39 Burst results for "Treasury"
US stocks fall as market decline extends for third week
"Headquarters. I'm Charlie turned out to be a losing day, losing week three in a row for the U. S stock market. The doll the mean as back all declining on this Friday, September 18th sound of the closing Val and the New York Stock Exchange. It's onto the weekend technology shares push stocks to a six week low. As investors search for new catalyst to give direction to global markets. The dollar strengthened Treasuries little changed as some P 500 index down for a third day after fluctuating between gains and losses. Here are the closing numbers We have the S and P 500 index falling 37 points today lower by 1.1%. Now Industrials Down 244 points. That was a drop of 9/10 of 1%. NASDAQ was down 116 a drop there of 1.1%. So it was
Fresh update on "treasury" discussed on WSJ Minute Briefing
"Three months ago there weren't enough masks we were desperately sourcing from all over the world. People were making face coverings from scarves and bits of fabric. Now, there are plenty of mask, but some people don't want to wear them comma mask. America. Brought to you by the Ad Council. Here's your mid brief for Friday September eighteenth I'm Charlie Turner for the Wall Street Journal the trump administration says, it will ban downloads of the chinese-owned video sharing APP, Tiktok and the US use of China's popular messaging and electronic payment APP. We, chat after Sunday night Commerce Department Secretary Wilbur. Ross cited National Security and data privacy concerns for the move. It comes amid discussions that could lead to Oracle and Walmart taking a significant stake in Tik Tok in a bid to ease the White House's concerns we report exclusively the Treasury Department is investigating allegations of racial harassment and discrimination at the US mint a group of black employees at the meant wrote a letter in June asking Treasury Secretary Steven Mnuchin to address what they say is rampant racism at the bureau. And US hospital say they'll be better prepared if a second wave of covid nineteen cases hits in the coming months since the coronavirus struck and hospitals faced shortages of beds, ventilators and treatments. Doctors say they've developed a better understanding of the disease and which treatments are effective studies have pointed to a few drugs like the anti viral rim Desa Vera help. We have more details on these stories and other news of the day at wsj.com and the WSJ APP..
U.S. Government Takes Aim at Riot Games, Epic Games, and Others Tied to Tencent
"US Government is taking aim at ten cents, gaming operations I'm Madrid and the sports minute presented by you sports network according to a Bloomberg report, which I will link below the trump administration has asked gaming companies related to ten cents to provide their information on security protocols when it comes to the Chinese Mega Company, the Committee of foreign investment in the US which is chaired by the. Treasury Department sent letters to major game companies including riot games and epic games. The trump administration is taking a much closer look at security concerns as regards to use your data with Chinese companies popular in America primarily that attention has been on Tiktok but ten has also seen plenty of attention as well. Particularly, it forced the sale of the companies US operations to Oracle earlier this week. EPA gains would likely welcomed the freedom from ten set. If we're going to be honest, the company only owns a minority share albeit forty percent of the company. But Tim Sweeney Fico has publicly stated that tencent doesn't control the decision making within the company that also makes it incredibly unlikely Sweeney's handing over user data in droves to. Epic Games of the success of fortnight is a much different company now than it was when tencent. Of It. Right Games on the other hand is in a bit of a tougher situation. tencent owns the entire company and losing North America operations would be pretty brutal for riot well, leagues. Popular, globally riot was still found in the US and is based in La. Now maybe getting ahead of myself here all that's happened today is letters went out regarding personal security of users if epic had proved that that data is all Safin contained, that could well be the end of it. But. There's an inkling, some of the same security concerns present with Tiktok or President Ryan epic that would be a pretty big issue. We'll be sure to update you further on any developments that arise from his inquiry.
Fresh update on "treasury" discussed on Newsradio 950 WWJ 24 Hour News
"Cory has R Bloomberg business report Ed. It looks like it's going to be one of those days. Yeah, right now we're in negative territory. But we've been up and down before this. The Dow industrials broke down. 65 points. NASDAQ Down 76 on the S and P is down about 18 week inspect some volatility today. Or experiencing what traitors call a quadruple witching. It's the expiration of options and futures on Wall Street. It could make for some pretty big price swings. And we've seen a few so far today. 10 YEAR Treasuries 100.69%. Take a look at auto stocks forty's up eight cents in $7.35 Fiat Chrysler 39 cents lower at $12.31, That's down 3% and General Motors down 20 cents and 31 72. Right now, the Dow is down 68 points Price of oils up 33 cents at 41 29 a barrel by mid Cory with a Bloomberg Business report on W W..
Trump expected to rule on TikTok deal in 24-36 hours, Oracle to take 20% stake
"Tic Tac o news could be happening in the next day or so next 24 to 36 hours, According to CNBC. The president expected a rule on the TIC TAC Oracle deal. Oracle, According to Ah, Lei's reports would own roughly 20% of TIC Tac and Wal Mart will partner with the tech company, according to Ah, The latest deal coming together, according to CNBC, Oracle by dance. That's the apparent company of TIC Tac, the Chinese parent company have accepted revised Treasury terms on a TIC tac deal. An announcement could come in the next day or so.
Fresh update on "treasury" discussed on Mark Simone
"The pattern we've seen over the last several days and weeks, the down the S and P slipping mildly into negative territory. The NASDAQ holding onto very small gains as the market tries to determine exactly what the Trump administration is up to with respect to Tic Tac, and we chat, both of which could be banned in a certain respect. This weekend by the US government unless a deal is struck to put tick tack effectively in the control of two U. S companies, more specifically, Oracle and Wal Mart. All of that remains to be seen. Ah, lot of gamesmanship brinksmanship going on here and worries about what retaliatory steps China could take. If this all doesn't work out, So we have a shaky market this morning oil and gold trading a little higher interest rates down. Yield on the 10 year Treasury 100.67% consumer confidence out this morning little stronger than expected, but not great shakes. The dollar is flat against key foreign currencies, as the market also now begins to focus on politics more directly as President Trump and Vice President Biden, formerly Vice president Biden try to outline their respective visions for the economy and the rest of the issues facing the country going.
Oracle, Bytedance, and U.S. Treasury tentatively agree on terms for TikTok bid
"Sources tell Bloomberg the Treasury Department, TIC TAC owner Fight Dance and Oracle have tentatively agreed to terms for oracles bid for the U. S operations off Social Your service Sources say. Treasury sent by dense a revised term sheet late yesterday down the company and Oracle accepted. Our Oracle shares are trading law right now Down by about
Fresh update on "treasury" discussed on Bloomberg Markets
"I mean, it's it's a concern. I've seen a couple of reports focusing on the election. But you know, it's not as immediate as that will be, You know, end of October for sure. The other company we've been watching quite steadily joined. The week is Oracle. It's been quite volatile today Down about 2/10 of present now, though, small moves, but nevertheless, that is obviously trading going on, innit? Well, absolutely a man and it was actually lower before the opening bell. And this is all about, you know, the back and forth with the TIC tac. Now, you know, we reported based on people from there with the matter their Oracle and Tic Tac's owner, Bike dance have agreed to with deal terms proposed by the US Treasury, basically revisions in their original proposal at the same time. You've got the prospect of distribution of Tic tac. In other words, downloads being shut down in the U. S. As of Sunday. So you definitely some back and forth here and there. That may explain why we're not seeing Muchmore in terms of a move in Oracle than the 3/10 of 1% to climb. We're looking at now. Dave Wilson. And thank you so much. This is quadruple witching. It's a once in a quarter event. We're very lucky to have Dave Wilson to explain to us every day. Not just once a quarter What goes on in markets at the one Dave on Twitter on DH email. Ahmadi Wilson Bloomberg dot net If you want to get on his distribution ist for his chart of the day and Pall we love see what happens, but certainly it's never dull in the markets, is it? Never dealt in the markets exactly right. There's a lot of things for investors to try that really factor into their calculus here, whether it's the pandemic, whether it's the election, whether it's economics, lots of the discount banks are lower as well. Today, I noticed taking working down three quarters of a percent of Goldman Sachs following it. All right, let's get to Washington D C are 99 1 Studios on.
A Washington DC sports betting app was supposed to raise millions for the city. It’s off to a rough start.
