1 00:00:10,577 --> 00:00:18,284 >>> THERE'S NO BETTER PERSON TO ASK ABOUT THE STATE OF THE AMERICAN ECONOMY THAN FEDERAL RESERVE CHAIRMAN JEROME POWELL. 2 00:00:18,351 --> 00:00:27,026 WE SAT DOWN WITH THE CHAIRMAN FOR A RARE INTERVIEW TO ASK ABOUT THE FUTURE OF INTEREST RATES, WHETHER PRICES WILL COME 3 00:00:27,093 --> 00:00:34,267 DOWN, AND WHAT THE FED MIGHT DO NEXT. >> INFLATION HAS BEEN FALLING STEADILY FOR 11 MONTHS. 4 00:00:34,334 --> 00:00:41,207 >> RIGHT. >> YOU'VE AVOIDED A RECESSION. WHY NOT CUT THE RATES NOW? >>> THE NUMBER OF MIGRANTS 5 00:00:41,274 --> 00:00:52,085 ARRIVING AT THE SOUTHERN BORDER IS UNPRECEDENTED. LAST YEAR, U.S. CUSTOMS AND BORDER PROTECTION RECORDED 6 00:00:52,152 --> 00:00:58,992 2.5 MILLION INSTANCES OF DETAINING OR TURNING AWAY PEOPLE ATTEMPTING TO CROSS INTO THE UNITED STATES FROM MEXICO. 7 00:00:59,058 --> 00:01:06,499 SO, WHAT'S THE FASTEST-GROWING GROUP AMONG THEM? CHINESE MIGRANTS. YES, YOU HEARD THAT RIGHT, 8 00:01:06,566 --> 00:01:15,675 CHINESE. >>> BETTING AND LOSING MONEY, FOR MILLIONS OF FANS LIKE THESE GUYS, IT'S ONE MORE REASON TO 9 00:01:15,742 --> 00:01:23,983 WATCH AND ENJOY SPORTS. BUT FOR OTHERS, IT'S NOT ALL FUN AND GAMES. 60% OF ONLINE BETTERS ARE YOUNG 10 00:01:24,050 --> 00:01:28,588 MEN, AND IT'S A SAFE BET THAT MANY OF THEM ARE ADDICTED AND LOSING. >> WHERE ARE THE YOUNG MEN 11 00:01:28,655 --> 00:01:34,260 GETTING THE MONEY TO GAMBLE LIKE THIS? >> I HAVE A PATIENTS, SOME OF WHOM ARE COLLEGE STUDENTS, WHO 12 00:01:34,327 --> 00:01:41,401 HAVE GAMBLED FEDERAL STUDENT LOAN MONEY. I HAVE YOUNG PATIENTS WHO HAVE GAMBLED AWAY INHERITANCES. 13 00:01:41,468 --> 00:01:50,543 >> I'M LESLEY STALL. >> I'M BILL WHITAKER. >> I'M ANDERSON COOKER. >> I'M JOHN WOR THYME. 14 00:01:50,610 --> 00:02:03,857 >> I'M CECELIA VEGA. >> I'M SCOTT . >>> JEROME POWELL, THE CHAIR OF 15 00:02:03,923 --> 00:02:11,364 THE FEDERAL RESERVE, MAY HAVE JUST RESCUED THE ECONOMY FROM INFLATION WITHOUT THROWING MILLIONS OUT OF WORK. 16 00:02:11,431 --> 00:02:22,275 WHEN AMERICANS WERE SUFFERING THROUGH THE HIGHEST INFLATION IN 40 YEARS, POWELL'S FED RAISED INTEREST RATES 11 TIMES TO COOL 17 00:02:22,342 --> 00:02:30,450 THE ECONOMY. ECONOMISTS EXPECTED A RECESSION. BUT NOW, INFLATION IS TUMBLING WHILE EMPLOYMENT IS NEAR A 18 00:02:30,517 --> 00:02:38,157 50-YEAR HIGH. THURSDAY, WE MET POWELL FOR A RARE INTERVIEW, TO TALK ABOUT INTEREST RATES, REMAINING 19 00:02:38,224 --> 00:02:48,067 DANGERS, AND THE ONE QUESTION THAT'S ON EVERYONE'S MIND. IS INFLATION DEAD? >> I WOULDN'T GO QUITE SO FAR AS 20 00:02:48,134 --> 00:02:53,773 THAT. WHAT I CAN SAY IS THAT INFLATION HAS COME DOWN REALLY OVER THE PAST YEAR AND FAIRLY SHARPLY 21 00:02:53,840 --> 00:03:00,046 OVER THE PAST SIX MONTHS. WE'RE MAKING GOOD PROGRESS. THE JOB IS NOT DONE, AND WE'RE VERY MUCH COMMITTED TO MAKING 22 00:03:00,113 --> 00:03:06,352 SURE THAT WE FULLY RESTORE PRICE STABILITY FOR THE BENEFIT OF THE PUBLIC. >> BUT INFLATION HAS BEEN 23 00:03:06,419 --> 00:03:12,559 FALLING STEADILY FOR 11 MONTHS. >> RIGHT. >> YOU'VE AVOIDED A RECESSION. WHY NOT CUT THE RATES NOW? 24 00:03:12,625 --> 00:03:20,400 >> WELL, WE HAVE A STRONG ECONOMY. GROWTH IS GOING ON AT A SOLID PACE. 25 00:03:20,466 --> 00:03:25,838 THE LABOR MARKET IS STRONG, 3.7% UNEMPLOYMENT. WITH THE ECONOMY STRONG LIKE THAT, WE FEEL LIKE WE CAN 26 00:03:25,905 --> 00:03:35,748 APPROACH THE QUESTION OF WHEN TO BEGIN TO REDUCE INTEREST RATES CAREFULLY. AND WE WANT TO SEE MORE EVIDENCE 27 00:03:35,815 --> 00:03:42,288 THAT INFLATION IS MOVING SUSTAINABLY DOWN TO 2%. WE HAVE SOME CONFIDENCE IN THAT. OUR CONFIDENCE IS RISING. 28 00:03:42,355 --> 00:03:49,629 WE JUST WANT SOME MORE CONFIDENCE BEFORE WE TAKE THAT VERY IMPORTANT STEP OF BEGINNING TO CUT INTEREST RATES. 29 00:03:49,696 --> 00:04:00,607 >> INFLATION HAS FALLEN FROM JUST OVER 9% TO ABOUT 3%, NEAR THE FED'S ULTIMATE GOAL OF 2%. >> WHY IS YOUR TARGET RATE 2%? 30 00:04:00,673 --> 00:04:08,948 >> INTEREST RATES WILL ALWAYS INCLUDE AN ESTIMATE OF FUTURE INFLATION. IF THAT ESTIMATE IS 2%, THAT 31 00:04:09,015 --> 00:04:17,523 MEANS YOU'LL HAVE 2% MORE THAT YOU CAN CUT IN INTEREST RATES. THE CENTRAL BANK WILL HAVE MORE AM EWE MISSION 32 00:04:17,590 --> 00:04:21,761 AMMUNITION, MORE POWER TO FIGHT A DOWNTURN IF RATES ARE A LITTLE BIT HIGHER. >> ARE YOU COMMITTED TO GETTING 33 00:04:21,828 --> 00:04:27,200 ALL THE WAY TO 2.0 BEFORE YOU CUT THE RATES? >> NO, NO. THAT'S NOT WHAT WE SAY AT ALL. 34 00:04:27,266 --> 00:04:34,741 WE'RE COMMITTED TO RETURNING INFLATION TO 2% OVER TIME. I HAVE SAID THAT WE WOULDN'T WAIT TO GET TO 2% TO CUT RATES. 35 00:04:34,807 --> 00:04:43,716 >> WE MET POWELL IN THE FEDERAL RESERVE BOARD ROOM, WHERE THIS COMMITTEE MEETS EVERY SIX WEEKS OR SO TO SET THE SO-CALLED 36 00:04:43,783 --> 00:04:54,193 FEDERAL FUNDS INTEREST RATE, WHICH INFLUENCES MOST LOANS. LAST WEEK, POWELL ANNOUNCED THE RATE WOULD STAY AT ITS 23-YEAR 37 00:04:54,260 --> 00:05:01,501 HIGH, ABOUT 5.5% UNCHANGED FOR SIX MONTHS. >> YOU DISAPPOINTED A LOT OF PEOPLE ON WEDNESDAY. 38 00:05:01,567 --> 00:05:08,675 >> I CAN'T OVERSTATE HOW IMPORTANT IT IS TO RESTORE PRICE STABILITY, BY WHICH I MEAN INFLATION IS LOW AND PREDICTABLE 39 00:05:08,741 --> 00:05:13,079 AND PEOPLE DON'T HAVE TO THINK ABOUT IT IN THEIR DAILY LIVES. THAT'S WHERE WE WERE FOR 20 YEARS. 40 00:05:13,146 --> 00:05:18,618 WE WANT TO GET BACK TO THAT. >> MOVING TOO SOON WOULD SET OFF INFLATION AGAIN. >> YOU COULD OR YOU COULD JUST 41 00:05:18,685 --> 00:05:25,258 HALT THE PROGRESS. I THINK MORE LIKELY, IF YOU MOVE TOO SOON, YOU WOULD SEE INFLATION SETTLING SOMEWHERE 42 00:05:25,324 --> 00:05:32,965 WELL ABOVE THE 2% TARGET. >> WHAT IS THE DANGER OF MOVING TOO LATE? >> IF YOU MOVE TOO LATE, POLICY 43 00:05:33,032 --> 00:05:37,670 WOULD BE TOO TIGHT. AND THAT COULD EASILY WEIGH ON THE ECONOMIC ACTIVITY AND THE LABOR MARKET. 