Daily Tech News show is made possible by its listeners thanks to all of you including Alexander Nisev, Hector Bones and Tim Ashman. Coming up on DTNS, Rod Simmons brings the insider perspective on company security. Why do so many employees need access to everything? Or do they? Plus, the EU makes USBC the law and the economy finally comes for the app store. This is the Daily Tech News for Tuesday, October 4th, 2022 in Los Angeles. I'm Tom Merritt. From Studio Redwood, I'm Sarah Lane. And on the show's producer, Roger Chang. Joining us, the host of SMR Podcast, Barbecue and Tech, and so much more. Rod Simmons, welcome to the show. Thank you so much. It's been a long time coming. I'm super excited to be here. It's good to have you. Long time listeners of DTNS will have last heard you on the electric car, the EV roundtable. Oh yeah, that's right. Yeah. So not too long, but too long, if you know what I mean. Something like that. We've missed you, Rod. Yeah, that's what I'm trying to say. All right, let's start with a few tech things you should know. The Connectivity Standards Alliance released the first version of the Matter Smart Home Compatibility Protocol on Tuesday. Matter lets smart home device makers certify that their product can work with any other device that also supports matter. It uses Wi-Fi and thread for data communications and Bluetooth low-energy poor provisioning. And it doesn't need the internet to continue working. Matters supported by all the major smart home device makers. Samsung, Google, Amazon, and Apple. Device makers can now certify their products and put the Matter Compliant badge on their product so you also know. And if you want to know more, we highly recommend reading Stacy on iot.com. Yeah, that's Stacy Higgin by them. She does good stuff. The 2022 Nobel Prize for Physics was awarded to three people. France's Alain Aspect, John Clouser of the United States, and Austria's Anton Zeilinger for experiments that proved elements of the theory of quantum mechanics. Clouser showed in 1972 that light could be entangled, meaning that two photons could share properties no matter how far apart they are. Now that doesn't allow you to do faster than light communication. I'm sorry to say. In fact, that's what Alain Aspect proved in his experiments, ruling out an alternative explanation for entanglement. And Zeilinger built on their work to show how entangled systems could be linked together in a secure network since the measurement of quantum systems easily reveals the presence of an eavesdropper or man in the middle. Google launched new Nest hardware. The second-gen Nest-wired doorbell eliminates fisheye distortion on its camera. It can record up to an hour of footage to internal memory and is available now in the U.S. for $180. The Nest Wi-Fi Pro supports Wi-Fi 6E. It includes a built-in thread border router and will support matter. A one-pack costs $200, and you add $100 to each unit in two and three packs. It's available for pre-order now and ships October 27th. The new hardware will use Google's redesigned home app available in public preview in the next few weeks. This adds a new Favorites page, supports using sensors to trigger automated routines, and uses the camera interface from Google's Nest app. A web version will be available at home.google.com with a Wear OS app coming as well. Later this week, we're going to have Congressional Dishes Jen Briney on the show to talk to us about the U.S. Chips Act, since she may be the only person in the country who's read all of it. One of the reasons the U.S. Pastry Chips Act is that there's a move to diversify the chip supply chains away from mostly being in mainland China. And of course, every country wants to be the home for some of those new factories. Companies want to be the ones running those new factories. Here are three cases in point out of today's news. Samsung announced it's going to triple advanced chip production capacity by 2027 and includes a plant outside Austin, Texas in those plans. In a race against Taiwan's TSMC, Samsung also said it's going to mass produce three nanometer chips starting in June targeting production of chips on a two nanometer process by 2025 and a 1.4 nanometer process by 2027. Micron announced it'll invest $100 billion to build four separate chip fabs on a 1300 acre site in Clay, New York just north of Syracuse. It'll start construction on a $20 billion mega fab in 2024 with production starting at that fab in 2025. And Apple released a suppliers list in the Wall Street Journal notice that 48 of the 180 suppliers had at least some of their sites in the U.S. That's up from 25 last year. Still, almost all the suppliers on that list had operations elsewhere, Japan, South Korea and 150 of the suppliers and remember they had them in multiple locations but 150 suppliers had sites located in China. Bloomberg reports that Elon Musk sent a letter to Twitter on Tuesday offering to buy the company for $54.20 per share. Yes, you are listening to the October 4, 2022 edition of DTNS. You have not gone back in time. Yes, that is also exactly the same price as the original offer that Musk made back in April. No, we don't really know why yet either. Keeps us on our toes. CNBC says the deal could be completed as soon as Friday and if that happens it would avoid this trial that was set to begin October 17. Yeah, it's Musk offering to buy Twitter and the EU requiring USBC and the Digital Services Act. These are our April shows all over again. But let's talk about a couple of laws making progress in the EU. The European Council approved the Digital Service Act. So now it's law or it's about to become law. The Digital Service Act is the one that applies to social platforms and search engines that have at least 45 million users in the EU. It affects targeting of users. So there's new rules about that, what you can and can't do. It has some rules against dark patterns. That idea of, you know, making the yes button a little easier to see and click than the no button, stuff like that requires transparency about how algorithms promote content, how they recommend content. Platforms are going to have to explain why they remove content and give users an ability to appeal takedowns. Companies must also disclose any steps they're taking to combat misinformation and propaganda. The regulation is going to be published in the official journal on October 13th and then it goes into effect 20 days after that. So most of the measures will apply 15 months after it goes into effect. That's built into the law. Law goes into effect 20 days after the 13th. So October 33rd, no, it's November 2nd. And then the law says 15 months from then. You have 15 months to get ready for this. 15 months from that in 2024. You have to start following these rules. Now you may be wondering about the very similarly named digital markets Act, the DMA. That's the one that requires messaging apps from big companies to interact among other things. That was enacted back in July. And that will go into operation early next year and go into full force in 2024. So Digital Services Act, Digital Markets Act, now both law in the EU. But there's another EU lawmaking progress that's probably going to impact more of us, even those of us outside of the EU. Indeed. So the European Parliament voted 602 to 13. Pretty overwhelming victory to approve legislation that will require phones, tablets, cameras, and laptop makers to support USB-C charging. The aim is to reduce the number of chargers that people need to have. And in theory, will reduce waste. The law now heads to the European Council where it's expected to get approved once it goes into force. Each European country will have 12 months to put the law on its own books. Then companies will have 12 months after that to comply. So we're looking at the end of 2024 to be when phones that are sold in Europe will have to support USB-C charging. Laptops wouldn't have to come into compliance until the spring of 2026. Now a couple of things to note on this directive. Any product put on the market before the rule applies can continue to be sold. You don't have to yank everything off the shelves. So you may see some companies flood in the market. The rule applies to a wide number of electronics. Phones, laptops, tablets, they get all the attention, but it also includes digital cameras, headphones and headsets, handheld video game consoles, portable speakers, e-readers, keyboards, mice, portable navigation systems, and earbuds even, like your AirPods and your Beats and all those. It only applies to devices that charge by a wired cable of up to 100 watts. So you may think, oh, they can get around the rules by going wireless. It does not apply to smaller electronics like smartwatches and fitness trackers because they don't pull 100 watts, but there is going to be a standard for wireless in this law as well. The law doesn't name that standard. It requires the European Commission to come up with a plan for wireless charging interoperability by the end of 2024. So I just want to be sure on this one. You said it doesn't apply to wireless, at least does it right now, but if I have a device like I think if you take my Sony headsets, I can wireless and wire charge them. Yeah. If it's got the wired on there, then it has to support USB-C. So for this, I'm absolutely sick and tired. I travel a lot for my day job and there is literally nothing worse when you're traveling than I have a cable for my Bose headsets. I have a different cable for my phone. I have a different cable for my... Yeah, I signed me up. I'm fully with this one. You know, I am too. I feel your pain, right? Very much so. In fact, it's the most stressful part of packing for any kind of trip, because I try to not forget something, but I often do. Some of this does seem like, okay, well, this seems more convenient. Like you mentioned, Tom, we might see some products getting on shelves before they have to change everything and provide USB-C interoperability because they don't already. And if you obviously have a product that charges some other way, it's not just going to magically stop working or anything like that. We also see technology evolve. You know, by the end of 2024, we're probably still going to be on the USB-C train, but there's no doubt in my mind that it will continue to advance and then you kind of have to go back to this rule all over again with what's available at the time. Yeah, I like the standardization. I'm not sure that I fully am on board with this being the way to get it. It's sort of like, well, at least we got it. But I don't know that a law that extends out to 2026 is the best because they have said we will continue to adapt to new standards as they come. But there's two things to that. One, okay, how? We haven't seen the details on that. That's not in the text of the law. I'm just taking your word for it and I'm curious how that's going to work. And two, if companies are only required