"Of sports betting in the district has yet to deliver the windfall to the city treasury that officials had promised The Washington Post reports. So far, the numbers are a bit more than $400,000, and that it's far short of the $17 million city officials had projected for sports gambling. During the first it's during this fiscal year. City officials point to a number of factors, however, that have affected numbers, including the cancellation of many sports events during the pandemic. And some confusion about placing wagers. Sony
European stocks fall, Dow futures slide 300 points as market reacts to Fed
"Air dropping this morning along with US stock index futures after a Federal Reserve chair Jerome Powell highlighted uncertainty about the economic rebound. They check the markets every 15 minutes throughout the trading day on Bloomberg SNP Futures down, 34 points down Futures down 251. NASDAQ futures down 96. FedEx and Germany's down about 7/10 Percent and your Treasury up for 30 seconds. He'll 300.68% yield on the two year 20.13% 9 extrude
Oracle and TikTok: What You Need to Know About a Deal
"Brad's team broke the news of the Oracle deal and his reporters had lots of questions about it like how much was oracle paying for Tiktok and what exactly was included in the deal They weren't getting a lot of answers neither oracle nor Tiktok have provided details of the deal. How it structured what happens to the algorithms whether any money changes hands all of these are huge issues that have still not yet been resolved as far as we know, it seems like the announcement was made to get ahead of this deadline and say we've decided on Oracle and we're going to work out the rest of the stuff later. We do know some things under the deal tic TACs parent company Bite. Dance would keep a big stake in the APP. And according to Treasury Secretary Steven Mnuchin TIC TAC would bring its global headquarters and around twenty thousand jobs to the US but one of the most telling details about the new deal is that neither Tiktok nor Oracle are actually calling it a sail. What would you say it is we're calling it a partnership. Nobody. Really knows, I mean tiktok calling oracle the quote trusted partner as journalists were trying to unpack that but it it seems like it's going to involve oracle. Talks data they're going to provide those services and get big fees for it. and. Does that arrangement address trump's concerns? Previously basically, the trump administration had to take tick talks word for it that it wasn't doing sketchy stuff with this data. Now Oracle's GonNa stand up and say you can take our word for it. One of the things that's striking about this deal at least as we understand it thus far that trump doesn't seem to have gotten two of his major demands he said repeatedly, Tiktok should be sold and that when it was sold the US, treasury would get a sizable payment as a cut of deal. Neither of those are included in the proposal to the US government as we understand it right now. So, will it be enough to satisfy the trump administration's ultimatum? That's the multibillion dollar question we don't know. An answer might be coming soon, a committee led by the Treasury Department that has to assess the deal for national security implications is reviewing it now. The committee will then bring its recommendation to the president. They will look at the proposal and then they will take it the trump and presidents historically do not get involved at all. But this time the President Will Steve Mnuchin the treasury secretary said this week. He will take this deal to trump and that trump will be the ultimate decider when asked yesterday about whether, he'll approve the deal trump didn't show his hand but he praised. co-founder. Decision Pretty. Soon. I have a high respect. Valeria was. Somebody I know he's been really a guy for a long time so we're going to take a look.
Former IBM CEO weighs in on TikTok deal
"Dance to find a way to restructure Tic Tacs. U. S operations or face US shutdown is looming with Secretary Venusian, saying it has to be resolved by this weekend, and reports are that Oracle is the partner trying to get that deal done. Welcome. Now, someone who is no stranger to doing big tech deals with Chinese Sam Palmisano was for many years. IBM is President Seo, including when the company's sold. It's PC business. So long go back in 2005. We welcome now back to Bloomberg. Great to have you here, Sam. So I say you've actually been through this process. Give us what you learned from that process that Oracle maybe facing right now. Well, thank you, Devon. Thank you for having me. I mean the process itself. Let me just frame it on the sense that we had a period time What they were better relations relations between the two countries. I mean, China, the United States and China was also in a different phase of their growth strategy, and they were still inclined to create global businesses that could be held in China that could expand Beyond their domestic market, so the circumstances were quite different than they are today. Having said that it's an extremely complicated process is run by Treasury. That's a fair process. They make a recommendation to the president states for approval. But normally at least in our case in the process, it becomes political. In that case, then, basically because we were signed an asset that we believe was just going to be commoditized. It was not a lot of technical differentiation and a PC as you see today, but fundamentally of the various parties on the hill got engaged, and it made it complicated, which meant we had to go through a second review, which prolonged everything, which puts the deal in jeopardy issue. They say time kills deals, but fundamentally, we hung in there and we got approval from both governments would perceive it. It's clear and nothing else is clear. It's clear that whatever Tic Tac has is not commoditized, use your word. Whether it's the algorithms being used, or the date of the personal data, which seemed to be the real center piece of the concern of national security, and therefore this deal is more complicated. How you really protect those data. Is that the big sticking point as far as you can tell I think it isyou know, I really do think it's It's a combination of the algorithms and the personal data on the the amount of the personal data and that's called the uses of the personal data now, their solutions that could be having been shutting people down those sorts of things, and I really do think that There's a pragmatic solution on the table that perhaps both governments could approve. That would at least take one issue off the temple in the U. S China relations and Let me explain what I mean by that, the current what I read anyway. Like you. We only know it's been reported, is that bike dance would maintain majority share of Tic Tac, but they would create a global entity that would be held the United States. Mark will be a technology partner and provide that infrastructure e clown except which makes sense for article on maybe by doing this sort of thing. If you can solve the issues around personal data and the uses of personal data, protect people's privacy that could be resolved. But you still the government approval on both sides and the Chinese also have the equivalent of devious In their in their processes. Well, yeah, it's clear that the Chinese have really a dog in this fight without a doubt. But is it possible from your experience to really for the US government to really be assured that those personal data cannot go back to the Chinese government is I think that was the thing that we're concerned about, right? Well, absolutely, And basically, you know the complicated thing here. We don't have any details. Let's start with the structure itself. The majority owner being bike dances. It's obviously a Chinese company. What's the government's model? Who's on the board of that house? Did any operate? They have passive investor, right you on and on and on, is in a financial deal. There's an operation if it's an operational deal, because we're complicated now as faras protecting the day that exists if it's all housed in the United States. It's somewhat easier, but nonetheless, I mean information's gonna be flying across the world, So you're always gonna run the risk of any us any nation or really any happier being able to get into that kind of an infrastructure. Now, having said that? I mean, I think a partner like Arco or an IBM enterprise tech companies have a lot of experience of protecting data. They do this for themselves and for large enterprises. Probably a better partner than let's say, your traditional consumer tech company might be able to provide. Well, that's exactly my question, because I don't think of oracles being a consumer facing tech business. Unlike a Microsoft or unlike a Google or a Facebook, why does this make sense strategically for Oracle? Oh, I think it actually thie take about clouds in the emerging architecture for computing in the future are co is way behind as it is, I'd be having made the other traditional enterprise players and leaders as we all know where Amazon and catching up his Microsoft, so to them. It gives them I think an entry point with a very large social media company into the infrastructure. I think we'll give them credibility and cloud and a moving into the future. So from that perspective to teach me that makes a heck of a lot of sense. They're going to be a minority investor. It's almost like an outsourcing deal and in the sense that you operate people's assets for them. But you acquired his assets and the acquisition is access will be equity get only is buy bread, so I don't have any insight to that. So you know they'll make an investment. They'll get the outsourcing of the infrastructure that would be House United States. And that will create jobs. I don't know if it's 25,000 or not. I mean, you're the reason why 25,000 to me. Sounds like a large numbers. Because Facebook is bigas. They are only has 75,000 employees. And finally, Sam. What if, In fact, it does not get approved if in the end President Trump says, I don't like this. What does that mean? Maybe for Oracle, but more importantly, for bike dance. Well, I think at the end of the day, I mean, well, they shut them down. I don't know, You know, I mean, I think quite honestly there ways to solve these problems are national security concerns concerns. I can understand that it's really the bigger issue is protecting protecting people's personal information. In fact, the matter is that David that you go all that information's already been hacked. I mean, I know everybody forgets about the OPM Hack and the IRS hack well that there's a ton of personal information's already been hacked his eyes over the world. I assume in China's well there's tons of personal information are ready on the Internet everyday based upon people's user. Behavior and what they do on the Internet. So I mean, I do think it's necessary and it companies need to protect people's privacy in the data, But I'm not sure that this deal represents what's necessary to solve that problem. Fascinating. Thank you so much salmon. Nobody. I'd rather talk to about this than you. That's former IBM CEO Sam Palmisano. More
TikTok will spin off into a separate company, partly owned by Oracle
"There's a pretty interesting story in the Journal in this. TIKTOK. To pick in the journal piece what they do they actually call president trump the ultimate decider. Remember when Bush called Amalgam the decided the decide they make fun of them well, turns out that Dr. Here again and he should not be misunder estimated. Under any circumstances, the US Department said, it would review an agreement for Oracle and others to revamp tectonics US operations in order to avoid a ban of the popular video sharing APP Oracle would serve as a trusted a technology provider Chinese. Parent dance said, it believes its proposal submitted to the Treasury Department resolve the trump administration security concerns. I don't know why far cry from an outright sale. But you know if you read that piece, you've probably done some of your reporting on inter there's two solid camps. In the White House I guess some people are arguing if you outright ban it. Young Conservatives are not going to think that. A good thing. So there's No. There's pressure to work out something than ban with falls short of actually a technology transfer which doesn't seem to be possible given those algorithms are valuable and ran. I guess they it's the same old crap right? It's like when I look at my my phone and I googled something like last week like a place and then suddenly hair some like Airbnb, is available in that place it's like Whoa this phone. Who I mean it does it sends you videos. and. I. Don't to know I don't want to take your personal tastes there. I don't know any I don't. I'm not implying anything there. Anything no about about your personal taste. But how does it? How does it do that like a thermos stays? Cold know what's happening. This is the issue it's taking. It's taking all of your data and the question is, how does the algorithm work if the algorithm effectively is being developed and living in? China, can you move that Algorithms United States and if you move it to the United States, but it's still controlled by a company. In China, does that change the dynamic I? Think these are the questions I imagine somehow they're gonNA come to some truce not an intrusive just gonNA claim a win win all around even though I think it's going to be imagined very different than what? Was At least anticipated in what the president and the administration has laid out in terms of what the term the original terms were but maybe the terms will changed or maybe whatever oracle's offering is so very different than what anybody's anticipating about how this would would work. I don't know I don't know
