35 Burst results for "Adam Smith"
Northwest Newsradio
"adam smith" Discussed on Northwest Newsradio
"Object that Chinese balloon was actually at 60,000 feet and was out of the airspace. It was not a danger to flight in the U.S. and so I think a White House made it a way as decision to let it float because honestly it provided opportunities for the United States to both determine what it was and what it was doing. There's another classified briefing tomorrow morning for Washington's U.S. senators and all their Senate colleagues. Washington, congressman Adam Smith, the high ranking Democrat weighs in on the situation with China, northwest news radios, John lobert. Adam Smith is chairman of the House armed services committee. Is it simply a matter that we have now upped our detection? So we are aware of these things in a way that we weren't previously. The Seattle congressman has questions the U.S. and China are superpowers, but he's not jumping to any conclusions. We have got to do a better job of communicating with each other about what the rules of that engagement will be because there is the risk of miscalculation and overreaction on both sides. China is already flipping the script. Now accusing the U.S. of flying high altitude balloons over its airspace ten times last year. China has been a little reluctant. I know directly the Secretary of Defense wanted to have a conversation with his counterpart in China, but China said no. So I think we've got to get some international pressure here to force China to start having conversations about this because it can be a risky and dangerous situation. And that's not good for anyone. John lobert, northwest news radio. 7 34, let's get back to the roads and the high performance homes traffic center, Natalie Melendez joins us. Two traffic is slowing down going from four or 5 to two
Northwest Newsradio
"adam smith" Discussed on Northwest Newsradio
"Strong words. Following a ride along with a mental health crisis team in Seattle, the congressman answered questions about China. Got to be cautious about how I say this. Large country spy on each other. Adam Smith, chairman of the House armed services committee, says the two superpowers need to start talking. We have got to do a better job of communicating with each other about what the rules of that engagement will be because there is the risk of miscalculation and overreaction on both sides. China is already flipping the script. Now accusing the U.S. of flying high altitude balloons over its airspace ten times last year. I'll tell you China has been a little reluctant. Congressman Smith says efforts have been made by the U.S. to talk with China. I know correctly the Secretary of Defense wanted to have a conversation with his counterpart in China, but China said no. So I think we've got to get some international pressure here to force China to restart having conversations about this because it can be a risky and dangerous situation. And nobody wants that. John lobert team, northwest news radio. Northwest news times 6 34 and we check your drive every ten minutes on the force in the high performance homes traffic center, how's it shaping up Kimmy clock? Nope, Natalie Melendez. How's it looking? Well, it's still looking at a lot of slowdowns in Mercer island on I 90 west your drive from Seattle will take 19 minutes. Capitol Hill Seattle the right lane on 23rd avenue blocked off by a collision in northbound aloha street. You'll hit stop and go traffic at valley street and a Seattle sea tax like a traffic
The Dan Bongino Show
Adam Schiff Cries Wolf, Says He Has 'Evidence' Once Again
"Here he is again Jim cue up for me cut 5 he's on CNN with this past weekend and one of the weekend shows something like that Adam Schiff he's on with Dana bash Saying again he definitely has evidence this time January 6th the insurrection worse than Pearl Harbor Worse than 9 11 Jim he has evidence this time Just like he had evidence of all the other stuff I'll play in a second too But this time he definitely has evidence now Check this out We'll include evidence about Trump electors in battleground states who submitted fake Electoral College ballots even though Trump lost these states that we're talking about We have already heard that campaign officials Trump campaign officials were involved in that Do you have evidence that the former president himself Was involved Yes who will show evidence of the president's involvement in this scheme We'll also again show evidence about what his own lawyers came to think about this game Now reading Adam Schiff with the meatloaf what is he doing back there theory for Adam Schiff Adam Schiff doesn't have meatloaf Adam shares doing nothing back there He's just making all this stuff up Whatever Adam Schiff says you do the dipsy do flip a roo right You turn the story on its head and it's probably true Meaning if adds very simple rule to apply it's not complicated on advanced trigonometry If Adam Smith says he has evidence of Trump collusion for an insurrection it means watch him That Adam Smith has no evidence whatsoever of Trump's involvement in this alleged insurrection That's what it means Take it to the bank cash that check sped that money This guy doesn't have a shred of evidence Why And basing that on this shocking thing Jim called evidence
This Week In Google
"adam smith" Discussed on This Week In Google
"I think the problem, if I'm going to play my own game, because I didn't have any answer when I asked it. I think my answer would be the attention based economy, which is a product of media importing into the net, which leads to clickbait and data and everything. It's not a value based economy. And selling your attention. Because they're not selling your data, they're selling your attention. And to do that, good point. They trick you and they grab your data and they have horrible experiences and they silo. Is it possible though that the net is self healing in that regard? Like Adam Smith's invisible hand fixes markets. Wait, wait, but we already know that the invisible hand has not worked out. Well, no, it hasn't, because of regulatory capture. The governments have turned into a weak enforcer of the invisible hand. Right. Right. His theory was that if you act in your own self interest magically, everything works out. But I think that in the web anyway, things like this attention driven influencer driven clickbait driven thing. I think that goes away after a while because people get tired of it. I think the web, the Internet, in general, is like life. It ebbs and flows. It comes and goes. And when bad things happen, they will happen. And then they will go away and I think it's going to be more and more like the ebb and flow of life itself. Because it really is, isn't it? It's not separate from how the world is in any way. And as it becomes less so, it becomes more like the world. Is that not true? I don't know if I've seen this ebb and flow quite as much. We're.
What Bitcoin Did
"adam smith" Discussed on What Bitcoin Did
"So he was able to observe that hundreds of years ago that the people play this role. We play an important role in preventing our government from doing stupid wars. That role has been taken from us through this Fiat currency system, this debt based system. And again, Kant spoke about this, Adam Smith, mill, tocqueville, so many great thinkers in the enlightenment and afterwards. They all saw this. They saw the writing on the wall that this would be a threat for democracies. In lo and behold, it's happened, and it's really depressing that war is just such a small part of our public discourse. Like there was some, I think there was some pew polling that was done that about ten years ago in kind of the peak of the forever wars that suggested that when Americans answered these questions, they basically said that wars never came up in their conversations at home with family or friends. And that generally speaking that they don't really impact our lives, that's dangerous. If we're going to be in these wars, it should be part of our conversations and it should be part of our lives. And if we're not willing to have a national service, then we should at least be willing to pay for them. And if we're not, that means the government shouldn't wage them. And this is pretty clear to me. MMT makes it impossible for us to have accountability over our government in war. Now it also makes it easier for the government to do entitlement spending. I understand that we can have that dialog. But it also removes this ability for us to have that constraint. If the government can just literally create the money to pay for the tank without asking us, then that's a problem in my book. But I understand there's different opinions here. This counter arguments. No, again, it's like the counter argument is that we would have less entitlement spending, right? We'd have less public healthcare and then we'd have less public infrastructure works. And less like progressive stuff, but my counter to that is like, really? Like, yes, we'd probably have in total less yes, of course. But not in proportion to the forever wars. Like those would be the if we all got in a room like a 50 Democrats and 50 Republicans in America. And said, look, we got to cut like X and it's not politicians who are bought by lobbyists, but actual citizens. I'm pretty sure we would opt to not pay for the invasions and occupations of these foreign lands. That would be like one of the top things. Certainly before infrastructure spending or healthcare or education, et cetera, et cetera. So let's keep talking about wars. Let's keep them in our dialog. I think it's very, very important. When does this work going to be finished? Hopefully by the end of the month, I'll have an essay out exploring this and going very deep into a lot of these different areas and just, yeah, again, getting people to think about the current monetary system. And as you would say, the monetary system. And the relationship to the era we've lived in, I mean, this shaped my life, right? I'm 36..
The Doug Collins Podcast
Competitive Enterprise Institute's John Berlau on George Washington
"And we're excited today to have John burlock here with competitive enterprise institute to talk about our first president. George Washington. But we're going to do it from a little bit different perspective today. John has a great perspective on this. He's wrote a book called George Washington entrepreneur how our founding fathers, private business pursuits changed America and the world. John, welcome to the Doug Collins podcast. Thanks, dad. Congressman Collins, so good to have so good to be on. Let's go be fun. You know, look, someone's just talked about our founding fathers today. It's amazing to me how people, you know, no matter what their educational background, you know, their throw up the founding fathers is the founding fathers were this, and I believe the founding fathers were that. There's so much mistake and everything about it. I mean, I have a pastoral background. I have a religious degree. I also have a law degree. You know, it's amazing to me how sometimes today we talk about the founding fathers as if they were all pastors. Well, they were not all pastors. You know, they were, you know, they were not all lawyers. They were just a lot of common people. But George Washington, being our first president, being the leader, a lot of myths, a lot of things growing up, a lot of truisms, but also one of the things that I think your book addresses that I want to talk about with you today is he was actually a very bright guy with me. He really was. He wasn't formally educated past the age of 13, but he, because his father died when he was 11, and he was family couldn't afford to send him to college, plus he had to take care of the family. Take care of the farm, but he both learned from people. We always ask questions and he read quite a bit. He read everything from books on agriculture from Great Britain to Adam Smith's wealth of nations, which was the first book to lay out the theories of capitalism as opposed to the mercantilism that were practicing in Great Britain. So he was a very educated, well read guy, despite the lack of formal schooling.
