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"content": "\u003cp>Even though the federal government has decided to retain marijuana as a \u003ca href=\"https://ww2.kqed.org/news/2016/08/11/dea-rejects-attempt-to-loosen-federal-restrictions-on-marijuana/\">Schedule I drug\u003c/a>, California’s marijuana industry is gathering steam. Gov. Jerry Brown approved regulations for medical cannabis last year, and voters will weigh on legalizing recreational pot this fall.\u003c/p>\n\u003cp>As the industry expands, so has its influence in the state Capitol.\u003c/p>\n\u003cp>[soundcloud url=\"https://api.soundcloud.com/tracks/277962219\" params=\"color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false\" width=\"100%\" height=\"166\" iframe=\"true\" /]\u003c/p>\n\u003cp>To track its growing clout, it’s helpful to look at the numbers. The nearly 4-year-old \u003ca href=\"http://www.cacannabisindustry.org/\">California Cannabis Industry Association\u003c/a> started off in a tiny office near the Capitol. Executive Director Nate Bradley says it will soon move into a 3,000-square-foot space. His group has seen its membership jump from 80 businesses to more than 200 since the end of last year. Bradley credits the growth to the passage of medical marijuana regulations.\u003c/p>\n\u003cp>“When the governor signed it, he legitimized the entire industry in the state,\" Bradley says, \"which dropped the risk profile enough that more people started to get into the industry. More people wanted to get involved.”\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>According to financial disclosures, the Cannabis Industry Association has spent \u003ca href=\"http://cal-access.ss.ca.gov/Lobbying/Employers/Detail.aspx?id=1362951&view=activity\">nearly $105,000\u003c/a> on direct lobbying in the 2015-2016 legislative session. That’s up from $21,000 in the previous session.\u003c/p>\n\u003cp>[contextly_sidebar id=\"ovweVDqauVs0r9zBCuKPNGqnUOTSmYMf\"]\u003c/p>\n\u003cp>Another group, \u003ca href=\"http://www.calgrowersassociation.org/\">the California Growers Association\u003c/a>, has seen its membership explode as well, from about 270 businesses to around 700. It has spent \u003ca href=\"http://cal-access.ss.ca.gov/Lobbying/Employers/Detail.aspx?id=1374958&view=activity\">more than $78,000\u003c/a> on direct lobbying this legislative session. California Growers Association Executive Director Hezekiah Allen says different philosophies are starting to emerge among cannabis groups.\u003c/p>\n\u003cp>“As the industry sort of increases its influences here in Sacramento, it’s also becoming clear that the industry is not a monolith and there are two distinctly different paths forward,\" Allen says. \"One that’s very small-business friendly and one that’s significantly more interested in growth.”\u003c/p>\n\u003cp>Allen’s organization leans more toward protecting small growers. It’s also split with other groups on issues of taxes and the distribution of marijuana. And it’s taken a neutral position on \u003ca href=\"https://ballotpedia.org/California_Marijuana_Legalization_Initiative,_Proposition_64_(2016)\">Proposition 64\u003c/a>, which would legalize recreational pot in the state for people over 21. The Cannabis Industry Association has endorsed the ballot measure.\u003c/p>\n\u003cp>As the industry has taken on issues beyond whether it’s allowed to simply exist, the Cannabis Association's Bradley says the lawmakers he’s reaching out to have changed as well.\u003c/p>\n\u003cp>“You know, if I think I’m being over-regulated, the liberal from San Francisco isn’t going to be the one to go to,\" he says. \"It’s going to be a business-moderate Democrat or some (Republicans).”\u003c/p>\n\u003cp>And marijuana-related businesses are also spending more in Sacramento. The company Weedmaps, which helps people find medical marijuana services, is listed as a major donor by the Secretary of State’s Office. Its backers have \u003ca href=\"http://cal-access.ss.ca.gov/Campaign/Committees/Detail.aspx?id=1376077&view=contributions\">contributed $750,000\u003c/a> to Prop. 64. And they give money to both \u003ca href=\"http://cal-access.ss.ca.gov/Campaign/Committees/Detail.aspx?id=1376825&view=contributions\">Democrats and Republicans\u003c/a>, including campaigns for Lt. Gov. Gavin Newsom, Assembly Speaker Anthony Rendon and Assembly Republican Leader Chad Mayes. Board of Equalization Chair Fiona Ma has also received contributions.\u003c/p>\n\u003cp>“I see it as another industry that wants to participate. I support the medicinal cannabis industry, and I have coming from San Francisco. So I don’t see it as anything bad,\" Ma says.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>That’s a view the marijuana industry likely hopes others will share as it finds its political feet and looks to become a more powerful force in the state Capitol.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>Even though the federal government has decided to retain marijuana as a \u003ca href=\"https://ww2.kqed.org/news/2016/08/11/dea-rejects-attempt-to-loosen-federal-restrictions-on-marijuana/\">Schedule I drug\u003c/a>, California’s marijuana industry is gathering steam. Gov. Jerry Brown approved regulations for medical cannabis last year, and voters will weigh on legalizing recreational pot this fall.\u003c/p>\n\u003cp>As the industry expands, so has its influence in the state Capitol.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003cdiv class='utils-parseShortcode-shortcodes-__shortcodes__shortcodeWrapper'>\n \u003ciframe width='100%' height='166'\n scrolling='no' frameborder='no'\n src='https://w.soundcloud.com/player/?url=https://api.soundcloud.com/tracks/277962219&visual=true&color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false'\n title='https://api.soundcloud.com/tracks/277962219'>\n \u003c/iframe>\n \u003c/div>\u003c/p>\u003cp>\u003c/p>\n\u003cp>To track its growing clout, it’s helpful to look at the numbers. The nearly 4-year-old \u003ca href=\"http://www.cacannabisindustry.org/\">California Cannabis Industry Association\u003c/a> started off in a tiny office near the Capitol. Executive Director Nate Bradley says it will soon move into a 3,000-square-foot space. His group has seen its membership jump from 80 businesses to more than 200 since the end of last year. Bradley credits the growth to the passage of medical marijuana regulations.\u003c/p>\n\u003cp>“When the governor signed it, he legitimized the entire industry in the state,\" Bradley says, \"which dropped the risk profile enough that more people started to get into the industry. More people wanted to get involved.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>According to financial disclosures, the Cannabis Industry Association has spent \u003ca href=\"http://cal-access.ss.ca.gov/Lobbying/Employers/Detail.aspx?id=1362951&view=activity\">nearly $105,000\u003c/a> on direct lobbying in the 2015-2016 legislative session. That’s up from $21,000 in the previous session.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003cp>Another group, \u003ca href=\"http://www.calgrowersassociation.org/\">the California Growers Association\u003c/a>, has seen its membership explode as well, from about 270 businesses to around 700. It has spent \u003ca href=\"http://cal-access.ss.ca.gov/Lobbying/Employers/Detail.aspx?id=1374958&view=activity\">more than $78,000\u003c/a> on direct lobbying this legislative session. California Growers Association Executive Director Hezekiah Allen says different philosophies are starting to emerge among cannabis groups.\u003c/p>\n\u003cp>“As the industry sort of increases its influences here in Sacramento, it’s also becoming clear that the industry is not a monolith and there are two distinctly different paths forward,\" Allen says. \"One that’s very small-business friendly and one that’s significantly more interested in growth.”\u003c/p>\n\u003cp>Allen’s organization leans more toward protecting small growers. It’s also split with other groups on issues of taxes and the distribution of marijuana. And it’s taken a neutral position on \u003ca href=\"https://ballotpedia.org/California_Marijuana_Legalization_Initiative,_Proposition_64_(2016)\">Proposition 64\u003c/a>, which would legalize recreational pot in the state for people over 21. The Cannabis Industry Association has endorsed the ballot measure.\u003c/p>\n\u003cp>As the industry has taken on issues beyond whether it’s allowed to simply exist, the Cannabis Association's Bradley says the lawmakers he’s reaching out to have changed as well.\u003c/p>\n\u003cp>“You know, if I think I’m being over-regulated, the liberal from San Francisco isn’t going to be the one to go to,\" he says. \"It’s going to be a business-moderate Democrat or some (Republicans).”\u003c/p>\n\u003cp>And marijuana-related businesses are also spending more in Sacramento. The company Weedmaps, which helps people find medical marijuana services, is listed as a major donor by the Secretary of State’s Office. Its backers have \u003ca href=\"http://cal-access.ss.ca.gov/Campaign/Committees/Detail.aspx?id=1376077&view=contributions\">contributed $750,000\u003c/a> to Prop. 64. And they give money to both \u003ca href=\"http://cal-access.ss.ca.gov/Campaign/Committees/Detail.aspx?id=1376825&view=contributions\">Democrats and Republicans\u003c/a>, including campaigns for Lt. Gov. Gavin Newsom, Assembly Speaker Anthony Rendon and Assembly Republican Leader Chad Mayes. Board of Equalization Chair Fiona Ma has also received contributions.\u003c/p>\n\u003cp>“I see it as another industry that wants to participate. I support the medicinal cannabis industry, and I have coming from San Francisco. So I don’t see it as anything bad,\" Ma says.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>That’s a view the marijuana industry likely hopes others will share as it finds its political feet and looks to become a more powerful force in the state Capitol.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"disqusTitle": "California's Rich-Poor Gap: The Reality May Surprise You",
"title": "California's Rich-Poor Gap: The Reality May Surprise You",
"headTitle": "The California Report | KQED News",
"content": "\u003cp>Where in California has the gap between rich and poor grown most since the Great Recession?\u003c/p>\n\u003cp>The Bay Area, home of your Zuckerbergs and Steyers and some of the most \u003ca href=\"http://www.forbes.com/sites/betsyschiffman/2015/11/10/full-list-most-expensive-zip-codes-in-2015/#7fbaafa12b0b\">expensive zip codes\u003c/a> in the country, seems like a logical answer. Over the past decade, what other part of California has minted as many members of the “1 percent” as Silicon Valley?\u003c/p>\n\u003cp>But according to research from the nonpartisan Public Policy Institute of California, income inequality in the Bay Area has worsened only marginally, at least when compared to other parts of the state. In 2007, Bay Area households at the top 10 percent of incomes made about 10.6 times what Bay Area households at the bottom 10 percent of incomes brought home. By 2014, they made about 11.6 times as much.\u003c/p>\n\u003cp>While that 10 percent increase in the income gap is notable, it pales in comparison to almost every other region in the state. The “90/10” ratio grew by over 30 percent in the greater Sacramento region and in the more rural counties north of the Bay Area. The Inland Empire in Southern California, still reeling from its foreclosure crisis, saw the biggest jump in income inequality in the state at more than 40 percent.\u003c/p>\n\u003cp>[IncomeGapGrowing]\u003c/p>\n\u003cp>So much for the growth in the gap; what about the size of the gap itself? Income inequality within California may not look like what you would expect. Regions such as Orange County and the Bay Area, despite their notable concentrations of wealth, are some of the more equal in the state. By far, the most unequal California region is the Central Valley, where high-income households make 14 times as much as poor households.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>So what gives? Are the tech barons of San Francisco relocating to Fresno and commuting via private jet?\u003c/p>\n\u003cp>\"The recovery has happened faster in the Bay Area -- that’s a big part of it,” says Sarah Bohn, a research fellow at PPIC and co-author on the study. “Incomes fell across the board during the recession, and the fastest to recover typically see better results.”\u003c/p>\n\u003cp>There are other important lessons to draw from how income inequality varies throughout the state and how the pattern has changed since the Great Recession. Part of the reason why regions such as the Bay Area and Orange County stack up favorably is because recent changes in income inequality have more to do with the deteriorating incomes of the poor than the growing fortunes of the rich.\u003c/p>\n\u003cp>[PoorPoorer]\u003c/p>\n\u003cp>Those at the bottom 10 percent of incomes in the Inland Empire, for example, saw their income drop by 35 percent since 2007. That’s mostly why the region, which includes Riverside and San Bernardino counties, suffered a 40 percent widening of the gap between rich and poor. In contrast, equivalent low-income residents of the Bay Area saw incomes fall just 9 percent, which helps explain why income inequality increased only marginally there.\u003c/p>\n\u003cp>Those California regions with the biggest chasm between rich and poor typically have some of the poorest populations in the state. In the Central Valley, for example, households in the bottom 10 percent of the income distribution made less than $10,000 per year (adjusted for a family of four). Their equivalents in the Bay Area made more than double that.\u003c/p>\n\u003cp>“When you’re talking incomes that low, you’re likely talking about people who work in agriculture and who really have highly variables incomes because they’re not at a traditional job,” says Ann Stevens, director of the UC Davis Center for Poverty Research. “Or they may be doing temporary work or field work or running a small agricultural business.”\u003c/p>\n\u003cp>It's important to note that the PPIC study does not control for the fact that low-income families may be relocating to more affordable areas of California -- or leaving the state altogether. Such a migration could lower inequality ratios in more expensive parts of the state such as the Bay Area and Orange County, where housing and other costs have risen rapidly.\u003c/p>\n\u003cp>But across California, income inequality has gotten worse since 2007. And it’s not the rich getting richer per se -- it’s the already very poor getting even poorer. Incomes of the bottom 10 percent of Californians have dropped by 26 percent since 2007. Since 2007, the rich haven’t actually gotten that much richer -- or at least those at the top 10 percent are not racking up more income. In fact, incomes at the top 10 percent have also dropped over the same time period, but by a much smaller amount.\u003c/p>\n\u003cp>“If incomes fell across the board at the same rate, then income inequality wouldn’t change that much,” Bohn says. “But because top incomes recover quicker and lower incomes don’t, that’s where the growth in inequality is coming from.”\u003c/p>\n\u003cp>How exactly you measure income inequality matters a great deal, both in terms of presenting the size of the income gap itself and devising the policy prescriptions to fix it -- assuming you think it should be fixed in the first place.\u003c/p>\n\u003cp>[WaysToMeasure]\u003c/p>\n\u003cp>Focusing on very rich households will yield different results than focusing on even slightly less rich households. \u003ca href=\"https://www.brookings.edu/research/city-and-metropolitan-inequality-on-the-rise-driven-by-declining-incomes/\">Research from the Brookings Institute\u003c/a> that compares higher-income households (those at the top 5 percent) to those at the bottom 20 percent makes the Bay Area appear much more unequal, with the greater San Francisco metro area the third most unequal region in the country.\u003c/p>\n\u003cp>But looking at other portions of the income distribution can be even more illuminating. The PPIC researchers also compared the median income of each region to the bottom 10 percent, which can roughly be interpreted as how far very low-income households must climb up the income ladder to reach middle-class status. They also looked at the “80/20” ratio, which captures less of the extremes of rich and poor and examines a broader swath of upper- and lower-class families.\u003c/p>\n\u003cp>The different measures tell a broader story about which households on the income spectrum are faring well and which aren’t. By the 80/20 measure, Los Angeles County is the third most unequal region in the state. But the county does much better by the 50/10 measure, where the gap between the poor and middle class is the second-lowest in California.\u003c/p>\n\u003cp>Any measure of income inequality also comes with a couple of important -- yet often overlooked -- caveats. First, most look only at pre-tax earnings or cash income. They don’t include the income-leveling effect of taxes on richer households, nor do they include safety-net supports for low-income households such as food stamps and the Earned Income Tax Credit.\u003c/p>\n\u003cp>When counting only work and retirement income, a California household at the top 10 percent of income appears to make 17 times as much as a household at the bottom 10 percent. But factor in both taxes and safety-net supports, and that disparity shrinks by almost half -- with the top tier collecting eight times the income of the bottom tier. (The shrinkage of the gap is due more to the buttressing of incomes for the very poor than to the income-reducing effects of taxes on the rich.)\u003c/p>\n\u003cp>[ReducingGap]\u003c/p>\n\u003cp>That’s good news for those who believe income inequality is a problem worthy of government action. Driven by powerful macroeconomic forces such as globalization and technological change, income inequality is often framed as an intractable economic problem beyond the scope of simple policy solutions.\u003c/p>\n\u003cp>But the research indicates that policies such as the Earned Income Tax Credit -- which proves a sizable income boost to many low-income working families in the form of an annual refundable tax credit -- could do a great deal to reduce inequality in California.