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DealBook Online Summit Live Updates: Elizabeth Warren on What’s Next for Washington


At 4:30 p.m. Eastern, Senator Elizabeth Warren will discuss what’s next for Washington.



This is the worst outbreak that we’ve had of a respiratory borne illness in 102 years. You can’t run away from the data. It’s incomprehensible to me how people are not seeing that these are real numbers. And unfortunately, we’ve gotten into a situation of political divisiveness that a public health message like I’m trying to give is not encroaching on anybody’s freedom public health message is your personal and your societal responsibility to your neighbors and to the rest of the country.

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CreditCredit…Mandel Ngan/Agence France-Presse — Getty Images

Dr. Anthony Fauci, the nation’s top infectious disease expert, spoke to DealBook’s Andrew Ross Sorkin on Tuesday about the coronavirus, vaccines and how long people will have to take precautions. Recent news of initially successful vaccine trials from Pfizer and Modena have inspired hope, but a surge in cases across the country is causing alarm.

Dr. Fauci, the director of the National Institute of Allergy and Infectious Diseases, said at the DealBook Online Summit that the return to normalcy depended on two elements: the effectiveness of vaccines and how many people take them. He said the vaccine trial results were “striking,” but he expressed concern that resistance to vaccination would reduce their overall effectiveness.

“We could be quite close to some degree of normality” by next fall, he said, but stressed that public health measures would continue to be necessary for some time.

“I can tell you, that really depends on whether we get the overwhelming majority of the people vaccinated,” he said. And a vaccine won’t replace public health measures “until you get to the point where domestically and globally we no longer have a pandemic or epidemic situation.”

Dr. Fauci resisted the politicization of the disease and protective measures. “A public health message like I’m trying to give is not encroaching on anyone’s freedom,” he said. “We’ve got to do everything we possibly can to pull together as a nation, and not as individual factions having differences that spill over into public health.”

“Public health really has nothing to do with politics,” he said.

“We’re all in this together as a nation,” he added. Citing evidence of 245,000 deaths and 11 million infections, Dr. Fauci said, “You can’t run way from the data.”

He noted the importance of the incoming Biden administration to work with the outgoing administration on a smooth transition. “I have been now dealing with six administrations in my 35 years as director. I’ve been through five transitions. I can say that transitions are extremely important to the smooth continuity of whatever you’re doing,” he said. “Right now, we’re in a very difficult public health situation.”

With the holiday season approaching, the infectious disease expert acknowledged that it would be up to people to decide what was right for them in terms of staying safe at gatherings. “Each individual family unit needs to make a risk-benefit assessment for what they want to do with the holidays,” he said.

His family is going to forgo a gathering and share a meal over video chat. “My daughters, who are adult professional women in different parts of the country, have made a decision,” he said. “They want to protect their daddy.”

Dr. Fauci suggested that with effective vaccines seemingly around the corner, now is the time to bolster health measures. Some have said that “following the science” in Europe hasn’t prevented an increase in infections, but Dr. Fauci blamed “Covid fatigue” for mounting infection rates there.

“We should use that vaccine to say that there is light at the end of the tunnel,” he said. “Now that we see the end in sight, now is the time to double down, put away Covid fatigue.”

The doctor said that the pandemic was his long-dreaded nightmare: a respiratory infection that jumps species, spreads easily and has a high mortality rate.

“I am living that thing I feared the most,” he said. “Let us get out of this,” he added, before worrying about whether the world would remember the lessons learned from this pandemic.



There are two kinds of people when you make mistake, one One kind of people don’t want to accept admit that you have made a mistake and those people try to make all kinds of excuse and justify what you have made the decision in the wrong way. And the other group is accept and admit the mistake and I’m the kind of guy, I would rather accept my stupidity, and my ignorance my, you know, bad decisions so that I can learn from my mistake.

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CreditCredit…Kimimasa Mayama/EPA, via Shutterstock

Masayoshi Son, the founder and chief executive of SoftBank, has made billions from his prescient bets over the years, including an early investment in Alibaba of China. But, he told DealBook’s Andrew Ross Sorkin at the DealBook Online Summit on Tuesday, he still has made many mistakes.

