Why The Flu Season Will Be A ‘Whopper’: Former FDA Chief Scott Gottlieb
Former FDA Commissioner Dr. Scott Gottlieb speaks with CNBC’s Meg Tirrell about the future of work as businesses reimagine the workday. Gottlieb discusses how employers can improve office safety, how flu season may become more complicated now that Covid is likely here to stay, the Biden administration’s vaccine mandate, vaccinating children and his new book “Uncontrolled Spread: Why Covid-19 Crushed Us and How We Can Defeat the Next Pandemic.”
0:00 - Introduction
0:18 - Path forward
1:36 - Flu season
3:18 - Workplace safety
5:53 - Vaccinating children
7:32 - Vaccine mandates
10:18 - Future preparation
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Why The Flu Season Will Be A ‘Whopper’: Former FDA Chief Scott Gottlieb
September 22, 2021
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Is Organic Food Really Worth It?
The organic food industry is a booming business. U.S. organic sales surged in 2020, jumping by 12.4% to $61.9 billion. With consumers being more health conscious than ever, they’re willing to pay more for what they perceive as better. But, what exactly does “organic” mean?
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The Truth About Buying Organic Food
September 21, 2021
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Crypto’s Next Big Thing: Decentralized Finance Takes On Wall Street
What would a world without banks look like? The answer may lie in decentralized finance.
Decentralized finance is an emerging ecosystem of financial applications and protocols built on blockchain technology with programmable capabilities, such as ethereum and solana. The transactions get executed automatically through smart contracts on the blockchain, which includes the agreement of the deal.
“Anyone can actually build businesses on top of these protocols and using them the same way as we can today build an internet business on top of the HTTP IP protocol,” said Stani Kulechov, founder of a DeFi protocol called Aave.
Decentralized finance has captured only 5% of the crypto space, according to CoinGecko, but it has seen massive growth recently. There was $93 billion worth of DeFi assets in the crypto market as of June 2021, up from $4 billion just three years ago. To be sure, DeFi’s growth has slowed since the summer of 2020, and regulatory scrutiny from Capitol Hill has spiked over fears of crypto’s checkered past.
1:17- Chapter 1: The ABCs of DeFI
3:16- Chapter 2: The DeFi boom
5:45- Chapter 3: Why people are excited about DeFi
7:31- Chapter 4: What’s next?
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Crypto’s Next Big Thing: Decentralized Finance Takes On Wall Street
September 17, 2021
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Can Homeowners In The U.S. Afford Climate Change?
From western wildfires to east coast flooding, climate change is wreaking havoc on American homes. In this thrilling and emotional documentary, CNBC follows life after fire victim Jenna Johnson narrowly escaped California's deadliest and most destructive fire, the Camp Fire. Meanwhile, standing in his flooding garage, Miami Beach resident Curt Dyer debates raising his house 4 feet to escape the water. Watch the full documentary to see how climate change victims are trying to protect themselves and their homes.
The rain fell steadily at Curt Dyer’s Miami Beach, Florida, home on a mid-July day this summer. He opened the door to the garage and pointed to the flood already collecting in his driveway. He said it wouldn’t be long until the whole garage flooded.
Even though he faces daily nuisance flooding, the 30-year Miami Beach resident said he is not considering moving. “It’s paradise living here.”
Dyer estimates he’s spending about $250,000 in renovation costs to make his home more resilient to flooding. While that figure includes some upgrades to the cabinetry in the kitchen, the main structural change will raise the driveway 3 feet and pitch it so water will flow into the street. He’s also raising his guest bedroom and bathroom 4 feet.
Jesse Keenan, associate professor of real estate at Tulane University, says these types of resiliency fixes, which are primarily available to the wealthy, create a game of musical chairs with home equity.
As long as homeowners like Dyer are able to sell their property at a higher price after resiliency investments, they come out on top. Eventually, however, a homeowner or bank could end up losing everything if a flood or other disaster destroys the house and makes the property unlivable. Over time, this risk will increase insurance rates and make it harder to get mortgages.
“We anticipate a rapid decline in valuation,” Keenan told CNBC. “Only the wealthy can afford to live, for instance, in high-risk coastal areas, because everybody else can’t insure it and won’t be able to get a mortgage.”
In fact, homes exposed to sea level rise sell for about 7% less than their unexposed counterparts, according to a study published in 2019 in the Journal of Financial Economics. That discount jumps to 10% when the owner of the property is not living there.
