commission stephenson? >> i don't have a question i'd just like to reiterate i've seen this budget process for a number of years now and there are shortfalls so the $460 million may see daunting but we've seen it before and there's a high degree of confidence we'll meet the shortfall though it may look scary on paper. >> thank you. >> commissioner: do we have public comment? >> may i have a motion to approve the fiscal 2017-2018 budget. moved by commissioner stephenson and second bid -- seconded by commissioner wald. all in favor. any opposed? any abstention? motion carries. item 10. >> the clerk: recess. >> no, i'm sorry. seriously you can't. i'm going to fall down. >> the clerk: we'll go to recess. >> commissioner: can we wait a few minutes. let's just do item 10 and we should get people some warning. we'll do item 10, anthony and then take a short break. >> the clerk: is the next item is item 10, approval of resolution file 2018-02-coe approving funding for the san francisco carbon fund grants. documents

we're also joined by tom stephenson, investment director at fidelity international. jason, you keep a laser focus on the positioning and on the ten-year yield is this a blow off top or does this correction worsen i think it's two-fold. i think the story last week is different from the story this week this week is much more about systematic flows, so you're seeing -- i think the right way to look at this is reverse back to last week and what happened last week. last week was a problem because you had negative bond equity correlation. so yields going up on the inflation story, the same time equities did not enjoy that. you have this environment that created vol. what you're seeing since then, since you created some vol, now you have vol targeting guys selling equity markets because they have to that's the structure of their business at the same time when you have both active and retail money at a 95th percentile long so there is no natural cushion to handle these systematic flows. that's what you're seeing today. this does not mean that the bond equity correlation stor

. >> commissioner: commissioner stephenson. >> commissioner: that was great. thank you so much. appreciate it. the presentation both debbie's presentation and your presentation spoke to adapting to great alternative and the five things that have to happen spoke to that and when i go back twenty-plus years ago the opportunity to go green and do the right thing for the environment came with a sticker price that was worse. it was a worse experience. and over time the private and public sector came together and now we get to talk about led lights and they're priced at a reasonable rate and if electric vehicles were a horrible experience nobody would be driving them no matter how great the opportunity is here. when you look at natural gas and how people interact in their homes it goes without saying if the experience wasn't good in absence of really regulation -- with a lot of teeth, or a fantastic alternative no one's going to adopt it. is there a role for the commission or are there conversations taking place between the private sector and innovation teams you talk about here in si

we're going to talk to at&t ceo randall stephenson at 8:30 a.m. eastern.n now up . most 90 on the dow look out. >> yeah. >> who knows >> you're watching "squawk box" on cnbc. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade >>> welcome back to "squawk box" live in pebble beach let's get a check on the markets this morning you can see the futures now are indicated up 77 points you're looking at right now. all over the place very volatile this morning i wouldn't venture a guess at 4:00 p.m. east coast t

commissioner stephenson. >> he's going to be so missed. am i on? i am now. he's going to be so missed and he was very new to his position when he appointed me to commission way back in the day and i didn't know what i was doing but he took a chance on me. and i think one of the things that that speaks to, he is a champion for so many things and understood the intersectionalty of so many different issues. not just the environment, it was the environment and local jobs. it wasn't just environmental justice, it was making sure environmental justice was baked into every single decision was were making at the department or across the city and he was a huge champion of women and i respect everything he did for our city and i'm very happy to give you a check to join in with the rest of the department. >> thank you. >> commissioner hoyos. >> echo what has been said. i had a chance to see him at the u.s. conference of mayor meeting and echo about his pride, joyfulness in the leadership of this city on climate issues, justice issues and all sorts of equity issues and

