35 Burst results for "Two Hundred Billion Dollars"
The Shawn Harvey Morning Show Podcast
"two hundred billion dollars" Discussed on The Shawn Harvey Morning Show Podcast
"He's already is a millionaire. But the main story before we leave barbecues is not this guy. Is ben simmons from the philadelphia. Seventy sixers ben simmons. Who's making big news right now. He doesn't want to return to the philadelphia seventy sixers. He wants to be traded. He's not going to training camp because of what he did last year. In the playoffs the philadelphia seventy sixers are threatening him to say if you don't play basketball with us before we trade you because they can't they can't trade him. The trade is too bad. They want something for him. He has a bad contract other teams take them but they not given up for him and they are threatening to find out how much money he makes. Barbie per game cine. They threatened him if he doesn't play basketball and that they take in this game checks away from him. I mean so. Bobby find out how much money ben simmons fakes per game sitting there saying instead of him working out on his free throws because we all know what he did last year he feels that he doesn't wanna play on the team no more. Did you work all your free throws bro and the team is trying to trade him but his contract is saying he has one of those two forty year contracts. Two hundred billion dollars. They can't offload their another team. Take it but they don't want to give nothing back in return. You already want to dump horrible contract on us. We're not giving you first round. Pick at the same time. Right he His contract is guaranteed one hundred and seventy seven million and he makes about thirty five thousand per day. She's city one hundred. Seventy seven million guaranteed thirty five thousand dollars again. And it's eighty two games in the year not including the playoffs and you got the nerve of young man to say that you don't wanna come back to this because you can't hit free throws in your confidence and your self esteem is solo solo. If i was running the philadelphia seventy sixers. This is what harvey would do..
Deeply Upsetting
"two hundred billion dollars" Discussed on Deeply Upsetting
"But you got like ninety like you barely like and even then the teachers like i kind of let one slide yet. You shouldn't have gotten credit for. That's low orbit. He's he he. He barely got there yet. So that's bazo doing the bare minimum. Also how long ago was it that he and his wife got divorced because this screams midlife crisis just got a divorce if you have two hundred billion dollars instead of getting a fucking convertible you you go to low orbit yep yeah In a dick rockett okay. And that's a really important thing to talk about. Is the way that that rocket looked. Did nobody cares about the appearance of it. Was that just like not a factor. Someone trying to fuck over jeff beza which i hope is the case bald man and a dick rocket is my favorite moby album. There's there's no way the engineers looked at that and didn't think. Wow that's a giant dick. No no possible way. It's got a mushroom tip. I mean it's not. It's not like a rocket as phallic shaped okay. Yeah but most aren't pointy like a fucking needle at the end. You know this. This one literally has a mushroom tip and two tiny little balls on either. Let the fuck. It's insane. I just want to know the story. I want to be in the meeting. Where they're like. Yeah looks cool. Looks masculine in a way right. Like very cool and masculine. I wonder if maybe jeff bezos knew. It looked like a dick the whole time. That was his intention and it was a test of loyalty where he was waiting to see. If anybody would mention that it looks like a dick and nobody did like finds out. He has no real friends in the world..
Democracy Now! Audio
"two hundred billion dollars" Discussed on Democracy Now! Audio
"The production systems. Their transportation systems the other systems that we rely on to make them sustainable so that we can live on this planet. So then why would we even need to move them to space in the first place. It's just a statement that makes no sense. And as jeff bezos is saying these things. It's important to understand that you know he is personally still living. The life of a billionaire has massive personal carbon emissions by his company. The company that built his two hundred billion dollars of well amazon increase its emissions by nineteen percent last year alone. So you know. I think that we can see this as a way to distract from the real problems that we face in the here and now with solutions that are never really going to come well during his news conference on tuesday and just again to point out the amount of coverage this scott cnn. I thought moved their entire operation down to west texas to cover this minute by minute so that you didn't miss anything and let's compare that to the climate crisis right The coverage of all the shows on broadcast television for those minutes got more coverage the hours leading up to it and after it then a year of coverage on of climate the climate crisis. But let's go back to another clip of jeff bezos This is jeff bezos talking about infrastructure. I want to turn to the news conference where he called the flight. A small step towards building a road to space. You can tell when you're onto something and this is important. We're going to build a road space so that our kids and their kids can build the future and we need to do that. We need to do that to solve the problems here. On earth this is not about escaping earth. We are going to build an infrastructure. Just like what. I start amazon. I didn't have to build the postal service or royal mail or joy to post there. Were there were already gigantic. Worldwide infrastructure to deliver packages that infrastructure. Today is for space just the way too expensive and it doesn't work. I mean peter were to say that he spent this money. i mean. he's making the point. He built amazon. On the roads that existed the mail system that existed and yet what taxes does he pay. This is really a public funded flight. The amount of millions that he saved in not paying taxes. yeah absolutely. it's pretty outrageous on. Obviously when he's talking about those you know the world space. A lot of these people take themselves a kind of railroad industry in america. What america was as being colonized. It was obviously they put the railroads down and then you had all the industry and economy blossom around. Obviously many people mentioned the the destruction of indigenous population on the effects on the environment. Luckily you don't have that in space but the really scary thing is if someone like. Jeff bezos were to lay down the infrastructure. What would what would that be to stop him. conducting the monopolization of the space economy. If that was one on if he wants to move the entire industry off planet on he controls the entire infrastructure. He's anti-trust issues with amazon questions. Asked what's to do the same thing in space paris marks. Can you talk about what the defenders of these flights at people who've come out in defense of Branson presumably also a ilan mosque saying that their efforts could set the stage for an expansion of space travel that could end technology that could actually affect everyone presumably favorably. Certainly you know there are a lot of people who say the very same things that jeff bezos said in that clip. That you that you just played right that this is about the future. It's about making it so everybody can go to space and it's also about laying the infrastructure so that we can start to develop You know whether it's colonies or economies that existence face and. I think that we really need to see this as You know the the kind of grand vision for space. That are not really realistic. It's not something that we are going to see in our lifetimes and we need to question whether we should be dedicating so much resources to this kind of grand vision of future. That may never arrive when we're dealing with so many crises in the here now whether it's climate crises housing crises you know the crisis of inequality that we're dealing with And whether we should be refocusing on those you know as the earlier clip that you played at the beginning of jack bazo saying that. His wealth comes from the amazon workers. You imagine if that wealth had not been taken from the workers and was still controlled by them or Controlled by representative government that can then deploy those resources to address these serious crises instead of building a potential space economy or space colony in decades or centuries to come he's now the world's richest man but jeff bass osa spent much of his life focused on going into space in one thousand nine hundred eighty two. The miami herald summarized part of his high school valedictory writing quote bazo swans to build space hotels amusement parks yachts and colonies for two or three million people orbiting around the earth. Saying the whole idea is to preserve the earth. His quote final objective is to get people off the earth and it turned into a huge national park that was from a summary valedictory addresses that year in high school and parish. Marks your response. Yeah you know. That's the same thing that he says today all these decades later and we should. We should realize that those ideas come from his college professor. Dr o'neill who developed the idea for these space colonies that you know. He thinks that we should be living in. You know jeff. Bezos plan is not to colonize mars like elon. Musk would have us do. But to live in these space colonies that would be orbiting around earth or in the vicinity of earth. And we were leave the planet as you said you know return to it sometimes You know for vacations to see the wonderful world where we used to live. It's important when. Jeff bezos talks about the future that we have in space that he imagined that the reason we need to go to space is because economic growth needs to continue and in order to achieve that we are eventually going to run out of energy and resources here on earth so we need to leave the planet and he says it's a choice between stasis and rationing or growth and dynamism and. I think that is a false choice..
Gaslit Nation with Andrea Chalupa and Sarah Kendzior
"two hundred billion dollars" Discussed on Gaslit Nation with Andrea Chalupa and Sarah Kendzior
"Power at least as dependable power in the sense that it is yours. You know you are not asking for permission. You are making demands entree. I know you had some words to say about certain. Individual in the media and their representation of all of these corrupt situations as briefly preface says spy again encouraging. People not to fall for the illusion of justice being served actually look for hard evidence if that evidence is there. Then that's fantastic. And we're all cheering in unison. Together that the tide has indeed finally turn. That hasn't happened yet. There is a story week That occurred that. Got people briefly excited. Which is that rudy. Giuliani had lost his license to practice law in new york. This is long overdue. Eh should've avenue ages ago. It's obviously good. I suppose that it happened. Now since he shouldn't be practicing law anywhere but again. This is another one of those stories. Were folks get real amped up and they kind of missed the point. The point of this particular case is that a trump lawyer is not there to practice. Law are never there to practice law. They are there to be a fixer and a threaten her. Which is what giuliani was and that was following a well trodden path laid by ray cone and michael cohen. Who incidentally were both also disbarred after serving as trump's lawyer the entire time that giuliani was acting as trump's quote unquote lawyer as trump was the president. Giuliani was not actually licensed to practice law in washington. Dc everything he was doing. All of those press conferences were first spectacle and the media rewarded giuliani with a perch to spew propaganda. Because they wanted access and you would think that you know. Perhaps given the massive death toll from a preventable global plague or the violent seditious attack on the capital that the media would learn to not promote. People like giuliani and to not rehabilitate people. Like bill barr and jared kushner who are currently profiting off of their crime. Sprees in the forms of books and interviews. Pseudo tells that basically are just you know scandal covering crime yet again a media culpa like a fake apology if there even as an apology tour or the confession of something that can't be prosecutable in order to cover up the absolute atrocities in illegalities that they committed and there are a lot of journalists. Who went along for this ride. During the trump administration and still don't seem to have learned their lesson. And at this point. I'm gonna turn it over to you. Andrea. 'cause i know you had a lot prepared here. Yes so an important focus of gasoline. Nation is to be a time capsule where we remind people of. You've been recent history ground ourselves. In this deliberately chaotic news cycle. it's s era. Said they cover up. Crimes with scandal may do that very very well and they're still doing it so we like to stay grounded in the history of in recent history so folks understand how we got here and how widespread the rajas that brings us to our old friend. Ken vogel of the new york times. So he's back at it as they say we all know the whole story. Paul manafort we've documented. Putin start fader remain times on this show. Anybody who followed ukraine for a very long time knew that paul manafort coming over and managing donald trump's campaign for president the kremlin was here. Because paul manafort billy worked kremlin interests and ukraine for a decade before coming over to the us to run trump's election but his longtime client began coach putin's pop and ukraine sony estimated forty two hundred billion dollars. That's billion with a b. From ukrainian state from taxpayers and use that stolen money to enrich himself and his family and their cronies. So what this comes down to is that my sister's we've also dock mouna show the former contractor for the dnc who risked her life and career to warn both democrats and republicans that paul manafort running. Trump's campaign meant that there was a crumlin connection. This again was very obvious. My sister warning people about this in two thousand sixteen was not the story. The fact that the intelligence community the fbi that was invited by ukraine to come in to find the tens of billions of dollars. Kobe stole the fbi. Knew paul manafort was. That's the story of the intelligence community in the officials that are charged with protecting us. Failed to stop paul far from getting anywhere near. Us presidential race and allowing trump to come to with his kremlin connection and dependence on dirty russian. Money was able to come to power first place. That's the story not what my sister did in trying to warn everybody. What she did was patriotic and she paid a great price for it. She and her family so my sister was went out of her way in two thousand sixteen to warn everybody and was as we talked about. The show was getting death threats. There there was an attempt to break in our home. Her phone was hacked. Jamal was hacked. It was just very. There's that song that threatening song that was appearing on her on her phone. Listen i rap. Assoc- the hell that she was. Put it through all for one out the obvious. That putin's darth vader was now in the us. We looked into personal security. Privacy are expensive instead to protect wanted to raise her profile. That's one way of doing it. If you don't have the money for bodyguard you raise your profile so you become a name of voice so that they have a harder time making disappear and she was talking to press a lot for that reason ecorse especially to get the truth out and during this time she was Became too late. When trump was elected. She got a warning from a friend. That the trump transition team was asking around about her trending up dirt on her to try to hurt her and around. This time she met a reporter at politico by the name of ken vogel who wanted to speak with her. And so they did some interviews and a couple of months later can bogle came out with a kremlin information hit piece on my sister painting her and ukraine as meddling in the two thousand sixteen election to hurt trump.