The Dinesh D'Souza Podcast
Entrepreneurship Is About Identifying a Need
"What is it that entrepreneurs actually do? What is it that makes entrepreneurs different from other types of people? One of the classic works on this subject, and it's kind of rare because if you go to Adam Smith, if you go to Ayn Rand, you see a defense of capitalism, a defense of entrepreneurship, but not an actual description of the lineation about the uniqueness of the entrepreneur. Now, Joseph schumpeter in his book, the entrepreneur does do this. This is why, to me, this is a very important book. And I tested by measuring it against my own kind of entrepreneurial ventures. I remember, for example, when I first concocted the idea of doing this movie on Obama, I met a guy who wrote me a check for a $100,000, but I told him it's gonna take two or two and a half $1 million to make the film and he's like, well, he was a $100,000. Go find 19 other guys to give you the same. I was like, wow. Of course I had no experience in filmmaking. I was known as a writer, a think tank guy. And so I'd go to potential investors who did have the money, but they would look at me as if what? What are you talking about? A movie? What good is that gonna do? How are you gonna get that? How are you gonna even make it? And so this is something that Trump made her talks about. He basically says that the entrepreneur comes up with an idea. And we often think that the entrepreneur needs to have a new invention, a kind of, no, yes, there are entrepreneurs who come up with new inventions and then figure out how to get them out. But ordinary entrepreneurship is you just identify a need. And the need could be very small. It could involve nothing new. It's just what schumpeter calls a new combination. And so for example, the suitcase has been around for a long time. And the wheel has been around for a long time, but roll on luggage hasn't been around for a long time. So an entrepreneur may go, listen, what if I took the wheel? What if I took the suitcase? I stuck the wheels on the suitcase, suddenly it's much easier to get around with your luggage. So something so simple and innovation not an
AP News Radio
Deadly extreme weather year for US as carbon emissions soar
"Twenty twenty twenty twenty one one was was a a deadly deadly extreme extreme weather weather year year in in this this country country the the United United States States staggered staggered through through its its steady steady onslaught onslaught of of deadly deadly billion billion dollar dollar weather weather and and climate climate disasters disasters in in an an extra extra hot hot twenty twenty twenty twenty one one Adam Adam Smith Smith is is a a NOAA NOAA climatologist climatologist an an economist economist twenty twenty twenty twenty one one had had twenty twenty separate separate billion billion dollar dollar weather weather and and climate climate disasters disasters they they had had the the highest highest total total death death counts counts in in a a decade decade it it also also had had the the third third highest highest total total cost cost a a hundred hundred and and forty forty five five billion billion only only behind behind twenty twenty seventeen seventeen in in two two thousand thousand five five it it wasn't wasn't a a good good year year for for the the climate climate either either as as the the nation's nation's greenhouse greenhouse gas gas emissions emissions jumped jumped six six percent percent due due to to surges surges in in coal coal and and long long haul haul trucking trucking eight eight hundred hundred pound pound gorilla gorilla in in the the room room is is of of course course climate climate change change because because that's that's excel excel reading reading all all these these trends trends I I Shelley Shelley Adler Adler
Bloomberg Radio New York
"adam smith" Discussed on Bloomberg Radio New York
"Than walls to protect workers that we really need In the wall and the bridge Hubbard proposes a series of private and government programs to help workers build a bridge to the future Because in the end even painful change is essential to capitalism which echoing Ken langone is the system that in the long run will do the most people the most good which works better for everybody And there's no doubt in my mind capitalism And we're delighted to join now by one of our regular contributors here in Wall Street He's Glenn Hubbard former chairman of the council economic advisers certainly of Columbia business school And most important for this purpose the author of the new book the wall and the bridge Glen thank you so much for being back with this It's a fascinating book an important book In reading through it I have the strong sense part of your motivation was you have some concerns for the future of capitalism Because to some extent inherent in capitalism is a dynamism and a creativity that can lead to some destructive qualities I think that's a 100% right data You know it's like a coin with two sides economists policy makers business people we often talk about the growth and dynamism side of capitalism that's why we're in the game It's hugely important The flip side of its disruption on many of us frankly most of us win from a lot of the disruptions I talk about in the book but not everybody And I think we have to notice those who have been left behind and figure out how do we get everybody to be able to participate in our economy not a new idea It was actually Adam Smith's idea We need to put the liberal back in neoliberalism Classical liberal that is awesome Let me ask you Glen as an economist Dynamic capitalism and inherently lead to increasing inequality I don't know about that but it's certainly needs to generate churn and disruption You know many jobs and industries that exist today didn't exist a hundred years ago That's the good news The flip side of that is that people's livelihoods communities firms and industries can be at risk That too is not a bad thing as long as we prepare people You know when Adam Smith talked about the wealth of nations he talked about competition and openness And those are good things But I think if Smith were alive today he would talk about the ability to compete in the world we have with technological change in globalization Is everybody really at the starting line I think that's the inequality that would have worried Smith and should worry us In your book there's a lot of talk about dynamism creativity innovation and how important that is For a society for growth and for the individuals in it At the same time you have a distributive notion as well called mass flourishing that you actually go back to Adam Smith and say man this was consistent with Adam Smith Talk to us about mass flourishing Well mass flourishing is more than GDP When Smith wrote the wealth of nations there was no GDP although he did talk about maximizing the size of output I also think the smith of the theory of moral sentiments where he used an expression mutual sympathy that today we might call empathy I think the right economic ideas everybody in the book everybody participating everybody flourishing into the minds of the classical economists flourishing met participating in the economy the ability to have meaningful work And I think that's really what the book is about How do you build bridges to that kind of work A bridge either takes you to somewhere or brings you back and taking you two could be preparing you for the jobs of today and tomorrow and taking you back is rethinking social insurance Do you have a way to reconnect people who fall out of the boat to the moon What if you knew for a certainty that in order to have truly mass flourishing you had to give up some of the dynamism Would you make that trade I wouldn't and that's the point of the book I think there are a number of people that I note in the book that Adam Smith would school if he were here today It suggests that you can just sort of haircut dynamism The real issue is compensating people who've been left behind We have old expressions in economics the same professor who told you that on trade is good or technological advances are good He or she also told you that's because the gainers can compensate the losers And by compensation what I talk about is not writing people check or pinching them all but investing in getting people connect preparing people for work and preparing people who got left behind That's something we used to do in the country The land grant colleges of the 19th century the GI Bill of the 20th century I suggest ways we can bring those life to life to that Go on Hubbard Thank you so very much He's the author of this terrific fascinating and really important new book The wall in the bridge of course he is from Columbia.
Harvard Classics
"adam smith" Discussed on Harvard Classics
"Part one of chapter eight of book one of the wealth of nations. This is a libra. Vox recording all libra. Vox recordings are in the public domain recording. By stephen scholar the wealth of nations by adam smith part one of chapter eight of book one of the wages of labour the produce of labor constitutes the natural recompense or wages of labor in that original state of things which precedes both the appropriation of land. Any accumulation of stock the whole produce of labor belongs to the labor. He has neither landlord nor master to share with him. Had this state continued. The wages of labour would have augmented with all those improvements in its productive powers to which the division of labor gives occasion all things would gradually have become cheaper. They would have been produced by a small quantity of labor and as the commodities produced by equal quantities of labor. Would naturally in this state of things be exchanged from one another they would have been purchased likewise with the produce of a smaller quantity but though all things would have become cheaper in reality in appearance many things might have become dear than before or have been exchanged for a greater quantity of other goods. Let us suppose. For example that in the greater part of employments the productive powers of labor had been improved tenfold or that a day's labour could produce ten times the quantity of work which it had done originally but that in a particular employment they had been improved only to double or that day's labour could produce only twice the quantity of work which it had done before in exchange in the produce of a day's labor in the greater part of employments for that of a day's labor in this particular one ten times. The original quantity of work in them would purchase only twice the original quantity in it. Any particular quantity in it therefore a pound weight for example would appear to be five times dearer than before in reality however it will be twice as cheap though it required five times the quantity of other goods to purchase it..
Badass Agile
"adam smith" Discussed on Badass Agile
"I don't want to stop when you hear that. I wished that for every person listening that you understood the difference between coming home and going. This sucks a hate what i do. I used to get up. There were days when i was working for the client model before i met you get up in the morning. We like if i got hit by a car. Today i can take the day off. It was that bad. It was what could i do. That will probably really unpleasant but it would be better than going. Into a job where there's no fulfillment there's no meaning for me. So what you've done is remarkable my friend. There's there's also some really cool future conversations because one of my obsessions right now. Is building those vertical models but also building tribe is something. I have a little experience with when you talk about how to spread obsession as a cultural thing so that it can become a discipline thing like a practice. It were those would be great conversations to have with you. So i know we'll be working on some things in the future and i'd love to invite you to jump on when we do these panels or have these conversations be great to have time and please feel welcome anytime you want to come back on this. Show 'cause it's such a pleasure to chat with you and your world. I know so little about that. I'm always learning from you. And i appreciate that so much but most of all i gotta tell you. Everyone needs someone in your life. Who's truly happy for them when they're successful and i gotta tell you to see you happy. It means the world to me man. Like i just love what you've built here. How can people find you if people need some of this fractional u. x. Which i think everyone does. How can they get hold of you. What are your coordinates will post in the show notes as well. Yeah well i thank you. Chris loved working with you and Your energy is phenomenal and just changes A work environment. When you're around. So i for you to say that you're happy for me is because i'm happy means means so much to me For to to get in touch with myself. You know we're we're online at. We are tension dot com. My email addresses is adam act. We are tension dot com And send either an email or shusa drop us. Drop fire website and give us a call. I'm happy to talk about anything. I mean this is this is our is our passion so we're always open to to to have discussions and find opportunities. Were we can help. Companies create more value and more purpose in the products. That they that's awesome. And i think one of the most fun things you and i can do is meet again in the future on this format and talk about how that obsession has catapulted you forward because i truly believe that it's the difference maker so i can't wait to check you out even in a couple of months but adam. Thank you so much time. I'm so happy to see. You always happy to see you. Let's do more things together and france. Please check these guys out. If there's anyone that you hear of that is contemplating investing in proper. You don't give.