Pelosi says House will stay in session until new deal reached on economic relief
"Speaker Nancy Pelosi says the House will stay in session until there's a deal on another round of Corona virus relief. As Bloomberg Sammy Morris reports a bipartisan group of lawmakers is putting out what it hopes will be a winning compromise problem solvers caucuses, a 50 member group of House Democrats and Republicans with a $1.5 trillion corona virus stimulus plan that the group has been hammering out for weeks. The talks have been behind the scenes in Treasury Secretary Steve Mnuchin is hinted that the White House could accept a package of this size. The biggest compromises allow for aid to state and local governments and supplemental unemployment insurance
As Fed Meets, It May Need to Consider Unusual Options During Pandemic
"The Federal Reserve begins its two day meeting today. It's a chance for chair Jerome Powell to give his assessment as to where things stand with our economy and with the Central Bank can do in the future. The menu of options is unusual. Let's focus on what's most important to understand with our chief economics correspondent Nick Tim Rose Good Morning Nick Good Morning Mark. So Nick, we've seen the Fed lower interest rates now to near zero is the Fed. Running out of tools the answer is yes and no. If you look at what they normally do to spur recovery, they certainly don't have the same conventional toolkit that they have in the past and that is to Cut Short term interest rates they've cut interest rates as you said to near zero. So what tools do they have? Well, what they did after after the two thousand eight financial crisis is they can purchase assets government Treasury securities, mortgage backed securities, which they're doing right now they do that to try to drive down long term interest rates. The long term interest rates are already very low. So they still do have tools they can use, but it's possible that there were just reaching a point of diminishing returns with those post-crisis tools. So with those options on the table already being used, what could the chair do or suggest to try to jump start the economy even further Well, the Fed Chair, and a lot of Fed officials have been outspoken about government spending. So called fiscal policy and the reason for that is once you've already lowered interest rates attend your treasury yield is sitting around point seven percent and so when it's that cheap for the US government to borrow. Spending is much more likely to have an impact in terms of boosting demand. The other reason the Fed is more outspoken than they have been in the past about the need for government spending is that the nature of the current downturn is different from the past. So an economics textbook might say that when a downturn hits the Central Bank can. Stabilize the economy by lowering interest rates. This offsets declines spending on demand, but there's research showing that this stabilization tool isn't as effective in boosting spending when certain sectors of the economy aren't able to operate, and it's in those circumstances where if you can boost spending in those sectors or at least replace lost income even if you can't get people to travel. or to spend money in restaurants, then there's a better chance that you're going to limit the kind of the vicious circle of business owners who can't pay rent means their landlords have less money to maintain their staffs. All of those things can lead to layoffs that really don't have anything to do with containing the threat from the virus. This leads to my next question because the Fed just announced they want to see somewhat higher inflation than in the past and that seems a bit strange. Why would you want this to happen? That's right. The Fed doesn't really desire more or higher inflation as a goal in and of itself. But what they're concerned about is that when when households and businesses expect inflation to be lower inflation expectations are an important and the Fed things very important role determining what inflation actually is. So if you look at economies in Europe and Japan which are stuck with lower interest rates, lower inflation and lower growth, it can be a very difficult. Cycle to break to get people expect prices to be higher when they can see that prices are going up and so this isn't so much about boosting inflation. It's about keeping expectations from falling into that trap where you're constantly fighting against this, you're swimming upstream against the current of ever lower inflation expectations, and so the Fed is trying to reset how participants in the economy expect growth to be in the future to influence their decisions now. Chief economics correspondent Nick Tim Rose in Washington. Nick. Thanks for breaking this down for us. Thanks for having me marked.
Oracle's Deal For TikTok May Not Include A Purchase
"Over the weekend we found out that Oracle has struck up a partnership with tiktok for the video sharing companies, US operations. We're still learning about how a potential deal would be set up, and we're also waiting to hear regulators on both sides of the Pacific will sign off on it but in the meantime we thought we'd take a step back. These two companies might seem like a bit of an unlikely pairing. So what to Oracle in Tiktok seen each other in the first place my colleague Aaron Tilly joins me to help us out with that Aaron thanks for joining me. Thanks for having me. Okay. So a lot of people might have heard the name Oracle are probably not so familiar with what it actually does. So can you just start by telling us a little bit more about the company? Yeah. So it's a decades old legacy player in the technology industry really got it. Start selling to the CIA and intelligence agencies in the US focusing on database technology. So this is how complex data's stored on servers and you know really important critical technology but really in the weeds, the infrastructure of an organization's technology stack and you know throughout decades, they became a powerhouse in selling these databases sit on a company's data center, and throughout the years they've expanded to business applications that sit on top of those databases things like you know, human resources are resource management, kind of software, but they're real core franchise are these databases and storing data now. Called relational databases Oracle isn't the only one interested in Tiktok. Microsoft was also in the running. So from Ted talks perspective, do we know at Oracle has that Microsoft was maybe lacking it wasn't so much what Microsoft was lacking. It was more about what the companies were asking in the case of Oracle. They were more lenient in more willing to be a technology partner. Whereas Microsoft had much more ambitious plans for tiktok in wanted to acquire all of it including. It's all important secret formula, which is this algorithms. Oracle's just focused on creating a cloud business and Microsoft has a very loud large cloud business. An oracle is seeing this opportunity to put themselves on the map plus Oracle has a pre existing relationship with the trump administration, right? Yeah it's it's unclear to what extent the relationship between or coal and the trump administration had. The final decision here it was bite dances decision deciding that Oracle was the winner but certainly, Oracle's relationship with the trump administration hasn't heard. It's CEO Saffir. Cats has been with the trump administration and partner at the trump administration since the beginning in all of this leads to generally good feeling about Oracle, from the trump administration and around this purchase. And what about from Oracle's perspective what they see Intech Talk? For, them it. They see this as an opportunity to kick start their cloud business. So this would be. TIKTOK putting its application on its data center infrastructure, all of its hardware and software that it rents out to third party companies that the cloud model this would be a key player to get going Oracle's cloud. So this for them is a way of kick-starting their cloud. So this is a play in that regard. and I wonder if you could contextualized this in what's happening in cloud computing right now who is Oracle competing with and could this partnership help get there? Yes, the cloud computing industry has been around for A. Couple of decades, but it's really starting to pick up these days. Amazon really pioneered the model of called the public cloud. were, they rent out their infrastructure that third parties way back in two, thousand six and they are by far the market leader they have above forty percent market share the next comer in the market shares Microsoft, with around eighteen percent and so oracle's really late coming to this and they're naive and fifth place in terms of market share in this business. So they have a long ways to go and Tiktok won't bring them probably anywhere close to where Amazon and Microsoft. Is, but it does give them a certain credibility and that gives them a really high profile name in that's important building. These kinds of businesses is to have proof points. They can point you can show customers and say, we know how to do this, and of course, this partnership between Oracle in Tiktok is by no means a sure thing. Can you just talk us through the potential hurdles from both Chinese and American regulators? Yeah. There's plenty right now we're waiting to hear. From the Commerce Department on what regulations they're going to set around an executive order that trump put out there few weeks ago. This is an acceptable to them. The Treasury Department has very been very involved and we need to see if the satisfies the trump administration's demands for this Tiktok issue and earlier trump had been saying that it had to be sold to an American company. In this case, it doesn't appear like Oracle is going by tiktok outright more be technology. Partner. So we need to see if that satisfies trump's demands as it relates to national security that he said, it was about an on the Chinese side. There wasn't export law from China a few weeks ago about the exporting and purchase of of Algorithm suggested Algorithms that talk owns that does not appear to be part of the deal with Oracle so that will likely satisfy China, but we'll still have to see if they're willing to let this deal go through it all. All right our reporter Aaron telling thanks so much for joining. US Yeah.
Oracle Deal With TikTok to Undergo U.S. Security Review
"The Chinese owner of the popular video APP Tiktok has chosen oracle over Microsoft to be trusted technology provider in the United States. The trump administration has flagged tick tock as a national security risk over worries about funneling user data to the Chinese government, and it is threatened to ban Tiktok by September twentieth unless it sells its US business treasury secretary Steve Mnuchin told CNBC. The next step is. For the Committee on foreign investment in the United States or Syfy for short to review the deal there's also a commitment to create tectonic global as a US, headquartered company with twenty thousand new jobs. I'm not going to go into the entire proposal. We will be reviewing that at the safest committee this week, and then we'll be making a recommendation to the president and reviewing it with them. TIKTOK denies that it's a national security risk and is suing to stop the administration from acting the threatened to ban.
