What's going on, everyone? Sam here with late in sports guard, Driven 22, mini-immaculate football hobby, six-box full case break number 23, pick your team style. Read off the list of our names on our teams. Andrew A., Falcons Texans, Bow P.  Jonathan B., Panthers, Joshua V., Cowboys, Leon H., Rams Giants, and Bucks, Manny V., with the Browns, Nicholas T., Saints, Patrick T., Dolphins, Tom B., Cardinals, Will L., with the Titans, and Zack D., Vikings. Good luck here, everybody, let's do it. Hey, what's up, Jonathan? Jonathan. Got Sean here with me today. I'll have you just run this first one out to Donnie. That's cool. Yeah, yeah, yeah, yeah. I'm taking out, empty, this thing as well. Good luck here, everybody. There you go. We've got Colin Sutton, that is 97 of 99, for the Broncos. We've got nice one here, Pat Fryermuth, 27 out of 99. Player worn, Moot, Big Mooth, gots on that to Pittsburgh. We've got a Kyler Murray, the standard, 37 out of 49, for the cards, gots Cardinals. Nice one here, Duel. Ooh, that's nasty. That's sick. Donnie might want to stay for this one. 26 out of 99, Emmett Smith, Zeke Elliott. Player worn for Zeke, game used for Devonta. Or, I mean, for Emmett. This one's sick, dude, you can mag these next two. That's gonna be, look at the patch on this thing, dude. Seven of 10, AJ Brown, with the Eagles logo. That's insane, dude. That is an insane card right there. That is so nasty. Congrats, Philly. Good Lord, dude. Get that one magged and followed by Malik Willis. Six of 99, three-colored RPA, for the Titans. Nice one there, Tennessee. All right, box number two now. That was a crazy, crazy patch on that Devonta. Oh, you can mag that Malik. I know, you can mag Malik, by the way. Gotcha. Trevor Lawrence, 22 of 25. That's pretty nasty. This is pretty cool, going to the Niners for a 15. That's gonna be Tyrion Davis-Frice Adidas logo. I'm assuming that's Klee, right? No, Glove brand logos. This one there, congrats, San Francisco. This one's fine, this one is fine. Tyler Murray, that is 58 of 99, right? This one, I would say, you probably do after mag. One of one, going to the Chiefs. That is Skymore, on the football, Pigskin Commissioner. Nice one there. One of one, going to the KC. Congrats, Chiefs, this one's dope, too. 18 of 49, Christian McCaffrey. Recolored Hatch Auto, player worn for the Panthers. Nice one, Carolina. Can mag the last one, this one's okay, to finish this off, we've got three colored RPA, 10 of 20, Breeze Hall for the Jets, man, great two boxes so far. Breeze Hall, that one's fine, by the way. This one's okay. That's fine, yeah. Run CMC, I mag that, yeah. Matt Stafford, that is eight of 10. Next up, this is pretty cool. We've got 75 of 99, that is Kenan Allen. It's like part of the Charger logo there. There you go, Ella. Next up, Jalen Hertz, that is 44 of 49, again for the Eagles, Eagles doing well. That AJ Brown was nasty. Sick, so cool. Next up, we've got for the Bills, Andre Reed. 26 of 83, that's cool too, that's really cool. We've got, next up, going to the Buccaneers, 17 of 25. Clee impressions, Rob Gronkowski. Rock spike, baby. Here you go, Tampa, nice Gronk. And to finish this off, we've got 73 of 99, Taekwondo in, two colored, one colored RPA for the Patriots. That game's tied, good lord dude. It's only in a third too, that's kind of wild. Darren Waller, 18 of 25 for the Raiders. We've got, it's clearly Immaculate, Trey McBride, 36 of 99 for the Cardinals, Jesus dude. 90 of 99, clearly Immaculate is, Mack Jones, he's a nutty dude. We got, going to the Steelers, one of one, George Pickens. Ice one there, that is Shoe Tong Logo. George Pickens, pulled one of these yesterday, I'm pretty sure. I forgot who it was, we pulled one of these yesterday.  I have not seen this one yet, this one yes. 32 of 35, that's going to be Ed Reed on the Immaculate Moments, Book It, Reed rewrites NFL record, I have to imagine that's from the Interception Return. You have 106 yard to pick six, that's so cool. Ed Reed, the ballhawk. And 11 out of 25, three colored RPA, Matt Corral. Going out to the Panthers, nice one there, Panthers. Tans around like statues for Ant-Men. Two boxes left there, buddy. Kyle is still live over on drip guys, if you'd like a personal, we rip it all night. Another couple hours still. Right, CEH, Clyde Edwards-Helaire, 84 out of 99 for the Sheets. We've got 60 out of 99, going out to the Raiders. Darren Waller, 50 of 99, excuse me, 50 of 99. Darren Waller, next up, clearly Immaculate. We've got Justin Herbert, 51 out of 99, that is for the Chargers. Nice one there, followed by 42 of 49 for the Ravens. That is J.K. Dobbins, J.K. All Day on the Auto. Modern Marks, J.K. Dobbins, Ravens doing well. Got Immaculate Records, 23 of 25, Jonathan Taylor, youngest in NFL history with 2,000 rushing yards and 20 touchdowns, nice one there, Colts. And to finish this off, we've got RPA, two color, two color, 20 of 99, Wandaille Robinson. Going out to the Giants, nice patches on that. All right, I get a mag ready for the last one. E-130 probably. Trailance to one of 10, whatever like the standard RPAs are. Doug Baldwin, cool one there, that is 43 of 49 for the Seahawks. Nice one here as well, that is gonna be numbered, seven of 10, Shannon Sharp. Three color patch, player one. This one's cool. It's going out to the Texans, 54 of 75. Mr. Brandon Colts, player one. Now a member of the Cowboys. We've got Rookie Otto, Jalen Tolbert, 23 of 49. Nice one there for the Cowboys. And to finish this off, nice one here for the Steelers, 68 of 99, George Pickens, two color, three color, RPA. Congrats, Pittsburgh, very nice. Do a quick recap here, everybody, start with our jerseys. We've got Shannon Sharp, Doug Baldwin, Justin Herbert, Darren Waller, Matt Jones, Trey McBride, Jalen Hertz, Keenan Allen, Thierry and Davis Price, the 15, Pat Friarmuth, Tyler Merritt, and Duel for the Cowboys, Zeke and Emmett Smith. Autos, now we had Jalen Tolbert, Brandon Cooks, Wondale Robinson, Jonathan Taylor, J.K. Dobbins, Ed Reed, Matt Corral, Tyquan Thornton, Rob Gronkowski, Andre Reed, Christian McCaffrey, now Magd cards. We had a good little batch here, Malik Willis, two 99. We had a Skymore, one of one, Commissioner Pigskin, for the Chiefs. We had a George Pickens RPA, 68 of 99, we had a Bresaul, 10 of 20, Jersey number RPI for the Jets, a one of one, George Pickens, Shoe Tong Logo, for the Steelers, and this awesome A.J. Brown, seven out of 10, Eagles, Logo, Hatch Auto. Congrats, Philly. That'll do it for the break, guys. Thanks again for the fill up. That is it.


