company that works incredibly hard in that market. We have great processes, incredible sophistication, a is stillteam, but it mostly human driven. We use aim technology mostly ai and technology mostly to get rid of bad actors. They filter into the system and the holidays. Havehe gemologists, they a lot more equipment. Some of it is highly proprietary. That is very sophisticated. When looking at a handbag, we have people looking inside, checking numbers. Do we make mistakes . Sure. Do we make a lot mistakes . No. In october, we processed many items. We actually had 20 items out of those that were suspect. Emily i want to read the statement you put out. You said if the realreal had the most vigorous authentication process in the marketplace and are the only company in the world that authenticates every single item. There is no other company doing more to remove fake from the market every day and put counterfeiters out of business. How many think items do you catch . And how many do you think you miss . Julie we know in october we probably missed 20. Here is the most important thing. For a consumer, you get a free return. We reauthenticate. Fakes offs to keep the market. Amazon reported in their last earnings, we have fixed that may hurt our business fakes that may hurt our business. That is not us. What we do is we try to keep them off. They are obviously couple with keeping counterfeits on. That is not us. Our goal is we take responsibility for our platform. Emily how is amazons approach different . Julie i think you have to ask them. They come across as agnostic because there are counterfeits out there right now. The key for us is to keep the trust going. We have a Great Customer service department. We are here to keep counterfeiters off the market. Emily how did Technology Help you identify a real chanel bag or if a piece of jewelry is authentic . Julie it is easier on the jewelry because we have so many machines that measure content. Jamaal or just should be here talking about the reflection of the colors and understanding the origin of the gemstone. Ofsually wear a lot bracelets. We know the content and how they cut diamonds. We have magnifying equipment. Also refraction. We have logs of all of this. We can go through. You can right away say fake. Emily what about the bags . I have been to china. I have seen the markets the bags,. Some of the fake bags look and feel good. Julie i will not say it is easy. It is very hard. We have skilled people, a lot of data. We use scales, black like. We have a lot techniques that we use. And then all the knowledge is stored and shared. But it is hard. Counterfeiters get smarter. We have to get smarter. Ourgs have changed in Operation Center and they will change, but it is also because we are automated where we can automate. Shouldnt you pay less when you use less data . Now you can. 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Emily President Trump now speaking at the ligh white house the cdc is recommending wearing cough masks in public as an additional voluntary precaution. Lets take a listen to the president. Pres. Trump we are all going to come back together and practicing hand hygiene which we should do anyway. A lot of things i think youre going to spill over. , maybe well stay with our country for a long time beyond this. One of our great doctors was telling me that we have for lose every year flus every year. And the number of People Killed by the flu is very substantial. If they didnt shake hands, that number would be substantially lower. Maybe some of these things longterm will be good. Those guidelines are still the best and safest way to avoid the infection. So, with the masks, it is going to be really a voluntary thing. You can do it. You dont have to do it. Im choosing not to do it, but some people may want to do it and thats ok. Probably will. Only a recommendation. Its voluntary. Ensure take in action to no barrier to americans seeking bluement or testing the cross blue shield system has now announced it will not require any copays which is really something. That is a tremendous statement from patients of the virus, treatment for the next 60 days. Similar to the commitment made by cigna, humana. Theyre all doing great things. Copays, for them to do that, is a big statement. Today, i can so proudly announce that hospitals and Health Care Providers treating uninsured coronavirus patients will be reimbursed by the federal government using funds from the Economic Relief package Congress Passed last month. As per the question yesterday and the day before yesterday. They should alleviate any concern uninsured americans may have about seeking the coronavirus treatment. That i think answers the question pretty well and very much in the favor of our great people. Im also signing a directive invoking the defense production act and prohibit export of scarce health and medical supplies by unscrupulous actors and profiteers. The secretary of Homeland Security will work with fema to prevent the export of n95 respirators, surgical masks, gloves and other surgical protective equipment. We need these items immediately for domestic use. We have to have them. We have done really well with the purchase of items. You will be hearing about that shortly. We have already leveraged the d pa to stop the hoarding and price gouging of crucial supplies. Under that authority, the department of health and Human Services working with the department of justice took nearly 200,000 n95 respirators. 130,000 surgical masks. 600,000 gloves, as well as bottles, many bottles and disinfectant sprays that were being hoarded. All of this material is now being given to Health Care Workers. York,e given a lot to new a lot to new jersey, a lot to other places. In addition to ensure Health Care Workers in new york have the protective equipment they need, the federal government in the name of the department of 8. 1nse is providing about million and 95 respirators n 95 respirators. We have already given 200,000 of them to new york city. Mayor de blasio needed them very badly so we got them to new york city. They were very grateful. 8. 1 million. We will be increasing that number from 8. 