one of the big issues for us is allocations, so we can show you direct labor, but we have a very complex overhead model, and that had to be done manually. so -- >> so it sounds like you're very close to being -- to having some numbers that you can rely on. >> yes, we are. >> so hopefully, the next time you publish something on your website that's definitely that would be prior to your next hearing in front of this committee, the public will have fairly accurate data, you would have removed this footnote. >> right. but i do want to let you know that even though it says estimated, that's really out of a sense of caution on our part. the bulk of the good charges are there. it's still there they may be still a -- that they may be still a little understated. >> okay. thank you. >> and also, may i note that the quarterly report that we got from the transportation and root improvement which is primarily m.t.a., but it also had the same caveat on the financial page, so i'm hoping that we're getting very -- >> i was going to say, we're going to have a liaison meeting with them, with the m.t.a. on

relying on a formula for bonding forces which is ineffective and detached from the changing nature of policing. the funding formula they have used to allocatet of date and the home office told parliament in 2015 the formula was ineffective, here we are three years later and there hasn't been an update of that formula and so it's unlikely the money is going to the right places. the report says since 2010 when budgets were cut, police have carried out less proactive work like breathalyser tests, it says there are fewer breathalyser tests, it says there a re fewer arrests breathalyser tests, it says there are fewer arrests and it's taking longer to charge suspects. they are saying there are a number of forces 110w saying there are a number of forces now really i think the euphemism is stretched in terms of their viability, my interpretation of that is if we carry on like we have done for the past five years we will start to see more forces start to degrade their ability to serve the public in terms of keeping them and protecting them from harm. the home office says it's provided extra funding for policing this year and is entering a critical p

and the funding formula that they've used to allocate money is out of date and the home office told parliament2015 that the formula was ineffective. here we are, three years later, there hasn't been an update of that formula and so it's unlikely that the money is going to the right places. we wanted to ask the home secretary about the auditors‘ warning. why does the home office have no strategy on policing? but sajid javid was not taking reporters‘ questions. why does the home office have no strategy on policing, mrjavid? he was on his way to the police superintendents‘ conference where, again, he declined to answer media questions on the report, saying only this. many of you will be aware, for example today, of the national audit office‘s report on the financial sustainability of policing. and whilst there are some aspects of the report that i don‘t quite agree with, it rightly recognises the pressures on policing. pressures, which senior officers say, have damaged morale. at the same conference, met commissioner cressida dick said the home office‘s refusal to pay police what the independent

uses and there is absolutely a strong and compelling need for the government to have some spectrum and for that spectrum not to be auctioned off for commercial use. generally speaking what is allocatedfor the commercial use is usually utilized more efficiently. people figure out how to make the most of it and when the majority is never allowed to enter into the sphere i whether just wary we are not being transparent or efficient in the spectrum. i hope you will work with me and thank you and i see my time has expired.>> a very important point and one the committee has a sincere interest in and we have to make more spectrum commercial available. there will be tremendous needs out there and demands for it and particularly giving the fact that we are in the race to 5g, that will be important to winning and we have to make sure we are doing everything we can and we hope that you will follow-up in the discussions and work with us and the committee to figure out ways to make more of the government. the government sits on a lot of spectrum and it is not efficiently utilized and we have to do better. thank you for your response to that. >> nasa is one of the greatest resources when it comes

that allocation is still with us. as we sit here today we have 49 over the air channels television reserved. they are doing exactly what they were supposed to do in 1952 to deliver i love lucy to american households. those days are gone we use cable and satellite and the value of the bandwidth is of course enormous a higher due to these mobile applications. if you say, i have teenage daughters and i say to them you see that on television. something streamed that came through the internet and it's now on their mobile device delivered through lte, the 4g technology or at home on a wi-fi connection from a broadband network. so that's not television for them as defined by the federal can vacation system in 1939 at the allocation table. the regulators have a hard time moving past that and in fact the regulators know they have a hard time and to be fair there are a lot of people in washington who work for the federal government our trying have tried and have had success in moving airways from the old allocation of two chann

