these guys a chance and we did a better and paypal is now a successful company. i believe they want to do never to have financial institutions process or cross-border paymen payments. >> that's a very refreshing news, in a sense. it shows that even an elephant can't dance. [laughter] i think what they're saying is locked in conversation is an interesting sideshow and we can do better. the correspondent making transfer system where ex- parties to move monkey money across borders they say we have a network we can do this better and cheaper and by the way, this whole block chain we can do better than that. they're using technology into it. it's a great example of a company that has something to defend it we will punch back. liz: they figured it out. it's a gigantic titanic or let's say cruise ship but trying to turn around or move with the times does not do it so well. we will see what happens with visa. >> this is a credible push back. liz: you look at the mobile payment systems out there right now and then mo is not a verb it i can then mo you. cash, square, every

how is it not a paypal or venmo for facebook >> i mean effectively that's what libra is, it is paypal, venmo, any of those type of things we have now it is the next iteration of it you likely will be able to do more i'm frankly shocked paypal wasn't down more i know we will have mark ma haney on talking about how big it is for facebook for the payment space, think about this you have global payments that will cost zero what does it do for everybody else who is charging money for the global payments? those spreads are going to zero. >> so,brian, what we're talkin about paypal, we are talking about visa, mastercard and kind of libra stripe, you name it they funded this project isn't it what everyone has been waiting for in terms of institutional backing? forget investors, you actually have platforms that are conduits now. >> yes, actually this is -- that's what i started this off, saying that i would not want to disparage libra at all it is a huge step forward. you know, facebook will have a nice looking wallet everybody can get on it is easy to use. you can start moving this stuff arou

however, gordon had paid for the lights through paypal, and we told paypal he never got his package theyd to refund his money. gordon bought new lights elsewhere and the lost package, well, we may never know. >> 7 on your side, thank you. if it wasn't for you guys i never would have gotten my $106 back. i've seen the light. >> reporter: paypal's protection policy says it'll reimburse customers who say their package was never delivered. and it was not insured, that's important too. now when you order online it's wise to pay with a credit card or services like paypal that give you these extra protections. i want to hear from you. the 7 on your side hot line is open monday through friday 10:00 a.m. to 10:00 p.m. you can also reach me on my facebook page and through abc7news.com. i just did not get something in the mail and i used paypal, like that. >> oh, wow. thanks, michael. >>> a certain dog breed has enjoyed a popularity boost thank tuesday a tv show. >> but now that show is over and these dogs are finding themselves in need of new homes. >>> dear oakland. >> through the ups and downs t

big companies love to have that buzz, that pr buzz around it is this really a paypal clone?k facebook has done an amazing job of taking a percentage of your time. that's how they monetize -- >> now they want a percentage of your money >> now they want a percentage of your wallet. they say they will not mix the data with the social data, that doesn't mean they can't take your purchasing data and still market to you. it can be very, very powerful. i think that's what other partners are there for as well to get access to that data >> that would seem to be the next step if i were to strategize for facebook, start to take on amazon. >> undoubtedly they want to get -- the same way amazon looks at getting a percentage of your wallet, facebook will want a percentage of your wallet if you look at what's happening in asia. how the major apps there operate, like wechat, more and more of peoples time is spent in wechat >> they live there those people literally digitally live there >> tso that mixture is already happening there. >> you always have facebook open on your phone or desktop,

paypal, mastercard, visa, paypal, uber, and lyft as well as nonprofits. want to do is help there be a global cryptocurrency that is more inclusive. we are a long way from launch. regulators have concerns. we know we have work to do, but this is an announcement of what we would like to do. we will not run this. it will be association not reporting to facebook. caroline: your immediate response to the regulatory scrutiny, we've already had maxine waters and plenty of congresspeople talking about how it should be halted. how do you feel about the initial take-up? sheryl: we announced this early. all we have done is published a paper to announce the formation of an association. that is because we know we have a lot of people to work with. this is a heavily regulated space. we need to meet with people and that is what we are doing. we are then going to launch. guy: caroline joins us from cannes to give us a sense of what her impression of sheryl sandberg's view on the crypto story is. caroline, i'm fascinated, the timing is interesting. the regulatory story is

it appears to have the endorsement of more than 12 corporations, from uber to paypal, visa and mastercad facebook will not control the new currency. it'll be governed instead by an independent foundation of firms that have each invested some $10 million each. it will enable 2.4 billion monthly users of facebook, whatsapp and messenger, change money into its digital coins, to shop on the internet, on the high street or transfer money, without the need for a bank account. importa ntly, facebook‘s token differs to other offerings, because it will be pegged to a number of government—issued currencies. that's to avoid the wild fluctuations that have dogged other crypto currencies. take bitcoin, initially sold for a few cents before soaring to a record high ofjust under $20,000 per coin in december 2017. each one now sells forjust over $8,300. for facebook to be succesful with its digital currency, it will have to regain the public‘s trust after a number of privacy controversies recently. richard kramer, senior analyst, arete research, is with me now. thanks forjoining us. explain for viewers

