How to Fight Against Trump's Attack on Clean Energy
This week on Zero, Akshat Rathi is joined by Jigar Shah, a clean energy expert and former head of the Department of Energy's Loan Programs Office, to make sense of the bill's impacts, and whether it's as bad for climate as it seems.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Transcript: Bank of America CEO Brian Moynihan on "Face the Nation with Margaret Brennan," Aug. 3, 2025
The following is the transcript of an interview with Bank of America CEO Brian Moynihan that aired on "Face the Nation with Margaret Brennan" on Aug. 3, 2025. MARGARET BRENNAN: And we're back with Bank of America CEO, Brian Moynihan, good morning, and thank you for being here with us. BRIAN MOYNIHAN: Good to be here again, Margaret, hope you're doing well. MARGARET BRENNAN: Well, I'm hoping you can give us some clarity here on what's going on with the economy. Your Bank of America economists say no rate hikes this year and no recession. Is that still the case after Friday's jobs report? BRIAN MOYNIHAN: Yeah, it's still the case, and that's a—less growth than they would have had six, nine months ago, and reflects the impact of the tariff war and the trade and all that—but they still think we continue to grow. And we're growing at a slow rate, say, one and a half percent this year, little more next year, and a little more the year after that. But it will take inflation—for the Fed to get inflation out of the system, really through the end of '26 into '27 down to the 2% level. And that's why they have the Fed holding. What they believe is sort of in the middle of next year, the Fed will start cutting and bring the Fed funds rate closer to what would be a more normal rate, around three percent, three and a half percent. MARGARET BRENNAN: Even though we saw this, really, kind of astounding dissent by two members of the Fed saying, we do need to move on interest rates. Your prediction from your economists is that that's not appropriate at this time. BRIAN MOYNIHAN: They don't think it's—they're going to move. Now, the market says they're going to move in September, maybe twice this year. The market was at seven times one point this year. Now they're down to two—then they're down to one, now they're up to two. This is going to move around, but the reality is, two things people should really keep in focus. One is, until the inflation is out of the system, the Fed is going to be a little—very careful, and that's what they said. And then secondly, the rate we're going to go to is a rate that is more normal than pre-global financial crisis, more of a 3%, 3.5% percent rate, which actually means the American economy is probably functioning better, frankly. MARGARET BRENNAN: So on that point, the Wall Street Journal, we were reading in, puts the tariff tax increase as costing $360 billion a year. That's one of the largest tax increases in history, they say. Do you believe the administration's arguments that it's really only foreigners who are going to pay the cost of this. Do you think economists are overstating the negative impact? BRIAN MOYNIHAN: Well, I think no one really knows, honestly, because this is a different regime than we've been in before. And there's- so they're trying to extrapolate from things from 50 years ago, when economies were different structured. Our team thinks it's- has an impact on inflation of about a, you know, 30, 40 basis points— MARGARET BRENNAN: Meaning adding to prices people are paying. BRIAN MOYNIHAN: Yeah, adding to the inflation rate in the United States. But we need to back up. What the real impact right now is the new Trump administration coming in had four or five policy areas they were really going to go after, having learned in the four years, they had to move very quickly. Those were around trades and tariff, immigration and taxation and deregulation. What businesses, and I just was in the Midwest with a bunch of businesses, they're all trying to do is figure out what the answer will be so they can go ahead and make their plans for '26. So the activity that's slowed down has more to do with people just trying to figure out the answer. It doesn't mean every answer is acceptable. Most answers are. So what do they have answers on? Obviously, a tax bill getting done. That's a good answer for business, because it makes the rates permanent. What's the second thing they have an answer on. They have an answer now on the range of trade possibilities. And so as they think about the trade possibilities, they sit there and say, tariffs might not be worse than x. They see some deals getting done, all of which is good work. What they don't have an answer on is deregulation. Yes, new regulations stop, but they are hoping for more deregulation, so that will help their business models going forward. And then the last is immigration. What will immigration really settle in like. And that's what they tell us. So they're not using their lines of credit, they're not- the indications from them are they're being a little more cautious, really waiting for some answers. MARGARET BRENNAN: Businesses aren't hiring, either, we saw in this jobs data on Friday, that was the worst three months for job growth since the pandemic. Your firm, when I was reading the analysis, points to a number of different factors, and one of them is artificial intelligence and the adoption of that impacting hiring. How dramatically is it reshaping the job market? BRIAN MOYNIHAN: I think this is sort of a question of almost a glass half full, half empty type of thing. So the impact— MARGARET BRENNAN: No pun intended. BRIAN MOYNIHAN: Exactly, sorry about that. But the impact of technology on human work content as a percentage of productivity has been huge. In our company- in 2010 when I started with the management team, we had 285,000 people. We have 212,000 people today. That was the impact of technology. We're bigger, more customers, more transactions, more reports to the government, more data, et cetera. So the impact has always been huge. AI gives you a place to go that we've never been able to go before. In other words, they're jobs that take text, think about it, and