commerce. she prior to that time. for the first 150 years of the republic. that power had been understood to do essentially two things to give congress the power to regulate interstate commercial transactions if i'm in virginia, and i'm selling something to you. you live in maryland. congress has the power to set up a system of laws that will govern that transaction should it choose to do so and to impose a negative power on state laws that would interfere. the other principal power that's derived from a power to regulate channels and instrumentalities of interstate commerce today. we would think of those as interstate airways airwaves waterways roadways canals and so forth. so this was really a new frontier that he was pushing for the commerce clause remember that perhaps the single most important element or one of them one of the most important elements of the constitution was that as these twin structural protections the vertical protection we call federalism that keeps most of the power clo

e-commerce only countered -- e-commerce only accounted for 30% of my business. administrative costs and time continued. i had to register with the department of revenue for each of those states. i had to collect sales tax from customers purchasing products in those estate. -- purchasing products in those states. in total, i have spent close to $50,000 in out-of-pocket costs in order to comply with tax legislation. i know many e-commerce sellers, we want to be compliant and pay our taxes accordingly. the current conditions make it excessively complicated and add many costs and fears that we are doing something incorrectly. i have known businesses that closed because the complexities and costs were too much for many business odors -- business owners. this shift to online commerce does not work for existing regulations. there are a few things that could make it easier for e-commerce sellers. a uniformity around criteria, this would make things more transparent for businesses. the second is for states to provide one sales-tax for e-commerce sales area this would mak

you have got to interpret the commerce clause anything that affects interstate commerce pretty much anythingffects interstate commerce it's like the butterfly effect flapping wings and then somewhere in brazil will affect wind currents and weather patterns in florida. the supreme court thankfully had already rejected similar arguments presented during wilson's time in office. . . . d delegitimize the court, individual justices who wereti opposed. most notably the accommodation. the one i regarded of w the the intellectual leader among them the only supreme court justice and a very handsome man. >> a question from the audience. >> my dad was helping the professorship of law at nyu. most of the time one of the moderates in the court and justice owen roberts and joined the interpretation of the qualls. it was unanimous and they are pushing back on fdr's intrusion into federalism so we started demonizing the court. it's reached a crescendo to the point it was ready to push legislation giving him the authority to appoint as many justices bringing to court up to 15. a labyrinth of complicated form

we saw this in e-commerce. now we're seeing it expanding into other areas i wonder, dee, how long before this moves outside -- it's really -- the consumer is at the root of all of this. digital consumer behavior, e-commerce, marketing connected to e-commerce. >> bed bath & beyond, it's brick and mortar, too. what else? >> in that sense, right, this is not a surprise this is one of the first shoes to drop when we knew the economy would be slowing we knew it would hit digital advertising which is often the canary in the coal mine. it's not, say, a deceleration in cloud growth which would mean another part of the employee kmooe was slowing. the markets were down big premarket. now snap is up more than 7.5%. the market is telling us they think the worst is over. can we be confident in that? did we just hear from fed chair powell on friday saying there's more pain for households and businesses to come snap is taking its medicine now. you can argue it's in a much more vulnerable position than even other ad players li

ed: brendan, what is the e-commerce story here?f the big stories of the pandemic was changing how consumers behave dent how retailers had to adapt to meet that demand, what are we talking about now in the context of e-commerce? brendan: exactly right, that is good to be a big item this quarter and quarters to come. what you have been seeing most recently if that -- is that mass-market retailers such as walmart and target, you are seeing the growth rate slow down or even flatten for e-commerce demand. but people have run back to stores this year, they feel better from a covid perspective. another thing that is noteworthy about e-commerce demand this year is that, while growth is slowed, it it is still kind of holding its own. it has not gone away. and how fast that expands is one of the biggest and most important questions in front of these retailers. and they are all investing a lot of money to be ready for that, under the assumption that the e-commerce part of it will be steadily rising if not soaring the way it did during the pan

