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Speaker 1: From the heart of where innovation, money and power Collie

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Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with

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Speaker 1: Emily Jay I'm Emily changing San Francisco and this is

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Speaker 1: Bloomberg Technology. Coming up in the next hour. Twitter starts

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Speaker 1: to ban people who impersonate others, musque saying to vote Republican,

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Speaker 1: and some of the employees laid off last week, while

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Speaker 1: some are being asked to come back to the office. Plus,

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Speaker 1: China's COVID policies are undermining Apple's plans, are bloomberg scoop

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Speaker 1: on the plan to cut iPhone production by millions of units?

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Speaker 1: And SEC Commissioner Brendan Carr thinks the US government should

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Speaker 1: ban TikTok? Why and how far will he go to

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Speaker 1: make it happen. He'll join us to explain Twitter asking

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Speaker 1: some laid off employees to come back and beginning to

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Speaker 1: permanently banned users who impersonate real people. Meantime, as had said,

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Speaker 1: Meta reportedly cutting thousands of jobs as soon as this week.

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Speaker 1: Bloomberg's Kurt Wagner joins us to talk about this more.

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Speaker 1: And Kurt, of course, you've been very busy covering both

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Speaker 1: Meta and Twitter let's start with Meta and get that

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Speaker 1: out of the way. Is Meta planning to lay off

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Speaker 1: thousands of people this week? What do we know? Yeah,

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Speaker 1: I mean, the company is obviously not confirming anything, but

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Speaker 1: you know, pointing people to what Mark Zuckerberg has said

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Speaker 1: previously on earnience calls, which is that they are planning

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Speaker 1: for cuts, right, and that this is something that he's

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Speaker 1: also told employees that in all hands meeting just a

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Speaker 1: few months ago, is that the company is going to

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Speaker 1: look a lot smaller at the end of three than

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Speaker 1: it is, you know right now in two right, So

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Speaker 1: all of those things seem to suggest that that something

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Speaker 1: like this is coming. Obviously, I think they could probably

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Speaker 1: learn a thing or two from what happened at Twitter

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Speaker 1: over the past week in terms of how not to

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Speaker 1: handle a situation like this with employees and and and

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Speaker 1: all the information um that has shared. I imagine Metal

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Speaker 1: will probably be a little bit more structured in whatever

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Speaker 1: they ultimately end up doing. But it does feel like

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Speaker 1: something like this is probably uh coming very soon. So

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Speaker 1: let's talk about what is actually happening. Then. At Twitter,

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Speaker 1: you of course reported that more than thirty seven hundred

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Speaker 1: people would be lay up laid off. Has that happened?

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Speaker 1: Have all of those people been told? And is Elon

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Speaker 1: Musk really trying to get some of those people back?

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Speaker 1: And if so, how many? Yeah, So, the there were

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Speaker 1: massive layoffs that started kind of Thursday night of last week.

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Speaker 1: Employees started losing access to their internal systems like email

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Speaker 1: and Slack and things like that. And on Friday, we

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Speaker 1: you know, saw the bulk of the layoffs happen. Um,

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Speaker 1: I believe the internal kind of employee. They tracked the

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Speaker 1: number of employees at the company internally, and there's a

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Speaker 1: it's around thirty seven hundred, thirty eight hundred employees right now, um,

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Speaker 1: which was down from about seventy hundred at the beginning

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Speaker 1: of the year. Right, So, so thousands of people have

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Speaker 1: been cut in just the last couple of days. And

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Speaker 1: as you mentioned, Emily, yes, you know, when you do

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Speaker 1: something so drastic so quickly, Uh, there were mistakes that

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Speaker 1: were made. There were some employees who were laid off

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Speaker 1: who were done so accidentally. There were some who are

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Speaker 1: laid off that the company then realized, oh boy, we

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Speaker 1: actually need them, we need their expertise in the building.

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Speaker 1: And so we're told that you know, dozens of employees

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Speaker 1: were approached over the weekend and even heading into today

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Speaker 1: about returning. I don't know of anyone who's actually accepted

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Speaker 1: that offer. I think it's going to be a tough sell,

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Speaker 1: um to convince someone who you know, was just fired

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Speaker 1: to essentially go back to the company that just fired them,

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Speaker 1: even if it was a mistake. Meantime, Musk has said

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Speaker 1: there'll be an independent board focused on content moderation, but

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Speaker 1: it looks like some users are already being banned um

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Speaker 1: for impersonating real people. Party accounts, as you know, have

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Speaker 1: been quite popular on Twitter for many many years. Talk

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Speaker 1: to us about what's happening here. Yeah, not just impersonating

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Speaker 1: real people, but impersonating Elon Musk, Right, That seems to

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Speaker 1: be the line that a lot of people are crossing.

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Speaker 1: But what's interesting here is, you know, Ellen, when he

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Speaker 1: was talking about buying this company, he said he didn't

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Speaker 1: believe in lifetime bands, right, that was sort of part

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Speaker 1: of his thing. He was like, when I get in,

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Speaker 1: I'm gonna I'm gonna remove these things. He's taken a

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Speaker 1: softer stance stance since since then and said that he's

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Speaker 1: going to review these with sort of an outside council.

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Speaker 1: We don't know who's on that council. We don't know

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Speaker 1: if they've actually had any conversations yet, but it is

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Speaker 1: interesting that, you know, he's sort of kind of crossing

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Speaker 1: this line here and saying, hey, if you're impersonating someone,

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Speaker 1: we're gonna boot. You have to imagine, you know, this

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Speaker 1: is coming from a lot of the pushpack he's getting

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Speaker 1: on this blue check verification process we've been talking about Emily,

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Speaker 1: which is where if you pay eight dollars a month,

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Speaker 1: you're soon going to be able to have kind of

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Speaker 1: that blue checkmark next to your name. Historically that's been

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Speaker 1: to verify that you are the actual person who you

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Speaker 1: claim to be on the account. But now it seems

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Speaker 1: like you're just going to be able to buy that

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Speaker 1: check for the eight dollars without any actual verification of

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Speaker 1: your identity. So that's probably why he's now trying to

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Speaker 1: get ahead of people who are in person, both himself

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Speaker 1: but presumably other you know, famous or well known users.

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Speaker 1: Last quick question, because I just have to ask, he

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Speaker 1: is now encouraging voters to vote Republican and also went

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Speaker 1: to great lengths to say he is a registered independent.

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Speaker 1: He's voted entirely Democrat until now. Why why is he

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Speaker 1: why is he going this far? Well, he he claims

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Speaker 1: in his tweet that you know, the White House is

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Speaker 1: you know, run by Democrat president, and so to counterbalance

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Speaker 1: that power, we should have Republicans who are um, you know,

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Speaker 1: running or controlling Congress. But this is something that's been

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Speaker 1: sort of a a change for him over the last

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Speaker 1: couple of months. He told employees and in all hands

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Speaker 1: in June that he voted Republican for the first time.

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Speaker 1: It feels like he is sort of swinging that way.

