28 Burst results for "Sixty Three Billion Dollars"
Cheques, imbalances: Americas fraught stimulus
"America's house of representatives passed another version of stimulus bill yesterday. This one promising. Two thousand dollar checks to the majority of americans use would make a difference in the lives of americans who are facing the greatest uncertainty that they've experienced for many of them in their lifetime. It's unclear if the measure will pass in the senate making it yet another twist in a last minute. Saga to provide economic assistance to millions of struggling american workers and businesses the original two point three trillion dollar spending package included nine hundred billion dollars for pandemic relief in addition to funding the federal government for the next year. They was hastily negotiated in the run-up to christmas by a bipartisan group including president. Trump's treasury secretary steve mnuchin but after it was passed by the house and the senate. Mr trump criticized the bill saying it didn't do enough to help. Ordinary americans in really is a disgrace for example among the more than five thousand pages in this bill in the end. He didn't make good on his threat to veto the legislation on sunday but he demanded another congressional vote on increasing the value of the stimulus checks. A measure supported by many more democrats than republicans. I worry that this wapping four. Hundred and sixty. Three billion dollars won't do what's needed stimulate the economy or get the jobless back to work. Whatever the outcome the relief couldn't be more needed. Government has been deadlocked on the matter for months and in just over three weeks. It'll be president. Joe biden who inherited the budget. The stimulus plans and the problems brought about by all the footdragging. Congress rarely compromises these days injuries. Cologne is the economists. Washington correspondent and it was truly a compromise measure. That will do some good I think for the american people. So what's in the bill actually been passed by both houses and signed by president trump. the new sumo's spill that president trump signed into law includes a couple of important provision. One of which is another round of direct checks civil. Go to americans. These are going to be half as big as the ones that were passed in march so these will be six hundred dollars per person as opposed to twelve hundred and there's also going to be a new federal top in unemployment benefits. Most americans have beginning six hundred dollars a week until those benefits expired back in august. The new benefits are going to last for eleven weeks and they will be about three hundred dollars per week. And there's a few other things it's very long. Bill is fifty six hundred pages. Almost that was negotiated very much at the last minute. Among the more important parts are another three hundred billion or so which are going to be allocated for the payment protection program which subsidizes businesses to make sure that they don't have fire people and why the president trump had Such a hard time signing why the delay. That's an interesting question. Depends on how generous he wanted to the president. Many people pointed out the seeming lack of logic about refusing to sign a bill that had been negotiated with his administration. Nancy pelosi of negotiating with steve mnuchin. The treasury secretary about the contours of the bill and this compromise was was forged with mitch. Mcconnell the republican leader in the senate there had been little indication before the bill was actually passed that donald trump had match of objection to it wants. It came to his desk. He thought of the bill was pathetic and that it needed to have much more generous person check but ultimately donald trump decided not to hold up the bill and and this is a relief package that americans have really been waiting some time for. Yeah absolutely the initial cares. Act was a huge injection of stimulus. But it was passed all the way back in march and a lot of the major provisions of the cares act expired back in august and interestingly because that was more than two trillion dollar bill what you saw in the first month of the pandemic was actually pretty solid progress against already in america. You saw a twenty five percent reduction from its pre pandemic levels and what you've seen since the expiration of those benefits is a very fast resurgent so all of those gains in poverty reduction have been Erase this point and if you look at other indicators of hardship whether it's the sheriff families who say that they can't afford food thirteen percent of american families right now are saying that they have not had enough to eat in the last week from the latest census bureau. Polls you see thirty percent of americans who are renting say that they have little to no confidence that they will be able to pay next month's rent and those measures that we've been tracking have gone up significantly in the past couple of months and put this into some context. How does this This relief package on the whole compare with with similar ones offered by other countries britain germany. And so on so at this point america. We'll have done over three trillion dollars of direct stimulus. And if you compare. America to other countries on the basis of how much money does it immediately inject into the economy. America looks fairly outstanding. Where america doesn't look as generous on the stimulus front is on its guarantee. Liabilities made with businesses so european countries are much more likely to guarantee loans use the central bank much more than america has used the fed as part of their strategy for addressing similar. So depending on whether or not you think. Direct relief to americans is more important You could say that america's really well if you think that subsidising businesses and making sure that they stay open is the vital point of covid relief that you could say that the europeans have done better but another facet of this was that the bill apparently contains what president trump called the pork but a lot of provisions that aren't sort of directly related in that way it does and that's in part because it was attached to the bill that keeps the government open in funded for the next year and that obviously has a lot of unrelated provisions because it is the bill that funds entire federal government. You know there are measures on a teddy roosevelt presidential library. Independent commission to oversee horse racing. Racine those kinds of things have been snuck in but also some provisions that might not have been obviously related to covid but that are probably good like an end to the practice of surprise billing which is basically where you go to a hospital. That's in your insurance network. You're treated by dr who is affiliated with a different network and you get a very large bill and all this is happening of course in the in the twilight of mr trump's presidency. Where does this leave. Joe biden as as he starts to come in this really sets the initial conditions for joe biden's presidency a lot of the unemployment benefits for example will expire in mid march which will mean that there will be some period of renegotiation. We saw chuck schumer. Who is the democratic leader in the senate say that the bill will only partially cover some of the depths that americans are in right now economically. Unfortunately the troubles are so deep. The abysses so long that we need more and this is just a first step. This is an emergency. We need a second bill to continue. So that's going to set up a new challenge for them in the opening days of the administration when biden would probably rather try and pursue a big legislative victory like infrastructure. Or something else. A lot of it is gonna turn on what happens in the upcoming senate races in georgia. The runoffs will decide the last two seasons senate and that will determine whether or not democrats or republicans control it if republicans keep those seats and democrats. Don't have control of the senate. I think it's probably quite likely that this is the last big stimulus measure that americans are gonna see addressed. Thank you very much for your time. Thanks so much for having
Iowa ad spending ticks up in the last week before caucuses
"The the first caucuses political caucuses the year are in hi that's coming up within like two weeks or so the candidates have been campaigning in Iowa would you like to guess how much has been spent on political advertising in Iowa over the course of let's see the last thirteen months or so thank you think yes home ballpark okay let's say two hundred million two hundred million and I would know that that that that's how I know that that's hard not to hundred million okay but let me just back up here Iowa I'll white is not a heavily populated state I mean it it's not California it's not Texas it's not New York it's not Florida you know where you have multiple television markets TV time to buy and I white is is cheap comparatively eight eight please it would be outside of the political season it's not like if you want to advertise in California for example you got to buy time on TV stations in San Diego and Los Angeles in Sacramento and San Francisco and all these places in between you want to buy TV time in Florida you gotta buy in Miami in Orlando and you know all all along the Gulf coast in up in Jacksonville and all these different places got to do that Iowa it's it's not a good client population center the answer to my question is the estimate that by the time all is said and done candidates will have spent just on TV advertising somewhere north of sixty three million that's M. as in million dollars running commercials this is presidential candidates in Iowa over the course of the last thirteen months sixty three