The World and Everything In It
"two hundred billion dollars" Discussed on The World and Everything In It
"Month the senate passed the. Us is ca. That's the us innovation and competition act. It will pump money into research and development. In a whole host of industries where beijing is making its own rapid advancements. The bill passed on a vote of sixty eight to thirty two. A rare show of bipartisanship this year so far that level of agreement must mean. The bill is really necessary right well. Not necessarily world intern josh schumacher reports. When a bill passes twenty two to four out of one of its major committees and twenty one to one out of another. it is truly bipartisan. Senate majority leader. Chuck schumer is a big supporter of the us innovation and competition act or the us ica. He says it will set the united states on the path to out innovate out produce and beat the world and the industries of the future at its core the us innovation and competition. Act is about maintaining america's role as the global economic leader. Few issues could be more important. The bill allocates more than two hundred billion dollars for various research and development projects also known as rnd with a focus on technology and scientific studies but is all of that money really necessary. The issue is that us rnd spending overall has actually just hitting all time high both as a in total inflation adjusted dollar amounts but also as a of gdp scotland comas. A scholar at the cato institute a libertarian. Think tank he says. Us aren't spending just hit an all time. High in two thousand nineteen and that renders the uscca a solution in search of a problem for the first time ever the united states collectively private and government spent a three percent of gdp on Aren now that doesn't sound like a ton but also remember we have a massive a twenty one trillion dollar economy. Give or take so. That's a lot of money so the underlying premise of the bill. That there has been a collapse in. Rnd spending just not true. The uscca's expenditures include eighty billion dollars. Slated for the national science foundation. Know about thirty billion dollars of that is set aside for the creation of a new directorate of technology and innovation that directorate is supposed to support research into areas such as artificial intelligence and quantum science. The bill also allocates about fifty billion dollars for semiconductor development. Ten billion dollars goes to different university. research programs. Seventeen billion dollars goes to the energy department and about eighteen billion dollars goes to the pentagon ten billion dollars also goes to the department of commerce for the creation of regional hubs to diversify research locations throughout the country. And all of that. that's just for starters. I think that the bill has become something of a. It's trying to many things. And i think there are some worries that in in doing that. It may not do any one of them. Well tony mills is a scholar at the american enterprise institute. He says the bill doesn't just suffer from a sort of existential crisis. He says that is also likely to exacerbate problems. That already exist in the us rnd sector is our rnd system operating optimally. I think in pretty clear answer to that is no. There are a number of things that we could be doing better And yet those issues are not really part of the conversation about increasing funding for rnd according to mills the us orrin d sector suffers from several systemic issues that the uscca doesn't address for example administrative burdens placed on scientists in recent years. Have taken away from the time that they would otherwise spend on research he also says that the publish or perish. Culture in the scientific community could be incentivizing researchers and problematic ways. He also lists the problematic use of certain statistical methods as another issue if we don't try to rectify somebody's underlying problems spending a lot. More money may not get us what we want. It could actually exacerbate some of the problems that we have and cato's scotland succumbs says that all of this new spending could bring with it some altogether new problems or is a big risk that the new federal funding will not actually supplement private funding but will crowded out. Winston believe that private orrin defunding is preferable to government funding but he says the private sector might leave certain areas of research and development on funded specifically the area of basic research. That's because it doesn't yield clear. Commercial returns is tony. Mills agrees he says that if the government could compensate for the imbalances created by the private sector. That would yield a stronger d system in the long run. I think that there is a danger in trying to a beat our foreign competitors at their game think one of the things that has made the united states research enterprise so successful a has been. It's it's pluralism by which i mean. It is composed of of an admixture of public private nonprofit governmental institutions and laboratories and so forth mills argues that moving toward a largely federally funded. Rnd system that unique advantage. That america has in pluralism if we want to be seeing more basic scientific research. We're not likely to see a huge a significant change on the private sector side. But that's something. The federal government could move the needle on and i think it would give us a competitive advantage Generally because that's something historically that we have dot. So i i worry to this. Bill won't move in the right direction in that respect house lawmakers have a chance to address some of these concerns in their version of the bill. But it's not clear that they will no matter how the details shake out. It seems certain that a large increase in federal spending on the horizon much less certain however is whether that will actually give american innovation a competitive advantage reporting for world josh schumacher next on the world. And everything in it. The.
Techmeme Ride Home
Stack Overflow Sold to Tech Investor Prosus for $1.8 Billion
"Stack. Overflow says it will be acquired by process a european tech giant and ten cents largest shareholder for one point eight billion dollars quoting the wall street journal based in new york closely held stack overflow operates a question and answer website used by software developers and other types of workers such as financial professionals and marketers who increasingly need coding skills. It attracts more than one. Hundred million visitors monthly. The company says process. One of europe's most valuable tech companies is best known as the largest shareholder in chinese internet video gaming giant tencent holdings listed in amsterdam process. Signaled its appetite for deal making. When it sold a small portion of its equity stake in tencent in april for fourteen point six billion dollars the stack overflow deal ranks among prices biggest ever acquisitions process invest globally across a range of online platforms focused on areas such as food delivery classifieds and fintech it also maintains a more than two hundred billion dollar holding in tencent processes parent company. Nascar's acquired the tencent stake in two thousand one for thirty four million dollars. The stack overflow deal is processes i outright acquisition in the educational space purses already owned stakes in two educational tech companies. You to me and code academy servicing companies. It is set to make an investment in skills soft. A publisher of training software used by businesses as part of that firms plan to merge with special purpose acquisition company churchill capital corp. and list in new york and quote.
The Current
"two hundred billion dollars" Discussed on The Current
"He's head of global technology coverage at bloomberg news and his new book is amazon unbound. Jeff bezos and the invention of a global empire. brad stone. good morning. i bet it's incredible to remember. the amazon. Just started out selling books. How big would you say. Amazon is now if you remember when amazon was bookseller. You're probably dating yourself way. Back in the in the mid ninety s and then expanded pretty quickly from there and other product categories and amazon today. Kind of defies description. Right it's a. It's an online retailer in an enterprise software company via its cloud computing division and entertainment juggernaut to be a prime video and of course. Now mgm studios. It's international. Its grocery store is a chain of physical stores. It's a one point. Six trillion dollar company in terms of market cap and employs over a million people over the world. Bazo says fortune is nearing two hundred billion dollars. It's it's massive. Edits changed our economic reality. Right in ways. Both subtle and pretty overt. This is a book really. it's about amazon. But it's certainly about jeff bezos says. Well how would you describe who he is within this company. I can describe how he wants to be seen. He wants to be known as an inventor. That's it's an all. The shareholder letters hits an all of its per personal communications. You don't always get to choose how you're seen. So i think he's much more than an inventor he certainly a master strategist the way in which he has foreseen changes in voice computing in entertainment before even as his colleagues have have spotted. Them is is remarkable. he's also a bit of a taskmaster right. He is not the comfortable comfy. Figure that that. Some ceos are he's a mixture of inspiration and intimidation. You know when he sends you an email inside amazon when he makes an observation or decision. A meeting people kind of scramble like ants inside the company. I mean the email off just a question. Mark like he'll forward an email along from somebody and it's just a question mark. What happens when somebody gets a question. Mark email from this guy their life. It's completely upended because what he is doing is often forwarding a complaint or an observation from a customer or sometimes it's his own observation something broken he is essentially announcing that he's going to audit that part of the business and it is up to whoever received that email to promptly present a written response. And if it's a problem a solution to fix it so receiving one of those is akin to getting a little bit of a bomb in the mail. You know it's just gonna completely upend your life. He say that he's a taskmaster. I mean that's probably a polite way of putting it the way that you describe him in meetings is emmys explosive he is some people might call him a tyrant describe. What would he would. He is like as you understand it. What he's like to be around in the workplace first of all that has evolved in the first book. I describe a kind of steve jobs in at attitude or manner where he is capable of really really often staying very aggressive and abrupt things to employees. Did i take my stupid pills today. Excetera that leadership style has evolved. I think that he realized that his stature is such that he can no longer do that. And i don't necessarily think it's a kinder and softer basis but there's a little bit of polish on it. I'm he tends to speak last in meetings. He's still capable of that observational insight. That blows everyone away but times when you know when he makes a decision when he makes an observation.
Marketplace with Kai Ryssdal
"two hundred billion dollars" Discussed on Marketplace with Kai Ryssdal
"Coming up. I was like this. This isn't adding up. you know. Sometimes it never does first though. Let's do the numbers dow industrial's up twenty five points today just under a tenth percent. Thirty four thousand. Six hundred nasdaq up. Nineteen points tenth percent. Thirteen thousand seven fifty six s and p five hundred found six points also about a tenth percent forty-two and eight two hundred billion dollars is a number we are looking at today. How much corporations have committed to racial equity and social justice since may of twenty twenty that's the calculation from the kinsey institute for black economic mobility which has much of that money is ended affordable housing and support of small and medium-sized businesses. Sabrina was telling us about employees. Prefer to work remotely even in a post pandemic world companies that outfit offices are catering to the work from home customer. Odp corporation. They own office depot. And max up half percent. Herman miller he of the chairs down seven tenths percent. Hp inc down two tenths percent. You're listening to marketplace from all of us at marketplace. Thank you for. Your support has year whether you just gave for the first time or have been a loyal donor for years. Your generosity makes our work possible marketplace investors. Keep this public service going strong. If you're not an investor yet there is still time to become one give anytime at marketplace.org/donate and again thanks. This marketplace podcast is supported. By cyber reason. If you're defender fighting to protect your organization from cyber attackers you must be successful ending attacks every single time. They only need to be successful. Once cyber reverses the attackers advantage their future ready attack platform gives defenders the wisdom to uncover understand and piece together multiple threats and the precision focused and cyber attacks instantly together. We are the defenders cyber reason and cyber attacks from endpoints everywhere learn more at cyber reason dot com slash marketplace. This is marketplace. i'm kai ryssdal. We talked work and the changes. Come into it as we got going today and while there is still a whole lot. We don't know about what work is going to be like in the long term. I will bet you a paycheck. There's going to be a bunch of video conferencing involved and as the risks from the virus. Fade we're probably not gonna throw it our ring lights all of a sudden but how we use video technology is probably going to change. Marketplaces megan mccarthy carino. Has that one. That's like that fifty pound sack of flour. You bought at the beginning of lockdown. Videoconferencing has gotten kinda stale over the last fourteen months. I'm on zumra about eight. Am in the morning sometimes until seven or eight pm. at night. i felt like i was living in a screen. Kyle arteaga runs a pr firm that used to have offices in san francisco nashville and dc. He's mostly gotten rid of them and transformed into a remote first workplace. He hopes will rely a little less on video conferencing soon. We're just gonna have to make rules and set parameters over when it makes sense. The technology is going from a substitute for social interactions. To just a tool says erik. Gordon a business professor at the university of michigan. I think we all learned something about the value of physical presence. People who irritated me in my office. I can't wait to see them again but it doesn't have to replace face to face to be useful says. Sit all neely a business professor at harvard. It's additive compliments even for people who might be called located. There's convenience to say hey let's get on zoom for fifteen minutes. A figure something out video chatting has become a reflex. We won't just drop but we'll use it. More sparingly says brian crop head of hr research at gartner. What are the tasks and activities and moments where we really need you to be in the office. And what are the ones where you don't need to be video. Works for one on one meetings or presentations but jerry shen new introductions are sharing a birthday cake probably better in person..
