Podcasts about public policy research

Trump looking to end birthright citizenship. Sean Spicer talks about Trump and immigration reform. Latest from the Sean "Diddy" Combs trial. Media is largely ignoring Trump's Middle East trip. Overdose deaths down but not overall drug usage. RFK Jr. doges questions about vaccines during congressional hearing. Jim Kennedy of the Kennedy Institute for Public Policy Research talks about Qatar gifting Trump a jumbo jet. Michigan Man arrested and charged with plotting to attack military base on behalf of ISIS.

The government delivers a strategic steer to competition watchdog CMA, as the Institute for Public Policy Research calls for the regulator to have stronger powers to drive growth. And Goodison Park will now be home to Everton's Women Super League side, what does this mean for the game?

London neuroscientists have discovered a second learning system in the brain, which could help explain how our habits are formed.Tech & Science Daily join Dr Marcus Stephenson-Jones, Group Leader at SWC and lead author of the study at the Sainsbury Wellcome Centre at UCL, who explains how this understanding could revolutionise strategies for addressing addictions and compulsions, as well as for those living with Parkinson's disease.Plus, why the Institute for Public Policy Research think the UK should act now and rein in Big Tech.And, have we just found out the title for the Super Mario Bros. Movie Sequel?Also in this episode:-Trees in London are already showing signs of climate change impact, such as decline and disease.-Does the moon actually have a ‘hot side'?-Boki the brown bear reunites with his pals after life-saving brain surgery. Hosted on Acast. See acast.com/privacy for more information.

People with disabilities are created in the image of God, imbued with the same intrinsic value and bestowed the unalienable rights declared in our  nation's founding document. However, the history of disability policy and social norms have not always mirrored this foundational truth. Drawing from her experience, surviving a life threatening and rare spinal cord tumor that left her as a quadriplegic and her decades working on Capitol Hill, Rachel Barkley director of the National Center for Public Policy Research's Able Americans program, first discussed what the Bible says about people with disabilities, then in light of this, how we should approach disability policy.Support the show

Trump replaces Mike Waltz as national security adviser. China ‘evaluating' US offer to engage in trade negotiations. Friday Sound Salad. Chad's Wheel of Surprise. Movies opening this weekend. Zach Abraham, Bulwark Capital. Jim Kennedy, Kennedy Institute for Public Policy Research. REAL ID deadline. 

Business owners concerned about supply chain disruptions. NFL draft. Friday Sound Salad. Chad's Wheel of Surprise. Russia unleashes deadliest Kyiv air attack this year. Zach Abraham of Bulwark Capital Management. Jim Kennedy, Kennedy Institute for Public Policy Research. 

The Rod and Greg Show Daily Rundown – Thursday, April 24, 20254:20 pm: Steven Wilson, Senior Fellow at the Pioneer Institute for Public Policy Research joins the show for a conversation about the federal deadline to end DEI at public schools.4:38 pm: Major Steve Salas of the Utah Highway Patrol joins Rod and Greg to discuss the results of distracted driving crackdown that took place across the state earlier this month.6:05 pm: Dr. Paul Winfree, President and CEO of the Economic Policy Innovation Center joins the show to discuss his Wall Street Journal piece in which he says it is time to reform the Medicaid funding system and focus on those in need.6:38 pm: Adam Ellwanger, a Professor at the University of Houston-Downtown joins Rod and Greg for a conversation about his piece in American Greatness about Donald Trump's courage to fight.

Tech Bro NonsenseFormer Google CEO Tells Congress That 99 Percent of All Electricity Will Be Used to Power Superintelligent AIbillionaire tech tycoon and former Google CEO Eric Schmidt comments to the House Committee on Energy and Commerce: "What we need from you is we need the energy in all forms, renewable, non-renewable, whatever. It needs to be there, and it needs to be there quickly.""Many people project demand for our industry will go from 3 percent to 99 percent of total generation... an additional 29 gigawatts by 2027 and 67 more gigawatts by 2030. If [China] comes to superintelligence first, it changes the dynamic of power globally, in ways that we have no way of understanding or predicting.”Meta Says It's Okay to Feed Copyrighted Books Into Its AI Model Because They Have No "Economic Value"In the ongoing suit Richard Kadrey et al v. Meta Platforms, led by a group of authors including Pulitzer Prize winner Andrew Sean Greer and National Book Award winner Ta-Nehisi Coates, the Mark Zuckerberg-led company has argued that its alleged scraping of over seven million books from the pirated library LibGen constituted "fair use" of the material, and was therefore not illegal.Meta's attorneys are also arguing that the countless books that the company used to train its multibillion-dollar language models and springboard itself into the headspinningly buzzy AI race are actually worthless. Meta cited an expert witness who downplayed the books' individual importance, averring that a single book adjusted its LLM's performance "by less than 0.06 percent on industry standard benchmarks, a meaningless change no different from noise." Thus there's no market in paying authors to use their copyrighted works, Meta says, because "for there to be a market, there must be something of value to exchange," as quoted by Vanity Fair — "but none of [the authors'] works has economic value, individually, as training data." Other communications showed that Meta employees stripped the copyright pages from the downloaded books.Tellingly, the unofficial policy seems to be to not speak about it at all: "In no case would we disclose publicly that we had trained on LibGen, however there is practical risk external parties could deduce our use of this dataset," an internal Meta slide deck read. The deck noted that "if there is media coverage suggesting we have used a dataset we know to be pirated, such as LibGen, this may undermine our negotiating position with regulators on these issues."Lauren Sánchez in Space Was Marie Antoinette in a Penis-Shaped RocketKaty Perry Boasts About Ridiculous Rocket Launch While NASA Is Scrubbing History of Women in Space“It's about a collective energy and making space for future women. It's about this wonderful world that we see right out there and appreciating it. This is all for the benefit of Earth.”Last month, the Orlando Sentinel first reported, NASA scrubbed language from a webpage about the agency's Artemis missions declaring that a goal of the mission was to put the first woman and first person of color on the Moon; just a few days later, NASA Watch reported that comic books imagining the first woman on the Moon had been deleted from NASA's website.A webpage for "Women at NASA" is still standing, but pictures of women and people of color — astronauts, engineers, scientists — have reportedly been removed from NASA's real-world hallways amid the so-called "DEI" purge. Per Scientific American, the word "inclusion" has been removed as one of NASA's core pillars. And as 404 Media reported in February, NASA personnel were directed to remove mentions of women in leadership positions from its website.OpenAI NonsenseOpenAI Is Secretly Building a Social NetworkOpenAI has been secretly building its own social media platform, which The Verge reports is intended to resemble X-formerly-Twitter — the social media middleweight owned by CEO Sam Altman's arch-nemesis, Elon MuskOpenAI updated its safety framework—but no longer sees mass manipulation and disinformation as a critical riskOpenAI said it will stop assessing its AI models prior to releasing them for the risk that they could persuade or manipulate people, possibly helping to swing elections or create highly effective propaganda campaigns.The company said it would now address those risks through its terms of service, restricting the use of its AI models in political campaigns and lobbying, and monitoring how people are using the models once they are released for signs of violations.OpenAI also said it would consider releasing AI models that it judged to be “high risk” as long as it has taken appropriate steps to reduce those dangers—and would even consider releasing a model that presented what it called “critical risk” if a rival AI lab had already released a similar model. Previously, OpenAI had said it would not release any AI model that presented more than a “medium risk.”Saying 'please' and 'thank you' to ChatGPT costs OpenAI millions, Sam Altman saysBeing nice to your AI chatbot requires computational power that raises electricity and water costsAltman responded to a user on X (formerly Twitter) who asked how much the company has lost in electricity costs from people being polite to their models: “Tens of millions of dollars well spent — you never know,” the CEO wrote.AI models rely heavily on energy stored in global data centers — which already accounts for about 2% of the global electricity consumption. Polite responses also add to OpenAI's water bill. AI uses water to cool the servers that generate the data. A study from the University of California, Riverside, said that using GPT-4 to generate 100 words consumes up to three bottles of water — and even a three-word response such as “You are welcome” uses about 1.5 ounces of water.Antitrust NonsenseTrump DOJ's plan to restructure Google hurts consumers, national security, says exec: 'Wildly overbroad'Kent Walker, Google's president of global affairs: "We're very concerned about DOJ's proposal. We think it would hurt American consumers, our economy, our tech leadership, even national security. The proposed reform from DOJ "would result in unprecedented government overreach that would harm American consumers, developers, and small businesses — and jeopardize America's global economic and technological leadership at precisely the moment it's needed most."8 revelations from Mark Zuckerberg's 3 days on the witness stand in Meta's antitrust trialThe FTC alleges Meta "helped cement" its illegal monopoly in the social media market with its acquisition of Instagram and the messaging app WhatsApp more than a decade ago.8 revelations:Antitrust worries surfaced years agoTwo years before the FTC initially sued Meta over allegations that it violated US competition laws, Zuckerberg considered breaking Instagram out into its own company to avoid potential antitrust scrutiny, according to a 2018 internal email revealed by the government at trial."I wonder if we should consider the extreme step of spinning Instagram out as a separate company," Zuckerberg wrote in the email to company executives. "As calls to break up the big tech companies grow, there is a non-trivial chance that we will be forced to spin out Instagram and perhaps WhatsApp in the next 5-10 years anyway." If a break up were to happen, Zuckerberg wrote, history showed that companies could end up better off.Asked about this view at trial, Zuckerberg said, "I'm not sure exactly what I had in mind then."A 'crazy idea' to boost Facebook's relevanceZuckerberg's "crazy idea" for Facebook in 2022 involved purging all users' friends. The CEO — fearful that Facebook was losing cultural relevance — made the proposal in a 2022 email to the social network's top brass."Option 1. Double down on Friending," Zuckerberg wrote in the message. "One potentially crazy idea is to consider wiping everyone's graphs and having them start again."Sheryl Sandberg wanted to play Settlers of CatanZuckerberg once offered to give Sheryl Sandberg, the former COO of Meta, a tutorial in the board game Settlers of Catan.The lesson offer came up in 2012 messages in which the two discussed the fresh $1 billion purchase of Instagram, partially redacted missives presented by the FTC during Zuckerberg's testimony showed."We would love it. I want to learn Settlers of Catan too so we can play," Sandberg told Zuckerberg in the message. He responded: "I can definitely teach you Settlers of Catan. It's very easy to learn."Meta's rivalry with TikTok has only just begunDuring his testimony, Zuckerberg hammered home Meta's argument that the tech giant faces massive competition from other apps, especially TikTok."TikTok is still bigger than either Facebook or Instagram," Zuckerberg testified. "I don't like it when our competitors do better than us. You can sort of bet that I'm not going to rest until we are doing quite a bit better than we are doing now.”Facebook Camera app struggles were a source of worryInstagram's early rise shook Zuckerberg. As his company struggled to mount its response with the Facebook Camera app, the CEO began to lose his patience."What is going on with our photos team?" Zuckerberg wrote in a 2011 message to top executives, as revealed by the FTC in court. Zuckerberg then described a number of individuals, whose names were redacted, as being "checked out." He added another person didn't want "to work with this team because he thinks this team sucks."In May 2012, Facebook launched a photo-sharing app called Facebook Camera, which aims to make it simpler for the social network's users to upload and browse photos on smartphones. Only weeks after Facebook spent $1 billion on a similar photo-sharing app called Instagram. Zuckerberg tried to buy Snapchat for $6 billionZuckerberg's failed bid to buy Snapchat was highlighted by the government to bolster its argument that Meta sought to maintain its dominance in the social media market through acquisitions rather than competition.Facebook isn't really for friends anymoreWhile under questioning by the FTC, Zuckerberg said that Facebook had greatly evolved since he launched the platform more than 20 years ago and that its main purpose wasn't really to connect with friends anymore.The FTC argues that Meta monopolizes the market for "personal social networking services.""The friend part has gone down quite a bit," Zuckerberg testified. He said the Facebook feed has "turned into more of a broad discovery and entertainment space."Not impressed by WhatsApp cofounderZuckerberg wasn't too impressed with one of WhatsApp's cofounders after a 2012 meeting he had with company leadership."I found him fairly impressive although disappointingly (or maybe positive for us) unambitious," Zuckerberg wrote in an email to colleagues after the meeting, it was revealed at trial.Jan Koum and Brian Acton cofounded WhatsApp in 2009. Zuckerberg said in his testimony that he thinks he was referring to Koum. Asked about his email, Zuckerberg seemed uneasy. He said that Koum was clearly smart but that he and Acton were staunchly opposed to growing their messaging app enough to be a real threat to Facebook. Zuckerberg would go on to buy WhatsApp in 2014 for $19 billion.Mark Zuckerberg's Meta Platforms adds former Trump advisor to the board days before an antitrust showdown with the FTCMeta Platforms is further boosting its lineup of heavy hitters with the additions of Stripe CEO Patrick Collison and Dina Powell McCormick to the mix. Powell McCormick was the former Deputy National Security Advisor to President Donald Trump during his first term. Married to Republican Senator Dave McCormick, former CEO of Bridgewater Associates, one of the world's largest hedge fundsStakeholder/shareholder activism NonsenseBP suffers investor rebellion at first AGM since climate strategy U-turnBP suffered an investor rebellion on Thursday after facing shareholders for the first time since abandoning its climate strategy at a meeting marred by protest.About a quarter of shareholders (24.3%) voted against the chair, Helge Lund, which marked the first time in at least a decade that more than 10% of BP's shareholders voted against the re-election of the chair.The outgoing chair told shareholders that the company had “pursued too much while looking to build new low-carbon businesses” but that “lessons have been learned”.BP's CEO Murray Auchincloss (2.7% against), repeated his previous claim that BP's optimism in the global green energy transition was “misplaced”, and that the board's “one simple goal” was to “grow the long-term value of your investment”.Mark Van Baal, the founder of the green activist investor group Follow This, said shareholders had “made it clear that weakening climate commitments is unacceptable”. He added: “This historical result serves as a wake-up call to BP's board and emphasises investor expectation for robust governance mechanisms and genuine leadership on ESG issues.”Starbucks CEO faces major backlash after details of his work routine are revealed: 'Ill-conceived decision'A press release from the National Center for Public Policy Research reported on the hypocrisy of Starbucks CEO Brian Niccol's transportation practices when considering the company's public commitment to eco-friendly practices.Niccol travels regularly from his home in Newport Beach, California, to Starbucks' headquarters in Seattle, Washington, via private jet. Each 2,000-mile round-trip commute releases nearly nine tons of carbon dioxide.The National Center for Public Policy Research's Free Enterprise Project's director Stefan Padfield pointed out the discrepancy of policy and practice during his presentation of Proposal 8 requesting an annual report on emissions congruency. He noted that each round trip made by Niccol "is roughly the annual energy-consumption footprint of the typical American household."This analogy paints a vivid picture of the hypocrisy between Starbucks' public environmental commitments and the practices of the CEO. Gaps are apparent. Target CEO Cornell meets with Sharpton to discuss DEI rollback as civil rights leader considers boycottCEO Brian Cornell met with the Rev. Al Sharpton in New York on Thursday as the retailer faces calls for a boycott and a slowdown in foot traffic that began after it walked back key diversity, equity and inclusion programs, the civil rights leader told CNBC Wednesday.The meeting, which Target asked for, comes after some civil rights groups urged consumers not to shop at Target in response to the retailer's decision to cut back on DEI. While Sharpton has not yet called for a boycott of Target, he has supported efforts from others to stop shopping at the retailer's stores.“You can't have an election come and all of a sudden, change your old positions,” Sharpton told CNBC in a Wednesday interview ahead of the meeting. “If an election determines your commitment to fairness then fine, you have a right to withdraw from us, but then we have a right to withdraw from you.”IBM Informs Staff of DEI Retreat as Trump-Era Scrutiny GrowsEmployees were told of the changes earlier this week, in a memo that cited “inherent tensions in practicing inclusion.” Legal considerations and shifting attitudes to DEI were among the factors for the company. IBM CEO Arvind Krishna discussed the changes in his monthly video update to employees Thursday.Anti-DEI activist Robby Starbuck said he first contacted the company in February to question its policies. IBM confirmed it discussed its changes with Starbuck.The company (-10% gender influence gap) also disbanded a diversity council that represents the views of employee groups as part of its reevaluation.Exxon Faces No Shareholder Proposals for First Time in 25 YearsThe absence of requests in Exxon's proxy statement comes a year after the company sued two climate-focused investors to remove what it described as their “extreme agenda.” It also tracks with the US Securities and Exchange Commission's decision to back guidelines that make it easier for corporations to block votes on shareholder resolutions at their annual meetings.Exxon said in a statement late Monday that it received only one proposal this year and the SEC agreed it should be discarded because “it tried to micromanage the company.”Occidental Petroleum Corp., Valero Energy Corp. and Dow Inc. are other companies with no shareholder proposals up for vote at this year's annual meetings.Exxon said this year marks “the first time in recent history that our proxy includes zero proposals from activists.” It was just four years ago that a small fund scored a victory over Exxon, placing three directors on the company's board.Climate activist shareholder group Follow This pauses big oil campaignClimate activist shareholder group Follow This said on Thursday a lack of investor appetite has forced it to suspend its nearly decade-long campaign seeking stronger commitments from major oil and gas producers to emission cutsHarley-Davidson slams activist investor, saying its campaign is messing up its CEO searchIn early April, H Partners' Jared Dourdeville, who had been a Harley director since 2022, abruptly resigned from the board, saying among other things that Harley had “cultural depletion” because of its work-from-home policies and the exit of several senior leaders. And that was not his only point of contention with the rest of the board.Investment firm H Partners, a major investor with 9.1% of Harley's shares, in an open letter filed on Wednesday, urged fellow shareholders to remove three longtime directors from Harley's eight-member board at its annual meeting in mid-May by withholding votes for them. H Partners said the board had not held Harley CEO Jochen Zeitz accountable for what it called his repeated “strategic execution failures” and “severe underperformance.”CEO/Chair Zeitz (2007, 30%)Lead DIrector Norman Thomas Linebarger (2008, 13%)Sara Levinson (1996, 20%)"We believe Mr. Zeitz, Mr. Linebarger, and Ms. Levinson should be held accountable for the destruction of shareholder value,"Harley's bylaws stipulate that directors who win less than 50% of votes in an election must tender their resignations.Harley announced last week that Zeitz, CEO since 2020 and board member for 18 years, would resign but stay in his role until a successor is found. H Partners wants him out now.That followed a letter issued a day earlier by Harley-Davidson, which accused H Partners of “publicly campaigning” against it and saying that those efforts are also “adversely impacting the CEO search process and ongoing execution of the Hardwire strategic plan,” referring to a turnaround plan it launched in 2021.Harley said that it began a CEO search late last year after Zeitz expressed interest in retiring and has interviewed three potential CEOs, including one supported by Dourdeville, but declined to offer any the job. The company has also said that Dourdeville had cast only one vote against the majority during his time as a director and that as recently as November 2024 he had expressed support for Zeitz.Harley-Davidson faces board fight from H Partners amid calls for CEO to exit soon

