March 17, 2023

‌

New York's Pot Disaster.

‌

Mike Bloomberg: How New York Got Marijuana Legalization Wrong (Bloomberg Opinion)

‌

"About a decade after states began legalizing recreational marijuana use, there’s little doubt who the biggest winners have been: criminals," Mike Bloomberg writes in a new op-ed today in Bloomberg Opinion.

‌

"And it’s equally apparent who the biggest losers have been: kids. New York state’s disastrous experiment with legalization is making both of those facts painfully — and dangerously — clear.

‌

"There are now some 1,500 illegal pot shops across New York City, many of them openly advertising their wares on brick-and-mortar storefronts. Last year, illegal vendors did about $2 billion in sales statewide — better than Broadway shows. It’s as easy to buy an ounce of pot as it is a slice of pizza.

‌

"Drug and alcohol incidents in the city’s public schools are up 29% over the past year, with middle schools seeing even bigger jumps. That’s especially troubling given the overwhelming scientific evidence that marijuana can harm the brains of young people. Even the youngest children are at risk: A recent study found that between 2017 and 2021, the number of US children accidentally ingesting pot products rose 1,375% — and about 8% ended up in critical care.

‌

"In New York, the legislature rushed legalization into law without having any system in place for licensing or enforcement. The state took so long to get a licensing operation up and running that entrepreneurs had nearly two years to establish illicit operations — and they took full advantage.

‌

"New York’s experience should be a warning to the nation. The goals of the legalization movement are utterly at odds with each other. The free lunch legislators sought — more tax revenue with no enforcement responsibilities, health risks or youth dangers — was always a fairy tale. Now that it’s gone up in smoke, it’s time to get serious about protecting children." Click here to read Mike's full op-ed.

Shock in France.

‌

Despite Resistence: Emmanuel Macron Invokes Special Constitutional Power to Raise Retirement Age to 64 (Bloomberg)

‌

President Emmanuel Macron forced through his unpopular plan to raise the French retirement age by executive fiat after failing to rally a majority of the French people or their representatives in parliament, underscoring the difficulty he’ll have enacting any other domestic policies during his remaining time in office.

‌

The move will likely provoke unions to use bottlenecks in the French economy — such as garbage collection or refinery operations — as they continue striking to try to compel the government to roll back the legislation.

‌

The pension bill, which raises France’s minimum retirement age to 64 from 62, was debated in France’s parliament for six weeks before it became clear it didn’t have enough votes to pass.

‌

The head of a hardline union said the strikes must escalate, including the walkout by garbage collectors, which has left many sidewalks in Paris impassable. Unions also called for further local action this weekend followed by another day of nationwide strikes and protest marches next Thursday.

‌

Fury in Paris: Protests Outside National Assembly, Votes of No-Confidence Expected Against Macron's Government (France24)

What I'm Reading.

‌

Happy St. Patrick's Day! Here in New York City, the annual parade will march up Fifth Avenue today starting at 11AM ET. You can watch it here.

‌

Boost for Market Stability: First Republic Gets $30 Billion of Bank Deposits as JPMorgan, Bank of America, Citi Come to the Rescue (Bloomberg)

‌

The US’s biggest banks agreed to deposit $30 billion with First Republic Bank in an effort to stem the turmoil that’s sent depositors fleeing from regional banks and shaken the country’s financial system.

‌

Christine Lagarde: Banking Sector in 'Much, Much Stronger' Position Than 2008 Financial Crisis (Bloomberg)

‌

Economy Watch: Goldman Sachs Raises US Recession Odds From 25% to 35% on Unknown Impact of Banking Stress (Bloomberg)

‌

Remote Regret: Silicon Valley Bank Insiders Blame Lax Return to Office Policy for Contributing to Bank's Collapse (Axios AM - Mike Allen)

‌

In an SEC filing last month, SVB acknowledged risks from prolonged work-from-home arrangement and delayed return to office.