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Speaker 1: It's just very interesting, Emily that he would come out

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Speaker 1: and say it so bluntly like this. Could you imagine,

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Speaker 1: for example, if Mark Zuckerberg came out and took a

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Speaker 1: very strong political stance like this, right, I feel like

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Speaker 1: people would be absolute up in arms, losing their mind

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Speaker 1: over that. But you know, the fact that it's Elon

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Speaker 1: Musk and the fact that he's saying vote Republican, and

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Speaker 1: those are typically conservatives seem to be the ones who

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Speaker 1: typically have the biggest issue with you know, these social

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Speaker 1: networks and and the speech on them, I feel like

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Speaker 1: maybe people are okay with that given the stance that

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Speaker 1: he's taken here, right, It's it's wild indeed when you

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Speaker 1: put it that way. Okay, Bloomberg's krt Wagner, thank you,

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Speaker 1: will continue to follow you're reporting. I do want to

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Speaker 1: dig into another bloomberg scoop from this weekend, Apple expecting

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Speaker 1: to make at least three million fewer iPhone fourteens that

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Speaker 1: originally planned for the year. Are Mark German broke that story,

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Speaker 1: joins me. Now, Mark, why is Apple making these production cuts?

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Speaker 1: So two things going on here, right, you have the

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Speaker 1: iPhone fourteen and iPhone fourteen plus, which are the lower

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Speaker 1: end phones, and then you have the iPhone fourteen Pro

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Speaker 1: and the iPhone fourteen Pro mats, which are the higher

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Speaker 1: end phones. Now, in terms of the three million units

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Speaker 1: for that production cut that we wrote about, going from

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Speaker 1: ninety million through the year to eight seven million, that's

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Speaker 1: because of softer demand that has plagued those two or

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Speaker 1: an iPhone fourteens really from the beginning of their release, right,

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Speaker 1: the iPhone fourteen prone promax. That's a supply issue, and

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Speaker 1: as you mentioned at the top of the show, Apple

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Speaker 1: put out a warning discussing how their outlook for iPhone

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Speaker 1: units sold is going to be lower than anticipated because

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Speaker 1: of the output at their fox Con facility for those two,

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Speaker 1: particularly particular models in China going mostly offline due to

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Speaker 1: COVID protocols. So clearly there's both a supply and demand

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Speaker 1: issue depending on which models of the iPhone fourteen you're

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Speaker 1: looking at. How this impact the company's outlook, you know,

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Speaker 1: how does this fit into Apple's bigger picture? Right now,

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Speaker 1: it seems pretty clear that revenue for the holiday quarter,

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Speaker 1: which they'll announce at the end of January. This quarter

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Speaker 1: runs through December thirty one, it's gonna come in a

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Speaker 1: little bit lower than expected. Right when Apple held their

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Speaker 1: earnings about a week ago, they didn't know this was

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Speaker 1: the case. The COVID nineteen related lockdowns that was just

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Speaker 1: emerging in the days after that. That's why they had

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Speaker 1: to put this statement out over the weekend to indicate

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Speaker 1: that there is some sort of change here from what

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Speaker 1: they spoke about previous sleep. Now, the good news for

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Speaker 1: Apple from a financial regulation standpoint, they didn't give any

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Speaker 1: formal guidance. They didn't say our revenue is going to

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Speaker 1: come in between x amount and X amount. They said

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Speaker 1: that growth is going to come in slower than the

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Speaker 1: eight percent we saw in the fourth quarter, right, and

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Speaker 1: then Luca my Street, the Apple CFO, was asked, does

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Speaker 1: that mean you're going to see an annual decline from

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Speaker 1: the holiday quarter. He said, it's just going to be

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Speaker 1: less than eight percent, So that could mean seven percent

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Speaker 1: or that could mean negative two. All right, We're gonna

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Speaker 1: continue to follow your reporting on this, Mark, Thank you

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Speaker 1: so much for all of those updates. Bloomberg's Mark German

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Speaker 1: lots to digest. How to secure and protect online identity

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Speaker 1: has only become more important as more businesses go all

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Speaker 1: in on a digital world. This week, the cloud identity

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Speaker 1: software provider Octa is holding an investor day to talk

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Speaker 1: about the future of our digital and digital identities, along

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Speaker 1: with its biggest customer event of the year. Joining me

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Speaker 1: now oct to CEO and co founder Todd mckinn and Todd,

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Speaker 1: great to have you back here as always. So, look,

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Speaker 1: everyone is talking about the outlook right now. It seems

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Speaker 1: like every company is laying off. Folks were expecting potentially

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Speaker 1: thousands of layoffs at Meta alone. What are we seeing

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Speaker 1: in the sales environment in terms of the appetite to

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Speaker 1: buy your software and enterprise software right now? Well, the

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Speaker 1: first thing we're really excited about is the appetite for

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Speaker 1: folks to come to this conference. It's the first time

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Speaker 1: we've had our Octane event in person in three years,

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Speaker 1: and the whole thing is sold out. We're oversubscribed. That's

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Speaker 1: both from our customer event our investor event. So people

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Speaker 1: are incredibly interested in this topic and what do you know,

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Speaker 1: they like to be together in in person, which is

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Speaker 1: a powerful platform for us to start telling the story.

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Speaker 1: And as you did, as you mentioned Emily, everyone this

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Speaker 1: is a different world than we were in a year ago.

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Speaker 1: Everyone is worried about the economic uncertainty. Everyone is really

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Speaker 1: scrutinizing their investments to make sure that they spend their

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Speaker 1: dollars on the things that are going to move their

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Speaker 1: businesses forward. And the good thing for us as they

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Speaker 1: make those decisions, identity is coming up as a very

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Speaker 1: strategic initiative they should invest in. What is your outlook

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Speaker 1: given the macro environment? Taught and how are you thinking

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Speaker 1: about jobs and spending? Are you planning any layoffs? Are

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Speaker 1: you planning to cut back anywhere? We are not planning layoffs,

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Speaker 1: but like every other company, we're really scrutinizing where we're investing,

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Speaker 1: and we think our team is a great investment. They're

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Speaker 1: the best in the industry and they're going to help

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Speaker 1: our customers be successful. But across the board, everyone is

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Speaker 1: trying to do more with less. Make sure that every

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Speaker 1: dollar we spend is in the highest r o I area,

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Speaker 1: And what you see from our customers is that they're

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Speaker 1: getting a huge return on their investments and identity. It's

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Speaker 1: not just for security, and it's not just for I

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Speaker 1: T productivity. It's also for customers. They can build better

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Speaker 1: customer relationships, they can drive new revenue channels, and that's

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Speaker 1: what you want to do. And there's a time of

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Speaker 1: economic uncertainty. You want to make sure you cut costs

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Speaker 1: and have good investment in terms of what you're spending

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Speaker 1: your money on, but you also have to drive growth

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Speaker 1: because a lot of times that's when you can get

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Speaker 1: ahead of your competitors when they're cutting back. You can

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Speaker 1: invest in the right areas and move forward time. Digital

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Speaker 1: authentication services are still a huge prize for hackers. Of course,

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Speaker 1: we've talked about the the the hack that Octa had

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Speaker 1: to deal with earlier this year. Twilio also dealing with

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Speaker 1: one as well. How would you say, the threat level

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Speaker 1: top of it. Well, one thing that doesn't change is

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Speaker 1: that whether there's economic uncertainty and how people are thinking

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Speaker 1: about investments, the risk from security breaches and the regulatory

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Speaker 1: overview that comes when there's a security breach, and the

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Speaker 1: cost that puts on companies, that is consistent. That's always there.