\u003c/p>\n\u003cp>“Policy to reduce income inequality is hard when you’re just looking at labor market earnings,” Bohn says. “But in reality, what families live on -- there’s a lot more than just labor market earnings. We have targeted programs that are aimed at low-income families, and those are the places where policy can make a difference.”\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>\u003cem>CALmatters is a nonprofit journalism venture dedicated to explaining state policies and politics.\u003c/em> \u003cem>For more stories like this one, go to \u003ca href=\"https://calmatters.org/\">CALmatters.org\u003c/a>\u003c/em>\u003cem>. \u003c/em>\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>Where in California has the gap between rich and poor grown most since the Great Recession?\u003c/p>\n\u003cp>The Bay Area, home of your Zuckerbergs and Steyers and some of the most \u003ca href=\"http://www.forbes.com/sites/betsyschiffman/2015/11/10/full-list-most-expensive-zip-codes-in-2015/#7fbaafa12b0b\">expensive zip codes\u003c/a> in the country, seems like a logical answer. Over the past decade, what other part of California has minted as many members of the “1 percent” as Silicon Valley?\u003c/p>\n\u003cp>But according to research from the nonpartisan Public Policy Institute of California, income inequality in the Bay Area has worsened only marginally, at least when compared to other parts of the state. In 2007, Bay Area households at the top 10 percent of incomes made about 10.6 times what Bay Area households at the bottom 10 percent of incomes brought home. By 2014, they made about 11.6 times as much.\u003c/p>\n\u003cp>While that 10 percent increase in the income gap is notable, it pales in comparison to almost every other region in the state. The “90/10” ratio grew by over 30 percent in the greater Sacramento region and in the more rural counties north of the Bay Area. The Inland Empire in Southern California, still reeling from its foreclosure crisis, saw the biggest jump in income inequality in the state at more than 40 percent.\u003c/p>\n\u003cp>[IncomeGapGrowing]\u003c/p>\n\u003cp>So much for the growth in the gap; what about the size of the gap itself? Income inequality within California may not look like what you would expect. Regions such as Orange County and the Bay Area, despite their notable concentrations of wealth, are some of the more equal in the state. By far, the most unequal California region is the Central Valley, where high-income households make 14 times as much as poor households.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>So what gives? Are the tech barons of San Francisco relocating to Fresno and commuting via private jet?\u003c/p>\n\u003cp>\"The recovery has happened faster in the Bay Area -- that’s a big part of it,” says Sarah Bohn, a research fellow at PPIC and co-author on the study. “Incomes fell across the board during the recession, and the fastest to recover typically see better results.”\u003c/p>\n\u003cp>There are other important lessons to draw from how income inequality varies throughout the state and how the pattern has changed since the Great Recession. Part of the reason why regions such as the Bay Area and Orange County stack up favorably is because recent changes in income inequality have more to do with the deteriorating incomes of the poor than the growing fortunes of the rich.\u003c/p>\n\u003cp>[PoorPoorer]\u003c/p>\n\u003cp>Those at the bottom 10 percent of incomes in the Inland Empire, for example, saw their income drop by 35 percent since 2007. That’s mostly why the region, which includes Riverside and San Bernardino counties, suffered a 40 percent widening of the gap between rich and poor. In contrast, equivalent low-income residents of the Bay Area saw incomes fall just 9 percent, which helps explain why income inequality increased only marginally there.\u003c/p>\n\u003cp>Those California regions with the biggest chasm between rich and poor typically have some of the poorest populations in the state. In the Central Valley, for example, households in the bottom 10 percent of the income distribution made less than $10,000 per year (adjusted for a family of four). Their equivalents in the Bay Area made more than double that.\u003c/p>\n\u003cp>“When you’re talking incomes that low, you’re likely talking about people who work in agriculture and who really have highly variables incomes because they’re not at a traditional job,” says Ann Stevens, director of the UC Davis Center for Poverty Research. “Or they may be doing temporary work or field work or running a small agricultural business.”\u003c/p>\n\u003cp>It's important to note that the PPIC study does not control for the fact that low-income families may be relocating to more affordable areas of California -- or leaving the state altogether. Such a migration could lower inequality ratios in more expensive parts of the state such as the Bay Area and Orange County, where housing and other costs have risen rapidly.\u003c/p>\n\u003cp>But across California, income inequality has gotten worse since 2007. And it’s not the rich getting richer per se -- it’s the already very poor getting even poorer. Incomes of the bottom 10 percent of Californians have dropped by 26 percent since 2007. Since 2007, the rich haven’t actually gotten that much richer -- or at least those at the top 10 percent are not racking up more income. In fact, incomes at the top 10 percent have also dropped over the same time period, but by a much smaller amount.\u003c/p>\n\u003cp>“If incomes fell across the board at the same rate, then income inequality wouldn’t change that much,” Bohn says. “But because top incomes recover quicker and lower incomes don’t, that’s where the growth in inequality is coming from.”\u003c/p>\n\u003cp>How exactly you measure income inequality matters a great deal, both in terms of presenting the size of the income gap itself and devising the policy prescriptions to fix it -- assuming you think it should be fixed in the first place.\u003c/p>\n\u003cp>[WaysToMeasure]\u003c/p>\n\u003cp>Focusing on very rich households will yield different results than focusing on even slightly less rich households. \u003ca href=\"https://www.brookings.edu/research/city-and-metropolitan-inequality-on-the-rise-driven-by-declining-incomes/\">Research from the Brookings Institute\u003c/a> that compares higher-income households (those at the top 5 percent) to those at the bottom 20 percent makes the Bay Area appear much more unequal, with the greater San Francisco metro area the third most unequal region in the country.\u003c/p>\n\u003cp>But looking at other portions of the income distribution can be even more illuminating. The PPIC researchers also compared the median income of each region to the bottom 10 percent, which can roughly be interpreted as how far very low-income households must climb up the income ladder to reach middle-class status. They also looked at the “80/20” ratio, which captures less of the extremes of rich and poor and examines a broader swath of upper- and lower-class families.\u003c/p>\n\u003cp>The different measures tell a broader story about which households on the income spectrum are faring well and which aren’t. By the 80/20 measure, Los Angeles County is the third most unequal region in the state. But the county does much better by the 50/10 measure, where the gap between the poor and middle class is the second-lowest in California.\u003c/p>\n\u003cp>Any measure of income inequality also comes with a couple of important -- yet often overlooked -- caveats. First, most look only at pre-tax earnings or cash income. They don’t include the income-leveling effect of taxes on richer households, nor do they include safety-net supports for low-income households such as food stamps and the Earned Income Tax Credit.\u003c/p>\n\u003cp>When counting only work and retirement income, a California household at the top 10 percent of income appears to make 17 times as much as a household at the bottom 10 percent. But factor in both taxes and safety-net supports, and that disparity shrinks by almost half -- with the top tier collecting eight times the income of the bottom tier. (The shrinkage of the gap is due more to the buttressing of incomes for the very poor than to the income-reducing effects of taxes on the rich.)\u003c/p>\n\u003cp>[ReducingGap]\u003c/p>\n\u003cp>That’s good news for those who believe income inequality is a problem worthy of government action. Driven by powerful macroeconomic forces such as globalization and technological change, income inequality is often framed as an intractable economic problem beyond the scope of simple policy solutions.\u003c/p>\n\u003cp>But the research indicates that policies such as the Earned Income Tax Credit -- which proves a sizable income boost to many low-income working families in the form of an annual refundable tax credit -- could do a great deal to reduce inequality in California.\u003c/p>\n\u003cp>“Policy to reduce income inequality is hard when you’re just looking at labor market earnings,” Bohn says. “But in reality, what families live on -- there’s a lot more than just labor market earnings. We have targeted programs that are aimed at low-income families, and those are the places where policy can make a difference.”\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>LOS ANGELES -- A strike by 47,000 Southern California grocery workers may have been averted Thursday as their unions reached a tentative contract with three supermarket chains.\u003c/p>\n\u003cp>Employees were scheduled to vote Monday on whether to approve the deal with Ralphs, Vons and Albertsons. That was the deadline set for reaching an agreement when workers voted in June to authorize a strike.\u003c/p>\n\u003cp>\"For all intents and purposes, it's over,\" Rick Icaza, president of United Food and Commercial Workers Union Local 770, told the \u003ca href=\"http://lat.ms/2b6OwG6\">Los Angeles Times\u003c/a> .\u003c/p>\n\u003cp>The contracts will cover employees at about 350 stores in Southern California.\u003c/p>\n\u003cp>Details weren't released, but both sides said they were happy with the proposal, which was reached after a week of round-the-clock negotiations.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>\"We are able to give our associates pay increases, keep their health care very affordable, and a stable pension,\" Ralphs spokeswoman Kendra Doyel told the \u003ca href=\"http://bit.ly/2aUNIYB\">Orange County Register\u003c/a>.\u003c/p>\n\u003cp>The previous contract expired in March.\u003c/p>\n\u003cp>A four-month grocery store strike and lockout in 2003-2004 cost supermarkets an estimated $1.5 billion and a share of the local market. Strikers also lost wages.\u003c/p>\n\u003cp>Union officials said in the recent negotiations, the supermarkets first offered pay raises of 10 cents per hour over three years but wouldn't fund health care coverage beyond current levels, which would have required employees to pay more or sacrifice coverage. The markets also wanted to reduce future pension contributions and raise the retirement age from 60 to 65.\u003c/p>\n\u003cp>Both sides compromised in the tentative contract, Icaza said.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\"We are satisfied with the wages and benefits,\" he told the Times.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>LOS ANGELES -- A strike by 47,000 Southern California grocery workers may have been averted Thursday as their unions reached a tentative contract with three supermarket chains.\u003c/p>\n\u003cp>Employees were scheduled to vote Monday on whether to approve the deal with Ralphs, Vons and Albertsons. That was the deadline set for reaching an agreement when workers voted in June to authorize a strike.\u003c/p>\n\u003cp>\"For all intents and purposes, it's over,\" Rick Icaza, president of United Food and Commercial Workers Union Local 770, told the \u003ca href=\"http://lat.ms/2b6OwG6\">Los Angeles Times\u003c/a> .\u003c/p>\n\u003cp>The contracts will cover employees at about 350 stores in Southern California.\u003c/p>\n\u003cp>Details weren't released, but both sides said they were happy with the proposal, which was reached after a week of round-the-clock negotiations.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>\"We are able to give our associates pay increases, keep their health care very affordable, and a stable pension,\" Ralphs spokeswoman Kendra Doyel told the \u003ca href=\"http://bit.ly/2aUNIYB\">Orange County Register\u003c/a>.\u003c/p>\n\u003cp>The previous contract expired in March.\u003c/p>\n\u003cp>A four-month grocery store strike and lockout in 2003-2004 cost supermarkets an estimated $1.5 billion and a share of the local market. Strikers also lost wages.\u003c/p>\n\u003cp>Union officials said in the recent negotiations, the supermarkets first offered pay raises of 10 cents per hour over three years but wouldn't fund health care coverage beyond current levels, which would have required employees to pay more or sacrifice coverage. The markets also wanted to reduce future pension contributions and raise the retirement age from 60 to 65.\u003c/p>\n\u003cp>Both sides compromised in the tentative contract, Icaza said.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\"We are satisfied with the wages and benefits,\" he told the Times.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"content": "\u003cp>Turn on the disco balls and sing a hopeful round of \"I Will Survive.\" Today, a group of drag queens, DJs and other fans of \u003ca href=\"http://ww2.kqed.org/arts/2016/07/20/stud-generations-san-franciscans-gone-let-freak-flag-fly/\">The Stud\u003c/a>, a 50-year-old gay bar in San Francisco's South of Market neighborhood, announced it has secured funds to buy the bar as a co-op and save it from closure.\u003c/p>\n\u003cp>\"I'm feeling pretty stoked,\" says co-op spokesperson Mica Sigourney, whose drag performer name is VivvyAnne Forevermore. \"We've been working really hard on coming together and formulating a plan, and we have one.\"\u003c/p>\n\u003cp>The 15-member Stud Collective formed this summer after the building's landlords announced they would triple the bar's rent beginning Sept. 1.\u003c/p>\n\u003cp>https://twitter.com/JaneKim/status/761304825522888706\u003c/p>\n\u003cp>It was devastating news to the bar's current owner, Michael McElhaney, who was already planning a move home to Hawaii to take care of his elderly mother. McElhaney called an emergency gathering of friends and employees. He tearfully told them their beloved bar would probably close unless someone stepped in to save it.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Now that the co-op has shown that it can handle the increased rent -- $9,000 a month -- McElhaney says he will transfer his ownership of the bar to its members.\u003c/p>\n\u003cp>\"If these awesome folks can't make it work, no one can,\" he says.\u003c/p>\n\u003cp>[contextly_sidebar id=\"EWN4dHLtwYhogKoOHf6qmY11iJaTp54m\"]\u003c/p>\n\u003cp>There are still some loose ends to tie up. The Stud community is working with San Francisco Supervisor Jane Kim and the Mayor's Office of Economic and Workforce Development to establish the bar as an official \"legacy\" business, which ensures special protections.\u003c/p>\n\u003cp>Most importantly, the landlords need to be on board. Sigourney is confident they will be, but he's not quite ready to crack the champagne.\u003c/p>\n\u003cp>\"There will be a party,\" he assures, \"when we sign a lease.\"\u003c/p>\n\u003cp>Then again, it's \u003cem>always\u003c/em> a party at The Stud. \"Celebrate (it) as it is now,\" Sigourney says. \"That's actually one of the most important things that people can do.\"\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003cem>\u003ca href=\"http://ww2.kqed.org/arts/2016/07/06/lgbtq-artists-in-the-bay-area-reflect-on-safe-queer-spaces/\" target=\"_blank\">Check out \u003c/a>KQED Arts’ video about LGBT artists reflecting on safe spaces in the Bay Area.\u003c/em>\u003c/p>\n\n",
