the cryptocurrency thing, the best way to issue that would be through a public bank, so i just want to bring that up and make sure that's on the table and hopefully we get that on a near term agenda because it looks like it's going to be up to san francisco and not los angeles to get this done. thanks. >> chair fewer: thank you, mr. brooks. >> i'd like to see interest be put into the juvenile hall, as well. there's only 30 people that's in the juvenile detention center, and i object to minors who have a behavior problem when they're coming from a dysfunctional home. that that's not the correct way to treat people when they have an unfortunate situation in their family. places being shutdown, and on further review, i found out that place has the amount of square footage that's on or about the size of mission rock. i move to incorporate the fact that you could build on or about 1,000 to 2,000 apartment building complexes there, you can make a john o'connell-style vocational program for people, adolescent kids who come from a dysfunctional family. and instead of them being in a situation

with the public bank we can invest in offering rental security deposit. >> thank you very much. next speaker, please area >> good afternoon. thank you for the opportunity to address you today. i represent the nonprofit supply bank.org which is one of the san francisco budget coalition in the city of sanford cisco for the last nine years i am here to reiterate my request your support to restore funding for the kid to college program. this program was funded by the city for more than eight years and has served 13,000 low income students. this includes hundreds of low income rodents in district 8, and district to and thousands of low income students and three, nine, 10 and 11. as noted in the material shared, an investment of $300,000 per year from the city would provide school and hygiene applies valued at more than $800,000 every year because of the food bank model and well established supply chain. we need your support and leadership to continue the progress we have made with this grant and for the thousands of children's and families that have depended on it throughout the city

but if you do the work and the math, the public's bank is never replenished. they give people work, and that is a good thing, but there is something called a public bank, which pays for it, schools, police, ambulance, fire, roads, water. if that is not there, where we going? into trump tax law. all states have equal opportunity zones, laces that are down and you kind of pump investment to bring them up. but what they really are our tax shelters, capital gain tax shelters, so you will see development but nobody is moving into it. build a hockey arena, but we are capturing taxes intended for the schools and now the schools are not allowed to evolve because they are so far in debt, and the schools are falling apart that we have to borrow to fix the schools. yet, a very rich man gets it and does not share revenue. so you see downtown and everybody out there where detroit really is. 95% of detroit is outside downtown. and you see this, and they see it. is a't think johannesburg good model for development. i don't. you have got to do something for everybody. or, you

bank feasibility task force report released by the office in march. i'm so glad this conversation is moving forward and we're getting closer to realizing the decision of creating a public municipal bank in san francisco. the feasibility task force met over the course of a year to discuss models of a public bank and the report lays out possible next steps. i look forward to exploring this more in depth. the second hearing, since tomorrow is may 22nd, international day for biological diversity. it is to hear progress establishing biodiversity of as a city-wide priority. it called for a working group to make biodiversity real with the work of key city departments and i look forward to hearing the progress of the group and the city as a whole on the important goals of climate and the protection of our natural environment. i would like to report on the committees i serve on. as a board representative of the re-entry council, i attend meetings and collaborate with the council. the re-entry council works with the city and state departments to focus on supports for formerly incarcerated people re-entering society. i assisted them in holding a hearing on gang injunctions. i'm h

there for the public and banks were complicit committing bank fraud . my name is richard cohen. i was senior vice president and business chief underwriter for citigroup. at the time citi group was the largest bank and. it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing were going to loans that were originally aided by other banks and mortgage companies these maps are policy standards. in early 2006. i discovered that over 60 percent of these mortgages did not meet our guidelines they were by definition defective when i discovered this in this was june of 2006. silly me i thought it was my job i started issuing warnings because i was supposed to make sure that these met our policy guidelines and i sent e-mail i put it in my weekly report i made committee presentations i mean i'm not a shy guy i cornered people in the hallways at the water fountain and everyone say yeah yeah we we we know we need to fix that but nothing would happen. and through 20062007 the volumes kept increasing and the rate of defective mortgages increased from 60 to

