40 Burst results for "Brook"
A highlight from "Build the Life You Want" with Arthur C. Brooks (full interview)
"The United States Border Patrol has exciting and rewarding career opportunities with the nation's largest law enforcement organization. Earn great pay, outstanding federal benefits, and up to $20 ,000 in recruitment incentives. Learn more online at CBP .gov slash careers slash USBP. Joined now by my old friend, Arthur Brooks. Now, if you've been listening to the show for a while, 10 years ago, you may recall Arthur sat in for me a couple of times as guest host. He was then the president of the American Enterprise Institute. Since then, he's written a couple of great bestsellers and has begun a must -read column in the Atlantic on happiness, taken up a professorship at Harvard Business School, and is now the author of this book, which I suspect by today is the number one selling book in America on Amazon, "'Build the Life You Want' by Arthur Brooks and Oprah Winfrey." Arthur joins me now. Good morning, Arthur, how are ya? Good morning, my friend Hugh. You said I'm your old friend. Do I look old to you? Do I seem old to you? No, no, no, but that's just in terms of, it seems like I've been talking to you for a lot longer than 10 years, but I've been listening to you for a lot longer than that. Arthur, I wanna begin with a hook. I wanna begin with a hook. We'll get everyone in. How does caffeine work? You explain it in the book, and that's like a hook. Yeah, for sure. Caffeine is a really interesting drug because it doesn't actually pep you up. It makes you feel peppy because it's actually blocking the receptors for a molecule that will make you feel lethargic called adenosine. Here's basically how it works. Adenosine is a neurotransmitter floating around your brain. It has certain receptors that fit the molecule. When it goes into those receptors, you feel lethargic. It kinda slows you down. When you wake up in the morning, there's a bunch of these floating around your brain. If you put it in caffeine, they're shaped the same way as the adenosine molecules, and they go into the adenosine's parking spots, so you can't relax. That's what you're actually doing with caffeine. Now, if you do it too much, you'll feel kinda jittery because you need a little bit of this adenosine, but that's how caffeine works. It's sitting in somebody else's parking spot.
Fresh update on "brook" discussed on The Hugh Hewitt Show: Highly Concentrated
"That's St. Augustine. That's a pretty good authority. Give us one minute on what that means, Arthur, in 2023. What that means in 2023 is not being so doggedly attached to what you think. Be attached to people, not to just your opinions. Human beings have beating hearts and love for you, and that's what really matters. Your opinions will never keep you warm at night. Your opinions will never give you the company that you seek. You know you want love. Seek love and don't push love away. And most of all, don't let anybody turn political opinions or ideology into a way, into a force field that makes love harder for you to keep and attain and give. That is a bottom line on build the life you want. Now, part five that Arthur and I will release in the whole podcast tomorrow, it's gonna be about faith, so don't miss that. Thank you, Arthur. We'll finish it up tomorrow on the podcast of Highly Concentrated Hue. Thank you, Arthur. I'm back now with Arthur Brooks. Arthur, the part I wanted to leave for the podcast is the most personal because you write in build the life you want that you add a moment of extraordinary grace at Our Lady of Guadalupe in Mexico, and you are a daily communicant, or at least a daily mass attender, and you say the rosary with Esther every night. How did this all happen? I'm a Catholic. I do go to my, Archbishop Chaput is listening right now. I try and say the rosary once in a while, but those are disciplines which are rather extraordinary. How did that happen? It happened as a long process, and it happened not just because of my emotions and the contrary, but largely because of my decisions. I've been a Catholic since I was 16 years old. I had an experience, sort of a mystical experience when I was 15 years old at the Shrine of Guadalupe in Mexico City, and I found that I was supposed to be Catholic, and I converted at 16. I was a Catholic through my 20s and into my 30s, but I found that I needed more. I needed to actually go deeper, and so what I looked for was a way to experience my Catholic faith in a much deeper fashion, and that meant actually the disciplines that I needed. Now, to be sure, my wife also took me by the hand. She grew up in a hard-read atheist communist family. Nobody went to church. She went to church the last time. Oh, yeah, absolutely. She went to church the last time for her first communion at age eight until she met me, and then she would occasionally go, and I would take the kids alone, but little by little by little, by the grace of God, literally by the grace of God, she was kind of brought into it. There's this old Irish saying that dad gets the family into church, but mom gets the family into heaven, and there's a lot to that. This is a really important thing, and so we held each other's hand. I was kind of part of the disciplines and the routines, and she was part of the spiritual development, and the result of that is that iron sharpens iron in our spiritual lives, and this is one of the things I talk about a lot with couples. We talk to young couples all the time, and I say, are you intimate? And they think I'm talking about you know what, and I'm not. I'm saying, are you praying together as a couple? That is literally the most intimate thing that couples do together. I talk to long married couples, couples that have six kids, and they never pray together because it feels too weird, and the reason is because it is the single most intimate thing. Do you want to be married till you want to be looking into your spouse's eyes when you take your dying breath? Pray together is the bottom line. It's the most intimate thing that you can possibly do. Do you want to reinforce, concretize all of your particular beliefs? Get down on your knees and pray every day, and if you're a Catholic like me and Hugh, go to mass as often as you possibly can. Get into these particular routines. Why? Because it becomes kind of like your beating heart. It becomes part of the rhythm of your day, and your day simply doesn't feel complete unless you start it off with mass and finish with your rosary or whatever these routines happen to be, and at the end of the day, look, I mean that's what we want. When we're taking our dying breaths, what do we want? We want to be fully in rhythm with the Lord and praying to the master, and this is the best way that we can possibly do it. If Archbishop Shepiu is listening to this, he's a real hero of mine, I have to say, and it's because of his kind of witness that I'm able to live the kind of life that I do as an American. Oh, every morning. I always keep myself aware of the fact that the Archbishop is listening at the standard that I set, but here's where I wanted to stick the dismount, Arthur. I spent the 90s prior to 9-11 exploring other religions for the benefit of all religions, so doing for PBS, searching for God in America, writing books, talking to people of all different faiths, interviewing the Dalai Lama with whom you are friends, trying to do that. That all ended on 9-11, all right? That stopped, not because I wanted to stop because there was no demand. You are now reintroducing the ecumenical moment, which is absolutely necessary for the world. Do you have a prayer that it will, do you have more than a prayer that it will succeed? Yeah, to begin with, we have to remember that, look, not everybody has religious faith, but those of us who do, we need to help each other. We need to support each other. We need to lighten each other's load. That's critically important. The idea that we would be having this warfare between religions at this point is incredibly anachronistic in a world that needs more faith, in a world that actually needs a transcendental walk, and it's like the whole world is set up so that we'll lose ours, and so we need to support each other in that walk. Furthermore, here's a really interesting thing. When you become more sophisticated about the religions of other disciplines in other parts of the world, it just makes you better at your own. You know, I go to, every year, I go to see His Holiness the Dalai Lama at his monastery in the Himalayan foothills in Dharamsala, and he always says, I want you to be a better Catholic. I've learned the technique for praying my Catholic rosary while I have learned how to meditate with the Tibetan Buddhist monks. Every time I go, I'm more devoted to my Catholic faith. It doesn't weaken anything. It really does make everything better and enriches our sense of sisterhood and brotherhood, one with the other, and who knows? If you're able to persuade somebody of your own faith and enriches their life as a result, so much the better. What are the last takeaways? Go to a church, any church, go into the back. Arthur explains it to you. You don't have to sign up for anything. Just go to a church, but Arthur, I'll conclude with this. You're this close to writing a varieties of religious experience for the 21st century. What do you do next? Because I don't know what Arthur Brooks does for an encore because you keep doing an encore on top of an encore. What is next? The next book that I'm actually starting to work on already is called Start Strong, and it's a scientific guide to starting your life, understanding that in your 20s, you're gonna set patterns that are gonna work for you for the rest of your life. You're also gonna set patterns that work against you for the rest of your life. The neuroscience of falling in love, what it means to set your goals without being attached to your goals. And what I really wanna do is I wanna write a book for my 20-something kids, but for my students and everybody else such that we can remember, we can think, we can set a strategy for what a happier, better country is gonna look like in the many decades when Hugh and Arthur are not around to see it. I wanna set a bunch of ships sailing. That's number one. The second thing is this. I want a better America. I want a better America that's full of more happiness and more love. And what I really want is I want a political movement around these ideas. I want people who are dedicated. We're, you know how our mutual friend Grover Norquist, he makes people sign a petition if he's gonna get support, no tax increases. I wanna do something like that. So if you understand what we're talking about, you publicly commit not to crossing the line to bitterness and hate and unhappiness. And we have you on record saying that you're gonna be a warrior for love and happiness in whatever you do for a living, including politics. And I think that we can actually make some progress on that. These are the next things that I'm thinking about. And anybody who wants to join me, man, I'm open for business. And- Oh, that is a graciousness project. I'm all for the graciousness project. Arthur Brooks, congratulations. Build the life you want. Have a very successful book tour. And I will see you soon, my friend. My best to Esther and your entire family. Likewise to yours. I'm praying for you. And thank you for the incredible show that you continue to produce, of which I'm a big fan. Thank you, Arthur. Bye-bye. Thank you, my friend. See you soon. Experiences are what people love most about travel. With Viator, you can browse and book tours and activities so incredible, you'll wanna tell your friends. They offer everything from simple tours to extreme adventures and all the niche, interesting stuff in between. Viator has experiences in over 190 countries. There's something for everyone. Plus, Viator's travel experiences have millions of real traveler reviews, so you have the information you need to book the best activities for your trip. Viator lets you keep things flexible. Use Reserve Now and Pay Later to secure the activities you don't wanna miss without being locked in. Whether you wanna take a backstage tour of the Grand Ole Opry, a Miami-Bimini Bahamas day trip by ferry, or a private guided tour of the Grand Canyon, Viator is for you. Download the Viator app now and use Viator 10 for 10% off your first booking. One app, over 300,000 experiences you'll remember. Do more with Viator.
Sen. Tim Scott's Campaign Promotes Optimistic Conservatism
"Senator Tim Scott is running for president. Good morning, Senator. How are you? Good morning, Hugh. Thanks for having me on this morning. I'm great to have you on grateful to have you on Arthur Brooks was just on talking about his new book with Oprah build the life you want. And he said the whole country has to upvote positive and deselect negative to get out of the crisis of the culture that we're in of toxicity. That's the premise of your campaign center. I do believe that America benefits from an optimistic positive messenger as long as you are anchored in conservatism and you have a backbone. America has always prospered when the Conservative Party is moored in principles. One of the blessings of my young life. He was having Ronald Reagan come on the stage right after the Carter debacle of the freshman in high school. My unemployment rates in my neighborhood with 30 % Ronald Reagan bought a revolution and optimistic positive revolution. But everyone knew he was a little off sometimes he might use every weapon in the arsenal piece through strength emerged and it brought the world stability and about America a revolution we've not seen since those days. Now yesterday, Politico had a story quoting your very smart campaign manager, Jennifer to Casper is from University of Michigan Law School as I am. So she knows what she's doing. She said, everyone calm down. Senator Scott is not leaving the stage. He's going to stay in this for the duration. We're going to stay positive positive stay. It wins in the long course. What did you think of the reaction to her memo? Is she right? I think absolutely our campaign is going to continue to focus on an optimistic positive message. That does not mean we will not engage in a contrast with our other opponents. We have opponents who want to raise the death tax to 59%. That is just wrong. So the fact of the matter is that there are policy differences between who we are and what we represent for America's best future. And some of my opponents on the stage who want a fundamentally different kind of Republican Party. That is the kind of contrast that I believe you can showcase while having an optimistic positive approach. Another issue is the issue of abortion. I believe that we need a 15 week federal limit, because every Senate Democrat has already voted for abortion on demand until the day of birth. That's wrong,
Fresh update on "brook" discussed on The Hugh Hewitt Show: Highly Concentrated
"Now I'm going to trap people into listening to the podcast. The podcast is about religion. Arthur and I are both observant Catholics and we're gonna talk a little bit about that in the podcast segment. But I want people to note, Arthur, you've been talking about evolutionary process and the science of happiness based upon our evolution. You and I are no opponents of evolution. I read Richard Dawkins, A Selfish Gene in 1976, persuaded about natural selection. The Vatican has no problem with it. It's not inconsistent with Catholic teaching whatsoever. But are people surprised that you're such a, and you are a scientist, you're actually deep into the social science and yet a man of faith? Because Richard Dawkins dismisses that possibility. I've had him on the show. He asked me, do you really believe that Jesus turned water into wine? I said, yes. And he said, my God. I said, no, my God. But that actually isn't even the big miracle, right? Rising from the dead is the big miracle. That's kind of a party trick. Do people find it difficult to equate your religious belief or Oprah's religious belief with your attachment to data? Yeah, for sure. And the reason for that is that most social scientists like me are not religious. They tend to classify religion as a social construct, something that people make up in order to deal with the world. But that's a category error. That's a misunderstanding of the way that religion actually works. And the way for people to understand it, and I know we're gonna talk about this more in the podcast, which everybody should go and listen to in advance, but here's the way to understand the relationship between faith and reason. This is the way to argue about this at the Thanksgiving table if it's necessary. Think about if you really, really wanna understand Picasso. You need to understand two things, the man and his work. You can't find evidence of the man in his work. You can't study a Picasso painting for the rest of your life and find evidence of the man Picasso. On the contrary, you actually need to back up and understand that there's the creator and there is the creation. And if you wanna have a fulsome knowledge, if you wanna be intellectually stimulated at the deepest level from what life is all about when it comes to Picasso, you need to understand both. You need to understand what the man was doing, where he lived, what were his inspirations, who were the people that he knew, and you need to know a lot about his art as well. That's the relation between faith and reason. And I think for that reason, there are many reasons to read, build the life you want, but that is the key one. I wanna end on air by making one more point, Arthur. The tragedy of families that have been split by politics or friendships that have ended over this period of intense polarization grieves a lot of people. It obviously grieves you and Oprah. What is your recommend, if someone has broken a friendship or a family relationship because of politics, what is your recommendation to either party? Yeah, and again, this is no joke. One in six Americans is not talking to a family member or close friend because of politics, and that is just insane. The number one reason for that is that the bullying dark triad politicians and media have tried to convince people that thinking differently about politics is a form of abuse worth a schism in the family. The only reason to have schism is actual abuse and differences of a political opinion are not that. All you're doing is denying yourself and your family members the happiness that they deserve. Here's the way back. Here's the beginning of the way back. Don't make it a big deal. Just non-dramatically start to re-engage as if it's not, sooner or later you're gonna talk about it. Don't talk about it in the beginning. Just say, hey, what are you doing this weekend? Wanna have a drink? And talk to people as if there were not this baggage behind it. Sooner or later it's gonna come up, but be non-dramatic about the nature of the schism or the nature of the rift or the nature of the argument. Just be friendly, just be loving, just be nice, and you're gonna find that there's gonna be tremendous relief on the other side when you do that. And when the time is right, you'll discuss what happened and probably if things go right, you'll be able to laugh about it. Arthur, have you lost any friends over, you have managed to exist above the fray. Now, the American Enterprise Institute is a conservative free market enterprise institute. You know everybody in the Republican Party. You're co-authored with Oprah. You know everybody in Hollywood, in the Hollywood elite now. You know everyone at Harvard. You get along with everyone. To what do you attribute that? The truth is I love people and it's fine that we disagree. It doesn't mean I'm going to agree, but the truth of the matter is here's what I keep in my mind, Hugh. If I wanna be persuasive, I have to be persuadable, number one. Number two is I'm wrong. I just don't know on what. And so I wanna be around people who think differently than me to see whether they might be able to persuade me. That makes my life interesting. It makes me more likely to learn more things. And last but not least, I am just not willing to not have friends for something as unimportant as politics. I'm just not willing to do that. That's not a sacrifice I'm willing to make. Let's conclude with the three pieces of advice that St. Augustine gives to a student seeking direction. Arthur, do you recall them offhand? Yeah, yeah. It's a, you know, what are the qualities? It's like teacher, maestro, what are the qualities? Give me the three qualities that we need to actually, to prosper in life, to be successful in life. Humility, humility, and humility.
A highlight from Senator Tim Scott puts out his short list for VP and talks about the need to fund DOD and his disagreement with Vivek Ramaswamy
"Support for this podcast and the following message come from Coriant Coriant provides wealth management services centered around you. They focus on exceeding expectations, simplifying lives and establishing legacies that last for generations leverage their exclusive network of experts to help achieve your personal and professional financial goals as one of the largest integrated fee only registered investment advisors in the US Coriant has experienced teams who can craft custom solutions designed to help you reach your financial goals. No matter how complex real wealth requires real solutions. Connect to a wealth advisor today at Coriant calm. Welcome to today's podcast sponsored by Hillsdale College, all things Hillsdale, hillsdale .edu. I encourage you to take advantage of the many free online courses there. And of course, listen to the Hillsdale dialogues all of them at Q for hillsdale .com or just Google Apple, iTunes and Hillsdale. Welcome back America. I'm Hugh Hewitt. Senator Tim Scott is running for president. Good morning, Senator. How are you? Good morning, Hugh. Thanks for having me on this morning. I'm great to have you on grateful to have you on Arthur Brooks was just on talking about his new book with Oprah build the life you want. And he said the whole country has to upvote positive and deselect negative to get out of the crisis of the culture that we're in of toxicity. That's the premise of your campaign center.
Fresh update on "brook" discussed on The Hugh Hewitt Show: Highly Concentrated
"Arthur, a couple of weeks ago, I talked to John Hite, and big admirer of yours, I gather you are friendly colleagues. John wants to ban cell phones from schools. I am 100% in agreement with him. I think it's not as bad as drugs, but it's going to be, it is the effective equivalent of a drug on the way that the brain works. Do you agree with John and me about that, to get cell phones out of schools? Completely, completely. They're dangerous for young people. They're distracting for young people. They're ruining the educational experience that young people have. And furthermore, they're ruining the social experience that people can have when they're with each other. When you find the young people today, ninth, 10th grade, even eighth or seventh grade, when they have the devices, they're in the lunchroom looking at their phones and not talking to each other. The result of that is that the hormone oxytocin is underproduced and they will be around people all day long and get lonelier at the same time. The science backs this up abundantly. People should put their cell phones in lockers when they come to school and they should pick them up when they're done and they will weirdly, mysteriously start getting happier, better socialized and performing better in school as students and as people.
A highlight from Arthur Brooks! Senators Cotton & Lankford, Fmr. Rep. Mike Rogers, Jim Geraghty and Olivia Beavers!