it appears to have the endorsement of more than 12 corporations, from uber to paypal, visa and masterca and it is reported facebook will not control the new currency. it will be governed instead by an independent foundation of firms that have each invested some $10 million each. it will enable 2.4 billion monthly users of facebook, whatsapp and messenger to change money into its digital coins to shop on the internet, on the high street, or transfer money, without the need for a bank account. importa ntly, facebook‘s token differs to other offerings because it will be pegged to a number of government—issued currencies. that is to avoid the wild fluctuations that have dogged other cryptocurrencies. take bitcoin, initially sold for a few cents, before soaring to a record high ofjust under $20,000 per coin in december 2017. each one now sells forjust over $8,300. for facebook to be successful with its digital currency, it will have to regain the public‘s trust after a number of privacy controversies recently. last month, facebook‘s ceo mark zuckerberg said he was confident the firm was on t

uh, he named her-- he takes all the credit for this, but i had to send a paypal transaction to pay ourer while on a work trip, and i signed it "love, erin, stephen, and isis," um, which did not go over well with the department of treasury, so they shut down my paypal account for, um, attempting to fund terrorism. [ laughter ] or get my dog boarded while i was out of town. makes sense to me. [ laughter ] jonathan greenstein is from mount laurel, new jersey. you have a cat with a criminal record. you don't? you-- [ audience laughs ] yeah, dexter got the mailman through the mail slot, so he is, uh, he's, uh, under house arrest forever. i have the document on the fridge to prove it. how old-- instead of-- how old is this cat? what... dexter's nine. what make? what brand? uh, he's a, uh, spotted tabby. oh. instead of "love" and "hate," he has "purr" and "hiss." [ laughter ] i love it. emma boettcher's our champion, and, like most champions on "jeopardy!" she enjoys traveling, and she has a theme for her current travels. tell us about that. yes. um, this year, my theme is "major cities whose

david'steresting to see former company paypal partnering but you also have to take a step back to see who is not on that list. none of the big tech companies. apple, amazon, google are absent. none of the big banks either. in the interview david gave, he did say he expects some of them to sign on by the time they launch. partners to get to 100 by next year. i think a component of this would be getting buy-in from big tech and big finance. emily: the people excited about this are saying it is like aol for the internet, it's going to bring cryptocurrency to the masses. is that an exaggeration? think it is definitely possible. it is the same use case that bitcoin had. easily accessible, it has the right use cases and user base to go after it. and asia, and a lot of people in asia, a lot of people use we chat as payment options. i think the banks will come on board. facebook has the power to make this happen. aily: that said, there is graveyard of facebook products that never really got off the ground. certainly, facebook would love to have a counter narrative to tackle the two years of b

we hear about paypal and stripe working with you as well.: the button platform sits above that stack. where we citizen the place where publishers interact with button to connect their consumers to the next step. we're trying build an internet that will be better and built on action. it connects them to the place of intent that their users may ultimately want to go, whether it's mapping out going to uber at asos.g sales emily: for many retailers, mobile shopping can be a fairly lacking experience. i find i make mistakes if i'm trying to shop on my phone, where if i'm focusing most sitting on my laptop, i have a much better experience. is that changing? michael: a lot of changes happening, and buttons trying to invest in that to make it easier . you are seeing the checkout process the more seamless. if we could build a method that would make consumers have a delightful experience from the moment of intent to the moment of fulfillment, saying i want a ride or to book a reservation with as few taps as possible, we would win in the companies buil

on the desk you can both own some of the growth stocks, some of the names like facebook or amazon, paypal, visa, that have worked but you can also own stocks that have nothing to do with china so we own waste connection, sher wynn williams, zoeta, a v veterinary company all names that are not related to the china deal growing earnings 10% and hedge your bet there. it's too tough to do. >> s&p tech sector up 26%, the top performing s&p tech sector over the last six months and year to date technology has a lot riding on the outcome of osaka. >> we talked yesterday about the my kron call where they said if these issues persist with huawei, that it's going to affect their income out into 2020 and yet we had a number of firms upgrade or move targets up in my kron i think that reflects some optimism that something is going to get done. i will say as i have said before, that i believe, scott, you're going to see the chinese stocks react bigger to positive news out of this summit than you're going to see u.s. stocks. maybe, you know, you'll see the ones that carrie named do very well on monday if

paypal is involved, mastercard, visa i have to tell you that this is going to be incredibly powerful. people will love it. lap it up. it's crypto and not traditional lying facebook sdm y >> you had mastercard, visa, paypal >> that will be huge they got a guy from paypal running it >> josh, facebook. >> i have no position in facebook >> you still prefer google over facebook >> yeah, i do. >> why >> they both sell at the sam valuation. i think facebook has more to lose in the upcoming political battles and even the conservatives aren't happy facebook is now universally hated by both sides which is interesting. you almost never see that. the conservatives say they are been sensors and the democrats s say facebook through the election allowing all this propaganda to spread they all agree it should be broken up and should have a common owner now you will tempt fate by saying we have sddesigns by takn over the global business i think this will be the political football in a way that will leave google out of it. it will be so forcefully directed at facebook that's not a comment on what the c

