my wife went to m.i.t. says our house is an experiment and she is the mouse in the maze she is a brilliant lady. we started a company in college. you can do this. we got married. i entered graduate school and she entered her junior year in college and we started a business at the same time. we both worked at the m.i.t. artificial intelligence lab on virtual reality. the ironic thing is now i am here in congress, which i call virtual reality, working with artificial intelligence. there is a lot of artificial intelligence here. ed: back to patents. right now this last 15 years, 10 years, five years, we are seeing the power of big tech come in. we talk about the power of big tech on controlling what we see, shaping young minds, which is neuroscience. i am just talking about the dominance of the finances of these companies are patents because they don't want the patent system. tell us what that progression is. rep. massie: contrary to popular belief, patents protect the little guy. in my wife and i developed ou

troy: my first engineering class i ever took at m.i.t. was fluid mechanics, and it blew my mind. you went from mass calculus to real engineering, and it was like, oh my goodness, this is really hard. tom: it was not. i don't remember --. troy: it was not. i don't member -- don't read them are exactly what it was. i won't tell you what i got on my first test score. [laughter] it wasn't an a, but i did finish with an a in the class. jonathan: good to have you back in the studio. what are we doing, elbow bumps? troy: yeah, it is really great to be back here. thanks for having me on, as always. jonathan: draghieski -- troy gayeski, skybridge capital. equities, 43 53 on the s&p, down seven points. we are off by about 0.5%. heard on radio, seen on tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. the european union's has it will postpone its push for a digital tax instead, a broader agreement will be worked out between the world's countries. the european union had already worked out a package against tech giants like facebook and google. in cub

catherine mann out of m.i.t. her book 20 or 30 years ago, is a trade deficit sustainable? , was required reading. this is an inspired choice by the u.k. jonathan: on central-bank appointments, let us talk about the federal reserve. pushing the story forward with the following headline -- chairman powell and joyce support for reappointment, but he is not a lark. " biden's selection is likely to be the choice between keeping the current chief or replacing him with one of its well regarded colleagues, governor brainard." just a bit of a push forward on that story from the wall street journal. tom: a well-written calendar item. it is the third week of july. not so much after labor day, but let us go into october. jonathan: chairman powell in february. taylor, what is your take? taylor: i am always interested to see what they say about the taper. there has been a lot of commentary. if they'd start to taper back some of the mortgages first, if they do an equal way. in 2013, noticed that the way they were tapering. when we think about a tapering federal reserve, that comes to min

very fortunate to meet my future wife, now my wife while we were both attending graduate school at m.i.ts is her hometown. so, we fell in love and moved to her city. [♪♪♪] [♪♪♪] >> i was introduced to this part of town while working on a campaign for gavin, who is running for mayor. i was one of the organizers out here and i met the people and i fell in love with them in the neighborhood. so it also was a place in the city that at the time that i could afford to buy a home and i wanted to own my own home. this is where we laid down our roots like many people in this neighborhood and we started our family and this is where we are going to be. i mean we are the part of san francisco. it's the two neighborhoods with the most children under the age of 18. everybody likes to talk about how san francisco is not family-friendly, there are not a lot of children and families. we have predominately single family homes. as i said, people move here to buy their first home, maybe with multiple family members or multiple families in the same home and they laid down their roots. [♪♪♪] >> it's different

you've seen this on your engineering at m.i.t.. pricing power can happen, it cannot happen.time around you say there is pricing power and corporations can adapt to the new inflation. how they do it? edward: when we surveyed retailers they tell us pricing power is the most ever. we also serve manufacturing companies and say the same thing. costs are up. labor costs are up also. independent of that, companies are able to pass it along. i guess because the economy is good people are getting pay increases. it also is important because it allows earnings to go up and earnings are explosive. they will be strong in the third quarter as well. tom: what do you see for q4? the idea of inventing market economics into market analysis, many say you did that. chart, paragraph. what to the charts say now about the fourth quarter? edward: in terms of economic growth, we have it slowing down to about 6%. 10% in the second and third quarters. because i'm focused on the stock market, i think earnings will increase again. we have earnings in the second quarter at 220, which is probably $20 ahea

