37 Burst results for "Holtz"
"holtz" Discussed on Bloomberg Radio New York
"With Robin groove, she is man groups incoming CEO. I'm Barry Rick holtz, stay with us. Today's top stories in global business headlines are coming up right now. Broadcasting 24 hours a day at Bloomberg dot com and the Bloomberg business act this is Bloomberg radio. Accused Pentagon leaker Jack tashir will remain behind bars while he awaits trial. Brian shook has the latest. A federal judge in Massachusetts ordered the 21 year old Air National Guard member to be held in custody without bail Friday. Prosecutors argued to share a is a flight risk while defense attorneys had asked that their client be released and allowed to stay at his father's home, to share a was arrested last month for allegedly leaking top secret Pentagon documents on social media. He's facing multiple charges under the espionage act and up to 25 years in prison. I'm Brian shook. Basketball fans cheering for Brittany griner on her return to the WNBA. Jim Forbes has more. 32 year old griner kicks off her tenth season with the Phoenix mercury on Friday night with the game against the Los Angeles sparks. The sparks won the game 94 71, but the entire crowd at crypto dot com arena broke out in chairs when griner was introduced, including vice president Kamala Harris, who was also in the stands. Griner was arrested in Russia in February of 2022 for alleged drug smuggling and was released last December in a prisoner swap. I'm Jim Forbes. Ukrainian president zelensky is in Japan for the G 7 summit, The New York Times reports zelensky, is expected to address world leaders tomorrow, strengthened by President Biden's decision to let Ukrainian forces use American made F-16 fighter jets. The leaders of the world's 7 top democracies have been talking on a range of issues, including China's growing military in Russia's war with Ukraine, President Biden is expected to meet face to face with zelensky before he leaves Hiroshima tomorrow. Forecasters warning that summer is going to be hotter than normal this year, new data from NOAA indicates the 2023 will likely fall under the top ten warmest years on record. The east coast southwest coast and rockies could get scorching conditions. I'm Brad Siegel. The RBC Brooklyn half marathon takes place today in more than 26,000 runners are expected to cross the finish line. Kristen Marx has more. That makes the popular race a largest half marathon in the country. It'll take runners through the unique and diverse neighborhoods of Brooklyn beginning at the Brooklyn museum through prospect park and finishing on the famous Tony island boardwalk with DJ's live music and cheer groups along the way, notable runners this year will include actress Ellie Kemper and former NFL star tiki barber. A new report from the navy hopes to help decrease military suicide rates in Norfolk, Virginia, Matt McClure has more. The navy is out with two reports filled with recommendations after numerous recent suicides linked to the aircraft carrier USS George Washington and the mid Atlantic regional maintenance center in Norfolk. The reports found that mental health services aboard the George Washington were lacking beyond that, investigators found no common threads to the suicides. The service is also looking into the fact that most of the suicides were committed with a government issued weapon. As always, if you or anyone you love is in need of help, the national suicide and crisis lifeline can be reached 24/7 at 9 8 8. I'm Matt McClure. American Airlines has reached a deal with its pilots union after months of negotiations. The allied pilots association announced Friday that they have agreed in principle to a four year collective bargaining contract. The announcement comes after APA members voted to authorize a strike earlier this month. American Airlines says pilots will receive pay and profit sharing that matched the top of the industry. Instagram is set to launch a tax based app this summer that could compete with Twitter that's according to Bloomberg, which says the company has been secretly working with celebrities and influencers to test the new app. It will be separate from Instagram, but users will be able to connect their accounts and follow everyone that they already follow. On Instagram. I'm Brad Siegel. And
Fresh update on "holtz" discussed on Masters in Business
"Founding required a little bit more institutional framework. And so we did have a dedicated CEO Jay Winthrop. We did a great job of capitalizing Oaktree further and all of our business processes away from the investment side that Howard and Bruce continue to focus on. So today we benefit from the efforts taken by Jay to have a professional organization. That non -investment side of our business will be managed by Todd Holtz, who is a veteran of Oaktree, chief administrative officer of Oaktree and former general counsel of the firm. So he will be taking on a lot of those institutional non -investment areas of the firm and Bob O 'Leary and I, who run the opportunistic credit business In Bob's case and in the performing credit business in my case, we'll take the mantle in terms of strategic leadership of the firm as co -CEOs. You're still both going to be PMs, you're still going to be running funds and the overseeing investment process. Absolutely. I think to do a good job running Oaktree, we want to be as close to our clients as possible and to be as close to our clients as possible would mean that we need to be as close to the markets and actual investments as possible. When I sit down with clients, I think if I bring any value to the table, it's giving them really on -the -ground knowledge about what we're seeing in the markets from a risk and return standpoint. And I think it's important as the CEO to also have that framework. And 16 years is unusual these days, staying at the same firm for that long. Tell us what makes Oaktree special, what's kept you there for quite a while compared to most of the industry seems to see people job hop from place to place. Yeah, Oaktree culturally is a very stable organization. You've met Howard several times, you know that Howard is not somebody that changes his stripes and therefore Oaktree is not a place that changes its stripes. Which is great from a career standpoint because as a firm you know that they're not going to take wild risks just because everybody else is taking wild risks and then jeopardize the firm's existence as a result of those risks not panning out. We see that all too often in the hedge fund space and with other investment managers really going a little bit too far out on the risk spectrum in their investment style and therefore blowing themselves up and creating volatility in the lives of people that work at those firms. Oaktree's not been one of those places and I think personally you know working directly for Bruce Karsh has been a main part of the reason why I've decided to the stay at firm as long as I have because he is the type of person that I think any investor would like to be. You cool collected very very strong instincts about people and businesses and behavior and the willingness to have a tremendous amount of conviction especially when others don't have the conviction. I think Bruce has shown that time and again in here his career and so having the opportunity to learn from a guy like Bruce Karsh has kept the job really interesting and I haven't felt that 16 years has gone by slowly at all. I think it's gone by very very quickly. that's So it. I would imagine if you specialize in distressed debt investing, you're not going to be an emotional flighty cowboy. Those guys don't survive. You have to be very precise and very measured and recognize how the crowd has lost its mind and you're going to take advantage of it. I get that sense from both Bruce and Ford, a little bit contrarian and not given to overreactions. Absolutely. You have to be patient. You have to be unemotional and you have to know that there will be times where you're unpopular. Oh really? Why do you say that? Because when you are investing, the rest of the world is fleeing. You are calling capital and when your clients are hearing from the rest of their investment managers that it's an absolute bloodbath out there. And so answering those questions takes some fortitude. But the good news is at this point Oaktree is so well known for taking that type of contrarian bet that we're not suffering from that as much. But it certainly is an important feature of being a distressed debt investor. And you mentioned at times you're unpopular but like we talked about earlier in 2008, 907, if you're the only bid I would think people would be grateful that at somebody's least on the other side of the trade. But for you guys, there's no bid. Yeah, they were at grateful the time but then when they saw our returns they were pretty upset about it. Hey, you didn't make them sell. That was their decision. You were just there. Yeah, it was the structures that were put in prior place to the GFC unfortunately were not conducive to that type of a, you know, some would call it a six sigma event. I don't know that it was but that type of an extreme reaction in the markets and withdrawal from investors out of the market so rapidly, these structures just weren't set up for it. Human nature is what human nature is going to be, right? If someone is paying bills for $50, they can't blame you if you're a buyer who told them to sell. Absolutely. That's quite fascinating. So you mentioned you want to stay close to what's going on in the investing world to fulfill this new role as incoming co -CEO. When look you at this present environment, do you think of yourselves more as bottom -up credit pickers, or do you look at the macro environment and say, hey, we have to figure out what's going on there also? We're bottom -up credit pickers, we're not macro forecasters, but we are macro aware. Understanding what's happening in the economy with technicals in the markets, those influence or can influence the performance of certain sectors, for example, interest rate sensitive sectors that may be impacted in a more violent way because of the rapid rate increase, as an example. So any long duration, you have to be aware. Real estate that values itself based on cap rates, which is a derivative of the ten and your treasury, that's an example. Another interest rate sensitive asset class are toes, highly levered, leveraged buyouts supported by floating rate liabilities. That's an interest rate sensitive asset class. So we are macro aware. That definitely, I think, tips the scale in some ways in terms of, you know, is there a bigger investment opportunity coming or a smaller investment opportunity coming. But at the end of the day, the companies we invest in are bottoms up or based on bottoms up credit analytics, that we have the conviction and will return par plus accrued through a cycle. And if they don't, we're happy to own them at the valuation that we are creating that company at. that's Huh, really quite intriguing. So I like that concept macro aware. How do you deal with the macro environment that has has been forecasting recession for feels like three years now. And for most of that time, there's been a fairly inverted yield curve, especially once the Fed started really hiking rates in early 2022. The indicators are sending mixed messages, obviously, inflation or control of inflation is heading in the right direction, but still not the level that it needs to be at for the Fed to pause raising rates. The employment picture or the employment picture is actually quite stable. Consumer spending is stable, although credit card defaults, another starting consumer to take up. So we might be at the inflection point now. And it's always confusing when you're at the inflection point where when you look at historical data, backward looking data, it shows a different picture than what the forward would indicate. I think it's hard to avoid a recession with such high rates. And with the inverted yield curve, eventually what that says to me is the Fed going is to keep rates as high as possible for as long as possible until something breaks in the economy. Thanks for watching. Thanks for watching. Arman Pinosian, incoming co -CEO at Oaktree Capital Management discussing the state of credit today. I'm Barry That's your listening to Masters in Business on Bloomberg Radio. Thanks
"holtz" Discussed on Bloomberg Radio New York
"It just isn't the recipe for happiness, and it really points out to the fact that humans are such social creatures that we want to have a good relationship within our tribe and within the adjacent tribes. Social media is turns out, isn't the place to do that? No, no, it's not. Hey, just back to the topic of just money and happiness. I mean, it would seem to me naturally speaking, and I think I could put myself in this camp. I mean, if you've made your money as opposed to say inherited your money, I would think satisfaction would be higher for those who actually went out and, hey, I remember when I didn't have any money and now I made it, I've earned it. Maybe I enjoy it more. So we're now sliding a little bit into the realm of pop psychology and my opinion on that. Is less database than or less driven by other people's deep academic research, but there is a lot to be said for the self of satisfaction of satisfaction, you get from accomplishment, you know what, speaking of Warren Buffett, why is Warren Buffett still working? Obviously, he gets a deep satisfaction from his job. It clearly is no longer about the money. And then so if you build it yourself instead of inheriting it, the other aspect that you get is the anticipation of reward. And a lot of behavioral finance finds out that it's thinking about it. It's the experience. It's the whole process of wanting something and waiting for it and building to it. It really is a huge huge impact as huge impact on your actual degree of satisfaction. In fact, one of the best vacation hacks you can do is planet 6 months in advance, talk about it regularly. Think about what you're going to do, but then make sure you finish that vacation week strong because the recency effect is the backside of the anticipation effect. You have the strongest recollection of that trip based on what happens at the very end. It's what the last thing you take with you. So build up the anticipation on the way in and finish strong. And that's probably true for a lot of people above that half a $1 million level. Just don't buy something because you want it. It really has to be a milestone or event or something that you've been thinking about merely acquiring something. Barry, I also bring happiness. I gotta ask you 30 seconds here. What was your first job? Just like ever. Delivering newspapers. I was 12. Mine was at mine was at a bakery. So delivering newspapers, mowing lawns, shoveling snow when I was a kid. I'm like, this being porous for the birds. And it's really true. What about you, Paul? What was yours? Working in a dry cleaner and Trent in New Jersey. Uh oh, all right. Yeah. So we've got a snow shoveler slash newspaper deliverer. But my best job was I was at a gas station attendant and across the street was his brand new exons station. Our station hadn't had any renovations since World War II. Nobody came to my station. So I read like a book a night there. And we just sat out there and read my book all summer while everybody, what the Exxon station across the street it was a nice scam I was working there. Barry rid holds, thank you so much. We appreciate that Barry rid holtz. He's host of masters in business for Bloomberg radio. He's also got a day job chairman and chief investment officer at holtz wealth management. Check out his blog, check
Fresh update on "holtz" discussed on Ben Shapiro
