Hey, what's good y'all should boy down for the down showing friends if we're back for another k-pop reaction the bros back We back how y'all doing? Yes, yes, we here All right, so just what we got that mean the bro. We just talked about this We thought we did the BTS boy in love dance practice and went through the archives and we did not so This is another video that we owe y'all When like boy with love we did I got they like with love so now we got it's great. How one word would change everything Hold another song. So with that being said Make sure you hit the like button make sure you subscribe make sure you share make sure you ring that bell Make sure you do all of that to just continue spread the word. It's good scene. Definitely good scene y'all So we don't get right into it. Make sure the body was ready to go Say same aspect as always I learned while they be wearing their Timbs. I'm gonna tell you about that during the reaction. Okay This track is going though Hey real sharp. Yep off the red Young energetic and we need to let loose. Yeah, they hungry. That's that's hunger. That's just hunger It's a different scene in they face like like like You You know The emotion to have with every move.  It's his money. Have a good time Exactly and get more fans exactly. So yeah, that's why y'all love them. That's why we love them. Oh, yeah But there's y'all rumble Well, it's crazy so Because we've been I've been talking with all the supporters about this When it comes to these transitions These bands these groups are not playing BTS is one of them. That's like, yo, we're not playing like and we're gonna have transitions Now this is old. This is a throwback and People can't bang with that people came when people came to compete with that. Let's go back Let's go back. Let's not and y'all know what we do now. We have muted so they get to see it Watch these transitions. Watch how quick they get there We not wasting time boom we're there boat boat boom next transition boom tick tick tick Yeah, we not doing yeah, this one from the three lines for people move to the center. Yes To create a kind of V shape and then for went down three stood up Create that formation. Yes, and then I Didn't slide from one side to another Guy standing in the middle goes both ways. Yeah. Oh, yeah I'm gonna ask you. Let's go back from right here Everybody did a job That's why watch it. Did you just make me realize everybody had to do their job everybody did a job Look at this Bob top top top top And hint on that loop that You got to be kidding me, bro, let's not play down like we didn't see that watch this y'all This is little mood that he does Okay, we saw this this is monster. This is all monster right here Steading up popping up Steading up popping up They stayed low That's crazy, and I'm gonna be ready real with y'all that adds another room for another transition bingo. So let's see what happens Let's go back I got you so what you got to do is just meet right here. Oh, yeah now press play It's like we watch this one slide out Quick footwork.  Yeah Nice now here's the thing here's the thing one thing, you know the bro back in the building So I can kind of go into this it's important to like also that the character in the choreography support because Yeah, even a little move where they come back in a line and then you know He had the champion sweater on but he stood still but look how his confidence is in that like he rolls up and got into it It's really the little things y'all like real talk It's really the little things like I'm not about to get y'all some fake like oh, you know It's just like those moments when her crows down. I got their heads bouncing.    I love that a slide I love this. Oh What? What? What why doesn't this video I have a billion views? This is a dance But let's not speak too soon. We can't check if we got a billion For real I love dance too much. I'm in love with dancing. So Did y'all see what I just saw? I'm this is this is a group one two change Ah What the footwork what How they're sliding the foot. Yes, this is a dance practice This is a dance That's my favorite. Yeah, this is a dance Go right back into it. Yep. Y'all know we always talk about that every single video get right back into it same energy Keep the crowd in tune. I like that and jump right into it. I like that And he was in the corner. He still made a word respect to him. Yo This was this this is crazy. Let's kind of go back. I had a moment. We would just watch No, we do the mutant for a second and kind of just watch I really enjoyed this part right here So he had this moment where he's rapping, you know saying he's doing this thing They're hitting the choreography, you know, it's like being like the old way of back-up dancers But then it come their ripple everybody get into it. Boom. Everybody can that everybody get into it They're right. He get to his marks. He was no time get to his mark.  It's kind of like they drifted a car Yeah, no watch the watch the slide Pay attention to that nasty Yeah, I would have did that in my choreography.  I want to change anything. I Want to change anything? Yeah Yeah, I want to change anything. I love that Yeah, it's like no matter what you you got to make sure that you end with a banger if you have to repeat There were moves on your course. Exactly. It was a dance competition. Y'all already know they probably would have something different Like the energy always has to go up. Mm-hmm. Mm-hmm until you hit that climax then yep And then you let it simmer down. It's the head for me. He's that it's the head and it's up. I'm ready for that Yep That's nasty that's cold No, you didn't know y'all did know y'all did it. It's the details man.  Yeah, let's not forget like we'll be watching. This is a dance practice So the thing I can see is that everything's bigger and it's kind of like more crowd control Yeah, making everybody follow everything you're doing.  Okay Or any concert with a talk. Yeah, honestly how like the artists would like everybody together as they catch their breath and maybe Go see some American artists like Chris Brown There's gonna be a lot of dance you and you see them doing Yeah, you'll see a lot of dancing but you'll see the main artists or the main group Stop and kind of like just calm down and start doing bigger moves and keep you together Yeah, it's the little stuff again that you practice until You see what I mean? Bring it down Crab goes crazy?  Yeah, so yeah, y'all was right. We didn't watch this. This was great Our bad. Yeah, this was great. That was that was crazy. That was great I was wow So with that being said y'all thank y'all so much for the reminder. I might have to cut this part out cuz I'm about to sneeze Okay, I'm cool, but I'm just gonna say real quick make sure y'all subscribe to the other channel I'm starting the vlog channel so new episodes coming and much more, but other than that y'all take care See y'all again soon. Peace


a report that detailed the depth of the Astros cheating that season. What was your reaction to that. I mean obviously we've been waiting for kind of some decisions and know they're investigating things. So it's a lot. It's a you know disappointing. Frustrating. Frankly you know I spent a couple days kind of trying to get my head wrapped around the emotions that I was feeling about it because there's people you care about involved. But in the end you hope these are significant steps and I believe that they are that that will get us to a point where we have a much cleaner more much more fair game between the lines and that's where we want things decided anyway. You mentioned that the Astros were clearly disciplined. There's another team right now under investigation. Do you think this is a bigger problem in baseball than maybe many fans are aware of. I think for a long time teams we've all been kind of guarded against the unknown of what what exactly is going on out out there. You know especially with the you know the explosion of technology. So hopefully you know we we've put an end to this and kind of cut it off finally and and obviously the penalties that have been handed down so far have been very significant and hopefully you do act as a real deterrent and make our game better moving forward.


