35 Burst results for "Five Trillion Dollar"
Marketing in times of crisis with Meagen Eisenberg
"Welcome to the revolution show. Megan Eisenberg's actor factions welcome Meghan. Thank you. Thank you for having me rates. Have you looked costs for the for the first time we had you speak at a couple of suspects. Now I think being Dublin twice once with Mongo DB A. Trip back trip actions I miss. It may say it would be well, obviously would be next month right ends. Yeah I mean. Everybody's not just not just saying that a lot of the conversations having the moment because I think it's impending at, it would be next month. A, lot of people saying all It's one of the top two events that went missing this year and. We're definitely failing fading that. Make do without the online. Brings. US, up, a line in different. but. Certainly we're trying to bring a lot of that fatty online but us, you call events in that is against the pumps up. Missed the Guinness. That's it. That's a great on on the PODCAST. For those that don't know you, can you tell us a little bit about yourself? WHO's mega noise? Sure. I am CMO trip actions. I've been here almost two years prior to that I was at Mongo DB as their CMO for four years took them public in October, two, thousand seventeen, and just prior to that I was at Docu sign. That you signature company. That's both doing quite well in the markets right now for three and a half years running demand Gen. Your base in the US area with just chatting about Louis. Flyers. S. airy sad to see and the air in the skies have been orange. So yeah, we're hopeful that the firefighters get that out sooner than later. In. The Bay area. So I was born in, Texas? So and lived in Minnesota in Illinois for a brief amount of time. But most my life I've been in California live in Belgium for year as a nanny. For Two kids are I guess and then I lived in Japan in Tokyo for a year during college raising. Up. We. Want a little bit of about. The I guess the Addington, two factions and leading Moxie. During What is being much challenging year. We. Can Certainly, the the travel industry as as many as the events industry You know we we've had a very. Difficult moment. Don't try to find a way You Know Karma through this and. Understand how are you guys done it and the and and I guess. I mean. Tennis. Just a little bit about through factions. What it does a little bit. Why did you join trip actions when you see among a DVD? And you you know you to join trip absolutely better. Yeah. So trip actions is a full travel management system from bookings expense. So you book your travel than we have travel agents that support you while you're on the road, and then we have a product called trump actions, liquid that corporate card for expenses and and managing anything on the road or even at home you know some of our companies are using it to expense office supplies, stuff like that and software I joined. Last year weather reside is one it's a massive market I think One thing when you're looking at companies to join is to look at their size of the market it's a one point, five, trillion dollars just business travel online as one point, five trillion even if we cut that in half with Cova, let's say it only comes back to half the levels in the next year. That's still an eight hundred, billion dollar market, and there's a lot of legacy players in it that haven't really innovated in a long time. They were all born before the iphone they weren't there in legacy technology and infrastructure outdated models. They're dispirit systems They're not designed around the traveler, the user, and they don't usually have very people don't love those solutions typically. So I love going to a player that's very disruptive. That's modern that was born after the IPHONE and designed around on new technology is very similar to to be born after the iphone they went after a very large forty, five, billion dollar database market that was growing to sixty billion and they're taking on a large incumbent which was. Oracle and they were bringing a whole different way of doing it and tractions doing that it's a very, it's one platform. It's just a very different model than what's out there, and so I was excited to join the company and we were growing quite fast. We added a thousand employees last year until we had to hit the brakes with covid and that definitely was a punch in the gut I, think for the entire industry and we've had to make a lot of pivots and moves in order to adjust for this environment. But we know ultimately travel will come back. Businesses are reliant on meeting in person and accelerating deals and so I'm here to help us get through this external. Event with the pandemic and build the right product and support our customers and what they need now, and then
Why You Should Fill Out Your 2020 Census Today
"Are Introducing this week is not me telling a story but it's actually A really important issue that we wanted to bring to your attention and to help me do that I have asian-american advancing justices. Demographic Research. Program director. That's a mouthful. June Lim, who's WHO's here to talk about the census. So thanks for being here to do this and for our listeners sake especially those who have yet to fill out the census, they have relatives who haven't filled it out. Why is this census of particular great concern for us. Right. Now, what we see is is a very unfortunate because what we have seen as the administration's attempt to politicize the census s suppress participation ultimately really to shift political representation away from places with large immigrant communities, such as the Asian, American and Native Hawaiian Civic Islander Communities and other communities of color, and Water considered hard to count communities. and what we really want people to know is that regardless of political affiliation or ethnicity everyone needs to be deeply troubled by these attempts to undermine and risk misrepresent data from the census. And the reason is, is that we have so much to lose if people do not participate in the census. Yeah. I mean some states can lose congressional seats I was also reading that there's over a billion dollars in federal funding to over one hundred programs for the next ten years, there's writing on census twenty twenty. It's actually one point five trillion dollars federal funding. Okay. Okay. Okay. I was little off on my decimal point. Wow So, this seems this seems June to fit right in line with our current president and his administration Zena phobic anti immigrant position on. So many policies. Yes. Unfortunately, there's been a lot of anti-immigrant sentiment and fear mongering. In Administration's policies and also like we're really seeing it. Affecting. People's participation in the census. And we understand that because of this for many immigrants both documented and undocumented, there are significant fears about participating in the census. But. We need everyone to know that the constitution mandates that every person living in the United States should be counted in the census regardless of Citizenship Status and that privacy is of utmost importance and that there are strict laws in place to make sure that information is kept confidential. So. That's really important to emphasize right that I think the trump administration is these seeds a fear that yeah. If you fill it out and you're undocumented in particular, like can come get you and that's completely not true. Exactly. There isn't even a question about citizenship status on the census or immigration on the senses. So there is no way using the census data that received from the twenty twenty cents is that that information could be received and regardless of that any information that is like that is received by the census. It doesn't actually leave the census it only can be. Used for statistical this tickle purposes and in like more of a like for statistical purposes in an aggregate form and never by an individual responses. And the Census Bureau They've done something to the due day to right I mean this this. This is one of the reasons why we're doing this special announcement here an encouragement for people to hurry up and fill it out. Can you talk a little bit about what's what's happened? Yeah sure and there's been some new happening since then as well it's it's that ultimately because of everything happening with the pandemic this Census Bureau had to pause some of its. So, the census deadline was actually Extended until October thirty first to make sure that there was enough time for for people to self respond. But also to make sure that the the non response follow up period, which is when enumerators go door to door to take the responses of people who have not yet completed the census can be done in a fair and thorough manner and also taking in mind safety However, that was shortened to be it was to be rushed than leader change to be moved up to. September. Thirtieth. however, right now, there actually was a I think it was A. Temporary. Almost like a restraining order against a restraining order. That's exactly. that. Judge actually did. Accept that. So it is right now there's there's they're actually having a hearing. To See. What the date is going to be, and for now, the Census Bureau has to continue with its operations as planned and that being not necessarily what the short deadline but we we see how that could cause some confusion in the in the community. So really what we want to do is to urge everyone to fill out the census to day job. Because I, it's like we're not sure what the deadline is now because of all the things that are happening because they're so much advocacy taking place for a community. To ensure that we can have an accurate dentists count and really pushing for the October thirty first line However, we don't we don't know if it's going to land there on September thirtieth. So really the messaging we want to put out to our communities is to complete the Senate today.
For Americans waiting on virus aid, no new relief in sight
"I might cross your reporting congressional Democrats and the treasury secretary are at odds after an overture to restart virus relief talks a trump administration did to restart talks on a new pandemic relief package was rebuffed by house speaker Nancy Pelosi and Senate democratic leader Chuck Schumer Wednesday the Democrats blame the White House for refusing to meet them halfway but president Donald Trump told reporters Chuck Schumer and they're simple as you're holding the American people hostage over money for their radical left wing agenda in a joint statement Pelosi and Schumer said while they've dropped their initial three point five trillion dollar proposal by one trillion dollars trump's team has stayed stuck on its one trillion dollar offer Mike Rossio Washington
For Americans waiting on virus aid, no new relief in sight
"I might cross your reporting congressional Democrats and the treasury secretary are at odds after an overture to restart virus relief talks a trump administration did to restart talks on a new pandemic relief package was rebuffed by house speaker Nancy Pelosi and Senate democratic leader Chuck Schumer Wednesday the Democrats blame the White House for refusing to meet them halfway but president Donald Trump told reporters Chuck Schumer and they're simple as you're holding the American people hostage over money for their radical left wing agenda in a joint statement Pelosi and Schumer said while they've dropped their initial three point five trillion dollar proposal by one trillion dollars trump's team has stayed stuck on its one trillion dollar offer Mike Rossio Washington
Blockchain & Digitising Trade Finance Insights from Contour
"Call. Thank you for joining us today. Could you please give us a quick introduction on yourself thank you lead and thank you for the opportunity to be here. Introduction of myself. I guess away sometimes they usually introduce myself as I've been SORTA DOING FINTECH for thirty years all in Asia. So I grew up in the states but came out to Asian in college and then stayed out here but. Thirty. Years of Fintech. So I've done about twenty years of thin. So I've been in in worked at various. Banks Bank of Boston Standard Charter deutchebanks on transaction banking trade finance and cash management, and then ten years of tax. So I've worked at I left banking a few times I left in two thousand during the DOT com days to work for a company called trade card, which later became gt nexus and set up the Asia operations and then I. Left. Banking again in in in two thousand sixteen to to work for for our three and and helped set up a lot of Asian operations for them and my my third startup now is is contour which started seven months ago. So yeah about thirty years of of Finn INTECH. Extensive. Indeed of an anti corporate and start up world. You've got it all. So Call as it is customary here at blogs could you please explain to our listeners? What is blockchain and how does it work? What is blockchain? Well, I I think I'll I'll go to the the level below and distributed ledger technology and really disturb alleged technology is is is an opportunity for instead of managing your data in one central database actually everyone having their data in their own database and so just to be ledger instead of breaking it up and and it's goes back to the way our three and quarter talk about it. Is You, know we we all should should own our own data. And then we there should be a protocol to share it and you shouldn't share it with everyone. And sharing with everyone is is traditional blockchain which be the broadcast method of of consensus, but instead a quarter. On distributed ledger technology basis manages data by having them Even everyone has a note everyone has their own database, but there's a protocol, the sheriff, and that's how. Quarter works, and that's actually what contours built on. And Great and I think it's important. You know the point you just made about. It was blockchain near sharing with everyone in whiz these legend technology you only sharing with the relevant parties because that's sometimes it's something that is misunderstood too often by people who are introduced to this world though thank you for that. They usually sort of say has also is is when I talk about traditional blockchain, Mus the broadcast method and I do it in in Taiwan to Taiwan fifty years ago you when you got when you got married, you didn't need to register to to get married. You you you just had a big dinner. You had a big new invited everyone in the village. To. Front of everyone the village said I'm marrying this woman and therefore everyone knew you're married you didn't have to register anything but the fact is that everyone knew it and then it became a fact and that actually sort of this is a consensus method in in in an old version. Indeed indeed. Thank you for that The. World Trade Organization estimates that between eighty percent and ninety percent of global trade relies on trade finance. Yet, there is a one point five, trillion dollar gap between the market demand and supply for trade finance something, which I'm sure was co Vina's has probably increased US instead. And KYC and am. L. Requirements remain the most cited barrier was high transaction fees and low credit ratings running up the top three SME's remain disproportionately affected by these and other bears experiencing a forty five percents rejection rate on proposals, which is much larger than than seventeen percent seen by multinational organizations. What are your views on these challenges? Again International Trade. It started out of minutes it's been going on for a long time. You always have this distrust deficit when you have a buyer and seller in in far off countries now that trust deficit is a little bit easier to manage now because you have the Internet and you can see people online and you can skype them and talk to them and Imagine what it was like when you you had to put money down for shipment that would come three months later and you didn't even know the person you only known by a letter right so obviously, it's gotten a lot better with with communications nowadays but I'm in the challenge is really for for SME's is is related to data right because a bank. Bank as a as a lender right as a facilitator of of credit. Is. Looking. To to not make a mistake banks don't really have to. A. Lot of banks goals is is not necessarily to make money but don't lose it. Right and they'll make mistakes on credit and it's very hard for SME's to have A. To have enough information or the information that they have is not sufficient to tick the boxes on a traditional credit scoring sheet, which which the banks us
Trump Administration Imposes Deadline For TikTok To Be Sold
"TIKTOK has on the market president. Trump says, he's giving the company that owns the video sharing up a month to sell it, or if not, he wants to talk banned in the US I, sent a date of around September fifteenth at which point is going to be out of business in the United States. Over the weekend, the president spoke with the CEO of one potential buyer Microsoft to explain what's going on with the future. Of TIKTOK, we've got NPR tech reporter Bobby Allen with us this morning. Hi, Bobby Tae. They're just take a step back, explain why president trump is so interested in tiktok right now. So trump doesn't talk about tiktok without talking about China, and there is a reason for that tiktok parent company Bite. Dance is based in Beijing and trump says that means tiktok harvesting the private data of millions of American citizens and sharing it with the Chinese Communist Party now wasn't that's really happening is up for debate. There's no conclusive evidence that it is, but trump views it as a black and white issue to talk either stays Chinese owned, and we'll be banned or the APP is bought by an American company like Microsoft, like you mentioned and it can stick around. So we mentioned this in the intro that Microsoft's CEO actually sat down with President trump over the weekend I mean is. The CEO of Microsoft feels it's necessary to actually vet this potential purchase with the. President. Yeah. Because the walls have been closing in on Tiktok for some time, the president has been threatening economic sanctions against Tiktok. Other members of the trump administration have been talking about other ways to basically ban Tiktok from the United States completely and Microsoft spied opportunity here. Microsoft said. Well, let's see if we can acquire the American assets of Tiktok and The do that they need to get the blessing of the trump administration. So I think Microsoft CEO just wants to be one hundred percent sure that trump is not going to try to. And challenge the acquisition because that's the last thing you want when you make a huge merger like Microsoft is looking to do with Tiktok. So from the from a business point of view, bobby wood, a tick tock acquisition I mean is that a good buy for Microsoft? Yeah, it would be huge. I mean Microsoft already is a one point, five, trillion dollar company. Right. I mean they absolutely are a global powerhouse, but not really has Microsoft isn't really known for being on the leading edge of social media platforms for young people. Many people. Still when they think of Microsoft, they think of Windows, the operating system, not exactly the hippest image in the world, but Microsoft also owns xbox. It's one of its most successful business lines in fact, and there's a lot of crossover between gamers and tiktok users not to mention bringing on to talk with allow Microsoft to go toe-to-toe with facebook, which has been looking at Tiktok and has been pretty envious. So envious that facebook has announced a copycat service that sounds a lot like tiktok. So in addition to all this Tiktok is also wrapped up in a big court case. Can you explain what that's all about? Right. So as the focus has been on Tiktok Washington troubles, another problem has been quietly brewing in federal court There's a massive class action lawsuit about allegedly stealing data from users, and the crux of sued is about whether Tiktok has been sending data about American. To China, the lawyers claim they have proof of this, but it does still have to be proven in court tiktok lawyers though say, yeah, the APP captures and stores all sorts of data as all APPS DO, but they're not giving any of it to Chinese authorities at least that's what Tiktok says.