to do USB-C, they're less likely to develop those new standards. So, granted, the USB implementers forum will continue to develop and there'll be a new standard coming from them. I'm certain of that and the EU can work with them. But there may not be as much encouragement to develop an even better standard if you know what I'm saying. Unintended consequences. You both brought up very good points. I'm still for it. Let me be very clear because it's less cables I need to carry. Yeah, I'm for that too. Your points are absolutely valid. Well, perhaps also valid is the fact that app stores might not be making all the money that they used to be making. Morgan Stanley and Alist Eric Woodring noted that data from Sensor Tower indicates that revenue from Apple's app store dipped 5% on the year in September and Google Play revenue fell 8% on the year. Revenue in China, Taiwan and South Korea bucked that trend. They stayed even or even grew a little bit but other markets were dipped. Revenue from gaming took the biggest hit dropping 14%. And if you're saying, well, the bad economy, it's probably the reason. Well, you could go apply for a job at Morgan Stanley because that's what they said as well. Bad economy. So these things tend to dip. The numbers could bounce back in Q4. We got an extra week. Exchange rates may end up being favorable by then. Apple also raised their app store prices in many markets to probably make up some of that money. But yeah, I'm wondering, Rod, do you feel like it's just a bad economy? Do people just want a game less? No, it's totally a bad economy. I mean, if you think about gaming as disposable income, when you have less disposable income, you're probably going to make some sacrifices. I think in our daily lives, people are, oh, I don't go to a gas pump because I drive electric, but people who do go to a gas pump for saying gas is more expensive what I'm dealing with. All the services of what I'm dealing with are more expensive. So whether it be energy costs if you're dealing with in the EU and the whole war that's going on with Russia and the Ukraine, all of those things sort of factor into I have less disposable income to work with. Therefore I choose to make cuts in certain areas and that starts with app store purposes. And I think you see that sort of moving down to other services like Netflix and Hulu will start to make the decision that maybe I don't need commercial freeze. So I'll save myself a couple bucks a month and deal with commercials on some of those platforms. Yeah. I feel like this is a potential sea change because app stores have been a cash cow for Apple and they haven't been bad for Google either pretty much since day one. They are just money printing machines. And I know a lot of Apple's future first party ad revenue plans are predicated on selling ads within the app store to direct you to other apps. If this starts to be less of a cash cow for them certainly Apple and Google aren't going to hurt too much. But it is going to have to shift their strategy and it is going to affect especially Apple's plans for making money off services if they had expected this much to come from app stores and suddenly that is declining instead of growing. So I guess the way I kind of look at it is there is always the new normal. So I think when gas prices were close to let's say $5 a gallon people are making decisions not to go certain places because they don't feel like paying $5 a gallon. But eventually it becomes a new normal. So the new lower gas prices is higher than the old gas prices and we just kind of adjust. So while I think this is a temporary impact I think that over time we'll get used to that's just what apps cost and I haven't had those for a while so people will start to come back in and drove. So I think it's just Apple and Google are probably looking at this. This is temporary. It's not a long-term impact for their businesses. Yeah, that makes sense. Especially when there's that one chevron that's still charging $6 over there. Oh, that's $6 where I am. I don't know if that's a positive deal. Wow. Yeah, for a long time I've reviewed lots of apps for work so I think I've been... I am not totally a normal example of how much somebody wants to pay for an app because I was downloaded just pretty much any app no matter what it costs for a while and I still do that to a certain point. I think many folks perhaps over a period of time if you have a finite amount of money and you say, okay, well this much money can go to fun stuff in app stores that I'm willing to pay for or in app purchases even if you get tired of a game let's just use games as an example you might say, I don't want to pay for this anymore but I like the time that I spend on this game and I'm gonna now spend that money towards this new game but when you have a bad economy overall that's not necessarily the decision that people come to they say, well I just have to do this less I need the money. I'm gonna cut back my spending. Yeah, and it may not be like with a game it's like I'm just not gonna do the in-app purchases I'll grind my way through the capabilities in the game and earn it versus paying my way out of frustration. That would be an interesting metric find out if time spent with the games goes up as they spend less on the games because they're grinding more, you know you might see that. Well folks if you have a thought on that you have some data on that maybe you just want to find out where Rod can get gas for five dollars a gallon email us feedback at dailytechnewshow.com A few weeks back Peter Zacko aka Mudge the former security leader of Twitter alleged in an SEC filing and to the US Senate Judiciary Committee that somewhere around the number of 4,000 employees or so at Twitter had pretty much unfettered access to data on the network including data associated with Twitter accounts it's been exaggerated what data was available and at the same time that's a lot of people having a lot of access Zacko also said it was very difficult to identify if specific data was taken because the company didn't monitor or log all the employee access. Rod you've got a lot of experience in network security in strategy in compliance in your experience let's just focus first on that number is it common to have that many people in a company with access? Well okay so no let's start with that however depending upon the like the function that you're within you might like let's say let's take Twitter since this is a use case example you might have people who specialize on Twitter with just profile management another group of people who specialize on Twitter with things such as like verified users and then some people who handle tweets, takedowns and all those so you might have thousands of people who have very specific specialties within Twitter but carte blanche access across the entirety of the platform yeah that's very abnormal but for in most companies and organizations it's not abnormal if you're talking Fortune 500 companies that they have a team of database developers and there might be 500 to a thousand database developers who all have some level of access to the database platform to make modifications and changes because the application is just so large and they work in groups and teams to sort of deliver a solution Go ahead sir Okay I was going to say for okay so Rod you're saying 4,000 employees sounds like a pretty high number what are the implications of the data that seems it is still quite unclear how many of those people had what kind of data what kind of data would having so many folks having this access to even if it's unusual then what are the implications what's the worst that can happen so I think if you take a step back I think where the first place you start is do they have access or do they have persisted access and two things so for most organizations they're leveraging credential vaults I think you guys are familiar with something like a last pass but in the enterprise you're using solutions like cyber arc psychotic beyond trust and then there's a hash there's hundreds of others in that kind of model those are really designed for either highly privileged accounts so my administrative account would be locked into the vault I have the ability to check it out at any point in time but I don't operate that account on an ongoing basis and then you have shared accounts that would sort of exist inside of that vault where if I needed access to a shared account to deploy it while I may not know the credential at any point in time I can check it out use it and then when I check it back in the credential is scrambled therefore you have full accountability of I was the only one who knew the credential at that time and I was the one I had to be the one to make the change so it's all about that accountability side and more importantly the integrity to your users but yes 4,000 is high if it were system wide access but in compartmentalize for someone the size of Twitter I don't and also we consider like the follow the sun approach for managing the corporate platform it probably isn't abnormal that there might be that many people who have very specialized access throughout the platform it's it's whether or not it's persistent is the more concerning part and that that may be the case with Twitter maybe it was at 4,000 people with unfettered access to everything it may be lots of compartmentalized access that could access various parts that were sensitive but not each person had access to all of it but it sounded like Mudge was also saying but we don't really know who had access to what like there wasn't a way to track it. That almost seems like the bigger problem right and I don't know if that's just a symptom of a company that grew quickly over you know 10 plus years but if the company doesn't log employee access and the former security lead of Twitter is like we don't really know how bad it was because we don't have any evidence that it was bad but it might have been bad now what do you do? Yeah so let's distinguish two things there's logging the access logging that someone has done something most companies have that argument that they didn't that's awful because if you had a threat team coming to try to figure out how something to place they need logs but then there's the governing who has access many companies I say a lot of companies are very mature as it relates to governing who has access to what but the reason why companies adopt governance solutions is specifically around this requirement which is it also builds trust to your users so what you're trying to do with governance is you're trying to say we have an automated process that will grant people the access they need with inside the organization we have a scheduled review process to ensure that people have the access they need or more importantly we remove the access they no longer need and more than we also have a process to ensure that when someone leaves the organization