Coming up on the Sporting Chef. I'm going to get sloppy in the kitchen today. But there is also Linky Medaig, Stacey Harris, Susie Jimenez, C-Dubb, Dan DeVell, and Southwatch. What do you get when you find the best fish and game chefs, cookbook authors, award winners, fish mongers, outdoor experts, and put them on the fastest half hour on outdoor television. Hosted by one of America's best known wild game chefs, Scott Lacy, the Sporting Chef. Brought to you by Camp Chef, the way to cook outdoors.  And I'm sure everybody here has had a sloppy joe. Do they still make manwich in a can? Where you take ground meat and then you dump this deal on it? So sloppy joe is normally kind of a sweet barbecue saucy flavor. And it's normally done with ground beef. You stick it in a hamburger bun.  And I call it a sloppy hose for lack of a better term. I've taken venison, ground venison. I used a Weston grinder with venison and pork shoulder. The venison is so varied lean, that's why we want to add something that's a little fattier to it. You can use fatty ground beef, like a 25%, 30% ground beef also. So we've got venison. We've got pork. And I'm going to do my version of sloppy joe. And I'm going to go fast today.  And while the meat is browning, I want you to check out Stacy Harris, who puts her southern spin on a very traditional piccata-like dish. I'm going to show you a wild turkey piccata recipe. This is a fantastic recipe. And it's simple and elegant. So if you're having company come over, this is what you need to make them. What I did, I pounded out some turkey meat. And I made it to about an eighth of an inch thick. And then all you need to do is put it in some seasoned flour. I just put salt and pepper in the flour and dredge it in there really nice and really good and pat it in there. I put it into my buttermilk mixture. Some people may want to use eggs for this. Eggs with just a dab of water will do the same thing. And then into my breadcrumbs. Get it good and coated. I have my vegetable oil heating up in my Camp Chef cast iron skillet. It's huge. And it's wonderful. It's very heavy. And it does the job right. I want this to get crisp and brown on the first side before you turn it. It's OK for you to lift it up and look at it and see. And I've got that going on on that one. I'm going to leave that there for about one more minute. And then I'm going to make this fabulous sauce that makes it peccata. You can find this recipe in my cookbook, Checking the Outdoors In. I have another cookbook that has Grape Wild Game in it too, Sustainable Living. And you can find it on Amazon or any store near you. I'm going to remove the pieces of meat onto a plate. And I'm going to let that rest while I make this incredible sauce. Now, you don't need a whole lot of fat in your pan to make this sauce. And if you do have too much fat in your pan, it might be good to empty it out a little bit and just leave a little bit of the drippings in the pan. All right, I'm ready for the sauce. So all I need is a little bit of wine. And usually, I use white wine for this. OK, a little bit of chicken stock. Probably about half and half for this. And just let it reduce and get a little bit thick. In the end, you're going to only have a couple of tablespoons of liquid. What you're trying to do is concentrate the flavors. And that's what reducing does. Now, I'm going to add my capers. And I'm going to add cold butter. I'm going to add a couple of tablespoons of cold butter to the sauce. Once the butter has melted, I like to just spoon this wonderful sauce over my turkey. Add a little bit of lemon juice. And that's going to brighten all those great flavors. OK, and then I'm going to add a little bit of parsley to give it even more flavor and to dress it up a little bit. Isn't that beautiful? The venison in the ground shoulder is adequately browned. I've got some peppers, celery, onion that I'm going to add to this.  And then when I want to grind it, I thaw out the large chunks as opposed to grinding a big, giant mess of venison and then making burgers out of it. Do it in large chunks, thaw it and use about as much as you're going to eat in about a week or so. And if you've ever had freezer burn, there's a really easy way to avoid that. Watch this. You know, the only way to ensure that your fishing game tastes freshest and best is to use a food saver game saver vacuum packaging system like this wingman. Oxygen is the enemy. If you wrap your game in butcher paper or if you use plastic bags or I've even seen people take their whole ducks and geese and stick them into bread sacks and stick them into the freezer, what that will do is potentially and probably expose those ducks in that game to oxygen, which is going to create freezer burn. You can tell freezer burn it's that greenish, brownish, dry skin on the outside of a bird or a piece of venison. That's bad. Packaging with a food saver game saver system will absolutely prevent freezer burn. Not only that, but it will make sure that your game tastes freshest, tastes better than ever. Really, you need to invest in one of these food saver game saver units. I promise you won't regret it. This will last you a long time and your game will taste as good as it ever could. South of the border, sloppy Hoseys, Linky, Susie, Sea Dub, Dan, and Buddy are all ahead. Take a breather. Welcome back to the Sporting Chef. I'm making my version of sloppy Joe's, brown venison and pork, onion, celery, peppers. That's bell pepper with the onion, celery. This is jalapeno pepper. Give it a little bit of heat and I'm gonna give this a stir and I'm going to cook this until the onions are as usual translucent. And while I'm doing this, I want you to check out Linky Madej. I met Linky years ago, actually a couple of years ago, at Taste of Atlanta when she was in charge of some big thing there in the streets of Atlanta, Great Food Festival. And oddly enough, here she is on our show now. There are a few things quite as tasty as a nice seared or grilled or smoked salmon. Salmon is so nice and buttery. It's something that, you know, you don't have to do a whole lot to it, but I will say something I always do to nice buttery things is add extra butter. So today I'm gonna do a nice lemon dill butter salmon slider. That is absolutely a beautiful piece of salmon and this will be good for about four sliders. Okay, so for this compound butter, we're gonna do some great flavor profiles. We're gonna do some dill, which is really nice and crisp and lemony along with some garlic. And then we're also gonna introduce some salt, some pepper, and then of course our lemon. So let's get busy. Now something else that I sometimes do just to help your butter relax just a little bit is to add a hint of olive oil. Then we're gonna take our salmon. We're gonna season it very lightly with some salt and then some pepper. And then we're gonna take this butter and we're gonna top it on top of our salmon and then this is gonna go in a skillet on top of my grill. I take another cast iron skillet and I pop it on top of it that way. It almost traps the heat and it cooks the entire thing without you having to flip it. All right guys, so while your salmon is grilling, this is a very easy yogurt sauce to do.  We're also gonna add a little bit of lemon zest, also some lemon juice. We're also gonna add some dill, some chopped dill. And then you have the perfect sauce for your slider. One of the other things you can start doing while your salmon is cooking is go ahead and slice your avocado and your tomatoes. Look how beautiful. I mean, you can't match this. It's absolutely gorgeous. We're gonna sit that there for a second and let's assemble our sliders. I will say this, you guys know this by now. I am in love with butter. So while this is sitting here, we're gonna add just a small drop of butter. I've got some dinner rolls here. You can find some potato sliders if you will. So we're gonna do a little bit of the yogurt sauce. Then we're gonna add some lettuce.  