35 Burst results for "Jamie Diamond"
"jamie diamond" Discussed on No Agenda
"A letter saying his office is asking the state attorney general for more information on what he describes as the unnamed victims of potential sex crimes many of the lawmakers who will decide cuomo's fate have been his close allies for years. A how is that likely to affect the process. What's interesting about this. is andrew. Cuomo the governor of new york if he were jamie diamond the ceo of citibank key would be out on his ass. So fast with this with this amount of Allegations against him any. Ceo would be out. I would say well they did this. Cuomo's resisting a and a ceo can't resist when the gorgeous kicks him out but they usually resign. You know with a big jamie diamond. Big difference here is jamie diamond would have been out. You're right but he would have had a a deal a netting him about one hundred million dollars like the guy from Viacom or cbs. All these member there was like four guys vast investment money. Sure so you know so you saying the differences is is forget about who serving who that guy is supposed to be serving the public the differences. We can't give him a big enough send-off package thinking. Yeah okay well. What will it take. Cuomo is that. Let's let's skip all the women. Just what do you want fifty million ago. I mean you already got the emmy. You got the book deal. I mean you. You can write his own ticket. He can buy a house. Martha's vineyard next to the obamas for all. I can get that. They can get a netflix deal. Maybe maybe but your the has the emmy. So he's got some chris. The you can start a podcast network. What's interesting they bring this up in the last clip which is clipped..
"jamie diamond" Discussed on WGN Radio
"Have you seen the story of the grandma from I think she's from Des Moines in Iowa. She's getting attention online because she reads a bad time story every night to her Facebook group. Grandma Betty goes through her favorite Children's books. They're all over the living room. She got stuffed animals everywhere. It all sets up the stage or stories. Reaching hundreds of fans on Facebook every night. No, said his sister. It's do we read more books do is squirm. Look, Nathan said his mommy. There is a cat in the library. The 83 year old Grandma says that she loves the attention she gets from all of her fans. Some of the people who have said they have lost their Mom her there. Gramma come and would give me a hug. And they cried and I cheered up for them too. And everything I said, Well, if I can help you I'll be happy to be a grandma Betty for you. So let's hear it for Grandma Betty in Des Moines, Iowa. I still want to talk to her. We've got to find her and get her on the show. Hey, Terry savages. On the phone line now, Terry savage dot com She's in the Tribune. She's on TV. She's on the Wintrust business lunch, and once a week, she finds time to share her knowledge with us. Oh, Steve, I always like being on here with you because you're so clever and you bring out the best in me And you You've forced me to defend my positions a lot of time. Okay, So if you have a question about your money or Terry's money, you can give us a call at 3129817 200 Send us a text. As well, if you would like, Okay, So I'm looking at what cross the transom today in business in numbers, and we've talked a lot about inflation here and then I see producer prices up. 6.6% in May. I think that's a year over year up a bit month over month. What's that about? What this is about? Is the fact that prices are going up and there you are. That's classic inflation. Too much money chasing too few goods. And the real question is is that just temporary because there are too few goods because everything that got messed up during the pandemic. Or is this really because there's too much money in the sense of too much money created new money created by the Fed and by government actions with the stimulus and so forth that real inflation and that wages are now trying to catch up with prices. And that's the kind of anybody who remembers the seventies kind of inflation that can be very devastating. And the reason it matters today and the market's going. I don't know it because Fed Chairman Jay Powell testifies tomorrow and, um he's going to face a lot of questions because you will remember it was he who said at transitory these word of the year I have have the word highlighted in this story in front of me. It's transitory and the implication there is that this is going to be it's short. It's not going to last correct. Well, you have people as well. That's that's what Paolo that Jamie Diamond. Saying that he is the chairman of Chase JPMorgan Chase, saying, We're which is interesting advice for all of us were hoarding money, cash. We're not putting it out at these low rates. Because we figure we're going. This is serious. Inflation and rates are going to go up and the famous Paul Tudor Jones of the hedge fund guru, Um I believe inflation is coming. These are headlines. From the last couple of days. So the feds theater to the fire right now to my everything, Uh, J. Pop says Tomorrow is going to be scrutinized very carefully. Okay, So, um, you know how I am basically a world renowned economist. So yes, I do. I know that. Let me explain it my way and and tell you why it's transitory. But No. So the case for transitory is that we've got shortages. We had shortages in lumber be because they stopped making things we had shortages in computer chips. Um, you know, because they had stopped making them And so the supply is short there. Okay. Oh, and cars, you know, so they couldn't make cars and so on and so forth. Yeah, okay, so the supply is short there and then we do have a lot more money in the economy that people are spending right now because the government has been handing out Lot of money to help people through this. But both of those factors are temporary, right. The money is going to dry up and the supply is going to catch up. So it I mean, I really I have no idea, but but that is the case for a trend. Yes, Please explain that. Would be absolutely true, except that you have a lot of businesses that don't have enough employees and you have a lot of employees, who said Either. I'm still getting unemployment or I made it through so far or they haven't evicted me yet. And I'm not going back to work for whatever they were paying me before. Maybe twice what they were paying me before will get me back to work. And sell for whatever the reason you build in higher wages. Into the system. How does how does that impact inflation? That's not transitory. That's a cost for business. And and that gets priced into the product. I got you okay? So that's the real question that everybody is going to ask J. Palmer. Okay, yet what Steve Bertrand said was right. You know, they're just a shortage of chips right now And now they didn't saw enough lumber because they didn't know everybody was going to stay home and decides. Look around, Say, I need to add and make an addition. That kind of stuff. Yeah, that's transitory. But what about stuff that's getting backed into the economy? Okay, we need to break But haven't we've been talking for years about all the way through the recovery that that wage improvement was lagging so Is it So now you get down to the just last point on this, So there, you get down to that issue, abuse, equality and how wealthy people may not pay enough taxes and how there's been a growing divide in America. Between the people who do the service jobs typically and the people who are perhaps entrepreneurs. And so there's a social aspect of this not just a financial aspect to this kind of inflation talk heart calls are coming in, so we're gonna take a break and we'll get to your phone calls and Also give us a text at 3129817 200 either is fine. We always prefer to chat. Here's Mary Blue Skies and 72 degrees tonight clear and a low of 56 mostly sunny for tomorrow and a high of 78 on the outbound.
Elizabeth Warren, JPMorgan CEO Spar Over Overdraft Fees at Senate Hearing
"Senate Banking Committee heard from CEOs of the sixth largest American banks. They were pressed about boosting lending, raising wages and diversifying stuff. Massachusetts Senator Elizabeth Warren noted the JP Morgan Chase made almost $1.5 billion from overdraft last year. She pressed JP moving Jamie Diamond and called him quote the start of the overdraft show. So here's the thing. You and your colleagues come in today to talk about how you stepped up and took care of customers during the pandemic, and it's a bunch of baloney. In fact, it's about $4 billion worth of baloney, but you could fix that right now. FBI See, reports said banks thrive through the pandemic. The industry generated a record $76.8 billion in profits during the first quarter. Democrats wonder why more of that money isn't going to middle class and low income families. They look for more answers. Tomorrow is all street, Sears testified before the House Financial Services Committee. It
Jamie Dimon says economic boom fueled by deficit spending, vaccines could ‘easily run into 2023’
"Well you talk about that. Forecast for the economy and the markets in his annual letter to shareholders. Were talking longtime head of j. P. morgan jamie diamond says deficit spending stimulus money and vaccines could altogether fueled the economic recovery. Well into the year. Twenty twenty three twenty two twenty three. So what about the market. Well if dimas right. And i believe he is and i believe the economy could be fueled could stay in a boom longer than that but if diamonds right we should remember that the market is up. Eighty five percent of the time during long periods of economic growth. Now during that other fifteen percent of the time pullbacks of up to fifteen percent can be the best time to carefully get in and or adjust your existing portfolio for continued growth.
Federal Reserve Bank of Philadelphia president on effect of pandemic on employees
"Indicates many workers are ready to give up their paycheck and say I'm out of here I quit. A Microsoft survey of global workers finds the majority feel they're struggling or just surviving and pandemic work conditions and a large percentage you're considering leaving their employer this year. Same survey shows. Most business leaders feel the employees of thriving Federal Reserve Bank of Philadelphia President Patrick Harker says the problem is obvious. Workers want a feel like they're valued and that they're rewarded for their work. 46% of respondents say they're planning to move to a new location this year, a reflection of the greater flexibility to work from home. 41% say they're mulling leaving their jobs. JP Morgan boss Jamie Diamond says a lot of the problem is remote work, so it's hard to think okay, culture and character and all those things When you have the zoom world, 18 to 25 year olds are faring the worst. Researchers theorize their feelings of isolation or higher because they're more likely to be early in their careers in single, Quite Jared
What Will Amazon Do Next in 2021?
"The other day announced a new ceo. And so we're is amazon. Going in two thousand twenty one and how can small business owners actually participate hit. Help is jason boys. A season entrepreneur and nationally rise x. nationally recognized expert on amazon. He's considered the world's leading expert in dot com third party sellers. He's the founder and ceo of avenue seven media llc a seller group that harnesses the power of amazon for direct to consumer product brands. He's also the co author of the amazon jungle. The truth about amazon and the sellers guide to thriving on the world's most perilous e commerce marketplace jason. Welcome to the show. Thank you bury. Congratulations to you. Six hundred and twenty six show twelve years you know. He started with just one person. So tell me how you've been doing during this pandemic. Our business has been booming Amazon scott galloway came out and wrote a book about The pandemic amazon a company that was built for something like a worldwide pandemic and they've benefited greatly and frankly so's my business. Because so many small businesses that had regional brick and mortar retail store outlets that. Just shut down on him and folks were were kind of on the fence prior to the pandemic called and said jason get amazon tomorrow. Can you help me so our business has been. I mean we keep up very hits been it's been You know a bittersweet story. It's good news that our businesses doing great as results pandemic. But it's been a really difficult time for everyone. Any recession is always winners. And there's losers. But i tell you one thing jason happen. This year that i never thought could happen in relation to amazon. I couldn't believe they couldn't deliver in two days. Came buried i. I made some predictions in early october. That fda and amazon delivery network was going to break. It ended up not breaking but they broke the post office. They bury them with so met much volume that they literally couldn't couldn't handle it and you're absolutely right. There were very few packages that were delivered to people's doors within two day window within that one day window even still though what they did. This holiday in terms of ramping up delivery final mile warehousing added fifty percent of square footage and like four months. I mean it's historic area. It's pretty incredible what they did so just recently announced. Jeff bezos is going to step down. Ceo and there was a joke on facebook. That says well i guess he's fully invested 401k. Now that's why he's stepping down. But one predictions you have for twenty twenty one with amazon given a new ceo and the hopefully the winding down of the pandemic. Yeah well you know. I hope jeff vases is going to be okay with the pay reduction. Moving from fulltime. Ceo to just executive chairman. You think you'll be okay hope but yeah you look i. I don't think that amazon is going to miss a beat. You know the minute. The announcement came out which by the way was interesting enough announced around the same time as their blow out. Q four earnings call Historic in its own right Potentially to deflect which amazon's pr department is really good at About how great they have benefited in his really tough time for our country But look amazon's not going to miss a beat andy jazzy. Jeff clone bleeds amazon. Blew has been basically attached to jeff bezos hip for more than twenty years. He's an incredibly talented competency. Oh who took. Aws from zero to fifty percent market share in the cloud. Space according to gartner so He's incredibly talented. He will help Execute on jeff bezos division. Basil's we'll take a back seat behind. The curtain is gonna shove jesse in front of congress and answer. All those difficult antitrust questions and basis is going to work on what he loves doing which is invention and future technology. Whatever amazon looks like five ten years from now will have been developed from. Basil's mind so he's not going anywhere. He's just removing himself from some of the shall we say more uncomfortable task. It's going to land on jesse's lap in the next You know one to ten years. As i trust drums or are beating louder and louder. So let's talk about some of the trends that you've been discussing Tell us about how you think. Amazon is getting into healthcare. They are already in healthcare. I mean they're providing primary care for you know scores of their own employees tens of thousands of their employees they They famously removed themselves from joint venture with jamie diamond and berkshire hathaway recently In the rumors from within inside amazon at the reason they did that is because they were holding back and the amazon pharmacy group which spun up recently. we're saying we can't move fast you know. We can't move fast because we're being held up by chasing in berkshire hathaway. So i saw that. A lot of a lot of people in the press came out berry and said oh. This means amazon can't figure out healthcare. It's too difficult. It's too challenging. I didn't see that at all. I just saw that you know amazon. Saw this as cutting weight so that they can really focus on what they do. And that's innovate
Why Biden's economic team would rather go too big on COVID-19 relief
