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The Bitboy Crypto Podcast
A highlight from Who Is Worse? Blackrock Or The Catholic Church (Biggest Money Cartel In History)
"Are you ready to wage a war without end against you? Are you ready to wage that war armed with nothing but bottomless poverty? I didn't think so. In that case, stop talking bullshit. And get yourself some shoes, because the air in here is unbreathable. Money corrupts, and that's not news. Today, it's Black Rock, Vanguard, and State Street. But not too long ago, there's an entity that held even more power than those multinational conglomerates. We're going to take a step back in time to the Catholic Church of the Renaissance and learn how it basically controlled everything it touched and how the game has stayed pretty much the same through the 21st century. We may just find similarities to how banks, hedge funds, and the uber wealthy elite wield political power today. Let's get it. Now, before you get your commenting fingers twitching about how I'm being mean to Catholics, know that I'm just talking about a political institution 500 years ago. I'm not talking about Catholicism as a religious practice or the church today. You do you when it comes to religion. This is America. Okay, now let's get back to the Renaissance. One big similarity the old school church has with our tradfi overlords is the emphasis on secrecy. Both institutions are shrouded in mystery. No one really knows their entire net worth or their intentions. Well, other than maintaining the status quo so they can rake in as much money as possible, both the Catholic Church and the banks have covered up scandal and corruption time after time so they can continue business as usual. Back in Da Vinci's time, there are all sorts of rumors of popes and other church officials not exactly keeping up with the Christian morals they were preaching. There is abuses of all kinds, incest, orgies, mistresses, bribery. We're not even talking about the polycule. You name the sin, the Renaissance popes were probably doing it. There is even a pope who supposedly drank children's blood. And that same corruption seems to be rampant within the banks and hedge funds in modern times. JP Morgan was found to be handling the payments between Epstein and the people he was trafficking with. In fact, the number of billionaires with connections to Epstein are startling. What were you doing on the island? And we'd probably hear more about similar corruption and scandals within Black Rock, Vanguard and State Street if they didn't own basically every news organization in the US. But we'll get to that a bit later. For now, the big boys just pay a lot of fines for doing bad things. And that brings us to the first tool you need if you want to control everything. Here's a hint. It's all about the money. Have you ever heard the phrase, money is power? Well, I'm pretty sure the Renaissance Church invented that concept. Most economists reckon the wealth of the modern day Catholic Church is actually immeasurable due to all the priceless artwork, artifacts and the money laundering going on. And the reported $30 billion net worth is still high despite countries going through a Protestant Reformation during the Renaissance and subsequently reclaiming church lands. So just imagine how much land and property the church owned back when Catholicism was the only thing on the Christian menu. Although it's really hard to know for sure just how much cash the pope was raking in during the Renaissance, economists estimate it would be a little over $40 million annually in today's terms. And remember, this income doesn't include the land or artwork they're receiving as gifts or claiming by force. This gave the pope the kind of capital countries are usually playing with. And thus, the church had the same power as monarchs. Some would argue even more. And folks, we may have ditched the funny tights and corsets or maybe you have, but we have the same kind of issue today. Vanguard, Black Creek and State Street manage almost $20 trillion, which is almost more than the U .S.'s GDP. And not only do they control more wealth than most countries in the world, those hedge funds are also managing wealth for countries, which creates a vicious, incestual cycle of corruption. Back in 2016, Forbes reported that the wealth gap is worse today than it was in the Middle Ages. And that's not very hard to believe when we know the top 1 % holds 15 times more wealth than the bottom 50 % of America. And during the COVID lockdown, the 10 richest billionaires doubled their fortunes, while 160 million people fell into poverty. So how did both the uber wealthy of the modern day and the ancient Catholic Church amass this kind of wealth? Well, the church had millions of people tithing 10 % of their income. Doesn't this sound a bit like the interest we pay banks on loans and banking fees? And 10 % is nothing in comparison to the types of interest we pay just to exist in the modern world. The highest credit card is over 30%, and most of us are paying somewhere in the 20s. And because the Fed is raising rates, other borrowing is getting more expensive, too. Student loan rates have increased, and taking out a loan to buy a home is nearly impossible these days because rates have almost tripled. mortgage rates haven't been above 6 % since the housing crisis in 2008. And yet, somehow, it's only us plebs who are paying these kinds of rates to borrow money. The corporations like BlackRock and JP Morgan take out loans with nearly 0 % interest. In fact, the wealthier you are, the less banks deem you as a risk. So you get the best rates. But in reality, this turns into a vicious cycle where the hyper wealthy hoard more money and the poor can't afford to borrow. Right now, the average interest for a personal loan is between 6 % and 36%, where the average interest for businesses is 2 % to 13%. Interest is leveraged against the average American the same way the Catholic Church used to leverage Ursary Usury is the practice of charging interest, and it used to be the biggest sin you could commit. But the church got creative with how it weaponized usury. It didn't go after wealthy banking families like the Medicis, who supplied the church with gifts and managed church money for free. The church conveniently cracked down on the practice so that the lower classes wouldn't have access to the extra capital that would give them the opportunity for upward mobility. It's wild how the past is so similar to our present. Why do you think day traders and TradFi have to keep at least $25 ,000 in their accounts? Supposedly, it's to protect the poor from the volatility of the market. But the way I see it, it's just another method of keeping smart people from changing their economic circumstances. And who do you think pressured the SEC to create that law in the first place? I'm willing to bet it was a giant money manager like State Street, Vanguard and BlackRock. They would like to have a monopoly on trading and hand all of us regular Joes a measly little 0 .01 % or whatever the bank interest is these days. I say no. And I want more than a toaster. And speaking of monopolies, the Catholic Church had a monopoly on salvation during the Renaissance, so people couldn't exactly go around negotiating that 10 % tithing rule or what exactly counted as a sin. It's really similar to how we can't really negotiate modern prices in this supposedly free market. The monopoly aspect is something the church and our wealthiest modern day corporations have in common. Look at the bank failures recently. Despite Jamie Dimon claiming the smaller banks are good for our financial ecosystem, Chase was very quick to gobble up the banks that went under. If we weren't there already, we're scarily close to a bank monopoly. Another way the Catholic Church made money was selling indulgences to rid the nobility of their sins. The Renaissance nobility were up to some shady things too and needed to be seen as moral so they could stay in power. The most corrupt nobles could buy a spot in heaven by donating land or commissioning artwork. Doesn't this feel a lot like government subsidies and contracts for major corporations? Hey, you want to look like you support green energy? Give Elon Musk millions to play with. Oh sure, Blackstone, we'll subsidize your billion dollar debt with taxpayer money because it makes us look like we're stimulating the economy. No problem. Another modern means of absolution is corporations using carbon credits to pay off their climate sins. This is how companies like Exxon have a higher ESG score than Tesla. They know who's palm to grease. Another great way to amass incomparable wealth is to be able to claim yourself as tax -free. If you can pull that off, it's an amazing feat. Just ask the NFL. Throughout history, the Catholic Church found ways to skirt taxation by the state and that practice is alive and well today. Do you think Bill Gates and Jeff Bezos are paying income taxes? I hate taxes. You hate taxes. We all hate taxes. But in our current society, we pay them. And it's a little more than unfair that the wealthiest among us are acting like they're tax exempt. Both the mega wealthy and the Catholic Church of the Renaissance controlled education and access to information. So kind of like mind control. The church kept their religious texts in Latin to keep the masses from being able to access it themselves. We already talked about how they also chose a lot of their sins to maintain the status quo in social hierarchy. It's a sin if you don't hit the like button. Similarly, corporate lobbyists have forced the government to slash education funding. That combined with other factors have made tuition exorbitantly high. We already talked about the student loan issue. Most people can't even afford college anymore. And if you take your education into your own hands by trying to stay up to date on news and media, you'll quickly realize almost every media company is owned by major corporations who have BlackRock and Vanguard as their primary investors. So you can't always trust what they're telling you because they have an agenda to stay in power. That's why it's hard to find information on the full extent of the corruption of the likes of BlackRock and Vanguard. I'm sure many reporters have pitched stories that have been shut down by the shady higher -ups. But here at BitBoy Crypto, we're proud to bring you the content that can't be bought by dark Wall Street money. Finally, that brings us to the third way the church and finance sectors control the world. It's not what you know, but who you know. And you know me. And I know you know that I know you. Political wheeling and dealing. And if that doesn't work, position your family members in places of power. Every royal court and government had pupil ambassadors that would ride back and forth through the Vatican and other church lands negotiating with church officials. That sounds a lot like a very early version of a lobbyist to me. And because as the head of the church, the pope had immense power, he was able to recommend marriages, which usually involved installing a member of his family at a high position. Pope Alexander VI married his daughter, Lucretia Borgia, off three different times. He simply annulled her first marriage when her husband was no longer politically advantageous and the Borgias may or may not have been responsible for murdering Lucretia's second husband. Pope Clement VII married one of his family members, Catherine de Medici, to the future king of France, which was a helpful political alliance during a time fraught with Protestant uprisings. This should all sound very familiar because the majority of our politicians, no matter the political party, have familial or social ties to banks, hedge funds, and the uber wealthy elite. There are so many examples of this, we can't list them all, but here are a few to sink your teeth into. George W. Bush had an uncle who provided discreet banking services for people in Washington, DC, and his brother Jeb also worked in banking before politics. Then you have the Clintons, whose son -in -law is an investor at a Texas private equity firm. Trump is friends with all sorts of sketchy billionaires across the globe. And look at Jared Kushner. And then you have Biden, whose son Hunter has been a hedge fund principal, venture capitalist, private equity fund investor, and painter. And now we have even more of Jamie Dimon's shenanigans. He doesn't have enough power running the largest bank of America. He's thinking of going into politics? And remember, guys, political corruption is like an iceberg. The evidence we have is just the tip due to how good they are at covering their tracks. And the Renaissance pope's habit of just making princes is exactly what our financial overlords do today. Pope Leo III crowned Charlemagne the Holy Roman Emperor out of nowhere, and Pope Alexander VI made one of the sons he had with his official mistress, a prince who supposedly inspired Machiavelli's The Prince. I don't think he inspired the artist, though. BlackRock and the likes are making princes, too. This is where we get into the modern day campaign financing, where it costs millions to be democratically elected prince. In 2016, only 158 families controlled 50 % of campaign financing. Our biggest banks spend millions on campaign financing for Republicans and Democrats every year, and that's just the money they actually report. There's a bigger, more illicit pool of dark money that controls politics. And if you think they're spending billions on these politicians just to be nice, think again. Nobody spends something for nothing. Billionaire Bernard Schwartz is quoted as saying, I don't ask politicians to do what I say. I want them to hear me when I have a problem. And according to Vanity Fair, BlackRock's CEO Larry Fink loved to go around saying that he told Washington what to do. Doesn't all this sound a bit like the Catholic Church saying, Well, you technically can do what you want, but if you don't do what I say, your soul will spend eternity in a very hot, not -so -nice place. You don't want to know where that poker goes. And now we get to number four on our list. It is better to be feared than to be loved. Also known as scare tactics. If the immense wealth, information control, and political corruption wasn't enough to scare the living daylights out of you, the Renaissance Catholic Church took it to a whole other level. The way the church portrayed hell through artwork and story was absolutely terrifying. Of course you're going to do whatever the Pope says to save yourself from eternal damnation. And the banks and hedge funds do this too. Make sure you have an IRA because if you aren't getting our measly 5 % every year, how will you possibly be able to retire? Don't worry, that number barely covers inflation on a good year. And if you don't buy things with credit cards or open a car loan and pay his interest, you won't have credit to buy a house later. And finally, this one's my favorite, guys. If you don't bail us out, the entire world will explode. We're too big to fail. And now we get to the final element you will need to succeed at controlling everything. Drum roll, please. Military power. Plato said, All wars are fought for the sake of getting money. And folks, he was probably right. The Pope would also deem certain wars holy and approve military actions. When Henry VIII left the church, the Pope excommunicated him and told his people that rising up against him was holy because he'd gone against God. Pope Alexander VI issued the Enter Saterra, which authorized Spain and Portugal to colonize, convert and enslave the Americas. And sometimes the Pope would even command armies himself. Did you know the Pope raised and commanded the army that was responsible for the Crusades? So I guess that we can be thankful that the hedge funds and banks haven't started raising their own armies. But then again, why would they when they have the entire government under their thumb and they could spend the free time bathing in gold? Today, massive corporate institutions lobby in favor of warfare because it benefits them financially. Corporations have made billions from the war in Ukraine and the Iraq war was conceived to financially benefit oil companies and their investors. Just look how much BlackRock has invested in military weapons. $56 .74 billion. And you can't tell me they don't have a financial interest in the military industrial complex. That was a lot of info, guys. And I'm impressed you stuck with us for this trip down History Lane. I don't want to leave you on a gloom and doom note, however. Here's the bright side, folks. The Protestant Reformation did come as a reaction to the Catholic Church's corruption and power. And hundreds of years later, the church is still powerful. Nowhere near as powerful as they were during the Renaissance. We have the same opportunity to throw off the yoke of the banks and hedge funds that control our current financial system and government. That's where crypto comes in. No matter how much they try to manipulate the market, they can't control our gains, especially when we think long term. Do your research. Find out who the biggest investors are in the companies you buy from and patronize smaller businesses. Take your business or credit unions instead of feeding the pockets of the giant banks. Really question what politicians are telling you and push for campaign finance reform. This is a potential future where we all are free. That's all I have for you guys. DZ out.
