charles schwab: brokerage was built upon how well companies could make money, and not how customers reallyt to do business. david: your ads, in your company, for many, many years, have featured your face. charles: my director of our advertising said, "why don't we use your picture sometime?" i said, "are you kidding me? we tried one. the results were up by tenfold. david: do you have any stock tips for me? i could go for a couple stock tips. do you have any good ideas of--i could do with my money in the stock market? charles: how about an index fund? woman: would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. [woman chuckles] woman: then leave it. david: just leave it this way. all right. i don't consider myself a journalist, and nobody else would consider myself a journalist. i began to take on the life of being an interviewer, even though i have a day job of running a private equity firm. how do you define leadership? what is it that makes somebody tick? we're here today with chuck schwab, who's one of the best-known figures in the americ

outside of houston and moved its headquarters to austin texas where it already had a campus and charles schwab moved its headquarters to westlake texas which is between dallas and fort worth. we are proud these businesses now call texas home. and transformational leaders like tesla pick for the next generation of innovation. not just large cities that benefit, for example in amarillo they are seeing the most economic development activity in the last 30 years. the same can be said across the state most importantly the cornerstone of our economic success every community across texas. nine out of ten businesses in texas are small and employee nearly half of all working texans because of their prowess this time last year texas was number one in america for the most new jobs. with their effort this year texas will once again lead the nation in job creation success like this has been fostered by the texas legislature and by leaders like my dear friends lieutenant governor patrick and speaker felix california and new york use heavy-handed government tactics to drive away businesses the texas legislat

liz: liz ann sonders of charles schwab, great to see you. thank you so much. >> thanks, liz. liz: we've got to look at the market here in just a second we'll get you the numbers, but how about this? an intergalactic battle heating up on earth as the two richest men in the galaxy go head to head. jeff bezos and elon musk, the money and muscle behind blue origin and spacex. is bezos' space empire too far behind spacex in the contents for the title of top space cowboy, or does bezos e have something up his sleeve? dave brody and andrew channan are here to hannity cap the next leg of the space race. with the bell ringing in -- bell ringing in 45 minutes, we are coming right back on "the claman countdown." ♪ ♪ stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $429 a month for thirty six months. experience amazing at your lexus dealer. at t-mobile, we have a plan built just for customers 55 and up. saving 50% vs. other carriers for thirty six months. with 2 unlimited lines for less than $30 each. call 1-800-t-mobile or go to t-mobile

aerial investments and charles schwab found while 71% of white americans say they invest in blocks just 55% of black americans do. when it comes to saving, the survey found black americans put away 300 fewer dollars a month than white americans. >> this is not just a black issue. to the extent that african americans have not saved or invested in the same degree or to the same degree as our white counterparts, we will find ourselves being a burden on society. that means higher taxes for everyone. there are real implications here. >> on a positive note, survey found african americans under 40 were tracking with their white counterparts across all income levels. >>> lyft taking a taxi like approach. you can call instead of booking through the app. it's perfect for seniors and others without access to the app. you need to call from a phone with texting capabilities. >>> t.j. max gearing up for retail revenge. the ceo says he expects the vaccine roll out to fuel a surge in spending including revenge shopping. the theory is consumers will go on a shopping as a form of revenge for sh so long.

i was speaking to kathy jones with charles schwab about that.he said in the short-term maybe we are getting ahead of ourselves. she also made the point, we have a policy mix in terms of fiscal and monetary that we have not seen in 40 years. we are seeing so much stimulus now. the fed is been so clear about their intent to really overshoot inflation for a while, to make up for the past this has. -- for the past misses. that is a fundamental change will not seen since the 1980's. caroline: thank you. we cannot remember what day is let alone what your does. a long week, how about wonderful long weekend. coming up, our next guest created up model to measure the retail trading frenzy we have seen in recent weeks. we discussed the indicator when an independent researcher, up next. this is bloomberg. ♪ joe: welcome back to "bloomberg markets: the close." meme stocks, what are they and how do you know when they are going to go up or down? how do you make money on them? joining us, an independent quantitative researcher who created the net options pricin