"Though I have disdain staying for Notre Dame because of my roots I have nothing but you know reverence for their history obviously. lot Spent a of time there too. I did that was unbelievable. But anyway Marcus Freeman I saw one sign our coach is better looking than your coach. I mean he's he's one of the best looking guys ever to be a major. You think so do you? I think so yeah. I mean you know I mean I don't know he's a good -looking guy. I mean if that speaks to you it speaks to you. I don't know does that matter? No it doesn't matter. I mean they also had Lou Holtz who looks like Granny from the Beverly Hillbillies. So I mean you know you don't have to be a great -looking man to be a successful coach. But I don't know is that distracting when you have a particularly handsome coach? Distracting to who though? I have no idea. To the team? I don't think so. Student body in Notre Dame is jazzed by their good -looking coach. I can't wait to see this matchup here. It's just about to kick off right now. Notre Dame Ohio State. You know this Notre Dame team and I could sense the frustration with Brian Kelly and why he took the LSU job. Because he had gone as far as you could possibly push Notre Dame. Twice he got into the play. Well once was the BCS championship game the other it got in the playoff and both times they got routed you know by these SEC and powerhouses he had gone as far as you can. But I don't know Marcus Freeman after start. Seems to have gotten this Notre Dame. I just curious if Notre Dame actually wins today. They beat Ohio State. Huge huge win for the for the program in Freeman. Like it. He came out and like you said he started Rocky. So everybody was like oh well what are we doing here. Right. And kudos to the you know the university this way. There are no instant winners or you don't come right in and to a national championship. You have to change the culture. You have to bring the players in that speak to what you're trying to do offensively defensively have to bring the right staff in all of these things take time. And in the short period of time Notre Dame has become one of those powers again. And meanwhile you got Ryan Day's situation. Talk about a guy that could be on the hot seat after back -to -back years losing to Michigan. Losing to Michigan at Ohio State that'll put you on the hot That's why Harbaugh has been on the hot seat. Well there was a great coach at Ohio State John Cooper. Couldn't beat Michigan. In fact when Trestle took over he said we're gonna beat Michigan. I think he lost once. When you're hired at Michigan or Ohio State yeah you must say in your welcoming press conference. Oh he did it in a basketball game. You have to put that out there so the people know what's going on. Right because you that means I understand. That's I know I get it. National championships. Blah blah blah. Beat Michigan. Yep. Because that's why my predecessor was fired because he couldn't beat Michigan. Can't do it. Yeah so this is a huge game again for Ohio State. Their quarterback is off to a okay start. A little shaky in the first game. Played much better the last couple of games but they get the ball first. How do you like those Notre Dame jerseys? They almost look like Oregon out there. They do almost look like Oregon. Is it me or am I looking at Oregon with that color scheme? I mean they still have the gold helmets but still that that's Oregon -ish. I don't know. When do you have classic uniforms? Can't we just stay with them? No man times change. Aztecs uniforms are I mean that helmet is gorgeous. It's great. I miss the old one. I love our old one. But Yeah. that's because I played in the old one. So you know times change. Everything changes man. You just got to go with Alright so right off the bat Ohio State moving the ball against Notre Dame. I get a sense we're gonna see quite a few points in this game today. It feels like the type of game where it'll be a lot of points put up. Alright. Shoot up shootout style. Now some other games that are going on right now we got Iowa and Penn State both undefeated. We mentioned how many battles between 3 and 0 teams today. Iowa checking it at number 24 in the latest AP poll. Penn State is at number seven. Is Franklin going to get Penn State back in the mix? He's been knocking on the door haven't we the last couple years? Yeah he has. But he hasn't had quite the quarterback to get over the hump. Yeah it's imperative to have that guy in college football. I talked about it earlier having a quarterback when you're competing at that level in these power five conferences and with eyes on the college football playoffs you have to have the guy under the center be formidable at a high clip high level. So we went back to the Clemson and Alabama days when you're seeing Deshaun Watson and Trevor Lawrence and then you're seeing a Jalen Hurts and I mean you know. Bryce Young, Mack Jones. All of them. All starters in the NFL. All of them. So that's why you win national championships. You think Justin Fields is fixable? I think he is. I think they need to... Because Ohio State quarterbacks it's not pretty at the NFL level. You gotta remember it wasn't pretty for Miami quarterbacks No. Right? The irony was the quarterback that Miami had right before Bernie Kosar they won that first championship with a guy named Jim Kelly. They went to the USFL and then on to stardom in the NFL. They never had... I mean Vinnie Testavordi wasn't terrible. He had a solid NFL career. you When get to the next level it's all about the team you go to and the willingness of the coach to make a change that fits your skill set. Well that's a hundred... singing I'm your tune I've always said this right? Identify what you do well and it puts you in a position to succeed. Kyle Shanahan was one of the first coaches to do something like that when he took his storied and history offense that his dad ran. Gary Kubiak ran zone offense and he changed for it RG3 because of the talent when he was at Washington because of his talent. RPOs became a read option all those things became a viable weapon that weren't in his classic playbook and they excelled. RG3 was co -rookie of the year that year they made it to the playoffs they won seven in a row. He beat out Andrew Luck for offensive rookie of the year then he got hurt and it's a testament to you know that and now that became the thing right so no one in the pros had a run style offense for quarterbacks. Alright I want to talk to you about another NFL team on the other side this is Fox football Saturday. College football fans your season
Joseph Curl: Statistics Joe Biden Will Ignore In His Speech
"Joseph Kerr over at the daily wires done a hell of a job of putting some basic statistics together that you will not hear tonight Let's start with inflation just a few months ago he says had a 40 year high December 2020 the last full month in office for president Trump The rate of inflation was 1.4% The average for the entire year was 1.2% In its first 6 months in office inflation went from 1.4 to 5.4% under Biden It's worse than 2022 Went to 9.1% last June The Biden is a highly skilled liar Inflation has fallen for 6 straight months all the way down to 6 and a half percent The average for 2022 is 8% Soaring from 1.2% in 2020 Now some people argue the president shouldn't take credit for a good economy so he certainly doesn't deserve blame for a bad one But in Biden's case he definitely deserves the blame Economists say Biden's pandemic relief policies including the American rescue plan exacerbated matters By giving Americans too much money to spend when goods and services and supplies were too low which drove prices higher rights PolitiFact It was Biden's most profound failure and policy era Douglas holtz eakin president of the center right American action forum told the fact checking site It was also the head of the CBO at one point Also ahead of the CBO Gasoline prices In addition to canceling the Keystone XL pipeline Biden also suspended new federal oil and gas leases Hike drilling fees on federal land and mandated that all federal vehicles be zero emissions
"holtz" Discussed on Bloomberg Radio New York
"Do they make a mistake? We think we think they are going too far. We think that they've gone far enough. They're going to go too far into this year. And that's why we think when we see that contraction economy, certainly what that does to stock valuations, they'll be not only pausing, but pivoting to rate cuts, a lot earlier than they're saying now, which they're saying won't happen this year and we think they do happen. At the end of this year, I'm sorry, 2023. 40, 45 seconds here and put you on the spot. You're outlining this recessionary scenario that the markets are indeed pricing in, but that's not a guarantee for the U.S. economy, the way it almost feels like a guarantee in Europe, at least according to comments made by president Christine Lagarde this morning, what happens if we don't hit a recession at all? If they manage the soft landing and we don't have a recession, or it is very shallow, then we can have a very good second half or end of 2023 and have a nice rebound in stocks. It's just that it's very, very unlikely that they can manage that very unlikely. We know in Europe there is a complication there by the energy crisis they have issues associated with the war in Ukraine. So they have a higher prospect of a recession or deeper recession. Maybe the fed pulls it off. You have to be seen. All right. David, thank you so much for joining us. As always, always appreciate getting your perspective. David kudla founder, CEO, and CIO of mainstay capital management and Barry rid holtz manager of asset management, masters in business, good stuff podcast on a Bloomberg radio joining us as well. Right now, let's head down to Washington, D.C.
"holtz" Discussed on Bloomberg Radio New York
"Barry rid holtz, you're listening to masters in business on Bloomberg radio, my extra special guest this week is Martin Norton. She is the chief investment officer of Morningstar's investment management, a wholly owned subsidiary of investing giant. Morningstar, they manage or advise on about $250 billion in assets. She began her career as a BLS economist and before her current role, she was head of U.S. outcome based strategies at Morningstar, Marta Norton, welcome to Bloomberg. Thanks very great to be here. So be a less economist. How did that happen? Tell us about that opening gig. Right. So it's a pretty heavy title. Maybe a generous title for a 23 year old. Bialas recruits just like all other organizations, recruits at college campuses. So there are a number of us heading in out of college into the BLS. And of course, be awesome home to the consumer price index, which we're all watching so closely. I was on the producer price index. So the sister index focusing on the prices that produced. Yes. That's right. So I was on the research team. So putting together research, I wrote a scintillating piece on beef and cattle prices. Which you can find in the monthly labor review. And I spent a lot of time working with folks helping with contract escalation, identifying the right index for them. And actually, I was at the PPI, people may not remember this, but in 2004, the PPI was a month and a half late. So sometimes that crosses my mind today when people are watching the CPI, I can't imagine how people would react. Why was it a month and a half late no for? So we were converting from the standard industrial classification system to the North American industrial classification system. So taking potatoes from one area moving them into another area, making sure everything was in its right place. And like all things, it took longer. It was more complex. Why wouldn't they do the old model until the new model was ready to go? You would think, you would think, I think it was just a bit of poor planning. More than anything. At the BLS. Did you know that that can happen? And it's funny I had my first brush with media as a professional at that time. Their journalists, of course, were calling in. Folks were calling in. Where is our PPI conspiracy theories abounded? And a journalist I think that's how I was mostly a child and was trying to get the dirt out of me. And I said something like, we have no idea when the PPI is coming out. And that's the quote. Listen with changing the model. You got to give it a couple of weeks. Sometimes to move for sleep. That's very funny. So from bureau of labor statistics, how did you transition over to Morningstar? Right, so I leave the bureau of labor statistics, and I move into economic consulting. And this is distinct from management consulting, which I think a lot of people are pretty familiar with with econ consulting, at least at the firm I was that it was a lot of expert witness testimony. So litigation around unfair competition or the like, a company would pull in our expert witness. And I was part of the team to put together the case to explain the market size of the market share or what have you. And it was interesting work. It was demanding work, it was pretty grueling, but the career paths from there were either kind of the PhD route or the legal routes. And those weren't paths I was necessarily interested in pursuing right then. So I thought, okay, let's stop trying to apply the major directly to the career and maybe have a little bit broader of perspective. And I loved research. I knew finance had a close corollary to econ. I was in Chicago, Morningstar being a big research firm. So I applied and was hired as an ECF analyst in 2005. They were actually relatively nascent. They were back then. Right. You were there really as they exploded O 8 O 9. More or less, after the crisis, right? That's right. And so Morningstar coverage was really just getting started on ETFs and the 2005 period. And of course, now it's a very robust coverage. It's sophisticated. It has a philosophy. But then we were still feeling our way. And so there was a lot of need on the act of mutual fund front. And so my coverage list kind of converted over time to focus more on mutual funds to focus on 5 two 9 plans, college savings. I was getting my CFA charter around that time. So it was a period of, I guess I would call it intense study intense focus on understanding different investment strategies, what makes a good investment strategy. I think a lot of people think of Morningstar and rightly so for the star ratings, which are performance measurements, but Morningstar spends a lot of time actually doing fundamental work. Analysis on what makes a good mutual fund. The people, the process, and that work. And that's where I was spending my time as an analyst. So how do you find your way from economists to analysts to asset manager? So in 2008, I just perceived my CFA charter and I was beginning to look around and think about where else would I want to go in this company or outside the company. And at that time, the Morningstar managed portfolios, team, which as you mentioned, is a subsidiary of Morningstar. Had an opening. And so I tossed my hat in the ring. And moved over and October 15th, 2008. I've read that investors are really marked by the environment in which they kind of come of age. And so I came of age in the global financial crisis. And I mean, there were so many lessons learned that maybe I had to process over time. One of them was very smart, very credible people with very good backgrounds and experience can be very, very wrong. And I saw that firsthand with some of the analysis that was done at that time. I saw how personal money is. Let me give you some background on Morningstar managed portfolios. These are portfolios that we're creating whether they're individual stocks or whether they're multi asset portfolios, that we offer to financial advisers who in turn offer them to their clients. And so our customer base is financial advisers and their underlying clients. And so over that period, we were having maybe biweekly, weekly calls with financial advisers, just opening up the doors and having a conversation and we were doing the same with clients. And I can remember one client and he was saying, just go to cash. Please just go to cash. And you know, it really struck home with me that money is very personal, that it's closely tied to security. And when we look at price movements on the chart, sometimes we forget what it feels like to be at those different points on the chart. And it just stuck with me, this idea that this is a very serious matter. When you're managing folks assets. Coming up, we continue our conversation with Martin Norton, chief investment officer of Morningstar investment management, discussing the history of Morningstar. I'm Barry rittle, sure listening to masters in business, on Bloomberg radio.
