today, an index that directs business activities in places such as texas, the virus saieh surge in virus cases. on the other hand, a bloomberg report today reveals the unprecedented hunger crisis. upendingmic is livelihoods and leaves us with some unprecedented projections, that by the end of the year more people will die from hunger then covid-19. haves,t's start with the the people whose fortunes are clearly improving. we did get the dallas fed manufacturing index. this got clobbered in april and may. it is surging back. it came in today at 8. it is well ahead of the expectations of flat. if you read through the report, hiring is up, pricing power is up of expectations for the future is up. there is a long way to go to dig out of that hole. you see it in the market, see it all over the place, a plug company that was surveyed and -- a pillow company that was surveyed said everyone is buying pillows because they are home. niche, but then other companies not so niche. zoom video doing incredibly well. growth in revenue year on year because it is a true work from home stock. right now, worrying about a second wave, that does not bode well for the service industry. like fivefoldp now. caroline: the have-nots. in terms of hunger, 130 million more people could go hungry this year. it is from a set of packages we will be bringing you on the food impact. let's get our agricultural reporter involved. fromare quite breathtaking the numbers you speak of. talk about how many people we might see in such dire straits. >> it is a global number and a big number. million more2 people that will go hungry this year because of the pandemic than originally projected. ,ust to give you some scope this increase will be more than the past five years combined. another way to look at this, this will be more than triple any other increase this century. situationly a dire with a lot more people thrust into these really horrible and bad conditions. been spikes of hunger before, particularly during deep economic downturns. they are not usually accompanied by food gluts. >> that is correct. in the last several decades, we have seen hunger declining globally since about the 1970's. that is taken a little bit of a reversal in the past five years. since 2015, hunger has gone up along with climate change and other conflict. what is happening this year is the amount of food glut that we have got at the same time as this massive spike in the numbers of people going hungry. if you look across the world, there are farmers pulling over crops, dumping milk. a lot of food going to waste because of the broken supply chains during the pandemic. that food is not able to be redirected to the people who really need it. the people were standing in line at these food banks and distribution centers. caroline: that is almost what is so sad about the situation, the inefficiencies being late so bear. is there any talk of how you overcome that or will we continue to see a focus on the economy of the most wounded? >> that the current moment, the u.n. is projecting that this will impact the world for the next decade. areg out to 2030, they predicting that the numbers of people going hungry will be higher than the pre-pandemic scenario because of all the problems this has created and because of the numbers of people who simply cannot afford to eat. they have been thrown out of work. to person that we talked said this is a crisis that will last and scar for generations. people will still be talking about this. joe: talking about this surplus food, in many cases supply chains are snarled, people do not have money to buy food at market prices. to what degree can aid organizations redeployed some of these resources? that is a good question. there is a lot of government agencies across the world that have mobilized to do some redirection of food. a the u.s., there has been food box program that has taken some of the waste with an attempt to redirect that into food banks. the need right now is far outstripping those government programs. program's world food which works to deliver food and 83 countries has projected they need about $13 billion for this year. for the second half of the year, they are facing a shortfall of $4.9 billion to meet that delivering of food across the world. caroline: focusing first and foremost on the emerging markets, developing nations. but what i am sure shock so many is that it is developed nations as well as developing. have any of the numbers surprised you the most in terms of hunger we have seen in countries that you just would not associate with it? >> the u.s. is the richest country in the world. there is still an estimated 3 million people on a regular basis that to not get enough calories. in the pandemic, that is going to skyrocket even more. of course, this is a country that you would not think of as being a place where people are going hungry. yet we have seen the lines at the food banks this year. people waiting hours to get food supplies because they do not have enough to eat. in a country that is one of the biggest food exporters in the world. caroline: sort of talking in your story about how much the inequalities between gender have also been amplified in addition to what we have been discussing in terms of race. thank you. coming up, we will be digging too new jersey's alternative 30 year u.s. treasury name that setting aside money for children. we will be talking to a professor about how the focus on baby bonds or some sort of savings potential for all children may help those in new jersey. this is bloomberg. ♪ caroline: our theme today is that of any quality, the haves and have-nots in terms of somewhat help some sort of economic recovery. one way to crush the persistent wealth gap in the u.s., in particular along racial lines, is called the baby bump. we have been looking at how -- the baby bond. we have been looking at how the state of new jersey has been tackling this. all infants from low income families. joe: this is the direction that a lot of new ideas are coming from. why not just give people cash? it worked very well with the cares act. , give seeing this idea of an infant from low income families a $1000 gift, there can be recurring payments through the years. for more on this, we want to welcome naomi zewde, city university of new york assistant professor in the graduate school of public health and health policy, and roosevelt research fellow, who authored a paper l baby bonds.sa what would be the ideal program, in your view, to really move the ondle on any quality -- inequality? naomi: the new jersey bill, it is small but it is something, and that is huge. ideally, when we are talking about the magnitude of wealth inequality, there is one problem which is that most of the wealth is held by just a few people who control like large corporations. but then we have another problem in wealth inequality, which is along the racial lines. middle white, the household holds 10 times the wealth of the median black household. if we are thinking about baby bonds that are closing the racial wealth cap or just kind of the gap in the kinds of resources they have access to, i need to we -- i think we need to be thinking about that kind of magnitude. caroline: interesting. so an order of magnitude larger than what the governor was talking about. earlier, we talked with derek hamilton. he has been proposing reparations and also talking about baby bonds as well. just take a quick listen. inequality inof america is that some young adults have access to an account that will passively appreciate