15 Episode results for "Three Hundred Seventy Billion Dollars"
Lots of industries are bad at diversity. But tech stands out.
"The. Lots of industries are bad at diverse hiring, but the tech industry still stands out. From American public media, this is marketplace tech I'm Ali would. Big Tech companies and investors have a terrible track record when it comes to hiring investing in and retaining people of Color especially black employees that reduces opportunity and equality, and as we heard, last week can leave a lot of money on the table to boot tiffany. Ashley Bell is an alum of the Y combinator startup accelerator and Founding Director of the water nonprofit the human utility. She wrote a medium post recently titled. It's time we dealt with white supremacy in tech and originated the phrase. Make the. Send the wire. The tech sector in large part has not hired black people and a lot of different places in different roles, and it is not funded black people, and we talk about investors and you know, and that has consequences as well as far as you know who is doing the innovating who has the resources to innovate at scale who is thought of as innovative and you make the. The higher send the wires of various saint way of capturing that something needs to change in this moment, but you also say and I feel like this is really important that hiring or wiring is a start, but then the industry and many tech companies do higher import hire. Black employees have a real problem retaining them. Oh Yeah Oh. Yeah, so you know that s say I do talk about. And the fact that I know personally myself people who will get jobs as usual known tech companies, but they don't stay very long and. Very demoralized and they are on their way out of the door. I've had friends for example where they've told me about. Their performance reviews for example I'm thinking of a black woman in particular. It sounded like her performance review had more to do with whether she was able to perform culture fit. Did she wanna go at throwing on the weekends? Does she want to go to beer gardens after work and things like that you know rather than. Did she actually perform the work that she was paid to do and also mentioned in the Post that translates to their compensation and I. I think that that's contributing to why. You might be able to hire ten fifteen black people in a year in a certain department, but only at the end of the year are three left because they've been treated in ways that other people have, and that has nothing to do with their work product, and that's the serious issue in tech. Do you think there's something specific to the tech world in terms of culture and retention I don't? I don't think is just tax anything involving money. Perhaps it's going to have these dynamics. Because historically black people have not been able and. To accumulate wealth, the way that white people have especially in the United States because of slavery and whatnot, and we're getting into us a space where we're finding and seeing and we've known this for a long time. It's never been true, but black people are just as talented and intelligent other folks, and we're starting to demand to be compensated in the same way, and because historically, that's not been A. A thing you know the reaction in some cases has been hostile and again. This is a moment to examine that and you know just wrecking with the idea that it doesn't make any sense at this point. Tell me about your path quickly. You run. A nonprofit focus on water. Is some of what you talked about in your posts? The reason why you don't work in tech, not that it's not. I can see why you would run a nonprofit focused on water, but I wonder about your own experiences, and where they lead you well I, mean I think my work actually is straddling tech because we have a huge tech component what we do like we built our own crowd funding platform, and a lot of how it works is that software intelligently allocates money and handles cases for people and things like that, so it actually and I'm a programmer by training, so it actually is still working in tech gotcha being a programmer. I like to use my talents to solve problems that are meaningful. and. That's kind of where it landed me that you know I. I work with city governments, using our platform and whatnot, and I literally just before this call got off the phone with a foster family agency in Baltimore, talking about using our software and whatnot to help families there, but again it's more about like. Where can I be most useful and I've been recruited by facebook and Google and companies like that, but I think that you know my ability to use my software challenge to make an actual difference in the world is actually really important to me. We've helped. Helped over three thousand people with their water bills. Since we started this five or six years ago and you know we have an opportunity to use the data and things like that that we have affect policy change around water, affordability and I think that's a really powerful use of technology. That's a lot of why I do what I do. Tiffany Ashley Bell is the Founding Director of the water nonprofit, the human utility according to a twenty seventeen study people of Color in tech leave their jobs more than three and a half times more often than white men do. And now for some related links, there are all kinds of costs to building homogeneous workplaces, and some of those costs are literal. A twenty seventeen study by the Cape Poor Center and Harris Poll found that racial stereotyping sexist culture discrimination drive so much turnover in tech that it costs the industry, some sixteen billion dollars, a year, and another study by Intel and the consulting firm Dahlberg estimated, the industry could make an additional three hundred billion to three hundred seventy billion dollars a year if it had a more diverse. You can find all that research at our website marketplace. Tech Dot Org. Yesterday on the show we talked about content moderation at facebook and elsewhere and suggested that it is inadequate to the task of course, facebook is under criticism inside and outside for how it handles hate, speech, and more importantly for when it decides, something crosses the line. As, it happens the tech publication one zero reported Wednesday that facebook did purge hundreds of pages and accounts connected to white supremacist groups this week. But also swept up in the purge accounts and groups belonging to identify as antiracist skinheads, which is a thing, one of the groups is literally called skinheads against racial prejudice, but apparently the combination of Algorithm and fast moving underpaid contracted moderators just flagged it all as bad. It's an object lesson in why a content moderation is really hard and be if you're going to do it, you really got to invest in doing it writes. I'm molly would and that's marketplace tech. This PM.
Clothing brands cancel $1.5 billion of orders
"The stocks tumble again as governments try to contain the economic fallout of Corona virus. Live from London. This is the marketplace morning report from the BBC World Service. I'm Victoria Craig. Good morning lawmakers in the US haven't yet agreed. An economic rescue plan and European leaders are mulling more stringent travel and social restrictions now worries economic damage from the corona virus. Outbreak will be worse-than-expected are hitting financial markets today the BBC's Stephen Ryan has a look at the numbers shares in Europe a downturn four and five percent. Germany is reportedly preparing an emergency budget worth more than one hundred sixty billion dollars to bolster its economy amidst the corona virus at break meanwhile. India's benchmark share index plunged twelve percent today after the government to post a lockdown until the end of the month in large parts of the country including the capital Delhi. Us stock futures pointing to a three percent fall at the opening bell on Wall Street. That as the New York Stock Exchange and the London Metal Exchange shut down trading floors and moved to all electronic trading in Asia. Japan's Nikkei ended up two percent after Australia and Canada pulled athletes out of this. Summer's Olympic Games in Tokyo. For the first time the country's Prime Minister Shinzo Abe has acknowledged. The Games may have to be postponed. A final decision will be made. Next month Stephen Ryan reporting there will governments and central banks have pledged trillions of dollars in support packages to help shore up their economies amid this global pandemic while some forecasts are for a quick economic recovery wants. The health crisis is over the director general of the Organization Organization for Economic Cooperation and Development. So quick bounceback is not on the cards. We don't know how much it takes to fix the unemployment because we don't know how many people are going to end up being unemployed we don't homage is GonNa take to fix tens of thousands hundreds of thousands of small and medium enterprises who are already suffering you know just into tourism sector in the services sector etc and. We don't know how much it's going to take to fix the large companies as employers but also as investors and. We don't know how much it's going to take to rebuild the public finances because they're going to take a major hit well. The retail sector is also a huge part of this equation now with stores forced to close for an indefinite period the Bangladesh Garment Manufacturers and Exporters Association says one point five billion dollars worth of orders from major global clothing. Brands have been cancelled. That it says deals a serious blow to the country's apparel sector which is a lifeline for the Bangladeshi economy and four point one million workers some saieed a reporter in Bangladesh explains why Bangaldesh Barman sector is about thirty. Four billion prosector industry is the local lifeline of the country with recent outbreak. Our own four million workers are going to get jobless so what happens to these workers and the companies they work for even if we kind of look at the broader industry in Bangladesh. How quickly will it be able to recover? Basically since it has a big impact on China I so the supply of the raw materials have decreased and workers are jobless right. The factory owners say they have no other option other than to close down their factories. Have you heard from any of the workers themselves? They must be extremely worried about their prospects in their ability to make a paycheck or workers who live in the slums are in the shanty. Sought are already concerned about their future. They are warning hauled. They'RE GONNA continue to buy directions. Sarai. Read THEIR FAMILIES. Has the government made any announcement yet about this in light of the recent announcements from these. Western brands. Cancelling THEIR ORDERS. Will the government step in to help these workers? We haven't heard from the Bangladesh government. Anything specific right now just Heard from the Garments Manufacturers Association residents speaking to the German Federal Minister for Economic Development urging him to address the brands love to cancel the orders. And shipments some inside a reporter in Bangladesh. Thank you so much for your time. Thank you on Sunday. France declared corona virus a health. Emergency now some of the country's biggest companies are cutting back or scrapping. Twenty twenty four castes as they struggle to determine the impact of corona virus on their bottom lines last week the country's government pledged nearly three hundred seventy billion dollars to support the economy. But is it enough long? Farah is a former head of the French Central Bank's international macroeconomics division. These starlets buttons. Some chances that is going to be enough good man to forecast for two dozen and twenty about the minus one percents GDP growth of Assam assessments on focused on trying banks. The effect is between minus three minus five percent of GDP. So in any case the budget's not going to be sufficient for sure to avoid an increase in unemployment and some default or so in the summer companies. And as you say we're talking about the affordability of some of these measures for the country. As a whole overall it would mean the measures would exceed one hundred percent of GDP. Is that something? France could deal with so this year in fact before the crisis of Francois Expecting a budget of two point two percent of GDP free ads fiscal package and also low says. We can expect a budget if you see between four and five percentage you'd so as you see some manageable provided that interest rates stay low now economy minister. Bruno Lemaire said that he wouldn't rule out even nationalizing some companies and industries if necessary. What do you think about that? You know insurance. We as regards necessarily musician. Also the question is what is it. What she's Tool for sure and he sounds maybe some questions about the common factoring talk it may be a good strategy provided stays temporary indeed. These kinds of questions are ones many countries all over the world will have to answer in the coming months. Laurent professor of international economics at Skim Business School. Thank you finally. These are uncertain times. We're all living in so if you've seen any businesses doing things to help customers and the public tweet us were at the Hashtag. Bbc Marketplace in. London Victoria Craig with the marketplace morning report from the BBC World Service.
Are you ready for some sick days?
"We will put today's sharp stock market drops in China into perspective. I'm David Brancaccio New York. It's the first trading day after Chinese sororities extended the Lunar New Year holiday in a bid to contain the corona virus. The Shanghai Composite Index fell seven point seven percent today which dissolved dissolved about three hundred seventy billion dollars market value at markets been shut since closing January twenty third for perspective the S. and P.. Five hundred here has fallen colon three percent in that same stretch versus the CSI in Shanghai falling nearly eight percent. Here's our China correspondent Jennifer pack in Shanghai. The drop came even after after China's Central Bank added more than one hundred and seventy billion dollars into the financial system and while the stock market is not the economy. Investors and economists alike are worried about the same question. How long will it take to contain the corona virus? At least three hundred and sixty people have died and more than seventeen thousand people have been infected including in a few in the US. The epicenter of the outbreak in central Hubei Province is still under lockdown plus the financial centre of Shanghai and the manufacturing hub of Guangdong have extended ended the Lunar New Year break until February ninth. US firms like apple starbucks and Disneyland have either closed or scaled back their China operations. Many airlines have also canceled canceled flights in and out of the country especially after the US State Department advise against all travel to China. Chinese officials say. This is an overreaction. But it's no wonder a tourism and travel stocks. Were the hardest hit oil. Iron ore and copper also posted sharp drops in Shanghai. I'm Jennifer pack for marketplace so the key China China stock index down seven point seven percent today here. SNP Nasdaq futures are up five. Tenths percent London is up three tenths percent on the day of the Iowa caucuses says. Let's get some national polling data about young Jewish adults mid twenties through age about thirty eight. Kathy cone is a political science professor at the University of Chicago and founder Obgyn forward and ongoing scientific survey of millennials that takes special care to ensure people of color are also properly sampled. Good Morning Good morning all right the economic indicators and certainly the White House think the economy is a okay great. What happens when you ask? If it's great and you ask that. Question into millennials. Well we get a different response from millennials in part. It's probably not that surprising since a bunch of them don't own stock and aren't watching the stock market increase crease. But when we asked for examples the country headed in the wrong or the right direction we see majorities of young people. Young adults. Say that. It's actually actually in the wrong direction. when we ask about the health of the national economy we see in particular African Americans and let next young adults worry about the national economy. Yeah and to put a finer point on looking at your data. It's pretty close to or exceeds a majority across races. His people worried about recession in the coming year. Absolutely when we asked the question. Do you think a recession is likely majorities across African Americans Americans lent knacks asian-americans white. Say Yes they worry that in fact a recession is coming and is likely interesting. Now you've been doing this for a while. Maybe a theory here. You also asked about people's personal futures like how do you think it's going for you and there. You see more optimism. I think in your data absolutely absolutely the The trend is that people worry about the national economy. But they're more likely to feel optimistic about their own personal futures and Dan you know in talking to colleagues. We've we've decided that young people in particular are kind of taking a bet on themselves. Kind of independent of all the national indicators indicators they seem to believe that things will definitely get better and they'll get better for themselves. It's really interesting. We are of course in an election year and the candidates that it's on all sides here looking for which shoes resonate I was taking a look one. That really pops from your survey when you talk to millennials. Is this green new. You deal I mean that's got even higher ratings than free tuition at public universities in the green new deal they see an economic policy that might in attack provide them with some economic stability but it's also a climate change issue and we know that young people care deeply about climate change. So it's not not surprising. I guess when we look at it that way that majorities either strongly or somewhat support the green new deal and here we're talking about across race and ethnicity and to some degree party that we see strong support from young Republicans Young White Republicans for the green new deal. University Chicago political science professor. Cathy Cohen is founder of this Gen forward survey. Thank you very much. Thank you. millennials are the biggest single generation in the US workforce now one in three And boasts super bowl Monday. Here an estimated seventeen million people will take the day off the highest since data began in two thousand and five got the chicken wing and Chili. Con Carney itis. There are signs that employers are adapting. Here's marketplace's Justin Ho employers lawyers no productivity drops. They after the Super Bowl and one reason is because most workers as for the day off in advance. That's a good thing says Joyce Maroni of the workforce instituted cronos unplanned. Absenteeism is more expensive and more disruptive than planned absenteeism kronos underwrites. This show will usually half of its survey respondents said employers gave workers some options this year. Thing sure come in two hours late. Stay two hours later. Maybe encouraging work from home in an environment where we're from home may not be as common unpleasant at all time. Lows Brandy Britton at the staffing firm Robert Half says employers employers can offer scheduling flexibility to remain competitive employees will be happier and the employer will get what they want. And that's productivity Robert Half asked. Hr Manager's to rank. I'm convinced that would merit a weekday holiday. The Super Bowl beat out among others the world series the NBA Finals and the Oscars. I'm Justin how for marketplace all right. Well we showed right. This is the marketplace morning report. I'm David Brancaccio. Were from A._P._M.. American public media.
Wednesday, January 1, 2020
"From Washington DC. This is Westwood One Daily News for January. First Twenty twenty. I'm John Trout. It was the largest celebration for a global audience. Last night's ball drop in Times Square. Steve castonbound brings us more from the party. That rang in twenty twenty twenty. Hundreds of thousands said goodbye to two thousand nineteen in unison. And after spending hours standing out in the crossroads of the world they welcome two thousand twenty. They came from all fifty states and over for one hundred countries. Some of those who are closest to the ball on top of one time square spent as much as fourteen hours standing on Broadway. Francesca Ferrari and her friends traveled from Julia. Italy just to be a part of this celebration is my big dreamer. I'm really happy to be here and you always wanted to do it. Yeah I saw. The relatively mild weather brought out huge crowds this year a few feet away from Francesca stood good Melissa Ramirez from Bogota Colombia. Because we really want to do that really wanted to do this to see the new year here. I've been dreaming about this. Yes yes and who's here with you. My Dad my sister and my mom the whole family. Yes it's a happy moment. Yes it's her. Right was Bouvanh chop off from Delhi the India. This is actually a once in a lifetime opportunity so i. I don't know if I'll be able to see this Next time I didn't want to miss this so so that's why I had easier around ten. AM in the morning. Catherine Curtis of Houston. He wanted to do this ever since she was five years old. I've watched on TV every year here. And so then. I've always wanted to do like a bucket listening now. Most New Yorkers tend to stay away from the celebration but standing right in the front was Ronald Covert instead. NYLANDER come on. I'm a local. You're serious absolutely you're not. You're not playing with I decided you. Id now I believe you. Have you done this before my thirty ninth year. Come on Yes sir. Nine hundred eighty two is first year. I started coming. Ronald didn't have any friends or loved ones with him. Though diving. Couldn't get anyone else else to come. I tried to get my girlfriend. She won't come my coworkers. They got mad so I'm here thirty nine years in a row and counting Steve Kastenbaum. In New York's Times Square looking to reassure Americans and stock markets. That things are moving in the right direction. President trump has announced a signing ceremony. Me That will ease the trade war with China phase. One of the plan as Bob Costantini reports goes into effect. This month having halted a plant tariff hike in the middle of December December president trump ratcheting down the trade war announcing on twitter. I will be signing our very large and comprehensive phase one trade deal with China on January fifteenth the ceremony will take place at the White House high level representatives of China will be present. The president has kept hopes that a full comprehensive agreement could be signed with China's Shizhong Ping face to face but it seems unlikely to happen before the presidential election. The outline of the deal makes it unlikely. Mr Trump will impose new tariffs down the road. China will buy more or American products especially agriculture. The administration has a sixteen billion dollar bailout program for farmers who lost markets via trade wars with China and other nations. The the Federal Reserve recently reported the US actually lost manufacturing jobs because of the standoff with Beijing and it's important to note about three hundred seventy billion dollars worth of Chinese imports. Words are still subject. To twenty-five percent tariffs some American companies have eaten all or part of the tariffs. The rest passed on in some way in the price of the imported the item whether in a store or at a plant that uses goods from China in manufacturing but some companies with significant lobbying clout in Washington managed to avoid tariffs tariffs altogether particularly apple. Peter Navarro China Trade Hawk in the White House has pushed hard for these standoff. That's partially ending. We're not really in a trade war with China we're we're in is is a long term battle over competing economic systems but phase one does not require China to stop subsidizing. Major Industries Compete with American firms made in China twenty. TWENTY-FIVE XI Jinping's goal of expanding manufacturing in his nation is still a go and the agreement does not settle longstanding long standing complaints about US companies losing intellectual property when they are forced to partner with Chinese companies in order to do business there the president gets a signing ceremony. He can play play to the hilt and the deal has analyst believing the American economy can avoid recession in twenty twenty via modest GDP. Gross China's economy has suffered even though the trade imbalance has hardly changed and while President trump likes to play up hundreds of billions of dollars in tariffs pouring into the treasury. And let's say the amount is about ninety billion billion in the nearly two years of the trade war and China has not directly paid that money. It's tacked on on this side of the Pacific Bob. Costantini Washington Washington trump spoke to reporters last night during a New Year's eve celebration at his resort in Florida. The President says he does not want war with Iran ran after earlier threats to retaliate against the country following protests by Iranian backed militias at the US embassy in Baghdad. I don't think that would be a good idea for Ron. It wouldn't last very long. Do I want to know I wanNA have peace. I like peace and Iran should be slower slower than anybody so I don't see that happening. I don't think Iran would want that to happen would go very quick. The incident has prompted the president to order about seven hundred fifty fifty. US soldiers deployed to the Middle East with three thousand more preparing for possible deployment in the next several days. A New Year's Day tradition makes it's way to Texas correspondent Clayton Neville brings us more on the annual NHL Classic Outdoor Ice Hockey game taking place later today in Balmy Dallas outdoor hockey in Texas not a common occurrence but more than eighty thousand fans will pack the Cotton Bowl to watch the Dallas stores in the Nashville uh-huh predators in the NHL Classic Steve Mayor with the NHL Says Cruiser Bill to rank. That'll hold up outside. The pipes are laid from these trucks. And we put down tans that you know support the ice essentially what you're doing is you're building ice frozen. The water That actually because by the time the game starts about two inches in thickness mayor says at three hundred ton. Refrigeration trailer will help. Keep the ice cool during the game. They can monitor and turn up or turn down the temperature that keeps the the ice thriving even in any different kind of condition. The high temperature this New Year's Day in Dallas around fifty degrees according to mayor the League's expecting acting of a crowd. It's being credible sponsor of the Dallas Fan. That has embraced this game. It's been amazing. How the tickets are sold? We just I just think it's going to be spectacular. Chain can Stein made the trip to Texas from South Carolina and says the game is a unique experience. I think is great for the game bringing it. South have been to I've been in the winter classic before was up in Foxborough so it's my second one. I'm really excited. He liked the league hopeful. The national stage will help expand the game. I think the future's bright and I. I think this helps definitely make us look more like more of a hockey state. Then I guess in the past with some help the conditions are right in the NHL set to bring in some Texas flair to New Year's Day. I'm Clayton Neville NASA. He's nearing completion on its newest. Mars rover as Jan Johnson reports. What's the next mission will search for past Martian life and lay the groundwork for a future involving US human trafficking have an official name yet? But the Amar's Twenty Twenty rover will be shipped in February to Florida's Kennedy Space Center for Assembly. Then ready for July launch. That will send it to a dry Martian lake bed. The four wheeled car sized rover will land in twenty twenty one to search for sediments that are billions of years old and could hold fossils Martian life the the rover will also be able to convert carbon dioxide into oxygen a crucial experiment. That could come in real handy for future missions to the Red Planet with astronauts. What's on board? I'm Jan Johnson. Westwood One Daily News for January. First Twenty Twenty Josh Rouse.
Small Businesses On Their Own
"Everyone we know that these are uncertain and stressful times and we here at the indicator fuel really fortunate that we're still able to get up every morning and do the work of informing explaining and just helping you make sense of it. All and one reason we're able to do that is because of your contributions to public radio stations. So we are asking you if you can to please donate to your local. Npr member station and to find out how head to donate DOT NPR dot org slash indicator. Thank you N. P. R. Molly Moon Knight's will is the CEO of Molly Moon's homemade ice cream in Seattle Washington. She opened her business twelve years ago yet. Twelve years ago that was two thousand and eight right is the. Us economy was sinking into a massive recession. Molly was terrified back then but actually her shop did well and one of the things that I learned. Is that ice? Cream is one of the most recession proof businesses or products when people can't get themselves more expensive things going on vacation or or like buying their kids a new bike. They treat themselves to smaller treats. Less expensive treats more often throughout the great recession. Molly's business grew in fact the little shop did so well molly did something. She never expected to do opened more shops by January of this year she had eight shops all around Seattle. At about one hundred employees molly started selling her ice cream to supermarkets and is actually in the middle of building a giant wholesale facility where she can make larger batches of salted caramel melted chocolate scout. Meant which actually has pieces of thin mint cookies in it. That sounds fantastic. And apparently I'm not the only person who thinks so because molly sold almost eight million dollars worth of ice cream last year. I've been really optimistic that I would break the ten million dollar mark in revenue in a year and very very very few female owned businesses ever crossed the ten million dollar mark. So I've been kind of focused on that number and really excited and proud of us and then current virus set and then corona virus. It molly had to clues oliver shops in fact right now. Mali's just struggling to survive. Yes she's counting on money from the government coming through as part of the two point two trillion dollar cares act that Congress passed last month. Small Business owners like molly can apply for loans of up to two million dollars to keep their heads above water. While this economic shutdown continues at least that was idea the billions in aid that Congress directed to small businesses. Only seems to be getting to a tiny number of them. This is the indicator from planet. Money I'm Stacey Vanik Smith and I'm Cardiff Garcia. Today on the show small business aid as of this morning. That fund from the government is out of money and thousands of small businesses including. Mali's are kinda tight dry right now wondering if they will be able to get any help at all wondering if they're gonNA be able to survive support for NPR and the following message come from capital one with a capital one quicksilver card with quicksilver you earn unlimited one point five percent cashback on every purchase everywhere. What's in your Wallet Support for? Npr comes from Newman's own foundation working to nourish the common good by donating all profits from Newman's own food products to charitable organizations that seek to make the world a better place. More information is available at Newman's own foundation dot org a few weeks ago Molly Moon Knight's still had to shut down all of her ice cream shops but that did not mean. The bills stopped coming. You know my rent is forty three thousand dollars a month and I have eighty nine thousand dollars in. Outstanding Accounts Payable. We didn't pay for our last paper delivery for all of our cups and spoons and Napkins and stuff and we owe the chocolate company money. And I don't know I don't even want to open this Richie now. I just know the number. That's eighty nine thousand dollars almost all of the income that molly has coming in now is from selling pints to supermarkets but that is just a tiny part of her business. Molly's revenue within the space of a week. Went from around five hundred thousand dollars a month to around eighty thousand dollars a month a drop of more than eighty percent and just looking at those numbers molly knew. She had no choice she had to cut staff. I've laid off some of my best friends. Maya's stint has been with me for five years. She's a three year old daughter. One of my area managers started as scooper eleven years ago and has worked his way up in the company and my dad works for our company. He's our facilities maintenance manager. He's incredible he was a general contractor for forty years and I laid my dad off. He's on unemployment. Molly went from one hundred employees to seven in the space of a week when Congress passed its massive aid bill a few weeks ago and set aside more than three hundred seventy billion dollars for small businesses. Molly was confident that she could get the money that she needed to survive. Molly figured out. She needed at least one and a half million dollars. And you know the loans were supposed to go up to two million dollars and molly had everything. In order. She was optimistic. She applied right away and waited and waited. Finally she got a reply. This was it the money had come through. It was GONNA be okay. She got an zoom call with her director of Finances and they opened the message from the government together and it said you are eligible for fifteen thousand dollars in a disaster loan and we both burst out laughing. It's a joke. Like fifteen thousand dollars will not help us and we didn't know whether or not we should accept it because if we accepted it. Did that mean we weren't going to get the like one point five million. We actually need if we say yes to this paltry amount so we didn't say yes and we were thinking about it and then the next day we log back into the SBA portal and the fifteen thousand dollars was no longer available to us. Thousands of businesses across the. Us are in this position. The federal loan program is out of money. The government is no longer accepting loan applications efforts to replenish the funding have been hung up in Congress. Democrats are insisting on adding new rules to make sure money gets to minority owned businesses as well to hospitals and local governments. Republicans have balked saying changes to policy. Need to be done later and the money needs to go through now. Meanwhile a lot of the hardest hit businesses like Molly. Moon's have not been able to get money early. Data about the program shows very uneven distribution of money across industries restaurants. Hotels and bars have gotten less than ten percent of the loans even though in many places including Washington state were molly is Dave accounted for about twenty percent of all the layoffs. Amanda Ballantyne is the Executive Director of Main Street Alliance a small business advocacy group. She says she's been hearing from countless small business owners across the country that they either never heard back from the government or that they were only approved for a tiny loan in fact a recent survey found that while over half of small businesses had applied for disaster loans. Only four percent had been approved. Amanda says most small businesses have less than a month of cash on hand. She says if government money does not come through for them really soon. There will be an enormous wave of bankruptcies. There's a domino effect. You know when you lose a restaurant. All of the vendors that service that restaurant also experienced that economic decline. The people who worked at that restaurant have less money to spend in the local community. So you can see how losing the small business sector could rapidly really unravel our economy and Amanda says everyday. The loans aren't available the damage compounds for small business owners five weeks ago. They were optimistic. If we could just make these small policy changes we'll get through this and then a week later a week later they were laying off hundreds of people and were saying we are really crisis now and then a week after that. They started applying for unemployment insurance themselves. Molly Moon Knight's all says that when the cares act first passed she felt like everyone was in it together that the government had her back. Now I've realized mid week last week after we got this stupid fifteen thousand dollar offer from the SBA loan program. That I really am on my own. And I don't really feel like I'm getting any guidance. From ANY GOVERNMENT ENTITY MOLLY SAYS BEST CASE SCENARIO. The government loan comes through the one and a half million dollars then. She can use that money to ramp up the supermarket portion of her business. Maybe even start delivering ice cream to people's doors and eventually find a way to safely reopen her shops. Get most of our staff hired back and the worst case scenario. I can't even go to the worst place. I care too much about the people that work for me and I'm just not going to let the worst case happen. This episode of the indicator was produced by Peterson and Brittany Cronin. Our Editors Patty hearst and the indicator is a production of NPR.
Back in Business: Impeachment, US-China Trade, Electable Ladies
"It's Wednesday January fifteenth. Welcome to skim. This where breaking down the most complex stories of the day and giving you the context on why they matter so unless you're brunch pals with Nancy Pelosi. You probably haven't heard anyone say I work for a while. Well now impeachment is back in a big way. Then president trump is all about as big trade deal with China or at least phase one of a trade deal but this trade journey were on is starting to look a lot more like the Odyssey and finally we recap a big moment. From last night's debate that twitter is still talking about. We're here to make your evening smarter. Let's skim this. Today's episode is brought to Hubei just works simple software and expert support for benefits payroll and HR remember impeachment. Hi It's been a while. President trump was impeached by the House of Representatives. Almost a month ago house speaker. Nancy Pelosi could've decided right then and there to send the official articles of impeachment to the Senate but she wanted to influence what the Senate trial should look like so she held off on sending the articles until today so the question now is was it worth the wait. That's what we're going to try to answer. But I am not about logistics passing along the articles of impeachment to the Senate involves more than just attaching a PDF. The House has to print the articles out on paper and physically walk them over to the Senate just across the the building you're fit they would probably tell you to get more steps after that walk because it's not long. He moving that very short journey last took place in one thousand nine hundred ninety eight when the Republican controlled House impeached President Clinton after which a select group of Thirteen Republicans hit print laced up boots and started walking. It was ceremonial but not very exciting. No music or anything in any case. That same walks gonNA happen later today. This morning Nancy Pelosi finally picked her seven impeachment managers there like the security detail who literally escort impeachment over to the Senate and once there they'll help prosecute the case against president trump at the trial. We'll have more on who those managers are and the role. They'll play when the Senate trial starts which is likely next. Tuesday Pelosi's announcement led to another another houseboat to formerly kick things over to the Senate and signal time the lace up the boots. The resolution is adopted without objection the motion to reconsider considers laid on the table. But now a lot of people are wondering if Pelosi made the right move by dragging this out well there are two ways to see it. People in favor of the delay are pointing to a couple of things. The first is that like we said. Democrats wanted input on how the Senate trial should look. Their big thing was making sure. The Senate called new witnesses for context when President Andrew Johnson faced an impeachment trial back in eighteen sixty eight. The Senate called in forty one witnesses and President Clinton's trial. There were three this time. Democrats want the Senate to call four witnesses who we haven't heard from yet for people who might have first-hand Info on president trump's dealings with Ukraine which remember is at the heart of the impeachment story Pelosi Hope by delaying the Senate trial she might pressure Republicans Republicans to call those witnesses and judging from all the media. Buzz about witnesses lately. That pressure is definitely there. Another possible benefit of Pelosi's impeachment. Soleil is that about enough time for some stunning new evidence to get added into the case for impeachment. Yesterday the House Intelligence Committee released new documents from a guy named Lev parties. He'd been working for trump's personal lawyer. Rudy Giuliani in Ukraine and fly was arrested in October on charges of breaking in Federal Elections Law. These documents included a letter from Giuliani to Ukraine's now president last year. Asking for a meeting Rudy's letter said he was doing this with with the knowledge and consent of president trump and the letter coincides with the time period in which rudy admits. He was trying to get Ukraine to investigate the Biden's that's that's a key detail. Since trump's defended his Ukraine actions by saying they were about stopping corruption in general not about tarting political opponents like Joe Biden. This slender could complicate that argument other. Docs show Giuliani associates hinting that they'd put the US ambassador to Ukraine. Maria Vich under surveillance. Yes that's also a big deal. Since ianovich testified that she'd been told her security was at stake when she was ordered to leave Ukraine but if that's security threat actually came from people working for the president's personal lawyer and possibly with the knowledge and consent of president trump it could strengthen democrats arguments that the Senate should bring in more impeachment witnesses. This is like Secretary of state. Mike Pompeo to explain what really happened here. So if it took delaying impeachment trial to get that Info Pelosi strategy. He might have paid off here she was today. Time has been our friend and all of this because has yielded incriminating evidence truth into the public domain but Pelosi's decision to stall may not have accomplished quite so much yes. She used the last month to build public. Look pressure on Senate. Republicans to call new impeachment witnesses but they could choose to ignore that pressure as well as the new evidence we just talked about also delaying the Senate impeachment trial by nearly a month might have created problems for the four Democratic senators currently running for president. They're about to be called off the campaign trail and and back to DC where they'll basically be on jury duty because Senators Act like Jersey in impeachment trials and this trial is likely going to last a few weeks which means and Elizabeth Warren Bernie Sanders. Amy Klobuchar and Michael Bennett aren't GonNa be stuck in the impeachment trial leading up to the Iowa Caucus and the New Hampshire primary just just around the corner. So what's the skin almost a month. After the house. Impeach President trump the articles have now left the building and are headed for for a trial in the Senate next week. That means speaker. Nancy Pelosi's role in the process is basically over the the jury's still out on whether she should have pressed pause in the first place another thing the jury is still on is whether a big new announcement about U. S.. China trade is all it's cracked up to be. That's next after the break. This episode of Skim. This is brought to you by just works. Just works makes it easier to start run and grow a business With just works. Small businesses get access to high quality benefits automated payroll compliance support an easy to use. HR tools all in one simple. Oh platform that makes work and life easier and more fun to navigate to learn more about just works visit just works dot com slash. The Skim again. That's just works dot com slash. The Skim okay. So you've probably been hearing a lot about the. US China trade war. The world's two largest economies have been digging it out for almost two years putting billions of dollars worth of tariffs on each other. Even while saying they wanted to work things out spoiler alert art. You know how in the net flicks movie marriage story Adam driver and Scarlett Johansson characters. Start out saying they weren't and divorced amicably but then things get heated and really expensive ZIP. They sort of lost sight of who they were as parents and sometimes neglected what was most important to them. Not totally dissimilar to what's been going on with the US and China Today. President trump in one of China's top leaders Leila announced phase. One of a trade deal and trump seemed as happy as anyone to get this far. You're at a press conference this morning. He turned to his son in law and said this is harder than real estate. New York isn't a jared trump says the. US will win a few things in the deal. Like China China committing to buying two hundred billion more dollars worth of US exports over the next couple years. China will also crack down on Chinese companies stealing technology from American companies but even though trump and Chinese President Xi Jinping may be coming out looking like winners critics. Say This won't do enough and that phase one won't make up for the damage that's already been done to American consumers and companies who've seen hits to their bottom lines and have had to cut jobs and raise prices because of tariffs and we'll China's promising to buy all these goods from US industries. It's unclear if there will be any way to enforce that and the details of what exactly they'll be purchasing are not being made public not only that the deal still leaves tariffs on three hundred seventy billion dollars worth of Chinese goods. That's two thirds of what the US imports from China. Just like we've learned in marriage story. Despite your best intentions tidy endings are never guaranteed in the meantime. Keep an eye out for phase two for more on what the China trade deal could mean for your wallet head on over to the skim dot com slash money. Alright all right so there was a democratic debate in Iowa last night our newsletter. The daily Skim in-depth this morning on all the issues that came up and the state of the race before voting starts in Iowa next month but probably the most defining memorable moment from the night came from Senator Elizabeth Warren. She was asked about an encounter from several years ago in which he claims Senator Bernie Sanders told her that a woman couldn't win in two thousand twenty but warns response last night avoided the she she said he said and took it to a surprising next level. Here's the clip from CNN. Bernie is my friend and I am not here to try to fight with Bernie but look this question about whether or not a woman can be. President has been raised in. It's time for us to attack it head on and I think the best way to talk about who can win is by looking at people's winning record so kind of women beat Donald Trump. Look at the men on this stage collectively actively they have lost ten elections the only people on this stage who have won every single election that they've been in are the women. Amy Take. Those two women are worn herself. and Senator Amy KLOBUCHAR OF MINNESOTA WHO's held public office office ever since she was elected Hennepin county attorney in Nineteen Ninety eight in under forty seconds. Were not only address the drama between her and Sanders. She reframed the National National Conversation about women in politics. You can expect that moment to bolster her and Colobus ours campaigns in the days ahead and before we go today we wanted to share a career. Tip We just learn from the latest episode up skin from the couch this week. Our Co founders and co CEOS Carleen. Danielle sat down with model actress and businesswoman. Kate Upton cates cates. been working since she was fifteen years old and she told us about how her experiences onset taught her the value of speaking up. Even if you're the youngest in the room or the experience -perience it made me learn that I really need to speak my mind and that my opinion does matter because of all those experiences and you know there was so how many times onset when I'd be like way more efficient if they would just do this or if they would just shoot me from this angle already know that lightings bad it. It's not gonNA take three hours but would just keep my mouth shut because no one wants to listen to the model onset and now I'm like no my time is worth something and and I'm going to say it and we're GONNA move on. We're going to get this done right. The latest episode of skin from the couch is available on Apple podcasts. Or wherever you get your podcasts. And and that's all skinless. Thanks again for listening and be sure to hit subscribe and rate and review US online. If you WANNA add the skin to your morning routine sign up for a free newsletter the daily Skim right on our website at the skin dot com. It's everything you need to know to start your day right in your inbox.
