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Twenty states still have the federal minimum wage at $7.25, and 19 of those states voted for you. During the 2020 debate, you mentioned considering raising the minimum wage. Now that you're returning to the White House, will you raise it for those states? It's a low number, but raising it too much can hurt businesses, as seen in California where many restaurants are closing. The impact varies greatly by region; places like Mississippi and Alabama differ significantly from New York and California in terms of cost of living. A uniform federal minimum wage might not work effectively across all states due to these differences. I would want to consult with governors on this issue.

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Why did you and your husband participate in a large Visa IPO in March 2008, especially with legislation affecting credit card companies at that time? Did you consider it a conflict of interest? I’m not sure what point you’re trying to make with your question. Are you suggesting it's acceptable for a speaker to accept a favorable stock deal? You participated in the IPO while being Speaker of the House. Do you believe that wasn’t a conflict of interest or at least appeared to be one? It only appears that way if you base it on a false premise, which isn’t true. I’m unclear on which part you find untrue. Can you clarify? Yes, I can act upon an investment.

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Senator Warren, why the fear of transparency regarding Elon Musk's exposure of alleged fraudulent spending? How did you accumulate a $12 million net worth on a congressional salary of $200,000? I'm asking for transparency. You're obstructing my camera. Why the resistance? What's the issue with Dogecoin? You just elbowed me. Transparency is clearly your enemy.

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Visa and Mastercard representatives state their profit margins are around or above 50%. The reason small businesses continue using Visa and Mastercard, despite high fees, is customer convenience. Visa and Mastercard control 80% of the market, which contributes to the problem. The estimated cost to Missouri businesses from these fees is $1.5 billion a year. Businesses don't have a choice because Visa and Mastercard control so much of the market. The DOJ lawsuit claims Visa and Mastercard threaten retailers with staggering financial penalties if they use a competitor and pay Apple and Square not to compete. This is described as classic collusive monopoly behavior.

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I was asked about my husband and I's participation in a large Visa IPO deal back in February, especially considering major legislation affecting credit card companies was being considered in the House at the time. The question was whether I considered it a conflict of interest, being Speaker of the House. My response is: What is the point of this line of questioning? It was asked if I thought it was alright for a speaker to accept such a favorable stock deal. Well, we did. And at the time you were Speaker of the House, you don't think it was a conflict of interest or have the appearance of a conflict of interest? It only has the appearance of a conflict if you are operating on a false premise. It's not true, and that's that. I would not act upon an investment.

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Senator Warren, I'm curious about your financial background. How did you manage to accumulate a $12 million net worth while earning a $200,000 salary in Congress? Could you explain how you achieved that? Excuse me, I'm simply asking a question and would appreciate it if you didn't obstruct my camera. We are on a public sidewalk.

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Speaker 0 asks Speaker 1 about accepting a large IPO deal from Visa in 2008 while legislation affecting credit card companies was being discussed. Speaker 1 questions the point of the question and denies any conflict of interest. Speaker 0 insists on whether it was appropriate for a speaker to accept such a deal, but Speaker 1 dismisses it as a false premise. Speaker 0 asks for clarification, and Speaker 1 confirms that they would act upon an investment.

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I want to talk about waste, fraud, and abuse. People like President Musk and Trump are using their public offices to enrich themselves by billions of dollars. Why is there silence about looking into the actions of the president and the richest man on Earth? I will say President Musk and Trump often use their public offices to enrich themselves. I will withdraw calling Trump "grifter-in-chief." It's despicable that this committee is silencing me for bringing up that Trump is making millions of dollars.

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Our financial systems are antiquated. We're unable to track trillions of dollars in transactions. Information sharing is severely limited by outdated and incompatible technological systems.

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Our payments to NATO are disproportionate and ridiculous compared to others. Solving this issue is crucial because it will allow us to address important causes like homelessness, farmers, and healthcare. Unfortunately, we don't have the funds to support these priorities because our country is financially strained. If we had better business abilities, we could generate surplus profits that could be used to defend and support our homeless, poor, sick, and farmers. Instead, we are giving money to countries that don't care about us.

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Senator Warren, why are you so against transparency and Elon Musk's efforts to expose alleged fraudulent spending? How did you accumulate a $12 million net worth on a congressional salary of $200,000? You keep trying to block my camera. What's the issue with transparency? Why are you so opposed to discussing DogeCoin? You just elbowed me. Transparency is clearly your enemy.