produce it. Many, many jobs in a company. Our research team, now you're able to maybe use a machine to enhance that activity. So we believe that people harness AI for their benefit are going to be very successful. My teammates who harness AI for their benefit are very successful. It's nervous making for young kids now, saying, will the jobs be there for me? MARGARET BRENNAN: Right. BRIAN MOYNIHAN: Then I say, look back historically. America has a lot more people working here. And think about the amount of technology came in over the last 50 years, and we have twice as many people work in this country as we did 50 years ago, twice as many, and the population has only gone up by about a third. So think about that dynamic as it finds its way through. That's the glass half full part of it. But it will have an impact. I don't think it's impacting a lot right now, because many companies are just trying to learn how to use it. Technology has impacted, and AI gives it a place to go it hasn't gone so far. MARGARET BRENNAN: So we're talking about all the unknowns and why it's kind of hard to model things right now. Well, Friday, the President fired, as you know, the head statistician that comes up with these jobs numbers and presents them to the public. The former head during the first Trump administration came out in her defense and said this is- this is without merit, and it undermines credibility of data. Are you concerned by this firing, and do you feel there is political pressure here? BRIAN MOYNIHAN: Well, I think that's more politics. And I know I'm in Washington, DC, and that's what we're supposed to talk about-- [CROSSTALK] MARGARET BRENNAN: Government data is, is— BRIAN MOYNIHAN: but the reality is, the data— MARGARET BRENNAN: hugely important modeling BRIAN MOYNIHAN: It's 2025 MARGARET BRENNAN: as you know. [END CROSSTALK] BRIAN MOYNIHAN: It's 2025 and the data should be able to be— they use surveys and things like that, which, frankly, just aren't as effective anymore. So if you look at the rate of people who respond to their surveys, it's down from 60% level to 50% level. You know, we don't use surveys (unintelligible) we do. We watch what consumers really do. We watch what businesses really do. They can get this data, I think, other ways and I think that's where the focus ought to be. How do we get the data to be more resilient and more predictable and more understandable? Because what bounces around is restatements, and that was one of the largest restatements, going back five or seven years in the pandemic, five years in the pandemic, that creates doubt around it. And so I think the key is, let's get- let's spend some money. Let's bring the information together. Let's find where else in the government money is reported. We report millions and millions of data points to the government every day. The data is out there somewhere. MARGARET BRENNAN: Finally, back in January, you were at Davos, President Trump talked about Bank of America. TRUMP ON TAPE: Many conservatives complained that the banks are not allowing them to do business within the bank, and that included a place called Bank of America. This conservative- They don't take conservative business. And I don't know if the regulators mandated that because of Biden or what. MARGARET BRENNAN: Do you want to respond to the allegation that conservatives are not being allowed to do business with your bank? BRIAN MOYNIHAN: We have 70 million consumers, and we're the biggest small business lender. That's not- the issue they're focused on is the regulators impact on this industry. And you heard Senator Scott talk about this this week. This reputation, this after the fact, look, that you banked x, and now after the fact, you're gonna say x didn't turn out to be what you thought. So we look at it. We look at it based on risk. People may feel those decisions are made for some other reason, but we always make it on what's best for our company, what's best for our client. MARGARET BRENNAN: Are there industries you're uncomfortable doing business with? BRIAN MOYNIHAN: No, we do business with really-- MARGARET BRENNAN: Guns, oil and gas, tobacco, all of it? BRIAN MOYNIHAN: We do business with all those industries. Individual companies because of credit decision stuff, that's different. But the reality is, is that if they gave us clarity from the regulatory thing and avoid the second guessing, that would be helpful, and I think that's what the President was pointing out, if you listen to him. MARGARET BRENNAN: All right. Brian Moynihan, thank you for giving us some insight into the data you are seeing. Face the Nation will be back in a moment. Stay with us. Black swimmers teach others amid history of aquatic segregation In Gaza, hunger forces impossible choices as Hamas releases propaganda video of hostage Open: This is "Face the Nation with Margaret Brennan," Aug. 3. 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 minutes ago
- Yahoo
Dave Ramsey Tells 22-Year-Old With $43K In Stocks Worried About Retirement to Slow Down — 'You're Early in the Process, Focus on Moving Out First'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. At 22, Nick called "The Ramsey Show" looking to get a head start on retirement. No 401(k), no massive income, but one big question: should he open a Roth IRA or go traditional? Turns out, Dave Ramsey had a different priority in mind. "You're a little bit early in your process. Not in your age — but in your process," Ramsey told him. "You're in the middle of transitional things that need to happen before you start investing." Nick lives with his parents in New York City and makes about $15,000 a year through a work-study program. He has $3,000 in savings, but thanks to a settlement from getting hit by a truck as a teen, he also has $43,000 invested — mostly in single stocks on E*Trade. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $100. Ramsey didn't love that. "I don't do single stocks... I know a lot about them. I buy investments, I've got hundreds of millions of dollars of investments. But I don't buy single stocks because I don't like the risk associated with that," he said. "The game you're playing, there's a lot of risk." If Nick insists on holding stocks, Ramsey said to keep it to no more than 10% of his net worth, or about $2,000 in his case. The rest? Move it into mutual funds. Ramsey added that retirement saving isn't even Nick's next move. "You do not need to start your Roth IRAs yet. You need to pile up money to make the transition out of your household... get your career going. Then you need to start." Ramsey stressed that once Nick is out on his own and making real income, he can start investing 15% of it — ideally in a Roth IRA with growth stock mutual funds. "Get your own place, Nick," he said. "I don't want you 28 years old in your mother's basement, dude." The call flipped the usual narrative. Most young adults rush to leave home and buy more car than they can afford. Nick's playing the long game, but Ramsey reminded him: financial strategy should match life stage. If you're not quite sure which investment vehicles suit your own income or timeline — and you can't call up Ramsey for answers — that's where a professional financial advisor can help. Instead of taking advice from strangers online, you can match with a vetted financial advisor using SmartAsset's free tool. It connects you with local advisors who can walk you through the options based on your actual goals and risk tolerance. While Nick might've been told to pause his retirement investing, he's still ahead of where many people start. Having $43,000 in your early twenties — even in single stocks — isn't nothing. Yet in today's online world, someone will always tell you it's not enough. Ramsey's message wasn't that Nick was failing — it was that the timing just isn't right yet. For a lot of people, knowing what step comes next is half the battle. Retirement planning is smart. But it's even smarter when it starts at the right time, with the right help. See Next: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. It's no wonder Jeff Bezos holds over $250 million in art — this beloved alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. This article Dave Ramsey Tells 22-Year-Old With $43K In Stocks Worried About Retirement to Slow Down — 'You're Early in the Process, Focus on Moving Out First' originally appeared on
Yahoo
3 minutes ago
- Yahoo
Finance legend Burt Malkiel is still working at 92. He tells BI why people should retire later.
A Wall Street legend says career paths can be winding, and people should retire later if they can. Burt Malkiel went from Wall Street to the Army, teaching economics and advising the president. "The rest of us probably will feel much better by working longer, and the economy will be stronger," he said. A 92-year-old Wall Street veteran says young people should be open-minded about their career paths, and workers should retire later. In a wide-ranging interview with Business Insider, Burt Malkiel said he could have never predicted his winding career trajectory. In addition to being Wealthfront's chief investor and the author of the regularly revised "A Random Walk Down Wall Street," Malkiel is a former Princeton economics professor, investment banker, US Army lieutenant, and economic advisor to President Gerald Ford. If someone had told him that he would become an academic when he was growing up poor in Boston, he would have told them they were "absolutely crazy," he said. 'Put a little aside each week' As a young child, Malkiel planned to spend his whole career on Wall Street. "I loved the stock market even though I never had a dollar to invest," he said, adding that he paid as much attention to General Motors' stock price as he did "Ted Williams' batting average." Malkiel eventually landed a job at Smith Barney, a storied wealth manager, but, after a few years, took a leave of absence to complete an economics Ph.D. at Princeton. He abandoned plans to return to banking after he was recruited to teach at the university and to be a director at Prudential Financial. When it comes to their chosen career, young people should "be flexible and realize that you could very well change your mind," Malkiel said. "Don't close off any opportunities," he continued, adding that unexpected detours can make life "richer." Malkiel, an evangelist for passive investing via index funds, also said young people should "put a little aside each week" to invest in a diversified portfolio of "index-type securities." That's "something that you will be very happy that you did later in life," he said. Working later in life Malkiel told BI he's still "spending a fair amount of time each day working" despite being in his 90s, and he believes many older Americans without physically demanding jobs should remain in the workforce for longer. The US is "wasting an enormous amount of talent by encouraging earlier and earlier retirement," he said. Continuing to work "absolutely" contributes to a person's "feeling of worth" and being interested and engaged in "what's going on," he added. "I'm sure that the rest of us probably will feel much better by working longer, and the economy will be stronger," Malkiel said. He said the government should raise the retirement age "very gradually" and predicted that this might be necessary to avoid bankrupting the Social Security system. What keeps him awake at night Asked what kept him up at night, Malkiel chuckled and said his Cavapoo, Lucy, who was barking in the background. He described her as a "hellion" — but an "extremely sweet" one. Answering the question less literally, Malkiel said he's a "card-carrying Republican," but still "quite concerned" about Donald Trump's actions as president. He said that tariffs would make the US and its trade partners worse off, an immigration crackdown could magnify the threat of an ageing population, and Trump's "apparent hatred" for universities and efforts to withhold research funding from them will hurt the country. "I don't see how you make America great by weakening some of our greatest institutions that are the envy of the world," he added. But Malkiel said he was optimistic the US would overcome its challenges in the long run, despite "stumbles along the way." Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
