35 Burst results for "Trillion Dollar"
'No time to waste': Biden unveils $1.9tn COVID-19 stimulus package
"Has unveiled 1.9 trillion Dollar coronavirus planned by speeding up covert vaccines and pumping out financial help to those struggling with the pandemics. Prolonged economic fall out, will take action to extend nationwide restrictions on evictions and foreclosures. To provide. This will provide more than 25 million Americans greater stability Instead of living on the edge every single month. President
Biden unveils $1.9 trillion COVID-19 relief bill
"Resident elect. Joe biden addressed the american people last night. Unveiling nearly two trillion dollar economic stimulus plan american. Rescue plan that will tackle. The pandemic can get direct finance assistance relief to americans. He said the proposal would send more funds to state and local governments largely to help speed up. Vaccinations and safely reopen schools is proposal. Also calls for another round of stimulus checks. Fourteen hundred dollars for most americans also provide more peace of mind for struggling families by extending unemployment insurance beyond the end of march for millions of workers will be a four hundred dollars per week supplement but the proposal comes with a one point nine trillion dollar price tag. Congress passed a nine hundred billion dollar stimulus bill last month in many republicans are skittish about adding more to a national debt. That is now approaching twenty eight trillion dollars.
Biden says his $1.9 trillion pandemic plan is crucial
"President elect Joe Biden is bowing to speed up the distribution of coronavirus vaccines as part of a massive rescue package while calling the current rollout a dismal failure Joe Biden says the U. S. will need to spend another one point nine trillion dollars to provide direct payments to Americans to help them cope with the virus fallout rebuild the nation's economy and send kids safely back to school we'll have to move heaven and earth to get more people vaccinated you create more places for them to get vaccinated the plan would need congressional approval we have a moral obligation in this pandemic in America we can not let people go hungry we cannot let people get evicted Republican lawmakers are already pushing back on some of the issues like a higher minimum wage and more money to states struggling with coalbed losses Jackie Quinn Washington
$1,400 Checks And Help For The Jobless: What's In Biden's Plan To Rescue The Economy
"President elect joe biden. Says if the us is going to come back from his pandemic it has to spend big biden outlined his strategy last night. It's an ambitious plan with a total price. Tag of one point nine trillion dollars in additional congressional aide. Npr's scott horsely is with us this morning. Hi scott good morning rachel. At this point congress has already allocated around four trillion dollars in federal relief aid for the pandemic but biden. Now clearly saying that's not enough this right. He acknowledged the fixes. He's proposing won't come cheap but he warned. The cost of inaction would be even higher. He spoke at a time. When we're losing more than four thousand people every day to covid nineteen and more than eighteen. Million americans are still out of work. Crisis of deep human suffering is in plain sight. There's no time to waste. We have to act now in recent weeks. We've seen a frightening surge in both death and new infections and beyond the illness and the loss of life. There's been a serious toll on the economy. Rachel just last week more than one point. Two million people filed new applications for unemployment relief. We're still short millions of jobs and we actually lost jobs. In december for the first time. Since april let's focus in on on specifically the pandemic. How does biden proposed getting out of that. He was more aggressive federal response. You know president trump a lot of emphasis on developing new vaccines in record time. But once they were in hand the administration really left it up to states to distribute them. And it's gone much more slowly than promised in fact biden branded the rollout so far a quote dismal failure The president-elect is calling on congress has been twenty billion dollars on a nationwide vaccine campaign and he wants to hire one hundred thousand additional public health workers we'll have to move heaven and earth to get more people vaccinated create more places for them to get vaccinated to mobilize more medical teams to get shots and people's arms to increase vaccine supply to get it out the door as fast as possible. Federal reserve chairman. Jerome powell underscored that point yesterday saying the single most important economic policy in the country right now is healthcare policy right. They're completely entwined so. Even if biden meets his goal of delivering one hundred million shots in his first hundred days which experts say is a stretch. Right that's not suddenly gonna fix the job market. What is biden saying about that right. So he's calling for another round of direct payments. Have fourteen hundred dollars for most american. That's on top of the six hundred dollar payments that were approved last month he also wants to increase unemployment benefits and importantly he wants to extend those benefits through september or even longer if conditions warrant. He's also calling for hundreds of billions of dollars in spending to help schools reopen safely and help state and local governments keep teachers and police and firefighters on the job and he's proposing some longer term measures including a boost in the minimum wage to fifteen dollars an hour. I mean i guess. He's got some support in congress. It's tipping his direction. But what are the chances that actually gets through uncertain you know. Democrats have the narrowest possible margin in the senate and not much bigger majority in the house. as much as the president-elect is urging law makers to act quickly he acknowledged this is not gonna be like throwing a light switch when he takes office next week. We didn't get into all this overnight won't get out of it overnight. We can't do it as a separate divided nation only way we can do. It is to come together to come together as fellow americans as neighbors that is obviously a very different tone than what we've been hearing in washington lately. Certainly parts of the biden plan are not gonna win. Bipartisan support of the chamber of commerce for example are very skeptical of that fifteen dollars minimum wage but the chamber put out a support a statement especially about the vaccine turbo charging. You know everybody wants to put this pandemic behind them as quickly as possible.
