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Captioning funded by CBS
and FORD.
We go further, so you can.
>> WHAT WILL BE THE IMPACT OF
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00:00:11,511 --> 00:00:14,114
THE SANCTIONS AGAINST VLADIMIR
PUTIN AND THE RUSSIAN
GOVERNMENT?
>> THIS IS A BRIEFING I NEVER
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00:00:14,180 --> 00:00:19,552
WANTED TO GIVE.
>> WE ASKED THE MAN WHO CREATED
THESE ECONOMIC WEAPONS OF
FINANCIAL DESTRUCTION FOR THE
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00:00:19,619 --> 00:00:26,659
BIDEN ADMINISTRATION.
>> RUSSIA IS NOW ON THE FAST
TRACK TO A 1980s STYLE SOVIET
LIVING STANDARD.
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00:00:26,726 --> 00:00:31,464
IT'S LOOKING INTO AN ECONOMIC
ABYSS, AND THAT IS THE RESULT OF
PUTIN'S CHOICES, AND I CAN SEE
FROM HIS REACTION THAT'S WHERE
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00:00:31,531 --> 00:00:41,574
IT'S HEADED.
>> WHAT TARGETS ARE LEFT?
( TICKING )
>> SO, HOW BIG IS THE RENTAL
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00:00:41,641 --> 00:00:47,180
SHORTAGE IN THE UNITED STATES?
>> THE GOVERNMENT HAS ESTIMATED
THAT WE ARE SHORT ABOUT FOUR
MILLION HOMES IN THIS COUNTRY,
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00:00:47,247 --> 00:00:52,652
AND THAT NUMBER IS LIKELY
GROWING, ESPECIALLY SINCE THE
PANDEMIC.
>> THAT NUMBER, FOUR MILLION, IS
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00:00:52,719 --> 00:00:57,424
THAT MAINLY IN THE SOUTH AND
SOUTHWEST?
OR DOES THAT INCLUDE NEW YORK
CITY AND SAN FRANCISCO?
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00:00:57,490 --> 00:01:00,894
>> THAT'S THE ENTIRE COUNTRY.
( TICKING )
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00:01:03,329 --> 00:01:07,734
>> ELITE ATHLETES STRETCHING
TIME, EXTENDING THEIR CAREERS
LIKE RESISTANCE BANDS; IT MAY BE
THE DOMINANT THEME IN SPORTS
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00:01:07,801 --> 00:01:17,610
RIGHT NOW.
>> OH, YOUR MOM.
>> WE MET 41-YEAR-OLD SUE BIRD
IN SEATTLE AS SHE RAMPED UP FOR
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00:01:17,677 --> 00:01:24,484
STILL ANOTHER W.N.B.A. SEASON.
>> WHEN I BOUNCE OUTSIDE COME,
SO I CAN GO.
>> SHE ENLISTED THREE PRACTICE
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00:01:24,551 --> 00:01:29,522
PLAYERS.
THEN SHE CLOCKED AN HOUR OF
CONDITIONING POST-WORKOUT,
BECAUSE THAT'S WHAT GENERATIONAL
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00:01:29,589 --> 00:01:33,893
STARS DO.
( TICKING )
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00:01:36,763 --> 00:01:41,501
>> I'M LESLEY STAHL.
>> I'M BILL WHITAKER.
>> I'M ANDERSON COOPER.
>> I'M SHARYN ALFONSI.
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00:01:41,568 --> 00:01:47,707
>> I'M JON WERTHEIM.
>> I'M SCOTT PELLEY.
THOSE STORIES AND MORE, TONIGHT,
ON "60 MINUTES."
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00:01:47,774 --> 00:01:48,141
( TICKING )
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>> Alfonsi: IN UKRAINE TODAY,
PRESIDENT VOLODYMYR ZELENSKYY
ACCUSED RUSSIA OF WAR CRIMES
OVER ITS CONTINUED BOMBARDMENT
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00:02:02,055 --> 00:02:07,494
OF THE PORT CITY OF MARIUPOL,
AFTER REPORTS OF A MILITARY
STRIKE ON AN ART SCHOOL
SHELTERING HUNDREDS OF
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00:02:07,560 --> 00:02:15,835
CIVILIANS.
ZELENSKYY RENEWED HIS CALL FOR
DIRECT PEACE TALKS WITH VLADIMIR
PUTIN AS THE WEST ATTEMPTS TO
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AID UKRAINE NOT WITH BOOTS ON
THE GROUND OR AIR COVER, BUT
WITH ECONOMIC SANCTIONS.
THINK OF IT AS AN ECONOMIC SHOCK
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00:02:21,908 --> 00:02:29,549
AND AWE CAMPAIGN.
NEVER BEFORE HAS SUCH A LARGE,
MODERN ECONOMY BEEN CUT OFF SO
QUICKLY FROM MOST OF THE WORLD.
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00:02:29,616 --> 00:02:37,490
TO BETTER UNDERSTAND THE BIDEN
ADMINISTRATION'S STRATEGY, WE
SPOKE WITH VETERANS OF FINANCIAL
WARARE AGAINST IRAN AND NORTH
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00:02:37,557 --> 00:02:45,865
KOREA, AND THE WHITE HOUSE
OFFICIAL WHO DESIGNED THE
CURRENT PLAN TO BATTER NEARLY
EVERY FACET OF RUSSIA'S ECONOMY.
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00:02:45,932 --> 00:02:53,740
ON THE FIRST DAY OF THE WAR IN
UKRAINE IT WASN'T A GENERAL WHO
BRIEFED REPORTERS AT THE WHITE
HOUSE, IT WAS DALEEP SINGH.
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00:02:53,806 --> 00:02:59,345
>> Daleep Singh: GOOD TO SEE ALL
OF YOU AGAIN, BUT THIS IS A
BRIEFING I NEVER WANTED TO GIVE
>> Alfonsi: SINGH IS THE DEPUTY
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NATIONAL SECURITY ADVISOR FOR
INTERNATIONAL ECONOMICS,
CREDITED WITH DESIGNING THE
SANCTIONS THAT PUTIN HIMSELF,
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00:03:08,721 --> 00:03:17,564
DESCRIBED AS “ECONOMIC
BLITZKRIEG.”
WE MET DALEEP SINGH LAST WEEK,
STEPS FROM THE WHITE HOUSE WHERE
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00:03:17,630 --> 00:03:21,701
THE ADMINISTRATION WAS WATCHING
THE IMPACT OF ITS ASSAULT ON THE
RUSSIAN ECONOMY PLAY OUT IN REAL
TIME.
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00:03:21,768 --> 00:03:24,470
>> Alfonsi: WHAT ARE THE TYPES
OF THINGS THAT YOU CAN LOOK AT
AND SAY, "YOU KNOW WHAT, THE
SANCTIONS ARE WORKING"?
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00:03:24,537 --> 00:03:31,544
>> Singh: YOU HEAR TOP RUSSIAN
OFFICIALS DESCRIBING THE PAIN
THEY'RE UNDER, THE INDICATIONS
ABOUT HOW WE'RE IMPACTING
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PUTIN'S CALCULUS ARE REALLY
EVIDENT WHEN-- YOU,-- YOU LOOK
AT THE WAYS IN WHICH THEY'RE
TRYING TO HARDEN THEIR DEFENSES.
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00:03:39,018 --> 00:03:41,921
>> Alfonsi: WHAT DO YOU MEAN?
>> Singh: WELL, THEY'RE, --
THEY'RE TAKING SOME DESPERATE
MEASURES.
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00:03:41,988 --> 00:03:47,694
CAPITAL CONTROLS, FOR EXAMPLE,
PREVENTING PEOPLE WITHIN RUSSIA
FROM TAKING FOREIGN CURRENCY
OUT.
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>> Alfonsi: HOW DO YOU READ
THAT?
>> Singh: I THINK IT'S A
DESPERATE MOVE.
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HE'S SELF-ISOLATING HIS ECONOMY.
RUSSIA IS NOW ON THE FAST TRACK
TO A 1980s-STYLE SOVIET LIVING
STANDARD.
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00:03:59,439 --> 00:04:05,979
IT'S LOOKING INTO AN ECONOMIC
ABYSS, AND THAT IS THE RESULT OF
PUTIN'S CHOICES, AND I CAN SEE
FROM HIS REACTION THAT'S WHERE
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IT'S HEADED.
>> Alfonsi: THIS IS THE SECOND
TIME, THAT DALEEP SINGH HAS
ENGAGED IN FINANCIAL COMBAT
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AGAINST THE KREMLIN.
SINGH WAS WORKING AT THE
TREASURY DEPARTMENT IN 2014 WHEN
RUSSIA ANNEXED CRIMEA.
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HE HELPED CREATE THE SANCTIONS
THAT FOLLOWED.
THAT 2014 EXPERIENCE HELPED
SINGH, WHO HAS A DEGREE IN
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00:04:25,598 --> 00:04:35,942
ECONOMICS FROM DUKE, AND MASTERS
DEGREES IN PUBLIC ADMINISTRATION
AND BUSINESS FROM HARVARD AND
M.I.T., CREATE A SANCTION
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00:04:36,009 --> 00:04:41,214
DOCTRINE-- A PLAYBOOK ON HOW TO
BETTER WAGE FINANCIAL WAR ON
PUTIN.
SO THIS TIME, AS TROOPS MASSED
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00:04:41,280 --> 00:04:47,854
ON THE UKRAINE BORDER, SINGH
PRESENTED HIS PLANS TO PRESIDENT
BIDEN: A SANCTIONS PACKAGE SO
SEVERE THEY HOPED IT WOULD BRING
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PUTIN, AND THE RUSSIAN ECONOMY,
TO ITS KNEES.
PUTIN'S CALLED THE SANCTIONS
AKIN TO A DECLARATION OF WAR.
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00:04:58,064 --> 00:05:01,701
IS IT?
>> Singh: YOU KNOW, WE NEED TO
STAY SOBER - WITH OUR RHETORIC.
THIS IS A MOMENT FOR AMERICAN
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00:05:01,768 --> 00:05:12,378
RESOLVE.
THERE'S NOTHING MORE IMPORTANT
RIGHT NOW.
I MEAN, THIS IS ABOUT THE
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00:05:12,445 --> 00:05:14,681
FREEDOM OF 44 MILLION INNOCENT
PEOPLE WHO ARE BEING TERRORIZED
BY A DICTATOR, AND NO ONE IN
UKRAINE WANTS HIM THERE.
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( EXPLOSIONS )
>> Alfonsi: WITHIN 72 HOURS OF
THE INVASION, THE U.S. AND ITS
ALLIES KICKED MOST RUSSIAN
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00:05:20,286 --> 00:05:29,395
FINANCIAL INSTITUTIONS OUT OF
SWIFT, THE BACKBONE OF THE
GLOBAL BANK PAYMENTS SYSTEM.
THEN THEY FROZE THE FOREIGN BANK
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00:05:29,462 --> 00:05:34,500
ACCOUNTS OF DOZENS OF RUSSIAN
BILLIONAIRES, AND BEGAN SEIZING
THEIR TOYS, SUCH AS THIS
$700 MILLION YACHT WITH ITS OWN
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00:05:34,567 --> 00:05:45,178
INDOOR SWIMMING POOL.
BUT THE MOST DRAMATIC STRIKE WAS
DIRECTED AT THE CENTRAL BANK OF
RUSSIA.
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00:05:45,244 --> 00:05:53,753
THE U.S. AND ITS ALLIES CUT THE
CENTRAL BANK OFF FROM
$300 BILLION IT HAD STASHED IN
AMERICAN, EUROPEAN AND ASIAN
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00:05:53,820 --> 00:05:58,357
BANKS SO THE RUSSIAN GOVERNMENT
COULD PAY ITS BILLS IF IT EVER
FACED SANCTIONS AGAIN.
>> Alfonsi: YOU KNEW THAT THERE
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WERE GONNA BE SPECIFIC ECONOMIC
SANCTIONS AS YOU APPROACHED THIS
INVASION. WHY NOT SIGNAL THE
SPECIFICS?
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00:06:07,467 --> 00:06:13,439
COULD THAT HAVE BEEN A
DETERRENT?
>> Singh: WE SIGNALED AS CLEARLY
AS WE COULD THAT THESE WERE
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GONNA BE THE MOST SEVERE
ECONOMIC SANCTIONS EVER LEVIED
ON RUSSIA, AND THAT WE WOULD
TAKE STEPS THAT WE HAD NOT
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00:06:18,177 --> 00:06:22,048
CONTEMPLATED IN 2014.
