>> i do not think checks are the most efficient way to provide for the economy. >> we have momentum but we are losing it at a critical time. >> we are looking for a restart, and that is the theme for next year. >> the biggest stimulus that will come is the vaccine. >> once the vaccine arrives, i think this economy could really break. bloombergs " surveillance." lisa: this is bloomberg surveillance on television and

radio. twas the night before christmas. out whatying to figure martini glass to hang on the tree and jonathan ferro is trying to negotiate for brexit. rights are you looking for? tom: it is christmas eve and this is serious. we have gone back and forth on press conference watch on 10 downing street. we went out and tackled a pigeon at one point. i think i am losing track of time an hour ago, maybe an hour and two minutes ago. they are not ready, we are on watch for a momentous announcement by the prime minister and we are not there right now. sterling, up we go, and now recovering and testing

new weakness. lisa: people are numbed, people -- this movement is not dramatic and this is a level of exhaustion after a 2020 that has been eventful. tom: help me out with the data check, we welcome all of you with early closing, what is it, why do we open on christmas eve. we are closing at 1:00 p.m. how weet us talk about should just take off. 3686,p future pointing to a little less than .2%. and we are little -- we are getting a little bit of dollar weakness. 10-year yeilds are flat. everything is flat. tom: sterling moving at one point 3581. futures are up 36. the real headline aside from ferro daytrading doordash is the vix. we start out through the data

check. what else do you want to add? lisa: there is one thing that stands out, real yields. i am stealing a page from your book. basically, the inflation-adjusted yield on the 10-year note in the united states falling to the lowest since early september to -1.05%. this getting my attention. it is fueling a lot of risk appetite. important is not the certitude, but the certitude structure by strategists and thinkers out into 2021, and one of those, real yields could not possibly go lower, that would just never happen. i want to say good morning to all of you again on this christmas eve, a joyous day from our team as we wander out, and i believe no one is working tomorrow. get thee in early to day going.

lisa: going away from the tree. tom: we have the ornaments on the tree. you cannotn me about just put a green tree up, you have to put something on it. lisa: are you actually going to be here tomorrow? tom: we are doing a broadcast, i am told that. christmas day. lisa: are you going to wear a santa hat? tom: i did that a few years ago and it did not go over well. let us get to an important conversation. jeffrey synthesizes what we see in economics and markets and a wonderful and delicate way. he is the senior strategist at mellon and he does not give justice to what he grasps of the dynamics. were ensconced in tier 4, 5, and six, somewhere in the vicinity of the microcosm of southernacked up in england as well.

sometimes our macroeconomics are overcome by micro events. tell us about the micro-event of business investment and animal spirit into next year. word,y: next year, in one vaccinations. the bidenrks, and administration can bring three days,llion doses in 100 and we have tony blair talking about additional process -- dosage, if that works, animal -- animal spirit. we are talking about the roaring 20's, will we have the roaring 20 20's, is that -- that is what people are hoping for. i think caution is needed. the you were weaned on linkage of history from lionel robbins among others as well. momentthis historical and all that we babble about

each and every day, do you have an optimism that we get back to normality after the vaccine. sarcasticv-shaped but where we explode to a normal economy? geoffrey: it will be v-shaped for some, and may not for others, and that is going to be the policy challenge. remember a few months ago when we talked about this, there will be winners and losers out of the recovery, and then governments need to grapple with how do you ensure that the distribution is within much concentrated those who have done relatively ok out of the lockdown and social disruption, otherwise you will go through social issues. we are seeing that in the u.k., is society will be ok or is it going to be an l for others are worse, that will be much more important than the abroad gdp number. lisa: a lot of people say these argued's -- these arguments do not matter and if the animal

spirits prevail because you are penalized for putting your money in cash. negative real yields that keep getting negativer in the united states. there is the actual yield and then inflation expectations. do you think that the inflation expectations have gotten ahead of themselves and the nominal yield is telling the right story, and that is slow growth and moderate expectations ahead? pace was i think the surprised. if you look at the five year breakeven, it is getting back to 2%. we have not seen this since july last year since when we were thinking about easing. in terms of levels, we are nowhere near where the central banks want us to be. they want the economy to run hot -- hot. they want yields going through 225. that has been 2018.