"What is going to happen in this economy. Prison biden treasury secretary yelling and a couple of big name. Ceo's including j p morgan's jimmy diamond and sonia singapore from gap had confab in the oval office. Today the president's economic relief plan of course was the topic at hand. Barabra morty is the deputy director of the national economic council at the white house. Welcome to the program. Thanks for having me. Let's start with the news of the day shall we. The meeting in the oval office today between president biden. Insects are yelling and some big business. Ceo's the head of the chamber of commerce was there jamie diamond from j. p. morgan chase. What is the president trying to do getting big business lined up behind him and this relief plant. Well i think that he is looking for their support for the bill and for their knowledge that we need to go big in this moment. I think what the president is hearing from. His top economic advisers is that We are at a precarious moment. Just last week. The jobs report came out and showed that job. Growth is really stalling in america. Even though we're about ten million jobs short of where we were pre pandemic and so. I'm secretary yellen down to his other economic advisers. There is a uniform belief that we need to go. We need to fundamentally alter the trajectory of the recovery and we need to make sure that we're putting money behind putting a vaccine people's arms because the fastest way to get the economy. Moving again is to make sure that we be cooked. Totally agree with the vaccine being this economy right now. I cannot and will not argue with that. But i do want to ask you about this idea of going big as you know. There are some consternation by some that may be one point. Nine trillion dollars is too much that it is in fact more than the economy needs given where for example. The congressional budget office says. We're going to be this summer Where'd you get one point nine trillion dollars and is that too much. I know we don't believe it's too much. And so i wanna talk a little bit about the process by which the president and his team put this package together. I would describe it as a bottom up process so for example there are nearly seven million americans who are behind on their rent an at risk of addiction. We need to provide rental assistance. Those people in the package provides the match rental assistance needed to make sure we keep them in their homes from secretary yell and two other top economic advisors. You is your an asymmetric risks situation. And by that. I mean the risks of going to small with this package far outweigh the risks of going too big so we add that all up. I think the president is very comfortable with the size of the american rescue plan. And i think the american people agree with him. Because there's something like seventy percents support for the package. Let's talk about the the flip side of of going through small which is the concern. The president has one of the concerns about going to big is that there may be some inflation coming in this economy with so much money coming in so soon with the pent up demand. That is sure to happen. Once people can go out and spend and travel and and enjoy life again Are you not worried about that. Well a group monitoring all sorts of different risks to economy and secretary yellen and and others have made clear that they are carefully monitoring the risks of inflation issue. Is that if you do too. Little means that people are going to go hungry. It means that people are going to be booted out of their homes in the middle of pandemic and those are just not acceptable outcomes to the president and look. We are far below the feds inflation target and have been for a very very long time and not to get too wonky owner. I think that the chair powell and others have said the goal is actually to increase in play shen to get closer to that two percent target that they have were. We're a long ways off. I i wonder how Given the the makeup of of the president's economic team many of whom were around in two thousand eight and two thousand nine how scarred people are by the prospect of going to small with a relief. Bill well i can't speak for others and i was not personally there in two thousand and eight thousand nine but i do think that there is a an assessment of the latest and best economic evidence. You look at a where interest rates have been how they have been low extended period of time and you weigh You costs and the risks of adding to the deficit. And i think it very clearly comes out in favour of going big me pick up on something you just said because it struck me when the president said something similar a number of weeks ago that He is he is taking a page from the republicans. Playbook saying look we have to borrow. We have to do deficit spending. It doesn't matter how we pay for it. And i i. Maybe you don't know this. Maybe weren't in those conversations but how did he come around to. You know what we're going to borrow the money the heck with it again. He and his team have been Deep into the economic evidence. And i think over the last five or ten years yet. Economic evidence in support of more robust deficit financing particularly for a temporary emergency measures such as. This one is pretty airtight. The president has been clear that when it comes to permanent changes in policy in other words policy that involves spending each and every year for the foreseeable future that he does think that that should be offset with new tax increases on the wealthy and on big corporations so again i think that is a view that is backed up by the best economic evans
"jamie diamond" Discussed on Bloomberg Radio New York
"Jamie Diamond and Tracy Morgan. We don't consider it profits just income paper but ultimately does show up in the results that does look better, So that's something to watch going forward. So what else are you expecting? Going forward? Well, I'm really interested to see just how how strong the consumer comes back. It's been pretty impressive overall, in part thanks to the fiscal stimulus measures that the government has passed. But you haven't seen real big losses across the banks in credit cards and mortgages. It's been pretty resilient overall. Obviously this pocket this week that's obviously Some small businesses are still struggling, but a large macro level which is pretty much all you can take away from from the top line numbers at the bank, the consumer and and even small businesses, to some extent, have been having pretty resilient here and thanks to the stimulus measures, so that keeps going forward under President Biden that we positive for the U. S economy as a whole. What other changes do you see in a new administration? So I think that the general feeling is that president by the administration will be tougher on the banks, at least on the margin. Relative to former President Trump. However, I don't think that that's going to be necessarily a priority from day one. I mean, you hear about, for example, the central administration raising the corporate tax rate. Things like that. I mean, those are things that that may come later, but we still have so much. Room to run here with the pandemic getting over the virus that I think banks are pretty much in the clear for the next few months. They're not gonna be villainized like they might have been immediately after the financial crisis. What about new bonds hitting the market? Is that going to pick up? It could, you know, obviously, interest rate is still very low, so he sent that any companies want to come and refinance their debt that they haven't done it already. I think that would be a great opportunity to do that. There's also the possibility that this could be a pick up in M and a activity. This year, and if that's the case, it's possible that some of those murders acquisitions will happy Finance through that. I think there is still the expectation that we could see robust corporate bond issuance this year. But that's gonna have to happen if These banks are gonna get, you know, pick up and, uh, not just underwriting bond deals but also actually bond trading because the corporate bond market is very quiet. Just spread their just compressed so much. There's there's not a lot of training right now. So the bank's gonna need that If you're gonna keep up the revenue from relative the last year, thanks, Brian. That's Brian Chapati, a debt columnist for Bloomberg.
"jamie diamond" Discussed on Bloomberg Radio New York
"Out for is just how much the bank scaled back those loan loss provision because that is a way to effectively in some ways artificially boost profit. Jamie Diamond at J. P. Morgan Well, consider it profit. It's just ink on paper. But ultimately, if this does show up in the results that does look better, So that's something to watch going forward. So what else you expecting going forward? Well, I'm really interested to see just how how strong the consumer comes back. It's been pretty impressive overall, in part thanks to the fiscal stimulus measures that the government is past. But you haven't seen real big losses across the bank in credit cards and mortgages. It's been pretty resilient overall. Obviously this pocket this week that's obviously Some small businesses are still struggling, but a large macro level, which is pretty much all you can take away from from the top line numbers at the bank, the consumer and and even small businesses. Some extent have been having pretty resilient here and thanks to the stimulus measures, So if that keeps going forward under President Biden that we positive for the U. S economy as a whole What other changes do you see in a new administration? So I think that the general feeling is that president by the administration will be tougher on the banks, at least on the margin. Relative to former President Trump. However, I don't think that that's going to be necessarily a priority from day one. I mean, you hear about, for example, the pencil administration's raising the corporate tax rate. Things like that. I mean, those are things that that may come later, but we still have so much. Room to run here with the pandemic, getting over the virus that think banks are pretty much in the clear the next few months. They're not gonna be villainized like they might have been immediately after the financial crisis. What about new bonds hitting the market? Is that going to pick up? It could, you know, obviously, interest rate is still very low, so he sent that any companies want to come and be financed their deaths, but they haven't done it already. I think that would be a great opportunity to do that. There's also the possibility that this could be picked up in M and a activity. This year, and if that's the case, it's possible that some of those murders acquisitions will happy financed through that. I think there is still the expectation that we could see robust corporate bond issuance this year, But that's gonna have to happen if These banks are gonna get, you know, pick up and not just underwriting bond deals but also actually bond trading because the corporate bond market is very quiet. Just spread that just compressed so much There's there's not a lot of training right now. So the banks don't need that. If you're gonna keep up the revenue from relative.
Pro-Trump mob storms the US Capitol, touting 'Stop the Steal'
"In washington censoring social media. Content and corporate. America speaks out leading today's news. Congress has formerly confirmed the election of joe biden as the sixth president of the united states after rebuffing efforts by a small group of republicans to object to the acceptance of electoral college winds for biden in arizona and pennsylvania. The house and senate began the process of counting electoral college votes wednesday afternoon but the preceding was interrupted for about six hours by a mob that stormed the capitol building. The count resumed at about eight pm. But that was after a woman was shot and killed by capitol police while three other people died for medical emergencies. Day or historic day for american democracy. Maybe a bit of both while the mob delayed presidential certification and lead doorbell violence. It didn't stop the process or institutions and lawmakers. Were able to reconvene later that night. Some other happenings. The second of two runoff elections in georgia was called in the democrats favor handing 'binding control of the senate and solidifying his economic policy platform. Both jon ossoff and rough high warnock lead their opponents by more than the point five percentage point threshold for a recount triggering. A blue wave to descend on washington. How did the market respond. Trading was largely unaffected by the chaos at the us capitol and ended the such mostly higher on expectations of more robust stimulus. Package tech fell back. The possibility of antitrust legislation though futures linked to the major averages all powered higher overnight. I think the reason the markets are flunks. Is it's not going to change. The transition of power said tom lee of fun strut global advisors the ten year treasury yield also broke above one percent for the first time since the pandemic began in late march sparking a rally in the banking sector in other news. The disarray seen in washington. Also shift online. As both twitter and facebook suspended president trump from posting on their sites it marked the social media industry strongest actions to date to rein in controversial content citing risks of violence and repeated and severe violations of their policies. Twitter which luck. Trump's account for twelve hours also warned that further violations of its rules could lead to a permanent suspension. What happened the platforms have been labeling election related tweets by trump since november which made declarations of victory and claim. There was a plot to steal votes. The final straw appeared to be a video circulated by trump in which he described those who showed up for the rally as very special called the election. Fraud hewlett and said. He understands how the protesters feel. It was a landslide election and everyone knows it. Especially the other side he added. But you have to go home now. We have to have peace. We have to have law and order thought bubble. Censorship concerns over violence were raised during a recent. Us senate commerce committee. Hearing when twitter's dorsey was asked how supreme leader ayatollah ali khamenei of iran was allowed to glorify bloodshed in many of his tweets without eighty tc downs his response we did not find those violate our terms of service because we considered them which is part of speech of world leaders in concert with other countries speech against our own people or countries on citizens we believe is different and can cause more immediate harm outlook. Some appointed parlor is a free speech focused alternative to the giants of silicone valley. The service leaves virtually all bought a ration- decisions up to individuals collects almost no data about users and doesn't use content recommendation algorithms it shows users all the posts from everyone they follow in reverse chronological order. However many that have immigrated to the platform have continued posting on twitter. Raising the questions of whether parlor will eventually fizzle complement or replace larger platforms with much bigger audiences business leaders and trade groups including the us chamber of commerce business. Roundtable and national farmers union are calling for the peaceful transfer following the turmoil seen the us capital. Since the start of the week we've already heard warnings. Prominent company leaders have cautioned about challenging election results and undermining economic stability motivated in part by the desire to get members of congress back to focusing on repairing economy. that's been shredded by the pandemic. They're saying the insurrection that followed the president's remarks today is appalling and an affront to the democratic values we hold dear as americans there must be a peaceful transition of power said blackstone. Ceo steven schwartzman. One of mr trump's most loyal allies on wall street. This is not who we are as a people or a country added j. morgan ceo jamie diamond. While apple's tim cook said it marked a sad and shameful chapter and called for those responsible to be held to account the head of the national association of manufacturers a group representing fourteen thousand companies in the us even called on vice president mike pence to seriously consider invoking the twenty fifth amendment to remove trump from office response. Even though i totally disagree with the outcome of the election and the facts bear me out. Nevertheless there will be an orderly transition on january twentieth. I've always said we will continue our fight to ensure that only illegal votes were counted. President trump tweeted through the account. A could be no white house director of social media while this represents the end of the greatest first term in presidential. It's only the beginning of our fight to make america great again
Health venture led by Amazon, Berkshire, JPMorgan is ending