Badass Agile
"adam smith" Discussed on Badass Agile
"Access to that to to our resources for as long or short as they need on an ongoing almost subscription basis. So we see a lot of our clients. Picking up by her tend to twenty hours a week and are we work with their internal teams which they can bring in junior designers to manage the production and handling of the day to day but from from a from a senior leadership perspective in design and cx rebel to come in for one or two days work with clients to understand what their long-term goals are and work with them outside of the confines of standard in game each minutes. We're not coming in for five weeks. Hammer stuff out and then going to run out. The door repair were there to support you long term. And what that does is one selfishly. It gives us access to the kind of projects you want to work on hand type of clients we want to work on but it also keeps us very close To to where we can really add the most value because when you think about sex and products and there's a few points in the life cycle of a product where that value is tremendous. It's often right from the beginning. You know if you can set yourself up with the right kind of foundation the right kind of customer service and customer engagement and service blueprinting around that Early then know building on. Not you're not going to get to a point where you build your your company to tell them. The foundation can't and you start over. Alternatively you know there's there's there's lots of opportunities around when a company is repositioning itself or expanding into another market and they need to change the way they're they're digital properties engage with their customers. That's a very good opportunity for us to come in as well But it's really. It's really about trying to help the art. Our our customers in more often not star market get access to the resources that they need at a rate. That's reasonable for them right. So it democratises professional quality user experience customer experience. I'm gonna. i'm use that chris awesome. I the whole time. You're you're you're talking. I'm like what word can use to impress the hell out of atom so we found it which is great. The thing that i really liked about that model is when we think about start ups if because you and i are both startups in a way. Isn't it great to have a real human service. Not a bought. Rene i or a cloud based service. The as you mentioned you even thought about that but it's great to have a human service that you can go and say i need this. I just don't need it at the full bore level. But i know it's valuable so i want it and i wanna make it easy. I want someone who's there with me for the whole ride. But i just don't want to spend to have their seat for eight hours a day for the next six months a year. Whatever so. I think it's a great opportunity. And it's really sensitive to the way that you know at this point if you have a software project that's running for a year and a half. There's small chance of doing something wrong. We should be able to deliver value to the market much much faster than historically we have done. And i'm so fascinated by the way that a fractional model could allow them to do that for much much much cheaper cheaper. It's more cost effective for companies. Yeah i prefer cost effective but But yeah no. It's it's it's about what's needed to pursue fits. It fills a gap. That's out there right now and and you know again. I can't. I can't say to not like for us to be able to constantly be working with startups. They're just as hungry and just as eager to to move and push boundaries as as we are retention. It's just ten glove more often than not and it's just it's infectious and it feeds our own fires. Yeah i can see that working great for you my friend because i know that you mentioned before the client model just wasn't a fit words this you're working with people that are like minded that value the same things so i can imagine this. Just light you up every day. Yeah man i don't think i've been. I know that it's probably not cool to say. But i've been i've been doing better in the pandemic than i have in a long time. Cool to say. I think it's an inspiration everyone for what's possible when we talk about future work. I think some of us should think about what it's like to go back to the office. You know before this all went down. But i think a lot of us to ourselves to think about. How can we serve our country. The economy The local business environment and ourselves and our families by creating something of your own. I think it's never felt more possible and it's never felt more important. So what you're doing. This is such a shining example. That which is why wanted to have you on the show. My last question for you is when you kick back and you're gazing at the stars thinking about this obsession of yours. What are some of the things that you think might be coming next. Wow you know. I think for us we wanna we wanna build. Wanna build tension out so that we can. We can create a process that we can. We can help our own employees deliver the same kind of value sort of institutionalized the the obsession. I don't know how to do that yet. To be honest fire. It's something that we're trying to figure out yeah you know it's it's it's something that's tremendous tremendously interesting to us and back in the mind that that soft versus software as a service product is something that that we're always we're always toying with. It's just you know right now as we're as we're in this state of growth until we hit a couple more peaks and valleys in that in that growth model. It's just it doesn't. It's not something that we can focus on but it's always in the back of our mind because it's formed the foundation of a lot of how we approach work at tension. And that's that's something that we feel would be a very different way that we can bring value to the market without having to get engaged with every single client up there. There are some some really interesting built in kinda models that are unique. That could could help customers by. That's right now. We're one hundred percent laser focused on Helping the clients that were supporting right now. Building outstanding products in trying to use that as as are stepping toe stepping stones to just not. I wouldn't say bigger projects just more awesome early stage products that that really you know like the fire get us up in the morning and make it hard for us to shut down in the evening. That's not yeah not a bad way you come to say it. Yeah it's not not in a bad way. It's just.
Badass Agile
"adam smith" Discussed on Badass Agile
"But the reality is it's it's still rather rare. Yeah that's true. I was going to ask you about that thinking about you. Know quote unquote getting it. People who get the value of what you do versus those. Who don't are there misconceptions. Still about you x cx and product design. Are some people missing the boat by failing to take that investment seriously. Yeah so. I mean i can go all the time about not not seeing our value whether it be in any of those roles But i'm a strong believer in. It's nobody else's responsibility to to understand your value. It's your responsibility to present it display components. So i mean we can't do that you know. I can't do that for the entire industry but individuals within these rules can do that for themselves. Which will do it for the industry. But you know it's it's really a tough one. I i mean i. I've i've seen situations in the last few years where like development is more more guarded than they were even in the early two thousands. And it's it's like there's no way in and there's no way out it's really just a blackbox just hand stuff over. There's there's very little desire for communication or or discussion And it's it's it's painful to watch something that we could be building together. Just go in and come out the other side with all sorts of decisions made because they were part of the strategy or the design So it's it's it's not as it's not as far ahead as i thought we were gonna be in fact. I think we've done a little bit of a full circle in a lot of ways In terms of whether we call it agile or or wiler fragile. Whatever the situation may be you know. I think organizations are still trying to figure it out especially large organizations But you know there at the end of the day. They're still just this complete responsibility upon development team being one of the last links in the chain that that is just. It's very very difficult. But i've seen quite a lot of very protectionist behaviors happening tonight. I wish i could say it was one or two places but it just hasn't done which leads me to the point. You're saying there's no such thing as agile problems only people problems you've hinted a couple of times. You may not even realize that to go back in here. You've hinted a couple of times that it's not really the process or the structures were the The the the jargon that you use it is all about your ability to handle that tension between yourself and the client between their and your capabilities etcetera etcetera. You've mentioned it a few times that it's really the most important thing you do is add value. Yeah i have two more questions for you and the first one's kind of a bigger one. There's something unique about what you do. Because i think a lot of people can consider as we mentioned that this whole user experience thing can be expensive or be a bit of a luxury and for some companies. It's actually straight up not affordable and. I think you did something really clever to break yourself into the market. Get out there. Adding value without trying to pitch these big million dollar engagements or five million dollar engagements. Can you explain what you do. That's different than what everyone else does. Yeah so it's a very good intro. One of the things that we realized very early because it stems very much from us wanting to be as as close to the ground with startups. possibly can But you know working with early stage. Startups where who generally don't have access to experienced or or senior user experience or customer experience resourcing and don't have the funds to support that kind of a higher. We've looked at a different model and you know it's not a new model. It's been.
Badass Agile
"adam smith" Discussed on Badass Agile
"At times. So can you. Can you share what that experience was like like. How did it go down for you. Sure so i mean if we if we take it back quite a bit. Further i originally started out doing small small jobs at doing interface design and stuff in web companies and got relatively frustrated with the lack of really trying to make very high quality products and that led me to believe to go down a path to create my first company which was The reality back in ninety five. And i ran that for about eighteen years maybe nineteen and it was. It was a good run But i had my son. And i was working from home most of the time and i found it very difficult to To focus on going out and getting new business. When i hang out with a one year older two year olds so i thought about my options and decided to try the client side and to be honest to the best of my efforts. It wasn't didn't end up being a great fit. And really i think what it all boils down to for me is it's about quality and it's about purpose and it's about driving significant value in everything that we do and i. I just came to the realization when covid that this was the greatest opportunity for me to dig in and get prepared to to to launch tension. And you know i. I was fortunate enough to be able to to build majority of with with my business partner. Glenn who i've been great friends with for two decades. Yeah and together we. We originally looked at it as potentially a software as a service kind of model where we create infrastructure and processes for design and product based companies To to facilitate their operations in a remote environment. And once in the middle of mapping now. and it's like well. Why don't we want to give this away. Why don't why don't we just use this to build our own stuff because that was always in the back pocket as well. So that's how tension got started and we ran with him and it's been been a marathon ever since august last year. It sounds like you have really. I mean you've you've grown so quickly. But i want to double back before we go to further the talk about that fit because i think you said something important. It wasn't a fit during the client side work. I don't think it was a great fit is how you phrased it. Do you think that that. Lack of fit in fact when i'm going to call that tension is the the rounding of the corner the realization. The are ha moment. That should lead most people to say. Let me get out of here. I want to stop thinking and being like an employee and go do my own staff. Find my own clients. I want to own it. All the good and the bad was that was that kind of a realization for you to the best of my efforts. I you know i don't get me wrong like together with with the organizations that i've worked with did phenomenal work. What you mean. I often In the east. coast We do some really great things out there But in terms of my my satisfaction my motivation and my drive working in the fashion that we worked. It was really just not giving me the gas than i needed and got turned out but for me micra formats at work was probably not where it should have been because it was just. I didn't have that passion and now since august. It's just been a one hundred percent passion. And i believe it shows the i'm sure it does doesn't mean you sound happy and that makes me happy for you. Can i ask you a question. What the name tension that come from so a couple of things one. It's kind of an inside joke. Reference to the fact that in certain situations working with the general just can be tense. Just you know. I'm because i'm i'm i'm very very intense and i have strong opinions and i fight for what i believe and really. Don't handle office politics very well but the idea is really a comes from the understanding of the need not to have and this is about collaboration and when we look at technology or we look look at designer. We look at business or products. All of these rules need the same information in the same understanding of purpose in value and oftentimes even in a more agile format. The responsibilities are held by one group and then handed off to the other and the purpose and value often. It's diluted so when you bring all of the people together From technology from design from from product there will be tension. That tension is beautiful. Because what it allows to happen is organically. Everyone works together to build the best product and everyone is an equal partner. Doing so you know. I like to think of it. It's it's better than balance. I like to think of it as you know the tension in a sale on a sailboat. What what moves you. And it sounds corny. But these are these are the fundamental things that we believe in. It's about keeping that tension between customer desire customer need and business objectives and return on investment. And if you can keep that that line then everyone's winning. That makes sense to me. And i think it's cool. You can have your vision in your driving principles all encapsulated in a word that you have to look at every day as a reminder which is an for. I think it's neat. Would you say that you are slightly more art slightly more tech or perfect balance of the to never come out. Perfect than anything bites. I don't know. I don't i don't know if like could quantify i could i could say on one or the other you know i. I think to be a good designer. You have to understand business to be a good product designer. You have to understand the technologies that you're working with two genders to be a good user experience designer. You have to understand a handful of psychology. There's so many different things that that come into play. That i don't know i don't know if it just makes me a more wholesome you x designer Were more wholesome visual designer. But you know if you think about degrades in any of their fields. It's it's because they've abstract themselves beyond the borders of what would traditionally be put in in their in their box. You know everything interests me. So i think everything i learn and more importantly everything that i learned.