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Speaker 1: So companies have to invest in their cyber posture and

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Speaker 1: they have to make sure they have a great foundation

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Speaker 1: foundation to keep everything secure. They of course have to

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Speaker 1: make sure they're spending the right investments and getting the

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Speaker 1: best innovation for that money. But cybersecurity is something that's

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Speaker 1: it's it's recession resistant. I'm curious what you think of

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Speaker 1: Elon Musk's approach to verification, this idea of knowing your

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Speaker 1: customer proving identity when others are saying this is just

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Speaker 1: a way to pay to play. Well, I think that

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Speaker 1: Twitter is a is a great technology company. It's changed

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Speaker 1: the world, and even a company like Twitter has to

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Speaker 1: do a better job connecting with their customers, whether that's

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Speaker 1: figuring out who gets the blue check mark, whether that's

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Speaker 1: figuring out what's about and what's not about these things

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Speaker 1: in the in the takeover of Twitter and as as

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Speaker 1: Ellen comes in to run the company, these things have

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Speaker 1: come up over and over again. So it just goes

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Speaker 1: to show you if Twitter has these challenges and these

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Speaker 1: opportunities by they could brief the benefits of getting another

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Speaker 1: customers better. Think about every other company, every other organization

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Speaker 1: in the world. If they can know their customers, if

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Speaker 1: they can build great products and service for them that

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Speaker 1: validate the right users, get them into the right capabilities,

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Speaker 1: that's gonna be really a groundswell for every organization in

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Speaker 1: the world. And that's what everyone's trying to do. And

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Speaker 1: that's why it all comes back to identity, because you

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Speaker 1: have to know who that customer is. You have to

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Speaker 1: have high confidence in it so you can deliver that

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Speaker 1: customer a great personalized experience that changes their day, makes

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Speaker 1: them perceive a ton of value from your product or service,

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Speaker 1: moves your company forward. He's also telling users to vote

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Speaker 1: republic Republican and I know federal government sales are important

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Speaker 1: to Octa. How do things change for you if you

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Speaker 1: know Congress Republicans win Congress. Does that make a difference

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Speaker 1: for Octa? Well, one thing I want to say is

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Speaker 1: I did. I voted today so you can see my

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Speaker 1: good for you very conference. We have this big conference,

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Speaker 1: so I had to do it early absentee. But all

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Speaker 1: I'll say on this is that everyone needs to vote.

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Speaker 1: Democracy works when everyone has heard, So everyone should vote.

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Speaker 1: It's an important part of what we do. It's an

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Speaker 1: important part of our country, it's important part of the world.

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Speaker 1: So get out there and vote. All right. I can

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Speaker 1: can only support that. Look, you've got a huge customer

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Speaker 1: event coming up and invest your day. You've been talking

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Speaker 1: about this passwordless future for a really long time. What

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Speaker 1: are you telling them about how far away that really is?

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Speaker 1: When are we all going to be done with passwords?

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Speaker 1: This is one of the most exciting things that's happening

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Speaker 1: in the industry. We are on the cusps, especially at

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Speaker 1: work of being able to get rid of passwords. ACTA

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Speaker 1: has the technology today to remove the password from every

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Speaker 1: employee in the world. And that's because two things. One

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Speaker 1: is that we can utilize the strong authentication from their

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Speaker 1: iPhone or their Android phone, or from their Mac or

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Speaker 1: their PC and integrate that. And this is an important point,

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Speaker 1: has to be integrated to every application service you need

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Speaker 1: to go in your entire work day, and that's what's challenging.

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Speaker 1: It's not that we didn't have the right biometric sensors,

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Speaker 1: is that it was hard to get these biometric sensors

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Speaker 1: connected to everything in your environment. And that's the problem

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Speaker 1: we solve. And so this is an exciting development. I

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Speaker 1: think we can make employees much more productive and more importantly,

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Speaker 1: if it's a biometric sensor, it's much more secure, and

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Speaker 1: that's why we're excited to tell our story to the

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Speaker 1: world this week. All right, well, good luck at Octane

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Speaker 1: This week, oct to CEO and co founder Todd McKinnon

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Speaker 1: joining us for an exclusive interview. Todd, thanks so much

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Speaker 1: for stopping by. All Right, coming up, we're gonna hear

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Speaker 1: from Microsoft President Brad Smith from top in Egypt. We're

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Speaker 1: gonna talk about microsoft new climate initiatives and how the

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Speaker 1: company is also navigating the downturn. That's next. This is Bloomberg.

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Speaker 1: The Summit is underway in Egypt, with this year's event

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Speaker 1: providing a chance to reinject momentum into the energy transition.

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Speaker 1: Heads of states and governments all in attendance, as well

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Speaker 1: as major companies like Microsoft, which plans to be carbon negative.

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Speaker 1: I caught up with Microsoft President Brad Smith. Take a listen.

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Speaker 1: I think it's really important to think a little bit

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Speaker 1: about the problem that we and others are trying to

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Speaker 1: help solve. So much of the work that is needed,

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Speaker 1: especially to adapt the climate change, really involves better use

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Speaker 1: of a more data, better predictive modeling. You look at

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Speaker 1: predicting wildfires, whether you're in the United States or India

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Speaker 1: or in Africa. If you look at things like responding

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Speaker 1: to floods, you need to be able to predict these

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Speaker 1: things and then give people early warning systems. Yet, if

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Speaker 1: you look at Africa today, for every four team data

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Speaker 1: scientists that there are in developed countries, there's only one

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Speaker 1: in Africa. So we've opened up. We're announcing today two

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Speaker 1: new data labs, one in Egypt, one in Kenya. We're

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Speaker 1: parkering with Planet Planet Labs in San Francisco, which is

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Speaker 1: doing I just think this extraordinary work with new satellites

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Speaker 1: to bring satellite based imagery and data, including for Africa.

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Speaker 1: You put our AI capabilities are data scientists, planets imagery together,

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Speaker 1: now we can be a bit of an equalizer. We

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Speaker 1: can help climate scientists on a continent like Africa. Now meantime,

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Speaker 1: bread the economy continues to go south. We're seeing layoffs

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Speaker 1: in the tech industry across the board. We're expecting thousands

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Speaker 1: of people to get laid off at Meta just this week.

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Speaker 1: I know Microsoft has done some layoffs but hasn't had

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Speaker 1: a major round of cuts yet. Are you planning to

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Speaker 1: do more layoffs and how are you thinking about spending, etcetera.

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Speaker 1: I think the most important thing for a company like

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Speaker 1: Microsoft is first to recognize the role that we play.

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Speaker 1: We're not in the advertising business to the degree that

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Speaker 1: some of the other companies are, or more focused on

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Speaker 1: really providing the digital infrastructure that companies, businesses, nonprofits, governments need.

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Speaker 1: So in a world with increasing economic headwinds and there

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Speaker 1: are many, you know, the kind of technology that we

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Speaker 1: create is one of the better tail winds on which

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Speaker 1: people can rely and we're seeing that. So to answer

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Speaker 1: your question, Emily, we will continue, I think, to manage

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Speaker 1: through this recession the same way we have managed through

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Speaker 1: every recession since Microsoft was founded. In We identify the

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Speaker 1: technologies that will not only be important to the quarter

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Speaker 1: in the year, but fundamentally the decade ahead, and we'll

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Speaker 1: make sure that we invest and we may even invest

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Speaker 1: more in the technologies of the future, say things like

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Speaker 1: artificial intelligence. Now, we may have to trim some other

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Speaker 1: cost areas because it is a recession. But I think

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Speaker 1: what you'll do is see us trim if we need to,

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Speaker 1: and then use that to free up resources to invest

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Speaker 1: in what we regard as the long term creation of value,

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Speaker 1: not only for ourselves but for our customers. Welcome back

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Speaker 1: to bloom Er Technology, em Emily Chang in San Francisco.