>> Alfonsi: DO YOU THINK THAT
PUTIN DIDN'T BELIEVE YOU OR
DIDN'T CARE?
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00:06:22,115 --> 00:06:27,253
>> Singh: HE PROBABLY THOUGHT HE
PLAYED CHESS BETTER THAN WE DO.
WE'VE DISARMED HIS CENTRAL BANK.
AND THAT'S WHY HIS ECONOMY'S IN
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00:06:27,320 --> 00:06:30,490
FREE-FALL.
I DON'T THINK HE PLANNED FOR
THAT.
>> Alfonsi: WERE YOU SURPRISED
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HOW QUICKLY THE ALLIES CAME
ONBOARD?
>> Singh: IT'S UNLIKE ANYTHING
WE'VE SEEN IN THE SANCTIONS
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CONTEXT.
AND, YOU KNOW, MAYBE AT THE RISK
OF-- THERE'S A CERTAIN IRONY OF
QUOTING LENIN, BUT "DECADES ARE
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HAPPENING IN DAYS."
YOU KNOW, SWITZERLAND BROKE
CENTURIES OF NEUTRALITY TO JOIN
THESE SANCTIONS.
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00:06:48,908 --> 00:06:55,748
>> Alfonsi: ALMOST IMMEDIATELY
THE ROUBLE TURNED TO RUBBLE,
LOSING A THIRD OF ITS VALUE; THE
MOSCOW STOCK EXCHANGE SHUTTERED.
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00:06:55,815 --> 00:07:01,821
RUSSIANS LINED UP AT A.T.M.s AND
CLEANED OUT STORES.
CREDIT AGENCIES WARNED THAT
RUSSIA IS LIKELY TO DEFAULT ON
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00:07:01,888 --> 00:07:06,192
ITS FOREIGN LOANS, SOMETHING
THAT HASN'T HAPPENED SINCE 1918
DURING THE BOLSHEVIK REVOLUTION.
>> Singh: THE BEST PROJECTIONS I
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00:07:06,259 --> 00:07:12,999
SEE OUT THERE RIGHT NOW ARE
SUGGESTING THAT RUSSIA'S ECONOMY
IS GONNA BE HALF OF ITS SIZE
THAT IT WAS BEFORE THIS
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00:07:13,065 --> 00:07:22,175
INVASION.
AND WE TAKE NO PRIDE IN THE
SUFFERING OF THE RUSSIAN PEOPLE.
THIS IS PUTIN'S WAR.
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THESE ARE PUTIN'S SANCTIONS.
AND THIS IS PUTIN'S HARDSHIP
HE'S PUTTING ON THE RUSSIAN
PEOPLE.
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00:07:28,114 --> 00:07:37,824
>> Alfonsi: THAT PRESSURE MOUNTS
EVERYDAY.
OVER THE LAST FEW DAYS,
AUSTRALIA ADDED 11 BANKS TO ITS
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00:07:37,890 --> 00:07:43,830
SANCTIONS LIST.
JAPAN PUT ANOTHER 15 RUSSIAN
OFFICIALS IN ITS CROSSHAIRS.
ACCORDING TO THE BROOKINGS
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INSTITUTION, MORE THAN 30
COUNTRIES HAVE LEVELED A TOTAL
OF 2,500 SANCTIONS ON RUSSIAN
TARGETS, INCLUDING VLADIMIR
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00:07:50,269 --> 00:08:01,881
PUTIN HIMSELF.
>> Afonsi: THERE'S NEVER BEEN
SANCTIONS LIKE THIS BEFORE.
IS THERE ANY CONCERN THAT
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00:08:01,948 --> 00:08:03,783
VLADIMIR PUTIN IS NOW IN A
CORNER AND CAN'T GET OUT, THAT
THERE'S NOWHERE ELSE TO GO FOR
HIM?
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00:08:03,850 --> 00:08:13,893
>> Singh: LOOK, DIPLOMACY IS
NEVER DEAD.
THERE ARE ALWAYS WAYS FOR US TO
STEP BACK FROM THE BRINK, BUT
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00:08:13,960 --> 00:08:19,765
DICTATORS HAVE TO PAY A PRICE
FOR THEIR AGGRESSION.
WE'VE ALWAYS HAD TWO DIFFERENT
TRACKS OF EFFORT: DETERRENCE AND
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00:08:19,832 --> 00:08:26,939
IMPOSING COSTS, AS WELL AS
DIPLOMACY.
THAT'S STILL OUR STRATEGY.
>> Alfonsi: ONE OFFICIAL
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00:08:27,006 --> 00:08:31,878
DIRECTLY INVOLVED TOLD US THERE
WAS A BACK AND FORTH BETWEEN
AMERICANS AND FINANCIAL
TECHNOCRATS INSIDE RUSSIA, BUT
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00:08:31,944 --> 00:08:41,921
THAT LINE OF COMMUNICATION
MYSTERIOUSLY WENT SILENT TWO
DAYS AFTER THE WAR STARTED.
>> Singh: LOOK, WE CAN'T GET
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00:08:41,988 --> 00:08:46,859
INTO PUTIN'S MIND.
HE'S-- HE'S A BRUTAL TYRANT.
ALL WE CAN CONTROL, ALL WE CAN
ENSURE, IS THAT THIS WILL BE A
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00:08:46,926 --> 00:08:49,595
STRATEGIC FAILURE FOR PUTIN.
IT'S ULTIMATELY--
>> Alfonsi: AND WHAT DOES A
STRATEGIC FAILURE LOOK LIKE
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00:08:49,662 --> 00:08:54,233
TODAY?
>> Singh: IT MEANS HIS ABILITY
TO PROJECT POWER AND EXERT
INFLUENCE ARE FUNDAMENTALLY
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00:08:54,300 --> 00:09:02,742
DOWNGRADED.
POWER IS NOT THE EXERCISE OF
BRUTE FORCE--
>> Alfonsi: OF LAND GRABS?
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00:09:02,808 --> 00:09:05,878
>> Singh: --TO ACQUIRE LAND.
THAT'S NOT WHAT IT'S ALL ABOUT.
IN THIS CENTURY, OUR VIEW IS
POWER IS MUCH MORE CLOSELY TIED
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00:09:05,945 --> 00:09:10,316
TO YOUR ECONOMIC STRENGTH, YOUR
TCHNOLOGICAL SOPHISTICATION,
AND YOUR STORY.
CAN YOU ATTRACT IDEAS AND TALENT
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00:09:10,383 --> 00:09:24,497
AND GOODWILL?
>> Alfonsi: WHAT TARGETS ARE
LEFT?
>> Singh: WE CAN BROADEN OUR
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00:09:24,563 --> 00:09:27,867
SANCTIONS.
SO, TAKE THE MEASURES, TAKE THE
SANCTIONS WE'VE ALREADY APPLIED,
APPLY THEM IN MORE TARGETS.
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00:09:27,934 --> 00:09:31,304
APPLY THEM TO MORE SECTORS.
>> Alfonsi: MORE BANKS?
>> Singh: MORE BANKS, MORE
SECTORS THAT WE HAVEN'T TOUCHED.
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00:09:31,370 --> 00:09:33,639
>> Alfonsi: LIKE WHAT?
>> Singh: WELL, THE COMMANDING
HEIGHTS OF THE RUSSIAN ECONOMY.
IT'S-- IT'S MOSTLY ABOUT OIL AND
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00:09:33,706 --> 00:09:35,675
GAS, BUT THERE ARE OTHER SECTORS
TOO.
I DON'T WANNA SPECIFY THEM, BUT
I THINK PUTIN WOULD KNOW WHAT
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00:09:35,741 --> 00:09:46,319
THOSE ARE.
>> Alfonsi: DALEEP SINGH'S PLAN
GOT ADDED FIREPOWER HE DIDN'T
EXPECT WHEN PRIVATE COMPANIES
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00:09:46,385 --> 00:09:49,956
STARTED FLEEING RUSSIA.
COCA COLA, WHICH SOLD COKE IN
EVERY NATION EXCEPT NORTH KOREA
AND CUBA, SUSPENDED OPERATIONS
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00:09:50,022 --> 00:09:59,498
IN RUSSIA.
McDONALD'S CLOSED 850
RESTAURANTS.
BOEING AND AIRBUS HAVE CUT OFF
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00:09:59,565 --> 00:10:07,974
THE SPARE PARTS RUSSIAN AIRLINES
NEED TO KEEP FLYING ACROSS A
NATION SPANNING 11 TIME ZONES.
IN THREE WEEKS TIME, 400
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00:10:08,040 --> 00:10:18,317
COMPANIES HAVE LEFT OR CLOSED
THEIR DOORS.
IS DOING BUSINESS IN RUSSIA
WORTH THE AGGRAVATION?
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00:10:18,384 --> 00:10:20,419
>> Dave Schaeffer: AT THIS
POINT, THE ANSWER IS NO.
>> Alfonsi: DAVID SCHAEFFER IS
THE C.E.O. OF COGENT
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00:10:20,486 --> 00:10:26,225
COMMUNICATIONS.
IT PROVIDES HIGH SPEED INTERNET
SERVICE IN 170 COUNTRIES--
INCLUDING RUSSIA.
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00:10:26,292 --> 00:10:32,398
AT THIS NETWORK OPERATION CENTER
IN WASHINGTON, EMPLOYEES MONITOR
THE FLOW OF INTERNET TRAFFIC
AROUND THE WORLD.
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00:10:32,465 --> 00:10:41,540
COGENT HAS TERMINATED ITS
SERVICE TO CARRIERS LINKED TO
THE RUSSIAN GOVERNMENT.
>> Schaeffer: WE WERE CONCERNED
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00:10:41,607 --> 00:10:47,346
THAT THE SIZE OF THE CONNECTIONS
THAT WE PROVIDE TO THOSE
COMPANIES COULD BE USED
OFFENSIVELY.
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00:10:47,413 --> 00:10:54,920
>> Alfonsi: TO LAUNCH A CYBER-
ATTACK.
>> Schaeffer: THAT'S CORRECT.
THAT WAS OUR NUMBER ONE
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00:10:54,987 --> 00:10:58,324
MOTIVATION.
>> Alfonsi: WAS THERE SPECIFIC
INTELLIGENCE THAT YOU WERE
SEEING, OR TRAFFIC THAT YOU WERE
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00:10:58,391 --> 00:11:08,034
SEEING THAT CONCERNED YOU?
>> Schaeffer: SO, WE ARE
ROUTINELY ATTACKED, AND WE HAD,
IN NORMAL TIMES, BEEN ATTACKED
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00:11:08,100 --> 00:11:20,046
BY STATE ACTORS AND BY THE
G.R.U.
AND WE'RE PARTICULARLY CONCERNED
THAT WE WERE SEEING UNUSUAL
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00:11:20,112 --> 00:11:26,819
ACTIVITY AND THE POSSIBILITY OF
A MUCH GREATER CYBER-ATTACK.
>> Alfonsi: THE G.R.U. IS THE
INTELLIGENCE WING OF THE RUSSIAN
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00:11:26,886 --> 00:11:34,393
MILITARY.
IT SPECIALIZES IN COMPUTER
ATTACKS.
SCHAEFFER TOLD US HIS DECISION
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00:11:34,460 --> 00:11:39,198
TO CUT SERVICE IN RUSSIA WOULD
COST THE COMPANY LESS THAN 1% OF
THEIR REVENUE-- ABOUT $10
MILLION, SO IT WASN'T WORTH THE
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00:11:39,265 --> 00:11:48,140
RISK.
>> Schaeffer: WE DO NOT AT THIS
TIME HAVE ANY PHYSICAL EQUIPMENT
INSIDE OF RUSSIA THAT CAN BE
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00:11:48,207 --> 00:11:54,046
TAKEN OVER.
WE DO HAVE EQUIPMENT AS FAR EAST
AS KHARKOV IN THE UKRAINE.
THAT EQUIPMENT HAS BEEN TAKEN
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00:11:54,113 --> 00:12:08,094
OFFLINE.
THAT TERRITORY HAS BEEN INVADED
BY THE RUSSIANS, AND WE HAD TO
EQUIP OUR EQUIPMENT WITH,
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00:12:08,160 --> 00:12:15,568
EFFECTIVELY, A DEAD MAN SWITCH.