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"content": "\u003cp>Summer recess is over for the California Legislature. Lawmakers will be back in the Capitol today to begin a final month of work before adjourning for the rest of the year. Among the bills still left to consider are several related to helping women.\u003c/p>\n\u003cp>[soundcloud url=\"https://api.soundcloud.com/tracks/276324161\" params=\"color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false\" width=\"100%\" height=\"166\" iframe=\"true\" /]\u003c/p>\n\u003cp>For example, there’s a bill to make\u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1561\"> tampons exempt\u003c/a> from sales taxes and one to expand the \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB701\">definition of rape\u003c/a>. Another measure would \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1676\">make permanent\u003c/a> a law requiring that domestic workers be paid overtime. That bill is a \u003ca href=\"http://www.womensfoundca.org/2015-16-wpi-fellows\">priority\u003c/a> for the Women’s Foundation of California. The group’s Marj Plumb says it’s a good time to be backing policies that support women.\u003c/p>\n\u003cp>“Because of the rise of women in politics, women in the Senate, the Assembly, federally -- running for the White House -- women’s issues are going to be much more present and much more highlighted,\" she says.\u003c/p>\n\u003cp>Plumb points to the California Legislative Women's Caucus as an example of women's influence within the Capitol. Several of the \u003ca href=\"http://womenscaucus.legislature.ca.gov/2016-budget-policy\">legislative priorities\u003c/a> of the caucus were met during the \u003ca href=\"http://womenscaucus.legislature.ca.gov/2015-stronger-california\">two-year\u003c/a> session, including increased funding for child care and the repeal of a rule that limited aid for families receiving welfare.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>A \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1730\">package\u003c/a> of \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1731\">bills\u003c/a> dealing with \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1761\">human\u003c/a> \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1762\">trafficking\u003c/a> is also making its way through the Legislature. So is a measure that would prohibit employers from using only employees’ salary history to justify paying men and women differently.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>Both the Senate and Assembly face an \u003ca href=\"http://senate.ca.gov/calendar?startdate=8-31-2016&enddate=8-31-2016\">Aug. 31\u003c/a> deadline to pass most legislation.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>Summer recess is over for the California Legislature. Lawmakers will be back in the Capitol today to begin a final month of work before adjourning for the rest of the year. Among the bills still left to consider are several related to helping women.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003cdiv class='utils-parseShortcode-shortcodes-__shortcodes__shortcodeWrapper'>\n \u003ciframe width='100%' height='166'\n scrolling='no' frameborder='no'\n src='https://w.soundcloud.com/player/?url=https://api.soundcloud.com/tracks/276324161&visual=true&color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false'\n title='https://api.soundcloud.com/tracks/276324161'>\n \u003c/iframe>\n \u003c/div>\u003c/p>\u003cp>\u003c/p>\n\u003cp>For example, there’s a bill to make\u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1561\"> tampons exempt\u003c/a> from sales taxes and one to expand the \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB701\">definition of rape\u003c/a>. Another measure would \u003ca href=\"http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1676\">make permanent\u003c/a> a law requiring that domestic workers be paid overtime. That bill is a \u003ca href=\"http://www.womensfoundca.org/2015-16-wpi-fellows\">priority\u003c/a> for the Women’s Foundation of California. The group’s Marj Plumb says it’s a good time to be backing policies that support women.\u003c/p>\n\u003cp>“Because of the rise of women in politics, women in the Senate, the Assembly, federally -- running for the White House -- women’s issues are going to be much more present and much more highlighted,\" she says.\u003c/p>\n\u003cp>Plumb points to the California Legislative Women's Caucus as an example of women's influence within the Capitol. Several of the \u003ca href=\"http://womenscaucus.legislature.ca.gov/2016-budget-policy\">legislative priorities\u003c/a> of the caucus were met during the \u003ca href=\"http://womenscaucus.legislature.ca.gov/2015-stronger-california\">two-year\u003c/a> session, including increased funding for child care and the repeal of a rule that limited aid for families receiving welfare.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cp>Bonds can help big public projects get built, and they can also generate big revenues for the finance companies that handle bond sales for local governments. Now the California Treasurer’s Office says some of those companies are going too far.\u003c/p>\n\u003cp>Often voter approval is required to issue bonds -- and Deputy Treasurer of Public Finance Tim Schaefer says a troubling pattern has emerged in bond elections.\u003c/p>\n\u003cp>That pattern consists of \"financial service vendors contributing to bond campaigns to approve bonds from which they may benefit economically,\" Schaefer says.\u003c/p>\n\u003cp>[soundcloud url=\"https://api.soundcloud.com/tracks/275762437\" params=\"color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false\" width=\"100%\" height=\"166\" iframe=\"true\" /]\u003c/p>\n\u003cp>California's attorney general has \u003ca href=\"https://oag.ca.gov/system/files/opinions/pdfs/13-304.pdf?\">issued an opinion\u003c/a> that allowing such political contributions could be a violation of state law.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>The treasurer's office says the state will now use only financial vendors that certify they do not contribute to bond election campaigns. Schaefer says the office hopes its actions will persuade local governments to follow suit.\u003c/p>\n\u003cp>\"By holding this up and saying we think this is a bad practice, we’re hoping that we can, (A) call attention to it with the local governments that may be doing it inadvertently,\" Schaefer says. \"And, (B) those that may be doing it with a wink and a nod understand that we are paying attention.\"\u003c/p>\n\u003cp>The action could have a big effect on the industry. Schaefer says the treasurer's office issues more bonds than anyone in the state, and often the country.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>California voters will consider a \u003ca href=\"http://www.sos.ca.gov/elections/ballot-measures/qualified-ballot-measures/\">$9 billion state school bond\u003c/a> in the November election.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>Bonds can help big public projects get built, and they can also generate big revenues for the finance companies that handle bond sales for local governments. Now the California Treasurer’s Office says some of those companies are going too far.\u003c/p>\n\u003cp>Often voter approval is required to issue bonds -- and Deputy Treasurer of Public Finance Tim Schaefer says a troubling pattern has emerged in bond elections.\u003c/p>\n\u003cp>That pattern consists of \"financial service vendors contributing to bond campaigns to approve bonds from which they may benefit economically,\" Schaefer says.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003cdiv class='utils-parseShortcode-shortcodes-__shortcodes__shortcodeWrapper'>\n \u003ciframe width='100%' height='166'\n scrolling='no' frameborder='no'\n src='https://w.soundcloud.com/player/?url=https://api.soundcloud.com/tracks/275762437&visual=true&color=ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false'\n title='https://api.soundcloud.com/tracks/275762437'>\n \u003c/iframe>\n \u003c/div>\u003c/p>\u003cp>\u003c/p>\n\u003cp>California's attorney general has \u003ca href=\"https://oag.ca.gov/system/files/opinions/pdfs/13-304.pdf?\">issued an opinion\u003c/a> that allowing such political contributions could be a violation of state law.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>The treasurer's office says the state will now use only financial vendors that certify they do not contribute to bond election campaigns. Schaefer says the office hopes its actions will persuade local governments to follow suit.\u003c/p>\n\u003cp>\"By holding this up and saying we think this is a bad practice, we’re hoping that we can, (A) call attention to it with the local governments that may be doing it inadvertently,\" Schaefer says. \"And, (B) those that may be doing it with a wink and a nod understand that we are paying attention.\"\u003c/p>\n\u003cp>The action could have a big effect on the industry. Schaefer says the treasurer's office issues more bonds than anyone in the state, and often the country.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>California voters will consider a \u003ca href=\"http://www.sos.ca.gov/elections/ballot-measures/qualified-ballot-measures/\">$9 billion state school bond\u003c/a> in the November election.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"disqusTitle": "Why Airbnb Paid $20,000 to the City of Santa Monica",
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"content": "\u003cp>A little over a year after \u003ca href=\"http://www.scpr.org/news/2015/05/12/51625/airbnb-says-santa-monica-proposed-legislation-is-u/\">enacting one of the strictest short-term rental laws in the U.S.\u003c/a>, the city of Santa Monica has issued 893 fines to local property owners and the online platforms that display short-term rental listings, and has collected $20,000 from Airbnb.\u003c/p>\n\u003cp>Santa Monica's law, which took effect last June, restricts its property owners from renting out their homes and apartments on a short-term basis. Those who violate the law can face fines of up to $500. The online platforms are also prohibited from posting listings for short-term rentals in Santa Monica.\u003c/p>\n\u003cp>The City Council unanimously approved the restrictions last year after residents complained that Airbnb rentals were spreading throughout the city, leaving fewer traditional apartments available for residents to lease, which in turn brought up rental prices in an already expensive market. Shortly after approving the restrictions, the city set up an enforcement wing to identify people who were violating the law.\u003c/p>\n\u003cp>Of the 893 fines issued, 618 of them went to the online platforms, which include Airbnb. Councilman Kevin McKeown confirmed that Airbnb has paid $20,000 in fines so far.\u003c/p>\n\u003cp>While that amount is tiny for a startup now valued at $30 billion, it appears to mark a rare capitulation for a company that continues to strongly oppose the Santa Monica ordinance and has taken a more adversarial route in other cities. \u003ca href=\"http://www.nytimes.com/2016/06/29/technology/airbnb-sues-san-francisco-over-a-law-it-had-helped-pass.html\">Airbnb filed suit against its hometown of San Francisco last month\u003c/a> over the city's demand it turn over information about hosts.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Airbnb declined an interview request but issued the following statement about Santa Monica:\u003c/p>\n\u003cblockquote>\u003cp>While we've responded to the city's notices, we continue exploring all options and remain hopeful that the city will revisit these misguided rules that harm middle-income Californians.\u003c/p>\u003c/blockquote>\n\u003cp>Santa Monica city officials stressed that talks with Airbnb are ongoing, and that since March the company has stepped up efforts to comply with the ordinance, which has resulted in a sharp increase in the number of citations issued to short-term rental hosts.\u003c/p>\n\u003cp>\"They have taken some voluntary measures to inform Santa Monica hosts of the law,\" said Constance Farrell, a city spokeswoman. \"They’ve also included a new field on their website for hosts for legal home shares.” (The city defines \u003cem>legal\u003c/em> home shares as when the owner stays in the home with their guest, and the guest stays no longer than 30 days.)\u003c/p>\n\u003cp>[contextly_sidebar id=\"Me2MLOsJ84NkbawT5tXrxJKLU4oGs7XM\"]\u003c/p>\n\u003cp>If hosts don't take down their listings or fail to pay fines, they can face criminal prosecution, \u003ca href=\"http://www.latimes.com/local/lanow/la-me-ln-santa-monica-airbnb-conviction-20160713-snap-story.html\">which is what happened to one Santa Monica property owner, \u003c/a>Scott Shatford, who was was charged with eight misdemeanor counts earlier this month. The city says to expect more prosecutions.\u003c/p>\n\u003cp>Santa Monica told KPCC its enforcement strategy is working, and its analysis is showing that fewer people are advertising short-term rentals online. That is evident if you look at Airbnb and look for Santa Monica listings. They’ve become much tougher, though not impossible, to find. A city analysis showed before the law took effect last June, there were up to 1,700 illegal rental units on Airbnb and other platforms in Santa Monica. Now the city estimates there are about 500 on just Airbnb, according to Farrell.\u003c/p>\n\u003cp>“While there’s really been a surge in available short-term rentals in neighboring communities, we’ve kept a hold on ours and decreased the number of available units,\" said Farrell.\u003c/p>\n\u003cp>Robert St. Genis, executive director of the Los Angeles Short Term Rental Alliance, which represents short-term rental owners, acknowledged a decline in listings in Santa Monica but said the ordinance has done nothing to bring down rental prices.\u003c/p>\n\u003cp>\"It is certainly not helping tourism in Santa Monica, and it is certainly hurting individuals -- from housekeepers to homeowners -- and it is not having a desired impact on affordable housing,\" St. Genis said.\u003c/p>\n\u003cp>He said the city should be putting the money it collects from transient occupancy taxes toward funding city services, rather than policing short-term rentals.\u003c/p>\n\u003cp>\"They should be using it for something useful,\" he said.\u003c/p>\n\u003cp>McKeown said it was unrealistic to expect the law alone to bring down housing costs, but that the city has had some success in preserving neighborhoods.\u003c/p>\n\u003cp>\"What we have done is eliminate some of the competition from already-scarce housing that was making housing costs even worse,” he said.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>What has happened in Santa Monica could provide a template to Los Angeles, which recently reached an agreement with Airbnb to collect transient occupancy taxes, even as the City Council considers new restrictions on short-term rentals.\u003c/p>\n\n",
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"nprByline": "\u003cstrong>\u003ca href=\"http://www.scpr.org/about/people/staff/ben-bergman\">Ben Bergman\u003c/a>\u003cbr>KPCC\u003c/strong>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>A little over a year after \u003ca href=\"http://www.scpr.org/news/2015/05/12/51625/airbnb-says-santa-monica-proposed-legislation-is-u/\">enacting one of the strictest short-term rental laws in the U.S.\u003c/a>, the city of Santa Monica has issued 893 fines to local property owners and the online platforms that display short-term rental listings, and has collected $20,000 from Airbnb.\u003c/p>\n\u003cp>Santa Monica's law, which took effect last June, restricts its property owners from renting out their homes and apartments on a short-term basis. Those who violate the law can face fines of up to $500. The online platforms are also prohibited from posting listings for short-term rentals in Santa Monica.\u003c/p>\n\u003cp>The City Council unanimously approved the restrictions last year after residents complained that Airbnb rentals were spreading throughout the city, leaving fewer traditional apartments available for residents to lease, which in turn brought up rental prices in an already expensive market. Shortly after approving the restrictions, the city set up an enforcement wing to identify people who were violating the law.\u003c/p>\n\u003cp>Of the 893 fines issued, 618 of them went to the online platforms, which include Airbnb. Councilman Kevin McKeown confirmed that Airbnb has paid $20,000 in fines so far.\u003c/p>\n\u003cp>While that amount is tiny for a startup now valued at $30 billion, it appears to mark a rare capitulation for a company that continues to strongly oppose the Santa Monica ordinance and has taken a more adversarial route in other cities. \u003ca href=\"http://www.nytimes.com/2016/06/29/technology/airbnb-sues-san-francisco-over-a-law-it-had-helped-pass.html\">Airbnb filed suit against its hometown of San Francisco last month\u003c/a> over the city's demand it turn over information about hosts.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Airbnb declined an interview request but issued the following statement about Santa Monica:\u003c/p>\n\u003cblockquote>\u003cp>While we've responded to the city's notices, we continue exploring all options and remain hopeful that the city will revisit these misguided rules that harm middle-income Californians.\u003c/p>\u003c/blockquote>\n\u003cp>Santa Monica city officials stressed that talks with Airbnb are ongoing, and that since March the company has stepped up efforts to comply with the ordinance, which has resulted in a sharp increase in the number of citations issued to short-term rental hosts.\u003c/p>\n\u003cp>\"They have taken some voluntary measures to inform Santa Monica hosts of the law,\" said Constance Farrell, a city spokeswoman. \"They’ve also included a new field on their website for hosts for legal home shares.” (The city defines \u003cem>legal\u003c/em> home shares as when the owner stays in the home with their guest, and the guest stays no longer than 30 days.)\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003c/p>\u003cp>\u003c/p>\n\u003cp>If hosts don't take down their listings or fail to pay fines, they can face criminal prosecution, \u003ca href=\"http://www.latimes.com/local/lanow/la-me-ln-santa-monica-airbnb-conviction-20160713-snap-story.html\">which is what happened to one Santa Monica property owner, \u003c/a>Scott Shatford, who was was charged with eight misdemeanor counts earlier this month. The city says to expect more prosecutions.\u003c/p>\n\u003cp>Santa Monica told KPCC its enforcement strategy is working, and its analysis is showing that fewer people are advertising short-term rentals online. That is evident if you look at Airbnb and look for Santa Monica listings. They’ve become much tougher, though not impossible, to find. A city analysis showed before the law took effect last June, there were up to 1,700 illegal rental units on Airbnb and other platforms in Santa Monica. Now the city estimates there are about 500 on just Airbnb, according to Farrell.\u003c/p>\n\u003cp>“While there’s really been a surge in available short-term rentals in neighboring communities, we’ve kept a hold on ours and decreased the number of available units,\" said Farrell.\u003c/p>\n\u003cp>Robert St. Genis, executive director of the Los Angeles Short Term Rental Alliance, which represents short-term rental owners, acknowledged a decline in listings in Santa Monica but said the ordinance has done nothing to bring down rental prices.\u003c/p>\n\u003cp>\"It is certainly not helping tourism in Santa Monica, and it is certainly hurting individuals -- from housekeepers to homeowners -- and it is not having a desired impact on affordable housing,\" St. Genis said.\u003c/p>\n\u003cp>He said the city should be putting the money it collects from transient occupancy taxes toward funding city services, rather than policing short-term rentals.\u003c/p>\n\u003cp>\"They should be using it for something useful,\" he said.\u003c/p>\n\u003cp>McKeown said it was unrealistic to expect the law alone to bring down housing costs, but that the city has had some success in preserving neighborhoods.\u003c/p>\n\u003cp>\"What we have done is eliminate some of the competition from already-scarce housing that was making housing costs even worse,” he said.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>What has happened in Santa Monica could provide a template to Los Angeles, which recently reached an agreement with Airbnb to collect transient occupancy taxes, even as the City Council considers new restrictions on short-term rentals.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"title": "When Yahoo! Was King: Scenes From the Bubble",
