35 Burst results for "Trillion Dollar"
$908 billion bipartisan relief plan proposed as millions of Americans struggle
"Of that Congress still hasn't passed an economic relief package since April and a bunch of important relief measures helping millions of Americans are set to expire at the end of this month. Today, a bipartisan group of lawmakers introduced to nearly trillion dollar compromise bill that would revive the paycheck protection program and supplemental and supplemental unemployment
Bipartisan group of senators announces $908 billion stimulus plan, aiming to break logjam
"On. Roy joins us with the latest. And maybe her rendition of a christmas carol. I don't know you know it's up to you. I do love the christmas season. Joe and what democrats are doing right now is trying to make the christmas season a little bit more mary. For unemployed workers there is interest on both sides of the aisle in breaking this logjam on capitol hill surrounding neta virus. Relief package and today more than thirty democrats are getting behind a new push to extend expiring unemployment benefits for twelve million workers before they go away at the end of the year. Virginia senator mark warner is leading this effort with a letter to the leadership of both parties. That says letting these payments lapsed during the holiday season would be cruel and that it would hit the services sector and the art especially hard. The letter says these workers are all facing job loss. It has nothing to do with their skills abilities or performance now there have been some preliminary conversations in the senate on bipartisan measures. That might be able to pass alongside the government funding bill next week and so this letter is just one indication. Democrats appear to be coalescing around the problem of what they're calling the benefits cliff also today senators ron wyden and sherrod brown the top democrats on the finance and banking committees as well as colorado senator michael bennet. They're unveiling bill that would extend these expiring provisions and it would also reinstate that six hundred dollars in enhanced unemployment benefits that has been more controversial and has been one of the sticking points in these broader negotiations surprise. This could be a sign that democrats might be willing to accept something smaller than that to you. Trillion dollar deal
Tesla is now worth half a trillion dollars
"Is now worth more than half a trillion dollars, according to a new report from the website. TechCrunch. The electric car maker's stock has increased by five times more than what it was at the beginning of the year. Success has made the company one of the world's richest behind Amazon, Apple, Microsoft, Google and Facebook CEO Elon Musk now only trails Amazon's Jeff Bezos for the title of wealthiest person in the world.
Pandemic impact on Black Friday shopping
"Is the first year at that. Most of the stories about black friday are being done about what's happening online this year keeping packages a secret may be challenging. You wanna make sure. There's enough time for shipping actually being called ship and get it and i think what sometimes people might not realize is even though we see all of this online shopping and we're certainly seeing a huge amount more of it this year than last twenty to thirty percent more over black. Friday are the expectations. They're still by and large more shopping happening in stores. So even though this year we will see online shopping up. Twenty to thirty percent and in store shopping down about five percent about two thirds or even three quarters of the full dollars spent over. The holidays will actually be spent in stores of analysts are right and analysts by the way are expecting this to be a strong holiday. retail season. the national retail federation. Expect spending to be up anywhere between about four percent and five percent this year. A number of estimates say that overall retail spending over the holidays will top trillion dollars. But are we gonna see the sort of sales like is it. Is it like morally acceptable this year to have your big doorbuster sale out of people gathered outside like the. That's still happening where people just want to shop anyway. A lot of the major retailers have said. We're not doing that anymore on thanksgiving day and they're going to have a lot to deal with on black friday on the traditional black friday when many will open their doors when stores open if you do go to the store bring patients because there'll be strict limits on the number of people allowed in each store Mascow required it. Also social distancing will be enforced. And i think it will be a much more orderly black friday than years past. Which doesn't necessarily get your heart beating as quickly when you when you when you wait in line and then you're sort of orderly let into a store in small numbers at the same time where you're going to see a lot of the quote unquote doorbusters is online doorbusters. If you truly want the best price a big factor is when to by many deals are live as we speak or dropping like wednesday night of this week and that's really changing the sheep of shopping people don't need to go to stores anymore and i think that's just more of what we're going to see in the
UK government to set out spending plans amid aid fears
"Britain's treasury chief is being urged to resist schools the cost money for overseas aid as he prepares to unveil the damage to public finances what by the corona virus pandemic rishi sooner will tell lawmakers the deterioration the public finances has been worse than at anytime since wartime but now is not the time he'll say to announce widespread spending cuts or tax rises figures show the country's debts pile is around two point seven trillion dollars taking it over one hundred percent of annual national income concerns have mounted the government is about to abandon its commitments to overseas aid some in the conservative government all game for a reduction in the commitment Charles Taylor that's not London
Mnuchin seeks to end several Federal Reserve emergency lending programs
"Department and the Federal Reserve that could leave businesses in the lurch. Now that we're entering a new round of coronavirus restrictions, enclosures Treasury Secretary Steve Mnuchin sent a letter yesterday asking the Fed to return unspent money Congress had allocated for emergency lending programs in the first relief bill. Let's bring in Allie Velshi, MSNBC anchor and economics correspondent for more Hey, Allie. Hey, Tanya. First of all, how much money are we talking about? What was the fed using it for? So this is a interesting story. I'm not even sure why this is happening right now, But it's a lot of money. It's $455 billion in what Manu Shin calls unused funding Now, by getting this money back from the Fed, it would end the Feds Emergency lending program. Which involves loans to state and local governments. Remember they've had cutbacks because of covert and to mid size businesses all the way through the main street business lending program. This money was put out in the cares Act, which is the first Bill that went out. It includes $195 billion that the Fed had already committed to specific programs. But we're talking about $455 billion, almost half a trillion dollars. Yeah. Munitions request sparked rare criticism from Fed chair Jerome Powell, who said the central bank needs this money as an important safety net. What was munitions reasoning? Well, he says that Congress intended for these funds to expire on December 31st. Now remember when we first did this cares act, not a lot of people thought we'd still be talking about this at this level. Bye bye November. That is the deadline that the act said, And he said that the feds intervention has already in his words achieved its objective. Part of the problem is he's using markets as a gauge for this, he said. Markets have responded positively, and banks have continued lending. The problem is a lot of these main street businesses that are suffering are not reflected in the stock market at all. S O Manoogian, saying We don't need the money anymore. Give it back to the federal government again as an outgoing Treasury secretary with an outgoing administration. It's not clear to me why they're doing this right now. But it has created an unusual battle between the Fed and the Treasury. Okay to gain a little bit more understanding. Republican lawmakers are arguing that fed programs where those fed programs were meant to be temporary, But the accountant economy, as we know is floundering again is talks on this new relief package or stalled. What does removing those programs actually mean for the long term recovery and the Fed's role? Well, one economist likened it to taking away the lifeboats of the Titanic. His point was, you know, when the boat left the dock, nobody needed the life the life boats, but when you needed them, and they weren't there, that would be a problem. It's not easy for the Fed to get this money. It has to be done by an act of Congress. As we know they sent it has already left for the Thanksgiving holiday. We're going to be in a lame duck session. And things are getting worse out there with covert the number. Infections are increasing. The number of deaths are increasing closures air coming again. So the sense is that if you take this flexibility away from the Federal Reserve, and things get really bad, a new president, probably Joe Biden is going to have to start negotiations again. And it could be months before you get it out there again. So why don't you leave the money with the Fed? If in case it's necessary. Okay, 30 seconds. If the Fed does give up the money, could it be used by Congress for the next relief package? It would have to be reallocate ID. So Joe Biden would have to start new negotiations with Congress. He would probably get that done with the house. But again, depending on what happens in the Senate, which we won't know who controls the Senate until the Georgia run offs in January. 5th. This could be a protracted battle again to get more money to businesses. That's MSNBC anchor and economics correspondent Ali Velshi has always thank you. Okay?
America’s Zombie Companies Have Racked Up $1.4 Trillion of Debt
"Zombie apocalypse on wall street. Hundreds of big name companies wants american icons are now among the walking dead names like boeing carnival delta exxon macy's. They aren't making enough money to pay the interest. On the mountains of debt they feasted on during the pandemic. Nearly two hundred companies have joined the zombie ranked since march and their numbers are growing total debt obligations now nearly one point four trillion dollars. So is there any hope for the walking dead here guy. I mean what's interesting. Is that a lot of these names. They are names that we talk about trading on this show. So how should we start thinking about this before we get in the walking dead. I just want to point out. That's a great job by our crack. staff leading. With of course the cranberries zombie which is a bit of an obvious choice in the great delors. Oh reared who lost too soon. She was obviously the founder of the band wonderful vocalist. I might have gone a different direction. And maybe we could've played something like this for example. Melissa leo the crack staff is listening into the show. Why the zombies. No it's important to point out the folks at home. It's more important than actually trading our first topic in what is known as the block of the. It's not it's not more important. And i and we'll talk about the black and we'll talk about zombie companies because i think it's important and last night we mentioned macy's and you talked about one hundred dollars table. Then tim said might be the thousand dollar table. And i think collectively. We thought there was a real good chance that with test that nine fifty five level which was the june high and i think it got up to nine twenty five today on two or three times normal volume. Now's the time to be taking profits. A lotta shorts have been squeezed other companies that you mentioned delta for example. I think that's a completely different ballgame. But what i will say. This counterintuitive is. This may seem if the economy starts to get better. You would think this is good for these companies but that means interest rates economic higher. And that's going to cripple some of these companies. We talked about it last night. And i'm sure one of our guests coming out. We'll talk about that again. Tim how do you start thinking about macy's and that debt that they apparently can't service. I mean when i think about dombi i think about that thriller video and i know guys got that red leather jacket with all the zippers on it. So just just to be clear. I think when i think about those companies you just mentioned they're all they're all different in terms of their Potential to be proper zombies a great band by the way. But i think you know boeing not assam company You know it's not Boeing is a company that has the ability to raise debt. But more importantly yes. Boeing's business has been totally disrupted boeing. His burned through so much cast in the last year. And it will burn through some castro most of twenty-one but it will be free cash flow positive by twenty two in probably be neutral by the fourth quarter so calling them assam company. I think is absurd. Calling macy's zombie company is something that's at least a fair analysis although again macy's showed that free cash flow with something that they expect they're going to have in twenty twenty one two and a company that raised a lot of money To to at least be able to fight another day including having a three billion dollar asset back facility is something you don't do cartwheels over macy's position right now but the recovery there and i'm long so i've made this clear. I actually think there's more of a recovery story even though i don't think macy's gets better overnight. Delta relative to other airlines is not even close to his ambi- story dealt is actually going to start to make money towards the fourth quarter of next year and we're not talking about a normalized business. We're talking about a business where odyssey international comes under a lot of pressure. So i also just think that the fed and the role that the fed is playing here and the role that the fed will play just through talking About the bazooka in their pocket means a lot of these debt markets. Don't have a whole lot of an impact in the next six months To what people think they're gonna do. I really don't expect it so it doesn't matter that these companies zombie companies it doesn't matter that delta added twenty four billion dollars in debt since the pandemic started by baldwin. At what point do we start getting worried about that. Debt load and these companies guy made the point that if the economy gets better you would think that that'd be better for these companies that can make more money they can etc said sell more whatever they make but then interest rates go higher. So how do you weigh that. Yeah those are all interesting. Factors that keep into To keep in the front of your mind. And tim did a good job of laying out the differences of these companies. But speaking to your question right the commonality of all these of these companies that they have as you have looted to have added significant portions of the balance sheet this year and they're burning through cash at a rate and their revenues are down at rates that we just haven't seen we're talking about you know seven and a half billion dollars of cash burn and eighteen billion dollars of casper burn boeing's example seven and a half carnivals example. So you have this push pushing pull situation. What i will say is that you've seen across the board. All these companies put one thing. I right and that is runway. And so they've taken on this debts that they have enough cash to get them to their next stop in order for them to continue to be able to operate what we've seen is them trying to achieve operating leverage by reducing staff count. And that is what. I think the topic that we're kind of trying to speak to. Here's when you start slashing human capital when you stop investing in capital expenditures when you stop innovating that is what leads you to being somewhat of a dead zombie company even after you've getting on the other side of this debt service coverage ratio also something to keep in mind. You can't meet your interest. Can't meet your debt service coverage ratio. You got serious problems dan. Yeah i think bond would makes a great point there and just look at our auto industry over the last ten years and obviously gm came out of bankruptcy ten years and wiped out a lot of that debt but they had a huge government interests that was really carried along and probably hurt them a lot of different ways as far as innovation and the way the bhawan just described it. It's clearly hurt for a lot of ways and look at the auto companies are doing really well right now so i think that's a great point. The other point on this make about this is that this is the world that we live in. It's the world that a lot of parts of our planet have been looking at japan over the last thirty years or whatever and then we are going to be saddled with debt whether it's consumers whether it's sovereign balance-sheets whatever the heck it is corporates. That's just the way it is. And that's why interest rates are really never gonna meaningfully. Go up again. Because we can't service all the debt and just make one other point if you think about twenty twenty and what's happened here. Obviously the fed has done their job. They hit this crisis early to make sure that we did not have large-scale bankruptcies right of some major corporations which would really snowball the unemployment situation here but let me just tell you this here. We are now four months out from expanded unemployment benefits. Were heading into the holiday season. We're in a very rocky transition and a lame duck. Congress and there is no more fiscal stimulus for small businesses and consumers. That need it really bad. So the fact that we have a trillion dollars for a bunch of companies that were buying eighty five percent using their free cash flow to eighty five percent of their free cash flow to buy back their stock over the last five years. The airlines and we can't bail out restaurants so we can't bail out consumers that is really troubling to me. Yeah we're really tough spot right now in terms of that bridge to the other side waiting for that other side for the vaccines actually be distributed and as well as injected into the arms of americans
Vaccine Could Unlock Trillions In Spending, Leading To 'Biden Boom'
"So it is looking like this will be a cold dark winter for the us economy. The pandemic is forcing new limits on businesses and prompting nervous consumers to stick closer to home but if this week's encouraging news about an experimental vaccine works out the spring and summer could be a lot brighter. That's the word according to npr's scott horsely brandon. Fritzy has spent an awful lot of this past year stuck in his indianapolis apartment. He misses going out to buffet restaurants. And doing all the things he used to enjoy. I was a big karaoke. Okay guy. I'd be going to the karaoke bar pretty much every night. But since the pandemic started. I don't think i've sung and eight months now. Coldplay's yellow was fritzy's go to standard as much as he misses the microphone. His self imposed quarantine has been good for. His bank. account doesn't talking some money away. I've saved want to save. thousands christie. Zola of new haven is in the same isolated boat venezuela says she and her husband have spent more money on ice cream and alcohol in the last eight months but less on just about everything else where certainly not spending on any sort of entertainment. We're not going to the movies. Were not paying for gym memberships or to participate in sports leagues. We have saved on transportation costs. Because i'm working from home and not commuting sixty miles per day all told cautious consumers in the us have squirrelled away some two trillion dollars during the pandemic while avoiding travel crowds and in-person entertainment. Spending is likely to take an additional hit. This winter as new infections and hospitalizations are soaring economist. Ian shepherdson of pantheon macroeconomics says president elect biden is inheriting an economy that still weighed down by the pandemic but that could turn around fairly quickly. Present like five is arriving in washington at the right time coded news the point where he's inaugurated is likely to be horrific but it won't be much longer after shepardson says with a successful vaccine. Springtime could see a flowering of the economy. Fueled by pent up demand for the kind of amusements that had been off limits for so long to be sure that extra two trillion dollars in savings is not going to be spent all at once economist. Joel practice and the forecasting firm. Ihs market says some of the things we've skipped on. We'll never be made up. I went quite a long time without getting my haircut. Look pretty mangy. i'm not gonna get free extra custom. Make up for the ones that i missed during the summer. Even when a vaccine is widely available it may take time before people feel safe going out to crowded places and spending money freely. Pittsburgh librarian dana fair. Bile says she talks a lot with her husband about what the new normal might look like. It would be great in two thousand twenty one if all of the venues were up and operating again and we could go see some land. But i think it's going to be a while before mentally. I feel okay. Being in a crowd of people like that again not wear masks of perspective. Spring thaw faces other chilly. Headwinds americans are still out of work and congress has been slow to extend additional relief brandon. Fritzy has kept his job as an accountant. And he's wearing his mask trying to stay safe. If the vaccine checks out fritzy says he'll be quick to get it he can rejoin his friends at the karaoke bar. The karaoke crowd is kind of a family. Everybody at the monkey's tail and broad ripple is Pretty close so it would be nice to get out and see them again. Economist shepardson says once people do feel able to get out and do the things they enjoy the cash. They've been socking away. This could bank roll a substantial economic boom
McConnell rejects Dem demand for big Covid relief package, stands by push for 'highly targeted' bill
"Just heard from mitchell about the income. Cliff coming up at the end of the year right. Still though senate majority leader mitch. Mcconnell said again today there is not going to be another big corona virus. Relief bill at a congress if it happens at all. It's going to be closer what he was talking about before the election. Something near five hundred billion dollars a skinny package if you will but with unemployment still high and the virus on the rise will that skinny. Bill helped the people who need it most. No it won't bang. Adler is a senior economist at the center for american progress. He writes about this kind of thing. Welcome to the program. Thank you for having me As you just heard. Senator mcconnell said once again day He does not see the need for a large relief. Package for this economy What do you think it is very surprising to hear that given where we are in terms of the pandemic but also given what happened earlier this year. If you think about what happened at margin april and cares act and how that help out the economy. We should want more of that. Given numbers you've said Repeatedly said it on twitter the other day and you've said in a piece online Within the past week or so our economic policies are basically geared toward white men. If white men are doing fine then we get the economic policy that white men need. That is correct because if you look at the numbers you look at what happened in april. When we had the peak of unemployment general employment was at fourteen point. Seven percent white men had an unemployment rate of twelve point four percent. That's when we saw the cares act. That's where we saw all the other things and p p and a lot of Spending to help out this economy. Since then the rate for white man has dropped down now to five point eight percent. And so you can. Look at these policymakers all while things are looking good but if you look at it for other groups so for example black men are at eleven point. Five percent so black men had a similar unemployment rate that whiteman had an april. And then you also even look at what's happening with women women last month. Eight hundred sixty five thousand dropped out of the labor force that they're not even counted in unemployment and the only got half that back. But if you look only at white men with five point eight percent on perpetrate then you can say oh we only skinny bill but white men are not the economy everybody's economy and we have to focus on that. Let me ask you one more thing and And i guess it it makes sense given the state of play right now but you wrote the other day As this pandemic has hit home. Lawmakers cannot be counted on to respond to the magnitude of this crisis or any future economic crisis that is fairly bleak that we can't count on on washington to fix this economy when it so desperately needed. But that's the truth. We lost a lot of unemployment. Pete that almost fifty percent and we put in three four trillion dollars into the economy. And the thing is it worked and instead of putting more money back in continuing these things like direct checks or expanded you. Why which people that you know said eight million people. Out of poverty policymakers that on the hands and let it expire and all the way through the election. It didn't happen shocking. Pretty much everybody so of course you know we can't. We can't expect politics because in a position where he would have done it when he's should've done it. We didn't see it so we can't trust him anymore.