Badass Agile
"adam smith" Discussed on Badass Agile
Harvard Classics
"adam smith" Discussed on Harvard Classics
"The land for them appear commonly to afford the one greater the other a greater prophet then corn or pasture this superiority however will seldom be found to amount to more than reasonable interest or compensation for this superior expense in a hop garden a fruit garden a kitchen garden. Both the rent of the landlord and the prophet of the farmer are generally greater than an acorn but to bring the ground into this condition requires more expense hence a greater rent becomes due to the landlord. It requires too and more attentive and skillful management. Ins- a greater profit becomes due to the farmer. The crop to in the hop and fruit garden is more precarious. It's price therefore besides compensating. All occasional losses must afford something like the prophet of insurance the circumstances of gardiner's generally mean and always moderate may satisfy us that they're great ingenuity is not commonly over recompensed. Their delightful art is practiced by so many rich people for amusement. That little advantage is to be made by those who practice it for profit because the persons who should naturally be their best customers supply themselves with all their most precious productions the advantage which the landlord derives from such improvements seems at no time to have been greater than what was sufficient to compensate the original expensive of making them in the ancient injury. After the vineyard kitchen garden seems to have been the part of the farm which was supposed to yield the most valuable produce but democratise who wrote upon husbandry about two thousand years ago and who was regarded by the ancients as one of the fathers of the art thought they did not act wisely enclosed a kitchen garden. The prophet he said would not compensate the expense of a stone wall and bricks. He meant i suppose. Bricks banked in the sun molded with the rain and the winter storm and required continual repairs. Kala mela who reports this judgment of democratise does not controversial it but proposes a very frugal method of enclosing with a hedge of brambles and briars which he says he found by experience to be both a lasting an impenetrable fence but which it seems was not commonly known in the time of democracies felonious adopts the opinion of kala mela which had before been recommended by vera in the judgment of those ancient improvers. The produce of a kitchen garden had it seems been little more than sufficient to pay the extraordinary culture and the expensive watering foreign countries. So near the sun it was thought proper in those times as in the present to have the command of stream of water which could be conducted to every bed in the garden through the greater part of your a kitchen garden is not at present supposed to deserve a better enclosure than that recommended by. Colum noah in great britain and some other northern countries the finer fruits cannot be brought to perfection but by the assistance of a wall their price therefore in such countries must be sufficient to pay the expense of building and maintaining what they cannot be had without. The fruit wall frequently surrounds the kitchen garden. Which thus enjoys the benefit of an enclosure which its own produce could seldom pay for..
Harvard Classics
"adam smith" Discussed on Harvard Classics
"Adam smith part one of the produce of land which always afford rent as men like all other animals naturally multiply in proportion to the means of their subsistence. Food is always more or less in demand it can always purchase or command a greater or smaller quantity of labor and somebody can always be found who is willing to do something in order to obtain it. The quantity of labor indeed which can purchase is not always equal to what it could maintain if managed in the most economical manner on account of the high wages. Which are sometimes given to labor but it can always purchase such a quantity of labor as it can maintain according to the rate at which that sort of labor is commonly maintained in the neighborhood but land and almost any situation produces a greater quantity of food than what is sufficient to maintain all the labor necessary for bringing it to market in the most liberal way in which that labor is ever maintain the surplus to is always than sufficient to replace the stock which employed that labor together with its profits. Something therefore always remains for a rent to the landlord. The most desert. Moore's in norway and scotland produce some sort of pasture for cattle of which the milk and the increase are always more than sufficient not only to maintain all the labor necessary for tending them and to pay the ordinary prophet to the farmer or the owner of the herd or flock but to afford some small rent the landlord the rent increases in proportion to the goodness of the pasture. The same extent of ground not only maintains a greater number of cattle. But as they are brought within a smaller compass less labor becomes requisite to ten them and to collect their produce. The landlord gains both ways by the increase of the produce and by the demi notion of the labor which must be maintained out of it. The rent of land not only varies with its fertility. And whatever be its produce but with its situation whatever be its fragility land in the neighborhood of town gives a greater rent and land equally fertile in a distant part of the country though it may cost no more labor to cultivate the one the other it must always cost more to bring the produce of the distant land to market a greater quantity of labor therefore must be maintained out of it and the surplus from which are drawn both the prophet of the farmer and the rent the landlord must be diminished but in remote parts of the country the rate of profit as has already been shown is generally higher than in the neighborhood of a large town a smaller proportion of this diminished surplus therefore must belong to the landlord good roads canals and navigable rivers by diminishing the expensive carriage put the remote parts of the country more nearly upon a level with those in the neighborhood of the town they are upon that account the greatest of all improvements they encourage the cultivation of the remote which must always be the most extensive circle of the country. They're advantageous to the town by breaking down the monopoly of the country in its neighborhood. They are advantageous. Even to that part of the country though they introduced some rival commodities into the old market they opened many new markets to produce monopoly besides is a great enemy to good management which can never be universally established but in consequence of that free and universal competition which forces everybody to have recourse to it for the sake of self defense. It is not more than fifty years ago that some of the counties in the neighborhood of london petitioned the parliament against the extension of the turnpike roads into the.
Harvard Classics
"adam smith" Discussed on Harvard Classics
"Been obliged to buy salt to the value of whole ox or a whole sheep at a time. He could seldom by less than this because what he has to give for. It could seldom be divided without loss. And if he had a mind to buy more he must for the same reasons had been obliged to by double or triple the quantity the value to wit of two or three oxen or two or three sheep if on the contrary instead of sheep or oxen he had metals to give in exchange for it. He could easily proportion the quantity of the metal to the precise quantity of the commodity which he had immediate occasion for different metals. Have been made use of by different nations for this purpose. Iron was the common instrument of commerce among the ancient spartans copper among the ancient romans and gold and silver among all rich and commercial nations. Those medals seem originally to heaven made usa for this purpose in root bars without any stamp or coinage thus we are told by pliny upon the authority of tomatoes and ancient historian that till the time of service tulips the romans had no coined money but made use of unstamped bars of copper to purchase whatever they had occasion for these root bars therefore performed at this time the function of money the use of metals in this route state was attended with two very considerable inconveniences. I with the trouble of weighing. And secondly with that of a sane them in the precious metals where a small difference in the quantity makes a great difference in the value. Even the business of weighing with proper exactness requires at least very accurate weights and scales. The weighing of golden particular is an operation of some nicety in the coarser metals. Indeed were a small error. Would be little consequence. Less accuracy would no doubt be necessary yet. We should find excessively troublesome if every time poor man had occasion either to buy or sell a farthings worth goods he was obliged to weigh the farthing. The operation of a sane is still more difficult still more tedious and unless a part of the metal is fairly melted in a crucible with proper dissolvents any conclusion that can be drawn from it is extremely uncertain before the institution of coin money however unless they went through this tedious and difficult operation. People must always have been liable to the grossest frauds and impositions and instead of a pound weight of pure silver or pure copper might receive in exchange for their goods and adulterated composition of the coarsest and cheapest materials which had however in their outward appearance been made to resemble those medals to prevent such abuses to facilitate exchanges and thereby to encourage all sorts of industry and commerce. It has been found necessary. And all countries that have made any considerable advances toward improvement to fix a public stamp upon certain quantities of such particular metals as were in those countries commonly made use of to purchase goods. Hence the origin of coin. Money and of those public offices called mints institutions. Exactly the same nature with those of the all markers and stamp masters woolen woolen and linen cloth. All of them are equally. Meant to ascertain by means of public stamp. The quantity and uniform goodness of those different commodities win brought to market the first public stamps of this kind. That were affixed to the current. Metals seem in many cases to have been intended to ascertain what it was both most difficult and most important to ascertain.
Harvard Classics
"adam smith" Discussed on Harvard Classics
"The smith must all of them join their different arts in order to produce them where we to examine in the same manner all the different parts of his dress and household furniture the coarse linen shirt which he wears next his skin the shoes which cover his feet the bed which he lies on and all the different parts which compose it the kitchen great at which he prepares his rituals the coals which he makes use of for that purpose doug from the bowels of the earth and brought to him perhaps by a long sea in a long land carriage all the other utensils of his kitchen all the furniture of his table the knives and forks the earthen or pewter plates upon which she serves up and divides his vittles the different hands employed in preparing his bread and his beer the glass window which lets in the heat and the light and keeps out the wind and the rain with all the knowledge and art requisite for preparing that beautiful unhappy invention without which these northern parts of the world could scarce have afforded a very comfortable habitation together with the tools of all the different workmen employed in producing those different conveniences. If we examine. I say all these things in consider what. A variety of labor is employed about each of them. We shall be sensible that without the assistance and cooperation of many thousands. The very meanest person in a civilized country could not be provided even according to what we've very falsely imagined the easy and simple manner in which he is commonly accommodated compared indeed with the more extravagant luxury of the great his accommodation must no doubt appear extremely simple and easy and yet it may be true. Perhaps that the combination of european prince does not always so much exceed. That of an industrious frugal peasant as the accommodation of the ladder exceeds that of many and african king the absolute masters of the lives and liberties of ten thousand naked savages..
