paypal couldn't survive without ebay paypal is now worth more than ebay at the time they were saying that, much more money was made when they broke up standard oil, a huge amount of value unlocked. same with the baby bells, so actually for shareholders it might not be the end of the world if in fact a breakup happens, but we're talking five years from now in between now and then there's still considerations about the state of the business. these companies are doing well amazon is a great example. could they fight the government for the next three, four years >> teaming up against them. >> you know what, though there's never been an antitrust case where the consumer was benefiting and the government went after them anyway you have to prove harm to the consumer, and that's not what they're talking about right now, because the consumer benefits from amazon being such an incredible competitor. by the way, they have less than 8% of total retail how could you possibly say that they have destroyed retail they have less than 10% of it. it's not a situation where they dominate the industry. o

a competitor to venom on paypal?> yes, we have a number of wallets that are working with us on the network site but will compete on the wallet side. bewill that consumer data kept separate are part of the calibra data collector for consumers? let be part of facebook's overall knowledge of consumers or separate and distinct? >> we will make strong commitments to keep that data separated from social data. >> separate and distinct? >> yes. >> final question here. if you are seeking to be a competitor to alipay and we chat, why are you doing this in switzerland? why are you using a basket of currencies? why not the good old american dollar and to bring down the transaction costs which is seemingly the ultimate goal here? >> congressman, i want to say the choice has nothing to do with evading responsibilities of oversight. to goal with switzerland is home the libra association and an international place -- >> skip beyond that. >> that is really why. the second thing is for the same reason we would like for libra to be a d

. >> paypal coming down-to-earth in after hours it has been one of the hottest stocks and sectors thisr an important theme for the company has been venmo and efforts to monetize it which have been slow on the call the co dan shellman says they continue to find ways to make the popular peer-to-peer app more engaging and profitable have a listen. >> with another quarter of outstanding next newactive growth, venmo continues to offer significant opportunity for merchants to attract a valuable, engaged consumer base. in addition to adding fandango, stitch fix, 1-800-flowers, today ticks and ticket network to our growing list of merchant partners, offering venmo as a way to pay, we continue to enrich the venmo experience by making it even more engaging and personalize it >> reporter: guys, here is the thing. while paypal figures out how to make money from venmo, competition is only intensifying you have zelle, square cash moving in and perhaps taking some of the groepgt. the amount of venmo process this quarter was $4 billion lower than the street was expected the app has long been pointed t

. >>> welcome back take a look at shares of paypal, hit hard this morning, down 4.6% does the paymentpany miss on revenue and cuts its full-year revenue outlook delays product integration and pricing initiatives as well as currency pressures having an impact the company also coming up short on venmo payment volume by some $4 billion this is a very important metric, guys, because this is supposed to be the future growth engine when venmo came out, it was a wild success, because it was popular. but it came out a long time ago. there are more and more competitors. you've got zelle, you've got square cash coming out, and paypal hasn't really monetized it in a significant way. yes, more merchants are signing on, but on last night's conference call, talking about adding emojis, but engagement was never the problem. >> i wonder what the business model behind that is because venmo socialized payments, i think some older people, like myself, don't really want everybody in the world to know who we're exchanging money with. so how exactly they're going to capitalize on that, especially as paymen

right if you want to empower people, which is what dan schulman is about, you get him on paypal paypalfrom paper all the way to digital it's kind of like in africa where they went to cell phone without having land lines and that's what facebook should have done say, listen, plus if this thing works out, we're going to offer this they went too far. the white paper is a good talking point and that's so -- i mean, they decided to go far out and then they might be able to work it in but in the meantime dan schulman is the winner. look at this stock and facebook can be -- we want it because it's fin tech and we'll pay anything for fin tech. shark tank fin tech. it really doesn't matter they care about their stock prices i know that's cynical but you have hopes for libra navigating this gauntlet? >> yes, i do it's not like the libra. we are going to see something. i used to press the administration on, please, regulate bitcoin they said it's not our purview they blew it they blew it they don't want to blow it again. so they're saying it is their purview. they just really screwed up on bitcoi

i think they'll continue to perform. >> we'll talk more about paypal later on cheryl, do you have picks? do you choose to be the investment committee's chairwoman today and critique these guys' picks? what do you like or not like >> i am not a big fan of financial stocks but i live in silicon valley so i tend to gravitate toward technology stocks, my picks in that area. the growth outsized in that area over finance and for me, finance is just a little bit too boring. i work for a financial company so i have to be careful there. i love microsoft they just announced yesterday they had a great earnings. they have a 69% margin on their azure business and a lot of growth ahead and quietly crept up to the number one market cap in the world satya has led the company since 2014 to just all-time highs and has changed from a hardware company to a cloud computing company and i think there's still a lot of upside growth from microsoft i still love that name you might think the p ratio is high at 30 but the 55.1 average they're relatively valued. so i like microsoft. if i was to pick a financial i d

