the top five stocks, you guessed it, microsoft, amazon, facebook, ali baba and google. they've been at the top of the vip basket three and a half years. amazon facebook and google are just 5% of holdings on the long side joining us now, founder and president. i'm not going to ask you to comment on that report other than when i see every single hedge fund is buying the same three, four, five stocks that are the top 30 or 40%, i wonder what happens if and when those stocks begin to get sold >> there is a lot of momentum going into the same names. some of that is justified. we've had a lot of good news, microsoft winning the cloud contract a lot of momentum in facebook. we've been positive on tech. i think we are seeing the underlying and residual effects of that huge tax bill into the economy. the fed has taken itself out of the game this group of events is driving the stock. >> is there any concern that this overcrowding. that is a word goldman sach used if and when they start to get sold it would make sense that people would finally realize these stocks would be overvalu

and should big brother crack down on amazon facebook google and you tube or should all call sam just bought out holland cook in washington this is the big picture on our to america. why do we love the internet things are free there want to know anything google it google is now a verb want to tell the world do what the president does tweet it no charge want to tell your story with pictures or video facebook and you can broadcast live video free. or is it the buzzword that's emerged is surveillance capitalism controversy about how social media is being used to influence the political narrative presidential candidates and others concerned about privacy are calling for regulators to regulate or maybe even break up big tech companies good idea bad idea let's ask legal and media analyst lionel love lionel media and investigative journalist the tech savvy ben swan on the stump some 2020 dems who reckon that big tech is too big and full trust buster teddy roosevelt's attacks on big oil and big railroads been apples and oranges or apples and apples and i think it's apples and apples and look

bring this up they're going to think that's represented by just really a few companies amazon apple google facebook but really what we've seen over the past 2 or 3 years especially is an incredible surge in the number of companies that are getting into the space right exactly so we have this represent coming in every single sector that is somehow overlapping with tech so for example in healthcare we have we have med tech and we have biotech both making great progress and in advancing like minimally invasive surgeries and then even from things like agriculture you have ag tech there are now making it possible to. deliver nutrients and fertilizers to and do soil readings things that we have never seen before and furthermore with the entire retail and shopping space we now have cloud data computing and artificial intelligence now driving marketing is driving a lot of things but some of these tech stocks let me to be the debbie downer here for a 2nd some of these tech stocks it feels like are a little bit artificial in that everybody calls themselves tech companies now i think of we were right for inst

department are doing these wide-ranging probes into digital marketplaces and they are all doing google, facebook, amazond apple. we know the doj is formally looking into google and facebook, we know the ftc is formally looking into facebook. what we don't know is whether they are doing those other companies. raised that the chairman the question today that they may be doing all four of those, maybe two or three. if i were an investor, i would be looking at the question of how intense that scrutiny has gotten. taylor: does this meet the level of the bar that needs to be set in terms of harming competition. the tech companies that could potentially be in play. ben: facebook has talked about this the most -- kurt: facebook has talked about this the most. their argument has basically been out of the accusations are really about harming consumers, that we are being penalized big, and that is the crime. you have facebook, google, amazon. when you talk about app stores, google and apple having these really dominant app stores. it is tough to say who is being harmed in what way but those are the ultimate questi

you mentioned facebook, apple, amazon and google. not long ago it used to be facebook, apple, amazon, netflix and google. and now netflix faces almost unlimited competition. within the last two weeks we saw the launch of disney plus, and that is because government has kept a light-touch regulatory framework to the streaming sector, the streaming part of the big tech economy. and now we have seen a lot of new market entrants. to the extent they have outside power in these companies have grown too large, the companies of grown large because they provide services consumers find valuable. nobody's putting a gun to anybody's head saying you have to use facebook, apple products, and another part i would like to challenge mr. yang on is this idea of rights. these companies have rights as well. and these companies, government doesn't assign or create rights. government is limited. we have inalienable rights and the government power to regulate those is limited. talk about these companies regulating speech are things like that, what they are d