Hello, everybody. Hooded Cobra Commander 788 here. It's time for another vintage GI Joe toy review and this time we are looking at a small vehicle from 1984. I'm talking of course about the one-man VTOL, the Skyhawk. For some reason I only picked up the Skyhawk recently, despite the fact that I have most other 1984 vehicles. I'm not really sure why I waited quite so long to get the Skyhawk. It's not rare. It's not expensive on the aftermarket. I just sort of overlooked it. The Skyhawk is a very important and prominent vehicle in the GI Joe universe and I'm very happy to have one now. So let's give the Skyhawk a very good, thorough review. This is the Skyhawk. On the box that it came in it was referred to as the one-man VTOL. VTOL of course standing for vertical takeoff and landing. It was first introduced in 1984. It was also sold in 1985. It was discontinued in 1986 and in 1986 GI Joe got a jet that kind of replaced this. It was the X-30 Conquest. Also in that year this vehicle was recolored and packaged in the Sears Exclusive Dreadnock aerosol. The jet that GI Joe had before this one was the Sky Striker introduced the year before in 1983 and the Sky Striker is huge. It really dwarfs this Skyhawk and I think the Skyhawk was a nice lower-cost alternative to the Sky Striker. Maybe for some kids who couldn't afford the more expensive Sky Striker. There were a lot of other aircraft introduced in 1984. There was the Shark which was a jet submarine. It was a jet that could go underwater. I always consider that more of a naval vessel than a pure jet. We also got the Cobra Rattler which was a larger aircraft and really that was meant to be more of a rival to the Sky Striker. In 1984 there was a Cobra aircraft that was comparable in size to the Skyhawk and that was the Cobra Claw. It was more of a flying wing kind of jet pack. It was a little bit smaller than the Skyhawk but more in the Skyhawk's class than the much larger Cobra Rattler. 1984 was a great year for aircraft in GI Joe. The Skyhawk was worth the two flag points and it did not come with an action figure. Let's look at the parts and the features of the Skyhawk starting with the missiles. It had two missiles and they pegged in underneath here to the skids. Geez. These missiles had very small slots and they pegged into very small pegs on these skids so they didn't stay on very well. These are always popping off. You have to be really careful of that. The blueprints call these signal processing air-to- surface rockets or SPATs. As far as a real-world weapon these might be based on these look to me a little bit like the AGM-122 sidearm missiles but the sidearm missiles would have another set of fins up here on the front rather than just the ones on the back. The box for the Skyhawk calls these sidewinder missiles and there are other sidewinder missiles in GI Joe. There were the sidewinder missiles that came with the Skystriker. As you can see it's pretty comparable in size but the Skystriker sidewinders are pretty different. In the front and underneath it has what the blueprints call twin 20 millimeter thunderclap cannons and these swing they swing in unison and those look pretty good they have some some detailing on them and those look not bad at all. On the side sculpted on here we have what the blueprints call fuselage mounted Vulcan 20 millimeter cannons and those look pretty good too. This is a pretty well-armed aircraft for the size that it is. We have an opening canopy and this canopy it's just a frame there's no clear plastic glass pieces in there just a frame and it opens so that's how you get your action figure in and out. The cockpit has very little detail there's this joystick here which I guess the pilot is supposed to control the craft with but no instrument panel sculpted on the inside however inside the canopy there is an instrument panel sticker I'll show you how to place the driver in I'm using Duke because in the comic book Duke piloted the Skyhawk I'm using my busted crotch Duke and it's pretty simple there's a back peg that fits in the hole in the back of the action figure you just peg them in make sure his legs are bent well enough to so his feet fit inside and you can place his hand on the little joystick remote controller and then close the canopy and there you go there's a name on the side of the canopy on the sticker a Lieutenant Frederick Bama with some kill marks and this is a bit of a mystery as to who this Lieutenant Frederick Bama is that is not the name of any member of the GI Joe team so I put this question to the GI Joe discussion Facebook group and one answer that came up one possibility was that this might be referring to a Lieutenant Frederick Funderberg junior who was a pilot in World War two and that fits this is an aircraft and he was a Tuskegee airman meaning that he trained in Tuskegee Alabama so this Bama would be an Alabama reference and I really like that answer it sounds plausible plus it's got a nice story behind it however Ron Rudat who was a chief designer at Hasbro and designed a lot of GI Joe action figures says this Bama was probably referring to Hama or Larry Hama the writer of the GI Joe comic book and if that's how Mr. Rudat remembers it that's probably true but I like the other answer better it's got a nice story and why let the truth get in the way of a nice story now we get to the skids the infamous skids and these are terrible these are almost always broken and in fact on mine they are broken they're held together with just one little thin piece of plastic one single bar and it just slots in right here in the back and as you can see mine is broken it's split right there and that's a very frequent break really this is not a good design there really should have been at least two support bars on these skids and you know it just isn't sturdy enough for the way most kids play with their toys and so that is often broken in fact you're gonna probably pay a premium to get a skyhawk that doesn't have broken skids and if you get a skyhawk that doesn't have broken skids you have to be careful not to break them yourself because they are incredibly fragile each of the skids has a foot peg one on each side and those foot pegs can be used to carry other figures just put the peg in the hole in the bottom of the feet and now you can carry two more figures in addition to the one that rides on the inside I think it's funny that this is called a one-man VTOL but in fact it's a three-man VTOL back here we have the engines some jet engines and these do tilt they tilt upward for the VTOL the vertical takeoff and landing so it can take off and land straight up and down like that and then when it's in flight and it needs to go forward the engines tilt and are horizontal for horizontal flight these engines are another bit of a weakness they just clip on here to this one single clip and it doesn't look very good it doesn't have any kind of engine cover or anything like that to cover up the the plastic clip that holds them on and plus once they get worn down a little bit they just flop around they don't turn like they should they don't tilt like they're supposed to so I put a piece of clear tape on mine to help add some friction it doesn't look very good and I probably could fix that and make that look a little bit better but I don't want to because this clip is actually kind of thick and as I take the engines out it puts a lot of strain on this clip and it's got some white plastic stress in there I'm worried that I'm gonna break the clip there's some nice detail on the inside of the engine there and the intake that looks pretty nice now this looks pretty cool and it looks like it would function as a vertical takeoff and landing aircraft however I'm pretty sure this would not work in real life for one thing if the center of gravity is a little bit too far forward which it looks like it might be especially with a pilot in there instead of lifting straight up it's going to tilt over and eventually you know flip over on its top and that's not going to help you very much also dang it stay on stay on also as it tilts the jet blast is going to hit these support fins right here and I'm no jet scientist but I'm pretty sure that wouldn't work now we get to the side stabilizer planes and the stabilizer fin up here on the top and these things are ridiculous they will fall out at the slightest breeze they they do not they have done nothing but fall out on me as I've been shooting this video and it's really infuriating they do not clip in you're just supposed to slide them in and they do not stay in worth anything just having these clip in instead of slot in like that would make this a much better vehicle because you can't really play with it and fly it around like that without without popping one of these things off same deal with this top fin it just frictions in there you can get it to wedge in pretty well but it's not going to help you you know if you play with this for a little while if this were in the hands of a kid this thing would be popping out 50 times a day it just doesn't want to stay in there very well here's the back end of the skyhawk you can see Tant here's the back end of the skyhawk you can see how how the engines tilt from the back isn't that lovely I have to take a break from the review I know the toy is just a piece of plastic it is not trying to piss me off it's not trying to do anything it's not alive it doesn't have a brain it's just a toy it's just a toy that falls apart very easily even though the skyhawk did not come with an action figure I like to display it with my broken crotch duke this is the one that got the bobbitt operation and I like to use this duke because my other duke that's not broken is complete has all of its accessories I don't have all the accessories for this one so he gets to pilot the skyhawk and maybe nobody will notice the fact that his crotch has been glued back on so I put duke in there and just I kind of like to leave the canopy open actually so let's look at the skyhawk overall in the gi Joe comic book the skyhawk was introduced in issue number 24 and the artist for that issue was Russ Heath and Russ Heath is a legendary comic artist and he drew a lot of the models that were used for the gi Joe animated series in that issue the skyhawk was piloted by duke and storm shadow helped cobra commander escape on the cobra claw the skyhawk featured very prominently in the gi Joe animated series and any member of the gi Joe team could fly one of these things it did only feature a single joystick controller so the controls of the skyhawk must be very simple it like video game controls so anyone could just jump in and take off the green color definitely suggests it's intended to be a low flying infantry support aircraft and the fact that it comes with air to surface missiles also kind of supports that I really like the green color it's very military looking definitely looks like something gi Joe would use and even though this is not a realistic aircraft I don't think this would work in real life for the reasons that I mentioned this is what I would call pseudo realistic it's definitely not a real-world vehicle but it's made to look like it could plausibly work in the real world there's nothing too fantasy or science fiction about it so you could imagine this as a real thing I really don't mind the pseudo realistic gi Joe vehicles although I prefer the more realistic ones these pseudo realistic vehicles gives us a little bit of fantasy without going overboard and too far into the science fiction the main knock I have against this vehicle is not with the aesthetics the aesthetics of the design are great the problem is with the engineering it is far too fragile it is very fragile oh so fragile these skids are definitely under engineered they always break and every bit of this thing just wants to fall off these side planes the top fin the missiles even those drop off if you're not too careful you just have to be careful about every part of this vehicle so if you have one you just don't want to mess around with it too much you put this on your shelf and you forget it because if you try to if you try to manipulate it in any way something's gonna fall apart the skyhawk is great to look at as long as you never ever touch it that was my review of the 1984 gi Joe skyhawk I hope you enjoyed this video and if you're thinking of getting a skyhawk I hope you found this video informative if you liked it make sure you give it a thumbs up on YouTube and don't forget to subscribe I've got a lot of great new gi Joe toy reviews coming up you don't want to miss them and don't forget to like the Facebook page you get a lot of updates there you don't get anywhere else thanks for watching I'll see you next week with another vintage gi Joe toy review introducing view roadblock and spirit over commander got away but we capture storm shadow gi Joe skyhawk Joe and cobra figures and cobra claws so separately from Hasbro stay on stay on Stay on, stay on, stay on.