SO, ONCE WE LOST CONNECTIVITY TO
IT, WE HAD TO DISABLE THE
EQUIPMENT IN SUCH A WAY THAT IF
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00:12:15,634 --> 00:12:26,512
THE RUSSIANS TOOK IT, IT WOULD
DO THEM NO GOOD.
>> Alfonsi: ON FRIDAY, IN A CASE
OF AUDACIOUS NATION-STATE SPIN,
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00:12:26,579 --> 00:12:34,453
THE CENTRAL BANK OF RUSSIA
REFERRED TO THE EXODUS OF
COMPANIES AND THE CRATERING
ECONOMY AS “A LARGE SCALE
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00:12:34,520 --> 00:12:41,494
STRUCTURAL TRANSFORMATION.”
DAYS EARLIER, DURING A TELEVISED
ADDRESS, VLADIMIR PUTIN ADMITTED
HIS COUNTRY'S ECONOMY HAD TAKEN
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00:12:41,560 --> 00:12:47,500
A HIT FROM THE BARRAGE OF
SANCTIONS AND WARNED “IT WON'T
BE EASY” FOR RUSSIANS, WHO
SHOULD EXPECT A RISE IN PRICES
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00:12:47,566 --> 00:12:54,440
AND UNEMPLOYMENT.
>> Richard Nephew: THE IDEA IS
TO PUT SO MUCH PRESSURE ON HIM
THAT HE HAS TO MAKE A CHANGE TO
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00:12:54,507 --> 00:13:02,648
HIS POLICY.
>> Alfonsi: BUT COULD ALL THAT
PRESSURE BACKFIRE?
>> Nephew: ABSOLUTELY.
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00:13:02,715 --> 00:13:07,219
>> Alfonsi: RICHARD NEPHEW KNOWS
ABOUT DICTATORS FEELING
CORNERED.
NEPHEW WORKED ON THE IRAN
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00:13:07,286 --> 00:13:09,522
SANCTIONS DURING THE OBAMA
ADMINISTRATION, AND LEFT THE
STATE DEPARTMENT LAST MONTH.
HE TOLD US SANCTIONING AN
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00:13:09,588 --> 00:13:16,962
AUTOCRAT SUCH AS PUTIN COMES
WITH RISK.
>> Nephew: A COUPLE WEEKS AGO,
THEY WERE TALKING ABOUT ALERTING
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00:13:17,029 --> 00:13:23,369
THEIR STRATEGIC NUCLEAR FORCES.
THEY'VE ALREADY TALKED ABOUT HOW
THIS IS ECONOMIC WARFARE AND
THAT THEY WILL RETAIN THE
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00:13:23,435 --> 00:13:27,606
ABILITY TO RESPOND ACCORDINGLY.
AND IF YOU THINK ABOUT THAT,
RIGHT NOW THEY'RE IN THE MIDST
OF ACTUAL WARFARE.
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00:13:27,673 --> 00:13:35,114
IF THEIR PERCEPTION IS THAT
THEY'RE UNDER ATTACK FROM OTHER
COUNTRIES, THAT-- THAT'S A
PRETTY SCARY THOUGHT.
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00:13:35,181 --> 00:13:38,184
>> Alfonsi: IT'S A DELICATE
WALK.
>> Nephew: IT'S ONE WHERE YOU
DON'T ACTUALLY HAVE A GUIDEBOOK.
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00:13:38,250 --> 00:13:46,091
THERE'S NO, YOU KNOW, SET OF
RULES THAT TELL YOU, "IMPLEMENT
SANCTIONS THIS FAR, BUT NOT THAT
FAR.
126
00:13:46,158 --> 00:13:48,027
AND TAKE THIS STEP, NOT THAT
STEP."
>> Alfonsi: FOR RUSSIA, WHAT ARE
THE POTENTIAL WORKAROUNDS?
127
00:13:48,093 --> 00:13:50,029
>> Nephew: WELL, SANCTIONS
EVASION IS A LONG-PRACTICED
ACTIVITY.
THERE ARE WAYS IN WHICH THEY CAN
128
00:13:50,095 --> 00:13:54,500
WORK WITH OTHER COUNTRIES,
POTENTIALLY THOSE ARE SUBJECT TO
SANCTIONS THEMSELVES, VENEZUELA,
IRAN.
129
00:13:54,567 --> 00:13:59,138
THEY COULD POTENTIALLY ALSO TRY
AND INCREASE THEIR RELATIONSHIP
WITH CHINA.
AND COUNTRIES AT ONE POINT HAVE
130
00:13:59,205 --> 00:14:02,241
TO MAKE A DECISION: ARE THEY
REALLY INTERESTED IN HELPING OUT
THE RUSSIANS, OR ARE THEY MORE
INTERESTED IN HELPING OUT
131
00:14:02,308 --> 00:14:14,253
THEMSELVES?
>> Alfonsi: U.S. OFFICIALS SAID
RUSSIA ASKED CHINA FOR FINANCIAL
SUPPORT.
132
00:14:14,320 --> 00:14:22,394
ON FRIDAY, PRESIDENT BIDEN SPOKE
WITH CHINA'S PRESIDENT XI
JINPING FOR TWO HOURS.
>> Singh: WE'VE BEEN VERY CLEAR
133
00:14:22,461 --> 00:14:25,130
WITH CHINA ABOUT ANY SUPPORT FOR
THIS INVASION AND ANY HELP IT
MAY PROVIDE RUSSIA IN EVADING
SANCTIONS.
134
00:14:25,197 --> 00:14:26,999
AND WE'VE ALSO MADE IT CLEAR
WHAT THOSE CONSEQUENCES WOULD
BE.
>> Alfonsi: WHAT WOULD THE
135
00:14:27,066 --> 00:14:34,573
CONSEQUENCES BE?
SANCTIONS--
>> Singh: THAT'S-- THAT'S GONNA
REMAIN PRIVATE.
136
00:14:34,640 --> 00:14:42,448
>> Alfonsi: WHAT IS THE FIRST
THING THAT VLADIMIR PUTIN NEEDS
TO DO SO THAT YOU MIGHT LIFT
SANCTIONS?
137
00:14:42,514 --> 00:14:44,683
>> Singh: WELL, WE'RE NOWHERE
NEAR THAT POINT.
THE FIRST THING HE HAS TO DO IS
TO STOP A RECKLESS AND BARBARIC
138
00:14:44,750 --> 00:14:50,856
ATTACK ON THE CIVILIANS OF
UKRAINE.
THAT'S NOT HAPPENING.
>> Alfonsi: SECRETARY OF STATE
139
00:14:50,923 --> 00:14:54,960
ANTONY BLINKEN TOLD NATIONAL
PUBLIC RADIO THAT ENDING
RUSSIA'S ECONOMIC ISOLATION
WOULD REQUIRE PUTIN TO STOP HIS
140
00:14:55,027 --> 00:15:05,437
WAR, AND AGREE NOT TO ATTACK
UKRAINE AGAIN.
>> Singh: WE'RE NOT COWBOYS AND
COWGIRLS PRESSING BUTTONS TO
141
00:15:05,504 --> 00:15:09,842
DESTROY AN ECONOMY.
YOU KNOW, WE'VE SPENT HUNDREDS
OF YEARS IN THIS COUNTRY SHAPING
MILITARY DOCTRINE.
142
00:15:09,908 --> 00:15:14,647
WE'VE SPENT A SMALL FRACTION OF
THAT TIME SHAPING THE DOCTRINE
OF ECONOMIC STATECRAFT, BUT WE
HAVE ONE.
143
00:15:14,713 --> 00:15:22,655
IT'S OUR OBJECTIVE TO
DEMONSTRATE RESOLVE, THAT
SANCTIONS SHOULD HAVE THE POWER
TO IMPOSE OVERWHELMING COSTS ON
144
00:15:22,721 --> 00:15:26,558
YOUR TARGET.
>> Alfonsi: THERE ARE PEOPLE WHO
THINK THE SANCTIONS ARE ONLY
ABOUT REGIME CHANGE, THAT THAT'S
145
00:15:26,625 --> 00:15:31,463
THE ULTIMATE GOAL.
>> Singh: THAT'S UP TO THE
PEOPLE OF RUSSIA.
OUR-- OUR CAUSE, OUR PURPOSE, IS
146
00:15:31,530 --> 00:15:37,469
TO MAKE SURE THAT PUTIN'S
ACTIONS ARE REMEMBERED AS A
STRATEGIC FAILURE.
THAT'S WHAT'S WITHIN OUR
147
00:15:37,536 --> 00:15:40,539
CONTROL, FULL STOP.
148
00:15:42,708 --> 00:15:45,577
( TICKING )
149
00:15:45,644 --> 00:15:48,414
>> THE HEAD OF THE I.M.F. ON THE
ECONOMIC FALLOUT OF RUSSIA'S
WAR.
>> Alfonsi: COULD THIS SET OFF A
150
00:15:48,480 --> 00:16:00,759
GLOBAL RECESSION?
>> AT 60minutesovertime.com,
SPONSORED BY COLOGUARD.
151
00:16:01,660 --> 00:16:04,296
>> Lesley Stahl: EVERY AMERICAN
IS FEELING THE BITE OF
INFLATION.
GROCERIES COST MORE, GAS COSTS
152
00:16:04,363 --> 00:16:10,369
MORE, EVERYTING SEEMS TO COST
MORE.
THIS PAST WEEK, THE FEDERAL
RESERVE RAISED INTEREST RATES IN
153
00:16:10,436 --> 00:16:12,771
AN EFFORT TO TAME THE HIGHEST
INFLATION IN 40 YEARS.
154
00:16:15,107 --> 00:16:24,717
THE COST OF RENT IS REALLY
THROUGH THE ROOF.
RESIDENTIAL RENTS ACROSS THE
COUNTRY WENT UP AN AVERAGE OF
155
00:16:24,783 --> 00:16:33,292
15% LAST YEAR, NEARLY TWICE THE
OVERALL INFLATION RATE.
THAT'S PARTICULARLY PAINFUL FOR
TENANTS, BECAUSE ACCORDING TO
156
00:16:33,359 --> 00:16:44,670
CENSUS BUREAU DATA, THEY NOW
OFTEN HAVE TO SPEND AS MUCH AS
HALF THEIR TOTAL INCOME ON
RENT.
157
00:16:47,106 --> 00:16:52,111
WHY ARE RENTS RISING SO MUCH?
WELL, IT TURNS OUT THAT BIG WALL
STREET FIRMS ARE PLAYING A ROLE,
BUT WE FOUND THE FUNDAMENTAL
158
00:16:52,177 --> 00:17:00,252
PROBLEM WAS YEARS IN THE MAKING,
AND WILL TAKE YEARS TO FIX.
HOW MUCH DID YOUR RENT GO UP?
>> Justin Blocki: THEY ATTEMPTED
159
00:17:00,319 --> 00:17:11,397
TO RAISE IT $400 A MONTH.
>> Stahl: THAT WOULD HAVE BEEN A
40% JUMP FOR JUSTIN BLOCKI AND
BRITTNEY HOUSE.
160
00:17:11,463 --> 00:17:16,702
SHE'S A NURSING STUDENT AND HE'S
AN OCCUPATIONAL THERAPIST IN
JACKSONVILLE, FLORIDA.
WHEN THEY FIRST RENTED THEIR
161
00:17:16,769 --> 00:17:24,209
APARTMENT A YEAR AND A HALF AGO,
THEY WERE PAYING JUST OVER A
THOUSAND DOLLARS A MONTH.
>> Blocki: I EVENTUALLY CAME TO
162
00:17:24,276 --> 00:17:29,114
TERMS WITH THEM FOR A 30%
INCREASE, WHICH WAS $300.
>> Stahl: STILL 30%.
>> Blocki: I'VE NEVER HEARD OF
163
00:17:29,181 --> 00:17:35,087
ANYTHING LIKE THAT.
>> Stahl: DO YOU KNOW WHY YOUR
RENT JUMPED THAT MUCH?
>> Blocki: THEY TOLD ME THE
164
00:17:35,154 --> 00:17:40,025
MARKET JUSTIFIED IT.
AND THEY WERE RIGHT.