9:41 – 9:56 (15mins) NCPPR Guest: Stefan Padfield Director of the Free Enterprise Project at the National Center for Public Policy Research. Topic: STEFAN PADFIELD: DOES THE SEC BELIEVE ‘TRANSING’ KIDS IS NORMAL BUSINESS FOR CVS?Free Enterprise Project Commentaries“The SEC Staff recently issued a ‘no-action’ letter that can be read as concluding that CVS’s ordinary business includes ‘transing’ kids,” writes Free Enterprise Project Executive Director Stefan Padfield in a commentary published at RealClearMarkets.But wait, there’s more. And it’s chilling:CVS is a health care company, which raises the very disturbing specter that part of the reason it is supportive of transing kids (assuming you agree with that characterization) is so that it can benefit financially by, for example, providing the drugs associated with transitioning….See omnystudio.com/listener for privacy information.

9:05 – 9:22 (15mins) Weekly: The Heritage Foundation - Rob Bluey - President and Executive Editor of The Daily Signal @RobertBluey The Heritage Foundation @Heritage Heritage.orgThe Pope Passes And The Conversation Leans Toward His Politics 9:25 – 9:37 (12mins) Weekly Feature: “THAT’S CRAP!!” 9:41 – 9:56 (15mins) NCPPR Guest: Stefan Padfield Director of the Free Enterprise Project at the National Center for Public Policy Research. Topic: STEFAN PADFIELD: DOES THE SEC BELIEVE ‘TRANSING’ KIDS IS NORMAL BUSINESS FOR CVS?Free Enterprise Project Commentaries“The SEC Staff recently issued a ‘no-action’ letter that can be read as concluding that CVS’s ordinary business includes ‘transing’ kids,” writes Free Enterprise Project Executive Director Stefan Padfield in a commentary published at RealClearMarkets.But wait, there’s more. And it’s chilling:CVS is a health care company, which raises the very disturbing specter that part of the reason it is supportive of transing kids (assuming you agree with that characterization) is so that it can benefit financially by, for example, providing the drugs associated with transitioning….See omnystudio.com/listener for privacy information.

9:41 – 9:56 (15mins) NCPPR Guest: Stefan Padfield Director of the Free Enterprise Project at the National Center for Public Policy Research. Topic: STEFAN PADFIELD: DOES THE SEC BELIEVE ‘TRANSING’ KIDS IS NORMAL BUSINESS FOR CVS?Free Enterprise Project Commentaries“The SEC Staff recently issued a ‘no-action’ letter that can be read as concluding that CVS’s ordinary business includes ‘transing’ kids,” writes Free Enterprise Project Executive Director Stefan Padfield in a commentary published at RealClearMarkets.But wait, there’s more. And it’s chilling:CVS is a health care company, which raises the very disturbing specter that part of the reason it is supportive of transing kids (assuming you agree with that characterization) is so that it can benefit financially by, for example, providing the drugs associated with transitioning….See omnystudio.com/listener for privacy information.

9:05 – 9:22 (15mins) Weekly: The Heritage Foundation - Rob Bluey - President and Executive Editor of The Daily Signal @RobertBluey The Heritage Foundation @Heritage Heritage.orgThe Pope Passes And The Conversation Leans Toward His Politics 9:25 – 9:37 (12mins) Weekly Feature: “THAT’S CRAP!!” 9:41 – 9:56 (15mins) NCPPR Guest: Stefan Padfield Director of the Free Enterprise Project at the National Center for Public Policy Research. Topic: STEFAN PADFIELD: DOES THE SEC BELIEVE ‘TRANSING’ KIDS IS NORMAL BUSINESS FOR CVS?Free Enterprise Project Commentaries“The SEC Staff recently issued a ‘no-action’ letter that can be read as concluding that CVS’s ordinary business includes ‘transing’ kids,” writes Free Enterprise Project Executive Director Stefan Padfield in a commentary published at RealClearMarkets.But wait, there’s more. And it’s chilling:CVS is a health care company, which raises the very disturbing specter that part of the reason it is supportive of transing kids (assuming you agree with that characterization) is so that it can benefit financially by, for example, providing the drugs associated with transitioning….See omnystudio.com/listener for privacy information.

On this episode of Campfire Conversations we sit down with NewsMax Columnist Drew Johnson. The Senor Fellow at the National Center for Public Policy Research takes the opportunity to educate us on the reality that China is stealing our intellectual property and weakening our country in the process. This isn't a new phenomenon, but one [...]

Grace Blakeley is a leading left-wing political commentator, author, and journalist who describes herself as a democratic socialist. She writes for the Tribune and is regularly seen working at the coal face battling Piers Morgan on Talk TV. She studied Politics, Philosophy and Economics and then African Studies at Oxford. She's a former fellow at the Institute for Public Policy Research, former New Statesman commentator and former member of Labour's National Policy Forum. She left the Labour party in 2023 over Starmer's position on Gaza, specifically his assertion Israel was within its rights to cut the power to the civilians.In this episode, Claire and Michelle talk about and ask her questions about various topics, like her stance on Brexit, the EU, Tariffs and what the world might look like in the future.Voxel Revolution Kevin MacLeod (incompetech.com)Licensed under Creative Commons: By Attribution 3.0 Licensehttp://creativecommons.org/licenses/by/3.0/

