Podcasts about gse

the only link you need this week is this one Vienna Hayers spawn of Gaz at GSE is raising money for Rays of Sunshine he's asked for your DONATIONS , Gary has given so much to the industry with one of the best educational YouTube channels for electricians on YouTube , SO IF YOU HAVE A FEW QUID THROW SOME IN THE POT https://www.justgiving.com/page/vienna-hayers-1?utm_medium=FR&utm_source=WA&utm_campaign=015

Dans cet épisode nous découvrons un nouveau terme dans le domaine de l'assurance notamment dans l'assurance Vie : GSE (Générateur de Scénarios Économiques)Avec des engagements qui s'étalent sur 20 ans, 30 ans ou plus, les assureurs doivent se préparer à tous les futurs possibles. Ils utilisent des modèles économiques stochastiques pour simuler des milliers de scénarios et ainsi, tester leur solidité face à des futurs incertains mais possibles. Les assureurs valorisent leurs fonds propres selon une multitude de scénarios pour sécuriser au mieux les engagements pris sur le long terme vis à vis de leurs assurés. Ecoutez notre épisode pour en savoir plus sur les Générateurs de Scénarios Économiques et leur place capitale dans les analyses actuarielles. Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

The Ground Support Equipment (GSE) Boom The global airline industry is set to surpass $1 trillion in revenue this year, says IATA. With Airbus predicting over 42,000 new aircraft deliveries in the next 20 years, demand for ground support equipment is rapidly rising. GSE manufacturers saw a strong rebound in 2024, with growth driving innovation. Companies are focusing on efficiency, safety, and sustainability—especially through electrification and new tech like AI, telemetry, and automation. In this issue, we cover key updates across the GSE sector, spotlighting: Aircraft rescue & firefighting vehicles Ground power units Water & lavatory service trucks Equipment leasing and rental market We also feature: A deep dive into Australia's airport infrastructure, with Western Sydney Airport set for a 2026 launch An exclusive interview with Ground Team Red on GSE buying trends in the Asia-Pacific A look at Mallaghan's CT6000E catering truck for North America A new ‘CEO Q&A' where we meet a leader revolutionising electrification Lastly, we examine a growing concern in the industry: rising rates of aircraft ground damage.

We're at another crossroads. There is a growing sense on the Right that we have not solved the inflation and deportation issues. The question is will we make the right plays to achieve them. This begins with a recognition that unless we ignore the courts or strip their jurisdiction in must-pass legislation, this presidency is doomed. Next, we're joined by Alex Pollock, a banking expert at the Mises Institute, who warns that not only have we failed to solve inflation, but some of the current proposals from both parties will further exacerbate it. He explains how the Federal Reserve keeps a Ponzi scheme paid for by consumers in the form of high prices. He also believes that the Fed is fully controlled by Congress and not independent. Relatedly, Pollock believes that complaining about interest rates is addressing the symptom of the very problems created by the "easy money" cartel. Also, he believes it is a mistake to turn Freddie and Fannie back into venture socialist GSE status, which allows for crony private profit off the risk of taxpayers. More easy money and subsidized credit are what got us here; they sure won't solve inflation.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textA groundbreaking initiative is transforming the traditionally male-dominated ground support equipment industry, one connection at a time. The Women of GSE movement celebrates its first anniversary this year, having evolved from a casual conversation to a powerful network supporting women across aviation ground operations.Started by passionate industry professionals from companies like Mallaghan and XSEED, the Women of GSE initiative creates meaningful networking opportunities at major industry events. Their impact was perfectly captured by one attendee who approached organizers after a European event saying, "I came here not knowing anyone and I'm so thankful that I had this time to network and meet people." This simple yet profound testimonial demonstrates how these gatherings transform the conference experience, especially for newcomers to the industry.The group has developed several ongoing programs, including monthly spotlights featuring women from various sectors of the industry—from CEOs to engineers—and is now launching their "Women of GSE Give Back" initiative. This new charitable program will support the Resurrection Preschool in Winter Garden, Florida by collecting essential school supplies during the upcoming GHI conference in Orlando. Collection boxes will be available throughout the event, accepting items like crayons, markers, and double-sided tape, along with cash donations that will be converted to Amazon gift cards for the school.Women of GSE welcomes anyone interested in supporting their mission. You can connect with them on LinkedIn by searching for their distinctive purple logo, attend their networking event at GHI Orlando on Wednesday at 1:30 PM in the Speed Networking area, or simply stop by to contribute to their charitable initiative. As they move into their second year, their message remains clear: GSE is "a great place to work with good people" where women can thrive, connect, and make a difference both within the industry and beyond.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Send us a textStep into the world of ground support equipment innovation as the Power Stow Americas team opens their doors to reveal how they're quietly revolutionizing baggage handling operations worldwide. From their facility in Norcross, Georgia, this intimate conversation takes listeners on an unexpected journey through the company's fascinating origin story and current cutting-edge solutions.The podcast features a remarkable cast of industry veterans - Ken Brown (KB), who spent 38 years with United Airlines before crossing over to lead Power Stow Americas; Justin Brennan, bringing his extensive GSE sales expertise; and most surprisingly, Arlie Wurtzen, who designed chocolate manufacturing equipment (including the knife that cuts Kit Kat bars!) before helping develop Power Stow's first prototype over 20 years ago.What began as a solution to European regulations limiting lifting weight has evolved into a product line that dramatically improves ergonomics for ramp workers. The flagship roller track system, which extends conveyor belts directly into aircraft cargo holds, has become so valued that ramp agents have physically fought over units and stayed with them during breaks to prevent others from "borrowing" their equipment.The conversation explores how Power Stow has expanded beyond their initial success with new innovations like the tail loader (bridging the gap between belt loaders and carts), the transfer belt (solving ergonomic challenges in baggage rooms), and assisted docking systems (addressing aircraft damage concerns). Throughout each development, the company maintains its obsessive focus on user experience and customer service, shipping parts same-day and deploying technicians within 24 hours when needed.Most compelling are the stories of transformation - from KB's journey as a skeptical airline executive to becoming the company's biggest advocate, to the moments when resistant veteran ramp workers suddenly realize how the technology can extend their careers by protecting their bodies. These human elements reveal why Power Stow has earned such loyalty in an industry where relationships and reliability matter more than fancy marketing.Ready to see these innovations in person? Visit Power Stow at the upcoming GSE Expo in Las Vegas, where they'll showcase their systems and demonstrate why this team has earned such respect throughout the aviation ground handling community.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Send us a textLooking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Transparency in our work can be both a blessing and a challenge. This week, we catch up with Kat in Brazil and Scott in Argentina, where he is assisting both Kenya's (Mendoza) and Pupy's (Buenos Aires) caregiver teams with relocation training. Kat and Scott share how the introduction of a chain in Pupy's crate training has raised concerns among even long-time supporters. We also discuss why sedating an elephant during transport is not an option for GSE.​The challenges of Tamy's situation are discussed in more detail. His enclosure is too small to accommodate both the crate and the necessary space for training. This limitation poses significant hurdles, as he is in a pit surrounded by high and thick concrete walls. The urgency of his situation is understood by all involved at the eco-park.​The episode transcript can be found here.Email: We'd love to hear from you podcast@globalelephants.orgWho we are: Global Sanctuary for Elephants exists to create vast, safe spaces for captive elephants, where they are able to heal physically and emotionally. There are elephants around the world in need of sanctuary, but too few places exist to be able to care for even a fraction of the elephants. International support is necessary to build sanctuaries for elephants in need of rescue and rehabilitation. Our pilot project is Elephant Sanctuary Brazil where Asian and African elephants relocated from across South America live their best lives.Website: https://globalelephants.org/Donate: Global Sanctuary for Elephants is a U.S. 501(c)3 non-profit. Our work is made possible by donations. You can support our work with a general donation, purchasing items from our wishlist, or adopting one (or all) of our elephants for a year. You can also donate with Crypto!Thank you for your support!Follow us on Facebook, Instagram, X, & YouTube While we encourage and appreciate you sharing our podcast, please note that…This presentation is protected by U.S. and International copyright laws. Reproduction and distribution of the presentation or its contents without written permission of the sponsor is prohibited.© 2023 Global Sanctuary for ElephantsA big Thank You to the talented musicians Mike McGill, Ron McGill, & Sean Rodriquez for composing our podcast jingle.

Send us a textStepping into the world of advanced battery technology, this episode takes us to Kokomo, Indiana—the global headquarters of Green Cubes Technology. Here, we explore how lithium batteries are revolutionizing ground support equipment operations at airports worldwide.Jerry Crump and Darren Kiefer walk us through Green Cubes' fascinating journey from their 1986 beginnings in small power electronics to becoming leaders in lithium battery technology for material handling and GSE applications. Their transition makes perfect sense—both industries require batteries that serve dual purposes as power sources and equipment ballast, though the adoption curves have differed significantly between the two sectors.What truly distinguishes Green Cubes in the crowded battery market is their commitment to flexibility and customization. Rather than forcing customers to adapt to standardized products, they design solutions tailored to specific operational requirements. Their GSE SafeFlux battery system incorporates sophisticated protection mechanisms that prevent operation in potentially damaging conditions, such as charging when cells are below freezing or automatically throttling performance when temperatures rise too high.Perhaps most refreshing is their approach to data sharing. While many manufacturers lock customers into proprietary systems, Green Cubes makes battery data freely available to any telematics platform a customer might prefer. This open architecture eliminates the frustration of managing multiple dashboards and logins while empowering operators to make data-driven decisions about their fleets.With over 13,000 high-power systems deployed globally, their experience translates into batteries that perform reliably whether they're operating in the freezing temperatures of Minneapolis or the scorching heat of Phoenix. For airport operations seeking sustainable alternatives to conventional power sources, Green Cubes offers not just a battery, but a comprehensive power solution designed for the unique challenges of ground support equipment.Looking to electrify your GSE fleet or upgrade your existing battery systems? Discover how Green Cubes' approach to lithium technology could transform your ground operations' reliability, sustainability, and performance.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

This podcast segment unpacks rising GSE repurchase risks and the cultural landmines facing major mortgage industry mergers.------------------------------------------------------------------Alice Alvey, Master CMBVice President Partner Education and Training at Union Home MortgageShe handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!

The regulars explore how Fed drama, tariff-driven inflation fears, and GSE repurchase risks are putting new pressure on mortgage lenders and the housing market.

Jaret Seiberg, managing director at TD Cowen, talks about how the uncertain economic environment—and changing policies regarding tariffs—are impacting banks large and small. He also tackles Treasury Secretary Scott Bessent's bank regulatory agenda, whether the Trump administration can successfully accomplish GSE reform and the significant risks to banks from stablecoin legislation.

In this week's episode, we catch up on events at Ecoparque Mendoza in Argentina, where female African elephant Kenya has received a significant new item: her transport crate! Marcos, one of GSE's caregivers, is on-site, preparing and training Kenya for her upcoming journey to Elephant Sanctuary Brazil.Kat also declares her love for Tamy, the male Asian elephant destined for his forever home at the sanctuary. However, his training presents several challenges, including determining a suitable training location within the zoo, as his current habitat is inadequate. More importantly, GSE needs to find a caregiver committed to spending three months in Argentina to build trust with Tamy.

As a Principal in the DenSecure team at Wolf & Company, P.C., Sean Goodwin leads and executes cybersecurity projects for clients across various industries, including healthcare, financial services, and retail. He has over a decade of experience in cybersecurity and information security and holds several credentials, such as GSE #271, CISSP, CISA, GIACx13, QSA, and PCIP. His mission is to help organizations improve their security posture and resilience against cyber threats. We touch on many topics including the need to properly understand PCI DSS CDE scope, compliance versus security, and how trust may be the most important element when effecting positive changes in the information security program.