Washington vs. Big Tech: Taking on the Trillion-Dollar Club
"Lawmakers came out swinging yesterday against Amazon Apple, Alphabet and facebook at an historic antitrust hearing held with CEOS, Jeff bezos, Tim Cook Sundar Pichai, and Mark Zuckerberg. Over remote Webcam, you swear or affirm under penalty of perjury that the testimony you out to give his show incorrect. The Best of your knowledge information and belief. So help you God. Yes. Let the record, show the witnesses answered informative. Thank you, and you may remain seated members of the House Judiciary Committee's antitrust subcommittee used charged language like too much power, Anti Competitive Acquisition and emperors as they aired their concerns about those four giant platforms. Here's the subcommittee chairman. Democrat, Peterson, Selene, a Rhode Island, our founders would not bow before king, nor should we bow before the emperor's of the online economy and ranking member? Wisconsin's Jensen. Brenner. Pointing out. Political concerns about size does big tech have a bias serves our consumers to? The need the protection of the antitrust laws. Both sides of the aisle had their opportunity to highlight this core conflict between Washington and Silicon Valley that antitrust enforcement can fix whatever is challenging or concerning about big tech. The CEO's for their part. Say We haven't squashed the competition. Here's Pichai Cook and Zuckerberg competition drives US team. needs to better products, Noah choices and more choices for every customers have a lot of choices in their products space fierce competition companies like Samsung, G. while way in Google has built successful businesses with different approaches. We okay with that. Our goal is the best, not the most I recognize that there are concerns about the size and power of tech companies. Now, we're services are about connection. Our business model is advertising and we face intense competition in both Amazon's ECOMMERCE dominance sparked a few intense moments after CEO Jeff bezos. The richest man in the world with a personal fortune of about one hundred and eighty billion dollars didn't get a question until nearly two hours into the hearing apparently due to a tech glitch. But then the pressure was on basis was asked about undercutting diapers, dot com before buying it Amazon's counterfeit problem whether Alexa favors Amazon's own products, many times. He didn't have the answer I. Don't remember that at all. I remember is that we we we'd match competitive. I believe we follow diapers cog, and this is eleven years ago I. Think we do is offer to get you information if you. Get it to your office for you read that article, but I didn't remember that piece of that I apologize for that I don't know the specifics of that situation, and I would be happy to give back to your office with more information about that. These questions for Basil's and Amazon strike at the heart of the antitrust that had been building for years as these four companies that we use every day every single day grow and grow larger with a combined market. Market cap of about five trillion dollars. If they were their own stock exchange, they'd be the fourth largest in the world. Here's vice chair. Joanna goose to facebook's mark. Zuckerberg strikes me over the course of the last several years. FACEBOOK has used. It's market power to either purchase or replicate the competition and facebook facebook. MESSENGER WHATSAPP instagram are the most now downloaded APPs of the last decade your company. Sir, owns them all and we have a word for that words monopoly. My Take Away I. Don't know I. Don't know if you guys watched I thought some of it was fascinating. A couple of questions, not not a lot of great questions thought. There's a lot of some good answers, some not good answers, but I didn't think that there was a major takeaway that all of a sudden. You know Washington was Gonna come down hard on these companies and there was evidence that was presented. That was gonna GonNa, create that challenge. I thought the most challenging piece of of news out there. But I think we've seen it before was instagram and facebook in some of the emails back and forth. Did you ever use this very similar facebook camera product to threaten instagram's founder Kevin side-stream? Congresswoman I'm I'm not sure what you mean by threatened I. Think it was public that we were building a camera up at the at the time in a chat. You told, MR, science that facebook was quote developing our own photos strategy. So how we engage now, we'll also determine how much were partners versus competitors down the line instagram's founders seem to think that was a threat he confided confided in an investor at the time that he feared you would go. That you would go into quote destroy mode if he didn't sell instagram to you, one of respectfully disagree with the characterization. Really dug into the emails and didn't take them out of context I. Thought, you'd have a hard case to make. Yeah, I, mean. I thought on on the point with facebook is easy Riley points to the quite a few different lawmakers went off the Mark Zuckerberg on on the topic of their competition practices whether he considered some of those companies they've taken over I, walk up and Instagram as competitors at that point which knowledge that they had been, which kind of course, a bit of a stir. Has Been Engaged in purchasing competition I, in some cases, replicating competition in some cases eliminating your competition, would that be a fair statement? The space of people connecting with other people is a very large space and I would agree that there were different approaches we took to to addressing different parts of of that space, but it's all in service of building the best services. Likewise said that they had tried to copy some of the particular tools that other rivals whether they bought them or not use including. Of course, the stories feature snap, which I thought was quite interesting, but Geo Point, Andrew as to whether we we conclude from yesterday that significant action from no makers is imminent. Even if we go to a sweep at the next election, the market didn't take that conclusion on those times. Talks hit session highs during the hearing, but the interesting dichotomy which goes to the question. Of, how much we managed to watch I watched as much as I could apart from when fed chair Jay Powell speaking and I watch that instead, and you had one side of Washington of goes up pressuring these tech stocks. The other part saying that we're hit as long as it takes, we're not even thinking about thinking about thinking about raising rates and not allowed old. Not just the textbooks. And close at a pretty strong session yesterday can I? Can I just ask whoever buys a company? That's not a competitor I mean. News the idea that you would buy a competitor when. Merger has ever taken place among a company that does an entirely different area that you wouldn't consider a competitor. Watching. This yesterday was complete theater just like it often is with the these congressional hearings. At. The beginning, they were asking questions and not even letting them answer. So this was really about giving Congress people their time to have their six minutes to talk and to go through with some of these things, I didn't feel like learned a lot under yesterday. I couldn't take my eyes off it when I was watching it, but it was theater. Classic, you'll take the time comments from lawmakers when they get me on. So they wanted to I, totally agree on that, but I would say compared to say twenty eighteen when Mark Zuckerberg had to go to face, they'll make on his own. Better prepared than they had even if it was then making arguments rather than letting. The answer, their questions, they made better arguments. They brought up more pertinent facts whether that was is Amazon. Abusing small sellers on this. Platform. In two, thousand, thirteen, it was reported that you instructed Amazon employees to approach discussions with certain business partners, and I quote the way a Cheetah would pursue a sickly gazelle is the gazelle projects still in place and as Amazon pursue similar predatory campaigns in other parts of its business. I cannot. comment on that because I don't remember it. Is. Apple misusing the margins, it takes on on the APP store. Apple from increasing its commission to fifty percents we serve. We have never increase commissions in the store since the first day at operated in two thousand eight. From doing so is it? No, Sir I disagree strongly with that, there is a competition for developers just like there's a competition for customers. So I think they were getting it the crux of some of the issues. But as we I think all concluding I, it didn't spell imminent danger for the tech stocks just because of that air. Just one note though on the competitor. Comment there or issue that you were just discussing Becky, which is an interesting one. We often talk on the show about how being a monopoly unto. itself is not illegal, and you just commented that you can't buy from everybody wants to buy competitor. Interestingly, if you're deemed a monopoly which is not illegal, but you have that market power, it actually is illegal to buy a competitor, and so if you really go back and read mark, Brooks emails even. Even about the instagram transaction, he actually even doubled back on one of his emails because I. Think he realized that given the power that having that industry depending on how you define it that he had to rewrite the email later to suggest no, I'm not trying to do this. He was by the way thinking about this, even to two, thousand, ten, you can. Almost, if you look through emails, you can sort of see how tracking in his mind. The Way He's thinking about it. So yes, everybody always wants to buy. But Inter stands at the size and scale that these companies are. Now, it's very hard to do that actually. Hit His. Answer. was that the FTC had all the same information that they had at that point in the FTC Peruta
Big Tech CEOs Testimony Before Congress
"Today was the day as I record these words the big tech CEO's are still testifying before Congress. So I'm going to have to do a summary of what I've seen just in the first couple of hours or so and leave some of the juicier question and answer back and forth for tomorrow. I up a note on the format that we've been seeing. Yes. All of the CEOS were testifying remotely. They were using Cisco Webex as the video conferencing tool and it seemed to work fairly well at least right until this very moment as I turned off the stream to go into the booth to record this, they took a ten minute recess because apparently one of the witnesses. was having an issue with their stream or feed, and I'm wondering if it might have been Jeff Bezos because at least thus far were almost an hour and a half into the testimony and he hadn't been asked a single question. Anyway back to the whole idea of testifying remotely if I were going to do one of those rate, my video call backgrounds reports. Bezos look like he was in some sort of executive boardroom, lots of tasteful Chomsky's behind him. Look like he was in a conference room at a high end law firm I couldn't tell what Zuckerberg was sitting in front of it looked like closed vertical blinds almost like I don't know some sort of like a bunker like if you're battening down your house for a Hurricane Tim, Cook was in front of some sort of tasteful plant trough though he was clearly working off an ipad pro. Let's start off with what the Fab four had to say in their opening statements. Amazon's Jeff bezos underscored Amazon's job creation, its investments in social causes and its role in supporting small and medium-sized businesses. And made the case that Hey Amazon is just a tiny competitor in a huge global market quote. The global retail market we compete in is strikingly large and extraordinarily competitive Amazon accounts for less than one percent of the thousand five, trillion dollar global retail market and less than four percent of retail in the US unlike industries that are winner take all there's room in retail for many winners for example. More than eighty retailers in the US. Alone earn over one billion dollars in annual revenue like any retailer we know that the success of our store depends entirely on customer satisfaction with their experience in our store every day Amazon competes against large established players like target Costco Kroger and of course, Walmart a company more than twice Amazon size, and while we have always focused on producing a great customer experience. For retail sales done primarily online sales initiated online are now in even larger Growth Area for other stores Walmart's online sales grew seventy four percent in the first quarter and customers are increasingly flocking disservices invented by other stores. Amazon still can't match at the scale of other large companies like curbside pickup and in store returns and quote alphabets. Soon, Darpa, Chai, said that Google also operates in a highly competitive. Market and that it's free products benefit the average American quote. A competitive digital ad marketplace gives publishers, advertisers, and therefore consumers an enormous amount of choice pichai stated, for example, competition and ads from twitter instagram comcast and others has helped lower online advertising costs by forty percent over the last ten years with these savings pass down to consumers through lower prices in areas like travel and real estate Google faces strong. For search queries for many businesses that are experts in those areas. Today's competitive landscape looks nothing like I. Did five years ago let alone twenty one years ago when Google launched its first product Google search people have more ways to search for information than ever before and quote. Tim Cook of Apple said that the APP store has opened the gate wider for software developers. Also, apple doesn't have dominant market share quote as much as we believe, the iphone provides the best user experience. We know it is far from the only choice available to consumers Cook said after beginning with five hundred APPs today the APP store hosts more than one point seven, million, only sixty of which are apple software. Clearly, if apple is a gatekeeper, what we have done is open the gate wider we want to get every APP we can on the store, not keep them off and quote. And facebook's mark. Zuckerberg said well, but he said a thousand times before that facebook knows it has more work to do on things like fighting misinformation and that you know companies aren't bad simply because they're big. And he took pains to point out that facebook is an American success story quote although people around the world use our products. FACEBOOK is a proudly American company. He said, we believe in Values Democracy Competition Inclusion and free expression that the American economy was built on many other tech companies share these values, but there's no guarantee our values will win out for example China. Is Building its own version of the Internet focused on very different ideas and they are exporting their vision to other countries as Congress and other stakeholders. Consider how antitrust laws support competition in the US. I believe it's important to maintain the core values of openness and fairness that have made America's digital economy, a force for empowerment and opportunity here and around the world and quote. In his opening remarks, the chairman of the Committee David. Sy-. Selena Rhode. Island. Laid out three areas of inquiry that the was scheduled to delve into at least in questioning from the Democratic Congress folk more on that in A. Quitting CNBC, each platform allegedly serves as a quote bottleneck for a key channel of distribution and quote the platforms allegedly used their control over digital infrastructure to Sir Vail other companies, their growth business activity, and whether they might pose a competitive threat and use that information to maintain their own power and third the platforms allegedly abused their control over current technologies to extend their power through tactics like self referencing their own products. Quote. Prior to the cove nineteen pandemic, these corporations already stood out as titans in our economy. Silly said in the wake of Covid nineteen however, they are likely to emerge stronger and more powerful than ever before, and he concluded by saying quote, our founders would not bow before a king nor should we bow before the emperor's of the online economy and quote? But as I say, while this was labelled as an anticompetitive antitrust inquiry, it seems like the Republican Congress folk were primarily interested in probing alleged bias against conservative users. In fact, Jim Jordan. One of the ranking Republican representatives spent most of his opening remarks railing against. which if that continues would basically be exactly what all of the CEOS in the talking head boxes would be hoping for right lots of distraction and no real spotlight on them. In fact, a lot of the most heated questions directed at a company that's not even present. We'll see if that continues but I have to say straight off Chairman Sicily and was very specific targeted sharp questions. He kept interrupting folks when they started to stray into doublespeak and the very nature of the questions from him and others at least so far. This wasn't like previous congressional hearings we've covered where the congress folk didn't seem to even understand the businesses they were investigating, and maybe that was because I don't know if you saw the woman sitting very prominently very obviously behind Mr. Cecil lean. Let me let the Washington Post fill you in on who that was quote as a twenty eight year old law student Lena Con penned a twenty four thousand word article for Yale Law Journal titled Amazon's antitrust. Paradox. The article described how US antitrust law isn't equipped to deal with tech giants such as Amazon. Even as the company has made itself as essential to commerce in the twenty first century in the way that railroads and telephone systems had in the previous century con now works as counsel for the antitrust subcommittee she has worked with Sylvain to develop his case against the tech giants including Amazon and quote. As I said, the questioning is continuing as I speak these words in fact I just heard that they came back from their recess. The whole thing did kick off hour late only getting started at one PM, eastern? So I don't think it'll be done before for five PM at least. So again, I'll put together a summary of all of the juicy exchanges happening now for tomorrow.