million dollars and that's roughly the same as that's roughly the same as before and keep in mind the vast majority that spending is going to be on the Democrat side president trump is that some advertising but but nothing big but it's all the other Democrats if the Democrats were trying to to break through they're gonna be spending sixty three million I will tell you this that there are TV and radio stations all across this country who are looking at two thousand twenty and depending on where you are they are counting on substantial political advertising by it happens every four years happens every two years now in some year if you're in some states it's not as as big a deal the candidates aren't going to be the presidential candidate for example aren't going to be spending a lot of money in Utah because president trump is going to win you call it is a heavily Republican state so you're not going to be seeing a lot of of spending on the presidential campaigns you're probably not going to be seeing a lot of heavy spending I'm on the presidential level in California because California is gonna overwhelmingly goal for whoever the Democrat nominee yes so it's your your your have maybe a little bit of spending but but not not that much in places like Pennsylvania Michigan Wisconsin and a handful Ohio and a handful of other so called swing states you're not going to be able to turn on the TV or turn on the radio and not here some add maybe it's going to be an ad by the candidates maybe it's going to be an ad by some special interest groups supporting a cause or a candidate but the air waves both radio and television are gonna be inundated with ads and the candidates are going to spend millions of dollars to do it just like the spending sixty three million to I don't know how you could spend sixty three billion dollars in Iowa and yet that's what they are doing now here's what I want to discuss with you is it going to make any difference I was having this conversation with somebody the other day and they said you know I've never I I I know who I'm going to vote for and I see the different ads and I never decided she I'm going to vote for this candidate because I saw that at I'm going to vote against this other candidate because I saw that at it they were saying you know that this this money that is being spent on the advertising I understand I I work for radio station no we we are going to be getting political advertising and that's very very welcome to the bottom line but what I want to discuss with you is the ad spending in all the ads that are out there does it work is it necessary is it over kill does it ever change your mind and is there too much of it do we need to have sixty three million dollars spent in Iowa in order to I don't know help the voters decide who it is that they want to choose at a caucus have you ever really made up your mind as to who you're going to buy who to support because of an ad our number eight five five six one six one six twenty that's the accurate mortgage talk and text line do we need all the acts
CBO report estimates US budget deficit will be more than $1 trillion by 2020
"Initial projections show the deficit for fiscal year twenty twenty will be more than a trillion dollars the Congressional Budget Office says the recent budget deal between the White House and Congress will lead to about a trillion dollars in overspending in the fiscal year that begins October first the head of the CBO says the nation's fiscal outlook is challenging films Weigle adding that the federal debt already high by historical standards is on an unsustainable course the office is adding another sixty three billion dollars to a testament for this fiscal year bring in that total to nine hundred sixty billion dollars Spiegel says the only way to cut the huge losses is for Congress to increase taxes cut spending or combination of the two Tim acquire
US budget deficit will be more than $1 trillion by 2020
"Initial projections show the deficit for fiscal year twenty twenty will be more than a trillion dollars the Congressional Budget Office says the recent budget deal between the White House and Congress will lead to about a trillion dollars in overspending in the fiscal year that begins October first the head of the CBO says the nation's fiscal outlook is challenging films Weigle adding that the federal debt already high by historical standards is on an unsustainable course the office is adding another sixty three billion dollars to its estimate for this fiscal year bring in that total to nine hundred sixty billion dollars Spiegel says the only way to cut the huge losses is for Congress to increase taxes cut spending or combination of the two Tim acquire
CBO raises 2019 budget-deficit estimate to $960 billion
"The initial projections show the federal budget deficit for fiscal year twenty twenty with more than a trillion dollars the Congressional Budget Office says the recent budget deal between the White House and Congress will lead to about a trillion dollars in overspending in the fiscal year that begins October first the head of the CBO says the nation's fiscal outlook is challenging the Los Weigle adding that the federal debt already high by historical standards is on an unsustainable course the office is adding another sixty three billion dollars to its estimate for this fiscal year bring in that total to nine hundred sixty billion dollars Spiegel says the only way to cut the huge losses is for Congress to increase taxes cut spending or combination of the
"sixty three billion dollars" Discussed on 90.3 KAZU
"Sixty three billion dollars that's how much the US government is collected in tariffs in the last year with president trump threatening new terrace on China that amount could go up Josh zoom grown of the Wall Street journal joins us to talk about that welcome to the program thanks so much for having me to begin what does that sixty three billion dollars represent right so you can think of the new tariffs in the old taps the US had a lot of tears that have been in place for decades and those tears have brought in about thirty or thirty five billion dollars a year and these are the amounts that US importers have to pay on the goods that they're importing from all around the world then there's also about twenty seven billion dollars that have come in from the new tariffs imposed by the trump administration and so it's when you put together those all tasks and the new tasks that you get to a figure that his biggest sixty three billion that's the total amount but how much of it is coming from the China terror specifically so a really interesting thing is that in June for the first time more than half of the tariff revenue that came into the U. S. was coming from those things imported from China and to be clear it's not that China is being these tires right it's whoever is importing the good to feel like we have to clarify keeps him talk about this story that's exactly right this is goods that come from China but it's the US importer that technically is assessed them the president is sometimes a little vague sometimes kind of downright misleading when he talks about this but it actually is US importers that are assessed this bill when they bring things and at the border at the ports a doubling in tariff revenue where's that money going well it hasn't been much of a windfall in the main reason for that is that the trade war has taken such a big toll on US farmers did the administration has rolled out to separate rescue programs kind of for the farm economy these been programs where farmers receive big direct payments to make up for other lost sales for China and as it happens those programs have been about twenty eight billion dollars so you've got twenty seven billion dollars in in new tariff money but you spent about twenty billion to help farmers out during this conflict and so if you think of it that way that the net effect has been actually it's very slightly negative I'm sure those farmers would rather just make those sales right the program hasn't been very popular with farmers stayed put much prefer to just have more successful markets that they can go to rather than have to kind of accept government hand outs president trump tweeted earlier this year that with more than a hundred billion coming in to the U. S. and terrorists the US would buy agricultural products from farmers ship them to poor and starving countries in the form of humanitarian assistance has that happened no they looked into a program along those lines but realized it was pretty in feasible you know there's problems with kind of dumping large amounts of crops on poor countries because you can ruin their own agriculture sectors so they decided to just do the more simple program where you provide the direct payments to farmers now the part that is right there is that the total amount being brought in by these could get to be a hundred billion dollars I mean at the current pace it was six billion in June that would work out to about seventy two billion a year if it continues and there's talk of adding even more tariffs on top of that so you really could get two hundred billion being the number but at the end of the day this is not turned into some kind of windfall for the U. S. no I mean even when you account for the extra revenue that's come in from the tariffs the US is still been running trillion dollar deficits so you know at all this money that's coming in for taxes is going right out the door in the treasury still having to borrow a trillion dollars a year just to find that kind of scale of government operations some people have written to me and said does this mean we're going to pay down the debt unfortunately the answer is no not even close let's just assume room he's a national economics correspondent for the Wall Street.