they were helped by tax cuts and the addition of 300,000 new wireless customers randall stephenson isonfident at&t will complete its acquisition of time warner the justice department sued to block the deal a trial is set for march shares are up 2% >>> qualcomm posting a fourth quarter loss on charges related to the u.s. tax law and an antitrust fine from the eu adjusted results beat forecast bu the company's first quarter outlook is below estimates >>> royal dutch shell says fourth quarter profits more than doubled beating forecasts. the company benefited from the surge in oil and gas prices as well as cost-cutting measures. the stock is down 1% >>> nokia reporting better than expected fourth quarter results which were boosted bay one-time patent payment by huawei while the networks business will remain weak this year, a potential increase in spending by customers could lessen the decline. up 8% for nokia. >>> pandora is cutting 5% of its work force they will also take other measures to cut costs. this comes amid intense competition in the music streaming business pandora says the mov

anybody here who is old enough to remember adlai stephenson, said patriot tim is not a sort outburst of emotion but the tranquil and steady dedication of a lifetime, and so i say, in a little bit more forward fashion, that rara pate from won't do it. we actually have to sit down and think and have a debate because, this technology is coming at us fast and going to present issues for the soldier and that's the one that worries me, and for our decisionmakers. our decisionmakers really don't have the capacity to understand the a lot of this stuff, and we actually have to have a national debate about that. we ask a lot of our military. and i hope this book -- i hope it sells a good gazillion copies. i hope people will enter into that debate because it's so important, especially now. with that, there's chapter on what think the things are that we could do. ... >> thank you. do you have any information about what's going on in our embassy in cuba? >> i've gotten that question several times, and the short answer is i have no information at all. i guess people were getting sick, and they tho

. >> peg stephenson from the controllers office. what joe commented on is probably the rough answer to your question. i believe within this bond there's allocation to health, allocation to fire, and allocation to homelessness and that's the promise made to the voters and that's how we need to adhere. but within each of the program allocations there's flexibility on the sites. i believe that's how it's structured. i would have to check to be sure. >> i think this is -- my colleague to my right has said i understand we need to have a balance when we go to voters. so if that's the case, maybe we should be addressing some additional controls after the voters approve these broad categories, when we implement them to have some control so the decisions are not made like willy nilly. >> just to step back up to 10,000 feet for a moment, i really believe the presence of the committee has made a big difference on the issue in the time i have been looking at it, parks bond is a good example. we had a lot more openness in prior parks bonds and f

commission commissioner stephenson. >> i'm glad you came back. >> commissioner: i want to say how amazing everybody on the staff is. it makes me proud to sit on the commission and know we're in some small way involved with the amazing stuff involved in the department. i think the speaker who came up and said what is and i spend a lot of time talking to engineers and it's broken down in a way that's understandable and i want to commend the work you're doing because it helps humans change their lives day to day. >> i just wanted to thank my team. there are folks here we have works on our zero emission vehicle team and staffers and the energy team is made of about 20 individuals would work really hard and tonight you received a taste of what they work on and while following policy we're work to drive market innovation and bring industry and the demand side together to create the market transformation. you asked commissioner mcalicester about that. >> commissioner: thank you and a great hand to your team. could everybody stand up who works on the team? i see you guys way in the bag. [applause

shortly after sailor james stephenson returned to his hometown of of columbia tennessee, he and his mother local shop to pick up a radio she had left for repair. when the white owner told her he had sold it, her son stepped in. an argument turned in to a fistfight and james pushed the man through a plate glass window. james and his mother were soon arrested and jailed. that afternoon as people left the segregated balcony of the local theater, they noticed a white mob gathering in the town square. as evening fell rumors of lynching spread and the mob grew. i nthe small black neighborhood called mink slide people shot out the streetlights, locked their doors and posted guards on their roofs. when four policemen walked in to the darkened neighborhood shots rang out and they were injured. the sheriff called for help. the state guard and highway patrol ransacked local businesses, seized arms and beat and arrested more than one hundred african-americans. when it was all over twenty- five were charged with attempted murder of the four policemen. when two defendants tried to escape, they were beat