lobbying firms in this region a combination of the finding industries have companies facebook amazon microsoft and google 33000000 have companies facebook amazon microsoft and google 33000000 between them so they know and trust legislation is coming down the pipeline so i think it's going to be very tween them so they know 'd and trust legislation is coming down the pipeline so i think it's going to be very difficult to break them up here and very difficult in the e.u. now moving on to very difficult to break them up here and very difficult in the e.u. now moving on to the broader economy a growing contingent of officials right now are starting to wonder if the broader economy a growing contingent of officials right now are starting to wonder if negative interest rates actually cause more harm in europe so this was essentially a monetary if interest rates actually cause more harm in europe so this was essentially a monetary experiment but now it's becoming this massive liability in europe so what has chris merriment but now it's becoming this massive liability in europe so what has christine legarde sign

this increasing push right to really resolve the texas tech giants we're talking about facebook and amazon apple google part of the reason for that though is because of the way these companies shift profits around the world in order to minimize their tax bills correct yes absolutely in fact it's so common that it's actually known as double irish dutch sandwich. for the fine so what they do and google is a good example of what they've done actually is they set up a subsidiary in the netherlands right so that's the dutch part of the sandwich but the double irish is then they send some of those revenues go to through an irish google island subsidiary which then has an affiliate in bermuda where there's no taxation now this is 100 percent legal google has said well we pay 2726 percent taxes worldwide and it's legal 100 percent correct it is 100 percent legal 26 percent taxes overall how well it actually comes down to a single digit rate when you look at how they have been taxing those offshore accounts because if you look at the no tax none of the taxes from the sort of maneuver that i just mentioned overa

say why because they certainly would benefit from all the taxation the stocks the facebook's amazon. netflix and google why because the it's the the french have of course they have no way hennessy they have louisville on the way hennessy the l v m h and that's then they derive huge amount of taxes that says luxury global company from. hennessy and louis vuitton so they don't want it and also the dutch don't want it because of all the subsidiaries there so you've got 2 countries pushing back instantly and that's why the study comes out of france and says that you know the dutch don't want you to mess with their double dutch saying what you really really call it let's shift gears just a little bit here so there's a german bank that has made headlines with a negative interest rate say this again of interest rate on saving right from the very 1st euro sind adding fuel to the fire of the euro p. and central banks you know euro zone. deal here so yes are we expecting to see this . go to other places that you create a savings account with a negative interest rate and if so where would this be and who would be

bring this up they're going to think that's represented by just really a few companies amazon apple google facebook but really what we've seen over the past 2 or 3 years especially is an incredible surge in the number of companies that are getting into the space right exactly so we have this represent coming in from every single sector that is somehow overlapping with tech so for example in healthcare we have we have med tech and we have biotech both making great progress and in advancing like minimally invasive surgeries and then even from things like agriculture you have ag tech there are now making it possible to to deliver nutrients and fertilizers to and do slow reading things that we have never seen before and furthermore with the entire retail and shopping space we now have data computing and our passion talent is now driving marketing is driving a lot of things but some of these tech stocks let me tell you be the debbie downer here for a 2nd some of these tech stocks it feels like are a little bit artificial in that everybody calls themselves tech companies. no i think of we work for instan

mark: facebook, microsoft, google, amazon, apple. facebook is certainly in the crosshairs.on't think they have done anything that cuts across antitrust lines but they have had issues with data privacy, user data protection. we are focused on that, concerned about that. that said, i think that is more than priced in. fundamentals are the strongest with the free cash flow generation. taylor: another big theme of the year, the streaming war. disney plus. where do all of the streaming wars fit into your thesis? clearly is a major inflection point here. netflix went out on a limb and said, we think there could be a market for screen -- for streaming. it seems everyone agrees. look at netflix's stock. when it finally started trading up was the first day disney was out because that risk is in the stock. right now, this is a scale business. canver has the most subs afford to spend on content. netflix has the most global subs today and in four years, my bet is they still will. taylor: we only have about a second. you look at a chart. what you think is the biggest play on streaming i