Oracle Deal With TikTok to Undergo U.S. Security Review
"As we reported this morning, Oracle has struck a deal with Tiktok over the video sharing APPs US operations Tiktok hopes the arrangement will address the trump administration's national security concerns about the APP our reporter Aaron Tilles says the deal still have some hurdles to clear including a review by the US Treasury Department. We need to see if this satisfies the trump administration's demands. For the TIKTOK issue, an earlier trump had been saying that it had to be sold to an American company. In this case, it doesn't appear Oracle is going to buy tiktok outright more be technology. Partners. So we need to see if that satisfies trump's demands as it relates to national security that he said, it was about an on the Chinese side. There wasn't export law from China few weeks ago about the exporting in purchase of of Algorithms suggested Algorithms that Tiktok owns that does not appear to be part of the deal with Oracle. So that will likely satisfy China but we'll still have to see if they're willing to let this deal go through it. All president trump has threatened to shut down the APP and the US this month without a deal.
Oracle confirms deal with TikTok-owner ByteDance to become 'trusted technology provider'
"Video APP TIC TAC in software company Oracle say they have struck a deal to address the administration's worries over Tic Tac's Chinese ownership. NPR's Shannon Bon. Oracle says it will be a quote trusted technology provider for TIC TAC as part of a proposal the APSE owner bite Dance has submitted to the US government. Beijing based Bite Dance is facing a deadline from the White House to sell the apse U. S operations. Tic Tac says it believes its proposed partnership with Oracle would resolve the Trump administration's national security concerns. The structure of the partnership is unclear, and the deal still needs approval from the U. S government. Treasury Secretary Steve Ammunition, told CNBC on Monday. The proposal will be reviewed this week. Microsoft had also been in the running to buy a TIC TAC, but said its bid was rejected.
Oracle Wins Bid for TikTok in U.S., Beating Microsoft
"We're going to talk about this Tiktok dealing whether the algorithms are included. Do you have to write coalition? Rhythms. Do you know? Well, hold on. Let me let me just. You're all fired up. About it because there's So. Much I here we go. All right. All Right I. Know You're all fired up you're tweeting about it and I don't follow you believe it or not. But you know because I like to enjoy my way but someone retweeted your stuff to me and I'm like Oh. Jeez. Anyway, you're mad because trump said he wouldn't do a partnership ever when it was Microsoft and now he likes Oracle I figure it's because Larry News. Talk? All by our make I know I know what I'm GonNa do Marie Redesign and then I'm going to say Andrew hate it away making headlines this morning sources telling senior see that Oracle set to be announced as Tick Tock Tech partner in the US, it's unclear which parts of TIKTOK technology are being taken over by Oracle in talking about the secret sauce the algorithms and we don't own hasn't commented but I don't know whether the Chinese government would allow those algorithms there'd be taken our tick tock also. Won't comment on the potential. Microsoft had been considered the front runner by tiktok business until this weekend micro says it was notified by TIC TACs. Chinese, owner dance at its offer was rejected Walmart was teaming up with Microsoft on its bid their algorithm experts over there at Walmart in a statement late yesterday Walmart suggests it's considering joining Oracle's bid now. So Andrew, it's. It's kind of I guess it's kind of. Interesting you know Microsoft I initially saw how you were saying that that there's something nefarious going on here with the Oracle in in the White House and stuff but didn't I mean Microsoft didn't get the jet ideal right I mean do do we know that the White House does not like Microsoft specifically or do we do we think that they like Oracle more because ellison did a fundraiser and suffer cats is a Timing. What you know I'm not sure. I I'm not sure how the politics have played and and frankly weather they've played in any of this I think there's question marks now and we will see what ultimately transpires here. You know I spent. You probably never some great games yesterday. I. Unfortunately I was on the phone trying to figure out what was happening here, and the interesting part about this particular transaction is that originally Microsoft had started having talked back in June and July. With. Tiktok with by dance about what was going to be called the Tech Partnership. Then effectively, the clouds, the azure cloud was going to be the host for four. TIKTOK and that was the interesting part for for Microsoft. They were gonNA take a minority interest, not a controlling interest and then the trump administration turned around and said, no, no no, we don't like that because we have a problem here we don't. Believe. We still believe that there's a national security problem in less a US company owns a majority stake, a a effectively control of the company, and therefore the view was also the algorithm because that is the business and not just the business for the Algorithm to work the reason why you get fed cool or fun videos that are appealing to you is because what's happening is the company is taking the data. which you produce meaning the data of which videos you like, which ones you flipped through quickly and what other things you're producing, and then they're going and showing you stuff that you like. So they need the that's like the oil they need the oil for the algorithm to work, and so once you take the algorithm out of China and put it in this country. Then all of a sudden China has A. Problem and so the question in this in this new transaction with Oracle is they're saying this is a tech partnership to that actually the algorithms not coming with well, the algorithm doesn't really work if you can't feed data. So the question is how you can do that in a secure way. Is there a secure way to do it and I? Think that's that's the question right now on the table Joe and. Whether they like Oracle or not I don't know what? The the this is Dan. Saying. We don't know at this point whether the White House will sign off on this I guess what do we have indications at this? One's going to be okay with them versus the other Microsoft too much we have. Already have gone, my understanding is that the early indications of the White House is going is trying to find some form of a compromise. Now, it's interesting because from a antitrust and competitive landscape, you would've thought actually that a Microsoft Walmart deal arguably would have been better in many other ways, which is to say that if Tiktok went to Microsoft all of a sudden, you could you potentially could build a real meaningful meaningful competitor to a facebook. So if you thought of anti-trust issues with facebook or potentially with Google on the advertising side. Potentially against Amazon if you thought it could that far when it comes to Walmart's involvement of the. So in a way that transaction created all sorts of other benefits beyond the national security issues, potentially sort of up ending the landscape for technology potentially in a good way to the extent that you're that people have been concerned about competition the
US budget deficit hits record $3 trillion through 11 months
"The U. S budget deficit hit an all time high of $3 trillion for the 1st 11 months of this budget year, According to the Treasury Department, the ocean of Red Ink is a product of the government's massive spending to try to cushion the impact of Corona virus fueled recession. That has cost millions of jobs. The deficit from October through August is more than double the previous 11 Month record of 1.37 billion set in 2009
U.S. budget deficit hits all-time high of $3 trillion
"The U. S budget deficit hit an all time high of $3 trillion for the 1st 11 months of this budget year, According to the Treasury Department, the ocean of Red Ink is a product of the government's massive spending to try to cushion the impact of Corona virus fueled recession. That has cost millions of jobs. The deficit from October through August is more than double the previous 11 Month. Record of 1.37 billion set in
"treasury" Discussed on 550 KFYI
"The treasury department announced that they they expect most Americans who are eligible for stimulus checks under the cares add to to receive pay by the end of this month several categories of people however will not be getting payment under the corona virus relief package while I thought every American was getting the money you know that was too good to be true right let me see here anyone claimed by someone as a dependent no money for you a person listed as a dependent on someone else's tax is not eligible for their own stimulus check this includes both children and disabled or elderly adults whose own children maybe claim them as dependents you don't get any money while the cure's act allows parents to collect five hundred dollars for each child that only applies to children sixteen years old or younger that means that dependents who are seventeen years older do not qualify even if they're still in school and if they do not file their own taxes they cannot get their own check he cares that gold said that non resident aliens are not eligible for for checks but we have the Democrats trying to change that lickety split well no so far I'm cut out my kids are grown even though I got one in college you wonder you know that there's still come as dependents because he was just getting ready to get off the it on his own but here he is knoll cash now hi your income individuals you get Jack to the theme of the checks are based on amounts of twelve hundred dollars for individuals and twenty four hundred dollars for joint filers but they decrease for those whose adjusted gross incomes of past certain thresholds certain thresholds for individual filers that mark is seventy five thousand dollars for joint filers that's a hundred and fifty thousand dollars so if you make more than a hundred if you when your wife may more than a hundred and fifty K. no check for yeah no stimulus oh my goodness they see there's some other folks here were kind of kind of getting frozen out of the holes dhimmis packages well but this is a different the treasury department are still saying they expect for for most Americans or the Americans that are eligible to be getting their checks in the next two weeks they said that they will mail notices a payment to everyone within fifteen days of their payments being sent so not only are you gonna get that check in the mail or get a direct deposit but you also have the federal government saying that they're going to make sure that they give you a notice that the cash is going out as well well that's great that's great once again I I've made as I'm Ross I'm too rich in my kids are too low some frozen out man I'm frozen out I can't get stimulated by the by the federal government in this time of panned Dimmick so you've reached the point where you're good I I I wouldn't say that yeah of course I'm good but I'm an American I guess I'm an American I'm still working right even though I'm still single if you make over the threshold then you're not eligible for it so I would take that money and go right down to my favorite restaurant and spend it W. that would be kind of boosts the economy will I'll why do rich people I'm not saying I'm rich but I am wire which people not getting paid why are we we we had the government mess with our lives to I'm going to get pay I was a bit of money or at least talking about before this is what upsets me or I would take the payment in form of a tax holiday I'm still L. advocating for the tax holiday and the suspension of the employment tax this is something that can I just I just got to get him keep I gotta get hanky bout this and I'm not against folks get money directly that I think that's much better they give it to the state government's whatever happened then dispense it and but I I love the fact that it's come a right to yeah but should know when they first proposed it is far this being big and bold that it was going to get clipped back all Mnuchin well of course we're not going to give in this body to millionaires well why not that's my question why not they'll spend it they will spend debt we're talking a bit more about the stimulus checks but not just the stimulus checks what the Democrats how the Democrats want to spend the money in this time of crisis now one of the things that we have learned we could do that it did at seven forty eight when it things we've learned is that we need to be prepared we were just talking about that if this ever comes around again a some type of government shut down some type of stay in place order we want to make sure that things are in place and that's why you need to talk to my friends at sunny energy sunny energy has helped thousands of homeowners protect themselves by making their own energy and storing it so if the group fails for any reason that families are protected you could check out my my video on five fifty K. up why is.
