17 Burst results for "$225 Billion"
"$225 billion" Discussed on Bloomberg Radio New York
"You so much. We appreciate that. Let's get right to our next guest Brian whalen. He's a co CIO and generalist portfolio manager at CW fixed income group. He went to some college in Connecticut that's best known for its pizza, but what really gets my attention. He was a former VP at Donaldson, lufkin and generate folks that don't know that was one of the premier firms on the street before credit Swiss bought it and kind of destroyed it. But what's really good about the deal J people is they trained some of the best analysts on Wall Street. So keep that in mind. Brian, I got double digit declines everywhere I look in the fixed income space. People are telling me this is never happened before. So of course I want to jump in with both feet and start buying everything. What do you think of my strategy? I like it. You had me at the intro and now you've got me with the support for the bond market. Completely agree. It's such a different place right now. I mean, we started the year the tenure that one and a half percent, you look at your kind of standard bond fund today. You're looking at a yield of somewhere between 5 and a half and 6%. There's plenty of opportunities around not only just the yield, but the potential opportunities you can get in credit, not to say there won't be more. But it's a different conversation about the bond market today. Not only get the yield, but there's a strong argument to be made that bonds can be what they're supposed to be in your portfolio, which is a diversifier versus other assets like equities. It's amazing to me how quickly Tina went away. There is no alternative. Now it almost feels like there's too many alternatives. There's so much opportunity, so many juicy yields in the bond market. I mean, where do you see the most opportunity at this point? Yeah, good question. For us, this first, the first ten months of the year, it's been a kind of we've called a high quality sell off. So where have you seen most of the repricing you've seen it obviously in treasury rates? We just talked about that. And then other higher quality, larger parts of the bond market like agency mortgage backed securities, like investment grade corporate bonds. Those have kind of repriced the most and look the most attractive at this point, but if our outlook is right and it seems to be coming more consensus, which is that we're clearly heading into a deep slowdown and recession. You're probably going to want to keep some powder dry for credit opportunities, meaning that areas of the bond market like leverage finance, high yield leverage loans, parts of the bond market where you're exposed to kind of lower quality types of borrowers in the commercial real estate area or the residential mortgage area. You're going to want to keep that powder dry because those parts of the market really have not repriced the spreads of the prices you see in those parts of the market are not reflective of a recession. And so that's with regards to our strategies. We've jumped with both feet into the former into the kind of higher quality parts of the market, but still being cautious on the lower quality parts. So I spent a couple of years earlier in my career that the Chase Manhattan bank doing credit analysis. So I've got some chops there. I'm not just an equity simple equity guy, but my question is, you know, I'm concerned if we go into this recession about credit quality. So you're suggesting that is in fact a risk and that is suggestive that maybe focusing on quality right now as opposed to maybe trying to grab for some extra yield? Yeah, I mean, look, when we look at feel good like corporate balance sheets, there are actually not as levered as we saw them in late 2019. And part of that is it's the upside inflation. Debt is a nominal problem. And so when you have inflation and debt stays relatively constant, your ability to service that debt actually looks it looks fairly healthy right now. It doesn't look bad. That said, if we enter a recession, there will certainly be some things that go bang in the financial markets. That will dry up liquidity. And you will see that reflected in wider spreads higher yields in those parts of the corporate bond market. It doesn't necessarily mean we're going to see defaults the same types of default levels that we saw in the great financial crisis or during the kind of the 2001 2002 tech bubble burst But there could be a period of time and it could last months where the high yield market is priced like that. And now that would be a buying opportunity because you could get prices reflective of a high default cycle, but in reality over the ensuing two, three years, you may not get or most likely will not get those types of peak default rates. And that will lead to the very good returns. Ryan, let's wrap the fed into this as we count down to next week's meeting. I'm going to ask you a version of a question I'm obsessed with this morning, which the idea that bad news is good news. You have signs of cooling economic data and I know you're a credit guy, but you look at what we're seeing in the corporate earnings results, the impact of a higher dollar slowing ad demands. When you add all that together, what do you think it means for the fed and what do you think that means for the fixed income universe at large? I think the thing that we think the fed is going to go as far as the market allows, meaning that it's been fairly surprisingly orderly kind of year to date, like we haven't really mentioned those bangs in the financial market. We haven't seen them. So the fed's going to get, they're going to try to get well north of 4%. The market's guided priced in somewhere between four and a half and a 5% funds rate. What might stop them from getting there is something that goes really goes bank. It's kind of the equivalent or even larger of that kind of UK pension LDI problem. We are here in the states. That may cause them to kind of stop. Or let's say unemployment jumping up surprisingly or a little more quickly than the market's anticipating. But long story short. The margin market right now is allowing them to kind of pricing and allowing them to get north of four and a half percent. And if they're given it to them, they're going to take it. All right. Good stuff. As always, Brian whale and co CIO and generalist portfolio manager TC W fixed income group. They managed like $225 billion. How do you even do that? Good stuff from Brian right now, let's head down to Washington, D.C., get
"$225 billion" Discussed on Marketplace with Kai Ryssdal
"Okay, now on to the UK. At one point today, the yield on Britain's ten year bond, it's called the guilt, reached 4.282%. That's the highest it's been since 2008, and it means that it just got a lot more expensive for the UK government to borrow money. Meanwhile, like I mentioned at the top, the pound hit a record low against the dollar today. All said, investors suddenly are pulling their money out of Great Britain, marketplaces sabri Ben ashore reports. The price of British bonds fell more on Friday than it has ever fallen in a day in more than three decades. I've never seen investors really kind of push back on anything this aggressive. I mean, it's historic. Simon Harvey is head of analysis at monex Europe. This all erupted last week after the British government made a big announcement. It said it would help people with their soaring energy bills and cut taxes. Price tag, $225 billion. This is the question the markets are asking, how do you pay for this? Dan Hamilton is a senior fellow at the brookings institution. The answer? By extra borrowing. Extra borrowing at a time when interest rates are rising, making that extra expensive for the government. Hilaria masala is a senior economist with the conference board. She says, here's what investors are thinking. The outlook for growth has worsened, the budget that fits huge, interest rates are rising. So I'm less sure compared to a year ago, whether the government would be able to give my money back. So investors are not going to buy UK bonds unless they get paid more to do it. One reason bond yields have gone up so much. But it's more than just worries about debt. It's also anxiety over what amounts to schizophrenic economic policy. Andrew molinar is with Janice Henderson. The tax cuts act in completely the opposite direction to what the Bank of England is trying to achieve. There is a fear that tax cuts could fuel inflation. The Bank of England is trying to fight inflation by raising interest rates. Here's how Muhammad el Arian, chief economic adviser at Allianz, put it to the BBC. The image of driving the car with the Chancellor foot on the accelerator and the governor fought on the break. That is not a good way to drive the UK economy. The Bank of England could hit the brake harder, raise interest rates more and send the UK into a recession, or it
"$225 billion" Discussed on Bloomberg Radio New York
"Because every Central Bank took a fire hose of liquidity and sprayed it on the tarmac And so it made all assets You could look at the correlation of fine wines or baseball cards or any collectible to the NASDAQ to assets And so we're unwinding this era of free money And so it's not surprising to me that Bitcoin which was ahead gets free money is selling off I do think those correlations will break down or will lessen the moment we find some stability in the market But right now if you're investor you've got a hundred fires to put out Did you over commit to venture Do you have enough liquidity to pay your private equity commitments Oh my goodness I used to be in risk parity That doesn't seem to be working at all anymore And so very few people want to put on new risk in a moment of this kind of tumult And so I think once the tumult stops I think that's a word to molt Once the chaos stops then I think you're going to see the allocators who have been doing all their homework Listen I just went around the country to a bunch of conferences I am wildly convicted that there is infrastructure being put in place to bring lots of capital into the space So again it's surviving this unwind that investors have to manage How do you survive this tumult according to Mike novogratz That's in the crypto space but it's manifest in the equities And that correlation he talks about is in the NASDAQ I want to show you something that has only happened four times in the past decade And that is where you see the NASDAQ falling by 10% in three days wiping out one and a half $1 trillion worth of market value With that in mind Apple collapsed by $225 billion in three days and suddenly the crime is challenged This is a ramco record high on Monday closing in on apples most I suppose valuable title.