levels,they will go to and that is going to help risk appetite. if we do get to 220 and 225 and the 10 year, and that stays at 100 basis points and use that, we are will -- we are looking at well below 100 basis points. that is something that central bankers wants to enforce. in their view this is the only way to get that back into the economy and to move that cash. , think aboutrates that, it needs to be spent. tom: you look very good inside. you mentioned levels. this is so important. when do you presume, given the vaccination, that we get the glide path of january and february of this year? where do we see a jump that gets us back on stream that is comfortable for so many of the

public? geoffrey: i think around midyear and probably right after midyear than before. i will borrow from the ecb, they have shifted their language and they have the vaccine being available midyear 2021 and distribution towards the end of 2021. that has been shifted forward six months. that is why we have seen such a strong move. the next phase is the normalization phase, which will be on individual governments. we will see french authorities approving vaccinations today. tom: do we have the political and economic architecture to begin to reverse policies in these dire times? do we have the ability to reverse, and in some way, at policies back to normal? geoffrey: the short answer is no. central banks will not do that. the rba and ecb have given you

their time timeline. no normalization, and then from the ecb, fiscal for the next two years, and that is the politically world. the next two or three years i think we are looking at the status quo. tom: thank you so much. includes john. thank you so much. just for some great conversations are the year. and wisdom as well. lisa: we have a correction. jersey, and messages into tell me to remind you that you have not worked a holiday in over a decade and that you are not right. tom: i did not know that. thank you that is god. lisa: we do our scheduling on air today. tom: an attempt was made.

t-days,a thing called which has something to do with ro gets eight days of vacation -- eight weeks of vacation a year. lisa and i would not know what a t-day is. lisa: you now have time to perfect your pineapple based ham. tom: we are all over this. we got the turkey and central park, but i had to pay for the ham. tom: you cannot take down -- lisa: we could not take down a ham? tom: i was told that i did not pin pineapple strips and i should not come home. lisa: did you find them? tom: that happens after the show. they spread out across manhattan looking for pineapple slices. lisa: we will know what to look at. tom: let us look at pineapple futures next to sterling futures

, 1.851. that is a waiting for breakfast announcement. 32,apple futures, one point 43. from new york, radio, and television. ♪ ritika: president trump has pollard and paul manafort, manafort having being infected of financial crimes. the president pardoned roger stone, and he had already commuted stone's sentence for lying to congress and also parted the father of the president's son-in-law. he was convicted of crimes that included witness retaliation. seek pelosi is hoping to unanimous consent to increase the individual payments in the stimulus bill. house republicans are likely to

block the attempt according to a person was on a call with gop lawmakers. if the attempt is stopped democrats will introduce a new bill that would raise payments from $600 to $2000. a historic post-brexit trade deal is being held up by last-minute haggling over fishing rights. officials work through the night to get the agreement finished, and for now a press conference has been canceled and it is not clear how long it will take for the talks to conclude. the mutatedabout coronavirus strain that has been spreading in the u.k.. it says it appears to be more contagious and will lead to more deaths year. it said -- it is said to be 50's. -- 56% more transmittable. alibaba targeting the empire in a monopoly investigation. they have summoned the head to financial regulations. the pressure is part of a

broader effort to rein in the powerful internet sector. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. 120 - i'm dough hirsch. you may already know that goodrx can help you save up to 80% on your prescriptions. unfortunately, many americans can't get to a doctor right now. the good news is that for many health issues you can see a doctor online. it's easy. just go to goodrx.com and with a few clicks you'll be treated by a licensed medical professional all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you. get the healthcare you deserve at goodrx.com.

>> i think it is important to point out that it is not the

state and local spending that transfers to the state, which means as we unleash pent-up demand we will not be able to recoup the unemployment losses we have lost because state and local governments will still be cutting. tom: that was a blistering interview with diane swonk who did not mince words over the politics of this moment, we have to get to it and fast, and then sort it out later. that was a clear message. about always scrupulous doing surveillance corrections, and i misspoke. all-encompassing pineapple prices for the christmas ham, and we always thank, and all of bloomberg for helping out with mexico, veracruz medium pineapple prices coming in at a 12 spot. 12.00 per case. good to see that. lisa: i actually did my own search and they are -- and there

