AS WELL AS FRIDAY.
.
16 WE WILL COME BACK TO YOU,
THANK YOU SO MUCH.
CHARLES PAYNE GETTING THE BIG
DECISION AT 2:00 P.M.
.
HE JOINS US NOW, GREAT TO SEE
YOU.
IT FEELS LIKE WE ARE AT AN
INFLECTION POINT.
EVEN JEROME POWELL WILL HIKE
THE 25 BASIS POINTS AS THE
MARKET ANTICIPATED AND SIGNAL A
PAUSE OR HE IS GOING TO TAKE
THE PLUNGE AND PAUSE RIGHT NOW
BUT EITHER WAY, THIS WILL BE
CRUCIAL TO THE MARKET.
CHARLES: WE SAY THIS IS THE
MOST CONSEQUENTIAL ONE IN A
LONG TIME, TODAY, TO YOUR
POINT, THIS IS EXTRAORDINARILY
CONSEQUENTIAL.
THE FACT WE DIDN’T WAKE UP AND
THE MARKET WAS PLUNGING WAS
MAYBE IN OF FOLKS BELIEVE THERE
IS A CLEAR SIGNAL OF A HIKE AND
A CLEAR SIGNAL THAT THIS IS A
PAUSE.
MAYBE HE USES THE WORD PAUSE OR
THERE IS NO RATE HIKE AT ALL.
THE DANGER IS WHAT DOES THE FED
SEE IF THERE IS NO RATE HIKE.
THEY SEE CERTAIN THINGS THEY
ARE LOOKING AT, FOR INSTANCE
THE NEXT SENIOR BANK LENDING,
THEY ARE ACCUMULATING THE DATA
RIGHT NOW.
IF YOU KNOW TIGHTENING IS
SEVERE ALREADY, WHY BUT THEY
HIKE RATES KNOWING THAT EARLY
NEXT WEEK?
JACKIE: WE GOT NUMBERS SHOWING
SIGNIFICANT STRENGTHENING.
WE GOT NUMBERS YESTERDAY
SHOWING JOB OPENINGS ARE COMING
DOWN, BUT THIS IS A LABOR
MARKET THAT IS CONTINUING TO
TICK A LONGER.
DID THE FED SAY THE REGIONAL
BANKING CRISIS IS SUSTAINED,
NOT A SYSTEMATIC ISSUE OR SOME
INHERENT RISKS GIVING THE
UNINSURED DEPOSITORS IN BANKS
THAT HAVE FAILED, THE LABOR
MARKET IS OKAY.
INFLATION IS NOWHERE NEAR 2%.
%.
THIS IS OUR GO-AHEAD TO KEEP
GOING.
CHARLES: HE HAS ADMITTED A
COUPLE THINGS.
HE ADMITTED -- THEY SEE THAT
COMING.
THEY KNOW THERE ARE SIGNS OF
RECESSION.
LOOK ON THE SCREEN.
WE’VE GOT CRUDE OIL ALL DAY.
IT WAS 5% YESTERDAY, UNDER 70
TODAY.
A MONTH AGO THE NARRATIVE WAS
OPEC IS TIGHTENING AND CHINA
COMING BACK A LOT.
BRIAN: OPEC DID NOT INTEND
THIS.
THEY ARE LIKE WHAT IS
HAPPENING?
CHARLES: CHINA WAS REOPENING.
MAYBE -- I DON’T WANT TO
DIGRESS -- WHAT IS INTERESTING
IS WITH THE SITUATION WITH THE
BANKS, THE FED FIND THEMSELVES
IN A TOUGH PREDICAMENT BECAUSE
THIS RAPID RATE HIKE IS A
DIFFERENT ISSUE.
IF THEY HIKE, MONEY MARKET
FUNDS WILL BE MORE COMPETITIVE,
MORE STRAINED ON REGIONAL
BANKS.
IT IS HARD TO IGNORE THAT.
BRIAN: YOU SAID IS POWELL GOING
TO TWIST THE KNIFE A LITTLE
BIT?
A LOT OF PEOPLE ARE SAYING HOW
PAINFUL BULLET GET IF THEY HIKE
AGAIN, IF THERE’S MORE PAIN IN
STORE FOR FOLKS WATCHING
INTEREST RATES AND HIGH
INFLATION, I CAN’T GET OUT OF
THIS.
EITHER I’M PAYING A LOT FOR
MONEY OR GROCERIES.
CHARLES: RIGHT.
THE PROBLEM IS MAINSTREET’S
PAIN, AND HOW DOES THE FED SEE
IT.
IF YOU ONLY SEE IT THROUGH DATA
REPORTS AND SPREADSHEETS, YOU
DON’T SEE IT.
YOU DON’T SEE IT UNTIL IT IS
TOO LATE.
YOU MENTIONED ADULTS REPORT,
THAT’S A TWO MONTH OLD REPORT.
THE THREE MONTH DECLINE IS THE
SECOND LARGEST IN HISTORY.
THAT IS TWO MONTHS AGO.
MIGHT BE MORE PRECIPITOUS THAN
THAT.