Our analysts Michael Zezas and Erik Woodring discuss the ways tariffs are rewiring the tech hardware industry and how companies can mitigate the impact of the new U.S. trade policy.Read more insights from Morgan Stanley. ----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research.Erik Woodring: And I'm Erik Woodring, Head of the U.S. IT Hardware team.Michael Zezas: Today, we continue our tariff coverage with a closer look at the impact on tech hardware. Products such as your smartphone, computers, and other personal devices.It's Thursday, April 17th at 10am in New York.President Trump's reciprocal tariffs announcements, followed by a 90 day pause and exemptions have created a lot of turmoil in the tech hardware space. People started panic buying smartphones, worried about rising costs, only to find out that smartphones may or may not be exempted.As I pointed out on this podcast before, these tariffs are also significantly accelerating the transition to a multipolar world. This process was already well underway before President Trump's second term, but it's gathering steam as trade pressures escalate. Which is why I wanted to talk to you, Erik, given your expertise.In the multipolar world, IT hardware has followed a China+1 strategy. What is the strategy, and does it help mitigate the impact from tariffs?Erik Woodring: Historically, most IT hardware products have been manufactured in China. Starting in 2018, during the first Trump administration, there was an effort by my universe to diversify production outside of China to countries friendly with China – including Vietnam, Indonesia, Malaysia, India, and Thailand. This has ultimately helped to protect from some tariffs, but this does not make really any of these countries immune from tariffs given what was announced on April 2nd.Michael Zezas: And what do the current tariffs – recognizing, of course, that they could change – what do those current tariffs mean for device costs and the underlying stocks that you cover?Erik Woodring: In short, device costs are going up, and as it relates to my stocks, there's plenty of uncertainty. If I maybe dig one level deeper, when the first round of tariffs were announced on April 2nd, the cumulative cost that my companies were facing from tariffs was over $50 billion. The weighted average tariff rate was about 25 per cent. Today, after some incremental announcements and some exemptions, the ultimate cumulative tariff cost that my universe faces is about $7 billion. That is equivalent to an average tariff rate of about 7 per cent. And what that means is that device costs on average will go up about 5 per cent.Of course, there are some that won't be raised at all. There are some device costs that might go up by 20 to 30 per cent. But ultimately, we do expect prices to go up and as a result, that creates a lot of uncertainties with IT hardware stocks.Michael Zezas: Okay, so let's make this real for our listeners. Suppose they're buying a new device, a smartphone, or maybe a new laptop. How would these new tariffs affect the consumer price?Erik Woodring: Sure. Let's use the example of a smartphone. $1000 smartphone typically will be imported for a cost of maybe $500. In this current tariff regime, that would mean cost would go up about $50. So, $1000 smartphone would be $1,050.You could use the same equivalent for a laptop; and then on the enterprise side, you could use the equivalent of a server, an AI server, or storage – much more expensive. Meaning while the percentage increase in the cost will be the same, the ultimate dollar expense will go up significantly more.Michael Zezas: And so, what are some of the mitigation strategies that companies might be able to use to lessen the impact of tariffs?Erik Woodring: If we start in the short term, there's two primary mitigation strategies. One is pulling forward inventory and imports ahead of the tariff deadline to ultimately mitigate those tariff costs. The second one would be to share in the cost of these tariffs with your suppliers. For IT hardware, there's hundreds of suppliers and ultimately billions of dollars of incremental tariff costs can be somewhat shared amongst these hundreds of companies.Longer term, there are a few other mitigation strategies. First moving your production out of China or out of even some of these China+1 countries to more favorable tariff locations, perhaps such as Mexico. Many products which come from Mexico in my universe are exempted because of the USMCA compliance. So that is a kind of a medium-term strategy that my companies can use.Ultimately, the medium-term strategy that's going to be most popular is raising prices, as we talked about. But some of my companies will also leverage affordability tools to make the cost ultimately borne out over a longer period of time. Meaning today, if you buy a smartphone over two-year of an installment plan, they could extend this installment plan to three years. That means that your monthly cost will go down by 33 per cent, even if the price of your smartphone is rising.And then longer term, ultimately, the mitigation tool will be whether you decide to go and follow the process of onshoring. Or if you decide to continue to follow China+1 or nearshoring, but to a greater extent.Michael Zezas: Right. So, then what about onshoring – that is moving production capacity to the U.S.? Is this a realistic scenario for IT hardware companies?Erik Woodring: In reality, no. There is some small volume production of IT hardware projects that is done in the United States. But the majority of the IT hardware ecosystem outside of the United States has been done for a specific reason. And that is for decades, my companies have leveraged skilled workers, skilled in tooling expertise. And that has developed over time, that is extremely important. Tech CEOs have said that the reason hardware production has been concentrated in China is not about the cost of labor in the country, but instead about the number of skilled workers and the proximity of those skilled workers in one location. There's also the benefit of having a number of companies that can aggregate tens of thousands, if not hundreds of thousands of workers, in a specific factory space. That just makes it much more difficult to do in the United States. So, the headwinds to onshoring would be just the cost of building facilities in the United States. It would be finding the skilled labor. It would be finding resources available for building these facilities. It would also be the decision whether to use skilled labor or humanoids or robots.Longer term, I think the decision most of my companies will have to face is the cost and time of moving your supply chain, which will take longer than three years versus, you know, the current presidential term, which will last another, call it three and a half years.Michael Zezas: Okay. And so how does all of this impact demand for tech hardware, and what's your outlook for the industry in the second half of this year?Erik Woodring: There's two impacts that we're seeing right now. In some cases, more mission critical products are being pulled forward, meaning companies or consumers are going and buying their latest and greatest device because they're concerned about a future pricing increase.The other impact is going to be generally lower demand. What we're most concerned about is that a pull forward in the second quarter ultimately leads to weaker demand in the second half – because generally speaking, uncertainty, whether that's policy or macro more broadly, leads to more concerns with hardware spending and ultimately a lower level of spending. So any 2Q pull forward could mean an even weaker second half of the year.Michael Zezas: Alright, Erik, thanks for taking the time to talk.Erik Woodring: Great. Thanks for speaking, Mike.Michael Zezas: And thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

On this episode of "The Federalist Radio Hour," Steven Wilson, a senior fellow at the Pioneer Institute for Public Policy Research and co-founder of the National Summer School Initiative, joins Federalist Senior Elections Correspondent Matt Kittle to discuss the downfall of the American education system and explain whether it can be redeemed. You can find Wilson's book The Lost Decade: Returning to the Fight for Better Schools in America here. If you care about combating the corrupt media that continue to inflict devastating damage, please give a gift to help The Federalist do the real journalism America needs.

On this episode of “The Federalist Radio Hour,” Steven Wilson, a senior fellow at the Pioneer Institute for Public Policy Research and co-founder of the National Summer School Initiative, joins Federalist Senior Elections Correspondent Matt Kittle to discuss the downfall of the American education system and explain whether it can be redeemed. You can find […]

The topic of gratitude will always be embedded in the mission of this podcast so it is fitting that in this episode it's true power is explored with the award-winning author and speaker, Patrick Garry.  Patrick is a professor of law at the University of South Dakota and the Director of the Hagemann Center for Legal & Public Policy Research and earned his Ph.D. and J.D. from the University of Minnesota. He has published 13 non-fiction books, 8 novels and has been published in 139 scholarly articles focusing primarily on law, politics and religion. In addition, Patrick has been invited on several occasions to testify before Congress on legal and constitutional matters and he is a frequent speaker at Federalist Society sponsored events. However, of all his books and writings, The Power of Gratitude, is his most personal work and perhaps his finest literary achievement. As Patrick reflected on his parent's lives, he saw that gratitude was more than just an emotion or a way to say thank you, but foundational to how they loved, served, and persevered through challenges. In other words, gratitude became a way of life for them, amplified virtues, and brought a deeper joy to every day and every experience. The life lesson they taught is that gratitude leads to finding God's purpose for our lives. Listen in to learn more about how you can cultivate gratitude in your life and see the positive impact on your own mental and emotional well-being. You can order a copy of the Power of Gratitude on Amazon for additional insights, stories, and ways to foster satisfaction in your life. Enjoy the podcast here or watch it on YouTube. 

Trump news, tariffs rattle stock market and trade war shifts to China. US Supreme Court tells Trump administration to facilitate return of Salvadoran man deported in error. The Wheel of Surprise. Missouri foster mom to 200 is accused of trading a child for an exotic monkey. RFK Jr. says HHS will determine the cause of autism by September. Jim Kennedy, Kennedy Istitute for Public Policy Research. Zach Abraham of Bulwark Capital Management. 

Attorney General Pam Bondi accuses 3 Tesla vandals of ‘domestic terrorism' after string of attacks. Trump signs order to dismantle US education department. Friday Sound Salad. Jim Kennedy, Kenndey Institute for Public Policy Research, talks about the continuing decline of California. Controversial Snow White movie opens this weekend. Electrical fire closes Heathrow airport.  Wheel of Surprise. Zach Abraham, Bulwark Capital, discusses the economy with Chad. 

This Day in Legal History: LBJ Federalizes Alabama National GuardOn March 20, 1965, President Lyndon B. Johnson took a decisive step in the fight for civil rights by federalizing the Alabama National Guard to protect marchers participating in the Selma to Montgomery march. This action followed the brutal events of "Bloody Sunday" on March 7, when peaceful demonstrators advocating for Black voting rights were violently attacked by Alabama state troopers on the Edmund Pettus Bridge. A second attempt to march on March 9, known as "Turnaround Tuesday," ended without violence but still lacked sufficient protection.Johnson's decision to federalize the National Guard came after Alabama Governor George Wallace refused to ensure the safety of demonstrators, despite mounting national pressure. With federal troops in place, the march proceeded on March 21 under the protection of U.S. Army units, the FBI, and the Justice Department. Over five days, thousands of demonstrators walked the 54-mile route to Montgomery, with their numbers growing to 25,000 by the time they reached the Alabama State Capitol on March 25.This federal intervention was a turning point in the civil rights movement, demonstrating the government's willingness to enforce constitutional rights against state resistance. The Selma marches galvanized public support for voting rights and led to the passage of the Voting Rights Act of 1965, which outlawed discriminatory voting practices. Johnson's decision highlighted the power of federal authority to challenge systemic racism and protect fundamental freedoms.Thousands of probationary federal employees ordered reinstated by federal courts remain in limbo as the Trump administration fights lawsuits over workforce changes. Courts in Maryland and California ruled that roughly 25,000 employees must be rehired, but many are on paid leave instead of actively working. Some workers fear they may have to return their back pay if an appeals court overturns the rulings.Attorneys representing federal employees say agencies are slow to restore full duties or compensation. Ashley Ashworth, a reinstated Health and Human Services worker, said she was rehired but given no work, making her uncertain about her future. Adding to concerns, Trump's broader federal agency reorganization plans could lead to further layoffs, with probationary employees at the highest risk.Judges have pressed the administration for details on when affected employees will return, emphasizing that indefinite paid leave is not permitted. While agencies claim they are taking steps to reinstate workers, some employees have only received vague instructions about returning to duty. With legal battles ongoing, many fear their reinstatement—and pay—may be temporary.Fired Federal Workers Stuck in Limbo After Judges Order ReturnDisney shareholders are set to vote on a proposal urging the company to withdraw from the Human Rights Campaign's Corporate Equality Index, which ranks businesses based on LGBTQ-friendly policies. The proposal, backed by the National Center for Public Policy Research, follows similar exits by companies like Lowe's, Ford, and Harley-Davidson, which faced conservative pressure to scale back diversity initiatives.This effort aligns with broader conservative pushes, including those from the Trump administration, to dismantle corporate diversity, equity, and inclusion (DEI) programs. Disney, which holds a perfect score on the index, has previously faced scrutiny for its opposition to Florida's "Don't Say Gay" law.Similar shareholder proposals in the past have received little support, typically failing to reach more than 2% backing. The proposal also references backlash against brands like Bud Light and Target over LGBTQ marketing. Disney has defended its transparency in such matters and called the proposal unnecessary.Anti-DEI Disney Investors Press Vote on Abandoning LGBTQ IndexA federal judge warned the Trump administration of potential consequences if it violated his order temporarily halting the deportation of Venezuelan migrants. Judge James Boasberg expressed skepticism that revealing deportation details would compromise national security, especially after Secretary of State Marco Rubio publicly shared flight information. Despite the order, three planes carrying deported Venezuelans landed in El Salvador, leading to questions about whether the administration defied the ruling.Boasberg requested details on the deportation flights, extending the administration's deadline to provide information. Trump's administration pushed back, arguing that the judge was overstepping his authority and that executive branch decisions on deportations were absolute. Meanwhile, Trump called for Boasberg's impeachment, drawing a rare rebuke from Chief Justice John Roberts, who stated that appeals—not impeachment—are the proper response to judicial disagreements.Boasberg initially blocked the deportations, ruling that the 1798 Alien Enemies Act did not justify Trump's claims that the Venezuelan gang Tren de Aragua's presence in the U.S. constituted an act of war. His order came after two deportation flights had already taken off. While some planes landed after the ruling, a third took off after the written order was publicly filed, raising further legal disputes. The administration defended its actions, arguing that some deportations were based on other legal grounds beyond the Alien Enemies Act.Judge warns of consequences if Trump administration violated deportation order | ReutersThe Trump administration is appealing a judge's order requiring Elon Musk and the Department of Government Efficiency (DGE) to provide records related to their role in reshaping the federal government. The Justice Department argues that the order, which demands Musk and DGE disclose information to Democratic state officials, raises serious separation-of-powers concerns by compelling a presidential adviser and White House-affiliated entity to comply.The dispute stems from a lawsuit by 14 Democratic-led states alleging that Musk and DGE unconstitutionally exercised power by cutting federal programs, downsizing agencies, and accessing sensitive government systems. U.S. District Judge Tanya Chutkan's ruling allows state officials to request documents and written responses but stops short of allowing depositions or direct questioning of DGE officials. Trump himself is not subject to the evidence requests.New Mexico Attorney General Raúl Torrez, leading the lawsuit, argues that DGE must provide transparency regarding its actions. The case follows other legal challenges against DGE, including a Maryland ruling that found Musk's involvement in shutting down USAID likely unconstitutional and another requiring DGE to comply with a Freedom of Information Act request. The administration may escalate the fight to the Supreme Court if the appeals court does not intervene.Trump Administration Fights Order to Turn Over DOGE Records (1) This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

On this week's Education Gadfly Show podcast, Steven Wilson, senior fellow at the Pioneer Institute, joins Mike to discuss his new book The Lost Decade: Returning to the Fight for Better Schools in America, which argues that the push for so-called Antiracist education derailed reform and harmed marginalized students. Then, on the Research Minute, Amber examines a study on how educators divide their attention during virtual tutoring—and how achievement, gender, race, and English learner status influence those interactions.Recommended content: Steven Wilson, “The Lost Decade: Returning to the Fight for Better Schools in America,” Pioneer Institute for Public Policy Research, 2024.Wilson, Steven F. “The Promise of Intellectual Joy,” June 4, 2019. Robert Pondiscio, “After a “lost decade,” let's restore high expectations for students,” Thomas B. Fordham Institute (December 12, 2024).Michael J. Petrilli, “11 thoughts about the massive layoffs at the U.S. Department of Education,” Thomas B. Fordham Institute (March 11, 2025).Frederick M. Hess, “Defunding the teacher trainers,” Thomas B. Fordham Institute (March 6, 2025).Qingyang Zhang, Rose E. Wang, Ana T. Ribeiro, Dorottya Demszky, and Susanna Loe, Educator Attention: How computational tools can systematically identify the distribution of a key resource for students, Annenberg Institute (March 2025)Feedback Welcome: Have ideas for improving our podcast? Send them to Stephanie Distler at sdistler@fordhaminstitute.org. 