"treasury" Discussed on SuperTalk WTN 99.7
"They had a treasury auction this week treasury auction Mr here fine low hills a couple things I thought were interesting about this we'll spend a lot of time on it but it just does Ameritech a couple minutes U. S. treasury department sold thirty year bonds at a record low yield on Thursday highlighting investors demand for longer term debt hello this last part and its benefits to the government it is the government allows it yeah we get as free money our low cost money anyway thirty can you can you imagine lending the federal government money and knowing you weren't going to get more than a two percent return on that's it thirty years and one day a long ago there was a three percent now said two percent treasury sold nineteen billion dollars for the V. thirty year bonds Thursday afternoon two point zero six percent return now how many years have we been hearing that all interest rates are going up how many mortgage commercials did your interest rates going up you better hurry interest rates are going up yeah that's been going on for a long time now this is you don't want a particular group of five investment managers is got to be really tough on into it he's I got insurance companies insurance companies got to be fit to be tied they have got to be fit to be tied because a lot of the pricing of their product lines are based on that not just in New ides for life insurance you know you've got to PNC products property and casualty products you've got other types of insurance products are based on interest rates and the insurance companies have got to put the reserve someplace in other words money that they don't need right now they have to put it someplace and they basically have to put it in something that's guaranteed which would be government bonds and it's gotta be hard an insurance company to market high returns with a straight face and with no risk when you have the lowest risk investments paying two percent that's just got to be hard I mean you got to be pretty good to be able to to market that kind of stuff with a straight face now this is the fear of the corona virus will slow global growth has helped push down treasury yields in recent weeks so that's part of the reason L. so in essence when you're looking at a purse are possible perception that in the future growth rates are going to be lower which is interest rates and inflation rates are very very tidy each other historically you know as as long as we've had inflation anyway add inflation forever you know that's more of a recent phenomenon recent as it is in the last hundred years there was no such thing as inflation prior that right now we have inflation and interest rates are very very much tied to that now investors have also grown more comfortable the article says buying thirty year bonds because they view them as insurance against losses in riskier assets now here's the problem with that is you have just shifted the type of risk that you're taking your dealing with interest rate risk now if interest rates do go up bond prices go down and you can have this back and forth but you know even though we've been talking about interest rates going up for quite awhile now and they haven't really gone up they've come back down but there have been some pretty bad shocks if you look back at the last several years if we look at like two thousand fourteen for example we went long term government bonds went down five percent and then and then you had to five percent between two between two thousand sixteen and two thousand seventeen there was an over five percent downturn then you an eight percent downturn in these bonds in the year two thousand in an eight percent downturn in these bonds in nineteen ninety five so these things are not without risk just because they were talked about as being low risk investments because of this interest rate you can have pretty significant declines in the value now secretary Steve Mnuchin last September I he's he's basically saying that we are considering this is what they're talking about issuing a fifty year bond I mean you think about it from the government's perspective that would be really smart if investors are sitting there going man I wanna put my money away for thirty years at two percent all of your money as long as we can it also that we have this guarantee you know this this big shot in the arm and endorphin kick of really low interest rates for as long as we can get it if the government and you know incidentally I've talked about this before but you think about a widely seen why does the government really have this thing about annuities lately with the most recent legislation with retirement bills and putting into it is a retirement plans to get lots of access to lots of really really low interest money yeah so what happens is the the the she have been denoted companies that have to buy these bonds so if people will buy these products there's lots of money flowing into them there's lots of money you got lots of supply with what demand you know there's there's demand at the government level but the if the demand has increased the cost of money goes down hence low interest rates so as much as the government would like to push for people to buy these products you got to remember that there is a reason that they want you to buy these products and it is a very self serving reason really helps them out quite a bit with low access to low cost money that's the whole idea and you know those of course with some of the other news this week the other thing out there right now is the dollar surprise surge challenges the stock markets rally I thought this is interesting as well from the Wall Street journal investors worried about the impact of the corona virus again it's a big thing in the news right lately right it's it's just fascinating how the news keeps coming out that it's worse and worse every time because all of a sudden now the Chinese government's kind of start and then they throw some leaders out in all its past couple of days it's been very interesting some of the political news coming out of China but the corona virus in the world economy might soon have to confront another challenging corporate profits the strengthening dollar well it you know because this is the thing that were preaching here on the show is don't get overly complacent with where is the market that are done well recently and I say overly complacent because as I was doing at the speech in Austin this week I was telling people Hey look guys we were doing some research on this sixty percent six zero sixty percent of money right now if you look at mutual funds sixty percent of money is sitting in funds that are investing a large blend and large growth U. S. stocks one area the market represented by the Dow and the S. and P. five hundred and the nasdaq you look at the angle wait a minute that's crazy sauce that's a lot of money sitting in one area the market and that could come crumbling down just when you least expect it because all of these things in and even trump's going strong dollar you got a strong dollar we can explore stuff and that's exactly what he's getting he's getting what he doesn't want well you know what actions might he take to actually offset that who owns what actions we the government take because a stronger dollar makes it more expensive for companies bring home foreign sales and you know with it is interesting how can I effective for markets you know memory can even affect emerging markets because you know emerging markets have debt that they've gotten they've got to pay it back in dollar denominated debts and and you got it it is seen in its intensely complicated is basically what I'm saying how markets work together you can't predict this stuff there are too many moving parts and hence in investor that things are gonna figured out is walking on some really thin ice his expectations are out of alignment yeah I cannot figure it out no it's like say the guy that I was talking to after the speech that had the apple stock and and all I could think of is you have no I don't have a lot of times talk to us like you have no idea how little you really know about that company and I'm not I I like I like apple I there's a lot of stuff I like that they did they put together but they're they're getting some serious competition from other places all over all over the place and you could have a leadership change you could have you know all of a sudden you know some of these companies could grief their competitions coming out with a folding screen that you know of when when all of a sudden do you have as graphene you know that what I've talked about on the show before becomes mainstream I don't know when it's gonna become mainstream if you don't know what that is I've talked about before we have this graphene you can literally take like a it's like a piece of paper and folded up into his little tiny piece of paper and then unfold it's a screen I mean that's you know some of the technology that could be coming to a store near you well you know if it's another competitor that actually comes out with a viable it's a Samsung has that for you know folding screen right now that seems to be catching some catching some interest of it of people that are buying phones but you know you just don't know and that's just one thing demand for product there's so many other things out there you know could be technology that act actually trumps the existing technology in terms of speed and well all of a sudden now we're off to the races and a totally different company comes out with something that's better you know we we as you know it was it wasn't Kodak the inventor of the digital camera that actually benefited the most from the digital camera well apple actually stole the mouse from Xerox shares Eric's created the malice so just didn't know what to do with it yeah yeah look at look at the whole windows last form yeah exactly there's that's all that's a foot a fascinating story about how that all came about it wasn't the inventor of the cell phone that benefited most from the cell phone in my I mean how many of you running around with a motorist cell phone Microsoft what the their original dos operating system for fifty thousand dollars why do you know the number that's right Microsoft paid for the original operating system so hence it and and that's just one thing I mean you don't know yeah eight I think back to some of the companies that also came out we found out that their books were being cocked you know back in history we've looked at companies that that has happened to we looked at where maybes management was hiding information maybe losses came to light that nobody expected it there's so many different things so many different things that you just don't know about a company if you're investing in that company or even about an industry you don't know what changes will take place that make an industry more obsolete I you know look at people that we're investing heavily in the energy and industry and all of a sudden news came out and all this on those you can almost you almost couldn't give away those funds that we're investing in energy stocks a few years ago and it's still no you do not know what could be around the corner now another thing I'll I'll do the rest of the segment number let Iraq go next because I just have a few quick things that I want to hit kiddie tax something I don't talk about a whole lot but you know this is one thing that happened that that the call a lot of people by surprise a few years ago back in in two thousand seventeen now in two thousand twenty you may have heard this clients are going to be retroactively faced with the choice between tax systems for two thousand eighteen two thousand nineteen in a reversion to the old system going forward so what happened is I think a curve ball is thrown at us two thousand seventeen tax reform and this really bug me when it came out but basically what happened is you have under an income you know miners so you got this my account uniform transfers to minors account and that account is taxed based on the rates applicables to trust in the states that's what they came out with now for those of you that have those accounts and if you have a fairly decent size account that's a big pain a big pain because of you know much about trust taxation you get up to the highest tax rates in a pretty big hurry L. literally you get up to the thirty seven percent tax bracket at twelve thousand nine hundred fifty Bucks that can be a huge issue you know for an account that is of decent size well prior to the tax reform what happened is income that was subject to the kiddie tax you know you have this on earned income that was being paid by miners was taxed at the parents' top rate now there is a reason for that is because you don't want people going and taking money out of the parents tax rate and then handing over their kids just have their kids taxed at a lower tax rate so basically said yeah you're not going to trick us here at the IRS we were born at night but I went last night we are going to tax this account that you've where you've given money your kids we're going to tax it at your rate I I I understand he said to me one day he said you know our Uncle Sam expects you to steal he just doesn't want you to think he's stupid exactly exactly so so in essence what happened recently with with some changes is.