"$225 billion" Discussed on Max & Murphy on Politics
"Hello and welcome to max politics this has been max from Gotham gazette, a publication of citizen union foundation. Thanks so much for tuning in here for this episode of the show. Today we're diving into an alternative vision for how New York State does well a lot. Economic policy, fiscal policy, taxing and spending and much more. How New York State does business is of course of the utmost importance as we are talking here in mid March just a couple of weeks before a new state budget is due, the April 1st start of the new fiscal year means that probably sometime before April 1st or around April 1st, there will be a new spending plan passed by governor hochul in the state legislature in Albany that will probably be roughly in the neighborhood of 215 to $225 billion. The governor's executive budget proposal earlier this year was about 216 billion. And the legislature will probably convince her to add to that. So today we're talking about an alternative vision, though, as the democratic governor and the democratic super majorities in the state legislature are mostly focused on what kind of spending they will add to the budget plan. We're talking about a different way to potentially do business and how to more broadly think about revitalizing parts of New York State, preventing population loss from the state, which is mostly been occurring for many years outside of New York City. And other pieces of what we're calling here, a limited government vision for economic and fiscal policy in New York. So my guest is Peter Warren of the empire center for public policy, a think tank based in Albany that focuses on state government. It is, according to its website, an independent nonpartisan nonprofit think tank located in Albany with a mission to make New York a better place to live and work by promoting public policy reforms grounded in free market principles, personal responsibility and the ideals of effective and accountable government. Peter Warren is the organization's research director, my conversation with him in just one minute. First, if you've missed any of our recent reporting at Gotham gazette find it all, it got things that dot com. We've been covering a lot happening in New York City and state politics, and there is, of course, a great deal going on not only because it's budget season in Albany and in New York City actually, there's been a series of city council hearings on mayor Eric Adams is preliminary budget plan. The city budget season will heat up a lot more once we do get a state budget in the coming weeks because a lot of the city's budget needs and priorities will be dealt with out of Albany. But there is a lot happening in New York City and state also here on the podcast I've had a lot of great recent guests if you missed any or all of those episodes you can find them at max politics wherever you get podcasts or at the Gotham gazette site. In recent weeks, I've had some great conversations with the wide variety of guests, including just to highlight a couple. We focused on public health and the ongoing battle with COVID-19 with two doctors who were key figures in mayor Bill de Blasio's administration, most recently I had an exit interview with doctor Dave chokshi, the outgoing New York City health commissioner who just left his post to make way for mayor Adams appointee to the position, doctor chokshi had stayed on for a couple of months to help make a smooth transition, especially as the city continues to battle COVID. Talked with doctor chokshi about his roughly two year tenure as New York City health commissioner and where the city goes from here in that battle with COVID-19 and also spoke recently with doctor J varma, who is a top public health adviser to mayor de Blasio and is an internationally experienced expert on disease prevention and control. Check out those two episodes if you get a chance, those are really interesting conversations. And then just to highlight a couple of other really interesting recent guests, I spoke with Joanne yu, the executive director of the Asian American federation about the disturbing rise in violence and hate crimes against Asian American New Yorkers, what she and her organization and other Asian American leaders in the city want from city government from state government as a response to that really deeply troubling trend. And then also recently spoke with relatively new city controller Brad lander about his priorities as city controller, his reaction to mayor Adams budget, what he's doing in the controller's office to reform contracting processes, how he's going to try to get the cities infrastructure spending under control and get more bang for the buck and much more. Had a bunch of other really good recent conversations again, find them all at max politics wherever you get podcasts or at the Gotham gazette website. Okay, Peter Warren is the research director for the empire center for public policy, a think tank based in Albany. We're going to talk with Peter today about a different vision for New York State based on limited government. Peter, thanks for joining me. Great to be with you, Ben. So you are at the empire center presenting something of an alternative vision broadly speaking. I captured the mission statement of your organization from what you have on your website. But broadly speaking, how do you think about the work of the empire center, especially in this time where we have leaders in state government and have for a while now, at least the last few years when Democrats have controlled the governor's office and both houses of the state legislature where you have the powers that be in state government really mostly focused on expanding government, more government services, more government revenue development, more government spending, passing lots of legislation, some of it, bipartisan, some of it praised across the aisle, but lots of it criticized by folks who think this is government going too far. How do you think about and describe the role of the empire center in this particular atmosphere? Well, the way we view the empire center is our mission is we want to make New York of we want to make New York a better place to live for New Yorkers. We want them to have a reasonable level of taxation. We want New York to be a great place to work and to live. And what we are seeing in New York over the past decade and beyond is people leaving the voting with their feet, they're leaving with the state. And we know that New Yorkers are among the most taxed individuals in the United States. We have some of we have the highest individual taxes in the country. We have the highest marginal tax rate for individuals in New York City. We have, according to the tax foundation, the second worst business tax climate in the country, and again, we've had one and a half million net out migration of over one and a half million people in the past decade, including about a third of a million people.
"$225 billion" Discussed on Bloomberg Radio New York
"And Matt Miller Arlo Guthrie on Thanksgiving Wait is Arlo Guthrie is Arlo's son father His dad Dad okay so woody and then Arlo and then Arlo has a kid who's also like famous right I don't know I don't know about that Or I'm thinking of like loud and Wainwright the third Loud and wing right there I don't know skunk in the middle of the road I don't know why I group them together but we'll get to that somewhere Great Jared thank you so much We appreciate that Of course You're all about Elton John You went to Elton John yesterday Awesome Was it good Awesome How old is that guy 72 73 or something like that Band was great He was great Sold out at the garden The garden was rocking last night So it was a lot of fun He's got a big tweezer and it tri state area for a long time Anyway Steve Kane co CIO and generals portfolio manager at TC W investment management He went to University of Chicago got his MBA there Matt which means he understands the booth The booth school of vaccine I'm an equity guy Steve So I don't really I didn't pay too much attention to that business school But you're a fixed income portfolio manager What do you do here in a rising interest rate environment Well hopefully you had your duration short going back a year or so which we were fortunate to do But I would say that things are getting a little bit more interesting in the fixed income world from a value perspective And I think along the rate environment we think the front end of the curve is starting to look interesting A one 62 year that discounts 8 fed tightenings over the next 15 months or so It looks reasonable Now when you look out the curve we're not as excited 2% ten year and 30 year just beyond just not getting much term premium or really getting paid for the risk out the curve So in general what we tell investors is keep your duration Sure keep your focus on the front end of the curve So if we get 8 rate hikes or more would that surprise you then No not at all I mean the fed is I mean of course it depends on what happens with inflation and with the economy and all that But our view is inflation is going to run hot Certainly for the balance of this year and maybe well into next year given what we're seeing in the labor market and with wages certainly energy prices feeding into that as well Yes no the fed is almost regardless of what happens with Russia and Ukraine or even the stock market The fed's locked into a tightening path here Given the high level of inflation and the fact that they really need to begin to get to work to address that Steve what does history have to tell us about the ability of the fed to fight inflation I kind of feel like inflation is just because there's a bunch of ships off the port of Long Beach in the portrait clogged and there's nobody to move this stuff and there's no truckers and what can the fed really do there The fit can do nothing Lined up lined up outside of ports There's absolutely nothing they can do The fed can really just monetary policy affect financial conditions and the demand side of the economy through interest rate sensitive sectors of the economy which means they have a very blunt instrument as we all know in terms of dealing with inflation and inflation works with the lag So the sort of unfortunate thing from an inflation forecasting standpoint is even though they are going to be hiking the impact of those hikes is going to affect the economy with the lag and then inflation with even a further lag So it's not going to really have an immediate effect on the supply side of the economy at all How important is it to get the rest of the FOMC confirmed I don't think it really matters all that much I mean you have your big three in place Powell brainerd and Williams the president of the New York fed And I don't think you need a full slate of fed governors and presidents to necessarily make decisions So I think yes it would be nice but I don't think it's an effect in any way their policy making decisions Steve you know when the fed made this pivot to a more hawkish stance I think the market was talking about three rate increases Now potentially as many as 7 how do you feel about that discussion point of is the fed behind the market Are they trying to play catch up How do you think about that Yeah I think they are And I think what happened is they went with the transitory supply bottleneck view for a while and I think what changed is they began to see tightness in the labor market And unemployment at 4% and wages rising very quickly and sort of forward looking indicators like the quits rate at historical highs people leaving their jobs voluntarily All suggest that this is more than a temporary phenomenon that affected the labor market I think the fed is behind the curve In fact and because wages in the employment market do not react quickly to changes in interest rates So again it's going to be some period of time and some amount of fed tightening and slowing in the economy before you see an impact on the labor market All right Steve thanks so much for joining us to really appreciate it Always love talking to the folks at TC W get this $225 billion in fixed income assets I mean that is a meeting When you go to LA to see clients you've got to lock down that PCW meeting first and foremost capital group as well Steve Kane co CIO and generalist p.m. at TCD I wonder why all the fixed income the big fixed income shops are out on the West Coast I know It's a good point It's a smart timco you know Especially after being at the booth school of business Steve must have been pumped to go I mean he was at pimco too so he was he's a California Fixed income guy Yeah And he went to Berkeley undergrad so smart dude but when I think about Chicago business school it's still GSB to me graduate school of business But then mister booth donated a gajillion dollars so he gets to put his name on it All right right.
