32 Burst results for "Robert F Smith"
"robert f smith" Discussed on Capital Allocators
"The benefits that it has the benefits that i really derived from this as i have a monthly call with our class. We're house classes. Twenty nineteen in engaging with these young men answering questions about life engaging on how to solve certain issues that they're facing as young twenty year old african american males looking to make their way and make a difference in this country battles. I mean those thursday sessions that we have or just inspiring their heart warming. It's just beautiful in alley. Say part of what. My job is and frank. There's no greater thing than to liberate the human spirit and i didn't realize that by liberating the debt burden. How much of their spirit is now. Been liberated in what they're able to now think about and do an accomplish. I'll send you a whole list of what these young made it do. It is just inspiring. I mean i get goosebumps. Every time i think about it and talk to them and it's really. Ah early. philanthropist. Frank everybody's out there should be philanthropist in one way shape or another think about how you liberate the human spirit in it is the greatest return you will ever get in your life fantastic art robert and got a few more for you sure. What's your favorite hobby or activity. Outside of work and family. it is truly fly fishing. I really enjoyed that. And that's one of those things that actually clears my mind. I get a chance to spend time sometimes just with myself in other times with some close friends in loved ones in really enjoy the beauty of nature. It's a wonderful hobby that i enjoy. What's your most important daily habit in the mornings. I do my spiritual readings my prayer and meditation. And that's probably the most important thing. I do everyday kind of fills my cup and gives me the strength and fortitude to gonna go through the things that i think are the right thing to do in this world. I once you've cleared your head. What's your biggest personal pet peeve. I'll say people who don't really listen to others when you're sitting unit environment and you can tell someone's not listening to the other person it's really hearing that bothers me. How about on the investment side. Your biggest investment pet peeve the words. They just don't get it like well. Most of the people who were reasonably smart so did take the time and explain those more in a little more depth. How about your favorite book. While i have a lot it cascades. That's a hard question to answer. One of my favorite novels is called standing at the scratch. Line by guy johnson. Who's my angelou's son. Abram kindy has written some wonderful books. Recently michael eric dyson. Wonderful books sold the black vote. Wbz boys i mean. There's a whole bunch that i read and reread and forced to say it. Maybe the alchemist by pollock salo. That's what teaching from your parents as most stayed with you that you are a member of a community. I just saw that every day and how they lived and that you have to take that responsibility seriously. I robert i got one more for you. What life lesson have you learned that you wish you knew a lot earlier in life. I learned a lot of things. There's three lessons number. Given to you. That i give my kids and i'll tell you the one that i learned late in life. The first one is you are enough. You are enough to solve the problems that you focus on and be the person you wanna be my kids that kinda everyday. The second is discover the joy of figuring things out and the third one is. Love is all that matters and i think it's the love is all that matters. I learned much later in life. And i wish i would have understood that a lot earlier in life roberts is a lot of fun. Thanks so much for taking the time to. It's my pleasure in. Thank you so much in florida seen you on the other side of this pandemic and i thanks for listening to this episode. I hope you found a nugget or to to take away an apply in your investing and your life. If you'd like what you heard please tell a friend. And maybe even writer review on itunes. You'll help others. Discover.
"robert f smith" Discussed on Capital Allocators
"Come to it and you see it now. Today now you see recurring. Revenue loans as opposed to loans are based on free cash flows versus died so it took a while for us to educate part of the industry but what that has done is drawn. A lot of capital into the industry actually created new expressions in expansions of opportunity putting credit into software companies which by the way now enables into grow much more efficiently because they can use a cheaper form of financing to drive businesses forward and how about public markets. Look i mean we've seen this. The public markets have re rated software. I think coming out of the pandemic. there's a few invest issue really understood it. The retention rates the resiliency the durability of enterprise software more have come to realize that because they realized companies were blind without software during the pandemic and many folks around the world frankly companies that i have to now pivot and build more technical infrastructure so have more visibility. I have more flexibility. In the way. I manage my supply chains or engaged with my customers et cetera. So went from being a nice to have to reduce cost to a necessity to be in business so that has re rated software generally but the short answer. You're still is ninety. Eight percent of software companies or private. So you don't actually have access to most of the software companies out there unless you're coming through private equity investors like us okay who are actually expressing opportunity in the former private equity investments in these private markets. Now what has happened. It's not just going to be the growth equity in the buyout. It is a full range our founder direct product. We just funded deal run guy. Charlie moore called rocket lawyer. Fantastic guy two hundred thirty million. I leaned senior secured securities to enable him to grow his business. And so it's not just going to be an equity. There'll be some debt that can support the growth of these businesses. And what we wanna do is this is really be able to supply the entire capital structure of need an opportunity for the enterprise offer industry globally. And that's what our ambition is part of his. We just intended to build the infrastructure maintain. But i'll call the sorts of returns and accelerate which we've been doing our returns cap and lowest loss ratios out there and that's an important part of building responsibly. The infrastructure to service the needs and requirements of rapidly growing industry which is in oppress osler in a business like this. That's proven show attractive over time underlying business. How is it that you're not just dell used with competition. There's very few competitors. Do the sort of deals that we do at the high end of the market which kind of fast-growing profitable businesses at scale. The middle market. I mean it is. There's a lot of capital interesting thing. is we do. Our analysis is only probably ten percent of the private equity firms out there in that space that have done half a dozen deals we've done over five hundred or so. The vast majority of looking to get an investment in software maybe one or two investment. This is all that we do and so we typically through the work that we've done with bg value creation. What we can demonstrate typically if it's a business that we like to say you know there's a assets out there and people playing a square prices for them because they want to have an expression in software. We still have a very disciplined approach. Our return show it in terms of what we underwrite to. Some folks will take lower returns because they may have fewer when opportunities in other things that they've done i am we've seen it. We bid here twenty years twenty one years we built. I think a phenomenal infrastructure that scales. We're constantly tuning that infrastructure constantly tuning our approach and frankly expanding our investor base as well. You mentioned rerating in the pricing environment. Couple of different times. How do you think about the marketplace understanding now. Far more than they did certainly twenty years ago that these are great businesses and therefore they have to pay higher prices going in. Yeah it's interesting. Institutional investors are investors for instance our understanding. That more and more. I have i don't know. Xm calls a day a week. Whatever it might be and there's still a percentage you're saying wow this seems like an over inflated market and the prices are high and if they haven't been in it like we have twenty years i mean three years ago. People said that five years ago people said it but as more and more investors become educated as to the value of recurring revenue hypertension rates mission. Critical business. Critical enterprise software. You're going to see more capital coming into the area because they'll see the returns in the loss ratios in save. Wow on a risk adjusted basis. This is a good place to be. Now how do i get in it. Well have you go to public markets. There's very few expressions right of how to actually participate in certain parts of enterprise software. As if you're in the private market we've got a very wide landscape of opportunity. And so there's an education process that has to take place and we do a lot of that primary education with our investor base but then as we start to realize it may move in that direction. It's been interesting to see some of the public market. Investors really start to come to more of the realization of it. And i think a lot of that is coming out of the pandemic. They saw what industries were durable. Which industries were resilient and then what industries also were called upon to solve problems remotely and that no one else software that fits right up our alley of enterprise software so again the basic fundamental demand of our products as actually increased over the last few decades but has accelerated in its increase in demand over the recent times because people realize without it. They're lost in either understanding their current business or reaching your customers are being able to actually manage their supply chain. You're seeing some effects of that right now. Globally where supply chains are still disrupted for various reasons associated with a pandemic and some companies are still blind to where they're going to get supplies and products because they hadn't made the proper investments in enterprise offer two three four five or eight years ago so going forward in the capital markets somewhere in between the public markets and private markets. We have this burgeoning spec ecosystem which i know you've been involved with. How are you thinking about sp- action general and near participation in this movement potentially some of these private companies to public market. Sure they'll see he's been around long enough. This is kind of the third expression of specs to the public markets. In my so far and like all things you will see a massive expansion of this opportunity because there has been less friction in the formation of them than in the past. There's been some changes in the rules. And i think people are going to embrace them for some period of time and then. I think there's gonna be some disappointments and potentially regulatory changes which were starting to see. The beginning of which i think are going to change the attractiveness of them for companies to be part of them are world of enterprise software. I tell folks if i don't get three calls a day from somebody about us back. That means i woke up late that day. Or they're looking to buy one of our companies or have some proposal and so from our perspective we look at look it as an interesting capital alternative. We of course have teams of people evaluating doesn't make sense for our companies. Something we should do and we'll continue to do that. And at some point in time you'll probably see some announcement about this has embarked on deal in one form or another evolving back. But we look. They are an interesting way to participate in the public markets in a short period of time than traditional live. L. that's at there's some advantages to them in some disadvantages and you have to weigh that relative to all the stakeholders that we constantly managing interest of as a firm. So you look out for the next twenty years. How do you evolve the next generation of leaders. At this. I look at. There's kind of pyramids of opportunity are aso's top to the investment team. Not top to be really. They've got to be fundamentally technically sound and underwriting periods in the story the news is we work on a lot of companies. Probably do fifty deals fifty sixty deals a year so they have a lot of completed. Which means we're doing multiples of that evaluation and so our people have an opportunity. Really become expert at underwriting. I was actually just encouraged yesterday. I got an email from one of our largest investors who completed a deal with us going best deal and this is a global investor billions of dollars they investment said. You all do the best diligence of anyone. We've ever engaged with by heads and shoulders and knowing that team in it as a md. Senior vice president associate. And i know the quality of the work that we do is just great to see that expression coming unprompted from a very large very sophisticated investor. That telling we're continuing to do the right things in the development when you start to get into the vice president level we have to teach a different set of skills which we commit ourselves teaching him how to source how to engage. Engage with man's teams. And you remember they ages of these folks. I mean they're engaging with senior executives who the age of their parents or grandparents in some cases and so we thought about this over time. How do you create the training methodologies. They know how to dress them in respectful way but also encourage what i call the adoption of the best practices. That we know are effective. And then when you get to the managing director level or the cohen level. You have to think about things differently. You're not thinking about on an asset by asset basis. You have to think about aboard the portfolio.
