40 Burst results for "Goldman"
A highlight from 1459: THIS Is Why BlackRock Is Betting So BIG On Bitcoin
"In today's show, I'll be breaking down the latest Bitcoin technical analysis and quoting the high priest of Bitcoin, Max Keiser. If Michael Saylor move micro strategy to El Salvador, the tax break would allow him to buy more, much, much more preach. Also in today's show, FTX files a billion dollar lawsuit against Bybit over asset withdrawals. I'll be breaking this down for you, as well as former Goldman Sachs executive Raoul Powell says Ethereum is about to outperform Bitcoin as crypto enters late spring. We're also going to be discussing crypto analyst as Bitcoin is flashing a signal that previously sent Bitcoin on a rally over 400 percent. Send it. Let's freaking go. We'll also be sharing the big question with the Bitcoin price action hit one hundred thousand dollars by twenty twenty four. I'll be sharing with you the potential drivers to turn this to a reality. We're also going to be discussing why BlackRock, the world's largest asset manager, is betting so big on Bitcoin. Also, Michael Saylor was just recently asked during his November 10th speech at the twenty twenty three Australia Crypto Convention to provide his prediction for Bitcoin regarding the price trajectory over the next coming years. I'll be breaking this down for you. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show.
Fresh update on "goldman" discussed on Bloomberg Daybreak Asia
"The U .S. yield curve is more inverted than most markets around the world. Like if you look at the JGB market in Japan, it has a positive slope of about a 70 basis points between the two and the 10 -year JGB. The U .S. choose 10 Sofa curve is negative 59 right now. So I think whether the Fed cuts rates or whether the 10 -year moves higher to match where policy rates are, I think either one is kind of a really asymmetric payoff right now. So I think this steepening yield curve, whether Fed cuts or higher 10 -year yields, it doesn't really matter. And I think that's the attractive opportunity right now because there are very few things you can buy in the financial markets right now that are trading at valuation levels from below the 1980s. And the yield curve is one of the few cheap financial assets where it normalizing, meaning going less negative, is not some tail event. It would just be normal. If we lend Janet Yellen money for 10 years, we should expect to get paid at least what policy rates are. There is a consensus in the marketplace that the last mile on is disinflation going to be the toughest. But you have some voices recently. We mentioned Bill Ackman. We also Goldman had a couple of weeks ago saying they think the reverse. They actually think that the last mile is going to happen quickly. What are your thoughts on inflation and how it comes down and if it continues to come down over the coming months? Well, I look at the breakeven market. pull If up you your Bloomberg terminal, you can look at the breakevens, whether it's a one -year at 211, the year two at 213, the five year at 216, or the 10 year at 221 right now, it's right around 2%. The Fed has won the market's expectations that they're going to back bring inflation to 2 % and I think it's a great opportunity for investors to sort of say it's asymmetric at this point. The market is already pricing inflation expectations to be around 2 % in the future and to me that's a great buy because what if these rate hikes are impotent? What if the balance sheet, which is still about $7 trillion and the SVB bailout happened earlier this year which just created more liquidity in the market? What if those really matter more? it's So I think a great time for investors, I'm not giving financial advice, but I think inflation expectations in the future being right around 2 % seems like a pretty screaming buy to me. What do you think Brian? Well, yeah, but I also wonder, you know, when you look at the Fed's QT program, I'd like to get your thoughts on how smoothly that has been operated and and how think, you you know, the next 6 to 12 months looks. Well, there's been QT, would say I in name only, you know, if you pull up the bank term funding program that bailed out Silicon Valley earlier Bank this year in March 2020. And, you know, I can share the link or you can pull it up on your Bloomberg program, but that's been just cranking up. So that is a swap facility that although there's QT on one side of the SOMA holdings, the balance sheet where they're not reinvesting QT every month, the bank term funding program has been adding more balance sheet to the market. So I think it's kind of the case of you taketh and you giveth away on the other side. And it's really a net increase in the balance sheet when you look at the BTFP program. Yeah, it's a little puzzling with the Fed doing one thing and the fiscal side doing the other, but that's part of the lovely complication that is our marketplace. Nancy, thanks for joining us. Nancy Davis, founder and CIO of Quadratic Capital Management. Coming up on minutes 18 past the hour, we're looking at the markets here in Asia and how U .S. Treasures are trading in Tokyo. The 10 -year yield has moved up a basis point here to 4 .26 % the or 2 -year at 4 .64. This is Moonberg. Thanks Moonberg Radio on demand and in your podcast feed On the latest edition of Bloomberg Intelligence, a conversation with BI's Herman Chan on the fate of regional banks. What I'm saying is that there's still some questions from their business borrowers and regional banks, and they focus on small businesses, small commercial real estate operators, and consumers. What they're saying is that there's less demand out there because there's uncertainty with interest rates
Monitor Show 07:00 11-09-2023 07:00
"Pop culture is always evolving, and those changes impact our lives in ways that are both visible and not so obvious. I'm Lucas Shaw, and I cover the business of pop culture for Bloomberg. My job is to uncover how entertainment is changing and explain what that means for you, because context changes how you see things, how you change things. Context changes everything. Start exploring my coverage and more at Bloomberg .com. It keeps surprising on the upside, and that might continue. Markets are a little bit more volatile right now than the underlying economy is. It's going to be slower, but I don't think we're about to go into global recession. It always looks like a soft landing just before a recession. This is Bloomberg Surveillance with Tom Kean, Jonathan Farrow, and Lisa Abramowitz. The longest winning streak in two years on the S &P 500 could well be longer after today. From New York City this morning, good morning, good morning. For our audience worldwide, this is Bloomberg Surveillance on TV and radio. Alongside Tom Kean and Lisa Abramowitz, I'm Jonathan Farrow. Your equity market this morning just about positive by almost 0 .1 % on the S &P. Eight days of gains could become day nine. We make it day nine on the S &P 500. That's the longest daily winning streak, TK, back to 2004. It is. We had Chris Morangi in the last hour. We're going to start strong with Julian Emanuel, and this is about the shock, not so much of shorts. Yeah, the shorts are wrong, and I get that. Maybe they'll have their day here. But it's about people, millions of people, John, who are tentative about equities. They're just collegially afraid to be there and the confidence of price to move up right now. That's something they've got to reassess. You mentioned the Goldman Sachs note. Sure. Even there, everybody's reassessing this morning. Let's go through the Goldman Sachs note, the outlook for 2024 from Jan Hatius and the team. The hard part is over, apparently. Lisa, it gets easier from here. More disinflation in stores.
Fresh update on "goldman" discussed on The Charlie Kirk Show
"Rahim, so many stories happening here. I want to ask you about this Deutsche Bank, Deutsche Bank thing. This has kind of been below the surface. Trump did a truth social post on it. What are the facts here? Yeah, Charlie, incredibly important story coming out of the testimony yesterday from New York. The claims that have long been made in this case are that Donald Trump somehow defrauded everybody, right? The public, the banks, you know, everybody you can possibly imagine by inflating values of certain things, misreporting certain other things. And, you know, the defense has pretty much rested on the case that like, hey, listen, when it comes to valuations of properties, especially in a very fluctuating market, in fluctuating economic times with somebody whose name on a building alone can change the value of that building quite drastically, that, of course, opinions are going to differ on these things. But here's the crux of the matter. Nobody was defrauded and you know nobody was defrauded because, A, nobody made a complaint of being defrauded. B, everybody that was supposed to be paid for the loans that were taken out by the Trump organization over a number of decades were repaid in full and were very happy with that business so much so that they came back as repeat business partners with the Trump organization. And then C is that actually, of course, the most famous part of the case that a lot of people know now is that it's been the work of Judge Engaron, his staff, Alison Greenfield, and the AG's office that has actually been the ones who have been wrongly valuing a lot of Donald Trump's properties over the years. So what we heard yesterday was that Deutsche Bank saying actually, you know, in their own words, one of their own managing partners getting up there and saying there's no problem with the client and us having a different valuation of a property, that happens normally. That happens actually more often than not. He also made it very clear that, you know, while Deutsche Bank throughout those years lowered their estimation of Donald Trump's total wealth, they didn't change his ability to service those loans. They had had successful business dealings with him in the past, so they wanted to do more with him in the future. And they didn't regard anything in those financial statements or any claims over the valuations of any of the properties to be farcical even, let alone fraudulent. And so this is a critical part of the case, which I personally believe, me reading it myself, that if I heard that as a judge, I would say, well, okay, hold on a minute now here. There's nobody been harmed. There's no actual claim, legal claim here. Case dismissed. Everybody go back to living their day-to-day lives. But as we know, you know, Judge Engeron and especially his far-left staff members were closely linked with people like Dan Goldman, who ran the first impeachment, with obviously the Tisha James's office themselves. They're not going to end the case there. This is a show trial. It is made simply to take up Donald Trump's time, to take up Donald Trump's money, and to try and land him some negative press. The good news about it all, as you know, Charlie, is I think in the long run, this only serves to help him. So that's a good transition. We have two minutes left here, Rahim. I'm a little worried that there isn't a game plan or a war room of how we're going to navigate the coming law fair. We're told that there is a trial coming in January. Not only is it Iowa caucus season, but we're talking about trials in January. Rahim, how are you analyzing and strategizing how we're going to go through what's going to be the spring of the law fair? It never should happen. It's anti-American. It's unconstitutional. But I think we need to prep our base for the looming just hurricane of nonsense. This is I don't know if we've done a good enough job of fortifying our defenses. Rahim, your thoughts? Not at all. I mean, not at all. Not not have we just not done a good enough job. We haven't done a job. The political the political right on both sides of the Atlantic is what we're seeing now going on in Ireland. What we're seeing going on in the United Kingdom is always overwhelmed and never prepared.
A highlight from Is Circling Preparing for an IPO?
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, November 8th, and today we are talking about the industry moving on. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it. Give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on The Breakers Discord. You can find the link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Well, as you know, we have been sort of locked in the past thanks to this S .B .F. trial, but now that is over, we're finally moving forward and you can start to feel a difference in the tone of the industry and the feeling of the people in it in the announcements coming out. And so today we're going to look at a couple of examples of that with the past clearly at our backs and facing towards the future. So kicking off, according to Bloomberg, stablecoin issuer Circle is considering an IPO for early next year. Now, Circle, of course, attempted to go public via SPAC in 2022, but their efforts fizzled out after the SEC refused to approve the deal. Bloomberg sources said that Circle is in discussions with advisers in preparation for a potential IPO. Now, while there's no certainty that the company will move forward with the process, the firm has reached a high valuation as a private company, making it a prime candidate to go public. Circle last raised money at a seven billion dollar valuation in April 2022, and the failed SPAC later that year was priced at a nine billion dollar valuation. What's more, big name financial institutions, including Goldman Sachs, BlackRock and Fidelity are all current investors. Now, Circle, for their part, are tight lipped, stating, quote, Crypto Trader Tolks wrote, Circle considering a 2024 IPO coming after hours is kind of interesting, maybe reading too much into it, but feels like increasingly friendly regulation plus stablecoin bill developments happening behind closed doors. Now, on that front, speaking at DC FinTech Week, Federal Reserve vice chairman for supervision Michael Barr stood firm on his position that the Fed needs regulatory authority over stablecoins. Throughout the negotiations on stablecoin legislation, the major sticking point has been whether the Fed is truly the correct regulator for stablecoin issuers or whether smaller issuers can be adequately monitored by state regulators. Barr said, quote, He added, Circle CEO Jeremy Allaire tweeted, Now, next up in our stories of actual progress, Custodia Bank has finally launched its long awaited Bitcoin custody service. The platform will use segregated customer accounts rather than an omnibus wallet to ensure client funds are safe and held bankruptcy remote from Custodia's corporate funds. This launch comes after years of battling regulators culminating in Custodia's fight to obtain a Federal Reserve master account. The new platform is targeted at businesses like fiduciaries, investment advisors, fund managers and corporate treasurers. In other words, a range of clients that may need segregated accounts to satisfy risk managers to take on Bitcoin holdings. Jeff Ross at Valeshire Cap said, Congrats, Caitlin Long.
Fresh "Goldman" from Bloomberg Markets
"The Fed will be easing sometime in the next 12 months, maybe not by May, those all suggest that yields should be stable to lower from here. The big question is whether or not we get a soft landing or a more significant economic downturn. So, if we're seeing a slowdown now, then the next question is what's the Fed going to do about it? I mean, we've seen a variety of forecasts coming out about when the first rate cut's going to be, some as early as the first quarter. What's your take? Yeah, I was trying to preview that in my last comment there. I don't think it's a first quarter easing. The economy has obviously had very, very strong growth in 2023. The third quarter was a blowout north of five. The GDP nominal is astronomical. Yeah, I don't think that's suddenly going to turn on a dime. The is Fed going to ease for one of two reasons. One, to secure a soft landing. They have to ease a little bit. Go back to the mid 90s. That's exactly what happened after the 1994 aggressive Greenspan hiking. They ended up easing 95 and 96 to secure the fabled soft landing, which actually took place. That was a soft landing. They were very rare. If in fact, we're going to repeat that. If we get a soft ending, which is still sort of questionable, it has to involve the Fed easing. The Fed funds rate should not be north of five to support a soft landing. The equilibrium Fed funds rate is probably higher post -pandemic bunch for a of reasons, but it's not five. The Fed would have to ease a little bit, a couple of times probably to get into the mid to low fours even in the event of a soft landing. If in fact, we have signs of a recession and the inflation dynamic is very well behaved and heading towards 2%, then the Fed could ease more. That's why I think the key question for 2024 is whether or not we can actually achieve a soft landing. I think the decelerations in the market, the question is how we can achieve a soft landing. 2 % that's up from 4 .9 % last month and the consensus was for 5%, so very strong GDP number. The PCE deflator inflation date data tomorrow consensus is 0 1%. It seems like everything is working and I guess Bill Ackman, he sees those numbers and he says, I think the Fed is going to start cutting rates. I think Bill might be a little bit ahead, certainly ahead of the markets and I think obviously he gets a lot of attention and has a lot to do with why the market is it's doing what doing this morning. I think probably reacting to his said this Fed had to labor mightily to offset the regulatory error that they committed early on. When inflation was becoming a major problem, the Fed was very slow to react. They had to make up for lost ground, re -establish inflation -fighting credibility. I think they've made great progress. A lot of the inflation was due to the echoes of the pandemic. It wasn't just because of monetary policy. That said, monetary policy had to react politically. I don't think the Fed is going to abandon that perch rapidly. If the economy still is expanding, i .e. has GDP 1 -2 % close to the Fed. The Fed's own dots make it clear that the policy makers do not require that the PCE fall to 2 % before they ease. The dots have eases you get to 2 %. But those are all conditioned upon some weakening the labor market as a result of the challenges of their dual mandate. Those challenges have been very single -mindedly focused on inflation fighting for a while. Now they have to weigh both. But if the labor market stays pretty strong, going they're not to be in a hurry to ease. They want to keep those inflation wins in their pocket and they want to see more for us to 2 % before they ease. Just to drill down into these numbers today, we did see a little bit of softness relative to market expectations in the consumer spending numbers and I wondered if you could give us a quick view on what your thoughts are on how the consumer is going to fare next year amidst all of these pushes and pulls with the economy. Thanks so both. So my colleagues in fixed income and then my colleagues in equity here at Federated we've Hermes, all been on the same page here. We thought the US consumer was positioned to slow down, that personal consumption expenditures at a rate of 3 .6 % is still pretty darn strong, but it was weaker than what was expected. We think looking forward, we've probably witnessed or are witnessing the last gasp of sort of the revenge spending that the excess savings accumulated through the COVID era relief packages that is really exhausted for most households, especially for mid and lower income households. And as a result, the consumer is probably excited to have a nice Christmas, but they're going to be retrenching going forward. That's one of the key drivers of the economic deceleration that we expect to unfold in the quarter and into 2024. RJ, Right. thank you so much again for joining us. appreciate Really getting your thoughts and insights. RJ Gallo, senior portfolio manager and head of the municipal bond investment group at Federated Hermes, they're located in Pittsburgh, Pennsylvania. S &P 500 up 3 tenths of one percent. Let's get some company news right now with Lisa Mateo. Thanks Paul. Bank of America paying up for submitting false mortgage lending information to the U .S. government. The Consumer Financial Protection Bureau, it says the lender has agreed to hand over $12 million in fines after some of its loan officers failed to ask mortgage applicants for their race, ethnicity and sex from early 2016 through late 2020 and then falsely reported that customers declined to provide that information. In other news, Goldman Sachs may have a way out of its credit card partnership with Apple. Bloomberg's Gina Cervetti has that story. A source tells Bloomberg News that Apple recently took a first step towards severing the contract, but the iPhone maker remains committed to its Apple credit card and savings account. Goldman Sachs has been pulling back from a move into consumer lending after it proved to be expensive more than expected. Apple right now up a fraction. Goldman Sachs of about one and a half percent. Graham Adelson, the widow of casino magnate Sheldon Adelson, is selling two billion of Las Vegas sand shares to help acquire a majority stake in the Dallas Mavericks. Bloomberg's Simone Foxman has more on what's moving the stock. The offering for this $2 billion worth of shares priced at about $44 a share. That was a 7 point 7 % discount to the closing bell price and the term sheet said some investors wanted a discount of as much as 10%. Of course the company though going in and saying it's going to buy back $250 million worth of shares as part of this offering. Now Foxman says there are no major changes at the company. Adelson still remains a controlling shareholder. Right now Las Vegas Sands shares, they're down about 3 and a half percent. Those are the company stories we're following this hour. We'll have more Bloomberg markets in just a bit. I'm Ayo Lisa and this is Bloomberg. Can't catch us live, your favorite Bloomberg radio shows including Bloomberg Surveillance, Wall Street Week and Bloomberg Sound On are also available as podcasts. Listen today on Apple, Spotify and anywhere else you get your podcasts. Access a vast selection of global fixed income securities at Interactive Brokers Bond Marketplace. Search their deep availability of over 1 million bonds globally. IBKR has no markups or built -in spreads and low fully transparent commissions on bonds. IBKR displays the highest bids and lowest offers received from the electronic venues they access. In addition, clients can interact with each other by placing bids and offers online to execute their trades. Learn more at ibkr .com slash bonds markets headlines and breaking news 24 hours a day at bloomberg .com on bloomberg and the Bloomberg Business app. This And I'm John Tucker, The Bloomberg Business Flash
A highlight from BIG CRYPTO NEWS! CUSTODIA BANK BITCOIN CUSTODY, A16Z WEB3 INVESTMENT, ETHEREUM WHALE LOSES PASSWORD
"Caitlin Long's Custodia Bank has officially launched their Bitcoin custody platform. A16Z leads a $4 .2 million seed round investment into a UK Web3 infrastructure firm. Kraken is looking to launch its own Ethereum Layer 2 scaling solution to compete with Coinbase. And an Ethereum whale who bought 250 ,000 ETH at 30 cents has lost his password. Let's break it down. Welcome to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off by highlighting the hypocrisy of Nouriel Roubini. If you don't know who he is, he is a fake economist hack. And I call him that because he has been trashing Bitcoin crypto in the industry for years. But look at this, Binance CEO CZ called him out because apparently he is working on a project that has a token. So look at that, right, folks? I always say watch what they do, not what they say. Nouriel Roubini has been a very vocal critic and he's getting exposed. So CZ said some people are shameless after attacking Binance publicly on stage a year ago, now issues a token and puts Binance logo on their website without permission. So unbelievable. There's even a BlackRock Goldman Sachs logo here. I don't even know that's legit. Now, the name of the project, CZ blurred that out. And I understand why he doesn't want to give these guys any type of press here or any try to drive people there to invest in whatever token they're building. But this guy, Nouriel Roubini is a piece of shit, in my opinion. And I hope he's listening. Nouriel, you're a clown. Now let's move ahead to some really big news, folks. So Custodia Bank, which is owned by Caitlin Long, who I've had on the podcast many times, has officially launched their Bitcoin custody platform. Custodia is a bank built by Bitcoiners and we offer segregated custody accounts on our custom built Bitcoin custody platform. They tweeted out, they also said, our Bitcoin custody service is purpose built for businesses, fiduciaries, investment advisors, fund managers and corporate treasurers. We're currently offering some of our services in various U .S. states. As a non lending bank, we offer integrated Bitcoin custody and U .S. dollar services, which is not FDIC insured under one roof, which simplifies other operations and reduces risk. We recently earned approval from Wyoming Division of Banking to go live with our Bitcoin custody service. Since we built our Bitcoin custody platform in -house, we're especially grateful to those willing to help us by providing user feedback. This is great news, folks. This is a bank built out of the crypto industry. Caitlin Long, of course, being very bullish on Bitcoin, has been fighting for crypto regulations for a long time. And we saw the Fed did not want to give Custodia a master account. And Custodia, in fact, sued the Fed. The Fed tried to get the lawsuit dismissed, but then the judge said, no, no, no, you're not dismissing this. Right. So we're seeing just the operation choke point from the government and the pushback against crypto to protect the TradFi incumbents. But we're winning in the court. So Caitlin's bank is a big win, folks, going live. It's a big win. And I hope she wins her lawsuit against the Fed and she's able to get that master account, folks. So huge, huge news. Now, Caitlin was also tweeting out because she's at the DC FinTech Week, which Gary Ganser, Ripple CEO Brad Garlinghouse and other crypto industry leaders will be at. And the current OCC acting chair, whose last name is Sue, if I'm saying that right, she said he unfortunately displayed a fundamental misunderstanding of crypto at DC FinTech Week. He supports private blockchains for tokenization to solve settlement problems, but then said crypto is only for speculation and criminals. Unbelievable. So you know what he's supporting there, right? He is supporting JPM coin, the private blockchain, a centralized blockchain controlled by the biggest bank in the world. That's what he wants. So you can tell who's pulling his strings, right? He's a puppet. His talking points are probably coming straight from JP Morgan, but we've seen these wall gardens are not going to succeed. They're going to work within their own ecosystem. So JP Morgan and all its branches can use their JPM coin, but no way in hell is a bank of America or a Citibank and these folks going to trust that coin, right? You're creating just a new centralized system where people are not going to trust each other. So this is why the public permissionless blockchains are the way to go and setting up the proper rules. So this guy's clearly a puppet for the TradFi folks. She said, Caitlin continued, she said, I've complimented Sue multiple times in the past, but must call this out. His remarks ring hollow when the federal bank regulators green light the big banks like BNY Mellon to provide Bitcoin and Ether custody, but block startups like Custodia Bank. And they ring hollow when a giant incumbent BlackRock is in the pole position for a Bitcoin spot ETF approval over upstarts whose applications have been pending for years. Great context, right folks? I've been talking about it. These two things happening in parallel, Gary Gensler and the SEC, the Fed, and these different folks weaponized against crypto startups, yet BNY Mellon gets crypto custody license, BlackRock applying for Bitcoin spot ETF, right? Fidelity, Charles Schwab and Citadel launch a crypto exchange. Mastercard and Visa are expanding their use of crypto and blockchain. PayPal launches a stable coin. See the two things running in parallel, right? That's not by coincidence or accident. It's a clear agenda. And Caitlin is absolutely right. She highlighted here that Mike Keagney just spoke the truth. Public blockchains are useful, but private blockchains aren't. Might as well use a database instead. She said, this is on target. I hope federal bank regulators learn this. Keagney's right. The tokenization that federal bank regulators want is only useful on public blockchains. So clearly this guy who is the acting chair, he is a TradFi puppet and probably, you know, given his talking points from JP Morgan and whoever else. Now here, Omid Malikin weighed in on Caitlin's comments and said, I want to echo what Caitlin said. Sue's comments are more evidence that US regulators care more about protecting incumbents than embracing innovation or inclusion. Private blockchains are exclusionary by design, not to mention useless. I wouldn't say they're useless. They're useful within those ecosystems, right? You want a private blockchain, have at it, go for it, right? But don't expect anybody to use it outside of your company. So like I said, JP coin is probably working really well between the JP Morgan headquarters and all the different branches around the world. That's fine. Good luck to you, right? Best of luck for you. That's right. But nobody outside is going to use it.
