40 Burst results for "Janet Yellen"
AP News Radio
Biden: Debt deal 'very close' even as two sides far apart on work requirements for food aid
"President Biden continues to say a deal on the debt limit is very close. House negotiators left the capitol in the early hours of Saturday without a debt limit deal with The White House. They're expected to return later in the day in hopes of reaching an agreement over the holiday weekend. It appears as though work requirements for federal food aid recipients have emerged as a final sticking point as president Joe Biden says he thinks a deal is very close. In the meantime treasury secretary Janet Yellen says, the deadline for a potentially catastrophic default has been pushed to June 5th from an earlier estimate of June 1st. I'm surely Adler
Fresh update on "janet yellen" discussed on Bloomberg Opinion
"That kind of sped up the reckoning and forced them to have to deal with this now, whereas I think last year that people were predicting it wouldn't be till fall or so that they would run out of money and federal income tax revenue fell so fast that the moment where Janet Yellen said she couldn't pay the bills moved up. And I mean, in New York, New York State, I don't know exactly what's going to happen now, but clearly, the revenue is coming in way below projected and at the state level, income taxes are sort of what pays the bills. For New York City, it's less of an issue, income tax is only maybe a quarter of revenue or less. It's more property taxes, which is a more slow moving thing. And at least so far, there are issues with commercial real estate, but residential real estate in New York City seems to be as in demand as ever. Are we seeing this on a smaller scale in areas different or are we able to even gauge that because New York is such an enormous part of the economy? Who's been looking at what happens in California at a really detailed level when there have been various things that have happened over the past few years? There was a referendum passed that raised taxes on people with very high incomes. Then there was the 2017 federal tax bill, which actually lowered almost everybody's taxes, but people in California and New York on average who are making more than a million dollars a year, it raised their federal taxes. That created another incentive to leave and then the pandemic created another. What he showed is that it's not very many people, but a higher much percentage of very, very high income people left right at those moments. Clearly, there are some issues with taxes driving people out as well. Anything when something happens like the move to remote work, it just lowers one of the barriers that's there. That's got to be an issue for New York too. I haven't seen that level of really detailed research and New York's income tax revenue, income tax rates don't go up quite as high as California's at the highest incomes. That's one of the things that's going on. Money, number one. And number two, of because the sort of residual hangover side effects of the pandemic, like remote work, it sounds like this is not something that's just going to resolve itself magically, like getting over the flu. This is work, maybe a different way of looking at things, a different way of being able to manage or check the tax revenue based on what census says is happening as far as the exodus and then people coming into the city. Yeah, I mean, I think New York is going to have to be creative and at some level actually recognize that having the highest taxes in the country, I mean, maybe New York City can manage it because New York City is unique and special, but for elsewhere in the state, it's not maybe the best policy. I mean, New York State has high level of services and that's good, they're but not always delivered super efficiently and yeah, I mean, and it's not just New York, I think DC is having some of these issues as well and it's hard to say because I think early in pandemic the there was this, oh, the cities are over, everyone's going to leave and that's clearly not what's happening, but it's not like they're roaring, not like every bit of them is roaring back. What seems to be happening is residential neighborhoods in most big cities are doing pretty well, but commercial districts are still struggling. Justin Fox is a Bloomberg opinion columnist covering business and coming up on Bloomberg Opinion, the surgeon general says social media could be bad for your kids health. Much more on that just ahead. And don't forget, we're available as a podcast on Apple, Spotify, or your favorite podcast at Bloomberg .com. Bloomberg Radio is where you are. Get live business news and market headlines from anywhere. 24 hours a day via your mobile device. Listen to Guy the Hart Radio app, the Bloomberg Business app and Bloomberg .com. I'm Emily Chang, and on my new show, The Circuit, I speak with the big names in tech, culture, and innovation and ask, what's next?
AP News Radio
McCarthy sending negotiators to White House to finish debt limit talks, but sides 'far apart'
"House speaker Kevin McCarthy says he remains optimistic the two sides can make a deal as the nation approaches a debt to fall as soon as next week. McCarthy says he's sending his negotiators back here to The White House in the hopes of finishing out debt limit talks, but there's a number of places that we are still far apart. Put simply. We have to spend less than we spent last year. Democrats are willing to freeze spending, not cut it, as the impasse continues treasury chief Janet Yellen tells the WSJ CEO council summit that without a deal to boost the debt limit, it seems nearly certain the U.S. will run out of cash to pay its bills in early June. Possibly is early as June 1st. Saying the standoffs already roiling financial markets and threatening the global economy, Sagar Meghani at The White House.
Fresh update on "janet yellen" discussed on Bloomberg Businessweek
"When news breaks across the globe, Bloomberg Radio is there. From Asia, Secretary of State, Anthony Blinken is preparing to go to Beijing, to Europe. Prime Minister Rishi Sunak will see closer economic ties with the U .S. And anywhere in the world news happens. Let's go to Japan to join Anne -Marie Horden with the U .S. Treasury Secretary, Janet Yellen joining us from Bangkok. Bloomberg Chief International Correspondent, Hajlinda Amin. Let's go live to Istanbul, our Bloomberg Anchor, Yousef Gabal Eldin. Bloomberg Radio, on the ground, everywhere. Now this Bloomberg Sports Update. Tough day on the diamond for both New York clubs. One of the game's oldest movies was renewed at Yankee Stadium. Red Sox in town for a three -game series. They beat the Yankees 3 -2 on the strength of a Rafael Devers home run, who seems like the only one to have success off Yankees ace Garrett Cole. Devers took Cole deep for the seventh time, also pinned to loss on Cole for the first time this year. He's now 7 -1. Cole, a quality start, six innings, two runs, six strikeouts, and he was bested by another Garrett Locke, who was slightly better. Six and a third, a run, also six strikeouts. Four Red Sox multi -hit games, only two Yankees, and Kenley Jansen picked up his 14th save for Boston. Game two, Saturday 7 35, Tanner Houck opposite the Yankees, Domingo Hermon. Mets were beaten in Pittsburgh, looked more like a Steelers -Jets score of 14 -7.
"janet yellen" Discussed on Simply Bitcoin
"We got a few more biologists. Barlow, I give those memes a shattered glass debt ceiling. Yes. What's a ceiling if it doesn't hold the roof up? Anyways, how to coin. I give those memes a cup of porridge for Grandma Yellen. Oh, man. OK. Apollo 21, I give the memes a voice of Rustin as I push the earth up today. Let's go. OK, last one, guys. Really appreciate every single one of you guys is by our friend Bushmaster to go score same reading when money dies. Let's go. Well, man, it's good to have you back, Rustin. This was epic. Happy to be back. We're going to be me and Rustin are going to go hard all week. I think I'm going to push our our guests back for this week so that we can. Me and Rustin can iron out the kinks and also so that you guys can get on the normal show with with Nico and all that good stuff. But really appreciate having you back, Rustin. I think everyone in the chat is hyped to have you back as well, bro. And after this week, guys, Rustin is back on the job making the clips that you so love. And we're super excited to do that. So Rustin really appreciate it. Go go into the spaces so that we can get a solid, solid Rustin recap. I love you, bro. We'll see you in a little bit. All right, guys, you already know the deal. We are an audio form on anchor Spotify Apple Fountain. I know I know a paid producer, Jacob, for his 10 seconds, whatever, whatever your name is today. He's been giving me a lot of crap for not speaking on the fountain. But as you can tell, we're going way over our normal time. So we we really appreciate all the support. I might not be able to get them read on the show anymore because we're just trying to give you guys all the sauce. Anyways, really appreciate every single one of you guys. It really means the world to us.