AbbVie Strikes Deal to Acquire Allergan for About $63 Billion
"Once again, we're gonna start with a big deal this time in the healthcare space. And I'm saying healthcare, just the huge umbrella of healthcare abbvie buying. Allergen Allergan, the maker of boats. Socks. This is a sixty three billion dollar deal cash and stock Algan. If your shareholder while you're having a heck of a good day because the buyout price is forty five percent higher than yesterday's close. I am curious though the fact that Algan is now only trading up about twenty five twenty eight percent higher. We'll get to whether or not this deal goes through. But this is this is yet another big deal. Yeah. The I mean, whether it goes through is going to be interesting, just from the perspective that it wasn't all that long ago that there was an offer made believer allergen for for quite a bit more than today's offer. But then, also the recent calls have been for the company actually to split up and spin off some of its assets to realize more value that way. And then you find yourself where you are today as shareholder in the deal and is, is gonna be the best way to realize value for our shareholders. I don't know. Maybe I mean, I feel I it is a deal that brings together to companies that can likely do more together than separately. They're not a lot of overlap there. I look at this space, it kinda feels like that chip maker space in the sense that they're always stuck on this wheel of never ending innovation. You've always got to come up with something new the next big thing. And if you don't come up with the next big thing, I mean, the fall from grace can be pretty pretty severe. But I mean you know with our I mean, that's I think most people probably know it for talks and. I'm a little bit conflicted. They're just because botox I know there's some therapeutic implications there with migraines. It seems to be more something people associate with wrinkles, and like, cosmetic stuff. We gotta wonder how really necessary that is. I mean, other than just someone's vanity and I don't really have a lot of sympathy for that. But, you know, I mean it's a difficult one of work drugs face a lot of scrutiny in they're going to be plenty failures. It's questionable honestly today, whether you should be using some of them so interesting to see how this plays out. Well, and yesterday Dan climate, I talked about the merger in the casino industry with El Dorado and Caesar's. And that's one that, you know, at least to here damn clientele over the long term. That's you know, the he feels good about that deal, clearly, based on what's happening with shares of abbvie today. Looks like there, plenty of people who don't like this deal or. At least think that they are paying too much for elegant because shares abbvie are down about fifteen percent, and it's not like this stocks light in the world on fire the last eighteen months. Yeah. And I mean, you know, we talk about that a lot in that the acquirer usually feels a little bit of a pinch on the day of deal and the, the acquired feels a little bit of a bump does seem like these are heavier reactions than we might normally see. And I mean I do get that. Because when you look at our. In its overall business. I mean, you're talking sensually between botox cosmetics and therapeutics. That's more than two point five billion dollars of the company's overall sales,
Biogen stock plunges 28% after ending trial of Alzheimer's drug
"Story is all about by gin. And what I can. I think comfortably say is the biggest most anticipated by Mary event in biotech for twenty nineteen. We didn't think we would get data from Biogen on their Alzheimer's drug educating mave until twenty twenty well, we got news, and we got it today. Basically they have shuttered their late stage phase three trials for this drug. It was an independent data monitoring group that said basically this drug works, no better than placebo by gin and partner east side decided to shut it down. So for those unfamiliar and look even someone like me who is not invested in the pharmaceutical industry. Even I have an awareness of Biogen by virtue of how long the company's been around. How big the company is or I should say how big the company was because shares of bio Jenner down nearly thirty percent on this news one point analysts were saying this Alzheimer's drug. If Biogen makes this work. This could be doing ten to twelve billion dollars a year in revenue and now it's going to be doing zero. And this is at a time whereby Jen has basically placed all its bets on this one drug. They've got a core. Multiple sclerosis franchise. This franchise has been in decline over the years really just due to competition. It's such a crowded field out there. But even more importantly, they've been able to kind of offset the decline in that franchise with just one drug, and that's been spin Rosza for those that listen industry, focus. We've talked a lot about that drug. But really the story for by is like where is your next big growth opportunity gonna come from? And for a lot of investors a lot of analysts they were hoping it was going to be this Alzheimer's drug as you mentioned t- ten to twelve billion in annual peak sales. I mean, that's huge right now for by. And there's nothing and it's pipeline that was as late stage and had such a tremendous opportunity as at kidnap did. So. This is a huge disappointment. Not just for the company, obviously for investors, but even more so really for patients, the Alzheimer's failure rate for new drugs is ninety nine percent, Chris. I mean, the the odds were stacked up against the company. So you would have thought they would have diversified much more than they have. But to say, this is a disappointment is really an understatement at this point. So yesterday by Jim was a sixty three billion dollar company today. It's a forty four billion dollar company. That's still something that's still so much bigger than almost every other company in the public markets, or certainly the vast majority of them, you said they've got nothing in the pipeline is like how dire is the future for Biogen. Because I someone like me who doesn't really know anything says, well, they're still worth forty four billion dollars. They must have something going on. Or are they in more like our let's start with this the stocks down when we walked in the studio twenty nine percent. Are you surprised? It's not more. Yes. Just because so much was riding on this. Drug one of the problems is that they're pipeline. They actually have a pretty deep pipeline. The problem is an extremely risky pipeline. So they have more products. Alzheimer's? They've got a Parkinson's drug on their pipeline. Probably the riskiest pipeline and olive biotechs. When you're looking out long-term growth opportunities if they can even hit on one of these targets than yes, it certainly justifies having such a huge market Cup. The problem is though because it's so risky, and they don't have a ton of late stage assets that can very quickly diversify Indira's the pipeline. That's really the big question, Mark. So for me, I'm looking at. Okay. Bye. Now is the time to really get aggressive in terms of your business development. There are a ton of small players out there. Hello Newark in biosciences alot sage their Pudi. The just got approval for postpartum depression, all of these smaller players that fit right into their CNS. They're they're neuroscience focused pipeline, I think could plug in. So I'm hoping that they'll actually do some bolt on acquisitions sooner rather than later. Or the other option on the table. Of course, is once you start really piling on the failures. Once you start having just a very risky pipeline. You become a takeover target yourself is kind of like either eat or be eaten and biotech. And I think that's kinda whereby Jin