Economic recovery: one step forward, several steps back
"A big day. This was for the two people who will arguably be running this economy for the next number of years i speak here of course number one. A fisherman jay powell who did an online thing at princeton today in which he said among many other things now is not the time to exit. Allow to translates. If i might that is fed. Speak for we're going to keep on propping up this economy with low interest rates for as long as we have to and the other guy the one who's going to be in charge of this economy in six days said i see your interest rates jay and i will raise you one point nine trillion dollars. President biden is rolling out his economic relief. Plan tonight another fourteen hundred dollars in checks to individuals more unemployment assistance billions for vaccines and testing. Tracing all the stuff we all kinda thought would be in there and however much does pass the new congress. It is not going to come a moment too soon. Because this being thursday we got new numbers for initial unemployment claims this morning a big spike backup to almost a million people who lost their jobs last week and that comes as some new research from the federal reserve shows. The unemployment rate for this economies highest paid workers has fallen down underneath five percent. While for the lowest paid workers. We have it's as high as twenty percents marketplace's jasmine guy gets his gone. The numbers paint. What economists have called case shaped recovery. Things are improving for the better off and getting worse for the rest. Paul iverson an analyst at the university of iowa's labor center says there are long term ramifications to this people that were already in a precarious position that were one paycheck away from disaster. Now find themselves without that paycheck and so disasters the result industries like hospitality which tend to be low wage and employ more black and latino have been particularly hard hit by the pandemic manet. Yanko is an economist. At the university of michigan issue of very very different levels of unemployment in different sectors of the economy is not going to go away until we allow our restaurants and hotels to near full capacity in yesterday. Speech federal reserve governor brainerd. The need for urgent economic policy to help millions of unemployed americans travel logan an economist at ohio state university agrees we do need to support the income of the workers. Take uley those who are indeed high contact service industries working reductions than ours and now facing increasing and prolonged unemployment but he also says it conomic recovery hinges on the success of the vaccine rollout jasmine garst for
Census decision deals blow to Trump efforts on House seats
"Donald trump's xenophobic effort to exclude people in the us illegally from being counted in the process for divvying up congressional seats was dealt another blow on wednesday when the census bureau's director indefinitely halted an effort to gather data on the citizenship status of every. Us resident bureau workers laboring to comply with the trump order. Were instructed to stand down and discontinue that data reviews census bureau director steven dillingham said in a memo gillingham's memo came after the office of inspector general reported on tuesday. That bureau workers were under significant pressure from to trump political appointees two years ago trump ordered the census bureau to use administrative records to figure out who is in the country illegally after the supreme court blocked his administration's to put a citizenship question. On the twenty twenty census questionnaire information about citizenship status could be used to implement another trump order seeking to exclude people in the country illegally from the count used for giving up personal seats and electoral college votes as well as the annual distribution of one point five trillion dollars in federal spending among the states an influential. Gop advisor has advocated excluding them from the apportionment process in order to favor. Republicans and non hispanic whites. Trump's unprecedented order on apportionment was challenged more than a half dozen lawsuits across the us but the supreme court ruled last month. That any challenge was premature. Dale ho director of the aclu's voting rights project which had challenged the apportionment order. Joe biden on wednesday to rescind. Its when he takes office. President trump tried and failed throughout his entire presidency to weaponize the census for his attacks on immigrant communities. Ho said it appears he has failed yet again.
Is Student Loan Forgiveness A Good Idea?
"Right now on the. Us government federal balance sheet there's loan receivables over a trillion dollars of student loan debt sitting there as a receivable for the fiscal year ending nineteen total assets of the federal government worth three point nine trillion of which one point one trillion was direct student loans. But here's the thing. Three point nine. Trillion in assets twenty six point nine trillion in liabilities. The difference the deficit is twenty two point nine trillion dollars. The us government is effectively insolvent. It does more than its assets. And if the us government road off four hundred and forty billion dollars of student loans it would just increase the level of insolvency. It would not sink. The government by any means the education department according to some private consulting work that they contract it out understand what the potential losses are on their student loans found. According to a report by the wall street journal that losses on the one point three seven dollars of student loans outstanding at the time this report was compiled would equal four hundred and thirty five billion dollars. Only nine hundred and thirty five billion would be paid back and that didn't include about one hundred fifty tonnes originated by private lenders that are guaranteed by the government each year. The government lends a hundred billion dollars to students to cover tuition to more than six thousand. Colleges and universities doesn't look at credit scores or the field of study or whether students will make enough after graduating to cover the debt. The wall street journal article reported that between two thousand five in two thousand sixteen four intent student loans. Most of them federal went went to