that we deprovision all their access and their removed access so if you think of it from an end to end if an auditor would come in and say we need to get access to this and you can go back through a log and say Rod requested this access it was approved by these three different people who have to go through the approval process and that access was revoked on this date and time because he only requested it for a single day then you have full chain of that you have actually control over access versus someone just going into the system adding a person to a group or to a role and then they get all that access governance is it's demonstrating you have controls in place so anybody who's listening to show who works for security are probably thinking things like SOX or ISO 27001 all of those about control frameworks to show that you've put the processes in place to govern and control access within your platforms when I left tech TV in 2004 there was a third party analytics tool that I was surprised to discover I still had access even though I was no longer an employee there and I quickly let somebody know like hey I was able to get into this then I shouldn't I am somebody who did that a lot of people wouldn't do that CNET on the other hand had such lockdown security that when we wanted to you know demonstrate certain products that weren't allowed on the network we had to get an IT person to come up turn on access to a particular port that we were using in the studio do the product shoot then they would turn that access off again and it was on a dirty net anyway it wasn't even on the corporate network so obviously things evolved over time is what I'm saying how pervasive how emblematic do you get a sense that this is and fortunately it's more widespread than one would like to believe however when you like as you gave the example at CNET the larger the organization Fortune 500 1,000 they have usually they have very good controls in place and more importantly they might be evolving those controls aggressively it's when you start getting to the medium size or smaller size enterprises they started off with automation which is we have scripts that do this but it's not the perfect process and then as you sort of mature you realize that we need to implement products and there's a spend for organizations it's not like you can get a credential vault for free that scrambles credentials it's not like you can implement a governance product for free it's a big financial spend and it actually does involve automation and it touches all different tentacles within the organization so it is more pervasive than we'd like to believe but it tends to be within the medium to smaller size organizations who just don't have a mature practice in place versus just malicious intent because I tell you that time and money it looks like a lot the first time you confront it especially as a smaller or medium business right absolutely if you were on like a Microsoft platform would be a good example Microsoft provides their own like governance capabilities if you're like a Microsoft Azure customer but it requires a certain I think it's like a P2 or P3 license with Microsoft to use those capabilities so you have to upgrade what you're paying with Microsoft but you get that for the Microsoft platform the problem when you start getting into large organizations that they're very heterogeneous so they say well yes we use Zoom we also use SAP we also use Workday and some Compartmentalized and we have all these homegrown applications how do we tie all that together and that's where you start getting into the bigger identity governance solutions that try to help you with the automation and tying all those little pieces together but I should say the key part is not just automation but it's the reporting to prove to your auditors that you actually have the right controls in place and prove to yourself that your controls are working too right I think it's important for that too yeah it's no no go ahead I was going to say but it's also it's like there's a lot of users right now early on it was you had to be I think it was a celebrity to get a verified status if you as Sarah told you well I have a friend at Twitter and they can get you a verified status for 50 bucks all of a sudden verified users goes away so there's no integrity behind verified users if you can just pay to get verified so like the controls that Twitter put in place for the process to become a verified user it means that if I see that stamp I know that that is Elon Musk who tweeted versus somebody that integrity is critical to the platform the same core principles apply when it comes to governance is everybody has a customer and your customers want you to demonstrate that you have the controls in place so that if you're a third party vendor and you get breached it doesn't move over to their organization or if they're trusting their data on your platform like Azure, Google that their data is actually secured and it doesn't mean that everybody in your IT infrastructure can look at all the documents we're saving on your platform well we have quickly some breaking news here Scott Johnson who'll be on the show tomorrow is a grandpa again his new granddaughter is named Phoebe she was just bored during the recording of daily tech news show and he tweeted about it so congrats to Taylor Scott's daughter and her family and welcome Phoebe Phoebe we want you to stay hydrated you know humans need hydration it's true and Gatorade is a company that knows a little bit about that they want you to stay hydrated as well the company and a smart water bottle called the smart GX to maintain your baseline hydration level and monitor recoveries after workouts that sort of thing Gatorade is not the only company to do this but if you're interested in their product LEDs along the bottles cap which comes off can record daily hydration you know maybe you drink half a bottle then you fill it back up drink half again you know it's supposed to help you keep tracks so that you think about it less charging works over USB and a Gatorade spokesperson told and gadget the bottle is dishwasher safe the cap isn't because you've got to have the LEDs working but most of it can be cleaned regularly Gatorade also has an app called GX which includes things like nutrition and training information that's just on iOS at least for now the company does say a way to track what you drink from something other than the smart bottle is also on the roadmap for launch yeah because this is only going to track what's in the Gatorade bottle and if people are like I have a bottle that does this yeah this this isn't new the technology itself isn't new what's significant here is a brand like Gatorade getting into it and putting their name on it that's going to expose it to a bunch more people but yeah it's kind of it's kind of cool to be a refill it and it keeps tracking yeah yeah and you don't have to have maybe you love Gatorade but it doesn't have to be Gatorade that's inside the bottle either do you either one of you see yourself getting a bottle like this to track your I'll say your fluid intake I won't say Gatorade but whether it be water yeah when I've been really militant about my water intake which I have you know what I'm I don't know really being militant about what I'm in taking in general calories and water and stuff like that I have found it to be kind of cumbersome like I did have a glass of water like few hours ago crap okay let me you know go back and reset my stats this could be helpful for something like that you know or if I was training for a marathon and I was just like hydration was the utmost concern maybe more than it would be if I was just leading my normal sedentary lifestyle yeah it's safe for me I don't see myself going down the pathway this but it's often because I sit with a cup next to my desk all day every day and unfortunately it's usually half full by the time I walk from my kitchen in my basement and walk upstairs and realize I drank half of it so usually now I have a thermos and my glass so that I can refilling it throughout the day but I don't for me it's not about measuring what I intake it's just about making sure that I keep in taking and I don't see myself going this particular route yeah there's been a few studies recently McGill University had one that I'll throw in the show notes that the whole thing about drinking 6 to 8 glasses of water is kind of a myth like it's not a bad way if you're not getting enough water to sort of gauge whether you're getting enough water but you get water from a lot of food you don't really need to drink more than when you're thirsty unless there's something else going on unless you have a disease or it's particularly hot or you're exerting yourself like you're exercising like the Gatorade audience maybe so yeah I just I use a pint glass of water I just keep refilling it throughout the day I'm not too concerned and I don't work out at the level that I would need to really track this hydration but maybe you do the timing of my water intake is actually the most important slash annoying thing because if I drink too much right before bed then I got to get up instead of staying in bed all night so that has to be factored into which can be annoying not annoying is having Rod Simmons on the show Rod such a pleasure to have you today and we hope you come back soon let folks know where they can keep up with you in the meantime yeah so if you're looking at me from just a social standpoint I do a barbecue and tech podcast with Chris it was actually launched last year when you guys kicked off like kind of the hey contributor show and see if it where it goes so we launched barbecue and tech last year but I also run another podcast called SMR podcast which I think we record usually Wednesday or Thursday each week and we just get together three of us Rob Chris and myself and we just talk tech so if you want to find me those are probably the best place on Twitter it's Rod Simmons not I'm not creative when it comes to that and if you want to find me on Instagram go figure it's actually just Rod Simmons well we have a thing we have another thank you and that's to a brand new boss named Joe Mon. Joe Mon just started back in us on Patreon you are our new boss and we thank you Joe Mon. Welcome. Producer of today's show Joe Mon. Welcome. Yes indeed. Speaking of Patrons stick around for our extended show Good Day Internet which we like to call GDI which rolls right after the show wraps up you can catch this show though DTNS is live Monday through Friday at 4 p.m. Eastern twenty hundred UTC if you'd like to join us live but need a little bit more information go to dailytechnewshow.com slash live and that's where you'll find it we'll be back tomorrow with Grandpa Scott Johnson joining us we'll talk to you then. This show is part of the Frog Pants Network get more at frogpants.com Diamond Club hopes you have enjoyed this program.