THE FED HAS 2-WAY THIS STUFF.
JAY POWELL IS THINKING OF HIS
LEGACY BUT THIS IS THE PERFECT
OPPORTUNITY TO SAY I AM
PRAGMATIC, WE’VE DONE AN
AMAZING JOB IN TERMS OF
STEPPING UP TO THE PLATE, 75,
DID LISTEN TO ANYONE.
OVER 2.0.
LET’S JUST SEE HOW MUCH DAMAGE
WE’VE DONE.
CHARLES: IT IS TRANSITORY.
REMAIN TIGHT FOR A MINUTE.
WE WANT YOUR TAKE ON THIS NEXT
STORY BECAUSE THERE IS A I
ANXIETY IT.
KAMALA HARRIS IS MEETING WITH
FOUR TECH EXECUTIVES ON
ARTIFICIAL INTELLIGENCE.
THE TECHNOLOGY IS PUTTING
MILLIONS OF JOBS IN JEOPARDY.
KELLY O’GRADY IS LIVE IN LOS
ANGELES WITH THE LATEST.
>> Reporter: THAT IS RIGHT.
THERE’S A LOT OF TREPIDATION
ABOUT WHAT COULD HAPPEN TO THE
JOB MARKET.
WE ARE SEEING PREDICTIONS A I
WILL IMPACT WHITE-COLLAR JOBS
VERSUS BLUE-COLLAR.
THERE’S A NEW STUDY THAT
PREDICTS 14 MILLION JOBS COULD
BE LOST BY 2,027, CLOSE TO A
QUARTER OF ALL JOBS WILL CHANGE
AND ADJUSTMENTS COULD BE DRIVEN
BY AI.
SOME OF THE ROLE THAT RISK WITH
THE ACCOUNTANTS, CASHIERS,
CUSTOMER SERVICE WORKERS, JOBS
THE COULD BE REPLACED BY
AUTOMATION.
MANY CEOs HOPE IT WILL CREATE
JOBS AS WELL.
>> I I A I CAN TAKE A LOAD OFF
OF THESE ACTIVITIES.
IT IS ABOUT COST AVOIDANCE.
AS LONG AS YOU ARE TRANSFORMING
YOUR BUSINESS YOU NEED
DIFFERENT SKILLS SO THIS ALLOWS
YOU TO RE-SKILL YOUR WORKFORCE.
>> Reporter: THE QUESTION IS
WHAT ABOUT THE FOLKS THAT WERE
PUSHED OUT.
WILL THEY BE LEFT BEHIND?
THEY ARE NOT JUST A STATISTIC
BUT YOUR NEIGHBORHOOD BANK
TELLER, YOUR NEIGHBORHOOD
CASHIER.
WE ARE ALREADY SEEING SOMETHING
LIKE THIS PLAY OUT.
THERE’S A STRIKE IN HOLLYWOOD.
THE WRITERS DON’T WANT TO
STUDIOS TO USE AI IN EDITING,
WRITING SCRIPTS.
YOU ARE SEEING THE TREPIDATION
PLAYING OUT IN REAL LIFE.
JACKIE: I WANT YOUR TAKE ON
THIS.
THESE ARE JOBS THAT WILL GO
AWAY, PEOPLE ARE BANKING ON THE
FACT THAT AI WILL CREATE MORE
JOBS BUT WE DON’T KNOW THAT.
WE WILL NOT SEE THESE JOBS COME
BACK ONCE THEY ARE GONE.
CHARLES: I AM A NATURAL BORN
LUDDITE.
ONE THING, IF EVERYONE IS
CORRECT ABOUT THE JOBS THAT
WILL BE LOST WILL BE LOST
IMMEDIATELY IN THE TRANSITION
PERIOD IS A TOUGH GOLF.
NOT EVERYONE CAN BE, QUOTE,
RETRAINED.
WE SEE THAT NOW WHEN YOU TRY TO
TRAIN PEOPLE, GENERATIONAL
ISSUES COME UP AND OTHER
PROBLEMS OF COME UP.
IT’S DEVASTATING.
I DON’T THINK -- IS GOING TO BE
LOW-PAYING JOBS.
THIS THING COULD TAKE ANYONE’S
JOB.
IT COULD DO OUR JOB.
WITHOUT THE REAL CUTE
INFLECTION POINTS, IT CAN READ
THE TELEPROMPTER.
THERE ARE NO GUARD RAILS WHICH
I DON’T HAVE A LOT OF
CONFIDENCE ABOUT WHAT IS GOING
TO GET DONE.
TAYLOR: LET’S TALK ABOUT SOME
OF THE GUARDRAILS, THE CHAIR OF
THE FTC, LET ME BRING YOU, SHE
RUNS THE FTC AND SAYS IT IS IN
HER JUDICIAL POWER TO START
SOME REGULATIONS, WHEN
ENFORCING THE PROHIBITION ON
DECEPTIVE PRACTICES, DEPLOYING
THESE TOOLS, SOME OF THE
UPSTREAM THAT IS ENABLING THAT
HINTING SHE’S GOING AFTER BIG
TECH.