44 00:05:37,737 --> 00:05:42,041 >> MAKING A RECESSION. >> RIGHT. AND WE HAVE TO BALANCE THOSE RISKS. 45 00:05:42,108 --> 00:05:47,480 THERE IS NO EASY, SIMPLE, OBVIOUS PATH. >> WAS THE FED TOO SLOW TO RECOGNIZE INFLATION IN 2021? 46 00:05:47,547 --> 00:05:53,953 >> SO, IN HINDSIGHT, IT WOULD HAVE BEEN BETTER TO HAVE TIGHTENED POLICY EARLIER. WE THOUGHT THAT THE ECONOMY WAS 47 00:05:54,020 --> 00:06:01,461 SO DYNAMIC THAT IT WOULD FIX ITSELF FAIRLY QUICKLY. AND WE THOUGHT THAT INFLATION WOULD GO AWAY FAIRLY QUICKLY 48 00:06:01,527 --> 00:06:09,702 WITHOUT AN INTERVENTION BY US. SO, IN THE FOURTH QUARTER OF '21, IT BECAME THAT INFLATION WAS NOT TRANSITORY IN THE SENSE 49 00:06:09,769 --> 00:06:14,373 THAT I MENTIONED. AND WE PIVOTED AND STARTED TIGHTENING. AS I SAID, IT'S ESSENTIAL THAT 50 00:06:14,440 --> 00:06:18,377 WE DID THAT. IT WAS CRITICAL THAT WE DID THAT. THAT'S PART OF THE STORY WHY 51 00:06:18,444 --> 00:06:24,217 INFLATION IS COMING DOWN NOW. >> WE WONDERED ABOUT AN INTEREST RATE CUT IN THE NEXT COMMITTEE MEETING IN MARCH. 52 00:06:24,283 --> 00:06:31,858 >> I THINK IT'S NOT LIKELY THAT THIS COMMITTEE WILL REACH THAT LEVEL OF CONFIDENCE IN TIME FOR THE MARCH MEETING, WHICH IS IN 53 00:06:31,924 --> 00:06:37,563 SEVEN WEEKS. >> THE NEXT COMMITTEE VOTE THEN WOULD BE IN MAY. >> HOW WOULD YOU CHARACTERIZE 54 00:06:37,630 --> 00:06:44,837 THE CONSENSUS AROUND THE TABLE FOR RATE CUTS? IS EVERYONE ON BOARD? >> ALMOST ALL. 55 00:06:44,904 --> 00:06:50,743 ALMOST ALL OF THE 19 PARTICIPANTS WHO SIT AROUND THIS TABLE BELIEVE THAT IT WILL BE APPROPRIATE IN THEIR MOST LIKELY 56 00:06:50,810 --> 00:06:58,251 CASE FOR US TO CUT THE FEDERAL FUNDS RATE THIS YEAR. >> Reporter: CUTS IN THE FEDERAL FUNDS RATE WOULD LIKELY BE A 57 00:06:58,317 --> 00:07:06,926 QUARTER, MAYBE HALF A PERCENTAGE POINT AT A TIME, AS LONG AS INFLATION DATA REMAIN GOOD. >> WE JUST WANT TO SEE MORE GOOD 58 00:07:06,993 --> 00:07:11,297 DATA ALONG THOSE LINES. IT DOESN'T NEED TO BE BETTER THAN WHAT WE'VE SEEN OR EVEN AS GOOD. 59 00:07:11,364 --> 00:07:18,638 IT JUST NEEDS TO BE GOOD. SO, WE DO EXPECT TO SEE THAT. >> Reporter: BACK IN 2021, LITTLE SEEMED GOOD. 60 00:07:18,704 --> 00:07:28,347 INFLATION IGNITED AFTER PANDEMIC DISRUPTIONS AND WHEN THE FEDERAL GOVERNMENT SPENT $5 TRILLION TO KEEP THE ECONOMY AFLOAT. 61 00:07:28,414 --> 00:07:36,189 MANY IN CONGRESS QUESTIONED POWELL'S RAPID RATE INCREASES AND PREDICTED DISASTER. >> AND I HOPE YOU'LL RECONSIDER 62 00:07:36,255 --> 00:07:42,929 THAT, AS YOU DRIVE THIS -- BEFORE YOU DRIVE THIS ECONOMY OFF A CLIFF. THANK YOU, MR. CHAIRMAN. 63 00:07:42,995 --> 00:07:51,404 >> Reporter: BUT STRANGELY, WHEN RATES WENT UP, THE ECONOMY ADDED MORE THAN 5 MILLION JOBS. POWELL TOLD US THAT'S BECAUSE OF 64 00:07:51,470 --> 00:07:58,511 THE ODD DYNAMICS OF THE PANDEMIC. CAR SALES, FOR EXAMPLE. >> IT WAS A SEMICONDUCTOR 65 00:07:58,578 --> 00:08:04,884 SHORTAGE BECAUSE SO MANY PEOPLE WERE BUYING GOODS THAT INVOLVED A LOT OF SEMICONDUCTORS. SO, WHILE DEMAND FOR CARS WAS 66 00:08:04,951 --> 00:08:09,455 SPIKING BECAUSE PEOPLE DIDN'T WANT TO RIDE PUBLIC TRANSPORTATION, FOR EXAMPLE, AND THEY'RE MOVING TO THE SUBURBS, 67 00:08:09,522 --> 00:08:15,528 WHILE THAT'S HAPPENING, YOU CAN'T GET SEMICONDUCTORS. YOU CAN'T MAKE CARS. SO, THERE'S A SHORTAGE. 68 00:08:15,595 --> 00:08:23,002 SO, WHAT HAPPENED IS INFLATION JUST SPIKED. BUT AS THE SEMICONDUCTOR SUPPLY CAME BACK, PRICES -- INFLATION 69 00:08:23,069 --> 00:08:31,811 HAS MODERATED A GREAT DEAL. SO, REALLY THESE UNIQUE FEATURES OF THE PANDEMIC DID REVERSE IN A WAY THAT BROUGHT INFLATION DOWN. 70 00:08:31,878 --> 00:08:38,417 >> Reporter: JEROME POWELL TURNS 71 TODAY. AFTER A CAREER IN INVESTMENT BANKING, HE WAS APPOINTED TO THE 71 00:08:38,484 --> 00:08:47,360 FED BY BARACK OBAMA, MADE CHAIRMAN BY DONALD TRUMP, AND RETAINED BY JOE BIDEN. POWELL OFTEN TRAVELS TO LISTEN 72 00:08:47,426 --> 00:08:56,269 TO THE COUNTRY. AND WE MET HIM AT SPELMAN COLLEGE IN ATLANTA, WHERE THE TALK WAS OF HIGHER PRICES. 73 00:08:56,335 --> 00:09:02,975 >> INFLATION IS ONE THING. PRICES ARE ANOTHER. AND I WONDER IF THERE IS ANY REASON TO BELIEVE THAT PEOPLE 74 00:09:03,042 --> 00:09:09,482 WILL SEE THE PRICES OF THINGS DECLINE. >> SO, THE PRICES OF SOME THINGS WILL DECLINE. 75 00:09:09,548 --> 00:09:16,555 OTHERS WILL GO UP. BUT WE DON'T EXPECT TO SEE A DECLINE IN THE OVERALL PRICE LEVEL. 76 00:09:16,622 --> 00:09:24,096 THAT DOESN'T TEND TO HAPPEN IN ECONOMIES EXCEPT IN VERY NEGATIVE CIRCUMSTANCES. IF YOU THINK ABOUT THE BASIC 77 00:09:24,163 --> 00:09:32,271 NECESSITIES, THINGS LIKE, YOU KNOW, BREAD AND MILK AND EGGS, PRICES ARE SUBSTANTIALLY HIGHER THAN THEY WERE BEFORE THE 78 00:09:32,338 --> 00:09:38,577 PANDEMIC. SO, THAT'S -- WE THINK THAT'S A BIG REASON WHY PEOPLE ARE -- HAVE BEEN RELATIVELY 79 00:09:38,644 --> 00:09:45,584 DISSATISFIED WITH WHAT IS OTHERWISE A PRETTY GOOD ECONOMY. >> BUT THOSE PRICES WILL NOT SOFTEN, SHORT OF SOMETHING LIKE 80 00:09:45,651 --> 00:09:53,893 A RECESSION. >> THINGS THAT ARE AFFECTED BY COMMODITY PRICES -- LIKE, FOR EXAMPLE, GASOLINE PRICES HAVE 81 00:09:53,960 --> 00:09:59,298 COME WAY DOWN. SOME FOOD PRICES THAT INCORPORATE THE PRICE OF COMMODITIES, GRAINS AND THINGS 82 00:09:59,365 --> 00:10:03,135 LIKE THAT. BUT THE OVERALL PRICE LEVEL DOESN'T COME DOWN. >> Reporter: THE FEDERAL RESERVE 83 00:10:03,202 --> 00:10:09,608 WAS EMPOWERED IN THE GREAT DEPRESSION TO REGULATE THE ECONOMY BY CONTROLLING THE SUPPLY OF MONEY AND SETTING 84 00:10:09,675 --> 00:10:18,250 INTEREST RATES. IT ALSO REGULATES COMMERCIAL BANKS FOR SAFETY, SOMETHING STILL CHALLENGED BY THE EFFECTS 85 00:10:18,317 --> 00:10:26,392 OF THE PANDEMIC. >> THE VALUE OF COMMERCIAL OFFICE BUILDINGS ALL ACROSS THE COUNTRY IS DROPPING, AS PEOPLE 86 00:10:26,459 --> 00:10:37,036 WORK FROM HOME. THOSE BUILDINGS SUPPORT THE BALANCE SHEETS OF BANKS ALL ACROSS THE COUNTRY. 