I'm excited to journey with you as you learn how to take your help back today. We have two very enthusiastic women who are very passionate about your children's learning experiences through science as they spark their awareness with things around them. Welcome Dora Nakafuji and Ananda Ferrara. Hello, how guys are girls. So Dora, please tell us a little bit about your background. Wendy, this is probably a few times that I've been on this show and it's always exciting to have you on the show with you. My background is I'm an engineer and I'm currently at Kamehameha Schools and I'm in the strategy and transformation group. My role is really to kind of work across our various assets from campuses to properties to our lands and look for efficiencies and innovation technologies that we can actually bring to our landscape that can help us modernize but also be more efficient in the way that we use our resources. And Dora, you have a few alphabets that follow your name. I can't even spell them or get them in the correct order. Is it PHD? So tell us what your PHD is in, Dora. So by changing I'm an aeronautical mechanical engineer. So that just means that I like to work on systems that integrate a lot of different engineering systems together from energy to propulsion to flying in an aircraft because you have everything, from sanitation to food service. Wow, so I'm always so very proud whenever I see that and whenever I'm with Dora, I feel so special because she's one mighty wahini that took education up and beyond in the aeronautical engineering field wahinis. So learn from her, listen to her, feel her passion and you too can do this as well. And so Ananda, I would love to share what your history is all about as well. Thank you so much, Wendy. And I agree. I think Dora is one of the smartest people I know. I agree. So I've been working with the Y for the past 16 years. I started off in fitness center as a college student and once I graduated I realized that I need work experience in order to build a meaningful career and fortunately the Y was there and I thought that I would gain office skills but I gained so much more. I had the opportunity to tell parents that they qualify for financial assistance and I got to see those children thriving in our program. And that's when I realized that I was a part of something greater and so I've been strengthening communities in Hawaii with the Y of Honolulu for the past 16 years. I've worked in many, many capacities, resources, development, membership, marketing, and also as a branch executive director. We work on association wide initiatives, including diversity inclusion, healthy lifestyles, philanthropy. I'm currently leading Kupuna and volunteer strategies. I oversee the kind of key wildlife branch which is located by Kahala mall. They stop in and say hello. We are a gathering place, and we're welcome to all ages and backgrounds and abilities and interest and we offer not only expansive health and fitness resources classes, but we also have programs to help people all ages from toddlers to become their best selves in spirit, mind, and body. And so we serve thousands of children, adults, and seniors every year and we also have served thousands of meals to Kiki in need over the past two summers during the pandemic. Wow, so what does the Y program do? What don't they do, right? And that's our goal and my heart has always been integration of Kupuna and Kiki and that's exactly what you're doing there at the Y. So that's why we all resonate well to carry on with this journey to just get them together, hanging out, liking each other and communicating with each other and making it more like the blue zones. And that's the qualifications of blue zones when you have the Kupuna and Kiki communicating with each other. I think that's so very, very important. And I myself as a product of the Y, I mean baby and me classes, the exercise programs and the continuing exercise postpartum as well. So everyone I'm sure has had one step or one hand in the YMCA or the YWC programs as well. So thank you for being here ladies. So I know we have so much to talk about and so much energy that we want to put off and share with everyone. And I know we want to start about this SPARK program. Tell us about what is Project Spark? Well, Ananda and I can probably tag team on about this, but it actually just started out as kind of a concept of can we like link together concepts of land, ocean and space, and then create a meaningful experience for children or students and learn from practitioners that also work in this space of land, air and space. And so SPARK is actually an acronym for science, play space and sexual research and know how. And the reason that we wanted to do that is because it's really a offering or an opportunity for many of our students who could be SPARKed or basically inspired, and then give them a place that they can play, you know, and check out all these different exploratory opportunities, and then put to practice something that they really kind of are passionate about, and then eventually get to that level of performance that brings out their skill sets, and they become practitioners to teach others. So at any age, you don't have to be a kupuna just to teach it, but these kids can actually teach themselves, teach others, and that's what's exciting. And so offering this as a way to connect the whole cycle from land, ocean and spaces is all connected one system. That's what it's all about. And then connecting to the community and the practitioners so that they get some hands on experience. And I love the name SPARK. I mean, it's like another name for light. And, you know, we always want to work with light, sunshine, brightness and everything in that arena versus the other side. So is there anything you want to add to that, Ananda? Just want to say that, you know, this project was sparked by our friendship and partnership, and so excited by where the ideas will spark for the children in the future, and where they will go with their passions and their interests from this program. Wow. So from SPARK, we are going to cover all the different aspects. So we're going to start with a little bit of land connections. So we all know that every little creature has its role in our existence. So please tell us about a sweet creature that you had introduced their system and what they do in the role in our society. Dora, I know that this is exciting for you as well. Yeah.  And so when we think of land, we always think about agriculture and a lot of our elementary students get to experience growing kalo in the low heat. And one of the things that we, when we started working with a lot of the farmers is that we also realized that pollinators are just as important here in Hawaii. And without pollinators, we don't actually don't get fruit and we can't get seeds to continue. So working and teaming with a lot of our industry folks, and this project because we are reinventing how we engage with students, right? This group of kids with middle school age kids. So they're kind of at an age where they're kind of like, can't wow them anymore. They kind of know more than, they think they know more than we know already. And they're not high school students. They're not high school students where they're pretty much busy with their courses and they're a little bit more just in depth of what they're already interested in. Middle school age kids, they need to be sparked, right? So they want to be able to find someone maybe that they can see as a role model. And so what we did was we brought these practitioners that were really passionate about their roles. And there wasn't just a job. It was like, we have life for them. So they shared values, they shared connections to the land, they shared culture even because we're such a mix of different ethnicities, right? So I think it was really helpful to see that kind of connection. So the first thing we started with with these pollinators and started with bees. Bees are social bees and they're solitary bees. And so we worked with one of our practitioners, Jasmine Joy, who is a partner or founder of the Lea Hawaii, and she practices what's called ethical bee keeping. And it was amazing because what she brought was not only kind of a spiritual connection to these creatures of nature, but also this ethical practice of all the life cycles about the bees, isn't it? They're productivity, their ability to produce things that these humans can now enjoy, which is honey, but also the science and what is in the honey. So things like that, that things that we also did that we taught the kids about where solitary bees and where social bees live. So there's a connection also to our community too, because we actually launched in the summer for this perfect spark. So the kids were, and there was another slide I think of working with the kids where they got to help us restore the bees, the bee hives. We restored eight bee hives, 80 new frames, which then the bees can actually make their homes off of, which resulted in 500,000 bees to be rescued basically from the swarms. So thinking about preparing spaces and preparing them about taking care of nature's creatures, also taking care of also maybe even just our house's community. I mean, how does that connect to our society? They're rescuing bees, and they help us do so. So that's, that was with Jasmine Joy. Wow, that's, you know, I want to jump in because the bees, I mean, just bringing that hive to the students, most of us, even adults, we don't get to see that.  