or futures for pineapple pieces. we typically might be -- that might typically be more your speed. not comeapple pieces home, we need slices. we thank tom and all of bloomberg lp for giving us the commodity prices we need to know. pangaeato know about policy, and what we will do in washington. we have been talking about numbness, staggering from issue to issue. you have a great optimism that politics will show -- will sort out on pot -- on capitol hill. what does politics look like in february of next year? >> good morning. i have already seen the headlines on pineapple futures, keene moving the markets. what it looks like in february is even more factional lies -- factionalized. i urge people to start thinking

about political factions. you have progressive democrats, centristdemocrats, republicans, and conservative republicans and swirling coalitions. the centrists have prevailed on spending as they tend to do, and you are going to have a president, i think, and no disrespect at all, that has very little ability to have a honeymoon, even he says he will not have one, and he does not have the ability to lead his party's, so it will be difficult. far away you and learned as i did as well that the moment a president walks out the door, they are ancient history. ,urther shades of republicans will president trump be ancient history? terry: i think by and large, yes. and presidential half-lives post political half-lives are shorter than most politicians

think, and then they experience it and the reality is different. i think what you are going to have is a post trump political party. there will still be some trump acolytes but those people will be looking at trying to figure howhow to move policy and to move politics in a post trump world. i think that the president is going to be kept quite busy, at least in new york with investigations and the like, and i think that what ends up happening is that supporters of existing politicians, once they move on tend to look for ways to effect political scenarios existing, not ones in the past and not trying to resurrect them. lisa: i love looking through your notes after we get a move about how this increases or decreases the probability that we will get something passed. you thought that the latest move

from the president reduced the chances, but that was to 80%, not bad, with the majority view that we will get something through and that congress will override any potential veto by president trump. is this the path of events you see most likely or do you think that president trump will bow out and not necessarily take action? terry: i think this, i went down to a neo-certainty from 80%. i think the trump introduces a nontrivial risk. there is, the way i put it is that there is not a stimulus or government spending crisis yet. no means certain that just because trump clusters that the worst is going to happen. he has backed down and modified views on spending crises before. i can see ways for him to make his points, and, still not veto

the bill and introduce chaos. forso see no policy case him doing what he is doing, and that is different than usual. i do see a political case for ing the maximum amount of political chaos possible. i look -- i urge markets to look closely into this. even going down to 80% is not trivial and you see that the congress has actually passed the bills. the next few for days, that is i think that is far more uncertain than it usually is in these matters. lisa: what is the political case? terry: a bunch of different things, i am not counting, i am listing. differentiateyou your brand, the trump brand versus the swamp. you stoke republican turnout in georgia, you file -- you fire up people you need to counteract an

organized democratic effort to appoint two centers -- vote two senators. you point out that the democrats are helping foreign governments because of the mash-up of the spending bills with the covid bill. there is a possibility that a lot of this is a smokescreen for the pardons, many which are part -- controversial. broadly, you further distrust of the media and government, and one lesson we have learned from the trump years is that the and more extreme the trump opposition gets the more power he gets. so, he may see an advantage in that. tom: your market share was a smart article on democrats in panic over 22 and 24. should they -- should they be in a panic ex-biden. terry: they should be concerned. they have lost seats in the house, they could not get over

the hump in the senate. is, the reason why biden president is largely because trump is president this year. so, that is not a rosy scenario for them. it is hard for them to make the case that they are rising, but it is hard to make the case they are falling off. what we are in is a period of close partisanship like it was 100 years ago. tom: thank you so much. pangaea policies is helping us out so much. what do you see? lisa: you are looking at 2024 already? we have barely gotten out of 2020. tom: wednesday in november they were looking at 22 on the way to 24. the senator in kentucky is looking at 2022. lisa: i am looking at june, july, and august. tom: i thought you meant futures and pineapples. headlinesching the out of the united kingdom to see if we will get a brexit deal on

this christmas eve. coming up, green capital. this is bloomberg. good morning. ♪

tom: on bloomberg radio and television, thank you for joining us this christmas eve. lisa abramowicz and tom keene. wrapping up brexit. we will get to the esteemed john riding in a moment. the images we all know, maybe less bustling than usual on christmas eve. it is o'hare of chicago, the united terminal at o'hare. the medical professionals we have talked about -- they get emotional. lisa: this is a pivotal moment, heading into a risky season at a time we have hope that we are not there yet. everyone masked at o'hare, but part of the tension of this