The Big Take
Fresh update on "blackstone" discussed on The Big Take
"Government President as I won't to show why Biden up shut he's here and down. raising to the former debt the answer President way he's questions In a done. debate Trump. like on all the Fox And Donald Joe the News Biden Trump rest channel, of hides hides us are up behind here former in to New said the answer. Jersey walls Democrats Governor his of Meantime, basement Chris are his Christie and Florida golf shutting Governor clubs went down Ron after won't and DeSantis the answer American dream with their reckless behavior. He then asked, where is Biden Joe in the shutdown debate? We're four days away from a possible shutdown. The Senate is working to pass a bill funding the government through November 17th, but House Speaker Kevin McCarthy said today he doesn't see support in his party for it. McCarthy is trying to work with the most conservative Republicans who demands more spending cuts. Roughly 60 % of U .S. consumers across all income levels are living paycheck to paycheck. That's according to new reports from Pymants and Lending Club who found those that living paycheck to paycheck include 45 % of high income consumers who make more than $100 ,000 a year. The U .S. soldier who crossed into North Korea without permission is back in American custody. Earlier today he was transported to the border between North Korea and China where he met was by our ambassador to the People's Republic of China Nicholas Burns. State Department spokesman Matthew Miller thanks Sweden and China for helping U .S. Army private Travis King leave North Korea. Earlier Wednesday, a North Korean state media announced King would be expelled from the country. Elon Musk, the of owner X says he's making cuts to the social media platforms election integrity department seeks to prevent election interference or manipulation on the platform. I'm Brian Shook. DNA on a pizza crust allegedly thrown into the trash by suspected Gilgo Beach serial killer Rex Huerman matches a cheek swab taken from him after his arrest. It was revealed during a pre -trial conference this morning on Long Island for the former Manhattan architect who's charged in three of Gilgo the Beach murders and is the prime suspect in a fourth. It was the DNA from the discarded pizza crust that reportedly helped lead to Huerman's arrest in New York City this summer. The Mexican government negotiating has begun with countries in Central and South America to try to stop people from trying to reach the US border. Mark Mayfield has more. They will start taking into custody those that are expelled at the International Bridge connecting El Paso and Juarez. The Mexican government is also vowing to work with the nation's biggest railroad to deter people from hopping on trains. I'm Mark Mayfield. No surprise Taylor Swift is selling out stadiums only now it's for the Kansas City Chiefs game this Sunday Jacqueline Carl explains. I'll after cheering on Travis Kelsey alongside his mother at Arrowhead Stadium Sunday fans are setting the Internet ablaze wondering if Swift will also at be the Chiefs game against the New York Jets this Sunday October 1st StubHub tells Town and Country they've seen ticket sales nearly triple in just 24 hours and the Chiefs have sold more tickets in a single day since the start of the season the singer is in New York while on hiatus from her heiress tour and the game is at MetLife Stadium in New Jersey neither Swift nor Kelsey have officially commented on their relationship status late -night talk shows are planning their their comebacks now that the Hollywood writers strike is over Jimmy Fallon Jimmy Kimmel Stephen Colbert and Seth Myers are all set to be back on the air Monday meanwhile real -time with Bill Maher is set to be the late first -night talk show to return when it airs on HBO on Friday I'm Brian Schuch the and I'm Brian courtesy in Hong Kong let's check this hour's top business stories and the markets oil prices hitting ninety five dollars a barrel for the first time in more than a year we've drop seen in a stockpiles at the u .s.'s major storage hub to critical levels and that suggests a new global supply deficit in other news micron technology is predicting a steeper loss than expected in the current quarter it's an indication that an industry slump is still weighing on the largest US maker memory the chips company predicted a first quarter loss of a dollar fourteen a share analysts had predicted a ninety six cent loss here's CFRA analyst Angelo Zeno you know you continue to see losses pile up recash blow burns over the next two quarters and that's because we continue to be in the depths of a downturn where we are starting to see a recovery into calendar twenty four but it's just going to take time so by the second half of next year we do think kind of you know you get full steam ahead and a more normalized level across kind of the the memory supply chain on a positive note revenue is expected to start recovering in this next period Chinese developer Evergrande has suspended trading in Hong Kong no reason given for the suspension but comes it just a day after the chairman was reportedly placed under police control Citadel is preparing to push back against the SEC's WhatsApp probe sources say that Ken Griffin's hedge fund has told industry peers it plans to battle the SEC if the regulator moves against Citadel. More from Bloomberg's Shanali Basak. Back in January the Managed Funds Association had said that the rules of the private funds industry are different than that of the banks. Now there's no sense that the SEC necessarily will bring a case forward but as we've been reporting here that we know that they've really expanded the probe here and the idea of looking at more private funds, hedge funds, private equity firms, Apollo, Blackstone, all facing these same questions when it comes to communication from employees and how the SEC looks at it. Shanali Basak. Meantime there's more on the regulation front. The FTC is reviving its challenge against Microsoft's acquisition of Activision Blizzard. That story from Bloomberg's Steve Rappaport. The FTC plans to move forward with its in -house trial against the $69 billion deal after pausing it the over summer. A US appeals court in July denied the agency's bid to stop the merger. The FTC typically drops antitrust challenges when they lose in federal court, but the Commission says public interest warrants a trial to resolve the matter. Microsoft and Activision Blizzard are expected to finalize the largest ever video gaming deal this year, but the FTC challenge will continue even after the companies complete their merger. In the markets, the Hengxing index down quarters three of 1%, the Nikkei off nine tenths of 1%. Global news brought to you by 2700 journalists and analysts in 120 countries. This is Bloomberg. emissions You're listening to the Big Take podcast on Bloomberg Radio. I'm Kucsova. Wes Today we're talking about WorldCoin's eyeball scanning cryptocurrency. Mhm. If I asked you a year ago to explain what that GPT is all about, you might have given a blank stare. Not anymore, though.
DIVORCING PATRIARCHY
175 Years Ago, Five Women Brewed the Women's Movement
"175 years ago last month, five women or four Quakers and a Calvinist Presbyterian had tea together. They talked and sipped tea. Then they talked some more and sipped more tea. The hot topic was their freedom from the absolute social, economic, and political iron cage of the patriarchy the good women found themselves in. This urgent dialogue arose contemporaneously with the emerging global theories of German sociologist, historian, jurist, and political economist, Maximilian Karl Emil Weber, and what would later become a body of work on theories of rationalization and the question of individual freedom in an increasingly rational society. And as the good women came upon the bottom of the final pot of tea, the pitch of the dialogue led to a resolution. The good women would establish a public convention of women and men to address the serious matter of inequality women faced around the world and around the country. They knew that their first step would be to gather a critical mass. Inside of two weeks, the good women took out advertisements in the local newspaper inviting the public to assemble to discuss and debate the social, civil, and religious condition of women. And then they held a two -day convention to take up the issues concerning women's rights. This moment borne the formal genesis of the women's rights movement in the United States. On Wednesday, July 19, 1848, in Seneca Falls, New York, much was discussed the first day among the female -only invited audience. The critical mass of good women met in the morning and again in the afternoon. Through a democratic voting process, they accomplished an agreement, draft, and revision of the document Elizabeth Cady Stanton authored called the Declaration of Sentiments, modeled after the Constitution of the United States. They held a spirited debate on the propriety of men as signatories of the Declaration, and they formally debated and adopted the following resolutions. Here is a close paraphrase of the 11 resolutions. Where the great precept of nature is conceded to be that man should pursue his own true and substantial happiness, Blackstone and his commentaries remarks that this law of nature, being coval with mankind and dictated by God himself, is of course superior in obligation to any other. It's binding all over the globe in all countries and at all times. No human laws are of any validity if it's contrary to this, and such of them as are valid derive all of their force and all of their validity and all of their authority immediately and immediately from this original. Therefore, we resolve that such laws as conflict in any way with the true and substantial happiness of women are contrary to the great precept of nature and of no validity, for this is superior in obligation to any other. We also resolve that all laws which prevent women from occupying such a station in society as her conscious shall dictate or which places her in a position inferior to man are contrary to the great precept of nature and therefore of no force or authority. We resolve that woman is man's equal and tended to be so by the creator and the highest good of the race demands that she should be recognized as such. We resolve that the women of this country ought to be enlightened in regard to the laws under which they live that they may no longer publish their degradation by declaring themselves satisfied with their present position, not their ignorance by asserting that they have all the rights they want. We resolve that in as much as man while claiming for himself intellectual superiority does accord to women moral superiority, it is preeminently his duty to encourage her to speak and teach as she has an opportunity in all religious assemblies. We resolve that the same amount of virtue delicacy and refinement of behavior that is required of women in the social state should also be required of man and the same transgressions should be visited with equal severity on both man and woman. We resolve that woman has too long rested satisfied and the circumscribed limits which corrupt customs and a perverted application of the scriptures have marked out for her and that it is time she should move into the enlarged sphere which her great creator has assigned her. We resolve that it is the duty of the women of this country to secure to themselves their sacred right to the elective franchise. We resolve that the equality of human rights results necessarily from the fact of the identity of the race and capabilities and responsibilities. And we resolve that being invested by the creator with the same capabilities and the same consciousness of responsibility for their exercise, it is demonstrably the right and duty of woman equally with man to promote every righteous cause by every righteous means and especially in regard to the great subjects of morals and religion. It is self -evidently her right to participate with her brother in teaching them both in private and in public by writing and by speaking by any instrumentalities proper to be used and in any assemblies proper to be held and this being a self -evident truth growing out of the divinely implanted principles of human nature any custom or authority adverse to it whether modern or wearing the hoary sanction of antiquity is to be regarded as self -evident falsehood and at war with the interests of mankind.
Bloomberg Law
Fresh update on "blackstone" discussed on Bloomberg Law
"Using government benefits, or SNAP, are just eating are getting less. Over 30 percent go into a food pantry and another 30 percent are relying on family and friends for meals and groceries. The ended market the day mixed Dow Jones in the red down 68 and a half points S &P 500 up just one point NASDAQ up 29 points Leslie Lotto Bloomberg radio and I'm Doug Krisner Bloomberg at world headquarters in New York let's check this hours top business stories and the markets after the bell micron technology predicted a loss steeper than had been anticipated for the current quarter it shows the slump in the memory chip industry is still weighing on microns performance the company is predicting a fiscal first quarter of as much as a dollar 14 excluding some items analyst had only predicted a loss of 96 cents here is Angelo Zeno analyst at CFRA this is a company that's seen its revenue decline north of 50 % peak to trough right I mean this is probably the ugliest downturn we've seen on the memory side of things since the financial crisis so it's been a long time coming here over the last couple of quarters that is Angelo of micron CFRA shares were down more than four percent in late US trading the hedge fund citadel is preparing to push back against a probe by the Securities and Exchange Commission over the use of whatsapp by citadel employees we are told citadel has told industry peers is planning to battle the SEC if the regulator moves against the firm here's Bloomberg Shonali Basak back in January the managed funds association had said that the rules of private funds industry are different than that of the banks now there's no sense that the SEC will necessarily bring a case forward but as we've been reporting here that we know that they've really expanded the probe here and the idea of looking at more private funds hedge funds private equity firms Apollo Blackstone all facing these same questions when it comes to communication from employees and how the SEC at looks it that is Bloomberg Shonali Basak now so far banks have paid more than two and a half billion dollars to settle probes by US regulators into employees use of unofficial messaging platforms for business the Federal Trade Commission is reviving the challenge against Microsoft's acquisition of Activision Blizzard here's more from Bloomberg's Steve Rappaport the FTC plans to move forward with its in -house trial against the 69 billion dollar deal after pausing it over the summer a US appeals court in July denied the agencies bid to stop the merger the FTC typically drops antitrust challenges when they lose in federal court but the Commission says public interest warrants a trial to resolve the matter Microsoft and Activision Blizzard are expected to finalize the largest ever video gaming deal this year but the FTC challenge will continue even after the company's complete their merger Steve Rappaport Bloomberg radio right now in Hong Kong no trading insurers have China Evergrande Group or Evergrande Property Services and Evergrande NEV all have been suspended from trading in HK no reason was given by the Hong Kong Stock Exchange we check markets throughout the day here on Bloomberg right now in Hong Kong the Hang Seng down nine -tenths of 1 % the Nikkei off 1 % no trading in Korea South today on the mainland CSI 300 is down three -tenths of 1 % but in Sydney the ASX 100 higher by three -tenths of 1 % global news power by more than 2700 journalist and analyst this is Bloomberg do you need to let your field agents turn voice calls into video to get help from experts who can actually see what they're seeing Vonage does that with Vonage video API that's just the start get one -on -one group video meetings on desktop mobile embed everything from video meetings to large -scale broadcast on your website and even help developers without video expertise built live video apps with Vonage video API live video works harder for your business see everything Vonage can do together we have the opportunity to build a more sustainable and inclusive future at the new Bloomberg economy forum we help make this possibility a reality by cultivating new connections among global leaders that transcend geographies industries and ideologies because when global leaders work together the outcomes benefit all of us learn more at neweconomy .com when you get your news from Bloomberg you don't just get the story you get the story behind the story how your EVs battery may not be as green as it seems why a decrease in global birth rates could send countries scrambling to increase immigration you get context and context changes how you see things how you change things because context
America First with Sebastian Gorka Podcast
People Were Blown Away by the Big Reveal in "The Karate Kid"
"Blackstone. Wax off. Don't forget to breathe. Very important. Wax on. Wax off. It's salmonella, but there's only one problem with that, Chris. Nobody waxes their car like that. It paints their fence. No, no, of course it's a nonsense. And I don't think that this would even be an effective way to teach karate. Hey. But don't destroy the whole movie. But listen, listen, this whole concept and the reveal as what he was actually teaching in the entire time. These were all lessons in how to do these karate moves. This was part of the reason why this was such a big film. That reveal was so profound. People were blown away. And they believed it. Oh, and I think that people who did believe, a lot of people joined karate because of this movie. You know, it was a big movement in America. But my mother, this is one of the few films I was permitted to watch. I watched a lot of films I was not permitted to watch when I was a kid. This is one of the ones I was actually allowed to watch. And part of the reason is because my mom, I think she read some articles. She was very wary of anti Christian stuff in movies. When I was a kid. But this film, somebody had written article where they perceived this these lessons by Miyagi as something like the Christian journey, oftentimes tragedy strikes us or we are going through some kind of a trial or a difficult time in life, and we don't know why, and only later on do we realize that this moment has actually totally prepared us for something else that we needed to do in our lives. And so mister Miyagi's lessons in my mom's mind were sort of like God teaching us Christians or religious people, you know, how to deal with certain things or how to be a better person. And so she really appreciated that metaphor. And so she really liked Karate Kid. I don't think the writers had anything like that intended. No. But you can look at it, you can look at it that way, I think.