And people, I'm glad you brought that to the students because people have to realize the importance of that bee, because I always simplicity, for simplicity's sake, I would say, if we don't solve the bees, we don't have the flowers, we don't have the produce, and then what happens to us. So it's really brilliant of you all to bring that from the very beginning of your sessions to show this to the Kiki, how important it is to take your mother nature and the byproducts, which is the bee. And I just congratulate you. I mean, when I saw that, I was like, yay, yay, yay. And I know that you brought in the right people to speak on that and get them excited and interested on it, because that'll just spark one more bit of curiosity for them to want to dig into it and understand more, and maybe even just appreciate honey, and the value of honey and where it comes from. And then you mentioned that, you know, some of the bees are social and some are independent. And, you know, I surf, and more and more these days I find that I'm surfing with the bees. And what that simply means is we find a lot of bees in the ocean with us. Maybe they got off course, maybe the wind blew them somewhere they shouldn't be, but we try and save them and we draw out their wings and we try to bring them to shore. I don't know what the success rate is, but we feel we're doing a little bit of our part. And so I just like, I can still resonate with this whole process of the land and now we talk about water and I as I said the bees were in the water and here we are we're going to be talking about the water in our next segment right now. It's we here in Hawaii are surrounded by water and that's why the bees probably end up there. But sometimes we take it for granted. So I want you to talk to us more about water and being wise on its use. Yeah, so the next connection which is land to water and the water to space eventually but the land has definite connections we typically grow things in the land. But what we're also realizing is that it the land also needs water water is what life depends on. And so one of the things that we've been learning about to is this full connection to the environment and the water cycle. So learning about platforms that are much more efficient in the way that grow, conserve water utilize water and recharge it back into the earth. So the land, the all very important so thanks to you Andy, we have the tower garden, which has allowed us to introduce this concept of being water wise, and using these platforms to teach a different way of farming that utilizes aeroponics. And I actually find this is really fascinating because everybody thinks about only the soil but some of our kids live in urban areas and they don't have access to a garden, or, you know, they just don't have the ability to farm land, as we traditionally think. So these are aeroponics or hydroponics or occupied, they're actually providing opportunities and new platforms for our next generation of farmers, agro tech, you know, industry farmers that can actually take advantage of or utilize these resources or these platforms to grow. There's also a very exciting connection to space, because you wouldn't. One of the questions you always ask is how would you farm in space. And these platforms offer us that connection to dream beyond what we're doing here, but you have to know foundation how to grow, you have to know what it takes to care for a plant. And the nutrients that it needs or the plant needs to know to feed ourselves. So the platforms are an amazing thing that that you're, you're able to introduce us to and we're utilizing it in the community and and I'm not you may be able to share some other things that we're able to do with the tower garden. Over the course of the pandemic to. Yes, you know, the tower gardens we were so fortunate to have them on loan through Kamehameha schools and thanks to a grant now we own one and we're so excited because you know our footprint is pretty small and so to be able to grow these gardens vertically is just amazing. And so we actually were able to help provide fresh veggies to our employees that were on furlough during the pandemic. We also were able to provide veggies to children and our learning centers that were there while essential workers were out there working. And we also were able to provide to go Luna, who came in through our doors. So it's really been a wonderful addition and we're very happy to have it. Thank you so much for the opportunity. Wow, that's amazing. You know there's so many options of growing food, you know, aquaponics hydroponics, the system aeroponics or vertical growing systems, all very amazing. And part about any system is a system that works for you and it depends on your space, your land space, you know, your, your degree of time investment so it just matters and there's a system that suits every one of us. We just have to research it a little bit more and find the one that works, and that's the one that will take care of you. I know I've been growing my towers for almost 10 years, and I'll never stop. I know that you at the Y focused on two different methods of growing food this summer side by side. Please share with us this experience of and what were the results of growing side by side, whether it was Diana whether it was a vertical growing share with us your results on that. Thank you for asking.  And we also have our water garden towers and one thing we found is that the plants grew much faster with the water garden towers and also the bugs didn't get to them in the water garden towers so so I would say you know it was really great for the plants to be exposed to both methods and that's something they can bring home to their families so they may not necessarily have resources for a water garden tower but they can also grow something in a pot or in their backyard. Right, so as I mentioned the system that works best for you is a system that will create good health for you because you're taking the time to to invest into yourself by growing your own food. Another part for me is the prayer is that families will find community and communication around growing and while they're in the tower or in their fields, you know they'll take time to talk story and hear about the days. You know what went on in the day so I truly believe in what this is all about not just eating healthy but growing healthy together. So now Dora, let's discuss healthy airspace connections tell us more about that. So for this year, this is actually the second year we did the Project SPART with the YNCA. The last time we did it was actually the 50th anniversary of Apollo 11. So we actually had an opportunity to launch some rockets with the West Windward Community College. But this year, because we actually were looking at a lot of this environmental and clean air, how do we mitigate more carbon back into the atmosphere. So we're looking at these are trees right, our giant air scrouters, if you will, and they produce oxygen for us. They sequester the carbon. And we work with a nonprofit organization led by Wiley SmartTree specific, and they do a lot of what's called Citizen Forestry Educational Programs, and they've been helping out communities map out their green spaces by documenting their green trees. And that's actually helping the city and county as well to manage the trees but also be cost effective because if you don't take care of the trees even if they're in the sidewalk area, they will die. So that costs a lot of money for taxpayers. So all these kids got really engaged in learning what Citizen Foresters do. And what we hope is that they will be part of the next group of Citizen Foresters to help us continue to document, track, and also collect data on the trees. So they all got to learn about measuring trees. They learned about the science, the morphology, and how to collect data. So right now in this slide, you can see the kids were being exposed to different leaves, different types of trees that we find in our neighborhoods, and then learning to name them as well. And so these helping giants really are about a reflection about how healthy our own planet, our spaces are. And so in the future, they can maybe be those green citizen, Citizen Foresters, but also smart about building urban communities and cities where we have green spaces. So it's exciting to see that. Yeah, I love that when I first heard that term, you know, that the trees are like the air cleaners. But what are you, the air scrubbers or scrubbers, right? I mean, to clean our air, you know, I mean, not just by the science part of it, but just even their presence in our environment where the wind is scrubbed by the trees. It was really, it's brilliant. I, I wasn't made aware of it until I spoke with you and I was on that show and I heard it and I thought, wow, that's amazing. So, you know, even we as Kupuna are still able to learn and understand the value of what we have in our environment. So tell us a little bit about what is a Citizen Forrester action. This was actually kind of fun because every time Wei and his crew comes out, we learn more about what they have to do out in the community to actually document the trees. And, you know, getting data on trees is not that easy. But all these kids, I mean, they were amazing. So what we did was we actually, not everyone has the rulers ready, right. So we actually had to practice math, and then we actually use our rulers to give them what they call a diameter standard height where they go and make the measurements because when we make measurements for trees on a wide the tree trunk is, you know, at this certain certain location, not to feed off the ground is not five feet off the ground is at 5.5. So what we did was we gave, we showed the kids using their own body parts as ways to make measurements, and then we applied math geometry to estimate the height of the trees. So we're using body parts and using these, you know, so you can do this and making measurements. So these are all trade tricks of the trade, if you will, or actually practices that they do in industry to estimate height. So we gave the opportunity for kids an opportunity. And it's funny, we broke them up into teams, they got to do the estimates working with the Citizen Forresters. We all got them together, and they had to compare notes. So it's just my very much like working on a team, and we took an average of the data so it really was hands on in the sense that they practice math. They actually learned about using their body parts and really being able to perform right we're talking about playing and then practicing, you're performing now so the next time they're called to go out and figure out distances. So hopefully they'll remember practicing their case and using their body parts as measurements about this. Wow. That sounds like a MacGyver technique. Right. You don't need a carrier tape measure or ruler when you're out in the forest use your body parts I mean that's, you improvise and that's exactly to me the term MacGyver, and how he survives in any, in any situation. I mean, these students, these kids, our children, life skills that they'll always be able to use, not just with plants but even just in life so I love it, I mean every day that we can learn one more thing it's just phenomenal for me. So, Ananda, let me ask you, were you a product of the why. I'm not as a child, surprisingly, I wish I