BECAUSE I LOOKED AT 30 OTHER
APARTMENTS, AND THEY WERE ALL
165
00:17:40,092 --> 00:17:52,304
WAY TOO-- TOO MUCH FOR US TO
AFFORD.
>> Stahl: SO WHEN YOUR RENT GOES
UP 30% WHAT'S THE IMPACT? ARE
166
00:17:52,371 --> 00:17:59,077
YOU HAVING TO GIVE THINGS UP?
>> Brittney House: YEAH, OUR
FRIDGE IS-- DOES NOT LOOK THE
SAME AS LAST YEAR BEFORE OUR
167
00:17:59,144 --> 00:18:01,980
LEASE.
>> Stahl: REALLY--
>> House: IT'S-- YEAH--
>> Stahl: YOU'RE REALLY CUTTING
168
00:18:02,047 --> 00:18:03,916
BACK ON GROCERIES.
>> House: YEAH.
>> Daryl Fairweather: IT'S
PRETTY MUCH UNIVERSALLY TRUE,
169
00:18:03,982 --> 00:18:07,352
RENTS ARE GOING UP ALL AROUND
THE COUNTRY.
BUT IT'S EVEN MORE SEVERE IN
MIGRATION DESTINATIONS.
170
00:18:07,419 --> 00:18:14,793
LIKE, THE SUNBELT OF THE
COUNTRY, AUSTIN, PHOENIX,
FLORIDA.
A LOT OF PEOPLE ARE MOVING THERE
171
00:18:14,860 --> 00:18:21,366
AND THERE'S JUST MORE DEMAND FOR
RENTS.
>> Stahl: DARYL FAIRWEATHER IS
THE CHIEF ECONOMIST AT REDFIN, A
172
00:18:21,433 --> 00:18:27,272
NATIONWIDE REAL ESTATE BROKERAGE
FIRM THAT PULLS TOGETHER REAL-
TIME STATISTICS ON BOTH THE
SALES AND RENTAL MARKETS.
173
00:18:27,339 --> 00:18:40,786
FOR EXAMPLE, THEIR NUMBERS SHOW
THAT RENTS INCREASED 31% IN
JACKSONVILLE LAST YEAR-- 40% IN
AUSTIN TEXAS.
174
00:18:40,853 --> 00:18:47,459
WHAT'S CAUSING THIS?
>> Fairweather: WE ARE NOT
BUILDING ENOUGH HOUSING FOR
EVERYBODY WHO NEEDS A PLACE TO
175
00:18:47,526 --> 00:18:50,195
LIVE.
WE BUILT FEWER HOMES IN THE
2010S THAN IN ANY DECADE GOING
BACK TO THE 1960S, AND AT THE
176
00:18:50,262 --> 00:18:54,833
SAME TIME MILLENNIALS ARE THE
BIGGEST GENERATION AND THEY'RE
ENTERING INTO HOME-BUYING AGE.
MILLENNIALS AREN'T LIVING IN
177
00:18:54,900 --> 00:19:03,809
THEIR PARENTS' BASEMENT ANY MORE
OR SHACKING UP WITH ROOMMATES,
THEY WANT A PLACE OF THEIR OWN,
AND WE DIDN'T BUILD ANY HOUSING
178
00:19:03,876 --> 00:19:05,744
FOR THEM IN THE LAST DECADE
BECAUSE WE ARE STILL SO
TRAUMATIZED BY THE LAST HOUSING
CRISIS.
179
00:19:05,811 --> 00:19:14,520
WE DIDN'T PUT ANY INVESTMENT
INTO HOUSING.
>> Stahl: IN THE ECONOMIC CRISIS
OF 2008 AND NINE, CONSTRUCTION
180
00:19:14,586 --> 00:19:18,891
OF NEW HOUSING CAME TO A
GRINDING HALT.
BUT EVEN WHEN THE ECONOMY
RECOVERED, HOME CONSTRUCTION
181
00:19:18,957 --> 00:19:24,897
DIDN'T.
SO HOW BIG IS THE RENTAL
SHORTAGE IN THE UNITED STATES?
>> Fairweather: THE GOVERNMENT
182
00:19:24,963 --> 00:19:34,106
HAS ESTIMATED THAT WE ARE SHORT
ABOUT FOUR MILLION HOMES IN THIS
COUNTRY, AND THAT NUMBER IS
LIKELY GROWING, ESPECIALLY SINCE
183
00:19:34,172 --> 00:19:39,945
THE PANDEMIC.
>> Stahl: FOUR MILLION SHY.
>> Fairweather: YES.
THAT'S THE HOLE THAT WE'RE IN
184
00:19:40,012 --> 00:19:45,017
THAT WE NEED TO BUILD OURSELVES
OUT OF.
>> Stahl: THAT NUMBER, FOUR
MILLION, IS THAT MAINLY IN THE
185
00:19:45,083 --> 00:19:52,724
SOUTH AND SOUTHWEST?
OR DOES THAT INCLUDE NEW YORK
CITY AND SAN FRANCISCO?
>> Fairweather: THAT'S THE
186
00:19:52,791 --> 00:19:59,231
ENTIRE COUNTRY.
>> Stahl: WITH SOMETHING AS
ESSENTIAL AS HOUSING IN SUCH
SHORT SUPPLY, YOU'D HAVE TO
187
00:19:59,298 --> 00:20:06,705
FIGURE THAT WALL STREET WOULD
SEE AN OPPORTUNITY, BUYING
MODEST SINGLE-FAMILY HOUSES, THE
KIND YOU'D SEE ON ANY MIDDLE
188
00:20:06,772 --> 00:20:11,810
CLASS SUBURBAN STREET, AND THEN
RENTING THEM OUT.
>> Fairweather: IN PLACES LIKE
JACKSONVILLE, ATLANTA,
189
00:20:11,877 --> 00:20:18,183
CHARLOTTE, INVESTORS ARE BUYING
ALMOST 30% OF THE HOMES THAT ARE
AVAILABLE FOR REGULAR HOME
BUYERS.
190
00:20:18,250 --> 00:20:23,689
>> Gary Berman: THIS IS A HOME
WE BOUGHT.
THIS IS 3518 SHINER DRIVE IN
JACKSONVILLE.
191
00:20:23,755 --> 00:20:27,292
>> Stahl: RIGHT.
>> Berman: THIS HOME IS 1,700
SQUARE FEET.
>> Stahl: HOW MANY BEDROOMS?
192
00:20:27,359 --> 00:20:32,531
>> Berman: THREE BEDROOMS.
TWO BATHS.
IT WAS BUILT ABOUT THREE YEARS
AGO.
193
00:20:32,598 --> 00:20:38,971
>> Stahl: GARY BERMAN IS C.E.O.
OF TRICON RESIDENTIAL, A
TORONTO-BASED COMPANY THAT HAS
QUIETLY BECOME ONE OF THE
194
00:20:39,037 --> 00:20:46,745
LARGEST OWNERS OF SINGLE-FAMILY
HOMES IN THE UNITED STATES.
>> Berman: SO TODAY, WE OWN
ABOUT 30,000 SINGLE FAMILY
195
00:20:46,812 --> 00:20:51,216
RENTAL HOMES ACROSS THE U.S.,
LARGELY IN THE SUN BELT.
AND WE'VE GOT PROBABLY ABOUT
75,000 PEOPLE LIVING IN OUR
196
00:20:51,283 --> 00:20:55,954
HOMES.
>> Stahl: YOU ARE A MULTI-
BILLION DOLLAR COMPANY.
YOU'RE PUBLICLY TRADED ON THE
197
00:20:56,021 --> 00:21:00,692
NEW YORK STOCK EXCHANGE.
>> Berman: CORRECT.
>> Stahl: AND THE --
>> Berman: TORONTO STOCK
198
00:21:00,759 --> 00:21:04,162
EXCHANGE.
>> Stahl: TORONTO STOCK
EXCHANGE.
I EVEN READ IN ONE OF YOUR OWN
199
00:21:04,229 --> 00:21:11,903
DOCUMENTS THAT YOUR REVENUE WENT
UP LAST YEAR BY 67%?
IS THAT CORRECT?
>> Berman: YEAH, WE'RE
200
00:21:11,970 --> 00:21:21,480
EXPANDING.
I MEAN, WHEN YOU THINK ABOUT IT,
WE HAVE AN INCREDIBLE AMOUNT OF
DEMAND FOR WHAT WE DO.
201
00:21:21,546 --> 00:21:27,085
SO, LESLEY, IN ANY GIVEN WEEK,
WE MIGHT HAVE TWO OR 300 HOMES
AVAILABLE.
>> Stahl: FOR RENTING?
202
00:21:27,152 --> 00:21:35,293
>> Berman: FOR RENTING.
AND WE GET ABOUT 10,000 LEASING
INQUIRIES A WEEK.
>> Stahl: TRICON IS TRYING TO
203
00:21:35,360 --> 00:21:43,969
BUY 800 HOUSES A MONTH, AND
THERE ARE COMPANIES EVEN BIGGER.
INVITATION HOMES OWNS MORE THAN
80,000 RENTAL HOUSES, AMERICAN
204
00:21:44,036 --> 00:21:54,980
HOMES FOUR RENT CLOSE TO 60,000.
SOME OF THE ALL STARS OF
FINANCE; GOLDMAN SACHS, J.P.
MORGAN, BLACKSTONE; HAVE PUT
205
00:21:55,047 --> 00:22:00,986
HUNDREDS OF MILLIONS OF DOLLARS
INTO THESE COMPANIES.
THEY ALL OFFER RENTAL HOMES
ONLINE, AND ALL FOCUS ON THE
206
00:22:01,053 --> 00:22:08,894
SUNBELT.
>> Berman: OUR LARGEST PORTFOLIO
WOULD BE IN ATLANTA, IN
CHARLOTTE, IN PHOENIX, IN TAMPA.
207
00:22:08,960 --> 00:22:17,936
>> Stahl: AND THOSE ARE THE
CITIES THAT YOUNG MILLENNIALS
ARE FLOCKING TO?
>> Berman: THIS IS WHERE
208
00:22:18,003 --> 00:22:22,441
AMERICANS WANT TO BE.
WE'RE FINDING THAT AMERICANS ARE
MOVING FROM THE NORTHEAST, FROM
THE MIDWEST, TO MOVE TO THE SUN
209
00:22:22,507 --> 00:22:27,379
BELT BECAUSE TAXES ARE LOWER.
IT'S A FRIENDLIER BUSINESS
ENVIRONMENT.
IT'S BETTER WEATHER.
210
00:22:27,446 --> 00:22:39,357
AND SO THERE'S A MOVEMENT TAKING
PLACE.
AND THE PANDEMIC UNLEASHED
POWERFUL NESTING TRENDS AND
211
00:22:39,424 --> 00:22:51,369
WORK-FROM-HOME TRENDS.
>> Stahl: NESTING TRENDS?
>> Berman: POWERFUL NESTING
TRENDS.
212
00:22:51,436 --> 00:22:59,711
WHEN WE SURVEY OUR RESIDENTS,¡
WHY DID THEY MOVE-- TO BE WITH
US'? THE NUMBER ONE REASON IS
THEY WANT MORE SPACE.
213
00:22:59,778 --> 00:23:02,080
>> Stahl: BIG INVESTMENT
COMPANIES LIKE YOURS ARE BEING
BLAMED FOR THIS HUGE INCREASE IN
RENTS ACROSS THE COUNTRY.
214
00:23:02,147 --> 00:23:04,316
AND YOU CAN SET THE RENT ANY WAY
YOU WANT, REALLY, GIVEN THE
DEMAND YOU'RE TALKING ABOUT.
>> Berman: FIRST.
215
00:23:04,382 --> 00:23:07,452
I MEAN, CORPORATE LANDLORDS
REPRESENT 2% OF ALL SINGLE-
FAMILY RENTAL HOUSING.
SO THERE'S A LOT MORE GOING ON
216
00:23:07,519 --> 00:23:14,025
THAN JUST CORPORATE LANDLORDS
BIDDING UP HOMES.
IT'S A VERY COMPETITIVE AND
DIFFICULT ENVIRONMENT.
217
00:23:14,092 --> 00:23:19,131
>> Stahl: IT'S TRUE THAT BIG
INVESTORS DON'T OWN NEARLY AS
MANY HOUSES AS MOM-AND-POP
LANDLORDS, PEOPLE WHO MIGHT HAVE
218
00:23:19,197 --> 00:23:27,439
JUST A FEW PROPERTIES.