Post-election warfare clouds chances for COVID relief bill
"The post election fighting continues on Capitol Hill where president elect Joe Biden's top allies are ripping Republicans for not acknowledging his win and accusing them of delaying a pandemic relief bill house speaker Nancy Pelosi says Republicans need to accept reality bite in one the president lost stop your service and return to talks on covert relief doubling down on the Democrats two point four trillion dollar bill which is a non starter with the G. O. P. like the house is burning down and they just refused to throw water on it but house Republican leader Kevin McCarthy says it's pelo sees fault accusing her of dragging out pre election talks to deny president trump a win that could have helped his reelection the only thing that's standing in the way in my view the speaker Pelosi combative tones don't appear to bode well for a quick resolution Sager made Donnie Washington
Stimulus deal: Where things stand now that the Senate is back in session
"Leader Chuck Schumer says Republicans are afraid of President Trump and denying reality instead of working to combat coronavirus. As the president continues legal challenges over election results. It's not clear whether any progress can be made on covert relief even has a record search continues around the country. Extra Jared Helper in his live in Washington. House Speaker Nancy Pelosi says Democrats position on the need for a robust covert related stimulus package is unchanged after the election only more so with the pandemic because Look at these numbers. Look at these numbers that the prediction from the scientific community. Democrats and Republicans remained stalled on the size and scope of relief bill, Senate Majority Leader Mitch McConnell says with signs the economy is improving. Prefers a more targeted approach, likely around half a trillion dollars. House Democrats have approved legislation that would top $2 trillion, please.
Californias state pension fund pushes companies to cut carbon
"Almost two million californians receive a pension from calpers the california public employees retirement system. Because we're a pension fund we rely on companies thriving in the economy to generate the returns and we pay pension after that but ian simpson of cowper says climate change may put those investments at risk because extreme weather can hurt company profits and if governments require cuts to carbon pollution companies. Relying on fossil fuels may lose money. We need to think about. How do we manage that risk. How do we mitigate that risk. Don't just lie there on the railway tracks waiting to be run over working with other large. Investors calpers is helping to lead the climate action. One hundred plus coalition. The initiative uses its combined financial clout to pressure companies to reduce their carbon pollution. Many are responding because when money talks it has impact and for climate action. One hundred loss. We now have futi trillion dollars in investment. Signed up to making this successful. We've got very ambitious goals. But we cannot let out. The urgency is absolutely upon us
President-Elect Biden's Plan To Change Energy Policy Faces Challenges
"Energy and climate policy will be among the top priorities for president. Elect joe biden's administration but there will be some challenges. Biden is facing the prospect of a divided congress and competing demands from the energy industry and environmentalists. Joining me now to talk more about how the administration will navigate all that is wall street journal energy policy reporter. Tim pogo hi. Tim thanks for being here. Hi thanks for having me. So tim tell us broadly what we know. So far about president elect joe biden's energy policy. He's shooting big headline is two trillion dollar plan. That focuses heavily on infrastructure. He's trying to get power plants and the broader economy to reduce greenhouse gas emissions. The stated goal is to eliminate them across society by twenty fifty and so the big spending plan would help jump start that pay for things like going to low emissions mass transit expanding around the country paying things for like for new transmission to connect wind and solar power generation to demand markets. All across the country so in its biggest iteration it is in many ways a moonshot. So now you write that. This is likely to face challenges on several fronts. Let's start with the energy industry itself and states that rely especially on coal and oil for example. What are their major concerns. Well the major concern. Is that the oil industry in particular is a huge employer and you saw this on the campaign trail the supplies to gas production as well. Shale drilling is huge not just in traditional states like texas and oklahoma but it has grown a lot in in places like pennsylvania and ohio and it feeds into industries like steel in in ohio and pennsylvania and michigan in sand in wisconsin and minnesota. The concern is that if you move away from the oil industry too quickly to go to to lower carbon sources of energy that you put all those jobs at risk and so it's not just the states where a lot of those jobs are but it's unions in particular we're talking big parts of the biden coalition of the democratic party constituency. That want this to happen. In a measured way that does recognize the transition needs to happen to slow global warming but doesn't put the huge parts of the us economy tied into the oil and gas industry at risk of devastation. Very soon can you parse out for us where biden stands in relation to more progressive environmental policies. Like the green new deal. Biding this tribes a thread a needle. Here he's adopted the elements of progressive environmental policy that that combine climate policy with a jobs program essentially one of the reasons that he wants to do this. Two trillion dollar plan is that it focuses heavily on infrastructure spending. You know that in theory should people put people to work building new transmission lines building transportation infrastructure Plans to help out the auto industry to help them sell more low emissions vehicles. So that part he has adopted but where he has bristled because of pressure from moderates and even from republicans is in in you as i said earlier are quick push to basically get rid of the oil and gas industry or to put a lot of government pressure on them to shrink their markets in favor of electricity and especially low emissions electricity. Like wind and solar. And so. that's you know that's where the rub comes in There there's a lot of pressure on him to maybe the infrastructure works. Maybe we can do this spending but anything that seems more a punitive against the oil industry. I think of eliminating a lot of the tax breaks. They get there is a reluctance from even major parts of the democratic party to push forward with policies like that
How Self-Driving Trucks Will Change the World with Robert Brown and Jon Panzer
"Robert say what's up to fire nation and let's explain the logistics industry to an outsider. Awesome well thanks for having me Logistics industry is incredible It's a trillion dollar industry in the us You know especially the trucking industry is saying if you bought it. A truck broaden Seventy percent of all freight is moved on trucks And then also trains and all sorts of the planes trains and automobiles in this immense amount and as everyone during covid with the increase of ecommerce and everyone expecting their stuff out hours if you order it. Rather than days An amazon really driving that through competitors senior huge announcements from walmart target an incredible amount of pressure on a already stress system You know and and getting stuff around this country is an important part of food security and you know on of course just convenience now we demand that you know our shipping rather than day shipping and Just an incredibly vital part of our economy and workforce You know just a millions and millions. America's are are employed by our transportation industry as well. It is incredible. I've actually lived down here in puerto rico for four years now so i was here during hurricane maria and it just blew me away that after hurricane maria like we still had the logistical capability to get food across this island with just like this unbelievably rural roads and mountains and all these different things but they were still able to make things happen to me. I was actually an armor officer in the army for two years and then my last two years in the army. I was a logistics officer. So i went to four uses to logistics schools. Well so i definitely have a little background in that. It's been it's been a while. Now thank you for your service though. that's cool. I appreciate that in the introduction. I shared with fire nation. Everything that you're responsible for which is a lot. Can you break down for fire. Nation your current business model so right now. We are the largest autonomous truck. Company in the entire united states with wapping forty trucks so kind of tongue-in-cheek because if anyone that knows the tracking industry that is You know it's not very much. But you know i it. Still a new industry and right now. We retrofit internationals and peterbilt trucks with our technologies with cameras and light ours and all sorts of great sensors and test the software that we're developing along with all the all the hardware as well every day Between kind of book any between phoenix arizona and dallas texas We haul cargo for folks like ups did a pile with the united states. Postal service Clean foods Arizona food bank and so we get real world testing and also what's nice about too is out there driving around trucks. you know. we're actually a purpose building. The technology with the design of what they call. Sad levels for basically for folks. that aren't familiar with this levels. Which is probably ninety. Nine point nine percent of the population that is kind of the levels think level five jetsons car can go anywhere with the robot level. Four is is really cool. It can go without a driver but it's defined route so between that. Ups facility in phoenix to the ups facility paso texas. We have the map that you can kind of think of it putting down a digital railroad and then the truck can run a thomas lee on that digital railroad where we map so it can't just on a split decision. Just take off to another location in in that kind of thing but The the technology and the business use case think repeatable routes high volume which is great for the long haul trucking industry. And that's the problem. We're trying to solve this great technology. So i'm actually one of those people who walks around saying very loudly. I cannot wait for the day. That every single moving vehicle is driverless. And whenever i come across somebody. That's like i will never get into a driver's car. I go. you are a crazy person because if you honestly believe the headlight you'll realize how horrible human beings are driving. It is so so bad. it's so so bad. I mean and smartphones with texting social media. It's only getting worse. I can't drive a car with a looking at who in passing and nine times out of ten their faces in a phone. I'm like you're literally driving a car right now. What is happening. You know we were chatting before you know the community. I live in a beach community. And you're taking your life in your own hands on the street. You your head on a swivel dodging. 'cause you have no idea someone's going to see that. Stop sign or see you. Also the as. I'm speaking to on ice bar smartphone. And do everything on my smartphone. They've created distracted driving this caused headaches and a half you know for safety for pedestrians and also you know cars and trucks on the road
Comparing Trump and Biden's plans to end the COVID-19 pandemic
"Biden ends up winning the presidential election, he'll have plenty of campaign promises to live up to that includes lofty goals. The former vice president has said he'd get started as soon as he's sworn in. If I'm your president on day one. We'll implement the national strategy I've been laying out since March would develop. And deploy rapid test with results available immediately. Five the honor of being president. I will end the Muslim ban on day one. I'd make the changes on the corporate taxes on day one day one I'm sending to the United States Congress, a immigration bill providing a pathway for 11 million undocumented, and I'm gonna make sure every dreamer is protected. I'm gonna have to wait and see whether a potential Joe Biden administration can actually hit the ground running on all of those policies for more. I'm joined by Jennifer Epstein Political reporter covering the Biden campaign for Bloomberg News, Jennifer Thanks for being with me. Thanks for having me. President Trump has downplayed the severity of the Corona virus, even after contracting it himself. But Joe Biden said he'd make some big changes if he became president. What would he do differently? It goes from from everything from encouraging mask wearing by leading by example on that, as he has during the campaign wearing a mask himself. All the time, except for when he's kind of out of microphone, socially distanced from anybody else on stage, launching a whole of federal government response to the pandemic that Would be aggressively different. I think than the trump planet he would not be fighting with from the scientists. He would be listening to them, he has said. Deploying the resources of the federal government. He plans to use the Defense Production act more aggressively than President Trump has to kind of get industry to do its part, whether it's with Peopie production. For vaccine production down the line. He has a plan for the distribution of the vaccine, even just it in defending the affordable care act. He says that that will make Vaccine distribution easier and free and also will protect people who end up having long term health. Issues because of their covert cases, long issues or or whatever else So it really is A is a pretty comprehensive approach. Um, that touches on a whole lot of different areas. I think you know it's the public health response and then obviously also an economic response. He says that he will Talked to governors and mayors. About mask wearing to try Tio encourage them, Tio put in their own mask mandates. Hey, can't you know really order a federal mandate kind of some of the stuff that the trump people have said. But he can certainly encouraged mask wearing as I said, before, it seems like he really just wants to bore down in every single area where that the government can help fight. This pandemic is kind of a piece of what he plans to do. Joe Biden would also inherit a Jennifer A. An economy right now that has been battered by the cove in 19 crisis We mentioned at the top of the show that AH eight million Americans have been pushed into poverty. People are scrambling to keep their homes to put food on the table to find work that may not return. Since this pandemic has taken hold of the country. Does Joe Biden have a plan for dealing with that economy should he inherited asked becoming president. Yeah, he does. He has this economic plan called Build back better, which is a couple trillion dollars of spending. Ah, that's meant to stimulate the economy. I think It will depend a little bit on the results of the election. Whether Democrats when the Senate if he wins the presidency, and whether there's any activity during the lame doc session of Congress on the House and Senate, Canon and the White House can agree. On stimulus. You know a couple of trillion dollars stimulus spending now through the end of the year, or if people are going to continue to kind of be in need and and the government not act in which case after Inauguration Day. Biden would move very quickly on Ah stimulus bill. I think that the size of it is still to be determined and how much of that Polls on some of the ideas that are in his gold back better plan, which are things like clean energy, spending, health and homemade at a nursing care and and things like that, which I think you know, a lot of people would say are badly needed during the pandemic, so will depend on sort of what happens. Before he were to become president. But there is definitely intention to either add to whatever has done during the lame duck session this year or to come through with it with a bigger plan than the couple trillion dollars that's being talked about. Or had been been negotiated a bit between Nancy Pelosi and the administration in the last couple of months. This
What Is Trumponomics?