it is really more of a payment mechanism to compete with paypal or wechat.he purists will say it is not a real cryptocurrency because it is not decentralized and has other characteristics, not crypto characteristics. i think it will raise awareness. i consider libra the aol moment. if you think back to when we all on boarded onto the internet and we were in aol chat rooms wondering what else we can do on the internet, i think this is that moment and it is a watershed moment. emily: the house financial services panel planning to hold a hearing next month. maxine waters has already called for facebook to stop working on libra immediately. are you concerned about the blowback and that the bitcoin bump could be another bubble? nisa: i think it is different this time and this is not a bitcoin bubble, for a number of reasons. the unique characteristic of bitcoin as a store value and also a payment mechanism, that narrative is emerging. 100,000 merchants accept bitcoin including expedia, microsoft, and whole foods. there are tons of applications being built on top

to see paypaling partnering with them as well as visa and mastercard.ut you have to step back and see who is not on the list. none of the big temp -- tech companies, apple, amazon, google are absent. none of the big banks either. in the interview david gave, he did say he expects some of them to sign on by the time they launch. they have around 27 partners now and they want to get to 100 partners by next year. i think a component of this would be getting buy-in from big tech and big finance. they do not have that right now. emily: the people excited about this are saying it is like aol for the internet, it's going to bring cryptocurrency to the masses. is that an exaggeration? sonny: i think it is definitely possible. it is the same use case that bitcoin had. anyone can access it, it is cheaper than credit cards, it is outside the euro and the u.s. dollar, and it has the right user base to go after it. in asia, a lot of people use we chat as payment options. facebook is looking for the same option. i think they have the right foundation. i think the ban

but i do like square and i like paypal even more. fleet corp has a fabulous long-term growth story but sensitive to oil prices that why i think you should buy it gradually as oil is under pressure i don't think they'll have much more down side for a opportunity. and much more "mad money." when we come on the air, i know you turn it off and cut the cord by roku but i'll check you why you should check at the door and [ inaudible ] soared since last week and i've been behind that and we'll talk to the ceo. he used to be add red hat. >>> and warning big tech but why is salesforce above the fray and up 7 i'll give you my tech. stay with "cramer. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every sin

and payments is extremely important to consumers that's why players like master card and visa and paypalre so powerful because the consumers trust the security that's intrinsic in the brand >> so that's where i was going to go here so we're all worried about investing in facebook because the privacy concerns so should we feel better about it now because master card and visa and all these big boys and girls that are running this environment of payments are actually at the steering wheel versus a facebook? should i feel better about privacy or should i worry about privacy when it comes to facebook running libra >> well, you should feel better about it when it comes to libra and the payment system, putting aside i guess the broader facebook organization. it's a really important litmus test for crypto currencies if the payments players are willing to participate and so the fact that visa, master card, and paypal and stripe are on board as founding members means that they have sufficient confidence that it's going to meet their bar which is very high around security, around privacy, around, y

matt: is this just like paypal except bigger? that we already have this?ars into digital, use it, and turned it into it intoagain -- turn dollars again? >> that is certainly one criticism. , and if youch is look at the marketing material from the subsidiary that will allow you to buy the libra token , it is really aimed at emerging markets. it seems to be aimed at people who are outside the financial system who are unable to have a safe place to put their money and use the money -- of their money -- their money. it seems like an emerging markets play. then mo, paypal etc. do not have the same reach is what facebook -- as what facebook is trying. anna: i was reading about whether the emergence of rival cryptocurrencies will force some kind of fx war, but we won't go into that right now. thanks for joining us, great to get your thoughts ouster marsh marsh, blockchain reporter for bloomberg. , fueledoff their highs by the fed, but caught a little off guard i what the iranians say they did to the u.s. drug. taking the edge off of markets a little. matt: absolu

it is one of those things where people have gotten very comfortable with venmo and paypal. you can find almost anyone that is scary in the beginning, i understand it is not same thing as cryptocurrency at all. it is about what is a universal one that a bunch of people will use that they feel good about. let's listen to the president. >> gentleman with a great career, west point, harvard, a tremendous talent. he was just named acting secretary of the defense. i think he will do very well. he was secretary of the army. i got to know him very well. he is an outstanding guy. pat shanihan, who is a wonderful person, take time off for family matters. i want to thank him for his service. he is a terrific person. it's a difficult time for pat but he is going to take a little time off for family service and for, for working things out. i think you know about it. you know very well about it but mark esper will be outstanding. we look forward to working with him for a long period of time to come. [reporters shouting questions] >> excuse me? no, i didn't. i didn't ask him to withdraw.