Bloomberg Wall Street Week
Fresh update on "janet yellen" discussed on Bloomberg Wall Street Week
"Stocks, but what might it take for the next leg higher? Christopher is Shipley Chief Investment Strategist at Northern Trust and he was interviewed this morning on Bloomberg Surveillance. When we look at the further upside in the market, it really needs to come from a broadening of participation. It's true that we started to see that very recently, but I think the question for the broader market opportunity is whether that participation going forward comes via fresh capital into the market or if it comes via churn from these mega cap tech and tech adjacent companies that have really screamed higher this year. Christopher Shipley of Northern Trust. Next week is shaping up to be a big week for markets with that key inflation report Tuesday and then the Fed decision Wednesday. Matt Maile is chief market strategist at Miller Tabak. It would be a big shock if the Fed raised rates next week. They have been very, very good about telegraphing what to they're going do. I guess they have left themselves a little bit of leeway if they really wanted to raise rates. But again, we did get that surprise with Canada and Australia. But since they've telegraphed it a certain way, if they want to send a more hawkish tone, they can have what they call that hawkish applause and really jawbone things a little But bit. I don't think they'll be raising rates next week. Matt Maile of Miller Tabak. When considering the rate of inflation, have you to take into account the price of oil. Jeff Currie is the head of commodities research at Goldman Sachs and he sees it going higher. Our views are going to be see substantial physical inventory draws because of these OPEC production cuts, particularly during third quarter as well as in fourth quarter. That's going to push us up into the low 90s. Jeff Currie of Goldman Sachs. After the bell, the Justice Department asked the court to immediately dissolve the American Airlines JetBlue Alliance. Stocks advanced with the S &P up almost five points today to end the week at $42 .98, up by about one tenth of one percent, NASDAQ now up seven weeks in a row, higher by 20 two tenths of one percent. Globally used, powered by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie Pelletin. This is Bloomberg. You took the first step and quit smoking, but even former smokers may still be at risk for lung cancer. That's why SafeByTheScan .org wants you to about know a new low dose CT scan that can detect lung cancer early. It takes only 60 seconds and could save your life. You took the first step, now take the next. Visit SafeByTheScan .org for a simple quiz to see you're if eligible and talk to your doctor about screening. SafeByTheScan .org is brought to you by the American Lung Association's Lung Force Initiative and the Ad Council. When news breaks across the globe, Bloomberg Radio is there. From Asia, Secretary of State Antony Blinken is preparing to go to Beijing to Europe. Prime Minister Rishi Sunak will see seeking closer economic ties with the U .S. And anywhere in the world news happens. Let's go to Japan to join Anne Marie Horden with the U .S. Treasury Secretary Janet Yellen. Joining us from Bangkok, Bloomberg Chief International
"janet yellen" Discussed on Simply Bitcoin
"And he's looking over very, very seriously. And he's putting his hand on the on the table and he's making a point. He goes, a stable coin. And then he goes, get that fucking petrodollar out of my face. And he points away. If you know Joe Rogers on Twitter, this one's just a classic. He's super, super going hard on the idea of stable coins being a petrodollar. And sats are my stable coin. And then, of course, shouts out to my boy, Hoddle Tarantula. I was hanging out with him all day, a true, true Bitcoiner in every way. And a man that lives his message. And I thought that this was a fitting way to end today's show. And we got this AI picture of Bitcoin about the Bitcoin logo. And it looks like it's a I don't know, a world or bubble. And, you know, it's it's looking like a modern landscape, a technological future. And goes, Tarantula plant the seed of truth and let it grow, but do not waste your precious time trying to convince those who refuse to see it. Remember, your duty is to speak the truth with respect, not to force it upon others. Respect your own time and let the truth speak for itself. Wise words, my boy, H .T. Absolutely love it. Guys, drop your meme review score in the chat as we cover ours live. Man, it's good. This one feels good. This one feels good. All right. Anyways, my meme review score for today. I hope you guys drop yours so that I don't rug pull your meme review scores and you guys get mad at me on the first day of the week for me hosting. It's not only my Bitcoin conference badge, but it's it's my simply Bitcoin BK branded. Oh, yeah. Badge. If you know, you know, shout out to everyone that we handed out stickers to in Miami. We really love and appreciate all the support. It really means a lot to us. It it's just it's an honor and it's humbling that we can do this every single day.
The Café Bitcoin Podcast
Fresh update on "janet yellen" discussed on The Café Bitcoin Podcast
"One more comment I wanted to make on this whole CBO thing before we go to others here. When I looked at their report, and it is quite a long report, it is almost 70 pages, but I found it interesting that I could not find them definitively and clearly stating what they expect US debt to be in dollar terms in 2052. What they did instead is they give you what they think GDP will be in 2052. And then they tell you what they think debt to GDP will be. So you can easily do the math. You can just take - they think it's going to be 75 trillion annual GDP. And they tell you that they say about 185 % of debt to GDP. So you can easily just take 75 and multiply it by 1 .85 and you get to about 137 trillion of debt. But what I think is fascinating is that they didn't put that number in the presentation because I don't think they wanted the headline that said CBO forecasts 137 trillion of debt. They make you calculate it, which I just thought was interesting. Well, that's because they can confuse people like Senator Warren. That's so they can confuse people like Janet Yellen so that she tries to go on stage in Congress, the congressional events in front of Congress. And she can get all flustered about her projections because it's percentages. And you can fool some of the people some of the time, but you can generally fool all of the people all the time when you bring in percentages. That's where you lose everybody. And that's why the CBO does it that way. But again, run it on your own here, sensitivity and you know, in air quotes, sensitivity analysis. I'm just telling you, I'm highly confident. And then within four years time, the U .S. accumulated deficit will be 55 trillion U .S. dollars. But let's say I'm wrong. You already have a unfunded liability of $200 trillion. Everybody, that's your Medicare and Medicaid expenses already is 200 trillion. Guys, we're splitting hairs here. It is so over. It's not funny. And when I say over, I just mean you will never escape this debt spiral. How do you how do you make the ends meet then? You just have to keep printing money. It's called QE infinity. And for those of you in the back row, understand this. It's grade 11 mathematics. And if you fail grade 11 mathematics, please don't become a senator. Excellent. OK, speaking of the class, Peter, you've patiently had your hand up. What would you like to share with the class? I don't want to share anything. I just want to I want to better understand how the average Joe out there and the average Jane can can sift through the noise and, you know, may or may not have 11th grade math education. But as they look around, you know, the stock market is green almost every day. You know, things seem to be bright and shiny. The government comes out with the with the Inflation Reduction Act. How does the average person kind of get the signal through all of the noise that's out there?
"janet yellen" Discussed on Simply Bitcoin
"But in time, you will get yourself in a place where you have a better mind, a better body, better finances, fix the money, fix the world. But also it starts with the way that you think and view the world. And guys, we are playing 5D chess. This is this is uncontentious. I believe we have the right answers. I believe we have the solutions to the world's problems. And it's not all of the problems. We will not solve every problem of the world by the Bitcoin standard, but we will start with Bitcoin and everything else. Start from the fact that the game that we are playing right now, whether that's political, whether that's social, is based off a fraudulent money that is designed to steal from you. This is where we are right now. And now we have the tools to take back your personal power, to build on something that doesn't steal from you, that isn't castles made of sand. And moving forward, you are a representation of everything you talk about and everything you live. And it just made me realize that we are really playing a 5D chess game and we have the power, we have the game in mind. And, you know, it's like poker, guys, do not do not give up the fact that you are winning. Do not tell your enemy where you are moving. Throw some smoke screens up, you know, make people laugh. What do I say all the time? If you tell people the truth and you don't make them laugh, they will absolutely kill you. Well, guys, we are in a position right now where we have a lot of angry people. We have a lot of people missing what is actually happening because they're getting caught up in factions. There's division. They're fighting over everything. But it really comes down to the money. Keep it simple. It's the money, stupid. The money printer is why there's endless wars. It is why the politicians are ever able to hoodwink every single person on planet Earth. They have been able to get away with it for far too long. The Janet Yellen's of the world that come out here and play a PR war. It's a confidence game that try to tell you that, oh, everything is fine. And on the back end, they're having secret meetings telling you, telling themselves it is not fine. Guys,
Fresh update on "janet yellen" discussed on Bloomberg Surveillance