Americas Most Dangerous War
"Thank you for listening to this. Podcast one production now available on spotify apple podcasts. Podcast one dot com in anywhere else. You get your podcasts today. On the Charlie Kirk Show we give you an exclusive insight into a war happening against the United States that you aren't hearing about not the virus. It's not the war in Afghanistan. It's the war of what happens when you fill up your gas tank and it impacts every single person listening to this podcast we give it to you from America. I care about our citizens take in a way that no other show would give you that insight but first before we get into the show police type in the Charlie Kirk show to your podcast provider and hit that subscribe button. Give us those five star ratings. Leave us a review leave us. Those review publicly helped us so much. Buckle up this is a great show. I know you're GONNA love it. You'RE GONNA learn a lot about what's happening in this oil price war and why you should care about it. Buckle up everybody here we go Charlie. What you've done is incredible here. Maybe Charlie Kirk is on the college campus. We are lucky to have Charlie. Charlie kirks running the White House. I WANNA thank Joe. He's an incredible guy his spirit his love of this country's done an amazing job building one of the most powerful youth organisations ever created turning USA embrace the ideas that have destroyed countries destroyed. Lives and we are going to fight for freedom campuses across the country. That's why we are here. Hey everybody welcome to this of the Charlie Kirk show. We got so much we want to cover with you today. It's a busy news day and a big week America. Looks like it's finally going to be reopening. There's a lot of uncertainty of what states are GonNa be reopening. There's protests happening all across the country. But we want to start this show with what I think. Is the biggest story happening in America? It happened in real time. My jaw literally hit the floor as I was watching. The price of oil today as oil futures went totally negative. In fact I couldn't even believe it. Oil futures went negative thirty seven dollars and sixty three cents negative. I'll explain exactly what that means. I'm going to walk through. Why this is the story that you should be totally and completely worried about and focused on. What if I told you back in the nineteen eighty s? Hey if you do something right now you could save American manufacturing from going to China. What if I told you in the mid early nineteen ninety s? Hey if you do something right now you could prevent American pharmaceuticals such as vitamin C. Penicillin from going over to China. What if I told you back in the nineteen sixties? Hey if you do something right now. You could prevent automobiles from being made mostly in Germany and Japan. Were in that moment right here and right now one of the great successes of the trump presidency has been the American energy independent renaissance. Thanks the president. Trump's pro-growth deregulatory agenda that empowered American producers America for the first time in our country's history became energy independent. Now what does it mean to be energy independent and means that you are exporting more energy more oil than you are importing and essentially means that you no longer need to be energy dependent on the tyrants in the Middle East now? This is the first time in our country's history that we are ever able to do this. It's important to realize that they're in the in the nineteen fifties and sixties as America. Started the drive. More and the demand for oil started to increase their. Was This not so subtle partnership that we made with some individuals in the Middle East. Where basically said? Hey You keep on selling us cheap. Oil will protect you now that sort of Messy Alliance Got America involved in endless entanglements in the Middle East whether it be the first Persian Gulf war or the Iraq war or the Afghan war. Now not saying that oil was the only reason we got involved in Iraq and Afghanistan. Obviously nine nine eleven was the primary reason but there was a another underlying reason that was always told to us in congressional committees and by politicians. Which is we need to be involved the Middle East because we have such an insatiable appetite for oil now under President Donald Trump. We actually accomplish something that we thought was impossible. We started developing our own natural resources. We became energy independence. Now certain parts of the country really invested in this type of technology called hydraulic fracking. You've probably heard all about the negatives of fracking. You've probably heard that fracking hurts the water supply fracking causes earthquakes. That's nonsense. We'll do another podcast. And other time dispelling those facts and those myths and those misleading Innuendo done by the environmentalist and the radical left. What fracking did do? And would fracking. Essentially allows you to do is to use horizontal drilling so just bear with me for a second. I'm going to get a little bit technical. But essentially if you have a reservoir of natural gas and oil natural gas phys coming out of an oil rig if you will if you're opening up a coca cola can that's what natural gas it's the FIZZ that comes out at the carbonation that comes out and we have more natural gas in America than any other country in the entire world. But fracking allowed you to do is access some of these very hard to penetrate oil reservoirs. All across West Texas all across the Marcellus Shale in Pennsylvania and the bulkin in South Dakota North Dakota and Energy Renaissance started to occur where America became the leader of energy exporting in the entire world. Will you know what that meant? That meant that countries that were solely funded and solely reliant on oil the petro dollar if you will such as Russia and Saudi Arabia. They got very very nervous. See Russia and Saudi Arabia did not like the fact that America became Energy Independent. Now what's really important to point out? And this is something that we don't talk about enough as Americans and its conservatives is that we are the only country in the entire world that has private mineral ownership. We're the only country in the whole world where individuals and entrepreneurs can go get creative and own oil and gas assets in any other country across the world. You have to go through the government to do any sort of oil and gas development whether it be Venezuela whether it be Saudi Arabia Russia Iran the United Arab Emirates. Any other country across the world. You have to go through. The government and the government owns the means of production basically socialized energy development. Now this is significant because when you have private ownership of minerals you're going to be more creative. You're going to be more efficient. We know this because of the laws of free-market economics. We know that when something is privatized you're going to be able to compete more efficiently than the individuals that might have to have all the overhead of running things through government entities so Saudi Aramco which is the publicly traded front facing entity of the Kingdom of Saudi Arabia. Of course they are a Slavic medieval style theocratic tyrants in the Middle East and we'll get into that throughout this podcast and we. There's no love lost here on this podcast for people that say they are friend like China and like Saudi Arabia and do the exact opposite but they are not going to be as efficient. As the freewheeling entrepreneurial Americans that are able to extract oil at a much lower more efficient price so about a year ago Russia Saudi Arabia and a lot of these energy producers. They started to get very nervous and they vocalized their nerves six months ago. They said that this was not sustainable. Russia and Putin Vladimir Putin in Russia started to make some very aggressive moves in the energy market but a month and a half ago Russian Saudi Arabia. We covered it on this. Podcast had a meeting in Vienna Austria. Some people thought this meeting was staged. That was theatrics where they said they could not come to an agreement on what kind of production cut they want because of the downturn in global demand due to the corona virus and other travelling. Zayed's so essentially. You had the worst possible perfect storm when it came to an oil price war so just a couple to define terms Saudi Arabia. They if you see the Brent crude price that basically reflects the Saudi extractions. That's what's called heavy or sour if you will and that could be used for diesel. By the way most of the refineries here in America they're not even tooled to be able to process or to refine our own extracted natural resources West Texas intermediate which basically is United States extracted oil. That's more sweet crude that it could be used of course for diesel can be recalibrated. But it's also mostly used for gasoline now not to mention as if the environmental sexually cared the West. Texas intermediate is actually a lot more energy efficient and has less pollution than the stuff that we import from Saudi Arabia. But that's a different. That's a different point for a different time. But here's the significance of this. The Price War. That is happening right now. In Oil is the worst convergence of events you could possibly imagine for an American industry. In the modern era you foreign governments that rely solely on the price of oil that have decided to completely destroy an American industry so now look at the way the Saudis and the Russians are processing this a twenty dollars a barrel oil or a five dollar barrel of oil. There's not a ton of difference for them. It's all a loss and they can write off that loss and they keep their citizenry at bay based on some former revenue. They'll borrow against it and they're basically both police states anyway and so to them. The longer term objective is to get the price of oil backup to sixty seventy or eighty dollars a barrel now. The only way they're going to be able to do that is the Americans off the table. So the greatest asset and the greatest advantage that we as Americans have had. Which is the capacity of entrepreneurship creativity and scientific innovation? Through fracking has now become our biggest vulnerability. I'm going to tell you exactly what I mean by that but I are. You guys being crushed by the cartel the colleges I want to you about credible dot com. They're an incredible online marketplace. That gets you prequalified student. Loan refinancing rates of the ten different lenders. They help people get out of student. Loan debt if you have student loan debt they can help you get out of it you probably if you're being crushed by loan debt. You're worried about how you can save on interest or lower your monthly payment credible dot com helps. You do those things with a shorter loan term. You can get debt free faster. You can consolidate all your student loan bills. In one place credible. Customers HAVE GIVEN AWESOME REVIEWS. About how much better. Their lives have been after refinancing their student loans. You see actual prequalified rate some of the ten different lenders and only a couple of minutes to check. Rates checking rates doesn't impact your credit. They never sell your data so you wrote massive spam and phone calls from dozens of different lenders. So I'm telling you right now if you want to be able to get out of student loan debt. There's only one place to do it. That's credible dot com slash charlie. Cr E. D. I. B. L. E. DOT COM slash. Charlie when you refinance a student loans using this link they'll give you a two hundred dollar gift card that's credible dot com slash. Charlie save on interest lower. Your monthly payment get debt free faster credible dot com slash. Charlie our greatest asset and advantage as a country is the fact that we have private mineral ownership. But let's just pretend we were Mohammed bin Salman the crown prince of Saudi Arabia. Let's pretend we're Vladimir Putin and they're sitting around their conference tables in fact I just got off a call with top oil executive and Midland Texas. A guy that has huge assets and huge holdings and a couple of hours before that I was talking with one of the top oil tycoons that has seen his entire net worth go down by ninety percent who at one point was worth twenty two billion dollars. I'll let you guess who that is. I'm not going to say any names. But I talked to him privately and they said Charlie put yourself in their shoes and they're sitting around the conference table. They see Americans as an unnecessary inconvenience. They don't care about America they don't care about Western values. All they care about is getting their energy dominance back so that they can finally run government surpluses because they basically own the government because they are a pseudo medieval style monarchy seriously the Kingdom of Saudi Arabia does not have fair and free elections is a hereditary based power structure so Mohammed bin Salman who some would say kill the journalists than some would say has been very adversarial to America and a lot of different ways. He doesn't care. If American oil energy producers actually continued producing in fact he doesn't want them to continue to produce and some people say there are friend they say. Saudi Arabia is our friend they say Russia. I don't know the Washington. Dc consensus says Russia's not our friend. So maybe we should do something about how they're flooding the oil market. We'll get to that in a little bit but just idea of how much Saudi Arabia is actually declaring war on the United States Saudi Arabia's dumping six hundred thousand barrels of oil a day into America while there is no demand for oil basically while oil demand has absolutely cratered. Why because a lot of people are sitting at home because of the virus six hundred thousand barrels a day. That is seven times the amount of dumping that is being done today than a year ago. President trump won reelection when he talked about how China was dumping steel into our country to destroy steel industry. He won reelection. We talk about how China dumped cheap products into our country to destroy our manufacturing capacity. Well this is Saudi Arabia and Russia's equivalent of dumping oil into our country to destroy an American gem an American gift literally from God by the way. If you believe in God and you believe that God created the heavens and the Earth God literally gave us this asset to see you understand. He gave us the capacity to be able to be energy independent to have a more peaceful world that we don't have to be in these endless and silly wars overseas. Just see you understand. Oil Reserves and storage tanks are basically filled up around the world. You have tankers with oil on them that cannot find ports to accept them. Global oil storage is filling up so fast it's exceeded seventy percent now. Who is the winner in this whole equation? Saudi Arabia is not yet the winner because they had a couple of chess moves left on this whole game Russia's not yet the winner because they also have a couple of chess moves. Just you understand. The bigger gamble on this entire thing is Russia because Russia and no way has friends in the United States of America. Right now. Saudi Arabia's got plenty of friends. They got plenty of lobbyist. They pay they own plenty of assets across America the plenty of media companies in America Russia's plane huge risk. Right here okay. Russia is the one that is basically levering up the entire future of their existence as a petro state around the single play. They're actually betting on the continual shutdown of America. You WanNa know who wants to see. America shuddered till Christmas. Not Just Democrat governors that want to continue to see federal bailout money. It's Vladimir Putin Vladimir Putin is cheering for the shutdown of America forever because the longer that Vladimir Putin sees it demand crash the more he wins and the closer he gets destroying American energy. So let me tell you exactly how this works and Midland Texas. A lot of these oil and gas producers lease the land that their own. They actually don't own the land that they're on they go to farmers they go to individuals that own huge tracts of land no sign hundred hundred fifty year leases for the rights to be able to extract oil and gas now. The significance of this is when the price of oil gets so low that your price. A production is higher than the actual price of oil. You start to lose money. Well then you actually might start to renege on your lease when you're Nag on your lease and you basically destroy your infrastructure to very hard to get that back. So what's GonNa Happen is the banks are going to start to assume a lot of these assets so when you're an entrepreneur you typically have to borrow money to go into business you are going to see. These are rough estimates. I got these estimates from an oil executive in Midland Texas. Just minutes before this show forty thousand oil producers go out of business by August forty thousand oil producers go out of business by August. That's just a forty thousand jobs. Those are forty thousand companies. Go Out of business folks. Forty thousand companies. He said roughly a million jobs will disappear permanently. These are not furloughs dot like Disneyworld that like. Hey we'll be back. Maybe in a month or maybe six months gone deleted vanished. Have you ever driven through Ohio or Pennsylvania? New CDs manufacturing plants that used to exist. You ever drive through Detroit and needs to say yeah that used to be the Ford and the GM plant. Before the Japanese cars started to be dumped into our country. That's what it's GonNa look like a Midland Texas if we don't get our act together that's what it's GonNa look like an Oklahoma City. That's what it's GonNa look like in western Pennsylvania and that's what it's going to look like a North Dakota because what's going to happen is the Russians and the Saudis. They have enough oil reserves. Dave enough control over their population where they'll be other wait this out eighteen months year and a half two years and as soon as they waited out enough and they see enough. American energy producers go under they will immediately cut production. They'll no longer flood. The market. Price of oil will go from eight dollars. A barrel where it is today on the ground in Midland Texas to forty dollars to eighty dollars a barrel and the Saudis and the Russians will be cash-rich and guess what America will not have the infrastructure to be able to reenter the market. Now the counter. Argument Will Charlie. The oil isn't going anywhere wound up production again. Well great question. There's a three to five year runway to get production up and running in West Texas or in the Balkan Shale. It's not just like turning a light switch. On their supply chains there's infrastructure costs there's regulatory requirements there's leases. Don and by the way if a bank assumes the asset. You WanNa talk about the worst business managers in the world. It's the banks. The banks are not the banks will do with the oil. The collateral is the oil. That's it though they'll be able to borrow against it. The banks are not going to be able to do very bank is basically a pseudo government entity when it gets to the type of bank that's going to be owning these assets and it won't be worth very much but do you know what the huge winner in this entire equation to go back to complete my point. Saudis Russians who doesn't produce any oil and gas who needs a ton of imported oil and gas. Who is reliant on a stream of oil and gas from the rest of the world who has billion people plus and needs a bunch of oil and gas? The Chinese the Chinese are the biggest winners of this entire equation. They win in a variety of they are purchasing as much oil as they possibly can right. Now they're purchasing enough oil for the next thirty years because it might never get this cheap again and they know that but the Chinese are basically stopping their oil reserves quietly and quickly now so the Chinese are the real real winners here and guess. What if the Chinese have malevolence for America and they were involved in this at all? They are smiling knowing that they might contribute to another American Industry. Being destroyed textiles. That's destroyed American. Autos will never be the same making your own electronics here. Totally overseas pharmaceuticals overseas. You get the point so what's happening right here. And right now is an attack on the fabric of who we are as a country. It's an attack on American workers. It's an attack on our country and I'm telling you right now. Do not do not being the place where you say. I wish we could have saved an American industry especially one that is so critical the national security if I actually had to rank the most important industries food would probably be number one and oil and gas would probably be number two as far as critical the national security and national prosperity. So there's one thing that can be done here. The trade expansion act from nineteen sixty two allows the present United States to apply tariffs when he believes National Security. Interests are at stake. The prison did this against China effectively. Now I'm a free trade guy. I'm a free market guy. I believe that free markets are the best way to assure prosperity. But I'm a Patriot before I'm a capitalist okay and when I start to see enemies of the United States especially individuals that planned and plotted nine eleven such as Saudi Arabian finance nine eleven countries that used to be the Soviet Union. The greatest geopolitical enemy of the last thirty and forty years come into basic collusion debt. It against the interests of the American people I say we had to go put our country first ahead of some sort of ideal and I do believe in that ideal but I love my country more than I love my ideas. We are a country with an economy in it. Were not an economy with a country in it so I think the prisoner United States should strongly consider terrifying Saudi Arabian Oil seven hundred thousand barrels. A day while our country shutdown. I mean this is dumping if the Chinese did this we would call this a price war on the fabric in the backbone of the American people. This is not how friends act by the way the sow enemies act so self interested enemies act if nothing changes with this price of oil and I'm looking at oil futures right now. West Texas crude. The oil future is down. One hundred and seventy one percent today. It's at negative thirteen dollars again. This price fluctuates depends which metric. You're looking at. I look at the giddings which is another indication of American based domestic oil. It was only down six hundred fifty five percent today so that's horrific coastal grey day down seven hundred nineteen percent today seven hundred nine thousand percent entire industries will be shuttered because of this. Just think about Midland Texas. Think about those of my podcast listeners. In Oklahoma City think about our podcast listeners. The Charlie Kirk Show and Fargo North Dakota. The restaurants. The schools that are funded from oil royalties by the way teachers will lose jobs. Kids won't be educated. You will send entire states in the absolute abject poverty. Do you want you go through the inner cities of our country. You wonder how it boy. These used to be bustling cities. The northern part of Detroit used to be such a great place for Black American Black America. Had All these manufacturing jobs then we started to ship those jobs overseas. The same will happen to these portions of the country. If we don't change our way I am not being hyperbolic. I've talked to these oil executives and they've walked me through the numbers and they say Charlie we are losing hundreds of thousands of dollars an hour an hour and these are small and medium producers. I'm talking to that. I know quite well that are total patriots that say this is beyond unsustainable and so to the press United States to our great president trump. Your legacy of energy independence has put the Saudis in the Russians and tonal panic mode. You could save in American industry that you care so much. If you apply tariffs on Saudi Arabian Oil and Russian import oil. The second piece is we have to reconfigure our refineries to be able to process our oil to be able to process sweetened crude oil which actually is more environmentally friendly and has less pollutants. I've one more point on this energy war but first health and safety is on top of everyone's minds right now. No matter what happens you want to make sure your loved ones are protected. That's why legalzoom continue to provide a reliable way for everyone to set up the right of state plan. I've used legalzoom. I tell you. It's so easy it's seamless. It's quick. It is the best platform you could possible use. It starts with finding the answers to your questions. Do you need a last will and testament or living trust what an advance? Health Care Directive and. What's the power of attorney? Do you want to set up an LLC? Do you even know how to do? That will thankfully legalzoom's online resource make so easy. I went to Lebron the other day. Just perused around you know so great about it if you need to speak to an attorney. They're independent attorney network. Is there to guide them? Devise you have used it. It's seamless every single person. Listen to the PODCAST. I guarantee you. You need access to an attorney. That's why you need to take an important step for your family today. Go TO LEGALZOOM DOT COM to get started on last will living trust so much more starting. Llc just legal questions make sure you enter the code C. H. A. R. Y. Charlie at checkout for special savings that's legalzoom dot com code. Charlie legalzoom were life meets legal. I want to clarify one thing because I know it can be kind of confusing when I say that the the West Texas intermediate is negative. It's not like a negative interest rate. Where you to the gas station. You're like okay. Give me some money so I could take your gas away from you okay. That's not how it works. The future is negative. Okay these are the end of the month. Futures some of them expire on May first and so those are just getting cratered because people are realizing that oil is getting dumped while no one is driving at the same time okay. The oil future in June is twenty dollars a barrel more or less a little higher. That's still unsustainable. It's so unbelievably unsustainable for the Permian Basin from Midland Texas. It only adds insult to injury against the Saudis. They can they can survive with twenty dollars oil. They could survive a ten dollar oil. They could survive a five dollar oil. 'cause they have so much of it in their state run enterprise. They don't owe money to anybody. I mean for example. You have continental resources. Or you've CONACO Phillips or you have any one of these inter intermediate producers at some point they have to make payroll. They have to pay to have to pay the bank off and a lot of them are over levered. They borrowed a tremendous amount of money to be able to assume these leases the Saudis. Yeah they have to make payroll. They have to pay their military but look the Saudis have diversified their assets. For Years. They own plenty of other assets. Internationally they'll be able to sell them if they need to. They own real estate. The own stocks and bonds. There's some of the largest investors domestically in the United States so it's not their only asset. So they'll be able to make quote unquote payroll if they need to but they'll wait it out but some of these companies this is it. There's there's they're not diversified. They're not a country. You're up against a country where a king can turn on the SPIGOT and turn off the spigot at a moment's notice so let's just game plan this a little bit. If the president does nothing an entire industry will never be the same best case scenario. It'll be ninety percent decrease. The President put tariffs on China when he thought they were dumping products into our country. The president the president has had decades long commentary against the Chinese and the Japanese for ripping us off and over importing goods that have disenfranchised the American worker oil and gas workers matter. Oil and gas workers are not just alone by the way. It's all the peripheral businesses. That are going to go bankrupt. That are GONNA go under a million jobs could be lost if we do nothing and misses all of course a byproduct of all the shutdowns again the Russians and the Saudis. They calculated this. They saw a perfect opportunity for it and they went for it now on the surface. They're saying that Russian. Saudi Arabia are feuding. There is some truth to that but I'm much more likely to believe that. Both of them want the same objective. Which is the total obliteration of American? Energy Dominance Vladimir Putin and Mohammed bin Salman. They stay up night praying and hoping that Midland Texas Fargo North Dakota and Oklahoma City become dose towns and American Energy in American oil and natural gas disappears president trump. It's time to protect the American worker. And I say this is a free trade guy but I love my country and I worry about our fellow citizens that will go on Welfare. That will get drug addicted. That will have families broken. Apart schools that will be shuttered. Colleges that will be shut down complete and total lives ruined. The United States geopolitical dominance will be uprooted one of the main reasons why the United States can go get the middle finger to the Iranians while the prison United States is able to go towards Qassam Solomon and white not the face of the earth. Why he's able to withdraw from Afghanistan from these endless? Wars is the fact that we are energy. Independent do not sacrifice that just because the Saudis decide to jump seven hundred thousand barrels a day into our country just because Vladimir Putin and the Russians have decided to declare war on our country. A different type of war. We're going through a viral war because of the Chinese and now we got the Russians and the Saudis outcoming after America. Why is this happening all at once? Everybody why is it? It's because tyrants hape a strong America is because president. Donald Trump made America so strong so quickly so had a schedule so abruptly against the globalist demands against the appeasement of the tyrannical theocratic dictators in Saudi Arabia and Iran against the wishes of the dictator of Russia and China that they had to account move and this is their big plan. Do you think it's a coincidence? That these tyrants across world that hate freedom and liberty that hate the Judeo Christian western value structure. You think it's a coincidence. They're doing the six months before an election. Of course not it's a correlation. This is a customer how successful President Donald Trump has been making America Energy Independent. Lois ever black unemployment. Lois Ever Latino Unemployment Lois Ever Asian American unemployment the greatest economy in American history. They had to account her move because any sort of twenty first century power gains. They wanted the make. Were totally put in jeopardy by the billionaire in Manhattan who is not supposed to be president. Who came down a golden escalator and talked about an American renaissance and Renewal. Guess what they would not be doing this under President Hillary Clinton they wouldn't you know why because President Hillary Clinton Day One would have done what? President Obama did over-regulated over audited overtaxed and penalized American oil natural gas development. That's what they would have done. Under President Obama he used the Federal Trade Commission to go after oil and natural gas development. All across the country I can tell you from oil and gas producers and Kansas Oklahoma and Texas New Mexico one after the other. They said we were investigated by the Employment Prevention Agency. Epa The Environmental Protection Agency the Federal Trade Commission. You're audited by the IRS. And we didn't do anything wrong. We sued and countersued the day. President trump took office within a couple of months. Almost all these problems of the regulators disappeared because when president trump took office. He instructed the head of the the head of the Department of Energy and the head of the department in tiered part of Energy of course being rick. Perry who oversaw the greatest American Energy Renaissance in American history? Love Rick Perry. Here on this podcast. He said back-off if they're doing something. Wrong penalize them or do not go after them at all and guess what you saw something wonderful happened so now you have tyrants backwards thinking anti-americans this is their big play. Make their last big play. If president trump applies tariffs they got no more cards left. There's nothing left. They could do absent military engagement. Which we know they won't do. Because president trump built American military dominance up to the level that it should be. This is the biggest story in America that they will not be telling you on the nightly news you might hear it on the business channels but in the nightly news we are on the precipice of losing an American gift. A gift from God. It's time to fight for it protected and defended against our adversaries so as of the recording of this podcast the Senate has still not reached a deal in the next corona virus relief bill but it seems like a deal is imminent. It seems that there'll be three hundred. Seventy billion dollars in loan programs The negotiators are kind of Tilton. Their hand that also includes seventy five billion dollars for hospitals. Look I know that sounds good but I want more detail in the seventy five billion dollars for hospitals. Did you know that the New York Association for hospitals and I might be not totally technical on term gave four million dollars to the Democrat Senate leadership PAC for Chuck Schumer four million dollars political campaign contribution which is not insignificant. Now how a supposedly nonprofit entity can give money to a political campaign like that. I don't understand. I'm sure they did it through some for profit vehicle or some five. Oh one six trade organization. It's still highly suspicious to me. I don't like that seventy five billion dollars for hospitals. The fact that they're furloughing workers all across the country hospitals are furloughing workers. They say twenty five billion dollars for testing. I love this idea as long as it's spent properly. I've no confidence that the government will ever spend money properly especially on testing. They're going to spend it inadequately and not appropriate the three hundred seventy billion dollars in loan programs for small businesses. This is totally necessary. They've already made a deal on this. You had millions and millions by the way that's not going to be enough money. It should be around. I mean if they actually wanted properly which. I'm not necessarily suggesting because I'm a fiscal hawk and I'm worried about all the money. We're spending barring generations to basically hyper inflate our way into a meaningless currency of the future by the if you keep on creating money and you're not producing an equal or greater rate that you're producing money. You will have hyper inflation. It will hit you so unbelievably quick that you'll have no growth an influx of dollars. That mean absolutely nothing. The worst case scenario you could possibly imagine but the three hundred. Seventy billion dollars in loan programs for small businesses is so sorely needed Businesses thought they'd get it in this last round but ran out of money so quickly. They are suffering. They should get that approved and prove that quickly. I could have done that a lot better and a lot more nuanced but I would make an argument that it does go into Fifth Amendment Clause. We talked about this in a previous episode of Charlie Kirk show of government literally stealing wealth and time and property away from business owners by force closures and by the way rather than spending two trillion dollars with all that pork in it last bill. We should have had way more money for small businesses to keep their employees on payroll. This was another DC ruling class insider con job. Also I'm just looking at my cable news. Feed there are protests happening all across the country and people say Charlie. Is this a good thing or a bad thing? We'll look I have called and I got plenty of grief from this by. Abc News and it was in the New York Times today. Where they said we`ll. Charlie Kirk had a students for trump called for a peaceful rebellion against Democrat governors. Correct operative word being peaceful okay. Rebellion is a strong word. But if you use peaceful as an adjective before it actually does not become a very charged word. I actually enjoy backlash against tyranny. I mean I know call me old fashioned. Call me like seventeen seventy six. I actually love seeing people peacefully leaving their home wearing masks making signs and calling their leaders out when they go way too far. I actually love seeing that. I I think that peaceful here. That media matters peaceful civil. Disobedience is a muscle. And if you don't use that muscle atrophies and just disappears. So yes I love seeing that and it's been so unbe unfairly attacked the Meteo. Donald trump is playing into white supremacist. Because I saw Nazi flag. Can we just dispel this once and for all first of all? I don't support anyone ever using Nazi imagery or even that disgusting term now. I don't support what this one protester was using. But this one protester was calling governor. Whitmer a one thousand nine hundred thirty style Nazi. Okay now again. I don't necessarily support this symbolically at all. I think it's kind of foolish and silly and I think it's not a fair comparison at all. But it's different than saying there were pro Nazis in the audience than someone saying that the governor was a Nazi. Okay so that's just a media. Disinformation is what that is. And they said that in one of the press briefings because they're lazy backwards thinking journalists had did not actually do their research and so what I find even more deeper concerning about this is the collusion between the TECH COMPANIES. And our government. I've been warning about this for quite some time here on the trolley. Kirker you guys can go all the way back on the Charlie Kirk show archives when you can look at my stance base where I talk about. How the tech companies could basically become more powerful than the government and. I'm GonNa talk about how this is erosion of individual liberty and freedom. But I you know what I'm looking at right now. I'm looking at Mr producer wearing his rakhine ear buds. He loves his right Connor Butts. In fact he listened to the Charlie Kirk showing his Rakhine ear buds. He works out with his right ear. Buds the whole Charlie Kirk show when they are listening to the Charlie Kirk. They use their wireless ear. Buds from Rakhine. You already know this but Rakhine ear. Buds are about half the price of any other premium wireless ear buds on the market. They sound just as amazing as all the other top audio brands that you know their newest model. The everyday e- twenty-five ear buds are the best ones yet. They're about six hours of playtime seamless Bluetooth Pairing More Base. Morecambe pack design. That gives you a nice noise. Isolating fit ray cons wireless ear. Buds are so comfortable. Perfect for conference calls or binging on podcasts. Unlike some of your other wireless options. Rakhine ear buds are both stylish and discreet. They have no dangling. Wires are stems to distract anyone during video calls. You've heard me talk about how the company was. Co founded by Ray J and celebrities like what's coming Cardi B. occurred? She's usually politically clueless. But she's so correct about ray console. Snoop Dogg when he's not elevated another plateau of enlightenment. He's listening to Ray Con Music. So pick up a pair and see what the hype is all about. Give a fifteen percent off your order at Bairam Khan dot com. That'S BIRACIAL DOT COM MR producer. Right now is smiling pointing to his ears. Because as he's listening to the Charlie Kirk show right now he has right. Con- ear buds on half the price twice the quality by RECON DOT com. Fifteen percents off your order so facebook has just taken down many of these. Rsvp events you guys are probably familiar. With facebook events. Basically you can organize events on facebook And CEO Mark Zuckerberg took down some of them in collusion with state governments. Because he said they were in defiance of stay at home. Orders George Stephanopoulos basically asked. How do you deal with the fact that facebook is now being used to organize a lot of these protests to defy social? This isn't guidelines states Zakar bird responded. Well we do classify that as harmful misinformation and we take that down so look the right to assemble a fundamental right outlined in the first amendment the constitution So by the way. Facebook is basically coming a pseudo circuit court judge. You understand that right. Facebook is now having more power to be able to police speech to the police. Human Behavior the Ninth Circuit Court. That's really terrifying. Facebook should not do this. It doesn't matter if they disagree with. It doesn't matter if they think it's in defined to stay at home mortars let the police enforce that okay who gave facebook a badge who gave facebook a robe to be a judge or a gavel to being began court proceedings. We didn't for a reason because facebook is a private company a spokesperson for facebook. They told the hill that the events would only be taken down if they violate state laws. But but here's the thing is that that's not up for them to decide and I'm so sick of this okay. These tech companies keep up the Palestinian Authority. They keep up isis accounts. They barely go after child sex traffickers. They turned a blind eye to the most disgusting anti-trump behavior and yet they go out of their way to try to stop free-speech activists of which we have a federal right enshrined in the bill of rights to do later the tech companies who basically have done nothing at the scourge of child sex trafficking for years that basically said Oh. Well it's free speech. We can't do anything about all these. Left-wing activists organizing hate and violence through ANTIFA. Hey facebook Mark Zuckerberg. Why is it that you're taking down people protesting stay at home? Orders that are destroying businesses that are destroying entrepreneurs livelihoods you keep antifa meetings and events that literally organized political violence against gay journalists in the streets of Portland got smacked in the face. Had A brain bleeds zero people on the streets of Portland yet. You continue to allow Antifa to organize you. Continue to allow the Palestinian Authority accounts to exist despite the fact that they kill innocent Jewish children and the streets of Jerusalem and Judah and Samaria UTECH companies allow the Chinese Communist Party on twitter to Gallivan. Push their propaganda nonsense and lies with no recourse so basically what this means is that companies are making their big offensive. They are making their big play to basically play jury judge and executioner over human behavior and free speech. I Never WanNa hear again that's slippery slope fallacy. No that's a slippery slope fact when I talk about how these tech companies are going to use their power in the future again. If these people are violating the laws of which? I don't support by the way if these people are going to do something wrong. Have the police get a warrant to take down the event. Okay have a sheriff. Go to a judge and say this events this public event that is being basically advertised on facebook. It's going to cause criminal activity. I need a warrant dead. A criminal warrant show up to Palo Alto or call facebook and email them a copy of the warrant then. Facebook should take it down. Facebook should not take it down. There is a warrant. Why because they do not take down Antifa and they do not take down these other people in their websites. They'd say double standard if the left and the ruling class did not have double standards. They would not have standards at all. Where's the due process again? It's not like support criminal activity. Of course I don't okay. I actually think criminals should not be released early from prison. Just because there's a virus outbreak. Guess what Newsflash you don't WanNa be in prison. Don't commit crimes that simple okay. But if someone is breaking the law on facebook outwardly sang. Let's go defy this than the police should go to a judge or they by the way a police order should be sufficient to take this down if the police works with facebook and they say this is a violation of law. Take it down. But facebook is basically saying we are interpreting this ourselves. They are basically making themselves the government over all of us. It is time to hold these companies accountable for this blatant censorship and deterioration of free speech. So the podcast coming. We're going to dive into our turning-point. Usa groups are being censored on college campuses across the country at Baylor and Texas Christian University. We're giving them a chance to right. Their wrongs in the same week the same way. The Saudis in the Russians hit America during the Chinese Corona virus to try to destroy American energy industry in a very bizarre fashion to Christian colleges in Texas have colluded to destroy turning-point. Usa's existence on their campuses. Now I'm not equating Texas Christian University and Baylor University to the Tarantula governments as Saudi Arabia and Russia. But I am saying. The behavior is awfully similar in that they are also islands at Talibanism which is not exactly a new. Take those that listen to the show and follow my commentary. We are going to get into that tomorrow but if you guys want to support our turning point say chapters on the ground that are fighting back against the tyranny of the left good teepee USA DOT COM teepee USA dot com. I JUST WANNA say we stand by our students that are fighting on college campuses. Every single day this Chinese Corona Virus I think is only emboldened the Marxist the Talibans the collectivist and the status to have more control of our society. That is why I am supportive of a peaceful pushback against centralized power and control the president. The United States supports this when he says liberate. These certain states. I love to see peaceful civil disobedience and organizing around liberty and freedom. I think it is uniquely American. It's something needs to be applauded and appreciate the rest of the world looks to American leadership Hong Kong protesters against the Chinese Communist Party. They looked to American protesters for inspiration against that tyranny. Similarly as these lockdowns get more and more draconian. The rest of the world is and look to our protesters for leadership on how to peacefully and civilly push back against some of these tyrannical government measures. That have gone way too far against the Chinese Corona virus. We'll be back with you guys more this week. This was a great episode. Please email us your questions freedom at Charlie Kirk Dot Com. That is freedom at Charlie. Kirk DOT COM. We want to hear from you and for those who want to Volvo turning-point USA go to Teepee USA DOT COM. That is T. P. USA DOT COM CHAPTER CHIP IN SOME MONEY. Attend one of our events as they're coming down the calendar. Teepee USA DOT COM and finally subscribe at the trolley. Kirk show type. Charlie Kirk Short podcasts provider hit that subscribe button. God bless you guys. God bless America. Keep fighting keep the faith we will win. They will lose. Hey I got a new podcast coming. It's called Theory Theo. Rossi our world is changing for many of us. It'll never feel the same important thing to remember is that we are all in this together. And that's what I WANNA talk about on my new show theory. We're going to discuss the things that no one ever does. The real talk the sacrifice and the struggle that everyone goes to my life is kind of a unique position to savings. Honestly this is Theo Rossi. And my new show theory launches on April eighth fishery on spotify. Podcast one apple podcasts.
Up To 40% Of NYC Restaurants May Not Come Back
"Welcome to the Bloomberg markets. PODCAST I'm Paul, swinney along with my co-host upon equipped every business day we bring you interviews from the E.. O.'s market, pros and Bloomberg experts along with essential market-moving news time to Bloomberg markets podcast on Apple Podcast, or wherever you listen to podcasts and on Bloomberg Dot Com. Yesterday mark that day face to reopening for New York City, one of the. Areas that got a little bit of relief. Was the restaurant business outdoor dining now allowed? The restaurant industry tries to get back on its feet to get a sense of how that went and how the restaurant industry globally is faring here in this pandemic world. We welcome. Kate a crater food editor for Bloomberg pursuits. Kate thanks so much for joining us. Give us a sense of how you think. The reopening of the restaurant business in New, York City is going to go going to be sitting on sidewalks and in the middle of the street I guess could, but what did you? What did you see yesterday? And what are some of the restaurant tours thinking as as a? That's a really good question. and I think I think how it went, and how it's GonNa go depends on who you ask because for some people for less thrive terms I think a lot of them are just delighted that they get to be back in business and serving people and you know they've been setting up tables feet apart and. All of a sudden like activating their parking lots and turning them into dining rooms but for then for some other people, it's not a one size fits all situation and for some people. They realized that selling ten dollar. Only soup is not financially viable when you can only do fifty percent capacity, and have people succeed apart so it's different. It's different throughout, but I think there's cautious optimism that's was the overall Yeah Okay third twenty seven thousand restaurants in New York. City surely all of them. Don't have outside room, do they? Not. New York City I mean there has closed I think like forty three miles east, and that some of that can allow the alleviate. Restaurants were able to apply for outdoor seating permits in a place with Peter Luger. In Brooklyn that has never ever served steak outside their doors. got the permit. The permit and as of Thursday is GonNa have table outside the restaurant and is playing parking lot into a sort of nick area. So. A lot of restaurants can take advantage of it, but certainly you're right. Not all of them can, and not all of them want to just to follow. Their I wasn't sure if you needed a permit. How does the permitting system work? And how much does it cost? That's a good question that I haven't applied permits. I'm not quite sure. I know that I know that permiting went live on. I think it was, it was either Thursday or Friday 'cause. There's like four or five days ago to have a permit for Monday, so there's been a lot of there has always been great message from the government. You Know I. think that a lot of restaurants and restaurateurs continue to have. Have a lot of questions about what to do. For instance you're eating outdoors, but what happens if you have to go to the bathroom, because there's all these rules about distance, and how many people can use the bathroom and all of it, so there's still a ton of questions but the permanent process I think it went really quickly once people could apply, but the applications went up very late as I understand it. I Know Leslie Patent, and you wrote a story for today on the Bloomberg and the headline really grabbed me two point. Two million restaurants worldwide teeter on the brink of collapse. Can This restaurant industry is? This is going to be permanently scarred here. Yeah Oh my gosh. We're never been a you know. If you think we're going to go back to what it was like in February, twenty twenty were not no I. Think there's there's no way there's no. There's no going back. Everybody has moved forward in the most successful people most successful hers we're going to be. The one realized that sticker out. See new new ways new way forward and opportunity but there was reports from the National Restaurant Association, that industry is already lost, one hundred and twenty billion, and they don't think they can be profitable for at least six months and I think six months is optimistic, actually yeah, and I mean for restaurants like you have to be profitable on a weekly basis in order to keep them running kate. How will the restaurants that have low occupancy to begin with I mean? Several on my street alone can only certain amount of people. How do they manage week to week if they don't get those extra ten customers that they need to make the profit margin. Yeah, Vanni, such a good question and I think especially right now stays to work I'll outdoor. this chef. Mike Price at the clam in New, York was saying. You can have slow Monday or Tuesday, but you're Saturday. Saturday was cover your cost. And now there are so many variables and also outdoor seating, depending on weather, so if you have a rainy, Saturday, and you thought you had sold. Sold out, and then he can't take everybody in. That's a disaster. I mean a lot of them. A lot of restaurants have been enterprising and turns themselves until like grocery stores and selling cocktails, and that's done surprisingly good job of helping helping create income, but I think exactly as you said, it's still like the margins are so slim anyway, so It's a real I it's it's a very talented future so just real quick. In New York City. How many restaurants are expected to to go out of business I guess? that's. Good and scary question I'm open capable to the survey and they thought nationals twenty five percent of restaurants when they get I think York's number might be higher i. mean I think that's a conservative estimate anyway, but in New York as you guys were saying. Spaces much tighter so fifty percent occupancy is a big difference like ten people finally said so. I think that number's going to be higher. I would not be surprised if it's like forty percent. It's the very scary number. Yeah, it's terrifying, Kate. There's some great details in your story. I would urge everyone to read a two point. Two million restaurants worldwide teeter on brink of collapse. Kate Crater there joining us and those. Paragraphs poll lays out just how much it costs to change to contactless takeout orders delivery of course in the equipment, walkie-talkies, masks, thermometers, but five thousand dollars a month for the average restaurant apparently. Yeah, that's the the economics on the delivery business, not nearly as as the in store dining. Data check research produces a morning note that is always always thought provoking five days a week. Something just sparks the thought process when you take a look at the email. And in recent days. The CO founder Nikkola's has been looking at everything from yield curve control to the impact of the upcoming elections on stocks and markets, and how this do nothing markets is. Just baffling and some ideas for what to do in this, do nothing Margaret. Let's bring him in now. Nick Co founder of data check, research, Nick, let's start with yield curve control only because pointed out today, the New York Fed blog out which explains why yield curve control is more efficient than quantitative easing, and at the same time in a different region. The Saint Louis head President Jim Bullard is saying now. We're not going. Have yield curve control. It's it's unnecessary. Yes it was fascinating to see the New York actually put out a blog. Analyzing the Japanese experience with your control pointed out very clearly that you'll curve control has the advantage of not requiring much capital from the central bank to execute a given rate target for say the long end of the curve from the set of spending tens and tens and tens of billions of dollars to hold rates certain level, simply telling the market we're GonNa peg it at X. means you have to spend much less money to make stay at so fascinating to see the New York Fed saying there is some merit to yield curve control in terms of efficiency in central bank balance sheets. Hey Nick I mean so when you think about this market here. Are you concerned about what I'm GonNa, term or the lack of a breath if you will in this market. This forty percent. move off the bottom it. Centered on a handful of names. The Amazon's on the apples of the world. Amateur concern is that for you? Fascinating points I mean if you look at the two thousand nine rallied for example, which there are many analogues to the current rally that won the two thousand nine rally was all about the banks. The banks doubled in value from March, ninth, two, thousand, nine through the next sixty days ninety days. Rather you know basically the same day is today, so it was led by banks, even more than this rally has been led by texts so it. It does feel that big snapback. Rallies off the bottom are always led by something in nine. It was banks for all the obvious reasons. This time around. It's been tax because of all the stay at homework at home phenomena that we're seeing still play out to this day, and that seems to have caught investor's attention so I'd say as unusual as it is, it does fit a paradigm for snapback rallies like Oh nine and twenty twenty. Nick Robin Hood has been a huge source of interest to so many people all over the country in recent days and weeks retail platform for retail traders. How much of an impact are these people that maybe have an average account size that you say than thousand dollars? How much of an impact are they really having on the markets? You know as a mark impact I'd say not that much. They do get a lot of press because of things like hurts the USO. Before that and so, they are making some rookie mistakes, because that's what rookies do, that's fine, but as you said, the account balances relatively small, robinhood doesn't even have an IRA product. This is all Kinda discretionary retail money taxable money people putting in a couple of thousand dollars to play the market well. Sports betting is closed, so I think it's interesting, but I don't think it's had a big effect in terms of money flows, but tell you. Having looked at Marcus for thirty years. It is fascinating to see you know. A couple of million people decide. They want to trade stocks in the course of ninety days, but that hasn't happened in twenty years, so it's it's interesting to see, but if my money flow perspective, not all that I love. Will make you are know rookies. You say thirty years your grizzled veteran here so you've been through a lot of presidential elections here in somebody told me the two thousand twenty is an election year. How were you kind of? Nobody's really focusing on right now. Because obviously there are bigger issues more immediate issues for folks and investors. How are you thinking about the presidential election coming up here in the fall? You know the way we're thinking about. It is not just presidential election, but the congressional ones as well, and we did some work for clients last night that looked at okay so back in nineteen forty-five. How does the market do when one party controls both the white? House and Congress both chambers? It's only happened in thirty years over the last seventy five so less than. than half the time, but when it does happen, if Republicans hold both White House and Congress the SNP up an average of sixteen percents, and when Democrats hold both houses both chambers and the White House, it's a fourteen point. Three percent on average drawdowns are never really bad. Those are both veteran. The average hasn't returned since World War Two. Which is eleven percent so? So they're really important thing somebody either party somebody has has to own. The economy owned the problems and find solutions, and as long as that happens. Markets tend to do okay, so we're not as worried or focused on by their. It's Mr Trump for Mr Biden. As much as someone's gotta own it because particularly in twenty twenty one. The economy's still needed a lot. Lot of help, and if one party owns it, one party has the fix it yeah, we actually heard bill. Ackman say that yesterday as well that he's not making any predictions or any trades based on who might be the next president at the same time, nick, we're going to have such different policies under a Joe Biden than under a second term president. Trump right. Absolutely, I mean the biggest worry I think for. Markets is okay of corporate taxes obviously came down in two thousand seventeen, almost certainly go back. If Democrats control those chambers, the White House, but we might also ct generations of of fiscal stimulus programs into twenty twenty one, if unemployment continues to be high, and if one party owns the economy next year, they will have to figure out a way to make growth happened. Even if it means more fiscal stimulus so to me, it's `twixt in tween between the two problems. Yes, probably higher corporate taxes, but if we can. Escape, the loss of the cheaper better economy through fiscal stimulus. That's a positive, so I think it balances out. So Nick. It seems like I'm just looking at a chart just on. Showing of the Cova cases in the US and the. Recently it's kind of turned the other way the wrong way here yet. The market seems to be kind of discounting that so much, whereas if we'd seen the spike up and big states like Texas or Florida. We see I think a pretty negative reaction, the markets back in February and early March and early April. What is your sense of kind of how the market just thinking about the virus per se? Yeah. Very very important point I think two things of the first is. This is why tech is rallying. Tech was playoff the bottom because of work at home, and all the other things we know, and tech continues to lead. That's one way of knowing that the market is saying we're not gonNA play the rebound. The classic rebound trades were playing tech, because those things work regardless of what happens with the virus in action rates, and how states managed lockdowns and so forth. The second point I think the market is saying is. America's basically going to try to power through this infection rates are going up, but it seems to be among younger people with. At least historically lower mortality rates, and so this will be a problem, but it won't be the existential problem that it was. We locked down the entire country for the better part of so the market is saying profits going to recover, but we still want to be in the more defensive names for this environment, which is tech and technically market higher. Enacting so much joining us again as always, we learn a thing or two when we talk with you, Nick Colas co-founder Data Trek Research I recommend you read his stuff. It's just really really insightful. Really gives you some food for thought as we think about navigating these markets here in these uncertain times. What, if dear? Abby was an investigative reporter. That's the idea behind the podcast how to with Charles Duhig Pulitzer Prize winning author of the power of habit. Each week on how to Charles finds creative solutions to listeners toughest problems. Recent episodes have included how to stop procrastinating how to fire your daughter how to find a new career before it's too late. And how to say the right thing at the worst time? The episode featured a woman who lost her brother-in-law to covid nineteen, writing in asking how to comfort her sister while social distancing. Charles Brings Grief Therapist, who experienced her own tragic loss and How to learn what to say, and what not to say to someone who's screaming. Look for how to with Charleston Hake from slate wherever you get your podcasts. A, lot about apple's strategy yesterday from Tim Kovac they worldwide developers conference which to fly virtually it continues. Let's bring in somebody who knows all about who can tell us what exactly we need to be watching out for David Guarantee. As chief market strategist at Laidlaw and company, so we got the big announcement yesterday David. That apple is going to replace chips with its own ship, so intel no longer needed Intel no longer inside apple inside these days. What else can we anticipate will emanate from the week. That would be useful interest to investors. Certainly Vonnie What's been coming into the conference apart from the fact that they're moving away from Intel to their own design chips is the fact that with regards the chip designs. They're going to use a R. M. designed chips as a platform across their entire range of hardware products with the idea that this not only provide benefits in terms of reduced power consumption at also provide a standardized platform that they're developers can write programs to across all their products. So David Give us. It seems like a kind of a big deal to me to moving away from. The tried and true chipmaker. That is Intel that they've used for many years to their own chip. Why are they doing it? Why are they doing it now? What's kind of the rationale? Well I mean. Apple certainly has gone to a scale. Where it's possible to consider investments that they may not have done previously note however that apple historically has had a business in which they've been involved in designing semi conductors. Now they'd had this in cooperation with IBM in terms of IBM was running. The semiconductor fabrication plant were apple-designed chips were made. So this is not entirely a new business for Apple, and also speaks to the scale, and also arguably speaks to what their intentions are for their technology, perhaps Intel not able to support as readily. In terms of supporting developer community Tim Cook has been trying to do a good job, but the US and Europe is investigating apple over sort of antitrust allegations. How much takes developers in the APP store? And so on? What happens what? HOW DOES THE STORY END? Well, he knows third leave. This has gotten to be the services business for apple has gotten to be a a fairly significant portion of their overall revenue high last year about forty six billion dollars of what apple made was coming out of services. These are fueled by third party developers now as we've read and no apple charges at the third party developers, thirty percent of their revenues actually have their products listed on the APP store You know from the standpoint. Standpoint of business development thirty percent is a pretty big cut one to argue that apple perhaps could get by with something half or less of that, and still provide a very encouraging signal to its third party developer community, and at the same time themselves grow a very substantial business so clearly the argument here around the economics in terms of this business model. Certainly, apple is in a position potentially to give more in order to maintain a vibrant third party developers community. David a big part of the bull case for Apple, stock is five G., and the arrival of five G. presumably will spark a super cycle in phone replacements, and of course apple benefit from that. What do you expect to hear? What have we heard at this conference about five G. and what it means for Apple? Nothing in particular as of yet, but I would expect that the company should be making some indications that will get people excited about the upcoming launch in late September of the five G. Iphone certainly the five G. Hyphen Apple in this regard is following other competitors as apple as wants to do in terms of adopting new technologies, but having an apple product able of. Of using five G. networks and the greater speeds in data capabilities, those networks have we do believe very much will prompt an upgrade in terms of the user base for the Apple iphone something. Clearly I think that given the scale of Apple you should be important development for them in terms of not only their smartphone business, but that of the overall smart market. Tim Cuckoo's very vocal today about the president's decision to suspend the. Giving out of H. One B. Visas through the end of the year new ones at least and I'm curious David Willis have an immediate impact on apple. I think if there's anything that we've learned not specifically from apple, but more from dealing with the COVID, nineteen pandemic is that companies are more and more capable of operating under distributed basis. We don't necessarily need to have workers co located now, obviously the intent of the H.. One B. Visa program wants to be bringing workers physically into a location here in the United States in order to operate I. Don't think that you know not having H. One B.. Visa program is going to be detrimental to apple in the. The near term, the bigger implication I think not for apple, but more for the US economy. Is that potentially denying five hundred and twenty five thousand high paid workers presence in united. States economy the trump administration has deprived the US economy of the spending that those five hundred twenty, five thousand well-paid workers would bring with them, and so from this point it seems arm hugh sort of a cut nose off despite your face kind of move by the trump administration not very well informed and certainly misguided. David just got about a minute left. Is the overhang from regulatory risk that was building for the tech industry last year and going into this year. Has that kind of a baited given all? That's going on in the world now. I wouldn't stay that. You know. There are a matter of priorities or triage, if you will in terms of dealing with the things that Confronts Society Covert Nineteen being first and foremost, but when things are settled down once we get past the November. Election I certainly do expect that there will continue to be demands for greater oversight with respect to the technology community focused on data privacy you know the extent to which media continues to be used and to. To be manipulated, with regards to the upcoming election remains a vital concern. So you know there's a great deal. It still remains to be done Jack Dorsey of twitter you know certainly has broken ranks with others such a sucker Bergen, saying that they would take down political content or be more aggressive in policing this content but no, we're not out of the woods by any stretch of the imagination as far as greater oversight of the technology technology community. David, thanks so much for joining us as always a good wrap up kind of what's going on at Apple. Event this week as well as all things. Technology David Garrity chief market strategist at laidlaw. And also a partner at bt block giving us his overview of the market. Do you remember when Trade Headlines Two? We had a little reminder of that yesterday and into this morning when Peter Navarro, the White House adviser who of course has been appointed to help on US trade with China sold confusion and a Fox interview. He said basically that the US China. Trade Agreement was over well. You might think that that would have snuck by markets, but no, we got a big. Change in markets and US President, Donald Trump actually had to come out and clarify and say no. Actually the dealers China is fully intact for more on what will end on behind the scenes and what we should expect wise over the next six months. Let's bring Bloomberg trades are Brendan. Murray joining us from London, Brendan? What was all about was Peter Navarro, trying to Sosa mischief with Chinese. Well he sounded like in an answer to a question. On, TV interview that the that the that the the China US trade deal this phase, one deal that they signed in January was over and so that's that obviously is depending. A lot of agricultural purchases is and A and other things that you know, the trump administration negotiate it, and then of course the American companies under a lot of stress with tariffs over the past few years, so the news that or the appearance news that that that that deal had come undone. you know is really what's investors now it turns out that President Trump tweeted just a little while later that that the deal was still intact that A Peter Navarro, who wrote a book called Death by China incidentally. Was Misunderstood so you know he's obviously one of You know one of the most people one of the most hawkish members of the trump economic team on China. So it's not surprising that you know he you know He. He thinks that you know the trust is gone, but but Yeah, it's definitely it goes to show you that markets. Are you know kind of on edge and if that trade deal? Disintegrates then you know, we might see you know even more selling so Brennan what is the status of the phase? One deal Everett's and reports. Where maybe China's only bought maybe twenty five percent, or so or of what they were committed to in terms of agricultural products and other products. Where are we phase one? So the person to listen to on phase, one is Robert Lighthizer US trade representative the deal he negotiated he. Seems to be the point person on it knocking borrow so if you if you listen to lighthizer. He thinks that basically China and he testified to Congress last week. That China really didn't get started buying You know the agricultural commodities that they promised to until maybe march or April kind of once. They got through the worst of the corona virus. Outbreak there, so he he sounds of its sympathetic, and you know giving them the benefit of the doubt and. and has seen some purchases in recent weeks. you know whether that continues is anybody's guess, but lighthizer for his part. At least you know seems to be still still confident that that it's GonNa. Take that purchase are GONNA pick up in the second half of the year in. China will keep you know. Keep those commitments. There's always the question mark over whether China could actually fulfill all the purchases that I'd had promised, but separately from that Brendan. was there any impact on the deal? From the John Bolton allegations that the president sort of asked China to? Is it's not something we didn't know where he didn't suspect. Very Black and white, the idea that the national security advisor was saying that president trump straight out US China to buy agricultural goods in states where he might be, you know. On the balance between getting reelected and not reelected. Let any impact on the talks. It doesn't seem to have had an impact on the actual deal that they signed itself, but it just throws. It just throws the whole relationship you know into more into more turmoil and you know if you doubt it, you know if you doubted whether the there were political motivations behind You know that that that feel that trump was pushing. You know you might you might. You might think twice now, but but it's it's it's. It's definitely added a layer of intrigue and a and a lot of talk about in Washington in Washington at least. So Brenton you say Robert Hi, Robert. Lags is one of the folks in Washington, we should be listening to when he recently said in a Bloomberg News is reporting that. Tariffs maybe even higher tariffs on medical supplies. P would be a good thing. I'm just not sure how that would be teed extent, we are seeing some spike in cases, and we may have you know kind of another wave of the virus in the fall. What do you think is logic there? Well. His logic is that if we put tariffs on on imports than than producers will have an incentive to make them domestically, so his his tariffs drive You know the return of manufacturing jobs to to the US in in Bassett lighthizer You know world and you know that's debatable obviously, but the you know it's it's it's it gives you a sense of of all that we've been through two years of a trade war with China three hundred seventy billion dollars worth. Worth of of tariffs of of products that are that have tariffs on them. You know that he he still finds and some problems with the you know the medical supplies personal protective equipment, coming to the US during the during the worst of the pandemic. You know that that tariffs still are the answer for him, and you know it of it could give you a sense of where where we might be headed with with Europe in the trade relationship. That's that's not getting better either. and and you know what's sets up such as up an interesting second half of the year. Brendan Mary with the understatement of the day prep spread. Murray trades are for Bloomberg News? We always appreciate getting your perspective on Trade Ins. Von, as you mentioned, it's kind of a topic. We haven't spent too much time on over the past couple months. We've been dealing with the pandemic, but as you suggested earlier Vanni that it is still. Right Front and Center for. The markets here because it really impacts the economic trajectory of not only the United States, but also our trading partners around the world, so advair watching and folks like Brennan Mary. Help us do that. Thanks for listening to Bloomberg Markets Podcast, you can subscribe and listen to interviews at Apple podcasts, or whatever podcast platform. You prefer I'm Bonnie. Quinn I'm on twitter at. I'll pulse. Twitter at PT Sweeney before podcast. You can always catch us, worldwide at Bloomberg radio.
