create aal was to darwinian, paranoia-inducing marketplace. and to do that, we had to take down all of the old areas. cable companies could not provide phone service. downwe had to do was break all of the monopolies in one bill and say that every company can do everything and then go to it. we don't of who the winners and losers will be except for the american consumer and this innovation culture which we would unleash. from that moment on, $1.5 trillion of investment went into the sector. it was no longer this rotary dial world. no longer this world where you had to go to multiple companies to get all of the services. that is really what changed the marketplace. our goal was really a digital revolution. we did not know who the winners and losers would be. we did not know if pets.com would win or lose or if google would win or lose, but we knew that there would be far more winners than losers. i had already partnered when the democrats were in control. this lawready passed in 1994, the telecommunications act of 1994. it was killed in the senat

our goal was to create a darwinian, paranoia-inducing marketplace. and to do that, we had to basically take down all of the old barriers. cable companies couldn't provide phone service. telephone companies couldn't provide cable service. so what we had to do was break down all the monopolies in one bill and then say every company can do everything. and then go to it. we don't know who the winners and losers are going to be except for the american consumer. except for this innovation culture which we would unleash. so from that moment on, $1.4 trillion of private sector investment went into the sector. it was no longer the black rotary dial phone world. it was no longer this world where you had to go to multiple companies to get all the services. now you could go to one company for each one of the services. so that's really what changed the marketplace. and our goal was really a digital revolution. we didn't know who the winners and losers were going to be. we didn't know if pents.com was -- pets.com was going to win or lose, google was going to win o

and diligence, being more rational and paying fair prices three that is good overall, classically darwinian can be challenging because they have never lived through this before. emily: what does this mean for the ipo market? ceos that were planning to go public are now terrified. selina: they have really fallen sideways. a lot of companies are now looking at the market and it is not a pretty picture. these companies were driven by the alternative investors to have these larger balance sheet and now they are able to stay private longer. if you add that to what is happening in the markets, these companies do not have an impetus to do it. emily: then what are the options for investors? are they stop? maybe the deals weren't as favorable as they thought, what are their options? ben: for startups it is different for the hedge fund people. you have people -- coming in because it is sunny and warm, unaware of hardships around the corner. these people spend their whole lives approaching companies at the right point in their evolution. they will no longer have to compete with investors that are putt

that process is darwinian and happens all the time. it's happening again. and longer interest rates mean private equity can raise financing more cheaply. our of the deals that we do getting done. the financing is still available. if you look at what has happened to the high-yield market, you look at the high-yield oil bond market just in a few weeks and that creates huge opportunities. all of these capital flows coming back. it's all about confidence. it's coming. we are getting back to normal. it's slow. i get a little frustrated when everybody beats up on the fed and the ecb. back in 2009, they were talking about atm machines and running out of cash. we don't have a blueprint for this. they can fight inflation but not deflation. they are feeling their way through. some fiscal responsibility and that will come. the central banks can do what we weret but recently, talking about the crossrail. these projects are coming. with brexit out of the way, it needs it and maybe god for bid if donald trump is the right person and maybe that infrastructure needs to get

right fan they can't get their disappointed butts out of the chairs and get down to the chairs, it's darwinian you mentioned the convention, potentially brokered or contested. if donald trump gets 1,237 delegates and the republican party tries to take it away from him, their village will burn. lou: i think it may not just be a metaphor you are drawing from, chris plant. this is the most exciting presidential primary season in our experience. and in our online poll, 85% of saw say gop he athletes are assuring trump's victory by conspiring and attack him relentlessly. we'll see you here tomorrow. good night from new york. [♪] kennedy: happy to have you. i'm watching regrets watch over presidential back runner marco rubio like flotsam and jetsam in the miami river. marco rubio carried so much confidence and money into the race. his attacks on trump have backfired and the anvil is pulling him mercilessley to the bottom of the back.

yourreally enjoyed darwinian mutation analysis of philanthropy. do you ever get into judgment of philanthropy? about higherd education. in my mind, higher education has become the end to itself as the cost of higher education has become the utility -- the utility is less than once was. do you discuss, do you judge at all your work? mr. zinsmeister: you cannot help. i tried to keep my opinions out "almanac."ana the measuring stick is, did it make a difference? if it did, we put it in. it is the important for me as observers of philanthropy to resist that temptation to judge, because very often you do not know what is going to result from an innovation. there are lots of examples in my book where people launched something and were not quite sure -- remember the ice bucket challenge a couple years ago? isn't that aoh, trivialization of philanthropy? als association -- in january, i was struck by this -- one of the leading researchers reddits hopkins went on and gave a talk where he said, if you think that the ice challenge was trivial, and later they

fish, and what one is seeing is probably the mechanism for gill movement still present, a sort of darwinian vestige in the brainstem 400 million years after we emerged from the sea. i like to tell this to creationists when i meet them, you know, put that in your pipe and smoke it. [laughter] my generation is on the way out, and each death i felt as an abruption, a tearing away of part of myself. there will be nobody like us when we are gone, but then there is nobody like anybody ever. when people die, they cannot be replaced. they leave holes that cannot be filled. it is the fate, the genetic and neural fate of every human being, to be a unique individual, to find his own path, to live his own life, to die his own death. even so, i am shocked and saddened at the sentence of death, and i cannot pretend i am without fear, but my predominant feeling is one of gratitude. i have loved and been loved. i have been given much, and i have given something in return. i have read and traveled and thought and written, i have had an intercourse with the world, the special intercourse of writers and reade

