37 Burst results for "fed"
Fresh update on "fed" discussed on Bloomberg Intelligence
"With the actual number of U. S case is closer to 50 million. And I'm Doug prisoner at Bloomberg World headquarters in New York. Let's check this hour's top isn't stories and the markets there is still uncertainty over Mohr. US economic stimulus President Trump did announce over the weekend for executive actions. After a congressional deadlock late last week and today, Chicago Fed Bank president Charlie Evans said it's incredibly important for the government to deliver another round of fiscal measures. Meantime, senior officials from both the US and China will review implementation of the U. S. China Phase one trade deal at the end of this week. Also at the end of the week, we'll get several pieces of key China economic data, and they're expected to show and accelerating recovery. Saudi Aramco is pushing ahead with plans to pay out $75 billion in dividends this year. Despite a sharp drop in earnings. Aramco, meantime, also predicting oil demand will continue to improve through the rest of the year. That news has crude oil moving higher at 41 70. Now in the Elektronik session, W T I gaining more than 1.1%. Tic TAC is planning to sue the Trump administration over banning the service from the U. S. NPR reporting. Tic TAC will file a federal lawsuit as soon as Tuesday, claiming the ban is unconstitutional. Meantime, Twitter has reportedly held talks about a potential combination with TIC Tac. DowJones, saying it's unclear whether Twitter will pursue a deal for Tic Tac's U. S operations. We check markets every 15 minutes here on Bloomberg no trading in Tokyo Given a market holiday, Hang sang is down 8/10 of 1%. Shanghai composite weaker by 2/10 of 1%. On the other hand, the cost be up 7/10 of 1% and the sex 200 Sydney Is higher by 1.1%. Global news 24 hours a day on air and on Bloomberg Quick take powered by more than 2700 journalists, an analyst in more than 120 countries. This is Bloomberg. This is.
Fed's Kashkari calls for 6-week economic shutdown to control coronavirus spread
"President of the Federal Reserve Bank of Minneapolis, called for a nationwide economic shutdown of up to six weeks to get the Corona virus pandemic completely under control, warning that the rest of 2020 could be much worse than America has experienced thus far in the New York Times op Ed, he wrote, the next six months could make what we have experienced so far seem just like a warm up to a greater catastrophe. With many schools and colleges, starting stores and businesses reopening and the beginning of the indoor heating season, new case numbers will grow. Quickly using information from the Center for Infectious Disease Research. President
Fresh update on "fed" discussed on Face the Nation
"Us. But the death toll rises, Congress and the White House failed to strike a deal and the president decides to go it alone. The president of the United States at his golf club in New Jersey President Trump attempted on Saturday to bypass Congress and claimed authority to extend temporary economic relief, including jobless benefits to help families whether the pandemic we've had it. And we're going to save American jobs that provide relief to the American workers. But those executive actions left more questions than answers with the legality and cost of his plans unclear. Even the president acknowledged he could be challenged in court is expected to be kind of in the court. If we get sued. It's somebody that doesn't want people to get money. Okay, And that's not going to be a very popular drink. All of that comes after Congress and the White House failed to agree on the latest covert emergency aid package. I told them come back when you are ready to give us a higher to top it all off, the intelligence community issued a stark warning that foreign powers are interfering in the presidential race and picking favorites our guest this week in his first interview since recovering from the Corona virus. National security adviser Robert O'Brien. As the virus moves across the country will hear from Kansas City Mayor Quentin Lucas cases are rising, and Connecticut governor Ned Lamont who's had success containing it, former FDA commissioner Dr Scott got leave weighs in on reopening schools and keeping Children safer. And Chicago Fed President Charles Evans says trouble is brewing if Congress doesn't find a way to provide more financial lifelines to Americans. Plus, Joe Biden spins his way closer to selecting a running mate president and you take running our latest battleground tracker on how his pick will impact voters in two swing states. It's all ahead on face the nation. Good morning and welcome to face the nation. We're in the middle.
'Unconstitutional slop': Pelosi slams Trump's executive actions on coronavirus relief
"He doesn't know what he's talking about. I'm ham puso. Fox News, House Speaker Nancy Pelosi says. That's the kind of thing she can say about the executive action taken by President Trump yesterday, action she calls unconstitutional. The executive orders a wide ranging, focusing on unemployment, student loan payments, payroll taxes and evictions, families at the risk of being evicted. The virus is moving like a freight train, even though the president Once has ignored and delayed and distorted. What that isthe. Treasury Secretary Steve Mnuchin was part of the White House team negotiating with the speaker. We agreed with the Democrats. We both want to send more checks to the American workers. We want to send more PPP to those hardest businesses. We've fed. Let's pass legislation on the things we agree on the speaker and the secretary, both on Fox News
Los Angeles - Doctors and sham patients in Southern California accused in opioid trafficking ring
"Doctor's clinic operators and sham patients this week and Four counties in southern California who broke up with the Feds Cezanne Oxycodone Bring that sold hundreds of thousands of tablets illegally across the country, Assistant U. S Attorney Scott Tenley said. Dr. John Michael Cordelia's camera in a second doctor provided phony prescriptions for over 400,000 oxycodone tablets, which reported local pharmacies over two year period. Others arrested were involved in purchasing and shipping of the drugs. Some of the defendants were recruiting people who had no need for Oxy co tone and they would say, go into the clinics and get a prescription, but Give me the pills that you get from the prescription, and in that way they could accumulate tens of thousands of pills, which were then re sold across the country. During the course of the investigation agencies teddy Bear stuffed with this. Many is 13,000 oxycodone pills that were shipped across the country. If convicted, the 10 people named in the indictment could get a maximum sentence of 20 years in federal prison. Pete Demetriou Okay and extend 70 news radio you see, like
Beetles eaten alive observed escaping from frog's other end
"Biologists studying the water Beetle finally discovered why it can survive, even though it's constantly being eaten by its primary predator, the dark spotted frog. It turns out these little guys it once they're swallowed by the frog. Just crawl right down and out the frogs, Anis. That's right, Dennis. It's a science word. So apparently 90% of the water beetles who get eaten by these frog survive by doing that, which is again just crawling right out that frogs Croker Come on Dark spotted frog to your food. Here's the amazing thing. And I love this. So the scientists were like, Okay, this is what happens. The Beatles come out alive, the other end. But is that just a natural accident of the Frogs digestive system or the Beatles actively doing it? So they actually and I hate to think of these poor beetles. Paralyzed, some with like wax so that they couldn't move and they fed them alive to the frog. Those Beatles didn't come out,
Former "Ellen" Producer Speaks Out Against Show's Culture
"Talk talk show show host, host, Ellen Ellen did did generous, generous, continues continues to to come come under under fire fire for for what what many who worked for her called the show's toxic work environment. Staff have claimed she's not the happy go lucky person we see on TV and is, in fact anything but kind to employees, telling them not to look at her or talk to her ever. Hey, CBS's Dan Mitchinson spoke Mohr about it with Hedda Muscat. She's the show's first producer and Grammy Award winner. Why speak out now? Because I was asked. I did not seek this attention at all. I've laid low for 16 years and then the entertainment community when people have asked me on all the other shows I've worked on after that from America's got talent. I launched that. Two other shows, including Hot bench with Judge Judy People would ask me my bought, my new bosses would ask me. So what was it really like working with Alan and I always said fine. Fine because I didn't want to put that by about there. I had moved on already. But the media approached me about two weeks ago, Buzz feed, and they disclosed to me that there were over 50 people that they spoke to at that point, and nobody wanted to come forward with their name. And I said, Why And they said, because people are afraid I said, Well, I'm not afraid anymore. If you want to use my name, go for it. I mean, you were the first tires on the show when it started. What was the environment like back then? He was saying the exact same Ellen is the cold person. But here's what you have to understand. I didn't I'm not complaining because she was cold. I'm complaining because that attitude that she exhibited in the office which I say cold, indifferent, aloof, very disinterested in what I was doing. I was human interest producer. So the show was really relying heavily on all these human interest segments. She had no interest to have an understanding of the story that I was pitching her the story that we got approved. Finally, you know with the other MPs. Everybody had to approve. The story should know interest when I was trying to brief her on what the guest you know was going to be doing and my many of my segment's fell flat. Because of her disinterest in them. If you weren't an a list celebrity, she wasn't really couldn't care less, But once it affect your work, the quality of your work and your segments, then that becomes very toxic, and it's very difficult to deal with. I'm very strong person. You know a lot of the newspapers I noticed in the UK were saying, Oh, she's just soft. We're not soft. People were very aggressive in the way we book Our guests were looking for that news breaking, you know, first right exclusive story we can handle. Helen's coldness, but what we can't handle is when it starts affecting the quality of our work. As I understand it. Ah lot of employees. Maybe most employees had to sign a non disclosure, Did you Yes. And are you breaking it by talking to us? I don't know. I don't care if I'm in my sixties now, you know, asked me 10 years ago. You had probably care. I don't care anymore. You know, the media asked me. You know what? I go public with my name because everybody was afraid. And I was Sure why not? And I'm doing this for a bigger reason to have a daughter, who also is making her way in the work environment. She's only in her twenties, and I just just like the meat to movement. Change the culture. Of how women are treated in the workplace. Hopefully, black lives matter. Huge. Hopefully that will continue continue making amazing changes in our society. I'm hoping that this is you know the whole toxic work culture changes, too, because we can't do our jobs effectively when you work for someone who allows her co M P. Ed Glavin to go off on people in a rage she witnessed. I was in the room when she went when Ed would go off in a rage with veins bulging and she would laugh and say. Oh, every production needs its dog. But we knew that we were going to be at the receiving end of that screaming rant at one point so we can handle it. It's not like Oh, gosh, poor us. It's just that her mantra of be kind is so fake, and I think that's what disgusts me so much don't do that. How it's turned to them have to go. Be kind. We know who he is. I work for Simon Cowell's And he was amazing to work with very tough, very abrupt but to the point but professional and it made me a better producer. There's nothing that I can take away from the Ellen Show that made me a better producer. Okay, we only have. Unfortunately, about 30 seconds left to go. I want to ask you these claims of sexual harassment. Was this going on back then, when you started with the show I don't know. I wouldn't know that I was an older woman there. I would not know what went on behind closed doors. But if my colleagues they're saying it, I believe it. And now that this has all come out in the open. Do you think this is going to be the end of the show? I would like to see it be the end of the show. Yes. And that was had a Muscat, former producer with E. Ellen de generous show that wasn't exclusive with K CBS anchor Dan
The rise of Poland's far right has important lessons for Americans
"Of Donald J. Trump. We in the United States have become accustomed to a degree of fabulous. Um I've done more for black Americans than anybody. With the possible exception of Abraham Lincoln, the president, self aggrandizement provides the framework for his alternate reality. We have one of the lowest mortality rate way had 900 Deaths in a single day. You have the numbers place because I heard we had the best mortality number one low mortality, right? We are being given something I can't recall in my lifetime, a choice of realities. One that is mostly regarded as evidence based and one that you might call faith based that faith being in Mr Trump In either case, you have a sizable cohort to back you up. Truth has been displaced in many quarters by rage and fear. Over the past four months, we've had many opportunities to observe the impact of paranoia. When deployed by a fantasist in the White House in Arizona Man died after taking Clara Quien, his wife said that they heard about it from Trump's briefings. Are you gonna allow the government to tell you you have to wear a mask? Some believe these mask orders go against their freedoms will protect. All right, I will know asked me and I will not pay for antibiotics. Conspiracies of Sena numbers swell on Facebook and doctors warn, if left unchecked, they could undermine an effective vaccine. The death toll from the Corona virus pandemic has surpassed 150,000 in the United States. That's the highest number of fatalities in any nation by far. And accounts for nearly 1/4 of the recorded global. Told immediately after the 2016 election, I spoke with New York ER writer Masha Gessen, who, after having lived long under Vladimir Putin had some advice for anxious Americans trying to navigate the so called new normal. She explained that for the would be authoritarian, the lying is the point that the ability to create a reality flagrantly staring down conspicuous fact. Is a crucial component of building and sustaining power. And last fall boxes, David Roberts noted bluntly, where such a strategy left unchecked, could lead this sort of cultish, increasingly authoritarian movement takes over the country. In Russia and Turkey and Poland. Right's a disturbingly longer and longer list. We see countries that we thought were democracies devolve into this. In the U. S. So much has happened in the last few years that we thought would never happen. I think we should really loosen up our imaginations as to what can happen when a movement that is convinced that everything it knows and loves is in danger of falling apart movements that's thinking like that unconnected anymore to fax or reality. And got its hands on the power of the federal government is the basic recipe for democracy is falling apart. And so last fall on, the media producer Leia Feder reported on one of those places Poland, a young democracy teetering on unstable ground and where it's far right Nationalist government is intent on rewriting the nation's painful history. For almost a decade, Poland has been in the grip of a conspiracy theory what really happened when a plane crashed in a forest in western Russia, killing Poland's president and dozens of other government officials. The plane had been on route to commemorate another Polish tragedy, a massacre that had occurred in the very same location in 1940. 1973 documentary explored the mystery While the German army is advancing from the West, the Soviets crossed Poland's eastern front court in a method of Polish army collapsed, Um, surrendered. The victors, divided the country down the middle and imprisoned every soldier they captured. Russia took a 215,000 Poland officer Corps were never seen alive again. Many. What die near Smolensk, in a forest called catching after decades of opacity and suspicion on investigation in the early nineties, confirmed finally, that it was not Hitler. But Stalin, who had ordered the massacre. And so when, on April 10th 2010 a delegation of 96 Polish politicians and officials traveled from Warsaw to Smolensk. It was in service of remembrance and reconciliation. But what happened instead compounded the national pain. Poland's prime minister burst into tears when he heard the news today that his country's president was killed in a plane crash pilot tried to land in a thick fog at least twice missing the runway. And ignoring the control tower's direction to divert to another city. Not just losing the president of that country. The first lady, the ahead of the army chief of staff, the National Security Office head deputy Parliament speaker, the deputy foreign minister. It was a devastating national tragedy. What's more, the symbolic layering was undeniable. Ah, longstanding tragedy finally solved and a new one appears in its place. And yet, in the immediate moments and days after the crash, there was a kind of common shock. An Applebaum is a journalist and academic beast in Warsaw At the time of the 2010 crash, her husband was minister of foreign affairs in the Polish government, and there was pretty straightforward reporting. About what had happened. What was immediately clear There were people on the ground who saw the crash. So there was a kind of concensus initially about what had happened that it was a terrible Accident and that you know many people of value to the nation had died. But the story started to shift is the investigation into the crash proceeded. Investigators say pilot error was mostly to blame. It became clear that one of the causes of the crash was the fact that the pilots were under pressure to land. The president's delegation had arrived late for the plane. They were running behind schedule as they got closer to smell lens, which was even really an airport. It was a kind of airstrip in the forest. They began to be worried about the fog and the pilots weren't sure they could make the narrow landing. But according to black box recordings, Polish President Lech Kaczynski, head of the opposition party directed the pilots to do it was meant to be the launch of his reelection campaign. So there were cameras there which he knew, and he was very anxious to go under pressure, the pilots tried to make the landing. Instead, they hit a tree, killing all 96 people on board. The president's twin brother, the head of the nationalist right political party in Poland, same parties, the president He didn't like this story. It made the president look bad, more to the point. This is a terrible crash very near to a place where a Nurlita generation of poles were murdered by the Soviet state. Because of that eeriness. People immediately began to speculate that there was actually a different, deeper story that perhaps the Russians caused the crash. Perhaps there was a bomb on the plane. And conspiracy theories began to proliferate online. The president's brother, Nijinsky began openly alluding to them. Kaczynskis Law and Justice Party made unraveling the Smolensk conspiracy. It's key campaign promise once you had bought into their idea that there is a secret conspiracy, possibly involving the Polish Prime Minister Donald Tusk. Possibly involving the Russians, and that lots of people high up in the state were implicated in some great big secret plot to kill the president. If you believe that Then you can believe a lot of other things. The point was to get people to believe in a kind of alternative reality to doubt institutions to doubt that the government was telling them the truth, and that was absolutely an attempt to help win an election, But it did more than carve out a new electorate. It created new divides in Polish society. Where one's Polish politics were split between Communists and anti communists around economic policy. Now it was over a vision of history. It was how you see Poland's place in the world. And whether you think secret dark forces air trying to undermine your country and whether you know you need to elect a government of Patriots in order to make sure that doesn't happen. Where you fell on that dividing line affected how you would vote and how you would understand politics for the next several years, And so when line justice one in 2015 it spawned a new kind of power a power based on the willingness to embrace the myth. They fired large numbers of Polish civil servants. Polish members of the foreign service. All kinds of people who work for the government also leaders and board members of state companies and they replaced all of them with people whom they were sure we're loyal. And one element of the loyalty test was belief in this Molinski myth. Smolinski conspiracy implied that there were dark, mysterious forces continuing to try to manipulate and undermine the Polish nation. It also drawn the larger story of a Poland continually attacked by outsiders and the valiant Polish resistance to threats past and present line Justice Road that narrative electoral victory. And then wrote its electoral victory to further consolidation of that narrative in service of Polish nationalism.