"The joint healthcare venture between three of america's most powerful companies amazon j. p. morgan chase and berkshire hathaway is disbanding after three years high profile. Ceo's jeff bezos cheney diamond and warren buffett had teamed up to tackle one of corporate. America's thorniest problems the high and rising cost of employee healthcare and the initial announcement of this partnership was dramatic shares of other healthcare companies tumbled on fears about how these leaders might find a way to make it all less expensive and more efficient in june twenty eighteen. Becky quick spoke to warren buffett and jamie diamond about their shared. Goals are water of ideas out there. A lot of things will be done better. We know the fraud. The administrative 'cause we overuse underuse of of of various drugs and specialized procedures. We know the end of life is often costs. Far more than should and is far more painful should be So there's so many and big data there's so many things to do but the goal is better satisfaction for employees and eventually we can learn a lot of things and maybe help inform america. How we can improve some of these things. Have you heard from aaron place. Yeah i i Addressed a group of about one hundred and thirty or so of the various. Cfo's from all our subs Just a couple of days ago and and they're very interested in the subject and the interesting thing is as we went around interviewing Large number of perspective. ceo's we didn't run into one. That didn't think that improvement was both possible At important nobody disagreed with the the mission. The importance of it or or Feasible only but it's also a very very tough nut to crack havens initial. Ceo was dr a tool galante new yorker staff writer and surgeon. You've heard him on this podcast several times. He's an expert. In how complicated and tangled the american healthcare system is. It's a maze of doctors. Shirts drugmakers guerande. Step down as ceo to become chairman this past spring as the covid nineteen pandemic grabbed the day to day. Attention of the medical community. As haven shudders most of the firms fifty seven employees are expected to be reassigned to amazon berkshire hathaway and j. p. morgan chase. Here's joe kernan. W toward toward healthcare is hard. It's hard to solve health care. I don't care who you are. I don't care if you're talking about. Yeah i don't care if you're warren buffett jeff. I just hope it's not that you know what we lost a couple of million dollars. We'd better shut this down on those three guys. Diamond was that all three of the companies. Were doing some of their own things That they had taken out of the story tapeworm. That's really tough to when you're talking about more than seventeen percent of gdp versus five percent back in one thousand nine hundred sixty san right james warren buffett and jeff bezos saying. Forget it. we can't fix this problem then. Yeah i mean we talked about how many pay three years this is going to be it. This is going to be. Our problems are over right hi talked. I talked about this on the phone yesterday. Try to understand what happened. And i think becky's right i don't think it was that they shut it down entirely because they were losing money or something. I think in many ways it was designed. I don't want to say it was designed to fail but it was it was it was designed number challenging way which was the big lesson of this was actually insurance is local. These health systems are local. And trying to do it on a national basis with with employees in all different types of locality. all kinds of different systems may very. Well be too hard. I think a lot of the lessons were learned. Have been implemented are being implemented at j.p morgan in areas like new york in columbus ohio. For example. i think you're seeing what amazon's doing remarkably actually in seattle. They're their program therefrom -ployees which also include warehouse workers not just not just executive employees. So i think there are some things that will come out of this but obviously not Not the big headlines that that had been expected three years ago when this began. Let's say amazon has rolled out a lot of different initiatives over the last year or two. I was looking at a store yesterday. That kind of laid out some of those things just the idea of amazon health. The they do it for their employees as you mentioned andrew and i think they have thoughts of of selling that other companies too so i i don't think we're going to see the end of any of these companies or any of these actors trying to get healthcare costs. I guess it's just a question of how you do that. And you're right. It is local. You you've got to do this on a local basis but healthcare costs are are not going down. You know they rise faster than inflation. It's a. it's a huge huge issue More than seventeen percent of gdp and we do have to continue to try and find a way to tackle this
Haven will shut down, ending joint healthcare bid by Amazon, Berkshire, JP Morgan
"Started by Amazon. JP Morgan Chase in Berkshire Hathaway is dead. Executives Jeff Bezos, Jamie Diamond and Warren Buffett launched it three years ago, hoping to transform health care. And reduce costs for workers that their three companies, The Wall Street Journal, says havens goals were too ambitious. It also lost leadership because of the pandemic. You may be paying more for
Haven, the Amazon-Berkshire-JPMorgan venture to disrupt health care, is disbanding after 3 years
"Ventures started by Amazon. JP Morgan Chase in Berkshire Hathaway is dead. Executives Jeff Bezos, Jamie Diamond and Warren Buffett launched it three years ago, hoping to transform health care and reduce costs for workers that their three companies The Wall Street Journal says Havens goals were too ambitious. It also lost leadership because of the pandemic. You may be paying more
Investing in Bitcoin
"All right we are joined today by zach. Prince and ceo of block fight zach. Thank you so much for coming on today. Guys them so pumped to be here. I listened to your show every week for the first time. I've been nervous to go on a podcast public speaking in a while. Because i'm just so happy to be herbs so excited to be the first guest talking about cryptocurrency on the animal spirits. Podcast i think is a longtime Well thank you for saying that. We are excited as well. We actually started this pocket. And i were just talking about this in november twenty seventeen so right into the teeth of bitcoin mania and we'll get into two point out. I don't think it's quite the say manic fever that we saw in december twenty seventeen. But why don't we just start off briefly for those who don't know anything about you. Give us a quick introduction. Who are you zach. The founder and ceo blocked by. I grew up in texas. I was always kind of an entrepreneurial slash math in finance minded kid. I guess i actually put myself through college as a semi professional online poker player so unlike a lot of folks are generation unfortunate to not be carrying a big amount of college debt. I always wanted to work in the financial services industry. But i finished school in may of two thousand nine so i ended up working in an advertising technology startup that was ultimately a really successful venture. We got acquired by google. I spend a little bit of time at google but learned that. I really enjoyed building things and being at smaller companies left google to start another ad tech business that got acquired and then more recently and most relevant for blocked by i was working in the fintech sector specifically the online lending side of fintech. So there was a big boom in that industry appear to peer lending online lending and alternative investing and i worked at one of the companies. That was the biggest aggregation of data provider of technology solutions to institutional investment firms that were participating in that asset class. When i was doing nat i became kind of like the fintech guy within my friend group and i started writing a blog which i don't think rather i just i didn't stay with it as well as the Clogs and built up a readership but writing. This blog is what led me to discover bitcoin for the first time back in twenty fourteen and one of the things that struck me about it initially was a lot of what happens in fintech is just a new front end on top of the traditional financial system. So you're doing something that banks already do but you're doing it with a mobile app with a much better user experience and it's faster and easier. You don't have to go onto a branch when i learned about big like. Wow this is something truly different. You've got a brand new asset built on top of payment network where i can move something around the world. Twenty four seven and it's not using any part of the traditional financial ecosystem. So i was screaming to no one on this blog and twenty fourteen. I think you should be taking a flyer on bitcoin. Maybe it goes to zero. But with a little bit of capital you should be investing in it and then from there kind of slowly and steadily went down. What people in the crypto currency industry referred to as the rabbit hole and ended up starting block five around the same time. You'll start started this podcasts. In the fall of two thousand seventeen to before we get into what blocked by does specifically. How do you explain bitcoin. Someone who thinks they know what it means or has no idea in is never really entered. This base of workers obviously digital ledger been well. I mean i think one of the actual biggest positives about bitcoin. The fact that the narrative seems to change so many times over the years. But how do you explain it to someone who doesn't really know what it is one of the things. I like to start with when i'm explaining bitcoin. People is the best analogy and kind of story. That i've ever heard demystified a little bit and the story is actually about the platypus. So back in the sixteen hundreds explorers from europe. We're going all around the world. They got australia. They found the platypus and they sent some specimens back to europe on the ship and the scientists back in europe rigidly thought. They were playing twisted joke on them. And they're like this animal can't be real. You stapled together a duck in beaver and you're telling us this thing lays eggs like there's no way this is a real animal. It took the scientific community about fifty years to actually accept. The planet was a real animal. Create a little part of the animal classification kingdom that incorporated the platypus. Another funky animals like it but the platypus was very real and the problem that bitcoin is had is kind of this platypus problem in the traditional financial services industry. Where is it. A currency is it. An asset is it. A commodity is security is at a payment network. Well it's not really any one of those things in a silo. It's a little bit of all those things and it's something completely new but it definitely exists and the reaction from votes whether it's jamie diamond or others who are now coming around to it but back in twenty seventeen. They were saying bitcoin fraud. It's a scam. It's only used by folks who are doing illegal activities. Those types of things come from a position of not actually understanding.
"jamie diamond" Discussed on KOA 850 AM
"For as long as it takes to ensure that the recovery will be a strong as possible and to limit lasting damage to the economy. How does concede the direction of an economic recovery is uncertain? Who is going to pay What JPMorgan Chase CEO Jamie Diamond says he's fine with higher taxes on the rich as long is it's on there. Income, Diamond says. Once you start to try to tax wealth over all the calculations of bureaucratic red tape involved make things too complicated, He says. Such policy opens the door to more loopholes, as opposed to just a straight tax on income and Hollywood's top stars working with Viacom, CBS to bring diversity stories to their platform. The company's entertainment and youth group announced the first time Directors program in partnership with Angela Bassett, Courtney B. Vance, Idris Elba, Salma Hayek, Priyanka Chopra, Jonas, John Leguizamo, Eva Longoria and the respective production companies. The deal calls for 50 made for TV movies that will premiere on MTV, Paramount Network and Comedy Central, all headed by by pop filmmakers. And female directors. Mogul Hiss NBC NEWS radio. In our next update, Congress appears for once to be enough on the same page to avert a government shutdown. At least in the near term. We'll have that at 6 12 with money news. I'm David Ko Ko, a news radio. Thanks, David. It's 5. 45 K is here with a look at sports specifically the Broncos as we get ready for Tom Brady and the Bucks, but the fans show He got hurt in the wallet..
"jamie diamond" Discussed on Bloomberg Radio New York
"And there was a call even from the likes of you know that Jamie Diamonds of the world that perhaps it was too much Is this maybe a healthy Pendulum swinging back towards the middle. Perhaps I think we've had we've had that pendulum swing. We're long past that time on DH. I think personally, I think this is going too far. I think that, uh What this represents is steady expansion, the private market, giving investors or certainly giving it issuers of unregistered securities. Access to more and more investors. It's going to be absolutely fascinating. Arthur can't wanted to talk to you about this over the next number of years as we roll out private equity for Ah, The public. Arthur Levitt, the former chairman of the Securities and Exchange Commission, a futures of negative to Dow futures that negative 30 With our news in New York City. Here's Michael Bar Tom Paul. Thank you very much. Oregon State police will return to Portland to help local authorities after the fatal shooting of a man It happened Saturday night following clashes between President Trump's supporters and demonstrators against police brutality. Over the weekend, a supporter of the right wing group, Patriot Prayer was fatally shot. Trump raised the caravan participants as Great Patriots and blamed the city's democratic mayor for the death. Acting Homeland Security Secretary Chad Wolf says Portland is wrong for continuing to refuse federal help in ending the violence. Meanwhile, Portland Mayor Ted Wheeler issued a sharp rebuke. Do you seriously wonder? Mr President. Why This is the first time in decades that America has seen this level of violence. It's you. Who have created the hate in the division. Joe Biden urged the president stop fanning the flames of hate and division in our society. President Trump has sent the travel to Kenosha, Wisconsin. Tomorrow. The White House says he will meet with law enforcement officers and survey damage from recent unrest. Wisconsin's Democratic governor, Tony Evers, is urging the president not to come riding in a letter to Trump that he is concerned is president in Kenosha will quote on Ly hinder our healing. A number of deaths in the U. S from covert 19 has now surpassed over 183,000. But with new research from the CDC, suggesting the vast majority of deaths were actually due to other underlying conditions. Many are wondering about the fatality rate of the disease. Pediatrician, Dr Look, Patel warns that just because 94% of covert deaths also suffer underlying conditions doesn't make the virus any less dangerous. It's not saying that only 6% of deaths are really which is what misconstrued right now on social media. It's a 6% of death certificates. Only in Kobe 19 big takeaway is that vulnerabilities can obviously increase your risk of dying, but also, people should not just being attention, too. Death or no debt. Even if you survived, you could have a long term symptoms or spread it on to somebody else who may have a vulnerability and he died. Meanwhile, there is good news for people in New Jersey Governor Phil Murphy says indoor dining will resume at 25% capacity starting Friday. Global news 24 hours a day on air and on Bloomberg. Quick take powered by more than 2700 journalists, and then a list of more than 120 countries. Michel Barr, This is Bloomberg. Tom Paul Gruber. Thanks so much, Michael, is this why the Minnesota twins exist is so the Tigers could get back to 500. We hit 500 half and half, half of which is that means the Red Sox are like, quarter quarter. Something like skim milk. Good Minnesota twins. I mean, We're supposed to be good. I don't know. It's a strength. Paul. Is this like real sports? I mean, I mean, all of them. You know, Tom, I'll tell you what has been a real winner, which is professional golf. Another great weekend for the PGA. They had one of the big tournaments went right down to the wire. Here's a sport that seems to have gotten it right. Even though their players are traveling all over the country. They seem to have done it on a pretty successful way and They're putting us a good ratings and good tournaments and you know, great headlines. And so you know, it's one of those sports that seems to have done it well In a lot of other sports, I would say that in a bubble Basketball hockey. That seems to be successful. Major league baseball after some early, you know, kind of hiccups doing very well. The big one, though, Come is the NFL coming up? Let's see how that plays out and we'll see how that goes. Here. S O B. Sport is well headlines just out. This is Adam Posen and conversation with the vice chairman. The Fed Richard Clarida speaking and Peterson Institute and he makes very clear negative rates are an unattractive policy option.