Many Americans see Trump's actions on economy as too erratic, Reuters/Ipsos poll finds. Friday Sound Salad. Trump to use 'Alien Enemies Act' to supercharge deportations, target gangs. Judge orders thousands of federal workers reinstated. Protests at Trump Tower. Zach Abraham of Bulwark Capital Management. Jim Kennedy, Kennedy Institute for Public Policy Research. 

4:20 pm: Jim Antle, Politics Editor at the Washington Examiner, joins Rod and Greg for a conversation about his piece in which he writes Donald Trump is betting heavily on tariffs to kickstart the U.S. economy.4:38 pm: Ward Clark, a contributor to RedState, joins the program to discuss his piece about how America is past the problem of peak pollution, making fossil fuels more sustainable.6:05 pm: Kurt Schlichter, Senior Columnist at Townhall, joins the show for a conversation pondering the question of whether normal people pay any attention to extreme Democrat lunatics.6:38 pm: Steven Wilson, Senior Fellow at the Pioneer Institute for Public Policy Research about the big changes at the Department of Education and why he says charter schools are a better option to educate American students.

0:00 - Charles Thomas & John Anthony filling in for Dan & Amy 10:52 - Democrats are using black people to their dirty work 26:47 - Black America and DEI 42:43 - Bonner Cohen, senior fellow at the National Center for Public Policy Research & senior policy adviser with the Heartland Institute: In dealing with China, Trump may have a trick up his sleeve 59:58 - Founder, President, and CEO of In-Vest USA, Michael Letts, on the end of DEI hiring in law enforcement and new ways of finding the next generation of first responders. For more on Michael and In-Vest USA investusa.org 01:17:23 - Jeff King, President of International Christian Concern and one of the world’s leading experts on religious freedom: How Christians Are Suffering Extreme Persecution Around the World. For more on Jaff and the International Christian Concern persecution.org 01:34:24 - Will Estrada, senior counsel for HSLDA – Advocates for Homeschooling, on House Bill 2827 which would require all Illinois private schools to report personal information about students to local and state authorities. For more on HDLDA hslda.org 01:50:13 - OPEN MIC FRIDAYSee omnystudio.com/listener for privacy information.

House budget plan advances to final floor vote. US strikes a deal with Ukraine that includes access to its rare earth minerals. More than100 intelligence staffers to be fired over sexually explicit texts. FBI says 21-year-old planned attack on Texas police similar to 2016 Dallas ambush. Another close call with 2 jets in Chicago. Woke Wednesday. NFL looking to ban the "tush push". Jim Kennedy of the Kennedy Institute for Public Policy Research. 

Our Global Head of Fixed Income and Public Policy Research, Michael Zezas, joins our Chief U.S. Economist, Michael Gapen, to discuss the possible outcomes for President Trump's immigration policies and their effect on the U.S. economy.----- Listener Survey -----Complete a short listener survey at http://www.morganstanley.com/podcast-survey and help us make the podcast even more valuable for you. For every survey completed, Morgan Stanley will donate $25 to the Feeding America® organization to support their important work.----- Transcript -----Hi, I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Before we get into today's episode, the team behind Thoughts on the Market wants your thoughts and your input. Fill out our listener survey and help us make this podcast even more valuable for you. The link is in the show notes, and you'll hear it at the end of the episode. Plus, help us help the Feeding America organization. For every survey completed, Morgan Stanley will donate $25 toward their important work.Thanks for your time and the support. On to the show… Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research.Michael Gapen: And I'm Michael Gapen, Chief U.S. Economist for Morgan Stanley.Michael Zezas: Our topic today: President Trump's immigration policy and its economic ramifications.It's Friday, February 14th at 10am in New York.Michael, migration has always been considered an important feature of the global economy. In fact, you believe that strong immigration flows were an important element in the supply side rebound that set the stage for a U.S. soft landing. If we think back to the time before President Trump took office almost a month ago, how would you categorize immigration trends then?Michael Gapen: So, we saw a very sharp increase in immigration coming out of the pandemic. I would say, if you look at longer term averages, say the 20 years leading up to the pandemic, normally we'd get about a million and a half immigrants, per year into the United States. A lot of variation around that number, but that was the long-term average.In 2022 through 2024, we saw immigration surge to about 3 million per year. So about twice as fast as we saw normally. And that happened at a very important time. It allowed for very significant and rapid growth in the labor force, just at a time when the economy was emerging from the pandemic and demand for labor was quite high.So, it filled that labor demand. It allowed the economy to grow rapidly, while at the same time helping to keep wages lower and inflation starting to come down. So, I do think it was a major underpinning force in the ability of the U.S. economy to soft land after several years of above target inflation.Michael Zezas: Got it. And so now, with a second President Trump term, are we set up for a reversal of this immigration driven boost to the economy?Michael Gapen: Yeah, I think that's the key question for the outlook, and our answer is yes. That if we are going to significantly restrict immigration flows, the risk here is that we reverse the trends that we've just seen in the previous year.So, I certainly believe one of the main goals of the Trump administration is to harden the border and initiate greater deportations. And these steps in my mind come on the back of steps that the Biden administration already took around the middle of last year that began to slow immigration flows.So yes, I do think we should look for a reversal of the immigration driven boost to the economy. But Mike, I would actually throw this question back to you and say on the first day of his presidency, Trump issued a series of executive orders pertaining to immigration. Where are we now in that process after these initial announcements? And what do you expect in terms of policy implementation?Michael Zezas: Well, I think you hit on it. There's two levers here. There's stepped up deportations and removals and there's working with Mexico on border enforcement. Things like the remain in Mexico policy where Mexico agrees to keep those seeking asylum on their side of the border; and to facilitate that, they've stepped up their military presence to do that.Those are really kind of the two levers that the U.S. is pushing on to try and reduce the flow of migrants coming into the U.S. Still to be determined how much these actually have an impact, but I think that's the direction of policy travel.Michael Gapen: And are there any catalysts specifically that you're watching for? I mean, recently the administration proposed tariffs on Mexico and Canada around border control, but those have been delayed. Is there anything on the horizon we should look for this time around?Michael Zezas: Yeah. So obviously the president tied the potential for tariffs on Mexico and Canada to the idea that there should be some improvement on border enforcement. It's going to be difficult for investors, I think, to assess in real time how much progress has been made there. Mostly it's a data challenge here. There are official government statistics which have a good amount of detail about removals and folks stopped at the border and demographics in terms of age and, and whether or not they were working. That might really kind of help us piece together the story in terms of whether or not there's going to be future tariffs – and Michael, probably for you, to what extent there's an impact on the economy if folks are already in the labor force.But that data is on a lag, it'll be really difficult to tell what's happening now for at least several months. Maybe we're going to get some hints about what's going on for comments coming in earnings calls, for example, from companies that deal in construction and food service and hospitality. But I don't know that those anecdotes would be sufficient to really draw substantial conclusions. So, I think we're a bit in a fog for the next couple months on exactly what's happening.But based on all this, Michael, what's your outlook for immigration this year and beyond?Michael Gapen: Yeah, so we, as I mentioned, we were getting about 3 million immigrants per year between 2022 and 2024; long run averages before the pandemic were more like a million and a half a year. Our outlook is that immigration flows should slow below pre- COVID averages to about 1 million this year and about 500,000 in 2026. And again, that would be the well below the long run average of about a million and a half per year.Now, as you mentioned, understanding these flows in real time is hard and there's a lot of uncertainty around this and how effective policies may be. So, I think people should consider ranges around this baseline, if you will. On one hand, we could see a reduction in unauthorized immigration replaced by more authorized immigration. So maybe there's a benign scenario where immigration slows back to its one and a half million per year. But it's more through legal and formal channels than unauthorized channels.Alternatively, it could be the case that some of the policies, you mentioned in terms of, say, stepped up deportations or other measures, and maybe there's a chilling effect. That there's just like an externality on immigration behavior. And in fact, we slow maybe to about 500,000 this year and see a decline in about 250,000 next year.So, I think there's a lot of uncertainty about it. We think immigration slows below its longer run averages, which would represent a major shift from what we've seen over the last three years.Michael Zezas: Got it. So, lots of crosscurrents here, about how the actual labour supply is impacted. But bottom line, if we do arrive at a point where there's a significant reduction in immigration, what's the expectation about what that means for the U.S. economy?Michael Gapen: Yeah, so a lot of cross currents here. Number one, I think with a high degree of confidence, we can say reduced immigration should lead to slower potential growth, right? So, a slower growth in the labor force should mean slower growth in trend hours, right? Potential GDP is really only the sum of growth in trend hours and trend productivity.So, the surge in immigration we saw really boosted potential growth up to 2.5 per cent to 3 per cent in recent years. So, if we reduce immigration, potential growth should slow. I think back towards, say, 2 per cent this year, maybe even 1 to 1.5 per cent next year. So, you slow down growth in the labor force, potential should moderate.Second, and I think the more difficult question is, well, okay, if you also reduce growth in the labor force, you're going to get less employment, and that's a demand side effect. So, which dominates here, the supply side or the demand side? And here, I think to go back to your first question – yeah, I do think we're going to get a reversal of the outcome that we just saw.So, I think it'll moderate both potential and actual growth. So, I think actual growth slows. The amount of employment we see should decline and soften. We're not saying the level of employment will decline, but the growth rate of employment should slow. But it should coincide with a low unemployment rate, so it's going to be a very different labor market. A lot less employment growth, but still a tight labor market in terms of low unemployment.That should keep wages firm, particularly in the service sector where a lot of immigrants work, and we think it'll also help keep inflation firm. So, it could keep the Fed on the sideline for a significant period of time, for example.And I'd just like to close, Mike, by saying I think this is an underappreciated risk for financial markets. I think investors have digested trade policy uncertainty, but I'm not convinced that risks around immigration and their effect on the economy are well understood.Michael Zezas: Got it. Well Michael, thanks for taking the time to talk.Michael Gapen: Thank you.Michael Zezas: And thanks for listening. If you enjoy the podcast help us make it even more valuable to you. Share your feedback on the show at morganstanley.com/podcast-survey or head to the episode notes for the survey link.

Carefully constructed narratives and funding related to public health are being re-evaluated by this new administration, bringing sunlight to disinfect a contaminated NIH. Critics of President Trump and DOGE claim that Trump's actions represent a Constitutional crisis, Politico finally admits that Democrats were wrong to claim the economy was great under Biden, and RFK's confirmation process continues amid significant pushback.The Heartland Institute's Linnea Lueken, Jim Lakely, and special guest Bonner Cohen, senior fellow with the National Center for Public Policy Research, will cover all of this and more on this episode of the In The Tank podcast.Join us LIVE at 1 p.m. ET and enjoy the live chat!