"What is Donald Trump's proposed pandemic policy going into a second term right? So we talked yesterday about how Joe Biden is very much focused on containing the virus Donald Trump on. The other hand is very much focused on vaccines and treatments for the virus. So he has said that he wants to begin distribution of a cove in nineteen vaccine by the end of this year and a number he has put out there is to have three hundred million doses available by January twenty, twenty one. Now that is a lofty goal and of course it. is very dependent on weather pharmaceutical companies. Scientists are able to come up with test and approve of vaccine and then produce it on that scale hundreds of millions of doses. So this is the thing he wants, but it is not entirely under his power and he's been kind of de emphasizing the role of the federal government when it comes to containing the virus. Right and leaving it more to state governments Donald Trump has very much been focused on states. No best governors and state legislatures know best what they should be doing to control the virus in their states. I'm in Washington I I don't know what you need in Nebraska. So the Nebraska Governor, for example, hypothetically should be the person to be calling some of these shots. Also he has been very much attacking Joe Biden's and some other Democrats. Willingness to say look some places, some businesses some schools might have to close down to contain the virus Donald Trump has taken a very you've got to live your lives. We have to have the economy open sort of approach that's the rhetoric he's been using. Okay. Let's go on to the second part of the president trump economic agenda, which is about job creation. As a big policy goal especially in the next year what's going on there right. So he set a very ambitious goal of ten million jobs in ten months. So if you can imagine ten straight jobs, days of a million jobs, a piece or something that averages out to that was great. Yeah. Yeah. Let's let's do it. And by the way, we are down by roughly ten million jobs from where we were pre pandemic. So what he's saying is in ten months, get back to normal but the question is how this is a lovely idea but it's not entirely clear how we would get there. Now one thing he has said, he wants to offer tax credits to manufacturing companies that bring jobs back from China, but that would not get us anywhere near ten million now in addition I reached. Out To. The White House to ask, okay, what else is on the docket and a spokesman got back to me and he largely pointed to past policies saying, for example, lower taxes, deregulation trade policies, and the relief packages already passed laid good groundwork for future growth to happen. So in other words before the pandemic, the economy was going great and I did that. So I think I can just get us back again is a line of logic that he is often using now. There are a lot of flaws to that logic questions that raises for example, should the president get full credit for that? I mean Arguably no long debate long. But yes, he has a very big lofty goal here but not a clear map to get to that goal. Yeah. I, WanNa point out something kind of interesting here though because the president has administration is campaign have talked a lot about lower taxes tax credits tax policy but he did sign into law the multi trillion dollar cares act he has been negotiating. With Democrats in the House of Representatives over a multi trillion dollar new stimulus package, and it's actually the Republicans in the Senate who have said that they don't WanNa. Spend that much more money but the president himself has said that he would be willing to do a big deal he would be willing to spend. Yes. That's true and when you look at. The different numbers put out there between Senate Republicans, the White House and House Democrats. There is a lot of daylight and even then even if it were just the White House in House Democrats, there are also some gaps there in terms of what House Democrats want and what the White House doesn't want. But yeah you in all three of those parties and. They haven't been able to reach a deal and you and I. Both Know American people are very much hurting right now, high unemployment people still on unemployment and needing money to buy the basics. Let's go to the third and final part of the economic agenda that we're going to discuss here, which is trade wars. Trade wars have been a big dominant part of. President Trump's rhetoric and of his actual agenda throughout his first term I suspect we would be seeing more of the same in second-term. Yeah. That's exactly right I mean trump has said that he plans on continuing to used tariffs specifically against China in his second term as he has this term and so the question is what exactly would that do and what would it induced because we did sign that trade deal with China. In February the phase one trade deal thus. Far from the numbers we have China is not on track, meet the commitments it made to buying US goods in areas like agriculture for example, this was a deal that happened after both China and the US had raised tariffs on each other, and then in exchange for lowering some US tariffs, China agreed to buy some US products but so far it's not on pace to actually by as much those products as they said, it was going to. Yeah but on top. Of all of this, there are complicating factors. One is that trump has very much been demonizing China. When it comes to corona virus, he keeps calling it the China virus and thanks to the effect of China needs to pay for its role in Corona virus spreading all over the world. So you can imagine how that might make trade talks in the future much tougher is need. I would imagine exactly that I would add one more point here on the topic of. China and it's that there has been broad agreement bipartisan agreement for a while that yes China has been engaging in unfair trade practices in all sorts of ways. So trump may have the diagnosis right that yeah we need to do something about China's trade practices but the question is whether he has the solution the cure right here in terms of tariffs tell you what l. been so great to have you on our show these last days. Thank you so
John Gorman Discusses the Use of Opportunity Zones to Address Social Determinants
"During this podcast saw discussed efforts to address social determinants of health with John Gorman chairman of the nightingale partners and founder and former Executive Chairman of Gorman Health Group. John Welcome to the program. Thanks David. Great to be here. especially with another native DC guy here most welcome John's by is, of course, posted on the podcast website. Briefly on background, the ongoing covid nineteen pandemic has exposed. The country's failed to adequately address the social determinants of health. Generally defining health access and quality education, economic circumstances, food security, social conditions, and environmental factors. It is estimated that where people live work and socialize determines as much as sixty percent of their health status. Whereas formal medical care accounts for just ten percent. For example concerning. Circumstances forty years of wage stagnation among lower income earners has left forty five percent of working age Americans. With either no health care insurance for insurance without a pocket expenses so high. They avoid sinking care went for example, they developed covid nineteen related symptoms. Healthcare policy makers have slowly begun to take an interest in addressing sto ages as a way to improve health delivery by increasing increasing appropriate utilization and reducing costs. For example, Medicare, advantage plans which enroll more than one third of all Medicare beneficiaries have recently been given regulatory authority to offer Ma benificiary supplemental benefits beyond medical care such as mail deliveries, home modifications, and Personal Care Services. With beginning, discuss, addressing, social determine, specifically use of what are termed opportunities zones. Again. John Gorman. So Jon with that as background. Louis. Begin by asking if you could provide a brief overview of nightingale. Sure David Nangle partners is one of these weird opportunities zone funds that came out of trump's big tax giveaway bill It was actually Cory Booker's program that was designed to encourage investment in real estate and disadvantaged communities and I was sitting on my ass retired last spring and got a notification that the irs had just completely revamped the rags to allow opportunities own capital to be used not just for real estate investment. But also for leases one portly for working capital or for meeting the business requirements of a new company inside one of the nine thousand roughly nine thousand opportunities zones around the country and those opportunities owns David are all. Severely, economically disadvantaged and more importantly medically underserved, and because the irs allowed now opportunities own capital to be used for working capital for meeting business requirements. That's what opened the door to allow us to use opportunities on Capitol to make large scale investments in social determinants of health intervention. So nightingale partners with insurers with health systems with large medical groups to finance design launch, and where necessary execute on our goals to improve. The quality of care for vulnerable populations. In this country, a lot of people like to say and I love it that we packed a Republican billionaire tax shelter in order to improve care for black drought people on that gets me up every morning. Sir Thank you. So this as you noted, this was a provision in the December seventeen tax bill. Specifically page one, hundred, and thirty. This was picked up this previous legislation as you noted, that as you mentioned senator from New Jersey Cory Booker but also the South Carolina African American Republican, the only one Tim Scott. So this is picked up in the tax bill previous legislation and you mentioned the nine thousand. So these are census tracts that meet this low income community criteria wrote and then explain to me. Governors than have to select a discrete number. That could benefit from this. Tax Advantage program is that correct doubts correct and there was a little bit of mischief but some of the governors in the designation of some of those areas and there's been, you know some gamesmanship with this story like you know Chris Christie, the former governor of New Jersey is. Used an opportunity zone fund open up frigging LAUNDROMAT. In Asbury, Park with Bruce, springsteen cats not the kind of stuff that we do. I'm not surprised to hear that I guess the former governor is a is obsessed with. Mr Asbury Park and again just so on. Understand better more clearly, this is the tax advantage here is that by investing the capital gains on your investment, you can avoid paying the. Twenty three percent the capital gains tax and that basically. Sure go ahead, go ahead. Well, basically, the way it works is that if you invest money or capital gains in and opportunities zone and you leave it in for at least ten years, not only is the initial investment completely tax free but then all of the proceeds that you make on that investment are completely tax free. So high net worth individuals. And family offices large corporations the generate large amounts of capital gains love this program, and indeed it opened up about six point two trillion dollars in available capital based on the amount of capital gains that we generate in our economy. So of that amount, David Roughly a hundred billion dollars has been invested thus far into opportunities zones off. The roughly eight months programs operate.
John Gorman Discusses the Use of Opportunity Zones to Address Social Determinants
"Welcome to the healthcare policy podcast on the host. David. Intra Cosso. During this podcast saw discussed efforts to address social determinants of health with John Gorman chairman of the nightingale partners and founder and former Executive Chairman of Gorman Health Group. John Welcome to the program. Thanks David. Great to be here. especially with another native DC guy here most welcome John's by is, of course, posted on the podcast website. Briefly on background, the ongoing covid nineteen pandemic has exposed. The country's failed to adequately address the social determinants of health. Generally defining health access and quality education, economic circumstances, food security, social conditions, and environmental factors. It is estimated that where people live work and socialize determines as much as sixty percent of their health status. Whereas formal medical care accounts for just ten percent. For example concerning. Circumstances forty years of wage stagnation among lower income earners has left forty five percent of working age Americans. With either no health care insurance for insurance without a pocket expenses so high. They avoid sinking care went for example, they developed covid nineteen related symptoms. Healthcare policy makers have slowly begun to take an interest in addressing sto ages as a way to improve health delivery by increasing increasing appropriate utilization and reducing costs. For example, Medicare, advantage plans which enroll more than one third of all Medicare beneficiaries have recently been given regulatory authority to offer Ma benificiary supplemental benefits beyond medical care such as mail deliveries, home modifications, and Personal Care Services. With beginning, discuss, addressing, social determine, specifically use of what are termed opportunities zones. Again. John Gorman. So Jon with that as background. Louis. Begin by asking if you could provide a brief overview of nightingale. Sure David Nangle partners is one of these weird opportunities zone funds that came out of trump's big tax giveaway bill It was actually Cory Booker's program that was designed to encourage investment in real estate and disadvantaged communities and I was sitting on my ass retired last spring and got a notification that the irs had just completely revamped the rags to allow opportunities own capital to be used not just for real estate investment. But also for leases one portly for working capital or for meeting the business requirements of a new company inside one of the nine thousand roughly nine thousand opportunities zones around the country and those opportunities owns David are all. Severely, economically disadvantaged and more importantly medically underserved, and because the irs allowed now opportunities own capital to be used for working capital for meeting business requirements. That's what opened the door to allow us to use opportunities on Capitol to make large scale investments in social determinants of health intervention. So nightingale partners with insurers with health systems with large medical groups to finance design launch, and where necessary execute on our goals to improve. The quality of care for vulnerable populations. In this country, a lot of people like to say and I love it that we packed a Republican billionaire tax shelter in order to improve care for black drought people on that gets me up every morning. Sir Thank you. So this as you noted, this was a provision in the December seventeen tax bill. Specifically page one, hundred, and thirty. This was picked up this previous legislation as you noted, that as you mentioned senator from New Jersey Cory Booker but also the South Carolina African American Republican, the only one Tim Scott. So this is picked up in the tax bill previous legislation and you mentioned the nine thousand. So these are census tracts that meet this low income community criteria wrote and then explain to me. Governors than have to select a discrete number. That could benefit from this. Tax Advantage program is that correct doubts correct and there was a little bit of mischief but some of the governors in the designation of some of those areas and there's been, you know some gamesmanship with this story like you know Chris Christie, the former governor of New Jersey is. Used an opportunity zone fund open up frigging LAUNDROMAT. In Asbury, Park with Bruce, springsteen cats not the kind of stuff that we do. I'm not surprised to hear that I guess the former governor is a is obsessed with. Mr Asbury Park and again just so on. Understand better more clearly, this is the tax advantage here is that by investing the capital gains on your investment, you can avoid paying the. Twenty three percent the capital gains tax and that basically. Sure go ahead, go ahead. Well, basically, the way it works is that if you invest money or capital gains in and opportunities zone and you leave it in for at least ten years, not only is the initial investment completely tax free but then all of the proceeds that you make on that investment are completely tax free. So high net worth individuals. And family offices large corporations the generate large amounts of capital gains love this program, and indeed it opened up about six point two trillion dollars in available capital based on the amount of capital gains that we generate in our economy. So of that amount, David Roughly a hundred billion dollars has been invested thus far into opportunities zones off. The roughly eight months programs operate.
"trillion dollar" Discussed on The Energy Gang
"There in Ohio. I've got my regular co hosts here. Jigger Shah in Katherine Hamilton. Diggers the President Co founder of generate capital. He is there in Bethesda Maryland I jaeger. Hey, how's it going? Good scandal? You're so excited about the third story. You just corruption scandal. This is what you're talking about, so I can imagine you're really excited. Well I would choose to use the word debacle debacle wide debacle. What's the difference I? Don't know I feel like scandal. You know sort of. I duNno, it's an overused word. Wasn't it the name of TV show? It was but I. Think Scandal is a pretty good word. Catherine is an Arlington Virginia. No wait Catherine is not in Arlington Virginia. She is in Washington DC folk. She is in her office in Washington DC. She is the CO founder of thirty nor solutions. Catherine. What are you doing there in DC I? See I see the city behind you. Yeah, we had a series of epoch. Epoch storms as last night we finally gave out, and our electricity went off, and I had to tell my for my kids that Abraham Lincoln did not have devices, and they didn't need devices, either and when it gets dark, you go to sleep so I came into my office the first time since March well. It's actually Kinda Nice and refreshing to see a different like cityscape. But stay safe you know I think. A lot of our listeners will know that you used to be a line worker for utility. Do you ever get the urge to put on the hard hat and go out and find where the outages? Oh like I do that whenever we have an outage. Trace it and try to figure out. It was at our transformer. Was it the fuse down the street? So yeah I definitely do that. Still she uploads the longitude latitude for you know. Dominion used to know all the. We also have a special guest emily. Atkin is climate, writer and editor. She is founder of the newsletter heated. She's a former journalist at the new republic and think progress and her newsletter is all about people in power, and what they're doing or not doing about climate disruption. Emily, thanks for joining us. Thank you for having me, so let's talk about Biden's climate. Climate Plan I during the primaries I think a lot of watchers saw biden as a disappointment. He was nostalgic about the Obama era. His biggest most ambitious goal was to get America back into the Paris climate plan, and a lot of people felt like he was just way too conservative, and not up with the Times in with the science was telling us we needed. Needed to do but today or in the last couple of weeks he's published this sweeping climate plan that is so sweeping it is actually consistent with climate science, and it is getting a lot of praise from groups that once criticized by or at least there are sort of cautiously joining in and saying okay, he's he's with his climate plan according to any news calls. Calls for more spending than almost all of his other proposals, including education housing and the OPIOID epidemic it proposes two trillion dollars for infrastructure for a broad range of climate investments for environmental justice If I gave you a dollar every second for sixty thousand years, we still wouldn't be quite at two trillion dollars, so it's a good chunk of change it's. It's part of this frenzy of reports being released by House Democrats by Biden's campaign and just this week the Democratic Party. So, how is bny doing? What has changed Catherine to you I what is in this report? Yes, so it's all part of this build back better plan for economic recovery that includes American manufacturing and innovation, modernizing infrastructure and an equitable clean energy future. Future, there's a whole education workforce piece and then advancing racial equity kind of underpinning everything, so he's very much focused on this as part of an economic recovery vision, but also has it varies. Standards focused so whether it's auto, standards or facility, buildings, standards, or energy, efficiency or renewable energy. It's very much focused on standards with really meeting the movement of needing to. To address the issue of environmental racism and It's big. It's bold. Obviously, it's got a lot of money attached to it, and it seems like it's quite thoughtful and holistic in its approach. Emily You have been following a lot of the pressure on Biden the evolution of his campaign. What do you make of this report and the difference between what he's saying? Saying now and what he was saying months ago I think it shows that Biden is able to be pressured by the left and I think that it kind of shows you. What the differences between the the type the type of work if you're in the climate policy or environmental policy space, the type of work that you can be doing whether you're working for. Trying to pressure a Biden administration or trying to pressure a trump administration I don't think anything any activists has has proposed to be even considered by trump administration. So that's one thing. I mean the climate policy plan that Biden had. Months ago during the debates bent one point seven trillion dollars I believe over a period of ten years to. achieve a net zero economy by twenty fifty. This plan pledges to spend the same amount of money over a period of four years so pretty more rapid timeframe. To achieve net zero by two thousand fifty, but also completely decarbonised the electricity sector by twenty thirty five. which is a big chunk of the carbon? That we emit a big chunk of our contribution to climate change. And then plus all these extra environmental justice initiatives most notably. Biden's pledge to give forty percents of the economic benefits from clean energy investments to disadvantaged communities, communities disproportionately affected by..