EPISODE 82: Brady Josephson of the NextAfter Institute
"This is taking care in business, a podcast that dives into the topic of corporate social responsibility for many different perspectives host Kathy Potty Hayes is an expert in CSSR and philanthropic giving and her co host. Vicky bulletin is the founder and CEO of Bulletin Group A unified marketing company. That was also the first B.. Corp Certified Company in Indiana Cathy. Vicky became friends and equally passionate about CSR when they first worked together several years ago. Join them as they talk about why it is always worthwhile to take care in business hey cathy. How're yeah? I'm doing well. How are you? I'm doing well I'm looking at you but I'm not I'm not next to you, so we're getting used to this whole world of Corona Virus pod Kathy Right. And, I know it's not bad. No, it really isn't bad. It isn't mad at all now except for that, my dogs, the background, a little bit so I have to Utah I had my kids take the dogs outside for a little while so hopefully they want us through my door and. Join. joiners Zoom meeting here as we look at each other while we tape so. Matthew can maybe edited out awesome well, so obviously think we're living in really different world and we I am like on social media all the time now and just trying to stay connected and online quite a bit. Are you doing a lot of that as well oh? Yeah, yeah, I just find it fascinating hell, companies and brands. Are you know communicating with their various stakeholders throughout this and? you know, learn from that and see what they're doing, but there's definitely a lot of questions about you know. Why some of them are making the choices they are, and then there are those that are just rock stars. You know ready to stand out and you're like. Oh, my Gosh! How Brilliant So Yeah it's been! It's been very interesting, and and really learned a lot throughout the process and hope that we as you know a communications company will be better from what we've seen, and and really from this unique experience of having to work remotely. Yeah, well. I'm really excited for our next because he is an expert in online. Giving, and you know I don't want to tell you when I got my master's degree, but it's more than twenty years ago when I tended the fundraising school here at I do and and now am. There, but you know when I was in going through fundraising school. We didn't know anything I. Mean there was no kind of line busy, right? We did all of our appeals by mailed mail such a big deal, and now of course online giving is just huge. It's it's I, would say the majority of what most of my clients use our online appeal some of the old school stuff still works, but I know online giving increased the latest report that I have is from two thousand, eighteen, an increased twenty three percent in twenty seventeen, and then that was after fifteen percent growth in twenty sixty. So this is definitely something that is trending up. And what's really great? Is that Brady? Josephson is our next guest and he is. Managing Director of the next after institute, and this is such a great resource for organizations that are interested in reading money. The next after institute provides original research, develops evidence, based resources and provides data, driven training, help or to raise more money online to fund their life changing work, so brady describes himself as a charity nerd. Adjunct professor and International Speaker, and he's been featured in the Huffington post NPR and the chronicle of philanthropy others. He was the lead researcher and author Canadian. Online fundraising scorecard to state of nonprofit donation pages and the state of nonprofit email cultivation he is also to host the generosity freak. Show a podcast discussing how we can improve, optimize and grow it. I can't wait to I. Haven't listened to that yet, but I'm putting it in my queue. I can't wait to hear it. So Brady just outside man, couvert British Columbia with his wife, son, dog and cat, so we are very happy to welcome Brady To our show today so now we can say you've been featured on taking care of business to Brady. Thank you so much for having me I'm doing well so then next after institute has been really busy lately right yes. Yes, It's an unfortunate reality of of the world that we're living in where organizations are having. To look at how to do things differently and good news for us as you know, we've invested heavily in the online space, and that's where a lot organizations are turning, so we wish that this would come about in a different way, but we are having some exciting conversations organizations right now. So can you give us kind of an overview on how? Kobe. Is really impacting nonprofits and online giving and I know you guys have a safe on your side about that. Yeah, you know one of the things that came out right away. Was this immediate response about nonprofits should or should not be doing you know like immediately and a lot of it was said with a lot of confidence. You know nonprofit should do this or nonprofit shouldn't do this, and that always makes us a little wary because it's. How do you know exactly what to do? especially with confidence in the wake of a? A global pandemic you know I've been in this my whole career, but I haven't lived through something like this and even people that have gone through multiple recessions or things like nine eleven, which are extreme examples. This is still pretty different, so our approach was kind of a a little bit of a wait and see, and let's look at what they has to say, which is really our whole approach to fundraising and unlocking generosity is saying what does data and research tell us, so? We put together this resource that was calculating. online giving behavior and web traffic for ninety organizations that have given us their data kind of in real time, and then we do these mystery donor studies where we make donations and become an email subscribers get thousands of emails that we use to analyze, and so we just took one hundred and fifty two organizations across verticals and kind of trend them these charts and put those examples up online, so at least nonprofits could see what other people doing because I think one of the first fears was. We must stop you. You know we can't be asking for money. We shouldn't be communicating and that we know is actually the the recipe for fundraising. Disaster is to stop communicating, and so we wanted to Earth some data and show you know yes, other organizations are doing this and look actually you know online giving actually growing, there's more people giving even though the amount that they're giving is less, so you know bringing some data to the conversation is one of the things that we're trying to do with that that project the research. The trends that you found in your study. Can You get the highlights? Yeah, definitely, one of the friends that we saw. Is that up until March and even through the beginning of March very very few organizations were mentioning kind of covert or corona virus. If at all, and then, since then, since March I kind of after that point about fifty eight percent of the you know that we've received so a couple of thousand emails have some mention of covid nineteen or corona virus, so there was a fairly quick response in terms of we, we need to be kind of at least mentioning or acknowledging What's going on and then on the? The giving side. The trend is There's more website traffic particularly from email. People are at home, a little bit more maybe trapped a little more maybe looking for things to do and going through their inbox, so emails actually been a valuable tool or strategy at this time just like any anytime, but it's even more valuable right now, but I think the kind of counterbalance to that. Is Again. The the average size has gone down a little bit in the past three months, compared to last year or the previous three months, so not a lot, but just a little bit and so overall online giving up about thirteen percent, according to what our benchmark is for the year and We've seen kind of a big growth in activity, and we'll kind of see. It normalized I. Think those of us that are really interested in what is this look like long term? Is You know trying to figure out June? July and then particularly year. Year end, because you'll often see a bump in kind of a disaster response, and that's maybe what we have experienced. You know in March where a lot of people felt while we have to respond and help our food banks, and you know people on the front lines, and it'll be interesting to see what what happens later on. When maybe the immediacy of the problem isn't quite as prevalent to see you know. What impact will this have on giving so those are a few trends that we've seen just in our our in our kind of benchmark study. I love the next after institute and then I love what you guys are doing. Can you talk a little bit about how you got started? Yes sure so next after it's been around for about a decade and then for the past four years five years. It's really been in existence as a as a consultancy with more than one or two staff and I joined the team two years ago. And I had my own agency up here in Canada, and learned a lot about running the small business for good or bad and my job, and the reason why the hard news to say we, we work typically consulting with really large nonprofits. To help optimize and improve their fundraising to testing, so we need a lot of volume a lot of traffic a lot of emails, so it's normally large organization, but we learn a ton through our testing in our tactics and our strategies. But we're only just you know scratching the surface in terms of the number of organizations that we can help or work with, and our mission is to be code works in fundraising, and make it accessible to as many nonprofits, so my job is less working with clients and more to try to take the lessons that we learned to research experiments, and then these mystery donor thing. To kind of package that up and say well, let's working. What are nonprofits not doing and translate that into like blogs and resources and online courses, and in person training, because to your point I also went to Grad School, that nonprofit administration, not quite as long, but pretty close, and they're also wasn't much online. So, it's. It seems crazy to be talking about non sophistication of online in twenty twenty, but we're really behind, and so that's really what we're trying to do. Is kind of reteach space and sector based on data and evidence what we can and should be doing when it comes to on fundraising and digital marketing. How about how much I? It's online giving as a percentage of just in total. Yes, about ten percents a little bit less a little bit more depending on the study, but one of the things that I always wanted to point out when when reference that that. Percentage, right is three hundred seventy billion dollars is given in the United States and the vast majority that is not coming through online gifts coming through gifts the stock if the real estate gift. Sets and none of those will you know make its way to be encoded as an online channel? But the thing that will often says where people interact isn't always where they transact all right about seventy percent of offline owners will visit a website and do some research before they write a check, and so that's what makes evaluating the. Potential of digital, just by viewing how much money calms, comes in online as not probably the best metric away to see how important these digital. Because once he started getting above like thousand dollars, donors probably should be sending in checks and things like that to save fees, or whatever it might be, so that's kind of one of the the balances and what we've seen. At least we can improve offline giving as much as eighty percent just by sending those folks email so like direct mail donors. Emails even if they never give. From our data, they'll give eighty percent more through their checks. Just by getting emails so again that'll never show up in the value of online, but it's massive you for digital and online so long answer short ten percent with some caveats. That's so interesting and you have such great thought leadership on your website Really good stuff I can't wait to read and share with different boards that I'm on But what also you know the resources that you have you know you've mentioned some of them webinars and your podcast and It looks like there's books, can you? Explain the various types of engagement that companies can have with next after yeah, I mean the the main thing that we do is work hand in hand with nonprofits through a consulting process, so there's a a three month road map process where we look at data and giving patterns and focus groups and really try to build the two to three year plan you know as as you know the best way to grow things you know incrementally and over time the silver both solutions really hard to find as a very unpredictable, so we try to work with organizations over few years, and so that's like the consulting engagement, and then we started kind of moving down the pyramid of engagement. So that's where we'll do like data audits. The we'll give to organizations contact them through different channels capture all the responses, and then benchmark them and what our experience was to what are our? What we've seen on the the mystery donor study, so it's more of like a user experience benchmark, so it'll be really interesting because we'll contact organizations we'll call them will fill out their contact us form message them on Facebook, and we'll make a donation, and we'll ask the same question as we're going through those processes about why should I give you as opposed? Opposed another organization or not at all, and we'll capture the response I mean asked that question out of hundreds of other nonprofits, and even partnered with someone to do it in Spanish, so we've got this. You Know Big Bank of responses in all those channels, and so it's interesting to see how the response is changed the channel if they get back to us. US At all, wouldn't they often don't? Which is pretty bad so that's kind of like the next tier down, and then really the in the training where we spent a lot of time investing of saying there's great like webinars you can listen to podcast, and it's great for kind of some ideas, but in terms of developing skills of how do you actually? Actually. Get this done a podcast Webinar. It's it's GonNa fall short, so that's where we are. Courses are about five to some of them are ten hours of content that are kind of walking you through how to do email fundraising. HOW DID USE FACEBOOK TO TURN FOLKS INTO DONORS? You know how to do testing, so we're really trying to fill more of this. Training Execution Gap, and not so much the whether little ideas, so that's a little bit more about what we're what we're trying to do, and what we currently offer sure, and you offer those certifications right, and so, how how thought after do you feel like certain? The certifications are in terms of digital and online, giving not not that much to be honest, and that's that's. Probably why we're trying to almost create it to be honest. You know there's like the CFO reprogram. And then there's some other certifications through higher ed institutions, and what we found at least on the online digital side is. There's nothing that really fits very well. A lot of programs are geared towards major fundraising, or possibly grants less so direct response, and then even less so in the digital and online side, and so we just kind of Said Well, we think professionalizing space is important in one of the ways you do that. Allow people to earn some level of certification. So, let's build one and I hope years from now. You know there's there's like a global standard, and we're just one of few folks trying to you know, reach this level of standardization, but we're pretty entrepreneurial, and we didn't want to wait around to get all this kind of buying, and so we just started building one, and hopefully it can hopefully can sit what we want it to be is. Higher on. How do you know if they know what they're doing? When it comes to online fundraising? How do you they? You know what what it means to test? Do they know fundraising? Do they know digital? It's really hard to know and so we're hoping that this certification can be. kind of like a symbol to employers as well as something for people to strive to within their own industry, which is more digital direct response, so I hope that answer will change in the next few years. I'd say yes. It's very desired, and people are clamoring to get it, but I don't know if that's the case right now. I'm pleased to learn about it because I think that would be just such a huge benefit in terms of development and fundraising professionals because again I'm dated in my in my studies, but I. Don't feel like there's been a huge emphasis or certainly there wasn't back in the day, but I I just was curious to learn about that. Because I think it is something that is really necessary so good for you guys. A lead on that can't wait to pass on information to I've got a couple of people on my mind right now that I I'm trying not to get distracted by texting them or milling them right now, so. I'm so happy to hear about your company and I I'm on the Olympic. Tell you which page I'm on your website. just so people can know what I'm referencing I, think it's the careers page because I was just curious how big your team was. You know what it's like to work with next after in Vancouver. Is that correct, so I'm in Vancouver? But I'm actually in the process of moving to Texas where everyone else okay. I'm the only one okay I've wondered about that because it says the Plano Texas is is. where it's located, but anyway that doesn't really matter for what I was going to say what I was going to say is. It's it's astounding. The the very last sentence on that page says that over the years we've improved as might send raising efforts over seventy thousand percent. I mean that's how to control. That is so amazing. Yeah, it's. It's using a metric that use cumulative net impact of testing, so it's not necessarily improving their bottom line revenue. Seven hundred thousand percents We track every single test that we do and it's either. Or a decrease in when you stack little list on little lifts. Time. That's how you get to seven thousand. percent increase over time, but it is It is a metric that we that we keep in track and it's. It's nice to say because it's really big. Yeah No, it really is I mean that's remarkable. Congratulations, I have a client who you know if I a couple of clients, but during this? Corona Virus era one is really seen a huge spike in interest from donors and just sort of online social media presence. They are a sanctuary there like an animal sanctuary, and they've been doing a really good job doing something like facebook. Why other things of course right now I think peace of mind is something that is so everybody wants right, and so these beautiful morning fields, and these you know lovely animals. They're really doing you know it's dealing a lot in terms of their awareness and connection with donors. What do you think will be some of the longer term impacts of corona virus on on fundraising and online fundraising? Yeah, it's funny. We were talking about that last week internally because. It'll be interesting to see what sticks right. So a lot of people are moving away from physical events to live streamed events, or you know virtual run walk rides, and it's something that a lot of people have been trying to do for years. You know because he thinks the costs go down. You don't have to be in that physical location. Right so I used to work. I used to live and work in Chicago where I love and organization, and if they do a walk in Chicago I love them, but I'm not flying to Chicago to participate in the five K. Walk Right whereas potentially like do that at home through these types of ways, so it has certain reach. Reach in scale that interested events don't obviously the downside is you missed the in person factor. It's not quite as good on the community and relationship. You know people have been talking about this, and now we're GONNA. Sections are forced to do it or people have been saying hey, digital acquisition for like recurring in particular is a lot cheaper in a lot higher than other channels. What if we invested more in digital acquisition and then maybe use other channels for kind of more communication or conversion, downstream or something like that? Well now they have to write i. just got an email today. The organization that's doing canvassing like in malls and they're like well. What do we do? We can't recruit people to recurring giving programs in malls because no one's going to them all. Right so it's forcing people to think about their strategies prioritize. What's important where they should invest in the digital side so I do think that there will be some lasting impact in terms of improving technical or the tech stack for lack of a better word because a lot of organizations want to response, but to get their website and donation page and email programs and crm's kind of turned around. They just they can't. They can't move quick enough. Even if the leadership wants to the tech can't and vice versa, even if the tech can, the leadership can't so I think we'll see some of those things stick around, but particularly for virtual events. I'm curious to see you know whether that will will stick around or not I think it will to a degree. But there's just no substitute for some in person experiences so i. don't see it going away kind of completely, but we should see some increase in online, giving for sure and hopefully stick for years to come. Well I know I'll be looking at next after institute and kind of tracking these trends I'm so glad to know about. He was already. Source a question that we always ask our guests as you know. What advice would you give to some company or a nonprofit somebody trying to increase using their business as a force for good? Yeah, it's a great question One of the things that stood out to me working for next APPs or a for profit company, even though we're mainly minded and work with nonprofits, but one of the a corporate values that we use a lot in decision making that I, think is is a great value to have is air on the side of generosity. And it doesn't just mean giving obviously. There's a giving component to it, but I. Just think every time you have this interaction whether it's for the staff person whether it's with a client. Can actually just say there's really two pad that he can take. You know we can take pass a or B and all things being equal. Just choose the one that's more generous, so maybe that means refunding the past month to a client after they leave on day twenty you know. Is it fair you can keep that, but air on the side of generosity. Give it back. You know matching employee contributions for someone who didn't quite meet the twelve threshold all these decisions that you can think about running your business and found so valuable to that is it's a mantra that you know lived out, but it actually helps you make some decisions, and what I've seen time and time again is. when you invest, err on the side of generosity. It always comes back. You know tenfold and one one story on that. There was a small organization a few years ago, so we do a big conference every year. And it's a higher ticket price conference. We bring in speakers from around the world and last year. We had like a circus troupe like we. We kinda. Go all out and this. This organization is pretty small. They said Hey. We love to go to conference. Who can't quite afford it and said you know what if you really want to be there? We'd love to have you and we gave them a free ticket fast forward three years, and they paid for twelve tickets and have brought in another probably fifty other people to come to that conference of which we've received probably one or two clients. Who then there's you know huge revenue. and. It's not like we did that decision. Like who who knows what this? Could turn out. You know five years down the line. It was really just Let's let's air on the side of generosity. Let's have these people who want to be here and it just pays itself back in ways that you can't imagine so i. it's maybe a little wishy washy, but I think it's a it's the principle that a lot of folks running businesses should inhabit or or take on wonderful wonderful. Say at the same I wonderful well. This has been a wonderful interview I really enjoyed talking with you and hearing about next after and can't wait to share it with not just our listeners, but with some personal context as well so thanks for finding time to join us for a bit today and to talk about such an important topic. Here how listeners can connect with you. Yeah well thank you again for for having me on and and having the show to kind of expose different companies and ideas, I really appreciate it in terms of connecting with me. Maybe linked in. He can just search Brady Joseph Center at Lincoln. Slash Brady Josephson, but for us You can go to next after DOT COM or if you're looking at some of these training resources, you go to next after dot com slash pod Dod You'll see some of our resources and get a little discount to. If you wanted to take a course to so next after dot com after dot com slash podcast. Thanks I'm an great day and stay safe and sane. One of the things that's so remarkable about the crisis is just seen how. Businesses pivot from their initial offerings to offering something that the community really needs and wants. Are you familiar with Martin Luther King Community Center Vicki. Yeah. I am I am. Yeah, they're. They're an amazing organization. One of a network of community centers here in Indianapolis they're located around thirty eighth and Meridian, and a few years ago, the center was on the cusp of a collapse They were ridiculed in the media and they didn't have a whole lot of significant program. Support the board banded together and hired a new executive director, and since that time. The, they've really been recognized for the response to community needs and cove nineteen has really necessitated that the center which is a physical site for so many community members in need. has they've needed to change the way they deliver services so right now. They're offering emergency food delivery to area residents three times a week. That's something they've never done before. And for those that have transportation and need foods they're. They're directing them to the most appropriate foodbank around there continue to provide emergency financial assistance for both rent and utility payments for area. Which of course now in the in the wake of all these layoffs and everything that's those are really important, and then lastly there educational support has really shifted so as a traditional community center incite, they are east, providing after school, programming and some tutoring, and now they can't do that because of social distancing and the stay at home order, but what they are doing is they're helping parents like you and me. The key who are learning and schooling, our kids resume and conference call so that's a really I think kind of cool and then innovative way that they are responding to this crisis. Wow. Yeah they're doing a lot and I. I know a lot of the community. Centers are out there, but this is. This is some pretty awesome You know personalized. Mead from their community and We should really Give them a round of applause to. Gas thanks to Martin Luther, King Community Center. Let's give a big. Thank you to our sounded. And are taking care and community sponsored National Bank of Indianapolis. If you'd like to nominate someone or an organization for a future episode, you can visit our website taking care in business dot com. Don't forget to subscribe. Follow our download taking care of business wherever you get our podcasts. If you love taking care of business, give us a five star rating and leave a review or share this episode on your social media. We are on Instagram, twitter and facebook at taking care invis- The is e. if you have questions or comments, you can also email us at info at taking care and business dot com. Thank you for joining us today and until next time, take care in business.