. >> and google jumped out at me on this list you have amazon number one, facebook number two.lphabet, 2%, way down on this list and yet they are one of those companies we talk about in it terms of big tech, the antitrust scrutiny, the privacy and data stuff. and as you mentioned, everything that is going on with employees right now. why do you think the disparity >> i think that it is really simple casey nailed it. not paying taxes is going to make amazon is target. the notion that these poor people are being hurt and maimed in the warehouses are paying more taxes than the corporation is, that isn't going to sit well with anybody and obviously facebook has behaved badly for several years. and google by comparison has great pr the one who completely skates is microsoft whose business model is really similar, but their pr is fantastic so nobody even thinks of them in the same breath >> and of course you have uber and lyft on the list too speaking to the tug of war we're seeing where ridesharing is concerned. >> yeah, i think ridesharing on one hand is a great service that i thin

mark: you are right -- facebook, microsoft, google, amazon, apple. ok is certainly in the crosshairs. i'm not sure they have done anything that cuts across antitrust lines but they have had issues with data privacy, user data protection. we are focused on that, concerned about that. that said, i think that is more than priced in. you can buy the stock at a discount to the growth rate. i think the fundamentals are the strongest in the large-cap internet space in terms of free cash flow generation. taylor: another big theme of the year, the streaming war. disney+. where do all of the streaming wars fit into your thesis? mark: there clearly is a major inflection point here. netflix went out on a limb and said we think there could be a market for streaming. i guess everybody has finally agreed. everybody will step in. but the biggest competition for netflix has launched, that is disney. look at netflix's stock. when it finally started trading up was the first day disney was out because that risk is in the stock. it is safer to get in the water. right now,

today, you were talking about amazon,four, facebook, apple, google, pushing back. at did we learn about what those tech companies are saying? ben: one of the most fascinating things that i saw in these documents is amazon basically conceding that it does demote third-party merchants if they are offering lower prices on other retail e-commerce portals like walmart, ebay, etsy. that is something, when i talked to antitrust experts, that they say the ftc will want to dig into that and see if amazon is .sing pricing power somewhat of an important admission. thatnk it is important they say, the reason we do that is that we offer our customers the lowest prices, and there is no competition or antitrust concern. they are offering a robust defense, but i think it was an interesting concession from the company. taylor: thank you for joining us. coming up, a lump of coal for investor stockings. the retailer gets a bad forecast despite the partnership with amazon. if you like bloomberg news, check us out on the radio, the bloomberg app, bloomberg.com, and in the u.s., on siriu

whether it's google, amazon, facebook, their entire infrastructure runs on open-source and this has beenlipped on its head monitor people, so it's the underside of the story. taylor: was it freezing? ashlee: it was incredibly cold. taylor: bloomberg's ashlee vance, thank you so much for joining us. coming up, we discussed the state of enterprise software networking and security with the ceo of juniper networks. and bloomberg technology -- "bloomberg technology" is livestreaming on twitter. this is bloomberg. ♪ taylor: earlier this year, juniper networks bought mist systems. this was done with the goal of bringing ai into the internet of things space. the company is wrapping up its fifth annual summit in las vegas, which is where ceo rami rahim joins us from. congratulations on the summit. i want to talk about some of the announcements you are making, particularly within security intel. what are you hoping to achieve with that? absolutely topis of mind for pretty much all of cio's,tomers, ceo's, boards of directors. it's all about leveraging the obtaink infrastructure to data and informat

over overhaul of the telecom sector will be paid for by raising taxes on tech firms like google amazon and facebook and using its mean transformation from. iceland's biggest fishing company sam perry is accused of bribing the namibian government for the permission to exploit its waters as a consequence to namibian ministers have already has resigned but now the scandal has also reached iceland iceland fishing industry is in choppy waters the country's biggest fishing firm some harry is accused of bribing the namibian government for the permission to troll its will shares. post middlemen know it reminded me in a uncomfortable way of the old fashioned colonizers who exploit the weaknesses of a country's government the allegations were made by former employee turned whistleblower johana stefan son who leaks thousands of corporate documents to a team of investigative reporters iceland's minister of fishery says the blame likely needs to be shared. there's never only one person who's responsible in this kind of situation. authorities in iceland say they'll work together with their namibian counterparts