"trillion dollar" Discussed on Slate's Political Gabfest
"To us on. You'll get new episodes. The second they come out that is our show for today the Davits is produced by Jocelyn Frank. Our researcher is bridget dunlap. We all engineered ourselves in our own homes. Congratulations to us for Emily Baz Lan and John dickerson. I did lots. Thanks FOR LISTENING TO PEOPLE. Talk to you next week. Hello slate plus how are you? How are you were you guys? You guys still. Yeah Okay just wondering just felt like talking to the void for a bit there anyway. So firstly plus here is my proposal. This shutdown this social distancing so odd so many strange experiences too so weird to run through life and I just wanted to. After ten days of this fourteen days of it ten days of it I am interested in you whether you guys have any particular observations about any strange experiences any points that you WANNA make I can go first. Since it's my with my bad idea. I think for me so I've been doing a lot of walking. I believe that the outdoor outdoor walks in nature very curative. And restful and good for you and that's been weirdly one of the very few joys of star period and going on walks with family and one of the things that I've just noticed that notice like noticing all these things which I haven't noticed before and I've been on trails and Rock Creek Park that I've never seen and seen parts of the city that I'd never seen and noticed things there's a trail. I walk almost every day just outside my house and the different ways that burge use it and notice the different way the the trees next to it grow and noticed more things about the stream that I'd never noticed before and it's I think that when you travel the world as you and you John Emily and I have all done. I think you tend to tend to get a very quick gloss on something rather than digging deep into a particular place and it's been one of the few benefits of this is to feel it digging deeper into the place that I know and to the place. That's my home. And that's that's nice to get a deeper knowledge of a place. That's around the corner from me. I've welcomed that. I love that I think there is a way in which when you simplify and shrink your life than the small things loom larger. And that's a good thing. I can also just be like Elvis fans. That was just a teaser to hear the rest of our slate plus conversation go to sleep dot com slash plus to become a slate plus member today..
"trillion dollar" Discussed on Slate's Political Gabfest
"You could not protect yourself. You could not protect the guy next to you. You had no control over your own fate. This becomes a shock to systems of thinking. systems of coping Ideas about the proper relationship of individuals to their society individuals to their governments. So it's it's it's a total. Social shock of a war became so large that it eventually would slaughter close to seven hundred fifty thousand people David in your Atlantic piece you wrote about Lincoln and his leadership and then you also write about Franklin Delano Roosevelt and the way in which people's relationship and expectations of the government changed in the wake of the Depression has Roosevelt is pushing for the new deal. And there's a quote that used from an FDR fireside chat in nineteen thirty five the old reliance upon the free action of individual wills appears quite inadequate the intervention of that organized control. We call government seems necessary. So we're at another moment where we desperately need the government. We needed to lead. We need organization we need just like simple or not simple but centralized logistics to get all the equipment we need from one place to another and you know obviously. Donald trump is a very different kind of president. But we're at this moment where we really need the federal government to be playing this larger role and one thing. I've been struggling with as I've been watching. These press. Conferences is what it's like when you have such profound doubts about your central government in your leadership at this moment. I mean trump himself but then also the apparent failures of some parts of the government. I would single out the CDC perhaps Centers for Disease Control in preparing for this pandemic. And I just wonder as you look back on. Fdr On Lincoln how you think about those struggles that the country's going through love the question. I'm glad you're that quote. Let's take up. I that idea of the individual I mean is there a deeper idea deeper myths and the anthropoid logical sense in American culture than this faith we have and individual? You can't kill it. No matter what Whether it comes from Emerson the Romantics or whether it comes from cowboy legends or whatever you just can't kill it And we we still have this notion that somehow We can all be self made. We can We can all a save ourselves if we get into the right gated community or if we have enough wealth or if we have enough education turns out in a crisis like this were terrified is individuals. And that's exactly what Roosevelt was saying there and that nineteen thirty four. Thirty five fireside chat that in fact he even referred to it as the nineteenth century idea of of frontier. He says his idea of the American going out in conquering and solving dilemmas of the frontier on their own individuals. Hardy men just didn't fit the modern world anymore. In fact hadn't fit the age of industrialization and urban is Asian of for many many many decades and suddenly the depression through everybody back onto their own wits in their own wits. Were not adequate for anything. So where do you turn your turn to government? Well that's exactly what happened in the civil war in its right. The in fact one of Roosevelt's favorite quotes was the quote by Abraham Lincoln. Where he said that the purpose of government is to aid human beings in what they cannot do for themselves. That's a paraphrase. Lincoln said it better as usual and in the civil war suddenly people start capitalizing or government People started talking about the government is something that would help them. Save them preserve their society preserve their constitution act as a kind of a shield on most Americans until eighteen sixty sixty one had never experienced the federal government except largely through the post office. there was no of the federal taxation there really were no federal agencies that engaged in people's lives there certainly were overnight when the war came so he got here and then the reason. I wrote that pieces because I was like you Emily just struggling tap something to say in the midst of I guess. Those press conferences Or anywhere right now and it's just all over our discourse it's everywhere people are wondering what's the role of government. What CAN GOVERNMENT DO? What is government doing? Why isn't what it's doing adequate In desperate kind of language. Now we're asking what governments can do. Necessity always invokes government. Where do modern people turn when they cannot do for themselves? What they most desperately need for two centuries the have turned to government and as much as this society still has millions of people who don't trust government don't like government won't government out of their lives taxation Right now everyone is desperate to understand. How is government going to save us and picking up on that? David before revenue. We had you To talk to I was thinking about something. You said Last summer when I talked to you about Your book on Frederick Douglass and we expanded the conversation a little bit more and you base and you said we were talking about why you study history which is also one of the things you recommend while people are in lockdown and you said you know we forget good ideologue you said that we we forget about it and then every once in a while history reasserts itself and just sort of us in the back side and you talk about necessity of the moment but your larger case seems to me to be. You know what this keeps happening because this is the way the ball bounces in the human experience and maybe we should know from studying history. Either whether it's Lincoln or FDR that big existential surprise things that nobody knew. We're GONNA come that week. They might have known it was going to come someday. They happen and given that so. Can you pick up on that idea? Basically that One of the reasons that we read history is not just for the specific excitement of the moment but also because of that more enduring idea. That emergencies always happen. And Hey maybe we should do something more than a late night. Vote in the higgledy-piggledy of the moment Yeah well a beautifully put John You know. None of us should take any particular high ground in this. I mean who predicted the end of the Cold War in eighty nine when it suddenly happen Who predicted nine? Eleven while you know we can find that the CIA had been working on that and of course we know more now You Know Pearl Harbor happened in. Its shocked the country. But we knew something about with Javanese or doing in the Pacific too but the there many many cases of this in history and every time it happens we are shocked. For good reason you know even nine eleven was not unprecedented. Everybody kept saying that was unprecedented on president unprecedented. No it wasn't and we've been slaughtering civilians ever since the Trojan war. I mean so. I don't know. There's no silver bullet on any of this but history. Is that saying we have to draw on if we can take the time to read? It prepares us. It doesn't protect. Its but it does prepare us for the shocks to come in if we think somehow that history because we live in America is somehow on of course the progress in somehow always going to get better Than we're kidding us. Notice him These things are just going to keep happening. One of my favorite things ever written on this is is to. It's a little short section and a book by Mark Block Mark Block was the great French historian killed in the Holocaust by the Nazis. But while he was in hiding the French resistance and moving from farmhouse to farmhouse he managed to write most of the manuscript. This is so moving. I almost break up a guitar at tell. The story managed to write. Most of the manuscript of his book called the craft of history and in that book which has many many important elements. He makes a profound case of how the past and the present are always hand in glove. They're always inter related even when we don't know it even when we don't think so he calls it the solidarity of ages past and present are always mingle and the past is always waiting to come get you in the president. Who would who would know any better than mark? Block sitting in some farmhouse hiding from the Nazis. Trying to write about the meaning and uses of history. For God's sake No doubt it probably calmed him until they caught him and shot him with a firing squad. History shocks us in right now. This one frankly. We don't really know what the analogy is. Dewey analogies are flying around now like like air it probably more analogies in there are virus Bad Joke but everyone was looking for the right and as this Pearl Harbor. It's the same thing we did with nine eleven but in some ways nine eleven was a little easier. It was a military attack. We knew what to compare it to when you compare this to. I guess the nineteen eighteen epidemic. But we've never shut down the entire economy which never closed off all transportation. New York City's never had empty streets even in a blizzard. I mean it's just never happened so you know we don't know how to prepare for this about. We did not prepare for this and didn't in certain practical ways but how to prepare ourselves emotionally philosophically spiritually right. Now were Adrift David. The period politically that. We're in has been marked by incredible division just country. That's that's as divided as certainly any. It's ever been in my lifetime when you look at what's starting to happen. And the government response to the crisis. Do you think there's any reason to hope that we come out of this? Less divided or are the ways in which we're divided more likely to be reinforced. By what happens during this. Well God only knows but it depends on how long this lasts. It depends on how deep the suffering is. I think our models for this is what probably happened. The politics in the thirties and politics in the year of the civil war. I always tell my students. If you are really yearning for a political realignment in America I mean a fundamental realignment like new parties that actually work and develop new coalitions. And last you got two great models. The eighteen fifties in eighteen sixties the birth of the Republican Party which completely reshaped American politics with a whole new coalition. And you got the nineteenth thirds which completely reserves American politics and the Democratic Party not overnight because its roots are in progressivism but the Democratic Party becomes the party a new kind of liberalism. New Deal Policy on the Republican Party at that time increasingly becomes the Conservative Party of big business. Those are two really big realignments in American history. So take your pick. You can have it with a civil war you can have it with the Great Depression. That's pretty depressing when you think about it but who knows What this kind of crisis could do the irony here or the power of this is it. It has everybody talking about existential issues. How are we GONNA feed people? How are we gonNA save our our our medical people? The nurses and the doctors who are not risking their lives every day How are we gonNA ever revived the economy out of this all of those questions? Everybody has to ask. But it's GonNa be a turbulent road. David what are you you picked you talked about? Lincoln and FDR so do you have a template again given everything you've just said about politics today For how people got through I mean. Fdr comes in in thirty two. It's been since twenty six. They've had to endure lots of uncertainty and lots of and the the leaders and the people the leaders in particular. Both of those guys where you know. It was said that they had this great negative capability that they could live in the uncertainty and not go stabbing after solutions on the other hand. They took great actions. Amazing historic actions. Can you talk a little bit about that combination of attributes in the leader but then also in the people how do people live through and perhaps they just were used to it in a life where you didn't have instantaneous? Everything the way we do now but live through the uncertainty and the just existential Wednesdays ever and houses ever GonNa get better well on the ladder questions on a lot of them didn't well let's remember Civil civil or kill Lotta. People maimed many more left families. ruined We have to face that we need. We need a very strong sense of authentic tragedy. Understand that back the leadership. It's worth understanding here. And just a quick sense that link neither Lincoln or Roosevelt had it all figured out. Both of them had very crooked roads. Lincoln had a crooked road to his moment of greatness with immense patient and his various moments of greatness with this Hash to save the Union. No matter what the. Lincoln eighteen fifty eight debating. Stephen a Douglas on the question of slavery is not the same Lincoln of the summer of eighteen sixty three or certainly of sixty four when he is so concerned to free as many slaves as possible before the election. That fall in case. He doesn't win Roosevelt at a very crooked path to the ideas of the new deal he was spewing all kinds of contradictions. You know when he was governor of New York and when you even when he was running thirty two No one quite knew. Roosevelt meant and Kinda got it clear in the campaign and then in thirty three he kinda got it down that look. We've got a revolutionize the way we use government to save society to save employment to save the human spirit and we got to have a whole new imagination. He says we need A. We need a whole change in our.