relying on a formula for funding forces which is ineffective and detached from the changing nature of policing. the funding formula they've used to allocatet of date, and the home office told parliament in 2015 that the formula was ineffective. here we are three years later, and there hasn't been an update of that formula, and so it's unlikely that the money is going to the right places. the report says since 2010, when budgets were cut, police have carried out less proactive work like breathalyser tests. it says there are fewer arrests and it's taking longer to charge suspects. the home office denies it doesn't understand the demands on policing. it says it's increased overall police funding this year, and sajid javid, the home secretary, will fell superintendents later at their conference that he is doing all he can to support front—line officers. danny shaw, bbc news. earlier, danny spoke to chief superintendent gavin thomas, president of the police superintendents‘ association, at their annual conference, and began by asking him if the nao report chimed with their own observations about police cuts. very much so. i think the report co

is decision-useful? what is the $100 trillion to make their capital allocations? that we are seeing now on top of just sort of disclosure, what is my carbon footprint, if you will, is you are getting boards and management involved, thinking about how this affects strategy. if there is disclosure about strategy, strategic resilience, -- how resilient are you to changing climate policies? francine: how difficult is it to measure this data, when it comes to air pollution and water. >> i think what is relatively straightforward to measure is the static carbon footprint. what is your footprint in your core -- in your so-called, scope one, in your plan. what is a footprint of that? it is relative to then go and say, i have my energy use, what is the carbon flippin of that area you the thing that is -- carbon footprint. tough is to look at the supply chains. after the product has started being made and the components that come in. that tells you a lot and the more the more -- the more and more that the market is a disclosing, you can see upstream and downstream, because

relying on a formula for funding forces which is ineffective and detached from the changing nature of policing. the funding formula that they have used to allocatey is out of date. the home office told parliament in 2015 that the formula was ineffective. here we are three years later, there hasn't been an update of that formula and so it's unlikely that the money is going to the right places. the report says since 2010, when budgets were cut, police have carried out less proactive work, like breathalyser tests. it says there are fewer arrests and it's taking longer to charge suspects. they are saying there are a number of forces that are now really, i think the euphemism is stretched, in terms of their viability. my interpretation of that is, if we carry on as we have done for the last five years, we will start to see more forces start to really degrade their ability to serve the public, in terms of keeping them and protecting them from harm. the home office says it has provided extra funding for policing this year and is entering a critical phase of negotiations with the treasury to secure more money. i will continue to fight on the police's ha

relying on a formula for funding forces which is ineffective and detached from the changing nature of policing. the funding formula they have used to allocatee home office told parliament in 2015 that the formula was ineffective. here we are three yea rs was ineffective. here we are three years later, there hasn't been an update of that formula, so it's unlikely that the money is going to the right places. the report said since 2000 and budgets were cut, police have carried out less proactive work by breathalysers. it says there are fewer arrests and is taking on longer to charge suspect. they say there are a number of forces, the euphemism is stretched in terms of their viability. my interpretation of that is if we carry on as we have done for the last five years, we will see more forces start to really degrade their ability to serve the public, in terms of keeping them and protecting them from harm. the home office says it has provided extra funding for police this year and is entering a critical phase in negotiations with the treasury to secure more money. more officers are being recruited but the leader of britain's bid force as it is a

is decision useful? what is the $100 trillion to make their capital allocations?he key thing that we are seeing now on top of static disclosure is that you are giving more of the management involved and how this affects thetegy and if i could use awkward term, strategic resilience. >> how difficult is it to measure data when it comes to air pollution, water? >> what i think is relatively straightforward to measure is the carbon footprint. what is your footprint in the so-called scope one, in terms of your production? it is relatively easy to go and say, my energy use, what is the carbon footprint of that. the thing that is tough is to look at the supply chains. downstream, the footprint of the product after it has started, and the components that come in. but you move to the first bits, that tells you an awful lot, and the more and more the market is --closing, you can fit upstream and downstream because you have the information. >> some people in the trump administration have said that climate change is a hoax and there are rules that protect climate change does

alix: joining us is phil multi-assetjpmorgan allocation strategist.erm impact versus the longer-term impact. phil: you have to balance those two. you do long-term strategic asset allocation in the near term, you have to be able to trade these markets technically. a classic sell the rumor, by the fact. after the brexit vote, the market went down and went back up in short order. ist we see from last night clarity. 10%, i see that only know we are looking at 25% by the end of the year, but for us, the sentiment in the emerging markets was so poor that just after the news was released, it allowed e.m. to recover. i don't think people would've expected to wake up this morning and see stocks -- chinese stocks recover 2%. -- short they e.m. come along dollar, part of that you are seeing reversed and yet you have individuals that were surveyed as the most optimistic in u.s. equities in years. how does that make sense? phil: you can make an argument that the u.s. recovery that started in 2009 is the strongest it has been. there are more job openings right now