Fresh update on "goldman" discussed on Bloomberg Surveillance
"We I Surveillance But I can't with think are even now share it's starting Tom the conversation, to incredibly Kean, see important lots the commercial of to different break. Jonathan remain things Farrow, invested, trickle into It's just and the even Lisa painful. economy, in Abramowitz. times Just keep of from which will it uncertainty. New together, York make the City economy Pramo. this likely morning. This I'm is aging. fall Typically Bloomberg over I Always. would, next Good morning, good morning. For our audience worldwide, this is Bloomberg Surveillance on TV and radio Alongside Tom Kean and Lisa Abramowitz, I'm Jonathan Farrow. Your equity market is positive by 0 .4%. I to talk want about GM, General Motors, in the pre -market. The stock was up by about 5 % last time I looked. TK out with an update to the guidance, reinstating guidance, a little bit lower than previous guidance. The stock now up by almost 7%. a big We've capital got return program, Tom. Hiking the dividend. $10 billion stock by boat program and then you've got cuts some to spend in certain areas as well. I thought Sam Stovall's interview of the day cancelled that. The interview of the day is you and Murray Barra here in the 9 o 'clock hour. This isn't one announcement. This is a multifaceted primal scream from an underperformer. Is this a change in strategy or a change in execution? On a financial side it's definitely a change in strategy. No question about it. Financially, the making of automobiles, which is a business, lousy I'm not so sure. I'm not the auto guy. Well, two things. There's a really important transition here with EVs and who's going to win that, especially given the preeminence of Asia. Is anyone winning now besides Tesla? Certain Asian producers, yes, I would argue. They've actually come out with lower cost models and they have bigger pools of lithium and other types of resources. Then there's a question of the cost of labor in the US and that is what doing to margins and how much that's actually pressuring the need to cut costs. In other words, was the UAW negotiations, as you mentioned, John, the last sort of gasp of labor preeminence in an industry that's increasingly looking to transition into something else? So you've got new developments, you've got labor negotiations. We're talking about 25 % pay increase, cost of living adjustment, all of that. That's no doubt hung over the stock over the last 12 months in a material way, particularly the last few months. But Tom, it's not just about the last few months, it's about the last 10 years. stock This is almost exactly where it was a decade ago, despite some record numbers comes when it to selling automobiles in this country, TK. How do you turn that around? Well, you're at 17 -18 million, yet the pandemic in a way will be their excuse, but again, I think it's a primal financial scream, and Lisa nailed it among -50 40 headlines. A key one here, I don't have it in front of me, but it's a $2 billion cost reduction, sure which I'm is on top of a previous cost reduction, and if every CFO in the Standard & Poor's 193 has to review this release. And not just about EVs, also robo -taxis, these bets on the future, Lisa, sometimes they're much, much harder to deliver on. Sometimes you have to find out the hard way that it's going to cost you more. It's going to longer take to realize gains from it, and I think we're finding that out on this particular issue. Yeah, what happens when a robo -taxi just decides to stop in right front of an ambulance and not move? I mean, these are the types of things that they were dealing with, and then they had to have someone come and try to take it away and ambulance the is thinking, are you kidding me? And these are some of the things that are transpiring. You know, again, 72 % debt, a lot of that the is equipment leasing, the financing of automobiles, I get that, but this is something that every sell -side analyst outside of autos has to review this transaction and look at analogs over to where their coverage is. The stock is up by 5, 6, 7 % in the pre -market. Right now we're up by about 6 to 7 % currently. Let's get to the scores more broadly. Equity futures positive by a third of 1 % on the S &P 500. rally This in the bond market continues. Selective hearing for treasury investors. Yields down by three basis points. We yield right now 429 .17. We listen to Waller, we don't listen to Bowman. That seems to be the message from the bond market. We're listening to disinflation and I think that is the message that we're getting across the board and you're getting it. Is it enough? 8 am we get the latest from Germany of in terms headline inflation Reid we already got one from Spain earlier this morning coming in below expectations at 22 % year -over -year. I don't want to say this but I'm gonna say this and then I'm gonna get pilloried for it. Is this the easy part? It kind of is in terms of yes inflation is coming down year -over -year. What happens next the last leg etc. That's to me one of the key questions. It's funny you say it and I'm sorry to jump in. Please. I thought you were introducing me just you know give me some space. I'm sorry to jump in. Where's the surveillance cork? I've I forgotten what was gonna say. No you were saying with respect to disinflation. I apologize 1 45 p .m. we get Cleveland Fed President Loretta Mester who's gonna weigh in on all of this and then 2 p .m. we get the beige book which we're all going to be reading. The question really is disinflation the last mile perhaps that's what you were going to go to. This question of not understanding exactly where we are how far the fight can go and when we can call victory. To parse that is the I'm gonna give Jim Bianco credit here the stickiness the resiliency of three a handle on inflation yeah versus the two adness that people like Waller and John Williams of York New are modeling. That to me is the forward distinction. Did I say that I was sorry to jump in I'm sorry. want to Do you jump in right now? I did know what I wanted to say it was actually Goldman and it was Jan Hatzius' outlook. Goldman thinks the hard part is over that's what I think is so odd about their outlook and odd by saying god mean I don't I think it's wrong I just think it's unusual compared to what a lot of other people thought coming to your end when Sarah House Fargo talked about the last mile as you indicated Lisa to get inflation back down to two from three four. That was meant to be the hard part now you've got Goldman looking at the next year who basically say all this disinflation is in the pipeline. The hard part is done and the tailwinds to growth will persist through next year not my call it's theirs. Dutta as we're talking about this wrote in and Neil basically said this is why for equity market investors right this is soft landing Nevada. You've got Governor Waller basically saying I need a few more months of this and we can start talking about cutting rates and economists on the street can already see what's in the pipeline and they're basically saying yeah you're going to get a few more months of this I've got no idea what happens beyond that but you will get it. So the Fed is bound to be engaging in this rate cut conversation maybe a few months from now based on what we're seeing in the data. And that's the reason why if you get cuts in the first half and you get them as soon as the first quarter as Bill Ackman was saying how much that fuels risk appetite at the same time. Sam Stovall joins us right now. Chief investment strategist at does not have selective hearing. Sam, the bond market does. Governor Berman shake it off.
A highlight from Wyre: Another crypto payment processor involved in fraud
"Welcome back, everyone. I am Cas Pianci. I'm joined, as usual, by my partner in crime. We've already recorded an episode today, so we're just going to jump right into it. We're going to talk about a company called Wire. Wire spelled W -Y -R -E, weird company, wound down in June of this past year. But yeah, I want Bennett to kind of walk us through this. He wanted to record an episode about this. And I think it is, once you delve into the weeds of it a bit, it's pretty fascinating. Wire is a cryptocurrency payment processor, one of the most common targets of our eye around this channel. And it was, like many cryptocurrency payment processors, seeming to do things a little unusually. And part of this story, the beginning of this story in my mind, involves Ryan Breslow, who I've made a couple videos about on this channel, but we've never done a full episode on him because, frankly, he's not that important. Ryan Breslow has a couple of different companies. One was called Eco. Eco was a company that said it could earn its users yield, and it claimed to do this by lending to people like Goldman Sachs and Fidelity, but was actually lending to people like Wire and BlockFi. And so that's how Eco was making its yield for its customers. That was a Ryan Breslow company, but so was Bolt, the one -click payments company that at one point was valued at like $11 billion or something crazy before a New York Times investigation revealed that they had misrepresented what they were able to do to people in order to get them to sign and then misrepresented the nature of those relationships in order to get other people to sign. Before Bolt was exposed for that, they put in a $1 .5 billion offer for Wire, making it at the time one of the most valuable cryptocurrency acquisitions of all time. What makes this even stranger is that this acquisition was announced in April of 2022. One month before that, in March of 2022, Ryan's other company, Eco, had notified users that they were moving off of Wire and on to Prime Trust. So one company moves off in March, April they announce they're going to buy the company, and even more interesting, Eco didn't actually get all their funds moved off until the end of May. Shortly after that, in September, it's announced that the deal's not going to happen. Bolt backs away, and a couple months after that, very end of the year, December beginning of January, Wire announces they're going to be scaling back operations and laying people off after this deal blew up. And that's like the first phase of Wire, right? It's a cryptocurrency payment processor doing what cryptocurrency payment processors do, making risky loans, throwing funds around into DeFi protocols, announcing acquisitions that never actually happen. It's a classic crypto payment processor. So when I go to Wire, their website, which is still up, it says, Wire is winding down and it talks about what they did and how they're ending. And they basically, it seems like they tried to do this in a way that allowed people to get their funds off of the payment processor in time. I don't know if you know anything more about that than I do. Funny enough, I'm like, Bolt is still around though. And this is Ryan, that's still Ryan Breslow's company, right? We didn't even get into all of Ryan Breslow's fuck ups, right? Like he had the movement Dow that he gave away to like a known fraudster that was separate from like his movement not for profit that ended up like embroiled in some other scandal. We've got some articles we'll link in the description and there's some videos we've made on this channel about it, but like Ryan Breslow's whole like group of companies is a fucking mess. I'm looking through his career and just some of his stuff in general. First of all, this guy is 29 years old. He's younger than me. And 29 is very, very young crypto pharmaceutical startup, the movement, a dance nonprofit. I am confused about this guy's entire life. Surprise went to Stanford. Gosh, I'm all over the place here just because I'm like, wow, so eco didn't work out. That's gone, right? Eco still has a website and they're still tweeting. And they still have a token that's down, oh, down 70%. Remember, there's two tokens, right? There's eco and there's ecoX. What does ecoX do? Well, that's the deflationary supply token serving as the governance asset that's used to secure applications on the eco network, of course. It's deflationary. Why is it down 88 %? It's not deflationary enough? I feel like this is so similar to our discussion about Terra Luna, man. We're not going after Ryan Breslow's stupidity today. They're all interconnected, wire, bolt, eco, love, whatever the fuck these are. And they're all doing poorly. They're all stupid. How much money was going through wire? There's some answers to that I'll get to, not as much as you might be thinking. At the very beginning of 2022, wire announces they're scaling back operations and doing these layoffs. And then on January 7th, wire announces that they're going to be changing withdrawals, limiting how much you can withdraw. You can only withdraw up to 90 % plus other daily limits. Five days later, though, things get better when wire announces that they have received financing from a strategic partner that will allow them to continue their normal course of operations. And this is always good news when crypto companies get strategic financing from undisclosed partners. That takes us into the Binance US era of wire. Binance US, in the beginning of 2022, was using Prime Trust as their principal payment processor. They started switching off of Prime Trust, and by May 25th, 2023, had much of their funds stored with wire.
Fresh "Goldman" from WTOP 24 Hour News
"26 this morning in Roslin. 640 money news at 10 and 40 past or brought to you by PenFed. Great rates for everyone. The credit card and savings account partnership between Apple Apple and Goldman Sachs is ending. People briefed on the matter tell the Wall Street Journal Apple recently proposed ending the deal in the next year or so. Goldman had told Apple earlier this year that it wanted to wind down the partnership. The credit card launched in 2019 the savings account became available just this year. Do you read online reviews before you buy something? Online language company Preply analyzed hundreds of reviews with four -and -a -half star ratings or less. The most frequently posted words in bad reviews are beware, lied, scam, fraud and joke. Customer service is the number one complaint even more than complaints about actual products. And as WTOP business reporter Jeff Klaybaugh, Preply found the products and services with the most negative reviews are related to travel, electronics and money and insurance. her movie opening Friday, what Taylor Swift did with her blockbuster concert film film last month. Beyonce's 56 show global tour included a stop at FedEx Field in Landover Maryland in August plagued by lightning and crowd crowd control issues. But this time you can dance under the roof of your local multiplex with Renaissance a film by Beyonce intercutting footage from her live shows with behind the scenes interviews by Queen Bey, her team and family. I think about all of My and heroes all that they endured. I know that all of my struggle and sacrifice is opening the The film runs two hours and 48 minutes about the same as Taylor Swift's movie. Just be sure to stick around through the end credits for a bonus surprise. See the setlist on wtop .com. Jason Varela, WTOP news. A judge The judge awards real estate to the children of the late Aretha Franklin years after her death. The judge says she's following the wishes of a handwritten will from Aretha Franklin from 2014 that was found between couch cushions. Despite scribbles and hard to read words, a jury earlier this year said the will So now, one of her sons will get her home in the Detroit suburbs, valued at just over a million dollars in 2018 but now worth more. Another son was given a house in Detroit, though it's already been sold for $300 ,000. Franklin had four homes when she died of cancer in 2018. There's dispute still a over the handling of her music assets, though the will appears to indicate that her sons would share any income. Coming up here on WTOP, debate in the Senate over conditions on aid to Israel. 643. For more than 50 years, KBR's science and engineering expertise has enhanced our ability to explore, examine, and understand the universe. As a leading provider of technology solutions both on and off planet, the no company is better equipped to solve the challenges of mission -critical operations and health technology than KBR. From launch to landing and everything in between, we are the team behind the mission. For more information and career opportunities, visit kbr .com slash careers The power's out at our house. But
Monitor Show 19:00 11-07-2023 19:00
"The world is more complex than ever, but that complexity pushes me to look at the bigger picture. I'm Emily Chang, and I cover tech, culture, innovation, and the future of business for Bloomberg. At Bloomberg, reporters like me dig into the context of a story, so you understand how it impacts you. Because context changes how you see things, how you change things. Context changes everything. Start watching my shows and more at Bloomberg .com. Goldman Sachs is boosting pay incentives for its asset management teams. And U .S. Treasury Secretary Janet Yellen will meet Chinese Vice Premier Hu Lifeng for economic talks. Blinken finishes his Middle East swing, but the diplomacy goes on. CIA director in the region. Donald Trump comes out swinging at his civil fraud trial. Judge admonishes him to answer the questions. I'm Ed Baxter with Global News. Chelsea beats a shorthanded Tottenham in the London Derby. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. Hi, everybody. Good morning. Just a tick after eight o 'clock.
Monitor Show 18:00 11-06-2023 18:00
"Pop culture is always evolving, and those changes impact our lives in ways that are both visible and not so obvious. I'm Lucas Shaw, and I cover the business of pop culture for Bloomberg. My job is to uncover how entertainment is changing and explain what that means for you. Because context changes how you see things, how you change things. Context changes everything. Start exploring my coverage and more at Bloomberg .com. As inflation lingers, Goldman Sachs is boosting pay incentives for its asset management teams. And Treasury Secretary Janet Yellen will meet Chinese Vice Premier He LeFong for economic talks. Blinken finishes his Middle East swing, but the diplomacy goes on. CIA director in the region. Donald Trump comes out swinging at his civil fraud trial. Judge admonishes him to answer the questions. I'm Ed Baxter with Global News. Chelsea beats a shorthanded Tottenham in the London Derby. I'm Dan Schwartzman. I'll have that story and more coming up in Bloomberg Sports. That's all straight ahead on Bloomberg Daybreak Asia. On Bloomberg 1130 New York, Bloomberg 99 .1 Washington D .C., Bloomberg 106 .1 Boston, Bloomberg 960 San Francisco, Sirius XM 119, and around the world on BloombergRadio .com and via the Bloomberg Business App. Hi everybody, nice to have you with us here on Bloomberg Daybreak Asia on this Tuesday morning here in Hong Kong.