Our Global Head of Fixed Income and Public Policy Research, Michael Zezas, and Global Head of Macro Strategy, Matt Hornbach, discuss how the Trump administration's fiscal policies could impact Treasuries markets.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research.Matthew Hornbach: And I'm Matthew Hornbach, Global Head of Macro Strategy.Michael Zezas: Today, we'll talk about U.S. fiscal policy expectations under the new Trump administration and the path for U.S. Treasury yields.It's Thursday, January 30th at 10am in New York.Fiscal policy is one of the four key channels that have a major impact on markets. And I want to get into the outlook for the broader path for fiscal policy under the new administration. But Matt, let's start with your initial take on this week's FOMC meeting.Matthew Hornbach: So, investors came into the FOMC meeting this week with a view that they were going to hear a message from Chair Powell that sounded very similar to the message they heard from him in December. And I think that was largely the outcome. In other words, investors got what they expected out of this FOMC meeting. What did it say about the chance the Fed would lower interest rates again as soon as the March FOMC meeting? I think in that respect investors walked away with the message that the Fed's baseline view for the path of monetary policy probably did not include a reduction of the policy rate at the March FOMC meeting. But that there was a lot of data to take on board between now and that meeting. And, of course, the Fed as ever remains data dependent.All of that said, the year ahead for markets will rely on more than just Fed policy. Fiscal policy may feature just as prominently. But during the first week of Trump's presidency, we didn't get much signaling around the president's fiscal policy intentions. There are plenty of key issues to discuss as we anticipate more details from the new administration.So, Mike, to set the scene here. What is the government's budget baseline at the start of Trump's second term? And what are the president's priorities in terms of fiscal policies?Michael Zezas: You know, I think the real big variable here is the set of tax cuts that expire at the end of 2025. These were tax cuts originally passed in President Trump's first term. And if they're allowed to expire, then the budget baseline would show that the deficit would be about $100 billion smaller next year.If instead the tax cuts are extended and then President Trump were able to get a couple more items on top of that – say, for example, lifting the cap on state and local tax deduction and creating a domestic manufacturing tax credit; two things that we think are well within the consensus of Republicans, even with their slim majority – then the deficit impact swings from a contraction to something like a couple hundred billion dollars of deficit expansion next year. So, there's meaningful variance there.And Matt, we've got 10-year Treasury yields hovering near highs that we haven't seen since before the global financial crisis around 10 years ago. And yields are up around a full percentage point since September. So, what's going on here and to what extent is the debate on the deficit influential?Matthew Hornbach: Well, I think we have to consider a couple of factors. The deficit certainly being one of them, but people have been discussing deficits for a long time now. It's certainly news to no one that the deficit has grown quite substantially over the past several years. And most investors expect that the deficit will continue to grow. So, concerns around the deficit are definitely a factor and in particular how those deficits create more government bonds supply. The U.S. Treasury, of course, is in charge of determining exactly how much government bond supply ends up hitting the marketplace.But it's important to note that the incoming U.S. Treasury secretary has been on the record as suggesting that lower deficits relative to the size of the economy are desired. Taking the deficit to GDP ratio from its current 7 per cent to 3 per cent over the next four years is desirable, according to the incoming Treasury secretary. So, I think it is far from conclusive that deficits are only heading in one direction. They may very well stabilize, and investors will eventually need to come to terms with that possibility.The other factor I think that's going on in the Treasury market today relates to the calendar. Effectively we have just gone through the end of the year. It's typically a time when investors pull back from active investment, but not every investor pulls back from actively investing in the market. And in particular, there is a consortium of investors that trade with more of a momentum bias that saw yields moving higher and invested in that direction; that, of course, exacerbated the move.And of course, this was all occurring ahead of a very important event, which was the inauguration of President Trump. There was a lot of concern amongst investors about exactly what the executive orders would entail for key issues like trade policy. And so there was, I think, a buyer's strike in the government bond market really until we got past the inauguration.So, Mike, with that background, can you help investors understand the process by which legislation and its deficit impact will be decided? Are there signposts to pay attention to? Perhaps people and processes to watch?Michael Zezas: Yeah, so the starting point here is Republicans have very slim majorities in the House of Representatives and the Senate. And extending these tax cuts in the way Republicans want to do it probably means they won't get enough Democratic votes to cross the aisle in the Senate to avoid a filibuster.So, you have to use this process called budget reconciliation to pass things with a simple majority. That's important because the first step here is determining how much of an expected deficit expansion that Republicans are willing to accept. So, procedurally then, what you can expect from here, is the House of Representatives take the first step – probably by the end of May. And then the Senate will decide what level of deficit expansion they're comfortable with – which then means really in the fall we'll find out what tax provisions are in, which ones are out, and then ultimately what the budget impact would be in 2026.But because of that, it means that between here and the fall, many different fiscal outcomes will seem very likely, even if ultimately our base case, which is an extension of the TCJA with a couple of extra provisions, is what actually comes true.And given that, Matt, would you say that this type of confusion in the near term might also translate into some variance in Treasury yields along the way to ultimately what you think the end point for the year is, which is lower yields from here?Matthew Hornbach: Absolutely. There's such a focus amongst investors on the fiscal policy outlook that any volatility in the negotiation process will almost certainly show up in Treasury yields over time.Michael Zezas: Got it.Matthew Hornbach: On that note, Mike, one more question, if I may. Could you walk me through the important upcoming dates for Congress that could shed light on the willingness or ability to expand the deficit further?Michael Zezas: Yeah, so I'd pay attention to this March 14th deadline for extending stopgap appropriations because there will likely be a lot of chatter amongst Congressional Republicans about fiscal expectations. And it's the type of thing that could feed into some of the volatility and perception that you talked about, which might move markets in the meantime.I still think most of the signal we have to wait for here is around the reconciliation process, around what the Senate might say over the summer. And then probably most importantly, the negotiation in the fall about ultimately what taxes will be passed, what that deficit impact will be. And then there's this other variable around tariffs, which can also create an offsetting impact on any deficit expansion.So still a lot to play for despite that near term deadline, which might give us a little bit of information and might influence markets on a near term basis.Matthew Hornbach: Great. Well Mike, thanks for taking the time to talk.Michael Zezas: Matt, great speaking with you. And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen and share Thoughts on the Market with a friend or colleague today.

Our Global Head of Fixed Income and Public Policy Research Michael Zezas and Chief Asia Economist Chetan Ahya discuss the potential impact of U.S. tariffs in China and beyond.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research.Chetan Ahya: And I'm Chetan Ahya, Morgan Stanley's Chief Asia Economist.Michael Zezas: Today, we'll talk about what U.S. tariffs would mean for Asia's economy.It's Tuesday, January 28th at 8am in New York.Chetan Ahya: And 9pm in Hong Kong.Michael Zezas: Chetan, a week into the new Trump administration, I'm eager to talk tariffs with you. You and I came on the show before the U.S. election to discuss the potential impact of new tariff policies on China's economy in particular. And now that President Trump has taken office, he's been vocal about levying tariffs in a lot of places, including on China. The policy underpinning all of that appears to be a tariff review under the America First Trade Policy. That suggests to us that he's developing options to impose tariffs with China as a focus, but there's still time before implementation -- as these legal options are developed. That's in line with our base case; but investors have been talking a lot about the idea that maybe these tariffs never go on.What's your view here? And why do you think ultimately we are headed to a place where tariffs go higher?Chetan Ahya: Well, I think if you just look at the press comments that the president has made at the same time, if you read through this America First document, we sort of think that there are five avenues under which tariffs can go up on China.Number one is the recommendation from the America First policy document that the agencies in the U.S. will have to study how the large trade partners, which are running trade surpluses with the U.S. are managing their trade practices. Number two, a para in the America First document, which is suggesting that the trade agreements that US and China signed in 2018-19, how is China dealing with the commitments under that agreement?And number three is the clause which is currently exempting imports into the U.S. under [the] de minimis rule of imports under U.S. $800 per bill being allowed to import without any tariffs being imposed. And what the document is suggesting is to assess what is the potential revenue loss occurring to the government, and how can they plug that. Number four is a potential tariff action with the sale of a social media company. And number five, a potential tariff action which is linked to the fentanyl issue.So, as you can see, there are a number of avenues under which tariffs can go up on China and therefore we kind of keep that in our base case that tariffs will go up on China.And Mike, some investors are also optimistic and thinking that there is a possibility of a new trade deal being taken up by U.S. and China. What do you think are the chances of that?Michael Zezas: I think they're quite low. So, you mentioned five areas of potential dispute that the U.S. might want to use tariffs as a way of dealing with -- and I think that speaks to the idea that the bar is pretty high for China to avoid tariffs relative to some of the other negotiations the U.S. wants to engage in with other trade partners. Or maybe said differently, if the America First Trade Policy is pointing the U.S. at closing goods, trades, deficits, and improving security and making sure that it's not engaged with trade with other countries that are harming national security -- it seems that there are more of those activities going on between the U.S. and China than with other trade partners. Closing, for example, a $300 billion goods trades deficit would seem to be just really, really difficult within the structures of the economy.So, if we're right, and the chance of tariff de escalation with China appears to be slim, do you think Beijing, for example, might use renminbi depreciation to mitigate some of those economic risks?Chetan Ahya: Well, yes, we do think that China's policymakers will allow depreciation in [renminbi] when tariffs are being imposed. However, we also think that the depreciation this time that they will allow will be less than what they did in 2018-19. And China has already been facing some capital outflows; and allowing a large depreciation could bring self fulfilling situation of more capital outflows and even sharper currency depreciation pressures.Michael Zezas: Beijing also started introducing stimulus measures last fall to boost the Chinese economy. Would tariffs disrupt this policy?Chetan Ahya: Certainly in our base case, despite the policy stimulus measures that China is taking, we think that overall growth in China will be lower in 2025 meaningfully. And more importantly in our view, China's biggest challenge is deflation and tariffs will only exacerbate deflationary pressures.Michael Zezas: And so, we're talking a lot about China here, but obviously there's a risk of tariffs being applied to a broader set of U.S. trading partners in Asia. Now that's not our base case. We think ultimately the focus will be on China because a lot of those trading partners will be able to come to agreements with the U.S. to limit potential future tariffs; but of course, there's a considerable risk that we're wrong. As we mentioned this America First Trade Policy is developing a wide range of options to levy tariffs across multiple geographies and multiple products. So, if that were to come to pass, Chetan, what is it that other Asian governments might be able to do to mitigate the impact from higher tariffs?Chetan Ahya: First of all, this will be significantly negative for region's growth outlook. And there are two ways in which [the] region will get impacted. Firstly, because of the fact that China will be facing tariffs and China's growth will slow down, it will also have spillover effects for the rest of the region. At the same time, as you mentioned, there is a possibility that there are bilateral disputes opened up with other economies in the region. And so that will also add to the downside pressure for [the] region's growth.In terms of what they can do to offset this downside; we think that region's central bank will take up monetary easing and at the same time the governments will expand their fiscal deficit. But both of those measures will not be enough to fully offset the downside from tariff increase.Michael Zezas: Makes sense. Chetan, thanks for taking the time to talk.Chetan Ahya: Great speaking with you Mike.Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen and share Thoughts on the Market with a friend or colleague today.