labor says its telecom sector overhaul will be paid for by raising taxes on tech firms like google amazon and facebook and using its green transformation fund. the european investment bank will stop funding fossil fuel so by the end of 2021 like to help fight climate change that includes a natural gas projects many european countries still rely heavily on gas to power electricity grids the bank says policy changes need to strike the right balance between protecting the environment and keeping the lights on across the continent. and amazon wants to challenge the pentagon's decision to give microsoft a $10000000000.00 cloud computing contract the online retailer said. is politics in the way of a fair process u.s. president donald trump has repeatedly taken swipes at amazon and its founder jeff bezos also owns the washington post. everyone who's traveled from europe to australia knows the ordeal changing planes halfway and spending a full day in the air while australian airline quantas is looking into ways to change the so-called karan grewal route modern aircraft now allows ultra long haul air travel an

increasing push right to really resolve taxation in texas tech giants we're talking about facebook and amazon apple google part of the reason for that though is because of the way these companies shift profits around the world in order to minimize their tax bills correct yes absolutely in fact it's so common that it's actually known as double i. have been to make of problems and i believe can be linked to very simple problem. and some dog owners so heartbreaking stories about their pets street the larger corporations are not very interested in proving or disproving the value of their food because they're already making a good $1000000000.00 on it and there's no reason to do that research. the tense situation in venezuela is all over the news the problem in venezuela is not that soche. has been poorly implemented but that socialism has been only implemented inside venezuela things are different we're going to announce sanctions against a troll to venezuela socio. political moment to. get out of that. data to see on the path to the mad moment the focus of the who story isn't new nixon called in henry kissin

so they talked about competing with american technology giant but we are talking about, facebook, google and amazonective, even though their combined market value of $13 billion, it is still nothing compared to amazon, which is worth nearly $900 million, sharanjit. thanks for the update from america. before we go, let's take a look at the markets and how they are trading at the moment. we know they are fairly flat. a lot of causes traders out there, the nikkei is down 0.5% due to jaded sentiment regarding those us trade talks. that's it. thank you for watching. let's bring you up—to—date with our top stories this hour: prominent figures in the hong kong government have entered the blockaded campus of a major university to persuade protesters to leave. the trump administration has reversed decades of us foreign policy by announcing that washington no longer considers israeli settlements in the occupied west bank illegal. it's a deadly fungal tree disease called ash dieback that's swept across europe and could wipe out most of the ash trees in britain. well, now scientists say there's new hope after

facebook both up 50%. then you look at the likes of google pair and alphabet, amazon lagging. although it is possible that we do see fomo pick up for some of these high flyers. taylor: within the idea of differentiation, bear with me as i pull in another terminal chart here which again highlights the market cap of apple more than the entire s&p 500 energy sector. this is not a story about apple, to me, it highlights the concerns about growth over a dividend-paying sector, a value sector. are we starting to see a rotation out of value into growth? sarah: if you look, yes, there are many ways you can measure value and growth, but you look at the value index, growth index. a streak of that sort since back in 2016. when it comes to tech, it is difficult. you have to see it broken into three different industries. semiconductors, software, and hardware. what is interesting for tech, up 40% this year, the best year for the tech index at large since 2009. you see tech outperforming on days where we see cyclicals and values outperforming but also on days that we see defensive and safer