so a big deal there for charles schwab following the big surge in retail trading.up here if beauty is in the eye of the beholder, then the future is looking gorgeous for beauty industry overall. the world's largest cosmetics maker l'oreal is expecting a 20's style boom, and the ceo said that the recovery will be the fiesta of makeup and fragrances. his words. this is as l'oreal reported better than expected revenue thanks to chinese sales and robust growth thanks to the skin products and others are reporting handsomely, if you will, and ul ta and coty and estee lauder and i know that you have been sitting in on the earnings call, and the big d, r beauty all year long or we have not seen it? >> it is not a resurgence yet, but the growth is the skin care, and the makeup sales have been declining before the pandemic, and the pandemic accelerated it, because most of us were home, and maybe you were on the zoom calls, but the skin care is where it is at, and we heard the l'oreal incoming ceo saying that is the top priority when he assumes the position later this year. a

you've got companies that are moving out left and right, charles schwab, tesla, oracle. one of the big reasons obviously is the business climate. but another huge region is housing. i'm in the housing business. i build and manage apartments for a living. i started this business with nothing 40 years ago. and i can build apartments in other states, kristen, for a fraction of what it costs in california. and most of that difference in cost, kristen, is government-created. lawsuits, regulations, layers of approval, delays. what i want to do as governor is cut through that, get housing built at a lower cost, so that we can afford it. and i think that will transmit through the economy and we'll have a much lower cost of living. >> yes, john, you mentioned president bade. winning the state of california by quite a margin. i have to ask you, do you think president biden won the election fairly and squarely? >> i think he won the election. he is the president right now. i'm not here to debate that. what is important, though, is that, you know, all the controversy surrounding was

about it, we've seen the movie and is plenty of time to react but when judah packard left in charles schwab he may leave i don't think you're getting a call from government leaders saying what does it take to keep you here. the not wine and sign is hung out in other states make it easy to establish your busy and so easy to put your employee base regardless of where your headquarters on it is a real challenge. gerry: one thing we see that the pandemic is the big five, people think about amazon, apple, google, facebook, microsoft have grown even bigger and powerful and extraordinarily successful year as many people have suffered and grown enormously and dominate many sectors, that's too a lot of people the growing concern about the control that they have, the power they have in the control the data and privacy issues and a lot of calls for something to be done broken up, regulated, what your view? >> my view big companies, it's how do you use that they started saying to silicon valley to big companies to amazon et cetera if you do not change we will regulate you and antitrust will come in to

charles schwab: brokerage was built upon how well companies could make money, and not how customers really do business. david: your ads, in your company, for many, many years, have featured your face. charles: my director of our advertising said,

sale tends to rise a lot when consumer spending bounces back, they highlightedded toll brothers, charles schwab facebook. jack: real quick, jack, as we go into the first quarter and rook for those earning, in the meantime, what will investors be focused on? >> bitcoin, bitcoin and bitcoin. [laughter] they're focused on earnings, i do think, you know, you've got to look at, as david said, a stimulus deal, a lot of that funny money would flow directly into spending. some of that stimulus money might flow directly into the stock market too. and i think you rook at the vaccine, all of the headlines i'm seeing lately have been positive suggesting that we're going to, you know, get out of this thing at least as quickly as we thought and maybe a little bit quicker. i think a lot of people could be looking at making up for lost time with their summer vacations. jack: yes. we all had been doing that. unfortunately, carlton, it's pretty serious in in texas as natural gas pipelines froze, we heard horrible stories. the broader picture for the energy market has been demand if increasing as the economy reop

charles schwab would not exist. neither will e-trade. certainly not robinhood. so i'm just saying if that is what you want, then you will take, you will annoy millions of people. just remember where you're going with that. there is no other way to pay for a discount brokerage to charge a discount, very low fee for trading unless you have payment for order flow. that is how they make their money. one other thing here though, this is again, if this committee was intellectually honest here is where they would press vlad tenev. you're for t-plus 2. you're for eliminating t-plus 2, two-day settlement, making it instantaneous. why would you be for that? with technology we wouldn't have to put up money for people to trade and wouldn't have outages. yes. there is another reason he might be for that. robinhood does not like short selling okay? they are all about buying stocks, not short selling. short sellers are the antithesis of the robinhood trader. therefore if you get rid of t-plus 2, if it is instantaneous settlement there will not be short selling. that is good fo