uses, there is absolutely a strong, even compelling need for the government to have some spectrum and for that not to be auctioned off for commercial use, but i speaking, generally what has been allocated for commercial use is usually utilized far more efficiently. people figure out how to make the most of it. when the majority of it is never even allowed to enter into that sphere, i worry we are neither being transparent nor efficient in our utilization of the government set aside spectrum. they give very much. i see my time has expired. chairman: thank you. a very important point and one this committee has a sincere interest in, we've got to make more spectrum commercially available. there are going to be tremendous needs out there and demands for it. particularly given the fact that as we are in the race to five g, it will be an important component of winning. we hope that you will follow up with your discussions with essentially work with him and this committee to make more of that. government sits on a lot of spectrum and it is not efficiently utilized and we have to do better. thank you for that. mr. morhard, nasa is one of the greatest resources for stem related fields. what you

use the same sort of metrics as how the u.k. and the citizens there decide how to allocate their their funds but here in the us there is a huge resistance to having single payer most people if you go online if you look at the you tube comments below here they will fight you they will shout until they're blue in the face that. system is communism is socialism we don't want it but they don't shout and so they're blue in the face about the socialism that is a massive defense department spend most of that is welfare it's welfare for raytheon is welfare for lockheed martin as welfare for thousands of people who live in mansions in virginia as welfare for facebook it's welfare for google it's welfare for silicon valley and but they don't see it that way because those are a different class of people that they never get to see right because in the u.k. there's an entrenched and very hardened class war and so it becomes a subject for class war. debates in the u.s. you don't have that similar class war it's more of an ideological war and if you if you could make apples to apples comparison you could see clearly and you'd make a good intelligent r

relying on a formula for funding forces which is ineffective and detached from the changing nature of policing. the funding formula they'd used to allocate out of date, and the home office told parliament in 2015 that the formula was ineffective. here we are three years later and there hasn't been an update of that formula, so it's unlikely that the money is going to the right places. the report says since 2010 when budgets were cut, police have carried out less proactive work, like breathalyser tests. it says there are fewer arrests and it's taking longer to charge suspects. the home office denies it doesn't understand the demands on policing. it says its increased overall police funding this year, and sajid javid, the home secretary, will sell superintendents later at their conference that he is doing all he can to support frontline officers. danny shaw, bbc news. north korea's leader kim jong—un has written to donald trump, asking for a follow—up to their historic summit. the white house says it's already looking at scheduling a new meeting. negotiations over pyongyang's denuclearisation programme appeared to have stalled, after the t

joining us is the head of asset allocation, i'm disappointed that jeff gundlach did not watch me talkbout the 10 year yield yesterday because i had charts showing it. i have a brand-new one for you today. this shows the 10 year yield poised to break in whole 3%. five times this year it has briefly gone above and then pulled back. of one trend points to the upper direction, suggesting we're going to hold. are we going to hold above 3%? >> we should go above 3%, for sure. acceleration any in economic growth. inhave a negative momentum the u.s. and europe and even in the chinese economy. so economic growth [indiscernible] no inflation, no economic growth, something is going differently as far as liquidity. central >> are you know and the are supposed to inject less and less liquidity compared to previous years. it should continue over the long run. just to give you another target, u.s.,ect 4.5% in the which is phenomenal gdp growth. [indiscernible] nejra: what does that mean for other assets? you could argue the reason this time that tenure yield about 3% has not got much attention is th

used as a political tool to advance the current law enforcement policy. as the saying goes, the devil is in the details. the use of numbers to evaluate the functioning of judges and courts as a resource allocation tool is not new. but when it comes to individual production numbers, a critical distinction is how they are used. as a carrot or a stick. independent courts and judges in our american judicial system rely on numbers to assess questionsfor training , but never do they use numbers in such a manner to pick a judges livelihood against the interests of the party before the court. that is exactly what the department is doing with the imposition of quotas and deadlines on our nation's immigration judges. the impact of these unfair and counterproductive measures is more pronounced because the immigration court is undergoing expansion with dozens of new immigration judges coming on board. these newly appointed judges are placed on a probationary status for a period of two years during which time they lack even minimal job security. they are essentially at the whim of their employees, yet they are pressured to meet unreasonable and unattainable quotas and deadlines. quota numbers that the depar