emily: joining us now is max election, who cofounded paypal and invested in startups. now in the studio. that exchange was on, whatsapp, instagram, facebook messenger, all under the facebook umbrella. do you think facebook is a monopoly? technical answer is relatively nuanced. i'm sure there are pieces of the market that understand. they are, in fact, the dominant player, to the point where they can't be displaced. if i was arguing facebook side, china, zero facebook there, plenty of their own companies. i'm not sure that is the most relevant question is, is it too big? emily: is it too big? : that is a much harder question to answer. it is big. it is bigger than most nations. in that sense, they are right. it is hard to say it is too big if you ask who they compete with. chineseompare them to companies they go up against in spend, companies like tencent are gargantuan, and not at risk in broken up by the chinese government. if you want facebook to compete with tencent successfully, breaking them up seems like a counterintuitive thing. emily: you buy the argument faceb

>> paypal, everybody, paypal >> i would trade this.eah, jon's been in it i would trade this i don't know that it's an investment if you already own, as i do, mastercard and you have exposure i feel like i have a lot of payment exposure to twitter. but this is a good stock that got beat up. >> not the most aggressive upgrade you've ever seen either. when you look through this note, not like it's banging the table saying you have to own this. they talk about risk/reward and where the stock was and where they thought it would be for a while. this particular analyst was talking about deceleration and exactly what they've seen and now they feel like maybe a possibility for acceleration going forward. >> if you own the stock, what aspect of it are you most bullish on the amount or square cash? >> square cash >> venmo if you would make a -- >> it's going to challenge me. >> which one would you prefer to spend on i feel like venmo is a verb. i feel like it's going to keep its spot ahead of square cash. i don't know if i want to own the second

paypal calls >> i overstayed my welcome in this one, mel. great ride and wells and argus taking their targets up i thought that would be enough guggenheim slammed them today so it was 122 last week, it's 112 now. i think wait until below 110 and reload >> bank of america's brian moynihan they have competing products >> they do i don't care which one it is but i do think there is, i think square is a better buy than paypal >> beyond me shares lower after the earnings after the bell, the stock surged nearly 800% from its ipo. joe, i don't know. what do you make of this >> we talked about this back on july 19th and i said we've got to, i said don't sell, let's wait to hear for the earnings call this is an example of what jim is talking about, which is don't trade it, own it this is a social phenomena it's been traded by the hfts on a regular basis. the range is $30 you're not in there trading this name if you believe in it as outrageous as the fundamentals might seem, take a small position and stay with it. >> wow >> would you even take a small

were more like paypal? - - where are you going to be more like paypal? it will be more like the paypal type business that operates in the payments space. as far as the libra association is concerned, that is a conversation we are having. >> this is your view, to be a competitor, to another pay groups, venmo and paypal. >> yes, we have a number of wallets that are working with us on the network site, that will compete on the wallet side of the network. the >> will that consumer data be kept separate were part of your deborah data collected from consumers? is this going to be part of your overall knowledge of consumers or separate and distinct >> separate and distinct. >> the final question here. why are you doing this in switzerland? why not the good old american dollar? >> it has nothing to do with evading response ability or oversight, the goal of switzerland is to home this in an international place. that is really why. the second, for the same reason we would like for libra to be a digital global currency, as a result to be one unit of digital currenc

emily: joining us now, a tech industry veteran, who cofounded paypal and invested in startups.joins me now in the studio. so that exchange went on there. he went through whatsapp, instagram, facebook messenger, all platforms under the facebook umbrella. do you think facebook is a monopoly? technicalort of answer i am sure is relatively nuanced, but i'm sure there are pieces of the market that they are, in fact, the dominant player, to the point where they can't be displaced. in other areas, i am sure they cannot. if i was arguing facebook's side, china, zero facebook there, plenty of their own companies. i'm not sure that is the most relevant question is, is it too big? i think that is the underlying dynamic. emily: is it too big? max: you know that is a much , harder question to answer. i think it is very, very big. it is bigger than most nations. so in that sense, i think they are right. it is hard to say it is too big ask who do back and they compete with? if you compare them to chinese companies they go up against in a world of ad spend, companies like tencent are gargantua

we only have six minutes you better move fast on this mad dash paypal >> listen, paypal has been theof the show in payment processing it's been amazing. it's a red-hot group i don't know if you saw -- but these are reversed people said it was bad, ridiculous it was good. last night, dan schulman, some thought cavalierly, said products were going to be delayed. some were saying dan has become quite arrogant i think they're wrong. dan is saying, listen, it wasn't the blowout quarter. we got to guide revenue down then don't worry, it's going to come right back. i think that's right david, paypal is the anti-libra. it is the revered payments processing company again, i know facebook doesn't want to buy anyone i know the stock has become too big to buy >> this is enormous. remember when they were splitting it from ebay >> it's 20 times fine. the $5 billion fine. >> got it. >> but paypal is regarded as being the good libra i've been doing a lot of work on libra. even visa said something positive about libra but this company being down, let it go down today let it go down tomorrow. some peo