87 00:10:37,103 --> 00:10:42,575 WHAT IS THE LIKELIHOOD OF ANOTHER REAL ESTATE-LED BANKING CRISIS? >> I DON'T THINK -- I DON'T 88 00:10:42,641 --> 00:10:49,215 THINK THAT'S LIKELY. WE LOOKED AT THE LARGER BANKS' BALANCE SHEETS, AND IT APPEARS TO BE A MANAGEABLE PROBLEM. 89 00:10:49,281 --> 00:10:54,687 THERE'S SOME SMALLER AND REGIONAL BANKS THAT HAVE CONCENTRATED EXPOSURES IN THESE AREAS THAT ARE CHALLENGED. 90 00:10:54,754 --> 00:10:58,257 AND, YOU KNOW, WE'RE WORKING WITH THEM. >> YOU BELIEVE IT'S A MANAGEABLE PROBLEM? 91 00:10:58,324 --> 00:11:05,264 >> I THINK IT APPEARS TO BE. >> WE'RE NOT GOING TO SEE BANK FAILURES ACROSS THE COUNTRY, AS WE DID IN 2008. 92 00:11:05,331 --> 00:11:11,904 >> I DON'T THINK THERE'S MUCH RISK OF REPEAT OF 2008. CERTAINLY THERE WILL BE BANKS THAT HAVE TO BE CLOSED OR MERGED 93 00:11:11,971 --> 00:11:17,777 OUT OF EXISTENCE BECAUSE OF THIS. THAT WILL BE SMALLER BANKS, I WOULD SUSPECT, FOR THE MOST 94 00:11:17,843 --> 00:11:21,881 PART. >> Reporter: JUST LAST YEAR THERE WAS A PANIC AT THE 16th LARGEST BANK. 95 00:11:21,947 --> 00:11:29,655 A FRL RESERVE REPORT BLAMED BANK MISMANAGEMENT BUT ALSO INADEQUATE SUPERVISION BY THE FED ITSELF. 96 00:11:29,722 --> 00:11:36,395 >> YOU SEEM CONFIDENT IN THE BANKS, AND YET THE SILICON VALLEY BANK, SECOND LARGEST FAILURE IN U.S. HISTORY. 97 00:11:36,462 --> 00:11:45,504 DID THE FED MISS THAT? >> SO, YES, WE -- WE DID. AND WE FORTHRIGHTLY SAW THAT WE NEEDED TO DO BETTER. 98 00:11:45,571 --> 00:11:54,647 SO, WE'VE SPENT A LOT OF TIME WORKING ON WAYS TO MAKE SUPERVISION MORE EFFECTIVE AND ALSO TO ADAPT REGULATION TO A 99 00:11:54,713 --> 00:12:03,522 MORE -- TO A MODERN CONTEXT, IN WHICH A BANK RUN CAN HAPPEN SO MUCH FASTER THAN IT COULD HAVE EVEN 20 YEARS AGO. 100 00:12:03,589 --> 00:12:08,094 >> Reporter: ANOTHER ECONOMIC HANGOVER AFTER THE PANDEMIC IS A SHARP INCREASE IN THE NATIONAL DEBT. 101 00:12:08,160 --> 00:12:19,805 30 YEARS FROM NOW, IT IS PROJECTED TO BE $144 TRILLION OR $1 MILLION PER HOUSEHOLD. >> HOW DO YOU ASSESS THE 102 00:12:19,872 --> 00:12:28,614 NATIONAL DEBT? >> WE MOSTLY TRY VERY HARD NOT TO COMMENT ON FISCAL POLICY AND, YOU KNOW, INSTRUCT CONGRESS IN 103 00:12:28,681 --> 00:12:35,554 HOW TO DO THEIR JOB WHEN ACTUALLY THEY HAVE OVERSIGHT OVER US. >> BUT IS THE NATIONAL DEBT A 104 00:12:35,621 --> 00:12:42,361 DANGER TO THE ECONOMY IN YOUR VIEW? >> ON THE LONG RUN, THE U.S. FEDERAL GOVERNMENT IS ON AN 105 00:12:42,428 --> 00:12:48,934 UNSUSTAINABLE FISCAL PATH. THAT JUST MEANS THAT THE DEBT IS GROWING FASTER THAN THE ECONOMY. >> I HAVE A SENSE THIS WORRIES 106 00:12:49,001 --> 00:12:53,973 YOU VERY MUCH. >> OVER THE LONG RUN, OF COURSE IT DOES. EFFECTIVELY, WE'RE BORROWING 107 00:12:54,039 --> 00:13:00,913 FROM FUTURE GENERATIONS. IT'S TIME FOR US TO GET BACK TO PUTTING A PRIORITY ON FISCAL SUSTAINABILITY. 108 00:13:00,980 --> 00:13:08,854 AND SOONER IS BETTER THAN LATER. >> WHAT WOULD YOU SAY IS THE SINGLE MOST IMPORTANT FACTOR FOR THE FUTURE OF AMERICAN 109 00:13:08,921 --> 00:13:14,760 PROSPERITY? >> WITH YOUR PERMISSION, I'LL NAME TWO THINGS. ONE IS I THINK WE NEED TO JUST 110 00:13:14,827 --> 00:13:24,570 REMEMBER THAT WE HAVE THIS DYNAMIC, INNOVATIVE, FLEXIBLE, ADAPTABLE, ECONOMY. MORE SO THAN OTHER COUNTRIES. 111 00:13:24,637 --> 00:13:30,042 AND THIS IS THE BIG REASON WHY OUR ECONOMY HAS COME THROUGH SO WELL. THE OTHER THING I'LL POINT TO 112 00:13:30,109 --> 00:13:37,383 FOR THE UNITED STATES IS REALLY SINCE WORLD WAR II, THE UNITED STATES HAS BEEN THE INDISPENSABLE NATION, SUPPORT RG 113 00:13:37,449 --> 00:13:43,455 AND DEFENDING DEMOCRACY, SECURITY ARRANGEMENTS, ECONOMIC ARRANGEMENTS. WE'VE BEEN THE LEADING VOICE ON 114 00:13:43,522 --> 00:13:49,495 THAT. AND IT IS CLEAR THAT THE WORLD WANTS THAT. AND I WOULD WANT THE UNITED 115 00:13:49,562 --> 00:14:01,073 STATES TO KNOW, THIS BENEFITS OUR COUNTRY ENORMOUSLY. IT BENEFITS OUR ECONOMY SO MUCH TO HAVE THIS ROLE. 116 00:14:01,140 --> 00:14:05,911 AND I HOPE THAT CONTINUES. >> Reporter: JEROME POWELL HAS ABOUT TWO YEARS IN HIS CURRENT TERM AS CHAIRMAN. 117 00:14:05,978 --> 00:14:15,754 HE SUGGESTED TO US THE LIKELY TIME FOR THE FIRST INTEREST RATE CUT WOULD BE THE MIDDLE OF THE YEAR, A FEW MONTHS BEFORE THE 118 00:14:15,821 --> 00:14:21,026 ELECTION. >> YOUR DECISIONS, INEVITABLY, ARE GOING TO HAVE A BEARING ON THIS YEAR'S ELECTION. 119 00:14:21,093 --> 00:14:28,601 AND I WONDER, TO WHAT DEGREE DOES POLITICS DETERMINE YOUR TIMING? >> WE DO NOT CONSIDER POLITICS 120 00:14:28,667 --> 00:14:35,941 IN OUR DECISIONS. WE NEVER DO, AND WE NEVER WILL. IT'S NOT EASY TO GET THE ECONOMICS OF THIS RIGHT IN THE 121 00:14:36,008 --> 00:14:43,716 FIRST PLACE. THESE ARE COMPLICATED, YOU KNOW, RISK-BALANCING DECISIONS. IF WE TRIED TO INCORPORATE A 122 00:14:43,782 --> 00:14:49,955 WHOLE NOTHER SET OF FACTORS IN POLITICS INTO THOSE DECISIONS, IT CAN ONLY LEAD TO WORSE ECONOMIC OUTCOMES. 123 00:14:50,022 --> 00:14:56,161 SO, WE SIMPLY DON'T DO THAT AND WE'RE NOT GOING TO DO IT. WE HAVEN'T DONE IT IN THE PAST AND WE'RE NOT GOING TO DO IT 124 00:14:56,228 --> 00:14:59,565 NOW. >> THERE ARE PEOPLE WATCHING THIS INTERVIEW WHO ARE SKEPTICAL ABOUT THAT. 125 00:14:59,632 --> 00:15:07,406 >> YOU KNOW, I WOULD JUST SAY THIS. INTEGRITY IS PRICELESS. AND AT THE END, THAT'S ALL YOU 126 00:15:07,473 --> 00:15:12,978 HAVE. AND WE PLAN ON KEEPING OURS. 127 00:15:17,883 --> 00:15:24,757 >>> THE NUMBER OF MIGRANTS ARRIVING AT THE SOUTHERN BORDER IS UNPRECEDENTED. LAST YEAR, U.S. CUSTOMS AND 128 00:15:24,823 --> 00:15:32,665 BORDER PROTECTION RECORDED 2.5 MILLION INSTANCES OF DETAINING OR TURNING AWAY PEOPLE ATTEMPTING TO CROSS INTO THE 129 00:15:32,731 --> 00:15:40,539 UNITED STATES FROM MEXICO. SO, WHAT'S THE FASTEST-GROWING GROUP AMONG THEM? CHINESE MIGRANTS. 