deciding under force of law, which is different than what we've been discussing, who cannot speak on a platform. we should be talking with allocation to death. if you have no use for actor, if some is manipulate the system they should tell the government. i'm okay with that but what happens after that needs to follow constitutional process, we take a lawful court order. >> guest: so i agree with a lot of what berin has said. i would say that it's not quite true that only broadcast has been subject to direct content regulation and i would say that whenever we said new communications media, they been able -- enabled a lot of good things and a lot of bad things. you struggle to find the right balance. we have laws that criminalize the use of telephones or wires in fraud, or that criminalize the use of a telephone to grasp and if you someone. and we don't expect the telephone company to mutter telephone calls to prevent that harassment but we do impose obligations on the telephone companies that cooperate with law enforcement when law enforcement uses due process. i think we can address not just things like for agency. we can address things like harassment, abuse,

uses, there is absolutely a strong, even compelling, need for the government to have some spectrum and for that spectrum not to be auctioned off for commercial use. but i will note, generally speaking, what has been allocated for commercial use is usually utilized far more efficiently. people figure out how to make the most of it. and when the majority of it is never even allowed to enter into that sphere, i worry that we're neither being transparent nor efficient in our utilization of the government set-aside spectrum. thank you very much. i see my time is expired. >> thank you, senator lee. a very important point and one that this committee has a very sincere interest in. we've got to make more spectrum commercially available. there are going to be tremendous needs out there and demands for it and particularly given the fact that as we are in the race to 5g, it's going to be an important component of winning, so we have to make sure we're doing everything we can and we hope that you will, in follow-up discussions with senator lee, work with him and with his committee to try and figure out ways to make more of that government. the government sits on a lot of spectrum and it's not in some cases efficiently

is not useful. they focus on what is materially useful. you get that cycle of better and better disclosure, better capital allocation and real progress. >> what the kinds of frictions that you are seeing people not want to disclose? think the best companies across a range of industries and geographies -- part of what came out today, a survey of 2000 of the top companies around the world. you see that all of those disclosing at least some aspects of climate related risk in their main reports. this is a process of learning by doing. , with thee back material, was the decision. what does that $100 trillion want in order to make their capital allocation decisions. i think the key thing that we are seeing, on top of just static disclosure, what my carbon footprint is. you are getting management more involved, thinking about how this affects strategy. , strategicdisclosure resilience. how resilient are you to changing climate policies? >> how difficult is it to measure data? >> what is relatively straightforward to measure is the static carbon footprint. youris your footprint in scope one? if you have a plant, what is the footprint of that? what is

relying on a formula for funding forces which is ineffective and detached from the changing nature of policing. the funding formula they've used to allocate of date, and the home office told parliament in 2015 that the formula was ineffective. here we are three years later, and there hasn't been an update of that formula, and so it's unlikely that the money is going to the right places. the report says since 2010 when budgets were cut, police have carried out less proactive work, like breathalyser tests. it says there are fewer arrests and it's taking longer to charge suspects. the home office denies it doesn't understand the demands on policing. it says its increased overall police funding this year, and sajid javid, the home secretary, will fell superintendents later at their conference that he is doing all he can to support frontline officers. danny shaw, bbc news. public health england has compiled what it calls "the most comprehensive picture" of the nation's current health and future fitness. it's warning that the number of people with type two diabetes will increase from four—million to five—million in the next 20 years. 0besity, d

and this is an example of us understanding and knowing the need of that community and allocating additional resources because as you know that professional staff is expensive. and the next grouping of c.b.o.s are the enrichment leadership and skill-building program. these are community-based organizations that serve the teenagers, the middle and the high schoolers. so we have agency brava for women in the arts and they run a program called "mapa at brava," i don't know what that acronym is. and another chinatown ymca program and this one is specifically for their teens and it's a program -- an agency called community works west. for a program called community works west theatre ensemble. and agency jewish community center of san francisco. the program name -- i can't pronounce this. hava youth center after-school program. and agency jewish vocational services program stem which is science, technology and engineering, math. and item motive technology. and the agency palmeroy program, and the name is something success. and agency project level, program name is project level. and agency queer