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Senator Warren, why the fear of transparency regarding Elon Musk's exposure of fraudulent spending? How did you accumulate a $12 million net worth on a congressional salary of $200,000? You keep trying to block my camera; this isn't a public sidewalk. You won't answer my questions. What's the problem with transparency, and why is Doge such a problem for you? You just elbowed me—I have it on camera. Transparency is your enemy.

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Wow! Look at this crowd! We're at the Consumer Financial Protection Bureau, created by Dodd-Frank to help consumers fight back against predatory practices by big banks and student loan companies. Before this, people had nowhere to turn. Why would someone like Elon Musk want to dismantle this? Because he's a thief, a gangster, and he and his billionaire friends want to take over the country. Trump even said you can buy your way into power.

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Visa and Mastercard's decision to stop processing payments on Pornhub following controversies is discussed. The speakers question the power of these companies to determine what is deemed acceptable in society. They suggest that Visa and Mastercard's actions are performative and driven by a desire for plausible deniability. The speakers mention a lawsuit alleging that Visa conspired with Pornhub to profit from sex crimes. They also discuss the role of psychologists hired by Alo, the parent company of Pornhub, to provide cover for Visa and Mastercard. The speakers express skepticism about the trustworthiness of the data provided by these psychologists. They note that Visa and Mastercard's decisions are primarily driven by their desire to make money.

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We can't track $2.3 trillion in transactions. That's two trillion, three hundred billion dollars.

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Mister Fink, will you follow Trump's plan to eliminate DEI and ESG in your companies? BlackRock seems authoritarian and unaccountable. Have you spoken to Trump since his election? Why are your bodyguards pushing journalists? Many states are divesting from your ESG schemes, which raises questions about your loyalty to shareholders. Do you feel above accountability? Why do you think BlackRock is so disliked? Are you planning to run for office? Your bodyguards' behavior suggests a lack of respect for the public. What’s your end game? You seem to control both sides of politics from behind the scenes. Your actions, including taking photos of journalists, reflect a troubling mindset. We are here to ask questions about BlackRock, and we won’t stop.

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Experiment. 400 people, same moments, same grocery stores, same items. Some paid $4.69 for eights. Some paid $4.28. Wheat thins, four different prices. Peanut butter, three different prices. An algorithm decided who pays more. So how did they decide who pays what? It's watching everything you do, what you search for, what you browse online, what you buy, when you buy it. It builds a profile, and then it calculates what's the most this person will pay. It's called surveillance pricing. Corporations using your data to charge you the maximum amount they think you'll pay. Here's how they did it. Companies like Instacart bought a firm called Eversight. Every time you buy canola oil, they're testing. Can we charge you 10¢ more? 20¢ more? What's the maximum before you notice? They call it AI for everyday price performance, and they promise grocery stores two to 5% profit increases. Translation, they squeeze millions of dollars out of you, one bag of beans at a time. And it's not just online. Walmart is lobbying to expand surveillance pricing to physical stores, electronic shelf labels with digital price tags. Tech giants want you to believe you can opt out of that, but you can't opt out of groceries, and they know that. And look, this isn't just about groceries. An Uber driver analyzed a 159 identical rides. Same route, same driver, same car. Some passengers paid $80, others $2.50. Your rent? Landlords are already doing this. The competition bureau investigated. Restaurants, flights, hotels, if it can track you, it can charge you more. Wab Kanu's NDP government saw this coming, so they banned it. Here in Manitoba, we've got a bill to ban predatory pricing. First province in Canada. And what's Doug Ford doing about any of this? Is this something that your government would be open to banning here in Ontario? No. I'm introducing a motion to ban predatory pricing in Ontario. Doug Ford should put his money where his mouth is and protect you from the American tech giants and corporations that are ripping you off. Go to this link and

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We're paying too much for drugs compared to other countries, and existing laws make it hard to lower costs. The middlemen in the drug industry are profiting significantly without adding value. We're going to eliminate these middlemen to reduce drug prices to unprecedented levels. This topic dominated our discussions with executives and others involved.