"Lots of channels. Nothing to watch. Especially if you're searching for the truth. It's time to interrupt your regularly scheduled programs with something actually worth watching. Salem News Channel. Straightforward, unfiltered, with in -depth insight and analysis from the greatest collection of conservative minds. Like Hugh Hewitt, Mike Gallagher, Sebastian Gorka, and more. Find truth. Watch 24 -7 on SNC .TV and on Local Now, Channel 525. Welcome to today's podcast, sponsored by Hillsdale College. All things Hillsdale at Hillsdale .edu. I encourage you to take advantage of the many free online courses there. And, of course, listen to the Hillsdale Dialogues, all of them at hughforhillsdale .com or just Google Apple, iTunes, and Hillsdale. Back now with my friend Arthur Brooks. Part two about this book, which we began yesterday, Build the Life You Want, Arthur Brooks and Oprah Winfrey. Yesterday was the intro, Arthur. Now, I want to do in part two the most important takeaway for me. Now, that's not for everybody, but for me is stop judging people. Now, you and I are both Catholics, so that means we've both been exposed to a lot of terrible church music. And I try not to judge the liturgy every time I go, but I always judge liturgy. And in confession, I always get assigned the litany of humility because it's a very good litany. But I think it is the key takeaway to being happy. Would you explain what the judgment advice is and how you came to it in the middle of Build the Life You Want? Yeah. So this book talks a lot about how you can manage your emotions through three basic techniques. Now, to begin with, you have to understand your emotions and get space between what you feel and how you understand these emotions. And you can do that through journaling and meditation and prayer and some people go to therapy and whatever. But once you actually have some space between the things that are bombarding you emotionally and what you decide to do, then you can react in several ways that are very constructive. Number one is you can decide to react differently than you feel. The second is you can substitute better emotions for the ones that you feel. And the third is what you're talking about, which is you can disregard your own judgment on the world. And this is critically important. Look, people are walking through the world saying, this is bad, this is good, this is bad. I'm bad. I'm not lovable. You're not interesting. The traffic is crummy. The coffee is bitter. And it's just exhausting because when you're doing that, you're not observing the world. You can't live in awe. And the result is that you are, in those moments, the central character in your psychodrama. The minute that you're judging everything, then the whole world is subject to the judgments of Hugh Hewitt and you can't stop thinking about Hugh. And that's just torture. We need to actually get some perspective and some peace. And the best way to do it is judge not, to quote St. Matthew. Now, he says, judge not lest you be judged. And even if people are listening to us are not Christian men and women like you and me, then judge not lest you be judged. Because when you judge everything around you, you're judging yourself as well. And it's exhausting and you will be unhappy. Stop with the opinions already. You don't need an opinion on everything. You almost don't need an opinion on anything. Let it go. Just simply allow it to roll over your back. I think it's just maybe the key chapter, but there are a lot of key chapters in here, Arthur. Let's make sure I touch on the key technique. I told him what the key takeaway, which is to keep a database of positive memories close at hand. And I employed this when my oldest, who is now 38, was a little girl and she would have a nightmare. It's happened. I would always end up with her talking about her favorite ride at Disneyland. And we would substitute a Disneyland ride for whatever it is that had woke her up with the bad dream. And I immediately referenced back to that when you talked about keeping a storehouse of good memories close at hand. That sounds so simple. It's really a wonderful idea, but people don't do it. They keep their bad memories close at hand, but they don't keep their great memories close at hand. Am I right generally? Absolutely. We have a negativity bias and that's just part of evolution. Evolution has equipped us to always pay attention to bad things and refer back to the archive of bad things that have happened in the past. And there's a reason for this, Hugh. The negativity bias that humans have is because negative emotions keep you alive, quite frankly. Your anger and your disgust and your fear and your sadness. This makes sure that threats don't hurt you, you're able to run away, that you're afraid of being sad so you don't want to be separated from your kin. So don't you walk the frozen tundra and die alone. All of these negative experiences or the negative emotions that we have are keeping us alive. The result of that is they're always getting our attention and we remember those things very distinctly as well. But that's not adapted in a functional way. The truth of the matter is that walking the frozen tundra is bad, but Twitter is no big deal. And so we're thinking about negative things that are little and insignificant using the same onboard computing hardware that was developed for the Pleistocene era. So what do we need to do? We need to be smart about it. Don't live just according to our instincts, but actually think and create a strategy that's more practical for the current moment. When you have a bad memory, when you have a bad dream, when you're feeling particularly negative, usually that's not an accurate representation of the world around you. People always say, look on the bright side. Well, actually you have to be more specific than that. You have to be more tangible than that. And the Disneyland memories are a really good place to start. I recommend that people keep a running list of the things for which they're grateful. Update it every Sunday. The top five things. I don't care how stupid they are. I got a bag of candy corn and liked it. If that's on your list, more power to you. Update it every Sunday. Look at it every single day. Literally, you'll be 25 percent happier at the end of 10 weeks because of the emotional substitution that you're undertaking.
Fresh update on "brook" discussed on The Hugh Hewitt Show: Highly Concentrated
"Now, Arthur, to close this segment off, there's signal and noise in the culture. And the signal is, and the demand signal is your happiness column in the Atlantic. People read it everywhere they go. I mean, everybody reads that. Jeff Goldberg is an old acquaintance. I wouldn't call him a friend, but I've known him for a long time. If I'm him, and I don't know if you've talked to him about this, that column draws attention to his magazine. So does he replicate it with writers like you? Or is he caught in the binary politics of the moment and stuck with kind of presenting left-right points of view? Because I think the signal is the reception of your column. And I would want more Arthur Brooksian sorts of things, as opposed to division sorts of things. Yeah, yeah, no, it's interesting because I think probably people go to the Atlantic where I write for all different sorts of things. My guess is that the people who regularly read my column, How to Build Life, every Thursday morning in the Atlantic, are not the same people that are clicking on the articles that say that X, Y political party is full of people who are evil and stupid. My guess is that actually it's a segmentation of the audience. And one of the reasons that the Atlantic is so popular right now, it's kind of the it magazine for ideas is because there's so many different kinds of people that are going to it. Plus there's the fact that there's really not that much competition. That's on that level of quality of writing or so they think. I don't know, it's a good question. What I want is people to read my column and demand more positivity, to demand more information that they can actually use that will tie them to other people as opposed to alienating them from the rest of the crowd. And I don't know exactly how that happens in editorially speaking. One of my favorite podcasters, a guy named Doug LaMarise, who has something he calls the joy initiative. Sports are an occasion of joy. So he wants to talk about the joyful parts of sports, not the parts of sports which drive people crazy. Cause it's a joy initiative. I think it's the same sort of tenor of what you're talking about with the happiness movement or the demand for happiness. But for the market, I think that demand is real, Arthur. You're the economist. How does that market get through to the producers of products that might meet it? Yeah, so the demand for positive is always higher but lower. It is higher in amount but lower in intensity than the demand for negative. And the reason is because we're evolved for this negativity. We're evolved to actually to perceive threat. That's the reason for it. So for example, about 42% of your day, you're walking around with predominantly negative emotions, but those are kind of low intensity idle. About 16% of your day, you have negative emotions but that is more intense and so you remember it more. So what we need is actually people that are more consistently bringing a positive message to people and we reward them in media. We reward them with our dollar votes, with the interest that we bring to what we're watching on Netflix where each one of us as citizens are looking at that. And so each one of us can actually, we can vote for, we can upvote what we want. One of the things that I recommend to people is they turn off the bullies on their own side. They turn off the people that are actually instantiating their hate. To say like, do I feel good as a person when I'm talking hatefully about my neighbor? And the answer is almost certainly no. So turn off the person who's firing up that hatred in your life and it's a hard thing to do. But Arthur, we're dumb monkeys and I love the dumb monkey test and we got two minutes left in this segment. We're all dumb monkeys. Do you wanna explain what the dumb monkey test is? There's so many dumb monkey tests. Fortunately, I've not done primate research at the primary level. So which dumb monkey test do you mean, Hugh? The rice in the box where they put their hand in. Okay, that's the South Asian monkey trap. So the South Asian monkey trap is that you, and what they'll do is they'll take a coconut and hollow it out. They'll put a bunch of rice in the coconut and the coconut has a hole in it to get the rice just big enough for a monkey to put its hand in, but too small to get a fistful of rice out of. And they'll sit there with their hand in the coconut with a handful of rice and they'll come up and take the monkey off and do bad things with the monkey, which is not really in the monkey's interest. That's the problem that we have. Here's the deal. You wanna be happier? Let go of the rice for Pete's sake. And the rice, of course, is being right and is feeling like your political candidate has an oracle on truth and that your neighbor is stupid and evil. Just let go of the rice, man. And this is basically what we were talking about the other day on the show when you said that, I mean, it's exactly what you were saying, that we can actually choose to not judge everything. We can choose to not have an opinion about everything. And when we do, I'm telling you, Hugh, it's changed my life. It's changed my life. I always tell people, we choose to be offended. And if you're offended, that's a choice you make. And if you choose not to be offended, you're gonna be a lot happier in your life. Part four is tomorrow, America. Don't miss it. Go out and get the book now, Build the Life You Want by Arthur Brooks and Oprah Winfrey. It's in every airport. You will read it on the airplane. You will be glad that you got it. You will underline it. You will give it to your friend. And you will have end notes like my end notes because there are lists to be made. Even if you're not a journalist like me, come back for part four tomorrow. Thank you, Arthur. We'll be right back.
A highlight from Courts Hand SEC Half an L in Binance US Case
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, September 19th, and today we are talking about Binance and their SEC court decision yesterday. Is it significant? And is it just kicking the can down the road? We will go through all of that. Before we do, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, it is a day that ends in Y, so there is, of course, another Binance story. Binance had a fairly big day in court on Monday in their legal battle with the SEC. Leading into the hearing, the allegations and speculation had started to reach a fever pitch. The SEC had begun to hone in on the theory that Binance U .S. did not and never had exclusive control over customer assets. That if true would be a big deal as Binance had always maintained that U .S. customer assets were strictly segregated from the international exchange. Indeed, they used this argument to defend an SEC injunction shortly after the legal proceedings commenced in June. If granted, the injunction would have frozen assets at Binance U .S., which would have functionally been a death sentence for the domestic exchange. In deciding that injunction, the court ordered the parties to come back with an agreement that they could both live with rather than making a decision on their own. As part of those consent orders, Binance agreed that they would ensure that only local U .S. staff would have access to customer assets. However, as the SEC dug further into their investigation, they claimed that Binance U .S. which they viewed as intimately linked to Binance International. Cefu was launched under the name Binance Custody in December 2021. It was renamed in February of this year, around the same time that rumors of an in -depth government investigation into Binance first emerged. On Friday, Cefu asserted in a press release that they were entirely separate from Binance International and that they don't even service BAM Trading, which is the company that operates Binance U .S. They wrote, We strongly reject this claim. As a custody technology services provider under Cefu Holdings, we are committed to servicing institutional clients with digital asset custody solutions in select jurisdictions, excluding the United States, among others. Furthermore, Cefu's operations and services are distinctly separate from BAM and Binance Holdings Limited." A Cefu spokesperson added that, Unfortunately, earlier in the week, Binance U .S. had contradicted parts of that claim in a legal filing. Rather than denying the use of Cefu in their operations, Binance U .S. acknowledged that the service was developed by Binance International and licensed to the U .S. entity. And while the specific origin of the Binance U .S. custody system might seem like a minor detail, this is the main focus of the lawsuit at the moment. The SEC is claiming that Binance International had de facto control over customer funds at the U .S. exchange. If that's the case, then Binance could be viewed as deliberately misleading the court surrounding this issue. It would also advance the SEC's argument that Binance U .S. was nothing more than a front to allow U .S. customers to access the international exchange and provide a veneer of domestic regulatory compliance. So that's a bit of the background. Now on Monday morning, the SEC filed additional material to support their order, which asked the court to compel Binance to cooperate with the discovery process. They said, quote, Indeed, in earlier filings, the regulator had raised issues surrounding the lack of disclosure. They noted that Binance had only produced 220 documents, many of them characterized as quote, unintelligible screenshots and documents without dates or signatures. Further, according to the SEC, Binance U .S. were resisting the deposition of a number of key executives. In a court filing in August, Binance claimed that the deposition of CEO Brian Schroeder would be, quote, You'll remember that Schroeder was confirmed to have left the company in early September, although his lack of social media presence has led some to speculate that his departure was closer to the beginning of the year. The SEC appears to have been informed of Schroeder's departure only recently and clearly haven't recruited him yet as a cooperating witness. They said that this strange turn of events and Binance's continued resistance to producing Schroeder, quote, Now, the SEC was primarily concerned that Binance U .S. was continuing to use SEFU for its custody, which could be used to shift customer assets offshore. They said that Binance U .S. had failed to convince the regulator that they had control over customer assets, adding that these claims were, quote, Binance U .S. had provided, quote, They said that, quote, BAM insists that this court, like the SEC, should accept packaged counsel narratives, carefully drafted declarations, and small curated sets of documents regarding control of BAM's customer assets, and that any lingering concerns are much ado about nothing. To top it all off, the SEC warned that Binance CEO CZ is, quote, The SEC claimed that they have demonstrated that, quote, Binance has a long history of controlling BAM to serve Binance's own unlawful purpose. Ultimately, the regulator asked the court for an order, quote, Now, in their opposing court filing placed on the record on Monday morning, Binance U .S. reiterated their claim that SEC demands were unreasonable. They called the documents requested overbroad and too much of an inconvenience. Binance U .S. further alleged that many of the documents requested are either not in the exchange's possession or fall outside the scope of the lawsuit. At 3 p .m., the parties entered the courtroom for what would be a tense hearing. Binance U .S. called the demand for documents so broad they would be impossible to produce. A lawyer representing the exchange said that, quote, The judge indicated that Binance U .S. really would need to provide a bit more documentation of their custody arrangements. They said, adding that they weren't, quote, The SEC lawyer, meanwhile, explained that the problem at the moment was that, quote, They argued that the SEC needed much more information about the wallet set up at Binance U .S. than they currently have. At one stage, the attorney for Binance exclaimed, They said that the exchange had responded to every targeted request from the regulator. The lawyer added that, quote, So what came out of all of this? Well, ultimately, the judge declined to make any orders to compel discovery from Binance, but it was made clear that the exchange would need to increase its cooperation, let's say. The judge said that they were not, adding that, quote, I'm not going to order from the bench right now that they produce or not produce things. Let's continue to try to work this out. I just want to keep things moving. The judge also noted that, quote, As investor Adam Cochran summed it up, the judge did deny the inspection but also said they needed Binance U .S. to comply and produce more documentation as the judge was not convinced of the asset backing. This is saying the inspection is overkill for now and giving Binance the chance to comply. Now, ultimately, these issues around Sifu are largely still about litigating whether the assets of Binance U .S. should be frozen to prevent customer funds from being sent offshore. However, given that volumes on the exchange have collapsed by more than 99 percent over the past six months, it seems likely that users have largely taken that issue off the table already. The matter is scheduled to return to court on October 12th for a follow -up hearing. Now, outside of the hearing, the court docket continues to bloat with additional evidence gleaned by the SEC. Much of this evidence was originally filed under seal or in a heavily redacted form, but the regulator is currently in the process of unsealing documents. Earlier this month, the SEC obtained the cooperation of the former auditor for Binance U .S., which produced in excess of 6 ,500 pages on the accounting at the exchange. The document was unredacted on Monday, revealing the auditor's conclusion that it was, quote, very difficult to ensure the company was fully collateralized at specific points in time. One of the SEC's requests for further information filed in June related to a 250 million dollar intercompany loan given to Binance U .S. by the international exchange in December of last year. The convertible note was funded using BUSD, 183 million of which was sent to Paxos to convert into dollars. The SEC wanted some additional details about the reason for this transaction. The topic was initially flagged as confidential by Binance, but that designation was apparently successfully rebutted by the SEC. Now, there was a lot of chatter on this on Twitter. With many people taking it as evidence of some smoking gun, Binance had been less than honest about their dealings with Binance U .S. Perhaps the most intriguing tidbit, however, filed recently was a declaration given by J. Emmett Murphy of the SEC's trial division. The document, again filed on Monday, introduced into evidence three additional depositions. All three were filed under seal, but were used to support the need for further examination of the SEFU system. The declaration identified one witness as Eric Kellogg, BAM's chief information security officer, but the other two identities were redacted. All three depositions occurred over the last month, with the latest taking place last Wednesday. So here's the way that Adam Cochrane summed this all up, which I think is a pretty good TLDR. He tweets, SEC seeks court order for inspection of Binance U .S., now expressly calling out that SEFU is indeed a Binance -related entity and that Binance U .S. has been misleading the court. The SEC calls out that this violates the consent decree that required new wallets expressly away from Binance International Control and Access, but interestingly specifically notes this is important as Binance has controlled BAM for its quote, own unlawful purposes. That's a claim we've not seen the SEC lobby here before, at least not outside of anything sealed or redacted. We also learned for the first time that the SEC sought the testimony of Brian Schroeder, U .S. CEO, and Jasmine Lee, U .S. CFO, but have been denied and fought on that and only just got told that Schroeder is no longer CEO, despite Schroeder being missing for eight plus months. They had argued that Schroeder's testimony would be too disruptive to business and now got told he isn't on the job, which is wild, as I think we all assumed he pulled a Catherine Coley Brian Brooks and gave testimony. Seems he's just disappeared and gone silent? Either way, the SEC here is suggesting, one, there is evidence of crimes, two, there is indeed evidence that SEFU is Binance International, three, SEFU is not simply a wallet provider, and four, BAM executives themselves lack insight on Binance U .S. assets and tooling. Now, for completeness, Adam Cochran also tweeted about the deposition from the auditor that said that it was impossible to tell whether Binance U .S. had been fully collateralized at specific points in time. He said, if your own external auditor can't say you are fully collateralized when you are supposed to be a 100 % reserves exchange and have your own proof of reserves that claim you're over collateralized, that is a problem. Binance uses the SEFU wallet custody system, previously Binance Custody, for both Binance International and Binance U .S., as noted in their filings. If this system is not capable of managing the small Binance U .S. numbers, how could it keep track of International? And if Binance U .S., its more compliant exchange, never commingled or misused client funds and was isolated from International as they claim, then it would be literally impossible to have a gap. The only way this is possible is the misuse of customer funds resulting in losses. I believe at some point in their scaling, they had material losses when misusing customer funds and exposing themselves to leverage via BNB. They've continued to misuse customer funds to try and cover this hole, but a declining market has made that an ongoing shell game. Whether you think that is a fair assessment or not, there should at this point be absolutely no doubt that the correct risk model is to move your assets off of Binance. Now, for the sake of a counterpoint, Bruce Fenton tweeted this morning, Binance is perhaps the most scrutinized and attacked company in modern history. The United States has investigated them and thrown everything they can at them. Yet, despite all this, we don't have a single accusation, let alone evidence, that Binance has lost customer funds. Now, trying to wrap this all up, a lot of the commentary around this is trying to figure out if the SEC won or lost this court trip. Will Clemente from Reflexivity Research tweeted, courts have been handing the SEC L after L lately, but others aren't so sure. CZ certainly didn't think so, retweeting someone who wrote, seems like they can't find anything but they want to continue making headlines. Maybe the most middle of the road interpretation came from the headline from Bloomberg, which read, SEC fails to win immediate inspection of Binance US software, and I think that that fails to win is probably a better representation at this point than actually getting the loss. But my friends, as you can tell, we are well in the minutia of this, but the details matter. There certainly is a feeling of crescendo to this story. And either way, it's hard for me to imagine that the industry isn't better on the other side of it. Better because Binance has vindicated, or better, unfortunately, because the last giant has fallen, and we can finally move on, largely rid of what came before. In either case, I will be sure to keep you updated. So until next time, be safe and take care of each other. Peace.
