today we're talking about the

person that everyone is talking about. taylor swift. she's not only bringing music stiff today we will talk with a usc professor about just how much taylor swift is generating. our on a tour. but first, this week the biden administration open an investigation into harvard to look into whether its practices of favoring the children of alumni and admissions violates the civil rights act. also, an study shows being super wealthy dramatically boost your chance of getting into an elite college. joining us live is state assemblyman phil ting of san francisco. >> thanks

it is great to be here. >> pay close attention to and have worked on behalf of. what do you think aut what we show this week? let's put up that graphic about how if you are at the top 1%, look how that spikes up, your admission chances? more than 2.2 times more likely compared to the average applicant. what is driving that? >> this is said for the most elite private universities, that money matters. we knew this existed. we saw the varsity blues scandal where somebody was paying a consultant to get their kids into school. we knew this was a problem. when we looked at test scores

and not income, when we stepped income, people with higher income got in more often. on the heel of the supreme court case where you say there should not be racial influences. do you think there should not be preferences for anyone for any factor outside of the merit metrics? what do you think? >> i do not think so. when you look at our state universities, they look at a variety of factors. you look at different econ factors. you can say if you are the first one to go to college that can be a factor. kristen: schools to consider what you are talking about, if you faced

adversity in your life, that is considered. but in terms of this legacy issue where you get a bit of a boost if your parents went to the school, you have tried to tackle that before in a bill. >> we had to change the bill. we cannot get it through committee. we asked for data and now we are starting to see some of the private colleges in california actually put the data out. so you have data showing that stanford, usc all had between 13-14%. kristen: we have that. as you said, the law compels them to provide that for transparency. tell us what it is telling you. >> santa reserving a large block there

incoming class for donors and alumni. you see african-americans in those same classes may be between 3-4%. when you said the richest 1% of people get that big of a block, it is much larger than affirmative action ever was. interesting is that they have to now llou the number of adtt students who are alumni , children o alumni or donors. you ildo not see the total of those pplapply. know if 4000 or 10,000 applied, so we do not actually know what percente

ttg in. i wonder if it is higher and if you can do to get more data out. >> i bet it is a much higher percentage than everybody else. that would be my guess. when you are talking about wealthy donors, the study talked about the 1% of income in this country. when you restrict that category, it is a very limited kristen: number of people. kristen:why do you think elite college admissions so fought over right now? we have really been pushing the legislature for uc to expand enrollment because we hear every april how many people, many families their kids cannot get in. you and i got a chance to go to

uc berkeley a while ago. but we are trying to expand the number of slots because our population has increased, but our slots have not. going back to thousand slots every year. kristen: you cannot really compel stanford or usc to expand, even though you can argue -- >> you can encourage them. kristen: could you not as a legislature fund that more so they can expand the campuses? >> which is what we have been doing. we have an agreement university of california to add 20 more slots. we would like them to have even more slots. we are doing the same thing with csu. we have put money in the state

budget to increase the number of slots. kristen: when we went, i remember the funding picture was much different. after we left, i believe uc started taking more international students because they had budget problems and international students pay more tuition. >> a lot of that only happened since the last great recession. even then, you see was 5-10 percent out-of-state. berkeley now is about 25% out-of-state and that includes international students. we are trying to get that number down to 18%. kristen: so you think california or university of california can do better? >> we are going to push them to

increase the amount of slots and those 20,000 slots are for californians. kristen: what else would you like to do if you had the chance? >> we should try to get rid of legacy admissions in california. there is no benefit. one of the major arguments from the universities is they say it is a way to raise money, which calls into question bet -- that our families buying slots? uc high. really do not have to keep doing this. they are so prestigious they can continue to raise money, they will have plenty of alumni donors. i do not know that they need this legacy practice.

kristen: i know a lot of people want their kids to go to a top school because there is a link to social mobility and earning potential. let's not forget, so many students can go to california state university, good system. are there efforts to make that more robust? >> the education is incredible and the costs are down. it is around fees. san diego state, long beach state, excellent schools. one of the most competitive is cal poly at san luis obispo. one of the have that many private colleges in california is because we have such a great public university

system. people feel like they do not need to go to private college. kristen: so many people say to me you are so lucky you live in california because your kids can go to one of the great schools for relatively a bargain. thank you so much. no bill on the table right now. you are technically in recess. when you have a bill, please come back and talk to us. >> thank you. kristen: coming up next, can one person be responsible for

taylor swift is coming to town, you must of been asleep for the past few months. she is in town this weekend and generating more than headlines. she is generating billions of dollars. join us live to talk about this is a professor of finance at the usc marshall school of business. thank you so much, professor. >> thank you for having me. kristen: this is such a fascinating topic. we saw fans camping out overnight just to buy taylor merchandise this morning. some people drop in $1000 and the concert does not even start until tomorrow. as a moneymaker were economy booster, is this tour totally and completely different from other chores? >> yes, in many w

