35 Burst results for "Fdic"
"fdic" Discussed on Tech Path Crypto
"A little bit over the last day. Going sideways a little bit, we're getting ready to print the next sentiment. So we've got a good thing is that amplification is kind of flat. So I anticipate, we're still probably going to hang around 17 right now on this. So interesting. Ethereum still climbing, but yet at the same time, even though amplification is start to come in under overall market sentiment. Still separated a little bit. For you guys that don't know how we track cinnamon. Top line, the purple line is always our top line, meaning just general statements and sentiment about a product or an asset. Red line is more about intent. What somebody is going to do. I'm going to sell it. I'm going to hold it. I'm going to share it to my Friends, tell people everybody should be in Bitcoin. Those are intent mentions that get scored in a category we call amplification. All right, can't be more expensive than Celsius was. Well, that is for sure swamp, which, because Celsius was very expensive because most people went to zero. Bring on regulation, yes, I would agree with you. Regulation is going to be validation. It's going to be painful in front, but I think we'll back off other than the deals that are done in the back room because if I've lobbied in D.C. before, I know how this works. It's dirty. It's dirty. It's the dirtiest game out there. How can the FDIC ensure Bitcoin with such volatility that's dumb? Sticks are not FDI. Well, listen, that's not really the case, ninja. So SIPC is securities. Insurance. And that's for stocks. Stocks are just as volatile. So you already have a structure that's working in a broker dealer application and a tool set that's already mainframe to federal regulators as it is. So yes, they could, but the key here would be that they have to abide by the situation of what the valuation is and it has to be real assets, holding against it, which is why security reserves are so big. So again, a big one. Yes, Warren wants a CBDC. For sure, again, digitally controlled money by the government greatest, this will be the greatest hack on mankind ever. You think we've had good hacks on mankind so far? NSA, Facebook doing all these things, data sharing all that Fiat, the Fiat scam. We've got going right now, fractional reserve banking, detaching us from the gold. Yeah, no, this is nothing compared to what's going to happen with CBDC. With all these bad news, maybe we could maybe we saw the bottom. If maybe I think the key here guys is watching for another potential contagion effect, I hope that we're past that. The light touch of Powell right now could get us out of that 17. Fidelity is the next monster coming in, I'm guessing, yes, you're a right crypto music. Swamp winch, you keep backing in here.
"fdic" Discussed on Tech Path Crypto
"Is a dangerous but yet also formidable foe when it comes to this and then you get into bank charters and how those are awarded. This is such croc and it's as if they're play acting here on this. Her last point, I think it's at home. I would think so, senator. You want to expand on that a little? Yeah, look at her smile. We're dealing. It's like they know the answers are coming because they're setting this up for companies. Where everybody gets highly speculative. Of course they're engaging. So if they were engaging in high and speculative activity and you're the FDIC and you were ever commissioned to go in and do the audit that would be required for you to even charter them as a bank, you would have killed it in the first place. So this is bullshit. Sorry, babe, I just get very excited about these croc of craps that are happening on Capitol Hill. All right, so you got some other things we'll wrap up with just more of this bloodbath crap. This is neuro orbini. You've seen this guy, this guy has done a couple of books on the cryptocurrency issue. He also goes after CZ and he calls binance kind of the biggest one of all out there, but he talks a little bit about here he's convinced that everything out there is, they're on their way to extinction. After listen, guys, I've heard this many times before, I've been in the tech industry long enough time to see when technology is right and see when it's wrong. And right now, blockchain is right. The problem that we all know is that there's greed in these kinds of industries when it's a wild west, and that's what we've dealt with. Had there been regulatory guidance in framework in place. A lot of this kind of stuff would not be happening and still to this day is happening right now. So when you're out there, do your research, understand what you're getting into if you're getting into different altcoins and some of these ICO projects that are out there. I don't recommend any of those. And I think this is just one thing that we're going to continue to see happening over on. I know we're going to get into a poll real quick. I promise you some sentiment. I'll get into that as well. For that, let's take a look at the poll real quick. All right, should customer should customer money on crypto exchanges to be federally insured for users to 66% of you say yes. Well, listen, if you do that, all right, 66% of you guys out there right now. If you do that, if you have FDIC insurance, then you're going, that exchange is going to have to pass a lot of federal regulation guidelines and disclosures, it will most likely put a lot of these exchanges into hardship just to be able to meet them. Number one, number two is fees are going to go up, all right? You think banking fees are high? Wait for your exchange fees because they're going to continue to go up. Now, you've got the other scenario that plays into this that, you know, of course, Warren was talking about is that the situation there plays into who is she protecting? She's protecting the banks. Why is she protecting the banks?
"fdic" Discussed on Tech Path Crypto
"It is another crazy day in the exchange wars that are happening out there for sure right now. We'll dive into a lot of what's happening with KuCoin, kraken. Binance and many others, and it's going to be interesting today. So stay tuned for a lot of this. My name is Paul Barron. Welcome back in the tech path. We'll get into a lot of this lineup. I'll probably give you guys some sentiment toward the end. We'll try to do some back and forth on the questions. So make sure and stick around for that. If you do have some ideas that you want us to cover, make sure and drop them in on the question sidebar. And then don't forget to hit the like button and hopefully that will help get this stream moving out in there. Let's start first though with our sponsor. And that is treasure. If you guys are looking at and this is really should be the thing you are looking at and that is self custody, especially in light of today's topic, and that is the issue with a lot of exchanges that are not only struggling, but are in some precarious situations. And, you know, when we were coming on and talk about that in a second, but check out treasure. Treasure, you're going to like it. This is one that I use. I also use others, but this is one I like because of the big screen and their own suite, which is the treasure suite, which is a great tool set. Use our link below. It does help the channel out. All right, so let's get into it and say, we were a little bit late going live mainly because of the breaking news on the situation with Apple and what's happening with coinbase wallet and most likely what we'll be happening with meta mask wallet and others, including the trust wallet and others out there. This is going to be a scenario that we're going to be dealing with, I think, for quite some time. Maybe over the next year around apple's App Store situation, especially as it pertains to web three
"fdic" Discussed on The Crypto Overnighter
"Here, encrypted, it's 10 p.m. Pacific time, my name is nicodemus and welcome back to the crypto overnighter, where we take a nightly look at the crypto NFT and metaverse space, and keep in mind nothing in this show should ever be considered financial advice. It's November the 15th and for sure, fallout from FTX annihilation is still happening. But we're going to start things off in other regulatory news tonight. Martin grunberg is returning to action officially. You see, grunberg has been the temporary, the acting head of the federal deposit insurance corporation. Since February of this year. That was after the resignation of former chair mcwilliams. But this is not the first time gruenberg spin behind the wheel. He also ran the agency as acting chair from 2005 to 2006 and from 2011 to 2012. He's also the longest serving FDIC board member in history with 17 years. Prior to that, he worked on the Senate banking committee where he was a proponent for tougher financial rules. Now, this is like some other positions in the U.S. government. The president nominates the Senate provides advice and consent in the form of the confirmation process or not. But if they're approved, then the chairperson will serve for a 5 year stint as the chair of the FDIC. Now, given that the Republicans are not in control of the Senate, the Democrats are. President Biden should have little trouble getting his pick through the nomination process. The president sent that nomination onto the Senate on Monday. Now as far as how gruenberg feels about crypto, we only have to look as far back as February of this year. He was talking about the need to evaluate the risks presented by cryptocurrencies. When he said quote, to the extent such activities can be conducted in a safe and sound manner, the agencies will need to provide robust guidance to the banking industry on the management of Prudential and consumer protection risks raised by crypto asset activities. And he's already seen action and so surprising FTX is in the news for doing something wrong. But we covered it here when gruenberg's FDIC issued a cease and desist order. This was back in August. The FDIC issued FTX and four other companies letters for allegedly making false representations about deposit insurance as it relates to crypto. In those letters, the FDIC said FTX and others misled the public about crypto related products being insured by the FDIC. They said representations were false or misleading. Designed to lead people on to believe that certain crypto related products were FDIC insured. Last October, he was giving a speech on crypto related issues. He said stablecoins present such a potential win for the banking system that U.S. regulators should prepare to make sure that digital tokens aren't disruptive once implemented. And why do we care? While they don't make crypto headlines much and you don't see them talked about as much on crypto Twitter, the fact is the FDIC is going to be very important for crypto. And that's especially true where it comes to the U.S. banking system and how it's going to mesh with crypto. Which is going to lead back to stablecoins, as those rules will shape how stablecoins are implemented. And so yesterday, gruenberg was back in the thick of it. He was at a meeting at the Senate banking committee. And the subject nominally was about the oversight of financial regulators when New Jersey senator bob Menendez turned the committee's attention a little bit over to crypto. He said lawmakers need to quote take a serious look at crypto exchanges and lending platforms. Greenberg responded back with what we already know. No crypto firms are backed by the FDIC. FDIC insurance does