borrowers with credit scores below the subprime threshold. That's assuming they actually had a credit score. Which at the time. That i took out my first student loan which i'll talk about a little later in this episode. I didn't have a credit score. Nor frankly i know what i was doing. But here's the thing. The consultants found out that a major driver of those losses were students. Who went on some type of income driven repayment plan. An income share to wear they only had to pay a percentage of their income and ultimately the loan could be forgiven after a number of years. If a loan isn't paid back in full because the payments are based on income in income isn't growing and ultimately the alone is written off after twenty years or so then that will lead to a loss in addition that study found that there are millions of other borrowers that would default on smaller amounts typically less than ten thousand dollars after the drop out of a community college or a for profit college one of the comments in this wall street journal article on the private consultants conclusion regarding the potential losses. For the us government. Student loan program is that taxpayers would be on the hook for this if the government off four hundred and forty billion dollars of student loans. Us government would receive less interest income and principal payments annually interest if we assume a five percent interest rate on one and a half trillion dollars of student. Loans is is only about eighty five billion dollars. now. I say only because total. Us government revenue is three point four trillion dollars. Interest income from student loans is only about two and a half percent expenditures in fiscal year. Twenty twenty six and a half trillion dollars. The deficit was three point. One trillion fourteen point seven percent of economic output or gdp nominal gdp and fiscal year. Two thousand twenty was twenty one point two trillion dollars. This deficit was fourteen point seven percent of that number the highest since the great financial crisis where the deficit was nine point. Eight percent the highest deficit ever was in nineteen forty three at twenty nine point six percent of gdp. The us ran three point. One trillion deficit in twenty twenty and the federal reserve increased the amount of treasuries on their balance sheet essentially funding that deficit. Two point two trillion dollars is the additional treasury bonds that the federal reserve bought so two point two trillion of the three point one trillion dollar deficit. These student loans are tiny percent of what the government is spending much of which the federal reserve financed indirectly. Veterans are didn't just give the money to the treasury. they went through the county mechanism of buying treasury bonds. But that's what happened. The federal reserve created the money out of thin air to purchase treasury bonds to plug the deficit now when i started hearing about forgiving student. Loans cancelling them. My impression was the student loan. Burden is as high as it's ever been. That students are struggling tremendously compared to when i took out student loans in the late eighties and early nineties. What i found was the average student loan and again this is based on data from marc canter wits. This is just the average student loan balance for graduates with bachelor's degree when they leave school in one thousand nine hundred nineteen ninety-three. It was ninety three hundred dollars. Forty six percent of students had student loan debt. That's about how much i had little over ten thousand dollars in student loans. When i left graduate school today. The average student loan balance is twenty nine thousand nine hundred dollars just for students. With bachelor's degrees sixty nine percent of graduating students have student loan balances. That amount going from ninety three hundred to twenty nine thousand. Nine hundred was a four point. Six percent annual increase. Now that's a burden no doubt and if it growing at four point six percent it's growing faster than inflation yet if i look at what students are making when they graduate in nineteen ninety-three or year after they graduated so in nineteen ninety-four an engineer. Starting salary was thirty thousand. Nine hundred dollars. A humanities graduate was making twenty one thousand three hundred dollars so if we compare that salary to the amount of their debt engineer made three point three times. The amount of student loan debt they had and the humanities major may two point three times the amount of student loan debt they have if we look at what engineers typically make coming out of university. Today it's close to seventy thousand dollars or about two point three times the amount of their student debt back in one thousand nine hundred. They made three point three times the amount that they owed now. It's two point three times so they own more relative to their salary but the interest rates are lower now. So they're able to handle that. But it's not this huge change that i had expected for the humanities graduate. They went from earning two point. Three times Student loan balance to one point eight times now. Part of that is pell. Grants which are grants given to low income students to essentially pay for school. I got a lot of pell grants when i went to school. That program has only grown about three point nine percent per year the maximum payout amount per student so it has not grown as fast as student debt levels. Now we can say well may be. College graduates are able to find jobs. The unemployment rate for recent graduates was five point one percent in nineteen ninety-two it was three point. Nine percent before the pandemic hit in february twenty twenty and so a greater percentage of recent graduates had jobs in early. Twenty twenty then back in nineteen ninety-two now. The unemployment rate at least in september was nine point one percent according to some data from the new york fed which suggests that yeah Graduates are struggling to get jobs. It is harder today than it was in nineteen ninety two but not that much difficult. And i don't recall calls to cancel student. Loan debt back in the early to the mid ninety s
The issues driving healthcare in 2021