christmas holiday 2001 -- excuse 2001.20 and into my most painful interview will be the description on bloomberg radio. john is one of our first and strongest supporters of bloomberg on the economy and bloomberg surveillance. i can only say that he wore this get up once at a bear stearns threw and ace greenberg him out of the room. for those of you fortunate on radio, he is decked in santa claus regalia, and a liverpool football club city -- sweater, just to let me know the tops took them down the other day. the premier league is one of the few things that seems to have run correctly in this miserable 2020. how did the premier league do it ? in the championship league did

not do it, and so many others in sports failed. john: it's not entirely clear, comeback play on. they had bubbles. they had frequent testing. there have been issues. apart from one or two games, there has been no crowds. fortunately, they are able to continue even though the entire country seems to be heading toward tier four lockdown. the sports won't be locked down, so we will have something to watch on boxing day, which is a huge soccer fixture day in the u.k., and here in the u.s.. i make jokes, but there are huge questions about the mechanics of coming out of this crisis. if we get a vaccine, do you see

normal traditional microeconomics out of this crisis, or will it be something different? vaccines,o have two and hopefully all three of us will get those vaccinations soon. then, we won't have to be remote. point, enough people will have immunity, and there is going to be vaccines to 70% of the people in the country. then those parts of the country, those parts of the economy, leisure and hospitality -- we have had 4 million job losses since february. in that business can come back, we can start to think of our wonderful economy. the question is how many of those businesses will remain. it is very important what is going on with this bizarre situation over the fiscal support package. there is a certain person who

has to decide, does he want to play the grinch or does he want to play santa? thatf we do not get support package, which is $280 billion for supporting small businesses, there will be far fewer businesses around come in july and august, when the economy should be able to get back to more normal footing. what happens now is very important in answering your question. obviously i have to think, like the brexit deal today, that we have to go to the 11th minute at the 11th hour -- it's not the 11th month, if the 12 month, you get the point. lisa: there is also a question of the longer-term deborah -- longer-term damage because what you are saying is contrarian. a lot of people are shrugging off the weakening data, the prospects of a prolonged yield, with money running out on the

26th. are saying it does matter. at what point should people take stock and start to downgrade their expectations for next year , based on their expectations? john: if we get to that point, you need to downgrade expectations for next year. it will be a year of two halfs like any good soccer match, and the first is going to be one we are still struggling. the virus -- we know the infections. we all know the death toll from this virus. need to protect ourselves to the point where that vaccine is widely available. i'm looking at an april and may and the income support the government provided. but employment needs employers. businesses --mall

it is great. it looks like a pretty good economy. more than half of people are employed by small businesses but are not listed on the stock market. they are struggling. they don't have the same access to capital markets. programhy under the ppp , support for businesses is vital to make sure that those employers are there employment can return. making a lot of football metaphors. you do want to rub the victory in tom keene's face, the halves of the year like a football game. let's make an additional two halves analogy. you have a binary outcome. either liverpool wins the title or it doesn't, depending what happens during the weeks ahead with inflation. does that work at all?

tom: i don't know. honestly, all i know is spurs revenge 28 january, 2021. lisa: we will get there. but in terms of inflation, a lot of people are saying it is going to remain muted next year. what is the binary event that can cause the difference there? john: i don't think inflation will remain muted in the sense that it will remain before the fed inflation target. i still recognize, including yesterday's report, the last couple of days of points on consumer price inflation have been very good from the perspective of the consumer. they have been unchanged, and unchanged prices are good. the idea that you need investment to stimulate the economy, it doesn't. low inflation enhances people's purchasing power. the growth rate of money coming from the fed's continued purchases of $120 billion of is boostinger month the money supply at a relatively

unprecedented rate. the question is, does that money have velocity? i can 2008, 2009, the fiscal deficits and qe were largely transfers between corporate america, financial america, and the government. this is to a considerable degree a transfer between the government and households. thoseuseholds spend accumulated savings, and hopefully the next round of fiscal support that hopefully will be passed, will be signed in the next two days hopefully -- that is going to be financed by the fed printing money. and i think that will push inflation higher. we already see it in the commodities market. we see it in prices paid. we see it for small businesses. data --government price that is at the end of inflation. i think at 2021 week will see an above 2% inflation rate.