CEOs Of 4 Tech Giants To Testify Before House Panel Hearing
"So, today could go down in history as the tech industries. Big Moment for the first time. The four CEOS of tech giant's Amazon apple, facebook Google will appear together before Congress will not exactly together via digital video, really the sign of our times, right? The big overarching question here. Do the biggest tech companies used their power to hurt competitors and help themselves and Lena. Seljuk is here to cover this and just to disclose that all four of these companies are among NPR's financial supporters okay. Alina. That these companies are really big. So why is Congress doing this hearing now? Right, I think lawmakers are finally considering whether they need to take a more active role in policing these powerful platforms is companies have long been held in high regard as models, of Americans, scrappy ingenuity, but they stopped being scrappy startups. A long time goes you point out and put together. Now they're worth almost five trillion dollars for their entire existence. They faced very little regulation. In recent years, critics have piled on accusations of anti competitive behaviour, the Justice Department state attorneys, General started investigations, and so has the committee that's holding this hearing they've been investigating for over a year, and today is the last stop on that journey. Also is is, is this accusation of anticompetitive behaviors that really the focus here? That's the expectation that competition will be at the center stage The four companies are, of course, very different. Lots of nuance there. Generally, critics have been saying how competing with at least three of them. Amazon apple and Google. Is like playing against a team that also owns the stadium, hires the referees and writes the rules of the game like what don't they do? You said, they're all different I mean, can you talk about what some of the different questions might be for free to the different companies? Sure bit of a dense list, but let me try to hit some of the biggest themes for Amazon's Jeff. bezos. The world's richest person sexually has first appearance before Congress. But if the committee sticks to the topic I'm expecting lots of questions about whether Amazon exploited state ED collects from other sellers on the platform for its own benefit back to this idea of Amazon both running the marketplace and selling it for apple's Tim Cook. Questions are likely to focus on the APP store and whether apple gives itself. itself an unfair advantage and how charges developers for every transaction there for Google's Sundar Pichai. The big themes are Google's dominant search and digital advertising where the company controls almost a third of the market. FACEBOOK's Mark Zuckerberg into the hill a lot. Lately, he'll probably get more questions about disinformation and political speech, but also how the company buys or copies its competitors, all the companies are expected to push back that they face a lot of competition and that they represent a big success story of American innovation. Hearing is the end of a year long investigation. What happens after this? Right. So the committee will finish and publish the results I spoke with Gene Kimmelman former department of Justice antitrust official. Now, consumer group public knowledge, and he sums up the question at the heart of all this beyond a simple antitrust case. What does the law needs to look like to ensure that we have open vibrant competition in digital marketplace? So maybe there will be a pathway to reconsider existing loss. Maybe right. New Ones, which, of course, the companies will fight tooth and nail. If you're Zelina. Cellular. Glean.
Ep. 008: Hedrick Smith talks grassroots democratic reform & reclaiming the American Dream - burst 02
"Edrich. How did we get here? Well you know I have to tell him like eleven following American Politics American economics for about five decades and I really watched both the political system and the economic system victory over that time in economics, the things really began to change in the eighties early eighties. From World War Two until the end of the seventies. When the economy grew the middle class standard of living rose with it. You can see him almost move in tandem all levels of society moved up together but then we started to get what they call shareholder capitalism maximum return to shareholders. Wages tended to get frozen. They got stagnant. The middle class of living deteriorated wealth got concentrated. The top one percents the top point went percents top point zero, zero, one percent, and then you had a bunch that happened in the economy partly because of shareholder capitalism, we can talk about that. But also because of the way the tax system was changed huge tax cuts. Under Ronald Reagan under George Bush on Donald Trump for the wealthy added about five trillion dollars five trillion dollars to the wealth of the people at the top end added to the insecurity of the middle class people not knowing whether or not. They could afford their retirement, send their kids to college of for their homes, make it from month to month, and at the same time that was happening a lot of that money was spilling into the political system. So you had the increase. Influence of mega donors, corporate money, and billionaire money particularly since the Citizens United Decision in January twenty ten by the Supreme Court which has given just a free pass to unlimited amounts of money and you've seen the amount of money skyrocket wing go into that. and. That's really affected the political system and the other thing is the party differences have hardened.
Capital Allocation with Blair Silverberg and Chris Olivares
"Blair and Chris Welcome to the show. Thank, you good to be here. We're talking about capital allocation today and I'd like you to start off by describing the problems that you see with modern capital allocation for technology companies. I'm happy happy to start there. So I think it might be helpful to give. The listeners, a little bit of our backgrounds so I was a venture capitalist at draper. Fisher Jurvetson for five years I worked very closely with Steve. Jurvetson and we were financing are very MD intensive. Technology projects that became businesses things like satellite companies companies that were making chips to challenge the GP you new applications of machine learning algorithm so on and so forth and I think the most important thing to recognize is that the vast majority of technology funding does not actually go to those kinds of companies. The venture space is a two hundred fifty billion dollars per year investment space. The vast majority of the capital goes to parts of businesses that are pretty predictable like raising money in in investing that in sales, marketing and inventory or building technologies that have a fairly low technical risk profile, so the vast majority of tech companies find themselves raising money. From a industry that was designed to finance crazy high technology risk projects at a time where that industry because technology so pervasive you know really do the great work of of many entrepreneurs over the past twenty to thirty years, technology is now mainstream, but the financing structure to finance businesses not has not really changed much in that period of time. Yeah, and then I guess I'll talk a little bit. My my background is I came from consumer education sort of background, so direct to consumer, thinking about how you use tools and make tools that ingrained into the lives of teachers, parents students I was down in the junior class dojo before starting capital with Blair. We were working on the Earth thesis He. He was telling me a lot about this. The the date out. There exists to make more data driven in data rich decisions. How do we go software to make that easy to access in self service and sort of servicing the signal from the noise, and we kicked around the idea and I thought that they were just a tremendous opportunity to bring. What Silicon Valley really pioneered which is I think making software that is easy to use in agreeing to your live into kind of old industry fund raising capital Haitian. The kinds of capital allocation that exist there's. And debt, financing and different flavors of these. Of these things say more about the different classes of fundraising in how they are typically appropriated two different kinds of businesses. So. You have the main the main groups you know. Absolutely correct, so there's. Equity means you sell part of your business forever to a group of people and as Business Rosen succeeds. They'll get a share in that. Success and ultimately income forever. Debt means you temporarily borrow money from somebody you pay them money, and then at some point in time that money's paid back and you all future income for your business, so equities permanent, not permanent. If you think about how companies are finance like. Let's take the P five hundred. About thirty percents of the capital that S&P five hundred companies use to run. Businesses comes from debt. In the venture world that's remarkably just two percent. And the thing that's crazy is this is two percent with early stage seed companies, also two percent with public venture, backed companies in places like the best cloud index, which is like a one trillion dollar index of publicly traded technology companies started their life, and in with injure backing many of them SAS companies, these companies, also just two percent finance with debt, but nonetheless within these these classes, the reason it's obviously economically much better for a business and pretty much every case to finance itself with debt because it's not. Not It's not permanent, and it can be paid back. It's much much cheaper to use debt. That's why you buy a house with a mortgage show. You know you don't sell twenty percent of your future income forever to your bank help you buy a house, but the reason that people use equity comes back to the risk profile so just like. If you lose your job and you can't pay off your mortgage. The bank owns your home. Same exact thing happens with debt in so restorick Louis, if there's very low. Certainty around the outcome in typically early stage investment you're you're doing a lot of brand new are indeed you have no idea if it's GonNa work you cope. You know over time that you'll be successful, but there's really quite a bit of uncertainty equities a great tool because you're. You'RE NOT GONNA lose a business, you know everybody can basically react to a failed. Are Indeed project. Decide what to do next had saints. Equity is kind of the continent tool for high technical risk, high uncertainty investments, and then debt is basically the tool for everything else, and it can be used as most companies do for. Ninety percent of The places that businesses are investing so if you're spending money on sales and marketing, and you know what you're doing and you've been running campaigns before. That were successful, very. Little reason you should use equity for that if you're buying inventory if you are a big business that's. Reach a level of success that on. Means you have a bunch of diversified cashless. Coming in businesses might take out dead on business kind of overall, so it's less important what specifically you're using the money for, but it's important to recognize that most companies are financed roughly fifty fifty equity versus dead, just just intra back companies that. That are kind of uniquely Equity Finance. Scaling a sequel cluster has historically been a difficult task cockroach. DB Makes Scaling your relational database much easier. COCKROACH! DVD's a distributed sequel database that makes it simple to build resilient scalable applications quickly. COCKROACH DB is post grass compatible giving the same familiar sequel interface that database developers have used for years. But unlike databases scaling with Cockroach DB's handled within the database itself, so you don't need to manage shards from your client application. And because the data is distributed, you won't lose data if a machine or data center goes down. cockroach D is resilient and adaptable to any environment. You can hosted on Prem. You can run in a hybrid cloud, and you can even deploy across multiple clouds. Some of the world's largest banks and massive online retailers and gaming platforms and developers from companies of all sizes, trust cockroach DB with their most critical data. Sign up for a free thirty day trial and get a free t shirt at cockroach labs dot com slash save daily thanks to coach labs for being a sponsor and nice work with cockroach DB. The capital that is being steered towards a recipient. It's often originating in a large source, a sovereign wealth fund or family office in it's being routed through something like capital allocators cater like a venture capital firm for example or a bank. How does this capital get allocated to these smaller sources? What is the supply chain of capital in the traditional sense? You know it's kind of funny to think about capital and things like the stock market in the form of a supply supply chain, but this is exactly how we think about it so at the end of the day. Capital originate. In somebody savings, basically society savings right you. You have a retirement account or your population like you know in in Singapore and Norway with a lot of capital, it sort of accumulated from. From the population and these sovereign wealth funds, or you're an endowment that's you know managing donations of accumulated over many many years, and ultimately you're trying to invest capital to earn a return and pay for something pay for your retirement pay for the university's operation so on so forth so that's Capitol starts, and it basically flows through the economy in theory. To all of the economic projects that are most profitable, inefficient for society, and so, if you step back, and you think about like how how is it that the American dream or the Chinese Miracle Happen? You know in in both of those cases different points of the last hundred years. Why is it that society basically stagnated? You know the world was a pretty scary. Scary place to live in up until about seventeen fifty, the industrial revolution started. Why is it that you know basically for all of human history? People fought each other for food and died at the age of thirty or forty, and over the last two hundred fifty years that it's totally changed. It's because we have an economic system that converts capital from its original owners. Diverts it to the most productive projects. which if they're successful, replace some old more expensive way of doing something with newer better way and so I think when when I described that like you know I, think most people can step back and say yeah, okay I. kind of see how capital flows through the system, it goes automatically to someone making an investment decision like a venture capital firm ultimately gets into the hands of the company company decides to invest in creating some great product that people love. Let's. Let's say like Amazon and then everybody switches from you know buying goods at some store that may or may not be out of you know may or may not being stock to the world's best selection of anything you'd never wanted. The most efficient price that's society gets wealthier basically through these these kind of steps in these transformations, but it's asking if you step back and think about it like nobody actually thinks it's processes as efficient as it could be like. We asked people all the time. People were interviewing journalists companies. We work with sewn. So how efficient do you think world's capital allocation is? I've never met a person that says it's pretty good. You know we're like ninety percent of the way there. In fact, most people think it's pretty inefficient. They think of companies like you know we work, and some of the more famous cases lately of of Silicon. Valley back businesses that that totally. underwhelmed disappointed. Their initial expectations and I think most people admit that the efficiency of capital allocation is either broken or nowhere close to achieving its potential, and so we basically we'll talk more about our technology and how we do we do. We basically think of this problem our problem to solve. There's an incredible amount of Apache inefficiency in how data that goes from a project or a company, ultimately funneling up to an investor flows, and so you know it's hard to place blame because there's so many people in the supply chain, but. But I think it super clear that if it's difficult to measure whether or not a project or a business is good at converting capital into value in wealth, and you know products that people want, it's nearly impossible for society to become really good and efficient at allocating its capital, so we're we're here basically to make the data gathering data transformation visualization communication of what's actually going on under the out of business as efficient as possible and you know from that, we thank some great things are going to happen to the economy. Goes a little bit deeper on the role that a bank typically plays in capital allocation. If you think about our bank works like let's take. Let's take a consumer bank that most people think about you gotTA checking account. Right, now you've got some money in that checking account. That account actually takes your money or dot and most people know this your dollars sitting in that account. You know just waiting around. You'd withdraw them. Your dollars are actually rolling up into the bank's treasury. There's somebody at the bank working with the regulators to say hey, how much of this money can we actually put into things like mortgages, commercial loans, all of the the uses of capital that society. Has In some some effort to. To, move the world forward and make the economy efficient, and so those deposits basically roll up into a big investment fund, and there's ratios that regulators set globally that say those dollars needed to be kept in reserve, versus how many are actually able to be invested, but with the portion that's able to be invested. It's there to fun. You know building a house to fund a business back -Tory to fund sales and marketing or inventory procurement for some other business, and so a bank was was basically the original investment fund, and a bank has unlike venture funds and other sources of. We typically think private capital. The bank has tricky. Problem were any moment all of the depositors holding the checking accounts could show up and say hey. I want my money back and so that's why banks have to deal with reserving capital predicting the amount of withdraw and classically everybody wants her money at once at the worst possible time, and so banks have to deal with quite a bit of volatility now if you take an investment fund on the other hand. Totally totally different structure, so your typical venture fund will have money available to it for a period of ten years from you know typically these larger pools of capital. We talked we talked about so very rarely. Individuals are investing retirement savings in venture funds, typically sovereign wealth funds down that's. Basically pools of that individuals