"$225 billion" Discussed on Bloomberg Radio New York
"On the commodities front WTI crude oil is lower just over $85 per barrel gold is also lower It's called $1845 an ounce Bitcoin That's the story here this morning It's about 7% lower today and now trades about $38,400 per token or so maybe an entry point for somebody just sitting down Let's get some more color on those equity markets Well bloomer markets correspond to pretty good Pretty what are you looking at Yeah Paul we have to start talking about Netflix because you know there's a real shortage of that this network Is your ticker down 20% I'm gonna quote John farrow here and saying that a company worth $225 billion should not be moving 20% Right In just the pre market this of course coming off of an outlook miss a Netflix expecting to add only 2.5 million users in the current quarter and to add on to that the company also reporting 18.2 million customers in 2021 that's down from 50% from 2020 So major hit for Netflix and you're seeing some of those other streaming companies taking a hit as well Roku is one of them are okay use the ticker down just shy of 4% Disney as well DIS is your taker down 3.6% Well I'm trying to download Ozark as we speak and it's just not working here so I don't know what's going on Is that your Netflix show of choice Right now yeah it's big I noted I'm gonna add that to my Netflix watching list on the good upside though We were talking about kind of the perhaps money coming out of those stay at home stocks peloton getting a little bit of a bid this morning PT ON is your ticker up 4.4% Remember it had a major hey yesterday down over 20% in its own stock This comes after a report that it was slashing costs to cope with slowing demand for its stationary bikes They're also planning to cut jobs Of course they're also posting revenue of $1.1 billion There was a time when you had to wait months to get a bike Yeah I mean months Oh yeah And you know it's just amazing Now they're cutting production on some of the bikes and the treadmills and things like that just amazing The times have certainly changed and to go really quickly back to Netflix here If you actually looked at a chart of Netflix and its market cap it made a literal round round trip in its chart all because of the squid game returns that boosted the stock since the 2020 pandemic and then now it's coming back I will see what it does at the open of course Moving on to another earnings story here this morning CSX the railroad down just shy of 4% It's called cheshi systems back in the day when we trade it When I traded railroad stocks chessy system Noted Fun fact you're Friday fun fact folks Fourth quarter profits Are you sure the running railroad I traded for Marvin gardens which usually never worked out Is they called reading or reading Ready Oh really Yeah Yeah She's like from a foreign country That's Texas I know I know It is the Republican Party I know I even say Houston not Halston You scandal Baltimore in Ohio Yes And how you would trade from my mother was smarter than me She would always go for Illinois For me I just go in circles until I create no idea We're talking about monopoly Yeah There we go Give me some credit Anyway CSX I'll wrap it up here Fourth quarter profit and revenue beat overshadowing by a miss in this operating ratio a measure of the railroads efficiency You don't need those road efficiency numbers from an hour I love them But revenue ten miles RTN that was a basis for your earnings model for the railroad companies how much revenue did they generate from moving a ton of freight over one mile Oh interesting There you go That's your modeling tip of the bacon You and I just leave and you can do it Yeah exactly We should do that for charge of the day Tom We should Pretty good to thank you so much greatly appreciate it We said good morning to all of you Bloomberg surveillance futures negative 23 Dow futures here down which means that you know we probably have to talk about Netflix Yes it seems to be the theme this morning It's actually really interesting and I just had a raging debate with Barry Ritz on this ether rug enough joints as we pick up the pieces of Netflix Keith does the company have an obligation to maybe sort of kind of like suggest to the sell side to the 51 analysts on the Bloomberg that follow Netflix to maybe suggest this quarter doesn't look that good That's the understatement of the year yet So the fourth quarter actually was much better than feared I think what's really spooked all of us has been the worst I think it's the worst of the worst case scenario for the one Q guide And that's about 60% lower than consensus but I think really what everybody was kind of hoping for was some kind of return to a predictable pattern of growth and that's obviously not happening Why is a predictable pattern of growth not happening Because typically if you look at a pre-pandemic year the first quarter kind of sets the tone for the whole year So you have the service typically adding anywhere from about 6 million to about 8 to 9 million subscribers in a regular year That's about 30% of their entire years additions And now if you extrapolate and you take this two and a half million and you kind of model it out for the whole year you basically get under 10 million And that just does not work for the Netflix story The Netflix model is predicated on about at least 25 million subscriber additions per year And this is what kind of throwing everybody off And to kind of amplify these problems further is the whole margin story They were guiding to about 300 basis points of margin improvement every year And now you suddenly have them walking that back a little bit for 2022 and actually kind of guiding them Jump in here I'm talking to two experts who ranging out and Paul Sweeney to both you and Paul pick up the conversation Are they wandering back to negative free cash flow because I don't think so No I think this is a profitable business We've seen it in the U.S. for a long time But is this just a simply a question of the programming expenses rising faster than maybe the revenue because of subscriber growth is slowing Is that the kind of the story So on the margin side Paul the operating margin underperformance is really just more effects issue They said that that's going to hit revenue Just the fact that the U.S. dollar has strengthened so much that is going to cause about a $1 billion impact on the revenue line And that's really what's affecting the margin guidance But really what it's come down to your point about free cash flow I think they still have a lot of operating leverage in the model So I think this will be a sustainably free cash flow positive story I just think it's going to take us longer to get there because initially when we kind of modeled out this company we thought about a billion and a half dollars in free cash flow in 2022 I think it might take a little bit longer to kind of get there and we're not necessarily going to see that huge ramp up So I think subscriber growth definitely decelerating it's going to be at least I think another three to 6 months before we get some clarity I'm binging Ozark this weekend just let me know right now Keith what does this mean for the kind of the streaming business overall I know some of the other stocks Roku and Disney taking a little bit of.