Bloomberg Daybreak Asia
Fresh update on "blackstone" discussed on Bloomberg Daybreak Asia
"The next broadcasting hour of Bloomberg 24 hours a day at bloomberg This .com is and Bloomberg the Bloomberg Daybreak Business Asia for this Thursday, September 28th in Hong Kong, Wednesday September 27th in New York and coming up today Shares in micron slide after the The next hour of Bloomberg The next hour of Bloomberg The next hour of Bloomberg The next passing a resolution to stop the shutdown. GOP debate tonight and the giant pandas are going back To China, to I'm Ed Baxter with Global News. Manchester City is eliminated from the Carabao Cup by Newcastle United. I'm Dan Schwartzman. I'll have that story and more coming up in bloomberg sports That's all straight ahead on Bloomberg Daybreak Asia on Bloomberg 1130 New New York Bloomberg 99 .1 Washington DC Bloomberg 106 .1 Boston Bloomberg 960 Steve San Francisco Sirius XM 119 and around the world on Bloomberg radio .com and via and the Bloomberg Business app. Mhm. Mhm. Hi everybody just after nine o 'clock in the morning some new markets opening We'll get you all the details from Taiwan and Singapore and the China futures. I'm Brian Curtis here In Hong Kong, and I'm Doug Krisner at the Bloomberg interactive broker studio in New York. Yeah, we're getting some breaking news on the Bloomberg terminal regarding China Evergrande and a few subsidiaries. These stocks will be Suspended from trading today in Hong Kong speaking here of China Evergrande Group as well as Evergrande property property and services Evergrande N. E. V. Earlier we had been reporting that the billionaire Chairman of China Evergrande Group has been placed under police control obviously adding to a lot of questions rounding the fate of China Evergrande and we'll track that story for you in greater depth coming up here on DBA. Pre market for the Hang Seng. Well, the future is the last contract to traded had the market in Hong On down about to three tenths of one percent we are getting futures now these are the footsie A50 China futures for the mainland positive barely let's call it two tenths of one percent. We've got a Market market holiday today in South Korea so no trading in Seoul. The tone in Tokyo kind of negative. financials leading the way lower for the Nikkei. It's off about eight tenths of one percent at the moment. Meantime in of Sydney we've got the ASX 200 higher by just a tenth of one percent we're seeing a rally in energy stocks the Australian session in a New York trading crude oil hit a one -year high on a word onward rather of a sharp drop in a US crude inventories WTI right now ninety four eighty five so we're up about one point two percent in the electronic session will take another look at market action for in fifteen about minutes brain i dug thanks very much let's take a look at some of these top stories in detail now micron technology forecasting is a steeper loss than anticipated in the current quarter it predicted a fiscal first quarter loss of as much as a dollar fourteen a share excluding some items analysts have been predicting a loss ninety six cents it's indication that in industry slump is still weighing on the largest u .s. maker of memory ships we heard from c .f .r .a. research analyst angela xeno now you continue to see losses pile up recast low burn over the next two quarters and that's because we continue to be in the depth um of of a downturn where we are starting to see a recovery into calendar twenty four but it's just going to take time so by the second half of next year we do think kind of you know you get full steam ahead and a more normalized level of across kind of the the memory supply chain micron expects sales to be at four point two to four point six billion dollars compared with an estimate of four point two one billion so even though profits are not expected to to be strong revenues are on the increase the stock did trade down more than three percent in late trading meantime the hedge fund citadel is preparing to push back against a probe by the scc into the use of whatsapp which old has told industry peers it plans to battle the scc if the regulator moves against citadel berg's chanali basak back in january the managed funds association had said that the rules of private funds tree are different than that of the bank now there's no sense that the scc will necessarily bring a case forward but as we've been reporting here that we know that they've really expanded the probe here and that the idea of looking at more for private funds hedge funds private equity firms apollo blackstone all facing the same questions when it comes to communication from employees and how the scc looks at it chanali basak so far the banks banks have paid more than two and a half billion dollars to settle regulators probes into employees using unofficial platforms for business citadel would be the first to fight the scc over any allegations of untracked communications well the federal trade commission is reviving its challenge against microsoft's acquisition of activision blizzard here's bloomberg steve rapoport the ftc plans to move forward with its in -house trial against the sixty nine billion dollar deal after pausing it over the summer a u .s. appeals court in july denied the agency's bid to stop the merger the ftc typically drops antitrust challenges when they lose in federal court but the commission says public interest warrants a trial to resolve the matter microsoft and activision blizzard are expected to finalize the largest ever video gaming deal this year but the ftc challenge will continue even after the companies complete their merger steve rapoport bloomberg radio well more on the regulatory front the justice department ramping up a into probe u b s the silver allegations that the swiss bank and its one -time rival credit swiss which it later absorbed failed to comply with regulations that allowed russians to evade sanctions bloomberg hugo miller has more from geneva we should stress that this is not in any sense from what we understand d the o j suspecting that the bank has actively sought to have people uh... avoid sanctions uh... you know when you are on board to use the bank jargon clients or when you are for a uh... client you you have to make sure that you're doing the necessary compliance in this case what the d o suspects j is that they were just some fundamental failures of due diligence bloomberg hugo miller shares of u bs traded down two point nine percent in new york well officials from both the u s in japan are warning that china backed hackers have been modifying software and targeting companies in both the u s and japan here is bloomberg's charlie pellet according to the advisory from american and japanese law enforcement and cyber security officials the group known as black tech has targeted government industrial technology telecommunications and defense sectors the advisory says once inside the internal networks of international subsidiaries the group has disabled logging in order to pivot undetected to target the company's headquarters in the u s office and japan in new york charlie pellet bloomberg radio coming up in a few moments will get you the pithy comment on markets we have the swashbuckling ben management strategist at black rock investment institute but now it's time for global news well the deadline for a u s government shutdown is looming and as such more and more people are coming out saying that it looks inevitable ed baxter is covering the story and others from the 960 newsroom in san francisco ed yeah that's exactly right brian the man on the crosshairs of the shutdown fight house speaker kevin says he feels a continuing resolution can be passed by the end of the week we will pass a continuing resolution bring that rule up hopefully on friday that uh... would keep government open but at the same time deal with the border and it seems that the sticking point now in the house republican caucus the and blames president joe biden he should finish where the wall is that he should have remained in he's got the title forty two as well to be able to secure the border and stop moving everybody across illegally now senate majority leader chuck schumer delivered a message aimed directly at house speaker kevin speaker mccarthy the only way the only way out of a shutdown
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Technology issues. He's incredible. He is, of course, here at Bloomberg news. Joining us via Zoom from Los Angeles. Check out his story to on the Bloomberg about Blackstone's read that it has out there. We're going to get him back at another time to talk about some of the withdrawals that's been seeing when it comes to its real estate fund. You're listening and watching. Remember radio. Bloomberg radio on demand and in your podcast feed. On the latest edition of the sound on podcast, I talk with Patrick de Haan the head of petroleum analysis at gas buddy about the impact of OPEC's surprise production cut. This won't necessarily translate directly down to say the diesel pump diesel dispenser or gas pump. But certainly is going to be making a bit more challenging here for gasoline and diesel prices. So this certainly could be a little bit inflationary. Well, I suspect the cut would not have happened if we hadn't seen the significant declines following the bank failures a couple of weeks ago. That's what drove this. When you hear John Kirby talking about it though, speaking for the administration, he says prices around $80 a barrel right now, we're in a different place than we were last year at this time. They were trading around a 110 $120 a barrel with predictions of continued and significant increases. The slack demand offsetting this, why is The White House not as worried as it might have been back in October? I think that that could be why. It's certainly how I feel about it is that, you know, you look at some of the gasoline consumption numbers that we've seen here at gas, but it looks like a very soft spring for consumption. So I think that's maybe why the administration feels a little bit differently. Is that it just doesn't feel like as tight as the situation did a year ago and you know everything was going wrong. From oil prices to refining capacity and turnarounds, this spring feels much differently. Now this spring also saw a lot of refinery maintenance gasoline inventories are still at a point where they're relatively tight, so we're not out of the Woods yet, but this feels dramatically different than a year ago. Keep in mind, U.S. oil production is up 500,000 barrels from a year ago as well. Certainly not really helped so much by the administration, but
Bloomberg Daybreak Asia
Fresh update on "blackstone" discussed on Bloomberg Daybreak Asia
"The Federal Reserve. We got some earnings after the bell the largest US memory chip maker Micron slipping three to four percent we'll get you details on that coming up in the next few minutes and we had oil prices had a one -year high WTI crude 93 .95 a barrel Brent at ninety six and a half dollars and yields ever higher particularly for the 10 -year getting up to at the moment here 4 percent .60 all right let's take a look at the cash markets that have just opened the Nikkei is down about one full percentage point that says as the futures had suggested round about 300 points or so the ASX 200 is flat here and looking around the rest of the region looks like it's kind of a mixed state today we'll get you details again in 15 minutes Paul back to you all right thanks very much Brian let's talk about micron technology predicting steeper loss than anticipated an indication that an industry slump is still weighing on the largest US maker of memory chips the company predicted fiscal a first quarter loss of as much as $1 .14 a share excluding some items analysts have predicted a 96 cent loss here is CF are a research analyst Angelo Zeno this this is a company that's seen its revenue decline north of 50 % peak to trough right I mean this is probably the ugliest we've seen on the memory side of things since the financial crisis so it's been you know it's been a long time coming last here the couple of quarters on a positive note for micron revenue is expected to start recovering in the period micron expects sales of 4 .2 billion to 4 .6 billion compared with an estimate of 4 1 billion brian well the hedge fund citadel is preparing to push back against a probe the by securities and exchange commission into the use of whatsapp we're told that citadel has told industry street peers that it plans to battle the sec if the regulator moves formally against citadel here's bloomberg's sunali bhasak back in january the managed funds association had said that the rules of the private funds industry are different than that of the banks now there's no sense that the sec will necessarily bring a case forward but as we've been reporting here, we know that they've really expanded the probe here and the idea of looking at more private funds, hedge funds, private equity firms, apollo, blackstone all facing these same questions when it comes to communication from employees and how the sec looks at it that's bloomberg's sunali bhasak so banks far have paid more than two and a half billion dollars to settle regulators probes into employees using unofficial messaging platforms citadel would be the first to fight the sec over any allegations of untracked nations federal trade commissions reviving its challenge against microsoft's acquisition of act of vision blizzard that story from bloomberg's steve rapoport the ftc plans to move forward with its in -house trial against the sixty nine billion dollar deal after pausing it over the summer a u .s. appeals court in july denied the agency's bid stop to the merger the ftc typically drops antitrust challenges when they lose in federal court but the commission says public interest warrants a trial to resolve the matter microsoft and activation blizzard are expected to finalize the largest ever video gaming deal this year but the ftc challenge will continue even after the companies complete their merger steve rapoport bloomberg radio well the justice department is wrapping up a probe into u b s this is over allegations that the swiss bank and its one -time rival credit suis failed to comply with regulations that allowed russians to evade sanctions bloomberg's hugo miller has more from geneva we should stress that this is not in any sense uh from what we understand the doj being that the bank has actively sought to have people avoid sanctions uh you know when you're on board to use the bank jargon a client uh or when you offboard a client uh you you have to make sure that you're doing the necessary compliance in this case what the doj suspects is that there were just some fundamental failures of due diligence miller there the stock ubs the adr has traded down almost three percent in the u .s u .s and japanese officials are warning that china -backed hackers have been modifying software to target companies based in their countries we've got the story from blindex charlie pallet according to the advisory from american and use law enforcement and cyber security officials a group known as black tech has targeted government industrial technology telecommunications and defense sectors the advisory says once inside the internal networks of international subsidiaries the group has disabled logging in order the to pivot undetected to target the company's headquarters in the u .s. and japan in new york charlie pallet bloomberg radio past the hour it's time for world news well the deadline for a government shutdown is looming as such more and more people are coming out and saying well it looks inevitable let's get to the bottom of that with ed backstrom san francisco ed yes yes so brian the man in the crosshairs of the government shutdown fight house speaker kevin mccarthy says he and he's feeling more lonely feels a continuing resolution can will pass a continuing resolution bring that rule up hopefully on friday that uh... would keep government open but at the same time deal with the border but then he goes on to say that the sticking point now for house republican caucus is the border and now he's blaming president joe five he should finish where the wall is that he should have remained in mexico he's got the title forty to two as well to be able to secure the border and stop
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Business into building this alts juggernaut sort of a mini Blackstone. 2010 when Morgan Stanley talked about going deeper into wealth management and building scale. It's not like the equity markets readily believe them. It's not like by 2015, James Gorman had a re rating on the modern sandy stock. That took a while. It didn't happen in 2018, 1920. Does David Solomon have that runway? Is the question? Does it matter? Soloman had a cameo in billions. Did Gorman? No. Are you saying it's a personality issue? By bringing that up, essentially. You and I have witnessed this at Davos. I mean, yes, it is an interpretation or guesstimate of personality. I'm not saying it's the heart of the matter, but that's the unspoken it's out there. We're saying this with great respect for everybody at Goldman well let's stress test out. Difficulty goes for the counterfactual I know. But let's go back to the original race. Lloyd blankfein at the top, David Solomon, Harvey Schwartz. How different would it have been if the current Carlos CEO? With Harvey Schwartz, taking that role, is it now in the coming months whenever that might be? How different would that have been if it was him that got the nod and not David Solomon? It's very hard to judge that way. You would have had Harvey Schwartz who came up through the trading ranks and perhaps 5 years later we would have been talking about the chase. Harvey have done the bank like David did the bank. That's a tough question. I don't think you can give a fair answer. The reason I ask the question is because I think we often give the CEOs too much credit when things go right. Throw too much mud when things go wrong. As you've pointed out and you know you've said this in the last 5 minutes, they're supertankers, they're tremendously difficult to maneuver. I'm just wondering how much different things would have been. If leadership was different, but ultimately to Tom's point, the frustration with David Solomon that comes up continuously through reporting is not just the decisions, but it's the nature of the individual who's making the decisions and perhaps the pandemic was a great example of that. When you see all these stories that the CEO was frustrated with bumping into people who worked for Goldman in the Hamptons, when the question wasn't being asked, why was the CEO in the Hamptons? Is it about the personality or the decisions? Fair point, but in his defense, let me point out one thing that the seat of the Goldman Sachs CEO is one of the hardest jobs in finance. It has a lot of scrutiny and everyone has personality quirks. It just appears larger and brighter in that seat. So dead Harvey Schwartz have certain personality quirks. Maybe we'll find out in the Carlyle CEO rule. We would certainly have found out if he had become the Goldman Sachs. I would suggest people watching and listening to Bloomberg surveillance would go up to ten year track record that we've seen here, Solomon and Gorman don't overlay on this. Morgan Stanley, 18.5% per year Goldman Sachs 11.2% per year. That's a 600 beep outperformance. I think you've drawn a line under it. That was good enough. Was that okay? That was pretty good. I did okay. Thank you. Looking forward to your cabbage tomorrow
Bloomberg Daybreak Asia
Fresh update on "blackstone" discussed on Bloomberg Daybreak Asia
"Had treasuries selling off equities churned along investors contemplated the prospect of higher interest rates and rising oil prices but stocks did make a comeback after President Biden had touted the promise of artificial intelligence in a meeting he we had with advisors and a pledge of executive action on AI in the fall helped the Nasdaq 100 in the day up slightly up at two tenths of one percent but as mentioned we had what looked like a lower sharply day and then all the thing all of a sudden things switched around around the middle of the day the SP 500 a finished flat slightly higher the Nasdaq up two tenths of percent the Dow slipping about two tenths of a percent and it meets an uncertain environment in Asia we had a big rebound in equities yesterday particularly in Hong Kong and China markets it's that didn't really sit with what we saw happening on Wall Street overnight so we're not sure which one will hold sway today but right now we're looking at futures that are mixed Hengxing index futures down three tenths of a percent China futures up you might have missed this yesterday but the Hengxing index finished up eight tenths of a percent China stocks were pretty solid as as well with the CSI 300 with gains as well as the Shanghai composite and also the Hengxing tech index so sets up we interesting didn't have yields popping the yield on the 10 -year got up over 4 .6 percent now 4 0 and .6075 the two -year at 5 .13 percent oil price is so quite strong yearly high Doug back to you alright Brian thanks well I'm looking at shares right now in micron technology down about that four percent in the late US session it was after the bell at micron predicted a loss greater than what had had been anticipated for the current quarter clearly assigned to the slump that the memory chip industry has been dealing with is still with us micron predicting a fiscal first -quarter loss of much as as 1 .14 that would be a dollar 14 per share excluding some items we're only predicting a loss of around 96 cents here is CFRA research analyst Angelo Zeno this is a company that's seen its revenue decline north of 50 % peak to trough right I mean this is probably the ugliest downturn we've seen on the memory side of things since the financial crisis so it's been a long time coming here over the last couple of quarters that is Angelo Zeno of CFRA now on a positive note for Micron revenue for the current period is expected to begin recovering well hedge the fund Citadel is preparing to push back against a probe by the Securities and Exchange Commission into the use of WhatsApp we're told Citadel has told industry peers it's planning to battle the SEC SEC if the regulator moves against Citadel here is Bloomberg Shonali Basak back in January the Managed Funds Association had said that the rules with private funds industry are different than that of the banks now there's no sense that the SEC will necessarily bring a case forward but as we've been reporting here we know they've that really expanded the probe here and the idea of looking at more private funds hedge funds private equity firms Apollo Blackstone all facing these same questions when it comes to communication from employees and how the SEC looks at it Bloomberg Shonali Basak there now so far banks not hedge funds the banks have paid more than two and a half billion dollars to settle regulators probes into employees using unofficial messaging platforms for their business now Citadel would be the first to fight the SEC over any allegation of untracked communications meantime the Federal Trade Commission is reviving its challenge to Microsoft's acquisition of Activision Blizzard here's Bloomberg Steve Rappaport the FTC plans to move forward with its in -house trial against the 69 billion dollar deal after pausing it over the summer a US appeals court in July denied the agency's bid to stop the merger the FTC typically drops antitrust challenges when they lose in federal court but the Commission says public interest warrants a trial to resolve the matter Microsoft and Activision Blizzard are expected to finalize the largest ever video gaming deal this year but the FTC challenge will continue even after the companies complete their merger Steve Rappaport Bloomberg radio the Justice Department is ramping up a probe into UBS now the DOJ is alleging the swiss bank and it's one -time rival Credit Suisse failed to comply with regulations using the Russians to evade sanctions here's Bloomberg's Hugo Miller in Geneva we should stress that this is not in any sense from what we understand the DOJ suspecting that the bank has actively sought to have people avoid sanctions you know when you're on board to use the bank jargon a client or when you off -board a client you have to make sure that you're doing the necessary compliance in this case what the DOJ suspects is that there were just some fundamental failures of due diligence that is Bloomberg's Hugo Miller in Geneva shares in UBS today were down nearly 4 percent the US and Japan warning that China backed hackers are have been modifying software to target both American and Japanese firms the story from Bloomberg's Charlie according to the advisory from American and Japanese law enforcement and cyber security officials the group known as black tech has targeted government industrial technology telecommunications and defense sectors the advisory says once inside the internal networks of international subsidiaries the group has disabled logging in order to pivot undetected to target the Japanese headquarters in the US and Japan in New York Charlie pellet Bloomberg radio global is news next and that the deadline for a government shutdown is looming and now more and more people are coming out saying hey this looks inevitable at Baxter with more from the Bloomberg Newsroom Eddie yeah well the clock is ticking as you well know Doug the man on the crosshairs of the shutdown fight House Speaker Kevin McCarthy says he eat well at least he's saying feels a continuing resolution can be passed by the end of the week we will pass a continuing resolution bring that rule up hopefully on Friday that would keep government open but at the same time deal with the border yeah border so real interesting because that has become a moving target a sticking point now house republicans the border and blaming they're the president he should finish where the wall is that he should have remained in Mexico he's got the title 42 as well to be able to secure the border and stop moving everybody across illegally so it was aid to Ukraine it was spending it's now the border Senate Majority Leader Chuck Schumer delivered a message aimed directly at McCarthy speaker McCarthy the only way the only way out of a shutdown is bipartisanship and by constantly adhering to what the
The Doug Collins Podcast
Why Did SoFi Stadium Prohibit Tailgating?!