130 00:15:40,606 --> 00:15:47,479 YES, YOU HEARD THAT RIGHT, CHINESE. WE SAW LARGE GROUPS, INCLUDING MANY FROM THE MIDDLE CLASS, COME 131 00:15:47,546 --> 00:15:54,553 THROUGH A 4-FOOT GAP AT THE END OF A BORDER FENCE 60 MILES EAST OF SAN DIEGO. THE ILLEGAL ENTRYWAY IS A NEW 132 00:15:54,620 --> 00:16:04,930 ROUTE FOR THOSE HOPING TO LIVE IN AMERICA. >> Reporter: JUST AFTER SUNRISE, WE SAW THE FIRST GROUP OF 133 00:16:04,997 --> 00:16:11,403 MIGRANTS MAKE THEIR WAY FROM MEXICO THROUGH A GAP BETWEEN THE 30-FOOT STEEL BORDER FENCE AND ROCKS. 134 00:16:11,470 --> 00:16:23,482 DUCKING UNDER A BIT OF RAZOR WIRE AND INTO THE UNITED STATES. WE WERE SURPRISED TO SEE THE NUMBER OF PEOPLE COMING THROUGH 135 00:16:23,549 --> 00:16:32,224 FROM CHINA, NEARLY 7,000 MILES AWAY. >> CAREFUL. WATCH. 136 00:16:32,291 --> 00:16:43,001 >> Reporter: OUR CAMERAS, AND AT ONE POINT THIS ARMED BORDER PATROL AGENT STANDING 25 FEET AWAY, DID NOT DETER THEM. 137 00:16:43,068 --> 00:16:50,609 >> SO, HOW OLD ARE YOU? >> I'M 20 YEARS OLD. >> Reporter: THIS MAN, A COLLEGE GRADUATE, TOLD US HE HOPED TO 138 00:16:50,676 --> 00:16:56,715 FIND WORK IN LOS ANGELES. HE SAID HIS TRIP FROM CHINA TOOK 40 DAYS. >> WHAT COUNTRIES DID YOU GO 139 00:16:56,782 --> 00:17:09,962 THROUGH? >> THAILAND, MOROCCO, QATAR, COLUMBIA, PANAMA, COSTA RICA, NICARAGUA. 140 00:17:10,028 --> 00:17:18,070 >> GEEZ. >> Reporter: 30 MINUTES LATER, A SMUGGLERS SUV RACED ALONG THE BORDER FENCE AND DROPPED ANOTHER 141 00:17:18,137 --> 00:17:30,382 GROUP AT THE SAME SPOT. AND 30 MINUTES AFTER THAT, ANOTHER GROUP. OVER FOUR DAYS, WE WITNESSED 142 00:17:30,449 --> 00:17:40,592 NEARLY 600 MIGRANTS, ADULTS AND CHILDREN, PASS THROUGH THIS HOLE AND ONTO U.S. SOIL UNCHECKED. WE SAW PEOPLE FROM INDIA, 143 00:17:40,659 --> 00:17:48,867 VIETNAM, AND AFGHANISTAN. MANY OF THE CHINESE MIGRANTS WHO CAME THROUGH WILL END UP ASKING FOR POLITICAL ASYLUM. 144 00:17:48,934 --> 00:17:57,309 >> DID YOU TRAVEL BY YOURSELF OR WITH FAMILY OR FRIENDS? >> NO, JUST ME. >> JUST YOU? 145 00:17:57,376 --> 00:18:03,248 >> YEAH. >> Reporter: THE GAP IS A GLOBAL DESTINATION. LITTERED WITH TRAVEL DOCUMENTS 146 00:18:03,315 --> 00:18:13,058 FROM AROUND THE WORLD. WITH THE HELP OF A TRANSLATOR, WE LEARNED A LITTLE ABOUT THE CHINESE MIGRANTS COMING THROUGH. 147 00:18:13,125 --> 00:18:17,496 >> TEACHING? YOU'RE A TEACHER? >> YEAH. >> OH, MY GOODNESS. 148 00:18:17,563 --> 00:18:23,068 >> Reporter: WE ALSO MET A BANKER AND SMALL BUSINESS OWNERS. SOME OF THE MIGRANTS MADE A 149 00:18:23,135 --> 00:18:32,678 GRUELING JOURNEY THROUGH CENTRAL AMERICA WITH DUSTY BACKPACKS. BUT WE NOTICED MIDDLE CLASS MIGRANTS FROM CHINA ARRIVING 150 00:18:32,744 --> 00:18:40,385 WITH ROLLING BAGS. THEY TOLD US THEY TOOK FLIGHTS ALL THE WAY TO MEXICO. SOME FLEW FROM CHINA TO ECUADOR 151 00:18:40,452 --> 00:18:49,328 BECAUSE IT DOESN'T REQUIRE A VISA FOR CHINESE NATIONALS, THEN TOOK FLIGHTS TO TIJUANA, MEXICO. THE MIGRANTS TOLD US THEY 152 00:18:49,394 --> 00:19:00,973 CONNECTED WITH SMUGGLERS, WHAT THEY CALL "SNAKE HEADS," IN TIJUANA. AND THEY EACH PAID THEM ABOUT 153 00:19:01,039 --> 00:19:14,386 $400 FOR THE HOUR-LONG DRIVE THAT ENDED HERE AT THE GAP. >> WHY DID YOU DECIDE TO COME TO UNITED STATES? 154 00:19:14,453 --> 00:19:25,898 [ SPEAKING IN A GLOBAL LANGUAGE ] >> IT'S HARD TO LIVE THERE, HARD TO FIND JOBS. 155 00:19:25,964 --> 00:19:34,039 >> WHAT DID YOU DO? DID YOU WORK IN CHINA? >> Translator: I WORKED IN A FACTORY. 156 00:19:34,106 --> 00:19:45,083 IT'S HARD TO WORK IN A FACTORY. >> WAS THIS TRIP EXPENSIVE? SHE SAID IT WAS AND THAT SHE SOLD HER HOUSE TO COVER THE 157 00:19:45,150 --> 00:19:54,293 $14,000 COST OF HER TRIP TO THE U.S. LAST YEAR, U.S. CUSTOMS AND BORDER PROTECTION REPORTED 158 00:19:54,359 --> 00:20:01,500 37,000 CHINESE CITIZENS WERE APPREHENDED CROSSING ILLEGALLY FROM MEXICO INTO THE U.S. THAT'S 50 TIMES MORE THAN TWO 159 00:20:01,567 --> 00:20:12,911 YEARS EARLIER. MANY OF THE MIGRANTS TOLD US THEY MADE THE JOURNEY TO ESCAPE CHINA'S INCREASINGLY REPRESSIVE 160 00:20:12,978 --> 00:20:19,818 POLITICAL CLIMATE AND SLUGGISH ECONOMY. THIS 37-YEAR-OLD WOMAN SAID CHINA'S COVID LOCKDOWN DESTROYED 161 00:20:19,885 --> 00:20:26,291 HER CHILD CARE BUSINESS. SHE LEFT HER TWO YOUNG CHILDREN WITH FAMILY AT HOME. >> WHY DID YOU DECIDE TO COME TO 162 00:20:26,358 --> 00:20:42,441 UNITED STATES? >> Translator: MANY REASONS. >> FOR WORK OR -- >> Translator: NOT ENTIRELY. 163 00:20:42,507 --> 00:20:57,789 >> OKAY. WHAT REASONS? >> Translator: FREEDOM. >> FREEDOM? 164 00:20:57,856 --> 00:21:05,297 >> Reporter: WE WONDERED HOW ALL OF THESE MIGRANTS KNEW ABOUT THIS PARTICULAR ENTRYWAY INTO CALIFORNIA. 165 00:21:05,364 --> 00:21:12,537 THE ANSWER WAS IN THEIR HANDS. [ SPEAKING IN A GLOBAL LANGUAGE ] >> OH, YOU LEARNED ON TIKTOK. 166 00:21:12,604 --> 00:21:20,612 >> Reporter: TIKTOK IS A SOCIAL MEDIA PLATFORM CREATED IN CHINA. THE POST WE FOUND HAD STEP-BY-STEP INSTRUCTIONS FOR 167 00:21:20,679 --> 00:21:29,121 HIRING SMUGGLERS AND DETAILED DIRECTIONS TO THAT HOLE WE JUST VISITED. WE WERE STRUCK HOW ORDERLY AND 168 00:21:29,187 --> 00:21:36,061 ROUTINE IT ALL SEEMED. THE MIGRANTS WALKED ABOUT A HALF MILE DOWN A DIRT ROAD AND WAITED IN LINE FOR U.S. BORDER PATROL 169 00:21:36,128 --> 00:21:41,433 TO ARRIVE SO THEY COULD SURRENDER. >> HOW MUCH PROPERTY DO YOU HAVE HERE? 170 00:21:41,500 --> 00:21:49,708 >> Reporter: THE LAND THEY'RE WAITING ON IS OWNED BY 75-YEAR-OLD JERRY SCHUSTER. >> THE WHOLE WORLD SEEMS TO KNOW 171 00:21:49,775 --> 00:21:57,416 THERE'S A WAY IN, AND IT'S ON YOUR PROPERTY. >> WHEN THEY COME IN HERE, THEY COME WITH SUITCASES. 