Japan appoints Minister of Loneliness to tackle suicide rates
"Prime minister appoints minister of loneliness to cabinet That's like the goddess thing I've ever heard is his name Robert Smith. Japanese prime ministers appointed him minister of loneliness to his Cabinet in response to a recent rise in suicides. The prime minister. He created it in early February. Apparently, the UK created its own role. Did you guys know that UK has this too in 2018? That's when they did it, and it should, Because they're dealing with us this, you know, an increase in suicides. So now they have this, You know, Minister of loneliness. I mean, this is it's kind of sad, sick with this. We
"robert f smith" Discussed on Masters of Scale with Reid Hoffman
"Hello we is us your choir singing joyfully. Important thing yes, thank you masters of scale choir. I appreciate that now onto the show. Her how? To do. We just wanted to say. We think the theories very interesting. Thank. You are really appreciate that now. Please on with the show I have very important guest introduce. I'm going to step outside the live recording for just a moment to fill you in on who Robert F. Smith is because you may not know his name yet Robert runs a private equity firm called Vista they've acquired hundreds of companies, mostly software companies, and never lost money on a deal. Despite undeniable success Robert has flown mostly below the radar until this year and for that story Bro, turn to live program Robert is one of the most successful investors in America and he I hit national attention this spring when he gave the commencement speech at Morehouse a historically black college. During his speech Robert, announced he take on the student debt of every graduating senior, and this was just the most visible sign of the second purpose underlying his career. I WANNA welcome to the stage. Robert F Smith..
Robert Smith, Vista Equity Partners; PPP & Minority-Owned Businesses
"For businesses around the world today isn't a restart it's a rethink that's why they're partnering with. Ibm retailers are keeping their systems up as millions of orders move online. Paul centers are using IBM Watson to manage an influx of customer questions with a I and solutions built on the IBM cloud are helping doctors care for patients remotely today. We're rethinking how business moves forward. Let's put smart work visit. Ibm DOT com slash thing to learn more this squad pod? I'm CNBC producer. Katie Kramer Today on our podcast private equity giant and richest African American billionaire Robert Smith on getting loans to entrepreneurs or capital is be driven. Frankly into this small businesses hands in probably give them a little more flexibility in terms of hobbies and and how to leverage technology for digital future. But I think we should think about what are the most effective ways for us to educate our population to drive forward into you know into the teacher of opportunity plus when reopening is on the Menu Cameron Mitchell restaurants founder and CEO laid off thousands of workers. Now he's opening doors again. I think we're going to survive but it's GonNa be a while before we get the hospital. It's Monday may twenty Fifth Happy Memorial Day squad. Pat Begins Right now Robert. F Smith is the founder Chairman and CEO of Vista Equity which has fifty seven billion dollars in investment capital. Vista is the fifth largest enterprise software company in the world as well and overseas more than sixty portfolio companies that employ more than seventy thousand people around the world. Smith is also the first African American to sign the giving pledge and he was recently awarded the Carnegie Medal of Philanthropy. He's on many lists as the wealthiest black American and lately. He's been working directly with the White House on the roll out of the paycheck protection program and how to get the loans in the hands of the most in need especially minority owned business. Pp was designed to rescue mainstream. According to the small business administration more than four million loans have been approved so far totaling more than five hundred billion dollars. Here's Andrew Ross Sorkin with billionaire businessman and Philanthropist Robert F Smith. You had worked with the White House on this program and so I just ask you to start by giving it a grade. Do you believe the money's getting where it needs to go. You know be first Tron of the P P P I think was challenge to get to the the small businesses small medium businesses a second charter for being a lot more effective But one of the things we discovered. Angela's US not discussed is that there is a frankly banking desert's in a lot of the communities about seventy percent of the African American community. Actually don't have a branch bank and so we've been working with a they treasury you know senator Sector MNUCHIN and Senator Schumer in Pelosi Dachsie work on building capacity and what I saw the capillary banking systems which are the community development financial institutions and a minority depository institutions building out the Pasadena to get these dollars into the hands of these small businesses which are essential to our communities so what are those capillary banks. Look like who you to right. If you are a small business owner this morning listening to you this morning. Where did you go go? Go to get that money then. So there's a bad a little over a thousand of these days. Cdfi's and the India is and these banks typically are in the communities there mainly in what we call targeted communities Unfortunately a lot of the larger banks don't bank those organizations those businesses any longer and is about ninety four percent or so of the African American businesses are so proprietorships and don't have banking relationships. And so what we've been doing is is enabling. Technically enabling got some wonderful teams have been ebeling these businesses they interface with the transit system at the and you can go to number places. There's national bankers dot org goes National Action Network. We've been worked black churches. Our Fair share A number of organizations that we've been working with to enable these banks to be able to processed loans and we just probably about ninety billion dollars or so left in the second of AP and I think it's essential if these small urban businesses African American Latin next businesses get Get their share This stimulus capitals of really frankly Repair some of the economic damage that this covert virus
"robert f smith" Discussed on NBC Meet the Press
"But by the end of April. There were four in each category with Steve Daines of Montana and I was Joni Ernst now in the lean column and North Carolina shifting to be Tossup column. Let's look at a few of them for which we do. Have some polling data in Arizona Mc Sally faced a tough race from the beginning against Democrat Mark Kelly at former astronaut and the husband of former congresswoman Gabby giffords. It's still a toss up but the real clear politics average shows MC. Sally Down Eight points. Been a while since we've seen any polls showing sally ahead. Then there's Tom Tillerson with Carolina who is in the lean gop category by the end of April. It became a tossup race and polling shows us why because till essentially tied is tied with the Democratic nominee cal Cunningham and then there's Montana where Danes was in the solid gop category that is until C bullock. The current governor decided to run and now cook has placed the race to lean GOP. In fact bullock was up seven points in recent Montana State University University of Denver poll indicating the race is likely a toss up already as well. Remember Joe Biden wins in November. Democrats will need to flip. Four Republican held seats assuming Democrat Doug Jones loses in Alabama and three. If he somehow hold up right now polls show. Most Americans disapprove of president. Trump's handling of the corona virus crisis and these trend suggests that down ballot Republicans are being pulled down by the president's performance as well when we come back to our read. Michael Flynn and what president trump says he's learned from Nixon and Watergate. I learned a lot by watching Richard Nixon. Of course there was one difference one big difference number one. He may have been guilty and number two. He had tapes all over the place. I wasn't guilty. I did nothing wrong. And they're no tapes. Welcome back that was president trump on Friday on Fox and friends embracing the comparison with Richard Nixon as gloated about the Michael Flynn News and denied involvement with Russia. To tip the two thousand sixteen election. The panel is back Kristen Welker. The president is obsessed with undoing the Muller report and he was each tweeted some forty plus times this morning. It seems like mostly about Michael. Flynn forty plus times about Michael. Flynn just this morning. Chuck it underscores the fact that this is an issue that looms large president trump. It does come after he was gloating. After the Attorney General recommended a judge dropped the charges against Michael Flynn. It is worth noting that ultimately it's going to be up to that judge whether he actually decides to move forward with that but it's opened the justice department up to all sorts of criticism yet again that the attorney general of working hand in hand with President Trump's something that bill bar has denied but chuck. Here's what I think. The critical issue is the president is still very focused on this and yet his aides an allies say ultimately on election day. He's going to be judged on one issue and one issue alone his response to the corona virus crisis. Chuck you brought a bill bar. Peggy Noonan I want you to listen to this bill bar answer to a question. About what will history say about this lady? You hear the answer ticketless when history looks back on this decision. How do you think it will be written histories written by the winners? So it's largely depends on on whose writing the history. I was struck Peggy by the cynicism of the answer. It's a correct answer. But he's the attorney general he didn't make the case that he was upholding the rule of law. He was almost admitting that. Yeah this is a this is a political job. Well my read on it was. It was a more resigned. And world weary. Sort of look. We will know the facts on this I I assume that bar thinks he did the right thing. I mean my read on this whole thing. Is that a fellow. General Flynn who was early. On New job rather hapless. Perhaps out of his depth made a terrible mistake. He told a lie and overexcited. Government Agency or parts of government agency essentially pushed him around after that it became a mess. My feeling is you know. This absorbed. A lot of people was very interesting for a long time but we are in another point in history. Baby we've got a endemic and an economic collapse so so whatever on that can I say something about trump? He compared himself this week to Nixon last week it was Lincoln. I just sense there forty tweets. Today he kind of I think knows the fact that the original sin of his handling of the pandemic was the failure of testing the laxness the lack of focus the lack of being able to make this work. I think he knows it will haunt him politically and I think it will haunt the national experience for some time as we try to deal with this thing so I think he's deflecting a bit. Hey Richard Haass. What's how's This. Look to the rest of the world some of the most important things In diplomacy chocolate that what people that work for the State Department to it's the example we set whether it's the vibrance creativity of our economy functioning of our political system our ability to correct mistakes so the rest of the world looks at this and they shake their head and go. This is not the United States. We thought we knew. This has real implications not only. Does this weekend would be Democrats in the world ox again. We were hurting the cause of democracy but increasing the other countries are saying. We're not gonNA put our eggs in America's basket. We've done that now for three quarters of a century. We've been well served by our closeness to the United States but increasingly countries are going to go their own way and that to me makes for a more dangerous world because we need collective answers to some of these challenges like disease or or like climate and if people start taking matters into their own hands. That's this'll be a world much more. Proliferation violence a lot of what we've taken for granted over the last decades. I'm afraid now that's been put at risk. Well unfortunately we ran out of time to talk about the world of Biden. Part of Joe. Biden's problem these days when he does get talked about. It's only about one story re thing that hasn't gone well for him but he's still leading in the polls but we will get to that topic hopefully again throughout the week. That's all we have for today. Thank you for watching. Thank you for trusting US happy. Mother's Day to all the MOMS out there. Remember to call or zoom your mother and we'll be back next week because if it's Sunday it's meet.