gina raimondo, the commerce secretary, spoke to bloomberg news.he had this not too surprising answer about whether it is heard the dialogue between china and the u.s.. >> it has certainly made it a little more challenging. at this moment. it is harder. but, i am hopeful that we will get beyond that back to a place where we can have more of these discussions. stephen: on the issue of potentially removing or altering the trump era terrorists, gina raimondo said mr. biden is being very cautious on that matter. obviously, he is concerned about the impact on american workers. gina raimondo still expects biden to make a decision on the tariffs before too long. still, abundant here as well is that pledged eventual face-to-face meeting between xi jinping and president biden given ansi closings visit and given the -- nancy pelosi's visit and given the nature of the military drills around taiwan over the last week, i think that probably put talk of a face-to-face meeting on the back burner now. shery: these military drills. is this the new normal? stephen:

both privateers and commerce -- commerce raiders do the same thing. they're trying to target u.s. boats, especially u.s. merchant vessels or trading ships. they're trying to destroy them or capture their cargo and their crew. but the difference between commerce rating is that it's actual sanctioned ships with actual confederate sailors. the confederacy needs to do this, because lincoln has rewritten the rules. commerce raiders are pretty successful. they will travel around the various international waters. confederate commerce raiders actually destroy 284 u.s. merchant and whaling ships. so they're doing some economic damage out on the seas, going after whaling ships, and various merchant vessels. the most famous commerce raider, one of the most famous commerce raiders, is the css shannon dowel. this is a gold star moment in your notes the css shenandoah, she was built as the part of the chinese sea trade. she's initially launched from glasgow, scotland, in august 1863. but then the confederates secretly by her, and they rename her the shenandoah. the css shenandoah will start ope

there is so much competition for instance, big commerce bigc one of your picks. e-commerce b to b. b to c makes sense ever commerce digital across multiple industries but how do you know these are the best stewards of your capital and you shouldn't just stick with some of the flashier names? >> a couple things on that one is of course you never know. right? with any management team whether a small cap or large cap company as we've learned over the years you don't really know any more than you can discern by going through the balance sheet, income statement, making sure all the numbers really add up and that business is as good as it sounds. what we also know is that all of these big names that everybody knows in the market place whether amazon, apple, microsoft, google, they were all small companies once they were all small, untested companies with untested management teams what we want to look for are business models that make sense. we want to look for metrics that support what the management team says we do want some external validation whether things like the gartner quadrants

one way or another were not themselves interstate commerce. it would take place in one state at one time. he nonetheless advanced it to this aggressive argument under article iau section 8 clause the for commerce between the states. it encompasses the power to regulate things. for the first 150 years of the republic that power has been understood by essentially two things to give congress the power to regulate interstate commerciall transactions on selling something to you. congress has the power to set up al system of law that will goven that transaction by imposing a negative power on state law that would interfere. the other principle power is the power to regulate channels and edger mentality. we think of those as interstate airways and waterways roadway canals and so forth. this was really a new frontier that hee would push. remember perhaps one of the most important elements are one of them, when the most important elements of the constitution is the structural protection the vertical protection wewe call federalismsm at the state and lo

services and commerce on the internet is the biggest opportunity for them.we see that continue to adopt commerce services and we are making it simpler for them, launching new products that allow them to take payments online and a super simple way, the latest product allows them to do it without signing up for a website. >> applications and commerce is going fastest but i'm wondering what's driving that? amazon seems to be doing overall particularly well, you have challenges doing targeted advertising based on changes with apple and google that they are doing or planning or to do. how much is it a big company toll that direct to consumer companies are having to pay and how are you helping them past that? >> we are so early in the cycle for micro businesses and these folks are resilient, it is no matter what the economy is bringing over the competitive pressures are. for many of them it is a new opportunity and because it is so early even though e-commerce as a whole is coming back to the natural curve it is still a new opportunity. a year or two years ago e-

confide to them the commerce of our country. don't do it through the government. the insurance companies are the real regulators. and i like this quote because, you know, i think today a lot of times we talk in terms of the government versus the free market. but what's clear here is that samuel smith is talking about the real alternative to legislation being not nothing, but insurers as governors of american at risk. are insurance companies. pretty interesting it sort of echoes the quote i gave you at the beginning from about six years later. the british forget admiral going insurance companies, as long as your insurance companies don't mind, i'm okay with the war of 1812. samuel smith an american merchant or senator saying our insurance companies will regulate the risk of commerce with judgment and precision. they're governing american commerce. don't need the states to do it. sort of fascinating high political stakes to that comment. insurance companies also evade the law. i said they really vocally pronounce that they obey un