Roundup trial: High-stakes trial over cancer claim begins
"A federal trial involving the popular weed killer roundup is set to begin today in San Francisco, kqei acuity is Raquel Maria. Dylan reports more than nine thousand people have sued. Bayer claiming roundup causes non-hodgkin's lymphoma, Edwin Harman's case was picked as a test trial in federal court for years. The sonoma's residents braid round up around his property to control poison oak. He was diagnosed with cancer in two thousand fifteen the EPA says, the primary chemical and roundup glyphosate is not carcinogenic to humans, but researchers with the World Health Organization say it probably is. Bayer says the herbicides has been an essential tool for farmers for the past forty years. It bought Monsanto for sixty three billion dollars last year, but Bayer's stock price plunged after a San Francisco state court awarded. Two hundred eighty nine million dollars to a school groundskeeper from Venetia in August damages were later reduced to seventy
U.S. Household Net Worth Rose by $2.07 Trillion in 3rd Quarter
"The total net worth of US households rose to one hundred nine trillion dollars during the third quarter of two thousand eighteen as higher property and stock prices boosted American's wealth the increase on the quarter was one point nine percent or about two trillion dollars household wealth and the stock market increased by about one point two trillion dollars in the third quarter that reflects higher equity valuations in the value of households real estate increased by about two hundred ninety eight billion dollars while home valuations remained high in the quarter that advance was much smaller than the roughly three hundred sixty three billion dollar gain in the second quarter. Meanwhile, the US poverty rate shrank over the past five years as median household incomes made modest improvements during the most recent economic
Jeff Bezos, Musk and US discussed on Donna and Steve
"This is the mytalk now trending report. What's happening right now. Trending online right now are the smashing pumpkins. They have announced a new album, it's called shiny and also bright volume. One looks like that will be out November sixteenth, and yeah, the recently reunited ban. Also shared a new song. There's just so much music today. But the new song is called
"sixty three billion dollars" Discussed on Bloomberg Radio New York
"Radio who did he once again i'm bob moon in for john tucker investors have part trillions of dollars in mutual funds and exchange traded funds that by jump bonds pension funds and canada has started a leverage finance lending operation and insurance companies have helped bankroll leveraged buyouts and now after companies have loaded up on debt the era of easy money is ending and peggy cracks are showing here to tell us more about the debt binge now threatening market is bloomberg news reporter sally bakewell sally with colleagues this week you have a great story out that delve into corporate filings debt offerings deal tables and bond indexes to look at the junk bond market can you summarize for us what you found yeah of course the story was about pointing out how companies have been on this epic epic burrowing binge they've racked up so eleven trillion of data and all of that debt is junk rated so it's the junk created bonds or john created loans and what we will say did was look at what's behind that what's driven the trend but festival we isolated about sixty nine companies that have been the biggest beneficiaries here and so we found there are companies like net flicks softbank tesla and benchmark for us was to look at companies that have increased that debt by about fifty percent in the last five years so they each now had at least five billion dollars of debt balance sheets but some had many many times more than that some for example softbank had about had a messed about one hundred forty nine billion lt semester about sixty billion and so wanted to look at what's enabled this and of course it's being the decades long low interest rate period that's enable companies to buy is cheap to sell all of this cheap debt but on the other side on the flip side those exact same interest rates have allowed have created these very very yield hungry investors and so they've enabled this barring bench because they've november headed exactly they've not been able to find yield anywhere else and say that's cools them to turn to reach towards riskier credit markets does the junk bond market still have the image that it had back in the drexel days for example i think i think not i think it's i think if you look at how who is exactly buying this debt you can see how much it's embedded in the financial system and as you mentioned at the start so etf the mutual funds have been buying up junk bonds i think etf's now hold about one hundred and sixty three billion dollars of junk bonds and if you think about who they who the holders of those are that's the retail investor will the moment pop and this is another reason why we maybe should feel a bit concerned about it because what happens in periods of volatility they tend to sell and selling begets more selling and these are not that liquid markets they're slightly liquid the junk bond market is not as well traded as others leveraged loan market is particularly liquid and so return invested seaport junk bonds through atf's may find if everyone starts rushing for the door that the thing they thought they bought doesn't really look like the thing they thought they bought or isn't as liquid potentially exactly so you because some of the company names though that you talked about netflix softbank they seem like giant companies what do they say about their levels of debt yeah that's a great question because they have very legitimate points they say will we aggressively cutting our debt doubt is one that we found that very very high debt burden but it's been reducing it as it is seeking to reclaim its investment grade rating they say that they expect to have improved cash flow they say that any kind of fruits of acquisitions may help them pay back their debt or the improved equity value of the merger may also help pay back their debt but of course this is if everything goes according to plan and as we are teetering on the brink of some kind of downturn at some point in the next few years maybe even sooner than that that could throw spanner in the works that these companies who are predicated all of this debt and being able to pay it off on having a kind of earnings improvement or free cash flow that they expect will be enough to pay off this debt now you mentioned if everybody heads to.