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"content": "\u003cp>\u003cem>This is an updated version of a post that KQED first published in April 2012.\u003c/em>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">T\u003c/span>ime to replace that exclamation point with a period.\u003c/p>\n\u003cfigure id=\"attachment_11031290\" class=\"wp-caption alignright\" style=\"max-width: 325px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/yahoo1996.png\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11031290 \" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/yahoo1996.png\" width=\"325\" height=\"443\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2012/04/yahoo1996.png 558w, https://cdn.kqed.org/wp-content/uploads/sites/10/2012/04/yahoo1996-400x546.png 400w\" sizes=\"(max-width: 325px) 100vw, 325px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">The Yahoo! home page, circa 1996.\u003c/figcaption>\u003c/figure>\n\u003cp>After a torturously slow decline, Yahoo!, finally, is \u003ca href=\"http://ww2.kqed.org/news/2016/07/25/end-of-an-era-as-verizon-buys-net-pioneer-yahoo/\" target=\"_blank\" rel=\"noopener noreferrer\">done\u003c/a>.\u003c/p>\n\u003cp>And who can say, in the decades to come, whether the name will survive as even a historical footnote?\u003c/p>\n\u003cp>But it wasn’t always this way. There was a time — back in the waning years of the last century — when Yahoo! could do no wrong. And as the undisputed King of the Web, the company’s skill in navigating the “\u003ca href=\"http://en.wikipedia.org/wiki/New_Economy\">New Economy\u003c/a>” combined with an irrational stock market to make a sizable number of employees wealthy.\u003c/p>\n\u003cp>I was one of them.\u003c/p>\n\u003cp>\u003cstrong>1996\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">I\u003c/span>‘m standing outside Yahoo! headquarters in Sunnyvale, after an hour-and-15-minute drive from my home in San Francisco. Until this moment, I have tooled around the World Wide Web for a total of perhaps 45 minutes in the aggregate; my modem is so slow it takes about five minutes to download a single page. But a recommendation from a former colleague who now works for the company has landed me a job at a reasonable salary, a welcome rise from my previous year’s income of $12,000 earned at several part-time jobs.\u003c/p>\n\u003cp>As I step for the first time into the purple-and-yellow Yahoo! lobby, two thoughts occur:\u003c/p>\n\u003cp>\u003cem>What’s with the exclamation point?\u003c/em>\u003c/p>\n\u003cp>\u003cem>It sounds an awful lot like Yoo-Hoo.\u003c/em>\u003c/p>\n\u003cp>At the orientation, the HR lady says I’m employee No. 109 — that’s 107 employees removed from Yahoo! founders David Filo and Jerry Yang. At some point, the words “stock options” are mentioned, and the other new hires perk up.\u003c/p>\n\u003cp>“This is what you’ve been waiting to hear about, right?” the HR lady says. Actually, I have no idea what those are. I want to hear about the insurance — I haven’t been to the dentist in five years.\u003c/p>\n\u003cp>Welcome back to the middle class, I think.\u003c/p>\n\u003cp>\u003cstrong>1997\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">T\u003c/span>here are two classes of people at Yahoo!: the pre-IPOs, and everybody else. The pre-IPOs became overnight millionaires, or close to it. The rest of us have to wait a year before a quarter of our stock options vest and we can cash in. The pre-IPOs drive Porsches, Jaguars, BMWs. I drive a Ford Festiva, a vehicle the “Car Talk” guys say “should come with its own funeral wreath.”\u003c/p>\n\u003cp>The disparities play out interpersonally. One of the early engineers offers $1,000 to a new employee to eat an entire bottle of ketchup at a restaurant, a proposition that was readily accepted.\u003c/p>\n\u003cp>I am waiting for the stock to crash, as many a knowing analyst predicts it will. Yahoo! is a company that is barely profitable –- it’s trading at hundreds of times earnings, and I am certain the mass irrationality will burn itself out before I get to benefit.\u003c/p>\n\u003cp>But the quarterly reports show progress, and the market reacts each time with extreme enthusiasm. “It’s revenue that’s important at this point, not earnings,” a co-worker tells me. Sure, what do I know.\u003c/p>\n\u003cp>Despite the success, Yahoos are frequently tense. There are many turf wars. The world seems to think the Web will be the dominant business in coming years, and that Yahoo! will be the dominant company in that dominant business. So those who dominate within the dominant company in the dominant business will thus dominate Everything. Paradoxically, when you’re told something is going to get bigger and bigger, there doesn’t seem to be enough to go around.\u003c/p>\n\u003cp>Meanwhile, I enjoy the free bagels with lox and the complimentary health club membership, which gives me access to indoor and outdoor pools, a sauna, tennis courts, basketball courts and enough free towels to mop up Lake Merritt. The faux pond in the spacious lobby is not to my taste, but seems in keeping with a general disregard for any lifestyle that might be termed “natural.” (One day I decide to take a walk outside the office, only to find after a few blocks that the sidewalk has disappeared.) In the men’s locker room, there’s a lot of talk about the stock market. Apparently, it’s a pretty good way to make money.\u003c/p>\n\u003cp>\u003cstrong>1998\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">T\u003c/span>he engineers are everything. If they buy into your project, you’re golden. If they don’t it’s going to die on the vine, like “Yahoo! Pets” or some other godforsaken property that consists of the company name, a noun and some links.\u003c/p>\n\u003cp>“It’s on the list,” is something you hear a lot from the programmers when you want them to add a feature or fix a bug. The thing is, nobody really knows how long the list is or exactly what’s on the list or if there even is a list. Nobody except the engineers.\u003c/p>\n\u003cp>I buy a new car, a Volkswagen Beetle. My engineer tells me, “That’s a chick car.” I laugh — I need him to tweak something on my site.\u003c/p>\n\u003cp>The engineers seem to have a soft spot for editorial people like me, even though we’re at the bottom of the status pile, officially classified by the company as “surfers.” (“Yahoo! Surfer” is actually on my business card.) Most surfers categorize websites for Yahoo’s massive directory, which takes up most of the space on its front page.\u003c/p>\n\u003cp>Who the engineers really can’t stand are the “producers,” the people who are being brought in by the SUV-load to transition Yahoo! from a company that simply links to other websites into one that offers content of its own, through partnerships. The engineers don’t like the producers because the producers want to systematize the way projects get done, thus cutting into the computer whizzes’ autonomy.\u003c/p>\n\u003cp>Despite these internal battles, Yahoo! is decimating competitors, companies like Excite! (also with an exclamation point), Infoseek and the unfortunately named Lycos. The Yahoo! softball team even defeats Excite! in a \u003ca href=\"http://ww2.kqed.org/news/2010/10/27/the-barry-bonds-dilemma/\">softball game in which Excite! has recruited Barry Bonds\u003c/a> to play in a paid promotional appearance. Yahoo! likes to say it prevails because of the “human touch,” the intercession of editors who organize the exponentially growing number of websites into manageable categories. The also-rans, they’re strictly algorithmic –- and robots can’t beat human beings.\u003c/p>\n\u003cp>Personally, I think Yahoo! is taking no prisoners because of David Filo, the company’s laconic, near hermitic co-founder. The face of the company is Jerry Yang, but internally many people don’t now know, exactly, what it is that he does. Filo, on the other hand, is a legend bordering on myth, infrequently seen outside his cubicle, which he shares with another engineer. I’m there about a month before I have my first Filo spotting — he’s playing foosball in the breakroom. “Who’s that?” I ask someone. Filo wrote the original program that allowed surfers to input a URL that can generate into an HTML page. Without that, you’d have to hand-code everything. It’s Yahoo’s secret sauce.\u003c/p>\n\u003cp>Filo also controls the front page and has a keen editorial sense. One day he emerges from his lair to talk to me about our news product, which I work on, for an unbelievable 45 minutes. I can feel the eyes of the room on me, and they’re not burning with admiration. “Wow, you got some serious face time with Filo,” says a co-worker, bitterly.\u003c/p>\n\u003cp>At a certain point, the word Yahoo! is on everyone’s lips. (In 2000, the success of the company will be a key plot development in the sci-fi movie \u003cem>Frequency\u003c/em>.) Every time I mention where I work, people get this warm look on their faces, either because they use it and love it or they’ve made a lot of money on the stock.\u003c/p>\n\u003cp>Doctors are the most prone to dot-com fascination, I find. They seem to know every little nook and cranny of the internet “sector” and can’t seem to stop talking about the price of Yahoo! shares. They can even throw around metrics like “page views” and “eyeballs.” It’s the doctors who also seem to be the most offended by the financial windfall the 20-somethings — most of my colleagues — have stumbled into.\u003c/p>\n\u003cp>“It’s disgusting,” my internist says. Hey, I don’t make the rules. You should’ve worked at a bookstore or a library — where most of Yahoo’s early employees came from.\u003c/p>\n\u003cp>\u003cstrong>1999\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">Y\u003c/span>ahoo! shares are going in three directions: up, up and up. Yahoos are literally giddy, reloading the stock price on Yahoo! Finance 10 to 20 times an hour. “Hey it’s at 150! Now it’s at 175!” A lot of Yahoos are so young they’re working their first or second job out of college. They don’t seem to understand that the system of American reimbursement for employment doesn’t really work like this. Not usually.\u003c/p>\n\u003cp>The company is awash in other people’s money. It has split its stock several times, but we Yahoos want them to do it again. “If we split the stock, the price will just go right back up to where it is now,” CEO Tim Koogle tells us at a company meeting. He says it like it’s a bad thing. But the rank and file – they want more shares. Because it’s never gonna end –- people are buying houses with all cash. Taking flying lessons. Investing in art. My co-worker, a 20-something who has adorned her cube with miniature knick-knacks and kitsch, who just a few years before would most likely have had to put time in at a coffeehouse or temp firm, buys two houses. Plus, literally, a mansion, back in her hometown.\u003c/p>\n\u003cp>In April, I tell my mother how much I pay in taxes and am immediately sorry. It’s not that she’s going to let the amount casually slip to friends, it’s that she actually \u003cem>gets on the phone\u003c/em> to tell them.\u003c/p>\n\u003cp>Naysayers, however, cloud the horizon, however dimly. “In a bear market,” says one rare CNBC party poop, “stocks lose 95 percent, 98 percent, 99 percent of their value. This generation has never experienced a bear market, but things don’t go up forever.”\u003c/p>\n\u003cp>Yes they do. Nothin’s gone down yet. “It’s the 401ks,” my friend’s father tells me. “You never had this automatic investment in the market before, that’s why it’ll keep going up.” Exactly, I reason. I read the take of one analyst in the New Economy bible, Red Herring. He says if you really want to own a stock, “the purchase price doesn’t matter.” That periodical — it’s a must-subscribe. I buy some Amazon.com; it takes about a week to double. Then I sell it, only to see it double again a few days later.\u003c/p>\n\u003cp>“I want to buy some Yahoo! stock,” my father tells me over the phone. “What do you think?”\u003c/p>\n\u003cp>“Some people say it’s overvalued.”\u003c/p>\n\u003cp>“I’m gonna buy some Yahoo stock,” he amends, turning his question into a statement. He has never been on the internet. Once, in all seriousness, he called it “the Intercom.”\u003c/p>\n\u003cp>Around this time, a co-worker tells me about a search engine that actually seems to work. Oh man, they even copied our infantile double-vowel sound, I think as I surf my way for the first time onto Google. But Yahoo! Finance, Yahoo! Sports, Yahoo! News, Yahoo! Mail — who can compete with those? Google — sounds like another also-ran.\u003c/p>\n\u003cp>Meanwhile, my fellow surfers are busy building the Yahoo! directory by way of long and emotional debates. “Shouldn’t this live in the Anthropology category and not Archaeology?” someone writes, starting a seemingly endless thread of sincere and thoughtful emails about the merits of such a proposal. “I’m creating a category for 18th century military history — anyone object?” Yes, someone does.\u003c/p>\n\u003cp>One day, a naive soul sends out an email: “Don’t you think most people don’t use the directory anymore, just type in what they want in the search box?” A dead mass silence ensues, as if someone has knocked the exclamation point off the end of the company name and replaced it with a question mark.\u003c/p>\n\u003cp>\u003cstrong>2000\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">A\u003c/span> predicted technological apocalypse, the “\u003ca href=\"http://en.wikipedia.org/wiki/Year_2000_problem\">Y2K problem\u003c/a>,” does not occur, and the market reacts by going up, up, up in what’s described as “panic buying.” Unwisely, I have been sitting on the sidelines, but now I pour a whole pile of money in– gotta get on that bus before it becomes a jet plane.\u003c/p>\n\u003cp>Make that a rocket. By March, my net worth, much of it on paper, exceeds all the money my mother and father have made in their entire lives.\u003c/p>\n\u003cp>But things aren’t going that great at work, and I want to quit. Problem is that would leave a big pile of options on the table. People are begging me not to do it. “People work their entire lives to be in your position,” a 65-year-old friend tells me.\u003c/p>\n\u003cp>Someone I meet who will never be in my position is the guy who rings up my coffee every morning at the Chevron station. It’s just one of three jobs, he tells me — that’s the only way he can send his son to Stanford.\u003c/p>\n\u003cp>I decide to stay. The market decides to crash.\u003c/p>\n\u003cp>“It’ll go back up,” people reassure each other. “It always does.” And it’s true, we’ve experienced false alarms before, most notably during the 1998 Asian currency crisis, which temporarily put a damper on the fun, but which dutifully ended only to see shares rebound to even higher levels. “You sell too soon,” my friend, who has just bought the first house he looked at, tells me. “You have no faith.”\u003c/p>\n\u003cp>\u003cstrong>Later\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">“I\u003c/span> was just waiting for it to get back up to 200,” one early Yahoo! informs me, referring to the stock price, which is now somewhere south of 20 after the worst stock crash since the one that touched off the Great Depression. This person, in his four years at the company, has sold virtually none of his shares. “I just thought it would be something for the future,” he says.\u003c/p>\n\u003cp>The guy who told me I sell too soon now says he may lose his house.\u003c/p>\n\u003cp>There are worse stories, too. There’s a little known or at least little understood provision in the tax code that stipulates if you buy your options and then hold onto the shares, which people do in order to reduce their taxes, the tax obligation is the same as if you actually sold them. This will lead to people actually losing money on the transaction if the stock drops while they are holding onto it. Tales of extreme woe along these lines abound.\u003c/p>\n\u003cp>As for me, it was always: Which will make me feel like the bigger schmuck — if I sell and then it stock goes way up, or if I hold onto it and it goes way down? Since no one can predict the future, that’s the only variable to consider.\u003c/p>\n\u003cp>\u003cstrong>Even later\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">W\u003c/span>hat once seemed like all the money in the world, I find, turns out to be decidedly finite after all. My plan to sleep in followed by a little TV followed by a nap did not take into account a daughter, a mortgage, the exorbitant price of individual health insurance and a worldwide financial crisis. The Yahoo! options my wife still owns plenty of are perpetually underwater –- no help there. Circumstances force me to procure some contract work, which sends me back to Yahoo! But eventually I am … laid off.\u003c/p>\n\u003cp>And I really need the money.\u003c/p>\n\u003cp>Welcome back to the middle class, I think.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003cem>This is an updated version of a post that KQED first published in April 2012.\u003c/em>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">T\u003c/span>ime to replace that exclamation point with a period.\u003c/p>\n\u003cfigure id=\"attachment_11031290\" class=\"wp-caption alignright\" style=\"max-width: 325px\">\u003ca href=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/yahoo1996.png\">\u003cimg loading=\"lazy\" decoding=\"async\" class=\"wp-image-11031290 \" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2012/04/yahoo1996.png\" width=\"325\" height=\"443\" srcset=\"https://cdn.kqed.org/wp-content/uploads/sites/10/2012/04/yahoo1996.png 558w, https://cdn.kqed.org/wp-content/uploads/sites/10/2012/04/yahoo1996-400x546.png 400w\" sizes=\"(max-width: 325px) 100vw, 325px\">\u003c/a>\u003cfigcaption class=\"wp-caption-text\">The Yahoo! home page, circa 1996.