peg stephenson for the controller's office. we are just past the half way mark of the fiscal year. this is the item where we give you status report and update on our work in the city services auditor. you have a slide deck from us and i will talk fast and then tonia will go through the audits part and we're happy to answer your questions at any point. just to refresh your memories, the cycle that we follow is key to the city's fiscal year, we do work planning process during the spring in anticipation of issuing and finishing our work plan by june 30th. april, may and june and earlier than that is a heavy planning process with us. we look at a complex of different mandates, there are charter mandates we operate under, appendix f. there are requirements in the codes and grant and leases we're responding to and various other audit requirements. we meet and speak with a variety of stakeholders, mayor, board of supervisors, yourself, we look at civil grand jury reports and anything that touch once the operating compliance in developing the work plan. our budget looks like the city budge

of humbling and when he didn't want to explain something, you'd be an articulate and especially stephenson backers would say this guy can't even express themselves, but it was all with the purpose. and i think i was somewhat the way mckinley operated. i think those two people are quite similar. >> i have two questions. the first is you mentioned the mckinley's relationship to imperialism or empire. in 1898 there was an anti-imperialist league when james harvard professor was strongly against imperialism. can you say something about mckinley and how he reacted to that criticism on imperialism. .. and mckinley was done somewhat. so many people of his friends, but he never took personally any of the turmoil of politics, and so you all so had sort of up the incidence of the president talking to the american people. he traveled a lot and made a lot of speeches. some of them designed to be major policy addresses, and he would explain what the policy was and why he had done it. so we understood he had this opposition. it was particularly bad when ford affairs got to be bad with the korean, the ph

emanuel to dick durbin to tammy duckworth to dennis hastert, i am sure i'm forgetting people, the stephensons. the dailys. on.list goes on and the school of journalism is named after a former chicago mayor. the list does go on and on. you guys know a lot more about illinois then i do, i am from wisconsin. you're also been a mashed in illinois politics for a long time. who is your most memorable or fascinating illinois politician to cover. clarence: i was going to say joan the dill -- i was going to say joe medill but i am not that old. barack obama is easy among those i've covered. i first met him when he was a state legislature. his political adviser, david -- david axelrod who was a former intern of mine at the tribune in the 1970's, i point out to everybody who does not know the to see hishington, campaign rise, it was fascinating to watch the parallels -- the parallels with the harold washington campaign. it was intriguing to me because we are talking about an african american political pioneer at a certain time in history when things came together. there were no guarantees of anything. t

so-called radical republicans, who, for three minutes in historical time had control, the thaddeus stephensons, benjamin believedd others, who in activist, interventionist government. that is actually a term i learned from eric. ito not know who he borrowed from. he might have made it up. activist, interventionist government. remember, this was a republican , who passed the first civil rights law in american which andrew johnson will famously veto. but this is a group of republicans. look at what they have just won. won an all-out war by highly centralizing a federal government -- because they had to. the quartermaster corps, which was the huge federal agency that delivered and negotiated all the contracts, manufacturing contracts all of the north, that made all the material for gresham's army -- for grant and sherman's army. the only larger employer was the union army. there has never been a quartermaster corps. they passed the homestead act, which is going to revolutionize how people gave away land. , the landthe act grant. they passed the 10th continental possibly onech was of the most corr

if you're getting on the freeway after stephenson, it's a decent drive. let's go back to the desk. >>> some teachers and mill valley in the north bay say they are victims of sexual harassment. they claim male students have harassed them for years. we are at the high school mlb -- mill valley where one teacher went public with this. >> reporter: she was a second teacher from the district to speak out about this experience. she has been a math teacher here and mill valley for the last 15 years. she says during the course of her career she's been subjected to sexual harassment from her male students at least a dozen time -- times. her statements were recorded and published on youtube. she says the harassment she experience included unwanted touching, and emails made from students while they were on campus as well as derogatory comments. >> i've been slandered by students and i have been touched more than once by a student. >> the reader told the school board they need to do more to protect teachers from this type of behavior. she says she did go to but it di