The Glenn Beck Program
"two hundred billion dollars" Discussed on The Glenn Beck Program
"Bill was looking very likely to pass We were afraid we had good reason to believe that it was going to pass by last thursday a small handful of decided to stay up all night and keep the senate in session and keep debating on this to delay. Thought we were able to delay the vote until This coming monday but It's going to be a close boquets. Not clear whether we'll pass yet. We can stop it if who were the. Who were the senators that that the who's the who are the senators that should be targeted with kind phone. Call saying hey please. I know you're on the fence support. Do not support this bill. You know it is a safe way of putting it is communicate that to all senders whether you're Whether you have reason to believe that your senator might have have cast procedural votes in favor of this thing beforehand or not just to assume that they might otherwise be tempted to support it and be safe because most members of the us senate have at one point or another expressed degree of support for this. Some of them are learning more about it. So if everybody just communicates we don't like this And we're gonna get a much better position. I know they reduce it. I know they reduced the number. They went from mike. Two hundred billion dollars to twenty billion this. You can't even open this door. you can't open the door. am i wrong. well it. you're wrong. that business at toned down version of this. I mean this things gotten bigger. It's gotten more expensive not less so but you are absolutely right at the minute. You start to say. We're going to start to be like china. a little. That means were some house going to become more efficient or that. We're somehow going to become a system. That's more friendly to the small time entrepreneur. Who doesn't have big connections in government and isn't already wealthy. You can't open that door because many you open it you you're going down a path. It's bad see glen. This all focuses on a misapprehension about what government is. Government doesn't have is to see you. It doesn't have a heart to love you. It doesn't have arms to embrace you. Government is only one thing and that's force force and the ability to collect taxes through force. Once we remember that feature then we start to utilize government for that which only government can do to protect us to protect life liberty and property and occasionally can help us out with Some public good type arrangements like roads but other than that. We keep government out because government doesn't do command and control economy. Well i it's. It's not a possibility. This seems to presuppose that some of that is good. And it's not lemme change the subject here. We had a. We had a hack into an hour. One of our four meat processors It was jv what is it j. b. on one of the big media companies. It's a quarter yet. Yeah it's a quarter of our meat. Production gone now. They're getting back online after the cyber attack would apply to me that they've paid some sort of ransom if they kept the united states. Government can't keep the cybercriminals jbs or from the colonial pipeline. What good are they. This is the thing they should be concentrating on. This is their. This is their priority. According to the constitution is to keep us safe. What should be done because the the responses that i have heard about getting rid of crypto currency and everything else is just a nightmare. Yeah look i'm i'm gonna state a somewhat controversial opinion here.
Bitcoin Audible
"two hundred billion dollars" Discussed on Bitcoin Audible
"The humanitarian and environmental case for bitcoin. By alex glad stein can bitcoin reduce aid corruption. Help end dependency and bootstrap renewable energy for emerging markets. Bitcoin is typically thought of as an investment and a strictly financial innovation. But what if some of its greatest impact over time ends up being in the humanitarian and environmental spaces. This essay will explore some of the major challenges in the realm of international development and will argue that donors should be looking at bitcoin. Payments and mining as tools to reduce corruption diminish dependency and help renewable energy overcome adoption obstacles worldwide in his searing twenty. Ten s. A quote alms dealers. Philip gurvich tells the history of aid. The industry he wrote was largely born in nineteen sixty eight from western compassion triggered by the televised starvation of children in nigeria's breakaway biafra province. The impulse to help those less fortunate in the world around us has become a vast two hundred billion dollar foreign aid industry. The twenty two wealthiest governments provide approximately sixty percent of that sum with private ngos companies and foundations funding. The rest around a third of government foreign aid is classified as development assistance. A third as humanitarian relief and a third is military or security support in total over the past six decades more than four trillion. Dollars of aid has been sent. from rich countries. To poor countries
Bitcoin Audible
The Humanitarian and Environmental Case for Bitcoin
"The humanitarian and environmental case for bitcoin. By alex glad stein can bitcoin reduce aid corruption. Help end dependency and bootstrap renewable energy for emerging markets. Bitcoin is typically thought of as an investment and a strictly financial innovation. But what if some of its greatest impact over time ends up being in the humanitarian and environmental spaces. This essay will explore some of the major challenges in the realm of international development and will argue that donors should be looking at bitcoin. Payments and mining as tools to reduce corruption diminish dependency and help renewable energy overcome adoption obstacles worldwide in his searing twenty. Ten s. A quote alms dealers. Philip gurvich tells the history of aid. The industry he wrote was largely born in nineteen sixty eight from western compassion triggered by the televised starvation of children in nigeria's breakaway biafra province. The impulse to help those less fortunate in the world around us has become a vast two hundred billion dollar foreign aid industry. The twenty two wealthiest governments provide approximately sixty percent of that sum with private ngos companies and foundations funding. The rest around a third of government foreign aid is classified as development assistance. A third as humanitarian relief and a third is military or security support in total over the past six decades more than four trillion. Dollars of aid has been sent. from rich countries. To poor countries
The Politics Guys
"two hundred billion dollars" Discussed on The Politics Guys
"Okay kristen so yeah. You mentioned the innovation and competitiveness act in because it's definitely directed at china. So why don't you tell us a little bit about where we are with that right now. Yeah i'm really excited about this Especially on the hillsides the last topic because this is i feel like we get to talk about something. That has some bipartisan support. I'm really happy about because you. And i always lament that. There's just not enough. There aren't enough stories like this that we get a chance to talk about You know so. So yeah so this is the the like you said the innovation competition act of twenty twenty one N it's basically. It's aimed at boosting our ability here in the us to compete with chinese innovation specifically innovation the tech arena You know which i mean there are. There are outpacing quite a bit. And so we're hoping that that will be awarded in that we can kind of regain a foothold there on this past thursday. The senate voted sixty eight thirty to end debate on this two hundred fifty billion dollars a piece of legislation in a rarely. Bipartisan moves. so that that's a good sign When the when the debate is ended with such a wide margin and things look good for this So there are lots many many elements of this bill that are seen as positive. Republicans and democrats Lots of different things pointed out On both sides But there are. There is some criticism on the right that congress needs to be sure focused legislation on china and that tackling competition strategically not by special interest in potentially ineffective government oversight and intervention. So there are some concerns by people on the right Although again this remains particularly bipartisan which is great Just looking more closely at the build to familiarize everybody with the bill. here's some of the highlights. There's authorization of over two hundred billion dollars in spending and that would be an rnd research and development for the national science foundation at the department of energy and of course there's a list of ten key technology focus areas which is directive for the national science foundation. The department of energy.
Climate Connections
Increases in Extreme Precipitation Cost the U.S. $73 Billion
"Torrential. Rainstorms can flood homes. Wash out roads and bridges and destroy crops over the past. Three decades flooding from heavy precipitation has caused about two hundred billion dollars of damage in the. Us francis davenport is a phd student. In earth system science at stanford university. She wanted to know how much of that enormous price tag can be blamed on global warming. We've seen that extreme precipitation events are increasing in frequency or intensity and so we wanted to quantify what are the financial costs of those changes in precipitation. Her team analyzed historic rainfall trends and financial data about flood damages over decades. They estimated that between nine thousand nine hundred eighty eight and twenty seventeen about seventy three billion dollars. A flood damage can be attributed to increases in extreme precipitation. That's more than a third of the cost of flooding over those thirty years. So devonport says that people are already paying the financial cost of warming world. I think having those hard dollar amounts is really important for some of these policy conversations about what to do.
The High Vibe Tribe Podcast
"two hundred billion dollars" Discussed on The High Vibe Tribe Podcast
"Draw from your higher self to begin this new chapter your life. Thank you It was a combination of things that came under one umbrella. The umbrella was a lack of integrity. Head i know. Now when i did go back then but if you have an abundance of dynamics converging where there's a lack of integrity at you're at the center of it what happens is life doesn't any sense plus the fact that things fall apart without integrity by body was falling apart. I've a death sentence. Said he really get your your house in order and that was that was pretty startling. But i looked around my life and i know now the savings bond if the integrity is good without integrity things fall apart without integrity with that being the integrity of your car. Fender it will rust. Will that be the integrity of concrete bridge. It will flake and even unions of marriage. Where one person is out of integrity with the other. The other doesn't know it will be that they start speaking past each other marseille and then things they're speaking a different language and next thing you know a bond is gone so it's a spiritual law that i've discovered along the way that certainly got certified reality in this physical illusion reality that is things fall apart without integrity and so i see this at the highest levels of corporate finance within what i was doing for a living and although is being paid louis well i mean i. I quit at the top of my game. Seven figures plastered cub. Had i mean. That was thirty years ago and i've been studying in everest a spiritual ever since i mean i i'd never been a religious individual. Marcy dotted religious. And i that but it was really interesting. How i had to come to a point where i had to go with it because by going without i was becoming insane. That's what happened squid. You have a lack of degradation is suffer from bouts of insanity the tried compensate for. At least i did. I've seen benny many others. Were tried call Alcohol drugs sex music and it just compounds on itself to the point that you're insane so money wasn't the answer and it didn't take to get two hundred billion dollars to realize that i was.
CATS Roundtable
"two hundred billion dollars" Discussed on CATS Roundtable
"Group and morgan stanley merrill lynch and all of been special teams mergers and acquisitions and are doing a little digging. And i found the ones chief. Mergers he presides over and orchestrated with a visor drug company with wyatt's pharmaceuticals and that was a merger something that involves almost two hundred billion dollars and it resulted in the loss of twenty thousand jobs that merger and one year after the merger pfizer moved out of new york city..