and i get that and this is -- this is why we're working on a public bank, but i get why banks will notfinance these. banks know also these will be worthless. you see autonomous vehicles driven around in the streets, they're applying for license at the california cal, i asked them, would you ever buy the licenses? why would they, they say, we can operate without them. as we have seen with many jobs, this autonomous vehicle thing is going to unemploy millions of people. i think we're just seeing sort of the tip of the iceberg around sort of an outdated model -- what an outdated model can do at a time when things are changing rapidly. and yet we stay with the same model. so i'm going to say something that i think that is -- i just wanted to say, i don't fully understand it all either. it is a very complicated thing. and thank you for repeatedly trying to explain this to me and doing such a deep analysis. but the problem is that we're working for a remedy of an outdated model. the medallion program is simply outdated. it is -- until i think we think of a new plan to redesign this, i actual

therefore the public and banks were complicit committing bank fraud. my name is richard none. i was senior vice president and business chief underwriter for citigroup.

shouldrs and not banks reap the benefits of cheaper borrowing. government's expectation and the public'sxpectation that banks should pass on to consumers the benefits of reduced funding costs as a result of the reserve bank's decision. what are we seeing on the markets today? brian: investor sentiment continues to be down by trade tension. this is of just slightly with rent out -- renault shares dependent on a merger from fiat chrysler. automakers had better-than-expected u.s. sales figures. anchor: the french government plans to phase out the sale of gasoline and diesel powered cars by 28. that is part of the -- by 2040. that is part off t the energy transition plan. brian: some say that it puts 160,00000 jobs at risk. governments want the to go faster and target 2030. it is hard to imagine roads without exhaust fumes polluting the air but that is the plan. 98% run on petrol or diesel. the government says their days arare numbmbered andnd they wile phphased out by 2040. to developthem alternative ways of getting around. but 2040 seems a little difficult. >> it is too soon. there's not e

therefore the public and banks were complicit committing bank fraud. my name is richard on. i was senior vice president and business chief underwriters for citigroup. at the time citi group was the largest bank and. it was my responsibility to make sure that the $90000000000.00 a year that we were purchasing were going to loans that were originally aided by other banks and mortgage companies these map our policy standards. in early 2006. i discovered that over 60 percent of these mortgages did not meet our guidelines they were by definition defective when i discovered this in this was june of 2006. silly me i thought it was my job i started issuing warnings because i was supposed to make sure that these met our policy guidelines. and i sent an e-mail i put it in my weekly report i made committee presentations i mean i'm not a shy guy i cornered people in the hallways at the water fountain and everyone say yeah we we we know we need to fix that but nothing would happen and through 20062007 the volumes kept increasing and the rate of defective mortgages increased from $62.00 i

bankruptcy giving some city to billionaires in the name of development but if you do the work, the public's the bank is never replenished, that is a good thing but there is a public thing that pays for schools. your ambulance, roads, water. if that is not there, where are we going? trump's tax law, all states have opportunities, places that are pumping investment to bring them up but what they really are our tax shelters. capital gains tax shelters. you will see development but nobody is moving into it. we are capturing taxes intended through the schools and other schools are not allowed to borrow and the schools are falling apart and we need to borrow to fix the school. a very rich man doesn't share revenue so you see downtown and everybody out there in detroit, 95% of detroit is outside downtown. you see this and they see it. i don't think johannesburg is a good model for development. there has got to be something for everybody. we had riots in 67 that some called the insurrection, others called an uprising. i say it is a right. you think that was bad? 38 specials, now we have ar 15's. i am here t

think so many people buy into this story we were talking about before uber came onto the public markets. the banks many who worked with uber on this ipo are coming out and giving it a buy rating. obviously there's a lot of thought that goes into that. figuring out the uber investment, there is this huge trade-off between buying into the belief that the transportation industry will change overall versus a closer analysis of the losses. that is a big bet to make. newcomer, thanks for stopping by. coming up, the trump administration may have secured a new weapon in its fight against huawei. how european customers are helping the u.s. turn the screws on the company. make sure you follow tictoc on twitter. this is bloomberg. ♪ companiesbig tech brace for increasing regulation in the united states. cofounder spoke with and chairman about whether he thinks bigger is better in the current landscape. >> by and large, i am very bullish on u.s. trade. there are many things that are good for the u.s.. india is a big market for u.s. companies. i think there's a lot of two-way trade possible. i am overall very