How your business can benefit from the U.S. governments stimulus package | If you still havent applied, nows the time heres how
"It's Tony Robbins. Let's hope your whole family and getting ready to go back to work. Hopefully soon your business owner I noticed as an incredibly tyrant time and challenging time for you for any vessels and I would really want to be a sore solutions for anybody. We can help so a win. The first came out. The government came out with their. P program their their payroll protection plan and the disaster loans. I immediately worked out and went to several different attorneys and our hard time getting better. Give me real. Answers turned out tyler. Mcbroom financial advisor accounts. Rest any desert. Cfo PURCHASEE ABO- services. He got it done in. Wasn't twenty four hour source we got funded as credible and so. I immediately many was working with us. GotTa help our clients throughout the United States around the world and so we did different Webinars for each of them and then of course the money right. I would put it out immediately so people could get on board. We helped other people but in case you missed that and they ran out of money before you went. They pass the new laws. I'm sure you've seen some more money in this category and some things are very similar on a pass. The ball to tyler. Explain it to you and then you can take a look at the Webinar and understand what to do or reach out to. If you're looking for someone just one on one help you with the services of blessings during this difficult time. We're going to get through the other side. This too shall pass and hopefully these funds can help you a little bit over the next sixty ninety days you're making the transition to getting back in business to win. We'll strong with passion. Here's my partner type. Hey there so. It has officially been signed into law. The new four hundred eighty four billion dollar interim stimulus bill that includes three hundred seventy billion dollars specifically for small businesses and the P. forgivable payroll program and the disaster loan program as well. And if you're someone who has employees lots of employees a few employees or even a sole proprietor with zero employees. You need to look into that PC loan program. If you're someone who's had damages and lost revenue or business has suffered as a result of directly from this covered nineteen pandemic. You need to be looking into that disaster loan program and make sure you take advantage of this round of stimulus funding. That was tyler. Mcbroom the CEO and managing partner of measured results a CPA firm. That's part of Tony's global accounting advisors alliance. He just explained which loan program you should be looking into based on your specific type of business. But if you're wondering how to go about applying and what you may be eligible to receive your about to hear everything you need to know including answers to many. What if scenarios so? Don't wait now is the time to act on cleaning your share of the government benefits apply for loans to keep your employees and depit in this new economy. Just a note what you're about to hear. It was originally recorded when the first round of funding was released by the government but the process still applies to the second round. Here's Tyler in Tony Before I dive into the high level elements of it is want to say very quickly that these interpretations on these discussion points are changing daily. This is what we know right now. And we're we're monitoring this literally hour by Hour. We've got a whole team going through figuring out with the Treasury's come out with the banks are saying all of that. So this is what we know as of up to this very moment but it it's going to continue to evolve and then of course on these matters we're going to share some important information and things that can definitely apply to your business. We WanNa make sure that you cover it with your professional. Your individual professionals make sure that it how it applies to you. This isn't individual tax vice so got to announce that before we dive in so now that that's out of the way let's discuss how to get these people the relief they need so this is at a high level. Some of the items that we're GONNA cut so they have disaster loans of up to two million dollars that are at three point seven five percent interest. You can pay those back over up to thirty years for working capital loans. They have an emergency grant feature. That can get you up to ten thousand dollars. Cash supposedly immediately. We'll get into a little bit of that later You can defer payroll taxes until as late as potentially twenty twenty two for your payroll taxes this year. You now have the ability again to carry back any net operating losses. You've had an eighteen nineteen or this year and I'll get him so net operating loss if you're not familiar with that term. I'm going to break that down a little more towards the end of the presentation. Then they have these employees pick retention payroll tax credits. If you've had a drop to your business but continue to keep your your team on they have payroll tax credits where you can get money back on your payroll taxes. And then of course the big one that everyone is interested in trying to figure out these forgivable loans of up to ten million dollars that you literally don't have to pay back like you said if you handle it correctly if you spend it on payroll costs rent or mortgage interest and utilities in the eight week period after funding so we're GONNA break it break down all of those different elements but specifically wanted to focus on right. Now I that big up to ten million dollar quote free payroll loan so how it works. Is this so you? You have to co two components say maximum loan amount and then you having forgiveness period forgiveness amount calculation so how they calculate your maximum loan potential. Is they take your previous twelve months payroll benefits and state and local payroll taxes benefits count health insurance plus? Any retire employer portion of retirement. Contributions paid. They take that total amount and divided into a monthly average. Then they multiply that monthly average by two point five. So let's say your total payroll costs. Were one point. Two million dollars that makes it an average monthly payroll of one hundred thousand dollars a month. Multiply that by two point five. You can get two hundred and fifty thousand dollar loan through this program. The payroll protection planner P. P. for short. And then once they dispersed that loan. Whatever you pay on payroll your rent or your mortgage interest and then your utilities in that eight weeks after disbursement is totally forgiven. Like actually forgiven. You don't have to pay back the debt. Forgiveness isn't taxable which normally if debt is cancelled. Then you have to pay taxes on that amount. That's not the case here. It's just forgiven free payroll renton utilities. But there is a major factor in forgiveness and that factor is based on the percentage of headcount that you retain compared to the prior periods. So the goal here is they want to keep people employed so kind of that that hopefully life is back to you know economy will see but at least a day to day. Life is back to normal. I three months from now. They're wanting to encourage and reward people for keeping employers for keeping their their employees on the staff. And that's the goal here. So what they do is they. Take your average fulltime equivalent. So your fulltime headcount during the period From February fifteenth June Thirtieth. And then divide that by what your headcount was in. He's either the first two months of the year or the same period. Last year February Fifteenth Twenty Nineteen to June thirtieth twenty nineteen. And they let you take the more favourable number and then whatever that percentage is is the amount of those qualifying expenses that you get to deduct so so if you're qualifying expenses is a million dollars say in your head count. In the in. The current period is is eighty team members and the prior period was one hundred team members. That's eighty percent so eighty percent of that million dollars that you shell out is what is totally as is forgiven. If it ends up that you kept all one hundred employees than all of that would be forgiven. But if your headcount drops more than twenty five percent than you lose all forgiveness so in that case in that example if you went from one hundred team members down to sixty even though you paid a million dollars out during that eight week period the full loan which still to be paid back. So it's really essential that you run those those those headcount calculations and you keep enough people to make sure that your loan is is going to be in that forgivable range and then they recently just had some new guidance as this is changing all the time so now the lenders are actively working on these loans. They finally said the business owner must come up with these loan calculations themselves which most business owners aren't trained in navigating excel spreadsheets and fulltime equivalent calculations. At least not a lot of the ones that I've met with and worked with throughout my career. But it's still essential that you run these calculations correctly otherwise you might not get the maximum loan amount that you're eligible for because you don't you did the payroll calculations and ran the payroll reports wrong or even more important. Let's say you planned on having all that forgiven and you didn't plan out your expense time incorrectly or you laid off to many people during the the forgiveness period and then all of a sudden you're stuck paying it back and then you went into massive debt to keep your team on that. Either of those scenarios are not good scenarios. So a couple of other key planning items. Is that generally speaking? So we've run these numbers across many of our clients that have come to us and said Hey. I'm looking at land navy needing to ladies people off or not open. We can't operate any delay. Some some team members and then they've given us different rounds of scenarios or they how what would happen if we kept everyone but got this loan so across pretty much. Every scenario we saw the numbers worked in favor of keeping your entire team when compared to laying off everyone right now and not taking the loan. And if you're looking at getting the loan and laying off twenty percent of your team the numbers still worked in favor of keeping your entire team from a strictly financial standpoint. Now if there's people that are you know you're looking for an opportunity to let go of anyway. That's that's a culture decision. A numbers decision but in general the numbers work out in favor of keeping your entire team and then another common question. That has come up is can I if I have fifty thousand of of payroll and my lease one hundred thousand dollars? Can I get this loan? And now I've got free rent for a couple months They came out and said No. You can't do that. Everyone is going to be applying for these loans. We WanNa make sure. The goal of this is to keep team member. Keep keep people across the country employed so at least seventy five percent of your total expenses. Within this forgiveness period must be paid on payroll used for payroll expenses not rent or utilities. So that's a key factor in there when you're planning out your calculations on the forgiveness period of the loan so additionally the loan forgiveness period applies for the eight weeks during the covered period now that covered period ends June thirtieth. Which means if you get your loan dispersed after may fifth. It's possible that you won't enjoy that full eight weeks. You'll only have six weeks worth of payroll or four weeks or five weeks depending on when that loan is funded. So it's important when you're doing your planning that that you get it in his early as possible now. I have a feeling because talk. And I'll show you the next slide that there's more stimulus coming so I my hunch is that they're going to extend this covered period so that it's a full eight weeks no matter when you get the loans. I but that's what it is right now and if inserts everybody listening understands the most simple level government's done something actually intelligent here which is if everybody who owns a business and your biggest expenses for most people obviously those employed and your physical facilities if everybody there who's trying to survive. Lindell the people that unemployment which is already taking gigantic it would take an even greater one and then people are not productive and so rather than doing that. They're tryin- incentivize you and I and all business owners to say. What can we do well? Let's provide them a ninety period for them to get through this time. Basically where we're going to give them eight weeks to months of coverage of the incomes of the majority of their people under a hundred thousand dollars and we're GONNA have to carry a month so think of it as they're going to pay for two months of your fundamental overhead of people and of the twenty five percent towards the utilities and then you're going to carry them up and that'll get you through about July I if they don't add more to others scheduled today in Congress about increasing those numbers. We'll see where they show up. And if you're already in the system it's going to be easier to tap into it so it allows you to say okay. Literally my people go. Let's see where the world is in three months and let me see if I can keep them because right now I can so trying to give you a significant incentives to do that and I hope the majority of you will tap into this the secret those you WanNa get to the point of the line as quick as you can get the get the right numbers and you can do that on your own or you can. Come back to tyler but tyler some additional benefits show you but I just want to give you the big picture. They gave a ninety day plan to get to sunlight. And where you don't have to be bleeding the entire time. And that's the government's do what we've already. We work of Tyler in this case and we got approved yesterday to give you an idea so if we raffling at all banks are equal in this area from banks are saying we're taking applications but we're designing especially some of the big banks so you WanNa get some advice on banks that are working so City National I know for example as moving rapidly as well. We went with. But you'll have to do your homework or if you work with Tyler. He can tell you that he's working with as well. Please continue two hundred twenty. Give them a big picture. Yeah I appreciate you doing that. Definitely happening on the bank. I would I go to the bank. You have a relationship with if you have a lending relationship with a bank already. That's the place you want to start. Because the one the banks right now from everyone I've talked to WHO's WHO's really Focused on in the lending space on this. The banks can't aren't figured out how they're gonNA make money on this. They're worried that they're not going to get reimbursed from the SBA so they're really focused on their current clients. I and especially the bigger banks and then and then the other piece is a lot of community. Banks are doing their best to use this as a way to grab market share. So they're they're the community. Banks are more open to taking a new clients to focus on this. I would start with if you have a pre existing lender that you're working with talk to them and then community banks and then I've got a few relationships as well that there are working on Putting these to the top of the pile. So but as is highlighted by the things that Tony mentioned and these banking relationships. It's essential to move fast because every business out there under the sun is wanted to apply for these right now and so it's crushing. The lending system is just an overwhelming influx is also clarify one thing. I've seen a few people being some of the chat going on as well and some of the people are saying well. How long's The forgiveness? Let me be clear if you government's trying to get you to keep people for ninety days and you keep them through June thirty first and then you have to let them go. You will still have forgiveness about money that you borrow that relates to that time period. So it's not being able to keep them for the full year. It's the government knows you're gonNA need more money to keep those people. They're probably going to provide more. We don't know for sure but they're talking about it as we speak but when allows you to do is see? What's the world like House my house? My business responding our my clients responding as we go back to work and things start to begin to normalize. That's what they're trying to get you to so at the end. If you're going to cut people marry the wrong people wanna let them go but if there are people that are good but not great but you're or people that are good. You don't want go but the economics require it. This is kind of giving you a bridge to July. First and again there may be an additional bridge. Knows but if you have to do something afterwards you will still get forgiveness for the entire loan as long as you do it within the Formula Tyler. Get exactly. Yeah they're looking for the window. The forgiveness window up to June thirtieth. What your what your headcount is based off so you have the P P P loan which is the up to ten million dollars loan and that's strictly calculated based on your actual payroll costs and then the other loan program the massive loan program. That's out there is disaster. Loans the loans economic is economic injury disaster. So these are up to two million dollars of alone and you can use those funds for all business operations except growth. So you can't take out a four hundred thousand dollar loan and go spend it on facebook ads for example or or or any other sort of marketing growth up options and you do have to pay this loan back. There's no forgiveness on these. Spa disaster loans but for a working capital loan through the SBA. It's pretty cheap money so it's at three point. Seven five percent annex paid back over up to thirty years and they'll actually role in existing. Sba loans that you've had before March thirty first and pay the principal interest in fees on all of that for the next six months. So there's a deferral of up to six and as much as eighteen months Depending on Hall of all of this shakes out For for these. Spa Disaster looms now with these. You do have to submit evidence of damage from your with your company from Covert Nineteen. So when you're putting the package together This is why it's important they say it's Dui diy do it yourself but so many people are going to do it themselves and not actually qualify Because it really it is a loan they're looking at your debt in your debt ratios on personal side and your business so you and then also how have you been impacted by covert nineteen? So you're going to have to put together a a letter explaining how you've been damaged by this entire pandemic town. Can you compare that to the ten million dollar loan because some people I'm reading are wondering what their credits like how much the government is guaranteeing that disqualify that and also to one percent loan on the ten billion up together? Yes so it's one percent. It's paid back up to two years. And it was a half a percent. And then they it. Up to one percent and It's payback over two years. They're they're relaxing the credit requirements as I wanted to get across the people yeah so normally for an SBA LOAN. You have to have a six. Eighty credit score is what my mainland contacts told me. They've they've lowered that significantly. I don't know the exact credit score but I but I know it's it's much lower maybe in the high fives low sixes And then you don't have is not a collateralized loan so you don't have to put up any sort of collateral assets against that that payroll alone guaranteeing guy. She understands so. It's not like a typical for some of you. That may have been struggling. You could still potentially qualify for this. You should really get trapped location and see where it is because it's not going to be based on you giving assets and and it's going to be a lot less lower based on your credit than it has in the past the government guaranteeing it. I just let people know that. And it's a one percent besides forgiveness handle it properly. It's one percent. That's what you're being charges. Inflation is more than that. Obviously so it's the equivalent of free money as the government wants you to keep these people employed during this time also again if you get in the system your chances faded make some addition to the system. You already in it. Why I WANNA push all of you do this rapidly. It's why we slam this together as quickly as we could to make sure you were all exposed to it please continue yeah absolutely and and So so that's the SBA disaster alone and they're they're lowering the even though this working capital on the disaster loans also have lowered lowered lowered credit requirements and collateral requirements too. So they're just. The big goal is to get business owners capital two so they continue continue to keep the lights on their people employed so those are the loans. Now there's a big. It's a two point two trillion dollar bill. We show the difference in in days on million billion versus trillion earlier. And so there's a lot more than just loans that's being covered with the so so some of the other elements one of the pieces is is a new sick leave requirement so if someone is sick with covert nineteen now. This isn't just you have a sniffle. But you are sick with covert nineteen or your caring for a relative who is or your apparent whose kids are out of school and the of no other. Childcare options The employer must pay them for up to eighty hours of leaks now. Those requirements are different. If it self care so you're leaving because you're sick or you're leaving to take care of a family member so if you're leaving for self care because you have covered nineteen yourself then. The employer must provide full wage replacement up to five hundred eleven dollars per day now. That's that's eighty hours is basically two weeks ten days of pay so it's a Max of five hundred fifty one ten sorry five thousand one hundred ten dollars and that doesn't mean everyone who gets sick with cove in nineteen and was home automatically gets five hundred dollars. Just what whatever their current wages so so just want to make that clear as business owners. If if your team members are thinking suddenly they get a free vacation. Because they're saying they're sick covered nineteen. It doesn't mean they're automatically going to get this free money and if you're leaving the care for a family member or their child's school closed than the employer must provide two thirds of their wage replacement up to two hundred dollars a day. So that's a big difference between the between if you're sick yourself versus having to leave to care for someone else. The other thing is that you will get reimbursed in the form of payroll tax credit for one hundred percent of this sick-leave Where the big issue is is the cash flow on that because you have to pay your team members now and so the the the federal government's working to get rapid payroll tax credits to people. So that they don't have business interruptions on the cash outlay of people leaving because they're sick and then if you have less than fifty employees and you can prove that it's going to jeopardize you staying in business if you pay your employees who are out sick with covert then then you're exempt from this so this is really for the larger employers. Have people who are who are leaving sick-leave but I just wanted to reinforce those you have fifty or more people. There are some individuals at her things online or read things or things on the news and then get five hundred dollars a day not working by saying they're sick and has to be Kobe. Nineteen and it's a percentage of your income with a maximum hundred eleven a day for that period of time. If you take care of someone else it's two hundred dollars a day and if you are an employer like that you will be reimbursed. The money will come back to you but some people are under a false assumption about how this works out work so you WanNa make sure your HR Department or you're working with gets the data to them so that your employer employees are clear. What's true because otherwise they're going to be disappointed or frustrated a man because they're misinformed. Yeah exactly and then speaking of payroll taxes. You can defer Up to one hundred percent of your payroll taxes until late. Twenty twenty one or early twenty twenty two which is a significant amount of time that you can defer your the employer portion and all of your payroll taxes and that actually encountered employee portion to And so that can you know employee payroll taxes typically or somewhere between fifteen and eighteen percent of your wages. So if you can defer that if you're in a cash crunch now if you don't need the cash crunch. I would maybe really consider whether you want to differ. Those are not because essentially that's just building up debt to the federal government But that is a way to to help you. Cash trench and then they have another refundable payroll tax credit of fifty percent of the of the payroll taxes on up to thousand dollars of wages per employee. So that's a lot of random numbers kinda thrown out with that though with the math works out to is you get up to one hundred and fifty five dollars per employee as a payroll tax credit. Which isn't a huge amount. But it's better than nothing so and with that to qualify for that refundable payroll tax credit number one. You must show that you've had at least a fifty percent reduction in sales compared to the prior year in the same period. And then if you take out the payroll forgiveness loan the PP LOAN. You're not eligible for this refundable payroll tax credit. So that's a decision to way when you're looking at those two options as well you can also and I hesitate to hesitated even mentioned this all but you can withdraw up to one hundred thousand dollars penalty free from your retirement. This is one you want to be very careful with especially if you go and read unshakable Because you don't WanNa still steal steal from your financial future and that hundred thousand dollars is penalty free but it's not tax free so if you're in a twenty five percent federal and let's say a six percent state bracket you're still GONNA pay thirty one percent of that money when you pull it out. You're just not going to pay forty one percent on that money and so I would encourage using this as a very last. It's OP DITCH OPTION. If you really really can't meet ends meet but that's just something. That is an element of the bill. And they have a ten thousand dollar emergency advance and that at first when they rolled it out was it was part of the disaster loan application and it's based on a function of your gross profit a percentage of gross profit and they were going to get money fast to business owners and then if it ends up a qualified for the loan it was going get wrapped up into the loan and if you didn't qualify for the loan it was going to be considered a grant they just released new guidance that it's all grant money so I I haven't heard of any of our clients actually getting any of those dollars yet but they're they're processing those as fast as they can because when when everyone heard ten thousand dollars of free money was marketed very well and so everyone crush the SBA website. Every business in America plugged in for their their free ten thousand dollars. So it's not going to be. Everyone gets ten thousand dollars. It's up to ten thousand dollars based on a sliding scale on your gross sales and cost of goods salt and they earmarked I believe it was a billion dollars for this so with everyone crushing that. These are mostly sold out at this point as far as getting in line for getting your your emergency advance but again because it sold out. I think you'll see potentially at least an expansionist programs you WanNa have your numbers ready so you can apply to the front as quickly as possible. Yeah having your numbers ready. Essential and and speaking of numbers ready get. I would go back and look at your last couple years of tax returns because this this next provision is a massive one. If you're someone who's had a either an early stage business where you've sunk a large amount of investments back into it or had a couple of years where he had some losses so a net operating loss is when you when you have a business that has a loss and then if it flows to be your personal turn it's also deducted any other any other income and then you still have a negative taxable income and it used to be until they had this massive tax reform in twenty eight team any net operating loss. You had you could then go back up to three years amend those prior-year returns and if you had any tax in those years it could be a deduction against that tax and you'd get cash now from prior years taxes. They eliminated that provision in twenty eighteen. And you could only go forward with those losses while they temporarily brought those back as part of the cares act and that's through the end of the year you can actually go back up to five years on any losses that you've had twenty eighteen twenty nineteen or what you're going to have potentially in twenty twenty and so you have to mend your tax returns to do this but you can go back up to five years and so if you've had if you had a loss in two thousand eighteen or twenty nineteen so if if if it's twenty eighteen hopefully should have already filed your return you can take that tax return and then amended and apply it back to up to five years and in twenty nineteen. If you haven't filed yet again filed asap so you can show that net operating loss and then carry it back in. A menu returns to get cash right now. Let's great great program for any business owners who are showing those losses but as we've hammered home a few times you need to act fast so they earmarked five hundred billion dollars through this out of the two point two trillion for businesses and that sounds like a lot but there's thirty two million businesses in America in every one of them will not everyone about a lot most of them as you saw two thirds really really need help right now and so everyone and even the ones that maybe don't need help or still applying just to see if they can get some free or cheap working capital so you WanNa make sure that you've got your accounting records lined up and you have all required documents. Which is your tax returns. Your your financial so your monthly sales reports that are going to want to see from the previous twelve periods. And then your your monthly payroll reports by employees as well and then you've got to calculate your full time equivalents and so it's essential that you get your your accounting records and everything lined up so how we've been helping our clients in this process over. These last couple of weeks is through number one consulting with them on the business. Impact of how these forgivable loans are going to affect them on taking them versus not laying people off versus not and how that's going to impact them also helping them learn how to pivot and do those skunkworks tests and see how they can create new business models in this new world that we're going to be living in hopefully will return back to normal but just in case at least in this immediate period of time And then analyzing all potential payroll tax credits and other planning opportunities to make sure they're maximizing their tax savings through this two point two trillion dollar bill and then lastly you've gotta manage your cashflow once. This abundance of funds hits because a lot of businesses are making ends meet weekly. You know weeks at a time. They're not used to having three four six months of cash in the bank and expenses and with these disaster loans now the payroll owners different. Because it's just a couple of months of expenses but based on your debt to income ratio. You could suddenly have a years worth of expenses in the bank and you don't want to spend it all in one place and so you WanNa make sure that you have the systems in place to manage your cash flow so that you don't end up taking along to save Your Business. And then at the end of the three months the next four or five months you end up in a worse place than you were before you took any of this relief so so those are the main areas. We've been helping our clients. Of course our purpose and our mission is to help as many business owners through this process as possible but with the incredibly high demand across the country not only Aspen accounts everywhere. Aren't able to keep up with this on a one to one capacity and so when we were kind of discussing back and forth with Tony about how we can help the most people in the most businesses so that they can save their team members jobs. We came up with an alternative not alternatives. This the business owner stimulus kit. So it's a Ninety Day Teaching Training Coaching Program along with a series of tools and calculators. That's going to help you not only maximize the stimulus program but also put the financial tools in place to make your business position to thrive at the end of this ninety day period as we return back to normal when no other businesses are doing this. So what we're putting into this kitten this program is the tools templates and that you can use to get your business. Lean create a budget figure out how to pivot develop new sources of revenue and generate short-term cash. Now while you're waiting on that relief and then use our payroll tax credit maximize tool to help you calculate whether you should use the payroll tax credits or go after the loans. And then we have the calculators in place remember. I mentioned earlier. The banks are putting the onus on the business owner to calculate what they think they should be eligible for these payroll loans. We've created templates and calculators that you'll be able to use so that you can navigate this process yourself and then a financial forecasting roadmap so that now the okay we've got the funds. What are we gonNA do into the future so that our business and this is something you should be doing anyways winter or not having a financial plan and a forecast to know where you're going is essential to running a healthy business and then we've put together some industry specific cash flow models so that we can unleash you yourselves on knowing and teaching yourself and walk through the process of knowing where your cash is going to go over the next three to twelve months and of course we're going to be in the in the group in the facebook group live doing these weekly live trains to walk you through how to use all these tools and equip you with the process and have an entire team of experts that have been literally studying this round the clock to figure out what the latest is on it. It will be in the group. Updating you on a regular ongoing basis and then facebook group we're going to bring in experts but also you'll have a community of like minded business owners going through winter together and sharing. What's worked for them how they've pivoted? It created new revenue models. How they've had success in getting would access to this relief and so if we were to help help a business owner one on one with each of these items it would cost over. Twenty one thousand dollars to do that But number one. We don't have the capacity to do that because every business owner out. There needs help with this right now and number two. A lot of businesses are struggling to come up with the cash so we wanted to come up with the way that we could help as many businesses possible. And that's what this isn't so we're doing that for four hundred ninety seven dollars a month for three months and so if this is something you're interested in one want help with and would love to have me guide you along this entire process over the next ninety days love and if you go to stimulus kit dot com get your tool kit get access to the group and then. I'll be in there along with my team helping guide you all on the way and guys. I want to bring up for you. As the purpose of decision was a pulp. You hopefully not get fearful by at least getting some more data. You can keep your standpoint of you. Not asking the change your behaviors. Just get out of the fear of others do it to think about the fact that's opportunity. That's right now economically to keep your head clear. Great Investment Opportunities will give you the book so you can tap on your own time of that and three to remind you the kinds of things you gotta look at Your Business and give you what the Leyland is here. And then I've gone. As I said earlier I went to readable. Legal firms could not get the results. I wanted in the cost. There for me was being denigrated thousand dollars and I talked tyler. He helped a bunch of our clients already. But he's run out of capacity so there's gotta be a way where you could coach people at a small intimate group but still getting the tension. They need to get their individual questions answered and go forward and so. He's offered to do this three months for ninety five. So it's a ridiculous price. He didn't remain taking no profit from this. Obviously whatsoever. I making this totally his piece. It's really designed for him to be at so much value to you and getting you. These loans helping prune is on the cash load so forth but hopefully than a floor. You that you'll decide to become a client long-term about be the real benefit he'll get but we just WANNA make sure you're educated. You have the answers. Let's take real quick few questions and answers but before we do just for sixty seconds let me remind you said I talked about the W together the same way. You GotTa Know Your Numbers. Call it tight. You gotta be brainstorming and creating some skunkworks. So he'll just three examples or for real fast. I JUST NOTICED THIS HORN. Tea Cakes covered. This is a bakery up in San Francisco. You'RE GONNA Magic People Freak Out California on the first state to shut down the business going to go under and they said you know what people are going to be delighted. They WANNA cakes cakes. They're smaller like retuned to poor people and have on the cover. Wash their hands. Don't touch your face. All these little quotes and their businesses going crazy doing more business today than before the issue because they adopted they started. Where People's heads are let's delivered directly to them. They're not gonNA come to us. Let's go to another one pizza delivery. My goodness pizza delivery is exploding. Everyone's at home. They're wanting the food and they're wanting to make sure they get it quickly with Guarantees Papa. John's are showing that they're adding twenty thousand people. Revenues are growing three percent globally. Two point three percent three months bound just entering. Twenty-nine Pizza is adding thirty thousand physicians. There's a thousand workers looking for people in the Chicago area. Store soap opera domino's so there are people doing well and they're they're adapting and this is not adopting they're eating more people it's the next CBS. Which many of you know as high fifty thousand full-time and part-time people right away. Mclean right now and what they're doing again. The Bay diversify they said people are not all gonna run back. They need the prescriptions and other doing your own their own people not an outside source and providing to date service locally to the people that normally get from their pharmacy watching huge jumping who. They're hiring with the girl and INSTA- cart is looking at three hundred thousand people so I watch another businesses. That are doing well if you had one more steak. Yup this Dallas Bouchard's Roller Pressler. This man here's a normal butcher. You just sells meats known. Supposed to go inside it's facilitated. Is You know. March sales are projected fifty percent more than normally took his fourteen hundred square foot shop. Where people were allowed to come in. He set up his parking lot. Any knowledge decided deliver food people. They've dried up and take out for the food but now he hired chef so you can have cold state right. Go Cook at home or the meals there and prepare these side missions. That people need now. He's taking on fifteen hundred more. Scorpius doubling the size of his business in the middle of the krona virus and position well to meet customers. Needs GOING FORWARD. So this what you think about. This is really about getting creative. It's really about anticipating how to meet People's needs in a new way if you're not filled with fear you can start focusing on solution. Let's do a couple of other. Qna about anything we talked about it but especially about the loans or anything related to it. I'll let's have my moderator takeover and tell us who we got up there is an Hewlett's Millo Michelle airfoil Meyers Florida. Your question you to one of our questions is an tyler. Did a fantastic job of explaining a lot of stuff. So you've pretty much answered it but I know that it's not on the net payroll what we pay not with the employee makes but what I WANNA know is is also inclusive as that annual bonus or if I be quarterly bonuses so I calculate all potential for less this year. Divide that by twelve and multiply that times. Two and a half. Is that right? Yes so so they would. They would include bonuses in your previous twelve months in the maximum loan amount calculation. And then whatever you pay in the eight week period is what's forgiven now. They do cap it at one hundred thousand dollars wages annualized per employee. So if you take eight weeks divided by fifty two the CAP is fifteen thousand. Three hundred eighty four dollars is what you can pay each employee and payroll costs during that period. So when you're factoring your bonus during the forgiveness period as long as it doesn't go above that threshold then you're okay the other piece that you want to look at during that threshold is retirement payments so retirement contributions made paid by the employer count as payroll costs. And so you can actually make you if you normally count you. Pay three percent match during the year. And you do that. In December at the end of the year. Maybe you can do a forecast than what you think you're GonNa pay on that and then you can match that during the eight week period and get that portion forgiven instead of waiting till December and so. That's one way that you can maximize that forgiveness period Alabama bonuses retirement any of those things you WanNa pay during the eight week period. You're going to be benefiting your your your client meeting your internal employees. You'll also be able to be reimbursed right because they'll be part of the forgiveness. Oh that's A. That's the perfect time to load that up and it's appropriate legal playing by the rules to do it. Yeah next question. Big Questions More. We have in. That is on the paperwork. It only allows you at least where we went to. Arbitrate allows you to add up the payroll. But when do you show the all your other overhead all the other contributions? Oh yeah good question. So so the. There's the two components are the Max loan amount and then forgiveness period so they don't use the rent and utilities and other components in the maximum loan amount it's only a factor of the payroll. That's why they do it to a two point five month factor and then the forgiveness within eight weeks you got a little bit of buffer there. So where the The rent utilities comes into play. Isn't that forgiveness calculation now every bank requests different information some banks want all that upfront. They want your utilities. While you're providing it others sounds like they they're just wanting the payroll so they can figure out what the loan is less dispersed alone and then figure out the forgiveness period on the back end. And so that's probably the difference is your bank is just asking for the maximum loan. Amount would be my guess mixed question. Great eight Tony a Tyler thank you very much for that Great Information my question to you is Does my business need to have have dropped significantly in order to take the P P P Program that is an excellent question and so the disaster loan. Yes you need to show damages what they're asking for the criteria on the payroll protection loan. Is You need to certify that due to current economic uncertainty. You need this loan in order to continue operations. Well that's very vague. Broad term in everyone's uncertain has no clue what's going to happen over the next six to nine months so to me. I feel comfortable even though the business might be doing. Good right now in your in Your Business depending on if you're making cake corentin cakes but who knows when that's going to drop off in. Suddenly no one has any spending money so I feel comfortable certifying that due to current economic uncertainty. I need that money to make sure that I continue to pay my people. Otherwise I'M GONNA make a lot leaner hiring decisions and retention decisions than if I didn't have that payroll so that's how I would approach that. Well the answer. The question of crystal clear is no no you. Don't you don't have to experience if you're concerned that's all matters if you have a reason for concern you don't have to explain the reason for concern we all. You don't have to worry about it. That's it's not part of the criteria for qualifying below. They're willing to give their wanted to get all of employers to keep people out of unemployment. Ideally for another ninety days while hopefully economy goes back to work. And hopefully people start to operate in a normal way so we can limit the number of people and unemployment that's basis so they're pushing the money out now working with right bank speed up application and immediately or the critical components here so you guys can do it on your own or something like healthy no thank you how are you see debris you tune you too guys. Thanks for all this information Tony. Thank you for setting us up for for this winter and be in a position to to help them to do other things for our employees and and those around us. Thank you so much for that. Welcome quick question. Now I've I've And I think he kind of answered a little bit of this tyler You know I went to my kind of regional bank and they were very efficient very quick. But what are the other banks that people could go to the? Are that you're finding inefficiency in terms again through the process. Yeah so so. You had good move. Go into the Ben the bank. You had a relationship with if your son but I I've had clients. I've been on the phone with the last couple of days. Say Hey my bench. Not doing it what where do where do I go so I would say? Look for someone who's he is either an SBA express lender 'cause they're kind of being a have a little bit more leeway to put things through faster or more go to your commute. Try Your Community Bank because They're they're number one. They have a lot. Fewer to process has sought one when Major Rick Wells Fargo already had. They had ten ten billion set aside or ten yet. Ten billion allocated for this and they were at ninety seven percent of that in applications already just in the first week of it so these community banks have a little more flexibility. Just because they don't have as broad of a of a business client base and so look for. Sba express lender. Who can help you with it or a community? Bank is what I would say with that right. Thank you so much for him for still questions. Just off the cuny side just to speed it up for them here. Can I moderated poppy in upper attorney in Tyler? How are you guys? This question comes from Judson. Benton and many others question is our ten nine nine employee payments included in payroll costs. That has been a back and forth back and forth on was the law written for. Is it not And I'm fortunate that just yesterday the Department of Treasury released a new. Faq's on their website. That says ten ninety nine are not included in payroll costs so they're not included either in the maximum loan amount or forgiveness period so So anyone who is an independent contractor would not be eligible in that payroll cost however they can go apply for this loan themselves so this is for keeping your employees on staff and then any vendors that you work really closely with I would send them this information and encourage them to apply Especially as they add more more money on the back end of this because the way they calculate it for a ten nine independent contractor. It's not even if you don't have payroll. You can still apply for this as a ten nine. And they calculated based on your twenty nineteen net income on your tax return and the reason why is because the way that self employment tax and social security works is if you're a ten ninety nine sole proprietor. You're paying social security on the net income of Your Business and so they're counting that as part of wages for the purposes of this P P P loan so no. It doesn't count if you're paying ten times but those vendors if you want to help them stay afloat. Send them this information so they know they can access this capital two and they haven't been clear on how they're going to calculate the forgiveness. I have a feeling what they'll do. Is they'll ask for accounting records and bank statements to see what your net income was during that eight week period. If you're truly a soul independent contractor and then they'll forgive whatever that into that that income is during that period. So that's been a big contention and now we finally got some clarity from the Treasury Department up more questions. We'll do a finish up and five minutes. Question comes from dimension. Many others what programs are best for the sole proprietor. Yes so so that element of the PP is it depending on your net income. It's going to be not a huge loan amount. Just because it's two and a half months of your net income captain one hundred thousand so that's basically one employees maximum so I would really look at on those is going for that disaster loan because you can get a income to debt service coverage ratio of one point two five basically. Meaning your debt payments can be up to eighty percent of your net operating income. So you can get a pretty in with that payment on three point seven five percent interest over thirty years. You can get pretty sizable amount of capital using with that disaster loan. So that is where I would go and then I would make sure you're looking at the payroll tax credits inning. Net operating loss elements you had And really doing proper tax planning to make sure that you minimize your taxes this year and try to access the other elements of that as well. The bills. Well couple of this question comes. Could Michael Gaber. What if you are a new business and revenue and revenue has not ramped up yet? So that's that is a tough one. So if you're brand new business meaning you went into opening on March fifth. I haven't really seen a lot of guidance on that what they're looking for if you've been in business for less than a year they are taking your numbers based on January and February so they don't need a full twelve months. They're getting a little bit of break there on January and February. But I don't know how they're going to calculate Fte equivalent. I think they'll just use that period So so that's how they're calculating the payroll and then the same thing on the disaster loan they're looking at not your annual net income but just those last couple months net income and so that's what they're trying to do for these businesses who will like the coffee shop clients that I that I showed earlier had just bought a second location at the end of January and then had to shut it down. It's terrible but So that's what they're trying to do with getting getting capital to these. Those types of businesses do more questions kate. This question comes from Steve Caracas. Do ACTUAL PAYROLL COSTS. Include Justice salary or all of the taxes businesses. Have to pay as well so payroll taxes are not included. It's just it's the salary but it is so I guess to clarify that question is income tax withholdings. Don't impact the loan amount. So if if someone's wages five thousand and their net check is three thousand. The loan amount is in on the three thousand. It's on the five thousand but the payroll taxes aren't aren't included in the in the payroll calculation. It's just gross wages for the employees. Somebody asking I think you've answered at this way. Things so owners you know smaller K one's GonNa apply for themselves right. Yes so they can apply for themselves. It is still going to be based on their officer salary for the Calculation and then what they pay but you can pay your own yourself as an owner through this so that they're wanting to keep social security fund basically is one of the other goals here and so when you pay yourself as an S. corporations w to that counts as wages during the forgiveness period alone maximization or more question is question comes from Jeff meals and many others are there any incentives for landlords that own properties and tenants not paying rent. Yes so this is part of the program. So you've been you've been affected as part of the disaster. They're GONNA get you capital they're gonNA look at your payroll and that is considered a business landlords. That are struggling. It is considered business in there. Definitely but knows right up at the top of the pile. Because and that's that's part of why the the rent is included in the forgiveness. They wanted to keep keep landlords afloat too because that could dramatically destroy the economy. If suddenly everyone who held real estate isn't isn't collecting rent. So that's why they're encouraging this on the forgiveness period and then and then they're just looking at that they're considering you a business if your landlord on the disaster lem piece. I hope that's answered. Some of your questions will get our whole goal. Today is really simple. Just trying to support you as business owners where the same boat all of us together we WANNA take care of our people want to grow. Our business wants to get back yard. How do you get out of fear? Educate yourself in that area. Make decisions in their apply. Whatever the government is telling you. Apply of course live by those rules but don't let fear the dominant force to look around and see if there's opportunity to invest your tight. It's Nike a place to do that if you do. If you educating yourself and we've given you accessing that you want to pick up unshakable her no cost you to shipping and handling or you can go pick it up and pay full price at the bookstore or Amazon wherever you want. But I just wanted to give you solutions that we can ever do in a short time here and the purpose primarily here and we'll re poster as been what is available. And how do you take advantage of to get you through the next ninety days perhaps to wear the light might be and then simultaneously be in the system at the top of the system as soon as you can? So they do expand it. You can take advantage of that already. Your numbers are in place with the bank and so forth and so hopefully you've got. Somebody can do that for you. If not a highly recommend tyler on taking no income from this. This is not a play on my part. I asked him to figure a way since he couldn't do. Enough of you individually they can do for you collectively but still you do the personal attention so his negative plan to give you all the resources you need and coach you and show you how to get through it as four nine five a month for three months so. I hope you found this to be valuable today. Tyler thank you for taking the time where everybody contact info when last time to for people might want to work in and said all stay strong little Basham. God Bless. We'll see you soon if you're interested in expert tools and turn key advice to ensure your business gets the most benefits available. Checkout Tony. Tyler's business owner stimulus kit at. Www DOT rescue small business dot Com this ninety day interactive program. We'll help simplify and expedite your path to completing the government loan application process. And also show you how to redesign your financial plan pivot your revenue streams and manager ongoing cash that's www dot rescue small business dot com. The best podcast is directed by Tony Robbins and produced by the Tony Robbins team special. Thanks to tether mcbroom of measured results.
Ep. 479 - When Democracy Fails
"A giddy Nancy Pelosi pretends to be somber well signing the official impeachment resolution against President Trump and simultaneously doling out souvenir your pens to her jackal colleagues. Meanwhile Vladimir Putin moves to consolidate power and yet another blow to democracy in Russia we will examine how and why Democracy Chrissy fails then president trump wins big in the trade war with China and even left-wing outlets have to admit that his strategy specifically his tariffs worked. While we all celebrate the economic and geopolitical victory. We will take a look at the more important win the overthrow of conventional national wisdom then. CNN releases the Audio from the post-debate Warren Bernie Exchange Tuesday's Democratic primary debate because CNN is still trying to make Elizabeth Warren happened. Stop Trying to make Elizabeth Warren Happen. Elizabeth Warren is not going to happen. Finally the mailbag all that more Michael Knowles. And this is the Michael Knowles show are I- cheese impeaching him. I there urban like seven different moments where this is the official impeachment below sea announced months ago. She said we're starting the official impeachment inquiry. Then and they do the inquiry then they take the official impeachment vote but it wasn't totally official because she wouldn't deliver the articles of impeachment to the Senate and she signed the official impeachment resolution solution and then her seven house managers delivered the official impeachment resolution and the fiction. That they're all living under right now. Is that this is a very somber serious day for America these House Democrats. They don't want to impeach the president they just have to because of that thing he did and we. You can't get too specific about it because you know it's very complicated. But he did something he the orange man was bad and so we have to impeach him. But we don't want to accept their giddy about it and they're eager to do it and they were ready to do it before they even figured out a tenuous reason to impeach him. The impeachment managers include include Representative Hakeem Jeffries from New York Val demings from Florida. Jason Crowe from Wisconsin Sylvia Garcia from Texas and Zoe lofgren Grin from California and then of course to the to impeachment stars. Adam Schiff and Jerry Nadler though those are the people now it's worth pointing out of the impeachment managers of the seven impeachment managers. Six of them supported impeachment before the Ukraine whistleblower complaint. So they're all saying that they don't want to impeach the president but this matter on Ukraine that none of us can really describe because it's completely completely murky and and a hoax and BS. Nevertheless this this incident with Ukraine is the reason that they have to impeach trump except six of the seven impeachment. Women managers supported impeachment publicly before the whistle blower complain before anybody knew anything about this Ukraine phone call so it's completely disingenuous insincere. The most interesting person here of all of the impeachment managers is Zoe lofgren. Lofgren the reason she's most interesting is Zoe. Lofgren has been involved in three different impeachment processes. It's pretty amazing. She's involved obviously in this one. She's an impeachment manager on trump. She was in the House since nineteen ninety five so she voted on the impeachment of Bill Clinton and she was actually working working on the staff of Representative Don Edwards in the nineteen seventies when they when Edwards and she helping him were preparing the articles of impeachment Richmond Against Richard Nixon. Lofgren shows the problem here. The the increasing problem with impeachment and with our democracy say representative democracy or our republic. We'll get to the difference in a little bit. She shows the problem. We're impeaching too much or impeaching too frequently this is not the what the framers and the founders of our country had in mind we shouldn't it just be throwing out the president every time there's a new congress in charge and they don't like the Guy Democrats are pretending to be upset about the whole thing they love it and that is a big danger to our republic. We'll get to that in just one second. I I gotTa thank our friends at Robin Hood because you know we just got an excellent trade. The deal signed today. That's actually the big news of the day. We'll get to that wonderful trade deal and what it means for all of our bottom lines. But you've got to think about your personal bottom line. Twenty twenty is the perfect time to start thinking thinking about twenty forty with Robin Hood. You can invest in stocks options and ATF's right from your phone you can even spend and earn interest on uninvested cash. I know I look. I never took any sort of financial literacy courses. I don't know anything about the financial services. Industry robinhood makes it easy. They make it easy to get started and learn as you grow with an intuitive APP experience and know commission fees on trades none Zip Nada stock. Prices don't have to hold you back. You can buy a piece of a company that you love for as low as one dollar and build your portfolio a little bit at a time buy one share by half share here by three and a quarter shares but whatever you want it's up to you. It's up to your budget. It's up to your goals. Your first stock is on the house. Thanks to Robin Hood when you set up a free account. Don't go to Knowles Doubt Robin Hood Dot Com to learn more and claim your free stock. Annual percentage yield on uninvested cash is paid by program banks and is is variable Robin Hood financial is not a bank. The free stock offers subject to terms and conditions all investments involve risk other fees may apply visit or be an hd dot co slash lashed feeds. All right. So they're Giddy to do it. They're so happy to deliver the impeachment resolution. Nancy Pelosi she was so happy to sign it as Nancy Pelosi. Assigning this impeachment resolution so excited president trump was signing the trade deal with China because after two two years of a trade war with China. We were told. WE'RE GONNA lose this terrible. The American people are getting killed in this at what a dumb strategy it actually worked. We got a very favourable trade deal so the Democrats the best they can do is throw out the president who's doing a good job and the president is delivering. I mean it wouldn't amazing two weeks for trump. Not every two weeks of his presidency has been like this okay. There have been a few moments that I've not been so thrilled about some policy moves that I haven't been so happy with but the last two weeks. Oh my gosh he that first of all we get attacked by Iran twice kills Iran kills an American contractor and hits our Baghdad embassy very perilous situation. I mean we're being attacked by hostile. Foreign power trump takes top guy. Trump takes the a number two guy. He we now have heightened tensions with Iran. They back down. So we establish deterrence major geopolitical win and then on the heels of that we finally inked the trade deal which is beyond all of the foreign affairs issues. The single most important issue right now facing the United States abroad more important than Iran more important than North Korea more important than anything in the Middle East China. China is the adversary. China is a threat so the threat to our economy. It's a threat to our national security security and finally after so many years of nothing. We've got a deal on this. It's really great news. We'll get to that in a second but I I just have to show. Oh you the hypocrisy of the Democrats well. Trump is actually helping out our economy helping out our national security. All they can do is try to throw him out and they're happy you to do it. So Pelosi a little while ago was giving an interview about impeachment and she said it's a somber serious difficult terrible sad day for America when they have to impeach him. Here she is. This is a very sad time for our country is there's no I'm joy in this. It's sad the must be somber. We must be prayerful. There's no joy in this. There's no join this Nancy then. Why are you smiling grinning ear to ear while you sign the resolution you can see if you saw the clip yesterday? She's she's signing this impeachment Eastman resolution and got all of the democratic colleagues around her on there she just looks up. She's so happy she's never felt this way before yes. She swears it's true and she owes it all to those Democrats. How happy she is? She gave away commemorative pans when presidents sign important pieces of legislation the affordable care act. Right Obama care or made major pieces of legislation like that. They will sign their name only a little bit at a time. A little part of one letter and then another letter and then another letter because they want to switch the pens because they want to be able to give Out those souvenir pens to people to help remember this joyous occasion and it's a great piece of political swag in Washington. Nancy Pelosi is doing matt for impeachment. She's giving out an actual celebratory souvenir for this somber serious sad day they're thrilled. Why shouldn't they be thrilled for? Radical Democrats impeachment is a huge win and I mean Democrats with a Capital D. and I mean Democrats with a lower case D.. Both both kinds of Democrats the Democrats of the Party and the people who support pure radical democracy. Both should be thrilled with impeaching the president. If you're a purist the Democrat with a lower case d. you should you should hate this particular present you might hate the president and general but you should hate this one. In particular. He was elected without the popular. Vote right so right right away. That's a problem and generally speaking people who are pure lower case. D Democrats who want more power word of the people hate the executive branch and often a lot of our constitution. You know if you're a purist Democrat right if you really believe that fifty percent plus one should decide how we're governed. You should despise the constitution because the constitution limits the rights or limits the power of the people to define our rights. I know that's a little confusing. Because it gives rights to the people it acknowledges his rights that the people have but it also limits the People's power to change those rights Willy Nilly if if half the population plus one decides to do it I I mean look at our gun. Rights for instance. Democrats are so upset. Generally speaking the left liberal so upset that if the majority already of liberals in any given area want to take away our gun rights. They can't do it because they're reined in by the constitution about the judiciary. Judiciary is very undemocratic undemocratic. Unfortunately you'll often have bad judges. Try to legislate from the bench. But as it is set up judiciary is there to put a hold on the will of the people to put a hold on democracy to restrain the desires of democracy and not let them do whatever they want. How about the executive? The executive is not beholden to the will of the people like the legislature is executive gets elected every four years and it's elected through this mechanism of the Electoral Electoral College. So the votes are weighted a little bit differently and smaller states have just as much of a say as larger states when it comes to part of the Electoral College vote but not the whole calculation. It's a very complicated process. Set up by our founders and framers unlike the legislature which is up for election every two years and is the expression of the will of the people it is the expression of democracy. The nearest that we've got to it in our government. What the founding fathers new is that too much democracy can be a terrible thing? We see that here. We see that in Russia. We'll get to that in a second because Vladimir Putin just dissolved his government. Before we get to that I've got to thank our friends over at rock auto. 