captioning funded by cbs and ford. we go further, so you can. >> no one has a better sense of where the u.s. economy is heading than the chairman of the federal reserve, jerome powell. >> we feel like we're at a place where the economy's about to start growing much more quickly, and job creation coming in much more quickly. >> you seem to be saying that we're out of the woods. >> well, i'd say that we and a lot of private sector forecasters see strong growth and strong job creation starting right now. ( ticking ) >> the darpa director was very

clear: "your mission is to take pandemics off the table." >> it sounds impossible. >> of course, and that was the beauty of the darpa model. we challenge the research community to come up with solutions that may sound like science fiction. and we're very willing to take chances with high-risk investments that may not work. but if they do, we can completely transform the landscape. ( ticking ) (♪ "purple rarain" ♪)) >> a a few artisists are rececod by o one name. but with prince, you only needed a few notes. (♪ "purple rain" ♪) so we were surprised to get an invitation to paisley park to hear unreleased music from the late icon's vault. (♪ "born 2 die" ♪) >> i think that the world is ready to absorb what he's saying on this album. i mean, it's right on time. ( ticking )

>> i'm lesley stahl. >> i'm bill whitaker. >> i'm anderson cooper. >> i'm jon wertheim. >> i'm sharyn alfonsi. >> i'm norah o'donnell. >> i'm scott pelley. those stories, tonight, on "60 minutes." ( ticking ) and trulicicity activavates my body y to releasese it. ononce-weekly y trulicityy is for t type 2 diababetes. most peoplple taking i it reacached an a1c1c under 7%. trtrulicity mamay also helep you u lose up toto 10 pounds and lolower your r risk of cardioiovascular e events, whetether you knknow you'rere at risk o or not. trulicicity isn't for peopople with tytype 1 diabeb. it's s not approvoved for use inin children.n. don't take t trulicity if y you'rere allergic c to , you or youour family h have medullarary thyroid d cancer, or have e multiple e endocrie neopoplasia syndndrome type . stop t trulicity a and call your r doctor rigight awy ifif you have e an allergic r reaction, a lump or r swelling i in your , sesevere stomamach pain, c chann visionon, or diabebetic retinon. seriouous side effffects may inclclude pancrereatitis.

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controlling the supply of money, setting interest rates and overseeing major banks. we sat down with chairman powell in his washington headquarters this past wednesday, one year after the covid crash wiped out 22 million jobs. is the economy still in jeopardy? >> jerome powell: i would say this-- what we're seeing now is really an economy that seems to be at an inflection point. and that's because of widespread vaccination and strong fiscal support. strong monetary policy support. we feel like we're at a place where the economy's about to start growing much more quickly, and job creation coming in much more quickly. so, the principal risk to our economy right now really is that the disease would spread again. it's going to be smart if people can continue to socially distance and wear masks. >> pelley: you seem to be saying-- not about covid, but about the economy-- that we're out of the woods. >> powell: well, i'd say that we and a lot of private sector forecasters see strong growth and strong job creation starting

right now. so really, the outlook has brightened substantially. >> pelley: what are your projections for growth and employment? >> powell: if you look at what private sector forecasters are saying, or what forecasters who sit around this table who are on the federal open market committee, our rate setting committee, what they're forecasting is growth for this year in the range of 6% or 7%, which would be the highest level in, you know, 30 years. or even maybe a little bit higher. and forecasting unemployment to move down substantially from 6%, where it is now, maybe to between 4% and 5%. >> pelley: it seems like you're not expecting a recovery, you're expecting a boom. >> powell: well, i would say that this growth that we're expecting in the second half of this year is going to be very strong. >> pelley: jerome powell, who prefers to be called "jay," is 68, a lawyer who made a fortune on wall street. he was appointed to the federal reserve board by president obama and elevated to chairman by president trump.