"treasury" Discussed on Today in Focus
"It's and said well as you note answer. We used to hide money from george osborne. We don't dare do that with you. Despite having per hour all these dire warnings about what could happen if the country voted leave. The treasury was now in charge of ensuring that the damage to the economy was as little well as possible. Did they believe the figures they had put out and at that point. Did they think this brexit puzzle was solvable. I genuinely believed that they thought they had done the right sums but it's very simple they were measuring the absence of a relationship in trade that we had that it's easy to measure the absence of something that is on the table in front of you what they couldn't of course measure which they admitted to was the potential tential gains in time when new trading relationships for example were established. I suppose in retrospect acknowledging the scope or limited scope of their assessment might have gone some way to reassuring those that really disagreed with that analysis. I still feel that the sums of the sums yeah i mean maths don't lie so so the treasury did the numbers right but may be the way they were communicated. They did numbers right but they were only a portion of the numbers and the way they were communicated. Communicated did scare people by this point. The referendum is long behind you and all your energy is focused on trying to get ah brexit dale tonight to ten a jobs and prosperity must come first in any brexit deal. John lewis bells out his priorities which is seen. There's a signal that he wants a change of emphasis in the brexit process although that parliamentary landscape was looking increasingly difficult whichever way you go people to the last people to to the right who are causing a potential trouble even if you did get detail from internal government information at the time we're you able to start to build a picture of what no deal might look like. I'm not sure what you mean by internal government information that <hes> that you'd expect me to discuss on a podcast but absolutely departments has started to bring in ideas of what they thought they needed and we were in constant contact with businesses with other whitehall departments about when some cases the concerns the businesses had about what will happen in departments about what they thought they needed to do to prepare and remember any treasury person would say this but it's fundamentally true. It is not just about handing out cash if there aren't people trained up in order control. It doesn't matter how much money you have. They don't exist to hire so many of the early the <hes> issues were around supply of people and scenery and i._t. Systems that we would need and less about the actual money but more about what could be supplied applied in time. Do you remember the first time to resume said no deal is better than a bad deal. Well first of all what i said. Is that no deal better than a bad deal. Oh no deal for britain is better than a bad deal for britain. No i don't. She said it so many times. It's very hard to remember when you first heard it. I've said before i said on many the occasions that no deal is better than a bad deal is better than bad. Do you know what he thought to that. From the treasury's perspective it wasn't ideal does a political appointee. I understood what she was trying to do in saying that but yes there were times we felt she said added at the wrong time and too often. Did you take it seriously. We putting money aside because your critics weren't convinced breath. Allocations were made up to experien- by the time. I left the job but this os felt was one of the mistakes people made when demanding and i'm people i'm referring to cer- politicians demanding that treasury do more to put put money aside for no deal prep. The treasury did put money aside billions aside for no deal prep. The work had to be done to find out what preparations operations were required wasn't more border guards. Was it more accountants. What what what was it and how would it be done in. That work took a long time to get underway. Because of course it wasn't unprecedent incident situation so that was work that needed to be done in departments then you come to the treasury with an estimate of what it's going to cost and you get the money for it. I refute this idea. That treasury was trying to sabotage talk. No deal prep it. It was a difficult exercise in many departments struggle to get rolling with the types things that they needed to propose the treasury for funding the very idea arab dale is quite a difficult concept to get your head around. What were the factors that you have to consider. There were issues around services and reciprocal services. There were issues around food supply because of course that depends on the poorest of your borders and its borders were to become more controlled the amount of food medicine all that sort the thing that would be able to get in had to be had to be factored in often the problems weren't the type of thing that you'd expect so when you talk about stricter border control using well that means they'll be fruit rotting routing in lorries coming into the u._k. That was an allegation made often in the press a no dual brexit would be a disastrous outcome for britain's food sector if delays laser portly fresh produce rotting in lorries but it's just as much a problem that do trucks are stuck in the u._k. And can't get back and so what happens is the supply chain starts to break down. I would say that the first phase of no- deal planning was often about logistics with a departments that were much more exposed. I used than others of course certain departments were were more exposed than others the department for food affairs the home office responsible for border security but there wasn't a sense. The toll told that anybody could relax for a minute. Everyone was going through absolutely everything they had to make sure that they were across any potential impacts to the industries that they are responsible for and and of course treasury responsible for financial services and philip work very hard to make sure they were represented. People coming in all the time to talk to you to update you to tell you about their fares people that we didn't necessarily hear about the food industry was very concerned about what it would mean for delayed deliveries border control that sort of thing but it didn't necessarily speak publicly. I suspect it was because they were worried about frightening their customers. How worried are you about it from where you're sitting. <hes> i genuinely believed we would end up with deal. I was obviously team working for a deal and that for me was my hope and it still is my hope you preparing for the eventuality of no deal but at the same time inside the treasury people must have been very nervous about that outcome after all the controversy around so-called. Oh cool project fair. We're officials worried about putting forward our worst case scenarios. I think you've touched on something that after the backlash there there were certainly some reticence about my. I can speak specifically for my experience. I was calms director there and of course you were. You knew that you would get backlash. If a figure was presented presented in a way is to appear threatening frightening figure we might have just looked at as a as a plain fact but i think it was also my job to take account of the feelings of people on both sides of the argument and to find a way to reach out both groups. You cannot underestimate the feeling on behalf off of some people that the democratic vote leave would not be respected and so- backlash from that corner stemmed from sense of genuine fear. I think that has to be recognized on the backlash was pretty strong yup. What i'm talking about. It is the way the treasury has behaved both before and after the referendum if you look at the full cost the treasury made before the referendum they were a humiliation seen the grocery but that is different from claiming they were rigged. They were clearly politically influenced so yes. I do think that fiddling the figures tell me about the attacks against the treasury during this period what the treasury's pretty robust. They're used to being criticized every fiscal event. Somebody hasn't got what they wanted and they they complain about it but there's no question that the allegations of project fear would definitely deeply felt than there was a period where x michael goes famous phrase. These people are sick of experts. People in this country have had enough of experts with the acronym expert. Some people felt in the treasury that that was aimed at the treasury. There was a period where the permanent secretary did a very good job of trying to reassure his staff. Don't be afraid need to say what's in your heart and your mind because if you are afraid we won't have the information do your jobs with integrity and things will be okay. Leave the politics to the politicians and people like me who were political appointees and it was high stakes because you were working on this brexit deal that you were desperate to pass so you were seeing on your desk how potentially damaging to the economy no deal cook bay vince people together majority in this parliament and like bill cash and bernard jenkin. You needed them on your side to get the numbers to get the votes past. Did you internally start to try and persuade them. Did you have briefings with them. The prime minister's team worked very hard to keep everyone inside the tent in truth. Having the treasury or any representative ended of treasury come in to try and convince some of the more hard brexit tears wasn't going to necessarily be productive so i think we focused our efforts where it it could be of more use. I mean presumably your efforts could have been a views in persuading number. Ten wasn't becoming increasingly clear at this stage that these guys weren't listening. They were attacking the treasury. If you look at what they say now it seems to me that they were never going to be satisfied with anything. You could have possibly absolutely negotiated in deal terms. Why wouldn't you looking elsewhere in parliament. Why wouldn't you trying to find a majority across the house. That's a very easy assessment after the fact and while you are still in conversation with the two sides working on a compromise in the middle you continue and you to think that you can bring people along with you. That's not to say your analysis wrong. I think you're absolutely right that now looking back it does look like an impossible task but at the time it was the one that we felt would bring the most people along with us and that we could find a way through we could find a compromise as much twenty ninth two thousand nine hundred thousand came close sad it became more obvious that it was going to be extremely difficult to find compromise the he is to the right two hundred and eighty six the nose elect three hundred forty four meaningful votes had been lost more than once and people talking about cliff edge at that point were will you putting in place emergency plans for no deal or did you still think in your heart of hearts that this was not going to be allowed. All i can say is that in the run run up to march twenty ninth there was increasing preparation increasing concern that that was a possibility that we could face a cliff edge and we weren't sure necessarily which direction the prime minister was going to have to go in those days i remember being not particularly clear on what was going to happen the next day or the next day and so certainly there was much more of a focus on it at that point yeah. It's interesting to look at what philip hammond has been saying since. He stepped down. I'm particularly forcefully yesterday. There is no mandate for leaving with no deal. It's absurd sir to suggest that the the fifty two percent of people that voted to leave the european union all voted to leave with no deal when in fact during during the referendum campaign there was virtually no mention made by the leaders of that campaign a tool of the possibility of leaving with no deal michael. He's argued that no deal is not acceptable sibal the it would damage the economy and even threaten the peacedale in ireland risk breaking up the u._k. He's also made clear that parliament will have it sachet which led to boris johnson to say m._p.'s now collaborating with the there's a terrible kind of collaboration as it were going on between are people who think they can block brexit in parliament and our european