. >> you mentioned e-commerce.p if i say things and will get weaker and amazon said things have -- let's say they overbuild. this made a lot of people feel the whole commerce system is slowing down. when i read your release, i don't get that. >> no. what we are seeing is blue-chip international organizations that want to continue to invest for the future. they are doing that with g xo and we are putting new things down. 90 new houses have been installed and they have new technology, tech enablement. that gives me a sense that they are optimistic for the future and we are optimistic with them. >> what about automation? there was a review that was not great. there are people that are thinking there has to be a slowdown. you have automation. it seems to me you will be taking care and some people are saying businesses down and have lost business to you. >> absolutely. weird definitely taking market share. the reason we are taking the market share is because it gives our customers an edge and telling them to be more eff

is the biggest opportunity e-commerce?e dream to be seized -- see something on pinterest and buy it? to figure out where the palo came from or how to make it if they want to make it themselves -- pillow came from and how to make it themselves? >> yes to each of those. what pinterest does really well is is a curated journey. there is a lot of great ai and ml that puts things together things and you are trying to figure out what you on to do, making, doing, buying. we can ring a lot of inspiration together on those. it is curated, it is not just what is a really great dress that i want, but what are the accessories to go with it? a lot of human duration where people make the associations on the platform. where we stand out quite unique is our ability to ring those things together. -- bring those things together. from inspiration to realization there is some real superpowers the pinterest five arm has not just -- has that is not just ai or ml. what is the room going to look like in this aesthetic? it helps us think about how

and doing their business, they are making a bet on american commerce. they're wagering that, in spite of the raging napoleonic wars, the american merchant fleet on balance be profitable. they do provide the fledgling u.s. government with information about the safety of its merchants in the world. information that was crucial for its policy making. as by supporting american overseas commerce they allow the federal government to collect its most critical stream of revenue, which is customs. so, the american underwriters of how their loyalty to the country and, setting aside some significant lucrative gray areas in the law, they generally follow the law. they generally demand that their merchant customers do the same. i say generally, there are some important places here where insurers are sometimes dodging the law or sometimes, when the government isn't equipped to say what the law is, marine insurers are the ones who determined what that law should be. i can talk about that later. i don't think we should under-account the importance of the ways in which

is it e-commerce?the dream to be able to see something on pinterest and diet, or figure out where that pillow came from, or how somebody can make it they want to make it themselves? bill: yes to each of those. how you put those things together really matters. . if you look at what i think pinterest does really well, it is a curative journey where, yes, there is a lot of great ai and machine learning that is helping put together things that, when you are trying to figure out what it is you want to do, whether it is making or doing or buying, that we bring a lot of great inspiration together on those things. . but it is curated. it is not just ai and ml figuring this out, it is, what is the right set of accessories to go with it? there are people making those associations on the platform, where i think we really stand out, they are quite unique in their ability to bring those things together. so there is an opportunity to bring people from the inspiration, to the realization. there are some superpowers t

he was at venmo briefly, now google commerce.e has been a very commerce-oriented skill set, and that is probably something to be excited about and we will be watching it from the sidelines. emily: pinterest of course is a much smaller player than meta, even snap and twitter. do you see what is happening here as some sort of broader signal about what is happening in the broader economy or with digital ad spend? rohit: broadly, we're quite certain that digital ad spend is shifting slowly downwards. in the pie, market share is shifting. we think that google is getting a little bit of extra market share away from some social media platforms. search tends to do better in recessions and when advertisers get very cautious about spend. that's what is happening. but pinterest is a very small player. he could just be a play on, ok, what you think suburban moms are thinking about holiday shopping? that would be they are not completely pessimistic about it. if you look at engagement on pinterest, that might be the only leading indicator but