money has been a natural extension ever since david marcus joined from paypal.er reach and ability to coordinate different parties is unrivaled. romaine: when you talk about the biggest development, do you think this adds a degree of legitimacy to it or is this more about the transactional nature of what facebook is trying to do, may be making crypto more toward utilitarian? ryan: facebook has become a lead blocker of sorts for the rest of the industry. their efforts, just their sheer size. this effort will have so much regulatory scrutiny that it does open up a little more leeway for other smaller and developing digital assets, including bitcoin, by the way. the other thing, i think this is a gateway drug of sorts for folks looking to get into broader exposure of digital goals and assets that might be a little bit more volatile. a user just wanted to work, wanted to feel more comfortable. this almost like finn tech developers. developersineers and , handling user funds, registering in different states. this might be a path for developments on digital asset tech

doc, paypal's up 2%. >> yeah.y started buying calls when the stock was right around 107 this morning, scott. it's up $107.75 right now and these calls continue to move to the upside as you would expect they were buying short dated calls, though, july 5th expiration calls in here the earnings, i believe, are about july 24th so it's not an earnings play but between now and the time these calls, they're basically predicting about a $5 or some sort of pop to the upside. that would be huge you can see that we had big accumulations here on the 29th as well as what's going on today. i bought these calls, again, they expire july 5th so you have, give or take, close to a month in these i'll be in them for probably two weeks to three weeks second one, take a look at what's going on in molina health these are september options so for folks that want something that doesn't decay quite as fast as perhaps those paypals, molina is up $5 right now, about 3.5% they bought september calls in big numbers and they're buying the septe

. >> he used to run paypal and is running this effort. >> thank you.rency and the consortium behind it will have implications for the blockchain universe which will be driven largely from asia. is an investor in hong kong startups. get into the whole blockchain universe, let's talk about libra. as soon as we had news about what facebook was planning to do, we had a senator tweeting that facebook is already too big and too powerful. it is used that power to exploit users data without texting their privacy we cannot allow facebook to run a risky new crypto of a swiss bank account without oversight. what are the expectations of regulations against facebook in this regard? >> the expectations for regulators will have to wait and see. starting at the very beginning, the entire world is talking about this new project. it is really -- it has led the on firessets world making it extremely exciting to be in the space. it is the starting pistol for this crypto age. i think it will be looked back on as the start of something very big that is going to move all of

mastercard, spotify, paypal. the big question that remains aft hacks and russian trolls, will people really trust facebook to handle theiry?mone experts recommend a go slow approach. >> my advice is if you get an offer to use libra, proceed with caution. let other users be the guinea pigs. >> so for extra security, facebook says that it will not manage th newfinancial system if that makes you feel better, wendy. instead, it is launchi a subsidiary to do that. and it is promising, quote, strong protections to keep your money and your informationsafe. the new digicul rrency is expectedo launch sometime in the next 6 to 12 months and facebook says that its goal really is to make sending money around the world s easy aust sending a photo. >> i don't like it. >> but what is the advantage to the user? if it is your money to begin with. >> just more convenient. >> so if you want to send to your son thailand, just boom. >> so like buying tokens at the car wash. >> but it is not using bitcoins. it is where the world is go

. >>> paypal says coo bill ready will step down at the end of the year he has been in the job since 2016the second member to depart paypal this year. >>> and chevron phillips chemicals are a joint venture of chevron and phillips 66 and they are ready to make a bid to buy nova chemicals for $15 billion. nova is owned by abu dhabi sovereign fund, they make polystyrene. >>> straight ahead, a security breach at one of the busiest airports in america that was caught on camera that sent five tsa workers to the hospital later, what does this morning's rbi and your breakfast bowl of cereal have in common? they're both a little bit soggy. if you think it's been raining a lot, you're right. maybe not as much as you even know we'll give you the real data when "worldwide exchange" returns. >>> it's like they got a microphone in my car i was listening to this band on the way to work. i don't know if you're eavesdropping. good morning there's a live look at chicago 4:21 there good morning stock futures are not giving us a whole lot of help. they're down nine points the stock futures have been understa

welcome back tech stocks leading wall street in their best first half since 1998 the likes of and, paypalmast e card powering up with double digit gains. so it the time to stick with the tech winners for the second half craig johnson and steve are your trading nation team today. craig, obviously, been years now with good strength from the technology sector. where would you look to continue to outperform? >> mike, the overall basic question is would we stick with tech i think the answer is yes and we remain overweight tech at this point. now two names to talk about first, if there's going to be a trade deal, take a look at the chart of amd here's a stock that's been in a pretty well defined uptrend. a close above 33.50 on the stock would be a nice topside breakout you see an objective that would take the stop up mid 40s on the weaker side, i'd point out the stock of paypal. this stock has been in a very well defined uptrend but the most cent advance hasn't been as strong and moved to the upper end of the channel that could be from if facebook announcement with lie bra point. so from my per