A highlight from Gensler Targets PayPal Stablecoin | SEC vs Crypto
"Let's get into some details today around the SEC and some of their activities here recently, including taking on PayPal and going head -to -head with one of the biggest financial institutions out there. It's going to be a good one. My name is Paul Baron. Welcome back into Tech Path. Before we get started, I want to play a little clip for you from our sponsors, and that is Tangym. If you guys are looking at going into self -custody, this is the way to go. So a lot happening within their new app updates. Some of the things pretty simple, dark mode, of course, yes, but I like the features that we're getting into the concept of doing sorting of your assets. That's a cool feature. The other thing that plays into this hardware wallet is its ease of use, and the app itself along with the three cards, which by the way, if you go over to the Tangym website, we'll go back. So it's going to give you guys the ability to do some cool things within not only securing your wallets, but keeping those backups, all those kind of things. That's the biggest thing around. If you're keeping any of your tokens on exchanges, stop now and get them into a Tangym wallet. All you have to do is click our link down below, and you'll get the 10 % off on the PBN discount. So do that. All right, so I'm going to go over and hit up on a couple of things here. I want to start with the Squawk Box video, and this is about halfway through. I'm going to play this for you guys. This will get into the detail around what we're going to look at in terms of a recession. Listen in. Do you think the Fed is trying to look ahead now and finally trying to anticipate rather than react? Yes, I do, but I listened to Powell's press conference, and I think he's just as confused by all the different data points as everybody else. Maybe that's why he wants to pause, because he doesn't know what to do. Will there be another hike? I have no idea. What would you do? I'd wait. See what the data says. You've already raised rates so much. The other 25 basis points from here is not meaningful. It's more of a messaging. So wait until you have a better clear view. But are you expecting a year from now that he's going to be lowering rates? No, I don't. I don't actually think we're going to ... Unless we have a very bad recession, I don't think we're going to see the Fed lower rates. I think Powell is still petrified of what happened to Volcker in the early 80s. So those folks who are saying, buy bonds right now, buy 10 years, because rates are going to come down. You don't think that's the case? I think that's way too early to make that kind of prediction. I wouldn't be doing that. You think he's terrified of what happened to Volcker when he lowered rates? When he lowered rates and inflation resurged, that would be the worst possible outcome that could happen to the country and for Powell's reputation. I think he lives in more fear of that than a recession. All right. So a couple of things. We covered this on the FOMC meeting the other day, and that was pretty much my take is that even though the pause did occur, I still think there will be another rate hit because of the data that's coming in and causing the confusion by Powell. They don't know how to read what they're coming in. If you think about this, the most massive rate hides we've had in the last two, three decades, obviously a recession looming, if not already here. Some of the worst kind of numbers coming out of different sets of markets, including an 8 % mortgage rate, all of this plays into either a correction or possibly one last little gas to hold it. But I do agree with him. And that is the Steve Ellsman, which is that could Powell go in the direction of holding a pause, going much higher for, and I say much meaning higher for longer, much longer and not reversing rates. If that does happen in 2024, it does mean we are having a recession. Now a couple other people out there that are looking at this is of course, Arthur Hayes, Powell Pivot, slowing down is giving us, I think a better sense of how much we need to do if we need to do more. But every measure of inflation is above the Fed's target of 2 % guess it's time to pump up financial assets. I don't necessarily agree with Arthur right now on this particular point in the sense that I think we're far enough out yet because of the data that continues to pile in the GDP growth. I know the people are looking at the GDP, possibly correcting and jobs numbers finally catching up. But I still think that we are in a position to where until there is real pain and that will most likely come after Q4. If there is real pain, that's when the Fed will act in reference to that. Now with that, you've got of course, some pretty big things happening in Japan now approving $110 billion in stimulus packages to fight the inflation situation. Of course, if we follow the track of what's happening in Japan with this hyperinflation potential risk, then yeah, you're going to see that. But the question is right now, is it the time? And I still think that Powell's got another 25 basis points in there and to Steve's point is that it's going to be a messaging thing that will help keep the markets in check. Because if we do get a research on inflation to his point, he definitely does not want that to happen because that could really set things into a motion that is almost, maybe could take multiple years to correct. So there's a lot happening right now. Now moving over to PayPal, PayPal received a subpoena regarding its $156 million market cap stable coin, which is PYUSD, which covered this. If you don't know much about that stable coin, go back to our video and watch PayPal stable coin launch. It's a big deal because this I think is good for PayPal in the sense of becoming the next generation financial tool. The interesting thing, and I'll show you guys some things about this in a little bit. The interesting question here is why the SEC went after PayPal. Now there are some things around this that is kind of unique of whether or not the SEC thinks they have a position or there are some other scenarios that are playing out this from a political point of view. I won't get into playing favorites, but we know Gensler. I think everybody kind of understands what's been happening further. So I'd love to kind of get your feedback on where this is going. From the article, it says significant development, obviously pioneering the move in August. This is when the PayPal introduced the stable coin. And they're really kind of the first, I think the first giant that has been hit. Now remember, this is a subpoena, it's not an action. So we haven't seen a Wells notice, things like that all coming out. So PayPal issued some more information, the digital giant obviously is prohibited from allowing new customers to buy new crypto assets, expanding its current offering crypto assets and operating an automated process and exchange crypto assets for money without FTA's approval. So that's something there. October 31st, before PayPal's SEC subpoena, the UK Treasury published a proposal to integrate crypto activities into the financial services regulation. Remember what's happening in Mika within the EU and now the UK also moving active. PayPal's PYUSD and ERC -20 token issued on ETH of course. And then during this, the SEC subpoena indicates the road to achieving this objective is fraught with regulatory obligations. This of course has been Gensler's argument all along is that everything's a security, including your Pokemon cards. So I think it's just a situation where they're firing some stuff across the bow here. We'll see how it goes. I want to go over to a tweet real quick. This is kind of just John Deaton chiming in on this. Under Gary Gensler, will not stop at trying to take down anyone who adopts blockchain technology to give their business a competitive advantage in financial space. And now he's going after PayPal. This is a good statement by John because he's right in the sense that anybody that is really starting to move in this direction. The interesting thing though is we are on, I think, the doorstep of some major financial institutions moving in this direction. Now why has Fidelity not been approached yet? Obviously one of the biggest, I think, out there in terms of digital assets from the mainstream financial asset managers. And then you've got the potential of what will happen when we get a Bitcoin ETF and possibly going into other ETFs, things like Ethereum and even the other assets going in that. So it's going to be a very interesting year, I think, coming up. Just as a note here, US SEC messed up in handling the contentious crypto accounting bulletin. This is a deal that happened earlier this week. The SEC was out of bounds when it issued the controversial staff accounting bulletin. A little bit about that. The guidance, which is the industry threatens to crypto investors the ability to find safe harbors in their assets should have been treated as a formal rule. And of course, this is the GEO included a report on Tuesday. And the accounting bulletin should have gone through a different process, which is really going through Congress. That's what it boils down to. And the SEC in their beautiful architecture of overreach, they do it again. And of course, they get into a little bit of a match with McHenry and Lummis. This is of course, Chair McHenry responding to this. He simply says the rule would impose massive new requirements on financial institutions and other firms to place digital assets on their balance sheets as a liability with a corresponding asset. So this gets back to this whole accounting rule. And then ultimately, this would deter institutions and firms from offering custodial services, which is a huge one, denying Americans access to safe and secure custody of their assets. This is a problem because this could even go into the big ones, such as a Fidelity who already does this with Ethereum. And right now the bulletin has massive implications and the SEC should have received feedback from the federal banking regulators and public before implementing a legally binding directive. This came from Lummis. So we're aware we don't really know which way Lummis is leaning yet, just because she's kind of been back and forth. Maybe she got baited into this little thing with the Hamas scenario, but the fact that she is defending is showing something. This sets an incredibly dangerous precedent. I plan to use Congressional Review Act to block this rule in the coming weeks. So there's some big actions right now in D .C. about this. Another thing here, this came from Deaton. It's a clear statement of a federal agency that the SEC broke the law. Ever since the Ripple lawsuit, SEC has consistently not followed the law, they don't care. Not only are they hypocrites, but they also lack a faithful allegiance to the law. And the SEC does more to hurt the investors than it does to protect investors. I would agree with that. Now granted, the SEC is in full tilt against crypto right now. If you look at what they've done here with Safemoon, and granted, this is kind of low hanging fruit. If you're going to go after the scammers, go, yeah, of course, get the scammers. And this is one that did happen. Safemoon crypto and token executives now were arrested and charged with fraud. So this is at least what they're supposed to be doing. The only problem is they're going after real companies who are running real businesses in causing a lot of mismanagement, I think, of the asset. Sometimes I wonder if the SEC is doing this more out of an idea of just detract and defend, create noise over here, nothing to see here kind of thing. I don't know. It's a very interesting situation right now. But the charges in the company's orchestration of a massive fraudulent scheme through unregistered sale of crypto assets and security Safemoon, additionally, the SEC charges the firm the misappropriated investor funds for personal use. So those are typical things that are happening, not just in crypto, but in any kind of company, including VCs, private equity, independent angel rounds, all those kinds of things. All this happens in any federal regulated fundraising. These kind of things happen. And that's what the SEC is for. It is supposed to do those kinds of things. Onto some other news here is MicroStrategy stocks, their advantage over the planned spot Bitcoin ETF. This is something that Saylor is talking about. I don't know. I would love to get your input on this. I'll reserve for some of you guys, you can drop some comments down here before I kind of go in this direction. But basically Saylor is saying that the MicroStrategy stock offers a way to get Bitcoin exposure with the benefits such funds won't offer, such as an ETF. Further in the article, here is some explanation here. Spot ETF would charge investors a material amount, which will dilute returns meaningfully over the time. Why would someone, a prudent investor, want to give up such a large portion? I don't know that that's a large portion. We've shown some of the fees that have been proposed. They're not super expensive compared to that. From a standpoint of intrinsic value, any downside move in Bitcoin will be partially offset by the stability of the underlying asset. So spot ETFs offer no such protection. But you also have to think about the fact that MicroStrategy itself, the stock, could also take a deviation and market correction. So there's kind of a, I don't know, I'd love to get your feedback on which way you would play it. I'm looking at this from an ETF standpoint. I think that's going to be the route that people will take. Could people say, no, I'm going to play this direction, you know, with MicroStrategy? But hey, listen, it's an interesting argument. Always love to kind of get feedback across our channel. So drop some comments down below. Here was James Lavish talking about this. Institutional investors who were once worried about career risk for owning Bitcoin now are beginning to worry about career risk for not owning it and wondering when Gensler is going to finally approve the spot ETFs for them. I think this is an interesting thing. Just as a reminder, with this subpoena against PayPal, this is PayPal's current market cap right there at $60 billion. This would be one of the largest companies approached by the SEC for these kind of activities. Let's compare them. There's Goldman, $100 billion, and here's Coinbase at $20 billion. Coinbase, plenty of time to go head to head. PayPal is three times that size at a heavily deflated value. Just if you go back to the PayPal numbers and you go to the, let's just go to the max. Look at the deflated value of PayPal. These are the reasons that PayPal is going into alternative product and financial services products out there. So this is something, this company at one time was worth three, almost four times that. So this is a big one for sure that the SEC is about to take. All right, guys, if you are listening in over the podcast, get over here on the YouTube channel, it's the best place to catch all this content, unless of course you are going to join the Diamond Circle. That's where you're going to get additional content. We do another podcast over there. I also do some shows over there that we don't put here on the YouTube channel. So check it out, click into the Diamond Circle down below. And of course, if you want to catch me out there on X, it's at Paul Baron. We'll catch you next time right here on Tech Path.
A highlight from SHOCKING: SEC & Gary Gensler's Lawbreaking Assault on Crypto (SAB 121)
"Welcome to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, we got huge, huge SEC Gary Gensler news. Folks, the Government Accountability Office, also known as GAO, this is a government agency, has concluded that the SEC's controversial staff accounting bulletin, SAB121, which requires crypto custodians record customers' digital assets as liabilities on their balance sheets, is considered a rule, not merely guidance, and therefore require the SEC to submit to Google, which it did not. In short, the SEC is now in violation of Congressional Review Act, CRA. Folks, this is big because we continue to see Gary Gensler and the SEC acting unlawful. And you may say, well, Tony, these guys in Washington, DC are not doing anything to Gary. But remember, folks, they're trying to build the case. They're trying to build a record of all these failures. Gary Gensler losing in the courts the grayscale and ripple, right? And he's fighting Coinbase right now. And the courts, the judges are tearing the SEC a new one. So as they're building this case, they'll be able to take action. And that's the insight I've gotten from many of them right now, because Elizabeth Warren is backed by the Biden administration and she has Gary Gensler the gimp on a leash. They have a lot of power because the Biden administration is in power, right? And Gary Gensler is appointed by the Democrats. So many folks don't understand this dynamic that even if the Republicans and the House Financial Committee want to take action, they have to tread lightly because Elizabeth Warren has so much power. And there are other things at play here, like other legislation, other rules they're trying to make for other industries and things that are happening overall. So that's the insight I've gotten speaking to lobbyists and politicians as well. So, folks, another black mark here for the SEC showing they are not abiding by the laws and they are hypocrites and liars and they have fallen far from their core mission, folks. I've been saying it for years now, right? I know some of you probably get tired of me hearing me say this, but I am out here exposing Gary Gensler and the SEC. I'm drumming up as much noise because I'm a crypto investor and this guy is using unlawful tactics to try to stop crypto, try to kill the gains that I would get, right? Trying to say, I can't stake my coins and all these things, right? I'm not going to stand for it and I'm here to fight and I'm going to spread the news. And I think many of you agree with me and it's going to take all of us to drum up as much noise on social media and put out content there to build the record of all the bad things the SEC is doing and hurt their optics and hurt Gary Gensler's narratives. You see, Gary Gensler is much more timid these days. He's not as aggressive because he's losing. And I smell blood and I hope you smell blood too. And we got to keep going, folks. Now, a lot of people weighed in on this. Ripple's chief legal officer, Stuart Eldorado said, while Mr. Gensler is making bad Halloween jokes on X, so Gary was tweeting about Bitcoin and Halloween and all kinds of things. His agency is being shamed for ignoring the law that requires agency rules to be reviewed by Congress. Seems the SEC has become the lawless Wild West Gensler loves to talk about so much. He's absolutely right. And remember what Judge Sarah Netburn said in the Ripple lawsuit, the SEC lacks fateful allegiance to the law, not to mention they were called as the SEC was called hypocrites. And there's different cases where the judges are just coming out saying, what are you guys doing? You're not providing any clarity, right? We know the SEC lawyers, they're hypocrites, they're liars, they don't respect the law. They just want to go around shaking down companies. And we've talked about the reason for that is that the Wall Street crowd, those incumbents are getting disrupted, have weaponized the SEC to go after these crypto companies to kill them. They want to kill Coinbase. They want to kill Grayscale and Ripple and Binance and so forth so that they can come in and take over. And I think we're seeing the cards on the table now, right? Fidelity, Charles Schwab, and these folks launch a crypto exchange. PayPal launched their own stable coin. BlackRock wants a Bitcoin ETF. BlackRock is investing in Circle USD and much more. So we are seeing the move from Wall Street to enter this market. They want it. They want to control it. They want to make money off of it, but they don't want Coinbase to be leading the market. They don't want Grayscale to be the first to get the Bitcoin spot ETF. Can you imagine that? They don't want that. They're sitting in their boardrooms and they're like, wait a minute. These guys are coming to steal our lunch here. We got to get control of this. So they have weaponized Gensler, who's a, you know, Goldman Sachs guy to call them Goldman Gary Gensler. So it's clear as day what's happening. Now Jake Traversky of the Blockchain Association weighed in on this. He said, this is huge. The GAO reviewed SAB121, an illogical anti -crypto accounting bulletin issued by the SEC last March and found that it's a rule under the CRA and APA. The SEC didn't comply with either. This is a clear statement from a federal agency that the SEC broke the law. SAB121 basically required crypto custodians to double count digital asset liabilities on their balance sheets. It has done extraordinary damage to the crypto industry and costs untold millions in legal and consulting fees over the last 18 months. It was illegal from the start. The SEC should immediately withdraw SAB121. If it does not, the GAO's analysis makes a slam dunk out of a lawsuit against the SEC, alleging a violation of the APA's notice and comment requirement. The Blockchain Association will be watching closely to see what the SEC decides to do next. So, I hope, folks, the industry sues the SEC, I hope multiple crypto custodians and companies sue the SEC and put them in litigation hell and they start fighting back. We know Coinbase and these folks have been fighting back and this is going to put the SEC in a lot of trouble. Marissa Tashman -Koppel, who I've had on the podcast, she's also at the Blockchain Association, said, huge in all caps, one of the means by which the SEC has tried to unfairly strap crypto. SAB121 not only was illegally published as guidance, not subject to notice and comment, but it makes no sense and has seriously harmed market participants. Representative Mike Flood, who I'm hoping to get on the podcast soon, said the GAO has spoken. Staff Accounting Bulletin 121 is a rule, not mere guidance, as the SEC claims. Rest assured, Congress will act to rein in Chair Gensler's overreach on this issue. So I hope to have him on the podcast and talk about this and find out what steps they're going to take. Now, Attorney John Deaton weighed in on this as well. He said, ever since the Ripple lawsuit, the SEC has consistently not followed the law. A federal judge literally stated that the SEC's enforcement lawyers and the leadership they report to are not only hypocrites, but they also lack a faithful allegiance to the law. It was an incredible statement for a federal judge to make. I was shocked at the little attention mainstream media paid to such a shocking statement. Here's what I can say with great conviction. Today, the SEC does more to hurt investors than it does to protect investors. It has become both an inept and corrupt organization. Full stop. I absolutely, absolutely 100 percent agree with John. And I think you all know that listening to me over the years. Folks, the power is in your hands to fight back. And we have social media. We can drum up a lot of noise and expose the SEC and Gary Gensler. They are paid by our tax dollars. It's time that we held them accountable. Now quick word from our sponsor, and that is Uphold, which is a great crypto exchange that I've been using for years. They have 260 plus crypto currencies. You can trade precious metals on this platform. They also have over 37 fiat currencies that you can trade. They are transparent. They are safe. They have a full app and full functioning website. They don't commingle your funds. They don't lend out your funds. Everything is 100 percent reserved and they have audits, which they do to show that these things are in place. So it's an exchange that I trust and I use to this day. And I've interviewed the CFO, the CEO, and many more. So if you'd like to learn more, please visit the link in the description. Now, lawyer Jason Gottlieb shared the following analysis regarding the SEC versus Coinbase lawsuit. And it was a great thread, a great writeup that he put here. I highly recommend you guys go read it and follow him. He highlighted that the SEC charged SolarWinds and chief information security officer with fraud internal control failures. He said, let me explain how this is relevant to the SEC versus Coinbase case. From the press release in its filings, the SEC, SolarWinds allegedly misled investors by disclosing only generic and hypothetical risk at the time when the company and Brown knew of specific deficiencies in SolarWinds cybersecurity practices. In Coinbase, the SEC allowed Coinbase's S1 to go effective at a time Coinbase was actively allowing crypto trading on its platform. The SEC knew fully the business model at the time and allowed Coinbase to be publicly traded. Thus Coinbase correctly argues the SEC didn't think the business model violated securities laws at the time. The SEC responds, well, approving an S1 isn't approving the whole business. And the SEC adds Coinbase disclosed the possibility of regulatory risks as was proper, but that's just it. The disclosure was of a generic and hypothetical risk, just like the SEC's beef with SolarWinds. If at the time a company is making a disclosure, there's an active materially bad thing the company is aware of. It can't just disclose that there could be a risk of a bad thing. It has to disclose the bad thing itself. He says, I had to litigate this issue, a case where the risk of a bad thing happening was disclosed and the SEC went to litigation alleging that the bad thing was actually happening, which wasn't disclosed. No more comments on that case, which is settled. In Coinbase, if the SEC corporate finance staff actually thought a purported bad thing allowing securities trading without registration was happening, they would have never allowed a disclosure of only the generic or hypothetical risk. They could have required Coinbase to say, our entire business model is predicated on securities laws violations, otherwise a material omission. But come on, no company is going to say that in an S1 because corporate finance would never allow an S1 with that language going forward. So as you can see, the SEC is getting caught on their hypocrisy and lies, right? They greenlighted Coinbase saying, you can go public. And they knew what Coinbase was about. No one had a question, what is Coinbase doing, right? And Coinbase had to go through multiple hoops. They had to jump through multiple hoops to go get an S1 and prove and go public, right? They had to be audited. They had to have certain things in place like other companies that go public. So the SEC is getting caught with their lies here. He said, the reason why this is obvious is because the SEC isn't going to bless public investment in a company predicated on securities laws violations, which it would then think it needed to put out of business, hardly investor protection. Great, great thoughts here by Jason. The only possible conclusion the SEC correctly did not believe at the time that Coinbase's model, which was fully and amply disclosed, violated the law. Something changed. There was no change in the laws or regulations or guidance. That's an important fact there, folks. He said, there was no change in the laws or the regulations or the guidance or the case law. The change was political. There it is, folks. Elizabeth Warren, Wall Street crowd pulling the puppet strings behind Elizabeth Warren and Gary Gensler, that's what's happening, right? I hope you see what's taking place here, folks, and why we gotta fight. So Jason continues, he says, it was frustration at an industry that didn't merely accept the chair's illegal dictates of what the digital economy should look like. Yet that same chair, remember, was promoting crypto before he joined the SEC. He said, Algorand, you could build Uber on it. The man was teaching crypto at MIT. He tried to go work for Binance. Then all of a sudden he's saying and doing these things. It's because he is a puppet. He was just doing the bidding of his puppet masters. So regardless of how he felt before or how he still feels about crypto, he's a gimp, right, as I've said before. So let's move ahead. Today at the Breaking Point Conference, it was revealed that Solana nodes are now available for deployment on Amazon Web Services. So I have some sole tokens. I'm not hugely bullish on Solana. And look, I'll have a swing traded and make some money, which is fine. I'm still weary of Solana. And you know, some people have said this is a VC pump and dump coin. I honestly don't know. It seems that way, but look, just be careful, folks, because be prepared for some sort of dump. I see a lot of people pushing Solana. So we'll see where this goes. Finally, in the Sandbank Murphy trial, Jacqueline Melanick of TechCrunch is reporting that the case has rested. Closing are arguments coming tomorrow. The jury deliberates to determine whether he's guilty or not on the seven charges related to fraud and money laundering. So this guy needs to go to jail. Let's hope that he does. And let's hope he doesn't get off lately. He is the Bernie Madoff of crypto. And he has to go to jail just like Bernie Madoff had to go to jail. Well, folks, that's the news. Let me know what you think. Leave your thoughts and comments below. Hit the thumbs up button on the podcast platforms. And I'll talk to you all later.
A highlight from INSANE Solana Price Prediction! (100X Incoming!)