BUT BIG FIRMS LIKE TRICON DO
PLAY A LARGER AND GROWING ROLE
IN THE SUNBELT CITIES WHERE
219
00:23:27,506 --> 00:23:37,115
THEY'RE ACTIVE.
RENT INCREASES ARE ALL OVER THE
MAP: 35% IN NEW YORK, BUT JUST
9% IN CHICAGO.
220
00:23:37,182 --> 00:23:47,425
29% IN PORTLAND, ONLY 10% IN
L.A.
AND IN ONLY ONE BIG CITY WERE
RENTS ACTUALLY DOWN LAST YEAR:
221
00:23:47,492 --> 00:23:55,133
KANSAS CITY.
BERMAN SAYS TRICON STRICTLY CAPS
HOW MUCH IT WILL RAISE RENT ON
EXISTING TENANTS WHEN THEY RENEW
222
00:23:55,200 --> 00:24:03,508
THEIR LEASES.
BUT LET'S SAY, I HAD COME IN AS
A NEW RENTER HERE.
WOULD THE RENT HERE BE 30% MORE
223
00:24:03,575 --> 00:24:10,949
THAN IT WAS ABOUT A YEAR AGO?
>> Berman: IT COULD BE.
BECAUSE IT-- WE-- WHEN WE COME
IN AND BUY A HOME, WE HAVE TO
224
00:24:11,016 --> 00:24:16,521
PAY A MARKET PRICE FOR THE HOME.
AND THEN WE HAVE TO SET A MARKET
RENT, RIGHT?
>> Stahl: HERE ARE TWO EXAMPLES
225
00:24:16,588 --> 00:24:23,495
OF HOMES TRICON RECENTLY BOUGHT
IN JACKSONVILLE.
THIS ONE THEY'RE CHARGING 40%
HIGHER RENT THAN THE PREVIOUS
226
00:24:23,562 --> 00:24:33,672
OWNER ASKED, THIS ONE, 30%
HIGHER.
THESE BEFORE-AND-AFTER PICTURES
TAKEN BY TRICON SHOW HOW THEY
227
00:24:33,738 --> 00:24:39,511
FIX UP MANY OF THE HOUSES THEY
BUY.
THEY ALSO HAVE A FLEET OF TRUCKS
AND TECHNICIANS TO SERVICE THEM.
228
00:24:39,578 --> 00:24:46,151
>> Berman: THIS IS A STANDARD
TRICON HOME.
>> Stahl: AND YOU PUT IN THE
KITCHEN?
229
00:24:46,218 --> 00:24:49,187
THESE-- YOU PUT IN THE
APPLIANCES?
>> Berman: THIS HOME WAS BUILT
THREE YEARS AGO.
230
00:24:49,254 --> 00:24:55,193
WE PUT IN ABOUT $15,000.
MOST OF OUR HOMES ARE A LITTLE
BIT OLDER.
WE PROBABLY PUT IN ABOUT TWENTY
231
00:24:55,260 --> 00:24:59,531
OR $25,000.
THIS IS VERY TYPICAL OF WHAT OUR
PRODUCT LOOKS LIKE WHEN YOU MOVE
INTO IT.
232
00:24:59,598 --> 00:25:04,769
IT'S IN MOVE-IN-READY CONDITION.
IT'S BROOM SWEPT.
>> Stahl: AND IF THINGS GO
WRONG-- IF THERE'S A LEAK--
233
00:25:04,836 --> 00:25:08,807
>> Berman: IF THINGS GO WRONG--
>> Stahl: WE CALL YOU.
>> Berman: IF WE HAVE A LEAKY
FAUCET, OR THE-- YOU KNOW, OVEN
234
00:25:08,874 --> 00:25:12,010
OR MICROWAVE'S NOT WORKING, YOU
WILL CALL US.
YOU'LL CALL, AND OUR MAINTENANCE
TECHS WILL COME AND-- AND
235
00:25:12,077 --> 00:25:21,052
SERVICE THE HOME.
>> Stahl: THE HOUSES TRICON AND
OTHER INVESTORS ARE BUYING IN
PLACES LIKE JACKSONVILLE ARE
236
00:25:21,119 --> 00:25:27,592
WHAT MIGHT BE CALLED “STARTER
HOMES,” USUALLY SELLING FOR
ABOUT $300,000.
WHEN ONE OF THOSE COMES ON THE
237
00:25:27,659 --> 00:25:34,266
MARKET, INVESTORS ARE READY WITH
ALL-CASH OFFERS.
>> Heather Kruayai: I WOULD SAY
PROBABLY A THIRD OF THE LISTINGS
238
00:25:34,332 --> 00:25:43,008
THAT I'M PUTTING UP ARE GETTING
INVESTOR OFFERS.
>> Stahl: HEATHER KRUAYAI IS A
REDFIN REAL ESTATE AGENT IN
239
00:25:43,074 --> 00:25:50,382
JACKSONVILLE.
SHE REPRESENTS BOTH BUYERS AND
SELLERS.
>> Kruayai: YOU ARE SEEING A LOT
240
00:25:50,448 --> 00:25:55,253
OF THESE WALL STREET INVESTORS
THAT ARE COMING IN.
YOU KNOW, YOU PUT A HOUSE ON THE
MARKET, AND WITHIN AN HOUR I'M
241
00:25:55,320 --> 00:26:03,628
GETTING OFFERS FULL PRICE, CASH.
AND SO THESE-- THE SELLERS ARE
SEEING THAT, AND-- "OH, OKAY.
CASH.
242
00:26:03,695 --> 00:26:20,145
WE CAN CLOSE IN 15 DAYS."
243
00:26:23,715 --> 00:26:25,984
IT'S VERY ENTICING TO PEOPLE
WHEN THEY SEE THAT OFFER COME
ACROSS.
>> Stahl: SO WHEN YOU SELL, ARE
244
00:26:26,051 --> 00:26:27,752
YOU HAVING TO STAGE THE HOUSE?
PAINT IT?
PUT FURNITURE IN, MAKE IT LOOK
REALLY NICE?
245
00:26:27,819 --> 00:26:30,588
>> Kruayai: NOT NOW.
IT'S NOT NECESSARY NOW IN THIS--
THIS WAY, THE WAY THE MARKET'S
GOING NOW.
246
00:26:30,655 --> 00:26:33,358
YOU REALLY DON'T NEED TO DO
ANYTHING TO YOUR HOUSE TO SELL
IT.
TYPICALLY THE INVESTORS NEVER
247
00:26:33,425 --> 00:26:34,893
LOOK AT THE HOME.
NEVER.
>> Stahl: THEY DON'T EVEN LOOK
AT THE HOME?
248
00:26:34,960 --> 00:26:36,828
>> Kruayai: THEY NEVER LOOK AT
IT.
>> Stahl: THAT, PLUS THE FACT
THAT INVESTORS OFTEN WAIVE
249
00:26:36,895 --> 00:26:39,364
INSPECTIONS, PUTS WOULD-BE
FIRST-TIME HOME BUYERS AT A
SERIOUS DISADVANTAGE.
BEFORE THEY CAN EVEN SEE A
250
00:26:39,431 --> 00:26:43,835
STARTER HOUSE, IT'S GONE.
>> Blocki: MOST PEOPLE OUR AGE
ARE NOT GONNA BE ABLE TO HAVE
$350,000 IN LIQUID CASH.
251
00:26:43,902 --> 00:26:52,310
>> Stahl: JUSTIN AND BRITTNEY,
THE YOUNG JACKSONVILLE COUPLE
FACING STEEP RENT INCREASES, ARE
STARTING TO LOSE HOPE THEY'LL
252
00:26:52,377 --> 00:27:01,386
EVER BE ABLE TO BUY A HOME.
EVEN TRICON'S OWN PRESENTATION
TO INVESTORS SAYS,“
HOMEOWNERSHIP IS INCREASINGLY
253
00:27:01,453 --> 00:27:08,760
OUT OF REACH.”
>> Berman: IN OUR PORTFOLIO, THE
MAJORITY CANNOT BUY A HOME.
CANNOT AFFORD TO BUY A HOME OR
254
00:27:08,827 --> 00:27:13,398
DON'T HAVE THE CREDIT TO BUY THE
HOME.
SO, FOR EXAMPLE, THEY MAY HAVE
STUDENT DEBT OR THEY MAY HAVE
255
00:27:13,465 --> 00:27:22,040
MEDICAL DEBT.
AND THEREFORE, THEY CAN'T
QUALIFY TO GET A MORTGAGE.
AND IF THEY WANT ACCESS TO A
256
00:27:22,107 --> 00:27:26,511
SINGLE FAMILY HOME WHICH WE
THINK'S INCREDIBLY IMPORTANT,
THIS IS THE BEST WAY TO FOR THEM
TO OBTAIN IT.
257
00:27:26,578 --> 00:27:37,822
I THINK IF YOU ASKED A LOT OF
MILLENNIALS, AND THAT TENDS TO
BE OUR PRIMARY RESIDENT-- THEY
WOULD PROBABLY TELL YOU, THEY
258
00:27:37,889 --> 00:27:39,824
DON'T NECESSARILY DESIRE TO OWN
A HOME OR TO OWN A CAR.
THEYVE GROWN UP IN THE SHARING
ECONOMY.
259
00:27:39,891 --> 00:27:44,029
AND FOR WHAT'S IMPORTANT TO THEM
IS LIFESTYLE, RIGHT?
AND SO IF THEY CAN MOVE INTO
THIS, WHAT WE CALL, A TURNKEY OR
260
00:27:44,095 --> 00:27:51,002
A HOTEL READY HOME AND HAVE A
LOW-MAINTENANCE LIFESTYLE,
THAT'S VERY COMPELLING FOR THEM.
VERY COMPELLING.
261
00:27:51,069 --> 00:27:55,940
>> Stahl: WE WERE TOLD BY THE
HEAD OF ONE OF THESE BIG
COMPANIES THAT PEOPLE YOUR AGE
WANT TO RENT, THAT YOU'RE NOT AS
262
00:27:56,007 --> 00:28:07,218
INTERESTED IN BUYING A HOUSE.
> Blocki: NO.
I MEAN... I THINK THE AMERICAN
DREAM IS OWNING YOUR OWN
263
00:28:07,285 --> 00:28:14,626
PROPERTY AND HAVING YOUR OWN
DIRT THAT YOU OWN.
AND, THAT'S SPECIFICALLY WHY WE
MOVED HERE WAS TO OWN A HOUSE.
264
00:28:14,692 --> 00:28:18,596
>> House: I REALIZE MY FIRST
HOUSE IS PROBABLY GOING TO BE A
STARTER HOME.
IT MAY NOT BE THAT DREAM HOUSE,
265
00:28:18,663 --> 00:28:24,335
BUT IT'S A HOUSE.
IT'S A HOME.
NOW THE-- OUR DREAM IS NOW
UNATTAINABLE.
266
00:28:24,402 --> 00:28:30,575
IT'S-- IT'S VERY-- IT'S
DISTURBING.
>> Fairweather: MOST PEOPLE
DESIRE THAT SINGLE-FAMILY HOME
267
00:28:30,642 --> 00:28:35,080
WITH THE PICKET FENCE.
AND IF THEY CAN'T BUY IT BECAUSE
THEY CAN'T AFFORD IT THEIR ONLY
OPTION IS TO RENT IT.
268
00:28:35,146 --> 00:28:38,616
>> Stahl: YEAH, BUT THE
INVESTOR'S BUYING IT.
>> Fairweather: YEAH, AND
THEY'RE GETTING THAT WEALTH THAT
269
00:28:38,683 --> 00:28:44,089
NORMALLY, OR IN PREVIOUS YEARS,
WOULD'VE GONE TO THE PERSON
LIVING THERE.
>> Stahl: SO WHAT'S HAPPENED TO
270
00:28:44,155 --> 00:28:50,061
THE AMERICAN DREAM?
WHEN WE USED TO SAY THAT IT
MEANT OWNING A HOUSE.
WHAT'S THE AMERICAN DREAM NOW?
271
00:28:50,128 --> 00:28:58,636
>> Berman: WELL, IF WE THINK THE
AMERICAN DREAM IS-- IS EMBODIED
IN A SUBURBAN HOME WITH A YARD
AND-- AND A WHITE PICKET FENCE,
272
00:28:58,703 --> 00:29:01,139
THEN I THINK WE'RE MAKING THE
AMERICAN DREAM MUCH MORE
ACCESSIBLE.