In this episode of Lykken on Lending, we sit down with Bob Broeksmit, President and CEO of the Mortgage Bankers Association, for a timely and insightful conversation on the state of the mortgage industry. From key advocacy efforts on Capitol Hill to the future of Fannie Mae and Freddie Mac, Bob shares updates on GSE reform, HUD leadership, and the regulatory shifts shaping housing finance today. We also dive into market trends like consumer direct lending and the implications of recent M&A activity—including Rocket's headline-grabbing moves. If you're looking for a front-row seat to the forces driving mortgage policy and market dynamics, this episode is a must-listen.

When Karim Ben Dhia founded Adveez in 2011, the company wasn't focused on airports at all - it was building hands-free access control systems for buildings. Today, with nearly 20,000 GSE units monitored worldwide, Adveez stands at the forefront of a technological revolution transforming ground operations at airports globally.Product and Customer Success Director Matthias Moulinier takes us through this remarkable journey, revealing how their first aviation client simply wanted to prevent competitors from using their equipment on the ramp. That single need quickly expanded into a comprehensive tracking system collecting everything from GPS coordinates to engine hours, shock detection, and battery management data.What makes GSE telematics fundamentally different from standard vehicle tracking? The lack of standardization. While passenger vehicles have universal OBD connections, every GSE manufacturer implements different systems requiring specialized hardware solutions. This technical challenge became Adveez's opportunity to develop purpose-built systems for the unique airport environment.Perhaps most revealing is what the data shows about equipment utilization. Despite ramp operators consistently claiming equipment shortages, the metrics tell a different story - no customer ever utilizes more than 80-85% of their equipment simultaneously. This insight allows procurement teams to make data-driven investments rather than reacting to perceived shortages.Looking forward, Adveez is pioneering innovations like charger management systems to optimize electric GSE infrastructure and camera monitoring to enhance safety. They're also developing AI algorithms that predict maintenance needs based on patterns detected across thousands of operating hours, moving from reactive to predictive operations.As the industry gradually moves toward factory installations rather than field retrofits, Mathias works closely with manufacturers like Oshkosh to integrate these systems during production. However, challenges remain, particularly the lack of standardized data protocols - a topic currently being addressed in IATA and SAE working groups.Curious about the future of GSE management or how these systems might benefit your operation? Visit www.adveez.com or connect with their team on LinkedIn to learn more about this rapidly evolving technology.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Michael Bright, CEO at Structured Finance Association joins host Patrick Dolan to discus the complexities of GSE reform. We explore key issues including the balance between nurturing the private RMBS market and ending conservatorship, adjustments to loan limits, and restrictions on GSE activities. Fred provides his insight on administrative reform risks, the role of credit risk transfers, capital requirements, government guarantees, and the SEC's oversight on reporting standards.

Diamo il via a una settimana speciale di programmazione in occasione del Forum Duezerocinquezero dedicato alla transizione energetica, che prenderà il via mercoledì 2 aprile a Padova, con esperti delle filiere del mercato elettrico, dell'efficienza energetica, del mondo delle rinnovabili. Tra gli ospiti c'è anche Paolo Arrigoni, presidente del GSE (il gestore dei servizi energetici), con cui parliamo in questa puntata. Si tratta di un soggetto chiave per questo settore, in quanto gestisce gli strumenti di incentivazione e le varie misure che il Paese si è dato per raggiungere gli obiettivi in materia di fonti rinnovabili ed efficienza energetica. GSE dà quindi attuazione alla normativa, definendo anche procedure e regole da adottare.

Joe Davis shares his journey from aviation maintenance school graduate to Sales Account Manager and interim Service Manager at Oshkosh Aerotech, revealing how his hands-on technical experience provides unique value to customers.• Starting in de-icing operations after 9/11 affected aviation job prospects• Training new technicians through six-month apprenticeships with senior staff• Offering factory training programs that attract 250 customers annually• Commissioning new equipment and providing operational training for customers• Using IOPS telematics to remotely diagnose equipment issues• Sharing the epic story of de-icing a C-5 Galaxy with two feet of accumulated snow• Discussing the B80 pushback's independent suspension and agile performance• Explaining JetDock autonomous docking technology's precision and safety features• Outlining electric pushback capabilities from B250 to B950 models• Emphasizing proper battery management for electric GSE longevityContact your Oshkosh Aerotech sales representative to learn more about factory training programs, which are free for equipment owners and include daily lunch plus a social dinner event.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

On today's episode, Editor in Chief Sarah Wheeler talks with Courtenay Dunn, Senior Director of Government Affairs at ICE, about GSE reform, deregulation and housing affordability under the Trump administration. Related to this episode: Senate confirms Bill Pulte as FHFA director | HousingWire HousingWire | YouTube More info about HousingWire   Enjoy the episode! The HousingWire Daily podcast brings the full picture of the most compelling stories in the housing market reported across HousingWire. Each morning, listen to editor in chief Sarah Wheeler talk to leading industry voices and get a deeper look behind the scenes of the top mortgage and real estate stories. Hosted and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

This podcast segment covers the Senate's confirmation of William Pulte as FHFA Director, the future of GSE conservatorship, credit score reforms, and MBA's efforts to shape housing policy under the Trump administration.-------------------------------------------------------------Adam DeSanctis, VP of Communication at Mortgage Bankers AssociationAs a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely considered to be an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA's social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA's research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA's organizational public affairs plan, media relations and member communications support for mPower, MBA's Opens Doors Foundation and MBA's Diversity, Equity, and Inclusion programs.

Airside International's Spring 2025 edition examines the ground support equipment (GSE) sector, highlighting a rebound in pushback tractor sales and a stable second-hand market. Articles explore innovations in various GSE, including autonomous vehicles, electric solutions, and ergonomic lifting aids, alongside challenges like labour shortages and charging infrastructure deficits. The publication also features airport development projects in North America and ground handler procurement strategies, providing a comprehensive overview of the current state and future trends within the airside operations industry.

Discover how a simple idea transformed the aviation industry through the eyes of our special guest, Eric Ball, the visionary CTO and co-founder of EBIS. From his early days transitioning from a tech background to mastering the aviation sector, Eric shares the fascinating journey of EBIS, a pioneering software that revolutionized ground support equipment. Join us as we uncover how this innovative tool evolved to captivate major airlines like Southwest, navigating through challenges and growth opportunities to become a cornerstone in the aviation world.Explore the unexpected pathways that led to the evolution of ground support technology with insights from Eric Ball, along with contributions from Santo Schnatchu, Rick, and Crystal. Dive into the narrative of EBIS's acquisition by Tron Air and how it sparked new innovations in maintenance software. Learn about the strategic melding of AI and human expertise and its impact on operational efficiency, as well as the hands-on empowerment of technicians who are at the heart of aviation maintenance.Get ready to be inspired by stories of effective maintenance optimization with advanced tools like EVA software, and discover how data-driven decisions are transforming asset management. We offer a compelling look at how telemetry data and customer feedback are shaping future developments in ground support operations. Explore how AI is redefining technician efficiency, bridging communication gaps, and reducing operational costs. This episode is packed with insights into the cutting-edge technology propelling the aviation industry forward.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

If you've completed an appraisal in the past week, you'll want to hear this. The GSEs' new time adjustment requirements went into effect on February 4th, and they come with some major changes for appraisers. To break it all down, we've brought in Matthew Hyatt from True Footage to explain what appraisers need to do to stay compliant.In this episode, we cover:✅ What the new policy means for appraisers✅ How to properly document time adjustments in your reports✅ What resources are available to help you navigate these changesDon't submit your next appraisal without understanding these updates! Tune in now to stay ahead of the curve.

While conventional treatments for colds and flu can sometimes prolong illness, natural remedies like Grapefruit Seed Extract (GSE) have shown antimicrobial benefits against bacteria, viruses, and fungi. GSE, when properly diluted, can be used internally and externally for infections, yeast overgrowth, and even as a household disinfectant, making it a versatile natural remedy. Link to all products mentioned: https://bit.ly/nutribioticgrapefruitseedextract Also listen to Episode 9: The Army Within Us - https://breadbeckers.libsyn.com/09-the-army-within-us-0 Topics in this episode include: viruses, cold and flu season, gut health, gut microbiome, the importance of supporting good gut organisms, what we can do when we get sick, Candida, yeast infections, diaper rash, athlete's foot, nail fungus, sore throats, ear infections, gum disease, traveler's diarrhea, Nutribiotic Grapefruit Seed Extract (GSE) Sources: GSE Report – Volume 1 Issue 1 Nature's Antiseptics by CJ Puotinen LISTEN NOW and SUBSCRIBE to this podcast here or from any podcasting platform such as, Apple Podcasts, YouTube, Spotify, Alexa, Siri, or anywhere podcasts are played. For more information on the benefits of REAL bread - made from freshly-milled grain, visit our website, breadbeckers.com. Also, watch our video, Only Real Bread - Staff of Life, https://youtu.be/43s0MWGrlT8. Learn more about baking with freshly-milled flour with The Essential Home-Ground Flour Book, by Sue Becker, https://bit.ly/essentialhomegroundflourbook. If you have an It's the Bread Story that you'd like to share, email us at podcast@breadbeckers.com. We'd love to hear from you! Visit our website at https://www.breadbeckers.com/ Follow us on Facebook @thebreadbeckers and Instagram @breadbeckers. *DISCLAIMER: Nothing in this podcast or on our website should be construed as medical advice. Consult your health care provider for your individual nutritional and medical needs. The information presented is based on our research and is strictly that of the author and not necessarily those of any professional group or other individuals. #viruses #coldandflu #coldandfluseason #guthealth #Candida #yeastinfections #diaperrash #athletesfoot #nailfungus #sorethroats #earinfections #gumdisease #diarrhea #NutribioticGrapefruitSeedExtract #GSE

A look at aviation ground operations technology, recent fatal aviation accidents, fire aboard an A321, the successful XB-1 supersonic flight, the sentencing of a drone operator, and the threatened readiness of the US Air Force. Guest Loren Mathis is the Chief Strategy Officer of INFORM GmbH's Aviation division. INFORM is a worldwide aviation ground operations resource management technology provider that leverages AI and advanced optimization to increase efficiency and improve operations. Loren describes three general use case categories for AI in aviation: creating value from very large amounts of data, digital decision support, and proactive rather than reactive action. We look at real-world examples of aviation applications, including predictive maintenance, service recovery after disruptions, and management of airport gates, baggage belts, and check-in counters. Also, ground equipment and staff planning, scheduling, allocation, and analysis. Loren is a thought leader and passionate advocate for ground operations. During his 15 years in aviation, Loren has led workforce planning teams responsible for budgeting over $2 billion of annual headcount expenses and $1 billion of GSE-related expenses. He most recently helped define airport operations technology strategy for one of the world's largest airlines. For over 50 years, INFORM has been engaging in the art of solving complex business problems with mathematical models. The company is committed to ethically responsible AI and sustainable business practices. Aviation News AA Regional Jet Collides with Army Blackhawk Helicopter Helicopter routes in the Washington DC area. Courtesy SkyVector. Video: DC Mid Air Update 2/3/25 https://youtu.be/n9mAUks0krI?si=f37mdgvVKmpaDT2z NTSB forces reporters to get plane crash updates on X ‘Open the Door, Open the Door!': How Dozens Fled an Inferno on a Plane Air Busan Flight ABL391 was waiting to take off from Busan Airport (PUS) in South Korea, bound for Hong Kong. Passengers spotted flames in a rear overhead bin of the A321. The captain declared an emergency evacuation and shut off hydraulic and fuel systems. Flight attendants and passengers opened exit doors, but there was no evacuation announcement. Video: XB-1 First Supersonic Flight https://www.youtube.com/live/-qisIViAHwI?si=3qg_QuNVRWv-W5E2 Ex Skydance Exec Was Piloting Drone During Palasides Fire The man who crashed his DJI Mini3 Pro drone into the wing of a CL-415 Super Scooper waterbomber (reportedly costing $65,169 to repair) has been identified. The man pleaded guilty to one count of unsafe operation of an unmanned aircraft (a misdemeanor) and agreed to 150 hrs of community service for wildfire relief and paying restitution. The charge carried a possible sentence of up to one year in federal prison. Fighter Pilot Shortage Threatening Readiness The Mitchell Institute for Aerospace Studies says the shortage of Air Force fighter pilots, declining pilot experience, and a shortage of airplanes threaten combat readiness. "The Air Force's pilot corps is now too small and poorly structured to sustain a healthy combat force that can prevail in a peer conflict and meet the nation's other national security requirements." Listen to Episode 218 of the Aerospace Advantage podcast, Air Force Readiness Crisis: Time for a Reset. Mentioned FlySafair Statement on Flight FA711 Hosts this Episode Max Flight, Rob Mark, David Vanderhoof, and our Main(e) Man Micah.