Story of the Week (DR):Trump signed an order ending DEI. Here's what it means for Fortune 500 companiesTrump's latest presidential moves mandate government agencies to specifically target companies in the private sector engaged in what it describes as “illegal DEI discrimination and preferences.”Despite the intended chilling effect of these executive moves, multiple legal sources point out that Trump's order and action do not constitute a change in the law. Rather, the language used in the order simply “enforces longstanding federal civil rights laws,” says Britney N.D. Torres, senior counsel at employment law firm Littler.Trump's executive moves just mean that companies will have to continue to carefully review their DEI-related policies, practices and initiatives based on longstanding anti-discrimination laws, and make sure they can't be interpreted in a way that is different from what they intended, she says.This week in Davos, Jamie Dimon reaffirmed JPMorgan's DEI commitments after the National Legal and Policy Center, a conservative nonprofit, proposed the bank revisit how compensation is tied to the company's racial-equity goal. “Bring them on,” said Dimon referring to the efforts from right-leaning groups. “We are going to continue to reach out to the Black community, the Hispanic community, the LGBT community, the veterans community.”Will this ever trickle down to JPM leadership?15 on Operating Committee: 1 POC (an Indian man–Sanoke Viswanathan, CEO of International Consumer and Wealth–who came from McKinsey); 7/15 F though so some credit dueBoard: nearly 50% F but a woeful -21% gender gap; no leadership positions on board or top 3 committees: only committees where women have power are Public Responsibility Committee and Risk Committee; 11 on board: 9 WM and 2 BFCan we stop pretending board and shareholder oversight is a thing? DRJPMorgan CEO Dimon's 2024 pay rises 8.3% to $39 million after record profitDisney CEO Bob Iger's Pay Package Rises 30% to $41.1 Million in 2024 Barclays proposes 45% increase in CEO pay under new bonus-linked scheme Goldman CEO gets big pay boost, and $80 million bonus for another five years at helmI promise I try not to pick Musk, but…‘The gesture speaks for itself': Germans respond to Musk's apparent Nazi saluteSome say it was an unambiguous Nazi salute but others are unsure and say focus should be on Musk's stated support for far-rightStarbucks lead independent director Mellody Hobson to step down Is this the only time in history a lead independent director was named in a headline or even mentioned at all?No more black people on board: no women in leadership positionsGoodliest of the Week (MM/DR):DR: Trump has a message to CEOs: Build in America or pay upDR: This confusing headline: Voters who backed Trump identify new swamp to drain: corporate power“The pendulum has swung so far. Things have gotten so out of line. Companies ought to be able to police themselves and not hurt people, and it's just gotten way, way out of line. It's time that it swings back the other way.”DR: Trump's DOGE department is now down to just one leader after Vivek Ramaswamy steps downMM: Microsoft Signs Forest Restoration Deal to Remove 3.5 Million Tons of CO2 DR MMMM: Jamie Dimon is doubling down on JPMorgan's DEI work as a conservative group targets Wall Street: 'Bring them on'Jamie Dimon says LFG RACISTSAssholiest of the Week (MM):John DeereSee, instead of sticking up for yourself against pretend journalists with zero credibility who cosplay at being ESG analysts but are really just anti gay middle school boys, you caved. You caved and now you have not one, but THREE shareholder proposals in a couple weeksAnd the ONLY one you challenged - the one you tried to exclude from your proxy - was the one by As You Sow, who asked the SAME THING as the National Public Policy Research Consumer Blah Blah BlahNational Legal and Policy Center (8 shares): SHAREHOLDER PROPOSAL ON A REPORT ON RACIAL AND GENDER HIRING STATISTICSAs You Sow (26,000 shares): SHAREHOLDER PROPOSAL ON A REPORT ON EFFECTIVENESS OF EFFORTS TO CREATE A MERITOCRATIC WORKPLACE You also got these anti woke gems:National Center for Public Policy Research ($2,000): SHAREHOLDER PROPOSAL ON A CORPORATE FINANCIAL SUSTAINABILITY REPORT, asking for a new committee to show how committed you are to making moneyBowyer Research (100 shares): SHAREHOLDER PROPOSAL ON A REPORT ON CHARITABLE GIVING, asking for a report on how you don't give to Southern Poverty Law Center, but they think you might be and they're discriminating against white religious conservatives and the KKKYou thought, “oh, if we just cut out our DEI stuff and make a press release, they'll go away… sure, we'll offend, like, all the black people and women and stuff, but it's worth it for our white farmers, and everyone will forget…”You were wrong. Your board was wrong. Your management was wrong. You know what petty middle school bullies do when you give them your lunch money? Take it the next fucking day, too. Grow a spine, tell the anti woke shitbirds that DEI is about expanding the talent pool that's been historically excluded and maximizing skills, and keep your lunch money in your pocketMaybe call someone at Costco to ask for advice on how to grow a pairThe proxy vote at Air ProductsOnly three directors have batted under 500 during their tenure at Air Products, only two on all boards in the last 7 years80 year old CEO has been on the board since 2013 and has 32% influenceThere are 81 current directors that are 80 with >30% influence in the US, 21 of whom are CEOsOf them, 12 rate worse than Seifi on TSR, and 13 are worse at EBITDA22% of the board are connected through other directorshipsThere are 910 US companies with higher degree of director interlocks12 of those companies have directors over 80 years old with >30% influence, and 8 of them perform worse than Air ProductsWhat the fuck does ISS and Glass Lewis do all day that they can write this about Air Products, but NOT the others:ISS: “With that said, one must acknowledge the reality of Ghasemi's age, and the board should have a robust strategy in preparation for his eventual departure. Confoundingly, the board appears to have ceded control of deciding Ghasemi's successor to Ghasemi himself…”GL: “… we are concerned that available information strongly suggests that the incumbent board, if left to its own devices and not held accountable at the forthcoming AGM, may simply surface something of a figurehead candidate previously selected or endorsed by Mr. Ghasemi, while concurrently permitting Mr. Ghasemi to retain substantial influence for an unspecified period, without a substantive acknowledgment of the poor capital allocation performance of his strategy.”Egan Jones: “We firmly believe that Air Product's unsatisfactory performance stems in part from mismanagement and the absence of effective leadership to guide the Company.”And why the fuck to investors WAIT until an activist is involved??Air Products CEO unseated from board; Activist investors win 3 seatsWill Hild, Consumer ResearchNasdaq files to withdraw mandate on ‘diverse' board directors after court defeatThose cheering Nasdaq's decision to pull the diversity mandate included Will Hild, executive director of Consumers' Research. He said he was pleased to see the exchange “abandon its anti-White, anti-Asian, and anti-male discrimination scheme.”24,960 directors in the US17,453 are male with an average influence of 1.4 women (it would take about 1 ½ women to equal one dude)White and Asians are 83% of directors and 83% of the US workforce, but are worth 1.4x the influenceWill Hild's most discriminated group - the White and Asian male - is worth, on average, 1.75x the average Black or Hispanic woman in terms of influence and powerConsumers Research is associated with the Philanthropy Roundtable which is associated with every idiot anti-woke anti-gay anti-black anti… non profit org, and Will Hild has made a solid 300k/year making up things about ESG and wokeismHolding students hostageData breach hitting PowerSchool looks very, very bad64.2m students9.5m teachersLargest breach everMaybe they also need to hire Clorox CEO on their board…Headliniest of the WeekDR: Velveeta just made nacho cheese you can stick in your pocketMM: Marriott elects Taco Bell CEO to board of directorsWho Won the Week?DR: the security team paid to protect Tim Noel, UnitedHealthcare new CEO to replace murdered Brian Thompson: best negotiation position ever?MM: Lawyers - how many law firms salivated at the idea of suing the Trump administration for every one of his six thousand executive orders on day one?PredictionsDR: Compensation Committees go buck wild in 2025MM: Zuckerberg's new algorithms automatically append the word “boobs” to every user search, except for the search for Democrats, which also replaces the word Democrats with “boobs”

Trump's executive order ending birthright citizenship blocked by judge. ICE raids underway. 2025 Razzie nominations. Zach Abraham of Bulwark Capital Management discusses Stargate AI and your retirement. Friday Sound Salad. Jim Kennedy, Kennedy Institute of Public Policy Research, talks Trump's first week.  

UK chancellor Rachel Reeves will bid for more investment in Britain as she travels to the World Economic Forum's annual meeting in Davos this week.Reeves is expected to meet the heads of major international banks during her two-day Swiss visit to promote Britain's fiscal credentials for the future.But it comes amid record government borrowing, government department cuts ahead and minuscule growth of just 0.1 per cent.The Standard podcast is joined by Ashwin Kumar, director of research and policy at the Institute of Public Policy Research, professor of social policy at Manchester Metropolitan University and former advisor to ex-PM Gordon Brown.In part two, The London Standard's chief political correspondent Rachael Burford on why some residents of two boroughs are being warned their council tax bills will double, but there's - slightly - better news for fellow Londoners in the most cash-strapped authorities. Hosted on Acast. See acast.com/privacy for more information.

Our Global Head of Fixed Income & Public Policy Research Michael Zezas discusses how Morgan Stanley's key themes – deglobalization, longevity, the future of energy, and artificial intelligence – will evolve in 2025 and beyond.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research. Today I'll discuss the key investment megatrends Morgan Stanley Research will be following closely in 2025. It's Wednesday, January 15th, at 10am in New York. Short-term trends can offer investors valuable insights into immediate market dynamics. But it's the long-term trends that truly shape the investment landscape. That's why each year, Morgan Stanley Research identifies a short list of megatrends that we believe will provide long-term investment opportunities in an ever-changing world. Three of Morgan Stanley's megatrends—artificial intelligence, longevity, and the future of energy—carry over from last year. A fourth—the rewiring of the global economy—returns to our list after a hiatus in 2024. While none of these megatrends is new, each has evolved in terms of how it applies to investment strategies. Let's start with the rewiring of global commerce for a Multipolar World. As I mentioned, this theme rejoins our list of key megatrends after a year-long break. Why? In short, it's clear that policymakers globally are poised to implement policies that will speed up the breakdown of the post-Cold War globalization trend. Simply put, policymakers are keen to promote their visions of national and economic security through less open commerce and more local control of supply chains and key technologies. Multinationals and sovereigns may have to accelerate their adaptation to this reality. Some will face tougher choices than others, while there are some who may still benefit from facilitating this transition. Knowing who fits into which category—and how this new reality may play out—will be critical for investors. Our next theme—Longevity—remains an essential long-term secular trend, and this year the focus will be on measurable impacts for governments, economies, and corporates. The ripple effects of an aging population, the drive for healthy longevity, and challenging demographics across many geographies continue to impact markets. And in 2025, we see investors focusing on several specific longevity debates: First, innovation across healthcare – especially in an AI world, with obesity medications remaining front and center. Second, impacts on consumer behavior – including the drive for affordable nutrition. Third, the need to reskill aging workforces – especially if retirement ages move higher. And, finally, there's implications for financial planning and retirement – with a bull market for financial advice just starting. Our next theme centers around energy. When we think about the future of energy, our focus for 2025 shifts from decarbonization to the wide range of factors driving the supply, demand, and delivery of energy across geographies. And the common thread here is the potential for rapid evolution. We'll be tracking four key dynamics: First, an increasing focus on energy security. Second, the massive growth in energy demand driven by trillions of dollars of AI infrastructure spend, to be met both by fossil fuel-powered plants and renewables. Third, innovative energy technologies such as carbon capture, energy storage, nuclear power, and power grid optimization. And fourth, increased electrification across many industries. We continue to believe that carbon emissions will likely exceed the targets in various nations' climate pledges. So, we expect focus to shift toward climate adaptation and resilience technologies and business models. Our last key theme is artificial intelligence and tech diffusion. Although it's been two years since the launch of ChatGPT, we're still in the early innings of AI's diffusion across sectors and geographies. However, while 2024 was driven by AI enablers and infrastructure companies, in 2025 we expect the market to focus on early AI downstream use cases that drive efficiency and market share. As you heard yesterday, our Global Head of Thematic Research Ed Stanley, explained that there's alpha in understanding this rate of change. Agentic AI will be center stage, with robust enterprise adoption, stock outperformance for early adopters, positive surprises in model capabilities, greater breadth of monetization, and thus less attention to return-on-investment debates. Before I close, it's worth mentioning that you will likely see connections between these complex themes. As an example, the complexity of a multipolar world makes energy security all the more vital. The demand for energy connects with the enormous power requirements of AI. And AI is set to drive healthcare innovations which could help us lead longer healthier lives. We see these four themes not as static categories but as an interconnected roadmap for investing over the long-term – and we'll be sharing more on specific debates throughout the year. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Latest on the California wildfires. Democrats fail to land decisive blow against Hegseth. Woke Wednesday. House Republicans pass bill to ban trans women and girls from school sports. Carrie Underwood, Village People to perform at Trump's inauguration events. Latest inflation report. Jim Kennedy, Kennedy Institute for Public Policy Research, gives a live update from California. 

Ethan Peck is the Deputy Director for the National Center for Public Policy Research's Free Enterprise Project. He also wrote a proposal to Microsoft and Amazon for them to put bitcoin on their balance sheet. In this conversation we discuss what he did, why he did it, how these shareholder proposals work, Saylor's 3 minute pitch, how it gets approved, and what the impact will be. ======================= BitcoinIRA: Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Take 3 minutes to open your account & get connected to a team of IRA specialists that will guide you through every step of the process. Go to https://bitcoinira.com/pomp/ to earn up to $500 in rewards. ======================= Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Created by Gavin Wood, co-founder of Ethereum, Polkadot empowers users to build decentralized applications with ease. Backed by industry leaders, making it a preferred choice for big names, Polkadot stands out as a leading choice for investors seeking a reliable, future-proof solution in the growing world of Web3 technology. Learn more at https://polkadot.com/. ======================= Pomp writes a daily letter to over 265,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/ ======================= View 10k+ open startup jobs: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dreamstartupjob.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enroll in my Crypto Academy: https://www.thecryptoacademy.io/

Fire hydrants ran dry in Southern California just when they were needed most. Longshoremen reach tentative agreement with ports, shippers, averting a potential strike. Pacific Palisades fire burns in Los Angeles, Eaton fire kills 5. Consumer Electronics Show opens in Vegas. Jim Kennedy, Kennedy Institute of Public Policy Research, talks the California wildfires.