Flooding is the most common and most expensive natural disaster in the U.S., according to FEMA. Ninety percent of all natural disasters in the U.S. involve flooding and just 1 inch of water can cause $25,000 of damage to a home.
A 2018 Insurance Information Institute survey found that only 15% of American homeowners have flood insurance. Keenen fears all this combined will lead to a situation where only the wealthy will be able to protect themselves from climate danger.
Dyer said registering his flood claims has been relatively simple but he and his husband are paying out of pocket for these major renovations. But it’s worth it to make his dream home complete, and he expects Miami Beach will continue to be livable for at least another 20 years.
“If I didn’t have the resources and the capability to make the repairs, I would probably have no desire to live in these conditions in this environment. It would be unacceptable. But I do have the resources. I have the ability to make the correction. So I’m going to do it,” he said.
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Can U.S. Homes Survive Climate Change?
September 16, 2021
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How Headlights Became So High-Tech
Headlights are quietly undergoing a technological revolution, and regulators are trying to catch up.
For much of automotive history, innovation came to headlights gradually. But over the last few decades, the pace has quickened. Now, automakers are using LED technology to create arrays of tiny lights that can cast complex beam patterns. The so-called adaptive driving beams can illuminate an entire road while shutting off any bulbs that would shine in the eyes of oncoming drivers.
Even more sophisticated headlights have such high resolution that they can display graphics or even animations. These could be used to display warnings or other important information in front of the driver. In theory, the technology could enable a car to project an entire movie from its headlamps.
As of now, federal regulators are in the process of making rules that could completely change the way drivers see the road and each other.
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How Headlights Became So High-Tech
September 15, 2021
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Why Tracking Carbon Emissions Is Suddenly A Billion Dollar Opportunity
As extreme weather events roiled communities around the world this summer, businesses and governments are feeling more pressure than ever to respond to climate change.
Tracking emissions has historically been difficult, because the methods for tracking a company’s carbon footprint are all over the place. In the U.S., corporate sustainability reporting remains unstandardized and largely voluntary. But the landscape looks better in Europe, as a recently adopted proposal is set to expand the number of companies that must produce sustainability reports. That measure will also require more detailed and standardized disclosures and impose mandatory audits.
That’s where companies like Plan A and Planetly come in. These Berlin-based startups make software that helps companies monitor, report and reduce their carbon emissions, and the market for their services is booming. Meanwhile, apps like Klima, which help individuals offset their own personal emissions, are also growing rapidly.
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Why Tracking Carbon Emissions Is Suddenly A Billion Dollar Opportunity
September 14, 2021
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Booster Shots And Vaccine Mandates: The New Plan To Beat Covid-19
The delta variant of Covid-19 took the U.S. by surprise. Months after the first vaccines rolled out, Covid-19 infections surged as the delta variant overwhelmed the unvaccinated population and even broke through the immunity from the shots from Moderna, Pfizer and Johnson & Johnson. Now, the White House has a new plan to fight the delta variant, including booster shots and vaccine mandates. Here’s where we stand in the debate over booster shots, and in the fight against the delta variant.
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Booster Shots And Vaccine Mandates: The New Plan To Beat Covid-19
September 11, 2021
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Why Food Is Getting More Expensive In The U.S.
The pandemic sent food prices skyrocketing amid a slew of supply chain disruptions, but food costs have been steadily rising over the past five years. The rise in prices can have serious consequences for the most vulnerable Americans. According to the USDA, 13.8 million Americans qualified as food insecure in 2020. Watch the video to find out how much food prices have risen, what's driving the increase and how businesses and policymakers can fix it.
The Biden administration said Wednesday it plans to take “bold action” to enforce antitrust laws aimed at meatpacking companies it says are causing beef, pork, and poultry prices to rise at the grocery store.
Even though beef prices have been rising, farmers and ranchers have been making less money, the White House said.
Climate change, labor issues, transportation concerns and other supply chain disruptions have been contributing to the rising costs over the past several years. The pandemic disruptions then sped up the rate of growth in prices.
These price increases have significant consequences for the most vulnerable Americans. The United States Department of Agriculture reported Wednesday that 13.8 million households were considered food insecure in 2020.
The Biden administration last month increased assistance for the Supplemental Nutrition Assistance Program or SNAP. Previously known as Food Stamps, the benefits were increased by more than 25%.
“It’s a combination of all these factors,” SuperMarketGuru.com editor Phil Lempert said. “It’s very difficult to say what did the pandemic do? What does climate change do? What is transportation do? So we’ve got to lump it all together. And we’ve got to solve them all together.”
