in playgrounds, children chanted, "mellon pulled the whistle, hoover rang the bell, "wall street gave signal, and the country went to hell." in 1922, the country enjoyed a miraculous, almost overnight recovery from the recession. there were no miracles this time. in 1930, president hoover declared, "the corner has been turned." in 1931, he said it again. still the economy plunged downward. someone asked john maynard keynes if he could think of anything similar to this depression. "yes, it was called the dark ages." what was so different about keynes' view of the economy? to realize what a revolutionary idea keynes had, we have to recall again the classical view which said supply creates its own demand. if consumers don't want to consume all their incomes, they can lend their savings to businesses who will invest it. the idea is that if consumption goes down, investment demand will go up. if investment demand goes down, consumption demand will go up. in either case, total demand remains high. keynes said if you had a fall in investment spending, this might lead to a fall in consumption

andrew mellon. and those are the cards that i have. thank you. >>> good afternoon, supervisor dado and supervisor avalos. thank you guys for staying and listening to us today. my name is rayana tong, kya, we are a small architectural firm in san francisco and today i will be speaking about our personal experiences with the lbe ordinance, specifically about the puc headquarters building at 5 25 golden gate avenue. ~ around 2001 ken young & associates was invite today join the joint venture team to design the sfpuc headquarter building. you were included in the architectural team to the prime joint venture design team. after the project started kya was never asked to perform any services. kya, did, however, perform some nominal services for which we were paid about 6 or $7,000 under another subconsultant. and then the project was put on hold. around 2003, the project started up again and the joint venture prime architectural firm called kya and told kya that we were no longer needed on the project, that kya already had enough work, and t

my name is andrew mellon. i'm with shaw pipeline, another lbe here in the city. following on from what aaron was saying there is 124% cpi increase, if you reduce that, a company doing 15 million per year, could be equivalent in size to a company in 1984 to a company doing 1.67 million. a company today could conceivably be above the small lbe initially would have qualified as a microbe. [speaker not understood] open to reflect company sizes closer to their equivalence at the original start of the program. another factor that is pushing us closer to the cap without any growth in the company is the composition of public works jobs tending to change. whereas you used to have water, sewer, paving job which makes a lot more sense from a practical standpoint, but also means we may get a project worth 5 million, but we'd be subcontracting out 2 million of it. so, three of those contracts in the air would put us at 15 million or we'd only be doing 9 million of it ourselves. lbe programs assisted us, small [speaker not understood]. ideally we feel the companies in the prog

the ones in jeopardy are mellon growers. they take a lot of water and they are in the southern part of the san juaquin. if we have another year like this though, it will be a tragedy. >> but he is op optimistic hoping for two or three good months ahead and growers are doing their due diligence by pruning and using their own well water. abc7 news. >> the state hasn't been this dry in generations. look at this graph. it shows statewide precipitation since 1970 for the water year which begins in october. take a look at 2014. that's on the far right side of your screen. you can see we are way in the red. less than five inches statewide since october 1st. this is of course the period that is supposed to be our rainy season. >> right. we need rain. sandhya patel is here with live doppler 7hd. sandhya, anything on the horizon? >> there is a chance of rain on the horizon. let's check out live doppler 7hd. right now nothing but clear skies. january will go down in the record books as the driesteú month ever for san francisco. you can

the ones in jeopardy are mellon growers. they take a lot of water and they are in the southern part of the san juaquin. if we have another year like this though, it will be a tragedy. >> but he is op optimistic hoping for two or three good months ahead and growers are doing their due diligence by pruning and using their own well water. abc7 news. >> the state hasn't been this dry in generations. look at this graph. it shows statewide precipitation since 1970 for the water year which begins in october. take a look at 2014. that's on the far right side of your screen. you can see we are way in the red. less than five inches statewide since october 1st. this is of course the period that is supposed to be our rainy season. >> right. we need rain. sandhya patel is here with live doppler 7hd. sandhya, anything on the horizon? >> there is a chance of rain on the horizon. let's check out live doppler 7hd. right now nothing but clear skies. january will go down in the record books as the driesteú month ever for san francisco. you can