Fresh update on "brook" discussed on The Hugh Hewitt Show: Highly Concentrated
"I've spent a lot of time working on friendship. From the time I was an undergraduate reading Montaigne's 26th essay in the first volume, all the way through, like three months ago, Arne and I did a series on Aristotle's three kinds of friendship. You devote a lot of this book and Oprah talks about Stedman and her good woman friend whose name is escaping me right now. Gail King. Gail King. Yeah, that's it, Gail. And I was talking to the Fetching Mrs. Hewitt about that because she just loves Oprah about their relationship which she's always talked about. Arthur, I know that Esther is your closest friend and wife, but who are your closest friends outside of your family? Yeah, that's just something that I really had to work on. And part of it is because I didn't have a collegiate experience. It's very interesting, by the way, he was seeing you in the habitat of your 45th college reunion. That was extraordinary, I have to tell you, because I saw you hanging around with all these really close friends. And by the way, they're all political liberals. All of them. No, they're very lefty. They're all lefties. They're all lefties. And you're yucking it up, you're having a great, it was beautiful to see. But I didn't have that experience because that was a college dropout. I quit, went, played music, moved to Europe, the whole thing, got married. And I missed all of my 20s, so I didn't have those particular relationships. And I found as I was doing a lot of the relationship or the research on relationships, that I had a lot of deal friends, but not that many real friends. Now, we all know the difference between real and deal. And so I realized I had to do a whole lot of recuperative work to go back and actually see if I was doing the work with people that were gonna be my real friends. And now I'm much better at that. I'm a super extrovert. Extroverts have a hard time digging into relationships. Introverts are much better at real friendship than extroverts are. Extroverts just want fresh meat all the time. Introverts, they wanna have it, go deep down the silo with these people. But I've actually done the work. And besides my wife, and besides my immediate family members, I have a very super close friend in Atlanta. His name is Frank Hanna. I love him. He's Catholic like I am. He wants me to be holy. He wants me to be happy. I talk to him every week, usually for about an hour. I have another friend. His name is Tully Friedman. He's in San Francisco. I talk to Tully Friedman all the time. He's 81 years old. He's been with me since my AEI days. And he cares about me, Hugh. He actually cares about my happiness. And that makes it possible for me to cultivate these relationships in new ways. And you know why I did it? I didn't do it because it came naturally. I did it because my research said, Brooks, you're not gonna be happy until you do that work. That this is so compelling and to build the life you want, the chapters on friendship, the three kinds and how to assemble what you need and to keep score of it, that is part two. We'll be back tomorrow to talk about the toxic culture in which we are living. And part of the solution is to build the life you want. Build the life you want available in bookstores now. Don't miss part three tomorrow. I'm back now with my friend, Arthur Brooks. This is part three of a series that we taped on Monday afternoon. And I was particularly happy on Monday afternoon because the Browns had not yet played the Steelers. So I was anticipating a win. But it could have gone, if we'd done this on Tuesday, it could have gone the other way or it might've been much happier. Arthur, you talk in circles around our political toxic culture and the fact that it looks like America is coming apart at the seams. I like to tell people that I spend a lot of time outside the beltway and everything's just fine, but inside the beltway, it's not. You spend a lot more time outside of the beltway than I do or outside of the Bosch corridor. What do you think? And to build the life you want, is that partly in response to the toxicity in the culture? Yeah, the truth is when you have a highly toxic culture, which happens in all societies from time to time, the way to solve that problem is to inject a hunger for something better into people's lives. It's not good enough to say, here's the answers, here's the solutions, here's a whiz-bang policy idea. You have to make people want it. People learn this technique from every social leader, from Gandhi to Mandela to Martin Luther King. Martin Luther King's secret to the social movement that was behind the civil rights movement was to make people hungry for greater love and justice. It wasn't to say, I'm gonna force this down your gullet. It was to say, I wanna help people understand that they will live better under these circumstances and for them to demand it. The reason I'm doing this work is because the truth of the matter is we're not gonna get a better country and we're not gonna get a better world until people say, I'm not happy enough. I want to be happier and I can be happier. I want a happiness movement is what really this amounts to. And I believe that we can actually do this when we give people the solutions to what they're looking for. Now, politics today and the toxic political culture in Washington, DC, it's kind of imitated all around the country in really striking ways. And it has to do with the fact that right now in America, and by the way, every 50 years or so, we tend to see movements just like this. This looks an awful lot like the late 60s or early 70s is 2021, 22, 23. That looks an awful lot like you go back another 20 years. You go back to the 20s and you see the populism and you see the toxicity and the rhetoric or the fact that we're gonna split apart as a country, we can't live together, we see this again and again. That's being propelled, that's being mobilized. But what we social scientists call dark triad personalities. These are people that have three characteristics of their personality. They have narcissism, which is to say it's all about me. Machiavellianism, which is I'm willing to hurt anybody who gets in my way. And they have psychopathy, traits of being, have a psychopathic character. They're not psychopaths or acts murderers, but they have traits of this that says, I don't feel any sort of remorse when I hurt other people. And we're rewarding them in our politics and our media. We're rewarding people that have these characteristics and they feed on our hatred and bitterness and unhappiness. That's a really bad kind of fuel that we can have. And the only way we can fight it is with greater hunger for happiness. Now, Arthur, because politicians are rewarded, and I think politicians are a fine category. I don't say it as a word of disgust, it's just a category. But their rewards are often couched in terms of followers and likes, and usually it attracts extreme people. And therefore the silos move further out to the left and to the right and the money and the small donation. Do you have any brilliant ideas how to stop that? Because if you look at cable television, everybody super serves their demographic. It becomes sort of a gymnasium in which we watch our own opinions exercise so we get better at articulating them. But it's not about exchange anymore. How do we get out of that? Yeah, part of that has to do with the fact that, once again, I mean, it's amazing to me when I look around and you see the 70% of Americans don't want a Trump-Biden matchup in the 2024 election. It looks like we're just, we're gonna get that. You know, what's going on with that? And the answer is that the election dynamics are being engineered by a relatively small part of the population because the 80% of the population or so that wants something better and something different are not engaged until much later in the process. And so this is a structural problem. Generally speaking, when these, we this in economics, we call this a suboptimal equilibrium in the game theory of how this works. The way that you break that problem is by actually having a popular movement of a more intense energy from people who are more representative across the population. And you do that by actually making it the new dance craze is the way that that works. You know, when you see that, for example, in France, it was going back and forth and back and forth between political elements that people didn't like. And then Macron, I mean, imperfect as he is, he was a political movement that mobilized the 80% that was not being, that was not engaging in politics. And that political movement swept him into office, it swept tons of candidates into the assembly in France that were of his party, and it led to a whole bunch of change. Now, of course, France is France. They always kill the leader is practical, or at least, you know, metaphorically, as soon as he's in there. So, you know, probably 4% actually still like him. But that's actually how it would work in the United States too. Or a more optimistic, a more loving, a more happiness oriented person said, we need a love rebellion in this country. We need a happiness rebellion in this country. Strike back against both bullies right now. Let's do something that we can all get behind. I know you're not gonna go to every primary and vote in every primary election for the rest of your life, because you got a life to live. But this time, we can really do it and get somebody that actually creates a movement. That has a real possibility of succeeding, I hope, I think.
A highlight from UNCHAINED: With Execs Leaving and Market Share Declining, Can Binance Survive?
"This is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. Binance US, obviously the first thing on their mind is sort of trying to fight the SEC and figure out a way forward. I mean, there is a world where Binance can exist where it's not quite as big as it was before. Hi, everyone. Welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor at Forbes, I was the first mainstream media reporter to pick up a cryptocurrency full -time. This is the September 15th, 2023 episode of Unchained. Today's episode is brought to you by Overtime Markets, your premier Web3 sportsbook. The innovative protocol is changing the game one match at a time. Powered by fails, explore more at OvertimeMarkets .xyz. Arbitrum's leading Layer 2 scaling solution offers you ultra -cheap and lightning -fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. With the Crypto .com app, you can buy, trade, and spend crypto in one place. Download and get $25 with the code LAURA. Link in the description. Today's guest is Stephen Ehrlich, editor of Forbes Crypto Asset and Blockchain Advisor and director of research at Forbes Crypto. Welcome, Stephen. Thanks, Laura. Thanks for having me. Just a heads up, everyone. I have a sore throat, in case you can't tell. So you might hear a slightly scratchier voice from me today. There have been a number of news events related to Binance over the last several months, to the point where there are now a number of questions swirling around the exchange in its future about potential regulatory and possibly even criminal actions against the exchange and its founders. And then, of course, what all of this could mean for the crypto industry if the exchange that has been the biggest crypto exchange for the last six years either falls or at the very least loses its top spot. So, Stephen, can you start by giving us kind of the main events or highlights of what has been happening with Binance over the last several months, including, you know, another big, you know, event this week that have brought Binance to really what feels like an existential point in its story? Sure. How much time do you have? Because I think this is just a 30 -minute show. But no, I mean, in crypto, we kind of feel like every day is a week, every week is a year, every year is a decade. And for Binance, there's been no shortage of big news. When FTX collapsed in November sort and of left CZ as like the big 800 -pound gorilla that really was kind of lording over all of crypto, there were a lot of thoughts that, hey, maybe this is Binance's moment. It was already the biggest exchange in the world by a large margin, and it just became so much bigger and even more systemically significant. It's been a very difficult year for Binance. I mean, just beginning with the fact that in the 60 days post collapse of FTX, more than $12 billion worth of customer deposits left the exchange. A colleague of mine, our terrific Director of Data and Analytics, Javier Paz, put together a report just talking about these massive investor outflows that Binance has really worked to try to stem ever since. I mean, then the hits kind of kept coming. I believe it was in February that the New York Department of Financial Services forced Paxos, which was the issue of Binance's stablecoin, BUSD, which at one point I believe reached over $20 billion in market cap and was seen as a legitimate competitor to Circle's USDC and the biggest stablecoin of all, Tether, which has a market cap of $83, $84 billion or so. But DFS forced them to with something that came out of the SEC as well. And that was a really big hit for Binance. It might not have been quite as flashy as the suits from the CFTC and SEC that came in later. But if you're just talking about dollar terms and financial impact, it was massive because Binance was really trying to make BUSD the biggest stablecoin in the world. They had incentives to encourage trading with BUSD. And in particular, think about what people do. And obviously, Lara, you know this and many people in your audience do as well. When you have $20 billion or $40 billion or $80 billion in cash, you can invest it in treasuries or money markets that are paying 5 % annual returns. And that's an incredible amount of money that you can make virtually risk -free, especially in a market like today where trading volumes are dwindling, reserves are dwindling. It's a really nice way to sort of supplement assets. So, that's one thing that happened. In March, the CFTC sued Binance for a suite of charges. A lot of it stemmed from the CFTC's allegations that Binance was operating as an FCM, a futures commodity merchant, basically saying that they're offering options and futures contracts at various digital assets without registering with the agency, which is required to do in the United States. And then in particular, and this much like the SEC's suit, which came out in June, they both talked about efforts Binance went to not only let US customers participate on the exchange, but actually help them find ways to get around geo -blocking activities that they put in to make sure that the best customers could still trade on the exchange. So, there's the CFTC lawsuit in March. There is the SEC lawsuit that came in June. There are rumors that the DOJ is investigating Binance and they would bring criminal charges. CFTC and SEC are sort of civil endeavors, which would kind of lead to fines and maybe bars from trading and certain activities. But obviously, DOJ could bring criminal penalties if they bring such charges and are able to get CZ into custody. And then, I mean, there's other aspects too as well. I mean, Binance has been losing payment and the banking partners around the world. Binance US in June had to become a crypto -only exchange because they lost their banking partners in the US, so they couldn't handle US dollars anymore. They lost their auditor in January. And then on top of that too, just a wave of executive departures going from the C -suite to country managers. So, this is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. It's really been just an onslaught of bad news after bad news. I mean, there's been a few glimmers of new product initiatives and things like that. But a few other steps I want to throw in there are that spot volumes, like in terms of its market share, it had about 60 % of all crypto exchange volume market share at the beginning of the year. Now, for the last few months, it's been at 45%. And they laid off a thousand people. And then actually, let's also now mention the executive departure this week that was at Binance US. Tell us about that. Right. So, Binance, as you rightfully said, has been losing market share. They remained the largest crypto exchange in the world, but they are losing market share in this dwindling market. I actually believe the latest numbers that came out from CC Data put Binance's spot market share at least at around 37%, 38%. And if you're just looking at their spot volumes, I mean, they were comfortably still above $20 billion daily, even at the beginning of the year. Now, it's down to about $5 billion. At the peak 2021, it was over $60 billion. So, I mean, just think about exchanges make money by taking small cuts of every exchange. And if your volume goes down 80 % or whatever, I mean, that's money that you're no longer getting. And obviously, that's very consequential. And then with the executive departures, as you said, that's something that I know CZ has tried to gloss over. I know when we've reached out to some of the departed executives and they've either responded to us or to just public Twitter postings, et cetera. I mean, they kind of said things like, we want to take care of our family, the time is right. There was no acrimony involved, so on and so forth. But at some point, all of this takes a toll. And at least with regards to Binance US, which is the US I think franchise is the term that they like to use for that particular exchange, they're in a very tenuous situation right here. I mean, even before, and I'll talk about Brian Schroeder's departure in a second. I believe right now, I just checked the numbers before we recorded this, they're averaging about 20 million, not billion, not 200 million, but $20 million a day in transaction value. 10 million of which is Bitcoin. I believe that I think they charge something like 10 basis points per trade. So if you think about that, like 20 million times 0 .1, I'm not really good at doing math in my head. I use a calculator for that despite the fact that I'm a financial journalist, but you can just think about how little money that actually is coming in. And then obviously since Binance US was created in 2019, there's always been issues and questions about its independence from the larger exchange and would it actually be able to find that sweet spot of separating itself in the eyes of regulators while maintaining the super sauce that is made by Binance, a love brand by many customers. And they've gone through three CEOs at this point, Brian Schroeder just resigned. I was speaking with some sources familiar with Binance US and I was basically told that this was not a planned departure, that the 100 person layoff was, but the removal of CEO Brian Schroeder, the exit of him was not. I've also been told that it's important to kind of keep an eye off some of his key lieutenants now, because remember when he joined, one of the first things that he did was raise a $200 million actually seed round at a $4 .5 billion valuation. That's something Brian Brooks, his predecessor had wanted to, but he wasn't able to finish it. Brian Schroeder did. And then for part of that, that kind of saw Binance US as a growth company, he brought in some key lieutenants, chief legal officers, chief risk officers. And I think that now that Binance US is kind of moving away from obviously growth, like any exchange to sort of conservation, it's important to look at some people he brought in and they may be looking to leave. And actually one of the sources I was speaking with told me that their chief risk officer is Sydney Majala, and I want to look at my notes to make sure I don't get the names wrong, and head of legal, Krishna Jubelty, have actually emails that have been sent to them by some of the other rank and file, have started to bounce back. So I don't know if that necessarily means that they may have already left, but it certainly, I think it's important to, now that Brian has gone, see if some of people that he brought in after he raised this big round with a lot of high expectations, if they are going to follow suit. In a moment, we're going to talk about some of the potential regulatory or potentially even criminal actions against Binance and its executives. But first, a quick word from the sponsors who make this show possible.