0:00 - Introduction
01:31 - Rising costs
03:41 - Climate change
04:44 - Supply chain issues
08:33 - Health impact
11:55 - Solutions
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Why Food Is Getting More Expensive In The U.S.
September 10, 2021
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How The GPU Chip Shortage Hit Gamers And Crypto Miners
There’s a certain kind of computer chip that has become incredibly important to the modern world. The GPU — short for graphics processing unit. GPUs bring digital worlds to life. In the last few years, they’ve become the computer chip of choice among certain crypto miners. They’re also becoming increasingly more important in cutting edge fields like self-driving cars and supercomputing. But like every other kind of computer chip in 2021, GPUs remain in short supply. Here’s why, and why it’s hurting gamers and crypto miners specifically.
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How The GPU Chip Shortage Hit Gamers And Crypto Miners
September 07, 2021
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Amazon Is Quietly Shipping Non-Amazon Orders To Compete With FedEx, UPS
Amazon is on a spending spree to grow its fleet of planes, vans, semitrucks and drivers in its latest move to compete with FedEx and UPS. Now, it’s using the added capacity to move cargo for outside customers, betting big on the business of third-party shipping while also shipping 72% of its own packages. CNBC talks to former Amazon executives and current customers using the shipping services to find out all about the behemoth’s next big move.
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Amazon now ships for other merchants to compete with FedEx, UPS
September 04, 2021
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Why GM’s All-Electric Future Is A Big Gamble
GM is one of the world's largest automakers. It has a range of models falling under its four brands, Chevy, Buick, Cadillac, and of course, GMC. GM made its name selling gas burning cars but in January 2021, it made a stunning announcement. The company said it “aspires to eliminate tailpipe emissions from new light-duty vehicles by 2035.” - meaning that GM intends to stop selling gas-burning cars.
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Why GM’s All-Electric Future Is A Big Gamble
September 03, 2021
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What Is The Future Of The Workplace In The U.S.?
After over a year of remote work, employees are starting to head back into the office. Top economists like Gary Shilling, Esther Duflo, Mark Zandi, Mohamed El-Erian and Dan Ariely offer their predictions on how the new, post-pandemic workplace will look. Many believe the U.S. will see an increase in hybrid work and possibly less hours spent working. Watch the video to find out more.
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What Is The Future Of The Workplace In The U.S.?
September 01, 2021
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Is The U.S. In Another Housing Bubble?
The U.S. housing market has been an unlikely beneficiary from the Covid-19 pandemic.
During the pandemic, home prices have climbed at a record pace. The median price for an existing home reached over $363,000 in June 2021, a 23.4% year-over-year increase.
“You can see in just basically the last 15 months or so, we’ve seen a dramatic acceleration in home price growth to levels we haven’t seen in decades,” CoreLogic chief economist Frank Nothaft said.
However, according to most experts, the market is shaping up to look more like a boom rather than a bubble.
“We say bubble because we can’t believe how much prices have gone up,” CNBC real estate correspondent Diana Olick said. “A bubble tends to be something that’s inflated that could burst at any minute and change and that’s not really the case here.”
While speculation certainly is a factor, the main cause for the current housing demand is low mortgage rates. At the start of the pandemic in March 2020, the 30-year fixed-rate mortgage rate sat at 3.45%. By July of this year, that number had dropped to 2.87%.
Supply is also an issue. According to the National Association of Realtors, the U.S. has underbuilt its housing needs by at least 5.5 million units over the past 20 years. That’s a stark comparison to the previous housing bubble in 2008 when overbuilding was the issue.
“So we’ve got a boost in demand that’s due to record low mortgage rates and we’ve got a shrinkage of supply,” Nothaft said. “So between more demand and less supply, prices are up and they’re up at the fastest pace since the 1970s.”
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Is The U.S. In Another Housing Bubble?
September 01, 2021
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How Lowe's Is Competing With Home Depot
The American home is undergoing a makeover during the Covid-19 pandemic, and home improvement giant Lowe’s is reaping the benefits from it.
Since the start of the pandemic, Lowe’s has five straight quarters of double-digit revenue growth on a quarter-over-quarter basis. The company’s bottom line has also gotten a boost. On Aug. 18, the company reported a second-quarter profit of $3.02 billion, or $4.25 per share. That’s up 6.7% on a year-over-year basis from $2.83 billion.
“More so than anytime in our life the home is being reimagined,” Lowe’s CEO Marvin Ellison said September 15, 2020. “The home is multi-purpose more so than ever, it’s a work-from-home space, it’s a homeschooling space and its a predominant space for entertainment and recreation.”