The rise of Poland's far right has important lessons for Americans
"Election of Donald J. Trump. We in the United States have become accustomed to a degree of fabulous. Um I've done more for black Americans than anybody. With the possible exception of Abraham Lincoln, the president, self aggrandizement provides the framework for his alternate reality. We have one of the lowest mortality rate way had 900 Deaths in a single day. You have the numbers place because I heard we had the best mortality number one low mortality, right? We are being given something I can't recall in my lifetime, a choice of realities. One that is mostly regarded as evidence based and one that you might call faith based that faith being in Mr Trump In either case, you have a sizable cohort to back you up. Truth has been displaced in many quarters by rage and fear. Over the past four months, we've had many opportunities to observe the impact of paranoia. When deployed by a fantasist in the White House in Arizona Man died after taking Clara Quien, his wife said that they heard about it from Trump's briefings. Are you gonna allow the government to tell you you have to wear a mask? Some believe these mask orders go against their freedoms will protect. All right, I will know asked me and I will not pay for antibiotics. Conspiracies of Sena numbers swell on Facebook and doctors warn, if left unchecked, they could undermine an effective vaccine. The death toll from the Corona virus pandemic has surpassed 150,000 in the United States. That's the highest number of fatalities in any nation by far. And accounts for nearly 1/4 of the recorded global. Told immediately after the 2016 election, I spoke with New York ER writer Masha Gessen, who, after having lived long under Vladimir Putin had some advice for anxious Americans trying to navigate the so called new normal. She explained that for the would be authoritarian, the lying is the point that the ability to create a reality flagrantly staring down conspicuous fact. Is a crucial component of building and sustaining power. And last fall boxes, David Roberts noted bluntly, where such a strategy left unchecked, could lead this sort of cultish, increasingly authoritarian movement takes over the country. In Russia and Turkey and Poland. Right's a disturbingly longer and longer list. We see countries that we thought were democracies devolve into this. In the U. S. So much has happened in the last few years that we thought would never happen. I think we should really loosen up our imaginations as to what can happen when a movement that is convinced that everything it knows and loves is in danger of falling apart movements that's thinking like that unconnected anymore to fax or reality. And got its hands on the power of the federal government is the basic recipe for democracy is falling apart. And so last fall on, the media producer Leia Feder reported on one of those places Poland, a young democracy teetering on unstable ground and where it's far right Nationalist government is intent on rewriting the nation's painful history. For almost a decade, Poland has been in the grip of a conspiracy theory what really happened when a plane crashed in a forest in western Russia, killing Poland's president and dozens of other government officials. The plane had been on route to commemorate another Polish tragedy, a massacre that had occurred in the very same location in 1940. 1973 documentary explored the mystery While the German army is advancing from the West, the Soviets crossed Poland's eastern front court in a method of Polish army collapsed, Um, surrendered. The victors, divided the country down the middle and imprisoned every soldier they captured. Russia took a 215,000 Poland officer Corps were never seen alive again. Many. What die near Smolensk, in a forest called catching after decades of opacity and suspicion on investigation in the early nineties, confirmed finally, that it was not Hitler. But Stalin, who had ordered the massacre. And so when, on April 10th 2010 a delegation of 96 Polish politicians and officials traveled from Warsaw to Smolensk. It was in service of remembrance and reconciliation. But what happened instead compounded the national pain. Poland's prime minister burst into tears when he heard the news today that his country's president was killed in a plane crash pilot tried to land in a thick fog at least twice missing the runway. And ignoring the control tower's direction to divert to another city. Not just losing the president of that country. The first lady, the ahead of the army chief of staff, the National Security Office head deputy Parliament speaker, the deputy foreign minister. It was a devastating national tragedy. What's more, the symbolic layering was undeniable. Ah, longstanding tragedy finally solved and a new one appears in its place. And yet, in the immediate moments and days after the crash, there was a kind of common shock. An Applebaum is a journalist and academic beast in Warsaw At the time of the 2010 crash, her husband was minister of foreign affairs in the Polish government, and there was pretty straightforward reporting. About what had happened. What was immediately clear There were people on the ground who saw the crash. So there was a kind of concensus initially about what had happened that it was a terrible Accident and that you know many people of value to the nation had died. But the story started to shift is the investigation into the crash proceeded. Investigators say pilot error was mostly to blame. It became clear that one of the causes of the crash was the fact that the pilots were under pressure to land. The president's delegation had arrived late for the plane. They were running behind schedule as they got closer to smell lens, which was even really an airport. It was a kind of airstrip in the forest. They began to be worried about the fog and the pilots weren't sure they could make the narrow landing. But according to black box recordings, Polish President Lech Kaczynski, head of the opposition party directed the pilots to do it was meant to be the launch of his reelection campaign. So there were cameras there which he knew, and he was very anxious to go under pressure, the pilots tried to make the landing. Instead, they hit a tree, killing all 96 people on board. The president's twin brother, the head of the nationalist right political party in Poland, same parties, the president He didn't like this story. It made the president look bad, more to the point. This is a terrible crash very near to a place where a Nurlita generation of poles were murdered by the Soviet state. Because of that eeriness. People immediately began to speculate that there was actually a different, deeper story that perhaps the Russians caused the crash. Perhaps there was a bomb on the plane. And conspiracy theories began to proliferate online. The president's brother, Nijinsky began openly alluding to them. Kaczynskis Law and Justice Party made unraveling the Smolensk conspiracy. It's key campaign promise once you had bought into their idea that there is a secret conspiracy, possibly involving the Polish Prime Minister Donald Tusk. Possibly involving the Russians, and that lots of people high up in the state were implicated in some great big secret plot to kill the president. If you believe that Then you can believe a lot of other things. The point was to get people to believe in a kind of alternative reality to doubt institutions to doubt that the government was telling them the truth, and that was absolutely an attempt to help win an election, But it did more than carve out a new electorate. It created new divides in Polish society. Where one's Polish politics were split between Communists and anti communists around economic policy. Now it was over a vision of history. It was how you see Poland's place in the world. And whether you think secret dark forces air trying to undermine your country and whether you know you need to elect a government of Patriots in order to make sure that doesn't happen. Where you fell on that dividing line affected how you would vote and how you would understand politics for the next several years, And so when line justice one in 2015 it spawned a new kind of power a power based on the willingness to embrace the myth. They fired large numbers of Polish civil servants. Polish members of the foreign service. All kinds of people who work for the government also leaders and board members of state companies and they replaced all of them with people whom they were sure we're loyal. And one element of the loyalty test was belief in this Molinski myth. Smolinski conspiracy implied that there were dark, mysterious forces continuing to try to manipulate and undermine the Polish nation. It also drawn the larger story of a Poland continually attacked by outsiders and the valiant Polish resistance to threats past and present line Justice Road that narrative electoral victory. And then wrote its electoral victory to further consolidation of that narrative in service of Polish nationalism.
How Cannabis and THC May Affect Your Heart Health - Healthline
"Millions used. They actually be hurting their hearts. And a new review of studies the organization finding cannabis use may be linked to an increased risk of heart attacks and heart failure. There have certainly been reports of people with heart rhythm abnormalities, hospitalized patients who have More complications of their heart attack, for example, when they're hospitalized with a heart attack or heart failure, Dr. Rose Marie Robertson, the deputy chief science and medical officer of the cautioning more research needs to be done after multiple studies found smoking. The TH E and cannabis could shrink blood vessels that feed the heart and lungs. I think
Crestwood Mayor Louis Presta Accused Of Taking $5,000 Cash Bribe From Red Light Camera Company, Chicago
"Prosecutors looking into the spread of red light cameras in Chicago suburbs today announced a new indictment. The mayor Of Crestwood. They say he accepted cash from a representative for the Red Light camera company called Safe speed and then lied about it to the feds with more names, Brandon. I said the U. S attorney's office. Northern District of Illinois issued a release stating that Louis pressed has been charged with three counts of using a facility and interstate commerce in aid of bribery. An official misconduct, two counts of willfully filing a false income tax return, one count of willfully failing to file and one count of making false statements to the FBI and IRS. It's alleged that presto was lying to the FBI and IRS when he denied receiving an envelope during a 2018 meeting with a red light camera company representative and contained $5000. Brandon Ison. NewsRadio 105.9. FM.
beirut explosion latest news
"Some exercises in perspective the IRA bomb which severely damaged Canary Wharf in London in Nineteen ninety-six was estimated at just over one ton of ammonium nitrate Timothy McVeigh's bomb which demolished a federal government building in Oklahoma City in nineteen ninety-five was just over two tons of the same material. The boss which erupted in Beirut's port on Tuesday was estimated at two. Thousand seven hundred and fifty tons of ammonium nitrate. One of the biggest peacetime non nuclear explosions in history as Bhai. Route begins the barely imaginable task of cleaning up and is understandably enough growing tear gas was fired yesterday at protesters near the parliament building I'm joined. Now by Lila Milana, Allen France twenty four's correspondent in Beirut Leyla. First of all, you have been visiting the port which was the epicenter of the explosion. I can't begin to imagine where you would even describe such scene but I'm going to ask you to have a crack at doing that the scene is as you say, almost indescribable does smoke still rising from the charred MBA's off. Destroyed packing crates destroyed shelving and it says every kind of. Utility things you'd expect to see in shops. Twisted. Washing machines on the floor items from pharmacies because this of course port, this is the one thirty functional in Lebanon imposed everything and everything was stored than in the center. You have the remains of these enormous grain silos that carried the grain for the majority of the country completely destroyed and parts of them. Still collapsing there you have a aid workers desperately trying to dig people of rubble that's thirty meters deep, and the conditions are horrific temperatures of thirty degrees baking hot sun. The air is thick and brown the smell acrid burning metal and plastic. It really is post-apocalyptic and this goes on for over a mile. Entire poor is just smoking twisted metal and daybreak. Nash. have. You got a clear sense of how widespread the damage across Beirutis. How far can you go from the blast without seeing broken windows? So it. was about nine kilometers where we're still doing things like breaking windows the impact of it and having people. That's it really has spread incredibly far, and it's an uneven spread as well because. What's happened is that the grain ciders positioned in a certain way which meant that it protected half of the city of West Beirut, which historically has in many disasters. Conflicts actually born the brunt of of problems in Beirut and actually deflected the majority of the blast towards the East and the south, which is why a famous areas like Gymnasium Ohio Asha fear completely The buildings there obliterated and one of the concerns now is a lot of. Buildings the older buildings in Beirut the few buildings left in the east of in pre-civil war, which were much loved already, quite delicate on the point of collapse yesterday as people were trying to clear the streets constantly civil defense volunteers trying to pull people back away from these buildings with balconies hanging down stone starting to crumble because of course, that's a huge dangerous. People are still sifting through rubble trying to find loved ones that buildings could. New Buildings that had not yet collapsed could collapse on top of the other issue is that the new builds a lot of them are concrete and speaking to an engineer what can happen with concrete is that with a shockwave blast like this concrete cracks easily under pressure and so that can be in tunnel cracks there that you don't know about in can't be seen from the outside, but the make the building unstable and because there's really been. Very, little help from the government with people trying to go back into their homes, clear up and see what they can retrieve and whether their homes are still livable. Many people going back into very unstable buildings and some living there because they have no other former shelter. So a real risk of further injury as buildings might potentially collapse over the next few days very similar to the aftermath of an earthquake, which is what this is compared to. A among the people who was serving the damage in Beirut yesterday was of course, President Emmanuel Macron of France undertaking a extraordinary spontaneous visit. How is that being received? I mean, it's it's understandable enough that Lebanese politicians don't want to interact at a personal level with the public at the not only for their own safety but is it being regarded as strange that the first high profile politician to to take a walkabout should be the president of an entirely different country? Well, it is strange, but it's not being regarded as strange. I was down on the street yesterday when McCone was was walking through glad-handing the crowd I mean, he really was you know playing up to it and was supposed to be going to Baabda Palace, the Presidential Palace to meet with politicians and delayed that for an extra hour on the schedule to stay with Lebanese people in the streets of course, playing up very much. The fact that he was there to see them he'd said before the visit my main priorities to go and be with the people of Lebanon. And extend, solidarity's to them, and then after that I will be dealing with the political varieties speaking to them. So in the streets, he was absolutely mobbed by people he's hugging people shaking hands with them people coming up tim saying, please don't give those politicians any money that corrupt criminals we don't trust them and he responded to one woman I know you don't trust them graffiti everywhere saying don't give one. Euro. To those Michael help us. So he really did make himself as I say a man of the people yesterday I spoke to a couple of young women afterwards. WHO said to me? That man was more of a leader to us in fifteen minutes than any of our politicians have been where all day no one has come to see us where are they wears the help and later in the day after a lot of commentary that. The. Obviously. Lebanese politicians feeding quite shamefaced one. The justice minister did come down to the streets to try and speak to people clearing up and she had water thrown in her face and chanting protest. Immediately, they're not welcome and that people absolutely fading that the government has no interest in safety in their health in their wellbeing and their ability to rebuild hiding away from them as everybody marshals together to try and get things. Back to nothing like normal but something livable at least just to follow that up finally, regular listeners may recall that you and I were speaking on Monday talking about the resignation of Lebanon's foreign minister and that seemed like a pretty big story at the time He's probably ruin his timing at this point but have you seen or heard anything in terms of actual messaging attempts to help or anything from the alleged government of Lebanon or d you kind of assume that they've all got to the point where they just realized the games up nobody really wants to hear from them anymore. It's quite extraordinary. There is honesty nothing happening in terms of that what the government is doing a lot of finger pointing at each other and previous administrations about who's to blame for this they've put everybody associated with the report under house arrest and saying that they're going to find the perpetrators. But of course, everybody's saying somebody else's the perpetrator on what we know so far it seems that for six years has been ongoing negligence at the highest. Level where a several reports were were built up by the head of the port and have customs sent to the government center the Prime Minister's Office the judiciary about the fact that this was a ticking time bomb and something has to be done completely ignored. So the government is going on about this investigation saying they'll find responsible meanwhile three hundred, thousand people in Beirut homeless, five, thousand injured hundreds still missing, and honestly all you can see on the streets is volunteers. The. Lebanese. breath volunteers, obviously with their ambulances civil defence wanting tears, young people armed with spades and rooms marching down the street just going into people's homes into buildings and sweeping up what they can and moving onto the next one cleaning up themselves. They all said to me of course not here we wouldn't expect anything else from them with the only people who can help ourselves and today international aid. Groups coming in different countries, sending their own firefighters medical support in, and still a complete absence of the Lebanese government anywhere except the poor area learn Milana Allen in Beirut thank you very much for joining us.
