US 'way behind' on crypto regulation: Dragonfly partner
Dragonfly Capital Partners, Haseeb Qureshi joins Bloomberg "The Close" to share his view on the unraveling spaghetti that is the traditional financial system. (Source: Bloomberg)
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Yahoo
16 minutes ago
- Yahoo
Geoff Epstein wants to become Framingham's third mayor. Here are his priorities
FRAMINGHAM — He has three key priorities, a clear campaign finance strategy and a name that ... has brought some attention. Geoff Epstein has big plans for Framingham. Epstein, a former School Committee member, hopes to become the city's third mayor. He's facing off against incumbent Mayor Charlie Sisitsky, who's seeking a second four-year term, in the Nov. 4 city election. After filing with the state's campaign finance office in January, Epstein, who also writes The Framingham Observer blog, went on to acquire enough signatures to appear on the ballot in November. In a sit-down interview with the Daily News, Epstein shared his goals if elected, which include investing more in the schools, installing more environmental projects and repairing infrastructure. Mayoral candidate is focused on three main issues Epstein said his top three issues are education, environment and infrastructure. Epstein, who has served on both the Framingham and Newton school boards, says things have gotten worse in Framingham Public Schools over the past four years. While saying the School Department has the best team the city could have, he says it's time to return money to the school system. 'Our schools were promised': Trump administration review holds up $1M in Framingham education grants According to Epstein, Framingham schools have been defunded by $30 million in taxpayer-funded support. He said that because local funding strayed from the trajectory it was on when he was on School Committee, that money has been defunded. 'If it had stayed on the trajectory it was on, the local support, taxpayer-funded support of the schools, it would be at $95 million,' Epstein said. 'If you compute overall, what's the difference between if it stayed on the direction it was going when I was there (on the School Committee)? Thirty million.' According to the schools' fiscal 2026 budget sheet, local funding went from $89.8 million in fiscal 2022 to $84.8 million in fiscal 2023. This was further reduced to about $80 million in fiscal 2024 before rising to $86.7 million in fiscal 2025. For the current year, the school budget has $90.6 million in local contribution funding. Epstein also said MCAS scores have gone down for every grade. "That's unusual, there's something really dire about that," he said. Epstein wants to expand preschool for students in order to increase English language profiency before they start kindergarten. He also wants to boost compensation for classroom aides, as well as address the city's teacher retention rate. 'Urgency of climate change': Framingham State unveils its latest sustainability initiative "Teacher morale is low, so you've got a situation where students are not performing well and the teachers are leaving, which is very unusual, Epstein said. "The school school system is trending down because of that." For the environment, he wants to expand solar installations on public buildings, something he said the city should have begun awhile ago. "We should have gone gangbusters on that and installed them," Epstein said, adding that installing solar panels at schools and parking lots would generate up to $3 million in utlity savings. "I thought that was a natural thing that should obviously be done and wasn't; if I get elected mayor, we'll try and do 10 solar installations a year, which you can actually do." Lastly, Epstein wants to address what he says is a backlog of roof and road repairs, along with water and sewer infrastructure. He pointed out that a year ago, Department of Public Works Director Robert Lewis called the city's water and sewer infrastructure a "ticking time bomb" during a City Council public hearing. "We're not alone, other communities are trying to deal with this, but we have not invested properly in it," Epstein said. "It's Governance 101, invest in your infrastructure." Epstein talks campaign finance On his website, Epstein said he needs $30,000 in donations to run an effective campaign. He said that the big money in campaigning comes from getting the word out through mailers, yard signs and social media. "Suppose you're targeting 10,000 voters, it costs about $1 for each one," he said. "If you send out a mailer, it's $10,000 for a mailer; if you do two, it's $20,000. You can run a district race for about $3,000 — I've done that and that's what it takes. This is nine districts, so it scales up to about $30,000." As of Aug. 6, Epstein has raised $10,838, with about $5,000 of his own money. By comparison, Sisitsky has raised $42,763 since Jan. 1. 