"$225 billion" Discussed on Bloomberg Radio New York
"Greg Jarrett thank you so much we appreciate that Looking at these markets here it's kind of a weird market S&P off just a little bit but the Dow up 220 points So let's think about 2022 We had a great 2021 We're talking to the S&P up 27% But all right now I've got to start all over again We reset Brian Whelan He's a co chief investment officer in general's portfolio manager TC W's fixed income group Brian I know you guys at TCA have been really I would say cautious It just kind of feels to me cautious outlook here How do you think it about the fixed income markets in 2022 Where are opportunities for fixed income investors Yes Thanks for having us I don't know if there's a lot of opportunity to talk about a great year in 2021 I mean that was for equities and a lot of other things You know it was my Friends that trade credit I'm like what do you guys do for a living I mean what do you do every day That isn't so bad for most people For Bond manage and even like we don't like to put any negatives in front of our numbers But nonetheless that's what we have It's an interesting year Outright yield levels obviously are not attractive I mean if you were just to put the year to date move in perspective if you would buy the bond on New Year's Eve we've moved up about 17 basis points since then So you've lost almost two years of coupon And it's just kind of tells you the vulnerability at these yield levels So not a lot of market opportunities yet you're right We've been defensive We've got our powder dry And I think the move industry interest rates and what you're seeing happen in some sectors of the stock market reacting to higher rates It's probably indicative of opportunities to come in the bond market particularly in parts of the credit parts of the bond market like corporate bonds and emerging market bonds et cetera So what are your clients You're not managing a small chunk of change Got $225 billion in fixed income assets What are your clients looking to do or they mainly hedging hiding from risk What's the interest right now Yeah look I think you talk about bonds and I think you kind of alluding to the role it's supposed to play an important portfolio I mean that's kind of make it round numbers I mean let's talk about the ten year 1.7% on an outright yield basis not that attractive But it's all about the portfolio And if we hit a scenario where let's say we hit the pocket of volatility and for some reason equities decline 2025 basis points what you're going to get from your bond portfolio may not on an absolute basis be what it provided in the past but you could still get a kind of an upward up close to a 10% but positive return in an overall bond portfolio which should help kind of mitigate some of those losses Brian I know you spent some time at Donaldson lufkin and jennette dlj they had fame Pain high yield effort there until my credit Swiss first Boston came in and bought you guys and then it all just went south But let me tap into your high yield expertise I'm willing to take some risk I'm willing to go into the high yield market I'm willing to take some credit risk What sector should I look at Oh be careful Be careful Look I mean we just things have been so good and investors memories are short and we just came off a year where the default rate and the high yield bond market I mean was basically zero We're talking about 25 basis points of a default rate which historically those numbers are kind of more like 3% to 4% And it's just been such a strong recovery such support of monetary and fiscal policies When it does not necessarily to say that that couldn't continue for another year but you also like all risks He had to decide what you're getting paid for it In the yield right now in the high yield bond markets just above about 4% So meaning there's not a lot of extra spread compression to go So I think ourselves I think you've talked the most experts in the bond market They're saying kind of your returns for the next year and the high bar market are probably at best a coupon clip which is kind of that 4% plus or minus but if we hit a patch of volatility equity markets underperform maybe the feds a little more aggressive than the markets currently expect expecting with regards to rate hikes or the balance sheet reduction I don't think the credit markets particularly the high bond market is going to react to well So you could see returns go into the low single digits if not negative I want to just get your take on the fed quickly and also check up on my producers English language skills He wrote here fed tapering too slow with one O but I don't know if he means red tapering is going to slow or fed tapering is too slow with two O's Well I don't think you're going to get a better what they've offered now which is basically they're going to end this tapering And let's be clear with the listeners Tapering means they're going to slow the addition of assets to the balance sheet which is already close to $9 trillion So they're going to kind of end the growth of the balance sheet by March I don't think you're going to get anything faster than that I think the bigger question now it's not necessarily in today specifically necessarily rate hikes The markets expecting about three hikes next year starting around May Bigger question right now is once they stop adding to the balance sheet are they going to actually start to reduce it like will they proactively look to sell securities into the marketplace or let the ones mature and not replace it That can have a big impact because a lot of the rate move we saw in the last three four months of the year was about the short end of the curve What's the fed going to do with the fed hikes If the fed starts changing it's planned for what it does with its balance sheet in terms of reducing the size of it That could really impact the longer end of the yield curve And that has a lot of impacts across the economy including markets like housing Brian I really appreciate your time Thanks so much for stopping by Brian whale and co CIO and general portfolio manager at TC W fixed income group We are produced By Eric molo He was an English major at four 40 But also a winner of a sports Emmy and the Edward R murrow award Really Yeah I sat.
"$225 billion" Discussed on Bloomberg Radio New York
"Been you've had interest rates starved investors right You've had an economy that's been reopening and credits so cheap that pretty much any company that wanted to tap the credit markets So what happens as we reopen we move along if those underlying premises that were pretty optimistic don't pan out What happens to the credit market Well here's the good thing as a credit investor which I always like to point out which is what's happened in the past 18 to 20 months is that the actual equity cushion that we have in a lot of our investments is actually wider now or thicker if you will then free pandemic So from a margin of safety perspective when you think about that yes we worry about where the economy is going to macro all those effects But we really look to what's that margin is safety today And even if things go down dramatically how much of a margin state to do we still have So when you look at debt to ebitda it's quite high from historic level People talk to but if you actually look at ebitda coverage ratios they're actually high from the historical perspective On a broad aggregate basis right It depends where you go obviously So all those things together make us feel very comfortable with the environment we're in but we're going to have to go more thoughtful with respect to the underwrites that we do Carol brought up sectors You gotta ask what sectors do you think are particularly exciting to you right now Well I think we're slightly different than on the equity side where we can drive a lot of value creation So what we look at are companies that allow that a can be part of that part of the value chain with respect to cost savings for instance So do you have a product or a service that allows you to bring the cost of what you offer down That's .1 We're not necessarily looking at companies that have this unbelievable top line growth But if it has a great that's good for us And then the difference between I think the best thing we look at is we're cash flow investors So we're looking at what are those near term cash flows Because the duration of our investments are relatively short So if you're in the tech sector where your cash flows are pushed out ten or 15 years that's probably not that attractive to us because we need cash flow for our loans but if you're in a service sector that provides something that for instance we have a company that provides software that allows you to more efficiently manage healthcare claims and then guess what That's a pretty attractive it's a small input cost for a very big problem So it sounds like it's not necessarily companies right It's those companies maybe mid tier or something that are really interesting to you guys Yeah I think if you look at private credit as a whole generally you're not dealing with what I would call the larger cap companies that you see in the leverage loan space So the banks indicate loan space I mean we do deal with those companies At times and we do have large one of the largest coal managers in the world So we do have a lot of those But I think on the private credit side more or less you're looking at middle market companies and companies that have that don't have access to the capital markets traditionally I'm wondering where you see private credit going over the next ten to 15 years If you think about where it is right now versus where you think it'll be I think private credit is like we're private equity was ten or 15 years ago I mean if you think about all of alternatives which are roughly $8 trillion 1 trillion is in private credit Do you think about all bonds and equities is about a $225 billion market So we're relatively small as a portion of the alternatives but we're even a smaller portion of the overall market itself And there's a number of drivers right now One is people are rotating from public into private for that pick up because they need that incremental yield and a low rate environment Number two is public companies there's not as many public companies as there where it's ten years ago as I'm sure you know there's actually twice as many private companies and they're staying private longer And I think the third thing is is that you've seen a retrenchment from the banks who have kind of got out of the leverage lending space mostly regulated out after the great financial crisis And then finally you got to grow the retail where retail investors are saying hey I need a diversify my portfolio So you get all that together We think there's a lot of demand factors and we see growth at ten to 15% a year How does ESG play into all of this Because I feel like that's a big factor I feel like a legitimization of ESG is really happening Yeah it is it is I mean the good thing is our investors are demanding and that's .1 If the customer demands it then you should respond to it And I think we are All of us across the industry I think for us we've decided that we wanted to permeate all of our investments as opposed to have the special impact fund And so we have a head of BSG or impact I know she's been on your shows before and she's excellent And so she's done things like in credit in particular where I said I want us to figure out how we can measure the risk of our credit portfolio from ESG perspective So we have an ESG risk assessment profile that we use and we look at all of our credits And we have a risk assessment for that going into the investment and we have a risk assessment of what our portfolio looks like which is powerful in that we just recently put a $2 billion credit facility in place from Bank of America where it is tied to those targets And so the cost of that leverage facility which benefits our investors is going down as a result of our billion measure that risk and manage that risk Such an important part of our financial markets the credit markets that was Mark Jenkins head of global credit at Carlisle group the private equity firm we know them well But it is interesting to see.