"trillion dollar" Discussed on Slate's Political Gabfest
"From new haven. Hello Emily Hello Nice to see you on zoom and John dickerson of CBS's sixty minutes and his bookshelf. Hello John and you have of your book to. I do and I would show people. But this is not a visual medium. As I've been led to believe and I just enlarge the screen and looking at all I can say. Is I apologize? You Look Great. What do you mean what? Could you leave me so nice to see you guys? It's just nice to see you guys and to see Jospin Bridget. So it's great to see you again regardless of how how unshaven dirty. Any of US looks on today's Gab. Fest the tug of war over how long the shutdown should last. And why will the president a bet a public health catastrophe by encouraging? Americans to get back to normal life too soon and do we have even the remotest sense that this pandemic is beginning to change that we are beginning to get any of it under control even as New York sinks into what appears to be an absolutely disastrous situation. We will talk to an epidemiologist Greg Gonzales. About all of that then. The largest stimulus bill in world history attempts to forestall economic collapse here in the US but is two trillion dollars enough. We'll talk about that and then we will hear from civil war historian. David Blight about what history can teach us about living through catastrophe. David is one of my favorite people. Talk about anything and I can't wait to hear his historical perspective. On this plus of course we will have cocktail chatter. There is a raging debate going on in this country stoked by president trump over how long the corona freeze should last. The president said this week. Idiotically that he wants people in Stores Churches by Easter which is just a couple of weeks away. Meanwhile there are a couple of other people. There's a group of other people who are arguing in a in a similar vein that social distancing be damned. Let's let the disease run. Its course through the young and healthy. Keep the economy humming. Tried to protect the old during that. Greg Gonzalez is an assistant professor at Yale University School of Public Health epidemiologist. He has a somewhat different perspective. On this so greg can you start with the what do you think are the major fallacies of the let's get back to business? We've done enough already proposals. That were hearing from the president and others so first of all. Start off with where we are. We're in the midst of a raging pandemic and ET National Public Health. Response that nobody thought could be and so we're in a situation where I see us all over the country particularly New York in northeast but slowly across the country or are going to be full capacity in people making choices about who lives in does so the projections are maybe between one in two million deaths. If we relax social distancing in the absence of a vaccine Retreatment for for Kobe. Nineteen we are stuck with. Social distancing is the main way of protecting herself now public health experts and epidemiologists all realize the ask is a big one. And we're all doing the same thing as as people are doing all over the world following these guidelines. We also realize we have to think of a way out on. This can't go on forever. The more weeks we accumulated of this sort of social isolation people be chomping to to get out of their houses. Meet their friends and family on the Jim normalize so these discussions are happening in the world of public health. Not just sort of in the in the greater sort of public discourse what. We don't need her for false choices. The idea that we have to pick the economy versus protecting the public health. I've been speaking to both my public health colleagues colleagues in economics people exact cooper-hewitt gale and others. Who Don't see a conflict in this at all the way to save the economy the way to save our friends and families lives is to beat this virus Greg. One way you came to our attention was a twitter thread. That was in particular response to a piece in the New York. Times by David Katz. I think his name is which argued we can let the Let the young get this disease. Protect the olds. And that'll be fine. Talk about why it is why. It's not possible for that model to work. Which I think. Emily and I both played with and we're tempted by and wanted to believe in and emily. I shouldn't speak at least just wanted to explain to our audience why that's a fallacy out. It's interesting too because it was very appealing to Jim. Dow In and Kim spent at the New York Times. There is an easy out. There's witty get through this without the pain that I think. Many are contemplating overlong creator social isolation we are dean of our school of Public Health. Stand remind myself started homer who runs the global health and Becca Levy. Another professor here at at Yale wrote a piece in the time too short letter saying why this is in part why. This is not a credible plan for addressing the epidemic. One is the idea that we can sort of sequester all the elderly in the United States and their caregivers Safety over the course of months while life goes on outside outside of sequestered existence. It's not credible. We don't have a safety net. That's going to be able to sort of sustain this for the elderly in isolation over time the other pieces of don't know you know many of you probably know a people in your social circles or one or two degrees of separation who were in the ICU or been sick who are not seventy five. Eighty five years old so as many of us know David Latte above the law a lawyer in New York City who is his been been in the ICU. Marathon runner physically fit. I all other standards. Who has the disease if you let younger people out to go to work with the idea that let them diskette exposed and they'll get a mile illness or they won't get anything all Discounts the fact that a certain percentage of killing people will get serious disease and die. And you just have to the mass right. If there's a big difference between a one let's say one percent chance of serious illness when you have one hundred people one person out of a hundred will get it. But if they're ten thousand people a million people. Ten million people any multiplies by when percents Huge absolute number of young people ending up in the ICU. The other thing is that This could be a seasonal coronavirus infection. Snow seating at across the American landscape by letting everybody get it except a small group of people doesn't bode well for trying to radically this this sort of a recurring infection. That comes up with some have flu. End Corona virus season which means you know hundreds and hundreds of thousands of debts on annual basis. Those are the main meets the cats editorial with wishful thinking so wrapped in insignificant near of Science I just want to say you were brought up my friend. David Latte who I'm really worried about. He is on a ventilator. And I think sedated according to the latest news that I heard and just been thinking about him a lot and there are other people like that as well so I think the way in which this viruses starting to touch us especially in the northeast or I don't know maybe that's not even true. Start starting to feel very real at least to me if we're looking for an evidence based approach to this. What are the next things we should be watching for? And what are some of the time horizons that we can be paying attention to as we determine how to go forward markers. Maybe there's a rational case being made for going forward and it's coming from both public health and economists people at Gabriel's within a manual says from Berkeley Hall Romer Economists Bunch people are saying we can stem the economic damage that this this crisis caused by under girding economy from the bottom up to eighty eight hundred fifty billion dollars worth of corporate subsidies but really figuring out how to support new all the four of us to five of us in our daily lives in terms of social visiting income support. All the social services. We need to make sure that people who are less fortunate than us able to do this. And then we watch and we continue. The social distancing end will see the peak of cases starts to lessen hopefully we'll have millions and millions of tests in a few months so that we can understand the sentence a the epidemic that still lingers in the United States in have antibody test. We can understand who's been exposed and WHO's not been exposed. If one of US has antibodies to the virus never had symptoms. Maybe we can go back to work or be part of the volunteer effort In so this is going to be a very step by step process to get people back to work. It's not like one day we're gonNA flip a switch and it's all going to be over to be a gradual gradual scaled-down of social distancing interventions over the course of months and it's GonNa take a massive investment of public health resources in order to do it. We're not prepared to based on the status quo as it exists today Natural the scary thing is because there's an absolute failure leadership from the top which is interested in denial and and and sort of misinformation. So we have people up and down the chain of Management. Not really willing to do the wrong thing. Doing the wrong thing needs telling your boss doesn't WanNa hear Greg. I wonder if you have any sense about whether New York is which is now the epicenter of the pandemic in the world whether it is a harbinger for the United States uniquely bad place and and death that question a different way one of the things. I've been wondering about and I'm interested in your professional take on is for the most part. Americans live pretty far apart from each other. We're big country. We're not that densely populated and except for a few cities we are. We don't have places where people really live cheek by jowl. New York is one of them and are we likely to have some protection from the fact that that many Americans actually are socially distant how they live to begin with so new. York is not a bad place. I think as a New Yorker. I think it's a fine place to live. I think the population density is one reason why we might be seeing more severe epidemic there but it's also just luck of the draw right. It's a major transportation hub the future for the country If you start to look at the map say the New York Times. You'RE GONNA see this sort of start to rise up think of Miami Rhonda Santa's. The governor said are not ready to sort of tell people to stay home from work. he he dilly-dallied in terms of closing the beaches. So you're GONNA see other cities around the. Us start to have their cases mount particularly in in states where governor to. It's basically all delete of the White House in downplaying the risk for their community but also think of it not a function density but a social network think of communities that are tightly unwilling together the Amish Mennonites in in rural Pennsylvania and others who depend on a lot of social contacts of May not be about density could be about density social network. One thing. I've been wondering about is how heartened to be by the drop in rising cases in Italy. So I've been hearing for weeks. That Italy was like a couple of weeks ahead of us and they seem like us to you. Know initially resisted or struggled with social distancing but then really gone on much more of a national shutdown and now it seems like a couple of weeks after that. There is starting to be a fallen. The rising case rate. There is that something that suggests that if we can really do the social distancing for two or three weeks. We can expect a similar achievement. Or Am I kind of exaggerating here in grasping at straws? So look I mean. I think what happened? In Italy's that once they saw the rising death tolls age. They sort of went into lockdown And if we look at what happened on in other places South Korea a mixture of testing social distancing. There's been a way to sort of Flattened occur but also to sort of start to control the epidemic. We have not taken the route that Spain or Italy or other countries that have been hard hitting Europe done. We don't have a national lockdown. We have a lock down in New York State. We have our orders in Connecticut and other states around the country like California to institute strong social distancing measures. But it's not all fifty states and it's not even across the country. The stag thing is we. We sink or swim together and you know viruses. Don't understand the borders between New York and New Jersey or Mississippi Mississippi sneakers and so unless we figure out a way to do more rigor social distancing across the country for sustained period of time. We're just piling infections. Acquired infections were building new chains of infection across the United States. And it's not going to be two or three weeks are we can be two or three months of hardship and didn't have to wait through this You know staying in our own houses. Not Seeing you know for a long time. It's not hard to do. We're going to have to think of ways to build. Social connections may be ourselves for a couple of weeks alone and then maybe try to trigger waste. We can combine our social circles over. Not At that point at it all greg to endure that couple of months process..
"trillion dollar" Discussed on Today, Explained
"And I don't know I can't honestly cannot believe that after five days of acting like a real precedent or trying to act like a real president that Donald Trump seems to have lost his taste for this and is now telling people were going to be back at work in two weeks. We we just need better than that right now. We just do. What is he missing? What are all the people who are looking at these unprecedented economic consequences over two million people filing for unemployment? Who Warrant two weeks ago? Who are looking at something much worse than a recession and saying is this really worth it. What are they missing? The hardest thing in politics is to force pain now to prevent more pain later and it's not that they're missing something exactly. It's they're living in the present and not in the future. What Donald Trump would any political leader any leader needs to do in an organization is live somewhat in the future is see where things are going and work backwards from there so the organization is prepared that organization a country or a company. That is what we are doing. Even Vox media right now. We are trying to think about what all this is gonNA mean for business and trying to work backwards to how we need to prepare. Donald trump is a very present focused person and he runs a very present focused administration. And what is happening? Right now is that they are feeling the pain of social distancing and it is real pain the unemployment filings the GDP projections. It is real pain. Suffering it is a horror what he is not able to feel yet and so he's not truly responding to is the kind of economic social political and human pain of this disease flying out of control of what it will mean if you can't go deliver a baby or get treated for heart condition because you're stepping over bodies in the hospital infectious bodies of what it will mean if we have a national shortage of nurses doctors respiratory therapists etc that. He is responding to the political pressure on him now and the things that he can feel now the pain we are causing now. As opposed to the pain we are trying to prevent and if every epidemiologist and public health expert and frankly even just what we're seeing in other countries is right. The pain we're trying to prevent is a lot worse now. We can't ignore the pain we would cause on the way. We need more stimulus. We need economic support. We need to have the political imagination and will ambition to make this possible. We are not going to get out of this without real economic damage. Either way that is built in but we could get out of it with a lot of humanity A lot of social support we could also if we had anywhere near the kind of imagination required for crisis like this we could get out of it with a better structure for our economy altogether right. It could be that out of this. People GET GUARANTEED PAID. Leave as every other industrialized country has guaranteed health care. I mean you could imagine using this as a moment to say. Oh we are so interdependent that we can't just have solidarity in the moments of crisis we need to have it all the time. It's not that it would stop people from losing their jobs. It's not that stimulus or basic income. Payments are going to stop them from hurting. We're not gonNA stop the hurt here but we can do a lot to build better structures to protect people from it now and in the future.
"trillion dollar" Discussed on Today, Explained
"Tech has consequences and recode by. Fox's exploring them all. With the new multi-platform journalism project called open sourced through videos and articles open source to explore and demystify controversial issues surrounding technology everything from facial recognition and surveillance to how add micro targeting will affect the twenty twenty election. The project is supported by the media. Network a global network of innovators entrepreneurs and technologists committed to addressing the most critical economic technological and societal issues of our time checkout open sourced and vox dot com slash open sourced. Find out everything you need to know about the hidden consequences of tech box dot com slash open sourced. How many of you have heard of ring? How about hint? How about tech over? I've heard of ring anyway. All of these companies have one thing in common. They all use nets sweet to accelerate their growth and net. Sweet would like to help you. Accelerate your business growth from wherever you are at your office by yourself. Hopefully six feet away from anyone else or at home. Maybe still six feet away from anyone else right now. I'm in a closet. For example anyway net sweet will give you a full picture of your business finance inventory. Hr customers and more everything you need to grow. All in one place and you'll get the visibility and control. You need to make the right decisions and grow with confidence. Hopefully and right now you can schedule a free product tour of net sweet. You can receive your free guide six ways to run a more profitable business and met sweep dot com slash explained that is a net sweet dot com slash explained e. x. p. l. a. i. n. e. met sweet. It could be sweet but not spelt that way S. U. I t. e. is the sweet. We're talking about here. Good evening as reclined. Even with this two trillion dollar stimulus. There's a recession coming if not already here. Do we know how bad it's going to be? How will it compare to the last one in two thousand eight right now? The early economic data suggest it will be much worse at least at its peak than what we had in two thousand eight which is not something. I thought I would be saying anytime soon. Two dozen it was supposed to be a once in a generation economic flood. And now we're looking at something that is not even possible so if you look at early unemployment filings. They potentially went up to three million over the past week. We've just never seen a number like that if you look at what Goldman Sachs and some other economic forecasters are forecasting for the GDP. Drop in the second quarter of the year. They're now up to twenty. Four percentage point drop. That would be the single worst quarter in the history of GDP statistics US Treasury Secretary. Steve Mnuchin said that unemployment could go up to twenty percent before he walked out back but then over the weekend. The President of the Federal Reserve Bank of Saint. Louis said he thought thirty percent was possible at least for a minute. So we're looking at something that at the very least at it's worst could be unbelievably bad and one reason could be unbelievably bad is this is really different in its dynamics and not just two thousand eight but really any recession. We can think of in memory we. It's almost not correct to think about this as a recession. This is a combination of a recession a financial crisis potentially a war and in natural disaster. Great Great and this is just the opening salvo of this recession crisis. War Natural Disaster. Yeah I spoke to mark Zandi. Who is the chief economist at Moody's analytics so he's a very well? Respected economic forecaster and as part of. Moody's they get a lot of incoming economic data survey data actual data all the time so they tend to know the economy is going just about before anyone else. I've spoken to sandy a lot over the years. And he was ending almost apocalyptic here but to be more specific. What he said. We're GONNA see four waves of economic pain. The first wave is the sudden stop of the economy. That's what we're in right now right. I can't go into work the way I normally would. The restaurants in my town are closed and non essential businesses are closed. People are sheltering in place wave to which is already here as well is unemployment. People are laying off workers because they have no sales coming in PIBOR. Cutting back hours among workers mariette furloughed. A huge amount of their staff. So mass unemployment is just beginning but already we're seeing numbers like nothing we've ever seen before. Then the third wave is what he called the wealth effect. So there are all these people who have 401k's they have money saved in the market for the retirement. This is true. Everybody was particularly true for older people who are towards the end or Paseo end of their earnings. And now they're seeing those savings wiped out and so there's a lot of spending this group is going to disappear and then the fourth wave is business investment. So you think of corporations or even small businesses that were thinking of opening up a second location upgrading to better office. Space a media organization is going to start publication. Whatever it might be. That's all going to go on. Hold so all that spending those going to upgrade machines create new capital create new products. A lot of that is gonNA disappear from the economy for a while. So of Sandy's four waves were living at least the first two already. The ECONOMY STOPS UNEMPLOYMENT. Soars the next to our imminent if not already here. People can't retire and realize their dreams and industry has to scaled-back. Is there a way out? So those four waves. Zandi said they're definitely going to happen like they are already happening. But there's a question. Now is the kind of recession we have. What's called a v-shaped recession where the economy plummets in? Let's call it quarter to maybe quarter three and then rebound super powerfully in potentially quarter three quarter four and then into twenty twenty one in that case. This will be bad but not that bad. What Sandy said and this is I think. Clearly true is two things could happen. That could disrupt that and this is particularly going to happen. If we don't get the disease under control quickly. The first thing that could happen. Is We set a financial crisis financial panic somewhere so already seeing very scary things happening in debt. Markets in bond markets in currency markets are a lot of both countries and companies that need a lot of US dollars and they're having trouble getting them. The Fed is out a huge amount of new programs. Right now to try to deal with this but it's pretty scary so if we have two thousand eight in reverse a problem in the real economy that creates contagion in the financial economy. That's GonNa be very very hard to fix. That's GONNA be years dig out of the second which is also I think very very present as danger is a mass wave of business failures. More than fifty percent of small businesses cannot survive more than a couple of months without sales. They just don't have a big nest egg. Small businesses tend to be reasonably low margin. Except you even a lot of big businesses can't survive very long in a very down economy if their receipts have gone down. Fifty percent seventy five percent and so if you have mass closures then not only when the economy does come back. Do you have to rebuild those businesses or something like them you know? And that's hard right. You need to figure out leases. P- places need to rebuild. They need to hire New People. But also it's not like they're workers can just come right back on. They have to find new jobs. There's matching costs. It's hard to search. There's a lot of uncertainty in that and so if you have a huge wave of business failures it's very hard to come back. Because you've lost a lot of the structure in which the economic growth could have happened once you got back on your feet so preventing those two things a financial crisis and a mass wave business failures. That's really really important and Congress's hoping that's why this stimulus will do but what if it doesn't that's the best case scenario. What's the worst? The worst case in our right now is primarily economic. I mean the worst case scenario is an unchecked pandemic with millions of deaths hugely overwhelmed health systems creating behind it a total economic catastrophe in some ways the worst case scenario to be is one that we are beginning to flirt with because the worst case scenario is that we lose our nerve here at the Front End. There is an enormous return to acting quickly. You prevent many more cases if you are able to stop one person from passing on the disease to after that person has passed it on to ten people. If you're trying to stop ten people from passing it on we are already seeing at the highest levels of our political leadership a blink. My message is that Let's get back to work. Let's get back to living. Let's be smart about it And those of us who are seventy plus. We'll we'll take care of ourselves but don't sacrifice the country don't do that. Our country wants to go back to work and again to cure. It's it's like this. Cure is is worse than the problem again. People many people in my opinion more people are going to die if we allow this to continue. There's this fantasy of an economy out there that you could somehow just have the economy operating at full potential. Even disease is killing and hospitalizing millions of people. All at once right nine eleven's every day in this country and I think the raw right now. The curve of new cases in America's vertical we are rising faster than Italy was at this point. That's very scary. Because this is an exponential curve as you rise faster then rise even faster and so if what happens is we let off the pressure when it is currently completely uncontrolled but I think is going to happen. Is it three months from now or even two months from now? Maybe even just three weeks from now when our health system is overwhelmed. There's going to be an enormous demand for quarantine an enormous demand to get this under control and that will happen when the economy is now gotten much worse so Jason Furman Who was Obama's former chief economist? But he's been writing about this. A lot on twitter and elsewhere made this good point that he thinks the correct way to understand the choice. Here is between social distancing right now and a bad economy six months from now or two months of nothing and then two months of even more extreme social distancing followed by a much worse economy after that and so the nightmare scenario for me is one where we've let the disease get completely out of control and that also spins the economy.