the ones in jeopardy are mellon growers.y take a lot of water and they are in the southern part of the san juaquin. if we have another year like this though, it will be a tragedy. >> but he is op optimistic hoping for two or three good months ahead and growers are doing their due diligence by pruning and using their own well water. abc7 news. >> the state hasn't been this dry in generations. look at this graph. it shows statewide 1970 forecipr the water year which begins in october. take a look at 2014. that's on the far right side of your screen. you can see we are way in the red. less than five inches statewide since october 1st. this is of course the period that is supposed to be our rainy season. >> right. we need rain. sandhya patel is here with live doppler 7hd. sandhya, anything on the horizon? >> there is a chance of rain on the horizon. let's check out live doppler 7hd. right now nothing but clear skies. january will go down in the record books as the driesteú month ever for san francisco. you can see only .06 of an

there's also a man from the bank of new york mellon family. they are talking with the u.s. government to try to pass regulations. one of the great things about bitcoin is that you do not need regulation for to work. as long as the internet survives, bitcoin will be out there. digital currency will survive even if bitcoin does not. i get what you're saying, but bitcoin is digital currency. it is a democratically control, decentralized currency. when it starts working, it will be picked up in the source code. a lot of people believe that is the way to go forward. >> what about the real issue of the day? the technical issue. can a digital currency overcome technical issues? >> i wonder what the technical issues are. i asked the lawyer. they said they were closing down because of technical issues. he joked that the issues are trying to get all of your money in your suitcases fast enough. the real problem is probably the software that the people at mt. gox have written. apparently it does not work well enough to communicate be source code seamlessly. it causes problems. people s

took office that andrew mellon sat him down and said son i'm going to tell you the facts of life so you have a teddy roosevelt when he took office j.p. morgan sat him down and said son i'm going to tell you the facts of life the transformative leader is the one who says no i'm going to tell you the facts of life and that's what's been missing now and i think that you know you point out the commonality between the clinton presidency and the obama presidency i think that's absolutely right and i think there comes a time that their base their voters have to say we're not going to tolerate that the next time around and come two thousand and sixteen that the head of our ticket better be. prepared to answer some hard questions about the economy and what he or she is going to do about it or we're not we're not going to put them in that that candidate's seat i think until that happens we're going to see this breakdown happen over and over because the lure and the need for big money is just too great without accounting for it's coming from the public so robert that takes us back to the battle be

the family of matthew mellon are talking to the u.s. government and trying to pass regulation with them as well. you do not need regulation for bitcoin to work. as long as the internet survives, bitcoin will be out there. --hink digital concern currently will survive even if bitcoin does not. it is a democratically controlled, decentralized currency, whatever starts working in other digital currencies will be picked up and used in the bitcoin source code. >> what about the real issue of the day today? can a digital currency overcome technical issues? you do not have that with real money. >> i wonder where the technical issues are. i asked a lawyer this morning, i told them the exchange is down because of technical issues, and he joked that the technical issues were getting money into cases fast enough. that they have written does not work well enough to communicate with bitcoin source code seamlessly. it causes problems, because a lot of people say they do not have the right programmers. this is a that jerod to answer better. -- somethi

with broccoli and iceberg lettuce, bell peppers and in the coming months cantaloupes, corn, other mellonsrocessing tomatos. all of those are at risk because of the severe water supply shortage. >> all of these crops are being planted by farmers. how are they being affected? >> we're seeing a lot of farmers that have laid off workers. it impacts from the farm to the fork. we see truck drivers and farm workers and port workers out of work because we don't have water to grow food in california right now. >> the consumer is eventually going to feel the effects of this, when and by how much? >> we're thinking in the next two to four weeks. if we see an impact on pricing that's when it will show up in the market. we know crops of broccoli and iceberg lettuce aren't coming from parts of the central valley that would have been growing them and we'll see that in other crops that will never get planted this year. if there going to be a hit on price and availability they will see it in the next two to four weeks. >> exactly what is the coalition's role in all of this? >> the farm water coalition is

and carnegie mellon women drive innovation on the teams and high performance.ves economic drivers in japan it is why abenomics and malaysia is a no other. there are economic drivers. one attack way is looking at the leadership process and how we select lead -- one takeaway as looking at leadership russes and how we select. that drives innovation. >> quiet leadership of versus aggressive and vocal? >> absolutely. quiet leader is the number one best seller. way fornatural introverts. >> thank you for joining us. twice today. but introverts can be leaders. >> you are not introverted. >> i am speaking up for the introverts. interest in droves is taking off -- drones is taking off. >> that is next on "asia edge." ♪ >> time for even to watch for this week. haslargest mining company its results on tuesday. analysts expect profits rose 58% to over $7 billion after rival rio headed -- handed more back to their investors. say afterill combating criticism. macau that is not a stock image em from under -- from earning -- and that has not from earning hundreds of millions o