ameritrade charles schwab and others started restricting users from being able to actually buy game stop stock and other stocks that also were being looked at as short sells that the other group started saying driving up the price of what i am seeing things like that it's pretty incredible robin who claim this was due to recent volatility in the market over listen to this. week and many posters on wall street pointed out that quote one hedged. the suffering i'm in the game stop surge was melvin capital management which another hedge for and citadel has since bailed out in these losses so that those founders can grip and who also founded so they'll securities a big investor in robin hood up that also works with t.d. ameritrade and charles robb the companies that were cutting these people out and saying you cannot buy game stop on our apps anymore. are companies that actually have connections to to melvin management who is losing money because of what was happening and it all comes full circle i think that what this goes to show is that one there is the mechanisation behind all of this dri

charles schwab has a knowledge of flows second two none. what are we actually liz ann: we have seen a slight waning of domestic equity flows but interestingly you are seeing a pickup inflows to market outside of the united states, which we think is a good sign that the notion of diversification is no longer as hard of a cell as it was in the recent past. at the sector level, flows have summit to pick up on the more cyclical parts of the economy like energy, materials, industrials, where you are saying outflows out of areas like consumer discretionary and tech. i think the flows are switching toward the shifting toward this recovery focused with a more cyclical, commodity-oriented bias. lisa: do you think, liz ann, there is complacency, and we will continue to see inflation expectations climb as we get more stimulus packages path? is there any sense to you that the consensus has gone too far? liz ann: common inflation perspective, we think we are going to see it, but it is going to be more a function of price shocks. we don't think we are so

with the likes of charles schwab and those who have avoided this type of trading, will they embrace thatsome point? >> they are all embracing trading. a couple of years ago, their view in the market was that self-directed trading was maybe a dying business or was not a growth business. what we are seeing [no audio] vonnie: i think devon is not with us anymore. we got most of his thoughts so we are good on that score. amanda: coming up next, renaissance worst year ever, the fund is seeing massive redemptions we will take a closer look at what's happening after this. vonnie: here is your latest bloomberg business flash. it is time to look at some of the stories we are looking at here and abroad including in japan where renaissance electronics has agreed to buy apple supplier dialogue semiconductor for $5.9 million. that's about a 20% premium. the company headquartered in london is listed in frank for at the latest chipmaker being sold to asian investors. the division fund posted a record $8 billion profit in the final three months of the year. it listed the value of the fund's investment.

coming up, liz ann sonders, charles schwab chief investment strategist.loomberg. ♪ let's check in on the bloomberg first word news. we go to our top story. . the energy crisis crippling texas's power system keeps spreading. almost 5 million people were plunged into darkness. meanwhile, authorities are fighting to avoid a total collapse of the grid. homes and businesses from north dakota to texas are losing power in the middle of an unprecedented deep-freeze. blackouts are likely to continue throughout the day. meanwhile, coronavirus cases and hospitalizations are dropping dramatically across the u.s. that suggests measures to stop transmission are working, at least for now. almost 28 million americans have tested positive. that probably gives them some degree of immunity and almost 12% have received at least one dose of a vaccine. plus, data gathered from mobile phones suggest people are being more cautious day today -- day to day. on capitol hill, democrats want to push through the one point $9 trillion stimulus package and get the rest of the cabinet co

be vaccinated for the covid-19, and that is going to be launching next month and it comes with charles schwab is everything a gameified platform is that what we are reduced to >> well, my question is does this appeal to the robinhood traders talking about the gamestop on reddit is this appealing to people who want to bet on sports that maybe their favorite sport is not in season, and people can gamble on everything what is so interesting about this is that you don't make a bet and play it out, you can trade these bets, and this company raised $30 million and they were approved by the commodities trading commission, and so this is a serious venture to trade on the bets it is remarkable, jon. it is going to be interesting to see what happens on this platform and how popular it is. >> nilay, i only like it if i can sure bet. nilay, maybe you didn't hear that. go ahead, bob. >> the answer to your question, jon, yes, everything is gameified and we should be concerned about this. this is no longer who is going to win the super bowl, and you put up three questions, and my question is if every gaming