A highlight from With Execs Leaving and Market Share Declining, Can Binance Survive? - Ep. 544
"This is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. Binance US, obviously the first thing on their mind is trying to fight the SEC and figure out a way forward. There is a world where Binance can exist where it's not quite as big as it was before. Hi everyone, welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full -time. This is the September 15th, 2023 episode of Unchained. Today's episode is brought to you by Overtime Markets, your premier Web3 sportsbook. The innovative protocol is changing the game one match at a time. Powered by fails, explore more at OvertimeMarkets .xyz. Arbitrum's leading Layer 2 scaling solution offers you ultra -cheap and lightning -fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. With the Crypto .com app, you can buy, trade and spend crypto in one place. Download and get $25 with the code LAURA. Link in the description. Today's guest is Stephen Erlich, editor of Forbes Crypto Asset & Blockchain Advisor and director of research at Forbes Crypto. Welcome Stephen. Thanks Laura. Thanks for having me. Just a heads up everyone. I have a sore throat in case you can't tell, so you might hear a slightly scratchier voice from me today. There have been a number of news events related to Binance over the last several months, to the point where there are now a number of questions swirling around the exchange in its future about potential regulatory and possibly even criminal actions against the exchange and its founders. And then of course, what all of this could mean for the crypto industry, if the exchange that has been the biggest crypto exchange for the last six years either falls or at the very least loses its top spot. So Stephen, can you start by giving us the main events or highlights of what has been happening with Binance over the last several months, including another big event this week that have brought Binance to really what feels like an existential point in its story? Sure. How much time do you have? Because it could take, I think this is just a 30 minute show. But no, in crypto, we kind of feel like every day is a week, every week is a year, every year is a decade, and for Binance, there's been no shortage of big news. When FTX collapsed in November and sort of left CZ as the big 800 pound gorilla that really was kind of lording over all of crypto, there were a lot of thoughts that, hey, maybe this is Binance's moment. It was already the biggest exchange in the world by a large margin, and it just became so much bigger and even more systemically significant. It's been a very difficult year for Binance. Just beginning with the fact that in the 60 days post collapse of FTX, more than $12 billion worth of customer deposits left the exchange. A colleague of mine, our terrific Director of Data and Analytics, Javier Paz, put together a report just talking about these massive investor outflows that Binance has really worked to try to stem ever since. Then the hits kind of kept coming. I believe it was in February that the New York Department of Financial Services forced Paxos, which was the issue of Binance's stablecoin, BUSD, which at one point I believe reached over $20 billion in market cap and was seen as a legitimate competitor to Circle's USDC and the biggest stablecoin of all, Tether, which has a market cap of I think $83, $84 billion or so. But DFS forced them to shut it down. I believe that order was also issued concurrently with something that came out of the SEC as well, and that was a really big hit for Binance. It might not have been quite as flashy as the suits from the CFTC and SEC that came in later, but if you're just talking about dollar terms and financial impact, it was massive because Binance was really trying to make BUSD the biggest stablecoin in the world. They had incentives to encourage trading with BUSD, and in particular, think about what people do. Obviously, Laura, you know this and many people in your audience do as well. When you have $20 billion or $40 billion or $80 billion in cash, you can invest it in treasuries or money markets that are paying 5 % annual returns, and that's an incredible amount of money that you can make virtually risk -free, especially in a market like today where trading volumes are dwindling, reserves are dwindling, it's a really nice way to supplement assets. That's one thing that happened. In March, the CFTC sued Binance for a suite of charges. A lot of it stemmed from the CFTC's allegations that Binance was operating as an FCM, a futures commodity merchant, basically saying that they're offering options and futures contracts at various digital assets without registering with the agency, which is required to do in the United States. Then, in particular, and this much like the SEC's suit which came out in June, they both talked about efforts Binance went to not only let US customers participate on the exchange, but actually help them find ways to get around geo -blocking activities that they put in to make sure that the best customers could still trade on the exchange. There's the CFTC lawsuit in March. There is the SEC lawsuit that came in June. There are rumors that DOJ is investigating Binance and they would bring criminal charges. CFTC and SEC are civil endeavors which would lead to fines and maybe bars from trading and certain activities, but obviously DOJ could bring criminal penalties if they bring such charges and are able to get CZ into custody. There's other aspects too as well. I mean, Binance has been losing payment and their banking partners around the world. Binance US in June had to become a crypto only exchange because they lost their banking partners in the US so they couldn't handle US dollars anymore. They lost their auditor in January, and then on top of that too, just a wave of executive departures going from the C -suite to country managers. This is a lot for one particular exchange, any company really, but an exchange as consequential as Binance to deal with. It's really been just an onslaught of bad news after bad news. I mean, there's been a few glimmers of new product initiatives and things like that. But a few other stats I want to throw in there are that spot volumes, like in terms of its market share, it had about 60 percent of all crypto exchange volume market share at the beginning of the year. Now, for the last few months, it's been at 45 percent and they laid off a thousand people. And then actually, let's also now mention the executive departure this week that was at Binance US. Tell us about that. Right. So Binance, as you as you rightfully said, has been losing market share. They remain the largest crypto exchange in the world, but they are losing market share in this dwindling market. I actually believe the latest numbers that came out from CC Data put Binance's spot market share at least at around 37, 38 percent. And if you're just looking at the spot volumes, they were comfortably still above 20 billion dollars daily, even at the beginning of the year. Now it's down to about 5 billion. At the peak 2021, it was over 60 billion. So, I mean, just think about exchanges make money by taking small cuts of every exchange. And if your volume goes down 80 percent or whatever. I mean, that's money that you no longer that you're no longer getting. And obviously, that's very consequential. And then with the executive departures, as you said, that's something that I know CZ has tried to gloss over. I know when we've reached out to some of the departed executives and they've either responded to us or to just public Twitter postings, et cetera, I mean, they kind of said things like, we want to take care of the family, the time is right. There was no acrimony involved, so on and so forth. But at some point, all this takes the toll. And at least with regards to Binance US, which is the US I think franchise is the term that they like to use for that particular exchange. They're in a very tenuous situation right here. I mean, even before and I'll talk about Brian Schroeder's departure in a second. I believe right now, I just checked the numbers before we recorded this. They're averaging about $20 million, not $200 million, but $20 million a day in transaction volume, 10 million of which is Bitcoin. I believe that I think they charge something like 10 basis points per trade. So if you think about that, like 20 million times 0 .1, I'm not really good at doing math in my head. I use a calculator for that, despite the fact that I'm a financial journalist. But you can just think about how little money that actually is coming in. And then obviously, since Binance US was created in 2019, there's always been issues and questions about its independence from the larger exchange and would it actually be able to find that sweet spot of separating itself in the eyes of regulators while maintaining the super sauce that is made by Binance, a love brand by many customers. And they've gone through three CEOs at this point. Brian Schroeder just resigned. I was speaking with some sources familiar with Binance US. And I was basically told that this was not a planned departure, that the 100 person layoff was, but the removal of CEO Brian Schroeder, the exit of him was not. I've also been told that it's important to kind of keep an eye off some of his key lieutenants now, because remember, when he joined, one of the first things that he did was raise a $200 million actually seed round at a $4 .5 billion valuation. And there was something Brian Brooks, his predecessor had wanted to, but he wasn't able to finish it, Brian Schroeder did. And then for part of that, that kind of saw Binance US as a growth company, he brought in some key lieutenants, chief legal officers, chief risk officers. And I think that now that Binance US is kind of moving away from obviously growth like any exchange to sort of conservation, it's important to look at some people he brought in and they may be looking to leave. And actually one of the sources I was just speaking with told me that their chief risk officer is Sydney Majala. And I want to look at my notes to make sure I don't get the names wrong. And head of legal, Krishna Jubelty have actually emails that have been sent to them by some of the other rank and file have started to bounce back. So I don't know if that necessarily means that they may have already left, but it's certainly I think it's important to now that Brian is gone, see if some of those people that he brought in after he raised this big round with a lot of high expectations, if they are going to follow suit. In a moment, we're going to talk about some of the potential regulatory or potentially even criminal actions against Binance and its executives. The first quick word from the sponsors who make this show possible.
A highlight from The Senate Doesn't Seem to Care About Crypto Anymore
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 13th, and today we are talking about news that Binance US CEO has left the company. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, last night I had assumed that today's show would be some combination of Gary Gensler testifying before the Senate with maybe a little side of CPI. But then last night, new Binance news broke that had the whole community chattering. So that's where we're going to start. According to anonymous sources, Binance US CEO Brian Schroeder has left the company. Chief legal officer Norman Reed will step into the role on an interim basis. Alongside the resignation, Binance US announced internally that it will slash around one third of its workforce, laying off approximately 100 employees. This is the second round of layoffs for the US -based exchange as they dig in to fight legal battles against the SEC and the CFTC. Binance US said in a statement, Now, if you are paying attention, not even closely, just at all, you will know that this is the latest in a series of high -profile departures across the Binance empire. At least 11 executives have now resigned across all Binance companies. Three key personnel left on the same day in July, including front -facing Chief Strategy Officer Patrick Hillman, amid rumors of dissatisfaction with how Binance CEO CZ handled rumors of a DOJ investigation. Five more executives quit earlier this month, with the headline resignation coming from Leon Fung, the head of Asia -Pacific operations. In all cases, the resignations have been officially explained by a range of personal reasons, probably capstone by former compliance officer Steven Christie's extremely weird Twitter thread, which included the statement that, Now, the wide -ranging lawsuits against Binance have largely come home to roost for their US subsidiary. Both the SEC and CFTC cases include allegations that reach deep within the international Binance empire. However, regulators have been careful to focus their attention on Binance US to ensure that they have clear jurisdiction. A key focus of litigation so far has been the flow of funds between Binance US and the international organization. All of this means that the focus on the domestic exchange has led to the US subsidiary taking the brunt of the consequences so far. More acutely, Binance US was essentially cut off from all access to onshore banking, forcing them to operate as a crypto -only exchange. This shutdown of financial services has led to a dramatic collapse in trading volume. Binance US captured around 22 % of US market share in April, but this figure has now dropped below 1 % as traders quite reasonably flee to safer shores. Schroeder is now the third Binance US CEO to walk away from the role. Both Kathryn Coley and Brian Brooks, who earlier served as CEOs for the exchange, have provided extensive testimony to regulators and law enforcement. Schroeder joined the firm as president in September 2021, well into the company's claimed attempt to clean up their operations. One consequence of that could be that he has significantly less scandalous information on how the exchange functioned than other former executives. So what are the community's takes on this? Well, as you would expect, the anti -crypto folks are cheering. They see Binance as the next and perhaps ultimate shoe to drop. However, many folks in the industry, regardless of what they think of Binance, view it as a sad episode that shows just how problematic the SEC's approach really is. Wolf of All Street's host Scott Melker said, The SEC killed Binance US without proving a single thing, without due process. It simply took accusations to scare away customers and partners. This is the legacy of Gary Gensler. Another take which I resonate with strongly comes from folks like Byzantine General who wrote, I don't know why people are up in arms about this. I thought it was quite obvious already since the SEC lawsuit that Binance was just going to wind down operations of their US branch. It's so small and completely inconsequential to Binance anyway. Or more crisply from Icebergi, just closed down Binance US already. It has seemed untenable for quite some time and this only seems to reinforce that point of view. Now the other big generator of conversation was investor Adam Cochrane. He tweeted, I've been saying if Binance blows up, we'll be fine in no time. Got a tip that I've not yet been able to fully verify, but I would lean towards it being true on, and if it's true, it'll be a longer, more painful ride than I thought. Life behind bars would be the good outcome for CZ. I've sent that tip to some journalists I think can confirm if it's real and will keep folks updated if I get anything back. But in good faith I had to redact my will be fine stance and replace it with, we'll probably be okay unless this other part is real, in which case holy eff we're really going to zero and going to have to rebuild up again over time. Anyway, fun times in crypto. Now this certainly got people chattering, but not always in a good way. Zero Knowledge consulting partner and founder Austin Campbell quote tweeted it and said, If you have a financial interest in an outcome and post that you have a rumor without saying what the rumor is, you are part of the problem in this space. This would have been prohibited conduct in most regulated markets. I certainly would have gotten in trouble for this at JPM. Now, interestingly, however, 4Lex4Shaw had a different take. They wrote, It's all so tiresome. Binance had the support of dozens of governments from Singapore to UAE to every corner of the global south, and Tether too. The U .S. can't cut the UAE, Caymans, Bahamas, and Singapore out of Eurodollar markets, so it can't de -dollarize Binance. Any successful prosecution of Binance has to cut off Binance's access to USDT, cut Binance off from access to UAE, Singapore, etc., Eurodollars, or prove beyond a shadow of a doubt a huge hole in Binance's balance sheet, i .e. accounting fraud. Everything else is just low -budget theater. If the U .S. can accomplish one of those things, Binance is dead. If the U .S. can't, CZ doesn't have to give a crap about what the U .S. government says, indicts, or cajoles. The latter possibility breaks a lot of people's brains, but I don't make the rules. The interesting take here is, of course, that in many ways the Tether and Binance stuff going on is kind of just a proxy war for the U .S. about the U .S. government trying to exert sovereignty over the Eurodollar market that they simply don't control. I think it's a really interesting lens through which to look at these prosecution efforts, as well as questions around USD stablecoins. Anyways, who knows what happens next with Binance, but it continues to be the biggest open question in the entire space. Now, moving back over more officially to the U .S. government side of things, SEC Chair Gary Gensler appeared before the Senate Banking Committee on Thursday at a routine oversight hearing. Now, coming into the hearing, Gensler reinforced his well -worn position on crypto and written testimony. He stated that, quote, Given this industry's wide -ranging noncompliance with the securities laws, it's not surprising that we've seen many problems in these markets. We've seen this story before. It's reminiscent of what we had in the 1920s before the federal securities laws were put in place. Brushing off the recent Ripple decision, Gensler asserted that, quote, The vast majority of crypto tokens likely meet the investment contract test. Given that most crypto tokens are subject to the securities laws, it follows that most crypto intermediaries have to comply with securities laws as well. Now, the hearing itself was kicked off by opening statements from Chairman Sherrod Brown. As the leading Democrat dealing with financial issues, any crypto legislation being moved forward in the near future would likely require Brown's seal of approval to become law. Judging from his comments about the state of the industry, that seems unlikely. Brown said, quote, The FTX collapse showed how dangerous crypto can be. But FTX wasn't a lone bad apple. It was just the most explosive example of the problems in crypto. The problems we saw at FTX are everywhere in crypto. The failure to provide real disclosure, the conflicts of interest, the risky bets with customer money that was supposed to be safe. FTX was just the biggest and the ugliest. For consumers, it adds up to billions of dollars gone. Bad actors keep flocking to crypto. They use it to launder money, to evade sanctions, to fund crime and human trafficking and terrorism. We need to protect workers and families in these markets. We need to clean up the scams and fraud. As Congress considers digital asset legislation, I'm glad the SEC is using its tool to crack down on abuse and enforce the law. Now, of course, a casual observer might suggest that 1. FTX was distinct, given that its former CEO is on trial for perpetrating fraud against his company, investors, partners and the public at large. And an observer might note that the SEC didn't use its tools to do anything about that or any of the other big examples of actual fraud and problems happening. Instead, it's wrote in after the fact to win settlements against projects too small to defend themselves and chalk it up as victories, which might, to some, be seen as much more politically motivated than actually driven by consumer protection. But that's just one take. Now, ranking Republican member Tim Scott used his opening comments to drag Gensler for his lack of engagement with congressional oversight. Scott noted that the Senate hasn't heard from Gensler since last September, despite the FTX collapse and several bank failures occurring in the interim. He said, complete and timely attention to congressional inquiries is critical to ensuring independent agencies remain transparent and accountable to the American people. Yet, sadly, your agency has fallen short in this obligation to be transparent and responsive to congressional oversight. Without pro -growth regulations, we are limiting opportunities for our kids and our kids' kids from being able to take control of their own financial futures. The American people have a right to know what their government is doing, and your agency's blatant refusal to respond to our constitutionally mandated oversight represents a dereliction of your duties to the American people. And yet, still, when all was said and done, the most striking thing about the hearing was just how much crypto had faded as a front -of -mind issue in Congress. Gensler didn't mention crypto at all in his brief oral testimony, and lawmakers had numerous more pressing concerns to discuss. Based on the questions, climate reporting rules and AI use and financial services ranked as much higher priority than crypto enforcement, even for previously fervent Democrats. We didn't even get the customary anti -crypto soundbite from Senator Elizabeth Warren, who instead used her time to rail against a perceived lack of toughness in new private equity disclosure rules. The crypto discussion, to the extent there was any, touched on pending crypto ETFs. Senator Bill Hagerty brought up the point that the SEC's rejection of the Grayscale Bitcoin Trust had been labeled arbitrary and capricious by a federal judge. He asked what the SEC would need to see in order to approve a spot Bitcoin ETF, to which Gensler responded that the agency is, quote, "...still reviewing that decision and reviewing multiple filings around Bitcoin ETPs. I'm looking forward to staff's recommendations." Now, on top of some of those specifics, many GOP senators had more general criticisms for how Gensler's SEC had conducted itself. Senator Steve Daines, for example, complained that the SEC has frequently overreached its mandate in attempts to expand its jurisdiction. He suggested that 80 % of the SEC's rulemaking efforts under Gensler were not required by legislation. Daines said, "...this means that the vast majority of the agency's rulemaking agenda has been voluntarily undertaken. Chairman Gensler, you are not an elected official that is beholden to your constituents. You are an unelected bureaucrat who has taken it upon himself to reshape American markets to your liking, to the detriment of innovation, of investors, and small businesses." What's more, it seems like many in the Washington establishment are not just concerned about Gensler when it comes to the crypto markets. Earlier this week, for example, the Wall Street Journal published an op -ed article penned by former U .S. Attorney General Bill Barr. Specifically, the article warned of Gensler encroachment into regulating the use of AI. But Barr was scathing in his attack of Gensler's leadership at the SEC more broadly. He wrote, "...this is only the latest example of Mr. Gensler's grandiose regulatory style. He takes on airy theoretical issues and attacks them with broad prophylactic regulations that are long on speculation and paternalism, short on evidence and rational analysis, and heedless of Congress and the Constitution. He claims these measures will head off speculative evils, but they are more likely to throttle the dynamism of U .S. markets." So how are we to sum this all up and make sense of it? To me, this was very clearly the first hearing of the next election cycle. Crypto is now an afterthought for Congress. Or maybe better put, it is an exhibit and an example of a broader narrative which is around SEC overreach. It seems fairly clear that people aren't that interested in getting regulation done for the industry and even on the GOP side are more interested in defeating a broader political agenda embodied by Gensler. The big themes were agency overreach, major questions doctrine, and the role of unelected bureaucrats, not crypto per se. But to the extent that anyone is looking for good news as relates to the election cycle, as finance lawyer at Davis Polk Scott Johnson pointed out, for those keeping count, Senator Sherrod Brown's odds are about 60 % chance to lose his seat next year as of now. Change isn't always necessarily good, but it certainly opens up new possibilities. But gear up, because we are definitely in the election part of the cycle. Thanks as always for listening, and until next time, be safe and take care of each other.
A highlight from Diogo Monica Interview - Anchorage Digital on Rise of Institutional Crypto & Providing Custody to EDX Markets
"This content is brought to you by Link2, which makes private equity investment easy. Link2 is a great platform that allows you to get equity in companies before they go public, before they do an IPO. Within their portfolio includes crypto companies, AI companies, and fintech companies. Some of the crypto companies you may recognize include Circle, Ripple, Chainalysis, Ledger, Dapper Labs, and many more. If you'd like to learn more about Link2, please visit the link in the description. Welcome back to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. With me today is Diogo Monica, who's the co -founder and president of Anchorage Digital. Diogo, it's great to have you back on the show. Thank you for having me again. Diogo, I followed Anchorage for a long time. We spoke about two years ago. You guys are certainly one of the regulated institutions out there building some great things for the crypto market. There are some folks who may not have heard of Anchorage. Give us an overview of the company and some of the services that you provide. Yeah, at its most basic level, Anchorage Digital allows institutions to participate in the digital asset ecosystem. What that means is that we offer services such as custody, staking, governance, trading, to allow institutions to build products in crypto, or just simply invest in the market. So at the most high level, that's what we do for them. One thing that is unique about Anchorage is the fact that we were the first and are still the only federally chartered crypto bank. What that means is that we actually have a charter by the OCC, the oldest banking regulator in the United States, which is the same charter as JPMorgan Chase and BNY Mellon and all these other funds. So that's pretty unique to have a charter that allows you to do crypto at the highest level of regulatory scrutiny. And if I'm not mistaken, that OCC charter, was that under Brian Brooks when that was passed, where you folks benefit from that? That is exactly right. There was a set of companies that tried to go into the OCC when the OCC requested the participation and offered to actually look at charges like this. And we were the only ones that were actually able to get through. And so it's been pretty fantastic. Over two years, that has been a pretty key for Anchorage and really has proven to be such a great decision for us, the strategy that we took and the fact that we really took the time, took the effort, which is, as you'd imagine, a very, very cumbersome and hard process to get a banking license. People don't know, but even traditional banking licenses, there's very fewer years, sometimes all the way down to like one new banking license, two conversions. So that's to get a charter that actually does under charter crypto custody, staking, that's incredibly unique. And it was a big step function for crypto in terms of regulatory clarity. So we're very proud of it. Yeah, that's awesome. I'm sure you guys are like the first of your kind, so to speak, if I'm articulating that well, because that's right. This asset class is still fairly young. There's still a lot of regulations that need to be ironed out, but the fact that you're not a traditional bank in a sense, a JP Morgan has a hundred years of history, but you are a crypto startup. Would that be right? Yeah, that's right. I mean, at this point, I think people would call us sort of a scale up, but yeah, six year in, I think we still identify with the startup mentality and with the technology background. Sometimes you say that Anchorage has a bank, but we're really a technology company that has a bank more than we're a bank that does technology. I think that's how it would actually describe us. And it's been pretty great to be able to push the industry forward in this way. And in many ways, by having technology, they're superior by adding support for so many assets and by allowing these very large institutions, all the crypto funds, all the large hedge funds, we have sovereign wealth funds. We have pension funds. We have had very large banks in corporates. So all of these very large capitalized institutions now are users of Anchorage and users to participate in the space.