facebook, amazon netflix and google alphabet you own social, mobile cloud.l it faux diversification no heart you like the oil stocks it's usually wrong you can't have a portfolio of exxon i say know equal j & j ealey little bristol myers and united health this they leave you exposed to health care risk overwhelming the graup at once having of undiversified portfolio is not just amateur mistake. many professionals like don't it box because of the way money management if you concentrate the bets in the secretary are and it takes off you'll beat everybody who is diversified out there. that's the nature of the beast a hedge fund manager who does that and gets lucky can market himself as a huge success. get profiled by every magazine raise capital from unsuspecting investors who don't realize the risk they're taking on here is the bottom line. whether you're amateur or professional you always need to do homework and keep the portfolio diversified may not be exciting and sexy but this is routine maintenance that protects you from monster losses down the line. mike

after that you have to look at companies one by one because outside is not the same for amazon or google or facebookre's an irony that people think of regulation with being stifling and companies have to do with which is difficult and slows growth and innovation and productivity but the kind of regulation you're talking about is regulation to make the market more dynamic. >> of people can take one thing away, it should not be about less regulation. that's a wrong way to think about it. where we are today you should think of good regulation or regulation that will increase competition. sometime less regulation and getting way with licensing requirement. if it's about breaking a company or forcing them to share, it's more regulation. the key is improving competition. >> a final question, there's concern about capitalism and as a set at the beginning among democrats for socialism and you do not expect to see. you think addressing these issues would help to restore the faith and capitalism? >> i think it would have a significant income. my estimate is the middle class, the middle bottle which is the hea

amazon already owns. it won't use the same technology as ghost stores. >>> it appears there's a race to replace your phone. >> microsoft, facebook, google and amazon are working on devices to wear on your face. >> can i have smart glasses, smartphone, apple watch. those are your "tech bytes." >> that's a lot happening. >> that's too much. >> yeah. >> i have the phone. that's enough. >> until we get them and i like these. >> oh. >>> one in a billion, the band celebrating a major milestone on youtube. >>> and an emotional moment on gem did i. the final answer i just add a spoonful to my marinades... ...to stir frys... ...sauces. just whisk it in... ...brush it on... sauté it. it adds a "cooked all day taste" ...that doesn't take all day. better than bouillon. don't just make it. make it better. don't just make it. lowe's helps you do hosting right with the best prices of the year on appliances to help you handle anything and everything. hey, shaq. it's a 30 second tour. no man it's like... now it's 26. welcome aboard. ocean! skyride. mini golf. relax! relax! relax! you take this man to be your husband? i do. married. no time for basketball. pool. carniv

been in touch. 0ne person says "i hate talking to inanimate objects, anyone who allows amazon, google or facebookys "not100% convinced ai is the way to go. these fraudsters get your information from your rubbish by hacking your phones, pcs, imagine the information they can steal when they hack into your home via such devices as alexa. " i will be back with the top business stories in just a moment. don't be fooled by sunday's sunshine. there's more rain on the way this week, and to areas that really don't want any more. this is how thejet stream's looking this week. it's taking aim at the uk. taking areas of low pressure further south across the but it's how it is looking this week. more low pressure being carried towards us at times, the uk is on the northern side of the uk is on the northern side of the jetstream, that is the cold side. so this weather pattern this week means there will be further spells of rain, sunny moments as well, some hills know, windy around the low pressure and we are cold with some frost occasionally overnight. this is how we are starting the new week with low pressure

apple, facebook, google, amazon.one of those companies touched my personal life, mostly everybody out there. these are the companies you have to stick with and like you said, if you are a fitbit, a pinned, one of those people without an ecosystem, you won't be able to survive alone. if you aren't investing directly in one of these companies and are trying to play it on the outside, you are playing it the wrong way. even though they aren't doing well, you need to stick with these big names. charles: it is tough, though, because you hear millenials, they want the alternative meat. my 7-year-old granddaughter told me she wanted to go to burger king and try the plant-based meat. she must have heard about it in school. they automatically say these have to be great investments because this is where the world is going. >> yeah, you have to be careful of that, though, because you look at an old company like kellogg, we just reported earnings, and a lot of people actually think it's a better alternative. there are companies a