‌

On the flipside, many regulatory agencies in Washington that are charged with oversight of banks have reportedly been slow to return to the office, presumably slowing caseloads and limiting insight into banking risks.

‌

AI Race: After Google Announces AI in Workplace Apps, Microsoft to Bring OpenAI Chatbot to Office Apps (Bloomberg)

‌

Microsoft’s effort to overhaul its entire lineup with OpenAI technology has spread with the announcement that the company's software, including Excel, PowerPoint, Outlook and Word, will begin using OpenAI’s new GPT-4 artificial intelligence platform.

‌

AI-powered assistants called Copilots will be able to generate whole documents, emails and slide decks from knowledge the software has gained scanning corporate files and listening to conference calls. The technology will debut in the coming months.

‌

Microsoft-owned LinkedIn, meanwhile, said on Wednesday that it will use OpenAI’s language technology to help users create a more compelling profile on the professional networking site. And its biggest rival in office software, Alphabet’s Google, announced its own plans this week to use AI tools for things like creating presentations, taking notes during meetings and drafting emails.

‌

Blast From the Past: U2 Reworks Past Hits in Thrilling New Album 'Songs of Surrender' (Associated Press)

‌

In reimagining 40 of their best-known songs, U2 recognized that many fans would experience them through earphones connected to a device in their pockets - rather than being belted out on the biggest stages around the world. Click here to listen on Apple Music.

‌

Last Chance in NYC! Explore The Vibrant Colors of Ancient Greece Through March 26 (Metropolitan Museum of Art)

‌

'Chroma: Ancient Sculpture in Color' on display now at The Met in New York City reveals the colorful backstory of polychromy - meaning "many colors," in Greek - and presents new discoveries of surviving ancient color on artworks in The Met’s world-class collection. Click here for more information and to explore the Sphinx in augmented reality.

Weekend Streaming Guide.

‌

'UnPrisoned' (Hulu)

‌

This new comedy starring Kerry Washington follows a messy but perfectionist relationship therapist and single mom whose life is turned right-side-up when her dad gets out of prison and moves in with her and her teenage son. Click here to stream.

‌

'Poker Face' (Peacock)

‌

In this mystery-of-the-week series following Natasha Lyonne’s "Charlie", who has an extraordinary ability to determine when someone is lying, Charlie hits the road and with every stop encounters a new cast of characters and strange crimes she can’t help but solve. Click here to stream.

‌

'Girls' (HBO Max)

‌

Why are so many people suddenly rewatching 'Girls'? The New York Times explains why viewership is surging as many millennials reassess their 20s and a show that defined them. Lena Dunham's series was released in 2012 and follows an aspiring writer and her three friends together try to make sense of what life has in store for them after living in New York for two years. Click here to stream.

Best of Late Night.

‌

"After a US drone was forced down this week by a Russian fighter jet, Russia’s ambassador to the US denied that the two aircraft collided. And Putin? He's claiming the drone just fell out a window."

-- Seth Meyers

‌

"Due to high budget concerns, Netflix is no longer moving forward with Nancy Meyers' $130 million romantic comedy. But I know what's going to happen, any minute now Netflix is going to realize they messed up and run to catch Nancy Meyers at the airport and admit they made the biggest mistake of their life."
-- Jimmy Fallon

‌

"Delta Airlines is now offering espresso martinis on their flights. Flight attendant's were like, 'That's what we needed - drunk people with energy.'"
-- Jimmy Fallon

‌

"Microsoft is set to hold a 'Future of Work with AI' event and, this is scary, none of the executives can remember organizing it."

-- Seth Meyers

Thank you for reading!

Please forward my email to anyone you think should read it. They can sign up here.

‌

Follow me on Twitter and LinkedIn for more updates.

And get the latest updates from Mike on Twitter, LinkedIn and Instagram.

‌

Send any feedback or tips to dailyread@bloomberg.net.