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Speaker 0 and Speaker 1 discuss a pattern of market consolidation and the leverage of downturns to roll up smaller players. Speaker 0 asks, “Is this an intentional effort to dump and then roll up the little guys?” In response, Speaker 1 asserts that, “Of course. Everything has been for the last twenty years. And and COVID put that on steroids, and now they can see the light at the end of the tunnel.” The exchange frames the situation as offensive and horrifying, with Speaker 1 describing the current state as the outcome of antitrust laws not being enforced: “It's offensive. Okay? It's so horrifying to watch our antitrust laws just not be enforced.” Speaker 0 adds that those doing the consolidating “don't mind it all defaulting because that's how they just pick it all up.” Speaker 1 reframes the dynamic as an opportunity rather than a problem: “This isn't a problem. This is an opportunity, Katherine.” The dialogue ties the consolidation to pension fund money, implying a transfer of wealth from smaller actors to larger ones and suggesting a broader societal impact: “with our pension fund money.” Speaker 0 emphasizes the perception of value collapse for some individuals as a chance for others, stating, “One man's loss of his generational wealth is just another billionaire's opportunity to buy at basement bargain prices.” The conversation then shifts to a concrete anecdote from a meeting: Speaker 0 recalls sitting across from an SNL CEO who, when describing his portfolio, used a blunt expression. The CEO said, “this portfolio excuse my language. This portfolio is shit.” Speaker 0 reframes the moment as insightful, noting the CEO’s realization: “not if if you can buy it at 10¢ on the dollar. If you can buy it at 10¢ on the dollar, it's gold.” The CEO’s reaction is captured in the paraphrase: “and he looked at me and he said, oh my god. You're right. I get it.”

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What if an organization like Ericsson controlled the internet? It raises questions about how a non-government entity could hold a government hostage through its monetary system. This situation has already occurred with the current system, particularly with the Federal Reserve and SWIFT, which operates privately. For instance, withdrawing over $10,000 from a bank often prompts questions about the purpose. Debanking is also becoming common. A personal example is the 2019 shutdown of Lebanon's Central Bank, which left many without access to their funds, while local politicians managed to retrieve theirs. People often remain unconcerned until a crisis directly impacts them, similar to the 2008 real estate crash, highlighting how governance and private sectors often disregard individual concerns until they face legal consequences.

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Almost all panel members, including you, are accepting significant contributions from the pharmaceutical industry. I ran for president too and received substantial contributions, but they did not come from executives. Out of 200 million, I received 1.5 million. You still haven't answered my last question.

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Speaker 1 was questioned about accepting a large IPO deal from Visa while legislation affecting credit card companies was pending. When asked if it was a conflict of interest, Speaker 1 denied any wrongdoing, stating that it was not true and that they acted upon an investment opportunity.

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Kamala Harris is talking about fixing the economy, which they said was booming. To fix it, they want to give more control to the government to control prices and prevent gouging, even though the government created the problem. They shut down the economy and transferred $3.4 trillion from the lower and middle class to the elites, allowing large corporations to grow while wiping out competition. The speaker claims Harris doesn't mention profit margins, net profits, revenues, or inflation. For example, grocery stores with 2-3% profit margins saw revenues increase due to COVID-related inflation, but their profit margin remained the same. The speaker says the government doesn't talk about reducing taxes, regulations, or insurance costs. Gas stations make 3-7¢ profit per gallon, while the government makes 53¢ through taxes and regulations. The speaker concludes that government policies, not businesses, are responsible for price gouging by eliminating competition.

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BlackRock owns the four meat packers in the country, who are keeping meat prices high and cow prices low, hurting both farmers and consumers due to their monopoly. BlackRock also owns all the pharmaceutical companies. The speaker suggests initiating antitrust suits against the meat packers and regulating pharmaceutical companies to prevent cartel-like behavior.

a16z Podcast

a16z Podcast | The Evolution of Payments
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In this A16Z podcast, Alex Rampell interviews John Collison, co-founder of Stripe, discussing the evolution of payments. They reflect on Stripe's origins, emphasizing the foresight in targeting future customers who were not yet in the market. Collison highlights the importance of recognizing the vast potential of the online payments market, which was underestimated historically. Stripe initially focused on startups but is now expanding to serve larger companies, adapting its sales approach to cater to different organizational structures. The conversation touches on the challenges of transitioning from developer-focused sales to broader B2B strategies, noting that large companies also value developer productivity. Collison discusses the strategic importance of payments today, contrasting it with the past when it was seen as a commodity. He argues that payments are now integral to product experiences and revenue growth. They also explore the stability of credit card fees and the evolving value provided by issuing banks. Collison emphasizes the need for innovation in data utilization within payments, advocating for making data more actionable for customers. Finally, they discuss the ongoing competition between startups and incumbents across various industries.
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