"Researcher and widely known industry expert. Paul recently wrote about what he sees coming for healthcare and twenty twenty one and we're happy to have him back on the show to discuss his analysis. Paul welcome back. Thank you mike. So lots to unpack with healthcare from this past year of twenty twenty and heading into twenty twenty one. And i think it just makes start. It makes sense the sense to start talking about Cove in our discussion. So what do you see for. Vid financial relief going forward for both patients and providers in two thousand twenty one well in addition to the three trillion of relief funds that have come through the system. in twenty twenty There'll be another trillion that comes through with targeted to unemployment benefits to small business and some individual relief for certain populations but The way to think through this is the first six months of two thousand and twenty. one are Were managing the last hopeful stage of the pandemic in the us but it's lingering impact will continue long after the first two quarters The economy a world closed twenty twenty when we get those final numbers at about seven to four percent below On the gdp basis and our federal deficit will be sitting somewhere around twenty seven trillion and change so our net worth As an enterprise if you will Will reflect an eighteen trillion dollar Asset and a twenty seven trillion dollar long term deficit. So we gotta. We're upside down on the deficit side and that'll become more important as we can have come out of the pandemic in the last two quarters of next year and beyond so mike i think pandemic is still the story but it's pandemic and what's next and a lot of that will be defined by the policies of the administration and much of that defined by the constitution of congress especially the senate because this was not the change election that democrats had expected a more A repudiation to some extent of kind of a far left view of government Voters like the idea of a divided government especially the top half of the income ladder and the market says. We're not so sure that congress ever figures things out as easily as the private sector so there was a pretty significant rejection of some of the bigger government run solutions. That's not going away but it's been buffered by the election so The way to think through the next two years at least is incremental changes that will satisfy more kind of a centre-left anna left side of the voting spectrum but not the major changes that were promised in the campaign. great analysis paul Let's talk tacticly about
Bitcoin Will One Day Hit $1 Million
"Bitcoin blowing through new records today. The crypto currency gaining thirty three percent. This week alone in case you missed it. Wargin creeks anthony. Poblano join us last night here on fast. Listen to what he said about. Bitcoin is headed. If you really think about the technology world we talk about ten x improvement props. Bitcoin is at least ten x better than gold in every way. And so i think that if you just think of a bitcoin product that has to expedite and mortgage cap kind of follows that that would put bitcoin at a million dollars. Coin right just two golds market cap in case you thought you heard wrong. That's a million dollars. A coin became. We're specifically talking about j. p. morgan's known on on Bitcoin from earlier in the week and they were making the point that there have been outflows from gold inflows. Bitcoin as bitcoin has ramped and so the notion is that bitcoin would be a replacement. Are you on board that because that seems to be the main driver these days For the bullish thesis on bitcoin. Yeah i think listen. It's digital goal that narrative has taken off this year among the institutional community and just to put a couple of numbers around that so we have gold. Roughly it's market. It's total value is about ten trillion bitcoins out about seven hundred billion eight hundred billion right now. That jp morgan not talked about if all of the money came out of gold into bitcoin. That would be somewhere around two point seven trillion dollars. So that's probably almost. What a quadruple from the price. From where we all right now maybe a little bit more a quadruple puts you at j. p. morgan's price at one hundred and forty six thousand. So it's not necessarily a reasonable. My only concern is when you you know. And i think pop made a great point. My concern is when you have these these these big upside targets then. People say hey. I'm gonna just going load into it here and i just. I've been doing it for years. But i remind people. Bitcoin has months where it's down thirty forty percent so you could buy a forty thousand today and watch it go to twenty thousand and that would not be unusual and we should make the point to that. Anthony made clear that you could see wild swings on the way to a million dollars a point up twenty percent or down twenty percent or thirty percent for that matter. Cape fat kate. I imagine that your clients are inquiring. I mean this has got to be on everybody's mind so how. How do you approach that honestly. Melissa bitcoin is not my joint jealous of the people who are in. It made a lot of money. I don't get. It doesn't make a lot of sense to me and why bitcoin if you say cryptocurrency generally cage supply-and-demand. If bitcoin is doing that well it will attract other crypto currencies. So i'm gonna sit on the sidelines on this one.
Bitcoin tops $40,000 for first time, pushing cryptocurrency market value past $1 trillion
"Bitcoin has quadrupled in price in just the past couple of months from ten thousand dollars per coin to forty thousand dollars yesterday and the crypto market in its entirety is now worth over a trillion dollars. There's a few probable reasons for bitcoin spiking so much but the main reason is this the first rally was all about small investor fomo but the second rally is all about big investor from retail fomo three years ago corporate fomo today for example square the payment processing company. They just bought fifty million dollars. Bitcoin just in october famous hedge fund run by a man named paul jones has had two percent of all their asset is now in bitcoin and boston. Favourite finality is now accepting bitcoin as collateral for loans. I'll tell you i'm good for it. Got bitcoin in the back. So jack what's the takeaway for our buddies over in bitcoin. Bitcoin has one main superpower and that is anti inflation all right because he can't trap a fraction of a bitcoin to pay for a smoothie. Right now and it's probably like a little too volatile fairmont and just