it is a new phenomenon. it is a new phenomenon in three ways. first is that there is a demand for experience that is pent up. everybody has the most advanced gadgets. everybody has iphone only material goods has become about commodities. it is all about experiences for the new generation. incredible amount of capacity right now. the most important thing is that this experience is now coming

post-covid to their technological assets. kristen: extension of revenge travel, where post-covid we are like, we want all of those experience we missed for three years. >> that is exactly right. not only that, but taylor you see only once. the second phenomenon is that the taylor swift concert you can put on instagram. it is not just taylor swift concert. it is the fact rubbing off the taylor swift

celebrity. you become a celebrity to your own followers and friends and family. this has become such a sensation. you can put it on instagram that i was here. kristen: so i am more special if i go. >> yes, absolutely. that is exactly right. it is not about the concert. the bottom line is, i was there. look at all the merchandise i bought. kristen: factor you said. >> yes. the third factor is that not know if you took your kids to disney, but now parents are traveling. parents are saying you are going to san francisco. you are going to los angeles.

you are going to stockholm to see beyoncé. why don't we make this a family trip? even if i am not going to the show, i would just camp out let people go to wimbledon just to see the show on the big screen outside. they are not in the arena, but they are in the city. this is becoming a family trip which i think is fabulous for the economies. it is becoming a des trip. kristen: generated for taylor swift? how much is generated to the economy, the hotels, the airlines? >> it is amazing. you hear new zealand, which is not even a destination, but new

zealanders are going to australia. they named a flight after taylor swift's birthday. what it does to the economy is something significant. first of all, there is the ticket sales, the rentals. the second part is that this merchandise that is coming out -- you think about pop-up storms, you think about shops completely selling out. they are setting up stores around the arena's door in the city. hotels are full, but that is something you see in super bowl or any other olympics or world cup or what have you. but here, the spending that is

happening outside the concerts is about three times as much as the spending that is happening within the ticket. ticket, you might as well spend $500 i the merchandise. -- on the merge. kristen: thank you. we could talk about this for a long time. thanks for joining us. >> thank. kristen: everybody loves a good secret. we are about to share one with you next. it involves

could visit a castle? there is a hidden castle waiting to be discovered in the bay area. the san francisco standard has a new article out. when in this live to talk about is the reporter for the story. >> thank you so much for having me. kristen: i started living here in 1978 and i am saying, is there a castle in san francisco? what castle? >> nobody knows around -- about this place, but it has been around since 1870. it has been hiding in plain sight. kristen: where is that? >> it is an innes avenue in bay view. it was originally constructed by john purnell, who brewed ale and porter there. kristen: what has been the history of this? >> jon hood brewed beer

until 1919, which is one prohibition began. they won silver medals for their ales and porters. they imported their english style methods of brewing to the brewery. the beer was actually quite popular during its time. after prohibition, the castle fell into disrepair until a sculptor moved in and really renovated the building, i did a lot of landscaping, cleaned it up. the sculptor lived the water company moved there in the 70's. company, which was at the time one of the only water companies

in san francisco, which was built for the national -- natural water aquifer under the castle. kristen: does it taste different? >> apparently it is delicious and does not need to be filtered, although there is a system of seven filters on the property. some believe native american the native american community believes they might have magical healing properties. they sometimes request water from the owners they use it as a private rental event center. the water apparently is delicious and water was the most important ingredient for english style brewing, which is why he chose the site. kristen: that is fascinating. can anybody just rent it for

your event and --? >> it is a little more complicated than that. there are been some incidents where people have climbed into the natural pools which are in these 200 foot caverns that were hand carved in 1870. and breaking the drains and unfortunately creating a lot of costly repairs. so the owners now do not run tooth on airbnb on airbnb. but it is still available. they have weddings there and different parties. it is just a little bit more selective. kristen: before you go, i want to ask you, are there remembers it may be haunted? >> yes. there have been rumors throughout its history that

there have been ghost sightings and strange noises. but according to the owners, only thing they have heard our raccoons. it may just be rumors. kristen: how did you find out about this? secrets of masonic buildings in san francisco. it was while i was working on that story that this popped up. you never know what you can discover when you were researching a story. kristen: this is fascinating stuff. thank you so much for sharing that with us. >> thank you. kristen: i hope people will read your article.

you can find it sfstandard.com.

joining tonight, breaking news as we come on the air involving former president trump, and what we've just learned involving the special counsel. the former president has been bracing for another possible criminal indictment, potentially connected to january 6th. the trump legal team meeting with special counsel jack