Been working hard on cost has been creating this leverage. It the perfect storm of volatility that helped you in the Third Quarter . Sergio it has been coming down to a more normalized level that may be sought before 2018 and 2019. I think it is a combination is a more stable market environment, but the effect of all the new initiatives that we could set for growing, and which are starting to pay off. Manus youve got a strong message in the dividend. There has been an accrual of cash and buy back. When can we realistically expect the regulator to let you and ubs pay those dividends in 2021 . Sergio what it seems for investors is, basically, our message that we are very determined and committed in implementing our capital return policy. We are flashing our intentions to have a good solid Cash Dividend, but also complemented with share buybacks, and the fact that we are highlighting what we have done so far this year by creating this 1. 5 billion reserve is a testament to our commitments
Richard we think the additional fiscal support will likely be needed. I think, it is very clear that the cares act, which passed in march was a historic government response to a historic crisis. A thrill that a 3 billion dollar package provided significant support to the economy. The economy has made a lot of progress, about 11 million jobs have returned, but there is a deep hole. Steve, theng us is portfolio manager. I wonder if you can piece those two things those two things together. It seems like there is still a rotation. Fed official after fed official are calling for more fiscal stimulus that we will not get. Steve i think we are going to get it, but not before the election, because i think it is a political football, and now you have the Supreme Court battle that will show us that will suck all of the air out of the room. After the election, or in the new congress if one side or the other scores a victory. You will get additional fiscal support. I think it makes sense, the econ
Those are the headlines this hour the cause reporters on your way in just a few moments. In the studio. To give you the morning news headlines. Hi im max kaiser welcome to the kaiser report Summer Solutions thats right we solve all the worlds problems by bringing in the biggest genius to the way we know that ive ever been on the show and were going to talk about a very scary the word and that of course is the flakes and joining us former tech entrepreneur jeff booth hes the author of the price of tomorrow why deflation is the key to an abundant future this book has caught fire amongst the crypt a community they Call Community all communities its really a fantastic book stating so jeff but i want to ask you because deflation is usually associated with depression and bad times and nobody likes us but based on the title of your book the key to an abundant future it sounds like youre quite optimistic about deflation so how exactly do you define deflation and how might it lead to abundance
35 closer in town than was for i dont think were a part of america or thirst for. Hi im max kaiser welcome to the kaiser report Summer Solutions thats right we solve all the worlds problems by bringing in the biggest genius to the way we know that ive ever been on the show and were going to talk about a very scary the word and that of course is the flakes and joining us former tech entrepreneur jeff booth hes the author of the price of tomorrow why deflation is the key to an abundant future this book has caught fire amongst accept a community they Call Community all communities its really a fantastic book stating so jeff but i want to ask you because deflation is usually associated with depression and bad times and nobody likes us but based on the title of your book the key to an abundant future it sounds like youre quite optimistic about deflation so how exactly do you define deflation and how might it lead to abundance transitioning from an inflationary world to what the flexner. Peo
You just ask about what technology does its close to remove labor right thats why we use it no company ever goes and builds technology increases technology so that their costs go out or their market share in a cigar they use it to reduce labor and they use it to buy the fund and whats happening is is you have the Work Technology moving at an exponential pace driving rate driving prices down and governments all around the world are caught in an inflationary trap that they created of themselves out of Monetary Policy fighting against force and i would ask a simple question isnt it good when the value of your money goes up and prices go down but for you personally and so so if we can see that that could be a good thing. And that means we could work less time and the abundance from technology would be broadly distributed instead of being concentrated like it is today i caught something that much i want to focus on this big ben read your book and ive talked to a couple times and you emphasi