35 Burst results for "Two Hundred Billion Dollars"
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
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
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.
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.
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
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
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
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
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,
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.
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.
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
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.
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
Apple and Paramount to make a deal for Martin Scorseses next movie
"I'm Kim Masters and this is the Hollywood breakdown joining me as Melanie and Matt. The streaming wars as you know as many people who are listeners know are underway. Hbo Max Coming out onto the field of play this week. A lot of people finding it a little including me a little tricky to figure out how to get that even though as a spectrum customer I should be able to access it but it doesn't show up on my TV. Because I have Roku so it's some people can't find it. Some people like it but we are seeing apple seeming to up its game with some big high profile deals. They are spending money. It's a little reminiscent in some ways of the Netflix strategy. Where we seen them angling for high profile expensive awards movies awards prestige movies apple is now throwing. Its hat into that ring. You know backed by the might the economic might that wealth of Apple. Yeah and this is a big project. Martin Scorsese Film. Sources are saying it's between one seventy five two hundred million dollars depending on who you believe probably will go much higher than that given scores as he's track record. It's got Leonardo DiCaprio. It's called killers of the flower moon. And this is a really really interesting play for Apple. Because you saw Netflix's get a lot of attention for the Irishman last year. Whether it was good or bad you can debate that. But it got them into the Oscar conversation in a meaningful way. They didn't walk away with best picture but they were in the game and apple will likely be in the awards game when this movie eventually comes out. What's interesting here? Is the deal structure. You've done some reporting on that because it was originally paramount. Paramount got cold feet and it ended up at apple after a bidding war. After you know it was shopped around town and this is essentially. What I think is going to happen with a lot of movies. Going forward where they get developed at the studios than the price inches up inches up inches up studios where once upon a time they might have taken a risk on a big movie from a big director are now going to get cold. Feet and income streamers just clarify something about that. Paramount is not out of this game. Scorsese has his deal there and they did release them to shop this around but they own the property the underlying novel and this is a very dark period piece set in Oklahoma in the nineteen twenties. Leo DiCaprio originally was supposed to play a good guy. Paramount was really interested in that version. Then he changed it so that he was playing a kind of a villain character and I am told that paramount felt this is now a less commercial movie with the same budget which point they did say go ahead and shop at around and there was a really long pause and apple did step up but it is still a question of a deal with paramount because it is expected that paramount will at least get some sort of a percentage at pop probably released the film in theaters. Which is what. Scorsese did not get with the Irishman with net flicks so having explained all that. Let me say I would pay money? Actually to see tensor Endo's at Netflix's sit down and explain to me. The cost benefit analysis of having spent which I think was certainly over two hundred billion dollars on the Irishman. Yes they got nominated no they. Didn't you know we? They have all the data. How many people sat through it. Did anybody subscribed because of it. It's a black box for people like us but this is this is something that apple is now saying. We're in it. We're in it in a way that will make Scorsese happy with theatrical release and ironically make paramount happy because paramount will have its name on this movie and we'll probably get a good chunk of some kind of a piece of whatever box office it generates win it can get made because we're all stuck now waiting for protocols and an insurance policies to make filming possible so we will see. I will note. This isn't the only movie they bought. They bought Tom. Hanks's movie Greyhound from Sony for supposedly around seventy million. That movie was done studios will sell as you suggest Matt with movies. That you to bring in cash right now I would say many cases. It is not a great vote of confidence. When you see these deals made in the movie itself but it will be high profile. It is Tom Hanks and for Apple. They obviously decided it was worth
Kevin Czinger (CEO of CZinger hypercars)
"Own right folks. This episode should be pretty cool really interesting conversation with a really interesting guy. Kevin Zinger is an entrepreneur. He is an automaker. He's a technology guy. He kind of does everything but his car is basically three D. printed which is really really cool. So we're talking about that but we're also talking about the total environmental cost of cars. It's really really interesting conversation. I don't WanNa get too far into the intro. Just get into the conversation. Kevin Zinger of Zinger Automotive. Hello everybody welcome to the podcast. Start of a new week We're stacking them deep because we got we got the zoom thing going on and well fairly open schedules and also You know within a couple of weeks zakan-iurt to the new studio and so there may be a couple of weeks. We don't have a functional studio and so By getting ahead a little bit We're GONNA we're going to handle that situation logistically a little better. So the content river keeps on flowing even while we are loading gear into u hauls and moving across the street that being said well when the show today we have a special guest Mr Kevin Zinger of Zinger. And just like he told me earlier like Zarre bizarre. Russia's Ceesay mean is pronounced Zee. Welcome Sir thank say about smoking tires. Be while there. How's it? How's it going on your half of Los Angeles all? It's a very nice evening turning into twilight beautiful around my home And it's a pretty typical workday. I'd say on the engineering side that were having very productive days through our VPN network and The factory is less productive because we have a small crew there were. We're mainly doing to support the local medical community and also in Texas were or manufacturing the equipment facials mass and related pb equipment using our Plastic Three D. printing equipment. So there's a skeleton crew there. That's that's so you you you got a couple of companies going on. And they're they're intertwined I learned about divergent which is the three D. Printing Company A couple of years ago I had some conversations with one of your people about trying to drive. Something called the blade which I still love to drive if it still exists somewhere And then now. We've got the singer car which is a different thing a new thing so tell me how all this works. Kevin. Well I'd all works is that You know having cofounded a car company and Co founded the Battery Company and