you are driving south hayward into union city is getting slower with a crash southbound 880 in stephenson and all of a sudden that is slowing down traffic. let's get back to the desk. >>> early this morning president trump signed the spending bill that was approved in the senate and house overnight. >> doug luzader live from washington dc and there was a lot of back and forth in getting this plan to the president. >> right, the president ultimately signed it into law so the shutdown is over after a few hours but getting there was not easy. whatever midnight oil was there has been depleted at this point. they got the deal but it was a rough road. >> from day to night and back today. a nailbiter, the final vote put them over the top with a small cushion. so what happened? why all of the drama? all of this was complicated by the fact that one of the democratic architects of the plan decided she would not support it. >> we have the opportunity to take matters into her own hands, defeat the previous question and take up the dream act. we can take up the dream act. >> listen to the applause. pl

going to miss these times on the desk with you guys >> you can still come on >> talk about the stephensonu never even bring him up. >> we bring lots of old guys on. >> we really got to go, john we can't talk anymore. it's really a pleasure >> by the way, tomorrow from south korea with carl, brian roberts, chairman and ceo of our parent company comcast "squawk on the street" will be right back is the monolithic view of emerging markets obsolete? at pgim, we see alpa in the trends, driving specific sectors of out performance. where a rising middle class powers a booming auto industry. a leap into the digital era draws youthful populations to mobile banking and e-commerce. trade and travel surge between emerging markets. everyday our 1,100 investment professionals around the world search out opportunities for alpha. partner with pgim, the global investment management businesses of prudential. we've been preparing for this day. over the years, paul and i have met regularly with our ameriprise advisor. we plan for everything from retirement to college savings. giving us the ability to add on f

the ceo randall stephenson said he is confident at&t will now completed its time warner.t&t shares down 11%. time warner is about 2% lower. microsoft also reported last night a quarterly net loss due to the tax changes. the company with the $14 billion charge for the tax reform bill. a little change right now in the premarket edges lightly higher at 95.05 a share. stock up more than 40% from a year ago, maria. maria: pretty good numbers even though most of the don't care about the fourth quarter looking at 2018 to see the impact of the tax plan. lauren, over and over utah has good numbers in terms of earnings. 2018 outlook. >> driven in large part for the coming calendar year ahead by tax reform. this is something you pointed out what the fed meeting yesterday, top story in the what street journal you are having a handout for monetary policy to fiscal policy and of critical spirit i will tell you the conversations have been are maybe a bear market beginning in bonds and stocks that as yields go up you start to get a chart that looks like the yields going up and stocks goi

topping estimates helped by tax cuts and the addition of 300,000 new wireless customers randall stephensonconfident at&t will complete its acquisition of time warner the justice department sued to block the deal a trial is set for march that's going to be a big story over the first half of 2018. >>> some other stocks to watch today or that might be interesting, a lot of this is based on results qualcomm posting a fourth quarter loss on charges related to the u.s. tax law and an antitrust fine from the eu the company's first quarter outlook is below estimates it's down 1.5% >>> paypal is trading lower after ebay announced its going with a new primary payment processor. a lot of ill litratithat ebay will go with a dutch fintech startup when the relationship with paypal ends. pa paypal's latest revenue topped estimates. >> ebay also reported fourth quarter results, revenue during the holiday period topped estimates. focus on marketing attracted more shoppers. shares are trading higher this morning. i used to love "animal house" and faber college. >> what happened it's always funny. >> when yo

in dallas job burgers, one world anti-viewing conspirators attacking adelaid stevens i don't kn stephenson the extreme and those outside the mainstream. here is the president of the united states practicing and speaking in the language of what richard hofsteter called the paranoid style. maybe we should all get a dollar for each time we see this is unprecedented. >> i think 1963 is a good time to go back to when talking about the fears of you have a president of the united states that is using the word treason which is punishable by death under the u.s. code and obviously there are fears of what that may lead some of his more unhinged followers to do. there are unhinged followers on both sides of the political aisle. but there are people that have no guardrails. violence can happen. it's just like when he suggests a congressman must be stopped. i think that was in a tweet yesterday only a couple of months after an unhinged liberal shot the republican majority whip. >> i do think the cold war is the place to look at this. there was obviously oklahoma city. there was obviously a lot of viole