>> Stahl: RENT YOUR AMERICAN
273
00:29:01,206 --> 00:29:04,676
DREAM.
>> Berman: YOU CAN RENT THE
AMERICAN DREAM.
>> Stahl: THAT IS, IF YOU CAN
274
00:29:04,742 --> 00:29:18,990
AFFORD THE RENT.
( TICKING )
( TICKING )
>> Jon Wertheim: FOR AT LEAST
275
00:29:19,057 --> 00:29:24,963
ONE MORE SEASON, BASKETBALL FANS
WILL BE TREATED TO WATCHING ONE
OF THE SPORT'S GENERATIONAL
STARS, A FEARLESS NEW YORK POINT
276
00:29:25,029 --> 00:29:33,538
GUARD WHO PLAYS; PERFORMS,
REALLY; WITH CRISP PRECISION.
SOMETIMES IT'S A NO-LOOK PASS TO
A TEAMMATE, HITTING THEM IN
277
00:29:33,605 --> 00:29:39,277
PERFECT STRIDE.
OTHER TIMES, IT'S A CLUTCH JUMP
SHOT THAT GOES WHISPERING
THROUGH THE NET.
278
00:29:39,344 --> 00:29:47,285
SUE BIRD IS 41 NOW.
SHE'S WON FIVE OLYMPIC GOLD
MEDALS AND FOUR W.N.B.A.
CHAMPIONSHIPS IN THREE DECADES.
279
00:29:47,352 --> 00:29:54,125
AND ON SHE GOES, POISED TO START
HER 19th SEASON FOR THE ONLY
W.N.B.A. TEAM SHE'S EVER KNOWN,
THE SEATTLE STORM.
280
00:29:54,192 --> 00:29:59,297
IN THAT TIME, SHE'S COME A LONG
WAY.
HER LEAGUE HAS COME A LONG WAY.
WOMEN'S SPORTS HAVE COME A LONG
281
00:29:59,364 --> 00:30:09,474
WAY.
AND NONE OF THAT IS COINCIDENCE.
ELITE ATHLETES STRETCHING TIME,
EXTENDING THEIR CAREERS LIKE
282
00:30:09,541 --> 00:30:15,613
RESISTANCE BANDS; IT MAY BE THE
DOMINANT THEME IN SPORTS RIGHT
NOW.
>> Sue Bird: OH, YOUR MOM.
283
00:30:15,680 --> 00:30:21,286
WHEN THERE'S MORE WARM UP THAN
ACTUAL WORKOUT, THAT'S WHEN
YOU'RE IN TROUBLE.
>> Wertheim: WE MET SUE BIRD IN
284
00:30:21,352 --> 00:30:27,292
SEATTLE AS SHE RAMPED UP FOR
STILL ANOTHER SEASON.
>> Bird: WHEN I BOUNCE OUTSIDE
COME, SO I CAN GO.
285
00:30:27,358 --> 00:30:35,300
>> Wertheim: SHE ENLISTED THREE
PRACTICE PLAYERS.
THEN CLOCKED AN HOUR OF
CONDITIONING POST-WORKOUT.
286
00:30:35,366 --> 00:30:41,206
PHYSICALLY, SHE HELD UP FINE.
STILL, TIME HAS A WAY OF
ANNOUNCING ITSELF.
HOW DOES THE AGE DIFFERENCE
287
00:30:41,272 --> 00:30:46,010
BETWEEN YOU AND YOUR
TEAMMATES...
>> Bird: OH.
>> Wertheim: --EXPRESS ITSELF?
288
00:30:46,077 --> 00:30:51,282
>> Bird: IN MANY WAYS.
IN MANY WAYS.
THIS PAST YEAR WE TRADED FOR A
PLAYER.
289
00:30:51,349 --> 00:30:55,153
SO SHE CAME INTO CAMP.
SHE WAS LIKE, "HEY, MY MOM'S IN
TOWN.
WOULD-- YOU KNOW, WOULD YOU DOWN
290
00:30:55,220 --> 00:30:58,323
TO MEET HER?"
AND I WAS LIKE, "OH, YEAH,
ABSOLUTELY."
AND SHE WAS LIKE, "YEAH, YOU
291
00:30:58,389 --> 00:31:03,361
GUYS HAVE THE SAME BIRTHDAY."
AND I WAS LIKE, "OH, NO WAY.
SHE WAS BORN OCTOBER 16th?" SHE
WAS LIKE, "YEAH, 1980."
292
00:31:03,428 --> 00:31:07,131
AND I WAS LIKE, "WAIT. WHAT?"
>> Wertheim: YOU MEAN
LITERALLY...
>> Bird: "WE, LIKE, LITERALLY
293
00:31:07,198 --> 00:31:11,569
HAVE THE SAME BIRTHDAY?"
I WAS LIKE, "DOES SHE WANT TO
GET DRINKS?
"OH, MY GOD.
294
00:31:11,636 --> 00:31:20,378
MY TEAMMATE'S MOM IS MY AGE."
SO THAT WAS A BLOW.
THAT WAS A BIG BLOW.
>> HORNS TWO.
295
00:31:20,445 --> 00:31:25,049
>> Wertheim: COME GAME TIME,
BIRD NEVER STOPS CALLING THE
SHOTS.
>> Bird: ELBOW THREE.
296
00:31:25,116 --> 00:31:31,055
>> Wertheim: WE WERE STRUCK BY
HOW MUCH ACTION YOU-- YOU
COMMANDEER.
>> Bird: I THINK IT'S UNIQUE TO
297
00:31:31,122 --> 00:31:38,796
MYSELF, MY POSITION, MY LEVEL OF
EXPERIENCE, HOW WELL I KNOW THIS
TEAM.
>> WHAT A FEED FROM SUE BIRD!
298
00:31:38,863 --> 00:31:42,133
>> Wertheim: AS POINT GUARD,
SHE'S THE EQUIVALENT OF A COACH
ON THE FLOOR.
YOU'RE THE POINT GUARD.
299
00:31:42,200 --> 00:31:47,338
>> Bird: YEAH.
LIKE, RUN THE SHOW.
MAKE SURE PEOPLE-- ARE BEING PUT
IN SUCCESSFUL POSITIONS.
300
00:31:47,405 --> 00:31:55,046
I REALLY PRIDE MYSELF ON THAT.
>> THERE WAS A SMALL AREA WHERE
THAT BALL COULD GO AND THAT'S
EXACTLY WHERE SUE BIRD PUT IT.
301
00:31:55,113 --> 00:31:59,250
>> Bird: AND THAT'S WHERE I
THINK I CAN KIND OF, LIKE,
PUPPETEER A LITTLE BIT.
AND THEN OF COURSE I HAVE TO
302
00:31:59,317 --> 00:32:05,156
PLAY TOO.
>> Wertheim: IN CASE YOU MISSED
IT, SHE DROPPED THAT PASS
THROUGH HER LEGS.
303
00:32:05,223 --> 00:32:13,097
FOR A VETERAN, BIRD OFTEN PLAYS
LIKE A KID.
A 5-FOOT-9 INCH PERENNIAL ALL-
STAR, BIRD IS THE W.N.B.A.'S
304
00:32:13,164 --> 00:32:19,937
ALL-TIME ASSIST LEADER.
>> Bird: LOOK AT THAT.
>> Wertheim: THE NO-LOOK PASS.
>> LOOK IT!
305
00:32:20,004 --> 00:32:25,576
OVER THE HEAD ONLY SUE CAN SEE
NATASHA HOWARD.
>> Wertheim: WHAT DO YOU TELL
YOUR TEAMMATES ABOUT
306
00:32:25,643 --> 00:32:28,546
ANTICIPATING THOSE NO-LOOK
PASSES?
>> Bird: UM, AT THIS POINT?
THEY KNOW.
307
00:32:28,613 --> 00:32:31,516
I DON'T HAVE TO TELL THEM
ANYTHING.
THEY KNOW THEY'RE IN TROUBLE IF
THEY DON'T CATCH IT.
308
00:32:31,582 --> 00:32:37,121
>> THE PLAYER OF THE YEAR HITS A
JUMPER.
>> Wertheim: THAT TAKE-CHARGE
PERSONALITY EMERGED AT THE
309
00:32:37,188 --> 00:32:44,195
UNIVERSITY OF CONNECTICUT, WHERE
SHE PLAYED FOR A RELENTLESSLY
SUCCESSFUL PROGRAM, AND A
RELENTLESS COACH, GENO AURIEMMA.
310
00:32:44,262 --> 00:32:47,865
>> Wertheim: WHAT'S THE MOST
MEMORABLE THING COACH AURIEMMA
SAID TO YOU?
>> Bird: IS THIS, LIKE, AN R-
311
00:32:47,932 --> 00:32:54,138
RATED SHOW, OR WHAT?
JUST KIDDING.
EARLY IN MY SOPHOMORE YEAR, HE
KIND OF, LIKE, PULLED ME INTO
312
00:32:54,205 --> 00:32:59,010
HIS OFFICE.
AND HE'S BASICALLY LIKE-- "YOU
KNOW, EVERYTHING THAT HAPPENS
OUT THERE IS YOUR FAULT, RIGHT?"
313
00:32:59,077 --> 00:33:03,881
EVERYTHING.
IF SO AND SO TURNS IT OVER,
THAT'S YOUR FAULT."
"YOU NEED TO TAKE OWNERSHIP OF
314
00:33:03,948 --> 00:33:11,489
EVERYTHING THAT'S HAPPENING OUT
THERE.
>> SUE BIRD ANSWERS!
>> Wertheim: WITH BIRD AS FLOOR
315
00:33:11,556 --> 00:33:19,764
GENERAL, UCONN WENT 114-4; ONLY
FOUR LOSSES, AND WON TWO
NATIONAL TITLES.
SHE GREW UP ONE STATE AWAY.
316
00:33:19,831 --> 00:33:25,636
BUT SUE BIRD IS NOT A TYPICAL
NEW YORKER, IN THE BASKETBALL
SENSE.
HERS WAS A FIERCELY SUBURBAN
317
00:33:25,703 --> 00:33:31,609
CHILDHOOD IN SYOSSET, LONG
ISLAND.
WE WENT BACK WITH HER IN
FEBRUARY.
318
00:33:31,676 --> 00:33:34,912
>> Bird: THE BEST WAS WHEN,
LIKE, YOU MIGHT SEE A COUPLE
WALKING ALONG THE FENCE.
THEY'D VENTURE IN, BE LIKE,
319
00:33:34,979 --> 00:33:39,283
"WHAT'S UP?"
YOU KNOW, THAT-- THAT FIRST--
LIKE, YOU'RE SIZING THEM UP TYPE
OF VIBE--
320
00:33:39,350 --> 00:33:43,287
>> Wertheim: YOU HAVE YOUR OWN
CODE HERE?
>> Bird: YEAH.
I MEAN, THIS IS SYOSSET SO IT'S
321
00:33:43,354 --> 00:33:46,657
NOT LIKE IT WAS ANYTHING CRAZY.
BUT YOU KNEW.
>> Wertheim: PLAYED WITH BOYS?
>> Bird: OH YEAH, I WAS THE ONLY
322
00:33:46,724 --> 00:33:49,660
GIRL.
>> Wertheim: HOW LATE DID YOU
STAY OUT?
>> Bird: LIKE, WHEN IT GOT DARK
323
00:33:49,727 --> 00:33:55,466
I KNEW THAT WAS PROBABLY TIME,
WHEN IT WAS, LIKE, MY MOM WAS
GONNA BE CALLING MY NAME.
CAN I GET AN EVERYTHING TOASTED.
324
00:33:55,533 --> 00:34:01,339
>> Wertheim: SHE TOOK US TO HER
FAVORITE BAGEL JOINT, AND THERE
WAS NANCY BIRD, DROPPING BY TO
HAND OFF HER DAUGHTER'S MAIL.
325
00:34:01,406 --> 00:34:06,511
>> Nancy Bird: YOU NEVER STOP
BEING A MOM.
I WORRY ABOUT EVERYTHING.
>> Wertheim: WHAT DO YOU WORRY
326
00:34:06,577 --> 00:34:09,213
ABOUT WITH HER?
>> Nancy Bird: ARE YOU KIDDING?