"trillion dollar" Discussed on Today, Explained
"Madam president after five days of arduous negotiations after sleep-deprived nights and marathon negotiating sessions. We have a bipartisan agreement. On the largest rescue package in American History Ellison box Congress has agreed on a two trillion. Dollar stimulus package. It's historic nothing like it has happened ever before in American politics. At least in the modern era and it makes the two thousand eight stimulus which was something like eight hundred billion dollars. Look like small potatoes. How did we get here? So it's important to remember that the deal that Congress reached on this two trillion dollar stimulus package very early this morning. This is phase three of the corona virus bills so a couple of weeks ago we had phase one which was a relatively small eight billion dollars for research and development for Corona Virus Vaccine Research. Then last week we had a hundred and four billion dollar bill that went for free testing creative. Irs testing for every American including those run insured and expanded paid sick leave and other things even though there were some loopholes in that bill. But this as as you say this was. This was the big one This is a two trillion dollar package. That kind of has something for everyone. It has five hundred billion dollars for big businesses. It has direct payments to Americans that are struggling on an expanded unemployment insurance and it has money for hospitals okay. Well let's talk about each of the sort of one by one starting with the aid to businesses. This was the sort of contentious element that held this thing up a few extra days right. Yes so this is a five hundred billion dollar loan program for for big businesses including airline companies companies. That have have seen through no fault of their own. Their business just drop off entirely. Because people aren't flying. Economic activity is is really ground to a halt so compared to two thousand eight and two thousand nine when we were bailing out banks that had arguably caused the financial crisis that we found ourselves in the government is now quote unquote bailing out these big businesses that are seeing of huge loss of revenue due to current virus. The obviously did not cause so the reason that this was so controversial was initially in the first draft that Senate Republicans put out late last week. The trump administration and the treasury secretary Steve Mnuchin had very large discretion over this five hundred billion dollar loan program. Bill still includes something that most Americans don't WanNa see large corporate bailouts with no almost. No strings attached. Maybe the majority leader thinks it's unfair to ask protections for workers and Labor to companies that are getting hundreds of billions of dollars. We think it's very fair to ask for those. Those are not extraneous issues that is a wishlist for workers. Nobody else and so we are looking for protection. We're looking for oversight. So if you're worried that you know Steven Mnuchin was just going to hand out. Billions of dollars to companies that were favorable to the president. That ain't going to happen anymore. Yeah it's going to have oversight attached to it. There's going to be an inspector general within the Treasury Department and potentially a congressional oversight panel so there are going to be outside people other than Steven Mnuchin now looking to see how the money will be spent having input on how these loans will be doled out to businesses and it's five hundred billion dollars that are going to go to like big corporations. How much money was set aside for small businesses three hundred sixty seven billion dollars for a small business loan program It's just interesting. Like three hundred and sixty seven billion dollars concertedly shore up companies. That are losing money right now but it can't bring them back the business that they need to thrive right. Well I mean ultimately the only thing that can bring these small businesses back is is consumer spending right. We just can't do that right now. So and and this was sort of the argument that Democrats were making throughout negotiations. Was this this trickle? Down stuff and bailing out these. These big companies isn't necessarily going to get to the root of the problem because the root of the problem is just that people are trapped in their homes right now and they're not going out and spending money at their local restaurants and spending money at stores. I think that what Democrats are arguing is an in Republicans to be fair. Came around to this idea pretty quickly to of direct cash payments to people because ultimately what you're trying to do is get people spending again. Well let's talk about what individuals are getting. What kind of casher regular people going to get out of this two trillion dollar stimulus that regular people will pay for if you are an American adults? Who is making seventy five thousand dollars or less annually? You will probably be seeing a twelve hundred dollar check or a direct deposit. Show up in your mailbox or your bank account or however it's going to be delivered to the American people and it's important to note. This is a one time check. Thus far in less Congress comes back and approves additional money to to get people additional checks so if you make more than seventy five thousand dollars you are not going to receive that full amount. It kind of depends on your income and basically the idea. Is that people who are pretty comfortable right now and are making a lot of money. You don't necessarily need as much government assistance. There will also be a five hundred dollar payment if you have kids so five. Hundred dollar payment to cover every child in qualifying households. What else can individuals expect out of this two trillion dollars? Another big thing. That Democrats were talking about that. They got out of negotiations was what Chuck. Schumer likes to call quote unemployment insurance on Steroids. Nice and this is increasing unemployment insurance by six hundred dollars per week for four months so if you are laid off and you are getting unemployment insurance. Duda CORONA virus. You are eligible for an additional six hundred dollars per week to again. You know help you cover your basic expenses like rent and food medical costs etc So this money is in addition to what states pay as a base unemployment salary and it's important to note that this benefit extends to people who work in the GIG economy so uber and lift drivers post mates delivery people people who are freelancers and then also furloughed workers and these are workers who are not no longer getting a paycheck but are still getting health insurance from their employers and then the third bucket of this is is medical aid. It's it's hospital. Aid Aid to healthcare workers. Is that right this? Is You know right now especially in in hard hit places like New York. Hospitals are struggling to meet. I mean they. They don't have enough capacity for the patients that they're seeing a lot of them are complaining that they don't have enough basic medical equipment. Like ventilators and masks there are big shortages. Not So what Congress has done here for. Hospitals is add an additional one hundred fifty billion dollars to hospitals who are treating chronic virus. Patience is this going to be enough especially when we talk about aid to hospitals and healthcare professionals. It just sounds like it might be too late. I mean New York has already had to suffer as a result of lack of supplies and and lack of hospital. Beds I mean and then more broadly speaking is this enough to shore up. Americans and American businesses and the economy. I mean that is the two trillion dollar question and I. I don't think we know at this point. Birther were already seeing more headlines of of more people getting sick death rates are going up as well so we haven't yet seen the worst of this. I think that there is a good chance that if Congress sees the need that they can come back and pass more money. There's there's always a way for them to do that. But despite president trump saying yesterday that you know he wants this all wrapped up by Easter. There is no immediate late at the end of the tunnel and I don't think we know yet if two trillion dollars is enough to save us from the damage that Chris is is wreaking not only to public health also to the economy.
"trillion dollar" Discussed on Today, Explained
"Mark it's Wednesday march twenty fifth and the country's gearing up to make it rain two trillion dollars. I'm Sean Romney's firm and this is your corona virus update from today explained..
"trillion dollar" Discussed on MarketFoolery
"Dan Klein Dan. How are we doing? I'm doing well given the circumstances going a little crazy but working a lot and you know by all accounts do it. By how are you? I'm good Dan Strange Times. And let's get right to it because we're taping this around noon on Tuesday noon Eastern and at the time of our taping. I want you to to brace yourself at. The stock market is up and it is up big now. We have a lot of optimism. Tan Congress may be closing in on a two trillion dollar stimulus stimulus that would include direct payments as well as loan assistant programs for business. Now we don't know all the specifics. Dan Do right now. The market really seems to like the potential. The Dow up around seven percent investors feeling optimistic. Are you feeling optimistic? Yeah it's not even so much about the details. It's about kind of putting a floor on this. If we know that Boeing and southwest jetblue and other major industries aren't going to be driven out of business by this that that suggests that normalcy could eventually return. Obviously there's a lot of devil in the details but right now. This is just kind of creating some belief for people that eventually there will be a way out of this that there's a government backstop beat loans be a direct payments. That's going to help. People PAY THEIR BILLS. But also keep these companies open because these are all major major employers. I mean a lot of people will frame. This sort of government giveaway. But what are you supposed to do? The goal is to keep people at work and bat is leading to a ton of optimism. It Dan. Let's talk more about that. You just mentioned some of the Big Airlines and I'm wondering when it comes to the bailout piece of this. To what extent do you think the government will essentially be in the business of having to pick winners and losers having to decide? Who gets what how much. Yeah so. We've seen none of the details of exactly how this is GonNa work. But let's assume these are loans and that they're at least somewhat secured against the asset of the company. So the reality is I don't WANNA see failing companies get loans that keep them in business for another year or two when they would have died. Even if corona virus had not been issue. But I don't see so far a lot of mechanisms to stop that from happening. Obviously there has to be some sort of means. Testing looking at balance sheets looking at what company was doing but most of the names we've talked about. I mean obviously Boeing is headed struggles. But it was a fairly solid business before this. All of the the airlines. We've mentioned jetblue. Southwest those were on firm financial footing. So it's GonNa be the company's on in in some of the more struggling industries. We talked about retailers last week. Some of those were going away anyway. That's probably true of some of the hotel brands that have had their struggles Maybe some overbuilt casinos. So yeah we need to see the rest of this and some of this money might go to things that don't deserve when you work this fast. That almost has to happen. Okay Dan now. You're in Florida and I know from our recent conversation that you love a good cruise so I wanna you want to get your thoughts on how this might shake out for the cruise industry and specifically the big pureplays. Now we have carnival which owns Prentice and Holland America among others. We have Royal Caribbean. We have Norwegian are the cruise company is going to get some relief from the stimulus. And if not can they stay in business so I don't think they are because they're largely dot? Us companies some of their subcontractors. Might maybe some of their workers will be covered in different aspects of this. Obviously a lot of their workers are not American though. Of course their office personnel largely our citizens so but I can only speak to royal and Carnival I. I haven't looked into Norwegians finances but both royal and Carnival do have significant Barak Capability They do have a lot of money on hand. They have capital projects. They could push off in a time where it's GonNa take a while for demand to recover. They probably don't need to build as many new ships so assuming this ends in four to eight weeks or and people can get back out on the Ocean. They will probably make it through. I looked at all the numbers yesterday and it looks encouraging the challenge for them is will people come back. And as I've mentioned to you I have cruises book I fully intend to cruise this summer Unless the situation remains this dire of but this is an industry that's very very vulnerable to public perception and people. It's hard to know if they will think this is safe. Even when the rest of the world has returned to normal and Dan I wanna hit it from the public sector and the potential bail out here to the private sector were really starting to see some interesting partnerships in the private sector. We had an announcement today. That Ford will be partnering with Three M. and GE healthcare to begin producing facemask and ventilators. What do you make of news like that that answer some questions for me because when Ford and other automakers were talking about making ventilators and as someone who used to run a factory I thought wait a minute like how do you of the Tulane? How'd you have it on even like the blueprint for how to bake a ventilator? Is it that easy and clearly? It's not that hard. But they're going to get assistance from three M on how to make it. Some of the supply chain repurpose things like fans they use in certain ventilated seats To work in ventilator so this is industry sort of the best of the best coming together to make something that needs to happen happen and it's very encouraging okay. Dan and speaking of the best of the best. Let's Talk Olympics. It is now official now. We expected this. But it's official. The two thousand twenty summer Olympics have been postponed has been the Olympics is a collective thing so I gotta use the right verb. There Dan has been postponed now on Tuesday. The IOC and Japanese government agreed to postpone the twenty twenty seven Olympics quote to a date beyond two thousand twenty but not later than summer twenty twenty one end quote now. Dan. This is not just a sporting event. This is big business at comcast which owes NB NBC universal expecting more than a billion dollars ad revenue for the Olympics. Yeah about one point. Two billion in on the last Olympics. They made two hundred fifty million in profit. They might not make as much on this one because the last one was in Rio so you had a more favourable time zone as opposed to being in Japan but this was the only decision possible. Athletes can't be sticking to their training regimen so even if everything was all ready to go on the world is operational by mid July. You simply don't have the logistics to make this happen so postponing it's GonNa be challenging. The sports calendar is going to be very difficult. There's I believe thirty one. Maybe thirty two effected sports here and some of them like soccer. Have very busy calendars anyway? So there's a lot of moving pieces but you had to do this at because there was just no way to make it happen and this is largely. Revenue postponed not revenue. That won't happen. Unlike in some of the other major sports you're simply GONNA lose games and because they're in every year thing. There's no way to make that up. This is just going to change the Olympic cycle where they'll be two summer Olympics closer together Which might be good because it'll create some stories with some athletes. That'll be pressured people's memories and I WanNa talk more about that. Because obviously the other professional sports Have had either cancel or suspend their seasons. Baseball would be starting in a few days. Dan and that for me is normally would be very upsetting except an astros fan and that essentially just as the Astros Bernarda get booed everywhere. They play now because they're not going to be playing for the whole cheating scandal. But I'm curious when you look at Major League baseball the NBA NHL Other professional sports. That are not happening. Do you think there will be long-term effects from all this so long term and first of all when he said the Astros? I thought it would boo from here but as a as a red SOx fan of a little afraid of speaking to suit. Oh that's right. 'cause they announced the punishment for the red SOx right. Yeah the shoes yet. To drop the withhold by BOO look. I think sports are such a part of the American fabric that I hope we have on. Nhl Season I hope we have an NBA season even if it's shortened the way the NHL is talked about doing twenty four team playoff which would include every team including my New York Rangers That could have qualified. Had the season played out. I'd like to think we're GONNA get something we may not. We may get emptier. Rita stars competitions or just weird things to fill TV programming but eventually when we get to next season the demand will be a nervous. I think we all realize how much we miss boards and how much sports fuels I mean. I don't know if you watch. Espn BUT OTHER THAN NFL free agency. They are struggling to find things to talk about. So there's all these industries not to mention the fall TV season. That would be promoted around sports all this sort of different reasons. You Buy Watch sports. That's all I'm hold entire advertising businesses kind of on hold Dan. I WanNa talk more about that because I love that point because as we're all quarantined here right now you and I are using zoom video and we're recording the audio of course but more and more people using zoom skype and and all sorts of Whiz Bang Technology and so on one hand I can see that becoming more mainstream even when we out of all this people now know how to use zoom or they they know they have tools that they didn't have on the other hand. I can also see. People really appreciating the person experience whether it be sports whether it'd be live music that I love going to. I mean I feel like when all of this and I'm going to have a renewed appreciation for live events. Yes I think it's. It's a little bit of both I. We talked about cruises before i. I'm GonNa hug the first person I see when I get to go on a vacation to do something for fun And the same with concerts. I've missed out on some concerts on the other hand. Some of my favorite musicians have been using youtube resume or whatever it is to broadcast live from their basement so I've had some really fun somewhat intimate experiences with artists. I really like you know playing to maybe ten people. Maybe a thousand people so. I also think you're gonNA see a better understanding of not making stupid trips the example I will give. Espn has been having all of its correspondence from home and a lot of times they would fly in La correspondent to do a connecticut or New York Bay show for the day. And that just seems silly when you could do it over zoom so I think you're gonNA see acceptance of this works and it could be done better. This isn't the old skype videos being used on the news. You look like you're like a hand held camera from Nineteen eighty-four. This is really good technology. That's that seamless. And more people understand it. I think I've mentioned on a couple of shows we've done. I've done with other people that my mother had no idea. Zoom existed announced pretty big part of her world with with keeping in touch with her friends. And so we're absolutely changing behavior. But am I still GonNa go to in a sporting event? I absolutely can't wait okay. Dan and I think I buried the lead. 'cause I know that you are wrestling fan. So where where does this leave wrestling and specifically WWe WWF faces a pretty big challenge in that a lot of its revenue are? What keeps it? Profitable is television deals. And so far it's been able to fulfil those deals by doing empty arena shows at its training center There are very strong rumors that they've recorded a few shows in advance That wrestlemainia has already been recorded. Which is gonNA take place over? Two nights also would not shock me if they licensed wrestlemainia. Yes Bien because ESPN has been running some old wrestlemanias. I think to reasonably good ratings so for. Wwe The big question is at some point. Will they not be allowed to carefully controlled closed? Arena? Show is if they stopped delivering programming. They stopped getting paid and that does create problems. Maybe less problems. A lot of companies because pro wrestlers are contractors so while most of them have downside guarantees meaning minimums. They'll be paid. They're not getting huge money if they're not performing for the most part But this is a touch and go. Wait and see because you have see. Has it been able to put on scheduled events because they couldn't find a venue that would legally let them do it but because they are real sport there are Athletic Commissions? That regulate them. Wwe Is television so they have a little bit more leeway and so far they've been able to find ways to do it and a do have the ability to enhance some of their live programming with programming from their network with old matches dropping a lot of stuff in shows. So I'm fairly confident that they'll be okay even if they do end up with some sort of temporary disruption. Okay Dan. Let's wrap up with the desert island. Poll you're on a desert island and you have to own one of these stocks for the next five years..
