35 Burst results for "$60 Billion"
A highlight from Gensler Targets PayPal Stablecoin | SEC vs Crypto
"Let's get into some details today around the SEC and some of their activities here recently, including taking on PayPal and going head -to -head with one of the biggest financial institutions out there. It's going to be a good one. My name is Paul Baron. Welcome back into Tech Path. Before we get started, I want to play a little clip for you from our sponsors, and that is Tangym. If you guys are looking at going into self -custody, this is the way to go. So a lot happening within their new app updates. Some of the things pretty simple, dark mode, of course, yes, but I like the features that we're getting into the concept of doing sorting of your assets. That's a cool feature. The other thing that plays into this hardware wallet is its ease of use, and the app itself along with the three cards, which by the way, if you go over to the Tangym website, we'll go back. So it's going to give you guys the ability to do some cool things within not only securing your wallets, but keeping those backups, all those kind of things. That's the biggest thing around. If you're keeping any of your tokens on exchanges, stop now and get them into a Tangym wallet. All you have to do is click our link down below, and you'll get the 10 % off on the PBN discount. So do that. All right, so I'm going to go over and hit up on a couple of things here. I want to start with the Squawk Box video, and this is about halfway through. I'm going to play this for you guys. This will get into the detail around what we're going to look at in terms of a recession. Listen in. Do you think the Fed is trying to look ahead now and finally trying to anticipate rather than react? Yes, I do, but I listened to Powell's press conference, and I think he's just as confused by all the different data points as everybody else. Maybe that's why he wants to pause, because he doesn't know what to do. Will there be another hike? I have no idea. What would you do? I'd wait. See what the data says. You've already raised rates so much. The other 25 basis points from here is not meaningful. It's more of a messaging. So wait until you have a better clear view. But are you expecting a year from now that he's going to be lowering rates? No, I don't. I don't actually think we're going to ... Unless we have a very bad recession, I don't think we're going to see the Fed lower rates. I think Powell is still petrified of what happened to Volcker in the early 80s. So those folks who are saying, buy bonds right now, buy 10 years, because rates are going to come down. You don't think that's the case? I think that's way too early to make that kind of prediction. I wouldn't be doing that. You think he's terrified of what happened to Volcker when he lowered rates? When he lowered rates and inflation resurged, that would be the worst possible outcome that could happen to the country and for Powell's reputation. I think he lives in more fear of that than a recession. All right. So a couple of things. We covered this on the FOMC meeting the other day, and that was pretty much my take is that even though the pause did occur, I still think there will be another rate hit because of the data that's coming in and causing the confusion by Powell. They don't know how to read what they're coming in. If you think about this, the most massive rate hides we've had in the last two, three decades, obviously a recession looming, if not already here. Some of the worst kind of numbers coming out of different sets of markets, including an 8 % mortgage rate, all of this plays into either a correction or possibly one last little gas to hold it. But I do agree with him. And that is the Steve Ellsman, which is that could Powell go in the direction of holding a pause, going much higher for, and I say much meaning higher for longer, much longer and not reversing rates. If that does happen in 2024, it does mean we are having a recession. Now a couple other people out there that are looking at this is of course, Arthur Hayes, Powell Pivot, slowing down is giving us, I think a better sense of how much we need to do if we need to do more. But every measure of inflation is above the Fed's target of 2 % guess it's time to pump up financial assets. I don't necessarily agree with Arthur right now on this particular point in the sense that I think we're far enough out yet because of the data that continues to pile in the GDP growth. I know the people are looking at the GDP, possibly correcting and jobs numbers finally catching up. But I still think that we are in a position to where until there is real pain and that will most likely come after Q4. If there is real pain, that's when the Fed will act in reference to that. Now with that, you've got of course, some pretty big things happening in Japan now approving $110 billion in stimulus packages to fight the inflation situation. Of course, if we follow the track of what's happening in Japan with this hyperinflation potential risk, then yeah, you're going to see that. But the question is right now, is it the time? And I still think that Powell's got another 25 basis points in there and to Steve's point is that it's going to be a messaging thing that will help keep the markets in check. Because if we do get a research on inflation to his point, he definitely does not want that to happen because that could really set things into a motion that is almost, maybe could take multiple years to correct. So there's a lot happening right now. Now moving over to PayPal, PayPal received a subpoena regarding its $156 million market cap stable coin, which is PYUSD, which covered this. If you don't know much about that stable coin, go back to our video and watch PayPal stable coin launch. It's a big deal because this I think is good for PayPal in the sense of becoming the next generation financial tool. The interesting thing, and I'll show you guys some things about this in a little bit. The interesting question here is why the SEC went after PayPal. Now there are some things around this that is kind of unique of whether or not the SEC thinks they have a position or there are some other scenarios that are playing out this from a political point of view. I won't get into playing favorites, but we know Gensler. I think everybody kind of understands what's been happening further. So I'd love to kind of get your feedback on where this is going. From the article, it says significant development, obviously pioneering the move in August. This is when the PayPal introduced the stable coin. And they're really kind of the first, I think the first giant that has been hit. Now remember, this is a subpoena, it's not an action. So we haven't seen a Wells notice, things like that all coming out. So PayPal issued some more information, the digital giant obviously is prohibited from allowing new customers to buy new crypto assets, expanding its current offering crypto assets and operating an automated process and exchange crypto assets for money without FTA's approval. So that's something there. October 31st, before PayPal's SEC subpoena, the UK Treasury published a proposal to integrate crypto activities into the financial services regulation. Remember what's happening in Mika within the EU and now the UK also moving active. PayPal's PYUSD and ERC -20 token issued on ETH of course. And then during this, the SEC subpoena indicates the road to achieving this objective is fraught with regulatory obligations. This of course has been Gensler's argument all along is that everything's a security, including your Pokemon cards. So I think it's just a situation where they're firing some stuff across the bow here. We'll see how it goes. I want to go over to a tweet real quick. This is kind of just John Deaton chiming in on this. Under Gary Gensler, will not stop at trying to take down anyone who adopts blockchain technology to give their business a competitive advantage in financial space. And now he's going after PayPal. This is a good statement by John because he's right in the sense that anybody that is really starting to move in this direction. The interesting thing though is we are on, I think, the doorstep of some major financial institutions moving in this direction. Now why has Fidelity not been approached yet? Obviously one of the biggest, I think, out there in terms of digital assets from the mainstream financial asset managers. And then you've got the potential of what will happen when we get a Bitcoin ETF and possibly going into other ETFs, things like Ethereum and even the other assets going in that. So it's going to be a very interesting year, I think, coming up. Just as a note here, US SEC messed up in handling the contentious crypto accounting bulletin. This is a deal that happened earlier this week. The SEC was out of bounds when it issued the controversial staff accounting bulletin. A little bit about that. The guidance, which is the industry threatens to crypto investors the ability to find safe harbors in their assets should have been treated as a formal rule. And of course, this is the GEO included a report on Tuesday. And the accounting bulletin should have gone through a different process, which is really going through Congress. That's what it boils down to. And the SEC in their beautiful architecture of overreach, they do it again. And of course, they get into a little bit of a match with McHenry and Lummis. This is of course, Chair McHenry responding to this. He simply says the rule would impose massive new requirements on financial institutions and other firms to place digital assets on their balance sheets as a liability with a corresponding asset. So this gets back to this whole accounting rule. And then ultimately, this would deter institutions and firms from offering custodial services, which is a huge one, denying Americans access to safe and secure custody of their assets. This is a problem because this could even go into the big ones, such as a Fidelity who already does this with Ethereum. And right now the bulletin has massive implications and the SEC should have received feedback from the federal banking regulators and public before implementing a legally binding directive. This came from Lummis. So we're aware we don't really know which way Lummis is leaning yet, just because she's kind of been back and forth. Maybe she got baited into this little thing with the Hamas scenario, but the fact that she is defending is showing something. This sets an incredibly dangerous precedent. I plan to use Congressional Review Act to block this rule in the coming weeks. So there's some big actions right now in D .C. about this. Another thing here, this came from Deaton. It's a clear statement of a federal agency that the SEC broke the law. Ever since the Ripple lawsuit, SEC has consistently not followed the law, they don't care. Not only are they hypocrites, but they also lack a faithful allegiance to the law. And the SEC does more to hurt the investors than it does to protect investors. I would agree with that. Now granted, the SEC is in full tilt against crypto right now. If you look at what they've done here with Safemoon, and granted, this is kind of low hanging fruit. If you're going to go after the scammers, go, yeah, of course, get the scammers. And this is one that did happen. Safemoon crypto and token executives now were arrested and charged with fraud. So this is at least what they're supposed to be doing. The only problem is they're going after real companies who are running real businesses in causing a lot of mismanagement, I think, of the asset. Sometimes I wonder if the SEC is doing this more out of an idea of just detract and defend, create noise over here, nothing to see here kind of thing. I don't know. It's a very interesting situation right now. But the charges in the company's orchestration of a massive fraudulent scheme through unregistered sale of crypto assets and security Safemoon, additionally, the SEC charges the firm the misappropriated investor funds for personal use. So those are typical things that are happening, not just in crypto, but in any kind of company, including VCs, private equity, independent angel rounds, all those kinds of things. All this happens in any federal regulated fundraising. These kind of things happen. And that's what the SEC is for. It is supposed to do those kinds of things. Onto some other news here is MicroStrategy stocks, their advantage over the planned spot Bitcoin ETF. This is something that Saylor is talking about. I don't know. I would love to get your input on this. I'll reserve for some of you guys, you can drop some comments down here before I kind of go in this direction. But basically Saylor is saying that the MicroStrategy stock offers a way to get Bitcoin exposure with the benefits such funds won't offer, such as an ETF. Further in the article, here is some explanation here. Spot ETF would charge investors a material amount, which will dilute returns meaningfully over the time. Why would someone, a prudent investor, want to give up such a large portion? I don't know that that's a large portion. We've shown some of the fees that have been proposed. They're not super expensive compared to that. From a standpoint of intrinsic value, any downside move in Bitcoin will be partially offset by the stability of the underlying asset. So spot ETFs offer no such protection. But you also have to think about the fact that MicroStrategy itself, the stock, could also take a deviation and market correction. So there's kind of a, I don't know, I'd love to get your feedback on which way you would play it. I'm looking at this from an ETF standpoint. I think that's going to be the route that people will take. Could people say, no, I'm going to play this direction, you know, with MicroStrategy? But hey, listen, it's an interesting argument. Always love to kind of get feedback across our channel. So drop some comments down below. Here was James Lavish talking about this. Institutional investors who were once worried about career risk for owning Bitcoin now are beginning to worry about career risk for not owning it and wondering when Gensler is going to finally approve the spot ETFs for them. I think this is an interesting thing. Just as a reminder, with this subpoena against PayPal, this is PayPal's current market cap right there at $60 billion. This would be one of the largest companies approached by the SEC for these kind of activities. Let's compare them. There's Goldman, $100 billion, and here's Coinbase at $20 billion. Coinbase, plenty of time to go head to head. PayPal is three times that size at a heavily deflated value. Just if you go back to the PayPal numbers and you go to the, let's just go to the max. Look at the deflated value of PayPal. These are the reasons that PayPal is going into alternative product and financial services products out there. So this is something, this company at one time was worth three, almost four times that. So this is a big one for sure that the SEC is about to take. All right, guys, if you are listening in over the podcast, get over here on the YouTube channel, it's the best place to catch all this content, unless of course you are going to join the Diamond Circle. That's where you're going to get additional content. We do another podcast over there. I also do some shows over there that we don't put here on the YouTube channel. So check it out, click into the Diamond Circle down below. And of course, if you want to catch me out there on X, it's at Paul Baron. We'll catch you next time right here on Tech Path.
A highlight from UNCHAINED: With Execs Leaving and Market Share Declining, Can Binance Survive?