fresh seems to me how never really believe no deal with something thing that we could possibly accept and that he didn't really take it seriously. That's totally unfair. I half of what you said is right. The other half is not tell tell me which offers right on the he's he's been very clear and i suspect he'll continue to be clear that he believes no deal is bad for the economy and not responsible outcome. He believes it will be disruptive and he's very vocal about that but it's not right to say. He didn't take it seriously. Of course he did and given how strongly you feel about that. Since you left the treasury after the march twenty ninth deadline passed you watched a tory leadership race unfold three years after the brexit referendum britain is divided and deadlocked forced to resign as tory leader. That's resumes tory. Prime minister is nearly over but who is the man and they all men which felt like it was brexit arms race at times i mean there was talk of proking parliament and what are your views on suspending parliament from it rob where we don't need to suspend palm. I think it's very unlikely to do i've said i don't think it's likely but it's not illegal you auto repair. There was suggestion that they wouldn't even consider a time limit on the backstop. There was much more talk about no deal. You do plan for for no deal precisely because you want a deal and we have to do that and to take no deal off. The table is a complete nonsense. Germany actually agree with everyone that we should apart from rory that we should keep no deal on the table but it's not just talk now. Boris johnson is prime minister and he's promising brexit by any means necessary this october. Your oh former boss says that this government has now say it's negotiating boss so high. It feels that no deal is inevitable. If that's where we end up up what happens in the treasury on day one what levers do they pull the one thing. I know that the treasury will be doing if we were to end up in a hard brexit is they will be immediate in constant constant contact with business with financial services with banks the very good at maintaining a grid of communication contact. It's fundamentally unprecedented so we don't know exactly what it would look like and there are a million and one hypothetical outcomes that you could imagine the areas that i obviously focused on financial services and banking and the economy i think the main effects for that remitted are felt over the medium and longer terms. The lack of growth or the increased expense will be things that someone working the treasury today. We'll be worried about if we were to leave the heart exit whereas if you have a negotiated deal you know what your rates are going to be. You know what your tariffs are whether they're going to be there or not and you can actually do the sums into the planning. It's the not knowing it's the uncertainty bat for long-term economic planning even short-to-medium-term economic planning is deeply unproductive. It seems strange. The conservative party autopay which has always prided itself as being responsible with the economy appears to be heading under boris johnson almost deliberately towards a no deal brexit. How do you feel about that. I think i it is too early to say it is entirely possible that this is a strategy to encourage encourage the e._u. To negotiate on a on a different type of deal that could be passed. I'm pretty clear from my position that i don't believe a no deal. Option is responsible and i do understand that it is in many ways and for many people the only intellectually consistent option option but i remain hopeful that there is a third way and if it's not resumes deal which one thing i agree with him and his team on notes obviously been rejected this deal and there needs to be a third way and i remain hopeful that he will find a way to come back with the different deal that can be passed in parliament because i don't believe is that it is okay to sacrifice some people some businesses or some households too short term disruption even if over the long or medium term and we can improve our situation. I absolutely don't dispute that that's possible but i don't want to see a single household or business sacrificed feist to those ends. What do you mean sacrifice. What do you say well. There will be look..
"treasury" Discussed on FinTech Insider
"An optimist and I was responsible in the Treasury for doing the words prepare for no deal scenario but yeah that is clearly not where we want to be. I think that as enormous resilience to the city of London I mentioned the three elements of the technology heritage the access to finance city of London and a strong internationally Ashley well regarded regulator that isn't going to change and I think the beauty of Fintech is it is less focused on <hes> which jurisdiction it's it prizes innovation and if you can innovate and get regulatory approval you've got mark opportunity so I'm not for broader reasons within my portfolio relaxed about where we all we need to resolve the exit path from the but I think Fintech he's proved to be very resilient over the last three years and I see no reasons why it will be damaged going forward whatever the circumstances of our exit complaining wherever that I think as you say all of the elements are are still here if anything it it gives us some opportunity to to potentially take advantage of changing landscape. I I guess maybe the only thing to talk about is where we're going with this. What's the vision that you have from a future perspective? In terms of where tackle the London in financial services ecosystem couldn't get well. I think why would say is that the focus can always sometimes dwell a lot on creating entrusting tools for wealthy.
"treasury" Discussed on The Jason Stapleton Program
"Dying. Argument I've ever heard. Well, it's the treasury secretaries name on it all write my name on his hood. That's my car now. Okay. All right. Well done. Okay. Let me see. Let's see where I was here. Okay. That is affecting the question of inflation, the question of promises outstripping capacity to redeem promises and hints losing credibility as promises the credit of credibility is the credit of credit not to mention of credo or faith. That's a parenthetical thought. I don't know why that's even there. This is precisely why lawyers accountants and economists schooled in the simple mechanics of public finance always tell you the relevant constraint on spending is not some non existent fundraising constraint. But the inflation constraint also known as the resource constraint. Okay. So what he's saying is anybody is says people who actually deal in this economists who were schooled in public finance tell you that there is a constraint on spending not because they can't print enough money. But because you if you do you're gonna have very very serious consequences in doing that. Now, they're absolutely right in saying that he of course, disagrees and apparently a mountain. Historical evidence is is untrue to like when the people have done this in the past. What he's suggesting clearly, that's you know, that this was just a blip is this guy is is the case in point example of why macroeconomics is akin to astrology, right? Okay. Let's keep reading okay. So the truth of the resource constraint is that money can be publicly issued in spent only at a rate commensurate with new goods and services supply, if the money supply grows too rapidly for goods and services to keep up. You.
"treasury" Discussed on News Radio 1190 KEX
"Treasury Secretary Steven Mnuchin is on a six nations diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jordana Miller has more from Jerusalem with prime minister Netanyahu had his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Iran coming up in November with Netanyahu, the Israeli leader reiterated his belief that sanctions are the only way to end Ron's nuclear weapons program. Giordano Miller ABC news Jerusalem, a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week. The commanding officer calls visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of an Alabama woman who went missing from an RV park in central Texas. This is ABC news. It's time to join the millions of people using zoom. Videoconferencing, turn.
"treasury" Discussed on WTVN
"Treasury Secretary Steven Mnuchin is on a six nations diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jonah Miller has more from Jerusalem with prime minister Netanyahu had his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Iran coming up in November with Netanyahu, these really leader reiterated his belief that sanctions are the only way to end Ron's nuclear weapons program. Giordano Miller ABC news Jerusalem, a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week. The commanding officer calls the visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of an Alabama woman who it missing from an RV park in central Texas. This is ABC news. It's time to join the millions of people using zoom. Videoconferencing, turn.
"treasury" Discussed on KTAR 92.3FM
"Treasury Secretary Steven Mnuchin is on a six-nation diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jonah Miller has more from Jerusalem with prime minister Netanyahu at his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Ron coming up in November with Netanyahu, the Israeli leader reiterated his belief that sanctions are the only way to end Iran's nuclear weapons program. Giordano Miller ABC news Jerusalem, a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week the commanding officer calls to visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of an Alabama woman who went missing from an RV Parkin central Texas. Mrs ABC news, it's time to join the millions of people using zoom. Videoconferencing, turn any.
"treasury" Discussed on KOMO
"Treasury Secretary Steven Mnuchin is on a six-nation diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jordana Miller has more from Jerusalem with prime minister Netanyahu at his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Iran coming up in November with Netanyahu, these really leader reiterated his belief that sanctions are the only way to end around nuclear weapons program. Giordano Miller ABC news Roussillon a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week. The commanding officer calls visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of Alabama woman who went missing from an RV parks, central Texas. This is ABC news. It's time to join the millions of people using zoom. Videoconferencing, turn any.
"treasury" Discussed on Are You Real
"A specific assignments to take dominion over so what i'm fascinated by god is still through the form of what jesus was teaching the fish were actually carrying the government currency or i should say they were the the holders of the treasury so the fish if you can remember it was time to pay taxes on jesus cycle take once you go out in let down your line in the first fisher catch is going to be gold in it so immediately you you see that jesus is still access accessing the principle of taking dominion that the fisher are actually working for you they're carrying your treasury now that doesn't mean that fish is the department of treasury i'm fascinated how god moves the treasury around and i wanna say that say this i wonder how many schools have fish are following you waiting for the line of you because you're carrying the government of god that will be drawn to you with golden its mouth that it's ready to release at any given moment that it's not a desperation to try to get money but the fish or the schools official carrying gold are desperate for you to enunciate away to connect with you to release the treasury of heaven to you in through you enter the people around you those are all that's a supernatural demonstration of god's intent on the abundance of who he is that even the fish will go to work for you to get from the treasury room of heaven the the governance of what god does for his people that we are supposed to be a company of people that are never in desperation never lacking never crying out continually begging that's not who we are that is there is none of that going on in heaven therefore none of it should be going on here on earth however the department of treasury is something that god has that i believe is in heaven to the point that even the roads are paved with gold i mean asphalt what we call asphalt there the goal streets gold so when things that god told me one day was he goes he asked me why do you think there is why do i have my goal streets in heaven.