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They never have your part right they you just go there and then they go online and order the part and they mark it up a lot and you pay a lot more money. You don't need to do that. The ROCCO DOT COM catalogs very easy to use very easy to navigate. You'll save money will always get a fair your price head on over there you can choose your vehicle you can choose your brand specifications crisis you prefer always reliably low prices. All the parts your car will ever need. ROCCO DOT COM. Go there right now to see all the available parts for your car or truck and then right Knowles W. l. e. s. p.. How did you hear about US box? That's most important so that they know that we sent you. Rock Auto Dot Com all right or founding fathers. Knew that too much. Democracy is a terrible thing. We have a great republic another another term for a republic you can say representative democracy. It's not a pure democracy. Many cases it's not even super-duper democratic it's a representative democracy republic. What's that's the difference? We have representatives place that express our desires. We don't do it directly will what's another difference. We have constitutional limitations on our democracy if the majority of people ninety nine percent of the people. If one hundred percent of the people want to ban guns from America. They can't do it because we have a constitution. One hundred percent of the people in this country want to ban free free speech or want to establish a national church or want to eliminate freedom of the press. They can't do it because we do not have this pure democracy because if we did have that pure democracy it would be much much worse much worse form of government than the republic that we have the current threat to our representative. Democracy is not too little democracy. It's too much democracy. You see we have been hacking away at our constitutional safeguards for over a century. Now we started well. We started a long long time ago but nine hundred thirteen. Direct election of senators takes away the right of the states to elect the senators takes away some of the delicate balance of our federal government where constitutional system then in nineteen forty two. You get the Supreme Court. Decision Wicker V. Hilburn dramatically increases the regulatory power of the Federal Government Reduces reduces the power of the states reduces that balance of power another example. That was just in the news. The war powers Resolution nineteen seventy-three unconstitutional power. Grab by the Congress to take the constitutional power away from the executive. What you're seeing? Is The power moving from state and local all up to the federal government and within the federal government you're seeing power coming into the legislature constant power bribes and now that is culminating in this impeachment. which has has no legal basis no constitutional basis it is simply a power grab from the legislature against the executive it is an attempt at congressional supremacy? It's the idea that the president serves at the pleasure of the Congress and if the Congress if there's an election and the congress becomes democratic democratic than the Republican presidents getting impeached. And I guess the threat is vice versa. If a Republican Congress gets elected the Democrat president is going to be impeached. This is that that's a system similar to the United Kingdom the UK as parliamentary system. So it's just whatever party wins. They control the whole government. It's very European. It's very unstable. It's not not befitting. A Free American people conservatives have a different idea the net conservatives idea is that we know there are costs to overthrowing are legal and political tradition. Like this the tradition that we've inherited from the founding fathers throughout all of the history of our country. It's not a simple system. It's not totally clear. You can't write it down on a little little little napkin right. It's complex. It involves institutions like the Electoral College which few people seem to be able to understand or articulate it involves involves this balance of power to in the local state and federal and the the judiciary and the executive and the legislature. It's very complicated. We realize that there are costs to overthrowing all that and having a simple democracy or or simply saying the legislature gets to pick the president simply saying the majority rules. When you when you overthrow that tradition you were overthrowing a more important democracy the democracy everybody talks about Chesterton explained at this very well? He said tradition means giving votes to the most obscure of all classes. Our ancestors it is the a democracy of the dead tradition refuses to submit to the small and arrogant oligarchy of those who merely happen to be walking about. It's a great way to think about the tradition. It's the democracy of the dead. You and I are here walking on this earth for a little blip of time we're the arrogant oligarchy of people. Who Want to overthrow everything? But how what power grab that would be. What a tyranny to deprive our ancestors once? We're gone of that. Great eight tradition. What a tyranny would be to disenfranchise the people who come after us and the people who have come before us for in order for a country to to be stable to thrive to flourish? You need to have that sort of continuity and maybe you have to respect the wisdom of the ages because very likely likely your feeble powers of intellect are not enough to recreate the whole country from scratch. Lots of people in in West right now are paying attention to another democracy. Falling apart. Compare compare what's happening in the US to what's happening. In Russia Vladimir Putin right now amending the Russian constitution and its overthrowing his entire government so the prime minister the putative prime minister Dmitry Medvedev and his entire entire cabinet resigned. Yesterday I say the Putative Prime Minister because when you think prime minister you think somebody has a lot of power. Nobody has power in Russia other than Vladimir Putin and Putin was the president then he was briefly the prime minister. Then here's the president again. And he switched roles Medvedyev but Putin's been in charge for a very long time. This move is a way for Putin to consolidate power. All right. Medvedyev has been prime minister since two thousand twelve before that he was president. Two Thousand Eight to twelve but it was really just a trick of the Russian constitution so the Putin could stay in power without violating the constitution. Now Putin wants to install some technocrat. Nobody who doesn't have a power base is prime minister and amend the constitution to give himself more power when he retires as president. Lots of people in the West upset about it. Because it's it's another blow to Russian democracy. My my response to that is what Russian democracy. When has Russia ever had had a democracy or a republic or a representative government never never never have had a functioning democracy? There was a brief period worried after the fall of the Berlin Wall in during the nineteen nineties when there was this guy. Boris Yeltsin. Boris Yeltsin was the nearest thing that Russia has had to a democracy or a representative and if government and he was a drunk crook who left office with a two percent approval rating. There's a story that he was visiting in Washington. One time he snuck out of the White House and he was found carousing rousing drunkenly on the streets of Washington. Right didn't work out very well other than that what you have now Putin. Who is the autocrat in Russia? It just keeps himself in power a little blip of Boris Yeltsin. And you had the communists communist dictators and then you had those ours at no point. Have you had a functioning representative government I Russia has always governed at the whims czars and one reason that we pride ourselves in in West. I'm being better than Russia's because we have this superior system of government and yet increasingly we are governing on the whims of czars to a tyranny of one is no worse than tyranny of many. It's tyranny all the same. We will get to how we can fix that. Then we'll get to the excellent trump China deal and most importantly the Bernie Warren momentous at the end of that debate when they were very intense well. CNN has leaked the Audio Cassia. Nanas Anna's in the tank for Elizabeth. Warren we'll get to what it means. I I got to thank our friends over at ring. Ring's mission is to make neighborhoods safer and you probably already know about their. We're smart video doorbells and cameras that protect millions of people everywhere. How do you know that because I've told you about it? Ring helps you stay connected to your home anywhere in the world. So if there's is a package delivery or a surprise visitor you'll get an alert and be able to see here and speak to them all from your phone. You know. 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Kit has everything you need to start building a ring of security around your home to ring dot com slash knowles that his ring dot com slash Knowles Canada L. E. S. a tyranny of one is no better than a tyranny of a million or two million or three hundred million they're both oth tyranny. Our founders set up a superior system that you can't boil down to slogans or bumper stickers democracy freedom. You can't. You actually can't do that. It's much more complicated. We don't need to destroy our representative democracy. We don't need to be in a situation where the congress has just throwing growing presidents out. Willy Nilly we need to do is respect our traditions. Our norms our constitution and perhaps most importantly of all our fellow countrymen. If we don't do that we are headed for a disaster. But before we get to disaster in the meantime we got some great great news yesterday that the mainstream media don't want to report on Donald Trump just won a major victory in the trade war with China two year trade war with China and twenty years of hostilities with China. Ever since we let China into the World Trade Organization they've been ripping off stealing our intellectual property putting spyware aware in our software that they manufacture taking our jobs illegally subsidizing steel and aluminum devaluing their currency. I mean they've been cheating left. And right and this strategy seems to have worked when trump said I'm going to institute tariffs we're getting into a trade war baby everybody actually with the exception of Chuck Schumer and Chuck Schumer's defense. Schumer was supportive of a tough strategy with China as he had been for twenty years but it was pretty much trump against the world trump against the Democrats trump against the libertarian types trump against the never trump republicans. A lot of squishy people in his own party he said I'm putting on Tariffs they all said. It'll never work. China will back down. Guess what the tariffs word. US and China signed a trade deal. This will lead to a sharp increase in the sales of goods and services to China. And they gotta do it fast. Within the next year China has to purchase an additional nearly two hundred billion dollars worth of goods two hundred million dollars worth of goods and services and end provide strong new protections for trade secrets secrets and intellectual property. This is an eight part agreement. There will now pause the trade war major major deal now it does leave in place yes. US tariffs on about three hundred seventy billion dollars of Chinese goods or about three quarters of the Chinese imports into the United States. So it's billion with a B.. Sorry I was confused. Confused in my notes billion with a B.. Here is Jim Cramer who is on CNBC. So not exactly a right wing network this left-wing network. Jim Cramer comes out. And he says what we're all thinking. None of the experts new trump's TERRIF- strategy worked Jim Appearance this morning did bring something new. And that was the notion of phase to a phase two phase to see so stories evolving rapidly. Look I think that the takeaway for me is the tariffs worked if you go back in time people just said listen. Tower won't work won't change in the Chinese are all powerful. Careful heard our consumer the consumer's going to see a lot of inflation but at the producer level and the consumer level ultimately which is going to hurt. US economy. None of that happened. The whole narrative is China caved and China's can continue to cave. Because we didn't take the Tarasov so I keep wondering when people are going to recognize is that is historic that tariffs did succeed. They weren't supposed to work. The Chinese is supposed to be able to get around. It didn't happen. The Chinese these were kind of accepting that they had to do something in order to keep the American market. Absolutely right this is my favorite thing about the trade. Not even that it's good for our economy. It's good for our geopolitical standing. Not even that it's twenty years in the making not even that the guy in my political party was right and everyone else including people in my political party. Were completely wrong. That's not even my favorite part of it. My favorite favorite part of this trade deal is that it overthrows stale conventional wisdom every thirty forty years or so. You get this this kind of ossified stale conventional wisdom. You know politics because politics comes from ideas. And then you've got to distill it and enacted communicated to people this leads to talking points and bumper stickers and slogans and then people repeat these bumper stickers and slogans so often that they start to believe that that is the totality of of politics so one of these being tariffs. Don't work if you asked five years ago. Everybody Eddie you pulled. One hundred percent of Americans do tariffs work. Left right and center ninety nine percent of them would have told you tariffs don't work tariffs never worked tariffs are a bad idea beep boop boop none of these people have an education and economics. None of these people no particular much about global history or economic history and yet they would have said that because we just had decided as a as a political people tariffs are always bad. There's never used for tariffs then. Trump comes in there. He goes yeah. I don't sorry right. I didn't go to all your fancy lunches at those think tanks and I haven't been politically programmed on the same level as you guys for the last fifty years so I think tariffs are GonNa work and we're slap a ton of tariffs on China and then they're going to get on their knees and then we're going to get a good trade deal. They said it'll never work. It can't work because our slogans told us it wouldn't because our narrow ideology in conventional wisdom told us it wouldn't yeah well. It did so reality as always contradicted the narrow ideology same same thing on trade deficits we were told trade deficits. Don't matter they. It's not a big deal. Well if trade deficits don't matter why do other countries work to reduce their trade deficits print deficits is. It seem to seem like they would matter. What is a trade deficit? It's how much you sell to another country versus. How much of that country sells to you? There's gotta be some effective effective that right if if China is buying X. amount of money X. amount of product from our country and then they suddenly by double that amount of product. I think that's going to help us. Isn't it if we get to sell more product to this huge market in China. Why why do we even want to get into these markets in the first place? If it doesn't matter of course it matters and and trump just knocked over this conventional wisdom. It's very important in politics to get out of slogans from from Nancy Nancy Pelosi's signing the the impeachment resolution to Donald Trump. Signing the trade deal. You can see the kind of ossified cold conventional sensual wisdom and you can see opening up your mind to the possibilities of politics. What do I mean by that? Nancy Pelosi has one guiding star. Oren politics right now and that is orange and bad. They're not. The Democrats are really not considering the danger to the country of pursuing doing this path of impeachment. But they're just doing because that's all they know orange man bat orange man. What if Orangemen isn't so bad? What if the American people have the right to pick their own president? What if the Congress doesn't have the right to overthrows a presidential election just because they want to? What if there are constitutional safeguards? What if there is a legal basis for impeachment what tariffs work? What all these things that the left is not considering right? Now if we get down this narrow path and we tried to oversimplify oversimplify government. We're headed for disaster. If we appreciate the tradition that we have if we respect the norms that we may be can't rationally articulate but we know they've served us well for a long time. Maybe that will help us if we crack out of this stale stale conventional wisdom that crops up every couple of decades. I think we'll have a much better chance looking at the whole body of our American political inheritance before we get get to the mailbag today. I just got to get to this wonderful Wonderful Bernie and Elizabeth Warren Clip from the debate. So you saw. They were kind of angry. They weren't shaking hands at the end of the debate. CNN because they had their lovelier microphones just leaked the audio of that exchange here. It is told me a liar on Nassau told me a liar on national. Let's not do it right now. One of the discussion have that discussion. You call meal you told me. Let's not talk. I just want to say hybrid good. What the amazing exchange the best part of it being Tom Star? Who is just like that kid? Like when you're staying over at your friend's house and you're to the two parents start fighting with each when you're just in the kitchen like trying to get a glass of water. That's what Tom Star with. Hey he just wanted to say hi Bernie seems like a pretty Nice Guy. He wears that nice talking to Tom. Steyer is also the richest guy on that stage by far. So you'd think Bernie would say. Hey Tom please give me a donation later. But it's very charming moment at the end the meat of that exchange though of course at the beginning Elizabeth. Warren comes over she. I think you called me a liar on TV Bernie said what are you. What what you called me a liar? Right we had a we are describing different things has that happened. We're describing one event and you're saying this happened and I'm saying not. This happened so you called me a liar two but let's not do this here Elizabeth. Why would you want to do this? onstage with our microphones on you could have done it during the debate to you. It doesn't make sense until you realize that he Elizabeth Warren a liar and CNN. The tank for her. This is obviously a setup. Why would see an unreleased this audio if it weren't a set up for war and the way the way you can intel? Who is telling the truth here? Is that one Elizabeth. Warren leaked it right before the debate and they and she leaked to to CNN because CNN was hosting the debate and then at the very end she approaches Bernie. She didn't get her good him during the debate itself. She didn't get a good clip from that. So she walks up and very very awkwardly sets him up after respond doesn't sound natural. She walks very awkwardly and says what. What's my script say You I think you called me a liar on TV when you say now. What are you going to say now? Bernie and he's so caught off guard by this. You called me a liar. Why are we doing this year later? Liz I have to give it to Bernie on this occasion. I think he's the one telling the truth and I think she's a liar. Why do I think that she is one of the most notorious liars in the country? And if she's not lying let's say let's give her the benefit of to that. Let's say that this meeting took place two years ago and Bernie said. I don't think a woman could win. And Twenty twenty which. I don't believe for a second. Let's say that happened still still we have to believe Bernie here because Elizabeth Warren is the boy who cried wolf. Elizabeth Warren said she was a native American Indian for her entire career for professional benefit. Complete lie she just recently said that her child went to public. School went to private school rather that was a lie. She said that she was fired from her teaching job because she was pregnant. That was alive. She contradicted herself. She lies all the time all the time and yet Bernie already sanders when you think of all of the false statements. He's made in his career. And there are many of them all the crazy ideologies spattering his career. There's a lot of it. You can't find too many lies. He doesn't live very much. And there's video of Bernie decades ago saying he thinks a woman could be president. You gotTA give it to warn even if this if in this actual event Bernie Sanders was the what actually did say which he said He. You said you've got to give the Liar Award to Elizabeth Warren. That's the only rational judgment you can make and the CNN setup here total stab in the back setup is classic last around Twenty Sixteen CNN gave the gave the debate questions to Hillary Clinton when she was debating Bernie Sanders. They did that because the corporate media. It's Bernie Sanders. I don't like Bernie Sanders either. But we we have different reasons for it but the corporate media certainly hates him to try to Pick Elizabeth Warren. There are now calling her a snake in the grass and I have to say that the the Democratic Base left wing base the calls. Her snake in the grass is clearly pretty right now. Let's get back. I I got to say about facebook and Youtube head on over to daily daily wire dot com. You get you get the underplay show. If you're not a subscriber you're missing out you get the Ben Shapiro show right now using Promo Code Knowles wwl. Es You get ten percent off any plan that you choose that's my gift to you over the daily wire dot com slash subscribe. Pick the plan. That's right for you for as little as ten bucks a month members numbers get our articles ad free access to all of our live broadcasts and show library. Three hours of the Ben Shapiro show bonus content access to the mail bag and more than our all access excess tear gets you into exclusive live online discussions with me. Ben Drew Nat daily wire writers and special guests. And don't forget you will also. Oh get the leftist tears. Tumbler you will get all of that. Plus Denver's off when you use Promo Code Knowles Stop Depriving yourself join in on the fun. Go to daily wire DOT COM. We'll be right back with a lot more all right. We've got the mail bag so let's get right into it. I always run late. So we've gotta hurry up from Sam. I'm Michael I've worked at a summer camp for the past five years today. I got my contract for the upcoming summer. And they've given me a demotion and to pay cut. I feel like I should start looking for jobs at other camps but the reason I wanted to run a camp in the first place was for these kids. I've been working with the same group of kids since they were eight and now they're fourteen and my banning the principles that made me want to go into the camping industry if I take a job at another camp thanks for all you do No you should. You should get another job. I mean it's great to support the kids. It's great to love what you do. It's great to to enjoy the work that you're doing but you can't be disrespected like that if you're really taking taking a pay cut if you're really being demoted showing a disrespect from your employers now maybe it was your fault. Let's entertain that possibility. Let's say you weren't doing your job that that well so you know they bumped you down a little bit okay. Maybe that means you got to work a little bit. Better get a little better at your job. figure out how. Oh you can thrive in that role. I guess you could do that at your current camp where you could do it somewhere else or in the other situation maybe they don't. They're not showing your respect as an employee and you've got to move on that's the way life works great jobs but sometimes you just gotTa move on and you'll find another group of kids and you'll be stronger in your profession from grant. Hello Michael I recently took your advice and parted ways with my ex girlfriend of five years. Who didn't want kids in the future? She blocked me after. I deleted her pictures for my social media Mr Dearly and I don't know how to get over it you mentioned reading off it's ready for love and I simply cannot comprehend it any advice vice on how to read of it and over my ex. Thank you for all you do for your consistent spreading the word of Christ well. I'm sorry you know you're going through this difficult situation. I do remember number your question grant from last time. which was if I'm remembering correctly it was that you and your girlfriend had broken up but you kept seeing each other and she was kind of stringing you along along but she said that you guys have to take some time off and she didn't know if she wanted to have kids or kind of live the life you WanNa live and my advice last time was don't let your ex-girlfriend string you along? Never do that. Never ever do that. It won't it won't help you win her back and it will degrade you so if you still really like her a lot. I guess there's a chance you could get back together. That happens but it's not going to happen. If you keep seeing your ex girlfriend all the time and hanging around and saying you're my best friend and and I love you so much anger work. It's true that is a little tough for the modern audience and it's even more difficult because it's translated from Latin. And how can you. How can you take off? It's advice for getting over an ex girlfriend. Well you're already. Doing avid has a lot of advice. He says stop seeing her. Don't see her destroy all her pictures. That's another piece of advice. He says destroy her portraits. And you're deleting her facebook pictures okay. That's about the second thing another bit of advice. That avid a pagan gives is to sleep around with a lot of women right away. Now you're a Christian so you probably don't WanNa do that but you could start going on dates. You could start pursuing other romantic relationships and you should do that immediately. You must move on. If you're really going to break up you don't want to be in that middle ground either be together and get married and have a life together or completely break up and move on and by the way if you do completely break move on a year or two years from now you might end up getting back together because she's going to realize she made a huge mistake and come running back to you but what what is not gonNa work. If you're in this middle ground where you're kind of hanging around saying please please love me. He loved me that is that is not gonNA help anybody. It's not gonNA help you when your girlfriend back. It's not gonNA help you move on. You should operate from the position that this relationship relationship is over. It's not gonNA work. No knock on her. You just want different things in life and you're going to move on and then see what happens from their best list of luck. My friend from in I'm Michael. Since the Democrats are pushing for tax payer funded abortions over reproductive rights should Republicans push taxpayer-funded firearms as for Second Amendment Rights. Yes yeah I mean not. Seriously I don't want the government involved in in giving me guns because I don't trust the government to do that and I don't want to expand the government in that way but it's the same argument I mean. They say we have a right to abortion so the taxpayers have to pay for it. We have a right to who condoms so the taxpayers have to pay for it. First of all you don't have a right either of those things but second of all even if you did. There is a difference between positive rights which require choir somebody else's effort and labor and money and the government pay for it and negative rights which is freedom from interference appearance freedom from you punching me freedom from you taking my life freedom from you infringing on my property when our government was set up and we talk about rights our founding fathers had a particularly negative view of rights freedom from and so a great a a great way to highlight that hypocrisy for for the left would be to say okay. Great you're right you. You have a right to birth control or abortion. You're right we should. The government should provide that but I haven't actual constitutional right to a gun so give me my. Ar Fifteen baby. See what they say that from DEB. Do you think Salami Man Sulamani will replace shake is the liberals new poster boy for decades to come. Honestly maybe I mean it. I know it seems insane that you could get Islamic terrorist. You know killed thousands of civilians to be a poster boy to have him on t shirts for the left they did it to shake shake. Vara was a wasn't an Islamic terrorist. I guess it was a Latino terrorist. But he killed a ton of civilians alliens he was responsible for untold human misery. He was a total sociopath and they put him on their shirts. The left shakily the intellectual left has always waist loved violence. They love violence they. They usually don't fight themselves. But they love the idea of violence you see this in all of the despotism S. participants of the twentieth century supported by top intellectuals Chumpol Sartori Berthold Brecht all the way back to the enlightenment. These guys support violence and so I wouldn't be surprised if the left does it too. It's totally perverse. And the key is left. Doesn't know the history of Che Guevara and they don't know anything about solar body. They're already crying over his death so I wouldn't be surprised if they throw monitor last question. Taylor Michael What are the names of your ancestors who came over on the mayflower. Our Christmas break my wife and that she has an ancestor. Who came over on the mayflower? Too I wanNA know if your distant cousins I have four. The pilgrim was doctor. Samuel Fuller the other three were what's known as strangers. So they weren't the pilgrims they were the other guys who came over on the mayflower. And that is a Stephen Hopkins. He was a mutineer and he was actually on the Shipwreck in the Caribbean. That Shakespeare's play. The tempest is based on Francis. Eaton he was a sort of ne'er do well but got along just fine and implement and John Billington who was the first man executed for murder in the new world. So you know we had that one. Good pilgrim doctor and then a bunch of derelict's and degenerates and they may be the derelict's degenerates from from whom your wife comes as as well. Maybe we're cousins all right. That's our show. Unfortunately though by the way if your wife and I are cousins then she's also cousins by law with Hillary Clinton so sorry to be the bearer of bad news. That's our show. Are Michael knows the Michael Knowles show have a good weekend. I'll see on Monday if you enjoyed this episode. And frankly even if you didn't don't forget to subscribe and if you want to help spread the word please give us a five star review and tell your your friends to subscribe. We're available on Apple podcasts. spotify and wherever else you listen to podcasts. Also be sure to check out the other daily wire podcasts. Including the Ben Shapiro. Show the Andrew Klavan show and the Matt Wall Show. The Michael Knowles show is produced by Ben Davies Director. Mike joyner executive producer. Jeremy Jeremy Boring senior producer. Jonathan Hey supervising producers Mathis Glover and Robert Stirling Technical Producer Austin Stevens Assistant Director Pablo with Hausky editor and associate producer. Danny D'Amico audio mixer. Robin Henderson hair and makeup. Just OV- era production assistance McKenna kind of waters and Ryan love. The Michael Null show is a daily wire production copyright daily wire twenty twenty. If you prefer. Facts over feelings aren't offended by the brutal truth and you can still laugh the insanity filling our national news cycle well tune into the Ben Shapiro show. We'll get a whole lot of that and much more. See you there.
Democracy Now! 2020-04-20 Monday
"From New York. The epicenter of the pandemic this is democracy. Now my wife. She came out and pretty much escalated situation but even before she came he was like inches from my face. Basically yelling that I should call him. Sergeant I call him Sir and with no mask on. He had no gloves on. I could feel a saliva on my lips. It was just a crazy encounter. Henderson african-american doctrine Miami was handcuffed outside his home while preparing for a volunteer shift to help protect homeless people from the spread of cove in nineteen. The police encounter a sparked widespread outrage. Miami's police chief has now tested positive for cove in one thousand nine hundred. Seven sulphites elation. Dr Henderson has taken a test himself and his waiting for results and accountability then is demand for grocery delivery soars with millions of American staying home Gig. Economy WORKERS FOR COMPANIES. Like instant card have become frontline workers. I think at first when the ADRENALINE was still there. We were essential. We were prideful and now as we get more into it that's wearing often it seeming more like expandable. We'll speak with Matthew. Tell us with the GIG. Workers Collective which organized a strike to demand the company implemented appropriate safety measures and give them hazard pay all that and more coming up to democracy now democracy now dot org the quarantine report. I mean me. Goodman over forty thousand people in the United States have now died of Kovic. Nineteen that's almost double last week's death toll. With over three quarters of a million confirmed cases of the virus. Globally there are over two point. Four million confirmed cases and over one hundred sixty five thousand known fatalities true numbers of deaths and infections both in the United States and around the world or unknown due to lack of testing issues around reporting and tracking data and an unknown number of a symptomatic cases. At least seven thousand of those deaths have been linked to nursing homes across the United States including long term care facilities for veterans tens of thousands of residents and workers have contracted the infection at the Cobble Hill Health Center in Brooklyn. At least fifty. Five people have died. Nursing Care. Workers at some homes have stopped coming in to work and many reported dire shortage and protective equipment. President Trump and state governors continue to clash over the weekend over plans to roll back lockdowns and other protective measures. Some states have already begun. Easing restrictions Texas's reopening state parks today later. This week will allow retailers to open for delivery in Florida people descended on newly reopened beaches and several counties Friday with images showing beachgoers flouting social distancing guidelines but many governors say. They cannot reopen their states. Without sufficient testing trump said Sunday he would invoke the defense production act toward the production of more testing swabs but administration officials continued to claim. There's sufficient testing capability around the country. Trump is placing the responsibility for testing on governors. You must remember that. The governor's wanted to have total control over the opening of their states. But now they want to have the Federal Government. Do the testing again. Testing is is local. You can't have it both ways. Testing is a local thing and very important. It's great but it's a local thing Maryland. Republican governor Larry Hogan pushed back on trump's statements on CNN. Sunday to try to push this off to say that the governors have plenty of testing and they should just get to work on testing. Somehow WE AREN'T DOING. Our job is just absolutely false Every governor in America has been pushing and fighting and clawing to get more tests. Meanwhile new reports reveal the extent of the trump administration's inaction in the earlier stages of the corona virus outbreak a report published in the Times of Israel revealed US intelligence inform NATO and Israeli authorities of the risk of the outbreak as early as November. The White House reportedly did not deem the intelligence report quote of interest thousands of anti quarantine protesters continued to defy social distancing orders to protest and around the United States over the weekend protests took place in Texas Indiana New Hampshire Nevada Maryland. Utah Wisconsin Washington and Colorado in Olympia Washington. Twenty five hundred. People defied a ban on large public gatherings hundreds more ignored stay at home. Orders to protest at the Colorado State Capitol in Denver protests also took place in San Diego one of the far. Right activists organizing. The protests online is so called gun rights activists Ben. Dor and it's two brothers who runs the group Minnesota gun rights. The trio have attacked the national rifle. Association is too soft on gun rights and has set up facebook pages to organize protests and several states with names like Wisconsin nights against excessive quarantine. Meanwhile last week's anti-quarantine Protest and Lansing Michigan was organized by the Michigan. Conservative coalition which is founded by two prominent trump supporters and which promoted by the Michigan Freedom Fund whose founder Greg mcneilly is linked to the family of education. Secretary Betsy Devos in a series of tweets Friday afternoon. President trump issued an online call to liberate Minnesota Michigan and Virginia all states where protesters targeted democratic governors last week. Congressional Democrats and the trump administration say. They could reach a deal today. On three hundred seventy billion dollars in new funding for loans to small businesses suffering from the devastating economic crash. The package would also include one hundred billion dollars for hospitals testing but reportedly does not include increased funding for local governments hazard pay for frontline workers or freeze on. Renton housing payments. The three hundred fifty billion dollars for the paycheck protection program in the first corona virus relief package passed last month. Run out of money less than two weeks after it was launched as many small businesses. Say they did not get funds or even a response to their applications as much larger and more profitable businesses success successfully obtained loans. The restaurant chain POTBELLY SANDWICH. Shop received ten million dollars while. Ruth's Chris. Steak House. Got Twenty Million Dollars Shake Shack said. Sunday. It's returning ten million dollar loan. It received from the program meanwhile observers warn the I two point two trillion dollar corona virus relief package is being spent with very limited oversight as the Treasury's Inspector General Post remains unconfirmed by the Senate and the two panels set up to oversee. The funds are under staffed dozens of immigrant prisoners at the privately owned Otane detention center near. San Diego began a hunger strike this weekend over mounting concerns about their safety during the covert nineteen pandemic otane Mesa now has the largest corona virus outbreak of any immigration jail in the United States last week reports emerged of Otay Mesa guards pepper spraying a group of women and one of the holding units for refusing to sign. Contract reportedly protecting core civic from liability. If immigrants became sick in exchange for facemasks. This is a phone call between an activist with immigration rights group symphony tariffs and a woman detained not Mesa held in the unit that was pepper sprayed throwing pepper spray at us. Do not respect us. When you're a human animals Kelly. They want to force us to sign documents so that we throw away the masks. They want to charge us for t shirts us to make the mass in more immigration news. Dozens of people held a rally outside of prison for Immigrant Youth and Chicago Saturday demanding. They released attain children. The heartland alliance facility houses. Nearly seventy children separated from their parents in. Us Mexico border and as of last week confirmed some thirty seven. Children have tested positive for cove. Nineteen in recent days images have emerged of youth inside displaying signs at the facilities windows that read help calls continue to mount for the release of prisoners cases exploded jails around the country and Florida person locked themselves to concrete barrels in front of the mansion. Florida Governor Rhonda's scientists. Protesting the governor's refusal to release incarcerated people during the corona virus pandemic in Ohio. Over twenty four hundred prisoners at the Marion Correctional Institution have tested positive for Cova nineteen. Meanwhile president trump's former personal attorney and fixer. Michael Cohen is being released from prison to serve the remainder of his three year. Sentence under house arrest. Some twenty one staff and prisoners at the Otis Fo- prison in upstate. New York have tested positive for covert nineteen but the facility is not considered a corona virus hotspot in Europe Italy recorded its lowest daily death toll in a week as leaders way whether they will start significantly lifting restrictions in two weeks when the current lockdown order expires. Italy has recorded the highest number of deaths after the US. It over twenty three thousand France and Spain also to show signs of progress even as they continue to suffer devastating daily losses. France reported close to four hundred deaths. Sunday but hospital admissions have been trending downwards Spain registered. Its biggest daily dropping fatalities and almost a month with four hundred ten new debts. Germany has allowed some small businesses to reopen starting today. Meanwhile British Prime Minister Boris Johnson. Who's recovering from his own battle with? Covert nineteen is coming under increasing scrutiny. For his early handling of the crisis after a report by the Sunday Times said Johnson skipped key government meetings in February and March about the growing threat the Johnson government also suggested early on they might adopt a herd immunity strategy to combat the disease. British healthcare workers say they still lack critical personal protective equipment as they struggled to contain the virus in Greece flames tore through a massive refugee camp asylum destroying the shelters of hundreds of residents the fire followed protests over the death of an Iraqi asylum. Seeker who campdwellers suspect succumb to cove in nineteen though officials say she tested negative for the disease and had been sent back to the camp from the hospital. The camp houses around five thousand people though it was only designed to accommodate one thousand in Israel. Thousands of demonstrators staged protest in Tel Aviv against Prime Minister. Benjamin Netanyahu calling out the government's approach to tackling the public health crisis which includes tracking cell phones protesters. Who wore masks stood at least two meters apart? From one another urgent. Any guns is blue and white party not to join in a power sharing deal with Netanyahu. Yahoo is under criminal indictment. In three corruption cases. The World Health Organization's warning the corona virus may be on the of ravaging the African continent causing possible ten million severe cases in the coming months a worst case scenario report by the UN says. Three point three million people in Africa could die from cove at nineteen and one point two billion could become infected public hospitals across forty one countries reportedly have fewer than two thousand ventilators and ten countries have no ventilators at all. This is the. Who's director general in the bus? That has been a fifty one percent increase in the number of reported cases in my own continent Africa and a sixty percent increase in the number of reported deaths with the current challenge of obtaining testing. Kids it's likely that the real numbers are higher reported in Afghanistan at least forty employees at the presidential palace have tested positive for Kovac. Nineteen is President Ashraf. Ghani moved into self-isolation. It's not known whether he himself has contracted the infection. Afghanistan has reported around one thousand cases of covert. One thousand nine at least thirty deaths through the country has only tested. Some seven thousand people some analysts say if the disease is not effectively contain the death could be as high as one hundred ten thousand people surpassing the estimated civilian death toll of the nearly eighteen year war and Latin America Brazilian presenter Your Sonata continues to flout widespread guidelines for limiting the spread of corona virus appearing at a packed anti-quarantine rally in Brasilia. Both Sonata can be repeatedly seen coughing into a crowd of protesters as he addressed the rally without a mask. We're somewhere calling for return of military rule. Brazil has over thirty eight thousand confirm Corona virus cases in over two thousand four hundred deaths. Meanwhile Peru reported over fifteen thousand cases of corona virus Sunday the second highest count in Latin America after Brazil in India Mumbai. Health officials say they'll administer hydroxy chloroquine two thousands of residents to test the drugs potential as a preventive treatment for corona virus. The Anti Malarial drug repeatedly touted by trump will reportedly be tested in Darby one of Asia's largest slums as well as in the Mumbai neighborhood hardest hit by the virus. Critics are calling out the move to test the unproven and potentially dangerous drug on some of Mumbai poorest residents in other news from Mumbai at least two hundred healthcare professionals have tested positive for covert nineteen in the is reported around sixteen thousand confirmed cases and five hundred deaths but true numbers are likely much higher in Bangladesh. Estimated hundred thousand. People defied lockdown orders to attend the funeral of a politician and a Slavic preacher sparking fears of a new outbreak around twenty five hundred cases and ninety deaths have been confirmed in Bangladesh. Meanwhile in South Korea officials said the number of new corona virus cases fell to single digits for just eight known cases on Sunday however South Korean health authorities say they are seeing an increased number of patients who experienced relapses in Canada. A gunman killed at least sixteen people in the province of Nova Scotia Sunday in the country's worst-ever mass shooting. The shooter identified as fifty one year. Old Gabriel Wallman was also killed the motive for the attack which took place over twelve hours over. Several locations is not yet known. The shooter was dressed as a police officer in disguise to scar to look like a police cruiser and environmental news. The trump administration's rolled back regulations on emissions of toxic mercury and other pollutants from coal and oil fired plants. The new rule changes how the Environmental Protection Agency will run cost benefit analyses for power plants. The perceived health benefits of cutting pollution will be reduced while the economic costs of curbing pollution will be increase. Mercury is a highly toxic metal that causes brain damage and birth defects and climate news. A new study by Columbia University's Earth Institute finds the western United States northern Mexico or entering into a mega drought worse than any in over a thousand years. The report in the journal Science finds greenhouse gas emissions from human activity or playing a key role in driving unprecedented dry conditions in southwestern North America. And those are some of the headlines. This is democracy now democracy now dot org the quarantine report. I'm Amy Goodman when we come back. We continue our discussion with an African American doctor who was handcuffed by Miami Police. As he was headed off to help homeless people he was standing in front of his home. Stay with us You can have the prayer performed during the one world together. At home concerts Saturday night that was held by global citizen honoring the World Health Organization. That was Selena. Young and the pianist Lang Lung. This is democracy now democracy now dot org the quarantine report. I'm Amy Goodman. Were Broadcasting from the epicenter of the pandemic New York City. And we're continuing our conversation with Dr Armen Henderson. An African American doctor in Miami Florida who I spoke with last week shortly after he was handcuffed outside his home while preparing for volunteers shift to help protect homeless people from the spread of Cova. Nineteen surveillance video from Dr Henderson's House shows him wearing a mask and loading van with supplies. When a Miami Police Patrol car pulls up outside his home moments later. The police officer has the doctor in handcuffs. Dr Henderson says the officer detained him after accusing him of littering and demanding as identification which Henderson did not have on him. The officer was not wearing a mask or gloves and Dr Henderson told US quote. I could feel his saliva on my lips. Dr Henderson had to yell to his wife inside their home to bring out identification before he was released by the officer who is not been publicly identified. Dr Henderson told democracy now. The officer has a history of use of force and civilian complaints. The Miami police chief has since ordered an internal investigation into the incident since we spoke with Dr Henderson last Wednesday. Miami's police chief pork. Had Colina has tested positive for cove in one thousand nine hundred and is in self-isolation. Dr Henderson has taken a test himself and his waiting for results and accountability. The encounter is sparked widespread outrage and comes as African American men report fears of increased. Racial profiling the when they're following the CDC suggestion that people wear masks in public. What if you wear a mask while block? Dr Arm and Henderson is an internal medicine physician and Assistant Professor of Medicine at University of Miami organizer with Dream Defenders in part two of our conversation that we continue right now. I asked him to describe his encounter with the police as the officer arrested him in front of his house. He said I should call him. Sir Or sergeant when I'm talking to him and when my wife came out and actually said why are you? Why do you have my husband? Handcuffs The officer basically said because he has an attitude with me and I was like okay. I am in my head. I said that and my wife basically was able to say okay. Well I can get my. Id she got it and he basically let me go. Have you heard of other? African Americans being harassed by police officers when the African Americans wearing masks. Do you think the mask was part of his reason why he attacked you. What part of the reason why he Detained you an handcuffed you. Potentially I don't know you know I don't. I don't really know what his motives are as as I stated earlier in it. It's it's apparent on the on. The video is that he wrote down the street very very slow And then turn back around to turn down my street Took approach me so it could've been the mass. It could have been the fact that that I was black. Could've been both And so I I know for a fact. That likely was not due to the fact that I was that he said I was littering. Tell us again. Tell us again. We're looking at the video as you're speaking. And he slowly comes up. He gets out of his car. And what did he say to you he? He basically looked personal in the car he he basically was was trying to figure out or asking me where what. I was doing now. Well why why was I hear you know and I? I live in a prominent Cuban neighborhood. my family is probably the only black family that lives on the block So you know I think that that you know so I mean I don't I don't know you know he just. He was saying a lot and I it was his body. Language was was just very aggressive And when he got on a car was more focused on trying to escalate the situation Trying to to walk away And gather myself so that I wouldn't respond in a different way than actually did when he took you and handcuffed you. He's not wearing gloves. He's not wearing a mask. You had a mask on. Did you say anything to him about him? Speaking in your face and keeping some distance no I didn't I mean at that point. You Know He. He already escalated to a point. I was already handcuffs. What more can I say? At that point. I was just focusing on keeping my mouth shut and hoping that my wife would come out like as soon as possible. So what do you understand has happened to him at this point? It's now a few days later like five days later. What is the Miami Police chief doing? Have you been formally apologized to? And what are you demanding? So the the Miami Police Department has called me to apologize. I do think that he should be held accountable for his actions He violated a bunch of protocols on not only as the sergeant but also as a police officer. I think that they're supposed to be wearing bracelets that say that they've been tested. He was supposed to have a mask on You know he probably should not have stopped me in the first place so I I just want him held accountable for his actions. And I want an apology as well. Darmon Henderson now. Let's talk about what you were doing at that van. What you were loading in out of the van. I WanNa talk about your work with an housed people. You're a physician. You're an assistant professor of medicine. University of Miami Talk about the homeless population in Miami right so so the homeless population and Miami is It's a large population and basically because we live in Miami and we are at the helm of climate change We have a crisis situation every year during hurricane season which is June through November. And so what we've seen in the past that not only just what homeless people but also with vulnerable populations those who who are working class low income live in poverty and particularly in the Black neighborhoods throughout Miami Dade County We've seen that. There's a disparate response. When it comes to crisis situations in adoring Like during hurricane season and so during Hurricane Armagh. We've found that you know FEMA and the government were saying one thing on TV but in reality people on the ground where being fed. They weren't getting water. There Trinity was taken weeks to come back on and people who depended on these things to actually live oxygen dialysis. We're not getting the things that they needed. And so it really took a coalition of organizations to step in and actually be an actually to take the place of or to step in where the government was not and so usually we we activate during hurricane season but during the pandemic We actually decided to activate as well and during this time we actually decided to focus on on house people because we know that when you're asking people to shelter in place houses people have. They had they. They can't pretend outside because police are harassing them so not only released harassing me outside of my house but there are also harassing homeless people. They don't allow them put up tents And you know. And we're we're not allowed to feed homeless people on the street etc so we've been gone out as an act of civil disobedience to feed the homeless to provide them with socks and and toiletries and sanitizer and masks because during a public health crisis. Like this The homeless population should be the population. That you pay the most attention to and the county organizations that are supposed to protect and provide for these organizations just are not doing enough and have anything at all. Talk about people who are. Don't have houses access to water the first thing we know the best prevention is washing. Your hands yes. So you know you would think that. In America everybody has access to clean water. But what we're going to show basically when we go down there on Friday and I'm GonNa have other media there at a press conference we're going to talk to individuals who live on the street About the types of The types of things that they're facing During this pandemic particularly having to use the restroom outside on not being able to wash your hands now the county and the city has provided a wash station for two hundred individuals. But when you go to that Station. The water smells like sewage. The porta-pottys the two porta-pottys they provided for three hundred individuals. Living in downtown Miami. Had who all the way up to the the the toilet seat you know and it's just like what? What conditions are you subjecting people to live in in in America who who are citizens who are humans honestly and so we've really been trying to figure out the best way to put pressure on the city and the county and elected officials that get paid to actually take care of this population and and also to test them to show that that the virus is is is present and its population as well and this is also the population is going to cycle throughout the jails because police are asking people? That are still. They're still locking people up and putting them in jails and so these are also people are going to cycle in out of shelters and I don't know if you saw in San Francisco. The entire shelter had to evacuate because some of the people who were sheltered. There basically had corona virus outbreak. Like that. And so you know it's going to be really interesting to see how this whole thing unfolds knowing the city in the relationship with with jails knowing the police police is tenuous relationship with with houses people and the fact that they are allowed federal a federal mandate that they are allowed to to break down people's tents and to arrest them on the street Based on a federal ruling basically overturned in two thousand eighteen Dr Henderson. Can you talk about the response of people? Who Don't have house is when you go up to them to say you'd like to test them. And what are the kinds of tests that you're using so we in the beginning? We were using the nasal swab which is the tests And individuals want to be tested. You know A lot of people who live On the streets In unsheltered facilities in Miami Dade County. They have symptoms and And of course it could be attributed to other things because they. They are in a very harshly. Do you live in a harsh environment. But on the same token they they know that a pandemic is going on and they wanna be just like everyone else and so you know we. We've just been trying to figure out the best way to go about testing them. But they've been very amenable to the testing you know they. They basically want when they want to be tested and they're they're open to us and people have walked up to me and say you know what I want to be. Tested the problem. Is that the test. Take too long to come back. And that's why starting this week we're actually going ahead with another test and it's GonNa be rapid it's going to give them a results in fifteen minutes. I'm and we're rolling out that test actually starting today and I and Dr Henderson. How did you get involved with dream defenders and doing this kind of work yes? So ironically independence was started in two thousand and twelve after the death of Trayvon Martin and individuals throughout Miami Dade County and also Tallahassee most of them at Bam you basically took over the courthouse and stayed there for thirty days until charges were brought against the person who killed Trayvon Martin And so I was seeing unfold while I was in In in medical school feeling like look like I chose the wrong profession. Mike and I wanted to be involved. I just didn't know how and so when I found out that I'm asked in Miami Florida which which dream defenders his base. I got involved with them as soon as I basically touchdown off of the airplane. And since then you've been involved in a bunch of campaigns Most recently we sued the the The county over the jail facilities and And the the amount of people that are House that at this particular jail Mamie Cownie. But I've been involved in a number of campaigns throughout my time with Jim Defenders and it's been very enlightening also refreshing to know that they're young people out there that actually care about Humans in general about poverty about fighting capitalism etc and so Recently you know we. We've been involved with homeless people. We're we're in the process of up trying to start a trauma recovery center Particularly around Violence happens in In Liberty City miami-dade county in general. Our and so yeah. We've been involved in a bunch of campaigns and it's been it's been great working with the young people entering defenders for sure. I wanted to ask you about Fisher. Island. That's not far from where you are Miami. The richest zip code that has bought Corona virus antibody tests for the entire island population for all its millionaire residents average income. I think two and a half million the making the antibody. The antibody exams are available to all the eight hundred families. Even though less than one percent of Florida has been tested. Now these are antibody test. I think the average age is over sixty there. A number of well known corporate executives Everyone from Oprah to the head of Hasbro has had places there. What are some of the figures that takes You have to pay a club membership of quarter of a million dollars. Average income two and a half million. You can get there by helicopter or by boat. Explain this island. You're an assistant professor of medicine at the University of Miami and the island said that they are working with the University of Miami in getting these antibody tests out to everyone. Even though it's extremely difficult to get the tests anywhere else. Well I I want to talk about the fact that over town Basically the disparity in our town and Fisher island is so great that literally the life expectancy of people who live in overtime. It's fifteen years less or more than comparison. The people that live on Fisher Island and so I'm going to serve people that actually live in overtime. Which is a predominantly African American neighborhood. it just speaks to the fact that in over town the most vulnerable population and you know and yet these people who live on Fisher island which is literally like two miles away can get access to these to these test knowing that the people that live in over town their May depend on whether or not the the they're able to identify. They have the virus and their access to care. And so it just the hypocrisy of the system in general that is if you pay enough money to to get access to two things and be at anything then then you get it and if you don't then you just don't don't get it and so yeah. I Mean University of Miami is probably working with them. They're also I guess the same people that they obtain those. Those are the same individuals that I'm trying to obtain the test from as well to test the homeless individuals talking to the antibody test not the tests to see whether you're a covert one thousand nine positive now right. We're speaking about the same rapid test that you get within fifteen minutes then. I don't think it's that I think the actual antigen test to see if you've had it the one that is much more difficult to get. I mean that that's probably a way more expensive tests the tests that we even have access to all the swabs which take four to ten days to get the results back and as of today basically. We're rolling out another test where you know within fifteen minutes. It's a blood test But even with that one tab that says you know throughout your entire you know a throughout the entire time that you're alive. Have you developed? Antibodies to this specific virus. So yeah I mean that's that's interesting And it speaks disparities that exist within every system but particularly within medicine And it's part of the reason why you know people who live in over town because of of their of their income because of their socio economic status that they basically Don't get access to similar things But it also speaks to the history as well You know it's not. Just because African Americans have diabetes or or. They just don't they just don't make enough is literally you know government Local city and state governments. That have come together to basically Pass laws that make places inhabitable in general so particularly in over town you know it was a burgeoning black community like the Harlem of the South. Most millionaires live there in Florida and so the government decided to build and ninety five. I ninety five directly through the neighborhood and no-one to Miami beach and no one who was driving from upstate. Florida to Miami Beach could even Bizet. Those businesses and so they are lost revenue. They closed down. People moved out and resolve that you have. Is You know people who have drug addiction people who have mental emphasis and those Party. And so yeah. It's important talking about the history of it as well. Finally Dr Henderson. I wanted to get your medical response to President trump and his approach to this pandemic. He's now officially resident of Florida. Right MAR-A-LAGO And also his ally Governor Ron Disentis who refused to impose at the beginning any shelter at home as spring break with unfolding and we were looking at the pictures of the thousands of people crowded on the beaches now he has said that worldwide wrestling is an essential act and has opened up worldwide wrestling To to continue in Florida Has Been A fierce defender of President. Trump. Can you talk about both responses and what it means for the people of over town and and for you as a doctor right? I mean so the people that we see actually Succumbing to the virus and having the the worst morbidity and mortality are those that are poor that are homeless that are working class those little on. Transit Transit Systems Those that are in you know in supermarkets etc. I'm so when when you say when when president trump or Rhonda Santa's basically the same person when when they say these things that they're going to open up the city and continue as business as usual. Then what you're saying is that you really don't care about you. Know the the the poor people the working class individuals. You don't care about their health and so you know honestly I was. I was one early on in the community. Emergency emergency center a Community Emergency Operation Center that we run the coalition organizations. We have an epidemiologist who works with and also lookout expert who follows numbers particularly for Florida and Miami Dade County and so early on. We were seeing that. Not only were the number of cases low but also the number of deaths were low as well and people have speculated about a number of reasons why that is but the reality is that it actually benefits the our governor because he's saying Oh look at our numbers and yeah we have a bunch of cases but are are low and so they they use to justify opening up economies earlier knowing that individuals are dying at a higher rate than what's been seen and and so. Yeah it's just a complete disregard for working class people particularly those who are African Americans in places like over town liberty city But also all across Florida So yeah I mean. It's politics as usual for Governor. And he's he's going pear whatever. I'M DONALD DONALD TRUMP says and I can go