like the retail fomo of three years ago this corporate morality that could pop and crash and plummet as well keep in mind. I mean jack toussaint in two thousand seventeen. The value of bitcoin crashed almost ninety percent. Right after a jump. Like this if you bought at the top of that bubble you experienced a lot of pain in the next two months but there is a fascinating real value in bitcoin right now which isn't as a currency but actually just to protect against inflation smackers because of the global pandemic governments across the world are printing money to pay for stimulus packages to rescue the economy. So we get cash flowing into the financial system all in hopes of juicing up the economy right now all that new cash though could dilute away the value of the money in that country. And that's the inflation. When like a one dollars orange could eventually cost you two dollars because your money is actually worth less. Because there's too much money out there now. Inflation like nick. Just describe with the oranges and the dollars that is not possible with bitcoin because there are a finite number of bitcoin that could ever be mind in this earth so similar goals the protection against inflation is bitcoins superpower we think that's why corporations and institutions are buying bitcoin right now
Attorney: Congressional seat data won't be ready in January
"The trump administration says census bureau numbers needed to tally US congressional seats will be delayed until at least February a justice department attorney representing the census bureau in a lawsuit filed by community advocates says the bureau's found new irregularities in the head count data and won't have it ready until mid February the numbers were supposed to be in by the end of December to determine congressional seat allocations and the distribution of one and a half trillion dollars in annual federal spending if the apportionment numbers are not completed before Joe Biden is sworn in it will likely negate president trump's efforts to exclude all the people in the U. S. illegally the lawsuit was filed to help insure minority and migrant populations were fully count IT Jackie Quinn Washington
Markets Shrug Off Relief Package Disputes In Anticipation Of Resolution
"Of congress's nine hundred billion dollar stimulus deal also still hangs in the balance last week president. Donald trump demanded that the virus relief package that had cleared. Both chambers of congress be revised. The package should include two thousand dollar checks to most americans. Instead of these six hundred dollar payments included in the current legislation and other items he considered wasteful and unnecessary should be cut. He said trump had still not signed the bill. As of this weekend allowing the lapse of a number of federal unemployment insurance programs that millions of americans have joined over the course of the pandemic more than fourteen million americans rely on the pandemic unemployment assistance or pandemic emergency unemployment compensation programs benefits in both of these programs expired saturday but would be renewed march in congress's virus relief plan despite the threat equities mostly held up strongly last week as traders still anticipate a near term resolution stimulus disputes either during the trump administration. Or the next i think. Markets have basically priced in two trillion dollars in stimulus. And obviously we're not getting that with the nine hundred billion dollar relief. Bill but we know that janet yellen and joe biden are coming into office. And we know that. There's even a possibility that democrats are going to take control of the senate which all points to more stimulus with all points down dollar which all points to more ability for asset prices to increase francis newton. Stacey optimal capital director of strategy told yahoo finance on thursday so markets are quite literally. Shrugging
Here's What's In The Covid Relief Bill
"Congress passed a five thousand five hundred ninety three page corona virus relief bill and government spending bill for the fiscal year after reaching an agreement on the legislation over the weekend. The virus relief package is set to include another round of six hundred dollar stimulus checks to americans three hundred dollars per week in augmented unemployment insurance for unemployed individuals more than three hundred billion dollars in aid for small businesses including through the paycheck protection program and tens of billions of dollars across other provisions including rental assistance vaccine distribution funds and broadband support the biggest single component of the new covid. Relief bill is the refunding of the paycheck protection program with a total of two hundred eighty. Four billion dollars. Ian shepherdson of pantheon macroeconomics said in a note. Monday evening it worked and will work again by offering loans to small businesses based on the size of their payrolls with services jobs now in freefall according to the alarming daily data from home base. This can't come a second too soon. Though in reality firms likely won't be able to make applications under the new program for another couple weeks. He added still. This is a big step forward helping bridge. The gap between the third wave ravage services economy and the post pandemic world of the spring. All told the package came in at about nine hundred billion dollars or less than half the size of the two point. Two trillion dollar cares act from the spring democratic lawmakers have suggested the bill is just the start of a more comprehensive suite of fiscal stimulus however wants president. Elect joe biden. Takes office is suspect. Incoming president joe biden will be primarily focused on creating work for the ten million people who lost their jobs due to the pandemic and are yet to find employment james nightly i n g chief international economist wrote in a note tuesday morning. That means we are likely to see. Another substantial fiscal stimulus focused on infrastructure and
Stocks End at Record Highs After Trump Signs Virus Relief Package