"This is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. Binance US, obviously the first thing on their mind is sort of trying to fight the SEC and figure out a way forward. I mean, there is a world where Binance can exist where it's not quite as big as it was before. Hi, everyone. Welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor at Forbes, I was the first mainstream media reporter to pick up a cryptocurrency full -time. This is the September 15th, 2023 episode of Unchained. Today's episode is brought to you by Overtime Markets, your premier Web3 sportsbook. The innovative protocol is changing the game one match at a time. Powered by fails, explore more at OvertimeMarkets .xyz. Arbitrum's leading Layer 2 scaling solution offers you ultra -cheap and lightning -fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. With the Crypto .com app, you can buy, trade, and spend crypto in one place. Download and get $25 with the code LAURA. Link in the description. Today's guest is Stephen Ehrlich, editor of Forbes Crypto Asset and Blockchain Advisor and director of research at Forbes Crypto. Welcome, Stephen. Thanks, Laura. Thanks for having me. Just a heads up, everyone. I have a sore throat, in case you can't tell. So you might hear a slightly scratchier voice from me today. There have been a number of news events related to Binance over the last several months, to the point where there are now a number of questions swirling around the exchange in its future about potential regulatory and possibly even criminal actions against the exchange and its founders. And then, of course, what all of this could mean for the crypto industry if the exchange that has been the biggest crypto exchange for the last six years either falls or at the very least loses its top spot. So, Stephen, can you start by giving us kind of the main events or highlights of what has been happening with Binance over the last several months, including, you know, another big, you know, event this week that have brought Binance to really what feels like an existential point in its story? Sure. How much time do you have? Because I think this is just a 30 -minute show. But no, I mean, in crypto, we kind of feel like every day is a week, every week is a year, every year is a decade. And for Binance, there's been no shortage of big news. When FTX collapsed in November sort and of left CZ as like the big 800 -pound gorilla that really was kind of lording over all of crypto, there were a lot of thoughts that, hey, maybe this is Binance's moment. It was already the biggest exchange in the world by a large margin, and it just became so much bigger and even more systemically significant. It's been a very difficult year for Binance. I mean, just beginning with the fact that in the 60 days post collapse of FTX, more than $12 billion worth of customer deposits left the exchange. A colleague of mine, our terrific Director of Data and Analytics, Javier Paz, put together a report just talking about these massive investor outflows that Binance has really worked to try to stem ever since. I mean, then the hits kind of kept coming. I believe it was in February that the New York Department of Financial Services forced Paxos, which was the issue of Binance's stablecoin, BUSD, which at one point I believe reached over $20 billion in market cap and was seen as a legitimate competitor to Circle's USDC and the biggest stablecoin of all, Tether, which has a market cap of $83, $84 billion or so. But DFS forced them to with something that came out of the SEC as well. And that was a really big hit for Binance. It might not have been quite as flashy as the suits from the CFTC and SEC that came in later. But if you're just talking about dollar terms and financial impact, it was massive because Binance was really trying to make BUSD the biggest stablecoin in the world. They had incentives to encourage trading with BUSD. And in particular, think about what people do. And obviously, Lara, you know this and many people in your audience do as well. When you have $20 billion or $40 billion or $80 billion in cash, you can invest it in treasuries or money markets that are paying 5 % annual returns. And that's an incredible amount of money that you can make virtually risk -free, especially in a market like today where trading volumes are dwindling, reserves are dwindling. It's a really nice way to sort of supplement assets. So, that's one thing that happened. In March, the CFTC sued Binance for a suite of charges. A lot of it stemmed from the CFTC's allegations that Binance was operating as an FCM, a futures commodity merchant, basically saying that they're offering options and futures contracts at various digital assets without registering with the agency, which is required to do in the United States. And then in particular, and this much like the SEC's suit, which came out in June, they both talked about efforts Binance went to not only let US customers participate on the exchange, but actually help them find ways to get around geo -blocking activities that they put in to make sure that the best customers could still trade on the exchange. So, there's the CFTC lawsuit in March. There is the SEC lawsuit that came in June. There are rumors that the DOJ is investigating Binance and they would bring criminal charges. CFTC and SEC are sort of civil endeavors, which would kind of lead to fines and maybe bars from trading and certain activities. But obviously, DOJ could bring criminal penalties if they bring such charges and are able to get CZ into custody. And then, I mean, there's other aspects too as well. I mean, Binance has been losing payment and the banking partners around the world. Binance US in June had to become a crypto -only exchange because they lost their banking partners in the US, so they couldn't handle US dollars anymore. They lost their auditor in January. And then on top of that too, just a wave of executive departures going from the C -suite to country managers. So, this is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. It's really been just an onslaught of bad news after bad news. I mean, there's been a few glimmers of new product initiatives and things like that. But a few other steps I want to throw in there are that spot volumes, like in terms of its market share, it had about 60 % of all crypto exchange volume market share at the beginning of the year. Now, for the last few months, it's been at 45%. And they laid off a thousand people. And then actually, let's also now mention the executive departure this week that was at Binance US. Tell us about that. Right. So, Binance, as you rightfully said, has been losing market share. They remained the largest crypto exchange in the world, but they are losing market share in this dwindling market. I actually believe the latest numbers that came out from CC Data put Binance's spot market share at least at around 37%, 38%. And if you're just looking at their spot volumes, I mean, they were comfortably still above $20 billion daily, even at the beginning of the year. Now, it's down to about $5 billion. At the peak 2021, it was over $60 billion. So, I mean, just think about exchanges make money by taking small cuts of every exchange. And if your volume goes down 80 % or whatever, I mean, that's money that you're no longer getting. And obviously, that's very consequential. And then with the executive departures, as you said, that's something that I know CZ has tried to gloss over. I know when we've reached out to some of the departed executives and they've either responded to us or to just public Twitter postings, et cetera. I mean, they kind of said things like, we want to take care of our family, the time is right. There was no acrimony involved, so on and so forth. But at some point, all of this takes a toll. And at least with regards to Binance US, which is the US I think franchise is the term that they like to use for that particular exchange, they're in a very tenuous situation right here. I mean, even before, and I'll talk about Brian Schroeder's departure in a second. I believe right now, I just checked the numbers before we recorded this, they're averaging about 20 million, not billion, not 200 million, but $20 million a day in transaction value. 10 million of which is Bitcoin. I believe that I think they charge something like 10 basis points per trade. So if you think about that, like 20 million times 0 .1, I'm not really good at doing math in my head. I use a calculator for that despite the fact that I'm a financial journalist, but you can just think about how little money that actually is coming in. And then obviously since Binance US was created in 2019, there's always been issues and questions about its independence from the larger exchange and would it actually be able to find that sweet spot of separating itself in the eyes of regulators while maintaining the super sauce that is made by Binance, a love brand by many customers. And they've gone through three CEOs at this point, Brian Schroeder just resigned. I was speaking with some sources familiar with Binance US and I was basically told that this was not a planned departure, that the 100 person layoff was, but the removal of CEO Brian Schroeder, the exit of him was not. I've also been told that it's important to kind of keep an eye off some of his key lieutenants now, because remember when he joined, one of the first things that he did was raise a $200 million actually seed round at a $4 .5 billion valuation. That's something Brian Brooks, his predecessor had wanted to, but he wasn't able to finish it. Brian Schroeder did. And then for part of that, that kind of saw Binance US as a growth company, he brought in some key lieutenants, chief legal officers, chief risk officers. And I think that now that Binance US is kind of moving away from obviously growth, like any exchange to sort of conservation, it's important to look at some people he brought in and they may be looking to leave. And actually one of the sources I was speaking with told me that their chief risk officer is Sydney Majala, and I want to look at my notes to make sure I don't get the names wrong, and head of legal, Krishna Jubelty, have actually emails that have been sent to them by some of the other rank and file, have started to bounce back. So I don't know if that necessarily means that they may have already left, but it certainly, I think it's important to, now that Brian has gone, see if some of people that he brought in after he raised this big round with a lot of high expectations, if they are going to follow suit. In a moment, we're going to talk about some of the potential regulatory or potentially even criminal actions against Binance and its executives. But first, a quick word from the sponsors who make this show possible.
A highlight from MONEY REIMAGINED: US Court Challenges SEC, Fuels Financial Evolution & FX Market's Next Phase
"You're listening to Coindesk's Money Reimagined with Michael Casey and Sheila Warren. Hello and welcome to Money Reimagined. I'm Sheila Warren. I'm solo today, but a reminder you can listen to us weekly and you'll catch me and Michael next week on the Coindesk Podcast Network or wherever you get your podcasts. And we'd love to hear from you. Tell us what you think by emailing us at podcasts at coindesk .com, subject line Money Reimagined. It's a big news day, as every day is here in the crypto universe. Today, we woke up to the news that a U .S. court ordered the SEC to vacate its rejection of Grayscale's bid to convert its Bitcoin trust into an ETF. Now, we're not going to get technical about what this exactly means. We'll have an episode on the SEC coming up in a couple of weeks. But the point here is that the U .S. may be about to get its very first spot Bitcoin ETF. And this is a big deal. It's a big deal in part because other countries are way ahead of us on this, as they are in many other areas that involve crypto and crypto regulation. But the door is now open for a spot Bitcoin ETF in the United States. Advocates have argued for a long time that this particular type of product would enable a bigger swath of the public to invest in Bitcoin without having to go through the hassle, which it still is a hassle to this day, unfortunately, of buying it directly or of dealing with potential issues like picking the wrong custody provider who may not survive, as an example. The SEC has systematically disapproved every single ETF application it's gotten to date. But a new swath of applicants we expect to burst in and try to get into this market. I'm joined today by our guest, Alex McDougall, who is the CEO of Stable Corp, which is a Canadian -based company that's created the Canadian dollar -backed Stablecoin, the first one on the market. But Alex, I'd love to bring you in today to just chat quickly. You're Canadian and you're HQ'd in Canada. And of course, Canada has had an ETF for quite a long time. In fact, as I recall, we actually had 3IQ CEO Fred on, I'm looking this up, two years ago now. So two years ago, Canada already had Bitcoin ETFs on the market. How has that developed over course of time? And what do you make of the fact that we are so into the game here in the US, but finally on the scoreboard? Absolutely. Sheila, thanks a ton for having me. Really appreciate it. I'm always a big fan of the pod. It's such an interesting kind of history repeats itself, right? And especially now that today is not an announcement of a Bitcoin ETF. It's an announcement of a potential undoing of a bad announcement that was a roadblock to potential ETF, circle, circle, circle. And that's not actually that dissimilar from how the Canadian ETFs came about. And you'd mentioned Fred Pye and 3IQ, and they actually fought a landmark battle with maybe more of a collaborative Canadian battle. Yes, a mediated battle. A friendly battle. A light arm wrestle. Yes, there it is. With the Ontario Securities Commission back in 2019, around their closed -end fund, which was sort of a more public version of the Grayscale Bitcoin Trust traded on the TSX. But they ended up having to go to court and effectively challenge the ruling and have their day in court. And it forced the discussion of why this was or was not in the best public interest. And ultimately, 3IQ won. The arguments that the regulator put forth weren't necessarily accepted, and 3IQ got to launch their product. And it was really the ETFs that came about on the heels of that almost two years later. But that was actually one of the things that caused the Grayscale NAV discount in the first place when there was a way to get out of these at par. And so I feel like that whole sort of launch of the publicly traded funds has been lost to the sands of time a little bit in Canada. And we've been chugging along for years with our spot ETFs. And it's really interesting to see the evolution of just how highly leveraged this type of news is. I mean, you saw the reaction in the price, the reaction in the Grayscale discount, the reaction in Coinbase stock, from just these tiny little bits of news that sort of drip out. And you can tell how important this is to the market. Definitely. I was joking with someone the other day that if you were to make sports analogies and compare countries, other countries, almost every other country, it's kind of like big point totals. It's low point totals, but like big point moves, right? So it's more like American football. You get a line in here the U S it's like basketball. It's like just two points, two points, two points, two points. Right. And it's just like a constant flood of news, all of which is like moving incrementally, incrementally, incrementally, you know, and it's so exhausting. Like, uh, like soccer where each two points is covered, like the most defining thing. Yeah, there it is. Right. Exactly. Those two points are not moving at that because there's so many of them, you know, it goes back and forth and you don't really know who's going to win until the very end. Right. Whereas in other sports, it's like, you kind of have a sense around halftime of where it's going to go. So look, the excitement never ends. Um, this is definitely a very positive move today on behalf of Bitcoin, certainly. And again, to your point, you're seeing that in the market already, but also just in general, the idea of being able to offer products that are more geared towards consumers who don't have the ability or the desire or, you know, any, any sort of, um, whatever, whatever it might be for whatever reason, don't really want to engage directly with the asset, but want to have access to it. And so that of course is what these markets are about, but yeah. And I think so much of it is just, you know, we, we as digital asset folks spend so much time 10 years down the line in this like cryptopia of, you know, everybody's going to be on the same standard and we're going to have all this completely free money movement around the world. And so little time necessarily on sort of building the bridges to get there. And, um, you know, obviously the ETF is sort of wrapping a brand new type of asset and an old type of asset, but I think more, more so, and you see, you, you hear critics say that sometime, but more so it gives you sort of built -in access to traditional types of financial solutions, securities lending, collateralization, where you don't have to, you know, with existing custodians, it's all of those sort of bridge building techniques to where, you know, we can build out the user experience to where it's easy to hold, you know, native Bitcoin. And we have all of that stuff that's built down the line. It really is sort of a bridge backwards to bring people along as much as it is like, Oh, this is how Bitcoin is always going to be is, you know, this wrapped Bitcoin in ETF. It's super important. If the goal is adoption or engagement. I mean, this is one of the most dramatic moves that could be made forward here in the United States. And again, it's not as if we have to, we're not Yolo -ing it here. I mean, there are, you know, multiple years of not just in Canada, but certainly our neighbor to the North has been engaging in this product offering for some time, right. At a minimum two years now. So, uh, so we have a lot of kind of, uh, a trajectory of how this might play and how it might go into your point. It's now just kind of like ordinary boring offering in Canada. It's not like this. It's a Armageddon up there. Right. Right. So hopefully we will get to a place where this is also very normal and it's just another thing on the market and you can make your choices and you have a panoply of options, you know, as will be the case. Okay. So thanks for spending some time with me on that today, as usual, we don't always predict when these things happen, but it's so helpful to have you on the chat about this and typically the comparison with Canada, but let's shift gears into what we actually were intending to talk about today, uh, which is, so you recently wrote a post, uh, it's called the seven defining opportunities and on -chain FX. And Michael and I both found this actually very interesting. And maybe what I'll do is just have you, well, first of all, what I would love to have you do is just explain to our listeners, many of whom are not necessarily sophisticated financial actors, you know, what an FX market is, why it matters, and then your observation and maybe walk us through the general thesis of your, of this post, which we'll link to in the show notes. Amazing. Yeah, absolutely. And this really came about, uh, in, in collaboration with, you know, our partners at circle, uh, with Cumberland, um, who's, who's taken a very active position on, on non us dollar stable coins and Zodiac markets side, who's the exchange that's, that's run by standard charter. We started to talk about this a little bit more and more as, you know, some of the deeper seated challenges with stable coins and global flow of assets became more and more prevalent. I mean, you