capable. Win One of these funds makes a commitment to a venture fund. It'll say you've got the capital for ten years. You've gotta pay back. You know as investments exit, but other than that will check in ten years from now. We hope that we have more than we gave you the star with and there there's no liquidity problem because the fun has effectively carte blanche to keep the money invested until some set of businesses grow and succeed and go public and make distributions so one thing that's fascinating. The Tappan in the last twenty five years is private capital capital in the format of these kinds of funds. Have just grown tremendously and so today. There's a little over five trillion dollars. Of private capital being allocated in this way to think like buyout funds venture funds so on and so forth. Funds don't have the liquidity problems of banks. They can make much longer term for looking investments. This is created tremendous potential to make the economy more more efficient by taking out the time spectrum. You know this is why venture investors can do things like finance spacex or Tesla. Really. Build fundamental technologies in the way that a bank never could so this is an amazing thing it. However leads to a very long. You DAK cycle, so the incentive goes down when you take out the time line over which investment needs to pay back. To carefully monitor and understand what's going on in the business day today, so it's pretty interesting thing about the different pools of capital. There's not not to. Make it sound too confusing, but I think everybody will admit that the financial markets are incredibly diverse complicated we track basically about fifteen different kinds of capital, and they're sort of pros and cons with each one, but you know a bank is one. A private fund is wanted insurance companies balancing as another. You've got things like ETF and public vehicles that hold capital so there's quite a bit of complexity and the the structure of the financial markets. All right well. That's maybe the supply side of Capitol on. All kinds of middlemen and all kinds of different arrangements, but ultimately there is also the demand side of Capitol, at least from the point of view of companies getting started which is. Startups or computer in later stage with the maybe they're not exactly considered startup anymore, but they're mature. These companies have models for how they are predicting. They're going to grow, but oftentimes these companies are very. Lumpy in terms of how their their revenues come in how closely their predictions can track reality. So how do technology companies even model their finances? Is there a way to model their finances? That actually has some meaningful trajectory. Sure so first. Companies you know need need a base think of all the places that they're spending our money and. We're pretty. We Do I. Think a pretty good job of organizing this and making it simple so when we look at companies and we can, we can talk more about how the the cabinet machine operates, but when we look at companies, we basically think they're only a handful of places of money. Get spent you spend money on. Short term projects that you hope proficient things, sales and marketing. Houston money on paying for your sources of financing like paying interest on debt, making distributions to your investors, and then you spend money on everything else and everything else can be designing software building products on, and so forth, and so if you break the demand for capital down into just those three buckets. And look at them that way. Some pretty interesting things happen. The first is for the short term investments that you hope productive. You can track pretty granular nearly whether or not they are, and we'll come back to that. For paying back your investors, you sort of know exactly how much you're paying your investors so a pretty easy thing to track, and then for the operating costs you know most people will help us. Apax, that you're paying to keep the lights on things like Renton the your accountants, the CEO salaries on and so forth these are these are table stakes expenditures. You need to stay in business and so. Amongst each of those three things, there's different things that you wanna do to optimize and I'm happy to go into more detail sort of go through each one. If you think that'd be useful. Yeah Bliss a little bit more about about how these companies should be a modeling, their revenues are that is meaningful to model their revenue so that you can potentially think of them as targets for for capital allocation so. If we think about. Understanding what company might be a viable recipient of capital? How can you accurately predict the trajectory of that company, or or do they? Would they present a model? Would they develop a model good through a little more detail? How a company would serve justify? It's need for capital. So typically what what most companies do and this is not terribly useful or accurate, but I'll tell you what most people do I mean by the way like how central the entire economy predicts, predicts demand for capital works like this. Companies take. Their income statement on their. Balance Sheet historically. And they they basically have this excel file got a bunch of you know, rose and have different things like my revenue, my you revenue that sort of linked or my expenses that are linked revenue Mukasey could sold so on and so forth, and they grow each of those rose by some number that they hope to hit so if you want your revenue to double next year, you'll say my revenue one hundred dollars today I wanted to be two hundred. Hundred dollars twelve months from now I'm just GONNA draw a line between those two points and every month. There will be some number that's on that line, and that's why monthly revenue I want my expenses. You know everyone knows. Expenses are going to have to go up if my revenue goes up but I don't want them to go up as much as my revenue, so I'm going to draw a line. That's you know somewhere less than a doubling. and. You pull these lines together on one big excel file and there's your you know they're your corporate projections. In general, this is true for big companies small companies, but that's not actually how. Company revenue works because if you go back to the three categories, we talked about before, and you just focus on the one that talks about the short term investments. The. Way Company Revenue Actually Works is a company this month. Let's say they spend one hundred dollars on sales marketing. Well. They're hoping to get a return on that sales marketing, and so they're hoping that in the next you know six months. That's paid back. Twelve months that's paid back. You can actually track every time they spend money on sales and marketing. how quickly it gets paid back so it's that level of precision that can accurately predict revenue, and so what we do is we basically just get a list of every time? Money was spent on one of these short-term investments, so you sales and marketing for for an example, and then we get a list of all of the revenue that was ever earned. And we attribute between both of those lists causing effect. And we do that using a bunch of techniques that are pretty commonplace in your typical data, company or machine learning company. We use some math things like factor graphs. We use simple kind of correlations. We have You know a whole kind of financial framework to. Guess. What attribution should be because you learn a lot as you see different businesses and you see a bunch of different different patterns, which you can basically cluster on, but it is this linkage between spending on something like sales and marketing emceeing seeing revenue, go up or down, but makes or breaks a business, and you want to look at it and I is. Not a bundled. Entirety which is how financial projections are typically built? Okay, well! Let's talk a little bit more about what you actually do so if you're talking about early stage technology companies. Describe how you are modeling, those companies and how you are making decisions as to whether they should receive capital. When a company comes to capital they they come to our website. They sign up for this system that we built which which we've called the capital machine. And the first thing that they do is they connect their accounting system their payment processor typically, so think like a strike, and then sometimes they'll provide other things like a pitch deck or a data room, or whatever other information they have prepared. The system pulls down. All of the date in the accounting system and the the payment processor, and we look at other systems to these are the two key ones that all all dive into detail, and so, what ends up happening is from the accounting system. We get a list of all the times. Businesses spend money on these things like sales and marketing that we were talking about before. From the payment processor we get a list of all the revenue transactions in crucially we get it at. The level of each. Each customer payment, and so you know we scrub I all we really care about is having a customer ID, but once we have data at that level. We can start to do this linkage and say all right look. You know this business spent. A million dollars on sales and marketing and March of two thousand eighteen in April of twenty eighteen, and we saw revenue grow by twenty percent. That was a pretty substantial chain. You know what actually happened here. You can typically identify the subcategories of sales and marketing and start to do this link between these two, and this is really the you know the magic behind our our data science in our team pairing with our engineering team to figure out this problem and solve away that is, that's robust. Bud once we have these two data feeds, and the system goes through, and does all of these attribution. Populations were able to present that back to accompany a pretty clear picture of what's going on, and so we'll say things like hey. Your Business is pretty seasonal, and in the summer is when you're typically more more efficient at converting your sales and marketing dollars into growth so I, you want to finance growth in the summer. The second thing is only about eighty percent of your businesses financeable. There's twenty percent where you might not know it because you're not looking at this level of detail, you're busy building your business, which is exactly exactly what you should be doing, but Twenty percent of your businesses, not efficient. You're spending money on on your sales and marketing categories, product lines, and CETERA that just shouldn't exist and so if you get rid of those. If you double down on the part of Your Business, it is efficient. Then we predict your revenue will be act fifty percent higher, and we'll tell you exactly how much money you need to invest to raise money to to raise the revenue by fifty percent. We give you a bunch of charts that allow you to see how history and projections merged together and dig down. Inspect how we do that linkage to make sure you agree, but. This is what the capital machine does at its core. It Converts Company data into a fully audited completely transparent picture of. How business works where it sufficient where it's not efficient. And then that's where our technology stops, and where balanced she comes in, and so we then take this information, and we make balancing investments directly in companies, and so primarily at this point we lend money to technology companies that we see from their data are eligible for non dilutive funding. We make capital available to them directly. We basically allow them to access it through the capital machine. We use one system to communicate changes to the business. No keep both sides and form so on and so forth, but this is the kind of analytics layer that's essential to making these capital allocation decisions more efficient, and so I think you could imagine a day at least for us in the not too distant future when it's not just US using our balance sheet in this tool to make investments, but in fact, just like excel, every investor can benefit from a similar level of analytics and transparency, as can companies by getting more accurately priced faster access to capital less friction so on and so forth. Get Lab commit, is! Get labs inaugural community event. Get Lab is changing how people think about tools and engineering best practices and get lab commit in Brooklyn is a place for people to learn about the newest practices in devops, and how tools and processes come together to improve the software development life cycle. Get Lab commit is the official conference. Forget lab. It's coming to Brooklyn new. York September Seventeenth Twenty nineteen. If you can make it to Brooklyn, on September Seventeenth Mark Your calendar, forget lab, commit and go to software engineering daily dot, com slash commit. You can sign up with code commit s E. D.. That's COM MIT S. E. D.. And Save thirty percent on. Conference passes. If you're working in devops, and you can make it to New York. It's a great opportunity to take a day away from the office. Your company will probably pay for it, and you get thirty percent off if you sign up with code, commit S, e. There a great speakers from Delta. Airlines Goldman. Sachs northwestern, mutual, T, mobile and more. Check it out at software engineering daily Dot Com slash, commit and use code. Commit S. E. D.. Thank you to get lab for being sponsor. The inputs specifically if you think about a model for determining whether or not, a company should should be eligible to receive capital. I'd like to know how the the models are built. The the data science models that you're building are constructed from the point of view of the inputs. So how are you determining or how do you like company comes to you? How do you turn that company into some structured form of data that you could put into your models and determine whether it's worthy of capital. Yeah I mean it comes down to what what the data is your down so when we talk to a system like striper transaction records system, you know that that's the revenue of the company now where things get interesting when we connect to balance sheets in penalizing, it's of accompanying really onto understanding. Weighing. What exactly these numbers mean, and that sort of where we made our pipelines were built from the ground up to give us that granular. Of A company's cash family revolutions. Where's the money going where they allocating? And it's savable greenway or you once. What do you understand that data through that Lens? That let's build pretty sophisticated financial models Linda. And you know as soon as you have the picture of Company You can really do a lot of flexible analysis on the back leg distributed computation. Come stuff that you would never be able to excel and quite frankly a lot of these companies don't have the stacking internally or really the tools to understand for themselves, so you'd be surprised it you know when we surface this analysis back to the company by virtue of just being transparent on how we're making decision how it is perceived their business, the signals that were uncovering. These operators the CEO's the CFO's that are really focused on building company. Really surprising. They're really making these insights really transforming. How they think they should have capital. Should invest growing business. Are there any? Sources of Third Party data that you can gather to improve decision making. There are at a macro economic sense, and so it's actually quite useful to look at public company performance and say hey. SAS businesses in general. Most people notice, but facilities in general are seasonal in the fourth quarter. Budgets basically expire and people come in, and they buy a bunch of SAS. Software and so to take concepts like that basically shapes of curves, signals and apply them to private company. Financials is useful. Crucially though there is no private company. Data repository of any kind like it just doesn't exist, and you know notoriously even even with small businesses. It's actually quite quite difficult to get access to any sort of meaningful credit data, and so, what ends up happening is these aw. These businesses. Give you a picture of their business directly as an investor and you have to interpret it directly, and that's basically how this works totally unlike consumer credit, there's no credit bureau that people paying so most investors are analyzing the state and excel. Excel notoriously breaks when there's about a million cells worth of data, and so we've got this great visualization showing our data pipeline, and it's basically a bunch of boxes, and there's a little tiny. Tiny box in the bottom of corner that's excel, and there's a bunch of other boxes across the entire rest of the page that are nodes in our in our distributed computations, but accelerate very very limited, and so it makes it impossible to actually understand what's going on in business from the source data, and it's at the source that you see this variability in this linkage between profitable capital allocation decisions in unprofitable capital allocation decisions. Describing more detail, the workflow so a company comes to you and they're going to put their inputs into the. Would you call the capital machine? What does that workflow look like in a little bit more depth? Yes when they come to the website, they creighton count much like you would on. Twitter facebook account. When your details your email, you terrify your email, and then you on what's recalling like the capital portable on there? You have et CETERA. Tools to connect your sins record and these are typical offload. So you know people are very familiar with you. You know you say hey, let's connect by quickbooks you in your credentials and sort of be as secure way, and you click okay and the system checkmark by your quickbooks in the system start pulling that data out of regular cadence and. Depending on what system you're connecting you of the characteristics of that's not go systems of record, and how much data you have you know. The data's available anywhere from ten minutes to a couple of hours later and you know once we have Dr. System, we run that through our partake analysis pipeline in the users as a company. You get you get charged. In Tableau kind of call it, the insight Saban's these refused that we think would be helpful for you as an operator company understanding about Your Business in separately. We also get views of that data that are useful to our our internal investment team. Whoever is looking to capitalization systems? Are there certain business categories that are a better fit for modeling in better fit for the kind of. Predictable capital returns that you can, you can expect with the investments that you're making so like you ride sharing or Gig economy businesses or some businesses. What are the categories that are the best fit? Say Very few categories don't shit from the from the perspective of of linkages, but they're certainly models at their easier to think through and easier to understand, but our our system can underwrite today A. Lease on a commercial aircraft, a fleet of ships and Insurance Agency ask company the most important. Thing