Fed's Main Street pandemic support program off to slow start
"The feds. Main Street Pandemic Support program is apparently off to a slow start. The Federal Reserve says it made just ate loans in the main street lending programs first month of operation. The Fed made the disclosure in its first report on the program Thursday. The main street lending program is designed to help small and medium sized companies get through the pandemic. The Fed has said it can provide up to $600 billion to cash strapped companies through the program. But so far it provided $76.9 million in loans and starting operations July 6th. Under the program, banks make the actual loans, but the Fed will buy 95% of the
Beirut Explosion Linked to Russian Ship Storing Ammonium Nitrate
"Beirut explosion linked to Russian ship storing ammonium nitrate left in port called floating bomb. Investigators were probing it. 135 people were killed, 5000 injured. And they're pointing to a Russian ship docked in the city's port for nearly seven years without appropriate security precautions that officials warn was a quote floating bomb into quote. So it does not appear at least based primarily to be an act of terrorism. Now, every August I ask you to help out Food for the poor. Feeds. Hungry Children and families. In third world countries like Haiti and Guatemala. Haiti is the poorest country. In the Western Hemisphere. Even before the Corona virus pandemic hit, the average Haitian lived on less than a dollar a day. Consider this report from NPR about About Haiti. But over the past few weeks, Haiti has seen a rise of more than 600% of covert. 19 cases were Now this was June. Things are worse now, a lot of patients living the Dominican Republic to return home. And this is Dr Jean Pop, who was the leading expert About 30,000 of them and as you may know, the Dominican Republic have the worst epidemic in the entire region. They have passed the bar off 20,000 kisses such Anuj epidemic, So we believe that Those
Fed's Main Street pandemic support program off to slow start
"Hi Mike Rossi a reporting the fed issues its first report on a program designed to help businesses during the pandemic a six hundred billion dollar federal reserve program designed to help small and medium sized businesses during the pandemic made just eight loans in its first month of operation the fed reports it provided seventy six point nine million dollars in loans since July sixth the largest loan for fifty million dollars went to a casino operator in mount Pocono Pennsylvania the main street program requires borrowers to make commercially reasonable efforts to keep their workers but it doesn't require businesses to re hire any laid off workers Thursday's report came one day ahead of a congressional oversight hearing on the program Mike Rossi a Washington
Fed's Main Street pandemic support program off to slow start
"Hi Mike Ross you're reporting the fed's mainstreet pandemic support program is off to a slow start the federal reserve says it made just eight loans in the main street lending programs first month of operation the fed made the disclosure in its first report on the program Thursday the main street lending program is designed to help small and medium sized companies get through the pandemic the fed has said it can provide up to six hundred billion dollars to cash strapped companies through the program but so far it provided seventy six point nine million dollars in loans and starting operations July sixth under the program banks make the actual loans but the fed will buy ninety five percent of the loan Mike Rossio Washington
Emergency Aid Lands In Lebanon As World Offers Support
"Of a deadly blast this week. The mayor of Beirut says foreign aid will be key to rebuilding but a PCC empanel says the political crisis in Lebanon before the blast has not been for gotten. As global help begins to arrive. Tens of thousands of people now homeless, many people already struggling to feed themselves. Many have lost their life savings or they're practically worth nothing because devaluation off the Lebanese currency on so people are living hand to mouth already And now, when they've lost their homes, they don't have the money to rebuild. The infrastructure isn't there they do need but it has to be managed properly. The explosion killed at least 135 people and injured 5000 more. It appears to have been
Sen. Bernie Sanders calls for tax on billionaires' gains during the pandemic
"A major milestone for the Nasdaq on Thursday the index briefly crossed eleven thousand for the first time ever the Nasdaq them closed out the day a hair below that eleven km milestone, a record high that's the indexes six record close in. So. Far, the Nasdaq is clocked a record close thirty one times in twenty twenty. It's remarkable run for the and exit especially considering what a hit like the rest of the stock packet back in. March. Clearly, the Nasdaq is come back with ferocity it's gained about twenty three percents alone the S. and P. Five hundred and the Dow Jones indices have each clocked day winning streak and the S&P is now near percentage points away from his own twenty twenty. Of course, record highs in the marketplace seem at odds with the troubles were seeing a real economy small and medium businesses are shuttered big retailers bankrupt individuals and entrepreneurs are anxiously awaiting more government relief according to some as you'll hear, the disconnect is in part due to the Federal Reserve's unprecedented actions throughout the pandemic. And investor competent that the Fed will continue to support the markets. One former presidential candidate is calling for billionaires to step up to the real economy. Here's duckie quick Senator Bernie Sanders he is now. Calling for a crackdown on billionaires, this is what he tweeted last night. I will be introducing legislation tomorrow meaning today to tax the obscene wealth gains billionaires have made during the public health crisis. The senator tweeted a thread explaining his proposal saying while over thirty million. Americans. Have seen their six hundred dollars a week and unemployment benefits. Expire emergency actions taken by the Federal Reserve to prop up the stock market have meant that four hundred, sixty, seven billionaires saw their wealth go up by over seven hundred and thirty billion dollars since the pandemic began while Amazon is denying paid sick leave hazard pay personal protective equipment to four, hundred, fifty, thousand of its Workers Jeff Bezos has increased his wealth by over seventy billion dollars. Amazon shares are up more than seventy percent year to date. You can see this morning down by about twelve dollars. Senator Sanders also calls out Walmart's Walton family. Tesla's Elon Musk and facebook's mark Zuckerberg for making billions of dollars during the pandemic, and then trying to juxtapose that with what they've done for some of the workers along the way he then said by taxing sixty percent of the wealth gains made by just four, hundred, sixty, seven billionaires. During this pandemic, we could guarantee has a right for an entire year and billionaires would still be able to pocket over three hundred, ten billion dollars gains during the worst downturn since the Great Depression.
Imagine it Forward and Goodr
"To another episode of Zero, to IPO were absolutely thrilled to have to amazing guests on the show today I wanna I introduce Beth comstock who for many years in fact, almost three decades was at GE and served as the vice chairperson. There is on the board of Nike is also the author of this amazing book called imagine it forward, which I am really enjoying and learning a lot from and have a bunch of questions to ask Beth about the. Beth welcome on the show. Thanks Josh. Great to see you great to be here. And our other guests is Jasmine crow who is the CEO and founder of Gooder, which is a company that I am fascinated by I. think it's one of the more insightful companies that I've come across. Recently I also have a lot of questions for you Jasmin about how the idea came to you, but but welcome on the show. Thanks so much gas and happy to be here. Of course, we've got Freddie caressed my co host. Zeroed IPO your morning Josh, how you doing good I bet and Jasmine, nice to see you. Thanks for joining us today I'm super excited about today. Yeah me too good to see you. Well, let's dive right in because we have a lot to talk about Jasmine I wanNA start with you and I want to understand I want our audience to understand where you're coming from. When you started gooder there's some kind of basic facts that I want our audience to understand domestically we are wasting seventy-two billion pounds of food every year while forty two million people are struggling with food insecurity absolutely that's a foundational mess. And it's even worse. Now, I'll of everything that's happening with current virus who are wasting more food and more people are going hungry. So it is a huge issue. Yeah. I mean just to be clear before this even. I read somewhere that we were wasting about a quarter trillion dollars a year on food in the United States if people number eight is that right? Yeah. Right Frederick in. So I guess to put an even more simpler context about two percent of GDP is on wasted food for that's a lot of money spent on food that never gets eaten in this country does Like many people I have some passing familiarity with this I. Read about it I don't even know where to start and it seems like maybe you go out and you you know you try to donate food as best you can and and I think that's maybe where you started. Yeah and it transformed into something quite extraordinary. So yeah if you know Josh I started feeding people that were experiencing hunger and homelessness in two thousand thirteen out of my apartment in Atlanta Georgia So that's where got started I found a parking. Lot I drove past it one day and I just saw hundreds of people that were homeless in in something kind of just pulled on my heartstrings at that moment and I said I wanNA help you know what do I didn't have a ton of money and I knew I could cook and so I just went home I post it on facebook I mean Sunday. I'm going to go downtown and I'm going to feed on the streets. If. You want to join me I had about twenty volunteers I made a spaghetti dinner. And loved it. You know brought out my little beats pill at the time, which wasn't that loud outside. Dating us, you're dating we know exactly when you're store your. Heckling when it happened so I really wasn't that loud music thing. But I have bad and you know the idea was it would be old school kind of Sunday music why Jackson five and Aretha Franklin James Brown like this classic kind of music and a good Sunday dinner, and that's how it all got started in. So of eighty own from one of my pop up restaurants went viral on facebook and people are saying this is so amazing which restaurants donate the food and the reality was nobody I was couponing on price matching I always say, I'm the reason Walmart doesn't price-match anymore I definitely feel like i. gave them a run for him. And then I was cooking thing taking it downtown, serving it coming home cleaning up, and so it would take me like forty hours every week I did this and I started researching food ways and was really like upset like I can't believe this much food goes to waste in here I. Am you know putting together five dollar donations and my own money and trying to make these feeding is happening to feed five hundred people
#19 James Noll The Teacher Author Musician - burst 01
"Trying out short stories always your first story when you I mean not so much the first one that you can. Write maintenance sixteen and Seventeen I was reading science fiction I. there's a there's a story called repent Harlequin said the tiktok man by Harlan Ellison and it was in one of those you know world's greatest science fiction's nineteen, sixty, six, nineteen, Sixty, seven is a collection. And I would read those things back and forth I just loved them. I remember sitting in bed. Reading that story again but TIKTOK man story and I thought I could probably do something like this and And went downstairs and got on the Family Commodore Amiga. which had at that point had been just used for defender of the crown and there was you know a pre wordpress or not were pressed but a pre word program that we had on there and I sat down and wrote a story and it was a science fiction story it was absolutely horrible. It was something about trying to be. Satirical without even knowing satire was at that point is trying to be funny without really having a sense of irony or I had it but I didn't know how to portray it online on on the page. Yeah. and I. Remember. It took it took me a couple of hours and finished it. brought. To my girlfriend at the time I said, hey read this she looked at it. She read it kind of is like, what are you like you should keep trying? All right. At least you didn't say stop. Yeah Yeah exactly. Yeah. It was very nice her was there someone in your family because I mean getting into English and you're talking about some of the books that you read and then into writing? was there someone in your family that? Product you towards. Your joy for reading. Would you even define it as a joy for reading because absolute our devour books? Yep well, maybe not as fast as some people but yeah, I am constantly reading Yeah my mother she she got me into reading very very early I I. What I finally decoded everything figured it out. I, brought a stack of my. You know my doctor seuss books down to her while she was watching the. Cable Net. So I think and just started reading to her out loud and and from that point on there was always a there's always book around it was something that I could always retreat to I didn't know it at the time but just personality wise I'm fairly introverted doesn't mean that I don't like people just means I need to have some alone time and that's where I would get it. I could go home. I'd read a Stephen King Book Re. Short Stories I. Got Into. A. Clockwork. Orange. And all those dystopia novels and you could use that to kind of relax and recharge by between her and my brother. My brother was the one who also use like, Hey, you should read this your one flew over the CUCKOO's nest. Now here's a coke orange like I said, hey, did you get the new Stephen King? They would just feed me stuff and then you know there's All over the house and so I just had my pick I just walk around and you know. GonNa re I didn't know Stephen King wrote four books. You pick that one up and move on from there and then start developing your own tastes and and move on. I think you might mention of it. What was your first piece of writing that you handed into someone besides your girlfriend for a critique? That was junior year. and we're supposed to write a fictional story I ended up fictionalized event that. You know that we want to up at my mother's Relatives House up in Jersey and that crashed and burned really really. Well, it's. I was I was up against another kid in class meaning we we've been partners. and. He wrote this amazing piece of course and then and he wrote I of course to read his out loud and then I read mine and it was just frigates. Suddenly found in this as well But he you know go ahead go ahead. Well I. got the feedback that that at the time. I needed you know. Every writer when they go into writing for the first time especially that age you don't know what revision means you don't know really what constructive feedback means, and so that's that's what the teacher is trying to say look it's not going to be perfect. The first time this is a rough draft, and so you get the positive stuff in the negative stuff and you go back and Redo it and I I went back and wrote a different story instead because I was embarrassed and I didn't know how to you know handle that particular situation. But I I, I, put it through three or four drafts, and then my teacher was like, yeah, that's what I'm talking about it. That's that's how you do it, and so you learn from those particular situations. How is your your balance of confidence with your writing even though it needed Some revision is standing there in reading in front of your your classmates, the confidence. Could did you have a balanced with that because personally I remember my first year university might first communications class in my knees were shaking and I was scared forty people in the class I looked at my communication Susan. Shut up. Even. Though I had a paper here in front of me. How was your balance with that? Probably. Mighty pen. Yeah, exactly you know naked in front of the class. Yeah well, that's that's exactly I. I. Don't know if if my voice was shaking, my knees were knocking at that point I? Do Remember one of the things I was trying to make sound. Funny. Did Not come off as funny. and there is just silence and it was that the that feeling in the pit of your stomach in front of your, you know this is an advanced English class eleventh grade and. I was like Oh man I blew it. You know from that point on he's going to. And finishes. Waiting for you to be over. And there's been plenty of those moments too. Yeah exactly especially following the other guy who? It was he was I. think he ended up being the Valedictorian and just he just knew what he was doing at an early age You know. There wasn't any ever like any jealousy of my my half. I was just always like man he's so much better. But that takes humility right like just to say no. That guy's talented. Suppose just recognizing it. Yeah. Recognizing I mean acknowledged that wow, that guy's talented I have some ways to go. Yeah and Also. Just being a nice person but also I think. It wasn't a secret how good he was everybody knew that because he was he was killing across all of the subjects and it was just one of those things I have no idea where this guy came from it he's amazing. and I think he had transferred over freshman year so we didn't know. Nobody knew who why non horses exactly. Wow. You're awesome in everybody's Askar you. Just for you just to realize, okay, you gotta work on it a little bit more and then you'll succeed. Yeah that's why people like that exist. It's it's. A It's what gives you drive sometimes I. I gotta hit that level. So after university, what was your? What was your mission? I was a drummer and punk rock bands and we were touring up and down the east coast playing basements in bars and small clubs, and we recorded a whole bunch of albums and that was what we were trying to do. I did that for about three and a half four years? Yeah. Yeah Absolutely yeah. It in me see in. One of the band's had a few in there even though I did not play guitar if I got a base and I kind of plunked around and figure out what the notes were and showed it to the guys who knew better than me and we fashion. A song out of that, I could I could yell scream. Or sorry y'all sing. With some sort of melody in there, some sort of harmony. Another band was I started getting more confident. Now is a fifty percent songwriter with that group. and then you know, 'cause you hop around from band abandoning. You know they last a year or two so that there was another band you know those those I who were punk rock ish or just rock bands then got into like an old country band where I was a one third singing partner in writing partner. After that, I got kind of got tired of of writing and I just WANNA play drums. I played A. Backup not. WanNa sing right now I, just want to play drums. I'm already doing five things at once and adding in their six so. Let. Me just play drums but yeah, it was it was a Lotta Fun. How much will even bringing up the confidence level? How much was that good for you to be on stage? I mean. Did that add
"fed" Discussed on WSJ What's News
"The Federal Reserve's policy meetings are a barometer on the state of the economy at virtual press conference this afternoon Fed Chair Jerome Powell, said he's not expecting to move the needle on near zero interest rates for at least a year, and a half the extent of the downturn, and the pace of recovery remain extraordinarily uncertain and will depend in large part on our success in containing the virus. We all want to get back to normal, but a full recovery is unlikely to occur until people are confident that it is safe to re engage in a broad range of activities. Joining me now with more analysis is Wall Street Journal chief. Economics commentator Greg Hip. Greg. It was expected that the would keep rates steady and fed chair. Jerome Powell said as much that the Fed will not increase rates through the year twenty twenty two. Is that longer than we had expected? I think that's about as what was expected. Mean it's more or less than markets had not expected any rate increase for the next year or two, perhaps even more important was that the Fed chairman said they're going to be continuing to buy treasury bonds at a pace of about twenty billion dollars a week for the foreseeable future they had not actually given much guidance in before about when that would stop so by continuing to buy treasury bonds, they keep long term interest rates low that helps keep things like mortgage rates low, and as additional support to the economy and observers were keeping a eye on the Fed's projections for the rest of the year. Greg, what are the major takeaways there? Well, the feds forecast is very similar to many private sector forecasts are expecting the economy to shrink six and a half percent this year, and only partially rebound next year to five percent, and you see the same thing in their unemployment rate projections, the unemployment rate falling from over thirteen percent now to nine point three percent at the end of this year and six point five percent at the end. End of next year now on the one hand that's positive because we're making progress, but I think it still represents a pretty significant reversal. Disappointment compared. We were just a few months ago when the unemployment rate was the lowest since nineteen sixties at around three and a half percent Powell has repeatedly said the Fed will use every tool at its disposal to help the recovery how those tools been working? While lowering interest rates, zero had the desired effect of bringing down other interest rates such as on mortgage rates, their purchases of bonds of help, calm markets down. You don't see the same degree volatility, and then there are other plans to perhaps by corporate bonds and other securities and lend to private companies, those having progress nearly as far in fact, some of the programs, even off the ground yet, but the mere fact. Fact that investors know those programs are available seems to have imparted certain degree of stability, but chair Powell is clear today that a lot of the work that needs to be done and getting the economy fully back on its feet is in the domain of Congress in the in in the White House Greg. The challenges ahead are many and I. Think Average Americans are wondering just how long the recovery will take. Well it probably depends on how you define recovery, if defend recovery as simply getting better well, things are already getting better if you define recovery as unemployment getting back to where it was same February, that could several years more. I think one of the key takeaways of chair Powell's remarks today was that we're in a period of enormous uncertainty. Nobody expected the employment report for May to show an increase in jobs, so that means that we should be prepared for surprises both active and positive surprises in the months ahead, and not be have our minds to made up about just how strong and weak recovery will be. That's wall journal Chief Economics Commentator Greg Greg.