m.i.t.d this years ago around how proximity can create distance very quickly so we think about this virtual environment and we are not co-located so researchers practitioners and technology experts started to look at this a very long time ago to determine how do you even define trust and what type of trust is at? so enter what i write about in the book "remote work revolution" the trusting curve and in the trusting curve i portray the two types of trust that are really important to maintain in a remote environment. the first one is called cognitive trust difficult to remember and very easy to implement. cognitive trust speaks to the understanding of two things that allow us to defer trust to others. if we stand determined that someone is dependable that is 100% knowable you can figure out if someone is dependable. you can ask in you can watch. if you can determine if someone is qualified or has the competence that we need, completely knowable, discernible than we should conferred this quick

tom: a major shout out right now to catherine mann of m.i.t.nd citigroup, now vetted by the bank of england. dr. mann at least three years ago gave out a primal scream over the consolidation of american enterprise. she was right then. she is right now. jonathan: romaine, i know you will be focused on the broad sector story. romaine: there's a lot of minutia in adminstration. i think some of the language about unionization, about right to work, with regards to state licensing requirements, these are huge issues that this administration can by cass congress to get done -- can bypass congress to get done. jonathan: it talks about regulatory bodies looking at past mergers that may be previous and ministrations didn't take a close enough look at. what do you think they might be talking about here? romaine: they are talking about google, amazon, facebook. progressives on capitol hill have been pushing this idea long before biden got into the office. the idea that he's on board with this means that some of those deals are going to be screwed knives. t

mark milley instead went to princi princeton, lettered in hockey and studied at m.i.t.s well. >> very bright dude. >> reporter: over four decades in the military, he served multiple combat tours in iraq and afghanistan, came under fire several times, commanded high profile units with the tenth mountain division and 101st airborne. >> he has been in almost every deployment since the late '80s. all of those are really tough jobs where you not only have to be tactically and operationally proficient, but you also have to be a pretty damn good leader. and be able to have that emotional intelligence to feel the room. >> reporter: enstings seninsti would be tested when he walked with president trump to a photo-op at a church after protestors had been cleared. milley later apologized. >> i should not have been there. my presence in that environment created a perception of the military involved in domestic politics. >> reporter: general milley and the defense department did not comment specifically for our story regarding accounts in the book, a defense official close to the gen

. >> is a bright man, this is a man who went to harvard and m.i.t. this is a man that's very analytical in his thinking, he runs ultra marathons. >> reporter: but he went missing as he parked his car and left his cell phone and it as he departed on an eight mile jog at 10:45 saturday morning in pleasanton ridge regional park. it was 106 degrees outside. but days of extensive searching and even using infrared d rplanehave hven canine brther peth her will be track any sent volunteers who say they have biked and run the used trails for decades have their own theories. >> i one location there was something shiny and we zoomed in with a camera and it looks like it was a water bottle but for a water bottle to be that far down into the ravine was unusual so i gave the pictures to the team. >> reporter: this anonymous jogger had another thought. >> i'm thinking an animal attack. >> we've had different information come in, for example we found a rock that had blood on it. we took that rock to our crime lab and had it analyzed but it was not human blood. we ar

she went to m.i.t., and she's not really certain skateboarding should be a sport at the olympics andkateboarding at the olympic. i think everybody should be like no, my sport is not a sport and by the way i'm going to win gold for whatever. >> i don't know if any of you should be here, but if you have to, get behind me. >> yeah, exactly. and by the way that's an american right there. that is the most american thing i could ever think of. >> fact. >> we need more of these kind of people in the olympics. people so happy this is like a hobby, i guess, but i would like some gold in my life. >> if you got gold laying around you might as well, my neck's right here. helen, another story related to women sports we saw kind of on the other side of the field or the court on the air we saw an all-women broadcast crew make history this week as they called a major league baseball game. i thought this was remarkable in part because of the way that the commentator, the play by play person is kind of cast versus the color commentators versus the side line reporters, like being the voice of authority