"jamie diamond" Discussed on Real Estate Coaching Radio
"A company now if you're buying Coca Cola, if your bike some company that's been around forever, it's probably pretty damn good. Bet that people are going to stop drinking coke, no matter what the economy's doing but a lot, but in essence when you're buying index funds or stocks and mutual funds. You're buying on the belief that the company you're investing is going to be worth more tomorrow than it is today. That's what it is, so does it make sense for you right now to be believing? That's true that the companies that are out there right now, making more money and the next. You know three to five years. I don't know neither Jamie diamond, but here's what's happening. Is the Fed and this is what's really causing an interesting something that's never happened before well, at least not at the scale, the Fed is going in there and buying what needs to be bought and keeping prices up in order to keep the market from correcting or to keep from being a stock market, crash or a real estate crash, and so would you see the how what's happening is the. People that are buying and selling stock and whatnot. They are literally banking on the Fed continuing this behavior. They're assuming that the Fed is going to continue to purchase. More securities more sort of you know things that are going to keep their assets from depreciating okay, so the same thing is happening in real estate, but in different ways so by allowing people to do mortgage balances, which frankly again I know, this is not. This is a conflict with Jillian. Ice Core belief of libertarianism primarily, but if you think about it, I think frankly keeping people in their houses because a lot of these people. People are going to would fall so hard because they're not going to fall back into unemployment. They're not some of the to get rental. I mean it's horrible. What's happening right now? And it's being under reported. Just look at the numbers. The numbers will tell you the truth, but what you're seeing again is you're saying the government again? Interference or interferences? A good worker about were got some you know. Run that through your own. you know word check, but interference in keeping the housing market from correcting. They're keeping the stock market from correcting. How about this one I?.
IBM's Ginni Rometty is stepping down as CEO
"In corporate news. IBM says its longtime CEO. Genie is stepping down effective April. Sixth Rometty has served in that role since two thousand and twelve eight years Arvind Krishna. I know it's been tapped as her successor. IBM says remedy will remain executive chairman through the end of the year the stock rising on the news. Oh here's a look at how. IBM shares have performed under remedies tenure. In the eight years but she will have been there through that time under the during that time we could see right there. It's down by about about twenty three percents it's been a a saga and it involved. It involved massive turnaround people like Warren Buffett. Who probably I believe when he was in the stock and I I've had some other people? I guess I won't go into people that all along said look. The revenue is not is not rising zing. And it's not goodbye hit other people and I think Jeff's Asana thought it was gonNA come out and make the case. It was very difficult to position. IBM for the future is in a difficult spot. Somebody said to me you didn't think about it. Initially someone said Oh. Is this a laugh glass cliff situations and I said I don't think so from you know they talk about. Sometimes when women are put in positions of companies how position on fixable position with Yahoo far they wrote articles about Mary Barra being put in this position. GM borrows done very well or this is at the time when she got the job. You would have never known how difficult it was ask. Because their predecessors appeared to be rockstars and yet they really left her holding the bag the whole time was trying to get rid of what she called. The was at the calories Sir revenues revenue that was not profitable and that was not going to be. This isn't even trying to transition like a Microsoft future. which was when did that camera? Nineteen eighty eighty or something this the fifties and sixties in big blue and John Acres and it had had to be repositioned a couple of times. Already Gerstner I had to come in Palmisano. Had to come in and turn it around so I mean have. IBM to even know what it is anymore. How about digital equipment? Anyone remember member digital equipment. How about data general about signed computer? How about what was that? Novell remember the biggest high flier in the world was novell and they're just totally elite. It's been tough and there are some people that think with Whiter. Seren Red Hat. Maybe it's position well for the future so I don't think we can. We can talk. I take away. Yes sharing that in Sonnenfeldt said that's not the first time journal says that's an interesting issue but how to measure her tenure. You're by the way you should. I mean you probably have the same emails than I did. There's so many people in the CEO Community who love her Jamie diamond. Tim Cook I mean the list goes on and on I think talking do. She's on the show. This is round table with Jamie but in terms of measuring her legacy legacy. You're either gonNA say she kept the company alive at a time when it was a real struggle or if you if you have a less generous view she didn't do what you what could have done so counterfactual I mean you really have to think you're in a position to take one of these legacy company that has a mainframe in frame or whatever it was. There's a lot of examples of companies that do something in the old days. They didn't become facebook Google. They didn't become even Microsoft. They didn't try new. Oh companies seem to take that man with guys in the guys in their garage. Just tell del there in the garage and they figure it all out under subtly. It's even better than the previous thing and even have. IBM still around in playing in the cloud as a viable competitor. And I don't know I don't know how to measure.
Capital One is sued over data breach in proposed class action
"That Capital One that data breaches is a Biggie right sharing yeah we're talking about the personal data of over a hundred million of people possibly hacked into this is an unusual one because there's an actual suspect in this on a lot of times they'll tell you you know there's been a security breach of their spent hacking and they they don't really have an actual person or a name or a suspect on this and this one falls a thirty three year old woman by the name of page Thompson who left an online trail that you know made it surprisingly easy for a federal investigators to track her down and figure out who she was and actually charger with this she used to work at Amazon web services which is the the big host of a lot of a lot a lot of companies including Capital One the database it was breached this woman belong to several different chat rooms and she was in a slack group where they talked about packing companies and basically she actually said I've basically strapped myself with a bomb vest dropping Capital One docks and admitting it so federal prosecutors got scratching their head when it comes to that when it comes to actual consumers those of us who might have Capital One credit cards in our wallets even though the personal data of over a hundred million people was affected by this Capital One is saying that the you know ninety nine percent of those nothing got out and a hundred and forty one thousand people they've had their social security numbers looked at eighty thousand people had their bank accounts looked at so it is a lot of people but it's not as many as it sounds like from that from the opening offset yeah so when you boil it down those you know hundred forty thousand with the so should on an eighty thousand with a bank account on you know that information out there the recourse is they're going to offer free credit monitoring service and then if it gets rocky they'll take care of you how they play that right right if you go to the Capital One website you can just Google Capital One cure credit hacker even Capital One and there is you go to the website at the very top there is a link there that says information about the recent security breach and they've got a long list of you know who it involves how much involved what they're going to be doing they say that they will notify individuals through a variety of channels according to their words are considered to make free credit monitoring and identity protection available to everyone who is affected what you can do now if you you know you're one of these people are not keep a close eye on your bank account if you do it online do it from a secure wifi location don't do it from an open why fight location think about getting additional security protection LifeLock one of those things I mean if you can it's like you know ten Bucks a month or something like that you might want to do that for a while and just sort of keep an eye on what you've got going because you will be able to talk to Capital One into the folks there about what happened what might have happened one more quick thing to keep in mind the a lot of the people who had a hell or hacked into were filling out applications for secure a credit card to what that is is the credit card you have to put a certain amount of money down so that you can even get Dale a credit card to use do things like rent a car and things like that so those are people who already had the credit that was questionable okay now is this that might make it even doubly worse for them so keep an eye on it you know me keep an eye on your bank account make sure you're looking at it make sure you're monitoring it to at all times because that could really hurt to people whose credit was already heard in the first place yes from what I read it went down on July nineteenth so you know July thirty eleven days later we're learning about it this seems like a quicker turnaround than most of them yeah exactly Capital One found out about it what they did was they didn't release at all all right away they actually to the feds and said look we think this is going on to them they use those ten days to get that to to catch up with this woman and the woman was pretty brazen online she's saying all the stuff that she's doing it but you talk about anybody in the financial services business they almost constantly or talking about how much money they're spending try to stop the security test Jamie diamond recently saying eight you know that that they spend six hundred million dollars of his company you know trying to stop these credit hacks it's something that they're constantly monitoring constantly keeping an eye on it it's not going away so just figure out a way that you can keep your information safe
Jamie Dimon and other CEOs sound alarm over trade uncertainty
"There is a certain amount of public service journalism to be done on the American economy as we come up on the halfway, Mark of two thousand nineteen the headline numbers are good consumers are confident and yet and by yet, I mean, trade because everybody from fed chair, Jay Powell JP Morgan CO, Jamie diamond to the farmers and ranchers and business people we talked to on this program. They say we don't know we just don't know what's going to happen, big picture. So with the acknowledgement that we cover a lot of trade news on this program, which we know it can be hard to keep track of which tariffs are on which ones are coming up in which ones we thought were about to happen, but just kidding with all of that is, backdrop the word you're looking for here is uncertainty business. Roundtable chairman Jamie diamond the aforementioned CEO of J, P, Morgan said yesterday, quote uncertainty about US trade policy is one of the reasons why the group's economic. Forecast was fine. So let us now take a step back from what is happening in trade and look at how not knowing what's happening in trade is showing up in the economy. Marketplace's Kimberly Adams has that one for big companies, there's confusion over how to keep global supply chains running can decide here as vice president at trade services company Livingston international. I've been in the industry thirty seven years, and I've never seen the last two years as it has been just so many unknowns. She says many companies have multiple just in case plans, identifying some of the risk in order to really safeguard their supply chain and curb any potential disruption. Small businesses can struggle even more Kimberly Elliott at the center for global development, points out many have to place orders far in advance to they place it in China? Or do they try and find a different supplier because they don't know what the price is going to be in for a small business. That's really a serious problem for consumers tariffs are already showing up in higher prices for things like washing machines. And with more tariffs may be coming. Some people are strategizing, for instance, our cars, getting rather old, and we need to replace it, Catherine Russ admits her job as a trade, a communist at the university of California Davis, maybe shaping her perspective. But when it comes to possible future tariffs, I don't think I'm alone in thinking that at might actually have an impact on my budget, and that maybe I should speed up some purchases that puts the trade expert in the same boat as the rest of us were all pretty uncertain in Washington. I'm Kimberly Adams for marketplace.
Mighty Caseys Home Run
"How are you, Chris? I'm not quite as rested. Yeah. I'm not as tan. Thanks for bringing the main weather with you. It is fantastic outside. It is gorgeous out. So and here we are in a window through. I know let's make this quick. We're going to dip into the full mail bag. One company is having trouble finding a CEO. So depending on what your resume looks like we may have a job opening for the dozens of listeners. Let's start with some earnings from Casey's general stores and by earnings I mean blow out earnings starting with the thunder. Are you Chris had really is Casey's general? The stock is up eleven percent attending an all time high. How good was this quarter? It was really it was a really good quarter. I mean sixty eight cents versus fifty one year ago for the quarter five dollars and fifty cents for for, for the year versus three eighty one for a year ago. The stock edgy said up ten percent and all of this came in the environment in which I think the thing that people were surprised about is that it's one of the things that Casey's does one of their big revenue items gasoline sales, and it's been kind of cruddy environment for selling gas right pricing. Hasn't been there spreads haven't been there. So for them to come in with a quarter like this. That means. Their front of store has just performed magnificently. That was the thing I was thinking about when I was taking a quick look at the results, and I just and this is not a apples to apples comparison. But I thought of Costco, because every time Costco reports earnings, you know, the gasoline is part of that question, but it really does seem like Casey's general has. Through no fault of their own invert put pressure on Costco in anyone else who is in that business to basically say, hey, look, you don't have to be victim to the whims of past prices. If you are really getting it done in the front of the store. Do you have you been to a Casey's? I've never been to a case so you know what they're about. Right. So folks here on the east coast probably familiar with wa wa or sheets cases kind of like that. But in the mid west. And so, yeah, maybe they've put Costco under a little bit of pressure, but they're really, really putting pressure under fast food restaurants companies, like McDonald's that have dominated the, you know, the travel food market for for such a long period of time. And I mean there are multiple stores. I mean I would love to be I mean while might be at the top of my list for companies that I would like to invest in that don't exist. But, you know, are there that you can't not the doesn't exist while was a real thing? But. But Casey's is a pretty good alternative. I mean, there's circle K. They're seven eleven even but Casey's may be the one that is most similar to a while her sheets. When you