is a process you learn by doing. the $100 trillion to make their capital allocations? i think that keeping we are is you are getting more involved and it is a disclosure that uses strategic so how resilient are you in changing climate -- >> when it comes to air pollution, water? >> i think what is relative is footprint. . if you have a plan, what is the footprint for that? use. easy to say my energy the thing that is tough is to .ook at the supply chains first him athe that tells you an awful lot and the more the market is disclosing, you can upstream and downstream because you have the information. >> some people in the trump administers have said that climate change is a hoax and there are rules that protect climate change does that help? >> i would take a neutral view around disclosure. there will be people who are climate change skeptics and others who say this is the absolute top priority and companies need to act. there will be a lot of people in between and the people in between i think will react to, policy around the world. what you need is to have that information. ist you are seeing today assets looking for that .nformation do are starting to virtuous cycle le

use authorization and office allocation. >> good afternoon, president hillis and members of the commission. nick foster, planning staff. one is conditional use to establish office use at the ground and basement level and annual development of small gap authorizing 38,791 of square feet office use. it's at 420 taylor street, taylor and o'farrell streets. it's approximately three blocks southeast of union square. the site is developed with a 4-story over basement building constructed in 1940. the project would convert 35,000 square feet of existing public parking garage at the basement and ground floors into new general office use with retail at the ground floor the interior and exterior improvements would be a new 5,000-square-foot mezzanine floor. it would install the curb cuts, o'farrell and also listed as transit preferential. it would add class 1 and 2 and showers and lockers as required by code. as the subject property is losted as article 11 article 5, a minor permit to alter was required to proposed the scope of work. on september 24, 2018, approved the permit to alter, as it was found to be consistent with the intent a

is useful. dollarsthat 100 turin -- trillion dollars want to make the capital allocation. g we see now on top youtatic disclosure is that are getting boards and management more involved and thinking about how this affects strategy. caroline: what a great lineup. those mark speaking with us. its booksis opening for the first time. filed for an ipo today in hong kong. for more, let's bring in shery ahn. that the am amazed stock market is taking a beating. we don't know the details, but sources told bloomberg they could try to raise about $3 billion with this ipo. they are not the only ones. we know canada and their rivals are also prepared to -- pursuing a hong kong ipo. joe: prior to the filing, we did not know the details. it was like nymex increase in revenue and tenant's increase in revenue -- income. there is almost 60% return on equity. they have about 900 million in cryptocurrency. $2.8 billion in revenue for the first half. we have even heard from the financial times that they are raising money privately pre-ipo and that should be about $1 billion as well. romaine: th

the government coming in and trying to determine what is said the fact the president would threaten to use the responsibility of government to allocatele's air waves, to bludgeon somebody into or a company into something that he likes better, is an abrogation of the first amendment and something that i hope that the current chairman of the fcc will quickly stand up and say that is not the appropriate role of government or the appropriate role of this agency. >> all right tom wheeler, former chairman of the fcc, thanks so much for joining us. >> thank you >>> by the way, tomorrow's hearing on the hill begins at 9:30 a.m. eastern time cnbc will be there with live coverage all day long. we continue now to be mesmerized by amazon's market cap awfully close to a trillion dollars. just a couple bucks away from the milestone that apple set about a month ago. >>> and trade talks resume between the u.s. and canada as the president says there is no political necessity to keep canada in a new nafta deal we'll talk to former canadian prime nier kmistim campbell when "squawk alley" comes back. everything was so fresh in the beginning. but that pl

is about 8 million people, and probably more. under the first amendment, major american channels have to allocate time for smaller companies, for free, and russia today is using this free time to broadcast. second, a lot of americans don't know that they are watching de facto a russian state owned company. they changed the name from russia today to rt, and a lot of americans think they are watching an american broadcasting company. walter litvinenko, this is strange to americans but not people,ost-soviet who have seen plenty of examples. people areaine, imprisoned in russia, and the entire family accused him, said he was a terrorist. they do not want to meet him. except his sister-in-law, only she stayed with him. same-store happened on tv with a russian soldier killed in dombas. initially they said they were desperate, they will claim about this. in a few days changed their mind, said they are very happy and have no claims or questions about it. as to my question to mr. goldfarb, as a friend of berzosky, he sent him two letters, telling he would like to go back to russia, before his death. do you believe this? do you know about these letters, if he sent thes