"trillion dollar" Discussed on What A Day
"Today show. Were still covering the race in New Hampshire taking a look at the Latino community in the state in hearing from some voters about what they're thinking then trump's new budget and of course some headlines. Today voters in New Hampshire are heading to the polls for the first in the nation primary. The votes are actually going to be counted and people won't have to line up impact gyms than hope a haunted APP collects the Tallis properly. You know the future What's the latest out there? Yeah I hope that's the case. Monday was basically the last day of campaigning for the Democratic candidates they were skirting all around the state. Making their final pitches as we're we and one of the things that made a lot of the messages sound similar was the fact that trump was holding a rally in downtown Manchester so instead of a lot of the candidates spending time contrasting with one another are they had a singular figure to aim their fire at and then Senator Sanders. Who is the person we've discussed that seems to be leading leading the race? A lot of the other campaigns seem to think so pull seem to think so he had this really really large event with and the strokes. Seventy five hundred people were there. The campaign campaign said interesting amount of people that still down with the strokes but okay I disagree but Julian Casablancas have. Whatever I'm still asking? Is this at years later. Anyway bedrock we didn't end up there but we did spend the morning with Sanders. And then Senator Amy Klobuchar and finally Senator Warren and broadly. I think think you know the voters that we talked to were really excited about all the candidates that they had seen or who they are about to see but some are still sort of working through their options nations and it kind of seems like the way that things are going to likely shakeout. This might be a different year than normal. Where after Iowa New Hampshire? You often Z.. Candidates starting to drop out if things aren't coming together and they're struggling in terms of the results from from the states but for now at least a lot of these candidates are saying you know. Even if I'm not doing that great in New Hampshire I'm GONNA move onto Nevada South Carolina in Super Tuesday states. It really could be a situation where they're around five. That are still in the mix around that time I. It's just GonNa depend on what we see in terms of how they're able to still raise money and what the actual results assaults are on Tuesday night very cool. Why I mean you know? Bloomberg hasn't really been tested yet. We know he's spending a ton of money all over the country in traditional media so it things are likely to continue shifting. But we spoken about island New Hampshire being very wide states compared to the rest of the country. And there's this burgeoning immigrant community particularly a national with. Oh so you were there yesterday. What did you learn? Yes as around. Twenty eighteen the Latino population in New Hampshire was something in the realm of four percent small noticeable but small it is growing and the thought is that if elections continued to be close in New Hampshire. It's big enough percentage that these voters could be decisive if they are choosing to participate and who they're choosing to participate four and Nashua a city in southern southern New Hampshire of about ninety thousand. People is one of the primary places where this community is thriving i. It's it's different than a lot of the other cities in the state. We spoke to manny any SPCA a state representative in New Hampshire who represents an area in Nashua so Nashua is the gate city. We are considered one of the most diversities in the state with a pretty significant Latino and South Asian population at our school zero bus sixty two languages that are spoken with a very large minority. Population relate minority almost minority majority population. I mean I love living here. Lived here for five years and have the honor to serve this this city in the state capital yes. He said he'd been there for five years. And that means he was able to compare the last Democratic primary to this one and he said that broadly speaking the campaigns are trying to reach out to these voters. There's you know materials and different languages and sending surrogates that can speak to the community and I asked us. PTO also about the issues that are most important to this community that he serves. I mean housing is a big deal. you know. We're not New York City so we don't have like early Boston or even DC where we have outrageous markets. People here are still worried about housing. We have a very low vacancy rates. And that's something that people worry about in finding affordable housing education And then and also we have the OPIOID crisis which is a big issue? That people are surrounded by so I think those are the three biggest And then here's specifically like you'll see you like immigration will be an issue with families who have mixed addresses so I mean there was there were reports of ice and I've seen ice in this neighborhood so that's also a reality too so yeah well any observations from the day and the voters that you talked to. Yes so we wanted to try to include some of the voices of folks that we spoke to over the weekend at many of the candidates events they speak to what is on their minds. Better than I can. Here's a little taste of of what they were thinking I decided probably within the past month that I was going to vote for so originally I was for Biden and within the past like six months. I really feel like kids kind of let me down as a candidate like. He doesn't feel like he cares. And I feel like Pete cares on so that was really important to me you know. I'm still very young. So I don't really have a fully formed political ideology But right now I see myself kind of attracted towards Elizabeth Warren I I really appreciate her wealth tax. You know I just think it's kind of immoral that we've got you know four people With more wealth than the bottom half of us and yet some of my students are going home hungry at night. Well my wife and I are very involved in helping prevention of drugs and amy asked us. We'll way back in June to be on a panel with her Discussing her views on the OPIOID crisis in New Hampshire I don't know if you're aware of how bad it is in New Hampshire where I think the top three or four states unfortunately on saying top like it's a good thing but for the number of opioid deaths we've been averaging about five hundred year which is just horrible Bernie Sanders without a doubt. He has committed to taking money out of politics. Here's one of the first to bring up Or a race to the national raising the minimum wage to fifteen dollars Here in New Hampshire. We have no minimum wage so it automatically drops to the federal which is seven dollars. Some Twenty Five Cents Aka not type of wage at anybody could live with dignity provide for a family. I work at a food pantry. I see that the economy is not working for people I myself currently have two jobs and if it were not for the support of my partner would not be able afford rent things like this. That was Mikhail strong. In Nashua William Flaherty in Manchester Patrick mccune also in Manchester and Melissa Sandoval from Dover so the the only thing left to say is folks. If you're in New Hampshire get out and vote will be on the ground throughout the day tomorrow and into the night talk to you again. We have some results. I hope.
"trillion dollar" Discussed on The Wolf's Den
"Email before I Came over here From a twenty two year old recently graduated from University of Washington Aerospace Engineer. He did his first deal. One point five million bucks. It closed yesterday evening. I had dinner or a drink with him the night before and I said you gotTa do the takeaway close. I said time to fuck off and walk through the door and close news pro- Cross my fingers. That if he does it right he's GonNa blow up in his face okay and email. He says I did the hard close Mr Pena and it worked. He melted at the table or tell them. Don't let the door hit you in the ASS on the way out asshole and so I mean I often often that saddle. We just did that last week with someone that was like saying. No no no no Mike Technical. Fuck off thirty seconds later okay. Final do correct unbelievable. Yeah but today And my kids my I call everybody kid because I'm old enough to be grandfather. Father my kids that have used yourself. Say It's good I I've never used it. I'm a hammer closer. I'm not a finance closer. I either beat you to death at the table. I've seen the sun go down and come up at a coffee table. Use It because it's not magic. It's just it's the truth about persuasion so I find the greatest salesman in the world. You'd have stated but if you say Oh shit fuck it exactly. That's why I'm so good at what I do is basic truths about selling for that matter running business basic core truth that just run through it. Let me Gosh. I don't WANNA I don't Wanna you're beyond like steps for success but just if you can really break it down like if you're the average kid out that kid but what was keeping give me a cappella. What's the plan? I mean I laser. The laser beam focus. They focus one focused on the few not many focus on the menu meaning Most of the kids that are most adults have got four or five projects none of which are worth a shit okay and so. They're trying to make them all work because they're afraid to walk away away because they spent too much time develop in it. The great thing about the Internet is the results are instantaneous. Yet kids work on APPS and programs And enright code not for an hour a week a month but years and they get no results..
"trillion dollar" Discussed on Material
"IQ for their support of Material and tall of free. Latham all right. Let's let's talk about do so. Let's talk about video. Yes we have some new news about The Microsoft duo. which is you might remember? Microsoft's stops new plans for in two thousand twenty four to screen devices right talking about folding devices. We have one screen the fourth and a half. We're talking about two. LCD panels are led panels with the hinge in the middle of them which is gets more exciting more IC- actual practical explanations of how to work including this week Microsoft released developer tools and guidelines and a software emulator For this falls Duo of Microsoft do device which will be running android. They're having one vice. That runs the windows. One that is android faced And the Zach Boden Who is a designer created video video of the emulator so people can actually practically see how a lot of these demo APPs are going to work Then Jonas Stein art diner sorry of have went. One better took his video and overlaid them over like a press photo of just like the actual duo device unfolded actually see things moving from one screen to another other and I have to say that this video is pretty mouth-watering it the for a couple reasons number one that the plant right now because because that'll crash skype but the thing is like it's it's it's it's one thing to say. Oh well it's two screens for the hinge in the middle and it's easy to imagine uh-huh Great Sob- maybe. They'll be aversion kindle APP and I bet I can have like the be using Microsoft outlook or something and have like a a list of inbox items on the left screen. The my tap on one I can actually zoom actually see the full view of the email and the right screen but the way that the way that you're interacting interacting with it the way that things move from one screen to another really looks like a very practical and very usable device than where it's is really essential because any any one of us is who is a fan of android has been like. Why can't they figure out how to get developers to right? Good full screen APPS that love. Mike I love my chromebook but I thought that before I was before I got my first one. I thought that I mostly be over runs android so I guess I'll be running using it like an IPAD. We'll be running like android based local APPs and maybe some stuff in the browser but the thing is the the interface the full screen interfaces for Android APPS so bad that I do have Microsoft outlook the ANDROID APP on my chromebook. But I always get my mail through the web about because it's so much better so the worry is that if we if Google presents its developer's with here is a wonderful plan for doing like a multi APPs that span multiple screens developers. Will once again say we don't care we just WanNa make phone apps because that's where all the money is raised on a basic level so that one of the things things that these videos really explain and makes you feel good about. Is that even if you have an android APP that hasn't been optimized in any way shape or form the simple ability to have one one APP on on the left hand page are different APP on the right hand page. Each one thinking that's just running on A standard heard like I'll albeit may be weird aspect ratio. Phone that in itself works really well and the way that they've got in the android operating system and its gestures Allowing you to navigate between those two screens and applications running on those two screens is really really good and then you move one step ahead of that where obviously Microsoft has has already updated. The it's Microsoft APPs to that they will work well inside this email me later when you do get to see. A duo. Optimized version of outlook working in a duo version of office APPS working and I can really see myself When I don't when I don't get the the the one row of seats on the commuter train that has the little table if I feel that I can actually get an hour's worth of work done sitting in just like a normal bench seat because it's having this little book open in front of me and being able to actually get product productive worked on it seems like a really good way To leverage to screen separated by a hinge without thinking that you're running two separate android phones that have absolutely nothing to do with each other There's the idea of screened the folds and unfolds against single screen without a hinge. That certainly seems like an attractive sort of idea. But it's GonNa be a while before you can get a flexible screen on any device. Cost less than fifteen nine hundred dollars and it's always going to be extra bulk. It's always going to be extra complicated. And in the end it might not be necessary for to create a brand new form factor so it it really is a good sign that maybe could be actually good. Microsoft gives examples of suggested APP. Layouts it's One is extended canvas meaning treat both of those screens. One screen left sand screen as the master The other one is a detail to page H.. Lay out a dual view many of the same content but you're getting different views of it And companion page. which they're they're They're not locked in stone. As to what these things mean but things like companion page would mean something like you've got if you're editing a photo on the on the right hand page. You've got like all your tools and left hand page or you can have a a movie playing but details about the movie on another On another screen. I if all this is a great amount of potential but hopefully the thing is it will never work unless developers get on board and they can get if they don't. I can't imagine the the rock and roll tour buses full of swag that Google is pulling up in front of Amazon. Saying please please please do a two page duo version of the kindle reader. Because if you if you just allow us to have an APP that allows you to read a book like a left hand page right paying face that will be at least that will these bias enough time to arm wrestle the rest developers doing something name your price we will. We will by the first one hundred seats on your bogus like Mars tourism mission. We swear just. Please get a couple of interns to write a kindle APP that works with our our product. Yeah I was actually just thinking about that like two nights ago because I've been I've been reading a lot of parenting books. You know in preparation for my journey and kiss anybody's wondering I'm currently reading a book called Oxygen Baby. Nothing you talk about raising your baby. In the Berliner way it's called free range parenting. Everybody in unison. Roller is it. But I'm I'm glad I'm glad you clarified that because when there's a book often baby maybe now I hear a lot of jokes and a lot of concerns that I know well. It's because the woman is American and she keeps saying watch out baby but anyway so I've been reading it in every reading. It allows you to get the word on. You know what happened during the forties and right right. Well it's the book is not perfect perfect by the way just to give my little armchair review of it but it does have some interesting things anyway so on this journey I'm like reading. I've been reading a lot of books lately because it's been kind of helping me to get to sleep at night and I am reading it on the TAB. Three which is is a believe. The TAB has three is a nine inch screen. Yeah it's a nine point seven inch screen and I've been reading being in landscape mode because it's easier to carry. It's easier to hold in bed than reading it vertically it and it's really weird doing that and having the page cut in half. It doesn't feel organic so and I'm doing this by the way I exclusively use. Google play books because I don't I don't put my money into Amazon's kindle I'm Google playbook person and and sometimes they use co books and I don't like the two page thing and so when you were talking about the do I was just thinking about how great it would be to be able to just have avid device that that feels attacked. You know has the tactile feel of a book. That's what that's what I really want. I think that would make me more comfortable. My husband likes his kindle paperweight. He likes the the background lighting You know it's really comfortable on. His is very lightweight lightweight piece of hardware. But the way that I use a tablet Gosh I would just love to have something that I just. Kind of clamp clamp opened enclosed. Kind of thing. Like I'm I'm really into that user ability so let's see if Microsoft kin start us out on a journey towards something that that could maybe help bring Andrew tablets back into the fold. It's it's such. I've always thought that that form factor is such a compelling concept that we've had the CIA. I agree we. We've been in a boring Rut of How how useful and efficient complaining about it? But it's for for twenty is the thirty years we've had laptops where here's a screen. Here is a keyboard. Here's a hinge that separates the two of them and it's exciting to see the potential of having a a device that can do so many tasks and mechanically adapt to how you want to function the idea of having a virtual keyboard and an opening at like laptop and having the the flat screen on the on the table surface being like a virtual keyboard the idea of having an open like a book whether you're reading the virtual keyboard though sorry just as not just then but when you wanna read a book it could be like a book reader when you have have like an email reader where it really is. I need to manage the last one hundred eighty items that have hit my inbox. I need to get through them really really quickly or I need to look something up in a browser Window while I'm replying other email and another window or even as simple as having so much of a so much of my week is a Google doc for a radio show or podcast where I've got one window. That's the dock that I'm writing or any other project and another window that's the research beat a PDF whatever And then being able to full that folded a three hundred sixty degrees around itself and just have like a compact tablet for reading comic books and stuff that this is I I i. I recognize that I'm speaking just as well of the windows version of this guy potentially as the android version of this but this is a super compelling form orm factor and I hope that there are a stable developers. I've always wanted something like this and are going to write apps just for themselves that happened to be useful for eighty eighty percent of the people that are out there anywhere. It's nothing that I have. Money earmarked for the duo or the windows version of the duo. But it's I can definitely it's one of those things where I'm sort of aware aware that this could be something where I convinced myself but you should really but instead of getting one on loan for you should buy one for research for extended research for for the hardware library. Andy don't don't think about whether it really really works. Well and yeah and the eight year old kid. That's wants something shiny for freeze birthday talking. And by the way last night I was trying to convince myself that the the pixel slate which is like on super sale right now offer four fifty on Amazon for the quorum. Three I was like I should buy this just like see what it's like to have this and then I realized that I wouldn't really be able to use it the way I want to because I have to pay the extra like basically to three hundred dollars to have the full kit and caboodle. And then I'm like this is. This is as much as laptop. Never mind I'm just going to stick with my old outdated tablet and my chromebook and every other piece of hardware that I have right now and and also babies apparently need diapers and stuff so and and also to healthcare in. America doesn't fully cost or does it fully cover the cost of. I'm having a baby in a hospital and I know the Oliver Overseas listeners. or go up you Americans and go. Yeah you know I have to. I have to back off and maybe apologize for something I said at the top of the show. Maybe the reason why some of those people are like stealing all the napkin dispensers. Dunkin donuts is. They've got some sort of a homebrew duct tape like disposable diaper plan that at..