he has also served as president of paypal and other tech companies. mr.arcus, without objection, your written statement will be made part of the record. you will have five minutes to summarize your testimony. when you have one minute if remaining, a yellow light will appear. at that time i would ask you to wrap up your testimony so we can be respectful of both the committee members' time and to others. mr. marcus, you are now recognized for five minutes to present your oral testimony. >> thank you, chairwoman. chairwoman waters, ranking member mchenry and members of the committee, thank you for the opportunity to appear before you today. my name is david marcus, and i'm the head of libra at facebook where most of my life i've been a entrepreneur, or building products aimed at improving people's lives. my focus has been in financial services. i became paypal's president after it acquired my last start-up, and i moved to facebook five years ago to run messenger and more recently to lead our block chain efforts. i describe the mechanics of libra. today i wan

okay, take venmo, that peer to peer payment arm of paypal oh, love started out, venmo was free. users. nothing big, but enough to give the company earnings a real boost. this market loves this thing now, i bring this up, because there's a new one in town. yeah, there's a new fintech company. it's got payment processing. it's got kind of bitcoiny thing and giant scale and best of all, block chain! i'm talking about a brand-new company called libra, which is all the rage the bad news, it's owned by that all-time pria villain with a tattered reputation, facebook. fortunately, it's cornered off from the rest of facebook and has 28 partners, including facebook, helping to change the entire narrative imagine if facebook can get a piece of the space, it would be huge and it will be sure, facebook is still in the crosshairs plenty of congress people want to rake them over the coals for their play to roll out libra to their 2.7 billion users. and to be fair, it does need to be careful that's how microsoft lost its beginning 20 years ago and yes, when it comes to cryptocurrency, the bulls

because visa and paypal are part of this libra association.ut what does it mean for their earnings >> isn't the action this year telling you that they are -- investors are not, for the moment, concerned this this libra thing is going to be massively disrupted. >> one element of it, though, is the criticism of libra is that, oh, it's only these private companies getting together and creating an association. that's how visa started! it was the banks that got together and it was a cooperative and it wasn't some government-chartered thing that said, now we're going to have -- this is the way we're going to process credit card payments >> i'm more concerned about the weightings of these things i know i pound away on this every week, but you look at amazon, you look at facebook, you look at alphabet collectively, it's 8, almost 9% of the s&p 500 by weighting now. and people keep piling into these sectors. so essentially, ten stocks are over 20% of the s&p. the other bottom part. and whatever happens -- >> what's the historical moves -- >> it's been

basically eliminate the need to type in your paypal elimination or something. >> exactly. >> you have bank account. >> it is a payment system. >> you want to buy something from your store. >> i don't get the difference between that and venmo. >> i feel like it is like ebay, trying to sell stuff we got to go domino's getting sliced, sinking on the back of its earnings. the ceo just sat down with jim we will bring you hips comments ahead about what happened, what he thought of the quarter. plus, netflix out with their numbers after the bell media mogul tom rogers says the stock is virtually unbreakable in the streaming wars. we'll find out whahat s him so bullish. he is coming up next here on "fast money" stick around is the fund built to sell or built to last? etfs are only part of a portfolio. so make it easy to explain. give me a quality fund that helps me get clients closer to their goals. flexshares etfs are designed and managed around investor objectives. so you can advise with confidence. before investing, consider the fund's investment objectives, risks, charges and expenses. go

whether you're moneygram or a bank or you're an online or you're paypal, this is intended to be a level playing field, and again, what we do encourage, and there's been a lot of financial innovation, away from traditional banks, for electronic payment systems lots of people use electronic payment systems in dollars very effectively. and you know, we'll continue to support those activities we want technology to evolve >> yes, do you believe that the rise in bitcoin value was fueled by fraud have you seen evidence of that >> i'm not going to speculate. i have no idea why bitcoin trades where it is i'm not commenting on whether it's high or low again, i'm here to talk about the regulatory environment and warn people against illicit use. >> hi, secretary as a member of the cabinet, the president today talked pretty extensively about his tweets about the four congresswomen do you find the president's tweets racist and what do you make of white nationalists praising the tweets. >> i don't find it racist. the president went on and clarified his comments he speaks for himself on that and he was