"It is a great day to discover crypto, everybody. It is one day away from Halloween. I hope you're feeling spooky. The only thing spooky is you're not hitting the like button. We got some insane price predictions from VanEck, one of the largest asset managers in the world. And they have some very, very bullish price targets, but they also have a very bearish price target. We're going to go over those for Solana, plus their nice Bitcoin thesis and why there's going to be a lot of institutional money flowing in, and we're seeing that in the stats as well. Also, we're going to talk about Miles Deutscher. That guy's insane. I've been following his stuff for years. It's really, really interesting. Got some stuff from Ralph Paul as well. Plus, we have a brand new person, an oldie but goodie on the sidecar today. How are you doing today? I'm doing good. First time on the side desk, I think, so I'm going to be testing out, chatting with everybody in the chat. But yeah, when VanEck is pumping your bags, it's a good day to be in crypto. So yeah, I'm loving it. All right. Well, let's look at today in crypto. So we have the crypto market cap. It looks like it's up 1 .7%. I do want to go ahead and hit refresh here. We might need to, I don't know if I have coin, I don't have coin market cap at the time, but we'll look at this. CoinGecko, we do have Bitcoin up slightly. It's about half a percent, so it looks kind of good. But ETH, it's got double the pump, baby. It is up 1 .0 % here. But when we start scrolling down, we see some bigger winners. First big winner we see, well, relative. XRP up 3 .6%. Bigger than that, though, we have Solana. Solana is up 7%. I may or may not have bought Solana this weekend, folks. I may or may not have bought this weekend. That's all I'm going to say. We have Chainlink also looking good. Chainlink is up 3 .2%. Just defying all expectations of a pullback on the short term. And then Avalanche up 4%. But let's look at the biggest ones, the biggest gainers, the biggest losers. I think maybe one of the coins I took profits on, yeah, rollbit, baby. I took profit. I took some more profit. I've taken profit once before. I took profit a second time on rollbit. This is one that we put in the Crucial Crypto newsletter a long time ago. I told you about before the pump sold. I can't remember which peak I sold. I remember going down, I didn't buy more, and now that we're kind of testing this $0 .20 resistance level, I said, you know what, it might be time to exit out. So I put a little into Solana, I put a little bit into USDC. I have a little too much USDC in that wallet, so that's why I didn't go all Solana there. Alright, ThorChain. Look at ThorChain. We did a video on ThorChain. It is up 9 .5%. We did a video on Solana. If you go here to here eight days ago, folks, we did this video. If you haven't watched it, make sure you give it a shout out, give it a like, give it a comment on there. It just made me excited. It made me excited for Solana. Was that the deep dive Solana video? That is the deep dive. Top 3 reasons for Solana pump. I'm not saying we called it, but you know what, if you turn all those notifications, you can get these videos nice and timely. What's your Solana thesis here? No, it's good. I mean, I've liked Solana for a long time. A lot of you guys know I bought it last cycle around $5. It's an interesting layer one. Obviously being pumped pretty hard by institutional money, VC money, something we've been watching for a while. It is a little bit, it's conflicting a little bit when you see these big financial asset managers pumping things because usually when they're coming out screaming insanely bullish predictions that represents a local top or even a macro top. So I don't take everything they say with a grain of salt, $3 ,000 is an absolutely insane price prediction. We're going to get into that a little bit more as far as like what that would actually mean for market cap for it to get to that level. Their base case is a little bit more reasonable in my opinion. But in that video that you did like a week or two ago, it really breaks down the plan that Solana has the roadmap and it's a very strong narrative for the next couple of years. And it's something that people with influence and capital, there's a lot behind it. Jump capital I know is one of the ones behind Solana, a lot of big money behind it. They're going to want to pump their bags and there's a really good narrative around that. So it's fascinating to me when you see somebody as big as Vanette coming out and making these insanely bullish predictions. So it's going to be wild as we get into this. I feel like we're just getting started in this bull market. So keep an eye on who's saying what, but we really need to keep an eye on where the dollars are flowing more than what the headlines are. Yeah. Watch the capital inflows and outflows. We have Love Breakers. DZ, you rule, man. Please listen to our band. Is your band name Love Breakers? We're going to find it. Love Breakers sounds like a UK dating reality show. Love Breakers. Love Breakers. It's like where their mom is like hovering over the date saying, uh -uh, he didn't open the door for you. I'm a Love Breaker now. That's a show. That's a show. Let's go. All right. Let's get back to the show at hand here. And that's looking at the top crypto gainers and losers. We've got a couple more gainers we want to look at. Gala, baby. Gala is pumping. I'm going to put out a short today on gaming tokens. So we have Gala pumping. There's another big pumper today and I want to talk. It's an Axie Infinity ecosystem token. SLP is way up. I'm going to tell you the next two tokens that's on my radar because I see what pumps. What's the next thing to pump? So that's a really good short. You're going to want to make sure you check that out. Probably be out next couple hours. Monero is up 6 .5%. Somewhere Mind Your Biz is feeling pretty happy about that one. That's almost a stable coin, folks. Algorand up 4 .6%. And those who don't know, I mean, let's just, I almost probably can't show it because, Max, I don't know how. Yeah. If you go to the one year chart, that is very unlike most crypto charts. So very, very just kind of trading sideways there. All right. Now it's time for the top losers. Is your coin going to be in there? Is your enemy's coin going to be in there? Is that Jerk Boss, is his coin going to be in here? Is Deezy's coin going to be in there? Let's look. Maker. Maker is down 2 .2%. Then oh, well, yeah, you don't go far. Apecoin. Apecoin is down 2 .1%. But it is up 25 % for the week. Kind of just pumping off this gaming narrative. DYDX is down a little bit. But after that, really, things aren't moving too far down. Decentraland's down. Casper's down. Really, other than that, though, after that, we're in less than 1%. But you're ready to talk some insane price actions. But first, VanEck. They got some other news. They got an insane Solana prediction there. You can see it, 32, 32 .11. What are they saying about Bitcoin? And then we'll get into the Solana stuff. So new spot Bitcoin ETF filing submitted by VanEck is the investment giant. They resubmitted the application to the SEC here. Stitch over there. Oh, look at a little scoochie here. In June, the firm came up with a new application to the securities watchdog for a spot ETF. This came just months after the agency shot down its prior request, though. Is it inevitable though? The Galaxy Digital predicts the much coveted products could attract more than $14 billion. Yeah, we talked about the inflows, potential inflows last week. All right, well, let's see here. And VanEck joins the amendment. Here's the Jeff Seifart. We really got to get a hold of this guy. Him and Eric have just been crushing it lately for Bloomberg. They're the ETF analysts there. But this is the important part. I want to talk about VanEck Bitcoin ETF may use Bitcoin for seed funding. Okay, so why is that important? I thought they all use Bitcoin. No, I'm using cash for the seed investment portion of it. So let's look at this. So according to Scott Johnson, with an extra S there, he speaks Parseltongue, the updated prospectus for VanEck's ETF contains seed funding language similar to BlackRock. However, there's one important difference here. Instead of using cash for seed funding, VanEck recommends using actual Bitcoin. Why do I think that's a good idea? And TJ, I want to bounce this off you. I think Bitcoin is going to go on a largely upward trend over the next 12 months. And so if you do have this ETF, say it comes out in March, say it comes out in January, maybe it comes out in June, maybe it's further down than everybody's expecting here. If you're buying Bitcoin today versus buying Bitcoin in March, well, I happen to feel like you're making a better choice today. So yeah, BlackRock, they're putting in, I'm just throwing out a number here, they're putting in $500 million. For VanEck, they might be putting in the seed amount that's buying actual Bitcoin. Well say we go live in March, who's going to be better off? The people that bought Bitcoin or the people that have cash invested ready to buy Bitcoin? Well I think they're going to be better off buying Bitcoin according to the four -year cycle here. Well, if we look here, what is seed funding? Seed funding is when financial institutions contribute capital to purchase an ETF's underlying assets in exchange for shares that can be traded when the ETF launches. This provides initial liquidity. Think of the rich players getting in on the ground floor. You know, you're going to have, here's how it's really going to work, BlackRock is going to give $10 billion to State Street, who's going to give $8 billion to Vanguard, who's going to give $7 billion to BlackRock, who also gave money to Vanguard, it's just going to be a big circle right there. But then they say, hey, you know, there's no monopoly, there's no monopoly here. Well, VanEck filed for a new application in July 2023, and several other companies including BlackRock, Bitwise, WisdomTree, Fidelity, and Invesco also have filings for potential ETF's before the SEC. I want to see if Jeff has any latest tweet here, because he's always got the new new, the fresh data, and they operate in the morning sometimes, he could catch a tweet like four minutes old. I'm still feeling like March, I guess more and more people are starting to feel January, I'm just going to be the one that goes with the prediction markets. I don't have any inside information with the SEC, I'm not Gary Gensler's nephew, I don't know if they're going to do January, I don't know if they're going to do March, but I will say this, it's increasingly likely that we are going to see an ETF in the next six months, next five months. What odds would you put it that we have it by March? I'm going to put in insanely high odds, you know, I'm really bullish. I'm going to say 85 % plus by March, I don't see it really getting past March. The question in my mind is, do we see it before the end of the year? You brought up several different things there, I think it's fascinating that VanEck's talking about seeding this ETF with Bitcoin rather than with DollarsDZ, you made a good point. Either way, a spot Bitcoin ETF means buying pressure on spot Bitcoin, that's going to be very, very good, it's just a matter of how much buying pressure and when. If VanEck is trying to seed this thing with Bitcoin, the ultimate question becomes, where do they get that Bitcoin? Where does that Bitcoin come from? Because we can see right here, you know, this was put out by Bitcoin Magazine, see if I can back this out just a little bit. Oh, I like the colors there. Yeah, it basically, you can see this is supply on exchanges since May of 2020 and it's just continually dropping, I guess it's auto adjusting my screen over there, but it's the lowest it's been, I think, in about six years. So where is the price, where's the Bitcoin going to come from? Because it's going to create an insane amount of buying pressure on Bitcoin very, very quickly, whether they're converting those dollars into Bitcoin end of this year, early next year, or if they're accumulating all that Bitcoin dramatically quickly right now, it's a good time to be in Bitcoin. And like I said, when you see institutions and hedge funds and trillion dollar asset managers starting to pump your bags, it bodes well for where the price is going. So yeah, I can't wait. Let me, let me crap on my own point here. Here's why it might be bad that they're buying spot Bitcoin versus putting in cash today. Well, imagine everybody's unleashed at once and then, you know, to TJ's point, small amount of Bitcoin on exchanges, what if it was a surprise announcement, Gary Gensler, he knows he's being watched for the one time in his, I'm just joking, you know, he didn't give Goldman Sachs, his cronies, the inside info there. Imagine if every BlackRock employee, Vanguard employee, what if they all just woke up to the same news and they had a spot buy Bitcoin? Well, Vanguard has the Bitcoin already. They wouldn't have to, or VanEck had the Bitcoin already. They wouldn't have to buy it. But if they all had to buy it once, that's when you could see a parabola. That's when you could see that insane amount of just crazy one minute candles, one hour candles, as exchanges just go into FOMO mode as I don't have enough, they don't have enough, I got to hurry up and buy some, I don't care if the price is spiked $10 ,000 in two minutes, buy that Bitcoin now before it goes up $20 ,000. Next thing you know, it is up $20 ,000. That would be the scenario that plays out that way. But people are ready for the Solana price prediction here. I see people talking about it. What do you think? Is it going to hit a new all time high? First, let's get Drew's two cents here. Drew, will Solana hit a new all time high next bull run? What do you say? I'm having to say yes at this point. It's got a lot of the community stuck through it to the really bad parts of the FUD that it ran through with FTX and Sam. He's out of the picture as being handled in courts. I think it's it's going to probably at least hit its previous all time high. All right. All right. I'm tending to agree. I'm more likely than not that we do go above was it 260 or so. So I do think we get strong rejection at three. So we go above it, but barely. That's DZ's two cents here. Where do you come in? New all time high. Yeah, I think I mean, we're basically the previous all time high is about 258. So we're talking that 300 number. I think that was within the base case of Vanex prediction. It it can do that. It's just going to have to keep that narrative. And it's not that's one thing you need to keep in mind when you're investing in crypto. Speculation is part of the game and it's not necessarily the coin that should reach the highest market cap. It's which coin can reach the highest market cap and who's behind it, who's pumping it. All of those things matters. ETF is going to matter. Grayscale, what they're doing with Cardano. You could see how that quickly reignited that narrative. So many people over and thinking Cardano was and I don't know if it'll reach new all time highs. Hey, if you can get institutional money into it, you know, maybe there will be. So, yeah, I think we're going to I think let's see, what do they have? They had the base case at three thirty five, the bear case at ten and then the insanely high case at thirty to eleven. So base case at three thirty five here, which again is just off the bottom of my important note, twenty thirty next bull run. No, no. We're talking about not only the next bull run, if there's still a four year cycle, we're talking about the one after that. It would be a peak in twenty twenty nine if the four year cycle still play out. So two cycles from now, I definitely think a base I would come in at higher than three thirty five conservative. Yeah, I would say three thirty five is slightly high for the next bull run. I would say three thirty five is pretty low for the one following that. This is an interesting number in chat. What do you think of this number? Worst case scenario, ten dollars, ten dollar Solana, not twenty twenty five by twenty thirty. So ten dollar Solana, I feel like that's a little bit bearish. I mean, the chain shut down over a dozen times and it didn't drop. You didn't see huge declines, FTX collapse. And what was their biggest holding Solana by far? They're dumping Solana, they're dumping Solana on everyone's face. Still didn't get what it bounced off ten. Right. And that's as low as it went then. So you're talking about for all time high for next cycle, top ten dollars is a little low. Now let's talk about the bull case number here. I would put this at less than I want to say less than one percent odds, but I would say less than maybe two and a half percent. I would put that it's it's around a one percent chance, maybe a three thousand two hundred and eleven dollars Solana by twenty thirty. I know a lot of people are saying, oh, you have it on the thumbnail. You think it's going to that, don't you idiot? I don't think it's going to go to that. I put it at one percent odds and then that one percent that is you know, that is the hundred dollar gallon of milk, maybe even one percent a little high. What do you guys feel about thirty two hundred dollars Solana? I mean, you got to think they're taking into account a severe impact to the dollar not being as valuable by twenty thirty. I have to imagine that's part of the analysis there. It is fast. It's funny to me when you see Vanek making it couldn't be a more broad from ten dollars to thirty two hundred dollar prediction. You know, you you pretty much covered the entire spectrum there where it's like no matter what happens, you're not going to be, quote unquote, wrong. So it is funny when you see asset managers with more bullish predictions than YouTubers out there. But this is what I think is interesting for the three hundred and fifty dollar mark to be hit. What market cap would be required on Solana? Can you see that? I'll scoot you just a bit. Other way. Yeah, there you go. Perfect. Perfect. Yeah. Here you go. So three hundred to get a price of three hundred fifty dollars, you would need a market cap of one hundred and forty six billion, which doesn't say it's high. I mean, that's you're talking about basically a 10 X for Solana, but it's not out of the question when you come over here and you look at that. Basically, there's worse tokenomics. Well, I mean, it's basically getting close to what Ethereum is right now. Ethereum is at 218 and you're asking for Solana to get to 146. So it's like if Solana could get to a market cap similar to where Ethereum is sitting right now, which, again, is very plausible, very feasible. We're talking the entire market coming up. We think the you know, if we move from one point two trillion to a three trillion dollar market cap, a five trillion dollar market cap. Now, again, these would be huge gains all the way around. I do think we'll get back above one trillion for Bitcoin fairly easily. So two, three, four, five trillion for total doesn't seem out of the question and seeing that flow into some of these other top performing layer ones with lower caps right now, it is very feasible to me. So three hundred fifty dollars. It is right in the middle of their insane prediction. Three thousand seems crazy. Ten to your point, Dizzy, I don't see that happening, but right within that, you know, I see it in the pushing new all time highs again, which I think that was 250. So it could easily break new all time highs into the 350. People asking about the leader of Anatoly Yakovenko, I think is how you say his last name, he's the CEO of Solana. If we're going to talk to anyone about Solana, we would probably target him because he would actually know what's happening. All right. Let's talk. All right. We got another article kind of breaking it down to Vanek believes Solana can grow ten thousand percent in value if it on boards. A hundred million users there. So that's a big if a hundred million is a lot of users. That's a lot of people. That's a whole lot of people. That's a whole lot of people stepping for their crypto there. All right. Asset manager Vanek says, hey, we could see a 10K pump there by 2030 if we attract one hundred million users. The most striking prediction is, I guess, is the ten thousand percent pump there. It's only one hundred X, folks. Comparatively, the price target is set at eleven thousand eight hundred. OK, that's for Ethereum there. So, ETH, they're saying going to twelve. Let's go. I like that. I like that for two bulls from now. I would say that's maybe a little bit higher than I'm thinking. But, you know, that's that's plausible. That's definitely doable, especially depending on how deflationary it becomes. You're so everybody feel like it's so conservative this time around. So that's twelve thousand for two cycles. That's because we're hitting these astronomical market caps. You know, I do think we'll get big gains. But, you know, we're talking about Bitcoin, Solana, Ethereum, these top ten coins. Once they 10X, it's a whole lot more work to make that 3X. Just because it's going to be a giant boulder. You know, sure, your gaming token, it's a little pebble. You can you can flick it and get a 50X. But when you have this giant boulder called Bitcoin, it takes a significant move just to move at 10 percent. So, yeah, I mean, I do think ETH.
A highlight from 1446: Bitcoin Will 20x Minimum This Bull Run - Raoul Pal
"In today's show, I'm going to be breaking down the latest Bitcoin technical analysis and quoting the high priest of Bitcoin, Max Kaiser. Bitcoin is the new New Testament. Adjust your thinking accordingly. Also breaking news just in the Bitcoin difficulty source to another record. Sixty two point four six trillion. That's a pretty massive difficulty. Also in today's show, the CME becomes the second largest Bitcoin futures exchange as open interest continues surging. Also in today's show, F the Regulator says SPF behind closed doors. According to this report, little did I know SPF was such a gangster talking ish about the regulators. And speaking of regulators, Gary Gensler's Bitcoin ETF position is inconsistent, according to the chairman himself, Gary Gensler, in a video which surfaced with him back in 2019. Also in today's show, Bitcoin is about to get ready for a parabolic leg up, sending Bitcoin to new all time highs. According to crypto strategist, I'll be breaking down his latest targets, as well as the former Goldman Sachs executive, Raul Powell, says retail will front run the VCs and institutions before the crypto explosion. He also predicts that exponential age for crypto amid the recent Bitcoin bull market will also be taking a look at the overall crypto market. All this plus so much more in today's show.
A highlight from Faryar Shirzad Interview - Coinbase's Fight For Comprehensive Crypto Regulations in the US - SEC vs Coinbase - Bitcoin Spot ETF
"And so there's a lot of other things on our plate, but I would say those are probably among the top four. That's great. And I love that you're meeting with the regulators and politicians in other countries. And I know with Canada, I've had some of my podcast listeners in Canada complain a bit about their regulations and so forth, or lack thereof. So great to hear that you guys are engaging with them. Now, I want to jump quick to what's happening in the broader market, in the crypto market, with the little bit of time we have left. Everyone waiting is in anticipation for a Bitcoin spot ETF approval. There's so many rumors and breadcrumbs and this and that about BlackRock. You know, what are your thoughts? It seems that everybody's clamoring for this and registered investment advisors. Everybody's antennas are up. What are your thoughts on everything that's been going on? Look, I'll answer as a policy guy. You read the court's decision. The court said that the SEC's ruling in the Grayscale case was arbitrary and capricious and unlawful. Short of corruption, there's nothing worse than a court confined with regard to the behavior of an agency. And I used to head an agency. So I have some spider senses about what's good and what's bad. And this is the upper outer end of bad. And what the three judges did is they definitively did a full kind of review of every element of the courts of the SEC's analysis with regard to turning down the Grayscale application and repudiated every bit of it. So this should not, you know, we're all sitting on the edges of our seats, but this should actually be kind of a slam dunk. The court has essentially given us a roadmap for what the decision should be. This agency is behaving in ways that I'm not accustomed to the SEC. And I don't have any insight more so than anybody else does about the timing, but I'm hopeful they'll issue a decision soon. They'll honor the, you know, the findings of the court and kind of land where they need to and approve these multitude of applications. That would be the right answer, but you know, you never know. And today's Washington. Right. I'm going to ask you a very complex question. Given your background, you mentioned running an agency. So chair Gensler has been someone who in his past life promoted crypto, talked about the benefits of it, taught it at MIT. Yet when he found himself as the chair of the SEC seems to have done a 180 is, and I don't know if that's true, but it's just my own thoughts and things that people have discussions about. Is this a trad fi incumbents pulling the strings a bit here? You know, pressure that could turn someone who was pro crypto almost seemed like they're an anti -crypto. What are your thoughts on what can you share there? I'm pretty confident. It's not that, I mean, I used to run government affairs at Goldman. So if there, if there was a conspiracy, I would have been in the engine room and I didn't see.
A highlight from WILL SBF EXPOSE SEC GARY GENSLER'S DIRTY CRYPTO SECRETS?