the data checks are going to facebook, amazon, google. to the tunes of 10 -- tune of tens of billions of dollars. when you subscribe to the services, you never read that boilerplate. you say get out of my way, i consent, i agree. we all do that. were not crazy. what else are you going to do? all of this consent, agree, consent, agree, they are taking our data and packaging it and selling it and reselling it and occasionally they get hacked. then you see the headline being like hey, yahoo! got hacked. then you are like, oh man, does that mean i have to change my password? then you are like, sometimes you do or don't. what's the worst that can happen? [laughter] mr. yang: and then you have this hodgepodge of passwords. every time they ramp up their protocol, it is probably because they had a problem. honestly. you show it to a company, we think you should consider changing your password. make it really complicated. you should know that probably means they lost their stuff. [laughter] mr. yang: seriously. that is what is going on. this is th

the public side >> bob, if you thought you were clever a year or more ago and sold off facebook, amazon, maybe googletitrust concerns, regulatory concerns, right now you're not feeling so smart. what's the market telling us about that worst case scenario around the stocks. is it time to put that behind us or is this just exuberance >> it is a great question because google is up 25% this year facebook is up over 40%. i think what you're seeing is the reason why so many active investors are trailing their benchmarks, looking for the incremental alpha, hoping to find it in the tech portfolios i think you're right, jon, some cases investors maybe outsmartd themselves versus what was baked in for expectations. >> we had huge policy risk we thought. we thought the semi cycle wasn't going anywhere because of cars what happened to the two narratives >> yeah. i think on the political risk, it is still there. i think what investors are realizing is it takes longer time to play out probably not something that's going to happen. great to make grandiose stations and say we're going to break up this company and th

the trillion dollar tech companies sucking up more value, amazon, google, facebook, uber and these giantompanies paying out 0 orders 0 in taxes. that's where we are going to get the money to put the dividend in and let it spread the benefits of all of this technological innovation in some parts of the economy to us, the owners and shareholders of this country. shannon: you will have some convincing to do with people, that is why your campaign continues, people seem to love you and you are having a great time out there while adding a different edge to these conversations, we will see you on the campaign trail, thank you. >> thank you. shannon: we are back in a moment with more from the spin room, special debate coverage to use. we made usaa insurance for members like kate. a former army medic, made of the flexibility to handle whatever monday has in store and tackle four things at once. so when her car got hit, she didn't worry. she simply filed a claim on her usaa app and said... i got this. usaa insurance is made the way kate needs it - easy. she can even pick her payment plan so it's e

apple,tioned facebook, amazon, and google. t long ago, it used to be facebook, apple, amazon, netflix, and google. now netflix faces almost unlimited competition. we just saw the launch of disney plus. government has kept a light touch revelatory framework to streaming, and we have seen a lot of new market entrants. these companies have grown large because they provide services that consumers find valuable. nobody is putting a gun to anybody's head saying you have to use facebook or apple products. another part i would like to challenge mr. yang on is that these companies, this idea of rights, these companies have rights as well. the government does not assign or create rights. the government is limited. .e have inalienable rights the government's power to regulate those is limited. theseou talk about companies regulating speech or things like that, they are exercising their own speech rights and association rights. when you have a government challenging those, essentially the government is challenging, is at risk of breaching

where do they go, facebook, amazon, google and a trillion dollar tech companies that are paying zero.ousand dollars a month would've been in the hands of you and your friends and neighbors who need a lower stress level it would mean fewer arguments with your spouse, being able to retire with dignity. it would mean not having to choose between car repairs and new clothing for your kids. it's not about the money but it's about what it means to us. i've been getting a thousand dollars a month to families for a number of months now. i recommend it. one of them is here tonight who lives in iowa falls. thank you, kyle. so he lives in iowa falls with his mom is recovering from cancer. when i saw kyle on my last trip he said he'd taken care of some bills and was playing shows for the first time in years. it was a guitar in for jodi it was car repairs to visit her daughter, mallory in florida it was going back to school at the age of 68. this is what the freedom to spend would mean for us in real life and the reason you can make the reality like this because it is your power and your power alo