Next question is from Sassani Fitness. How can you get quality sleep when working shifts? Oh, man. By shifts, they mean swing shift, right? Is that what that means? Yeah. So I have my... One of the hardest things that deal with that. Oh, dude. You ever train clients? Terrible schedule. Yeah. So difficult. Courtney did that for quite some time when we first were married. Really? Yeah. Because she's a nurse. In the graveyard, yeah. Yeah. I have a...  Just became one two years ago in San Jose. And I don't know if you guys know this, but when you first become a police officer, the first couple of years, it's like they give you the shifts. You're going to work the midnight shifts and whatever. Oh, you got to earn it. You got to earn it. So he was doing this. And he was ex-special forces, super high performance type of dude. But after about six months of this, I mean, we had dinner at my mom's house on one of the rare occasions. He had the weekend off.  He's like so hard. I feel terrible physically and mentally. Like what can I do? So what I recommended that he do was when... About an hour to two hours, preferably before he was supposed to go home. So he would get off at like, I think it was like 11 a.m., which what he was supposed to do is go home and then get sleep, right? Go to sleep. But the sun is out. It's bright. Like what do you do?  You need to have zero light coming into your room. Number two, it's hard for your brain to go from bright light to sleep. So it's like, you can't just come home, sunlight everywhere, or bright lights of the office or whatever, because at the end of a shift, he would have to do paperwork and then just decide you're going to go to bed. Two hours before, prepare your brain that it's nighttime. So I told him where blue light blocking glasses, the ones designed for night. Well, this is where I feel like this has tremendous value. I think this has value. Anyways, I utilize them all the time, but I wish I understood- This is vital in this situation. Right, I wish I understood this back when I was training clients a decade ago, like how important the circadian rhythm was and the importance of sleep and the importance of them preparing themselves for sleep. And it has to be one of the hard, it's already challenging for normal people that are working with the sun to prepare themselves to go to bed. It's really tough if you're asking somebody at noon or one in the afternoon to try and close their eyes and go to sleep.  So I told them, when you get in your car, turn on your AC, get your body cold, because that'll help you sleep, and wear something that covers most of your skin. You want your skin out of the sun as well, because you don't want to be in a short sleeve, wear your blue light blocking glasses, but your sun's all over your body. So I said, put on some long sleeves. Hope they don't live in the desert. Cover everything. Turn on your AC, get your body cold, put on blue light blocking glasses, and then force later on, he's like, I don't like the blue light blocking glasses because they're orange or they're red. Like, what's the deal? And so then that's when we started working with Felix Gray. So I'm like, here you go.  So he got the Felix, because the Felix Gray ones don't change the color. So tough because you're buzzing immediately right after work. After time, you want to talk to somebody, and I remember Courtney coming home from work, trying to wind down was the most difficult thing. And then finally playing really classical music, and like you said, turn the AC on, and then really trying to calm herself down helped tremendously. Well, this is where I would even couple brain FM with this.  I mean, that would be ideal. Throw those blue blockers on, throw the sleep mode in there, get it cool inside your room to create that environment, and that'll probably put someone down. Totally. You know, the World Health Organization labels shift work as a high level carcinogen, and heart disease.   I wonder though, if some people actually made the effort to really do the things that you're talking about. How much of an effect? Right, like how much more would it affect them if they were doing these steps? Well, extreme cases, you need extreme aids. You really need to like research, like what you can do to prevent all that. Yeah, and if you think about it, like think about it this way, I'm about to get into a heavy workout, right? I don't go from taking a nap or relaxing in a dark room to going to the gym to now lifting super heavy. It's a way too crazy of a shift. Typically what I do is I prepare myself mentally about an hour before I'm ready. When I get to the gym, I'm ready to rock and roll. Same thing for sleep. You have to have like that, you have to prepare your mind and your body for sleep. You can't expect to go from work to bed and just, you can shut your eye, even if you're exhausted. Here's the thing, they've done studies on this.  Still buzzing from thinking it's daytime and all that stuff. That's what I always tell people as shift workers. I say two hours before you want to go to bed, do everything you can to put yourself in a mental state to prepare yourself for sleep two hours later.


Hi, my name is Ariana Jara. And today, in unpacking the Workbox, we are going to talk about different approaches to caching, and we'll check out a few code snippets to implement them using Workbox. Caches are fundamental to creating a fast, responsive experience for web apps. But caches are a limited resource. We probably can't cache everything in our app. And there are parts of our app that we don't want to cache at all, because we always want to get the latest from the network. So I bring you some tips to help you design your caching strategy wisely. In case you're not familiar with Workbox, it is a set of tools developed to make the implementation of service workers easier. We could develop our caching strategy using nothing but the Service Work API and the Cache Storage API. But it can become repetitive, verbose, and complex. That is what Workbox saves us from. With Workbox, we have tools to tell the service worker which resources we want to cache, when we want to cache them, when we want to update the cache, and more. Here, it is important to make the distinction between pre-caching and runtime caching. To understand the difference, it is necessary to be familiar with the service worker lifecycle. The lifecycle is out of scope for this video, but you can find details following this link. In a nutshell, pre-caching is when we choose a set of resources. And we want those resources to be available from the cache as soon as the service worker takes control on our site so that we can always serve them really fast. There are a number of items that are great candidates for pre-caching. Your web apps start URL, your offline fallback page, and key JavaScript and CSS files. With Workbox, you need a build step for pre-caching. For this, you'll use build tools like Workbox CLI or the Workbox Webpack plugin. To generate a manifest of URLs and revisions, that then will be ingested by the Workbox pre-caching runtime module. Workbox pre-caching will cache the resources atomically at the service worker install event and set up a route to serve the resources using a cache-first strategy. Pre-caching can be complex, but if it fits in our architecture, it is worth our while for the performance benefits. You can check out the complete documentation here. On the other hand, with runtime caching, we add our resources to the cache when they are requested. To serve them faster the next time or have them available when the user is offline or on a slower network connection. I'm making this distinction because there is a third option. You can cache some specific resources before they are requested by the browser, but you don't want them bundled with pre-cache because you want to be able to update those resources without having to release a whole new version of your app to change the pre-cache. For example, your web app can include a page for your best sellers. You want to cache that resource before they are requested for a speed experience, but you don't want to upgrade your app every time those resources change. We call this a warm cache strategy. This is the longer version of how to implement a warm cache strategy on Wordbox. You choose the strategy that you use to serve those assets. With pre-cache, you don't have this flexibility. It is designed to always use a cache-first strategy. You list the resources you want to have available, and you write code in the install event of the service worker to request the assets and add them to the cache. We implemented a shorter version for all that code, and it looks like this. All you need to do is list your URLs and choose a strategy to serve them. By the way, we are talking more about strategies in the next video in the series. So keep an eye out for that one. With a warm cache strategy, you can cache assets before they are requested and also have the flexibility to choose a strategy to serve and update them. Check out Wordbox full documentation for more information on modules and other recipes. You can subscribe for more Google Developer news and tips. Your comments and questions below are welcome. Thank you. Until next time.