we've got to get to charles schwab's stock. in the wake of the reddit rebellion, order flow and short selling could be targeted op capitol hill. on capitol hill. why specifically is that affecting schwab? >> you know, you've still got me confused because i just caught a little bit of your last hit. hydrocolonics? liz: hydroponics. >> oh, i thought you said hydrocolonnics. liz: no, and that would be high colonic, darling. [laughter] hydroponic. [laughter] okay, to schwab, please. >> glad we got that out of the way. [laughter] let's get to the serious news. let's just lay this out for discount brokers either charge you no commission or very low commission. they do that because they don't match the buyers and the sellers. they sell those, that order flow to parties like a brokerage firm, high frequency broker. citadel securities, a high frequency broker and many others. and they get paid for that order flow. so that's how robinhood and schwab make money. they -- and then the brokers turn around, and they make a lot of money off th

big brokers like charles schwab pointed out it didn't limit buyers from buying what they wanted thoughjusted its margin requirements. the margin is where you buy on credit instead of using the cash in your brokerage account. somebody.ed out, kris, laura and marcus as well, when it comes to robinhood, they were early in making it super easy almost like a video game to buy a share and the big traditional brokerages are still using clunker interfaces. once big brokerages can figure that out, robinhood may be in more trouble. >> big brokerages might not want to make it easy for us. >> perhaps not. >> yes. >> well, they make more money every time you buy and sell. >>> let's bring in marcus washington for a lock at what is trending this morning as well. couldn't get enough of the gamestop frenzy. >> absolutely, laura. if we're talking about it, "saturday night live" will tackle it and of course this was the first show after the hiatus and they did not disappoint. the live weekend update had to tackle all of those issues that we're talking about. let's take a look. >> it's been a big week for

charles schwab pointed out it didn't limit buyers from buying what they wanted though it, too, adjustedrequirements, the margin is where you buy on credit instead of using the cash in your account. kris and laura and marcus as well, a lot of people are staying robinhood what they did well was make an app super easy to buy and sell stock like a video game is avenue and if the big guys like schwab would get better at making apps, they could take a lot of business from robinhood. >> interesting. thank you, scott. >> okay. >>> hey, let's bring in marcus washington. my buddy, old pal, he's got a look at what's trending this morning. hey, marcus, "saturday night live" couldn't get enough of the gamestop frenzy we're talking about. >> look, you know it, laura, we talked about it this weekend and if people are talking about it, so is "saturday night live." of course this was the first show of the new season and of course the live weekend update had to tackle all of those issues that we're talking about. let's take a look. >> it's been a big week for the staten island mall gamestop. reddit figur

"firing line" is made possible by margaret and daniel loeb foundation, charles r. schwab. >> dr. michael, thank you for returning to "firing line." >> thank you for having me. >> president biden this week said he hopes that things will be a lot more normal a year from now. i got to be honest, a lot of americans were surprised to hear him say it could go on until 2021. new covid cases are dropping dramatically across the country. i want to show you an image of the curve. you're warning that a hurricane is coming our way. this is the calm before the storm. some people say you're an alarmist. you say you're a realist. explain what is about to happen. >> right after labor day, when we were at 26,000 cases a day, you know, i said we would likely be well above 200,000 cases by thanksgiving. we hit it well before thanksgiving. case numbers came down ain to 150,000 new reported cases a day in december a i sd we're going to hit 300,000 cases in january. we did. each time someone would point outo me when i made those predictions that they were scary and they were very unfortunate an yet it

next, charles schwab says new brokerage accounts in january surged big time., so in january they added about 1.1 million new customers, up as i said 20% from january 2020 and up 70% from december just a month before. could it be that reddit momentum, gamestop, amc frenzy? many brand-new investing opening up new accounts. stuart: some of our technology works and we have to show you charles schwab up. how i propose-- i propose. here's the storm interested in, archer aviation, electric aircraft start up, united airlines has ordered 200 of their electric planes. gregg smith is here. he loves this company. he's an early investor in archer airlines. was the proper name, archer aviation claimant archer aviation, stuart. happy friday. stuart: happy friday to you. i know you own it, and on the ground floor. what is so good about archers planes? >> i woke up wednesday morning's come fly with me when i found archer was getting acquired by the spac in a $3.8 billion deal so archer basically makes flying taxis. they can go 150 miles an hour. they have a 60-mile range and t