"robert f smith" Discussed on NBC Meet the Press
"Come back. It has been an absolute chaotic faster when that mindset of. What's in it for me and to heck with everybody else when that mindset is operationalized in our government bomber. President Obama's harsh words for president trump's handling of the corona virus panelists. Next welcome back. The panel is with us from their remote locations. Nbc News White House correspondent. Kristen welker Richard Haass President of the Council on Foreign Relations and author of the new book. The world a brief introduction. Just a little quick pamphlet. There and Wall Street Journal columnist. Peggy Noonan quite the ambition there. Richard the world you know A small a small focus for one book. But let me start. Kristen Welker with you. There's a report this morning. That staffers in the White House or a bit rattled two positive tests in the last week. Suddenly a a sobering reminder that the virus is still even inside their house. That's right chuck. This is the week that everything changed at the White House. This is the week that they went from fighting. An invisible enemy as the president has dubbed it to in enemy that landed squarely on the steps of sixteen hundred Pennsylvania Avenue. And there's a lot of discussion about how many more officials mainly to be in quarantine. Of course we saw that the head of the FDA as well as the CDC. Dr Anthony Foul. She is going to be quarantining in a measured form but really it put on display this sharp disconnect chuck the fact that the White House is essentially urging the country to reopen cities and states. And yet those same cities and states do not have the same level of testing that exists at the White House. We know the administration is ramping up. Testing eight million tests so far they want to try to double that by the end of. May but not clear what the plan is moving forward. Chuck Peggy Noonan. That's it feels like. That was what I took away from all of our interviews so far this morning which was a nobody is saying. You can't reopen. You just have to have a plan to do it. And there's just a lot of frustration that there isn't fun yeah. I think there's a lot of frustration that there is not really a clear national plan as for state plans. Their criteria for opening in some cases seem a little Complex a little provisional and dependent on on testing and tracing and such Turning out Very well it seemed to me. Chuck your whole theme on. This show has been. What is the plan? I think we're realizing we don't have one. And it's going to bubble up from regionally a probably not nationally but I thought the most interesting thing said this morning. That sums up. The moment were in was from one of your doctors at the beginning. Who said where are we? We must learn how to live with this virus. There was a sense from him as as he spoke. I kind of thought. Yeah he's saying. We're going to have to muddle through. I think may be one of the ways That would be most helpful to muddle through at this point as citizens and states take on a lot of responsibility is just understand. This is a dual crisis. It's not only in illness. It is an economic crisis that's GONNA demand creativity and ingenuity from all of us. Richard Haass Given your expertise. I WANNA ask I want to look at this from a global perspective here because the other part of this is this is odd. The United States is the infected country. It's the country that others around the world to emulate right now. We're not the country that's leading the response to the pandemic or it doesn't feel this way. What does that mean to you going forward? And how concerning is that to you while you're right shot we're not leading by example and we're not leading full stop. This comes against the backdrop with administration has largely abdicated the US role of leadership in the world pulling out of all sorts of agreements. We didn't even participate in. Europe led effort to come up with a with a vaccine and people ought to be worried about the situation right out. You've got all the traditional problems arising China an angry Russia North Korea Iran with their nuclear ambitions. Then you've got all the global issues including the pandemic but also Climate Change Terrorism Problems in cyberspace all this at a time. The United States is diminished and we are distracted. And that's a really toxic group for the future of the world and what we've learned from this crisis. If things go badly on the world we are not immune. They go badly for us as well. Chris Walker. Well Chuck we know against that backdrop. The president's key focus right now is not just on the medical crisis but on trying to restart the economy and it's not clear. What the plan is there? We know that his administration officials have shown him numbers that really rattled him in unemployment rate even greater than what we see right now. We're told that the worst case scenario was topping thirty percent. So there's a lot of discussion right now within the White House about what to do how to move forward. We know that some of the things under consideration delaying tax day for example a moratorium on new regulations but no decisions yet and a sharp divide in Congress between Democrats and Republicans. About what if any next steps need to be taken? Republicans saying look. We've already passed thirty trillion dollars in stimulus but Democrats say state and local governments. Need even more Peggy Noonan. This feels like this is really going to divide the Republican Party on the issue of spending. Because you do have some sort of The more populous members people like Josh. Holly Marco Rubio who think you do need more federal spending but then you've got sort of the more traditionalist who believed that no no. Let's focus on the debt. Let's focus on the debt That could hinder the recovery Do I think what we're seeing now with if we see this in the Republican Party as I suspect we will Between say Josh Holly and Marco who say look this is a crisis we must spend as wisely as we can but as much as we need to versus others who will say look almost ancient conservative principles. involve controlling the power of government. It's it's it's it's Intrusion it's expensive. It's cost sure at that'll that'll be fought out somewhat. But I gotTa tell you. That argument has been fought out since it's almost part of what PRODUCE DONALD TRUMP. Who really said to his Audiences in two thousand sixteen. Hey I'm not going to touch government spending I'm not GonNa Bother these entitlements. I think the base of the party would support a An attitude of throw whatever against the wall. You have to see what sticks. We are in a historic crisis. If if going against our traditional views will help dig us out. Go AGAINST DIG US out. Richard Haass. I want to get your reaction. The secretary state walked back one of the most roughest charges that the US government has been making about the virus against the Chinese. Let me play for you. I the accusation. Then the secretaries walk back. The Chinese government.
"robert f smith" Discussed on NBC Meet the Press
"Reabsorb more will be summer but between now and then testing. I mean if you take a test and you know that you don't have Kobe. Nineteen and you know that everybody around. You took a test that same day. You're going to have enough confidence to go back to work back to school. Are you concerned at the White House? Doesn't see the testing issue as As important as you and others do I've talked with almost everybody on on the task. Force talk with the White House Chief of Staff Mark Meadows. Who helped negotiate the what we call the shark tank where you throw all these early concept ideas in with Francis Collins who heads the National Institutes of health thank. We're all pushing for as many tests as fast as we can get them track. One is to accelerate the technologies. We already have but if you want lollipop that'll give you an instant test. You're going to need a new technology. And that's what Dr Collins Shark. Tank is all about final question. Are you disappointed that the president decided to go ahead with the OBAMACARE LAWSUIT? There was a window or he could have pulled. The Justice Department could have pulled pulled out of it. They didn't he wanted to continue forward. If you undo obamacare. What's the plan to replace it? Well the answer your questions. Yes I thought. The Justice Department argument was really flimsy. What they're arguing is. When we voted to get rid of the individual mandate we voted to get rid of obamacare. I don't know one single senator. That thought that Senator Lamar Alexander. I'M GONNA have to leave it there. Thanks for actually before I let you go you do have a mask that will for longtime Alexander watchers will be kind of fitting show it to US radios and I wear it I was just GonNa say there should be no other mask. Any member of the Alexander Family should be wearing as well center Alexander. Thanks for coming on and sharing your views. Sure and we'll look forward to seeing your committee hearing with Dr Faucher on Tuesday. Thank you Jack when we come.
"robert f smith" Discussed on NBC Meet the Press
"She was tested very recently and tested negative. And then today I guess for some reason. She tested positive now. Michael Strahan. The president seemed to indicate that that was somehow a failure. But if you're doing testing and contact tracing program it sounds like what the White House is doing is a success story. No well it is to the extent that they're finding these cases. I think the point that I want to come back to though chuck. This virus is gonNA keep transmitting whether or not whatever we do we can nibble at the edges and some cases like New York and other cities did you can surely shave off the top of that peak. But let's just remember this. Virus is on its own in nineteen eighteen. When influenza virus occurred we have these big peaks in the spring and several selected cities in this country and then it just went away for four months and came back with a vengeance. You know I worry right now. More than anything. If this virus starts to disappear because in fact what that may tell us is. We are going to act like an influenza pandemic and come late summer early fall. We get a peek. That could make everything else. We've done so far. Look mild contact. Tracing and testing are important. But they won't stop that that's what we need to start planning for. What are the different scenarios? They're going get us from five to fifteen percent of the population as it is currently hasn't been infected to what it will be sixty or seventy percent. We don't have a plan for that. That's we need a plan for. What is the likelihood Michael Oester home? that this testing situation can get ramped up without tech breakthrough. I mean. Is this something that if we just you know. Sort of a trench warfare. Is it something we can do as a country? It's not in in. It's one that again. We're going to put in a report out next week. That will really go into detail. Just look at one thing. We've all been talking about reagents. Do you know that we're running all the test equipment right now? Twenty four seven in ways. It's never been meant to be run. Imagine if you had a brand new car that could go one hundred miles an hour and you ran non stop for six weeks twenty four hours a day at the end of that time. It probably wouldn't work very well. Well we're seeing the testing equipment right now beginning to break down in ways that we still can't do testing in the future so testing is an important issue but the infrastructure is just not there. You know we can't do it and so we have to do again as have that plan. What are we going to do for testing? What are we going to do to bring the economy back? What are we going to do to deal with healthcare workers and their protection? What are we GONNA do with two people in the hospital? Such that beds are no longer available. That's what we need a plan for and we don't have it. I can't say that enough time. We keep nibbling at the edges about whether a few people in the White House are infected or not. We need a plant Tau. We ended our opening monologue. What's the Plan Michael? Oester home of the University of Minnesota Jeff Sheahan of Columbia University. Thank you for getting started with your expertise in this much. Appreciate it thank you thank you. Thank you and joining me now from Maryville Tennessee. Senator Lamar Alexander. He's share of the Senate health and in committee. We're dr FAO. She will be testifying on Tuesday. Senator Alexander Welcome back to meet the press sir. Thank you chuck. Good Morning Good Morning. You've been a big proponent of this initiative over at NIH which you've compared to the show shark tank essentially to develop a rapid screening tests. That can be a game changer. That will allow us to do rapid testing And quarantining of folks be able to really ramp up a testing and contact tracing program. Dr Burkes on this program has said our solution to testing has to be a breakthrough. You are hoping for a technological breakthrough. Dr Burkes is hoping for a technological breakthrough of sorts of the rest of us. What do we do in between? What do we do right now? Well here's what Tennessee is doing and the country's doing we have you know. Senator Schumer was nice enough to quote half of what I said at our hearing last week on testing a said what we're doing is impressive. He left that out but not nearly enough. Here's what the governor's doing today He's testing prisoners in every prison. Every nursing home drive through testing on the weekends Go to the local public health department and get a free test. His motto is doubt. Get a test. So as a result Tennessee has tested more than most states said about three point six percent of the population. He hopes to be at seven by the end of. May that is that look. That is what every state needs and I guess the question I have is. Are you concerned that we have not ramped up testing and contact tracing in this eight week period as high as we needed to in order to reopen? Well what we've done very impressive. I mean according to Johns Hopkins the United States has tested more than eight million people. That's twice as many as any country more compact more per capita than almost all countries including South Korea. It's enough to do what we need to do today to reopen. But it's not enough for example when thirty five thousand kids and faculties show up on the University of Tennessee campus in in August. That's why we need what Dr Burks called. What Francis Collins is working on a breakthrough for example? You might be able to put a lollipop in your mouth with a swab. Take a picture of it with your with your cell phone of it lights up your positive or you. Send that swab to a laboratory. That's not too far away eight. And they use what they call it gene sequencing machines which are already there. They can do tens of thousands of test very quickly. What do you do? Let me ask you this. Philosophically about businesses. You can't you can open an economy. But you can't force the return demand so whether you're an airliner your restaurant we know demand is going to be down and at the same time. They're demand is down through no fault of their own. How do you rescue those businesses? And how do you rescue those employees number? One vaccine and the administration has a an amazingly ambitious goal of one hundred million vaccines by September and three hundred by December. I have no idea that we can reach that number twos treatments.