and it appears to have the endorsement of more than a dozen companies from uber to paypal, visa and mastercardportant thing is facebook will not control the new currency, but instead it will be governed by an independent validation of companies that each have some $10 million. facebook, watz app and messenger have 2.4 billion monthly users. it will allow them to change real money into digital coins in order to shop online or transfer money without a bank account —— whatsapp. the big difference from other offerings as this, it will be pegged to government issued currencies in order to avoid wild fluctuations that we all know about, take bitcoin, for example, initially sold for a few cents before soaring to a record high of just for a few cents before soaring to a record high ofjust under $20,000 per coin in december 2017. but of course now each one sells forjust over $8,000. cryptocurrencies have also been widely used by criminals to make transactions on the dark web. the big question is, will people take it up? we will see. quite the big question. thanks for that. by 2050 there is expected to

a long time, there's a load of cunning you can't do business with paypal, so would you have a singleted money that would allow people around the world to transact, i think that's a positive thing. i think the idea is it's very hard on the internet because of the costs and fraud, to do a lot of transactional work today. >> so i think if internet money takes off, it would basically be an taken dote to those problems. can you get local currencies to a appointed where people don't have to -- >> technical question -- if it's for the unbanked, how do you transfer money in exchange for libra? >> presumably there would be wallets built, and of course you will need fiat currency to get in there, but i don't know the details, but certainly there's -- >> i want to talk about slack in just a moment. >> yeah. >> but more broadly, the slew of ipos we have seen in q2 in the broader tech space, does that surprise even you guys >> not really. in fact, if you look at it, at least we're on track to do slightly more than we did last year so i don't think it's a big deal if you talk to the fit dells, and

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. >> facebook is intending to be something which paypal was intended to be. >> reporter: how will they make their money? interest. they said it could kick the door open to something that facebook hasn't face. the highly regulated financial market. >> congress, the sec, the sec, the banks. people who haven't been part of the partnership may have a few questions. have to comply with a lot of red tape. >> reporter: is not convinced that they will actually launch. >> they have a lot of big names, beyond facebook. i think you might expect a level of pushback. >> reporter: we posed the question are you comfortable trusting your money to facebook? >> i don't know that i would trust them with my money. we are in the wild west when it comes to currency. >> reporter: the senate banking committee is looking into the effects on currency. reporting live in san francisco, andria borba, kpix 5. >>> seven cisco commuters needs to prepare themselves for an extra dose of a gridlock. the union will announce the outcome for the vote tomorrow morning. as well as any plans to strike if workers reject the vt

you know we like paypal. i bet they make this service free to the 2.6 billion users as part of a genuine charm offensive. i didn't get the regulars off their case and think about that. hey, you know what i know you are investigators but we gave 2.8 billion people bank accounts isn't that a nice message? they aren't doing it out of the goodness of their heart but that's not here or there there is a class of cloud commuting stocks that caught fire here. if you were in san francisco, hey, regina, when we were in san francisco, didn't you feel it? regina didn't you feel the joy in san francisco of these companies >> i did. >> i needed -- >> absolutely. >> a little verification a little ver ka fashiification. how many times did we add adobe? now that we got -- >> facebook. >> facebook. maybe one day. get this, look, it's a smalltv show we get this. people are talking about when i walk around? they want to know if they can get a job, they like zen desk and businesses that make themselves more effective and consolid

visa, mastercard, paypal, and uber have all signed on to invest in facebook's new crypto currency, called shares are up 2% off the back of the news and check out the price of gold. on pace for the best month of the year if it closes higher today it would be its fourth straight weekly gain. the first time since early january. it is a 14-month high. if we broaden out the price to five years on gold, you can see it's up against the resistance it's found quite a few times in the last five years. and the question now is whether it meaningfully breaks above that there's not much resistance above it a lot of chartists saying it could go meaningfully higher from there if it does so >> as-is the market positions for a fed rate cut this is one of the things to do. tudor jones mentioned this week and others, buy gold, buy stocks, the dollar that's the traditional play. though we're late in the cycle and who knows what the fed will say next week. >> inflation's not imminent. so exactly lots of confusing factors with gold >> speaking of confusing factors, oil prices volatile after two tankers were att

paypal and ebay, they were saying the same thing. we can't do it we need them together. but then fwloek off and paypal is looking pretty good now it's been wonderful. >> scott, if you listen, he makes a persuasive case that breaking them up will unlock enormous value for everybody and then create much many more checks and balances. >> you sound like you're an advocate of that idea. >> i don't know. at first seems like the extreme thing. we should start with regulation. but it may be sometimes breakups appropriate, sometimes regulation like with apple, the controversy around that, breaking it off maybe regulation around pricing. maybe smart regulation. >> you are -- sometimes it doesn't work we look at hp versus dell, right? they managed to stay together and people argued slapping on emc and vmware, they're doing much better. look at hp it's a bunch of different pieces consumer, not the power. >> it wasn't the most powerful company before it got split up it's like splitting up a rotten fruit. instagram is growing it is a massive juggernaut >> i know you'll have displays o