"One knows where this market will go right now. It feels like a wild ride. One thing's for certain there's a way way through it. And the experience and guidance of a Merrill advisor can help you get there because where there's a bull, there's a way find an advisor at ml .com slash bullish Merrill, a bank of America company. What would you like the power to do? Investing involves risk Maryland, Pierce, Fenner and Smith incorporated and registered broker dealer registered investment advisor member SIPC a wholly on subsidiary of bank of America Corp. If I could be you you and could be me for just one hour. If you could find a way to get inside each other's mind, walk a mile in my shoes. Walk a mile in my shoes. We've all felt left out. And for some that feeling lasts more than a moment. We can change that. Learn how it belonging begins with us .org brought to you by the ad council. Walk a mile in my shoes. When news breaks across the globe Bloomberg Radio is there. From Asia, Secretary of State Antony Blinken is preparing to go to Beijing. To Europe, Prime Minister Rishi Sunak will see closer economic ties with the US. And anywhere in the world news happens. Let's go to Japan to join Anne -Marie Horden with the US Treasury Secretary Janet Yellen. Joining us from Bangkok Bloomberg Chief International Correspondent Ghazalanda Amin. Let's go live to Istanbul, Bloomberg anchor Yusuf Gamal Eldin. Bloomberg Radio on the ground everywhere. Anne what you doing with your phone? Taking pictures? I'm asking a question. Like what? Hey Bobo, do flowers have best friends? I'm sorry. I'm afraid I don't know that. Hey follow me. I want to show you something. Look, flowers do have best friends. Some answers can only be found in nature. Discover the unsearchable. Visit
"janet yellen" Discussed on Simply Bitcoin
"But I really do think and I've said it before that we are in this for the long run. I think we're going to be doing this for a long, long time, probably for the rest of my life. And I think it's just important to kind of temper our expectations, know that we are right, but also that this game can play out a lot longer than we can expect and that we don't want to lose faith during that process. You don't want to get demoralized. Hence why I'm always talking about like get outside, touch some grass. But hey, Janet Yellen, which one is it? Is the banking system OK or are the banks going to get consolidated? It sounds like you are talking out of both sides of your mouth. And everyone in the chat was saying the same thing. I am pretty sure the US defaulted on its debt a few times in the year, you know, whether it was when Nixon got us off the gold standard or in 1933 ish. So it's very interesting. And I guess we can argue that it's probably been a few more times in that. But hey, one time is enough to prove that it's not what she is saying. And they are lying out of both sides of their mouth. So is the banking system OK or is there something to be worried about? As a Bitcoiner, obviously, you know where I'm coming from, but it's very interesting when you realize exactly what central bankers and the politicians are doing. Everything is a PR war. It's all about a confidence game. We know how the banking system is set up. It's literally a Ponzi. They don't have your money. And the whole name of the game is just ensure that you don't get a bank run. And how do you do that? You don't go out by telling everyone, oh, hey, the banks are going to blow up today, guys. No, you play the game. Everything is fine. You know, don't don't look for the exit door, guys, because we have everything under control. Yeah. Yeah. Just take our trickle down. Just and just trust us, bro. Just trust us. All right, guys. Anyways, before we move on, I got to tell you about our sponsor, Orange Pill App, shouts out to Brian and Mateo. We were hanging out with them in Miami. Absolute Chad's really love them. But hey, get on the Orange Pill App, stack friends at Stacksats, because I learned one thing very quickly. And it's the importance of having local Bitcoiners being the only Bitcoiner in your area area. It really takes a toll on you. So get on the Orange Pill App. It's the number one source for meeting Bitcoiners and finding Bitcoin only events in your area. If there's no meetup, create one, guys. It doesn't even have to be like an educational event. Just simply link up with Bitcoiners. Grab a brie or unplug from the fiat matrix. Don't be the only Bitcoiner in your area, because as we are seeing and covering every single
"janet yellen" Discussed on Simply Bitcoin
"Reachable Bitcoin nodes is seventeen thousand and ninety six. And the hash rate the last 90 days is three hundred and thirty nine point three X of hashes and the estimated difficulty adjustment coming up is one point two percent. And I know everyone is still watching the mempool out there because it did get a little crazy, but it seems to be clearing up. Will we see one set fees again? I don't know, but it's it's pretty normal now. It's getting it's getting reasonable out there. Anyways, we have ninety five blocks to clear and the pending fees is fourteen point three nine BTC. All right, guys, this one is very special on this numbers. We got tagged on Twitter yesterday that a pleb out there, one of you guys, one of the listeners out there made a call in on Infowars. Now say what you want about Alex Jones, about Infowars. But this is something that we've been talking about for a while. It's the idea of getting the Bitcoin signal out there. And it's about getting everything that we talk about into the mainstream consciousness. And sometimes it's reaching out to normal or maybe not so normal audiences and getting the Bitcoin signal out. And I just absolutely want to thank everyone out there that is continuing to do this. But there is a very real point of this. I'm not going to play the whole clip. It was on yesterday's episode. It's about a seven minute clip, but it's very interesting to see Owen talk about the problems, but really do some mental gymnastics when it comes to the solutions. And I say it all the time. We know what the problems are, but very few people are talking about the solutions. And we know what the solution is. It's simply Bitcoin. So let's get into this topic or this little clip real quick. Again, guys, I tried to clip this out for you, but for some reason, my software wasn't working. So it was it was acting weird. So I'm just going to play the clip for you guys. And we'll be right back in one second to the phone lines. And let's go to Todd in North Carolina. Todd, you're on the air. Go ahead. Hi, Owen, I want to ask you if you know about the event that R .S .K. Junior, Vivek, Rivaswamy, Cynthia Lumas and Tulsi Gabbard all spoke at this weekend. I don't believe so, no. It was the Bitcoin Conference 2023 in Miami. OK, I saw that Bitcoin conference. I didn't know they spoke at it. Yeah, it's pretty interesting. R .S .K. Junior brought up what made him a Bitcoiner. And that was the trucker convoy in Canada and how their funds were cut off. And he proposed that if they their money had been in Bitcoin, then Canada Trudeau couldn't have touched them. So it's this idea that Bitcoin, which which I didn't quite get. Until I started listening to a podcast called Simply Bitcoin. But their their motto for Bitcoin is Bitcoin is a separation of state and money. And I'd love to hear you guys interview the host, Nico and Opti. They're both from the Southern Hemisphere. Nico, he's from Venezuela and Opti, he's from Mexico. And they really see Bitcoin as an opportunity to uplift the global South, Africa, all the unbanked nations of the world, countries like Lebanon. Yeah, sure. So let me just stop right there. Here's the challenge. Here's the challenge about Bitcoin or any other cryptocurrency is that. You have to find a way. So that the transaction economy can run off of it. So, in other words, in order for the Bitcoin dream to really work, this is my opinion, I'm not the biggest crypto guy. This is just how I view it. So crypto people listening to this may be maybe like, you know, getting nauseous over my coverage here, but the whole goal needs to be can I go out to lunch and purchase my meal in Bitcoin? Can I pay my electric bill in Bitcoin? Can I make real world transactions in Bitcoin?
"janet yellen" Discussed on Simply Bitcoin
"Boy Opti. I am taking over for the hosting duties for the rest of the week, but we are still your number one source for the peaceful Bitcoin revolution. We cover breaking news, culture, and memetic warfare. We bring on Bitcoiners from all around the world, from the biggest names to the everyday Bitcoiner. We got them all and we will be your guide through the separation of money and state. And we got a good show for you guys. And actually a very awesome clip. Shouts out to our boy out there that showed us that are spreading the Bitcoin signal to groups outside of Bitcoin because something is becoming very clear to me, especially to you guys. I know you guys see it, but the world is feeling the pain and the Bitcoin signal is spreading everywhere. And as you guys can see on the thumbnail, on the title, even the bankers are saying it, you know, Janet Yellen saying the quiet part out loud. Banks are in turmoil and more bank consolidations and the U .S. made the fault again. It's almost like Bitcoiners have been saying this for a long time. So as we move away from this unipolar world, one thing's for sure. The world is in transition. So it's important for you guys out there, the individual to get yourself to the best version possible, get yourself right first, and then everything else will follow. I actually had a conversation at Miami and, you know, I always say, you know, what it's like, it's like when you're in a plane, like put the oxygen mask on first and my friend's like, no, you know what it's really like, we are just a stewardess explaining to everyone how to get the oxygen mask on. And I was like, oh my goodness, this is the best way to explain it. But it's important you fix yourself first before you point fingers. As the saying goes, when you point your finger, there's four pointing back at you. And only in this way will the monetary revolution happen and the mainstream consciousness wake up to what we know to be the truth.
AP News Radio
Biden, McCarthy to meet on debt ceiling, time to 'get moving' to resolve standoff
"President Biden and House speaker Kevin McCarthy will meet again today in another bid to resolve a standoff over the debt ceiling. It's a pivotal moment. Start moving. Treasury chief Janet Yellen says the U.S. could start running out of cash to pay its bills as soon as June 1st, a default that would hurt Americans and the global economy. McCarthy says he's hopeful for a deal after negotiators from both sides meant for it nearly three hours today. He's still pushing for the nation to cut its spending next year and the talks have narrowed on a 2024 budget year cap Sagar Meghani at The White House.
Biden Defaulting on the Debt to Own the Crypto Bros?