And then comes the yummy piece of goodness of the salmon. And it should be so nice and flaky that you should be able to just get a nice little piece with or without the skin. Now, if you want, you can add more of a sauce. Or if you want, you can add some creamy pieces of avocado to the mixture and you have the perfect, beautiful sliders ever. Guys, happy, camping and slatter cooking. You know, Linky was in season eight of the Food Network's Next Food Network Star. Susie Jimenez, there's a little salt who is another one of our sporting chefs was in season seven of the Next Food Network Star. Susie's coming up next while I try and gather my thoughts. I've got cumin, oregano and chili powder and a little bit of brown sugar because the sloppy joes that I ate were always a little bit on the sweet side, kind of a barbecuey sweet. And that's why I put the sugar in and that's why we have Susie Jimenez because she's both sweet and spicy. So there's a proper way of roasting a bell pepper and the reason that I'm asking you to learn this is because not only do you have to go the French way and do the, you know, rice at the bottom, the sauce on the top and the garnish, you can actually stuff everything into one pepper that already has all this flavor that's been roasted. It's got the smoky and the nice, especially the nice sweet flavor that a bell pepper gives you. So all you need to do to see the camp chef, right? And what you're looking for is for this to get nice and black. And what I mean by black, it needs to be black all the way around in order for it to be easy to peel. So camp chef made this bell pepper perfect. I'm gonna turn this off. One of the perfect things about this is you're gonna put it in a little plastic bag or a bowl and cover it with plastic wrap, pull it out after about 10 minutes. And what this plastic is causing is for it to steam. You can see all the nice steam in there. So it's gonna make it very easy for you to peel this pepper. And after that, a little bowl of water and just remove all of this nice, charcoaled skin. You can do this with poblano peppers, jalapenos. It's done. And then just pull off this top part out. Make sure you get the seeds because they're a little bit bitter. And then I'm just gonna open this guy up. I would stuff this with many different things. I mean, one of my biggest things is to make chile relleno so you can do that with poblanos. This one, I'm climbing on stuffing with quinoa in a little bit of wild game, putting some moly on top of it. But you can just imagine. I mean, quinoa, lentils, ground beef, chicken. There's a thousand different ways to stuff it. So grab your favorite pepper, roast it on the Camp Chef. Corned venison. Things you should know about your kitchen knife and venison backdrop are all about to happen right here on The Sporting Chef. You know, there's a whole lot going on on The Sporting Chef show today. Fortunately for some of you, there's not a whole lot of time for me. I've got my ground venison, peppers, onions, homemade fresh tomato salsa, made by the best salsa maker on The Sporting Chef crew. As I understand it, he hasn't gotten into this yet. A little tequila. Now I'm gonna give this a stir. I want this to be eventually kind of a barbecue-y, tender, sloppy, Jose. This is C-Dub, and he has corned venison. Scott, people are always looking for a new appetizer. You know, the way to sit down at the end of the day, get things started, and you can do chicken wings and some of the tired old things like fried zucchini. But what we like to do, we like our corned venison with homemade hot mustard. Okay, and here's my corned venison, and this is off Eye of Round. I have a little old whitetail buck, and I corned it. And in our powerless cooking modules, we do a deal on corning, venison, beef, whatever you want, but it's a way of showing folks how to preserve stuff. Once we have some toasted sesame seeds, so let's make this hot mustard. We're gonna start out with some Coleman's Hot Mustard, and we're gonna use the whole can. As people notice in my camp, I don't do a lot of precise measuring, but on this one I wanted to come out about the same, so I'm gonna do two tablespoons of sugar. Okay, and the wind is helping me measure there, and I just wanna mix this all up, and then I'm gonna do a couple teaspoons of salt. And then the only other ingredients is some red wine vinegar and a little vegetable oil, and I'm gonna add my liquid ingredients, and this is a quick hot mustard, and one of those things, the more you use it, the hotter it gets, and it will also, as it sets and refrigerates, it will get a little bit thicker, so I'm just going to pour some in my little cup there. I have my seeds all done, and there is quick hot mustard. Thanks for sending me the Michael David Freak Show. It's the perfect wine to wash down a little bit of my corn venison and seeds. All right, I can smell a little bit of tequila coming out of my sloppy hose.  Let's talk a little bit about the knives you might want to have in your kitchen.  Small paring knife, this is for small detailed cuts, such as coring and apple. Your go-to chef's knife. It'll range from six to eight inches long. A few people prefer a knife up to 10 inches long. Have a good sturdy handle, and most modern knives have a facility, a handle built in to allow a pinch grip so you can pinch up on the blade, such as this. Another knife you might wanna have is a serrated knife. This is generally relocated to just cutting bread, but people who are afraid of sharpening will start using this for cutting everything, because this knife's dull and this knife's dull. Other knives you might find useful. This is a classic boning knife. The curved shape, the handle, big stocky handle, and the short blade. Short narrow blade allows you to get in, so if you can get in the knuckles of a bird and you're trying to break down a chicken, that knife works really good for that. This is an Asian-style knife called a Santuco, getting more common in the kitchen today. It's a standard utility knife. You'll use this where you would use a chef's knife, or even a smaller utility knife. It's a little bit shorter blade. A longer blade like this slicer is useful for breaking down large cuts of meat. You have a large roast. You can slice that roast up. And more rarely used, but sometimes really fun, is a good, heavy cleaver. This is good not only for chasing zombies, if you have a teenage girl like I do at home. This works well as a deterrent, as well as cutting up chickens. All right, so I decided to add a little barbecue sauce just to make it more sloppy, hose-ish. Gonna give it a stir.  You can also put this in a bun, just like you do that sloppy joe. Here's another guy who can be a little sloppy. This is Buddy, who's doing brined venison backstrap. All right, Scott, we're over here and we're cooking some backstraps. This is one of my favorite ways of doing it. I've brined this backstrap for seven days. And we got the camp chef grill top out here. After seven days, you rinse it off real good.  Now look at that, seven days, there ain't no blood running out of it. There's not gonna be any blood running out of it. You eat that thing rare in the middle like that. It's gonna be just as tasty, tender, and as moist. You can see I had to put some bacon out here to fry it in. So go ahead and try this one time. Let me know what you think. One of my favorite ways of eating it. Final assembly is just around the corner. Stick around and I'll show you what it looks like. There it is, a whole bunch of stuff happening on The Sporting Chef show today. This is my sloppy Jose again. I mentioned that you could do it either on a bun or in soft flour tortillas. You know, with my sloppy Jose's, I'm going to drink yellow hammer rebellion. And how do I keep it cold? Orion coolers, Arctic ice, between the two of them, your beer will stay frosty, frosty, cold. And I really like a cold beer. I also like all the people that have been on the show today. Our two food network gals, we've got Linky Madej and Susie Jimenez. We also had Dan DeVell, Stacey Harris, C-Dub, and Sasquatch, aka Buddy T. Please check out our sponsors, go to all the social media places where we hang out, go to SportingChef.com and we'll see you right here next time.


