Jeffrey studies a complexity science, the science of emergence networks which is also the subject of his new book scale. We, of course, are celebrating tonight and you will be discussing it. It has received already wonderful reviews from journals like nature, all the way to authors like abraham for coffee. It studies the hidden laws that organize all of our systems from living organisms to cities and not only is his work a visionary and insightful but its beautifully written. Im excited to hear more from jeffrey tonight. Before i let him take over, a quick word about how we will run things. We will have a talk and presentation from jeffrey and a short q a and will have a signing in the back of the room where books are also available for purchase. Thank you again for being with us tonight. Please join me in welcoming jeffrey west. [applause] thank you all for coming on a beautiful night in seattle. I was warned that there might be more spotty audience because of the beautiful weather. I
Going to be there for their kids or grandkids, and so if you dont like the direction the country is going which we dont or the policies that are in place and governorring philosophy in which we think is crowding it out, displacing it. Then as leaders we should offer a different way forward thats why i decided to do that. Because the whole point of this is the american idea and maintaining that legacy of each generation securing it for the next generation like our if parents did for us. [applause] and that is without get something we subscribe to at the same time, there are a lot of people who would say that american idea has not worked for them or for their life. There are a lot of people in this country who are poor. A lot of people in the middleclass saying it is harder and harder to make ends meet and look around them and they watch tv and see rich and payments doing extraordinary things they cant afford and why is it so many are doing so much better an im not doing as well as i cou
Commissioner cohen is expected later. Commissioner meiberger. Commissioner bridges is on her way. Commissioner driscoll, exhibitioner makras, commissioner stansbury. A quorum is present. Thank you mr. Secretary. First on the agenda is a private session regarding investments. The chair will entertain do you want Public Comment first . How do you want it . First well talk Public Comment to go into private session. Members of the public, shall have the opportunity to address the board on this item. The items are investment items to be discussed in closed session. Any member of the public like to address the board at this time . Hearing none, the chair will entertain a motion to go into closed session. Second. Moved and seconded in closed session. All in favor say aye. Any opposed . The aye have it. So with that note, i raise the quorum. Weve already done the pledge of allegiance. Weve have a quorum here. Let me call the meeting into session. Well start with item number four, which is gene
Said this will make banks act irresponsibly but we never visit that this connection of the system. Weeks spirited it from 2000 he hands added on in the insurance for free in the end freddie and all the other things but we promoted that moral hazard problem that is supposed to resolve. We tried with Flood Insurance but in those cases nobody could articulate for safety reasons for reforming those systems. Day you see any hope . I would get a slightly different interpretation. You are right fdr was very worried of the moral hazard consequence is but it was an upsurge that it had to be dense would happen in the way. But with deposit Insurance Scheme more federal oversight we can argue that was good but that meant banks could do certain things it actually deprived a lot of people love credit because regulated banks could make certain loans but what happened because they wanted loans this waterfall Innovative Society created alternatives that is what we call the shadow banks keep the bailout
Feasibleost now a more 35,000, about half as much as a flagship model s. Elon musk, a massmarket player. Lets head to the markets where julie hyman has the latest on the markets. Yet again, the fed induced rally. Betty day two of the yellen reaction here. It is a presumption of the rally a batch ofr commentary than iraq interrupted by other federal Officials Say we are not quite as dovish as all of that but janet yellen coming back and saying yes indeed we are. Like thatappeared to and we have seen the rally continue across the board. I want to take a look at futures on bloomberg. Probability in our model of how likely it is to see interestrate increases at the next meeting coming up. Were looking at a low likelihood of the rise here and i want you to know the numbers. 27. 5 in july, 37. 6 and it is a stark difference. I will take the chart back going back to march 28. Youre looking at a 10 percentage point drop at least in the probability of Interest Rate increases at upcoming meeting