"fed" Discussed on Part of the Problem
"What's the benefit of the system if this is all the cost while the benefit of the system is that they can enrich themselves at your expense so when you create new money as you pointed out before you're not gonNA see a rise in prices immediately because like people don't even know the money's been created the store owner doesn't even know that it's not like the Federal Reserve prints money in the store. Owner is watching the Fed balance sheet and then goes okay better raise prices. It takes a period of time before the money gets into the economy and start circulating around and then the it's realized the money is less valuable and prices go up but whoever gets the money I gets to buy at the current prices and then they get the value of it going up and who gets the money I in the system. Wouldn't you believe it's the big banks. The same ones who wrote the legislation of the Federal Reserve Act the same ones who financed the worst president of the twentieth century. Woodrow Wilson and got him in office. So He'd sign the Federal Reserve. Act those same mother. Fuckers are the ones who get the money I so they get money for free that they can then loan out for interest they get it before the inflation's hit and they're ripping you off. This is now just already in this Kobe. Shit the Federal Reserve has extended trillions and trillions of dollars. Okay it's hard for human beings to wrap their heads around how much money that really is. But it's more you think of the biggest business you've ever thought of. It's way more than that way more. And they're taking it from you. It's the money isn't magical printing. More money doesn't add any more wealth into people's lives it just devalue the currency. That's out there. It's the same thing in effect as stealing your money. It just makes your money less valuable. If your money loses half its value or half your money as stolen the same fucking fit and this is how they get away with that and so when you look around and you see how the ruling class of this country just gets richer and richer and richer and believe me. They've gotten richer through this whole crisis. This is at the heart of it. It's the fucking Federal Reserve. So this is something that needs to be inserted back into the conversation in these crazy times that we live in. This is what's going on when America was at. Its IT'S A in its darkest hour the Federal Reserve came in and stole trillions of dollars of your wealth. That's the reality of the situation. This is a criminal organization. It's there's no constitutional authority for it. It's on it's the greatest scheme in the history of world of the world. It destroys the economy. It's taken away. We should be At at such a higher standard of living than we are if we didn't have this monstrosity of running the department of money and it should be ended or at the very least is Ron. Paul was pushing for. It should be audited. There should be a new movement coming out to audit the Federal Reserve to find out. What the fuck. They're really doing because guess what none of us know. None of us even have a right to see their balance sheet at least and other government departments. You can have these you know freedom of Information Act Request. Sir You can get some of these things released like we just had the Justice Department released. These like you know Transcripts in the testimony about Michael Flynn and the FBI. Notes was last time you ever saw any of that. Should come out of the Federal Reserve. Never okay so that's where there should be a big push to audit the Fed and the Fed and let the free market take over money the same way. The people look back on the the development of the separation of church and state. And how like how wonderful that was for humanity because it cut down on religious wars and all of this type of blake unnecessary bloodshed. A we need a separation of banking and the state and we might need more than we needed the separation of church and state but once and for all a separation of banking and the state let let the free market do its job and until then we really don't have a free market if the government's controlling fifty percent of every transaction that's that's a lot closer to communism than it is to capitalism. If you ask me all right at something yeah let me get a plug in here if you guys are interested in the stuff thirty minutes and on my last run your mouth. I talk about how they're using special purpose vehicles which is illegal to give all this money over to black rock and basically bail out the junk bonds stuff. You're curious no they've taken the scheme one step even further than their charter and go check. Run your math that start that that piece is like a half hour all right absolutely and just in general go check out. Run your mouth hilarious. Villian FORMATIVE PODCAST and go support. Rob The fire he needs. He needs more firewood for that. Beautiful fire a behind him. All right. So that's our back to basics episode on the Federal Reserve. Hope you guys enjoyed it. And I'll see you soon on the next episode piece..
"fed" Discussed on Part of the Problem
"How are you? How's everything going by rub any more? Whatever I'm just I know I gotta figure out a new life plan myself. My my apartment's opened July. I gotta figure out what else. Yeah for quite a while. Yes three years. But whatever man if he can't do standup there's no reason to be in the city and I I knew a whole new plan here but you know I'm a mother. Plans in life gone amazing. Some really good at the plant is there's a lot of a lot of comedians are in a similar situation And we we talked about this on skanks like a few a few weeks ago episode and Bobby Kelly was on. We are saying it's like there's kind of this thing. Where for Comedians? Like who get a little bit older and have a family and stuff like that that that makes it a real big difference but there is this thing in general where you're Kinda like okay. There's all all the comedy clubs are in New York. And so you gotta be New York to be where the action is you know and after a while when you're in the situation I'm in this situation your in as well when you've kind of done a lot of podcasting and you've built up a fan base and really now you can kind of go on the road and fans will come out and see you already. It's less importance to be connected to the clubs. You know it's like it's less important to go run a ten minute set at the clubs when you're going out and doing a half hour or an hour in front of your fans and now where there's this situation where I mean a lot of a comedy clubs in New York City. Were barely getting by I. I don't know how many of them are going to reopen at all on top of that when his New York City going to be fully opened. A Comedy Club is an environment where you're really right on top of each other. I. I don't know that anytime soon. They're going to be allowing on hundred percent capacity in there and then once you take that element out of it. You're like oh so unjust staying here to be in a tiny apartment instead of having a big Nice space and then you know you can find them like an hour outside of the city or something like that where what like what. I did where you can get in really easily. So it's just I think a lot of people are kind of requesting what the plan is. I think you're not alone there. Yeah Me Knicker GonNa have to figure something out like partner Nick of three years there. You go okay so four. Today's episode I wanted to do something a little bit different. And it's something I was thinking about doing During the course of this wonderful lockdowns or thought we might start like a serious That I was GONNA call back to basics and go over some libertarian basics that I think are important because you know as as I've said before don't mean repeat myself too much but we're clearly moving into a different era a different time now In terms of you know everything but really particularly in terms of the size and scope of Government Liberty Verse State Ism which has always been the most important dynamic but now it's really even even more so than before it might have turned up their timetable of people willing to accept universal basic and electronic more. Like location monitoring by about a decade projecting. When you thought those things might come do I wanna say maybe like a decade? But now they're here. Yes that's right and On on every level in terms of I mean civil liberties the idea of civil civil liberties are basically suspended right now. The idea of even a pretense of caring about deficits and the size of government is completely gone. I mean you know. Every president so far has Railed against the spending of the previous administration like trump railed against Obama driving up the debt and Obama railed against George W Bush driving up the debt. Right and what we've seen in the last. Three months is is more deficit spending. Ben I mean probably ever in a couple years so there you know that. That's another as a awesome honest having such a fun Field Day. It like okay. If you take the worst case scenario that this thing's one hundred percent true then you have okay. So the worst economic disaster of all American history happened. There's a freak episode of some unknown novel. Virus never existed in the economy needs to be shut down. Because there's nothing that we could possibly do about if you take the liberal agenda of what Kogo Nineteen is. An OBAMA GETS OUT THERE. And does this whole thing is trump's fault and it's because of his lack of preparation. It's such a fun game that these guys get to play that if you know if you can spend the debt and enjoy the money while they're in office you look great and if the House of cards Krummel's while you're in there because it's your fault but look no matter what. The situation is whether the whether every claim every every one of the worst claims about cove nineteen is true and this was the best thing to do. And maybe we didn't even do enough or if it's bullshit You know what I mean. Or if it's a very what I kind of thing which is a very real nasty virus but these actions were not the appropriate way to deal with them and and caused much more long lasting devastation than the virus Was going to if that's the case or any of those things with the case. The reality is that we are quickly approaching. Forty million people just a filing for unemployment benefits for which a road towards jobs cases. Most people don't even want to go back to work. They're cleaning up on employed. Yeah that's that's a fair point to which actually kind of pulls in the other direction that the numbers in that sense might be a little bit inflated that they've pulled a lot of people into Wyoming to be laid off and a lot of people have been requesting from their employers that they may be laid off in younger stand. What I mean. Sure it's who would want to work for money when you can make just as much or more money in some cases from not working particularly if there's a virus out there that you're afraid of I'd rather stay home and collect the money and spend time with family by the way that's such the dummies game. Because now you're really putting your You're really putting your cards into the hands of the government that they're going to continue to give you a paycheck totally walking away from personal respond like for you. I'm not talking about like you might get some money now. You're better off doing your dumb factory job unless you're GonNa stay home and study something. Yeah no that's that's the case and I'm sure that the sitting home in studying something is not the case for the vast majority of people and no. You're absolutely right but it does seem to be an again. A lot of different things can be true at once but it does seem like the a lot of the politicians are quite happy to put. Just put everybody on Welfare essentially and it's a it's a scary. Thanks but one way or the other. The government kicked tens of millions of people out of their jobs. That's a reality of what's happening whether you think it was the right thing to do or not. That is happening right now. But the thing the topic I wanted to and for these back to basic episodes. Maybe I'll talk guys gas digital. Maybe we'll just leave these up and not put them behind the pay welcomes people. Ask me a lot of times for things to like. Oh you have a great like intro to libertarianism tight. You know episode where we can share around people who aren't Libertarians and convert them and a lot of times. I'm kind of in this situation. Where you kind of when you do a show like this. You have a lot of people who have been listening for almost decade. Then you have other people have been listening for a few years then you have someone else. Who's checking out for the first time ever so. I CAN'T EVERY EPISODE. Be throwing you into this shit because then it's like the people who have been here all along or they're already on level twenty. They're not trying to go back to Level One But for this time period right our premise as basically a been that we really need and have the potential for a new liberty moments. And it's never been more important and I think that a lot of times over the The last few years the the a lot of the talk of of the the Ron Paul days the liberty movement days hasn't been quite as sexy as some other topics if you're watching like a brawl between Antifa and alt-right or something like that you know it's like that's just all these cultural issues that are people are going to war over and a lot of them really important. I've spent a lot of time with west years talking about them. I I'm not trying to downplay the significance but they really sucked all the air out of the room for the issues that us in the Liberty Movement really wanted to put forward. Like if you're talking about I don't know like white privilege and transgender bathrooms and whatever ethnos states any of this. Other kind of just distractions silly issues. It gets a lot more clicks in a lot more attention than someone talking about central banking or the deficit. That stuff comes off as almost a little bit boring in comparison and I understand I understand what but now things are getting serious and is a whole lot of the ship that the people in the Liberty Movement have been talking about for years. This is all about government overreach and and you know so I just think this stuff is is important now and so. It's not a bad idea for us to kind of go over some things that we think need to be inserted back into the conversation and even for people who are on level twenty. Who have been here with US forever. It's not worst thing in the world to get a little refresher and to kind of all. Go over this shit together so thing. I want to talk about on this. Episode is the Federal Reserve. This is GONNA be Like a basic a back to basics why we oppose the Federal Reserve and want to see it abolished And and how much damage it's caused and the Fed I think is of all of the the the big issues from the Liberty Movement and this is this is what Ron Paul gets. All the credit in the world. Scratcher chain right Baron Paul. You've earned that there you go. He was the only guy who really like defied the odds to insert the Federal Reserve into the popular conversation. At least to some degree. I mean he had he was drawn. Tens of thousands of of people whose rallies and they were screaming and the Fed with passion and enthusiasm. That is pretty crazy that he was able to accomplish that. I I know people. I think it was both Bob Murphy and Tom Woods When Ron Paul was running were advising that he not talk about the Fed is Ron Paul. Wouldn't shut up about the Fed and they were just kind of like look. I'm with you completely but no one's GonNa care about this like you know you're not gonNA reach young people talking about the Federal Reserve talking about the war on drugs talk about Blah Blah Blah the war in Iraq all this other stuff s few care about and they were both like. Wow we were so wrong. And they were delighted to be wrong or they were like he actually got people really excited about this shit all right. Let's take a quick second. I WanNa thank our sponsor for today's show which is.
"fed" Discussed on Masters in Business
"Actions has helped markets and in their view. They look at The fixed income markets to corporate bond market is opened. It's a lot a lot of companies to get financing. It's allowed a lot of companies to stay business. It's loud a lot of people to see their losses get reduced and that the Fed is looking at that as being a a positive. What Buffett said is it is now but the very big risk is that as we move forward that distortion in markets that they're creating and they think it's a distortion for the good could wind up being a real problem down the road and he said I think the word used was an extreme problem down the road but then he also said doing nothing and just allowing you know this Market to sort itself out with any support could have meant that that extreme outcome happened now as opposed to later on so his suggestion was which is why. I'm bringing it up because I'm in that same camp. Is that while the Fed has made things better now. It's still a very open question as if they've made things better for good and if there are problems a year or two now because of distorted markets or Mel investment meaning bad investment because the Fed told everybody. Hey it's all okay go ahead plow your money into the market and then some investments go bad because we realized that we were buying them at the wrong price or at too high a value. And then you would say you're too from now yeah They've really created problems for the economy. That very well may be true if they had done nothing. Those problems would have been occurring now so I think what he's suggesting is what they might be. Doing is just shifting the timelines as opposed to repairing the economy to the extent that they think they are. I I WOULD. I would phrase it slightly differently. This is a hair the dog that bit you. You wake up with a hangover. You do a quick shot. The hanger goes away at least temporarily. We're still dealing with the hangover from OEM and Lo and behold hair. The dog is GonNa kick the can down the road a little bit mixed metaphors is. Is that what I'm hearing? You say to some degree here. Yes I think so. I think that they they have been able to you. Know to use kick the can down the road right since we're system metaphor segment. There's no easy in a foxhole. They're still cows crisis. We had to do something if we didn't do something that worst decline that we ever saw down thirty four percent in five weeks might have gotten even further worse the bad English there but in that would have created more and more problems but by kicking the can.