Transitioning from a diesel mechanic to a key player in the ground support equipment (GSE) industry, Mark DiMaria's journey is nothing short of inspiring. His global career, marked by stints in Spain, Ireland, Norway, China, and Saudi Arabia, showcases the adaptability and dedication required to excel in this field. Uncover the unique moment at a Saudi holiday softball game that propelled Mark into a pivotal role with Stewart and Stevenson, where he went from technical instructor to managing their European office from a humble broom closet at KLM.Billy Ash takes us further into the global nature of the GSE industry with his riveting career path, which was set in motion with a move from Tennessee to Texas. His chance encounter with Stewart and Stevenson led to a role that took him across the world 27 times, from Abu Dhabi to the United States. Billy's stories reveal the critical importance of skilled technicians in aviation ground support operations and his adventures highlight the industry's evolution, from pushbacks to air starts, showcasing the integral role of companies like Stuart and Stevenson.As the GSE industry embraces electrification and technological advancements, challenges and opportunities abound. Our discussion covers the shift from mechanical systems to electric equipment and the implications of EPA regulations. Discover how training through online platforms like YouTube is revolutionizing the way technicians approach troubleshooting and maintenance. Finally, hear about innovative solutions like mobile charging stations and the potential for telematics to transform equipment management, setting the stage for an electrified future in ground support.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Unlock the secrets of transitioning the Ground Support Equipment (GSE) sector to cleaner technologies with insights from Joe Anotti of TRC, a global engineering advisory and consulting firm. Discover how TRC is paving the way for sustainable transportation by navigating over 750 funding programs across the US and Canada to secure essential government grants and incentives. Whether you're curious about battery electric, hydrogen fuel cells, or the resurgence of natural gas and propane, Joe offers a comprehensive view of how these technologies are shaping the future of clean transportation.Join the conversation as we explore the intricate dance of securing aviation-related funding, highlighting the roles and responsibilities shared by aviation authorities, airlines, and GSE operators. Joe sheds light on key grants like Vail and VW, and the pivotal DERA programs that integrate vehicle funding with crucial infrastructure projects. With state-level initiatives gaining momentum as federal support fluctuates, this episode underscores the unique opportunities for states to align their sustainability ambitions with the aviation sector's goals, all while ensuring public health and environmental benefits.Peek into the future with a discussion on alternative fuels, autonomous vehicles, and the pressing infrastructure challenges faced by small ground handlers and airports. As we anticipate major global events like the World Cup and the 2028 Olympics, the conversation turns to electric fleet transitions and the entrepreneurial spirit required to overcome infrastructure constraints. Joe's expertise shines as he shares success stories and strategic advice on grant funding, revealing how TRC guides clients through complex processes to seamlessly integrate sustainability into their operations.Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Shelby Joy Scarbrough is the Co-founder and CEO of the Global School of Entrepreneurship (GSE), a company dedicated to providing accredited MBA programs and courses designed specifically for entrepreneurs. With a distinguished career serving in the Reagan administration as a White House aide and as a State Department Protocol Officer, Shelby has also authored multiple books, including Civility Rules. She has managed high-profile events for world leaders such as Nelson Mandela and Pope John Paul II and successfully built a chain of Burger King franchises, showcasing her entrepreneurial acumen. Apart from GSE, she is also the Co-founder of nCourage Entrepreneurs, an angel investment group focused on funding entrepreneurial ventures founded and run by women. In this episode… In today's fast-paced and competitive world, entrepreneurs often struggle to balance professionalism, leadership, and growth while navigating complex challenges. Whether it's building businesses, managing high-stakes relationships, or maintaining civility in heated environments, achieving long-term success requires a unique blend of vision and discipline. Many leaders search for proven strategies to lead with impact, build trust, and drive meaningful results. Shelby Scarbrough, a White House veteran and entrepreneur, shares invaluable insights from her diverse career spanning entrepreneurship, diplomacy, and protocol. Drawing from her experiences in the Reagan administration, managing Burger King franchises, and co-founding the Global School of Entrepreneurship, Shelby emphasizes the importance of professionalism, adaptability, and relationship-building. She discusses lessons learned from world leaders, including Nelson Mandela and President Reagan, and explains how civility and preparation can turn challenges into opportunities. Shelby also highlights actionable steps for entrepreneurs, from maintaining focus under pressure to building supportive networks like nCourage Entrepreneurs, an angel investment group dedicated to female founders. Tune in to this episode of the Smart Business Revolution Podcast as John Corcoran interviews Shelby Scarbrough, Co-founder and CEO of the Global School of Entrepreneurship, about turning leadership experiences into entrepreneurial success. Shelby provides insights on managing international diplomacy, navigating franchise operations, redefining MBA programs for modern entrepreneurs, and the value of building businesses with a pioneering spirit.

Send us a textIn this episode of "The Skinny On..." we unpack the history and details behind the recently announced acquisition of Shutterstock by Getty. This is a great case study for anyone wanting to understand which synergies investors prioritize in a merger as we walk through the ownership structure & market implications.We then shift gears to talk about the 100 basis point selloff we've seen in 10 year notes since the fall, half of which has occurred over the past thirty days. Will 10 year notes hit 5.00%? And are there any seasonal factors to take into account behind the move?Piggybacking off a recent article by Matt Levine, we dive a little into the hoopla around GSE privatization talk, explaining the history of Fannie and Freddie, the conservatorship resulting from the financial crisis, and you'll learn why you should never use the term "bailout" at a cocktail party with Kristen.Finally, we react to the news that JPMorgan is requiring everyone back in the office 5 days a week, and muse upon different ways financial firms could potentially leverage a creative, bespoke work schedule to foster the ownership mentality we see ourselves in the startup world.  Our Investment Banking and Private Equity Foundations course is LIVE: Learn more HEREOr for our "Express Workout", our one hour top 5 technicals you must know for investment banking Masterclass, purchase for $49 HEREOur content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst, joins Episode 223 of the Julia La Roche Show for his first outlook of 2025. Whalen explains why he believes long-term interest rates could rise unless Trump makes "real progress" on the federal deficit, warns a "kamikaze release" of Fannie Mae and Freddie Mac from conservatorship without legislation would be highly disruptive, and shares why focusing on Treasury policy rather than the Federal Reserve is "all that matters." He also discusses why stocks could be "ready for a downward adjustment" after outperforming in 2023-2024, and offers a surprisingly optimistic longer-term view if Washington can demonstrate "real leadership." Links:     Twitter/X: https://twitter.com/rcwhalen     Website: https://www.rcwhalen.com/     The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/    Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/   Timestamps: 00:00 Welcome back to Chris Whalen 01:12 2024 retrospective and consumer spending 02:42 Housing affordability and discretionary spending 04:49 Inflation outlook and Fed policy 06:31 Fed's focus on market stability over inflation 08:16 Fed rate cuts projection for 2025 10:52 Trump administration 2.0 outlook 11:42 Fannie Mae/Freddie Mac conservatorship discussion 13:21 Recession probability assessment 15:25 GSE release implications 19:45 Best approach to GSE reform 21:47 Federal deficit challenges 23:38 US debt situation and spending freeze 25:49 Treasury debt issuance strategy 27:42 Shifting narrative from Fed to Treasury 28:36 Market outlook for 2025 30:50 Closing thoughts on leadership and demographics