'Isn't just about property': Why Nobscot residents take dim view of new housing proposal "I'm supporting Geoff because he has the technical confidence to analyze the finances of Framingham and to analyze administrative systems the city uses," said Carol Spack, who is running for City Council in District 2. "Geoff will bring, at the top, a philosophy and value system Framingham needs to be a town where government is committed to public service." Epstein also is declining to take donations from real estate developers, claiming they have undue influence on city officials. He pointed to J&Co., the developers behind the controversial Nobscot development, and other developers donating to local campaigns. "I feel like when developers pay you $1,000, they expect something back," Epstein said. About his name... While Framingham residents have known about Epstein for awhile, his campaign recently picked up some viral attention after the name of a certain American financier and child sex offender — the late Jeffrey Epstein — again became part of the news cycle. Epstein's campaign was soon picked up by Politico's Massachusetts Playbook, the New York Post, HuffPost, NewsNation and WBZ's TikTok with reporter Matt Shearer. The Framingham mayoral candidate, who pronounces his last name "ep-stine" as opposed to "ep-steen" has no interest in running from his name. "He was a pretty dark guy and did some terrible things," Epstein said. "You just have to take it as it comes and laugh about it, and that's the approach I've taken because it is my name. I like my name. It's nothing to do with him, but also, I believe with any trouble that comes with any discomfort, you got to talk about it." Framingham election to be held in November Framingham's city election is Nov. 4. The deadline to register to vote is 5 p.m. on Saturday, Oct. 25, if in person and 11:59 p.m. that day if online. All public officials are sworn in on Jan. 1. This article originally appeared on MetroWest Daily News: Geoff Epstein outlines priorities in campaign for Framingham mayor Solve the daily Crossword
CNN
18 minutes ago
- CNN
‘An existential threat': For Silicon Valley, falling behind in AI is a bigger threat than tariffs
If there's one thing the White House, Wall Street and Silicon Valley can agree on, it's that artificial intelligence is a top priority. Tech giants are pouring billions into new data centers and infrastructure to support the technology. The White House came out with an AI action plan in July to boost America's leadership in the space, underscoring the tech's importance to the administration. Wall Street keeps pushing AI-related stocks like Nvidia (NVDA) to new records. But President Donald Trump's trade war has raised questions about whether the administration's policies could work against its big AI push. Certain tariffs could raise the costs of materials and components necessary to support those AI models. For example, the president said on August 6 that he would issue a 100% tariff on semiconductors imports, although he added that companies that have committed to expanding their manufacturing operations in the US would be exempt. (He did not give an exact timeline for when those tariffs would start.) And in late July, he imposed a 50% tariff on copper, which is used in electronic components such as printed circuit boards and chips. But while tariffs could stoke uncertainty around costs, experts say they won't slow technological advancements, primarily because the stakes are simply too high to fall behind in the global AI race. For large tech companies like Meta and Microsoft, losing in AI would be a higher price to pay than any additional costs from tariffs. Dallas Dolen, the US technology, media and telecommunications lead for PricewaterhouseCoopers, said these types of companies likely view the AI boom as an 'existential moment' for their businesses. 'Cost, if you have enough money, is not the most important variable that you take into account when you're told it's an existential threat,' he said to CNN. When Meta, Microsoft and Google reported earnings in late July, one message rang loud and clear: Big Tech is spending big on AI, and it's starting to pay off. Meta spent $17 billion in capital expenditures for the quarter that ended in June, and it saw its earnings per share go up 38% compared to a year ago. Capital expenditures typically refer to money spent on things like data centers and infrastructure, likely a sign that Meta is investing more in the servers needed to power its burgeoning AI services. Wall Street cheered the results; Meta shares (META) rose 9% in after-hours trading when it posted the results on July 30, and shares are up roughly 30% year to date. Microsoft (MSFT) also posted strong results thanks to its cloud computing business. It spent $24.2 billion in capital expenditures during its most recent quarter, and it plans to spend another $30 billion in the coming months, the company said in late July. Microsoft became the second company to reach a $4 trillion valuation last month, following Nvidia, and its shares are up about 26% so far this year. And Google parent Alphabet increased its capital expenditures for 2025 to $85 billion because of demand for its cloud products. The company said its cloud services are used by 'nearly all gen AI unicorns,' referring to privately held companies worth $1 billion or more in the generative artificial intelligence space. Alphabet shares (GOOG) are up nearly 7% year to date. That additional infrastructure may be essential; Goldman Sachs estimates that global power demand from data centers will surge 50% by 2027 and 165% by 2030 compared to 2023 because of AI. 