\u003c/figcaption>\u003c/figure>\n\u003cp>After a torturously slow decline, Yahoo!, finally, is \u003ca href=\"http://ww2.kqed.org/news/2016/07/25/end-of-an-era-as-verizon-buys-net-pioneer-yahoo/\" target=\"_blank\" rel=\"noopener noreferrer\">done\u003c/a>.\u003c/p>\n\u003cp>And who can say, in the decades to come, whether the name will survive as even a historical footnote?\u003c/p>\n\u003cp>But it wasn’t always this way. There was a time — back in the waning years of the last century — when Yahoo! could do no wrong. And as the undisputed King of the Web, the company’s skill in navigating the “\u003ca href=\"http://en.wikipedia.org/wiki/New_Economy\">New Economy\u003c/a>” combined with an irrational stock market to make a sizable number of employees wealthy.\u003c/p>\n\u003cp>I was one of them.\u003c/p>\n\u003cp>\u003cstrong>1996\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">I\u003c/span>‘m standing outside Yahoo! headquarters in Sunnyvale, after an hour-and-15-minute drive from my home in San Francisco. Until this moment, I have tooled around the World Wide Web for a total of perhaps 45 minutes in the aggregate; my modem is so slow it takes about five minutes to download a single page. But a recommendation from a former colleague who now works for the company has landed me a job at a reasonable salary, a welcome rise from my previous year’s income of $12,000 earned at several part-time jobs.\u003c/p>\n\u003cp>As I step for the first time into the purple-and-yellow Yahoo! lobby, two thoughts occur:\u003c/p>\n\u003cp>\u003cem>What’s with the exclamation point?\u003c/em>\u003c/p>\n\u003cp>\u003cem>It sounds an awful lot like Yoo-Hoo.\u003c/em>\u003c/p>\n\u003cp>At the orientation, the HR lady says I’m employee No. 109 — that’s 107 employees removed from Yahoo! founders David Filo and Jerry Yang. At some point, the words “stock options” are mentioned, and the other new hires perk up.\u003c/p>\n\u003cp>“This is what you’ve been waiting to hear about, right?” the HR lady says. Actually, I have no idea what those are. I want to hear about the insurance — I haven’t been to the dentist in five years.\u003c/p>\n\u003cp>Welcome back to the middle class, I think.\u003c/p>\n\u003cp>\u003cstrong>1997\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">T\u003c/span>here are two classes of people at Yahoo!: the pre-IPOs, and everybody else. The pre-IPOs became overnight millionaires, or close to it. The rest of us have to wait a year before a quarter of our stock options vest and we can cash in. The pre-IPOs drive Porsches, Jaguars, BMWs. I drive a Ford Festiva, a vehicle the “Car Talk” guys say “should come with its own funeral wreath.”\u003c/p>\n\u003cp>The disparities play out interpersonally. One of the early engineers offers $1,000 to a new employee to eat an entire bottle of ketchup at a restaurant, a proposition that was readily accepted.\u003c/p>\n\u003cp>I am waiting for the stock to crash, as many a knowing analyst predicts it will. Yahoo! is a company that is barely profitable –- it’s trading at hundreds of times earnings, and I am certain the mass irrationality will burn itself out before I get to benefit.\u003c/p>\n\u003cp>But the quarterly reports show progress, and the market reacts each time with extreme enthusiasm. “It’s revenue that’s important at this point, not earnings,” a co-worker tells me. Sure, what do I know.\u003c/p>\n\u003cp>Despite the success, Yahoos are frequently tense. There are many turf wars. The world seems to think the Web will be the dominant business in coming years, and that Yahoo! will be the dominant company in that dominant business. So those who dominate within the dominant company in the dominant business will thus dominate Everything. Paradoxically, when you’re told something is going to get bigger and bigger, there doesn’t seem to be enough to go around.\u003c/p>\n\u003cp>Meanwhile, I enjoy the free bagels with lox and the complimentary health club membership, which gives me access to indoor and outdoor pools, a sauna, tennis courts, basketball courts and enough free towels to mop up Lake Merritt. The faux pond in the spacious lobby is not to my taste, but seems in keeping with a general disregard for any lifestyle that might be termed “natural.” (One day I decide to take a walk outside the office, only to find after a few blocks that the sidewalk has disappeared.) In the men’s locker room, there’s a lot of talk about the stock market. Apparently, it’s a pretty good way to make money.\u003c/p>\n\u003cp>\u003cstrong>1998\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">T\u003c/span>he engineers are everything. If they buy into your project, you’re golden. If they don’t it’s going to die on the vine, like “Yahoo! Pets” or some other godforsaken property that consists of the company name, a noun and some links.\u003c/p>\n\u003cp>“It’s on the list,” is something you hear a lot from the programmers when you want them to add a feature or fix a bug. The thing is, nobody really knows how long the list is or exactly what’s on the list or if there even is a list. Nobody except the engineers.\u003c/p>\n\u003cp>I buy a new car, a Volkswagen Beetle. My engineer tells me, “That’s a chick car.” I laugh — I need him to tweak something on my site.\u003c/p>\n\u003cp>The engineers seem to have a soft spot for editorial people like me, even though we’re at the bottom of the status pile, officially classified by the company as “surfers.” (“Yahoo! Surfer” is actually on my business card.) Most surfers categorize websites for Yahoo’s massive directory, which takes up most of the space on its front page.\u003c/p>\n\u003cp>Who the engineers really can’t stand are the “producers,” the people who are being brought in by the SUV-load to transition Yahoo! from a company that simply links to other websites into one that offers content of its own, through partnerships. The engineers don’t like the producers because the producers want to systematize the way projects get done, thus cutting into the computer whizzes’ autonomy.\u003c/p>\n\u003cp>Despite these internal battles, Yahoo! is decimating competitors, companies like Excite! (also with an exclamation point), Infoseek and the unfortunately named Lycos. The Yahoo! softball team even defeats Excite! in a \u003ca href=\"http://ww2.kqed.org/news/2010/10/27/the-barry-bonds-dilemma/\">softball game in which Excite! has recruited Barry Bonds\u003c/a> to play in a paid promotional appearance. Yahoo! likes to say it prevails because of the “human touch,” the intercession of editors who organize the exponentially growing number of websites into manageable categories. The also-rans, they’re strictly algorithmic –- and robots can’t beat human beings.\u003c/p>\n\u003cp>Personally, I think Yahoo! is taking no prisoners because of David Filo, the company’s laconic, near hermitic co-founder. The face of the company is Jerry Yang, but internally many people don’t now know, exactly, what it is that he does. Filo, on the other hand, is a legend bordering on myth, infrequently seen outside his cubicle, which he shares with another engineer. I’m there about a month before I have my first Filo spotting — he’s playing foosball in the breakroom. “Who’s that?” I ask someone. Filo wrote the original program that allowed surfers to input a URL that can generate into an HTML page. Without that, you’d have to hand-code everything. It’s Yahoo’s secret sauce.\u003c/p>\n\u003cp>Filo also controls the front page and has a keen editorial sense. One day he emerges from his lair to talk to me about our news product, which I work on, for an unbelievable 45 minutes. I can feel the eyes of the room on me, and they’re not burning with admiration. “Wow, you got some serious face time with Filo,” says a co-worker, bitterly.\u003c/p>\n\u003cp>At a certain point, the word Yahoo! is on everyone’s lips. (In 2000, the success of the company will be a key plot development in the sci-fi movie \u003cem>Frequency\u003c/em>.) Every time I mention where I work, people get this warm look on their faces, either because they use it and love it or they’ve made a lot of money on the stock.\u003c/p>\n\u003cp>Doctors are the most prone to dot-com fascination, I find. They seem to know every little nook and cranny of the internet “sector” and can’t seem to stop talking about the price of Yahoo! shares. They can even throw around metrics like “page views” and “eyeballs.” It’s the doctors who also seem to be the most offended by the financial windfall the 20-somethings — most of my colleagues — have stumbled into.\u003c/p>\n\u003cp>“It’s disgusting,” my internist says. Hey, I don’t make the rules. You should’ve worked at a bookstore or a library — where most of Yahoo’s early employees came from.\u003c/p>\n\u003cp>\u003cstrong>1999\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">Y\u003c/span>ahoo! shares are going in three directions: up, up and up. Yahoos are literally giddy, reloading the stock price on Yahoo! Finance 10 to 20 times an hour. “Hey it’s at 150! Now it’s at 175!” A lot of Yahoos are so young they’re working their first or second job out of college. They don’t seem to understand that the system of American reimbursement for employment doesn’t really work like this. Not usually.\u003c/p>\n\u003cp>The company is awash in other people’s money. It has split its stock several times, but we Yahoos want them to do it again. “If we split the stock, the price will just go right back up to where it is now,” CEO Tim Koogle tells us at a company meeting. He says it like it’s a bad thing. But the rank and file – they want more shares. Because it’s never gonna end –- people are buying houses with all cash. Taking flying lessons. Investing in art. My co-worker, a 20-something who has adorned her cube with miniature knick-knacks and kitsch, who just a few years before would most likely have had to put time in at a coffeehouse or temp firm, buys two houses. Plus, literally, a mansion, back in her hometown.\u003c/p>\n\u003cp>In April, I tell my mother how much I pay in taxes and am immediately sorry. It’s not that she’s going to let the amount casually slip to friends, it’s that she actually \u003cem>gets on the phone\u003c/em> to tell them.\u003c/p>\n\u003cp>Naysayers, however, cloud the horizon, however dimly. “In a bear market,” says one rare CNBC party poop, “stocks lose 95 percent, 98 percent, 99 percent of their value. This generation has never experienced a bear market, but things don’t go up forever.”\u003c/p>\n\u003cp>Yes they do. Nothin’s gone down yet. “It’s the 401ks,” my friend’s father tells me. “You never had this automatic investment in the market before, that’s why it’ll keep going up.” Exactly, I reason. I read the take of one analyst in the New Economy bible, Red Herring. He says if you really want to own a stock, “the purchase price doesn’t matter.” That periodical — it’s a must-subscribe. I buy some Amazon.com; it takes about a week to double. Then I sell it, only to see it double again a few days later.\u003c/p>\n\u003cp>“I want to buy some Yahoo! stock,” my father tells me over the phone. “What do you think?”\u003c/p>\n\u003cp>“Some people say it’s overvalued.”\u003c/p>\n\u003cp>“I’m gonna buy some Yahoo stock,” he amends, turning his question into a statement. He has never been on the internet. Once, in all seriousness, he called it “the Intercom.”\u003c/p>\n\u003cp>Around this time, a co-worker tells me about a search engine that actually seems to work. Oh man, they even copied our infantile double-vowel sound, I think as I surf my way for the first time onto Google. But Yahoo! Finance, Yahoo! Sports, Yahoo! News, Yahoo! Mail — who can compete with those? Google — sounds like another also-ran.\u003c/p>\n\u003cp>Meanwhile, my fellow surfers are busy building the Yahoo! directory by way of long and emotional debates. “Shouldn’t this live in the Anthropology category and not Archaeology?” someone writes, starting a seemingly endless thread of sincere and thoughtful emails about the merits of such a proposal. “I’m creating a category for 18th century military history — anyone object?” Yes, someone does.\u003c/p>\n\u003cp>One day, a naive soul sends out an email: “Don’t you think most people don’t use the directory anymore, just type in what they want in the search box?” A dead mass silence ensues, as if someone has knocked the exclamation point off the end of the company name and replaced it with a question mark.\u003c/p>\n\u003cp>\u003cstrong>2000\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">A\u003c/span> predicted technological apocalypse, the “\u003ca href=\"http://en.wikipedia.org/wiki/Year_2000_problem\">Y2K problem\u003c/a>,” does not occur, and the market reacts by going up, up, up in what’s described as “panic buying.” Unwisely, I have been sitting on the sidelines, but now I pour a whole pile of money in– gotta get on that bus before it becomes a jet plane.\u003c/p>\n\u003cp>Make that a rocket. By March, my net worth, much of it on paper, exceeds all the money my mother and father have made in their entire lives.\u003c/p>\n\u003cp>But things aren’t going that great at work, and I want to quit. Problem is that would leave a big pile of options on the table. People are begging me not to do it. “People work their entire lives to be in your position,” a 65-year-old friend tells me.\u003c/p>\n\u003cp>Someone I meet who will never be in my position is the guy who rings up my coffee every morning at the Chevron station. It’s just one of three jobs, he tells me — that’s the only way he can send his son to Stanford.\u003c/p>\n\u003cp>I decide to stay. The market decides to crash.\u003c/p>\n\u003cp>“It’ll go back up,” people reassure each other. “It always does.” And it’s true, we’ve experienced false alarms before, most notably during the 1998 Asian currency crisis, which temporarily put a damper on the fun, but which dutifully ended only to see shares rebound to even higher levels. “You sell too soon,” my friend, who has just bought the first house he looked at, tells me. “You have no faith.”\u003c/p>\n\u003cp>\u003cstrong>Later\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">“I\u003c/span> was just waiting for it to get back up to 200,” one early Yahoo! informs me, referring to the stock price, which is now somewhere south of 20 after the worst stock crash since the one that touched off the Great Depression. This person, in his four years at the company, has sold virtually none of his shares. “I just thought it would be something for the future,” he says.\u003c/p>\n\u003cp>The guy who told me I sell too soon now says he may lose his house.\u003c/p>\n\u003cp>There are worse stories, too. There’s a little known or at least little understood provision in the tax code that stipulates if you buy your options and then hold onto the shares, which people do in order to reduce their taxes, the tax obligation is the same as if you actually sold them. This will lead to people actually losing money on the transaction if the stock drops while they are holding onto it. Tales of extreme woe along these lines abound.\u003c/p>\n\u003cp>As for me, it was always: Which will make me feel like the bigger schmuck — if I sell and then it stock goes way up, or if I hold onto it and it goes way down? Since no one can predict the future, that’s the only variable to consider.\u003c/p>\n\u003cp>\u003cstrong>Even later\u003c/strong>\u003c/p>\n\u003cp>\u003cspan style=\"font-size: 4.6875em;float: left;line-height: 0.733em;padding: 0.05em 0.1em 0 0;font-family: times, serif, georgia\">W\u003c/span>hat once seemed like all the money in the world, I find, turns out to be decidedly finite after all. My plan to sleep in followed by a little TV followed by a nap did not take into account a daughter, a mortgage, the exorbitant price of individual health insurance and a worldwide financial crisis. The Yahoo! options my wife still owns plenty of are perpetually underwater –- no help there. Circumstances force me to procure some contract work, which sends me back to Yahoo! But eventually I am … laid off.\u003c/p>\n\u003cp>And I really need the money.\u003c/p>\n\u003cp>Welcome back to the middle class, I think.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"disqusTitle": "End of an Era as Verizon Buys Net Pioneer Yahoo",
"title": "End of an Era as Verizon Buys Net Pioneer Yahoo",