"Well Friends the president has gone and again made the debt ceiling political for the crypto crowd. And so today we are diverting temporarily from our normal Bitcoin and crypto industry coverage to move into the most significant market issue right now, which is the debt ceiling debate. This will serve as a bit of a primer. I will avoid the temptation to get political with it, as always, and we'll just try to understand exactly where we are going into this critical week. Right now, the debt ceiling is currently at nearly $31.4 trillion, with around 24.6 trillion held as bonds by investors, private institutions, and other market actors. The U.S. debt is the largest of any nation state, exceeding the amount currently outstanding for the next four countries combined. In mid January, the limit of borrowing was reached, leading the US Treasury to begin what's known as extraordinary measures to stretch the remaining cash a little further. These measures trim budget expenditure around the edges by deferring time and sensitive spending, such as making contributions into government worker savings plans, and topping up the assets held in the exchange stabilization fund. Earlier this month, treasury secretary Janet Yellen announced that despite these measures, the treasury looked set to run out of cash by the beginning of next month, leaving officials precious little time to sort out a deal. The negotiations had been ongoing for the better part of the last few weeks, although heading into the weekend the tone had soured. Earlier last week, both President Biden and House Republican speaker Kevin McCarthy, who is heading up negotiations for the GOP, expressed optimism that a deal could be close. And yet as the weekend rolled around, no deal was there to be had. Now part of the reason is that the two parties are very far apart in terms of what they want. The GOP are asking for significant budget cuts. In particular, they're looking for cuts across social spending by ramping up work requirements for government aid, as well as kneecapping flagship democratic policies like clean energy incentives with the inflation reduction act, and additional funding for the IRS. Last month, Republicans passed a House bill which would suspend the debt ceiling until March of next year, but the bill contains such deep spending cuts that it was viewed as a nonstarter for Senate Democrats to consider.
AP News Radio
Biden, McCarthy to hold pivotal meeting on debt ceiling as time to resolve standoff grows short
"President Biden and House speaker Kevin McCarthy will meet today for a critical talk, says time grows short to end the debt ceiling standoff. The president called McCarthy from Air Force One while flying home from Japan last night. Saying it went well. McCarthy was also upbeat. I believe it was a productive phone call. Won that led to negotiators resuming stalled talks, including North Carolina Republican Patrick mchenry. The fact that our principal spoke made a big difference reset where we're guidance and I think that was helpful. Still make Henry says there are obstacles and the race is on, with treasury chief Janet Yellen, saying June 1st is a hard deadline to raise the debt limit and avoid default. Sagar Meghani, Washington.
AP News Radio
Biden, McCarthy to meet Monday for debt ceiling talks as default deadline looms
"President Biden and House speaker Kevin McCarthy are due to speak face to face. After a telephone conversation on how to reach an agreement on averting a U.S. default. House speaker Kevin McCarthy says he did have a productive call with President Biden. They spoke as the president was returning from the G 7 summit in Japan, where he had to reassure world leaders. Default is not an option. Biden says, despite GOP complaints, he has compromised and introduced ideas to raise revenue. Much of what they've already proposed is simply quite frankly unacceptable. But conservative Republicans, like congressman Jody arrington, who spoke on ABC's this week with George Stephanopoulos, says the government spending patterns need to change. We have to get back to pre COVID pre inflationary spending. We've got to rightsize and rein in this bureaucratic bloat. Treasury secretary Janet Yellen says it looks like the debt limit will be reached somewhere around June 1st, where the U.S. won't have the funds to meet its obligations. Seniors who count on social security are military that expects pay. She spoke on NBC's meet the press. I'm Jackie Quinn
The Hugh Hewitt Show: Highly Concentrated
Republican Leader Slams Biden's Handling of Debt Ceiling Crisis
"This is Kevin McCarthy in the house hallway yesterday, cut number three. It just seems that they want to look like they're in a meeting, but they're not talking many times serious. In the meantime, we just watched the CEO come out and say we're a $100 billion further in debt. And so do you think it's more like we wanted default than a deal? And then more Kevin McCarthy at a press conference cut number four. And the only body in all of Congress or the Republicans who raised the debt ceiling. And we did it way in advance before Janet Yellen told us when the deadline was. Because we didn't want to be here. So no, I don't think we're in a good place. I know we're not. This ignoring the problem, thinking it's going to go away, he could bumble his way just into a default like he did on the border. That's what we didn't want to have happen. So we raised the debt limit. We're protecting. I don't know. Maybe his secret plan is to wait till the last minute and pass our Bill. I'm okay with that. Bumbling Joe Biden, and that is about right. Couple of
AP News Radio
Biden and congressional leaders to meet in debt ceiling showdown as McCarthy pushes for faster deal
"President Biden and congressional leaders will meet again today in the debt ceiling showdown as the nation is just closer to a potential default. Treasury chief Janet Yellen says the country may run out of cash to pay its bills as soon as June 1st. Time is running out. The early outlines of a potential deal to boost the borrowing limit are slowly emerging but expectations of an imminent deal are low. House speaker Kevin McCarthy is urging President Biden to move faster, while still insisting on spending cuts to lower the nation's $31 trillion debt. I mean, how much is too much? McCarthy will be in the Oval Office today with among others, top Senate Democrat Chuck Schumer. Nobody should use default as a hostage. The president says Republicans must rule out default to agree to raise the debt ceiling and then discuss spending cuts. Washington.
AP News Radio
Yellen: 'No good options' if Congress fails to act on debt
"President Biden is set to meet with Republican leaders tomorrow to discuss the nation's debt ceiling, while members of his administration warn against a default. Treasury secretary Janet Yellen says her office is already taking emergency steps to try to keep the government from running out of cash too quickly. Economic chaos would ensue. But projects it could happen as early as June 1st, on ABC's this week with George Stephanopoulos, Yellen was asked if President Biden could invoke the Fourteenth Amendment, which would bypass Congress. We should not get to the point where we need to consider whether the president can go on. Issuing debt, this would be a constitutional crisis. Republican senator James lankford says The White House is wrong to demand that the debt ceiling negotiations be separated from spending cuts. It forces a moment to be able to talk about debt and deficit and to say where are we going on this? I'm Jackie Quinn
The Charlie Kirk Show
Banking Crisis: The Tip of a Financial Iceberg With E.J. Antoni
"Senator Langford made a great point. We don't have the tape here, but basically said to Janet Yellen, we're not going to, he says, they're worried that the federal government is encouraging behavior by basically people are now going to remove their deposits from regional banks because they don't see the same sort of federal government backing automatically of every regional bank. Is that a fair concern? Absolutely. A hundred percent. I really think that spot on. Again, if you're somebody who's got less than $250,000 threshold, then your deposits are guaranteed everywhere anyway, so it's irrelevant. But if you're a business, if you have a large cash balance, which a lot of these regional banks, that's how they sustain themselves on those small business accounts, then you're getting the rug pulled out from under you. Both as a depositor. And as a regional bank, and so this, this could get out of control wildly and I suppose one of the questions people have then is where should I keep my money? And I guess there's no really good answer to that. I mean you can feel free to offer investment advice if you want or but what are the principles what is economics teach us of where your dollar bills should land in a time like this? Sure. Well, so I have to say counsel always tells me they always yell at me like, yeah, I can't give investment advice. So we're not going to do that. But what I will say is, if you have, again, under two 50, which is 90 something percent of depositors, you'll find there's no worry. It doesn't matter where your money is. If you're over that amount, you have a couple of options. You can literally just split up your deposits among different banks. As long as you're under that two 50 threshold at any one particular institution, you're fine. So you can have two 50 in Wells Fargo two 50 and JPMorgan, for example, and a 100% of your deposits are covered. There are also different services you can buy where these different financial firms will do that for you where they will split up your deposits. But most people don't fall into that category. So I wouldn't worry about it from that standpoint.
The Charlie Kirk Show
Are Big Banks Safe From Deposit Flights? E.J. Antoni Explains
"The argument earlier this week. JPMorgan Wells Fargo and BOA, the big three basically, they're not worried. In fact, this is going to be easy pickings for them, right? Now, why would those three banks be immune from the same sort of deposit flight? What is JP, is it just volume? Is it size? Is it that JPMorgan and BOA have corporate accounts as well, not just mom and pops that might engage in deposit flight? Why would BOA Wells Fargo and JPMorgan somehow be exempt from such from such action and panic? Well, we can throw city in there too, right? But the other problem is that these very large banks have been identified as sibs or systemically important banks, which is, again, basically just a fancy way of saying, if you do anything wrong, if you guys get into trouble, we, the federal government will come bail you out. And so you have nothing to worry about. Because we have, we have socialized your losses, but privatized your gains. And as a result of that, these banks are largely immune from runs because depositors and investors alike know that things really can't go south because the federal government is there to backstop it. Contrast that with the messaging we have seen particularly from Janet Yellen on regional banks and they're what she has said is basically just her rhetoric has waffled back and forth. It has gone from saying we will guarantee all deposits to know we're sticking to that two 50 cap and then back and forth. And so that has exacerbated the deposit flight because people don't really know how the federal government is going to react here.