"Stocks end at record highs after trump signs virus relief package stocks jumped on monday to reach record levels after president. Donald trump signed a virus relief package following a multi day delay. The dow rose zero point seven percent or about two hundred points while the s. and p. Five hundred rose about zero point. Nine percent and the nasdaq added zero point. Seven percent each of the three major indices record intra-day and closing highs adding to their year to date gains in the final week of two thousand. Twenty trump gave approval to congress's bi partisan nine hundred billion dollar stimulus package sunday evening after objecting to the bill earlier last week in approving the stimulus package trump also signed congress's four trillion dollar omnibus omnibus bill providing funds for the government through the end of the fiscal year. Averting a government shutdown. The virus relief package included a more modest six hundred dollar payment. That fell short of trump's demand to cut two thousand dollar checks to most americans trump also called for lawmakers to cut items. He considered wasteful and unnecessary in the bill house speaker. Nancy pelosi is set to hold a roll call. Vote over a separate measure to increase the direct payments on monday after having failed to pass it through unanimous consent on thursday it is unclear whether or when the republican controlled senate would take up the measure in its current form. The stimulus package includes a host of measures to support individual americans and businesses struggling amid the ongoing pandemic. Which as of monday sickened more than nineteen million people in the us. The legislation includes approximately three hundred and twenty five billion dollars in aid for small businesses and replenishes the paycheck protection program and extends federal unemployment benefit programs and offers an enhanced three hundred dollars per week in jobless insurance still the delay on signing the bill into law created a lapse in unemployment benefits for the about fourteen million americans claiming federal pandemic unemployment assistance and pandemic emergency unemployment compensation as both of these programs expired on saturday without the new stimulus measures to renew them. There is likely to be a brief delay in restarting these programs. Under the new authorization experts have said
McConnell ties efforts to increase stimulus payments to other issues
"From the Hill newspaper, the Senate appear poised to override President Trump's veto over defense policy bill handing the president's stinging rebuke in the final days of his administration. The issue is likely to come to a head either on New Year's Day or the following day. In a rare Saturday vote. With a group of lawmakers threatening to drag out the veto fight as they tried to leverage the 17 $40 billion defense measure into getting a vote on the House passed stimulus checks Bill here is the Senate majority leader, Mitch McConnell on the Senate floor. Does the sun it was supposed to finish legislation securing critical tools, training and support for America's armed forces. But the junior senator from Vermont had other ideas. Remember, Senator Sanders spent last summer literally trying to defund our military? Not my words, Mr President, but the title of the piece he published defund the Pentagon. The liberal case are calling. All through an amendment to strip 10% of funding from our service members and decimate our defense budget. Russians aren't cutting military funding. China isn't cutting funding. But last summer, Senator Sanders and fellow Democrats including the Democratic leader voted to make America unilaterally disarm and cut hours left took a break from trying to defund the police to try to defund our armed forces. Their amendment went down in a landslide. But now our colleague from Vermont Again putting political stunts before the needs of our men and women in uniform. Our colleague says he will slow down this vital bill unless he gets the muscle through another standalone proposal from Speaker Pelosi that would add roughly a half a trillion dollars to the national debt, which does not align with what President Trump has suggested that which has no realistic path to quickly pass the Senate. Well, as I've said the Senate will not let our national security be shoved off course, certainly not by centers. Who have spent years 30 years trying to got America's capabilities. While our adversaries continue ramping up, the Senate will stay on this important bill until we complete it one way or another, the Senate majority leader, Mitch McConnell, He was referring to Senator Bernie Sanders, independent from Vermont to caucuses with the Democrats following Senator McConnell on the floor Senate. Democratic leader Chuck Schumer, the minority leader, who said When it comes to these two issues that veto override and the stimulus checks, they should not be pitted against one another. Now, As I said yesterday, they are to two major issues before the Senate right now the annual defense spilled and the vital and important effort to send $2000 stimulus checks to American families. There are only a few days left in this session on the Senate should consider both issues. For a journey. There's a very simple solution to this dilemma. Leader McConnell should bring both measures up for a vote and let the chips fall where they may. I believe both measures. Then the defense override, and the $2000 checks to American families will both pass. But at the very least, the Senate deserves the opportunity for an up or down vote on increasing the individual payments to the American people. So at the end of my remarks, I will ask the Senate to set a time to night. For a vote on the House bill to provide $2000 checks. The Republican leader objected to a similar request I made yesterday and it appears he may be considering a different bill that packages stimulus checks with other unrelated and partisan policies. So I want to be very clear about one thing. There is no other game in town beside the House bill, the on leeway the on leeway. To get to the American people. The $2000 checks they deserve and need is to pass the House bill and pass it Now the house is recessed for the year. Any modification or addition to the House bill cannot become law before the end of this Congress. It's a way to kill to kill the bill. Make no mistake about it, either. The Senate takes up and passes the House bill or Struggling American families will not get $2000 checks during the worst economic crisis and 75 years Senate Democratic leader Chuck Schumer. He did ask for unanimous consent to bring up that bill and Senate Republican leader the majority leader, Mitch McConnell, did object.