All right, well, we'll go ahead. So we are having a special meeting today. Hold on. I'm in the wrong place. The first thing I would like to do is have you join me in the Pledge of Allegiance, mute your microphones if you'd be so kind. Pledge of Allegiance to the flag of the United States of America and to the republic for which it stands, one nation, under God, indivisible, with liberty and justice for all. Thank you. And our main guest today is Carol Werth. But we will just go right ahead, Carol. I think most everyone knows you. First of all, I would ask for approval of the minutes of our August 10th meeting. Move to approve. Motion. Marcus, moved. All right. Marcus, can I take that as a second? Yes. All right. Is there any discussion? Hearing none, all in favor, state aye. Aye. Aye. No nays, the chair votes aye. We will go then to our piece of business for today, 3.1, which is a resolution awarding the sale of $4,610,000 in general obligation with funding bonds. And I'm going to turn that over to Carol. All right, good evening. All right, first of all, the dollar amount, $4,610,000 has changed as a result of the bid coming in today. And that dollar amount will change based on how much premium that the winning bidder is including in its bid. So in this case, the winning bidder did not include as much premium. So therefore, the issue size went up to $4,635,000. So the resolution and the documents that you have before you are all prepared in the dollar amount of $4,635,000. Okay. All right, this now goes back to the report in July where we talked about doing a refunding of the 2007 bond, which is strictly for savings. At that time, the savings was 647,000. We were estimating an interest rate of 0.97. We prepared, went to the bond market, went through the rating process and the credit report is also attached. We did, Moody's did reaffirm the double A2 bond rating for the city. And this morning we took the bid, we received four bids. And again, that wasn't that dollar amount of $4,610,000. We show you the bidders, the BOK financial security is the winning bid. And that was at the 0.646% interest rate. And then we have the other three bidders showing. We did the adjustment, they found the amount bid on premium and that's what brought the issue size up to the $4,635,000 but still at a true interest rate of the 6.46. And in that interest rate is all of the expenses of issuance. That's why it's referred to as the true interest rate. The savings results, we now have 701,733. We have a present value of 14.6. We had a present value of over 13% to begin with. So again, very, very positive results. And the underwriter does pay all expenses of issuance, which would be R3 bond council rating and underwriting. So that is all included in these figures. The second page of my summary reports talks about the resolution that you're taking action on and what it's doing is approving the borrowing terms as far as how long the bonds are being retired over, the interest rates, it's awarding the bonds to the firm of BOK Financial Securities and it's authorizing those 2007 bonds to be called in on October 1. That's gonna stop that interest that's right now outstanding at over 4%. On September 15th is when the city will receive all of the money at one time. And I did a little breakdown there to show you it's 4,635 a principal and the bid that came in had about 141,700 of premium. The combined amount goes to pay off the 4,775 a bond. So that's how the exercise works. And that will occur on October 1. So we will assist the city with notifying the bondholders as of tomorrow that the bonds are being called in. That means that October 1 will be the very last interest payments they're going to receive at that interest current interest rate. And then you turn to, as of September 15th, the new issue starts in terms of the interest accruing from that date and your next payment will be in the year 2021. On the second page of my handout is the retirement schedule that goes from 2021 to 2026, which is the same term that the 2007 bonds were outstanding. U of coupon means interest rates. You'll see that it's the first four years are at 1% and the next two years are at 2%. But when you bring in that 141,000 of premium, that's what brings that TIC down to the 0.64, okay? So that's the math. And that's basically showing in that final pricing summary on page two, the yield column shows you what the investors are actually receiving. So right now the investor that has the 2021 maturity is actually yielding a 0.2%. And the highest amount is in 2025, which is 0.35%. So obviously the market has improved significantly, which is the reason why the results are even better than what we were talking about in July. And that's driven by that yield column, okay? The yields have gone down 30 plus basis points right across the board. So that's where our savings is coming from. And again, on that pricing summary, you'll see anything that's sold at a dollar price over 100 is sold as a premium bond and all of them are sold as a premium bond. And that totals up the total dollar price that the investors paid, which is that 4,841 number. That's where the calculation of the premium is being shown. Okay, the next page is the savings result. And you may recall in July we considered two different savings options. One of them was taking level savings each and every year. And then there was a different option being discussed which was called debt levy relief. And we had taken more savings in the first two years and then the savings on a level basis thereafter. So back in July, the first two years of savings were about $207,000, $208,000 each. Now you can see we have about 225,000 in those years. And the final four years in the earlier report were in the $50,000 range. And so now you're in the $62,000, $63,000 range. So that's where that all rolls up to that $701,000. And then of course we present value it at the arbitrage yield to get the numbers that are associated with present value benefit. Okay, everybody with me so far, any questions? I think part of the problem is Carol and I apologize if I'm the only person who didn't get this handout and I can't read it on the screen. And if the rest of you did get the handout, we can still ask questions.  I'm just saying, I don't know, did the rest of you get that report? And I just missed it somewhere. No, okay. So maybe the next time we do this we can, because I do appreciate your taking us through it, but the little teeny tiny print on the screen doesn't help us. Right. Yes, I would agree. Thomas. So just do keep going. Okay, okay. All right, and then the information that is attached to my summary report, which three pages were my summary report. And following that is credit report. So the credit report reads very similar to the last credit report that the city received because we just went through the process in May. And this has been updated with the 2019 financial information. It does have a very positive tone to it, even in light of all of the issues related to rating agencies and the COVID impact, which is of course questioned by with every issuer in every process of the rating search. But when we talk about the summary, okay, the summary does say that the city benefits from a strong financial position and a revenue structure that insulates it from near-term economic declines related to the coronavirus revenue raising flexibility is limited. And there they're talking about levy limits. However, because of state imposed levy limits. Yes, the tax base has experienced renewed growth, though resident income levels are weak for the rating category, fixed costs are above average. The debt burden will remain moderate given a regular capital borrowing and the pension burden will remain manageable. So we did have a nice growth figure in our 2020 equalized value. We did have a very good outcome with our year-end 2019 financial results with our two big highlights of our rating presentation. So we did have very good reception by the rating committee. So that report is attached. And after that report, there will be the resolution. And the resolution again is prepared in the dollar amount of $4,635,000. The resolution recites back to the date that the council adopted the septail resolution on July 20th. And then it goes through the things that I talked about that you're paying off the old seven bonds strictly for savings. You're not extending anything. You're just simply taking savings over the same term that we went to the market that we published notices of sale for bidders to submit a bid today. And then the rest of the resolution is similar to any other borrowing resolution the city does with regard to tax exempt borrowing and the fact that the terms that you pay your principal once a year on October, semi-annual interest, the fact that the money is going to be used strictly to pay back debt. None of this is for capital projects. There's no new money associated with this financing. So this simply is for debt. And then there are compliance with federal law and there are a number of exhibits. The exhibits that are attached will be the notice of sale that went out to the underwriters for today. That will be the actual bid that was submitted by the underwriter an executive bid form. And it'll have the repayment schedule and the pricing summary similar to what I was referring to in my summary report. And it'll have a good tabulation showing all four bidders. Now, because you weren't able to see the bidders to begin with, I'll just tell you that bidder number one was BOK and that's to 0.64. The second bidder was Robert Barrett at a 0.72. The third bidder was a firm in Minneapolis called Piper Sandler at a 0.74 and Raymond James at a 0.78. So I just thought that was important so you kind of get a feel for the range of it. Okay, so that is my report. Good, thank you, Carol. Questions, comments? Any members, anyone? Then I think we are looking for a motion to send this to council authorizing the borrowing is set out in the document. We have a motion. Other person got a motion. So moved, Warren. And Burt, your seconding. Any other discussion? Sure. Other person got a view? Just one point of clarification. Since we do have a change from that original resolution that was submitted to you for the sake of having a clear record, we would recommend treating that as an amendment to include the new exhibits and that new issue after some help. Are you okay with that, Jim? Yeah, yes. Okay, thank you. That's a good point. Any other discussion? Yeah, I would like to get a copy of Carol's report. Just the bidders and the bond report, that type of thing. If maybe if Marty or somebody could see that we get a copy, at least I would like a copy of it for my records. Yes, I can email it out. I think the analysis by the bond, the analysis by the ratings agency is always interesting. Yes, it is. It can be a little infuriating, but it's always interesting. So any other discussion? Hearing none, all in favor, state aye. Aye. Aye. Any opposed? Chair votes aye. Motion passes. Alrighty, let me get back to my agenda here. Let's see, that's it. Our next regular meeting is August 24th. Looking at the council agenda for tonight, it looks like there'll be a number of issues. So is there anyone who may not be present that you can advise us now? Okay, I would ask for a motion to adjourn. All right, I didn't get who moved. I'm gonna make it up, Marcus. All right, and Berth seconded. Any further discussion? Hearing none, all in favor, state aye. Aye. Aye. Any opposed? Chair votes aye. Carol, thanks again. We appreciate your time and skills. We are adjourned.