i don't know if you saw, charles schwab announced their january new accounts up 200 year on year, in5 year on year, and we're looking at trading volumes now, jim, that are rivaling the peak of the covid crash last spring. >> it's incredible i think the real issue will be traced out and dan schulman, ceo of paypal, he said last night, at 20 minutes and 36 seconds, in the unbelievable half hour talk, he dropped the bomb and said investments are where he's going, he's going stocks so then the question is he going on stocks, and is he going to buy robinhood? is he going to create a robinhood that has trust because robinhood has violated the people's trust we know that and the hearing is going to be brutal and the justice department investigation, remember, justice department, when they investigate financials, it is not idle but ever since - >> but during when tony west was running that investigation, for the d.o.j. - >> he is doing a great job by the way. with uber, cleaning uber up. >> yes >> he has been there for a while now. >> but david, the hearings, and it is the s.e.c., from san f

let's start with the brokers everyone from robinhood to charles schwab saw more out ans on number mobiley called astronomical volumes. and putting up collateral in customer trades in names like game stop that was active on reddit be robinhood is pushing for more real time settlements instead of the two-day process. and a different type of stress but payment for order flow market makers in that behind the scenes revenue model are now seeing new pressure and pushback from lawmakers wilf, back to you. >> kate, thanks for that set up. mike we are all going to be eagle eye focused on these hearings it is going to be interesting to see what comes out of it clearly some of these aspects have been brought into the front line of discussion over the last couple of mondays but are well understood and have been around quite some time in the industry. >> without a doubt we talk about the settlement process. it is not as if this was a antiquated thing, t plus two it was t plus five in the '80s and it was a big thing to get it two t plus three and then went tot plus two three years ago i think technolo

a new survey by ariel investments and charles schwab reveals how black investors continue to lag behind black americans put away $300 fewer every month than white americans. mellody hobson is the co-ceo and president of aerial investments and joins us now. good morning. great to have you. thanks for being here. >> great to see you. >> a couple of things really struck me in the survey. the first -- obviously the most alarming is that the black families median and mean wealth is less than 15% of white families. that's a stunning statistic. but i was also really surprised to see that african-american participation in the stock market is at its lowest level in the 20 years of this survey. is the pandemic playing a role in that? >> well, this was certainly one of the most disheartening things about the research we've done, that we've come full circle from when i first started doing this survey in 1998 until now. we're actually at a lower level of stock market participation than that time, 1998. we've peaked in the early zeros with participation around 74%. but this is a real setback. the pan

that's when companies like robinhood, like charles schwab take their buys and sells order, and they sello that sort of practice because it gives citadel and those other brokers an inside, like a private insight into a retail order flow. we could spend all day talking about that. remember, if it wasn't for order flow, neil, there wouldn't be discount brokers. people couldn't trade for free on robinhood, because robinhood gets paid by selling the order now. and that order flow is matched pretty seamlessly, you get the price of what you want to put boo it. so that is one of the issues that is being bounced around, curtailment of short selling, and i'm sure they're going to talk about all of this in these discussions. because, again, whenever something like this happens, we start talking about there's always a response from the regulators of some type. it would be really a shame if they get rid of payments for order flow. i'm going to get a lot of heat for this, but the democratization in wall street does not exist if the average guy's got to pay each commission, and that's how you offset th

topics to bring up with the next guest liz anadarko saunders, chief investment strategist at charles schwabys to process what powell has told the market about a little reason, i guess, to fear a rate shock. it sounds like you are kind of onboard with that? >> i am. and i think that was particularly interesting that powell focused on, and i think it will garner increasing attention, is on the employment side of their dual mandate, and a lot of discussion about let's call it the breadth of the decline in unemployment they want to see. they want to see dispersion, particularly in areas of the economy most impacted. i don't think it will be a sort of simplistic move down in unemployment rate because all that would be needed to start to suggest the fed that they have to pare back policy. i think they are going look at the inner workings at the decline in the unemployment rate >> yeah. this brainerd speech yesterday really zeroing in on what's happened to unemployment i mean, depression-level unemployment even now, for the bottom quartile of income earners, i guess i wonder what it means for the