having grown up in Cleveland with brothers as Karma Gannex Most of my life has been fixated on cars and building cars and thinking about cars and one thing you very quickly learned is been when you're going to design a car and build a car. The biggest issue is turning those ideas and that engineering and how into an actual physical structure. That is the car right. Yeah hard looks as they say. Yes so you look. For example you go to build an EV. You're even converting A car into an easy. That's an existing internal combustion. Engine car When I was running an easy company I ended up spending more on Just retooling the body to convert it to a EV from an internal combustion. Engine car like about two hundred billion dollars. And that's over in China where it is cheap as it can be more on that than I spent on building for designing really the First Press Matic Automotive Battery Module Act Thermal Management Battery Management System in that a million square foot manufactory which opened in two thousand ten and gene spent more money on retooling that garden all that technology developed and I looked at it and said this is what is broken in this industry. This is what is actually truly broken
State Budgets and COVID-19
"Seventy five billion dollars. When was the last time you thought that might not be enough money for well? Almost anything for the Pew Charitable Trusts. I'm Dan Lewis Duke. And this is after the fact. We hope this finds you safe and healthy. That's seventy five billion dollars. Is Our data point for this episode. And it's the combined. Total of money states had set aside this year for a rainy day in order to protect critical services for the public like healthcare and aid education in case of a downturn. Of course this is more than a rainy day. The Corona virus is more like a daily show and it's lasting for months and it's taken most of the last decade since the end of the great recession for states to save that money and stabiliser economies the federal stimulus package. Congress passed at the end of March tops. Two hundred billion dollars helped to states and localities and that includes one hundred fifty billion dollar Corona Virus Relief Fund. But will it be enough for more? We turn to Josh Goodman a senior officer on Pews State Fiscal Health Team on how covert nineteen is affecting. The state's Josh Goodman joins us. He's a senior officer on choose state fiscal health team. Josh we hope this finds you well and your family doing okay. Yeah definitely thank you so much for having me on. We're talking of course about the importance of of state budgets. Let's remind listeners. Just why they're important. What happens at the State Level State? Governments are just central to the lives of every single American primarily. What States Fund is Education Healthcare Transportation and public safety? And so if you're someone that drives on State Highway Sates are paying for that road if you or your family are on Medicaid states or contributing to that funding if you send your children to public schools that's dependent on state funding in additionally everyone that pays taxes when you go buy almost anything and pay the sales tax on it when you have personal income taxes withheld from your paycheck. That's linked to state decisions. And so if state governments aren't healthy if their budgets are struggling that means they'll have less money to provide all of those critical services it also means that Your taxes may be going up in a variety of different ways beyond that state governments are also important for the national economy. One thing that economists saw coming out of the great recession is that even as the federal government was making efforts to stimulate the economy states were delaying our economic recovery because they were raising taxes or cutting spending either of which take money out of the. Us economy states played this role of Limiting the recovery slowing down and so having healthy state budgets matters for all of us. We're going to talk about what all of this means for the states And their budgets which are gonNA have a huge impact economic impact. The data point for our episode is seventy five billion dollars. Which sounds like a lot of money because that's what the states is sort of stockpiled as of the end of this past fiscal year disorder. Get ready for tough times. Josh today anticipate tough times? This tough I don't think anyone anticipated a situation quite like this states always do need to plan for difficult budget situations one way. That states are different than the federal government is. They have generally constitutional requirements that forbid them from engaging in deficit spending and so states really do have to balance their budgets each year each two years and one way they do that knowing that the money they bring in in in good time will be a lot more than it is in bad times. Is they build up these reserves and so By saving in the rainy day funds as they're known states can have money to get them through tougher times but even states that have done a really good job saving. Didn't expect something to happen. This quickly and this dramatically that would affect their budgets. Josh breakdown were state. Revenue Comes from and why volatility poses such an issue for state budgets. State governments get most of their tax dollars from personal income taxes and sales taxes. And so we have. People are spending less money in the economy. Sales tax revenue will decline. If people are working fewer hours if there were layoffs then personal income taxes will also go down. States have pretty limited options to deal with those problems. They really depend heavily on their reserves to get them through these difficult times at bet also. They rely on the federal government during the great recession. The federal government offered substantial aid states states really need a lot of help but they're also making difficult choices for themselves as their budget situations deteriorate and for some context here. Congress and the president of created a two point two trillion dollar stimulus package for the nation. How much of that is is targeted towards state and local governments? One of the biggest parts of that for state governments is a new one hundred fifty billion dollar fund. That's designed to help states pay for their responses to Corona virus and all. The public health costs that go along with that and in addition to that money though there's a variety of other funding streams said are intended to help both state governments and local governments. One thing Congress has done for example is increase. The amount of money that the federal government is paying for Medicaid Medicaid is jointly funded by the federal government and states and so to help states out to get through these difficult budget times. Congress IS INCREASING. What the federal government will pay. You know we're coming out of the aftermath of the great recession was an it offered. I'm sure a lot of lessons to state policy makers on how to how to deal with calamities. What are some of those lessons right? We saw lots of sort of short term thinking during the great recession. Some of that was due to the degree of the crisis. That state's really didn't have great options but states were doing things like saying our education payment. What we're giving the school districts on June the thirtieth if we just push on into the next fiscal year which begins July. The first that saves us a lot of money this year but of course. Then that's more you have to have next year and so it's those kinds of decisions that if states are really desperate they turn to. But they don't ultimately solve the underlying problem