"Welcome to the thinking crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review it supports the podcast and it doesn't cost you anything. Well, folks, I want to start off by talking about the price of Bitcoin because we did close at a reasonable price. Right now, Bitcoin is at thirty four thousand five hundred and sixty seven dollars. So we closed the week and we're going to close the month out pretty strong. So looking good, we're still looking bullish. You know, one analyst here said, sorry, but there is nothing to be bearish about on this chart. Speaking about the Bitcoin chart, he said Bitcoin is up one hundred and ten percent this year. Bullish market structure, higher highs and higher lows. The price is above the twenty twenty one open. And there is a clear accumulation below thirty K waiting for a dip higher low is reasonable. Waiting for new lows is not so essentially highlighting that the charts look bullish. I think we all have been anticipating higher prices. Bitcoin could go to forty or forty K plus, but this is not a move to new all time highs. It's kind of the transition from bear to bull market. I believe the official bull market starts next year in April at the Bitcoin halving. And then we go on a slow, steady rise upwards into a parabolic move into twenty twenty five. That's how I'm looking at it. I could be wrong. So I'm not saying that's guaranteed. That is just a thesis. I think it's the more likely thesis based on how the market has played out historically. So Raoul Pal, macro investor, who I recently had on the podcast, highlighted that crypto liquidity is back on the rise, showing that Bitcoin year over year is moving with the global money supply, which is M2. And you can see here on the chart, the data doesn't lie. So M2 money supply is increasing again globally now. And we're seeing Bitcoin move with it. Just last week, I shared with you guys that China injected a whole bunch of money into the economy. Right. So quantitative easing is going to come back, folks. We are in a debt based system. They're going to find excuses to paint the narrative that they have to print more money and they're going to continue kicking the can down the road. They have no choice or the economies will collapse. And we know what would happen, right? That would be the worst case scenario. The collapse of civilization, people on the street killing each other over for food and whatever else. Obviously, they don't want that to happen. Now, Raoul says it really loves global M2. This is when Bitcoin outperforms the NASDAQ and crypto becomes a supermassive black hole. Our weekly global liquidity index is about to break above zero. Our GMI total liquidity is above zero and rising to and the Fed is net liquidity. He says here and the sweet gentle sound of cowbell can be heard in the not too far distance. So showing here the BKX index. This is the data, folks. The data doesn't lie. And we are seeing similar patterns. What we've seen historically, right? We are in that quantitative tightening cycle. It won't last forever. They're going to have to go back to quantitative easing and then we will be back in the bull markets. Now here, Kevin Swenson had a great, great video he put out this weekend. I highly recommend you guys go subscribe to his YouTube channel, follow him on Twitter. And he did a great pattern of the S &P 500 and Bitcoin showing that what we've been talking for about for a long time, that Bitcoin and the crypto market move with the stock market, the equities markets, right? And you could argue kind of what Raoul Pal is arguing is not so much that it follows the stock market, but it follows the money supply, right? M2 and the stock market obviously rises based on the amount of liquidity in the market. And Bitcoin and crypto is also doing the same thing. However, we're seeing some sort of weird decoupling right now. Now this could be a temporary thing, right? Bitcoin may be still catching up to the rally that the stock market did. One of the things Kevin mentioned was that BlackRock's ETF is such a huge catalyst because BlackRock is the world's largest asset manager. They are swaying more capital from Wall Street to flow into Bitcoin and crypto. And that's why you're seeing for the first time in history, or as it appears to be on the charts, a full deviation. It's very interesting. Now we have to let it play out because look, tomorrow a Black Swan event could happen and everything tanks, right? We saw what happened in March, 2020, you all know about the whole crisis then. So we could have something similar happen, but right now, this is very, very interesting folks. I am studying this and looking at this, like what's happening? Is this the tipping point where a lot of institutional investors are going to come out of the stock market and the equities market and put a lot of capital in crypto? We'll have to see, fingers crossed, right? That maybe it is the tipping point and don't get me wrong, I am diversified. I have a real estate property, a rental property, I have stocks and a 401k and all that stuff, right? And I obviously am heavily invested in crypto, but folks, this is very, very interesting. So you can go check out that video from Kevin. It's really, really insightful. Now, quick word from our sponsor, and that is Uphold. Uphold is a great crypto platform that I've been using since 2018. They have over 260 plus cryptocurrencies. They're available in over 150 countries. They're transparent. They secure your crypto. They don't lend it out. They don't co -mingle like FTX. And it's a platform that I've interviewed their CEO, their CFO and many folks. So I trust this platform. I use it. And, you know, during the Ripple lawsuit, they were one of the only exchanges that still listed XRP. So they got a great legal team and a great team overall. In addition, you can trade precious metals on this platform, folks, and they make it very easy to swap between precious metals and fiat currencies and crypto. So if you'd like to learn more about Uphold, please visit the link in the description. All right, folks, we got some very interesting news coming from the consumer action for a stronger economy. The slogan on their website is the free market voice for America's consumers. This is a nonprofit organization and consumer action for a strong economy. Also abbreviated as case C A S E. Well, folks, you know, they do a lot of advocacy on behalf of consumers, exposing the government, challenging the government. Right. Which is what we should be doing when the government overreaches or abuses their powers. Well, folks, they are focusing in on Gary Gensler and the SEC and their role in the Sam Beckman freed FTS situation. What have I been talking about for so long? Not just me, but others. Gary Gensler and the SEC met with the FTS officials and Sam Beckman freed multiple times. It was rumored Sam Beckman freed was going to get a special broker dealer license, same that Promethean got. So I think FTS was going to be a plant by Gary Gensler, same way he tried to do with Promethean and then tried to shut down the rest of the exchanges, Coinbase and so forth. Right. So the SEC could control the market as much as possible. But we know they're trying to do it in an illegal way without actual regulations, without Congress acting. But this ad exposes Gary Gensler and the lies and the corruption, the things he's been hiding. Notice he has not sent Congress all the communications with FTS. What is he hiding? Right. We saw Congressman Patrick Henry call him out saying, I don't want to send you a subpoena and I don't want to be you to be the first SEC chair that we have to send a subpoena to. So Gary has a lot to hide here, folks. I remember when Sam Beckman freed was supposed to go testify before Congress, all of a sudden the SEC came out and a couple of these other agencies, right, to kind of steer that in the other direction and cancel that whole situation because they know they're going to get exposed. So let me play the clip for you. It's about a minute long. Just listen to everything that's said. Samuel Beckman freed was arrested and criminally charged with one of the biggest financial frauds in American history. Meanwhile, Wall Street multimillionaire turned SEC Chairman Gary Gensler held multiple meetings with SPF while this fraud was happening. Gensler made millions on Wall Street, even laughing about how well he's done since then. And is it correct to say that you made most of your personal wealth directly through your employment at this bank, Goldman Sachs? I've done well since then, too, sir.
A highlight from SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers
"Apple Card is the credit card created by Apple. You earn 3 % daily cash back upfront when you use it to buy a new iPhone 15, AirPods, or any products at Apple. And you can automatically grow your daily cash at 4 .15 % annual percentage yield when you open a high yield savings account. Apply for Apple Card in the Wallet app on iPhone. Apple Card is subject to credit approval. Savings is available to Apple Card owners subject to eligibility. Savings accounts by Goldman Sachs Bank USA member FDIC terms apply. Hi everyone. Thanks for tuning in to the Unchained Recap of the SPF trial for October 26th, day 13. On Thursday, in a sort of mock trial known as an evidentiary hearing, Sam Bankman -Free took the stand for the first time in his criminal case. However, the jury had been sent home. So his only audience was the judge in the packed courtroom. The purpose of the hearing, which took place after the defense's two other witnesses, was for the judge to decide whether to permit the defense to allow certain lines of testimony. However, it also gave a sneak preview of how SPF would perform in front of the jury. And so far, it seems that cross -examination could prove challenging for him. Under very pointed questioning from Assistant US Attorney Danielle Sassoon, SPF gave wordy answers in run -on sentences with multiple clauses and caveats, or responded by saying he didn't know or recall. Oftentimes, he looked down. He repeatedly apologized or said he was sorry. The contrast between her specific and narrow questions and his verbose responses at times made him seem evasive. At one point, Judge Kaplan got up and walked around behind his chair and later said of SPF, quote, "'The witness has what I'll simply call "'an interesting way of responding to questions.' For instance, while asking whether he believed that Alameda was allowed to borrow FTX customer funds and withdraw them from the exchange, he said, quote, "'I wouldn't phrase it that way, "'but I think that the answer to the question "'I understand you to be trying to ask is yes.' At this point, Sassoon requested that he look at the payment agent agreement between Alameda and FTX and asked him to show where the agreement said that Alameda could use FTX customer funds. There was a long silence, which coined us time to be two minutes in the courtroom.
A highlight from Coinbase on Crypto Regulation & National Security | INTERVIEW
"All right, today we're going to dive into crypto regulation, what the landscape might look like, especially in the current times with ETFs looming, with all the things we're seeing, especially in the house here recently with the new speaker. All of this needs to be broken down, I think, by some experts in the industry that I think are going to be very interesting to listen in on. So you don't want to miss this one. My name is Paul Baron. Welcome back to Tech Path. All right. Joining me today is Faryar Shrizad, who is the chief policy officer at Coinbase, leading companies engagement with policymakers around the world. So Faryar, welcome to the show. Thanks for stopping in. Thanks, Paul. Thanks for having me on. Let's get into a couple of topics here, and I want to go into tokenized assets and what that is going to look like, especially from a regulatory framework. I was just looking at a post here by Circle, and this was really about how tokenized assets are going to make their way onto and with in combination with USDC and what's happening with Circle. When you look at the framework of regulation now, obviously we're already struggling, I think, with just general regulation. What are your thoughts on how, especially around tokenized securities, how this will make its way through the ranks of the House and the Senate coming up, hopefully in the next year or two? Well, the way you frame the question is actually really important. There's a broader momentum moving towards the tokenization of a full range of assets, so financial instruments, but also real world assets as well. And all you have to do is take a step back and you'll see it. I was down in Brazil last week meeting with officials there, including at the central bank, and they have a really clear vision of pervasive tokenization across the economy. And they see their role as the central bank as to use regulation and government measures, including bank regulation, bond issuance, and the like to catalyze the process of tokenization. In the US, we're taking more incremental steps, starting with what you alluded to, which is federal legislation around the regulation of crypto intermediaries. Now, obviously, in the US, that's a hugely important step and one that we at Coinbase are spending enormous amounts of time to get right. But one of the things I try to do, and I know a lot of my colleagues try to do as well, is we try to make sure that we all remember that the end goal is not the regulation of crypto intermediaries like Coinbase, although that's a really important step. The ultimate end goal is to make sure that the US has the right policy environment for tokenization across the board. It's going to happen. We're in a bit of a period of turbulence as the first big breakthrough legislation potentially gets through. But there's a bigger vision much beyond the regulation of central intermediaries that's ultimately in front of all of us as a society. For sure. And we're going to get into some of that, I think, just in the future of the United States, especially around innovation and just in general, I think, even national security. And we'll talk about that here in a moment. But I want to stay on the focus of where the growth of the industry is starting to, for the first time, I think, you know, I've been following this for several years and now it feels like D .C. is actually paying attention to what's happening, which is great. Whether or not we get a full reign of understanding is still questionable. I want to jump to one of your colleagues, Paul Graywell. Of course, there are all arguments coming out here in the motion for judgment now being set for early January. This is the big Coinbase case that could be another loss for the SEC. When you look at it from a policy guy's side and you think, wow, all of these losses are piling up against the SEC, we've already seen continuous situations roll out all the way from Ripple and many others. What does that do to the policy makers? You're out there talking with these guys all the time. Are they watching this and kind of understanding really what's happening in the courts? Oh, absolutely. And the observation actually goes both ways. I think the courts are typically will take notice when Congress is stepping in to provide guidance or clarity around an area of legal uncertainty and courts become respectful and deferential to what they see in terms of congressional action. But to your question, Congress also pays attention to what the courts do when they're struggling with an issue that ultimately requires resolution by the political branches. In this particular context of digital assets, you've had the SEC chair saying multiple times that he actually initially started saying he needed legislation to regulate crypto assets. And then after eight, nine, 10 months or so, he flipped and he said, no, no, he had all the authority he needed. And now we've had about a year and a half of the courts and all of us who've engaged with the SEC testing out that new version of the legal framework that he says he has in terms of having all the authority he needs and having three cases in the district courts go against the fundamental theory that he's put forward in terms of regulating the crypto markets and then having another one to finding his decision making with regard to, in the case of Grayscale, on another crypto matter was arbitrary and capricious. Lawmakers know that. They watch it. They see it quite closely and they understand that it raises real questions that the courts are being forced to try to deal with, but also fundamental questions regarding the strength of the SEC's theory in terms of how they intend to try to exercise oversight over the space. And that's, I think, helpful in moving legislation forward, which we're excited about. So, OK, so just for our viewers and listeners, understanding you spent some time at Goldman Sachs as their global policy lead. You look at it from and that's being traditional finance. Now you're on this side of the fence in the sense of I think what I think will eventually be qualified as traditional finance as well. But the point being is that you feel that this industry, how big of a hill do you think we have to really climb? You've seen it from the tradfi side. Now you're seeing it from this side of the fence. Is this something that is insurmountable? Is it something that you feel is going to happen in the next couple of years? What's your feeling of what you've seen? You've worked with these people on both sides now. Well, what I would say is our glass is way more than half full. When you're in crypto, particularly for people who were around it for a long time, there's a lot of reasons to be down in the dumps, particularly if you're in the United States and you see some of the behavior out of the regulatory agencies, it just seems beyond any fair application of law. But I always try to remind myself to take a few steps back. One to remind myself that 83 % of the G20 countries have or are in the midst of implementing sensible crypto regulation. We as an industry like some parts of it, we don't like other parts of it. But generally speaking, the entire rest of the developed economies are all moving forward to adopt crypto and embrace it through their regulatory systems. That's an example that the U .S. cannot ignore for much longer and will drive U .S. policy making at some point, maybe not quite yet, but it'll happen sooner than you think. The other thing is that there's a handful of crypto critics. Now Elizabeth Warren, Gary Gensler, a few of the regulators that Warren has a lot of influence over, were being very tough on crypto. I deal with members of Congress and the House and the Senate, and we are lucky in crypto not to be like almost every other issue in Washington, which is partisan and tribal. We have a lot of allies who are Democrats, and we have a lot of allies who are Republican, and we have lots and lots of members who just are beginning their crypto journeys, beginning to figure out how to pay attention to this. Our starting point is much, much better than a lot of other industries have. In traditional finance, you can't barely take a half a step one way or the other without triggering kind of old battle lines that have nothing to do with the merits of the issue on the table, but just have to do with certain political camps in Washington or against the banks. If the banks advocate for declaring that the sky is blue, they'll be against that. We don't have that in crypto as much as we feel that we're picked on at times. We're in a much, much better position, and the onus is really on us to kind of pick ourselves up, go into every member of Congress and every other policymaker and make our case. I think when we do that effectively, we change minds and win hearts and win allies. I feel very good about that. OK, so there's really kind of two major factions that are not only injecting change right now, but also could be part of the future in a way, whether you're a pro personal finance or you love the idea of anonymity in crypto or the idea of freedom of being your own bank, all those kind of things can work. But now this time around, in terms of this cycle, we'll call it, we're seeing the first real introduction of institutional capital. And not only that, we're also seeing the introduction of traditional finance, meaning big banks. You look at obviously what's happening with Fidelity, but then you bring in all these ETFs coming in from BlackRock, et cetera, along with a lot more funds. You look at all that and you consider, all right, this is kind of the realization of where crypto is going. I was just looking at this tweet right here. This kind of brings my question home from Balchunas over here at Bloomberg. And he was breaking this down by interest level from millennials. This even surprised me in the terms of where millennials were interested in terms of investing. So ETFs there, which most likely could start to see some movement, especially in the next year. How are lawmakers, because this is all the voting block, I mean, really coming at them at full force, how are lawmakers really understanding the kind of movement that we're seeing, both in TradFi now, as well as the world of crypto? Lawmakers hear about this everywhere. I mean, they hear it among their staff who are often maybe two or three steps ahead of them on crypto adoption. They hear it at home, among family members. Sometimes there are kids who are on the front end of crypto adoption. We've done polling on this. There's about 52 million Americans, 52 million Americans who have bought crypto. That's more people than have union cards, more people than have electric vehicles. We're not a niche issue. We're mainstream in terms of the breadth of interest in crypto. And this is still at the first or second inning of crypto's adoption. And now, as you said, we have institutional interests coming in. And so, crypto will, I think, better be seen as it should, as a technology that powers the democratization of a lot of applications. And there'll be a lot of different entry points that people will want to come into crypto. So for sure, we've all seen the retail token trading, the exuberance of the markets when they seem like there was no way but up, and people got into it, and obviously, the market crashed down. But this is typical of the early stages of development of any financial asset. And now, you've got institutional interests. You've got these ETF applications, of course, but you have other institutional entry points that people are looking at. And I think this will begin to demystify this industry and show that there's a very comfortable diversity of options that people have, regulated and unregulated, to enter the cryptosphere. And our job is to have these use cases become demystified in the eyes of policymakers so that they embrace the full panoply. I mean, one of the risks of institutional adoption of crypto is that it almost makes some policymakers who aren't paying a lot of attention to this think that you no longer need decentralized solutions or smart contracts. And I think that's a point I was trying to make a second ago, which is you want to be able to have the full diversity of the crypto toolkit available from a public policy perspective. And that's why you'll find Coinbase active on DeFi issues, on smart contracts issues, on mixer issues, on institutional derivatives offerings, on being a part of the solution that ETF applicants are providing to the SEC, because we want that whole scope of what crypto can do to be in front of both the markets and policymakers. Okay, so good news is that obviously the policymakers are starting to get enough of signal from not only the markets, but also people that are really understanding where this future is going. Now you get into the real policymakers that make sense. This of course was Tom Emper steps away, obviously as speaker. This would have been our dream crypto guy, I think, I feel like anyway, it would have been one of the top ones I would have selected, but at the same time now we've got Mike Johnson in here. So Mike Johnson, not necessarily heavily experienced in the essence of as a speaker obviously now, but as a lawmaker in general. How big of an impact is this on the crypto community now? I know we've got Patrick McHenry kind of out there leading the charge. You still have a lot of pro -crypto, pro -blockchain innovation lawmakers. Will this make much of a difference with Johnson now in the lead as speaker? Well, the speaker has a lot of issues on his plate, or Nancy Pelosi did when she was speaker as well. And so however pro -crypto a particular speaker may be, they still need to get the budget done. They need to get appropriations built through. They need to get the whole range of things that they have to do just as a matter of their constitutional responsibility. So Mike Johnson doesn't have a track record on crypto, but I'm confident given the allies that we have, committee chairs and senior members of the Republican caucus, that we're going to be in a very good spot with this new leadership. The thing that I do pay attention to is the speaker election process that the Republicans went through has delayed the timing of when the FIT21 bill potentially would come to the floor. And I think that's a more immediate issue. So we've been lucky that the politics, I don't think, have shifted much and our Democratic allies are with us, notwithstanding a lot of the fireworks that you saw in the context of the speaker sort of drama. But the more tangible thing that I pay a lot of attention to is just the timing issue. How far back have we been pushed on the calendar? Do we have time to get FIT21 up on the floor? And how are we going to use that time most effectively to win allies, get people to come onto the bill and get a good vote ultimately out of the House? So obviously with FRER, we've got the stablecoin regulation also coming into the House and potentially going through. With that statement that you just made, if we miss this window, what does it look like from a landscape standpoint into next year? When could we see possibly regulation come back to the forefront? Well, in terms of legislation, I think I would say the thing about legislation having done it for many, many years is you never know. And I always find I talk to people who analyze the landscape and tell me with great confidence that it's hard to pass legislation this year, next year is a better year and so on. And at a certain level, that may or may not be true. But in a way, legislation is more about maximizing what you can control and not worrying about the stuff that you can't control. And so yes, in principle, next year is an election year. The Speaker embraced, delayed things. Things are pushed back. As you get closer to the election, things get slower and slower. And there's a hundred sort of factors of that sort to think about and why 25 might be better than 2024 and so on. But I can't control any of that. All I can control is making sure my Coinbase team and all the industry partners and trade associations that we work with are not for one half a second taking their foot off the gas pedal and not using every minute available to us to go in to talk to every member in the House, Republican, Democrat, progressive left, conservative right, and making the case for crypto and then simultaneously turning over every rock in the home districts of members who we don't have on our side yet and finding constituents who are here and bringing them into the debate as well. And that's part of the reason why we started the StandWithCrypto .org organization is to get that grassroots dimension into the mix. And once you think of it in that way, there's a lot we can control. And today is a great day to move legislation. And the leadership will ultimately decide when it goes on the floor. But we're going to make the conditions as strong as possible. So when they make that decision, we have as many allies as possible to get the bill through with bipartisan support. A couple of things I want to hit on here, because, you know, we've already seen the idea of what Choke Point was. Now, what we're starting to see is is other aspects of of, we'll just say, mainstream media starting to take jabs at crypto. This was just some recent hits on it. Of course, you're one of your colleagues, Paul Graywall, here hitting on the journalistic mistakes by The Wall Street Journal. This was in reference to potentially funding into terrorist groups. So the idea is kind of pathetic when people really understand blockchain because this is the worst thing you can use out there. And then you've got Brian Armstrong, of course, your CEO. This is crazy, inaccurate, et cetera. This was, of course, them. They issued a correction to the data. And now we're starting to actually see there was a hearing, I think, yesterday. We're actually starting to see data come out, you know, from on chain analysis. My question to you is this is The Wall Street Journal. I mean, next, it could be Axios. Next, it could be The Hill. I mean, there's just so many opportunities here for mainstream press to become a major hurdle, whether they don't understand it or there's other nefarious actions at work here. How are you guys planning to kind of fight that battle? Because that I feel like that's one of the bigger battles to that is waging right now. My education, I think, is just, you know, engaging, meeting the reporters. Just like you would meet members of Congress where they are, regulators as well. Each of those audiences are a bit different in terms of how you approach them, but they're not different in the sense that fundamentally you just want to bring facts to the table, a narrative around why crypto matters and then just be compelling in terms of speaking to them in a language that they understand. I mean, I would say on reporters, you know, there are a lot of reporters that gave Gary Gensler a huge benefit of the doubt in terms of his theory of the case on how he intended to regulate the crypto markets. You've had three district courts now repudiate the core foundation of his theory of why the SEC should treat virtually every crypto token as a security. Now, these are three district court cases. And I suppose, you know, our case might be the fourth one. We'll see ultimately where they all land and that will be appeals and this, that, and the other. But in the end of the day, even reporters who, you know, at times you think, well, gee, I wish they would tell the story a bit differently, with time ultimately begin to see where the facts lay. And you'll see, I think some of the reporting is becoming a little bit more thoughtful in terms of, you know, asking the second and third question of the SEC. You see that in the courts. Typically, the SEC had huge deference in the courts in terms of decisions it would make. You see now the courts kind of saying, particularly the Grayscale case, what the court found did a complete comprehensive assessment of any basis of argument that the SEC was relying on for denying the Grayscale application. And they repudiated every bit of it, which they didn't necessarily needed to do. But in the end, they found that the SEC's decision -making was arbitrary, capricious, and unlawful. That is on the outer edge of the worst thing that can happen to you as a person who's running an agency. And I ran an agency in an earlier administration. If I had a court finding my decision -making comprehensively to be arbitrary, capricious, unlawful, I would wonder if that was sort of the end of my career. And those sorts of things have huge import. As much as a particular regulator may try to brush it off and think it's just sort of, you know, information gathering, these things have impact. And I think they'll have impact on reporters, just like you're just an impact reporting over the longer term. So I feel like we'll do fine. We just need to keep at it. Keep the education coming. To your point in reference to the regulatory scenario with the SEC, this was from Caitlin Long and it was referencing Hester Pierce talking about the SEC reopening Howie just to kill crypto wasn't necessarily the SEC's best interest. And that's my point. I mean, now you've got Gensler up here, obviously aligned with Senator Warren. When do you feel like there's going to be just too much political baggage or weight on Gensler that will continue to see this pushback? Because and I have two points of interest here. One is killing innovation and the other is national security. Let's forget just the idea of what crypto is, but this is real. We've already seen it worldwide. When do you think that D .C. will finally say, OK, enough's enough? I don't know. I mean, I can't speak to Gensler's motivations specifically, but there are lots of political figures that we all see in the paper all the time or on the news who are solving for a very narrow purpose. You see it in the Congress and they're solving for a particular constituency that they're appealing to. And whatever chaos ensues is somebody else's problem. It's not their problem. And again, I'm not speaking to Gensler in particular, but I think we've all learned that there are different members and different policymakers and different politicians who are just interested in speaking to one constituency. And if they don't speak to the rest of the country, it's just not really a concern. And I think whether Gensler is like that or not, whether he's solving exclusively for Elizabeth Warren and not for the public good, I don't know. But, you know, likely his term is up by the end of this coming year. And, you know, we'll see who's next. And in the meantime, do our best to stick up for ourselves in court and help members of Congress on both sides of the aisle who want to get sound crypto legislation done. And I feel like that's plenty for us to focus on. Yeah, for sure. Let's say, OK, you have a chance. You're here on our channel, so you get a chance to talk to a lot of people. What are some of the things that business owners, investors in crypto, people who are just general curious about what's happening in blockchain? What is the best thing they can do right now to kind of secure this future? Obviously, I'm going to show the Stand With Crypto page. Because we've pitched this quite a bit about calling your congressman, getting involved with your local community, letting people kind of know where you stand. But is there other are there other steps that could be taken? Yeah, I appreciate you putting that up. So I would encourage everybody to go to StandWithCrypto .org. So StandWithCrypto .org. Right when you get on your landing page, you will see these three images. And it's a very cool functionality. You can you can click the phone icon, you can click the email icon. And it will put you right into calling your member of Congress. You just have to put in your address. They'll figure out who your member of Congress is. If you're doing an email, it will through AI technology, essentially through a customized chat GBT functionality that we have. Write a letter for you. You can guide the parameters, edit it if you want and send it directly to your member of Congress. And if you do that, you would be surprised how huge an impact that has. I used to be a staffer on the Senate Finance Committee. I worked for the chairman, very powerful guy, very powerful committee. As a staffer, I had a relatively powerful position. My boss was from Delaware. My chairman was from Delaware. And if somebody from Delaware called, even if they hadn't really thought through their position on whatever they were calling about, or even if it didn't have anything to do with my job, by goodness, I knew my boss insisted that I listen to them and hear them out and follow up as necessary. And this is so people in Delaware had a superpower over me when I was a staffer on the Senate Finance Committee working for a Delaware Senator. And everyone out there who's listening to this, you have a superpower over your member of Congress, much more formidable than you ever imagine, much more powerful than a tweet, much more powerful than an op -ed. It's just simply to call your policymaker. And we give you talking points if you want to have help on that. You'll see on there, the sandwichcrypto .org page has a link for this crazy IRS proposal that's out. And that is formidable as well. So I would encourage people to do that. And I appreciate you giving me a chance to alert people to that functionality that's available to them. Last point, because I'm not sure a lot of people know what the IRS is trying to propose here, explain that in a nutshell for our audience.