172 00:21:57,482 --> 00:22:10,028 THEY COME PREPARED WITH COMPUTERS LIKE THEY GOT OFF A NORWEGIAN CRUISESHIP YESTERDAY. >> Reporter: POPULATION, 540. 173 00:22:10,095 --> 00:22:16,334 >> YOU'RE AN IMMIGRANT YOURSELF. >> YES. >> WHERE DID YOU COME FROM? >> I COME FROM YUGOSLAVIA. 174 00:22:16,401 --> 00:22:24,943 AND I LEFT YUGOSLAVIA, WENT TO AUSTRIA. I STAYED THERE EIGHT MONTHS AND I KNOCK ON THIS DOOR, I BUST THE 175 00:22:25,010 --> 00:22:31,349 DOOR DOWN TO COME HERE. >> YOU CAME THROUGH THE FRONT DOOR. >> I CAME THROUGH THE FRONT 176 00:22:31,416 --> 00:22:35,654 DOOR. >> WHAT DO YOU THINK ABOUT THIS? >> THEY DON'T CARE. THEY COME THROUGH THE HOLE LIKE 177 00:22:35,721 --> 00:22:42,127 THEY'RE COMING TO THEIR OWN COUNTRY OVER HERE. AND NOBODY DO NOTHING ABOUT IT. >> Reporter: SCHUSTER SAYS IT 178 00:22:42,194 --> 00:22:48,366 ALL STARTED IN MAY. HE WENT TO INVESTIGATE SOME SMOKE COMING FROM HIS PROPERTY AND FOUND MIGRANTS BURNING TREES 179 00:22:48,433 --> 00:22:58,543 TO STAY WARM. TODAY, HIS PROPERTY LOOKS LIKE A MESSY MOONSCAPE, LITTERED WITH THE TRASH AND TENTS MIGRANTS 180 00:22:58,610 --> 00:23:06,718 HAVE LEFT BEHIND. >> HAVE YOU EVER JUST YELLED, GET OUT OF HERE? >> WELL, THEY SAY, I -- IT WAS, 181 00:23:06,785 --> 00:23:14,359 LIKE, FOUR MONTHS AGO, THERE WAS EIGHT GUYS START KNOCKING MY TREES AND START BURNING MY TREES ON THE OTHER SIDE. 182 00:23:14,426 --> 00:23:18,730 SO, I TOLD THEM, PLEASE, DON'T DO THAT. PLEASE DON'T -- THEY START SURROUNDING ME. 183 00:23:18,797 --> 00:23:24,436 I WENT HOME AND I GOT MY GUN AND I SHOOT IN THE AIR. THEY ARREST ME. >> THEY ARRESTED YOU? 184 00:23:24,503 --> 00:23:31,977 >> THEY ARRESTED ME. >> ON YOUR PROPERTY? >> ON MY PROPERTY. JUST BECAUSE I ASKED THEM NOT TO 185 00:23:32,043 --> 00:23:39,384 BURN THE TREES. AND THEY ARREST ME. THEY PUT ME IN POLICE CAR AND JUST PROTECTING MY OWN LAND. 186 00:23:39,451 --> 00:23:45,190 >> Reporter: SCHUSTER WASN'T CHARGED, BUT HIS GUN WAS CONFISCATED. >> IF YOU HAD TO GUESS, HOW MANY 187 00:23:45,257 --> 00:23:50,195 MIGRANTS DO YOU THINK YOU'VE SEEN COME THROUGH HERE? >> MAYBE 3,000 A WEEK. >> 3,000 A WEEK? 188 00:23:50,262 --> 00:24:00,972 >> I WOULD SAY THAT, YES. BECAUSE THIS IS ONGOING DEAL. >> Reporter: ABOUT TWO HOURS AFTER THESE MIGRANT AS ROOIFED, 189 00:24:01,039 --> 00:24:12,083 WE SAW THE BORDER PATROL PULL UP, BROADCASTING RECORDED INSTRUCTIONS IN MANDARIN. THE MIGRANTS WERE DRIVEN TO A 190 00:24:12,150 --> 00:24:19,691 DETENTION FACILITY NEAR SAEN , DIEGO, WHERE THEY ARE GIVEN BACKGROUND CHECKS. SOME ARE INTERVIEWED. 191 00:24:19,758 --> 00:24:27,265 TYPICALLY BEEN 72 HOURS, THEY ARE RELEASED INTO TH UNITED STATES AND CAN BEGIN THE PROCESS OF FILING AN ASYLUM CLAIM. 192 00:24:27,332 --> 00:24:34,706 JACQUELINE ARELLANO HAS VOLUNTEERED ON THE BORDER FOR EIGHT YEARS, OFFERING HUMANITARIAN AID TO MIGRANTS. 193 00:24:34,773 --> 00:24:42,480 >> I'M A NATIVE SPANISH SPEAKER. I HAVE BEEN ABLE TO RELY ON BEING BILINGUAL IN DOING THIS WORK FOR THE DURATION I HAVE 194 00:24:42,547 --> 00:24:49,321 BEEN DOING IT. AND IN THIS PAST YEAR, THERE'S BEEN TIMES I HAVE COME TO THE SITES AND NOT SPOKEN TO A SINGLE 195 00:24:49,387 --> 00:24:57,128 SPANISH SPEAKER. >> Reporter: SHE RELIES ON TRANSLATION APPS TO COMMUNICATE WITH CHINESE MIGRANTS. 196 00:24:57,195 --> 00:25:02,534 >> WHY ISN'T THIS HAPPENING AT A PORT OF ENTRY? >> THAT WOULD BE THE IDEAL SITUATION, AND PEOPLE WOULD MUCH 197 00:25:02,601 --> 00:25:09,441 PREFER TO DO SO. IT WOULD DEFINITELY BE MUCH SAFER AND MORE EFFICIENT. UNFORTUNATELY, THERE ARE 198 00:25:09,507 --> 00:25:17,949 BARRIERS TO PEOPLE BEING ABLE TO SEEK ASYLUM AT A PORT OF ENTRY. >> Reporter: ONE BARRIER IS THE PHONE APP CALLED CVP1. 199 00:25:18,016 --> 00:25:24,289 ASYLUM SEEKERS ARE SUPPOSED TO USE THE APP TO MAKE AN APPOINTMENT TO ENTER THE U.S. THROUGH A LEGAL BORDER CROSSING. 200 00:25:24,356 --> 00:25:31,363 AS WE SAW, LAST SPRING IN MEXICO, THE SYSTEM IS GLITCHY. >> YEAH, AND IT GETS STUCK, RIGHT? 201 00:25:31,429 --> 00:25:38,703 >> AT 9:00, NO MORE. >> Reporter: VOLUNTEERS WHO WORK WITH MIGRANTS TOLD US THERE'S STILL A THREE TO FOUR-MONTH WAIT 202 00:25:38,770 --> 00:25:44,309 TO SECURE EMPLOYMENT AT A BORDER CROSSING. >> SO, IS THIS A SHORTCUT? >> IT'S REALLY THE ONLY ONE THEY 203 00:25:44,376 --> 00:25:48,914 HAVE. I DON'T EVEN KNOW THEY WOULD CONSIDER IT A SHORTCUT. >> Reporter: FOR YEARS, MILLIONS 204 00:25:48,980 --> 00:25:56,821 OF CHINESE ENTERED THE U.S. WITH A VISA THAT ALLOWED THEM TO VISIT, WORK, OR STUDY. BUT IN THE LAST FEW YEARS, THOSE 205 00:25:56,888 --> 00:26:04,930 VISAS HAVE BEEN INCREASINGLY DIFFICULT TO SECURE, AS TENSIONS BETWEEN THE TWO COUNTRIES HAVE GROWN. 206 00:26:04,996 --> 00:26:10,335 THE IN 2016, THE U.S. GRANTED 2.2 MILLION TEMPORARY VISAS TO CHINESE NATIONALS. 207 00:26:10,402 --> 00:26:18,243 IN 2022, IT WAS JUST 160,000. >> SO, A LOT OF THESE FOLKS MAY HAVE COME -- >> Reporter: TAMMY LYNN IS AN 208 00:26:18,310 --> 00:26:25,016 IMMIGRATION ATTORNEY AND HAS WORKED WITH CLIENTS FROM CHINA FOR NEARLY TWO DECADES. >> IF SOMEONE IS NOT GRANTED 209 00:26:25,083 --> 00:26:30,655 ASYLUM HERE, WILL CHINA SAY, OKAY, YES, WE'LL TAKE THEM BACK. >> I HAVEN'T SEEN THAT HAPPEN REALLY. 210 00:26:30,722 --> 00:26:41,700 I THINK EVEN BACK TO 2008, A LOT OF THE CHINESE NATIONALS THAT HAD FAILED ASYLUM CASES WEREN'T ABLE TO GET PASSPORTS TO BE PUT 211 00:26:41,766 --> 00:26:48,340 ON THE PLANE TO BE SENT BACK. SO, WE CAN'T SEND YOU BACK. >> Reporter: BASED ON OUR REVIEW OF DATA FROM IMMIGRATION AND 212 00:26:48,406 --> 00:26:54,679 CUSTOMS ENFORCEMENT, THERE ARE AT LEAST 36,000 CHINESE WHO HAVE BEEN ORDERED BY U.S. COURTS TO LEAVE THE COUNTRY. 