Original Release Date November 19, 2024: On the second part of a two-part roundtable, our panel gives its 2025 preview for the housing and mortgage landscape, the US Treasury yield curve and currency markets.----- Transcript -----Andrew Sheets: 2024 was a year of transition for economies and global markets. Central banks began easing interest rates, U.S. elections signaled significant policy change, and Generative AI made a quantum leap in adoption and development.Thank you for listening throughout 2024, as we navigated the issues and events that shaped financial markets, and society. We hope you'll join us next year as we continue to bring you the most up to date information on the financial world. This week, please enjoy some encores of episodes over the last few months and we'll be back with all new episodes in January. From all of us on Thoughts on the Market, Happy Holidays, and a very Happy New Year. Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. This is part two of our special roundtable discussion on what's ahead for the global economy and markets in 2025.Today we will cover what is ahead for government bonds, currencies, and housing. I'm joined by Matt Hornbach, our Chief Macro Strategist; James Lord, Global Head of Currency and Emerging Market Strategy; Jay Bacow, our co-head of Securitized Product Strategy; and Jim Egan, the other co-head of Securitized Product Strategy.It's Tuesday, November 19th, at 10am in New York.Matt, I'd like to go to you first. 2024 was a fascinating year for government bond yields globally. We started with a deeply inverted US yield curve at the beginning of the year, and we are ending the year with a much steeper curve – with much of that inversion gone. We have seen both meaningful sell offs and rallies over the course of the year as markets negotiated hard landing, soft landing, and no landing scenarios.With the election behind us and a significant change of policy ahead of us, how do you see the outlook for global government bond yields in 2025?Matt Hornbach: With the US election outcome known, global rate markets can march to the beat of its consequences. Central banks around the world continue to lower policy rates in our economist baseline projection, with much lower policy rates taking hold in their hard landing scenario versus higher rates in their scenarios for re-acceleration.This skew towards more dovish outcomes alongside the baseline for lower policy rates than captured in current market prices ultimately leads to lower government bond yields and steeper yield curves across most of the G10 through next year. Summarizing the regions, we expect treasury yields to move lower over the forecast horizon, helped by 75 [basis points] worth of Fed rate cuts, more than markets currently price.We forecast 10-year Treasury yields reaching 3 and 3.75 per cent by the middle of next year and ending the year just above 3.5 per cent.Our economists are forecasting a pause in the easing cycle in the second half of the year from the Fed. That would leave the Fed funds rate still above the median longer run dot.The rationale for the pause involves Fed uncertainty over the ultimate effects of tariffs and immigration reform on growth and inflation.We also see the treasury curve bull steepening throughout the forecast horizon with most of the steepening in the first half of the year, when most of the fall in yields occur.Finally, on break even inflation rates, we see five- and 10-year break evens tightening slightly by the middle of 2025 as inflation risks cool. However, as the Trump administration starts implementing tariffs, break evens widen in our forecast with the five- and 10-year maturities reaching 2.55 per cent and 2.4 per cent respectively by the end of next year.As such, we think real yields will lead the bulk of the decline in nominal yields in our forecasting with the 10-year real yield around 1.45 per cent by the middle of next year; and ending the year at 1.15 per cent.Vishy Tirupattur: That's very helpful, Matt. James, clearly the incoming administration has policy choices, and their sequencing and severity will have major implications for the strength of the dollar that has rallied substantially in the last few months. Against this backdrop, how do you assess 2025 to be? What differences do you expect to see between DM and EM currency markets?James Lord: The incoming administration's proposed policies could have far-reaching impacts on currency markets, some of which are already being reflected in the price of the dollar today. We had argued ahead of the election that a Republican sweep was probably the most bullish dollar outcome, and we are now seeing that being reflected.We do think the dollar rally continues for a little bit longer as markets price in a higher likelihood of tariffs being implemented against trading partners and there being a risk of additional deficit expansion in 2025. However, we don't really see that dollar strength persisting for long throughout 2025.So, I think that is – compared to the current debate, compared to the current market pricing – a negative dollar catalyst that should get priced into markets.And to your question, Vishy, that there will be differences with EM and also within EM as well. Probably the most notable one is the renminbi. We have the renminbi as the weakest currency within all of our forecasts for 2025, really reflecting the impact of tariffs.We expect tariffs against China to be more consequential than against other countries, thus requiring a bigger adjustment on the FX side. We see dollar China, or dollar renminbi ending next year at 7.6. So that represents a very sharp divergence versus dollar yen and the broader DXY moves – and is a consequence of tariffs.And that does imply that the Fed's broad dollar index only has a pretty modest decline next year, despite the bigger move in the DXY. The rest of Asia will likely follow dollar China more closely than dollar yen, in our view, causing AXJ currencies to generally underperform; versus CMEA and Latin America, which on the whole do a bit better.Vishy Tirupattur: Jay, in contrast to corporate credit, mortgage spreads are at or about their long-term average levels. How do you expect 2025 to pan out for mortgages? What are the key drivers of your expectations, and which potential policy changes you are most focused on?Jay Bacow: As you point out, mortgage spreads do look wide to corporate spreads, but there are good reasons for that. We all know that the Fed is reducing their holdings of mortgages, and they're the largest holder of mortgages in the world.We don't expect Fed balance sheet reduction of mortgages to change, even if they do NQT, as is our forecast in the first quarter of 2025. When they NQT, we expect mortgage runoff to continue to go into treasuries. What we do expect to change next year is that bank demand function will shift. We are working under the assumption that the Basel III endgame either stalls under the next administration or gets released in a way that is capital neutral. And that's going to free up excess capital for banks and reduce regulatory uncertainty for them in how they deploy the cash in their portfolios.The one thing that we've been waiting for is this clarity around regulations. When that changes, we think that's going to be a positive, but it's not just banks returning to the market.We think that there's going to be tailwinds from overseas investors that are going to be hedging out their FX risks as the Fed cuts rates, and the Bank of Japan hikes, so we expect more demand from Japanese life insurance companies.A steeper yield curve is going to be good for REIT demand. And these buyers, banks, overseas REITs, they typically buy CUSIPs, and that's going to help not just from a demand side, but it's going to help funding on mortgages improve as well. And all of those things are going to take mortgage spreads tighter, and that's why we are bullish.I also want to mention agency CMBS for a moment. The technical pressure there is even better than in single family mortgages. The supply story is still constrained, but there is no Fed QT in multifamily. And then also the capital that's going to be available for banks from the deregulation will allow them – in combination with the portfolio layer hedging – to add agency CMBS in a way that they haven't really been adding in the last few years. So that could take spreads tighter as well.Now, Vishy, you also mentioned policy changes. We think discussions around GSE reform are likely to become more prevalent under the new administration.And we think that given that improved capitalization, depending on the path of their earnings and any plans to raise capital, we could see an attempt to exit conservatorship during this administration.But we will simply state our view that any plan that results in a meaningful change to the capital treatment – or credit risk – to the investors of conventional mortgages is going to be too destabilizing for the housing finance markets to implement. And so, we don't think that path could go forward.Vishy Tirupattur: Thanks, Jay. Jim, it was a challenging year for the housing market with historically high levels of unaffordability and continued headwinds of limited supply. How do you see 2025 to be for the US housing market? And going beyond housing, what is your outlook for the opportunity set in securitized credit for 2025?James Egan: For the housing market, the 2025 narrative is going to be one about absolute level versus the direction and rate of change. For instance, Vishy, you mentioned affordability. Mortgage rates have increased significantly since the beginning of September, but it's also true that they're down roughly a hundred basis points from the fourth quarter of 2023 and we're forecasting pretty healthy decreases in the 10-year Treasury throughout 2025. So, we expect affordability to improve over the coming year. Supply? It remains near historic lows, but it's been increasing year to date.So similar to the affordability narrative, it's more challenged than it's been in decades; but it's also less challenged than it was a year ago.So, what does all this mean for the housing market as we look through 2025? Despite the improvements in affordability, sales volumes have been pretty stagnant this year. Total volumes – so existing plus new volumes – are actually down about 3 per cent year to date. And look, that isn't unusual. It typically takes about a year for sales volumes to pick up when you see this kind of significant affordability improvement that we've witnessed over the past year, even with the recent backup in mortgage rates.And that means we think we're kind of entering that sweet spot for increased sales now. We've seen purchase applications turn positive year over year. We've seen pending home sales turn positive year over year. That's the first time both of those things have happened since 2021. But when we think about how much sales 2025, we think it's going to be a little bit more curtailed. There are a whole host of reasons for that – but one of them the lock in effect has been a very popular talking point in the housing market this year. If we look at just the difference between the effective mortgage rate on the outstanding universe and where you can take out a mortgage rate today, the universe is still over 200 basis points out of the money.To the upside, you're not going to get 10 per cent growth there, but you're going to get more than 5 per cent growth in new home sales. And what I really want to emphasize here is – yes, mortgage rates have increased recently. We expect them to come down in 2025; but even if they don't, we don't think there's a lot of room for downside to existing home sales from here.There's some level of housing activity that has to happen, regardless of where mortgage rates or affordability are. We think we're there. Turnover measured as the number of transactions – existing transactions – as a share of the outstanding housing market is lower now than it was during the great financial crisis. It's as low as it's been in a little bit over 40 years. We just don't think it can fall that much further from here.But as we go through 2025, we do think it dips negative. We have a negative 2 per cent HPA call next year, not significantly down. We don't think there's a lot of room to the downside given the healthy foundation, the low supply, the strong credit standards in the housing market. But there is a little bit of negativity next year before home prices reaccelerate.This leaves us generically constructive on securitized products across the board. Given how much of the capital structure has flattened this year, we think CLO AAAs actually offer the best value amongst the debt tranches there. We think non-QM triple AAAs and agency MBS is going to tighten. They look cheap to IG corporates. Consumer ABS, we also think still looks pretty cheap to IG corporates. Even in the CMBS pace, we think there's opportunities. CMBS has really outperformed this year as rates have come down. Now our bull bear spread differentials are much wider in CMBS than they are elsewhere, but in our base case, conduit BBB minuses still offer attractive value.That being said, if we're going to go down the capital structure, our favorite expression in the securitized credit space is US CLO equity.Vishy Tirupattur: Thank you, Jay and Jim, and also Matt and James.We'll close it out here. As a reminder, if you enjoyed the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

MBA commends FHFA's revised Suspended Counterparty Program regulation proposal, urging further refinement to protect GSE-approved lenders from undue penalties for routine certifications.-------------------------------------------------------------Adam DeSanctis, Director of Public Affairs at Mortgage Bankers AssociationAs a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely considered to be an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA's social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA's research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA's organizational public affairs plan, media relations and member communications support for mPower, MBA's Opens Doors Foundation and MBA's Diversity, Equity, and Inclusion programs.

Discover the strategies that keep investors ahead of the curve in a volatile political landscape with our special guest, Porter Collins, known for his pivotal role in "The Big Short." Join us as Porter and I, Michael Gayed, dissect the unpredictable impacts of political outcomes on investments, from Trump-era policies to the influence of high-profile figures like Elon Musk. We tackle the art of maintaining objectivity in a politically charged environment, examining specific trades such as GEO and Fannie Mae securities.Explore the intricate dynamics of market trends and how they intersect with potential political shifts, particularly under a possible Trump administration. We delve into the implications of military and immigration policies on investments and the strategic role of GSE preferred stocks. Porter shares his insights on the future of corporate tax strategies and the expected scrutiny of major corporations, while we ponder on the economic consequences of budget cuts in sectors like healthcare.Navigate the complexities of the current economic landscape with an eye on treasury challenges, inflation, and the volatility of financial markets. We reflect on the lessons of the 1970s inflation era and discuss the potential benefits for gold and Bitcoin investors today. From asymmetric investment opportunities to geopolitical factors affecting oil prices, we cover it all. Tune in for a comprehensive analysis of market outlooks, energy trends, and the looming commercial real estate crisis, offering a wide-angle view of the forces shaping today's investment world.The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst, joined the Julia La Roche Show (Ep. 216) to share his outlook on markets amid the transition to a new Trump administration. Whalen explains why the markets want to see seriousness about deficit reduction from the incoming administration, discusses his views on Scott Bessent as Treasury Secretary pick, and outlines why showing progress on the deficit could drive rates lower without Fed intervention. He also delves into the future of Fannie Mae and Freddie Mac, the return of bond vigilantes, and why Bitcoin's rise is his favorite inflation indicator. Links:     Twitter/X: https://twitter.com/rcwhalen     Website: https://www.rcwhalen.com/     The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/    Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/   Timestamps: **Timestamps:** 00:01 Introduction to Chris Whalen 00:54 Post-election cabinet picks and macro overview 03:16 Analysis of Treasury Secretary pick Scott Bessent 05:04 Discussion of Treasury debt and market implications 06:14 Treasury priorities and impact on rates 07:31 Federal Reserve policy and market normalization 09:25 Long-term vs short-term rates outlook 11:25 Housing market forecast 13:22 Fannie Mae & Freddie Mac conservatorship discussion 17:16 GSE stock trading outlook 19:11 Fed rate cut implications for market narrative 21:49 Recession and credit market concerns 23:17 Inflation discussion and Bitcoin indicator 25:49 Gold policy recommendations 27:07 Tariffs and trade policy analysis 29:28 Department of Government Efficiency outlook 31:35 Government headcount reduction impact 34:44 Closing thoughts on Treasury markets

On this special episode of BuzzHouse, Don Bernards sits down with David Gasson, executive director of the Housing Advisory Group, a national advocacy organization that works on behalf of the LIHTC, as well as broader housing issues. David provides insight on the implications of the 2024 election on the world of affordable housing – including leadership in housing policy-related Congressional committees, predictions on changes to the corporate tax rate, GSE reform, the status of CRA and much more. Press play and discover this informative and enlightening episode!Follow UsTwitter @BakerTillyUSFacebook @BakerTillyUSInstagram @bakertillyusPresented by Baker Tillywww.bakertilly.com

Episode Summary:In this episode of The GSE Podcast, host Matt Weitzel dives into the potential of integrating autonomous vehicles into the airport environment. Joined by a panel of industry experts including Terry Seaworth (HNTB), Brian Wemple (Piedmont Airlines), Marty Gray (Air Canada), Ruben Aradas (formerly UPS), and Dave Edwards (GSP Airport), the discussion unpacks the opportunities, challenges, and transformative potential of autonomous Ground Support Equipment (GSE). Key topics include safety improvements, operational efficiency, weather resilience, regulatory hurdles, and the future role of autonomous technology in both passenger and cargo operations.Key Highlights:• Opportunities with Autonomy:• Enhanced safety and reduced equipment damage.• Increased efficiency in operations, especially during peak and off-schedule times.• Potential applications such as autonomous dollies and pushback vehicles.• Challenges in Implementation:• Regulatory and operational adjustments for airport environments.• Training employees to work with and adapt to autonomous systems.• Addressing weather-related and technical reliability concerns.• Insights from the Panelists:• Brian Wemple shares Piedmont Airlines' experience with electric tractors and the excitement around autonomous safety benefits.• Marty Gray emphasizes the need for employee buy-in and a culture shift to integrate autonomous vehicles effectively.• Ruben Aradas discusses the potential for autonomous dollies in cargo operations to save critical time.• Dave Edwards highlights the importance of controlled testing environments like airports to refine the technology.If you enjoyed this episode, please share it with your colleagues and peers in the GSE community. Don't forget to rate and review The GSE Podcast on your favorite platform. Stay tuned for future episodes as we continue to bring you the latest trends, insights, and innovations in ground operations.Links and Resources:• Explore more about TractEasy's autonomous solutions: https://xcedgse.com/• Learn about Xcēd Ground Support Equipment Leasing: https://tracteasy.com/Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

