1 00:00:06,506 --> 00:00:11,444 Captioning funded by CBS and FORD. We go further, so you can. >> WHAT WILL BE THE IMPACT OF 2 00:00:11,511 --> 00:00:14,114 THE SANCTIONS AGAINST VLADIMIR PUTIN AND THE RUSSIAN GOVERNMENT? >> THIS IS A BRIEFING I NEVER 3 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 4 00:00:19,619 --> 00:00:26,659 BIDEN ADMINISTRATION. >> RUSSIA IS NOW ON THE FAST TRACK TO A 1980s STYLE SOVIET LIVING STANDARD. 5 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 6 00:00:31,531 --> 00:00:41,574 IT'S HEADED. >> WHAT TARGETS ARE LEFT? ( TICKING ) >> SO, HOW BIG IS THE RENTAL 7 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, 8 00:00:47,247 --> 00:00:52,652 AND THAT NUMBER IS LIKELY GROWING, ESPECIALLY SINCE THE PANDEMIC. >> THAT NUMBER, FOUR MILLION, IS 9 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? 10 00:00:57,490 --> 00:01:00,894 >> THAT'S THE ENTIRE COUNTRY. ( TICKING ) 11 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 12 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 13 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 14 00:01:24,551 --> 00:01:29,522 PLAYERS. THEN SHE CLOCKED AN HOUR OF CONDITIONING POST-WORKOUT, BECAUSE THAT'S WHAT GENERATIONAL 15 00:01:29,589 --> 00:01:33,893 STARS DO. ( TICKING ) 16 00:01:36,763 --> 00:01:41,501 >> I'M LESLEY STAHL. >> I'M BILL WHITAKER. >> I'M ANDERSON COOPER. >> I'M SHARYN ALFONSI. 17 00:01:41,568 --> 00:01:47,707 >> I'M JON WERTHEIM. >> I'M SCOTT PELLEY. THOSE STORIES AND MORE, TONIGHT, ON "60 MINUTES." 18 00:01:47,774 --> 00:01:48,141 ( TICKING ) 19 00:01:56,716 --> 00:02:01,988 >> Alfonsi: IN UKRAINE TODAY, PRESIDENT VOLODYMYR ZELENSKYY ACCUSED RUSSIA OF WAR CRIMES OVER ITS CONTINUED BOMBARDMENT 20 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 21 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 22 00:02:15,902 --> 00:02:21,841 AID UKRAINE NOT WITH BOOTS ON THE GROUND OR AIR COVER, BUT WITH ECONOMIC SANCTIONS. THINK OF IT AS AN ECONOMIC SHOCK 23 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. 24 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 25 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. 26 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. 27 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 28 00:02:59,412 --> 00:03:08,655 NATIONAL SECURITY ADVISOR FOR INTERNATIONAL ECONOMICS, CREDITED WITH DESIGNING THE SANCTIONS THAT PUTIN HIMSELF, 29 00:03:08,721 --> 00:03:17,564 DESCRIBED AS “ECONOMIC BLITZKRIEG.” WE MET DALEEP SINGH LAST WEEK, STEPS FROM THE WHITE HOUSE WHERE 30 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. 31 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"? 32 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 33 00:03:31,611 --> 00:03:38,952 PUTIN'S CALCULUS ARE REALLY EVIDENT WHEN-- YOU,-- YOU LOOK AT THE WAYS IN WHICH THEY'RE TRYING TO HARDEN THEIR DEFENSES. 34 00:03:39,018 --> 00:03:41,921 >> Alfonsi: WHAT DO YOU MEAN? >> Singh: WELL, THEY'RE, -- THEY'RE TAKING SOME DESPERATE MEASURES. 35 00:03:41,988 --> 00:03:47,694 CAPITAL CONTROLS, FOR EXAMPLE, PREVENTING PEOPLE WITHIN RUSSIA FROM TAKING FOREIGN CURRENCY OUT. 36 00:03:47,760 --> 00:03:50,763 >> Alfonsi: HOW DO YOU READ THAT? >> Singh: I THINK IT'S A DESPERATE MOVE. 37 00:03:50,830 --> 00:03:59,372 HE'S SELF-ISOLATING HIS ECONOMY. RUSSIA IS NOW ON THE FAST TRACK TO A 1980s-STYLE SOVIET LIVING STANDARD. 38 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 39 00:04:06,045 --> 00:04:09,983 IT'S HEADED. >> Alfonsi: THIS IS THE SECOND TIME, THAT DALEEP SINGH HAS ENGAGED IN FINANCIAL COMBAT 40 00:04:10,049 --> 00:04:17,991 AGAINST THE KREMLIN. SINGH WAS WORKING AT THE TREASURY DEPARTMENT IN 2014 WHEN RUSSIA ANNEXED CRIMEA. 