WHAT DOES THE REGULATION LOOK
LIKE?
CHARLES: IF IT IS ABOUT SELLING
A PRODUCT THAT WAS FALSELY
MANUFACTURED THROUGH AI OR
LABELING, IS CURRENTLY ACTIVITY
AND WE REPLACED THE HUMAN BEING
WITH ARTIFICIAL INTELLIGENCE.
CHARLES: I DON’T THINK
SOCIALISM AND A I MIX WELL.
IF OUR SOLUTION IS TO GROW THE
GOVERNMENT TO SOLVE THE PROBLEM
I DON’T THINK IT WORKS.
THE INTERVIEW WE WATCHED,
BUSINESSES NEED TO GROW, CREATE
MORE OPPORTUNITIES, SOCIALISM
DOESN’T DO THIS.
WHEN THEY SAY REGULATE, YOU ARE
GOING TO --
TAYLOR: I DID IT TO WORK YOU
UP.
CHARLES: I WOULD LIKE TO CAI
TRY THAT.
DON’T SEE THAT NUANCE YET.
TAYLOR: A NEW ROOM -- A SLEW OF
BUSINESSES CLOSING UP SHOP IN
SAN FRANCISCO AND THEY ARE
BLAMING RAMPANT CRIME AS THE
REASON.
NORDSTROM, ANTHROPOLOGY, THE
LATEST RETAILERS TO FLEE THE
CITY.
I WANT TO GET TO THIS SOUNDBITE
BECAUSE IT IS A GOOD AND
POWERFUL TAKE ON IT.
LAURA INGRAHAM WAS THERE.
>> THIS IS THE DISTRICT FOR
HARD-CORE DRUG ADDICTS.
>> TAKE A LOOK AROUND AND YOU
SEE PEOPLE ADDICTED TO
FENTANYL, CRYSTAL METH, HEROIN,
CRACK COCAINE, YOUR GARDEN
VARIETY OF DRUGS AND THIS IS
WHERE YOU FIND PEOPLE ON
DIFFERENT DRUGS WALKING AROUND. YOU WILL SEE SOMEONE SHOOTING
YOU WILL SEE SOMEONE SHOOTING
UP RIGHT IN BROAD DAYLIGHT.
JACKIE: I WORRY NEW YORK WILL
TURN INTO SAN FRANCISCO.
CHARLES: HARD NOT TO IMAGINE IT
HAPPENING.
I LIVED IN NEW YORK IN THE 70s.
I HEAR PEOPLE TALK A LOT, FOLKS
WHO MOVED HERE IN THE LAST 10
OR 20 YEARS AND I SAY YOU HAVE
NO IDEA HOW BAD IT CAN GET.
EVERYTHING I HAVE SEEN, I’VE
SEEN PEOPLE SHOOTING UP, EVERY
TYPE OF ANTISOCIAL ACT KNOWN TO
MANKIND IN DAYLIGHT, IN THE
PUBLIC, WALKING TO SCHOOL,
CLIMBING OVER JUNKIES, CLIMBING
OVER WINOS, I’VE SEEN IT ALL.
WE ARE GOING TOWARD THAT
QUICKLY.
JACKIE: CAN I PLAY DEVILS
ADVOCATE?
I’M TRYING TO BRING YOU A GOOD
CHUNK TO GET YOU WORKED UP.
THE MTA AND BART, THE BAY AREA
REGIONAL TRANSPORTATION
AUTHORITY IN SAN FRANCISCO, NEW
YORK CITY IS BACKUP TO 70% OF
2019 LEVELS.
SAN FRANCISCO IS AT 47%.
COULD THE CASE BE NEW YORK,
WHAT HAS GOING FOR IT THAT SAN
FRANCISCO DOESN’T, PEOPLE ARE
RETURNING AND THERE IS A SENSE
OF SAFETY IN NUMBERS THE WAY
SAN FRANCISCO DOESN’T HAVE.
CHARLES: NEW YORK FEEL SAFER
THAN SAN FRANCISCO.
YOU COULD DO OFFICE VACANCIES
FOR 30%.
SAN FRANCISCO CELL PHONE USAGE
WHICH IS DOWN 70%.
NEW YORK IS ONLY DOWN 25%.
THERE’S A LOT OF PARALLELS THAT
SHOW WE ARE DOING BETTER THAN
THAT BUT THAT’S NOT A
COMFORTING IDEA WHEN YOU HAVE
FOLKS IN CHARGE WHO WOULD LIKE
TO GET TO THIS POINT.
IT’S A CAUTIONARY TALE.
WE THOUGHT IT WAS ENOUGH TO BE
A CAUTIONARY TALE, YOU WOULDN’T
HAVE THIS CONVERSATION BUT WE
DO KNOW THAT WHATEVER IDEOLOGY
DRIVES THIS, CHARTS,
STATISTICS, FLEE A CITY, THEY
ARE WEDDED TO THESE IDEOLOGIES,
THE OUTCOME IS BETTER.
HE
JACKIE: MY CHART DIDN’T IMPRESS
YOU.