On the second part of a two-part roundtable, our panel gives its 2025 preview for the housing and mortgage landscape, the US Treasury yield curve and currency markets.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. This is part two of our special roundtable discussion on what's ahead for the global economy and markets in 2025.Today we will cover what is ahead for government bonds, currencies, and housing. I'm joined by Matt Hornbach, our Chief Macro Strategist; James Lord, Global Head of Currency and Emerging Market Strategy; Jay Bacow, our co-head of Securitized Product Strategy; and Jim Egan, the other co-head of Securitized Product Strategy.It's Tuesday, November 19th, at 10am in New York.Matt, I'd like to go to you first. 2024 was a fascinating year for government bond yields globally. We started with a deeply inverted US yield curve at the beginning of the year, and we are ending the year with a much steeper curve – with much of that inversion gone. We have seen both meaningful sell offs and rallies over the course of the year as markets negotiated hard landing, soft landing, and no landing scenarios.With the election behind us and a significant change of policy ahead of us, how do you see the outlook for global government bond yields in 2025?Matt Hornbach: With the US election outcome known, global rate markets can march to the beat of its consequences. Central banks around the world continue to lower policy rates in our economist baseline projection, with much lower policy rates taking hold in their hard landing scenario versus higher rates in their scenarios for re-acceleration.This skew towards more dovish outcomes alongside the baseline for lower policy rates than captured in current market prices ultimately leads to lower government bond yields and steeper yield curves across most of the G10 through next year. Summarizing the regions, we expect treasury yields to move lower over the forecast horizon, helped by 75 [basis points] worth of Fed rate cuts, more than markets currently price.We forecast 10-year Treasury yields reaching 3 and 3.75 per cent by the middle of next year and ending the year just above 3.5 per cent.Our economists are forecasting a pause in the easing cycle in the second half of the year from the Fed. That would leave the Fed funds rate still above the median longer run dot.The rationale for the pause involves Fed uncertainty over the ultimate effects of tariffs and immigration reform on growth and inflation.We also see the treasury curve bull steepening throughout the forecast horizon with most of the steepening in the first half of the year, when most of the fall in yields occur.Finally, on break even inflation rates, we see five- and 10-year break evens tightening slightly by the middle of 2025 as inflation risks cool. However, as the Trump administration starts implementing tariffs, break evens widen in our forecast with the five- and 10-year maturities reaching 2.55 per cent and 2.4 per cent respectively by the end of next year.As such, we think real yields will lead the bulk of the decline in nominal yields in our forecasting with the 10-year real yield around 1.45 per cent by the middle of next year; and ending the year at 1.15 per cent.Vishy Tirupattur: That's very helpful, Matt. James, clearly the incoming administration has policy choices, and their sequencing and severity will have major implications for the strength of the dollar that has rallied substantially in the last few months. Against this backdrop, how do you assess 2025 to be? What differences do you expect to see between DM and EM currency markets?James Lord: The incoming administration's proposed policies could have far-reaching impacts on currency markets, some of which are already being reflected in the price of the dollar today. We had argued ahead of the election that a Republican sweep was probably the most bullish dollar outcome, and we are now seeing that being reflected.We do think the dollar rally continues for a little bit longer as markets price in a higher likelihood of tariffs being implemented against trading partners and there being a risk of additional deficit expansion in 2025. However, we don't really see that dollar strength persisting for long throughout 2025.So, I think that is – compared to the current debate, compared to the current market pricing – a negative dollar catalyst that should get priced into markets.And to your question, Vishy, that there will be differences with EM and also within EM as well. Probably the most notable one is the renminbi. We have the renminbi as the weakest currency within all of our forecasts for 2025, really reflecting the impact of tariffs.We expect tariffs against China to be more consequential than against other countries, thus requiring a bigger adjustment on the FX side. We see dollar China, or dollar renminbi ending next year at 7.6. So that represents a very sharp divergence versus dollar yen and the broader DXY moves – and is a consequence of tariffs.And that does imply that the Fed's broad dollar index only has a pretty modest decline next year, despite the bigger move in the DXY. The rest of Asia will likely follow dollar China more closely than dollar yen, in our view, causing AXJ currencies to generally underperform; versus CMEA and Latin America, which on the whole do a bit better.Vishy Tirupattur: Jay, in contrast to corporate credit, mortgage spreads are at or about their long-term average levels. How do you expect 2025 to pan out for mortgages? What are the key drivers of your expectations, and which potential policy changes you are most focused on?Jay Bacow: As you point out, mortgage spreads do look wide to corporate spreads, but there are good reasons for that. We all know that the Fed is reducing their holdings of mortgages, and they're the largest holder of mortgages in the world.We don't expect Fed balance sheet reduction of mortgages to change, even if they do NQT, as is our forecast in the first quarter of 2025. When they NQT, we expect mortgage runoff to continue to go into treasuries. What we do expect to change next year is that bank demand function will shift. We are working under the assumption that the Basel III endgame either stalls under the next administration or gets released in a way that is capital neutral. And that's going to free up excess capital for banks and reduce regulatory uncertainty for them in how they deploy the cash in their portfolios.The one thing that we've been waiting for is this clarity around regulations. When that changes, we think that's going to be a positive, but it's not just banks returning to the market.We think that there's going to be tailwinds from overseas investors that are going to be hedging out their FX risks as the Fed cuts rates, and the Bank of Japan hikes, so we expect more demand from Japanese life insurance companies.A steeper yield curve is going to be good for REIT demand. And these buyers, banks, overseas REITs, they typically buy CUSIPs, and that's going to help not just from a demand side, but it's going to help funding on mortgages improve as well. And all of those things are going to take mortgage spreads tighter, and that's why we are bullish.I also want to mention agency CMBS for a moment. The technical pressure there is even better than in single family mortgages. The supply story is still constrained, but there is no Fed QT in multifamily. And then also the capital that's going to be available for banks from the deregulation will allow them – in combination with the portfolio layer hedging – to add agency CMBS in a way that they haven't really been adding in the last few years. So that could take spreads tighter as well.Now, Vishy, you also mentioned policy changes. We think discussions around GSE reform are likely to become more prevalent under the new administration.And we think that given that improved capitalization, depending on the path of their earnings and any plans to raise capital, we could see an attempt to exit conservatorship during this administration.But we will simply state our view that any plan that results in a meaningful change to the capital treatment – or credit risk – to the investors of conventional mortgages is going to be too destabilizing for the housing finance markets to implement. And so, we don't think that path could go forward.Vishy Tirupattur: Thanks, Jay. Jim, it was a challenging year for the housing market with historically high levels of unaffordability and continued headwinds of limited supply. How do you see 2025 to be for the US housing market? And going beyond housing, what is your outlook for the opportunity set in securitized credit for 2025?James Egan: For the housing market, the 2025 narrative is going to be one about absolute level versus the direction and rate of change. For instance, Vishy, you mentioned affordability. Mortgage rates have increased significantly since the beginning of September, but it's also true that they're down roughly a hundred basis points from the fourth quarter of 2023 and we're forecasting pretty healthy decreases in the 10-year Treasury throughout 2025. So, we expect affordability to improve over the coming year. Supply? It remains near historic lows, but it's been increasing year to date.So similar to the affordability narrative, it's more challenged than it's been in decades; but it's also less challenged than it was a year ago.So, what does all this mean for the housing market as we look through 2025? Despite the improvements in affordability, sales volumes have been pretty stagnant this year. Total volumes – so existing plus new volumes – are actually down about 3 per cent year to date. And look, that isn't unusual. It typically takes about a year for sales volumes to pick up when you see this kind of significant affordability improvement that we've witnessed over the past year, even with the recent backup in mortgage rates.And that means we think we're kind of entering that sweet spot for increased sales now. We've seen purchase applications turn positive year over year. We've seen pending home sales turn positive year over year. That's the first time both of those things have happened since 2021. But when we think about how much sales 2025, we think it's going to be a little bit more curtailed. There are a whole host of reasons for that – but one of them the lock in effect has been a very popular talking point in the housing market this year. If we look at just the difference between the effective mortgage rate on the outstanding universe and where you can take out a mortgage rate today, the universe is still over 200 basis points out of the money.To the upside, you're not going to get 10 per cent growth there, but you're going to get more than 5 per cent growth in new home sales. And what I really want to emphasize here is – yes, mortgage rates have increased recently. We expect them to come down in 2025; but even if they don't, we don't think there's a lot of room for downside to existing home sales from here.There's some level of housing activity that has to happen, regardless of where mortgage rates or affordability are. We think we're there. Turnover measured as the number of transactions – existing transactions – as a share of the outstanding housing market is lower now than it was during the great financial crisis. It's as low as it's been in a little bit over 40 years. We just don't think it can fall that much further from here.But as we go through 2025, we do think it dips negative. We have a negative 2 per cent HPA call next year, not significantly down. We don't think there's a lot of room to the downside given the healthy foundation, the low supply, the strong credit standards in the housing market. But there is a little bit of negativity next year before home prices reaccelerate.This leaves us generically constructive on securitized products across the board. Given how much of the capital structure has flattened this year, we think CLO AAAs actually offer the best value amongst the debt tranches there. We think non-QM triple AAAs and agency MBS is going to tighten. They look cheap to IG corporates. Consumer ABS, we also think still looks pretty cheap to IG corporates. Even in the CMBS pace, we think there's opportunities. CMBS has really outperformed this year as rates have come down. Now our bull bear spread differentials are much wider in CMBS than they are elsewhere, but in our base case, conduit BBB minuses still offer attractive value.That being said, if we're going to go down the capital structure, our favorite expression in the securitized credit space is US CLO equity.Vishy Tirupattur: Thank you, Jay and Jim, and also Matt and James.We'll close it out here. As a reminder, if you enjoyed the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Following the 2024 election, Donald Trump's return to the presidency, along with anticipated Republican Senate control, signals potential shifts in mortgage policy, GSE reform, and regulatory leadership, with the Mortgage Bankers Association planning further analysis on implications for the industry.-------------------------------------------------------------Adam DeSanctis, Director of Public Affairs at Mortgage Bankers AssociationAs a strategic public affairs and communications executive with nearly two decades of experience, Adam has deep expertise in strategy, management, and media relations. He is widely considered to be an expert in a variety of communications, including advocacy, brand, executive, crisis, grassroots, and social media. In his career, he has been the MBA spokesperson on a wide variety of real estate research and advocacy-related issues, promoted MBA research and advocacy efforts to financial, political, and trade industry media and on MBA's social media channels, and secured media opportunities for MBA leadership on key real estate trends and issues, generated media coverage for MBA's research and data on mortgage applications, credit availability, homebuilder applications, mortgage forbearance/delinquencies, commercial real estate originations, and forecasts, and other industry analysis, developed key strategic initiatives for MBA's organizational public affairs plan, media relations and member communications support for mPower, MBA's Opens Doors Foundation and MBA's Diversity, Equity, and Inclusion programs.