"robert f smith" Discussed on NBC Meet the Press
"Sunday health and the economy. President trump pivots from fighting the virus is country can stay close lockdown for years to promoting the economy even trying to shut down the corona virus taskforce before backing on had no idea how popular the Task Force is until actually yesterday Mr Trump questioning science feel about vaccines like feel about test. This is GonNa go away without a vaccine and insisting it's time to get back to normal as the economy suffers. We can't stop working. You can't stop living but at what cost if it really takes up. It's very hard to stop again. Why CONQUERING THE VIRUS VERSUS GETTING PEOPLE? Back to work is a false choice. Plus Three top health officials now in some form of quarantine after possible exposure inside the White House my guests this morning. Infectious Disease Specialists Michael Star home and Jeffrey Shaming and Republican senator. Lamar Alexander of Tennessee. Also historic unemployment disaster unemployment. It's numbers not seen since the Great Depression. I'm going to be homeless if I opened my business. Back Up. Trying to be a scuffle on trying to make a living by conversation this morning with billionaire businessman and Philanthropist Robert F Smith on making sure no one is left out of recovery efforts. We have to reinvest that when we come back into this pandemic. We're actually the much better position and the latest on the Michael. Flynn Tar read stories joining me for insight and analysis are NBC News White House correspondent. Kristen welker Richard Haass President of the Council on Foreign Relations and Wall Street Journal columnist. Peggy Noonan welcome to Sunday. It's meet the press and our continuing coverage of the corona virus pandemic from NBC News Washington the longest running show in television history. This is meet the press with Chuck. Todd good.
China coronavirus: Economists look to history for lessons on the impact of pandemic fears
"Concerns about the spread of the corona virus have gripped communities around around the world and economists are looking to history for lessons on the impact of pandemic peers. CNBC's Steve Liebmann. Three history won. A pandemic is an ever-present present. Terrorists can't get rid of that too. They mostly don't happen three. It takes a very serious and unique virus. Kevin major economic impact.
The Rest Of The Story: Should college athletes be paid?
"Time now for sports that the Don Don Don Robert Smith remember actually five years ago. Now this is Jacob Goldstein. Speaking you and I did a story. We're the way referred me in the third person when we're sitting right next to each other about the Ncaa College Sports and specifically about should college athletes be paid and even more specifically than that we talked to Ed. o'bannon you remember this. I remember this because Ed o'bannon stumbled upon his own face right young Space in a video game. Yeah he'd been like a star basketball player at UCLA back in the nineties and this is way after that. He's at a friend's house in his friend is like I just spot a video game with you in it and then Ed o'bannon starts watching himself in a video game so weird yeah. He told us what he thought when he heard while whose plan. And you know my friend he says we what's crazy about this. Is You know we pay one hundred dollars or whatever for the game And you didn't see the any of it and you didn't get a dime and you know when he said it I felt like I had been kicked because I was at the time People who were amateur athletes. They had signed up for that. They knew they were not going to get paid for actually playing but this was clearly a use of his image of his likeness in order to make money for somebody else. Yes and so abandoned became the lead plaintiff and like the face of this big federal lawsuit suit right and the lawsuit was arguing. Not that colleges should pay athletes but just that athletes should be able to get paid to like be in video games or endorse shoes or whatever so that was the story. We originally did what happened with that. Case was the athlete sort of one but not really in the end. The courts were like thank. You can get a little more money in scholarships but basically no. You can't get a bunch of money from endorsed. This was when two thousand fifteen was when the appeals court made that finding and and then this year to the California legislature passed a bill that basically said starting in two thousand isn't twenty-three I guess we say twenty twenty three now college students in California would be allowed to be paid for name image and likeness for this thing that Ed o'bannon wanted to be able to get it so they'd pass the bill and the governor of California Gavin Newsom hadn't signed it yet and he went on this. Hbo Show called the shop to talk about it and in particular he was talking about how all the college presidents were calling him on the phone trying to get him not to sign the bill to via the to. It sure what did did they say. What the hell are you doing destroying college? Sports they're saying you destroying the purity of amateurism not once. Did they talk about the needs of these these kids well. They've been listening to you. Will they listen to the other one after. I signed the power arrangement the minute we signed this all of a sudden now now they have to deal with California and then Robert Genius pure stunt have to give it to him right there on the show newsom signed the bill into law now was doing all right I could show business and what they're doing. They know what they're doing. So do we know what the impact of this is GonNa be. I mean it's just one of those like as goes California so goes the nation so the NCAA had unsurprisingly lobbied against this bill they called it unconstitutional. But you know pretty as much as soon as it became law in California of course all these other states especially big football state started considering their bills and a few weeks later in October of this year the board of the NCAA voted unanimously that. They were going to allow students to benefit from their name. Image likeness so we don't know the details but basically Ed ed o'bannon he lost in court but it looks pretty clear that college athletes are going to be able to get paid and when they make the movie. This is the moment when the slow clap starts abandon walking back out onto the court at Pauley Pavilion Maybe a Little Limp Cherries Sands and then on the jumbotron Tron. It's him in the video game and then just cash. Meaning Jacob Gold Steam. Thank you very much for the update. Yes a good one
"robert f smith" Discussed on Masters of Scale with Reid Hoffman
"He goes on to play some patents. Uh a stainless failed so far the company's Spain. Yeah uh we wallow away a long time scale business. He goes to in this round the man decides seawall way long time to scale business. That can be some. He's just an investor. Warren he's Oh young Goldman Sachs. Ain't the place that change in fact it's cold and there's only one thing Story on until and so you'll understand why it's more than job five days or Robert De. He's he's the Rabbit John Wall Way. Hey John Back to acknowledge the..
"robert f smith" Discussed on Masters of Scale with Reid Hoffman
"Like all things you know. I got a little bit. I don't like to really talk about the negative stuff that happens. I don't WanNa give it any energy in all honesty you just got right Suffice it to say there are a lot of people who don't WanNa see you know people of color still or accelerate in capturing opportunity for themselves in a in a baffles. The heck out of me saying you know you're worried about these communities all will enable those communities to be self sustaining. You won't have to worry about those communities because they're trying to get resources just feed their kids educate their families and all those sort of things I mean to me that's a dynamic but yeah there is visceral blowback that I I get all the time and you'd be surprised from wear and unite chatted about this and it is it is frustrating on the one hand then on the other hand it is it is empowering and saying I know I still I know that I have a job to do and I've learned that I also have a role to play. I had a dear friend. Just pass away today but Dr Tyson who I just loved so dearly he CEO CEO of Kaiser Permanente and he and I talked about this is one of the only three blacks of fortune five hundred companies and he and I talked about this recently a couple of weeks ago and said you know we we. We realize what we have to do and it is to drive and set examples and to liberate people and has to do with our people. And it's a heavy burden and you know. The past is littered with a whole bunch of folks that look like Bernardin I who who at some point in time like okay just enough okay but I also realize I I I I know that to my community. Oh that to my mother. My grandmother and grandfather and great great. I mean those eight generations because they survived enough for me to be here you know boon to. I am here because I know that I now have to drive that forward with with my last breath. Well and part of the reason I wanted to share that thank you is because it's part of the highlighting lighting of why it's important all get in this fight with you but does not just you. I mean we honor the courage tenacity the grit the insight the application from the business world too flamboyant world and this reinforcing loop. But it's not just you. We need to be there with you. I appreciate that we we. We are a community of Americans that somehow we're becoming little too fractured at different for different. For just stupid reasons. We really we have to understand that you know the rest of the world looks to us to provide leadership and a moral compass that is that is true. Do and Frankie is comprehensive about being a human on this planet and we have to seize that as a true responsibility and make sure we exhibit out to all our actions and our deeds and most importantly the way we treat each other and by demonstrating that. I think we can get Kim not that. The rest of the world is because a lot of folks in the world is saying no. We're now exceeding you all in terms of having a true moral compass but I think those those are the things that will give us really the mantle of you leaders on this planet with the right intention and purpose. So I'm excited to be here with you and part of this part of this fight to one of the things that I think people a uh who who were familiar primarily through this amazing act of generosity. Morehouse been realized that you've been doing like just tons of plant and applying on Your Business Acumen across the different ends fighting cancer. It's it's donating not just waters. Museums a wildlife conservation you you. You're the the chairman of the board at Carnegie Hall What are the lessons that you bring as this just amazingly successful businessman and entrepreneur to philanthropy? That's in addition to the pay it forward. In addition to that talent and inclusiveness. What are the other things that you think? The people should think about sure that that's a great question you know. I spend time with one of my partners. You Know Brian Seth and we talk about. What is it that we really can do? Besides we'd we don't sort donate money and what we're really good at is donating intellectual capacity organizational skills. And and you know sometimes motivation right but I think the most important thing that we can do is bring some of the things that we've learned in businesses saying. How do we make them more efficient and sustainable philanthropic thrusts in all the things that are important to us and and do it in ways that not only changed the nature of the mission that we're going against but actually enables the people who were or fulfilling that mission to expand their capacity again that whole training pyramid? I think that's really the lesson that we've learned and I know that I personally learned as it isn't just the money or the time it is bringing organizational capacity to inspire others to expand their philanthropic Colin throwback impact. You know that's a stain ability at scale. Is I think the right way to really think about philanthropy today and so absolutely so last question for this part of it enormous amount of adversity driving forward and yet you're still fundamentally driven by optimism. Say A few sentences back. Yeah you know I think maybe it is. I think when you grow up in a community like like I did. We're always looking for a call them my community reaching the American dream and minute my parents my parents friends they knew they weren't going to achieve it in their lifetimes and but they knew they had to work hard. Arturo enable me and my generation to to hopefully achieve it and so I know it's my role to ensure that there is no no revision. The Skip Gates were a beautiful article today. I think it's Sunday today. Because they've been traveling forever but in the New York Times times when it was yesterday and this whole idea about you know the reformers came and said they wanted to change the word reform is is misleading. Because what they wanted to do was kind of revert back to the mean after reconstruction and they were affected at that. And so what you realize. Is You have after constantly. Apply the pressure forward to make a more just society a society that that we want our children to live in that that gives them the opportunity to be who they want to be and to contribute in society and very positive ways. And as you all know. There's nothing more beautiful than it than a harmonious society. Nobody wants to live in discordance society with anger and fear and hatred. And all that. That's no fun for anyone. One just takes to mention any but if you're able to been that call it that arc of humanity little more towards justice as Dr King said I think that is that is really where we all want to be in you like I travel all around the world and when you have the wonderful conversations with people they have that same desire. They had that same goal. They may have different pressures. That are that are bending it in ways that they're not comfortable with but I think we just have to continue with the optimism and the actions us that we know we're going to actually flex it in the right direction and absolutely we'll thank you Robert and that was awesome as we've seen throughout the evening Robert is a perfect example of a great founder with a second purpose something outside his main business that he's trying to get done in the world for Robert It's equalizing Opportunity Eh and liberating human potential. So everyone contribute to business and the world at the top of their talent. Your second purpose doesn't need to be as massive acids Roberts but it should be significant and close to your heart. You probably already know what you're hidden. Mission is the challenge is finding a way to nestled desolate in the Trojan horse of your company or your career as the two who are self reinforcing Robert any final thoughts. I'm glad you asked. I was thinking about this one of the most important things that everyone can do is is not only enable their second purpose to live by speaking it and organizing around around it but to challenge yourself to drive it to scale so beyond you know many of us say. Oh here's my goal or mission in and you actually have more capacity than you probably think or give yourself credit for so make sure you give yourself that additional challenge challenge. If I'm going to do this how do I do do it at scale and believe it or not isn't always accomplished through more money. It's often better organizational design and the thoughtfulness about your skill set and leveraging your skill set. And so I would. I would just just encourage everyone to be more thoughtfully creative and intentional about making these changes expanding your your second purpose and giving it light in there and liberating liberating your human capacity and your human spirit and that way and do it at scale before we bring the show to. It's close. I hope he will subscribe. Subscribe to the Master's Scalp podcast. I WanNa thank you Roberts and thank you also Sir Ken Robinson. Thanks to producers to our sponsor thought exchange and thanks. Thanks to all of you for joining us. You've been a great audience. Nashes of scale is a whitewater original. This episode was recorded. Live and produced at the studio inside. S Wide Partners in New York are executive. Producers Are June Cohen and Darin truth produced by the entire team Eh. Wait.