this in part reflected thefact that did you to the fiscal rules public support for banks was concentrated in countries with fiscal space moreover only around 50 banks were resolved in the euro area in this period so a weak banking sector continued to drag on the euro area economy in sum the ecb faced an environment where there was both an increase in need to counter demand shocks and an increasing burden on monetary policy to do so our strategy therefore to adapt to these new circumstances in order to continue delivering our aim. monetary policy responded first in the summer of 2012 by acting to diffuse the sovereign debt crisis which had evolved from a tail risk for inflation into a material threat for price stability. announcing outright monetary transactions established our commitment to counter unwarranted redenomination risks in sovereign debt markets and acted as a powerful circuit breaker. while om it was neomt was nevere investigated, the announcement was equivalent to that of a large scale asset program. spreads in vulnerable countries fell on the average of 400 basis points in t

. >> in the pre-2008 era, inflation was a major concern for the public and central banks alike. will always be vigilant about inflation that gets too high, it is inflation that is too low that is a more pressing problem today. >> as the euro outperformed most major peers after the expressed optimism in the economy and said it would act to support growth. mario draghi extended the bank's pledges to keep in -- to keep rates at record lows while exploring how to offer banks more cheap cash. the euro touched its highest level against the dollar since mid april. the reserve bank of india cut its rate and indicated more to come as policymakers try to boost a slowing economy. the r.b.i. momentum has weakened significantly as it lowered the purchase rate by 25 basis points. bond deals fell to their lowest in 18 months, but that was not enough to boost investor confidence. as far as we're concerned, our position is driven by the growth concerns in the r.b.i. and in the inflation and growth in that order. >> global news 24 hours a day more than 2700 journalists and analysts in more than 1

in our democracy that insulation carries an obligation for us to be transparent and public -- publicly accountable. banks resorted to what were then untested tools to pursue mandated goals. these tools are no longer new but their efficacy cost and risks remain less well understood than the traditional approaches of central banking. my fomc colleagues and i are committed to explaining why the use of these tools in the wake of the crisis was a prudent and effective approach to pursuing our mandate and why tools like these are likely to be needed again. our review is only one part of our efforts to engage the public on these matters. let me turn now to the specifics of the review which is focused on three questions. can the federal concert -- can the federal reserve meet its objectives with existing monetary policy strategy or should consider strategies that aim to reverse past misses? existing monetary policy tools adequate to achieve and maintain maximum employment at stable prices or should the toolkit be expanded? the fomc'scan communication of its policy framework and implementation be improved? these

and i would add is the price stability is an interim goal of the central bank the ultimate judy is the public the growth in it's fair distribution if the central bank doesn't do this and you impose differ responsibilities or if you restrain its all 30 you can come up with a result this is the top problem turkey faces now. they really are or not that of them as our institutions are not able to perform their responsibilities and the reason for that is the in coordination in the economic decision making mechanism. and the temporary currency controls imposed this thing work and this in present add on was right to impose those measures well on the south an alternate and the government told its citizens to sell their dollars and buy gold and then bring that gold and debit to banks following that they told people to avoid investing in foreign currency they auction foreign exchange bonds and bills all these contradict with each other if you can't preserve the purchasing power and the credibility of your national currency which is your country's decency your people will and voluntarily go after foreig

and i would add is the price stability is an interim goal of the central bank the ultimate judy is the public the growth in it's fair distribution if the central bank doesn't do this and you impose differ responsibilities or if you restrain it's all 30 you can come up with a result this is the top problem turkey faces now. they really are or not that of them as our institutions are not able to perform their responsibilities and the reason for that is the in coordination in the economic decision making mechanism. and the temporary currency controls imposed this thing work and this in present add on was right to impose those measures well on the south and alter not on the government told its citizens to sell their dollars and buy gold and then bring that gold and debit to banks following that they told people to avoid investing in foreign currency they auction foreign exchange bonds and bills all these contradict with each other if you can't preserve the purchasing power and the credibility of your national currency which is your country's decency your people will and voluntarily go after forei