throw away the stuff that is not useful and the focus on what is material to decision making and then you get better and better disclosure, better and better capital allocationancine: what about the people who don't want to disclose? mark: i think that the best companies come across a range of industries and geographies, part of what came out today in the survey was 2000 of the top companies around the world. and you see that all of those companies, the vast majority of those companies, are disclosing at least, some aspect of climate-related risk, in their report. so they are moving. this is a process you learn by doing. again, i will come back to, what is material? was the decision useful? i think the key thing that we are seeing now on top of just sort of disclosure, what is my carbon footprint, if you will, is you are getting boards and management more involved, thinking about how this affects strategy. if there is disclosure about strategy, if i can use the awkward term strategic resilience, so how resilient are you to changing climate policies? francine: how difficult is it to measure this data when it comes to air pollution and water? mark: i think wha

us now is the presidet and ceo of p. jim, the local investment management business of investment prudential, david hunt is with us. tell us how you're allocating> the most interesting thing about the market in the u.s. is that it's not up more. we look out at the economy and we see a lot of strength. we see strong job numbers for the last three months. we'll get another one this morning. we believe that inflation is well under control. we've seen earnings up 25% this quarter. projections are for 20% for the rest of this year. and so you would wonder why the market is only up shy of 10%. maria: you're overweight in u.s. equities. >> valuations are down in the u.s. and as a result of that, we are overweight, the u.s., we are tactically underweight emerging markets and we think that at least for the next period of time that's a sensible place to be. >> we're seeing the dollar start to weigh on markets. last year it did really well because the dollar was down 10%. we've seen the american consumer strengthen. we know that the fed's going to raise rates. it's just at what pace. in the last couple days we've seen i real estate do really we. it's a re

that is part of what informs us and trying to be very efficient with the use of water that we allocate to fish. our proposal does include more water. we are near the amount of water that the board is asking for but it is more water. and what we believe is an efficient use of that water. given the potential of paint that is out there, efficiency is called for. -- given the potential of pain that is out there, efficiency is called for. i'm glad we had the opportunity to talk about this and share our ideas. >> i will be brief because i know we are at the 5:00 hour and people have been sitting here a long time. first off, i would like to appreciate everybody being here and your comments. we actually are having this conversation. i'm a big believer in that having a public discourse and airing of thoughts and ideas and for us to hear as a governing body for the p.u.c. and to be able to understand people, not only the feelings behind what is going on, but some of the data that is out there, i feel a little johnny-come-lately to the conversation. i want to be totally transparent about that. i

use the term de-rate, what is it? is it materially changing your allocation what is it the average pe is down about 15%. tech and consumer discretionary are up on the year their pes are still up on the year that divergence isn't sustainable. doesn't make sense the reality is if we get a 25% tax rate -- even a 10% tariff on $250 billion, it's going to be right at the consumer. those two sectors are the most vulnerable >> you don't think it's all that short lived given your target being one of the lowest for the s&p. 2,750. >> correct that's a 12-month target you got to go back to the first of the year. last year we were bullish on to 17 we felt a lot of things got priced into january. could last 18 months that range is 2400 to 3,000. we expect we're going to revisit the low end of that range in the next 12 months i don't know when. but that range to us has served us well. this is an area we should be lightening up. >> are you underestimating the ability to make a trade deal what do you think a deal with china is worth >> depends what it is. >> anything the market perceives to be positive, your price targ

is an unbelievable story. who cares. >> so the first comment so the audience of russia today because under the first amendment amendment major milliken american channels have to allocate time for free and russia uses this free time. second they know that it is a de facto russian state. >> and americans wish it was the american broadcasting company so this is strange to americans but not for those other people so the film producer and director in russia entire family was told he is a terrorist. except his sister-in-law. so first it happened with those russian soldiers that they were desperate and in a few days they change their mind but as you my question to dr. goldfarb putin told them i beg your pardon before his death. do you know about these letters? >> i have not seen those letters. >> so yes at the end of his life. he was depressed he was soul searching at least three people told me they read the letter. >> and say something in context about russia today, yes, you are absolutely right but what was not mentioned during the program that whether or not dr. goldfarb poisoned but also who killed my husband and to have that angle why we go through that now? they have very similar programs before an