With the inauguration of President-elect Donald Trump approaching, our Global Head of Fixed Income and Public Policy Research weighs the impact for investors of his potential policy measures.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Public Policy Research. Today on the podcast I'll be talking about what investors need to know about recent US policy developments.It's Wednesday, Jan 8th, at 2:30pm in New York. In less than two weeks, Donald Trump will again become the sitting President of the United States. The economic and market consequences of the policies he might enact, either on his own or in concert with the Congress, continue to be an important debate for investors. Our view has been that the sequencing and severity of policy choices across tariffs, taxes, immigration, and regulation would be very meaningful to the market's outlook. So, have we learned anything from news around the policy discussions inside the incoming administration and congressional leaders? Let's consider it here and level set. First, there‘s been news about Republicans debating their approach to legislating some of President Trump's top policy priorities. That debate centers around whether to create one big bill around taxes, immigration, and a host of other issues or to break it into multiple bills. Leading with immigration reforms, where there may be more consensus within Republicans' slim Congressional majority; and then following it up with tax cuts and extensions, which may take more time to negotiate given myriad interests. While investors have asked us about this debate quite a bit, the distinction between the approaches may not make much of a difference to investors. At the end of the day, what should matter most to markets is the timing and size of the fiscal impact driven by tax changes. Going with one big bill may seem faster, but we're reminded of the saying ‘Nothing is agreed until everything is agreed.' In other words, that one big bill would probably only pass as fast as Republicans could agree on its toughest negotiating points – so likely not very soon. As for the size of fiscal impact, we continue to see consensus around extending most of the tax cuts that expire at the end of 2025, with some new benefits, like a domestic manufacturing tax credit. So, there should be some fiscal expansion in 2026, a few hundred billion dollars in our view; but this is meaningfully different than the trillions of dollars that the media cites when discussing the whole of the tax policy wish list. There's also been some news on the approach to tariffs, but again it seems more noise than signal. Recent media reports are that Trump might adopt a tariff plan focused on specific products as opposed to a blanket approach on all imports. Trump denied the report via social media. But even if he hadn't, it's unclear that such a plan could be executed quickly through existing executive powers or through legislation, where it's far from clear that tariffs could be enacted given Democrats' opposition and procedural barriers from budget reconciliation. So, our view remains that new tariffs will likely be enacted but through executive authority – which means a phased-in focus on China and Europe in 2025; and any new authorities developed via existing laws might not be enactable until 2026. So said more simply, the impact of tariffs on the economy may be a late 2025 into 2026 story. Putting it together for investors: So far, the news flow hasn't materially changed our view on the US policy path. Yes, important policy changes are coming, but their implementation may be slow. That should mean that, to start 2025, the healthy fundamentals of the US economy should help drive risk markets, namely U.S. equities and corporate credit, to outperform. If we're wrong and, for example, tariffs are implemented in larger magnitude at a quicker pace, then it may be a year where less risky assets, like government bonds, outperform. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen to podcasts and share Thoughts on the Market with a friend or colleague today.

Live from an ESG-flavored 2025, it's an all-new Wacky Wednesday edition of Business Pants. Joined by Analyst-Hole Matt Moscardi! On today's Costco lovefest called January 8th 2025: Headlines We Missed since the end of December and the new comic book superhero named Costco!Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.DAMION1Shit We Missed (in no particular order):Tech BrosZuckDana White, UFC CEO and Trump ally, to join Meta's board of directorsZuckerberg Announces New Measures to Increase Hate Speech on FacebookMark Zuckerberg's Meta is moving moderators out of California to combat concerns about bias and censorship“Huge problems” with axing fact-checkers, Meta oversight board saysCo-chair Helle Thorning-Schmidt said she is "very concerned" about how parent company Meta's decision to ditch fact-checkers will affect minority groups: "We are seeing many instances where hate speech can lead to real-life harm, so we will be watching that space very carefully," she added.Meta Drops Rules Protecting LGBTQ Community as Part of Content Moderation OverhaulThe changes included allowing users to share “allegations of mental illness or abnormality when based on gender or sexual orientation, given political and religious discourse about transgenderism and homosexuality.”Meta replaces policy chief Nick Clegg with former Republican staffer Joel Kaplan ahead of Trump inaugurationSamSam Altman Explodes at Board Members Who Fired Him"And all those people that I feel like really fucked me and fucked the company were gone, and now I had to clean up their mess," adding that he was "fucking depressed and tired.""And it felt so unfair," the billionaire told Bloomberg. "It was just a crazy thing to have to go through and then have no time to recover, because the house was on fire."The board's primary fiduciary duty was not to maintain shareholder value or profits, but rather to stay true to OpenAI's mission of creating safe artificial general intelligence (AGI) that benefits humanity.Helen Toner: the director of strategy at Georgetown's Center for Security and Emerging Technology.Tasha McCauley: an adjunct senior management scientist at think tank RAND Corporation. McCauley was also on the advisory board of the Centre for Effective Altruism. In 2017 she signed the Asilomar AI Principles on ethical AI development alongside Altman, OpenAI co-founder Ilya Sutskever, and former board member Elon MuskOpenAI CEO Sam Altman denies sexual abuse allegations made by his sister in lawsuitMuskMaga v Musk: Trump camp divided in bitter fight over immigration policyElon Musk Endorses Nazi-Linked German Party, Even Though It Opposed Tesla's GigafactoryTech Bro Wealth12 US billionaires gained almost $1 trillion in wealth in 2024 as the stock market delivered another year of massive returnsNYT Report Says Jensen Huang, The CEO Of Nvidia And The 10th-Richest Person In The U.S., Trying To Allegedly Avoid $8 Billion In TaxesMark Zuckerberg says he doesn't have a Hawaiian doomsday bunker, just a 'little shelter.' It's bigger than most houses.You could live next door to Jeff Bezos on 'Billionaire Bunker' island for $200 millionMusk urges Bezos to throw an ‘epic wedding' after Amazon founder blasts report of $600 million nuptials as ‘completely false'Elon Musk takes aim at MacKenzie Scott again for giving billions to liberal causes, calling the gifts 'concerning'How Jensen Huang and 3 Nvidia Board Members Became BillionairesMark Zuckerberg sported a $900,000 piece of wrist candy as he announced the end of fact-checking on MetaDEI/ESG Flip-FloppingWhen an anti-DEI activist took a swing at Costco, the board hit backA Costco shareholder proposal brought by conservative activist The National Center for Public Policy Research asked the company to probe its diversity, equity and inclusion policies, with an eye toward eliminating them.The thrust of the proposal is that certain DEI initiatives could open Costco up to financial risks over discrimination lawsuits from employees who are “white, Asian, male or straight.”The company's board of directors unanimously urged shareholders to reject the proposal and made the case that Costco's success depends on establishing a racially diverse, inclusive workplace: “We believe that our diversity, equity and inclusion efforts are legally appropriate, and nothing in the (Center for Public Policy Research) proposal demonstrates otherwise,” the board's statement said.The statement went on to rebuke the Center for Public Policy Research, saying that they and others were the ones responsible for inflicting financial and legal burdens on companies. “The proponent's broader agenda is not reducing the risk for the Company but abolition of diversity programs,” the board said.Costco board member defends DEI practices, rebukes companies scrapping policiesJeff Raikes, co-founder of the Raikes Foundation and former CEO of the Bill & Melinda Gates Foundation, who has served on Costco's board of directors since 2008: "Attacks on DEI aren't just bad for business—they hurt our economy. A diverse workforce drives innovation, expands markets, and fuels growth. Let's focus on building a future where all talent thrives." He concluded his post on X with the hashtag, "InclusiveEconomy." While businesses began to announce their departures from DEI policies last year, Raikes urged companies to expand such practices at work, insisting that scaling down DEI in businesses would harm the economy.Robbie Starbuck: “I fully endorse cancelling memberships at this point.”McDonald's rolls back DEI programs, ending push for greater diversityFour years after launching a push for more diversity in its ranks,McDonald's said it will retire specific goals for achieving diversity at senior leadership levels. It also intends to end a program that encourages its suppliers to develop diversity training and to increase the number of minority group members represented within their own leadership ranks.Managers 'touch up' staff: McDonald's faces fresh abuse claimsFast-food chain McDonald's has been hit by fresh allegations of sexual and homophobic abuse as staff members allege they have been 'touched up' by managers and offered extra shifts for sex.The chain first faced bombshell claims of widespread sexual abuse and harassment at its stores in July 2023 and has since been reported more than 300 times for harassment to the UK's equality watchdog.Allegations have included racist abuse, sexual assault and harassment and bullying. BlackRock Cuts Back on Board Diversity Push in Proxy-Vote GuidelinesThe policy updates remove both (a) numerical diversity targets (i.e., boards should aspire to 30% diversity of membership and have at least 2 women directors and 1 director from an underrepresented group) and (b) the related disclosure-based voting policy (i.e., BlackRock previously would consider taking voting action if a company did not adequately explain its approach to board diversity) – but provides that BlackRock may consider taking voting action if an S&P 500 board is not sufficiently diverse (BlackRock includes a footnote in the policy update suggesting that 30% diversity may still be the expectation).BlackRock's investment stewardship team tweaked the language used to describe how it approaches votes for other companies' boards. It didn't explicitly recommend that boards should aspire to at least 30% diversity of their members, after having done so in previous years.The report noted, however, that all but 2% of the boards of companies in the S&P 500 have diverse representation of at least 30%—and that if companies were out of step with those norms, BlackRock may cast opposing votes on a case-by-case basis. JPMorgan Leaves Net Zero Banking Group, Completing Departure of Major U.S. Banks Stakeholder Anger (or Anger at Stakeholders)Poll finds many Americans pin partial blame on insurance companies in UHC CEO killingA recent survey from the University of Chicago, found that, while 8 out of 10 U.S. adults believe the person who killed Brian Thompson bears the responsibility for the murder, 7 in 10 shared the belief that healthcare companies are also to blame. Luigi Mangione mention on SNL met with applause, critics slam 'woke' audience: 'Wooing for justice?'New York to charge fossil fuel companies for damage from climate changeThe new law requires companies responsible for substantial greenhouse gas emissions to pay into a state fund for infrastructure projects meant to repair or avoid future damage from climate change.Albania bans TikTok for a year after fatal stabbing of teenager last monthTeens in Vietnam will now be limited to one hour of gaming per sessionStarbucks baristas set to strike as new CEO makes $100 millionWashington Post Cartoonist Quits After Jeff Bezos Cartoon Is KilledNorway on track to be the first to ‘erase petrol and diesel engine cars'Fully electric vehicles accounted for 88.9% of new cars sold in 2024Exxon Sues California Official, Claiming He Defamed the CompanyExxon Mobil sued California's attorney general, the Sierra Club and other environmental groups on Monday, alleging that they conspired to defame the oil giant and kneecap its business prospects amid a debate over whether plastics can be recycled effectively.DystopiaMan Trying to Catch Flight Alarmed as His Driverless Waymo Gets Stuck Driving in Loop Around Parking LotAsked to Write a Screenplay, ChatGPT Started Procrastinating and Making ExcusesKlarna's CEO says AI is capable of doing his job and it makes him feel 'gloomy'Governance newsShari Redstone is saying goodbye to Paramount GlobalCharles Dolan, TV pioneer who founded HBO and Cablevision, dies at 98Richard Parsons, former Time Warner CEO, dies at age 76 Dye & Durham board resigns, activist nominees take control, interim CEO named The Fortune 500 has two new female CEOs—finally pushing that milestone above 11%And we end with a few classics:Boeing ends a troubled year with a jet-crash disaster in South KoreaMan who exploded Tesla Cybertruck outside Trump hotel used ChatGPT to plan the attackNorovirus rates have skyrocketed by 340% this season. Here's where the ‘winter vomiting disease' is spreading and whyMATT1CostcoNational Center for Public Policy Research filed the proxy with CostcoTheir arguments include…US Supreme court decision at HarvardA $25m judgment in PA for white regional manager at Starbucks who was fired after two black patrons were arrested for being blackThis gem: “With 310,000 employees, Costco likely has at least 200,000 employees who are potentially victims of this type of illegal discrimination because they are white, Asian, male or straight.”This, perhaps, is the greatest ironic argument for “meritocracy” ever made in historyThey point out that the MAJORITY OF THE STAFF is white, Asian, male, or straight… but they don't even use Costco's data, they source census data and just guessThe real numbers:Non management is 44.2% white, management is 58% white - a 14% increase in meritocracyExecutives are 80.6% white - a whopping 36.4% more meritHispanics are 33.1% of non management, 23.3% of management - 9.8% less merit!Executives are 5.8% Hispanic, 26.3% less meritAsians are 8.5% and 7.1%, so 1.4% less merit7.9% executive - so even merit?US Exec management is 72.3% maleSo 80.6% of executives are white, and 72.3% are male - and the argument NCPPR is making is that BECAUSE there are a lot of white males, there is a lot of RISK that THE WHITE MALES WILL SUE YOU if they think they're discriminated againstThink of what they're saying - because you have so many non diverse people, you can't have diversity programs for risk of lawsuitThe response dropped the pretense that the proxy was anything except racismThe proponent professes concern about legal and financial risks to the Company and its shareholders associated with the diversity initiatives. The proponent's broader agenda is not reducing risk for the Company but abolition of diversity initiatives. A 2023 federal district court decision, in a case brought by the proponent, noted that the proponent had "published a document called 'Balancing the Boardroom 2022,' which describes its shareholder activism as 'fighting back' against 'the evils of woke politicized capital and companies.' [The proponent went] on to describe 'CEOs and other corporate executives who are most woke and most hard-left political in their management of their corporations' as 'inimical to the Republic and its blessings of liberty' and 'committed to critical race theory and the socialist foundations of woke' or 'shameless monsters who are willing to sacrifice our future for their comforts.'" National Center for Public Policy Research v. Schultz, E.D. WA. (Sept. 11, 2023). And the proponent's efforts to demonstrate retrenchment on the part of companies are misleading, at best. For example, the assertion that "Microsoft laid off an entirea[sic] DEI team" is simply wrong. It was later reported that Microsoft stated that the two positions eliminated were redundant roles on its events team and that Microsoft's diversity and inclusion commitments remain unchanged, according to Jeff Jones, a Microsoft spokesperson: “Our focus on diversity and inclusion is unwavering and we are holding firm on our expectations, prioritizing accountability, and continuing to focus on this work.” Colvin, Caroline. Amid DEI cuts, Microsoft works to distinguish itself from those responding to ‘woke' backlash. HR Dive, July 24, 2024.Reason Costco might be pushing back?Racism is basically unveiledOf all the companies targeted by a proposal or Robbie Starbuck, Costco has the lowest deviation in board member influence - as in, nearly the entire board has equal power, it's highly democratic - women, men, diverse cohorts are more or less equally powerful to anyone else in the roomNo connections to any board member on another DEI flipper companyMeanwhile, the anti DEI, anti immigrant movement has begun to eat itself before Trump even takes officeIn defense of more HB1 visas and foreign workers, Vivek Ramaswamy says we venerate jocks over valedictorians on Twitter, and Americans aren't as good employeesThe rebuttal was MAGA Trumpers saying Vivek is fake MAGAAlso this: “His entire argument is a terrible proposition,” he adds. “Children raised to be good little robots might grow up to build robots of their own someday, and become rich. Asians are the highest-earning racial group in America, but are they happier for it? Suicide is the leading cause of death for Asians aged 15-24 … and the second-leading cause of death for those aged 25-34.” Page points to a Psychology Today post that blames tiger parenting for causing anxiety and depression and then asks, “Do we really want this country to be even more stressed-out?”Costco proxy says Asians are discriminated againstTwitch gamers are streaming about “meritocracy”