and so saving money in good times to use in bad times is one of those key steps. So what does it? It's been doing since the great recession to prepare for the next downturn one concept that came out of the great recession was idea of stress. Testing state budgets in the idea of a stress test is just sort of to analyze different scenarios of you know if the economy declines by this mound if personal drops by this amount of unemployment goes up by this amount those kinds of things. What does that mean for our budget? And it's something that some states have begun to embrace in really use it to drive their decisions and of course that's also going to vary state by state right each state. Scott their own economy based on the natural resources for example. It could be a huge part of their state's economy or the businesses that are located there. So there's no one size fits all we see a lot of variation in the volatility from state to state which is linked to the state's economy as well as their tax structure. And that's really where stress testing can be such a useful approach. What states are doing is customizing their stress tests to their own budgets and circumstances and so you know if you have an economy that's really linked to the price of oil. You're going to want to assess well if oil is thirty dollars. A barrel versus forty five dollars a barrel versus fifty dollars a barrel. What does that mean for our budget in? Do we have enough savings if oil prices are depressed to make it through those times until we would expect to see. See Things bounced back. Every state has a different level of volatility in its revenue structure in every state is maybe more sensitive as well to spending pressures that might occur during a downturn something like Medicaid which is a means tested program if people are earning less money more people qualified for Medicaid and that costs state governments more money so states really ought to be thinking about tax revenue. They bring in as well as the spending side. What are going to be spending pressures during a challenging times
UN chief expresses solidarity for Africa as continent ‘braces’ for pandemic
"African nations. Need more than two hundred billion dollars to withstand the immediate impact cave in nineteen and to recover better. Human chief. Antonio Guitarist has announced a meeting with African Union senior representatives via video conference on Wednesday Mr Parrish repeated his call for greater help from the International Monetary Fund and others in issuing credit for developing countries debt relief countries that are unable to pay their international. Creditors must also be an important part of the response the UN secretary general said he also noted that a separate global appeal to help over one hundred million people in humanitarian emergencies had so far raised around four hundred million dollars. Such assistance was essential in Africa. As we break for the expected spread of the pandemic Mister Gutierrez said the disease was in no way of Africa's making but as with the climate crisis the African continent could end up suffering the greatest impacts explained highlighting. The urgent need for a safe and effective vaccine. Mister Gutierrez said that it may be the only way to return the world to a sense of normality
"two hundred billion dollars" Discussed on 1A
"Mostly it's not even give us a sense of what other industries are caught in the middle of the struggle over tariffs. A lot of them when you post. Arizon- two hundred billion dollars and then threatened to increase it to the rest, which is random twenty five billion dollars more. You're in a point in which the average tariff to the United States is seven and a half percent that is higher than the average tariff in developing countries that are trying to protect their industries in order to make them grow. And so you have when you get to that point. And that's scale of Darius. And you you get you hit the garment so you had drawn IX, you all kinds of industries at toys and everything and their heating a significantly the growth of the United States moody analytics, for example, calculates that that disturbs would bear by point eight percent, the GDP growth of the United States. So the president is comfortable because he has a very strong economy growth economic growth is high unemployment is low investment is. Beginning to happen. So you know, he's confident, but he's playing with fire because these charters can undermine the strength and health of the US economy, and could we just be clear moist as the president is saying that China will pay the cost of these terrorists. That's not true is it. No. It's not rule, and what happens with trade always is that the pain is highly concentrated and the benefits are widely dispersed. So the tariffs, you know, what he claims his I they're paying us or to export to the United States. And that money's coming the United States while he's coming to the US treasury. Meanwhile, a soybean producers that have seen their volumes of experts plummeting to almost nothing are are hurting. And it's very interesting how strategic Chinese have been in targeting what kinds of tariffs because they are retaliating. They are the this is a trade war, you tariff, my experts, and I do the same to you. And so the Chinese have been. Very strategic in pinpointing and selecting the kinds of products that will hurt the president most in politics. You know, all of that culture sector is gonna be quietly significantly impacted by these, and it's interesting how much the country Courtney is now paying attention to this not just farmers and people who work in science and technology and agriculture, it's affecting many parts of the, you know, the manufacturing sector. He he went after Harley Davidson at one point two few months ago, which is still kind of talking point, by the way for those of you who are Harley owners like myself, there's part of the VIN that you can read that will tell you where your bike was made. So don't panic. You can research that yourself. But I do wonder Courtney in terms of what this means going forward. I mean, China means a lot to the US for more than just the tariff talks, China, you know, wants to be the next big superpower. What does this mean in context? Yeah. Absolutely. I mean, you can't forget about the fact that the US I mean from. Neekam economic standpoint you have the world's two largest economies. And if in fact, the United States continues to move towards China, really as an adversary as an enemy, you think about how entangled the economies are between these two nations, and what that could actually mean. But you know, the the timing of all this is also fascinating given that we just had these two launches from North Korea. The US needs China to rein in and put pressure on North Korea to bring them back to the table to convince them to denuclearize to convince them to to to stop these tests to bring them back to the negotiating table, which actually which as we all know in Hanoi fell apart has diplomatic relations. I thought David made a really fascinating point. He was talking about how the Chinese thought won't, you know, they were going to that President Trump was gonna fall, but we have here is president Xi Jingping and President Trump who both see themselves as these master strategists. But the approach these situations from very different perspectives. President Trump he can change his mind on a whim, and he is very vocal about it. What with the? Tweets we've seen. I don't even know how many tweets about this this morning about the trade talks. With few president Xi approaches it in the Chinese approach it from very different perspective..