2.4ising, in excess billion on a monthly active basis, this is -- romaine: you mentioned earlier paypal record high. at the close, you can see that being peeled back after hours. second-quarter earnings largely came in line with estimates, but it cut its for your net revenue forecast. new range is below the consensus estimates by analysts. shares down 6%. below 10 for the first time since july 10, this comes from our detroit. chief. it is about the for your guidance with china lower than expected but north america at the whim of slowing economic growth. full-year adjusted earnings are coming in lower than expected and full-year guidance adjusted well below analyst expectations. ford as well heading lower. romaine: stocks did close at a record high on growth. investors looking past week economic data and mixed corporate results. that's get a take on the market. joining us is the chief executive officer at the you excess -- executive management. you come here on a busy day. markets are doing well, but you see that it does seem to be a market that is starting to split a point -- apart in t

the comparison is consistently made to paypal or vnmo or western union, but to the best of my knowledge, users don't hold wallets on those platforms, don't store money until it is used in a western union account, rather, customer accounts, which are held at banks, are deducted when a payment is made. so now, let me then ask a question because i'm worried about systemic risks, and i asked mr. marcus this morning that if facebook managed just 10% of its current user base, to the facebook libra wallet, would you agree that they would be a systemically risky financial institution? and should they be designated as such by -- [inaudible] -- and even do the regulators have the capacity to develop dedicated enhanced oversight regimes for facebook in such event? i will start with mr. brummer and this mr. gensler. >> that is an excellent question, and certainly if facebook was managing those kinds of assets, given its customer base, i think it would certainly be systemically important. and the question about the expertise at the federal government level, you know, is precisely the fact that you h

super growth stocks getting pummeled again today something that's a common theme since service and paypal reported numbers wall street didn't like. i thought service delivered a good quarter we heard from the ceo last week on the show and he told a compelling story i went back over and thought i missed something i said okay, let me reread the transcript, let me reread -- no, it was great however the playbook is spoken and that's why the stock is down a quick $12. paypal deserves to go down as the company cut guidance but the pin action from these two has been extreme, and it's all thanks to the fed induced rotation don't believe when people say the stocks must mean stocks going down must mean the companies are slowing. it's not it's the rotation speaking so what should you do about this rotation honestly, i want you to be aware of what is going on, hence what i've been talking about. i think it's a mistake for you to try to trade this kind of rotation if you're a home gamer. i'll go further. the stocks now that are going down are the highest quality companies in this entire market. cloud

what would this do isn't paypal a technology company?sn't it big isn't it in financial services. >> it is, but it doesn't meet say all of the criteria that some of these proposed pieces of legislation are going to lay out there. what they're going to do is target in specifically in megatech companies that have a presence other than their primary business is not financial services so talking about social media you're talking about internet. talking about communication services paypal is one of those companies that's certainly in the mix in conversation there but it's not necessarily a social media company that may fit the parameters in the proposed early stages of what is going on but i would say this -- >> why should the government be making these kinds of -- you can't go into this business decision. >> that's my point look, it's a draft of a proposal that is up for discussion. so it's not even a bill so we don't know how much seriousness -- this is the lobbyists' full employment act to get them all back in dpshgs c. there is no purpose

this is intended to be a level playing field whether you are a money grandma or bang or online or paypal if it's intended to be a level playing field away from the traditional banks for the electronic payment systems lots of people use electronic payment systems in dollars very effectively, and do you find what do you make of this? >> the president went on and clarify the comments and i think that he speaks for himself on that and he was very clear that we are focused on the crypto currency. >> why did you push back because he suggested it is done out of pure political correctness i take it we are now going to switch of the crypto currency so i will give you the benefit of that and then i will give you some brief debt ceiling i'm sure there is interest in a. a. there is a lot of misinformation on this issue and i've received letters getting accused of postponing this and everything else. so again this is a nonpolitical situation with the primary objective of changing the currency to stop counterfeiting and if you look at the hundred dollar bill and what went into the hundred dollar bill,

. >> this is intended to be a level playing field whether money gram or bank or online or paypal.if this is intended to be a level playing field. what we do encourage and there has been a lot of financial innovation away from traditional banks. a lot of people use electronic payment systems very effectively and will continue to support those activities as we want technology to evolve. >> do you believe the rise of fiscal evaluation quick. >> i will not speculate. i am not come - - commenting i am here to talk about the regulatory environment and against the illicit use. >> as a member of the cabinet do you find the president racist quick. >> i think the president i don't find him racist he just went on to clarify he speaks for himself and is very clear that we are focused on cryptocurrency. >> mister secretary why did you push back with the redesign and suggested she should be on a less popular bill. >> i will take it we will now switch from cryptocurrency to other things? so now i will give you some brief information. >> there is missing information on this issue. i received lett

on the call last week, i have to admit, paypal was a little -- i'll use a term i typically don't with- it seemed like they were a little cavalier because they lowered 2019 guidance. i am a huge believer -- and i think this is another one we're talking about. i picked this apropos of what you're saying, which is, isn't it discipline, given the fact that they lowered numbers, that you say sell the stock i think the stock has room to go down but in the end, if you look at what facebook wants to do with libra, well, what you really want to do is you want to buy square or paypal and say, look, these already have an established way to be able to move dollars around the world. we'd like to add another currency so, before you sell paypal, remember, this is a franchise that cannot be duplicated. they have problems with this -- just talk about venmo not making a lot of money they talk about brexit they talk about how this is the ebay separation of paypal. i talk about dan shulman being a genius, raney being a fantastic cfo and a franchise that's unassailable so, go sell it what do you do, buy i