not cover cryptocurrency of any kind. And that makes sense. Crypto is not what the FDIC is all about. Investing is not what it's all about. The FDIC's purpose in life is to protect consumer deposits at financial institutions in the United States. That's it. It's there in the case of bank failure. So that if your local bank goes under, you are personal finances are unaffected. By the way, FDIC doesn't cover the bank. Just the deposits in the bank. And so, senator Menendez brought up those cease and desist letters, requiring companies to stop making false statements about being covered by the FDIC. And he asked how grunberg would handle risks from crypto firms. Responded quote, when we identify some companies in the crypto space and others, engaging in misrepresentation, we acted forcefully, sending letters demanding that they cease and desist and indicating that if they did not comply, we have enforcement authorities available to us under the law that we can bring to bear. Not too many people are claiming wins after FTX is implosion. However, roston benham, he's the head of the U.S. commodity future trading commission. And he seems to be looking for some bright spots in the whole thing. Looking and finding. Here's what I mean. FTX U.S. derivatives, trading subsidiary, still standing strong. Most of the rest of the FTX empire is crumbling into dust. But the former ledger X is still doing relatively well. So what we're talking about is the unit called FTX U.S. derivatives. They have not yet been pulled into this bankruptcy crisis. Not yet. Chair benham says that this might be credited to his agency's oversight. He was speaking on the subject Monday at a futures industry event in Chicago when he said quote the reason is because I believe pretty strongly that they are very clearly regulated by the CFTC. It's a testament to the CFTC regulations and the CFT staff and the benefit of having clear transparent rules. Even back when it was ledger X they'd been registered with the CFTC. Benham said that his agency had been touched with them on a daily basis. Checking on their custodial operations. They said that they were doing it daily rather than the usual monthly time frame to ensure member property is where it's supposed to be. And he seems to be happy with the work that his agency is putting out. He did say quote, a lot remains to be seen over the next couple of days, weeks and months. But we're certainly vigilant. Over the last year or so, FTX U.S. derivatives have kicked up a lot of dust. Especially when they apply to directly clear their customers margin back to crypto's derivatives traits. This was actually something SPF proposed. So we'll see how that goes. That eliminating clearing firms was the way forward. And honestly, I don't disagree with him there. But this first of its kind application that would see crypto industry in the area of has been withdrawn. He was also asked if the CFTC would be going after FTX. Benham said that he wasn't going to talk about specific plans. That said, he pointed out that the CFTC does have authority over fraud and manipulation when it comes to trading crypto commodities, but said that they would use that authority to its fullest. And reminding us that the entire universe does not revolve around FTX black swan event, benham also pushed back on four amicus briefs filed in the okie Dow case. These briefs were filed on the daos behalf. This was that unit that got sued by benham CFTC back in September. Allegedly, they violated commodities laws because they offered leveraged and margin crypto trading products in the U.S. investors. And they weren't supposed to. But nobody is really sticking up for okie Dow so much as the method by which they
"fdic" Discussed on Marketplace with Kai Ryssdal
"In the land of crypto. Absolutely not. And that's something that people who are customers of FTX. And a lot of these crypto companies that have gone bankrupt are realizing that they are the creditors, right? They are no one is coming to their rescue here. Like you said, your bank deposits are insured by the FDIC. Your brokerage account is insured by a similar kind of mutualized backstop there. There is nothing here. And I think FTX is customers are unlikely
"fdic" Discussed on Coinstack - For Smart Crypto Investors - Bitcoin, Ethereum, DeFi & The Future of Money
"And FDIC crypto dot com to stop making misleading statements about FDIC deposit insurance and implement corrective measures. Brian, what are your thoughts? Well, I think it's important that regulatory bodies that are part of the U.S. government stand up for themselves. And I think the FDIC did just that. I think it's safe to say that Voyager at best made misleading claims and at worst, perhaps made intentionally false claims about some of their investments being held in FDIC insured accounts. When, in fact, voyagers not FDIC insured. Just because FDI is just because Voyager uses a bank that happens to be FDIC insured, does not make Voyager itself. FDIC insured. And I think a lot of the depositors with Voyager were duped. And I think a lot of them thought that, well, if they sent crypto or U.S. dollars to Voyager that those would be held in FDIC insured accounts and infected, they weren't. FDIC does not ensure crypto banks, at least not yet. So I think this is great that the FDIC is making sure that those companies stop doing that. Mike, back to you. Thank you. Though Quan reportedly hired lawyers in South Korea to repair for terror investigation. Terraform labs cofounder dok one has probably hired a lawyer domestic law firm in South Korea just days after claiming the South Korean authorities are yet to reach out to him or file any charges against him.
"fdic" Discussed on Clark Howard Show
"It's hard for me to take a deep breath when I talk about this because I feel so bad. We had so many calls, so many questions from people who trusted the promises they were being made on various crypto platforms where they were guaranteed these extremely high rates of interest for putting money on deposit with them. Typically, in the range of 9 or so percent. There were even promises that money was FDIC insured. And as we now know, I'm not reporting anything that hasn't been widely reported. People lost all their money in these offers because they were not truly FDIC insured, even the ones that said they were. And there's one of the organizations that's in bankruptcy. That I'm not going to get into the whole bankruptcy thing that is petitioning the court to release money to people based on their original promise. We'll see what happens. But the thing is with inflation raging, people are looking for some way with the money they park to not fall behind every single month. And it makes you vulnerable to these pitches for various apps that say you can earn these great rates on your money and all the rest. And unless something truly is with a bank or credit union, online bank or credit union. You sand the risk that regardless of what promise they make, your money is not safe and secure. Now there are some oddballs out there. People who have T mobile can use the T mobile money app and earn, I think now it's 4% on their savings up to a certain amount of money and the money is deposited by T mobile in an FDIC insured financial institution. And as long as your money actually really is in an FDIC or in CUA, which is the credit unit equivalent, insured institution, your money really is insured up to a quarter $1 million. But there are a lot of pitches out there, including from a number of private organizations saying you will earn up to X percent on your money. And they claim to have these strategies where there's no risk on the downside, but you're going to earn this upside.
"fdic" Discussed on Clark Howard Show
"A savings account with current is FDIC insured up to a quarter $1 million. But the 4% interest rate that current offers is really just a teaser because they call it a savings pod and you only earn the 4% on up to $2000. If you've got a lot of money from selling your house before a percent teases you in, but that's not really what you're going to get..
"fdic" Discussed on WLS-AM 890
"And a member FDIC Yeah here we are live from the patriot awards down here at Fort Lauderdale Florida the Seminole Hollywood hotel was at an incident right there right before this show For those of you watching at Fox nation wondering who is at lovely lady sitting to my left we had put her on the right the right is always the seat of honor but there's no room over there given the camera That is the lovely Paula That is a wave to the camera there Paula She is occupying this seat keeping me company during the show My father's here today too We got like a packed crowd And a bunch of patriots That's why we call it the patriot awards There is a lot going on Some of the things going on right now I wish you weren't going on It's happening There is some action in the courtroom now It appears that the prosecution came out and said that the jury is looking to get a hold of some of the drone footage which the defense objects do apparently because of which the process by which the drone footage was obtained and if it was properly disclosed obviously if there's a verdict today in this rittenhouse case which is Claude the nation's attention we will bring it to you immediately But sadly folks it's starting It's all starting right now And I say it's starting I mean all the bad stuff You know during my time with the NYPD when I was a police officer they did a lot of training with crowd control And one of the things with crowd control they used to teach us is that these large groups of crowds and you know it doesn't always have to be a riot right It could be a baseball game a football game a rock concert There's this feeling of collective energy It's not always a bad thing Now in a riot it obviously is But do you know what I'm talking about with this feeling of collective energy If you've been there you can sense it It's like you know what it is but you can't really describe it It's like you're feeding off the energy of the guy next to you and it's like one big pulsing organism at a basketball game when everybody's going crazy right Well the same thing happens with these riots in civil disturbances People get emotional and they get excited And you have these instigators in the group and typically when they hit this violence flashpoint it's always a small cabal of instigators who do it They have the bull horns are screaming and yelling like freaking lunatics call the bag throw The Rock throw the bottle They're handing people stuff It'd be a real shame if you launch this brick at the cop over there It's always a small group of instigators that do this Jim cue up for me Cut Four Here's what I mean And I'll tell you why this instigator theory I'm putting out there is important in a minute Given what's going on if they're riots and Kenosha tonight But I want you to hear this first This is what I'm talking about So here's a guy at the Kenosha courthouse yesterday This was a Rebecca brand and hat tip to you on Twitter She got video of this And it's a guy saying how many cars are you gonna burn tonight Sprinkled in with some explanations Believing when I tell you this guy knows exactly what he's doing None of this is by mistake It's not by accident He understands that this collective crowd energy only turns violent if a one or two people light a match and set that bomb off And he's determined to be that guy I hope someone's got an eyeball on this guy Jim play cut three.