"two hundred billion dollars" Discussed on Bloomberg Radio New York
"Sort of veteran of a bunch of commerce online media plays before this venture capitalists for few. Years started the. Company pretty quietly In two thousand fourteen and then launched the site twenty seventeen In just a year later according to SoftBank it's worth about four hundred or five hundred million dollars company just put in about two hundred and forty million for a forty percent stake and two board seats in exchange for what they think is going to be A big success story in the world of e-commerce friendless cells. Now a relatively small supply of sort of upmarket generic homegoods sort of the opposite of the Amazon or jet dot com. Theory in the sense that instead of being. The everything store sharpies pitches we'll sell you a very? Curated collection for less than the competition I gotta say. There's. There's something appealing about that, when you're waiting through everything on Amazon to to get, what you want so one could see the appeal of. It how does it fit into soft, bank's portfolio as well because something obviously has a very diverse set of investments sure, with the vision fund now two hundred billion dollars and soon to be we think much more they sort of have their fingers in everything but particularly in the role of ecommerce they've been at least in the US A little hesitant while they have a significant piece of most of the other big ecommerce. Plays around the world notably Alibaba this is. Only the second e-commerce investment they've made in the US, and the first one was in sports barrel and also. A. Company that otherwise pretty. Quiet, this is a pretty targeted play and I, think it's, reasonable to. Be skeptical of anybody's going head to head. Against Jeff Bezos but for the time, being they they seem fairly confident that Scale anyway in terms of the kinds of audience that Brown's targeting. With again sort of relatively upmarket, stuff whether it's sort of Organic peanut butter or Other kinds of gluten free ships or nontoxic this show. That sort of stuff they're betting that it'll be more reliable draw for repeat customers than bigger ecommerce platform that now Amazon's good example of a company that has in order to sort of be the the. Everything's tour as they say and and to keep their inventory growing they've really open up to a. Lot of merchants that in some cases we're not delivering people would expect I think the key thing you just. Said was the draw for repeat customers, and the name itself brand list sort of struck me that there's no sort of. Brand loyalty that I'm going? There really, for generics I'm not going to get my pace whether it be Colgate or across them just, gonna go for my regular generic brand is there any customer loyalty I mean clearly there if we're endless is the brand though in a way right less becomes the brand and I. Would imagine that eventually there's a certain cachet of getting the brand lifts stuff. That we're the customer loyalty is then that's really the hope told our reporter on the street Sarah McBride is that Ironically brand Lewis hired a brand consultant to try and figure out how to. Become a recognizable brand But the she's sort of, bringing the, tactics that she used in. Her, previous ventures like a site focused on a baby news sharable stories and that sort of thing To try and convince people among other. Things to post recipes that they've made from brainless products or to deliver feedback unconventional, ways on the products are on the website, or on, Facebook pages and other forums So the the hope. There is that, they'll drive up a businessman repeat customers as opposed to you know it's sort of like the Snapchat vision of social media as opposed to Facebook that you're building smaller but more dedicated, audience it's a community isn't that the one of the buzzwords here is, building a community We. Talked about. The valuation do we have any information on sales or users of the platform so. Far they've been very cagey about that but you know they'll they'll give. A reporter all. The usual.
"two hundred billion dollars" Discussed on WAFS Biz 1190
"Escalating trade tensions may spur Broad-market downtown he also and also could hit the US economy he told Bloomberg stocks could fool ten to fifteen percent and GDP could start slowing next, year We do this. Two, hundred billion, dollar tariff war between China I think all better off meeting. What the GDP will slow down dramatically we will. Have we will have even more uncertainty about the world how how the US is being portrayed The IMF is also concerned warning that financial markets continue to be complacent, amid mining trade. Tensions chief economist and the lease ob- spelled told Bloomberg that. Global equities will be susceptible to if the escalating spot is not taken. More seriously he. Also said that the current growth trend in the US economy is unsustainable in his opinion That US growth will fall as the effects of the current fiscal stimulus begin to wane less government spending and reversal of tax. Incentives and Furthermore the US is growing way above potential at the moment and, that can't continue Let's bring in a Gareth Nicholson had a fixed income discretionary for management Bank of seeing a poor quake to see this morning. So some, pretty serious warning shots from Larry Fink and from the IMF all markets complacent I think. It's important especially for the Larry Fink. Interview was before we highlighted you. Know obviously if it happens it's going to be pretty bad he did highlight that it's a small trade tension than trade wars. At the moment let's nothing being one hundred percent confirmed we're still waiting for the facts And I think it's I think there's a lot of people in the market that are still in the, case of by the room. Sell the facts in, the sense that you need to be nimble yes you. Need to, be active but you, still need to be invested I. Think that's important thing the IMF discussion there obviously much more cautious and taken a. Much longer term view that if this. Escalates it can be pretty bad View is that trade tensions at the moment here's their percolating along but, until we see actual facts The contagion is, under control fundamentals is, still pretty solid across the board Yeah the the fundamentals remain solid I think the maths was, basically saying we're susceptible to sudden retracing if growth and expected corporate. Profits fall blog also talked. About the flow of money flows for them This quarter seventeen point eight billion excuse me in terms of the in? Terms, of the flow of money. Are your clients putting any more money, to work in bonds are they taking any more bombs on, board in light of perhaps preparedness for an escalation of trade war It's, a good question I mean I, think investors now are up at night worrying about a few. Things what we keep telling you don't have to worry about all of these three things. That are, really keeping. This is up one would be rising interest rates that's you, know historically seen as negative for bonds which would argues not? Will come to that in a second the second would be hustlers fundamentals house trade going to fake that And, the third would. Be other enough bad apples spoil the whole barrel and if I can't touch on all three quickly the first one will we saw. In two thousand and. Four, with race increasing gradually. Very. Well telegraphed and explained by by the faith in two thousand and four we so Ian high yield. Any is forming very well and the. Reason for that particular in high yield would be you've got the high, coupon you've got shorts, maturity reinvestment. Rate so, we tell investors that's rising interest rates, in a controlled manner is. Not the end of the world, is actually an, office, -tunities we've touched on trade yes. Trade is a war. Yes we, reason we keep more cash on the profile is and a lot of. Investors are opening opportunities I mean fundamentals in a mixed bag these performers like Russia at the moment where on a macro. Macro points they're actually doing very very, well then, yes there are some of the, struggling ones but compared to twenty thirteen we don't have the. Fragile five you have India Indonesia, they've done a lot of work Getting a, little bit. Of, physician, and then they were five years ago, so we see a mixed. Bag but a lot of opportunities, and finally on, on. The bad apples if you would The we still think that there's a low amount..