"Look, James, this is stupid. I mean, I'm a Georgia bowl dog fan. We're in the, you know, this week we hopefully, you know, we're winning the national. But before we even get there, they're not even letting us tailgate. If you come to university of Georgia, go to TCE, the horned frog, anywhere, Texas. Look, what is this stupidity about not tailgating itself? This is just dumb. It should, the people who thought of the idea of not tailgating should be arrested. I don't I genuinely don't. I guess I can see, I don't really know the reasoning. We've tailgated for, however long football has been around. It's just the way you do things. And then you're just going to stop it on arguably the most important game in oh no, it is the most important game in college football. I just don't. Oh, it is. I mean, look, you got Modelo running commercials with fans out in the stands when it's blizzard conditions tailgating. Are you kidding me? That's like, I mean, outside of this game, the most, the heaviest games are rivalry games, right? Could you imagine if you stopped tailgating at a Michigan Ohio State game? A Georgia anybody game? I mean, one of the main reasons we have season tickets and we go to the same parking lot every time we set up our Blackstone, we get our food out there. We have our coolers. Everybody comes along. I mean, 92,000 people in office, a 150,000 in Ohio, state Michigan game. Yeah, I mean, what? I mean, is this Southern California going on the mug? I mean, what is this stupidity? This is an accident waiting to happen. And I'll
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"And business on Bloomberg radio. My extra special guest today is Kathleen McCarthy. She is the global co head of real estate at Blackstone. They manage over $565 billion in real estate investments around the world. So let's talk a little bit what's going on today. There's a quote of yours that I found really fascinating. We are entering this tougher economic moment with capital and with cranes more in check than they have been in prior cycles, and I think that positions our real estate assets to do quite well. So I love the idea of capital and cranes in check. That's a great phrase. You're referring to people waiting to invest and people waiting to build. Well, I think where that quote came from is just the concept that most real estate down cycles. So a period of time where real estate is under more pressure from a performance perspective. Come about because there's been a lot of new capital, often lent to people who then go build speculative real estate, meaning and speculative meaning that they're building an office building without a tenant in mind. And oftentimes what you've seen in prior cycles is that the market gets really nice and healthy, people are really happy with performance, lenders get more comfortable, they lend, folks provide equity to new projects, you end up with a lot of construction, and something happens, either there's been too much construction or the economy softens, and then real estate is on real estate is not an under pressure because there's been too much capital and too many cranes. And I think what feels very different about this moment is that we really never got back to those more heady levels of lending and more significant amounts of new construction prior to, for example, the fed responding to inflation and interest rates. And so we're heading into whatever we're heading into with record low levels of vacancy. Relatively, I'd say disciplined capital structures. That's not to say people won't be under pressure from either debt service coverage challenges or loan to value challenges, but I think the combination of, as you talked about, some of the learnings from the global financial crisis, some of the restrictions on banks, I think also we can't underestimate how COVID did create an interruption to what was a very healthy market and probably change things in terms of not every project that was ready to go was put into production in the summer of 2020, for example. And so what we're seeing on the ground now is that fundamentals would particularly in our preferred sectors, which are our biggest sectors are warehouses. That's 40% of our portfolio globally. Really? And rental housing. See, I had no idea logistics and warehouse with that giant. Yeah, we are high conviction investors, and we pick themes that we think are really benefiting from the way people are living and working and shopping. And just mega trends. And so starting actually in 2010, we started buying warehouses, not I think at first even recognizing what was happening with ecommerce, but like I mentioned, we pay really careful attention to what's happening in our portfolio. And we started to realize what ecommerce was doing to drive demand for warehouse space and how there was a fundamental shift that started happening. Historically, warehouse performance just tracked GDP performance. It was basically a one to one correlation. And the house performance track GDP GDP. And then when you saw with ecommerce demand in the shift, moving off goods online, it just changed. It just totally changes. What is it now? Is it two to one three to one? No, I don't know. But it's more than one. But it's definitely more than one to one. And I would say, again, going back to the point of cranes, the news, there has been new supply, but it really has not kept up with the explosive growth in demand for warehouse space, particularly in urban areas. So what we call sometimes last mile, logistics. So where are the warehouses closest to the densest population centers, those assets are in demand because of ecommerce retailers wanting to get things to people in the same day or within a few hours even. We're also seeing really the impact of reassuring and realignment of supply chains. And that's ongoing. And that is ongoing. And that is both of these phenomena are global. One of the most interesting things is these are often global stories. These themes. The megatrends are rarely isolated to just one economy. And so when you think about the performance of our warehouse portfolio in this year, it's been some of the strongest fundamentals that we've seen. And things are softening in certain pockets, but it's still really benefiting from that lower new supply environment. You mentioned the pandemic. First, Blackstone are you guys hybrid? Are you in the office at what is your? We're fully in. We're in 5 days. So that's really interesting because I wanted to ask the question, what will cities look like post pandemic? Is there going to be a huge piece of the commercial office space? That's going to suffer from some form of a hybrid workforce. Because it doesn't feel like we're ever going back to every office in every city 5 days a week. We come at it, I think, as part of a mission orientation, which is we have this incredible responsibility from our investors to do the absolute best job we possibly can with their capital. That's a smart thing to say. Can I tell you? Because as much as the younger generation loves the hybrid workforce, hey, we're stewards of capital and our clients expect us to be here every day. Yes, I mean, and so many of our customers as well, I would say, are frontline workers and emergency workers and teachers and firefighters. And so how can we say, okay, you all need to be at work every day, you're protecting us, teaching our children, but we're going to be hybrid and not necessarily deliver the best we possibly. Nobody wants their money manager in their pajamas with their fuzzy slippers when they're responsible for billions of dollars. Huge responsibility as we think about what is happening in the broader world and how that's impacting office demand. I think we're in an era of experimentation. We believe that the office in some format and for some periods of time in a week will continue to be a really critically important part of culture for organizations and corporations. And what we're seeing happening is really actually, it's an acceleration of a trend that was started pre-pandemic. I mean, it's so interesting COVID really did accelerate so many trends. In so many ways. Remote work, cloudy. Total that. I think in many ways, and in different
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Or you have an opportunity, I should say, to buy back debt at a discount, being able to capitalize on those kinds of opportunities is so important. And frankly, we didn't have all those opportunities and we hadn't set ourselves up as well. Really? I'm surprised. Blackstone, meanwhile, and we'll get to that had. And that's a big part of how Blackstone has been set up for so much success in the decades that followed. You shift from high net worth individuals, and no matter how high net worth they are, they're individuals, they react to a market. They can be emotional. I remember I have a vivid recollection in the midst of the financial crisis. The news flow was just and we were on the right side of it, but it was so relentlessly negative. Even people making money in the downturn were unhappy. And then you shift to institutions that have a much longer time horizon and a very different headspace, even though there are individuals at those various endowments institutions. What have you, how does the the energy and the vibe and the conversations change? Is it still people are people in the freaking out or, hey, we have a perpetual lifespan. And so we don't care about next quarter. We care about next century. Am I exaggerating or? Well, I would say, I think for all investors of any type, whether it's size or whether you're an individual investor or an institutional investor. Really what matters most is performance. In the end, we can show up and say we continue to generate great performance on your investments. It could be any kind of client on the other side of the table. That is the most important. That is what's most important. I think the biggest difference and this may evolve over time, but the biggest difference between an institutional client so that state pension plan or charitable foundation or university endowment versus an individual investor. For the most part, institutional investors have decided that they want and need real estate to be a core position in their portfolio. In and out of cycles. Right. And that's because real estate in strong economies can generate basically very strong alpha. In weaker times or in an inflationary environment, we're in right now, for example, as a real asset a hard asset, it preserves value as cost to replace those assets go up. It's a cash flowing asset where you can remark your rents to market in a
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Capitalize on those kinds of opportunities is so important. And frankly, we didn't have all those opportunities. And we hadn't set ourselves up as well. Really, I'm surprised. Blackstone, meanwhile, we'll get to that had and that's a big part of how Blackstone has been set up for so much success in the decades of followed. You shift from high net worth individuals, and no matter how high net worth they are, they're individuals, they react to a market. They can be emotional. I remember I have a vivid recollection in the midst of the financial crisis. The news flow was just and we were on the right side of it, but it was so relentlessly negative. Even people making money in the downturn were unhappy with it. And then you shift to institutions that have a much longer time horizon and a very different headspace, even though there are individuals at those various endowments institutions. What have you, how does the the energy and the vibe and the conversations change? Is it still people are people in the freaking out or, hey, we have a perpetual lifespan. And so we don't care about next quarter. We care about next century. Am I exaggerating or? Well, I would say, I think for all investors of any type, whether it's size or whether you're an individual investor or an institutional investor. Really what matters most is performance. In the end, we can show up and say, we continue to generate great performance on your investments. It could be any kind of client on the other side of the table. That is the most important. That is as much important. I think the biggest difference and this may evolve over time, but the biggest difference between an institutional client so that state pension plan or charitable foundation or university endowment versus an individual investor. For the most part, institutional investors have decided that they want and need real estate to be a core position in their portfolio. In and out of cycles. Right. And that's because real estate in strong economies can generate a basically very strong alpha. In weaker times or in an inflationary environment, we're in right now, for example, as a real asset a hard asset, it preserves value as cost to replace those assets go up. It's a cash flowing asset where you can remark your rents to market in
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Capitalize on those kinds of opportunities is so important. And frankly, we didn't have all those opportunities. And we hadn't set ourselves up as well. Really? I'm surprised. Blackstone, meanwhile, we'll get to that had and that's a big part of how Blackstone has been set up for so much success in the decades of followed. You shift from high net worth individuals, and no matter how high net worth they are, they're individuals, they react to a market. They can be emotional. I remember I have a vivid recollection in the midst of the financial crisis. The news flow was just and we were on the right side of it, but it was so relentlessly negative. Even people making money in the downturn were unhappy with it. And then you shift to institutions that have a much longer time horizon and a very different headspace, even though there are individuals at those various endowments institutions. What have you, how does the the energy and the vibe and the conversations change? Is it still people are people in the freaking out or, hey, we have a perpetual lifespan. And so we don't care about next quarter. We care about next century. Am I exaggerating or? Well, I would say, I think for all investors of any type, whether it's size or whether you're an individual investor or an institutional investor. Really what matters most is performance. In the end, we can show up and say, we continue to generate great performance on your investments. It could be any kind of client on the other side of the table. That is the most important. That is as much important. I think the biggest difference and this may evolve over time, but the biggest difference between an institutional client so that state pension plan or charitable foundation or university endowment versus an individual investor. For the most part, institutional investors have decided that they want and need real estate to be a core position in their portfolio in and out of cycles. Right. And that's because real estate in strong economies can generate a basically very strong alpha. In weaker times or in an inflationary environment, we're in right now, for example, as a real asset a hard asset, it preserves value as cost to replace those assets go up. It's a cash flowing asset where you can remark your rents to market in a rising cost environment. Coming up, we continue our conversation with Kathleen McCarthy, global co head
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Capitalize on those kinds of opportunities is so important. And frankly, we didn't have all those opportunities. And we hadn't set ourselves up as well. Really? I'm surprised. Blackstone, meanwhile, we'll get to that had and that's a big part of how Blackstone has been set up for so much success in the decades of followed. You shift from high net worth individuals, and no matter how high net worth they are, they're individuals, they react to a market. They can be emotional. I remember I have a vivid recollection in the midst of the financial crisis. The news flow was just and we were on the right side of it, but it was so relentlessly negative. Even people making money in the downturn were unhappier. And then you shift to institutions that have a much longer time horizon and a very different headspace, even though there are individuals at those various endowments, institutions, what have you, how does the the energy and the vibe and the conversations change? Is it still people are people in the freaking out or, hey, we have a perpetual lifespan. And so we don't care about next quarter. We care about next century. Am I exaggerating or? Well, I would say, I think for all investors of any type, whether it's size or whether you're an individual investor or an institutional investor. Really what matters most is performance. In the end, we can show up and say, we continue to generate great performance on your investments. It could be any kind of client on the other side of the table. That is the most important. That is as much important. I think the biggest difference and this may evolve over time, but the biggest difference between an institutional client so that state pension plan or charitable foundation or university endowment versus an individual investor. For the most part, institutional investors have decided that they want and need real estate to be a core position in their portfolio in and out of cycles. Right. And that's because real estate in strong economies can generate a basically very strong alpha. In weaker times or in an inflationary environment, we're in right now, for example, as a real asset a hard asset, it preserves value as cost to replace those assets go up. It's a cash flowing asset where you can remark your rents to market in
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Makes Apollo interesting different from Blackstone different from Carlisle different KKR pure firms if you like Is that the overwhelming percentage of its assets is in fixed income And not just fixed income you think fixed income you think bonds you think loans publicly traded loans No what they do is what we call private credit In fact they have what they call a yield business that has $360 billion of private credit And as a result of that they have a slightly different perspective on the world They don't get stressed out by days like the one we've seen transpire today in the stock market where the Dow is down 5 25 and then it's up 50 They can sleep through that stuff quite easily because they for the most part don't manage daily liquidity vehicles Right And his view is that the correction is not over The you know he sees what everybody sees right He's concerned about inflation is concerned about rates If you were in a again a daily liquidity vehicle or an individual bond or an individual loan You'd be more concerned about these things Because you have to take that daily hit if the market is weakening If you're in these vehicles the funds for example I don't have to vehicles sounds like it's a car It's a fun right Or a product Where you can't cash out immediately it's actually much easier to sleep at night both the managers and for the clients Because you can write out these storms This is a storm of volatility that we're living through in the market And it's one of the reasons why the mood here at milken is in darker because most of the people here come out of the Mike milken drexel Burnham Lambert legacy and they are managers of private equity private credit Those are the people who can for the time being We see it with the guests that we talk to in private equity It's just a very different feel They're not stressed They aren't stressed As much Eric one of the most fascinating parts about the conversation that you had earlier with Mark Rowan was what he said happens over the next 5 years when it comes to retail investors And the idea that he thinks that within the next 5 years or 5 years from now we will see retail investor portfolios 50% made up of alternative investments because and a lot of this will be fixed income replacement These vehicles that I've been talking about because their belief well first of all they're designing products that will appeal to the retail investor Right now the retail investor only has access to products that resemble institutional products And the retail investors needs are different from the institutional investor's needs So first it's about product development but secondly it's about the retail investor particularly at a time like that's waking up to the reality that there's no point paying for public market liquidity if you don't need public market liquidity This is the same realization that institutional investors like pension funds and endowments came to over the past 30 years led by the now late David swensen from Yale who pioneered the endowment model If you don't need the money now why put it into a vehicle that gives you access to liquidity Now it doesn't make sense you're paying for something you don't need It is the evolution of a theme It's not like a switch flipped And all of a sudden we went from a world of public markets to a world of private markets As I say this has been slowly building It starts with the most sophisticated participants the Yale endowments for example the Harvard endowments smart sovereign wealth funds.