the minority report. " the bank's effort to retain the public money to use for their private interests." he denounced it. i said i have two points to make about polk and the bank war. my second and final point was when you look at his decisions, within the context of policy in tennessee, when you look at the behavior of many of his colleagues in the congressional delegation, many of whom bolted jackson's party during the second party over the deposit rule and his election of -- selection of van buren. when you look at his decisions within that context, you see there was nothing inevitable about his whole hog embrace of jackson's war on the bank. in 1832, while the vote on reach was pending, a meeting attended by 100 people was held in columbia, tennessee which instructed polk to vote for -- whichtually instructed polk to vote for charter. " a national bank is of the utmost utility both to the government and the people of the united states." polk's friends tried to reassure him that the information emanated from political opponents and "debtors of the bank." these were troubling signs.

public in general and london bank. account can bug me about this yeah. yeah i'm saying go on for. the same foundation and acting in their own meaning they were there for whom one of the would be locked up what indian called regular don't get on well you. can tend them are. carrying packs weighing as much as 50 kilos and barefoot the group also has to negotiate a demanding jungle. he was born in london. after a harrowing 2 day track the group spots another traffic count. robert is worried that he may be carrying the last of the roof of the trees from the area. a day to come on up the mccann might. be dumped on the midterms when out to. visit with its mates when i got off with a function a u.v. . and fancy romance in the lap. of fashion seems like using the discussion can outlast us like a singer a salamander on a low. sixty's deep into the forest robert and his men have found their treasure. if they can get this rosewood tree to market they would make enough for the next 6 months a tree this size confined to around $10000.00 that's all. i think. it's got your money. on the little r

kind of a risky they decided for direct placement which means that no investment banks are directly involved in the public listing but all of this is considered as kind of risky so yeah it's going to be very interesting to see if slack turns out into a success story or at the end in a nightmare for investors thank you very much had daniel cope there in frankfurt for us taiwan's that richest man terry says he will cede control of his tech conglomerate foxconn to a committee while he runs for president that leaves the apple supplier in uncharted waters. foxconn is the world's largest contract electronics maker and assembles gadgets for major international brands including apple and huawei at the company's annual general meeting in taipei go who has been at the helm of foxconn for more than 4 decades announced he would be stepping down. i have already decided to fade myself out from foxconn i already decided to hand over the operations of the company to the 9 person standing committee of the management committee i have a lot of confidence in them and i think all shareholders can rest assured they will do an

"i favor the public ownership of utilities, banks, and major industries. tor, do you still believe that in the public ownership of major industries? and if not, why? >> senator sanders: in a city where i am right now we do a public ownership of our -- electric apartments all over this country are publicly owned, i believe that workers should have more say and be sitting on the boards of large corporation corporations? yes i do. do i believe that we should break up some of the major banks on wall street and support credit unions and community banks? yes, i do. so i think really one of the things we have to look at is the fact that power in this country rests with just a handful of people. you've gotten six financial institutions that have assets equivalent to 54% of the gdp. six institutions control the flow of trillions of dollars. when we talk about democracy, it means not just voting every two years, is giving working people more of a say in what goes on in the economy. >> chris: all right, let's take a look at perhaps your biggest proposal, and you have

fortunate i also think that someone needs to point out to the prime minister that archaic banking system and poor public services are holding india back from its development. india needs a good health care system india needs a good transportation system india needs better public services of all kind and less corrupt public services of all kind and again the is something we tell him not because it's going to benefit us directly but because we have the experience of 300 years of industrialization and a great. standard of living that they aspire to in india and looking at sort of an economic game theory this us in india had $142000000000.00 in bilateral trade in 2018 according to the u.s. state department and as you noted india sells more to the u.s. and vice versa they've got a $20000000000.00 trade surplus with the united states so they would seem to have more to lose from a fight but the indian chamber of commerce says that bilateral trade could reach as high as $500000000000.00 over the next 5 years and he also has the $600000000.00 internet users that companies like facebook and amazon would like to r