Thanks very much, Pat. And thank you for the invitation. It's very nice to be here to talk about the priorities for the Commission and the financial sector. I've decided not to use slides. I'm in a kind of non-slide phase of my presentation of life, so let's see how it works. We've agreed that I will focus my remarks today on the Commission's priorities for 2016. And in this context, I want to discuss three key policy developments, which I think will shape the EU financial sector, not just in 2016, but for years to come. Now, my intention is not to describe to you some kind of abstract vision of the future, because if I'm honest and those of you who know me, I've always been a bit wary of the vision thing. Recently, I was told that I shared this suspicion with the ex-president of the European Council von Rumpoi. Von Rumpoi's reporters have said that if you're having visions, you should see a doctor. And I tend to agree with him. So instead, I'll try to be more pragmatic and I'll present three key policy priorities of the Commission. The first will be completing the banking union. The second will be establishing the capital markets union. And then the third is I want to discuss our efforts to find an appropriate balance between stability and economic growth in implementing the EU regulatory framework for the financial sector. Now, as ever, when you focus on key priorities, other important policy initiatives get amused out. And among the near misses for inclusion in my remarks today are the integration of retail financial services markets, the recovery and resolution of CCPs, bank structural reform, which I'd avoid if I can, the implementation of method two, which is now likely to be a bit slower than we expected, and the implementation of solvency, too. And this is not even to mention the, and get this, the 400 items of secondary legislation reviews and reports that the Commission must adopt to make the primary, or so-called level one, legislation operational. On top of that, I will not cover another important element of the Commission's work. It's the work I brought with me when I joined DGFISMA. And this work includes its country surveillance. And it includes contributions to financial assistance programmes such as Greece and Cyprus, and indeed post-programme surveillance as in Portugal and indeed here in Ireland. Now, I'd be happy to discuss all of these things with you, but I've only got 35 minutes, I think, so I better not push my luck. Let me begin then by discussing the state of play in the Banking Union and how the Commission believes we should move forward from here. Now, you'll no doubt recall that Banking Union was primarily responsible for the Euro crisis. The overriding objective of Banking Union is to reverse the fragmentation, or I should say the refragmentation of the EU banking system, which was a direct consequence of the crisis. And in many ways, I have to say the pre-crisis integration of the EU banking system was based on a fundamental misconception. The misconception was that in spite of the treaty provisions to the contrary, the Nobel Outlaws, there would be a fully mutualised EU response in the events of an EU-wide banking crisis. That was the assumption. When it became clear that this fully mutualised response was not going to materialise, then home bias came back and it came back with a vengeance. And as home bias returned, investor attention increasingly focused on the linkages between banks, balance sheets and the credit wordiness of their national sovereigns. This, you know, in some cases, these linkages evolved into what, you know, rather colourfully became known in Brussels at least as the doom loop. And the doom loop occurred when failing banks undermined the solvency of the national sovereign, which in turn further impaired the credit wordings of the banks to their often extensive holdings of national sovereign debt. So another objective for the Banking Union has been to weaken this so-called bank sovereign nexus. Now the Banking Union targets this nexus through two main channels. The first channel is the regulatory framework or the rulebook. This is the same framework as for the EU as a whole, but it will be applied in a more uniform or more single way within the Banking Union. The single rulebook for the Banking Union ensures essentially that banks are more adequately managed their risk, their credit risk, their market risk, their liquidity risk via the implementation of prudential rules. So that's the CRD4, CRR. It ensures that sovereigns and by that it may mean taxpayers are protected from the cost of banking crisis via the implementation of a single resolution framework. That's the implementation of the BRD. And that deposit insurance is adequate to avert a risk of destabilising bank runs via the amended directive on deposit guarantee schemes. So these are the three parts of the rulebook. The second channel to which the Banking Union targets the bank sovereign nexus is of course via reformed institutional arrangements. These new institutional arrangements pool responsibility for crisis prevention and crisis management at a central level. So we have the single supervisory mechanism which has been operational since the end of 2014, in fact. We have a single resolution mechanism which became fully operational this year and a single resolution fund which also became operational on the 1st of January. And as the Banking Union is primarily response to the euro crisis it's not surprising that euro area member states are automatically members of the Banking Union. But it's important to note that the Banking Union is open to all member states. So while you generally hear Banking Union spoken of as in terms of reinforcing the economic and monetary union in the five presidents report, for example, it's a strong element of that report, we in the commission believe that the Banking Union remains essentially a single market initiative. This is important because it explains why we keep picking a particular legal basis for the Banking Union and why one or two large member states prefer a different basis. Now where are we? Well I think there has been very impressive progress in the very short period of time, particularly if you measure in EU standard units of time because normally something like Banking Union would take 25 years to put in place. The reality is that the concept of Banking Union was put in on the table around 2011 and 2012 and now already we have the various rule books in place. They're adopted, almost all transposed. We have a few member states who are lagging and we're following them to the courts now to sort of hurry them up. We have a single supervisory mechanism, as I said, is in place. We have a single resolution mechanism in place and a single resolution fund in place but here I have to say that this fund will only be built gradually and mutualized gradually over the next eight years and I'll come back to that in a minute. So clearly a lot has been achieved on both the regulatory and institutional fronts and the Banking Union is already functioning and we think it's functioning fairly well. But in the commission's view the Banking Union will not deliver all of its potential benefits while a number of additional elements are not in place. So what are these missing elements? Well I've mentioned already the single resolution fund which will be built up over eight years and mutualized over eight years to a total of around 55 billion. There's a risk however that there will not be adequate resources in this fund to finance a large bank resolution in the early years when the fund is being built. So the member states have agreed to put in place what are called bridge financing arrangements. They are in fact credit lines. They've agreed to these, they're working on them but they're not yet delivered and the commission believes this work needs to be accelerated. These credit lines need to be delivered now. The second missing element is that the commission believes the Banking Union needs a common deposit insurance scheme which would go beyond the arrangements already in the directive that was adopted in 2014. Now to this end the commission has brought forward a legislative proposal on the European deposit insurance scheme or EDIS. Now this proposal was accompanied by a communication which explained how the risk sharing implied by EDIS which is a controversial element of EDIS would be accompanied by measures to reduce the risks that are being shared. I have to say the initial reactions to