"$225 billion" Discussed on KQED Radio
"Back to the bottom of the public Policy mountain. It hasn't recovered since Elliot Hospital wrote a book recently on Childcare reform. You can't understand early childhood in America without understanding a deep history of sexism. There's a sense that it is the duty and obligation of the mother to take care of the young child. The problem, of course, is that especially since the 19 sixties women have entered the workforce in very large numbers, but there's been no adjustment on the policy side to that reality. Until now, the pandemic has pushed childcare back to the top of the political agenda. This presentation includes the biggest investment in childcare since World War two President Biden has proposed $225 billion in new childcare spending over 10 years, but there is still stiff opposition. We can't have everything. We cannot advance women's careers. And boost the economy and optimize early childhood development all at the same time. This is just this is just a tough reality. We need a system that's going to support parents. Whatever they want to do. The American childcare dilemma can be summed up in the fact that we don't have an American child care system. Hey, Audie. While the politics play out, America's childcare dilemma continues for families like Heidi Loman in Miranda Chamberlain next week. I'm asking for a reduction in hours because our daycare is changing their hours their long term plan moving away from Portland to raise autumn near extended family for the PBS news hour. I'm Cat wise in Oregon. More than six months since the January 6th attack on.
"$225 billion" Discussed on WNYC 93.9 FM
"At the Brookings Institution. Shipley. Thank you so much for joining us my pleasure. I'm Sarah Gonzalez in for 10, Xena Vega and you're listening to the takeaway. President Biden has proposed the American families plan and as part of the plan, he is proposing $200 billion for free, Universal preschool. If past, experts say the package, which would also set aside $225 billion to make child care more affordable, would represent the largest ever American investment in child care and early education and to help us understand the long term effects of preschool. We can look to Boston back in the late nineties. Boston offered preschool to some of its Children through a lottery. And this week, researchers released a study looking at the long term effects of preschool education on those Children. Here to help us understand what they found is one of the authors of the study. I'm joined by Christopher Walters, associate professor of economics at UC Berkeley and affiliated with the Mighty School Effectiveness and Inequality Initiative. Christopher Thank you so much for being here. Hi, Sarah. Thanks so much for having me. So let's start first, with just what happened in Boston in the late 19 nineties with preschool who was involved in this what happened? Sure So, like a lot of states and localities in the U. S. Boston has a public preschool program for three and four year olds and its program. Actually, Coast goes back quite a long time. Like you said, back to the late 19 nineties. And as you alluded to a kind of interesting institutional feature of the way public preschool in Boston works is that assignment to the program actually happens partially by lottery. So parents who want their kids to attend preschool will submit their preferences over which programs they want to attend. They have some priorities based on like where they live, whether they have a sibling enrolled. And then within those groups because there aren't enough seats for all the kids that want to attend the district actually breaks ties by random lottery to decide who gets a slot. So we as researchers, we can use that to understand the impacts of the program by comparing the kids who randomly win and lose those lotteries to get seats. So researchers like yourself thought, well, this is a good opportunity to follow these Children and do a really long study. We'll get into some of the findings some of your findings in a bit, But first, can you just give us a sense? What? What did past studies on the benefits of preschool show US? Yes. So we actually have a lot of pretty encouraging evidence on the impacts of preschool from a couple of different kinds of studies. One set of studies are randomized studies kind of like what we're doing in Boston in the past, typically conducted on pretty small scales. A famous example of that is the Perry Preschool project. In the 19 sixties, which randomized a very small number of kids to an intensive, high quality preschool program, and researchers there found very large positive impacts on all kinds of outcomes. Over kids entire lives from attending preschool. And then we have studies of some bigger programs like head Start that typically come from non experimental research strategies. So comparisons of kids that attend head start to those who don't And those also tend to find positive effects. But with that, with that type of research design, your voice a bit worried, you know. Is there something else that's different between the head Start kids and the non head start kids, So our study is kind of bridging that gap. We have both a pretty big program. In Boston serving a lot of kids and also this randomized design kind of a natural experiment that comes from the assignment process that lets us get a clean estimate of what the program actually did.
"$225 billion" Discussed on WGN Radio
"Even more than that $225 billion for child care. And that same amount $225 billion to create a national, comprehensive paid family and medical leave program. And then there are other things in there to food assistance during the pandemic, Pell Grant enticements. Things like that. But those those are the big ones that the president spoke about. Yesterday. We will see how all of that goes. I've been looking at the Tribune's Josh Knowles story. About the restaurants in Chicago that have one Michelin stars. Three Chicago restaurants were named first time recipients of the Michelin We're gonna visit with which one are we going to talk to? Tomorrow? Their producer airlift will be visiting where? Moody Tongue moody tongue. The brewery. I don't know what would be more fun or challenging, naming, you know, sort of. Ah! Two star Michelin restaurant because they always have a certain kind of name. Yeah. Or a craft brew because those always have bizarre names and cans. Maybe a punk band would be the same like you can almost do. Is this a punk band? A craft brew or a $400 restaurant? Wait a second. I really like that idea for tomorrow when they're off the air, Moody tongue, Moody tongue, I would say would be a It could be any of those that sounds like a rock and roll band. You know, grunge band that sounds like a craft brew. A sounds like a really expensive runs Strong. I'm going to moody tongue. It's very sophisticated power. He's got a little just a moody tongue. All right, So here's the story. Among the winners. Michelin awarded two stars to ever Launch last summer by Chris Duffy occurred a stuffy Two stars also with the moody Tongue brewing. Which however fancy it is, you know, is a excellent brew pub, right? Opened in late 2019 with uniquely ambitious concept for a brewery. 