"holtz" Discussed on Bloomberg Radio New York
"I mean, I think that I had a long conversation with my office today. I certainly don't want to see that employment number go up. I like to see people working. Labor secretary Marty Walsh, the S&P down 104 down 2.8% the Dow down 630 down 2.1% as stacked down 420 down 3.8%. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie palette. This is Bloomberg. You're listening to masters in business with Barry red holes on Bloomberg radio. I'm Barry rid holtz, you're listening to masters and business on Bloomberg radio, my extra special guest today is Michael levy. He is the chief executive officer of crow holdings, a 75 year old residential and commercial real estate developer, the largest developer of apartments in the United States, the firm manages over $30 billion in assets across 21 local markets previously, he was chief operating officer for investment management at Morgan Stanley. So let's talk a little bit about commercial real estate investing. When I was looking at your website, there are a whole run of different for lack of a better word subsidiaries. There's pro holdings capital, crow holdings office, Trammell crow residential, crow industrial signature properties, tell us a little bit about these different divisions of what they all do. The simplest way to understand us is we have a real estate development company called crow holdings development and underneath that we have sub brands crow holdings industrial, core holdings office, trauma core residential, and then we have a separate real estate investment company that we call crow holdings capital. And signature properties how does that fit into that? Those are properties that we own without investment partners. And those are properties that Trammell crow back in the day or Harlan crow and more recent years has developed and the family has held on to these properties for decades in many cases. The Crown jewels, so to speak. There are some terrific properties. And they're in primarily not entirely Dallas, Texas, which is, as you know, the fastest growing metropolis in the country. Oh, is that true? I did not know that. The nominal population coming to Dallas. And I think it's changing during COVID in any given year, but there's somewhere in the neighbor of a 110 120,000 people moving to Dallas each year now. Wow. So we saw Miami. We saw Tampa, we saw Dallas. We saw Austin has been a ton of growth in the south. South and southeast, when does that top out? When does that start to slow down? Well, I think you're at some level, you're having now the COVID induced movement out of California and New York and Chicago is slowing down a bit. I know in New York, some folks from Florida are moving back right now. Oh, really? But the mega trends are very clear. The mega trend is it's not slowing down. And this has been decades in the making. This has been decades for the next goes way back. All right, so let's talk a little bit about some of those signature properties. Sure, crow HQ and the main campus is the old Parkland campus. Do you actually work there? What is the old Parkland campus? Yeah. So old Parkland Parkland hospital was built in 1913, this beautiful red brick building that became derelict in the 1960s and 1970s. And in 2005, I believe Harlan acquired the site tore down most of the buildings except for the main beautiful hospital and built 11 new buildings around it, and it's now an office campus in Dallas, Texas. It's part museum, the theme of the campus is the American experiment. The foundations of freedom and democracy and there's tremendous manuscripts and art and statues exemplifying everything from the starting with the Greeks going all the way through entitlement and the founding fathers and Abraham Lincoln and it's a beautiful physical campus. Is this other businesses and organizations or just crow? Yeah, so we occupy about 15% of the space and virtually all of the tendency at the campus are other principal investors, other family offices, foundations, private equity firms, hedge funds, and so it's a little financial center right there in the middle of Dallas. Yes, exactly. And what is the Dallas market center? Tell us a little bit about this property. In the 1950s, this was a build it and they will come Trammell had the view that if I build a permanent building, these trade shows that go all throughout the United States, if I can, if I can house them there permanently, retailers will come and visit the exhibitors. And so the Dallas market center is a 5 million ft². Property that houses for various industries, a permanent and temporary exhibitions, and we hold trade shows where literally hundreds of thousands of individuals per year from thousands and thousands of retailers come to Dallas, Texas to intermediate and mingle and spend time and examine and explore new goods for their stores. What other signature properties really stand out? Because the list is not short at all. No, one of the largest hotels in the United States, not the largest, but one of the largest is the anatole hotel in Dallas, Texas. It's approximately 1700 rooms and 600,000 ft² of meeting space. And then there's land holdings in Dallas and industrial buildings and there are other properties in Brussels, we own one of the Russell's in Brussels. We own another trade center in Brussels, the Trammell built. I believe in the 1970s, and we own that today. What other overseas properties do you guys have? That's the main overseas property. There are a couple other smaller ones, but the signature properties are, again, properties that traveler, Harlan developed, and there's an emotional aspect to some of them, but they're primarily good financial investments that compound over many years. Coming up, we continue our conversation with crow holding CEO Michael levy, discussing the state of real estate today. I'm Barry Rudolph, you're listening to masters in business. On
"holtz" Discussed on Bloomberg Radio New York
"In business, podcast. I think it's probably the most popular podcast coming out of the Bloomberg complex. He's also chairman and chief investment officer at holtz wealth management. Barry, we had our Federal Reserve crystal clear yesterday in their attention about where rates are going. We wake this morning to see banks around the world kind of following suit, what do you make of this rate environment? What do you make of this economy here? Again, the Federal Reserve said, if you weren't paying attention to Jackson hole, you better be paying attention now. Yeah. You had to say very least. I think the first time they went 75 basis points, they got everybody's attention. But, you know, here is the needle they're trying to thread. Most of what we see in terms of inflation and especially on the goods side are all pandemic lockdown reopening supply chain snafus, which normally just are not responsive to interest rates. That's not what drives those problems. And so the fed says, hey, if you're not going to respond to interest rates, well then how are you going to respond to a recession? And that seems to be the plan to reduce demand so much that they cause enough of an economic contraction to end inflation. I think it reflects a fundamental misunderstanding of what drives inflation, but I've disagreed with the fed. They are a permanent part of the investment world. And rather than just tilt it, the windmill, you have to incorporate them into your approach. Dude, do you know what Danielle dimartino booth told us yesterday? And she repeated it again this morning was that Jay Powell has an ulterior motive. It's not just about inflation, he wants the break the back of the fed put. This market expectation that every time there's a problem, the fed is going to come to the stock market's rescue. I don't know, I thought when in 2008 and 9, the market fell 57%, that kind of was the end of the fed Porter or was it a technology in quantitative easing? Yeah, and the technology stocks falling 81% peak to trough in 2000. You know, George Collin used to do a routine about Indian fighters and said, it's not that they're bad fighters, just because they started off defending Boston and ended up in Santa Monica. And that's kind of how I feel about the fed put. It's a great put as long as you don't mind the occasional 56 or 80% crash. It doesn't seem like much of a put to me. And I've always thought Danielle isn't running money. So this isn't directed at her, but I always thought the fed put was a fantastic excuse from underperforming managers to explain. We would have had a great year if it wasn't for that damn Jerome Powell and the Federal Reserve. So what do you think, how do you think these markets are going to play out from here? I mean, are we just going to tread water, trend it down, grind, lower until we get a sense of, all right, this is the recession. This is the bottom, the next move is up. A gun lock said we're going to go down 20% in equities if we get to four and a half percent. Yesterday, Powell said 4.6% is likely and kind of hinted that he's headed towards 5. So here's really the question and, you know, most institutions that rely on forecasts don't do an especially good job and the Federal Reserve is now exception. They failed to recognize when they should have moved off an emergency footing. They were late to recognize inflation, and they're probably going to be late to recognize when they've done enough to stop inflation. So the question is, are they going to make a policy error? Will it be a small error? Will it be a large error? And really, the data that's going to come out and I know we're all sick to death at the term data dependent. The data over the next couple of months are going to determine, are they going to over tighten or are they going to wildly over Titan? Keep in mind by many measures, the fed has been too accommodative for too long. But it didn't matter when we were in a deflationary regime. And now we are in maybe transitory has become a dirty word. We are in a temporary multiyear inflationary regime and what comes next is going to really be dependent on how high they take rates. You know, we were talking to Greg Hahn earlier from winthrop capital management and he was talking about valuations, right? Because we're all looking to see what earnings are going to turn out to be in 2022, 2023 with margin compression and inflation is a problem blah, blah, but the point is the stock market puts a valuation on those earnings that we're expecting. And the valuation has been, I guess, historically high for years. He said, we haven't been undervalued in 15 years. What do you think is the right valuation? So, you know, I think that valuation is thought of almost like a snapshot and you really have to consider it more in terms of a video of a moving picture. In the beginning of secular bull markets, like the one that began in 1982, or the one that began in 2013, stocks tend to be kind of cheap. They tend to be somewhat unloved. And at the end of a bull market, stocks get pretty pricey and are overloved. And 82 to 2000 is my favorite example. The bulk of the gains came not because profits improved, but because earnings multiple expanded from 7 X in the beginning to 32 X at the end, 75% of the gains in that bull market were due not to earnings, but to those multiple expansions. And so if you're trying to pick what is the right PE, PEs are always wrong except for that brief moment, either as markets are running up or as they're coming down when markets value, but it's an instant increasing valuations are because of increasing investor sentiment, more money around, improving revenue and profits, and decreasing valuation is when the opposite happens. So fair value is the wrong way to look at equities. It's where are we in that cycle of improving investor sentiment and expanding multiples or worsening sentiment and contracting multiples? Barrier podcast masters and business who's coming up next. I have an amazing guess this weekend. Steve
"holtz" Discussed on Bloomberg Radio New York
"We appreciate that. Well, we have a lot of Bloomberg people, Bloomberg television people out at Jackson hole for the get together for all these economics folks in central bankers. Let me bring on Barry rid holtz host of masters in business podcast on Bloomberg radio is also chairman and chief investment officer rit holt's wealth management. I don't think he's in Jackson hole, but he's got a blog post out entitled lessons from the future and Barry I'd love for you to kind of wind in wind together weave together those lessons from the future that you think some of these central bankers should consider. Yeah, it's kind of funny that he always seemed to be a little behind the curve because the reality is nobody really knows anything until after the fact. And so to paraphrase William Goldman, very often in hindsight, everything is obvious. Regardless of your thoughts on inflation, many of us were saying, hey, there's no reason for the fed to be at zero, the emergency is over. So 2021, they could have moved off of zero and perhaps that might have reduced some of the inflationary inputs. But at a certain point, it became really clear things were ramping up and they were behind the curve. Ironically, here we are, and once again, they're behind the curve because most of the indicators we look at, the commodity prices, Baltic dry shipping, even things like chicken wings. Those prices have come way down and gasoline down 70 days in a row now in some parts of the country. It's back to $3. A gallon, I think, you know, they're in danger of having cured the patient. Now giving them too much medicine. Barry, are we in for a repeat of the 80s? I don't think so for a variety of reasons. First, when you go back to the 1970s and 80s and that sort of inflation, a lot of it was very structural, much of it was driven by Kamala prices in a week dollar and especially energy. You know, people forget in the 60, 70s and into the 80s, energy was something like 8 or 9% of the family budget. Now it's like 3%. So we're much more efficient consumers of energy, which makes spikes and energy. It's annoying. No one likes to pay $6 a gallon for gas. Unless they're in Europe where they're paying 8 and $10 a gallon, $6 looks cheap. So there's that. But the other thing is and here's where everybody seems to have lost the thread. How do we get this inflation? Well, we shut the economy for almost a year. We gave people a trillion and a half dollars so they could live when we mandated they stay at home and our entire supply chain and the ability to purchase goods was completely disrupted. And most of what we're seeing in terms of inflation and supply issues are due to that one off unique 2020 circumstances. It's nothing like what took place in the 1970s and 80s and you know I sometimes feel like the fed forgets this. I'm going to tell you the people who came out on the transitory side. They may end up being proven right just that transitory wasn't a month. It was a year. Yeah, interesting. So I guess on the other side of the equation barrier is the recession word and the recession worry. When you buy a security today, like a stalker or a bond, today, are you buying it thinking that we're going to have a recession over the next 12 to 18 months? I mean, there's always a recession somewhere out there. And if we have a recession, the expectation is prices will go down. And if we don't have and that's primarily because a revenue and profits come down and B multiples come down, the sentiment of a recession tends to lead investors to be willing to spend less and less on that single dollar of earnings. And if we don't get a recession, well, revenues and profits are probably higher and multiples of spans, so the challenge today for anyone who's wearing about a recession is, will there be a recession? How deep will it be? How long will it last? Most of our clients are looking not 12 to 18 months out. And the rule of thumb is if you need this money in 12 to 18 months, will you probably shouldn't be in equities, but they're looking out 5 in ten years. And so they're looking through the recession to the other side. Through the recession to the other side, but how do you do that if you can't time the recession to me? What's so frightening almost berries that the forecast for the recession is so wide. And then there's some people that we've actually had on this program in the last two hours. You've said, well, the recession came and went in the last two quarters. They're just going by that technical definition. Where do you stand on that? Well, to clarify, that is not the U.S. technical definition of a recession. And historically, we've had many quarters where there were two consecutive negative GDP prints, and that wasn't the recession. There may have been reception recession. Subsequent to it, so hold that aside. You know, this goes back to the William Goldman quote. Nobody knows anything. When you're looking at the future, everybody runs around with like a chicken with its head cut off and doesn't know what's happening. And so, you know, this is why investing is
"holtz" Discussed on Bloomberg Radio New York
"And I'm John Tucker in the Bloomberg newsroom this Bloomberg business flash after yesterday's big sell off stocks are lower once again However the major indices right now look like they're pairing some of their earlier losses in the S&P 500 just about all the industry groups all 11 of them were down We're just seeing a turnaround for energy so that the energy sector now in the green Non foreign payrolls increasing 428,000 in April unemployment holding at 3.6% and then there's the labor force participation rate the share of the population looking or working working to look for work That slumped and it does make the fed's job a little more complicated trying to burn labor demand in line with supply That meantime we're seeing treasuries rising the ten year is up three basis points right now at 3.07% S&P 500 down 36 points Dungeons and dust leverage down 273 points and the tech have a NASDAQ 99 points lower We check the markets for you every 15 minutes during the training day Right here on Bloomberg radio on John Tucker that's your Bloomberg business flash Matt and Paul All right John Tucker good stuff There I want to bring in Barry rid holtz host of masters in business Bloomberg radio He's also chairman chief executive officer of holt's wealth management Barry what a week it's been just in terms of volatility in the marketplace Wednesday Big rally Thursday give it all back and then some Friday another weekday here We've had fed news We've had jobs news Let's step back I want the Barry riddle's 30,000 foot view What did you learn this week Not a whole lot You know market volatility is was incredibly light in 2021 And this year it's the opposite of that You know if you want the real big picture view the 30,000 foot view we've enjoyed a decade of far above average returns market usually gives us 8 9% a year It's been 14% a year in the last two years of that decade It was over 20% a year So you know I don't want to be glib or sanguine about all the blood in the streets but this was just simply overdue It's mean reversion You can't go straight up forever And that's what 2022 seems to be doing A little bit back Although there are a lot of people more and more people because the demographics in the position where they have to decide you know is it time to sell here Should I should I put a stop on these losses because I'm retiring or whatever The case may be I thought it was interesting yesterday in Bloomberg story Jim Paulson said I'm scared like everybody else And this seems to be where we are right now you know Paul Tudor Jones is talking about capital preservation is his number one priority Are we at a point where it's definitely it's clear that this is a market that's that's not coming back up to buy the dip crowd is gone and it's now about sell the rip Well to some degree it normally takes much longer than 6 months to beat that muscle memory out of the BTD crowd That look throughout 2020 and 2021 And most of the previous decade you were rewarded for buying the dip I think part of the reason this feels worse than it is prior to this week the S&P 500 was down about 13.6% We look at the history of the market going back you know a century what's the average drawdown across any given year and it's exactly 13.6% But it feels much worse than that Not because the NASDAQ is down 22 or the S&P 5 or the Russell was down 24% But when you look at the high flyers when you look at the Reddit stocks when you look at all of the high flying work from home stocks they're down 60 70 80% and if you put all your chips on the hey this is easy I love those TikTok videos Here's how we make all this money Day trading from home If all your chips were on that well when it comes up double zero when you lose everything it's incredibly painful And that's where all the turmoil seems to be coming from A lot of new traders and a lot of people who just jumped in with both feet to the most high beta aggressive names they're carrying them out on their shields Barry I'm not a market technician by any stretch but I put up the RSI function for the S&P 500 S&P right now is below both its 50 day moving average and its 200 day moving average Do you think about that kind of stuff or does that mean anything to you So if you're a trader you're looking at daily moving averages If you're an investor you're looking at monthly moving averages And so in other words like the 200 day moving average obviously changes every day The ten month moving average is a much longer term moving average And history has shown us that when stocks end up below their ten month moving average it's much rougher sledding You have a tendency to see sideways or downward bias that eventually works itself out and comes to an end We like when markets are above their long-term moving average because it means the trend is your friend And right now if you're a long investor if you're a long-term investor as well the trend for these 6 months is not your friend What do you think about the take the fed take that pal was dovish by sort of ruling out a 75 basis point hike on Wednesday I didn't hear you know it's so funny because everybody imposes it's like a Rorschach test Everybody imposes their own beliefs when we hear these conversations from fed speakers What I heard Powell say was a word data dependent who isn't We're all data dependent And we're more likely to see a series of 50 basis point increases as they get off normal My pet thesis about no 75 basis point increases is that it would be completely useless and maybe worse than useless it would be counterproductive The inflation east is are all screaming That the fed should is behind the curve and they should hurry up But you know understands that no matter how high or how fast he raises rates it's not going to get semiconductors to automobile manufacturers any quicker And that's a big source of inflation It's not going to untangle the supply chain It's not going to get all those ships backed up at Long Beach to unload any faster And it's not going to affect the price of energy.