>> Bird: DO YOU WANT ME TO READ
YOU THE EMAIL I GOT THIS
327
00:34:09,280 --> 00:34:12,583
MORNING?
>> Nancy Bird: GO AHEAD.
>> Wertheim: YEAH.
>> Bird: THIS IS REAL-- THIS IS
328
00:34:12,650 --> 00:34:15,553
REAL LIFE.
"DO NOT WALK ON MANHOLES OR
METAL GRATES.
A DOG WAS ELECTROCUTED IN NEW
329
00:34:15,620 --> 00:34:22,126
YORK CITY BECAUSE OF THE STORM."
>> Nancy Bird: IT'S THE TRUTH.
>> Bird: THANKS, MOM.
>> Wertheim: MOM WAS THERE WHEN
330
00:34:22,193 --> 00:34:30,535
SUE WAS THE FIRST PICK IN THE
2002 W.N.B.A. DRAFT.
THE LEAGUE WAS FIVE YEARS OLD
AND STILL TRYING TO FIND ITS
331
00:34:30,601 --> 00:34:35,573
IDENTITY.
BIRD WAS GOING THROUGH A SIMILAR
EXERCISE.
>> Bird: I WAS KIND OF, LIKE,
332
00:34:35,640 --> 00:34:38,976
LOOKING MYSELF IN THE MIRROR,
LIKE, "NO, NO, NO, NO, YOU'RE
NOT GAY.
THIS IS NOT YOU."
333
00:34:39,043 --> 00:34:44,148
SO NOBODY IN THAT MOMENT, NOT MY
FAMILY, NOT MY FRIENDS, NOBODY
KNEW ANYTHING ABOUT THAT PART OF
MY LIFE.
334
00:34:44,215 --> 00:34:49,921
>> Wertheim: WHAT DO YOU THINK
WAS-- WAS HOLDING YOU BACK?
>> Bird: I DON'T HAVE A SPECIFIC
STORY OF SOMEONE TELLING ME TO
335
00:34:49,987 --> 00:34:58,062
HIDE THIS.
I JUST KIND OF KNEW.
LIKE THE W.N.B.A. WAS KIND OF,
LIKE, A "SEX SELLS" TYPE OF
336
00:34:58,129 --> 00:35:05,570
VIBE, RIGHT?
WHERE WE WERE FEMININE AND WE
WERE PUTTING THAT OUT INTO THE
UNIVERSE.
337
00:35:05,636 --> 00:35:09,841
>> Wertheim: AGAIN, THE
BASKETBALL SPOKE FOR ITSELF.
IT TOOK BIRD ONLY THREE SEASONS
TO WIN A W.N.B.A. CHAMPIONSHIP.
338
00:35:09,907 --> 00:35:19,317
HER STARTING SALARY: LESS THAN
$60,000; ROUGHLY ONE PERCENT OF
THE AVERAGE N.B.A. SALARY.
LIKE MOST W.N.B.A. PLAYERS, BIRD
339
00:35:19,383 --> 00:35:25,323
SUPPLEMENTED HER WAGES BY
VENTURING OVERSEAS IN THE OFF-
SEASON.
SHE PLAYED IN THE EURO-LEAGUE
340
00:35:25,389 --> 00:35:31,329
BEFORE BEING RECRUITED BY A
RUSSIAN TEAM OWNER, SHABTAI
KALMANOVICH.
>> Bird: AND HE WAS LIKE, "YOU
341
00:35:31,395 --> 00:35:35,600
KNOW, I HAVE A TON OF MONEY."
"AND, YOU KNOW, SOME PEOPLE LIKE
TO GAMBLE.
SOME PEOPLE LIKE TO BUY CARS.
342
00:35:35,666 --> 00:35:41,672
I LIKE WOMEN'S BASKETBALL.
THAT'S WHERE I WANT TO SPEND MY
MONEY."
>> Wertheim: AND HE DID.
343
00:35:41,739 --> 00:35:47,612
IN MOSCOW, BIRD MADE HER
W.N.B.A. SALARY TEN TIMES OVER.
THAT KIND OF MONEY IS WHY
BRITTNEY GRINER, ANOTHER
344
00:35:47,678 --> 00:35:54,852
W.N.B.A. STAR, WAS MOONLIGHTING
IN RUSSIA.
LAST MONTH, RUSSIAN CUSTOMS
OFFICIALS DETAINED GRINER AT AN
345
00:35:54,919 --> 00:36:01,325
AIRPORT OUTSIDE MOSCOW FOR
ALLEGEDLY CARRYING HASHISH OIL.
AND THIS WEEK, A RUSSIAN COURT
RULED SHE WOULD BE HELD UNTIL AT
346
00:36:01,392 --> 00:36:06,964
LEAST MAY 19th.
U.S. STATE DEPARTMENT OFFICIALS
TELL "60 MINUTES" THEY HAVEN'T
BEEN ALLOWED TO SEE GRINER IN
347
00:36:07,031 --> 00:36:13,037
DETENTION.
BIRD TOLD US HER OWN DETOUR TO
RUSSIA HAD ITS TROUBLING MOMENTS
TOO.
348
00:36:13,104 --> 00:36:19,710
>> Bird: SHABTAI WAS WITH US FOR
THREE AND, I GUESS, LIKE, A HALF
OF THOSE SEASONS.
HE WAS MURDERED IN OUR FOURTH
349
00:36:19,777 --> 00:36:27,084
YEAR.
I PLAYED ONE MORE YEAR.
>> Wertheim: OKAY, YOU-- YOU SAY
THAT VERY CASUALLY-- CAN WE--
350
00:36:27,151 --> 00:36:29,620
CAN WE JUST... BACK UP?
>> Bird: I KNEW THAT'S WHAT YOU
WANT TO TALK ABOUT.
>> Wertheim: THE-- THE MAN WHO
351
00:36:29,687 --> 00:36:33,791
RECRUITED YOU WAS MURDERED?
>> Bird: YES.
SO HE WORE A LOT OF HATS.
>> Wertheim: THAT'S ONE WAY TO
352
00:36:33,858 --> 00:36:39,697
PUT IT.
KALMANOVICH WAS A FORMER K.G.B.
SPY AND BUSINESSMAN WITH A
RECORD OF OPERATING OUTSIDE THE
353
00:36:39,764 --> 00:36:45,102
LAW.
INVESTIGATORS CONCLUDED THAT HIS
SHOOTING IN 2009 WAS TARGETED.
THE KIND OF MONEY HE WAS PAYING
354
00:36:45,169 --> 00:36:48,005
COULD--
>> Bird: YEAH.
>> Wertheim: --CHANGE PEOPLE'S
LIVES.
355
00:36:48,072 --> 00:36:51,676
DID IT CHANGE YOURS?
>> Bird: ABSOLUTELY.
LIKE, I'M A MILLIONAIRE BECAUSE
OF IT.
356
00:36:51,742 --> 00:36:58,215
AND, HONESTLY, I THINK THE MORE
THE LEAGUE GROWS, THE MORE
COVERAGE WE GET MAYBE PLAYERS
WON'T HAVE TO GO OVERSEAS
357
00:36:58,282 --> 00:37:03,554
BECAUSE THEY'LL BE MAKING ENOUGH
MONEY HERE AND I THINK THAT IS
ULTIMATELY THE GOAL.
>> Wertheim: THAT'S A THRESHOLD.
358
00:37:03,621 --> 00:37:06,257
WHEN W.N.B.A. PLAYERS DON'T HAVE
TO SUPPLEMENT THEIR INCOME--
>> Bird: YEAH.
IT'S COMING.
359
00:37:06,324 --> 00:37:11,195
>> Wertheim: --IN THE OFF-
SEASON.
>> Bird: WE'RE RIGHT THERE.
>> Wertheim: NOW 25-YEARS-OLD,
360
00:37:11,262 --> 00:37:16,367
THE W.N.B.A. HAS COME INTO ITS
OWN.
TV RATINGS ARE TRENDING UP, AS
ARE SALARIES.
361
00:37:16,434 --> 00:37:20,371
THIS IS NOT THE SAME LEAGUE YOU
ENTERED.
>> Bird: NO.
>> Wertheim: WHAT'S THE BIGGEST
362
00:37:20,438 --> 00:37:24,475
DIFFERENCE?
>> Bird: PLAINLY AND SIMPLY,
WE'VE FINALLY KIND OF EMBRACED
WHO WE ARE.
363
00:37:24,542 --> 00:37:31,215
WE'RE-- WE'RE JUST BEING
AUTHENTIC.
>> Wertheim: FOR ONE, W.N.B.A.
PLAYERS ARE FRONT AND CENTER ON
364
00:37:31,282 --> 00:37:37,488
SOCIAL JUSTICE.
THEY DEDICATED THEIR 2020 SEASON
TO BLACK LIVES MATTER.
WHEN THE OWNER OF ATLANTA'S
365
00:37:37,555 --> 00:37:42,159
W.N.B.A. FRANCHISE, THEN A
SITTING SENATOR, PUBLICLY
REBUKED THE PLAYERS FOR THEIR
STANCE, THEY RESPONDED BY
366
00:37:42,226 --> 00:37:52,470
BACKING HER OPPONENT.
IN BIRD'S CASE, AUTHENTICITY
ALSO MEANT GOING PUBLIC ABOUT
HER RELATIONSHIP WITH SOCCER
367
00:37:52,536 --> 00:37:56,974
STAR, MEGAN RAPINOE, NOW HER
FIANCEE.
>> Megan Rapinoe: MY TWIN SISTER
SAID-- BASICALLY SHE WAS, LIKE--
368
00:37:57,041 --> 00:37:59,176
>> Bird: "IS SUE OUT--"
>> Rapinoe: YEAH, "IS SUE OUT?"
BECAUSE, LIKE--
>> Bird: YOU'RE OUT--
369
00:37:59,243 --> 00:38:02,546
>> Rapinoe: --YOU'RE SO GAY.
SO THIS IS NOT GONNA LAST-- LAST
THAT LONG.
>> Bird: I KNEW WHAT I WAS
370
00:38:02,613 --> 00:38:07,084
GETTING INTO.
>> Rapinoe: YOU DID.
>> Wertheim: HAVE YOU GUYS
GOTTEN COMFORTABLE WITH THE TERM
371
00:38:07,151 --> 00:38:12,923
"POWER COUPLE"?
>> Bird: NO.
IT'S SO WEIRD--
>> Rapinoe: IT'S SO WEIRD.
372
00:38:12,990 --> 00:38:19,430
I'M FOCUSED FOR BOTH OF US TO
BECOME, LIKE, A POWER BROKER.
I THINK REALLY WHAT WE'RE TRYING
TO DO IS FORCE MULTIPLY
373
00:38:19,497 --> 00:38:23,801
EVERYTHING THAT WE CAN FROM
SOCCER, EVERYTHING THAT WE CAN
FROM BASKETBALL AND THE W.N.B.A.
AND EVERYTHING THAT CAME FROM
374
00:38:23,868 --> 00:38:31,509
THIS CULTURAL MOMENT.
LIKE, HOW CAN WE BE A PART OF
REALLY BRINGING WOMEN'S SPORTS
TO WHERE IT NEEDS TO BE?
375
00:38:31,575 --> 00:38:39,817
>> Wertheim: WHERE ARE WE WITH
TV COVERAGE, SCHEDULING WINDOWS?
WHERE'S OUR TV SITUATION?
>> Bird: IT'S--
376
00:38:39,884 --> 00:38:43,521
>> Rapinoe: LACKING--
>> Bird: --FLUID?
>> Wertheim: DID I JUST-- DID I
JUST GET A GLIMPSE AT--
377
00:38:43,587 --> 00:38:45,790
>> Bird: A GLIMPSE--
>> Wertheim: --HOW THINGS
OPERATE?
>> Bird: YEAH.
378
00:38:45,856 --> 00:38:49,560
>> Rapinoe: OF US?
>> Bird: YEAH.
>> Rapinoe: YEAH, PROBABLY.
I THINK WHAT'S MOST FRUSTRATING
379
00:38:49,627 --> 00:38:55,833
IS THAT THIS IS NOT A PUZZLE
THAT WE DON'T KNOW HOW TO SOLVE.
WE KNOW WHAT MAKES SPORTS
SUCCESSFUL.
380
00:38:55,900 --> 00:39:02,840
LIKE, WE HAVE TO BE ON TV, SO
PEOPLE CAN SEE US ON TV.