"robert f smith" Discussed on Masters of Scale with Reid Hoffman
"I grew up kind of choked up a little bit? Thanks for that wonderful applause. The again it's coming from a community immunity too cared about each other. I just actually arrived from South Africa. A few hours ago and was reminded of that by A beautiful talented woman. Who was actually the widow of Stephen Bilko and we had lunch and we talked about this concept of Boon to which is the love of humanity if you think about philanthropy is the love of humanity and when you think about your community pretty how do you love your community you share in the bounty with community in some cases? It's the wisdom it's the teachings some cases it's time it's nourishment in some cases in some cases it's a bad for someone to sleep on Or gentle words of encouragement. And when I think about my community which has multiple layers to it and I thought about that Morehouse community of these young African American men. Who have an unfair fair burden in this country on so many different levels and I thought how can I help them with burdens that I can help with one way is to create the debt? Not only for them on them but the debt did most of them are also responsible or on their families and to give them a chance to liberate themselves in their communities cities through their actions as opposed to walking out forty fifty thousand dollars in debt having to take a job to service the debt and twenty years later not having had a chance to really deliver what they what their hearts and minds say are the right I purpose into the community that they came from so I told these these young brothers said now you figure out how you're going suv practice and boon to. How are.
"robert f smith" Discussed on Masters of Scale with Reid Hoffman
"They of course notice So I called the human resources director everyday for two weeks. She stop taking the call after the second day and I left a message and I called every Monday for five months and I got a call back in June and my dad says hey some woman from bell labs called wants you to call her back. I give her a call back and she says listen camp guarantee anything but once you come down and interview had one suit. Ah Sixty Nine Plymouth satellite and four dollars worth of gas and I got there and I got the job and I asked her. I said well what happened. She said an A. Student from MIT. You didn't show up and so I'm sure that persistence left him with some impression that this is someone who really want this job and I wanted to ensure that they understood how much much I was grateful for it and not only did I work every day but you know Saturdays and Sundays and the most important thing that came out of it for me was this lesson that I like to impart art. The joy of figuring things out you know my mentor was a guy by the name of the cows are distinguished member of technical staff. Had I think thirty five patents to his name. PhD PhD in what was called solid state physics at the time. Just absolutely brilliant and we shared an office the importance of mentorship elder youth and and It was quite fun because I said well. What am I going to do this summer? He said well we have this thing. It's called an operational amplifier. It's failing in the field and your job is to figure out you. You know how it failed and how to fix it and if you have any questions you should ask me. There's a library down the hall. And you got the full resources of bell laboratories any kind turned around and for a while. I that struck me was like well. That's Kinda rude and then I said okay let me go down and figure out what an operational amplifier is what is supposed to do with this isn't doing and and I'd come back and I'd ask them a question okay. We'll explain this to me and he would literally get on the Whiteboard for two hours and I would ask questions questions. Do you have any more questions I said No. I'll be back tomorrow and then I'd go and figure out and get more information and come back and ask more questions and turns out. I was a high school summer. Student ended ended up with the best project and the result out of all the college students that were there and it was because of the process it was because of the true mentor ship in engagement that I had with vic that made all the difference to help me understand the joy of really figuring out things as opposed to somebody telling you how it's done totally awesome so great experience on most episodes of masters of scale I start out by asking guests about their formative years. Not just out of general general interest but because there are often events in our early lives that foreshadow where pads take us and of course you can hear Robert his persistence. His problem solving his his curiosity all indicators for success but I think you can also see the glimmers of that second purpose that desire to give everyone an equal opportunity to find and fulfil their potential. Not all leaders have that someone find their second purpose until much later and they might already be on their second or third venture before they do think Bill Gates coming foundation work much later in life but the seeds Robert Second purpose in life were there early at this point in the program my interview with Robert Jumps forward around twenty years at the live event. I asked the Massu Sousse scale choir to fill in on what happened in Robert's life between his bill. Labs internship and founding company Vista. The live audience could see the lyrics rex as the choir sang. So for you podcast listeners. Let me quickly fill you in. Robert Attends Cornell and becomes a chemical engineer he learned patents. He gets an MBA and becomes an investment banker. He helps Goldman Sachs. Start Their San Francisco office and part of the team. That bring Steve Jobs backed I apple. And then Robert Found Vista our story picks up again. Here's a taste of the.
"robert f smith" Discussed on Masters of Scale with Reid Hoffman
"In theme. Yes Sir thank you masters of scale choir. I appreciate that now onto the show we he. We saw me to interrupt you. We just wanted to say we think the theory is very interesting. Thank you choir really appreciate that now. Please he's on with the show. I have a very important guest introduce. I'm going to step outside the live recording for just a moment to fill you in on who Robert F Smith is because you may not know his name yet. Robert runs a private equity firm called called Vista. They've acquired hundreds of companies mostly software companies and never lost money on a deal despite undeniable success. Robert It is flown mostly below the radar until this year and for that story broke turned alive programme. Robert is one of the most successful investors in America and he. I hit national attention this spring when he gave the commencement speech at Morehouse a historically black college during his speech Robert announced he take on on the student debt of every graduating senior and this was just the most visible sign of the second purpose underlying his career. I WANNA welcome welcome to the stage Robert F Smith will as you may know Robert. I have this theory. I'm hoping we can improve together. I believe that successful businesses can serve as a Trojan horse carrying a founder Second Purpose Ford when I look at your career career I see a second purpose and start us off. I'd like to share some of your own words back to you a quick note. The clip. You're about to hear came from a TV interview. Robert did with David Rubenstein on the David Rubenstein show which I think you might enjoy. This clip starts with Robert Robert Reflecting on the fact that his mother took him as an infant to the march on Washington where Martin Luther King gave his most famous speech. Chris can you play this clip. I think the impact of her bringing me fear. I understand that our community stood for something. Our community was striving for something and it was important that we were part of it. And I think that's part of my soul. which is I have to give back and help my community move forward in this country called American? The greatest pleasure is to liberate the human spirit. And you're able to liberate human in spirit and see that spirit really become its best self. That is the greatest thrill. On the planet. The problems I want to solve now are in equalization position of opportunity for African Americans to help them on board. Into what is the commercial enterprise. That is America. How do we create sustainable career ear opportunities for people not just a job not just a place to go work? The end story eh listener.