12 beer paired courses. Behind chef Jared Wentworth, who's past work, particularly at Longman and Eagle has been honored by Michelin before, but that's fine. But does that How do you stay sober for that? A 12 beer paired course. I guess you're not getting 18 getting 16 ounces per course. Maybe, but that still does sound like a lot of beer. I'm interested Spanish and Portuguese seafood restaurant Porto. So you've got ever moody tongue. He also mentioned Portal, which opened in late 2019 was given one star. Alenia remains the only restaurant with the three star rating from Michelin. In addition to ever and moody Tongue, three other Chicago restaurants maintained their to start designation Nations. Smith Oriole and the Katya Smith with Y 17. Chicago restaurants kept their one star rating and then before that fell off, were banned in Bohemia, Blackbird, Everest and Kiko. The other Michelin stars go to Boca el ideas. Think that's why one place Elizabeth Ask on taunt Goose Foot, Mayko. Next. Are you listening? The names of these places North pond. Mukasey Hume, I think parachute Schwab CP Espionage Topolobampo Jurgen s. So those are the big winners. Why do you laugh? Because you sounded like the sins just now. Uh, e didn't realize that Fucile. So there's the good news about Chicago still being a great restaurant town. Such as it is going out to restaurants these days when we talk with Sam Pantheon of itch on Thursdays we talk about Sports. He covers the wagering side. So we also talk about sports wagering. But last week we were talking to him about The hardest thing to do in sports and proverbially. It's hit of 90 Mile an hour fastball. We notice that there's over 50 pictures now in major league who will consistently pitch 95 96 miles an hour, and yet guys do do it. So is that still the hardest thing to do in sports isn't throwing 90 five's it hit 95. Then we got into a hoo ha about that, For instance, I still think so. I've got my big three hardest things to do in sports and to me the hardest things to do our bit. Number three redirecting a hockey hap slap shot in the NHL. Then they're watching that thing. Come at you on purpose, getting in the way and then taking it just enough with your stick so goals in the goal number two the floor exercises in Olympic gymnastics. You and I can't do any of that and then to see them. Do it. Think about the floor exercises where they do the bouncy stuff and land in the splits. That's my number two number one for me would be the quad. Figure skating. Just a few people in the world can do this. Think about it. It's a whole planet of folks. Ah, lot of people can dunk a basketball. A lot of people can roll a 300 game. I'll bet there aren't 10 people on Earth. On Earth, maybe ever You can jump in the air on escape. Spin four revolutions and then land. On purpose That would to me would be the number one thing. Most difficult thing to me look like I might. You could probably put me in the batter's box. If you give me 1000 tries, I could eventually hit a 90 mile an hour fastball. Right. A chimpanzee would eventually do that. Just stick out your bat. Well, that's it. It's more like can you hit my bat rather than can my bad hit your ball? But do the spending think Isis Steve having heard all of that? Do you have one? You followed sports more than I did. But where did you come down? Or did you ever make a decision on what constitutes a sport versus an activity? No. Yeah, That's the thing, one of our listeners said last week. Well, the problem is Sable a 300. That's you trying to pull a 300 say you skating that you're trying to skate hunter but 90 mile an hour fastball. There's somebody else trying to keep you from doing it. You know, so you know to, you know, score touchdown in the NFL. That's pretty hard to do to say on. Not only is that difficult thing, but there's another guy trying to keep you from doing it. Is that your definition of his supporters? Haven't you tournament? Yeah, I think so. Well, you know the quad is what if what if feet to accomplish that, then I guess you're competing against gravity. Now that you mention it. Um John, one of your co workers is running 100 Mile race last weekend. All that that's pretty difficult. Bass fishing is an official. Ih s a sport. How about billiards? The three rail kick shot John Water polo the whole game. We mentioned that one last week we'll pick it up here with Sam Pani on a bitch in a minute. This is W g. N.
"$225 billion" Discussed on 600 WREC
"More about what's in President Biden's American families plan from Brett Samuels, now White House reporter at the Hill. Brett, Take us through it. The focus is essentially on. Ah, few here is education, child care. Family care paid. Leave s O. That's the oldest of the broad pillars. Um, you know, it'll extend some tax credits as well. But essentially, it's focusing on you know, offering free universal prekindergarten education to Children as well as free community College for two years. Um, there's some programs that would invest in allowing for paid medical leave and paid family leave. Um, and extend some some tax credits relates the affordable care act. Another health care programs. Um, so you know, this is sort of the complimentary piece, I guess if you will, to the traditional infrastructure A puzzle that the president laid out about a month ago that focuses more on you know, we always roads and bridges. This is more focused on families, childcare, early education stuff like that boy are so we all know that nothing's actually free it just this sounds good. But what's the cost of something like So free, preschool free community college. Right. So you know, it's essentially is calling for its $200 billion would be the cost of the free pre pre kindergarten program. Um, it be a little over 100 billion for the tuition free community College program. Uh, and, uh, you know, there's I think it's a little over $200 billion investment in the paid family leave program. Certainly, you know, these numbers add up about a trillion dollars in new spending. And there's another 800 billion or so in tax credits that the president's gonna propose. Now he's proposing to pay for all this through tax increases. So, uh, you know, the White House will say that His proposal would pay for itself through those tax increases. But certainly you know, while it's in the proposal, it Zafar from a done deal that any of this one would look the same coming out the other end of Congress. Many specifics on the kind of tax increases we'd be looking at for this. Yes. So, you know, the White House is very adamant that these tax increases would not apply to anyone making less than $400,000 annually. Essentially, your households making Listen $400,000 s O the White house talking about, you know, that was focused on On increasing capital gains taxes on the wealthiest Americans, increasing closing loopholes for corporations and March businesses. So you know the way they talk about is certainly framed, as you know. That this would not affect middle income low income Americans. It's really only Mento to make the wealthiest Americans multi is corporations pay their fair share. Now That's something the Republicans have, You know, they're gonna have her say, and whether that plan gets through, as is, But But that's how the White House is proposing at the moment to pay for all this speaking with Brett Samuels, White House reporter at the Hill His piece is called. Here's What's in Biden's $1.8. Trillion American Families Plan. Touch, too, on the this national paid Family and Medical Leave Act. Yes. So part of the plan would call for I believe it's $225 billion invested in creating a national paid family and medical leave program today. Three, you know, set a standard for Americans who who need to take leave from work, Whether it's for, you know, personal illness. Ah love one fallen ill or a loved one that's passed away. Um, you know, with staves adopted a child had given birth to a child, Uh, did essentially what sort of set a baseline where Um, actually, the number including the plan is that workers would be able to make up to $4000 a month. Um, while they're on leave still, so it's sort of you know, the White House would put point to other countries abroad and say that other countries Developed countries have sort of similar programs and that it's time for the U. S to have one s. So that's what they're calling for in this in this family's plan. These questions kind of in the weeds a little bit with regards to how the money is spent. But For example of 109 billion for tuition Free community college is that for one year is that to help states Offer this and states are expected to pick up part of the tab over a period of years. And how does that work? Yes. So you know the spending they talk about it's over. Everything's over a 10 year period that, for example, that 109 billion will be spent. But you know, it's certainly something that they're gonna have to kind of work out as they negotiate the details of this because You know, certainly you They aren't trying to put any limits on kind of who can benefit from these programs. You know who can take advantage of the free two year community college program? So certainly, you know, that'll be something I think will be sort of hammered out in negotiations. What exactly? It looks like there's Brett Brett Samuels, White House reporter at the Hill 15 minutes now, after the hour.