Behind the Desk: The Story of Late Night
The Host: The Story of Late Night TV
"Night feed island. When i was really young. I began by listening to late night. Shows from bedroom down the hole in my house in brooklyn. My dad would be up late watching and laughing. I can still hear that laughter. Dad was a big fan of steve allen. Who started the whole thing on. Nbc's tonight show in the nineteen fifties. Steve allen has had a huge influence on all the late night hosts who followed especially with the wild stunts used to try like diving into a tub jello. Continued doing stuff like that david. Letterman once famously jumped against a wall wearing a velcro suit. Dad got a lot of laughs. Out of things like alan covering himself in teabags and jumping into a pool then he got a different kind of laugh from the next tonight host. Jack parr who conversation and wit in hollywood one day. You're putting your footprints in cement. The next day nixing it and then came the king. When i was very very young might first memories are watching johnny carson. That's the voice of one of tv's latest and freshest late night hosts amber ruffin and him. Having the coolest delivery i've ever seen a year in which america spent two hundred billion dollars on defense and that was just for condoms that coolness unmatched
The Financial Guys
"two hundred billion dollars" Discussed on The Financial Guys
"So i'm doing you a favor. Yeah i'm going to raise your taxes. So that was. Joe biden gets rid of the salt to cook. Exemption brings it back. I should say you'll get a bigger deduction see. You should take me. You should think that's governor komo's attitude it's unbelievable california. Did this couple years ago. They raise taxes the highest in the country. And what happened as expected. La fled wasn't new york. Do they hold my beer. Watch this right. we can do the same. They just they just don't get but they are. they are doing. You know you'd think you'd think you'd look at california. Think you'd look at near state. New york state has lost something like four hundred sixty thousand top income tax earners over the last twelve months now. Many of them by the we didn't completely sell the residence. Although the property values in the city of just plummeted there you are starting to see economic activity there but some of these prices are seventy percent cheaper than they were a year ago right. So you're going to get bottom dwellers that are going to take advantage of that and you know and the city at some degree will start to repair itself. Although i just wonder at what point do you start. Defaulting on bonds. At what point. I mean you. Can't you know you would have thought this year would have been the year where they said. Okay we're going to become a little bit fiscally responsible responsible right. Oh like this is new. This is cuomo's opportunity to say. Look at you democrats. I would love to give you more money but we just can't. We're just crushed. There's no more money out there instead. They balloon the budget up another few billion dollars. Well over two hundred billion dollars at this point and and input more into debt. But at what point do you say okay. We've got more and more people leaving this increase in top marginal tax rates by the way. It's something like ninety percent or eighty percent of the taxes are paid by the top two percent in the state right there the top wagerners which they will continue to leave. If you don't believe me go call a realtor down in south florida..
The Dr. Susan Block Show
"two hundred billion dollars" Discussed on The Dr. Susan Block Show
"The corrode apocalypse is a stressful time. The ending of the corona apocalypse is a stressful time. People are stressed by a lot of things. And you know it's the biggest thing that people are stressed by the inequality of our society. Okay this show is called fuck rich for a reason. We talk about a lot of things. We talk about sex politics culture but we talk about how the rich need to get fucked before they get eaten meaning they should get taxed taxed. Tax your charities. That's not enough. It's all good. you know. Give to your charities nicer. you're pay no taxes you know you're charities are right off and also their your charities. They're not necessarily what we think your money should go to. Your money should go to the people. Your money should not be just up to you what you do with it. We know you worked really hard and you should have a lot of money. Okay but billions over one hundred billion. I don't care how hard you work. You didn't work for that. A lot of other people were for that and you probably had a head start from your parents. Probably were born with nothing. Maybe a couple of you were but mostly people get nice head start. They went from rags to riches bike. The trump os's rags started with Four hundred million dollars. A lot of families like that a lot of families a lot of people who amassed wealth which is not capitalism to massey of wealth is not capitalist passing it on from family to family that capitalist monarchy. I made it your but you know. That's their that's how they believe. Well you know what you know that little story you told it's either your story or my story. It's enough of that story that they worked for all that money because they didn't mr jeff bezos. He works really hard. I can tell you can just tell by the look in his eyes and he stressed you can tell a lot of these billionaires. They are stressed out by all. That can't move no they. Can't they have bodyguards As a whole thing that happened and they still get a pie in the face so it's not like they're just living a life of pleasure and ease. They're not but they are desperate to hang onto their money as our hero bernie sanders said. Jeff bezos. come on you got almost two hundred billion dollars and you know wanna let your workers have more money have more security you want to actually pay millions of dollars to stop your workers from unionizing. What's wrong with you. Let the drivers go to the bathroom. They gotta what p and a bottle or something. Jeez wow so rich rich you back that not to your charity. Yeah and. I'm not just talking about having a nice role in a hey with your local sex worker. Although that's fine..
Reset
Jeff Bezoss second act
"Now. That jeff bezos is leaving his role as amazon ceo. Everyone's wondering what the future holds for one of the wealthiest people in the world. In fact this doesn't mean bazo stepping out of the spotlight at all. It's actually more likely that his spotlight will just be getting larger joining me to discuss. This is recode teddy cypher. Hey so does this. News about basil's mean less pressure on him overall. Or any less scrutiny. I think you can make a good argument. That scrutiny on basis himself is actually going to increase even though he's no longer. Ceo of amazon. You know this is somebody who has become a symbol in some ways of of one extreme in american capitalism He's now the second wealthiest person. I don't think that's going to mean that much less scrutiny. But obviously you know he's gonna fade right. When amazon is called a testify on capitol hill. it probably won't be jeff bezos. Who's gonna be there it'll be successor. Andy jazzy but bezos is going to be under a lot of pressure to do good for the world with this money. Which is something. That basis is going to have to navigate so i don't think he's fading from from public eye. He's going to be executive chairman of the company. And now he's going to have to answer questions about him as a person in a way that he has only really begun to over the last couple of years. Basil's actually has reputation for not sharing his money. He hasn't signed the giving pledge he hasn't promised to give away all of his money in his lifetime. Do you think that he'll finally start stepping up and becoming a big time. Philanthropist like some of beers bill gates and otherwise so basis over the last few years has started to part with more and more of his fortune as scrutiny has been increasing on him. You know the biggest commitment in charity last year from anybody was ten billion dollars that basis set aside for climate change research which is a huge amount of money. He also a couple of years ago. Set aside two billion dollars for a homelessness initiatives and for a series of montessori preschools. He's developing so. I think you could definitely say five years ago. That he was not on the scene but now he he's emerging on it and look. I mean there's still a lot more money to go. I mean two hundred billion dollars is hard get rid of it really is but he is As becoming more and more famous. I think you see him starting to understand that you can't really get away with being so parsimonious just as a lot of pressure rummy whether whether that's Motivating him or you know. His belief in the causes motivating him. There is indisputable public pressure. When you're the richest person not just one of many which people now. What about his space boundary. Gms bezos has said in the past that he wants to spend the majority or could spend the majority of his money on blue origin. He founded the company a long time ago. Can you remind us what the company is. What has been doing sure so. Basis has been selling a billion dollars a year of amazon shares to finance blue origin and blue origin is actually two decades old. I think we forget that this has been around for way longer than his philanthropic projects Blue origin is Spacecraft company that's trying to commercialize private speech travel It's frequently said in the same breath as spacex. Which is the private space travel company financed by a different tack. Billionaire the only person who's in the same stratosphere wealth as him Hummus elon musk. So musk in. Bezos are two billionaires who are at the forefront of private investment in space now. I'm not an expert on everything Space related but generally blue origin is seen as lagging spacex. Now is that because betas an financing and enough orient spend enough time on it if that is the case then you gotta feel good about Future given that basis has a lot of money leftovers. We just talked about and that he is going to be spending more time on his hands to to maybe dig into this. So you've got the philanthropist bezos the star man and potentially base the media mogul any insight into what he wants to do at the washington post. Yeah those are the three Three doors jeff as is gonna walk through over the next couple of decades. He's only h fifty seven so he's got a long time to go. Basil's bought the post. I guess now seven eight years ago in what is now seen as as a bargain deal. Probably you know he gets high marks for overseeing the post. It's you know he's given it a lot of runway. It is now profitable You know it's obviously facing uncertain. Future like all big media. Companies are after the trump era can the heap subscriptions coming At a same clip can the key public interest in their work. As high as it's been over the last few years oppose searching for new editor which is going to be a process that i imagine basis will be involved with in some capacity and look he. He has said that this is part of his work to defend kind of american democracy so I don't know if he's an invest more money in the post now profitable. It's privately held but he will probably be more available for phone calls if anyone has a neon complaints about washington post stories
The Shawn Harvey Morning Show Podcast
"two hundred billion dollars" Discussed on The Shawn Harvey Morning Show Podcast
"Put like the weekend and beyond category never offense to him but like i said there could have performer. Maybe not the biggest superstar but somebody that can perform well on stage right. I dropped the ball. They probably not any big. They make money. Now they make noli barbie clo- come through my tickets. They could really sell my stuff devised. Wasn't there for entame showing colom. I'm gonna give you some breaking news. And i noticed going to be really weird for you. They don't have to be another person in that. Stand for the rest of the next twenty years with football. The the revenue is now may for the people in the stand. These guys again. Barbie cologne this how to get the money. They get it through the networks. Abc nbc cbs. See they write them checks for billions of dollars for the television rights. To play the games clone. They make so much money that would they did the. Nfl teams split the money evenly because it was too much like it would have been because new york is a big market. Maybe they won't pay so what they did what they had like this. Two hundred billion dollar contract gave everybody like thirty billion dollars. Needs to fifty million. This is up saint amount of money to each team. The money's there give us the players and the same kind of play pay for the entertainment entertainment part remember the entertainment. Sydney said the entertainers. Don't get paid for super bowl. I mean they get them. They're all expenses ain't got you. Entertained makes the money after that. Do you put that on your resume woman for that day performance. Say that so they could have bought. They could have bought. They could being back they will be offset could have the same performance and we would love.
Democracy Now! Audio
"two hundred billion dollars" Discussed on Democracy Now! Audio
"Here south. This is democracy now. Democracy now dot org the quarantine report. Jeff bezos says announced. He's stepping down as ceo of amazon. The one point seven trillion dollar company founded in ninety four bays will remain as executive chair and the company's biggest shareholder. He's now worth about one hundred eighty five billion dollars after personally making over seventy billion dollars since the start of the pandemic. Jeff bezos will be succeed in july. Andy chassis who runs amazon's cloud computing division. Its most lucrative. Division amazon announced the news as it reported record profits on tuesday. the company also reached a sixty one. Point seven million dollar settlement with the federal trade commission over charges. It stole tips from its amazon drivers over two and a half years amazon. Use the tips earned by the flex drivers to pay the wages of these hourly workers who don't receive any benefits and make deliveries in their own vehicles. This all comes as five thousand. Amazon workers in alabama began voting next week to decide whether to become the first unionized amazon warehouse in the country. We go now to washington dc where we're joined by rob weisman president of public citizen which is calling for amazon to be broken up. Well your response to the news. Robert weisman of yes. Jeff basis is stepping down as ceo. But he clearly. We'll still be extremely active. Maybe even more active at least in a public way with amazon. There's no reason to think anything is going to change at amazon. Because he is taking this new role. Although of course if the chance for the company to rethink its predatory business model because any reason to expect that to happen. So what does need to happen is for the government to step in and take much more serious action than every really contemplated to restrain control and ultimately break up amazon. It has too much concentrated. Power has a predatory business model and neither the economy or democracy. You can really function properly with fairness if amazon is able to maintain its massive concentration of wealth and power. So it's interesting. He stepping down at a time when under this new administration. Big tech is under scrutiny. What that means will say but does it mean to break amazon. Would that happen amazon. His done throughout its quarter century of existence is leverage it's engaging in predatory pricing and leverage its power from one business lie to grow in another or exact prophets from another so the company now for example actually makes more profits from its web services than it does from the consumer facing company that so many of us are familiar with those two companies. Don't need to be joined together. They could be separated and that would prevent the possibility many things. The ongoing practice of amazon effectively using the information it gets from its web services to figure out how can market and profiteer on the consumer side We also wanna see whole foods which recently acquired spun off so the company doesn't have an entry point by way of acquisition into down dominating the rosary business. Both for in person and delivers talk about this. Ftc decision. This came down yesterday. Just a couple of hours. Before bezos made the announcement and and it is just shocking. It's not entirely shocking. The sense that companies engage in wage stuff across the country all the time. So it's become routine is normalized to some extent but coming from amazon the idea that they are pocketing money. That consumers give his tips to their drivers and not pro conveying those tips to the drivers. Actually just say. Hey we're gonna use it to cover the cost of your wages. When in fact we amazon advertise to you are contract drivers that you could keep these. Tips just astound. You just have to ask why. How much wine is enough. What is the level of greed that you need. How much money does jeff bezos. Need as it happens. This amount that's going to be returned to the drivers about sixty million dollars. The amazon allegedly on improperly unfairly siphoned off from tips to drivers well. Jeff bezos made a thousand times more than that since the pandemic and the increase stock value. A thousand times more. Why would you nickel dime these employees. It is a company that has predation built into its business model. That's one yet. Another reason it really has to be fundamentally restructured and reoriented. He says he didn't say we're going to spend more time with his family. He said he's going to spend more time with blue origin his space company and the washington post. What does this mean for news in this country. Well who knows. He's also going to spend more time on his charitable enterprises supposedly. I mean you know as a washington resident you have to say. The washington post has become a better paper and since does borrowed and he hasn't really by any way we can see from the outside interfere with it More engagement from it may not be a good thing but you know i think one thing that i was like well. Maybe you should spend more time with his charity. All the other super billion years do that which is fine. Maybe but the problem is no one should have two hundred billion dollars personally in the first place to give away especially when they made that gigantic amount of money by extracting it from their workers and undermining small businesses across the country and explain that small businesses both completely dependent on amazon but also exploited by amazon. And what should be done. What we're seeing in sector after sector is a small businesses and finding they they can't they can't survive in brick and mortar traditional stores or they can only survive doing that if they're also online so they're moving their businesses increasingly online. But you really can't do business online on your own. If you just rely on search people to search your business out and bite me you. You're not gonna make it so then you have to move yourself to the so-called amazon marketplace. You've got to sell your products over amazon. But once you do that you get caught up into the rules of the game. That amazon establishes and there is lots of evidence including a really detailed report for the set of the house subcommittee on antitrust last year. That shows amazon takes a lot of money from those small businesses. But they don't have any choice except to pay it and then those small businesses get to successful amazon because of all their data tracking those about it and begins a competing business on its own So the small businesses field like heads amazon. Wins taylor lose. They can't make it but they have no choice but to try their best to work through and on amazon. Grab weisman and wanna thank you for being with us president of public citizen and that does it for our show democracy now produce with felts. My burke dana goes liberty. Rainy shake cena special. Thanks to julie crosby staley wear a nice where to stay safe goodman..