"fdic" Discussed on CNBC's Fast Money
"A semi squeeze Intel surging higher today's session, but that didn't stop options traders from betting on a chip crunch, the trade is next. We're live at the NASDAQ market side in Times Square. Back right after this. Welcome back to past money. One big semiconductor name getting battered in the options market today. Even as a stock rallied, my co joins us now to break down the action Mike. Yeah, so we're taking a look at Intel, which is always one of the names that we see in the space of traded more than two times its average daily put volume puts outpacing calls the most active options where the January 50 strike puts. We saw over 22,000 of those trading for about a dollar 80, making it one of the most busy chip options we saw today. Obviously, buyers of those puts betting despite the rally that Intel could go a little lower. All right, thanks for that Mike for more options action. Be sure to tune into the full show. That is tomorrow. 5 30 p.m. Eastern Time. Up next, we got your final trades. Final trade time, Tim. Karen's Facebook after a 17% pulled back is bounced nicely off that 200 best mega cap tech chart out there. Karen. Yes, I'm betting with bras brewer and Walgreens boots. I like it a lot. Denny thin. Yeah, boosters, Pfizer, roundtrip, that entire move from the breakout in July back here 41. I like it. Guy damn it. Giant Dodgers tonight Mel pick, please quickly. Giants. Yeah, I'm with you on that one. Also said PayPal last night reports next week. I think it's November 1st regardless PayPal. Thanks for watching bassy and tomorrow at 5. And that money, Jim Kramer starts right now. Get an edge invest like a pro. Access CNBC's live streams around the globe. Unparalleled access to CNBC experts. Actionable investor insight and ideals. Start your free trial today. At CNBC dot com slash pro..
"fdic" Discussed on CNBC's Fast Money
"Right, coming up, a shot in the arm. Here's a Walgreens rallying today on the back of earnings. We'll tell you how our traders are playing this big move. That's when he's back in two. Welcome back to past when you take a look at Walgreens surging more than 7% after the company posted a big beat before the bell, the stock came under pressure early in the trading session. But stage a big reversal of the company kicked off its investor day. Walgreens also upping a stake in primary care company, village MD with a new $5.2 billion investment doubling at stake essentially. Karen, what you make of this big move in ra's brewer, CEO. So I'm long the stock was long going in. I think there's some concern about the village MD acquisition. But, you know, she has a vision for an entire community where those are very captive customers and sort of creating this community of Walgreens, customers that will be sort of a recurring revenue stream. So they talked about 4% growth in earnings over the next few years, waited out toward the further years a little higher growth there, not growth next year. The stock at a ten PE wasn't reflecting an expectation of growth. So that's what sort of turned it around. I think she deserves the benefit of the doubt. I'm long, I think this I think flu shots and COVID booster shots will probably help even if cold and flu season isn't as good. And I'm definitely willing to give her the benefit of the doubt she has a vision. I mean, you like Moderna and boosters. You might like WBA on booster's guy. I like Roz and I'll tell you why. I mean, she has a vision, but you know what she's seen this before. She was the CEO of Sam's Club, the COO of Starbucks, she comes from Walmart as well. I mean, you're betting on her in a ten times forward valuation. I think it's worth that bet. I mean, listen, should it be trading at a market multiple? No, but you put a 15 multiple on it and you have a significant upside in the stock. So yeah, I think you can buy WPA here. Coming up.
"fdic" Discussed on CNBC's Fast Money
"Bank of America Morgan Stanley Citigroup Wells Fargo, delivering better than expected third quarter profits. Be of a stock, the big winner up more than 4% while Wells Fargo closed lower. So Karen, which one stood out to you the most, which report? Bank of America and the net interest margin there was the best bunch. They also had a good expense control that efficiency ratio came down, so when you start to have that higher nim and then better expense control, sorry about that. We hire Nam and better expense control, then you get good earnings. So that was impressive. And of the bunch, that was the best a little embarrassing, maybe for JPMorgan. Not quite seeing his good growth as some others. So I'm sure that'll that'll weigh on Jamie. But it was impressive. So I think, you know, the stock had a really nice day. Dessert have a nice day, it's sold off a bit going into this. That was the most interesting of the bunch in Morgan Stanley, different kind of animal. You know, banking revenue off the charts. And then the asset management business with that actually was a little bit weaker, but I think that deserves a higher multiple. Dan? Yeah, I think Karen's correct. The Morgan Stanley thing is interesting. You saw Goldman Sachs is going to be tomorrow morning. I guess I'd be more focused on them. We were very focused on net interest margins because of the rate move this quarter if we were to see that moderate. You're going to go back to those other businesses and focus on them. I'm a bit more. So I'm kind of more in that camp less in the money center banks at this point. You know, on closing bell guy, which I know you watch very, very closely and religiously religiously. Mike santoli was having a very interesting conversation about the about the valuation of Morgan Stanley versus the valuation of black rock and while the two can't be compared entirely because our businesses are different of the valuation Morgan Stanley is considerably lower even though it does have that asset management component of the business. Should the valuation reflect more of the strength in the asset management business, like a BlackRock does? I think so. Yeah, I think so. And you go back, I have a memory like an elephant. I'm not really sure what that means, but I do recall it's gotta be over a year or so ago. Dan Nathan pointed out that Morgan Sanders probably the best looking financial chart out there. And he's been right. And I think Morgan Stanley does deserve a premium valuation. By the way, a couple years ago, I would not have said that, but they've morphed into something that I think a lot of people are aspiring towards. They have three very distinct business units, and I think the valuation should be higher. I think it's growing into it. I think the all time high in Morgan Stanley was 105 95 ish. I think we trade through it and I think the evaluation should and deservedly will grow. All right, speaking of the banks, Kramer is sticking by one big name, the reported results today. He says, be patient with this turnaround story to find out which one sign up for the CNBC investment club newsletter. All the details right there on your screen. Well, our next guest had a front row seat during the financial crisis. And she is worried. A meltdown could happen again due to risks tied to fed tapering stimulus measures. Let's bring in Sheila bair. She was FDIC chair from 2006 to 2011. She look great to have you with us. Thanks for having me. You know, the choosing the term financial crisis is really tricky because it's like you get your cow shocked and you think back to the great financial crisis, but you chose a very specifically. And I'm wondering what you see could be the scenario here. Well, I don't think it'll happen. I think it's avoidable, but I do think interest rates are going to go up. I think that asset valuations are elevated pretty much across the board. And a lot of that's driven by monetary policy. So as monetary policy becomes less accommodative, some of those valuations are going to start dropping. So I think you can do that on a slow steady basis. Let's not forget what triggered the 2008 2009 financial crisis was when fed just went a little bit too fast. On their interest rate hikes. And so this is very tricky. And the history of tightening is not always a positive one in terms of being able to exit these accommodative policies without a negative impact on the economy. So I think it's avoidable. But I think the fed's got a very significant challenge in front of them starting with Titan with taper and then eventually a interest rate increases. Sheila, it's Tim. Thanks for joining us. Is there a partner of the economy? It was easy to look at banks in the crisis. Right. Lead up as taking excessive risk and the inability to value derivatives. Banks seemingly very different balance sheets and business models. Where are you concerned in the private sector? Yeah. So they're in better shape. Are they good as strong as they need to be? I don't know, but they're much better shape. They have derails. A lot of the risk is gone outside the banking sector. So there is another crisis. I don't know if it's necessarily going to be with the big banks. But there's a whole financial ecosystem out there. That's pretty highly leveraged. The corporate sector is very highly leveraged. A lot of reliance on short term debt, you know, again that's going to create stress for the weaker companies, they're going to have to keep refinancing and the rates are going to be going up. So I don't know if it's going to start with the banks. It probably started outside the banks. And I hope it doesn't happen at all. Again, but I think, you know, and I had to have not been a long standing critic of this highly accommodative monetary policy but I tell you now I think they need to go slow. Jay Powell suggested that they would, you know, in taper by mid next year, that's pretty rapid. I would really think that..
"fdic" Discussed on Boomer & Gio
"Fdic an equal housing opportunity lender stories of these girls. I would leave his house and they would have to swim out in the lake and get away from them. He has secret like the secret room in his house. She put me in there. She said. I don't want anybody to die anymore. I don't want anybody else died. Looking for ashley season. Three of up and vanished is available right now. Listen for free on odyssey apple podcasts. Wherever you get your podcasts..
"fdic" Discussed on Charger Chat
"All right folks will this next game that we've got Is going to be against our division rivals. The kansas talk Yeah so let's take a look at a couple of games for them. Their first game of the season was against the cleveland browns. That's who they played in the playoffs last year Let's see patrick. Mahomes put up over three hundred and thirty yards three touchdowns in that game Tyreek hill almost got two hundred yards. Goodness gracious On that game with a touchdown. And travis kelsey seventy six yards with two touchdowns so clearly we know who favor targets are guys from that game tyreek hill and travis kelsey They were pretty comparable as far as their stats go. Cleveland was able to put up a four hundred fifty seven yards. That's a big difference I think the big thing here is the rushing yards in this game in the next game. They they've put up very few rushing yards and they put up seventy two their week. One game against the browns. They put up sixty two week. Two against the ravens. So i'll and then the ravens put up to fifty and the browns put up one hundred fifty three so just looking at this and how close these games are this. Kansas city chiefs team is defense. Isn't what he was no. You can clearly see that. And i'm looking at these stance here. It looks like against baltimore. Game tyreek hill only got fourteen yards leagues. What happened here. So they've they've shut them down. While i think that's you know we put this in here to just show the fact that if we can lockdown kelsey and hill and just moderately. Stop the run. I think we're going to have a good chance and we just need to score touchdowns like you're gonna have to score thirty to beat these
"fdic" Discussed on The Journal.