was because I've been exposed to so much more. I'm jealous of all the opportunities that these kids have I'm glad I get to be a part of it through their eyes. Dora was talking about the tree learning and it was fun to see the kids apply that to our big tree in our yard. You know, I learned a lot also. Yeah, how did the why get involved with all these great programs that are that you're sharing with us today. Thank you so as Dora mentioned, we started working together a couple years ago. And it started because Dora's children were in our program. And so we got to know each other and she was sharing about Project Spark and I was just so excited because it's perfectly aligned with our goals. So today we focus on building a healthy spirit, mind and body for all and we take a holistic approach to wellness and Project Spark supports that. And we're stronger together than separate and this certainly was the case this summer. So we decided to focus on our middle school program which is called not alakai, which means the leaders. The program addresses the immediate and future needs of middle school teams and local communities across a walk with a focus on the skills needed to thrive in school and in a post COVID world. In addition to physical activity team building and character development. We instill our five core values of honesty, caring, responsibility, respect and diversity. And we have four main goals of the program one community and culture, which includes developing the skills necessary to be a YMCA change maker. Life skills, kind of like what Dora was sharing with mapping college and career exploration and mental health awareness. Project Spark provided opportunities for our children to be exposed to new and exciting experiences through incursions. So they brought the bees to the Y and the plants and the water garden towers to the Y. And studying what we have in our very own yard and broadening their ideas and sparking wellness and providing structured activities in a safe environment for our youth to grow and thrive. Boy, I was going to ask you, I mean you explained everything in a nutshell, but I just want to ask you in a real quick sentence or do, how has coven affected the wise programs with the kinks. It's a new reality that we're living with. And I think what's so critical is that we provide those hands on person to person activities because now they're in front of a screen so much and so we provide those active interaction opportunities. Thank you for never giving up and being so creative and all these PhDs doctors and just parents and just love of citizens, putting together your heads together to continue to build and encourage our cakey to thrive and strive to be more and want more. So how does our audience get in touch with you and find out more about your projects that you are all creating. Well, thanks for the Y. Just to call you ananda call you directly by the Y. 737 5545 or email me a Ferrera at ymca honolulu.org. Wow. Okay, we got it. So we've come to the end of our program. So you've been watching taking your health back on think tech Hawaii. Mahalo to Dora, not to Fuji with command me as schools and ananda Ferrera from the YMCA. We're talking story with us and sharing your spark for life and for our cakey we truly appreciate all that you're doing. And we just welcome all of you back in a couple of weeks to see more of what take your health back has to share with you. I'm Wendy low and aloha for now.


Hi everyone, Joe for JASPVs, recapping this Fanatics Live Break on Sunday the 27th. This was a pristine baseball 2 box random team number 19 random auction. Big thanks to the winners here. Thanks for participating in the auctions. Appreciate that. All right, quick little recap, nice color in there, swings of summer short print Adley Rushman was pretty cool too. Your case tits, Jordan Groshan's, Velar Blue, Vinnie Pascantino, David Ortiz going going on insert autograph. That was nice. Alcantara, the O'Neill Cruz, Mr. 15, Joan Jones, Jim Tomey, and the Andrew Jones. Not numbered. There you go, that was a random team 19 from Fanatics Live, bye.


What is the first jersey that you owned growing up? A Michael Jordan jersey, yeah. Oh, first jersey, my dad's jersey. All I can remember is Brian Erlacher. It was either Laker jersey or Prime jersey when he played with the Cowboys. One of those two. The first jersey I owned was actually an Adrian Peterson jersey, a running bag jersey, I think when he was with the Vikings. I don't know why I had it. I wasn't even a Vikings fan, but I had that jersey and I wore the heck out of it. It was a Tony Romo jersey. My dad was a big Cowboys fan. He kind of passed it down to me. I think it was an Atlanta Hawks Mookie Blalock jersey. My first jersey was a Royal Blue Philadelphia 76ers Allen Iverson jersey. Allen Iverson, that's your best jersey. First jersey I owned LeBron James Cavaliers jersey, obviously. The best jersey? Literally, that's my first jersey.


Chairman Boyer, Managing Director de la Rocier, President Clausen, fellow governors, ladies and gentlemen, it's a distinct pleasure and privilege for me to introduce the President of the United States. Thank you very much, Don. Chairman Boyer, President Clausen, Managing Director de la Rocier, Governors of the World Bank and its affiliates and of the International Monetary Fund. Distinguished colleagues and guests, on behalf of my fellow Americans, I'm delighted to welcome you to the United States and to our nation's capital. As I'm honored to have this opportunity to speak again to your distinguished members, I say honored because I believe that your institutions, the World Bank and affiliates and the International Monetary Fund serve noble purposes. There can be no higher mission than to improve the human condition and to offer opportunities for fulfillment in our individual lives and the life of our national and our world communities. You are the leaders of the world community in bringing a better life to the diverse and often tragically poor people of our planet. You have worked tirelessly to preserve the framework for international economic cooperation and to generate confidence and competition in the world economy. The unending quest for economic, social, and human improvement is the basic drive that inspires and unites all of us. In 1945, when your great institutions were established, the civilized world had been brought to its knees by a wave of totalitarian violence that inflicted suffering, sacrifice, and the suppression of human rights on millions of innocent people. Security, freedom, and prosperity were very much in the minds of the citizens of the world in 1945. They should be on our minds today. The institutions you represent could not have been born, could not have flourished, and may I at will not survive in a world dominated by a system of cruelty that disregards individual rights and the value of human life in its ruthless drive for power. No state can be regarded as preeminent over the rights of individuals. Individual rights are supreme. In this civilization we have labored so faithfully to resurrect, preserve, and enhance. Let us be ever mindful, it is not just development and prosperity, but ultimately our peace and our freedom that are always at stake. Too often the demands of prosperity and security are viewed as competitors when in fact they're complementary natural and necessary allies. We cannot prosper unless we are secure and we cannot be secure unless we are free. The goals of the great international political and economic institutions, the United Nations where I spoke yesterday, and the World Bank, its affiliates, and the IMF you represent here today, were to be reached by trusting in a shared and enduring truth. The keys to personal fulfillment, national development, human progress, and world peace are freedom and responsibility for individuals and cooperation among nations. When I addressed the delegates of the United Nations yesterday I reminded them you have the right to dream great dreams, to seek a better world for your people, and all of us have the responsibility to work for that better world as caring, peaceful peoples think what a powerful force for good we could be. Today I come before your distinguished assembly in that same spirit, a messenger for prosperity and security through the principles of freedom, responsibility, and cooperation. When our nations trusted in these great principles in the post-war years, the civilized world enjoyed unparalleled economic development and improvement in the human condition. We witnessed a virtual explosion of world output and trade and the arrival of many free, self-determined, independent nation states as new members of the international system. As I said when I last spoke to you, the societies that achieved the most spectacular, broad-based economic progress in the shortest period of time have not been the biggest in size, nor the richest in resources, and certainly not the most rigidly controlled. What has united them all was their belief in the magic of the marketplace. Millions of individuals making their own decisions in the marketplace will always allocate resources better than any centralized government planning process. Trust the people. This is the crucial lesson of history because only when the human spirit is allowed to worship, invent, create, and produce, only when individuals are given a personal stake in deciding their destiny and benefiting from their own risks, only then do societies become dynamic, prosperous, progressive, and free. In the turbulent decade of the 1970s, too many of us, the United States included, forgot the principles that produced the basis for our mutual economic progress. We permitted our governments to overspend, overtax, and over-regulate us toward soaring inflation and record interest rates. Now we see more clearly again, we are working and cooperating to bring our individual economies and the world economy back to more solid foundations of low inflation, personal incentives for saving and investment, higher productivity, and greater opportunities for our people. Our first task was to get our own financial and economic houses in order. Our countries are interdependent, but without a foundation of sound domestic policies, the international economic system cannot expand and improve. Merely providing additional official development assistance will not produce progress. This is true for all countries, developed and developing, without