"holtz" Discussed on Bloomberg Radio New York
"Bloomberg This is masters in business with Barry red holtz on Bloomberg radio My special guest this week is luana Lopez Lara she is the cofounder of Kelsey one of the only derivative trading marketplaces that allows the trading of event contracts in order to hedge against major business and political events Kelsey is the only marketplace to receive approval from the commodity futures trading commission who regulates the $1 trillion derivatives industry Luana Lopez Lara welcome to Bloomberg Thank you so much I'm very happy to be here So let's start just with that unusual intro you're the only CFTC approved way to trade on the outcome of events explain that a little bit Right exactly Kyle she's a fighting trick exchange that allows people to trade on the outcome of a lot of different events So things from will inflation keep going as high as it is right now Will the feds raise rates to will 2022 with the hottest year on record And what really sets us apart is that we're the only the first and only ones regulated by the CFTC to do this in the United States I love this story about you guys You and your cofounder you start calling attorneys and one day you end up calling like 60 or 70 lawyers in a single day and pretty much every one of them said people have been trying to do this since the 1980s It's never been approved just forget about it It's not happening Tell us about that Right So we really wanted to build cauchy the right way So you're going to exchange that is sustainable and can be a pillar of the financial world We wanted to make this really big get the right partners on board and really try to build something that's going to outlast CME Like Sam is around there for like a 150 years Right And the way to do that for us was to build a proper financial exchange build this right And we knew that getting regulated was the first step in figuring out how to do it right But obviously me and Michael founder were both computer scientists who knew nothing about regulation So we sat down and put on a spreadsheet that names and emails of 65 different lawyers that we thought maybe could be related to this And we called one by one I think we split who's going to call who and all of them were just like that's not going to happen The CFT won't allow this It has already said no to this in the past But because of a friend of a friend of a friend we ended up getting to Jeff Benjamin who works with us too today He's an ex official the CFTC And he really understood the commission and helped us navigate helping us start navigating the entire situation And yeah it was two years of that entire engagement and iteration of the CFTC with all their corporate principles and concerns that they had that to address them and really end up getting regulated in November 2020 So it sounds like it wasn't so much that the CFTC was against the idea of event contracts in order to hedge on these circumstances they just didn't like what was presented them previously Over the previous 40 years or did something change that they suddenly said oh we used to think this was a bad idea and now we think it's a good idea I think it was more of the first I think it was about presenting to them why we thought event contracts were so important and how they could really be used for hedging and everyday hedging like retail and Americans every day can hedge things like inflation like rates that we see and read about in the news or on TV every day And it was really like presenting to them and getting them to comfort with how these markets work how they weren't easy to manipulate how the rules could operate So really getting them to comfort with how the exchange the markets and all of our contracts could operate And that's what took that long It wasn't in my opinion it was more like explaining what we wanted to do They were fantastic from the beginning to really listening and working with us It wasn't that they were just like no wait we're never going to do this I think it's interesting that it took people from outside of the world to finance to bring an idea into finance from a technology perspective and say whatever logistical hurdles we have to meet in order to receive regulatory approval that wasn't like an ideological problem to you was a well this is a logistical problem that we have to solve And once we solve it we can get this going So how long did the back and forth with the CFTC take to get approval Yeah It was two years or two years and a half And yeah we used to say it's like we were climbing a very high mountain and then as we started climbing more we would see it's actually twice as high and we would keep it keep multiplying because the thing is we would go to them and they would have concerns and issues so we would go back and solve the issues a lot of it as you mentioned was related to technology really doing analysis and similar markets and what we could do the surveillance systems and all of those things And going back to them and then they were like okay that's fine but we have all these other issues now and then we would go back and figure them out and do that one by one It was like walking in the desert a little bit We didn't know where the end was But it ended up working out So let's talk a little bit about your platform This is unlike futures and it's unlike derivatives in that when you are purchasing a contract you're putting up the full dollar amount It's not like where you're putting up ten cents on the dollar or one sent on the dollar If you're making a $1000 bet you are posting a $1000 How much did that factor influence the CFTC that this wasn't just going to be reckless speculation and people fooling around This was really hedging Right So we are fully cash collateralized So as you said every dollar that you can lose or every dollar that your trade you have to have it with us before And I think this really helps with the safety of the.
"holtz" Discussed on Bloomberg Radio New York
"For some time And so the economy is strong and that means the economy can take the rate increases that we're going to be making Ultimately we need to get demand and supply back in alignment so that we can get inflation back to a more appropriate level Okay thank you Sarah and with that I yield back madam chair The gentleman from Michigan mister huizenga is now recognized for 5 minutes Thank you madam chair and Republican Bill heisinger I appreciate this opportunity I'm going to actually pick up on what my colleague from Florida was just talking about and add that to what my colleague from Missouri next to me here was talking about And you may have said that the 40 2020 20 ratio that came from Douglas holtz and breaking that down about 40% of inflation being tied to monetary policy and spending 20% to regs 20% energy policy 20% supply chain You might disagree with that is what you had said But do you believe that spending has contributed to the situation high inflation that we are in Okay thank you So I may have misunderstood what the your colleagues said Madam chair I ask that you suspend I think mister Lawson has his microphone on yet We're getting a little cross talk So if we can maybe add a few seconds back here.
"holtz" Discussed on Bloomberg Radio New York
"A Bloomberg business flash Bloomberg markets continues Nepal Sweeney and of course Mac Miller Greg Jerry thank you so much we appreciate it I want to bring in Barry rit holtz He's a good buddy of ours founder of adults wealth management Bloomberg opinion columnist And of course host of masters in business So Barry you've got the perspective you've got the gray hair How are you thinking about the first I don't know 32 days of trading this year in 2022 What are you taking away from it Yeah it's been a fascinating month and it really reveals to us how abnormal 2021 was We didn't have a pullback higher than 5% No volatility very just steady upwards march That's abnormal Markets going up and down A 10% pullback in the markets you should see that once every 12 to 18 months the fact that you could go so long without a major pullback that's what's unusual this sort of volatility that we're seeing It's no fun to live through but this is what markets do It turns out they go up and down Well what was behind the stability and the climb of 2021 Was it just that investors had faith and the strength of earnings All right so let's play today's narrative based on our hindsight bias And we all play this game every day In retrospect you have $4 trillion of cares act one two and three coursing through the system You have it's not just last year but you know the entire 2010s the past decade we have had monster earnings growth I mean the fundamentals every time someone screams it's only the fed Well the fed isn't insignificant but the earnings growth has been substantial and it's not just cheap capital It's lots of sales lots of well run companies really strong margins To explain what took place in January the market incorporating three four 5 rate hikes in the face of inflation That's as good an answer as I think you're going to hear other than market action is more random than we like to admit Remember the zero hedge Thomas Woods Austrian narrative of the financial crisis Like when big brother comes in and dumps all this quote unquote free money on us there's going to be a reckoning We got to pay the piper eventually What do you make of that You know the world is very complex and nuanced And I'm not a big fan of here's this giant complex problem and the answer is this guy You know that sort of gross oversimplification A doesn't really help us understand what's really going on in a very complicated and ever changing world And B it's way too easy It's way too simple of an explanation You know if only it was so simple to say here's the cause of all our problems The fed is a key factor I made a list of the causes of the O 8 O 9 financial crisis when I was writing bailout nation And I had to stop at 50 because there's so many different moving parts and whether you want to talk about low rates or deregulation or the rise of derivative trading And just on and on and on It's just too complicated to say that's the cause Now I will look at everything the fed did post financial crisis and point out that we had monetary stimulus but not a whole lot of fiscal stimulus And the result was a subpar recovery with low job gains low wage gains low GDP low retail sales fast forward to the pandemic massive monetary and fiscal stimulus and what do you get A robust economy a demand spike of 20% retail sales way above where they were pre-pandemic So we know how this operates that fiscal year We should do this all the time Why don't we just print money and nonstop That sounds awesome Well it's more than printing its spending When you have zero interest rates and quantitative easing that tends to benefit financial assets but not necessarily the broad economy When you have massive fiscal spending especially non military spending that tends to work its way out to the mom and pop in the street not just investors but wages retail sales et cetera The problem is I'm okay with some deficit spending We don't want to look like Japan and have it be 200 250% of GDP the U.S. is a little over a 100% and that's the most we've seen $30 trillion in historically I've heard my whole adult professional career that deficit spending will be the end of us and that has been wrong for four decades at a certain point and I don't know where it is it will matter but to date it hasn't And so you know in the event of an emergency fiscal spending substitutes for the missing demand from households and business And Cain told us that a century ago Right Barry let's switch gears just a little bit Facebook Off 25% It's about a $190 billion in shareholder capital lost here When you see something like that what do you take away from that So I am not a Facebook fan I haven't owned it other than in any of the indexes we hold for a long time So part of me feels like this is an overdue reckoning And I'm going to float a theory with you guys that I don't know if anybody else has talked about But Facebook is one of those companies that all the voting shares are in the hands of Mark Zuckerberg So the corporate governance here is pretty terrible from a shareholder perspective And on the one hand he was a boy genius who figured out social networks before anybody else did Now his focus is the metaverse He's even chained once the change the name I still call it Facebook But while he's looking at headsets in the future TikTok is eating their lunch And to me this is a corporate governance issue You can't put all of the power of an $800 billion company into one person's hand Companies are.
"holtz" Discussed on The Paul Finebaum Show
"A lot of a lot of no-shows today something else must be distracting. Our callers daniel in starkville. Hello daniel paul. We're out of your mississippi. How you doing today. We're doing great. How about you doing good. I just wanted to call you and talk about this showdown this weekend here. Starkville mississippi we're taking on the nc state will back. They don't know this train. They're running into in fact. I ran into an nc state fan today. There was pretty confident. I didn't i didn't wanna burst her bubble about we're the atmosphere that the pack. Whatever they call them we'll be entering. I think last week was a ruse by mike leach. He wanted to him. He didn't want he didn't want dave doran and nc state to have anything good on filmed. Look at you know paul. they're coming into. Stadium has been two years since our last night game. Everybody's been drinking liquor all day. They're coming into iraq as environment. And we're about to stop them. I thought i thought mississippi was a dry state. I'm surprised to hear that. Hey thanks for the call. Daniel enjoy the night. It's a really big game. State with a wind can can really put themselves in a strong position with lsu coming in a couple of weeks. Thank you for the call lou in michigan. Hello lou hi. Paul i like you and i like your show and i was happy to see laura on your show last friday. I hope she gets to be on it more often. She will be on tomorrow night. Oh good i'll be watching and Good luck to you. Thank you so much. You take care of yourself. Up in michigan erin in missouri. Hello darren. I'm sorry baron be spellcheck available tonight. It happened lake ozark missouri but actually played basketball at tennessee. Martin but i have a cousin that play Basketball university of arkansas fan so Think arsov got a great chance. Weekend i think it's gonna be upset tom. Who your thoughts on that. yeah. I'm i'm still debating this game. I think arkansas has got a real good chance to win. I agree but i am not sure i can make a. I'll think more about tomorrow when we talked to sam and i always want to look to see when we have an opportunity to talk to the coach on friday. I want i'm going to. I'm going to take a look at this guy. And i think i'm gonna like what i see. I think you will too. Hey good to hear from you and you take care yourself. Let's talk to drew in georgia helicopter. Hey paul this is drew stationed at fort stewart. Got now but i'm from georgia. Oh great and Yeah me and my grandpa My grandpa passed away this last this last year. But he'd be tickled to death on the show but uh we're huge fans and I just hear a lot of outside noise like per month. The national media bell. I guess how. Georgia didn't put up three points this last weekend. Or whatever but i was wondering what your take is online. Nobody's gonna talking about how good clinton is probably going to end up. Being far as defensively drank in the nation they had a lot of offense pieces but defensively. You know they're still pretty stacked. I think well I agree with you by the way. how how. How long have you been in the army man a couple of years this year. What's great. well. I so sorry to hear about your grandfather but i'm sure he was very proud of you appreciate this. Well i feel pretty good. I i think i think i think the dogs are going to be just fine russo. You take care of yourself Be safe and thank you very much for the call. Let's continue and talk to aubrey kentucky. Hello aubrey now. My favorite Cosworth cat daddy and so first of all. How old are you though eight. You might be one of our youngest callers You sound great. Well we all like cat daddy and squirrel. I i understand daddy. What's what is there about squirrel that you like other than his name. Say put a picture of world on that too when you're when you're nickname is squirrel. And when you're when you're picture is as coral i. I can understand why people might like that aubrey. Who who do you root for are you. Are you a kentucky fan. Iheart radio no. No we love we. Can we talk aggies now. Hold on a second. Aubrey had had an aggie fan. Get in the middle of kentucky is worked for 'em university okay. Well that that is a perfectly good answer We can talk about the aggies. Wanna ask paul. My daughter wants to haul. My daughter wants to know the agassi's having a tough time in this question out do they have enough Backups and Depth chart so that they get tired and the high altitude i know may not be a big deal. But aubrey's dad that's a good question I think they do. I think this is a little bit of a nervous game for aggies. And yeah i mean it is different when you play in the games a mile house stadium. I think i speak for itself. There is definitely a difference. But i also believe when you are as conditioned as these athletes are. It should not be a big deal. So i am not thinking. That's going to factor the game. Well thanks so much for the call and you guys take care of yourself. How 'bout Mike in texas a hey my go right ahead. Hey hey they're still under there Stove first off the all this guy that called probably not ten minutes ago. Said they're gonna kill. He was the quarterback in ninety one. We got hit in the head too much. 'cause there's no way it's good to be none zero not it market down so called paul to ask you some okay. I'm a gambling man..