So Matt, everyone loves free money, and that's why we're talking about Universal Basic Income or UBI on today's show, what it is, why some people are calling for it, and what would the consequences be if it would widely adopt it? Yeah, before we get into this discussion, we should define UBI or Universal Basic Income. There's a lot of different ways we could implement this, but the basic idea is that every month or every year, you would receive a essentially no strings attached payment from the government that would provide for all of your basic needs. Yes, it sounds absolutely fantastic to me, I can't wait for it to arrive, but UBI is actually not really that new of an idea, it's had a number of surprising advocates over history, which we'll kind of get into in a little bit, but it's really coming to the forefront now because of artificial intelligence, machine learning, and the fears that these technologies are going to essentially automate away all of the typical jobs we have in society, and we're going to have a bunch of workers with really nothing to do. Yeah, the automation apocalypse is coming. The first industry everyone looks to when we start talking about automation is the trucking industry. So the trucking industry makes up about three and a half million jobs directly in the United States today. It's estimated to be about nine million when you consider all of the secondary jobs as a result of this industry, and it looks like this might be in trouble. Waymo is running tests in Atlanta right now for long haul trucking, and potentially will be in a place in the not so distant future where these three and a half million truckers need to be retrained and find new jobs. Now the fear is that automation is actually going to take these jobs away faster than we can replace them. And if that happens, it's not great for the US economy, and we need some way that these people can survive. Right. I mean, right now these Waymo tests, they have a safety driver in the truck, but you know, once that goes away, you know, what a truck is going to do?  But with trucking, it's really not clear what these workers would do. And for truckers, you know, you have this livelihood where you don't need to go to college. You don't need to get a technical, you know, four year degree. And if these kinds of jobs goes away, I mean, I think that's really scary for a lot of the economy. Absolutely. I kind of see this as a fear that not only will there be people fixing the machines, we'll design machines to fix the machines. And so we don't even need that intermediate step. Yeah, I heard you like machines. So we've got a machine to fix your machine. Exactly. But I think recently, I mean, on the show, we've been kind of getting into this theme of, you know, what are the effects of AI going to be in the future? So we've read Super Intelligence by Nick Bostrom, which talked about what would happen if AI became smarter than humans. We've read the must algorithm by Pedro Dominguez, which was essentially about if you perfect machine learning what happens. And so we're really kind of thinking about in the future, when this technology advances to a state that, you know, is better than we can possibly conceive of really, what is going to happen to the economy. And I think that's where these UBI proposals really start to make sense as a solution for the fact that a lot of workers are just not going to have very much to do. Yeah, and you've seen a ton of support for this idea lately in Silicon Valley. So Sam Altman, in particular, president of Y Combinator is a big fan of this idea. And Y Combinator is actually running a small scale test in Oakland that should give us some data on whether UBI seems to be a good idea or not. Yes, now I would like to just hold up for a second, you know, pause the automation train, and basically say that I'm not terribly convinced this is going to happen soon. For one, I have a couple of data points to back this. Now, there are about 6 million open jobs in the US economy right now, which are predominantly not being filled because of a shortage of workers capable of doing them. So that says to me, we're kind of facing an education shortage rather than, you know, an overabundance of automation. I would also say that, you know, I know this is not a good metric, but it suits my arguments, I'm going to use it. The unemployment rate is about 4% right now, which is really, really low. The vast majority of people who want to be in the labor force and want to have a job to do are able to find one. So although I agree with automation is going to come at some point, and we're going to reach a point where we can't fill the jobs that are taken by automation or create new ones, I don't think that's going to happen any time soon. And it may not even happen in our lifetimes. You know, Adam, I think it makes sense before we talk about all of the future effects to go back to the past a bit. And really, it seems that UBI has a fascinating history. I know you've done a lot of research in this area. Let's dive in. Yeah, I spent way too much time working into this. I did find it quite interesting. But it turns out, yes, Silicon Valley did not invent the concept of UBI. It actually had been around for a while. It has kind of different names and monocles. Oftentimes, it's known as a basic income guarantee. But this idea goes all the way back to Thomas Moore in the 1500s, in fact. Yeah, it's surprising that the writer of the famous novel Utopia would have come up with such an idea as to give people free money. Yes, he really wanted people to be compensated as public lands passed into being private lands. And I hope Thomas Moore will be happy that his idea was finally gaining traction, you know, only 500 years after he first wrote it. Better late than never. Yep. But since then, there have been a number of thinkers on kind of all ends of a political spectrum who've come out in favor of some form of UBI. You have people as diverse as Milton Friedman or a bunch of Russell who've argued in favor of it. And the most surprising one to me was, in fact, progressive, darling, bastion of liberalism. Everyone's favorite president, Richard Nixon. Yeah, you know, I was really shocked when looking at this, the amount of conservative support for UBI in the past. I don't think you would see that today, but it is shocking to me how many conservatives seem to be really into this idea. Yeah, I really think our views on welfare have kind of evolved over time, not necessarily for the best. In Nixon's day, he was proposing something called a family assistance plan, which was basically a system where families would be paid a living wage as long as they were searching for work and some kind of job training. Now, this is a little bit different to classic UBI, which would come with absolutely no strings attached. But Nixon's plan was really quite forward-thinking for its day and only just failed to get through Congress. Yeah, it's interesting to think about the ways the different political sides think about this today. So on the liberal side of the progressive side, UBI is often seen as a way to provide basic economic freedom and basic sustainability to the entire system. On the conservative or even libertarian side, people often see it as a way to get around inefficient government bureaucracy. Let's get rid of all this overhead of making these programs work and just pay people directly and trust that they will use the money in the best way. Yeah, it's an idea that when phrase slightly differently can really appeal to all sides. So in addition to tackling poverty and providing a robust income floor, there are a couple of other benefits that the supporters of UBI have been touting. One of these ideas is that UBI is very pro-women, that a lot of women work in the home doing unpaid housework, and they can actually get compensated for this with UBI. The other idea is that actually it will create more entrepreneurship. People today are very restricted and they can't get capital. They must work to provide a basic living for themselves, and therefore they can't do this cool new venture that in the world of UBI maybe they could work on in their garage. Right, so so far UBI is looking absolutely fantastic. It's kind of this olive branch that's being extended among this AI machine learning devastation to the economy where all our jobs are being automated away. And it's an idea that in principle could be supported by both sides of the political spectrum. But I would say that for Republicans it's more likely to be seen as replacing the current welfare system, whereas for progressives it's kind of an add-on. But nevertheless you should be able to reach a point where we can reach a consensus. A majority of people willing to send these basic income checks to people every month, year, whatever. Now having said that, there are some criticisms of UBI. There are detractors, there's a number of things that they will kind of say to you when you bring up UBI as being a potentially good idea. We're going to kind of go through these criticisms one by one. Now the first one potentially the most significant is that UBI will provide a significant disincentive on people's desire to work, to be entrepreneurs, to innovate, to create new companies that have traditionally driven America's economy forward. Yeah, I think the people who support UBI don't realize how expensive this is going to be. Now if you took the U.S. economy and applied a tax rate of about 35%, something like you'd see in Germany today, you'd realize that the average citizen would only receive $10,000 per year. Now I don't know about you Adam, but I am not happy with that level of payment coming into me every year. I would want much more and I think most people would agree. And so what you actually find is that for this to be sustainable, you need a tax rate that's more like 80%. And in that case, I think the argument that there's not a strong incentive for entrepreneurship in the system holds a lot of water. Yes, especially when people are looking at things like going to college and they're thinking about the return on their investment, you're going to look at this say 80% tax rate and say, I'm not going to be able to keep much of the money I make, you know, after I've gone through this time consuming academic program. And for that reason, there's really kind of a severe disincentive to, you know, go to college or start a new business to do whatever it is. Yeah, I think another analogy you could make could be to some of the unions in the United States, whereby unions were quite powerful in the 1940s, 1950s, and then really use their short term incentives to kill their, you know, long term prosperity, whereby, you know, they voted for more and more and more benefits and they were more heavy handed. I see a similar system coming in place if we go to UBI whereby, you know, the population says we want more and more and so the tax rate must go up, the incentives go down, it's quite a negative spiral there.   