over their life, like being a homeowner as opposed to a renter, being an entrepreneur with some capital to start a business as opposed to a worker, or being in a managerial professional -- professional occupation without the albatross of student debt. as a birthright, let's make sure everyone has some seed capital. caroline: the $50,000, where do you think it will be best put to work? is it an education? naomi: if the cost of higher education continues to increase at the path that it has, no, $50,000 is like one year of tuition and may be room and board had many institutions. that is today. it could also cost one trip to the hospital. you could end up really having to consume it under a number of different -- if we don't have the control over the cost of basic living expenses like health care and housing, it has the potential to not -- it would work best in conjunction with laws that strengthen all of these parts of our society. joe: in your vision for how it would work, who has access to the money? is it the baby when they turn 18. is it the parents during that time? how do you structure that? is difficultk this because so many parents might need that money for their children. they have immediate needs throughout that time as you were just talking about in terms of food shortages. what this program is supposed to be is that nest big that you can use -- that nest egg that you can use to leap forward. when you want to make any kind of change like purchasing a home, starting a business, even just moving to another city, these are the extraordinary expenses. for it to function for that purpose, it kind of needs to stay in place. the question, if they become an adult, should there be restrictions on how they use that money? i think the jury is out on that question. maybe people have enough wherewithal to make those decisions for themselves. themuch can we really guide extent this is used as a nest egg? because the household is not using the money himself, it is in there on their behalf, i think we can make that restriction that they come into this money when they are young it is, no -- know therefore their future and have some plans. caroline: did you envision this coming from a federal level? do you think the states need to force the hand of the federal government before we can make sure this is something that crosses across the united states? naomi: i think we should try to get good legislation passed whether it is at the state or federal level. it is a good thing that the governor of new jersey is taking leadership on this. in cory booker has been doing that at the federal level. when we talk about making progress on the racial wealth gap, most likely that will come from the federal level because they don't have the state balance of budget restrictions. but actually there is a lot of movement that states can make in the meantime come on baby bonds -- meantime, on baby bonds and a lot of other things. when canada finally had medicare for all in their country, it started in one province. a lot of times this big national legislation can get moving at the state level. this is potentially a are bigger of things -- a harbinger of things to come. joe: naomi zewde, thank you for joining us. coming up, we continue to focus on this theme but from the market, retail investors using robinhood. some of the potential consequences. this is bloomberg. ♪ berg. ♪ ♪ caroline: today, we have been focusing on inequality committee have zande have-nots. many --inequality, the haves and have-nots. not only being able to dine out on the wealth of the share price of companies, but everyone would, and this has brought everyone into a snowballing effect on companies like tesla today. we have seen phenomenal moves in this company that is so well loved by the retail investor. the robinhood trader piling into record high after record high. largely, these companies are splitting to allow more retail interest to grow. joe: it is unbelievable. the other one that is not quite as big from a percentage move, apple. it was only up three to 4%. we are talking about a $2.2 billion company. caroline: trillion. trillion company. for more on this world of retail trading and so forth, i want to bring in jesse westbrook to talk about robinhood in particular and some of the technical issues the have had and introduction some traders may have gotten to the market. obviously, robinhood inundated with a tremendous amount of activity. what kind of issues have arisen on the platform? analyzed it and we were curious what kind of consumer complaints exist about robinhood and how do they compare to their competitors? he would sort of assume that a company adding so many people who have never traded before for the first time, that there would be growing pains. some of those growing pains were quite visible. these massive outages in march where the apps shut down for like two days. some of them show up more in people not understanding what they are doing in terms of trading. through mid july, they had something like 500 complaints about robinhood, way more than any of their competitors. to be fair, i don't think that is specifically or in an isolated way that they have bad service, i think it speaks to the people who have signed on. complaints, of people complaining that their stock was sold due to a margin c all. a person who has been trading for years will not complain to the federal government about a margin call. caroline: sometimes it comes down to bad luck. today, robinhood but also td ameritrade, some of the other companies had glitches, client trading glitches in particular that affected robinhood across crypto trading as well as equities and options.back in march, the frustration of many that they could not get into the app. jesse, what do you think is needed perhaps from a federal level in terms of market education, whether that comes from robinhood or a regulatory push across the board to make sure people do understand what a margin call is. jesse: the brokerage industry, interesting question. we sort of see robinhood as this tech upstart. that is fine if you already facebook or google. of course, they are getting their moment too. those are companies that for the early years of their existence, they grew up in these industries where we did not really know what the rules are. we still don't know what the rules are. robinhood, they chose to move fast and break things in an industry that is one of the most regulated industries on the face of the planet, the brokerage industry. so they have a responsibility, if you are going to sign up a bunch of neophyte traders like crazy, i would argue that he would have a responsibility to make sure those people know what they are getting into, know the potential rewards of trading with leverage also a lot of the consequences. as a beneficiary of their fast growth, they do have a responsibility to make sure people do know what they are getting into. that is what regulators have to work out, make sure that the rules that have existed for this industry forever are being applied to robinhood customers, a lot them who do not have a good sense of what they are doing. caroline: the regulators on this business did not comment on any investigations. that is all from "what'd you miss?" joe: " bloomberg technology" is next. this is bloomberg. ♪ ♪ emily: welcome to "bloomberg technology." i am emily chang in san francisco. shares soaring and pushing the nasdaq to a record high. but, the rest of the market falls after china throws a wrench into president trump's efforts to force tikt