"two hundred billion dollars" Discussed on WNYC 93.9 FM
"So from the perspective first of all there's a thirty four billing us dollar chinese imports are being tariff to now there's going to be another sixteen billing this coming up and then there's another two hundred feelings has been announced yesterday so what end tuesday's what kind of end game is trump's really looking for things ask the biggest question the chinese are trying to grapple with and with that latest threat from president trump imposing two hundred billion dollars worth of additional tariffs china doesn't even import that much in products from the us so what could china do to retaliate in this round if it were you are correct with asian to the same level it will be very difficult for the for the chinese alas they double the tax at the rate of the tariff for example president trump announced ten percents of tariff on two hundred billings of chinese import seems china does not import much from the united states and china ken dapo the rate of the tariff you've china wants to achieve that equivalent effect but there are other things that i think the chinese are doing they're trying to engage the united states in further negotiations by also making some goodwill gestures for example two weeks ago the chinese announced the opening of certain market access in in different chinese industries and the thing the chinese are doing that as a strategy to engage trump to show trump that china is sincere about having a fair trade relationship with the united states okay are improving their behavior well robert lanza but oh i i wanted to jump on because robert lighthizer the us trade representative did say that he wanted to persuade china to open up its markets but also to stop china from demanding american companies to share their technology in order to do business in china how likely is it that china will relent on that point the chinese officials argument is officially speaking legally speaking the chinese government does not have such a requirement for american companies to surrender their technology or transfer nology but we also know that in practice that is a very common practice said when the american companies tried to set up ventures were joint ventures in china they are required to have a chinese partner and they're required to share their technology was there with their chinese partner so detainees argument is not really a very strong for looking ahead at this made in china twenty twenty five has been regarded as china's national economic development strategy for decades to come it is a strategy that has been identified as chinese answer to the question we're will chinese economy goal so this technology innovation is seen as a key to adam association's economic policy so i don't think the chinese will be able to abandon that and in the few seconds we have left how much do you think this trade war is going to hurt chinese companies that do business with the us while they do her chinese companies also hurt american companies and the chinese government has announced that that some of the tariff revenues air collecting will be used to compensate an offset the losses said the chinese companies are suffering okay eunson is director of the china program at the stimson center thank you very much thank.
"two hundred billion dollars" Discussed on KLIF 570 AM
"Six on friday and the spotty showers should come to an end we'll be play hot and dry saturday and sunday on klif ap meteorologist brad borden seventy five degrees in mesquite right now seventy six in prosper and seventysix in fort worth seven sixty nine k l i f china's government is criticized the latest us threat of tariff hikes as totally unacceptable and vowed to retaliate steve kastenbaum live in new york at the very latest on this tit for tat steve good morning good morning invoice years are certainly elevated now prolonged trade war because it seems like the direction the country is heading in the trump administration trade representative released a list of two hundred billion dollars worth of goods made in china that could face new terrorist of ten percent this list is now open for public comment it includes everything from fruit and vegetables to seafood to yarn to baseball mitts and burglar alarms it's a wide variety of items set of the united states is talking about putting again a ten percent tariff on two hundred billion dollars worth of goods well that is a significant significant hike in terms of money but i'm curious steve do you do you know how they choose these items well initially with the thirty four billion dollar tariffs of the trump administration was trying to be very strategic in choosing things that wouldn't be felt by the american sumer there were a lot of things like heavy construction equipment and diesel engine parts for hydraulics and that sort of thing this time there's no denying there's no getting around the fact that these are things that are going to be felt by the american consumer will hurt american businesses because quite frankly there are no alternatives for a lot of these suppliers to the for these products it's not like they can just go to another country and switch say can your manufacturing sector fill this void filler need here because we're not going to get these things from china anymore it's it's really difficult to find anybody dot connected to the trump administration who believes that this is a good thing that imposing tariffs are a net positive for american consumers at four merican workers there's universal agreement that china has not been dealing fairly when it comes to trade that there's been in some cases theft of intellectual property but universally whether they're conservative or liberal every every expert in international trade every economists that i've been reading is they all say that this just is going through produce negative for the us as it has in the past one 'isolation has tariffs have been introduced any chance the us or the president can sit down with the president of china i mean he didn't eat with kim jong hoon well absolutely and then and so the president of the united states he sees this as a bargaining tactic negotiating tactics that he wants china to get come to the table but i tried it doesn't seem the least at worried about this because they know what role they play as as the world's manufacturer you know they supply the cheap labor for you know so many of the world's products they know that there really isn't it alternatives so it doesn't seem like they're they're too concerned about this instead they've retaliated with their own terrorists on on us products they've very strategically targeted the agricultural sector soybean farmers the razors of a port and and other goods the lobster industry here in the northeast is really cry foul because they say that this retaliation on their goods is going to kill your industry quite frankly all right steve thank you kayla steve kastenbaum with the very latest on the international trade war or the tariff tariffs exchange elise boy it didn't take long did it no tell someone in hollywood bought the rights to the kids trapped in the thai cave well we knew that was going to happen in fact it was one of the first things we said you know if they get these kids out of here there's gonna be a great movie in this maybe even if they don't but they did get him out of there now the company that bought the rights and i still would love to know who they paid they probably paid everyone who is involved maybe the family of the of the guy that died maybe so navy seal the families of the kids to us producers already at the site fact this came out early yesterday so they've been there for a while now and micheal scott of pure flix films says i see this as a major hollywood film with alist stars flicks films is based.