On today's episode, Editor in Chief Sarah Wheeler talks with Brian Hale, CEO and founder of Mortgage Advisory Partners, about the election and what he thinks we'll see on mortgage rates, regulation, GSE conservatorship and more. Related to this episode: Housing Market | HousingWire HousingWire | YouTube More info about HousingWire   Enjoy the episode! The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team. Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode, Editor in Chief Sarah Wheeler talks with Managing Editor James Kleimann about Trump's election and how that could impact the housing industry, including regulation, GSE conservatorship, HUD, AI and more. Related to this episode: Trump's presidency signals new regulatory era for mortgages | HousingWire HousingWire | YouTube More info about HousingWire   Enjoy the episode! The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team. Learn more about your ad choices. Visit megaphone.fm/adchoices

Connie Lee is the Founder of Reffie, a centralized leasing platform designed to help Multifamily operators streamline their leasing processes and lease units faster. Reffie helps automate the 'boring', so real estate operators can focus on closing more renters. Before launching Reffie, she served as Strategy & Operations at Mosaic.tech and also managed Finance and Business Operations at ZipRecruiter. Connie is also a Real Estate investor in Los Angeles and an angel investor in various startups.(02:40) - Connie's entrepreneurial journey to Founding Reffie(05:49) - Challenges in Multifamily Leasing(07:24) - Leveraging AI in Real Estate(15:11) - Feature | Berkadia's BeEngaged - Learn more: Ecosystem of founders, industry professionals, and capital providers dedicated to redefining the Commercial Real Estate space.(16:47) - Reffie's Business Model(28:50) - State of the Housing Market(33:52) - Feature | CREtech NY Conference & Expo - Sign Up: Tangent listeners get a 20% discount using code PARTNERTANGENT20 at checkout.(35:24) - Rental Trends & Amenities(39:07) - Collaboration Superpower: Taylor Swift

On today's episode, Editor in Chief Sarah Wheeler talks with David McCarthy, managing director and head of legislative affairs at the CRE Finance Council, about how the election could affect housing policy. McCarthy discusses outcome scenarios for taxes, bank capital, GSE reform and regulation depending on which party wins the presidency, but also the House and Senate. Related to this episode: Housing Policy | HousingWire CRE Finance Council HousingWire | YouTube More info about HousingWire   Enjoy the episode! The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team. Learn more about your ad choices. Visit megaphone.fm/adchoices

Remen Okoruwa is a former strategy consultant and product manager, and now Co-founder and CEO at Propexo. His company helps property owners, operators, and proptech companies deliver better resident experiences through the power of data. Propexo provides tools for connecting property management software with other technology in a streamlined way. Propexo is a customer-centric organization that focuses on data strategies that delight residents, improve NOI, and make Multifamily real estate a better place for everyone.(2:06) - Remen's & Propexo's origin story(4:47) - Building the Plaid for Proptech(8:32) - State of Propexo today(12:02) - Propexo's model & ROI in Multifamily(16:04) - Serving diverse use cases & customer base(17:22) - Feature | Berkadia's BeEngaged - Learn more: Ecosystem of founders, industry professionals, and capital providers dedicated to redefining the commercial real estate space.(18:59) - How Proptech VC looks at integratability(24:26) - Building a collaborative & customer-centric product road map(26:54) - RealPage v. US Justice Department(29:27) - Feature | CREtech NY Conference & Expo - Sign Up: Tangent listeners get a 20% discount using code PARTNERTANGENT20 at checkout.(33:42) - Collaboration Superpower: Cyrus the Great (Wiki)

In this episode of The GSE Podcast, Matt Weitzel sits down with Jouni Sievilä, CEO of Navitech Systems, to explore the cutting-edge world of autonomous software solutions for ground support equipment (GSE). With over 26 years of experience in the automation industry, Jouni discusses how Navitech is bringing its deep knowledge from mining and industrial automation to transform the GSE sector.Jouni highlights the significant benefits of integrating autonomous technology with electric GSE, the practical challenges of navigating complex airport environments, and how Navitech is helping OEMs fast-track their shift toward automation. The conversation touches on how autonomous solutions can enhance efficiency and safety in ground handling operations and the long-term potential for widespread adoption.If you're curious about the future of autonomous GSE, this episode provides insights from one of the leaders in automation innovation. Whether you're in operations, procurement, or interested in the latest GSE advancements, this is a must-listen!Looking for reliable and flexible ground support equipment leasing solutions? Look no further than Xcēd! As your trusted partner, Xcēd specializes in tailored operating leases for ground handlers and airlines, offering top-notch equipment and flexible terms to suit your needs. Whether you're seeking the latest electric GSE or traditional equipment, Xcēd has you covered with competitive rates and exceptional customer service. Keep your operations running smoothly and efficiently with Xcēd. Visit xcedgse.com today and soar to new heights with Xcēd Ground Support Equipment Leasing!

Bryce Nyberg is the VP, Corporate Development at Berkadia and the Head of BeEngaged. Bryce focuses on advancing innovation in our industry through BeEngaged, partnerships, investments, and acquisitions. His influence in and out of Berkadia, business acumen, and effective program leadership skills lead to remarkable outcomes for the organizations he works with. Startups that have gone through BeEngaged include Esusu, Propexo, Rabbet, Market Stadium, Symmetre, Reffie and Embue.(2:00) - What is Berkadia's BeEngaged(6:58) - What startups are ideal candidates for the program(11:13) - Real Estate no longer a tech laggard?(14:56) - Feature | Berkadia's BeEngaged - Learn more: Ecosystem of founders, industry professionals, and capital providers dedicated to redefining the commercial real estate space.(16:33) - Berkadia's BeEngaged's case studies(21:12) - Feature | CREtech NY Conference & Expo - Learn more: Tangent listeners get a 20% discount using code PARTNERTANGENT20 at checkout.(22:45) - Role of collaboration & integration in the Proptech ecosystem(28:16) - Collaboration Superpower: Warren Buffett (Chairperson of Berkshire Hathaway)

On today's episode, Editor in Chief Sarah Wheeler talks with Lead Analyst Logan Mohtashami about the Fed meeting and how it might affect mortgage rates. The two also discuss housing inventory and bringing Fannie and Freddie out of conservatorship. Related to this episode: Trump allies would seek GSE privatization: WSJ | HousingWire HousingWire | YouTube More info about HousingWire Enjoy the episode! The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team. Learn more about your ad choices. Visit megaphone.fm/adchoices

How are elephants trained, and how do you train two elephants who have never been separated before? Scott and Kat share insights into the training of Pocha & Guillermina, working within the limitations of enclosure size, weather, and the resources available at the zoo. Relocations are often far from straightforward, and GSE faces severe challenges as they get entangled in a game of politics and personal greed when export permits are withheld, with third parties suddenly claiming that Pocha and Guillermina should remain in Argentina. The episode transcript can be found here. Email: We'd love to hear from you podcast@globalelephants.org Who we are: Global Sanctuary for Elephants exists to create vast, safe spaces for captive elephants, where they are able to heal physically and emotionally. There are elephants around the world in need of sanctuary, but too few places exist to be able to care for even a fraction of the elephants. International support is necessary to build sanctuaries for elephants in need of rescue and rehabilitation. Our pilot project is Elephant Sanctuary Brazil, currently home to six female Asian elephants. Website: https://globalelephants.org/ Donate: Global Sanctuary for Elephants is a U.S. 501(c)3 non-profit. Our work is made possible by donations. You can support our work with a general donation, purchasing items from our wishlist, or adopting one (or all) of our elephants for a year. You can also donate with Crypto! Thank you for your support! Follow us on Facebook, Instagram, Twitter & YouTube  While we encourage and appreciate you sharing our podcast, please note that… This presentation is protected by U.S. and International copyright laws. Reproduction and distribution of the presentation or its contents without written permission of the sponsor is prohibited. © 2023 Global Sanctuary for Elephants A big Thank You to the talented musicians Mike McGill, Ron McGill, & Sean Rodriquez for composing our podcast jingle.

As of June 28, Freddie Mac CFO Christian Lown will resign from the government-sponsored enterprise (GSE) mortgage provider to join CoStar, the behemoth real estate listing and data and analytics company valued at around $30 billion.  Usually, when someone leaves a government job for the private sector, there's a tacit understanding that the new position comes with less public scrutiny and more—much more—money. There's little reason to doubt that is the case here. Learn more about your ad choices. Visit megaphone.fm/adchoices