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"fdic" Discussed on CNBC's Fast Money
"Welcome back to fats. Shares of cipolla. Getting a pop today cowan going to a new street high price target of two thousand two hundred and fifty bucks on the stock. That's about seventeen percent higher than today's closing price. The stock is already up nearly forty percent this year guy. What's your take you you you say that knowing full well what might take is. I mean it just yet again. An example of the burrito blow out playing its course amongst many analysts industry. We've been bowling in boston this name now for quite some time. This is one of the great turnaround stories of the last twenty twenty five years or so and i think you absolutely see that price. Target earnings in. October look at their digital sales growth. That's ridiculous and as you know. Mccue yoga guy. But i love what. Cnbc is doing so good for them on the burrito. Blow out front karen. I know it's probably too expensive for your taste. No pun intended to stop. I could afford it. But yes i. It's it's too expensive for my taste. Although the executioners been flawless guy talked about digital sales so you know clearly they were able to pivot during the pandemic. They were wildly successful at that. That's going to stay with them. And the master of that so far do starbucks which isn't cheap either. I hope they get as much traction as much profitability from their digital. A as having chipotle is just done a phenomenal job. At what point is it too expensive. I don't know i would said that. Hundreds of dollars ago so good for them. It's interesting to me though that the analysts sort of all fighting over themselves who can be the highest on the street. We've seen that the few times. We'll see that tomorrow with our age and lulu as well. Yeah that that kind of fight doesn't always end. Well striving to be the highest on the street digital strategies. Fantastic and what they've been doing. Even beyond that. Pete in terms of loyalty customer loyalty programs and new menu items. They really been innovating as well. Brian nichols don't an unbelievable job. He comes over from taco bell and any absolutely transforms a company. That had safety issues. They had a terrible experience. Sort of a thing going on and that all changed and he literally has made that change over the past couple of years but it almost happened immediately and he was very aggressive on what the path was going to be so that they could become the company that they have become now which is absolutely almost flawless. I know that they are stretched when you look at these numbers and you look at the p. Is for fast food company. It is outrageous. But when you look at the execution the digital growth that both karen and guy we're talking about i mean they've done amazing job mel and they've they've obviously shifted away from safety and as you said innovated the menu as well so they've they've really done everything that they needed to do. And i think going forward if they can continue to execute the way they have and by the way the loyalty that you brought up when you look at what's going on and they were able to raise some of the prices but also he was telling everybody. Hey look we're also raising the pay that we're giving the employees people like that sort of an experience as well. They liked the fact that this is a company that cares about their employees. So i think that's a big part of why this company is so. They've got the loyalty that they've got because people see this company as part of their own and it's it's amazing experience that he's been able to create right coming up the epic battle over payment for order flow former. Fdic chair sheila bair coming out swinging. Today with the new op-ed she said the sec needs to do more to level the playing field. She'll make her case straight ahead. Dan you'll hear from a man whose business paints for order flow vertucci. Douglas seafood will join us as well. He says an sec. Crackdown would be absurd. Got both sides of this big debate coming up.
"fdic" Discussed on CNBC's Fast Money
"South would you rather twelve minutes into the show. P that's a record. I think We went around. This whole thing is game stop. I came stop. Shares are dropping after its latest report bring collins has been on the call. Has the details papering either. Melissa just a second ago. That's still ongoing. Ceo matt for really focus on the growing logistics capabilities and offerings gain. Stop including the new ability to ship. Coast to coast to the number of shares. The game volley after earnings were revenue increased by about five percent. Epsn seventy-six sent a per share loss. Were not comparing estimates but just for context a year ago to brick and mortar retailers posted. A loss of a dollar forty cents a share so no guidance and no concrete information about major shareholder ryan coen's transformation strategy but three interesting developments. I gained stop. Said the has requested additional documents related to an sec. Probe into the trading activity of game stop i announce back in may also the company says it has least a five hundred thirty thousand square foot fulfillment center in nevada and customer care center in south florida. Kind of sounds like a move towards the strategy to become an on time. Online retailer announced by ryan cohen. Also about a half an hour before the bell. Amc ceo adam announced potential partnership with game. Stop on another outlet both stocks they briefly spiked up about a percent and they dip back down gains trading volume right around. It's thirty day. Moving average before the bell with cirrus falling after hours gonna have to see how retail investors react volume story changes malysz back over the thank. Thank you frank pete. I feel like you traffic some of these names at least. Amc you do. Yeah there's there's a lot of these various names that i've definitely been a part of. I think game. Stop spend one that. I've steered away from mel especially of late. I did trade early on. But i'll tell you what it's still less about the earnings and more about what this company is and why it's where it's trading right now. Let's be honest when you look at the fifty two week range of where the stock is banned from from lows to highs. It's absolutely ridiculous. And what the options were telling us today was we. Were looking for something close to about fifteen percent move in the after hours. We are not getting that as a matter of fact. The implied volatilities of the options were over two hundred and forty implied volatility. So just an incredible number. That number is gonna come down in a hurry. But let's not forget it still stock. That has a fairly decent short interest. Nothing close to what what it once was. But you know it's not trading off of earnings. this is stock. That's trading far more on different types of momentum and all of the different things in that category when we talk about these memes stocks all right coming up a crypto crackdown queen may shares sinking as regulators taking the full details. What's sent this stock falling more than three percent today and later the epic battle bring over payment for order flow in one corner former. Fdic chair sheila bair. She's that with new today calling on the sec to do more to curb this practice. Children as the head and the other corner virtue ceo. Douglas who he totally disagrees calls. The bed factually flawed. Those are his words. He'll make his case. They'll go anywhere fast when he's back into wat- exchange is now a podcast. I'm brian.
A $1.5T Asset Manager Is Getting Into Bitcoin
"Block works. This morning tweeted a job application from franklin templeton who are hiring a traitor dash crypto space currency. Yes that is how they described. Crypto currency crypto space currency. Franklin templeton is a company that was founded in nineteen forty seven it went public in nineteen seventy one and is basically just kept growing. The firm has more than four hundred fifty different mutual funds. The story here of course is just the continued integration of bitcoin into large institutional offerings and the current system along that front bitcoin magazine reported on a similar story. Customers at vast bank can now buy and sell bitcoin directly from their. Fdic insured checking accounts. Vast ceo. brad. Scrivener has made the argument in the past that he thinks that banks should be the best place to buy bitcoin quote or familiar with regulation. We're going to do the right things. We're going to do things to make sure the financial system is kept safe and sound. There's lots of different customers out there. That may want to control everything and have their own wallet. They're on passcodes. And then there are those who are crypto curious and may prefer to work with the bank or an intermediary just because they don't quite understand. Now that's the same argument driving a lot of the partnerships that breakdown sponsor ninety has been doing to get bitcoin buying selling in holding straight into customers bank accounts. So it's clear is. The mainstream is just plotting right along coming to bitcoin at its own pace in the meantime btc. The acid is back up over fifty k. But still many are wondering where. Bitcoin is from a market perspective for that. I'm going to do a mini long. Read sunday right in today's episode by reading this excellent thread from my friend and frequent breakdown. Guest travis cling he writes. Bitcoin is an interesting spot at the moment. A couple thoughts forty four days ago. The bitcoin chart was in big trouble. It had broken all sorts of support levels and had many people seriously doubting whether thirty thousand could hold again in the subsequent forty four days. Bitcoin covered a tremendous amount of ground. It did that thing it does. Sometimes we're just runs away from people. Oh you thought you were going to buy thirty or even lower. How about forty eight. A massive amount of damage has been repaired to the chart. We punched major fibs and points of control retested and held. Sr flips battled with the two hundred day and then firmly reclaimed. It impressive stuff.
Senators Want FTC Enforcement on Autopilot
"Aren't so pretty. Nice day for tesla stock today shaking off some of the red from earlier this week. Finishing up three and a half percent to six hundred eighty dollars ninety nine cents comparatively. The nasdaq was down nine. Tenths of a percent most of that drop happening in the last hour. Two hours of trading after the fed minutes came out so the minutes from the federal reserve's meeting today indicating that they are considering tapering off their monthly asset purchases sometime in the near term but obviously those things can and often do change so the market reacting to that towards the end of trading and tesla got pulled down a bit as well so pretty strong day for automakers just across the board today so we ejected on this yesterday but will check in again today probably for the last time this week but weekday performance so far tussles down about four percent a little bit less than four percent so far and actually now doing about a half a percent to full percentage point better than gm. Ford's atlanta's volkswagen and neo so despite all the coverage of the knits investigation. If you'd just slept through the first few days of the week which is actually not a bad strategy for an investor and you just looked at automaker performances we to date. You'd have no idea that there was investigation on tesla. And you'd probably say oh tesla's having a pretty good week relative to others so markets down today tesla up and that was despite reports that two. Us senators are currently urging the federal trade commission to open a probe into whether or not tesla used deceptive marketing practices involving drivers systems features which tesla of course calls autopilots and full. Self-driving that is per the wall street journal. They write quote in a letter to the head of the fdic. We con dated wednesday senators. Richard blumenthal of connecticut and ed markey of massachusetts said they have serious concerns about how tesla advertises. Its advanced driver assistance features. Which don't enable vehicles to operate autonomously. They took aim chief executive elon. Musk for some of his comments and quote.