A highlight from Bitcoins Most EXPLOSIVE Bull Market Ever Is Coming! (Here's Why)
"Last week, on October 16th, we watched Bitcoin jump from just below 28k all the way to $30 ,000 in less than 10 minutes on the release of a fake report by Cointelegraph. That fake report was going to be the BlackRock ETF apparently finally launching. Then late Monday night on October 23rd, we saw prices absolutely destroy resistance and hit $35 ,000. All of this explosive price action has come from an excitement about the incoming Bitcoin ETF. It has gotten a lot of people interested in the prediction of what will be in fact happening when these ETFs are finally approved. Now while no one can give the exact number of when the bull market is going to top, in this video we are going to be diving deeper at the surrounding circumstances as well as how much money could actually flow into Bitcoin's price action to help you better understand just how significant these ETFs are and why this bull market just might be the most explosive one yet. It's time to discover crypto. Now before we get too far, let's make sure we lay the basis of what an actual ETF is. An ETF is a publicly traded investment vehicle that tracks the performance of an underlying asset or index. This is different from a stock because stocks only track the price action of one company. ETFs are a popular way for investors to get exposure to the value of an asset like gold or oil. They usually trade on traditional stock exchanges and their value should rise and fall when the asset increases or decreases in price. Now the first ETF launched all the way back in 1993 and they quickly became a popular way for investors to invest into a basket of assets all at once. More than likely you have heard of this ETF, it's called the S &P 500. When you purchase the S &P 500, instead of buying shares in 500 separate companies, the singular ETF lets you gain exposure to all of them combined all with one purchase. While we have had Bitcoin futures ETFs for a while now, which allow investors to trade future price action of Bitcoin, the news is currently flooded with stories about Bitcoin spot ETFs. A spot ETF is where a centralized entity like BlackRock purchases a large amount of Bitcoin, but then allows other investors to use the stock market to invest in Bitcoin at specific price and also take profit. But the Bitcoin would always belong to BlackRock, not the investor. Effectively, you could invest in the price movement at Bitcoin at any given price immediately without having or ever worrying about actually holding that crypto yourself. If you ever heard of the phrase, not your keys, not your crypto, BlackRock is essentially going to be holding and purchasing all of your crypto for you. Now for those of you who are currently holding Bitcoin and have learned about the advantages of self -custody, you might be asking why wouldn't the masses as well as the institutional investors just buy their own Bitcoin? Well while it seems like that should be simple, it actually can be a little complicated. While I personally would always advocate for self -custody, there are a couple of reasons that somebody would prefer an ETF. One of the biggest reasons is going to be just because of regulation, but they also may just not want to have to deal with the risks that come with and all of the burdens of self -custody ownership of a spot Bitcoin. An ETF would be approved by regulators and managed by a firm that would buy and hold the Bitcoin on their behalf. So they have nothing to worry about at all. In July of 2013, the Winklevoss twins with their Bitcoin trust filed for the first Bitcoin ETF proposal ever in the United States, yes, 10 years ago. It was rejected along with every other subsequent proposal for years. Then came along the ProShares Bitcoin strategy ETF and that became the first Bitcoin futures ETF available in the United States on October 19th of 2021. The purpose Bitcoin ETF used the trading ticker BTCC and made its debut in Toronto in early 2021. According to its issue purpose Investments Inc, this ETF invest directly in physical slash digital Bitcoin. And that's where things stand of as today. As I said before, there is a Bitcoin's futures ETF available on the US market, but not yet a spot Bitcoin ETF. But if the SEC does and has approved a Bitcoin futures ETF that claims to be investing directly into Bitcoin, then why hasn't it approved a spot Bitcoin ETF just yet? Well, that's the question. I think it's shocking that we don't have a better answer to that question. Nobody really knows. There have been a lot of applications, several rounds of frustrating congressional testimony by his ugliness, Darth Gensler, the vague. But none of this has actually ever yielded anything concrete other than a reluctance to allow Bitcoin to further integrate into the existing financial system. Now, Gary Gensler, everybody's favorite human being, got his start at Goldman Sachs. And there has been a lot of speculation that Gary Gensler wants to become the secretary of the Treasury after Janet Yellen. This would allow him to do the bidding of his old buddies on Wall Street. In other words, he's deliberately stalling while trade five bankers scramble up to catch up and bring the market centralized options to compete with Bitcoin. J .P. Morgan, for example, deployed its JPM coin for corporate clients in Europe in June of twenty twenty three and has been rushing the rollout of its onyx coin systems to the market. Now, no one can actually say for sure, but from the outside looking in, it sure seems like something corrupt is going on somewhere. I mean, it's never like JP Morgan's committed market manipulation in the past. Now, the SEC is currently reviewing applications for spot Bitcoin ETFs from the likes of Blackrock, Wisdom Tree, Invesco, Galaxy, Wise Origin, Vanick, Bitwise and Valkyrie digital assets. They recently delayed all of these again, but they are going to have to either finally approve or deny many of them by March of twenty twenty four. Oddly enough, this falls very close on the calendar to the estimated date of the next Bitcoin halving, which is currently projected to take place near the end of April twenty twenty four. And even more interesting, during a panel discussion on ETFs at CC Data's Digital Assets Summit in London, former BlackRock managing director Steven Schoenfeld, and I don't know if I'm butchering that name, who now serves as the CEO of Market Vector Indexes, predicted that the US SEC will approve a spot Bitcoin ETF within three to six months. Another ex BlackRock director, Martin Bednal, now CEO of Jacobi Asset Management, speaking at the same time at the same event, said that he also believes the SEC will approve all of these Bitcoin ETFs together. Now, this is to avoid any signs of market manipulation and make sure that BlackRock's not looked at as the favorite from the SEC. But if the approval of all these spot ETFs syncs up with a 50 percent reduction in a new issuance of Bitcoin, that could provide the basis of a very powerful bull run, a huge drop in supply, combined with a vast amount of new capital entering the Bitcoin market and generating demand. But how much demand? How much are we really talking about? And how much would the price actually move? Well, the combined market caps of these firms is around seventeen point eight trillion dollars. Yes, that's a lot of capital. The assets under management and all of this is hard to capture exactly because companies like Vanguard, State Street and BlackRock all have leaders who sit on each other's boards and they all effectively own each other in some way or another. Now, this makes it pretty hard to precisely estimate. However, going back to Stephen Schoenfeld, who may have mentioned before, says that his into Bitcoin, specifically into investment products over the next three years. Now, Bernstein estimates that the crypto fund management industry will grow to over five hundred billion dollars of assets in the next five years. And then there are lasered eyed maxis like Michael Saylor who think that Bitcoin is just going to go to infinity. So what's realistic to expect in terms of inflows and how much would that move the price of Bitcoin? Well, again, this is tough to say. But in March of twenty twenty one, Bank of America published a research note with some interesting observations on the subject. They claim that, quote, Bitcoin is extremely sensitive to increased dollar demand. They claim that it would take at least two billion dollars worth of inflows to move the price of gold by one percent and over two point two five billion to move 20 year plus treasury bonds by one percent. Thank God we print money. But Bitcoin was much easier. The analyst said, we estimate a net influence of Bitcoin of just ninety three million dollars would result in a price appreciation of one percent. He also added, looking at detailed block chain records, we find that the largest addresses have not been selling in aggregate since the beginning of the pandemic. That was back in twenty twenty one. And since then, whales have continued accumulating and supply held by long term Bitcoin holders has hit an all time high. So the supply of Bitcoin is still decreasing and Bitcoin is still very sensitive to increased spot demand. So let's have some fun and do a little bit of moon math. If we're looking at investment firms with a combined total of seventeen point seven trillion dollars of assets, let's say that they move just about one percent of that money into spot Bitcoin. That would be about one hundred and seventy seven billion dollars worth of new capital inflows into spot Bitcoin using Bank of America's estimate of about 90 million dollars to move Bitcoin up one percent in price. That would mean that in one year, the price of Bitcoin would rise a little bit over nineteen hundred percent. Now, at today's price levels of about thirty four thousand dollars per Bitcoin, a one thousand nine hundred percent increase over one year would put Bitcoin comfortably over the six hundred and forty thousand dollar price level. That to me seems wildly bullish and way too high. And I want to emphasize that there's a lot of estimation and assumption going into that calculation. But there is no guarantee that these spot Bitcoin purchases are going to be market orders and directly impact that price. And there's no way to know how much selling might be done once these numbers start to run up. Still, though, there's no denying that the mass approval of spot Bitcoin ETFs, combined with a new Bitcoin halving, would bring about a huge increase in demand alongside a huge reduction of supply, very similar to what we saw in 2004 November when Gold launched their ETF in the November of that year. That's just what I think. Let me know down in the comments how you think all of this is going to play out. Will the SEC approve a spot Bitcoin ETF or continue to keep them shut out of the market? And how much money do you think institutions are going to be bringing into Bitcoin once the ETF actually gets approved? Or do you think secretly they're already accumulating? That's all I got for this one. Make sure to smash that like button and subscribe to the channel to keep yourself educated on all things crypto. That being said, I'll see you all at the top.
A highlight from 1439: 10x Bitcoin Is Now Guaranteed! - Raoul Pal
"In today's show, Bitcoin price analysis as we just captured $31 ,500 heading towards new all -time highs. I'll be breaking down this for you. Also quoting Max Keiser, the high priest of Bitcoin, he says that the new all -time highs for Bitcoin and then $220 ,000 before the hash adjusted implied price in the mid $300 ,000. Let's freaking go. Also, this just in, SEC Commissioner says, the logic for why we haven't approved the Spot Bitcoin ETF has always mystified me. I'll be breaking down this latest update from SEC Commissioner Hester Pierce. Also, the latest update from Cathie Wood. She was recently interviewed on TV regarding the Spot Bitcoin ETF. Also breaking news, MicroStrategy's Bitcoin stash is back in profit with Bitcoin price back above $30 ,000. Shout out to my long -term hodlers. Also, Bitcoin ETF to trigger a massive demand from the institutions according to Ernst & Young. I'll be breaking this down for you, as well as crypto analyst says the Bitcoin to go faster and higher than most traders can imagine. I'll be breaking down his very bullish Bitcoin price targets, as well as SkyBridge boss Anthony Scaramucci predicts Bitcoin's value can multiply 11 fold with the BlackRock ETF approval. Also, the macro guru, former Goldman executive Raul Powell says that retail will front run the VCs institutions before a crypto explosion. Send in the Bitcoin price action, 10x. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show.
A highlight from SBF Trial, Day 10: Defense Tries But Fails to Undercut Nishad Singh's Credibility
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"goldman" Discussed on Bloomberg Radio New York
"Podcast, a conversation with a Bloomberg tree not a Rajan on Goldman CEO David Solomon's thoughts on the global economic outlook. We've had a parade of CEOs talking to Bloomberg today and it's clear from their tone and what their messaging has been that they are a lot more cautious. In fact, David Solomon, the CEO of Goldman Sachs, made a point to say that while his firm zone economists believe that we will be able to avoid a recession in the U.S. narrowly next year he says he himself is a little more pessimistic and that was clear in the messaging he put out there the talk of possible additional job cuts, the need to pay people down. It's not what you were hoping to hear. We can't pay you a lot this year. That was my first thought too. Such a cynic. That's a factor, right? Because we do know that Goldman has become compensation conversations and it is clear that even those who perform really well this year will be paid down because the entire firm as a whole has not done as well as 2021. Of course, 2021 was an exceptional year. But I'm going to run a little bit further away from the cynical lane only because what he said has been echoed by almost everyone else has spoken with Bloomberg. But again, job cuts in the news can not be very fun to hear. Goldman Sachs CEO, David Solomon, speaking exclusively to Bloomberg tenali bassi on the sidelines of the Goldman Sachs U.S. financial services conference in the city earlier today. Check out what he told her. We're at a very uncertain time and in certain time given we're changing monetary and economic conditions very, very quickly. And that certainly having an impact is slowing down economic activity. And so if you're running a big financial services firm, I think you have to assume that we have some bumpy
"goldman" Discussed on The Drill Down
"Welcome to the drill down. We will explain to business towards handful stocks drill down and yet another stock. I joining me. As always executive producer isaac webster isaac or the three most important stories in the world of business today. Corey american stepped up their spending in september. The commerce department says sales at retail stores restaurants and online sellers rose a seasonally adjusted point seven percent in september from the previous month. The rise in sales reflects persistently strong demand in higher consumer prices. The retail sales which aren't adjusted for inflation rose thirteen point nine percent in september from a year earlier consumer inflation increased five point four percent in that same time according to the labor department. Strong as we start to approach holiday season Be lying store and talk about a little bit about to what people are saying in polling results might be different than what the actual spending numbers reflect. Also bitcoin hitting sixty thousand for the first time since april. That's as traitors -ticipant. Us regulators will approve the first exchange traded fund attract the crypto currency approval of an etf that will buy bitcoin futures contracts though not the coins themselves would increase the cryptocurrencies legitimacy and make it easier for institutional investors to get exposure four applications for bitcoin. Futures are pending approval from the sec. And this week. A tweet from an sec. Twitter sub account was seen as hinting at an approval. Much speculation there. We don't typically report on price movements as a business development but the approval of etf for currency of any kind bitcoin. Even is is a sea change for what it means for all the companies that want to use bitcoin into other crypto currencies. To actually do something with them Speculation and prices around ether as well or eath suggests that That one speculation these that one could be next indeed. The regulatory environment. The sec has a expanded. Bitcoin has only been equally expanded to a and finally goldman sachs is reporting a sixty percent jump in profit and a twenty six percent increase in revenue. goldman's investment bankers brought in three point seven billion in fees the second best quarter on record and eighty percent higher than a year ago. They earn one point. Six five billion dollars just from advising on mergers and acquisitions accordingly record and more than triple the year ago results golden ceo. David salomon said on a call with analysts. Today that he believes the pandemics worst effects on the global economy are likely over but that some risks do remain for example congress heading toward another debt ceiling standoff and deadlocked over infrastructure proposals also. There's inflation the delta variant and challenges facing the u. s. china relationship. But these are great results from goldman. Yeah i thought the business in particular is so interesting. I was thinking about a conversation. I had with a friend last summer When i ran into him. Can i ended this summer midsummer and so you know what's what's his pandemic been like. He's a investment. Banker with another firmness need looked music corey. This has been the best year ever the idea. The twenty twenty one would be even better more deals all these specs. All these mergers always private companies going out Big year for all the bankers other down today. Let's start with a small one. Jp morgan chase. Chafee morgan chase. I believe i've heard of it. Trade center j. p. m. shares rose slightly today and they've gained sixty three percent in a year. What's going on. jp morgan chase. Well i heard a story early in the week on. npr And i just extra. It's just it's been bothering me I listen to the first podcast. Which i like quite a bit and i. I just didn't get it. And it seems so different. And as i was reading the golden results today and thinking about it i started reading some of the other banking result in thinking about those this. This story at npr on tuesday was based on a poll that npr did long with robert wood johnson foundation. The teas chan school public health and harvard. And ask americans about sort of what they were stressed about what. They thought about their financial situation and painted this picture of a really a grim picture but the financial health health americans had said they were stressed that they were broke. Their their credit was in really shape. It's and they were scared of physical violence. They were unable to pay their rent. And i listened to in thought that is just not what we're hearing from all the business. We talked to in the drill down. That's not what we're hearing about credit card debt. I don't get it. I y my getting this stuff. Wrongs i you know i went back and listen to the story again. Npr went back and listen to some of the bank conference calls. That's why i wanna look at j. p. morgan because jp morgan chases the second largest issuer of credit card debt in the us behind citibank. And what. I thought you know when i got to the end of this. I thought the poll is really about feelings. Rather than data and like i said they had a very different picture would have been reading financial. Data here's a snippet from npr. Report is selena. Simmons duffin in so many ways. Americans are behind on rent on their credit cards. Kids have fallen behind in school. Patients haven't been able to get healthcare in the poll. Thirty eight percent. Households had serious financial problems in the last few months and for households making under fifty thousand dollars a year roughly sixty percent at serious problems so kosovo. We don't see that in any of the results. Many of the companies. We talked to buy right. I mean is this report broadcast this avesta. This week tuesday so i went and looked at the jv warragul now banks. Of course look at credit card debt differently they think credit card debt is a good thing up particularly revolving debt they call. It revolve right. They want people to keep a balance on their cards They like to see that that says to them. Signs of healthy business for them P. morgan said credit card debt customers. They they have this opportunity to see credit card debts of the customers with cash on deposit. They can look at the deposit accounts. Look at the credit card accounts and say are they using the credit deposit accounts to pay off the credit cards. And they're still seeing that it's the exact opposite of what this this soft poll said of of of people's debt situation factor. Jp morgan seeds that people have a lot of cash accounts and they're paying down their credit card debt. And that over time that might change. But they're kind of saying it's going to be next year maybe later. Here's a cfo. Jeremy barnum when we look inside the data and we look at the customers with both deposit accounts with us and our card customers and and we look at those who would typically be the ones that are most inclined to revolve. We actually do see slightly faster You know spend down the excess supposedly balances there. So that makes us relatively optimistic about both the potential for card outstandings to grow with higher span but also for increased revolve and lower pay rates as we go into next year. It's gonna take time obviously But that is the core view so you know. What do we make this. Look one of the things i always hated doing is like when i was a tv reporter was having a go do the mos man.