Unconfirmed: Insights and Analysis From the Top Minds in Crypto
Is Tether a Fraud? Its Bank Says It's Not
"Last weekend. A medium post by a pseudonymously former bitcoin investor going. By the name crypto anonymous made the rounds on crypto twitter and elsewhere it was titled the bit short inside cryptos doomsday machine and alleged that the stable coin tether which is supposed to be bagged one to one. Us dollars is a quote highly probable. Fraud there are a lot of different. Strands that crypto anonymous wove together to present his or her hypothesis. But the one. That was people's zoomed in on concerned whether or not tether is fully backed so tether is run by tether limited and limited bank is deltec which is out where you work and that's a bank based in the bahamas and the part of the peace that people are concerned with was a section where curcio anonymous showed some tables of the foreign liabilities of domestic banks. And here she wrote quote from january twenty twenty two september twenty twenty the amount of all foreign currencies had by all the domestic banks in the bahamas increased only by six hundred million dollars going from four point seven billion to five point three billion and so the bahamian dollar is pegged to the us dollar one to one so it's the same in us dollars. Then he or she wrote but during the same period. Total issued tethers increased by almost five point four billion going from four point six billion to ten billion so great. Can you explain why this discrepancy exists. Well i've seen that article. Actually i find it very interesting that there's someone that apparently have time. Perfectly buying and selling crypto actually is often the case those article of so-called experts. They usually have time to market like geniuses and then started claim scenes that are kind of unpacked especially in that case they went to that. I think it's the digest central bank of the bahamas and it became overnight a banker expert which i loved because we always look to recruit but in that case they didn't deal it further about how that works first of all. They should have known that the bahamas is what they call them. Offshore jurisdictions so what it means offered ratings soon as you have domestic bank and international banks into domestic banged there is to type of licensed linked to it. You have what they call the authorized dealer license and you'll try agent license deltec dual own authorize agent license which is a license that allowed him to custody. Bahamian don't have what we call an authorized dealer license so when it comes to cash on deposit we cannot old any in dollars cash deposit and at the same time because we cannot all those dollars. Behave in dollars. We cannot serve local customer so what we have is we have along that authorization license. We have an international bank license. Or i think it's called restricted license as well so in fact for that report and i'm sorry for that person because i guess he thought he was onto something. We are not a domestic bank for a reported deposit and actually if he went and the little effort to go indego bit about the size of the bahamian market of thinking would have found out that the entire massive banks have around two hundred billion dollars in assets. I believe and we are part of that. So we are not a domestic bank aside of authorized agent license but that is irrelevant business for us and maybe be much must be reported. We are an international bank and that is part of the international aspect. That's why i did answer it to some people asking but you are domestic within no because we cannot take domestic customer and we cannot hold domestic him daughters so that report is actually a nut relevant and nothing to be in there
WSJ What's News
"two hundred billion dollars" Discussed on WSJ What's News
"Might be hard to remember. But today marks the one year anniversary of what was supposed to be a signature foreign policy effort of the trump administration. Abroad trade pact with china. The aim of the phase. One deal was to ease the mounting bilateral tensions with the world's second largest economy and to reduce large commercial imbalances that washington has attributed to beijing's quote trade-distorting practices but then within months came the coronavirus pandemic and its economic fallout. So what's become of the china trade deal. And where did the us and china stand now ahead of the biden administration taking office joining me to talk about. It is yuga hayashi who has reported on this yuga. Thank you so much for being here. Thanks for having me all right. So let's back up a little bit. Remind us of what was all in this phase. One trade deal so this agreement has three elements to it. The part that gets the most attention is china's commitment to purchase a significant amount of us exports. They agreed to buy an additional two hundred billion dollars worth of us products over a two year period studying at last year. That was the first part. The second part is china's commitment to make some changes in its economy and reform to make it easier. For american businesses to sell items manufactured items in china it issued like protection of intellectual property. Refraining from requiring american companies to transfer their technology their joint venture locations in china and the third part is the us's agreement to reduce tariffs on chinese products coming into the us. Yes i guess. The big question is where do we stand now did the. Us and china each live their parts of the agreement so whether the agreement has been successful or not. The answer depends on who you ask so if you look at the purchase commitment china has failed to meet its goal as of november it had only purchased a little over half of what it promised to buy this year under disagreement now part of that slow pace is due to the pandemic in the first few months of the year. The purchases declined sharply so during the last few months of the year. China picked up the pace of buying products particularly agricultural products. But even after that they have fallen sharply of meeting the goal for this year and what about the tariffs. Toasts remain on nearly four hundred billion dollars worth of chinese imports and lord of us businesses have complained about them. They say that they only increase the costs of their production and that would lead to the losses of american jobs and also increased prices of products. That are paid by american consumers.
WSJ What's News
The U.S.-China Phase One Trade Deal: Is It Working?
"Might be hard to remember. But today marks the one year anniversary of what was supposed to be a signature foreign policy effort of the trump administration. Abroad trade pact with china. The aim of the phase. One deal was to ease the mounting bilateral tensions with the world's second largest economy and to reduce large commercial imbalances that washington has attributed to beijing's quote trade-distorting practices but then within months came the coronavirus pandemic and its economic fallout. So what's become of the china trade deal. And where did the us and china stand now ahead of the biden administration taking office joining me to talk about. It is yuga hayashi who has reported on this yuga. Thank you so much for being here. Thanks for having me all right. So let's back up a little bit. Remind us of what was all in this phase. One trade deal so this agreement has three elements to it. The part that gets the most attention is china's commitment to purchase a significant amount of us exports. They agreed to buy an additional two hundred billion dollars worth of us products over a two year period studying at last year. That was the first part. The second part is china's commitment to make some changes in its economy and reform to make it easier. For american businesses to sell items manufactured items in china it issued like protection of intellectual property. Refraining from requiring american companies to transfer their technology their joint venture locations in china and the third part is the us's agreement to reduce tariffs on chinese products coming into the us. Yes i guess. The big question is where do we stand now did the. Us and china each live their parts of the agreement so whether the agreement has been successful or not. The answer depends on who you ask so if you look at the purchase commitment china has failed to meet its goal as of november it had only purchased a little over half of what it promised to buy this year under disagreement now part of that slow pace is due to the pandemic in the first few months of the year. The purchases declined sharply so during the last few months of the year. China picked up the pace of buying products particularly agricultural products. But even after that they have fallen sharply of meeting the goal for this year and what about the tariffs. Toasts remain on nearly four hundred billion dollars worth of chinese imports and lord of us businesses have complained about them. They say that they only increase the costs of their production and that would lead to the losses of american jobs and also increased prices of products. That are paid by american consumers.
Reset
The new richest person in the world
"Richest guy in the world and he's got a problem and he wants our help last week. Elon must tesla. Ceo became the world's richest person. Beating out amazon's jeff bezos for the title. At least for now and now that he's got more money than anyone else on the planet. Musk has a classic mo money moog problem problem trying to figure out how to get rid of some of that money here. Talking about that is rica. It's teddy schlieffer. Hey daddy hey. How's it going good. Let's let's talk about this very specific problem. That eland moscow has that only the world's richest person can have first of all. Let's discuss How rich elon musk is. What's his his wealth. As of today ish so as of today ash it's north of one hundred ninety billion dollars. It's been over two hundred billion dollars for Sometimes this week and it's largely because of this pretty extraordinary run for alonzo. Main company tesla which has seen its stock. Go up seven hundred percent in county or twenty twenty. So he's had an incredible year which has created this this weird phenomenon where late two thousand nineteen elon. Musk was somewhere around. The twenty billion dollars of net worth and suddenly he's a mere twenty million and suddenly his net worth has ten. Fold whatever whatever word you want to use for that And it's been a pretty extraordinary development. And now you had the situation where He's the wealthiest person in the world and it doesn't just mean there's going to be questions about philanthropy but kind of more broadly. I mean the richest person in the world tends to become almost as avatar for american capitalism. Right obviously people laugh who are upset about income inequality they take the richest person in the world which was once bill gates. And then it was. Jeff bezos now. It's going to be on. Musk and that person becomes a symbol for what's wrong with america and there is so a lot is now going to have this. Sort of new level of scrutiny. That he hasn't had up to date and must someone who has a lot of who generates a lot of attention Already people people love his cars. They love his company. They love paying attention to them. They love to hate him so it's not like he he's like wife lower But but it is a new level of scrutiny and this this level of wealth may not stick around right. It's historically stocks that go up seven hundred percent year don't always retain that level so he may go back to being a mere twenty billionaire at some point but for the for the meantime he's the richest person in the world so How much do you think he intends to give away so musk has said that he basically plans to get rid of all the money in some way or another i mean. He said that he wants to spend Half of his money on problems here on earth and half of his money on problems on outside of earth and specifically to develop a civilization on mars. Musk is obviously also the founder of spacex company. That's trying to do interplanetary spaceflight. But musk has also signed the giving pledge which is something that lots of billionaires have signed to give away at least half of their money either in their lifetimes earned their will but taking a step back. This was all when he was much poorer so to speak. I mean this was. This decade can described as poor when he was a millionaire poorer poorer. And look it's not We'll make light of this this problem but there is this age right now in american capitalism where there are extremely wealthy. People who are accumulating assets and they honestly. I don't really know what to do with it right. They almost become asset managers. Where you know they hire family offices that can get pretty big whose job it is is to basically keep the money from at least not depreciating And it does raise questions about. What should this money be doing. Because if it's just sitting there on some wealth management account you know obviously a lot of the reason why billionaires justify being billionaires is this belief that they're gonna do good with the world so don't tax us too highly. Yeah so let's let's let's talk about that. I mean you you've covered this Several times for recode basically the the billionaires have special problem which is difficult for them to give money away and one is explained pretty succinctly that unless they give a lot away. The money keeps accumulating just through sort of basic interest But and i mean it seems like you could solve that by giving more of it away and it seems like a lot of them are paralyzed about sort of not knowing the right way to put it to work and they end up sort of doing nothing yeah So so where do you think. Musk falls in that is is. He fancied himself. Sort of a you know contrarian Does he have a different plan than the average billionaire. Yeah i mean. I think in a lot of ways he at least has a point of view and claims that he is clear eyed about what he wants to do with it right. Lots of billionaires Succumb to what some people call analysis paralysis. The idea that like. I have no idea what to do with the money. So right i'm gonna do nothing and maybe figured out a musk. Obviously he's about fifty years old. And he's maniacally hard worker That's how he stylized himself so he said he basically doesn't have too much time to think about these things but as someone who signed the giving pledge at least in theory should be giving away a hundred billion dollars which would make it bigger than the gates foundation. This could be theoretically if he falls his philanthropic pledges in letter. At least this could be one of the world's most important philanthropies so like the stakes are pretty damn high.