'We have barely scratched the surface of this 4th Industrial Revolution now playing out around the world led by the Big Tech stalwarts such as Nvidia, Microsoft, Palantir, Meta, Alphabet, and Amazon,' Wedbush Securities analyst Dan Ives said in a research note following the companies' earnings results. Trump's rapidly changing tariff policies have made it difficult to estimate how exactly the levies could impact the cost of building and operating data centers. But PwC's Dolen said he's seen estimates indicating that tariffs could increase construction costs by 5% to 7%. The National Association of Manufacturers' outlook survey also found that trade uncertainties and increased costs of raw materials were the top business challenges for manufacturers in the first quarter of 2025. However, big tech companies are likely to eat any additional costs related to AI infrastructure because 'demand is so strong,' said Michelle Brophy, director of research for tech, media and telecom at market intelligence firm AlphaSense. It's a different story for smaller companies that don't have billions to spend each quarter. They also typically have private investors demanding a fast return on investment, and data centers are long-term bets that could take years to show value in a meaningful way. Between 2015 and 2020, it took one to three years on average to construct a data center, according to commercial real estate services firm CBRE. And a data center is useful for 25 years to 30 years on average, McKinsey & Company senior partner Pankaj Sachdeva said in October 2024. Because data centers are long-term projects, 'the degree of uncertainty will have a larger impact in terms of, you know, committing to something that will take multiple years to execute,' said Laurence Ales, a professor of economics at Carnegie Mellon University. It's also unclear whether Trump's semiconductor tariffs will raise the cost of future data centers. The president said companies that have 'committed' to building in the US won't have to pay a levy on semiconductors. 'But the good news for companies like Apple is, if you're building in the United States, or have committed to build, without question, committed to build in the United States, there will be no charge,' he said on August 6 during an event announcing Apple's $100 billion initiative to produce iPhone parts in the US. Trump didn't specify which companies would be exempt, but chipmaking giants Nvidia and TSMC have both said they would expand their US operations. Experts believe more collaboration between the White House and Silicon Valley is likely to come, possibly easing any potential tariff-induced costs for tech giants. Trump showed his willingness to negotiate with tech leaders earlier this week: He allowed Nvidia and AMD to sell their AI chips to China as long as they provide a 15% cut to the US government in exchange for export licenses. And the White House is reportedly discussing taking a stake in chipmaker Intel. Building AI infrastructure is a key part of the White House's AI action plan, which includes policy recommendations for streamlining permits for facilities like data centers and semiconductor manufacturing facilities. The United States already has more data centers than any other country, according to data from Cloudscene, a platform that connects businesses with cloud services, compiled by Statista. Many of the world's largest cloud providers, like Microsoft and Amazon, are American companies. 'We need to be mindful that this is an area in which we have an advantage,' Matt Pearl, director of the strategic technologies program at the Center for International and Strategic Studies, said to CNN. 'And we don't want to give that up.'
Yahoo
29 minutes ago
- Yahoo
What would happen if America started faking its economic data? Here's what happened when other countries did it
Lying to your lenders is a bad enough idea when you're an individual. It's even worse when you're a country. That's the specter critics of President Donald Trump have raised after he fired the head of the US Bureau of Labor Statistics this month after disappointing jobs data. While there's no indication the data has been rigged (assertions from the White House aside) – or will be rigged in the future – the White House's nomination of a partisan to lead the government's economic data agency was enough to worry global economic and financial circles. There's historical precedent for that fear. Countries like Greece and Argentina have been both been punished by investors for putting out manufactured numbers in the past. 'President Trump has just taken one very negative stop along a slippery slope,' Alan Blinder, a former vice chair of the Federal Reserve, told CNN. 'The next worry is going to be manipulation' of data. At stake is the health of an economy relied upon by nearly every person on earth, directly or indirectly. The US economy affects everyone from Americans in glitzy Manhattan skyscrapers to, quite literally, garbage pickers living in developing nation slums. But while Greece famously faked its way into the European Union and Argentina to this day remains embroiled in legal fights over its own sham numbers, there key differences here: The US economy is the world's biggest, buoyed by its global dominance and its years of strength. The Trump administration says firing Erika McEntarfer wasn't about politics but was instead about making BLS data more rigorous and accurate. 'Historically abnormal revisions in BLS data over the past few years since COVID have called into question the BLS's accuracy, reliability, and confidence. President Trump believes that businesses, households, and policymakers deserve accurate data to inform their decision-making, and he will restore America's trust in the BLS,' said White House spokeswoman Taylor Rogers in a statement to CNN. Still, economists warn, the United States is at something of a crossroads now, waiting to see what happens to data series that economists have praised as the gold standard, even if many agree that model updating and modernization could make major improvements to the data's accuracy. 