"goldman" Discussed on Serve to Lead | James Strock
"I wanna make sure that america is big enough and smart enough and looking forward enough to be able to have say texas in california but only coexist but prosper and make the whole country better. What does that mean for. The leadership approach a president should seek to instill in the country today. So my advice would be somewhat counter intuitive. So almost all. Recent presidents appeal to Unity and solidarity in ways that are surprisingly similar for a piece. I published recently in reason magazine. I looked at president biden and president trump's inaugural addresses and they actually say almost the same thing about about these these matters and it didn't work in either case as as we know. President trump was not particularly popular. When he was elected biden was briefly. A little bit more popular. But he seems to be descending quickly to a comparable level of unpopularity. So i would. I would advise presidents not to pretend that there is more unity and cohesion than there than there really is but rather to say. Look we disagree on a lot of things in a vast country with an enormous number of people. That's okay as your president. I am going to focus on discharging a much more limited number of tasks which are outlined by the constitution that can only be managed from this office and for the rest. I want you in your states. And i want your representatives in congress to try to figure it out for themselves now. I'm not totally naive. I don't think that would work. That would work overnight but we have learned over recent decades that presidents cannot bring about cohesion and consensus merely by uttering magic magic words. So my instinct would be maybe to try a different strategy. Lot of people here in this would go back. I'd argue at least thirty years at this point and certainly both of the legacy political parties that when they talk about unity. They're generally talking about submission to their point of view heavily respectful. That's right when when when most people talk about unity they mean everyone should agree with me. That's that's obviously not a sustainable of political situation. But it seems what we've been saddled with from who were producing as president in recent years. Let me ask you this. Samuel goldman you same. I think it's fair to say and this is not to only simplify your very nuanced views..
"goldman" Discussed on Serve to Lead | James Strock
"Was inconceivable to him as as a frenchman where there was at that at that moment one official church and at different periods in subsequent friendship street nearly served this dominant church that you could not only choose for yourself. What church or other religious community to attend but that people were establishing as he thought in invent king whole new religious traditions and religious communities so that individualistic voluntaristic quality is not something new. What is new. I agree with. You is the technological condition that not only makes it easy to declare yourself in all of your individual particularity and then to seek out people who agree with you but also makes it easier for you to withdraw from the people that you live with ian in person So in a certain way we are becoming both more and less pluralistic at the same time more pluralistic because there is an ever expanding array of lifestyle and identity auctions but less pluralistic because you can create a sort of bubble or chosen community where you only have to live with or deal with or hear from people who already agree with you. And that's that's a very difficult situation to be in could argue that the capacity to have the separate identities is dependent upon shared national identity. At least insofar as other people are expected to respect those choices. Well at a at a certain at a certain point of diffusion or pluralism common institutions. Really do break down. And the possibility of coherent government begins to be foreclosed and a lot of people are worried about that right now and. I don't think that's a crazy thing to worry about that said. I don't think that we are there yet. And that's partly because when i compare today's conditions with those of the past i looked to periods like the early twentieth century. That look a lot more similar. Rather than the interlude of cohesion and solidarity in the middle of the twentieth century which i think was exceptional and cannot be repeated. But i also think that we have at our disposal a legal and institutional devices that can help us with this and one of the most important is federalism which is of course built into the constitution and is supposed to allow different states to legislate in ways that reflect the different interests and preferences of their populations so. I don't think that it's altogether an accident that we see both. The proliferation of particular identity is and increased political polarization as we depend increasingly on the national government and especially on on the executive branch on the white house to address the vast majority of our political problems. That's that's an expectation that our national government and especially the presidency is just not set up to meet so let's say that a president had the good fortune and was so well informed that he or she knew to call in samuel goldman to say Professor goldman i am really concerned about national identity..
"goldman" Discussed on Serve to Lead | James Strock
"Do you think about that. Well you know just yesterday. I was preparing to give a lecture to my students at gw on monta skew. The french legal and political theorist who was among the most important intellectual influences on the framers of the constitution and montesquieu has a a remark. That monarchy's do well in in peacetime. Because they have a sense of of glory and grandeur that does not require a confrontation with enemies but republics he says aren't like that republics because of the greater freedom they tend to permit to individual citizens always tend toward corruption republicans citizens of course i mean smaller republicans citizens not supporters of the republican party republican republican citizens Ten to pursue their own interests and to indulge themselves rather than upholding the law and pursuing the common good and montesquieu's says the solution to this is war or military rivalry for republics. It's important to have an enemy to keep them straight. And he uses the the long rivalry of athens with sparta and rome with carthage. As examples of this phenomenon. I think something similar is true of the american republic in periods of war and military competition the imperative to cooperate in order to survive often imposes a a sort of salutary discipline and helps people to see what they have in common in addition to all the things that whole them pull them apart and in peacetime american culture and politics teng's to become more individualistic and diffuse. And i think that one of the things that's happening to us right now is that we take as normal. The period that begins in about nineteen forty one and extends through about the late nineteen sixties when the united states really wasn't a period of constant military mobilization. I against nazism and then against communist and that created an unusual degree of solidarity and cohesion. And since that time and maybe especially since one thousand nine hundred nine and the collapse of the soviet union. We've lacked that external discipline. And i think that helps explain. We seem to find it so difficult to get along now when our parents and grandparents and even even some of us today can remember period when it seemed to be a little bit easier of course many of these contemporary issues. That you summarize so well have echoes a century ago in the early nineteen hundreds and.
"goldman" Discussed on Serve to Lead | James Strock
"Break fundamentally shooting no or people these banking business audience medical. The governor themselves to rule themselves to i believe my opponents do not. I believe in the right to the people i believe again. That'd be a medical people hours whole capable of self control and the learning by that mistake. Welcome to the serve to leave. Podcast on your host. James struck as we get started. May i ask a favor. Please help us reach a growing audience by taking just a moment and giving us a five star rating on itunes. This podcast is supported by listeners. Please consider joining me a subject where you'll also have access to frequent posts on current and historical events. It's an absolute delight to have samuel goldman with us today. Professor goldman as an associate professor of political science at george washington university in washington. Dc and the executive director of the. John l loeb junior institute for religious freedom and director of the george washington politics and values program. He's the author of a time ligand. Well received new book after nationalism. Being american in an age of division samuel goldman. Welcome to the served alita. Podcast thank you for having me central goldman. Please tell us how you conceived of the notion this book. What are you seeking to convey. And who is your audience. So i wrote the book as the idea of nationalism Was being revived and rehabilitated. About five years ago in the wake brexit and the election of donald trump. And although i understood the motives for that effort agreed with some of the arguments that were made about particular policies. I also had the feeling that some of the ways that the concept of nation and nationalism were being used were a better fit for classical european nation states than for for our country for the united states of america so in the book i set out to think through questions of what kind of nation This country is and what that means for the best way to respond to our current problems. When you're timing certainly good and it's only got better you turn very effectively in your book. In a highly readable way to point out that it was always a challenge throughout american history to create or conjure a single national identity and you laid out three useful categories covered until i mean i said that right but based on the covenant easier to read than say at least for me crucible and cradle. Would you please explain this and help us.
"goldman" Discussed on Exchanges at Goldman Sachs
"A new dimension <Speech_Music_Male> to our client <Speech_Music_Male> dialogue where <Speech_Music_Male> we've been able to expand <Speech_Male> and help <Speech_Male> them think through <Speech_Male> a number of factors <Speech_Male> such as increasing <Speech_Male> diversity in the boards <Speech_Male> and constant oversight <Speech_Male> can't bill <Speech_Music_Male> to performance <Speech_Male> both environmental <Speech_Male> and social <Speech_Male> risk. It <Speech_Male> be recognized. Es <Speech_Male> g is <Speech_Music_Male> a fast <Speech_Male> moving topic <Speech_Music_Male> and is gonna <Speech_Male> continue to more <Speech_Male> quickly <Speech_Male> and therefore <Speech_Male> our clients ourselves <Speech_Male> needs to be nimble <Speech_Male> orion. <Speech_Male> I were structuring <Speech_Male> solutions to <Speech_Male> accommodate. Yes <Speech_Male> you <SpeakerChange> <Speech_Female> and matt before <Speech_Female> we wrap. Bob what <Speech_Female> are one or two things <Speech_Female> which you see the <Speech_Female> biggest opportunities <Speech_Female> in the industrial <Speech_Female> <Advertisement> space over the next <Speech_Female> twelve months and <Speech_Female> one or <SpeakerChange> two things <Silence> that keep you up at night. <Speech_Male> So i've been <Speech_Male> covering industrial companies <Speech_Music_Male> for almost <Speech_Male> twenty years <Speech_Male> and one of <Speech_Male> the things i find <Speech_Male> really attractive with by <Speech_Male> this space is just <Speech_Male> the white range <Speech_Male> of sectors <Speech_Male> and marcus. <Speech_Male> You're exposed to <Speech_Male> and the <Speech_Male> impacts of covert <Speech_Male> is obviously being <Speech_Male> viper <Speech_Male> nine stone. <Speech_Male> Some sectors <Speech_Male> less pronounced <Speech_Male> mothers. 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You're gonna <Speech_Male> continue to see <Speech_Male> a <Speech_Male> broad range of <Speech_Male> different types <Speech_Male> of activity depending <Speech_Male> on the sector <Speech_Male> within industrials <Speech_Male> in terms <Speech_Male> of what i'm worried about. <Speech_Male> I would say <Speech_Music_Male> it's more <Speech_Male> around the macro <Speech_Male> so obviously <Speech_Male> to the extent <Speech_Male> that the economy <Speech_Male> starts overheating. <Speech_Male> Was the inflation. <Speech_Male> Really take out. What does <Speech_Male> that mean in terms of <Speech_Male> all preaching performance <Speech_Male> industrial companies <Speech_Male> and <Speech_Male> overstate the impacts <Speech_Music_Male> of potential tax <Speech_Music_Male> policy and <Speech_Male> the uncertainty <Speech_Male> that that creates <Speech_Male> around <SpeakerChange> appetite <Silence> for industrial <Speech_Female> <Advertisement> emanate. <Speech_Female> <Advertisement> Thanks very much for joining <Speech_Music_Male> us. Matt <Speech_Male> thanks <Speech_Female> back includes this <Speech_Female> episode of exchanges <Speech_Female> at goldman sachs. <Speech_Female> Thanks for listening. <Speech_Female> And if you enjoyed the show <Speech_Female> we. You subscribe <Speech_Female> on apple podcasts. <Speech_Female> And leave awaiting <Speech_Male> comment is <Speech_Male> podcasts. Was accorded <Speech_Music_Female> on tuesday june <Speech_Music_Female> <Advertisement> verse. Twenty <SpeakerChange> twenty one <Music> <Music> <Music> <Music> <Music> <Advertisement> <Speech_Music_Male> <Advertisement> <SpeakerChange> <Speech_Music_Male> <Speech_Male> All price <Speech_Male> <Advertisement> references and market <Speech_Male> forecasts correspond <Speech_Male> to the date of <Speech_Male> <Advertisement> this recording. <Speech_Male> This podcast should <Speech_Male> <Advertisement> not be copied distributed <Speech_Male> published or <Speech_Male> reproduced in whole <Speech_Male> <Advertisement> or in part <Speech_Male> <Advertisement> the information contained <Speech_Male> <Advertisement> in this podcast <Speech_Male> <Advertisement> does not constitute <Speech_Male> <Advertisement> research or recommendation <Speech_Male> <Advertisement> from any <Speech_Male> goldman sachs entity <Speech_Male> to the listener <Speech_Male> neither goldman sachs <Speech_Male> nor any of its affiliates <Speech_Male> makes any representation <Speech_Male> or warranty <Speech_Male> as to the accuracy <Speech_Male> or completeness <Speech_Male> of the statements <Speech_Male> or any information <Speech_Male> contained in this podcast <Speech_Male> and any <Speech_Male> liability therefore <Speech_Male> including <Speech_Male> in respect <Speech_Male> of direct indirect <Speech_Male> or consequential <Speech_Male> loss or <Speech_Male>
"goldman" Discussed on Exchanges at Goldman Sachs
"Them can take much more proactive stance on the topic interested increase ways to meaningfully address their potential customer investor concerns with carbon credits or green investments or your efficient aircraft that sandra overseen sudden a number of our clients have been digesting the potential implications of the recent exxon engine number one proxy fight which was really the first instance of a successful attack on a mega cap company will. Es she was really at the core component of activists thesis. Obviously that's been front and center with a number of airlines. And what are you seeing. Cruise line space. So for the cruise lines the circumstances they find themselves in our different on the airlines and unfortunately near-term the remains more uncertainty around their return to sail which continues to be pushed and frankly isn't uniform. Stage it costs geographies and no surprisingly while has a real recovery in their stock prices. Many of them remain at between sixty to seventy percent of the pre covid levels. So they're still depressed versus where historically you know. The summer sailing season is obviously be most profitable part of the year from any of the cruise liners so to the extent can get up and running and sailing near term that would have implications for the balance sheets. That's sad for companies might megyn cruise the future pipeline of business. Luke's really attractive. Their order backlog is materially year-over-year. So there's a lot of pent up demand and a lot of reasons to be positive in that industry from a balance sheet perspective most of the large cruise lines of nyc completed substantial capital raises lost twelve months and Catch burns absolute minimum and sailing resumes. I think conversations with those clients. Turn to hundred. We retool our bound. She'd for more normalized post environment. The homebuilding space is almost the opposite story right. Home building and renovation activity is through the roof. I think our chief economist theon hot ceus referred to it as on fire in a recent gs. Report talk about that. Space homebuilders and building products manufacturers continued to perform extremely well in twenty twenty one at demand remains very strong and the builders manufacturers have been able to mitigate headwinds like expensive lumber pricing and leverage increases with large price increases. So this will be a near record year for the margins for those who builders and building products there's despite this -nificant cost increases the consensus a year ago. Was that the key driver. Momentum was this concept around the slight from cities due to covid nineteen while. There's an element of truth in that. We believe the major on the line drivers are would has historically always calls housing activity to accelerate being low interest rate environment demographics endless by otherwise said our view is it's unlikely that the reopening phenomenon post covid will have a detrimental impact on housing or building products the drivers of air. And we think this is would run. Let's quickly again on auto tech which you mentioned was an industry that was fueled in part i was back. Boom how is activity..
"goldman" Discussed on Exchanges at Goldman Sachs
"Is exchanges at goldman sachs. We discussed developments currently shaping markets industries and the global economy. I'm alison nathan a senior strategist within goldman sachs research today. We're diving into the latest in the industrial sector which includes everything from housing and manufacturing to machinery in airlines and as a space seeing a surge in activity to do that joining me is matt mcclure co host of the global industrials group in the investment digging division. Here at the firm. Not welcome back to the program. Thanks matt you're lost on the podcast in september and at that time the window. For emanate activity was really just starting to open up again. As companies beginning to position themselves for the worst endemic economy that momentum has since accelerated. We've seen record volumes of we've seen some very large transactions. Talk about the activity. You've been seeing in the industrial sector. Won't to start. Obviously this being a continued shift in sentiment and a return of confidence amongst the industrial companies since we last talked with the impact of covid increasingly in the rear view mirror. Corporates are frankly risk on when it comes to allocating capital to emanate their conviction and the strength of the economic recovery continued low rate environment coupled with shareholder receptivity transactions a really created ideal conditions dealmaking to put that in context. We've seen record levels of industrial activity this year. With volumes increasing hundred and sixty percent year-over-year and transaction emanate kind of something like one hundred and forty percent so activity levels remain high across all sectors in particular are would say transportation also take building. Construction are places where we've seen heightened levels of activity strategic continued wanted to put capital to work and in particular are focused on executing their dream deals. I think a great case in point is the recent consolidation. We've seen in the rail sector involving kansas city. Southern on the private equity side there continues to be unprecedented reminds of capital to be deployed with increasingly large buyout funds on the hunt for larger opportunities facilities by continued attractive terms that are being offered by the markets..
"goldman" Discussed on Exchanges at Goldman Sachs
"And venture financing to discuss why the current period of volatility is different from past boom and bust cycles for crypto assets. You've been mary. Invested and interested in crypto for a while. Now and it's had its that starts take about twenty seven twenty eighteen. What makes this time different. Twenty seventeen twenty. Eight thousand was a classic speculative mania. It was the first global spec of eighty we ever had. It was the first. Shirty retail driven speculative mania and. It was blind excitement. It's not that we don't see excess. Now or knucklehead. Twitter comments now or cheerleading and tribalism. Now we do but back then. That's all we saw. And to be fair crypto market cap cratered ninety eight half percent but grew a much smarter investor base. Ms based willing to differentiate between stores of value and the centralized finance and other stable coins are payments system. All these different use cases for crypto. And so we started building up an investment process as a community that had a little more logic but more importantly during that downturn eighteen nineteen there were not less people coming into the space but more more people being hired and the infrastructure for people to feel comfortable the custody the security got built to bring institutions at and so it's different this time because we've hit the critical mass of institutions coming in the fact that pay pal and swear at you name the tech company getting more more engaged. Broadly stamps loud and clear. This is now and asset class. There's still a lot of volatility we will wash people in out but it's not going away and so after that crash there most people that thought it was tulips those a flash in the pan but the guys that knew the space knew that the people building it she says the mission god. I quit the blues brothers. This is a purpose driven mission. For most of the core crypto. people it is. We want to rebuild the financial market infrastructure in a way. That's more transparent. That's more egalitarian. That doesn't rely on governments. Who continue to make bad decisions with our finances and because of that core the content go to zero it could go lower but there is a group of people that will never sell that fundamentally believe in this ecosystem and the theory medical system has the same thing. Why do you think bat. A crypto ecosystem can be successful if it isn't intertwined with the traditional financial Listen no right. There's a.
"goldman" Discussed on What Difference Does It Make
"Makes you feel the most like who you are and what you want express and And let your freak flag fly at that would be my advice like being human just going out. You know when you're going out on the town you want to feel comfortable in what you're wearing sue you or whatever makes you feel most comfortable absolutely at the same time. I think it has to be formal like you want to respect your audience. You to honor them by maybe standing out a little from what they would be wearing. And it's also it's fun being a performer. Because really pan dress up. You know you're allowed your the stars so you can really you know rocket anyway you want and people are looking to you. Maybe to influence their dial. Try to figure out what it is. What your look is. There's a couple songs that got picked up the dachshund other Banned from canada as i looked on wikipedia. It just the descriptions like this is an album of irish folk favorites and then there's cat goldman as a songwriter on the album. Like okay i mean it was wild the whole thing one of the first songs i put on my very first recording which was on a cassette t was annabel a song. I wrote very early on in my career about my grandmother who had passed away. It was a folk ballad. A guy who bought that cassette tape at one of my shows then gave the song or showed or played it for a james cameron. Who's who's Recognized as a great folk songwriter in canada. James then passed on the song to the ducks. Who i guess at the time had just formed as a band out of winnipeg and i received an email from leonard. Padilla from the ducks the lead of the ducks saying just to let you know. We've just covered your song. Annabel on our new album relations or whatever and i thought wow great you know. Somebody appreciates the song. And wouldn't you know. They started touring everywhere all around. The world and people were hearing annabel from europe to australia to.
"goldman" Discussed on What Difference Does It Make
"A what's going on today. Oh well you know on the what difference does it make podcast. i'm Having a good time as we do every question with a question. You ask me how i was and i said how are you. You immediately threw me off. I tell you it's After three years still Still like how is she going to respond to. How are you why you might have been sick of hearing rate today. I am and it's genuine. Every time i answer you is but you know i thought i would change it up or you know. We're practicing our banter. That we learned from kat goldman just happens to be in our virtual studio this week. Kat goldman has written the book off the charts. It's auto biographical memoir. How would i say this go ahead. Hollywood is off the charts. What can you please describe it at goldman i. We should tell people that she is. A canadian singer songwriter. so she's been writing and playing music for years you know for quite a few years and she has written this. It is auto biographical and it's about being in the music industry but it is i mean. She talks about her childhood and you know her experiences. So it's an autobiography of sorts. Yeah this is kat goldman and the what difference does it make virtual studios. That's cat goldman i. How are you know. Okay so i guess we can get started by talking about your education. You actually got a bachelor's degree at a later stage in life. Isn't that correct. A bachelor's degree at age forty five in literature american literature i had abandoned might be a long ago in my early twenties and went into all kinds of crazy things like art therapy shiite sue and yoga teaching yoga. I finally returned to school. When i was forty and finished it up and i enjoyed it so much more later on in life studying. Admit the case because you make a conscious decision except you know as opposed to when you're young most of us just assume we're going to go on to university when we leave high school right. Know what we're doing mo- most of us so you make a conscious decision at a later age to to get an education and it's admirable and i think you enjoy it. Congratulations thank you so much. I loved it very much. I was the keener in the class. I was always raising my hand girl. I was that knowing girl. Yeah it was me and a bunch of nineteen. I was about to say that. I think that's the a lot of people probably feel like. I don't want to be that person i would imagine. Even though you're raising your hand you almost invisible at times because you know. The kids are more focused on themselves on their iphones. All yeah and no when looking out. Why is this woman here. what is she doing. They don't care when you're going back at at that age. How did you decide. Did you just have a passion for literature. How did you decide what you wanted to. Because the whole world the world is always. It's it's a really good question. I moved to boston when i was thirty. Nine sort of on a whim and the only way that i could stay in the. Us legally was to other mary american or go back to school so i hadn't met any american to marry at that point and i enrolled at boston university. They accepted me which was incredible. And that's how it all started. Yeah you love boston. did you decide. You wanted the city before the school. Yeah yeah absolutely. I had been there in my early twenties as well So i had my brother and his wife and his nephew were living there at the time so i had a bit of family there as well so it was a familiar place for me and was this after reading these great american novels. You're like i can do this. This is simple. I'm gonna write my own book right. Exactly i've read dostoyevsky. Why can't i write a book hack. What a hat. And how was the process. I mean when did what age did you start writing. You know you started. Was this after you graduated from boston. University yeah so. When i graduated i had to move back to toronto in one month. They gave me. Is that second. So that's how it works like. Okay we'll let you in america and then when you grow graduate innoc- graduate you're out of here. You've got four weeks to get your stuff and get the hell out of this country. So i moved back to toronto and i threw myself into the making of my fourth album. The workman's blues for about two years and had a big concert did the promo you know. Followed that through. And when that was done. I fell into such a depression. You can't even imagine. I i'm okay now what what am i gonna do now and somebody From the music scene here asked if i would write a blog for his music website about my experiences a songwriter and i just want with it. And it sort of came together quite quickly I called the disgruntled songwriter. Her and every chapter was sort of taking on subjects. Like you know what what not to do in a sound shack how to find your look. You know not to giggle when somebody asks you for your autograph. Little tips for songwriters in along with some of my crazy experiences that i've had in music over the years. The book is a compilation of the block. Because these are all chapters from your book. Yeah so what happened was once i had about twenty five blogs i thought to myself geez. I should turn this into a book and i submitted about. I think it was about sixty five pages. At the time. I submitted it to a publisher and they were. The first publisher is submitted the manuscript to and they loved it but he said you're halfway done. Can you write half more in six months. And then we'll have a book. So i set to work and got it done and that's sort of how it any year and a half later you've finished up those that six months of work that's usually how it works right exactly so let me ask you a question. So so when they needed more pages from you. Did you go about it because you already knew now that this is going to be a book. Did you go about it writing more blog posts or did you actually have the intent of filling in a book by that point. I sort of already had a structure where i would pick a theme. You know some topic like producers or managers or technical difficulties that you run into on stage so it was. It was challenging to finish it. But i had already of developed a structure so it was just a matter of.