Harvard Classics
"adam smith" Discussed on Harvard Classics
"The wealth of nations by adam smith book one of the causes of improvement and the productive powers of labor and of the order according to which produce naturally distributed among the different ranks of the people chapter one of book one of the division of labor.
KOMO
"adam smith" Discussed on KOMO
"Endsley did say this week he was considering the move. Well, we are committed to having security. So the legislators construction We know that the threat level has increased dramatically up to 750 guard members will be activated to support the State Patrol and local police reason. Lawmakers have to gather at the capital to start the session in person on Mondays because they have to take a vote. So that they can give themselves essentially permission to work remotely for the rest of the session to keep themselves safe from covert 19. The calls for President Trump to be removed from office before the end of his term in 11 days are growing most Democrats and even some Republicans are saying it's time for Trump to go as it would be too dangerous for him to remain in power. Washington Democratic Congressman Adam Smith says he's working with the White House counsel packs up alone working with him and the Pentagon to say, you know, basically, let's see if we can't keep the president away from sharp objects for the next 13 days. Republican Senator Lisa Murkowski and Congressman Adam Kinzinger have also said for the good of the country, Trump needs to step down. Even several members of Trump's team have resigned in protest over his handling of Wednesday's riots. Jeff Pooja look come on news. Democratic U. S. Senator Patty Murray from Washington wants Senators Cruise and Holly to resign, she says, quote any senator who stands up in and supports the power of force over the power of democracy has broken their oath of office. In that statement. She's also says there could be no normalizing nor looking away from what played out before our eyes this week. Well, there are a few people who want a million dollars last night in the mega millions lottery, drawing none of them here in Washington. I checked the Web site, but no one won the big prize, either. So Tuesday's jackpot is going to be at least $600 million with a lump sum option of more than 442 million. In those numbers, odds are pretty good. They're going to go up because when the lottery's get that big people buy more tickets that increases the price pool. Now there's still a chance. You want a few bucks. So check those mega millions tickets you had for last night..
Tha Boxing Voice
Tyson Fury looks bulky as he trains for 3rd fight with Wilder
"Very big news. Surfacing sugarhill is the trainer of tyson fury and it seems like he posted a picture of not only tyson fury. But anthony durell guy that you know wasn't questioned during one of the tyson. Fury fights as to being part of that tyson fury team while he's now in a picture. Tyson fury a very bulky. Tyson fury very muscular tyson fury tyson fury came into the rematch with deontay wilder. At two hundred seventy four pounds and he did look a bit solve but that extra weight caused all the problems that we see in that fine. Now he's bulking up that way. Is he gonna move better. Is it going to slow him down. And he's going to get robotic as he likes to question and sees. Aj bad news for a while because he's getting stronger. What we're gonna be talking about the fact that it looks like fury's in can't four that fight. We know johnny nelson adam smith and a few others have been letting the cat out the bag that they feel that. This fight is going to happen. That fury has let it out he will be signing those contracts so looking like wow. The fury threes imminent. Fury's already in training camp in miami. And i'm just saying he looks bulky is hell.
WTOP 24 Hour News
Biden introduces his choice for defense secretary, Lloyd Austin
"President elect Joe Biden once retired general Lloyd Austin to be his defense secretary, not A post he sought. I sought him. Austin would be the first African American to serve in the position. But could his nomination face some trouble in the Senate and joining us live from Capitol Hill? Double d. T. O p. S Mitchell Miller. Mitch General Austin is very well respected. So why are there questions about whether the Senate would confirm it? Well, Shawn and Hillary. It goes back to the history of the defense secretary being in a civilian position, and the so called seven year rule that if a military officer is tapped for that position, they need to have been retired from the military for at least that long. Austin retired four years ago after a distinguished military career of more than 40 years and included a major command in Iraq. Tenure is the head of the U. S. Central Command. But several lawmakers say it's important to maintain a civilian in that position. The ranking Democrat on the Senate Armed Services Committee, Rhode Island Jack Reed had given in on a waiver for General James Mattis under President. Trump said he wouldn't support one in the future. He is now wrestling with this. Others have said they'll oppose the waiver, including senators Elizabeth Warren Richard Blumenthal, who's on the Armed Services Committee and Jon Tester of Montana. But if the House and the Senate grant a waiver, which they both have to do, he'll likely still have plenty of votes to be confirmed. Hey, Mitch, who are the other potential candidates? Lawmakers might have preferred to Austin. Well, one of them would have been the first woman to serve as defense secretary Michelle Florida who's held various positions at the Pentagon and is very well respected. The House Armed Services Committee chair Adam Smith made it clear she was his first choice. Another candidate who had been talked about a lot was former Homeland Security Secretary Jay Johnson. But Biden is said to be very comfortable with Austin as his
Heartland Newsfeed Radio Network
Congress advances defense bill, bucking Trump's veto threats
"Congress is moving forward with the defense bill. Despite a veto threat from president trump president trump makes good on his veto threat of the national defense authorization. Act in house armed services committee chairman democrat adam. Smith says lawmakers will have no choice but to come back in the session and vote to override the veto. The bipartisan measure is expected to win house and senate approval this week. It provides for pay raises for troops and a slew of military projects. President trump says. He'll veto the bill. If it does not include a provision to repeal protections for tech firms and social media companies either. The house nor senate adopted that prevision and are unlikely to add it before a
Afternoon News with Tom Glasgow and Elisa Jaffe
Trump fires Secretary of Defense Mark Esper
"President from Fire Defense Secretary Mark Esper yesterday. Now, Washington Democratic Congressman Adam Smith tells MSNBC. He objects this is incredibly destructive act by the president. There's no point in this minutes like 70 days left in the Trump Administration. Smith is the chair of the House Armed Services Committee. There are reports, Trump and Esper disagreed frequently and that led to the move.
Between The Lines
The Trump 'clown-iverse' continues
"Another crazy waken US politics. Remember this. Now back they sure you. In fact, let people know Senator I'm not going to answer the question. Because the question. Just as radical left would you out Mason who is on your list? Not. Surprisingly, the media responds to the debate especially Donald Trump's plan rudeness it was overwhelmingly hostile wasn't it? Couple of days later, trump was diagnosed with code. After mixed messages about health trump got in a car and run around waving to supporters. Then he was released from hospital he returned to the White House and he went on one of those twitter rants among other things. He told the American people not covid even though he's doctor has said, he may not entirely be out of the woods yet. So, what does all this main awake after the debate and only weeks before the US presidential election and what does it mean for America's image in the world? For answers. Let's turn to a leading. American Common Taito a conservative who says he's quite sick of living in what he calls Donald Trump's clown verse or drama drivers over believers or I can't believe these guys actually the president. Verse. Brad. Stevens is a columnist with the New York. Times, and formally with the Wall Street Journal, where he won a Pulitzer Prize for opinion writing I should just warn you all that he comes to us via a scratchy on in Manhattan. Bread. Welcome back to the Shire. Back Be Sydney. Well, the rate is of the New York Times I can't wait to see the end of trump you yourself are prominent never trump you your New York Times columnist this week you say you was trump will give us just a few reasons why I wish a speedy recovery. I think to wish ill. To reduced to his level on that, of course, it's been. Core of the trump EST project which has been to based political norms and diminish moral standards. So why would I wanNA join trump along along that road a bit for more narrowly political reasons. I. Wish it well, because God forbid he were to die before the election, he would go down so to speak a undefeated. And what I hope is that a resounding electoral defeat in November and I'm speaking of the conservative. will put an end not only to the trump presidency, but she trumpism as a an ideological force. In American politics. Now. You rauch trump. The man needs to leave and lose because it's the only way the trump cult might die it unsubscribe to the cult trump obviously. Is that why you among that never trump was. Are exerting very little influence on the political right in America these days. You know I I hear that and. I was struck by the disconnect between my supposed- irrelevance and irrelevance might never trump fellow travelers. And the fact that the president. Describing us as human scum the conservative press keeps denouncing us if we're really quite so irrelevant, you think they want to go so much energy. Truth. Election that is probably going to turn on a small number of a relatively small number of voters in swing states, and so I think we're not quite so relevant have some people allege and stressed that never trump is include many prominent conservatives lock yourself William Kristol George Will Max Booed David. Brooks. David. From and Applebaum. Jennifer from there among others. But you see your critics would respond inside the Elat media consensus with there on the left or the never trump conservatives they've been consistently against trump wrought from that said. And Nights. I haven't you guys foul to understand what got America trump and indeed Britain brexit in the first place. You know. I'm not quite sure I agree with the analysis. Is and came about in part because there was unquestionably failure of the mainstream conservative establishment, which I guess I was park in recognizing some of the populous tides in American politics. I think it candidate for a much more specifically than which was a luxury crisis. In Europe, but went unchecked help create brexit brexit had knock on effects in the United States. As well, and and I would add a larger point com, which did you those who are listening here are left in any healthy democracy need a mortally healthy a conservative movement. There's no democracy that doesn't have a conservative side of politics. and. So even our adversaries are opponents politically should want us to succeed want a conservative movement that is optimistic that is inclusive that is in favor of growth, and that favors the open society and the free world. That's the way I can feel, okay my politics, they remained unchanged from the days before trump and hopefully will remain unchanged. Have said analysis requires us to listen attentively to individual voters tell us about your subject to Chris you right about her and you'll recent York Times call him. She's a registered Democrat and a trump voting lesbian store manager from Manhattan, and she fits none of the cultural demographic stereotypes of the trump by Brett tell us about Chris. Chris is a woman who is well educated. Well traveled and as you mention, she is She's gay and she the trump supporter and I one of the things that I I occasionally will be with my column in The New York Times. Is. Essentially. handed over not not fully. But at least partially handed over to Voice of that I think the predominantly liberal leadership of the Times. Need to could here because What she observed is that at least until the pandemic, her