Mysterious aircraft are flying over New Jersey. Florida woman arrested after threatening Blue Cross Blue Shield following denied medical claims. Friday Sound Salad. Top Christmas action movie. Zach Abraham of Bulwark Capital. Jim Kennedy of the Kennedy Institute for Public Policy Research. YouTube raising the price on its live tv package. 

Microsoft shareholders have voted against the proposal that sought to have the tech giant add Bitcoin to its balance sheet. The vote on Tuesday, December 10, 2024, followed the proposal by the National Center for Public Policy Research, and came after MicroStrategy founder and Chairman Michael Saylor added to the call for Microsoft to adopt a Bitcoin treasury via a presentation.~This episode is sponsored by iTrust Capital~iTrustCapital | Get $100 Funding Reward + No Monthly Fees when you sign up using our custom link! ➜ https://bit.ly/iTrustPaul00:00 Intro00:08 Sponsor: iTrust Capital00:51 Microsoft says no to BItcoin03:34 Liquidations05:14 Anthony Scarramucci: Why companies should hold BTC07:20 Yat Sui: Owning 1 Bitcoin is very powerful09:30 Google introduces Willow12:13 Ray Dalio predicts global crisis14:27 Outro#Bitcoin #Crypto #microsoft ~Microsoft Votes Against Bitcoin❌Crypto Market Crashes️‍

On Today's Episode – We talk a little about Mark and Matt being down in Texas for Chuck's funeral.  The wonderful outpouring of love from people to the show regarding Chuck has been such a blessing.  We hop right into our returning guest Dr. Bonner Cohen.  We've got an interesting topic today – just because Pres. Trump won, don't stop paying attention to what the current administration is doing before they lose power. Tune in for all the fun https://www.newsmax.com/finance/streettalk/biden-solar-federal/2024/09/09/id/1179617/#ixzz8nVsasnSX https://www.cfact.org/ Bonner R. Cohen is a senior policy analyst with the Committee for a Constructive Tomorrow, where he concentrates on energy, natural resources, and international relations. He also serves as a senior policy adviser with the Heartland Institute, senior fellow at the National Center for Public Policy Research, and as adjunct scholar at the Competitive Enterprise Institute. Articles by Dr. Cohen have appeared in the Wall Street Journal, Forbes, Investor's Business Daily, New York Post, Washington Times, National Review, Philadelphia Inquirer, Detroit News, Atlanta Journal-Constitution, Miami Herald, and dozens of other newspapers in the U.S. and Canada. He has been interviewed on Fox News, CNN, Fox Business Channel, BBC, BBC Worldwide Television, NBC, NPR, N 24 (German language news channel), Voice of Russia, and scores of radio stations in the U.S. Dr. Cohen has testified before the U.S. Senate committees on Energy & Natural Resources and Environment & Public Works as well as the U.S. House committees on Natural Resources and Judiciary. He has spoken at conferences in the United States, United Kingdom, Germany, and Bangladesh. Dr. Cohen is the author of two books, The Green Wave: Environmentalism and its Consequences (Washington: Capital Research Center, 2006) and Marshall, Mao und Chiang: Die amerikanischen Vermittlungsbemuehungen im chinesischen Buergerkrieg (Marshall, Mao and Chiang: The American Mediations Effort in the Chinese Civil War) (Munich: Tuduv Verlag, 1984). Dr. Cohen received his B.A. from the University of Georgia and his Ph.D. – summa cum laude – from the University of Munich.

Bonner R. Cohen is a senior policy analyst with the Committee for a Constructive Tomorrow, where he concentrates on energy, natural resources, and international relations. He also serves as a senior policy adviser with the Heartland Institute, senior fellow at the National Center for Public Policy Research, and as adjunct scholar at the Competitive Enterprise Institute. Trump Victory is a Resounding Setback for Green Climate Policies

In this episode we are looking at a topic which organizations and even Governments have been rushing to adopt - AI and skills in the workforce.The rise of Generative AI has seen a seismic shift in the way we do business over the last couple of years, not just in tech but across every sector. And that presents an issue for the workforce at large - how do non-IT departments and fields, managers, education systems, or even us as individuals deal with this new technology?This is Technology Now, a weekly show from Hewlett Packard Enterprise. Every week we look at a story that's been making headlines, take a look at the technology behind it, and explain why it matters to organizations and what we can learn from it. Do you have a question for the expert? Ask it here using this Google form: https://forms.gle/8vzFNnPa94awARHMA About this week's guest: https://www.turing.ac.uk/people/researchers/erin-youngSources cited in this week's episode:2021 UK Government AI skills drive: https://assets.publishing.service.gov.uk/media/614db4d1e90e077a2cbdf3c4/National_AI_Strategy_-_PDF_version.pdfUS Government statistics on AI literacy: https://ai.gov/wp-content/uploads/2023/12/Recommendations_Enhancing-Artificial-Intelligence-Literacy-for-the-United-States-of-America.pdfInstitute for Public Policy Research findings into AI and jobs: https://www.ippr.org/media-office/up-to-8-million-uk-jobs-at-risk-from-ai-unless-government-acts-finds-ipprGallop poll on AI in the workplace: https://www.gallup.com/workplace/651203/workplace-answering-big-questions.aspx#:~:text=Gallup%20asked%20employees%20how%20often,and%20training%20to%20increase%20usage. Hays 2023 report on AI in the workplace: https://www.hays.co.uk/market-insights/what-workers-want/working-with-aiElectro-Ag report: https://www.cell.com/joule/fulltext/S2542-4351(24)00429-XTurning Institute report into AI skills: https://www.turing.ac.uk/sites/default/files/2023-11/final_bridgeai_framework.pdf

In this episode we are looking at a topic which organizations and even Governments have been rushing to adopt - AI and skills in the workforce.The rise of Generative AI has seen a seismic shift in the way we do business over the last couple of years, not just in tech but across every sector. And that presents an issue for the workforce at large - how do non-IT departments and fields, managers, education systems, or even us as individuals deal with this new technology?This is Technology Now, a weekly show from Hewlett Packard Enterprise. Every week we look at a story that's been making headlines, take a look at the technology behind it, and explain why it matters to organizations and what we can learn from it. Do you have a question for the expert? Ask it here using this Google form: https://forms.gle/8vzFNnPa94awARHMA About this week's guest: https://www.turing.ac.uk/people/researchers/erin-youngSources cited in this week's episode:2021 UK Government AI skills drive: https://assets.publishing.service.gov.uk/media/614db4d1e90e077a2cbdf3c4/National_AI_Strategy_-_PDF_version.pdfUS Government statistics on AI literacy: https://ai.gov/wp-content/uploads/2023/12/Recommendations_Enhancing-Artificial-Intelligence-Literacy-for-the-United-States-of-America.pdfInstitute for Public Policy Research findings into AI and jobs: https://www.ippr.org/media-office/up-to-8-million-uk-jobs-at-risk-from-ai-unless-government-acts-finds-ipprGallop poll on AI in the workplace: https://www.gallup.com/workplace/651203/workplace-answering-big-questions.aspx#:~:text=Gallup%20asked%20employees%20how%20often,and%20training%20to%20increase%20usage. Hays 2023 report on AI in the workplace: https://www.hays.co.uk/market-insights/what-workers-want/working-with-aiElectro-Ag report: https://www.cell.com/joule/fulltext/S2542-4351(24)00429-XTurning Institute report into AI skills: https://www.turing.ac.uk/sites/default/files/2023-11/final_bridgeai_framework.pdf

In this episode, Dr. John C. Goodman, Author, Senior Fellow at the Independent Institute, & President of the Goodman Institute for Public Policy Research joins Scott Becker to discuss his book “Priceless: Curing the Healthcare Crisis”. He explores the challenges of price transparency, the role of health savings accounts, and the need for market-based healthcare reforms. Listen as Dr. Goodman offers insightful solutions to some of the industry's most pressing issues.

The media's obsession with Trump. Jim Kennedy, Kennedy Institute of Public Policy Research, talks about the run up to the election. Chad's Scary Movie Countdown #5. Kamala Harris campaigning in TX with Beyonce. Woman found dead in a walk-in oven. 

What happened when the Rooney Rule made its way from pro football to corporate America? Some progress, some backsliding, and a lot of controversy. (Second in a two-part series.) SOURCES:Tynesia Boyea-Robinson, president and C.E.O. of CapEQ.N. Jeremi Duru, professor of law at American University.Herm Edwards, former N.F.L. player and head coach.Christopher Rider, professor of entrepreneurial studies at the University of Michigan.Jim Rooney, author and co-partner of Rooney Consulting.Scott Shephard, general counsel at the National Center for Public Policy Research. RESOURCES:The Social Impact Advantage: Win Customers and Talent By Harnessing Your Business For Good, by Tynesia Boyea-Robinson (2022).A Different Way to Win: Dan Rooney's Story from the Super Bowl to the Rooney Rule, by Jim Rooney (2019)."If There's Only One Woman in Your Candidate Pool, There's Statistically No Chance She'll Be Hired," by Stefanie K. Johnson, David R. Hekman and Elsa T. Chan (Harvard Business Review, 2016)."Racial Disparity in Leadership: Performance-Reward Bias in Promotions of National Football League Coaches," by Christopher I. Rider, James Wade, Anand Swaminathan, and Andreas Schwab (SSRN, 2016).Advancing the Ball: Race, Reformation, and the Quest for Equal Coaching Opportunity in the NFL, by N. Jeremi Duru (2010). EXTRAS:"Did the N.F.L. Solve Diversity Hiring? (Part 1)," by Freakonomics Radio (2024).“When Is a Superstar Just Another Employee?” by Freakonomics Radio (2023).“How Much Does Discrimination Hurt the Economy? (Replay),” by Freakonomics Radio (2023).

The Other Side of the Story with Tom Harris and Todd Royal – The Dominion Institute for Public Policy Research launches with a mission to shift public opinion and the Overton Window to the right. By realigning political perspectives, we aim to empower conservative leaders to implement policies that reflect grassroots desires while ensuring they remain politically viable in the current landscape.

The Rich Zeoli Show- Hour 3: 5:00pm- Madeline Brame—a national victim rights advocate who rose to national prominence for standing up to Manhattan District Attorney Alvin Bragg after the senseless murder of her war hero son—joins The Rich Zeoli Show from Milwaukee, Wisconsin. Many are saying she has delivered the most powerful speech of the entire RNC convention. Brame is Project 21 Ambassador for The National Center for Public Policy Research. You can learn more about the organization here: https://nationalcenter.org/ncppr/staff/madeline-brame/ 5:45pm- Congressman Guy Reschenthaler—U.S. Representative for Pennsylvania's 14th Congressional District & House Republican Chief Deputy Whip—joins The Rich Zeoli Show from the RNC Convention…and he brought waters!