Circle Wants to Become Chartered Crypto Bank
"Circle has announced it intends to become a bank fully regulated by the federal reserve. Occ and fdic. Which could make its us. Dc stable coin a defacto central bank digital currency. It's a bit arcane. But this could really be a huge deal. Quoting axios circles. Dream is to become a narrow bank one that shoes fractional reserve banking entirely and instead places all deposits on reserve at the central bank. Only banks can open accounts directly at a central bank which credits them with pure money in circles case the depositors would be holders of us dc and the collateral backing up us dc would be the money on deposit at the fed. Circle would pocket for itself the interest that the fed pays on bank reserves if the dream were to become reality than circle with effectively be issuing a cryptocurrency backed by the fed itself for all intents and purposes a central bank digital currency or cb dc. If circle was allowed to do such a thing then presumably other banks would be too and they would rapidly start competing with each other to pass through most or all of the interests that the fed pays on reserves.
Big Tech Critic Lina Khan to Lead the Federal Trade Commission
"Start with lena. Cohen who is appointed confirmed the federal trade commission. That's a big deal. It's a really big deal. So this week. She finally received a floor vote. It was a bipartisan vote. Republicans and democrats not going to say all republicans but enough to get a confirmed voted for her and that was early in the morning about eleven thirtyish and then a couple hours later i was watching this hearing on smart home. Check in competition and amy klobuchar friend of the pod. She leaked g basically scooped. Everyone that lena was going to be the chairwoman. Fdic and lead the agency a mad scramble to be like what you say right. It was like chima speak and all of a sudden reuters is reporting. This is confirmed and everyone was like. Oh dang okay cool so. She took her oath of office. On tuesday believe and she is currently leading the. That's amazing. so lena somebody also a friend of the bug. She's been on the verge before probably listeners. Quickly she was a law student. Columbia have really influential lottery. Paper about amazon called amazon's trust paradox. remarkable for a law students. Love your article three. That influential chee ended up advising agencies advising the fcc than she was on david sicily's antitrust subcommittee wrote a lot of the investigation than was nominated for that. And now she's the chair at the otc like she's in charge of overseeing mergers acquisitions of making sure the markets are competitive just a real rocket ship of her career from law school to leading the and she's not been shy about how she perceives the power of these big
A Big Week for Global Tech Policy
"New chair of the federal trade commission a raft of bipartisan legislation aimed at big tech and an agreement to collaborate with the european union. It's been a pretty eventful week in terms of global tech policy here to break down what all happened and what the landscape looks like going forward is our policy reporter ryan tracy. Hey ryan thanks for coming back on the show things for me okay. So let's start with the f. T. c. biden named the prominent big tech critic. Lena con as fdic chair you know. We talked about this earlier in the week. With our colleague brent kendall but remind us of the significant of khan's appointment. She's been very clear that she has concerns about the behavior of big companies in a lot of sectors tech. It's been a particular focus for her confirmation hearing she basically said everything's on the table in terms of big tech. Senators asked her a number of questions about areas where the ftc could become more aggressive in terms of looking at the marketplace for news or looking at the marketplace for a smartphone apps all these different areas where we've heard some concerns about the impact of big tech and her answer was almost invariably. Yes to those questions now. There are limits to the ftc's power but mistaken has an expansive view of what that power is and so we expect her to push those limits and so does this signal sort of shift from the obama years to the biden administration potentially signals a much more aggressive approach to antitrust policy. And that's obviously a big deal for the largest tech companies. Who are under. A lot of antitrust scrutiny. Right now and it's kind of amazing when you step back you know. They had a lot of power under the obama administration and a lot of influence and had the biden administration asked for who they would have picked to lead the federal trade commission. Liikanen think it's fair to say would not have been near the top of their list. Just given that a lot of things critical of tech companies in the past so the fact that the biden administration chose her clearly shows their influence is more limited than it used to be.
FDIC campaigns to get the unbanked to open accounts
"There's an industry term for people who don't have a checking or savings account the un banked more than seven million americans fall into that category according to the federal deposit insurance corporation and one consequence of that is not having a place to deposit those federal relief payments. Nancy was talking about now. The fdic has launched a public campaign aimed. At changing that marketplace's justin how reports households that are unbagged tend to have lower incomes more volatile incomes less education leonard chain is deputy to the chairman of the fdic. He says two and a half percent of white house or on banked and that in contrast to about fourteen percent of african american household and about twelve percent of hispanic households were unbanned. There are plenty of reasons why disadvantaged communities might avoid the banking system. You may have immigrant communities where people come from countries where where they can't trust the banking system like you can in the us. Robert james the second is the chairman of the national bankers association which represents minority lenders. You may have situations in the us where you know. People come from communities that have historically been underserved or been preyed upon by the banking system. Some minority on lenders have been trying to overcome that historical hesitation. Dominic thanh runs off this bank. A black owned lender in south carolina. It offers a checking account with no minimum opening balance and no fee if users keep at least one hundred dollars in it intentionally designed to account to be very simple very transparent there you to us through its campaign. The fdic is trying to let unbagged. People know all of the advantages opening a bank account. Leonard chain with fdic says instead of taking a check to a check cashing service paying a fee then. Walking around with a bunch of cash. The funds are going to be in an insured account as opposed to a check coming in your mailbox or even a prepaid card coming in your mailbox. Plus he says you have access to funds right away to transfer around or pay bills.
Sexual abuse allegations surface in fighting game community
"Once again, not the happiest of weeks when it comes to sports, I'm just. I'm going to be real with the listeners here new age. Not The happiest of weeks we had an ups and downs right like after it. I say weeks. It feels like it's been weeks since our last episode with all the news that broke and. A couple of days. We've basically seen whole gaming community after we did A. Lovely Documentary Review. I felt like on one of the best documentaries I've seen right the smash brothers a lot of fun to do that in watch it in and then to see all of this as like well. That community just killed itself off essentially now. with on I'm sure with you know. Obviously. News is changing every single day. It does look like it's more of the ultimate side. It seems like it's more of the new school. Kids and not so much the crowd, so maybe we'll give him that. Maybe that's just me with my Malay glasses on like i. just want those guys to be good I. Don't want them to be pedophile and shit like that, but that's what gets me right. Is We finish the show? Last episode. I mean it was more so just kind of still talking about sexual assaults around like counter strike in things like that, and like we said like what do we say like with doc? Right is look sexual assault or sexual assault. You never want to see it. You never do, but if in this world there's going to be bad thing so if you have to pick one like. Make it to where it's? And it's just you know whatever I don't WanNa. See Pet of I. DON'T WANNA. See Pedophile. That's where I get emotional. It's where I'll get upset and it's not really fun to talk about and Lo and behold the FCC was like. Hold my controller. Watch this and it's like you. You saw one story news and you're like. shed. That's bad, and then like another one came after you're like. ooh, that's actually worse like I don't understand like. We've gone from words to action all of a sudden. Words are bad enough. And that it wasn't even like you saw one thing, and like okay, and then it was like everyone would tweet like. Oh well, this person knew about it. That person knew about like everyone in the smash scene, and the fighting game seemed kind of loosely knew all of this was going on the whole time. But regard for whatever reason ever said anything or never felt like they were in the position to, or they felt like it should have been handled behind closed doors which I'll say this because I've seen some people tweet out about it Richard Lewis. This is like he's loving. This in the sense of he can finally take shots back at the FCC for how they treated him with illeg, which was awful like. We've talked about on the show. Before the way, the FCC response to outsiders, coming in is like the worst I mean hell. We've even seen it trying to get into some of these fighting game events where they're like. No like you guys aren't exclusively talking fighting each sport, so we can't have you in the FTC event, look. Bad about Yvo. Part of that crowd. Reason no reason yeah, so there's there's that, and this is not though in my opinion, even though this episode is pretty much going to solely be focusing on the FTC, I don't think this is an FDIC issue. I don't think it's a smash. Brothers community issue. I just think this is an issue like I. Think there's something that got out of hand in a group of people it's. The numbers are a little bit more staggering, obviously, upwards of fifty people involved and counting right. Yeah, like I mean it feels like it could potentially be the start and I feel like more stories and. victims will come forward, but. It's a little bit. It feels a little bit more prominent to me. In the in the community of FDIC at the moment compared to others like it's been spread out everywhere else you know like it comes to streamers, but streamers are not. Like their their own, also their own community, right big name streamers, so I guess you could say that that community is also flawed in my eyes, but that's not. As surprising just based on like the personalities and all that kind of take place in Edgy, sees kinda known to be like more like socially awkward in. We've set it on the show like I don't think you have to beat around the bush. especially. This time I feel like. If you got your shots, shoot them right. The FCC is weird. And before that was always kind of I said that as a compliment right like almost like. Hey, take it as a compliment, you guys. Are Weird. You really love your anime. You like your firs-. Your neck owes whatever your I get it. I get it put. It's your thing and whatever right? You guys are happy with it. You're weird, but it's okay. That's who they are. Exactly that's that's who they were. They were a different side of e sports. And now it's kind of like. Oh! No now it's weird. It's like the tone on that Tad different with me now where it's like. Okay I. You know as creepy it's. Weird alike it's a full of a bunch of creeps again. It's not everybody so it's not a blanket statement that we're talking about. Here is just the fact that there's so many players accused so many big name players accused. You saw people like in the. Narrow situation in particular like you saw people like. Telling them to do it, you know that the conversation that was leaked the person at blurred out the name, but they were able to figure out who was drawing a blank on that now, but they were like instigating them in like. Saying like yeah, this is like this is how it is like. This is okay. You know in, so you know. A lot of people knew about what was going on behind the scenes. Hell like these events are significantly smaller. These people are always together when they're going to them. Some of these events are like home style events. Still you know and so It just. Leaves a really bad taste in your mouth, because of not only the the high volume of people. It's the people that are involved. They're high profile individuals in I. Think the fact that it seems like the lot of the community knew it was happening. In worked trying to stop it or weren't helping out,