know, 60 % of the global foreign reserves are in us dollars, you know, a number that's slowly, uh, the declining over time, you know, 99 .9 % of the, uh, the global stable coin dollars are denominated in us dollars. And there's this natural drift towards sort of a proliferation of currencies around, you know, even just the use cases of today within the digital asset land, let alone, you know, the use cases of the next billion users and a lot of this, you know, payments and international money movements and things like that. But the FX market is fascinating. It's sort of like the tectonic plates of financing and almost every transaction that you do has an FX transaction baked somewhere into it. And whether it's, you know, a derivative transaction, whether it's actually settled, whether it's through an intermediary, like, you know, buying a daiquiri in Vegas was as a Canadian, or it's, you know, these, these gigantic sort of OTC desks that are trading billions of dollars of Japanese yen for Canadian dollars or us dollars, you know, it traded seven and a half trillion dollars a day. It's one of the most liquid efficient price markets, but there's no central body and there's no exchange. There's no nicey for FX. It's all of these sort of mechanisms that have developed over hundreds and hundreds and hundreds of years. Um, that makes it this really fascinating centralized market, but we've sort of run into some places where it can no longer evolve with the state of current trend, traditional finance infrastructure. And so a lot of the points of this paper is, where do we run into walls? What have we sort of fake evolved in TradFi? And then where are we really looking? Like, what can we do with crypto? What can we do with instant settlement? How does sort of T plus zero or T plus instant really change the game? Um, and where doesn't it as well? So that's just as important as like, again, the Cryptopia side, um, how do we build bridges from today to get there? And that's really sort of the point of the paper. So foreign exchange markets, FX markets are already fairly efficient and they are to your point, one of the most liquid markets that exist in the world. Um, but the premise of your paper really is that even in such a market, you can still, there are still challenges that exist. There are still challenges in that market and that blockchain technology and things like Sablecoins can actually really address some of those challenges and make this already well -functioning market even more high functioning. So A, why is that desirable? Like, why is this an important problem? I guess we're just kind of out there. And second, what are those challenges and how specifically can digital assets and the kind of underlying technology that they're based upon help? Yeah, absolutely. FX is an extremely efficient market in terms of pricing. You know, people have been trying to arbitrage the FX market for years and years and years, and they're excellent at doing it on fractions of bits. So setting aside the opportunity and arbitrage as FX moves on chain, which is going to be generational, it's really efficient if you're actually accessing the core FX market. If you're one of the 70 international FX brokers who has access to the continuously linked settlement system, great. You're settling in as close to real -time as possible, which is another challenge. You're paying fractions of a bit. You're doing great. If, back to my example of me as a Canadian going down to Vegas, I'm not paying fractions of a bit when I tap my MasterCard, I'm paying 4%, 5%, 6%. And that's because it's so disintermediated and there's no connective fabric between that core underlying market and me as an actual consumer. Even when I'm paying cross -border payments to settle bills as a small business, I'm still paying 3 % or 4 % or 5%. And that gets even worse when you're looking at students coming to Canada to study abroad, trying to set up an international bank account, trying to fund tuition or things like that with wire payments. They're routinely looking in the 6%, 7%, or 8 % plus wire fees, plus time to set up international KYC challenges. It's a very efficient market except for who it's not efficient for. And it's one of the most valuable markets in terms of fees in the entire world. And the second piece to that, even for those incredibly large, sophisticated global enterprises, they're still limited by the banking hours in each country. And so there's a chart in the paper that looks like the craziest Gantt chart you've ever seen, which is trying to map the overlaps of the Japanese banking system and New York and China and all of these different places. And if you want to send any kind of real -time payments, your window to trigger those is, it could be two in the morning. It really is challenging from that perspective. And the G20, and the last piece I'll say on this, the G20 identified this as a big problem two or three years ago with extending those banking hours being sort of the number one thing they were focused on. And then they came out with a report a couple of years later that it would take extreme costs and permanently elevated cost bases and a lot of infrastructure and basically threw their hands up and said, it's really challenging to extend our TGS. And that's some of those walls that we've run into today where it works. We've solved settlement risk to a certain extent, large organizations can get money around in two or three days potentially, but there's almost a blocker of further evolution. And that's really where blockchain settlement comes in, because it can be a rip and replace of all of this antiquated cross -border correspondent banking system with a digital wallet that can hold all of these currencies, a public blockchain that can settle and manage the swaps, and then a whole infrastructure of liquidity providers, exchanges, decentralized exchanges that sort of already exists out of the box to manage and replicate a lot of that. So let's talk about the role you see of stablecoin in FX markets in general, but also in real -time settlement, like all these different places that you kind of either alluded to or talked about directly. So, I mean, I think stablecoins or digital dollars or whatever, sort of the next generation of vernacular, that's where we're moving away from the stablecoin piece too. Is it stable? Is it a coin? And that's maybe a good place to start, right? Because we've sort of lumped stablecoins all in together with the algorithmic ones, the crypto collateralized ones, the fiat backed ones, the gold backed ones. And that's fine as we're creating a new experiment essentially, but now that we're ready for prime time with some of these instruments, then there needs to be sort of a separation between the experimental ones and the ones that are truly ready to evolve and reach this global scale. And I think oftentimes we've completely blown the marketing on stablecoins where we should have positioned it as this is a better version of PayPal. This is a FinTech evolution instead of, hey, this is a less crazy version of Bitcoin, which is kind of the middle ground that we're stuck in today. Don't get me wrong. There's a ton of interesting value in experimenting with new forms of money, new forms stability, new forms of decentralized governance for coins, all of that stuff. But there needs to be guard rails around that such that it doesn't go to 60 billion and then down to no billion, specifically to your points around where stablecoins sort of fit in all of this. They effectively give you the ability to leverage these brand new rails that can chop out the trillion dollars of friction costs that sits in our kind of international correspondent banking system today. And so it's our job as issuers and also the Web3 builders to create all this connected fabric. It's our job to make as little friction and risk as possible between a Canadian dollar that you're used to and that lives in a bank or on your debit card or whatever, and a digital representation of that dollar. And so the global regulatory environments, and this is one of the pieces we talk about in the paper of sort of this slow grinding consensus of monoculture on how regulation should fit there, which we're getting towards slowly. Again, it's a lot of those viewpoint layups. Europe's getting towards it fast. That's true. They're playing hockey. We're playing basketball.
A highlight from MASSIVE ADA FUD Will Cardano Survive?
"Yeah, I love me some Ada, but dude is like a bit like Calculon from Futurama with the dramatic pause. No, this is gas. I'm burpee. Burpee here, folks. That's all. 2 ,900 % price increase if history repeats itself. I think they're talking about going from what, like $0 .02 to $3, I think. Okay, so talking about, yeah, when they trade between $0 .10 and $0 .02 days for $665 before seeing basically a 3 ,000 % price surge. I don't think we're going to get a 3 ,000 % price surge, though. I think we might get, I think we get a 10x from here for, I don't want to say for sure, but you know, I think we get above $3 for Cardano. Chat, tell me your Cardano top prediction. I think we've talked about it before. You're coming in at what, $7 or so? Well, at $7 this year, so at $7, it would have to hit, I'm pulling it up right now, so it'd have to hit a $250 billion market cap as the market sits right now. Yeah, and it'd be a little bit more tokens released. There are inflation rates, 4 -ish, 5 -ish percent. And around $250 billion is where Ethereum sits right now. So it's not really out of the question for Cardano to, you know, 24x, in my opinion, from right now. It kind of looks the same as what it did last cycle. It sat flat. A lot of people thought it was gone when it was sitting at $0 .02 and it had previously hit $1 .20, you know, and then it came back and ripped face off. It hit a new higher high. So I mean, it's nothing that I'm going to be missing in the next bull market. And that's one of the ones that's on kind of my list of what I might be aping into. It's just a matter of if we're going to hit that $25 spot or not on Bitcoin. But Cardano and then a litany of other... $7 .32, $8 .76, $4 .50, $7 -10, $10, $10, $3, $4 .69, lucky number seven. Okay, $0 .22. Someone's going the wrong direction. And $280 billion market cap. All right. But there's a little bit of also bullish news here with Cardano, part of the firm. There have been back to back weeks with over $67 billion in Cardano transaction volume. This is the highest level since September of 2021. Anytime I see a metric that is measured in some sort of not round number like $67 billion, it makes me think of when you're watching Sports Center and they're like this national league pitcher, when he pitches on a Tuesday and it's raining and they're west of the Mississippi and his opponent's name starts with the letter M, he has a $5 and you're like, what's even real at this point? Like, are we just crafting narratives? And so, you know, if you move it to $68 billion, probably different. I don't know why they didn't choose $69 billion or $60 billion or $70 billion. And so, you know, although it's pretty good, we haven't seen volume like this in years, September 21. So let's talk about Chucky though. Chucky, he likes to Falcon. He likes to go in deep sea excursions for meteorites. And I think he's going to be a rare Evo. Shout out to the rare Evo team. We're going to, it used to be rare Bloom. We're going to be at rare Evo. We're going to do a live ATB episode. I know Ben's going to shoot some content out there from, we're going to be out at the podcast booth. So yeah, shout out to all the people in Denver. I'm going to Meow Wolf and Casa Bonita. Oh, you are going to Casa. What'd you get the lottery? Did you, did they accept you into the lottery? So that's no longer a thing. That was like, just what they did, like a limited open and then they they've reopened since. Okay. And so that was for the limited time. Okay. All right, Charles, they're actually about to like open up for lunch and stuff or yeah, they're expanding Casa Bonita. I've never been. It's amazing. I'm looking forward to it. Everything that it's, we did rewatch the South Park episode. It was pretty funny. All right. Charles Hoskinson reacts to criticism. Cardano is here to stay. Let's see, as it happens, he addressed the attacks on Cardano, particularly the proclamations of its death or relevance or failure by the venture capital coins, crypto media, or the maxi crowd telling them Cardano is here to stay in his ex post shared yesterday.
Koch Brothers Foundation Shocks Conservatives by Going Left
"There's a fascinating article American mind called new Coke. You may or may not remember this. Do you remember how the Koch brothers were vilified for years in 2012, 13 or 14? They were targets of every possible vector of attack because they were billionaire oligarchs that wanted the control our society. And the Koch brothers were criticized, they were attacked, they were scrutinized. They were vilified in dramatic ways. You see, the Koch brothers, they put hundreds of millions of dollars into these causes, mostly under economic liberty, economic freedom campaign. But now there's a new article. New Coke, a foundation veers left. You see, David Koch passed away, Charles Koch, who is worth how much is Charles Koch work, like a $120 billion, one of the wealthiest people on the planet. 59 billion, only 59 billion. But yeah, 59 billion. And Julia Koch, who is the heir to David Koch's fortune is worth $60 billion who passed away. They made a decision to now become left wing to become liberal ish. The article in American mind dot com says Coke's rhetorical shift is easy to document. They no longer talk about economic freedom. They represent a true change in values and priorities, not merely a new outreach strategy. They no longer talk about economic freedom. They now talk about racial justice. They talk about social justice. This used to be one of the biggest financers of the American right. Yes, from a libertarian perspective, but they're not even doing that anymore. Now from a, they are just talking about watered down social just woke you. What I'm getting at here is the left will nonstop blitzkrieg and what Coke has decided to do with the Koch brothers not Coca-Cola. Kos, the Coke is the side of the do is just become liberal light.
Rep. Andrew Clyde: Supporting McCarthy’s Debt-Limit Plan
"Good, and I understand, you know, granted, we are going to have to raise it a smidge, but it looks as though in the great scheme of things that there are measures in place to stop this out of control spending. Where do we stand on all of this right now? Well, I would absolutely agree with chairman Scott Perry. You know, I'm a proud member of the freedom caucus too. And we worked on this and have been working on this for quite a few months. And I think the plan that has come together is a very good plan. It does raise the debt feeling a smidge as it is necessary to do that. But you have some tremendous aspects of this limit save and grow act of 2023. I mean, it puts our spending for 2024 back down to the FY 22 level, stays a $130 billion off the top right there. And then it caps it at 1% annual growth for the next ten years. That is amazing. Just to be able to do that, the whole package there is like $3.6 trillion in savings. But I'm more concerned about what are we saving this coming fiscal year. That's what is really the important thing because Congress is famous for creating a plan that you have the savings in year 9 and ten and nobody ever sees that. And that's not what this is. It reclaims the unspent COVID funds about 60 billion. It defunds the IRS's army about 71 billion in immediate savings and then you have the Green New Deal tax credits that it eliminates from the IRA from the inflation reduction act, and then it eliminates the student loan giveaway, which is a 400 and about $65 billion in media savings. And these are great things and I'm going to support this plan. Well,
New York Community Bank agrees to buy a large portion of Signature Bank
"The third largest bank failure in U.S. history signature bank is being bought by New York community bank, as investors either fed to see what they will do about interest rates. The FDIC said over the weekend, signature banks 40 former branches would become flagged or bank a subsidiary of New York community bank. Not all of signatures assets are being transferred about 60 billion in loans would remain under receivership to be sold off. The FDIC is also attempting to auction off what's left of Silicon Valley bank, the second largest U.S. failure. The deposit insurance fund is paid for by assessments on banks not taxpayers. Meanwhile on Wednesday, investors will be looking at whether the fed raises interest rates another quarter point or
$60 Billion in COVID Fraud? Try $4 Trillion
"60 billion in COVID fraud they write triforce trillion And this is what the party of the left and many of the rhinos this is where they drag us and take us And this is why there is now resistance in the house among conservatives and hopefully the majority To keep paying for this stuff we don't even know where this money is As auditors and congressional investigators try to figure out just how much federal COVID relief went to fraudsters They're missing the trillions Trillions of dollars in fraud committed by the federal government itself In a war that had no chance of winning Last week the government accountability office reported that fraudsters took about 60 billion in unemployment checks That's on top of the tens of billions in fraudulent claims made through the paycheck protection program that tens of billions handed out through a small business administration program and on and on So you might wonder where's the FBI They are vigorously chasing down people all over the country who were parading on the lawn of the capitol building They're busy chasing down Racists Who aren't white Cops 5 black cops who killed a black young man They have the civil rights division looking into this This Wednesday the House committee on oversight and accountability will hold a hearing to investigate rampant waste of taxpayer dollars Representative James comer the chamber of the committee said we owe it to Americans I like this guy comer a lot To identify how hundreds of billions of taxpayer dollars spent under the guise of pandemic relief for lost to waste fraud abuse and mismanagement
"$60 billion" Discussed on Bloomberg Radio New York