among them visa, mastercard, , paypal, and uber. facebook said it wants to create "a simple global currency and infrastructure that empowers billions of people." david rcus, fabook's cryptocuency chi, appeared on cnbc on tuesday. >> if you want to compare libra with traditional cryptocurrency, the first thing in the first big difference is that typically cryptocurrency is investment vehicle or investment assets rather than being great medium of exchange. and this is really designed from the ground up to be a great medium of exchange, a very high quality form of digital money that you can use for everyday payments and cross-border payments, margaret transactions, and all kind of different things. amy: facebook's plan has already come under fierce criticism from financial regulators and lawmakers. french finance minister bruno le maire said libra must not become a sovereign currency. in washington, the chair of the house financial services committee, congresswoman maxine waters, called on facebook to pause its development of libra unt

he asks them for marijuana, cocaine and ecstasy and the report alleges he used the mo and paypal to pay for drugs. after the deals the texts show smollet asking to meet in person to plan the attack. a judge ordered the case file revealed after media outlets argued smollet lost his right to privacy by discussing the case on national television. >>> a modesto high school grad speaking out today claiming she was forced to remove a military sash from her high school graduation gown. why she is saying that was unfair. >> i'm surprised. >> reporter: she is an incoming junior whose brother is a marine. she can't believe some seniors entering the armed services were not able to walk the stage this year during graduation ceremonies and collect diplomas wearing military sash is. >> they signed up for it, fighting for our country. they should be able to show. >> reporter: parents agree saying students are encouraged to showcase where they will be heading at other school sponsored event. >> i do think it is a bunch of crab they are not able to express and show where they are going. >> reporter: acc

>> think about this as a digital wallet, the way that you might use paypal or vimo.take their more than two billion users around the world and turn this into what would basically be almost a rival to the dollar in that this would be how people would pay for services, goods, how people would pay friends and family. you'd use it every day like you'd use your currency, but you could use it anywhere. >> but for folks who do this now and they use vinmo or paypal, r one of the other myriad of options we have, how is this different? why would someone use this instead of one of the aforementioned? >> well, some of those services can sometimes charge a few, especially if you're sending large amounts of money. facebook says they're going to aim for a low cost service. you'll be able to use it in what's app and messenger. facebook is hoping people will use the messaging service at the same time they're using payments. and this is -- it's a little bit reminiscent of bitcoin, which has fluctuated wildly, but facebook has sort of learned some lessons from bitcoin. and they're tryi

visa, master card and paypal and a number of prominent internet companies like ebay, spotify and youtuolved. they'll ensuring libra will be paid into an asset pool, in this case, the libra reserve, in an effort to keep the libra stable intangib intangible. facebook hopes that many of its more than 2 billion active users will be using libra to buy clothes, groceries and gadgets from its vendors, which leaves us with the question, which other financial transactions might be possible. joining me, msnbc news reporter, jake ward. what's your view of what this means? >> i'm so excited to talk about this with you because i know you have such a skill for thinking about how these companies think strategically. you're facebook and you think, okay, we've dominated advertising, prominent, dominant way of getting your message out to people in the united states and around the world. what else are we going to do? let's go for people who cannot get their money onto the internet. even if you have a lot of wealth but you live in africa or asia or parts of south america. >> or russia. >> or russia. as lo

. >> caller: hi, jim long time listener from south port, north carolina my question is for paypal.e to know if i should sell half. >> i would stick with it i was with dan shulman yesterday, the excellent ceo, i think they got a lot more coming, 2 billion people joining up i do not want you to sell paypal my travel trust sold it too soon i was wrong. jason in new york. >> caller: booyah from the big apple, jim >> good to have someone local. what's up? >> caller: not much. i have been following a stock for quite some time and i want to know if it's time to buy. clr, continental research. >> no, it's not. i don't like the fossil fuel stocks i don't like the ones that don't have dividends, even the ones with dividends aren't doing that well i had an interview with the ceo of royal dutch and i still wasn't interested even with that one with a good yield so i'm taking a hard pass andy in indiana. >> caller: booyah, jc. >> booyah. >> caller: calling about united natural foods, unfi, thank you >> not good. not a good situation and i got to tell you, i don't even like the whole cohort anymo

now, the usc and harvard grad was a managing partner at sequoia capital what he invested in google, paypal and linked in. and served on the board of nvidia. stevens now works at his family firm. here are the offices here on the peninsula. forbes estimates his real net worth at $2.3 billion. his actions last night and the league's response late today speaks volumes. sam brock joins us in oakland where the nba commissioner is also at an event where you are, sam. >> reporter: raj, you mentioned lebron james. he said in that instagram post that he is fearful of privilege, or at least the perception of privilege. if there weren't swift action taken. but obviously there was. minutes ago, some of the most powerful people in the nba universe were on stage behind me, including adam silver, the commissioner, the executive director of the nba players association and the president of the warriors. none of them on stage addressed this incident. they're here for an nba care learn and play center unveiled here in oakland. but they did delve into the idea that the warriors have driven growth, expansion, a