savings accounts or pension or private pension account for the United States a call four one ks. Arising smart. The economy was doing better in her view than it had been under Obama and that that's the counted for voters like her as opposed to you know questions about the president's mannerisms or read myths or his coarseness on the world stage and I wrote it Tom for the simple reason that Hillary Clinton would it become president? Her supporters hadn't been so convinced. That it was only a bunch of rednecks Yak. In the middle of the country, we're going to the trump. He is indeed and make the point. She's not an outlaw. She's a red voter in a blue state. My guest is Brit Stevens he's an award winning columnist with the New York Times. And we're talking about. Well, let's be frank. The crazy times in American politics. Let's turn to the debate bridge sixty years ago October nineteen sixty. The World Watch the Kenji Nixon debates we were too young. We went even. We weren't even born. To civilized will informed holly. Intelligent. Courteous Navy combat veterans are both in their forties. And yet six decades later. The world's being shocked and horrified. By the time of the first presidential debate these to all men engaging in A. An angry angry exchange is the best the both major parties can offer the American people sixty how's it come to these? You know when I was when my wife I ever watched, my wife has his permanent immigrants United States actually came a citizen. BECCA very. And I have to turn to her engine apologize for bringing her country because it was mortifying fortunately, the United States is a lot more than its leader. But debasement of politics has been long the making and it's one of many reasons why I just can't accept trump as president even though can time-to-time agreeing with his policies because he is he has brought the state about politics shoot a level that. Be chargeable to describe it as over Banana Republic and and you know onto. The Kennedy Nixon debates that I am are well enough to follow up one of the great issues that debate. The status of key Moi in Matsue, he's a little time with his island off the coast of mainland. Just unimaginable that piece to standard standard-bearers would have that kind of exchange although I. Walked by what Action Nowhere Chemo in that. So actually are. Yes you said that Donald Trump in that debate was channeling Alec Baldwin Channeling Donald Trump and yet he was holy himself. I get all that but is a more wrong with America than Donald, trump, Brad Stevens yet they're into lot more. You know I think Adam Smith Donald trump is a symptom of of some of that ruined but in seeking to an Australian audience I think it's worth remembering and reminding this audience that there could. Be Fixed his right in America
The Money Guy Show
9 Dumb Financial Decisions Most People Make
"Brian, I'm so excited about this show because we're going to basically do a deep dive into behavioral finance into behavioral economics because a lot of what we cover are like it's blocking and tackling it's XS and os when it comes to financial decision making. But a lot of what we do when we make financial decisions has more to do with the behavior than academic nature of and that's kind of what we're going to go through what I'm hoping everybody who watches doesn't treat this as a coping mechanism. Oh, that's why I'm like that is because it's baked into the recipe. No, this is supposed to. Be something where you learn to spot what's going on because this is baked into the recipe, but there is a way for you to kind of master move beyond and figure out how you can harness the power of some of these things that are just influences that can drive your your your actions and your behavior. Absolutely. So there's two books that kind of influence show and and a lot of ways bow claims he has not read this book, but I it because everytime I when I was doing the Chris Voss book, they'll never split the difference. He's an FBI guy who was a negotiator and Use a lot of these tactics. Here's the thing. So back in the day, we'll talk a lot about back in the day you and I shared inaudible account well, frankly tightwad and you had good taste and books. This was in your but I never read this. I'm not I'm not familiar 'cause it always listening to it. I was like. That son of a gun, bow this is I can totally see when he's tried to use this on me but it just to tell you what Chris explains is that the FBI reconized after Waco Texas you know did not go well, they need to throw the book out on how they were handling hostage negotiations and other things like that. He goes into all the different behavioral components and here's what. was. What I am saying is that while our decisions may be largely irrational that doesn't mean there aren't consistent patterns, principles and rules behind how we act and once you know these mental patterns, you start to see ways to influence them. So I think the takeaway there is that human beings always act in a rational manner. We're not completely rational beings that this is a black decision this decision, this is the right decision. This is the wrong decision that's not the way that we always behave even though it seems like perhaps that. Should be the way we behave in. Syria, we should be rational functioning beings, but it just doesn't work that way and that led to you know there's the misbehaving book by Richard Thaler, which is the making of behavioral economics. Now, what's funny is if you go watch any of the interviews, Richards very quick to tell you hey I'm not the first person up with behavioral, economics actually Adam Smith, which anybody who follows me matter of fact we had a content meeting and I was because I had to give. Rabia. Whole educate low. Is huge to me I. Go last year I can remember my daughter. When she's doing her social studies when I found that they were studying. Adam Smith it made me so happy because Russia's the timing of when wealth of nations was published in the seventeen hundreds with the birth of America I don't think it's a coincidence. So there's a lot of things in in Adam Smith when he talks when he in a lot. of his writings including wealth of nations he does talk about overconfidence he does talk about loss aversion self control. So I thought it was cool that Richard gave them a shout out. But if you go deeper, Richard is going to give you examples of things that are happening. Everybody's life that are definitely influenced by behavioral economics and I think it's realistic that. We all think about money irrational even if we can be the most educated most well informed, we all approach it in somewhat of irrational manner. So. Let's jump into this I, want to set the stage for you guys. So you'll know I'm a big Disney Fan. Kind of missing going to the Disney parks because we were supposed to have done that in the spring we're going out to Disneyland and one of my favorite things when you're at Disney well I thought would be one of my favorite things a mirage. Was You get hungry and you're walking through the parking catch a whiff. Oh my gosh. That is the best smelling food that I could put my mouth and it's a Walt Disneyworld. Turkey like now. These things looked glorious. They're huge. They're scrumptious looking, but then you buy these things. And unfortunately to me, the taste is not match the smell because to me it was a very gristle field. Super Sodium filled I mean it was just not everything I thought the smell would give. But here's the thing when you pay twelve dollars and fifty cents for a Turkey leg. You eat that thing you you. You don't even if you're not enjoying it, you get it down because you got to recoup the cost of what you've dumped into that Turkey legs. So there is a behavioral finance concept that describes and so what we're GonNa do is win some stores reliable. Some examples for you guys today in the Chad if you're handle is live go and start throwing them out there. If you think you can guess watch behavioral finance concepts we're talking about thawed out there. So you just said you go to Disney you smell the Turkey leg us pay at twelve fifty, you start gnawing on it you get like three or four bytes in. Everything you thought it was, but you say, you know what I'm going to finish it. I'm going to keep eating this thing right? Isn't that what you say what I think is interest. If you do research as a whole thing about the disneyworld Turkey legs, there are bloggers who talked about you should share this with somebody. Now we're in a covert air now or that just seems ridiculous but I will tell you even pre covert I would no more wanNA share a Turkey leg. Been married twenty two years still not share. Yeah. Turkey legs. Back, in twenty eleven last time you and I went to Disney together. I don't remember US walking down shared a talked. So what is the personal finance concept that represents? A sunk cost fallacy. Here's the thing is. There's no reason if you've already dumped the money into this and you realize is just not as good as you thought, it was going to be you don't have to justify the action by continuing to consume it but guess what you will because somehow we feel like it's okay. It's the same thing if you went to a horrible concert or it's raining outside, you know in on the night of the concert, you know you, it's an ample theater. You still show up just because you've spent the money on the tickets,
John Rothmann
Trump administration taking $3.8 billion more from military for Mexico border wall
"Other ministration argues that it doesn't need congressional approval to re direct military funds to the border wall the White House is asked for less money for the wall in their formal budget requests in Congress but now now they're taking three point eight three billion dollars in pending on funding they're just taking it Hey wait a minute let me ask a question let me see if you can all answering I'm gonna quote Donald Trump we're gonna build a wall who's going to pay for us okay one two three Mexico right do you remember remember that statement now this announcement three point eight three billion dollars bipartisan opposition I mean it's just done to me the house Armed Services Committee chairman a Democrat Adam Smith from Washington who's very articulate by the way I heard in speaking I'm really not familiar with him so this this administration has already stolen billions from the department of defense in order to be in building the president's vanity wall and today they are doubling down on that bad policy the president wants to take credit for rebuilding the military but today's reprogramming decision does the exact opposite it will prevent the acquisition of critical ships vehicles and aircraft I by the way mark Thornberry a Texas Republican who is not running for reelection this year did not mention the president by name but voiced strong opposition to diverting money from various Pentagon accounts for border wall construction the ranking member of the house Armed Services Committee a Republican a certain this move is contrary to Congress constitutional authority I have to tell you the Congress did not vote this money and this new plan puts money the Pentagon programs including multiple military aircraft programs at risk so let me let me start out by asking you a question what do you think of the decision to divert three point eight three billion dollars in Pentagon funding to the portal I think it's unconscionable whether are for the war against the wall Congress voted against it and there's one more thing that has been announced and this was announced by a U. S. official who said the United States the Taliban have reached a truce agreement that will take effect very soon and could lead to withdrawal of American troops from Afghanistan the anonymous official said the agreement for a seven day reduction in violence to be followed by the start of all Afghan peace talks within ten days is very specific and covers the entire country including Afghan government forces well I have to tell you there are indications this announcement may come as early as this weekend do you believe that there will be a ceasefire and more than that do you believe that if the Taliban did comply with the reduction of violence agreement do you have any doubt the Taliban would take over
AP 24 Hour News
Pelosi To Send Impeachment Articles To Senate Next Week; Trump Team Preps For Trial