about our system is that the financial theory that underlies it is very general, just like p. e. rate is very general, and so that's kind of sounds crazy like. A lot of. A. Lot of people say what what businesses the best fit for your your system and you know it's kind of like asking what businesses the best for Warren Buffett like Warren. Buffett is a generalist. In any business, and he has a framework in his own head to figure out how to make ship comparable to American Express our assistant has a very similar framework. It just operates at the level of transactions instead of at the level of financial statements, but certainly within. That framework there's some examples that are just easier describes I think like you know thinking through the fishing of sales and marketing something. That's a lot more obvious than thinking through like the stability in refurbishment of commercial aircraft parts, which is a key question you know. Pricing pricing refurbished parts, which is a key question if your financing commercial aircraft and Our team, the ambassadors that use the capital machine internally which we primarily do internally do a little bit of partnering with without the groups to to use this as well. These people are all specialists in some particular area, but it's crucial to understand. They're looking at the exact same chance as all the other specialists and all the other areas, so it's like literally the the Fast Company and a commercial aircraft will have the same series of charts at investors. Are there two two draw their conclusion? Is the question for Chris. Can you describe the stack of technologies that you built in more detail? Yeah Yeah. Of course on the front, we are react type script, xjs, you know everything is on aws, and in the back, and we're. We're all python, and in really the reason for that is if you're doing any serious machine, learning or data science today can't really get away in python stack, so we're all python them back in. We have flasks. As a as our API late here and That's the that's a high level. And get a little bit more detail about how the data science layer works. Yeah, yeah, yeah, of course, so we put on the dea into basically a data lake the that goes down into Ardito pipeline in that's all air orchestrated on top of each called airflow, and we use a technology called desk for are distributed computation, and I think that this is a good choice. Choice for us at this moment you know I see us doing a lot of work on. You know using a spark in other distributed technologies in the future and his team and it turns out that when we pull this data down organizing the data was really important to us as we build a lot of attractions to make accessing that data, really easy for quantitative analysts. Important central to our whole technology is that we're able to do a lot of different financials experiment very quickly on top of this so the the implications of that really cascade down all the way into. You know what technologies where choosing how we structure our delayed. Even even how strokes are teams, so it really is brought up locations across all product. How is it when you're analyzing company that you have enough data that it warrants a spark cluster because I can imagine? The financial data around the company. How can there really be that much data to analyze how you do surprised in a lot of these transactions systems taking up the companies have been around a couple of years and their direct to consumer. These data sets can be can be pretty large. You know we're talking about in the millions and millions and millions of transactions that were pulling down and storing. Storing and that just on a per company basis. You know that's not even talking about if we wanted to. Benchmarks Cross companies, and also if we want to do scenario analysis, so you know one of the things we was part of a pipeline is take this data, and through like nine ninety nine hundred thousand simulations to understand the sensitivity of different variables on the performance of Your Business and If, you're starting out with starting that already large. Sort of a multiplying effect. On how much data the system is the old process? is you go through those different stages? And, can you tell me a little more detail? What would a typical spark job? Look like for a company that you're assessing. Yes, so first episode is ribbon. Our our financial didn't ingestion parts, so we download something on the order of you know forty fifty bytes of Tim's action data for for a company. We have to do all the work to interpret and understand what that means in reorganized that data in a way that are downstream analysis and primitives can. Make sense of and use for useful analysis so really the first step at this point job is is transformed the datum some it's useful, and then there's all the work on what are the clusters in order to machines and analysis in the computational. Resources needed to run simulations. You know not not just say local computer locally owned of fall over the only about thirty to sixty four gigabytes of Ram what league, so that's where workflow comes in creating easier faces into data, clusters and being. Should you know when you run a job? You know when it fails. You know it's done. You know when the team can't okay. This part of analysis done I had intermediate date asset to do more analysis on now get back to work is a lot of the time we spend developing internal tools to make. One other thing that'll mentioned that I think's important is. A lot of the underlying technology in our data pipeline it's no different than like what a tableau or you need. Traditional BI business would have access to, but what's fascinating when you have a vertically specific domain so financial data in our case you can make a lot of interpretations about the date of the let you do much more intelligent things, and so for example we. Don't have to make your own charts as a user of the capital machine. We make all the charts for you can of course. As a business we work with. Give us ideas for charts. You can mock up your own. We we basically have an interface for for business. The I team's to to write some code if they if they want to bought when you have clients who are thinking about financial risk, financial attribution across all of the companies that we see distilling that down into a series of indicators that are detailed, but generalize -able, and then publishing that back to all of the companies that use the capital machine to run their own capital, allocation, decisions and access, external fundraising and capital. Some pretty amazing things happen in so it's only with a vertical view. You actually having these we, we call our data scientists Kwan's, but but actually having these people who you know typically are graduate level economists, thinking for the first time about using transaction level data in their analysis, which is notoriously not not available to to normal economists that you get the kinds of insights and analysis the actionable for businesses, and then in terms of the data pipeline that then means we actually store a bunch of intermediate data that's opinionated in that way, and that makes it much faster to access much easier to benchmark much more useful across a network of companies, versus just that isolated excel model that. Explains only one business. One thing I'd like to ask you about. Capital intensity so there are kinds of businesses that are capital intensive for example where you have to pay upfront for a lot of ridesharing rides, and you know as Uber or lift. His has known in much detail. You allocate all this capital two things to subsidize rise because you try to win a market, there's all kinds of other capital intensive businesses. How does capital intensity change? What makes sense with regard to the equity financing the debt financing that you are shepherding for these companies? That is a great question and be because of where you focus in your audience. You totally get the most financiers don't so. The first point exactly like you said. Capital intensity means a business consumes a lot of capital. It doesn't mean a business has a physical factory or plant or railcars, so it is absolutely true exactly like you said that there are a lot of tech businesses that are incredibly capital intensive. If you are capital intensive business that means UNI especially if you're growing, you need to raise a lot of external capital, and so it is even more important that your capital or a big portion of your capital base is not dilutive. That's that's just essential. Table stakes because what you see with these businesses, the ride sharing companies are great. Example is by the time one of these things actually goes public the early owners in the business on a very very very miniscule. KEESA that business, still if you contrast that to company like Viva Systems which I think is one of the most capital capitol efficient businesses in venture history, I think that this race something like twelve or fifteen million dollars total before it went public in a at a multi billion dollar market cap. So capital intensity. Is a synonym for dilution your own way less. Than you think when you exit entities even more important that you figure out a way to raise capital non ludicrously upfront. Some broader questions zooming out in in getting your perspective. Do a thesis for what is going on in the economy right now where you look at. The fact that We have. Obvious pressures to. Reducing the size of the economy through the lack of tourism, the lack of social gatherings while the stock market climbs higher and higher, and it appears that the technology side of things is almost unaffected by Corona virus is there. Is there a thesis that you've arrived at or or their set of theses that through conversations with other people, you've found most compelling. Sure the most important thing to realize about the stock market is that it discounts all cash flows from all businesses in the stock market to infinity, and so the value, the stock market about eighty percent of the value. The stock market is. Pretty far into the future like more than three years from now, and so if you believe that the current economic crisis and this is why there's always a. At least in the Western, world, last two hundred fifty years after an economic crisis. If you believe the crisis will eventually revert, and there will be a recovery, then it only makes sense discount stock market assets by anywhere between ten and twenty five percent. If you believe businesses fundamentally going to go out of business because of this crisis, that's a different story, but that explains why something as terrible as Kobe nineteen and a pandemic. Only discount the stock market by by roughly thirty thirty five percent in a in March, but that's not what's actually going on today as you mentioned and so stock market prices now have completely recovered. That is something that we think is a little bit of out of sync with reality but I. I mention you know we're not. We don't spend too much time about the stock market beyond that we just look at you. Know Private Company fundamentals. We try to understand what's actually going on in individual businesses across all businesses that are network to see what you know what we can understand, and you know what kind of conclusions we can draw, and so if you take that Lens and you actually look at what's happening to businesses due to Cova nineteen, it's fascinating. Some businesses like think the food delivery space have gotten a lot more efficient, so those businesses lot like ridesharing businesses back twelve months ago, there was sort of a bloodbath between bunch of companies competing in local markets to acquire customers all all fighting Google and facebook console, and so forth you subsidies drivers, etc.. That's essentially stopped. These businesses incredibly profitable, the cost acquire customers has fallen by more than half a lot of cases. The channels were slot less competitive, and so if you're running one of those businesses. Now is a great time to be aggressively expanding. Weird things like commercial construction businesses. They're actually a handful businesses that we've seen do things like install windows and doors and commercial buildings whose businesses have accelerated because all of these buildings are closed down. Construction project timelines have gotten pulled up. All of these orders are coming. Do in they're you know sort of rapidly doing it solutions? There's obviously a bunch of other businesses have been that have been hurt by by the pandemic, but our general thesis are we've studied. Pretty detailed way the Spanish flu in nineteen eighteen, you know. These things eventually go away. There will be a vaccine. Economy will get back to normal, and as long as we can stay focused on working through this as as a society and of maintain our our fabric of of kind of economic progress then. DESAGUADERO values today will eventually make sense just sort of a question of of win for the stock market, and then if you're if you're actually running business in thinking about your own performance in isolation, really being clear about is now the time to invest and grow my business now the time to be very careful with my expenses interest, get through this for the next year or however long it takes for there to be a vaccine. So the way to think about your company, if I understand correctly if I was to to put in a nutshell, is that. I think of you as a data science middleman between large capital allocators, and and start ups deserving of capital, so the the sovereign wealth funds the banks the I guess. Funds of funds. These kinds of sources are essentially looking to you for guidance on where to direct the capital, and you're on the on the other side, absorbing data and creating opportunities from these startups to source the good directions of that capital. Just wrap up. Would you put any more color around that description or or refining anyway. Yeah I mean I. think that at the core of what capital is is where the. Core Technology Ambler of sort of. The private market if you think about public markets today, you've clearing-houses like the New York Stock Exchange, and you have companies that provide analysis on top of that like Bloomberg, you know we see a tremendous opportunity to shift the paradigm where you know the place where all the financial transactions happen. is also the place that collects the data improvise information for those making these decisions and yeah, so I think capitals really at the center of making a transparent technologically enabled financial marketplace. Guys. Thank you so much for coming on the show and discussing capital, and I guess one last question is. Do you have any predictions for how capital allocation for startups will look differently in five ten years? Sure so! The first prediction. And this is happening now. I mean the the infrastructure is. In place both within. And others. Most startups fairly early in their life. Think is equity only way to do this and. So. That's a cultural shift. That's that's already happened. People are starting to ask that question. The second prediction is. Seed and series a funding will be entirely unchanged. After series. There'll be a bifurcation between businesses that. Are Really. Capital intensive gigantic rnd projects think like SPACEX. The series, B. C. d. e. enough are really about building and launching a rocket. Those businesses will by and large not. Turn outside of equity to finance themselves, but there's very few of those businesses. Pretty much every other business businesses that you see raising a series B. Serie C. Will like any normal business in the entire rest of the economy raise maybe half of that capital nine allegedly either in the form of debt. Royalty financing factoring all of the other instruments that normal companies use to finance themselves in the void delusion that will happen roughly three years her. Now that'll that'll kind of we'll see obvious obvious signs of that from very early very early base, and then the final the final thing is. Steve Case talks a lot about this. With the rise of the rest, he's got this great venture fund that invests explicitly outside the coast, so kind of the rest of America and we've seen that there's there's a pretty dramatic distinction between being a coastal business non-coastal business from capital access perspective, but there's no distinction from an actual performance perspective, and so we'll start to see some of the regional. Differences in bias sees around where capital flows, go away. And so I would maybe put that on a five year timeline like raising capital is actually much more predictable, much less biased, and that's great back to the beginning of our conversation. That's great for the economy I mean every project or business that can convert capital, two products and services that people love should get finance. No questions asked doesn't mean it doesn't matter what the color of your skin is. What background you have whether you went to college didn't go to. College doesn't matter. You have a business with data that can prove whether people love it
How to Become a Change Agent in Your Health System with Tony Manuel
