That's right . . . “This is really an urgent need and we need to act big,” Yellen said Thursday on ABC’s “Good Morning America. “We’ve got some tough months ahead” until we get control of the pandemic. . . In her first television interview since being confirmed as Joe Biden’s treasury secretary, having previously served as chair of the federal reserve – the first time a woman has held either of those posts – Yellen also urged Congress to “act forcefully” on the coronavirus relief package now under discussion there. . .
Yellen warns of ‘tough months’ ahead, urges congress to act
Treasury Secretary Janet Yellen listens during a meeting with President Joe Biden in the Oval Office of the White House, Friday, Jan. 29, 2021, in Washington. (AP Photo/Evan Vucci)
WASHINGTON (AP) — Treasury Secretary Janet Yellen warned of “tough months ahead” with COVID-19 continuing to flare, making it critical that Congress pass President Joe Biden’s $1.9 trillion relief package.
“Seeing long lines of people waiting to get food is something we should never see in the United States,” Yellen said, adding: “There are people worrying about whether they will have a roof over their heads and [Biden] will address that urgent need.”
Asked how it feels to be the first woman to serve as Treasury secretary, Yellen, was also the first woman to lead the Federal Reserve, said that the legacy she seeks is in the passage of a coronavirus relief measure.
America faces “an economic crisis that is as serious as I have seen in my lifetime,” Yellen said. The goal, she said, is to ensure that “Americans don’t suffer needlessly.”
Spoiler Alert: "If there's an area the modern FCC and state regulators have failed miserably, under both parties, it's broadband caps. It shouldn't take a pandemic to realize that monopolies imposing costly, confusing, and unnecessary restrictions to drive up the already high cost of broadband access isn't a great idea (such restrictions are also also abused competitively in the streaming space). And, with only the occasional exception, and despite endless, breathless yammering on about the "digital divide," most federal and state regulators clearly couldn't give any less of a shit."
Here's a good example to contrast one of those "feel good" corporate communications that has a back-story provided by Caroline O'Donovan writing in Buzzfeed News - first the slick release with all the politically-correct buzzwords
Comcast Provides Update on Decade-Long Commitment to Digital Equity; Announces Plans to Accelerate Efforts in 2021
"Comcast today made several announcements that build on its longstanding commitment to advancing digital equity, closing the digital divide, and addressing both digital literacy and the homework gap.
The new and expanded efforts are designed to help connect as many Americans to the Internet as possible and create new opportunities for underrepresented communities through the education, resources, and skills training they need to succeed in today’s digital economy.
“We’ve been on a mission to address digital inequities in under-resourced communities through Internet Essentials for a decade and there’s never been a greater need than now,” said Dave Watson, President and Chief Executive Officer, Comcast Cable...
Comcast Has Agreed To Increase Its Low-Cost Internet Speeds After Pressure From Student Activists
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Comcast Wants A Cookie For Suspending Its Bullshit Broadband Caps For a Few Months
"For years, Comcast has slowly but surely expanded its pointless and arbitrary broadband usage caps and overage fees into all of its markets (picture the boiling frog metaphor, with you as the frog). And for most of that time, the company avoided doing so in the Northeast where it faces more competition from competitors like (uncapped) Verizon FiOS. But recently, likely fearing an incoming Biden FCC willing to do its job, Comcast rushed to finally push these useless, confusing, and expensive restrictions into the Northeast.
In the middle of a pandemic. When people were already struggling to pay for basic utilities and rent.
Needless to say, lawmakers weren't happy about it. Massachusetts lawmakers were quick to complain about the practice, noting that price gouging captive customers during a financial and health crisis isn't a good look.
"The Philadelphia-based cable giant said it would postpone the new charges after Pennsylvania Attorney General Josh Shapiro (D) raised concerns that Comcast’s policy threatened to disproportionately harm cash-strapped Americans who are learning, working and communicating primarily online."
There are a couple problems
MORE > One, The Washington Post (like a lot of outlets) never even informs readers that the caps are technically unnecessary. They're literally the monopolistic price gouging of captive customers using technically unnecessary nonsense. That's kind of important context, without which the reader walks away possibly thinking Comcast is somehow being altruistic here. This is pretty standard practice for a mainstream US tech press which has a violent allergic reaction to calling a duck a duck (in this case, monopolistic price gouging).
Two, I know from my conversations with Massachusetts lawmakers last week that briefly suspending the caps for a few months was Comcast's idea. It was their base offer in negotiations, and they're unwilling to go further.
As such, what's portrayed here as a savvy win for PA AG Josh Shapiro is really just him agreeing to let Comcast get away with doing what is effectively nothing.
These restrictions shouldn't exist in the first place.
Suspending them for just a few months in one portion of the country is an empty gesture. Comcast will simply bring them back once the PR heat dies down a bit.
Extracts from a post today by Sarah Fischer and Ashley Gold
The company is facing several existential crises that are starting to weigh on investor confidence: No one can deny its phenomenal growth worldwide year-after-year 2012 - 2020
Facebook's business may be booming, but for the first time in the company's history, that doesn't seem to be enough to convince Wall Street its future is bright.
The big picture: Several Facebook executives have told Axios over the past year that big scandals — like the 2020 ad boycott, the Capitol siege, or the company's high-profile battle with Apple — have been the hardest challenges they've ever professionally faced. Now, Wall Street is having doubts, too.
Driving the news: Last week, Facebook continued to show resiliency during the pandemic, beating Wall Street forecasts on top and bottom lines and on user additions.
But despite that momentum, the company's stock sunk in after-hours trading amid fears that changes to internet privacy will hurt its ad business long-term.
A week later, the stock still hasn't recovered.
Flashback: This is notable because over the past two years, few hiccups have really spooked investors about Facebook, with the exception of the onset of the pandemic, which plagued most ad-driven businesses due to uncertainty.
By the numbers: Significantly more people distrust Facebook with their data than Google, Amazon, Microsoft or TikTok, according to a YouGov/Center for Growth and Opportunity poll shared exclusively with Axios.
Some 40% of 996 people polled saying they "completely distrust" Facebook on handling personal data.
39% of 999 poll respondents said they think the world would be "better off" if Facebook was broken up.
Facebook's ranking in a July 2020 Axios/Harris poll of corporate reputation rankings was No. 97 out of 100, down three spots from 2019.
A poll conducted by Pew Research Center in July 2020 said two-thirds of Americans think social media has a mostly negative effect on the country's direction.
A high-profile battle with Apple has Wall Street concerned about Facebook's advertising business over the long term. Facebook warned investors that changes to Apple's user tracking feature will likely impact its ad business.
Regulators are circling the tech giant with antitrust concerns. The Federal Trade Commission and state attorneys general have sued Facebook for allegedly illegally stifling competition, and Facebook has been the subject of multiple congressional investigations and inquiries, with pressure ramped up after the Jan. 6 Capitol riot.
What to watch: Facebook isn't the only platform that will be affected by Apple's changes and new regulatory threats. But it is uniquely exposed to risk from both.
It will be telling whether or not investors are spooked by how these issues impact Facebook's rivals, like Google, Snapchat, Twitter and others. Google's stock has skyrocketed since Tuesday, when it revealed its Q4 earnings results.