this is a m.i.t.opers to continue building more solar plants if they stand to make less money or lose it. this should be a problem we can solve if it's just a money issue. >> it's a problem that we can solve. this is where the paralysis comes as we focus so much on -- we can never get carbon neutral, carbon negative because you can't do it right now. but humans can do amazing things when they're pressed and i -- having lived through the pandemic and seen how quickly we can develop vaccines when the motivation is there, i'm confident that we can develop large capacity storage, enough that we need if the motivation is there. also, we don't have to think about just big stationary batteries. that's not the only way to do it. one thing that a lot of cities and communities are working on right now is how do you integrate the grid with storage in electric vehicles, electric vehicles, obviously, they run on batteries. tesla's batteries that they use for solar panels is the same battery that they put in cars.

he said, because if it breaks, you have to go through graduate school and m.i.t. to fix it. and with the steam, we had the same hour or more and we could fix it with a blowtorch or a hammer. and i loved the steam in my face, sir. [laughter] i said which is better? he said, the steam, because it can go back-and-forth automatically all day long. i said, is that good or bad? he said unnecessary, it takes us one minute to put the plane on and hook it up. by the time we do that, we are all set. we have so much steam we don't know what to do with it. i said you mean they spent all this money -- they spent $900 million as of a year ago to try and fix it, ok? 900 million. it will never work. i am very good at this stuff. i said, electric -- give me a glass of water i will put it out of commission. i will throw it on the electric circuit. it is not going to work. [laughter] $18 billion. i said, did you sue the shipyard? no, sir. i meet with the architect, i said, have you ever designed a ship before? [laughter] my first question, have you ever designed a shape before? i am telling yo

but she is a brilliant lady, m.i.t. graduate. we started a company in college. you know, you can do this. we got married -- i entered graduate school enter her junior year of college and started a company all in the same month >> wow >> it was a real busy month. >> i'd say >> and what we -- we both worked at the m.i.t. artificial intelligence lab on virtual reality. the ironic think is i'm in congress which i call virtual reality working with artificial intelligence. the big exception, burgess owens >> of course, of course >> and for the most part there is a lot of artificial intelligence here >> back to patents >> yeah >> right now at this last 15 years, 10 years, 5 years, we're seeing the power of big tech >> yeah >> come in -- we sit here a lot and talk about -- earlier we talked about the power of big tech on, you know, controlling what we see, shaping young people's minds, which is neuroscience. this is a big thing. but i'm talking about the dominance ever the finances of the companies on patents. because they don't want the patent system >> that's right >>

advanced engineering degrees from m.i.t. aren't necessary. this is open to more folks. right now i'm sure those orders are going to be -- keep coming in. we already know that better than 7600 have bid on getting a shot at one of those seats. i'm sure that has gone up exponentially just in the course of this flight. >> sandra: you think about the technology, though. if there is increased demand, which is expected for space travel, for everyday people, you are going to need and amazing amount of people to build this technology. they'll have to build more of them. equally impressive, bill, when you and i were watching this as the take-off was the incredibly soft landing. you and i both had a wow moment. >> bill: you think about u.s. astronauts and russian cosmonauts when they land in kazakhstan. watching that capsule hit earth is like so sudden and they get -- they've been in space for sometimes weeks, months perhaps, sometimes more than a year and they are weightless and need to find their gravity back again. granted this was a four-minute flight in terms of zero gravity

a comprehensive m.i.t. study shows there has never been this egg dimer for 1000 years. since 1992, the w iv and other laboratories around the world have inserted --and the viruses. these are the only sure methods that always works and always make some more infections. the cggcgg code in covid-19 is commonly used in laboratories. you can order it from a supply company on the internet. some virologists have said code on dimers occur in one or more coronaviruses and the combination of covid like viruses to pick one up. this is wrong for three reasons based on fundamental biology. because coronaviruses do exchange genetic material so easily, the very existence and stability of these distinct groups is evidence that there must be barriers for exchange of genetic material. i spoke previously about the 1000 year stability about the group that covid belongs to. if recombination was easy, this group would have merged into a single group. we can stop recombination. recombination happens when a bat is infected with two viruses and during that infection, the genic material gets exc