"sixty three billion dollars" Discussed on Bloomberg Radio New York
"Have part trillions of dollars and mutual funds and exchange traded funds that by jump bonds pension funds and canada has started a leverage finance lending operation and insurance companies have helped bankroll leveraged buyouts and now after companies have loaded up on debt the era of easy money is ending and peggy cracks are showing here to tell us more about the debt binge now threatening market is bloomberg news reporter sally bakewell sally with colleagues this week you have a great story out that delve into corporate filings debt offerings deal tables and bond indexes to look at the junk bond market can you summarize for us what you found yeah of course the story was about pointing out how companies have been on this epic epic borrowing binge they've racked up some eleven trillion of data and all of that debt is john created so it's either junk rated bonds or john created loans and what we did was look at what's behind that what's driven the trend the festival we isolated about sixty nine companies that have been the biggest beneficiaries here and so we found there are companies like net flicks softbank tesla and the benchmark for us was to look at companies that have increased that debt by about fifty percent in the last five years so they each now had at least five billion dollars of debt on their balance sheets but some had many many times more than that some for example softbank had about had amassed about one hundred and forty nine billion lt said it must about sixty billion and so we wanted to look at what's enabled this and of course it's being the decade long low interest rate period that enable companies to bio is cheap to sell all of this cheap debt but on the other side on the flip side those exact same interest rates have allowed have created these very very yield hungry investors and so they've enabled this barring bench because they've november headed for exactly they've not been able to find yield anywhere else and say that's caused them to turn to reach towards riskier credit markets does the junk bond market still have the image that it had back in the drexel days where example i think i think not i think it's i think if you look at how who is exactly buying this debt you can see how much it's embedded in the financial system and as you mentioned at the start so etf the mutual funds have been buying up junk bonds i think etf's now hold about one hundred and sixty three billion dollars of junk bonds and you think about who they who the holders of those are that the retail investor will the moment pop and this is another reason why we maybe should feel a bit concerned about it because what happens in periods of volatility they tend to sell and selling begets more selling and these are not that liquid markets they're slightly liquid the junk bond market is not as well traded as others leveraged loan market is particularly liquid and retail investors people junk bonds through atf's may find if everyone starts rushing for the door that the thing they thought they bought doesn't really look like the thing they took fable or isn't as liquid potentially exactly so the customer the company names though that you talked about netflix softbank they seem like giant companies what do they say about their levels of debt yeah that's a great question because they have very legitimate points they say will we aggressively cutting our debt dell is one that we found very very high debt burden it's been reducing it as would use didn't it is seeking to reclaim its investment grade rating they say that they expect to have improved cash flow they say that any kind of fruits of acquisitions may help them pay back their debt or the improved equity value of a merger may also help pay back their debt but of course this is if everything goes according to plan and as we are teetering on the brink of some kind of downturn at some point in the next few years maybe even sooner than that that could throw spanner in the works that these companies who are predicated all of this debt and being able to pay it off on having a kind of earnings improvement or free cash flow that they expect will be enough to pay off this debt now you mentioned if everybody heads to the exits is.
"sixty three billion dollars" Discussed on WNYC 93.9 FM
"The salvator mundi selling here at christie's four hundred million dollars is the bid and the piece is so so that was the last year when leonardo davinci salvatore mundi became the most expensive painting ever to be sold it was bought by the government of the united arab emirates and we'll be on view from september in the capital's louver gallery it will be the first time a da vinci painting will be on permanent display in the region at a time when the global art market is estimated to be worth more than sixty three billion dollars him exactly is greasing the wheels of such huge deals the australian artists brunt buckley explores this in his latest book who runs the art world money power and ethics when i spoke to him i started by asking him to explain the difference between the art world and art market the art market is where you know works traded and sold and you could say speculated on and the art world is in a ways where artisans is there are many so there are many artists for instance who have actually no interest in the art markers and whose activities are more let's say interventionalist or they performance or they're not making objects not making paintings and those people actually often have no interest in the idea of the art market i mean the market you know could be replaced by the fine wine market all the real real estate market because that's that's really what the market is speculating on particular sorts of all jets a report published earlier this year showed that china has now taken the u k is the second most valuable global art market after the us what impact has that had on the world there is a whole idea here because in china to be a collector is one thing but of course now what started to happen in china these chinese billionaires have actually started to build your museum to house their own there in collections so that is impacting heavily when you see major new york and london galleries actually going to china to actually open galleries there you can see where the market is actually has moved to china it's not just china there all these mega collectors in in russia and the middle east two in november the united arab emirates paid over four hundred million dollars for the naudet davinci piece of artwork how significant was that and what is the attraction for you to be paying that vasan of money for a piece of art the ua is very petite in the peninsula because they have a highly developed idea about culture and so many of the indicators of culture you could say that you know buying work by leonardo is is a sort of signifier of western culture which they taking to the uae the us is actually very interesting because it actually has been pouring the of molly into things like cinematheques being ali's i mean there's a lot of money in which many countries emulating models of of western culture and because they have you know unfitted resources they're actually able to do.
"sixty three billion dollars" Discussed on The Daily Show with Trevor Noah: Ears Edition
"When you look at the situation that is now being created at the border this is the current issue where kids are being separated from their parents you know you hear these anecdotes of parents being tricked or maybe not being informed about what's going to happen to their kids is their legal recourse that may come back to bite the united states yeah i mean one way or the other this policy is going to fold right either the aclu is going to win the litigation or the gop is going to grow a backbone or the great movement of people who came to the airports that's now going to the border will make it known that america won't stand for this but i think at the end of the day when this policy has over the trump administration is probably literally going to have to pay for it because in my opinion every single one of these parents and kids has a pretty good damages lawsuits to bring against the trump administration for false imprisonment intentional infliction of emotional distress sorry let me try that again for false imprisonment intentional infliction of emotional yeah thank you i'm not going to try again that'll make it to the editor that's i think everything one of them will have a damages claim for false imprisonments kidnapping intentional infliction of emotional distress defended damages that's a damages are important it's how you make people pay for doing shit i can safely say i've never heard that way of before when we hear these stories of people being given scripts you know they say like oh these are not asylum seekers they've got scripts the kids are reading scripts at the border what are people talking about and what what what do we need to understand about what people need to say to actually become an asylum seeker legally in the us i mean i think the first thing to understand is that that's complete bullshit i think that you know the myth of the script is that refugees are coming or silence seekers are coming and they're making up some story to try to fit the legal definition of an asylum seeker and number one the asylum law and refugee law is so complicated i've been doing it for ten years and i'm mostly still don't get it so the idea that an eight year old who's not a native english speaker and maybe comes from a country with a little bit like a really low literacy rate has memorized some sort of script that highlights all of the key portions of asylum law in there and then performs it adequately while they're being detained and uprated from their parents is machiavelli in if anything those are the people you should welcome into the country you should be like yeah this is that is that is yeah you learned international law and asylum yeah you come in you need you my organization will hire them really have one of those situations for those for those who argue that the united states cannot handle any more people the united states has taken into many people how do you respond to that how does your organization respond to that type of criticism well i think there's a number of ways to respond one i think goes back several hundred years and says if you think that your destiny manifest such that you should control a three thousand mile swath of territory perhaps you have an obligation to take in a lot of people to that space especially in light of all the people that you killed taking over that space wow but then more immediately i think it usually that comes down to some kind of argument about jobs or the economy and there's been a huge number of studies showing refugees and immigrants are hugely beneficial to the economy i have a personal favorite study because i'm super nerdy which is that in the second version of the muslim ban the trump administration actually ordered itself to do a study on the net cost of refugees to the american people and the study done by the trump administration found that over the past ten years refugees have netted sixty three billion dollars to the us konami the us that's how you got trump they've done suppress the study and it was leaked to the new york times two months later and there we all back again yeah at the bottom well i never thought i'd say this but thank god for lawyers about the war rickie whites all becca hell.