research budget is spent in the midwest with fabulous universities like university of michigan, carnegie-mellonrthwestern and many others that are minting phenomenal engineers the and the past those engineers if they wanted to follow what they wanted to do they had to go to silicon valley or boston. what you're seeing now is capital in places like chicago and columbus and other places where they can stay and build their dreams. cheryl: the government's more from the? california is pretty hostile in terms of these ups and tax structure and property prices. >> it is really crazy. i grew up in silicon valley and lived there in the 60s, 70s and so on, there was a report recently how selling in palo alto there were 1100 square feet with one cargo raws for the foundation was scratched, roof was leaking from a one$.6 million. gerri: you making that up. >> i am not making that up. it was right next to the train tracks. it is crazy in california. for $1.6 million in the midwest -- it is not just about that. what has happened is we had a huge technology shift. with the invention of cloud computing, amazo

we had matthew mellon, big investor in bitcoin saying it's a buying opportunity of the he is a investoruld be growing pain. >> it is possible there is lot of flux and issues at stake. reputation of bitcoon already shaky in the suspension of mt. gox. ceo telling reuters the exchange is at a turning point of the question as you said, what happens next? earlier today the exchange issued a brief statement saying quote, decision was taken to close all transactions for the time-being in order to protect the site and your users. we will be closely monitoring the situation and will react accordingly. that is from mt. gox. we reached out to them but no response on exactly what the team is trying to protect its users from. this morning after the site appeared to be dark, coin desk, which puts out the bitcoin price index, they found a line of source code embedded in front page of the mt. gox webb sight, put announcement for mt. gox, acquisition here. this has twitter aflutter and bitcoin investors discussing who might actually be interested in acquiring something that is had such a run south or pe

your first job was working in a bank, the mellon bank in pittsburgh. you realize the hierarchy is limiting. tell me how you dealt with that. >> i would send notes to the ceo. i'm a grunt, right? i'm working on these systems conversions where they were converting from old digital systems to new digital systems. i would read articles, the bank would benefit from this. i sent notes to the ceo and he'd respond to me. and until my boss pulled me into his office and started screaming at me, john whitman, just yelling and yelling, you're not allowed to do this or that. i realized ways never going to be a very good employee. >> you were basically not observing the bank structure. >> no. i wasn't going through my boss. i just went right to the ceo. like no big deal. the whole point when you go to work for somebody i thought was you do all you can to make the company more profitable no limits. i realized i wasn't going to be a very good employee. >> was that the moment you thought i've got to leave this place? >> that was one of many. they basically after i star

but anyway you don't win two of the silicon valley and he also went to pittsburgh to carnegie mellon to really see the highest on tech in computer science and in robotics and knew there was a desire to bring some of that not so needy. in the spirit of exchanges and out and free trade mr and a little. bring back some wonderful things in the event. i'm an incurable optimist in that regard it is the only route to france and the guys into anybody who wants to set was taught him i sometimes see going from france the united states as we told this earlier then the first foreign community in stock on balance. and the major problem we had in high school today is seeing all those brilliant students i know it from france and selling companies are going to work experience are they going. i mean that some of them most of them on staying open. we will see that most of them stay because it's not that i've come to contest a long time his face when you when you're french. this is what occurred to you approach people. you can take to the fighters their old five ten years time. one day you come back th

trying to combine this with anderent word folios potentially even different cartoons and movies of mellon the future to create that narrative to take a child from conception of playing with physical toys through to the entire lifecycle. >> to and toys is a fascinating lego year after year is trying to entice the girls to use its characters. barbie has had a couple of tough years, declining revenue year-over-year. what's the relationship right now between toymakers and girls he? how are they enticing girls to play with their toys? >> there are certain pressure group saying there should not be this differentiation between boy and girl toys for companies like hasbro have come up with the range that is completely catered to girls than lego has been very successful recently with the complete targeting of girls in the lego with friends range. was recently on the cover of "sports illustrated ." is that alluding the brand? does that affect the brand when you see a barbie doll on the front of a seminal magazine? there are all sorts of debates after that took place. >> it is an age of compression w

not like andrew mellon but a huge -- how do you bring the trust back in the relationship between ther banks and the people watching the television program? how do you bring the trust back? >> the important thing is have the leadership of those institutions -- and i believe they are people of integrity, and vision -- and let them talk about ordinary people about saving and investment and retirement. think about this -- the problem we are facing in the united states is a good problem and a bad problem. the good problem is we live far longer than our parents and the bad thing is we live far longer than apparent. being able to live through the retirement years, that is where banks can play a very significant role. guidance and advice for ordinary people from sea to shining sea. but you are right. the issue in 2000 and focused on the banks -- the popular press focused on the banks. and that is going to take a while to get out of the ditch. >> frank keating representing the american bankers association. earnings and a little bit -- >> another month to go. go big and go home -- or go home.