"holtz" Discussed on The Paul Finebaum Show
"We played a year ago. We went up there and you know. They handled us and You know we. They looked like they were the more exciting right now. Eight five to four to seven to eight five. Appreciate the coaches joining us later on retired. General vinnie bowls on nine eleven. Which of course the twentieth anniversary. This saturday twelve nine in bryan texas. You're on the air. Hello matty landfall audi audi addy so good to hear from coaches holtz and cheryl you know. Jackie sherrill is beloved around here. Sure there's a lot of folks since federal arkansas. That many a tear run coach old. Swept to go to notre dame. Oh yeah. I forgot about that. I want to talk to you about the plowed system. Proposed pod system the sec. I'm in favor of it. Paul because Let's face it does. Am and south. Carolina never wore rivals. And they're still aren't today now even after ten years They'll see didn't have much choice being divided east and west. 'cause an has no natural or stoorikhel rivals in the east and i think he's pretty much the same for arkansas and missouri. Their schools may be in joining states. But they have no real history. You don't have a lottery. You gotta have at least a couple of drops a bad blood and history and Hopefully in a blob system We can end the tags. Am south carolina rivalry. And if there are there are some really quirky Crossover games in the scc On this vanderbilt mississippi state kentucky and the one you mentioned that's all going to be taking care of when when the expansion occurs. You're not gonna have any so. Yeah there's no there's no you're not. You're not gonna see divisions anymore. I don't think you're going to see each school. Play a handful of games every year and then the rest of it will be rotated. Well it makes more sense you play more. Schools are not faster rotation that and also If am and touches are different lodge. That takes care of a good cause division rivalry like there. It's hard to believe that they will be I mean i don the commissioners on tomorrow maybe he can give us a clue although i don. I don't think anybody really wanna talk about this year. Hey thank you so much for the call. Jackson is in nashville. Hello jackson yeah. I'll come to call to talk about Jd daniels in his injury. It sounds like he He got this Derek summer during the fall camp actually at right but that would need to play colic But really and truly You know. I'm wondering when we're going to start pointing the finger at it Scotty ceo there. It seems like every came from alabama. We've just been hit with this andrew bug. I mean you can look at the defense last year. The table Basically our whole starting wide receiver core is out. Gay daniels is hurt now. You know what i mean and this is it somebody that Saving fought tooth and nail. For you know whenever kirby was after so Yeah i was just wondering your thoughts on that hang up you know it's interesting Alabama's Overall health and conditioning seems like it's better and georgia. Maybe worse chris. Scott cochran right. Now i think is still out for personal reasons. Thanks for the call appreciate it. Let's continue with more phone. Calls and richard is in florida. Hello richard hey paul. How are you doing great. That's great. that's wanna comment on these florida. Georgia fans that keep calm and stuff you know. They talk all the time about what they're gonna do every year. The same thing yet. The core san juan a national championship since nineteen eighty s. One thing that they won four or five of them in the last ten years they could do some talking but they seem to forget that i wanna fan that we where the transition period florida is. We'll probably do eight and four this year for lockheed ten and two but that's being realistic because we lost a heisman trophy candidate winter or candidate. Excuse me and our top tied in and of course a lot of other people that are excellent for the the gators. But it'd be nice if they just would chill out a little bit and until they can beat alabama and win the national championship. And he's just kind of calm down a little bit and chill out and have some class. And what are your thoughts. Well richard. I appreciate it. I mean fans fans are going to be fans. I know that's Probably not or shattering commentary there. Anthony is up next in florida. Hello anthony how you doing paul. We're doing so. We had a reality monday. Tell the truth. Tuesday weird wednesday right. So how 'bout we do this Think about it thursday. That work for you. I think that's good very very Hey before i get into my comments. What do you think the chances are that guy from new york that called in yesterday. That said if you took alabama succeed they'd be pedestrian. You think that could have been the big twelve commissioner in disguise. in fact i think it was we We've tried to call i. It said bob. We didn't get the last name. Oh man that's great. So anyways i got a you know all this talk is about georgia so we can continue with that. I like to say that. I don't think georgia fans understand that. We're all looking at george. The same way they are. We know they're a good team. But they're trying to be great. And unfortunately for all of us. Alabama is the measuring. Stick in the sec. And what we're saying is we're not saying georgia's not good. We're saying that what we saw was not good enough and daniels. The next matthew stafford would have found a way to score a couple of touchdown in that game. And it's just the reality of it. I'm a kentucky fan. Living in florida to not look at it through my blue goggles. You understand what i'm saying. I hear you loud and quiet. Hey thanks so much for the call. We're heading to a break. We got a fantastic show. With of course coach holtz and cheryl a little bit later on the retired general vincent bowls who also talked to the chancellor at the university of arkansas. Tomorrow live from fayetteville. We'll talk to sam pittman as well as the commissioner of the sec. Listening to the paul. Finebaum show podcast. We welcome all that great to have you with us. And gerald is up next in tennessee. Jerrold you do mr paul. We're doing great. Thank you okay. I just wanted t his online by ten years there. Bryant paul bell brian. Tom landry with good. Football coaches necessarily both good and playing the tech. And he plan to count. They both like to wear hats. You know both of were born on september. They lived. I did not i knew coach. Bryant was born on september eleventh There's a famous line in a movie about that. On some of you may remember. I did not realize tom. Landry was six championships. Michael jordan is scott. If people who nobody averaged four sis- again That's such a by the way. Tom landry. Is truly one of the greatest coaches of all time and one of the greatest people of all time. I had the opportunity interview him once. And i i tell you what. I'm not sure i've ever been more nervous. I mean he was he was such a stoic figure growing up and i appreciate you saying that. Thanks so much Let's continue with more call. Spencer is up next and oxford. Hello spencer hey paul how's it going. We're doing great. Thank you I was just calling to see I was wondering what you think about the transformation going almost almost football team and what you think. Maybe their full potential as this year and aspect of wins. I think it's pretty good. I think i think we expected them to win the other night. I'm not sure..
Will Carson Wintz Be Ready for Week 1?
"Good news from indianapolis where quarterback carson wentz and guard quentin nelson will return to practice this week on a limited basis to nelson nelson both coming off foot surgery in early august holtz head coach. Frank reich had this to say about his quarterback last week in the perfect world. We have a really good idea after that third preseason game and carson would get to work two weeks going into the first game. That's the perfect world. The nets perfect world is the only gets the work of game week. I don't know if that's going to happen would be week to week. Three is still some mystery here regarding the timeline on carson wentz. What do we make of the recovery. Time line here. It seems to be going pretty well. Kimberly what are you hearing. In terms of carson wentz in the colts yeah it was somewhat surprising just because the initial time was five to twelve weeks and you know when i asked people around the league. Oh carson may be back in practice. Look at this. they're like. Oh is that an indictment on the other guys. I don't think that's the case. But i think india's a very delegates only because we've seen frank reich Gold took in my opinion go above and beyond in solidify this carson's team then and we. I love nick foles. But this is carson's team gotta hear this nicole stock and it just seemed a little extra and when you think about how carson has been described by people in league as far he needs to feel security needs to feel wanted. He needs to know that this is his team. The colts clearly are doing that. So this tie him being back at practice so soon you want you wanna make sure that he's not rushing himself back before he needs to be because this is a team that could go really far
"holtz" Discussed on By His Grace
"And a managing editor. Who manages that and everything from ghosts writing down to just proofreading so everything in between and then the whole process of developing the cover. The design the e book audiobook the print book. You know the distribution every. So it's but we customize it so that it's what you need as an author as opposed to just one-size-fits-all where everybody gets the same thing because if everybody gets the same thing you're not getting a real edit. Yeah because the real edit is going to depend on your word count and there's no way you could pay the same thing unless it's a grammar check in word right. Just not editing. No no no no no no yes i. When i published the struggle is real. I self published that but i did send it to a professional editor and it came back with so much red ink. It was bleeding everywhere and and then found out that. I actually had two books in one book. Why has i tried to pack so much into it. And she's like these are separate things but then we went through a line at it after that. Because i wanted to put out a product that was worth reading and if we we do anything for the kingdom in for our lord we need to give it our all into to be excellent. So i know that you were doing amazing work. Let's touch on real quick. You also have a conference. She writes for him yet. it just happened. So when are you going to do another one. What your plans for that. Yeah our third. One will be in march thirty first through april second. Twenty twenty two looks like we will have a lynn austin as one of the keynote speakers and laura story as one of our keynote odors. And it's going to be amazing. I mean it's just through. It's going to be back to three days. We did three days in twenty twenty. We did two days. Twenty twenty one..
"holtz" Discussed on By His Grace
"Everything was gone. And i just began a journey of finding out that that really was not god it was completely demonic. I mean really bottom line and just beginning to ask god okay. What was wrong with me. That i didn't catch that. I believed ally was the truth and gave up everything for it. It's like there. Ought to be some disconnect on my part and he began to show me my years of trauma in my childhood and growing up. I'd never let him. he'll me of that. So that left me vulnerable to deception. Now is probably the biggest piece that you know really once i owned that and realized wow okay. He started healing. Me and i started seeing other areas. Where i you know. I made bad choices and i had to take responsibility. Not blame them right. And as i did that he healed me. He restored me. He gave me a prince charming. That i mean just i mean he restored be to my family and my ex husband who has remarried. Forgave me and so. I got restored to my family. I got prince charming. Who's been in the pasture. It for forty years. And i mean just the stories behind that or just like amazing but just that he would bring me back into publishing. After i lost my twenty year old company. And i mean. I lost a three point. Five million dollar company this narcissist basically. Yeah and then. God put me back in publishing and just redeemed and restored everything. Okay so that's why you call it. Redemption press but. Then you also have two podcasts. Not just one but two podcasts. So one is all things. Podcast and the other is redeemed and restored so. Tell us about your podcasts. Will the for. I used to have a radio show so i get this was. I love doing radio and podcasts and i wanted to start doing something. That was focused on romans. Eight twenty eight. That god works all things together for good so not for everybody for those who loved him..
"holtz" Discussed on By His Grace
"I am your host misty philip. And today we're going to talk about redemption so for those of you who know my story. It is definitely a story of redemption. What you may not know is why. I called this podcast by his grace. I called this by his grace. Because everything in my life has been a gift from god and and the fact that i am here with you today proclaiming the goodness of jesus christ is because of his grace and his mercy and his love because before i knew jesus i was an absolute train wreck and when i met jesus my whole life changed. It didn't make my life easier. Actually i ended up having a lot more problems and difficulty in suffering. But i had jesus. And that's what made all the difference in the world. He has redeemed and restored everything in my life. Much like my guest today. Athena dean holtz athena was the diamond sponsor of the spark media conference and she is a pike. Castor a former radio host and author speaker publisher a bookstore owner and a pastor's wife. She hosts an amazing conference and does so many things but her whole everything. She does rest on the scripture romans. Eight twenty eight. That god works all things together for good for those who love god and those who are called according to his purposes. This is the final installation of interviews that i did at the nrp. And while i was there i also had the opportunity to share on athena's podcast more of my redemption story. So go check that out. If you want to hear more of my back story but today. I want to introduce you to athena gina and her amazing god story. Hey all i am on the floor of the nrp expo with my friend at fina dean holtz. She is actually the diamond sponsor of the spark media conference. And i am so excited to introduce you to her..
"holtz" Discussed on Was jetzt?