tom: with brexit, maybe we get an agreement today. maybe we don't. what does your united kingdom look like after brexit? one year out, two years out -- obviously, the prime minister wants pax britannica, but what will it look like? run, thethe short question is what will it look like in the next few weeks. you mentioned tesco. they have done a fantastic job pivoting in this economy, getting my mother -- merry her groceriesm -- once every three weeks. they have done a tremendous job. but if we have dover and calais coming in -- we are going to have panic buying and shortages. longer-term, there simply has to be a deal. u.k. is too important to trading

markets for the export oriented economies of the e.u. not to have a trade deal with. i think that happens. short-terms in the is much more concerning to me, if we don't get this deal. you guys reported this morning, it's like earlier this week. do we have a deal? maybe we don't have a deal. now we are debating over different types of fish, fish and chips, in a trade deal today. tom: john ryding, thank you for your support. lisa just noted there is a job atning, 2001 christmas harrods, for a santa. i will show up. maybe i will show up in a liverpool sweater as well. over the years, john ryding has been wonderful in giving us perspective on this strange economy. coming up here with futures up six, the only one on the planet who has not begun their --istmas shopping except me

bloomberg opinion commonest barry reynolds will join us to keep perspective unsuccessful investing. lisa: you did not successfully do the shopping? tom: you go out, wander over, get a small trinket here and a small trinket there. we were done shopping by 2:00 p.m. lisa: you are not. honestly, you always do a good job. tom: we will see. sterling, we are watching. stay with us. caroline: republicans are likely to block nancy pelosi's bid for relief checks. that is according to a poll of republican house members. nancy pelosi took up president

trump's demand for higher payment to individuals. she wants unanimous consent to increase the payment. to it takes is one lawmaker stop that. president trump has vetoed the $740 billion u.s. defense policy bill. that set off a battle with congress that could result in his first override by lawmakers. the president called the measure a gift to china and russia. he wanted to pass his defense bill with a proof -- and eliminate the provision to get -- to protect tech companies for liability for most content published by users. the u.s. leads the world when it comes to the number of people receiving the coronavirus vaccine. 1.1 million doses have been given in the first seven days the shot was available. dakota,n 1% of north west virginia, and alaska. backctivity came roaring after being at a near decade low. now down about 6% over the year.

2.5 trillion dollars. still, about 2/3 of those deals were signed in july. empire in aibaba monell -- monopoly investigation. thelators have summoned financial leaders to a high-level meeting over regulation. the pressure is part of a broader effort to rein in powerful internet sectors. thatberg has learned digital payment company square has held talks about buying jay-z' is music streaming tidal. jack dorsey has discussed a potential deal with rapper jay-z. talks may not result in a transaction. a new study about the mutated coronavirus campaign sweating -- spreading in the u.k. the virus appears to be more contagious and will likely lead to more hospitalizations and deaths next year. it is 68% more transposable than

other strains. thanl news powered by more 2600 journalists and analysts in 120 countries. i'm ricky group to. -- i'm rikita gupta. this is bloomberg. ♪

tom: remember, this was not announced as a complete trade deal. this was announced as a phase one. there is much more to do. ♪ >> we are looking for a reboot and a restart and recover.

i think that is the theme for next year. the pent up demand -- there is one point $4 trillion of extra savings in u.s. households. the clear message we have gotten. we have heard from others, get to the vaccine, get to the right percentage amount. futures up 34. lisa, as you set up with the open right now, we still are watching sterling. from london, will we get news? lisa: and will it move markets? we have a been numbed feeling to the policy turmoil. with? global investment chief market strategist. it is a question. people have got sick of the deadlines that come and go. jon ferro made a good point at it. he is not wrong. we are still talking about fisheries. it is not over. have headlines up

moments ago on brexit. the united kingdom and the e.u. keep existing data rules over six months. it sounds like an agreement, but with a punt down the road to over six months, whatever that means. they could keep the data going, maybe build up some trust as well. bridge to a data accord. sterling bridges up with a little bit of activity on the bloomberg terminal. this is just breaking right now. we will see how sterling does. there are any number of things to do in the holiday season. one of the special occurrences on radio and television is to tell people on radio how fortunate they are to not see john ryding's liverpool football club sweater. and then right onto the drama of snoopy and the christmas sweater holtz -- barryck