213 00:26:54,746 --> 00:27:03,221 BUT CHINA IS NOTORIOUS FOR NOT TAKING BACK ITS CITIZENS. AND THE U.S. CAN'T FORCE CHINA TO ACCEPT THEM. 214 00:27:03,288 --> 00:27:09,160 >> SO, THEN WHAT HAPPENS IF THEY HAVE A FAILED CLAIM BUT THEY CAN'T GO BACK TO CHINA. >> THAT'S A VERY GOOD QUESTION. 215 00:27:09,227 --> 00:27:14,733 THEY'RE STUCK IN THIS LIMBO. >> Reporter: ACCORDING TO THE DEPARTMENT OF JUSTICE, LAST YEAR, 55% OF CHINESE MIGRANTS 216 00:27:14,799 --> 00:27:23,775 WERE GRANTED ASYLUM, COMPARED TO 14% FOR EVERY OTHER NATIONALITY. WITH THE ODDS IN THEIR FAVOR AND A PHONE TO GUIDE THEM, THERE'S 217 00:27:23,842 --> 00:27:30,749 LITTLE TO DISCOURAGE MORE CHINESE MIGRANTS FROM COMING THROUGH THE GAP NEAR JERRY SCHUSTER'S PLACE. 218 00:27:30,815 --> 00:27:36,421 >> HAVE YOU SAID TO ANYBODY, HEY, THERE'S THIS GIANT HOLE. THEY'RE COMING THROUGH. HOW ABOUT PATCHING THAT UP? 219 00:27:36,488 --> 00:27:43,828 >> THEY KNOW THAT THING IS THERE. AND WE'VE ALL BEEN TELLING THEM, HEY, WHEN THIS THING GOING TO 220 00:27:43,895 --> 00:27:47,899 QUIT OVER HERE? YOU'VE GOT TO CALL WASHINGTON, D.C. THAT'S WHAT THEY SAY. 221 00:27:47,966 --> 00:27:53,972 >> Reporter: SO, WE DID. U.S. CUSTOMS AND BORDER PROTECTION TOLD US THEIR AGENTS DON'T HAVE AUTHORITY TO STOP 222 00:27:54,039 --> 00:28:02,213 PEOPLE FROM COMING THROUGH GAPS LIKE THIS ONE AND CAN ONLY ARREST THEM AFTER THEY'VE ENTERED ILLEGALLY. 223 00:28:02,280 --> 00:28:11,556 AS FOR CLOSING THAT GAP, THEY SAID IT IS ON THEIR PRIORITY LIST BUT WOULD REQUIRE MONEY FROM CONGRESS. 224 00:28:16,461 --> 00:28:31,443 >>> WHAT DO SOME MIGRANTS DO AFTER BEING RELEASED BY BORDER PATROL? >> THEY CALL AN UBER AND THE 225 00:28:32,277 --> 00:28:39,717 >>> NEXT SUNDAY ON CBS, THE SUPER BOWL WILL, FOR THE FIRST TIME, BE HELD IN LAS VEGAS, A FITTING VENUE, GIVEN THE 226 00:28:39,784 --> 00:28:47,058 PROMINENT ROLE GAMBLING PLAYS IN SPORTS TODAY. AMERICA RECENTLY BROUGHT ITS AGE-OLD LOVE OF SPORTS BETTING 227 00:28:47,125 --> 00:28:56,134 OUT OF THE SHADOWS AND ONTO OUR PHONES. AND THIS HAS CREATED AN ALL-TIME MISMATCH, PITTING MAN AGAINST 228 00:28:56,201 --> 00:29:04,809 MACHINE. GAMBLERS, OVERWHELMINGLY YOUNG MEN, VERSUS GAMBLING COMPANIES ARMED WITH A.I. AND DATA, 229 00:29:04,876 --> 00:29:17,255 ENTICING BETS ON GAMES AND PLAYS WITHIN GAMES. THE RESULTS, BILLIONS. AND TA GROWING POPULATION OF 230 00:29:17,322 --> 00:29:22,760 SPORTS BETTORS STRUGGLING TO DEFEND AGAINST THE RUSH. >> Reporter: BOSTON IS NOTHING IF NOT A SPORTS TOWN. 231 00:29:22,827 --> 00:29:28,967 AND WHEN THERE'S A GAME, ODDS ARE GOOD THERE ARE GUYS LIKE BILLY, ANDREW, AND JOHN AT THE LOCAL BAR. 232 00:29:29,033 --> 00:29:36,841 >> JUST WAITING FOR THE CAMERA. >> Reporter: THEY GREW UP PLAYING HOCKEY TOGETHER. NOW IN THEIR MID 20s, THEY BOND 233 00:29:36,908 --> 00:29:47,585 OVER BEER, WINGS, TRASH TALK, AND LATELY, A NEW FIX YTURE OF E FAN EXPERIENCE. >> WHAT DO YOU BET ON? 234 00:29:47,652 --> 00:29:54,425 >> FOOTBALL AND HOCKEY. >> Reporter: FOR MILLIONS OF FANS LIKE THESE GUYS, IT'S ONE MORE REASON TO WATCH AND ENJOY 235 00:29:54,492 --> 00:30:05,637 SPORTS. DURING GAMES, PROMOTIONS FOR SPORTS BOOKS LIKE FAN DUEL AND DRAFTKINGS ARE EVERYWHERE. 236 00:30:05,703 --> 00:30:11,876 A 2018 SUPREME COURT DECISION OPENED THE DOORS FOR STATES TO LEGALIZE SPORTS BETTING. TANTALIZED BY NEW REVENUE, 38 237 00:30:11,943 --> 00:30:17,248 STATES AND COUNTING HAVE DONE JUST THAT. AND AMERICANS HAVE SPENT MORE THAN A QUARTER OF A TRILLION 238 00:30:17,315 --> 00:30:23,821 DOLLARS SPORTS BETTING. THAT'S THE GDP OF GREECE. LEAGUES HAVE CASHED IN, NETWORKS TOO. 239 00:30:23,888 --> 00:30:30,695 >> I'VE GOT TO TEACH YOU HOW TO GAMBLE. >> Reporter: FOR DECADES, ODDS AND POINTS SPREADS WERE 240 00:30:30,762 --> 00:30:35,667 FORBIDDEN TOPICS. NOW ESPN HAS ITS OWN SPORTS BOOK. WHEN I WORK AT THE TENNIS 241 00:30:35,733 --> 00:30:43,074 CHANNEL, I SIT HERE. >> DOWNLOAD THE APP. >> Reporter: BACK AT THE BAR, CASUAL SOCIAL BETTORS LIKE 242 00:30:43,141 --> 00:30:50,415 BILLY, ANDREW, AND JOHN REVEL IN THEIR WINS. >> WHAT DID YOU THROW DOWN? >> $8 FOR 347. 243 00:30:50,481 --> 00:30:57,855 >> YOU WON 300 -- >> IT'S STILL EARLY INNINGS, AND REMARKABLY THERE IS NO FEDERAL FUNDING FOR GAMBLING RESEARCH, 244 00:30:57,922 --> 00:31:05,063 SO DATA IS SCARCE. BUT SURVEY AFTER SURVEY CONFIRMS THAT OF THE 50 MILLION OR SO SPORTS BETTORS IN THE U.S., MEN 245 00:31:05,129 --> 00:31:13,938 UNDER THE AGE OF 35 ARE FAR AND AWAY THE BIGGEST DEMOGRAPHIC. FOR DECADES, LEAGUES FEARED GAMBLING WOULD CORRUPT 246 00:31:14,005 --> 00:31:18,042 COMPETITION. SO FAR THAT CRISIS HASN'T HAPPENED. BUT THE LAST FIVE YEARS HAVE 247 00:31:18,109 --> 00:31:33,958 GIVEN RISE TO A SURGE IN YOUNG GAMBLING ADDICTS. JOE RUSCILLO. >> IT HAD A BUG IMPACT. 248 00:31:34,025 --> 00:31:40,164 I WORKED MY WHOLE LIFE. I GOT A CHECK EVERY WEEK, BUT IT WOULD DEPOSIT RIGHT INTO WHATEVER APP I WAS USING. 249 00:31:40,231 --> 00:31:47,205 >> WERE YOU INTERESTED IN THE GAME ITSELF? >> I AM A SPORTS FAN, BUT AS THE YEARS GREW ON, YOU BECOME LESS 250 00:31:47,272 --> 00:31:50,675 INTERESTED IN THE GAME ITSELF AND MORE INVENTORY IN THE RESULT. >> Reporter: AND WHO NEEDS A 251 00:31:50,742 --> 00:31:56,080 BOOKIE WHEN A FRESH BET IS JUST A SWIPE AWAY. >> WAKE UP IN THE MIDDLE OF THE NIGHT, TAKE YOUR PHONE OUT, SET 252 00:31:56,147 --> 00:32:02,954 AN ALARM FOR A MATCH OVERSEAS OR SOMETHING LIKE THAT. I WOULD PLACE A BET ON ANYTHING ANYWHERE AT ANY TIME. 253 00:32:03,021 --> 00:32:12,030 >> Reporter: HE WOULD SNEAK IN BETS AT FAMILY FUNCTIONS. HE WOULD DELETE THE APPS ONE DAY, REINSTALL THE NEXT. 254 00:32:12,096 --> 00:32:17,435 >> YOU CAN'T GAMBLE ON THIS PHONE. >> NOT TOO MANY APPS ON THAT PHONE. 