"two hundred billion dollars" Discussed on Bloomberg Radio New York
"Business flash we're seeing a reaction than a souring of sentiment on the back of this two hundred page dossier that was published in the us treasury website detailing a new set of tariffs on some two hundred billion dollars worth of goods from china protection screens mattresses dried fruits the list goes on and on and so you looking here asia pacific index that is currently up one percent lower visit by losses on nikei down one percent materializing as well china csi three hundred when now down two point one percent healthcare finance docs getting hit particularly hard the fx space the dollar serving a as a safe haven currently the bloomberg dollar index up a fifth of one percent that's weighing in some of the key aspects traits that broadly you look here at a euro dollar seventeen twenty nine coming through as well the cat wants spot thirty one thirty nine dalian fairly flat commodities on the pressure bear in mind that this is a global picture where you have affects rates markets apart from the one that are remarkably sanguine by comparison what's happening equities at what is happening commodities we're seeing a lot of setting pressuring industrial metals zinc copper among those french good in the meantime also lower at seventy eighth spot thirty one dollars a barrel down seven tenths of one percent but there's not a lot of appetite for gold at this point one thousand two hundred fifty one dollars announcement that runs us equity futures in the interim curly called a little bit lower gives you a good sense where markets are at the bloomberg business flash now cross out back out to leeann guarantees with more exactly is going on around the world man thank you yussef the senior health official in thailand says mr the twelve boys rescued from a flooded cave lost an average of two key kilos the group put traps for more than two weeks alongside their football cage they now in hospital where they've been mentally and physically assessed after the last five major south yesterday is going to deploy an extra four hundred and forty uk troops to the nato mission in afghanistan that will bring the table number all personnel involved to eleven hundred prime minister theresa may says it shows once again that when nato calls the uk is among the first to answer and the us is set to scale back aid to african military units fighting terrorism there's says it realigns it's defense strategy to compete with more traditional threats from china and russia shift comes despite a growing terrified on the continent resulting in attacks on us forces in niger and somalia global news twenty four hours a day on and that takes up on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm the unguaranteed this is bloomberg markets thanks very much indeed leeann now our top story this morning donald trump preparing another fire another shot from the tariff bazooka preparing a fresh tariffs to the tune of two hundred billion dollars over fresh tariffs on two hundred billion dollars worth of chinese goods let's turn to david jane for more on this he's multiasset fund manager at myton and he joins us now in our london studio david very good morning to you by the way you've previously said that the market response to trade tensions has been overblown with the trump administration weighing fresh tariffs is it time to reassess that that that that perhaps but but basically my my overall view on this terrorist thing is it's unlikely that the us really wants to shoot excel in the foot i mean if you look at take a world view on this you know the us buys lots of goods from the rest of the world in exchange the rest of the world buys lots of us dollars and therefore keeps the yield on us treasuries down in the dollar higher the us has a huge deficit that it needs to financing terms of its government deficit if they want to pay more for their goods less people will be buying us dollars and the us consumer will have to fund the deficit themselves and pay more for their goods so this probably isn't really what's going on here the us doesn't want to buy less foreign goods what's probably really going on here is the us wants better or access the chinese markets he wants china to still less of its intellectual property and the.
"two hundred billion dollars" Discussed on KTRH
"Look for two hundred billion dollars leverage you know all these new investments and so we're gonna have to roll up our sleeves and see what we can do uh within the existing budget sex isn't the kind of uh play into the red tape as well 'cause i know word donor stage we send money you the federal government in some of our texas tax dollars and they're going to other states in order to be able to fix their roads yeah we are a gift pack never been feared attack in five states whip who i think that's one of the reasons why the owner states like ours are reluctant to any gas tax in washington because not enough gets back to the the local level the other thing is is right now you know on tax or our infrastructure system is leaky bucket allow those dollars a dome goaded the roads and bridges and infrastructures it's meant to go to in so before you even consider a more taxes uh fix the bucket you know i think is the general feeling i do think jimmy we need to to focus on user fees that those who are like the list is in the car driving to work right now you know we want those who are those of us who are using these roads expect them to be good be able to address congestion liquid we're the ones who have the biggest uh stake in this so i'm hopeful uh that whatever we do we really focus on what can we what in the federal government right now can we reef prioritize to help build infrastructure and roads on and congratulations once again congressman birdie on your role in getting a tax reform through the house of knin ended up getting to the so there's something and actually got done it always seems to be having a big impact especially on businesses l big impact that we have gosh l four hundred companies now that have increased uh uh uh paycheck uh in brought back money from overseas hundreds have to create new jobs uh uh higher wages exxon mobil oh announced a fifty billion dollar in uh in additional investment on top of the build out there already doing in the gulf which is fouled winds of new jobs and of course this month ninety percent of people who work we'll see a bigger paycheck because.
"two hundred billion dollars" Discussed on AP News
"The country's government announced plans to create more tech jobs and become one of the top ten defence industry exporting countries within a decade australia will create a three point eight billion australian dollar or three point one billion us dollar fund which will lend to exporters that banks are reluctant to finance and central defence export office prime minister malcolm turnbull said that with two hundred billion dollars budgeted to increase australian defence capabilities in the next decade australia should rank higher than 20th among arms exporting countries he said the planned australian military build up was the largest in its peacetime history australia's defence industry ministers of the country would focus on growing fails to its biggest markets including the us britain canada and new zealand the pacific division takes bragging rights the nhl allstar game ap's awalt march the kano has more on hockey's wild tournament the pacific division defeated the atlantic five two in the final game of the nhl allstar tournament vancouver kinnock brock besser who scored two goals and had one assist on the night was named mvp the central division faced off against the pacific in game one of the threeonthree elimination contest nathan mckinnon and pk sue band scored the only goals for the central which ended up losing to the pacific five two nikita koutros hattrick led the atlantic to a seven four win and onto the finals anaheim's ricard were rebel contributed to the pacific's win with a pair of goals the winning team split surprised purse of one million dollars what marcy kano tampa hold the cream cheese ap's mike kemp and reports pinero bread is voluntarily recalling some of the cheese sold at its us was store the company says the recalls due to possible bacterial contamination a statement released by pinera says testing from a single production day indicated the presence of a form of l'estere area in one variety of its two outs cream cheese pinera describes to recalls preemptive saying there haven't been any reported illnesses the recall includes all varieties of unexpired to ounce are eight ounce cream cheese with an expiration date on or before april ii the recall this not affect any panara bread canadian bakery cafes i'm mike kemp.
"two hundred billion dollars" Discussed on AP News
"Controversial memo to go public i'm jackie quinn within ap news minute the house intelligence committees voted along party lines to release a classified memo that has to do with the dossier compiled about president trump white house spokeswoman sarah sanders won't full transparency the gop committee members wanted to show that there may have been inappropriate surveillance democrats are blasting the vote to release classified information against the advice of the fbi the fbi's number two leader stepping down deputy director andrew mccabe has been under fire from the president delaware democratic senator chris kuhn says it in line with the firing of the fbi director and talk about firing the special counsel this is an unprecedented assault on the independence of the fbi and the department of justice hgtv says it suspended the release of a new show show house rescue because it toast is accused of molesting a girl during a sleepover thirty six year old christopher dion also appeared on family flip i'm jackie quinn more high tech jobs could be coming to australia the country's government announced plans to create more tech jobs and become one of the top ten defence industry exporting countries within a decade australia will create a three point eight billion australian dollar or three point one billion us dollar fund which will lend to exporters that banks are reluctant to finance and the central defence export office prime minister malcolm turnbull said that with two hundred billion dollars budgeted to increase australian defence capabilities in the next decade australia should rank higher than 20th among arms exporting countries he said the planned australian military build up was the largest in its peace time history australia's defence industry ministers that the country would focus and growing sales to its biggest markets including the us britain canada.