AP News Radio
Yellen says US could default as soon as June 1
"Treasury secretary Janet Yellen says the country could reach its debt limit as soon as June 1st. Yellen sent a letter to House and Senate leaders urging them to protect the full faith and credit of the United States by acting as soon as possible in February, Yellen said if the debt limit is not raised, mortgage car loan and credit card bills would rise, credit markets would deteriorate. And on top of that, it's unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on social security. Yellen warned lawmakers not to wait until the last minute. In January, Yellen said her department started resorting to what she called extraordinary measures to avoid a federal government default. Ed Donahue Washington
AP News Radio
IMF: Prolonged high inflation dims outlook for world economy
"The International Monetary Fund says the global economy's outlook has dimmed. Amid a high inflation rising interest rates and two big American bank failures. The situation remains fragile. Chief economist Pierre Olivier grenchen says the IMF has downgraded its global growth outlook below 3%. Downside risks dominate, saying the possibility of rising interest rates leading to recession has gone up sharply, especially in the world's wealthiest countries. Treasury secretary Janet Yellen sees it differently. I wouldn't overdo the negatives negative. Saying the global outlook is reasonably bright, and here at home. The U.S. economy is obviously performing exceptionally well. In a while, yelling is not expecting to downturn. Of course, that remains a risk. Sagar Meghani, Washington.
The Dan Bongino Show
The Irony of The Left's Abuses of Power
"He's like you believe this Janet Yellen is saying you know she doesn't understand it doesn't have a reason as to why the IRS may have visited a reporter Matt taibbi's house while he was testifying about big government abuses against the First Amendment And you know I thought all right this wasn't supposed to be in the show but it's important he said that Because I'll make the case to you that it doesn't matter what treasury secretary Yellen gives us an answer Nobody is going to believe her And Jim says well isn't that the problem And then I says and then he says and then I says I said yes that is the problem The problem folks is we have so little faith in institutions anymore Regardless of the political stripes you're wearing right now Whatever political Jersey you're wearing We have so little faith in the bureaucracy the administrative state and elected leaders That it doesn't matter what Janet Yellen says That's the great irony of leftist abuses of power That they make this big pseudo elegant argument about how your problems in life are being caused by greedy people and corporations and mercenary folks out there And if you'd only turn them over to the benevolent white knights and government everything would be just peaches and cream And yet the very same government they want you to pledge allegiance to and worship like a golden calf I'm not talking about our United States The people I'm talking about the administrative state and the bureaucracy does nothing but screw you over and screw you over to the point where it doesn't matter what excuse they give
The Hugh Hewitt Show: Highly Concentrated
Treasury Secretary Yellen Testifies on Proposed Biden Budget
"This is the exchange, Janet Yellen had on the hill yesterday. It's a good idea why it doesn't make a lot of sense. She's talking with senator John Kennedy of Louisiana before the banking committee cut number 16. The president's budget would increase our debt by $18 trillion. Which is $3 trillion less than it would increase without the proposals in the president's budget. So what the president is saying is these are my words not his. Because of his budget, we're going to have three heart attacks and a stroke instead of four heart attacks in a stroke. Well, I would not grieve that we're going to have three heart attacks in the stroke because we have a very large economy and while the numbers that you cite are very big numbers, the size of our economy is also extremely large. And I think a better metric for assessing what the impact of the budget is on our economy and whether or not it's manageable is real net interest on the real net interest payments that we have to make relative to the size of our economy. And those real net interest payments run throughout the ten years of the budget at around or under 1% of GDP, which is historically normal. So that is increasing the size of the economy is increasing interest rates are moving back toward more normal levels after a period of many years in which their exceptionally low, and yet overall what you see in this budget is real net interest on the debt stabilizing at about 1% of GDP, which is a manageable and historically normal number. So
AP News Radio
Americans' faith in banks low after failures: AP-NORC poll
"Uphold finds low faith in American banks after two recent bank failures. Treasury chief Janet Yellen and the Biden administration have been trying to boost confidence. In the U.S. banking system remains sound. But an AP Newark center for public affairs research poll finds just 10% of U.S. adults say they have high confidence in banks and other financial institutions. That's down more than half from three years ago. More than half now say the government's not doing enough to regulate the industry. Over the past month, there's been little change in how people see the overall economy, only a quarter, say national economic conditions are good. Three quarters describe them as poor. Sagar Meghani at The White House.
CoinDesk Podcast Network
Janet Yellen Vows to Safeguard Deposits at Smaller U.S. Banks
"We're gonna get you up to speed on all that's going on in the world of crypto. Finance, and more, including some comments from the treasury secretary. Is that right? The Janet Yellen say something will. What's going on? That's right. We got a nice Bloomberg scoop to start off the day. Talk about how the FDIC is actually looking to move beyond the $250,000 ensure level for all deposits at most banks. They're looking to basically enact some pretty extreme measures in the wake of both SVB and signature bank being taken over by FDIC and also silver gate voluntarily winding down operations. There's a lot of contagion in the banking sector and they want us to have any more of that from occurring. So we're looking to ease the fears of depositors by increasing the insurance levels to what seemingly are extreme amounts. I don't know, Wendy, your take on it, it seems like this is like a pretty wild step. But it might be necessary given that there's a lot of fear out there in the banking sector. So this was this story was in regards to them using an old law from the 1930s, right? Well? Okay. So with that being said, I don't like all of these random laws that we have in our government. But at the same time, if this is going to help protect retail, if this is going to help protect taxpayers, because taxpayers are going to suffer the burden anyways. No matter what happens, if the banks get bailed out, taxpayers are going to be banks don't get bailed out. Taxpayers are going to get hurt anyway. So I guess I'm kind of okay with them using this law to help the underdogs. But at the same time, it makes me a little bit worrisome because we see them using some of these old laws and these old caveats to kind of destroy crypto and halt the growth in our industry. So I'm a little bit on the fence about it, but at the same time I do want to see retail win and I do want to see people get their money back
AP News Radio
Yellen says bank situation 'stabilizing,' system is 'sound'
"Treasury secretary Janet Yellen is trying to project calm after regional bank failures. Speaking to the American bankers association. The situation is stabilizing. And the U.S. banking system remains sound. Yellen says the Biden administration acted quickly to protect the broader system and is ready to do it again if needed. Similar actions could be warranted if smaller institutions suffered deposit runs that pose the risk of contagion. Yellen's remarks come as the Federal Reserve meets to decide whether to boost interest rates again, as it weighs both banking concerns and stubbornly high inflation, Sagar, Meghani, Washington.
The Bitboy Crypto Podcast
"janet yellen" Discussed on The Bitboy Crypto Podcast
"Welcome to BitBoy crypto. It's me your host, BitBoy. I'm out here on the street, asking random people about what they think about Bitcoin. Do you think, ma'am, do you believe Bitcoin will be banned forever? No. Why not? Treasury secretary Janet Yellen said no. We have breaking news. Wow, bringing news is random lady on the street believes that Janet Yellen, what a joke, right? Hold on, let me look this up. Oh my God, it's true. Yeah guys, Janet Yellen came out recently and said that Bitcoin and cryptocurrencies were definitely not going to be banned in the United States of America. No. I just want to touch on something that I just. I don't know. I just tweeted on Twitter, tour dot com. It's my favorite place to tweet. Ma'am, where do you like to tweet? Which shows you 200 Twitter two. So the point is, is that I tweeted this on Twitter. It is very, very, very extremely low IQ. Low IQ to believe that the United States is going to allow Bitcoin and cryptocurrency to be overtaken by other countries. It's just not going to happen guys like think about this. It's literally a finance niche. It's literally a niche and finding it. And you think the United States of America is going to regulate it to death. So we can't take money on it. Guys, the banks are powerful, but the banks see what's coming. They're not dummies. The banks are going to try to get involved with crypto. And yes, is there a chance they make it easier for a credit investors to get into Bitcoin and not easy for retail investors? Possibly, but there's a lot of money in retail as well. Sorry, they're having a party over here. It's the Jewish youth of America, actually. That's true story here at New York Times. But the point is, is that they're not going to allow us to get left behind and you need to understand that. And in my opinion, I think the idea of regulation being bad for crypto is just so off from the truth. I've told you guys before my opinion is we're going to get bad stablecoin, bad, stablecoin regulation, we're going to get good crypto regulation, guys. They see what's coming. Banks are on their way out. The United States should be smart enough to know that what is going to happen is that exchanges in crypto are going to be a big money maker from the retail perspective as well. Guys, we just had two bonds over the last week, one in Hong Kong and one from Siemens. Digital bonds that didn't need a bank to create bonds. There was nothing from a bank or finance perspective backing them. This is big news. Now, does this have something to do with why Santa Yellen said this? Potentially, but let me give you guys another. Let me give you guys another scenario here, which is, could it be that Janet Yellen knows that banks, excuse me? Janet Yellen knows that Gary gensler is coming after her job. Gary gensler wants to be the treasury secretary. So because of that, is this Janet Yellen firing a shot at Gary gensler and the SEC. I think that is definitely a potential, something that could be in fact happening. So I think is that our Uber? Is that our Uber? That's our Uber. Is that our Uber? I may be getting into an Uber guys. I may not be. I would have to check that. But could this be a shot at Janet yell or at Gary gensler? I believe the answer is lady he's following me. It's so weird. It's so weird. Look at her. Watch her show look over at me here in a second. I told you, told you she'd do it. So the point is is that there's a lot going on with this regulation is going to end up being crypto friendly. I'm not concerned about it. You shouldn't be either. I'm heading to Washington next week. I'm going to be talking to some very big players in crypto regulation. Really excited to make that happen. And together, we are going to do this. Got a lot of updates on Celsius stuff. We'll probably be talking about that on Monday, Simon Dixon is going to be on the show on Monday, so looking forward to that. And we'll see if I upload this video. My video last night took 14 hours on the hotel Wi-Fi to upload. So supposed to be out last night. But that is all I got. Be.