"Daybreak, Asia. Okay, it's just going to 5 minutes off the top of the hour. We're going to talk imagine Indonesia turning deadly and growing concerns of Vladimir Putin might use it in nukes. So over Ukraine, he tells coming now from Denise Pellegrini in the blue mignon. Yeah, thank you Rashad and president Putin and Russia said just about as much about nuclear weapons in that speech he gave Friday very fiery speech there got a lot of attention. We had Russian military losses over the weekend though, and that hasn't been the headlights and former CIA director David Petraeus says Putin's referendums and pretending to control territory won't really help him much. No amount of shambolic mobilization, which is the only way to describe it. No amount of annexation, no amount of even veiled nuclear threats can actually get him out of this particular situation. And Petraeus there on ABC this week hurt here on Bloomberg radio. Ukraine over the weekend did take back the key hub of Lyman and Russia attacked Ukrainian president Vladimir zelensky's hometown with suicide drones. In Indonesia, vigil held for the more than a 130 people killed in a stampede at a soccer stadium, countries president has ordered all soccer games suspended pending an investigation there. Florida floodwaters receding but hurricane Ian damage estimates are rising. We watched everything just for flying by with us so much at this point. And is shocked people like that man emotionally assess the damage one estimate from Karen Clark and company says ensures could be on the hook for more than $60 billion making it the most expensive storm in Florida ever. Election results coming in in Brazil a lot of college students saying they voted for former president and left Wing Chun, or Louisiana Lula da Silva. Brazil be wood in the future. Boson arrow is August to democracy. And it appears to be working because now with about two thirds of the vote section counted current president jair Bolsonaro is just barely ahead. 45.7% to 45.5% for Lula. Now it's worth pointing out that some political pundits do call Bolsonaro a tropical Trump because he has suggested he would challenge results if he loses the presidential election. And the pound may be weakening, but pressure on prime minister Liz truss is getting stronger new petition calling for an immediate UK general election racking up thousands of new signatures each hour. It now has, let's see 434,000 signatures. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries. In the newsroom I'm Denise Pellegrini. This is Bloomberg, Brian. All right. Thanks very much. Denise, 7 minutes past the hour. Let's get to our guest. Peter McGuire, CEO of XM Australia. For the latest on markets, well, it seems like markets are speaking almost with one voice here. They're seem to be concerned that these global interest rate hikes that we've seen are probably too much for the global economy. I know that the RBA, it's making sounds like it's sort of getting towards the end of the jumbo hikes. Is that what you're expecting or after this one? Are we going to go back to 25 basis points or so and do you think maybe the fed should be thinking about that model as well? Well, I think that's that could well be the case Braun when you're looking at what we are experiencing this week. No doubt will ratchet up the analysts and everyone saying it's going to be 50 basis points for the RBI probably the obvious New Zealand that will follow suit. And we lead up to Christmas. We've got the wild animal being inflation try to time it. What the fed does, they have probably further along the curve that us naturally, but they've got a higher higher inflation rate to deal with. So I hope that we can manage it by November. Christmas is not too far away and the hood on Main Street is certainly being felt. So it's a wait and see approach. Currencies are wild and the opportunities I think are fairly strong at the moment. Be the tell me here. What about your clients? Some of them must, of course, take some outrageous bets, but generally do you see them in particular looking at any asset class any way of defending the amount of money or they're taking us, I'm just taking a while back some things. Well, I think Richard, you know, the way we've looked at currencies in the meltdown, you've seen aspires everything against dollar over the last, you know, let's put a mind back three to four months. As just going one way traffic, strong U.S. dollar and everything else is great. So try it as if just been rubbing the hands with glue from the retail sector. That's been global. And if you're looking at this sell off as far as equities, many have been, you know, short on you name it. Any equity market and it's the indexes is one way traffic as well. So let's over the last site four to 5 weeks. So will that momentum continue? I wouldn't be surprised, possibly for the next month. It's too hard to forecast where we are, but you've got midterms leading up and you've got a whole heap of other major concerns on it on everyone's trading radar. So if we do get an end of the year rally, which seasonally seems to happen quite a lot. I think the average for 20 years is 4% up for the S&P 500. Will that be a bear market rally or will it kind of Mark the bottom and moving forward from there? Well, Braun, you know, my well Bayer market rally and maybe it continues into 23, the fed and all the central bankers have inflation under control with their uptick as far as right ratcheting. So if that's the storyline and we head into January February with a feel good mood, then let's go to be a strong gauge for the rest of 23 or at least out of the starting blocks. But there's so many, you know, big themes that need to be managed over the next matter of weeks for us to get to that launch pad and that's the uncertainty. So let's all hope that we're at that point in time, but traders are looking through a reality set of glasses and I think they're seeing not a lot of rose tint at the moment. Well, in a situation like that, you'd normally find that one of the biggest havens with gold or even silver and why is that materialized? Well, I think it's been held underwater for a long time Rashad and that hasn't just, you know, that U.S. dollars being off to the races, gold certainly the physical side. It's getting a lot of momentum there from physical buyers and it's cheap buying at the moment. It's certainly not cheap if you're looking at U.S. dollars, but if you're looking at other currencies, it's had a very, very solid move to the upside. Yeah
"$60 billion" Discussed on Bloomberg Radio New York
"And I'm Anna Edwards, you're listening to Bloomberg daybreak, Europe. At stocks were sliding in the Asia session, Steven after a terrible day on Wall Street yesterday, but things looking a little brighter this morning, not making up for yesterday's losses though. No, indeed, the suck 600 is now up by 1.1% the footies up by 6 tens, the cat carton Paris up by 1% similar move north for the Dax in Frankfurt and Wall Street's future turning more positive as the European session is underway. S&P minis are now 7 tenths of 1% higher. We are seeing a rallying in the bond space in Europe as well, German tenure, bond yield, two spot 13 this morning, that's 5 basis points higher than ten year treasury yield in the U.S. is sorry, 5 so it's lower, I should say, the ten year treasury yields in the U.S. is 7 basis points lower at three spot 71, as the pound is trading at one 1159. Yes, let's start, look at the top stories with a look at the pound. It's rallied back close to levels last seen before quasi quantum announced those sweeping tax cuts a week ago. At one point in Asian trading earlier today, Sterling climbed as high as one 12, that's $1 12 at the same level as before the market turmoil began. The Bank of England's bond purchases and destabilization of guilt yields were a big factor in soothing fears as according to strategists. The prime minister Liz truss yesterday defended her government's huge set of unfunded tax cuts in instead blaming global economic pressures. It's a difficult time. We're facing a global economic crisis brought about by Putin's war in Ukraine. And what was right is that Britain took decisive action to help people get through what is going to be a difficult winter. Today, the guardian is reporting that trust is to hold emergency talks with the head of the office for budget responsibility the UK's independent financial watchdog later today after failing to reassure the markets about her economic plans. French inflation unexpectedly slowed with price rises in the continent's largest economy starting to diverge CPI in the Euro area's second largest economy advanced by 6.2% down from 6.6% in August. That follows a surprise slowdown in Spain, but there were big jumps in Germany and the Netherlands were prices surged by 17.1% that's the latest Dutch CPI figures, the readings are key to determining whether the ECB will repeat this month's historic 75 basis point rate increase. The European Union is about to take its most concrete steps yet to tackle the energy crisis, EU energy ministers meet today to vote on emergency measures to cut power use plus windfall taxes on energy companies. The bloc has already agreed on a voluntary target to cut gas consumption by 15% after Russia, its biggest supplier cut shipments following the invasion of Ukraine. And a decision to proceed with the annexation of donets, nuance, Carson, and the regions of Ukraine, who have no legal value and deserves to be condemned. That was the United Nations secretary general Antonio Guterres turning next to the latest on hurricane Ian, which is regaining strength of the Atlantic to make landfall in South Carolina on Friday. That's after leaving a path of destruction across Central Florida's drawing homes, roads, and the power grid needing to unprecedented floods, President Biden giving a master of support to those in the states. I've also spoke when mayors across the state, both Republican and Democrat. And I've told them the same thing. We are here. Whether you need and whatever you need, I indicated to call me directly at The White House. They know how to do that. The president is also warning that early indications suggest there could be a significant death toll from the storm, power was knocked out more than 2.6 million homes and businesses with ABC News reporting that at least 9 people have been killed. So those are our top stories. Let's get a sense of what lies ahead for us today. A lot to look ahead too. Here with a rundown is letting gerrans. Yes, a busy day for a 5 day Anna EU energy ministers will meet in Brussels to discuss the current supply crisis gripping Europe at 10 a.m. UK time we're expecting CPI data for Italy and the Euro area. At midday, ECB executive board member Frank alderson is due to speak at an event which is happening over in Amsterdam at one 30 p.m. UK time will have data on U.S. personal income and spending followed by the University of Michigan consumer sentiment the fed's layo brainard and John Williams are due to speak at a conference on financial stability in New York at 2 p.m. UK time. And finally, we're just going to have a bit of a look ahead to Sunday and that's a Conservative Party gathers for their annual conference in Birmingham amid low pole ratings and the economic meltdown following last Friday's controversial mini budget so on Sunday there will be keynote speakers and they are defense secretary Ben Wallace and leader of the commons penny mordant and on Monday we hear from the child select quasi quatre as he will make his speech their Stephen. Leon, thank you very much for that. It's time now for the London Russia we carve out time to highlight UK businesses making announcements in London. We have Bloomberg, arena and gal with us in studio for that. Good morning, arena. Let's start then with Barclays reaching a deal to resolve charges in the SEC. That's right, so the British lender agreed to pay $361 million to resolve SEC charges that had broke U.S. rules by not registering security sales with the regulators. Now Wall Street banks often rely on their well-known season this year, self registration with the SEC, which makes it easier and quicker to sell securities. But Barclays lost that status after settling in 2017, so it was required to track transactions in real time and pay registration fees, and it didn't do that. So it ultimately offered and solved approximately $17.7 billion
"$60 billion" Discussed on Bloomberg Radio New York
"State Absolutely Well financial services has always been a space that thrived on regulation having clear rules of the road going back to the 1800s when New York had the first banking law before there was banking law on the national level And that's why Wall Street is here And you see the same thing when we think about virtual assets New York is the first regulator to regulate virtual assets where the preeminent Prudential regulator right now for virtual assets And that community is here in New York and thriving Great name virtual essays I guess that's like digital assets but right now you're taking a look at those as you say you're in the leadership of that We're waiting in Washington for them to have federal regulation The president has issued an executive order They're taking a look at it thinking about it How do you proceed the way you need to in New York while you don't know exactly what the feds are going to do Yeah we work very closely with federal regulators The entire alphabet soup members on the hill with the administration And so they can learn from our experience in the digital asset virtual asset space So we have a New York the bit license We have limited purpose trust charter It's very robust regime We have for regulating virtual assets And we've been at it for a long time and our standards are very very high but it continues to attract companies to New York and having that engagement with Washington is really helpful as they seek to regulate this space because they are learning from us One form of digital assets cryptocurrencies are changing very dramatically We've seen in the last two or three weeks that they just plummeted value What is that done to inform how you approach the regulation of those Yeah absolutely Well it really does help us think about not only the value of the regulatory framework that we have but how we need to think about these things going forward So for instance with stablecoins when they're licensed by DFS we require one to one reserving with cash and cash equivalents for every coin that's on chain We require third parties to attest to the reserves of our license companies and we require internal and external audits as well So we really have quite a rigorous framework So that takes me back in sense to a prior question which is other people are not requiring that Other jurisdictions are requiring that Right How do you make sure that New York doesn't fall behind in sort of the race for cryptocurrency when other jurisdictions whether in the United States or elsewhere are not requiring things like reserves and stablecoins Yeah well to the contrary of what might be the popular belief we see that that clarity those rules attract companies to New York So in 2021 46% of venture capital investment in cryptocurrency was in New York based in regulated companies It's more than Silicon Valley It's more than Miami So we know that having those clear rules of the road is good for consumers good for markets and can be good for companies as well Another area that the SEC is working on is disclosure of climate risk I know that you've already moved forward on insurance What about banking for New York State Yeah so one of the first things I did when I came into the department was to create a stand-alone climate division It's the first of its kind in the nation And as you noted we've done work on insurance We have some banking guidance that soon to come out So it will be some rules of the road for the banks of New York as well How do you make sure that that's consistent with what the SEC may be required Because the bank may be saying wait a second I got conflicting or overlapping responsibilities here Yeah so what we do is we coordinate very closely not only with the federal regulators but also with international regulators because we regulate so many foreign banks We want to make sure we're not working at cross purposes So we don't think so much about disclosure as we think about safety and soundness and the financial risks that come with climate change Finally a subject very much initially is sanctions on various Russian entities particularly financial entities What are the responsibilities of your organization and making sure that banks are not being used to evade some of the sanctions Whether they're New York banks or otherwise Yeah absolutely Well within hours of the war starting we issued guidance to our banks to remind them of their requirements around sanctions bank secrecy act and anti money laundering requirements as well as their cybersecurity requirements DFS was one of the first regulators to publish cybersecurity regulations were actually now in the process of updating those Thanks to New York department of financial services superintendent Adrian Harris Coming up what has changed since the death of George.
"$60 billion" Discussed on Bloomberg Radio New York
"News now with Leon Garrett Tom good morning and thank you the Moderna CEO has told the FT existing vaccines will be less effective at tackling than earlier strains of COVID-19 Stefan bansal warns that may take months before companies can manufacture new variant Pacific jabs at scale Meanwhile speaking to Bloomberg Pfizer's chief executive says a drug maker will know within weeks how well its vaccine handles the variant He says a jab specifically designed for the variant could be available within 100 days Meanwhile fed chair Jay Powell says the oma cron variant poses risks to both sides of his mandate to achieve stable prices and maximum employment in a prepared testimony ahead of a Senate appearance pal says a virus could reduce people's willingness to work in person slowing progress in the labor market and intensifying supply chain disruptions He goes before the Senate banking committee at three p.m. UK time Now Chinese president Xi Jinping has pledged to supply another 1 billion doses of vaccines to African countries Bloomberg Lucille Lou says this comes as a world's poorest continent grapples with the new COVID-19 variant How fast China is able to deliver those doses remains to be seen given that it has only delivered just over 100 million doses so far China's financial pledge to Africa declined for the first time in over a decade with China pledging $40 billion in financing support during the forum on China Africa cooperation on Monday down from $60 billion in 2018 when the triennial summit was last held In Beijing I'm the Seoul Leo Bloomberg daybreak Europe And in other news Yves was returning to the role of shadow Home Secretary in one of the biggest moves in a labor reshuffle Bloomberg you and pot says her promotion is easily the most eye catching but they were others It's the second time this year that Keir Starmer has changed his front bench team and for a second time labor deputy leader Angela rayna made headlines having not been briefed about the reshuffle before she made morning media appearances former minister yvette Cooper who served on the both Tony Blair and Gordon Brown makes a comeback as shadow Home Secretary She replaces Nick Thomas Simmons David lammy joined the top team as shadow foreign secretary and Wes streeting is promoted to health In London I'm yum pots Bloomberg daybreak Europe Global news 24 hours a day on air and on Bloomberg quick take Powered by more than 2700 journalists and analysts and will then 120 countries I'm Leanne guerins of this is Bloomberg Caroline Thank you so much Thanks with the world news now The sports report from Lewis mason Lionel Messi has been named the world's best footballer winning a record 7th Ballon d'Or trophy violent striker Robert Lewandowski came second while Chelsea midfielder georginio was in third place England midfielder Jude Bellingham was ranked second for the Copa trophy which recognizes the best under 21 player while Chelsea Sam Kerr came third in the women's category Andre Gray scored a stunning late winners key PRB Darby two one to move up to third in the championship Tiger Woods says he will return to golf's PGA Tour that will pick and choose just a handful of tournaments to play each year The 45 year old told golf digest magazine he won't play full-time ever again Still head on Bloomberg daybreak Europe Bloomberg opinion columnist Sully wren is with us here in the studio to discuss why China's Gen Z are stressed out and why Beijing is at a loss as what to do about it and you can listen back to a selection of our interviews at Bloomberg radio dot com or on your Bloomberg business at the markets across Europe currently remain under pressure down 1.6% Caroline Yeah absolutely With 1.2% down for the Swiss market the 5100 tone the UK drops 1.4% and the Dax down by 1.7% this morning This as we worry about the omicron variant whether it will mean new vaccines are needed that seem to be the message from Moderna speaking both to the FT but also their chairman speaking to Bloomberg And your area inflation's the other big one we're watching today expect to sleep in November Yeah I'm using a move into the havens like the Swiss Y at the yen and.