"Welcome back to the outcomes, rockets, Sal Marquez is here today I have the privilege of hosting Dr Tony Manual Dr Tony. Manual is a practicing anesthesiologist and Austin Texas. He's a partner with the United States anesthesia partners central Texas and has been in practice since two thousand two. He's an assistant professor. In the Department of surgery and Peri, operative care at Bell Medical School Dr Manual received his undergraduate degree from Vanderbilt attended the University of Texas Health Science Center for medical. School, completed his residency in anesthesia at the University of North Carolina or Or. He was recognized as the outstanding resident and fellow cardiovascular anesthesia at Duke, university in two thousand seventeen. He received his masters in medical management degree from Carnegie Mellon University and today he's playing. Multiple Roles as as he has in in his career and today we're going to be talking about physician innovation, and in particular how physicians can evolve their career to be greater contributors beyond the point of care and so. I WanNa thank you Tony for joining me today to have this very interesting discussion with you saw thanks so much great. Great to be owner podcasts, and I WANNA. Thank you for actually doing this podcast. Because for a lot of people like myself, it's been a great conduit to learn about what other people are doing, and what best practices that are out there, and it's an alternative to sort of the Journal Review articles that we have historically read and I've actually looked up several companies that you've had on and engaged with them. Really appreciate what you're doing I. Love that man now. That's great. I'm glad to hear that you've done that. That's the intention. Intention and so I appreciate you for doing that, so you know we are having a discussion. Folks Tony and I connected and said you know what the role of the physician is changing, and and so what I wanNA. Do today is just highlight how that's changing through the life of Dr Manual here and so you know I love for you Tony at to just kind of walk us through some of the work that you're doing and how it's changed from just practicing to actually doing more You know as we engage this. You know three five trillion dollar industry that call healthcare. Yeah, it's it's been an interesting journey for me and you know have to credit one of my anesthesia attending when I was in residency, his name's Dave mayor said Gimme, grapevine goes Tony You have to continually strives to maximize your career and Let's see well. What does that mean well? You definitely want to start trying to be the best clinician you can be once. You achieve that you should really look at you. Know becoming really strong in other areas, and I always took that to heart in so I think back to when I first started here in Austin I became the division chief of cardiovascular. Cardiovascular Anesthesia Rochester, saying I helped create division of cardiovascular. Because at that time we were Basically, everybody was doing it, and I fell coming out of myself. This'll be really better if we limited number of people at work in that space and you know put together some protocols and got the team together, and we saw some really good outcomes from that work and I fast forward to what I'm doing today, and that work has changed so much partly because I think every clinician you have to get educated, and I use a rudimentary tools back then, but in after getting that masters degree from Carnegie Mellon I really developed at toolkit that allows me to take on. On much more complex problems that we face and healthcare today. Yeah, that's so interesting, and so you have that entrepreneurial bug from the beginning right so you kind of re retooled the way that you guys approached cardiovascular anesthesia and I'm sure with with much improvements and outcomes, but then you've taken other steps to. You've been involved in startups, and now you're doing different roles. Can you talk to us a little bit more about that? Yeah I worked my way of the medical staff leadership and ultimately became the president of medical staffing while that was a great experience after I graduated with my master's degree. The entrepreneur apart really was intriguing to me. In more important is the. The interface between the clinicians in technology and so The startup is called Dynamic Lights based here in Austin, and it's actually technology out of the University of Texas and They had great idea concept. Basically, it's how to noninvasive map blood flow during Sri will hand you an aneurysm surgery and uses what's called speckled laser technology and I was like honestly Craig. It's continuous. It's noninvasive, but they never really thought about the interaction. How you get it. It's dockers hands. How do you test it? And that was sort of my strength and so I, said well. Let's work together and figure this out and to date. You know we've incorporated. We're FDA approved, and we're. Ducking clinical trial and we're looking to partner with a couple of larger health tech firms,
Report: State, local aid needed to avert 4 million layoffs
"Hi Mike Rossi with details on a report that says states and local governments need federal aid as they recover from the pandemic a report from moody's analytics warns of potentially four million lost jobs if Congress doesn't come through with corona virus pandemic relief for states and local governments however the study also says far less money is needed that the eight hundred seventy five billion dollars in assistance but house Democrats passed last month as part of a three point five trillion dollar rescue package instead moody's calls for five hundred billion dollars in combined aid to states and local governments Congress is expected to pass the fifth and possibly final cold good nineteen response bill next month Mike Rossio Washington
Apple, Microsoft Become First American Companies Worth $1.5 Trillion... On the Same Day
"Wednesday. Apple became the first publicly traded American company to reach a one and a half trillion dollar valuation. That's right. The Silicon Valley superstar continued at Sky High trajectory despite being close to foot traffic all over the world since March, perhaps even more remarkable than the news of Apples, record-breaking valuation was that the same day Microsoft also crossed the one point five trillion dollar mark share prices of Google and Amazon shot up as well although their market valuations didn't quite achieve such celestial levels. Prior Wednesday the only publicly traded company in the world. Worth that much was oil company Saudi Aramco it went public last December, so why the sudden jump in the market analysts say investors like big tech right now because lockdowns made us more dependent on technology for work and leisure than ever before stuck at home, we all downloaded programs like crazy from apple's for the load jumped by a third in the last couple of months according to Morgan Stanley, we also glommed onto the apple. Watch research firm strategy analytics. Apple sold close to eight million of the smart watches in the first quarter up almost twenty five percent from a year earlier according to Fast Company finally investors are looking ahead hopefully to apple's planned introduction of a five G. capable phone, the IPHONE twelve possibly by next month five G. is the next generation cellular network one that promises greater bandwith with and much higher speeds. And rebels in its financial success, it's also responding to global calls for civil rights on Thursday Apple. CEO Tim Cook announced that the company is investing one hundred million dollars in wide ranging racial equity initiatives from increasing its investments in education and training to better diversifying its workforce in supply chain. If apple is the darling of individual customers. Microsoft remains the choice of corporate America these days, a lot of corporate. America's employees are operating from the dining room table. In order to function companies are scrambling to provide workers with cloud, based productivity and communication software like Microsoft three, sixty five and teams, according to Barron's, but let's not give apple and Microsoft all the credit for their eye-popping valuations. Some of their boost came from. Shall we say irrational exuberance in the market overall now bear with me for a second because we're going to be explaining what happened in the market last week? which is a century in Covid nineteen time. Last Tuesday and Wednesday. Investors seem to want to believe that the pandemic was behind us. That reopening the economy would not only go smoothly, but that millions of unemployed people would get their jobs back fast. With hope, not necessarily evidence says its foundation. The market lifted to new heights. Investors were even gobbling up shares of companies in the hardest hit industries, airlines and hotels, and then evidence that we are not passed. The pandemic surfaced there are now more than two million cases of covid nineteen in America in the US more than one hundred ten thousand people have died according to Johns Hopkins University case counter spiking in several states that reopened around Memorial Day including California Florida, Texas and Arizona. Seeing these numbers investors hopes deflated, and many scrambled to sell on Thursday. The Dow Jones Industrial Average sank more than eighteen hundred points, the biggest single-day drop in the stock market, since March as many already warned, there had been no evidence that the virus was gone and the increase in cases prove those skeptics right now. Investors are worried about a dreaded second wave which could force lockdowns all over again at least regionally added to those worries remarks by Fed Chairman Jerome Powell on Wednesday. He warned that the recovery will take a long time. Time some people may struggle for years to find new jobs in some may never be able to return to their old industries. He said Powell's gloomy outlook, plus the coronavirus counts at up to wall. Street's sharp drop, but there were certain companies that seemed relatively immune. Yep, you got it. Apple and Microsoft, both fell slightly with the rest of the market. Apple ended the day just a wee bit under one point, five trillion and market value. Microsoft fell more, but don't cry any tears for them. They ended at one point four trillion. For Big Tech companies, more lockdowns means many of us will continue living and working in virtual worlds, and that means buying yet more. APPs streaming services cloud based software and the like what this means for the future of these longtime rivals, well those who like watching races or now anticipating who will reach two trillion dollars in valuation I apple or Microsoft? And went even with the economy sputtering when it comes to business wars in big tech. The goalposts just keep moving forward.
"five trillion dollar" Discussed on WBT Charlotte News Talk
"So let's look at the facts this week I heard on Bloomberg that in in Japan they're doing another stimulus package over there that in in U. S. dollars is going to be over one point five trillion dollars for Japan so this is a worldwide shut down here and the stock market or the people that are buying stocks are just ignoring all of that happening so yeah you know there's there's an old joke out there about a flood and how the preacher gets stuck on his roof in a rowboat goes by and he says you know I'm okay I'm I'm praying that god make this okay and you know long story short we've all probably heard that joke a helicopter comes back for him and in the end he he drowns and when he gets up to the pearly gates Saint Peters you know he says the Saint Peter what happened I have always believed and he says one man we we sent a truck in a rowboat within helicopter yeah I know so when I look at the market you know folks this is what I see this is a second chance we've had a tremendous rebound but when we look under the hood to fundamentals I agree with what Christine Benz just said there we have to be very cautious again as I said earlier if you're near or in retirement you can not afford any big losses now folks this is about your life savings we're talking about here now when I when I go out in the public and I come to the office every single day we and we're to central business we haven't stopped coming in here any during this time period but I see a lot of people wearing masks and listen let let's just look at this for a second why are you wearing a mask many people wearing it protect yourself some people are wearing a mask to protect others but we're we're looking out for our health does your retirement plan have a mask on what are you doing to protect your life savings this virus stuff this pandemic it will pass and I know the effects of that are going to be detrimental to our economy and how that's going to impact us in the stock market that's a forward looking estimate that I do not have the answer to but I know it's going to be tough and I believe that we need.
Can the US economy recover from coronavirus?
"Nation last week another three million Americans filed for unemployment retail sales and factory output recorded record declines silenced the economic damage from corona virus tonight on sixty minutes Scott Pelley talks with the most powerful man in the finance world federal reserve chairman Jerome Powell here's a preview what economic reality to the American people need to be prepared for well I I would take a more optimistic cut it that if I could and that is this is a time of of great suffering and difficulty and it's come on us so quickly and with such force but you you really can't put into words the the pain people are feeling the uncertainty there realizing and it's going to take awhile for us to get back but I I would just say this in the long run and even in the medium run you would want to bet against the American economy this economy will recover it may take awhile it may take a period of time it could stretch through the end of next year we really don't know can there be a recovery without a reasonably effective vaccine assuming there's not a second wave of of of the corona virus I think you'll see the economy recover steadily through the second half of this year for the economy to fully recover people will have to be fully confident and that that may have to await the arrival of of of a vaccine scuttle interview the fed chairman airs tonight on sixty minutes we go now to Gary Cohn he's a former director of the national economic council under president trump he joins us from Long Island New York good morning good morning Margaret you just heard of a federation chairman say and know full recovery until there is a vaccine thought is the logical extension of that that there will be widespread unemployment well into next year so first five by chairman Paul did a very good job of summarizing the economic situation with some optimism and saying look if we don't get a second outbreak in the fall which is just predicted we don't know if that will happen or not we we we will continue to grow our economy and our economy will continue to have a natural recovery so and he was quite optimistic and and I am quite optimistic the U. S. economy is quite resilient and I and I have to remind people that we end up in this economic situation by necessity we made a conscientious decision to shut down our economy and have everyone stay home to flatten the curve was the right decision but we created this economic situation we can on wine this much more quickly than some of the comparisons that we're making in time where were were there were situations where our unemployment data happened over a long period of time because I think the climbing employment declining sales I think counter to that is there are people in immediate and severe pain now I mean the fed revealed this week that forty percent of people making under forty thousand dollars a year lost their jobs in just one month in March we were hearing that food in security the fed chair pointed to Congress and you just turn the speaker of the house say time is of the essence do you agree with her that more emergency aid needs to happen now or can you wait as Republicans want to do so I I think I agree with fifty percent of what the speed with the speaker saying so part of the heroes act was to get money or is to get money to the states the state local government and I do think that is very important to stay local governments have been hard hit the last thing we want to see a state local governments in our time of need having to lay off firemen policemen teachers first responders frontline people that were relied upon for everyday life that would be the complete wrong outcome here so the federal government does have to step in and help out states just like that help small businesses and big miss Bates big businesses they should help the states that doesn't mean they should respond return the states to perfect financial condition on the other half of the bill eight you did ask me about that there are some things in there that are much more aimed at a a recovery then the current position we're in in addition to that if we really want to get the people back to work that the chairman Powell was talking about we need to reopen the economy those people earning less than forty thousand dollars a year are very important and we rely on them but think about the health care system healthcare system is twenty percent of our GDP if we get our healthcare system back up and running a lot of people in the lower wage bracket end up working in the healthcare system we need that to happen if if we get people going back to work think of what it means to go back to work you get are you did it's not it's not an either or it's a half right and part of what Congress should be doing is figuring that out policy wise the administration is floating the idea of a payroll tax cut slashing the corporate tax rate suspending capital gains on assets but between now and the end of the year how does any of that help the people who are in pain now what we have to decide where we are are we responding to the crisis we trying to stimulate recovery Hey look this is a very difficult situation because the federal government sits on top and then each state is going to decide what we're doing if we're trying to respond to the crisis were right and this is where I agree with the speaker we have to get the state's money to help them respond to the crisis if we're trying to stimulate economic growth which would be the second half of the equation we would use a different set of tools to stimulate economic growth and we have a huge tool box of tools we can use to stimulate economic growth but but those specific proposals payroll tax cuts lowering the corporate interest rate does that do any of what you're talking about will a payroll tax cuts puts money in the pockets of people who are working right right now we're talking about the unemployed people exactly all tax cut doesn't help an unemployed person so I'm not in favor of the payroll tax cuts so what are you saying are you back to work okay are you also saying more direct aid to people because one of the the questions around extending unemployment benefits as they are now this unintended consequence of people actually sometimes making more on unemployment then if they take the option to go back to the employer that maybe for low down so what's the solution there the market look I think you just had a very important concept when we first started the enhanced unemployment benefits we did it for a specific person purpose we wanted to and we needed to get people out of the economy we needed them to stay home so we changed the definition of unemployment we said look stay home don't look for a job we don't want you to leave your house now I think we have to go back to the more traditional definition of unemployment if your unemployed you get benefits but if you need to be looking for a job if you get offered a job you should have to take that job and you should come off of unemployment benefits we need to transition out of the extraordinary measures that were justifiable sixty days ago ninety days ago into the the real world of what it is they they they continues definition of unemployment to think that do you think equity markets are behaving rationally and are you accepting the idea that the tax cuts that you personally helped usher through from the trump administration may have to disappear as so many on Wall Street are predicting to pay for all this first I have I have said it I'll say it again we now understand that we have to be in position the federal government to spend two to five trillion dollars in a moment's notice to support our infrastructure support our economy that said we need to sit down look at both sides of the equation we need to sit down and look at the revenue side of the equation and we need to look at the expense side of the equation so I would say yes the tax situation United States has to be readjusted everything should be on the table but remember at the expense side equation everything should be on the table as well as far as the stock market goes remember the stock market so you're talking about your name you accept would likely have to go I said so I think everything is on the table Hey remember remember my market I think the tax cuts are completely misconstrued we get a big tax breaks too to lower income earners and we taxed higher income earners in fact in the heroes bill you'll see they're trying to roll back the SALT deduction the salt production it was a way that we tax most of the higher earners only the top thirty percent of earnings really use the SALT deduction they're the ones that own the big homes and pay the big real estate taxes and pay big state income taxes than they're using that deduction rolling that deduction back does not make sense right now when the federal government needs money in in this environment I'm a stock market like a stock market very forward looking and I think the stock market like chairman Paul is fairly optimistic of where we're going to get to an end and there is a path forward and I want my people it's also it's made up of the largest companies might occur and a lot of those companies have actually become more essential to our daily lives today not less essential your current index a small local businesses I think that index would be trading at depressed