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"content": "\u003cp>Verizon is buying Yahoo for $4.83 billion, marking the end of the road for a Silicon Valley company that once defined the internet.\u003c/p>\n\u003cp>It is the second time in as many years that Verizon, extending its digital reach, has snapped up the remnants of a fallen internet star. The nation's largest wireless carrier paid $4.4 billion for AOL last year.\u003c/p>\n\u003cp>Yahoo will be rolled into Verizon's AOL operations and CEO Marissa Mayer may be reunited with AOL CEO Tim Armstrong. Both were executives at Google for years and Armstrong tried unsuccessfully to convince Mayer to combine the two companies when they remained independent.\u003c/p>\n\u003cp>\"We have enormous respect for what Yahoo has accomplished: this transaction is about unleashing Yahoo's full potential,\" Armstrong said in a printed statement.\u003c/p>\n\u003cp>Most analysts expect the deal to end the four-year reign of Yahoo's Mayer, who flopped in her attempts to turn around Yahoo.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Mayer, though, told employees in a Monday email that she intends to stay without specifying for how long.\u003c/p>\n\u003cp>\"I love Yahoo, and I believe in all of you. It's important to me to see Yahoo into its next chapter,\" she wrote.\u003c/p>\n\u003cfigure id=\"attachment_11031097\" class=\"wp-caption alignright\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11031097\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2016/07/MarissaMayer-800x1091.jpg\" alt=\"Marissa Mayer\" width=\"800\" height=\"1091\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-800x1091.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-400x545.jpg 400w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-1180x1609.jpg 1180w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-960x1309.jpg 960w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">Marissa Mayer \u003ccite>(Brad Barket/Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Yahoo Inc., based in Sunnyvale, is parting with its email service and still-popular websites devoted to news, finance and sports, in addition to its advertising tools, under pressure from shareholders fed up with a steep downturn in the company's revenue during the past eight years.\u003c/p>\n\u003cp>The slump deepened even as advertisers pour torrents of cash into what is now a $160 billion market for digital advertising, according to research firm eMarketer.\u003c/p>\n\u003cp>Most of that money, however, has been flowing toward Google and Facebook, two companies that eclipsed Yahoo during its slide from an online sensation, once valued at $130 billion, to a dysfunctional also-ran.\u003c/p>\n\u003cp>After the sale is completed early next year, Yahoo will become a holding company for its two stakes in China's e-commerce leader, Alibaba Group, and Yahoo Japan. Those investments, made more than a decade ago, are worth more than $40 billion before taxes, making them by far the most valuable pieces of Yahoo. The holding company will drop the Yahoo name and adopt a new identify after Verizon takes control of the operating business.\u003c/p>\n\u003cp>Yahoo also still has a patent portfolio that it intends to sell, and about $7.7 billion in cash. Verizon is buying Yahoo's real estate, along with the online operations.\u003c/p>\n\u003cp>Yahoo has hired a succession of CEOs to engineer a comeback, but finally gave up after the high hopes that accompanied Mayer's arrival fizzled out.\u003c/p>\n\u003cp>The sale could potentially result in thousands of layoffs. Mayer has already jettisoned 1,900 Yahoo workers since last September.\u003c/p>\n\u003cp>If Mayer leaves following the sale, she will be in line to receive a severance package valued at $55 million.\u003c/p>\n\u003cp>When millions of people began to flock to the internet with the advent of graphical web browsers in the 1990s, Yahoo was king. Co-founders Jerry Yang and David Filo began building a Web directory as Stanford University computer graduate students in 1994, and Yahoo quickly established itself as the online hub for tens of millions of people. It proved that internet companies could indeed be profitable as other dot-com startups burned through millions of dollars.\u003c/p>\n\u003cp>But Yahoo strayed from internet search in an attempt to build a multimedia business, clearing Google's path to supremacy. Yahoo failed to recognize the importance of social networking and was slow to make the leap into mobile devices like smartphones and tablets. Yahoo attempted to buy Google and Facebook in those formative years, but it was rebuffed and then it was dwarfed by them.\u003c/p>\n\u003cp>By the time Yahoo's board began soliciting bids for the company's online operations, investors had concluded that business was being so badly mismanaged that it had become virtually worthless. Yahoo's market value consisted almost entirely of its Asian investments.\u003c/p>\n\u003cp>Mayer told CNBC she is proud of her accomplishments at Yahoo, even though the company's annual revenue, after ad commissions, fell from $4.4 billion before her arrival to a projected $3.5 billion this year. \"We set out to create a stronger, more modern, version of Yahoo and that's very much happened,\" she said.\u003c/p>\n\u003cp>Despite Yahoo's travails, its operations are a prize at Verizon as the carrier attempts to capitalize on the growing number of people living their digital lives on smartphones. Verizon already profits from the data plans that connect more than 100 million people using those devices to the internet; with AOL and Yahoo's services, Verizon is now looking to control more of the advertising on phones, rather than surrendering it to Google and Facebook.\u003c/p>\n\u003cp>By bringing AOL and Yahoo together, Verizon is betting that it will be able to draw upon the best of both services to create more compelling apps and attract more advertisers.\u003c/p>\n\u003cp>If Verizon fully owned Yahoo right now, it would generate about $3.6 billion in U.S. ad revenue this year to eclipse Microsoft for third place in the market, based on eMarketer's estimates. It would still be a very distant third in ad revenue, compared with Google's projected $27 billion, and Facebook's projected $10 billion.\u003c/p>\n\u003cp>AOL owns popular media sites, like Huffington Post and TechCrunch, but Verizon primarily wanted its ad technology.\u003c/p>\n\u003cp>While Verizon prizes Yahoo's ad services, it covets the hordes that still regularly visit to pick up their email, check the weather and catch up on current events, celebrity gossip and the stock market. The company is hoping to have a mobile audience of 2 billion people by 2020, with a goal of $20 billion in mobile revenue by that time.\u003c/p>\n\u003cp>Yahoo says it has more than 1 billion users, including 225 million on its email service. The email users are an especially valuable part of Yahoo's audience because they tend to visit on a regular basis and log in to make it easier to track their interests for advertising purposes.\u003c/p>\n\u003cp>Verizon won a five-month auction for Yahoo over a list of other bidders that included rival AT&T Inc., a group led by Quicken Loans founders Dan Gilbert and private equity firms that specialize in buying distressed companies and trying to rehabilitate them.\u003c/p>\n\u003cp>The deal, expected to close within the first three months of next year, still needs approval from Yahoo shareholders.\u003c/p>\n\u003cp>[ad floatright]\u003c/p>\n\u003cp>Yahoo's stock fell 92 cents to $38.47 in early trading Monday.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>Verizon is buying Yahoo for $4.83 billion, marking the end of the road for a Silicon Valley company that once defined the internet.\u003c/p>\n\u003cp>It is the second time in as many years that Verizon, extending its digital reach, has snapped up the remnants of a fallen internet star. The nation's largest wireless carrier paid $4.4 billion for AOL last year.\u003c/p>\n\u003cp>Yahoo will be rolled into Verizon's AOL operations and CEO Marissa Mayer may be reunited with AOL CEO Tim Armstrong. Both were executives at Google for years and Armstrong tried unsuccessfully to convince Mayer to combine the two companies when they remained independent.\u003c/p>\n\u003cp>\"We have enormous respect for what Yahoo has accomplished: this transaction is about unleashing Yahoo's full potential,\" Armstrong said in a printed statement.\u003c/p>\n\u003cp>Most analysts expect the deal to end the four-year reign of Yahoo's Mayer, who flopped in her attempts to turn around Yahoo.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Mayer, though, told employees in a Monday email that she intends to stay without specifying for how long.\u003c/p>\n\u003cp>\"I love Yahoo, and I believe in all of you. It's important to me to see Yahoo into its next chapter,\" she wrote.\u003c/p>\n\u003cfigure id=\"attachment_11031097\" class=\"wp-caption alignright\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11031097\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2016/07/MarissaMayer-800x1091.jpg\" alt=\"Marissa Mayer\" width=\"800\" height=\"1091\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-800x1091.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-400x545.jpg 400w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-1180x1609.jpg 1180w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/MarissaMayer-960x1309.jpg 960w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">Marissa Mayer \u003ccite>(Brad Barket/Getty Images)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>Yahoo Inc., based in Sunnyvale, is parting with its email service and still-popular websites devoted to news, finance and sports, in addition to its advertising tools, under pressure from shareholders fed up with a steep downturn in the company's revenue during the past eight years.\u003c/p>\n\u003cp>The slump deepened even as advertisers pour torrents of cash into what is now a $160 billion market for digital advertising, according to research firm eMarketer.\u003c/p>\n\u003cp>Most of that money, however, has been flowing toward Google and Facebook, two companies that eclipsed Yahoo during its slide from an online sensation, once valued at $130 billion, to a dysfunctional also-ran.\u003c/p>\n\u003cp>After the sale is completed early next year, Yahoo will become a holding company for its two stakes in China's e-commerce leader, Alibaba Group, and Yahoo Japan. Those investments, made more than a decade ago, are worth more than $40 billion before taxes, making them by far the most valuable pieces of Yahoo. The holding company will drop the Yahoo name and adopt a new identify after Verizon takes control of the operating business.\u003c/p>\n\u003cp>Yahoo also still has a patent portfolio that it intends to sell, and about $7.7 billion in cash. Verizon is buying Yahoo's real estate, along with the online operations.\u003c/p>\n\u003cp>Yahoo has hired a succession of CEOs to engineer a comeback, but finally gave up after the high hopes that accompanied Mayer's arrival fizzled out.\u003c/p>\n\u003cp>The sale could potentially result in thousands of layoffs. Mayer has already jettisoned 1,900 Yahoo workers since last September.\u003c/p>\n\u003cp>If Mayer leaves following the sale, she will be in line to receive a severance package valued at $55 million.\u003c/p>\n\u003cp>When millions of people began to flock to the internet with the advent of graphical web browsers in the 1990s, Yahoo was king. Co-founders Jerry Yang and David Filo began building a Web directory as Stanford University computer graduate students in 1994, and Yahoo quickly established itself as the online hub for tens of millions of people. It proved that internet companies could indeed be profitable as other dot-com startups burned through millions of dollars.\u003c/p>\n\u003cp>But Yahoo strayed from internet search in an attempt to build a multimedia business, clearing Google's path to supremacy. Yahoo failed to recognize the importance of social networking and was slow to make the leap into mobile devices like smartphones and tablets. Yahoo attempted to buy Google and Facebook in those formative years, but it was rebuffed and then it was dwarfed by them.\u003c/p>\n\u003cp>By the time Yahoo's board began soliciting bids for the company's online operations, investors had concluded that business was being so badly mismanaged that it had become virtually worthless. Yahoo's market value consisted almost entirely of its Asian investments.\u003c/p>\n\u003cp>Mayer told CNBC she is proud of her accomplishments at Yahoo, even though the company's annual revenue, after ad commissions, fell from $4.4 billion before her arrival to a projected $3.5 billion this year. \"We set out to create a stronger, more modern, version of Yahoo and that's very much happened,\" she said.\u003c/p>\n\u003cp>Despite Yahoo's travails, its operations are a prize at Verizon as the carrier attempts to capitalize on the growing number of people living their digital lives on smartphones. Verizon already profits from the data plans that connect more than 100 million people using those devices to the internet; with AOL and Yahoo's services, Verizon is now looking to control more of the advertising on phones, rather than surrendering it to Google and Facebook.\u003c/p>\n\u003cp>By bringing AOL and Yahoo together, Verizon is betting that it will be able to draw upon the best of both services to create more compelling apps and attract more advertisers.\u003c/p>\n\u003cp>If Verizon fully owned Yahoo right now, it would generate about $3.6 billion in U.S. ad revenue this year to eclipse Microsoft for third place in the market, based on eMarketer's estimates. It would still be a very distant third in ad revenue, compared with Google's projected $27 billion, and Facebook's projected $10 billion.\u003c/p>\n\u003cp>AOL owns popular media sites, like Huffington Post and TechCrunch, but Verizon primarily wanted its ad technology.\u003c/p>\n\u003cp>While Verizon prizes Yahoo's ad services, it covets the hordes that still regularly visit to pick up their email, check the weather and catch up on current events, celebrity gossip and the stock market. The company is hoping to have a mobile audience of 2 billion people by 2020, with a goal of $20 billion in mobile revenue by that time.\u003c/p>\n\u003cp>Yahoo says it has more than 1 billion users, including 225 million on its email service. The email users are an especially valuable part of Yahoo's audience because they tend to visit on a regular basis and log in to make it easier to track their interests for advertising purposes.\u003c/p>\n\u003cp>Verizon won a five-month auction for Yahoo over a list of other bidders that included rival AT&T Inc., a group led by Quicken Loans founders Dan Gilbert and private equity firms that specialize in buying distressed companies and trying to rehabilitate them.\u003c/p>\n\u003cp>The deal, expected to close within the first three months of next year, still needs approval from Yahoo shareholders.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"disqusTitle": "'Rural Pride Summit' Brings Out Central Valley LGBT Community",
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"content": "\u003cp>You don’t typically think of the acronyms USDA and LGBT in the same sentence. But maybe you should. For the past two years, the United States Department of Agriculture has been hosting \u003ca href=\"https://www.ascr.usda.gov/lgbt-rural-summit-series-and-ruralpride-campaign\">rural pride summits\u003c/a> all over the country, including the most recent one in California in the Central Valley town of Visalia.\u003c/p>\n\u003cp>Ashlee Davis directs these rural summits for the USDA. She says her agency is in almost every county in America.\u003c/p>\n\u003cp>“We are the people’s department,” she says. “And LGBT people are our customers. So why not engage them and connect them to services like rural housing, nutrition and business and farm loans?\"\u003c/p>\n\u003caside class=\"pullquote alignright\">'You do have gay farmers who are growing your food.'\u003cbr>\n\u003ccite>Marcus Hollan, Cultivating Change Foundation\u003c/cite>\u003c/aside>\n\u003cp>Davis says all of the USDA’s programs have adopted protections around sexual orientation and gender identity. USDA Secretary Tom Vilsack has been at the forefront of making the agency inclusive, she says.\u003c/p>\n\u003cp>On Thursday, Davis led an open mic discussion about what it’s like to be LGBT in a rural area. Many people stressed the need for more resources for young people who have been kicked out of their homes, and for elderly and transgender people. There were also panels addressing health care, immigration, poverty and LBGT youth.\u003c/p>\n\u003cfigure id=\"attachment_11028074\" class=\"wp-caption alignleft\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11028074\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2016/07/photo-800x600.jpg\" alt=\"The USDA's Ashlee Davis led an open-mic session to hear about issues affecting the LGBT community in the rural Central Valley.\" width=\"800\" height=\"600\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-800x600.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-400x300.jpg 400w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-1920x1440.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-1180x885.jpg 1180w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-960x720.jpg 960w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">The USDA's Ashlee Davis led an open-mic session to hear about issues affecting the LGBT community in the rural Central Valley. \u003ccite>(Alice Daniel/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>The summit was co-sponsored by the San Francisco- based \u003ca href=\"http://www.nclrights.org/\">National Center for Lesbian Rights\u003c/a> and Cyndi Lauper’s \u003ca href=\"https://truecolorsfund.org/\">True Colors Fund\u003c/a>.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>According to a recent report by the \u003ca href=\"http://williamsinstitute.law.ucla.edu/\">Williams Institute\u003c/a>, an LGBT think tank at the UCLA School of Law, about 10 percent of California’s LGBT population lives in this farm region between Stockton and Bakersfield. LGBT households in rural areas are twice as likely to live in poverty than those in urban areas.\u003c/p>\n\u003cp>At least 20 tables were set up to provide resources. These included the \u003ca href=\"http://www.cultivatingchangefoundation.org/new-page-1/\">Cultivating Change Foundation\u003c/a>, an advocacy group for minorities in agriculture.\u003c/p>\n\u003cp>“You do have gay farmers who are growing your food,” says Marcus Hollan, who co-founded the group. “You have lesbian agricultural teachers in your high schools and your colleges teaching youth. It’s time we start recognizing them but also celebrating them.”\u003c/p>\n\u003cp>Hollan says there are many unsung heroes in agriculture who lead by example and provide inspiration to young people to say, \"I don’t have to leave the farm, I can still be a farmer and be my authentic self.\"\u003c/p>\n\u003cp>Justin Kamimoto spoke at the summit as part of the LGBT youth panel. The Fresno State student says the USDA has taken big strides to be LGBT-inclusive in its hiring practices, programming and internships. “They look at areas like the Central Valley that are very agricultural-based,” he says. “They want to bring the best and brightest people to their organization.”\u003c/p>\n\u003cp>Kamimoto was at the summit sharing information about his online organization, \u003ca href=\"http://www.mylgbtplus.org/\">MY LGBT PLUS\u003c/a>. It’s a community resource “dedicated to connecting, interacting and supporting our LGBT community,” he says. “We’re here to support our rural pride community. We know that the [people in the] outskirts of the Central Valley are oftentimes the ones forgotten about and we want to make sure resources are available to them.”\u003c/p>\n\u003cp>Christine Chavez helped arrange the summit. She works for the USDA but she knows a bit about organizing from the late Cesar Chavez.