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Speaker 1: Twitter may now be a private company, but Elon Musk's

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Speaker 1: purchase of the social media platform is still being felt

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Speaker 1: by the public markets. Bloomberg's ad Ludlow here with a

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Speaker 1: look at Tesla and obviously you know I can't ignore

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Speaker 1: this if you're a Tesla investor at yeah, you can.

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Speaker 1: I mean, the stalk is down on this on a

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Speaker 1: twelve month basis, It's at the seventeenth month and new

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Speaker 1: fifty two week low, down five percent during Monday's session,

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Speaker 1: worst performer on a points basis on the NASA one.

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Speaker 1: And clearly there's a Twitter overhang, right. I think one

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Speaker 1: of the numbers that jumps out at me is that

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Speaker 1: Tesla shares are down more than twelve percent since October

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Speaker 1: twenty seven, when must close the deal to buy Twitter.

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Speaker 1: In that time, the SMP five, the main gage of

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Speaker 1: US equities is basically flat, and there's a lot of

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Speaker 1: discussion in the market about what is going on here.

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Speaker 1: A big part of it, if you come to me,

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Speaker 1: it's my Bloombow terminal m. It seems to be key

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Speaker 1: man risk that as we know from Twitter. For anyone

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Speaker 1: that's paid any attention to the platform in the last

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Speaker 1: twenty four hours or the last few months. Elon Musk

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Speaker 1: is tweeting very regularly. He's kind of very focused based

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Speaker 1: on the reporting that Kurt Wagoner and I have done

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Speaker 1: on this platform and its future. And there's concern out

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Speaker 1: there from Tesla shareholders who have voiced this concern on

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Speaker 1: the platform that he's distracted being away from Tesla. There's

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Speaker 1: less of a conversation now about the concern of him

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Speaker 1: selling down more of his own tests the shares in

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Speaker 1: order to finance the Twitter deal because of what we

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Speaker 1: know what he did both on the debt and on

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Speaker 1: the equity co investors side. But clearly there's an overhang

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Speaker 1: here and it's just strange to see such poor performance

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Speaker 1: in Tesla stock both in the short, medium, and long terms.

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Speaker 1: And this is sort of a perennial question, but I

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Speaker 1: wonder if the answer to it is changing. Is Tesla

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Speaker 1: a tech stock or is it a car stock? And

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Speaker 1: how our investors thinking about it? And I will take

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Speaker 1: a perennial question from you any day of the week.

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Speaker 1: I mean, it is the question. You know. The cell

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Speaker 1: side analysts that cover Tesla do so from a sort

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Speaker 1: of classic automotive perspective. Many treat it as a higher

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Speaker 1: multiple tech or software play, right, because much of its

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Speaker 1: valuation in recent years has been based on the future

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Speaker 1: promise of full self driving. Ultimately, I look at the fundamentals, right,

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Speaker 1: this is a stock that trades at forty seven times

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Speaker 1: forward earnings. If you compare with General Motives for example,

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Speaker 1: that's a stock that aids below seven times forward earnings.

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Speaker 1: At forty seven times forward earnings, that is a stretched

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Speaker 1: multiple stock in anyone's book. You know, we've talked all

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Speaker 1: about in video for example, trading at thirty times forward earnings.

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Speaker 1: There's nowhere near what test is at right now. So

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Speaker 1: that's not a definitive answer the question. I'm sorry to

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Speaker 1: sort of bat you away, but it depends how you

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Speaker 1: look at it, if you look at the fundamentals, test

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Speaker 1: that does not trade like a legacy automotive name. All right,

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Speaker 1: Bloomberg's I'd love low. Thank you, as always, more perennial

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Speaker 1: questions to come. The US midterm elections are coming up. Man,

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Speaker 1: The crypto industry has its eyes on Congress. Question after

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Speaker 1: the vote, will we finally get progress on crypto regulation?

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Speaker 1: Bloomberg's Kayley lines, reports are regulators, and frankly, our Congress

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Speaker 1: is an hour late and a dollar short, and we

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Speaker 1: need to catch with where these cryptocurrencies are going. Congress

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Speaker 1: has been calling for greater regulation of crypto for years,

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Speaker 1: but it's been a lot of talk and to this point,

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Speaker 1: not a lot of walk. We have the intention, we're

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Speaker 1: just not quite getting it over the line. The crypto

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Speaker 1: industry has been asking Congress to help create the rules

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Speaker 1: of the road, but optimism on progress has faded as

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Speaker 1: the mid terms draw closer. There was some hope from

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Speaker 1: many an industry that this was actually going to happen

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Speaker 1: this year, that a bunch of bills that had been proposed,

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Speaker 1: we're promising that we could actually see some movement here

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Speaker 1: on Capitol Hill. But just like pretty much everything in

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Speaker 1: Washington heading towards the end of it all seems kind

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Speaker 1: of stuck right now. The bills that have gained the

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Speaker 1: most traction include legislation to regulate stable points and to

431
00:22:40,119 --> 00:22:43,520
Speaker 1: give the CFTC more power to oversee digital assents, but

432
00:22:43,680 --> 00:22:46,440
Speaker 1: success on those initiatives will have to wait until after

433
00:22:46,480 --> 00:22:49,639
Speaker 1: the mid terms. I think both Kirsten and I believe

434
00:22:49,840 --> 00:22:54,920
Speaker 1: that the bill in one piece, as a total bill

435
00:22:55,760 --> 00:22:59,840
Speaker 1: is more likely to be deferred until next year. It's

436
00:22:59,840 --> 00:23:03,960
Speaker 1: a big topic, it's comprehensive, and it's still new to

437
00:23:04,440 --> 00:23:07,199
Speaker 1: many U S. Senators. It's a lot for them to

438
00:23:07,359 --> 00:23:11,080
Speaker 1: digest with the few remaining weeks we have in this

439
00:23:11,359 --> 00:23:14,080
Speaker 1: came under a year. Big names in crypto like Sam

440
00:23:14,080 --> 00:23:17,080
Speaker 1: bankman Fried, the billionaire founder of FTX, are also trying

441
00:23:17,119 --> 00:23:21,160
Speaker 1: to make change, with their dollars emerging as influential political donors.