FDIC warns of scams saying banks in trouble from outbreak
"One scam is a claim banks are limiting access to customers money the FDIC says there's been an uptick in calls text messages letters and emails from scammers pretending to be FDIC employees using names of people actually work at the FDIC they say there are security issues with bank deposits the FDIC says they're out to get bank accounts and other personal information no depositor has lost money since the FDIC was created in nineteen thirty three because of the corona virus many banks have shortened branch hours or are pushing customers to use online banking I'm at Donahue
Pension Time Bombs
"Today our subject is It started off as a five piece. Subject is called. Who stole my pensions. And the more we do these things the number of people coming out of the woodwork. Who went to tell their stories about what happened to the. Pensions keeps growing. So let's start off as a five program of five unit program is now going to ten and the reason it's important for all of you. Listen to this. You know the story about the pension time bomb is because it is the biggest story that nobody knows about. And it's only now making the news. And the reason pension time bomb is so important because as much like this corona virus and all that is a systemic problem like chronic viruses. About you and me. Getting the SNIFFLES. It's about the whole supply chains breaking down all over the world which will cause crashes all over the world. This is number three as start off as a five unit program and now it's expanding so app some very exciting people who just want to tell all and let the world know how this pension program is going to blow up and it's GonNa bring down the biggest crisis bigger than corona virus bigger than the subprime of two thousand eight and Becker than they Student Loan Program simply says you've been ripped off. That's that's really what's happening here being ripped off and one of the ways that Wall Street the US government and the banking system. Reps this office via our pensions so stay tuned on the Rich Dad. Show have more of these programs come to let you know how Wall Street the government and the Crooks of the world have been stealing our wealth via different vehicles and our this vehicles pension. One of them is student loan. One is your home mortgage one is the stock market. So this is a very important series of programs started off as five and what might stop at ten whenever no so our guest. Today again is tense Adele. Here's my co author on the book. Who stole my pension and our second gases. Mark Rain and Mark. Green is in the book who stole my pension and mark is a thirty year veteran a ups driver from upstate. New York he is former. He is formerly the organizer and president of the Teamsters Alliance for Pension Protection Aka T. a. p. p. a. grassroots pension watchdog organization mark led to raise funds to perform the first ever forensic investigation of a union multi employer plan the New York State teamsters conference pension and retirement fund. They are robbed blind. So Ted. Let's start with you because you're my co author on who stole my pension. Please give them a little little bite. Your background about why you and I are interested in pensions. My Dad didn't have a pension poor dad and your dad that have a pension so please introduce yourself tent and then how you got interested in. Pensions sure thanks Robert. My background is I'm a former. Fdic attorney and I have done over a trillion in forensic investigations of pensions. And some of the first investigations. Ever done and one of the things that I uncovered it in these investigations. Is that the reason these pensions were? Failing was not because not enough. Money was going into them or the benefits. Being paid out to workers to rich was because the people running the pensions were grossly. Mismanaging the money what we call Bros. Malpractice generally crafty and For the investigation ideas more threes. Pensions The New York State. Teamsters pension is in the book In the exhibit to the and that was the first forensic investigations of over one hundred. Twenty one multi employer pensions. That are going to be taken over by the government and so that was the first one that was ever done so and also You know like my dad lost his pension because of corruption again in government and he ran for Lieutenant Governor of the State of Hawaii and got crushed and lost his pension. And what up until your dad? My Dad was working in the intelligence community so he disappeared in nineteen seventy one in east Africa and it turned out he'd been murdered in Africa in doing an investigation for the American government of being the brutal dictator so since he just could not be found his life insurance wouldn't pay social security wouldn't say his state couldn't be pro baited so there was nothing available for those of us in the survivors of the family. Also so he had no mention either so so one of the reasons I think Ted ireson paddock. Oh you know brothers on this project. A book called. Who STOLE MY PENSION? Is that our fathers. Had their pensions taken. And we're very concerned at this moment. There's many mothers and fathers who will find out if if they already have not found out they have no pension and that's why the but it's more than just a pension is the ripple effect like the corona virus is going to have upon the whole system of the world economy so mark grain Plea thank you and welcome to the program. And I'm glad you raise the money to hire Ted's saddle to go in after the pension so tell us your story Mark Place. Thank you for having me on. I really appreciate you guys working on this project and bringing attention to this pretty serious issue which is affecting us in upstate. New York and of course the whole country so You know how I met Ted. You know it started back in two thousand ten actually the story. We have to step back. A little bit are fun. Started sending US letters in the mail saying We were under sixty five percent funded which is critical status so there was a law passed under the protection. Act of two thousand six. It said the trust. These hasn't make benefit cuts and implemented funding improvement plans. So that's what we first started forming committees. That's when I started getting people together calling attention to this problem and we saw a lot of irregularities with the trustees with telling US misleading statements and we call them out on so as the years went by kept saying. There's enough money in plan to pay low the commerce fabulous and you have nothing to worry about. That's what they were telling people publicly. This is thirty. Four thousand member plan with three or four thousand families involved. Keep in mind privately. They were telling us that the fun needed a fourteen percent. Investment returns every year for the next ten to fifteen years just to break even and not take that step so we knew they were not being honest with the participants. So we had these meetings parking lot meetings town halls and we started raising money in two thousand sixteen to get some inter interventions and. That's where Ted Payments. So thank you ted. I appreciate your work on this investigation and unfortunately we find that the plan was grossly mismanaged and now. I can't retire. You know me along with thousands of other people can't retire because the benefit is way too low and so That's the story as of right now. We can't get the money back but certainly wants to reform of pension legislation to make sure this doesn't happen to anyone
How the Federal Reserve’s “discount window” works
"I'm thinking the best way for us to frame things today. When just how different things are has now? Become so clear is do what we've done a couple of times. The past couple of weeks macro micro big picture to actual people in an economy that is coming to a very sudden stop. You don't get much more big picture of course than the Federal Reserve on a Sunday afternoon pulling out. Maybe not all but certainly a whole lot of the stops that had has that huge cut in their short-term interest rate that you have heard about Shirley and other big bond buying program echoes of the financial crisis to be sure also a cut in something called the discount rate short-term emergency loans dispensed through what is known as the discount window sounds a tad. We D I know but in reality it is so big picture because what we're talking about here is the Fed making some really big moves to keep credit flowing to households and businesses marketplace's. Amy Scott gets us going with what the discount window is and why it is so important in a crisis. Think of the discount window as a shot of. Wd Forty if advanced is short on cash to cover customer withdrawals or make loans it can borrow money short-term directly from the Fed in effect it's kind of keeping the finances lubricated during a stressful time banking consultant. Burt Ely says the problem is banks are reluctant to reach for the Kellyanne. Borrowing from the Fed is usually more expensive than borrowing from other banks and Joe Gagnon with the Peterson Institute for International Economics says that looks bad. I mean if a bank has to pay a higher rate to get credit it's usually because other banks are leery of landing to it so it looks like it might be in trouble. The Fed is trying to reduce that stigma by slashing the discount rate and by urging banks to use it and not add. Mahdi teaches finance and economics at Stanford. If they say well please come. Please come which they also did during the financial crisis. Then it's like everybody's doing it and it's okay and it's legitimate. It could help the J. P. Morgan Chase recently said it plans to use the discount window to help break that stigma. Gerard Cassidy an analyst with RBC capital markets says bank balance sheets are really strong right now partly because of nervous customers. There's been an influx of deposits for the safety of the FDIC deposit insurance. So I don't think the banks are going to be forced to go to the discount window but he says better to get them comfortable with the idea before. There's a real
Retirement Investments for a Steady Stream of Income
"What are some good investment strategies that we use for retirement income and their several of them search the list list let's go down the list and since the market so crazy this week let's talk about dividend stocks we use them a lot yeah I the thing is how do you possibly maintain your picture if you don't have something creating the withdrawals that you're taking and and that's the danger in not planning to use income producing things I'm not saying you should all be that but the dividend stocks can be critical because let's let's say you've got a million dollar portfolio new create four percent of dividends well me that's forty thousand a year just dividends you're not including capital gains by liquidating some things along the way so you would want something doing dividends and that's what we recommend in your portfolio you almost need to ask it's crucial to me and if you're one of these people that you know just cuddles up and next FDIC insurance and you're terrified of everything to do with the market we talked earlier about how low rates are ten years at all time low well you know that's gonna affect CD rates in money market rates and all that kind of stuff you'd be lucky to pull one and a half percent off a CD so where you gonna we're you gonna find that gap or you gonna start touching your principal is your drawing money down that I mean that that's just you're watching your nest egg get lower and lower and lower with every withdrawal you make and that's a scary thought so one is absolutely right it's nice to build into your plans something that's kicking off more income than you know the typical safe investments like CD's and even bonds nowadays yeah and there are companies wall street's call into kind of a cool name dividend aristocrat these are companies that have increased their demand for a minimum of twenty five consecutive years and and there's you know companies on there like AT and T. and Exxon you know I mean there are some good companies on there and in other words the they can't guarantee it evident in the future but they're reliable dividend plan payers and increasing Procter gamble I thinks up to like sixty five straight years so so when when things like Exxon and oil and gas sales go down which they've gone down dramatically recently remember those dividend payers and you know what I'll just bring in another point one of the privileges we have a meeting radio listeners as we some of them have advisors and the we see this in a more typically than we ever have the adviser has all mutual funds are all ETF science not emphasizing dividend but emphasizing growth now growth recently in recent years has been really good until this week anyway but there's not much not a lot of dividend paying so so anyway we believe an individual high dividend stocks says one source of cash flow yes Sir yeah and you know Warren Buffett said it best to me he says if you're buying a business and that's what stocks are you going to own the business for ten or twenty years and so and then he says the real question is has the ten year or twenty year outlook for American businesses changed in the last twenty four hours good question if you buy dividend aristocrat you're buying a dividend aristocrat for that purpose you'll probably hold it for years yeah yeah yeah yeah one thing to consider is when stock prices go down dividends are fixed we got a company that's worth a hundred dollars a share on the market four weeks ago and is paying a five dollar dividend span a five percent dividend if that company gets cut in half does down to fifty dollars a share it's still paying that five dollar dividend but now the dividend yield the percentage yield has gone up from five percent to ten percent so a lot of people don't realize that and then I found that for meeting with radio listeners that that percentage that the that the income equates to that fluctuates but the actual dividend itself that's a fixed and stated dividend that's going to continue on so it's important to look at that and those yields with stock prices compressing have gone up so it might make sense to you know seriously consider adding some exposure to this the side of the market