which you their president of dish use paypal as a store owner but tied to my credit card, it was tied to the regulations of the federal government. so, how do you tell us that it's not banking? because if it's not tied to any of those things, how does it work? >> congress com -- >> where is my protection? what happens if do this and we already know i'm ignorant and then i want my libras back. can i get them all back? >> yes. >> with no problems, i can get them back. >> yes in the same way that paypal and others are connected the banking system -- >> my time is up. i yield back. >> thank you. the gentleman from texas, mr. williams, is recognized for five minutes. >> thank you, madam chair. i want to echo the comments that that's hearing seems premature so far private companies are beginning to form an association. we talk but a 12-page white paper described in the general idea of this global cryptocurrency. there's a lot more work to be done internally at libra before we and congress can examine to all the hurdles we're concern but that you hear from both sides. many more processing th

i became paypal's president after it acquired my start up and i moved to facebook five years ago to run messenger and more recently to lead blockchain efforts. in my written testimony i describe the mechanics of libra. today i want to explain why i am optimistic about what libra can offer the world. before i get there, i want to make clear, we recognize we are only at the beginning of this journey. federal reserve chairman powell has said publicly that the process for launching libra needs to be patient and thorough rather than a sprint to implementation. secretary mnuchin reinforced those views yesterday. we strongly agree with both of them. we will take the time to get this right. we expect the review of libra to be the most expensive ever. we are fully committed to working with regulators here and around the world and let me be clear and unambiguous, facebook will not offer the libra digital currency until we have fully addressed regulators concerns and received appropriate approvals. i would like to start by sharing the vision for libra. it is intended to address an important proble

libra is the currency itself and something for profit that david marcus a smart guy that used to run paypal is in charge of as well. i think you know david marcus who's a guy that knows a lot about digital currency, can have about a billion dollars as i do of calculation. 10 million bucks to be a member of libra alliance. they want to have a hundred when i am a lawyer. those maths and resources also make facebook the right one. if you go through and sort out the kind of three big points, trust, control and cost. i will take them in reverse order. they talk about the financial service industry which is growing fast. it puts a lot of costs, there is a lot of tolls involved in moving money around. cost is a big issue. the unbank they talk about a lot as part of their mission statement. there are billions of people around the world, 1.7 billion people. >> i want to hear you talk about the trust part. >> trusting facebook is at an all time low for a lot of people. why are people going to trust them with money? >> well, i won't speak for them but i will say what they say. that's why they set it u

>> the same way that you have been mowed and paypal and square cash. you arere telling me not going to organize as a bank, you did not answer my first question which will put you under the regulation of others so we can make sure there is no systemic risk here because of what you are doing that could bring down the entire federal government -- the in tire financial -- the entire financial services industry. let me ask you one more. in dodd-frank we established the cfpb to serve as a financial regulator focused specifically on the best interest of consumers. do you believe that the cfpb currently has authority over the libra organization and the facebook libra wallet? -- dod you not conclude you think cfpb has jurisdiction? engaged in conversation with all agencies including cfpb. >> why did you not include compliance with cfpb in your prepared testimony? because we are currently engaged with all of these agencies and i wanted to share where we were right now at this point in time with the knowledge we have at this time. we will have a more complete out

you look at fintech, look at paypal, look at visa and mastercard, all part of the xlk as well. those are trading at 30-plus times earnings right now do they have enough growth really to support that it makes you wonder are we seeing certain areas where there's too much to the upside, too much excitement where they could pull back easily. >> i mention facebook is interesting to me because in early june the stock went down 10% in three days, i don't know if it was ten but it was reported they were going to look at them and possibly open up a case against them. what has it done since then? rallied 25%. if you think about that move in a little more than a month, you say to yourself, wait, think we are discounting what the unanswerable questions might be. i think it is important to remember that last year when they reported their q2 -- this is facebook -- and they guided down for the second half of the year, expectations for earnings growth at 20% in 2019 went to zero flat year over year. okay sales growth is still 24%, but who knows what the fines will be, how much they continue to

amazon has been working on paypal for a long time, nothing's happened google has gone through this threeor four different times. and i think it's just unrealistic for us to expect that any one initiative, even something that's as widely supported as something like libra is, is going to have that big of an impact, especially on a company that's already as big as facebook is >> i feel like we've been talking about that for years, why sort of big tech is going into payments, but not in a huge way. now facebook has taken that plunge and you can see how much it's opened the company up to scrutiny could libra end up hurting facebook >> i do think it opens up a door for regulation, right? the most regulated part of our economy maybe outside of health care is financial services and areas like payments. and this gives a completely separate part of the government almost on a global basis an entry into regulating the companies that are involved in it >> first half of the year, many of these internet names, tech names have been some of the top performers we got earnings season kicking off next week