this is sort of an asian company, e-commerce, of course but more of a super app that some of the e-commerce companies that we have here. >> i will say it's fascinating because they soup to nuts manage effectively not just the retail component meaning the website. they're doing the delivery piece of this as well. as a result of doing the delivery piece, they're able to do the returns it is a full almost white glove situation. it's hard to replicate just about in any other place though because one of the reasons it works on unit economics basis is the fact that seoul is such a dense population they have people who literally are assigned to buildings because of the thousands of people who live in those buildings. they just go up and down and up and down those buildings different dynamic than the united states. hard to see if that model could work here. people talk about one-hour delivery, they can do it there in an amazing way. >> they can actually do it without burning through hundreds of millions or billions of dollars. a lot of companies here trying to do that. >> absolutely. meantime, want

better target ads elliot says pinterest has a unique position in the advertising and shopping e-commerce elliot's per spect writing -- the qd 3 guidance support the idea that pinterest occupies a unique position between search and social, facing revenue headwinds not quite as severe, but perhaps not quite as resilient as google search elliot getting into the stock is one reason that susquehanna upgraded the stock, and tie to say paypal could mean he could eventually line up the two companies for a deal. >> thank you, julia. >>> soft commodity climbing over the past year. we're going to talk to the ceo of misfits market, which offering sustainable grocery at a discount nser about changing coum behaviors and what it means for his bottom line. that's next. - as someone with hearing loss, i know what a confusing and frustrating experience getting hearing aids can be. that's why i founded lively. high-quality hearing aids with all of the features you need, and none of the hassle. lively offers bluetooth, fda regulated hearing aids delivered to your door for thousands less than you'd expect an

secretary of commerce. he had tried vain behind the scenes to the federal reserve board into restraining the bull market. in the spring and summer of 1929, the nervous chief executive again attempted persuade the federal reserve board and the barons of wall street as to break the speculative. his largely covert actions little effect. when the crash came in october, hoover's first response was to assure the nation that the fundamental business of the country is term. and he defined that as the production and distribute of commodities was again in his words on a sound prosperous basis. but as the markets downward spiral continued, he realized that the debacle effects had not been confined to wall street. the national psyche itself had suffered a shock if the mood of fear, uncertainty and hesitation in business were not checked, he said the economy could plunge into a grievous depression. hoover now took steps that changed the course of american history. instead of allowing the business downturn to its course.

k or association of german chambers of industry and commerce. it's been a week since ross has gas from reduce deliveries to germany. again, 3, they know, 3 pipeline to 20 percent of regular flows. this time, most probably because of germany, support of ukraine. moscow blames maintenance and waste and sanctions. but german chance lola show accuses russia of deliberately blocking the delivery of a turbine for the pipeline in germany after being repaired in canada, inspecting it showed set the turbine is now working and ready to use. once russia requests it, he says rushes claims of technical problems and credible. and so guess customers to expect more restrictions. the steve, nick's invito cons, nothing stands in the way of forwarding the turbine to russia. wilson, except that the russian customers have to said that they wanted sub von and that they provide the necessary information to customs wasn't on all other than premise have already been cleared. it is pretty simple. the turbine is here. it can be delivered in someone simply has to say i wan

you cited the commerce designation for the entity list. you gave some incidences of where you believe it was working. do you believe it works if the commerce department places companies like this on the list? >> i see it as a signal. ultimately, the entity list is not an individual sanction, not a comprehensive package. nobody is losing the rooftop swimming pool. it shows investors, some of whom are based in the u.s., pete -- pension funds, permanent funds, that this industry is risky for them. that kind of signaling is extremely powerful and we saw it have an effect. we sell reports that the debt valuation of nso per to -- precipitously dropped. the company now appears to be in a tailspin. rep. schiff: you made a comment i thought was surprising. first you indicated that a lot of the times these are end of -- identified by individuals. you called on the government to do more. by scale, google and its resources and its interfaces and in the work you are doing in threat analysis, you are going to have more information than the government do