the EDIS proposal well based on past experience with the DGS directive left us in no doubt that this will be a politically sensitive matter. There are some member states who clearly find this difficult to accept but we believe that this political sensitivity is not a reason to leave the Banking Union incomplete. Third and even more politically sensitive for the member states is the need for a common fiscal backstop for the Banking Union. Now while the construction of Banking Union is predicated on the need to weaken the link between banks and sovereigns, I think we simply cannot assume that no public funding will ever again be needed in relation to banking crisis. The commission believes that such use of public funds must be a last and least resort but to the extent that public funds are ever needed they should be provided on a mutualised basis that is via a common backstop and no longer by national sovereigns. Member states have agreed to work on a common backstop but they have agreed to work on its CNADA in terms of deadlines and we believe that work now should be accelerated and the deadline brought forward. So completing the Banking Union and these three dimensions is a key priority for the commission in 2016 and I think I have to be clear that while we believe the Banking Union can function in its present form and is functioning in its present form you know its impact in terms of achieving its objectives of reintegrating banking systems and breaking this link between banks and sovereigns will be less without these additional elements. So far I mean the responsibility for policy in crisis prevention and management has been pooled but the pooling of any related costs remains predominantly off the table so it remains national. Ultimately this mismatch I think between pooled responsibility for decisions and national responsibility for costs I think raises questions of incentive alignment within the institutional arrangements of the Banking Union. Arrangements where decisions are taken collectively but all the costs of these decisions are handled nationally we think are unlikely to function optimally in the longer term. So we think we have to make progress in these areas. On the other hand we are realistic about the issues involved and putting these missing elements in place will raise legitimate economic and political concerns. These concerns relate to the inevitable moral hazard applied by sharing the costs of risks and how to ensure that the risks that are being shared are being reduced at the same time. These concerns about risk reduction and risk sharing are not unique to the Banking Union and they go to the heart I think of how EMU is going to work in the future and so this need for balance between reducing and sharing risks is set to dominate the debate on completing Banking Union in 2016 we have started already but I think in the years ahead as well. Let me now turn to Capital Markets Union which is another key priority of the Commission. In fact it's so key priority that they inserted it into this incredibly long title that Pat was trying to get across. We are now the DG for financial stability, financial services and the Capital Markets Union otherwise known as FISMA which I understand means something ruled in Greek as did Euro by the way so just so you know. Like the Banking Union the Capital Markets is about developing and integrating the EU financial system but in the non-banking space. Unlike Banking Union the CMU is not primarily a response to the Euro crisis and that's important because we see it then as an EU 28 proposition and not as EU 19 and join as if you like. Those of you who are as old as I am and there's a few they will recall that the Commission had an earlier pre-crisis plan to integrate EU Capital Markets in the first half of the 2000s this was the famous financial services action plan our own European FSAAP. Now unfortunately we were distracted from this task which was already very difficult by the more pressing demands we had with the banking system after 2006 but it's now time to come back and to resume our efforts at Capital Market Development and Integration within the EU. Now while the ultimate objective may be the same as in the 2000s the rationale for Capital Markets Union is a bit different from earlier efforts under the FSAAP. I think it's fair to say in the early 2000s the focus of Capital Market Integration was primarily on efficiency and competition and choice. We were a bit less concerned about stability back then because we believed erroneously as it turned out that the market was taking care of its own risk and that market mechanisms were ensuring that risk was efficiently allocated to those who could manage it best monitor it best but this is not quite how it turned out. So in light of the crisis the rationale for EU Capital Markets Integration and Development has been expanded. Now it's not just about efficiency competition and choice it's also about stability. We believe that by diversifying funding sources and providing more robust forms of cross-border risk sharing Capital Markets Union will also enhance the resilience of the EU financial system and this is an important difference in rationale and adds even more significance I think to the CMU project. It's interesting that before 2000 or so before the crisis the journey was out a bit on whether or not bank based systems or more Capital Market based systems were better. I mean you had the those who said the Capital Market based systems gave you more discipline and you had the other side who argued yes but the patient capital involved in bank based system was much better because it gave you that sort of cushion over the cycle. I think the crisis has kind of brought in the verdict on that. Bank based capital is not so patient not so patient with its cross-border in particular but it's not so patient the patient at all so far as we're concerned CMU is not just about efficiency it's also about stability. Where are we in terms of state of play? Well we adopted the action plan as you know I think you've had Nile here explaining to you on the 30th of September 2015 it comprises 33 actions accompanied by a clear timetable I think the high number of actions because people have said you know 33 a lot of actions a lot of priorities but this I think reflects the fact that the EU capital market is underdeveloped for a lot of reasons. There's no single measure no silver bullet that's going to deliver you an integrated capital market so we have to have a lot of actions chipping away a lot of different places. The action plan I think is clear in terms of the instruments we want to use we are not going to resort to legislation as the default option so we will explore different options non-legislative options as well but where necessary we will use targeted legislation and we'll even use it in some of those difficult areas like insolvency law or securities law where we've had previous efforts not work so well but we are prepared to try again. Now in the six months before we published the action plan we consulted widely we had 700 responses on the web we had extensive discussions with stakeholders in the private public sector and on that basis we grouped the 33 actions that we had in mind into six priorities and I'll go through these priorities very quickly because I'm sure you are many of you are aware of them already and our priorities again try to cover the kind of life cycle of the firm we try to cover all those parts of a capital market that a firm would bump into in its various aspects of its life. So the first priority was to facilitate the financing of individual companies startups and non-listed firms and here we have launched a consultation on how to improve the take-up of European venture capital funds and European social entrepreneurship funds. It's interesting that the average size of an EU venture capital fund is half that of the United States it wears about 60 million and there are about 140 so we leave in less than half and around 90 percent of all EU venture capital investment is concentrated in only eight member states. So you know in short we think European venture capital lacks scale it lacks diversification and it lacks geographical reach so we have to do something to to improve that. The second priority is to make it easier for companies to raise funds on capital markets and here as an example of action we will take we will try to address the current bias in national tax systems that in favors and makes it cheaper to issue