it will definitely be more like the paypal types of businesses that op retails in the payment space.tion is concerned, that is the conversation we're having because -- >> so is it your view, the development internally of facebook, for you to be a competitor to alley pay and we pay? >> congressman, yes -- >> and to be a competitor to venmo and paypal >> congressman, so, yes, we have a number of wallets that are working with us on the network side but will compete on the wallet side. >> will that consumer data be kept separate or a part of the calibra data collected from consumers? will that be a part of facebook's overall knowledge of consumers or separate and distinct >> no, congressman we will make a strong commitment to keep that data separate -- >> separate and distinct >> yes. >> final question here so if you are seeking to be a competitor to ali pay and we chat, why are you doing this in switzerland? why are you using a basket of currencies why not the good old american dollar and to bring down the transaction costs, which is seemingly the ultimate goal here >> congressman, firs

you get to pick the backpack and then check out with paypal and then done. >> it is a great deed. >> so skip the heat. >> yeah. and enjoy the air-conditioning in the office. and that is what we're doing today before we head outside. that's a live look outside in san jose where the sun is beaming down. that is in the bad compared to where we're headed tomorrow. we're going to get outside today while we do still have some cooler weather. live look outside in oakland before you step out for lunch take it outside today. tomorrow you really don't want to spend any time out there. and let's check out concord because we'll be reaching into the uner 80s and slightly cooler than yesterday, mostly sunny skies. and then at 8:00, as we get ready for sunset, this is when people are going out for a walk in the upper 70s, and then 73 degrees at 9:00. maybe you'll go out for a late dinner or a movie. let's go hour by hour for all of our microclimates and napa at 4:30 at 85 degrees. that is during the evening commute. some spots will still have to crank up the air-conditioning today with upper 80s an

trouble and you know there's there's i wasn't we just because he got money don't leave those homes paypal don't have details as he calls himself alabama and he was just asking for help on 75th street in manatee avenue is a ridge preppy. dice i'm supposed to take you because you've got some morning. the down here. i don't hear what you got on the state of florida does have a law on the books prohibiting panhandling it is a misdemeanor but certainly this polities have different laws on the books a homeless man we spoke to out here says he wasn't doing anything wrong great want stronger laws in brighton 10 against aggressive panhandlers the >>brain now plans to shadow alabama again with this sign to encourage others not to give him money. >>that was michael political reporting. ryan says the battle is not over and he plans to bring that up at a city council meeting next week. >>well next at 5.30 sfo is apparently dealing with a homeless problem. they say bart is to blame, we'll tell you how the airport is now teaming up with far to increase security. >>also another change for bart riders, ho

company had said it planned to launch the project — with more than 20 partners including visa and paypaltion from politicians worried about the risk of fraud and criminal activity. it was one of the most extraordinary achievements of all time — the mission that allowed man to walk on the moon. an historic moment in 1969 that captivated people across the globe. 50 years ago, the apollo 11 rocket blasted off from the kennedy space centre in florida. five, four, three, two, one, zero... 50 years ago, the apollo 11 rocket blasted off from the kennedy space centre in florida. all thoughts were with the three astronauts in the tiny capsule. there is another side of the story, the impact it had on the millions who stayed up watching tv. the space agency has been sticking together their stories and the lasting effect it had on their lives. columbia, this is houston. here goes the mission with the television camera on it. this is the story of what landing on the moon meant to us. it's one small step for man... 0ne giant leap for mankind. home movies, scrapbooks, photos, a national memory bank of

i thought paypal would be really good paypal had issues.isten, give us a break. i spoke to service now last night. the stock is down. it could be up three days from now. >> why is southwest a wtf? >> well, because, for instance, they pulled out in newark. >> that sounded like it was almost an excuse for pulling out of newark. like maybe it's been too tough to compete there all the way along. if you've got to cut somewhere >> that's true, but here's my worry. some of the airlines that have fewer max planes, what happens if they just say, you know what, we're not going to fly the max because we don't think the max is that great. what happens to southwest? what happens if american says -- >> what happens to boeing? >> well, boeing needs -- boeing's got to come to terms with this. they lost control of the narrative again. now it's like boeing may stop production then the country is crippled these stories are very, very negative so i think boeing had -- was controlling the narrative then lost control of the narrative. i think that gary is going

when these possible that's our personality and that's how we find that we have an impact on the paypal do you agree with some of those tactics though of going to farmers properties here i don't necessarily disagree so this is your form of activism but you're not opposed to. things like direct action where we're really broke community and people will take whatever approach search there and like if they do that i think the world needs all different types of people to do activism in different ways. in the northern city of brisbane this group is taking it to another level with a vegan activist masterclass the workshop i'm going to be giving to do just to talk with one begins about being as i'm. one on one or in groups as most of you know when you go big other you initially get it by a bunch of people who are you can lose so it's all about how to deal with. the body language with a smile on your face i just make it a natural smile just just like when you're single all right it's not important to not criticize for it away it's not a nice thing to be wrong so if you don't want that to be done