look at the stock hitting all time, high is it pricey because cases general, is one of those stocks that in good times, and bad has never really struck me as being pricey. No, it's okay, it's, it's a little pricey. But given compared to what else is out there in the market. I mean beyond me trading at a price to sales of thirty four I think we're fine with Casey's. I mean Casey's Casey's food margins, the margin of their store spectacular. This is a really really, well run company and it's really taking share from a lot of the quick serve restaurants. The particularly again is we get out into the travel season. You know, over the summer. I you know, I see good things for this company, they're gonna start to run up against some real competition, particularly as they pushed the east, but nine thousand nine hundred stores they know what they're doing. Let's move onto the latest in the US China trade war, and the latest hook from from the Wall Street Journal involves Foxconn which has come out and said, Foxconn is prepared to move apple production out of China. Yeah. And not only are they prepared to they could do it. They feel like they could do it rather quickly with without any disruption. So Foxconn one of really interesting things about this article was that they, they noticed they noted that the company's been public since nineteen ninety one, the actual name of the company is Han. Hi precision. This is the first investor conference, call in meeting that they've ever had the first one. Why do you think they why? Well, part, part of it in one of the reasons that they did this was that the president and founder of FOX cons guy named Terry, go is running for president of Taiwan's. We has to step down. So they're talking about some of the. Some of the issues having to do with, with leadership transition and such things. But they took the opportunity to say, by the way, we had been up in Wisconsin for nothing. We don't have massive facilities in Vietnam in Mexico in Brazil, and even Japan for nothing. We're ready and we've been thinking about this for years as the advantage for manufacturing in China has declined. So in some ways, it's almost, you know, the thing that fascinating to me in this talks about how pragmatic these, you know, the, the Chinese and the Taiwanese are with each other. It seems to be entirely uncontroversial that the potential next president of Taiwan is one of the largest employers in China. I mean, that's not even something that they're really even you know, they're not even really talking about. So. Yeah, I mean, this is, it's just interesting to see the ways in which global trade and global manufa. Lecturing are shifting based upon the potential for a long, protracted trade war. Does that automatically mean that the price of the next generation of iphone is going to be higher as a result? Let's say this act. Opposed to what? That's well, that's fair. Yeah. But, but if you're someone who loves Apple's products and you see this headline, I think it's reasonable to ask the question, wait a minute is stuff going to I? I apple has always had pricing power are gonna have even more now because if they're moving Foxconn is moving production out of China, Maya sumptious is it's going to cost more to build the iphone in Wisconsin than China. Yeah. I don't I actually I don't think so. The iphone and the ipad, particularly the iphone have had such huge margins that the manufacturing component. I mean it's like it's like if you have to spend a little bit more to manufacture pharmaceutical that doesn't really have anything to do with the price that they're able to charge me. They have really, really found a way to find to price it at the point in which, you know, the customers would still consume. So I don't I don't really think that this is an issue for them. I mean it could it could impact margin just a little bit. But that, that margin is already being impacted by by virtue of the fact that these things are being manufactured in China under under a new tariff regime. If you're. Looking for a new job? You might wanna check out the job offerings at Wells Fargo which continue to include the CEO position monster dot com may have this listed Wall Street Journal, reporting that Wells Fargo shocker is having trouble getting some of the top executives in the banking industry, interested in the job at wellsfargo, it's hard not to have just a little bit of shoddy in for about this as poorly as Wells Fargo has behaved over the last several years. Oh, yeah, no, we're definitely going to have a little bit of shot in for, you know, who else is Jamie diamond. Yeah. I like the Jamie diamond last month took a shot at them average, and I'm quoting here, he was at an investor conference and said, it's not responsible for a company just my own view to have a CEO leave with no plan in place. I don't personally understand that these referring, of course, to not just a company but a but a sustained. Important bank. Absolutely. No. Absolutely. And you know, I mean put aside. The issues that they have at the fake credit card accounts, and all of the cultural issues, although that all of those things lead to where they are right now having trouble filling this spot. Yeah. But he's got a point. I mean he shop at he's got a point that, if you're the board of directors and Tim Sloan suddenly, walks out the door. You gotta be ready. It's baffling to me that they didn't have an emergency break glass plan in place. Not saying Tim Sloan was going to leave, but they had no idea what they were going to do. So what they've what they've ended up having to do. They've gone out. They tried to get the CEO of PNC guy named Richard DEM, Jack. They went after Gordon Smith from J P Morgan, they've even gone after a guy name. Richard Davis, who was the former CEO of US Bank or Bank core. Who is now the CEO of the make a wish foundation and all of these people have said, no, we're really not interested because I mean for one thing they had to each watched, you know, when the Senate banking committee, just absolutely torch, Tim, Sloan and said, that's just not worth it. I mean this job really, really must be toxic. And there's fairy little to see in Wells Fargo Fargo's future because of caps, that the Federal Reserve has put on the Bank any type of turnaround in the Bank is years into the future. Well, and if you're Gordon Smith JP Morgan, if Jamie diamond ever decides it's time to ride off into the sunset Gordon. Smith is on the shortlist of internal candidates to replace him. So why would you leave is? And he has he has, I think the number was fifty million dollars in deferred compensation coming to him just remaining where he is which, you know, good for. Him. Would must be nice. So getting him would be quite expensive. And they really this has to be a good hire for for for Wells Fargo. So I can take why they are perhaps going slow. But the fact that they didn't have a plan in places is perhaps unconscionable. And also, perhaps demonstrative of why no one wants the job. Is it a given that it's going to be someone from the banking industry because obviously industry expertise is important, but they still have cultural problems in Wells Fargo. I think I think the answers, it's a fantastic question. I think the answer is. Yes, simply because. Yeah, they have the cultural issues to solve. And maybe that is a higher. But the bigger issue that they have is that the regulators and the Federal Reserve are down their throats, and I don't know that a non banking person would necessarily have the tools in place to be able to navigate those issues are Email addresses, market fully at fool dot com. Got an Email from Andrew who writes, it was great to see and meet many of you at full fest last Friday. Thank you for all that. You do your research inside humor makes investing enjoyable and time efficient. Thank you for that, Andrew. He goes onto right? You've certainly made me smarter happier and richer, as well as annoying. My wife when I walk around the house with headsets on listening to your podcasts. Andrew. We downside. We appreciate. The nice comments there. Don't don't unnecessarily annoy. Mrs just. No. That's, that's a self-inflicted admit it. Yeah. L which, I mean, what did you think we were going to do with? So also, we don't want any residual blowback from Andrews white. If we don't want her being, like, hey, you know, you are making me, certainly less happy. I know that's not good yesterday market fully MAC and Jason Emily talk a little bit about full fest. Our biggest event we've ever had and. One or two things that stand out for you in terms of highlights. Well, I was I had a wonderful conversation with the CEO of upward command named Stefan, casserole and just listening to him, really describe the issues around the, the gig economy around around contractors and how nearly thirty five percent of all Americans do actually have our temporarily employed in some ways a lot of whom were by choice. And I'll be honest, I think about business a lot. And I think about the economy in the way things you know, try. Things are progressing lot. But he brought up some really, really interesting concepts just in terms of the power of the worker now and the fact that perhaps the relationship between employer and employee is breaking down and maybe actually in some ways, it should that was I didn't catch all of your interview with Stefan, I caught the second half of it, it was really great. It was very enjoyable. I just say this every year, about full fest, but it's always so great. Just a meet people talk to people and get a sense of where they are in their investing life. Some people are just starting out. Some people are younger. Some people are older NAN, they're starting to think about their kids and their grandkids and sort of setting, you know, ways to pass on the love of investing for them generations. And, and it was it was just great. I do love both of those constituencies. And you at some point it becomes it becomes so. So fun for us. You know, I, I look forward every time to for example, seeing the Morgan's north family from North Carolina who come to each and every event, and they're, they're just lovely people, and you get a chance to really interact, and they see these things that are meaningful to us, and we'd like for you to do more of and carefully. People say, you know, maybe do a little bit less of this, or a little bit different. And so I can't even you know, I can't even begin to describe how valuable those interactions are for us and I do do love when, when folks bring their you know, their kids, they're, you know, their college age, you know, young adult family members and guests just seeing them begin to understand, because they have the biggest advantage of all, you know, they have all of their earnings potential in front of them, and they have so much time. And it's I mean, it's it is a wonderful that tonight, enjoy each and every year it was great. So thank you to everyone and all the, the listener. Who came up now both of them both. No, no. There were a bunch of because they're a bunch of people come up. And they're like I listen, here's how I listen here's when I listen now, and then there are people who come up to me and say, do you work here? Can you? What time is lunch? Where's the coffee which is a good question for you? Can you introduce me to Andy cross? Bill man. Thanks for being here. Thank you. Chris, as always people on the program may have interest in the stocks. They talked about in the motley fool man formal recommendations for against so buy or sell stocks based, solely on what you hear that's going to do it for this edition of market fluids show is mixed by Dan void. I'm Chris hill. Thanks for listening. We'll see you
Chinese companies brace for tariff hike as trade talks begin
"DC, President Trump says China broke the deal what they do. Yeah. Well, the accusation is that China reneged on some of the commitments that they made at the negotiating table the Chinese denied that for the record. But there's definitely been a shift in the last couple of weeks. It's looking increasingly unlikely that they're going to reach a deal in the next few hours. And if they don't well, regardless the US says that they're going to raise tariffs on Chinese goods at twelve o one tonight tonight tonight. Okay. That's right. It is Thursday. And he's going to do it at twelve one Friday morning, especially and something that you just said Robert lighthizer who is the top negotiator. And this has been calling lawmakers saying, yeah, don't don't count on this deal happening. Why call the lawmakers why give them a heads up? What happens next with that? I think it's just entered a really political phase. I mean, this this this trade where was always political. I get the feeling with people pivoting to twenty twenty the president trying to get a win especially in economic win that has become more political. And we saw that this week when the the president said that China would would rather negotiate with with a week democrat. So I think that it's become hyper politicized. And you know, whether there's there's there's two issues whether there's a deal in the next two days, and whether there's ultimately deal, I think Wall Street is still expecting some type of deal at some point Jamie diamond said this week that the eighty percent chance Goldman Sachs is is is echoing that view, but we could be in for rocky ride until that point President Trump in that bite that we played at the top was talking about hundreds of. Millions of dollars coming in through these tariffs. China's not paying that. That's right. That is a that is a misunderstanding clear that up for us. Yeah. Well, it's not China that pays those tariffs. It's American companies in the US that import Chinese goods into the country. There's also the broader issue of whether tariffs are helping the economy. I mean, there's little evidence that that is the case. I think the president believes that you know, they do help bring production back to the US. But there's no question that it is hurt business confidence. And it started to have an effect on not only the US economy. But also the global economy, I wanna talk about that a little bit more with you the on. There's a headline on the Bloomberg terminal about the president's plan to China tariff hikes could cut US growth in half. Which is exactly what the president doesn't want. That's counterintuitive to the whole plan behind this. Yeah. I think that that's probably on the severe end of the spectrum in terms of forecasts. But yeah, there's no question that if there's if there's an all out tear for we'll have an
United States, China And Goldman Sachs discussed on Bloomberg Daybreak: Europe