In a wide-ranging interview, Mr. Son spoke as much about his missed opportunities as he did his successes. His philosophy: “I would rather accept my stupidity and my ignorance — my bad decisions — so that I can learn from my mistakes,” he said. “It’s better to accept them, so I become smarter.”

He noted that he had the opportunity to become an early investor in Amazon, and even spoke with Jeff Bezos, the Amazon chief, about taking a 30 percent stake in the company before it went public.

He didn’t take it. “I’m so stupid!” he said, chuckling. “Don’t embarrass me.”

But Mr. Son also admitted making a big mistake with WeWork. SoftBank poured billions into the co-working business, betting that it would transform the nature of offices and “elevate the world’s consciousness” — and then was forced to bail it out after its plans to go public cratered.

“We made a loss on WeWork,” he said. “That was my mistake.” But he noted that the company had other hits, and its investments over all are up by at least tens of billions of dollars.

Mr. Son also expressed some admiration for Adam Neumann, the once-highflying WeWork chief executive who persuaded him to invest in the company in the first place. Mr. Neumann also made mistakes, Mr. Son said, but “I’m a big believer that he will be successful, and that he has learned a lot from his prior life.”

It’s the first day of the DealBook Online Summit, featuring top newsmakers in business, policy and culture debating the most important issues of the moment — and the future. Today, speakers consider the arc of innovation, the prospects for beating the pandemic, the race for a Covid-19 vaccine and the future of policymaking in Washington.

Here is today’s lineup (all times Eastern):

9 a.m.-9:45 a.m.

The billionaire founder and chief executive of SoftBank, the Japanese tech conglomerate, on Amazon, WeWork and his long-term outlook for innovation.

11 a.m.-11:30 a.m.

Dr. Fauci on the latest developments in the coronavirus pandemic and reflect on his service under six presidents.

1 p.m.-2 p.m.

The panel will discuss the latest breakthroughs in the development of a Covid-19 vaccine and the challenges of distributing it, both in terms of logistics and winning public trust.

4:30 p.m.-4:55 p.m.

One the most prominent progressives in the Senate, with a track record of aggressively trying to rein in Wall Street, Ms. Warren will discuss the post-election outlook for the intersection of business and policy.

Every day, the DealBook newsletter helps subscribers makes sense of the latest business and policy news. Here are some of the stories in today’s edition:

News Corp bids for Simon & Schuster. Rupert Murdoch’s media company, which owns HarperCollins, is one of two finalists to acquire the book publisher, The New York Times’s Ed Lee reports. (The other is Bertelsmann, which owns Penguin Random House.) A deal would substantially consolidate the book publishing industry, giving Mr. Murdoch ownership of titles by top authors like Stephen King and several hit books critical of President Trump.

Airbnb opens its books for its I.P.O. The home-rental giant filed its offering prospectus yesterday, revealing how it has been affected by the pandemic. Revenue in the first nine months of 2020 was down 32 percent, to $2.5 billion, while net losses doubled, to $697 million. Like other tech companies, it has created multiple classes of stock that give its founders disproportionate control.

Judy Shelton’s Fed nomination grows shakier. President Trump’s controversial pick for the central bank faced new opposition, as Senator Lamar Alexander, Republican of Tennessee, said he would vote against Ms. Shelton’s nomination. A confirmation vote may come down to a tiebreaker decided by Vice President Mike Pence.

Elsewhere in the newsletter, DealBook reporters note how President-elect Joe Biden was expected to seek the middle ground on an economic rescue package, but in his first major policy speech he seemed steeled for a fight. Analyzing political donations for the upcoming Georgia Senate runoff elections, it looks like the private equity industry is investing in government gridlock, backing the Republican incumbents after donating more, on balance, to Mr. Biden’s campaign than President Trump’s. And with the departure of one of Goldman Sachs’s best-known rain makers, Gregg Lemkau, M.&A. may have less sway at the Wall Street giant.

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