"$60 billion" Discussed on Bloomberg Radio New York
"The bipartisan bill could fall apart for variety of reasons. Number one. All the progressive grumbling as you put it. If the Republicans believe that It really is linked inextricably with the reconciliation bill, they may back off and not vote for it. You saw some of that happening on Friday, and the president had to walk his comments back and insist that they're actually not linked. And then secondly, if they can't come up with reasonable pay for us to pay for the package, which is around $1.2 trillion over 8 10 years. That could unwind it too. I mean, the truth of the matter is the mechanisms they used to pay for the bipartisan bill are a bit fuzzy to be charitable. Well, what What are those? Is that enforcement the I R. S and I heard about something about spectrum auctions, things like that. Yeah, So there it's a number of things. It's better IRS enforcement. So what does that mean? They claim that's like $60 billion. No one knows if that's true. They talk about $80 billion in Repurpose Covid released money from last year that's never been used, although it's not clear where that money sits, or who has it. They have talked about Spectrum auctions, which historically can raise billions of dollars. Um, they talked about tapping some, uh, selling some of the Strategic Petroleum Reserve. The nation's oil reserves. And then um you know, a couple of other gadgets as how I would put it. I mean, the truth of it is, we don't know exactly how much all those things would total up. As opposed to say, if you raise taxes to 42% on, you know the richest Americans, you know what that would do, so it's a little bit unclear, and I think that will remain an issue. That's that could up. I'm upset the negotiations. And finally, I only counted five Republican senators out there at the White House. Do they have five more? So those five represented loosely the group of 10 Republicans and then the five Democrats 10 Democrats who are working on this so they do right now, but Mitch McConnell is not going to let this go through. If, uh If the Democrats don't muster the necessary votes, right? So if the Democrats as you put the grumbles on left, if they they say, you know we're not going to do this because we have no guarantee of the reconciliation package and And and that leader. Schumer only has say 38 or 37 Democrats. McConnell may not let those Republicans come along now. Why? God, l m Thank you so much. Really great to have you here. Al. That's al Mater, Brownstein, Hyatt Farber and Shrek. Coming up. How can we make sure the tragic collapse of the condominium Surfside? Florida never happens again?.
"$60 billion" Discussed on WNYC 93.9 FM
"Is NPR news from Washington. And this is morning edition on W N Y c 88 32 Good morning I'm Michael Hill 67 in Central Park 88 Sunny today, Climate change caused billions of dollars of extra damage during Hurricane Sandy. That's according to new research out in the journal Nature. The study says the sea level rise was four inches higher during Hurricane Sandy because of climate change, and that caused an additional $8 billion in damage research Professor Philip Ordinate, the Stevens Institute of Technology says is just one example of the financial cost of global warming. Think with sea level rise and the climate change. There are many cases such as nuisance, flooding extreme events where he's damages are piling up. Overall sandy cause roughly $60 billion in damage to the eastern United States. Business is booming for New York's bike share service. Citi BIKE Thanks to the beautiful spring weather, the growing pace of reopening Jake. Often, hearts of Gothamist has more. Cyclist took more than 630,000 rides on city writes last week, smashing an all time record for the eight year old bike share company. Surgeon ridership comes as the program expands its footprint with new docks in Historia, Sunset Park and Inwood. Among last week's writers was Mayor de Blasio, who took a leisurely spin through Manhattan before pledging to build 30 more miles of bike lanes this year. In another sign that.
"$60 billion" Discussed on WNYC 93.9 FM
"And this is morning edition on W N. Y C. It's 6 32 Good morning of Michael Hill 67. On our Way to 88 Today, climate change caused billions of dollars of extra damage during Hurricane Sandy. That's according to new research out in the journal Nature. The study says the sea level rise was four inches higher during Hurricane Sandy because of climate change, and that caused an additional $8 billion in damage. Research professor Philip coordinate the Stevens Institute of Technology says it's just one example of the financial cost of global warming. Think with sea level rise and the climate change. There are many cases such as nuisance, flooding extreme events where he's damages are piling up. Overall, Sandy calls roughly $60 billion in damage to the eastern United States. Business is booming for New York's bike share service. Citibank thanks to the beautiful with spring weather, and the growing pace of reopening Gotham is Jake. Often, hearts has more. Cyclist took more than 630,000 rides on Citi bikes last week, smashing an all time record for the eight year old bike share company. Surgeon ridership comes as the program expands its footprint with new docks in Historia, Sunset Park and Inwood. Among last week's writers was Mayor de Blasio, who took a leisurely spin through Manhattan before pledging to build 30 more miles of bike lanes this year. In another sign that the pandemic era bike boom is here to stay. Number of cyclists riding over the Manhattan Williamsburg Bridge is reached an all time high this past March. The annual Celebrate Brooklyn Festival is returning to Prospect Park this summer. It starts July 31st with performance by artists Ari Lennox, the British rock group glass Animals is also playing a benefit concert is part of the Seasons line up. Pandemic.
"$60 billion" Discussed on 600 WREC
"Some exceptions, head of the largest teacher's union says school should reopen full time and in person this fall. House Republicans meet today to decide a replacement for Liz Cheney new covert restrictions in Japan two months before the Olympics. Trump to resume holding rallies next month, Disney added fewer streaming subscribers than expected last quarter and a snorkel ear's unusual mission in Australia. That story. In about 20 minutes, the federal government has squandered at least $60 billion on fraudulent or improper unemployment payments in the past year. Dave Boyer, White House correspondent at The Washington Times, says the level of waste and fraud in unemployment benefits during the pandemic is staggering. Even by Washington's wasteful standards. They've put that number in perspective. $60 billion in one year in improper or fraudulent unemployment benefit payments that equals Roughly the entire budget for the Department of Homeland Security for one year. That's one of the biggest federal agencies in Washington. I guess to a certain extent whether it's right or wrong. The governments have to build in some level of fraud when they roll out programs like this given out hastily. They were done. Maybe maybe they didn't expect this much. I don't think they expected this much. I mean, is here you're talking roughly, According to house Republicans, one out of every $10 that was allocated for enhanced unemployment benefits has been wasted, Basically, um, but, yes, You're right. I mean, they knew going into this that you know you're shoveling a ton of money out the door. In them in an emergency fashion to help people through this, you know, tens of millions of people lost their jobs last year in the pandemic they knew on. Not all of that was going to go to the right places. I don't think they envision quite the level of identity theft that's arisen from this. As scammers out there are stealing identities, which you can do is easily you know, in some cases for little is $20 and then using that stolen identity to apply for unemployment benefits, Boy So explain how some of the money was wasted, like where to go. Where do they think it went? Well, I mean, you're talking about Let's look at the state of California, for example, where thousands of prison inmates allegedly have secured unemployment benefits while serving prison time or their families have done it for them. The state is looking into, you know, I think they have 1500 active investigations going on. And they estimate that Aziz Muchas $2 billion could have been lost that way alone. Then you've got you know your typical Internet hackers from places like Russia, and, uh, But what would they stated? No Nigeria and Jamaica or have been, um, you know, I'm feeling a lot of this money through identity theft and fraud and things like that, Speaking with Dave Boyer, White House correspondent at The Washington Times. He's written a piece entitled Massive Relief program was open door to unparalleled fraud and a spike in identity theft. The next estimated $60 billion. Wasted to defraud Esso explain the identity theft that was happening here to these numbers are staggering. Yes, there's AH, There's an outfit called the Identity Theft Resource Center, which you know fields complaints from people and tries to resolve their cases and the head of that group. Testified to House Republicans on Monday that her agency saw in the past you just in 2020. They saw 4800% increase in the number of unemployment, identity theft fraud cases, and she said, she said for the lawmakers, that's not a typo. I'm saying if 4800% increase in these types of cases in the state of Indiana has seen a huge increase. I believe the figure was 1500% in one year. The places like Kansas have seen, you know, I think Kansas is now leading the nation and in the level of increase in identity, fifth much most of it linked to these unemployment payments that are bogus. Do Government officials have any expectations of clawing back some of that money lost to fraud. Well, you know, in in in bits and pieces, I think they can, you know, like in California they're prosecuting or trying to prosecute people who have done this, But you know, the answer to your question is I would if I could tell the largest extent. No, um People in the states who were talking to Congress this week about the problem say when they when they call the federal government, like the Department of Labor or the FBI Fraud task force and say, you know, help us deal with this, they're saying, But even the federal agencies don't have they are not equipped to Deal with fraud on this scale, You know, it's it's too widespread and that there's no there doesn't seem to be anything from Washington. This far is a coordinated response against this. Stave. Dave Boyer, White House correspondent at The Washington Times, 20 minutes now in front of the hour on this morning, America's first.
"$60 billion" Discussed on KCRW
"If 10 years ago. 15, or $20 million could have been committed to upgrade the water system and Flint and to get on a path of eliminating lead service lines. Maybe the half a billion dollars that's already been committed. Could have been avoided. The Biden plan is way overdue. That's Eric Olson with the natural resource is defense counsel. Olson says Lead galvanized pipes continue to be a problem despite being banned in 1986 lot of people think this is only a problem, saying Flint or a few Big older cities, and in fact, it's distributed all over the country, and it really is a major public health threat. Let can cause damage to the brain and kidneys. A particular concern is the effect led can have on young Children. Lead exposure may slow development and kids under seven years old, leading to learning and behavioral problems. Nation. Why the number of lead galvanized pipes that need to be replaced is estimated between eight and 10 million. The Biden proposal calls for spending $45 billion, but it could be more expensive. American Water Works Association estimates the cost could exceed $60 billion. Concerns on Overton. He's the pastor of Flint's Christ Fellowship Missionary Baptist Church. Overton joined others who sued to get the city to replace all of its lead service lines. Now he worries disadvantaged communities may lose out if more affluent suburbs Russian and deplete the federal funding. The Biden administration is proposing people in round black African American Latino communities. That we know are gonna have some disadvantages coming up the ranks anyhow, let's start there. Others question whether replacing lead service lines should be such a large priority. Lead pipe replacement makes up nearly half of what the bite administration has proposed spending on upgrading the nation's water systems. But by some estimates the U. S needs to spend close to nine times that much. David Love France of the American Water Works Association says it's been too long since the last major update to the nation's drinking and wastewater infrastructure. A large investment was made in distribution systems after World War two. Those fights are all coming of age, and they all need to be replaced. That's where we are. Today. However, even with federal support, there will likely be those who resist replacing old service lines. There's even some reluctance in Michigan, which has its own mandate to remove all lead service lines within the next two decades. In the little city of Mason. Some of the city's estimated 1400 lead service lines date back to the 18 hundreds. Mayor Rose Whipple says Mason was already slowly replacing old pipes during routine roadwork. Insist there's no need to rush it. Our lead almost never reaches the threshold When it does, it barely does, And usually we find out that the reason it did is because of a bad test. Despite his reservations, though Whipple says a federal funding becomes available, his community will likely apply. Just up the road from Mason in Lansing, the state capital. The city's water utility has already replaced all of its lead service lines. It wasn't easy and it took 12 years Take Pet Flea is the general manager of the Lansing Board of Water and Light, he says. Most Lansing residents willingly let utility crews inside their homes and excavate their lawns to replace the pipes. But some didn't and carefully says the utility had to use what he describes as tough love..