Dennis Prager Podcasts
The Elect at Princeton University Decide That Ballet Is Racist
"Ballet is rooted in white supremacy and perfectionism. We are all entering this space with a mindset that what we see as perfect is a white standard. There you go Blackstone half standards of perfectionism. There you go. You wouldn't know if I told you, is this written by the Princeton ballet company or is it written by members of the Ku Klux Klan? It's really something, isn't it? So your kids are not only given an inferior education, taught to obey experts and not think for themselves. Come out hating the United States. They also come out with pure racist views. Unlearning that will be difficult, but rewarding before we begin detailing our action plan, we want to acknowledge that our leadership and those whose composed this plan are all white. This is a new thing from the educated morons of our society. Given by teachers who are a disgrace to their profession, from kindergarten through college through university, graduate school, in most cases, not all.
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Los Angeles Let's check this hour's top business stories and the markets China's manufacturing sector expanded at a slower pace in January The official PMI declining to 50.1 that was just above the estimate of 50 The non manufacturing gauge fell to 51.1 also just above forecast and a number of issues were at play here a seasonal slowdown COVID-19 outbreaks and a weakening housing market While more hawkish commentary from fed speakers Atlanta feedback president Rafael Boston told the FT of 50 basis point rate increase could happen in March despite the hawkish lean Asian stocks are trading higher and will have more in the markets in a moment Blackstone has built up an $11 billion fund to buy companies in Asia We get the story from Bloomberg susannah Palmer It's Blackstone's second private equity fund for the region and its newly triple its previous pool of capital raised back in 2018 Since 2018 the firm has invested in deals valued at $20 billion in Asia half which was done last year Blackstone is doubling down in Asia despite increasing risks from inflation and from geopolitical tension While global markets have plunged this year amid concerns over increasing interest rates the sell off could present a good time to step in for investors with lots of cash Susanna Palmer Bloomberg radio All right let's take a closer look at the markets in Asia We have many markets not trading because of the lunar new year holiday The hanxing index though is up 1.1% The straits times index is trading about half a percent higher and the nikkei in Tokyo is up 1.4% The one laggard the ASX 200 in Sydney is flat for the session Global news 24 hours a day live and at Bloomberg quick take brought to you by 2700 journalists and analysts in a 120 countries In Los Angeles and Brian Curtis this is Bloomberg This is Bloomberg Wall Street week with David Weston from Bloomberg radio This is Bloomberg Wall Street week I'm Romain bostic in for David Weston ESG investing it's grown from a niche theory to a market that's tens of trillions of dollars strong With investors of all stripes jumping on the bandwagon the mid pressure from clients shareholders and regulators urging them to take climate change and social justice into account I sat down with Barbara and Bernard the founder CEO and chief investment officer of wincrest capital So I think everyone's different version of ESG I believe in ESG two which to me is that the intersection of materiality and authenticity I focus particularly on the energy transition because I think it's the most impactful I also really focus on holding my company's accountable I call it carbon accountability So we are active in our approach and I engage with management teams And I say to them break out your CAPEX let me see what you are spending on decarbonization and where And then I want to see your carbon footprint and did it go down IE how good are you at allocating capital when it comes to reducing your carbon footprint Because any CEO can tell you they're going to be carbon neutral by 2050 The reality is they're not going to be there So are you on the right trajectory and are you on pace to hit your goals Do you think that the metrics are there right now to accurately and fairly assess how these companies are making progress toward that goal No which is why I came up with my own proprietary method called carbon accountability Absolutely not But that is also an opportunity And in terms of the energy transition I think the value investors way to play this is through the green metals I get Tesla like growth at a commodity like multiple I go to places like Canada I don't have to take on the geopolitical risk of other regions But when you go to a country like Canada where you are faced with uniquely or less uniquely increasingly is a carbon tax So in Canada companies pay $40 per ton today and that goes up by $15 every year until it hits a 170 So the first net carbon zero copper and nickel mine for an in Canada nickel which are both in our fund will never pay that carbon tax And to me that makes that company so much more valuable because the discounted cash flows are higher And so this is what I mean about companies that are using their CAPEX to innovate and decarbonize as having a real edge And so this is where I treat carbon as an asset and not a liability Well explain that a little bit more here because I think for a lot of folks who aren't as knowledgeable about this as you are they hear carbon as an asset And they sort of scratch their head What does that mean Yeah so effectively carbon is very valuable because 61% of the world's countries and 20% of the largest listed companies in the world representing 14 trillion in sales have made commitments to decarbonize There are some industries that can't get there This is unobtainable without carbon credits So you have an asymmetric demand supply for carbon credit So carbon credits are increasingly going up in price And to me this is climate capitalism This is where carbon becomes a currency and an asset not a liability for the best players There are a lot of people that look at let's just take your turn of phrase climate capitalism There are investors who will say all I care about is just maxing maximizing my profits It doesn't really matter how these companies make money as long as they're doing it legal That's all they want What's the shift in investor sentiment right now amongst the universal universe of people that you interact with with regards to their attention to climate change and their attention more importantly to how companies can profit and.
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"Difference to you guys Is it really just an academic distinction or clearly you're not doing seed investing We understand that But what is the difference between Blackstone private equity and very late stage venture investing So by and large we have not been venture investors in the way that you're thinking about in part because the outcomes are binary And when we're making an investment we always try to think about protecting on the downside And that's quite difficult to do in a venture deal So I'm distinguishing that from growth equity because these are larger companies where the entrepreneur doesn't want to seed control but is attracted to what we can bring in helping her him really scale the business So again I'll go back to company like bumble or where we made an investment in oatly And what is it we bring We have this massive portfolio of companies and properties that we can introduce them to We have a data science team of more than 30 people that we then deploy right onto these companies We have a suite of highly talented former CEOs executives who partner with those CEOs who again are often entrepreneurs who may have not usually have not taken their company and built it into some major global institution Coming up we continue our conversation with Joan solitaire global head of private wealth solutions for Blackstone discussing the state of alternative.
The Charlie Kirk Show
Sir William Blackstone's Case for Self-Defense Holds True Nearly 300 Years Later
"William Blackstone from 1723 to 1780 said the following. Self defense is justly called the primary law of nature. So it is not neither can it be, in fact, ever taken away by the laws of society. William Blackstone, the architect of the western justice system. Said that self defense is justly called the primary law of nature. Think about the significance of what he's saying there. But if you're not able to defend yourself against an aggressor, then you are violating at the core, the social contract of your existence in the laws of nature and nature's God. Now Blackstone meant this both for people like Kyle rittenhouse and Brett Kavanaugh. You see black stone was not just saying that you should be able to defend yourself against the child rapist who wants to kill you, like Kyle rittenhouse, but also against people like Christine balls a Ford, who decide to come out and say, you know. I think you did something bad to me. And Brett Kavanaugh's should be able to say, that's not true. Blackstone understood that an aggressor going after an innocent that the innocent has a moral and biblical obligation to defend oneself. And that's really what's on trial here, isn't it? It's not just that Kyle rittenhouse, according to the activist media, should not have been able to defend himself in the street. It's not that just Kyle rittenhouse should not be able to defend himself against rosenbaum or whatever that freakazoid is. No, no, no. It's that Kyle rittenhouse should not even be able to defend himself in court.
AM Tampa Bay
Sunset Studios to Spend Almost $1 Billion on New U.K. Film Studio
"Ramped up demand for original content, boosting the need for production facilities. Now the investment firm Blackstone is teaming up with Los Angeles. Space studio operator Hudson Pacific to build a film studio north of London. The two companies will spend $974 million to build a new studio in an expansion of the Piers Sunset Studio business whose Hollywood lots have been host of films including LA LA Land
John Bartolo Show
"blackstone" Discussed on John Bartolo Show
"The whole did for me Of course. I was reading the magazines but the first pro bodybuilders i ever saw in real life was two thousand three and my first show ever do that. Show natural actually. Just as i wanted to see like how it could be one hundred eighty nine last placed fifth and it was like i was like and then i was like now. I'm ready to do it. You know now. I'm ready to do it. I tortured myself for that show but the gas posers at that. Show two dozen three. Were ronnie coleman. Who's mr olympia and jay cutler. Ronnie was three thirty and jay was like two ninety five five hundred. And do they were. They were like it was in the tribeca performing arts center which was a really cool place for show. They don't ever do shit like that anymore and they came into the crowd. Everyone was going nuts. And i'd never seen anything like what when somebody's that big. Your reaction is just laugh like like you. You don't know what else to do. And so at the end of the day starved myself. And i didn't drink water. I started stopped drinking one on a thursday night right. Listen to this old school bodybuilder. So by saturday. I'm like majorly dehydrated. Yeah so we'd go out for pizza after the show and i actually fainted in the pizza. Place next thing you know like waking up in fucking ambulance. And i'm like no way i show my family's all here. I'm in an ambulance. I was severely dehydrated right. So they're they're trying to do all these tests to me this and that my mom opens up the thing and she goes. The nicest man is here and he wants to know. If you're okay. Do you want me to get them. And i was like no. I don't want you to get anybody. She was hanging out with your brother. His name is jay cutler. I'm like oh my god. Jay cutler embarrassed embarrassing. Let me get outta here. Do that was embarrassed. That and he likes scientist signs. Your cast dude. I just got in the car of the girl that i was dating and i left my family and and we went home so but after that like my parents said how awesome he was. Those guys were my favorite. But i respected that so much that my first show that i've ever won was his show in two thousand six now backstage and it was just a really cool moment for me to think like this is the first guy that i ever saw winning a show my first win and then years later you know. We're we're able to talk more and more shows and then now i'm going to see him today and i told you the story like i i had my first olympia booth in two thousand fourteen and i had a little I want. I want to make sure i get this on video and i do it too because i'm gonna make it a little bit gay and funny but So i was sitting there at ten by ten and he walks by and he looks at me and goes the hardest hardest working man the business right there and i was like how cool is that a j. You know like says something like that. And i go do it. I'm trying to make fax tax like bro. And he goes back into the ceiling and we all kind of laughed and he walked away like years. Later i always remembered him saying that stack into the ceiling. And so i had told the story to a bunch of people and one of the guys that told the story to was joe riser when he finally got the jay..
John Bartolo Show
"blackstone" Discussed on John Bartolo Show
"Disbar bari was first enrich was kind of the first bodybuilding. Do it right. And he had said to me a story one time he's like. I wish i sold back. When i got fifty million four. They may big money before they went bankrupt. I believe they had eighty million that And then they unfortunately went bankrupt. And i shared actually my partner jared them after that but yeah so when he started he was. It was like driving from to jim when he first started. Yeah the name which was like. Obviously i wasn't as good a bodybuilder rich gaspari but because of social media had a pretty strong name that was my whole thing was like i can do this and when i was managing in college i was managing. Gnc and i was like twenty years old. And that's when gaspari started getting really popular had super pump to fifty which everybody was buying and then they had a halley drawl. Which is the real real strong. Yeah came in the punch outs. It looked like it was like. I'm going to get ripped on this out. Which wound up being jupiter. All which which eventually then became band and then they have the nova next which is the really strong Theirs was six oxo in the beginning. Really strong antiandrogens. They had awesome awesome. Shit and i watched them start from like the little sketchy chef shelf at gnc. Catchy show yeah to be like this money fucker near lives in. That's sketchy show key. They add to get in there when he's had a key. There was security thousand that everybody was stealing work. There would steal. It was like yeah. I remember in. Gnc they had like the shelf and then it became like a behind the counter thing yup but before it was like in the back hit and it was like the dirty movie section in video rental place it was a you went back there and it was like that was when mark maguire got busted. It was like it was like what was it. Call one of the original Yeah and andro is that crazy and then the market blows up and everybody you know rich kind of paved the way lee came on with those. Rtd's those ready to drinks cleaner brand. But he made a huge. Yeah he's he's those rtd's kind of kind of kept him alive. Those are those are good. I've had a million of them in my life and i can't even drink protein drinks without gagging because they like the acid reflux no they came those little cardboard thing. He knows little cardboard things. But i I love it. I think it's i think it's a tremendous journey. What what you've done in. I believe it or not. I admire it so much from afar because they talk about it with this guy all the time. You don't see bodybuilding and shooting and very similar in a sense. People want want the perfect resume. They want you to be a nine time mr olympia. You can't have a supplement brand unless you do this. So i love and respect guys that come in and fuck that all up and disrupt it. It's it's like you can bill. Belichick never played it down in the nfl and he's the best coach that ever walked the planet absolutely so to me..