company had said it planned to launch the project with more than 20 partners, including visa and paypalt is facing strong opposition from politicians worried about the risk of fraud and criminal activity. the congolese authorities say that a pastor, who was the first confirmed victim of ebola in the crowded eastern city of goma, has died. the provincial governor called for calm, he said the case had been detected quickly and isolated immediately, and that passengers on the pastor's bus to goma had also been identified. more than 1,600 people have died of the disease in the eastern democratic republic of congo since the outbreak began a year ago. stay with us on bbc news, still to come: the moon mission and the millions who watched. how apollo 11 captivated viewers in the uk and around the world. after months of talks and missed deadlines, a deal has been struck to keep greece within the eurozone. the immediate prospect of greece going bust, in the worst crisis to hit the eurozone, has been averted. emergency services across central europe are stepping up their efforts to contain the wor

company had said it planned to launch the project with more than 20 partners, including visa and paypalom politicians worried about the risk of fraud and criminal activity. authorities in the democratic republic of congo are saying that a patient has died of ebola. the case was detected quickly and isolated immediately, and passengers on his bus were also identified. 1600 people have died from ebola in the east of the country since the outbreak began just a year ago. it was one of the most extraordinary achievements of all time — the mission that allowed man to walk on the moon, an historic moment in 1969 that captivated people across the globe. 50 years ago, the apollo 11 rocket blasted off from the kennedy space centre in florida. all thoughts were with the three astronauts in the tiny capsule. let's ta ke let's take you live to washington, dc. commemorating the apollo 11 mission carrying neil armstrong, buzz aldrin and michael collins, blasting off on 16july1969. four days later, of course, armstrong became the first man to step onto the moon's surface. 0n became the first man to ste

within these possible that's our personality and that's how we find that we have an impact on paypal do you agree with some of those tactics though of going to farmer's properties here i don't necessarily disagree so this is your form of activism but you're not opposed to. things like direct action there were really broad community and people will take whatever approach searched and like if they do that i think the world needs all different types of paper to do activism in different ways. in the northern city of brisbane this group is taking it to another level with a vegan activist masterclass workshop i'm going to be giving to the heart to talk with one big about being as i'm. one on one or in groups as most of you know when you go big on you initially gathered by a bunch of people who are you can do so it's all about how to deal with. the body language with a smile on your face and just make it a natural smile just just like when you're seeing a friend. it's not important to not criticize for it away but a nice thing to be wrong so if you don't want that to be done to you don't do

paypal compared with the year before while the number feeling uncomfortable with a relative coming out increase. just more young americans also didn't like the idea of gay issues being taught in school on the other hand though the acceptance rate among people age 72 and over was higher than the previous year we got reaction to the decline in tolerance from a community representative and also from the author of the study. the least munisteri experiencing could be leading to this a version it's a new news to take time for people to understand our job is to educate about nonconformity we counter the narrative that young people are more progressive intolerant these numbers are very alarming in signal a looming social crisis and discrimination. act his brand and track assess that radicals are turning people against the community. our community has been overtaken by a very sort of extremist very political faction that has tried to essentially politicize everything under the umbrella. there is sort of this more extremist progressive faction that has really overreached i think they've made a l

it is been low and paypal in the united states. they had nothing to do with blockchain or trade talks. this is the future of digital money. it is a failure. nobody is using it for any transactions. for atrading one coin nother coin. this is pumping and dumping, from running. it is a big scam and nothing else. >> can this actually be adopted? maybe you should give it some time. why are you against it so much? >> it has been around for 10 years. 75% of these apps are casino games and ponzi games. are exchanges35% that have no liquidity and nobody is using it. so much for the 10th -- so much for the centralization. this is not the beginning of the internet. does the launch of the world wide web, you had one billion users and that it became 2 billion. there are a number of unofficial users. the real users is 23 million. now that he is using crypto for this iss of services. not of the website, of email. comparing to the internet is a joke. it is just peddling and talking your book. it is utter nonsense. rishaad: you are talking the auth

whether you're moneygram or you're a bank or you're an online or you're paypal, this is intended to be a level playing field. and, again, what we do encourage, and there's been a lot of financial innovation away from traditional banks for electronic payment systems. lots of people use electronic payment systems in dollar s ver effectively. you know, we'll continue to support those activities. we want technology to evolve. >> yes, do you believe the rise in bitcoin value was fueled by fraud? have you seen evidence of that? >> i'm not going to speculate. i have no idea why bitcoin trades where it is. i'm not commenting that it's higher or low. again, i'm here to talk about the regulatory environment and warn people against elicit use. >> hi, secretary. as a member of the cabinet, the president today talked extensively about his tweets about the -- what do you think about white nationalists praising these tweets? >> again, i don't find them racist. the president just went on and clarified his comment. i think he speaks for himself on that. he was very clear. again, we're focused on crypto