"$60 billion" Discussed on X96
"Who has somehow managed to amass Millions of followers by being a bore. Has gotten out of the pod or the YouTube influencing business. He's now a boxer. See trains and he's been training to be a professional boxer, and apparently he's going to have a fight. With Floyd Mayweather. Okay. This will be an exhibition won't be alive. I was hoping you said execution. I'm sorry. I was hoping Floyd Mayweather would Mayweather has agreed to it. I'm sure there's tons of money involved because Mayweather has always got to be paying off the divorce lawyers and all that now, Floyd Mayweather's career his official boxing career. He was 50 and, Oh, he did not lose a fight. Wow. Um Whatever he's one of, if not the highest earning athlete he has been in the past. Anyway. He, uh, he remember he got into that thing with The Irish MacGregor? Yeah. Yeah, and they draw back and forth And finally they had a fight, and everybody predicted that Floyd Floyd Mayweather would take apart. Connor McGregor. Which he did. He humiliated him in the ring. Now this youtuber Is going to go up against him. This is the This is the would you get the crap beat out of you for a bunch of money was that that's what it is like. Yeah, I'll get in the ring with him and he could beat me up. But I'll have money Would Would you be willing to do that now, Jake Paul or Yeah, Jake. He's got a brother to lube. And they're both huge numbers. Attention, whores. Yeah. Yeah, Now, Jake, he you can tell he has trained. He's done. He's done some fighting, and he's taken some lessons, and he's gotten himself in shape. But it's still It's just And then at this press conference they were holding to announce the fight. His brother. Jake. Paul, Uh, grab Floyd Weather. Floyd Mayweather's hat off of his head, snatched it off his head and said, I got your hat. I got your hat provoking him. Floyd Mayweather chased him all over the room. This is this is just a shameful display. Put on by I don't know why Floyd would he doesn't need the money. What? Oh, yeah, he does. It goes in one end and comes out the other that money. You. He spends it. Yeah, I don't know. But And I don't know why people pay attention to it. Just a distraction. Just it's it's all stunt E and look at me. Look at me and just, you know, the only thing we can do The only thing we can hope that comes out of this is that Mayweather just, you know, kills. The guy really hurts him. That's the only thing we can hope. That would be good. That would come out of this. Jake. Paul has done some pretty awful things. Yeah, He's not a good person. New York City say, you know, you won't come to New York as a tourist. Come on, We love to have you here and give you a free vaccine. If you come back, it's free everywhere don't think but you know you could just go to New York and say They'll say. Hey, what's like a corona virus factory? Yeah, I would think. And then you have to wait 10 days in your hotel room for it to be fully effective before you can go outside to get a hot dog. They're gonna push vaccination on tourists as they come into the city. Looking to recover that some $60 billion worth of economic contributions from tourism in New York wants to roll out mobile vaccination sites for visiting tourists. Don't get me wrong. I am all for but get in the arm of everybody, I Whatever promotion you want to run to get it. That's fine with me. They're gonna set up a popular attractions. Good people. The Johnson and Johnson vaccinate iced do it. It's a good idea. Theo the Church of Jesus Christ of Latter day Saints. Has asked court a federal judge to toss out the high profile lawsuit brought in March by James Huntsman, accusing The Church of fraud and demanding the return of millions of dollars in tithing. The church is the LDS church is asking the judge to throw the case out. No ruling on that yet. Let's see. And Oh, so the state of Wisconsin Is suing bagel bites. Because I say that's that's not real cheese in those bagel bites. Oh, A lot of the bagel bites aren't exactly what they claim to be. Wisconsin residents filed the suit in federal court claiming Kraft Heinz is deceiving customers. By including the real dairy seal on its products. Well lawsuit argues that the frozen bagel bites aren't actually made with real cheese or real tomato sauce. The name. Many bagels and mozzarella cheese and tomato sauce is deceptive because the mozzarella cheese and tomato sauce is these terms are understood by consumers and regulators are not present in this product at all. It's all a bunch of chemicals. So there are people that are eating bagel bites. But are they really thinking they're eating something healthy that it says it right on the package. Says it right on the package. This is genuine. What it was like this labor. It's the real seal on it, which I understand that there are there used to be a lot more rigid rules to get that seal on your package that were Loosened over time by the dairy and fast food industry and frozen food industry. So yeah, like the words, a real dairy and, uh, you know well, when you can take the words organic don't mean anything anymore. You notice when you.
"$60 billion" Discussed on KLBJ 590AM
"About that trucking opportunity? Oh, my goodness. Yes, Everybody is texting in. Wait. What did you say? The name of that place was and it's issue energy s. I s you energy and we we read the several times and it is 14,000 week is what they say they're offering. I don't think I'm gonna take them long to find enough drivers. They didn't say how many they were looking for. But good luck to you at, uh, I had one trucker that text and wanted to know the information. And so I sent him the link to apply. Hey, sent a text back and says Thanks. I make good money now, but that's insane. They're They're receptionist here in just about a minute's gonna be wondering what in the world just happened. What's going on Our producer Isaac, I think is even thinking about checking into But let's go to Amy. She has some comments on another story We're discussing the AP says President Biden has awarded $2 Billion in no bid contracts to companies to start housing. Thousands of illegal immigrant Children who had been in the border Patrol facilities, Amy Good Morning. Welcome. How are you this morning, Amy? Oh, pretty good. Have a very simple comment for an outsider helicopters your Fort Hood here. But anyway, um I just wanted to say that, um Yeah, I feel these Children and yes, sir. They're piled up and they got those silver blankets on them and all that stuff but at the end of day Um Those Children are very happy to be here. I'm not saying I agree with Phil is illegal. I think people need to come over here legally. But I think there's a lot of people being trying to be their voices and saying This is so horrible for forest conditions. If you guys ever been over Mexico, it's really unsafe. And there's a lot of, you know, safe areas, and there's houses without any walls. No, right. Very poor. And this is pretty much what I wanted to say, Um, you know, wish the best for them. Um, I just want people to think about that. Um, there. I'm sure they feel very blessed to be here and I don't think they're really that's really a big mistreatment to them. I think they are. You know? That's just kind of a point. I went toe put a put out there. I think anybody say that. I think the bigger concern is what's happening to them on the way up here while they're in the hands of the smugglers. I'm sure that we're treating them well as well as we can, but but the danger is on the journey. Yeah, and with sickness how many years this has been going on and how many government How long is our government had to fix this? But this has been going on and on and on, and no one has ever fixed it and Amy to that point. That's why it's frustrating to me right now that Congress is trying to put whatever it is that they want to do with immigration instead of sit down, have The conversations and make it a standalone. They're trying to just attach it as a footnote to this big infrastructure bill, and it just It's frustrating because this is a problem that affects All Americans that it should be looked at seriously and it should be isolated and not just tucked away with a kazillion. Other things that they want to try to pass. Amy. Thank you Have a good day. 51283605 90. State House lawmakers had a vote on a statewide camping band yesterday. They approved it. It's not the final approval, but they're getting close. This is the state wide ban on camping and public locations. Austin State representative Democrat Vicky Goodwin. Voted no as most Democrats did. And she says, Really, what we ought to be doing is spending more money on the homeless. Now she gives some examples of how the taxpayers need to hand over more money to help out the homeless. We need more state dollars going to substance use disorder programs, job training programs and rental assistance. If we truly want to end homelessness, we need to address the root causes not just sweep the homeless population back into the woods, their favorite little talking point. They're sweeping them back in the woods. I I don't know what What does the state of Texas spend on that? Do we have any idea? Well, I do know that the federal government has about $60 billion a year and job training funds and those who dispersed throughout the states. That sounds like a lot of money to me. So when she's saying, we don't have enough money for job training, I challenge that. I think there's enough there 60 billion train adults for jobs, It seems like that should cover it. Yeah, And here she is, saying that state lawmakers should be raising the minimum wage. If you want to end homelessness raise the wages. That's part of the problem with all these people on the streets that implies that they have jobs, and they just aren't making enough income to be able to afford a home. I don't think that's the case. I would say there's probably a very small percentage that actually have jobs. Well, here she is making her point in the statehouse. 20% of the homeless population are employed. Bills to increase the minimum wage did not even receive a hearing this session due to state law. Cities can't raise their minimum wage to account for ever increasing cost of living. Rents and housing prices here in Central Texas. I'm sorry. What No, the city's can't. But the businesses can and they do, and they have in a lot of them or or at that or above. Melinda and I took call after call yesterday on her afternoon version of the show 2 to 4 from business owners and managers, saying, I can't get people to come in and apply, or if they do, they won't take the jobs. We're paying good wages and it was in all kinds of work. They were begging for people to come in and take jobs. Yeah, that that is a very poor argument that because the state doesn't have a higher minimum wage, we're seeing that you could see signs all over for fast food restaurants that are hiring at 15 $17 an hour. That's not the issue. It's not about jobs for the majority of the homeless population. If she wants to address the root cause address the actual root cause, and it is whether it is addiction or it is mental health. Those are the two biggest Address that? Yeah. Now the people caught violating the statewide ban on camping in public places could be fined up to $500. And they also put in a section in here that says cities can create these public campgrounds. Under certain conditions. Gotta have security. Gotta have utilities out there. Restrooms, etcetera. So if cities like Austin want to create these vast campgrounds for the homeless, they could do it and they will not be breaking state law. And if this is ultimately passed and signed by the governor, it would kick in on September 1st of this year. But also in the inn that amendment. It was that they also have to provide the mental health services. And I think that that that's a great requirement to have in there to make it a requirement and make it a requirement that if you are in this campsite, you have to get the health that is needed, whether it's from the health Services or the mental health services. You have to participate in that well and I think another part to that is going to need to be that.
"$60 billion" Discussed on WMAL 630AM
"And joining us today. 35,000. Dershowitz has got a new book out about cancel culture. So we will talk to him about that. And by the way, just in his stupid No. Happy birthday, Vince. Thank you very much. Not to put that in there having your streets, your sweet person. Thank you. Thank you. Uh, let's talk about this stuff called covert relief package. And I say so called because boy there's a lot of funding in here that doesn't seem to be there to address actual emergencies at all. And a lot of the funding that the Democrats are trying to allocate right now, Mary Is being dumped into these states. For and in the states don't need it. The states don't even need to have a cold. Has anybody told you that that the states don't need the funding that they're all begging for? You know, it's interesting. I heard to see Hear you say that now, and I was going to bring this up. I heard the California actually has a surplus, but yet they're acting like they have their They've got bread lines going on in the state. Do you know why they have a surplus? Know why do they have a surplus? Tell me it's not because of their excellent governments. About one third of well, let's put it this way Congress last year and it's go big relief packages past $150 billion for the States. $150 billion was allocated in direct aid to state and local governments. Last friend Do you know how much they spent of that? Nothing. So far. They've spent 100 of that 100 billion of that, meaning. There are $50 billion still remaining nationwide that haven't been spent by the states yet. Not Wow. The end result is that 44 states total now for for Barack Obama. It's not 57 states. There are 50 states in the United States of those 50 44 of them. Running budget surpluses right now because of the covert relief money they got last year. Okay, so that leaves only six states. They need a little bit of help and among those six or New York, New Jersey, Illinois Maryland, Hawaii and Nevada. Now you're right to point out that California's not on that list. California has a surplus, thanks to the generosity of federal taxpayers. So New York, New Jersey, Illinois, Maryland, Hawaii, Nevada they need. They need some additional assistance in order to shore up their budgets. And you can kind of tells I run down the list here. Bunch of blue states who have their own budget problems and are hoping that federal taxpayers come in and rescue them, and that's that's the game here now. First of all, if all of these states across the country have $50 billion in budget surpluses, thanks to federal relief, Why isn't the federal government clawing that money back right now? Great question. Why don't we claw that money back? And then if you are still insisting that we need to rescue New York, why don't we redirect that funding there? Why don't we read a foot redirect that funding for those six states to help shore up those budgets, But instead? What we're getting is Democrats right now Wanna pass a $350 billion package of aid to these states? Under 50 billion again, 44 states have surpluses. Six still need a little bit of help. And there's $50 billion floating around in the ecosystem of the United States right now that us the federal taxpayers has given to save them. We should claw that back and then help those other states the way we can right now. Does that all makes sense? It does. But see. Here's the problem, though. Look at we're not economists like AOC. You know, I don't have an economics degree like like a A C. So you know, I clearly don't know what I'm talking about. Here is the those states that you mentioned I New York, New Jersey, Illinois, and I don't know some of the other ones, but I know how did those Maryland Hawaii in Nevada Okay, But I know out of those three. Those who that I just mentioned they all have problems with paying the pensions that they promised union workers, you know, 2030 years ago, and that's the problem now and at the time everyone said it was unsustainable. But they did it anyway. Why did they do it? Well, because the politicians at the time who made those deals with the devil wanted to get reelected, so they did it by promising the unions, the sun, the moon and the stars. And then walking away because they knew they weren't gonna be in office. When the bill came to, they'd be long gone, so it's not their fault, and they were leaving that problem for the taxpayers down the road and conveniently, we have a big old pandemic. That's a useful pretext in order demand federal funding and we brought those budgets. How about that? Now. What about state revenues? Remember all of these state treasurer's 17 of them have been telling Congress while our tax revenues have absolutely plummeted. Did you know? That on average among all states in the country that revenues were only down. Point. 01% Nationwide revenues on average or down 0.1%. Talk a little bit about this with Steve Moore. He's a Heritage Foundation economist and the president of president member of President Trump's economic recovery panel and also co founder of the committee. Donnelly's prosperity. Hello, Steve. Good morning, guys could do with you. Okay, So we're talking here about how Congress wants to pass. Ah, Hunt 100 make excuse me $350 billion right now for state and local governments. They still have $50 billion left from last time we gave them a ton of cash. Well, you're exactly right about that. And this is the blue state bailout that we've been arguing against this conservatives for almost a year now and by the way when Nancy Pelosi first proposed this, remember this was back in July s O more than six months ago, when you were just saying it looked like the state finances would be Iraq. Instead, we've had thanks in large part to trump and amazing economic comeback that nobody thought possible. On that has led to big increases a state revenues and the idea that they need by the way is not 350 billion. When you include transit funding education funding. It's closer to $500 billion for states localities and you go to Texas. You got a four day you go to Tennessee. You go to Utah, Idaho, the Red States. They don't have any budget problems at all. In fact, the governor's there then we don't need federal money. Don't give it to us. We don't want it. We don't need it. It's basically three or four states. It's New Jersey. Say it's New York, My home state of Illinois and California whose finances are in big trouble, did she? Why? Why did that happen? Well, maybe it's because they shut down their economy for 10 months while other states were open, so I I object to this for many reasons, but not the least of which is that we're rewarding the bad behavior of governors like Pritzker and Cuomo and Newsome. How much of this those Steve has to do with pension plans that they made decades ago that now have come home to roost that you're they're blaming it instead, though, on Cove it and you're shutting down their states. Well, of course, you know, if you ask the Democrats in Congress or the governor's, they don't know We're not gonna give up any of this for for the pensions, and you're still right, Mary. I mean, we've been talking for 25 years about these massive trillion dollar pension problems that state again. The very state schedule Smith in New Jersey and New York and California and Illinois by far the biggest pension time moms. And and they swear on a Bible. They're not going to use this money for the pensions. But of course, the first rule of economics is money is fungible. You give them tens of billions of dollars. You know what that money is gonna be used for. It's gonna be used to bail out these these massive pension problems. I have a big problem. By the way, I want to add to the to the $150 billion we're giving to the schools. I mean, my goodness. The schools have been shut down for the last nine months. In most states, why in the world they need more money. I mean, I wrote my column this week. I'm a town Naperville, Illinois that gave their taxpayers a rebate because they said, You know, we've been shut down. We haven't provided you this educational services that you pay your property taxes for so we're gonna give you some of your money back. Why isn't every school district in America giving money back to the property tax owners who paid for the schools, but the services were not rendered. How about that? Following Naperville's example. That's a great one. And you've got, you know. Look, we've got $60 billion in funding that we already gave to the schools. They still haven't spent. So let's I mean, let's be honest about what's actually happening here. Steve Moore. Thanks for helping us sort through the economics of it Always good to have you Okay? Goodbye. All right. See you at 8 15 on W NBA all time for.