But with consumer discretionary spending shifting toward entertainment and travel as Covid restrictions ease, will Lowe’s and rival Home Depot be able to maintain their momentum? And what happens to the do-it-yourself home improvement market once the pandemic subsides?
Watch the video to find out what’s next for Lowe’s.
Chapters:
00:00 — Intro
01:58 — History
05:20 — The home improvement market
10:04 — Focus on home professionals
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The DIY Boom And The Rise Of Lowe’s
August 31, 2021
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Why Uber And Lyft Rides Got So Expensive
According to Rakuten Intelligence, the cost of a ride from a ride-sharing app like Uber or Lyft increased 92% between January of 2018 and July of 2021. Many riders have also noticed increased wait times for rides, and a recent driver shortage is likely to blame. In early July 2021, Uber and Lyft drivers were about 40% below capacity. The companies have taken notice of this driver shortage, and are investing millions worth of bonuses and base rates to convince drivers to return. But will it be enough to get drivers back on the roads?
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Why Uber And Lyft Rides Got So Expensive
August 27, 2021
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The Fall Of Afghanistan: How America’s $2 trillion, Two-Decade War Ended In Chaos
Twenty years of war for the United States and coalition partners in Afghanistan ended with the collapse of the Afghan government after U.S. troops withdrew from most of the country. The rapid advance of the Taliban forced an evacuation of more than 100,000 people from Afghanistan over the course of the last few weeks, and led to the deaths of 13 U.S. service members. Here’s how the fall of Afghanistan happened so quickly, and what’s next for the war-torn country.
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The Fall Of Afghanistan: How America’s $2 trillion, Two-Decade War Ended In Chaos
August 27, 2021
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How Moderna And Pfizer-BioNTech Developed Vaccines In Record Time
The decision to pivot an entire business to focus on the coronavirus is an obvious one in hindsight, at least for Moderna, BioNTech and Pfizer, which succeeded beyond anyone’s expectations — and will reap billions of dollars in sales of their vaccines this year alone.
It wasn’t such a clear decision in the early months of 2020, though that’s when Moderna’s chief executive, Stephane Bancel, and BioNTech’s chief, Ugur Sahin, starting turning their ships, they told CNBC in interviews for this documentary about the vaccine race, produced by CNBC senior health and science reporter Meg Tirrell and senior digital producer Sam Rega.
“The night that China locked down Wuhan, I’m like: ‘When was the last time I know a city has been locked down because of an infectious disease?’” Bancel recalled. “And what goes through my mind is: what do the Chinese know that we don’t know?“
Bancel said he awoke sweating at 4 a.m., realizing, “Jeez, there’s going to be a pandemic like 1918.”
For Sahin, it was reading a paper in the Lancet in late January describing the outbreak in China.
“I did a number of calculations, fast calculations, and realized it had already spread,” Sahin said. “And it was clear that it was already too late to stop the disease.”
But he was convinced BioNTech, then focused mainly on personalized cancer therapies, may be able to do something. His company reached out to Pfizer, he said, proposing to work on a vaccine for the novel coronavirus using the same technology, messenger RNA, on which they’d already partnered to try to tackle the flu.
“We had the first contact a few days after starting the project,” Sahin said. “At that time, Pfizer was not yet interested.”
Albert Bourla, Pfizer’s CEO, confirmed Sahin’s account, saying in the earliest months of 2020, he was focused on maintaining the company’s operations in China. But by late February, he said, he’d determined Pfizer needed to work on a treatment and a vaccine.
“What is the best approach?” Bourla said he asked his team.
Kathrin Jansen, head of Pfizer’s vaccine research and development, said they assessed all existing technologies, including protein-based vaccines and vaccines using viral vectors.
“They all have too few pros and too many cons,” she said.
But messenger RNA was a risk; it had never been used before as an approved vaccine or drug.
“I wrestled a little bit with the decision,” Bourla said. But after another meeting with the team, “they convinced me.”
That’s when Sahin called a second time. The outbreak, by that point, was already in New York, he said. Reaching Jansen, he described the work that BioNTech already had underway, and asked if Pfizer would like to work together.
“And I said: absolutely,” Jansen remembered. “Let’s talk about this.”
At Moderna, it was never a question that messenger RNA would be the way forward; that was the technology around which the company was founded in 2010. But that didn’t mean questions didn’t exist.
“Even going into March, there were voices that said vaccines were false hope,” recalled Dr. Stephen Hoge, Moderna’s president. “It did feel for a period of time that we needed to defend even the idea of trying.”
