Against shortterm Municipal Bonds. Banks buy them from money market funds and then can get loans aga against them at the Federal Reserve, to address strain in another market, 3. 8 trillion market for state and local government bonds and airport bonds, all kinds of stuff in there. Only a part of that is eligible for financing at the fed these are assets that were held by money markets and money markets have been shedding assets in part because theyve had draw downs from corporate borrowers andenutional borrowers seeking to raise cash. Part of the seizing up of the financial system, the fed trying to come in and almost every hour appears as a new program to liquify markets. This now another historic step by the fed one of the first ones ive seen so far where they are not simply repeating what they did last time, but adding 12month and shorter highly rated Municipal Bonds to the money Market Liquidity Fund and im sorry, guys, i dont think theyre done yet. It would be surprising if they we
The hearing will come to order. Director wray, appreciate you coming over. Try to get you out of here by 1 00. You have an agency to run. Well do seven minute rounds. If theres cleanup, well try to accommodate. Briefly, the oversight hearing comes at an important time. Even though theres no evidence the russians changed the tally of the 2016 election, i think they exceeded their wildest expectations in terms of interfering with the 2016 election. I think all of us are interested in what to do to make sure it doesnt happen in 2020. I am very interested in what china is doing, section 2015 authorities are about to expire. I want to hear from the director what that means to the country. We have a fisa warrant investigation coming soon, a problem with media leaks at the fbi. Having said all that, it has been a difficult time for the fbi. Lets not let a few bad actors taint a great organization. Before we start, we appreciate what you do. Without their service, this country would be a dange
The oversight committee. He address Election Security and fbis response to domestic terrorism and white supremacist violence and other topics are chinese espionage and threats from an official. This is just under three hours. [inaudible conversations] [inaudible conversations] come to order we appreciate you coming over director ray we will try to get out of here by 1 00 oclock you have an agency to run and if there is any cleanup we will try to accommodate. Very briefly the oversight hearing comes at an important time even though there is no evidence the russians change the tally of the 2016 election they exceeded their wildest expectations or interfere with the 2016 elections. All of us are very interested in what we can do to make sure this doesnt happen again in 2020 and after what china is doing section 2015 authorities are about to expire to hear from the director what that means to the country with a pfizer warrant investigation we that is coming also media leaks at the fbi. Hav
Us. The reason why im excited about today is cashmere has been a pioneering kind, trailblazing voice in surfacing these issues of the social impacts of technology. What were always focused on at all tech is human, is really this gulf between how fast innovation moves and how slow our ability to consider its impact on how we live, love, learn, even die, how we get jobs, how we see the world, the future of the human condition. These are big questions, and thats why these are questions we cannot deal with sitting alone in front of a screen, come together because we need all different backgrounds, all different voices. But going back kashmir hill and just a very role that journalists play, journalists are informing about what is happening these oftentimes things done in a secretive manner. So especially around her work that came out with big New York Times expose a year or so ago around clearview ai oftentimes what one founder might want to do is not in a line with our interpretation of th
Hello. Good to have you with us. I am sally bundock. Lets now dissect the top business stories. We start in the us where tesla has revealed the biggest slump in earnings in more than a decade as the road gets increasingly rocky for the electric car industry. Tesla made profits of 1. 1 billion in the first three months of the year. Thats a fall of 55 on this time last year. Revenues were 9 lower and both numbers were worse than investors had been expecting. But tesla shares which have taken a pounding this year jumped around 11 in after hours trade after the company promised quicker progress on new more affordable models. From new york, heres erin delmore. Its been a rocky road fit for this year. High Interest Rate that taking a bite out of consumer Purchasing Power and pushing big purchases out of reach. Competition with china especially over electric vehicle maker byd is heating up. Sales have been falling and so has its stock. It up. Sales have been falling and so has its stock. So h