"Weakness the weakness being caused by ongoing concerns around trade tensions between the US and China, we have the Chinese delegation now on their way to the United States can they achieve over the next two days will the United States go through with this threat to put on these extra terrorists, and how will the Chinese we tell all of that very much front of mind. Full participants in markets with ASI minded testing to see that we all week on the oil prices. Well, so that trade tension stories he has to be outweighing concerns around supply in Venezuela and Iran and went down by more than one percents on brands and more than one percent on WTI. The yield on the US tenure two point four four percents. Is it a question of the yield just being too low to attract buyers? We saw very weak auction for you as ten years over in the United States in yesterday's session. The dollar is pretty much flat. And we talked many times about a lack of reaction in FX markets to the trade tensions. We did. See react. As I say to the geopolitical tensions just announced by Yonhap in the last half hour of money going into the yen where four cents stronger fully end against the US dollar one nine sixty seven is where we trade down there. But it is a day where we've got some outperformance in some individual stocks in their earnings reports map. But generally speaking, the story is one of concern around trade, it is for sure and to talk more about that. Let's bring in Lukic more from Aberdeen asset management out of Edinburgh. This morning. Sorry. Are we not doing kick-me overnight? Let me let me assist. I'm having a flashback to TV yet TV appearance. We joined in the studio by Bloomberg opinion, columnists, Marcus, Ashworth and markets live editor, Heather Burke. Thank you both for joining us. So President Trump saying overnight on his in what seems to be a campaign rally. It's nearly twenty twenty after all after all the China broke the deal am coming to you on this. I mean, how is the market positioning itself? What we're going to see or not see the next couple of days. If to know what is priced in is this going to be treated as sort of binary story by market that we get the tariff. So we don't get the tires, or is it going to be more complicated than that. Obviously, it'll be more complicated, depending what happens over the next twenty four to thirty six hours. But the clear takeaway is that markets are pricing. More risk. Chinese stocks have been declining European stocks declining futures declining the big story for equities this year, especially in the US and Europe has been this continuous rally amid low volatility and a lot of that was trade driven that there were was to be a deal and with volatility ratcheting up Goldman saying, listen, I probably terrorist. We'll come in the markets are increasingly pricing that there will be negative trait. Headlines that are pricing in and our position cells accordingly. It's interesting because Jamie, Dimon says eighty percent chance that a trade deal gets done. Goldman Sachs says don't count on it Marcus is this because I mean, Jamie diamond was yesterday. Goldman Sachs today. Relearning more that points towards the disintegration of trade deal. I'm not sure we can ready determine all the way. I it's literally up in the air. And I think that clearly the tactics the Chinese use have been seen before I think it shocked the Trump administration Hoover act. It's actually not immediately. They took a little while to react quite aggressively as playbook and the Chinese are still coming which is the good news. The question is what they come bearing gifts and go back by ski to the original text, which the Americans thought that that go pretty much squared away. And whether or not they can actually in the next two days coupled together something which is gonna make this deal. Fi. Obviously the whole rest of the world is on and really you. Look oil currencies and everything is is dependent on this. Even the US treasury option, which went badly was pats. Because perception that China hadn't turned up for it all these things the whole world is is interesting is because it does it is. It's a story. Well, obviously, it'll be a big story of China really didn't turn up to the to the ten year ocean. But it seems that he even the expectation that maybe they don't show is easy enough to put off his off is how this a look at the average the was pretty much a foreign buying which is putting looking at the right bias increase in the last few years you've seen a motoric buying options rather than. Straight through the data's additionally China leads that so all right buys. It was pretty much on average. But I just think it made people realize that this is any way that China compacts can fight back east by buying treasury bonds, even that self home because of the much them nonetheless. There is always that fear that the the foreign ownership. Treasuries has been steadily fooling it'd be much more reliant on domestic buying but yields have dropped significantly. They were you know, year ago or so in the sort of three hundred seven we'll hit comes through a half a now with that load two and a half percent ten year. There isn't this isn't a bog down here that full ever going to get a bit of a boss right now the cover was over two times. Let's not get too excited about it. But it was the worst metrics for ten years the ten year old AMI the today. So it's just a
Chris Bond, Austrailia And Congress discussed on Smart Investing with Brent Wilsey
"Post was while while while the jobs report. Yeah, I mean, it was just phenomenal. When you look at the numbers there. And you know, I said yesterday just seems like. You know, everything that we were worried about the beginning of the year. It's like gosh. And we said it I mean, not that we have a crystal ball. But actually do Chris bond. The office doesn't really work all the time. A picture that. But you know, you're saying gosh, everything that was going on December January just seemed like so over done it. Absolutely, no sense. And then we get a strong GDP report. We still see consumer confidence comeback. We see people buying houses. Again. I mean, everything seems to be going. Well, and now we got this. Great jobs report that came out yesterday. Yep. And let's talk about that. Again, we had average monthly gains two hundred five thousand a professional business services. Gosh increased by seventy six thousand instruction up thirty three thousand let's find some badness report. Okay. Bad thing import a year over year earnings up three point two percent. Miss at estimate three point three. You know? So that's the only negative. I could find in. That report didn't give the headline number yet. Which was you know, the economy added two hundred sixty three thousand jobs in April, which was well, the estimate of one hundred ninety thousand and also the prior two months, they were revised up by net gain about sixteen thousand lots of positive here that keep saying wage inflation. I think is not going to really increase point two percent is still very good. I mean, still above the target inflation level, it doesn't necessarily translate directly to inflation. But e wage inflation typically, that's going to trickle down to typical place because people are making more money. So then cost good services. You can increase that. But the thing is with the jobs continue to increase at the rate that they are. Well, I keep saying somebody is willing to work for eleven fifty versus twelve dollars. Yeah. You're not gonna have runaway wage inflation until that labor market really fully contract at know. How? Continues to grow like this. It's phenomenal. And you bring up the growth on point out four or five years ago to have this growth was I don't say it was easy. But it's okay. We get it. Because back in two thousand fifteen point was five point seven two thousand fourteen six point six to add this type and bring unemployment down as little bit easier. This is just phenomenal. How this is being done. Because again have three point six percent unemployment rate, which is what it is now and to add as prior to that two hundred sixty three thousand jobs that just shows how strong economy isn't how strong jobs aren't again, we pointed out back in two thousand fifteen two thousand fourteen there are a lot of temporary jobs jobs. These are good jobs like in construction high paying jobs professional business services. I mean, these are good jobs paying jobs at a primer jobs, not temporary gone next week. And you'd have on flation inflation is low around two percent. So it's not bad in your your wages grow. A real return of one point two. Percent. Yeah. And it's really good for the commun-. You know, I I don't see anything that can really take this down. And Jamie diamond said that really there's nothing that can there's no end in sight, really four recession right or for this economic expansion. And I mean, yeah thing that's going to bring it down is going to be some unknown factor that nobody can really see. And I think it'd be like a major war career goes off grazing. Something happens, actually, stop it. But just no circumstances. We should do fine going forward. And I mean, you look Austrailia they've had an economic expansion for almost thirty years. So it is possible to really continue to expand. You don't have to have a recession. Sorry. It's been ten years. You gotta stop. You're not. No, it depends on what's going on. And I think what's happening is everyone's working hard. Well, sesame those in congress, you know. But they're happy. They're buying and a good strong, Connie people feel most people feel
"jamie diamond" Discussed on WAAM Talk 1600
"And thank you for that gorgeous introduction. So well, thank you for all that you do now. Helen. I was watching FOX business news last week. And they were in Louisville Kentucky as the lead off to the Kentucky Derby that ended and they might have called it. The Kentucky goat rodeo the way the whole thing ended yesterday with the disqualification of the leader. But but marina, your your friend who who interviewed Maria. Did you see this interview, by the way that I'm about to speak? Okay. Okay. Okay. Are you sitting down? Yeah. Okay. So Maria Bartrum Romo was there in Louisville interviewing I don't know whiskey people in that and who happened to come by for just an impromptu interview. But Jamie, Jamie diamond your buddy our buddy, right? So he's there at Helen. He's talking about how how people have to be more accountable, and how our country would be better if while people were more accountable, and trustworthy and how he really support. It's women in the workplace and honesty and integrity. Helen. I all I thought of was I hope not watching this because poor Helen's gonna have she's going to have a stroke if she watches this is ridiculous. So brings me to this week as you know. And I sent you the emails there were five hundred and fifteen websites that were identified. As being unreliable bad people by this Merrimack college, actually, one professor at Merrimack college who has a organization called open source whose website is one blank page. There's nothing on it. She identified these five hundred and fifteen websites was then picked up by the Poynter institute. There's bastion of journalistic integrity. That is funded by George Soros and a guy.
"jamie diamond" Discussed on The Paul Finebaum Show
"I think there would be a lot of attractions, and I mean, the the chance to maybe prove himself yet again, we'll probably be strong. But I I'll be honest with you. I've talked to him in a little while. I don't know how happy he really is doing what he's doing. And he's about to get back into television again with a competing network to you guys. So we'll see where that goes. That's where he was. We'll have state found him, obviously, what was that eight years ago. But as I like that I like him that one year he took off from football is more like a sabbatical in fact that he was. Retiring. I mean, he just needs to get his his batteries recharged. And refigure some some things out which he did. So I'm I know I'm talking to all the way around this Bush because I I wouldn't rule anything out. Tim. Even at this point in his career after the the difficulties that experience in Gainesville. And obviously most recently, do you think do you feel like he would still be valuable hire someone who could win a national championship? Yeah. I think it's just a definitely works in the sense of winning football games. And and recruiting. I mean, the recruiting what it's all about you know, that Paul. I mean, you know, we like to like the team you're talking about southern California. The main reason they haven't gotten back to where they want were is, you know, they haven't quite stockpiled the talent like they had in the past. And you know, what he did it Ohio State and the legacy leaving a high state Ryan day is going to enjoy is not pile of talent, you know? And and number two, I don't know. I mean, the thing about urban is urban urban as a way of staying fresh. I mean, I'm talking about from a football standpoint. And and the one thing he does miss. I'm sure he misses and still tries. Sure, I'm sure get around. It a lot is he, you know, the the the relationship you have with players and stuff is real for these guys. I mean, you know, people like pooh-poohed one way or the other, but you know. That's that's really what keeps you young. So to speak, and and I think that's probably what he misses more than anything else. But you know, there's nothing like being on the sidelines with a with a juggernaut that you put together, you know, and you're trying to get into a national championship. I don't be people in life ever gotten to experience that talking to to Somme about urban Meyer. Tim, we know he's doing TV. I thought I saw something about him teaching. A course do, you know, anything about that? No. I don't really think about the chorus yet. I haven't been invited to attend that matter of fact, that way understanding he didn't really want the media in round because he'd want he wants to turn into a circus. I mean, he was serious about what he's doing. You know, we'll see where that goes. You know, it's. In essence, it's about you know, the way understand is, of course, on ethics at cetera and about coaching and things like that. And you know, and I know some people had their questions about him at the end of the at the end of his tenure and what went on last summer. But you know, as you not talk about on your show several times there were a lot of size to that coin. And and you know, he really really enjoyed developing this program, call real life. Whereas Ohio State, for example, we both people in from all walks of life. You know, Jamie diamond of you in guys like that to talk to his team about life about life after football. And my my dogs out disagreeing with what I'm saying. But that's the way it goes..
"jamie diamond" Discussed on KTRH
"Houston's morning news continues with Jimmy Barrett. Ten Shera fryer timelines coming up here in just a couple of minutes. But I, you know, this is is one of those stories I love to report because I get tired of looking at all the headlines wondering when the next big recession is coming or win the next big Dow downturn is going to be when we've had nothing, but great economic news, low unemployment a lot of folks seeing raises a lot of very positive things have been happening with the economy in nobody ever seems nobody in the mainstream was talk about but J P Morgan Chase. Ceo, Jamie diamond was on FOX with the FOX business actually with Maria buckle Romo talking about the economy. He doesn't see any recession coming the American consumer. They're bound sheet. Their incomes are going strong. Not weak more people going back to the workforce. Which is good thing companies. You're in very good shape. Profits are good Catholics is still going up business and consumer confidence high levels house in short supply tailwind other than trade. I'm not sure it's going to stop it in the next year to say, no, you could actually have a pretty good environment for while. So you don't see a recession the next couple of years. Don't okay. You know, he was like a regular visitor to the White House in president under President Obama. You know? I don't understand. He's keeping his business from his politics. Most well in most in most bankers have tendency to play both sides. The one thing they all have in common with each other that they all want to keep government out of their businesses much as they can. So they've both sides playing the plane. The odds of who it is you're going to be dealing with next. And they've been pretty successful at it for the most part six fifty one now time for traffic.
"jamie diamond" Discussed on All In with Chris Hayes
"In the CEO's of seven of the country's biggest Bank for questioning and well take a listen at how that one the would perceive that the seven of you have something in common, you appear to be white men. I may be mistaken if one among you happens to be something other than a white male. Would you kinda extend a hand into the air? Kindly let the record reflect that there are no hands in the air. And that the panel is made up of white men. This is not a Giora tiv-. You've all 's sermonizing to a certain extent about diversity. If you believe that your likely successor will be a woman or a person of color would you kindly extend a hand into the air. No hands raised and then the bankers had to face congresswoman, Katie Puerto or the freshman from California who's proven herself unafraid to take Wall Street task. Let's just say Jamie diamond had some trouble with their questions specifically about the ones about numbers. And that's thing to in sixty seconds. Freshman congresswoman, Katie Puerto of California literally wrote the textbook on consumer law. So it comes as surprise. She was ready to school J P Morgan. Chase. Ceo, Jamie diamond today on the hill. She used the example of a real job listing for teller at one of his own Bank branches, offering sixteen dollars and.
Are we talking about GE or GM?