"$225 billion" Discussed on NEWS 88.7
"And cover up at the Texas capital. Also, though, so much still unknown about covert 19. This much is certain The impact of the pandemic has been severe for mothers and moms to be Our own Alexandra Heart reports. Also, Dr Fred Campbell takes on more of your Kobe 19 questions and new research showing major racial disparities for younger Texans fighting cancer. Those stories and more when the Texas Standard gets underway right after this. Live from NPR news on Korver Coleman President Biden will deliver his first address to a joint session of Congress tonight. NPR's Cory Turner says bye and is expected to promote his American families plan calling for a massive investment in Children and their education. Call with reporters, Senior administration officials laid out a handful of proposals so ambitious and expensive that in previous years any one of them would have turned heads. For example, the plan calls for $225 billion to help low and middle income families pay for childcare for the nation's three and four year olds. The plan calls for a $200 billion investment to help provide free Universal preschool and at the other end of the learning curve. The plan calls for two years of free community College for all Americans, as well as a big bump in the Pell Grant award, which low income students can use to pay for college. Cory Turner. NPR News Police in Northern California have released body cam video of an arrest. A man died after being pinned to the ground for more than five minutes after scuffling with officers. It happened last week at a park in Alameda after police responded to a call about someone being drunk or disoriented. NPR's Jacqueline Diaz says the man who died was identified as 26 year old Mario consolidates. The video shows police attempting to handcuff Gonzales several minutes after first arriving on scene Officers struggled to restrain him. Eventually they get him face down on the ground, using arms and knees to keep him down. Gonzalez can be heard yelling. I didn't do anything wrong at times as you lays there. Five minutes later, Gonzalez suddenly goes quiet and his unresponsive police can be seen rolling him over and performing CPR. Gonzalez was later pronounced dead at a hospital. Involves his family has accused Alameda police of using excessive force and murder. The cause of his death is still under investigation, as are the events leading up to his death. Jacqueline Dia's NPR News. India's total death toll from Covert 19 has crossed the 200,000 mark Today. NPR's Lauren Frayer reports from them by the country is also setting world records for daily infections. India today confirmed more than 360,000 new infections, but the real number maybe many times that. Test kids have run out in many areas, so his medical oxygen India also confirmed nearly 3300 deaths. Today. It's the first time that daily toll has crossed the 3000 mark, even though that, too is likely an undercount. NPR's Lauren Frayer reporting In the U. S. The Centers for Disease Control and Prevention says people who have been vaccinated against Cove in 19 don't need to wear masks outdoors unless they're in crowded areas, The CDC says. That includes places such a shopping malls or houses of worship that air filled On Wall Street. The Dow was down about 100 points at 33,083. This is NPR news. European lawmakers have approved the final ratification of a trade deal between the European Union and the United Kingdom. The UK pulled out of the EU, a trading bloc in the process called Brexit. Deal has already been ratified by lawmakers in the UK President of Somalia is seemingly walking back his effort to extend his term for two years. NPR's later Peralta reports. His decision was met with popular protests and an armed confrontation from the opposition, with fighters loyal to the opposition, forcefully taking control of parts of the capital. Mogadishu. President Mohamed Abdullahi Formaggio came on national TV late last night. 100 tonight. He said he is still committed to implementing timely and peaceful elections in Somalia, and he called on the opposition to begin negotiating on what those elections would look like. Last year's Somalia was supposed to have its first elections with universal suffrage since the late sixties. Instead, they were delayed in the opposition now accuses president from a Joe of turning into a dictator. No. Even the capital is under siege. It's one of the few places the federal government once maintained, full control it a Peralta NPR NEWS Nairobi The State Department is reducing the number of staffers who will work in the U. S embassy in Kabul. People who can complete work outside the embassy will leave the Afghan capital. Agency says it's preparing for the time when U. S military forces will leave Afghanistan. President Biden has announced an unconditional withdrawal of U. S forces from Afghanistan. By September, 11th. Encore for Coleman. NPR news Support for NPR comes from NPR stations. Other contributors include wobbly committed to helping self employed workers and small businesses Get their P P P loans application determines eligibility. Maura W. O M p l y dot com slash NPR. Politics doesn't have to be a raging fire..
"$225 billion" Discussed on WABE 90.1 FM
"Cute. What he's seven film the jazz singer. There's a whole nexus of meanings, overlapping desires expression within black culture, black music and Jewish music that's being explored in the felt plaques. It conversation with the renowned photographer Herb Smith, Sir. His jazz memoir exhibit is on view now with the Bremen Museum. First the news. Live from NPR news encore of a Coleman president Biden will deliver his first address to a joint session of Congress tonight. NPR's Cory Turner says bye and is expected to promote his American families plan calling for a massive investment in Children and their education. In a call with reporters, senior administration officials laid out a handful of proposals so ambitious and expensive that in previous years, any one of them would have turned heads. For example, the plan calls for $225 billion to help low and middle income families pay for child care for the nation's three and four year olds. The plan calls for a $200 billion investment to help provide free universal preschool. And that the other end of the learning curve. The plan calls for two years of free community College for all Americans, as well as a big bump in the Pell Grant award, which low income students can use to pay for college. Cory Turner NPR News Police in Northern California have released body Cam video of an arrest. A man died after being pinned to the ground for more than five minutes after scuffling with officers. It happened at last week at a park in Alameda after police responded to a call about someone being drunk or disoriented. NPR's Jacqueline Diaz says the man who died was identified as 26 year old Mario consolidates. The video shows police attempting to handcuff Gonzales several minutes after first arriving on scene Officers struggled to restrain him. Eventually they get him face down on the ground, using arms and knees to keep him down. Gonzalez convey heard yelling. I didn't do anything wrong at times as he lays there. Five minutes later, Gonzales suddenly goes quiet and his unresponsive police can be seen rolling him over and performing CPR. Didn't Alice was later pronounced dead at a hospital. Gonzalez. His family has accused Alameda police of using excessive force and murder. The cause of his death is still under investigation, as are the events leading up to his death. Jacqueline Dia's NPR News. India's total death toll from Cupid 19 has crossed the 200,000 mark today. NPR's Lauren Frayer reports from them by the country is also setting world records for daily infections. India today confirmed more than 360,000 new infections, but the real number maybe many times that. Test kids have run out in many areas, so his medical oxygen India also confirmed nearly 3300 deaths. Today. It's the first time that daily toll has crossed the 3000 mark, even though that, too is likely an undercount. NPR's Lauren Frayer reporting In the U. S. The Centers for Disease Control and Prevention says people who have been vaccinated against Cove in 19 don't need to wear masks outdoors unless they're in crowded areas, The CDC says. That includes places such a shopping malls or houses of worship that air filled On Wall Street. The Dow was down about 100 points at 33,083. This is NPR news. European lawmakers have approved the final ratification of a trade deal between the European Union and the United Kingdom. The UK pulled out of the EU, a trading bloc in the process called Brexit. The deal has already been ratified by lawmakers in the UK President of Somalia is seemingly walking back his effort to extend his term for two years. NPR's Ater Peralta reports. His decision was met with popular protests and an armed confrontation from the opposition, with fighters loyal to the opposition, forcefully taking control of parts of the capital. Mogadishu. President Mohamed Abdullahi Formaggio came on national TV late last night. 100 tonight. He said he is still committed to implementing timely and peaceful elections in Somalia, and he called on the opposition to begin negotiating on what those elections would look like. Last year's Somalia was supposed to have its first elections with universal suffrage since the late sixties. Instead, they were delayed and the opposition now accuses president from a Joe of turning into a dictator. Now, even the capital is under siege. It's one of the few places the federal government once maintained, full control it a Peralta NPR NEWS Nairobi The State Department is reducing the number of staffers who will work in the U. S embassy in Kabul. People who can complete work outside the embassy will leave the Afghan capital. The agency says. It's preparing for the time when U. S military forces will leave Afghanistan. President Biden has announced an unconditional withdrawal of U. S forces from Afghanistan by September, 11th. Encore for Coleman. NPR news Support for NPR comes from NPR stations..