\u003c/p>\n\u003cp>“My grandfather instilled in us that it wasn’t just about a farmworker issue, it was about poverty, about continuing to do outreach to people who need it the most,” the younger Chavez says. “So that’s what we’re trying to do here.”\u003c/p>\n\u003cp>She says people face many different issues. Isolation is one theme that comes up frequently, especially for folks in some of the smaller communities like Ridgecrest and Taft.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>But there are also practical questions about farm loans, she says. And the perennial subject in the Central Valley: water.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>You don’t typically think of the acronyms USDA and LGBT in the same sentence. But maybe you should. For the past two years, the United States Department of Agriculture has been hosting \u003ca href=\"https://www.ascr.usda.gov/lgbt-rural-summit-series-and-ruralpride-campaign\">rural pride summits\u003c/a> all over the country, including the most recent one in California in the Central Valley town of Visalia.\u003c/p>\n\u003cp>Ashlee Davis directs these rural summits for the USDA. She says her agency is in almost every county in America.\u003c/p>\n\u003cp>“We are the people’s department,” she says. “And LGBT people are our customers. So why not engage them and connect them to services like rural housing, nutrition and business and farm loans?\"\u003c/p>\n\u003caside class=\"pullquote alignright\">'You do have gay farmers who are growing your food.'\u003cbr>\n\u003ccite>Marcus Hollan, Cultivating Change Foundation\u003c/cite>\u003c/aside>\n\u003cp>Davis says all of the USDA’s programs have adopted protections around sexual orientation and gender identity. USDA Secretary Tom Vilsack has been at the forefront of making the agency inclusive, she says.\u003c/p>\n\u003cp>On Thursday, Davis led an open mic discussion about what it’s like to be LGBT in a rural area. Many people stressed the need for more resources for young people who have been kicked out of their homes, and for elderly and transgender people. There were also panels addressing health care, immigration, poverty and LBGT youth.\u003c/p>\n\u003cfigure id=\"attachment_11028074\" class=\"wp-caption alignleft\" style=\"max-width: 800px\">\u003cimg class=\"size-medium wp-image-11028074\" src=\"http://ww2.kqed.org/news/wp-content/uploads/sites/10/2016/07/photo-800x600.jpg\" alt=\"The USDA's Ashlee Davis led an open-mic session to hear about issues affecting the LGBT community in the rural Central Valley.\" width=\"800\" height=\"600\" srcset=\"https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-800x600.jpg 800w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-400x300.jpg 400w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-1920x1440.jpg 1920w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-1180x885.jpg 1180w, https://ww2.kqed.org/app/uploads/sites/10/2016/07/photo-960x720.jpg 960w\" sizes=\"(max-width: 800px) 100vw, 800px\">\u003cfigcaption class=\"wp-caption-text\">The USDA's Ashlee Davis led an open-mic session to hear about issues affecting the LGBT community in the rural Central Valley. \u003ccite>(Alice Daniel/KQED)\u003c/cite>\u003c/figcaption>\u003c/figure>\n\u003cp>The summit was co-sponsored by the San Francisco- based \u003ca href=\"http://www.nclrights.org/\">National Center for Lesbian Rights\u003c/a> and Cyndi Lauper’s \u003ca href=\"https://truecolorsfund.org/\">True Colors Fund\u003c/a>.\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>According to a recent report by the \u003ca href=\"http://williamsinstitute.law.ucla.edu/\">Williams Institute\u003c/a>, an LGBT think tank at the UCLA School of Law, about 10 percent of California’s LGBT population lives in this farm region between Stockton and Bakersfield. LGBT households in rural areas are twice as likely to live in poverty than those in urban areas.\u003c/p>\n\u003cp>At least 20 tables were set up to provide resources. These included the \u003ca href=\"http://www.cultivatingchangefoundation.org/new-page-1/\">Cultivating Change Foundation\u003c/a>, an advocacy group for minorities in agriculture.\u003c/p>\n\u003cp>“You do have gay farmers who are growing your food,” says Marcus Hollan, who co-founded the group. “You have lesbian agricultural teachers in your high schools and your colleges teaching youth. It’s time we start recognizing them but also celebrating them.”\u003c/p>\n\u003cp>Hollan says there are many unsung heroes in agriculture who lead by example and provide inspiration to young people to say, \"I don’t have to leave the farm, I can still be a farmer and be my authentic self.\"\u003c/p>\n\u003cp>Justin Kamimoto spoke at the summit as part of the LGBT youth panel. The Fresno State student says the USDA has taken big strides to be LGBT-inclusive in its hiring practices, programming and internships. “They look at areas like the Central Valley that are very agricultural-based,” he says. “They want to bring the best and brightest people to their organization.”\u003c/p>\n\u003cp>Kamimoto was at the summit sharing information about his online organization, \u003ca href=\"http://www.mylgbtplus.org/\">MY LGBT PLUS\u003c/a>. It’s a community resource “dedicated to connecting, interacting and supporting our LGBT community,” he says. “We’re here to support our rural pride community. We know that the [people in the] outskirts of the Central Valley are oftentimes the ones forgotten about and we want to make sure resources are available to them.”\u003c/p>\n\u003cp>Christine Chavez helped arrange the summit. She works for the USDA but she knows a bit about organizing from the late Cesar Chavez.\u003c/p>\n\u003cp>“My grandfather instilled in us that it wasn’t just about a farmworker issue, it was about poverty, about continuing to do outreach to people who need it the most,” the younger Chavez says. “So that’s what we’re trying to do here.”\u003c/p>\n\u003cp>She says people face many different issues. Isolation is one theme that comes up frequently, especially for folks in some of the smaller communities like Ridgecrest and Taft.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>But there are also practical questions about farm loans, she says. And the perennial subject in the Central Valley: water.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"content": "\u003cp>Owners and employees of the century-old dairy farm near Petaluma where a \u003ca href=\"https://ww2.kqed.org/news/2016/07/20/smoke-from-massive-hay-fire-sent-into-marin-and-sonoma-counties\" target=\"_blank\">massive fire\u003c/a> Wednesday burned more than 500 tons of hay are dealing with the damage in the midst of tough times for the North Bay's dairy industry.\u003c/p>\n\u003cp>Milk prices are down thanks to a global oversupply of the product, and finding quality hay in California is not easy thanks to the ongoing drought.\u003c/p>\n\u003cp>The fire is a huge setback for Moreda Valley Dairy, said the company's general manager, Stephanie Arend, a fifth-generation dairy farmer.\u003c/p>\n\u003cp>\"Anytime you lose something like that it becomes a big problem for us farmers,\" she said.\u003c/p>\n\u003cp>The fire not only burned an extreme amount of hay, but it also heavily damaged the company's barn. The blaze caused an estimated $250,000 in damage, according to the Wilmar Fire Department. Arend wasn't sure how much of the damage would be covered by insurance.\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>The fire on Chileno Valley Road near the Sonoma-Marin County border started around 2 a.m. on Wednesday. It sent smoke into different parts of the two counties for hours, prompting local air regulators to advise people nearby to close their windows and doors.\u003c/p>\n\u003cp>Sonoma County fire officials announced Thursday morning that the fire appeared to be caused by \"spontaneous combustion.\" The statement released by the county did not provide more details but did explain that things prone to spontaneous combustion -- when materials get hotter without drawing heat from their surroundings -- include oily rags, hay and other agricultural products.\u003c/p>\n\u003cp>Firefighters worked Wednesday and Thursday to put out the fire that heavily damaged the barn. They also removed all of the alfalfa hay from the facility, according to county fire spokesman Brennt Blaser.\u003c/p>\n\u003cp>Arend is now struggling to find new food for the farm's 500 cows.\u003c/p>\n\u003cp>\"We lost quite a bit of hay, which is unfortunate because right now it's difficult to find really good hay,\" she said. Farmers, even before the drought, have to spend a lot of time finding, testing and bringing in hay, she said.\u003c/p>\n\u003cp>\"Good hay means good nutrition -- happy healthy cows,\" Arend said. \"So, we just lost out on all that big time.\"\u003c/p>\n\u003cp>The North Bay's dairy industry has been hit hard in recent years.\u003c/p>\n\u003cp>Conventional milk prices are the lowest they've been in a decade and those decreases are being felt in organic dairies like Moreda Valley, according to Doug Baretta, the owner/operator of Santa Rosa's Baretta Dairy and a member of the Sonoma County Farm Bureau.\u003c/p>\n\u003cp>The price of organic milk is down 10 to 15 percent, prompting some creameries to ask producers in the last two months to reduce their production, Baretta said.\u003c/p>\n\u003cp>Several dairy farms in the North Bay recently closed down, following a broader trend seen around the state. Baretta said California has lost around 500 dairies in the last three years.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>Baretta knows a little of what the workers at the Moreda Valley Dairy are going through. In October of 1972 a barn fire at Baretta Dairy burned 850 tons of hay.\u003c/p>\n\n",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>The fire on Chileno Valley Road near the Sonoma-Marin County border started around 2 a.m. on Wednesday. It sent smoke into different parts of the two counties for hours, prompting local air regulators to advise people nearby to close their windows and doors.\u003c/p>\n\u003cp>Sonoma County fire officials announced Thursday morning that the fire appeared to be caused by \"spontaneous combustion.\" The statement released by the county did not provide more details but did explain that things prone to spontaneous combustion -- when materials get hotter without drawing heat from their surroundings -- include oily rags, hay and other agricultural products.\u003c/p>\n\u003cp>Firefighters worked Wednesday and Thursday to put out the fire that heavily damaged the barn. They also removed all of the alfalfa hay from the facility, according to county fire spokesman Brennt Blaser.\u003c/p>\n\u003cp>Arend is now struggling to find new food for the farm's 500 cows.\u003c/p>\n\u003cp>\"We lost quite a bit of hay, which is unfortunate because right now it's difficult to find really good hay,\" she said. Farmers, even before the drought, have to spend a lot of time finding, testing and bringing in hay, she said.\u003c/p>\n\u003cp>\"Good hay means good nutrition -- happy healthy cows,\" Arend said. \"So, we just lost out on all that big time.\"\u003c/p>\n\u003cp>The North Bay's dairy industry has been hit hard in recent years.\u003c/p>\n\u003cp>Conventional milk prices are the lowest they've been in a decade and those decreases are being felt in organic dairies like Moreda Valley, according to Doug Baretta, the owner/operator of Santa Rosa's Baretta Dairy and a member of the Sonoma County Farm Bureau.\u003c/p>\n\u003cp>The price of organic milk is down 10 to 15 percent, prompting some creameries to ask producers in the last two months to reduce their production, Baretta said.\u003c/p>\n\u003cp>Several dairy farms in the North Bay recently closed down, following a broader trend seen around the state. Baretta said California has lost around 500 dairies in the last three years.\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>Baretta knows a little of what the workers at the Moreda Valley Dairy are going through. In October of 1972 a barn fire at Baretta Dairy burned 850 tons of hay.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"disqusTitle": "Congressman Repeats Mostly True Claim: Donald Trump ‘Rooted for the Housing Crisis’",
"title": "Congressman Repeats Mostly True Claim: Donald Trump ‘Rooted for the Housing Crisis’",
"headTitle": "Election 2016 | The California Report | KQED News",
"content": "\u003cp>\u003cem>\u003ca href=\"http://www.politifact.com/california/\" target=\"_blank\">PolitiFact California\u003c/a> looks at claims made by elected officials, candidates and groups and rates them as: True, Mostly True, Half True, Mostly False, False and Pants On Fire.\u003c/em>\u003c/p>\n\u003cp>During Donald Trump’s recent fundraising trip to San Diego, Democratic congressman Scott Peters had some harsh words for the GOP nominee.\u003c/p>\n\u003cp>\"His economic policies are dangerous,\" Peters, who represents much of \"America's Finest City,\" told reporters on a conference call. \"He will say or do anything that benefits him.\"\u003c/p>\n\u003cp>We can’t fact check that statement because it’s the congressman’s opinion. But Peters repeated one critique that’s open to examination:\u003c/p>\n\u003cp>\"This is a guy,\" he said of Trump, \"who rooted for the housing crisis, because he knew he could make money off of it.\"\u003c/p>\n\u003cp>[ad fullwidth]\u003c/p>\n\u003cp>Hillary Clinton lodged the same attack in a May \u003ca href=\"https://www.youtube.com/watch?v=m0xmr_HHkTc\">campaign video\u003c/a>.\u003c/p>\n\u003cp>\"In 2006, Donald Trump was hoping for a real estate crash,\" the ad says, showing a picture of Trump giving two thumbs up. The ad goes on to list consequences from the Great Recession, which peaked in 2008. It lists 9 million jobs lost and 5 million families who lost their homes.\u003c/p>\n\u003cp>[youtube https://www.youtube.com/watch?v=m0xmr_HHkTc]\u003c/p>\n\u003cp>\u003cem>This campaign ad from Hillary For America includes 2006 audio from Donald Trump about the housing market.\u003c/em>\u003c/p>\n\u003cp>That's followed by audio, identified as being from 2006, of Trump saying, \"I sort of hope that happens because then people like me would go in and buy. ... If there is a bubble burst, as they call it, you know, you could make a lot of money.\"\u003c/p>\n\u003cp>\"And the man who could be our next president was rooting for it to happen,\" the ad contends.\u003c/p>\n\u003cp>Peters’ statement that Trump \"rooted for the housing crisis,\" clearly draws on the Clinton ad.\u003c/p>\n\u003cp>His office referred us to the Democratic National Committee, which supplied the Clinton ad with Trump’s \"I sort of hope that happens\" audio.\u003c/p>\n\u003cp>Our national PolitiFact team checked the original claim made in May by the Clinton ad and \u003ca href=\"http://www.politifact.com/truth-o-meter/statements/2016/may/26/hillary-clinton/hillary-clinton-faults-donald-trump-hoping-real-es/\">rated it Mostly True\u003c/a>.\u003c/p>\n\u003cp>Here’s why:\u003c/p>\n\u003cp>\u003cstrong>'I sort of hope that happens'\u003c/strong>\u003c/p>\n\u003cp>Trump’s statement comes from the audiobook \"How to Build a Fortune,\" created as part of \u003ca href=\"http://www.politifact.com/truth-o-meter/article/2016/mar/08/secret-behind-trump-universitys-rating-doing-nothi/\">Trump University\u003c/a>, which has been the subject of three lawsuits from former \"students\" who allege they were ripped off by the billionaire.\u003c/p>\n\u003cp>In 2006, real estate values had peaked and there was concern that they were overpriced, creating a \"bubble\" that could burst, producing a rapid fall in values.\u003c/p>\n\u003cp>The man interviewing Trump for the audiobook says, \"There's a lot of talk, which you've no doubt heard, too, about a so-called real estate bubble. What's your take on that pessimism?\"\u003c/p>\n\u003cp>\"Well, first of all, I sort of hope that happens because then people like me would go in and buy. You know, if you're in a good cash position — which I'm in a good cash position today — then people like me would go in and buy like crazy,\" he says in a portion of the audiobook \u003ca href=\"http://www.cnn.com/2016/05/19/politics/donald-trump-2006-hopes-real-estate-market-crashes/index.html\">posted by CNN\u003c/a>. \"If there is a bubble burst, as they call it, you know, you can make a lot of money.\"\u003c/p>\n\u003cp>Whether the \"bubble burst\" that Trump was hoping for deserves to be called a \"crash,\" especially a crash on the scale of what occurred during the Great Recession, is open to debate.\u003c/p>\n\u003cp>Trump, in the audiobook, adds: \"At the same time, I don't think that (real estate bubble burst) will happen, because if interest rates stay fairly low, if the dollar stays pretty much where it is or even goes a little bit higher, but basically if you have a weak dollar, this is tremendous amounts of money pouring in, so I don't think that's going to happen. I'm not a believer that the interest market, that the real estate market, is going to take a big hit.\"\u003c/p>\n\u003cp>Obviously, he would turn out to be wrong.\u003c/p>\n\u003cp>A year later, in 2007, Trump was\u003ca href=\"http://www.theglobeandmail.com/report-on-business/trump-touts-soft-markets-in-cities-like-toronto/article17993211/\"> telling the Toronto Globe and Mail\u003c/a> that he was ready to invest in real estate because the market was starting to head down.\u003c/p>\n\u003cp>\"People have been talking about the end of the cycle for 12 years, and I'm excited if it is,\" he told the paper. \"I've always made more money in bad markets than in good markets.\"\u003c/p>\n\u003cp>The Trump campaign didn't respond to PolitiFact's emails.\u003c/p>\n\u003cp>\u003cstrong>Our ruling\u003c/strong>\u003c/p>\n\u003cp>Rep. Scott Peters, D-CA, said Donald Trump \"rooted for the housing crisis, because he knew he could make money off of it.\"\u003c/p>\n\u003cp>His statement parallels a claim in Hillary Clinton’s May campaign ad: \"In 2006, Donald Trump was hoping for a real estate crash.\"\u003c/p>\n\u003cp>Trump said on more than one occasion that he welcomed a downturn in the real estate market because it would give him a chance to buy properties at a bargain and sell them at a higher price later.\u003c/p>\n\u003cp>What's far less clear is whether Trump was rooting for something on the scale of the Great Recession, a suggestion made in the Clinton ad, or a \"housing crisis,\" as suggested by Peters.\u003c/p>\n\u003cp>In fact, Trump’s comments in his audiobook and to the Globe and Mail show he didn't envision the financial meltdown that followed.\u003c/p>\n\u003cp>PolitiFact rated Clinton’s statement \u003ca href=\"http://www.politifact.com/truth-o-meter/statements/2016/may/26/hillary-clinton/hillary-clinton-faults-donald-trump-hoping-real-es/\">Mostly True\u003c/a>, saying it was \"accurate but needs clarification or additional information.\"\u003c/p>\n\u003cp>For the same reason, we rate Peters’ statement Mostly True.\u003c/p>\n\u003chr>\n\u003cp>\u003cstrong>\u003cem>MOSTLY TRUE\u003c/em>\u003c/strong>\u003cstrong> \u003c/strong>\u003cem>– The statement is accurate but needs clarification or additional information.\u003c/em>\u003c/p>\n\u003cp>\u003ca href=\"http://www.politifact.com/truth-o-meter/article/2011/feb/21/principles-truth-o-meter/\">Click here for more\u003c/a> on the six PolitiFact ratings and how we select facts to check.\u003c/p>\n\u003cp>For more fact-checks, go to \u003ca href=\"http://politifactcalifornia.com/\">PolitiFactCalifornia.com.\u003c/a>\u003c/p>\n\u003cp>\u003cem>This story is part of California Counts, a collaboration of KPBS, KPCC, KQED and Capital Public Radio to report on the 2016 election. The coverage focuses on major issues and solicits diverse voices on what’s important to the future of California.\u003c/em>\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003ca href=\"http://ww2.kqed.org/news/tag/cacounts\">Read more in this series\u003c/a> and let us know your thoughts on Twitter using the hashtag \u003ca href=\"https://twitter.com/search?q=%23iamsouthla&src=typd\">#\u003c/a>\u003ca href=\"https://twitter.com/search?q=%23CACounts&src=typd\">CACounts\u003c/a>.\u003c/p>\n\n",