"$60 billion" Discussed on WMAL 630AM
"Monday morning. It is president today and it is 7 37 year old mornings on the mall, joining us in half an hour. The culture editor of the Federalist Emily just Kinski with news from Britney Spears, the bachelor, Janet Jackson and more and in a 35, then dominant joins us with reaction to the impeachment trial in the president's subsequent acquittal. Mary Walter here with Hans von Switkowski in province. Connie's Good morning, Good morning and Happy present day what we would advocate for us to have more kids in school. As our community cut spread comes down. So the CDC guidelines suggest schools could opt not to reopen an in person classes. If they're in a red zone with the high community spread that you just referred to, uh, according to our analysis of federal data that includes 99% of American Children, But you have said quote. There's very little transmission happening in the school's CDC researchers just wrote in Jama. That quote there's been little evidence that schools have contributed meaningfully to increase community transmissions. So Why give schools that opt not to open up and it's a really great question in that red zone that you're referring to, And in fact, he asked. Many of our current counties are in that red zone are, although our numbers continue to decline, But in that red zone we advocate for hybrid elementary school because we believe those Kato five kids are a transmitting less and be really essential to have back in the classroom. Andre. If you're in middle school or high school, we would advocate for virtual learning for that group. Or if you're able to do 6 ft of strict 6 ft of distancing in those classrooms toe open remotely in a hybrid way. All right here to discuss reopening the school's Rory Cooper. Where is the parent of three Fairfax County Elementary School? Students worry. Welcome to mornings on the mall. Thank you for joining us. Thanks for having me married. So you heard the CDC chief Dr Rochelle Will Lynskey there talking with Jake Tapper on CNN, and I thought Jake Tapper as two really good question where he said Okay, why, based on this that's like most of the most of the country, so why not get the kids back in to school? So what's happening in Fairfax County? Is this good news for you with the kids going back full time? In school. Yeah, it's just been an incredibly frustrating week. You know, we're right. This feels like a three day week, and it feels like a holiday. But in fact, the kids haven't been in school on Monday in a year. We've had 33 day weekends assed far as the eye can see. The kids just are struggling with the current virtual learning nationwide. We're looking at depression, anxiety, learning problems, nutrition problems, physical safety problems all emanating from this. Irrational school situation. What we expected was that when the vaccines rolled out that schools would start opening up, and instead what President Biden and teachers unions have done is pulled the rug out from all the families. We're ready to go back and said not so fast. Even after everyone's vaccinated. We might not get back to normal school until maybe 2022. Yeah, Roy, I just don't understand that. I mean, I have Ah, actually of cousins who live in in Denmark and 10. Mark re opened their schools successfully at the end of last last year, and I really can't understand why the CDC is not following what Apparently, the Europeans have done very successfully. Well, honey, you don't even have to look to Denmark. I can look just down the street to a private or parochial school. That's open five days a week in our own neighborhood. We have actually, a majority of schools in this country are open. And a plurality full time right now, and nobody is calling for them to be closed. President Biden, the CDC The teachers unions are not saying that schools that are open are dangerous and should be closed. They're just making excuses for the school district who can't figure out how to get it done, and that gives the whole game away. But you know, figuring out how to get it done would be super easy. You can just take a walk down the street as both of you pointed out to appropriate school or a or a private school and see what they're doing, and then do it in your school. But I've heard the excuse that the classroom size is smaller in those schools. Then you know the class size is smaller. So you have more students in a public school. But I think there are a lot of public schools that have the same size classes as some of these. These private and Parochial schools in my wrong Yes, The class size is not a barrier for entry here, In fact, what you actually have his less spending per pupil in those programs, schools and you have, uh, usually older facilities, not newer facilities. So all the excuses that we're using to keep schools locked from kids right now are ones that just typically don't exist in the compound and the competitors. What we're seeing is that these thieves rules that they're putting in for even a post taxi world. We're the ones that were created for pre vaccine world. We were expected to be able to do certain mitigation strategies last fall. That the kids could go back to school. That meant the 6 FT distance. That meant looking at ventilation. Ventilation in need for resource is well. $60 billion out of the 64 allocated last year by Congress. Remains available. No one's spending the money, So it's just excuse Exeter. Excuse it is that I can't imagine how frustrating that is as a parent, but thank you for being out there and voicing and being the voice of those parents in Fairfax County. Rory Cooper. Thank you and have a fantastic week. Good luck Teaching Thanks you to buy them 7 43 w M A L. Washington's mall..
How Covid led to a $60 billion global chip shortage for the auto industry
"To address the global shortage of semiconductors has caused production halts in the United States and industries, including autos, press Secretary Jen Psaki says the White House is discussing an immediate path forward with businesses and with trading partners. In the meantime, the president is expected to sign an executive order directing a government wide supply chain review. For critical goods over the next couple of weeks. The chip shortage is a central concern. Earlier, the CEOs of chip companies, including Intel, Qualcomm and MD. Had written to the president the urged him to support domestic production. The Semiconductor Industry Association says the U. S share of chip manufacturing Has dropped all the way down to 12%, and that's down from 37% back in 1990 people. After the bell Disney
"$60 billion" Discussed on KHVH 830AM
"Gov. You can do. A little search for airline complaint was in three or four minutes, issue it and then it becomes a matter of record where the D O T makes sure the airline responds back to you in a timely fashion. Airlines hate forced to do it because of all the paperwork it creates. To which I say if you did what you should have done, we wouldn't have to do in the first place exactly. We have just a couple of minutes, but I have to ask you, you lead with it to a certain degree First. The push for a third bailout is getting more intense disparities between the left and the right. 1.9 trillion still seems to be the number Had play. How much money have the airlines collectively received thus far, and how much after this bill passes in whichever form it does. March of last year, the beginning of the pandemic, they were seen $25 billion collectively. Most of that they did not have to repay. We thought things would recover by the summer into the fall. It did not they received as we ended the year beginning of this year. Another 15 billion Which is $40 billion, and we were told, that's all of it again. Most of it they don't have to repay for them to keep additional people on the payroll that they don't need. Now they're talking about another 14 billion. On top of that. Again allow the airlines to keep additional employees that money should be going to small businesses across the country who need it, Not airlines. They treat us like garbage that look, I don't mean to be insensitive toe. My friends in the travel industry because, believe me, I've been there. But if the demand for travel doesn't justify that staffing level, they need a adjust accordingly and go from there. The idea that they could keep running back like our teenager, kids would do need more money need more money. There's a good chance they could get two more bailouts this year where we could be looking at $60 billion or more that we've given the airline industry just to allow them to keep going. They're not going to go out of business right now. The Big Four airlines have about $32 billion in cash on the sidelines. Even American Airlines has got a good stack of cash, so I'm not worried about him going out of business, so this money isn't to keep implying. It's basically for payroll assistance, and I wish they wouldn't get it because that money our taxpayer money could be used so many better places..
"$60 billion" Discussed on Banking Transformed with Jim Marous
"If he did this to our application. Would you as a customer think this is good for you would use switch right. We actually invested resources in going and talking to customers meeting just think for them presuppose for them and similarly we spend time talking to our customer facing people right not just the back office. Technology team spinning up something based on papers that they have read. We talked to the call center people. We talked to the branch people and say what do you think. Customer sundaymostly mostly frustrated about. We had actually a couple of people standing in the branches with notepads and asked customers willing to talk to us for the research so we had identified one hundred eighty two pain points while all those kind of things and be incorporated them into heavy at building. Our application will still in the process of digitizing that inc all that feedback. Another very important. Thing that i think should not be charged shifted in my opinion is digital advocacy. Jim you one of the important things is making sure. All your employees are easily able to learn and understand the products How can you support a customer about a product that you yourself have not used or don't know anything about right sometimes forget that. It's all about the customer customer. Well yeah but the big missing lincoln yet is about the employees so we had digital ad because he tools and we started taking these simulators putting them in the engagement was amazing. So not forgetting the communication aspect of it We have all the stakeholders another big shift. It was this was about instilling. The beginning stages of ed moving from traditional approach to development of applications in the traditional waterfall matter. Now gile is an overused word. But i have to say it's not bad. I'm full firm believer of agile and we found the value of having those focused teams daily. Stand not a big thing. I would say this may be a little bit. Unintuitive is let the people who know the details make the decisions empowered them. It's amazing sometimes how you would find in some institutions that the people making the decisions on so far removed from the actuality. How does that make sense. It is the people who know who are interacting with customers dealing that -plication so we also changed that created the product manager product owner model. The product owners are empowered to make a decision on. This is the right read. And it's not in some big coming great short short break outta here from our sponsors but we'll be back shortly your organization trying to embrace digital banking transformation. Two thousand twenty one. Are you trying to elevate the customer experience figure out what technology you want to implement to prove the customer journey look at deva analytics to really better understand and personally the customer experience and you trying to make it more of your employees can buy into and be part of your digital banking transformation if this sounds like you i ask you to reimagine banking with our newest. Podcast sponsor microsoft. They give the opportunity to unlock new opportunities. Speed throughout innovative business models delivered differentiate customer experiences across channels products and services and redefine new ways of banking microsoft's in this partner ecosystem health bank to achieve differentiation through sustainable growth streamlining core systems reducing cost and risk and delighting customers and employees. If you're in the midst of a journey trying to figure out what to do next maybe try and find out what other organizations are doomed to lift up their experience level. I really encourage you to look at microsoft for more information visit. Mike dot com slash financial services. Welcome back to bank transform on with robbie vacuum sheryl from people's united bank the chief digital transformation officer at the bank. And we've been talking about the process of transforming a sixty billion dollar financial institution so raviv. Our research shows that the vast majority finances touche's do not feel prepared to address the challenges of data analytics as it relates to prisoners of communication and even making recommendations of future products to consumers. What has people united done to address this issue. Very good and very important question. Jim i said i think the two things that have changed significantly in the last twenty thirty years. Our data technology in fact. I have a t shirt that i want to give to all my team that says data greater than opinion so from that point It's a couple of things. Baden things i would say one. We have steadily. Invested in appropriate data technologies by the this big data or but it is unstructured database odd enabling cloud enabling our databases working towards going to amazon working with our technology team. We have a very strong cio. Cto trying to move to cloud for strategy and be have click an tableau and power bi vegas digital data visualization tools. And so that's one side of. Interestingly if you notice what. I heard so far talking. Very technology focused bordon debate part. I would think is. That's only one side or one facet of the the big basis. How is the data being used by the business teams by the people Not technology company trying to prove defense you stick maladies and whether we can indicate to all of them the ideas how is it useful fought the bankers to be able to solve the customer's if you're not able to better understand the customer better solved dead needs and better address. The risk of the bank than there is no use to have all those technologies so from our standpoint be doing an exercise evaluating all afford data management capabilities and in addition to having all the technology said making sure we have processes in place with the business units off able to properly use the data. What's the data for. And how was it helping us deliver products and services to the customer and thinking about data not as a. Oh that's reporting that's right. That's phase two. let's get the application in. I and let's call it done. No no no no no defined in our sent for example when deployed or online account opening the entire reporting of the entire funnel top of the funnel all the way through and all supporting the vegas touch points of the estimate and the back office transactions. Were all built in as a key requirement as important as the functional group bottle and that is how we are able to now see what was working what is not and also sometimes it's hotter right because some of these applications have been in place for a long time landing application if you will not lending loan servicing system etc but. Those are building and working towards improving. Our research also found that as organizations are trying to digitally transform the toll which is a huge undertaking that sometimes innovation has taken a secondary position to other initiatives. I know that you're in charge in the fintech partnerships and innovation at at people's how do you keep innovation something that has really embraced throughout the organization as it leads.
