Bloomberg, President Donald Trump, President Biden discussed on Balance of Power


President Donald Trump is taking aim at President Biden's agenda calling it the Democrats socialists Bill speaking at the Iowa state fair Trump says Biden's infrastructure Bill is a naked power grab The president's son is facing backlash after a New York City art gallery received more than a half a $1 million in taxpayer funded COVID relief aid the New York Post reports public records show Soho to George bare just as gallery that represents Hunter Biden received a $150,000 disaster assistance loan from the small business administration last year then in July the administration approved another $350,000 loan A watchdog group found that of the more than 100 galleries in New York City the bear just gallery received by far the largest SBA windfall Arizona is reporting record numbers of west Nile virus cases this year currently Maricopa County has 361 cases of the virus in humans surpassing the previous record of 355 set in 2004 I'm Chris garageio And I'm to these Pellegrini in the Bloomberg newsroom a sweep in reporting Austria's Chancellor is stepping down That's as the 35 year old Sebastian kurz struggles with corruption charges He's been a rising star of European conservatives He's suspected of funneling federal funds to a newspaper publisher to help his political rise A U.S. investigation into the collapse of Bill Huang's Archie goes capital management is now looking at possible market manipulation and we get more on that from Bloomberg's Charlie pellet Sources tell Bloomberg the SEC is scrutinizing the firm's trading activity including whether it concealed the size of its bats on public companies Those sources say authorities are reviewing whether archer goes bought multiple stakes in the same companies across several banks in an effort to avoid triggering public disclosure rules The opening of an SEC probe is typically a preliminary step and does not mean whang who has not been accused of wrongdoing will face and enforcement action Charlie Bloomberg radio Thank you Charlie Elon Musk says Tesla's electric car plant near Berlin We'll start making model wise as soon as next month He commented from the factory site as thousands gathered for a Tesla hosted October pest there And funnel preparations are underway for impossible foods to roll out new nuggets at restaurants on Monday We get more on that from Bloomberg's Larry kasky Burger King is adding an 8 piece order to the menu in restaurants in Boston Miami and Des Moines engadget says for now this will be a limited time item and come with a choice of dipping sauce that could indicate the companies or experimenting for a wider rollout The nuggets are made of soy protein and sunflower oil and impossible says they have far less fat and sodium than animal base chicken nuggets Thank you Larry And global news 24 hours day honored on Bloomberg quick take part by more than 2700 journalists and analysts in more than a 120 countries I'm Denise Pellegrini And this is Bloomberg You're listening to balance and power with David Weston on Bloomberg radio Facebook was a blower Francis Hogan a former product manager in the civic integrity unit testified this week before Congress about some of the dangers that Facebook poses Facebook knows that it's amplification algorithms things like engagement based ranking on Instagram can lead children from very innocuous topics like healthy recipes I think all of us can eat a little more healthy All the way from just something innocent like healthy recipes to anorexia promoting content over a very short period of time For his takeaways from the testimony I talked to early Facebook investor roger mcnamee Cofounder of elevation partners and author of zucked waking up to the Facebook catastrophe Roger told me that Francis haugen had an extraordinary amount of access in her role at Facebook She was absolutely at the center civic integrity was responsible for addressing harms to users So she was in exactly the right place She's just Was to make young girls look better than they really are And through that process to by making the look better the effectively create a whole culture of envy And that is the business model And there's nothing you can do to change that It's been there from the David and scream was created and it is a threat to the psychological well-being of an entire generation of young women and the key thing to understand is this is not a business model that exists only at Facebook It exists in various forms at Google at Amazon at Microsoft And it's now being adopted throughout the economy How much of this is because of the algorithms and the way they're designed A 100% of it is The way to think about this is that this is we're dealing with a business model based on attention and the best way to get people's attention is either the scare the more outrage So roger it really raises in my mind the question is this a bug or a fix I mean could they fix this without really substantially undermining their business model No No no You can't You can still have Facebook and Instagram But you can't have them at their current profit levels because profit maximization is what essentially leads to all the harms What can be done by Congress or by creation of an agency you mentioned before perhaps an agency I think we already have enough information to design We need three classes of things We need to think about safety and there I think something that looks like the FDA that simply looks at every technology product On a regular basis not just once but continuously to make sure that they are safe And it effectively creates a way for consumers to go to the government and say I'm sorry this is not working out for me here are.

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