"goldman" Discussed on The Sportscaster and Her Son
"If <Speech_Telephony_Female> <Speech_Telephony_Male> <Speech_Music_Male> <Speech_Music_Female> <Speech_Male> <Silence> <SpeakerChange> <Speech_Female> <Music> they cut they <Speech_Telephony_Male> bleed and <Speech_Music_Male> and it's easy <Speech_Telephony_Female> to turn them <Speech_Telephony_Male> into <Speech_Telephony_Male> Comic book <Speech_Telephony_Male> characters <Speech_Telephony_Male> were tv personalities <Speech_Telephony_Female> that <Speech_Telephony_Female> we can yell at <Speech_Music_Female> <Speech_Telephony_Male> Without any <Speech_Music_Male> and and and so. <Speech_Male> I think <Speech_Telephony_Male> one of the reasons why we <Speech_Male> don't talk <Speech_Telephony_Male> about scores <Speech_Telephony_Male> publicly as we just <Speech_Telephony_Male> don't want to exploit <Speech_Music_Male> these individuals <Speech_Telephony_Male> or dehumanize <Speech_Telephony_Male> them in a <Speech_Telephony_Male> way where <Speech_Music_Male> they become <Speech_Male> <Speech_Telephony_Male> a topic <Silence> for discussion <Speech_Music_Male> <Speech_Telephony_Male> without <SpeakerChange> their participation <Speech_Telephony_Female> or permission. <Speech_Female> Well <Speech_Female> so of course <Speech_Female> you know speaking <Speech_Female> of comic book characters <Speech_Female> when <Speech_Female> former. Nfl <Speech_Female> quarterback mark sanchez. <Speech_Female> Went on another <Speech_Female> podcast <Speech_Female> and said that <Speech_Female> justin fields <Speech_Female> out of ohio state <Speech_Female> had scored <Speech_Female> the highest ever <Speech_Female> a one thirty <Speech_Female> on your <Speech_Female> q. Test <Speech_Female> <Speech_Female> of course <Speech_Female> bears fans <Speech_Female> after the draft wanted <Speech_Female> to put a <Speech_Female> cape unjust <Speech_Female> in fields. You know <Speech_Female> he is going to <Speech_Female> be the superman <Speech_Female> of the chicago. <Speech_Female> Bears never <Speech_Female> having a franchise <Speech_Female> quarterback <Speech_Female> so <Speech_Female> you can't <Speech_Female> acknowledged <Speech_Female> justin field score <Speech_Female> but <Speech_Female> we're <Speech_Female> all going to just <Speech_Female> you know go with this. <Speech_Female> What <Speech_Female> was previously reported. <Speech_Female> And <SpeakerChange> what i want <Speech_Female> to know though <Speech_Female> is <Speech_Female> <Speech_Female> a one <Speech_Female> thirty on <Speech_Female> your <Speech_Female> test <Speech_Female> is that truly <Speech_Female> is that the highest <Silence> score is that <Speech_Female> you know. <Speech_Female> Is there potential to <Silence> score higher <SpeakerChange> than that. <Speech_Female> <Speech_Telephony_Male> So i think there's <Speech_Telephony_Male> a point of clarity <Speech_Telephony_Male> which <Speech_Telephony_Male> is <Speech_Telephony_Male> When it comes to tell <Speech_Telephony_Male> tests <Music> again <Speech_Telephony_Male> based on the <Speech_Male> theory <Speech_Telephony_Male> what you have. Is you have <Speech_Telephony_Male> a score of one. Hundred <Speech_Female> <Speech_Telephony_Female> which is average <Speech_Telephony_Male> that falls. <Speech_Telephony_Male> Right in the <Speech_Telephony_Male> fiftieth percentile. <Speech_Telephony_Male> Meaning if you had <Speech_Telephony_Male> a hundred people in the room <Silence> there's <Speech_Male> fifty <Speech_Telephony_Male> people who had score <Speech_Telephony_Male> better than you and fifty <Speech_Telephony_Male> people at score <Speech_Telephony_Male> lower than you kinda <Speech_Telephony_Male> like fifty percents. <Speech_Telephony_Male> I'll put you right <Speech_Telephony_Male> in the middle of the room <Speech_Telephony_Male> and <Speech_Telephony_Male> there was a standard <Speech_Telephony_Male> deviation of <Speech_Telephony_Male> fifteen point <Speech_Telephony_Male> which is to <Speech_Male> say <Speech_Music_Male> Two <Speech_Telephony_Male> standard deviations <Speech_Telephony_Male> above the norm <Speech_Telephony_Male> one thirty <Speech_Music_Male> occurs <Silence> <SpeakerChange> about <Speech_Male> one <Speech_Telephony_Male> to two percent of <Speech_Male> the time. <Speech_Male> So <SpeakerChange> she's very <Silence> very rare <Music> <Silence> now. <Speech_Male> What's <Speech_Telephony_Male> interesting is <Speech_Telephony_Male> there are certain <Speech_Telephony_Male> <Speech_Telephony_Male> <Silence> where <SpeakerChange> <Speech_Female> you know you <Speech_Telephony_Male> ask. Maybe sixteen <Silence> questions. <Speech_Male> <Speech_Telephony_Male> Excellent gets <Speech_Telephony_Male> all sixteen <Speech_Telephony_Male> questions right. <Speech_Telephony_Male> That's called the <Silence> ceiling effect <Speech_Music_Female> and <Speech_Telephony_Male> a ceiling. <SpeakerChange> Effect <Speech_Telephony_Female> is where <Silence> you This person's <Speech_Telephony_Male> ability <Silence> exceeds <Speech_Male> the <Speech_Telephony_Female> tax <Speech_Telephony_Male> ability to <Speech_Telephony_Male> capture <Speech_Male> our ability. <Speech_Male> <Speech_Telephony_Male> So what happens <Speech_Telephony_Male> is you go. <Speech_Telephony_Male> Gosh if we <Speech_Telephony_Male> gave 'em sixteen <Speech_Telephony_Male> out of sixteen he <Silence> got those all right. <Speech_Male> I <Speech_Telephony_Male> wonder what would happen if <Speech_Telephony_Male> we gave them. Twenty out of <Speech_Telephony_Male> twenty or <Speech_Telephony_Male> them. Twenty five out <Speech_Music_Male> of twenty five <Speech_Telephony_Female> and so <Speech_Music_Female> What <Speech_Telephony_Female> you really want to do <Speech_Telephony_Male> the ceiling <Speech_Telephony_Male> of one's true abilities. <Speech_Telephony_Male> You keep kind <Speech_Telephony_Male> of making the task <Silence> more and more challenging <Speech_Male> <Speech_Music_Male> and <Speech_Telephony_Male> so <Speech_Telephony_Male> You just mentioned <Speech_Telephony_Male> justin <Speech_Telephony_Male> field score. <Speech_Telephony_Male> I'm telling you <Speech_Telephony_Male> that is not an <Silence> accurate. <Speech_Male> His overall <Speech_Telephony_Male> score with not a one. <Speech_Male> Thirty okay <Speech_Female> <SpeakerChange> <Speech_Music_Female> But <Speech_Male> you know what. <Speech_Telephony_Male> I am comfortable saying. <Speech_Telephony_Male> The young man <Speech_Telephony_Male> did exceptionally <Speech_Male> well <Speech_Telephony_Male> and there were certain <Speech_Telephony_Male> areas. And i think <Speech_Telephony_Male> this is what mark <Speech_Telephony_Male> sanchez was <Speech_Telephony_Male> better. There was certain <Speech_Telephony_Male> areas <Speech_Telephony_Male> where he scored <Speech_Telephony_Male> perfectly <Speech_Telephony_Female> on <Speech_Telephony_Male> the subtext <Speech_Telephony_Male> which suggest <Speech_Telephony_Male> he would actually <Speech_Telephony_Female> do even <Speech_Telephony_Male> better <Speech_Telephony_Male> if we made the task <Speech_Male> more challenging <Speech_Male> and if <Speech_Male> this <Speech_Male> remarkable yeah <Speech_Music_Male> wow <SpeakerChange> <Music> that's pretty remarkable. <Music> <Music> <Music> <Music> <Music> <Advertisement> <Music> <Advertisement> <Speech_Music_Female> <Advertisement> <SpeakerChange> <Speech_Music_Female> Okay <Speech_Music_Female> everyone this <Speech_Female> is
"goldman" Discussed on The Sportscaster and Her Son
"As who he compares. Justin fields test results to its. Don't the It's pretty amazing. Okay so we were calling the name of this show. How smart is your quarterback. But that's not exactly how we should explain this There's a lot of testing that can be done and believe me teams want to know about the guys. They're going to draft. So i made a call out to dr scott goldman. He's the director of performance psychology for athletic intelligence measures. He has some really interesting stuff to talk about. The athletic intelligence quotient test. This is the tests. You may have heard that justin fields did really really good on. Dr goldman joins us now on the sports caster and her son dr goldman. How are you today. i'm doing well. Thank you for opportunity to talk about the asu. I'm looking forward to this conversation. I'll absolutely so explain the iq test a lot of us that go back a few years. Remember the wunderlich over the years so explain your test and how it differs sure So let's start with even the that you opened with. Which is how smart as your quarterback. I think what's interesting. Is people use smart intelligence and knowledge interchangeably. When it's not smart and knowledge to me falls more under a bucket of experience is knowing the right answer. Smart as like. Oh this guy knows what to do in this situation but intelligence is different. The simplest definition of intelligence it's our ability to acquire process and apply information so Whether you're if you're a firefighter who has to kick a door open in a smoke filled room and quickly locate where potential threats as well as where potential people say. That's a cognitive visual task. Identifying those key important details and or quarterback who's going through his progressive read Same kind of cognitive tasks so I think one area of differentiation is the difference between experience intelligence. And so what we do is we measure intelligence and as you pointed out. There are Watts of of Assessments out there. That measure intelligence. And you're asking. So how do we differentiate between what we do. What other companies do so start with the notion of My partner and i both have. Phd's in school psychologists. I'm a phd in clinical psychology. Then i have a phd in school psychology. My partner has a phd in school psychology. And then i've also received advanced training in performance psychology and sports psychology and then put the last twenty years. I've been embedded sports psychologist in To academic departments at the ncaa level and then with to nfl teams and two nba team. So so part of what i think. Also differentiates us is our ability to communicate to coaches and players information of report so Still kinda going through the details of the. And i appreciate the opportunity to kinda go deep. What's one of the joys of being on a podcast right yeah. I think he's a thirty second sound by. There's no limit. Yeah so so The predominant theory of intelligence that most instruments us in the theory of intelligence called can tell horn carol theory of intelligence of your child if your child has ever been tested for learning disability or.
"goldman" Discussed on The Crime Cafe
"Legal blog. Creative law center. Which i can tell you is a must read for writers artists and other creative people in any interest of full disclosure. Both of us attended law. School at the university of maryland school of law and graduated in nineteen eighty seven so year maryland. Pleasure to introduce our guest today. Catherine goldman i catherine so good to see you. Thank you for having me debbie. How are you today Fine thank you. how are you doing good. It's beautiful day outside. Wonderful little chilly. But that's okay. We'll bear with it. You know april will improve. Yes as time goes by. Let's see let's talk first about the case act now. What is the case act and the benefits for india authors and publishers. So the case act is the copyright alternative in small claims enforced case. That's what that stands for and it was passed at the end of last year on it's been Bouncing around in washington for a lot of years now and it's finally gotten past and what it does is it gives any copyright holder the ability to enforce their rights. In a small claims tribunal the copyright office has been set up the copyright claims board. And so you will be able to file.
"goldman" Discussed on Merkaba Chakras
"Candidate's welcome to macabre. Chagas will thank you so much fun. Thank you so much for having me. I'm looking forward to chatting with you this evening. Yeah i This is one that. I love as well because i have been i remember. I remember following your work when you first start creating. bq h. and i dislike i. You know i'm a researcher. So a researcher of consciousness. And i will try a lot. Different modalities to see if it matches up to my understanding of buddhism to see if peres for 'cause there's nothing new under the sun we just we discover it in different ways and i i get that and so. That's why the things that i bring to. The podcast at the followers of buddhism is that there's many ways to bake a cake and always are Can be delightful. And we're all going to you that make that beautiful cake at some point in our creation. So that i'm always curious and so i followed. Bq actions beginning but because it offered remote and it was competing with other modalities offered in person. It didn't get as much steam as it has. Says the pandemic for obvious reasons because we're all kind of stuck in our homes and not really in front or near each other as much as we were and so when that came through Then i was compelled to go okay. Let's try again and i did. The course i refresh my understanding of it and the minute. I opened my practice up for remotes. I had people from china from all over the world. Hit me going fine. You're doing so now they could try a whole nother modality and and now it is. It's finally gotten the opportunity to be recognized and exercise but a lot of people in this space to be just as valid as the other modalities and so it just needed an opportunity and ironically the pandemic gave it that beautiful platform and it proved to be true so before we dig into work. Please tell us how you got into this work. In the first place well they're here gail the origination story. So i wasn't planning on any of this really. I was a wife and a mother. I my focus was arts and horse an animals and I wasn't planning on getting into this work at all. But it's similar in my life. Probably around the year two thousand. But even before then i started to have a chronic pain condition and i did what most people i knew would do is head to the doctor. Ask questions when. I got a lot of shoulder. Shrugging am. I got a lot of pills handed to me. And none of them works. And i wasn't terminally ill or anything like that. I didn't have From the outside. Nobody could really tell that. I was suffering and because i did everything just about that i could possibly do. It was painful to to do it. And i had just different things going on with me And i was doing some professional taga fy with horses down in austin texas am i had arranged what was then going to be. My biggest photo shoot was doing an album cover for a country and western singer and it was his third album our second together and i just created this really huge photo. Shoot a really big one with lights in the set and it took six months of planning in the morning of the shoot. I couldn't get out of bed because of pain and a lot of people have different kinds of dark nights of the soul. And for me that kind of was because i had to pick the phone and call everybody and call off because I couldn't get out of bed and i. I really felt defeated by my own body at that time and I laid in bed. And i did something that i might not have ever done before. Kind of prayed almost into a stupor. I prayed myself into a stupor. I was just i kind of it. Didn't know what else to do. I didn't know what else to do. And i changed the way i was asking source. God you know. Rachel's whatever i. I changed the way i was asking so rather than please help mayor Helped us stop or you know those kinds of feelings and words. My focus was. I'm not sure what else i'm supposed to do. I've done everything that. I know how to do to take care of myself and i don't know what else to do. What am i. What am i supposed to do about this and as soon as change the answer to that question. I actually have a spontaneous supernatural experience. I left my body. And i found myself standing in a beautiful feel a version of which i lived by anyway in our ranch in texas small little ranch north of austin and i had these light beings stand up from a semicircle and the one in the center literally handed me a piece of paper new piece of paper at high took the piece of paper and i looked at it and i read Three things on this piece of paper number one number two number three and It can get really involved. But let's just say number. Three was have a paps life regression.
"goldman" Discussed on Bloomberg Radio New York
"To implode. Trump Plaza with all proceeds plan to go to the boys and Girls love of Atlantic City, Barbara says it's disappointed I'm some properties. And I'm Didi's Pellegrini in the Bloomberg News Room. There's a deal of foot in the sandal business, sources say. Birkenstock is in talks for a takeover by CVC Capital Partners. The German brand is nearly 250 years old. A deal could value. The Burke is maker and almost $5 billion, including death. Does added government stimulus mean more people will be buying gym shoes. Well, apparently, it does be Riley. Security seems to think so. They raised their recommendation for footlocker from buy to neutral. Analyst Susan Anderson writes that an added $600 stimulus check should help drive sales into the first half of 2021. There's likely to be an increased to 2000 with the Democrat controlled Congress. They say they expect higher priced items to see the most benefit. And as a result, Anderson season upside to street comp sales estimates. Gregg Jarrett Bloomberg Radio president elect Joe Biden, announcing he's selecting Gary again slur to lead the SEC. He's a former chairman of the Commodities Futures Trading Commission, and he's also worked at Goldman Sachs and Bloomberg's Jen Epstein says. Well, bite this a moderate, It won't be business as usual in the banking industry. I think that what you're going to see from Biden is a continuation of some of the Obama era policies. I think you're also going to be I think getting a bit tougher by it. And sort of has this populist strain that behind gets lost when he talked about as a moderate? Hey, somebody who Who? Yes, he you know, opposing bankruptcy law back in 2005, But he's also somebody who really fights for consumer protection. And you know thanks a lot about the little guy and you know it kind of does. C. The banks of fat Pat. US markets closed for the Martin Luther King holiday. Germany stacks finishing the day up 4/10 of a percent a cack up attended 4%, the footsie down 2/10 of a percent. Will lose 24 hours a day on Arugam Bloomberg quick take powered by more than 2700 journalists and analysts and more than 120 countries. I'm Denise Pellegrini. This is Bloomberg. Thank you so much for joining us on this holiday edition of Bloomberg Daybreak. The markets are closed for the Martin Luther King holiday. I'm Nathan Hager. This hour. We'll look at what's ahead for the economy in 2021 focus on next week's Federal Reserve meeting with NatWest Markets. Chief U. S economist Kevin COMMENTS Plus Joe Biden officially takes office in two days. We look ahead to the 1st 100 days of the Biden administration with Bloomberg White House reporter Mario Parker. First we turn our focus to bank earnings last week. Of course, we heard from J. P. Morgan Chase, Wells Fargo and Citigroup, and it is another busy couple of days ahead. So for more we're very pleased to welcome Allison Williams, senior financial services analyst at Bloomberg Intelligence, along with Bloomberg Radio and Television. Financial correspondent Shonali Bosic. Great to have both of you with us on this holiday. I'll start with you, Alison because bank earnings resume of course tomorrow with Goldman. Sacs among those reporting. What are you going to be focusing on with Goldman? So for Goldman as well as Morgan Stanley, we are going to want to see if there's any update to their targets. Both companies Get out line instead of targets last year about this time ahead of the global spread of the pandemic. What are they thinking in terms of realistic return targets for 2021, But beyond that, um, for Goldman, we're going to focus on market share as well as capital return so that Well is its large piers is allowed to resume by backs in the first quarter. They've said they're going to do that. They seem to have a significant amount of potential to the cap. Just given where their dividend payout is. They performed better in the stress test in December versus June, Could that mean potentially an improved Capital requirement and more upside, the capital returns to Capitol return is really the focus for Goldman will also be looking to see any updates on some of their growth initiatives, including the cash management business. As well as, um, their markets markets business and then for Morgan Stanley. It's their first quarter incorporating e trade. They've made two acquisitions, and they announced their plan. What are they thinking in terms of their outlook and Alison? Of course, As far as Goldman goes when it comes to Capitol targets, given their position is an M in a field leader could the flurry of activity that we saw at the end of 2020 be something on the upside for them? I think it is going to be something on the upside for them as well as Morgan Stanley and S O. The interesting thing about Emma is that we get the announcement. So we have sort of a good visibility in terms of the feet. Pipeline. Um You know, pending. You don't get a big shock where execution of those deals, Eyes impacted, but we saw sort of M and a activity come to a standstill earlier in 2020, But we left three year on a particularly strong note for that business and to your point, Bowman's a feed leader, Morgan Stanley is also very strong there as well. The other thing we're going to look to continue this quarter is equity fees that the other business that spend on buyers. So all of these, I pose that we've seen. We believe it was a record year for global volume, both for traditional I pose as well as a strength and the SPAC space. And so that's another area where we think we're going to see potentially some upside. Finally, I want to bring you into this conversation because before the pandemic took hold costs were in focus to quite an extent for Goldman Sachs. You spoke with Goldman CEO David Solomon earlier this month and talked a little bit about one aspect of costs the overhead when it comes to employees, perhaps coming back to the office during or after the pandemic. Let's take a listen to What David Solomon had to say, I I certainly would expect that we'll have Goldman Sachs employee is back in full By the end of the year. We will get through this on dime, really hopeful that.