“When we were thinking about how do we get into Phase 1, what does it look like to prepare for a pandemic, the eyes of the world felt as though they were looking at Moderna as this biotech ... ‘what are they trying to do?’” said Hamilton Bennett, Moderna’s senior director of vaccine access and partnerships.
“It was only when we transitioned in that March notification from the WHO that this was a global pandemic, it’s an emergency, that I think people started to realize that what we’re doing isn’t playing in a sandbox trying to demonstrate our technology,” Bennett said. “We’re developing a vaccine that’s going to stop the pandemic.”
The companies succeeded, in what became one of the greatest medical races in history. Here, they recall how it happened.
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A Race Against Covid: How Moderna And Pfizer-BioNTech Developed Vaccines In Record Time
August 27, 2021
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Why U.S. Pharmacies Overcharge
Concerns over prescription drug prices have grown into a big political issue, with nearly one in four Americans saying it's difficult to afford their medications, according to a March 2019 poll by the Kaiser Family Foundation. Pharmacies technically set their own prices for generic drugs, but there are other players involved that complicate the process. Here's how the system works and what customers can do to save money.
Americans are having a tough time paying for medications despite bipartisan efforts to drive down prescription drug prices.
Nearly 1 in 4 Americans say it’s difficult to afford their medications, according to a March 2019 poll by the Kaiser Family Foundation. This comes as pharmacies raked in a record $465 billion from prescriptions.
Lawmakers from both parties support lowering drug prices, but they haven’t had much success regulating the industry. In September 2019, U.S. Rep. Frank Pallone, D-N.J., introduced the Elijah E. Cummings Lower Drug Costs Now Act. The House passed the bill in December 2019, but it died in the Senate.
Former President Donald Trump also made a late-term bid in the fall of 2020 to try to lower drug costs, but the effort faced setbacks in court.
As regulation attempts have faltered, businesses such as GoodRx have tried to fill the gaps in the complicated pricing system. However, experts say non-systemic solutions are a Band-Aid on a bigger problem.
Chapters
0:00 - Introduction
1:16 - Why pharmacies exist
3:50 - How pharmacies make money
8:51 - Regulations
10:55 - How customers can save money
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Why Pharmacies Overcharge
August 26, 2021
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What The Next Space Station May Look Like
The International Space Station will likely be retired within the decade. NASA hopes to save money by having commercial companies build the next space outpost. Some companies including Sierra Space and Axiom Space are already working on a commercial space station. But the question is, will these stations be ready in time?
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What’s Next For The International Space Station?
August 25, 2021
yRcNxPCC9_A
Why Bill Gates Is Buying Up U.S. Farmland
Bill Gates made headlines for becoming the largest private farmland owner in the U.S. But he’s not the only one. Some of the wealthiest landowners including Jeff Bezos, John Malone and Thomas Peterffy are buying up forests, ranches and farmlands across the United States. Why? Watch the video to find out.
Investments in farmland are growing across the country as people, including the ultra-wealthy like Bill Gates, look for new ways to grow their money.
In 2020, Gates made headlines for becoming the largest private farmland owner in the U.S. He had accumulated more than 269,000 acres of farmland across 18 states in less than a decade. His farmland grows onions, carrots and even the potatoes that are used to make McDonald’s French fries.
“It’s an asset with increasing value,” American Farmland Trust CEO John Piotti said. “It has great intrinsic value and beyond that, it is a limited resource.”
The U.S. Department of Agriculture estimates that 30% of all farmland is owned by landlords who don’t farm themselves. Buyers often purchase land from farmers who have owned it for decades; many of whom may be asset rich but maybe cash poor.
“The economic realities for them are typical that they’ve spent their life farming,” said Holly Rippon-Butler, land campaign director at the National Young Farmers Coalition. “Their retirement, their equity is all in the land and tied up in selling land.”
Private landowners are also making a profit by utilizing the land in numerous ways. Approximately 39% of the 911 million acres of farmland across the U.S. is rented out to farmers, and 80% of that rented farmland is owned by landlords who don’t farm themselves data from the Agriculture Department shows.
“The young farmers are just as happy to lease the land because whether you are young or old, it’s a business, right?” said Thomas Petterfy, chairman of Interactive Brokers and owner of 581,000 acres.
“You go buy a farm and you put that cash rental lease in place, you’re going to be looking at about 2.5% return on your capital,” Peoples Company President Steve Bruere said.
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Why Bill Gates Is Buying Up U.S. Farmland
August 20, 2021
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