'There's no substitute for credible government data,' said Michael Heydt, the lead sovereign analyst at rating agency Morningstar DBRS. Greece and Argentina In 2004, Greece confessed it had faked numbers on its national deficit and debt to qualify for entry into the eurozone in 2001. But the number-fudging didn't end there. Appointed to Greece's statistical agency in 2010, economist Andreas Georgiou made a bold decision: He worked to publish deficit numbers that aligned with reality. After years of untrustworthy numbers that made the idea of official Greek data a global punchline, his efforts were downright startling. What followed were years of legal fights, and he was prosecuted for allegedly inflating the country's deficit figures. Even the EU itself condemned Greece for the false data. The fakery made the effects of the global financial crisis of 2008 and 2009 significantly worse in Greece. Lenders, skittish of what Greece's actual public finances might be, shied away, demanding increasingly higher rates to hold Greek bonds. Austerity measures demanded by the World Bank and International Monetary Fund to bail out Greece angered everyday citizens. Pictures of Greeks rioting in the streets, burning cars and expressing their rage, underscored the dangers. In Argentina, accusations of untrustworthy inflation and economic growth data have dogged Latin America's third-largest economy for decades, scaring off investors despite a wealth of natural resources. Then-President Nestor Kirchner demoted the person in charge of preparing inflation data because she (correctly) reported surging prices in 2007. Everyone from ordinary citizens to global investors treated official inflation data as suspect for years after. That contributed to the country's credit ratings staying in junk territory for years – one of the factors investors typically cite to charge a country more to loan it money. (In Argentina's case, previous sovereign defaults were also a major factor. The unreliable inflation data, after all, did not happen in a vacuum.) That matters to ordinary people because short- and long-term debt, whether from a federal government down to tiny cities and towns, can help fund everything from new schools to roads to essential services. When lenders turn off the money spigot – or charge dearly for access – that means regular people ultimately pay the price. But the United States is far from replicating either scenario, said Robert Shapiro, the chairman of economic advisory firm Sonecon and a former Under Secretary of Commerce for Economic Affairs under President Bill Clinton. When the data was revealed to be fake in both Greece and Argentina, those economies were already in terrible shape, Shapiro pointed out. 'So the impact of the markets no longer being able to rely on the data was a little less because the markets were already backing away from investment and employment.' The US economy is growing, hitting a relatively robust annualized rate of 3% in the second quarter. And at over $30 trillion, the US economy has a heft that both Greece and Argentina lack. 'We're the largest economy in the world. We are by far the greatest financial center in the world,' Shapiro said. A global standard Trump fired Dr. Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, shortly after the August 1 jobs report showed sharply slower jobs growth than expected for July – and significant downward revisions to data from June and May. Trump accused McEntarfer, without evidence, of manipulating the reports for 'political purposes.' Analysts begged to differ. The US is 'a world leader in providing high-quality data,' Heydt said. 'The BLS in particular is kind of a world class institution… The US for a long time has been kind of the gold standard for data.' William Beach, a former Trump BLS commissioner, told CNN previously that 'there's no way' for McEntarfer or others to rig the data. 'By the time the commissioner sees the number, they're all prepared, they're locked into the computer system,' he said. 'There's no hands-on at all for the commissioner.' But large revisions in the bureau's data have raised eyebrows, not just this month, but in the past as well. A preliminary annual revision in August 2024, for example, showed the US economy had added 818,000 fewer jobs over the past year than previously reported. Those kinds of large revisions might suggest deeper issues, like how the BLS gets their data and constructs their economic models, said Kathryn Rooney Vera, the chief market strategist and chief economist at financial services company StoneX. 'Several economists and research teams I personally engage with have flagged these as structural issues with the data long before Trump's involvement or the firing of the BLS chief,' Rooney Vera told CNN. And Shapiro noted another wrinkle: budget cuts. Already the BLS has said it will cut back on collecting some data because it has fewer people. That, in turn, means it can take longer to get to final numbers for data releases. In the case of the jobs report, big companies usually respond with information first. Smaller companies tend to trail. 'And so you get a lot of responses that come in after the date when the initial estimate is put out,' he said, leading to revisions. Still, the US has other sources of data, both public and private, to round out a fuller picture of the economy. Shapiro pointed to the Census Bureau and the Bureau of Economic Analysis. 'These institutions are made up virtually 100% by statisticians and economists,' Shapiro said. 'They're utterly nonpolitical in their jobs.' 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