How Avanti Will Be a 'Not Your Keys, Not Your Coins' Bank
"One other question. When as he was. Who Do you expect your customers to be well for Vanity? We're going after the institutional market there are a couple of others that are hanging around the hoop and Wyoming who are going after the retail market. And we hope to be able to do some things with them if we all make it through the process and get our licenses. But there wasn't anybody stepping up for the institutional market which is where I saw a need in particular. The best example is the universities that would like to receive digital asset gifts from alumni but are not in a position to accept them because there isn't a third party that's willing to work with them to provide the services that they need for example under an in in the US under the custody rule. Asset managers are required by law to have a third party store their assets that the the management of the assets has to be separated from the custody of the assets and again the big custodians are FDIC insured banks so as a result were in that catch twenty two where there was a log jam that needed to be broken. And so I was GonNa ask you like who your competitors would be but I realized in a way. Maybe it's set your sort of forming a new category. Or would you say like are you 'cause Gascoyne base does serve some institutions right with Coyne? He's custody and stuff like that. Sure source her. I think the difference is the definition of institution. There are a lot of folks in the crypto world who look at You know small. Twenty five million dollar Crypto Fund and say. That's an institution and technically it is. But what I'm looking at is the markets that I came from earlier in my career. The Pension Funds Endowments Foundations Sovereign Wealth Funds. These are the really big money. Investors for whom the ASSET CLASS UP UNTIL. This point has actually just been too small and not investable will. Now we're getting to the point where it to the extent that Bitcoin does continue to go up. It becomes a bigger asset class. It starts to become too big to ignore and then they start looking around and saying where's the infrastructure. One of the other points that that I've noticed is that the the institutional infrastructure in this market isn't ready for primetime with these very big traditional big asset owner institutions again. It's more more aimed at the the smaller. More risk risk-taking institutions like hedge funds or small small funds that already exist and most most folks when they say there are institutions in Crypto. That's what they mean again. The big guys really are not there. They have a much much much higher standard of professionalism that they require and when I looked around at the folks that are that are that are serving the institutional market right now first of all their trust companies from a regulatory perspective and there are two issues with trust companies for the big big investors. One is that they're not directly connected to the Fed because they're not banks and there's a reason why stay straight and Bank of New York you know in the securities industry are banks. They're connected to the Fed and that's what the institutions WanNa see And then the other is that the the trust companies are that you don't know what your status in bankruptcy is and again. This is another one of the reasons why the banks win from a regulatory perspective. But there's a there's also another issue that I I started looking at the terms and conditions of the folks that are serving the quote unquote the institutional market right now and it is it to be honest in in some cases it's a joke There there's one that serving the institutional market that defines bitcoin as quote a digital asset. If they all of a sudden wake up and decide that bitcoin suddenly bitcoin cash and the customers go to sue them. They would have no claim in court because the contract was so vaguely drafted. There was really nothing promised. The four policy is another one where I was looking at one again institutional firm and the Ford Policy said that they had in their sole discretion the ability to follow a fork. If any and again what's the legal legally enforceable promise in the language there there's nothing So when when an institutional attorney and again I'm talking about a pension fund type of attorney starts looking at the terms and conditions in the contract. They're they're going to say look that that's not even close to the standards that I need. And lastly there's another piece of this you alluded to it in in your question. Why Oh Ming defined the status of digital assets under Wyoming's commercial law. We're the only state to have done that. And that would therefore the only state that would be allowed to start a bank because you have to know what the status of those assets would be in in a legal dispute again. This gets back to institutions needing to have clear clear rights and obligations in the transactions. And if you don't know what the status of the asset classes in a legal dispute. You're taking a lot of risk that a judge is is Is is going to determine a lawsuit you rather than in your favor and institutions. Just can't take that risk they also can't take the bankruptcy risk and again if a judge doesn't know what the exact status of the assets are under the law. Then then you don't know what your outcome is going to be in bankruptcy so all these things are important building blocks that had to get put in place before we really go prime time.
DC’s first new community bank in 15 years gets FDIC approval
"A new community bank is in the works for DC founders bank has received F. D. I. C. approval and is set to become the first new community bank in the district in fifteen years its first branch beyond friendship heights founders bank is led by former bank of Georgetown executives bank of Georgetown was acquired by union bank in two thousand
SEC moves to expand mom-and-pop investor access to risky funds
"And more tech firms have been advancing into banking here to explain is the Wall Street. Journal's tell us tell us tech firms have been increasingly partnering with banks to offer financial products. Broadly why do tech companies want to be involved in finance tech companies. See an opportunity to extend their relationship with their customers through the device or through what they use for email or other things into their financial life and the vision is that the money should become something. Sort of seamless. To what you're doing so if you're sending an email and that email might be about Oh I owe you some money. Ah that money transfer could just be seamless with that email using your device paying for things You don't need to bring your wallet when you go shopping. Just bring your device ice. Just bring your iphone or your Samsung phone or whatever that might be so tech. Companies see an opportunity to further embed their products in your life by also tying them into your financial life. Google is partnered with Citi. Group apple has a partnership with Goldman for tech companies. What's the benefit of working with a financial institution rather than going it alone. So one of the scary things. Tech Company when offering financial services is the threat of being regulated by banking regulators. When they're offering those services that might have to cause them to radically addict changed the way they do business the way that they organized their company. It would be quite a big leap for apple or Google or whoever to suddenly just directly Gli go into the banking business or certain parts of the banking business by partnering with the Bank. They can have that bank. Do the highly regulated stuff and then an offer that service under their brand or through their systems. How exactly are these. Banking Tech Partnership structured. Is there a certain type of bank. That's more likely to win a partnership ownership with a tech company so far a lot of small banks have actually had great inroads into working with some very big tech companies. Green dot for example is one Pretty Small Bank. I think that actually works with some big technology companies like apple for example the advantage there has been that those small banks aren't necessarily trying to nationally you create a banking business retail banking business in the same way that a big bank like a city group or J. P. Morgan Chase or Bank of America might be and so that small bank might be willing to kind of do a lot of that behind the scenes work for that Tech Company and Big Tech Company might have some negotiating leverage over a small bank that it doesn't with a big bank let's talk about core deposits versus brokered deposits of the Federal Deposit Insurance Corporation the FDIC said that it wants to modernize how broker deposits or classified to account for changes changes in technology. How would it do that. And what purpose would such a change serve. How exactly a deposit is treated by. Regulators has been an issue for many years back in the nineteen eighties eighties. There were some notable bank failures because those banks relied on what are considered brokered deposits brokered deposits or deposits. Don't necessarily come in directly I e you you walk into the bank and you say I'd like to be a customer. Here's my money. They come in through some third party that might be say a brokerage firm that doesn't offer banking services. This is part of what it does is part of wealth management but sort of puts its clients money all into one bank one time and could move that money around as it sees fit without. Its without the ultimate ultimate customer. The person whose money it is really even knowing so these broker deposits at the time in in the past been called hot money because of how quickly they might move and regulators regulators fear has long been that broker deposits would flee a bank very quickly. Should that bank start getting into trouble. What regulators are now saying. Is that a lot of the rules rules. About what exactly. A broker deposit is which were set. Many years ago don't account for how technology has changed and how a lot of deposits are inter mediated in some way shape or form through an APP through a website through some other thing that might in some respects make them look like a broker deposit. There's a third party involved but don't necessarily act. Ah broker deposit and the the the FDIC which is the main regulator is considering modernizing some of those rules to account for how some brokered deposits some things that might considered broker deposits actually look like what regulators call core deposits which they consider the the safest least likely to flee a bank in signs of trouble form off deposits and this would benefit tech companies if these rule changes were enacted tech companies are at risk of being labeled as brokers Because essentially they are are the front end. The customer knows. Oh I have a checking account with this tech company right. I have a Google checking account. Should they offered. I haven't apple checking account. I have my money honey with square or with Amazon. Whoever might be they they might not necessarily know who the bank behind that ultimately is. So the question is so to those. Those relationships are likely to possibly look like a broker deposit the FDIC by reclassifying. Exactly what a broker deposit is in who a broker is might make it much easier. For those tech companies to to be delivering what our core deposits to banks and that makes tech company relationships that much more valuable to banks and it kind of shifts a little bit of the balance of power towards the tech companies away from the banks because the banks so far have been able to say look where the regulated party. Here we call the shots but if things things get a little easier on the regulatory front than the Tech Company might be able to say. Hey we're bringing you good steph. Here give us a good deal.