"two hundred billion dollars" Discussed on AP News
"Australia the country's government announced plans to create more tech jobs and become one of the top ten defence industry exporting countries within a decade australia will create a three point eight billion australian dollar or three point one billion us dollar fund which will lend to exporters that banks are reluctant to finance and the central defence export office prime minister malcolm turnbull said that with two hundred billion dollars budgeted to increase australian defence capabilities in the next decade australia should rank higher than 20th among arms exporting countries he said the planned australian military build up was the largest in its peacetime history australia's defence industry ministers of the country would focus on growing fails to its biggest markets in ludi in the us britain canada and new zealand hold the cream she say peace mike kemp and reports panara bread is voluntarily recalling some of the cheese sold at its he was store the company says the recalls due to possible bacterial contamination a statement released by pinera says testing from a single production day indicated the presence of a form of l'estere area in one variety of its two outs cream cheese pinera describes to re caused preemptive saying there haven't been any reported illnesses the recall includes all varieties of unexpired to ounce eight outs cream cheese with an expiration date on or before april ii the recall this not affect any pinera bread canadian bakery cafes i'm mike sales of outdoor equipment are slipping as millennials dr changes in us consumer habits analysts say millennials are favoring closed and sporting goods that are less specialized.
"two hundred billion dollars" Discussed on KKOB 770 AM
"Over and over again and you're actually not speaking to anybody anymore because you're not telling anybody anything new and the only thing that's new is where are we going on the substance of the issues is the direction of the country you look at apple yesterday huge news to remember being on the air eric and people the left calling a sub saying there's two trillion dollars sitting on the sidelines go there and and companies want what is it apple app apple repatriating what over two hundred billion dollars well uh i don't know if that includes the eighty four billion dollars in taxes that they will pay on it right right over there whatever i don't know what the eventual mount would be but i think by believe it's over two hundred billion they're going to brick you know they're going to bring back something they've been trying to do going back to steve jobs right hugh and him cook remember being on nbc news with with lester holt and and this was his this was his rallying cry during that interview very liberal tim cooke yes thing we need to be able to bring this money back to the us in invested here without having massive chunks of a go to the government that coming from a a staunch openly gay liberal c e o of i apple right and and many of the top ceos in this country that are liberal it was a huge thing for them and it's was what they that that even what the left was on because we know we were taking calls we're two trillion on the side that guy that gotta bring that money but they have to bring it and and we should punish those the left was on it after the announcement yesterday crickets from the left by complete crickets and what we're looking for is we understand that people can look at you know different things about the morality of different people and and if they do it in office and break the law in office were then you're going to have to decide what you wish to do as a country impeach them get rid of them are do whatever when they're in office right but the fact is everybody knows who donald trump is what he has done uh what his personality is like all what his tone is like the.
"two hundred billion dollars" Discussed on KARN 102.9
"Over and over again and you're actually not speaking to anybody anymore because you're not telling anybody anything new and the only thing that's new is where are we going on the substance of the issues where is the direction of the country you look at apple yesterday huge news do you remember being on the air eric and people the left calling a sub saying there's two trillion dollars sitting on the sidelines go there and and other companies want what is it apple app apple repatriating what over two hundred billion dollars well uh i don't know if that includes the eighty four billion dollars in taxes that they will pay on it right right over there whatever i don't know what the eventual mount would be but i think by believe it's over two hundred billion they're going to bring you know they're going to bring back something they've been trying to do going back to steve jobs right hugh and him caught remember being on nbc news with with lester holt and and this was his this was his rallying cry during that interview very liberal royal tim cook yes thing we need to be able to bring this money back to the us in invested here without having massive chunks of a go to the government that coming from a a staunch openly gay liberal ceo of apple right and and many of the top ceos in this country bitter liberal it was a huge thing for them and it was what they that that even what the left was on because we know we were taking calls richard trillion on the side that guy that got to bring that money back they have to bring it and and we should punish those the left was on it after the announcement yesterday crickets from the left by complete crickets and what we're looking forward we understand that people can look at you know different things about the morality of different people and and if they do it in office and break the law in office with then you're going to have to decide what you wish to do as a country impeach them get rid of them are do whatever when they're in office right but the fact is everybody knows who donald trump is what he has done uh what his personality is like all what his tone is like the.
"two hundred billion dollars" Discussed on WTMJ 620
"Only thing that's new is where are we going on the substance of the issues where is the direction of the country you look at apple yesterday huge news do you remember being on the air eric and people the left calling us up saying there's two trillion dollars sitting on the sidelines go there and and other companies want what is it apple app apple repatriating what over two hundred billion dollars well uh i don't know if that includes the eighty four billion dollars in taxes that they will pay on it right right ever that whatever i don't know what the eventual mount would be but i think by believe it's over two hundred billion they're going to brit you know they're going to bring back something they'd been trying to do going back the steve jobs right hugh and tim caught remember being on nbc news and with with lester holt in and this was his this was his rallying cry during that interview very liberal royal tim cook yes thing we need to be able to bring this money back to the us and invested here without having massive chunks of a go to the government that coming from a a staunch openly gay liberal c e o of i apple right and and many of the top ceos in the front of bitter liberal it was a huge thing for them and it was what they that that that even what the left was on because we know we were taking calls where to train on the side that guy that got to bring that money but they have to bring it and and we should punish those the left was on it after the announcement yesterday wickets from the left by complete crickets and what we're looking for is we understand that people can look at you know different things about the morality of different people and and if they do it in office and break the law in office were then you're going to have to decide what you wish to do as a country impeach them get rid of them are do whatever when they're in office right but the fact is everybody knows who donald trump is what he has done uh what his personality is like all what his tone is like the.