debt than to issue equity. I know some people will tell me we've tried this before yes but we're going to try it again in fact may have tried it several times before but we're going to try it again. Another example here is the modernization of the prospectus directive that's already a proposal on the table it's in the council where we're trying to lighten a little bit the burden on prospectus issuance particularly for smaller and medium-sized companies. Third priority would be to promote investment in long-term sustainable projects such as infrastructure here you know we've already adjusted the risk rates on the solvency to the insurance legislation. We recalibrated them to promote investment by insurers and infrastructure. I mean there's an interesting figure here that says insurance companies they tell us have almost 10 trillion euros to invest but they invest less than one percent of that in infrastructure and given the infrastructure needs of the EU which have been put as euro one trillion by some studies we again see this as a sort of win-win possibility. Fourth priority will be to foster retail and institutional investment. We think retailers have to have access to a broader range of financial products with risk return characteristics that suit their specific investment profile. So before the end of this year in 2016 we'll publish a green paper on retail financial services again something that we have done before a very tough area to work in retail financial services because the balance between competition and consumer protection is always difficult to find but we are going to issue another green paper and I think it's worth doing because one of the great changes that has taken place between the work we did before on retail say retail markets and now is technology. If you think of what technology brings we believe there's probably more scope to make progress in integration retail markets now than has ever been. We'll also need to foster institutional investment so pension funds have considerable potential to intermediate savings to productive investment via the capital markets yet the EU does not have a single market for voluntary personal pensions that means that we're missing out on economies of scale we're limiting choice and we're maintaining higher costs so we'll soon begin to examine what exactly is required to establish a single market for a simple personal pension. Again tricky we know there's demand but there are issues around taxation and some labour laws which need to be addressed. We also need to improve the operation of the investment fund industry in the EU I mean we have 36,000 usage funds in the EU that's four times as many as in the United States so again we've a much smaller average size of fund so there may be a need for a more proper European passport system which will allow those funds again to acquire scale increase competition and lower costs. Fifth priority is to restore the capacity of banks to support the economy. Victor Constancio rang me when he saw this and said why are you talking about banks in the capital market union action plan when I told him it was because irrespective of progress in building CMU I and I presume he as well assumes that banks will remain an essential source of funding for a European economy in the longer term. On the other hand the banking sector remains under a lot of pressure after the crisis and this is and we think measures are needed to support banks capacity to support the economy. So in that regard you know the commission has adopted a rather shorter term measure around securitisation. This proposal establishes criteria for simple, transparent and standardised securitisation and implies an amendment of bank capital rules to provide a more appropriate regulatory treatment for the SCS securitisations. We hope if this takes off that we can kind of square the circle of asking banks to deleverage which we think they should but also to lend more and in some cases if I'm honest to lend more to people that we want them to deleverage from. So securitisation for us is a kind of missing piece in the jigsaw even if we accept that securitisation was a central part a central player in the crisis that we've just partly come out of. Sixth priority is the facility cross-border investment. This is standard EU commission stuff. We want to go back to the FSAP agenda to remove some of the long-standing cross-border barriers to the free movement of capital. These include very fundamental barriers like differences in national laws and insolvency, differences in tax treatment of securities. You know progress here will I think inevitably be slower and we will begin with a wide consultation on the key differences between insolvency and early restructuring regimes. People ask me am I why am I more optimistic am I just nidious to be trying to do these things again because they are so difficult and we have so much trouble with them before. I think I am more optimistic than I have been in the past and it's funny enough because of the crisis one of the effects of the crisis was to remove certain taboos. One of those taboos related to bank insolvency. With the BRD we have fundamentally altered laws on bank insolvency. So I think some of these taboos now may be easier to handle in the capital market space. I'm optimistic I'm not necessarily saying I'm right but I'm optimistic that I think people realise from the crisis that some of the things we should have done before the crisis and didn't do became a problem. I think we can use the crisis experience to sort of get a level of ambition which is a bit higher in the member states in these often difficult areas both technically legally and I think also politically difficult. I think we have to be ready within all of this work we're doing on these priorities we have to be ready to address innovation in the system and we cannot assume that the financial system is just going to stand still while we set about thinking how we'll implement the Capital Markets Union. I think examples of this innovation are fintech and blockchain technologies and you know these are innovations that I think have the potential to revolutionise the financial system and they can bring huge gains in terms of allocative efficiency and competition but they can also bring stability risks of their own if they're inadequately regulated. In that case they represent a sort of rather standard challenge around managing innovative technologies the question of how do you sort of manage the benefit risk trade-off without stifling progress so it's about timing how you do it how quickly you intervene and I think all these issues around crowdfunding all the same issues are emerging. How do you manage this kind of what is a very important innovation but carry certain risks as it grows. Somebody once pointed out to me that cooperative banks wear the crowdfunding 200 years ago so things can get very big. I think I will just move on here. As I said the action plan defines a range of actions that will put the building blocks of CMU in place by 2019 but we don't think the project stops there we're not going to build a capital market in three four years. This is a reform program we think which is about promoting structural change in our financial system and about promoting cultural change and these will not be achieved overnight. They will require a concerted effort to build a system that provides diversified sources of funding and wider opportunities for investment and we believe the success of CMU will depend on the support and the continued commitment of all stakeholders. This includes the European Parliament, the Council, national authorities, the academic community, institutes like this and not least the private financial sector. So it's not for the commission alone. Let me finish now with my third point and my final topic which is a topic which was initially quite controversial but now has become rather accepted around the world and that is the need to ensure an appropriate balance between growth and stability in implementing EU financial regulation. In this context I would recall that along with the capital markets action plan we launched a call for evidence on the 30th of September 2015. The objective of the call for evidence is to understand better the cumulative effects and interactions of the very substantial block of EU regulation which has been adopted in response to the crisis. Now I think it's undeniable that the EU financial sector is now stronger as a result of the new regulatory