where did the checks go, facebook, amazon, and google. month would mean in your hands, in the hands of your friends and neighbors. it would mean lowering stress levels, it would mean fewer arguments with your spouse, it would mean being able to retire with dignity. it would mean about not choosing between car repairs and new clothes for your kids. it's about what it means to us. and i've been giving a thousand dollars a month to families around the country for months now. i recommend it. and one of them is here tonight, kyle christianson who lives in iowa falls. i thought you were up there. kyle lives in iowa falls with his mom who's recovering from cancer. when i saw kyle, he said after he had taken care of some bills, he bought a guitar and was playing shows for the first time in years. for jody in new hampshire, it was car repairs to visit her daughter. for mallory, it was going back to college. this is the vision that you can make a reality like this, iowa, this is in your power and your power alone. now, my first move -- my first mov

labour says it would nationalise part of bt, and introduce a tax on technology giants like google, amazon and facebookfor the plan. borisjohnson has dismissed the idea as "crackpot" and a crazed "communist" scheme. here's our technology correspondent rory cellan—jones. it's a mammoth task bringing ultrafast fibre broadband to every home in the country, and most of the work is being done by bt‘s 0penreach division. now labour wants to take it into public ownership, rename it british broadband and give everyone full fibre for free. british broadband will be our treasured public institution for the 21st—century. delivering a fast and free broadband to every single home. only the government has the planning ability, economies of scale and ambition to take this on. labour's plan would see state—owned british broadband spent £20 billion to give everyone an ultrafast service for free by 2030. and running this government owned network would cost £230 million per year, a cost labour says will be met by new taxes on internet giants like apple and google. at the moment, as well as bt, you've got a choice of a wh

is a huge draw everybody wants to go work there will be wants to live there to go work for google facebook amazon all the ball the big names but they have no place to live and it's almost criminal to only extent which you're spending all your money on that housing or you're not spending any money at all when you're living on the street. they can't survive as big companies they can't have thousands of employees if those employees don't have any place to live so this is exactly what they're what they're going after it's definitely not a it's definitely not of the kind of their hearts that they're doing this it's obvious business move it needs to happen just so they can get the talent. so if it's so expensive to live in san francisco and other parts of california where people move and see these days where are the places where they can find affordable housing so this is always been an interesting question. and the rest of america i guess you could say i've always i've always been looking for innovation and start up cities in other places around the world what's happening more and more as a people are

they went to facebook, amazon, google and the 20 billion are -- 20 between dollar tech companies thattaxes. think about what these checks would mean in the hands of you and your friends and neighbors mean lower stress levels, fewer arguments with your spouse being able to retire , with dignity. not having to choose between car repairs and new close your kids. it is not about the money but what it means to us. i have been giving a thousand dollars to families around the country for couple of months now -- one of them is here tonight. kyle lives in iowa falls with his mom who is recovering from cancer. after he took care of some bills he bought a guitar and was playing shows for the first time in years. for kyle, it was a guitar. for jodey in new hampshire with car repairs to visit her daughter for malory in florida, it was going back to school at the age of 68. this is what the freedom dividend would mean for us and -- in real life. this is a vision you can make a reality, iowa. it is in your power alone. [cheers and applause] my first move was not run for president of the united state

>> our investigation looked at many of the major c techpanies including google, drop box, amazon, facebook and found a nuer of them had both policy gaps that allowed files to be uploaded, for example, and not beor detected this material, but also the number of companies including microsoft were not using their own tools built to detect and t removes material. in our own tests we were able to write a computer program thatic searchedsoft bing search engine for illegal material and found a number of matches raising serious questions about hat eventhe companies have invested a lot io it really why they're not takin fulldvantage of the tools that are out there. >> i know you reached out to some of those companies. what w their sponse, if any? >> some of them said that this wa for privacy reasons, that -- that scanning users' files raises spe terse that privacy act groups could take issue with. azure, enter price systems sai thms of service already barred illegal material and that they felt that their customers' privacy was a higher priority. >> what are law enfcement offials doing about this, i