"House speaker Nancy Pelosi says the articles of impeachment against president trump will be delivered to the Senate next week house impeached drop three weeks ago on two counts abuse of power and obstruction of Congress Wyoming Republican Liz Cheney says the process is taken way too long it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here Washington state Democrat Adam Smith yesterday called on below sea to hand over the articles now says she was right to have delayed the process to have a fair trial shine a light on the fact is there I was doing this while pelo sees delays sparked the reason strategy has a much change what's likely to be the final verdict trump's acquittal in the Senate of charges that he abused the power instruct the Congress in pressuring Ukraine to investigate Joe
AP News Radio
Pelosi: House moving to send impeachment to Senate next week
"Majority Leader Mitch McConnell says the impeachment trial could start next week he's anxious to get started a long way the president was impeached in the house three weeks ago hello see it's been in a standoff with McConnell over how the trial would be handled Wyoming Republican Liz Cheney says impeachment was based on assumptions and no direct evidence it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here but Washington Democrat Adam Smith says pelo C. is doing this the right way pressure on this to have a fair trial shine a light on the fact it's not fair to Connell wants a speedy trial without new witnesses and Donahue Washington
AP News Radio
Pelosi: House moving to send impeachment to Senate next week
"Majority Leader Mitch McConnell says the impeachment trial could start next week he's anxious to get started a long way the president was impeached in the house three weeks ago hello see it's been in a standoff with McConnell over how the trial would be handled Wyoming Republican Liz Cheney says impeachment was based on assumptions and no direct evidence it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here but Washington Democrat Adam Smith says pelo C. is doing this the right way pressure on this to have a fair trial shine a light on the fact it's not fair to Connell wants a speedy trial without new witnesses and Donahue Washington
CNN's The Daily DC
Pelosi not yet ready to transmit Trump's impeachment to the Senate
"For the past several weeks. There's been one burning question dominating this saga. When Will Nancy Pelosi? The speaker of the house transmit the articles of impeachment to the Senate and therefore launched the trial process in the Senate. While this morning Speaker Pelosi finally addressed at that point. Take a listen now in terms of impeachment. You'll keep asking me the same question. I keep giving you the same answer. As I said right from the start art we need to see that the arena in which we are sending our managers is that too much to ask of course addressing that point in an answering that question or two different things. A Pelosi later added that she's not holding onto the articles indefinitely and that she would probably transmit them soon soon. I've got to fantastic guests to help me make sense of all of this political gamesmanship in a few minutes will be talking with CNN. National Security and legal analysts. Susan Hennessy but I I'm joined by my colleague. CNN Politics Congressional reporter. Alex Rogers Alex. Welcome to the PODCAST. Thanks so much for me so it seems to me. After days. Days Days of stasis on this story we did learn in the last twenty four hours several things one as I just said speaker. Pelosi said she's likely to transmit these soon she's not going to hold onto them forever. To President. Trump actually asserted yet again today. He's opened. Witnesses named some witnesses. He's interested in of course. Course which are total non starters For the Democrats in terms of Adam Schiff or Joe Biden or hunter Biden or the whistle blower but is has said and he's going to really leave this to the Senate. We learned that Mitch McConnell the majority leader in the Senate went to the White House and briefed the president on what the contours of this trial is going to look like. So it sounds like the president has more information about Mitch. McConnell's vision of how this trial is going to play out then speaker. Pelosi does which is why she's still hanging onto the articles as we're recording this at least and Finally we've learned that there seems to be a strategic divide going on between the president and and his advisors and or some of his advisers and certainly the Senate majority leader Mitch McConnell in terms of whether or not he wants some very vociferous defenders from the House Republican Conference To join in defending his case in the Senate McConnell of course worried that Too partisan partisan of abroal may upset the apple cart with some of the moderate center. Republicans that they need to keep on board with the plan here so all of those. Those things have emerged in the last twenty four hours and yet Nancy Pelosi is still holding onto the articles of impeachment. What does that mean soon when you expect her to send these to the Senate or she said today today I'll send them over when I'm ready and we're still trying to figure out what leverage she has Senator Majority Leader Mitch? McConnell said yesterday that she has none he has the votes. It's a simple majority devote Democrats are hoping that there are four Republicans to join them. But now we've talked to Susan Collins. Lisa Murkowski Mitt Romney and all of them are on Mitch McConnell. Donald Seidel Miss. So we're wondering here. What Nancy Pelosi is looking for if there's any possible signal that she could get from The Republican leader. She says that she just wants to see the rules. Mitch McConnell says let's just go back to the nineteen ninety nine precedent under Clinton and. Just run with that now she. It seemed to me when she walked into a press conference. Today Should two main message point. She wanted to hit when it came to the issue of impeachment. One was. She's not buying this whole Mitch. McConnell nineteen ninety nine Clinton enroll. She thinks he's not portraying how those were set up namely the Clinton rules were devised in a bipartisan agreement. And I think there was one hundred hundred nothing vote supporting them. In the United States Senate That was hammered out with the blessing of the leaders. Trent Lott and Tom Daschle. Nothing like that is going on with McConnell when Schumer right now is Pelosi's point number one so she doesn't By his argument that this is playing by the Clinton rules. That was one thing she wanted to drive home but number two it seems she wanted to sort of list Her reasons that she thinks she's been victorious in this decision to hold onto the articles articles namely that it has put the issue of documentation and witnesses front and center in a way that if the articles had immediately gone over in December. Maybe they weren't. What do you make of that? I mean her point is that there's a number of witnesses who have not been Who have refused to testify and the Clinton Peterman process? All of those witnesses had already talked before that that evidence was already out there But the thing is that she right now is losing not only those moderate Republicans Republicans at your needs but also Democrats. There's a number of them who've said in the past couple of days that let's just let's just get this started senator. Dianne Feinstein said if we're going to do it she she she should send them over. I don't see what good delay does. She's later walk that back. Other Congressmen have also Adam Smith at today on CNN. Basically said let's transmit these articles goals that's during the Senate trial and then he later said I misspoke wait. I missed how Senator Feinstein walked back to her comments. What did she say? Because it's all those comments my eyes widen so I I missed the walk back. She said today that those comments are now being taken out of context okay. I don't know if that's a real walk back. They're not out of context are they. I don't know vow. The the thing though is what does holding the articles now do for the Democrats. Are they really going to be able to change the rules. Or they can get these witnesses upfront. No Mitch McConnell has the votes. And he's ready to go he's made that crystal clear what What do you make of this concern concern that? McConnell has apparently expressed that Having some very vocal House Republican conference members who were Lord Diehard trump supporters at all costs be part of his defense may upset the apple cart of sort of the Republican unanimity. That you just described that he's been able cobbled together. How is how big of a concern do you sense? Is this for McConnell. So we have some reporting from Sarah Westwood Phil Mattingly came out today. There's there's this struggle between some of president trump's allies who think that a legalistic argument by Patsy. Baloney the White House counsel so is Not going to be good enough. You need to win this. It's it's not only trial but it's somewhat theater have your most for syphilis. Allies Congressman Jim Jordan Congressman Mark Meadows. Some of these people who can articulate the president's argument in different style. Then you also have Senator Mitch McConnell's view. It appears where those those people are going to turn off exactly the Republicans that you need. You Need Susan Collins. Lisa Murkowski the people people in the middle so the president right now is receiving this conflicting advice. And we don't know yet. I don't think the decision has been made on who is going to defend the president and the trial yet. Yeah no we have not heard that decision we know that Pets Bologna and his team. The White House counsel on his team Have put together a plan and that there seems to be one but we don't yet know exactly who will be doing the defending of the president. And I think that the president who we know consume so much Fox News and sort of has this echo chamber constantly feedback loop in in. His mind doesn't always necessarily think the way McConnell does about Are we just doing a full on brawl with the Democrats here or is there work to be done with your own party here and McConnell's clearly trying to make the case Mr President don't lose sight. Yes you're going to be acquitted but you've got to still keep your party on board. I think right now if you just run the nineteen ninety nine Clinton trial rules you will see each side making their argument and then a couple of days of questions from the senators and then you vote whether to dismiss the whole thing right then there or then to also get into the witnesses that Democrats think will bolster their case my final question for you before we go to break you say that Democrats will boast of their case. What about the fact that Donald Trump is still out there saying he wants them? Witnesses I Mitch. McConnell sort of in a no witnesses camp. He doesn't necessarily want to see Joe Biden or Hunter Abidin or the whistle blower called. So there's a difference there too is they're not of course There are some Republicans who want to see honor Biden. They WANNA Have I think Senator Ron Johnson said this week the full gamut of witnesses. But you've also seen Senator Susan Collins who you know really the crucial senator here say a that it would be inappropriate inappropriate for president trump to say to China investigate on our Biden Susan Collins once witnesses But we we don't really think that means also hundred I think we've that means you know people with firsthand evidence other people who testified before the house. Yeah actual impertinent witnesses to this What these articles of impeachment are about and therefore pertinent to this trial? Alex let's take a pause and our conversation for the moment legal analysts Susan. Hennessy will join us right
Morning News with Manda Factor and Gregg Hersholt
House to vote on resolution limiting Trump war powers today
"Of vote is expected to take place today in the house on a war powers resolution that would limit president trump's authority to order military action against Iran in a statement house speaker Nancy Pelosi criticized trump's recent order to kill a top Iranian military official in Iraq she called it a provocative disproportionate military air strikes democratic lawmakers and even some loyal Republicans came out angry after an intelligence briefing from the trump administration concerning that strike that killed their running in general Qassem Soleimani Washington Democrat Adam Smith chair of the house Armed Services Committee talked with CNN this morning I am not specifically told us what did you hear that made you think it was a matter of fact when frost they said they did not have specific targets they didn't know what specifically their audience were targeting nor did they have a precise time line they said
Stansberry Investor Hour
The Biggest Bubble in World History?