Qualcomm asks EU court to scrap $1.2 billion antitrust fine
"Just in the head of guatemala's national forensic sciences institute says sixty two people are now dead in the eruption of the volcano fire thirteen of them have been identified this is bloomberg thanks nathan now with our other top stories i'm joe snyder buyer will close sixty three billion dollar megadeal with monsanto this week it will raise up to thirty billion dollars in shares and bonds to help fund its transformation into the world's biggest maker of seeds and agricultural chemicals financing was one of the last hurdles to completing the takeover qualcomm has asked the european union's general court to strike down or reduce a one point two billion dollar antitrust fine we get that story from bloomberg's courtney donohoe the fines were imposed over payments made to apple to ensure only it's chips were used in iphones and ipads qualcomm argues that eu investigators were wrong to find that quote comes agreements with apple were capable of harming competition and wrongly applied their own rules on how they set a fine the company also said regulators distorted evidence in dismissing qualcomm defense that some of its actions could be justified by fishing corny donohoe bloomberg radio do bank is shutting down it's south african advisory corporate broking and sponsor services divisions the move comes after europe's largest lender reported to straight annual losses.
"sixty three billion dollars" Discussed on WDRC
"And i facebook can't bear to admit that it has garnered the largest collection of data known to man to sell ads against and line the pockets of its founder and investors because that's what they are they get all your information you promote all the things that you believe you talk about the things that you like they monitor it they get the algorithms and they target ads at you that's the only reason that facebook exists they don't exist so we can all get together with you know and have an online reunion with everybody that we went to high school with that's maybe what you do with it of the whole thing is to find out who you are so they can target you for advertising what really and he writes a facebook can't bear to admit that it has garnered the largest collection of data known to man to sell ads against and line the pocket of its founders of an and investors by the way all legal the problem isn't that zuckerberg is a businessman and an exceptionally gifted one but then he pretends to have stumbled out of the lyrics of john lennon song imagine to listen to him facebook is all about connectivity and openness he just happens to have made roughly sixty three billion dollars as the t shirt wearing champion of the quote global community whatever that means it's his pose it makes him and other facebook officials sound so shifty and iraqi interview with savannah savannah guthrie of the today show last week sheryl sandberg was asked what product facebook cells were selling the opportunity to connect with people she said according to the washington post before catching herself but it's not for sale something or other must be for sale or facebook is the first company to rock into the top ranks of corporate america based on having no product or profit motive guthrie persisting state of the facebook sweeps ab data for use of advertisers sandberg objected we are not sweeping data people are importing data yeah that's the genius of it and a reported exchange would they friend while he was a student at harvard zuckerberg boasted of having data on thousands of students because people just submitted it soccer.
"sixty three billion dollars" Discussed on KLBJ 590AM
"For grants on things they need to secure their schools and it could be anything from bulletproof glass it could be more manpower on the ground he could be one entrance one exit anything steel doors schools will all be different but allows him to go the ply get the money and the good thing about my bill is that it doesn't require more money the sixty three billion dollars already in their budget it's already there and it's the way the part of education could take the lead and secure these schools these teachers and these kids that's what we need to do now and then have the debate later fortifying our schools i think a lot of moms and dads would agree on that front i would for schools should be as safe as possible but but also congressman that we learning you know some some details back in two thousand sixteen a school resource officer wanted to involuntarily commit that florida school shooter and held him for a couple of days it just seems that every time we have one of these stories somebody dropped the ball from major nidal hasan at fort hood everybody knew about how crazy he was the man that shot up the church in sutherland springs the navy he knew he had domestic violence cases but did not report it to that system where they could have been prevented from buying a gun why is there not a crackdown on that better communication in that world you're exactly right and we need to have better communication what we saw in florida was a breakdown of the fbi and the local law enforcement we know the story they went into this kid's house twenty nine times or thirty nine times and and so forth and and we need to communicate and people if they think they see something that is not normal need to say something and the and people just need to follow through that's the whole thing i mean this florida thing could have been probably a eliminated and not happened if those certain steps would have been taken hindsight is always twenty twenty but all of us must be aware that there's people out there that want harm us and we should not be concerned about not saying something we need to speak out and.
"sixty three billion dollars" Discussed on KLBJ 590AM
"Students feeling we need to do something for crying out loud the problem is is we're going to have the debate all of you know you've near deal with it every day on guns in nra and second amendment that's gonna take forever while we're doing that we need to secure our schools this bill will get that done uh and we're going to be uh working at through the house and then get over the senate and i think the president would sign it i i i agree i mean uh ththe the debate over god's is going to go on it has gone on generations so it's it's going to continue not gonna be a whole lot of change on that front but there's no debate that the schools need to be safe rights issue safer yeah and some of these schools i mean uh they may not one and metal metaldetector but rather they have a a school martial instead yes you know that that money could be used for that as well all kinds of things i mean you go it's it in a bulletproof class whatever they think is right and they will be able to get it funded through this bill through the secretary of education uh sixty three billion dollars has a lot of money yeah and we ought to put it to good use and protect our children and our teachers and do it now all right there you go congressman roger williams on that side of don shots you're listening to the best of todd and dawn on news radio kkob j 515 checking austin's on time traffic in so far so good things looking pretty good for you you may run into a bit of a slowdown southbound i 35 just south of east william can and got gotta construction zone there but nothing to major other than that animated their affairs move along quite well i'm patrick osborne thousands on time traffic cooler today than it was yesterday we'll have plenty of sunshine now high sixty five tonight will be clear and chile low thirty six.