framework and the actions that has been taken both at European level but also at national level but it's also no secret that this commission and this commission's president has made jobs and growth a key priority of his term. Now by making jobs and growth a priority in no way weakens the commission's commitment to maintaining and safeguarding financial stability but as my commissioner puts it we must avoid the stability of the graveyard. We need stability which accommodates the necessary balance between risk and reward that is needed to support economic recovery and restore robust job creation. So for me it makes sense to take a step back and ask ourselves whether we've managed to get everything right exactly right in financial regulation. It's also important to reflect on whether there are unintended barriers to new market players or innovative business but I want to be really very clear here the call for evidence does not herald a large scale rewriting of micro potential rule books that have been pretty painstakingly put in place over the last four or five years. What it implies is looking again at those areas where recalibration or tweaking of micro potential rules may be required to address any unintended or unjustified impediments to economic growth. Back in 2009 when we were still struggling with the crisis I attended a conference I was allowed to go out once or twice and I went to Sweden where Raghuram Rajan was speaking. He was then I think enroute from being IMF chief economist becoming central bank governor and he highlighted there in this conference what he saw as a regulatory cycle that is often dangerously aligned with an economic cycle. He noted that after every severe crisis there's a tendency to regulate against excessive risk when nobody's really taking any risk at all anymore. This then leads to a problem of growth which in terms of triggers a process of deregulation which in itself then goes too far and then we set off a nice boom bust cycle all over again. So when we talk about you know recalibrating we definitely must not fall into this trap but this does not mean that we should be afraid to review what has been done in financial regulations over the past few years. The question is not whether the regulation was right or wrong. The question is whether the key assumptions that were made about the future financial sector behavior and economic growth in 2008 and 2009 have actually materialized. Did we envisage that eight years after the crisis began that the EU economy would still not have a strong and sustained economic recovery? Did we envisage that so long after the liquidity in the EU interbank market completely dried up that cross-border bank lending would still be a problem and home buyers would still be so pronounced? When we took steps to de-risk the banking book of banks did we really expect that they would simply withdraw from the business or not just reprice it? If we had known these outcomes would we have made exactly the same decisions in every aspect of the regulation? Maybe we would. We might have but I think we should at least check. So I'll now briefly explain to you what sort of feedback we're looking for from the call for evidence. It will run until the 31st of January of this month so you still have another few days left if you're feeling inclined. We have a lot coming in already so I'm not absolutely asking but if you really feel like it please do. We're looking for empirical evidence and concrete examples from all stakeholders in four thematic areas and I say we want empirical evidence and concrete. We do not want people telling us they don't like the leverage ratio. We know people don't like the leverage ratio but they have to tell us how it could be done better with empirical or at least concrete evidence to that effect. We want this evidence in four areas rules that may be affecting the ability of the economy to finance itself and grow unnecessary regulatory burdens interactions inconsistencies and gaps gaps as well and rules giving rise to unintended consequences. So these are the four themes we have listed. It's worth mentioning here that the evidence we are looking for not only relates to EU financial regulations so if you want to talk about the impacts of national regulation if you think you've been gold plated inappropriately we will be listing to that as well. Also if you think there are areas where enforcement is not sufficient we're again very interested. Now the results of this consultation will allow us to get a kind of clearer overview of the situation in the EU financial sector and will give us a kind of better understanding of how recent reforms are impacting and interacting. We would have liked to have done this on a model basis I'll just say this. We would like to have a nice big general equilibrium model into which we could plug all this stuff and the answer would come out probably three because most things in Europe come out as three. We tried and it doesn't work. We have tried partial equilibrium that's better but of course it doesn't really capture what we're looking for. So this basically is taking a different approach. It's saying to the market we can't find these cumulative effects using our models if you can find them and if you can prove it then tell us where they are. So essentially we're asking the financial sector to put its money where its mouth is. If there is a problem show us where it is and help us to to solve it. I think this consultation will help us also in the hundred forthcoming reviews we have to do but these are vertical reviews of legislation so we just look at the legislation. We hope that this call for evidence will give us a more holistic overview and will allow us to see how these reviews might interact. It'll also we hope help us to develop the appropriate calibrations for upcoming level two legislation. So we may be able to recalibrate things as we have done around securitisation. If necessary we may also change level one legislation but we will have to see what comes out of the call for evidence. But I want to add a word of caution here because it's very likely the results of this exercise will be somewhat preliminary because some of the rules we put in place are only partially applied and some of them haven't been applied at all yet. So producing concrete evidence of these may be difficult so I think we're not we're not saying that this is a one-off and quite frankly I think in the future this kind of review of existing legislation will be the bread and butter of my DG. We had five years of little legislation, five years of massive legislation and now it's about not so much more legislation but maintaining the block of legislation to make sure that it kind of continues to respond to the real needs of the financial system. As I said interestingly we felt a bit lonely when we went out with a call for evidence but we're no longer alone in our thinking. The call for evidence now fits in with a recent report from the European Parliament, the Bolts Report. We now have a comment from the G20, we have an exercise in the FSB and even the Basel Committee on Banking Supervision has decided also to review its own legislation over the last on proposals over the last five years. So these bodies are also assessing the overall coherence, calibration of these reforms and of course the Commission contributes to all of these work streams so we should them we should hopefully be joined up. So I think I've spoken quite a while so I'll conclude by thanking the Institute again for letting me talk to you about the Commission's work program for the next year and after. I think you'll see we have a pretty full agenda although we were supposed to not do so much. I think delivering on this agenda will require an enormous amount of technical work underlying economic and financial analysis but ultimately policy judgments and these policy judgments I think could have profound effects on how the EU financial sector develops and functions in the coming years. And in preparing these policy judgments the Commission will rely on input from all relevant stakeholders in both the public and private sectors and from institutes like this one. I think the Commission cannot and I would say should not undertake such a task alone and that is why we value opportunities like this one to identify the challenges as we see them and explain our thinking in formulating policy responses and I hope my remarks today have been useful in this process. Thank you. Thank you very much.