on record saying that because even before the was even chosen as Governor. I was. I was one that to say that. It's obviously he's not GonNa care about poor people. I mean this is a guy who who had commercial with his kids building a wall as a as a As advertisement for his governorships you know build that wall and and of course people thought it was funny. But it's like wow like this is the time that we're living in and he's fulfilled every every promise around making sure that people knew that he was trump junior. Dr Armen Henderson African American doctor in Miami Florida who is handcuffed outside his home while preparing for a volunteer shift to help protect homeless people from the spread of Cova Nineteen. He is still waiting for an apology from the lamb he police department. Dr Henderson is an internal medicine. Physician Assistant Professor of Medicine at the University of Miami and organizer with Dream Defenders to see part one of our conversation go to democracy now dot org when we come back we'll talk with a member of the gig workers collective about how Insta- cart workers went on strike to demand appropriate safety measures hazard. Pay Stay with us. I'll be without a love and be good to me. Isn't a legacy. Is You and me us. Oppose the widths of let's all will be like a couple of except was way we'll grab it. We started well. You couple of cosmonauts monoxide by Fiona apple from her new album just released. Fetch the bolt cutters. She didn't support the Cova. Work of ceding sovereignty. This is democracy now democracy now dot org the quarantine report. I'm Amy Goodman. We're broadcasting from the epicenter of the pandemic New York City as president trump and state governors clash over plans to rollback lockdowns another protective measures. New Figures show more than twenty two million. Americans have filed unemployment claims since mid-march many are still waiting to receive the financial lifeline. The government promised in the two trillion dollar relief package last month. Delays may be even longer for self employed and GIG economy workers who are not normally for unemployment benefits but are covered in the relief package. This comes as grocery stores for one of the front lines of the Corona virus pandemic with store workers in gig economy. Shoppers often working without protection as demand for grocery stores and millions of Americans stay home last week. I spoke with a personal shopper. Who formerly worked for the delivery APP INSTA- card about the risk grocery store and delivery workers face workers one strike and march to demand. The company implement appropriate safety measures and give them hazard pay. Matthew tell us as a member of the gig workers collective which Organiz the strike. I asked him to start by explaining the history of INSTA- car the car is one of these startups From about seven or eight years ago a little after Uber was created young. Came out of that group of the first batch and really small. Start OFF. I started in late. Two Thousand Fifteen and it was amazing. I had a previous career that ideally behind because of a workplace injury and was going to use the current is like a kind of a stopgap until I found my next bencher and fell in love with it. Paid great gave me access to all the amazing buildings like the top of the sears tower. All that's funnels like someone who loves history. It was amazing and pretty a couple months after I started around twenty sixteen early two thousand sixteen incident cart Wanted to start Competing with Amazon. Who had just kind of purchase whole foods and implemented? What's known in the industry is something called scale hacking or growth hacking where they grow at all costs just to beat their nearest competitor to market. And the way they do that is day. Start cutting the pay for all of their front line. Employees like myself shopper. Who'S OUT IN STORES THAN I? Huge move that they tried to do background. There is only about seventy thousand total shoppers in the country. Not even Kennedy yet made an announcement that they were going to remove tipping from the platform. Which at that point for me personally in Chicago made up about eighteen percent average for what I earned every day so we kind of band together we use our large facebook groups the kind of just find the loudest voices and band together and fight back and you know we got them to reinstate tipping after threatening to walk off and ever since then we'd be like they'd been retaliating as they've grown more last count they had two hundred thousand choppers but they have just brought on almost one hundred thousand more in the last two weeks new corrupt. You and you say shoppers bring on shoppers. Explain how how the system works. Someone goes online and puts an order for food. And then what happens at your end so on my end That will be grouped in offering in my area. It's called on-demand. It's a waiver instant card to get out from under like employment protections with Ab Five in California. So there's just a bunch of orders displayed or unit. The grab them before someone else does so right now. Since there's so much desperation out there a lot of people you know trying to make ends meet. They very quickly and you just got to be fast. And you don't know the address deliver into what's in the order. You just blindly grab it and hope that front labor from the APP on our smartphones. Most people will be sitting in a parking lot of grocery store that they prefer to shop at so bill. Try and shop at that store. After getting a list of available batches and bill select it and claim and then no one else can claim it and then you start shopping that order in the grocery store as you would be yourself you wait in a checkout line as you would for yourself. There's no special privileges for instance contractors. And then you deliver with your own vehicle To the customers doors hopefully and you swipe delivered and you move on to your next one. More batches become available and you get to choose from that list. And what kind of protective gear are people giving? Well as of a couple of days ago none just this morning as I was checking the various facebook groups across the country. I have seen that some of the hand sanitizers that the cart ordered are starting to arrive. We have some reports that a lot of them are damaged though solar leaking and not making it to the people were. You can't can't order them right now on their website. And we haven't seen any of the safety kits. They created actually arrive yet. I actually have a pre order out for one just to see if it ever arrives. I at this point after what four plus years of fighting the guard. I don't believe anything they say until I can see it touch it and actually like experience it so I don't even know if those exist inside card. Pr's telling a lot of media that they're doing all these things and they're just empty words to a lot of people like me we started you talked about tipping and how was your move. Now it's put back. Can you talk about what's happening now? How people use tipping to make sure that you know they. They can somehow get an order not a month from now and what actually happens to those types out so there's a obviously a huge history with tipping an instant card but this is actually a problem that was uncovered or picked up by CNN. Recently about if aiding this has been an ongoing issue within the card for years where certain facebook groups of like couponers and other people they pass like life hacks that have actual real world ramifications for humans and there's something going on right now where people will put their tip high on an order which we see that ahead of time so we will you know. Oh they're going to pay me one hundred dollar tip to get him. You know twenty items at a grocery store. That's worth my time. I'll take it but you go to the store you shop the order you get maybe half of it you deliver it and then you know a half hour after delivery. You'll see that. The tip was removed so one of two things going on now. It's either tip baiting or another instant card bug in their systems that basically handle all the financial side of our paid. We've had them you know. Admit a tip stealing bug on at least two or three occasions and probably several more that they'll never admit to so it's really hard to tell with no transparency within the company. It's all through blackbox algorithms and really got feel. What's going on by crowdsourcing information via facebook and twitter? I wanted to ask you about a statement made by the INSTA- cart founder and CEO of poor. Meta who announced the company would bring on three hundred thousand additional shoppers to meet increased demand amidst the pandemic Mattis said workers are being provided with health and safety supplies issued a statement that said quote. We are also offering additional support for shoppers who may be affected by. Cova nineteen all in store shoppers. Nationwide now have access to sick pay and accrued benefit. That can be used as paid time off if you're absent from work due to illness or injury additionally any full service or in store shopper can receive up to fourteen days of extended pay if you're diagnosed with cove in nineteen or placed an individual mandatory isolation or quarantine again the statement of the CEO of Instarem Cart. Your Response Matthew. Tell us I'm like shaking with rage right now. I've said it before if I was the governor of any state I would a hiring freeze on all of these APPs immediately until they've proved those words. You just read to me. Because that's not the real world application in their hiring three hundred thousand people. Twenty seven thousand onto your epicenter in New York and another fifty thousand to California which is on a complete lockdown these. These new shoppers are the ones who are recently out of work and everyone deserves a living wage and it breaks my heart to see these new shoppers out in the stores. Because I'm still in the stores with my personal business that I was able to create over the last couple of years with a different company and my biggest issue right now is all these new car. Shoppers that are unprotected stores with their entire families a lot of times. They're really harassing. The grocery store workers a lot of times. We have a lot of reports of that. And I've seen that with my own eyes. We're seeing issues where there's issues at delivery There's issues with safety. We have reports of instant car asking a simple one question hiring process of have you been convicted of a felony and the last seven years. If you answer no you were immediately activated and could go shop orders using like Google pay so last weekend two weeks ago people were just getting activated and onboard immediately. They sent email to their customer base. Saying basically hey we know you got laid off. You WanNa work for instance cart shopper and everyone signed up and they brag about that. I have the email. It's gross Activated these new shoppers without background checks even reports of down in Miami. They're hiring underage April. Sixteen seventeen years old and they were having issues at checkout because they didn't even have their payment cards yet or any identification and Google pay was failing so they were paying insecure orders with their own money. And that's always been a problem to get into the car to reimburse you for that so we're just trying to get a bunch of information out there. New Shoppers were prior to police them. But like it. No one's going to train them. Someone has to and you know. We'll do what we can in stores or or answer some questions and facebook groups but Asians as wearing kind of thin and it's it's definitely very emotional when you're in a grocery store trying to stay state and now you're trying to traverse hordes of INSTA- car shoppers at Costco and trying to avoid the elderly folks in the store who are trying to protect themselves while also trying to avoid the other group of people who are in denial so the jobs. Become very very stressful. It's not for everyone and I don't think eight out of ten people who have just been laid off should be looking into the car or employment. It's just not worth it. And what do you say to customers of INSTA- cart? Some people have just discovered it for the first time during this pandemic what kind of leverage do you think customers have to ensure that the GIG workers the people who work? The shoppers are justly dealt with customers. Actually do have a lot of leverage insecure will always tell the media and customers that people like myself in the groups that I work with and Organiz aren't vocal minority and that's just definitely not the case. A lot of people are speaking up. We're getting way less pushback from joining our actions as of late because it's a very serious issue And people are starting to realize that groceries. Your food your health. Your safety are also very important because all it takes one infected delivery person to take down your entire family and anyone that you might be linked up with but in some customers especially new ones. Look at the history of what we've been Involved in over the last four and a half years. It's all available in a quick Google search. Just look up into the carton hit news and you'll be able to read all about the different things that is it card's Kinda done over the years all the ten allies they've been caught in all of this basically their PR statements. There's just the same thing every every six months so you can go back and read them all and they're all just the same statement and they're all hollow no action. There have been taken from them. So just do your research and then once you learn about instant card. Don't take my word for it. Wasn't a journalist. Experts Luther Alternatives. There are still some grocery stores out there that that aren't tied into the cart that have their own in house deliveries still. It's a good paying job. There's also other APPs out there that are much more ethical me personally. I was able to link up and work closely with the founders of an APP called dumpling out of Seattle. That let's set my own rates. Then that could be as low as three. I get to choose. I give free delivery to whether it be. Elderly people are immuno-compromised which then the company don't win. It's going to subsidize which I haven't asked for yet because I'm one of the lucky few that has more work than I can really handle right now Because people are not using the card or Amazon Amazon. Just put a freeze on new customers because they can't handle it so right now. We're seeing like this business model kind of blow up under the stress of demand and US veteran. Shoppers always knew that was going to happen. And we've been blowing the whistle and calling Bala a lot of these different hats that these companies utilizing loopholes. And because of that I haven't had the market was dumpling. Anything people are just coming to me. It's free marketing and I have. My days are packed from nine. Am eight thirty PM. I'm driving all over. You could end by just talking about the GIG. Workers collective not just inside the car but talk about what overall people are facing and who is the population of GIG WORKERS. That are doing this kind of shopping at this absolutely critical time. Where as one of your statements puts out of the GIG workers collective INSTA- CARDIS turn this pandemic into a PR campaign portraying itself. The hero of families that are sheltered in place isolated or quarantined but who are The GIG workers in general the other companies and the population of GIG workers so workers collective came about after years of just a repeat a Ragtag Group of people in Facebook and twitter me Vanessa Sarah and then people have come and gone over the years you know. They just left the GIG industry altogether or moved on to other things or just couldn't handle it or are still with us. We have dozens of people now all over the country linked up. I don't even know what most of the people look like. Shoppers were most of us. Are People that are still kind of trying to rebuild. From the last for session I graduated rate. One hit so you know. I haven't had a good past decade now. Filing a position where. I'm having a great decade and off from where we're now kind of trying to streamline the process so we can get the message out even farther as because the everyone's going to be in the GIG industry eventually. We don't do something you know. Everyone just got laid off What like eight ten workers were probably going to be in a depression. So everyone's going to be in the GIG economy you know it's not just going to be the systemically impoverished minorities immigrants. They start with them US Mexican myself and now we're seeing more of the middle class being laid off again just like last time. They're gonNA start flooding. These APPS and Aren't going to have enough information to do them safely. Adequately I'm trying to get the word out because we know that we're not gonNA be able to prevent people from looking for income right now and if they have to risk that they need to be protected with information and what to look out for because these companies over lift door. Dash GRUB CAVIAR SHIFTS. Door DASH is one of the worst ones and the cart. The King of just horrendous business decisions will take advantage of them and they call essential workers from watching you guys all today. It seems more like we're expendable. I guarantee you. There's some memos behind closed doors at say you know when they die we'll just replace them and it's breaking but from that we see so much good coming out of it with each other next time on the Essential Matthew. I think at first when the ADRENALINE was still there. We were essential. We were prideful and now as we get more into it that's wearing often seeming. More like expendable matthew tell US member of the gig workers collective and that does it for the show. Democracy now is working with this. Few people onsite as possible. The majority of our remarkable team is working from home. Democracy is produced with Rene felts my cane sterling rainy near me shake special. Thanks to truly Crossley.
Tuesdays Houston Matters: COVID Updates, Congresswoman Lizzie Fletcher, And Bird Watching (July 14, 2020)
"As Kobe nineteen cases increase in Greater Houston. Many businesses in school districts deliberate how to move forward. Michael Hegarty in for Greg. Cohen man today on Houston Matters. Dr David Calendar the head of the Memorial Hermann. Health System ways in and we learn how hospitals are dealing with the influx of patients. Also this hour. We welcome your questions for Houston area, congresswoman, lizzy Fletcher. You can send them now to talk at Houston Matters Dot Org. Join the conversation at seven, one, three, four, four, zero, eight, hundred seventy. Plus local bird expert Dr Richard, Gibbons from Houston. Audubon answers your questions whether it's about identifying bird in your backyard, attract a certain species to your bird feeder, or what to feed the ones that are already there. We welcome your questions now at talk at Houston Matters Dot Org. And weeks score how the experience of riding a bike and the interest in doing so has changed since the pandemic began. These and other Houston matters followed this hours news. This is Houston Matters Michael Hegarty sitting in today for Craig Cohen coming up an update from the head of the Memorial Hermann Health System about covid nineteen cases. They're also Houston congresswoman. Lizzy Fletcher joins us to answer your questions. You can send them now to talk Houston Matters Dot Org. You're Y. You can send questions for our local bird experts. Who will be with us later in the hour again? At. Houston Matters Dot Org but I is always. Let's chicken with news eighty eight seven, Eddie, Robinson with the latest on Covid nineteen impact on Greater Houston Morning Eddie. Michael Texas health officials continued to report more than ten thousand patients hospitalized with Corona virus. They reported more than forty new deaths and fifty six hundred new cases on Monday, following what had been the deadliest week of the pandemic in the state, currently eighteen percent of patients in Texas hospitals are there because of Covid nineteen across the state? Some two hundred sixty four thousand people have been confirmed. Confirmed to have the illness over thirty two hundred people have died now here in Houston health officials over at the medical, center say sixty two thousand coronavirus cases are being reported across our local region. Close to four hundred people are being admitted to the MED center each day. That's been the case since the end of June a month ago, the average was about one hundred people a day. The Texas Medical Center remains in phase two of its intensive care capacity plan at the current ICU growth rate Michael Medical Center leaders think it's unlikely they'll have to move in face three within the next two weeks now as cases surge. Houston Mayor Sylvester Turner is still calling on the governor to order a two week. Shut down while Governor Rabbit has said putting the state back on lockdown is a last resort, but the state is doing what it can to help. Fight the spread of the virus. A US army medical force arrived in Houston yesterday. Health officials say the eighty five member task force comprises of medical and support professionals from the army reserve, and they'll use a wing out in the United Memorial Medical Center and start transferring covid nineteen patients from other hospitals to help lighten the load and build more efficiency and capacity space for these hospitals and quickly Michael. A medical resort is opening up in the Willow Brook area. This will be a nursing home that's been vacated and it'll be used to take care of patients who've been hospitalized and who are on their way to recovery to medical resorts are already currently in Operation Michael. Thank city. That's news idiot Sevens Eddie Robinson. As Eddie mentioned cases still over ten thousand a day. Eighteen percent of patients statewide in hospitals are there for covid nineteen Some numbers show that covid nineteen cases may be slowing slightly over the last few days at least two spinal that many businesses and schools are considering whether close interaction between their employees or students is the best course of action as those cases rise in the greater Houston area. What recommendations do local health officials have going forward? And how is it affecting? Them will ask Dr. David Calendar. WHO's the president and CEO of Memorial Hermann? Health, system Dr Counter Good Morning to you? Good Morning. Doing well thanks so much for joining us first office. Eddie mentioned Mayor Turner's calling for a two week shutdown governor. Abbott said he would like to leave that as a last resort Do you think another shutdown is necessary based on what you're seeing your system? Well the decision about a shutdown obviously is bad about my pay grade. But you all have well described with the currying. We're continuing to see a growth in the number of new cases identified every day. Hospitalization is a lagging indicator. We typically see about two weeks. After a new case number the impact on hospitalization. We've seen hospitalizations. Rise as you mentioned, be perhaps if seen leveling off in the past couple of days. But we're not quite certain yet. What is clear to us that we cannot continue to meet the demand for hospitalization if the number of new cases continues to rise as it has over the past three to four weeks. That we're holding our own right now, but clearly if the trend continues with increasing demand for hospital stays, and we're not going to be able to keep up. How are things at your hospital system dealing with the influx of patients? We have busy. We're stretched. Are People are dedicated? They're committed. They're doing a great job and caring for patients. But they're all concerned to you know when when this at least EEK Plateau and what is it? GonNa take to get the numbers to go down as opposed to continue to climb. Right now we're able to meet the demand, but we're working hard to do that. If indeed things do continue to climb our you preparing for potentially even more cases. Well we would move into that phase three of surge where essentially we use every staff member we can find. We can bird all patient care spaces. Indoor spaces to care for covert units and people who have non Cova illnesses that require urgent or emergent care. It's not a desirable situation. It certainly doable, but it's not sustainable. HOUSTON. Matters Michael Hegarty talking with Dr David Calendar, the President and CEO of the Memorial Hermann Health System as we've discussed a lot of the school districts, preparing for what they're going to do, as far as returning to school or not's businesses, still can dealing with the new reality as you mentioned discussing, some recommending another shutdown what? Recommendations would you make to local business owners who are considering you know trying to reopen increase, capacity or schools looking to have students coming back here in a few weeks as that concern you. Well. The foundation of our by any business owner or school leader that you know we understand what it takes to slow or stop the transmission of the virus. That is everybody wearing a mask maintaining appropriate social distancing, really good hand, hygiene and keeping sick people away at home, and under the care of a professional. you know that. Differently in different situations certainly would be different with younger school age children than it would be for older school. Aged children would be different among different sorts of businesses, depending on whether or not, you're in a retail business, or you're in a service sector business. So what we ask every leader to do to take a look at how those foundational prevention measures can be successfully applied and their situation and then plan to do that if it's problematic to do those things, then, perhaps not such a good idea to open or reopen. What are you hearing from the doctors that work with you? Of course you are also medical doctor yourself, but the what's doctor? What have you heard from your your doctors about their concerns about businesses opening and particularly schools going going back? The greater concern is that we won't be successful in getting people to wear masks. We know there's been. a significant number, not a majority, but a significant number of people who feel like having them wear a mask. Is impinging on their rights? Of course, we don't quite see it that way. But clearly to to to change the direction of what's happening in Houston around the state, we need for people to wear masks are doctors are concerned because they see too many people, not doing matt and they're wondering what what is it GonNa take. The governor's issue is order. We still have noncompliance. In some cases we have Agencies law enforcement agencies that are unwilling to enforce the governor's order. And, so we're still waiting to see given that. The governor's order was issued on July second. What the real impact of that is going to be is going to allow us to plateau perhaps move in the other direction, still a little too early to say. So physicians are worried. They know that at some point, we read our finite capacity care for patients. We certainly don't want to be in a physician where we see that capacity and people are dying are not getting the attention that they need and suffer long-term functional problems because of that. We've heard at least anecdotally about increases in do as people dying on arrival, at emergency rooms and things like that that did a middle of a pandemic. There's still plenty of other emergencies including as well covid nineteen and that sort of thing Do you guys get a sense that people maybe are? Maybe it's more reluctant to go to emergency rooms because they're trying to avoid going to hospitals or waiting till things get too serious I mean that might be the case overall I don't know. How do you see? Are you seeing any more changes? I guess in how people interact with your your hospital system in this situation. We're very concerned about that. We certainly saw that happened. As the original virus outbreak started here in Houston people were fearful about coming to emergency rooms in some cases, they thought they could not if they did not have a covid related illness or problem. And because of that they suffered heart attacks strokes at home. Our EMS will ems agencies reported finding a number of people dad at home, so we're still gathering all of the data, but it's pretty clear. There's an impact in terms of people's willingness and ability to come in. For Emergencies and urgent care in the face of so much coded being cared for in our hospital. We've been trying to reassure people. Let him know what say. We're not saying transmission of coded in our hospitals between patients or between staff and patient. We stopped it with appropriate use. P P. Though it is safe to come however again we're concerned with a growing number of. Cova patient, we start to crowd out our ability to care for people who have non code related emerging. As we've, we've heard throughout the last few months that a Lotta little hospitals. Are Unable to do elective procedures and different things that are a real source of revenue for those hospitals and healthcare systems. How is that situation? Has that affected memorial Hermann financially? Definitely, a negative impact I think all hospitals to see that all across the and across the country I believe the American Hospital Association estimated that the total cost of hospitals across the country is. Near three hundred seventy billion dollars so far. So that's a concern fortunately, I think in most hospitals in this region or reasonable financial condition in terms of their ability to withstand hit for now. So our first duty is to take care of the patient, and that's what we're focused on. We understand that it's going to be financially challenging for us for quite some time, and we'll just do the best. We can for as long as we can. About how this pandemic is affecting your hospital or hospitals in our region that people don't know or just don't understand. That the capacity issue obviously has been vaccine to a number of people and we continue to work to try to explain that. We manage capacity were certainly trying to do everything we can to preserve as much capacity as possible to care for non cova related illnesses while we air for the increasing demand for a cold it the hospitalization I think the other thing that I worry about is just the the impact on our staff. You know we've been doing this for four months. patients who present for hospitalization with Covid, nineteen or very ill require very intensive air. From our staff members and it's wearing. You know with previous emergencies. We've kind of been able to see the light at the end of the tunnel with this particular pandemic or hopeful, there's vaccine out there. There new therapeutic options coming online. Certainly, we've improved our outcomes with the learnings. From previous experiences, but still we've got some time to go before we get over the hump with Kobe and so. You know keeping our our staff and in so that they're resilient. They feel like that. Yeah, we're going to get through this. We're going to be okay is a concern for me. Still waiting for that light to appear then that's correct, yeah! Dr David Calendar is the president and CEO of the memorial. Hermann Health System Dot calendar. Thanks so much. Have a great day to. Up Next we're talking with area congresswoman lizzy Fletcher, you can send your questions or comments to talk hit Houston. Matters Dot Org join the conversation at seven, three, four, four, zero. Eight Seventy S Houston matters continues. This is Houston Matters Michael Hegarty filling in today for Craig Cohen every Tuesday. We offered you an opportunity to speak directly with an area public official. In today we welcome your questions for Houston area congresswoman lizzy Fletcher Congresswoman Fletcher welcome back to Houston Matters. Morning Michael thanks for having me I'm glad to be with you to have you back in a while I have some questions for the congresswoman. This time is really for you, so we do hope you call with any questions you have or number seven, one, three, four, four, zero, eight, hundred, seventy, again at seven, one, three, four, four, zero, eight seventy, or you can email us as some already have talk at Houston Matters Dot Org. Congresswoman Fletcher as we've been hearing this morning. Some are suggesting that we need another statewide shutdown similar to what we all experienced back in March, April depending on the length, or maybe two weeks or more to curb this recent spike in covid nineteen cases. Do you think that's necessary? Well thanks for the question I enjoyed Dr. Calendar talk about the challenges that we're seeing in his hospital system and I think that we're all reading the news and very concerned about what we hear about our community's ability to manage the virus, and to take care and treat people into to minimize the spread and so you know my my view. Is that both the county judge? Judge Lena had all go. The mayor of Houston Semester. Turner has said that they believe based on the science and the data that they have access to the public health officials that they're working with that that is something we need and I certainly think that you know. That's the thorny that they used to have that the governor's order has superseded and I. I certainly think that the. Give them the ability to do that. If that is what's called for, I think the challenge we have here is we saw that? This virus is having a devastating impact on both the lives and livelihood of people in our communities across the country, and so there are real concerns about the impact of a shutdown again on our livelihood on our economy, and these are really difficult, difficult question to ask but I think you know to save our economy. We have to beat the virus. We cannot ignore it and we've got to take the appropriate public health steps to make sure that we are with using spread flattening the curve. And bringing the down. Can engage and so You know that's my view. I certainly hope that the governor will. Give that authority back to school officials which I think is consistent with our general views at the local officials. Know what on on the ground best at the same time. I think we need a state wide strategy. Because of course we travel all over the state, so we do a state wide strategy, and we I think we need a federal strategy, and that's something that Congress have been talking about in working on the as we see, the virus is all across the country. cuts flare up quickly and it really is unlike anything we've ever experienced in, so we all need to pull both our our. Our ideas in our efforts to mitigating the spread of the virus, containing it and then beating it. You mentioned federal strategy. There needs specific actions you think Congress can should take to help. deal with the economic and public health crises that we face right now. Absolutely and Thomas is taking a lot of a lot of action as as most of your listeners probably know you. We've passed several major pieces of legislation to address some of the impacts of The virus starting back in March. that cares act. People are very familiar with which created the paycheck protection program, and various SBA lending programs as well as the direct impact payments to Americans across the country as well as funding and I. think that this is a critical funding The for healthcare for healthcare workers. You know our heroes but also funding. For Research and treatment and for testing, and there's been a lot of talk within the Congress about the siltation nationwide testing strategy, bringing all the federal resources to bear certainly in the federal government funding various efforts to develop vaccine. So really focusing on the National Institutes of Health and see in leading on On the research side, but also making sure that we are. that we are working collaboratively to face to address the issues can across the country are facing, and so in some of that early legislation there were there were various programs and and I think we. As we look at how long this is lasting and we look at the long term trajectory I think. Congress still has a role to play the House passed. A bill called the Heroes Act a few weeks ago. We are waiting for the Senate to either pass it or respond and come back, which is pretty standard operating procedure in Congress, for you know one chamber of the other two to pass a bill and then her Folks to get together from both of those and kind of confer what the final bill will look like, but we passed the heroes, act and you're starting to hear more in the news about the talking additional direct payment one of the big things we did in the cares. Act was extended federal unemployment payments, and that's been critically important. I mean I'm sorry to report, but in our district we have had. Had many many calls to my office about from folks who are trying to get through to the Texas Workforce Commission who become unemployed so that's really important. Extending the paycheck protection program as we see the possibility of additional shutdowns, and other economic impacts, the idea that there could be additional assistance there, and then critically in the in the heroes, act and and I think this will be a point of discussion. Heroes! Funds, state and local governments to pay for health care workers to pay for police fire emergency personnel, sanitation workers You know to try to help cities and states that are often opera at about budget requirement continue to perform the essential services while they are facing the same economic impacts. We see across the country where we see the challenges of we see it here in a city of Houston and the reduction in the budget, and the fact that there's just massively decreased revenue to pay for city services so the House bill proposes. Federal Government provide aid. to cities and states and does so by a formula. That I think it is also very beneficial to the Houston area, and I think that that's a critically important piece of something that the federal government can and should do right now. This is Houston Matters Michael Hegarty congress moon, lizzy Fletcher is feeling your questions right now. At seven, one, three, four, four, zero, eight, hundred, seventy, or talk at Houston matters. Dot Org and we've got a few questions coming in via email and seven, three, four, four, zero, eight, seventy, I'll get a couple of those the second, but our real quick is there. Are there any issues specific to your district? You feel like that. Our people are struggling with what are you hearing? What are you seeing anything specific to your district, or is it just mimic your mirror what we see overall nationwide around the state in this time. I think what we're seeing in. The seventh congressional district is consistent with what we're seeing across the state and across the country Folks who were calling principally about health concerns concerns about their their livelihood concerns about their jobs, their businesses, their employees and we've been spending a lotta time responding to that in terms of of cases that seems to be the bulk of what's coming in of course, the Texas Congressional district includes energy quarter, so there's an acute need not oil and gas sectors I. Know folks across our community, no that probably so please Improv when I saw the article in yesterday's Houston Chronicle that said the paycheck protection program was really critical in helping sustain jobs throughout the energy sector I'm over the last couple of months, and that's something that I fought hard. Hard to make sure was included. and I think that you know we. We're seeing those challenges with the the global decrease in demand and also some of the things that were happening even before the pandemic, but certainly the pandemics on the energy sector is is something we feel, and see acutely in our district, but for the most part for I think experiencing what people are throughout the region across the state and across the country, which is just a real concern about the public health crisis that we're seeing and a desire to get right and to help our neighbors along the way and figure out how we can get through this together. I question from e mail comes from Tom Your says what can or should the federal government do to provide more covert testing and P P eight Houston? yeah, that's a great question and something we've been talking about since the beginning and I think one of the one of the real challenges that we have seen over the last couple months is that there hasn't been a particularly a change ineffective supply chain coming from the Federal Government now certainly I've been on the phone with FEMA I've been on the phone with HHS. We've talked about various things. Things that they are doing to try to ensure that we are getting that we are getting PP and testing across the country but one of the challenges we see when it comes to is that you've got states and localities Ding against each other in the market, and so I certainly think that we need a better federal coordination there now. Obviously, it's a complex system and there are. Are Pros and cons to using established established supply chain channeled, but thing time we don't need Texas bidding against Louisiana for masks and gloves and other personal protective equipment, because that just runs up the price, though that's not officiant, and it's not effective, so I think that having a national coordination when it comes to P is critical and testing. is a similar concern and certainly I'm. I'm sure listening know that there've been a lot of concerns about how long the federal government continued to support the testing sites in Houston in Harris County. we have four testing fights to. He's into in Harris County and they were going to take them way earlier. In the spring, and our congressional delegation very hard to get to stay, and then again recently they were going to. Withdraw support for their sites. At some point you know, we are using a variety of different testing, sources, and and you know there will be where that changed, but what we cannot do, have them leave in the midst of the spike that we're seeing across the community, and so we have been very focused on ensuring that we have testing here, but one of the challenges that we're going to see is the human number of tests and testing that needs to be done for us to get back to some sense of of normal really. It's really going to be a huge number of tests, and so we need to be pulling together. All of our resources, pooling those resources and gently figuring out how we can maximize the number of tests that are being treated how we can some of the challenges we have or that we have certain you know the reagents to complete the test that we see people batching contest. There are a lot of different things that are happening to try to be efficient but we have a defense production act in this country that I think we need to fully implement. Five, so that the federal government can make sure that we are producing off the tests, the the the the swamps that we need you. There's so many different parts that go into effectively being able to do the testing, and so we need to bring every resource that the federal government has to bear to getting the testing, because that is the key to moving forward. We've got to know. Who has the virus and we've got to be able to then follow a containment strategy with with tracing isolating once. We've have testing results and right now we're. We're dealing with so many challenges including the fact that it takes days. you know up to ten days sometimes? To get those test results, and so those are some real real challenges that we've got to address and I think that there is a role in a critical role for the federal government to play into still taking and making sure that we're doing everything we possibly can to increase the effectiveness and the volume of testing. Let's take a call. John, is calling from the Upper Kirby area John. What's your question for Congressman Fletcher? Mom question is what's going to happen with both. I hear so much political wrangling about. shutting down and I can't believe anybody would permit that to happen, but the devastating effect on the economy would be. what what's going to happen. Others moment. John. That's a great question I! Love it, you ask. You are not alone. In fact, we get a ton of to my office from folks asking for to protect the Postal Service, and the post office and I agree with you I. Mean I think there's a consensus across my district? And I think across the country that the post office it vital role. In, our society certainly, there are parts of the country where the post office goes. We all know rain, hail and snow. The mailman goes through and many many of us rely on the mail in an increasing level now as many of us are staying home. People are relying on the male to get their central prescriptions and medication We are all using various services. you know in trying to to follow? The. Guidance that we try to stay home and Mike going out and so The Post Office plays a parole in that, but you're right. There's a lot of political wrangling about the future of the post office, and it is unfortunately I think he's been largely driven by the president who said that he is not supportive of the post office and doesn't want to do some additional funding to make sure that the post office can stay afloat and it's. It's a complex that kind of long issue. That I won't get into all of the week. except to say that you know the Post Office does have some challenges like having to fund the. Seventy years out and and. The, other businesses don't have, and that's a that's by law for their efforts in Congress to sort of fix. Some of the things that are challenges for the post office, but also not unlike American households American businesses in this very critical moment There's an opportunity and I think a need for federal. To The post office and so we have put into our legislation that House Democrats have put several proposals to help and sustain the post office The president has threatened to veto. Legislation over the post office and I can't tell you why. and. I can tell you that that he has really Focused on this and so it is something that we are continuing to work on in that heroes that I mentioned earlier. do have language in there to preserve the post office and I think. That certainly the view of of our district that we need to to protect the post office, and so what I can tell you without getting in the weeds of all the various policy stuff there is a sincere and very effective commitment among members of the House to make sure that that we preserve and protect the postal service. This is Houston metres Michael Hegarty. We're talking with congresswoman. Lizzy Fletcher who's feeling your questions right now. Let's start a couple of questions here. That are flood related. Let's go with Richard WHO's calling from the beer. Creek area Richard Go ahead. I guess Congress. Let your. I've been to several of you're needing. I thank, you represent US better than the one half. Of the first question is on the third reservoir. What happened? And then there's the forty foot tunnel. System under I ten that was performed three years ago and I haven't heard anything. Yet and when I've gone. blood control says they just go through. In a clean, the dishes out as to free harvey condition. So I I just wanted to hear some comments and I think you're doing excellent job. And, we thank you Richard. Thank you so much Richard for your question and for your comment, I appreciate it. I'm so glad to hear. That you are pleased with with the work that I'm doing because I really am here to represent our community and leading is certainly among the the top issues that turned to everyone across our region and. Particularly them Congressional district, where of course Barker reservoirs located at an upstream and downstream of addicts so flooding is is critically important in that area as well as. Of the the by a watershed so flooding, and and water, conveyance, or or issues that I i. don't Think Day without talking about in particular you mentioned two specific proposals that third reservoir and the forty foot tunnel, and I've certainly heard from people who are advocating for the solution, but what I can tell you is kind of a situation overall right now is that after Harvey The in Congress funded a study. The Buffalo Bio resiliency. Project and that study has been ongoing the Army Corps of Engineers. Because of course addicts booker are maintained by the army of Engineers, and so it's fallen to them. to evaluate what we should do whether. It's bill that there for you know, dig out those existing reservoirs more What kinds of things can we do for the kind of flooding? We saw in Harvey, and that we anticipate and air. Could you know could happen again and so? the Army Corps has been working on that I serve on the Water Resources Committee of the transportation and Infrastructure Committee for this very reason because we have oversight of the Army Corps of Engineers, so I've been very regular discussions with them about that project and my understanding as of now is that they are wrapping up their. Work in coming up with a proposal for what we should do. moving forward and then They will roll that out sometime in the few. two months August September to get feedback from the community and to come up with a plan that will be the plan or We then propose get authorized by Congress the Army Corps to conduct and you know I'll say a couple things about that I've heard several competing plans and a lot of passionate advocacy per each one like the third reservoir like the tunnels some other suggestions and so I don't think it will be all of those things they will put out a proposal, and then there will be an opportunity for community input. Obviously in the age of Cova. It might be more over Suman conference calls than in person. Meeting I'm not sure exactly how they do it, but I think it's really important for people to weigh in on their plan and then We. Saw actually what I'm GONNA do a we're. We're authorizing projects tomorrow. for this congress including very excited. That's the project authorized the whitening of the port of Houston. And there you saw that the army corps kind of came up with a plan, and then folks locally weighed in the plan changed a little bit, so there's definitely not opportunity to do so when they roll out there bio plan, and they will engage the public to get feedback, but my goal is to make sure that we get to this and that we move forward because so many people across our district and I suspect. You know you're one of them. From, where you are just WanNa see us moving forward making progress addressing me flooding issues. A lot of people have Salon having nicely and WanNa to see that we are. We're moving forward to mitigate the flooding problems, so that has been central focus of mine since I've been in Congress and I'm very pleased optimistic that the army corps will come up with a recommendation for us, and we'll be able to keep moving that. Forward through my committee in Congress. Just briefly would time for one last question if you can from John. Who writes so Houston's been devastated by unusually large storms in recent years as we were just talking about also seeing record high temperatures regular basis to protect our city from future devastation, he says. Would you support? That, will put a price on carbon or any other legislation that will significantly reduce greenhouse gas emissions. Certainly support legislation and efforts to reduce greenhouse gas emissions and I think what we're seeing. is that folks across our community support that as well and I often tell. You my colleagues in Congress. about how much we are doing here to really climate change reduce carbon emissions within the energy industry, and also for folks outside and I think sometimes it. It surprises people. How forward thinking we are, but it doesn't surprise me because I'm a native Tony, and I think he's been as a very forward-looking place, and so you know, I have the privilege of work at a ton of folks who are spending all of their time thinking about that, we can move into our energy future and carbon emissions reduce methane emissions There's a lot of work being done by. By companies that are in the business across our district, and so I think working collaboratively as partners to address what I think are very much shared concerns and shared values. is really important so There are a lot of different proposals floating around in Congress. Some get more traction than other as you may know, there's some recent work done kind of A. Sent back to all the different committees to look at ways to to address climate challenges and I think there are a couple of things that we can and should do I am the. Legislation will not the author the co-sponsor of some legislation and have been working very hard on On carbon capture projects and we're working those authorized I think that's a critical piece of the path forward in something that folks here really want to see happen so working on carbon capture and having that research done at the Department of Energy labs that is something that is important but there are a lot of different proposals and I think the key for me is to bring the message of folks doing here and to really facilitate. it thoughtful dialogue about what the path forward looks like to achieve What I think folks. The industries have called the dual talent right. How do we address climate issues? And how do we provide energy to the world? And how do we make sure that IBM Houston stays at the energy capital of the world, I think those are the critical task before us, and and I'm really glad to partner with the folks here to bring those those interesting, important, good and I really productive i. Back, to Washington, so that we can Kinda de-politicize this fiction and come up with a plan that going to address those those two challenges dealing with climate, dealing with the extreme weather that we see here, and we experienced knowing we want to reduce carbon emissions, and also knowing that there's demand for energy that will be sitting around the world, and we want to be supplying it in a way that I think you know American. Energy is not only produced in in the way that is the most your best or the workers, says the environment and things that we value but also I think it's just critically important for our national security. And our economy that we're energy, independent and meeting, all those goals I think takes a real thoughtful approach and a conversation with all of the different players that is ongoing, and that will that will address speech. These challenges which are some of the biggest challenges we face me. Kobe is right in front of us, and that's where we started our conversation but certainly in our community. I think there's no no greater conversation than the one about what our energy future looks like. Lucy? Fletcher represents Texas's seventh and Congress. Congressman Fletcher thank you so much for your time today. Thank you so much great to be with you? Thanks so much congresswoman just ahead. local experts answers your questions about Houston Burns. You can join the conversation now at talk. If Houston matters dot org seven, three, four, four, zero, eight seventy Houston matters continues. This is Houston matters on Michael Hagerty the other afternoon I was with my family in the backyard in Los House and heard this raspy sounding bird kind of up in the trees, Senate perturbed in a women. Sure exactly what it was couldn't quite get a good look at it and still not sure what it was odds are it was nothing remarkable, and maybe I'm still ill informed about what lives around me, but I don't like staying that way and I like getting answers, so we have some help here to your questions about the birds you encounter in greater. Houston Dr Richard Gibbons the Conservation Director at Houston Audubon Dr Richard Gibbons Welcome to Houston matters. Thank you so much Michael. It's good to be here and am happy to help with any questions you have Would you like me to start with your with your backyard observation? Yeah, and I let me just remind people talk at Houston. Matters Dot Org. We've got a few emails already and our phone number seven, one, three, four, zero, eight seventy. Yeah, it was kind of it was smaller than like a hawk, maybe a little raspy sounding, but kind of reminded me of the sound of a hawk, but smaller. It usually a raspy repeated. that it sounds like an alarm call, so there may be. There is a Predator around life. And what birds will do is they will call to arm all of their other bird friends, and and inter species flock around and say hey all. There's a Predator here. We need to all come in and let it now that we know where it is and that it needs. It needs to just move on we. We got the drop on them. So. It sounds like that. That may have an alarm call. Often, it's like. Something like that for have. It's a really common Like the Carolina Wren. We'll do that especially. In a lot of the other species like tufted, sit mouse, or Carolina Chickadee, or even downy woodpeckers that we have in town. You know they will. All they dumped ends up over there I better. Go check it out. May feel threatened by our our toddler, running round in the backyard and splashing capable I. Don't know I feel like that's a good chance. We had a couple of emails about hummingbirds I wanted to get to. Meredith right, so they had a small hummingbird feeding my yellow Lantana about nine thirty PM. The other night I read that is not uncommon where there's lighting during warm Wa-. We're when there's lighting during warm weather. What type of humming bird would you suppose we're seeing? I would say all most definitely like ninety nine point nine nine nine percent that is really throated numbered. That's our only breeding Hummingbird this time of year in the wintertime we may get. Four or five six additional wintering species, but that are coming sometimes up from the south, and definitely from the West. but this time of year they're all really through and before, too long will start getting those migrants coming back south from eastern North America that will will be passing through the Greater Houston area. Another hummingbird related question. Gerry rights. What do I need to do to attract hummingbirds to my backyard I have feeders and their enough thing. Get question. We get this one quite a bit First of all You don't need to add any red eye or anything like that. If you have a feeder out, but is putting up. pollinator-friendly species things like Oh, Gosh, the several natives Devine's trumpeter vine I mean there's a whole long list I would send people to either bird friendly, HOUSTON or to Houston Audubon website, and we've got a whole section on on a plant list of species, and even have a nursery for those kind of plants, but If you plant the right plan, then they will come You can also supplement with a theater at the twenty percent mixture of sugar to water, and to put that up in a in a safe place, just hanging from a tree or go to your your local birds door. To get some of the the hardware eaters. They're just about everywhere. And he put that up and as long as your neighbors aren't running slightly higher concentration than he shed yet. Some birds coming into your yard. This is Houston Matters Michael Hegarty talking with Dr. Richard Gibbons Houston Audubon. He's answering your bird related questions now at seven, one, three, four, four, zero, eight, hundred, seventy, or talk Houston, matters dot org another email we got from a listener, she says Melissa writes I saw a flock of seven or eight green parrots this morning near Foxwood and Grove would. This is the timber Grove area inside of Loop Sixteen. She says. What can you tell us about this sighting? Well. How cool is it that we have These parakeets in Houston their history is this is a southern south. American species that was they escaped from either cages were people release them But this is a monk parakeet, and in the southern parts of north, America. These monk parakeets which are highly social They have figured out a way to build their. You know their big stick nest all across town and we. We get to hear their raucous calls from time to time and so they are feral. These are wild living. Birds that are have figured out a way to carve out some niche space in Houston so count yourself lucky. You See I. Know What our Houston Auburn Raptor Education Center by him by you. they come to the feeders every day and I. I suspect. That's true for a lot of people that run bird feeders. Air They're smart birds, and and they've figured out. Another email from Pat, who says I've seen red vented baubles here in Montrose. That's a hadn't heard that name before. She says. Here she says if you have seen a black cardinal with a red spot under its Ren. That is the South Asian Bird. How big has the community of red vented bulls gotten in the heights? Cool that's a great question now I. Don't know how big that I can tell you that. It's definitely expanding and globally the red vented Bulbul they are considered exotic invasive species and someplace, and so they they are very successful and I know that Dan Brook at the Houston Museum of Natural, science and others have They started trying to get volunteers out Houston. Audubon help organized volunteers, and we try to do a survey bread collins out at the at club. Would he also helped coordinate that leave that for the most part survey to find out how many are and what they found is when they send people out there. What we thought was their core area. It's definitely banding out in the Houston area, so I suspect we'll have more and more people. They're going to say hey. I've got this weird looking bird. It's got a crash. It's really dark. It's about the size of a day or a cardinal and and I. Don't know what it is so if you know your birds, that's one that you're going to see that you're not used to, and there aren't any other places in the US that I'm aware of where red vented. Bulbul has taken such a strong hold. Just a couple of days ago. I should say this is an email from Kelly. She says Kelly says. Here she says just a couple of days ago. I saw and heard a cardinal in my beach side yard on the West. End of Galveston might be. It might have been a juvenile as it was not entirely bright red was it lost? But no, I don't think so cardinals are there common on Galveston Island they. Share the. They're actually diamorphine so the females. You know they're all colors, so that creditors won't see them if they're brooding. Eh, so the more of a drab color, a young look more like the. Female when they come out so that they're not triggering all the other male cardinals and so that they can ease into the world a little more gently so it could have been a young of the year. They're certainly out and about or it could have been a female Cardinal, but that's not a not an uncommon siding. It could be that you're you're you'RE HABITAT air? Your landscaping is getting enough structure. Cardinals will need some kind of shelter. You know it's not a not an open country bird. It needs some need some shrubbery. So it could be your landscaping, or some habitat is finally Gotten up high enough so that they can support cardinals, or it could be passing through looking for a new spot. Michigan point out now that we're I'm hosting them from home and now that we're talking about birds. That's got my cat's attention, so he's a rope. Come through the room here. He's very attentively listening now to Houston matter so get some callers we want to get to Let's see we've got a caller. Let's see let's go to Greg from Kingwood. A Greg thanks for calling. What's your question? Hi we've noticed it like. This is the second year in a row. real drop off in the amount of hummingbird activity in June and July. you know when we first moved down here with you know they were constant year. You know summer route, but has there been a drop off population in. Hummingbird. They they rebound a little bit and August. Or is it just they don't like our yard and. Also how how has the white nose affected baths in the area? We have a bad house. We haven't really seen anything in the last couple of years. Anyway I'll listen off air. Thanks, good show. In! Thank you so much for that call actually. We had a little technical SNAFU and we've got gibbons. Dropped off the line, so we'll get him back on the line here in just a moment. Listening to Houston matters the Michael Hegarty. We've been talking with Dr Richard Gibbons who's with the Houston Audubon Organization. He's been answering your bird. Related Questions at talk at Houston Matters Dot Org many of them about hummingbirds and We appreciate everyone who's called in and Ben commented on this segment one of the many segments do with experts around the community answering your questions and helping you understand what's going on in your community and again talking with Dr Richard Gibbons of the Houston Audubon Organization. Also we want to remind you that we have a signal working on here in the next couple of weeks, looking for people to share their positive stories. Of experiences with the healthcare providers in our community with its first responders or nurses or doctors, and whether it's Covid, nineteen, related or not, We'd love to hear your stories just just as a way of saying, thank you to all those who work so well and did diligently in our community so we'd love to hear from you if you. You want to share your story. Please email us. Talk at Houston Matters Dot, org or call and leave a voicemail at seven, one, three, seven, four, three, seven, four, four, five, seven, one, three, seven, four, three, seven, four, four, five to leave a voicemail about your story about positive experiences with the healthcare community, going above and beyond okay, so we got Dr. We've got dutcher gibbons back on the line, so Dr Gibbons. Our caller was saying. have. We seen a decline in hummingbirds. This is the hummingbird our greg in kindergarten to no. You know not to my knowledge. I I think maybe roads have held their own. You know we often will get questions where people you know. They're a little distress. You know I've had bird, and now they're gone. I'm worried about him. and it could be that you know most people don't realize that they're not just nectar eaters that have diet is insects, and so as the season progresses, and they need more protein and there's more. More wild food available to them. Be that you know flowers, or otherwise that they move away from the theaters, because they don't need it as much as a supplementary food source, so it could just be natural variation, or you know maybe again. Maybe your neighbor decided to put in bird, friendly landscaping and they've they've moved over to his better habitat in your in your neighbors, yard or a greenspace in town so i. I think they're doing all right, but you will definitely have them, and then you may not, and then they'll all migrate back to Costa Rica. Richard Gibbons with Houston. Thank you so much for your time and your help answering these questions today. Thanks so much Michael Abbott going to. Well that does it for this hour of Houston matters. Our team includes Craig. Cohen Josh Rosen Brenda Rose Brinda Valdivia and Davis Land David Pippen's our technical director. Remember to join earn news for another Houston. Matters special edition answering your corona virus questions as today at three right here on news ninety eight seven. On tomorrow morning show will recap the results from the primary election, runoff races and discuss all the other stories in our weekly political roundup. Michael Hegarty join. US TOMORROW FOR DOORS AND OTHER HOUSTON matters.