Yeah, this is one of the things that people always assume that I have a big issue with. They assume that UBI equals utopia, and that's just not true. You'll be alive, but that's about it. You're not having a great time. The other issue we can talk about is the poor incentive to have children, because now, if you receive a payment for all of your children, why wouldn't you have as many children as you can? There's nothing to hold you back. The government will support them all. You've seen people even make this argument today against some of the incentives in the current welfare system. Well, this would be even worse. And so the only way to really control this would be to have the government step in and say, okay, there is some restriction on how much you can have children or how many children you can have. And I think people in Western countries do not like that. Right, you get into a lot of dystopian fantasies very quickly when you have an entire population that is dependent on these payments from the government, whereby the government would therefore potentially have a lot greater control on what its citizens could do and not do in order to keep receiving these payments. Now, I do think there are arguments when you look at the values of, say, American society, but would say that UBI is never going to be very popular, because people are not going to be comfortable with giving everyone money, no strings attached. It kind of goes against the American ethos of individualism and sort of work ethic, countless work ethic, even. And so I think you could potentially argue that if we're going to be spending all this money on universal basic income, maybe we'd be better off spending it on vocational training-type programs to try and fill some of these unmet job needs right now or produce as many machine learning engineers as we possibly could. And I also think a lot of people would opt for something like an increased earned income tax credit, whereby people would be eligible to get a large amount of money from the government, but it would be conditional on you working some number of hours per week and staying into labor force. And I think this kind of gets into the second major critique of UBI, which we see put forward, which is it would cause a massive increase in social resentment, and it would be really bad for social cohesion, because you would essentially have this underclass of people who became dependent on UBI and weren't really working at all, versus this upper class of machine learning and AI experts who'd be controlling the wealth and the means of production, basically all income that was being generated in society. Yeah, I think this is going to be a big problem for the United States if it comes to pass, because the US is really valued individualism. A lot of the culture of the US that leads to entrepreneurship really comes from this idea that, you know, we don't really care a lot for welfare. The US is very concerned with welfare cheats and sort of pulling yourself up by your bootstraps much more than you'd even see in other places like in Europe. And so UBI is going to have a very hard time getting off the ground in the United States. And honestly, I think, given the US's culture, I wonder if this is sort of the fall of the Roman Empire, if you will, the thing that takes down the US's place in the world. It's a question a lot of people ask. When does the US, you know, fall off the top? Well, it could be due to something like automation and UBI that we're just not well equipped to respond to. Yes, I think you're going to find a lot of people who have pushed back so, so hard against the UBI being introduced, because they don't want to, you know, casually accept that there'd be this massive group of people in society who would be unemployed and dependent on the government. And it's certainly not going to make people any more accepting of immigrants if immigrants are coming over and being seen as taking, you know, part of the UBI pie away from people who already live there. So I could certainly see it generating unrest that way. The other thing I think would happen is that you would kind of see this division in society, where you would have this sort of unemployed underclass that is dependent on universal basic income, doesn't really have great technical skills because, you know, there isn't being incentive to, you know, get an education that they used to be, versus this ruling or elite class of, you know, that ML engineers essentially who control the means of production of the majority of wealth in society. And I think a lot of people who would become dependent on basic income would kind of see, you know, a decrease in their happiness, due to the fact that I think a lot of people right now find purpose and satisfaction in terms of the work that they do. You kind of have this idea of the Calvinist work ethic, where people really enjoy working to some degree, and they kind of see themselves as making this, you know, really important, you know, beneficial contribution to society because they are working to contribute to society and now be, you know, taken away, you know, in a society where, you know, basic income is just given to everyone. Adam, you know I am going to take issue with this Calvinist point. I always disagree with the Calvinist on this issue. I think if you go back and look at history, you'll actually find that there are times during the Middle Ages where people actually only worked 120 to 150 days per year and were perfectly satisfied with that. So I don't think not having a job to go to or something to do is necessarily a bad thing for people. I don't think it will decrease the quality of life because they don't have a job. That said, I think if you have large portions of the population that are unemployed, UBI might be a necessity because you have to minimize social unrest. If you have 30, 40 percent of the population unemployed and you're not paying them something, they are going to burn the country down. Yes. I think you could look at it as you're going to have social unrest either way, kind of like you're saying, you know, if you pay people UBI, you're going to have the underclass that becomes dependent on it and that's bad versus if you try and not pay UBI, well, suddenly you're having all this wealth accruing to, you know, the machine learning AI people and people upset because they're not getting any part of it. I think one interesting question is to consider what people would be doing all day. Were we at a point where you would be given a large enough universal basic income to live off of it? Now I think the UBI proponents kind of paint this optimistic view that we would be free to explore whatever, you know, creative endeavors we such as. So this would be things like being artists or, you know, painters, musicians or, you know, making amazing YouTube clips all day. But for me, I think that's sort of an overly rosy reality. I think the majority of people would in fact just be, say, playing video games. Economists, for example, have looked at what young men who are out of the labor force are doing right now and they found that for every hour that people are not working, these men are spending about 75% of that time playing video games.  And I think in the future, especially the virtual reality or augmented reality, you would basically see people sitting around playing games all day. Yeah, you know, I am in the camp that thinks people will be perfectly happy doing this.  And I think if you look towards the fiction side of things, you see a book like Ready Player One, Soon to Be a Movie, which maybe calls out a little bit of what that future could look like, whereby people wake up in the morning, they put on their VR headset, maybe they get on their omnidirectional treadmill, and they spend all day in their virtual universe. And I honestly think people would really enjoy that. Yes, I mean, I do think you could argue for video games as a way of minimizing social unrest by basically keeping people occupied and happy. But I do think there's a high opportunity cost to the amount of time people are spending playing them. You maybe wouldn't have people looking to become doctors and improve medical technology or, you know, carry out these really innovative pursuits, because instead, they would just be playing video games. Yeah, I think it brings up an interesting conversation, which is, you know, do you fundamentally believe society is a weak link or a strong link problem? And what I mean by that is, you know, are we really driven by the average of society, or are we actually driven by the top end? So people who believe that it is a weak link problem would say that, you know, this is not a good thing. We need a lot of people contributing to these thoughts and these efforts to really have a well-functioning society. The other side would say, actually, it's a strong link problem, that what you want to do is have the best of the best thinking about these hard to solve problems. And frankly, they'll do that anyways, whether or not we have UBI. It's sort of a question as to the power of incentives. Would somebody right now who is going to say go to MIT or work on some amazing algorithm or improvement to society, would they still do that in a situation where they're being paid 80% tax rates for any income and they're receiving a solid basic income? Would the motivation still be there to do it? I think one of the things we should realize is that some people are motivated by money, some people are motivated by solving problems. And there's also another side to this, which is that in the world of people who spend all their day in VR, we often think they're going to be dopes. We think they're just going to sit around like cavemen and kind of drool and play these games for pleasure. But the reality is all of the benefits we see from automation that will apply to all these other industries will also apply to things like education will also apply to things like medical research. And so the reality is we may have, you know, lots of unemployed UBI people sitting around who are much better educated than people are today. So there's also the possibility that through these systems, it will provide more social mobility because now we have, you know, lots of smart kids, I think that live in the Rust Belt or the South that don't have opportunities that kids maybe on the coast have. And so in that case, you can often see a scenario where someone says, well, now that I have my VR headset and actually receive a world-class education, I can go on to be, you know, innovative and be an entrepreneur where before I would have been locked into, you know, a social system