Oglala Sioux community leaders take COVID-19 vaccine to build trust
"This is national native news. I'm antonio gonzalez. The oglala sioux tribe in south dakota has started cove in nineteen vaccines for healthcare workers with both pfizer and moderna. As lee strube injure reports tribal leaders are carefully. Managing the number of vaccine doses. They receive alicia. Musso is vice president of the tribe. She says they're asking frontline workers what they want to do that. We are polling to make sure people wanna take it or not to say you have these infrastructures asking if they want to musso says tracking vaccines for healthcare. Workers helps the tribe advocate for the exact number of doses. They need during this first phase. Musso says they're also working to boost confidence in the medina and pfizer vaccines. They're asking other respected members of the community to set an example. By taking the vaccine. We do have different influences in our community leaders in that way and those of us who even though we have these political positions who may have less risk factors and want to you know in our own way Culturally allow people to take that who are higher risk. The tribes medical task force will continue to roll out. Its covid vaccine. Plan unleashed droop injure in rapid city. A long running water right settlement between the navajo nation. The state of utah and the federal government has become law as ryan hinds reports as part of the sweeping covid nineteen government spending bill signed by the president. The navajo utah. Water rights settlement act among several bills included in the two point three trillion dollar package it ends decades of negotiations between tribal federal and state officials and affirms tribes right to more than twenty six and a half billion gallons of water a year from. Utah's colorado river basin apportionment. The legislation also settles all current and future water claims made by the navajo nation in utah and allocates two hundred and twenty million dollars to water infrastructure on the portion of the reservation located in the state navajo nation president. Jonathan nez calls the settlement historic in says it'll increase access to drinking water for many navajo families. The president's office says more than forty percent of navajo nation households in utah lack running water or adequate sanitation according to the navajo water project. One in three residents on the reservation lack a sink or toilet in their homes. The settlement act was approved by the navajo nation council in two thousand sixteen and introduced in congress by a bipartisan group of lawmakers from arizona utah and new mexico last year for national native news. I'm ryan hinds in flagstaff. The little shell tribe of chippewa indians in montana was federally recognized. One year ago the tribes working on opening its own health clinic next year as yellowstone public. Radio's caitlyn nicholas. Reports tribal health director molly. Wetland says the tribal launch a healthcare system to provide medical dental behavioral traditional care to tribal members at their own clinic in great falls. We've been a landless. Try reservation let's tribe and so to have something of our own and to be able to provide. Our members carry is really important to the little shell tribal health. Clinic will likely open late. Summer of twenty twenty one but wetland says work tribes first healthcare facility is well underway. He just completed demolition of the building that we purchase. And we're in the design phase. And we're getting ready to start with remodel. Wetland says the team will offer a holistic approach to healthcare as an example. She says she is working closely with little shells. Housing director heath lefranc boys to ensure patients aren't struggling with homelessness as healthcare and housing are closely connected to our primary care team all focused on sort of understanding each of our customers and their own unique story and values and influences an effort to kind of engage them in their care and support long-term behavior change and help our tribal members be successful. I'm caitlyn nicholas and damien antonio
Cheques, imbalances: Americas fraught stimulus
"America's house of representatives passed another version of stimulus bill yesterday. This one promising. Two thousand dollar checks to the majority of americans use would make a difference in the lives of americans who are facing the greatest uncertainty that they've experienced for many of them in their lifetime. It's unclear if the measure will pass in the senate making it yet another twist in a last minute. Saga to provide economic assistance to millions of struggling american workers and businesses the original two point three trillion dollar spending package included nine hundred billion dollars for pandemic relief in addition to funding the federal government for the next year. They was hastily negotiated in the run-up to christmas by a bipartisan group including president. Trump's treasury secretary steve mnuchin but after it was passed by the house and the senate. Mr trump criticized the bill saying it didn't do enough to help. Ordinary americans in really is a disgrace for example among the more than five thousand pages in this bill in the end. He didn't make good on his threat to veto the legislation on sunday but he demanded another congressional vote on increasing the value of the stimulus checks. A measure supported by many more democrats than republicans. I worry that this wapping four. Hundred and sixty. Three billion dollars won't do what's needed stimulate the economy or get the jobless back to work. Whatever the outcome the relief couldn't be more needed. Government has been deadlocked on the matter for months and in just over three weeks. It'll be president. Joe biden who inherited the budget. The stimulus plans and the problems brought about by all the footdragging. Congress rarely compromises these days injuries. Cologne is the economists. Washington correspondent and it was truly a compromise measure. That will do some good I think for the american people. So what's in the bill actually been passed by both houses and signed by president trump. the new sumo's spill that president trump signed into law includes a couple of important provision. One of which is another round of direct checks civil. Go to americans. These are going to be half as big as the ones that were passed in march so these will be six hundred dollars per person as opposed to twelve hundred and there's also going to be a new federal top in unemployment benefits. Most americans have beginning six hundred dollars a week until those benefits expired back in august. The new benefits are going to last for eleven weeks and they will be about three hundred dollars per week. And there's a few other things it's very long. Bill is fifty six hundred pages. Almost that was negotiated very much at the last minute. Among the more important parts are another three hundred billion or so which are going to be allocated for the payment protection program which subsidizes businesses to make sure that they don't have fire people and why the president trump had Such a hard time signing why the delay. That's an interesting question. Depends on how generous he wanted to the president. Many people pointed out the seeming lack of logic about refusing to sign a bill that had been negotiated with his administration. Nancy pelosi of negotiating with steve mnuchin. The treasury secretary about the contours of the bill and this compromise was was forged with mitch. Mcconnell the republican leader in the senate there had been little indication before the bill was actually passed that donald trump had match of objection to it wants. It came to his desk. He thought of the bill was pathetic and that it needed to have much more generous person check but ultimately donald trump decided not to hold up the bill and and this is a relief package that americans have really been waiting some time for. Yeah