41 00:04:18,057 --> 00:04:25,531 HE HELPED CREATE THE SANCTIONS THAT FOLLOWED. THAT 2014 EXPERIENCE HELPED SINGH, WHO HAS A DEGREE IN 42 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 43 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 44 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 45 00:04:47,920 --> 00:04:57,997 PUTIN, AND THE RUSSIAN ECONOMY, TO ITS KNEES. PUTIN'S CALLED THE SANCTIONS AKIN TO A DECLARATION OF WAR. 46 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 47 00:05:01,768 --> 00:05:12,378 RESOLVE. THERE'S NOTHING MORE IMPORTANT RIGHT NOW. I MEAN, THIS IS ABOUT THE 48 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. 49 00:05:14,747 --> 00:05:20,219 ( EXPLOSIONS ) >> Alfonsi: WITHIN 72 HOURS OF THE INVASION, THE U.S. AND ITS ALLIES KICKED MOST RUSSIAN 50 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 51 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 52 00:05:34,567 --> 00:05:45,178 INDOOR SWIMMING POOL. BUT THE MOST DRAMATIC STRIKE WAS DIRECTED AT THE CENTRAL BANK OF RUSSIA. 53 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 54 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 55 00:05:58,424 --> 00:06:07,400 WERE GONNA BE SPECIFIC ECONOMIC SANCTIONS AS YOU APPROACHED THIS INVASION. WHY NOT SIGNAL THE SPECIFICS? 56 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 57 00:06:13,506 --> 00:06:18,111 GONNA BE THE MOST SEVERE ECONOMIC SANCTIONS EVER LEVIED ON RUSSIA, AND THAT WE WOULD TAKE STEPS THAT WE HAD NOT 58 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? 59 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 60 00:06:27,320 --> 00:06:30,490 FREE-FALL. I DON'T THINK HE PLANNED FOR THAT. >> Alfonsi: WERE YOU SURPRISED 61 00:06:30,556 --> 00:06:35,294 HOW QUICKLY THE ALLIES CAME ONBOARD? >> Singh: IT'S UNLIKE ANYTHING WE'VE SEEN IN THE SANCTIONS 62 00:06:35,361 --> 00:06:42,101 CONTEXT. AND, YOU KNOW, MAYBE AT THE RISK OF-- THERE'S A CERTAIN IRONY OF QUOTING LENIN, BUT "DECADES ARE 63 00:06:42,168 --> 00:06:48,841 HAPPENING IN DAYS." YOU KNOW, SWITZERLAND BROKE CENTURIES OF NEUTRALITY TO JOIN THESE SANCTIONS. 64 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. 65 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 66 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 67 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 68 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. 69 00:07:22,241 --> 00:07:28,047 THESE ARE PUTIN'S SANCTIONS. AND THIS IS PUTIN'S HARDSHIP HE'S PUTTING ON THE RUSSIAN PEOPLE. 70 00:07:28,114 --> 00:07:37,824 >> Alfonsi: THAT PRESSURE MOUNTS EVERYDAY. OVER THE LAST FEW DAYS, AUSTRALIA ADDED 11 BANKS TO ITS 71 00:07:37,890 --> 00:07:43,830 SANCTIONS LIST. JAPAN PUT ANOTHER 15 RUSSIAN OFFICIALS IN ITS CROSSHAIRS. ACCORDING TO THE BROOKINGS 72 00:07:43,896 --> 00:07:50,203 INSTITUTION, MORE THAN 30 COUNTRIES HAVE LEVELED A TOTAL OF 2,500 SANCTIONS ON RUSSIAN TARGETS, INCLUDING VLADIMIR 73 00:07:50,269 --> 00:08:01,881 PUTIN HIMSELF. >> Afonsi: THERE'S NEVER BEEN SANCTIONS LIKE THIS BEFORE. IS THERE ANY CONCERN THAT 74 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? 75 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 76 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 77 00:08:19,832 --> 00:08:26,939 IMPOSING COSTS, AS WELL AS DIPLOMACY. THAT'S STILL OUR STRATEGY. >> Alfonsi: ONE OFFICIAL 78 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 79 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 80 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 81 00:08:46,926 --> 00:08:49,595 STRATEGIC FAILURE FOR PUTIN. IT'S ULTIMATELY-- >> Alfonsi: AND WHAT DOES A STRATEGIC FAILURE LOOK LIKE 82 00:08:49,662 --> 00:08:54,233 TODAY? >> Singh: IT MEANS HIS ABILITY TO PROJECT POWER AND EXERT INFLUENCE ARE FUNDAMENTALLY 83 00:08:54,300 --> 00:09:02,742 DOWNGRADED. POWER IS NOT THE EXERCISE OF BRUTE FORCE-- >> Alfonsi: OF LAND GRABS? 