Dan Bongino: Seeing College Kids Obsessed With Che Guevara T-Shirts
"And tyrants don't care. You know, I think of all these stories when I was in high school and college, well, high school, we had to wear ties and stuff, so you didn't see too much of it. But when I was in college, my first year at Stony Brook, I saw a lot of these kids with Che Guevara t -shirts on. And you know, my first year of college, honestly, folks, all I was thinking about was baseball. That's all I cared about. Like baseball. That's all I wanted to talk about was baseball. I was a biology major. I was trying to pre go -med, but I just wanted to watch baseball, so I loved baseball. I was obsessed with it. I'd seen these kids with these Che Guevara shirts. I had to look up who he was. You're in college? Yeah, listen, I'm not going to lie to you. I had idea no who he was. So I went and looked it up. I didn't really get into politics and history until like my second year or so of college. When I really started to see the world for what it was, I started listening to Rush. That's why he was so important to me. He transformed my whole life. would I have been something completely different. So I looked this up, this Che Guevara story, and I'm sitting there and this guy's looking over my shoulder one day and he's telling me how great this guy is. Revolutionary, bro. Yo, bro. Revolutionary, man. started I reading the story. They sound like a resolutionary to me, man. I mean, you know, they have little nicknames for things was like in Spanish, la pared, you know, the wall Spanish for the wall. What was the wall about? What was where they used to put people up to shoot I mean, that don't sound too, like, you know, cool bro kind of stuff to me like that. That's where the don't get that comes from like, you know, don't get that don't be a communist. People are dumb on the left. They just they are they're just stupid like they don't understand. They don't the people like Lujan Grisham, they don't get any of that. That once you start systemally declaring that you have the ability to suspend the Constitution, they stop caring, which was my point in the beginning of that story. They just stop caring what you think. Che Guevara and his his murderers. They stopped after a while. They got
A highlight from LGM Podcast: Talking Football with Rich Brooks
"The football isn't going to change it because the mighty dollar is doing it all. The greed and, you know, let's face it, players are getting paid, coaches are making exorbitant salaries that make no sense, really, that make no sense. This is the Lawyers, Guns and Money podcast. Hello and welcome to the Lawyers, Guns and Money podcast. My name is Rob Farley. Here with me is my colleague Eric Loomis. Eric and I have the tremendous honor to have as a guest on this Guns and Money podcast, Coach Rich Brooks. His biography is long, but it involves being the head coach of the Kentucky Wildcats. It involves being the head coach of the St. Louis Rams, and most notably for us, the head coach of our beloved Oregon Ducks. Sir, it is a tremendous honor to have you here with us this afternoon. It's a pleasure to be with you. I wanted to start just by asking, I know that you live back in Oregon, and I hope that your place is safe from the fires. We have had a lot of smoke. I have a son that lives up the McKenzie River about 25 miles, and his house burned down in the fires two years ago, and the fires are close to his house again, but the good news is he can't get to it because everything else is burned around it, but it's been pretty smoky, and the wind has changed, and it should be a good day for Oregon football on Saturday when they open, as long as the wind continues from the north or the west. Well, let's hope so, and you know, part of the reason that we wanted to talk to you is this is such a transformative moment in college football right now. I mean, you of course coached Oregon for 17 years. You also played at Oregon State, and the fate of those two schools in the current conference realignment has differed, and Oregon and Oregon State, after playing against each other for over a century, all of a sudden that may not happen anymore, and I'm wondering from your perspective, what your thoughts are about realignment and the ways in which it's affecting these two schools that mean so much to you? Well, you know, people don't remember, but when I went to play at Oregon State, graduated Nevada Union High School in Grass Valley, California in 1959, and played freshman football that year, and then varsity football 60 -61 -62, and had the pleasure of playing on a pretty good team with Terry Baker, who won the first Heisman Trophy west of the Mississippi, but in those days, Oregon State was independent. It was not part of the PAC -8 at that time. The league broke up over money.
A highlight from Grayscale, SEC Update with Sam Callahan + Lighting Update with Jesse Shrader from Amboss.Tech - August 30th, 2023
"Hello, and welcome to the Cafe Bitcoin Podcast brought to you by Swan Bitcoin, the best way to buy and learn about Bitcoin. I'm your host, Alex Danson, and we're excited to announce that we're bringing the Cafe Bitcoin Conversations Twitter Spaces to you on this show, the Cafe Bitcoin Podcast, Monday through Friday every week. Join us as we speak to guests like Michael Saylor, Len Alden, Corey Clifston, Greg Foss, Tomer Strohle, and many others in the Bitcoin space. Also, be sure to hit that subscribe button. Make sure you get notifications when we launch a new episode. You can join us live on Twitter Spaces Monday through Friday, starting at 7 a .m. Pacific and 10 a .m. Eastern every morning to become part of the conversation yourself. Thanks again. We look forward to bringing you the best Bitcoin content daily here on the Cafe Bitcoin Podcast. Good morning. Welcome to Cafe Bitcoin. What's up, Peter, Jacob, Nicky, how are you guys doing? Morning. What's going on, man? Still living off the hype from Bitblock Boom. Incredible time. Yeah, it was. I had a good time. I'm still trying to digest yesterday's news. And, you know, just some just some great conversation in yesterday's show, actually. Yeah, we've had a little time to digest the news that Grayscale won his case against the SEC. I think there's been a lot of misinformation from the news about what that actually means. So we can kind of get into that a little bit. But really bullish development. I'll be curious to see what the SEC does now. The ball's in their court. I haven't been able to verify it, but I saw I think it was Bloomberg Intelligence, somebody was tweeting about that Bloomberg Intelligence thinks that we could have an ETF by like next week, which just kind of sounds absurd to me, but something I wanted to bring up. Yeah, I mean, it's definitely in the realm of possibilities. I mean, if the SEC just kind of wipes its hands clean of all this, just kind of rolls over and says, all right, we're going to we're going to prove this spot Bitcoin ETF, you know, finally. We're going to kind of give up on this fight. It's definitely in the realm of possibilities. You know, I find it kind of hard to believe. But and then how would they go about doing that? Do you think they would just kind of do a couple like pick some winners or would they just approve all of these applications at the same time? And it would be kind of a free for all free market competition of who gained market share. And then who would win that market share, do you think? So how do you guys think it's going to play out? I don't care. I'm going to get the popcorn out. You know, the the meme with with Michael Jackson watching Thriller in the in the in the And theater. I'm just going to sit back and watch what happens with FOSS and Terrence and their bets. What is the bet? Would FOSS think that there was going to be an ETF? I forgot. FOSS has a 10 to one or is it a 10 to one or a hundred to one bet with with Joe Carlos Are and I'm I don't remember what Terrence is. I'm sure Terrence has something going on, too, because, you know, he can't he can't miss out on a on a good good wager. Maybe it's a hundred to one. I forget if it's 10 to one. Ant, do you remember? He's down there. Well, if they if they do roll over, let's say that they just roll over, give up on this fight and approve a spot 20 ETF. Personally, I think that they would kind of just approve most of them, if not all of them at the same time. I don't think they want to be picking winners and losers. Now, if they don't do that, it would be curious to see what they do with the grayscale, because, like, obviously they could be a little salty about losing this case and they can turn around and say, OK, well, we're going to approve BlackRock and Fidelity and, you know, and Fasko and then we're going to keep you guys waiting to kind of hurt your business and suck capital out of your fund and into these other ETFs. But, you know, maybe they won't do that. Maybe they'll just approve them all. Like, I'm curious what you guys think. How would that go down? I mean, if that happens, like the pettiness at the end, I think they probably have a massive lawsuit on their hands. I don't know if you guys saw this other news, though, but it was a small Brazilian asset manager called Hashdex applied for US spot Bitcoin approval as well, and it kind of went under the radar. But it's different than all the other ones. And the reason being is they don't have kind of one of these surveillance sharing agreements with Coinbase to prevent market manipulation, like the BlackRock ETF filing or the Fidelity one, all of them, really. Hashdex is different. They're basically an application that allows them to acquire spot Bitcoin through the CME. And so basically it holds a mixture of spot and futures position. So it says the fund will use the CME markets exchange of physical transactions to acquire and dispose of spot Bitcoin instead of transactions on unregulated spot exchanges. And so it's just like a different strategy than all of these other ETF filings. And it's interesting because they brought on Brian Brooks, the former head of the OCC, onto their board of directors recently. And so this Hashdex filing, it's interesting and it's a new entrant into the ETF competition. It sounds like Wall Street trickery to add a few more basis points to the annual expense ratio. Definitely. But it could, you know, it's just like kind of a different approach. So maybe that would be enough for the SEC to be like, OK, you guys are kind of acquiring the Bitcoin through the CME, which is a market of significant size, and they're comfortable with the surveillance that occurs on there. And so perhaps this is enough. And then you have this dark horse Brazilian crypto asset management firm that actually wins the first spot Bitcoin ETF. That would be like, you know, 100 to 1 horse winning the Kentucky Derby or something. Sam, I'm sorry, I'm just not, I don't have the expertise to comment on ETFs or how they're going to play out or what the SEC is going to do. It's, I mean, I'm just going to sit back and watch. It really doesn't affect me one way or another. I self custody my Bitcoin and the price is just going to do what the price is going to do, regardless of what I want or what I do. Talking like a true long term hodler stacker, Peter. I love it. Hey, Dom, good morning. Yeah, I thought that'd be a good cue for me because I have no problem talking about things for which I have no expertise, as if I have expertise. So I just thought that'd be a good cue for me to answer. And good morning, everyone. Good morning. Is he only super quiet to me? No, he's sounding faint like you got to put the mic closer to your mouth or something. How about now? Better? So what do you think, Dom? Any comments for what we were just talking about in terms of the ETFs and any further thoughts around the grayscale news from yesterday? Yeah, interesting little pop and then watching things kind of settle down. I think, you know, again, I'm of this camp that I believe that there's some coordination here and I don't believe that the SEC genuinely wants to prohibit a Bitcoin spot ETF. I believe potentially this coordinated dance is is exactly that. It's a dance and people are trying to line stuff up, time stuff up. I don't know what is being lined up and maybe, you know, I'm just overthinking it, which is very possible. But, you know, I still believe that the pressures from institutions to have access to a Bitcoin vehicle like a spot ETF prior to the halving, the pressure is going to be and has been continuously building. And so I'm of the camp that I think it's coming sooner than later. In fact, you know, I even I gave FOSS that birthday present of, you know, taking half his bet with Joe Carlos, sorry, just for fun. And I think we're looking at this this year could be very wrong, but I think that pressure is building up. So it'll be interesting to see what happens in the near term, whether they I'm kind of curious to see the options the way I understand it. Sam, you probably have a better grasp is there's a few others coming up soon. Potentially we may have some more info on Friday.
A highlight from Pride, an Enemy More Deadly Than Armies (and the God Who Weeps Over the Proud)
"Isaiah 15, 1 through 16, 14, these are the words of God. The burden against Moab, because in the night Ar of Moab is laid waste and destroyed, as in the night Kir of Moab is laid waste and destroyed, is gone up to the temple and to bond to the high places to weep, Moab will wail over Nebu and over Medabah, on all their heads will be baldness and every beard cut off, and in their streets they will clothe themselves with sacra, on the tops of their houses and in their streets everyone will wail, weeping bitterly. Heshmon and the Layalover will cry out, their voice shall be heard as far as Yehaz, therefore the armed soldiers of Moab will cry out, as life will be burdensome to him. My heart will cry out for Moab. His fugitives shall flee to Zavar, like a three -year -old heifer, for by the ascent of Luchit they will go up with weeping, for in the way of Oranayim they will raise up a cry of destruction, for the waters of Nimrin will be desolate, for the green grass has withered away. The grass fails, there is nothing green, therefore the abundance they have gained and what they have laid up, they will carry away to the brook of the willows, for the cry has gone all round the borders of Moab, its wailing to Igla 'in and its wailing to Be 'er Eilin, for the waters of Diman will be full of blood, because I will bring more upon Diman, lions upon him who escapes from Moab and on the remnant of the land. Send the land to the ruler of the land from Selah to the wilderness, to the mount of the daughter of Zion, for it shall be as a wandering bird thrown out of a nest, so shall be the daughters of Moab at the fords of the Arnim. Take counsel, execute judgment, make your shadow like the night in the middle of the day, hide the outcasts, do not betray him who escapes. Let my outcasts dwell with you, O Moab, be a shelter to them from the face of the spoiler. The extortioner is at an end, devastation ceases, the oppressors are consumed out of the land, in mercy the throne will be established and one will sit on it in truth in the tabernacle of David, judging and seeking justice and hastening righteousness. We have heard of the pride of Moab. He is very proud of his haughtiness and his pride and his wrath, but his lies shall not be so. Therefore Moab shall wail for Moab, everyone shall wail. For the foundations of Kir Haraseth you shall mourn, surely they are stricken, for the fields of Eshman languish on the vine of Sibmah, the lords of the nations have broken down its choice plants which have reached Jezer and wandered through the wilderness. Her branches are stretched out, they are gone over the sea, therefore I will bewail the with the weeping of Jezer. I will drench you with my tears, O Eshman and Alela, for battle cries have fallen over your summer fruits and your harvest. Gladness is taken away, and joy from a plentiful field. In the vineyards there will be no singing, nor will there be shouting. No treaders will tread out wine in the presses, I have made their shouting cease. Therefore my heart shall resound like a harp for Moab, and my inner being for Kir Haras. And it shall come to pass when it is seen that Moab is weary on the high place, that he will come to his sanctuary to pray that he will not prevail. This is the word which Yahweh has spoken concerning Moab since that time. But now Yahweh has spoken, saying, Within three years, as the years of a hired man, the glory of Moab will be despised with all that great multitude, and the remnant will be very small and feeble. O my dear family, how dangerous an enemy is our own pride. At the beginning of chapter 15, the picture is of a nighttime surprise attack by the Assyrians entering Moab from the north, going from one city to another. So quick is the destruction by the plan of the attack, and the location, and the time, that they're able to take multiple cities in one night, in verse 1, and the destruction moves rapidly south. The warriors of Moab are left impotent, powerless, and you get to the end of verse 4, and Moab is in the ruins, and their strongest men are helpless, and hopeless, and crying out. And then we have this wonderful surprise. It's only a surprise to us because we don't know the greatness of the mercy of our God, but this interruption, where Yahweh himself is saying, my heart will cry out for Moab. And he describes how great the devastation is through the end of chapter 15. And then he gives them advice. He says, send a lamb, a lamb to the ruler of the land, from Salah to the wilderness. So now they're all the way down in Salah. The remnant, whatever is left of Moab, is stuck in the lowest part of the nation, almost to the border with Israel. He doesn't say send it to Ephraim, Ephraim is in their own mess, as we'll be hearing next week, Lord willing, in 17 and 18, and their alliance with Syria. It says, send the lamb to the mount of the daughter of Zion. And the picture in verse 2 is the Arnon, which is the big river in Moab, and they're crossing at the place where the Arnon is most crossable, trying to get over to Judah, trying to get over to their new alliance with this small and despised people who have an infinitely great and exalted God. Now alliance with Judah does not sound like the best military strategy, but an alliance with the daughter of Zion is an alliance with the anointed of the Lord. And so it certainly is the best strategy. And so he says, take counsel, execute judgments, let my outcasts dwell with you, O Moab, I'm bringing this on them too, but you can be joined to my people, and you can suffer together and you can be restored together. And he describes the restoration and the end of the trouble in verse 4 and the restoration in verse 5, the extortioner is at an end, devastation ceases, the oppressors are consumed out of the land, so the trouble ends, and then the restoration, verse 5, in mercy the throne will be established and one will sit on it in truth in the tabernacle of David. Now we read it that way, because we know who sits on the throne in the tabernacle of David. It's the Lord Jesus, of course, but if you were a Moabite you'd be like in the tabernacle of David. And so there's an implied rejection between verse 5 and verse 6. One will sit on it in truth in the tabernacle of David, judging and seeking justice and hastening righteousness, but Moab rejects the proposal out of hand. And verse 6 through 12 really is a lament of the Lord over Moab, because he's been invaded by something much worse than Assyria. He's been invaded by his own pride, which kept him from trusting the Lord. We've seen this several times. Of course, pride is what destroyed the devil and Babylon and Assyria and Philistia in last week's reading. Pride was Ahaz's big problem. When the Lord told Ahaz that, you know, offered to Ahaz a sign that he would be Ahaz's savior, but Ahaz was already trying to form an alliance with Assyria and Tiglath -Pileser. And the Lord described himself as the stumbling stone that is laid in Zion that Ahaz stumbled he over because wanted to trust in himself, not in the Lord. Whenever we think we are going to make up for our sin, we are going to fix our life, we are going to take away our guilt, we are going to fix our situations, we are going to... That's our pride invading, and pride is a worse invader than Assyria. And so here the Lord has made Moab this wonderful offer to be joined with Judah and Zion under the ruler who sits on the throne of the tabernacle of David in mercy. And they reject it. And so you have the lament over Moab. We have heard of the pride of Moab, verse 6. He is very proud. But his, and the word James translates it lies, it's empty words, his empty words shall not be so, all the things that he tells himself about what he is going to be able to do. And he says, Therefore Moab shall wail for Moab, but the Lord himself mourns over him. Therefore I will bewail the vine of Sidma, etcetera. He says, I have made their shouting cease, therefore my heart shall resound like a heart for Moab, and my inner being for Tir Haaretz. You see this sympathy of God, this love for God, grieving, now not just over Israel, we're accustomed to that. Right? And Ezekiel, why will you die, O Israel? Do I have any pleasure in the death of the wicked? But that you would turn from your sins and live, or Jesus weeping over Jerusalem. But here it is with Moab, in 1 Timothy 2, God desiring that none should perish, that all should come to the knowledge of the truth, all the horrible pride of man that refuses to be saved, and the mercy of God that sympathizes here pictured as weeping and wailing, even as he is righteously punishing them. And of course the righteousness of that punishment comes out in verse 12, because what does Moab do? He goes from one of his worship places to the other, from the high place of worship to the house of worship, the temple, and of course he's worshiping what are not gods and those can't help him. And basically the gist of verses 13 and 14 is verse 13, that this isn't the first time the Lord has warned, that the Lord has been faithful in warning. But what the Lord is doing now is similar to what he's done in other parts of the prophecy of Isaiah so far, he's given a time soon. Sometimes he gives a time and amount of years, sometimes he gives it before the child is weaned, and those kinds of things here, he gives it exactly within 3 years as the years of hired man. But what does a hired man do? He counts down the days, right? He knows the exact amount of time. And so when it comes exactly on the schedule, then everyone knows to see what the Lord does to Moab as a warning from the Lord, as an example, and warning not to be destroyed by our own pride. For pride is a worse invader than the Assyrian army. That's the point of these two chapters. May the Lord help us to see his mercy and have our pride humbled so that putting our trust in him, we will be restored under King Jesus and we'll be happy to be under him, instead of too proud to be ruled. Let's pray. Our gracious God and our Heavenly Father, we thank you for your faithful and consistent warnings all to peoples everywhere, and especially to us where your warnings are so clearly spelled out in your word, which you have caused us to hear, and we thank you and praise you for displaying to us your compassion and even grief over the very ones whom you punish, that we might know your love, that we might know your mercy, even in the midst of judgment and never doubt the justness of your judgment. Save us, O Lord, from pride. It does so much damage to our lives in so many ways, and the best of us have more than enough to harm us left in us. So please forgive us and help us, we ask, in Jesus' name, Amen.