Academic Webinar: International Trade Policy
"Good afternoon, and welcome to the CFO fall twenty twenty academic webinar series. I'm Marie AKASA director for the National Program outreach here at C. Far. Thank you all for joining us today. This call is on the record and the video and transcript will be eligible on the dot org website within the next couple of days if you would like to share it with your colleagues glass estimates. We are delighted to have been a Bowen and Jennifer Hillman with us today for discussion of International Trade and the future of the World Trade. Organization. Renee Bowen is director of the Center for Commerce and Diplomacy and professor in the Department of Economics School of Global Policy and strategy at the University of California San Diego. Her research focuses on political economy, microeconomic theory and international trade. Recent work is on designing an international economic order. Dr Bowen currently serves on the California Governor's Council of Economic Advisers. And previously, she taught at the Stanford Graduate School of business was a consultant at the World Bank working on international trade policy or sub Saharan Africa and wasn't investment banking analyst at J., P. Morgan Securities working with emerging markets. Jennifer Hillman is a senior fellow for trade and International Political Economy at CFR specializing in US trade policy the law in politics and the WTO international organizations and Brexit. She was most recently a professor of practice at Georgetown University Law Center teaching courses in international business and international trade along with international trade and Investment Law practicum. In Two thousand twelve doctor Hillman completed her term as one of seven members serving on the WTO athlete body. And previously, she served as commissioner at the International Trade, Commission adjudicating and conducting studies on the economics of trade policy agreements. She has served as General Counsel General Counsel, at the Office of the United States. Trade Representative where she was involved in litigation before Nafta and the WTO and as USTR's embassador chief textiles negotiator for bilateral agreements. Welcome Rene Jennifer thank you so much for being with us today. Thank you. Delighted to be here. Thank you. as backdrop today's discussion, we know that the World Trade Organization is closing in on selecting its next leader. The field of candidates has narrowed to Nigeria's in Ghozi Contract Walla and South Korea's Union He. This will be the first time in the history of the GATT and WTO that the director general will be a woman. And with that I wonder whether the two of you could start us off by giving a bit of an overview on where things stand in International Trade Rene maybe you could fill us in on some of the most significant international trade issues. World is currently facing, and then Jennifer could speak about how the WTO is poised to meet these challenges. Please, Rene Great Maria Maria Storm Watch and thanks for inviting me to this Great Forum I'm really looking forward to sharing my thoughts and probably even more looking forward to hearing Jennifer's thoughts. On these issues well so It goes without saying that we are in unusual times throughout the world. And the these times are affecting Economies in the global economy particular is sort of no different from how it's affecting other things. So the impact has been large significant and will be persistent for some time to come So before I sort of go into my remarks I do want to just mentioned the perspective that I come from as Maria mentioned I'm also economic series. And I studied Game Theory in particular. So the perspective with which I come from in thinking about the economics of international trade and where things stand today. Is Thinking about the institutional constraints. And thinking about the actors that are involved. And so without let me just sort of describe where I think things are today so. International Trade since the financial crisis of two, thousand, eight really took a hit. And the crisis of two, thousand, eight and sort of the domestic political issues really have persisted to this day. So a lot of what we're seeing in in the conflicts and international trade between the US and China the US and the EU is really a function of an ongoing issue with domestic politics of international trade. So in the center that I direct the center for Commerce and Diplomacy. What we're Inga is thinking about how international institution international economic institutions such as the WTO. Can, help to. Address. Not only international trade, but also the domestic politics that affects international trade. And then from the economic perspective a lot of these domestic politics clearly driven by distributional consequences and these are distributional consequences within countries, but also distributional countries a distribution. Across countries So we saw that the Doha round of. Of of the WTO was really aimed at addressing concerns of of developing countries, and as we know the Doha around those never concluded. So we the the WTO was never able to address those distributional concerns across countries But then we ask the question, why was that? Why did we? Why were we not able to address developing country concerns and the answer is that we really didn't address. Domestic distributional concerns within some of the major economies, specifically, the United States, and to some extent, the EU So in work by Gordon Hanson co-authors, of course, the China shock has been identified as significant in effecting local communities. And so It's clear that effects of China's entry into the WTO and China's growth is is is significant not only for? Labor markets locally also significant for politics, and so this is some of the research that's coming out of our center now. So not only can we show that international trade is affecting? Local economies in terms of labor markets or output, we can also show that. International Solutions The W. Tune Particular Appellate Body decisions in particular are affecting. Local Politics County level votes for the current administration. So whereas before we really couldn't make direct link between international institutions, the decisions of international institutions. Now, we're able to see that entire chain of events and start thinking about what we call him economics, endogenous institutions. So we can fix the institution, the institution that affects the economics, the economics then in turn affects politics, which comes back to affect the institution. So. We can finally start making that link and through making that link, we can now start thinking about designing those institutions and this is where it really where economists are at right now. So far long time we've been thinking about simply matching the data on trade flows and we're we're very good at that But what we're thinking about now is how to design these institutions to dress. distributional consequences locally, and so doing going back to the institution and saying how do we fix these things? So without I. Think I'll, pause. And certainly let Jennifer take over here. Terrific and Rene it's great to follow you because I think an awful lot of my thinking about it very much. Is that issue of a trade lawyer taking over from where an economist is left off because? I just wanted as a way of opening up describe what I think is the WTO in a significant amount of trouble and why this matters is because really the WTO is at the core of our trading system one, hundred, sixty, four countries belong to the WTO W rules cover ninety, eight percent of the trade in the world. So in that sense, it's a very important organization and I would say particularly in this time of Covid may be more important than ever when it becomes really clear that countries that don't have the ability to make their own masks or make their own drugs or Make their own vaccines are absolutely going to depend upon their trading partners and it. So it's begging big question of William Trading partner really be there for you. If the WTO were operating efficiently and effectively and everybody were living by the rules of the W. till the answer to that would be. Yes. But of course, the problem is that that's not really where we are right now. And again, just in this political season, where you clearly are is is seeing a lot of condemnation of the WTO and again I think led by the trump administration. But again, there's leaders across the globe that are to some degree to cry hang on the WTO. And decrying to some degree, the degree to which countries rely on China as the source of its p. p. e. or it's masks. Orange Pharmaceuticals are all of that. And so for me is a little bit of the question of why, why, why are we seeing this real push back to the WTO and the concept of a multilateral rules face trading system and to me it is both kind of a failure of communication and and failure of to some degree of substance. I think about the failure of communication to me you you see a again the trump administration but again, leaders elsewhere basically encouraging the American people to blame whatever is their current ills whether that stagnant wages whether that's crumbling streets whether that's poorly performing schools whatever that is ailing. You blame it on forum, and again it's partly blamed on for people, which is why think you see this whole push to say no more immigrants can come in I'm gonNA blame all my ills on on any any immigrants and refugees anybody coming in, blame it on foreign goods. So you've seen the trump administration again pose tariffs on three, hundred, seventy, billion dollars worth of goods coming in from China on steel on aluminum on lots of other products you've seen this imposition of tariffs on this notion of all of those imported goods again are what you should be blaming for your problems. In recently, we're seeing even blamed foreign money coming in we don't want foreign direct investment. We wanted again do everything sort of here in the United States. So there is a big sort of communication issue out here, but is that appropriate to just blame everything foreign and then the message comes back to me to Rene. So have we not just done a good enough job of explaining all the benefits of trade in why has this happened and part of it is also to say. About the substance of it I mean, is it the rules or the WTO itself that WHO's to blame for all of this pushback and to some degree there I think the WTO, there's no question part of the reason why it's coming under all this criticism. It's a system completely out of balance I. Mean if you think about that W. chose three core functions one is to negotiate new agreements. It's supposed to be the forum in which all countries come together to negotiate new agreements. And as Rene mentioned. Spend in many ways, a complete failure of the Doha Round was never completed after you know literally more than a decade of negotiations the only new agreement that the WTO has reached in the last twenty years has been on on trade facilitation and important agreement. But certainly, it suggests that it is failing in in this idea of creating new agreements and new rules, and it's not that they're not important subjects to reach agreements off I. mean there's a crying need crying need for an agreement on digital trade I mean we've moved to heavily digital trade in fact that we're all sitting. Here. On Zoom Etcetera Etcetera, we are trading almost massive amounts of data and everything else are crossing borders, and yet we have no global rules digital trade. We need in agreement to limit the amount of subsidies that are going out for fish. We are overfishing our oceans, but we can't seem to come to an agreement and the list goes on. So the negotiating function is not doing its job. The second part of the WTO is supposed to be kind of an executive function, a transparency function. Everybody's supposed to tell everybody else what's going on in the WTO is supposed to be the. Keeper of those documents and make sure everybody knows what's going on and what's happened is a lot of countries are slow. We've ever getting around to their motivations and China would have that list of unity important that we understand what China's doing with all of its subsidies and yet the notifications are coming in years lay and very incomplete. So the executive functioning again isn't really working as well as it should, and then you shift over to the third function of the WTO, which is to resolve disputes here. I would say the WTO had been very successful until a year ago a year. AGO The United States are whatever ten months ago. The United States blocked all of the appointments for anyone to sit on the WTO's Appellate Body it's effectively it's supreme court if you will. It's highest score, and so right now there's not a quorum of members to hear any cases and why that matters is because now, if a panel, the way the dispute settlement system works is panel I case the panel size, all the facts and all the law and says, okay if this is what's going on has there been a violation of the WTO rules or not the panel mates sat ruling. If the side that lost the case if they say, you're violating the WTO rules now what you can do if you don't want to come into compliance, you can file a notice of appeal. Because the rules of the WTO say that while an appeal is pending, nobody can do anything about that Panera court and if there are not enough members of the Appellate Body here, the case it will pen forever meaning there will be no resolution of this dispute so. You've taken away a lot of the incentive for countries to comply with the WTO rules because if they are if they're found to be in violation all his file, a notice of appeal, and then you know they don't in theory have to come into compliance. So all three of these aspects of the WTO or clearly out of balance and it's created an institution that is now really in fairly deep trouble and the problem for the world is that this de trouble for the WTO is coming at a time when we need the WTO more than ever make if we are really going to collectively solve the Cova crisis we have got to. Have a trading system that works with God have trading system that is able to figure out the distribution of vaccines and medicines in a way that is fair and effective and gets it to all the countries and the places that need it not just to whichever country happen to have developed it. I'm or not just to the countries that are rich enough. We are going to have to rely on open trading rules that are enforced now more than ever. So again, I'm very worried about where the WTO is at the same time on I'm going to be hopeful that we've got to incredibly capable women that may come in and take over things. and. Show a lot of these folks hot how to run this organization in how to make deliver for the people that need. So I'm I'm gonNA remain optimistic, but I think there's a lot of questions that I hope we'll hear from you because this really is a chance to take a bit of a deep dive into into where the WTO is and where it might go and what you all that are studying. It might WanNa know about it or thinking about doing to fix. So I'll I'll stop there on really look forward to your questions. Great. Thank you so much both of you for that overview, let's open it up to the students and professors for questions. Please click the raised hand icon on your screen to request to ask the spoken question when you are called upon except the anew prompt and state your name and affiliation followed by your question. You may also submit a written question or vote for others questions via the Qa icon in your zoom window at any time if you'd like. And why don't we start out today with Justin Hughes? Just in. Are you there? Yes, I am. Me Moment I didn't know if you were going to meet me or. I was a meeting myself my name's Justin Hughes I'M A. Law. Professor at Loyola Marymount University in California and a former Clinton and Obama administration official. One thing I just WanNa clarify is the United States has been blocking appointments to the Appellate Body since the Obama Administration that was a decision that was made in the Obama Administration for very clear reasons. So it's not something just depend on the trump folks. I was actually troubled by the comment that we need ineffective trading system for the distribution of vaccines. I really hope that distribution of vaccines is not a trade based issue and I think that reflects a kind of old fashioned belief that we're you know though the free trade system, our global free trade system is the best solution for anything. So I guess I would challenge Ms Hillman say a do you really believe that that a WTO lead trade system should distribute vaccines Let me lobby. Delightful question come out out of slightly picked with the. First your your just your comment on the Obama Administration blocking because I'm while that that was true to some degree what the Obama Administration never did was to basically say that nobody else could. Move ahead with pellet member. So again, the United States may have blocked its own, but that's different from shutting down the entire system. So I do think there's a distinction that no and I apologize if I misspoke was not trying to say that the WTO system would itself be engaged in the distribution. But what I do think is important is that the country's not be using a trade barriers to in, make it more difficult to distribute the vaccines and to some degree we have already seen this. Store out where a number of countries started to export controls on a some of their own, some of the own ingredients or the parks that might go into something so that they were hoarding it and keeping it at home, and so part of what I'm saying is that there needs to be a real monitoring to make sure that countries do not put in in place. These kind of export controls secondly are the tools rules on trips which would get into the issue of whether or not. There's a patent. On any of these pharmaceuticals and we saw this movie play out before during HIV AIDS crisis where there was a perception that the WTO trips rules is. Those that had the patents on those HIV AIDS drugs could could keep them out of the hands of others or would not be required to provide them at a reasonable cost. The average cost issue AIDS drug during the height of the crisis, particularly in Africa over ten thousand dollars per person per year. So completely unaffordable and so again, there were some modification small modifications to the trips agreement, but the whole idea was to make sure that you did not let the. Trips. Agreement sort of get in the way and then the third thing is that the WTO, the W. H. O. and other organizations again have been working together on everything from patent pooling arrangements to Garvey the overall global vaccine alliance to a whole series of sort of mutually reinforcing efforts among a huge number of NGOs, a lot of money from the gates foundation but also again the WTO in the W. H. O. trying to work together to make sure that the Rules are not getting in the way if you will and are continuing to keep open those supply chain lanes that need to stay open. But no, the will not be involved directly in distributing pharmaceuticals. Manila is. I'd love to. One tiny point to that just in thanks for the question and again from the economics perspective trade and distribution of drugs and addressing global pandemic. It's really a public good and as economists will talk about the only way to address the efficient provision of public good is through coordination. I think that's what Jennifer is really is also getting at you know so we need. Goebel Corporation in order to provide the right level. Of. Of having wreck trade barriers reduced in addition shoring that those supply chains are as clear as possible. Also, if you talk to drug manufacturers right now, they really identify a disruption in supply chains through recent trade policy actions as one of the major stumbling blocks to getting those drugs to people So the. As Jennifer said this is really not about the WTO providing these drugs. This is really about the WTO and other institutions, international institutions, facilitating the sort of cooperation that we need to get these these drugs to people. Thank you. The next question is written in question. It comes from Mark Ski. He's a student I in the master. A Master's in international affairs program at Cuny Baruch. Mark School and his question is, can either of you comment on China's ongoing Dalton Road Initiative and its effect on global trade now and in the next five to ten years. I don't win Rene whether you want to start or whether I out start so. You know. For me really political economy issue, not not so much. An economics issue. So clearly there economics involved but again, this goes to what are the motivations for China to be doing this belt in Rhode Initiative and for my perspective. A lot of it is economic They wanted to form ties with a lot of these countries are these countries that needed infrastructure and for the countries that are accepting the infrastructure investment I'm sure they're they're fully aware of where it's coming from and sort of the motivations evolved from the United States perspective One of the things that the United States has to my in my view in sort of absent on is thinking about The development of these countries really from the perspective of developing the infrastructure they need to grow. So of course, you know people would point to the world and all the World Bank's infrastructure projects, but that was really coming from a perspective of. Mitigating poverty in these countries. And I have been had the fortune of talking to a lot of African leaders through from Rwanda to Ghana to other places, and what they continuously say is they are really willing to partner with countries with. Large countries for. But they want to be seen as equal partners They're not you know charity case and so they're they're viewing this belt road initiative. Really as helping to boost their economies. And from the US perspective we should really be thinking about partnering with a lot of these countries in a similar way so that I'll leave it there but I'd love to hear Jennifer Stotts. Thank you and I'm GonNa make a little plug because the council on foreign relations is in the process I I, know because I'm co directing it of preparing task force report. So we have put together a really commendable group of people that are really working on this that is both basically both a sort of a clear and I hope sustain this description of exactly what's happened with Vr I, and then secondly and more importantly, what should the United States response to it be and so that report is slated to. Come Out, March. So I'd only urge you to keep keep keep looking at the website for for when it comes up but a couple days one is I think China has identified a clear gap in the system, and the are to me is incomplete exploitation of identifying the gap between the kind of funding the World Bank and the IMF, and the IFC and then on the US side that Exit Bank and Opaque Support which at least on the World Bank cited much more heavily move into social services and providing Less of the just sort of hardcore infrastructure because what so far today must much of almost eighty percent of the funding has been in sort of on the ground transportation that is railroads, roads, ports in basic infrastructure in its those are the kind of projects that require in a substantial amounts of money berry big deposits, and it's not something that our private sector has been quite as willing to do because of all the risks connected to it. So it is going to have a big effect that China will now have you know eighty percent of all courts. Africa will have been built by China you know eighty percent of all the railroad lines moving from China over to your will have been built by China. So yes, China is GONNA. have its hooks if you will marry deeply in into the region in infrastructure the second place where I think it's GonNa. Have a big trade effect is GonNa be in the standards era particularly in technology China again as owning a five G. artificial intelligence and a lot of other technology related telecommunications they're building again the electricity grids laying all the fiber optic cable. Get very heavily in and doing it under Chinese standards and they are trying to take over the international standard setting bodies to make sure that all the standards are wants to China wants that may make it a lot harder for US companies to then try to come in after the system has already been built around and operating on Chinese standards and there's GonNa be a huge debate over whether. In Five G. and other areas whether there's interoperability or not or whether once you're on the Chinese system, you have to stay on the Chinese system. So I think you're. Saying that it may have very, very significant. Trade implications made the difficulty for any American companies that are trying to compete with China. Is that China is winning a lot of these contracts on the basis basically. Because they're letting these contracts without doing environmental impact assessments without doing debt sustainability assessments without doing any of the kind of things that the World Bank or even a lot of our private sector would require. So their winning on speed and they're winning on price and they win on price because they get huge government subsidies and almost all of the financing is coming out of Chinese subsidize banks. So it is almost impossible for the US or others to compete on either speed or price. So we have to compete on quality and when I say quality I mean both the quality of the products that would go but more importantly that we would compete on the basis of a sustainable project and what is becoming very clear is that a significant number of these Chinese projects are not sustainable. Countries cannot afford them and to the extent that you're building in a a high speed rail line. Okay. Fine. But it will not pay for itself for thirty or forty or fifty years, and these countries simply cannot afford those kind of dead birds particularly when Kobe Dad's more of a debt earn. There's no question that be are I has been very much cut back and truncated as a result of Kobe. And its shifting instead of being all in these very expensive long term infrastructure projects too much more of digital of China's now touting their digital silkroad touting their health so grow. So again, they're providing a lot of health technology at a lot of digital technology which is cheaper for China. But also again locks these countries into China and using its technology and using standard. So I think the trade implications are very very big and I think This is an issue that America's GonNa need to really pay attention to and figure out how do we be smart and how do we compete where we are competitive and how do we compete on the basis of quality rather than trying to just match the Chinese dollar for dollar or or some other Process that I think would not be affected. Nashville to Manuel Month oh? Yeah. Thank you very much Matia A. Win and Dr. Hillman. Thank you very much for your time. Monday. Ms Melin Montoya I'm with University of New Mexico I teach international management than global political economy. I was interested in the Doha Round as well in some of the some of the things you said about the unfinished business of the Doha. Round related to identity politics. Now, as we know, Brexit also revealed a particularly along the North Irish border the question of the hardening and softening borders having a direct effect on issues of ethnic violence in potential for other forms of identity politics, informing conflict and the transferring of commercial challenges and trade wars into more physical domains I'm very interested in what you think Our international trait system is telling us about Public, what is a public? In dumb. The idea that some of the goods like vaccines are public. And I'm off curious what what exactly constitutes a public and if the WTO is mindful of its connection to a global public or an international public and how that is actually either. Forcing people to move away from the WTO or embrace this concept of a global public. I'm happy to, start. and. So I, guess I I'll I'll start with the concept that Danny Rodrigue came up with which is thinking about a political Salema Lamma, of International, instagram integration, and so this political Cama of international integration has. At its three points thinking about democracy thinking about national sovereignty and then thinking about an integration global integration, and there's a tension between between these three and the tension means that you can really only have to any particular point in time. So you can either have national sovereignty in democracy or you can have national sovereignty integration or you can have integration and democracy and. Really. Not that stark you can really sort of be be anywhere within these this triangle and the global institutions and domestic political institutions contribute to these things. So the way, we the way I sort of think about the identity politics that you mentioned is that it really is thinking about the democracy and the democratic. Constraint. So within a domestic politics, certainly, identity plays a huge role in political scientists have identified this. It's it's there So to the extent that domestic constituents can express their identity politics through voting through. Other means the certainly presents a constraint for global integration This is going to be present in countries that lean more democratic sill certainly in the U in the UK and of course, in the United States we've seen this. So this is what Jennifer. Mentioned as the foreign right. So if your identity is thinking about yourself as American and America first not an immigrant. Then that identity politics plays into these domestic political institutions and consequently into the. The tensions pulling at international integration. But this is in contrast to the other thing that the lever that's there is this national sovereignty lever and so what we've seen in recent years in in the UK and in the United States is a this poll on national sovereignty. So one of the things that gets. Brought up in discussions about the Apollo body is the fact that Appellate Body has has restricted or has infringed on us. National Sovereignty and this is one of the reasons that has been given for at least the current administration to back away from the Apollo Body. Now interesting in the United States is that this is this is really an a a tricky issue countries in Europe On the other hand or more comfortable giving national sovereignty. So they've been able to put together the European Union and that is in enact in of itself of giving up national sovereignty. So, they're much more comfortable with these global institutions helping to provide these global public goods whereas in the United States. their. National Arbitrary. Starts. Really pulling at a at Google integration, and if we think about a country such as China, where clearly democracy is much less of a constrained then they can think about their national sovereignty concerns and global integration. So that's sort of the framework that I think about your question an. And so I sort of stopped. They're happy to keep going on that I could talk for that Ad, Nauseam I'd love to hear Jennifer. Well I'm. GonNa. Go right to the WTO rules to say that your question is an excellent one and I think you see in the rules the fact that the system doesn't work very well to account for public goods. And appoint you to to places where I think that becomes very clear. One is in the just overall preamble to the WTO where it says, what is purpose of the WTO but the problem for the WTO system is those that's not buying game. That's just what it's recognizing that trade is supposed to. Standards of living, ensure full employment ensure that a steadily growing vying of real income, expanding the production and trading goods and services while allowing the optimal use of the world's resources in accordance with the objective of sustainable development. So all of the kind of public goods part of the equation if you will is to some degree in this preamble, but is not binding and the second to me is really more telling one, which is the exception to all of these WTO rules that you can't discriminate. You can't charge more than x amount of tariffs that you have to you know. Protect intellectual property that you have all these things that one has to do. To the extent that there is an exception to them, you can get out from under it. It's article twenty of the GATT and that's where you see this notion of some of the public goods kind of things. If you're taking an action that's necessary to protect public morals and action that's necessary to protect human animal plant life or health. It's ness that is done on in you know to protect inexhaustible natural resource. All of those are considered exceptions to the rules which to me sort of. That the rules do not really account for the public good and when you want to account for the public good, you have to rely on the exception to the rule there's probably overstating it but I think the the my point would be I think your question is very much onto something and the problem for the WTO system is that how you know who's public I mean, how do you define what is public? Good And the problem of whether there are any sort of general normative assumptions about what the public goods are I think the answer to that is probably not which is why we're we're still stuck at this issue of the basic rules are what they are and when you want to invoke the public good. You're into the exception or the defense to measure this otherwise it violation. Very. Much. Thank you. Our next question is written in is from Monje Lee a graduate student at Duke University who writes due to growing metro regional agreements agreements. The Role of WTO will decrease. Do you think WTO, still has a chance to survive in the era of mega regional agreements or other trade agreements outside the WTO. How can the WTO harmonize with other trade agreements outside the WTO? I'll I'll I'll start on this when I look it's very, very good question and I think the honest answer is we don't know yet. And I think the the point is very well taken of. US The. WTO even relevant anymore because if you think about. Where there has been trade liberalization from an economic standpoint taking place and where have there been new rules of for trade develop it's all been in the regional trade agreements is not been in the WTO us. There has been a significant amount of trade liberalization occurring either countries is unilaterally learned their trade or doing it in bilateral or regional agreements to the extent that we've seen new rules come up I. Mean we have you know really good digital trade rules in the US MCA this agreement with Japan that has ruled on. Digital Trae we have agreements on state owned enterprises and a whole host of other things in the TPP, which has become the CPAP in the US NCA in again in a whole host of other agreements European. Union is added a lot of really interesting provision to some of its agreements with Canada with Japan and others. So yes, you're correct in saying that where where all the action is in terms of liberalization and rule development has been in the regional agreements and so the big question for the WTO is what's left for that. And there I think. It will depend I, think to some degree on whether the WTO can become a more effective secretariat if you will. So it becomes the transparency place is where everybody goes to look to figure out what are the rules even under these regional trade agreements. Let me help me understand what the rules are and the other place where again not clear right now but potentially down the road whether the WTO serves if you will as the adjudicator. Again in that will depend on much. We resolve a lot of the current amount by problems than others, but you can certainly see to date that every one of these regional trade agreements, hundreds of there's more than four hundred of them. They all have their own dispute settlement mechanism written into them. All of them do almost none of them have ever been used everybody chooses instead to go to the WTO everybody is ends up in Geneva forever, their disputes are now that may very well change. As, these agreements have new rules that can't really be litigated at the WTO but for right now, the WTO is by far the preferred place to go to resolve disputes. We don't know yet whether this killing of the Appellate Body will mean, it's no longer the preferred place or whether the litigation has all over these new rules that are not WTO roles but that may be the way. The WTO remains relevant is to be again the best repository of all of the information and the adjudicator for all of disputes whether they're regional or not if so I can imagine it staying relevant. And the other thing for the WTO is GonNa be what is it do about the fundamental conflict with China? I just don't see how you have WTO continuing to exist when it's fundamentally based on in essence market economy principles, and you have the single largest trading nation in the world not adhering to market economy principles. The system can't can't keep those two in the same. Place in the under the same set of rules. So W is going to have to figure out all of those and figuring out what to do about China, if it's going to remain a viable I think and an. Active institution going. Forward. So I'll just add a couple points to that first of all great question and thanks Jennifer. I. Think that was such a great summary. Just. A couple of economic things to think about whenever we think about regional trade agreements we're always thinking about the trade diversion aspects. So to what extent are you just taking trader from one place in putting it in another place that may be actually less efficient at producing the good. Versus, the trade creation, economic impacts, and so economically speaking there's always that tradeoff but then there's sort of the as Jennifer's mentioning the tradeoff for actually getting things done within these agreements and Clare. These agreements being smaller makes it easier for the bargaining parties to come to a moments and moving. and so in the WTO in particular everything is decided by unanimity when you have one hundred and thirty two plus countries trying to agree on everything a clearly makes it difficult. But everyone agrees that the WTO need some reform and it's quite possible that we think of even the institutional rules and coming to an agreement as one of those things that we should consider and the final note is the WTO does allow for preferential trading agreements. So in a sense, it's really not a an either or So we can have these regional agreements continuing and it's not in contradiction of current WTO role saw stay there, but let it be there. Thank. You next raised time from Kasi he'd met mood if you could please state your affiliation, and then your question. Looking for me. Thank you so much for my question. and Michael This I. Urge Nfl then. To on that, it was speaker. A. What do what do we need right now? Either structural reform mission, who WTO. And how we can mitigate existing gaps between the developing and. Developing the developer. Full. Wisdom the second part of the question. That the Household Development Anti Art, peeved are displeased. Debut in dumbs of trading beds. Cassoma. You and your question raises a lot of interesting issues and as I'm sure. Many of you may know on this has been another serious bone of contention at the WTO. With the trump administration leading an effort to try to change the rules by which country can declare itself to be a developing country. So right now under the W., T. Rowe te'o rules if you are a least developed country according to the World Bank's criteria so this would be again the poorest of the developing countries you do get certain automatic provision and there's no questions about it. No dispute. The second category are developing countries, and under the WTO rules, countries can simply declare themselves to be a developing country for purposes of the WTO rules, which means that China Korea Singapore I. mean. A number of highly developed if you will countries have declared themselves again I would say past tense declared themselves to be developing countries, and this has now been the source of a huge push by the trump administration to saying, no, no, no no. No, we should have very clear criteria. If you're a member of the CD if you're above a certain level of GDP for capita if you're in these various baskets, you may not be if you're trading If you trade at a certain level compared to your overall GDP, you may not simply declare yourself to be developing country. The debate has obviously very. Because a lot of countries are saying, who are you united? States. Just set forward this criterion you just you just get to decide who's in one basket or another, and at the same time I think it's caused a huge focus on sort of what are you win if you will be developing country at the WTO in a real examination of what the rule say about developing countries and what it's turning out, the rules say to be honest is not very much. I. What they say is that in initially developing countries were given a longer period of time to come into compliance five or eight more years. From when the WTO came into effect before you had to be in compliance with the rules that five and eight year period passed a longtime ago. So those rules are no longer making any distinctions. Secondly, there's a lot of provisions in the WTO agreements that say that developed countries like the United States should do the following things for developing countries. They should take this into account they should, but it's not a binding obligation and so by Larch a lot of times it's it's simply ignored. There are few places in the rules where it matters whether you're developing country or not, and the biggest one is an agriculture. If you are developing country, you are allowed to provide more subsidies to your farmers, more support for your farmers, more support for your exports than would be permitted by a developed country. That's great. If you're a relatively rich developing country where your government has a lot of money to give to its farmers, but again isn't going to help those developing countries that really don't have that kind of resources. So I think your question and all of this debate has really pushed the issue of. Do the rules and an open trading system really help developing countries or not because so far a lot of the developing countries poor countries argument has been we don't Wanna comply with the rules. So we are we're developing countries so it would be to our benefit dot to comply with the WTO rules and I think that's where a lot of the economists are coming in and saying, wait a minute actually the countries that are more open and that are A. Better more engaged in trade or actually the ones that are doing. Barron. So maybe this idea of letting all of the developing countries not have to come in compliance with the rules is actually not helping with development but your question and this debate is very much at the heart and center of a lot of what's going on in Geneva very caught up in the in the debate over who should be the next director general the WTO. I have very little to add to that I. mean that was a really excellent excellent question. Only. To say that developed countries need developing countries really when we think about where the most recent global growth has come from. It's because of that trade in between developing and developed countries, we need access to what they have that we don't have. So that's cheaper labor cheaper parameter cereals. In. Order for global growth to really take off again, we need to keep incorporating these developing countries in the global trading system. Now, Jennifer and other people will know how best to do that in terms of negotiating with these countries. But the fact is that we can't exclude gum and so we need to find ways to work with them. Thank. You. The next question it's written in is from Jen shoe who's a PhD candidate and political science at emory university. The question is how would transnational anti corruption enforcement regimes such as the C. D., anti bribery convention and the US A affect global trade and investment going forward especially those involving developing countries and emerging economies. I'll let Jennifer Tavis is completely outside of my Carrio No it's an excellent question. and. I'll just only start with the caveat that obviously at this point, one of the real concerns. About the WTO is affected does not have any specific provisions relating to corruption and yet we know from every study done out there again from the work of the World Bank from the work of NGOs Transparency International that corruption is very, very significant in volume at very much on the rise and that an awful lot of the corruption occurs in and around trade So there is no question that I think if we're going to get our arms around it there is going to have to be a much more global push now whether that global push belongs at the WTO belong somewhere else again is is I think not entirely clear. But there's there's no doubt in and again you see it even again. As I mentioned a very immersed in this I project you see again, very clearly around a lot of the projects that. China has been engaging in in a lot of developing countries where a huge part of the reason why these have become unsustainable is because of the big drag on that corruption places on them and on the other hand, you see again, this vacuum being created that China is filling because for a lot of the World Bank and the Western investors, private investors, they are avoiding a lot of these markets because they're known to be a hotbeds corruption. So I think there's no question a country that gets a reputation of being highly corrupt has a tremendous difficulty in drawing in foreign direct investment. Investors simply do not want to go there if again if a country is really high on the transparency, International. Index for for corruption, it tends to be much much harder for them to draw in private foreign direct investment, which means you got to have again something like the b. r. i. or something like funds coming out of the multilateral development banks that have an effort connected to them to try to fight corruption. And the problem is is very much all of the rise of and. And you're also starting to see a little beto sort of pushing back once again against the foreign corrupt practices act I mean. Again. When the United States initially you know an APP to the Foreign Corrupt Practices Act There was a huge pushback from a lot of American businesses that said we cannot compete overseas because all of our competitors arriving and we're not allowed to write any anymore and indeed that Europeans used to be able to take it as a deduction on your taxes in Europe whatever you bribes were they were considered a business expense that you could take. So the United States is very much. Led this effort to say, no we need to. Stamp out this corruption because it is such a waste of the developing countries money I mean there's just a huge amount of money. The developing countries cannot afford this corruption when they cannot be affording to add twenty or thirty or forty percent of every project is GonNa go into corrupt pockets. So the the need is is huge the problem is there's just not at this point again and over-arching. Again, the OECD has been as been to some degree leading the international charge. The OCD can only go so far and is it really in? These countries. So I think it is GonNa take writing and worrying about any corruption as part of all of these kind of big lending projects as well as all commercial contracts and we're just not there yet but I think the awareness is growing. Related you. WanNa. Add something. No I think that was great. I really have nothing to add. Thanks very much. next, we're going to go to landing right who has raised hand plea. Identify Yourself, and then you're relation in the Nestor. Question. Hi. My name is Lonnie right and I may student Amaafuza Governor School I really just want to thank you for doing this today and so my question for Y'all is. So we the United States and other wealthy countries is already bought a survey hundreds and hundreds of millions in even and I think the number is billions of doses of corona virus vaccines, and so as you got as you had mentioned before. Earlier, in your overview, you were talking about how developed countries kind of forget like how developed countries are trying to or how their economies are working at that time and so. I was wondering do you believe that because we have already reserved? So many of these krona virus? Vaccines, is this edging out the developing countries from trying to stop the? That are trying to stop the pandemic. Thank you for that great question and I suppose you know. I don't have a ton to say on this particular topic to sort of reiterate that this is a public good and we're going to have to figure out how to distribute these vaccines You know this is not the time for countries to really. Be Thinking unilaterally, and be thinking about self interest Obviously as the pandemic persists in other countries, it's going to affect our ability to control in our own countries not only that as the pandemic up persists in other countries our ability to economically still Once again, this is a call for policymakers simply coordinate and have these vaccines distributed in the fairest way possible to the greatest number of people possible. And I'd only add that is exactly the question is it is such a strong push for politicians to to to treat your own I. and. Again, as Rene has said, there's a whole lot of reasons why that's actually in this kind of pandemic situation why that isn't going to work because if there's anywhere there can be coded everywhere and so it is as much in our interest to make sure that there's not outbreaks everywhere else as it is in our interest make sure American citizens get get the vaccine promise that's really hard for politicians to say or to sell and so there's a huge issue there. Second thing that makes this really difficult is that. In many other pharmaceutical products, and again, I'm not an expert. This is I'm just going off of what I've read. But in many other products, I'm what you do is a licensed to other manufacturers to make this product in all different markets. All over the world is mine saying the kinds of vaccines that we're now talking about her that appear to be the most likely the manufacturing process itself is extraordinarily difficult, and so there are not going to be quite as many places to turn for companies that are going to be. Readily available to start making this this particular vaccine, even if the patent are willing to provide a license, even if you end up going down the sort of more difficult road of forcing compulsory license of the question whether you have high quality, highly sophisticated manufacturers, and then when you get to the distribution and will really matter if the vaccine is one that has to be chilled has to be kept at refrigerator temperatures and can only be administered via injection. Again, that just really makes it much much more difficult on the on. The distribution and that's really where you're going to need the bill and Melinda Gates Foundation and others who have had great success at distributing vaccines be right at the four of getting it out there. So Kobe presents issues across everything that was raised in your question, and again to me just underscores more than ever we are going to have to coordinate and work together on both the making of the vaccine and on the distribution of the vaccine, and it is just not a time for a hoarding to occur to benefit one's on. ANC You I apologize we have many more questions about we don't have the time to get to them. We'll have to have you both back with US Renee Jennifer. Thank you very much for this informed discussion. Thanks to all of you. Across the country and outside the United States or your questions and comments. You can follow Rene on twitter at Rene Underscore Bowen underscored Lynn, ally N., and Jennifer at J. underscore a underscore hillman. Before closing I would like to say about two upcoming, see our events. The first is the final installment of CR election twenty twenty virtual. US foreign. Policy Forum series. This will take place on Monday. October twenty sixth form three to four thirty, PM Eastern time. The speakers will be Secretary Madeleine Albright and Dr Richard. Haass. The. Nonpartisan discussion will address the foreign policy issues for Americans to consider they vote and the challenges awaiting the winner of the twenty twenty presidential election. If you're on this call will have received an event right link in an invitation sent out on Monday I. Hope He will join an encouraged people in your networks sign up as well using that same lick. The second event I want to mention is the next the of our academic Webinar, which will take place on Wednesday October Twenty, eight, th at one PM Eastern time. Our speakers will be Paul Angelo Fellow for Latin American studies at see a fire and Angela Banks Charles J Mariam distinguished professor of law at Arizona State University. The conversation will be on Migration in the Americas. In the meantime encourage you to follow the of our academic on twitter at Sierra underscore academic into visit, dot org and foreign I dot Com for information and analysis on international trade and uncles other foreign policy related issues. Thank you again for joining us today. We look forward to your continued participation in this series.