442
00:23:21,160 --> 00:23:24,399
Speaker 1: While he says he's motivated primarily by pandemic prevention and

443
00:23:24,440 --> 00:23:27,600
Speaker 1: wants to support candidates who will prioritize that, he also

444
00:23:27,680 --> 00:23:30,719
Speaker 1: has been pushing the regulatory agenda. I've a duty as

445
00:23:30,760 --> 00:23:33,280
Speaker 1: a member of the industry to try and get us regulated,

446
00:23:33,280 --> 00:23:36,440
Speaker 1: to try and move the industry in a more responsible direction,

447
00:23:36,920 --> 00:23:39,879
Speaker 1: and I think that requires engagement. I think to be

448
00:23:39,960 --> 00:23:43,240
Speaker 1: irresponsible to me not to engage UM, you know, with

449
00:23:43,320 --> 00:23:46,600
Speaker 1: Tackle Hill, with regulators and the things that I've been

450
00:23:46,680 --> 00:23:49,280
Speaker 1: arguing for, our more regulation for the industry. I think

451
00:23:49,320 --> 00:23:51,639
Speaker 1: that's what's right for the country. Bankman Freed is the

452
00:23:51,680 --> 00:23:54,920
Speaker 1: fourth largest individual donor this midterm cycle and has made

453
00:23:54,920 --> 00:23:58,760
Speaker 1: about forty million dollars in political contributions this year. He

454
00:23:58,840 --> 00:24:02,680
Speaker 1: has said he could give even more in I think

455
00:24:02,720 --> 00:24:06,600
Speaker 1: that you're going to see more people pushing into politics

456
00:24:06,680 --> 00:24:10,679
Speaker 1: because now, uh, the interaction with DC is going to

457
00:24:10,720 --> 00:24:14,800
Speaker 1: be one of the main drivers of whether enterprises are

458
00:24:14,840 --> 00:24:21,240
Speaker 1: able to grow and operate UM successfully. Yeah, clearly lines

459
00:24:21,280 --> 00:24:33,880
Speaker 1: with that report. Republican lawmakers have been working to revive

460
00:24:33,960 --> 00:24:37,119
Speaker 1: former President Trump's bid to band TikTok in recent months,

461
00:24:37,119 --> 00:24:39,520
Speaker 1: so for fears the u S data is ending up

462
00:24:39,520 --> 00:24:41,920
Speaker 1: in the hands of the Chinese government. Just last week,

463
00:24:42,000 --> 00:24:45,679
Speaker 1: FEC Commissioner Brendan Car told Axios that TikTok should be

464
00:24:45,720 --> 00:24:49,520
Speaker 1: outright ban. He joins me now for more on this

465
00:24:49,680 --> 00:24:52,480
Speaker 1: UM Commissioner Car, thank you as always for taking the time.

466
00:24:52,720 --> 00:24:55,879
Speaker 1: You said specifically, you don't believe there's a path forward

467
00:24:55,920 --> 00:24:59,440
Speaker 1: for anything other than a ban, which is a step

468
00:24:59,520 --> 00:25:02,360
Speaker 1: up from what you said in the past. Why take

469
00:25:02,400 --> 00:25:04,760
Speaker 1: it that far. Yeah, Look, it seems almost every week

470
00:25:04,840 --> 00:25:07,560
Speaker 1: there's a new leaked material coming out of TikTok that

471
00:25:08,160 --> 00:25:10,680
Speaker 1: just really advisceerates the trust. And at the end of

472
00:25:10,680 --> 00:25:13,760
Speaker 1: the day, the nation security agencies haven't working on what's

473
00:25:13,760 --> 00:25:16,600
Speaker 1: known as Project Texas, which is to move a lot

474
00:25:16,640 --> 00:25:19,760
Speaker 1: of TikTok's operations to oracle servers here in the US,

475
00:25:19,840 --> 00:25:23,120
Speaker 1: and that's the response to national security concerns. The problem

476
00:25:23,119 --> 00:25:24,960
Speaker 1: with that is there's a new report about ten days

477
00:25:25,000 --> 00:25:28,000
Speaker 1: ago from Forbes that a TikTok official out of l

478
00:25:28,040 --> 00:25:31,360
Speaker 1: A having an unusual outside business hour meeting where they're

479
00:25:31,400 --> 00:25:35,800
Speaker 1: asking another TikTok employee detailed questions about the location and

480
00:25:35,840 --> 00:25:38,359
Speaker 1: other details of those oracle servers. We also have leaked

481
00:25:38,359 --> 00:25:42,520
Speaker 1: materials from a DC TikTok official that said once that

482
00:25:42,560 --> 00:25:45,080
Speaker 1: Project Texas is put in place, it remains to be

483
00:25:45,119 --> 00:25:49,080
Speaker 1: seen if Beijing can still get access to US user

484
00:25:49,160 --> 00:25:50,800
Speaker 1: data because the end of the day, these are their

485
00:25:50,840 --> 00:25:53,720
Speaker 1: tools that they build in China. So if TikTok is

486
00:25:53,800 --> 00:25:57,680
Speaker 1: ensure that these new protections will safeguard US user data.

487
00:25:57,880 --> 00:25:59,560
Speaker 1: Then I don't think we should be so sure either.

488
00:26:00,160 --> 00:26:03,239
Speaker 1: You don't have the authority to ban TikTok, So what

489
00:26:03,280 --> 00:26:07,199
Speaker 1: are you hoping to accomplish with this assertion? Yes? Right,

490
00:26:07,280 --> 00:26:09,840
Speaker 1: this isn't like Huawei or ZC or China Mobile, where

491
00:26:09,840 --> 00:26:12,760
Speaker 1: we at the SEC had um federal funding at issue

492
00:26:12,880 --> 00:26:15,680
Speaker 1: or sc licensed at issue. But what I gained from

493
00:26:15,720 --> 00:26:19,000
Speaker 1: all this case was some insight into dealing with companies

494
00:26:19,000 --> 00:26:22,600
Speaker 1: that have ties back into communist China and sort of

495
00:26:22,680 --> 00:26:25,199
Speaker 1: malign data flows. And so I'm happy to sort of

496
00:26:25,200 --> 00:26:27,560
Speaker 1: bring that expertise to bear and talk about it. But

497
00:26:27,600 --> 00:26:30,080
Speaker 1: the reality is this is broad and bipartisan. You've got

498
00:26:30,080 --> 00:26:32,959
Speaker 1: Senator Mark Warner, Democrats, chairman of sent An Intel, who

499
00:26:33,000 --> 00:26:36,400
Speaker 1: looks at a lot of really interesting security briefrints every day,

500
00:26:36,640 --> 00:26:39,080
Speaker 1: and he says that it is TikTok that scares the

501
00:26:39,520 --> 00:26:44,360
Speaker 1: dickens atum you have. Just last week, Democrat Chairwoman Shikowski

502
00:26:44,400 --> 00:26:47,080
Speaker 1: in the House, she wrote a letter with Republican Bill

503
00:26:47,119 --> 00:26:50,280
Speaker 1: Iraqis to Apple and Google saying we're concerned about your

504
00:26:50,359 --> 00:26:52,919
Speaker 1: continued inclusion of TikTok in the app store. So this

505
00:26:52,960 --> 00:26:56,160
Speaker 1: isn't just about me. This is about broad, deep bipartisan

506
00:26:56,520 --> 00:26:58,840
Speaker 1: concern that's being expressed, and you're right this. Ultimately, I

507
00:26:58,840 --> 00:27:00,760
Speaker 1: think in the lead is gonna be tread Tree, which

508
00:27:00,760 --> 00:27:03,560
Speaker 1: has the Cippius process, and I think that should be

509
00:27:03,640 --> 00:27:06,639
Speaker 1: the focus of federal action at the Treasury Scipious Process,

510
00:27:06,720 --> 00:27:09,240
Speaker 1: not the SEC, but it could potentionally the f PC

511
00:27:09,400 --> 00:27:11,280
Speaker 1: or the Commerce Department as well. So what do you