Techmeme Ride Home
After Jack Ma, Is China Freezing Its Entire Tech Sector?
"So what did we miss. Well over the break. The whole chinese communist party versus jack. Ma thing got even more interesting. China's market regulator suddenly announced an antitrust investigation into alibaba for alleged monopolistic practices. Yes this sort of thing can happen in china to. I guess because as far as we know. This is the first investigation of its kind in china's internet sector ever coating the financial times the market regulator said it was investigating suspected monopolistic practices including alibaba's tactic of forcing merchants to sell exclusively on its platform a practice known as pick one of two in china among other issues. The brief statement from china's state administration of market regulation said the investigation into alibaba had been opened. Recently after complaints ali. baba's hong kong listed shares fell more than eight percent in early trading. Alibaba said it quote will actively cooperate with the regulators on the investigation and quote and that its business operations remained normal. This is china's first antitrust investigation into a chinese internet company for abusing its market dominance said scott you and antitrust expert at jong loon large firm quote. In a worst case scenario alibaba could be fined up to ten percent of its previous years sales and quote lawyers said the initiation of a former investigation met the government already had some evidence to support its case regulators quote definitely have evidence but it is hard to say whether they will ultimately decide this constitutes monopolistic behavior and its punishment said you jin wa at shanghai deboned law offices and quote so this story continues to fascinate me because for years the communist party has allowed big tech companies to flower in china to show that china could match the west for innovative disruptive capitalism albeit with the special chinese communist party spin on exactly what that entails implicitly. I suppose it has always entailed the communist party. Always having the final say on what exactly disruptive capitalism entails and it's interesting to see them very openly pulling the reins on jack ma one of the earliest and highest profile of the entrepreneurial success stories in tech china alibaba was founded all the way back in nineteen ninety nine. It was china's most valuable company for a long time though. Suddenly no more alibaba's seen almost all of this year's stock gains erased over the past few weeks wants the hammer began to come down on. Ma it all began with the canceled. Ipo of ant group. The finance of alibaba. Also run by jack ma and this morning even more. China's central bank has announced. That aunt must overhaul its lending insurance and wealth management businesses and come up with a timetable to do so toot sweet quoting bloomberg. These central banks summoned aunt executives over the weekend and told them to rectify the company's lending insurance and wealth management services. The people's bank of china said and statement sunday while it stopped short of directly asking for a break-up of the company the central bank stressed that aunt needed to quote understand the necessity of its business and quote and come up with a timetable as soon as possible. The series of edicts represent a serious threat to the expansion of mas online finance empire which has grown rapidly from a pay pal like operation into a full suite of services over the past seventeen years before regulators intervened aunt was poised for a public listing. That would have valued at more than three hundred billion dollars with existing backers including carlyle and silverlake. The hung based firm now needs to move forward with setting up a separate financial holding company to ensure it has sufficient capital and protect personal private data. The central bank said authorities also blasted aunt for subpar corporate governance disdain towards regulatory requirements and engaging in regulatory arbitrage the central bank said aunt used its dominance to exclude rivals hurting the interest of its hundreds of millions of consumers and quote as dr trae. Who knows way more about china than i do. Said on twitter quote. I'm still perplexed why they decided to kill ant the day before its ipo. It seems like a genuine mystery to everyone whether this was crazy. Powerplay to show they can put the brakes on something as large as that with the of a finger. Or if they like just didn't really look at andt closely until i day and quote but it's not just about jack ma though. Isn't it quoting bloomberg alibaba. Group holding led a second day of frenetic selling among china's largest tech firms driven by fears that antitrust scrutiny will spread beyond jack ma internet empire and engulfed the country's most powerful corporations alibaba and its three largest rivals. Tencent food delivery giant matron and jd dot com. Have shed nearly two hundred billion dollars over two sessions since when regulators revealed an investigation into alleged monopolistic practices. Atma's sickness or company. That marked the formal start of the communist. Party's crackdown not just on alibaba. But also potentially the wider increasingly influential texts fear and quote
Monocle 24: The Foreign Desk
RCEP: What's the Deal?
"Who has spent much time around. Soldiers will be aware that for the purposes of saving time and door baffling civilians. They communicate to a large extent in three letter acronyms. So an armored fighting vehicle is an a an improvised. Explosive device is an and a three letter. Acronym is itself a t. l. a. There are many more some formal some colloquial some veils for cheerful obscenity if journalists employed a similar vernacular one such t. La would certainly be bb. I to denote a story which is boring but important which brings us. And we think we've just about stuck the landing here to a four letter acronym asset and that seems to be the consensus on pronunciation which is going to catch up a few news. Readers or it could be are kept or chip or recap whichever way you say it. The letters stand for regional comprehensive economic partnership. Stop come back at cetera. Sip is a trade deal all seriously this will only take a few minutes also is a mighty big trade deal indeed arguably the biggest ever don. It includes japan. South korea new zealand and the ten members of asean from tiny brunei to immense indonesia at which the unwieldy asset name does make a certain amount of sense comprehensive regional asian partnership being an obvious non runner. This will seem hilarious in about ten seconds. You'll get that. There is a lot going on with all set as is to be expected from any agreement which fifteen countries many of whom don't get terrifically will have been nearly a decade negotiating but it will be significant given that the signatories of set between them account for nearly a third of global gdp. Some oftens have already estimated. That are sept. Could add two hundred billion dollars to the global economy this decade which given how much of this decade is likely to be spent catching up from this year is no small change. The economic headlines are approximately as follows. Many tariffs on imports. Among member states will be eliminated. Some immediately of his more gradually they will be new unified rules of origin which might encourage companies in asset nations to build more of their supply chains with each other and hopefully do lots of what all free trade agreements is supposed to increase production and opportunity reduced prices on bureaucracy and contribute to a climate of cooperation as opposed to competition which is where our sep looks almost as significant diplomatically. As it does economically it is the first time that china has signed up to a multilateral. Free trade deal. China's premier li ka chiang himself an economist by trade has indeed hailed it as a great victory for multi-lateralism and free trade. Fine talk it may be muttered for the second ranked member of the politburo standing committee of the central political bureau of the communist party of china. And it's at least worth wondering. Is this really where china sees the real value of asset because just as notable is who is in our set is who isn't specifically india and the united states india pulled of the talks last year for fear that eliminating tariffs would threaten indian manufacturers and producers however as the leaders have stressed that the door remains open the us flounced from a different asia pacific trade arrangement in two thousand seventeen. I'm going to issue our notification of intent to withdraw from the trans-pacific partnership a potential disaster for our country. The trans-pacific partnership was one of the first victims of a donald trump tantrum. So there is little doubt about which of assets members will be the dominant partner but it does appear to have been the middle powers of that drove the deal possibly recognizing that it would be preferable for all of them to have china japan and south korea coming to terms rather than blows an optimist a class of pundit who is having a testing kind of you might suggest that this also indicates that china recognizes that submitting to rules-based trade is the next step in its journey to modernity and that it cannot prosper in the long term purely by bullying and menacing a pessimist. Might that this is exactly what china proposes to use this new block for that asset is a means for to keep its friends close and its enemies closer and whether or not that quote is correctly attributable to sun. Suu or michael corleone. The point stands
Unconfirmed: Insights and Analysis From the Top Minds in Crypto
Chad Cascarilla on Paxos's Partnership With PayPal
"Today's guest is chad cast guerrillas ceo and co founder of paxos. Welcome chad i read to be here. Thanks for having me. Laura so today being thursday not the out a it was announced that all people users can now buy hold and sell cryptocurrencies. And your company. Paxos is partner enabling this service behind the scenes. Congratulations what exactly is doing with paypal. Yeah this is very exciting. Partnership for both ourselves i think for really the entire trip though ecosystem and so we are offering a crypto brokered service. And what this allows is any anybody really to come in and have a turnkey solution to be able to offer crypto to their customers and so very specifically in the case of a pay pal were in the background. has the custodian and liquidity provider for them to be able to offer a trip to their us customers and the crypto services. Our bitcoin theory m bitcoin cash and liking and We actually offer a very similar service for revolut others and so this is something that we're increasingly seeing. Many different firm talked to take up Which is how can we offer crypto to our customers. We do it in a trustworthy away at queen do it very quickly and then we can have a deep relationship with our customers. We can acquire new customers and really we can be part of this ecosystem which i think is very exciting and very dynamic which historically Been a kind of just an early adopter ecosystem. And i think is it's really going through a fait shift now and i think that's what we're doing with pay pal and what we're going to do more broadly for the whole ecosystem and so how does a small company like says convince a more than two hundred billion dollar company like pay pal to partner with it. Yes well that is a great question because we spent probably the last seven or eight years position ourselves exactly for this type of partnership and so we have a really positioned ourselves as financial market infrastructure. And so that means Really in more common terms a regulated platform and regulated platform is something that maybe isn't as needed in the early stages of a industries development. Because you tend to have a full stack solutions that are offered on the other hand as you become more mature as as an industry you need platforms where people don't have to build everything themselves where they can come in and they can leverage other people's know-how and technology and that's what we've done and so ultimately as a regulated platform. We've built a regulatory stack and that includes being the first company to be approved as a trust company in the state of new york to operating crypto blockchain. That was in may of two thousand fifteen cerna working on that in twenty twelve some some time ago Really very early days There wasn't even a theory at the time we started working on the trust company. And the reason we did that is because we believe that Not just crypto but crypto on blockchain would be able to transform financial services in that you would need an infrastructure layer and so he built the trust company and the first one. We predated the bit license. That's how long ago this was and then we went and got a number of other firsts. So he built. Give an example. We have access to the federal reserve national settlement system or a full member of swift. We have a no action letter from the sec. So we have all these things and we have plus more and more on first and all of these things and Doing that really set us up because we were asking for permission now for forgiveness and also because we set ourselves up as infrastructure. We're not trying to acquire twenty or thirty or fifty million retail customers. We're not even really trying to acquire an institutional customers. Our goal is to be a beauty. Your beauty to see company and so that's exactly what firms need who want to be able to come in have infrastructure provider to the relying on that they can trust but also one. That's not going to compete with them. I remember interviewing you in two thousand fifteen about that new york state trust charter and the time understanding it with significant in some respect but also not understanding why it would be useful so you briefly mention. The pax crypto brokerage. Which is that service that you charge you. Can you just describe how it works on the back end. Yeah definitely and i do remember that fifteen conversation it you know. It's it's amazing that it's already been five years. It feels like it was yesterday five and a half years in some ways. We're just ahead of our time a little bit. And but we really believes that. crypto blockchain. And we still believe are going to change the financial system that they're going to re platform the financial system. And that doesn't mean you don't need regulation and that's what that's always been these. You need to be regulated in order to be able to create a trustworthy ecosystem but at the same time. There's a moment in time when that becomes really relevant. And i think that's when there's just face shift from dr to mainstream which i think is exactly what we're undergoing right now. So it's it's just an exciting moment for us To be a part of that. Because ultimately i think that's what got us all excited about crypto and blockchain. Wow you could actually change everything and You it wasn't meant to just be a small community. Want to be some really big. And i think that's the moment we have right now. So that's something we're proud to be a part of and so for the brokerage how it works on the back end. Yes so the way. We have the triple brokerage work is. It's api based so anyone can come in. And they can plug their systems into ours. We offer custodial services we offer liquidity services. They can buy and sell their crypto on behalf of their customers our customers can directly. And you can integrate with us in actually a couple of different ways and we allow you to basically choose your own adventure with the api's and we did this deliberately. So we have some customers where they might not have licenses to be able to operate in the us they can have their customers actually be housed sit with impacts us and it'd be what we call third party integration and so we have customers they sit inside of us now the The partner their customers don't know that they're actually sitting inside paxos. Unless you read the fine print you would know if you'd looked but they're able to keep that relationship and so we're providing them with a regulatory umbrella as well as the custodial and liquidity benefits and then you have other customers where They're highly regulated example. Be paid bail but They are actually housing. There conditional bet license inside paxos and so that was part of the press release and so we're really proud. That was the first conditional bet license that was created is what you need to be able to operate in the state of new york If you're not a bank and so they Were able to a seat receive a conditional license and we provided the regulatory umbrella for that to be able to be housed and again we're providing custodial in liquidity services to them now. Of course you can have a bank. That would come in. And they wouldn't necessarily need any of our a regulatory umbrella to operate at all but they still want to regulate a custodian and they still want a safe acquitted pool. And so that's really what we're bringing here is different models for different types of firms. You could be a fantastic technology company. You could be a banked could be a broker and we have different ways of being able to allow you to integrate seamlessly turnkey way. Turn on buy sell. Hold senate receive as you would like you can kinda choose that part of the adventure to but
Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)
Paypal CTO Sri Shivananda: Creating Great Digital Experiences
"Let me actually first start with just the portion of creating great digital experiences one that delight and that starts off as being a customer Champion company being in front of our customers listening to them wherever they may be in any part of the world in any context there in any income strata. They may be an any page accessed by the time they may be and understanding what their needs are and sometimes listening beyond what they're saying to truly understand their needs bringing that back in from that office building process and iterating internally to create great product. No product is built overnight and you need to start with the hypothesis build something put it off there allow users to play with it learn through the signals that you're receiving and continue to incorporate more and more changes through internal creative with cream. But also through customer Airport. And when you put great delightful experiences out there one is you know that you're solving a customer's problem. Not just because you're seeing the volumes on on your side, but your customer is actually telling you very clearly through net promoter scores and and such now in a time like this what we've found is that would be relevance of our products and our relevance to our customers is bigger than ever cash has become something that people don't want to deal with any more money and we are finding ourselves in in in in growing relevance and growing importance to the customers and that is a responsibility that we take very deeply. And while we have seen some amazing growth in the business, what we found is our business has been incredibly resilient in this process and it has emboldened us to actually accelerate or Jersey in certain areas particularly in in in the case of in person digital payments and so on we are we have for August quarter ever in Q2 of this year and a nice. Uh, we are now, uh, seeing, uh, she lived where wind digitization like you said is existed for a long time. There is a bit of a step function growth that's occurring during the pandemic. We are now at $346 million active accounts around the world and we just this last quarter we expect two hundred billion dollars, uh in uh, total payment volume all across the board. It's great growth and what we're seeing is it's not just Commerce. It's not just people wage. I'm things because their home and they need to of course continue to to sustain but that's also a lot of digital kindness that's happening in terms of giving it's not just a pandemic. We are dealing with them so many other things and people want to help in the best way possible and the platform is getting used for Commerce, but also for kindness
The Topical
Sephora Awarded NASA Contract To Give Moon Fresh, Fun Makeover
"Multinational cosmetics chain Sephora has officially landed the coveted government contract to give the moon of fresh fund makeover beating out core competitor Ulta to lead the two hundred billion dollar projects over our science reporter. Rebecca Neal joins us now from the scene welcome Rebecca Good Morning Leslie Rebecca I remember the Moon from way back when I was a kid so it Has To. BE GETTING UP THEIR? Age. Wise. At least seventy if I had to guess while the Hubbub now, base XS Dragon launch NASA has been recently partnering with more companies from the private sector to tackle their large backlog of projects without the massive bill. Here's Jessica Wilbur senior beauty adviser at the stones. River. Town Centre Sephora in Murfreesboro. Tennessee who will lead the astro dermatologist mission from the ground y'all. I can't tell you how pumped on you to lead this historic mission we at Sephora at work developing personalized skin care regimen for the moon because we can't stress enough that beauty starts with healthy skin the montanes toward the dry and crack side is the spectrum. So we're start by gently exploiting the surface with a natural sponge than hydrate hydrate,
MarketFoolery
Salesforce Announces Strong Second Quarter
"Start with SALESFORCE DOT com second quarter profits were more than double. What Wall Street was expecting sales forces revenue year-over-year was up twenty nine percent. That continue sort of the revenue growth that we saw the previous quarter. Shares are up twenty six percent right now and I was saying to you right before we started. I'm not. I'm not surprised that it would be up I'm not surprised if it was up ten to fifteen percent, this is a very large company. Going into this report, this is a two hundred, billion dollar company. It's now a two, hundred, forty, five, billion, dollar company. We'll we'll come back to the stock. We'll come back to the stock. I'm sort of getting ahead of myself what what did you think of the report itself? The report itself was outstanding as you mentioned, revenue grew nearly thirty percent year year to buy point one, five, billion dollars in the quarter. This is the first time. SALESFORCE has surpassed five billion dollars in a single quarter. So salesforce as you alluded to is a formidable company in terms of size and revenue generation more importantly, they've been really smart with acquisitions, a lot of the shining stars of this quarter. War Previous acquisitions, namely Tableau, which Razz really proven to be accretive to that company. Over the past year, it grew forty one percent in the last quarter. So it's interesting to look at the not only salesforce core business the performance that we're seeing just and their customer relationship management platform but also the success of their investment arm, the places they have put money have been very smart up until this point.
The Economist: The Intelligence
Bytes and Pieces: Americas Chinese-Tech Attack
"As the heads of Amazon Alphabet facebook and apple were being berated in Congress, last month how many competitors did facebook ended up copying we called it Amazon heroin. Why does bny steel content from honest businesses tiktok the goofy funny video sharing app was having an altogether better time of it. Golden. Do. Not, so much anymore we're looking at Tiktok we may be banning TIKTOK. Thursday the trump. Issued a deadline of September twentieth for ending all American transactions bite dense to talks parent company as well as with. China's second most valuable, Tech Company ten cent with Para companies based in China apps like Tiktok we chat and others are significant threats to personal data of American citizens not to mention tools for CCP content censorship. China's government called the executive orders a nakedly hegemonic? act. By dense is looking for a fire sale buyer for some of its international Tiktok operations and it seems Microsoft is checking pockets. But the administration's zeal is likely to harm America's interests as well as the Chinese tech champions. We knew a band was in the offing at is still everyone by surprise Thompson booth is the economists technology and business editor I. Think most people were expecting president trump to wait until a a TIKTOK deal had gone through to reach a resolution on whether there would be a ban on not and it's also quite surprised that he's gone after we chat and tencent. And the reaction from the two companies has been quite strong. Bite dance has said that it's GonNa fight the executive orders in court. Well, as you say, there had been some expectations around Tiktok by dense. Why? Why was ten cents included in the end? Well there isn't a certain unfortunate logic to this. If you're going to say that you're concerned about Tiktok on national security and espionage grounds, you sort of have to be consistent and we chat has about nine hundred, million daily users in the US and the executive order basically bans people from making transactions on we chat which it's a sort of super APP. That is really widely used in in China and Chinese diaspora what is the trump administration's rationale for these orders? Do you think so the stated reason from the administration is the Chinese government is spying on Americans and hear the evidence is Circumstantial. So the worry is that Chinese spy agencies have stolen massive consumer data sets from various companies over the past ten years. So from Mariot Equifax anthem health insurance TIKTOK has been downloaded two billion times. It's the mother of data sets. There is no hard evidence that bite dance would ever cooperate in such an endeavor but the idea is that if you've got engineers with access to Tiktok by Don, service than the government could lean on them to get the information out. So that's the stated reason from the trump administration. Think that's enough for the American government to threaten to ban the APP. I gather from investors case to buy dance at the real reason is a level playing field issue as much as the spying concern. So one gathered that in particular. Mark, Zuckerberg of facebook has been outlining pointing out to trump that take talk is wildly successful in the US and yet facebook google than allowed into China. It's sort of the idea of why should tech top able to come to compete with us when we can't do so in the other direction? And as things stand now, Microsoft is the evidence suitor for for Tiktok operations at least in a in a few countries what's in it for them? I think for Microsoft is really stunning opportunity on their part. So bite dance reckons that the TIKTOK US asset is worth in the realm of two hundred billion dollars oversee the pudding, very generous estimate on that. So the price being talked about now that Microsoft might pay and that it's on the block for more life fifteen, forty billion. So it's just a real steel in terms of the price. I'm talking to the hottest social media property out there right now it's uses incredibly highly engaged and Microsoft you out of stroke gets into territory of the social, the digital media giants, and it gets a massive data set on teenagers daters the new oil. Attack, there is lots of sketches in the Microsoft just is kind of getting out of its core competence that it won't really know how to get and keep the teenagers. The other risk for Microsoft is just kind getting dragged into the Mile Strom of content moderation and hate speech and all this kind of stuff that attracts more political scrutiny and then regulatory scrutiny having said that Microsoft is regarded as a really high quality acquirer of businesses it generally tends to do it quite well. Microsoft. CEO Sachin Adela notably is currently probably regarded as the best big taxi. Oh so now we've got this deadline of September twentieth what happens between now and then Firstly, Microsoft going to carry on negotiating to try and buy Tiktok we're seeing more suitors for Tiktok on the scene over the weekend the reports that twitter is definitely interested I know that Netflix's on the coolest the venture capital backers of Bite Don's possibly even Disney I do think the likeliest thing is still the Microsoft probably strikes a deal just because it's got the deepest pockets will also be really interesting to see whether Microsoft manages to get more markets at. The moment, it's only going for the US, Canada, New Zealand and Australia. It's not buying the UK having the actual executive order from trump will create more uncertainty around Tiktok and there's no doubt that it is already harming the asset. It's no joke said, the clock really is taking on that deal and what about ten cents? It's unclear. What ten cents is going to do it's unlikely to try and sell international we chat as by dance is doing with Tiktok. It's possible that it could come up with some kind of structure to address. US concerns. It's a complete unknown how tencent now is going to react but I guess the question is, is the right way for America to get its concerns addressed with a problem with. It so far as that feels completely sort of ad hoc on his whim. Really undermines investor confidence in the US is the place of the rule of law. And there are alternatives and I think there's three main steps that we would advocate versus to strengthen the vetting procedure that's already in place. So the Committee on foreign investment in the US surface that probes should stop properly and quickly. So in the case of Tiktok and musically the US APP that bike dance bought therefore triggering this whole situation, they took two years to start looking at it and then did it in a rush which guarantees Robert chaotic ad, hoc situation. And overwhelmingly, the US needs to tighten up its own data privacy regime. So the reason that tiktok is such. A worry in terms of spying theoretically is that US firms, your facebook's Google's and so on her normalized that the slurping just masses of personal data from Americans. So what's required is a strong federal data privacy law. The third element is displayed to you can do in. Terms of requiring transparency into the Algorithms being used auditing code that's coming in from overseas for now, the question for those two billion or so people who've downloaded tiktok whether their favourite platforms going to survive or whether the current chaotic procedure that has affected, the company will mean it. It's rivals take it over and teens leave. Thanks very much for your time Tamsin it's been a pleasure.