"janet yellen" Discussed on KOMO
"He made only a vague mention of the company's growing number of union battles. Anxieties affecting their families and their lives around safety around mental physical and financial health issues over the widening cultural and racial divide and the state of our country and the world. Starbucks shut down 5 Seattle area coffee shops yesterday citing crime, but the two at union station were also at the center of a nationwide effort to unionize. A member of Congress from the state is calling on the federal government to investigate an evangelical activist group over its tax exempt status. Democrat Suzanne del beni from the first district and 39 of her colleagues want treasury secretary Janet Yellen in the IRS to review the family research council to see if it's violating its status as an association of churches. The letter they've written suggests that political advocacy organization might be exploiting tax laws to avoid public accountability. The family research council has been accused of anti LGBTQ bias by opposing same sex marriage, hate crime laws and anti bullying programs. The organization defends its position as being pro family. A man is dead after police say he tried to hold up a gas station in auburn overnight. Police tell us it looks like that man was trying to rob the store, but the clerk shot him before that could happen, detectives, and the evidence team. They were out here for hours. On auburn way south, you really can't tell that anything has happened. The road is open. We don't see any crime tape up right now in the store. It looks like, is open once again. Lee stole reporting from auburn northwest news time now 6 34.
Bloomberg Radio New York
"janet yellen" Discussed on Bloomberg Radio New York
"Through, that the interest rate cuts are still having an impact out there. And will that be enough? Will they need to raise rates even further? We don't really know yet. We're going to sort of have to look at the next two months of data. And the same thing, one of the things that caused the contraction in the first two quarters was government spending really came down in 2022. So when the government spending less, that's less demand and that's a big component subtracting off GDP and you were just talking about we now see that there's a deficit reduction plan out there that again that's thinking about shrinking the bringing in more revenue, all of that's about reducing demand. We I think doing it through a combination of increasing taxes, decreasing government spending and increasing interest rates is probably the way to go. We were talking with professor Betsy Stevenson and theaters in Michigan and we are waiting for a news conference from the secretary of treasury, Janet Yellen, which is supposed to begin any moment. Now we'll keep our eye on that and go to it immediately. Apologize in advance, professor if I interrupt you when we see Janet Yellen. Have we ever been able to get our arms around inflation without having substantially higher unemployment? I think that it is absolutely possible. And I don't think that this inflation actually looks like the kind of inflation we had in the 1970s. So you said, have we ever been able to, we don't actually have a lot of history there to say, well, what have we done in the past? I think what we want to look at is where are we today and what are the conditions that we have? We still have people expect inflation to come back down. That's crucial. That's still with us. And that's working in the fed's favor. What's working against the fed, but for families is that people have a lot of built up savings from the pandemic and that sounds kind of crazy, but the government passed out a lot of money. People didn't spend it all at once, so they've got this built up savings. So even though they're seeing higher prices and they're hearing news of a recession, that's a normally cause people to pull back a bit more. We should see the savings rates start to go up. We haven't seen that yet. And that's partially because people have got this built up savings. We've never really gone into a period like this like that before. If you want to compare it to the 70s, you go back to the 70s and we were in this period that had been really rocky and people had didn't have buffer stocks and they were there was rising unemployment and they were there was an oscillating between do we boost the economy because of the recession or do we try to get inflation under control? Right now we understand what we need to do is slow the economy and the question is will we slow it too much? We're not simultaneously fighting a separate set of forces that are pushing us into a recession. We're trying to bring an economy that's been overly hot, too hot down to the just right Goldilocks temperature. Right, once again, we are waiting for a news conference from Secretary of the Treasury Janet Yellen, who's walking right right now and thank you so much to professor Stevenson. And here is the treasury secretary Janet Yellen
Bloomberg Radio New York
"janet yellen" Discussed on Bloomberg Radio New York
"I'm Scott Carr And I'm susannah Palmer in the Bloomberg newsroom A new book says treasury secretary Janet Yellen initially wanted the Biden administration to scale back the nearly $2 trillion American rescue plan because of concern it could be inflationary We get more about that from Bloomberg's Denise Pellegrini a new Yellen biography says the treasury secretary wanted Biden officials to cut the $1.9 trillion pandemic era package by a third because according to Owen ullman's biography empathy economics too much government money flooding into the economy too quickly could overheat the economy and trigger an inflation The treasury secretary though has issued a statement about the book saying she never urged adoption of a smaller package And she says the economy risked a downturn that could have been as disastrous as The Great Depression Yellen ended up endorsing the full package publicly to members of Congress at the time She said this past week she was wrong when she thought inflation would end up just being transitory Bloomberg Denise Pellegrini Saudi Arabia raised oil prices for its biggest market of Asia by more than expected This as the region's main economies ease coronavirus restrictions helping to boost demand The increase for July shipments resumes hikes that started back in February and were only broken when state producer Saudi Aramco cut prices from record levels a month ago New Jersey is moving to ban menthol cigarettes the state's assembly health committee approved a controversial bill that would prohibit the sale of flavored cigarettes and electronic smoking devices There was an opposition to the band say cigarette sales would shift to other states which happened in Massachusetts New Jersey banned most cigarette.
"janet yellen" Discussed on Squawk Pod
"As we've been talking about to all morning, the big news this morning, President Biden, the announcing a joint task force who bolster energy security for Ukraine and the European Union, the primary goal to diversify supply of LNG and curb Europe's reliance on Russia for its energy joining us right now in an exclusive interview this morning is treasury secretary Janet Yellen secretary. Thank you for joining us. My pleasure. Thanks for being here. So as we were just discussing energy is the big topic and want to understand from you how you reconcile the administration's climate goals right now with what clearly is a shift in posture around energy and fossil fuels. Well, the climate goals are very important and there's no change in that. If anything, seeing what's happening because of our dependence on global markets for oil and to some extent natural gas just emphasizes the importance of making the transition that will shield us from events in Russia, global developments that can negatively impact our oil markets, we really want to move and see the need all of us the United States and our allies to move quickly to renewables that will give us a safer and more independent energy picture. But clearly in the short term, that's not going to work, including there's going to be an effort to push for more fossil fuels. Jamie Dimon, JPMorgan, CEO, telling the administration that they need to create a Marshall plan around fossil fuels and energy. What do you think of that? Well, I don't really want to get into what happened in a private meeting, but I certainly agree that we are looking very carefully at the global energy situation, we have banned Russian oil imports from the United States, but are dependent is in very high. We recognize how important Russian oil and natural gas imports are for our European partners and the recognize and we recognize how important it is to reduce that dependence to the maximum extent possible in the short run, which goes to this morning's announcement by President Biden about our enhanced cooperation on LNG. But it's not possible to completely eliminate that dependence search. Do you think the investor class has to rethink its position on fossil fuels? And I say that only because there has been a real shift towards ESG over the past several years. And whether that idea needs to be suspended to some degree relative to what's happening now and the national security issues that it is either creating or has created. I don't think that the ESG movement ends the emphasis on climate change is creating the problems that we have, if anything, the problem is that we haven't moved as rapidly as we should have Europe and the United States would be less exposed to the pressures that this conflict is putting on our energy markets if we had greater reliance on renewables. So that remains firmly appropriate as medium and longer term goal, but in the short run our ability to punish Russia for really the horrific acts that they're committing in Ukraine. And to degrade their power and influence in the world economy. It would be greater if there were less dependence on Russian oil. But in the immediate term. One of the things that's happening in the United States, for example, is the SEC just put out a notice about proposals around climate disclosure. Do you think some of those policies shift in terms of either timing or otherwise as a result of what we're seeing right now? So I was shortened to see the SEC proposal. It's something that the financial stability oversight council has focused on our partners around the world. And the investing community. Really want information that can guide their investments. You see increasing number of American investors, including banks that have commitments to net zero by 2050, and they need the kind of information that's consistent and transparent to let them make investment decisions. Those goals haven't changed the need for globally comparable information remains a high priority and I think the SEC is crafted a very good proposal. I was really very pleased to see them put it out. Let me ask you a question about globalization. Larry Fink this week said globalization may be over and that this war between Russian Ukraine has become a flashpoint and that American companies doing business in certain countries potentially even China and I'm thinking about big companies like Apple that are doing business there, clearly China appears to be an ally of Russia may have to rethink where they're doing business. What do you tell American business leaders this morning? Who are thinking about where their supply chains come from and the politics of where those supply chains come from? Well, we do have to in this is not just because of the Russian Ukraine situation, but this became evident in the pandemic that may be American businesses have focused on efficiency and organizing supply chains in ways that lower costs but impair resilience and resilience of supply chains is a high priority for the administration and so to an extent that will lead to some reallocation of where much of that is about resilience, which was an issue we talked about in the context of the pandemic versus politics and national security. Well, national security is also important and we recognize the need to consider having an appropriate trade policy that protects our national security interests. But when you say this may be the end of globalization or something that extreme, I really have to push back on that because we're deeply involved in the global economy. I expect that to remain it is something that his brought benefits to the United States and many countries around the world and we certainly don't want to go to a system in which the United States is loses loses those benefits. So there may be some rethinking to promote national security. You've put a number of sanctions, obviously, on Russia, but would you consider sanctions on China as an ally of Russia at this point? So I don't think that that's necessary or appropriated at this point. We have senior administration officials are talking privately and quietly with China to make sure that they understand our position, we would be very concerned if they were to supply weapons to Russia or to try to evade the sanctions that we've put in place on the Russian financial system and the Central Bank. We don't see that happening at this point. And it's really up to China to make sure that they understand the complex situation that they face. Becky has a question for you. Thanks, Andrew. It's very good to see you, secretary Yellen. It's just a question about how the economy is faring right now because the markets have been kind of roaring higher on some of the economy and then there are these questions about inflation and what the fed does next. You see the tax receipts coming in every day, is there any sign of weakness.