A highlight from The Massive Significance of the PayPal Stablecoin
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Saturday, August 12th, and that means it's time for the weekly recap. Sort of. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it. Give it a rating, give it a review. And if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Happy Saturday. At the end of this week, I had to travel a little bit last minute. And so my choices were either one, skip the weekly recap altogether or to do something just a little bit different. So obviously, I decided to go with doing something just a little bit different. And basically what you're getting is a long read Saturday on top of a long read Sunday, which is coming tomorrow. Tomorrow's episode is a fun walk down memory lane. If you are interested in Bitcoin, the piece is actually from twenty nineteen. I think you'll really like it. And for today's weekly recap, I have two pieces that are obviously much more contemporaneous. And I think in some ways do certainly reflect big themes that have been on display both this week and last. The first is by Brian Brooks and Charles Calamiris. And of course, Brooks was the acting U .S. comptroller of the currency in twenty twenty and twenty twenty one. And before that, the chief legal officer at Coinbase and is now a partner at Valor Capital Group. Calamiris is now dean of economics, politics and history at the University of Austin, and was the chief economist of the Office of the Comptroller of the Currency under Brooks. The piece they contributed to the Wall Street Journal was called stable coins can keep the dollar the world's reserve currency. And if you listen last week to long read Sunday, you will have heard this argument. Stable coins, they write, blockchain based assets backed by bank deposits and treasury securities are at the heart of a dollar based revolution happening throughout the developing world. Their price is supposed to stay steady, often at one dollar. Think of them as digital versions of prepaid cards with the potential to be important tools of American soft power in a world where the role of the dollar is in question. Stable coins aren't merely a more efficient means of electronic payments. With some economists and policymakers worrying about de -dollarization, i .e. the eclipse of the US dollar as the world's reserve currency, stable coins could bolster the post -war arrangement in which the dollar's dominance helped foster global trade and the biggest reduction in global poverty ever. But that can happen only if Congress implements a sound and stable regulatory framework. That is why House Financial Services Committee Chairman Patrick McHenry's bill to regulate stable coins is vital. It would establish federal and state oversight for stable coin issuers, impose qualifications for reserve assets, and implement rules on redemptions and public disclosure. It's hard to argue with these seemingly bipartisan goals, and Mr. McHenry has collaborated on the bill with Representative Maxine Waters for more than a year. Yet, at last week's vote on the measure, Ms. Waters and most of her Democratic colleagues pulled their support, with no clear reason for their sudden change of heart. Did they suddenly decide stable coins aren't important? Any tool that could boost the US dollar should be considered. Dollars as a share of reserves held by foreign central banks have fallen in the past generation. In 2000, dollars represented almost 73 % of global central bank reserves. Today, the share is around 59%. Though much international trade and many commodity transactions are still settled in dollars, this year, large countries including Brazil and Argentina entered bilateral agreements with China to use the yuan and their local currencies for trade settlement. Rumors abound that a summit next month, including Brazil, Russia, India, China, and South Africa, will consider creating a new currency arrangement. While leaders of the so -called BRICS countries deny an impending currency union, Anil Suklao, South Africa's ambassador -at -large for Asia and BRICS, said, The days of a dollar -centric world are over, and BRICS nations intend to settle trades in their local currencies in the near future. This year, Saudi Finance Minister Mohammad al -Jaddad said Riyadh is open to settling oil trades in currencies other than dollars, once an unthinkable idea. U .S. policy hasn't boosted global confidence in the dollar. The asset freeze on dollar holdings in Russia's central bank imposed after Russia invaded Ukraine, while understandable politically, shocked investors and central bankers, who realized for the first time that the dollar may not be the safe store of value it once was. A de -dollarized world would damage the U .S. The dollar's reserve status reduces U .S. borrowing costs, which is crucial in an era when government borrowing and spending are at a record high and still climbing. Reserve status also insulates the U .S. government, banks, and the general public from foreign exchange risk. All things being equal, reserve status also allows American consumers to buy foreign goods more cheaply, since foreign producers would rather have dollars than other currencies. The nationalist and anti -colonialist impulses behind de -dollarization in the developing world aren't likely to help citizens of those countries. Argentina's decision to price trade deals with China in Yuan and Pesos may reflect Argentina's national pride, but the country's 114 % annual inflation rate means that workers there will see their purchasing power quickly decline. And that's nothing compared with Zimbabwe's 175 % rate or Venezuela's 400%. At the end of last year, 17 countries had inflation rates above 20 % and 57 had rates above 10%. This is where stablecoins come in. Faced with the dismal prospect of saving their wages in local currency stored in local bank accounts, more citizens of high -inflation countries are opting to use dollar -backed stablecoins as a synthetic savings account. Dozens of startups offer stablecoin savings and payment options in Latin America and Africa, often in countries whose leaders are vocally and visibly moving away from the dollar. Dollar -backed stablecoins have market capitalization in the hundreds of billions of dollars, and they support transaction volumes many multiples of that amount. These offerings are attractive to ordinary people in those countries because they don't require an account at a local bank, only an internet connection. In addition, many stablecoins pay interest and have no minimum balance fees and low or no transaction fees. More important, they free people from tyrannical developing world monetary policy and allow them to store the value of their hard work in relatively stable dollar form. Stablecoins could be to finance what Voice of America has been to diplomacy. They can communicate U .S. monetary policy directly to the people living in other countries when American efforts to engage other governments aren't succeeding. If stablecoins flourish, citizens of other countries will increase the demand for dollars independent of, and perhaps contrary to, their government's political decisions. But for stablecoins to succeed, U .S. politicians need to agree that redollarizing the global economy is important. The McHenry Bill is a good place to start.
Monitor Show 07:00 08-05-2023 07:00
"Investment Advisors switch to interactive brokers for lowest cost global trading and turnkey custody solutions. No ticket charges and no conflicts of your interests at ibkr .com slash ria. If you missed any part of today's program, you can listen on demand with our Wall Street Week podcast. Find that on Apple, Spotify, or anywhere else you get your podcasts. I'm David Weston. Stay with us. Today's top stories and global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. Former President Donald Trump is calling on the Supreme Court to intervene in his growing legal problems in a post on truth social. Trump says President Biden has hit him with a barrage of weak lawsuits that require massive amounts of resources which would have otherwise gone to Trump's presidential campaign. He says the Supreme Court must intercede. Trump Thursday pleading not guilty to criminal charges of interference in the 2020 election. Meanwhile, former President Trump says those recent legal troubles are giving him an edge in the 2024 election. Every time they file an indictment, we go way up in the polls. We need one more indictment to close out this election. One more indictment and this election is closed out. Nobody has even a chance. Trump speaking at a Republican Party dinner in Alabama Friday night, adding that the tactics used against him are not fair and probably not legal. The Writers Guild of America and the major studios meeting Friday had ended without concessions in the labor disagreement that's crushed Hollywood. Brooks Walker has more. Ambitions arose in the entertainment industry when the WGA said it received word from the Alliance of Motion Picture and Television Producers for a meeting to discuss negotiations. Sources alongside the talks could not comment on Friday's proceedings.
David Brooks' Take Is Not New, as Written in 'Unfreedom of the Press'
"Producer he said the mood in Washington press corps is bleak deservedly so shouldn't come as a surprise to anyone with a few exceptions we were all passively or explicitly with her which has led to a meaning Hillary which has led to a certain change in the face of Donald Trump's victory more than that and more importantly we also miss the story after having spent months mocking people the who had a better sense of what was going on this is all symptomatic the modern journalism's moral great and intellectual failing it's unbearable smugness again it's almost very similar to what David Brooks wrote today in the New York Times Trump knew what was he doing when he invited his crowds to jeer and hiss the reporters covering him they hate us and have for some time and can you blame them? Journalists love mocking Trump supporters we diagnose them as racists in the way dark age clerics confused medical problems with demonic possession journalists at our worst see ourselves as priestly a caste we believe we not only have the access to the indisputable facts but also a greater truth a system of beliefs divine from an advanced understanding of justice this is all a whitewash you see Trump voters are racist and sexist so there must be more racist and sexist than we realize journalists he said increasingly don't even believe in the possibility of reason disagreement and as such ascribe cynical motives to those who think about things a different way
David Brooks: What if We're the Bad Guys Here?
"Said what he said is not new others have said it 400 ,000 people purchased a copy of unfreedom of the and in there I mentioned a gentleman by the name of Will Rahn CBS News digital political correspondent and tell me if this sounds something like the David Brooks everybody's so excited about November 11 2016 shortly after Donald Trump's election Will Rahn CBS News digital political correspondent of the network's managing director of politics wrote an extraordinary opinion piece the unbearable smugness of the press which in he
A highlight from 1235. The Chicken Chick Is Back! Who Gets Custody Of The Dog?
"Celebrating the connection with our pets. This is Animal Radio, featuring your dream team, veterinarian Dr. Debbie White and groomer Joey Vellani. And here are your hosts, Hal Abrams and Judy Francis. Miss Lori Brooks working hard in the newsroom. What do you have coming up this hour? Well, you know how you look into somebody's eyes and we have humans, round pupils, right? Well, they've done some research and animals have either a vertical or a horizontal pupil and each one in the various kinds of animals means something different, so we're going to tell you about that. Oh, wow. I never thought about that. That's cool. That's interesting. That's really cool. Yeah. Like dogs and snakes and iguanas. A rhinoceros. Am I on the right track here? What are you working on today, Joey? You know what? I'm excited. I'm working on brushes and don't excite many people, but it excites me. The groomer of me just comes out, so we're going to talk about brushes. Brushes do excite you. I know that you're always bringing in the latest and greatest brushes. I thought a brush is a brush is a brush, but apparently there's different types of brushes and today you're going to tell us all about that. Brushes are a great arm workout too. They are a good workout for your arms, the big muscles, plus you bond with your animals. You know that. They love that when you brush them. That's the best present you can give them. Take this brush and brush my hair. It's the gift that keeps on giving. In just a couple of minutes, we're going to talk to the chicken chick. Is that correct? The chicken chick. Chicken chick.
"brook" Discussed on Maltin On Movies
"I i had to be convinced to watch it by my kids. Are there for the day and and just watching one episode early on the the the range of references. That just just blew me away. Blew me away. I mean when. I was a kid and i watched loony tunes from the forties. I learned about slang i learned about. You know things to do with the were to era when i watched bull winkle alabama's on of course burns a key play here in that and i mean the day that i realized that the character. Boris bad enough was a pun on the opera. Boris goodenow but that was the moment of a kidney but the simpsons out does them all out does them. All it assumes a hypnotise and intelligence that very few shows of any kind ever ham for us. You know. It's so great. Because it's it's it's it's an ongoing community it's like it's like the town you live in a certain point and and and and and it's just you served the show you serve the show especially can and Yeah just so real quick for somebody who doesn't know what when when you're producing a an animated show. What does that mean. You're doing well. In this case. For this specific i think that's generally true. But but it's it's it's it's it's it's team written you know there's there's always a original writer but but but the the normal course of things is you're always you're writing the from the first reading rewriting you're always playing catch up and it's six months before before it comes together before you have the animation said but you're working adamant medics before that so each episode is a long haul from beginning to end and the right room is key and and you know we have good old david silverman watching over us for our for our animation and there's and there's you know there's there's a great team ventilation directors and And it's an it's there's there's a there's a thing that happens just just with like i said the community aspects of it and the fact and the fact that people are all serving this thing. That's bigger than anybody that's going to go on for awhile that the characters can't agents and the cast is so together and So it's and it's open to anything that has to be opened anything it'd be going on. So long we have to keep every door open and And always in a way. Try and try and go against defining ourselves and you defied again expectations and logic by doing feature film. That turned out just as well as any given episode or season is more achievement. But we but that we we were. We were rewriting hunks of that on the mixing stage at the last possible moment. You're not supposed to be able to do it. Any.
"brook" Discussed on Maltin On Movies
"Yeah i think he adopted a philosophy. I think in time. Maybe you're the one who pushed into to that. That level of acceptance that. His book is always going to be his book. And you are. Movie is an adaptation. It's a different animal and had an had he mentored me at all. It would have been a very different movie because him giving me that marching order you know allows some changes to be made. I want have been free to make them. Otherwise i felt right now. Is it true that The original plan was to star. Burt reynolds in the role eventually played by jack. Nicholson no no. I want i i wanted. Nobody wanted anybody but jack for anything that was going on a motion picture screen. Right i was. I was i was different and then the burt reynolds had been in starting over. And i wanted to get it made and And he said he do it. So i could. I could make number one box office person at the time. And then and then dustin hoffman. Dropped out of a movie. I forget what it was it was there was somebody who was a man you know just with a lot of women in it and do you know leonard. It's he dropped out. And and i had worked with bird and i knew how birth saw me because he gave me a gift and a jacket and the jacket was two sizes too small so it was so clear. And in this case and we we've done a movie together as a writer producer and he had his publicity agent. Call me and say birth. Doing your movie. This is after and everything that well everybody's fine but but and he wants you to know he loves you so then that happened and tabora. I ended up talking to debra about that part and she she got jacked to consider she really did and then things went from there. And i knew jack a little at the time because we were on the same law.
"brook" Discussed on Maltin On Movies
"It's not a good script and it's not a good movie. It's not a good tv show but anyone script could be five. Different movies may be one of them would gets tricky. Well what having enjoyed six well. Taxi of course is beloved but it was canceled twice right. Yeah yeah but to we were. We cancelled We were cancelled we. I think we had won the best comedy three times in a row and And we were cancelled by abc. By a guy who nobody could see again. He was in that job from minute and a half the clock. The sandile was running out and in that the half that he was in that job he canceled taxi. And then and then i called grant. We were all we've ever that was. It's one of the great things we some of us are talking about it the other day and as we cancelled the cast started coming to the office. All right as we. We had a huge drunk that night and And in the middle of the drunk call. Grant tinker was the head of nbc. Then and he says. I can't do anything for you. I just want you to you know. And then he picks off for a year so we got another year. The best the best. If i can give anybody column trunk and heartfelt chip. Don't hear replace john when we look for a job. Yeah it's insane. To think about the cast in taxi and mary tyler moore and how many of them worked consistently and and still into to this day. I mean you've got someone like betty white that people will kill for and rightfully so you know and and asner and asner you know. The man doesn't i don't know how but he's everywhere the grouchy humans i've ever met in my life but god door him still indestructible. He is now. What did you always have in the back of your mind during this phase of your career that you really want to make a movie now i had. I had no ambition to direct. I you know none and an control my work when you're when you know when when you're the executive producer and you're a writer you can you control the work so i had all the satisfactions of that and And then i. I wrote a movie i took time off and i wrote a movie.
"brook" Discussed on Maltin On Movies
"Different times if there weren't so many people my dad always says it. He's greatest his greatest tool was the yellow pages white. So sorry the white majors in new york and he just called people up and ask for interviews. Because they were listed you know manhattan. Phone book was an incredible resource. Incredible resource people became quite rightly noise. Well that's what's different is. They're just not as it is a bit more open in that way now. Did you pilot for mary. Tyler moore show. Pardon me did you have to do a pilot for the mary. Tyler moore show. No we were the on their commitment and our first idea was bad. They wanted to fire us in grant grant when let them fire us. Let us know they wanted to fire us. A grant shankar if you see if you if you talk to people who were at mgm for a period of years most them with the know show runners. He was he was he was the best boss. Anybody could possibly imagine. There was no question that he was in the middle as a producer with somebody with a production company. Between you and the network he was your support to the network and we all adore him And the vibe on that studio was extraordinary. I left to do another show just because it was so great when it was just a few of us that when it started to become a large company i wanted to find smallness again and so so with some guys i was riding with. We formed our own little group into taxi. How immediate was the mary. Tyler moore show's success Coming i mean there's Maybe you'll be never leonard bob. The guy who was president of cbs. Time bob anyway. He he was a businessman. He was a cbs businessman and he came in as as the president and he's he change. He changed the landscape of entertainment and he wasn't a kind of guy who you'd think was hired to do that. He wasn't afraid silk. Many wasn't a showman. He was a pure businessman and he had a ten of the top. Fifteen shows or eleven of the top fifteen shows on cbs. And they're all these things like green acres role bucolic and he decided to. It's never happened before since to cancel all these shows with brilliant ratings and he put on all in the family and we were in a death time period. Where we're with the mary. Tyler moore show would have succeeded and he changed our our time period and gave us all in the family as lead him and that and that you know and then it was all the but he just changed the face of television and nobody has ever taken over business and kill their successes. Bob would bob. What is his name. I remember that he. He purged the network of beverly hillbillies yes seekers petticoat junction. Yes red skelton all of them. And that was that was a major disruption that turned out to be you know to your great benefit and many other ways of.