Every American who has a mortgage is required by their bank to have homeowners insurance, but getting it and keeping it is becoming a challenge. In this episode, hear the highlights of a Senate hearing examining the problems in the homeowners insurance market and why they might lead to much bigger problems next time disaster strikes. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via Support Congressional Dish via (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Background Sources Effects of Climate on Insurance Christopher Flavelle and Mira Rojanasakul. May 13, 2024. The New York Times. Chris Van Hollen et al. September 7, 2023. Chris Van Hollen, U.S. Senator for Maryland. Alice C. Hill. August 17, 2023. Council on Foreign Relations. Insurance Information Institute. Antonio Grimaldi et al. November 19, 2020. McKinsey & Company. Lobbying OpenSecrets. OpenSecrets. OpenSecrets. Heritage Foundation SourceWatch. Demotech William Rabb. April 15, 2024. Insurance Journal. Parinitha Sastry et al. December 2023. Fannie Mae Adam Hayes. May 17, 2023. Investopedia. Hurricanes National Oceanic and Atmospheric Administration. National Oceanic and Atmospheric Administration. Audio Sources Senate Committee on the Budget June 5, 2024 Witnesses: Glen Mulready, Insurance Commissioner, State of Oklahoma Rade Musulin, Principal, Finity Consulting Dr. Ishita Sen, Assistant Professor of Finance, Harvard Business School Deborah Wood, Florida Resident , Research Fellow, Heritage Foundation's Grover Hermann Center for the Federal Budget Clips 23:05 Sen. Sheldon Whitehouse (D-RI): In 2022 and 2023, more than a dozen insurance companies left the Florida residential market, including national insurers like Farmers. Residents fled to Citizens Property Insurance, the state backed insurer of last resort, which ballooned from a 4% market share in 2019 to as much as 17% last year. If it has to pay out claims that exceed its reserves, citizens can levy a surcharge on Florida insurance policy holders across the state. Good luck with that. Particularly if the surcharge grows to hundreds or even thousands of dollars to depopulate its books. Citizens has let private insurers cherry pick out its least risk policies. Those private insurers may have problems of their own, as we will hear today. 25:10 Sen. Sheldon Whitehouse (D-RI): The federal budget takes a hit because these insurers and their policies are accepted by Freddie Mac and Fannie Mae, who either own or guarantee a large part of our $12 trillion mortgage market. This all sounds eerily reminiscent of the run-up to the mortgage meltdown of 2008, including a role of potentially captive or not fully responsible rating agencies. 25:45 Sen. Sheldon Whitehouse (D-RI): Florida is far from alone. A New York Times investigation found that the insurance industry lost money on homeowners coverage in 18 states last year, and the states may surprise you. The list includes Illinois, Michigan, Utah, Washington, and Iowa. Insurers in Iowa lost money each of the last four years. This is a signal that hurricanes and earthquakes, once the most prevalent perils, are being rivaled by hail, windstorms, and wildfires. 28:00 Sen. Sheldon Whitehouse (D-RI): This isn't all that complicated. Climate risk makes things uninsurable. No insurance makes things unmortgageable. No mortgages crashes the property markets. Crashed property markets trash the economy. It all begins with climate risk, and a major party pretending that climate risk isn't real imperils our federal budget and millions of Americans all across the country. 33:45 Sen. Chuck Grassley (R-IA): Insurance premiums are far too high across the board and may increase after the recent storms, including those very storms in my state of Iowa. Climate change isn't the primary driver of insurance rate hikes and collapse of the insurance industry isn't imminent. Although I'll have to say, Iowa had six property and casualty companies pull out of insuring Iowans. Climate change doesn't explain why auto insurance premiums in 2024 have increased by a whopping 20% year over year. It also doesn't account for the consistent failure of liberal cities to fight crime, which has raised insurance risk and even caused insurers to deny coverage. Expensive liberal policies, not climate change, are much to blame for these market dynamics. 39:00 Sen. Sheldon Whitehouse (D-RI): The first witness is Rade Musulin. Rade is an actuary with 45 years of experience in insurance, specializing in property pricing, natural perils, reinsurance, agriculture, catastrophe, risk modeling, public policy development, and climate risk. Specifically, he spent many years working in Florida, including as chair of the Florida Hurricane Catastrophe Fund Advisory Council during the time in which Citizens Property Insurance Corporation was established. 39:35 Sen. Sheldon Whitehouse (D-RI): Our second witness is Dr. Ishida Sen. Dr. Sen is an Assistant Professor at Harvard Business School. Her recent research examines the pricing of property insurance and the interactions between insurance and mortgage markets. This includes the role that institutions and the regulatory landscape play and the broader consequences for real estate markets, climate adaptation, and our overall financial stability. 40:00 Sen. Sheldon Whitehouse (D-RI): Our third witness is Deb Wood. Ms. Wood and her husband Dan McGrath are both retired Floridians. They moved to South Florida in 1979 and lived in Broward County, which includes Fort Lauderdale for 43 years until skyrocketing insurance premiums became too much. They now reside in Tallahassee, Florida. 40:35 Sen. Chuck Grassley (R-IA): Dr. EJ Antoni is a Research Fellow at the Heritage Foundation Grover M. Hermann Center for the Federal Budget. His research focuses on fiscal and monetary policy, and he previously was an economist at the Texas Public Policy Foundation. Antoni earned his Master's degree and Doctor's degree in Economics from Northern Illinois University. 41:10 Sen. Chuck Grassley (R-IA): Commissioner Glen Mulready has served as Oklahoma's 13th Insurance Commissioner and was first elected to this position in 2019. Commissioner Mulready started his insurance career as a broker in 1984, and also served in the Oklahoma State House of Representatives. 42:15 Rade Musulin: Okay. My name is Ray Muslin. I'm an actuary who has extensive experience in natural hazard risks and funding arrangements for the damage and loss they cause. I've worked with many public sector entities on policy responses to the challenges of affordability, availability of insurance, and community resilience. This work included participating in Florida's response to Hurricane Andrew, which included the creation of the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corporation. The Cat Fund and Citizens can access different forms of funding than traditional insurance companies. Instead of holding sufficient capital or reinsurance before an event to cover the cost of potential losses, both entities use public sources of capital to reduce upfront costs by partially funding losses post-event through bonding and assessments. All property casualty insurance policy holders, whether in Citizens or not, are subject to its assessments. While the Cat Fund can also assess almost all policies, including automobile, this approach exposes Floridians to debt and repayment if large losses occur, and it subsidizes high risk policies from the entire population. These pools, others like them in other states, and the NFIP have contributed to rapid development in high risk areas driving higher costs in the long run. In Florida, national insurers have reduced their exposure as a significant proportion of the insurance market has moved to Citizens or smaller insurers with limited capital that are heavily dependent on external reinsurance. To date, Florida's system has been successful in meeting its claims obligations, while improvements in building codes have reduced loss exposure. However, for a variety of reasons, including exposure to hurricanes, claims cost inflation, and litigation, Florida's insurance premiums are the highest in the nation, causing significant affordability stress for consumers. According to market research from Bankrate, the average premium for a $300,000 home in Florida is three times the national average, with some areas five times the national average. A major hurricane hitting a densely populated area like Miami could trigger large and long lasting post-event assessments or even exceed the system's funding capacity. Continued rapid exposure growth and more extreme hurricane losses amplified by climate change will cause increasing stress on the nation's insurance system, which may be felt through solvency issues, non-renewals, growth of government pools, and affordability pressure. 44:55 Rade Musulin: Evidence of increasing risk abounds, including Hurricane Otis in 2023, which rapidly intensified from a tropical storm to a cat. five hurricane and devastated Acapulco in Mexico last summer. Water temperatures off Florida exceeded a hundred degrees Fahrenheit last week. As was alluded to earlier, NOAA forecast an extremely active hurricane season for '24. We've seen losses in the Mid-Atlantic from Sandy, record flooding from Harvey, and extreme devastation from Maria, among others. In coming decades, we must prepare for the possibility of more extreme hurricanes and coastal flooding from Texas to New England. 46:50 Dr. Ishita Sen: Good morning Senators. I am Ishita Sen, Assistant Professor at Harvard Business School and my research studies insurance markets. In recent work with co-authors at Columbia University and the Federal Reserve Board, I examine how climate risk creates fiscal and potentially financial instability because of miscalibrated insurer screening standards and repercussions to mortgage markets. 47:15 Dr. Ishita Sen: Insurance is critical to the housing market. Property insurers help households rebuild after disasters by preserving collateral values and reducing the likelihood that a borrower defaults. Insurance directly reduces the risks for mortgage lenders and the Government-Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac Mortgage Lenders therefore require property insurance and the GSEs only purchase mortgages backed by insurers who meet minimum financial strength ratings, which measure insurer solvency and ability to pay claims. The GSEs accept three main rating agencies AM Best, S & P and, more recently, Demotech. And to provide an example, Fannie Mae requires insurers to have at least a B rating from AM Best, or at least an A rating from Demo Tech to accept a mortgage. Now, despite having this policy in place, we find a dramatic rise in mortgages backed by fragile insurers and show that the GSEs and therefore the taxpayers ultimately shoulder a large part of the financial burden. Our research focuses on Florida because of availability of granular insurance market data, and we show that traditional insurers are exiting and the gap is rapidly being filled by insurers, rated by Demotech, which has about 60% market share in Florida today. These insurers are low quality across a range of different financial and operational metrics, and are at a very high risk of becoming insolvent. But despite their risk, these insurers secure high enough ratings to meet the minimum rating requirements set by the GSEs. Our analysis shows that many actually would not be eligible under the methodologies of other rating agencies, implying that in many cases these ratings are inflated and that the GSEs insurer requirements are miscalibrated. 49:20 Dr. Ishita Sen: We next look at how fragile insurers create mortgage market risks. So in the aftermath of Hurricane Irma, homeowners with a policy from one of the insolvent Demotech insurers were significantly more likely to default on their mortgage relative to similar borrowers with policies from stable insurers. This is because insurers that are in financial trouble typically are slower to pay claims or may not pay the full amounts. But this implies severe economic hardships for many, many Floridians despite having expensive insurance coverage in place. However, the pain doesn't just stop there. The financial costs of fragile insurers go well beyond the borders of Florida because lenders often sell mortgages, for example, to the GSEs, and therefore, the risks created by fragile insurers spread from one state to the rest of the financial system through the actions of lenders and rating agencies. In fact, we show two reasons why the GSEs bear a large share of insurance fragility risk. First is that lenders strategically securitize mortgages, offloading loans backed by Demotech insurers to the GSEs in order to limit their counterparty risk exposures. And second, that lenders do not consider insurer risk during mortgage origination for loans that they can sell to the GSEs, even though they do so for loans that they end up retaining, indicating lax insurer screening standards for loans that can be offloaded to the GSEs. 50:55 Dr. Ishita Sen: Before I end, I want to leave you with two numbers. Over 90%. That's our estimate of Demotech's market share among loans that are sold to the GSEs. And 25 times more. That's Demotech's insolvency rate relative to AM Best, among the GSE eligible insurers. 57:15 Glen Mulready: As natural disasters continue to rise, understanding the dynamics of insurance pricing is crucial for both homeowners and policymakers. Homeowners insurance is a fundamental safeguard for what is for many Americans their single largest asset. This important coverage protects against financial loss due to damage or destruction of a home and its contents. However, recent years have seen a notable increase in insurance premiums. One significant driver of this rise is convective storms and other severe weather events. Convective storms, which include phenomena like thunderstorms, tornadoes, and hail, have caused substantial damage in various regions. The cost to repair homes and replace belongings after such events has skyrocketed leading insurance companies to adjust their premiums to cover that increased risk. Beyond convective storms, we've witnessed hurricanes, wildfires, and flooding. These events have not only caused damage, but have also increased the long-term risk profile of many areas. Insurance companies are tasked with managing that risk and have responded by raising premiums to ensure they can cover those potential claims. 58:30 Glen Mulready: Another major factor influencing homeowner's insurance premiums is inflation. Inflation affects the cost of building materials, labor, and other expenses related to home repair and reconstruction. As the cost of living increases, so does the cost of claims for insurers. When the price of lumber, steel, and other essential materials goes up, the expense of repairing or rebuilding homes also rises. Insurance companies must reflect these higher costs in their premiums to maintain financial stability and ensure they can meet those contractual obligations to policyholders. 59:35 Glen Mulready: I believe the most essential aspect of managing insurance premiums is fostering a robust, competitive free market. Competition among insurance companies encourages innovation and efficiency, leading to better pricing and services for consumers. When insurers can properly underwrite and price for risk, they create a more balanced and fair market. This involves using advanced data analytics and modeling techniques to accurately assess the risk levels of different properties. By doing so, insurance companies can offer premiums that reflect the true risk, avoiding excessive charges for low risk homeowners, and ensuring high risk properties are adequately covered. Regulation also plays a crucial role in maintaining a healthy insurance market. Policyholders must strike a balance between consumer protection and allowing insurers the freedom and flexibility to adjust their pricing based on the risk. Overly stringent regulations can stifle competition and lead to market exits, reducing choices for consumers. We've seen this play out most recently in another state where there were artificial caps put in place on premium increases that worked well for consumers in the short term, but then one by one, all of the major insurers began announcing they would cease to write any new homeowners insurance in that state. These are all private companies, and if there's not the freedom and flexibility to price their products properly, they may have to take drastic steps as we've seen. Conversely, a well-regulated market encourages transparency and fairness, ensuring that homeowners have access to the most affordable and adequate coverage options. 1:02:00 Dr. EJ Antoni: I'm a public finance economist and the Richard F. Aster fellow at the Heritage Foundation, where I research fiscal and monetary policy with a particular focus on the Federal Reserve. I am also a senior fellow at the Committee to Unleash Prosperity. 1:02:15 Dr. EJ Antoni: Since January 2021, prices have risen a cumulative 19.3% on average in the American economy. Construction prices for single family homes have risen much faster, up 30.5% during the same time. 1:03:20 Dr. EJ Antoni: Actuarial tables used in underwriting to estimate risk and future losses, as well as calculate premiums, rely heavily on those input costs. When prices increase radically, precisely as has happened over the last several years, old actuarial tables are of significantly less use when pricing premiums because they will grossly understate the future cost to the insurer. The sharp increase in total claim costs since 2019 has resulted in billions of dollars of losses for both insurers and reinsurers prompting large premium increases to stop those losses. This has put significant financial stress on consumers who are already struggling with a cost of living crisis and are now faced with much higher insurance premiums, especially for homeowners insurance. 