"janet yellen" Discussed on Squawk Pod
"Joe kernan, Andrew Ross Sorkin is live in D.C.. He's got that big beautiful capitol building behind him and Andrew. Got a big interview coming up today too. Good morning. Good morning. We do have a big interview just a little bit later this morning. I'll be live at the Treasury Department building to interview secretary Janet Yellen so much to talk to her about, including the sanctions on Russia, some of the news we're going to be talking about in just a moment overnight in terms of what President Biden has agreed to, providing more energy to Europe and we'll talk inflation. We'll talk economy. We'll probably talk a little crypto and so much more lots of news. I imagine we'll be made. If you take a look at crude oil prices, crude has been up this week. Up by about 7.3% for the week. It's down right now by about one and a half percent on the day. Guys, I don't know if you'd seen it. Triple-A, natural gas, the average is now at $4.236 a gallon. That is near a record from where we were. It's down from a week ago, but that is still up for about 47% from where we were a year ago. Joe? Yeah, we didn't mention crypto. Maybe mention it this way. If you're paying for gas with Bitcoin, it's like really cheap. Got a little cheaper. At 44,000 on Bitcoin. So that has moved slowly, making that crypto has been making its move back above 40 and almost got to 45. So that has been moving higher recently as low as 33 or 34, not too long ago. That may be the by the way, Katie Stockton actually talking about it. Almost as the dog to the S&P to the S&P's tail, which I thought was a little bit weird. She didn't say that crypto was the tail too. To the S&P dog, it was vice versa. Bitcoin actually is providing kind of cues for the S&P 500. We saw it corrective phase late last year in soup before the corrective phase in the S&P 500. Bitcoin has stabilized, of course, it's seen a loss of downside momentum after nearly having itself. And that support around 38,000 is a very important level. We're glad to see it having held except it does not mean that it's in the clear here. We have a loss of long-term upside momentum behind all risk assets, and that tells us that this year is probably more of a rage bound year. We're liking it to somewhat of 2018 where for the S&P 500, we saw a corrective phase earlier in the year, the big sort of midyear relief rally, and then a massive correction at yearend..
Cape Up with Jonathan Capehart
"janet yellen" Discussed on Cape Up with Jonathan Capehart
"To help them? Well, we've done, I think, a lot to shore up the finances of Americans and I would say that it's a lower end of the wage spectrum, which increases have outstripped price increases. When you think about all the aids that came out of the American rescue plan for American families, unemployment insurance economic impact payments. If you take that into account, Americans have been doing pretty well. But I don't want to say that inflation is not a problem inflation is a problem. Longer term, many of the proposals that President Biden has put forward discussed in the State of the Union would meaningfully address costs that are really burdened American households, the cost of child care, the cost of elder care, the cost of healthcare, bring down prescription drug prices, and inflation is first and foremost the job of the Federal Reserve, we have to look to the Federal Reserve to take steps to bring down inflation. And I have confidence the fed will take the actions that are needed. Madam secretary, last question. Today is Harriet Tubman day. She died today in 1913. Harriet Tubman on the $20 bill, when will we actually see it? When will I be able to pay bills and Tubman's? 2030. I know it's a long way off that adheres to the original schedule that was announced in 2014 by secretary Lou and president Obama. We lost four years during the Trump administration and pushing it forward, but we have made efforts to catch up and we remain on that schedule. You know, there's a huge amount of technology that goes into designing currency to make sure that we have the most modern sophisticated anti counterfeiting features embodied in our currency and producing it is producing currency is a technologically sophisticated manner. But I'm looking forward to seeing Harriet on the 20 in 2030. Janet Yellen 78 secretary of the United States treasury, we are out of time. Thank you very much for coming.
Cape Up with Jonathan Capehart
"janet yellen" Discussed on Cape Up with Jonathan Capehart
"I'm Jonathan capehart and welcome to capehart. The Russian invasion of Ukraine has led to significant global sanctions against Russia, its leaders in oligarchs. Smack in the middle of the United States effort is treasury secretary Janet Yellen. We have isolated Russia, financially, the ruble has been in a freefall, the Russian stock market is closed, Russia has been effectively shut out of the international financial system in this conversation for us recorded on March 10th for Washington Post live, secretary Yellen talks more about how the sanctions work, we also discuss record high inflation and gas prices hitting American consumers and she tells me when we'll be able to pay for things with a Harriet Tubman $20 bill. Secretary Yellen, thank you for coming to Washington Post live. Thanks so much for inviting me, Jonathan. Nice to be with you. So let's start with some a little bit of breaking news a few hours ago. The British announced sanctions against Roman Abramovich, the Russian oligarch who also owns the Chelsea football team, which he was trying to sell, but can't now because of the sanctions. Will the United States follow suit? Well, we have a list of individuals, Russians, on whom we have imposed sanctions and a further group of individuals that we're considering. So the names continue to be added to the sanctioned list and I don't want to talk about any specific individual, but certainly this is one of the ways in which we're trying to punish Russia for what they've done and make it clear to the older guards who are have been supporting president Putin and providing support for him to conduct this war that this is something that is in the atrocity and that we with our allies will take actions to raise the cost to them and hopefully they will express their views to president Putin as a consequence. Madam secretary, when your deputy, deputy secretary, Wally adeyemo is here last week, another round of sanctions were announced while we were discussed while we were talking against Russian officials, oligarchs, family members and associates, would you like to announce any more right now or at least you just mentioned that there are a list of people and organizations are considering might we see a new announcement today or this week? Well, we continue to work very closely with our allies to consider sanctions, certainly at this point we're not seeing Russia back off the horrific war that they've started in unprovoked invasion of Ukrainian homeland and in fact the atrocities that they're committing against civilians seem to be intensifying. So it's certainly appropriate for us to be working with our allies to consider further sanctions. But it's important to understand that we have already had a very devastating impact on Russia. We have isolated Russia, financially, the ruble has been in a freefall the Russian stock market is closed Russia has been effectively shut out of the international financial system and the war chest that Russia amassed over 600 $1 billion in Central Bank reserves that I think it hoped to use to cushion any blow to the Russian economy, the actions that we have already taken against Russia's banks and particularly against the Central Bank of Russia with many of our allies participating in that has made those reserves all but unusable. So the Russian economy will be devastated as a consequence of what we've already done, but we do consider continue to consider further steps we can take. But madam secretary, given the litany of things you just mentioned about the Russian economy, is it safe to say that the Russian economy is in freefall? It's certainly experiencing a very severe contraction and I don't want to make the forecast for what will happen to the Russia Russian economy over the coming year, but it is certain to contract meaningfully. And over the medium and longer term, we have put in place export controls that will deprive Russia of the advanced technologies, the semiconductors, and other things that they need to continue to advance economically and to fortify their defenses and so our longer term impact will also be negative degrading Russia's ability to Project Power and continue to threaten its neighbors. Madam secretary, is there any concern that the severe contraction of the Russian economy that you're talking about will have an impact on our European allies or even on the United States itself, economically? There are certain to be an effect on the United States and also one Europe. But let me say we have worked very closely with our allies, first of all, to be aligned about the sanctions because that means that they have a much greater effect. And we have been united in what we've done. And we've designed the sanctions so that they will have the maximum negative effect on Russia while to the extent possible a shielding the United States and Europe from negative consequences, but will there be some negative consequences, of course. And I think that unavoidable. And look, you know, the worship economy is the 11th largest it worship is a major exporter of.