it seems like everywhere i go now, i see a closed storefront next to a business with a "help wanted" sign. can you explain this recovery to me? >> powell: yes, it's just a very unusual recovery. what you're seeing is, some parts of the economy are doing very well, have fully recovered, have even more than fully recovered, in some cases. and some parts haven't recovered very much at all yet. and those tend to be the ones that involve direct contact with the public. travel, entertainment, restaurants, things like that. >> pelley: i met a woman recently, courtney yoder, who was working full-time but still living in a tent. and then covid came along, and she lost her restaurant job. >> courtney yoder: there was times where i wanted to give up, and, you know what i mean, not be alive amore. and just be like, you know what i mean, "things are never going to get better." >> pelley: when does she, and everyone else like her, get their jobs back? >> powell: you know, there are

something like 8.5, nine million people, maybe even more than that depending on how you count it, who were working in february of last year, before the pandemic, and have lost their jobs. it's going to take some time. the good news is that we're starting to make progress now. the numbers show that people are returning to restaurants now. we're not going to forget those people who were left on the beach really without jobs as this expansion continues. we're going to continue to support the economy until recovery is really complete. >> pelley: you have people living in tents about a block from here. have you seen them? >> powell: yes, i have. yes, i can tell you exactly where they are. i see them coming to and from work regularly. >> pelley: when you see those tents, what do you tell yourself? >> powell: well, it tells me that we don't have the answer to everything. but we, the job that we do for the benefit of the public, is incredibly important. and we do understand that, that if we get things right,

we can really help people. if the people who are at the margins of the economy are doing well, then the rest of it will take care of itself. >> pelley: we last spoke to powell 11 months ago, as he faced a crash unlike any other. he didn't say it then, but he told us now that the fed's worst-case predictions at that time were, as he puts it, unspeakable. >> powell: we did not know how the economy would perform. we did not know the path of the disease. we had no idea when and how long it would take to do a vaccine. >> pelley: the unknowns were "terrifying," powell told us. so, he became a vocal advocate for congress's multi-trillion dollar covid relief bills. what do you think would've happened to the economy if the covid relief bills had never passed? >> powell: you know, i hate to even think. it would've been so much worse. congress, in effect, replaced people's incomes. kept them in their homes, kept them solvent, kept their lives together, with what they did in the cares act.

it was heroic. >> pelley: for his part, powell invoked the fed's emergency lending powers. he lowered the benchmark interest rate to near zero, and he continued to buy trillions of dollars in bonds on the open market to keep credit flowing freely. >> powell: so i think if you look back a year ago to when we last spoke, the economy's actually performed better than we had feared. substantially better. the other side of that, though, is, if you told me at this time last year that 550,000-plus people and counting would die of covid-19, i would have been shocked. you know, it's a lot of tragedy. it really is. and we don't want to forget that. >> pelley: the fed's easy money helped rescue the nation, but cheap borrowing can also fuel excessive risk-taking in the stock markets. this year, investors have borrowed more than $800 billion

to speculate in stocks. last time there was a run-up that fast was just before 2008's great recession. is what's happening in the stock market today, in your view, rational, or is it a speculative bubble? >> powell: we look after broader financial stability, which includes a bunch of things. how resilient is the financial system? how much capital? how much liquidity? how much risk management? does it function in the face of significant shocks? one other piece of it, though, we do look at asset prices. and i would say, you know, some asset prices are elevated by some historical metrics. of course, there are people who think that the stock market is not over-valued, or it wouldn't be at this level. we don't think we have the ability to identify asset bubbles perfectly. so, we focus on, what we focus on is having a strong financial system that's resilient to significant shocks, including if values were to go down. >> pelley: there was a shock

last month when a private hedge fund, called archegos, went bust after it borrowed billions to speculate in stoks. the stocks included viacomcbs. banks that loaned archegos the money suffered massive losses. >> powell: this is an event that we're monitoring very carefully, and working with regulators here and around the world to understand carefully. what's concerning about it, though, is, and surprising, frankly, is that a single customer, client, of one of these large firms could result in such substantial losses to these large firms in a business that is generally thought to present relatively well- understood risks. so, that is surprising and concerning. and, you know, we're going to understand that and get to the bottom of it. >> pelley: the chances of a systemic breakdown like in 2008 are, what, today? >> powell: the chances that we would have a breakdown that looked anything like that, where you had banks making