UN forecasts COVID-19 will shrink global economy by 3.2 percent this year
"Case in the United Nations is forecasting the corona virus pandemic will shrink the world economy by three point two percent this year the sharpest contraction since the Great Depression in the nineteen thirties the U. N.'s mid year report released today said go over nineteen is expected to slash global economic output by nearly eight point five trillion dollars over the next two years wiping out nearly all gains of the past four
Census sends paper forms to laggards as Midwest sets pace
"If you live in one of the many American households that have not answered the U. S. census they're coming after you starting Wednesday the census bureau is mailing out paper forms to more than sixty five million homes that did not fill it out online or over the phone most residents started getting notices about a month ago Minnesota Wisconsin Michigan Nebraska Iowa and Virginia are setting the pace with response rates over fifty percent but in other states Alaska West Virginia New Mexico only between a quarter and a third of households have responded the census guides the distribution of some one point five trillion dollars in federal spending and helps determine how many congressional seats each state gets that's why it's so important I'm Julie Walker
Pelosi: House 'not prepared' to vote remotely on coronavirus relief bill
"Us that okay our top National Congress could be hours away from agreeing a stimulus package of the few outstanding issues I don't see any that can't be overcome within the next few hours Senate minority leader Chuck Schumer not long ago while they're working on the Senate plan there's another one that just popped up house speaker Nancy Pelosi unveils a two point five trillion dollar Corunna violet coronavirus stimulus bill of around say that six times fast here's Mike our Senate Republican bill put corporations first policy outlined the take responsibility for workers and family acting a plan designed to give Democrats more leverage in negotiations with the White House the house bill would require any corporation accepting federal relief money to prioritize their workers wages and benefits over CEO pay layoffs or stock buybacks federal pandemic unemployment compensation would be six hundred dollars per week and each individual would receive between fifteen hundred dollars of government assistance of up to seventy five hundred dollars for a family of
"five trillion dollar" Discussed on Part of the Problem
"But I'll make one final point. Yeah. Could people on the boards of state development banks disguised, their motives, and, and always seem to find some excuse not to not to give a loan to Moscow to somebody's trying to start the next SoHo form? Part of the problem, etc. Etc. Yeah. Which also happens all the time with private banks. But it's limited in how often it happens by public institutions like the Federal Housing authority that these rigorous Horry bodies that step in to investigate. Hey, is there a pattern here in which you always seem to find these excuses to deny loans to black applicants what's going on there, etc? And I don't see any reason to believe that parent that the same sorts of institutions wouldn't exist in the kind of democratic socialism. That I advocate and, and the boss car advocates in his book. Okay. Very good. So we've had the opening statements the rebuttals we're now moving onto the question satement. So let's all start by allowing you guys to ask each other some questions is there either of you guys who would like my suppose my questions you ban you both have questions than the affirmative I suppose gets to go? I is that right in that closing, and then I might ask a couple questions, and then we'll go to the Facebook because you've been if, if I want to raise money for Moscow for so forum in turn down by all those planning boards and, and investment state run investment, people could I access crowdfunding? Yes, I agree with. I agree with what Bosca said the debate which it which if you'll recall was that there's no reason at all not to allow crowdfunding now the there could be -regulation, crowdfunding goes to five trillion dollars shut it down. What if? To five trillion dollars crowdfunding what if five trillion dollars? Well, what if would you shut it down? Then it's only fifty billion now, which is shut it down at five children, which shut it down at a trillion. When was shut it down. I'm not particularly to shut down at all. But five trillion Ben answer the question in and in fact, I'm very confused because this is something that confused me, and that other debates, his you 'cause you see him to like. I think that the free know that the first time you brought it up with Moscow's reaction was kind of. Okay. I don't really know why talking about this. But sure they have what he actually the first time he expressed opinion. He said, yeah sure of crowdfunding, that's fine. Would you would you brought it back up? And he said the same thing that get treated as major victory. But I don't think you said anything. I don't think I've said anything that would hint that we particularly have a problem with crowdfunding now. I do agree with his caveat on that, which is that crowd that, you know, the kind of business, you could crowd fund, just like in the existing system. Right. You can't crowd fund. Hey, I have this great plan for, for a business where we wouldn't follow any safety laws, and we wouldn't pay people minimum wage. Well, you could crowd fund, but you can't actually implement that plan for the business. Similarly, we could have a society where we had Cheever this crop dominance. And we legislated that and we said, no, the same way in current society, say you have to pay people minimum wage. You have to have the safety standards excetera. We said you have to allow people cooperative voice in the running of the enterprise, and that, that could be a restriction on crowdfunding. So that's. That's fine. But that's, that's totally consistent with having crowdfunding. And having even perhaps a legally banned dated requirement that people have a cooperative voice in the running of the apprise. Okay. So you've, you've said, then that unless unless unless guys run the mosque you would allow funding to go to five trillion which would mean that it would dominate the private funded economy, it would be capitalism, it would be private funding of enterprise, that's capitalism..
"five trillion dollar" Discussed on Masters in Business
"I have an extra special guest. His name is Joe Davis. He is the chief economist and global head of investment strategy at the giant five trillion dollar vanguard group, if you are at all interested in a very non traditional economic discussion, then you're gonna find this conversation fascinating. We talk about global trade. But not who selling what in what tariffs are in the way, we talk about the trade in ideas, and the global exchange of technology, and how things like the internet have allowed the entire world's to become richer. More productive lowering certain negative aspects of economic growth and really helping to raise up the entire world economy and world standard of living. This. It is a fascinating one conversation that I think you will find absolutely intriguing so with no further ado, Mike conversation with the vanguard groups Joe Davis. My special guest this week is Joe Davis. He is a principal at vanguard. And as the firm's chief economist as well as the global head of the vanguard investment strategy group. He's also a member of the senior portfolio management team for Vanguards fixed income group Joe Davis..
"five trillion dollar" Discussed on The Last Word with Lawrence O'Donnell
"Our party donald trump could more than get some republicans and a lot of democrats together on a big infrastructure bill the fact that he's decided to making no unusual deals no creative deals that isn't baked into this that's him not having the interest or the intention to dig in on the details of governance plush his vision into an actual agenda and then push those who recalcitrant in his party behind that agenda there's a very deep lack of leadership you only does what is easy to do with republicans not what was actually meant to be disruptive force about his campaign and his presidency and it's one of the real disappointments of his administration israel if uh if they could get the media some of the media to believe that this is a one point five trillion dollar bill surely not on trump is one of the people they could convince this he probably point five trillion dollar bill i'm sure that's crack actually that that's been a big problem you never really know when donald trump is spitting out these lines if he is trying to fool you or if he is fooled orpheus somehow fooled himself it makes it very very difficult i would often often thing covering the trump administration i would much prefer that that the president is lying than that he actually does not know what's going on but i've never show that that is the case as replace come back and another night because we do have crumbling infrastructure in this country this is an urgent subject and we didn't even get to some of the wacky your ideas in here like perhaps selling your favorite airport or your most frequently used airports president would like to sell some of those to private interests we need to cover all of this we're going to do it on other night as recliner thank you very much for.
"five trillion dollar" Discussed on Newsradio 950 WWJ
"One point five trillion dollar infrastructure plan and he addressed immigration for over thirty years washington has tried and failed to solve this problem this congress can be the one that finally makes it hap the democratic response from massachusetts congressman joe kennedy the third all the dreamers out there watching tonight let me be absolutely clear that is a bad thing they knew what the estonia you are part of our history and we will fight for you cbs news special report i'm deborah rodriguez you're listening to newsradio nine fifty w wjr news time is 532 president trump calling for optimism and a growing economy in his state of the union address roseanne punk housekey is a trump supporter at a watch party in livonia there's no pretentiousness about him and he's doing what he promised to do it it's so refreshing wjr news time five thirty 'til he's back larry nassar will appear in front of yet another judge this morning to be sentenced on more charges of sexual abuse of minors here with the story live and local use w w j legal analyst charlie lighten shirley although mornantau he is the same larry nassar the charges of sexually molesting teens on the guise of metal go treatment that's the same as well but it will be a different judgement different county later this morning fiftyfouryearold exolympic an ms you dr larry nassar we'll be eaten county circuit court work he earlier pled guilty to three charges involving criminal sexual conduct judge janice cunningham has set aside four days for sentencing and fifty seven women reportedly want to provide victim impact statements although that number could go higher at also the same nasser agreed that the judge will have discretion and setting the minimum number of years in prison that being 25 to forty however as a practical matter nasser will serb sixty years of a federal sentence for possession of child porn and then will serve the minimum forty years from last week's ingham county sentence to run concurrently with whatever this judge decides to get also won last nasser update authorities are looking to see see if nasser abused girls in texas no charges there yet reporting live charlie liked w j newsradio nine fifty charlie stick around 'cause i'd like your opinion.
"five trillion dollar" Discussed on Newsradio 700 WLW
"One point five trillion dollar cut you know it's only what five hundred and three pages now obama care i think was like what twenty seven twenty eight hundred pages then you know you you didn't have to pass it to know what was then we thought we know with and our our tax code is still five point six million words i think it is five point seven billion words tomase um yeah i just unbelievable but but yes i mean they'd have you know a few different leg to it and you hit on the first one with the businesses and a lot of this stuff care jeff we just don't know yet i mean you know a lot of what's going on has been optimism and projections and you know just trends but it's it's not any tangible impact yet business corporate rate went from thirty five to twenty one and that's permanent and great achieve um it'd be in that puts this kind of in the middle of the pack for industrialized nations now choose good and the repatriation of money is huge as you said but yeah where does it hit you willing me and the guy in the factor driving a truck and um and yeah that'd be four is is one of those things that that you know we're talking about because one of the things that that i think is gonna hit most of us is that the personal exemption that they you get that i get any taxpayer yet um it's it's gone it's the second one one one uh four four thousand fifty bucks has gone you got that but you know they take it the way the giveth the standard deduction um about double you know for for those of us who you married following jointly it went from thirteen to twenty four thousand that's huge so that's a huge number and how does that you and me and i and i look this up it was it was interesting because the uh tax policy center and i'm sure they bruce some raucous christmas parties but the tax policies dinner came out with numbers and they said that fifty percent of american they don't file tax and and you can have another show one.
"five trillion dollar" Discussed on Pod Save America
"Think she will be the best president may be thought that she was too much like trump and that didn't matter hillary clinton was president right now we will not be witnessing a one point five trillion dollar taxcut the goes mostly wealthy people be signed into law we will not be witnessing a partial repeal of obamacare that's going to be thirteen million people in insured we will not be witnessing neil gorsuch on the supreme court general we shit carjacking the north koreans on twitter who not be should talk in the north korea knows and north greens on twitter uh they were not be eight hundred thousand young americans who are worried that there ought to be deported none of this would have happened if people came out who didn't vote for either candidate and decided to vote for hillary clinton and not many either like like you know a couple like ten thousand twenty thousand and a couple states that's all it would take him i'd be sitting in my house reina comedy pilot the couple a nerds who worked together at a box factory that in a shout at a show called box factory box factory why not that's what it could have been that is eli abc box factory uh yeah no i think that's honoring jonathan asks what's the best way to build ground game in red states were infrastructure is an already well established leg texas tennessee georgia etcetera i would say one thing you can do is if there is no indivisible chapter in your community start one indivisible is a great murder that is born of the energy and excitement that we're seeing and it's not about it you know it's can ultimately be about helping us win the house when the senate but is about legislative fights in issues and i think you can get a group of people to get in the habit of doing something even if it's coming to somebody's house for one meeting and saying let's talk about what we care about um and get the ball rolling on facebook in your community i think that's like incredibly valuable thing i think one lesson of dow jones winning is we need to compete everywhere we need to start building apparatus everywhere like this election the elections coming up we're gonna win.
"five trillion dollar" Discussed on Radio Free Nashville
"Little over five trillion dollars free from the pockets of the bottom ninety percent of americans into the pockets of the top one tenth of one percent of americans most of it to going to the pockets of the top one thousand of one percent of that five trillion dollar transfer three and a half trillion is coming directly out of the pockets of presumably people like you and me people who are not multimillionaires and billionaires and one and a half trillion of it is coming from our children and our grandchildren spin borrowed an added to the national debt i don't understand you know i if the average middleclass person sitting around go and boy i'm really happy because i'm getting a thousand dollar tax break this year and it's been borrowed in my grandchildren are going to have to pay for it and and the and the billionaires are getting eighty four percent of all the benefit from this thing is going to less than one onehundredth of one percent of americans it seems to me like this is just the low brothers repayment bill yeah i love you socialist democrats you guys is just wonderful you finally would have spelled the word budget he had no problem with us tacking on ten trillion dollars in deficit to migrate greatgreatgreatgreat gin great show that didn't seem to bother you at all i didn't i joe it was honest it's her here's may hang on just a second you can't count can't made a bunch of untruths here it wasn't democrat democrats you'll get a tax break it added a billy a trillion dollars to the national deficit democrats who lied us into a war in afghanistan that attitude trillion dollars to the deficit it wasn't democrats allied as you know a war in iraq had added another two trillion dollars the democrats are the deficit but what barack obama did was he took that these two wars the george w bush did and left them off the budget and obama put them on the budget these were bushes deficits you know this joe no no no actually don't know it i don't know how much money mr obama moved around we're just trying to we just finding out some of the scandalous obama what he's actually pulled off with money over the year at a.