they have created -- it's an iteration, tyler just asked what is it, is it paypal? iteration on paypal and venmo, and you'll have programmable money things we haven't been able to do before. so yeah, if i was western union, moneygram, or anyone else like that, i would be very concerned today. >> all right, gentlemen, thank you. great discussion >> if this beyond meat rally is beyond you, you're not alone short sellers have been losing hundreds of millions of dollars betting against the stock, beyond meat. but the stock is pulling way back after crossing $200 this morning. look at the decline there. where does it go next? >>> plus, in less than 24 hours, we'll get the fed decision on interest rates reports coming out saying the president considered demoting jay powell, so will powell cut eseng e and risk angerinth pridt? "power lunch" will be right back uhm, you're not alone. i used to have a limited selection of shows on-demand. and let me tell you, it got very boring. i got directv last week and they have more than 50,000 titles to choose from. but what about my pr

. >>> and visa, mastercard, paypal and uber are backing facebook's new cryptocurrency.ording to "the wall street journal," the social media giant signed on more than a dozen backers for its digital coin. each of the new backers will reportedly invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency. >>> and the joe gurt company chobani offered to pay student lunch debt at an idaho school district. they say the donation would cover $85,000 in debt acquired by more than 900 students during the last schoolier. get this, a district spokeswoman says the schools make sure students are fed even if they don't have money in the school lunch accounts. >> that definitely is nice. tom hanson at the new york stock exchange, thank you. >>> still ahead, a breaking the military's glass ceiling. we meet the first woman to command a u.s. army infantry division. she made history again recently. at the end of a long day, it's the last thing i want to do. well i switched to swiffer wet jet and its awesome. it's an all-in-one so it's ready to go whe

about facebook's users to make payments with the app.ncy via its it has backing of visa, mastercard, paypal luber -- uber. an expert and author says that facebook is trying to build on what other digital currencies have done. >> facebook are taking some of the good things about bitcoin and other crypto currencies and adding a kind of centralization aspect. at the same time, they are very keen to distance themselves because they are aware of their political record and how people perceive them as being intrusive and so on. --t they are trying to do that's why they have joined with 28 other companies, partners, including the set, mastercard, so on, the idea that facebook is not in control, everybody is in control. anchor: 15 years after the last flight of concorde, there are france to build new supersonic passenger jets. with advanced technology, technical -- engineers say they could be faster and cleaner. reporter: preparing to bring back supersonic flight to the aviation world. at the paris air show, a company launched a plan for a plane that could fly twice the speed of shown -- speed of so

including visa, mastercard, uber, lyft, e-bay, spotify and paypal. as facebook now tries to take a bite out of amazon dominance in e-commerce. but analysts say years of hacks and privacy violations sand russian trolls have undermined the public trust in facebook. >> on the dollar is in god we trust and this is in cryptocurrency, do we trust facebook and that is the question. >> reporter: facebook said it won't manage the new financial system and instead it is launching a subsidiary called calibra to do that saying they will not share account information or financial data with facebook or any third party without customer consent. and promising strong protections in place to keep yound your information safe. but wait, you ask. what about bitcoin. >> trading in the cryptocurrency was temporarily bitcoin fell%. >> reporter: super volatile and popular with cyber crooks. facebook said the libra will be pegged to currency with a regulatory system. still some cybersecurity pros are recommending a go-slow approach. >> my advice is if you get an offer to start

the former paypal ceo spoke to bloomberg about the goals of the new project.will now lead the new organization that will help to oversee libra. >> we went to the blockchain about because, by design, we launched 100 different global organizations that will participate in the governance of this new network. 27 organizations. we need a way to decentralize governments does no one company should control a network that is basically a protocol for value on the internet. emily: still, lawmakers are calling for them -- the social network to stop developing until lawmakers weigh in. facebook coo sheryl sandberg says a lot of details need to be worked out and also spoke about the m and a strategy. >> if you see something that is targeted to you and you think it has violated your privacy to get there, it's really crazy and scary and a lot of people believe that. if you understand the truth, which is we have not given any individual information, but we have just taken that ad and shown it, all of a sudden, it is a better experience. we have to do a much better job explaini

. >> facebook is one of 28 partners including paypal, visa and uber that will oversee the currency next year. users can sign up to be notified for early access. >>> up next here at 5:00, chaos and anger. while waiting for your uber or lyft. the reoccurring problems happening at sfo in the ride sharing area. plus -- >>> this is it. this is what i want to do. >> a bay area man has been sought after from people around the world, and it's all because of his fitness problem for children with autism. it's our bay area proud story. >> i'm chief meteorologist, wide temperature extremes today. 59 in san francisco and 94 in concord. we'll talk about cooling, yes, cooling coming our way. that's in about eight minutes. >>> ahead for us, after the ninth death of an american in the dominican republic, what officials are saying about their causes. >>> also, dogs can't talk with their mouths, but now science says they may be saying something with their eyebrows. we'll tell you more on "nightly news." >>> we want to update our top story. this is a live look in orlando, florida, and you can see on the st