terrible loans and investment decisions, and needing and having low levels of liquidity and weak capital positions, and thus needing a government bailout, the chances of that are very, very low. very low. but the world changes. the world evolves. and the risks change as well. and i would say that the risk that we keep our eyes on the most now is cyber risk. that's really where the risk i would say is now, rather than something that looked like the global financial crisis. >> pelley: well, when you talk about cyber risk, what are you talking about? what kind of scenarios are you looking at? >> powell: there are scenarios in which a large financial institution would lose the ability to track the payments that it's making. where you would have a part of the financial system come to a halt. or perhaps even a broad part. and so, we spend so much time and energy and money guarding against these things. there are cyber-attacks every day on all major institutions

now. that's a big part of the threat picture in today's world. >> pelley: the federal reserve system, in its current form, was created by congress in 1935, the same time its washington headquarters was built, as a project to create jobs in the great depression. the fed's mandate is to keep the economy warm enough to produce maximum employment, but not so hot as to set off runaway inflation. what the fed has done traditionally is use economic models to predict inflation, and then raise interest rates, tap the brake, if you will, before inflation happens. is that what you're planning on doing? >> powell: no, it's not. and really, what we've done is, we've updated our understanding of the economy and therefore, our policy framework, to the way the economy has evolved. the economy has changed. and what we saw in the last couple of cycles is that inflation never really moved up

as unemployment went down. we had 3.5% unemployment, which is a 50-year low, for much of the last two years before the pandemic. and inflation didn't really react much. that means that we can afford to wait to see actual inflation appear before we raise interest rates. now, we don't want inflation to go up materially above 2%, and go back to, you know, the bad, old inflation days that we had when you and i were in college, back a long time ago. but at the same time, we do have the ability to wait to see real inflation. and that's what we plan on doing. >> pelley: and when it hits 2%, how patient are you going to be? >> powell: well, what we said was, we want to see inflation move up to 2%. and we mean that on a sustainable basis. we don't mean just tap the base once. but then we'd also like to see it on track to move moderately above 2% for some time. and the reason for that is, we want inflation to average 2% over time. and when we get that, that's when we'll raise interest rates. >> pelley: we forget what powell calls the "bad old inflation days."

in 1980, the fed's benchmark interest rate was 20%. people took out mortgages near that rate. whatever happened to inflation? it seems about 1981, it took a nosedive, and now, we have an entire generation of americans who've never seen rapidly increasing interest rates or prices. >> powell: that's right. that's one thing that's so interesting about the economy, is that it's ever-changing. the globalization of the economy and technology have enabled manufacturing to take place all around the world. it's very hard for people in wealthy countries to raise prices or to raise wages. it's hard for workers to raise wages when wages can move overseas. it's just a different economy. >> pelley: so all the way through the end of this year, you wouldn't see rates increasing? >> powell: i think it's highly unlikely we would raise rates anything like this year, no. >> pelley: other members of the fed board don't see a rate increase even in 2022. the board meets in a grand

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>> whitaker: it might surprise you to learn that many of the innovations deployed to counter the coronavirus were once obscure pentagon-funded projects to defend soldiers from contagious diseases and biological weapons.

the life-saving vaccine developed in record time owes a debt to these programs. to learn more, we met the man who has been leading the rapid vaccine effort, retired colonel matt hepburn. an army infectious disease physician, he spent years with the secretive defense advanced research projects agency, or darpa, working on technology he hopes will ensure covid-19 is the last pandemic. >> dr. matt hepburn: if we want to say "we can never let this happen again," we're going to have to go even faster next time. >> whitaker: eight years ago, dr. hepburn was recruited by darpa. >> hepburn: the darpa director was very clear: "your mission is to take pandemics off the table." >> whitaker: it sounds impossible. >> hepburn: of course. and that was the beauty of the darpa model. we challenge the research community to come up with solutions that may sound like science fiction, and we're

very willing to take chances with high-risk investments that may not work. but if they do, we can completely transform the landscape. >> eisenhohower: good d morning, ladieses and gentltlemen.... >> whitataker: more e than 60 ys ago,o, darpa wasas born, after president eisenhower was caught off-guard when russia launched the first satellite, "sputnik," into orbit. >> reporter: i ask you, sir, what are we going to do about it? >> eisenhower: well... >> whitaker: the small defense department agency was given a single purpose: prevent surprises like that from ever happening again. so dr. hepburn finds academics, companies, inventors working in garages, and pushes them to deliver. >> hepburn: what we don't do-- we don't say, "okay, here's our problem. here's your blank check. come back to us in three to five years, we'll see how you do." >> whitaker: you're on them? >> hepburn: "active program management" is what we call it. okay? ( laughs ) >> whitaker: dr. hepburn showed us a few current projects. some sound like they're from an episode of "star trek."