5 Parts Of The U.S. Economy That Are Stranger Than You Think
"Turn your great idea into a reality with squarespace they make it easier than ever to launch your passion project whether you're showcasing your work or selling products of any kind or doing doing another thing that they haven't even thought of because you're that creative you came up with it. They have beautiful templates. They have the ability for you to customize just about anything and you can the have a website to show yourself off here in the year two thousand twenty so had to squarespace dot com slash cracked for a free trial and when you're ready to launch is the offer code cracked act to save ten percent off your first purchase of a website or domain support for today's show comes from the James L. Torture. Show what do Paul Reiser. Tiffany Haddish Mark Cuban Urban Kareem Abdul Jabbar and hundreds more have in common. They are all on the James altimeter. Show James's screwed up needs advice from his heroes for some reason they talked to him. Subscribe to the James Altimeter. Show podcast the James L. Torture. A L T U C H E R show. Either Pulse folks. Welcome to another episode of the cracks. PODCAST podcasts all about why being alive is more interesting than people think it is. My name is Alex Schmidt and I'm the head of podcasting here crack. I'm also known as committee Minnie. The clam also known as Schmidt e the champ. And I am also also excited for the cracked podcasts. I ever interview with a Combine Harvester operator. That's that's right. We're talking to a combine harvester operator today in the sense that our guest has done that. One time and a combine harvester if you don't know is a massive agricultural vehicle well as used for harvesting grain crops it does a couple processes all at once like threshing and winnowing. That's why it's a combine and I'm also burying the lead a bit. What I call our guest a combine in Harvester operator because today's guest is Kai Ryssdal? This is his second appearance on our show and you can hear him just about every weekday as the host of marketplace from American American public media. That's a radio show and podcast. That does America's number one broadcast program about the economy beyond that Mr Stall is an emmy winner a navy veteran of very very funny person as you'll hear and he added Combine Harvester operator in a brief way to his resume when his team visit Iowa last month now you may not think very often about a massive agricultural machinery or about agriculture at all but the team at marketplace Chi and his colleagues do think about it a lot and so they're excellent show is the the key source of material in today's episode which is parts of the US economy. You ought to know more about one more time we're talking about parts of the US economy that you ought to no more about one of the ways. Being alive is more interesting than people think it is is that the world is massively interconnected and a lot of strange ways often in a very cool way so they were talking about three chunks of the US economy that have astonishing new things happening in them. Like you will legitimately surprised. I think even though there are things that you probably he drive by or come across in your everyday life many of them are also things that you are paying tax dollars for especially the agricultural one. We'll get to that so you want to know what's going on there. Also we'll look at one global economic phenomenon and thing going on that could change the entire balance a world trade also a single. US Law that is country by country moving across the entire world. It's already the structure of the Internet. And it's determining how you hear this podcast. Among many other Internet things I am thrilled. Return to our show. He's the world heavyweight champion of digging into this stuff in a way that's both completely information only solid and extremely fun. So let's let you hear all that. Please sit back or shift the speed of your combine-harvester because as I learned when hydro one some harvesters have speed setting options of turtle almost rabbit and rabbit. I bet it's three things on a dial a turtle and a rabbit and member spot before the rabbit. It's like a toy or something. It's very exciting. Anyway here's this episode of the cracks podcast with high high risk doll. I'll be back after we wrap up talk to you then. Hi thank you so much for making the time especially on We're taping this on the Wednesday before comes out and it's like a trade deal signing day is raising a in fact there is right on CNN over your show. Oh Yeah I didn't I didn't even see it behind me. Yeah Well if anything burns down back there that's right I'll let you know and we're looking at parts of the economy that are on your great show. I think less talked about unless unless known as and one of them is retail in general. Because we we all know that that stores are dealing with the Internet and everything else on your show. You guys talked to many people who are just in these sectors and places and things and I was curious how long you guys has been in touch with the Buke Plaza Mall. Oh Man Alana Franco go. Is the manager of the plaza. Mall I think she has is in the time we've been talking to her gotten promoted from assistant manager to manager and we've been talking for a couple of three four years now. We found her just by cold calling malls and retail places. And I'm just trying to get a sense and and she's been really interesting because first of all. You don't hear a lot of people from butte Montana on public radio or in journalism writ large. It's a different different slice of this economy. But she's going to challenge because she's managing a big retail mall which has lost both of its anchor. Customers one was a JC penny and the other one was something and so her job with assistance from leasing. Agents of course is to fill those holes. And how do you do that. And when retail and chains chains are generally speaking not having a great time right. I mean there's Amazon factors. There's you know global sourcing and all of that. Her biggest challenge has been to fill those two anchor stores and so oh. It's actually been really interesting. She got one. She rented to a call center and now has gotten three hundred people in there. They've gotten three hundred jobs. CBS in Butte Montana. And the other one she. I just talked to her the other day a couple of weeks ago. She's hoping she can get a grocery store in there. Whatever you gotta do to fill the space I suppose is when you've got these giant facilities that you know have big footprints at our centers of the community? She's actually just making it work which is fascinating when she was talking about the grocery store I think she was saying that. The anchor store where they would put a grocery store at like the footprint of that basically used to be a grocery store so they think that history may not repeat itself but it rhymes times or whatever. Yeah great right there. Yeah it seems like it's a thing where I remember as a kid that general vibe was oh malls or squishing smaller stores. And now we're like oh no. The Internet is squishing the malls. What do we do with these large engines of the economy and spaces? And how do we filling Alan N de no. It's it's actually really interesting and then you've got you know your upscale malls and you're less upscale malls and there's differences and how they're treated by sources just the whole thing is fascinating and it all it depends on the American consumer. That's that's the economic name of the game right now is right is what consumers are thinking what. They're willing to spend their money on how they're feeling about this economy enemy and where they're going to decide to take us right because you know businesses are having really profitable years but that's not translating into higher. Wages consumers are adding debt. So it's GonNa be interesting to see how that plays out and we'll talk into Atlanta at this mall in Butte. He said that was just cold calling fighting among among manager. How many malls did you try if I can? We have an extremely talented staff producer marketplace. Who Do all the dirty work? I just get to sit in for the microphone all day and talk. Let's very nice. That's great. There was a story that Amy Scott September about how various malls are just turning all sorts of different empty spaces that they have into just talking about go kart tracks. Memories School classrooms medical clinics at this Butte Mall. It sounds it's like it's three hundred people at desks being a call center. Is that of being a pennies or whatever it was right. Look it's creative. It's a huge piece of our economic infrastructure all these malls across the country. And what do you do with them. They are built infrastructure right. They're built environment their investment. Somebody owns the mortgage on those somebody's paying leases and fees on those so you've got to fill them generate the revenue. And how do you do that. And if it takes go-carts base you do go karts base. It's amazing to think of them as just large structures. Now right like what are you. What are you fill it with when they're empty and you drive by them? It's really depressing. You know there's there's nothing that will lessen the economic mood or deflate. The economic onomic mood faster than a giant unused mall with acres of parking spaces. which are empty? No lights on no store branding. I mean that gets really depressing Ari and then that has knock on effects for what it does to the rest of the surrounding economy. You know there's not going to be foot traffic. The you know the Bagel shop nearby and the coffee shop all of that so much as we may Decem as it were going to the mall and all this. They're really important. The vital at imagine most people know the story three of American malls just through that the driving by. There's experience like I think most people know like in granular detail how their local mall is doing and otherwise why is just maybe have a vague sense of shrinking. That's by the executive well and also in terms of retail in general apparently. US retail sales are up three percent at this past holiday season overall. So you know. That's that's some growth there but that's mostly driven by online shopping and shopping stores down and US retailers closed nine thousand stores in twenty nineteen which I think people also don't know as because it's such an overall sweeping phenomenon the other part of that though is that people who shop online or getting their stuff delivered to their door you know and you can get it if you time it right you can get it same Dane. You don't have to wait to go to you. Know the best. Buy or wherever ever to get what you want. Look the common denominator here has to be consumer spending has to be retail spending and and in a way in the macro economic sense. It doesn't really matter right. If consumers are spending that is a net positive. The catch of course is that if they're spending on Amazon that leads you to a whole different category of economic infrastructure for structure behind it right great warehousing facilities great meaning big lots of entry level. Jobs that are difficult. If you've been reading some of the coverage in the New York Times about the warehousing being economy that Amazon runs. They are backbreaking jobs. They are very closely monitored. There's little opportunity for rest or for error. I mean they're they're heavily metered for easing misfires and right exactly. So so. That's one category. And then the other category is you know the brick and mortar stores where you can go and you can have a conversation with a sales person who you know isn't lifting heavy boxes Fox's but is also probably not making too terribly much above minimum wage and so that's an entirely different kind of economic infrastructure behind that and those are the competing eating retail narratives in this economy. That it's only been you know Amazon's been around twenty five years. It's really been popular for fifteen ish. You know ten ish and that is the changing face of American retail. That I think is part of the overall change in the American labor market right because you have different kinds of jobs you have different salaries set. You have different skill requirements and that is actually the challenge of how to sustain an economy when you have that kind of fundamental change going on sort of behind the scenes there may not be an obvious or findable answer but is there any floor to the declining of the that second type of the of the retail store type of selling things. Maybe that can all go out of business and Amazon could run everything you know. Credit happen sure is going to happen tomorrow. No now but consumers want what they want when they want and they want it cheaply and if I can get it delivered to my door even next-day for a good price with guaranteed service. Why would I not do that? Then get an car drive five miles see if they have the item. Oh they don't. I have to go to a different place. I mean I'm being deliberately dystopia in here but that's the reality right and other sector. We've got here. That makes me think of the overall change thing too. Is Agriculture Culture. Long long ago there was a time when most Americans lived on a farm and then that just is the past. Just not a thing anymore is gone. You guys have done a lot of reporting on agriculture and recently went to Iowa and you drove a combine harvester super cool so we went actually to talk to people about the thing. That's on CNN over your shoulder right now. The the trade deal and agriculture and big part of it that is this phase one deal but more to the point. You know the thing that got hit the slice of this economy that got hit hit the hardest in the trade war is American agricultural because the Chinese said all right fine. You're gonNA tariff you know half of what you buy from us at twenty five percent we are gonNA tariff pork and soybeans or. We're just not going to buy them or we're GONNA search for other opportunities. And so American farmers had to deal with two competing things one is a a disruption of their market chain. Right they have had to find different markets for their products. Because the Chinese aren't buying and as a result of that they have lost money in me tens of millions and billions of dollars. The trump administration has set up what it calls the market facilitation program. It's the payouts that it's making to farmers but but to our person every one of the farmers I've spoken to in the past year and a half and it's been if not dozens then certainly more than a dozen have said to me. Yes this money helps but I would much rather have my market back and I'll give you really good example. We spoke with a third generation farmer when we were in Iowa we asked her about the mark tation program and she said yes. We got one hundred and thirteen thousand dollars in two thousand nineteen hundred and thirteen hundred thirteen thousand dollars yeah. They're crop input input fees that is to say labor machinery seed and fertilizer. That alone. Right forget land. Forget the advanced they get from the bank to pay for the machinery all that just they're copying put fees were one point three million so so she's out of pocket nine one point two million basically she'd rather have the market when she had market access with crops. She was making money right. It's been it's multigenerational farm. Her family's been on this land for one hundred years but in eighteen months. She's out of luck. What do you do with that? Is this larger phenomenon that I think almost nobody knows is happening. But it's two things that one. The government throughout this trade war has been sending billions and billions of dollars to American farmers far more than the the normal subsidies that were happening before and then the second thing is farmers are still will a bunch of trouble. I don't want people to come away from this thinking. Oh farmers are just getting boatloads of money on the very lucky away. It's really interesting. So the Market Facilitation Program M. F. appears what it's called which is the trump administration's past the farmers to make up for the damage done by the trade war is inaccessible. Twelve billion dollars. It is larger than the auto bailout from Detroit at the beginning of the financial crisis. Nuts interrupt but here of twenty eight billion dollars over the past two years versus twelve for all the car buyers right. It's a ton. Oh money and former struggle right there in debt and they're dependent on weather and there was flooding this spring. I mean you know it's been it's been not great for American farmers. Yeah that too. I think I have a lot of people in the Midwest and I'm from Illinois. I don't know if everybody knows there was huge floating around Mississippi River man like all twenty nineteen. This is really hard to listen to marketplace bliss. They know because we've got folks along the river that we talk through but yeah it's really bad. It's really bad. And in terms of their market so the tariffs have happened with China and so now China's not a market. has there been something in particular stopping them from selling somewhere else. I feel like that would be the free market to your answer is just find another nation right. Just find another nations of course but supply chains take years and decades Ashu find and grow and mature into a mutually beneficial arrangement. And we you have now been working on the show. We American farmers have been working on the China market for decades for decades and in eighteen months. That that market has evaporated. We will see what happens now with the signing deal right there are. We don't know what's in it still but there are reports that there is a huge component of it. That's Chinese agriculture purchases. We'll see but is that going to make them whole. I don't know what's the betting that they know what's in it adds wall. So that's that's good because they know but they're not telling US yeah. Yeah yeah among other farmers recently talked to Bryan Duncan who is a farmer and the VP of the Illinois Hog and corn and soybeans and Polo Illinois. Yeah Act good. I love it one of the first things that you don't actually know where Polo Illinois is. No I'm from the suburbs so I I don't really I'm just reading for the state one of the first things he said when he talked to him last was he was excited about a deal with Japan. which is like maybe a market define but at the same time? It seems like there aren't any just countries out there that have a pile of money and having spent it on food yet like you say that it seems like the chains tink time. Yeah and it's also scale right. I mean China's and he's got one point three billion people. They're having a horrible instance of swine flu over there right. Some huge advantage of their heard is dying. The poor crop is dying. I don't even know if you call it pork. Crop but until disagreement get signed. They're not buying American hogs. You know another at I framed as a sector the US economy because it's all one big big world but we're also looking at just. The overall Chinese economy is very important to us. And one thing going on there that you just mentioned is is that they have a massive just outbreak of disease among their pigs and apparently it doesn't transfer to humans in any way over a hundred million pigs more than a third I heard is the estimate that they have lost which is just an enormous thing going on right and at apparently has spiked inflation and China and is impacting their entire academy park is a staple of the Chinese day. Right when we were living over there. You can't my wife and I you can't turn around without getting conditions. Amazing Oh but the catch is is when you have a supply shortage like that prices. Go Up and whatever. The government's trying to do to control inflation can't work guy in the corner sale and the pork needs to make back what he gets. Right right in purely Machiavelli terms it would be a great opportunity for American hog farmers right it would be almost a bigger market than we could supply the catch of courses now are in a trade war. Nobody's and nobody's buying it. And when we look at China overall also when did you live there. I didn't realize we were. We were my wife and I were there in ninety five ninety seven. Oh I remember Jack in the forgers answers. Do you ever go back our. We've been back many times. I'll yeah cool. It's the change in the last twenty three years extraordinary. My wife and has been Thanksgiving of Nineteen ninety-six in Shanghai. I and we stayed at hotel on the bund which is the grand boardwalk. And there's all kinds of old colonial buildings from the colonial period over there along the river and it's and it's great and it's amazing amazing but back in Nineteen ninety-six. You could stand there and you would look across the river and it would be all low rise concrete factories and now. I'm sure you've seen the pictures of Shanghai. You stand on the bone in you look and you see those buildings that in the space of twenty five years have turned East Bank of the river basically Hong Kong right skyscrapers. And don't you go to Shanghai today and you stand in the middle of people's Park and if you swap out the guy selling green onion pancakes for hot dog enters you could be in central park in New York. There's an H. M. There's a flagship Marriott. There's a Ferrari dealer. I mean it's extraordinary right. They've got a subway. That beats the hell out of New York City. Subways Oh no oh it does. It's it's amazing right so the change in the Chinese economy. The past thirty years has been remarkable. The catch of course is that the rest of the global economy is trying to adjust to the presence presence of China in the global economy when China's not really playing by the rules. I mean we all know that right part of the driver behind the trade more that the president started while you can quibble with his mechanics. The thrust of what he wants to get done which is not getting done in this phase. One deal right at the thrust of what he wants to get done. Changing intellectual property theft and patent protections and technology transfer. All of. That stuff is legitimate. It's a huge issue for American companies. That's all true. That's real as far as that incredible massive growth like how much of that depended on some form of cheating or some form of not playing by the rules. All it all right right. You've got state-owned enterprises over there. There is a command economy. I mean it's a different place. They like to believe different rules and the problem is if they wanNA play in the global economy among nations and be treated fairly then they have to figure out a way to play by the rules in the Hammock. I see it also seems like it's just hard to operate a trade trade war. It's extremely broad ideas. But I feel like trade is based on exchange and working together Brandon to be butting heads about by not trading anymore anymore. It seems like it's like I understand the thrust of it and it's very hard to benefit right or the challenges who pays for a trade war as much as the president might like to say that China is paying for the tariffs and his suffering for the trade war. The fact is American consumers and businesses are paying the entire cost of the tariffs and while the Chinese economy is suffering so to. Is this one because of the president's actions no matter what the fundamental motivation is you say often on the show and then we'll have links to many recent studies as well that all say that basically every tariff going on the president says it's it's being paid for by Chinese people and government and it's it's really just being paid for by US spending more money on things as it was for people that is correct in the billions of dollars with the president says the government is collecting from the tariffs is coming from American taxpayers and consumers. Would it just be kind of politically impossible to come to the American people and say I know this costs you money. But it's critical that we we defeat this other country and economic war that that would be. That'd be really interesting and refreshing to see. I mean yeah you know. 'cause that's what's going on right. The president is making this calculation that he can say one thing to the American people and another to the Chinese and not having buddy really call him on it. Yeah well especially Salihi any war or or even just policy project. It seems like there needs to be some kind of end game and you might need the person coming after you to do it so I don't know it seems important to who framed met honestly and openly for that to happen. I don't know one would imagine. Maybe maybe I'm just a child laying would've rube who doesn't understand. Thank you for agreeing. I'm Marina I'M SELLIN says the best way to go and in particular with this one very specific thing going on in China of of just a bunch of the pigs all dying off. It seems like is there any. I don't almost call it. Humanitarian need to like selling more of our pork to them and working out more of trade. We sold green to the Soviets in the in the seventies right. You're probably too young. Remember that but I've read about it. Yeah you know so if you knew that. The Russians Sion's with the Soviets maybe over over there but look times are different yeah with us. Farmers General again is this massive bailout to to cover for a lot of the damage of the trade war but also they're dealing with flooding and climate change and massive amounts of debt. How sustainable is US farming? In general. I that's a massive question but look it has to be. The question isn't whether it's sustainable. Right it will be. We've been feeding ourselves as a nation for two hundred and forty years. The the catch of course is who's going to be doing the forming and and the folks that I talked to out in northeast Iowa a number of months ago are all multigenerational families on the same piece of land and but as we all know a lot of the farming that's happening now is agribusiness. Corporate farming it's giant enterprises is and the challenges. Do the smaller family farms of a thousand acres or two hundred and forty acres today survive. And I don't know I mean one woman I talked talk to. You should enemy kids. She's the last generation she sixty something years old. Most what happens within the land you know well obviously be growing food. It's it's just a question of WHO's GonNa having grown according to planet money's the indicator. US farmers were four hundred sixteen billion dollars in debt as of December twenty nineteen. Data's carry. Are you able but also there needs to be something about bait eventually have to make payments Yadda stuff and also there's another sector here is looking at of coal mining man which in particular I think coal miners were given a lot of attention and the two thousand sixteen election and not that they shouldn't be you know. Pay attention to but that is a sector that that election in particular. The current president made a lot of. I think sort of branding as like I am. The Guy who among who thinks can help the coal miners. It seems like that has not come to pass. Well it has not on. I mean the the fact is that there are market forces that no matter what the politicians say. The market's going to do what it wants to do right now. The market is trending toward cheaper and cleaner natural gas. It's trending toward greener overall rank. Coal is difficult and expensive and dirty. It's also a slice of the American labor force relatively small mall and it's something that doesn't get a lot of attention right. I mean I think there are more employees of like the target corporation. There are in all of American coal mining. It's long it's historic. There are sections of this country which are hugely dependent on it and it has to be acknowledged but the response to be reality based yet. That's seem so important that it seems like it's sort of beyond any U. S. government's ability or policies or anything to change. You know like one hundred years of moving away from coal loading market market enforces are inexorable. They are looking for. I mean we're talking about Amazon earlier because you know we've got the Atlantic this month. January twenty twenty said that American coal consumption option plunged in two thousand nineteen which reached its lowest level since nineteen seventy five mainly because electrical utility switch to cheaper natural gas cheaper renewables if those things cost less money and pollute less. It's kind of hard to ignore it right. And there's an increasing consumer drive towards that and as we all know young people in this economy are much more conscious juice then some of the older generation. They are driving that they want that. And they're going to get it. That's just the way it's going to go and also as you mentioned it's a very very small all group of people doing it partly because we mechanized it but also partly because there's only a few states really where coal is mined and as of twenty fourteen there were about seventy six thousand thousand people doing it which is about the same number of people as are in the bowling industry. That sixty nine thousand skiing seventy five thousand and travel agencies close to one hundred thousand back in twenty seventeen when the Washington Post reported this age group of people but it's not like the backbone of the entire country or something but critically important in those the regions and we have to acknowledge that but in the macro sense the market is changing and and politicians and and people need to acknowledge that let also it. It seems like there's also a lot of politicians especially Democrats arguing. Hey the coal miners should We should train them to a new job and we should find them a new a new business to be the end. Is that like a nice thing to be suggesting that as it may be suggesting the thing to be suggesting is transition assistance. Since which is the the bureaucratic name for that. The problem is delivering on Right. I mean Obama set it. Politicians have been saying forever the catches if they have to move away from home to get a new education and find a new job. Maybe they're not willing to do that if they have to change their lifestyle the do that. Maybe they're not willing to do that so it's not just as simple as saying listen here. Take this fourteen week course and you can. Go become a coder when your family's been coal for generations and everybody you know lives in West Virginia and that's where your family's that it's not so easy it's like. Hey Dr my arm arts when I do this do that. It's not a great bouncy joyous with right then in terms of the coming election we. We had asked elections all the time but at twenty twenty in particular. I'm I'm curious if coal miners or another job will be used as a a sort of. I don't want to say prop but like a thing that candidates are like I'm the guy of this job and that's why Joe the plumber and all that right I remember back. I don't know I think it's going to be a different economic conversation this year because the president is running on a really strong economy and the challenge for Democrats who ever wind up getting the nomination is to say yes yes yes the economy's great under president trump but vote for me. That's a tough conversation tation and make. Yeah so I think what you're GONNA start hearing about in addition to Medicare for all in all of the things you talked about it. In the debates is Democrats addressing inequality and how the middle class lasts has been hollowed out the standard democratic talking points for years but the fact is actually in equality is growing this economy. There's a bigger wage gap. I mean all of those things and I think that you know I'm an business economics guy not a political reporter but my guess would be the economic conversation this time is going to be president. Trump saying the economy's great vote for me and the Democrats saying yes the economy's great for the top one percent for corporations but working people in this economy. Don't have it right. And so yeah. It won't be reliant Anton specific like but what about the construction backhoe artery. I don't think competing dialogue that trump and Clinton had in two thousand sixteen where trump was saying. Look we are going to restore American make America great again. By turning the economy back to where it was in the fifties with steel and coal and Hillary Clinton saying we're going to retrain in those people for a high tech jobs. That's not the conversation we're GONNA have. I passed that many. Thanks to the folks at squarespace for their support of today's show the cracked podcast. They WanNa bring this to you because they wanNA bring an entire website to your life you. You WanNa have a website that looks great. That works great that fits every device and system and purpose but most people don't have their own website or maybe they have a business. That doesn't have a website it yet or a writing thing that they do. That just isn't online yet at sitting in a drawer or or some other. Non Internet analog SORTA space terrible publish shit get a website. How does all that work? It's very very simple. If you use squarespace if you don't it's super confusing and heart squarespace makes it easier than ever with beautiful. 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We are looking at small sectors but it would be strange to not look at the stock market which is may be the most famous economic indicator and in terms of the economy is strong right now. Is that the main way. Got Strong that the high legit strong. So I'm going to say this and people who listen to marketplace. We'll know what I'M GONNA say. The stock market is not the economy right in the stock market records but they are adjacent. And here's the deal. Stock Market is a bet on the future. Right it's a bit mostly being done nowadays by Computers Algorithms and that's what's driving the market record highs checketts breath jackets. The the floor of the New York Stock Exchange is getting increasingly depopulated as computers takeover. Oh Man CNBC is going to do. But just a lot of androids say Jack. That's exactly right. Yeah but but look a lot of what's been happening so let's talk about the stock market. That's being driven and by algorithmic trading based on what computers and monitors are seeing in terms of a trade deal or the jobs report or those kinds of things in the moment right so let's discount the stock market for a second and look at actually what is happening in the real economy Gross Domestic Product is at two point. Something ish percent which is is fine. It's not great but it's fine up right along. The job market is really strong right. We we have been told where maximum employment I don't know if that's right but three and a half percent fifth year your low. That's legit there are more people to come off the sidelines. As we're told every single month because the unemployment rate stays low and we're adding jobs wages while flat. The past year have been growing not as much as we want to see them but they have been growing. People who want jobs in this economy generally can find them even if they're not as high paying as we perhaps let's hope they would be. Consumer confidence is high companies are making money. Things are generally strong and stable. Yeah the catch of course is that macro macro economic growth is slowing not just here but also globally. There is this trade war still going on with China despite what's going on well. They've changed now to the impeachment hearings but but despite despite what was going on on CNN earlier with with the signing ceremony we still have as much as twenty five percent tariffs on three hundred. Seventy seventy billion dollars worth of Chinese imports. which is to say quite a bit? Almost three quarters of what we're importing from China were paying up to twenty five percent more for them. We were two years ago. three-quarters wow right implant. Plus or minus five hundred fifty billion dollars worth of stuff tariffing. Three hundred seventy billion dollars worth of stuff right now. So there's that there are sanctions enteric coming against Europe for World Trade Organization violations that they've had the president likes to talk a lot about car tariffs although not as much. Recently there is unrest in the Middle East there are a not small number of what analysts like to call downside risks. Okay and as we head into an election year just to get back to the prior question. I think that's one of the challenges for the president is to maintain the narrative of a strong economy with some really substantive economic challenges and then political-military challenges that will affect confidence. I mean as I'm sure you saw ten days ago during the missile strikes. It happened after the market. Get close in New York but almost instantaneously the major indices the futures for those indexes were. Were down two percent. And that's a sign of jittery nece that I don't think any investor let alone a person running for office wants to see and that leads to a great concept that I picked up from your show. which is the idea of a priced in is not event? Yeah 'cause we see like enormous things happening in the news and a sort of wonder. How does this impact the economy at all the the blowing up General in Iran did right. Because you don't know what's coming. So here's the deal with priced in so trade deal is being signed today. The stock market's up Dow's up maybe a half a percent right which imperfect metric but it's a metric. Yeah one would imagine that on news of a deal however marginal to ameliorate the really bad a trade war that the market would be this amazing this great we up three percents the two biggest countries decried. Everything's fine. Yeah right yeah the catch of course is is that we have known. This deal was coming for a very long time and the more sophisticated people watching those have known that it's coming since the beginning because there was going to have to be some endgame to this before the election. So we've known it's coming in that's why the Algorithms and the actual human traders are like fine whatever. This is great average up day. That's the price thin thin phenomenon. The Fan is not priced in his after we assassinate Casula Monte the retaliation by the Iranians wins in the form that it took you know rockets. Flying in the Middle East is inherently destabilizing. And that's what the future strangers looking at. I suppose that has no upsides sites for the price of stocks. And maybe not terrible downsides. Were up from there. Right were were record is not to be all about stocks but she. Oil has recovered uncovered. That's the metric that I would look at when you're talking about crisis in the Middle East right. I wouldn't look at Saks. Oil is down like four percent with eighteen hours of those strikes because people are like. Oh yeah okay. We're fine everybody stepping back but it was you know. Eighteen hours of oil being down four percent which is a lot and then with the more predictable event of at long last this phase. One one of U. S. China trade deal is signed. I think May- yeah. Maybe not. Everybody realizes that that's already been baked into the prices of stocks and then so yeah in terms terms of election year narrative you recently had on a political editor named SEDIBA. Ready his Friday regular for us. Oh Yeah and one thing came up you said Hey. I think that often in an election year by around the summer voters will have decided what the economy's like and then voting accordingly and he said yes. We have their academic studies that. Confirm this which I loved I. It was my own personal theory. I I was gratified you know. City has been a business reporter longer than I have. And I was gratified to hear that. That's actually true. Yeah I think long about June ish is the last moment where president trump will be an economic peril and if job stay strong through the summer and if unemployment stays reasonable and if GDP growth stays where it is I think he legit runs on a really strong economy. And that's what voters are going to carry through the late summer early fall into election day. There've been a lot of headlines of just Dow twenty nine thousand Dow Highest. It's ever been. Did he win now. Lay It seems like that's that's sort a slam dunk. Let's be right. The president is directly responsible for a lot of what's going on in the stock market. Both good and bad. Yeah his tweets and and Larry cudlow gone on the White House lawn all of those affect the stock market in a way that should make people say don't pay attention to the daily fluctuations but the fact is that with the tax exp package of December two thousand seventeen which cut taxes on businesses with his deregulatory press with his deficit financed budgets. That he's putting out ready. Spending huge amounts of of money deficit way right. That is goosing this economy. There's there's no doubt that that is what businesses are responding to you and investors are responding to businesses being positive about their environment. That's effect and how how short term are those gains especially with them being deficit financed based on debt. Yeah I don't know yeah. I don't know we will see how long it lasts. It will not last forever and we we. Now's a country. Oh twenty three dollars okay. My brain can almost understand understand that number another sector here to look cat with just astounding scale general which is US Internet companies and specifically something that you guys have covered on marketplace. And also on your show with molly would make me smarten a which is that. There is a single tiny part of May nineteen ninety-six telecom law is called section two thirty and has basically the foundation of all. US Internet business turns out right. It holds that companies platforms platforms cannot be held liable for what is basically put on their platform. So you can't facebook. If somebody puts up a a racist or Nazi or an incendiary post and that is at the root of what has generated the entire Internet economy in this country and by extension the world the catch of course now is the Internet is different beasts than it was in nineteen ninety six and there are challenges being brought to Commerce to American democracy to voters and their knowledge of what's going on on that perhaps some are thinking about revisiting. It's really really interesting. And it's it's hard right it's hard. Yeah because the Internet in Nineteen ninety-six six. I don't know if all modems and whatever right right about like Geo cities pages with Jeff's on right and it's it's hard to measure we have. It will have a link to a slate piece that says that about twenty percent of US homes had Internet in Nineteen Ninety six which is not zero. But I'd be surprised if it was that high but yeah yeah not that many people and a very different beasts because no facebook no twitter no no everything else. How rewritable is that law? It's it seems like there might not be a consensus or a block of the public. Wants to change it. I'm not sure that we have a common understanding of the challenges challenges that the Internet in the twenty first century poses. I don't WanNA fall back on a partisan trope but I think there's a partisan divide on on how to think about section two thirty. I think there's a tech industry regulatory divide I think there's a consumer and corporate divide. I don't know the legislative history of Communications Decency Act. which is I think what it was right of ninety-six Yeah section to thirty as a part of but I imagine it. It was a discussion took place not over months over years and I don't know of real substantive conversations now about changing. I think people are talking about on the margins because it's a really heavy lift. It's a really heavy lift. And what do you do with facebook that two billion people on the planet us or what do you do right with twitter or you know Google or take your pick. It's really aren't yeah especially 'cause I've got it in front of me here and we'll just read it on air because it's short short section to thirty of nineteen ninety six Communications Decency Act. The entire text is no provider or user of an Interactive Computer Service shall be treated as the publisher or speaker of any information provided by another information content provider and quote as the entire thing. twenty-six words it's just very simple. There's not a lot to tweak. You know it's just what it it has that you can't sue facebook for how people use it right or other sites right. Let's pick on facebook. Because they're you know the biggie right. People are using it in ways never conceived of love in Nineteen ninety-six not make everything political in this very political year but the challenge. That's being posed to the democratic process in this country flows flows directly from section to thirty yen at it could be as non governmental of a solution as increasing everybody's media literacy or something it may not even be the loss fault. Necessarily you bet unaware consumers whether it's retail consumers political consumers economic consumers take your pick unaware consumers are arguably the greatest challenge to democracy to the economy to retell to you know to a whole bunch of things and also and one thing with this particular on make me smart you guys had guest Jeff Casa who is a professor of cybersecurity lot the US Naval Academy. If I understand it right what he was saying that this immense legal protection for tech companies is one of the biggest reasons they are based in the United States and started here and I always just sort of assumed it's because we have like great colleges and and Places for them to be you know I I. I'm I'm sure that's part of it but look here's the other thing that that people in favor of not messing with thirty we'll tell you they will say look if we change to thirty and make these companies more liable for the content. That appears on them. They will go somewhere else. They will not be American companies right they will go somewhere else and do you really want that right. But how would they have employees all over the world some sort of electronic network work of communicating with each other. Only somebody could invent that. I had never thought of the. US has like a Delaware for corporations perations or Cayman Islands for banking of like like a safe haven for people to do business and then in terms of changes to it to the you guys do amazing reporting on the new US Canada and Mexico. Trade deal where. There's one wrinkle in it that extends the Slot to Canada and Mexico that extends to thirty. Yeah Yeah Yeah you know. International negotiations are a tricky thing in and clearly somebody on each of those sides said yeah we need the bigger deal to accept part of this. We'll we'll see how that plays out in practice and I. It's curious to me why they why I don't know. Even which country wanted to extend it to Canada and Mexico like did those awesome job facebook seventy gross. Yeah and also in terms of changing it. I'm make me smile. You and Molly did like year end predictions and if I remember years right wait for this coming year. Twenty twenty and then last year when you were predicting for twenty nineteen year largely predicted. No major change in terms of like the big structural lecturer things we think of and for life in the country and I was I was right for last year. Yes he is that mostly driven by when the elections happen there are two factors one is political. Division in. This country impedes progress. Right that is to say political division favors the status quo and number two is. There's no big driver among the elites in this country for change. Yeah I mean if the if the people with all the money in the power WANNA change there would be changed. That seems logical. Yeah right to your person with money and power both active. Yeah be active and because educated consumer of everything when we've looked at numerous chunks of the economy are there any other like sectors or interesting incoming phenomena eager sort of tracking and the next months or weeks I think the fallout from the trade pact. Whatever that turns out to be is going to be an interesting one and then and then consumers through this Connie and and the American labor force through the rest of the year I think is the challenge because how they feel so goes the economy? How much does it come down to? People's attitude is that a huge huge driver credibly high amount. Yeah consumer confidence consumer sentiment. How you're feeling about what to do with that? Ten dollars in your pocket is remarkably important. Report true can we placebo effect ourselves into a booming and wonderful economy if we want to throw look the economy's booming economies jib boom. We did it folks deaf the episode for this week. My thanks to Kai Ryssdal for taking the time. In between many many tapings of many many shows he does to give a better understanding of the most important things in the economy that almost nobody besides him is talking about and in our food notes you will find more ways to listen to Kai ryssdal. One of them is marketplace dot org their website he can also search for these show marketplace. That should be the whole name in your podcast player. It's also probably on the radio where you live. If you're in the United States you will also find another podcast called. Make me smart with Kai Molly which is Kyra stall and his fellow marketplace hosts Mali would getting into a really really interesting topic in a Deep Divan fund way. You'll also find two other interesting. Footnotes one of them is the town of Polo Illinois. I have looked up where it is and realized I've probably been through through their its population. Two thousand three hundred fifty five and it's on route fifty two which I've taken toward Dubuque Iowa so I probably been by your town. I'm so sorry I forgot about it. All you folks in Polo in Ogle County. I'm working on it. I'm sorry and there's also a foot note to a tweet from Donald Trump. This was January ninth of two thousand twenty. He tweeted quote. US US cancer death rate lowest in recorded history a lot of good news coming out of this administration and quote now. Here's thing about that. Obviously you have to fact check every single thing. He he says because he's a compulsive liar however we're footnoting a CNN report covering January eighth study published in see a cancer journal for Clinicians and they find that that the US size largest every single year drop in overall cancer deaths. It was a two point two percent plunge that happened from twenty sixteen to twenty seventeen so for one it turns out it takes a long time to measure cancer. Deaths apparently like our latest numbers from twenty seventeen. Donald trump was president for the vast majority of that year. I feel you only get to take credit for it. If you do a policy thing that impacts it instead of just like having an inauguration event and drinking Diet Cokes in the Oval Office. I don't think that really makes you the person you did it. But either way we have a president who will take credit for every good thing and sean credit for every bad thing and so following a media source like marketplace is very very very important because as you heard from Kai he was very even-handed about the pros and cons of things that president has done and so hearing about it from him and other good sources like that is the thing you need in your media diet as we approach voting for whether this continues and beyond all that our theme music is Chicago Falcon by the Budo spanned. The episode was engineered by Kelly McNamara and edited by Chris. Sousa if you love this episode. That's great if you hate it please let me know about it on social media. That's right social media a space where science reporting in general just on cancer or anything else you have to examine it closely that cancer headline I just talked about doesn't clarify that. The number Burgers from a few years ago got to read the Article Very Complex. My own twitter account much less complex it's mostly tweets about snoopy and it is at electricity. My instagram is at Alec Schmitz to Graham Graham and among the wider Internet and my website. Alex Committee Dot Com. That's got my show dates my email newsletter of free Internet stuff tips and so much more. And I'm here to say we. We'll be back next week with more crack podcasts. How about that