A Series Of Unfortunate Recessions
"This is we want to call the scariest economist we could find we found professor todd new of Cornell College hello can you hear me yeah I can hear you professor do you enter into that music down real quick okay yell at my teenager elva professor new is the perfect Halloween guest because he as an expert on real life monsters the kind that can take away your money your job your future he wrote the book recessions and in depressions the strange thing about a recession or a depression new P- says is that not only is it the boogeyman something we fear but you can make an argument that recessions are in fact created by that very same fear the fear that something bad could be lurking around the corner and we don't know what it is for the be safe I stopped spending I stopped lending and without that consumption and investment in the economy demand starts the fall production overall starts to fall in many times what we see especially that they are in a sense fulfilling the fear of a recession can is actually enough to cause a recession and like anything that is truly scary sessions are almost impossible to predict you can have short ones long ones you can have deepened debilitating ones where the economy shrinks Allott and millions of people lose jobs porp- their recessions that you barely notice you can go ten years without a recession like right now but in the nineteen eighties we had two different recessions a year apart double D and for a long time economists had a hard time explaining why recessions even happen inefficient economy traditional thought should be an equilibrium and if something changes for good or for bad then eventually the economy will adapt there was nothing in the equations about everyone freaking out at the same time and yet the economy doesn't travel in a nice straight line at it veers drunkenly from overconfidence and boom to collective fear and bust there is clearly glitch in the system a monster in the basement and in order to see it professor Todd Nuke says you have to go back in time and you have to look at each different recession and so we decided to do some virtual time travel but going over to the New York public library right across the street from our studios yeah this is good we're in the giant rose reading room it's so quiet how you we walk over to the dusty financial book section nobody comes here and yet on the shelves one Hundred Years Worth of recession bank runs yep bank panics eighteen eighty to nineteen the postwar economic slowdown. This one is a classic this because this Harry Potter Looking Book the sort of founded Unicorn Haider's Alan Velez not you get the book is called Percep- Theo recesses federal Latin Latin recession rules of recession look this is it says the word recession is like a curse Kinda like if you just repeat it out loud enough times that you'll like send your economy tumbling backwards in time like beetlejuice beetlejuice beetlejuice yeah recession recession recession initial estimates estimates on this it I will not take grabbing the harassment from these customers now let him police it stop selling gas it is October thirty first Halloween nineteen seventy four the country is angry and stuck in an endless line at the gas pump this is planet money nine thousand nine hundred seventy four we put a man on the freaking moon today on the show why can't we figure out the rules of recession support for NPR this message comes from the ABC original movie kill Dozer Watch an unmanned bulldozer continuous rampage killed dozen of will movie about a big bulldozer that kills people support for NPR and the following message come from transfer is a smart new way to send spend and save money abroad transfer wise gives you a great exchange rate on every international transaction and you can even get an account that holds forty currencies at once and a debit card to save when you're overseas joined six million people in over seventy countries who are already saving test them out for free at transfer wise dot com slash NPR or download the APP up should I call you Zack you Cowabunga for one zero it's much better you wrote on Reddit that planet newsletter is like meeting a noir detect active in the parking garage for evidence exchange and incriminating photos can you confirm yeah let's incriminating about the newsletter feels like you guys have found some deep dark secret that once the Internet how people sign up in pure dot org slash planning my newsletter you nailed it all right and Rebecca understanding at a gas station in New York City looking at an endless line of people trying to get gasoline I'm GonNa live two hours in can't get gas Robert Smith how did we get to this moment you know Kenny I think here in nineteen seventy four were starting to learn important rule about recessions anything can send an efficient economy into a spiral is an outside shock we can't control that is a less fancy way of saying and exhaustiveness shock which is more than See Way of saying something outside the normal happens that suddenly makes everything more expensive a hundred years ago the best theory about recessions was that they were caused by sunspot what's literal spots and flares on the sun that would randomly send waves of radiation towards the earth leading to sick crops and then businesses is failing and then banks closing I know it sounds ridiculous and of course it is scientifically wrong and yet that is basically what happened this year but instead of the sun it's OPEC the Organization of Petroleum Exporting Countries yes last year nineteen seventy-three OPEC declared an oil embargo against nations that supported Israel that included the United States so the price of gasoline shot up in this country then came the rationing then came the endless lines at the pump then eventually came this very angry man in Queens we call up a young professor who was working on his first book about Recessions Professors Todd New of Cornell College Hello Todd everything in this country that touches gasoline has gotten more expensive which is everything and as a result these shocks have greatly increased the cost the production that greatly increase the cost of doing business and so it's not the fact that people aren't willing to buy it's fact that firms aren't producing like they used to particularly they're not willing to produce at the same prices that they were producing before now as we twist this actual fast Ah American gas tank and it my friends is it's awesome we don't try that ahead hello and welcome to NPR's planet money I'm Adam Davidson Robert Smith and I'm Kenny Malone it is October thirty first two thousand and eight it's about one fifty five in the afternoon as we're recording this it's Halloween we have some of our co workers dressed as trees and arenas said someone wearing roof shingles and bubble wrap housing housing bubble the housing that's fine well look we're a brand new show and we're probably going to spend the next I don't know nine hundred forty eight episodes explaining the housing bubble the mortgage crisis the financial crisis but if we could say something right now Robert Kennedy I think here in two thousand eight we're stunning to learn an important rule about recessions sometimes the shock to the system is not something from the outside but something from the inside that we can't see nobody knew housing prices all across the country could fall at once no one knew how interconnect did the financial system was including apparently our president at this moment George W Bush over the past few weeks many Americans have felt anxiety about the Finances and their future I understand just last month President Bush interrupted Primetime Television to address this financial crisis and as is the tradition of this moment let us you might in banishing fear together we cannot fail ladies and gentlemen the President of the United States has spoken to
How Rare Are All-Black Chickens?
"It's not often that you look at an animal and think I bet all the goth kids wish they had a chicken like that meet the IM to money the Peter Murphy or Robert Smith Smith or Lydia dates or darth vader chickens. Pick your pop culture reference. All visible parts of this chickens exterior feathers beak tongue comb and talents are black back and it would seem as if darkness should end there but not so it's inky exterior is just a teaser darkness within it turns out the bones organs begins and muscles of the IMG are all black as well which in addition to their rarity explains why these birds are so popular amongst chicken aficionados. They're also dubbed the Lamborghini of poultry because the going price for these guys can range between two hundred dollars for a single egg layer hen and five thousand dollars for a full grown mating pair her native to the Indonesian island of Java. Im Toumani has been used in rituals and kept status pets by the elite for centuries. They were thought thought to have black enchanted blood. The lift curses or heal ailments strangely enough. The blood is one of the only obviously normally pigmented things about these birds aside from there cream colored eggs but when you look at an im money the superstitions around. It's being magical seemed completely rational because this chicken is gorgeous gorgeous in the sunlight. Their plumage matt black like a charcoal briquet. It's cured dozens like a Hubble telescope rendering of Nebula in deep space like looking into the most hypnotic not all covered pedal in the mall parking lot. These chickens are complete knockouts but why what could possibly cause a chicken's flesh and bones to appear to have been pickled in India ink it turns out I am to money is the world's most extreme example of a condition called dermal hyper pigmentation or fiber melanomas three other chicken varieties have this condition to varying degrees the silky Bam tim the Vietnamese Kung and the Swedish sport Kuna and I couldn't find pronunciations on those last two. I hope I didn't butcher them too. Terribly research published in two thousand eleven revealed this genetic condition causes strange behavior in chicken in embryos precursors to Melanin sites which are the cells that produce the pigment Melanin pigment that gives our human hair eyes and skin dark color usually the precursors to Mona sites in chicken embryos wind up in just the skin and eyes of the developing birds but in chickens with fiber melanomas those precursors travel throughout all the tissues of the embryo and what's more they don't shut down the usual stage instead they continue to multiply by creating way more Melania sites than usual which leads to the hyperinflation that we see in these birds once they hatch strangely enough scientists believed the mutation that leads to fiber melanomas and chickens is so unusual that it most likely happened only once in a single bird that lived thousands of years ago. No one knows how gene transfer I the globe from one jet black bird but Marco Polo wrote in twelve ninety eight about black boned chickens while he was traveling in Asia so the gene probably made its way around the world via trade routes interestingly even though the flesh I am. Toumani looks strange. It reportedly tastes just like chicken.
"robert f smith" Discussed on News-Talk 1400 The Patriot
"He's an entrepreneur, he's invested in and built up companies. Capitalism. Has made him rich not socialism. Capitalism. Hard work risk. Entrepreneurship free markets. All attributes features unique to capitalism. Not socialism. I wish that these four hundred graduates at Morehouse college understood this I'll bet ya out of this graduating class four hundred young people again, Morehouse college a predominantly African American college. I'll bet most of them are all Democrats. I'll bet there. They tend to be left of center. I'll bet many of them support, socialism, they're going to vote for a democrat candidate for president, they support free college and free everything. They want America to be a socialist country. How sad that. Probably most of them. Don't understand. Most of them who are probably antagonistic toward capitalism. Most of them, probably don't understand that their student loan debt is going to be paid for by somebody else because of capitalism. That political and economic system that so many of them looked down upon and impune. Free market, capitalism, made Robert F Smith a billionaire. No other economic or political system in the world. Could have done that socialism, most certainly couldn't have done that Robert F Smith by the way, African American grew up in a very middle class. Home had a mom and dad, which is great, but he grew up middle class. He was a smart guy went to school on a scholarship went to business school on a scholarship, and then away he went he worked his ass off. Gamble the wrist he invested a lot. He did some great great things. And before you know, it, he became a billionaire. He took advantage of. And worked through capitalism. And that made him a billionaire freedom and free markets. Not government control. Government didn't make this guy wealthy. Government control of the means of production did not make this guy wealthy. No. The markets did freedom. Did. It's a great story. And it is an incredibly generous thing. For this Robert, F Smith is billionaire to do and let us hope in the weeks months and years to come that these graduating seniors.
"robert f smith" Discussed on Pick the Brain
"Welcome to the pick the brain podcasts where we pick the brains of the brightest minds in the areas of health, self-improvement productivity and kicking ass at life. Hi. Jeremy Fisher always alongside my co host Aaron falcon. Aaron today, we were going to hear from Robert F Smith, who is the founder chairman and CEO of the private equity firm vista equity partners. And he is the wealthiest African American alive. Wow. I did not know that it's doing okay for himself. I think this is going to be a two part episode, and it's going to have a pretty interesting ending. He's making the news right now. I loved this ended you're gonna listen to the first part today, which is packed full of good information. And then we will conclude that in the next where you're gonna hear that surprise ending, which is a good one. So let's go ahead. And get started with part, one from Robert, F Smith. You need to know that nothing replaces actually doing the work whenever young person tells me they aspired to be an entrepreneur, the first question I asked him why for many, they think it's all right way to get rich quick. I'm gonna write a nap than a build a company make a few million dollars before I'm twenty five..