consider a ship like the u.s.s. "theodore roosevelt," hobbled last year when 1,271 crew members tested positive for the coronavirus. what if everyone on board had their health monitored with this subdermal implant, now in late stage testing? it's not some dreaded government microchip to track your every move, but a tissue-like gel engineered to continuously test your blood. >> hepburn: it's a sensor. >> whitaker: this tiny green thing in there? >> hepburn: that tiny green thing in there. you put it underneath your skin and what that tells you is that there are chemical reactions going on inside the body, and that signal means you are going to have symptoms tomorrow. >> whitaker: wow. there's an-- an actual transmitter in that. >> hepburn: yeah. it's like a "check engine" light. >> whitaker: check this sailor out before he infects other people? >> hepburn: that's right. >> whitaker: sailors would get the signal, then self-administer a blood draw, and test themselves on site. look at that.

>> hepburn: we can have that information in three to five minutes. as you truncate that time, as you diagnose and treat, what you do is, you stop the infection in its tracks. >> whitaker: the coronavirus has infected more than 250,000 defense department personnel and their dependents around the world. with the death toll rising, the pentagon has been jumpstarting programs that might save lives. >> hepburn: this is a filter that you can put on a dialysis machine. >> whitaker: "patient 16," a military spouse, was in the i.c.u., near death with organ failure and septic shock, when she was entered into a defense department covid-19 study. her family allowed us to witness the experimental four-day treatment. >> dr. gaeta: she's liberated from veso-active medications, and her septic shock resolved. we also see improvements in her markers of inflammation. those are all positive prognostic signs. >> whitaker: you pass someone's

blood through this, it takes the virus out? >> hepburn: you pass it through, takes the virus out, and puts the blood back in. >> whitaker: within days, patient 16 made a full recovery. the f.d.a. has authorized the filter for emergency use. so far, doctors have used it to treat nearly 300 critically ill patients. >> dr. joel moncur: these are all of the covid-19 autopsy samples that we've received since the pandemic began. >> whitaker: darpa isn't the only pentagon agency on the frontlines. colonel joel moncur directs the joint pathology institute in d.c. he leads an elite group of medical detectives, who study tissue samples from soldiers and sailors infected with pathogens all over the world. like this damaged lung of a recent covid-19 victim. >> moncur: this is something we call diffuse alveolar damage. and it really interferes with the ability for them to get enough oxygen in their lungs. >> whitaker: the institute's century-old repository, the world's largest, houses tens of millions of tissue blocks preserved in wax, thin-sliced

for close observation on glass slides. this biomedical treasure trove is being digitized using artificial intelligence. >> moncur: amongst these are tissue samples from people who died from the spanish flu pandemic. >> whitaker: dr. moncur is examining the current pandemic through the lens of the past. the 1918 spanish flu took more american soldiers' lives in world war i than were killed in combat. the military never forgot. this is from the 1918 pandemic. my god. >> moncur: it is. and the scientific community needed to understand why it was so deadly. and this tissue was invaluable because it allowed us to characterize the virus at a genetic level, and from there, some incredible experiments happened that allowed the virus to actually be reconstructed. >> whitaker: in 2005, scientists at the tissue repository, mt. sinai school of medicine, and the c.d.c. made headlines around the world when t they resurrectd