"brook" Discussed on Maltin On Movies
"There was one for there was one making costume jewelry where my job was sort of a one person assembly line and you cut the the gold the phony gold link and i and i did this all day never once getting to the same size so i was fired after a matter of days is fired as a shipping clerk. 'cause i you know so it was. It was rough and then thank heavens. My sister had a best friend who Who was the assistant to the head of the the pages at cbs. At that time you sort of needed sort of a good college education to become a page. But i got in on that fast and And and then. I got lucky. Because i was. I was there for two years wondering whether i'd spend the rest of my life in cape outside the door. Cbs because they have these uniforms with case on them. Not jackets and i always felt ridiculous. And and and then i They used me as a vacation replacement for desk assists in the cbs news. That job you had to come from an elite school of journalism to get because it was a stepping-stone that guide and come back from vacation so they just let me stay and that was pulled. Was that a four eighty. Five madison avenue. Yes yes see now. Why do i night. You're looking at somebody. Who brought coffee at dr morrow. Okay and didn't spill a drop. I'll bet no no some sweating got in there. But that's i understand see now. Why do i know that. Cbs was at four eighty. Five madison avenue. It's because television sort of just invaded my consciousness so thoroughly that all these things stay with me in my peculiar brain and that's one of them. Yeah they move they move later on but that was that was a storied company. That was because that was when. Cbs news one of the elite news organizations in history of anything pure journalism they were there were gods and There was a whole grump than they're called. They're called monroe's boys and he he's the guy who who toppled mccarthy when there was a red scare that went crazy in this country for so long he the writing on his show his writer was a guy who was correctly named ed bliss and and the name fit like a glove and he was a quiet man who wrote gorgeous rose. And if you have if anybody ever wants to see some gorgeous documentary writing the old see it now shows that ed bliss wrote were great and So that was. That was the first environment i had. That overwhelmed me Yeah and we're there. Echoes of that is premature to ask where there. Echoes of that in the newsroom. Tyler moore show. Yeah because a good somebody can become a good friend of mine Who who was mroz editor For for some of his shows Was very much like lou grant. I mean the classic thing. There was a snowy night. I commuted to new jersey. And i was desk assistant. We both came out. And it's one o'clock in the morning and and And and he said he stopped cab. And and i couldn't afford a cabin he said and i said isn't it out of your way. And he says you know you're right off. He went and i started walking towards the bus terminal but laughing and was the but but we thought of a lot so when you were at cbs. When did you start to understand what you want to do there. It was still i i was. I was as a desk assistant. I was in the writer's guild which was amazing to me that i was in the writer's guild.
"brook" Discussed on Maltin On Movies
"To everybody. This is leonard maltin and you're listening to maltin on movies and our guest. Today is a man who's made a lasting mark on movies. Having conquered the world of television. He really does have a remarkable career in that way and He's brilliant at everything he does and he's also from new jersey most important holdout again also from new jersey. Listen jersey boy. You can't judge the ones no no indeed. now indeed it's james l. brooks. Hello jim doing fine. The last time we saw each other was also like this on zoom and we had been gathered by. Tom sturgess preston sturges son. That's right knockabout. His father's brilliant movie the lady eve. Yeah was that fun. Yeah it's it doesn't get much better than that doesn't it's it's still around. Did you grow up listening to radio a lot. I i guess so. I you know i i. I was when i was a child yet. I guess. I must have some but not not not in a kind of religious. Something's in it from specialists in it for me. Got away and What what was your earliest ambition. Because i know you went to work at. Cbs early. on i was. I had a strong ambition to survive. It was it was. It was if it was so long before. It got any grander than that. You know just be able to make a living for myself Because i know. I messed up college of because it was the first fun i'd ever had my life so So i i think. I think i think i think forty five thousand people at the school and i think at the time i had the record for over cuts so it was. It was very very bad. Way to dignify myself at the. But then then i was then i was out of college and i was out of work and i had these odd jobs you know. I got fired several times. Because i'm i'm just sick and the and the jobs i was getting you need to be able to..
"brook" Discussed on KNBR The Sports Leader
"Brooks, Larry Kruger. Tom Tolbert with Yeah, We're gonna be joined by former giant From a Dodger. For Padre. Former Mariner baby Don't go back. Maybe Diamondback, maybe name a team marks when he's probably been on it because Tyrone Corbin of baseball exactly. Good teammate, Good pinch hitter and just, you know, I mean, I I think he's the guy you want on your team. Anyway, He's going to be here to 15 little Giants baseball and the rest of the N L West. And then Eric Musselman, the head coach of the Pig suey, Arkansas Razorbacks will join us and we'll find out what he's got going on, and he follows the NBA two so and get his starts on. On the NBA playoffs. What's up, fellas? Yo, what's up? You know it's funny, you I'm sure Eric follows the NBA intensely and he's got a couple guys in this upcoming draft. But you know, he's like a guy that can do both. You know he could. He could see him back in the NBA. I thought he did a really good job, and I think he's credible enough. But I think the college game his enthusiasm and his energy and his His motivational tactics since I just think In some ways, he's like a perfect perfect coach for today's college game with the transfer portal and all the recruiting that has to go on. Multiple levels. I think he's like, ideally suited for that. Yeah, all the Twitter is going to hit at college. It ain't hitting their head in the pros, and then they can dig the hole Twitter stuff and you can't come in there. Dressed as an army ranger, uh, in the NBA, That's I mean, that's just that just ain't cutting. It got good. Well, yeah, he could assure you see what happened. I mean, kitchen guys gonna go. Uh, yeah, bro. I got kids at home. All right. Just tell me what I need to do and tell me how to do it. And I own five homes that I have $10 million in the bank. Uh, I don't want to be an elephant who will move on. I would move on from the Rangers. Uh, you go ahead and you would get you similar war games after practice, but No, they're just it's different mentalities. And you mean anybody? Can think about what they were like as a man or a woman. And what they're like, is a college aged man or woman. I mean, did different things appeal to you. You have different sensibilities in different things hit that kind of step. That motivational stuff. Will hit you in college because you know it's a lot more raw bra, then that kind of stuff pros. I mean again. I always tell people we love to play and I loved playing. It was fine, but it's a business. I mean, you're not going out after practice the with your boys and hanging out Sure. Go to the pool. Good play Wiffle ball. Do we just hang out? Do whatever you know the pros practice over. Everybody goes home because I mean, well, except for me, Jim Peterson. We have together all the time. But guys have families. You know you have families you have y have your girlfriend's it. Whatever. You're just gonna go home, and, uh then do your own thing could one could probably more likely. But you just go to your thing. And nobody regrets as you that it's just different. You know you're grown up now. And when you're growing up, you just do different things. You have different responsibilities. And you just You know you don't have time for that stuff. You don't really want to hear that stuff. College. It's totally cool, but And not only it's a knock on anybody's just what are you better suited for? Like? I was saying Jim Harbaugh's much more suited for college. Then he is the NFL even though he proved he could win. At the NFL. But like his, it's demeaning to call it an act but for lack of a better word, that's what I'll call it because I don't think it's an actor too. He is, but That type of coaching is much better suited for college than it is the NFL. I mean, you can't tell me That they're winning, so they're like going along with it. But like you can't tell me that nine years like the whole who's got it better than that's nobody there like rolling their eyes going. I felt okay. Here we go. No, nobody. It's like Jim Zorn, Washington hip hip parade. They had to be thinking. Are you kidding me? We're back and Pop Warner and I was like George Allen stuff right there. I know that's why he did it, but it's like, what are we doing? Like that's what we're doing today. We're doing hip hip arrays, so I just I think most guys roll their eyes. That type of stuff when you're winning. That takes care of everything, Uh, pretty much, But you ain't doing who's got a better than us. Nobody in like, four and four. There. There can be like if you hit the bricks who got it better than us. Beat it artistically. Quite a few teams, actually, exactly. Well, yeah, you mentioned nothing. You mention it, Coach, Uh, coach up like this is the time for podium and just want to point out that? Yes. There are several teams that have it better than us. You might want to use in fact, checking. Yeah, I just like we have the standings right here, sir. We had a recruiter. We had a recruiting visit. And and Steve always loves to mention. This is where we're at it. Randolph Park. And we take this recruit out. Uh, for like a picnic hangout. Screw around with football. All that kind of stuff just messing around and the player we were all there, and it was there and everything. And loot walks over to the young man. I figured who it was who was on the recruiting chip. But anyway he goes, how are you going to be Tucson? The weather is gorgeous. We're out here at the park, and it's like February or whatever it was He goes not a cloud in the sky, and I just happened to be within earshot of him Talking to go, Coach. I go. You know, I hate to be a stickler hair. But there are a couple clouds like over there and there's a few back here and there's a couple over there. And no, not even like a little bit of a smile..
"brook" Discussed on The Psychology Podcast
"I love the skepticism. Until it's directed at me. And then i don. I don't love it and it's funny. I want people to respect me. It's it's it's yeah. Yeah it's funny because on one side of my family practically. Nobody went to college on the other side. I'm a third generation college professor. The everybody harvard harvard. No less come on come on air. I know it's actually pretty interesting. Scott because i remember. I teach happiness at harvard business school. Yes the first thing that. I tell them when i get in there. Is the paradox. The harvard business school is that if you're not happy if you do get it and you're not happy so and i know that because i didn't get it when i was actually trying to get into graduate school. I got my bachelor's degree by by by correspondents because of those on the road is musician and it turns out that. Harvard is not looking for graduate students who are thirty year old french horn plane. Dropouts correspondence degrees weird. Right mean that s other cordova graphics. I got rejected like two weeks. I remember feeling just rushed like i have. No future is not going to be any good. And then i get to the weird things you know. Life you never know is going to have the store for you. I wind up as professor at harvard. And i'm looking at the data on people who graduated with their mba's ten years ago and then really sat a lot of them. Not all of them. Many of them are very happy. But many of them are dissatisfied with the world rewards. They were promised at an alive. Basically shows that getting into not getting into harvard is not secret happiness or unhappiness it lies within each of us hence the importance of the psychology podcast. Well thank you and your podcast. If i dare say.
"brook" Discussed on The Paul Finebaum Show
"Say that you're good enough. You can demonstrate that. You're good enough but if you don't get a chance to to be on the inside and and to play You'll you won't have the chance to to demonstrate that you're capable of playing championship level football and so you know there's a balance to be struck there If it gives you the same four teams at the end or the same two teams at the end. What have you gained well. We've gained transparency. And we've gained access And we'll have to evaluate whether or not we think that's worthwhile and on thursdays program. We spoke with sylvester croom the legendary alabama player head coach at mississippi state about diversity in college football my biggest concern on college football. That fear is a very few minority coordinates. You can't have minority iskoe unless you have an article and the college coaches got to do a better job of of of Of promoting their qualified to come to co bragging opportunity when i was twenty two years old. He's a guys who who grew up north segregation and yet they were had the foresight to make a difference and make a change and i. I don't see that being done today. With a lot of the coaches now is identified young guys to gleam in helping the older coaches the coaches when i came along coach brad pitt. And let's get to the phone college as we begin the final day of the week with john who is in louisville john. Hey good afternoon paul. What a great week. It's just nice to have you back the two guests. You had On tuesday Covering the name image likeness really put things in perspective. Do appreciate listening those too. Yeah i think there have been a lot of really good ones. But i agree Carell and dennis were you know just so to point and it's it can be complex but what they what i like about both of them john. They made it easy to understand even for those of us who have some issues understanding anything. And the cardiologist or larry's doctor made me think twice about my diet for the next couple of weeks. I thought about that today. When i decided you know why exercises friday the good good week squirrel larry Kit daddy Just the whole group was on and they were all in good spirits and not talk talking about sports and not people so really good week. So here's my question. And i don't know if you covered it earlier in the week but i keep looking at the transfer port and just more and more student. Athletes are putting in for it. And i think there's going to be at least eighteen. Hundred young men out of jobs Come this fall. Yeah i think you're right about I totally agree with you. John thank you so much for the call. We have an update now from the game. We'll begin shortly. So gator fans are excited to hear that the gators are currently behind. let me get another caller. Too in here in mark is up. Next from newton mass. Hello mark hey how you doing mark. Great to hear from you thank you. Yeah.
"brook" Discussed on The Crossover NBA Show with Chris Mannix
"This week rare that we can get april's coach of the month to appear on this show but we have him here. Scott brooks head coach washington wizards. Hi scott. chris was able to fit you. And i was. I don't know. I don't know how i did it but is somehow squeeze the i'm gonna give me about five minutes so let's let's pick this thing up somewhat hard to have like look. There's a lot to get into with you guys. I mean th the run you've been on russell westbrook's play having these conversations with you like for example was after you said that westbrook was the second best point guard in nba history. I texted that. Your reply was like seven celtic point guards who i would have chosen ahead of russell west. John bagley was on your list of respect for begley. He kicked my. You know what. I'll how did who who didn't in those days. Yeah you're right you're right. I brought up chris herren. You gave me a story about the surf like where these stories coming from. Donna hat hat him. There would have been. It would have been a great coach. Them forgot about the anaheim syrup. What was that experience like You know it was great for me. It was fifteen fifteen miles from my house so it gave me like a a glimpse on what coaching would be like. And i didn't have to really go too far away from home and back then it was. It was a minor league. So i did everything i did was i traveled. I did the hotels even take ankles. I did everything and it was. It was interesting. But i loved it. I loved the wits really good players in and yeah it was a it was a great experience for me for the gave me hickok experience at such a young age who went to anaheim surf. Games was crowd therefore it was mean anaheim. So there's a million different things they can do all the players girlfriends and my wife about thirteen people there. It's a robust crowd. It wasn't that it was really but it was good. It was good basketball pretty competitive. But like i said it gave me an opportunity to coach. I think i just retired like two or three years before that. Thirty five thirty six years old so it gave me a chance. The head coach at a young age which was great. I think d brown was on your celtics list as well as of guys put ahead of russell westbrook. I had some names. Dana barrels dana barros prior to boston college. No he was all star right one year..
"brook" Discussed on The Crossover NBA Show with Chris Mannix
"Wanna houston helping them win two championships which is why rudy t shouted out like the dude is just one of the best post-season clutch shooters of the of the modern era and is not enough to be a hall of famer chris. I don't know maybe it's a stretch. But i don't think it's ridiculous to talk about him. He's a stretch for he's stretch for so it's appropriate for like fear point one of the greatest playoff shotmakers. We've ever seen ice in his veins like lived for those moments. Wanted the kickout pass from colby or manu ginobili like wanted. The ball in those situations and there are a lot of players better than him in terms of pure talent. That didn't operate like that. That didn't have that type of mindset. That's why whenever there was a contending team they wanted robert ory to be part of it why it was on so many contenders because he wanted a player with that type of mindset in the playoffs but like three times in his career did he averaged double figures. He shot career-wise thirty five percent from three. Which is okay i guess. And he shot forty two percent from the field which is not good so like the numbers just are not there and at some point it has to come back to the numbers. I mean his fourth season. The nba was the last season. He averaged double figures. That was it after that he did. Other things like defensively. I give them credit for made those big shots but he wasn't averaging double figures now. If robert ory was like this four time all star who didn't have a ton of great statistics. I might consider the playoff performances. Then would i think buoy him into the hall of fame. But he wasn't that guy. During regular seasons he was pedestrian factor on play-off teams but during those regular seasons just didn't do enough. I create a special award for him in the hall of fame like best playoff performer. Like every year. You put someone like that in. I just think it waters down the hall of fame. You put robert oriented notice respect robert. You've had you've had a career that most players with better number score in the hall of fame probably envy. They'd probably want to be. They give you their hall of fame bust in order to have the career that you had but the hall of fame is for players that did more in the two over the totality of their career. I i can't just look my own definition for as such as it is for. How define who's a hall of famer if you're questioning and when we talked about this with regard chris webber a few months back and he's going to go in later this year for the second hole the two thousand twenty one class. This was the twenty twenty class. We just saw go in so whoever's gonna make it. In one of the cases. I made on his behalf had to find his case was. You can't tell the story of the late nineties early. Two thousands of you know ten year span..
"brook" Discussed on Relationships & Revenue
"Welcome back everyone to the relationships and revenue podcast. I'm your host. John ulan so excited to have all of you with us today. And it is my pleasure to introduce to you brooks holland brooks. How are you my friend. Do an amazing. That's great man. I am so excited to have you here today and to share your message with our audience today now listeners. I want to tell you a little bit about brooks in those of you who have only heard me and not see me via video. I do operate from so if you hear paper shaking. That's what that is so brooks is a coach now. That's not even really fair to call him coach. I mean he is a high performance. Type coach i mean he coaches some of the best and brightest high performers anywhere. He's definitely gonna tell us more about that. In a little bit is a speaker. He's an author entrepreneur. Also he happens to be a graduate of the us naval academy. And oh i think i remember. He qualified for the two thousand olympic trials in swimming. I mean come on. This guy is amazing so the best part is his messages even better than his background. Oh i forgot to other really important things to mention about brooks his two greatest. Titles i would say. I think you'll agree. He is husband to natalie and step dad to penelope percent. All right all right. So you know i could do a little more on an introductory side for you but what i really want to do. I want our folks to hear from you so help us out a little bit. Take us back to the beginning and tell us much or as little as you want about your story. How did you get to where you are now. Before i dive into that i wanna set just a little bit of context. Voice share the story. I'm going to share to really set the tone that i operated a really high level. Because that's gonna key into a big lesson that it took me twenty plus years to learn in so i'm sharing these things not from a place of light. Look at me. Look how amazing i was. I'm sharing these things for context so you can see where that second part of the story came in and so to kick it off. When i was started competitive when i was six years old it was a it's florida. It's the middle of the summer. It's ninety plus degrees ninety percent humidity. I had a friend that was you know quote unquote come over to the house to play for the afternoon and you know their parents are picking on said..