"fed" Discussed on P&L With Pimm Fox and Lisa Abramowicz
"As well as at Bloomberg Dot com time for Bloomberg opinion right now we turn to Bloomberg Opinion Columnist Narayana Coach Lakota former Minneapolis Fed president also professor of economics at the University of Rochester Nariaki. Thanks so much for joining us here. Boys we think about the response to the pandemic. The Federal Reserve Bank I think is generally getting very good marks from the marketplace in terms of acting early acting acting decisively. But you make the argument. That defense should really consider going negative in terms of interest rates. Get your thoughts there. Yeah thanks a lot for having me on You know I think. The chairman laid out the case pretty well in his press conference. He certainly didn't go make the next step of actually going negative with rates. Which is he said. The Fed has to be prepared to use all its tools to support the the economy and the recovery that We hope we'll be coming soon. And that that That means include to me means including going negative with rates Pushing rates down further would stimulate spending And stimulate on the part of household stimulate investment on the part of businesses as it always does and that would be helpful for the economy. What is your view? I mean I guess you know. People look at say Japan. Germany developed countries with negative rates. Just doesn't seem right. It doesn't seem like the right strategy the policy. How do you view this negative and insurance in general I you know I think what's what's happened? Is that Economies turned to them as would be true in the. Us case when the situation is bad. So you can't just look at raw correlation between WHO's using negative rates in their what their situations like and say gee it looks like all the the countries that have negative rates have poor are are not doing that well because they view them as emergency tool they only turn to when when the situation is going badly The other problem is there. There's a limit to how negative to being able to go are willing to go. And in some instances and a quarter percentage point fifty basis point cut in interest rates. It's helpful it's supportive but it's absolutely not a panacea for all possible. Economic ills ever done training appreciable amount of time as a policy matter before You know now you're taking a little bit out of my knowledge base but my understanding is rate did go negative for some time in the during the Great Depression but But other than that. No right it's not something typically in the toolbox for Fed so one of the things when we think about the actions by the Fed. Is that the concern or the the expectation the assumption is that this pandemic has relatively short life measured in quarters. How about if you know if it's just one in a series of waves of this virus and actually goes much longer? What does the Fed do then? I think that's a great question. I think the Fed and Congress You know I think it's an and treasury I think there's there's basically been been all these entities and the government have been working together. I the the perspective is by the time we get into this to the certainly begin to the fourth quarter of the year The economy is going to be in a very robust recovery path and The the the they won't need the further for the backstopping from from the Fed at that point and I think that's led to the Fed and other entities to say boy. The main job here is to keep businesses alive. Try to freeze the economy where it was in February of twenty twenty. Well that might be acceptable if you're talking about a three or four months intervention but if you're talking to three ten years I mean ten is obviously quite extreme but two three years. Even you're really getting in the way of the dynamic flow and processes it really drive the US economy where we want copies? Go Out of business. Because they're not as being as effective at fulfilling what consumers want and we won't workers to be able to move from job to job Because they're not there'd be more productive that new job than they were at the old one so I worry that These these interventions are really designed to be temporary as a shock. That comes more persistent. They're gonNA introduce more more distortions in the economy leading to to towards more outcomes so just real quick twenty twenty seconds. What do you think about the Fed's decision to kind of go into the corporate bond market? Yeah I think it's I I think that the so it's a questionable one because I think the fact that basically I think companies should be facing a lot of risk right. Now it's appropriate for them to be borrowing at high interest rates because it's a very risky world. I think the Fed's intervention is getting in the way of that signal. The market interesting enough to see how that plays out in the coming weeks and months and Arianna coach Lakota former minneapolis fed president and Bloomberg Opinion Columnists also professor of economics at the University of Rochester. We appreciate you coming on. You can read all of Narayan. His work at Bloomberg Dot com slash opinion. And OPIE. I N go. That's where you can find all of the Bloomberg opinion work which is so good and we love having the folks on here talking about what is going on in the markets in a broader implications.
"fed" Discussed on MarketFoolery
"Let's dip into the full mailbag and I'm just going to read this. Hi Chris Okay. Sorry I'm not Chris but I'm channeling Chris here hi Chris. Big Fan from the highlands of Scotland. Hope you guys are holding up well over in Virginia. My question regarding the current situation is water federal banks cutting rates. I understand that you would cut rates in periods of economic instability to improve consumer mood and stimulate the economy. But surely in a situation such as this. This is akin to rubbing ointment on a broken leg. Is it a case that banks need to be seen to be doing something rather than nothing all all the best and wash those Damn Hands Robbie okay? Thanks Robbie Jason. What do you think Ravi? Channeling is dating Garter Gardner there right lost your damn hands. I love it. I I mean it's a good question I think on its surface. He is correct. I mean if the if the only solution to this if we just saw the focus remaining on on cutting rates as far as rates could be cut. I mean clearly we we seen through this. The market doesn't really necessarily care so much about rate cuts are looking for rate cuts. It's looking for reassurance and solutions now rate cuts are one part of that overall toolbox right. I think that what we're looking at. We're looking at our our policy makers to utilize every potential tool. They had every possible till they add in interest. Rates are one of those tools. I heard a fed banker earlier this morning using is an interview on CNBC and and he was using the analogy of a car approaching a steep hill. And you can either step on the gas early to try to navigate that hill or you can step on the gas late to navigate that hell but one way or the other. If you're going to get over that Hill you've got step on the gas. And so they've view the rate policy the politics of an active as being away. Step Lagasse early in utilize one of the tools that they have in order to try to keep this thing moving so we can get over this hill but you know. We brought up the mention of commercial paper earlier in the show. Commercial Papers. Another tool bank liquidity. Now there's talk of easing banks liquidity requirements so they can actually make more loans and help more businesses deal with times like these along with economic aid. The White House is looking for eight hundred fifty bucks a billion dollars in aid here now. I mean politics of course is GonNa get in the way of this. You get one side saying that. Come in the form of of this in the other side saying come in the form of that but but ultimately I have to believe that they'll don't even come up with solution there so it is. I think a matter of looking at it as one tool in the toolbox and policy makers are really trying to Exercise All these tools that they can in. I think that they are trying to act a little bit more in haste as opposed to just letting things play out in being too late a to actually help get things fixed. Now I will say I do appreciate that haste because as much as I feel like we as a society wants to come together and and deal with this and get past not working on limited time here I mean you cannot just tell everybody to go hunker down to their house and just wait for us to tell you to come out. It sounds good in theory. But there's no way it's going to work in practice. People have lives to live. They have businesses to run. They have families to take care of things to do. And so regardless of where this cove nineteen is. There's going to be a point in time where people are going to start listening to themselves more than they start listening to others and I think it's more about trying to figure out. How do we manage our lives? How we live in a world going forward where ovid exists. How can we deal with it? Nats where it comes to companies like region Ron Johnson Johnson. The work on these treatments vaccines order to help us manage this. So so time is not unlimited here. in so it's nice to see the Fed In our policy makers taking his approach and try and utilize tools that they possibly can okay. Jason Given The Times. It seems a bit strange for my desert island questions. So I'm gonNA modify a bit because we haven't really talked about that many individual stocks and I'm GonNa say over the next five years stocks or no stocks. Oh my word that's just has to be stocks one hundred percent. I mean this is what we're telling people Various data out there that says event driven bear markets. Like what we're in right. Now take on average team fifteen months for us to get back to where we started in so I think you hear that in the initial reaction from folks is okay. Well I'm just GONNA go high in the hills in weight fifteen months till we get back to where we were and then I'll start investing again in that completely misses the point that all of this opportunity in getting back to where we started exists. And you want to take advantage of that opportunity and that opportunity is gonNA come in the form of the stock market and so as difficult as it is Sometimes your emotions can get the best of you. Recognize the opportunity that it is in front of us here because because the stock market as as it always does it does come back when when the improves. I for one subscribe to the notion that things will get better Mac. I don't know about you. I Agree Jason Moser. Thanks for joining me. You market foolery at full dot. Com is our email for your questions for your comments. That's market foolery at full dot com as always people on the show may have interested the stocks they talk and the Motley fool may have formal recommendations for against so don't sell stocks based solely on what you hear. That's it for this edition of the show is mixed by Dan Boyd. I'm Mac rare earth. Thanks for listening. Wash your hands and we will see them on..
"fed" Discussed on FT News
"Percent. They say it's symmetric metric. Which means that over time they should be sometimes above sometimes below? What that's worked out to be in practice? Is that the Fed like every other central bank in the developed world has had trouble even meeting its target and so there's a separate movement going on within the Fed as part of this policy review. It does look like they're gonNA come out of it with a shift towards what they call. Average inflation flation targeting which means that if they miss their inflation target for two years. They're going to promise to actually exceed their inflation target for the next two years so that over time it averages out to two percent because they've recognized that if you can't generate enough inflation as a central bank then you're missing out on economic growth that you could have had the problem with that is the Federal Reserve has what they call a credibility problem. which is that is not completely certain that they can generate even two percent inflation so already long-term in terms? The Fed is worried about meeting the price. Stability Part of its mandate. That's the bad news for the Fed. The good news is they're not worried about high inflation and the luxury of being a Federal Reserve. Not Worried about high inflation is being a Federal Reserve. They can accomplish things that people politicians like like not raising rates and sort of trying to see how far you can get the unemployment rate down and we've really seen a shift over the last year so within the Fed at the beginning of the year. Sure there was noise that they were worried about the trade war now. The rhetoric has shifted and they're basically saying look. We don't see any inflation. Let's see how low we can drive the unemployment rate. Let's come back to to these regional consultations Brennan because as you suggested that the gap between certainly where the Fed started off in their thinking and views expressed on the ground about monetary policy. Have those views panned out in terms of difference between the visa expressed in the consultations and those are the Fed chief Jay Powell and his team so so one of the things that you've heard in his rhetoric that the feds got this highly ritualized language that it uses to talk to markets and so people who watched the Fed for signals watched the shift in that language for clues on what's coming up and so he has actually started to take the events and referred to them as part of his ritualized language. You know he'll say people in communities that we talked to tell us that they're coming back into the workforce at right they haven't seen before again. I'm paraphrasing using. But it's something along those lines and it's align he repeats again and again and again in public speeches that means that even if they haven't finished their year and a half Long Strategy Review about how the Carry Carrie about monetary policy he's already telling markets. Look I'm going out to underserved areas. I'm going out to poorer areas. I'm hearing something different from them. And this is informing my monetary policy Halsey choices. I think the Fed has a big challenge. which is that? Historically Americans have been hostile to the idea of a central bank because of this hostility the Federal Reserve reserve sort of doesn't even further to itself as the Central Bank though it obviously is and it was constructed along regional lines and so the original construction of it was that they took these twelve cities and built the entire fed system around the existence of these twelve regional banks so now where a lot of the power particularly since the thirties is vested in the board of Governors in Washington. DC The challenges. What's the role of these regional banks? One way in which the regional banks of solve this is is that they're really focused on regional development. What these fed banks are doing? They're using what they call the convening power of the Fed which they've got great researchers and they have in some sort of moral authority people tend to trust the Federal Reserve as an independent arbiter and they bring together state and local governments and community representatives and local banks and they say look here the problems problems that we think we can solve. Here's our research says this is what would solve the problem now. Who's got some money to do this again? The Fed is a weird position because they have all these regional research authorities parties. That have recognized that you can solve unemployment problems in a very local way without national policy. They don't have any authority to change that. And so the very limited way in which the Fed can help is trying to keep the overall unemployment level as low as possible for as long as possible so marginally the Fed can make a difference there. But what's changed. Is the conversations that were happening at the regional fed banks at Boston Philadelphia. San Francisco are now happening with the chair of the vice chair. That's brand new. It doesn't seem that novel but for the Fed it is so it seems like these consultations have exposed a preoccupation with the cost of living and a fear of incurring debt at RAV and perhaps on raising money to expand. Businesses as policymakers might have hoped. Does that mean that. The Fed's traditional focus on cutting interest rates in order to stimulate lending in the economy needs to change. I think that there's A. There's a sort of parallel problem going on. which is that? The Fed is realizing that it's running running out of tools to sort of effect monetary policy. So you know with its policy rate already now in expansion at one and a half two one three quarters percent that's already perilously close to zero. They don't have a lot of room to cut so they've looked at other tools. The Fed for a bunch of reasons not WANNA go below zero. It does not want to repeat the experiment the ECB CB ran. It thinks it might be willing to do a quantitative easing buying up lots of assets and expanded its balance sheet in the next recession so it seems fairly fairly comfortable with that. It seems comfortable with for guidance. Telling people not only that it's lowering rates now but it's GONNA lead them lower for longer in the background and that's something that the Fed will never say but it's something that formal fed reserve shares have actually come together to say is that there's a concern that even those tools might not be enough the next recession and so to get back back to your question. The Fed does not seem to be openly willing to contemplate anything radical like by municipal debt right actually targeting. The kinds of assets at buys is it still is hoping that state local governments and national governments will step in and do this kind of spending one. The time comes. I am skeptical. That that spending bending will come but you know do I think the Fed should change its mission. That's a pretty big. Ask what I'd really love to happen for fiscal authority in the United States to understand that community based policies sort of fixing local transportation education issues is massively important for economic growth. And it's going to require some spending but I'm not gonNA hold my breath on that recognition. Will thanks Brendan and thanks to you for listening. Don't forget if you missed. Our recent episodes finance and climate change Putin's Russian reforms assumes all the multilateral leanings of German Chancellor Angela Merkel you can subscribe and listen on all of the usual pa-past platforms.