exception. As the 1983 development report of the World Bank notes, that international actions can greatly improve the external environment confronting developing countries, but cannot supplant the efforts that the developing countries must make themselves. I believe the United States is making real progress. Since we took office, we've reduced the rate of growth in our federal government spending by nearly 40 percent. We have cut inflation dramatically from 12.4 percent to 2.6 percent for the last 12 months. The prime interest rate has been cut nearly in half, from 21.5 percent to 11 percent. Things released last week reveal our gross national product grew at an annual rate of almost 10 percent in the second quarter, and about 7 percent is estimated for the third. In the United States, we still face a large projected deficits, which concern us because deficit federal spending and borrowing drain capital that could otherwise be invested for stronger economic growth. But as Secretary Reagan correctly pointed out in the interim committee Sunday, the deficit is coming down as a result of economic growth. Revenues are higher than anticipated, and we expect continued improvement. We'll continue to work for greater restraint in federal spending, but we will not risk sabotaging our economic expansion in a short-sighted attempt to reduce deficits by raising taxes. What tax increases would actually reduce is economic growth by discouraging savings, investment, and consumption. One other point about the United States deficit, let me make clear that it is caused in part by our determination to provide the military strength and political security to ensure peace in the world. Our commitment to military security is matched by our resolve to negotiate a verifiable nuclear arms reduction treaty. Only then can we safely reduce military expenditures and their drain on our resources. As I mentioned at the outset, there can be no lasting prosperity without security and freedom. Turning more directly to economic development, all signs point to a world economic recovery gaining momentum. As early as last February, the conference board predicted that economic growth rates in the United States and six major industrial countries spell economic recovery in any language. Since then, industrial production in the OECD countries has been moving up. Your own IMF economists are predicting growth in the world economy of at least 3 percent next year. This is the brightest outlook in several years. As the U.S. economy picks up steam, our imports rise with it. When you consider that half of all non-OPEC developing country manufactured goods exported to the industrialized countries come to the United States, it's clear what a strong stimulus our imports provide for economic expansion abroad. And as other economies prosper, our exports in turn increase. We all gain. Many nations are moving steadily forward toward self-sustaining growth. And like us, they're doing it by relying again on the marketplace. This period of adjustment has not been easy for us. In fact, it's been very painful. But it is the one way that does work and it's beginning to pay dividends. Economic recovery is spreading its wings and taking flight. We all know those wings have not spread far enough and I would add recovery alone is not good enough. Our challenge is far greater, lasting worldwide economic expansion. Together we must make the 1980s an historic era of transition towards sustained non-inflationary world growth. I have every confidence that we can. With our combined leadership and cooperation, we will. The IMF is the linchpin of the international financial system. Among official institutions, it serves as a counselor coaxing the world economy toward renewed growth and stability. At various times in its history, the IMF has provided important temporary balance of payments assistance to its member nations, including my own. At times it must play the Dutch uncle, talking frankly, telling those of us in government things we need to hear but would rather not. We know how significant the IMF's role has been in assisting troubled debtor countries, many of which are making courageous strides to regain financial help. We warmly applaud the efforts of Mr. Del Rossiere and his staff. My administration is committed to do what is legitimately needed to help ensure that the IMF continues as the cornerstone of the international financial system. Let me make something very plain. I have an unbreakable commitment to increased funding for the IMF, but the U.S. Congress so far has failed to act to pass the enabling legislation. I urge the Congress to be mindful of its responsibility and to meet the pledge of our government. The IMF quota legislation has been pending for several months, and I do not appreciate the partisan wrangling and political posturing that have been associated with this issue during recent weeks. I urge members of both political parties to lay aside their differences, to abandon harsh rhetoric and unreasonable demands, and to get on with the task in a spirit of true bipartisanship. The stakes are great. This legislation is not only crucial to the recovery of America's trading partners abroad and to the stability of the entire international financial system, it is also necessary to a sustained recovery in the United States. The sum we're requesting will not increase our budget deficit, and it will be returned with interest as loans are repaid to the IMF. What's more, it will keep the wheels of world commerce turning and create jobs. Exports account for one out of eight manufacturing jobs. In our country, the United States, 40 percent of our agricultural products are exported. I'm afraid that even today too few in the Congress realize the United States is interdependent with both the developed and the developing world. Examine the record, the United States has been a dependable partner reaching out to help developing countries who are laboring under excessive debt burdens. These major debtor countries have already undertaken difficult measures in a concerted effort to get their economic houses in order. Most of them are working closely with the IMF to overcome economic hardships. They continue to demonstrate a commendable willingness to make necessary adjustments. And that's why I can state that our participation in the IMF quota increase is not a government bailout of these debtor countries or of the banks which are sharing the burden. On the contrary, IMF plans to assist financially troubled countries, call for the banks to put up more new money than the IMF itself. This is by nature a cooperative enterprise. If the Congress does not approve our participation, the inevitable consequence would be a withdrawal by other industrialized countries from doing their share. At the end of this road could be a major disruption of the entire world trading and financial systems, an economic nightmare that could plague generations to come. No one can afford to make light of the responsibility we all share. We strongly support the World Bank. In fact, the United States remains its largest single contributor. We recognize its key role in stimulating world development and the vital assistance it provides to developing nations. Here again, I have proposed legislation to meet our commitment for funding the World Bank and especially the International Development Association. It is important that these funds be available to help the people in the poorest countries raise their standards of living. Tomorrow Secretary Reagan will be discussing both the fund and the bank in more detail. Because our investment in the World Bank's operations is so large, we feel a special responsibility to provide constructive suggestions to make it even more effective. Let me simply underscore again a fundamental point and I say this as a spokesman for a compassionate, caring people. The heart of America is good, her heart is true. We've provided more concessional assistance to developing nations than any other country, more than $130 billion in the last three decades. To the question at hand, be bank project financing or fund balance of payments assistance, it must be considered a compliment to not a substitute for sound policies at home. If policies are sound, financing can be beneficial. If policies are irresponsible, all the aid in the world will be no more than money down the drain. As we work together for recovery, we must be on guard against storm clouds of protectionist pressures building on the horizon. At the recent economic summit in Williamsburg, my fellow leaders and I renewed our commitment to an open, expanding world trading system. The Williamsburg Declaration reads, we commit ourselves to halt protectionism and as recovery proceeds to reverse it by dismantling trade barriers. As such words will prove to be empty promises or symbols of a powerful commitment, depends on the real day-to-day actions which each of our governments take. Everyone is against protectionism in the abstract. That's easy. It is another matter to make the hard, courageous choices when it is your industry or your business that appears to be hurt by foreign competition. I know we in the United States deal with the problem of protectionism every day of the year. We are far from perfect, but the United States offers the most free and open economy in the world. We import far more goods than any nation on earth. There is more foreign investment here than anywhere else. And access to our commercial and capital markets is relatively free. Protectionism is not a problem solver. It is a problem creator. Protectionism invites retaliation. It means you will buy less from your trading partners. They will buy less from you. The world economic pie will shrink and the danger of political turmoil will increase. You know, I've made this analogy before, but we and our trading partners are in the same boat. If one partner shoots a hole in the bottom of the boat, does it make sense for the other partner to shoot another hole in the boat? Some people say yes and call it getting of each of our own individual citizens. In improving their lot, which is the only reason you and I hold high offices in our lands, we cannot forget that how we help them progress economically must be consistent with this highest objective of all. Their personal dignity, their independence, and ultimately their freedom. That's what this job of ours is all about. Thank you very much and God bless you all.