"That Tuesday, April nights. Welcome to Mark Tillery. I'm Chris joining me in studio today from fam- fund, a proud graduate of the university of Virginia law school Bill Barker. Congratulations to your Cavaliers. Thank you. Thank you very much. It was good run heck of a run and we've got condolences to our colleague, Mike Robinson whose Texas Tech grad who's at the basketball game last night. But congrats to. Metropolitan our colleague, and the many UVA graduates who worked here at headquarters. Lot of lot of orange and blue around the office today a lot of people fly in the colors. Why not they should? Yeah. Yeah. I mean, we're is a Virginia company. That's true. That's true. People don't know that. And let's face it. When it comes to major college sports, you're probably going to have a better shot at winning national title with your law school than your undergraduate alma mater, time will tell I guess, I guess we'll say we're going to dip into the full mailbag. We've got news from the healthcare industry the packaged foods industry. Let's start with this get the popcorn ready because on Wednesday. The CEO of the biggest banks in America are heading to Capitol Hill to testify before the House Financial Services committee. The rundown is Jamie diamond from J P Morgan Michael bat from city, David Solomon from Goldman Sachs, Jim Gorman from Morgan Stanley, Brian moynahan from Bank of America will get to Wells Fargo in a second coincidentally or maybe not coincidentally Bank of America announcing today that the company is raising the minimum wage at its company to twenty dollars an hour. And if nothing else the timing of that announcement makes Wednesday probably a little less painful for Brian moynahan hand testifying on Capitol Hill. Yeah, I think so I don't think there's much coincidence about it. I think it's. We'll see it seems like a smart political play at the moment getting the headlines that that they want and positioning, and they'll know expound on that a bit in front of the cameras. So I think that it takes some of the wind out of the sales of of those that are going to attack at least Bank of American. I, you know, I think every everybody is going to be under pressure to to respond. So in terms of Wells Fargo. At the moment. If someone from Wells Fargo is on the list to testify I haven't seen it yet. Doesn't mean. It's not going to happen. We've still got time before the hearing. But I'm reminded of a conversation. I had couple years back with Paul liner. Who's covered the automotive industry for thirty plus years, and we have him on motley. Fool money pretty much every year around the North American International auto show in January and talking to Paul about how. About the ripple effect of. Automaker X having some sort of large failure. And failure to disclose. The failure of whatever the technology is whether you know, it's Volkswagen in the emission standard and just sort of the ripple effect. Like, if you're if you're any of the other automakers you like 'cause they they all pay for it in some small way. And by the same token Wells Fargo just continuing to screw up in terms of their own culture the fake account scandal. Tim Sloan who was there when the scandal? Happing happened not being the right person to try and clean up the mess. And then you know, he is shown the door. If you're any of these other CEO's, I have to believe in the back of their mind at some point tomorrow. They want to say, hey, at least, we're not Wells Fargo. I mean, it just it. It's one of those things where yes, it's a Wells Fargo problem. But it really does spread to the other. Banks. Yeah. I I think that they'll probably to the extent they can sort of redirect the questioning toward. Oh, well, Wells Fargo. You probably would've enjoyed having them here to kick around. And I was I was looking up some of the data on what's been paid. So far post. Oh, eight oh nine and there have been about a about a quarter of a trillion dollars in fines against the banks and not all that cash. Some of that is as been settled in by loan forgiveness, and and some other credits, but it's a, you know, in terms of there was a bail out of the banks true enough, and they paid back the money that they were in some cases forced to borrow from from the federal government. But but that was paid back and they have paid fines. And I don't know that that it is a strong thing to say, hey, look, we've already paid a quarter of a trillion, you know, combined in fine. So don't act like we. Haven't you know, already been punished? That's that's not going to get them anywhere. But you know, they can talk bleakly I guess about having made amends at times, well and one difference between now and five years ago eight years ago that sort of thing is you can make a pretty strong case that big banks are no longer number one on capitol Hill's enemy list in terms of the business world. I think the big tech has probably supplanted them. So for any CEO who wants to try out there? Well, hey, at least we're not Wells Fargo. They could just as easily and by the way, we're also not Facebook. Yeah. Well, and I don't know if that's going to go anywhere either. As I so they've got to create the accentuate the positive part of the story in this twenty dollar minimum pay which Monahan is said, look anybody who works here is going to be making at least forty one thousand dollars. A year. That sounds pretty good as if you're thinking in terms of a minimum wage job of which there are essentially none INA back, right? You've got Bank tellers to the degree that that's a major part of the employment. Banks. I don't know how much that's the case. But you don't have a lot of employees who are probably, you know, competing with at any of these banks who are thinking, what are the other minimum wage jobs that I would be comparing this against, but I think it is a positive, and they're pointing to it in part as something that they are doing their they're connecting the dots between the tax cut and making this sort of passing on some of the profits that they have they're sitting on from from the massive tax cut. So you know, that will get them some of the way with maybe about. You know, one half of the aisle one side of the aisle will will allow them to talk about that and the other half, probably less. So. Like, I said get the popcorn ready. Let's move onto Cerna Corp, which is healthcare. Technology firm, sir has reached an agreement with starboard value. Well, known activist investors to add four members to the board of directors Cerna is also buying back. One point two billion dollars worth of stock. Which of these two things is pushing shares of sir up ten percent today. Because my assumption is just based on the fact that shares of Sern are have sort of treaded water over the last five years or so I'm assuming it's the board seats, I think, yes. Wing along in the the line that starboard is is recommending it's remarkable starved really doesn't have that much of Cerna. I think a red by one percent of Cerna stock, but there's whole laundry list of changes that are going to be made including the strategic business unit being eliminated. I think that. Dividend was just recently, the started by sir. And it looks like they are going to be forced to change some of their capital allocation, including at least authorization to buy back up to one point two billion whether that gets follow through or not we'll see. But I think the board search is, you know, that's that's all part of the equation. I don't know how you can separate a twelve percent move when it opened now it's maybe eight or nine percent. And you know, what part of that is scribe to what part of this whole package. I'm not looking knock starboard value. But I am curious about something that you just said, which is that start value only has a one percent of Cerna Stott. How are they getting four seats on the board? If they only have one percent of the stock. The seems like something you get when you have at least five percent of the stock and really closer. To ten percent of the stock. I agree. I was surprised when when I read that. And so I want to admit that I need to make sure that that's the case before going too far. But if it is the case, you can you can guess that they have some other shares that they are in communication with that are on their side because. Yeah, one percent is one percent. If that's all that. It means is hey, sell your one percent if you know that unhappy. I mean, we we don't you don't have as much power as you think. But if they have plenty of people on their Rolodex, and you know, nowhere to push the buttons and organize the the votes that proxy time than that. That's a different story. Yeah. I was gonna say if in fact, it's only one percent then that opens up a whole world of opportunity for activist investors, potentially. Our Email address is market fully at full dot com. Questioned from dang who's writing from China, dang rights. I've been listening to market fuller since I started investing in stocks and twenty fourteen lately, I've been looking at some large cap stocks, which may not grow that fast and cites as examples Kroger General Motors and some airlines docks. Goes on to I'm considering their p values which are below ten making them cheaper than the market average. Are they bargain or are they potential traps? The age old question dang value play or value trap. Because that is always the thing that sucks in. I was gonna say value investors. But really a lot of investors just, you know, their growth investors who just see a stock. Get knocked down twenty percent in one day and immediately start thinking. Well, look, it's it's on sale twenty percent. So you know, maybe I should be jumping in here. How do you help people think about solving this question because we're talking about more than one stock here, and we're not gonna go through like Kroger. General, you know, we're not gonna go through all of them. But what do you sort of look for once once you've made that initial calculation of? Okay. Here's a large cap, it's not going away. And sometimes we're looking at large companies that are paying dividend. So there's some reason to buy them, maybe the businesses and setting the world on fire, but you've done the math. And you say we'll look from peace stamp this significantly cheaper than the overall market. Why should I buy a few shares? Yeah. Is a good question. And to take the p so it's I'm looking at data that right now in comparison to its forward earnings GE for instances at five point eight times forward earnings. And boy that sounds street at is cheap over the last five years. The average is six point two. So usually for the market for the last five years for GE over g so g is not it's maybe, you know, five percent cheaper than its five-year average in comparison to the forward earnings expectations. And why is it so cheap one the Ford earnings tend to be overly optimistic not only for GE, but for everybody at this time of the year, you're still going out one quarter ninth and yet reported, and so there is the typical enthusiasm about the year ahead, and as the year goes down and companies report, and they say, you know, we're gonna we're not gonna Aaron quite as much as we may be thought we did. Or as you thought we did. Additionally, just it's a highly cyclical industry autos and auto sales of begun to level in decline, and
"jamie diamond" Discussed on Bloomberg Radio New York
"She joins us in our Bloomberg interactive brokers studio, Michelle welcome. What were some of the highlights from this year's letter? So the biggest thing I took away from the Sears letter was just how much less optimism diamond had compared to previous years in the in these letters. I mean granted he still thinks that in the long term, you know, the global economy of the US economy are doing fine. But he took a much more critical. Look at some of the issues facing America, and one of the I guess a lot of what the letter focused on was less. So his business. I mean, other than what we already knew coming out of two thousand eighteen and more how corporate America and him and other CEO's can, you know, come together to solve these issues that that covenant is failing to solve is he going into politics. That's the million dollar question. I mean, honestly, this was a fifty one page annual letter has I I believe you said was twelve pages. Right. Correct thousand six. Yeah. Okay. So talking a lot here and talk a lot about whether the world. I mean, it's the question. He has always said that he's he's not meant to be in politics. So at this point, you know, I would say no, but right, but it sounds like it's interesting. Lisa suggested. I mean, it sounds like he's writing more towards just the general population corporate CEOs politicians regulators more so than maybe even shareholders about his company. Right. I mean, another interesting thing just just looking at the closing last year. I remember the closing at the very bottom. The letter he said, it focused on how proud he was of his company, and and the integrity of his employees, and their dedication to customers this year, the closing was entirely about how you know as much as he loves the US. There's some issues that need to be solved. And if he doesn't do anything to fix them and another CEO's as well, they won't be fixed. It was like why don't you run JP Morgan like where the comments about your company? Well, okay. So let's dig into the comments that might affect his cranium with respect to the potential for recession. He was saying it's important to protect against it. And just sort of immunize your business, even though he doesn't necessarily see imminent downturn. He also did seem to say that that there. Or is not as much optimism. And he thinks that what we saw in December could be some kind of predecessor to more of the same later. Can you give us a sense of why context so we saw a little bit of this at it investor day in February where they kept their profitability targets study. It seems like not only was the trading side of the Bank affected by the turbulence in the fourth quarter. But the fact that the fed is now in pause is something that affects banks on it comes to their profitability. So that could be some of why we're seeing him take this just a cautious tone in terms of you know, things aren't going poorly. But you know, we're not looking for this to be the best year ever. It's interesting. What I noticed in this year's letter, which I think I think we've seen a pass letters highlighting cybersecurity as a big big risk for the financial sector. Whatever starts there. He thinks that across the board. Companies are not at all prepared for the risks that exist or the threats that are there JP Morgan has invested a ton. But even with cybersecurity, you you never know if you're fully protected until an attack happens, Michelle Davis. Thank you so much for being with us. Hey, Michelle Davis is finding support are covering J P Morgan for us here at Bloomberg news one thing that sticks out to me is yesterday. We we discussed the CFO report looking at CFO confidence. I thought that it was a Deloitte report. And I thought it was really interesting. The increasing pessimism that we heard broadly from CFO's kind of mimicking what we heard from Jamie diamond, not necessarily calling for recession but saying that the uncertainty on a macro level is impeding. Their ability to make decisions about their businesses to invest with confidence. And it seems like that was reflected in Jamie diamonds letter. Yeah. I think that's a good point linking tomorrow while we heard from the CFO's because. Remember from that Deloitte report, it was global CFO fortune five hundred kind of CFO's and presumably like, Jamie diamond Craig's, they do have a global view. So the the weakness of the slowdown that we see in Europe the slowing growth in China Basie that real time and that is reflected I think their outlook. Yeah. Definitely coming up. We're going to be taking a look at a new scratch off lottery app, which raises a lot of questions about the ease in which people can gamble as gambling does become increasingly legalized and the potential consequences of that right now it's head over to one thousand.
"jamie diamond" Discussed on 710 WOR
"Yeah. Okay. They found one that said this is not a good thing. Right. That's I'm telling you. I'm out there in the fields the democratic fields and ninety nine percent of the people. I talked to are saying she. Yeah. She may be the one that's out there getting the most attention and the media is following her the most, but she is not. Do they do they don't like her? She's not their leader. She's not the face or the leader of the Democratic Party the democratic fee. You're you said you're out in the field. I'm out in the field. What what what what does that consist of are you at rules the week? Oh. Places where you go over the rich Democrats in town, go the richest established that I go I slumped it in like thirteen dollar motels. And you thought the Hilton was slumming it. So no, I didn't say that. So I said I didn't think it was a luxury hotel viewing a conversation yesterday. Anyway. No, I don't go these fancy places, I go out and hang out with real people. And they happen to be Democrats, and nobody likes her like dinner with San Francisco, I San Franciscans. And of course, they don't like her girls. Pelosi and Pelosi doesn't even. Pelosi. They don't like a. All right. Hates them. Anyway, I happen to have a different opinion of her. And by the way, it's funny that we what's that you have a different opinion number you like her. No, I have a different opinion. And how she okay, yes. So you bought up J P Morgan before interesting release, Jamie diamond, and she had it out today because she argues somebody every day on on Twitter, and this time she went off on JP Morgan, Jamie diamond go figure so apparently J P Morgan. Assess the green new deal, and they call it at best quote slogan to galvanize support for change at worst quote. It's a sign of how little work its proponents have done and quote, not a useful foundation for serious policy discussing. That's according to J P Morgan asset management. So then she responds, of course, JP Morgan agreed to pay out thirteen billion over its massive role in mortgage schemes and the two thousand eight recession. They also finance major fossil fuel pipelines. It's big money. So maybe they aren't the best authority on prioritizing economic wellbeing of everyday people on the planet. That was really kinda silly her first of all factually. She's correct. But to go on and say lows last thing she shouldn't have done it. Because I watched an interview with with Jamie diamond, and he wasn't asked explicitly about her. But he was asked about the green new deal, and he didn't trash it. He didn't he didn't embrace it either. But he didn't trash it. He's very classy guy. Yeah. And considered to be a presidential contender? Yeah. So this is just a Bank assessing it. Right. Not not smart. Yeah. It's funny. How she's going off on thirteen billion in terms of what they had to pay for the massive mortgage schemes while the green new deals with ninety three trillion. Not sure what percentage of thirteen billions of ninety three trillion wasn't oranges. It's not a proper comparison for hats. A by the way, speaking of New York and not the fourteen district of New York and Alexandria, Cossio Cortez actually represents but at NYU lease. No you heard about this. And we're gonna talk to our friend Michael Goodwin about this at around six forty one to stick around for the pulse of writing writer from the New York Post columnist your university is hired palliate Lavigne to teach an undergraduate course called reporting on the far, right? Okay. She's a former fact checker for the New Yorker, and you say, okay. Well, the title. Of course, there's a little bit weird because where's the reporting on the far left? Type. Of course. To balance it out. Of course, it's not gonna exist. But here's the thing. When she was a fact checker for the New Yorker, she accused an ice agents, immigration and customs enforcement of having a Nazi iron cross tattoo this guy, by the way, who she accused of is a war veteran. Yeah. Turns out it wasn't true at all. Now, she did delete it. She did she did. But the New Yorker also deleted her, and then she resigned. Right. So what are you doing hiring? Somebody like this to teach. A course like that. And people wonder why trust and media keeps going down because these the people that are teaching kids out of journalism. And we got to leave a mistake. Yeah. It is. Definitely a mistake. Come on agree to agree on that one. You can do better when you're charging seventy thousand dollars a year. And that's what it costs to go there these days anyway, at least when we come back. It's Donald Trump versus Mr Kelly and Conway round nine who won this one that's next on seven ten W.