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"excerpt": "Democrat Scott Peters of San Diego recently repeated a critique of Donald Trump, saying Trump 'rooted for the housing crisis.' PolitiFact rates the statement 'mostly true.'",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003cp>\u003cem>\u003ca href=\"http://www.politifact.com/california/\" target=\"_blank\">PolitiFact California\u003c/a> looks at claims made by elected officials, candidates and groups and rates them as: True, Mostly True, Half True, Mostly False, False and Pants On Fire.\u003c/em>\u003c/p>\n\u003cp>During Donald Trump’s recent fundraising trip to San Diego, Democratic congressman Scott Peters had some harsh words for the GOP nominee.\u003c/p>\n\u003cp>\"His economic policies are dangerous,\" Peters, who represents much of \"America's Finest City,\" told reporters on a conference call. \"He will say or do anything that benefits him.\"\u003c/p>\n\u003cp>We can’t fact check that statement because it’s the congressman’s opinion. But Peters repeated one critique that’s open to examination:\u003c/p>\n\u003cp>\"This is a guy,\" he said of Trump, \"who rooted for the housing crisis, because he knew he could make money off of it.\"\u003c/p>\n\u003cp>\u003c/p>\u003c/div>",
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"content": "\u003cdiv class=\"post-body\">\u003cp>\u003c/p>\n\u003cp>Hillary Clinton lodged the same attack in a May \u003ca href=\"https://www.youtube.com/watch?v=m0xmr_HHkTc\">campaign video\u003c/a>.\u003c/p>\n\u003cp>\"In 2006, Donald Trump was hoping for a real estate crash,\" the ad says, showing a picture of Trump giving two thumbs up. The ad goes on to list consequences from the Great Recession, which peaked in 2008. It lists 9 million jobs lost and 5 million families who lost their homes.\u003c/p>\n\u003cp>\u003c/p>\u003cp>\u003cspan class='utils-parseShortcode-shortcodes-__youtubeShortcode__embedYoutube'>\n \u003cspan class='utils-parseShortcode-shortcodes-__youtubeShortcode__embedYoutubeInside'>\n \u003ciframe\n loading='lazy'\n class='utils-parseShortcode-shortcodes-__youtubeShortcode__youtubePlayer'\n type='text/html'\n src='//www.youtube.com/embed/m0xmr_HHkTc'\n title='//www.youtube.com/embed/m0xmr_HHkTc'\n allowfullscreen='true'\n style='border:0;'>\u003c/iframe>\n \u003c/span>\n \u003c/span>\u003c/p>\u003cp>\u003c/p>\n\u003cp>\u003cem>This campaign ad from Hillary For America includes 2006 audio from Donald Trump about the housing market.\u003c/em>\u003c/p>\n\u003cp>That's followed by audio, identified as being from 2006, of Trump saying, \"I sort of hope that happens because then people like me would go in and buy. ... If there is a bubble burst, as they call it, you know, you could make a lot of money.\"\u003c/p>\n\u003cp>\"And the man who could be our next president was rooting for it to happen,\" the ad contends.\u003c/p>\n\u003cp>Peters’ statement that Trump \"rooted for the housing crisis,\" clearly draws on the Clinton ad.\u003c/p>\n\u003cp>His office referred us to the Democratic National Committee, which supplied the Clinton ad with Trump’s \"I sort of hope that happens\" audio.\u003c/p>\n\u003cp>Our national PolitiFact team checked the original claim made in May by the Clinton ad and \u003ca href=\"http://www.politifact.com/truth-o-meter/statements/2016/may/26/hillary-clinton/hillary-clinton-faults-donald-trump-hoping-real-es/\">rated it Mostly True\u003c/a>.\u003c/p>\n\u003cp>Here’s why:\u003c/p>\n\u003cp>\u003cstrong>'I sort of hope that happens'\u003c/strong>\u003c/p>\n\u003cp>Trump’s statement comes from the audiobook \"How to Build a Fortune,\" created as part of \u003ca href=\"http://www.politifact.com/truth-o-meter/article/2016/mar/08/secret-behind-trump-universitys-rating-doing-nothi/\">Trump University\u003c/a>, which has been the subject of three lawsuits from former \"students\" who allege they were ripped off by the billionaire.\u003c/p>\n\u003cp>In 2006, real estate values had peaked and there was concern that they were overpriced, creating a \"bubble\" that could burst, producing a rapid fall in values.\u003c/p>\n\u003cp>The man interviewing Trump for the audiobook says, \"There's a lot of talk, which you've no doubt heard, too, about a so-called real estate bubble. What's your take on that pessimism?\"\u003c/p>\n\u003cp>\"Well, first of all, I sort of hope that happens because then people like me would go in and buy. You know, if you're in a good cash position — which I'm in a good cash position today — then people like me would go in and buy like crazy,\" he says in a portion of the audiobook \u003ca href=\"http://www.cnn.com/2016/05/19/politics/donald-trump-2006-hopes-real-estate-market-crashes/index.html\">posted by CNN\u003c/a>. \"If there is a bubble burst, as they call it, you know, you can make a lot of money.\"\u003c/p>\n\u003cp>Whether the \"bubble burst\" that Trump was hoping for deserves to be called a \"crash,\" especially a crash on the scale of what occurred during the Great Recession, is open to debate.\u003c/p>\n\u003cp>Trump, in the audiobook, adds: \"At the same time, I don't think that (real estate bubble burst) will happen, because if interest rates stay fairly low, if the dollar stays pretty much where it is or even goes a little bit higher, but basically if you have a weak dollar, this is tremendous amounts of money pouring in, so I don't think that's going to happen. I'm not a believer that the interest market, that the real estate market, is going to take a big hit.\"\u003c/p>\n\u003cp>Obviously, he would turn out to be wrong.\u003c/p>\n\u003cp>A year later, in 2007, Trump was\u003ca href=\"http://www.theglobeandmail.com/report-on-business/trump-touts-soft-markets-in-cities-like-toronto/article17993211/\"> telling the Toronto Globe and Mail\u003c/a> that he was ready to invest in real estate because the market was starting to head down.\u003c/p>\n\u003cp>\"People have been talking about the end of the cycle for 12 years, and I'm excited if it is,\" he told the paper. \"I've always made more money in bad markets than in good markets.\"\u003c/p>\n\u003cp>The Trump campaign didn't respond to PolitiFact's emails.\u003c/p>\n\u003cp>\u003cstrong>Our ruling\u003c/strong>\u003c/p>\n\u003cp>Rep. Scott Peters, D-CA, said Donald Trump \"rooted for the housing crisis, because he knew he could make money off of it.\"\u003c/p>\n\u003cp>His statement parallels a claim in Hillary Clinton’s May campaign ad: \"In 2006, Donald Trump was hoping for a real estate crash.\"\u003c/p>\n\u003cp>Trump said on more than one occasion that he welcomed a downturn in the real estate market because it would give him a chance to buy properties at a bargain and sell them at a higher price later.\u003c/p>\n\u003cp>What's far less clear is whether Trump was rooting for something on the scale of the Great Recession, a suggestion made in the Clinton ad, or a \"housing crisis,\" as suggested by Peters.\u003c/p>\n\u003cp>In fact, Trump’s comments in his audiobook and to the Globe and Mail show he didn't envision the financial meltdown that followed.\u003c/p>\n\u003cp>PolitiFact rated Clinton’s statement \u003ca href=\"http://www.politifact.com/truth-o-meter/statements/2016/may/26/hillary-clinton/hillary-clinton-faults-donald-trump-hoping-real-es/\">Mostly True\u003c/a>, saying it was \"accurate but needs clarification or additional information.\"\u003c/p>\n\u003cp>For the same reason, we rate Peters’ statement Mostly True.\u003c/p>\n\u003chr>\n\u003cp>\u003cstrong>\u003cem>MOSTLY TRUE\u003c/em>\u003c/strong>\u003cstrong> \u003c/strong>\u003cem>– The statement is accurate but needs clarification or additional information.\u003c/em>\u003c/p>\n\u003cp>\u003ca href=\"http://www.politifact.com/truth-o-meter/article/2011/feb/21/principles-truth-o-meter/\">Click here for more\u003c/a> on the six PolitiFact ratings and how we select facts to check.\u003c/p>\n\u003cp>For more fact-checks, go to \u003ca href=\"http://politifactcalifornia.com/\">PolitiFactCalifornia.com.\u003c/a>\u003c/p>\n\u003cp>\u003cem>This story is part of California Counts, a collaboration of KPBS, KPCC, KQED and Capital Public Radio to report on the 2016 election. The coverage focuses on major issues and solicits diverse voices on what’s important to the future of California.\u003c/em>\u003c/p>\n\u003cp>\u003c/p>\n\u003cp>\u003ca href=\"http://ww2.kqed.org/news/tag/cacounts\">Read more in this series\u003c/a> and let us know your thoughts on Twitter using the hashtag \u003ca href=\"https://twitter.com/search?q=%23iamsouthla&src=typd\">#\u003c/a>\u003ca href=\"https://twitter.com/search?q=%23CACounts&src=typd\">CACounts\u003c/a>.\u003c/p>\n\n\u003c/div>\u003c/p>",
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"info": "What kind of no sabo word is Hyphenación? For us, it’s about living within a hyphenation. Like being a third-gen Mexican-American from the Texas border now living that Bay Area Chicano life. Like Xorje! Each week we bring together a couple of hyphenated Latinos to talk all about personal life choices: family, careers, relationships, belonging … everything is on the table. ",
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"marketplace": {
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"info": "Our flagship program, helmed by Kai Ryssdal, examines what the day in money delivered, through stories, conversations, newsworthy numbers and more. Updated Monday through Friday at about 3:30 p.m. PT.",
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"info": "The MindShift podcast explores the innovations in education that are shaping how kids learn. Hosts Ki Sung and Katrina Schwartz introduce listeners to educators, researchers, parents and students who are developing effective ways to improve how kids learn. We cover topics like how fed-up administrators are developing surprising tactics to deal with classroom disruptions; how listening to podcasts are helping kids develop reading skills; the consequences of overparenting; and why interdisciplinary learning can engage students on all ends of the traditional achievement spectrum. This podcast is part of the MindShift education site, a division of KQED News. KQED is an NPR/PBS member station based in San Francisco. You can also visit the MindShift website for episodes and supplemental blog posts or tweet us \u003ca href=\"https://twitter.com/MindShiftKQED\">@MindShiftKQED\u003c/a> or visit us at \u003ca href=\"/mindshift\">MindShift.KQED.org\u003c/a>",
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"order": 12
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"info": "For decades, the process for how police police themselves has been inconsistent – if not opaque. In some states, like California, these proceedings were completely hidden. After a new police transparency law unsealed scores of internal affairs files, our reporters set out to examine these cases and the shadow world of police discipline. On Our Watch brings listeners into the rooms where officers are questioned and witnesses are interrogated to find out who this system is really protecting. Is it the officers, or the public they've sworn to serve?",
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"info": "Our weekly podcast explores how the media 'sausage' is made, casts an incisive eye on fluctuations in the marketplace of ideas, and examines threats to the freedom of information and expression in America and abroad. For one hour a week, the show tries to lift the veil from the process of \"making media,\" especially news media, because it's through that lens that we see the world and the world sees us",
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"politicalbreakdown": {
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"title": "Political Breakdown",
"tagline": "Politics from a personal perspective",
"info": "Political Breakdown is a new series that explores the political intersection of California and the nation. Each week hosts Scott Shafer and Marisa Lagos are joined with a new special guest to unpack politics -- with personality — and offer an insider’s glimpse at how politics happens.",
"airtime": "THU 6:30pm-7pm",
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"possible": {
"id": "possible",
"title": "Possible",
"info": "Possible is hosted by entrepreneur Reid Hoffman and writer Aria Finger. Together in Possible, Hoffman and Finger lead enlightening discussions about building a brighter collective future. The show features interviews with visionary guests like Trevor Noah, Sam Altman and Janette Sadik-Khan. Possible paints an optimistic portrait of the world we can create through science, policy, business, art and our shared humanity. It asks: What if everything goes right for once? How can we get there? Each episode also includes a short fiction story generated by advanced AI GPT-4, serving as a thought-provoking springboard to speculate how humanity could leverage technology for good.",
"airtime": "SUN 2pm",
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"pri-the-world": {
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"info": "Each weekday, host Marco Werman and his team of producers bring you the world's most interesting stories in an hour of radio that reminds us just how small our planet really is.",
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"imageSrc": "https://cdn.kqed.org/wp-content/uploads/2024/04/The-World-Podcast-Tile-360x360-1.jpg",
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},
"radiolab": {
"id": "radiolab",
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"info": "A two-time Peabody Award-winner, Radiolab is an investigation told through sounds and stories, and centered around one big idea. In the Radiolab world, information sounds like music and science and culture collide. Hosted by Jad Abumrad and Robert Krulwich, the show is designed for listeners who demand skepticism, but appreciate wonder. WNYC Studios is the producer of other leading podcasts including Freakonomics Radio, Death, Sex & Money, On the Media and many more.",
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"reveal": {
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"title": "Reveal",
"info": "Created by The Center for Investigative Reporting and PRX, Reveal is public radios first one-hour weekly radio show and podcast dedicated to investigative reporting. Credible, fact based and without a partisan agenda, Reveal combines the power and artistry of driveway moment storytelling with data-rich reporting on critically important issues. The result is stories that inform and inspire, arming our listeners with information to right injustices, hold the powerful accountable and improve lives.Reveal is hosted by Al Letson and showcases the award-winning work of CIR and newsrooms large and small across the nation. In a radio and podcast market crowded with choices, Reveal focuses on important and often surprising stories that illuminate the world for our listeners.",
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"officialWebsiteLink": "https://www.revealnews.org/episodes/",
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},
"rightnowish": {
"id": "rightnowish",
"title": "Rightnowish",
"tagline": "Art is where you find it",
"info": "Rightnowish digs into life in the Bay Area right now… ish. Journalist Pendarvis Harshaw takes us to galleries painted on the sides of liquor stores in West Oakland. We'll dance in warehouses in the Bayview, make smoothies with kids in South Berkeley, and listen to classical music in a 1984 Cutlass Supreme in Richmond. Every week, Pen talks to movers and shakers about how the Bay Area shapes what they create, and how they shape the place we call home.",
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"order": 16
},
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},
"science-friday": {
"id": "science-friday",
"title": "Science Friday",
"info": "Science Friday is a weekly science talk show, broadcast live over public radio stations nationwide. Each week, the show focuses on science topics that are in the news and tries to bring an educated, balanced discussion to bear on the scientific issues at hand. Panels of expert guests join host Ira Flatow, a veteran science journalist, to discuss science and to take questions from listeners during the call-in portion of the program.",
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},
"snap-judgment": {
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