"$60 billion" Discussed on Banking Transformed with Jim Marous
"By ravi that controller. Edp and chief transformation officer at people's united reveals. here's his perspectives on where organization should start and the roadblocks to digital transformation. What were the shore avi while it has been while since you were named chief. Transformation officer at people united. I know that you've got a ton of moving parts to make digital transformation apart of everyday banking the bank indonesia bank report research. We found that the biggest hurl success was ashley getting top management support as well as the building of a culture that supports digital transformation and moving to a digital bank environment with your assignment to chief transformation officer to illustrate both inside and outside the bank. The importance of digital transformation Glad to be here on the show today. Thank you for inviting me. Yes by the way. It's been a while speed six months. So i guess i can still claim have still in the starting phases of the business office. My appointment to destroy was an aug. Twenty twenty it's primarily from our ceo standpoint the indicate commitment and focus all from the chairman and ceo president and my boss chief administrative officer to the rest of the bank that transformation is necessary and important for us and we want to create a focused group so i would say it's more funding Probably be applicable outside of of the bank to so that's why we created this prior to becoming a chief transformation officer. You helped position to the bank to got digital channels product management and operations. What part of your previous roles were most helpful. As you embarked upon these new responsibilities. I would say all of them. In fact i joined the bank about fifteen years ago. An programmer. I've held it all of chief architect on the. it side and then switched over to the business side. Managed payments managed his soul and before being named into this current role as in charge of digital product management at all of operations store audrey divisions of the bank commercial retail and both management. I would say it's the perspective oliver together. I've seen it from the other side when i was in. It bed if i asked my defense would say a left. Delight invented the dark side. And if i talked to my business france they would say. I left the dark side and came to the light side. The biggest i would say was about ten years ago when i left. It ben. i taught as a chief architect. Because i knew all the systems that i knew the domain my biggest relation invented the business side was how little understood and how attention to detail on undestanding. The domain was so important. So i cannot point to one specific area. That is contributing. I think it's the having seen it from the technology side having a background in engineering from an education standpoint and then having seen it from customer facing side end up being on the receiving end of technology and how a customer would see it understanding the urgency of men. Somebody says hey. The customer needs an answer. The looking for an answer now not five days from now so i would say all of them euro. Today it's really an evolution from what you held in the past. You took on the role as you said. In august of last year we truly what's in the midst of pandemic when everybody was remote while consumers demanding more and more their digital engagements. What's the first thing that you focused on. When you started this position. I would say it's just before starting to position is a better way to describe what we focused on ten who was played a catalyst right men. The pandemic happened. The first thing as a bank we had to do was had sixty four hundred employees. Some of them were already remote as part of But we certainly had under two weeks to take all sixty four hundred. employees remote. Lee chose to go that route of unless you have a physical instrument that you are interacting with or your branch where you have to physically interact with the customer the entire backwards office. Our ceo said okay. Let's all make them work from home so we had to work very closely with our technology team and the first discovery was technology was only one part of the employees needing to know how to use that people who are not used to the management people who are not used to remotely operate normally. Let's say you're used to have a question. Raise my hand or alcohol joan. The ex cuban say hey job distinct doing something. Can you help me so suddenly officers. If you have a question the call center difficult question with a customer. Raise your hand and your lead will walk by and help you suddenly. There's no lead who's gonna walk by so it wasn't enough to just set them up. Technologically does one. It was a capitalist moment. Was the first thing with not that i would consider the important thing of of which the catalyst strike for creating this was in. The case has happened in the ppp loans. In the first phase if you remember just like with every other financial institution there was a lot of unknowns right the sba it kept changing or specifying more guidelines and details up until the last minute. And i still remember. It was a thursday evening when we got all the full details of the sba program. Were working with intact partner. But by the time you've figured out the deployment that was going to take a little bit of time so we needed to be ready by saturday. So we pulled in a small group of people from the business from technology customer facing back of three right and lee created using the combination of share point and rpa in. I think by friday night even those evening like bitten like almost twenty four to thirty six hours. We had application ready. For completely absorbing the applications filling them out to get into the servicing system. All the pieces and we were ready to train saturday. Money and then media lies what we had accomplished. Under normal circumstances that have been a three to six month project. Dan media that if he focused on something digitally and using technology with all the right stakeholders we could do so much. And that's when we said in what if this is what we could do in three days or the week. What else can we do if we create a focus. Group that is focused on digitizing going forward and putting all this together. So that's when we created the business transformation office so the first thing i did was like every other like you know the first ninety days creating a governance model chop operating model in such so when you look at that cuba department of people that work directly with you or are you really a facilitator to get people from different departments to work together to move the organization forward or combination but what what's the structure as she like it united now. It's a combination of both of. You actually talked about the various models from one end of the spectrum being just emerging technology research and publishing group if you will which out also like the call the ivory tower publication group and the other end where the essentially stay in your role and just transformation because part of your mandate and you still responsible for everything. What we said was this. One too many distractions. This one is just. I would be able to set people promptly note right so we created a model. I have some groups that are directly reporting into the business transformation office so to functions we said one is dead set of functions and then the other functions are the opportunity identification and improvement and transformation functions the delivery our digital teams for the bank according to the transformation office because there's only so much transformation with digital and some of the fee income product management for cards for treasury management for government some of the feeding compact management. Those are considered the delivery of the products and services..
Social Media And Free Speech During A Polarizing Time
"Moves that net neutrality is brought that the FCC has reason to be proud of, but But let me ask you this. Through the root of our conversation two years ago and to the next several minutes of this interview The Internet is even more now than it was two years ago, right because the kids are going to school and everybody's working from home. We all need it as we need electricity and plumbing. Why should it not be regulated as such? So I do believe that the debate is no longer a debate over whether Internet access is a luxury or a necessity. It's a necessity. To me. It's clear that the utility style regulation that would be imposed of net neutrality. Does not serve the consumer at the end of the day. Perhaps the best evidence comes from abroad in Europe, which has disease till the style regulations treats the Internet. Like the water company, the electric company regulators had to go hat in hand to companies like Netflix and YouTube at the beginning of the pandemic and ask them to proactively throttle content to consumers because they had not had the infrastructure investment needed. To keep up more over. There are parts of the digital divide in Europe that are not getting addressed because there's simply not an incentive to build those networks. So let's talk about private companies here and some of the power they have in this economy. And I need to turn the page to section 2 30 of the Communications Decency Act, which is in the waning days of your chairmanship has become the net neutrality of 2020 and 2021, right. The The provisions of the law that gives immunity for social media companies and many others for what people say on that site. Um do you think I'm just gonna go straight for the £800 gorillas? First? Do you think Twitter and Facebook have too much power? I do think that those companies, among others in the social media space do not operate by the same principles that other companies in the Internet economy do. For example, with respect to Twitter, who makes the decisions about content moderation, why is one actor not allowed to post but the supreme leader if Iran is These are the types of things that with respect to Internet service providers, the FCC's instituted regulations and I think that's part of the reason why in the halls of Congress is a growing bipartisan consensus that we need to re examine the regulatory framework for these companies. Now the FCC doesn't have authority here. That's a decision for Congress and the next administration to make. But I do think that there is a growing questions about transparency and consistency. If the FCC doesn't have authority here, why did you say a number of months ago You were going to take a look at a new rule. Teofilo out how to implement to 30 at one might reasonably assume the behest of the president. United States who has not been shy about his feelings about this law. What we don't have authority to change the law, which is what's many elected officials are talking about with respect to this section, 2 13 ounce and I made the Department of Commerce submitted a petition to us and we made it into print dependent determination that we had legal authority to interpret that their immunity provisions and that narrow provision only. That's one of the things that we were considering, and we decided that there wasn't time to move forward. But Do you think this is an issue that's going to grow as the social media increasingly becomes the public square when it comes to political discourse? Well, just pause to note Children screaming the background and random thuds Because we're on a roll world. We're all making radio from our living rooms. Sorry about that. Now, look, it's the way it is. It's the way it is. Let me let me actually just just pick up on what you just said and ask you sort of the following question, right? Because in in a matter of six or seven days or whatever it is, you will no longer be the chairman of the FCC. There will be somebody else. Who will be a Democrat approved by the Democratic Senate now On by wonder about this idea that you and I talked about last time Regulatory ping pong Because net neutrality is going to come back up section 2 30 is going to come up. And whoever chairs the FCC is probably gonna have an opposite point of view as to you. What What is the role of Congress in these decisions? And, um I guess why? Why? Why do our regulatory agencies have to do this kind of ping Pong? Congress needs to put on the page exactly what the rules should be so that administrative agencies don't swing back and forth, depending on the political affiliation of its leader. Now, you mentioned that neutrality that I think it's an actual, relatively simple fix. No blocking, no throttling any competitive Honda. Sorry, I can't see I can't help but laugh When you say it's a simple fix. I mean, come on. It is no. I think it is in terms of the substance now the politics of course, there are much more difficult. But even beyond that, for example, my first major speeches chairman, I urged Congress To think about infrastructure legislation. This is back in 2017, allocating 50, or even $60 billion for broadband. And if they had done that, in a bipartisan way back, then think about how much better off would be today. And so I think that it's important for Congress to update the rules to tell the American people you've elected us to make this judgment about the digital economy. Here is our judgment, and then agencies have a little more certainty, and so would consumers of the end of the day.
"$60 billion" Discussed on KDWN 720AM
"Right now is buying approximately $60 billion per month of Treasuries, Okay and $40 billion a month. Of mortgage backed security. That's new purchases that is separate from them. The mortgages that payoff they end up using those dollars to buy more mortgage debt s. Oh, that's also buying in the marketplace, so it's really doing a lot to support these low interest rates and support the ability of consumers. To borrow money cheaply to free up dollars to take care of their families. And it's gonna that was the intent to buy. Buy behind what they're doing. It wasn't a throne, the bone to the housing market to make sure we could sell all the houses. It was. How do we allow consumers? To better set up their finances going forward. Outstanding. No, it's look, it's It's a phenomenal time, right? It's an unusual time there, mark. It's a little bit nutty. It's crazy, but and mortgage markets been crazy since the early summer since late spring is started taking off and it's fair to say this is only happening because bad things are pressuring our nation and our world. This point you know, Cove it and business is being shut down and people being harmed. It's because of that that were reacting to it, providing the stimulus. It won't last forever. I hope that everybody can benefit from it. Absolutely hate in case you just joined us to listen to the news. One a 1.5 FM 7 28, Kate on the talk of Las Vegas. This is Las Vegas. Real estate. Now we're here every Saturday at 11 A.m.. I'm your host. Harvey Blank fell with me now in studio. We have John Ingram from actually hormones. We also have Rick sent me here from equity title. John. One other thought I had about this and I want to just run. I know that recently. Whenever the year the calendar changes we go from 22 21. Something something with loan programs in terms of amounts changes? Well, sure, we had some of the shit you want to review those? Whatever. Yeah, there were. Ultimately the F H f A. The federal Housing finance agency. Um, looks at the home prices for the year and they determine what is that going to be the new limit going forward into the next year and we saw in our marketplace. The loan amounts increase across basically all products. As far as the maximum loan. You're allowed to take out that being $548,250 on a convention alone. Okay, so that was roughly an increase of a little over $30,000 over last year's maxim amount. You saw FH a loans increased their loan amounts to serve. Continue to try to serve a healthy portion.
Shoppers spent record $5.1 billion on Thanksgiving
"Not Black Friday but leading up to Thanksgiving. The numbers I saw said that a record 5.1 billion in Thanksgiving online sales happened. Which is up 22% from last year's 41.1 billion. 5.1 billion spent on Thanksgiving. Wow, that's online sales. Does anyone think it's? It's kind of ironic that Black Friday deals appear in the newspaper? Are the same people who read the newspaper. Do they go online and shop for black Friday? I'm not sure. You still get the newspaper delivered to your house, the physical newspaper. What about a landline? You still have one of those kind of the same deal, right? Physical paper landline on, you know. S O black Friday. Numbers throughout the past few years are pretty consistent right around 200 million shoppers. Have spent about $60 billion each and every black Friday. That's been pretty consistent. Gonna be interesting to see when today is done if those went up or down But the trend has been away from, you know, physical stores and you know, brick and mortar and more more online stuff, so it'll be interesting to see the rest of the world by the way. Kind of jumped on the Black Friday bandwagon right around 2010. So they've been doing it for around 10 years. This is you know, throughout the world.
Big Tech companies report mixed earnings amid pandemic
"Declined for the economy, but not for one sector. Big tech. Marty is big money even during the pandemic after we got news that the U. S economy contracted I nearly 33% of the second quarter. We've got earnings reports from some of the company's biggest tech companies. And while they're doing just fine Amazon at almost $89 billion in revenue in the second quarter, Facebook's $18 billion haul was better than expected. Google's revenues were also better than projected, an Apple reported revenues of almost $60 billion. Company also announced a four for one stock split. That gives three more shares to an investor who owns one, and it makes single shares more affordable. Current company stock trades for over $380 a share. That means buyer's gonna have the chance to purchase a share for about $100 starting in August. Right now on
PG&E emerges from bankruptcy, pays $5 billion into wildfire fund
"California utility company found to be responsible for a number of deadly wildfires has emerged from bankruptcy, which could mean people of our claims against it could get settlements for months. State officials had said that P Genie had to be out of bankruptcy by June 30th if they wanted to participate in a state funded liability program for future wildfires. July 1st Pacific Gas and Electric said it was official they were out of bankruptcy, and they put five billion into that state fund. The $60 billion bankruptcy plan, approved by a federal judge includes 13.5 1,000,000,000 for people who lost loved ones and property in multiple northern California wildfires. Sparked by badly maintained company equipment on windy days, the worst of which was the camp fire destroyed the town of Paradise, killing 85
Saudi Aramco receives more than $60 billion in orders for bond debut
"Well, overnight we've heard that Aramco has received thirty five billion dollars in orders for its debut bond sale. Let's bring in our finance supporter r-turner Narayan and the appetite then for the bonds and surprise given what we've seen recently in terms of other issuers and Saudi Arabia's history in the market. Thank you for having me on the appetite for the bones is not a surprise at all. But what is the pricing is the pace at which the audible because build up. It is. I mean, there's still a few hours to go for the books to close and towards the end invents in investor authors. Could intensify. It is a momentous. You know, it's a momentous event for the bond market and also for Saudi Arabia in many ways, you know, chose the confidence that investors have toured Saudi Arabia and also Saudi Aramco's leadership in the oil
China Fires Back at Trump With New Tariffs on $60 Billion
"Nomination process. We already know he's passed six FBI beds and has previously testified under oath at length. The Justice department says the FBI's role in federal nominations is to conduct background checks, and since there's no suggestion of a federal crime being committed the FBI would not conduct a criminal investigation. President Trump travels in North Carolina tomorrow to get a look. The impact of
China retaliates with $60 billion in additional tariffs
"Police China is following through on its threat to retaliate after the US said it would impose tariffs in about two hundred billion dollars in Chinese goods next week. We get more now from Bloomberg's Amy Morris in Washington China will add duties on sixty billion dollars of American products on Monday. China's ministry of finance says in a statement that the tariffs will be five or ten percent on more than fifty two hundred items. And that if the US continues to increase tariff rates, China will respond accordingly. The Trump administration had already warned that if Beijing took that step it would place additional tariffs on about two hundred sixty seven billion dollars of Chinese imports in Washington. I'm Amy Morris. Bloomberg
China to penalize $60 billion of U.S. imports in tit-for-tat move
"AP radio news. I'm Rita Foley. We'll hear from supreme court nominee Brett Cavanaugh Monday, and the woman who says he sexually assaulted her when they were both in high school. He vehemently denies the accusation, the Senate Judiciary committee as a public hearing. Next Monday to question supreme court nominee Brett cavenaugh and college professor, Christine blazey Ford who's accused cavenaugh sexual assault at a teen party. Some thirty six years ago. The decision to hold the hearing delays a committee vote on cavenaugh that had been set for Thursday. I'm Tim Maguire. Democrats
China plans tariffs on $60 billion of U.S. goods in latest trade salvo
"To, China do not underestimate president comes determination, to, follow through On the, China trade, reform campaign this, comes after China said it's planning to impose tariffs on sixty billion dollars of US goods including. Coffee vegetables and other farm products to retaliate if the US follows through with tariffs on another two hundred billion dollars of. Chinese goods, are let signs. ABC news the White House secretary of state Mike Pompeo, saying North Korea's not living up, to its pledge to work towards denuclearization while on a trip to Singapore today Pompeii telling reporters that. Kim continues to violate u. n.. Security Council resolutions, by making fuel for the nuclear, weapons.