media giant had lined up some big names the back its virtual currency including mastercard, visa, and paypal. libra is what it will reportedly call the new venture. some analysts believe the sides of the user base at 2 1/2 billion could be the key to this new technology entering the mainstream. so the bees just pulled off the biggest transaction in its 275 year history. selling itself. the auction houses being acquired by a media tighten for $3.7 billion. if approved by shareholders and regulators, this would be the second time so the bees has gone private. and that is your cbs money watch report, for more, go to cbs money watch.com. at the new york stock exchange, i'm diane king hall. >>> we have a fog rolling through the city of san francisco, but there will be sunshine later. >> it will be beautiful with the sunshine for all of us, with weaker onshore flow and that means temperatures will be warmer across the region. so today, the warmest day out of the week, and then we slightly cool things down as we go through the rest of next several days. here is a live look at the salesforce tower c

involved, there are some very trusted names in the financial industry that will be involved including paypal and mastercard. so it is not as if this is kind of a willy-nilly group that doesn't know anythbout finances. >> and, again, this is more, as i understand it, about peer-to-peerac traons. i'm not going to go out and buy a hamburger with this necessarily unless a mcdonald's or some other fast food change decides they're going to accept libra currencies, correct? >> that is entirely true, and i would probably say facebooks hoping somebody like mcdonald's would start accepting. lib the way facebook is trying to push this, they're saying ordinaryrd americans,ary people from all over the world can jump on the digital currency band wag and -- >> because of regulator hurdles, what do you think? >> that's possible. i think a l of the regulatory hurdles that facebook faces have a lot to do with the potential that it has aop my. so that is definitely going to be a consideration. as far as regulation related to cryptocurrencies, there really aren't tt man i'm not entirely sure what is going to pr

facebook reportedly h enlisted more than a dozen companies including visa, mastercard, paypal and u br a new currency. the wall street journal says eachre cy will invest $10 million in a consortium that will double the digital coin called libra. it expectsaunch that currency some time next year and facebook shares were up 2% to 181.33. abercrombi& fitch has authorized a new repurchase program for up to 5 million of its shares. it b allows back at its discretion while continuing to invest in growth opportunities and that brings the total buyback to more than 7.5 million shares and abercrombie's stock rose a fraction to 15.49 today. and the justice department is close to approving t-mobile's $26 billion merger with sprint, but only if the companies sell multiple assets to creat a new wireless competitor. "the new york times woet "says a ttlement could be reached in nd next week or so complicating all of this is the judge who is goes to listen to the merger and that will open next week as well. it rose 3% to $7 and a penny while t-mobile shares were a fracon at $78.90 a fraction higher. t

the usc and harvard grad made his fortune where he invested early stages in google, paypal, yahoo and linked in. and serves on the board of nvidia. he now works at his family firm called scubed capital. forbes estimates his net worth at $2.3 billion. our warriors coverage isn't done. we'll address the beyonce drama and the injury issues. we've posted the very latest on nbcbayarea.com. >>> horrifying moments for a father and his children. a man rocking around the family's yard. the family ran into the house and called police. this was taking place around 6:00 p.m. last night. the prowler then got inside their home. police were able to get to the family and get them out safely. they went inside the house and arrested the prowler. neighbors say it's just down right frightening. >> it's an older community. you know, i've been here for a very long time. never seen anything like this. >> the family wasn't hurt, but they are still shaken up. >>> a fire drill on the peninsula will put people and technology to the test this weekend. the redwood city fire department sent out an emergency evacua

crypto plans are getting support and more than a dozen companies including visa, mastercard, paypal andr are backing libra which is set to launch next year. the new digital coin will be connected to government-issued currencies to create a more stable system which has plagued other cryptocurrencies so let's get the two cents on the block chain. >> i write a great note from rbc capital and he's talking about two reasons why it's going in this direction and it's payments and commerce and those two things with the stable coin attached to their user base and it's focused on asia and they have about a billion active users and what they have here in north america and it's not about the actual hardware and it's about the operability of the apps that they have and they're doing payments and commerce on we chat and this is a focus over there. so to me, i think this is a huge, huge potential thing we know they're not in china, but this creates a scenario, but they can be in china that don't really rely on social networks >> isn't it amazing that with all of what facebook has and this is a testame

co-opted the priests who would then absolve them by allowing them to buy their way into heaven using paypal indulgences now we have the central bankers who have the papal indulgence system called money and the serfs in this case are everyone trying to get a new high screen t.v. high def t.v. or some other trinket that the consumer economy is promising them and the price keeps going higher and higher but their wages on a relative basis go lower and lower and the permanent underclass keeps growing and the rabble risers are rising and the social unrest is increasing and they don't and the occupy wall street and all the uprisings we see all around the world are the result of irresponsible central bankers killing the value of that money that they say people need to earn to afford. a lifestyle that hope either way is being pulled out from underneath them by this permanent upper caste of money printing banker priests who are equating their lawlessness with godliness and that is always and forever more be the basis of a global insurrection it took for hundreds of years the french peasant accepted t