"jamie diamond" Discussed on WIBC 93.1FM
"The most progressive record of anybody running for the if anybody who would run. Move. With anybody who would run Joe Biden. Let it slip. You let it slip. You get a for president. I know you I still don't know if he's got a chance. You know, here's the thing. I think it's about matchups in sports. Right. So we're getting ready to do have the final four we're gonna touch on that little bit. I mean, the final four, but the NCAA March madness kicks off tomorrow. So get ready for that. And sometimes it's about you are the best team put there's a matchup or two that you're going to struggle with and potentially get beat with. And those teams don't have a chance to win it. But they're going to give you trouble. I feel that way. Would you bite? I think if you went up against Trump he'd have a better chance than what he potentially. Might do. When he runs up against the left. I think in the general he'll have a bigger shot, then he will trying to get through his maneuver through his own party that weird. But it's about matchups and they're going further and further and further and further and further and further and further and further and further left and his record. And this is one thing you can be that way. If you've been consistent forever now, and none of them have. So this younger generation has always been somewhat progressive. And they have a chance to even be more progressive. Where he's had years where he's been a moderate. He's had years where he's worked with the Republicans. He said years when he's done stuff that that I don't know if you'll be forgived for I don't know. So I don't even know if he can get out of his own field to take on Trump. And I think he may be the best person suited to battle Trump in the general. But I don't think he's ever going to get there. Three two three five three eight twenty four twenty three at Chadbensonshow is your Twitter. It is the greatest cold case in the history of mankind. Has it been solved? We will talk about that Boeing, oh, just keeps getting worse and worse and worse and worse. And Jamie diamond said something interesting. We'll talk about that. He runs this. They're big company. And.
"jamie diamond" Discussed on Bloomberg Radio New York
"Far. And that was J P Morgan chairman and CEO, Jamie diamond in Japan. No change at the B O J governor Kuroda kept rates on hold again. But downgraded his assessment of the economy as expected by all forty six economists we survey Bloomberg's Brett Miller has the details from Tokyo J conceded that overseas economies are slowing which is hurting Japanese exports in factory output. The Dan grade came as the government suggests the J could be more flexible about reaching. It's two percent inflation target. This may be a relief to governor Kuroda as the negative side effects of stimulus program. Pileup in Tokyo. Brit Mila, Bloomberg daybreak Europe. Finally as we follow the latest on the Boeing story the playmakers. 737 max family of passenger jets could remain grounded in the US at least through April the story from Bloomberg's Charlie Pellett. This according to house lawmakers after they were briefed by aviation regulators. They say flights will not resume until the planes. Get updated flight control software that Boeing and the FAA are racing to finalize. Congressman Rick Larsen. The democratic chairman of the panels aviation subcommittee, and whose district includes Boeing's campus in Everett Washington says that process could last for six weeks or more depending on additional training for pilots on Wednesday, the FAA, reverse course, and grounded Boeing seven thirty-seven max family of narrow body jets. Charlie Pellett, Bloomberg daybreak Europe. Thanks very much for that. Charlie. Now, let's get overly and guarantees with the rest of your world. National news headlines. Leeann good morning. Matt full suspects have been arrested in. New Zealand following shootings at two mosques in Christchurch officials say a number of people have died. Officers say a number of explosive devices happy made safe to the country's prime minister just into Auden has called it an unprecedented act of violence the person who has picture I did this violence against us. They have no place in New Zealand. There is no place in New Zealand for such ex of extreme and unprecedented violence, which is it is clear. This act was lost across New Zealand being urged to shut the doors. In other news, North Korean leader, Kim Jong on will soon. Make an announcement on whether to hold nuclear disarmament talks with the US this move slowly summit with Donald Trump, which brought down the peel Yang's demands. To relieve sanctions on its economy during a news conference today, North Korea's vice foreign minister says Pyongyang has no intention to make concessions to the US. According to. Russia's TASS news agency. She also said they have less desire to conduct negotiations. Japan is getting ready for the abdication of imprac hito. And the enrollment on the son Neri hito putting bugs Isabel Reynolds says this means the government must choose a name for what will be considered in you, imperial era speculation is spreading that one of the Chinese characters used in the name could be taken from the surname of prime minister Shinzo obeying by the character has connotations of peace and stability issues could spot criticism that the imperial system is being politicized in Tokyo Isabel Reynolds, Bloomberg daybreak Europe and finding India says it will continue to implement economic reforms irrespective of what happens in the upcoming general election. The finance ministry says this comes as its recent range of measures stones to take effect. However, the ministry all syndicated the global slowdown in the trade war as an important risk. Global news twenty four hours a day on errant tick tock on twin? Powered by more than twenty seven hundred journalists and analysts symbol one hundred twenty countries. I'm young guarantee. This is Bloomberg. Matt. Lianne? Thank you very much and happy Friday. Matt. It's thank goodness. We got here we missed Marcus. But we're happy. I f yes, we miss Marcus very much. But we glad that he's having a little break. Exactly. Let's give our listeners. A a look if you will at what we should be watching today. ECB governing council member and Bank of Finland. Governor Ali rain speaks on the economic outlook and monetary policy at nine AM UK time at ten AM. We'll get a euro area economic update February CPI is expected to show prices rising at one and a half percent year on year one and a half percent. Remember wash that number plus ahead of the J M M C meeting on Monday, the International.
"jamie diamond" Discussed on MAD MONEY W/ JIM CRAMER
"Five at last we were vindicated not to make any money. But at least it came back to life was one six dollars crime, man. It was like when you went alshon didn't get passed from. To the conference call I now feel like the Malaysia scandal is fathomable management, trusted as thoroughly as possible. And as as much as they can give the just involvement. It was the first time I found it sincere. I thought it made sense. I thought it was real. Meanwhile, the trading slowdown is no longer is relevant for golden. Yeah. Sixty one percents revenues come from fees of from forty eight percent in two thousand thirteen it's becoming more like a Bank. Okay. I hear you saying that's great. Jim. Thanks for nothing. We could see all this on our screens. Tell us what's going to happen next. Listen, I won't be talking about these boring stocks. I thought they weren't done going higher. I bet this is just the beginning. Why I I just told you where these came from an even after the recent moves the banks are still well below the highs. I gave you those highs the group got obliterated win our impetuous. Federal Reserve chairman j pal started talking about the need for many more rate hikes. Now that plan is dead in the water and the banks can rebound what wait a second. You weren't banks supposed to benefit from higher interest rates that didn't interest margin. Wasn't that the chatter for years? I don't they make more money off your. Deposits when the fed tightens isn't an interest margin. The only thing investors care about with. It's very funny interview with Jamie diamond where he jokes about that actually see because it turns out the answer though. That was about the cost. What's known as an inverted yield trip? We're short term rates are higher than long term rates and that's deadly for the backs. They would have to pay you more for your deposits charge, you less for loans..
"jamie diamond" Discussed on Progressive Talk 1350 AM
"Free. That's eight five five four five zero three seven three three got the discord on air, Colin line rooms, Johnson's laptop is way too big for his position in the room. Right now. What is that bees? The seventeen inch laptop. That's all I don't know if you can just seventeen inch laptop in it. No, that's not seven. Wow. Well, yes, it some something is really nice guessing yours doesn't have an Invidia graphics card. Does have an engineer graphics card in it. Well, all right. You guys can fight it. Several years newer than to nine fifty m it's Ian, Michael Johnson here in the studio tonight. And you as always can take control of the airwaves, you can bring up anything that you want. Coming up is a crackdown on porn coming from the Trump administration. Johnson has that story. Maybe maybe we'll talk about it. And then also let's see here. Jamie diamond is back in the headlines now Johnson looking oh, he's the the the guy who thinks bitcoins. You know, he was the one who he called the crash. He was right, right? Well, I mean. He hates bitcoin. And he's the CEO BP Morgan Chase one of the largest banks in the United States in the world chases, a huge Bank. But this guy and his economic opinions are pretty ridiculous. In fact, here's the story from CNBC, Jamie diamond, the J P Morgan Chase CEO who's been bullish on the US economy said the partial government shutdown could wipe out growth from the world's biggest economy. He says, quote, someone estimated that if it goes on for the whole quarter it can reduce growth two zero. We just have to deal with that. It's more of a political issue than anything else. He told reporters on a media call to discuss fourth quarter results. So basically this guy believes that without the US government around. Now. Of course, we know it isn't entirely shutdown partial shutdown a poor portion of the government has been. And even in that case, they're still demanding that a four hundred thousand of their bureaucrats come to work and not get paid which is a whole other issue, and we can talk about the TSA and all that here in a little bit. But to suggest that you need the government around to have economic growth is one of the most bewildering comments that I think I've heard in recent times, he's also the chairman of the Washington DC based business roundtable and said that quote, while the underlying statistics for the economic globe, the economy globally are not bad. The Bank will be prepared for an eventual downturn. I was actually thinking, you know, this this shutdown could this have lasting huge positive impacts on the economy, if the shutdown lasts long enough for these people to start quitting their jobs. What happens to these people who are owed back paychecks in these pensions and all this stuff if they quit their jobs before you know, because they? Can't literally cannot handle not being able to get paid. You know? I'm sure there are going to be some people are going to try and take out loans to weather this shutdown. So that they can have paid and then collect their back money. And then payback alone wants to get a paycheck again. What's government resumes operation, but what if government stays shut down long enough for some of these people to start quitting, right? And then they lose pensions. They they'll never going to collect a pension because they haven't they didn't stay. And also are there any rules in place that if they quit their jobs? They don't get the back paycheck's, even if they made sure they'll get the back pay whether they quit or not whole, you know. They would think that people would get paid for the work that they've done if you can call that work. But you know, you're asking the question that I've asked now a number of times. And in the way, I would ask the audience is how long would you work for no pay? Right. Even if you love your job, you love your boss in many loves frisking, people groping a great job referring to the TSA, which was just one of the government bureaucracies been whining loudly about this shutdown. Sure, they're calling out right? They're calling out sick. In fact, I've got an update on the TSA tonight that the number as you might expect of no show security screeners is soaring during the shutdown. So it started a over a week ago with them calling out then last week is the week on Friday that they didn't get paid for the first time. So now, many of them are expecting. They're not going to get paid probably a second time in their how many paychecks are you willing to miss before you start doing what Johnson saying here and looking. For and actually accepting another job. What does that do to the? What is the the news that government workers could just all of a sudden not get paid? What does that do to the prospects of somebody who was looking for a job how many people want to go? And if these people quit they're going to be hiring. But how many people are going to be banging down the door to take a job that they're not going to get their first paycheck from which is why I love what Trump's doing here. Yeah. I mean, if this is his intention intention. You don't think so you're buying into this? I think he, you know. Perhaps the intention is the wall, which not such a noble intention. No. Accidental. But if it's intentional. I mean, it's not an accident at this point though. Right. Like, it might have been going into this. Maybe Trump didn't realize what the what the effects would be. But could he not know by now that the prison guards aren't getting paid? I mean, he could no and not care his intention could still absolutely be. I'm gonna get this. Well, I'm not going to back down. I'm not a lose lose. I'm gonna win. It's going to be the greatest world. But that's what I like about about him in this instance. Right. I don't like Trump, generally, unlike any president. But in this instance, if he's willing to play political football with people's jobs. Yeah. It's one thing normally when politicians especially considering what government workers now like the majority of federal government. No federal government workers are like aren't there like more people? Are it wasn't there a line that we cross some time ago where government workers I mean, it's not federal government workers? Government workers in general who are more likely to probably have a kinship or feel Ken with their federal counterparts. But that we have more government workers than we have private workers in this country, including contractors Inc. It included contractors, including contractors that number isn't necessarily where I'm just like people who I think it was like households that have at least one government. It seems to me enough people who are living off the government dole where this could affect him in the next election. Oh, I thought I totally agree. I mean, he's definitely whereas maybe during the two thousand sixteen election, he might have gotten an endorsement from the police. Razer whatever if the cops aren't getting paid, they're not at least the federal ones FBI, the whole department of Justice is not getting paid. But Michael you had a story. I don't know if it was in your show prep. But you mentioned it to me before the show that apparently the White House staff is also not getting paid. No, they're not getting paid. Did you hear about the fast food dinner? I have that up for tonight. That's awesome. Yeah. So apparently he bought a bunch of football players. Mcdonald's. The pictures from this are fantastic. I wish I could show. You the pictures over the radio because they speak volumes. You'll have to tell me about that didn't even bother to take the sauces out of the packets. You would think that they would like maybe like take the sauces, and they have they heavily silver serving bowls. But instead of having the sauces in them, they have the McDonald's sauce packets. Oh, wow. Serving trays are stacked high with with McDonald's. Big mac. Take him out with a spoon or something. You know, like at least, you know, have some kind of class to it. But now, they're just straight up. It's awesome. Everything's in its paper containers. So the federal government judges are not going to help out these government bureaucrats story from the Daily Mail in the UK says federal judge has refused to make Trump pay federal employees, some of whom are claiming their slaves during the the so-called shutdown federal judge decided tonight claim that about every time I have to file taxes, and they don't want it for me. You are a slave in that case being compensated for it doesn't work for me either. Let's continue here. We got story is that the judge refused to force the Trump administration to release.