i really enjoyed your darwinian analysis of philanthropy. do you ever get into judgment of philanthropy, like for example, you emphasize a lot about higher education and program and higher education will come almost an end to itself that is in the cost of higher education to come. the utility is less than it once was i believe. do you discuss -- do you judge it all your work? >> i have my own opinions. i try real hard to keep them out of the almanac. my yardstick was this consequential? lots of them i don't like myself don't like my software would not have done myself, but the measuring stick as did make a difference, did it redirect american society and if it did we put it in. it's really important not just for me as an editor, but all of us to try to resist the temptation to judge because very often you don't really know what's going to result. there are lots of examples in my book where they kind of launch something and were quite sure. the expected challenge a couple years ago, people said how silly. well, they raise -- i think a hundred

to start to innovate real fast with regard to what that box can do because there's nothing like darwinian paranoia-inducing competition to spur innovation that makes consumers feel good and lowers the price that they have to pay to rent the box if that's what they want to continue to do. so thank you all so much for your great work. thank you, mr. chairman. >> thank you, senator markey. senator ayotte. >> thank you, chairman. i want to thank all the commissioners for being here. i wanted to ask commissioner rosenworcel, this is an issue that i've raised i think repeatedly before the commission when you've come before the senate committee, and that is the universal service fund issue. i appreciate some of the reforms that you've made on the distribution side, and obviously there are some additional issues that have been raised here today with the chairman that i hope are also addressed on the distribution side. but i continue to remain concerned on the contribution side because my state, again, i urge you all if you would like to take a nice trip through new hampshire and to the same -- ha

ultimately leads to inability to have anti-consumer practices put in place because competition, darwinians the only way to protect the consumer. adam smith is spinning in his grave as he sees this consolidation in the marketplace that then puts the consumer at risk. the greatest threat in the wealth of nations is the mo nopization, the concentration of power in a small number of countries. that is what we're seeing and all we need to do is just make sure we have a little bit of balance so that we have this discussion about the fees and now being charged indiscriminately. >> thank you for joining us. we appreciate it. >> i misspoke. it was jimmy carter who began deregulation of the airlines. but very much the '70s when we had a regulated airline market. so much more expensive. >> airlines to operate as utility and what does that do to their investor zblas much more expensive. >> it would be ridiculous. >>> a democratic candidate had a lot to say about the impact of student debt on young people. at ally bank, no branches equals great rates. it's a fact. kind of like vacations equal getting

to start to innovate real fast with regard to what that box can do because there's nothing like darwinian paranoia-inducing competition to spur innovation that makes consumers feel good and lowers the price to they have to pay to rent the box if that's what they continue to do. thanks so much for your great work. thank you so much, mr. chairman. >> thank you, senator markey. senator ayotte. >> thank you, chairman. i want to thank all the commissioners for being here. i wanted to ask commissioner rosenworcel, this is an issue that i've raised i think repeatedly before the commission when you've come before the senate committee. that is the universal service fund issue. i appreciate some of the reforms you've made on the distribution side. and obviously there are some additional issues that have been raised here today with the chairman that i hope are also addressed on the distribution side. my state again, i urge you all if you would like to take a nice trip through new hampshire and to the same -- have the same experience in many rural parts of new hampshire commissioner clyburn where the

and in a way this is the darwinian nature of business, we're scraping away the weak management teams,assets will get redeployed. i don't really blame it on retail. i blame it on stupid deals. and so anybody that did a stupid deal is going out of business, it is going to happen here, in the energy space. i like getting rid of stupid management. >> leverage kills every time. it is absolutely the key. i want to ask you a different question. brian just pointed out, there was a stock, $27 a stock, now 27 cent stock. that's 99.99% decline. another stock in the news this week. valeant which went from last august to 260 something a share, rig right? to what, 27, 29. >> in the 30s. >> in the high 20s, low 30s. how do you as an investor know when you got your hands on one of these stocks that is melting before your very eyes, maybe it was a stock that once loved you and you loved it back, and you had an emotional aattachment, hw do you know when to get out? >> i learned over the decades that there is one thing that turns a stock into radioactive waste. and it is the taint of accounting irregula

but they start to innovate real fast because there is nothing like darwinian paranoia to induce competition to make consumers feel good and lowers the price they have to pay to read the box. so thank you. >> i want to thank the commissioners for being here. a lawyer to ask the commissioner if he comes before the senate committee the universal service fund issue in there is some additional issues with the chairman introduced on the side but the main concern is heaps i urge you all to take a trip through new hampshire with that same experience whether isn't coverage but in support of the universal service fund my constituents are paying $37 million in a year in and it is a bad deal for my constituents given that we have real needs in my state important parts of my state and sell a want to ask you. so you have said immolate olin contribution reform from the opening and internet order and i try to understand why we have to wait? recently that congress with the internet tax freedom act in to ensure a clean dash insure there not taxed we want to make sure everyone has access. new york to we have