absolutely the initial cares. Act was a huge injection of stimulus. But it was passed all the way back in march and a lot of the major provisions of the cares act expired back in august and interestingly because that was more than two trillion dollar bill what you saw in the first month of the pandemic was actually pretty solid progress against already in america. You saw a twenty five percent reduction from its pre pandemic levels and what you've seen since the expiration of those benefits is a very fast resurgent so all of those gains in poverty reduction have been Erase this point and if you look at other indicators of hardship whether it's the sheriff families who say that they can't afford food thirteen percent of american families right now are saying that they have not had enough to eat in the last week from the latest census bureau. Polls you see thirty percent of americans who are renting say that they have little to no confidence that they will be able to pay next month's rent and those measures that we've been tracking have gone up significantly in the past couple of months and put this into some context. How does this This relief package on the whole compare with with similar ones offered by other countries britain germany. And so on so at this point america. We'll have done over three trillion dollars of direct stimulus. And if you compare. America to other countries on the basis of how much money does it immediately inject into the economy. America looks fairly outstanding. Where america doesn't look as generous on the stimulus front is on its guarantee. Liabilities made with businesses so european countries are much more likely to guarantee loans use the central bank much more than america has used the fed as part of their strategy for addressing similar. So depending on whether or not you think. Direct relief to americans is more important You could say that america's really well if you think that subsidising businesses and making sure that they stay open is the vital point of covid relief that you could say that the europeans have done better but another facet of this was that the bill apparently contains what president trump called the pork but a lot of provisions that aren't sort of directly related in that way it does and that's in part because it was attached to the bill that keeps the government open in funded for the next year and that obviously has a lot of unrelated provisions because it is the bill that funds entire federal government. You know there are measures on a teddy roosevelt presidential library. Independent commission to oversee horse racing. Racine those kinds of things have been snuck in but also some provisions that might not have been obviously related to covid but that are probably good like an end to the practice of surprise billing which is basically where you go to a hospital. That's in your insurance network. You're treated by dr who is affiliated with a different network and you get a very large bill and all this is happening of course in the in the twilight of mr trump's presidency. Where does this leave. Joe biden as as he starts to come in this really sets the initial conditions for joe biden's presidency a lot of the unemployment benefits for example will expire in mid march which will mean that there will be some period of renegotiation. We saw chuck schumer. Who is the democratic leader in the senate say that the bill will only partially cover some of the depths that americans are in right now economically. Unfortunately the troubles are so deep. The abysses so long that we need more and this is just a first step. This is an emergency. We need a second bill to continue. So that's going to set up a new challenge for them in the opening days of the administration when biden would probably rather try and pursue a big legislative victory like infrastructure. Or something else. A lot of it is gonna turn on what happens in the upcoming senate races in georgia. The runoffs will decide the last two seasons senate and that will determine whether or not democrats or republicans control it if republicans keep those seats and democrats. Don't have control of the senate. I think it's probably quite likely that this is the last big stimulus measure that americans are gonna see addressed. Thank you very much for your time. Thanks so much for having
Omni Hotels Accepted Millions In PPP Funds But Didn't Pay Workers
"A lot of hotels closed their doors in the spring. And some still haven't reopened. These hotels were able to keep their workers on the payroll because of funding from the federal paycheck protection program. But one national chain omni hotels and resorts is under fire for laying off than and workers. They use the funds for other purposes bill driscoll of member station w. esa in pittsburgh reports one. Leadoff worker is killed. Sia moronta a health club attendant at the omni. Providence in rhode island. She's worked there twenty one years more onta. A single mother with children applied for unemployment and food stamps. Then she heard what she thought was good news. I well struggling to provide for my family. I learned that they only have received some ppp money great. At least you know. They're going to help us. Can't buy when it comes to basic needs. The ppp is the paycheck protection program. The half trillion dollar initiative was part of the huge pandemic relief. Package congress passed in march. The p p offered loans. That are forgivable if employers you sixty percent of the money for payroll related expenses. Ep was designed as an alternative to unemployment at least for the eight weeks of payroll benefits. It supplied the omni. Providence applied for a two point six million dollar loan and said it would be chained some two hundred fifty jobs. Balloon was approved in april but eight months later with unemployment benefits run out and health coverage long-gone meranti and the other laid off are still waiting right now. We are in december and we having here anything about using that money to help. James employees moronta belongs to the service workers union unite here with three hundred thousand members. In north america using government data unite. Here says omni. Hotels received a total of seventy six million dollars. P p p loans about a third of that went to hotels where the union represents workers. Carlos outta maiyo is unite. Here's executive vice president boston. I've spoken to hundreds of workers to work at the army. Parker house at not of them have received a single dime of this money and looking at this winter a lot of them could really use it. So where did the money go in a statement. The omni chain based in dallas said it didn't use the funds to pay workers because the hotels were closed or operating at low volumes. Ppp rules allow a business to use the funds for payroll even if it were closed but the omni chose not to instead the chain promised to repay the loans with interest at least the part of the loans that are not forgiven but these loans carry a below market interest rate of just one percent which angers demayo it's disgusting companies. Wanna try to use this as a way to get a low interest loan from the federal government. Critics say repaying the loans beside the point. Lisa gilbert is executive vice president of watchdog group public citizen. Thank you think about other businesses. That maybe didn't get money because he did either to small businesses over struggling or another company that might if you actually pay their workers as for these workers. Many feel betrayed again. You'll see moronta only call family. They always say that. We are finally so where the family treatment when it comes to the employees the unite here union has asked the small business administration which administers the ppp and the us department of treasury to scrutinize the omni loans. Whether they are forgiven remains undetermined even as congress approves a new round of pandemic relief
"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.