sec in immediate wake of the financial crisis, the push to file cases against banks with high-pressure and nonstop. the public demanded it and understandably so considering the greed and risk-taking that occurred. we filed many cases, but there are many others that we did not because truth would not allow it. we would have been applauded how we filed -- had we filed those cases and may have even gotten a lot of settlements, but it would have been wronged. truth is exceeded over winning. -- truth succeeded over winning. graduates, truth is coming your way sooner than you think. some jurisdiction will announce you for to practice law -- you fit to practice law. or a young thurgood marshall, who at 26, started representing the naacp and rights cases -- you have taken the same oath as all of them and you will face your moment of truth. many of those moms of truth occurred as -- and many of those moments of truth occurred "in the room where it happens." my father emigrated at the age of 2, but a generation later, i have been fortunate enough to be in the room where it happens. decisions of life and death, terroris

banks improved , from 3.7 to 4.6. this was achieved more through shedding assets and less through capital. this reflected the fact that due to the fiscal rules, public support for banks was concentrated in countries with fiscal space. without a common resolution framework, only 50 banks were resolved in euro area in this. . continued tosector drag on the euro area economy, which was especially pernicious given the importance of the bank lending channel for financing. sum, ecb faced an environment where there was an increasing need to counter demand shocks and an increasing burden on monetary policy to do so. our strategy therefore had to adapt to new circumstances in order to continue delivering our aim. monetary policy responded first in the summer of 2012, by acting to diffuse the sovereign debt crisis, which had evolved from a tail risk for inflation into a material threat to price stability. outright monetary transactions established our commitment to counter risksanted denomination in sovereign debt markets and acted as a powerful circuit breaker. activated,as never the effect of its announcement was equivalent to debt of a large-scale asset pu

this as the 30 days before health equity's offer became public in april. bankica will stop lending to companies that run private prisons and detention centers. bank executives meeting with civil rights leaders and visiting facilities before making the decision. last night at the democratic residential debate, elizabeth warren lasted the industry. sen. warren: it is doing great for people who want to invest in private prisons, just not for the african-americans and latinxs families whose lives are destroyed and whose communities are ruined. viviana: a spokesman for one private prison company says that bank of america based its decision on politics. i'm viviana hurtado. that is your bloomberg business flash. david: i found that interesting, based on politics. yeah. donald trump has taken action to try to address the over incarceration of minorities in this country, so this is not even just a democratic issue. alix: i guess you can say it is politics as long as you say it is both on the aisle. just in the last year, you had banks pulling back on lending to gun com

haslinda: singaporean banks are up to 16% of all project related finance in asean. >> the private sector wants something clearly. the public sector wants something. you must make sure there is the right match. >> if we can combine them, then we are behind this balance sheet necessary to make these projects happen. haslinda: striking a balance and infrastructure is one of the great challenges confronting asean: the next generation. ♪ haslinda: hello, i'm haslinda on in singapore, a country just under 6 million people accounting for less than 1% of asean's population, but about 12% of its combined gdp. singapore is a financial and infrastructure hub of southeast asia. nowhere else in the region is there anything quite like singapore. a small island connected to the world by the region's biggest airport and global trade by the world's second business as biggest container port, with highly advanced financial market, education, and expertise. >> who are small. relatively less developed. on the other end of the the spectrum, we have countries like singapore, who are first world countries. 2 completely different parts of the spec

banks. to the extent the public feels the central banks are the answer to every concern about the economy isfocus on that. or: i have no idea the law process of demotion at this great institution. it is in the air in washington. we have a president who speaks his mind, and his modern communication method. how has his building responded to the gossip of a demotion? dr. clarida: we have known each other 20 years. we are just doing our job. we have a clear and crisp mandate. we have a good staff. we sit around that table across the hall. we have an objective, we have the tools, and a very collegial committee. we reached good decisions. tom: vice-chairman clarida, thank you so much. on tv and radio, back to you. francine: at the federal reserve in washington, d.c., an important conversation with vice-chairman richard clarida. dr. clarida saying they are not looking at a single data point. the labor market seemed strong but they got a soft print recently. that gives an indication of how dr. clarida sees the relaxation of what that means for inflation . finally, the comments about central bank ind