the deadly 1918 virus. that's when dr. james crowe, an infectious disease researcher at vanderbilt, joined the team. he went looking for survivors of the 1918 flu, hunting for live human antibodies-- the proteins manufactured by our bodies to fight disease. >> dr. james crowe: and lo and behold, if we took blood cells out of these nearly 100-year-old people, they still had immune cells that were circulating in their body that had reacted to the 1918 influenza. that was one of those moments for me when i just said, "wow, that-- that's very powerful, and interesting." >> whitaker: so you find the antibodies in survivors who are almost 100 years old or more. then what? >> crowe: well, once we have the genetic sequence, which is the d.n.a. sequence, it's a string of letters that encodes the antibody-- essentially, we have the recipe to make it again. and now we have a drug substance

that we can use to prevent or treat that infection. >> whitaker: dr. crowe and c.d.c. scientists infected lab animals with the deadly 1918 virus, and cured them. and what happened? >> crowe: well, the antibody, like a heat-seeking missile, floats around in the animal, finds the virus, latches onto the virus and inactivates. stops it in its tracks. for us, after we had done that, we realized, "wow, your body is a library of everything you've ever seen." then we started thinking, as medical researchers, we could find the cure to virtually anything that had ever occurred on the planet. >> whitaker: in 2017, dr. crowe entered a darpa grant competition to produce antibody antidotes fast enough to stop a pandemic. dr. matt hepburn described the program at a ted talk last year. >> hepburn: 20,000 doses in 60 days. basically, we're talking about

engineering antibodies that are so effective that you get near- immediate protection once they're administered, and you interrupt transmission in those communities. if you can interrupt it, then potentially you can head off the pandemic. >> crowe: when we first saw the grant call that was inviting people to respond-- ( laughs ) we thought it was ridiculous. ( laughs ) we were getting antibodies in six to 24 months, which we thought was pretty spectacular. and, and they put the call out for 60 days, and we just said, "that can't be done." >> hepburn: for us, at darpa, if the experts are laughing at you and saying it's impossible, you're in the right space. >> whitaker: so, are you actually sitting there with, you know, 60 days? set a-- set a stopwatch? >> hepburn: yes. we say, "here's your money. but then, here's the stopwatch. we're going to do a capability demonstration." jargon words, but what it means is, stopwatch and show us how fast you can go. >> whitaker: don't be fooled by that smile-- dr. hepburn is a hard taskmaster. stopwatch in hand, he set up a simulated zika virus outbreak.

he gave dr. crowe $28 million and his first challenge: test every cell in a vial of survivor's blood and find a cure. they did... in 78 days. >> crowe: we're used to getting all "a's." and, you know, matt was kind of giving us a "c" for effort. we were preparing to do a simulated sprint number two. and in the middle of that, covid happened. and so darpa turned to us and said, "no more simulations. this is real. we need you to deliver antibodies for covid." >> whitaker: dr. crowe's team at vanderbilt quarantined in the lab and worked round the clock to find lifesaving antibodies in the blood of covid survivors. >> crowe: we have to do experiments that are a little bit like looking for a needle in a haystack. we take their blood, and we look through millions and millions of cells. >> scientist: you can see that there's positive right here because it's starting to glow. >> crowe: you have a library of immunity in your body to everything you've ever seen.

so we have to look through those and find the ones for the particular virus of interest and pull them out. >> whitaker: that's the needle in the haystack. >> crowe: that's the needle, exactly. >> witaker: dr. crowe's lab delivered an antibody treatment to drugmaker astrazeneca in a record 25 days. others funded by the government's pandemic response program also shattered matt hepburn's 60-day mark, including biotech company abcellera, working with eli lilly, and regeneron, which was used to treat to president trump. >> crowe: this is the new normal. it's going to be 60 days from here on out. >> whitaker: well, not quite yet. currently, antibodies are grown in a bio-reactor like this one at this defense department rapid response plant in florida. it'll take three weeks for this to produce 7,500 doses. >> crowe: and so a lot of scientists are trying to figure out, can this be done faster? >> whitaker: dr. crowe has successfully tested a faster

way: r.n.a., the genetic tool darpa helped pioneer that was used to make the coronavirus vaccine in record time. in the next outbreak, r.n.a. would allow factories like this to churn out millions of doses a day. >> crowe: we would start from a blood sample from a survivor, and be done with all of this and be giving you an injection of the cure within the 60 days. >> whitaker: with their promise of speed, immediate protection, and a cure, dr. hepburn says r.n.a. antibodies could stop the next wuhan-like outbreak cold. >> hepburn: it's really beyond vaccines, that's our future. that's our next step. >> whitaker: shoot for the moon. >> hepburn: shoot for the moon. >> whitaker: some pentagon researchers are shooting higher. with the spread of dangerous new coronavirus variants, the army's dr. kayvon modjarrad is testing a revolutionary approach to stop them all. >> dr. kayvon modjarrad: we're trying to not just make a vaccine for this virus.