"Done in the fleshed venice only directing to deflategate. that's not Since showers zinta by the food. In this cindy gluten guy. Fubu middle will pass on that guest. Dan limits five hundred in an indulgent atmosphere. Insi- lally pavilion has debated in food and wouldn't guest mona langer. Faubourg ask for me. I know that john To let bark and freya but endorsement tipped natasha haven't aktuna monitoring fog writer on done guest and biden yogurt inside. Holtz kissed him. Gooden also plots guitar bashed scatter mckinsey at midnight. A web campbell button via the patent. Yeah moment tan than debate on. Google for tat. About in paraffins and zips fleeing criminals. Your step still footer. Earns ian cohen on upper footer. Tighter to please Before a tyler. King by guyana austin victim much but in in by i. It's a limo on kindle. Gaetan english andrew. This new from tuten as a new phone asks on niche klamkin.
Even with another relief package, economic recovery is gonna take awhile
"It is possible we know to hold two or more contradictory facts in your mind at the same time. for instance. it is a fact that altogether almost a million and a half people made new claims for unemployment benefits last week. It is also a fact that the day after christmas millions more people will lose federal pandemic jobless benefits and it is further fact the congress which is to say senate republicans for months have not been able to agree that more government help for this economy is necessary now the back against the wall though. It seems likely some kind of relief package might pass probably something just under a trillion dollars but as marketplace's mitchell hartman reports there is still a real an increasing risk that the recovery from this recession is going to be slower and longer and more painful than it had to be covid surging. Lay-offs arising consumers are hunkering down. Not a great place to be heading into twenty twenty one mark zandi at moody's analytics says the nine hundred billion dollars. Congress considering spending to get the economy moving in the right direction is only a down payment on recovery. This relief package is about avoiding going deeper into the economic col- without it. I do think we will go back into recession. So this is about avoiding that. It's not really about jump. Starting the economy and without more stimulus spending especially to shore up state and local government budgets. Heidi sheer holtz at the economic policy institute says the economy is backsliding. We've already seen more than a million jobs. Lost in state and local government when you have teachers and firefighters whose job so they no longer have income. They aren't spending money in the private sector and more people lose their jobs. Zandi hope is by the middle of next year as vaccinations spreads and the consumer economy starts to reopen on a post pandemic footing. The congress will pass a much bigger more robust stimulus bill. If a structure spending would generate lots of jobs for all of folks have lost their jobs permanently and try to get the economy back to full employment more quickly if that doesn't happen well we've seen this movie before. Heidi shield says after the great recession. Congress pulled back on stimulus spending too much too early. What they're doing now way better than nothing that it's not enough and i do worry about. We really setting this up to be another long slow recovery. That recovery to full employment took seven to eight
The economic recovery has been slow and uneven
"When the economic shutdowns. I happened back in march. A lot of people thought it would just last for a few weeks maybe a couple of months workers would be furloughed for a little while and then maybe we all go back to work. Of course that was nine months ago and now in a lot of states a second round of economic shutdown so started. I think we are in long. Slow slog territory. Now how does your holtz is an economist with the economic policy institute and she says one thing has become clear. This recovery is not going to be quick and clean. I think headwinds now at least until we get a vaccine. 'cause then things will shift but at this point the headwinds are really dire. How'd he says there are a few different headwinds preventing v shaped recovery for one thing. A lot of businesses are just gone. They closed their doors. When a business closes like that there are ripple effects for one thing. The people who own those businesses are likely in rough financial shape and be who worked at those businesses are also likely to be in financial hardship. And then they're all the businesses that supplied those businesses split. The bakeries butchers and farms that supplied all of the restaurants. They are all seen their own. Bottom lines get smaller and so a lot of people are just spending less money right now and all of this together translates into lower demand and heidi sure hold says in demand even a small one has a huge effect on businesses and on the economy as a whole and gasset crowding right now because the man is low that means businesses see come up in their demand for goods and services so businesses need fewer workers businesses. See lower profits. It's it actually hurts. Everyone part molly moon has been able to rehire all of the ninety eight workers. She's laid off including her dad but even so most of them are now just working halftime or just way fewer hours than they did before the pandemic which means they're also earning a lot less. They're making about twenty five percent less. It's a lot less. Yeah when you live in seattle and a studio apartment is sixteen hundred dollars and you make eighteen dollars an hour. Which is our minimum. You can't really give up twenty five percent of that. I have a few single moms. That worked for me. That i just i wake up thinking about these women and i fall asleep thinking about them just like your says a lot of the people who still have their jobs have also seen their financial situations. Change technically mali's workers are lucky. They have a job. They have benefits but it does not mean. They're in the same situation. They were in back in january. Molly has zoom coffee date with different employee each day and she says everyone is always really kind in grateful on those coffee dates. But she's worried about what they're not telling her. You know people are proud and tough and resilient so to me who they know is working hard for them and cares about them. They're saying i'll be okay. But then i also know that those same people are e mailing our human resources email address for groceries support and we have a fund. Where if you email ask no questions asked. We will send you one hundred dollars gift card to safeway grocery store right now though. It seems like there's actually a light at the end of the tunnel inspite of winter and the current surge cova cases. We also have some vaccines now and those should be available to the public soon after that. A lot of economists including say a lot of economic activity will bounce back. We can start going back to offices and restaurants and bars and malls and ice cream shops there least for some businesses bounce. Back might prove to be too optimistic. Molly says she spends a lot of time these days looking at her financial projections and even in the very best case scenarios with a vaccine being available really soon people able to dine in. It doesn't look anything like a v shaped recovery. I don't have a financial model. That shows us back at two thousand nineteen sales until twenty twenty three. So i think you know it's it is not going to be a light switch. It's gonna be like a slow not even very steep uphill climb back to normal and this could be the case for the rest of the economy in fact the us federal reserve's projections are not much better than mali's. The central bank does not expect unemployment to be backed down to twenty nineteen levels until at least twenty twenty three and maybe not until later than that in the meantime molly moon is doubling down. She's just ordered a bunch of really nice outdoor furniture and heaters and umbrellas for her shops. She wants to create little patio areas. Where people can escape the rainy seattle winter and enjoy a dish of
Lou Holtz talks Notre Dame and more
"Lua alluded to you as being a builder and again i go back to the interview which you had here in the studio with us and the obvious question from a person when you They asked you about the rumors you going to. Usc and you said usc is one of the three best jobs. And i said wait a minute. I know notre dame is one of the best. What's the third best job. And you said the one that i get and it turned out to be usc but the university of south carolina. And and i'm just wondering when you reflect back about taking over that program. Why did you take over such a struggling program. And what is it is allowed. Lou holtz everywhere. He has gone to be able to build success. What i foresee a we will not arrive. I think we had three offensive linemen on scholarship is all we had. It did have a quarterback and didn't have a running back to his per se. But you know you grin there you you just you try to fundamental you. Try to do the things that we talked about. Just you know. Build build the football team. And i have gone to six different situations in college and never inherited a winner and went to bow game no later in the second year with matter of fact after going on eleven we finished seventeenth a country next year and beat ohio state in a bowl game following here i think we finished loveth in the country. Beat state again on january one. But it's not because guy it's Coach it's all about the people. If team i mean it's about coaches and players. All all really tried to play their road and believe that you can do something. We read great fan support in south carolina. We were below eligible this year. We'd basically accepted a bowl bid and then of course after a little probably had with trump said in my last football game we decided not to go to a bowl game. I would've liked to vendor micro in a bowl game and yet at the same time within hayes and i'll have the same legacy Last was in clemson was involved. Refer also that's not a great legacy to have necessarily but it's a good football team. Many people coming back in. Like steve spurrier command. And you know he. He's a guy that likes to win. And i think he can win earlier. I believe that in the bud by heart. I think he's an excellent coach. I think the players will respond well to them. And i think we took a the longest losing program the country and took it to a bowl game and he'll take it from there to the championship level when you talk about coaching today And i think about francs being fired after he won nine games and i think about the expectations that go along ty willingham of course sopa but notre dame in his first year wins his first eight and then what has happened to him recently as well. What are the expectations of football coach at a major program today. Well i've been figured that basically very very impatient but you know they. They want instant success. One instant gratification and want to go the top. That the trina goes to the university of louisville inherits a very very good football team. From coach smith went onto michigan state. Now goes between things that a tremendous job but You know feel air. And he has those great athletes. They have great success. Urban meyer. who. I hired at university of notre dame you know he goes to Utah has instant success and everybody sitting there saying well. Hey he can do it let. Let's go get that guy that can do it here that we can win immediately will You know having code having smith there your quarterback as a pretty good asset to have it set about where somebody also had success. And i am sure they they look at it and say well gee they came in and they were down and all of a sudden they one. That's what we want to do and everybody all the fans wanted to two things who's going to be the new coach and he will be the next quarterback i. It's unbelievable i. i don't care you. You want to become unpopular to hurry. Go for being the second team quarterback to the i team the anything too is if you think about it and i was thinking about notre dame just the other day what should be their expectation level and i know the obvious as well to win championships but if you look at the landscape of football today lou there's a lot of teams that are able to get outstanding athletes that don't have the same requirements to get maybe to get into school There's a lot of schools have reputations of putting players into the pros and what have you so having said all of that. What should be the expectation at notre dame today as far as their season and their teams year in year out when further. Joyce hired may at the university of notre dame. He said. I wanna talk to you about a couple of things. Basically not negotiable. These are not negotiable university. Notre dame we are need understand. This now isn't even before i was ever offered the job at you. Know we we. We will not redshirt. We will not take transfer from junior. College will not take a transfer from another school against need search chain core curriculum classes for years of english. Three years of math through calculus at center players are going to miss practice because of late classes or or or labs or tutors or things along that line. The players are going to live on campus. We are going to have great facilities. You have nothing to do with the discipline but athlete on campus We don't pay a whole lot You're not allowed to president of the university. Notre dame was the rule when say they gave the president rates once that they could give me a raise anyone on all that and he said with the we're expecting to compete for a national championship at least once every three or four years and I didn't find anything wrong with ed. And we did the head it. I think that should be their expectations. Not necessarily this year even next year. But i do think They expect Charlie wise to compete for the national championship. And i think he will. The same things are saying about notre dame they said about whenever procedure went there years ago. They said it. When i was there i remember my first year recruiting at notre dame. My aunt had us fifty eight to sixty year before. I got there in their last football game on national television and You go into a home to recruit a young man that have all these That have all these articles in there. About how Notre dame can't win anymore and the schedules to tough. There's all this. And there's all that. And i just don't believe that i i think you know. The sec schedule's pretty tough When i was at university dame might think at fifty four percent of games ever coach there were against a top twenty five football teams. But that's part of notre dame you play the best you know. We played washington when they're really good. We played tennessee. We played texas We we we played Miami florida played. Florida state You just that's just the way you did it at notre dame and I don't think it's any different now. I might be a little bit down right now but yeah. I think it's going to be fine but lou. Isn't it a little bit different. In the sense. That i used to think of notre dame and you probably going into a home where you know it was. I want this kid. The kid's gonna sign right there. It was like with john wooden at ucla. I mean john recruiting because everybody wanted to come and play for john wooden at ucla during those particular years but now the competition it. It's almost like well. We've got a pro passing program so if you're an outstanding quarterback you're going to go to this score that school i mean isn't the the mystique oh most of notre dame and not to their own detriment or fall but isn't it a little bit perceived differently today might be but i don't think necessarily it should be. I mean on tv every saturday. One time when i said notre dame we had fifty seven players active in the nfl. The next was penn state with thirty nine and third with southern cal with thirty eight But we we had to work hard. Recruit again we. We found uphill struggle. But here's the different. We could go to california and would we went after navigate. It was us usc or ucla. When would end attack between us. Texas tech today and you went into florida as a youth. Florida state miami and florida. You went into nebraska to be