There is this memo that leaked from Google here. I'll just read a little bit of the note. The uncomfortable truth is we aren't positioned to win this arms race and neither is open AI. And what this memo author is saying is that Google's competitor is not really open AI or any other firm, but actually open source models. Meta's training data, I guess, leaked out and open source engineers have been creating AIs on that data that seem to, at least according to this author, be catching up to what open AI and Google are doing. And he says they're doing things with a hundred dollars and 13 billion parameters that we struggle with at 10 million and 540 billion. How much credence do you give that that the open source movement is going to kind of catch up or maybe even lap the big centralized firms? The open source and the word at large has been working on, has been working from the biggest open source available pre-trained system that I think for a while and perhaps still it was the Facebook llama that they trained and in my opinion, completely responsibly just dumped on the world. So, so like open source, certainly currently does not have the ability to throw like hundreds of millions of dollars or again, soon to be billions, billions at these large AI summoning experiments. When Robin said that like he would be worried if people would be not deliberately try to create like worst, worst case scenarios, make AI to do, destroy the world deliberately. Well, open source, that's how like if you, it's not hard to find or the existing projects that try to use open source AIs to maximize the damage. I mean, the AIs aren't that competitive, that competent yet. So they kind of like a more sort of fun and games project at this point, but this is just like early 2023. How would you even regulate open source development of these products? I mean, that kind of seems to undercut the entire idea of there's even much you could do about it. Yeah. So like, I mean, we already have kind of penalties for developing viruses and stuff like that. So it's like something probably could be some kind of liability can be assigned from there, but I agree. This is super, super much more harder than just like making sure that they're not going to summon even more competent minds and release them on the public. So here's another compromised solution. I know people who work on secure operating systems who say that you can provably show that some operating systems are completely secure. And maybe you could just require they use those operating systems for the 200 lines of code here. That would be a relatively low cost, honestly. And it would actually help kickstart this secure operating system world. And that seems like a reasonable regulation that would be relatively low cost addresses your most direct concern here. Again, I'm looking for compromises. I'm looking for things we can agree on. Yep, like 100% agreed, but really importantly, the companies are currently racing and they are not motivated to take any of those steps. The danger here is if we empower some regulatory body to do stuff, it won't just want to do a few best things. It'll have a big public behind it and they want to, you know, take, make speeches and show how concerned they are and just do a lot of extra too much stuff. So we want maybe even if we authorize some regulation to make it limited. And that's part of the problem here. The regulation isn't often limited. What are your major concerns with what non-careful regulation might do in terms of the development of this technology? Well, humanity in the last century basically shut down nuclear energy industry pretty effectively. And we basically said, no, we didn't want to go there with modest exceptions. More recently, we basically shut down genetic engineering and said, no, we would didn't want to go there. We may just see AI that way and want to shut it down. That is, I, some people say that this we really couldn't regulate this. That would be infeasible. There's just too spread out and too, too many strong interests. Looking at the past, I'd say it is possible to strongly regulate some industries. And there is strong public opinion in support of being wary of AI and holding it back. So I fear the worst case of really just shutting down the whole industry and really foregoing enormous potential. If the government and various regulators around the world fail to crush AI and its infancy, what is, what are the prospects about an AI future, an AI dominated future? Let's say that most excite you. Well, so over the last few decades, we've seen many new exciting technologies appear compared to those. This is more exciting because it seems to have more potential, but it's also in some sense more democratic. That is, most of the people figuring out what this can do are just people trying it themselves. They don't need to get a big startup and lots of funding. They just start using this in their ordinary business life and see what can happen. And that's really exciting because if a lot of them find a lot of useful applications, we're just going to get this big wave of productivity where a lot of people figure out a lot of ways to do things better. And that will not only make us all richer and healthier, but it will make more of a sense that we should be expecting and wanting innovation and change and technology to spread and more of an optimism that the future could be better because of that and more of an eagerness to maybe instead of looking for all the things that go wrong and trying to fix them, that we should be looking for all the things that go right and how to encourage them. And that sounds like an exciting future over the next decade is a world gets more optimistic and excited because great stuff is happening. And they're more interested in pursuing new options than in closing them off and then complaining about why things aren't better. Hey, thanks for watching that excerpt from our live stream with Robin Hansen and Jan Tallinn about artificial intelligence, existential risk and the dangers of preemptive regulation. You can watch our full conversation right here or another excerpt right here.


work. TFNN headline news update. Good morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN 9 a.m. Eastern Time Wednesday morning, 30 minutes to go until the opening bell. And folks, stocks, at least in the last half hour, they only go up. S&Ps right now, we're talking about positive. The futures just went positive four points at 3094, Nasdaq and Q's flat at 10,146. The Dow positive by 19,25,707. All the markets catching a bid over about the last hour and a half. We'll start things off with the S&Ps, but guess what? We'll start it off with a couple things. This news just hit in the tape. Coronavirus vaccine from Pfizer and BioNTech shows positive results. Report says for some context on Pfizer, investors liken that action from 3270 approximately. We're up at about 3428 on that news. Talk about some volatility in those biotechs anytime we get some news about that. But what else do we have going on the market that was already really moving things? We got ADP payrolls. We got a number of 2.37 million for the month of June. May loss revised up to 3.6 million from 2.76. So payrolls rose by 2.369 million in June. The estimate was for 2.5. And check out the revision, which I didn't even remember. May's number saw a stunning revision. Originally there was a loss of 2.76. I didn't read this quick enough. And it went to a gain of 3 million. There's your acceleration. I either, you know, a 6 million miss. What's going on? Some lagging maybe with the data of what's going on. I mean a loss on private payrolls of almost 3 million to a gain actually in May of 3 million. All this had a non-farm payrolls tomorrow morning for the month of June at 830. We also get initial weekly jobless claims tomorrow 830 a.m. going into the long weekend as well. Another great positive news. There's a lot of action this morning, folks. We might just see this market be a rocket ship ahead of tomorrow's number. The Senate extending small business coronavirus relief program. That happened last night. Somewhat of a surprise as you have the move came hours before the deadline of applying to the program. Still funds available in that program. So they are keeping it open for now and jumping back to the markets. Excuse me. We got the S&Ps up five points. Look at that run that we just got, folks. We just traded up more than 30 points from 7.30 a.m. this morning. We're above where we were at about 5.30. Watch out. Markets green across the board. We got crewed up 42 cents. And how about gold pulling back a bit, 17.92. And as this market charges higher, we got a VIX, folks. 29.74. And don't forget the front page of TFNN, tiger dollar sale. Get some tiger dollars. Will you wait for Mr. Larry Pezzavento coming up live with trade what you see? Larry's next. We'll stay tuned. We'll be right back.


So a short but sweet video for you guys today on a secret room found within Boomtan the Boomtan Expedition. I personally don't know why it's here or what it offers or if it's just an easter egg but it's found at the end of the expedition and today we check this out. How's it going guys? My name's DPJ and if you enjoyed the video leaving a like really helps out and if you like what you see and want to see more outriders on a daily basis be sure to subscribe. So the Boomtan Endgame Expedition has a secret hidden room within it. At the very end of the expedition when you complete it to the left hand side of the room a door highlights in blue. How I've never seen this before I have no idea. In fact I ain't sure if it lights up every time you complete it either. I went into this expedition knowing about this then looking for other doors and didn't find anything else. I haven't really looked in any other expeditions but I'm going to do that right now. So upon completing Boomtan on the left hand side of the room a door highlights in blue and you can go over there and open it. I would however collect that loot first just in case you disconnect. Within it there isn't much here just a couple of drunk dudes on the floor where you even get a bit of dialogue to it also. But other than that there really isn't anything here. Maybe try completing this on a challenge tier 15 gold and check this room I mean I was going to change up my build and attempt this but I'm not sure it will affect anything or maybe there's something earlier on in this expedition which may change what's found within this room because in reality this door for me leads to absolutely nothing and it's got to be here for a reason. But it's here guys so do go and check it out for yourselves and see if you can figure out anything else on this. There has to be more to it surely and also let me know if you found any of the secret rooms within any of our expeditions. But yeah guys like I said a sure but sweet video on this hidden room within a boomtan expedition go check it out. On that note the ending video has arrived if you enjoyed it leaving a like really helps out if you're new around here want to see more outriders on a daily basis be sure to subscribe and if you never want to miss a video I upload you can turn notifications on by hitting that bell button but guys thanks as always for stopping by and hopefully I will see you on that next one