that just didn't provide much mobility for me. Yeah, as we can see, there's kind of this massive variance in terms of the UBI predictions, whereby, you know, one school of thought would say you get kind of oppressed, underclass dependent on basic income, not really able to achieve anything. Where another school of thought, I think that you're kind of advocating for him that says that actually UBI will be very much a liberating force that would enable people to, you know, go achieve things, achieve a better education, use a power of technology to their advantage, without being dependent on having to go out and, you know, earn some substance level income all the time, because this would all be sort of taken care of by UBI. Yeah, I think the thing both of us can agree on though, is that the artist's theory doesn't make any sense. Right, journalists who are covering UBI tend to optimistically portray society as one in which we are all artists, so, you know, painting watercolors in our backyards, reading English literature in our spare time, and that would be one that's very convenient for journalists and that the value of a liberal arts degree would surely increase. Now, I think both of us kind of disagree with that future. I would say we're going to be wearing VR headsets playing video games. UMAP might say we'd be getting a much better education, but either way, valuable liberal arts education not likely to be all that high. Now, having said all this, there's one more objection to UBI that we have not yet confronted. It's probably the one most often considered by, say, policymakers and economists, and it's this idea that if you give people, say, $40,000 a year in the mail, aren't the prices of goods and services just going to rise to an incredible degree when you see substantial inflation in the economy to the point where the UBI is not actually all that useful for buying stuff? Yeah, this is not a very easy question to answer. You know, proponents of UBI say that inflation is not going to change too much because you're really just redistributing the existing wealth and not creating any new money, but you're likely going to have some changes to the velocity of money. Now, as the economist in the room, Adam, I'd love you to tell us a little bit more about this. Yes, it's time for me to search back into that undergraduate education and try and bring back some of the concepts that I once learned. Now, the simplest explanation of inflation is basically to say that it's when money supply outstrips money demand. We're printing a lot of money and the demand for money amount people want to spend on stuff is staying constant. And for that reason, you see inflation. Now, there's a kind of a bit of a nuance to this, where in fact, you can have inflation without necessarily increasing the money supply. And this is something that is explained by the quantity theory of money, which has really quite a simple and nice equation, MV equals PQ. Now let's look at the right side of this first opinion queue. So P is the price level, the prices of the goods and services in an economy. And Q is the quantity of these goods and services. So when you multiply P and Q, you essentially get the GDP, you know, how much is being spent on all the goods and services in Asia is producing. Now this is being affected by two variables. M is the money supply, the amount of money we have in the economy, the amount of money that's being printed. And V is the velocity of money, how fast money is moving through the economy. If we're just taking our tax refund checks and sticking them in our bank accounts and saving them and not planning on using them, well, that's going to lower the velocity of money. Unless it's if people are actively taking their money and spending it on stuff, that's going to increase the money velocity. Well, now you're seeing this MV side of the equation go up, even though we're not printing any money. And that's going to cause an increase in the price level on the other side, since the quantity of goods and services isn't likely to change. And now the idea here is that if you're taking money from, say, the privileged 1%, you otherwise would just be parking in savings accounts, static investments, giving it to people who are more likely to spend it, you're going to dramatically increase the velocity of money through UBI. And for that reason, you're going to see inflation without actually printing any money. Of course, it's difficult to actually get any estimates on this, since no nation has really implemented full fledged UBI programs yet. So it's a little bit tricky to explain how this would actually play out in reality. Yeah, there's been a couple of tests, though, right? So one of the ones that always comes to mind is the Alaska Permanent Fund. Now this was not a test of UBI, but it was a test that said, what if we made a payment to everyone for the oil and gas development in this state? And so as a result of this, most economists actually believed that this would have increased inflation for Alaska. The reality was quite the opposite, though. The consumer price index for Alaska has actually grown at a slower rate than for the US as a whole. So this means that Alaska is actually not seeing any inflation because of this payment that's coming in. So it's a really complicated question, and it's definitely not cut or dry. Yes, it's very difficult. It's very difficult for economists here who have to see something work in practice and wonder if it can work in theory. But it's also worth noting that a lot of other kind of mini UBI initiatives are taking place right now. Previously, we mentioned Sam Altman of Y Combinator and the small scale Tesla Drive running in Oakland. But there have been other kind of larger efforts, in particular, there was a Swiss proposal to give everyone a monthly income of about 2,500 Swiss francs. This went to a referendum in Switzerland, and it was turned down. 77% of people opposed a plan. And I think this shows some of the difficulty right now of getting traction for UBI. In a world where the majority of jobs have not yet been automated away, it's going to be hard for people who are working to kind of support giving other people a no strings attached guaranteed income. For that reason, if you try to put that kind of referendum to vote in America, I think you would see a very similar result. Now, Matt, you have made it abundantly clear based on our previous reviews that you are a big believer in the power of automation and the pace of automation. And so I would ask you, do you think we're going to reach the point where the majority of jobs are being automated in our lifetime and we kind of have to have UBI? You know, the answer to that is no. But I don't think this means that it won't be really disruptive for society. Everyone thinks about automation as taking away every single job. I don't think that's true. I think what will happen is we'll have this downward spiral, if you will, whereby one industry is automated away. Let's say trucking, like I pointed out at the beginning of the show. If there's three and a half million people out of work that need a job, this has a devastating effect on the labor market. And so because of that, I think that you could actually see something like a 10% or a 15% unemployment rate really calling for UBI because there's nothing else we can do to maintain a stable system. So I think I'm definitely much more optimistic than you. I would point to the degree to which our economy is now a service economy. Oh no, not back to the haircut. Yes, we're going to a haircut example. Well, I would say that a robot is not capable of cutting this hair right now and you cannot get this look via a robot. And I think it's going to be a long time before we have the degree of precision in automation to make these kinds of jobs, you know, completely automated. I would also again return to the fact that we have about 6 million open jobs in the US and say that we really need to be focusing on your vocational training and better education of people rather than worrying about jobs being automated away entirely because we have plenty of open jobs. Yeah, you know, I would say that losing an industry is incredibly damaging though. Let's look at the Rust Belt. It really hasn't ever recovered from the loss of automotive and other manufacturing industries that existed there. I think if we want to respond to automation in the way that it's coming, we'll actually need the federal government to step in and fix things like mobility. So for example, one of the things that made the last recession in the US so bad is that people didn't have a lot of mobility. There were jobs other places, but they couldn't get to them. So maybe one of the intermediate steps is maybe we'll increase mobility so that people can get to the places where the jobs are. Yeah, I agree with you, but the Rust Belt is a classic example of kind of the devastating power of technology. I will say that if you look at a city like Pittsburgh, beyond having a ton of obnoxious Steelers fans, it has also developed a burgeoning tech economy, even though this has taken a few decades to develop. I think humans are always going to find jobs, even if we're just creating training data for neural nets, say labeling if a picture has a hot dog or no hot dog in it, there's always going to be something for us to do. Although you might, as you said, kind of see a large enough portion of the economy out of work that you would start to see widespread support for UBI. As we've discussed, UBI can often be supported across the political spectrum, but there are significant downsides we have to think about, the inflation effect, the disincentive effect, the effect on social cohesion. There's all these things that policymakers are going to kind of have to grapple with in years ahead. But I think this is really kind of fertile ground for us to talk about as we think about the shape of technology moving forward and how it's going to build our future for better or worse. Now, Matt, get excited. It is now time to announce the next book that we will be reviewing. I'm pumped. I am too. We will be reading The Singularity is Near When Humans Transcend Biology by Ray Kurzweil. This book was actually suggested to us by Edward in our YouTube comments, so thank you, Edward, for that. And to any other listeners, if you have suggestions on books for us to read, be it about artificial intelligence, machine learning, technology, how automation is going to affect our futures, we would love to hear from you, so just put them in the comments and we'll add them to our reading list. For any new listeners, Matt and I can be heard both on YouTube or wherever you get your podcasts, so make sure to subscribe. This has been Random Talkers. Thank you very much for listening and we'll see you next time.