our job is to bring together those many views from the other agencies who are day-to-day using their spectrum allocations to ensure that aircraft get where they need to be and our military are able to train and our country remains safe. we are working with them to figure out where it makes sense to do these kind of studies and what kinds of sharing might improve government and commercial access. >> is government spectrum use inefficient? >> i don't think so. it is hard to put a metric on efficiency when it comes to spectrum. is arum use three-dimensional object. you have to consider the frequency domain, the geographic domain, in the time domain. when you look at the way ntia does assignments for our government users, it is pretty efficient. the government is good at the useways to maximize across each different domain to meet the needs of our users. paintvery difficult to federal spectrum users with a single brush. some are fixed some are mobile. are aeronautical and some are terrestrial. trying to say we have one specific way of saying yes that is efficient is not realistic. we try to look at the whole

this does leave us a funding gap of about 479 million, but one of the things that we haven't done yet is allocated the state of good repair funds. so in this next slide, this is where we talk about some of the other outside funding that we could still add to the project. we did apply for a build grant. that's federal funding -- in the amount of $15 million for phase one construction, however we're not very optimistic that we'll get the federal grants at this time. we are looking at f.t.a., federal transit authority -- federal transit authority funding for fixed guide way, possibly for core capacity, small starts or new starts. as i mentioned we're working closely with the f.t.a. and t.a. to help not just identify funds but to program them into the years that we need them. and then we'll be looking at other federal, state, local and regional funding sources, including regional measure three and additional possible funding from transit center. and i'll just -- i'll leave you with this slide of another perspective of how we envision market street, but i'm also available to answer any questions that y

is to hold the majority and that starts in 218. the minimum i need to get to his 218. i define success with the majority and we will invest to keep the best for us and allocate resources where we have the best chance to win. so far democrats haven't been able to move the playing field at all. matt can get you the spreadsheet. most of the spending is in democratic seats, not lean or likely republican seats and that is where they would have to move to take the majority. >> we have just a few minutes left. you will be the last one. alan cowan from reuters. >> you talked about the press getting out the case. is there anything you are doing specifically to try to harness make america great enthusiasts in any way? >> we are trying to make sure our base comes out. we are doing a lot of stuff to communicate to the base and make sure they come out. the rnc is doing a ton of that, invested a lot of money in turn out operations and you will start to see culminating in the next 60 days. it is supposed to be a big part of getting the base out and i want to give credit -- i feel confident we are going to get our base out enough to hold the house. >> specifically about what you are d

is 218. we will invest in the seats that are best for us and try to allocate resources where we have the best chances to win. so far democrats have not been able to move the playing field at all. and i can get you the spreadsheet. most of the spending is in tossup and lean democratic seats. not in the lien or like the republican seats. that is really have to move to actually take the majority. >> we have two minutes. alan from reuters. >> you are trying to harness, make america great enthusiasm. >> we are trying to make sure everybody comes out. we are doing a lot of stuff to communicate to the base to make sure they come out. the rnc is doing a ton of that. they have invested a lot of money in turn of operations. you will start to see it culminating in the next 60 days. the rnc is supposed to be a big part of getting the base out. i want to give credit to -- >> a little more specifically about what you are doing? >> i try not to get too much into the tactics and strategies. if we give away too much, the democrats can undermine it. we are working to turn out the base. we have nine special ele

with us is -- when you take a look at alternative investments, is that a place you want to be in or do you want to be in yield sensitive sectors? >> we think all institution should have an allocationalternative, particularly when you think the market is changing going forward. in particular, we like private debt in the u.s. and we really like private debt in europe. a just think that it is really interesting place to put .ome capital alicia: companies that need to borrow and borrow big will he get -- will get hit first. on the other hand, this tax law is very pro cyclical, meaning that companies have more cash, they can generate more cash and extend the cycle of little bit, so you will not see the typical impact from higher rates just .et david: exacerbating the cycle is a good thing when you are on the way up but what comes up tends to come down. bill: when it -- alicia: when the economy does turn, the companies that are more constrained will get hit first and the weakest companies will get hit first. this is where research matters and fundamental analysis matters. alix: we have seen a little bit of that as tech has taken a backseat. health care, industrials in financials have co