Why Utility Companies are Paying For California's Wildfires
(Bloomberg) -- On What'd You Miss This Week, Scarlet Fu, Joe Weisenthal and Caroline Hyde spoke with Mark Kiesel, Chief Investment Officer for Global Credit at PIMCO, about a bold call from one of his colleagues. In an interview with Bloomberg, Dan Ivascyn, the CIO of PIMCO, said that global trade tensions may actually benefit the U.S. economy. Ivascyn explained that trade would be the "sand in the gears to slow things down a little bit" and keep the economy from running too hot. Kiesel, who oversees over $300 billion in assets, offered his take on how trade is weighing on investor sentiment and where yields go from here.
David Kirkpatrick, Techonomy Media CEO and the author of The Facebook Effect joined to discuss President Trump's latest battle against big tech. This time against Google. Kirkpatrick explained why there was no basis to the President's claims that the search engine was rigging their algorithm against him and where the theory originated from.
Carolyn Kousky, Director of Policy Research and Engagement at the Wharton Risk Center, also joined to discuss California's inverse condemnation law and her latest report about the growing risk for utility companies. The wildfires that tore through the Northern part of the state are now 90 percent contained, so the focus is shifting to who foots the bill for the damage. California has already shelled out about 405 million dollars of emergency funds to contain the blaze, but Kousky explained now a state law puts most of the burden on utility companies for the recovery costs.
Then Dan Suzuki, Portfolio Strategist at Richard Bernstein Advisors, came on to give a wrap up on this week's market action with and said how markets were reacting to the constant stream of trade headlines.
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