"treasury" Discussed on WGTK
"But what it does is create a lot of unnecessary appeal real burden on the economy because prosperity does not cause a weak dollar and uh and so uh but they're gonna they're gonna if the economy really picks up the head of steam they're gonna say oh we have a overheating we've got uh prices rising up wages rising we've got us put a stop to to slow it down so they were deliberately tried to throw people out of work which i think is scandalous if the economy has on an upswing why has the dollar weakened because uh the federal reserve and the treasury department has signalled to the market that they want a weaker dollar you know the treasury secretary guy owns an it's painful two weeks ago he he stated publicly which you're not supposed to do you're supposed to signal you want a weaker dollar you're not supposed to state the right he he he violated the norms so he had backtracked but everyone now fears that's going to be uh the treasury policy and we should have learned from the early 2000s where that leads phony commodities boom housing disaster don't need it again all right so what the government done to keep the dollar week by in effect printing uh to to too much money okay go out i thought that was the answer so i have a question so i want to understand something what i i i'm sure betraying ignorance here but it's the only way all learned now the economy ignorant one fell by what right does the government decide how much money should be printed uh it has its own theories but uh it really doesn't know what it's doing but it thinks it has the uh uh congress said all right of the things that is supposed to keep full employment so the fed says well we'll do whatever we want to achieve that even if it doesn't work will continue to do it how should.
"treasury" Discussed on WGIR-AM
"Cost for that so just give a call eight five five nine two nine game sea of let's talk about a few things that we should know wool uh cleverly call this stuff you should know all right we put a lot of thought of that titled in may when it comes to this stuff when economic culture as a really early this firmly it that is blip he and stuff we are you know we're not gonna the part well when it comes to the financial realm there are some things that we all should be aware of but there are a few things out there that the average bear doesn't know as you like to say so let's talk about a couple of these that uh people might be surprised in the first one the global bond market is about twice the size of the global stock market the average investor certainly does not know that well i think the first thing that it should tell you if the bond market is twice as large as the stock markets globally is that there's a whole lot of debt going on out there yeah banzer debt the other thing that that i might add rebel last week when when the market was blip he yes at what was happening there what was happening was was that the treasury bond they're not talking about longterm corporate bonds but the treasury bonds were creeping up and so what happens when the treasury bonds stagg creeping up will when the treasury bonds dot creeping up money starts flowing to them but where does that money come from that money typically comes from the stock market so when you see cracks in the in the stock market when it starts get blip he many times is because that money is moving to safety in the form of the treasury's and that's exactly what you saw last week coca high well that's good information to know and so you certainly wanna make sure than we talked about bonds earlier so we won't carry on too much.
"treasury" Discussed on WGIR-AM
"There's no there's no cost for that so just give a call eight five five nine two nine game escape let's talk about a few things that we should know walk mullahs cleverly call this stuff you should know all right we put a lot of thought of that titled in may when it comes to this stuff when economic technical as it really early is firmly it it is a blip he and stuff we are we're not gonna the port well when it comes to the financial realm there are some things that we all should be aware of but there are a few things out there that the average bear doesn't know as you like to say so let's talk about a couple of these that uh people might be surprised in the first one the global bond market is about twice the size of the global stock market the average investor certainly does not know that well i think the first thing that it should tell you if the bond market is twice as large as the stock markets globally is that there's a whole lot of debt going on out there yeah the banzer debt the other thing that that i might add rebel last week when when the market was blip he yes what was happening there what was happening was was that the treasury bond them not talking about longterm corporate bonds but the treasury bonds were creeping up and so what happens when the treasury bonds start creeping up while when the treasury bonds dr creeping up money starts flowing to them but where does that money come from that money typically comes from the stock market so when you see cracks in the in the stock market when it starts get blip he many times is because that money is moving to safety in the form of the treasury's and that's exactly what you saw last week coca all right well that's good information and know and so you certainly wanna make sure than act we talked about bonds earlier so we won't carry on too much about that.
"treasury" Discussed on KBOI 670AM
"Much above the market that's way above the 10year treasury that's like a hundred basis points above the 10year treasury well a 10year treasuries is not provide stable now you because the price of a tenure 10year treasury can be highly volatile specially went rates change and not to your benefit when rates are going up so you have to be careful with this stuff because it's not always what it appears the big a treasury bills the treasury bill a aaa commercial paper is a aaa commercial paper a as long as the company stays aaa during its term or high quality during its term but this is a a difference a dead horse of a different color here stable value fund was seventy percent of synthetic guaranteed investment contracts that's uh that's a different kind of a a breed as far as stable value funds are concern i think and the proof is we had a caller this hour that has a two percent stable value fund so that's pretty big difference right there let's get joe on the line in pensacola joe it's your turn hello john hugh um uh i'm i'm calling i'm a i'm in my '70s and i normally have a 60 percent fixed income and forty percent uh but uh in in uh in equities and are currently have a full service broker and i'm paying uh almost five hundred dollars a month uh for them the managed wifi might funds that i've listened to your show almost since the beginning and you keep saying you know you can do it on your own if.
"treasury" Discussed on POLITICO's Nerdcast
"But i don't have enough time to enjoy the city we'll be right back with more of my conversation with treasury secretary mnuchin but first a word from our sponsors a message from morgan stanley when it comes to investing the methods people used to make choices often aren't rational group thinking and confirmation bias can subconsciously impact your approach for example some research shows that people prefer stocks that have easy to pronounce ticker symbols acknowledging in overcoming that bias helps you make him more informed investment decision thoughtful decisionmaking and following the data can help you maintain intellectual independence here the full podcast and morgan stanley dot com slash h e r d morgan stanley and co llc member sipc route let's get into the tax plan for a minute without having a people's eyes glaze over biggest knock on it from democrats from uh some people in the financial community elsewhere is that they're tax cuts that are tilted towards the wealthy particularly if you're getting rid of the alternative minimum tax and the estate tax so question is how do you fix that problem at why not just you know forget about getting rid of the estate tax and the alternative minimum tax focus on getting the corporate rate lower and then rates for average americans lower uh what is the best way to go about convincing people that this is not a tax cut for the wealthy inc's at the expense of middle income well let me just comment on the chew priorities of this or one creating a meal income tax cut into making a competitive business tax system we have one of the highest.
"treasury" Discussed on Capital Ideas Investing Podcast
"That period of time i think was an important lesson for investors in a couple of things the first being that the municipal bond market is still a relatively closed market people invest and municipal bonds because they want the tax exemption not everyone can take advantage of that tax exemption and so buyers and sellers are a relatively tight net bunch if you will when volatility comes and oftentimes volatility is triggered by something happening and the treasury market as it was again in november that tends to lead to even greater volatility in municipals what made this particular period of volatility somewhat unique is that when you think about the sources of that volatility tax reform the potential for a large infrastructure spending bill and the potential repeal and replace of the affordable care act each of those three factors had a direct significant potential impact on the municipal bond market so i guess it shouldn't surprise us that we saw a period of a fairly extreme volatility that being said oftentimes periods like we had in november and early december of the end of two thousand sixteen provides tremendous opportunities for us as investors within that market and gave us an opportunity to invest in some names that we had bought earlier in the year and now we're able to add to at cheaper prices it gave us an opportunity to provide liquidity and capital to projects and organisations that needed to borrow money during those those weeks volatility.
"treasury" Discussed on WSJ MoneyBeat
"Next week the treasury secretary steven mnuchin we'll be testifying what is it is it threetimes he's gonna be testify yes he has a couple of a couple of appearances sort of on subcommittees is a big big appearance they they will be watching on an eu guy she watch if you're interested in in the intricacies he'll be at the budget committee on the link at the senate budget committee on tuesday morning so he um you know the treasury department has sort of their own budget and the secretary always goes up in talks about here the things we need for our agency and our operations but on tuesday he'll be talking just generally about the trump administration's overall budget proposal and that generate all a lot of attention in recent weeks because of this conversation about economic growth and you know in in the budget the the administration has signalled look we we think we can get economic growth back up to three percent and there's been a lot of talk in washington and i think outside as well about whether that's realistic and whether they have the policies in this proposal to do that so i'm sure that the secretary will get a lot of questions about that and also of course as we were talking about the debt ceiling i think that lawmakers will will try to get some more details from him on on how much longer the government can actually go have they're they're right now using this thing called extraordinary measures so technically we've hit the limit we hit it in the middle of march but treasury uses these these extraordinary measures in a these to conserve cash basically so that they can keep paying the bills and eventually those will run out too so the question is when when is that going to happen and um.