we're trying to make a vaccine for the whole family of coronaviruses. this is the core of our vaccine. we engineer the spike so that we can attach it to this protein. >> whitaker: if his concept, now in clinical trials, proves successful, dr. modjarrad says in five years a single vaccine could defeat all coronaviruses. that means many common colds, the deadly strain causing this pandemic and thousands of others. is that, at this point, a dream? >> modjarrad: this is not science fiction. this is science fact. we have the tools, we have the technology, to do this all right now. >> whitaker: and you think we can, at some point, inoculate the world against these killer viruses. >> modjarrad: killer viruses that we haven't seen or even imagined, we'll be protected against. ( ticking )

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the 7pm news, weeknights on kpix 5. ( ticking ) >> wertheim: dig, if you will, the picture: it was 2010, and prince set out on his "welcome 2 america" tour, threading the world and playing sold-out venues. he delivered a mix of anthems and pop hits drawn from his 39 studio albums. and yet, there was something curiously missing from that "welcome 2 america" tour: songs from the album "welcome 2 america," an album prince wrote and recorded right before the tour, but then never released or performed in public.

that music, which you'll hear for the first time tonight, went into prince's vault, a trove of material this blazingly prolific artist secreted away. five years after prince's death, administrators of his estate are cracking open the vault. "welcome 2 america," and welcome to the singular ways of prince. >> prince: dearly beloved... >> wertheim: here he is on that 2010 tour. the riddle, wrapped in a mystery, wrapped in gold lameé. "let's go crazy" was one of five number one hits. when prince died, he was still selling more albums than any other living musician. to unravel the prince paradox, we started here: paisley park in chanhassen, minnesota, a suburb of minneapolis, his hometown. from the outside, there's nothing paisley about it.

enter, and the place is a trippy dreamscape. oz, accented in purple, not green-- though a pair of doves overhead is still white. >> there you go, enjoy your tour. >> this is where the parties would happen... >> wertheim: now a museum, paisley park wasn't just where prince worked. he lived above the shop, so he could make music anytime inspiration struck-- which was basically always. >> morris hayes: this is my favorite room. >> wertheim: the prince estate invited us inside studio b. we sat at prince's soundboard with his longtime keyboardist and musical director morris hayes. >> hayes: have to ease into it, you know. ♪ welcome... ♪ >> wertheim: he gave us a preview of that missing album, "welcome 2 america." ♪ land of the free home of the brave ♪ oops, i mean land of the free ♪ home of the slave get down on your knees ♪ hit me welcome to america. ♪

>> wertheim: deliriously versatile, prince wrote the songs, sang the songs, and played most instruments. he asked hayes to add production value. >> hayes: like he said, "man, here's the record. i want you to overproduce it. anything i don't want, i'll take it away." >> wertheim: is there another song from the album? >> hayes: sure. this one's called "check the record." ♪ let's check the record see what it said ♪ seems like your girlfriend was in my bed ♪ >> wertheim: typical prince, the album resists genres. lyrically, it is, by turns, sly, suggestive and subversive. ♪ let's check the record see what it said ♪ seems like your girlfriend was in my bed ♪ >> wertheim: did he ever say why he didn't put this out there? >> hayes: no. and i remember asking him about it, and he says, "well, we'll just have to revisit that down the line." because he was just onto the next project. >> wertheim: you think that's what it was, he's just-- >> hayes: just, i'd never seen anybody that had that much work inside of them.