G. Willow Wilson Creator of Kamala Khan
"This episode g willow Wilson, she's a comic book author, and she wrote the first marvel comic with a young Muslim woman as the hero, Kamla, Han aka MS marvel. So when I was in high school, I was kind of a giant Goth. I was the kind of insufferable kid who, who would say that they were not actually cost the Gosper, too pretentious, and that I was above that of. But Nevertheless, I wore the really dark lipstick and like the fish nuts, and the pseudo Victorian jackets, that you could find like buffalo exchange. Yeah. I mean, if you looked up Goss in the dictionary, you would have found a photo of me somewhere. Fortunately, for me around the same time, sort of the late eighties early nineties, this British wave of very literary experimental comics started coming out. And I ran Pedley became obsessed, and one of my absolute favorite series, as was the case for a lot of people was Sandman by Neil Gaiman. Which took a World War, Two era, kind of be list, super hero and turned him into this mythological dream king who goes on adventures with all kinds of different, mythical creatures and kind of deconstructs, western mythology from a really interesting point of view. So, you know, for me as like a fourteen year old fifteen year old mega Goth this was huge and revelatory. Not just the story itself, but the medium of comics. Sandman told a kind of story in comic book form that I didn't really know was possible. It was kind of my first exposure to these more literary more adult kinds of comics, when I was a kid comics were still considered very much a kids, medium, and particularly a boys medium. There were not things that were marketed at girls. There were very few books out there that were adjacent to the superhero world that were marketed to adults so to see a comic book that was very clear and open in its love for that classics Hooper hero story. And yet, at the same time talked about Shakespeare and Chaucer and you know, brought in a very Joseph Cambell kind of U of mythology. Just expanded my understanding of what could be done within the pages of a comic book. I want to take a quick break to tell you about another podcast. I worked on it's called the big one your survival guide. We walk you through what it would be, like, if a major earthquake hit Los Angeles, and we help you understand what you need to know, to survive science and journalism, and immerses you and the experience of being in a huge earthquake. Don't be scared. We help you prepare. You can find it today wherever you listen to this show. Okay. Back to tell them. I am. So as I remember, the first time I found Neil, Gaiman Sandman, I was at the apartment of a friend. Who is I think about two years older than me and had graduated. And they were already living on their own. And so we're, we're very kind of cool and grown up in my eyes. You know, the, the people who live, there had also been giant Goths. So there were clove cigarettes, which were still legal at the time sitting around, and, ashtrays, and that's kind of always what it smelled, like, which I like the smell of. But it had that kind of late nineties, Goth aesthetic, every all the windows were kind of draped in, like, JoAnn fabric in sort of dark colors. It was it was just that kind of place. This apartment had a collective library of all kinds of great stuff, and they were all reading Sandman, and they had they'd just sort of made a rule, you can read whatever you want, but don't take anything out of the apartment. But because their library was so big. I was like, nobody will notice if I just kind of sneaked these back issues out and read them on my own, so I did. And. It was one of those reading experiences that, that kind of sticks out in your mind as being something for which there is a before. And an after he read this book. It made me feel a lot less grubby as a Goth it, oh, it was a very unabashedly Goth comic. And it was kind of cool to see something with such a huge cultural impact that was kind of headlined by this very Goth guy with white makeup, an extremely scruffy kind of Robert Smith, secure hair, and it was kind of a nice affirmation that you could do the stuff. And it you'd be kind of like a mopey teenager. And yet have cool stories that meant something, and that we're all to uplifting, and we're about hope. So, you know, it was in, in that sense. Nice to see Goths doing some kind of artistic service for, for the whiter were. The kind of storyteller that he was was very influential, and then as I got a little bit older. And I I saw him a couple of times back. This is back when he used to tour. I was also very impressed with the way that he approached writing and being a writer and it being a human being. There was one instance, in which I saw him along with a bunch of other really amazing comic book writers, including, I think Peter David, at MIT just a few days, not more than a week after nine eleven. Nine eleven happened just a couple of weeks after my nineteenth birthday at the beginning of my junior year of college. And he you know, I was I was very much a college student, I was kind of going through a late adolescent. What does it all mean phase, I become interested in, in religion and started to sort of rethink what I assumed about life, and purpose and are, are sort of our place in the universe. And like everybody, I think it was it was a tremendous shock. I think particularly people of my vintage kind of elderly millennials or Xeni, all's had never known a time when the US felt really threatened. The Cold War was kind of over, there was a sense that we were separate from the rest of the world or that nothing could ever interrupt. That period of prosperity into which we had been born and so nine eleven just massively shook the foundations of our generational experience and especially being in Boston at Boston University, the feeling of ongoing threat and vulnerability was quite high. Two of the planes had taken off from Logan airport. There are all kinds of rumors circulating that, there were still a terrorist cells in the city. And so it really did feel like a war zone in many ways, and it occurred to me, just sort of walking to class that this is the reality that so much of the rest of the world faces every single day. And somehow we have managed to avoid it for this long. And now here we are just like the rest of the world. as we did for a lot of things during those weeks after nine eleven we kind of hung around to see if this event was actually going to happen because a lot of them were cancelled. And it was clear that, yes, it was going to happen. It was still going on. So we, you know, we decided okay, well, we're not we're not going to give up this, this chance to see all of these amazing authors and artists on stage at the same time. And we decided yeah, we're going to go. We're going to we're going to do it, despite the sort of aura of anxiety and dread. That was kind of hanging over everything. What was interesting to me is the Neil Gaiman was the only one in his kind of opening words who never mentioned nine eleven once everybody on stage when they got up to talk that was what they talked about. It was it was about superheroes in nine eleven. You know, I think one of the people on stage envisioned this world in which wolverine was on the plane with the terrorists, and sort of got up and, and hit them with his finger spikes. And it kind of rubbed me the wrong way because I remember thinking, you know, this is not the time to pretend that are fictional heroes are gonna do us any kind of good. It's too real. It's a nice thought that yes. If we had these amazing heroes who were always in the right place at the right time that they would have saved us, but they didn't. And Neil Gaiman got up and never mentioned nine eleven once he just sort of told a story, I don't even remember what it was that he talked about. But by the end of it for about thirty seconds. We all forgot and in a weird way, I think that prepared us to have them were serious conversation versus the. Yeah. Wolverine would I've got him if you'd have been there, which, which just felt very tried to me. The reason that that stood out to me was because it illustrated, very neatly that for a storyteller in a time of great national tragedy upheaval. The way forward is not always the way through that sometimes we assume we're in a position to attack things head on. And yes, we're gonna fight, whatever it is or or get through whatever it is. And it's, it's very easy to blur the line at that point between storytelling and, and just sort of shallow saber rattling. But what he said at that time illustrated to me that it was possible to speak in a deeper key and not to pretend that you have the answers that you need all the answers. You know, everybody was was in an incredibly tense somber. Reflective mood, and it I think brought a lot of us especially who are about my age. I was eighteen at the time into the realization that we are all mortal that, that, that nothing that we think, is a turtle is eternal, and that the world may be didn't look the way that we had been taught growing up,
"robert f smith" Discussed on News-Talk 1400 The Patriot
"Economic system that so many of them looked down upon and impune. Free market, capitalism, made Robert F Smith a billionaire. No other economic or political system in the world. Could've done that socialism, most certainly couldn't have done that Robert F Smith by the way, African American grew up in a very middle class. Home had a mom and dad, which is great, but he grew up middle class. He was a smart guy went to school on a scholarship went to business school on a scholarship, and then away he went he worked his ass off. Gamble the wrist he invested a lot. He did some great great things. And before you know, it, he became a billionaire. He took advantage of. And worked through capitalism. And that made him a billionaire freedom and free markets. Not government control. Government didn't make this guy wealthy. Government control of the means of production did not make this guy wealthy. No. The markets did freedom. Did. It's a great story. And it is an incredibly generous thing. For this Robert, F Smith is billionaire to do and let us hope in the weeks months and years to come that these graduating seniors understand.
Ford Cutting 7,000 Global Jobs As Part Of Restructuring Plan
"The Ford Motor Company announced this morning. It's cutting seven thousand salary jobs worldwide about ten percent of its white collar employees. It's all part of a big multi year restructuring program that CEO, Jim Hackett has embarked upon, you might remember, though, that Ford made it through the financial crisis, without the bankruptcy filings, the GM, and Chrysler had to make in the f one fifty pickup truck has been bestseller and huge profit maker for decades now. But as marketplace's Jack Stewart reports Ford, along with all the other car companies is gearing up. Very more challenging future. The also industry is anticipating some major technological disruption to its business, but as part of planning for that Michelle Krebs had also try to says companies have to keep doing what that doing. I don't make your absolutely cannot take their eyes off the ball of today's business because that is what is creating the funding to finance this future, that we don't know, when it's going to happen that future for Ford, which wants to be a mobility company means getting into all sorts of things from bike sharing programs to self-driving robo taxis uncertainty, though, is always haunts plan for says Stephanie Brindley analyst at IHS market. You're saying it in some of the financial results. You're seeing it in different cost-cutting programs at different automakers for it's not alone in trying to balance this at all companies worry that one day, people may choose not to own a vehicle, and just use a map like Uber or lift, which with tens of billions of dollars robo tank sees could hasten that shift even more GM boats and autonomous startup cruise for a reported Hoffa billion tech companies with deep pockets like Google's parents alphabet have their own self driving. I'm visions Sam Vieira ni. Out consultants auto focus solutions says Ford is investing to, I would say they they're doing very good job of it. They're just not promoting it yet, but they are moving forward and looking forward to the next era in the automotive industry, and all it's really clear about that next era is that it's going to need as much money as possible to competion, even if that means cuts today. I'm Jack shoe for marketplace. Morgan Stanley is today's bearer of ill economic tidings in a report out this morning. The banks analysts said that, if the trade war between the United States and China keeps up and the president's threatened tariff increases on more Chinese imports come to pass a global recession is within the realm of possibility. So the question now it seems is whether President Trump's approach to trade negotiations is working as he intended cleared Williams was still not too long ago. A White House trade policy official miss Williams. Thanks for coming on. Thanks. Thanks for having me. So for those who don't follow trade, perhaps as closely as. Well as you and I do gimme the gimme like the thirty second elevator pitch version of President Trump's trade agenda. Sure. Well, what President Trump is trying to do is get his arms around a set of long-standing unfair trade practices. That's been going around and the global community. I think the, the most prominent example of that is what's happening with China. Obviously, he's expressed concerns with, you know, the NAFTA agreement with elements of the World Trade Organization. And I think in general with sort of a lack of equitable treatment when it comes to tariffs around the world, do you think, though that the president's tariff policies are the way to get done what he wants it seems that it's very spur of the moment, shall we say now? Well, I actually think since the president has been in office, what he has tried to do is to take tariff action in many cases as a means of leverage, you know, not all tariffs are created equal, as they say. So I mean I could go through. One by one in China. It's really a means to an end fair enough. And, and look, it's only a half hour program. I appreciate you. You know go through the harmonized tariff schedule. But let me ask you a more fundamental question, and it's going to sound like I'm poking the president in the eye, and I'm really not do you think he understands the way tariff works, because if you look at his public pronouncements his tweets virtually everything he says, about tariffs would seem to indicate he just doesn't understand how they work. It's not the Chinese are paying. It's not that there are billions coming in, in the United States from overseas. It's American consumers who are paying these tariffs and the president discounts that at every turn. I think the tariff question actually is, is somewhat of a complex one. Now, I will be the first to grant you the tariffs do have somewhat of a negative impact on the US Konami and on consumers. They can have an impact on businesses who need to get those, those products from abroad. I mean, I'm not a tariff guy all of that said, you know, who pays the tariff in any particular instance is not as simple as, oh, it's all China or it's all the US consumer. And what we've found is we've analyzed it is that it's really different in, in each instance, I'm sure I don't need to say for the academic research that shows in the section to thirty two and three hundred tariff cases that the president has imposed on the Chinese. It is literally American consumers who were paying sometimes inaccessable one hundred percent of the tariffs and more to the point though. With all respect, you didn't answer the question, does the president understand how tariffs work, I think that he does. And again, I, I, I would paint the three one in the two thirty two with, with different brush. I think when the administration put in place, three thrill one Tara. Chiefs. They were expressly designed to pick products that the US could source from other places and you actually do see some of that happening on steel. I, I would grant you that different situation. And I think that the steel tariffs were more controversial within the administration itself for that reason. I'm not sure exactly when you left the administration must Wilms but, but the last you heard from folks inside the White House. What is your sense of the president's sense of urgency on fixing and, and getting to a deal with the Chinese, and, and does it carry into the twenty twenty campaign cycle farther? I left the White House about a month ago. April nineteenth with my was my last day. I went and actually got to see the president a couple of weeks after that, I think that with respect to China that the president is willing to keep at the current strategy as long as it takes to ensure that China starts playing by the rules. I think if you look what you're hearing from the hill, you see Democrats and Republicans alike, all saying, stay tough on China, make sure you get structural reforms in China where you're getting feedback are things on steel and aluminum and saying, we need to work with the allies more. So, look, I hear ya on what he is hearing from the hill. And from people inside the boat way writ, large, but every single farmer we talked to and virtually every single small business person with truly just one or two exceptions in the last year and a half has said these tariffs are killing us. Right. No. There's no question that there is going to be some pressure from the business community. I've been surprised actually that, that the, the business community for the most part has stayed firm with the president and said, you need to, you need to be tough on China because they're hurting my business. A lot of the pain that the agriculture community has been feeling in the past has been on the retaliation, the restrictions trying to deal with that. But if we can get the commitments from China, and the market access from China, it's going to be a much better situation. Clear Williams, former deputy director for international policy, the National Economic Council, the White House on his way through job in the private sector Williams, thanks very much for your time. I appreciate it, sir. It's my pleasure.