John Bartolo Show
"blackstone" Discussed on John Bartolo Show
"Exactly he's ball and and you peel the top off. And it was this powder and i'm not even gonna look at joe in say anything we were told. The rumor was it had dynamite. It might have had some always said the dp was like dynamite dynamite in it crazy heart palpitations. What made you strong as. Yeah before that. I only remember like metrics will metrics was like they started out right. Yeah we bill phillips metrics and then you start getting into ephedrine came on the scene and it changed everything as you had ripped fuel to atlanta grits. You'll zander drain. I thought was the best. And then you had hydroxy k. And you had all these companies that were just blowing up like madonna. Final you flying on that. It was not man when i was a competitive. Powerlifting and i would take to senator in before each of my main fall down today. And i'd be like in the bathroom twitch and i'd have like a mix tape of like three metallica songs over and over and over again it'd be like don't talk and talk to me until i'm done with me i'm ready. I went to a powerlifting. Meet one time. And i remember seeing people give each other beaten. I remember saying to the guy that ran. And i'm like i don't want any of those beaten go and everybody started cracking up in the girls. Even two girls like you guys said them in the back of the head by one of these big guys. Crazy powerless things. Different animal now is now. I remember that. And i remember hydroxy cut coming in and you could not flip through a magazine. You remember that you could not flip through magazines out. Cnn and then It it blew the market on. Its head like everybody was like what the fuck is going on and bsn came in and then some ran started coming in and it. It changed the game. I continued to change any volve and then You know there was then who was it. It was Wasn't librado was..
John Bartolo Show
"blackstone" Discussed on John Bartolo Show
"So my dad's actually helping us all out a lot and eventually there was guys that couldn't help handle that anymore and so finally. My dad was like look. I know. i don't have experience. But i've been watching this stuff. Close i get out works. I deal with a lot of the accounts anyway. Shipping is like let me just take over the wholesale. And i said you know what at least i know. You're not going to screw me over right. And he took over the wholesale and now the wholesale is fifty percent of the company's business and people tell me all the time they're like. I love your dad. He's the best salesman i've ever worked with because he's not. He's not a pushy and annoying but he'll do whatever he can to make you happy and make sure that you feel good when you get your crazy product ideas to see Tell your nuts or now my dad my dad my dad is also like my biggest fan right so he he like even some of the shit that we do that gets us in lawsuits On styles on like he's warming up to it. He loves it. He thinks it's funny he just thinks it's it's a shame that the world is like that that you can't do so many like like silly funny thing right So for the most part. He's real supportive of most of the ideas that we have because a lot of the ideas that we have starts out as something that i think is funny. I know that actually you know what let's turn into product but the market this and have some fun with it. You know yeah. I always liked that. The out of the box ideas. I i was like. You know. e- everything you you would come out with Be like this is fucking awesome. I just i loved it all everything i mean it was like this is common sense You know like a common sense idea now when you come out with a with a supplement what people don't realize how much how hard it.
John Bartolo Show
"blackstone" Discussed on John Bartolo Show
"And i said i'd like you to come in and audit guys. Because i don't know about this but i try you so these guys didn't know as i now found out that some of the guys that were basically coming up to me and saying that they were overworked and underpaid. There were actually greatly overpaid and kind of lying about what they were doing because they wanted to make themselves seem more important. Because they figured that i didn't know busy doesn't equal productive. Exactly and i. And i was like so bummed out on mike men. They they actually like try to take advantage of me. So what i wound up doing was i had to shake things up one of the guys. I fired and i knew that i wasn't going the the ringleader set some really disrespectful stuff to my dad right in front of me and i knew after that. I'm like there's going to be able to get through this. Because my dad has been the most writer dai line worker for us on years and so when it was all said and done a cleaned out a bunch of guys i pretty much wiped out the moment and it was rough so what i want doing in the end was all the money that we saved. I was going over with my bookkeeper. And she's like you know. Your dad has never taken a raise. And i felt so fucking bad like. That's my dad rhino. And i'm like man you know they say like you always like forget the ones that you that you love the most so i was like. Let's just move all that over to his salary and she was like that's such an awesome idea because he'll do anything for you so when when it was all said and done all this bullshit that went through. That was really stressful. When it was all said and done. I was done with everything. My dad was like how you doing. And i was like good. And he goes jimmy. If he ever man he goes. Please don't hire any good friends. He's like they always please don't he was like they. Always fuck you over and you always do so much in. This happens every time. And i and i said to him i go. You know what i mean. I don't even need to have friends anymore at this point. I'm like i got. I got you. You're my best friend. And i gave him a hug and when i was leaving i go by the way i took the money that we saved on those kids and i put it into your salary and he like the way that i was hugging him in the way that he kind of like almost like he like excelled because she would never mind. I would never ask like that. And it was like. I knew that he was in have tears in his eyes. And i don't wanna cry in front of him. So i just walked out right away but it was able hours. I was so happy that was able to end so positive on all that now. We're in a really really good spot. It's it's hard. There's there's there's a scene in the movie But you only probably the only good scene in the movie In the the wall street to movie where where he bonuses the kid l. Right before the company you know they get they tied up in the you know dot com whatever market drop but he gives them a bonus..
Bloomberg Radio New York
"blackstone" Discussed on Bloomberg Radio New York
"32 Year old missed his last start with the right lab issue on Dan Sportsmen that your Bloomberg World Sports Update Markets headlines and breaking news 24 hours a day at Bloomberg, calm the Bloomberg business at hand and Bloomberg Quick tape. He's a Bloomberg business Flash. Let's begin in Australia. We have shares in Crown resorts up by more than 4.5% right now. This after Star Entertainment offered to merge with Crown, the Australian casino rival. Now Starr is proposing a mill premium share exchange. The ratio would be 2.65 are 2.68 star shares for each crown share. This offer is now set up a bidding war with crowns. Other suitor Blackstone Group. If you look at the overall market in Australia ASX 200 ahead by a half of 1%. In Tokyo. The Nikkei higher by 8/10 of 1% and in Seoul, The Cosby Up just 6/10 of 1%. So we had this huge mess in US nonfarm payrolls data. On Friday that created quite a bit of dollar weakness. The Bloomberg dollars spot Index was down Friday by 7/10 of 1%. And the dollar remains a little on the back foot here with the Bloomberg Dollars spot down about 1/10 of 1% yields actually are pushing higher in the Tokyo session with the 10 year Treasury building 1.5. 9% gasoline futures trading up the active contract ahead by about 1.7% right now, this after we had a massive disruption to distribution, the nation's largest fuel pipeline here in the states shot operations because of a cyber attack. We'll have more on that as we continue here. On Daybreak Asia right now in Update on Global News, Baxter covering it all from the Bloomberg 9 16 years room in San Francisco, Eddie All right, Thank you. Douglas. New Tokyo Olympics poll shows overwhelming this ruse sport for canceling the games altogether with three options. 59% of the folks polled said Cancel It is a young man Yuri Poll conducted over the weekend. This is a Tokyo Olympic Committee is holding test events to try and see how things would play out if in fact there are games, Sidney is extending covert restrictions for another week. India's capital, is extended this lockdown for another week and adopted stricter restrictions. Well, saying the U. S may have turned the corner on covert fight. Dr. Anthony Fauci, commenting on new research indicates the total U. S death toll could be as high as 900,000. Singapore now testing thousands of people as unlinked virus cases are persisting, their UK reported Just two virus deaths yesterday said more than a third of the population has been vaccinated. And China maintaining the pieces of the long March five Be rocket landed in the Indian Ocean in San Francisco. I'm Ed Baxter, This is Bloomberg. Bry and sir. Well, 20 minutes here past the hour. I'm Brian Curtis, along with Juliet. Solly. Juliet? Yeah, thanks for him. Let's get back to Van Pal, Chief, a pack strategist of BlackRock Investment Institute on the line for us from Singapore and talk a little bit more about your strategy for markets in Asia. We were talking about CPR daughter coming through in the US. We've also got China and India to report inflation daughter this week and We're seeing quickening growth in the region. But of course, there's also the big concern as it was talking about in the news that the virus is far from Daniel Thoughts on APEC markets and what you like What you don't like. That's right. So I think the dollar back topples is important with said. I think it's gonna continue to air on the side of doing too much to support growth. That's obviously quite a positive factor for risk and in particular for Fraser and and waffles. So with that being said in the detail against the winos are we are overweight Asia expand equities on fixed income in the equities. Suppose. Unfortunately, the virus Just remaining with us, but tiny getting boss and there certainly is also sauce and substance does. It does seem that the administration Preference, I suppose, with China on then the electoral winds of two million that Taiwan, of course, continuing to benefit from being directed at the right side of this chip shortage. I'm younger for prevents basements and talking, considering Yes. So the chip shortages definitely been a big theme in markets. Chinese equities have underperformed since February. What's the main cause there? Do you think? I think a couple of things regulation plant down, I suppose on some of the tech names. Obviously, she's waiting in the Chinese equity index of the idea of the clamp down on on some of those takes him off. So I think, understandably gave the market pause for thought. On a similar but different sort that the PBOC that the monetary authority could make something of a policy the steak and indulge in too much tightening. First now with the Black Bloc Investment Institute. Both of those important off course, but with is fine with the sell off that we've seen in Chinese equities. They seem much better discounted. Now than they were just a couple months ago. On from here. We actually think the outlets the Chinese equities, given the growth recovery that we expect to see on the relatively stable backdrop. We think it's quite encouraging China Equity's from here. Where are you saying yields move in this environment, particularly as you've mentioned yourself the 10 year up about 66 basis points this year as we continue to look towards what we might see from the Fed talking about potential changes to their policy, But also, I guess just this overall story of the global growth recovery being a little bit more patchy. You know, I think this is a critical question. So for us that the big move discounting the sharp economic recovery that we call the activity restart has happened. So from here on the strategic correlation, we think yields Congileo higher over time. In the shorts and the big movie is done, and we expect to see this kind of stable concepts that for yields on for the dollar to continue, which clearly is quite an encouraging backdrop. For level risk a nature amongst them. I'm curious. You know, this job's report leads to the idea that perhaps yields will stay. We'll stay down here for a while, and that's part of what we've seen s O in terms of equities. Would you think that a lot of houses might move back into some of the Long duration tech stocks that they had shunned over the past many months. I think the race it is. It is a key question and well, there is nuance. Of course, there is something there is some truth to the plane that a lot of markets are rates. Trade in disguise. So it's true that it's true that so years they're going to be stable from here than some of those longer duration asset classes, of which tech equities would be. Significant component. A significant feature of the I guess then. Yes, if it's true that yields going to continue to be stable from here, some of those duration names which have sold officer A few reasons, but amongst them the fact that you'll have your fire. If that Nell done, then we think that there.
Noon Report with Rick Van Cise
Panasonic to buy U.S. software firm Blue Yonder for $6.5 billion
"Firm Blue Yonder for $6.4 billion, the Japanese electronics term's biggest acquisition since 2011. Japanese newspaper Nikkei says while Panasonic last year about a 20% stake in blue yonder, it is now in the final stages of acquiring the rest from shareholders, including Blackstone Group. That's your money now, not such a good day for Amazon
Everything Everywhere Daily
The Code of Hammurabi
"Hemmer robbie was the king of the babylonian empire from approximately seventeen ninety two to seventeen fifty bc. Just to put that into perspective. This was over a thousand years. Before the city of rome was even founded as babylon emperors went hammurabi was pretty successful when he rose to power babylon was still a relatively minor player in the region and when he died he had conquered most of potato along both the tigris and euphrates rivers. The region was almost entirely in. What is today modern iraq. Like any good king win. Hammurabi wasn't conquering nearby kingdoms. He was passing laws and making sure that his kingdom ran smoothly and efficiently. It is believed that hamurabi sent out scholars to the various kingdoms. He conquered to collect the various laws of all realms and then collected them into a uniform code of laws for everyone. The result of this was the code of hammurabi which is believed to be two hundred and eighty two laws regarding any number of different infractions. Crimes and disputes the laws were inscribed on a stone and clay tablets and spread around the kingdom. The stele which was found in one thousand nine hundred one is exceptionally well. Preserved the object itself is a hard blackstone known as diorite. it's shaped like a giant human finger at the top is an image of hammurabi receiving the laws from the babylonian god chumash. There is then a preface which states the following quote and who in bell called me by name hamurabi the exalted prince who feared god to bring about the rule of righteousness in the land to destroy the wicked and evil doers. So that the strong should not harm the week. So that i should rule over the black headed people like chamo- and enlighten the land to further the well being of mankind unquote about six hundred years later. The was taken by the king of elam. Shrek know if you've ever watched the two thousand two movie the emperor's club with kevin kline. You'll remember that should noonday was as the example of someone that no one remembers except that i just mentioned him in podcast and he was in a movie under the reign of Dante was believed that he erased two three dozen of the laws. Originally written by hamurabi researchers have been able to recreate the deleted laws by finding other clay tablets. That had the law's written on them sometime after that it was buried as ancient things tend to do and it was rediscovered in one thousand nine hundred one. So what does the code of hammurabi say. Many of the laws are examples of what is known in latin as lex talionis which is a law where the punishment is similar to the crime. You might know better as an eye for an eye. For example law one hundred ninety six states quote if a man destroy the eye of another man they shall destroy his. I if one break a man's bone they shall break his bone unquote however the rules were different depending on what social class. You're in for example. I didn't read the entirety of law. Ninety six just now the rest of it is as follows quote if one destroy the eye of a freeman or break the bone of a freeman. He shall pay won gold meena if one destroy the eye of a man slave or break a bone of a man slave. He shall pay one half his price unquote so the social status of the victim of a crime was a consideration in the law. If some of this sounds familiar. That's because it's very similar to the laws that are in the bible in the book of leviticus the code of hammurabi was written well before the book leviticus so it's quite possible if not probable that some of the laws from leviticus were adopted from babylonian laws the final version of leviticus was written after the jewish babylonian exile. So it's in fact very possible. There are laws in the code deal with commerce divorce rent liability and even medical malpractice there even laws dealing with contracts and the issuing of receipts. It's true that most of the laws are of a rather brutal. If x than wide variety with punishments ranging from drowning burning severing hands gouging out is that cetera. Most of these type of laws are no longer on the books in most countries. Obviously however there are some surprisingly forward thinking laws for something that was written down thirty seven hundred years ago for example law one hundred forty nine states quote. If this woman does not wish to remain in her husband's house then he shall compensate her for the dowry that she brought with her from her father's house and she may go unquote that is basically an ancient version of no fault divorce. However there was one concept that was in the code of hammurabi which was revolutionary and is still with us today. That is the concept of being innocent until proven guilty. In fact these are the very first law's written down in the code. Here are the first three laws in the code of hammurabi quote law one if anyone in snare another putting a ban upon him but he cannot prove it then let he that ensnared him be put to death law to if anyone bringing accusation against a man and the accused goto the river and leap into the river if he sink in the river his accuser shall take possession of his house but if the river prove that the accused is not guilty and he escaped unhurt then he who had brought the accusation shelby put to death while he who leapt into the river shall take possession of the house that had belonged to his accuser law three if anyone bringing accusation of any crime before the elders and does not prove what he has charged you shall if a capital offence charged put to death unquote so basically they had really harsh perjury laws and they made it really hard to pass frivolous lawsuits. So while i don't think anyone would really wanna live under the code of hammurabi today. It's an important part of humanity's legal history old hammer. Arby's two hundred and eighty two law's written in stone with a very first step in creating a system which has led to the one hundred and seventy five thousand two hundred and sixty pages of the united states code of federal regulations today
WBZ NewsRadio 1030
"blackstone" Discussed on WBZ NewsRadio 1030
"Credit when you upgrade your job posted indeed dot com slash credit. Terms and conditions apply. Rob backlot WBC's traffic on the three super cold right now. 16 degrees in Boston. Plenty of sunshine today, though, but frigid and windy. Hi. Just 21 feels more like the single digits and teens less windy tonight. Gonna be clear, intensely frigid. Dropping to about eight degrees makes the clouds and sunshine tomorrow High 25 Monday cloudy and breezy with snow developing in the afternoon. High 35 snow will likely continue Monday night into Tuesday, with the potential for significant accumulations high 33 degrees live local and fiercely independent. This is WBC news radio. Good Saturday morning to you. I'm Tina Gal here. The five things you need to know at 11 45, the state fire marshal, confirming one death in an early morning fire in a two family home in Blackstone. Boston Police Commissioner Willie Grass, delivering a final radio sign off before retiring after 2.5 years on the job, the M I A approvals new rules, They're approving your rules for fall sports, clearing the way for full contact Football games to kick off next month. Ski area at Blue Hill, shutting down today after two problems this week involving a possible malfunction of a ski lived on opening day of a very different kind. A new vaccine drive about to begin at Fenway Park. The field is snow covered and quiet. Put along the concourse beneath the grandstands. It looks like spring training drills are already underway. But team of health care workers from C I C HEALTH Cambridge Health Check Company lined up to inject priority patients with their first shot of the Fizer vaccine. Rachel Wilson is with C I C health, but we are ready,.