it's just this unending stream of, just, music. ♪ i want to be your lover ♪ >> wertheim: hayes isn't exaggerating. for four decades, prince worked to a furious beat, releasing an album roughly every year. yet most of the music prince created and recorded was never released. by one estimate, 8,000 songs-- that's hundreds of albums-- never left paisley park. >> shelby j.: well, music, you know, it ain't milk. it don't expire. you know. >> wertheim: prince vocalist shelby j. recalls, the music factory was open 24/7. >> shelby j.: it was nothing strange about getting that call at 2:00 a.m., and he got inspired, and he wants to record something. >> hayes: yeah. >> shelby j.: so it's, like, what-- he'd say, "what are you doin', shelby?" i'm, like, "i'm asleep. it's 2:30 in the morning." ( laughs ) "what--" he's, like, "you want to sing? feel like singing?" and i'm, like, "y-- you-- yeah, prince, i feel like singing." he's like, "how soon can you get here?" >> wertheim: how often would you guys record something that was great, that wasn't released? >> hayes: that was all the time.

>> shelby j.: ooh, all the time. and i asked him about that. i'm like, what's going to happen to this music?" and he's, like, "oh, somebody will-- somebody will do something with it." very cavalier. like, i won't be here, but he knew it would see the light of day. >> wertheim: prince warehoused all this music one floor below the studios, in what he called the vault. our cameras weren't allowed beyond this door to the vault's exterior, but the carver county sheriff's office got inside during a 2016 investigation into prince's death at paisley park, eventually ruled an accidental overdose of painkillers. at age 57, prince died with no spouse, no children and, crucially, no will. his sister and his five half- siblings have been named heirs, but, five years on, are locked in a legal dispute over the estate. meanwhile, the bank overseeing the estate called in troy carter, one-time lady gaga manager and spotify executive, to sort out the music collection and unlock its value. >> troy carter: the prince vault is this legendary thing.

so, my first visit to paisley, of course the first place that i wanted to go was to-- to see the vault. it's literally a vault. ( laughs ) it's a room full of shelves, floor to ceiling, with tapes. you have recorded music. a video archive. then you have a written archive. you know, just looking at the penmanship, the drawings that he would do. (♪ "little red corvette" ♪) >> carter: you know, "little red corvette," there's a picture of a little red corvette in the lyrics. i have-- literally have chills on my arm right now, because i remember the first time seeing the lyrics. ♪ little red corvette ♪ >> wertheim: do you have favorite songs that are down there? >> shelby j.: wow. "same page but a different book so much more in common if we only look." yeah. >> wertheim: on the rare occasions he mentioned it at all, prince downplayed the music he didn't release. here he is in 2014. >> arsenio hall: is there a huge vault of material?

>> prince: i don't go back in time and listen to it. i worked on it and brought it as far as i could right then. a lot of it, i didn't even finish. >> wertheim: maybe so, but we learned that for all its-- and his-- mystique, prince stayed out of the vault for the most mundane of reasons. >> carter: when they told me that he hadn't been in the vault in years, i thought there was going to be this story about how he left behind his old materials to focus on new artistic endeavors. and they said, "no, he just forgot the password to the vault, and so he started putting stuff in his pre-vault." and then that turned into more and more rooms. >> wertheim: carter had the contents moved here to be digitized. iron mountain is a secure repository in california. a team of archivists bears the responsibility of listening to the music and proposing new releases. the estate has kept pace with prince, putting out roughly an album a year since his death, a mix of re-releases and newly- mined gems. >> carter: sometimes, when we

think we have the plan, we'll come across something that blows our mind. ♪ is that my echo? can you turn the lights ♪ down for me? ♪ >> wertheim: here's an example: in 1983, one year before the release of "purple rain," the album that cemented prince as a star, he recorded this rehearsal session. just him at the piano, working out new arrangements. (♪ "purple rain" ♪) >> carter: and there's a piece on that project of him crafting "purple rain." to hear the seeds of the idea, and to see how that song was sort of formed, and then to finally get to, you know, that song being one of the most iconic songs of all time, it was really special. (♪ "purple rain" ♪) >> wertheim: fast forward 25 years: that little tune prince