just had the highest weekly inflow into the equity market ever so people are putting it to work charles schwab's reported that there's been a massive increase in account openings. and there's more liquidity on the way. having said that, we are at well elevated prices but this is all about liquidity. you've heard me say this over and over again, it is technical, the path of least resistance is still up over time >> when you see something like tesla, which has been a darling of course of the market, buying bitcoin, which has also been a darling of the market, do you still have to think this is marking the top, or is it a bigger transition that's bullish for both assets? >> so that one has a specific element to it. which is the acceptance of bitcoins and not just tesla that is saying, you can use it as a form of payments, it's others, too, but you could have had in that sentence so many other things and spacs. look at the amount of spac activity we have had and everybody and their brother and sister are opening spacs you could have all sorts of things that indicate that we are frothy but remember,

things going on what you have to really do, put a lot of things you have the long term investor charles schwabctive trader ameritrade was focused on the risk trader and what's taking place now is in the day trading world. frankly they've done an incredible job to pull the day trading community together to get this done. when you look at what took place, a lot of people said, well, there's a lot of speculation here i can appreciate the speculation of day trading i can appreciate when you day trade and the market is doing well, you increase the probability you're going to do better market not doing well, the opposite what happened here specifically, people actually really did their homework on this they didn't do fundamental ana analysis, gamestop, was significantly short, 140%, they were able to put a plan together to rally the community to be able to take advantage of that when they started to buy a i huge short they start to buy. they forced the market up. you got leverage involved it will force it up you got options involved they're responsible to make sure the trade gets settled when you do

i don't think anybody is malicious at robinhood or charles schwab but you live in your own bubble ands give them a safe passage into your bubble by giving them somebody to talk to and education that empowers them. >> john, good to see you this morning. we're out of time but i'm sure we'll talk again soon. >> thanks for having me. >>> coming up, senator ben cardin is going to join us to talk small business relief and the latest out of washington on stimulus negotiations. >>> later, don't miss our conversation with billionaire investor sam zell talking about thmaete rks, real estate much more. "squawk box" coming right back w you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on y

liz saunders made a great point from charles schwab it was into this type of trading activity, talkingeed of investors but are they investing? are they looking at the long-term investment approach or just digging into this quick speculative trade. for all these lawmakers jumping on the populist approach. i lost we should be careful what we are encouraging. you need to know the rules, what you're dealing with you and get into these trades especially when doing so on margins which someone has to back the trade up and in this case it was robin hood. stuart: we are in agreement, you have been warned to the you get into a casino you can lose it all. we are on the same page on that. good debate. >> guys like david fort noise -- fortnoise makes a point, everyone wants access but it is important everyone knows how this works and for lawmakers to cry foul when it comes to robin hood they should know robin hood at least was trying to play by the rules many of those lawmakers, legislators had set for them. they had to meet those requests, they had to raise $1 billion and did so the next day, they

with the direct to consumer, think about the partnerships we announced etrade, morgan stanley, charles schwabhat's what gives us the dollars to invest hundreds of millions of dollars as we go into 2021. >> you also announced yesterday something called rocket labs what is that >> well, we've been doing this for years. it's kind of our incubator to find the new businesses that we can add on to our platform at this point in time it became important to memorialize that and set up more structure around it that's exactly what it is. we think about additional business verticals that we can add onto the rocket platform we carve out two small pizza teams to work on those we work on them quibblingl quic. we want to condense the time frame of closing a mortgage from start to finish to 10 days we have another one focused on opening up home sales. as you know, inventories are incredibly tight we bring homes to the marketplace. we keep coming up with the great ideas, putting them into rocket labs and testing them and if they work, we'll add them to the rocket platform. >> jay, i'm looking at the stock agai

. >> these companies from california you have charles schwab they might be from new york.all these celebrity moving. brian: in florida. they ruin their states and fly to other states. ainsley: i know. if they are smart enough to leave for taxes i hope they are not stupid enough to vote for the same policies. brian: i don't think there is a screening process unfortunately little for now for those states. it's a red state by four or five point it seems. quick thing, not everything donald trump did was reversible unless you want to pass legislation. criminal justice reform, for example. as well as his tax reform. that was legislation that was passed and agreed upon. now, when it comes to governors and how they act in the pandemic, there no state that could say we didn't have any. in the beginning we thought it was just new york. we watched it spread. something else under reported pretty much around the country just under 40% reduction in cases. 5% below in deaths. a lagging indicator and hospitalizations down between 20% and 0%. when it's all said and done and these states st