during his years as commerce secretary and president. he was the first person to appear on a broadcast of experimental television. imagine that today. we're just doing it right now how easy this is. he also organized an air traffic system to 8 aviation. additionally he was also the first to use a teleprompter. and who else but herbert hoover had the foresight to see the importance of water management along the colorado river. as secretary of commerce that are harding and coolidge he brought california nevada, arizona, utah, new mexico, colorado and wyoming. all states that had water rights to the colorado river he brought them all together to agree on the colorado river compact which gave us hoover dam and all the the benefits of hydroelectric power dam. and just that -- alone of the entire compact now provides water to 18 million customers that sells power generated by its turbines to nearly two million customers in nevada, california and arizona. today there are 15 dams on the colorado river that provide recreation as well as hydrologi

president of the oakland chinatown chamber of commerce is speaking out about the need for city leaders to do more to keep people safe. now this comes in response to this weekend's deadly shooting of a woman during an attempted robbery in the city's little saigon neighborhood. >> our kron four's haaziq mod-yoon has that part of our coverage. >> you know, maybe could be a simple robbery and notice so that sickening to everyone. >> oakland, chinatown, chamber of commerce, president carl chan joins the community in mourning the death of an asian american woman killed in a shooting during an attempted robbery in oakland's little saigon neighborhood. kron 4 obtained surveillance video of the shooting. it's what you see on the screen. i want to warn you, the video may be too graphic for some viewers in it. you see the victim exit the dark, a vehicle when the suspect in the white car pulls alongside exits the vehicle that karl chan is calling on the oakland city council specifically council president nikki fortunato best who represents the little saigon neighborhood to help increase safety in

but i want to talk about the provisions from the energy and commerce committee. it makes the -- the bill makes unparalleled investments in climate, clean energy and environmental justice so that we can slash climate pollution and meet our aggressive climate goals. i just want to highlight some of the things. a methane emissions reduction program, a greenhouse gas reduction fund to promote new green technology. investing in manufacturing that's green. reducing industrial emissions. a program for states and government entities to reduce climate pollution. a program for clean heavy duty vehicles for trucks and school buses to make them less pollutant. and appliance and building efficiency rebate to try to deal with emissions from buildings and appliances. in industrial emissions reduction program, an environmental and climate justice block grants, and also provisions to deal with ports that are a major source of pollution. so all of these are designed basically to try to make it, to create clean jobs, reduce energy costs for the average family, we estimate about $1,

e-commerce is still well, well ahead of where it was in 2019. it's just the rate of growth is slowing because the last two years were so crazy. i think trying to have planned on the back of those two years of growth and pretend that they would extrapolate out another year or two or three was the mistake of the pelotons, of these other public company direct consumer brands i think these moves do feel a bit desperate like peloton going to am son are real potential threats to their future. i think they're giving away the direct connection with the consumer which was always the true value it was something that really was only enabled by the data, the online presence, the experiences you can create giving that away to a platform like amazon i think is a huge problem. >> well, investors like it at least for now, ranjan. i like that, like giving darth vader a hug. as always, thanks for your insights we'll talk to you soon, ranjan roy. >>> meantime intuit shares are popping. we'll talk to the ceo next stock came within a few bucks of a four-month high.

. >> now, walmart's net us e-commerce bid reaccelerated, 12% growth year over year after two quartersf growing 1% at $73 billion in annual revenue, it's just under about 12% of walmart's total revenue so i asked mcmillon if the retailer needed another mark lowry to reinrig rate e dmers, get to the next level. he said he did a great job for us but we are now all e-commerce leaders, all think in an n omni-channel way with physical and digital retail. >> yeah, what's interesting here is that when it comes to physical and digital advertising could be a key way to bridge that those ads are so valuable now. thank you so much for joining us and such a fantastic interview now i'm curious for your thoughts a, how important do you think the subscription service is going to object for walmart's future, and do you think walmart has chance to be an ad behemoth the way alexander has become one? >> it's interesting, just thinking about the catch-up that walmart has to do. i think with their subscription service, i don't know, maybe they are at 15, 16 million compared to amazon's prime probably 200 m