Billionaire Robert F. Smith pledges to pay Morehouse College grads' student loans
"The graduating class at Morehouse college is still trying to wrap its heads around what they heard at commencement yesterday billionaire, Robert Smith promised the entire class of twenty nine thousand nine, he would pay their student loans, definitely Tim foam because it's such a blessing. And I'm really excited to see where I can go now because all different Evans, or open. Now, Charles Relaford is one of the three hundred ninety six newly minted grads at the historically black college who is graduating debt
Robert Smith School, Robert F Smith And Morehouse College discussed on Up Front with Chris Citorik
"It may be hard to top this graduation gift. A billionaires paying off the student loans of an entire college graduating class, Robert F Smith, set the bar high this year when it comes to graduation gifts, the billionaire said in his commencement address, Morehouse college, he and his family would pay off the class of twenty nineteen student loan hundred ninety six individuals will have their debt, wiped out. Thanks to Robert Smith school. President David Tom is on hearing, the news burden
"robert f smith" Discussed on KQED Radio
"Smith announced that he would pay off the student loan debt for the entire graduating class of Morehouse Kamal Medlock is a member of that class. And he is with us now. Come out, congratulations. Thank you. Thank you got local. Tell me what it was like you're sitting there. And, you know, he was a graduating speaker and it was awesome because Angela Bassett you've had some nice speakers before. It's so when he made this announcement like what happened? You know all out there hot. Go exciting. Misspeaking. But, you know, when you out there in sun up to five not morning home. So we know what spec. And when he said those words that he's going to challenge of love. God, he's going to art class. He's. He's. Alone all my about. Be graduating. And then they'll us down minute call you actor. But now, you know, we're still talking about family members Techni acnes true and one thing. But your shot. My shocked. What will this mean to you, do you mind telling us a little bit of your personal business? Like, do you have loans? I have loaned there. Around eighty thousand between me and my mother and she talked about getting a job. You got that. Because you wanna pay that money. And I remember. Wow, pitas off and so much, you know, saying exit on chose paid off. And now. About in love, because note on, on, on maintenance, it's just gonna make up. And billion Beth money in areas like what like what, what were you planning to do when you graduate it like what's your plan for after graduation? I'm on national cash. Register eat companies in America in one, I the cash okay so you're going to be wearing now. Okay now in, but also on my own have my band created this band to consign light on black people by using coping the medium at a tell our history month thing on me. What about yourself and more company of you are awesome. She sounds so excited. You sounds so exciting. Just unbelievable speech, but you clearly aren't. You know what they say about Morehouse men, you could talk to a Morehouse Nabal. You can't what you can't there. It is. Okay. Well, congratulations. That's come out Medlock, a member of the graduate in class of two thousand nineteen at Morehouse college in Atlanta, Georgia, and he has just learned just a short time ago that Robert F Smith the billionaire investor will be paying off the student loans for himself, every member of his class. We actually reached KOMO.
VIDEO: The Price Of Coke Stayed The Same For 70 Years Why?
"Support for NPR and the following message. Come from Microsoft technology is accelerating faster than ever and things that once felt far off are making a real impact in our lives today. See how AI is empowering business innovators at Microsoft dot com slash AI. Hey, planet money listeners, you are about to become planet money viewers because this right here. This is a video this is the last one of the season, and it features Robert Smith as the founder of Coca Cola and Nick fountain as a southern lawyer. Enjoy Coca Cola Chris refreshing and just to be clear, not an NPR corporate sponsor, we swear they didn't pay us. It's also bizarre economics aberration. From eighteen eighty six to the nineteen fifties through continued industrialization several wars involving the US end prohibition. A Coca Cola cost five cents. And frankly that is really weird ask any economics expert, and they'll tell you price usually change over time. So how did coke keep their price the same for so long? Well, it has to do with two lawyers from Chattanooga in eighteen ninety nine those lawyers pay visit to the president of Coca-Cola a guy named Aset Kanter, and they tell him we're interested in this new thing selling drinks in bottles. They wanna buy the bottling race. The way the story goes is candler just said, you're out of your mind. It's not gonna work coke is a soda fountain business, and they said, well, look, you know, give us the rights anyway. And so he said, yeah. Okay. I'll sell you the syrup at a ninety cents a gallon in agreeing to do that candler did something that companies never do. He agreed to sell his product the Sierra to bottlers for a fixed price forever. The contract had no end date. Now, this was about to be a problem for the Coca Cola company because now any increase in price down at the corner store that doesn't help them the profit goes to the bottlers and the retailers in fact, if they raise the price it hurts cope if Coco's up to a dime. Fewer people are going to buy coke. And coke sales lesser. So if you're Coca Cola you want somehow to keep the price down at five cents. What do you do? Well, one thing you do is you blanket the entire country with ads for five cent coke. This was like so clutch. Coca Cola is taking control of pricing away from the bottlers in the corner stores and anyone selling a bottle of coke for more than five cents was just gonna look like a jerk. Coca Cola was finally able to renegotiate their contract with the bottlers in nineteen twenty one and they might have changed the price then, but they couldn't they were trapped. Coca Cola said early on a coke costs a nickel. It put it on billboards and ads and painted on buildings and people got used to it. It felt like a promise in a way. All prices kind of feel like a promise. Once we see a price on something. We have this feeling that it's some innate property of the thing that it shouldn't change. And so the ads that coke had run. So prominently ended up trapping them. The thing that finally undid the nickel coke was inflation. The price of ingredients started to go up, but to this day, people feel very strongly about a fixed price for coke back in one thousand nine hundred nine they CEO suggested charging more for vending machine coke on hot days and was met with widespread outrage, whether it's a nickel or a dollar people in a way of getting used to their prices. This is going to be the last of our videos in the feed for a little while. So if you've been following along let us know what you think of them on Twitter or Instagram or Facebook, where at planet money all over the place. Thanks for watching.
Benches clear after Jose Urena hits Ronald Acuna
"Days in Detroit the. Funeral will take place at the greater grace temple endorsed west Detroit the information leaking out the funeral will be private for close family. And friends a date has not yet been. Announced a public viewing will be held at the Charles right museum that will go for two days a big musical tribute. Is also being planned a lot of reminiscence going on at new Bethel Baptist
Prayer Vigil Held at Detroit Church for Aretha Franklin
"ETA. Detroit church this morning prayer service is being held for the ailing Queen of soul Aretha Franklin The new Bethel Baptist church in Detroit routinely has an early morning prayer, service but this morning. Prisoners, like Mary Boone are asking for a, miracle for the Queen of soul Aretha Franklin spraying time now, if you love her is praying time so it's. Time to come out and shout about Franklin's pastor Robert, Smith junior has a message for Aretha Franklin
You've heard of the oil cartel or the drug cartel but what about the poop cartel?
"Obsessions. Mine is cartels. I will admit it. I am fascinated by cartels when businesses get together and decide not to compete, decide that they are too powerful and too special for the law of supply and demand like OPEC does for oil. And what I love about cartels is that they are set up because of greed. I mean, who wouldn't love to charge more for your product, but then someone always gets too greedy and starts to cheat. They stab each other in the back Femi. Those thinking about this, the life and death of cartels. When I heard a story from my friend Jeff placentas he worked for this group called innovations for poverty action. You could call it nerds without borders, nerds, without borders. It's a nonprofit that helps get economists to help out with problems in poor countries. And Jeff was telling me about this one particular cartel that his group had encountered in Senegal. The poop cartel yet, who is this poop cartel that you speak of? So you've seen in the way porta-pottys get serviced here. When you're porta potty is full, you've probably seen the trucks that come by with a tanker truck with the big homes and they suck it out and clean it. And it's the same thing in Senegal. Like households have a latrine pit. That's, you know, kind of like a big port, a potty and gets full. You need to get it cleaned out, but it looked like these trucks were perhaps fixing their prices. They looked like they were crisis were permanently high instead of maybe a competitive market that you'd expect to see. And obviously that put it out of the reach of a lot of people who needed it move over OPEC because there's price-fixing and Senegalese poop. Innovations for poverty action sent a rag tag team of economists to Senegal each with their own skills each with a single mission. Could you create a more efficient market by turning the poop, cartel truckers against each other. Ah, poop war. This this I had to see.
Why don't we get to vote on raising taxes?
"Douglas bruce loves the constitution of the united states of america in fact it carries a little pocket version of it everywhere signed by clarence thomas finds a way to work the constitution into just about every conversation the constitution says an article eight and article six quoted verbatim and that's guaranteed in article one constitutional right he did this the first time i met him and he even got choked up talking about the founding fathers and the part of the constitution bruce loves the most is the bill of rights that's the section about freedom of speech religion right to a speedy trial and bruce likes it because to him it is the original limit on government it even begins with the words congress show make no law lives in colorado springs he's a former lawyer and he owns a bunch of real estate and he starts thinking hard about the bill of rights the drafters of the constitution we're pretty smart guys but there is at least one limit on government that they didn't put in there they forgot to limit the right of government to levy taxes on us on the people you can say you're free if the government can take away everything you have without your permission douglas bruce decided he was going to fix this little oversight he wrote up a sequel to the constitution he called it the taxpayers bill of rights it's taber for short and it said just like the people have a freedom of assembly right to a trial by jury they should have a right to vote on their own taxes every time a government raises your taxes they should have to ask your permission first it was radical it's an incredibly difficult to pull off concept and then the state of colorado actually passed it hello and welcome to planet money i'm robert smith and i'm rachel esther brek from colorado public radio rachel at her co reporters at cpr then you'll minor and ben marcus have just finished a podcast series called the tax map it's about how a man who held no political office just an obsessed outsider ended up changing the very relationship between the citizens of a state and their government today the show what happens when you take away the politicians main power the power to raise taxes it ended up putting colorado on the brink of disaster and douglas bruce it cost him his reputation and eventually his freedom i'm very sooner or later they're gonna figure that way and he was right