"fed" Discussed on FT News
"I'm Patrick Jenkins deputy editor and this is news in focus where we offer our insights into the stories that matter the the US Federal Reserve has begun to consult the public particularly in poorer parts of the country apartment or trade policy as a result policy. Wonks at the Central Bank of begun to reconsider the impact of their decisions on communities far from the centers of power. It with me to discuss. This is our us. Economics editor Brendan Greeley. But first let's listen to an exchange from one of the recent public meetings organized between local community representatives and fed governors even places to lower than rates are going to be even in lower and we're going to have less power over a business cycle even less ability to support maximum stable prices nonetheless. It starts with the thought that we have to get inflation back up to two percent we wanted to be medically around two percent. Do you think we'll have a hard time explaining that to the general public ideas. He is ahead to do that. I think you're going to need another three hours. said in the long term it will have an impact higher inflation. I think we agree but for many of our communities distance to the long term. We don't we just don't survive that. That's that's part of the problem. The business close is is people. Don't get to make the choice safer higher education Families just can't find the milk today. I think that's the challenge so Brendan we just heard an exchange there between Denise Scott who runs one of the nonprofits involved in the consultation process and Jay Powell is typical of the kind of views. Put the Fed chair during his consultations. It is that conversation really stood out to me. I was in the room when it happened. And it got a big laugh and basically what's going on is that the Federal Reserve has a problem. which is that? It's running out of tools to actually accomplish monetary policy generally. There's what's called the natural rate of interest. It's impossible to measure. We have to sort of estimate what it is. But it's this idea of what interest rates would be without any intervention from the central bank so the Fed and other central banks are watching this very carefully because their whole existence. All of their tools rely on the ability to undercut this rate to drag it down if that rate and inflation are very close to zero. They don't have any tools so they're really worried about the possibility of low inflation. That's something that central bankers talk about all all the time. That's what they're worried about now. Normal people who live and work out in the real economy. Don't think this way at all and so. The Fed is starting to realize in particular through having these public consultations that the thing that it is obsessed with which is a lack of inflation is something that is completely legally alien to every normal person and what people actually out in the real economy are looking at and thinking about and worrying about is the fact that at least in the US the cost of rent. The cost of healthcare. The cost of education are skyrocketing. That's the inflation they think about but the idea that the Federal Reserve would want to create inflation and doesn't make any sense to them at all. So there's this massive disconnected. The Fed has in the thing is trying to communicate. Doesn't make any sense to any normal person but clearly makes sense that they've come to this realization that they need to conduct this outreach effort but what particularly prompted it and I was organized. Well it's almost a bit of an accident accident. That turned out really well. which is that the Fed about a year and a half ago decided that it was going to really look into its tools and and those tools are both how it conducts monetary policy? And then how it communicates. How talks about monetary policy to markets and the public to make sure the monetary policy works and so Jay Powell is an an interesting chair? He's a different kind of communicator. And his press conferences and he's gotten heat from this from people who were involved in financial markets. His press conferences are much more. Colloquial than press conferences references have been in the past from Fed chairs the challenging part of that is if you are colloquial and plainspoken in monetary policy. You leave open the possibility of misinterpretation and by markets. The good part of that is if you are colloquial in effect presser. Normal people might actually be able to understand you a little better so he's already a different kind of fed chair as part of this review. He decided that he wanted to conduct. What the Fed has called Fed listens events where he's going to go out into the community Mary and talk to real people in real places about monetary policy you know? Journalists were all inherently cynical about everything and I was cynical about this when they announced it seems like a one time. Pr Effort. But when I went to these events and sort of watched him and watch the other governors in particular. Jay Powell seemed to be really interested. He was writing notes and paying attention and actively engaging with people and talking to them he actually seemed like he was enjoying it. And that's what caught. My attention to things have happened. One is they've now had wanted wanted. Every of the twelve federal reserve banks around the country is the cities. All over. You know Saint Louis Chicago San Francisco and internally what we can tell from the Fed minutes and had also some hints externally. It seems like they're going to continue to do this. So this thing. That could have been a one time. Feel good public affairs. Event has turned into away. The Fed actually conducts research. And it's changing the way the macro-economists inside the Fed actually conduct their research. What would you say the main lessons that Mr Powell has learned from this excise of listening to local officials listening to local communities especially in poor areas so one thing that he has said that several of the Fed presidents have said that researchers at the Fed have said is that they learned from these conversations that there's more slack in the economy than they had thought and what that means means is as the economy expands it pushes the unemployment rate farther down slack? Is the remaining number of people who could get a job what they've discovered is they thought that the long-term natural rate of unemployment was five percent four percent that's been dropping when they go to these communities one thing that came out of the event they had in Chicago. Somebody said look in our communities were always in recession. There's never economic growth and so they realized that there a lot of workers on the sidelines. Who you aren't employed? Who could be employed? There's a lot more slack in the labor market than they had thought. These are things that aren't captured in aggregate statistics of overall employment in the country. That are caught when you talk anecdotally to people in certain communities I think that's the number one takeaway and the other one is that people don't care about inflation or rather rather people don't care about low inflation low inflation is a good thing and I think that's a real disconnect and I think the Fed still wrestling with that their response thus far has been. Well how do we teach them that. Low inflation is a bad thing and I think there's another step coming. which is that? Maybe the Fed still needs to learn that it may have to live with low inflation because what people are really worried about is the cost of medical care the cost of housing in the cost of education. Let's take a step back here. You're talking about how the Fed is changing but what is essentially the main task of the federal. What has it been up to now? And how is that different from other central banks around the world. Well what's interesting about. The Fed is that they have a dual mandate most central banks in the developed world their mandate is price stability. They just have to make. I'm sure that inflation is contained right. They've generally adopted a target of two percent inflation. The Fed has an interesting mandate it also has a slightly different history than other central banks it also has the mandate of full employment and so the Fed has defined its inflation target as maintaining two percent. It hasn't really defined what full employment is so it actually has this obligation under the law that charters it from Congress to pursue price stability and maximum employment. So it's starting to figure route that maybe it needs to focus just as much maximum employment as it has in the past on price stability. Tell us about that gradual shift in how these jewel goals have been sued in recent years. Well there's a separate thing going on at the Fed which is that. They're realizing that they have been unable to meet two percent inflation. Their target is two.
"fed" Discussed on Marketplace with Kai Ryssdal
"In Los Angeles. I'm Kai Ryssdal. It is Monday today. The sixth of January. Good as always to have you along everybody. There are military and national security challenges aplenty in the current state of affairs between the United States and Iran all or most of which are are being covered elsewhere there is though a historical and economic context. That's important here a context that may well shape. How at least some of what's happening turns out sanctions of course and the threat of more of them? Hussein scarring is an emeritus professor of business and International Studies at George Washington University. Welcome to the program. Thank you you for having me By Way of background into Fr- refresh right he's probably worth pointing out here That sanctions have been imposed on Iran by virtually every president since Jimmy Carter right that is correct. Okay now do they work. Have we gotten what we want out of those sanctions. Well there were times that Sir we kind of got what we wanted but really sanctions. Do not work immediately. They take time because you're trying to cause enough pain on the the country to change his policies and we kind of got there in two thousand and fifteen. We signed an agreement with them. But but that's about got it right. That is the nuclear deal. Of course the president trump has pulled us out of. Let me ask you then the pain that's being inflicted. What does that look like in the Iranian economy today? Well the things that you notice is that Iran of course there's been very little external or foreign investment in Iran economic growth has been quite bad in Iran largely because the sanctions but also because of terrible economic policies but also because of the Iran Iraq war which devastated the country in between one thousand nine hundred and nine thousand nine hundred eighty eight so you have had slow economic growth the price of imports of Ghana and they have not been able to get get the things that they want and the quality of life has really gone down you are. You're born there right yes. I was born in Iran. I left when I was nine years old. I I imagine though you still have friends friends possibly family when you talk to them What's it like well? They are of experiencing hardship. I I mean I remember vividly in the case of a person who was willing to go to jail. He in fact went on a robbed a grocery store a bottle of milk and went to jail because he needed milk for his children Henrik and so things are bad and I think that the they used to blame a lot of this on the regime but I think that in in the last few weeks especially over the last weekend a lot of the blade is being put on the United States. It's worth mention here just On the way out that it's not just. The united estates has sanctions on Iran. Right now there are European Union sanctions also United Nations sanctions. Yes but I think the kinds of sanctions that the United States has which basically financial sanctions and what they do is the following. They tell every country if you're institutions your banks have business dealings with Iran Ron then you will not have access to the US market and so the companies are afraid that if they do anything with Iran then the United States will sanction there. Talk to me for a second about oil would you. Because that of course is their primary source of foreign reserves and they're exporting almost nothing now right that is exactly correct. Iran basically it's exports exports. I would say by far the most important oil. Then there's natural gas and petrochemicals and basically all of your exports have gone down to almost zero and the only export outlets for Iran's export is basically to Iraq and to Syria. Okay so crystal ball this for me and this really will be the last question. A If somehow there is a climbdown from the current tensions and some mutual agreements are reached about the future course of events. How how long does it take the Iranian economy to to get back to something near normal? Well I think it all depends what you mean by near normal I think near normal normal for me. It's a country that is run. Well that the decent policies a lot of interaction with the rest of the world. I think that will probably take take two three years. But Iran Yin's to feel the beneficial effects. I would say within six months interesting. How cintos Cari is the emeritus Iran professor of business and International Studies at the George Washington University In Washington DC professor. Thanks for your time Sir. I appreciate it. Thank you for having Me Wall Street Street on this Monday traders choosing to see the calm and not the storm the major indices up oil down gold. The historically safest of havens was up just is to bid. We'll have the details when we do the numbers it's entirely possible. You missed it over the weekend given all the other stuff but Ben Banenky. He ran the Federal Reserve Coupla a couple of years ago he had some interesting things to say at the annual meeting of the American Economic Association in a speech entitled The new tools of Monetary Policy Burki said and this is a quote. The Fed should also consider maintaining constructive ambiguity about the future use of negative short term rates now first of all constructive ambiguity. How much do you love that? Very Greenspan Ian if you ask me but also negative interest rates. That's a big deal coming from a very important Horton to communist the whole idea of negative rates. Were depositors have to pay the bank to store their money. Forum is to make saving so financially unattractive that it's better to spend spend the money invested in other words it's unorthodox though yes happening elsewhere in the global economy but as marketplace's got song reports from Washington the Fed might well l. need get creative the next time the economy goes south the fence main way to juice a slowing economy is to cut interest rates so banks lend more and businesses and people borrow more but a decade ago in the great recession interest rates. Were near zero. So the Fed got creative and bought bonds to lower long-term rates still dartmouth economist Andrew. Eleven with working for Fed Chair Bernike at the time says that wasn't creative enough. The toolbox really wasn't adequate in two thousand ten and two thousand twelve. We just didn't know that at the time. But in in retrospect I think it's pretty clear now banenky wants to add a controversial new tool to the box negative interest rates for banks that would discourage them from stashing shing their cash in the Central Bank and nudge them to lend even though the economy is still growing Levin says it's good to have more options for when things stall again the level of interest rates. It's around one and a half percent which means there's really not much room to cut much less room than there was ten or fifteen years ago to offset Saturday recession or some other kind of sock. The Fed Chair Jerome Powell has not endorsed pushing the so called the Federal Funds Rate Below Zero but Burnett. He's trying to change his mind. As is Princeton's Alan blinder. A former fed vice chair. The Fed has ruled out several times. And pretty emphatically going negative live on the Federal Funds Rate Bernanke. Who was advocating? And I certainly agree that. They shouldn't rule out for Nike. Encouraged the Fed to employ quote constructive ambiguity. That is to be unpredictable as to whether and when to make interest rates negative in Washington. I'm Scott Tong for marketplace. The corporate news of this Monday of the Bovine Variety borden dairy the Elsie. The Cow Company is filing for chapter eleven bankruptcy protection. The one hundred sixty three year old firms had its current debt was unsustainable back in November. You might remember Bordon's bigger competitor. Dean foods filed as well and is said to be looking to sell itself to to a dairy co op market place's Kimberly. Adams looks at what's going on or maybe what's going wrong in milk. The milk industry is doing. Okay just not the stuff we drink. According to Peter Vitaliano an economist with the National Milk Producers Federation total use of milk what we call commercial use of milk produced in the United States actually been growing pretty consistently for years. Now it's the fluid part that's declining. People are eating plenty of cheese and yogurt and other milk products but vitaliano says we only drink about twenty percent of the milk produced plus the growth of plant based drinks. You're soy milk. OAT Milk even banana milks are eating away at the market. Share for cow's milk so the consumer changes the demand patterns have changed and Dean Foods and borden are just I in the wrong sector. Merrin Bozic teaches about the economics of the industry at the University of Minnesota. Another problem for milk processors. Is that big chain grocery tree. Stores don't really need them anymore. If for example Walmart who has been buying milk from Dean foods and others up until recently now they make their Camila dental implants all. These problems left an opening for private equity firms to swoop in Borden CEO. Tony Sarsam says some of the strings. Attached to investments didn't really set the company up for success. We found ourselves in a situation where the debt was outside for the size of the business and for the basic needs of the business to actually actually grow and prosper size says with the chapter eleven restructuring board and can work with debtholders to sort out a more fluid arrangement in Washington. I'm Kimberly Kimberly Adams for marketplace..
"fed" Discussed on Freakonomics
"I have a real good line of sight into what the reality of a situation was and I was totally wrong and I had had this hit me right in the face by going to East Palo Alto so East Palo Alto is a place that serious he'd go out now communists what they think about EPA and they'll tell you it's it's it's terrible they listen to the podcast obviously but if you listen to the podcast you find out and that podcast was a real life experience for me. the podcast dailies referring to is her own show zip code economies and a couple recent episodes called resiliency is is a mindset and can you love yourself when the world's against you in this episode of Zip Code Economies. We return to East Palo Alto. We're going to sit down with the the pastor earning a homeless shelter leader principal and our students and meet police chief. They're all going to talk about something that I was surprised about. They're gonNA talk about love. I have to say I'm a little skeptical oftentimes. When I hear people talk about love in these settings I think what does it really really mean isn't just a decorative word but there it's not I went to. EPA and I found out that the data told a picture that was more of how we feel about it that how they feel about it and as soon as I saw that I thought Mary you just been wrong for a long time. I'm about a lot of things probably so at the beginning of the interview you asked me about the data and the study of people and that's how I came away with just the strong conviction that ultimately economics of it's going to be really good has to be about people because we simply study things as data points from a satellite light perspective we will lose some of the context so I was totally wrong about that and the context matters that was married daily. CEO and president of the Federal Reserve Bank of San Francisco and I'm Steven dubner coming up next time. Steve Levitt my freakonomics friend and CO author is on a crusade high really think that we we would do an incredible service to society if we rethought high school math and turned it into something that was actually useful the new new math that's next time on freakonomics radio. FREAKONOMICS.