he's the president of the chamber of commerce. i hope i can hear you now, rodney. >> i think you can. yes. >> the number of is much less than what we've seen in the past years but europeans are coming back. these numbers do they reflect what people are seeing on the ground? >> they are and i think all you have to do is walk down the streets of san francisco. you can hear languages including european languages being spoken on the streets of san francisco. we're excited many of our businesses large and small feel this impact. neighborhoods in san francisco are doing extremely well. union square, north beach. outer richmond area are doing incredibly well. outside land is happening right now and we're entering the best weather part of our area with fleet week and other things happening. san francisco is a great time to come visit. i expect international numbers to change over time. conventions are starting to rebook here in san francisco. meetings are starting to take place in san francisco and hopefully the asian sector starts to com

looking for insight into the freight market and the e-commerce market, check out the peak surchargesthey started on labor day, a month later, they nearly doubled to $655 a package and freight demand is increasing and e-commerce is spending the biggest year over year increase in july, outpacing january right over here, i might be blocking it and january is boosted by returns and continued holiday spending and e-commerce requires three times the inventory and warehousing space. what you're seeing here is a big tailwind for the transports. >> go ahead. i would point out, this is a huge development it was one of the most worrisome signs for the economy and the the market and this is a very important turnaround >> the thing is that there was some misperception about the stock market it is a big part of the transports and a big partof trucking, but traditionally, historically and people went to the spot market to get relief and to get more capacity and now it's shifting back to the norm >> three bucks up to six bucks a package in surcharge on fedex on everything i send through fedex? >> th

we have the ceo at the australian chamber of commerce and industry.he priority going into the summit? one needs to be addressed for the labor market -- what needs to be addressed in the labor market? >> some shorter-term pressures and i think there are some longer-term priorities in the short term, the issue is the skills shortages we face. we are at or beyond full employment. we need solutions and quickly. we need to get productivity going again. haidi: we have seen a suggestion to raise the salary floor. singapore launching a visa for basically anyone who is earning above 35,000 singapore a month. i do think the lower is going to be a better and what does that mean for migration? >> what it illustrates is that australia like many countries are in an intense competition for skilled labor. we are seeing the same thing in canada, the u.k., very strong, trying to get people in who do not know that they have skills and singapore is doing the same. you have to reduce the red tape and make it much easier for business to access those skilled migrants and gi

commerce sec. gina raimondo.in our chief north asia correspondent stephen engle in hong kong. clearly, a lot of reverberations in washington following that pelosi visit. so, how has the trip changed beijing's resolve toward taiwan. stephen: you saw eight days of military drills in those six exclusion zones encircling taiwan, to drive home the point that they were not happy with the visit. but also, according to taiwan, getting the people's liberation army, its air forces, naval forces and also rockets, to what taiwan says is practice of a potential invasion of taiwan. no one is saying invasion is imminent, but it did give china a good excuse if you want to call it that, to simulate strikes on ships, potential missiles that japan says flew over the island, and really escalated some of these tensions that we have not seen since what is now known as the third taiwan strait crisis in 1995 and 1996. it has obviously stiffened the resolve beijing, which claims sovereignty over taiwan. now, we have to see, and i can tel

. >>> coming up we'll talk to commerce secretary gina raimondo on the c.h.i.p.s. act which was signed into law this morning by president biden. >>> in just a moment liz ann son derz will join us on her latest thinking on the market and how the cpi report could inform the fed's next move. >>> mike santoli is taking a look under the hood at the summer rebound and whether that's wrapping up today >> the better part of the last two weeks, the indexes have been sideways now, it was the big growth stocks that did outperform off of the lows, but on a year-to-date basis i think it's relevant that the equal-weighted russell 1,000. so if you owned a little bit of the 1,000 stocks in the market vastly outperforming the s&p that's because they have remained underperformers most of what's been going on, yes, we're pricing in a slowdown, potential recession, f fed tightening you're down less than 10% year to date in the equal weighted russell 1000 whether that's a selling opportunity or just a sign of traction is the debate take a look too at the s&p 500 advance/decline line th