i was at m.i.t. jeff was at princeton. elon i've known for 22 years and richard a bit more than that. all of these men are passionate about business, yes, but also about making the human race a multiplanetary species. it's a moral, ethical obligation to move the marbles and our -- off planet irreversibly. so the difference now is we've got two wealthiest on the planet committing to opening up space. and we begin industries. we begin building on the moon and froms a troid materials and on mars. the same thing the human race has always done. we did it as we moved out of africa and doing it now as we are moving out of, you know, out of the old world into the new world. we'll do it again. it's a playbook we use and use very well. >> the wait of the space flight. the vss unity should have separated from the mothership which took it to 50,000 feet. we should be well above that. rockets have activated. we'll do a quick reset for you. it's the top of the hour. 11:00 a.m. eastern. if you're joining us, about 15 minutes ago the virg

from m.i.t so -- you got picked to be an astronaut.e. >> thanks for having me. >> how high -- what are the -- i'm interested in the differences between bezos and branson in advantages, disadvantages. and i'm wondering what are the constraints on the branson model, which looks pretty attractive you go up, it goes into free fall and then you launch from there and then you land on a runway could it go above the harmon line or whatever it's called if people want to do -- are there constraints on how high branson's ship can fly >> well, they did get above 50 miles to get into the american standard for where space is, where the carmen line is so that's why they were given astronaut wings yesterday. if they want to get higher, they need a little more juice you get a little more power to get higher i think they'll probably end up doing that eventually. what's interesting about the branson model, as you mentioned, they take off and land on a runway so it could be something that could possibly lead to air travel from place to place it can go any

i think -- i'm very proud of the fact that under the leadership of -- and working with m.i.t. in their cryptocurrency lab working on this digital dollar for the united states and the fed. i'm a little bit worried about -- i think they are a six separate central banks. do we risk sacrificing the reserve currency status by a think some would argue slow us in response to this and does this dialogue that you envision step up the timeline for adopting say of digital dollar for the u.s. and would delay that considerably? >> actually i think the opposite. i think this is the beginning of accelerating thatt decision process. we have a lot of work left to do in the technical side and the policy side but a critical part of it is the public consultation. on reserve currency the u.s. as a reserve currency and is the good competitor out there. we are not in danger of losing it and certainly not to china iwhich doesn't have an open capital capital account of that kind of thing. the standard last for many years to i'm really concerned about getting this right. it does have risen to set benef

grant, has been working with m.i.t. in their cryptocurrency lab on working on this digital model for the united states and for the fed. i am a little bit worried about the pace, though. we see -- i think there is 86 separate central banks that are already engaged in this. do we risk sacrificing the reserve currency status by -- i think some would argue, slowness in response to this. does this dialogue that you envision stretch out the timeline for adopting --, or delay that considerably? >> i would agree. i think this is the beginning of accelerating that decision process. we have a lot of work left to do on the technical side and the policy side, but a critical part of it is the public consultation. on reserve currency, the u.s. is a reserve currency that really isn't a good competitor out there. all the things you need to be the reserve currency, the united states has it. we are not in danger of losing it, certainly not to china, which does not have an open capital account. it's the kind of status that lasts for many,

at m.i.t. and a ph.d. student at cornell, and they brought their time and talent and knowledge and partnered with the district starting in november to help us with the complex problem. as i mentioned, next slide, flees, and the mathematical aspects are just one piece. what's most important is our students and making sure we came up with solutions that were organized in support of our students and the district values. so here are the design principles. i won't read them all but do want to highlight a few of them. so, one is that while we were looking to be fiscally responsible, we always held equity at the center. so we could have had a far more dramatic savings in transportation if we had come up with solutions that were far more disruptive. and we really wanted to minimize, especially the elementary level, the degree of change between the new start times and the pre-pandemic start times. and wanted with the pre-k programs to make sure they started at the same time and as any colocated elementary schools,