512
00:27:11,320 --> 00:27:14,200
Speaker 1: hope to come out of that national security agreement with

513
00:27:14,280 --> 00:27:16,280
Speaker 1: TikTok that we have at this moment? You know, I

514
00:27:16,320 --> 00:27:19,520
Speaker 1: didn't open, at least theoretically for a while that there

515
00:27:19,600 --> 00:27:22,720
Speaker 1: is some agreement that's put in place that addresses national

516
00:27:22,720 --> 00:27:24,960
Speaker 1: security concerns. But there is a New York Times piece

517
00:27:25,000 --> 00:27:27,240
Speaker 1: a couple of weeks ago that said there's a tentative

518
00:27:27,280 --> 00:27:28,920
Speaker 1: deal that's been put in place or a draft deal

519
00:27:28,960 --> 00:27:32,199
Speaker 1: with TikTok, But then it had multiple high level um

520
00:27:32,359 --> 00:27:35,800
Speaker 1: sources in the Justice Department saying that the number two

521
00:27:35,800 --> 00:27:37,840
Speaker 1: in the d o J is concerned that tenantive deal

522
00:27:38,200 --> 00:27:40,080
Speaker 1: isn't tough enough. And so I think we have to

523
00:27:40,080 --> 00:27:43,160
Speaker 1: be very careful here going forward that we're not allowing

524
00:27:43,560 --> 00:27:46,399
Speaker 1: data flows back into China, because it's not just about

525
00:27:46,840 --> 00:27:51,400
Speaker 1: espionage and foreign influence, but we're also feeding China's AI,

526
00:27:51,680 --> 00:27:53,320
Speaker 1: and AI can use for good or can be use

527
00:27:53,359 --> 00:27:55,440
Speaker 1: for bad, and the p l A and the CCP

528
00:27:55,560 --> 00:27:58,040
Speaker 1: has had a goal of dominating AI. So I'm very

529
00:27:58,080 --> 00:27:59,760
Speaker 1: concerned about US sending data back and the way it's

530
00:27:59,760 --> 00:28:03,400
Speaker 1: gonna crew and make that AI effective for nefarious purposes.

531
00:28:04,920 --> 00:28:06,800
Speaker 1: So the question is how far do you take this?

532
00:28:06,960 --> 00:28:12,200
Speaker 1: Should companies like Meta Alphabet, Apple have employees in China

533
00:28:12,359 --> 00:28:15,600
Speaker 1: in your view at all? Well, Look, I do think

534
00:28:15,640 --> 00:28:18,600
Speaker 1: this is an opportunity here where we need to revisit

535
00:28:18,960 --> 00:28:23,640
Speaker 1: UM these deep corporate ties into China, particularly as UM

536
00:28:23,880 --> 00:28:27,120
Speaker 1: the saber rattles on Taiwan UH coming out of the

537
00:28:27,119 --> 00:28:29,560
Speaker 1: Communist Party confab of last week. I was just in

538
00:28:29,560 --> 00:28:32,680
Speaker 1: Taiwan for two days last week myself, and I think

539
00:28:32,680 --> 00:28:36,119
Speaker 1: it is time to start thinking about diversifying outside of China.

540
00:28:36,280 --> 00:28:38,840
Speaker 1: Up to now, my concern has been focused on individual

541
00:28:38,880 --> 00:28:41,800
Speaker 1: companies and what I call plus factors, meaning it's not

542
00:28:41,880 --> 00:28:43,920
Speaker 1: just that you have tied back into communist China, So

543
00:28:43,960 --> 00:28:46,000
Speaker 1: there's something else there that's concerning. That was the case

544
00:28:46,040 --> 00:28:48,840
Speaker 1: with Halwei with DT, and that's the case with TikTok

545
00:28:48,880 --> 00:28:51,440
Speaker 1: So I'm not ready to make a broader pronouncement more

546
00:28:51,480 --> 00:28:56,960
Speaker 1: generally about companies that are doing business there. Now, we've

547
00:28:57,000 --> 00:28:59,719
Speaker 1: got a mid term election happening in a matter of hours,

548
00:28:59,720 --> 00:29:03,239
Speaker 1: and I'm curious what your hope is for, you know,

549
00:29:03,360 --> 00:29:07,680
Speaker 1: and a new Congress, you know, along with FDC chair

550
00:29:08,040 --> 00:29:12,560
Speaker 1: Lena Kahan, to take action or not on big tech

551
00:29:12,640 --> 00:29:16,720
Speaker 1: over the next couple of years. Well, actually election, you know, obviously,

552
00:29:16,760 --> 00:29:18,080
Speaker 1: I sort of leave it to the American people to

553
00:29:18,120 --> 00:29:21,040
Speaker 1: make their decisions there, particular by the Hatch act Um

554
00:29:21,120 --> 00:29:23,600
Speaker 1: not in a position to make sort of partisan comments there.

555
00:29:23,800 --> 00:29:25,920
Speaker 1: But what I'll say is generally, I do think it's

556
00:29:25,920 --> 00:29:30,200
Speaker 1: important we find some alignment Republicans and Democrats alike on

557
00:29:30,320 --> 00:29:34,280
Speaker 1: addressing you know, outsized abuse of corporate power. And I

558
00:29:34,280 --> 00:29:36,960
Speaker 1: do think we're starting to see more and more bipartisan

559
00:29:37,040 --> 00:29:40,040
Speaker 1: interest in that topic. And I would always look forward

560
00:29:40,080 --> 00:29:42,840
Speaker 1: to find partners on you know, slides of the both

561
00:29:42,880 --> 00:29:45,600
Speaker 1: sides of the political aisle to drive towards that result.

562
00:29:45,640 --> 00:29:47,440
Speaker 1: But again, when it comes to TikTok in particular, in

563
00:29:47,520 --> 00:29:49,600
Speaker 1: my sense is that the tide is is moving out

564
00:29:50,000 --> 00:29:52,239
Speaker 1: on TikTok. And again you see almost every week new

565
00:29:52,320 --> 00:29:55,120
Speaker 1: letters from new bipartisan members of Congress that are focused

566
00:29:55,120 --> 00:29:57,200
Speaker 1: on this issue. What's the latest on the plan to

567
00:29:57,280 --> 00:30:01,200
Speaker 1: ban all Huawei and z t E telecom equipment from

568
00:30:01,240 --> 00:30:03,880
Speaker 1: the US market. Is the SEC going to be voting

569
00:30:03,920 --> 00:30:06,160
Speaker 1: on that soon? You're making really good progress. A couple

570
00:30:06,160 --> 00:30:08,680
Speaker 1: of years ago, we voted to withdraw all future funding

571
00:30:09,000 --> 00:30:11,520
Speaker 1: for wahweyans et equipment and or right now funding the

572
00:30:11,640 --> 00:30:14,440
Speaker 1: ripping and replacing axios. I believe I'll report a couple

573
00:30:14,440 --> 00:30:15,960
Speaker 1: of weeks ago that said that we're about to vote

574
00:30:16,000 --> 00:30:20,640
Speaker 1: at the FEC on denying equipment authorization for those devices,

575
00:30:20,640 --> 00:30:23,680
Speaker 1: which would close what I've described as a wahweih loophole,

576
00:30:23,720 --> 00:30:26,160
Speaker 1: which means up to now, you can't use federal dollars

577
00:30:26,200 --> 00:30:28,200
Speaker 1: or purchase this year, but you can use private dollars

578
00:30:28,240 --> 00:30:30,200
Speaker 1: by the same gear put in the same point in

579
00:30:30,240 --> 00:30:31,680
Speaker 1: your network. And I have long call for us to

580
00:30:31,720 --> 00:30:34,000
Speaker 1: close that loophole. So the ect that activists reporting is

581
00:30:34,080 --> 00:30:36,360
Speaker 1: right that the SEC is moving forward with that boat

582
00:30:36,440 --> 00:30:37,920
Speaker 1: and I don't want to get into the details of

583
00:30:37,960 --> 00:30:40,560
Speaker 1: it um, but suffice to say I'd be very happy

584
00:30:41,280 --> 00:30:45,240
Speaker 1: with that outcome at the FCC and quickly at the FTC.