"trillion dollar" Discussed on Material
"Me. So if you see me outside I am wearing significantly less then. Everybody else is because it's wintertime in California which means is in the low fifties which for us is like winter. So and I'm out there like Luella Floppies man. It's really hot out here. I've actually been freezing out my husband because I've been turning the heat down really low also because I'm trying and save some money because apparently babies needs to be in a perpetual seventy three degree heat like heated room and sound like. Oh my God it's going to be so much money anyway. A quick gimpy gimpy Bush update last week. We were number two and three and this week. I feel like the fact that we keep mentioning it somehow puts us into the search engine like okay so we can begin begin beginning. We're just GONNA keep saying it. Maybe it'll help our numbers next week right now. We're number one. We're number one one top five pop. Most we're top five and in three places for that I again just want to remind everybody. A lot of stuff has been going on Australia. We talk a lot about Australia on in here. Because one of our former CO hosts is a is Australian. Is Living Australia and we think about him. Russell slowly hope you're safe and okay and doing fine You know everyone.
"trillion dollar" Discussed on The $100 MBA Show
"Present home I'm also the CO founder of the Hundred Dollar Mba business training and community online and today's episode is must read episode on our must read episodes show comes from mail chimp so you're ready to make that side-hustle your main hustle now was cert- with the all in one marketing platform for Milton that's what it has everything you need all in one place to give you a new business strong start with the right marketing chips visits with easy to use tools like the number one emails marketing solution website builder and social posts schedule. We've been using show for over five years and I love it because it's so easy to use learn more about the all in one marketing platform at MAIL CHIMP DOT COM this book trillion dollar coach His all about Bill Campbell probably the most well known business coach of all time the interesting thing about bill was that he didn't really need to understand the inner workings of every little thing in a business to help the business leaders used lot of the concepts that he learned as a football coach in American football coach on the field I want to share with you the overall insights I got from the book but more importantly the impact it made on me one of the biggest themes that is shared in the look at bill really emphasize the power of team and had to make sure your team works well together that come they come to a solution together they value each other's opinion any seek each others opinion you as the leader of the business the CEO you're the coach you're the person who makes sure that they do the things they need to do and support their progress and I love this metaphor because it reinforces the idea that you need to make your team but hitter you need to give them challenges you need to give them the opportunities to step up and your job is to keep them focused and keep their eye on the prize the goals that you're trying to set out for the business your job is to give feedback her job is to allow them to have opportunities to ask questions so this theme it is throughout the book the idea of being a coach and not just a leader not just a manager is so important now there's a lot of strategies that you can dig into in the book talks about management we talked about how to lead a meeting talks about how to evaluate people how to make decisions all that stuff is in the book and you're going to dive into it and find out for yourself raw comes from this analogy and I really love this analogy and it keeps coming back to in the book because it's a formal you can follow it's a formula that you can really fall back on every time you're a little unsure about how to approach a situation on your team using this analogy as a coach instead of just a manager you can apply to every aspect of your job even the way you communicate with your team when a coach is on the field and they need to tell their player something they get straight to it they just tell them what they need to do and they sandwiches with motivation with her it's clapping or good job or a panel back the point here is is that as a coach you need to course correct and you need to just tell people honestly and transparently what's happening and what they need to do if you're remember you might be a little bit loss especially if you're new and it can get more confusing if you're not just clear about what you expect Bill Campbell was also a man of very high character there are many mentions in this book of what a warm and kind person who was how he greeted everybody with a hug treated everybody with a hug in fact the book actually opens up with a scene Noble Campbell has passed away in the scene was at his funeral all the different types of people that were at his funeral from highly successful CEOS to his golf caddy at the Golf Course everyone he interacted with felt special title and they felt like bill was their best friend who is a man of integrity who's a man that always return people's calls he made time for people and one of the things that really impacted me was the emphasis of valuing his relationships in his life he really valued relationships his net worth right how many deep connections he can make with people so much so the everybody thought that he was closest to them mm-hmm but he was close to everybody any time for everybody which is very interesting how he's able to convey that feeling to people and I find that very impactful because you know we ever lives you try to accomplish our goals in business we try to achieve great things tree great products but the relationships we make along the way whether it's in business whether it's employees whether it's with other businesses or our clients or people in the media or whatever it is this is happening all the time people are really evaluating who we are as a people on a regular basis and if you want to leave a legacy that matters then is a good idea treat people nicely and I really like this underlying theme the book that he treated everybody so well so nicely with warmth with care and he was genuine and heartfelt it makes me think how treating everybody I'm interacting with WANNA shift my focus in today's listen with the overall impact and Kinda takeaway I got from the book and I think the gift the bill Campbell had was clarity yet clarity and everything he did he was clear about what he expected from his team he was clear about the instructions he gave the people he coached whose clear about the decisions he made and this is really important just to be clear Bill Campbell was a high power exotic as well he was the chairman of the board of intuit who was on the board apple he was on the board of Trustees of Columbia University so this guy definitely walks the talk right but in everything he did it was very clear there's no ambiguity there's no reading between the lines and this is so important as a leader and as a manager your team really needs to understand what they need to do what's required of them how did he succeed in their jump big touching base with his team members touching base with the isn't managers and making sure that the leadership was doing their job I'm gonNA share a little story from the book Larry and Sergei from Google founders of Google when they started google they said why do we need managers managers let's just let the teams decide what they want to do and what to work on and let them just focus on the product they really didn't have any corporate experience it came straight out of college and they just adopted the model of a university were students is really produced the work so when Bill Campbell came along and was coaching them in Google he said no you need managers this is not healthy for the organization to have no managers in place the engineers would perform better in the company overall perform better if there was management they didn't audit and they couldn't decide so bill say hey listen don't take my word for it less what's the engineer's a see what they want and they went in the asked the Google engineers hey do you wanna manager they all gave a resounding yes as a response yes I want a manager I want somebody I can learn from I want somebody I can have as a mentor it would help if I knew it was on track I would help if somebody can help me and guide me throughout my career Larry and Sergey realized bill has a point these engineers are really good at engineering that's their superpower and to ask them to also be really good management is asking too much so we should take that off their plate so they can focus on the superpower and give them a manager give them somebody who can help them organize their projects as well as be their mentor and course correct them when needed and they say the book because of that decision most of us are doing google searches and not Yahoo or bing searches you know bill kind of talks about you know innovation is very important but everything has a cost at what cost are we going to innovate to what extreme larry and sergey wanted to innovate to the point where there was no managers what's the cost of that didn't even perceive that there was a cost so ask yourself as an exercise anytime you try something new or something different what's the cost what's a trade off just so you're aware of what you're losing and gaining going back to my biggest takeaway of clarity sometimes things get busy in a business like currently our software business manager is super busy where a growing team and allocco marketing things go on content engineering is working on projects customer services working on their own thing.
"trillion dollar" Discussed on Windows Weekly
"I think that's how most of their customers have encountered it and how they're deploying it why they're deploying in center. So I think that. Speaks to that a little bit. When it's ten obviously didn't really move the needle as eight hundred million number again. They also said that office three sixty five commercials growth, which is twenty seven percent was due largely to the strong performance of Microsoft, three sixty five in education. I thought that was really specific. So I think we gotta come a little Microsoft three sixty five tidbits in there that were interesting. And then on a slightly more humorous note. Did you notice that the word Japan came up three four times? Yes. So it really kind of stuck in my brain. So they said that results in Japan were much stronger than we anticipated Japan was responsible for team percent increase in productivity and business processes revenues for office three sixty five consumer growth and for much of surface revenues growth as well. I mean, somehow it's like it's the nineteen eighties all over again. Like, the the Japan is just like was all over there. It wasn't in their documentation for the quarter. I don't believe, but it was all over. That's right. That's right. I thought that was really strange. It was it. An and I I was having a call at them about something, and they mentioned Japan. Also, I'm like, wow, Japan. Japan's getting left him, right. I thought that was kind of interesting. What about XBox XBox is never been a good performer in Japan, right? A rough market, and it's always been tough. I mean, they when they first entered the market. Of course, they I console was tank, and it was his gigantic box. And a lot of Japanese people live in smaller apartments, smaller homes, and it just didn't really fit in. The course. Yes. And. These company in the game. And maybe they don't right. So Japanese companies in the culturally thanking they don't have a handle on the Japanese game market like the companies that are based in Santa Lucia. No. Of course, it's kind of like the problem. Apple phases in China. These days are Samsung does too right. I mean when you have China Chinese based smartphone makers who can really target that market with very specific things that Chinese people want. It's hard for these other companies that don't have that to compete effectively. So that's kind of been a problem all three generations for Microsoft. The remember the the original XBox ship with gigantic controller as well. And they because of the Japanese market they redesigned it in something called the S controller that was so popular it became the default controller for the XBox three sixty and has formed the basis for all of the XBox controllers ever since. So that's stupid big goofy. I forget the name of anti kind of a funny name, whatever that thing was called the original. Is you know, has kind of gone by the wayside because of well because they were trying to, you know, get into the Japanese market. What was the name of that thing? Someone in the chat rumbled out the original XBox controller OJ controller it had a funny name. I can't remember not the we the no it was like it was really it was almost round looking at it. Head like low. It was big. And there was a funny who it was like a big the Duke thinking, the Duke, according to Alex couple who is correct. The pride of the twit army. Colonel gumbel. You've got near Gumbel in my podcast that Carson often say the Duke. Yeah. Late again cars. Half an hour. Show up and say, I know just like Thrum thrown as suspenders give you the answer. Good. I'm glad you all the. Yeah. Absolutely. Right. The duke. Okay. We really wasting time on that. No. We spent time wisely on the time wisely. The Duke anything else to say about very innings. Well, you mentioned the one trillion dollar thing that kind of came. Yeah. But good for them. They deserve it. I I pointed this out when I saw it. You know, when Microsoft announced his earnings, they release a bunch of documentation to their investor website. There's the press release, obviously, there's a spray..
"trillion dollar" Discussed on Talking Tesla
"That's good business to be in our do that european it sounds good year the global broadband market white worth about one trillion dollars a year excuse me that's more that is a little bit let me just do the on that a billion is loons and trillion incur the six it's a ton lower long i got for sure we are giving an order of magnitude the best thing without the thing no one's ever going to hear what you just sad that that's a ton that starts with an f yeah yeah and and it's within tanya i mean it's a law it's an order of magnitude more there's so many wary orders of that we could have gone with evidence actually you handle the not on gentlemen near welcomed so this is like something that's going to put speight you know how much will spacex be worth at that point one hundred and seventy two dollars 94 four it's going to be so valuable can you imagine if they pull this off and that i've got fast broadband network road across the world and i can get from melbourne sydney australia laos of portugal and i've just got my voice in un apple more countries uh the scotland i go anywhere uh i'm just pine tests are hundred bucks a month royce outta world both of access how quickly will i say to eighteen take but by yeah i don't i don't know how quickly fuss and there are very funny this is pretty impressive they talked about where's the new bfr factory going to be so she spells it out louisiana and we talked about the nasa site that was in louisiana i forget the name of it just now but they want to keep it near the water because they said it's too expensive to move big things from the hawthorn factory to the harbour quote we price transport to the harbor and it came out to two and a half million dollars per trip.
"trillion dollar" Discussed on The Jason Stapleton Program
"Because the american people don't and that's all he cares about when it comes to getting reelected but let me explain it to you guys twenty trillion dollars in debt a hundred and fifty two two hundred trillion dollars in unfunded liabilities at stuff that we promise to pay for but we haven't yet had to start paying for hundreds of trillions of dollars the government continues every year to spend a trillion dollars half a trillion dollars more than it brings in do you think that that's never going to have an effect moore couple of weeks ago before i left i talk to you about budgets and i said the government will try and convince you that the the same rules of economics and budgets don't apply to them that apply to everybody else that the rules are somehow different and i said don't believe them if it doesn't work for your own household a dozen worked for government think about this for minute let's just say you continued two spaniards he made one hundred thousand dollars a year and you ended up spending a hundred and ten thousand dollars a year every year ten thousand dollars more than you brought in it's actually be closer like it to be accurate it'd be closer to like one hundred fifty thousand dollars a year so you make a hundred you spend two hundred and fifty and he's like i would put on a credit card we can finance that as she is i mean that she's an extra three hundred bucks a month and then the next year you do the same thing in the year after that you do the same thing before you know you got four hundred five hundred six hundred seven hundred thousand dollars.