"fed" Discussed on Freakonomics
"Hey let me ask you this. Who in your view is the most successful fed chair in recent history and why Oh my gosh. I can't even pick a favorite movie. I really struggled to pick favorites. It doesn't have to be a favourite. Maybe just describe some either actions or temperament or handling of term of Fed chair in you know medium recent history less four five six decades. Whatever you just particularly admire but tell told me why okay okay let me talk about Janet Yellen because I worked so closely with her so we're Janice President of San Francisco Fed before she becomes vice chair and we're in the financial crisis and she's got all these economists over the system working on these issues studying things calibrating brady models and we're giving her all the research and we feel like we've done our jobs impart because we've given all all the research and at one point and I won't use the the phrasing she us but at one point she adjust frankly had enough and she puts both hands down on the table like and she says there are people there was a word in between these are people's lives and it was this emphatic call to we are not making widgets here like what if this is your mom and dad out of work would if you lost your home. What is your not studying people losing homes. What is your losing homes and it was that level of vulnerability and humanness that I I said okay that's a leader that I get and so then she goes on to be the vice chair and I saw her do this. In her vice-chair work and she was the chair. I saw her navigate a very rough waters on. Should we raise earlier than we did. As an institution would just full employment really look like and I again saw her. Stay steadfast and essentially say you know on my watch. I'M GONNA balance both sides of the the dual mandate and think about financial stability all at the same time so you asked earlier is due condoms really believe that economics is about people and we'll Janet Janet Yellen does so current. Fed Chairman Jay Powell has had an interesting tenure to say the least given the I guess iconoclastic nature of the trump trump administration. There's never been a president as far as I know in recent history. At least who's been so outspoken about the Fed and its moves Here's a couple recent tweets. The president tweeted. We have the greatest companies in the world. There's nobody even close but unfortunately the same cannot be said about our Federal Reserve. They have called it wrong. At every step of the way another tweet the Fed has got to do something. The Fed is the Central Bank of the United States not the Central Bank of the world. So can you describe five what it's like to be a central banker in a time when the president is willing to publicly rebuke the central banks work. Well let me see. I say that we all live in a much more open world than we used to that. We've always had disharmony. There have been times when people think the Fed's Ed's not doing something right or this group isn't doing something right. Another government institution isn't doing something right the thing that's different now and I would say it's globally different is that that things are just more accessible. Twitter has made all the debates that used to be behind closed doors and we'd learn about them long. After people had departed their positions have been to live live but there's always been that unspoken rule that the Fed because of its political independence. The president was not supposed to be in conversation with the Fed certainly in a public arena so that's changed. I don't need I'm not a historian but I am a casual student of history and when I go back and read periods of history things look as contentious and debatable. It's just very public now and what I want to say about the chair is that I admire the fact that the chair and the Federal Reserve has not gotten caught up in conversations about are we worried about our independence and instead is restated the principles that made us independent in nineteen thirteen and has continued to do the best work so let's talk about the economy generally. It seems to me like it's in a really interesting sort of strange place. Unemployment employment is very low. Wage growth is small but it is positive stock. Markets are at all time highs. You recently told The Wall Street Journal. We have good solid college. Domestic momentum consumer confidence is high consumer. Spending is solid. We see a strong labor market so the fundamentals that keep the economy going are present and yet. There's a great repeal of anxiety over the economy. Some of it may be cyclical. It's been a long time since the recession but what do you think of the sources of that anxiety over the economy and you think they are legitimate. We'll I think there is something to the idea that people get nervous. When expansions lasts a long time we have this whole group of literature that says expansions don't don't die of old age and yet everybody thinks they do so. I think there's just general nervousness. When you hit your ten year mark the longest expansion in history the natural human tendency is to think it can't last forever then you look at it in the data and there's been a lot of uncertainty. There's trade uncertainty. There is brexit uncertainty. There's geopolitical uncertainty. There's just the general financial volatility that comes from just markets trying to figure things out that creates uncertainty so this just creates creates a level of angst that makes people even more cautious than they would be if they were simply just thinking the expansion would run out of gas because it's old so all those factors actors are ones that create mood issues and you know the big question that I've been wrestling with the last nine months is what's going to win the data or the mood. If you look at the data the data are good apart from business investment. There really isn't any week indicator in the US economy in the business. Investment is unpredictable because of the uncertainty largely around trade. Would you argue the no. I don't think it's just that I think that's a part of it for sure but one of my ways I spend a lot of my time is to go out and talk to business leaders and community leaders when I talked to business leaders and this has been going on since November October of twenty eighteen so I start talking to them about this uncertainty piece back when uncertainty starts to spike and they weren't talking about trade. They thought that would be resolved. They were talking about the expansions getting along in age and so we might just simply are footing so then that uncertainty got replaced by Brexit then it became trade that it was the debt ceiling now. It's trade again so I think for businesses they've been on the cautious fording for a long time but most of the people I talk to are still executing on what they call their plan as which means I'm investing enough to continue growing but I'm not going to invest in these marginal projects that are really going to take me to the next level until I see how the lead land shapes up you know oh it's easy to focus on the problems or the faultlines or whatnot but let me ask you something about the strength of the US economy so if we were talking at the the peak of the great recession and you said that you know the US economy which was the primary driver of the great recession and was hit particularly hard that the US economy on me would be one of the world's strongest and steadiest economies ten years later. Would you have believed it. I mean I wouldn't have so I guess what I'm really asking is what does that indicate does it indicate some intrinsic strengths of the US economy that are typically overlooked in the daily commentary well. I guess I disagree we on that I mean I thought we were well positioned to get ourselves into a better positioning in and out of the situation we had but it's a good question about. Why did I have any of that optimism. We were really hit hard early on so we were in the emergency room and when you're in the emergency room you bring an all hands on deck approach. You know it's easier to throw everything you have at something when you know it's a really bad problem we were among the most severely affected early on but that meant we put everything we had to it and we worked hard to to stimulate the economy. We had fiscal packages. We had monetary policy packages. Did you know variety of moves outside of even the the interest rate to try to stimulate the economy so that was where we were we recognized at the time that this was a long hard slog. It wasn't lowered the interest rate and then as soon as you saw any green shoot you go back to normal it. was you gotta be lower for longer on interest rates. You've got to be stimulative on the fiscal side. You've got to be helpful on the relocation retraining side. You basically had a once in a lifetime. You hope shock and you have a lot of work to do to get you out of it there. There is this sort of rising sentiment among some economists rows chetty comes to mind and also among the occasional presidential candidate. Andrew Yang comes to mind the idea they're expressing is automation and AI and other technologies advance the very nature of work will continue to change as well the relationship between humans and working that we aren't really well equipped to handle these changes structurally and we're not that nimble so what's your end the feds position -sition on that complicated problem so here's the deal of course. We need to think about structural change. The economy is changing at a rate of speed that looks like like something that I'm sure people who didn't have electrification and they got electricity and then we had assembly lines felt but it's happening in so we need to think about what is our future. Look like there should be a high bar for change because change is difficult and we don't want to tear down things just to say. We did it but there should be this considerable I thought given to how do we not solve the problems of fifty years ago but how we solve the problems of twenty years from now well. Can you give me some specifics. What what kind of structural changes specifically would you advocate for them. The question I have is we haven't revised our social safety net in forty fifty years ears. Should we take another look and see if that's the right thing to have at this point in time in the modern workforce are the systems of retraining unemployment insurance divisions between welfare programs versus entitlement programs insurance programs versus entitlement programs. Are those the right definitions missions. Is that really helping family when they have an economic shock find their footing again. I love to hear your thoughts on a universal basic income mm-hmm you this was something the Nixon administration tried to get through and we ended up with supplemental security income instead and the reasons that they couldn't get Republicans and Democrats to agree and they couldn't get lots of people to agree because the concerns about universal basic income where that would be a work disincentive so I liked the principle of let's think about what the social safety net should look like in the future and let's make sure that we're taking care of people who really have fallen on hard our times and can't take care of themselves. I think we oversimplify the problems to make them easy to understand but the actually then end up not being very effective in maybe it's this time in our future complicated world just recognize policies or complicated seek about trade. The idea that trade is good for everyone is still true but it's only true that it makes everyone better off in real time if we redistribute the proceeds from the trade more evenly against the people who got displaced by it so that's an obvious obvious thing we could tackle. That's part of the social safety net that we've only waved at honestly what you just described. That disequilibrium is kind of consequence. It's a quince of the globalization and shifting workforce at a lot of economists twenty thirty years ago told us was going to work out better Larry Cats. It's you know one of the most well regarded Labor economists in the world has admitted recently that you know we didn't get very right. We Mis underestimated the costs for people people who would be misplaced so to people who have lived back. What do you say to them when you as a Labor economist working at the Fed now now says hey this time we get it this time we understand this time. We're going to make a better plan so thirty years ago. Economists honest writing about various problems were using what we now call partial equilibrium models. We're looking at the narrow slice and some some of the assumptions embedded in trade dislocations were that people would retrain they'd get some subsidy from the government for retraining and then they would easily reenter the workforce in a different skill so there would be a painful transition costs but there wouldn't be this very large friction that prevented them from ever reentering or displaced him forever ever so we completely underestimated the costs because we were looking in this very partial equilibrium world so the answer to people isn't trust us. This time will be different. We got it right. The cancer is the public should be asking these questions. Okay I get it. Trade is good. If you redistribute the proceeds powers that redistribution going to happen and how am I going to get retrained not economist simply got it wrong and we shouldn't trust them again. I think it's revisiting of the social contract. What do do we mean. When we have a program that has winners and losers. Do we simply accept that cost or do. We say you know what as policymakers we have to find a way to mitigate that difference and my work is a public policy. Person Or public servant is always been. It's our job to serve the whole public so we help mitigate that different. You can't always do it but certainly one generation from the time it happens. We should be able to do it. That should be our goal Tell me something that you believed for a long time to be true until you found out that you had been wrong or if wrong is not a word that resonates nicely. Tell me something substantial that you changed your mind about how and why the the data tell us the whole story. I was a true group believer in the profession of my training that I could look at the data if I studied it and I did natural experiments and used aggregate data and I read everything I could possibly read. I have a real good line of sight into what the reality of a situation was and I was totally wrong and I had had this hit me right in.
"fed" Discussed on Freakonomics
"Fed after starting out as a high school dropout so even in that bad fortune you had the good fortune of having a a kind of safety net arise around you that you wouldn't have anticipated. Your couldn't have foreseen but you know I'm I'm sure that for many people when they have such misfortune that safety net doesn't rise up some curious how that specific period of your life informs the way. You've approached your economic research. It made me realize that we're leaving so much talent on the table think think about full employment if we have so many people sidelined and we don't take advantage of them there were restricting them for sure but we're also restricting our economy so it becomes a key theme in in everything I do and it it goes all the way back to the the time I fell through if not by good luck and good fortune I would have been one of those people and I never would have been married daily early on freakonomics. What did your siblings ended up doing. My sister is a medical receptionist and both my brothers have had episodic employment in construction or other things and you know just living on the boom and bust of whatever the economic cycle brings them and you know they're not in line to be the first people employed because they all dropped out of high school. We all dropped out of high school in the end and while we all were able to go back and get a ged eventually eventually. It isn't something that's easy. If you don't go beyond and GATT additional education I know there's a lot of research showing that shocks to the system mm-hmm as a child and it sounds like your family had a lot of different shocks to the system are really influential downstream and employment education outcomes and so on it sounds as though your family is I guess a median example of that and a lot of ways yeah shocks you experience when you're young wrong they affect your parents and they affect you and the ultimately affect your children and in my case they have affected my nieces and nephews who are raised by my siblings and so so shelly and I my partner have been trying to interject but these are strong inertial pains essentially and it takes escape velocity at every generation even my nieces and nephews to lift them out and so you'll see more people in my extended family continue not to go to college then who go to college all right so let's drill down a little bit on education as a driver of economic success. Obviously the federal government is not in charge of education although it does have a hand on it in a number of channels so let's just take a couple examples that are problematic one. Is You know. US Educational Standards Compared to other rich countries. It's relatively quite quite poor and then you know higher. Education College is is problematic from a financial perspective from no others. We've seen massive massive college tuition debt skyrocketing so if you're pointing to education the the big driver of success it's very easy to point to those touch points as not failures outright but real problem points it would seem as though things are not moving in the right direction so make your best case that you and your colleagues at the. Fed Reserve have some sense of what to do because otherwise it feels like you know you're saying nice words and thinking nice thoughts but the evidence for successful outcomes isn't there we'll. I'm undaunted by unsuccessful pasts. I just meant to be harder for the future so so it's more than nice words though now the jury's out about whether we move the needle but we would quickly put the ones we've tried and didn't move the needle aside and start on something new you my go-to low income communities and not a single person in those communities says that a college degree isn't worth it so then you ask low income communities. What do we need to help your students get college ready. They can teach them the reading and writing and the arithmetic part of it what they need is the social fabric that supports those kids and allows them to see themselves in the future and so here in San Francisco we have variety of educational programs but one that we're really excited about right now is the first gen program and we're building virtual bridge for people between High School and college and in that were very influenced by the research of course she wouldn't be surprised that the most likely reason kids drop out in the first semester isn't the funding it's fitting in is not feeling like they belong and so we have over a hundred and fifty first gen employees and we're building this basically virtual posse coming up after the break we ask Mary Daly to name her favorite fed share of recent history and we find out why why it's so hard to read even the near future of the US economy. The big question I've been wrestling with is what's going to win the data or the mood. It's coming up up right after this freakonomics radio is sponsored by state farm state farm believes in strengthening communities where the challenge all state farm employees and agents to give back.
"fed" Discussed on Freakonomics
"Your host Stephen Duffner the when the Federal Reserve Bank is in the news these days. It's usually related to its most public policy tool the setting of interest rates as the global financial meltdown and great recession set in the Fed under its then chairman. Ben Bernanke dropped rates to zero. This was in two thousand eight and they stayed there for seven years. The idea was zero rates. Were necessary to prevent a depression and help the economy rebound. Burundi's successor Janet Yellen finally began to raise rates confident. The recovery was was secure in two thousand eighteen yellen was succeeded by Jerome Powell who'd been installed under the newly elected President Donald Trump Powell also oh continued to nudge the Fed's rates higher encouraged by a robust economy and record stock market highs most monetary policy veterans felt that Powell all was playing just right in this environment. You didn't need to make money too cheap and you also didn't want to spike inflation but not everyone agreed with Powell and his most vocal critic almost right from the start happened to be the president of the United States that I think the Fed is out of control. I think what they're doing is wrong. Along the Fed is technically and historically an independent operation. The president is not it's boss but trump has very publicly encouraged how how to drop interest rates despite the relative strength of the US economy why there are any number of reasons other countries central banks have kept their rates low. The European Central Bank's rates are currently set below zero. There's also the ongoing. US Tariff War with China trump macy low oh rates as a useful counterweight in that battle as well as a means to avoid a self inflicted. US economic slowdown should the tariff or escalate furthermore the more the global economy is showing serious signs of slowing down in any case president trump has leaned hard on the Fed to cut rates and in the last few months Jerome Powell and the Fed have done just that twice I in July. We decided today to lower the target for the federal funds rate by a quarter of a percentage venage point. It is intended to ensure against downside risks from week global growth in trade policy uncertainty and again just last week and the Federal Reserve. It cuts the bench mark quarter of a percentage point. The federal funds rate is now one point seven five percent two percent of the Fed's policy setting committee. It is uncharacteristically divided as to the future direction of interest rates. Drome Powell did say there may well be further cuts trump for his part is not remotely satisfied. After the most recent cut he tweeted that Powell and the Fed have quote no guts no sense no vision. He said he wants rates brought down to zero or less a few months ago. We had Gary Cohn on our show. He's the former head of president trump's national economic council. I'd ask cone whether Powell was thinking about interest rates purely on the merits or as a capitulation to trump's twitter demands. I'm going to hope it wasn't I surely hope and I almost pray that what the Fed did was in reaction to what they were seeing in. The data that they felt felt there was an actual slowing of the economy and they were in the wrong place so we thought it might be an interesting time to hear from someone at the Federal Reserve up to learn what they are seeing in the data and what they're doing about it. Mary Daly took over the Federal Reserve Bank of San Francisco. Just under a year ago she started working there in one thousand nine hundred ninety six one of her mentors was Janet Yellen who before becoming chair of the Federal Reserve ran the San Francisco Fed from two thousand four four to two thousand ten and for those who don't fully understand what the heck the Federal Reserve Bank is or does and I honestly really kind of include myself there. what don't you tell us what it is and does so let me start by telling you the banner we put on the Front lobby of our bank in San Francisco and it says right as you walk in the door. Our work serves every American and countless global citizens impractical terms that includes three things we work on supporting a healthy economy through monetary policy given a dual mandate. The Congress gave us we are looking to achieve full employment and price stability but the real thing the underpinning of that is a healthy economy so that