Wall Street Breakfast
Pro-Trump mob storms the US Capitol, touting 'Stop the Steal'
"In washington censoring social media. Content and corporate. America speaks out leading today's news. Congress has formerly confirmed the election of joe biden as the sixth president of the united states after rebuffing efforts by a small group of republicans to object to the acceptance of electoral college winds for biden in arizona and pennsylvania. The house and senate began the process of counting electoral college votes wednesday afternoon but the preceding was interrupted for about six hours by a mob that stormed the capitol building. The count resumed at about eight pm. But that was after a woman was shot and killed by capitol police while three other people died for medical emergencies. Day or historic day for american democracy. Maybe a bit of both while the mob delayed presidential certification and lead doorbell violence. It didn't stop the process or institutions and lawmakers. Were able to reconvene later that night. Some other happenings. The second of two runoff elections in georgia was called in the democrats favor handing 'binding control of the senate and solidifying his economic policy platform. Both jon ossoff and rough high warnock lead their opponents by more than the point five percentage point threshold for a recount triggering. A blue wave to descend on washington. How did the market respond. Trading was largely unaffected by the chaos at the us capitol and ended the such mostly higher on expectations of more robust stimulus. Package tech fell back. The possibility of antitrust legislation though futures linked to the major averages all powered higher overnight. I think the reason the markets are flunks. Is it's not going to change. The transition of power said tom lee of fun strut global advisors the ten year treasury yield also broke above one percent for the first time since the pandemic began in late march sparking a rally in the banking sector in other news. The disarray seen in washington. Also shift online. As both twitter and facebook suspended president trump from posting on their sites it marked the social media industry strongest actions to date to rein in controversial content citing risks of violence and repeated and severe violations of their policies. Twitter which luck. Trump's account for twelve hours also warned that further violations of its rules could lead to a permanent suspension. What happened the platforms have been labeling election related tweets by trump since november which made declarations of victory and claim. There was a plot to steal votes. The final straw appeared to be a video circulated by trump in which he described those who showed up for the rally as very special called the election. Fraud hewlett and said. He understands how the protesters feel. It was a landslide election and everyone knows it. Especially the other side he added. But you have to go home now. We have to have peace. We have to have law and order thought bubble. Censorship concerns over violence were raised during a recent. Us senate commerce committee. Hearing when twitter's dorsey was asked how supreme leader ayatollah ali khamenei of iran was allowed to glorify bloodshed in many of his tweets without eighty tc downs his response we did not find those violate our terms of service because we considered them which is part of speech of world leaders in concert with other countries speech against our own people or countries on citizens we believe is different and can cause more immediate harm outlook. Some appointed parlor is a free speech focused alternative to the giants of silicone valley. The service leaves virtually all bought a ration- decisions up to individuals collects almost no data about users and doesn't use content recommendation algorithms it shows users all the posts from everyone they follow in reverse chronological order. However many that have immigrated to the platform have continued posting on twitter. Raising the questions of whether parlor will eventually fizzle complement or replace larger platforms with much bigger audiences business leaders and trade groups including the us chamber of commerce business. Roundtable and national farmers union are calling for the peaceful transfer following the turmoil seen the us capital. Since the start of the week we've already heard warnings. Prominent company leaders have cautioned about challenging election results and undermining economic stability motivated in part by the desire to get members of congress back to focusing on repairing economy. that's been shredded by the pandemic. They're saying the insurrection that followed the president's remarks today is appalling and an affront to the democratic values we hold dear as americans there must be a peaceful transition of power said blackstone. Ceo steven schwartzman. One of mr trump's most loyal allies on wall street. This is not who we are as a people or a country added j. morgan ceo jamie diamond. While apple's tim cook said it marked a sad and shameful chapter and called for those responsible to be held to account the head of the national association of manufacturers a group representing fourteen thousand companies in the us even called on vice president mike pence to seriously consider invoking the twenty fifth amendment to remove trump from office response. Even though i totally disagree with the outcome of the election and the facts bear me out. Nevertheless there will be an orderly transition on january twentieth. I've always said we will continue our fight to ensure that only illegal votes were counted. President trump tweeted through the account. A could be no white house director of social media while this represents the end of the greatest first term in presidential. It's only the beginning of our fight to make america great again
All Things Considered
How MLB's Decision To Eliminate Dozens Of Minor League Teams Is Affecting Communities
"With with dozens dozens of of minor minor league league teams. teams. Those Those communities communities were were stunned stunned in in cities cities big big and and small. small. These These teams teams are are as as much much a a cultural cultural identity identity as as they they are are a a fun fun and and inexpensive inexpensive family family outing. outing. Dave Dave Mystics Mystics of of West West Virginia Virginia Public Public Broadcasting Broadcasting takes takes a a look look at at one one team team left stranded by the MLB reorganization. On most summer nights, Rod Blackstone can be found behind home plate at Appalachian Power Park in Charleston, West Virginia, riling up the crowd and tossing pieces of toast into the stands after the opposing team's batter, strike out. Since the early nineties. He's been coming to games and is known simply as the toast Man. Now, Charleston's team may be toast. MLB through the West Virginia power a curveball when it announced it was not one of the teams that would be part of the 120 team Minor league lineup next season. Three other squads from West Virginia were also thrown out. Of the 42 teams that will lose M O B affiliation 18 or in the Appalachian region. Blackstone a. K a. The toast man used to work in politics but now works for the power. He says the contraction is a disservice to communities like Charleston, which is hosted a minor league team for most seasons dating back to 1910. It's harder to swallow. And when you look at how there is now a large, gaping hole In this region of the country. That has been expelled from the major league minor league system. When Major League Baseball announced the reorganization, officials said one of the aims was to cut down on travel times between games and also ensure the facilities are up to date. Elster still hasn't sunk in for many people. Charleston's mayor Amy Goodwin, says catching games Appalachian Power Park has always been a go to for families. My kids grew up in that stadium. My kids know that that is something fun for them to Diogo. What? Whether you're a baseball fan or player or not, Goodwin says. The community has long rallied around the team in the ballpark, and vice versa. Not only the trolls have along Andre, really robust history of baseball, But this stadium and this place Great so much happiness. Local officials are still sorting out with the economic fallout will be Charleston Convention and Visitors Bureau CEO Tim Brady says it's not just those who worked at the stadium who will be affected. It's the hotels were team stay and the restaurants and bars frequented by fans in the surrounding area. So one small change to a local economy like this, which is really a living organism effects. Much. Broader than just right there within the stadium, the team commission the Visitors bureau to conduct an economic impact study a year ago, it found the power brings in more than $3 million each year in Charleston, The ballpark wasn't built in a suburb or often, interstate. Ready, says it was designed to rejuvenate part of downtown. But in Charleston, a concerted effort was made to build the ballpark in the warehouse district to help spur development over there, and you've seen that you've seen bars and restaurants. And high rise apartment buildings spring up around the ballpark. While the owners of the West Virginia Power promised baseball will be back next season. It's unknown. What league will be a part of It's almost guaranteed, though not to be the attraction that has been at least not without a major league affiliate for NPR news. I'm Dave message.
Radio From Hell
James Randi, Magician and Paranormal Debunker, Dies at 92
"Oh, he was one of a kind. He will be missed. And He was truly amazing person. Yes, the amazing Randi. James Randi, the magician who escaped from jail cells. Underwater coffins straitjackets before becoming a scientific skeptic bent on debunking those who peddle the paranormal and supernatural. He was 92 years old. Age related causes is what they say His death was in a Twitter post pendulum of Penn and Teller called Randy quote our inspiration, our mentor and your friend. He appeared on on occasion on the Showtime documentary, Siri's Penn and Teller. B s in 56 Amazing. Randi appeared live on the Today show 1956. Surviving for 100 for minutes in a sealed metal coffin submerged in a swimming pool. Two better, a record that was held by Harry Houdini. Two decades later, he escape from a straitjacket while suspended upside down over Niagara Falls. On these escapes that he did. We're dangerous. They were very dangerous, but he managed them. He was a Toronto native. He grew up loving magic. He had great stories about going to see. Blackstone. Blackstone was a very famous magician at the time and what a great magician he was. But then Randy sort of became a well known atheist. And if you want to see a really touching sweet movie that's fascinating. What's it called Anonymous wires on honest liar. One a slider? Yeah, it's all about him in its life. Well, Yeah, he started out as a magician. But then he formed James Randi Educational Foundation, and it's about Debunking. Shysters people who use magic essentially on and mental ism to take advantage of people. He particularly hated Uri Geller, the spoon Bender from Israel. He hated Yuri Geller and James Randi said anybody convention spoon. I can show anybody how to do it. He doesn't do it with the power of his mind. It's a trick. It is a trick. And Randy was just incensed about it. He hated Yuri Geller so much, he said. When I die, and I'm cremated, I want somebody to throw my ashes in Yuri Geller. Well, you've said that about your
Business Wars Daily
With Milk Sales Up, Dairy Industry Revives Iconic Got Milk Campaign
"From, wondering I'm David Brown and this is business wars daily on this Thursday August twenty seventh something strange happened over the last few months we started drinking milk again think it might have had anything to do with pandemic for the last several years. It's felt like the dairy industry been singing swan songs milk sales fell thirteen percent from twenty ten to twenty eighteen according to CNN I one dairy. Then another collapsed under the weight of competition from plant based drinks soy almond, coconut, banana, Oat flax all. Those plants were out to get poor daisy the cow the dairy industry was so freaked out that it launched a pilot lawsuits against makers of those plant based drinks trying to forbid them from using the very word milk. You can't squeeze milk out of another grain they said but for the moment, at least dairy farmers are experiencing a bit of relief with. So many of us eating more meals at home, we're guzzling the white stuff again, it's long been true that milk drinkers tend to drink milk. Not at restaurants. So lockdowns have in fact, helped the dairy business cow's milk sales rose about twelve percent over last year for the twenty weeks ending. July eighteenth CNN reported your kid and mind mindlessly grabbing a swig from the carton added up to four and a half billion dollars in sales this spring, and that has spurred the dairy industry to revive an iconic ad campaign. Remember got milk. Vast company called it one of the most famous ad campaigns in history that campaign was launched in Nineteen ninety-three, its message, whatever you do don't run out of milk over time three hundred celebrities including Britney Spears Dennis Rodman Bill Clinton, and the simpsons all appeared sporting those milk mustaches. The ads became enormously popular by the end of the campaigns run in two thousand, fourteen, ninety percent of all adults were familiar with got milk to Huffington Post Contributor Gene Delvecchio but there was one a little problem. The ads didn't actually work over that same time milk sales declined steadily soda consumption bubbled over guess what those Soda Lovers used to drink you got it delvecchio a former AD industry executive argues the got milk ads were like bringing peace shooters to a gunfight, the gunfight being Pepsi and Coke Monster Marketing Budgets while the to soda makers battled each other milk lost but the dairy industry apparently believes their campaign was effective embracing Estonia the industry's marketing arm milk. PAP has revived the got milk campaign today's ads bear little resemblance to the Owens though. Sure there's still some celebrities Olympic gold medal swimmer Katie decades, viral tiktok video showing her perfectly balanced a glass of milk on her head while swimming a lap. That's certainly a turned heads but the bulk of today's campaign features, regular folks and a ton of user generated content milk drinkers were urged to do silly things with milk and boy did they respond people open gallons of milk with their toes jumped into kiddie pools filled with milk and cereal according to the trade paper? Agra. News will this generation's got milk ads do anything to keep the cow's milk train going if the wildly popular ad campaign of your didn't work well. Be Hard pressed to say that this one is a better peashooter. The dairy industry itself is making predictions. They say they're simply celebrating the quarantine induced sales boost. What is true however is that the competition from those plant based rivals is only getting. Over the same twenty weeks that saw a twelve percent rise in dairy milk sales oat milk sales went through the roof up two, hundred, fifty percent. Of course, oat milk sales are still tiny compared to cow's milk. They totalled only one, hundred, thirty, five, million dollars, but other signs point to the continued aggressive challenge from those gentle plant based alternatives. Oatley the. Leading oat milk maker recently attracted two hundred million dollars in investment funding from blackstone and Oprah it hopes to go public next year according to Forbes, and on Monday good Karma, a maker of flax milk bought itself back from bankrupt dean. Foods investors are Thurston lapping up all of these cream alternatives and no matter how beloved the Got Milk Gad's once were. All this competition puts a whole lot of pressure on twenty twenties version of the same campaign.
WSJ What's News
Tesla Smashed Earnings Expectations
"Tesla is defined. The street's expectations reported fourth straight quarter of Prophet yesterday. These latest results now make it eligible for inclusion in the S. and P.. Five hundred. Our reporter. David Dorey explains what this could mean if that happens, that would be huge for Tesla aside from the reputational prestige of being in such a big index. Eleven trillion dollars trucking. The SNP on inclusion would probably fire a starting gun on the race for big index funds to get the hands on Tesla's hsieh's thought, it'd be a far cry. From the numerous periods of precariousness tests has faced in recent years Barry Mind. This is the company that lost four hundred eight million dollars in the second quarter last year. Test is by no means guaranteed to being in the S&P five hundred, but if it does getting created, it could be a sea-change moment for those. He wants to make money for electric cars the energy transition. Looking ahead on today's busy earnings calendar at and T., blackstone Intel twitter American Aska and southwest. Airlines are among those reporting today.