84 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 85 00:09:05,945 --> 00:09:10,316 TO YOUR ECONOMIC STRENGTH, YOUR TCHNOLOGICAL SOPHISTICATION, AND YOUR STORY. CAN YOU ATTRACT IDEAS AND TALENT 86 00:09:10,383 --> 00:09:24,497 AND GOODWILL? >> Alfonsi: WHAT TARGETS ARE LEFT? >> Singh: WE CAN BROADEN OUR 87 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. 88 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. 89 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 90 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 91 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 92 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 93 00:09:50,022 --> 00:09:59,498 IN RUSSIA. McDONALD'S CLOSED 850 RESTAURANTS. BOEING AND AIRBUS HAVE CUT OFF 94 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 95 00:10:08,040 --> 00:10:18,317 COMPANIES HAVE LEFT OR CLOSED THEIR DOORS. IS DOING BUSINESS IN RUSSIA WORTH THE AGGRAVATION? 96 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 97 00:10:20,486 --> 00:10:26,225 COMMUNICATIONS. IT PROVIDES HIGH SPEED INTERNET SERVICE IN 170 COUNTRIES-- INCLUDING RUSSIA. 98 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. 99 00:10:32,465 --> 00:10:41,540 COGENT HAS TERMINATED ITS SERVICE TO CARRIERS LINKED TO THE RUSSIAN GOVERNMENT. >> Schaeffer: WE WERE CONCERNED 100 00:10:41,607 --> 00:10:47,346 THAT THE SIZE OF THE CONNECTIONS THAT WE PROVIDE TO THOSE COMPANIES COULD BE USED OFFENSIVELY. 101 00:10:47,413 --> 00:10:54,920 >> Alfonsi: TO LAUNCH A CYBER- ATTACK. >> Schaeffer: THAT'S CORRECT. THAT WAS OUR NUMBER ONE 102 00:10:54,987 --> 00:10:58,324 MOTIVATION. >> Alfonsi: WAS THERE SPECIFIC INTELLIGENCE THAT YOU WERE SEEING, OR TRAFFIC THAT YOU WERE 103 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 104 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 105 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 106 00:11:26,886 --> 00:11:34,393 MILITARY. IT SPECIALIZES IN COMPUTER ATTACKS. SCHAEFFER TOLD US HIS DECISION 107 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 108 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 109 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 110 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, 111 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 112 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, 113 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 114 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 115 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 116 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 117 00:12:54,507 --> 00:13:02,648 HIS POLICY. >> Alfonsi: BUT COULD ALL THAT PRESSURE BACKFIRE? >> Nephew: ABSOLUTELY. 118 00:13:02,715 --> 00:13:07,219 >> Alfonsi: RICHARD NEPHEW KNOWS ABOUT DICTATORS FEELING CORNERED. NEPHEW WORKED ON THE IRAN 119 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 120 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 121 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 122 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. 123 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. 124 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. 125 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 ) 434 00:43:39,516 --> 00:43:42,653 ( TICKING ) Captioning funded by CBS