1 million to more. That is a lot of n95 respirators. Today, my team spoke with the the two Largest Health systems in new orleans. They said they feel they currently have enough ventilators. I think a lot of people will have enough ventilators and masks, and appreciate what we did. All of the things we have been doing with them, working with them. The ceo of oshner, warner thomas, who has really been fantastic, indicated a need for 230,000 surgical gowns. I instructed fema to deliver them tomorrow. They will have the 230,000. Louisiana, new orleans. 230,000 surgical gowns, they will have them by tomorrow. Were expanding the role of the armed forces in our response effort because no one is better prepared to win a war than the United States military. We are in a war. Invisible enemy, remember. Over 9000 retired Army Medical Personnel have answered their nationss call and now supporting field hospitals and medical facilities all across the country, like what i just told you Governor Cuomo requested. We do something in javits where we take it over. We will have that manned by the military. Very tough to get more people in the new york area. We will have it manned by the military, javits center. National guard members have been activated to help states assist in the seamless distribution of medical supplies. That includes National Guard. The National Guard is assisting very strongly because the states were in many cases unable to have the delivery capability from warehouses and other places that we put the supplies. I have given approval to use the National Guard, the various National Guards in the different states and they are doing a fantastic job of not only protecting people but delivery with serial. The army corps of engineers has assessed more than 100 facilities in all 50 states and is rapidly building temporary hospitals and alternative care sites in many states. New york, new jersey, michigan, arizona, california, colorado, florida. ,llinois, new mexico washington, wisconsin, ohio. They are doing a lot of work in just those states, plus additional that will be announced probably tomorrow. They are doing some job. The army corps of engineers, what a job they are doing. And fema, what a job they are doing. We are also deploying the skill of our doctors, scientists and medical researchers. We continue to study the effectiveness of hydroxychloroquine and other therapies in the treatment of prevention of the virus and we will keep the American People fully informed of our findings. Hydroxychloroquine i dont know, it is looking like it is having some good results. That would be a phenomenal thing. We have it right now approximately, it has increased to 1500 people. I have talked to dr. Zucker in new york, terrific guy. Doing a good job. I spoke to Governor Cuomo last evening and this morning about it. It has been there for about three and a half days. And many other places, it is being tested. We have a tremendous supply of it. We ordered it in the case that it works. It could have some pretty big impacts. We will see what happens. Administration is working to get really for American Workers and businesses. Day one of the Paycheck Protection Program. Than 3. 5aid, more billion in guaranteed loans have been processed to help Small Businesses keep their workers employed during the unprecedented time, this unprecedented time. Bank of america has been incredible. Big banks. Bank of america has stepped forward and done a great job. We have the community banks, smaller banks. We already at 3. 5 billion going out to incredible people. That is way ahead of schedule. The sba and treasury are working around the clock in our banking partners are really incredible. They are ensuring the money gets to Small Businesses as quickly as possible and then the Small Business in turn takes care of employees that they would have at seleka and now they will keep them. That is good. They will open new business and have their employees. We will try to get back to where we were. Eventually, we will supersede where we were. The Energy Industry has been especially hardhit. 66, Devon Phillips energy, continental resources, hill corp. Energy, occidental petroleum, the American Petroleum institute, Energy Transfer partners, chevron, and exxon mobil. I informed them that we will be making Space Available in the Strategic Petroleum reserve to let american producers of shale oil that can be sealed at a later time. Theres a tremendous abundance of oil, primarily because of the virus. The virus has stopped demand of everything, including oil. So, we are working with our great energy companies. These are great companies. They employ tens of thousands, hundreds of thousands of people. They have kept america really going for a long time. No big price hikes, no big anything. They kept it going and now they got hit. With all the jobs and all of the good they do, we are going to make sure they stay in good shape. America is engaged in a historic battle to safeguard the lives of our citizens, our future society. Our greatest weapon is the discipline and determination of every citizen to stay at home and stay healthy for a long time. We want them to stay healthy for a long time. Stay at home. This is ending. This will end. You will see some bad things and then you will see some really good thing. Its not going to be too long. We will heal our citizens and we will care for our neighbors and we will unleash the full might of the United States of america to vanquish the virus. With that, i would like to ask mike pence to, Vice President to say a few words. We will have a couple of other of quick talks on a couple of subjects. We will take questions. Beautiful friday in washington, d. C. Our country is a great place. We are Getting Better. We are Getting Better very quickly. This was artificially induced. We just said they said close it down. We closed it down and we are dealing. We are going to get it better fast. Mike, if you could come up and say a few words, please. Vice pres. Prenence thank you. The president just outline a number of decisions he made today on the unanimous recommendation of the White House Coronavirus task force. In addition, some good