in addition, m.i.t.dy and found that 60 million workers say they would join a union today if given an opportunity. that's almost half of the american workforce. they want to union but they cannot get it because american labor laws and the culture of american corporations in resisting unionization. american corporations spend over a billion dollars he air -- a year threatening employees, putting them in closed-door sessions where they bombard them with literally lies and propaganda to stop unionization. rather than spending that money to modernize plants or give better benefits. host: let's refresh the memories of our viewers. you mentioned a few things pray let's begin with right to work laws -- he mentioned a couple of things. let's begin with right to work laws. this says these laws guarantee that no person can be compelled to join a union or pay dues as a condition of employment. it can prohibit contracts requiring the hiring of unionized workers only and 27 states have these laws. you mentioned the p

having these conversations and i recollect clearly there was a woman there who was a researcher at m.i.t. who spoke elegantly around these issues and was able to provide insight in terms of the depth of this technology, in how it does not work to the advantage of people of color and women. there is an overwhelming amount of evidence, and i think there are those on this panel who can talk further about this, where in the case of white males there was least likely opportunity for misidentification. certainly those of color and women, it tends to be more problematic. >> you said at least likely, meaning that it is more accurate with white men? >> yes, it is more accurate with white men. >> maybe someone else could respond to that. what about that, in terms of accuracy and also its use as an investigative tool? in the george floyd act, we say that there should not be federal resources in facial recognition. >> i was just going to say about the question you had previously asked that it was supposed to be used for an investigative tool. at that point, they came and arrested me and did not even

very fortunate to meet my future wife, now my wife while we were both attending graduate school at m.i.to, we fell in love and moved to her city. [♪♪♪] [♪♪♪] >> i was introduced to this part of town while working on a campaign for gavin, who is running for mayor. i was one of the organizers out here and i met the people and i fell in love with them in the neighborhood. so it also was a place in the city that at the time that i could afford to buy a home and i wanted to own my own home. this is where we laid down our roots like many people in this neighborhood and we started our family and this is where we are going to be. i mean we are the part of san francisco. it's the two neighborhoods with the most children under the age of 18. everybody likes to talk about how san francisco is not family-friendly, there are not a lot of children and families. we have predominately single family homes. as i said, people move here to buy their first home, maybe with multiple family members or multiple families in the same home and they laid down their roots. [♪♪♪] >> it's different because again, we h

very fortunate to meet my future wife, now my wife while we were both attending graduate school at m.i.tng. so this is her hometown. so, we fell in love and moved to her city. [♪♪♪] [♪♪♪] >> i was introduced to this part of town while working on a campaign for gavin, who is running for mayor. i was one of the organizers out here and i met the people and i fell in love with them in the neighborhood. so it also was a place in the city that at the time that i could afford to buy a home and i wanted to own my own home. this is where we laid down our roots like many people in this neighborhood and we started our family and this is where we are going to be. i mean we are the part of san francisco. it's the two neighborhoods with the most children under the age of 18. everybody likes to talk about how san francisco is not family-friendly, there are not a lot of children and families. we have predominately single family homes. as i said, people move here to buy their first home, maybe with multiple family members or multiple families in the same home and they laid down their roots. [♪♪♪] >> it's

cunningham received her graduate gree from chemical degree from m.i.t. ms. cunningham boasts years of experience that will serve her well. for almost two decades she worked as an intellectual property litigator in my home state of illinois. in that role, ms. cunningham cultivated an in-depth understanding of every aspect of patent litigation, from the filing of the case, through discovery, trial, and appeal. she's also represented clients across a number of the fields, including motorcycle -- mechanical engineering, chemicals, pharmaceuticals, biotech and the automobile industry. ms. cunningham's clients include high tech and fortune 500 companies. given her experience representing plaintiffs and defendants she understands the law even handedly. her deep knowledge of patent law and 20 years of experience as an intellectual property litigator earned her a unanimous rating of well qualified from the american bar association. she received broad bipartisan support in my committee with five republicans joining all democrats in voting to advance her. as judge on t