ritholz. this economy looks grim right now, doesn't it? barry: we talked about the k shaped recovery and how some parts of the economy are doing great. some parts are not doing well. we are seeing a lot of people jump online. it is not just amazon. it is everything from shoptif -- etsy.y to even ebay is seeing more action. you do not have to go to the mall. if you have waited until now to arehopping online -- we accelerating the future from the 2020 pandemic. the future might come sooner than we think. we drew a lot from five

years forward. he writes brilliant comments and has the brilliant podcast. what is this about? barry truly is one of the most brilliant guys i know, not only on the zeitgeist moment, but can take it back decades with authority. barry, i saw a headline today that matters. $240 billionulates they have had to make up to many fund investors to pay their yield after the fees. the fees are microscopic. the money market fund yield is even more microscopic. that cannot go on, can it? barry: i have to tell you it is more of an accommodation to large clients than it is anything. cash is cash. it does not pay anything. it holds its value relative to inflation. --ect anything significant

it's really silly. and yet a lot of these big firms -- there is a split between those that are guaranteeing you won't break the book and guaranteeing a certain amount of yield, and those who basically say the market is going to do what the market is going to do is not up to us. make up any shortfall. we are not guaranteeing you a levered cashriple flow. zero is going to be zero. tom: thank you for reminding me of that. bank of america securities may be active. not so much a good year. a less worst year of before. updates on the dominance of passive flows. --tt: everybody said everybody kind of loses context.

look at how money is managed around the world, stocks, bonds, real estate -- the asset is a small percentage of it. all of the excitement is in equity. share ofive lion's passive has gained traction really since the financial crisis. there is the general sense that it is easier to throw money to a passive index and forget about it. s&p has a really interesting note out earlier this month. looking at passive and act of -- active, they basically said we see successful active managers. about two thirds of their stuff is locked. they do this like persistence over time. somebody can have a good month

or year, but can you do it year after year? managers of active have been successful, are dominating persistent skill. managers, 36% of those who outperform in a given year. it is an amazing statistic. thrillstors, we love the . we have a tendency to underperform our own investments, because we pile into these stocks, funds, and etf's after their run. that creates a giant behavior gap. if you are going to underperform your own holdings, that means you are buying high and selling low. tom: this study is about three ofrs out on the mortality active managers. it is really difficult over three years. what is the surprise for next year?

brett: that is an interesting question. i thought i was in the minority a few months ago when i was saying i think the recovery will be faster and more robust than a lot of people believe. i think there is a little ptsd from the slow recovery, from the financial crisis. people -- athan variety of covid vaccines are eventually going to lead to the demise of the anti-factors. -- antivaxxers. when people figure out this is human ingenuity to prevent death, i think we are beginning to see the end. it there.o leave we are running out of time.

fun has been industry-leading. coming up on bloomberg television, a special report on this american economy, it's unequal recovery. look for that. we say to all of you from team "surveillance," may you have a wonderful holiday season and a better than good christmas. this is bloomberg. ♪

>> we got some good news in terms of vaccines.

but we are not there yet. we need it relatively quickly. i can see where the second wave is coming. it is beginning to get impacted again. surveillance which is stronger. we need public health measures. we have known from the beginning this is your best weapon if you use it well. >> the good news is that both the vaccines and therapeutics, particularly the antibodies, are coming along. we will start to bring that number way down. rethink how we value health. >> i do believe a targeted stimulus is going to be in order for where we begin a more equalized economy. ♪ ♪ for viewers worldwide, lisa

abramowicz in ford jonathan ferro. -- in ford jonathan ferro. washington running down the clock. pushing forump higher stimulus checks, upending a long-sought bipartisan compromise over a 900 billion dollar pandemic relief bill. democratic leaders seizing the opportunity, urging congressional republicans to agree with their unanimous noonnt for $2000 checks by today. the stakes are really high, with stocks and data revealing an economy limping into year-end as the virus spreads. dr. fauci: i said and i still feel that way -- i would not be surprised, given the prevalence of this in the u.k., that we already have cases here at a low level we have not detected yet. lisa: state and local leaders fearing another shutdown could wreak havoc on businesses