between you and the university of nebraska. You could go anywhere in the country and you would have legitimate chance to recruit the best athlete in that state but you would have to use the beat. The home state and you didn't always do that but when they start talking about well. Nfl i want this type of program. Notre dame's not a four year decision. Support here decision. What do you do in your football's over guarantee you're gonna play in the nfl with china education. You'll get what are you gonna learn. And are you going to be better prepared to go in there. You know i was watching Tonight on tv On some sports show where they had the ten major mistake officials made and one of them was grown bettas called tails and the guy said hatch. And i had to laugh because a whole time as notre dame the first thing i said the locker room before the game was we will call tales. We always called. This was a game. But i just think that You're still a forty year decision. Not a four year decision. You talk about the only thing that's going to change it from where you are today to where you'll be five years from now the books you read the people you meet in a dream a dream and the baby. You're gonna meet university in our day and they're going to be the ones that are going to be illness companies and being. Ceo's and they're going to be the leaders that those are the people you're gonna come in contact with and then you get him on campus. Let them talk to your athletes now. The guy that doesn't feel comfortable in that environment isn't gonna get isn't gonna fit well notre dame anyway and now there were always people that didn't want the discipline did want the the challenge. Academically didn't want to have to work that hard on their academics guy that they won't be interested in the university of notre dame necessarily but one thing i used to laugh about was you would read. You would read these top twenty two football players in america. What schools air considered and other day. It'd be listed on about eighteen oven. Maybe seven of them. We were recruiting because we couldn't get in school academically. But they would always put notre dame was one of their schools Florida not because it made them look good so to speak and I think notre dame will get back. I really do because it's a national school a special school. One of the thing that i think is the lou holtz legacy when it comes to football in. It's almost like parenting. In a sense. You mentioned about urban meyer. I think a barry alvarez a host of other coaches you must feel awfully proud of the the legacy of lou holtz from the coaches that went on from underneath year wing onto other programs either as assistance or successful head coaches as well. I've always felt that. I learned this from woody. Hayes have an obligation to prepare your coaches to become head coaches. I'd always explain why we did things and how we did it. the philosophy at center. I think we've made it look simple that everybody would come in and they go. I can do that. I wanna be head coach. But i went down. Visit very alvorada in preparation for the bogue. Gabi speed come down and one time we had about. I don't know maybe a sixty some former graduate assistants were either in major college or professional that had been graduate assistant said many people gone on u. p. care coach for me at the university of arkansas. We we started him out You know monte kiffin coach for him in the defense coordinator tampa bay et cetera. Just you know it's just so many coaches you enjoy it and that's one of the reasons why you wanna talk to me. Now's not because. I prepare them but because of the contribution they made our success but not mind. There's there's their contribution to my success is far greater mike. Entre bution to there's
New Generation Of D.C. Statehood Advocates
"On a recent evening about sixty young people in their late teens and early twenties log into a zoom meeting. They live all over the country from new. Jersey to California but they're committed to the cause the organizers start introducing themselves I everyone. My name is Jen Mandel black. I'm Michael I use he him pronouns. Hi Everyone. My name is Jimmy the advocates on this call are preparing to meet with their US senators virtually of course to talk making Washington DC The fifty first state organizer Michael Copy says statehood is one of the key civil rights issues of our time over seven hundred thousand DC residents most of whom are black and Brown folks do not have access. To be the very democracy that surround sound, this big statehood energy is relatively new as recently as a decade ago, statehood was seen as a political dead end Democrats in Congress generally supported it but they didn't make the legislative priority even when they had the chance seventy, nine year old niece Jenkins started advocating for statehood in the late nineteen, ninety s we are the old school we are the gangsters. Of the statehood movement, the Oh Geez back then DC was still struggling to get on solid financial footing statehood did not go over. Well, we were Kinda ridiculed for DC, statehood was not on anybody's limps, grassroots, activists and officials like DC Mayor Mariel Browser made it a priority in this hyper partisan time we're living in DC statehood has become a core part of the National Democratic Platform, the House of Representatives the summer passed a bill supporting DC statehood for the first time in history. The next hurdle is getting it through the Senate which advocates hope will soon be controlled by Democrats. A new generation is on board with this 'cause on the recent zoom call twenty, two year old DC resident demi strap man gives her fellow advocate some advice when it comes to preparing to meet with actual elected officials or their staff you have to be confident to not feel like you're invading their space. They are your elected officials. You have the right to speak with them because she's from DC Stratton no senators to lobby herself and the district's one representative to Congress Eleanor. Holmes Norton can't vote on final versions of bills. That's why young advocates today are hyper focused on getting people from outside the district on board with the statehood 'cause I actually grew up in Pennsylvania. So I kind of took my representation for granted before right moved to DC twenty, four year old Noah wills now lives in the district and runs the advocacy group students for DC statehood he's working to expand their chapters at universities side the district he also wants to get university students in. DC. Bought in while they live here and by doing so they're there really are gateway to the rest of the country wheels and other statehood advocates still have a lot of convincing to do last year in a Gallup poll less than a third of Americans said, they favor d. c. becoming a state. But after this summer's protests over police brutality, some young advocates WanNa push a angle to the statehood 'cause racial justice twenty, two year old DC native Jamal Holtz, points out. The DC is forty, six percent black retreated a second class citizens, and so these statehood is a civil rights issue. Holt says the black lives matter movement and DC statehood are completely intertwined for the first time in his life. He feels like statehood is possible if Democrats take the White House. And Senate and make it a priority. He grew up wanting to be the mayor of Washington DC, and now he's already thinking about adjusting that dream. It'll give me a new goal in life and not limit myself the mayor but make it governor for Wam you I'm Michaela. FRAC to
11 Trivia Questions on 19 Word Hints for 19 Letter Movies
"All right nineteen letter movies with Nineteen Word Hands. Let's see if you can figure all these out number one crusading reporters Woodward and Bernstein dig through the Merck surrounding President Nixon's misdeeds searching for the truth about Watergate, what is that movie number one number one? And number two, Brosnan settles in for his third outing as double o seven this time with Denise Richards as a hem doctor. Christmas Jones number two Brosnan settles in for his third outing double o seven this time with Denise Richards as a ham doctor Christmas Jones number two. Question number three no twinkies for Woody Harrelson, this time but hordes of undead still to battle in this decade later, Dom Com sequel number three. What is that Zombie Com sequel with Woody Harrelson And number four, a mild-mannered diplomat is stirred to action after his wife is killed in Kenya. After meddling with pharmaceutical companies number four, a mild-mannered diplomat is stirred to action after his wife is killed in Kenya after meddling with pharmaceutical companies number four. And Number Five more rock more Jack Black More Kevin Hart. But still no board games in this sequel to a reboot number five more rock more Jack Blackmore Kevin, Hart. But still no board games in this sequel to remove. Number six the American remake of Seven Samurai with a star studded cast of Charles Bronson Steve McQueen and Horst. Holtz. Number seven the time is just right for an out and out thriller like this reads this best pictures tagline. The time is just right for an out and out thriller like this reads this best pictures tagline tough one number seven. Number Eight, a one, thousand, nine, hundred, four German fantasy films. Title is a bit of a lie and actually wraps up in about one hundred and two minutes Barack. This nineteen eighty-four German fantasy films. Title is a bit of a lie that actually wraps up in about one hundred and two minutes. And number nine the only film within the franchise to Askew Arnold Schwarzenegger though it features a CGI incarnation of his t eight, hundred number nine, the only film without Arnold, but it does have CGI t eight, hundred, number nine. Number ten one can imagine the pitch for this one was toy story with animals and yeah, it made eight hundred and seventy five, million dollars number ten toy story with animals nineteen letters eight, hundred, seventy, five, mil. Andy Bonus for nineteen letter movies number eleven for two points. If you're playing along at home, please recall one, hit wonder deep blue something's classic nineties tune while you find this more classic morning, Meal Movie Classic Morning Meal, Movie Deep Blue Something Classic Nineties, tune those your clues for number eleven.
Trump to give Presidential Medal of Freedom to Lou Holtz
"Giving a prestigious award to former Notre Dame football coach Lou Holtz. We've looked at Lou's life and his career and what he's done for charity, and the football is obvious. He was a great coach, but what he's done beyond even coaching, so Lou will be getting the presidential Medal of Freedom. Trump, calling him a great friend holds endorsing the president during the Republican National Convention. During that speech, the coach said that Democratic presidential candidate Joe Biden is Catholic, in name only. The presidential Medal of Freedom is given to anyone who makes contributions to the security and national interests of the nation, including world peace, culture or other public and private endeavors.
$600 A Week Unemployment Benefits End Tomorrow
"You know that thing where you know something bad is coming and your senses just kind of start going in slow motion, but you can't really do anything about it. Yet that except the economy, we have been spending this week looking at the different ways that six hundred dollars a week. An extra unemployment benefits going away next week is going to play out today. Slice is people in the GIG economy. Who as marketplace's Mitchell Hartman reports are likely to feel the pain most acutely. Jennifer Jesse has a one woman sat and act tutoring business in Woodbridge Virginia, heading into the spring. She had lots of work lined up. Then cove nineteen hit in mid March, and the cancellation started that when people would contact out. I don't think there's going to be an sat act and with money being so tight I would hate for you to waste your money for incomes down from about one thousand a week to less than two hundred hundred, and as a solo business owner. She wasn't sure where to turn it. Never really clear what I'm able to apply for, so I started with PPO. She didn't get one, but she did. Get unemployment through the federal program that opens up benefits to independent contractors and GIG workers. She's received about two thousand dollars. That kind of money is a godsend in this pandemic shocked economy says Heidi Sheer Holtz at the economic policy. Institute it's been absolutely essential. Ten million or more people who wouldn't ordinarily qualify for state benefits are getting them now. Now the Federal Government picking up the TAB and adding six hundred dollars a week, but that's about to run out rear talking about a pretty mammoth drop in income, if the six hundred dollars to expire fire, take the example of Austin Texas Theatrical Technical Directors Crawford. He's been able to make it through so far unemployment, but when the extra six hundred from the feds disappears I don't know yeah that Levy at four hundred a month with Texas unemployment benefits, which is impossible to live on. He says he won't have enough to cover basic expenses or keep his studio equipment till theaters opened again.
Why Did the T. Rex Have Such Tiny Arms?
"With a name that literally means tyrant Lizard King You'd assume that tyrannosaurus rex would get a bit more respect, but the giant predators disproportionately small arms have been the subject of ridicule for decades there are also a scientific puzzle more than one hundred years after discovery of this species, experts still don't know why huge animal one that could reach lengths of forty feet, or twelve meters, or more had four limbs. That were much longer. Longer than an adult humans, if the arms were limp muscle free pegues, it'd be easy to assume that they serve no purpose. However, the evidence hints at a more complicated story, a few studies have argued that judge by the muscle scars left behind on T. rex limb bones, a full grown dinosaur could curl more than two hundred and twenty pounds or one hundred kilograms with each one of their biceps then again. This isn't as impressive as it sounds. Thomas R Holtz of vertebrate paleontologist at the University of Maryland tells us that some people like to overrate Tirana sources upper body strength that figure from before only translates to about one point. Two five percent of the dinosaurs total body weight, which may have been in the ballpark of around eight tons or eight thousand kilograms. Holt says that's like a two hundred pound or ninety kilogram man proud. Proud of the ability to curl two point, five pounds or one kilogram on these grounds, a few experts have concluded that tyrannosaurus arms were either functionless or seldom used, but not all paleontologists by this idea for his money. Kenneth Carpenter of UTAH. State University thinks the little limbs made great hunting tools in two thousand, eight, he and fellow paleontologist Christine. Lipkin impaired the five to source rex wishbones. For years that were known to science at the time shaped like a giant boomerang. Sits between the shoulder blades, three of the five wishbones that carpenter and Lipkin studied show, telltale signs of injury, among these were stress fractures, which must have re healed in life. So, what does this mean well? According to carpenter? The fore limbs were subjected to a great deal of repetitive stress, which was not uniform or steady, instead there were moments of extraordinarily great force applied to the arms. The likely explanation is that t rex used its fore limbs to grab hold of large struggling prey, a plus sized thrashing victim could easily fracture the carnivores, wishbone, or at least tear a few arm. Arm Muscles loose other ideas about the purpose of T.. REX arms have nothing to do with subduing victims. One School of thought involves naptime perhaps after a good night's sleep. Taran disorders use those arms to push itself up off the ground, or maybe they had a sexier function. Henry Fairfield Osborn the paleontologist who named the species back in nineteen o five believed that males used their four limbs to grab hold of their mates as Holtz and others have admitted. There simply isn't enough evidence at this time to conclusively refute or verify any of these notions, such is often the nature of paleontology.