"brook" Discussed on Sci-Fi Talk: The First Season
"Right now <Speech_Music_Male> what would you say <SpeakerChange> for all <Music> their work <Speech_Telephony_Male> <Speech_Telephony_Male> <Speech_Telephony_Male> attention. And <Speech_Telephony_Male> i appreciate <Speech_Telephony_Male> so much your efforts <Speech_Telephony_Male> trying to show that on <Speech_Telephony_Male> year for all <Speech_Telephony_Male> of us <Speech_Telephony_Male> for good literature <Speech_Telephony_Male> and good entertainment. <Speech_Telephony_Male> <Speech_Telephony_Male> Keep having <Speech_Music_Male> fun. Yeah there <Speech_Music_Male> you go if you had <Speech_Music_Male> the chance in crusade <Speech_Music_Male> <Speech_Telephony_Male> rules renewed or <Speech_Music_Male> another opportunity <Speech_Music_Male> came along. Would <Speech_Music_Male> you like to try directing <Speech_Music_Male> <SpeakerChange> either television <Speech_Music_Male> or movies. <Speech_Telephony_Male> No <Speech_Music_Male> <Speech_Music_Male> i don't <Speech_Telephony_Male> think so. <Speech_Telephony_Male> I'm heading <Speech_Telephony_Male> in a different direction <Speech_Telephony_Male> right now. <Speech_Telephony_Male> I'm not gonna talk about. <Speech_Telephony_Male> It's <Speech_Telephony_Male> more than writing <Speech_Music_Male> thing. No cool <Speech_Telephony_Male> <SpeakerChange> <Speech_Music_Male> also <Speech_Music_Male> kind of <Speech_Music_Male> you know. That's also kind <Speech_Music_Male> of dangerous as the fact <Speech_Music_Male> that you're <Speech_Music_Male> you're all you're kind of stepping <Speech_Music_Male> ahead <SpeakerChange> of people a little <Speech_Music_Male> bit. <Speech_Telephony_Male> <Speech_Telephony_Male> Follow <Speech_Telephony_Male> your own <Speech_Telephony_Male> when it doing <Speech_Telephony_Male> is a one man show. <Speech_Music_Male> <Speech_Telephony_Male> That's all. <Speech_Telephony_Male> I'm thinking about right now. <Speech_Telephony_Male> So i'm obsessed <Speech_Telephony_Male> an absorbed with that <Speech_Music_Male> cool <Speech_Telephony_Male> that'll <Speech_Telephony_Male> come out and about six <Speech_Telephony_Male> months so <Speech_Music_Male> you try it out <Speech_Telephony_Male> there and yeah <Speech_Telephony_Male> <Speech_Telephony_Male> then and <SpeakerChange> take <Speech_Telephony_Male> it to europe <Speech_Music_Male> great <Speech_Music_Male> <SpeakerChange> <Speech_Music_Male> great. Hey continued <Speech_Music_Male> success. <Speech_Music_Male> Thank you for taking the <Speech_Music_Male> time. I really really <Speech_Music_Male> smart and <Speech_Music_Male> best of <Speech_Music_Male> luck. I liked the performance. <Speech_Music_Male> I hope we haven't seen <Speech_Music_Male> the last of the <Speech_Music_Male> <Speech_Telephony_Male> person. <Speech_Music_Male> Yeah that would <Speech_Music_Male> be pleasure. <Speech_Telephony_Male> Elliot thank you so much <Speech_Telephony_Male> for your time <Speech_Music_Male> continued success. <Speech_Music_Male> Yeah and good luck <Speech_Music_Male> with a one man. Show <Speech_Telephony_Male> <SpeakerChange> <Speech_Music_Male> <Speech_Male> was great <Speech_Male> to relive that it turns <Speech_Music_Male> out we did meet <Speech_Music_Male> later on <Speech_Music_Male> a few years <Speech_Music_Male> later we met at to chiller <Speech_Music_Male> theatre. Expo <Speech_Music_Male> shook hands <Speech_Music_Male> and reconnecting <Speech_Music_Male> with great to talk to him. <Speech_Music_Male> As i said <Speech_Music_Male> in the interview he went <Speech_Music_Male> onto hear <Speech_Music_Male> young and the restless <Speech_Music_Male> but he also moved <Speech_Music_Male> on to appear. <Speech_Music_Male> In the movies dodgeball <Speech_Music_Male> <Advertisement> castaway. <Speech_Music_Male> <Advertisement> He <Speech_Music_Male> <Advertisement> also appeared on e. <Speech_Music_Male> <Advertisement> r. Csi <Speech_Music_Male> <Advertisement> miami numbers <Speech_Music_Male> <Advertisement> and just <Speech_Music_Male> <Advertisement> want to thank patti <Speech_Music_Male> <Advertisement> smith. Her dedication <Speech_Music_Male> <Advertisement> is one of the many <Speech_Music_Male> <Advertisement> crusade fans <Speech_Music_Male> <Advertisement> and tried to keep <Speech_Music_Male> <Advertisement> the show going <Speech_Music_Male> <Advertisement> and also tnt <Speech_Music_Male> <Advertisement> for setting <Speech_Music_Male> <Advertisement> up to <Speech_Music_Male> <Advertisement> relive crusade on <Speech_Music_Male> <Advertisement> dvd. And it's <Speech_Music_Male> great to see the show. <Speech_Music_Male> There's some great <Speech_Music_Male> <Advertisement> moments in there <Speech_Music_Male> <Advertisement> and documentaries <Speech_Music_Male> <Advertisement> as well and <Speech_Music_Male> <Advertisement> also always nice <Speech_Music_Male> <Advertisement> to see the late. Richard <Speech_Music_Male> <Advertisement> biggs <SpeakerChange> as <Speech_Music_Male> <Advertisement> dr franklin <Speech_Music_Male> <Advertisement> war-time <Speech_Music_Male> visit sifi <Speech_Music_Male> talk dot com <Speech_Music_Male> for all the latest podcast <Speech_Music_Male> interviews. <Speech_Music_Male> That i've done. Thanks again for listening.
"brook" Discussed on Sci-Fi Talk: The First Season
"Scope. What was what did you get outta take risks. Because it's a lot more improvisational when you get up to the top. I didn't. I didn't have any really anything to do on the page. So i wrote a bong. Just follow my own instinct on a monologue and just gotten into the actors studio through a piece of lord byron. They don't do period pieces. Just you know so all right talent. So i wrote this piece for For stone and he's a writer and i i'm here i'm crazy. He's right. But i went ahead with it and i did this piece. It was like donor. That was a good friend of morris went with it. He said yeah. Let's use it. You never use it. And i basically got out of the film you six center. You know people like me. And i know you've done some stage work You know what medium do you like working or is everything pretty cool for you. I like working in sales in the most. The most prop to stage scares me the most about learn about television. I like because it's like. I could get in there and stay consistent. I didn't know that. I really like going to work by reading your bio that you liked to you like kayaking. Now i mean i i have been i live near. I live fairly close to the beach about an hour away. New jersey so I've seen guys kayaking in the ocean and also in like lakes and streams and rivers dry so Have you done both and if you have which one you know. What are the pros and cons of. I got introduced to australia. Australia guys river called a known. It was about thirty miles in from the nearest road. I'd never used a kayak you wear when you go upside down and you have to write yourself great nervous me so every time we hit whitewater and you get to the right. And then i don't always have to climb out carjackings. I trust them. They told you after. They they thump. Your whole. they're on the right. You and i was gonna sit there underwater waiting for them to well so they were nuts. That's i learned a little bit about. I came home. And i got it and she kayaking. And that's when i pat of catalina to the mainland that i year ago that's quite hall was for me. What's what do you like. Better the to the ocean or the yeah. He's my surf. Is it easier in the ocean or like being out in the ocean waters. So you are what you were born in la but you went to college out here and east coast and it is where you Discovered acting or acting discovered you now basically acting came out of the woodwork. In new york unemployed not the streets after could bobbing around the world for ten years. I just one job. And i lost it of came up to me. I know dishing. Somebody said you wanna try. Try to make a it anywhere. And i understand. You're also doing some. You know convention appearances coming up here in these this part of the world as a matter of fact valley forge coming up with some of your other cohorts from show. I should be alone on. Have you had any interaction with fans new york fantastic on as well i think right. Yeah that's coming up next week. That's right that's thirty. That's right this weekend. I've had some interaction there. They seemed like i really intelligent. Polite group of people like in very bright. You know they really kinda now. What's up so my mom. And i was grateful. You have like you know. A lot of them will read this on the web and maybe have a message for like their efforts to save crusade and and all that in other words. If you're speaking to them.
"brook" Discussed on Sci-Fi Talk: The First Season
"I was contacted by patti smith. This was an effort for fans to try to bring back the series crusade. And she said it would be really cool if i could try to use my efforts to gain interviews with some of the stars of the show and posted on the internet so people can kind of rally around the call so as lucky enough to interview some of the stars of the show after the initial thirteen episodes and air. One of them was david. Allen brooks play dr max tyler. Sohn in the series. He was the linguist and archeologist for the excalibur on their expedition to rid the earth of drac claim. Good some good memories. Talking here. With david allen brooks are not his character and the series crusade the character max for a lot of different reasons. The main one is he kinda tells it like it is in the in the lines. And he's had it. I've seen he he doesn't mince words. And that's one of the cool things about it what What did you see when you first got the script for it and you saw him on the page. What kind of popped into your mind to play mats. Iraq gave me a pretty strong clue. The writing is strong. Basically went with a combination between Fashion designer at a fascist up. Exactly what you described as brilliant which. I'm not tell anyone that the fact that he was attacked and he was into this language you know he was really very much linguist. And very allergist and just brilliant. You know we're click. Click click horror. And that's enough and make way for this and when they didn't social skill obviously fell down. And so i think that the fascist part was this. Mainly i'm telling you stuff you already now the fascist in fashion designer. He was like elegant you know. He had his own sense of socially skilled. He wasn't a nerd. Wasn't quite how i saw. I saw this just defended his hell You didn't get off to a good start with you know with expanded. Morale had working for like. I like the line in the pilot. He says this guy's a pain in the ass. He's pain in the ass. There's i don't know if the episode is aired but there's one coming up it's called the rules of the game. I believe and actually You know allison has a lot to do with. his ex. Wife is actually involved in the plot as well If you can kind of kind of preview that a little bit for us obviously without giving any spoilers away. They're leaking volcano of my life. And my wife and maybe Relationship that i had with a pet she saw what was inside and somehow got through the armor. That was one of my down points but the rest of the ninety percent of the rest of my world is is pretty much function. because i'm an agnostic and because my point of view on things it's just get as much as you can done for yourself and maybe for others works pays for itself and live your life to the forest on that on that context so he's pretty much. This happened in space. You have a great group of people to know surrounding you. Starting with gary cole- all the way down and the parallels to the whole artur ian thing. I mean the ship that's caliber and you might. You might even say you have a merlin on board to you. Know peter woodward's galen so In that kind of you know there's kind of a legendary mythos surrounding the whole crusade. Things makes it a little bit more interesting to watch mistress trubisky writing and storytelling. He's obviously he's he's getting universal themes in these replay of the same kind of thing that's gone through the greeks and all the way down and now we're just doing our version of space and it's very interesting how it plays out because it's it's basically the same deal. What are you talking about the reference tax cover spaceship or the sword. It's still kinda the same man against win exactly. Is there any episode. you've done of the original thirteen. That stands out for you. I kind of like rules of the game. He yeah yeah. I like being able to work at my role. I think it was the first one we had quite set to work on. That runs and we had a director tennant creek just wonderful. I adore mike. They aren't exactly the best direction. Work long wonderful. Then you also had also stephen first step behind the camera direct one of the episodes job at a really difficult show to run and he did a good job with this news really patient.
"brook" Discussed on WSB-AM
"Great offers. Georgia and Carolina six. The dogs have not led yet. South Carolina scored the first four of the ball game. Georgia tied it at four and then fell behind 6 to 4. And then the dogs tied it again. It's six p. J Horn. With two quick fouls, however, chucking is out of the game right now. And Andrew Garcia and already scored. I mean, did immediately stepped on the floor and score that guy you know he does he produces when he's on the floor. Got to give him a lot of credit transfer from Stony Brook. Excuse me is not a great job. Tom Green. I gotta tell you one thing, though, this is this is where it really drives you the basketball purist. If you want to see the game played well, you know, there's this love of the three point shot, and I think coaches think Okay, if you shoot the three Well, you know you're going to score a lot of points. You win games. Yeah, it's not always that way between these two teams tonight. There are over eight. Uh, both teams are old aside many games is they're both over four behind the art. You know, you've got to learn that that mid range jump shot is still valuable. It's valuable in this game. And if you could, if you did not down, you know that 10 to 12 to 15 footer. You know it matters and it'll help you. You won't get you on SportsCenter, but it'll help you win games. Georgia with the basketball working into the front court quickly left into the floor Dogs and Red South Carolina in White Gamecocks in his own in a 23 zone, trying to force Georgia toe. Keep taking that three point shot. We get inside the Garcia and he will lay it up from the left side. Right in the restricted zone. Garcia got in deep was able to put it up with the left hand and score. Thank you. Stoney Brook Garcia played against South Carolina in his time at Stony Brook in his second year. With the Seahawks or the Seawolves believe it's stony Brook Carolina with a basketball here is Lawson for three right wing. That's no good foul on the floor on the rebound, Gonna go against the dogs, and you know what? That was only their fourth shot on that possession. That's two on tomorrow. Now. So two starters already with two fouls for the dogs, and we've got 14 26 still to go in the first half tomorrow is going to stay on the floor. 86, Georgia with its first lead. There's Garcia with a steel trying to lobby down deep underneath, and Garcia stepped in front of picked it off dogs with a ball wheeler with a terrific past two tomorrow. I can't finish on the block, but he got fouled, so we'll go to the line. Try to finish there. That's that's good to get to money on the line. It's even better if we'll see the good free throw shooting Toumani as opposed to what we have seen over past few games, but See him. Knock down some knock down some of these free shots there. Camara, just 56%. There's the good to money for his first point of the ball game. That free throw was all net. Tomorrow went three for seven against the Gators and that loss on Saturday. Below 60% but steps up in Barry's A couple there, I got to see didn't even touch the rim. Little that's great dogs with its large lead here, early on it for its 10 to 6, Georgia. Justin Minaya handles the basketball for Carolina. They have subbed in now. Jalen McCreary is playing for his his first game since January, 6th was traveling on the floor. South Carolina will turn it over with the travel. On you can hear Clean shaven, Frank Thomas bellowing from the sideline there in Colombia. He wasn't real happy with that. Well, coach Martin seldom happy did I say I said, I know who did I say? Said Thomas. Frank Thomas. Frank Martin. Yes, it is Frank Martin and his knights season. Frank Thomas. Does those testosterone commercials ball out of bounds under the basket. It's gonna Georgia will maintain the possession. To 13 seconds. Have plenty of time to work here. Fagan fires it in on a lotto tire over the wheeler back to Justin. Tired dribbles with right hand. Six on the shot clock for severe drives down the lane layup. Good off the glass. That's what we're used to seeing from severe. He just split the defense ripped right through it and scored on the lay in and it's 12 to 6 Georgia 13 17 to go Carolina again. Goes down deep. The ball is batted away. Coastguards trapped underneath the basket, Nowhere to go with it, trying to get it over to McCreary and Garcia is just giving him fits under the basket. I think they call the foul of South Carolina. But it looked like Garcia was tipping the ball and they may have hit his arm while he was tipping it to himself. No, he called about, okay. They're giving the ball to South Carolina Carolina will simply inbound it. Gamecocks basketball. Here's Trey Hannibal on the dribble the elbow curls around outside the arc now goes back to costar He ducks under the defender, Mrs Leaner. From 12. Ft. On the rebound is battered up the tunnel to the left. We're just giving him too many opportunities right around the glass, you know, right now, you know. They're not knocking him down, but seven offensive rebounds already Caroline that could turn around any moment 12 to 6, However, Georgia leads by six Carolina with a basketball. Mariah's holding it on the three point line, guarded by Kyra, who starred curls around, floats it up it in with right hand. Good. Inside the free throw line, who starred with his first points of the ball game is now two for six from the field. It's 12 to 8, Georgia by four with the ball. Chire thought about pulling the trigger on the three pulls it down and gives it to Wheeler. Back to Justin. Now he will shoot the three off the rim Far side and Christian Brown back in the game now for Georgia after missing the last two with an injury. And it gets whistle for a foul on the rebound. Welcome back, Chris. Well, Scott, you're right. Seven offensive rebound. South Carolina has the heart to know that. I mean, I just tells you right now how it's going on the defensive glass for Georgia, and that would mean not well. Well, Tom Crean talked with us about the importance of rebounding and in our pregame were already minus four and most of those on the offensive end. Christian Brown blocks a long jumper by South Carolina, but the Gamecocks get the ball back and then missed. A second opportunity. Katie Johnson's in for the dogs. Now, Azaz Andrew Garcia will be called for a charge down the left low block. Yeah, I think the officials just like the motion of that offensive foul in the energy they can put into it and send the ball in the other direction. Well, just calling a regular common foul. I thought that was debatable was to wear that was on the floor. I thought that may have well been inside in the zone who didn't catch a replay. Garcia picks up his follows So Georgia's five on the floor right now, or Katie Johnson and severe Wheeler, Kyrgyzstan, CIA and Christian Brown and now Ted Valentine will call on offensive foul on South Carolina and that will get us into a time out, and that could have been to make good. It may well have been 12 8. Georgia leads by four over South Carolina in Colombia. The foul was on Hannibal for the Gamecocks, and we'll be back for more Bulldogs basketball right after this on the Georgia Bulldogs Sports network. I love.
"brook" Discussed on The Paul Finebaum Show
"Josh brooks who just recently took over for greg mcgarity as a new athletic director at the university of georgia where he had previously. Been the top assistant josh. First of all congratulations and thanks so much for coming good afternoon. Any thanks for having me fall. It's great to have you and you know. This is one of those jobs that all aspiring administrators want to have the especially working having. You got your masters there after going to lsu and working under greg. I'm interested in what it was like to be his opposition and ultimately to to move in as he retired well thankfully greg's been a great mentor from me especially these last few years. He's really giving me a peek behind the rope as a services number to give me a chance to be a part of those big decisions really see you know what he goes day basis how he makes those decisions. He's letting me sit in for him and eighty meetings <hes>. Whether it be on campus or in the sec. So i really am thankful to greg for the opportunities. He's giving me these last couple of years. That have prepped. Me for this day. And i think combined with that with my knowledge of institution haven't been here. Ten plus years has really served me well and made me comfortable to sit in this chair on day. One genesis has been quite a year to be an administration that there was a time many many years ago when a lot of a lot of former football coaches would move into that position. I'm not saying it was ceremonial but there was usually someone underneath. Who did the heavy lifting those days are over. These are tough jobs especially coming off of a a difficult and challenging twenty season. What does it look like just short term to try to for all of us to get out of where we been from this pandemic and to start seeing some sunshine again. Yeah hopefully you know. We're all tracking the numbers. And we're hoping that that we're at that peak point right now coming out of new year's and knowing that the vaccines are starting to be distributed but you brought them interesting point about former football coaches or former coaches moving into the role and now primarily most or came up through administration. There's not a lot of eighties have actually coached <hes>. There's a lot these who played but not who've actually coached so. I think that gives me interesting. Take that. I've been on that coaching side. Being football off-spinner assistant coach for number years. It's given me another perspective. Combine that with the ministry of experience. That's really helped me as well in this role but you talk about moving out of covid. We've got remain optimistic. We've got a hope for the best and the worst. You're already planning four g. day. We've got the limited seats ready in case but obviously like i said hope for the best keep progressing but we've got to prepare and plan for every scenario moving forward josh. I realize you're you're you're barely ended the job you start questioning you on on things that <hes>. We'll take some time to sort out but with every athletic director and georgia probably better equipped at the most because of the success of the program. How do you deal with the loss of revenue. We're does it affect or how does it affect the program. The most well thankfully paul. We have a phenomenal team here. From our development staff and our ticket staff we put in a really great plan in august. We knew that we'd have limited capacity and it was a fan. I concept put forward. We offered every donor the opportunity to get a full refund on their tickets and that was without any caveat so if they got a full refund they would lose their seats for next year and that that was something that we really that was going to be tough because we knew a lot of people will take that refund put back into that our development ticket office went to those donors and said hey. Listen if you let us keep a portion or or the what we refund of your ticket portion donation portion and converted to a cova relief fund. We'll give you triple points towards your priority for seat back for seating so that effort and that was very meticulous and they put in a lot of hard work and we have the best fans in the nation we were. We were able to recoup twenty two million dollars of that that big number that we always strive for so that help put a big dent in what our financial situation was along with the fact that our business office has done a phenomenal job of being focusing on essential. Expense mission critical. And everybody's bought in and we are one of the few departments in the country. I would say that have not had to lay people off now. That fuller employs. And that's important to me. Because i'm a people person. People come first so a combination of what our development office and take it off so done and the business office were sitting in you know. We obviously still have challenges to go. And we're we're going through that but we're in. We're gonna come out of this. I think in pretty good shape when it's all said and done