Democratic Debate Back on After Agreement in Venue Labor Fight
"That reminder C. N. B. C.'s Jessica adding it's twenty four past the age to buy tobacco in vaping products could be going up more from correspondent bill Michaels Congress is moving ahead with legislation that would raise the age to buy tobacco and baby products from eighteen to twenty one the sales restriction has the support of two unlikely backers Marlboro cigarette maker all trio an E. cigarette maker jul the proposal comes in response to a surgeon underage Peiping by U. S. teens raising the purchase age is expected to curb young people's access to E. cigarettes and regular cigarettes and eventually save lives by cutting the smoking rate anti tobacco advocates say all tree and jul are backing the measure to head off even more damaging restrictions on tobacco and vaping bill Michaels Washington now twenty five after well potential change in measurement set us off on the right foot when American morning continues after these messages okay you know how it feels when you've saved enough for that long awaited home addition now imagine in addition on that addition that's the feeling with Capital One renew savings account earns an interest rate five times the national average that's right five times as represented by five times more singers banking remain capital one what's in your wallet terms apply we comparison based on FDIC national right Capital One N. A. member FDIC sarcoma also you've never heard that word before for the forty people diagnosed with star home every day it is a life changing more because this cancer and research the sarcoma foundation of America families whose lives have been turned upside down cancer they never heard least once in
Damage related to climate change will only grow -- who's liable?
"Support for climate cast comes from Bank of America financing clean energy initiatives and advancements in renewable energy and spurring innovation and the growth of environmentally focused companies it gets in Jobs Bank of America. NA member FDIC who pays for climate change damages I'm NPR chief meteorologist carbon in the in the atmosphere and then ties that amount of carbon in the atmosphere and warming to the increases in flooding ceiling fire victims how do you see individual consumers fitting into these lawsuits moving forward it's very difficult for individuals to have
Media changing their tone on climate change
"Support for climate cast comes from Bank of America as one of the largest global financial institutions Bank of America is in a unique position to help society transition to a low-carbon economy, Bank of America, NA, member FDIC, a major news organization is changing the way at talks about climate change. I'm NPR chief meteorologist Paul Hutton her, this is climate cast. But study by media matters found broadcast TV news coverage of climate change plunged, forty five percent between twenty seventeen and twenty eighteen and had happened at the same time climate change enhanced extreme weather disasters spiked in the US now a major international news organization is changing their description from climate change to climate emergency as climate events, become more extreme. What's the most accurate way for news organizations to describe climate change? Susan, joy, hassle is a climate change communicator, analyst, and author. I spoke with her via Skype the cabinet. I really pressure is climate disruption. I think that term gets the point that this is human caused where disrupting global climate system and yet it avoids a term like crisis, or emergency that some journalists type think might feel a little uncomfortable with Susan. There is a push among many scientists and journalists as you touch on to really kinda sharpen the. Language around climate change to more reflect the urgency of the situation, and you touch on this, but I'm curious how far is too far? And is there a tune out threshold? I think it's really important to know that climate change is real. It's us. It's bad. But also that there's hope that there's a lot that's currently being done, and we need to do more. And we need to do a faster, but the future is largely in our hands. Sometimes I worry that if we talk too much about the crisis, and especially if we do it in a way that just scares the bejesus out of people or makes them think that it's inevitable, and that there's nothing we can do about it. That that's really a mistake because for one, it's not true. And for another, I think that fear alone is not enough to make people want to act. They need to know that there's something we can do about it climate change communicator, and author Susan joy hassle. Thanks so much for your perspective today. Sure happy to be with you. My name is Aletta Brady, and I am the executive director of our climate voices. I am originally from south Minneapolis. My name is Kia Johnson. I am the outreach director at our climate voices and I am originally from the east side of Saint, Paul are come invoices, is a use led storytelling platform that is humanizing the climate crisis. So what we do is we work with people to share their personal stories with climate change. How climate changes impacted them the facts are scary? Sometimes it gets to the point where sometimes you just kinda don't think there's anything you can do. And storytelling. Really humanizes. It, it connects us to climate change, and how it's impacting people climate change is not an issue if the future is something that's impacting us now. And so a big part of what we're trying to do is tell current stories about the ways that ourselves and our communities in our friends and people are being impacted it like right now. And so it's difficult to create change if we feel distant from climate change, you know, you talk about the glacier, smell. Team while they're on any glaciers right here. So we feel like that's really impacting you. So when you can see how it's actually impacting communities, an individual people, this is when you're inspired to take action. We really believe that everyone has a climate story. So whether you are dealing with homelessness and impacted by increasing heat waves, or, you know, in Minnesota year recreational things change skiing running because of weather patterns, like understand how it impacts, you personally, when human beings, we all have a right to nature. We all have it right to clean air, clean water to being outside and that, right? Isn't necessarily being honored for everybody for all communities, including my own community communities of color are more impacted by climate change as well as impoverished communities. And so I'm here to be that voice or, or help those voices be heard on so that those communities in what's happening in those communities that people see that. You look it up volcano, and it's really scary, and it basically wipes everything out. But then there's like this new opportunity for growth in a new environment. I really think that as communities as we fight against climate change and climate injustice, that we're almost seating for a new environment that can really grow and flourish. That's climate cast. I'm NPR chief meteorologist Paul hunter.
How do species adapt as climate shifts habitats?
"Support for climate cast comes from Bank of America as one of the largest global financial institutions Bank of America is in a unique position to help society transition to a low-carbon economy, Bank of America, NA, member FDIC. Climate shifts habitats. How do species adapt? I'm NPR chief meteorologist Paul hunter. This is climate pass. Some recent studies on the rate of species extinction are getting a lot of attention lately. We know habitats change as climate shifts how will species adapt to those changes. Elizabeth Krohn is a biology professor at Tufts University. How quality habitat is an area where population has all the resources at needs to complete a full life cycle for butterflies in particular. They are usually fairly specialized as caterpillars, so the adults will lay their eggs, only on a few species of plants, and that's all the caterpillars eat, and then as adult, they get energy for movement, and some for reproduction by collecting nectar from different species of flowers. So abundant host plants and nectar plants or what say a butterfly needs to persist in a prairie low quality habitat are areas that are not hostile to a species, but has only some or possibly, none of these key resources that they need to eat. And reproduce. So in reading some of these thoughts and ideas about low quality habitats it struck me that creating climate change migration. Route is kind of like a guest room. Right. You wanna make it nice enough to stay in for a little while. But not so nice that your guests will hang around too long. Does that seem reasonable that seems quite reasonable? So let of the things we did. In our study is we showed that animals tend to move more slowly through higher quality habitat and to move more quickly through lower quality habitat. So if he wants a population to be able to expand over multiple generations than it needs to have some high-quality, how fat, but you also want some of this lower quality habitat, so that animals will move quickly and cover longer distances and their lifespan. So I'm curious about people at home if they're interested in creating habitat for different species. What can they do to create favorable habitat that can help species adapt? Opt and move as climate shifts the optimal balance for range expansion is about fifteen percent, high quality habitat and eighty five percent low quality habitat. And so what that got me thinking about is the potential for urban landscapes to serve as quarters for movement. You know, most urban landscapes are something like thirty to fifty percent Greenspace than if we take the Greenspace and convert about a sixth of it into pollinator gardens than we've created this mosaic high on low quality how the top that helps populations move through the landscape. Elizabeth grown biology professor at Tufts University. Thanks so much for your perspective today. Thank you. My name is Hannah field. I'm a bicycle commuter in the twin cities. I really enjoy bicycle commuting for number of reasons. First and foremost for the environmental reasons, I'm very concerned with climate change, and just our dependence on fossil fuels and greenhouse gas emissions. So I see it as my way of doing something to reduce our dependence on fuels. I'm not driving a car. I also really like it because I think it's a really awesome way to get to know a place. I find that the twin cities. They're not huge. But they felt bigger than they feel now. In the fall of two thousand seventeen myself and three other young women. My age we biked coast to coast across the United States, and we did it for public lands, which was a cool mission to integrate into a bike trip because we could actually visit a lot of public lands, and public lands being national parks, national monuments national forests sore mission was to educate and raise awareness on the importance of public lands. But also the threats facing them. My biggest message for folks is just to kind of evaluate what you yourself can do to, to make a difference. I know it can be frustrating because it's hard to see how one individual's actions can really make a difference, but I think it's really worthwhile anyway, and it's so much of a mindset and it's not just about like being perfect and everything we do. But just like being aware of how our actions are so interwoven with each other and the environment. That's climate cast. I'm NPR chief meteorologist Paul hunter.