and i would add is the price stability is an interim goal of the central bank the ultimate judy is the public the growth in it's fair distribution if the central bank doesn't do this and you impose differ responsibilities or if you restraint or 30 you can't come up with a result this is the top problem turkey faces now. they really are or not that of the us our institutions are not able to perform their responsibilities and the reason for that is the in coordination in the economic decision making mechanism. and the temporary currency controls imposed this thing work and this in present add on was right to impose those measures well on the south and alter not on the government told its citizens to sell their dollars and buy gold and then bring that gold and debit to banks following that they told people to avoid investing in foreign currency auction foreign exchange bonds and bills all these contradict with each other if you can preserve the purchasing power and the credibility of your national currency which is your country's decency your people will and voluntarily go after foreign exchange

the in this country mainly because those ideas push more toward more of the american public other than enriching big bankse figure will trickle down on us eventually. while we are waiting for that trickle, what are we doing? how are we surviving once we don't get any money coming down to us and in this country, money is god. if they don't have money, they cannot live. we will go to jim who is a republican. caller: it is interesting what your last caller said because in america, money is god, that has been the strategy for a hundred years, to replace god. all these people that cry about populationead on the just like myself. i don't cry about and i don't envy someone else's success because i did not go that route and i am not going to cry because someone else has made really good decisions and made a good way and -- on the american dream. let's think about something else we are not hearing. your previous caller two back from california said it was about power. i don't hear any of the democrats saying anything about the last election cycle where we had president obama and joe biden and administrations the a

public turnout. damage limitation. deutsche bank is considering a 50 billion euro buyback. and the absence of boris johnson steals the show as u.k. prime ministerial hopefuls hold a debate. suspension ofhe parliament causes the most friction. a big climb down. the governor of hong kong's executive council has told bloomberg the extradition bill that has sparked protests is essentially dead. >> it is not a good time for any discussions because it is so polarized. to cool offers before we can talk about any chance of a dialogue. >> are you saying the bill is essentially dead? >> yes. the chief executive made it very clear. this is a suspension indefinitely. host 1: the chief executive announced saturday the legislation is on hold. yvonne man is live for us in downtown hong kong. what is happening there right now? yvonne: rain has started to come down here in hong kong so some of the protesters are taking cover outside of the legislative council building. government headquarters. it is closed for today. this is after they retreated from some of the key arteries this morning. ,

elimination of very high import duties this agreement will also open up public procurement and services markets for post post banking and the maritime sector. the carry trade has been one of the investors top players of 2019 returning on average 5.5 percent so far this year this strategy involves barring currencies where interest rates are low in order to invest in countries and emerging markets where yields are high pocketing the entire spread the current environment has been perfect with the ball being crushed and the central banks now having pause on interest rate rises let's take a look at some of the key currencies. the russian ruble is up over 7 percent against the us dollar after a large appreciation in december 28th seen however many investors are still wary for the potential of a currency depreciation as it is still highly dependent on the state of the oil markets over in japan the yen is one of the best performing currencies this year and it could actually strengthen further in the coming months the us is one of japan's largest trading partners meaning that the yen is highly sensitive to the u.s. is demand

right across brazil were affected in this day of action the schools were closed banks weren't working much of the public transport system came to hold the picture workers laid down their tools as well so it was fairly widespread across brazil difficult to put numbers on it at this stage and as is always the case the trade unions will say it was a roaring success the government will say it was a failure that's still being analyzed but it really is the beginning of a number of protests are we likely to see against these governments and their proposed pension reforms and how pivotal of these plans when it comes to reviving the economy. well the government has said that they're absolutely essential that brazil is again heading for recession that cuts need to be made to the pension reform which is simply unsustainable they say what the world has a say with the trade unions are saying that they're being disproportionately hit by these cuts government's already promised cuts to the public education system we saw huge demonstrations in the middle of may against those which again they said disproportionately hit