"$225 billion" Discussed on WBEZ Chicago
"He's finishing touches are being made to Joe Biden's first joint address to Congress. He's expected to pitch them on what he calls a sweeping family plan. Ah $1.8, trillion investment and Children, families and higher education. It's the third massive package being pushed by the president in the past three months. Get it done and how much of what's been rolled out in these 1st 100 days. Are you on board with we're taking your calls and comments are numbers 8552361 a one A or you can tweet us at one egg. Live from NPR news on Korver Coleman President Biden will deliver his first address to a joint session of Congress tonight. NPR's Cory Turner says bye and is expected to promote his American families plan calling for a massive investment in Children and their education. Call with reporters, Senior administration officials laid out a handful of proposals so ambitious and expensive that in previous years, any one of them would have turned heads. For example, the plan calls for $225 billion to help low and middle income families pay for childcare for the nation's three and four year olds. The plan calls for a $200 billion investment to help provide free universal preschool. And at the other end of learning curve. The plan calls for two years of free community College for all Americans, as well as a big bump in the Pell Grant award, which low income students can use to pay for college. Cory Turner NPR News Police in Northern California have released body Cam video of an arrest. A man died after being pinned to the ground for more than five minutes after scuffling with officers. It happened last week at a park in Alameda after police responded to a call about someone being drunk or disoriented. NPR's Jacqueline Diaz says the man who died was identified as 26 year old Mario consolidates. The video shows police attempting to handcuff Gonzales several minutes after first arriving on scene Officers struggled to restrain him. Eventually they get him face down on the ground, using arms and knees to keep him down. Gonzalez can be heard yelling. I didn't do anything wrong at times as he lays there. Five minutes later, Gonzalez suddenly goes quiet and his unresponsive police can be seen rolling him over and performing CPR. Didn't Alice was later pronounced dead at a hospital. Gonzalez. His family has accused the Alameda police of using excessive force and murder. The cause of his death is still under investigation, as are the events leading up to his death. Jacqueline Dia's NPR News. India's total death toll from Cupid 19 has crossed the 200,000 mark today. NPR's Lauren Frayer reports from them by the country is also setting world records for daily infections. India today confirmed more than 360,000 new infections, but the real number maybe many times that. Test kids have run out in many areas, so his medical oxygen India also confirmed nearly 3300 deaths. Today. It's the first time that daily toll has crossed the 3000 mark, even though that, too is likely an undercount. NPR's Lauren Frayer reporting In the U. S. The Centers for Disease Control and Prevention says people who have been vaccinated against Cove in 19 don't need to wear masks outdoors unless they're in crowded areas, The CDC says. That includes places such a shopping malls or houses of worship that air filled On Wall Street. The Dow was down about 100 points at 33,083. This is NPR news. It is 10 04 cloudy skies and 50 degrees. I'm Lisa Lobbies with WB easy news. City of Chicago plans to release video today from the fatal shooting. Police shooting of Anthony Alvarez. Chicago Police shot and killed Alvarez last month during a foot chase and the Portage Park neighborhood on the West Side. Alvarez was shot and killed just two days after a Chicago officer killed 13 year old Adam to Lehto. In a statement. Alvarez, his family said the release of the video is the beginning of a long process of healing and say they expect the videos will provoke a wide range of emotions. They've asked. People express themselves peacefully. A new law in Indiana will make it easier for sick Children who are covered by Medicaid to receive world class medical care closer to their own home. The law, signed by Governor Eric Holcomb this week reimburses out of state Pediatric hospital's at near the same levels. As in state hospitals. Republican State representative House Slager of share of ill kept trying to get the legislation passed after years of failed attempts. This is going to have such a dramatic impact on so many families, not just the northwest Indiana but especially in northwest India. Mm. Currently low income patients. Parents, rather of severely ill Children, who live far away from Indianapolis have to travel several hours to get. Pdf to pediatric hospitals there. Officials from Chicago, Komar and Laurie Children's hospitals in Chicago testified in favor of the change so families could travel a shorter distance to Chicago. Metro sounds more optimistic about Ryder's getting back on trains. The commuter rail agency plans to hire more than 100 workers in the coming months. It's getting ready for an expected increase in ridership, Metro says. Job openings include mechanics, electrician's coach cleaners, other positions, the agency will begin accepting online applications on May 3rd and hiring takes place through the fall. Another transit agencies. Metro's ridership took a dive because of the pandemic. A lot of commuters have been working from home, the agency said. Ridership was down as much as 90% at some points. Sports Cubs are in Atlanta tonight, while the White Sox host Detroit and the Bulls are playing the Knicks in New York. Ah, cloudy day. A little bit of rain a high of 52 right now. 50 I'm.
"$225 billion" Discussed on WBUR
"Live from NPR news. I'm Corbett Coleman. President Biden will deliver his first address to a joint session of Congress tonight. NPR's Cory Turner says buying is expected to promote his American families plan calling for a massive investment in Children and their education. Call with reporters, Senior administration officials laid out a handful of proposals so ambitious and expensive that in previous years, any one of them would have turned heads. For example, the plan calls for $225 billion to help low and middle income families pay for childcare for the nation's three and four year olds. The plan calls for a $200 billion investment to help provide free universal preschool. And at the other end of the learning curve. The plan calls for two years of free community College for all Americans, as well as a big bump in the Pell Grant award, which low income students can use to pay for college. Cory Turner NPR News Police in Northern California have released body Cam video of an arrest. A man died after being pinned to the ground for more than five minutes after scuffling with officers. It happened last week at a park in Alameda after police responded to a call about someone being drunk or disoriented. NPR's Jacqueline Diaz says the man who died was identified as 26 year old Mario consolidates. The video shows police attempting to handcuff Gonzales several minutes after first arriving on scene Officers struggled to restrain him. Eventually they get him face down on the ground, using arms and knees to keep him down. Gonzalez convey heard yelling. I didn't do anything wrong at times as he lays there. Five minutes later, Gonzales suddenly goes quiet and his unresponsive police can be seen rolling him over and performing CPR. Didn't Alice was later pronounced dead at a hospital. Gonzalez. His family has accused the Alameda police of using excessive force and murder. The cause of his death is still under investigation, as are the events leading up to his death. Jacqul India's NPR News. India's total death toll from Cupid 19 has crossed the 200,000 mark today. NPR's Lauren Frayer reports from them by the country is also setting world records for daily infections. India today confirmed more than 360,000 new infections, but the real number maybe many times that test kids have run out in many areas. So his medical oxygen India also confirmed nearly 3300 deaths. Today. It's the first time that daily told his cross the 3000 mark, even though that, too is likely an undercount. NPR's Lauren Frayer reporting In the U. S. The Centers for Disease Control and Prevention says people who have been vaccinated against Cove in 19 don't need to wear masks outdoors unless they're in crowded areas, The CDC says. That includes places such a shopping malls or houses of worship that air filled On Wall Street. The Dow was down about 100 points at 33,083. This is NPR news. This is not the 1000.9 Telugu arm. I'm Jack Left ers in Boston. The end of most pandemic restrictions in Massachusetts is getting closer. As of Friday, the outdoor face mask requirement goes away and over the next month, more restrictions will be eased. W B you are Steve Brown reports. Governor Baker credits Massachusetts residents for playing by the rules and getting vaccinated is the key reasons for easing restrictions with more than 3.6 million people, either fully or partially vaccinated, he says. Things are going in the right direction. I think the trends here Over the course of this have been an incredibly positive statement made.
"$225 billion" Discussed on C-SPAN Radio
"Elements of the American rescue plan, it was designed with a bottom of focus on what our experts saying is the actual lead. What's the actual need to get Schools open? What's the actual need to have a national vaccination distribution? And to underwrite the strategy that you heard Dr Fauci on the president talked about yesterday. And what's the need to support families and businesses during this transition, and the second? The second thing is that as a result of that, I think we're seeing ah lot of support A ZAY said bipartisan mayor's bipartisan governor's Business Organizations Chamber of Commerce Business Roundtable economists across the board saying, this is a This is a Yet response to an unprecedented economic circumstance s O. That's the That's the approach that we are taking, and that's the That's the perspective that we are bringing here, and I think that we are heartened to see that kind of support. And that's the conversation that we're gonna have with members of Congress. Be the Republicans or Democrats, including, you know, looking at where we are where we've come over the last year, and the lessons we've learned that Without decisive action. We know, um Theo the consequences, and so now is the moment not to undershoot or to wait and see. Now it's a moment Act, Brian D. Says director of the National Economic Council today in the White House briefing room. Other part of the president's proposed relief packages, $350 billion to state and local governments also tribal governments and territorial governments. There's a new study from the Center for Budget and Policy Priorities that finds that those governments are facing a budget shortfall. The coming fiscal year do the coronavirus of $225 billion You heard a reference of Dr Anthony Fauci. He was in the White House briefing room. Yesterday. He said it was liberating to be able to talk about scientific fax of the Corona virus and not worry about political consequences. Today in an interview on CNN, he went a bit further. Did the lack of candor to the lack of facts in some cases over the last year cost lives. You know it very likely. Did you know I don't want that John to be a sound.