"sixty three billion dollars" Discussed on Business & Biceps
"It's over but that's that's it's an afterthought us he is changes the world when you have that kind of money a sman you can wait on the government all day long to pass sixty three billion by the time not sixty three billion arrives in africa to fucking hit people with measles shot so they don't die there's there's half a million dollars left because everyone's got their hand in the mother fucking cookie jar when a man like active sixty three billion dollars to a cause sixty three billion dollars or arrives and it changes the world um and and i think it you know yet nothing it too far off topic but that can be part of the beauty of the american financial system and of the stock market and of wall street because you can take which you worked foreign life and if you learn this game which they will get into a little bit more that is investing in stocks on the unamerican stock exchanges you can have your money work for you and accumulate wealth to a level that you really can influence some serious change and and that's what inspires me what's crazy about it is that that data's poly one of the amine warren at this point like it's not a material thing is as marie saw like he still answering the dollop phone like he no he he doesn't have some crazy office and i've seen this year well documented marie shared with me tune it's like but he's like that challenge of creating the value of burke shire series a and b stock the challenge of like you said move mounds move in the world like even though i've experienced like it on a very very small scale it does make you more motivated because at some point you already know right like the businesses working you're not gonna starve you're still pushing for goals but then when you start really truly impacting other people were.
"sixty three billion dollars" Discussed on WSB-AM
"Polls right the seven hundred pages we have people should read these bills how many have you read in there in never infancy to work with a group called the better government association they had the people that did nothing but read uh these these proposed bills these ler legislation i i i think that that is correct i just think that when like if you and i had a beef and you know where i really you know that the brian kilmeade you know he selim too many books and i want to sell my book in this and that i gotta go at six th avenue i'm going to lay down and stop traffic on six there the traffic on six has nothing to do with my beat aren't you but they are i am i am make it a big stink i'm getting a lot of attention and that's what rand paul did on the floor of the senate yesterday was it was absolutely inappropriate slowed the whole process down cost us money as i said to make a point that i got the point already you could have made a lot of children seven hundred pages and enjoy delicious go over a little bit of the domestic spending goes up sixty three billion dollars with paul ryan told us is that listen we don't love the domestic spending but i do of the fact that a lot of it has to do with the trump agenda cancer research opioid uh attacking the oporo opioid epidemic you have a other things i like for example means testing when it comes to medicare so there's a lot of things there that with socalled senator schumer loves which economy nervous geraldo that senator schumer loves this so much any kind saw comply enough it makes me wonder if he's casinos of why the how if i got gotten so lucky ha couple of things number one i love the image of schumer standing shoulder to shoulder with mcconnell and finally agreeing to something what was the last time you saw that i i would submit to you that you have not seen that since president obama's two terms in office since before that george w bush may be about the iraq war you had that kind of bipartisanship it has been years and it.
"sixty three billion dollars" Discussed on WGTK
"Sequester he delivered on all but the infrastructure at least in part in that he got the mandate repeal of obamacare they're not obamacare the cotton amendment to the tax reform got that done he's actually delivering despite what whatever people think of his style is tactics his his anger sometimes is berating of people i'm a victorian i'm not comfortable with it but i look at the the record he's delivered i did not i i think if not untrue ivy look i i think the biggest thing the most highprofile pink act the tax cut at the end of last year but if you go through uh any of the things that the president promised during his campaign was supreme court on a down to the and and the related uh uh judicial nominations to the point that uh talk about immigration uh you know he's been stymied at times with the travel ban but i don't think anybody could say that he hasn't days progress on his uh desire i mean look i think the one thing that that especially after the show is that happens today uh is the president trump caught a lot during the campaign about seeing the size of government since the you know the uh spending and and that's not going to happen in fact i've never been a deficit hawk so it doesn't bother me i've gotta talk with speaker ryan has always been a deficit hawk and but he's gotta get we got to get the the military back in shape so the national security rule of law conservatives which i am the member in it we love gorsuch we love this military spending deal and getting rid of the sequester he hasn't done infrastructure but there sixty three billion dollars in discretionary spending this year in the same amount next year can't that ghana infrastructure michael scher some can and i and i do think that they're gonna make it try it you're on some kind of an infrastructure he'll but just think back to the finish the thought you know when when the president close to budget last year it called for a dramatic we all road i wrote stories credit or matic slashing of murdering of domestic priorities across the board the federal government i be there were i think it was perked up to thirty or thirty thirty percent that's some agencies were going to be going.
"sixty three billion dollars" Discussed on News-Talk 1400 The Patriot
"Sequester he's delivered on all but the infrastructure at least in part in that he got the mandate repeal of obamacare they're not obamacare the cotonou amendment to the tax reform got that done he's actually delivering despite what whatever people think of his style is tactics his is anger sometimes is parading of people i'm a victorian i'm not comfortable with it but i look at the the record he's delivered i got it not untrue ivy look i i think it good it look highprofile pink act the tax cut at the end of last year but if you go through uh any of the things that the president promised during his campaign supreme court down but the as as the elite it's uh uh this whole nomination to the played that's uh talk about immigration uh you know he's been stymied at times with the travel ban but i don't think anybody could say that he hasn't they progress on his uh desire i mean look i think the one thing that that especially after this pending show is just something that happens today uh is the president trump caught talked a lot during the campaign about seem to size of governments in if you know how the uh spending and and that's not going to happen and in fact i've ever been a deficit hawk so it doesn't bother me i'm going to talk with speaker ryan has always been a deficit hawk and but he's gotta get we gotta get the the military back in shape so the national security rule of law conservatives which i am the member in it we love gorsuch we love this military spending deal and getting rid of the sequester he hasn't done infrastructure but their sixty three billion dollars in discretionary spending this year in the same amount next year can't that ghana infrastructure michael scher remedy can and i and i do think that they're going to make it try you're you're on some kind of a nuclear threat but fit just think back to finish the five you know when linda president close the first budget last year it called for a dramatic we all road i wrote stories about the dramatic slashing.
"sixty three billion dollars" Discussed on MacBreak Weekly
"At but they'll still have hundreds of millions of dollars in cash and i thought that uh horace steady use article in may simko was probably at least for my unto toured brain the best explanation of apple k causes the apple cash fa q and what he says which i didn't really get before is actually this isn't apples money in effect it's the shareholders money and there there is pressure for apple to give it to the shareholders either is dividends but for tax reasons that's not them optimal way to do it or as buybacks and a so i think what will happen apple has uh a lot of loans uh on the books a hundred billion dollars in loans that's money they borrowed against the international funds if the buyback stock they'll pay those off first i would imagine maybe not it's all tax stuff you know and then at that point may by back more shares but i didn't realize that actually is not an attempt to take it private that's good for shareholders because it increases the value of agca existing shares produces the pool of a bit yeah right so um and it's a q in a format things like whoa why would apple need to take out loans does it have problems with cashflow quite the contrary rights or us apple's operating cash flow is i watering last year it generated sixty three billion dollars that's where the be from operations the loans are not needed to operate they're used to pay shareholders why does appleseed to pay shareholders because it's their money air buddy wait i thought you said this was apple's cash apple is holding it for them but if it has more than it needs its obligated to return it i really realize this but then i'm though expert on corporate governance but you're allowed your most companies don't hold a lot of cashier allowed to spend that cash to.