everybody has an opportunity to participate eight to their full abilities. The second thing we do is we work on financial intermediation so we're in charge of regulation and supervision to many of the banks and financial institutions itution economy and the real goal there is to ensure that there's interconnectedness among people so that again everybody has access to you savings and wealth accumulation and investment to allow them to fully participate in the economy and then the third thing is the payment system and we are responsible for the safety and soundness the payment system and the piece that everybody knows really intimately is cash the dollar the coins and dollars in her pocket so this sounds like if the Fed word magically tragically disappear tomorrow the way that some people on some fringes occasionally wish for a whole lot of things would happen. Yes yes and when people are asking questions about will why is the Fed getting in the way here or why. Is it doing this thing that I don't understand stand or agree with. It's largely not about they want the Fed gone it's really about they wanted to work more effectively and our the job our mission is to continuously listen to people so that we can take that in but we do know if we would disappear then the risks that were present when we were created nineteen thirteen would once again merge and that was a much worse situation than any of us want to repeat those risks were a series of financial panics panics and bank failures this led. Congress to pass the Federal Reserve Act and the establishment of the central bank the goals then and now were to you stabilize the banking sector ensure the free flow of capital and keep unemployment and inflation low so yes. The Fed has the reach to affect just about every every American every day and billions of other people but it seems to approach this mission at a serious remove the Fed doesn't seem very interested in explaining Y for example a country as rich as ours has so many people just one step away from financial ruin as Mary. Daly's own family was or for why we built an economy that's so good at providing cheap food and clothing and TV's while the cost of healthcare and higher education in real estate have spiked baked beyond the reach of many. Mary Daly does seem interested in wrestling with these dilemmas. She hosts a podcast called Zip Code economies where she travels travels around her region to find out what's happening on the ground. There was an earlier podcast called twice around just talking to my nephew just started his first semester. Mr In college in Missouri One of the state schools and he went in wanting to be a math teacher and he was asking me is a math teacher good career. It's really really want to do but I know. It doesn't pay very much many times. They said well. It depends on what you want your life. If you really want to teach math ask you have to realize that you can probably going to have a smaller home than people who want to work in the stock market and that's okay if those things that matter to you or teaching math and and you don't actually care about having the biggest home in around the block or something of that sort daily gets into a lot of topics that you wouldn't expect a fed president to get into gratitude the nature of facts how a person should know what they quote deserve serve. We have to know the people we serve and if you don't engage in these deep questions of what makes people do the things they do are people missing out on opportunities because they don't actually count the benefits of some of their actions. You know think mentorship. We often thank well we discount the benefits of future. Creations of our of our men teased because we don't see them. These are all things that go deeply to issues like gratitude gratitude and are you getting what you deserve at. How do you even think about that. Those are things that are integral to doing our best work as policy makers loose. That's how I see it. You've said that people misunderstand economics as the study of data or finances and you define it simply as the study of humans kind of psychology. Oh Gee writ large now personally. I would like to think that your definition is legit because I think it's really important for calmest take human behavior into account but I would argue that most economists are not very concerned or maybe just not very good at describing and predicting and maybe influencing human behavior and furthermore I would say most public communication from your own organization. The Federal Reserve Bank certainly doesn't sound as if it's about or intended for actual humans so oh tell me why I'm wrong and you're right that economists like you even the Fed really is about understanding standing people humans social interaction etc etc.. I guess the question I ask myself is why are the perceptions of what economics this is even among economists so very different than the reality of what we do. One reason is. It's really hard to be vulnerable. It's really difficult to say we don't know I'm trained to be quantitative. My whole ethos is about quantitative measurement trying to figure things out but if you do that and I think there are many economists reach this point in their career. If you do that you eventually run into the wall that is the data aren't the answers they're part of the answer but they're not the complete picture and to the. Fed I think that's a reasonable criticism of us as an institution that we haven't haven't always been forthcoming about the people part of our job but we recognize that when Jay Powell took over as chair the very first thing he did is said we have to go out and do this program called. Fed listens and it wasn't just about. We want to hold ten research conferences. We're super good at research conferences but but he said we want to go out and talk to community people about monetary policy. We are not very practice at that so the American dream is a famous and beloved of concept and it's a concept to my mind certainly describes your life your accomplishment but more and more people argue that the dream is not dead at least greatly lately diminished so let me ask you in a nutshell is the American dream dead or alive or maybe better on which dimensions is the American most most alive and on which dimensions most in trouble so here's the thing I've learned over my life. The American dream has has always been mostly emotional and then over periods of our history. The facts have correlated more nicely with that aspiration and sometimes they failed us but it hasn't been that in our beginning of our history it was great and now in the later part of our history is less great. It's gone back and forth all you have to do is go back to the Great Depression and see that it wasn't always glorious so what I see is opportunities to leverage and amplify things that work and fix six and boost the things that don't so if you look at the chances that someone born in the lowest income quintile can rise up to the middle or have them ability beyond on the first or second quintile they rise to about average chances that anyone can move anywhere if those kids get a college education and she think wow the American dream is alive and well fantastic and then you look at how many kids born into the lowest quintile of the income distribution actually get a college college degree and is less than ten percent and so then you think well. That's not so great so that's where the American dream gets complicated. Yes it is absolutely true through that. Get a college degree. You can become someone like me but we haven't brought me to scale. We'll have so many examples that I become the norm and nobody asked me about my story anymore because they see so many people around them who have lived that exact story and that's where I think the American dream the aspiration doesn't fit the data daily was born in nineteen sixty two. We're growing up in Missouri and my father was a postman. My mom stayed at home. Tom And we didn't even know that we were lower middle class. We just knew that we had to buy things at those big stores that sell the day-old things and if you go two days later you can even cheaper but then would you don't know as a kid is that you're super close to falling through and you're just one little hiccup away and my family had a number of hiccups health shocks job shocks marital shocks and as a consequence we fell through and then falling through looks completely different then. I thought so it becomes a shaming event as well. I know that your siblings went to live with your grandparents but you dropped out of high school and started working and you lived with a friend. Yes yes right exactly and I had a different series series of of people I connect with the first people I lived with where my substitute teacher in seventh grade and they let me stay in their attic and I worked worked and I sent money to my family and I helped myself. I paid them a little bit of money. Even though of course when you think of it it was absurd the money I gave them probably was meaningless but it was important to me. I did not have to feel like I was begging and not able to take care of myself and they they helped me build those little bits of confidence. I think that was essential looking back on it and really transformational daily had planned to become a bus driver. It was a union job with benefits but she had a mentor who suggested that she get her. Ged and go to college daily accepted the advice along with a loan of two hundred and sixteen dollars for tuition at the University of Missouri St Louis. She started off studying psychology but switched to economics. She became particularly interested in labor economics and public policy in in Nineteen ninety-four. She got her from Syracuse University but you get the sense that Mary Daly never forgets even for a minute the very long odds she beat to become president of the San Francisco..
"fed" Discussed on WSJ What's News
"If you don't see a big dent on the real economy than it allows the fed to continue with what will be a more gradual path of rate increases in two thousand nineteen you mentioned the markets falling and they actually fell the most during Powell's press conference. And so what that tells you is even though the fed did what most people expected it to do. They expected rate increase, and they and the fed delivered one they expected the fed would ease off of its twenty nineteen plans, and the fed did that the fed even signaled much less certainty about the path and twenty nineteen. So all of that was expected the fed is moving into more of a fine tuning or wait and see phase of policy but markets had begun to wonder if the fed might go even further and say, you know, what we're done raising interest rates, and so people who watch the fed closely didn't think that was. Very likely, but the markets had begun to price in no rate increases in two twenty nineteen. And so seeing a less aggressive path to rate increases instead of three wasn't enough because the markets had really begun to think that maybe Powell would indicate the fed has done raising interest rates, and maybe the next move could be up or down and Powell definitely did not say that and markets appear to have not liked that. And of course, the fed had been buffeted by criticism from the president even in the days leading up to the final meeting of the year and fed chair. Jerome Powell was asked about that on Wednesday. You know, political considerations have played no role whatsoever. In our discussions or decisions about monetary policy. We're always going to be focused on the mission that congress has given us we have the tools to carry it about we have the independence, which we think is essential to be able to do our jobs in a non-political way. And you know, we are we at the fed are absolutely committed. To that mission. And nothing will deter us from doing what we think is is the right thing to do. Nick, this is similar to comments Powell has made before what did you make of his statements on Wednesday on the lot of his answers Wednesday about the economy or the path policy? He was very uncertain. He was hedged. He he was clear that he doesn't really know. And so they're not going to be able to offer a lot of specifics. But when it came to the question of could your decisions be influenced by politics and by criticism from the from the president of the United States. He was firm. He was he was unequivocal, and he repeated himself he says this is played no role whatsoever. And never will. And so that he couldn't have been clear on that. And and I found that quite striking. That's Wall Street Journal reporter, Nick Tim rose joining us from Washington with the details on the Fed's last meeting of the year. Thank you so much Nick, thanks for having me. And that's what's news. I'm Ameri for totally in New York for the Wall Street Journal..
"fed" Discussed on WSJ What's News
"The Federal Reserve is signaling a more gradual pace of rate hikes in the new year with fed chair Jerome Powell saying to rate increases or likely in twenty nineteen the fed wrapped up its final meeting of twenty eighteen on Wednesday raising short-term interest rates a quarter percentage point to arrange between two and a quarter and two and a half percent. Joining us now from Washington with more details on what comes next is Wall Street Journal reporter, Nick Tim timorous, Nick, we knew heading into this meeting that the fed would likely raise rates for the fourth time this year, which they did. But what everyone really wanted to know is how the fed is viewing the year ahead. So how of the Fed's productions changed for the coming year regarding inflation, unemployment and other economic factors the feds economic forecasts didn't change a whole lot. They revised down a little bit there projection of growth for next year. And they revised down their projections of inflation by a tenth of a point. And that probably RIC. Flex a big drop we've seen in oil prices and the pullback in some foreign economies and the expectation that global growth might be a bit softer next year. The reason the US growth picture looks a little bit different is because of the some of the stress you've seen in financial markets that makes it more expensive for companies to borrow borrow or it could make businesses a little bit more reluctant on investment or hiring. And so that can slow growth, and as a result of that that the main change to the feds forecast was to revise down. Their path of projected interest rate increases in two thousand nineteen in September, the majority of officials thought they would need to raise rates both at the meeting on Wednesday and then three times in two thousand nineteen after the increase. Most officials now think the fed will only need to raise rates two times in twenty nineteen. So that was really the big change. And it was probably because of the tightening of financial conditions. You've seen. Over the past two months. So Powell did say likely to raise rates only two times next year as opposed to the four this year or even three he also pointed to those factors you mentioned slowing global growth recent market volatility, and we did see markets go down certainly on Wednesday after the fed concluded its meeting. He also pointed to those factors and said they could show some softening. But hadn't drastically changed the outlook yet what other clues did he give about next year? And what may factor into the feds plans woke they're going to look to see if this market turmoil? Actually, I is reflecting something that's happening in the economy is the market figuring out something about the growth outlook that we don't yet see in the data or in the forecasts. Or is this something of a more technical nature is you know, markets may have been running a little bit too hot earlier this year. And so are they coming back more online with fundament? That's really the question right now our markets telling us something, we don't know or is the data gonna take this in stride..
"fed" Discussed on WSJ What's News
"It is unusual. We've seen it many times. But it's especially unusual. I think that the president is tweeting about this just a couple of days or one day before fed officials will gather for their meeting. They have a two day meeting. It starts tomorrow. And then Wednesday they'll announce their decision as the journal is written. The fed says it's raising rates to return them to a more normal setting and avoid the type of boom and bust economy that ended in past recessions, I think the one thing that is tricky for fed officials. They've talked for a long time about wanting to raise interest rates gradually, and that's because they have sort of two separate risks. If they if they go too, slowly, there's a risk that inflation could pick up and that they could get what's commonly referred to as behind the curve that is that inflation gets out of control, and they won't be able to catch up to it by raising interest rates. The flip side of that is that of course, they raise rates too quickly, and that triggers a very fast slowdown in growth in it could trigger a recession. And so they've tried to maintain this very stable. Kind of steady path. But as the fed chairman Jerome Powell has started talking about in recent weeks that path is becoming less certain because of trade tensions because of a housing slowdown and because of concerns about global growth, and so he's talked a lot more about being more data dependent, and perhaps even adopting this wait and see approach they've been raising rates once a core about once a quarter, and we could start to see that change next year. I think the the word used right around that time was flexibility in how the fed sets interest rates. But apparently that was not enough to appease, Mr. Trump. You know, he has spent months criticizing the fed. This was hardly his his first blast. Right. I think the president is concerned about this market volatility perhaps and concern about the risk that the fed continuing to raise rates could could could actually slow down growth. Now. Fed officials have said that their policies as actually still somewhat accommodative that is their policy is not slowing. Down the economy yet that's not where they are. But obviously, there's big important implications for the president here. You know, we're past the midterms and now in the way that campaigns work now, we're almost heading into the next election cycle. And so he has to be thinking about what is going to be happening with the economy when he's out there running for re election would be remiss if I didn't ask this question fed chairman Pell is going to hold a press conference at the conclusion of the meeting on Wednesday. Do you think it's likely that he will be asked about Mr. Trump's tweet, and that he'll feel compelled to respond. I think he absolutely will be asked about it. And I think he absolutely will not respond directly to it. I'm sure he'll say something we've heard him get asked this, you know, similar question many times as as we've seen and heard the president talking about about the fed chairman. And he basically says, you know, we we make our decisions based on what's best for the economy, not based on political considerations. You know, he won't. He probably definitely will not meant. In the president directly. But I think he'll try to address this. It is the elephant in the room. Everyone is wondering to what extent the president's comments are weighing on the fed. So he'll have to address it somehow. But I think that he'll be extremely careful about how he does. So joining us from Washington, Wall Street Journal reporter, Kate Davidson, thanks Kate. Thank you, Charlie. And that's what's news. I'm Charlie Turner in New York for the Wall Street Journal..
"fed" Discussed on WSJ What's News
"This week brings the minutes from the Federal Reserve September meeting plus retail sales and data on the housing market joining us now from Washington with the details is Wall Street Journal reporter, Sharon, none. Sharon, let's start with the fed minutes. A lot happened last week with the president. Again, criticizing the fed over short-term interest rates that was after Wednesday's market selloff. But the data were getting this Wednesday won't reflect that news instead. It will give us some insight on the September meeting. That's where the fed said. The economy remains strong and penciled in a fourth rate hike for the end of this year and last month, the Fed's seemed pretty confident and seeing that plan through. Yeah, yeah, that's true. So in that meeting in September, the fed raised short-term interest rates by a quarter percentage point, and it was there was this really interesting dichotomy that kind of has kind of showed up recently. And that's that some fed officials say as long as employment keeps falling farther below the level that they project is consistent with stable prices, the fed will need to raise rates to prevent. At the economy from overheating, which is like a very standard perspective, right? But there's this other camp, which is really interesting. That argues that this is this is more radical if inflation doesn't appear to be exceleron beyond two percent. And we've seen hints that that's the case. Recently with recent inflation reports, the fed could stop raising rates after reaching a so called neutral setting. And then of course, there's another strand to all of this fed talk. You know, President Trump has kind of bashed the fed in recent days, arguing it shouldn't be raising rates the way currently has been, and this is pretty unprecedented right. Politics of usually been left out of the monetary policy realm. So fed policymakers, monetary policy makers could do what they feel like is necessary without congressional or presidential oversight essentially. So that's kind of what we're looking for further evidence in the feds reasoning for choosing to raise rates by an another quarter percentage point, right? And more experience of this kind of divide between fed officials whether or not we should keep raising rates or or pull back if inflation stops player. The way it had been in previous months. So let's turn to retail sales. That data is out on Monday. We've seen pretty strong results from major retailers with a few exceptions. What will you'll be looking for in this report? Yeah. So it's it's key to remember. Of course, that consumer spending is the key driver of the us economy. It represents about two-thirds of g. p. of our economic output and in August US, consumers kind of actually rained in their spending after a very strong spending growth that we saw in July, which I think is kind of reflected in those earnings reports. But still, I mean to put this into perspective, the overall weakness that we saw in August was largely due to a drop in auto sales. So you know, that may not necessarily say something as strong as if maybe we'd seen across the board spending declines. There's one interesting thing to add here though. One PNC economists that w spoke with said that hurricane Florence may actually mess up the spending data for September and a pretty interesting pattern going forward with purchases ahead of the storm. You know, maybe things like food and other supplies decline in sales in the immediate. Aftermath, right? And then and then gains again during the recovery phase when people are making purchases for repairs on the like. So this week also brings several housing reports. We have the housing market index on Tuesday than housing starts on Wednesday and existing home sales on Friday. Last week, we learned that housing mortgage rates are nearing five percent. What can this week's data tell us in that context about the health of the sector and where it's headed? Yeah, absolutely. The rising mortgage rates, you know, it's good in terms of showing that the fed sees that the economy is healthy, Right Math where we're raising rates, you know, that kind of feeds into the different interest rates that we see in different borrowing aspects of the economy, but it's bad in that we're seeing that mortgage rates combined with rising prices for homes. It's kind.