Hello and welcome to the session in which we would look at current maturities of long-term debt or current portion of long-term debt. This is part four of four of the current liability series. In the first series we looked at accounts payable and notes payable. In series number two we looked at five different current liabilities. In the third series we looked at employee-related liabilities and in this session we would look at current maturities of long-term debt. If you don't know what current liabilities are by all means go to my recording one in this series and make sure you know in details what is current liabilities. Now what is the big idea about current liabilities of long-term debt? Well we have to understand that long-term debt has a current portion. What does that mean? It means if you have a long-term debt, long-term debt, it has a current portion and a long-term portion. Well why is that relevant? Why is that important? That is important because it's going to influence the ratios. If you don't count your current, if you don't count your current portion what's going to happen? It's going to go into your long-term portion. It's going to affect your long-term ratios. Also it's going to reduce your current ratio. It's going to increase your current ratio because you have less debt. You have current, you have less current liabilities. Therefore your current ratio will go up and many banks, many investors, many lenders, they look at current ratio.  So if you can take the current debt and make it long-term debt, financially you would look good and this is the purpose of it. So you want to make sure you are classifying your debt in the right place, whether it's current or non-current. And long-term debt will include notes, which is loans, bonds, mortgage notes, so on and so forth. Now when I was in practice we had a customer, I still remember him, it was a funeral home for that matter. He had 16 different notes payable and he constantly refinanced those notes. So every three months he would refinance a note and we had to prepare financial statements for him. So every quarter I had to sit down and go over 16 different loans, break the long-term portion, the long-term portion into a current portion and long-term portion and he always disagreed with my current portion because he didn't want a certain amount to be in the current portion because it's influencing his current ratio and banks did not like this. So this is why it's important. Now on the balance sheet this is what it looks like. We have a current portion of long-term debt and we have long-term debt net of the current portion. Before we examine the balance sheet, I would like to remind you whether you are an accounting student or a CPA candidate to take a look at my website farhatlectures.com. I don't replace your CPA review course or your accounting course. I'm a useful addition to your CPA review course. I'm a useful addition to your accounting education. I explain the material differently. I provide you additional resources that's going to help you succeed. Your risk is one month of subscription. Give it a try. If you find it's helping you, you keep it. If not, you cancel. That's your risk. Your potential return, improving your performance. If not for anything, take a look at my website to find out how well or not well your university doing on the CPA exam. This is a list of all my accounting courses with lectures, multiple choice, true, false, additional resources. My CPA supplemental material works along your Becker course, Wiley course, Roger and Gleam. It's very easy to go back and forth between my material and your CPA review course. If you have not connected with me on LinkedIn, please do so. Take a look at my LinkedIn recommendation like this recording. Share it with other connect with me on Instagram, Facebook, Twitter and Reddit. So if you notice on this balance sheet, we have a current portion of long term debt and long term debt net of current portion. So we're examining the 6,000 and this 24,000. What does that mean? It means this loan, the total amount of the loan of the long term debt, long term debt, the total amount is 24. Of that amount, 6,000 is considered short term and 24,000 is considered long term. Now, how do we come up with this 6,000 and how do we come up with the 24,000? I'm going to switch to the Excel sheet and show you a typical loan payment schedule, then show you how we came up with this conclusion. So if we look at this loan, we see the payment is $500 and we have in total 60 payments. Let's go down all the way to sell 60. We have 60 payments each $500. If we add all the payments, the total loan is $30,000. So here's what we have to do at the end of the year. We have to look at the next 12 payments and they happen to be $6,000, which is 500 times 12, $6,000. And what remained? Well, if the total debt is 30,000 minus 6,000, the next 12 payments, what's left is 24,000. So the long term portion is 24. The short term portion is 6. And this is how we break it down. We looked at the next 12 payments and we isolate them. And we're assuming those 12 payments are principle. Now, bear in mind, I'm just simplifying things. In the real world, you'll have a schedule where you have the principle amount and the interest broken down. Just to make the point, I'm keeping it, I'm keeping it simple for the illustration. Now, I hope this makes sense how we came up with the 36, with the 6,000 and the 24,000 separately. Let's also take a look at what's not included in current liabilities because that's important. It will influence the current ratio. Current liabilities, which is current debt paid by assets accumulated that have not been shown as current assets is not current liabilities. If you have a liability, although it might be current, you have to pay it now. But if the cash that you are using was set separately in some sort of a sunk fund, and that sunk fund was not considered a current asset, it's separately, maybe under other assets, its own category, then that liability is not a current liability. Why not? Because for a liability to be a current liability, it has to consume a current asset. If it's not consuming current asset, it's not a current liability. Also liabilities that's going to be refinanced or retired from the proceeds of a new debt, and that debt obviously is long term is no longer current liability. And we're going to talk about this topic a little bit more in the next session, or if the current liability is refinanced by converting into capital stock. And this is when we talked about reclassification, when do we consider a current liability, a current liability, and when we execute current liability from the current portion. And this is what we will look at in the next session. What I suggest you do is this, at this point go to my website farhatlectures.com and work multiple choice true false questions exercises that's going to help strengthen your knowledge in this topic. Again, I'm going to invite you to visit my website for the third time farhatlectures.com for additional resources that's going to help either pass your CPA exam or improve your performance at your college. Don't shortchange yourself, invest in your accounting career, it will pay dividend down the road. Good luck, study hard, and of course, stay safe.


Guys I'm back. I forgot to do one thing. I need to do the non numbered card randomizer We didn't have any in the angels random number block, but we did have one in the Tampa Bay random number block So I'm gonna use the numbers To figure out who that's gonna go to so we're gonna randomize the numbers We had three different non numbered cards in that random number block here. One of them was a relic Neither was something I was missing There was Alejandro Kurt Nate Pearson dual relic that was non numbered a G-man Choi base and a Shane McClanahan base as well. So here are those numbers there for the random number block zero through nine number on top after Six and a four ten times is gonna get that it get the non numbered cards for that random number Good luck 10th and final time. It's gonna go to spot three, which is Aaron McCluskey So ten times on randomizer ten times on the dice Spot three Right there Tampa Bay random number block spot three Aaron McCluskey, and there you go guys that finishes it up That was twenty twenty one panini spectra baseball four box half case break picker team one jasmine case breaks calm I'm Sean. Thanks for hanging out. See you next time