"two hundred billion dollars" Discussed on KVNT Valley News Talk
"Only thing that's new is where are we going on the substance of the issues where is the direction of the country you look at apple yesterday huge news you remember being on the air eric and people the left calling a sub saint there's two trillion dollars sitting on the sidelines go there and an air companies want what is it apple it app apple repatriating what over two hundred billion dollars well uh i don't know if that includes the eighty four billion dollars in taxes that they will pay on it right right over there whatever i don't know what the eventual mount would be but i think by believe it's over two hundred billion they're going to break you know they're going to bring back something they've been trying to do going back to steve jobs right hugh and him caught remember being on nbc news at with with lester holt in and this was his this was his rallying cry during that interview very liberal tim cooke yes saying we need to be able to bring this money back to the us in invested here without having massive chunks of a go to the government that coming from a a staunch openly gay liberal c e o of right apple right and and many of the top ceos in this country bitter liberal it was a huge thing for them and it was what they that that even watch the left was on because we know we were taking calls we're to train on the side that guy that got to bring that money but they have to bring it and and we should punish those the left was on it after the announcement yesterday crickets from the left by complete crickets and what we're looking for is we understand that people can look at in a different things about the morality of different people and and if they do it in all.
"two hundred billion dollars" Discussed on WGN Radio
"The big story sponsored by gilkey window company here's andrei allowed the soda pop tax and cook county is about to be canned echo county board finance committee will vote today on the repeal of a controversial sugary beverage tax if it passes a full vote goes before the full county board tomorrow for president tony frankly call has warned of severe cuts if the tax goes away but this is commissioner richard blakey two hundred million dollars in a five billion dollar budget persson's less five percent of that budget can find two hundred billion dollars in savings i am copley and many now say the board has enough votes to repeal it this is cook county commissioner john daly announced last week he was flipping on his all the earlier vote supporting attack i made a purse from the decision efc you're listening to people make this trick oh whether the businesses president across a diversity if they were opposed to his tax and several other commissioners have also fled down the tax commissioner sean morrison said last week that he has have enough yes votes to eliminate it it would go into effect if it passes the finance committee today the full county were two mile it would become effective december first deputy ag story now traffic here's mary tadic sponsored by the private bank now cibc twenty minutes on edens both ways up on on a kennedy 22 to the airport 48 counting it from o'hare about thirty two from the edens 26 in the express in eisenhower's forty eight from fifty three thirty four from mannheim 32 app and if he three in an stevenson to offer california has been reopened they have cleanup that semi that was leaking some fuel on the roadway so california 55 that areas also reopened in an stevenson from t 94 34 minutes any of that ryan 2018 from naughty theft bishop ford fifty seven are clear along the tolls lakeshore drive still a bit slow into your balbo some delays into belmont as well and metro burlington northern train twelve sixty that was due in at nine forty seven is running twenty minutes late the private bank is now cibc they're naming have changed that their commitment to see our business is now stronger than.
"two hundred billion dollars" Discussed on 77WABC Radio
"Half of american adviser insurance individually has now monopoly prices of nearly doubled so we should repeal it we promise the voter who won poor election saying we should repeal it unfortunately what they've been putting four is very very tepid involve keeping over how how they momma care taxes most of the obamacare regulations mostly obamacare's subsidies and then really what really annoys me is here they've created this giant insurance bailout superfund about almost two hundred billion dollars if they're going to give the insurance companies and you know the insurance companies grew rich under obamacare their their profits doubled from six billion to fifteen billion and you know i'm just not really in favor of sending taxpayer money to rich corporation so where does it go now because of course you've been supporting the clean repeal where does it had now because the president as you know is that a lot of different meetings with members of congress he invited them to the white house and he said look you need to stay don't go on recess the senate leadership said they're in advance the clean repeal the one we voted on in 2015 fifty one of the fifty two republicans in the senate voted for it in 2015 but now three or four of them who said they were order now against it and you know that disappointing and then the meeting at the white house the president now leaning back tourist trying the senate leadership plan so i talked to the president after the meeting and told him that i could support wanna do everything on candor support him and to support conservative causes but i can't vote for that big bailout fund totalling failed picked that bailout fund on and stick it on some other bill and you know thing get some big spending democrats with whom they can pass it on another bill but conservatives could then vote.
"two hundred billion dollars" Discussed on WDRC
"The dust are right now now but it's not going to be enough money a couple of years from now bright you've reduced taxes it will be collected the mandate is gone and you are now going to allow them to offer a ton of different plans which means they'll be less revenue going into take care of that which means you now us said a set aside two hundred billion dollars for the insurance companies but you're going to need and a couple of years three hundred billion and then four hundred billion because you've left all this other stuff opened the insurance companies don't want the ted cruz amendment why they know will and increase the debt spiral they know that while you're given us two hundred billion here but you're gonna take away hundreds of billions by saint people get whatever health insurance they want or not get it all right and you taken away the taxes odd to to to fund it and we know that when you go back and you're gonna need a hundred billion a couple of years from now that we're not going to be able to get the votes in the death spiral continues and and this was will rand paul suddenness has yahya cut him on fox friends yesterday when s these precise questions who are you encouraged at all about any changes over uh the break as we get to all by deputy tells of this plan yeah you know and horrigan laid the new plan actually doesn't repeal obama care keeps about half of the obamacare taxes keeps most of the obamacare regulations keeps most of the obamacare subsidies and it creates a giant inherent bailout super pond at i i can't vote for a bill to create a two hundred billion dollar our fundamental out insurance companies i'm just not were that i promised to repeal obamacare not continual momma care no you care repeal appeared at sixty votes to replace it so that by going to happen so judging by them back to this bill even with its halted you just as hugh hewitt this bill is better than obamacare here why not path and they make it bed over the next three years maybe next though l five fiveyear through your health issuing don't know that his pattern in obamacare we keep in place the pond of mental walt obamacare the.