mellon >> the u-s and south korea have begun their annual joint military drills. the exercises are scheduled to continue until mid-april. they are happening despite opposition from north korea. egypt's military- backed government resigned today. prime minister hazem el beblawi made the announcement on television. according to the new constitution approved last month, elections must take place by mid-april. the army chief abdel-fatah el-sisi is widedly expected to run for president. >> >> a war has been issued for the arrest of ukraine's president. if the country's acting interior minister says that the president arrived on sunday, relinquished his officials security detail, and then drove off. calls are mounting in ukraine to put him on trial. >> recreational use of marijuana is now legal in two u.s. states. sales of the drug are now bringing in big bucks in tax revenue. seoul more state to legalize lighting up? scot thompson has a look at some governors and what they have to say. >> money will not entice his stake however, connecticut has legalized it. some in th

. >> jason hung is a professor at carnegie mellon's human computer interaction institute, one of theroid, and 75% of them were collecting some kind of sensitive information. and angry birds, it uses the location data. >> the free brightest flashlight app are selling user location to places. >> the minute you download any app and begin to use it it will pop up and say this app is trying to access your contacts. >> last week we sat down with the company's chief product officer for a look at the blackphone up and running for the first time. >> that is the blackphone. >> this is prototype number 1. >> you just got it. >> yeah, it just arrived from spain an hour and a half ago. >> the key to the capabilities lies here in the phone's security center. >> what we can do is say, i don't want photo gallery to get my precise location from gps, i will turn it off. you are not forced to accept an all or nothing list of permissions, and you can fine tune. >> i have heard it described as nsa proof. is anything nsa proof with all their resources? >> no there is nothing today other than taking your p

through reports at mellon insider threat study, the verducci sizen data breach study, and the globalsecurity report. the secret service has a long history of protecting the nation's financial system from threats. in 1865 the threat we were founded to address was that of counterfeit currency. as our financial payment system has evolved from paper to plastic now digital information so too has the investigative mission. the secret service is committed to protecting our nation's financial system even as criminals increasingly exploit it through cyber space. through the dedicated efforts of our electronic crimes task forces and working in close partnerships with the department of justice in particular the criminal division and local u.s. attorney's offices, the secret service will continue to bring cyber criminals that perpetrate major data breaches to justice. thank you for the opportunity to testify on this important topic and we look forward to your questions. >> thank you, mr. noonan. mr. zellman, you are recognized for your five minutes. >> chairman terry and ranking member and disti

through reports carnegie mellon insider threat study. the verizon data breach study and the trust wave global security report. the secret service has a long history of protecting our nation's financial system from threats. in 1865 the threat we were founded to address was that of counterfeit currency. as our financial payment system has evolved from paper to plastic, now digital information so too has our investigative mission. the secret service is committed to protecting our nation's financial system even as criminals increasingly exploit it through cyberspace. through the dedicated efforts of our electronic crimes task forces and by working in close partnerships with the department of justice, in particular, the criminal division and the local u.s. attorney's offices, the secret service will continue to bring cyber criminals that perpetrate major data breaches to justice. thank you for the opportunity to testify on this important topic and we look forward to your questions. >> thank you, mr. noonan. mr. zell vin, you're recognized for

through reports at mellon insider threat study, the verducci sizen data breach study, and the global security report. the secret service has a long history of protecting the nation's financial system from threats. in 1865 the threat we were address was that of counterfeit currency. as our financial payment system evolved from paper to plastic now digital information too has the investigative mission. the secret service is committed to protecting our nation's system even as criminals increasingly exploit it through cyber space. the dedicated efforts of our electronic crimes task working in close partnerships with the department of justice in particular the criminal division and local u.s. attorney's offices, the secret service will continue to bring perpetratenals that major data breaches to justice. thank you for the opportunity to on this important topic and we look forward to your questions. >> thank you, mr. noonan. mr. zellman, you are recognized for your five minutes. rankingman terry and member and distinguished members, thank you very much for the opportunity to be here before

, ailsa mellon bruce, and the andrew w. mellon foundation, but it is more than that. it is a statement, as one critic wrote, "of perseverance and excellence, against which all buildings and builders must now be measured." annenberg media ♪