"sixty three billion dollars" Discussed on Bloomberg Radio New York
"Business and in many of our state we have what called future taste here's where they look at the capitol plans to pride as long as we can show that we need to make this investment which we do you know in this country 44 percent of water pipe is near the end of life now our replacement rate is about twice as good at the national average but even we are at a replacement of equal to every one hundred and twenty years so when it comes to pipe plants pomp and cyber there's a tremendous need for capital investment and tax act is going to allow us to do more of that while keeping the customer bill flow susan what would you say to people who say that the tax plan as drafted the fact that it will likely add trillions of dollars to the deficit or more than a trillion dollars i should say to the deficit over the next ten years uh that that actually reduces the chance that congress is going to pass or really make progress on a a real true infrastructure bill uh are you concerned about that do you feel like this is maybe one step forward two steps back you know that that's a great question lisa and i think that you i have mentioned for regulated utilities that are one in the same i do think for the country that we need an infrastructure package fully leverage is private investment and also partners with public into peace and one of the things pricewaterhouse coopers looked at just the water utility industry and what they found is if you look at public water which is eighty four percent of all water for example that if we could by doing some simple stat unleashed 43 to sixty three billion dollars in private money and that if it under wastewater fifteen to twenty five and these are things like when a minister tally decides to sell a system if they have any tax um uh bonds that were tax exempt they have to pay those off before they can sell their system they can't even keep those so there are certain things.
"sixty three billion dollars" Discussed on Radio Free Nashville
"Is that our business westland francis eunepal remedy cho for twenty four billion dollars and you know this century fought 21st century fox of disney and all this stuff and basically what they're saying is that the way that the while here here's where it boils down to the way the wealth is generated in sweden are high tax strong social safety net country what's called social welfare to ma our social welfare capitalism four democratic socialism and the pages of the financial times they refer to social welfare capitalism but i call it democratic socialism as you have all over the you know oliver northern europe what they do is they share the wealth with everyone in the country what we do here in the united states is pretty much everything we can including the reason this the tax scam from the republican party we do everything we can to make sure that the richer get richer and richer and richer and richer and that working people or are more and more tightly screwed squeezed why well the republicans have this weird theory that if people are terrified if people are unemployed if people are in a crisis that the work harder now i you know i can give you that shortterm you poke somebody with cattle prods you're going to get response but over a period of time you're you're gonna you're going exhaust them you're gonna wipe them out and that's what's happening in the united states are our our our workforce has been devastated our our economy is being ravaged by these giant corporations and then you go to like the you know the cato foundation this is an forbes magazine is from a couple of years ago by david boon ari whereas the outrage over corporate welfare and he says the fortune 500 corporations alone accounted for sixteen thousand subsidy awards at sixty three billion dollars in direct corporate welfare money taken from your tax dollars in mind tuesday federal government and handed over to these to the gist the fortune five hundred sixty three billion dollars it's amazing this is the thom hartmann program who says they cautious sixteen bucks the corporate welfare could be over twenty four laws and welcome back paul and castle rock colorado hey ball what's on your mind thanks for watching free speech tv today yeah yeah i appreciate you.
"sixty three billion dollars" Discussed on WDRC
"This used the watchdog on wall street's him no in our back when the up the whole tea party got started as long as there's this early on two thousand nine i i gave a speech sexually baron our website um thousands of people and back then suspect two thousand nine i'm i'm i i started off the speech saying i'm not i'm not upset with democrats on on not they they follow through on what they say they're going to do a might upset with them i'm upset with republicans i'm upset with the bridges to know where i'm upset with uh the ridiculous spending upset with the fact they don't follow through anything this back in two thousand nine this is the whole tea party first yet not been going back at that point time that in even allow politicians to come to any the tea party events anyway arm for let everybody know that again this like clockwork the feds have collected again record taxes in october record taxes in a total of two hundred thirty five billion three and a forty one million dollars that was that's the first first month of fiscal year two thousand eighteen and it wasn't enough wasn't up they still ran a sixty three billion dollar deficit this to me is it's unacceptable and we allow it to happen again and again and again and nobody does a damn thing honestly what we need to have happened what i would do i say okay we over spread by sixty three billion you know we gotta do we gotta find sixty three billion dollars in savings next month so you you you take republicans democrats thick a bunch of them you point of launch and you walk them in a room you locked them in a room you give them rahman noodles and water and that's it and they don't come out until they find sixty three billion dollars in savings but they don't every single time people every single time we push through the debt ceiling we borrow more money and say it at some point in time we have to stop the flow to dc some four anyway there was a story and again this.
"sixty three billion dollars" Discussed on WAFS Biz 1190
"Take that bax two hundred and sixty three billion dollars most of which is parked overseas and how this works is that if apple cells twenty billion dollars of smartphones in china are us tax law is so agree gis it requires them to pay taxes on those sales because they're corporation is based in california in the united states so even though they paid some taxes in china they've contributed to their tax law fulfilled that they still have to pay up to thirty five percent and corporate tax in america as well so what they do by the nature of this stupid set of laws on corporate taxes is they take all of the expenses that they possibly can buy hiring a team of lawyers tax lawyers and they take all their expenses so everything they can house in the united states as far as expenses they do personnel employees all those kinds of things they put all those expenses on the balance sheet for the sales in the united states because when they sell products in the united states they take off their expenses as deductions and they pay taxes on what's leftover called the net profit they put all the expenses in the us s and we're losing big time money there anyway so when they have the profits over in china those those profits are almost all pure profit because other than what they absolutely have to count in china due to us tax code that's all they count so they've you know they might make 20 billion dollars and have a twenty percent margin in america on that same 20 billion dollars meaning they had 4 billion net profit but they may have a 50 percent margin in china i don't know these numbers but anecdotally these are representative meeting they keep 10 billion of the same 20 billion profit over there so then they have a tax they have to pay but they don't actually have to write the check to the federal government until they repatriate the money meaning that if they never bring the money home for the next 100 years they can keep all of the taxes that are due to the united states because the money's overseas and so if they.