Iroquois History and Legends
How the Boy Got His Name
"How the boy got his name. It was springtime long ago. Little stream swelled and danced and all the forest was glad and. Oneida boy came running through the wood. He too was glad for. The world was full of new life as he came down the path he saw something hanging from a branch. The tree was but a few steps from the trail so he stopped to see the new flower that the spring had brought. He found this not to be blossom but instead it was a tiny baby cradle. The boy pick the cradle from the branch. It was so much smaller than any he had ever seen. It fit into the palm of his hit as he looked closer. He saw that there was a tiny child in the little cradle. The we baby left small baby. The boy thought that this was a very special child and then he said to himself. I will take you home here. My mother now. The boy's mother had all of nine children and he was sure that she would like one more and that there would be more than enough room for this tiny little stranger in their big long house. The boy started to run down the trail but then something seemed to hold him back. I'm stuck he could not get far away three times. He tried to go but every time he only circled around the tree. Something was preventing him from moving more than a stone's throw away. It was like a rope was tied to his leg. And then suddenly there was a loud screech and a cry from up the path. The boy wondered if it was some animal that was in pain or caught in a trap. It wasn't a Fox definitely not bear badger. He turned to see what it could be. And then he saw a small woman running down the path. She was shorter than a beaver but she ran like a deer to the boy and was weeping and begged him to return to her the child now the boy had a heart that was often kind all he wanted was to see everything and everyone happy when he saw the little mother crying and imploring from her baby he felt sorry for her many times he had heard his own mother. Tell him how every mother bird loves her hatchlings and every mother bear cub every mother deer fawn and every Oh night mother her baby and he knew this little ferry mother must also love her little ferry baby and so he put it on the tiny mothers back and said every mother should have her baby. The little mother gave glad cry. She felt the baby on her back once more than she drew a stone from a bag which she carried it had a hollow hole through it. She slipped it onto a string of beads. That hung from the boy's neck the stone shown on his breast. Like Ado. Drop because you are good and kind and unselfish she said and because you make everything happy you shall wear this good blackstone it will bring you whatever you want we a little people give this stone to those earth children only who are strong and yet protect the week. Were always on your breast. Never take it off and you will become a mighty sheaf then. The mother gave another glad cry and with her baby on her back. She disappeared into an oak. His heart grew lighter and as he ran. The stone shone brighter before he reached his mother's Longhouse he found a rabbit on the trail and drew out his bow. A short time later he was bringing back game for his family's evening meal. He never told anyone about the job. Oh or as some people call them drum dancers but the stone that he had did bring him good luck in whatever he did all went well for him if he went on the hunt he brought back dear. No boy could sling Lacrosse Ball. As far as he or could run as fast he could shoe. Eros to the sky and every winter. He could send his snow snakes skinning far beyond everyone else's stick so lucky was this. Oh night at boy. His tribe called him luck in every month. He wears the lucky stone. Some of the elders would say as they sat around the fire and others would nod their heads knowingly but they never knew how he came by it or why he wanted and when luck in every month grew to be a man his tribe made him a great chief just as the Little Jogo mother had said though not one of the hereditary leaders because he stood so strong in straight serving the people protecting the weak and doing great deeds he was called a named a Pine Tree Chief. His feet are planted deep in wisdom and strength they said and
The Indicator from Planet Money
Why Cheap Solar Could Save the World
"So the other day Darius we took a little trip to a huge apartment complex in New York it is enormous one of the biggest biggest in the world. It spans like ten city blocks in New York houses around thirty thousand people. Yeah and it's known locally as stuyvesant town or Sta towns down a uh-huh cool village cat. It's like a bunch of giant brick towers sort of all identical in rows and we were there because because of an indicator an indicator given to us by Ben Ho. He's an economist at Vassar College. Yeah and Ben says this indicator is a big deal a milestone down and win this indicator hit this milestone. Ben said he was like Oh my God. I thought there should be parades and like people cheering and instead like there's a the articles and like the trade press and people haven't talked about much. I think it's a contender for the most important indicator of all time the most important indicator for all time at least for me. Ooh Okay make your case. This is fascinating. What is this indicator? Indicator is the cost of solar electricity specifically that the cost of solar electricity has been falling by a lot not falling by so much. It's actually now competitive with fossil fuels. It's gotten that cheap which brought us to the roof of a twenty storey brick building in February roof that has now covered in solar panels. And we were there. Because this roof is owned by one of the biggest baddest most profit focus companies on Wall Street in large large part because of Ben's indicator this is the indicator from planet money. I'm Stacey Smith and we are on the roof of building. We're here twenty or so stories above these filaret colds today on the show the price of solar what changed and I've been thinks this so important. It's a little windy too. Beautiful View his beautiful this message comments from NPR sponsored show. Bonnie Haute made to taste just like milk. Doc It's creamy frothy and great with coffee and cookies but without the dairy because it's not milk it's almost milk new Shabani owed support also also comes from the capital. One saver card earned four percent cashback on dining and entertainment to percents at grocery stores and one percent on all other purchases now. Now when you go out you cash in capital one. What's in your wallet? Terms apply back in two thousand six. Ben Ho was the lead energy economist. Missed under president. George W Bush and he was part of a team looking for energy alternatives economically viable energy alternative. Being the operative word there the energy source to beat was coal it was the cheapest source of energy and back then like solar was almost like a joke. At the time I was looking at the numbers and cost five cents ends or four cents per kilowatt hour natural gas also in that range and sold there was like a dollar per kilowatt hour. Oh Wow and you were just like this. This is never going to be cost effective. You heard that correctly recklessly. Solar Power was twenty times more expensive than coal solar was just never gonNA happen. It was a non starter. It was a punchline and then something changed changed actually a bunch of. Something's yeah a lot of small things that took the price down by five or ten percent so for one thing. Government subsidies on the state and federal level brought costs down for businesses and residents got more people to buy into solar which meant more companies started making solar panels and then companies that made solar panels started competing against each other tomake cheaper more efficient panels as a result. The panel's got nearly twice as efficient and the price dropped from about a thousand dollars per panel to around one hundred and fifty dollars per panel today. Hey It's a series of sort of small process improvements over the past ten fifteen years for the cost down like a magical amount of money a magical amount of money. The prices solar job by more than ninety ninety percent from one dollar per kilowatt hour fifteen years ago to four cents per kilowatt hour today and that is today's indicator four four cents per kilowatt hour. which makes the cheapest form of electricity in the US and also in the world cheaper than cheaper natural gas jubilant coal cheaper than coal? Oh my drop. Yes because when that happens is ben everything changed and then thinks this will take solar power from like a fringy source of energy to a major maybe even the main source of energy in the world but at this point solar energy still only accounts for about two percent of the energy in the US I think that's totally changes. At least how icy climate change right so before when like solar and renewables more expensive it was all about sort of getting people to like sacrifice to do the right thing And now it's actually just getting people to save money. I mean if we're looking at pure economics though I mean if solar is only two percent and we have these huge entrenched energy can companies from the biggest companies in the world. That have a lot of money. A lot of jobs tied up in traditional like fossil fuels and those kinds of energies. Like how I mean. That seems like some daunting economics to overcome right. I think I'm a big believer in the markets. Now the soldiers act cheaper. Actually think that the market and capitalist pretty powerful driving force to move people torward the cheapest form of energy and you see that happening right So they just had the biggest year in history in the United States because of just the fallen costs companies like facebook book and Microsoft have started investing millions of dollars in solar energy and so has blackstone blackstone in case. You haven't heard them a giant Wall Street private equity firm Um and Hedge Fund. Basically they deal with money. Enormous amounts so much money. They manage hundreds of billions of dollars yep blackstone definitely really not like a hippy. dippy let's all try to save the Planet Company. No no no. This is not like reusable tote bag Greenpeace canvasser type company. They care about the bottom line and blackstone has started investing millions in Solar Power Blackstone owns the company that manages Stuy town the apartment complex in New York with all the solar panels and Kelly vaas is the CEO of that division of the company. And he oversaw this big solar project and he took us out to the roof to check out the solar panels firsthand. We're standing standing on the rooftop status in town and you're looking at a few of the nine thousand six hundred seventy one solar panels that we put on rooftops to be precise and isn't isn't the that's for size. Nine thousand six hundred and seventy one solar panels on building after building just spanning ten. The city blocks just laid out before us. All these buildings like as far as we can buildings so as you can see like how many square feet of roof twenty two acres does that have to do the math on the square feet on that. We did the math. We did the math and it is almost a million square feet of roof all painted white and all covered in shiny black glass solar solar panels all about the size of a foosball table. Kellyanne is team installed the panels last year and they estimated it will reduce Stuy town carbon footprint by about sixteen percent so the project cost of eleven million. That's a lot. Will you lose money on it as a cost neutral we make a little money we we we will have a return on investment. It's not significant. It's it's not a lot of money but it is definitely not a loss if it had been a loss Kelly. They couldn't have really considered going solar now that they have these panels up and running. Kelly says lots of other building managers and businesses have been taking exactly this tour that we took asking about how they might go solar as well. What's the biggest this question that you get from people who are considering doing it? Did you make money on it. They want to know. Is there a return on it. Is it affordable all of those things and in the answer for I was yes blackstone was so jazzed about the results of its Stuy town project it is investing another eight hundred and fifty million dollars and solar and this says Ben is exactly clear why he thinks the cheapness of solar is the most important indicator of all time on this sort of problem of climate change. I think yeah I've optimism. I think in part because a lot of the stories you hear about climate change all assume that coal-based future I mean listen. Climate change is not over as a problem Ben Points out. There is still significant obstacles to overcome if solar is to become a major energy source for the world. I mean for one thing. It only works when the sun is out. That's a problem battery technology that could store. Solar Energy is in great right now also the panels would need to get more efficient for all of STA towns. Nine thousand Rosen odd solar panels. Solarte will still only supply about six percent of the energy for the apartment complex. Still says now that economics is on its side. Now that the mathworks he thinks solar has a bright view. Now now biggest hurdles past right. I think it's for me. Is the most exciting indicator. It makes me optimistic about the future.
Around the Horn
What one thing Kyle Shanahan would have done differently in Super Bowl
"Shanahan first public comments post the Super Bowl indicating he thinks the way they ended the first half was one of the reasons why they were up in the in the fourth quarter quote. I think that's one of the reasons why we're up. Ten in the fourth quarter and quote also thinks Jimmy Garoppolo one of the main reasons they got the super bowl quote. Jimmy is one of the main reasons we got the super bowl times by pal shot at hand. I'm telling the first comment obviously defend his quarterback. Doc Look no one's defended. Shane had play calling for the last few days. More than me. I think the criticism of him throwing the ball has been way overblown. But I'm still critical of of how we handle the end of that first half yes. It's why they were up ten but I do believe he should of anticipation that Patrick mahomes against gas line of Defense in the fourth quarter was a bad bad matchup and they should have tried to take the point when their offense and the defense. We're both dominating capital Biracial Shannon. I'm buying this is exactly what you want to hear. The leader is conviction. You don't need him lamenting this loss. Nothing's going to change. Don't keep watching the titanic over and over again as for starting next year. Of course you should. He's not not only was a good game manager but he had the best pass completion last year referring to Emmanuel Sanders. WHO said he's already watched the Super Bowl five or six times and every time? It's like watching the titanic padded down. Frank do you know that feeling by herself. Shanahan year his goal was not to give the ball back at the end of the first half. Let's remember the offensive offensive. Pass interference call. They should have been down there kicking a field goal going ahead by three points. The issue was those two drives after. San Francisco's I'm sorry after the Kansas City scored that was the issue in the fourth quarter. They did not lose a game in the first half. I don't have a problem with it and bob run a CELENA BY I. AM selling the nonsense agenda. Have I remember sitting here thinking Tom. Brady's watching this going for a minute. Forty three time outs give it to me. Give it to me. Every coach in the League was saying. What are you doing Janet? Hey and you're asking. What are you doing Bob? I have to say respectively. I'm selling you. What were you doing with your super bowl? Pick because they never came in. You never made a super bowl pick right here except Francisco within Cisco Forty niners. Here's your deduction Emily Kaplan. I mean this was not blackstone but about as good as you can do it as well. You're here you're super bowl. Pick and we move on fire sale to raptors one nineteen pacers one eighteenth the champs who you can never talk about coming coming back from nineteen down to get the win. They now have won twelve straight if a defending champion warriors team where he teamed one twelfth. You'd be writing love sonnets. In IAMBIC pentameter
CNBC's Fast Money
Trump says GDP would be near 4% and the Dow could be 10,000 points higher if it weren’t for the Fed
"MNUCHIN is just the latest in a monster. Line that we've had from the world economic form in doubles president trump sitting down with CNBC earlier today and he took new aim right at the Fed less than what he told. Joe Kernan had we not done the big raise on interest. I think we would have been close to four and I could see five thousand to ten thousand points more on the Dow but that was a killer when they raise the rate it was just a big mistake and they admit to it they admit to it I was right. I don't WanNa be right but I was right for your next guest Joe's idols. Chief Investment Strategist at blackstone. He thinks trump might have a bit of a point. Joe Welcome back to fast money. What do you mean what what was he was? He says he's right right. You know I think the bigger point here is that we are inadequately driven market. This is not a fundamentally driven market. Right it's not a market where you're seeing earnings gains. And you know healthy underlying sort of like revenue and profit margins and things like that. We're in a market. That's been complete driven by central banks all around the world and two thousand thousand nineteen year where you went from massive hikes cuts right. You had more central banks cut rates in two thousand nineteen than any time since the great financial crisis we we went from balance-sheet tightening expansion of balance sheets again and that liquidity has fueled the markets is pushed him up higher so in December of two thousand eighteen. If I remember back in in those days the Fed raise rates the market fell eighteen percent. It did come back. It ended I think the month down. What eight or nine percent on the Dow and the S&P so if the Fed comes out and indicates at some point this year they would like to tighten monetary policy does the market fall another fifteen to twenty percent? I think what central bankers have done right now is bought themselves a lot of time right because the headwinds that the economy is facing include things like trade obviously across the pond we had UK and Brexit and everything else. I think policymakers bought themselves time. I had an old Basu once said Joe. If you have a problem that can be solved with money than it's not a problem anymore. He was on his third wife when he said that's worth it. That's the policy that that that that that we've seen in the markets policymakers have done over the last couple of years. But but I agree with that and don't fight the Fed and all these shays that have been the right ones but if you think about what we're not going to get more fed than we got in two thousand nine hundred ninety so if you think about it just the fact that the Delta in two thousand nineteen which was incredible the fact staying still right now. Oh I don't think there's enough and is the Fed gonNA keep this money market surplus in the market. I mean you're talking about Four hundred billion dollars that I recognize. We had a big problem and I don't I think the Fed was telling us how offsides they were a year ago. This has to this has to be painful. There's an economist who rose to prominence in the nineteen seventies named Herbert Stein There's something called Stein's law named after paraphrase. It basically says that which cannot go on forever won't right. I would love to come up with something. That's patently obvious. Inhabit habit named after me. I'm working on some things I'm watching the simpsons to try to get some inspiration but if you think about that Dr Oz just came up with a few he has some great scope. nope Don Don were over. You know it's GonNa go into As as I was going to sing living I was GONNA do hip hop arm beer something but that name was taken. Yeah I chose Investment Strategy so joe so when you start to look at what can't go on when it ends it ends. I've been waiting for value to start outperforming tech it. It just seems as though everyone is rushing in there looking for growth the only place to get growth or a handful of names on the technology side or or through the gamut of technology teams when and does value ever start out performed as market. Go Down I don't think we're GONNA see an environment. The whole market goes down. I think we will see more volatility more choppiness in our ten surprised twenty twenty one of the things that we talked about was having multiple five percent corrections because I I think the market has to mark some time while earnings catch up to the to to to prices right because we haven't seen any earnings growth. I don't know if it's going to happen in twenty twenty it might be is something that comes later because I don't see such a strong environment for corporate profits even now but I think we'll have to mark some time if you put two thousand nineteen into context. Think about it it. This way neat record high returns one of the top twelve percent for returns in any calendar year record. Low volatility volatility is one percent below one percent that we'd seen in any calendar. Year policymakers delivered that to us. I think the effect is rolling off that drives volatility. They'll be opportunities