>> GOOD LUCK TODAY.
>> Wertheim: AND IF GROWING A
381
00:39:02,907 --> 00:39:09,213
NEW AUDIENCE FOR WOMEN'S
BASKETBALL MEANS NOT HAVING TO
DEAL WITH SOME OLD TROPES, ALL
THE BETTER.
382
00:39:09,280 --> 00:39:13,584
THESE SORT OF TIRED REASONS WHY
"I DON'T LIKE WOMEN'S BASKETBALL
BECAUSE THEY DON'T DUNK.
>> Bird: I MEAN, TWO THINGS ARE
383
00:39:13,651 --> 00:39:19,623
HAPPENING.
ONE, THE AVERAGE GUY IS, LIKE,
SIZING US UP, TALKING ABOUT, "I
CAN BEAT YOU."
384
00:39:19,690 --> 00:39:23,894
THEY CAN'T.
AND THEN THE OTHER THING THAT'S
HAPPENING IS WE'RE JUST
NATURALLY GETTING COMPARED TO
385
00:39:23,961 --> 00:39:27,565
OUR MALE COUNTERPART.
>> Wertheim: YOU KNOW, ONE GROUP
OF FANS WHO DON'T KNOCK THE
W.N.B.A.?
386
00:39:27,631 --> 00:39:31,669
>> Bird: UH-HUH
>> Wertheim: N.B.A. PLAYERS.
>> Bird: I KNOW.
AND I THINK, SIMILAR TO HOW I
387
00:39:31,736 --> 00:39:37,074
CAN WATCH THEM AND BE LIKE,
"THAT'S A DIFFERENT GAME.
I HAVE SO MUCH RESPECT FOR IT,"
I THINK THEY CAN WATCH US AND BE
388
00:39:37,141 --> 00:39:42,313
LIKE “YEAH, THE GAME'S A LITTLE
DIFFERENT,” BUT THEY ALSO SEE
THE ACTUAL BASKETBALL HAPPENING.
>> THREE, TWO.
389
00:39:42,379 --> 00:39:47,885
GETS OFF A SHOT!
>> Wertheim: FOR SUE BIRD, THE
GAME HAS SLOWED DOWN; EXPERIENCE
ALLOWS HER TO SEE WHAT OTHERS
390
00:39:47,952 --> 00:39:55,893
DON'T.
CASE IN POINT: SHE CHAMPIONS THE
MIDRANGE JUMP SHOT, A FOUNDATION
OF HER GAME.
391
00:39:55,960 --> 00:39:58,362
>> Bird: WHAT DO YOU WANT TO
KNOW?
>> Wertheim: DEFEND IT.
>> Bird: OH, I CAN DEFEND IT.
392
00:39:58,429 --> 00:40:03,634
BECAUSE NOW ALL YOU HEAR IS THAT
THE MIDRANGE IS A BAD SHOT.
IT'S, LIKE, JUST NOT A VALUED
SHOT--
393
00:40:03,701 --> 00:40:07,538
>> Wertheim: THE ADVANCED
METRICS SAY GIVE ME A THREE OR
GIVE ME A DUNK, BUT I DON'T
NEED...
394
00:40:07,605 --> 00:40:11,909
>> Bird: YEAH, EXACTLY.
SO, LIKE, WHEN THE CLOCK IS
RUNNING DOWN AND YOU'RE DOWN
ONE, AND YOU'RE GIVEN A PULL-UP
395
00:40:11,976 --> 00:40:15,446
J?
LIKE, YOU NEED TO BE ABLE TO
TAKE IT.
>> Wertheim: WE WANTED TO SHOOT
396
00:40:15,513 --> 00:40:23,888
OUR SHOT, TOO, AT A QUESTION
THAT'S BEEN DOGGING SUE BIRD FOR
DECADES.
YOU EVER DONE AN INTERVIEW THIS
397
00:40:23,954 --> 00:40:29,093
LONG FOR A NON-SPORTS OUTLET AND
NOT BEEN ASKED WHETHER YOU'RE
RELATED TO LARRY BIRD?
>> Bird: NO, ACTUALLY.
398
00:40:29,160 --> 00:40:33,430
USUALLY IT'S THE FIRST QUESTION.
>> Wertheim: YOU WANT TO TELL US
ABOUT YOUR DAD, LARRY?
>> Bird: MY UNCLE.
399
00:40:33,497 --> 00:40:36,333
>> Wertheim: YOUR UNCLE, LARRY?
>> Bird: YEAH, MY UNCLE LARRY.
I LIED AND TOLD PEOPLE HE WAS MY
UNCLE FROM, LIKE, AGE FIVE TO
400
00:40:36,400 --> 00:40:41,272
SEVEN.
THAT'S, LIKE, A BIG-- YEAH. I
GOT TO MEET HIM RECENTLY FOR THE
FIRST TIME.
401
00:40:41,338 --> 00:40:46,110
>> HEY FELLAS, YA'LL KNOW 12-
TIME ALL-STAR SUE BIRD?
>> Bird: IS THERE SOME OTHER
BIRD?
402
00:40:46,177 --> 00:40:49,113
>> Larry Bird: YEAH, THIS BIRD.
>> Wertheim: WHAT WAS THAT LIKE?
>> Bird: FIRST OF ALL, AMAZING.
I KIND OF WAS LIKE, "SHOULD I
403
00:40:49,180 --> 00:40:52,950
TELL HIM?"
AND IT WAS MY MOMENT AND I TOOK
IT.
AND I WAS LIKE, "LISTEN, LARRY.
404
00:40:53,017 --> 00:40:56,320
YOU DON'T KNOW THIS BUT YOU'VE
BEEN A PART OF MY FAMILY FOR--
FOR 35 YEARS."
AND HE WAS LIKE, "IT'S AN
405
00:40:56,387 --> 00:41:00,558
HONOR."
>> Wertheim: DONE.
>> Bird: THERE WE GO.
UNCLE LARRY.
406
00:41:00,624 --> 00:41:04,495
>> SUE ON THE PUSH, NOBODY DOES
IT BETTER!
>> Wertheim: LAST YEAR, BIRD
BEGAN THINKING ABOUT JOINING
407
00:41:04,562 --> 00:41:11,936
UNCLE LARRY IN RETIREMENT.
FOLLOWING THE STORM'S SEASON-
ENDING PLAYOFF LOSS, AN
IMPROMPTU CHANT FROM SEATTLE
408
00:41:12,002 --> 00:41:20,878
FANS ECHOED AROUND THE ARENA.
>> ONE MORE YEAR, ONE MORE YEAR!
>> Wertheim: HOW MUCH DID THAT
IMPACT YOUR DECISION?
409
00:41:20,945 --> 00:41:23,013
>> Bird: OH, LIKE, 1,000%.
>> Wertheim: THAT MOMENT?
>> Bird: YEAH.
IT PRETTY MUCH MADE THE
410
00:41:23,080 --> 00:41:27,952
DECISION.
TO HEAR THE FANS CHANT, IT WAS
KIND OF LIKE, "WAIT.
THEY-- THEY KNOW IT TOO?
411
00:41:28,018 --> 00:41:32,389
LIKE, "THEY WANT ME BACK?"
>> Wertheim: RAPINOE WAS IN THE
CROWD THAT GAME.
HOW ARE YOU WITH ONE MORE YEAR?
412
00:41:32,456 --> 00:41:36,594
>> Rapinoe: I WAS REALLY ALL FOR
IT.
I WAS, LIKE, DO WHAT YOU WANT.
BUT YOU SHOULD COME BACK.
413
00:41:36,660 --> 00:41:39,930
>> Bird: SHE LIKES GOING TO THE
GAMES.
>> Rapinoe: I LOVE GOING TO THE
GAMES.
414
00:41:39,997 --> 00:41:47,204
I WAS, LIKE, GET ME THAT COURT
SIDE AT A NEW ARENA.
GIRL.
>> Wertheim: YES, ANOTHER
415
00:41:47,271 --> 00:41:51,742
INCENTIVE FOR BIRD'S RETURN: SHE
GETS TO PLAY IN SEATTLE'S
REFURBISHED ARENA.
THIS DECISION OF WHEN TO
416
00:41:51,809 --> 00:41:55,713
RETIRE...
>> Bird: OH, IT'S TOUGH, MAN.
>> Wertheim: TOUGH, RIGHT?
>> Bird: YEAH.
417
00:41:55,779 --> 00:42:01,518
YOU KNOW, KNOCK ON WOOD IT'S
TOUGH BECAUSE, LIKE, THE BODY
JUST KEEPS GOING.
>> Wertheim: YOU DON'T WANT TO
418
00:42:01,585 --> 00:42:06,056
BE HOME SAYING, "THAT COULD HAVE
BEEN ME.
I SHOULD BE OUT THERE,"
>> Bird: YEAH, A FRIEND OF
419
00:42:06,123 --> 00:42:11,996
MINE'S SISTER IS ALWAYS LIKE,
"PARIS 2024?"
AND IT'S LIKE, "I DON'T THINK
SO.
420
00:42:12,062 --> 00:42:17,167
BUT, LIKE, I'M PRETTY SURE NO.
I'M, LIKE, CONFIDENT NO."
BUT THEN-- IN SOMETIMES, WHEN
I'M WORKING OUT, AND I FEEL
421
00:42:17,234 --> 00:42:22,072
GOOD, I'M LIKE, "WELL, WHAT'S
ANOTHER COUPLE YEARS?"
BUT THAT SEEMS, LIKE, CRAZY,
RIGHT?
422
00:42:22,139 --> 00:42:24,241
IT'S CRAZY, RIGHT?
>> Wertheim: YOU'RE LEAVING THAT
DOOR OPEN?
>> Bird: I DON'T THINK SO.
423
00:42:24,308 --> 00:42:26,577
>> Wertheim: PARIS IS NICE.
>> Bird: PROBABLY NOT.
PARIS IS NICE.
>> Wertheim: YOU GOT TIME.
424
00:42:26,644 --> 00:42:30,514
>> Bird: DO YOU SEE?
THIS IS WHAT HAPPENS.
>> Wertheim: YOU'VE GOT TIME.
>> Bird: THIS IS WHERE WE GO.
425
00:42:30,581 --> 00:42:43,427
>> Lesley Stahl: NOW, AN UPDATE
ON A STORY WE FIRST REPORTED
NEARLY TWO YEARS AGO.
JOHN DICKERSON EXPLORED THE
426
00:42:43,494 --> 00:42:55,072
PSYCHOLOGICAL IMPACT OF THE
COVID-19 PANDEMIC ON FAMILIES.
23-YEAR-OLD FRANCESCA SANTACROCE
SUDDENLY FOUND HERSELF PARENT TO
427
00:42:55,139 --> 00:43:01,645
HER TEENAGE SISTER, AND
CAREGIVER TO THEIR MOTHER, AN
AT-HOME DIALYSIS PATIENT WITH
COVID, AFTER HER FATHER WAS
428
00:43:01,712 --> 00:43:10,321
HOSPITALIZED AND PLACED ON A
VENTILATOR.
>> Francesca Santacroce: I
LITERALLY FEEL LIKE I'M ABOUT TO
429
00:43:10,387 --> 00:43:13,357
SHATTER IN A MILLION PIECES
RIGHT NOW.
BUT I FEEL LIKE ONE WRONG MOVE
AND I'M GOING TO BREAK.
430
00:43:13,424 --> 00:43:16,193
AND I'M GOING TO FALL APART.
BUT I KNOW THAT I CAN'T.
I CAN'T DO THAT.
BECAUSE I NEED TO TAKE CARE OF
431
00:43:16,260 --> 00:43:21,398
MY FAMILY RIGHT NOW.
>> Stahl: FRANCESCA'S FATHER
DIED THE DAY AFTER OUR
INTERVIEW, BUT EARLY THIS MONTH,
432
00:43:21,465 --> 00:43:28,973
HER MOTHER RECEIVED A KIDNEY
TRANSPLANT.
AND IN AUGUST, FRANCESCA WILL
ENTER MEDICAL SCHOOL.
433
00:43:29,039 --> 00:43:36,647
I'M LESLEY STAHL.
WE'LL BE BACK NEXT WEEK WITH
ANOTHER EDITION OF "60 MINUTES."
( TICKING )
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00:43:39,516 --> 00:43:42,653
( TICKING )
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