The subcommittee on communications and technology will now come to order. And the chair recognizes herself for five minutes for an Opening Statement. And i do want to welcome each and every one of you. Obviously a hearing of interest as we have a full room in front of us. And it is our first hearing in 2017 with a fully formed federal Communications Commission as often seems to be the case, the senate takes their dear ever loving time to get things done, but im pleased to see that the commission is back up to speed and ill tell you i am pleased that we have five members of this commission and they have different points of view to bring to the discussion on all things telecom related. I think that is healthy for the telecommunications and technology industry. Were here today to conduct oversight of the agency which is this subcommittees primary role. It is very important that we fulfill these obligations because we have given the fcc a Critical Mission and critical task to fulfill. From
Sunday at 8 00 p. M. Eastern, news correspondent katie to her the crazies campaign in american history. It is no secret politicians do not like reporters generally. Richard had a fraught relationship with his press corps. What was unusual about this was the very public nature of it, the way he would go after reporters from the stage of rallies and have the crowd, encourage the crowd to essentially turn on us and boo us. Schieffer on the impact of changing technology on journalism in his book overload. He is interviewed by susan glasser. The first thing we have to keep doing is doing what we are doing, and that is trying to sort out the true from the false , and that is an overwhelming job now. It is a bigger responsibility than we have ever had his we are dealing with so much more information. We now have access to more information than any people in the history of the world. But we are running a little short on curators right now. We are getting so much information we really cannot pr
Get short, tell us why its worried. We start off the sector having its worst day since the brexit selloff. The nasdaq soaring to record highs, turning lower, on no news, one of the worst sessions of the year on extremely heavy volume, taking the rest of the market with it. It was the fang stock with the extra egg in it. The most widely held stocks in america that took it on the chin, facebook, amazon, netflix, goog. It wasnt just the well known fang stocks. It was widespread in the tech space and video rolling over, square fake i taking salesforce down. This is a huge real this year the tech moves you too far, too fast. You buy the tef or have we seen the top . I dont think you have to buy the dip today, but i dont also think that this is a warning sign that everything is a worry. Because you look at what happened in the other market, if i saw bond going higher, yields going lower, if i saw a rush to the u. S. Dollar or if i, frankly, saw any other sector in the s p 500 really get hurt
Sure, but not overly expensive. Are there some risks out there . Of course. The tenyear rate is probably reaching the threshold. Its at a 27month high today. 2. 5. Probably you now have to start worrying about it. The damage has been done so far. Its not turned off the Housing Market, which is the one worry you would have, and if it did turn off the Housing Market, you can bet that the fed would back off the peddle a little bit as far as rate hikes go. They dont want the Housing Market to crater at this point in time. Steve liesman, you got the fed meeting this week. Whats the risk in the red rick th that came out of the fed . They embrace what this market is thinking about the future when it comes to rates and when it comes to inflation. What the fed has told me in interviews leading up to this is, hey theres a risk if they do that, and then you see the fed outlook with higher rate outlook and higher inflation outlook. I feel like were getting to the point where almost everybody wants
From thelso hear former ecb president. Europes Economic Performance under the microscope. Looking at how costly of brexit could be for investors. And the latest on from versus clinton. Lets started off with the rush into Government Bonds winding no reversing today. Where we are with prominent investors and where we might be going. Was here, which brings the question if we are with heading into negative territory in the u. S. . We are seeing record lows, as. Ou say to fea everybody is buying bonds. If everybody is in the same trade, the potential for disaster decides to get bigger and bigger. Bad job report, you buy treasuries. Find a safe place to park your cash until you know what is going to happen. Moving intorybody the bond market, short term paper is becoming more expensive and harder to get. Investors are being pushed out the yield curve. We have the impact on longerterm bonds. The citibank macro risk indicator, how concerned people are about where things are going short but thel