Talking Tech
House Antitrust Subcommittee Takes Testimony From Big Tech CEOs
"As low as four dollars. Ninety nine cents a month stay tuned after the show to learn about their special offer just for talking tech listeners. So when you're asked to meet with elected officials via teleconference in Washington. DC along with your key competitors and you don't get too many questions. It's a given that you had a really really good week. And when you followed up the next day with a stunning earnings release that had one analysts say that his jaw dropped when he read the numbers while there's no question that apple CEO Tim, Cook clearly had the best week in Tech. His compatriots among the big tech CEOS like facebook's mark. Zuckerberg Google's Sundar Pichai, and Amazon's Jeff Bezos did not fare as well in DC. Now, in case you missed it. Let's breakdown for you what happened this week and begin by setting the scene facebook Google apple and Amazon CEOS recall to Capitol Hill for the first time in unison to defend themselves. Against antitrust charges and they followed it up the next day with earnings reports all on the same day or a mind boggling two hundred billion dollars combined worth of revenues in just one quarter. That's a little less than half of what America's largest company Walmart brought in for all of two thousand nineteen for the record that was five, hundred, twenty, four, billion. Now during a pandemic, when many people are forced to work or learn from home consumers responded by buying lots of new computers, ipads, and iphones from apple and a whole lot of everything from Amazon at a time when many retail stores were closed in this testimony to Congress bezos described it as like Christmas in March for the company which struggle to keep up with demand meanwhile. Google. Reported a two percent drop in revenues incidents. Advertising business was impacted too fragile economy. While facebook, which is also primarily in advertising business reported higher revenues but. With a lower increase than usual, which brings us back to cook. When you're asked to appear before Congress and defend your company, you're a loser when you walk into that environment says Jean Monster in investor analyst with Luke ventures a good day he adds is escaping from major blows like Tim Cook did cook was asked about how apple treats APP developers in place favorites at its APP store where the company clearly controls what consumers can see with ironclad enforcement. Apple gets to decide who can participate and can band people at will as it did recently with the alternative email service hey, which was initially rejected by apple cooks defense. It's all in keeping up with the quality of the store in that putting APPs in front of iphone users that invade their privacy and the like. But in the realm of antitrust government decreed that apple ditch the APP store, it's a tiny portion of its business worth less than five. And wouldn't impact apple says monster. What could happen to the other companies if they had to divest will you can see facebook ditching instagram and WHATSAPP apple ditching aws, which is its web services it was basically the backbone of many companies. It provides Internet services for many companies like Netflix men for Google maybe say goodbye YouTube. Google calendar. Google maps who knows meanwhile the chairman of the antitrust subcommittee said
Money For the Rest of Us
Are Banks Safe?
"Month they had several plus members. Share an article with me. That was published in the Atlantic titled Becoming Bank Collapse. The subtitle was the US. Banking System could be on the cusp of calamity this time. We might not be able to save it. Article was written by Frank Partnoy. He's a law professor at UC Berkeley. That's a pretty ominous title. We WanNa look at the article as well as the state of US banks and banks around the world. Should we be worried given the pandemic is the banking system poised to collapse. I was especially interested in the article, because it came out right after I had increased my allocation to stocks and added a preferred stock et after the money for the rest of US plus model portfolios. The particular preferred stock after us by shares has about twenty six percent allocated to banks and banks are on the cusp of this calamity that does not bode well for preferred stocks. In the article, Partnoy is particularly worried about banks exposures to an esoteric security. A collateralized loan, obligation or see Elo. We Discussed Sea Ellos back in episode two six in May twenty eighteen. collateralized loan obligations are asset backed securities issued by special purpose vehicles or s peeves. The S P V purchases leveraged loans which are non investment grade bank loans that have been syndicated. A, bank will make a loan to a Non Investment Grade Company, a higher risk company and then sell that loan into the marketplace. Many of those purchasers are Clo's is over a trillion dollars of leveraged loans outstanding. and. Most are held as part of these collateralized loan obligation structures. The way it works. Is that s? Cells, debt and equity securities that comprise to see yellow. Those securities are backed or collateralized by the leveraged loans. The CEELO has multiple layers tranches that are sold separately. The debt layers are rated by credit quality, so the senior layer is triple A.. There are lower rated debt layers known as mezzanine layers, and then there's an equity layer which is unrated. The payments on the underlying leverage loans, those payments are pooled together and flow in order. The first payments go to the senior AAA layer then to the lower rated layers, and then finally to the equity layer. That is known as they waterfall. The debt tranches are over collateralized debt ACL Oh might have issued five hundred million dollars in debt securities as part of the L O that are backed by six hundred and twenty five Million Dollars Worth of leveraged loans with the Additional One, hundred, twenty, five million in loans funded from selling the equity trunch. Each Cielo about one hundred and fifty to two hundred and twenty-five loans. And because the leverage loans, themselves are floating rate notes. Their interest rates will fluctuate as short term. Interest rates change the debt tranches within a cll are also floating rate, so there's some protection if interest rates rise. Now because of this waterfall structure, the equity tranches takes the first losses, then the lower rated debt tranches, and finally if it gets to that this senior triple, a. rated debt trench suffered losses. That hasn't happened before. The SNP does a global Cielo report looking at default rates. From Nineteen ninety-six to twenty, eight eighteen overall default rates for CEELO's was zero point five percent. The worst vintage year was sea ellos issued in two thousand eight. there. The default rate was one point seven percent. There have been no defaults in CEELO's issued between two thousand, nine and two thousand eighteen. And from that one, thousand, nine, hundred, sixty, two thousand eighteen period, there has never been a default for the triple eight trunch, and only one default for the AA trunch. Now as you know, we are in a pandemic and defaults within the High Yield Bond and leveraged loan space is increasing. Fitch estimates the twelve month default on leveraged loans is four percent, and that more than two hundred billion dollars of leveraged loans will default through year end twenty, twenty one. Adequate to a two year cumulative default rate of fifteen percent. Just because leverage loans are defaulting doesn't mean all the different tranches of a coo is experiencing a default. So a report on the wall, Street Journal from mid May that showed about ten percent of Cielo managers have been diverting cash flow away from equity investors and going to the debt tranches, which means there have been default that are starting to impact that junior equity trunch. What is different from this cycle, though is leveraged, loans are more risky and we discussed that in episode to a six. The covenants on these loans are less restrictive. The credit quality is lower. The financials are weaker and so we should expect defaults to increase. Question is will see a low default and other defaults and other loans impact banks to where we should be worried about our savings or investments that we might have in banks. In banks securities. Including their common stock and their preferred stock.
What A Day
Pence says CDC changing school reopening guidelines after Trump called them 'tough and expensive'
"The United States past three million confirmed cases of Covid nineteen yesterday, and with some states, reclosing businesses and delaying others from reopening the biggest question for the fall, remains unanswered how to open school safely yesterday. President trump criticized the CDC's recommendations on how to do this. And then just hours later. We got word that the CDC would be revising their advice so what the hell is happening. Yeah, it's pretty much just that we don't exactly know what they're gonNA. Put Out, but it seems not great that it's coming from a trump tweet where he said that the CDC was. Asking schools to do very impractical things and then hours later you have vice president pence, saying that the agency is going to release some kind of new guidelines next week. So this is once again. Clean up for crazy stuff. That trump is putting out there because the president also threatened in the same day to cut federal funding for schools that don't reopen in person this fall, and here's the thing. There are a lot of parents and teachers out there that really earnestly. Do want to get back to school, but you. You can't just wave a magic wand and make that happen safely. So some of the certainly seems to be trump, realizing that the economy can't fully recover if parents are still at home with kids, and if the economy doesn't get any better than his bad reelection, odds just get worse. Yeah it's like the answer is very clear. Why don't we try to fix this virus problem but anything but yeah, it seems like that would be it, but back to pets and the CDC so pence said that the new guidelines would. Would provide more clarity and that he didn't want them to be the reason that schools don't open saying that local officials still have the ultimate say there yeah, on that note, let's quickly go back over what the CDC currently advises I so one of the things that may have been confusing to people trying to figure out the best course here is that the CDC had said that in a ranking of risks that it had the lowest risk would be virtual only classes and for in-person. They suggested keeping the windows in. In class open spacing seats six feet apart you can and know group activities like cafeterias or playgrounds basis things like that, but making these changes for any school district is going to be expensive like insanely insanely expensive. Their estimates from education groups that schools across the country need a collective one hundred two hundred billion dollars to do this safely, and people are thinking about a lot of things here from the big to the small about the cost of disinfectants, the cost of additional Saffir Health and safety the cost of. The cost of transportation, ventilation and more and so Congress has only allocated thirteen and a half billion dollars k through twelve school so far, so yes, this is a very real and crucial challenge to say the least, and there's not a lot of time to figure it out. Yeah I mean. We're about a few weeks out from that school and we're starting to see some examples of how individual cities are tackling this. New York City just announced a plan. So what do we know about what's in it? For now mayor, Bill De Blasio announced a plan, but it could change, but the just of it is. Is this. The largest school district in the entire country is just not fully going back in person in September so some things that we do know about the plan. The goal is no more than twelve people in a classroom at a time, and at this point classes rain about thirty or so maximum right now and in-person classroom attendance is likely to be limited to one to three days a week, so governor Cuomo has the authority here on when school's actually open across the state, but so far at least he hasn't contradicted bill de Blasio something. They have a lot of familiarity with doing in the past. The near Times reports that under the de Blasio plan principles across the city would use this month to figure out how to go about doing this. One model is to break up the students into two groups. They would come in and out of the school on alternating days, and if the school is more crowded, it could be split into three groups that alternate in a similar way parents. Parents would also have the option of just keeping their kids at home as well so in short, it's really hard to figure this out and for the parents it opens up a myriad of questions. About what do you do for childcare on the days when kids aren't going in person and many other things, and this is a problem worldwide in countries have reopened their schools outbreaks were. Were mostly under control before they did it on like for us, and even still there temperature checks, testing and some outdoor classes and staggered schedules and things like that, so that's a bit on the major challenges that await for K. through