This is stock number 20J2A. We are here at Summit Automotive in Fond du Lac, Wisconsin, your new and used Jeep and Jeep Gladiator headquarters. Today we are checking out this like new 2020 Jeep Gladiator Rubicon. This vehicle has the award winning 3.6 liter Pentastar V6 motor and has been fully safety and inspected by our service shop has a fresh oil and filter change. All the fluids have been checked and topped off and this Jeep is 100% ready to go. One owner locally driven trade. Firecracker Red is the color we shoot all of our videos in 1080p, 60 frames per second. So if you have HD capabilities on your computer tablet or smartphone device, turn them on right now because it is like you're right here looking at the Jeep with me and definitely your best way to check out the vehicle before seeing it in person. Very clean on that side. It does have the rock rails. If you want to check out more pictures of this Jeep in the upper right hand part of your screen is a link right to this vehicle on our website. Painted and polished aluminum rims has the Falcon Wild Peak LT28570R17 tires with a nice off road tread on there. You get the Rubicon Jeep Fox Shocks on there as well. You get the color matched fenders on this one. The Rubicon lettering on the hood. This one has the LED lighting groups. You get the LED running lights in the fender there, LED running lights on the headlights and the LED headlamps themselves as well as the LED fog lamps, seven slotted grill, the cove induction sport hood. You get the red tow hooks in the front. Didn't see any dents or dings on that front bumper, passenger side fender, no scuffs or scrapes on there. Very, very clean. And the passenger side rim is in excellent shape as well. You get the little red Wrangler logo on there, a couple other little Easter eggs. You got the sandals on the hood there as well as the Jeep driving up the side of the vehicle and as you go down this side of the vehicle you can see just how clean the body is, how reflective and mirror like that paint is. We take these HD videos so if you are far away or even if you're close by and just cannot make the trip down you can still see the vehicle, hear the vehicle and have confidence in what you're looking at before you even get here so that when you do get here there's absolutely no surprises. In fact, we offer a Summit Auto Fast Pass option right on our website where you can apply for financing, get pre-approved, even appraise a trade all right on our site so that when you get here you're absolutely 100% ready to go. Frame and underbody is very, very clean and those rock rails are in excellent condition as well. This vehicle has never been off-road, like I said locally owned. Back tires, just as much stride as the front tires you get the fox shocks back here as well. What I like about these gladiators and the new Wranglers when they're painted fenders you get the plastic 3M tape on there which keeps the rock chips away. Bed rail covers on the five foot bed here you get the LED tail lamps part of that LED lighting group, full metal reel bumper, back of parking sensors you get the red tow hooks. You also get the locking tailgate this one comes with a factory Mopar hard fold-up tonneau cover. The bed itself or the tailgate is a shock down assist so it's never going to slam down on you. This one has the spray and bed liner as well and the LED bed lighting. As we go down the driver's side just as clean as that passenger's side notice you get the rock rails on the back of the box as well so if you are off-roading it keeps your investment safe. And for full disclosure this back room is in excellent shape as well. Kind of neat to see our first used Wrangler or gladiator come in. See how well paint and everything and body holds up. Heated mirrors built in blind spot monitoring has the entering-go system. Inside the Rubicon package gives you the black leather interior with the red stitching. There are no rips, there are no tears on the seats. They do come with side current airbags right there. Lumbar factory floor mats throughout this one has auto headlamps, tilt and telescopic steering wheel. Power mirrors, power locks and as we hop inside the vehicle here you can see the 7 inch LCD display and you can see that it has 8,134 miles. Digital spinometer as well as the outside temperature and compass display. Instrument cluster is very nice and clean. You get that red stitching on the leather wrap steering wheel as well. This one has adaptive cruise controls as well as normal cruise controls. Bluetooth and information center controls on the left and then audio controls on the back. It also has the 8.4 4C touchscreen radio, AMFM and SiriusXM radio capabilities on this radio. It also has Android Auto and Apple CarPlay capabilities as well where you can project your phone right to the screen. You can also do your heated seat and heated steering wheel buttons right here and you can check out your backup camera. So check out this backup camera. It is high definition, very crystal clear and these grid lines are dynamic meaning that they turn when you turn the steering wheel and just just a really nice backup camera about as nice as you can get on a backup camera. And notice I didn't have to put it in reverse either just you can check that out at any time. Anyways you can do your climate controls up there but if you don't like the touch screen you can do your climate controls down here as well. Dual climate controls, stability control, this is your start-stop capabilities. Speed select, crawl control and then you have you can turn your screen off there as well. Heated seats and heated steering wheel button there too if you don't like the radio once again. Power windows, this is really what makes the Rubicon a Rubicon. You get the front and rear locking differentials or you can just lock the rear. You also have off-road mode and sway bar disconnect. You get four auxiliary upfitter switches. 4x4 shifter on the floor. The 8 speed automatic transmission. You get the little Gladiator logo on there as well. You do get a USB Augs and a USB-C hook up there. And the passenger seat is in excellent shape as well. No rips or tears on that. This vehicle has never been smoked in. This has the insulated hard top pieces. So you get kind of this like it's like a fabric with wrapped foam or a foam wrapped fabric. Anyways you got the quick releases just like the Wrangler. Your home link buttons for your garage door security systems and lane systems then you have your auto dimming mirror. Your SOS and assist up here as well. Part of that 8.4 radio. I don't know if I show this. It has remote start. The entering go system has the flipper key. Which is a really heavy duty key fob. Which I like. Let's take a quick look at the back seats and then we'll check out under the hood. The back seats are just as clean as the front seats. No rips, no tears back here. It does have the latch child safety system.  Sliding rear window that is a manual slide with the built in rear defrost. Has a locking back seat. So you can put your valuables and stuff back here. There's a little storage space. Especially when you have the hard top off. It's nice to be able to put your stuff somewhere. So this is all insulated. You have to take this off to get to the bolts that remove that hard top and then you also have a bolt there to get that back hard top piece off. And there is storage underneath here as well. And this is a lockable storage bin too. So that locks underneath there. And then you get the storage space for all your hard top and door pieces and windshield bolt pieces as well. Finally back here you get a 115 volt 400 watt plug in two USBs and two more USB C's. Factory floor mats back here. And it does have the child safety locks right there as well. Very, very clean all the way around on this Gladiator. I would highly recommend it from a quality and condition standpoint. I didn't see any dents. I didn't see any dings. It's never been smoked in. As far as a used Gladiator goes. This is probably the one that you'd want to get. Under the hood we have the 3.6 liter Pentastar V6 motor engine base. Very clean runs very smooth. This Jeep has been fully safety and inspected by our service shop per the state of Wisconsin. Safety inspection process has a fresh oil and filter change. All the fluids have been checked and topped off. And this Jeep Gladiator Rubicon is 100% ready to go. To see more pictures of this Jeep or one of our other 450 new and used cars, trucks, SUVs, minivans, Wranglers, half tons, three quarter tons, one tons. You name it we got it go to our website. www.summitauto.com. Full pictures and descriptions of every single vehicle from two locations. All at summitauto.com. And if you'd like to check out more HD videos you can go to youtube.com. Remember to like, subscribe, and share on this video and all the videos that you see there. In fact in a second you will see a link to subscribe to our YouTube channel on your left. A link to more like-duty truck videos like this one on your right. If you have not been to our website on the bottom of this vehicle on our website click those, check us out. And we really look forward to help you with this like new 2020 Jeep Gladiator Rubicon in Firecracker Red. Thanks again.