1:05:10 Dr. EJ Antoni: The increase in claims related to weather events has undoubtedly increased, but it is not due to the climate changing. This is why the insurance and reinsurance markets do not rely heavily on climate modeling when pricing premiums. Furthermore, climate models are inherently subjective, not merely in how the models are constructed, but also by way of the inputs that the modeler uses. In other words, because insufficient data exists to create a predictive model, a human being must make wide ranging assumptions and add those to the model in place of real world data. Thus, those models have no predictive value for insurers. 1:07:40 Sen. Sheldon Whitehoue (D-RI): You say that this combination of demographics, development, and disasters poses a significant risk to our financial system. What do you mean by risk to our financial system Rade Musulin: Well, Senator, if you look at the combination, as has been pointed out, of high growth and wealth accumulation in coastal areas, and you look at just what we've observed in the climate, much less what's predicted in the future, there is significant exposure along the coastline from Maine to Texas. In fact, my family's from New Jersey and there is enormous development on the coast of New Jersey. And if we start to get major hurricanes coming through those areas, the building codes are probably not up to the same standards they are in Florida. And we could be seeing some significant losses, as I believe was pointed out in the recent Federal Reserve study. Sen. Sheldon Whitehoue (D-RI): And how does that create risk to the financial system? Rade Musulin: Well, because it's sort of a set of dominoes, you start with potentially claims issues with the insurers being stressed and not able to pay claims. You have post-event rate increases as we've seen in Florida, you could have situations where people cannot secure insurance because they can't afford it, then that affects their mortgage security and so on and so forth. So there are a number of ways that this could affect the financial system, sir. Sen. Sheldon Whitehoue (D-RI): Cascading beyond the immediate insurer and becoming a national problem. Rade Musulin: Well, I would just note Senator, that in Florida, the real problems started years after we got past Andrew. We got past paying the claims on Andrew, and then the big problems occurred later when we tried to renew the policies. 1:10:50 Sen. Sheldon Whitehouse (D-RI): And you see in this, and I'm quoting you here, parallels in the 2008 financial crisis. What parallels do you see? Dr. Ishita Sen: So just like what happened during the financial crisis, there were rating agencies that gave out high ratings to pools of mortgages backed by subprime loans. Here we have a situation where rating agencies like Demotech are giving out inflated ratings to insurance companies. The end result is sort of the same. There is just too much risk and too many risky mortgages being originated, in this case backed by really low quality insurers that are then entering the financial system. And the consequences of that has to be born by, of course the homeowners, but also the mortgage owners, GSCs (Government Sponsored Enterprises), the lenders, and ultimately the federal and state governments. Sen. Sheldon Whitehouse (D-RI): You say, this will be my last question. The fragility of property insurers is an important channel through which climate risk might threaten the stability of mortgage markets and possibly the financial system. What do you mean when you refer to a risk to the financial system? Dr. Ishita Sen: Well, as I was explaining the GSEs, if there are large losses that the GSEs face, then those losses have to be plugged by somebody. So the taxpayers, that's one channel through which you've got risk to the financial system and the GSE's serve as a backstop in the mortgage market. They may not have the ability or capacity to do so in such a scenario, which affects mortgage backed security prices, which are held by all sorts of financial institutions. So that starts affecting all of these institutions. On the other hand, if you've got a bunch of insurers failing, another channel is these insurers are one of the largest investors in many asset classes like corporate bonds, equities, and so on. And they may have to dump these securities at inopportune times, and that affects the prices of these securities as well. 1:12:45 Sen. Chuck Grassley (R-AI): Dr. Antoni, is there any evidence to support the notion that climate change is the greatest threat to the insurance market? Dr. EJ Antoni: No. Senator, there is not. And part of that has to do again, with the fact that when we look at the models that are used to predict climate change, we simply don't have enough empirical data with which we can input into those models. And so as a result of that, we have to have human assumptions on what we think is going to happen based essentially on a guess. And as a result of that, these models really are not of any predictive value, and that's why these models for the last 50 years have been predicting catastrophic outcomes, none of which have come true. 1:14:45 Glen Mulready: This focus on the rating agencies, I would agree with that if that were the be all end all. But the state insurance commissioners in each 50 states is tasked with the financial solvency of the insurance companies. We do not depend on rating agencies for that. We are doing financial exams on them. We are doing financial analysis every quarter on each one of them. So I would agree if that was the sort of be all end all, forgive that phrase, but it's not at all. And we don't depend very much at all on those rating agencies from our standpoint. 1:22:15 Dr. Ishita Sen: On the point about regulators looking at -- rating agencies is not something that we need to look at. I would just point out that in Florida, if you look at the number of exams that the Demotech rated insurers, that by the way have a 20% insolvency rate relative to 0% for traditional insurers, they get examined at the same rate as the traditional insurers like Farmers and AllState get examined, which is not something that you would expect if you're more risky. You would expect regulators to come look at them much, much more frequently. And the risk-based capital requirements that we have currently, which were designed in the 1980s, they're just not sensitive enough to new risks like wildfire and hurricanes and so on. And also not as well designed for under-diversified insurance companies because if so, all of these insurers were meeting the risk-based capital requirements, however, at the same time going insolvent at the rate of 20%. So those two things don't really go hand in hand. 1:23:25 Dr. Ishita Sen: Ultimately what the solution is is something that is obviously the main question that we are here to answer, but I would say that it is extremely hard to really figure out what the solution is, in part because we are not in a position right now to even answer some basic facts about how big the problem is, what exactly the numbers look like. For instance, we do not know basic facts about how much coverage people have in different places, how much they're paying. And when I say we don't know, we don't know this at a granular enough level because the data does not exist. And the first step towards designing any policy would be for us to know exactly how bad the problem is. And then we come up with a solution for that and start to evaluate these different policy responses. Right now we are trying to make policy blindfolded. 1:23:50 Sen. Ron Johnson (R-WI): So we've had testimony before this committee that we've already spent $5-6 trillion. That's 5,000 to 6,000 billion dollars trying to mitigate climate change. We haven't made a dent in it. Their estimates, it's going to cost tens of trillions of dollars every year to reach net zero. So again, this is not the solution for a real problem, which is the broken insurance market. I have enough Wisconsin residents who live on the Gulf Coast in Florida to know after Hurricane Ian, you got some real problems in Florida. But fixing climate change isn't the solution. 1:33:15 Sen. Jeff Merkley (D-OR): In looking at the materials I saw that Citizens Property Insurance Company, I gather that's Louisiana and Florida, that have a completely state backed program. Well, alright, so if the state becomes the insurer of last resort and they now suffer the same losses that a regular private insurance company is suffering, now the folks in the state are carrying massive debt. So that doesn't seem like a great solution. Dr. Ishita Sen: That's definitely a problem, right? The problem is of course, that whether the state then has the fiscal capacity to actually withstand a big loss, like a big hurricane season, which is a concern that was raised about Citizens. And in such a scenario then in a world where they do not have enough tax revenue, then they would have to go into financial markets, try to borrow money, which could be very costly and so on. So fiscally it's going to be very challenging for many cities and many municipalities and counties and so on. 1:36:40 Sen. Mitt Romney (R-UT): I wish there were something we could do that would reduce the climate change we're seeing and the warming of the planet. But I've seen absolutely nothing proposed by anyone that reduces CO2 emissions, methane gases and the heating of the planet. Climate change is going to happen because of the development in China and Indonesia and Brazil, and the only thing that actually makes any measurable impact at all is putting a price on carbon, and no one seems to be willing to consider doing that. Everything else that's being talked about on the climate — Democratic Senator: I got two bills. Sen. Mitt Romney (R-UT): I know you and I are, but you guys had reconciliation. You could have done it all by yourselves and you didn't. So the idea that somehow we're going to fix climate and solve the insurance problem is pie in the sky. That's avoiding the reality that we can't fix climate because that's a global issue, not an American issue. Anyway, let me turn back to insurance. 1:38:30 Sen. Mitt Romney (R-UT): So the question is, what actions can we take? Fiscal reform? Yes, to try and deal with inflation. Except I want to note something, Mr. Antoni, because you're esteemed at the Heritage Foundation. 72% of federal spending is not part of the budget we vote on. So we talk about Biden wants to spend all this.... 72% we don't vote on; we only vote on 28%. Half of that is the military. We Republicans want more military spending, not less. So that means the other 14%, which the Democrats want to expand, there's no way we can reduce the 14% enough to have any impact on the massive deficits we're seeing. So there's going to have to be a broader analysis of what we have to do to reign in our fiscal challenges. I just want to underscore that. I would say a second thing we can do, besides fiscal reform and dealing with inflation, is stopping subsidizing high risk areas. Basically subsidizing people to build expensive places along the coast and in places that are at risk of wildfire. And we subsidize that and that creates huge financial risk to the system. And finally, mitigation of one kind or another. That's the other thing we can do is all sorts of mitigation: forestry management, having people move in places that are not high risk. But if you want to live in a big house on the coast, you're gonna have to spend a lot of money to insure it or take huge risk. That's just the reality. So those are the three I come up with. Stop the subsidy, mitigation, and fiscal reform. What else am I missing, Mr. Musulin? And I'm just going to go down the line for those that are sort of in this area to give me your perspectives. Rade Musulin: Well, thank you, Senator. And I'd agree with all those things. And I'd also add that we need to start thinking about future-proofing our building codes and land use policies. The sea levels are rising. If you're going to build a house that's supposed to last 75 years, you ought to be thinking about the climate in 75 years when you give somebody a permit to build there. So I'd say that's important. I'd also say that large disasters also drive inflation because it puts more pressure and demand on labor and materials. More disasters means supplies that could have been used to build new homes for Americans or diverted to rebuild homes in the past. So certainly doing things to reduce the vulnerability of properties and improve their resilience is important. And I do think, sir, that there are things we can do about climate change with respect over periods of decades that can make a difference in the long run. Thank you. Sen. Mitt Romney (R-UT): Thank you. Yes. Dr. Ishita Sen: So before that, the one point about inflation that we are missing, which is without doubt it is a contributing factor, but the US has had inflation in the past without such an acute crisis in insurance markets. So whether that is the biggest cause or not is up for debate. I don't think we have reached a conclusion on inflation being the biggest contributor of rising insurance cost. Sen. Mitt Romney (R-UT): It's just a big one. You'd agree It's a big one? Dr. Ishita Sen: I agree. It's a big one, but I wouldn't say it's the biggest one in terms of policy solutions. I completely agree with you on, we need to stop subsidizing building in high risk areas. That's definitely one of the things we need to do that. Mitigation, another point that you bring up. And on that, I would say not only do we need to harden our homes, but we also need to harden our financial institutions, our banks, and our insurance companies in order to make them withstand really large climate shocks that are for sure coming their way. Sen. Mitt Romney (R-UT): Thank You, Ms. Wood. I'm going to let you pass on this just because that's not your area of expertise. Your experience was something which focused our thinking today. Mr. Mulready. Glen Mulready: Thank you, Senator. I would say amen to your comments, but I'll give you three quick things. Number one, FEMA has a survey out that states that every $1 spent in mitigation saves $6 in lost claims. It pays off. Number two, unfortunately, a lot of communities have to have a disaster happen. In Moore, Oklahoma, back a dozen years ago, an EF5 (tornado) hit, it was just totally devastating. After that, the city of Moore changed their zoning, they changed their building zoning codes, and then third, the city of Tulsa, back in the eighties, had horrible flooding happened. So they invested over decades in infrastructure to prevent flooding. Now we're one of only two communities in the country that are Class one NFIP rated. 1:45:40 Sen. Chris Van Hollen (D-MD): One way to address this, and I think it was discussed in a different matter, is the need to get the data and to get consensus on where the risks lie, which is why last year Senator Whitehouse, Senator Warren and I sent a letter to the Treasury Department, to the Federal Insurance Office (FIO), urging them to collect information from different states. I'm a supporter of a state-based insurance system for property and casualty insurance, but I do think it would benefit all of us to have a sort of national yardstick against which we can measure what's happening. So Dr. Sen, could you talk a little bit about the benefit of having a common source of insurance data through the FIO and how that could benefit state regulators and benefit all of us? Dr. Ishita Sen: Yeah, absolutely. Thanks for bringing that up. That's just the first order importance, I think, because we don't even know the basic facts about this problem at a granular enough level. The risks here are local, and so we need to know what's going zip code-by-zip code, census tract-by-census tract, and for regulators to be able to figure out exactly how much risk is sitting with each of these insurance companies they need to know how much policies they're writing, what's the type of coverage they're selling in, what are the cancellations looking like in different zip codes. Only then can they figure out exactly how exposed these different insurers are, and then they can start designing policy about whether the risk-based capital ratios look alright or not, or should we put a surcharge on wildfires or hurricanes and so on? And we do need a comprehensive picture. We just can't have a particular state regulator look at the risks in that state, because of course, the insurer is selling insurance all over the country and we need to get a comprehensive picture of all of that. 1:47:40 Sen. Chris Van Hollen: I appreciate that. I gather that the Treasury Department is getting some resistance from some state insurance regulators. I hope we can overcome that because I'm not sure why anyone would want to deny the American people the benefit of the facts here. 1:48:45 Rade Musulin: I will just note that sometimes climate change itself can contribute to the inflation we've been talking about. For example, there were beetle infestations and droughts and fires in Canada, which decimated some of the lumber crop and led to a fivefold increase in the cost of lumber a few years ago. So some of this claims inflation is actually related to climate change, and I think we need to address that. 1:49:35 Glen Mulready: If you didn't know, the NAIC, National Association of Insurance Commission is in the midst of a data collection right now that will collect that data for at least 80% of the homeowner's market. And we have an agreement with FIO (Federal Insurance Office) to be sharing that data with them. They originally came to us, I got a letter from FIO and they were requesting data that we did not actually collect at the zip code level, and they had a very stringent timeline for that. So my response, it wasn't, no, it was just, look, we can't meet that timeline. We don't collect that today. We can in the future. But from that is where this has grown the data called by the NEIC. Sen. Chris Van Hollen (D-MD): So I appreciate, I saw that there had been now this effort on behalf of the....So has this now been worked out? Are there any states that are objecting, to your knowledge at this point in time, in terms of sharing data? Glen Mulready: I don't know about specific states. We will be collecting data that will represent at least 80% of the market share. Music by Editing Production Assistance