585
00:30:45,600 --> 00:30:47,560
Speaker 1: What are your thoughts on the actions that Lena con

586
00:30:47,720 --> 00:30:51,280
Speaker 1: has taken so far. You know, look, I think our

587
00:30:51,280 --> 00:30:53,959
Speaker 1: guiding prints will have to be to protect individual liberty.

588
00:30:54,000 --> 00:30:56,360
Speaker 1: We we can have threats to individual liberty from the

589
00:30:56,400 --> 00:30:59,000
Speaker 1: overreach of government, who can also threat to indi votual

590
00:30:59,080 --> 00:31:01,520
Speaker 1: liberty UH from the abuse of corporate power. And we've

591
00:31:01,520 --> 00:31:02,880
Speaker 1: got to find a way here to have it that

592
00:31:03,360 --> 00:31:06,680
Speaker 1: as our guiding star. And I know it's been a

593
00:31:06,720 --> 00:31:08,640
Speaker 1: partisan time at the FTC and they've had a hard

594
00:31:08,640 --> 00:31:12,160
Speaker 1: time agreeing. At the FCC, we've been working to the middle,

595
00:31:12,280 --> 00:31:14,800
Speaker 1: compromising and finding common ground, and I hope that we

596
00:31:14,880 --> 00:31:16,840
Speaker 1: continue to do that at the FCC at least all right,

597
00:31:17,080 --> 00:31:20,640
Speaker 1: FEC Commissioner Brendan Carr, thanks so much for stopping. I

598
00:31:20,680 --> 00:31:24,120
Speaker 1: appreciate it. Meantime, millions of mothers have left their jobs

599
00:31:24,840 --> 00:31:27,440
Speaker 1: as a result of the COVID nineteen pandemic. The cause

600
00:31:27,880 --> 00:31:30,600
Speaker 1: inadequate childcare. That is why Girls Who co found her

601
00:31:30,600 --> 00:31:32,320
Speaker 1: Rest My show Johnny decided to come up with the

602
00:31:32,360 --> 00:31:35,280
Speaker 1: Martial Plan for Moms, and nonprofit that has helped pass

603
00:31:35,800 --> 00:31:38,800
Speaker 1: landmark childcare legislation in New York and is working with

604
00:31:38,880 --> 00:31:43,160
Speaker 1: big companies on employer sponsored childcare, she joins me now

605
00:31:43,280 --> 00:31:45,240
Speaker 1: for more and obviously Rush might have to ask you

606
00:31:45,280 --> 00:31:48,080
Speaker 1: about the mid terms, which we are now hours away from.

607
00:31:48,360 --> 00:31:51,040
Speaker 1: Which races are you paying the closest attention to and

608
00:31:51,160 --> 00:31:54,200
Speaker 1: why all of them? I mean, this election is the

609
00:31:54,240 --> 00:31:57,720
Speaker 1: most important election that women have seen, you know, following

610
00:31:57,720 --> 00:32:02,560
Speaker 1: the Dollas decision, women have essentially become class citizens in America.

611
00:32:02,760 --> 00:32:05,280
Speaker 1: And you know, we have a lot of extremists on

612
00:32:05,320 --> 00:32:07,800
Speaker 1: the ballot, a lot of candidates you know, on the

613
00:32:07,920 --> 00:32:11,320
Speaker 1: right who want to restrict our rights even more. And

614
00:32:11,360 --> 00:32:14,120
Speaker 1: so what happens in Tuesday is going to fundamentally change

615
00:32:14,160 --> 00:32:17,800
Speaker 1: the lives of American women. How concerned are you about misinformation?

616
00:32:17,840 --> 00:32:20,280
Speaker 1: Given I know that you have pointed out the voices

617
00:32:20,360 --> 00:32:25,240
Speaker 1: of women especially have not been heard. I mean, I'm

618
00:32:25,360 --> 00:32:29,040
Speaker 1: very concerned about misinformation, um, and I think it's something

619
00:32:29,080 --> 00:32:31,200
Speaker 1: that it's critical that a lot of my students, for example,

620
00:32:31,240 --> 00:32:33,280
Speaker 1: are are working on. And I think the comment that

621
00:32:33,320 --> 00:32:35,600
Speaker 1: was just made, you know, by the Commissioner and seeing

622
00:32:35,640 --> 00:32:37,960
Speaker 1: what happens you know with Twitter and with Elon must

623
00:32:37,960 --> 00:32:39,920
Speaker 1: taking over Twitter, to make sure that we continue to

624
00:32:40,320 --> 00:32:43,960
Speaker 1: root out disinformation and that everybody has access to fair

625
00:32:43,960 --> 00:32:47,280
Speaker 1: and just and reliable information is critical. That was my

626
00:32:47,360 --> 00:32:51,600
Speaker 1: next question is I'm curious what your take is on

627
00:32:51,640 --> 00:32:54,640
Speaker 1: the direction that Elon Musk has taken Twitter thus far

628
00:32:54,800 --> 00:32:58,960
Speaker 1: and how uh free speech can be balanced with safety

629
00:32:59,000 --> 00:33:04,440
Speaker 1: and security and healthy dialogue. I'm watching it, Emily. You know,

630
00:33:04,520 --> 00:33:07,120
Speaker 1: we know that social media Twitter has been a toxic

631
00:33:07,200 --> 00:33:09,560
Speaker 1: place for women and girls and for people of color,

632
00:33:10,040 --> 00:33:11,680
Speaker 1: and that there's got to be a way to kind

633
00:33:11,680 --> 00:33:14,320
Speaker 1: of moderate content without making people feel like every day

634
00:33:14,320 --> 00:33:15,920
Speaker 1: that they're going to face some amount of abuse or

635
00:33:15,960 --> 00:33:18,440
Speaker 1: we called the name or be you know, showed content

636
00:33:18,480 --> 00:33:20,720
Speaker 1: that's going to be really, you know, toxic for them.