worked out at the piano? he played it on one of the world's lalargest stagages-- the 2007 super bowl halftime show. morris and shelby backed him that n night. (♪ "pururple rain"" ♪) >> wertheim: a little wet that night. >> shelby j.: a little wet. >> hayes: a little bit. >> shelby j.: just a little. ( laughs ) >> wertheim: was he worried about that? >> hayes: no. >> shelby j.: not at all. not at all. he was un-bothered. >> hayes: he even asked for more rain-- >> wertheim: he asked for more rain? >> shelby j.: yeah. >> shelby j.: "can you make it rain harder?" (♪ "purple rain" ♪) >> hayes: listen, when you get "purple rain" in the rain-- it don't geget no betteter than th. > prince: c can i play y this guititar? (♪ guitar ♪) >> wertheim: the ultimate showman, prince was at his most meticulous on guitar. he could deliver searing solos on stage that sounded, unmistakably, like they do on his album. what did prince tell you about

his approach to playing a guitar solo? >> hayes: he said, "morris, if you want to do a great solo, like, write it out, think it out, so that, when you go to play it, you can play it again." >> shelby j.: and he would make that ugly face-- you know, the face. >> hayes: got to make the ugly face. >> shelby j.: got to make the ugly face. >> hayes: you had to get some contortion face, or the note won't even get out right, unless you make a ugly face. >> shelby j.: and i would watch him play guitar and sound out what he's doing with his mouth. and i could see that connection. >> wertheim: for all the music he churned out, prince performed with the spontaneity of a human jukebox, rearranging songs and set lists on the spot, and zinging his band members when they hit sour notes. >> hayes: and he'd just say, "well, looks like morris just bought me a new pair a boots this week." ( laughs ) >> wertheim: what does that mean? >> hayes: that means you just got fined. you just got docked because you messed up. and now he's going to take your money and go buy some new boots with it. >> wertheim: was there a flipside to that, though? but could he be too controlling?

>> hayes: well, he micromanaged. i think, you know, the-- the-- the key to prince is that you always knew who was running the ship. >> wertheim: the seas weren't always smooth. prince famously chafed against a music business he said didn't treat artists fairly. in 1993, he changed his name to a symbol and splayed the word "slave" across his face, part of an ongoing battle with his record label to control his own output. ♪ i just wawant your exextra tie and yoyour ♪ kiss s ♪ > wertheim:m: prince eveventy won owownership ofof his mastetr rerecordings, , and his esestatw controrols the music. the challenge? monetizing the catalog, while trying to do right by prince. do you sort of have this, "what would prince do," echoing? >> carter: i want to make sure that prince isn't somewhere in heaven giving me the side-eye. you know, that-- that famous prince side-eye. >> wertheim: "carter, why'd you put that out there?" >> carter: exactly. ( laughs ) >> wertheim: hard to fathom prince's final act of ambiguity, not leaving behind a will.

as his heirs wrangle over his estate, and try to put a value on something awfully hard to quantify, prince fans remain loyal, making the pilgrimage to paisley park, and awaiting the next musical mother-lode from his vault. >> carter: you know, the fans think they've heard everything. so whenever we can find things that the fans haven't heard is like a victory. >> hayes: this one's called "born 2 die." ♪ here she comes ♪ >> wertheim: this summer will mark the release of "welcome 2 america," an album about racial inequality and social injustice. recorded more than a decade ago just outside minneapolis, it crackles with relevance today. ♪ born to die born to die ♪ >> shelby j.: the injustice, inequality, prince knew about that firsthand, you know, growing up as a black man. he knew what that was. and he could-- he could write about it, and he could sing about it.

when you got breonna taylor, you got ahmaud arbery, you got the george floyd going on, it's like we are/the movement is happening. and i think that the world is ready to absorb what he's saying on this album. i mean it's right on time. you know, right on time. ♪ getcha, getcha >> wertheim: prince will stay right on time for years, even decades. we've done the math. and with so many songs in a vault now cracked open, we could get a prince album every year for the rest of the millennium. or as the artist himself might put it, until 3,000-zero-zero. ( ticking ) whoa, susasan! ohohhh... i'm m looking for r coupon cododes. well, , capital onone shoppig inststantly seararches for avaiailable coupupon cods

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