"janet yellen" Discussed on AP News
"Sweeping changes in how multinational companies are taxed The prime goal of the complex discussions is to deter global companies from stashing profits in countries where they pay little or no tax better known as tax havens the sweeping deal was agreed on Friday among 136 countries in talks overseen by the organization for economic cooperation and development the most important feature is a global minimum tax of at least 15% That was a key initiative pushed by president Joe Biden and treasury secretary Janet Yellen Yellen says the minimum tax will end a decades long race to the bottom due to countries cutting tax rates I'm Charles De Ledesma Amid the wild swings of the pandemic job market the government's September employment report showed employers added 194,000 jobs in normal times a decent monthly gain but short of expectations When COVID-19 hit in March of last year it triggered a short harsh recession that erased 22 million jobs since then employers have added back 17 million as huge infusions of federal aid but money in people's pockets in the rollout of vaccines gave many of the confidence to return to shops restaurants and bars Until the delta variant erupted From January through July private sector businesses added an average of more than half a million jobs per month But last month that dropped to 317,000 Still two positive numbers jump out The Labor Department revised up its hiring estimate for July and August by 169,000 in the unemployment rate dropped to 4.8% Ben Thomas Washington Iraq's elections on Sunday come with enormous challenges Iraq's economy has been battered by years of conflict endemic corruption and more recently the coronavirus pandemic state institutions are failing while the countries infrastructure crumbles as well powerful paramilitary groups increasingly threaten the authority of the state and hundreds of thousands of people are still displaced from the years of war while few Iraqis can expect meaningful change in their day to day lives the parliament elections will shape the direction of Iraq's foreign policy at a key time in the Middle East including as Iraq is mediating between regional rivals Iran and Saudi Arabia I am Charles De Ledesma If you've got a personal auto insurance question you could talk to a cab driver although the policies he recommends might include avoiding the interstate beating traffic by taking the back roads and only making left turns when absolutely necessary Or you could talk to your local Geico agent whose policy is to use their expertise to navigate your insurance finding the best route to help you save money on insurance for your home car and.
"janet yellen" Discussed on WTVN
"And weather in central Ohio NewsRadio, 6 10 W. T V and Columbus your D. C H D to Astro on my Heart radio station from ABC News. I'm Richard can sue former President Trump's second impeachment try along charges of inciting the capital Insurrection opens in the U. S Senate in the coming week. Impeachment managers will argue Trump whip the crowd into a frenzy and aim them like a loaded cannon toward the capital video emerging showing Writer celebrating in the moments after they stormed the capital, Donald Trump is still our president on man and the horns and face paint is Jacob Chance. Lee. His attorney, says he believes he was listening to Trump and an ABC News investigation has found at least a dozen other riders charged have said the same and that's exactly what House impeachment managers plan to argue. ABC is Rachel Scott. Congressional Democrats looking too fast tracked in early $2 trillion pandemic relief measure, Treasury Secretary Janet Yellen seemed to suggest the $75,000 income threshold for direct payments was high, thinks it ought to be 60 GS. Exact details of should be targeted are to be determined but struggling Middle class families need need help to yelling on state of the union on CNN, Iran's supreme leader urged the U. S toe lift all sanctions of it once Iran to live up to commitments under the nuclear deal. But on 60 minutes on, CBS president Biden said it won't be the US making the first move. Will the US lift sanctions first? In order to get Iran back to the negotiating table. No They have to stop enriching uranium First president nodding.
"janet yellen" Discussed on WIBC 93.1FM
"Is gonna be the Treasury secretary in the world to Joe Biden? Oh, she is convinced Raising the minimum wage is gonna be great. Just terrific. I don't know what she's thinking. Who she thinks she could be convincing. With the idea that raising the minimum wage is going to bring any value whatsoever. It's just Radical mythology, saying Right now we have millions of American workers who are putting their lives on the line to keep their communities functioning and sometimes even working multiple jobs aren't earning enough to put food on the table and a roof over their heads and their suffering countless ways, especially during this pandemic. And really struggling to get by. And raising the minimum wage would really help many of those workers or being open. Would help them. This idea that just handing people money is the answer. Giving up on capitalism altogether is Janet Yellen, Tony Katz, Tony Cats today it's good to be with him. Facebook. Tony catch radio. Yes, Yes. So use Facebook just don't advertise there, and I'll explain that to you in a second. It's time to use these people the way they use us. But this is mythology. From From Janet Yellen. Just e. Huge. Radical mistake. Raising the minimum wage helps No one No. One The minimum wage. Just two very awful things. It puts government in the place of being business is silent partner and ruining them, preventing them from growth and taking dollars out of their pockets and deciding what to do with that, as opposed to letting the owner decide what to do with it. Remember, this is Boss to Ostia, the It's economics. The idea of what it's seen in what is unseen. Right? What is seen is that the money goes to the employees and now they're making more money. What is unseen is all of the things that could have been done with that money. Hiring, marketing buying more equipment. You gave the money to people agreed. You forced it out of the business owners hand Didn't get a choice in that, and it's now taken from all the other things that could have done to grow a business what is seen and what is unseen. This is all goes about the broken window parable. Do not recognize that is to not understand the very basics while Tony, these people need help. I'm not arguing the the idea of help. I'm arguing that this is no way to actually help people. This is Contrary to the idea of helping people We'll just give the money. The money isn't yours to give your giving them my money. If you Janet Yellen want to go give people checks will give people checks. Why even telling me what kind of ego maniac for you that you've got to let me know. Go give people checks. Don't do it for the credit, do it because you think it's the right thing to do. No. You want me to give a check? You want to decide for me? What's best to do with my money? That's a problem. That's an obscenity. That's wrong. People pushing for $15 an hour minimum wage. Don't know Thing one about economics. They want to tell you it's a living wage, not in the slightest. They couldn't have that argument. If their lives depended on it in any kind of rational way. I'll do it on air. I'll do it in private. I'll do in front of an audience of 10,000. People makes no difference. There's no such thing as the living wage it Is not real. Remember this applies to everything that Jen did. Janet Yellen believes she thinks that has to be a big coronavirus relief package on Lee, proving that Democrats love Wall Street and Wall Street loves Democrats. Right. That's the that's clearly what this is. She says the U. S economy has to be rebuilt so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy. They can if the businesses are open. And if you want to actually work on growing an economy, let's do certain smart things like bringing drug manufacturing back to the United States. What we do is drug development. Do that very well. Manufacturing is different. And that needs to be taken out of China and brought to the U S. Now you could for supply chain reasons have drug manufacturing in India. We gotta take it out of China, Pluck it right out. Fuck that right out. That's that's my sound for plucking, pluck it right out. And drop it into the Midwest. We still have Midwest governors that aren't trying to get this done that shocking to me. That is shocking to me. That we've got people who aren't looking to build this business and grow this opportunity. Right? That's Big mistake. Big, big, big, big big Huge Mistake. So, by the way will be the idea of another relief package. $1400 not enough you wanna do represent a costume contest is 2000. Do I hear three? I mean, we're giving out checks, I say 5500. It is sorry. What happened to love a 55 $100 Jack? Oh, sure. Alright. Giving Thank you, please. Thank you. That was great. I wouldn't complain. I've got a family. So we're gonna We're gonna just make book of a bank. Frank. That's not how economics works. This isn't how it works. We shouldn't be people. Who are cheering this Now This brings us to the story of Facebook ads. In a story that I remind you at the start you confined us. Tony Tony katz dot com. Why do I bring up the email address? Facebook has decided Head of Inauguration Day. That they will not be selling ads are providing ads for gun saves or gun holsters..