637
00:33:20,800 --> 00:33:23,440
Speaker 1: So I think that again, this is an opportunity to

638
00:33:23,520 --> 00:33:26,080
Speaker 1: do something right and to do something that you know,

639
00:33:26,160 --> 00:33:28,840
Speaker 1: again uplifts people of color and women will see if

640
00:33:28,880 --> 00:33:32,240
Speaker 1: that actually happens. Now. Given your work with the Martial

641
00:33:32,280 --> 00:33:34,640
Speaker 1: Plan for Moms, I'm curious what you're hearing from moms

642
00:33:34,960 --> 00:33:38,200
Speaker 1: and parents right now about their concerns as they had

643
00:33:38,240 --> 00:33:42,600
Speaker 1: into the election. What matters to them right now and why. Look,

644
00:33:42,640 --> 00:33:44,360
Speaker 1: I mean, I think Republicans have made it seem that

645
00:33:44,400 --> 00:33:46,360
Speaker 1: the biggest concern you should have is the cost of

646
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Speaker 1: gas or the cost of cereal. But if you talk

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Speaker 1: to a mom, she'll tell you my biggest concern is

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00:33:52,040 --> 00:33:57,480
Speaker 1: the cost of childcare. Parents have gone into debt because

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Speaker 1: of the cost of childcare the child The cost of

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00:34:00,520 --> 00:34:04,160
Speaker 1: childcare is outpacing the cost of inflation. It is literally

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00:34:04,200 --> 00:34:08,520
Speaker 1: the most expensive line item for families and the only

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00:34:08,640 --> 00:34:11,520
Speaker 1: party that's tried to do something about it is Democrats,

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00:34:11,680 --> 00:34:14,400
Speaker 1: you know, through the Bill Back Better Bill. So you know,

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Speaker 1: mom's got to be paying attention. Mom's got to be

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Speaker 1: voting on Tuesday, and you know, we've got to be

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00:34:19,480 --> 00:34:21,719
Speaker 1: making sure that we're pushing an agenda that is going

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00:34:21,800 --> 00:34:25,040
Speaker 1: to put families first. And if we want to say

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Speaker 1: that women in the workforce are not just a nice

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00:34:27,600 --> 00:34:31,040
Speaker 1: to have but a must have, then we have to

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00:34:31,080 --> 00:34:33,239
Speaker 1: make sure that we're providing affordable childcare. And that's what

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00:34:33,280 --> 00:34:35,600
Speaker 1: we're doing at the Marsha Lamber Moms with our National

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00:34:35,600 --> 00:34:37,759
Speaker 1: Business Colorship for Childcare. We can't wait for government to

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Speaker 1: do the right thing. We can push them to, but

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Speaker 1: in the meantime we have to advocate for subsidizing childcare

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Speaker 1: in the workforce. You recently went toe to toe with

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Speaker 1: the Parents Rights group that banned girls who code books

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00:34:52,800 --> 00:34:55,319
Speaker 1: and I'm curious if you can share some context on

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00:34:55,360 --> 00:34:57,520
Speaker 1: that and what do you think it tells us about

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Speaker 1: the state of America. I think it tells us that

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00:35:00,880 --> 00:35:02,839
Speaker 1: that they were coming for our bodies and now they're

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00:35:02,840 --> 00:35:05,040
Speaker 1: coming for our minds. I mean, Emily, I woke up

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00:35:05,080 --> 00:35:07,759
Speaker 1: to a headline that girls who code books have been

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00:35:07,760 --> 00:35:11,040
Speaker 1: banned in Pennsylvania. And it wasn't just girls who code books,

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Speaker 1: it was books about Grace Hopper, you know, books that

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Speaker 1: we're gonna get girls an opportunity, girls of color, an

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00:35:16,600 --> 00:35:19,960
Speaker 1: opportunity to be everything in anything. You know, what is

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00:35:20,000 --> 00:35:22,360
Speaker 1: happening in schools right and now what is happening in

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00:35:22,480 --> 00:35:24,520
Speaker 1: terms of the school board fights, of the culture wars

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00:35:25,040 --> 00:35:28,839
Speaker 1: is critical and we have to start paying attention again.

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Speaker 1: I cannot stress this enough. You know, we've entered this

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00:35:31,040 --> 00:35:33,359
Speaker 1: period of force birth where our reproductive rights have been

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00:35:33,400 --> 00:35:36,520
Speaker 1: taken away, and I am shocked to see what they

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00:35:36,520 --> 00:35:39,680
Speaker 1: are trying to take away from our girls. And every

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Speaker 1: single parent who cares about their girls having a chance

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00:35:43,280 --> 00:35:45,719
Speaker 1: to be an engineer, to be a doctor, to be

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00:35:45,800 --> 00:35:48,600
Speaker 1: a president needs to be informed about what's happening in

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00:35:48,640 --> 00:35:52,440
Speaker 1: the schools because it is shocking. It's frightening and it's

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00:35:52,480 --> 00:35:57,480
Speaker 1: scary how much progress is last quick question, is actually

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Speaker 1: happening in the schools? You know, you founded this company

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Speaker 1: to get more girls to learn how to code. How

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Speaker 1: optimistic are you about that? You know, truly happening across

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00:36:10,200 --> 00:36:13,319
Speaker 1: the board? You listen, Emily Covid was devastating, you know,

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00:36:13,360 --> 00:36:16,200
Speaker 1: for kids, especially for kids from underserved communities. I saw

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Speaker 1: so many of my students who are on their way

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00:36:17,960 --> 00:36:20,560
Speaker 1: to learn in computer science had to drop out of

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00:36:20,600 --> 00:36:22,640
Speaker 1: college or not go to college because their moms were

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00:36:22,680 --> 00:36:24,960
Speaker 1: essential workers and they had to take care of their siblings.

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Speaker 1: That is why it's so critical that we fix the

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00:36:28,360 --> 00:36:31,480
Speaker 1: broken structure of care. You know. The second thing is

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00:36:31,480 --> 00:36:33,520
Speaker 1: is that we're you know, we have got to continue

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00:36:33,560 --> 00:36:35,879
Speaker 1: to invest in public school education. I'm sure you saw

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00:36:36,239 --> 00:36:38,759
Speaker 1: the New York Times article about how you know the

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00:36:38,960 --> 00:36:42,480
Speaker 1: the again, you know, the the math and science. You know,

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00:36:42,560 --> 00:36:44,719
Speaker 1: rates of what our kids are learning in schools have

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00:36:44,880 --> 00:36:47,319
Speaker 1: diminished and decreased. I know that's happening. You know, we

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Speaker 1: had ten thousand girls who code clubs at the start

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Speaker 1: of the pandemic, and we are now inching back to

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00:36:52,200 --> 00:36:55,280
Speaker 1: where we were before. And so when teachers are exhausted

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00:36:55,320 --> 00:36:57,799
Speaker 1: and tired when they're not getting paid adequately, they're not

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00:36:57,880 --> 00:37:01,360
Speaker 1: volunteering to teach a coding club, and and and again,

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00:37:01,400 --> 00:37:03,920
Speaker 1: who can blame them? And so we got to have

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Speaker 1: to continue to public school education and make sure that

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Speaker 1: our kids have access to opportunity in the jobs of

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Speaker 1: the future, which include coding. Rest Michel Johnny, thank you

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Speaker 1: for your advocacy for girls, girls who co founder appreciate

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Speaker 1: you stopping by. And that doesn't For this edition of

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Speaker 1: Bloomberg Technology coming up on election Day here in the

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00:37:25,239 --> 00:37:28,439
Speaker 1: United States, We've got an all star lineup including LIFT

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Speaker 1: president John Zimmer will be talking about Prop thirty and

720
00:37:31,120 --> 00:37:34,680
Speaker 1: the future of the gig economy and so many other

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00:37:35,080 --> 00:37:37,799
Speaker 1: important guests. And don't forget it to check out our

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Speaker 1: podcast wherever you get your podcasts. This is Bloomberg