255 00:32:17,502 --> 00:32:25,810 I THINK PEOPLE AREN'T FAMILIAR MIGHT THINK OF THE TYPICAL GAMBLING ADDICT, MIDDLE AGED GUY IN A WINDBREAKER BETTING HIS 256 00:32:25,877 --> 00:32:31,316 RETIREMENT SAVINGS. >> IT'S MORE PROMINENT IN THE YOUNGER GENERATION THAN EVER. THE SPORTSBOOKS AND THE 257 00:32:31,382 --> 00:32:36,321 COMMERCIALS AND THE LEAGUES THEMSELVES ARE MAKING IT LOOK SO COOL TO GAMBLE AND RISK YOUR MONEY. 258 00:32:36,387 --> 00:32:41,826 >> Reporter: THERE ARE DISTINCT SIGNS OF TROUBLE. ACCORDING TO A SIENNA COLLEGE POLL, WHICH WE CAN REPORT FOR 259 00:32:41,893 --> 00:32:49,033 THE FIRST TIME NOW, OF THE YOUNG MEN WAGERING ONLINE, NEARLY HALF FEEL THEY'RE BETTING MORE THAN THEY SHOULD. 260 00:32:49,100 --> 00:32:58,476 IN THE FIVE YEARS SINCE NEW JERSEY LEGALIZED ONLINE SPORTS GAMBLING, CALLS TO THE STATE'S PROBLEM GAMBLING HELPLINE NEARLY 261 00:32:58,543 --> 00:33:03,481 TRIPLED. THE LARGEST DEMOGRAPHIC, 25-34. >> THIS IS A PUBLIC HEALTH EMERGENCY HAPPENING, AND WE'RE 262 00:33:03,548 --> 00:33:15,660 NOT TALKING ABOUT IT YET. >> Reporter: HARLRY LEVANT IS A GAMBLING ADDICTION THERAPIST. A DECADE AAGO, LEVANT WAS A 263 00:33:15,727 --> 00:33:24,869 TRIAL LAWYER WHOSE GAMBLING ADDICTION WAS SO FIERCE HE USED CLIENT MONEY TO FUEL HIS HABIT, LEADING TO HIS DISBARMENT. 264 00:33:24,936 --> 00:33:34,345 IN TODAY'S CAREER. >> I HAVE PATIENTS WHO GAMBLE IN THE SHOWER. I HAVE PATIENTS WHO GAMBLE 265 00:33:34,412 --> 00:33:39,117 BEFORE THEY GET OUT OF BED IN THE MOERNING. I HAVE PATIENTS WHO GAMBLE WHILE THEY'RE DRIVING. 266 00:33:39,183 --> 00:33:48,693 THERE ARE NO GUARDRAILS. WE KNOW THE RISK REWARD SYSTEM FOR A YOUNG MAN ISN'T FULLY FORMULATED UNTIL YOU'RE 25. 267 00:33:48,760 --> 00:33:55,400 >> WHERE ARE YOUNG MEN GETTING THE MONEY? >> I HAVE PATIENTS WHO HAVE GAMBLED FEDERAL STUDENT LOAN 268 00:33:55,466 --> 00:34:01,639 MONEY. I HAVE YOUNG PATIENT WHO IS HAVE GAMBLED AWAY INHERITANCES. >> Reporter: IT WAS AN NFL 269 00:34:01,706 --> 00:34:07,445 SUNDAY, THOUGH ON DRAFTKINGS, THE BETTING OPTIONS EXTENDED FAR BEYOND FOOTBALL. >> SOCCER, BASKETBALL, HOCKEY, 270 00:34:07,512 --> 00:34:12,683 MOTOR SPORTS, RUGBY, VOLLEYBALL -- >> Reporter: AND THERE WAS TENNIS. 271 00:34:12,750 --> 00:34:21,426 >> PLAYING ALFREDO PEREZ IN A CHALLENGER QUALIFYING MATCH IN CHARLOTTESVILLE. >> THOSE ARE TWO NAMES I'VE 272 00:34:21,492 --> 00:34:26,998 NEVER HEARD BEFORE. WHO IS BETTING ON THOSE MATCH? TWO GUYS NOWHERE NEAR THE TOP 100. 273 00:34:27,064 --> 00:34:33,070 >> BECAUSE JOHN, THIS IS NOT ABOUT TENNIS. THEY'RE NOT DESIGNING THEM FOR THE FANS OF QUALIFIER TENNIS IN 274 00:34:33,137 --> 00:34:36,774 CHARLOTTESVILLE. THEY'RE DESIGNED FOR PEOPLE WHO WANT MORE ACTION. >> Reporter: THE OPPORTUNITIES 275 00:34:36,841 --> 00:34:44,982 FOR ACTION ARE LITERALLY LIMITLESS. LIVE IN-GAME MICROBETTING ALLOWS USERS TO WAGER ON EVERY PITCH, 276 00:34:45,049 --> 00:34:53,424 SERVE, AND SNAP. >> IF YOU COME DOWN HERE, YOU CAN BET ON THE CURRENT DRIVE OF THE GREEN BAY PACKERS. 277 00:34:53,491 --> 00:35:01,766 WILL IT BE A PUNT, TOUCHDOWN, TURNOVER, OR A FIELD GOAL. >> USING ALGORITHMS POWERED BY A.I., DRAFTKINGS REFRESHES THE 278 00:35:01,833 --> 00:35:09,907 ODDS CONSTANTLY. >> WHERE ARE THESE NUMBERS COMING FROM? HOW DO THEY KNOW WHAT THE ODDS 279 00:35:09,974 --> 00:35:15,112 OF GREEN BAY LOSING A FUMBLE ARE? >> WE DON'T KNOW THAT. THEY HAVE ACCESS TO ALL OF THE 280 00:35:15,179 --> 00:35:24,422 STATS COMBINED WITH ARTIFICIAL INTELLIGENCE AND THE ABILITY TO PREDICT WHAT WILL DRAW THE ACTION IN. 281 00:35:24,489 --> 00:35:32,363 >> Reporter: MATT ZARB-COUSIN IS A LEADING GAMBLING REFORMER IN THE UK. HE IS ALSO A RECOVERING GAMBLING 282 00:35:32,430 --> 00:35:36,801 ADDICT. >> I WOULD SAY, UNDERSTAND WHAT THE NATURE OF THESE COMPANIES REALLY IS. 283 00:35:36,868 --> 00:35:42,907 THEY ARE BIG DATA COMPANIES THAT ARE EXTRACTIVE. >> Reporter: ZARB-COUSINS SUCCESSFULLY LOBBIED FOR 284 00:35:42,974 --> 00:35:52,550 RESTRICTIVE GAMBLING RESTRICTIONS IN BRITAIN. HE SAYS THE UK, WHERE GAMBLING'S BEEN LEGAL FOR DECADES, OFFERS A 285 00:35:52,617 --> 00:35:57,388 SOBERING GLIMPSE INTO WHAT HE BELIEVES IS A CRISIS HEADED STRAIGHT TOWARD THE U.S. >> THERE'S LOTS OF OPPORTUNITIES 286 00:35:57,455 --> 00:36:04,061 TO GAMBLE IN BRITAIN. YOU ASSUME IT'S SAFE. YOU DON'T REALIZE HOW EASY IT IS TO GET ADDICTED TO THAT STUFF. 287 00:36:04,128 --> 00:36:11,936 >> ADDICTION IS INTENSIFIED, HE SAYS, BY HOW MUCH THE GAMBLING COMPANIES KNOW ABOUT EACH USER. RECENTLY ZARB-COUSIN WAS ABLE TO 288 00:36:12,003 --> 00:36:20,978 USE BRITAIN'S PUBLIC INFORMATION LAWS TO ACCESS DATA THE BETTING COMPANY FLUTTER, OWNER OF FAN DUEL, HAD ON A UK CUSTOMER. 289 00:36:21,045 --> 00:36:34,358 THAT DATA WAS USED TO TAILOR ACTIONS TO KEEP THAT GUY IN ACTION. >> WHEN THEY BET, WHAT OFFERS 290 00:36:34,425 --> 00:36:41,198 WORKED, WHAT INDUCEMENTS WORKED. ON THIS PARTICULAR ONE, HE PLAYED SLOTS FOR THREE TO FOUR DAYS STRAIGHT. 291 00:36:41,265 --> 00:36:47,638 THEY KNEW THE LIFE STATE. PEOPLE THAT HAVE GIVEN UP GAMBLING FOR A WHILE AND THEY'RE TRYING TO GET THEM TO COME BACK. 292 00:36:47,705 --> 00:36:56,113 THERE'S ALSO LIKE 2,514 DEPOSITS IN A YEAR, WHICH IS ABOUT SEVEN A DAY. >> SO, THESE GAMBLING COMPANIES 293 00:36:56,180 --> 00:37:07,291 KNOW WHEN WE'RE POST IMPETUOUS. THEY HAVE REAMS AND REAMS OF DATA ON US. WHAT MATCHES THAT FOR THE 294 00:37:07,358 --> 00:37:16,434 ADOLESCENT MALE? >> IT'S NOT A FAIR WAGER. >> THEY KNOW THE PEOPLE THAT ARE ADDICTED. 295 00:37:16,500 --> 00:37:21,939 >> THE FLUTTER INSISTED THE COMPANY DOES TAKE STEPS TO PROTECT, THEIR TERM, VULNERABLE CUSTOMERS, SOMETIMES BANNING 296 00:37:22,006 --> 00:37:34,151 THEM OUTRIGHT. THE TWO LARGEST SPORTSBOOKS IN THE U.S., DRAFTKINGS AND FANDUEL SAID THE SAME. 297 00:37:34,218 --> 00:37:40,324 WE ARRANGED TO SPEAK TO DRAFTKINGS, BUT ABRUPTLY THEY PULLED OUT OF OUR SCHEDULED ON CAMERA INTERVIEW. 