and as strike on a migrant detention center in the libyan capital tripoli has killed 44 paypal and injured more than one. and from the 30 that's according to the u.n. mission in the country a warning you may find the following images disturbing officials of the targeted center allege the strike was ordered by opposition general khalifa haftar he ordered an offensive to wrest control of the capital in early april arrival government hasn't commented on the allegation meanwhile british m.p.'s are debating what to do with frozen funds in the accounts of ousted libyan leader moammar gadhafi ali boyko has more. if you run a business say one of these offices or shop before 2011 then your landlord what i'm being one colonel gaddafi he like to be known as the king of kings and his piggy bank reflected that before his downfall and death in 2011 exactly as libyan investment authority had amassed some 12000000000 pounds worth of assets in the u.k. alone among them in portland house on london's oxford street the 2011 un backed libyan intervention came with a un backed libyan asset for use to that meant

it is backed by companies including ebay, mastercard, paypal, uber and visa. bank accounts while making it faster and cheaper to send money online.>>> shoppers were out in force during amazon prime day. >> amazon says it was better than the last black friday and cyber monday combined. they did not release sales in dollars but reports 175 million items were sold during this year's event. the other big retailers who jumped in to get failed as well report failed jumped 54% on monday compared to a typical summer day. that is helping the retailers. when the opening bell rang shares in bank of america and united airlines are trading higher. both beat estimates for the quarter. netflix reports after the closing bell.>>> checking in on the numbers a downside after the dow hit a record high yesterday. a live look at the big board down just a little bit. the s&p 500 dipping back below 3000. the nasdaq is down slightly as well.>>> ikea closing it's only u.s. factory. they will move their operations from virginia to europe where it says production costing is lower. the pr

we have paypal holding, down more than 3% on a downgrade which calls their outlook which was decreased a wake-up call. guy will get into that. guy: let's talk about what's happening. i will focus on the u.k.. the real story coming in, the markets along with boris johnson starting to look at may be no deal brexit. as a result we have the fish found against the u.s. dollar, we will -- we have the british pound against the u.s. dollar. a big move there. that is one of the factors outting the ftse 100, it is forming the rest of europe but it is -- but there are other factors. m&a is one of them. deal buying a business sold to blackstone and now being bought by the london stock exchange. that will put a whole different class when it comes to financial assets. it's trading up there are other deals as well. a big week for the global economy with rates decisions from the boj, federal reserve and bank of england as well as economic data from the u.s., germany and china. let's get to someone who can help us size up investor sentiment. he comes to us from boston. let's begin with the federal rese

it is consistently made to paypal are western union or venmo.but users don't hold wallets on those platforms. they do not store money until it's used in that account rather customer accounts held at bay are deducted when a payment is made. let me ask a question. i am worried about the systemic risk. and i asked mr. marcus this morning 's facebook managed to 10% of the current user base to the labor wallet would you agree that that would be a systemically risky financial institution? and would be designated as such? and do the regulators have the capacity to develop dedicated oversight regimes for facebook. i will start with mr. gensler. >> that's in excellent question. if facebook was managing those assets. it would be systemically important. and the question about the expertise of the federal government level. it is precisely the fact that you have to think about core needing appropriate responses. not just in terms of banking but with all those consumers and the frailties that we've been discussing all day long. how do you protect everyday ame

a lot of the same rules,, regulations, experiences we have as consumers when using a paypal, event, thosel be part of libra as well. i give facebook credit for thinking about the problem of many people having access to financial services. making that accessible is something that will happen. liu and hunter horsley, thank you both. coming up, uber says it wants to be more than a ridesharing business. one way, uber eats. the man who is running that business in asia. this is bloomberg. ♪ emily: the global food delivery business could be in for a major windfall. according to euromonitor, global spending on food deliveries could rise by double digits by 2022. that seems like good news for uber as it seems to solidify its uber eats business. the head of uber eats in asia spoke about what this means for their service in japan, india, and beyond. >> overall, the delivery landscape in markets like india and japan is being forward. we are seeing a huge exchange with new customers coming online. days inill very early markets like japan, india. i think it is only like 7% of the markets are doing onli

paypal down 3.5%. let's take a look at the intraday chart of the pound.have the pound at session lows. down 1.3%. possibilitys of the of a no dear breck -- no deal frexit counts. brexit mounts. pretty fast. we will come back to that. we will talk u.k. politics in a few minutes time. we will dig deeper into what is happening with the pound. let's discuss what is happening with these markets, more broadly. let's start with equities. has it changed your narrative? >> i don't think it has. i think earning season has been mixed. you have had company's report disappointing outlooks. especially on the industrial and transportation side, which confirms this idea that your pmi indicesthe globa that the global economy is weakening. the leadership market remains narrow. broad markete underperforming. confidencet suggests in what we are going to see out of the fed or these other central banks or that is going to lift the global economic picture. guy: what is it going to take for a rotation to happen? what is it going to take the small caps moving? that combination of