Why Harry and Meghan are stepping back
"Big big news from the Sussex is who announced on January the eighth that they would like to step back from their roles of senior members of the Royal Family and and that will be what we'll be talking about this entire episode. We're GONNA be diving into everything you wanted to know about the situation what it is a couple want how we got to this point. The future looks like a much much more before. I'm joined by my guest this week. Cruise ship the editor. ICT News here in the u the UK. I just want to look at what sort of started this on January the eighth Wednesday. I remember it well because my phone went absolutely ballistic Harry and Meghan released the following statement. They said after many months of reflection and internal discussions have chosen to make the transition this year and starting to carve out a progressive new role within the institution. We intend to step back senior members of the Royal Family and work to become financially independent while continuing to support Her Majesty the Queen the statement goes on to say the couple wants to continue the honor of their duty to the Queen to Commonwealth and their patronage is but they would also like to embrace the geographic balance in their life to raise archie with an appreciation for the royal tradition into which he was born and also provide their family with the space to focus on the next exch- chapter and that next chapter of course is the Sussex Royal charity that will be launching. Well listen the data change at this point but it was it supposed to be launching towards the beginning of the second quarter of this year. And that's really going to be. I guess where Harry and make more anchor. A lot of their work A lot of details still needs to be hashed out of course at is the clamper Sive effort with the Queen Prince of Wales the Cambridge. We don't quite know where this is going to happen but to talk us through all of this. I won't be alone this week. I'm joined by V news role at its. I would say my friend and Chris ship so I high joining me on here. Thank you very much. You've done me the honor of being on One of my digital shows so I thought I would at least return attend. The favorite is a pleasure to be talking to you. What we've had your colleague? You're very popular colleague with our listeners. lizzy on the show before so some would say the the hardworking calling. I think everyone is very much hard-working this week. It has blinded. How do you feel right now? I feel like I've been hit in the face by a by double decker bus I'm a little frazzled. A little tired. There's a lot to unpack and that's kind of what I wanted to switch great to be just really take a look at everything. I have had so many questions on social media. I'm sure you have as well. There's a lot of people. Don't quite understand obviously see that goes right to the top because I think there's a lot the senior aides working in Palestine quite understand at the moment. You're you're right and I think actually you know we're we're talking about the blindsided saying Ah to do this story. I mean it's clear as they didn't know that the statement was coming or at least they got a couple of minutes notice before people like you and me found out But I think they they they knew something was on the way I mean. Discussions in a very similar new sentence have been happening for at least a week or site beforehand but no one expected Harry and Meghan Zico House. We put this to go nuclear press that button and the way they did on on Wednesday night. Yeah I think that they had been a build up you know. Look if we want to. We can go back as far as beginning. If Autumn last year I think that being a lot of conversations within team mm Sussex and amongst the couple and their friends for quite some time about wanting to bring in some change. I think they felt quite frustrated about things and obviously there some things that happened in the past at. They're still haven't quite gotten over yet. Yeah I'd agree with you and I I think because I was involved with the big documentary entry that we made on my TV last year when they spoke to Tom Brady about all their difficulties in trouble. The rest of it. I mean I was with him for a lot of that now. I was watching it. Unfold phoned in front of me and I kinda get the sense that they were they wanted that to not any sort of reliefs vowels if you like but also just to set the ground around two so almost a warning shot to the rest of the family. That sings really aren't going very well. It's not just a niggle hair on there. Will there and you you know if you look back now. You can see that something monumental as we've had this week was on. Its Way and that was their way of a signalling handling to the rest of the world and the rest of the family that that something had to change. Yeah a potentially the you can only say that they have sort of I guess. Plan this stay. Stay step by step. I think the public being quite confused with this news had they've not had insight into their sort of state of mental wellbeing. Yeah they they could. They couldn't have planned you know as accurately as perhaps they wanted to but I think the thing they did have a long term plan to say if we do this and if we do talk to Tom Tom on the documentary and if we do hint a little about some of the big problems that we're having then that will pave the way make it a little easier for when we're in the new year we we we We we tell them that we want to do things differently. And obviously the six weeks in Canada was where they crystallized all that thinking all that fresh air all those mountains NHS and all that Sierra on the west coast of Canada was clearly the reason for gave him the opportunity. I think just to to sit down and go. What are we going to do? Are we really really gonNA stick with this for the next thirty years and they decided no. We won't see yeah. You have to wonder whether at the start of the week of severe at Canada House House for the reception that they attended. They wanted to give their thanks to the High Commissioner F older hospitality. They received in Canada and the support. They've received from the country tree itself. You have to wonder if they knew in the back of their minds that this was about to happen and at that point because they seem rejuvinated they seemed in great spirits. We were joking about a nine Mo- bars that was vie for the start of the week story. The big story was the no nine which I will now eat again. When I go to Canada the it took custody biscuit and And actually I saw because I was the the the the rotor correspondent on the visit. I saw that Some of Harry Meghan. I can stop left with some of these denominations wrapped up in plastic film and they took them home with them. So I don't know how many Harry had over the last I have After his history of that night there was a sugar hit. I think I would describe it as sustenance for heavy week ahead. Yeah I could do with one right now to be fair uh-huh but of course you know thinks quickly change and you know we had the announcement not then very quickly followed with the reaction from the palace which seemed weekly sleep together. I think there was a period between Harry and Meghan statement coming out and now saying from the palace. Every single phone across the households Holtz was engaged off unavailable one hundred percent. Yeah I couldn't agree with you more. And those ninety minutes I think between Harry Megan statement and the one from the palace that was let what two sentences long with very terse and short and abrupt insides we. Hey what they say. But we haven't got the first clue what to do about any any of it I think that reflected the I think we can call it anger anger frustration disappointment of on day. One if you like the day that Harry and make like an issue that statement and very quickly. It's almost perhaps they. They decided that this was the distracted. You take very quickly on day two. Was this Thursday I Then it was like okay. This isn't it was it was put to me. This isn't the pitch that we want to be playing but now we're on it's we're going to get on it own with it and decide what what on earth to do and and how to engage with them so that they're not they don't WanNa be on this pitch but they basically being forced to play on it. Exactly actually a friend of mine called that statements Simeon Texans at stiff upper lip rage. Yes yes absolutely dissipated overnight or maybe it's just a realization that you know we simply haven't gotten a choice is people that we've put a crack home exactly in and and you know almost twenty twenty four hours. Later we received guidance from Buckingham Palace confirming that the Queen and Prince of Wales Chief Cambridge of old directed teams to one's together at say at pace ace with the governments in the Sussex household to find workable solutions. So it's really went in the direction Harry and Meghan wanted and stop awesome. It started to make sense why it perhaps happened in this way. I think I agree with you. An Uber I was surprised by the. We're going to do this in days as no we. It's given how many sort of constitutional and financial decisions there ought to make military ones as well you get. Harry is the Captain General of the British. Royal Marines Leans which was a position that he took from the Edinburgh and the He retired he even Christmas type. Just I just think there were so many things to decide on here. Can they really by what Tuesday Wednesday of next week. All this sorted out. I mean I. I think that's a really tool that determined to do it. I think yeah and I think almost almost dare whether they do actually source all of this and that time they're under pressure to show that they have control of the situation because for you know three reese senior oils the current reigning monarch in the next two in line for them to look like this is out of control is just not an option. Yeah I agree with you and also to get. Yeah next week. The there's a particularly big visit for William and Kate in Bradford City in the northern England. If anyone listening to this outside the UK in Yorkshire and they want to focus on their some of their priorities like social cohesion. Brentford is a very multicultural city. an and unless there's some I'm sort of holding statement or some kind of you know initial planning your decision announced to the press full this visits will most. There's going to be about it's going to be you know it's going to be all about Harry and Meghan and and how these negotiations is still going on. Which is why I think we will get something however limited that might be By by Tuesday or Wednesday of next
New Federal Overtime Rule Takes Effect Jan. 1
"Which workers should get paid extra for working long hours? That question is at the heart of a new overtime rule. From the trump administration more workers now now qualify for overtime although far fewer workers will qualify under a rule that was proposed under President Obama. NPR's Alina Seljuk reports which the number of workers now eligible for overtime pay is growing by one point three million people that's because the Labor Department is changing the threshold for the kind of salary. Worker has to make qualify. Here's former Labor Department's chief economist. Heidi Sheer Holtz. There's just a broad rule that generally early people who work more than forty hours a week in this country are eligible for overtime pay and this one is about who's exempted from those protections. The people who get paid by the hour already have overtime pay guarantees. So this rule is for salaried workers and the idea behind it was that people who are say bona fide managers managers or supervisors don't need overtime pay protections. Here's Paula Zahn with the worker advocacy group National Employment Law project overtime rules a lot like a minimum wage for the middle class. They make sure workers have time for their personal lives by protecting the forty hour. Work Week and you know there was an exemption for highly paid managers and professionals. Who are you know the assumption was? They had the bargaining power to negotiate their own pay and work schedules. Except the salary level has eroded over the decades so people making as little as twenty four thousand dollars a year until today could have been denied overtime. Pay Think fast food or retail managers. The new trump role gives that threshold a boost up to nearly thirty six thousand dollars which she says mainly affect those lower-paid frontline managers she. He says before today six percent of full time salaried workers were eligible the trump administration's rule raise it to just around fifteen percent sheer sure Holson worked in the Obama administration on another rule that would have by now extended overtime pay to more than twice as many workers she says by today would have guaranteed overtime. Pay Okay for managers making as much as fifty one thousand dollars a year but that rule was challenged by the business community and blocked by a federal judge in Texas the trump administration ernest ration- chose not to defend it but wrote its own version. Here's Mark Friedman Vice President for workplace policy the US Chamber of Commerce. We think that a more narrow a more refined sour special was was in order. And that's what this administration has put in place. Besides Friedman says many businesses did adjust to the Obama era rule for example changing schedules reshuffling duties or raising the salary for lower paid managers to keep them exempt from overtime pay and so he he says a lot of employers are already compliant with the new trump administration rule. A lot of the adjustments. That might have happened with already. Happened back in two thousand sixteen. Meanwhile argue the trump role is a missed opportunity. Well technically it's an increase in reality. It was a rollback a token increase increase that was aimed at blocking something. More significant and San points out. Multiple states have already taken on overtime. Pay going beyond the new federal
China says reached phase one deal with U.S., to cancel Sunday tariffs
"After China and the US agreed to a phase one trade deal the Dow Jones industrial average gained three points while the S. and P. five hundred index traded flat and then as a composite take that point two percent the trade deal will include a rollback of some Chinese tariffs and Holtz additional levy set to take effect on Sunday trying to agree to significant purchases of US agricultural products but the amount is below what the White House was reportedly pushing to get on the US side investors were hoping for more than just a partial rollback of some of the
Gunmen appear to have targeted house in deadly shooting, police say
"Police in Fresno California say the deadly shooting at a football watch party was not random chief Andrew Holtz has more than one suspect opened fire Sunday night in the backyard of a house where a party was being held and that some attending the party might have been involved in it earlier conflict peers that this incident was a targeted act of violence against this residence the suspects are still at large ten people were shot four of them
Cover-Up: The Cape Girardeau Crash
"It was a warm and sunny afternoon in Washington DC nineteen forty one just months before the US had joined World War Two forty-seven year-old Ohio Reverend Turner Hamilton Holtz ascended the stairs of the fortress that had hosted many important men throughout history but hold wasn't there for an ordinary tour of the nation's historical landmark hot Oh had something important to share with him something that required the man of the cloth to take a solemn oath before entering the building Holtz or to keep what he was about to see a secret from everyone including his own family the day's events had to stay between the two men Cordell Hull led his cousin passed the usual tour stops to a set of stairways that lead to a subterranean section beneath the knee capital a section very few people even knew about Holt began to wonder whether they should turn back he felt like he didn't belong here you're his instincts were right the secretary of state led him through a labyrinth of twists and turns until they finally reached a giant closed door the statesman entered cautiously and the pastor hesitantly followed behind when Ho flipped on the lights the evangelist could believe what lay before him it was a chamber filled with a silver discs metallic debris and three small bodies served jars evidence that extraterrestrial life at nate contact with
OECD GLOBAL GDP GROWTH FORECAST SLASHED AS TRADE WAR, GEOPOLITICAL UNCERTAINTY WEIGH
"In Los Angeles uncon- resolve Thursday today yeah I do believe the nineteenth of September is always to have you along. Everybody the watch word of this program so far this week have been monetary policy interest interest rates and how the Federal Reserve uses them to manage this economy. We did an explainer on Tuesday. The feds economic policy tool kit set the music featuring figuratively chair Jay Powell on guitar. You should check it out marketplace dot org. There was the interest rate decision yesterday featuring chair Jay Powell actually talking about the way the Fed does what it does today. It's the E. C. D. The Organization for Economic Cooperation and Development and is downgrade of its global growth forecast this morning to its lowest level since two thousand nine. Let that sink in for a second. There is the trade war yes but also there is this quote from the OECD's chief economist do not rely on monetary policy to do the job alone. The head of the European Central Bank says the same thing Jay Powell says a version of it because fundamentally central banks for all their power cannot do it all marketplace's. Mitchell Hartman explains what's going on here to try and spark some economic growth central banks from the US to Europe to China have been pulling out every tool in their toolbox of monetary policy. That's manipulating the money supply and interest rates which are now negative in some places and still says Karen Petro at federal financial analytics central banks are wrestling with the fact that they have done everything thing they could more than they ever thought they should and growth is at best in Nemec threat of recession is very real so they're kind of punting to the politicians Titians and saying now you need to use your tools fiscal policy to stimulate growth which generally means cutting taxes and boosting spending bending but not just any kind of spending says Jacob Kirkegaard at the Peterson Institute to invest more money building new real estate high hi speed Internet Education Research and development this kind of spending stimulates productivity and future economic growth here in the the US. We've already Donna version of fiscal stimulus. The massive 2017 tax cuts Douglas Holtz Aken at the American Action Forum says that's led to soaring debt and deficits. He says we should be investing in things like roads and bridges but bitter partisanship is left Congress in a state of fiscal paralysis Alexis. The poster child for this is the absolute agreement that we need an infrastructure program absolutely no ability to get it done in addition to more growth friendly fiscal policy policy central bankers and the OECD also want less confrontational more growth friendly trade policy to help recharge the global economy. I'm hi Mitchell Hartman for marketplace.
Why Two Moonships Were Better Than One
"In this scientific American sixty seconds science I'm Christine Herman July Twentieth Marks Fifty Years Since human human beings I landed on the moon that momentous day in Nineteen sixty-nine made astronauts Neil Armstrong and Buzz Aldrin household names but years before that a lesser known figure was on a mission to make that first moon landing possible. His name was John Kobylt. The son of Dutch immigrants cobalt grew up on a farm in Joliet Illinois. He studied engineering at the University of Illinois and eventually worked his way to NASA it was there in the early sixties that he put his career on the line to champion champion what was at the time an unpopular idea but would ultimately be critical to getting Apollo Eleven to the moon and safely back. John faced a mixture of indifference at times abuse and at times ridicule that he never forgot. Not until things started to change and engineers started to realize his data might be right todd's Willik author of the new audible original spoken word book about Holtz Life. It's called the man who knew the way to the moon so what was whole bolts unpopular idea. He championed what's called Lunar Orbit Rendezvous. The concept involves sending a spacecraft into orbit around the moon and from there sending only a small lightweight craft down to the moon's surface instead of the entire ship is will excess. Says while Holt didn't invent the idea he was the one who started to apply it to the technologies that were within Nastase grasp at the time most of the people who know the most about this mission feel that without lunar orbit rendezvous Apollo couldn't have succeeded exceeded and without John Kobylt you probably wouldn't have had lunar orbit rendezvous will expose also explores the kinds of challenges NASA engineers face today as they make plans to get back to the moon and ultimately to Mars when you talk about Mars Gosh one one hundred fifty million miles orders of magnitude of a bigger problem. Do we do some form of Martian orbit rendezvous. Do we send a station build a station in Martian orbit that we can stage down to the surface to manage all that mass a lot of problems.
Who Is Emma Boettcher? Meet the Strategic Librarian Who Dethroned Jeopardy! Champ James Holzhauer
"Bronx, jeopardy, champ, James Hall towers run in Twenty-seven-year-old, librarian Emma Becher bets enough to beat them on final jeopardy. What a way to start the league the granulation. We're going to say goodbye game to again. Take care Holtz. Our ends up with two point four six million just shy of Ken Jennings winnings. He'll return for the tournament