"five trillion dollar" Discussed on Vox's The Weeds
"Was it at the end of the day it was a big tax cut for think it is a job of tax reform fall by an uppercut of cut of either when rich pal but now it's not even the job of tax reform wait what they sort of a bad thing where you grapple for a second with this reform and then you break the down enormous and there is just these way less reform and to fit in the one point five trillion dollar deficit window the relying pretty overwhelmingly on gimmicks rather than on pay four xlt now there are seles gimmick change dennis yes can we talk about that because i think this gimmick thing is worth of minute woah okay well what what do you have in mind specifically phil hunter terrific's age but one of the things they did was a moved up the expiration date of a bunch of the non corporate provision on what did they move it from zulu lows a things they used to expire in twenty twenty seven like all the way the end of the window now expiring twenty twenty five so like midway through the window case ideal it talk about what's happening here so i the tax policy center came out with an estimate of this bill now and the bill's impact on inequality at the end of the ten year windows now gotten worse so eighty three percent of the bills benefits go to the top 1 percent in twenty twenty seven amazingly more than one hundred percent of the bills benefits go in twenty twenty seven go the top quintile that's because it's a tax increase on a lot of people who are under the top quintile if i'm remember this quick ethics some like 50 issue fifty three percent of the benefits go to the top point one percent so john carney who is up breitbart now i fiennes to to back his and he said to me is like you know estimating a bill based on provisions that people think are going to be extended as a dumb way to look at it bill and that's like the republican argument here that you have this bill and they've set all these provisions to expire but the provisions won't really expire and like the way you should understand the bill is luke.
"five trillion dollar" Discussed on KOIL
"Over ninety years oval already oh this is newstalk twelve not even lil how ma here's the latest from abc news i'm mona rivera it was speeding the train that derailed in washington state was going nearly three times faster than it should have been according to the ntsb balauddin czar preliminary indications are that the train was travelling at eighty miles per hour in a thirty miles per hour trek abc's clayton send email is at the scene gene from the national transportation safety board is now on the scene and they say they're looking at every aspect of destroy element the mechanics of the operation of the trade the condition of the traps and the signals they say they are also looking at the data recorders and investigators say the good news is that one of the locomotives that stayed on the tracks had a working data recorded that has now been will cover three people died dozens were injured in that rail meant south of tacoma republicans plan to get tax reform across the finish line today the house is expected to vote on the one point five trillion dollar tax overhaul a few hours from now the senate will follow the president insists the bill is a win for the middle class but a new analysis shows the winners and losers a bit differently abc's congressional correspondent mary bruce explains after the first decade the report finds the wealthiest americans would receive a tax cut while seventy percent of middle income americans would see their taxes go up and the president and his family could stand to benefit personally from tax cuts for the wealthy down for more than thirty nine to thirty seven percent and to 'provision of this bill that is aimed at benefiting certain owners of businesses like a commercial real estate firms congress is also working on a deal to avoid a government shut down before the end of the week several outstanding issues including funding for children's health and the status of socalled dreamers.
"five trillion dollar" Discussed on KKOB 770 AM
"Uncle sam three hundred thirty six billion dollars a way to offset the costs of the tax cuts rhode island democrat jack reed is a military hawk worried about eventual needs to cut defence spending but also now a deficit hawk and we don't have a situation we had two thousand one when president george w bush proposed his proposed we don't have expected five trillion dollar surplus we already have a multi trillion dollar deficit over ten years and we're adding that deficit the gop bill will add a at least one and a half trillion dollars to the debt to make the longrange numbers work the senate gop tax plan sunset personal income tax cuts south dakota republican mike rounds ten years from now business taxes continue at a reduced rate personal income taxes would change but that's only have congress decides to allow them to expire that's the same set up of the bush tax cuts from two thousand one when annual deficits started hitting a trillion dollars president obama and democrats argued the middle class could not take a tax hike to close the gap deficits in recent years have been around half a trillion president trump's budget outline would continue that the independent committee for responsible federal budget says the actual effect to the debt we'll be an additional two point two trillion dollars because republicans promised to keep additional debt to one and a half trillion more they're playing only needed a simple majority new democratic filibuster was possible and right along party lines it was moved forward fifty two to forty eight starting debate and possible amendments it might satisfy gop members concerns the president held a rally in st charles missouri as the senate was moving hour this is on helping the folks who work in the mail rooms and the machine shops apps of america the plumbers the carpenters the cops the teachers the truck drivers the pike ferrers the people that like be best bob costantini washington meets nineteen past when america in the morning continues making dollars and sense of bitcoin after these messages not available in all states thank you recalling reason obviously future of frozen yogurt argue that robot people a reason irvy's.
"five trillion dollar" Discussed on WHO NewsRadio 1040 AM
"Saving uncle sam three hundred thirty six billion dollars a way to offset the costs of the tax cuts rhode island democrat jack reed is a military hawk worried about eventual needs to cut defence spending but also now a deficit hawk and we don't have a situation we had two thousand one when president george w bush proposed his proposed we have have expected five trillion dollar surplus we already have a multi trillion dollar deficit over ten years and we're adding to the deficit the gop bill will add at least one and a half trillion dollars to the debt to make the longrange numbers work the senate gop tax plan sunsets personal income tax cuts south dakota republican mike rounds ten years from now business taxes continue at a reduced rate personal income taxes would change but that's only have congress decides to allow them to expire that's the same set up of the bush tax cut from two thousand one when annual deficits started hitting a trillion dollars president obama and democrats argued the middle class could not take a tax hike to close the gap deficits in recent years have been around half a trillion president trump's budget outline would continue that the independent committee for a responsible federal budget says the actual effect to the death we'll be an additional two point two trillion dollars because republicans promised to keep additional debt to one and a half trillion more they're playing only needed a simple majority now rooms and the machine she apps of america the plumbers the carpenters the cops the teachers the truck drivers the pipe ferrers the people that like beep mess bob costantini washington it's nineteen past one america in the morning continues making dollars and sense of bitcoin after these messages well now rooms and the machine shops of america the plumbers the carpenters the cops the teachers the truck drivers the pipe ferrers.
"five trillion dollar" Discussed on WHO NewsRadio 1040 AM
"Saving uncle sam three hundred thirty six billion dollars a way to offset the costs of the tax cuts rhode island democrat jack reed is a military hawk worried about eventual needs to cut defence spending but also now a deficit hawk and we don't have a situation we had two thousand one when president george w bush proposed his proposed we have have expected five trillion dollar surplus we already have a multi trillion dollar deficit over ten years and we're adding to the deficit the gop bill will add at least one and a half trillion dollars to the debt to make the longrange numbers work the senate gop tax plan sunsets personal income tax cuts south dakota republican mike rounds ten years from now business taxes continue at a reduced rate personal income taxes would change but that's only have congress decides to allow them to expire that's the same set up of the bush tax cut from two thousand one when annual deficits started hitting a trillion dollars president obama and democrats argued the middle class could not take a tax hike to close the gap deficits in recent years have been around half a trillion president trump's budget outline would continue that the independent committee for a responsible federal budget says the actual effect to the death we'll be an additional two point two trillion dollars because republicans promised to keep additional debt to one and a half trillion more they're playing only needed a simple majority now rooms and the machine she apps of america the plumbers the carpenters the cops the teachers the truck drivers the pipe ferrers the people that like beep mess bob costantini washington it's nineteen past one america in the morning continues making dollars and sense of bitcoin after these messages well now rooms and the machine shops of america the plumbers the carpenters the cops the teachers the truck drivers the pipe ferrers the people that like me best bob costantini washington meets nineteen past when america in the morning continues making dollars and sense of bitcoin after these messages.
"five trillion dollar" Discussed on KSFO-AM
"The office of management and budget mulvaney explains why middle class and individual tax cuts expire in ten years who is going to get the break down the middle class tax cuts the individual tax cuts they expire in a decade the corporate tax cuts our permit a couple different ways to answer that question keep him on one of the reasons andrea that a lot of this different pieces and parts expired during the course of the ten years is simply to force this bill into these strange rules in the senate where using what's called the byrd rule in the senate were using fake reconciliation so that we only need fifty votes in the senate instead of 60 in order to do that the sort of proposals can only have certain economic impact at one of the ways to game the system is to make things expired the bush tax cuts back in early two thousand two the same thing they supposedly would expire after nine years what we tell folks this is if it's good policy it will become permanent if it's bad policy it will become temporary that's just the way that it is so this is done more to force this shoehorn the bill into the rules that because we think it's good policy mitchell argues the new tax cut will explode the national deficits gimmick here said it's a one point five trillion dollar taxcut the impact on the on the deficit but in fact it's according to most analyses two point two trillion were the most according to one analysis i think i've seen the non partisan analysis and the fact is that near squeezing it into these rules but you really do intend for it to be extended down the road which will explode the deficit even even farther comeback to your first recorded of the one point five trillion dollars that's the cbo scores the non partisan cbo congressional budget office score but everybody knows it's a hundred percent static it doesn't it doesn't consider the possible impacts on the economy of lowering taxes sort sorta like saying if you sold this coffee mug last year useful two hundred up for five dollars this year you lower them to four dollars do you think you might sell more that's dynamic scoring which is what the.
"five trillion dollar" Discussed on C-SPAN Radio
"The following republicans trying to fit more than five trillion dollars in tax cuts inside a one point five trillion dollar box explain to start with the ambitions that republicans have they want to lower corporate tax rate they wanna lower individual titrate they want to lower decree on other kinds of abuses but aren't corporation they want to recoup feedback they want to eliminate the alternative veneman tactic could withhold longed thing that they want to do an imaginative to older five trillion and brayton outlook quick there you could mount of deficit increase they're willing to accept it about one and a half trillion have to make up at different than at different is bridgeable in a couple of different ways it's by getting rid of tax break for things like the but i can proceed mobile tycoons or the direction for putin's andrews might make it limit on it and is also the possibly using know what you might call maneuvers or gimmick technique of beating in tax rate cut through their little cheaper they don't fully take effect until year you're you're threeyear you're sick depending on which ones you're talking about uh an and to adapt how they're going to going to try to do it and it looks really counting them good him to meet all of those colt and as you well know tax breaks for individuals or corporations result in lobbying efforts on capitol hill so as this comes together what can we expect everything and we knew who you four through the real cures for other groups for companies but who the super bowl olympic and world series everything combined into one it you know they beat breakthrough there for a reason they're they're you know in part because they're include economically beneficial rhode islanders awards that their politically beneficial produced congresses have put the man thought likely begun to look i n nearby acted and through their book lead there for political reasons cooking had supporting congressmen and they continue to and through that's going to be challenged to show that the general benefit up the net tax cut for everyone will somehow at wave at specific while while whose friend of israel you are on the hill you're talking to members of congress and congressional staffers what's the time line for all of this will we see something before.
"five trillion dollar" Discussed on C-SPAN Radio
"With the following republicans trying to fit more than five trillion dollars in tax cuts inside a one point five trillion dollar box explain third with the ambition but republican have they wanna lower corporate tax rate they want to lower individual tactic they want to lower next week on other kinds of booth but aren't corporation they want to recoup feedback they want to eliminate the alternative minimum tax nicolas hoult longed things that they wanted to do in minutes of two older five trillion in right now it looks like they're you amount of defa could increase they're willing to accept about one and a half trillion interim to make up at different the different eu bridgeable in a couple of different ways it's by getting rid of tax break flipping directive that i can proceed mobile tycoons or the deduction for business interests might make it limits on it annan is also the possibility of using what you might call maneuvers or gimmicks or technique of beating in tax rate cut through their little cheaper if they don't even fully take effect until year to or your three threeyear you're sick depending on which ones you're talking about uh an through dap how they're going to going to try to do it and it looks really counting them him to meet all of those colt and as you well know tax breaks for individuals or corporations result in lobbying efforts on capitol hill so as this comes together what can we expect i am reading and we move who you four through the real cures for other groups for companies but who the super bowl olympic and world series of everything combined into one it you know they beat breakthrough there for a reason they're they're you know in part because they're considered economically beneficial rhode islanders awards to their politically beneficial produced congress have put them in public beat guy just been thereby acted and through there in the feed there for political reasons because we have had support in congress and in.
"five trillion dollar" Discussed on KQED Radio
"The deficits that it's likely to cause kelsea snell is congressional reporter for the washington post and she joins me now hi kelsea high tide great to be with you great to have you here one point five trillion dollars kelsea it's a huge number even in the wildest fantasies of conservative taxcutters do we know who gets the windfall here and who loses out we don't know exactly at because they have and keeping a lot of the details pretty close to the vast but we are pretty sure that a lot of the tax cuts are going to go on the corporate side the idea that republicans have been discussing for quite some time shouldn't be all bad unfamiliar to people this idea down economics is kind of making a comeback in this tax plan the idea is that if companies felt like they can compete better in the us market then they will create more jobs and people down the line well see the benefits but you know that people have their own at thoughts about whether or not that effective that seems to be the direction that there had been right whether or not that's effective of course a one point five trillion dollar taxcut is one point five trillion less in revenue one of the planks of being a conservative in good standing used to be to avoid deficits there's this argument again about trickledown economics but won't this explode the deficit ilie some yeah the idea is that if you talk to seventy is republican tax riders they say that it will explode the deficit but only temporarily because what they think will happen is huge economic growth they're talking about you know several points of gdp growth over the next ten years and they say that will make up for any deficit that might come from the initial loss of revenue again this go back to but school of economics you really believe and if he thinks that this will work but republicans say that this makes.