298 00:37:40,391 --> 00:37:46,998 SO, WE CAME TO WASHINGTON, D.C. TO MEET BILL MILLER, PRESIDENT OF THE AMERICAN GAMING ASSOCIATION. 299 00:37:47,064 --> 00:37:54,071 >> TAKE OUT OUR PHONE, 24 HOURS A DAY, A FEW SWIPES. HOW DO YOU RECONCILE THAT WITH THE FACT THIS ENTERTAINMENT HAS 300 00:37:54,138 --> 00:38:02,113 THE POTENTIAL TO ADDICT USERS? >> THE ADDICTION ELEMENT OF ARE PEOPLE ADDICTED TO THEIR PHONES, WHICH IS, KIND OF, A COMMON 301 00:38:02,179 --> 00:38:07,885 PHRASE, I DON'T BELIEVE THAT THERE IS AN ADDICTION TO MOBILE BETTING ANY MORE THAN THERE IS AN ADDICTION TO UTILIZATION OF 302 00:38:07,952 --> 00:38:15,393 YOUR PHONE FOR ANY OTHER REASON. >> YOU DON'T THINK ADDING A LAYER OF BETTING MAKES THE PHONE MORE ADDICTIVE THAN JUST TOOLING 303 00:38:15,459 --> 00:38:20,831 AROUND INSTAGRAM? >> NO. EVERY CLINICIAN WE'VE SPOKEN TO SAID WE'RE NOTICING A RISE IN 304 00:38:20,898 --> 00:38:30,341 PROBLEM GAMBLING. THERE ARE A LOT MORE PROBLEM GAMBLERS NOW BY EVERY METRIC THAN THERE WERE PRE-2018. 305 00:38:30,408 --> 00:38:38,182 I WOULD CONCEDE TO THE FACT THERE ARE MORE KNOWN PEOPLE WITH GAMBLING PROBLEMS BECAUSE WE IN THE GAMBLING INDUSTRY ARE 306 00:38:38,249 --> 00:38:44,922 FLAGGING THOSE PEOPLE. THE ILLEGAL INDUSTRY DOESN'T FLAG ANY OF THEM. >> Reporter: MILLER TOLD US 307 00:38:44,989 --> 00:38:55,166 SPORTSBOOKS LOOKS AT PATTERNS TO SPOT PROBLEM GAMBLERS. >> THERE IS PROBLEM GAMBLING. IT IS A REAL PROBLEM. 308 00:38:55,232 --> 00:39:01,639 WHETHER IT'S GOTTEN BIGGER OR IT'S JUST BECOME MORE NOTICEABLE BECAUSE SPORTS BETTING IS LEGAL, I THINK IS AN UNKNOWN. 309 00:39:01,706 --> 00:39:11,215 >> REALLY? >> MY VIEW ABSOLUTELY IS WE NEED TO MAKE SURE THAT WE ARE GIVING PEOPLE THE RESOURCES THEY NEED 310 00:39:11,282 --> 00:39:17,488 TO MITIGATE THIS ISSUE. >> Reporter: YET GIVEN ALL THE HIGH-TECH DESIGNED TO GET GAMBLERS ONTO THE SPORTSBOOK, 311 00:39:17,555 --> 00:39:26,030 FOR THOSE SEEKING TO QUIT, THEY'RE OFTEN DIRECTED TO A GLARINGLY OLD SCHOOL SOLUTION, A 1-800 NUMBER. 312 00:39:26,097 --> 00:39:33,270 >> IT IS A DANGEROUS APPROACH. >> WHY? >> IT TAKES THE ENTIRE ONUS, PUTS IT BACK ON THE INDIVIDUAL 313 00:39:33,337 --> 00:39:41,812 TO TAKE THE ADDICTIVE PRODUCT, DELIVER IT IN LIGHT SPEED, AND THEN SAY TO PEOPLE, NOW USE THIS RESPONSIBLY. 314 00:39:41,879 --> 00:39:49,520 IT IS WRONG. AND IT'S VERY SIMILAR TO WHAT HAPPENED WITH TOBACCO. >> HARRY LE VAN DOESN'T MAKE 315 00:39:49,587 --> 00:40:01,632 THAT CASUALLY. HE PAIRED UP WITH DICK DAYNARD, ARCHITECT OF THE FIRST MAJOR LAWSUITS AGAINST THE BIG TOBACCO 316 00:40:01,699 --> 00:40:06,937 COMPANIES. ALONG WITH MART GOTTLIEB, THEY'RE PREPARING TO WAGE WAR AGAINST MOBILE GAMBLING 317 00:40:07,004 --> 00:40:12,309 ADDICTION. >> YOU MADE A NAME FOR YOURSELF FIGHTING BIG TOBACCO. WHAT DO YOU SEE AS THE OVERLAP? 318 00:40:12,376 --> 00:40:18,883 >> FIRST OF ALL, WE'RE DEALING WITH AN ADDICTIVE PRODUCT. WE'RE DEALING WITH AN INDUSTRY THAT WILL DEFEND SOMETIMES ON 319 00:40:18,949 --> 00:40:25,756 THE BASIS THAT IT'S REALLY THE SMOKER WHO'S MAKING THE CHOICE. SO, WE HAVE THAT EXACTLY WITH THE GAMBLING INDUSTRY. 320 00:40:25,823 --> 00:40:36,600 >> FOLLOWING DAYNARD'S TOBACCO PLAYBOOK, IN DECEMBER THEY FOLLOWED THE FIRST IN A SERIES OF LAWSUITS, SUING DRAFTKINGS IN 321 00:40:36,667 --> 00:40:42,640 MASSACHUSETTS FOR DECEPTIVE ADVERTISING. THE GROUP IS ALSO LOBBYING CONGRESS TO ENACT FEDERAL 322 00:40:42,706 --> 00:40:47,912 REGULATIONS. THEY SAY THE CURRENT MISHMASH OF STATE-BY-STATE POLICIES JUST ISN'T WORKING. 323 00:40:47,978 --> 00:40:55,719 >> THIS WAS THE NOT THE TEMPERANCE MOVEMENT, YOU'RE TRYING TO OUTLAW GAMBLING. >> NO, NO. 324 00:40:55,786 --> 00:41:01,559 WE HAVE SEEN, CERTAINLY WITH TOBACCO, A LOT OF RULES TO CONTROL THE WAY THESE PRODUCTS ARE PROMOTED. 325 00:41:01,625 --> 00:41:07,598 WE WOULD LIKE TO SEE THAT WITH THESE PRODUCTS AS WELL. RIGHT NOW IT'S SOMETIMES DESCRIBED AS THE WILD WEST, 326 00:41:07,665 --> 00:41:14,438 RIGHT, BECAUSE THERE'S ALMOST NO CONTROLS AT ALL. >> SAFE TO SAY WHEN THE SUPREME COURT OPENED THE FLOOD GATES TO 327 00:41:14,505 --> 00:41:24,748 SPORTS BETTING IN 2018, IT DIDN'T ANTICIPATE A.I. POWERED ODDS ON EVERY SNAP OR TAILORED PUSH NOTIFICATIONS ENGINEERED TO 328 00:41:24,815 --> 00:41:30,020 KEEP BETTORS BETTING. >> THAT DECISION WAS ONLY FIVE YEARS AGO. THAT'S THE FRIGHTENING THING. 329 00:41:30,087 --> 00:41:36,160 WHAT'S IT GOING TO LOOK LIKE FIVE YEARS FROM NOW? I THINK THESE PRODUCTS HAVE THE POTENTIAL TO BECOME 330 00:41:36,227 --> 00:41:52,009 SIGNIFICANTLY MORE ADDICTIVE AND DANGER >>> "THE LAST MINUTE" OF "60 MINUTES" IS SPONSORED BY UNITED 331 00:41:52,076 --> 00:41:58,883 HEALTH CARE, THERE FOR WHAT MATTERS. >>> NOW, AN UPDATE ON INGENUITY, THE TINY HELICOPTER SO 332 00:41:58,949 --> 00:42:07,691 APPROPRIATELY NAMED. ITS MISSION ENDED ON MARS IN JANUARY, ALMOST THREE YEARS AND 200 MILLION MILES FROM HOME. 333 00:42:07,758 --> 00:42:19,703 A STOW AWAY ON THE UNDERCARRIAGE OF THE PERSEVERANCE ROVER. AS THE JET PROPULSION LABORATORY'S MIMI AUNG TOLD 334 00:42:19,770 --> 00:42:26,610 ANDERSON COOPER IN 2021, THEREO WERE DOUBTS "INGENUITY" WOULD EVER FLY. >> A LOT OF PEOPLE THOUGHT IT 335 00:42:26,677 --> 00:42:37,321 COULD NOT BE DONE. >> IT'S REALLY COUNTERINTUITIVE. YOU NEED ATMOSPHERE. >> IN ITS 72 FLIGHTS, 336 00:42:37,388 --> 00:42:42,726 "INGENUITY" DELIVERED BREATHTAKING IMAGES. ONE FINAL IMAGE SHOWED THE SHADOW OF A BROKEN ROTOR AFTER A 337 00:42:42,793 --> 00:42:49,900 SURFACE STRIKE A WORLD AWAY. I'M SCOTT PELLEY. NEXT SUNDAY, CBS SPORTS COVERS THE SUPER BOWL. 338 00:42:49,967 --> 00:43:00,878 WE'LL BE BACK >>> WHERE ARE THE JOBS AND WHO'S