news. Dr. Deborah birx will reflect, on it in a moment. Some of the areas across america where we see evidence that the mitigation efforts, the American People putting into practice the president s coronavirus guidelines, are having a positive effect. In fact, today, california and Washington State where the coronavirus first emerged in our country remain, the cases remain at a steady but low rate. We know, as Governor Newsom said yesterday, they are not out of the woods yet. They continue to pull resources. We want to commend the people in those states and all across the country who are putting into practice the social distancing and all the measures that state and local leaders are advising and that the president has been advising in the coronavirus guidelines for america. Were also continuing to track significant outbreaks in new york state, new orleans, detroit, chicago and boston. As the president indicated, we are prioritizing resources to support Health Care Workers and support those that are dealing with the coronavirus in those communities. On the subject of testing, now more than 1. 4 million tests have been performed across the country. As you all are aware, some 266 ,000 americans have tested positive for the coronavirus. Abbott instruments, which now can perform a 15 minute test haves the country, literally 18,000 of their machines across the nation today, but at the president s direction, fema is acquiring more than 1200 more machines to distribute to every state Public Health lab in america and also to our Indian Health care service. The big news over the last few days was the fda once again in your record time has approved an Antibody Test and we are continuing on the White House Coronavirus task force to examine ways we can scale up these rapid tests and is Innovative New tests, not just to me this moment, but to lay a foundation of testing in the nation in the months ahead. The president mentioned he met with Energy Executives today and continues to engage with leaders and businesses all across the nation. We held a teleconference today with commercial retailers. On the president s behalf, we thank them for the way that people that operate malls and Shopping Centers around the country have embraced and enacted the coronavirus guidelines for america. An enormous impact on their businesses and their industries. I heard from them, their patriotic commitment. With the help of their associates. It was deeply inspiring. On the subject of supplies, the president detail our work in that space. It continues to this day. Part of our air bridge we had a flight arrived from china today to columbus, ohio. We continue to work each and every day, watching the data about cases, and to ensure that in particular, not just the personal protective equipment is available for the Health Care Workers that are on the front lines, but also the ventilators are available. Wayhis epidemic makes its through regions and communities, we are literally working hourbyhour, day by day to make sure that patients, family and Healthcare Providers have the equipment and support that they need. As the president mentioned, we have seen over 1. 5 billion in loans go out through the Paycheck Protection Program today. We have available for question the head of the cdc today to speak about new guidance on cloth face coverings. Secretary azar in a few moments will explain just how the president s decision to make sure no american will ever have to worry about paying for testing or for coronavirus treatment. Im pleased to report at the president s direction, medicare and medicaid already expended to coronavirus treatment and testing early on. The president just indicated how Major Insurance Companies across the country are not just waiving copays on testing, but they are now waiving copays for at least 60 days on any coronavirus treatment. W we will make sure any american, even those that have no insurance, will be able to receive treatment at the hospital and dont have to worry about a bill. I give a general reminder to every american that there is evidence across the country you are putting into practice the coronavirus guidelines for america. Every american has a role to play. I want to thank you on behalf of the president and all of the American People. You are stepping forward, engaging in the social distancing, and doing the things that will slow the spread. We encourage you to keep on keeping on. We will get through this, america. We will get through the coronavirus. The day of renewed health and renewed prosperity the president always describes. We will get through there sooner and when we work together. Dr. Birx . Dr. Birx thank you, mr. Vice president and mr. President. Thank you for your words of discipline and determination. I guess that really describes what we are asking every american, to really be disciplined about these guidelines and really determined to stay in that space of execution. We are just in week three of this full guidance measure. We do appreciate the work of the citizens of california and Washington State, because we do see that their curve is different. Their curve is different from new york, new jersey and connecticut. We really believe that the work that every citizen is doing in those states is making a difference and it will make a difference for the frontline Health Care Providers. We are deeply grateful that despite their way the curve looks today, they continue to get ready for a different potential so they can assure that patients if they do get sick have options and availability. To the frontline Health Care Workers and what we have referred to as hot zone areas where the number of cases are quite significant, new orleans, new york city metro area, including new jersey and workcticut incredible that the frontline Health Care Workers are providing. We are really working now at a much more granular level, talking directly to hospitals to ensure that they have the supplies that they need in coordination with local, state and federal government. The way we discussed it yesterday, it was quite clear also and reiterated by Governor Cuomo today that we have to support one another as each of these different