"The rant. This week is continuation of last week. Okay what i've done here is. I've added kind of another chapter to the story story so last week. I talked to you about the way that wall street turns conservative investment vehicles into pure toxic waste is what i'm calling colleague and i mentioned two examples right. The investment trusts starting in the late nineteenth century ending in the nineteen twenty nine crash and the u._s. thirty year mortgage around the time of the financial crisis. You know maybe from around two thousand two through just say two thousand nine this week. I wanna talk a little bit about mutual funds in that same light okay and the story begins with something called the prudent prudent man ruling of eighteen thirty. We're getting in the weeds here folks. There's a lot of material here all right so the prudent man fiduciary the tradition in american well in american law and in american finance goes back couple of hundred years before the nineteen sixties when when and mutual funds kind of blew up in the way that i'm about to describe but there was this one particular decision in eighteen thirty in a case called harvard college versus amory sorry you can google that and and learn the details of that amac and talk about just mention the a quote from the decision that was made at that time so so here's the quote from a decision which outlined the prudent man rule okay so these are the words of judge samuel putnam in eighteen eighteen thirty quote all that can be required of a trustee is that he shall conduct himself faithfully and exercise a sound discretion and he is to observe how men of prudence discretion and intelligence manage their own affairs not in regard to speculation but in regard to the permanent ah position of their funds considering the probable income as well as the probable safety of the capital to be invested and quote. That's a lot of that's a lot of stuff there but the salient points are prudence discretion intelligence probable income probable safety of the capital title so this is what's known as the prudent man rule it still alive today though you'd probably be hard pressed to find very many true practitioners. The decision was made in a boston court. Okay it became the ruling principle of among others a whole class of money managers that will called the yankee trustees they were the living essence of the prudent man rule and they viewed the avoidance of losses as more important than achieving leaving gains right very conservative so in boston almost one hundred years after the prudent man ruling the first open ended mutual fund was created in nineteen twenty four and it was very much a product of the trustee culture right people who took care of trusts and were these the yankee trustees who used the man ruin invested very conservatively it was called the massachusetts investors trust and it was different because it didn't have a fixed the number of shares like all the funds before it it's sold shares to the public based on demand and investors could sell them right back to the company at whatever the current price was right. That's an open and mutual fund as we know today so as a product of the boston prudent man culture it was so conservatively run it came out in nineteen twenty four right just when the twenties were kinda getting getting cooking and it was seen as being out of step with the times sort of like warren buffett in nineteen ninety nine fine and you know it it did all kinds of things issued detailed quarterly reports listing all of its holdings and transactions and costs that was the exact opposite visit policy of at that time the the new investment trusts of the era which refused tell investors what was in them in turn out as we said last week to be toxic waste okay now you fast forward a little bit you go nineteen forty-three edward crosby johnson. The second is a lawyer who takes over the fidelity fund and fidelity right. The company knows fidelity. It's got like two and a half trillion of assets under management today well. He took over this boston. Mutual fund operation called fidelity fidelity at the time. They managed three million bucks. It was hardly anything that was even a small amount of that time in nineteen forty three now in his book the gogo years author author john brooks noted of that event quote the man who turned the fidelity organization over to him refuse to take nickel for it in keeping with the traditional boston austin concept of a trusteeship as a sacred charge rather than a vested interest to be bought and sold and quote brooks looks continued the notion of a mutual fund as a trust was deeply ingrained in state street sort of like wall street and boston deeply ingrained in stay street st st st at that time and would remain so until about nineteen fifty five in quote so the laws governing mutual funds and trust were different but until the the mid fifties according to brooks mutual funds felt like trusts right it wasn't seen as an opportunity to get rich speculating with other people's money far from it. It was a sacred charge so but johnson you know eventually. He left those old conservative ways behind. It's a necessary step in solving the toxic waste. He was a fan of jesse. Livermore johnson love jesse livermore. That's what got him interested in. The stock market to begin with of course livermore was the famous trader who made lost i i if i'm not mistaken for fortune speculating on stocks you know including in the twenties and eventually shot himself in the head nineteen forty in the cloakroom grooming sherry netherlands hotel in new york so with his one transaction of taking over the fidelity fund the old conservative way of the yankee trustee was kinda taken out back and shot in the head johnson grew the business by trading stocks okay now the dow rose about one hundred and fifty percent between nineteen forty-three the year he took over and nineteen fifty two the year johnson met a man named gerald cy who's a chinese fellow his last name aside t._s._a. Sign was born in shanghai china in nineteen. Twenty eight came to the u._s. In nineteen forty seven to go to college got a bachelor master's degree from boston in university and stuck around so these guys met nineteen fifty two and they were both inclined more towards market timing and rapid-fire trading in large positions positions you know no diversification long-term view neither had a trace of the prudent man in him johnson. Let size start his own fund in nineteen fifty seven the fidelity capital fund. I'm sorry i left outside went to work for johnson when they met okay and he started his own fund in nineteen fifty seven the fidelity eddie capital fund from nineteen fifty eight to nineteen sixty five the fund return two hundred ninety six percent according to john moguls forward to a book called super money by adam smith breath aka george goodman good book. You should read those those adam smith books along the way si- had to deal with the crash nineteen sixty two that year the dow jones average fell twenty seven percent and most of the downward move which was really from kind of january first until june twenty six of that year most of that downward and move happened in two months between april twenty fourth june twenty six with a drop of twenty two and a half percent so is short and sharp and kind of brutal john brooks. It's not how well the mutual fund industry weathered the storm quote the great rising giant of american finance the mutual fund industry had come out with honors cash chevy still conservatively managed in the prudent fiduciary tradition the funds had bought unbalancing the falling market of monday and had sold on balance and the rising market of thursday day thus besides protecting their shareholders from excessive risk. They had perhaps actually done something to stabilize the market and quote. Apparently there's one particularly if you look at the chart of that time there's one particular week those pretty brutal right around the time it bottomed out and i think that's what he's talking about. Their size fidelity capital fund was down by may of that year but he recovered and the fun rose sixty eight percent in the last three months of the year okay so a few years later nineteen sixty five big year for gerald outside that year has fun was up almost fifty percent of course the turnover one hundred twenty percent right so turnover of one hundred percent means. You held everything for a year. Basically like you sold every share you bought that year so he sold one hundred twenty percent implies and even shorter period right so one hundred percent turnover would be if you bought on january first sold on december thirty first every share and this one hundred twenty percent is like i don't i don't know maybe he sold it all by by november. Let's just say but really what what happened was. He's just constantly turning over daily by then by nineteen nineteen sixty-five gerald saone twenty percent of fidelity instead of picking is his successor to run fidelity et johnson picked his son ned johnson then who actually was a pretty good stock quicker to write in a bull market. Everybody looks good. Silence fidelity immediately started his own fund called the manhattan fund. It started with around two hundred forty seven million in assets the quote the biggest offering an investment company history end quote according to the new york times by mid sixty st eight. It had five hundred sixty million bucks in it. The fun didn't do so well that year though and si- sold his company to c._n._a. Financial corporation regime for thirty million. He got out of the top pretty smart a year later. It fell ninety percent that was closed <hes> so by december thirty thirty one thousand nine hundred seventy four near the bottom of brutal bear market. The manhattan fund had these single worst eight year track record of any existing fund at the time accumulative would've loss of seventy percent of all the capital that had gone into it while manhattan fund wasn't the only one there were other kind of gogo funds of the year. I remember one called. The enterprise fund was up like six hundred percent at the top and down by more than half or so at the bottom but cy was the most famous money manager of time he was really the first kind of celebrity financial major financial guy he would later lie to an institutional investor magazine interviewer when he said quote we had one bad year in nineteen sixty eight night been killed in the press ever since. I don't think it's fair dr and quote one bad year. How about the worst eight years ever at that time size gruden end there. He later worked for an insurance company that bought american can a tin can manufacturer and he turned that business into a financial services company called primerica. You may have heard of it primerica which he sold to a guy named sanford weill in nineteen eighty eight. It's the company that became came city group okay short short story there from primerica to citi group so you know size fingerprints are still on american finance today so that's the short version of how ed johnson and even more so gerald cy turn mutual funds you know this thing born out of the conservative a bit of boston yankee trustee culture into they turned it into toxic wastes into these rapid fire trading vehicles in in in the nineteen fifties and sixties so mutual funds began life in america as a conservatively managed sacred dacre charge of the prudent man the yankee trustee and they ended up as the new gogo mutual funds of gerald site irritating huge positions in highly speculative stocks trading in and out quickly and size manhattan fund was just the most famous and most disastrous example but there there were others said and you know they took these huge positions they weren't diversified and the brokers hated it but they couldn't not do it. Because <hes> you know cy was a big deal. He was the biggest thing in finance at that time that two hundred and forty seven million deal right that was the biggest deal is like fifteen percent of all the offerings that year in mutual fund so you know it was the brokers had to deal with them. They had to play along with these huge positions that he was taking even though they didn't like it because it looked dangerous to them <hes> and trade in out very quickly. It's just like the investment trust of the late nineteenth and early twentieth centuries and it's just like what they did into the thirty year mortgage with mortgage-backed securities and c._d._o.'s in the housing bubbles it housing bubble singular really have one of those wall street takes these conservative vehicles and turns them into toxic waste. Every year is a little bit different. Every bubble has its own characteristics characteristics and course today. What are we seeing today the very biggest bubble in the history of the world the global bond bubble label featuring at last count according to data compiled on bloomberg. They keep track of it. If you have bloomberg you can you can log in and get the latest chart art of the world's negative yielding debt. It's over sixteen trillion about sixteen point four trillion according to bloomberg it's insane. It can't end well. These things things never ever ever do the thing that worries me about this and of course i have to give credit where it's due wall street had less to do with this than central bank central banks did this when this on them of course they're clearly taking a page. I don't know did wall street. Take a page from them. Wall street was around before central banks right so <hes> at least before the federal reserve's early so i think we we have to say that <hes> the central banks take a page from wall street and turned you know the conservative -servative thing most of the negative yielding data sovereign debt and they've turned it into toxic waste guaranteed to lose you money if you hold it to maturity pretty insane insane. That's the rant for this week if you liked it or didn't like it or have a question or a comment right into feedback back at investor our dot com.
Mike McConnell
Trump officials brief a divided Congress on escalating tensions with Iran
"Will there be armed conflict with Iran? I met Reese, seven hundred wwl w dot com. The men who had the state and defence departments have updated members of congress on what may or may not be a path toward war with Iran, secretary of state Mike Pompeo and Defense Secretary Patrick Shanahan briefing, the full house and Senate Tuesday on tense relations with Iran. Some members of congress left the meeting saying the US was handling Iranian aggression, Representative Adam Smith said the US strategy, so far isn't working her tail their forces. What our maximum pressure campaign done in terms of the Cheever objectives, I have not seen US intelligence now believes Iran is also behind the attacks against commercial vessels off the coast of the United Arab