metro areas and other areas move through their peak of new infections. When we talked about it at the beginning of this week, we talked about this week and next week being incredibly difficult. We want to recognize a number of americans have lost their lives to this virus. And recognize the sacrifice the Health Care Providers are making both in their care, but i think very uplifted by hearing their messages to families and their compassion for others to provide that kind of support to the individuals in the hospital. We continue to watch in addition, the chicago area, the detroit area, and have some developing concerns around colorado, the District Of Columbia and pennsylvania. As you can see, each of these will follow their own curve. We will be getting more and more of those cases over time in a very granular way to each and every one of you so that we can epidemiologic curves and each of these states, counties and communities move through this together in solidarity and really ensuring that we can move supplies creatively around the country to meet the needs of both the frontline Health Care Providers, but also every american who needs our support right now. Thank you, mr. President , for your continued leadership. First, a lot to thank all of the members of the hhs team and the frontline Health Care Workers across america. Including those Service Workers who serve in our hospitals, health care facilities. Those who clean, those who deliver, those who stock the shelves. All of those going into battle every day against the virus. Your country has asked you to serve as never before and you have responded heroically. Im going to provide a brief update on the administrations plans to cover the testing and treatment for the uninsured. Getting the uninsured access to the care they need is the top priority for President Trump. We are already rolling out the 1 billion in funding from the Families First Coronavirus Response act to cover provider expenses for testing and diagnosing the uninsured. The cares act signed by the president includes another 100 billion for Health Care Providers. Under the president s direction, we will use a portion of that funding to cover providers cost of delivering covid19 care for the uninsured. Sending the money to providers through the same mechanism used for testing. As a condition of receiving funds under this program, providers will be forbidden from balance billing the uninsured for the cost of their care. Providers will be reimbursed at medicare rates. We will soon have more specifics on how the rest of the 100 billion will go to providers. We are working to ensure that this funding is this tribute it in a way that is fast, fair, simple and transparent. Id also like to remind people that if you have lost employer insurance coverage, you have Insurance Options that you should look into. Youd be eligible for a special Enrollment Period on the health care exchanges. And depending on your state, you may be eligible for medicaid. Just as President Trump working to ensure the covid19 treatment is paid for, he is working to support new treatment options. Thanks to the president s leadership, many providers are trying different experimental therapies. We need as much data as we can collect as quickly as possible for how these treatments are working. Today, oracle has developed and is donating to the government and American People a web portal and platform together crowd sourced realtime information from providers about how patients respond to the potential therapeutics. While this does not replace the important work of clinical trials, it gives us data rapidly. If youre a doctor or Health Care Provider and would like to help us, you can sign up today to begin reporting on your work. Theres a special registration page for providers at covid19. Oracle. Com. Thank you very much. Ok, lets go. Facemasks. N what would people gain from wearing a mask and why are you opposed to wearing one yourself . Pres. Trump it is a recommendation. They recommend it. Im feeling good. Ust dont want to be doing somehow sitting in the oval office, that beautiful resolute desk, i think wearing a facemask as great prime ministers, president , kings, queens somehow, i dont see it for myself. I just dont. Maybe i will change my mind. This will pass and hopefully it will pass very quickly. Now with that being said, if somebody wants to most people can just make something out of a certain material. It is very well designated. It is very simple to do. I wont be doing it personally. It is a recommendation. Would you like to say some thing about that . Surgeon general, please. President ,u you, mr. Mr. Vice president , mr. Secretary. I especially want to thank the folks at cdc. It is a great question you ask, a fair question that you ask. I want to unpack the evolution of our guidance on masks because that has been confusing to the American People. First of all, i want people to understand that the cdc, the World Health Organization, my office and most Public Health and Health Organizations and professionals originally recommended against the general public Wearing Masks because based on the best evidence available at the time, it was not deemed that would have a Significant Impact on whether or not a healthy person emily listening into the White House Press briefing. The big news that the cdc is now advising folks to wear cloth based masks as a voluntary measure that the president says he will not be wearing one himself. Masks use medical grade to preserve those resources for Health Care Workers. You can see more on those guidelines on the cdc website right now and continue listening to this pref Conference Press conference on live. David it is worse than we thought and we have only one job to do. This is bloomberg wall street week. Im david westin. Welcome back. David another week and another week of the coronavirus. As the infections mount in the death toll rises, wherever we are in the United States or around the world, whoever we are and whatever political affiliations we might have, we now have only one common enemy and that is defeating this coronavirus. For the United States, President Trump has designated