Today, we welcome back Feargal Sharkey, who visited Bubble Trouble last summer and dropped a (water) bomb on our privatized utilities. He’s fought the noble fight to expose Thames Water as profiteering polluters. Nine months later we have a massive credit bubble bursting, dumping toxic sewage in both debt laden shell companies and the real shit floating in our rivers and seas, while private equity owners took out £78bn of dividends since privatization kicked in. A warning: this conversation should make everyone angry, whether you draw a drink, go for a wild swim, or just watch your rising water bill - asking how this utility privatization bubble caused so much trouble. [Repeat from April 2024}For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)This episode of Bubble Trouble features hosts Richard Kramer and Will Page, with return guest Fergal Sharkey, discussing the failing state of privatized water companies in England. Highlighted are the issues of excessive dividends extracted by private equity owners, the massive debt incurred by water companies, regulatory failures, and the environmental costs of pollution. Sharkie shares his firsthand experiences with water pollution and regulatory battles. The episode delves into the implications of privatization on public resources, the potential for nationalization, and the urgent need for systemic reform in water management amidst mounting public outrage and the looming crisis of water scarcity in London. The conversation encapsulates the complexities of privatization, the financial engineering driving the water industry's woes, and the palpable need for political and regulatory intervention.00:00 Introduction00:55 Introducing Repeat Guest Fergal Sharkey: A Deep Dive into Water Industry Woes00:59 Part One01:28 Fergal Sharkey's Journey: From Fly Fishing to Fighting Water Privatization03:27 The Alarming State of England's Privatized Water Industry06:47 Investigative Journalism and the Mainstream Media's Role07:44 Exploring the Nationalization Debate and Its Complexities11:06 Regulatory Failures and the Environmental Catastrophe14:27 The Financial Quagmire: Debt, Dividends, and the Dire State of Infrastructure22:00 Addressing the Bondholders: A Call for Accountability27:12 Part Two27:12 Looking Ahead: Solutions and the Future of Water Privatization31:49 The Inefficiency of Global Success32:11 System-Level Solutions for Water Management33:14 The Looming Water Crisis in London34:01 Government's Role in Managing the Water Industry34:42 The Financial Challenge of Securing London's Water Supply35:27 Reforming the Water Industry: A Shift in Earnings and Management35:59 Empathy for the Regulator and the Need for Investment41:10 Nationalizing the Water Companies: A Strategic Move47:04 Political Pressure and Regulatory Challenges49:42 Privatization's Failures and Future Directions55:20 Concluding Thoughts and the Public's Role57:34 Credits Hosted on Acast. See acast.com/privacy for more information.

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.comIn this milestone 100th episode of Bubble Trouble podcast, hosts Richard Kramer and Will Page converse with former Enron CFO, Andy Fastow, discussing the downfall of Enron, financial regulation, the financial crisis, and the manipulation of financial statements. Fastow delves into the fine line between legal and illegal practices in finance, highlighting how business leaders can inject more risk than they realize when operating within the 'gray areas' of business and finance. He also shares his insights into public pension liabilities, the potential tipping point for public finances, and how the perception of different companies can drastically change based on financial reporting and assumptions. [Repeat from December 2023]0:00 BT 101 In Conversation with Former Enron CFO Andy Fastow Part Two00:00 Introduction to Bubble Trouble00:42 Part One19:03 Exploring the Role of Technology in Financial Crises22:20 Understanding the Impact of Government Accounting29:09 Enron's Advisory Board and Structured Finance Deals30:11 Reflections on Enron's Financial Practices30:41 Government's Financial Engineering30:58 Imputed Rent and Government Statistics32:25 Part Two32:25 Inflation and its Impact32:25 Inequality and Low Interest Rates32:40 The Role of Analysts and Ethics in Finance33:34 The University of Colorado Case Study49:29 Closing Thoughts on Ethics and Reciprocity in Finance52:59 Credits Hosted on Acast. See acast.com/privacy for more information.

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.comIn this 100th episode of Bubble Trouble, hosts Richard Kramer and Will Page discuss the inner workings of business and financial markets, shedding light on their truths via conversations with their guest, former CFO of Enron, Andy Fastow. They discuss the key factors that led to the downfall of Enron, including the exploitation of accounting 'loopholes' and the destructive impact of mark-to-market accounting and how it leads companies into a risk-laden gray area of business. They also cover the issues surrounding operating leases, addressing the ethical debate of 'genius' vs 'evil'. Furthermore, they delve into insightful examples of business mishaps and financial irregularities including the collapse of the Silicon Valley Bank. Fastow expresses his regret and responsibility for Enron's downfall, highlighting the difference between technically following the accounting rules and creating misleading financial impressions of a company. [Repeat from November 2023]0:00 BT 100 In Conversation with Former Enron CFO Andy Fastow Part One00:02 Introduction00:02 Introduction and Overview of Bubble Trouble00:15 Reflecting on Past Episodes and Topics00:41 Unpacking the Enron Scandal01:23 Part One01:25 Interview with Andy Fastow, Former CFO of Enron08:33 Understanding the Role of Auditors and Attorneys10:59 Exploring the Concept of Loopholes13:46 The Reality of Operating in the Gray Area25:46 The Distinction Between Different Types of Fraud27:19 The Conflict of Interest in Financial Analysis28:53 Part Two28:53 Continuation of Conversation with Andy Fastow30:43 Enron's Acquisition and Financing Strategy31:14 The Use of Operating Leases in Enron32:46 The Legal Hurdles and Creative Solutions35:56 The Impact of Financial Innovation38:11 The Dangers of Mark to Market Accounting41:53 The Role of Incentives in Financial Reporting46:56 The Case of Silicon Valley Bank53:42 The Role of Analysts and Banks in Financial Misrepresentation54:54 Closing Remarks and Preview of Part Two55:31 Credits Hosted on Acast. See acast.com/privacy for more information.

This week, we freeform on two topics: summer music festivals and the stock markets. Will has identified a very interesting bubble this summer, which is the rapid cancellation of music festivals. Perhaps because supply got ahead of demand or perhaps because of extraneous factors, we wanna look into why so few people want to be standing out in their field or outstanding in their field. We're also gonna talk a little bit about the way in which random comments from politicians are roiling the stock markets.For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)In this episode of Bubble Trouble, economist Will Page and independent analyst Richard Kramer discuss the rapid cancellation of music festivals amidst the backdrop of a post-pandemic economic squeeze and over-supply of events. They detail the impact on the live music ecosystem, examining how financial constraints and shifting consumer choices are reshaping the market. Additionally, they delve into how random political comments are affecting the stock markets, with a specific focus on a recent market wobble triggered by remarks from Donald Trump and the narrowing breadth of tech stock support. The episode links the volatility in both the live music industry and financial markets, providing a comprehensive analysis of the current economic landscape.00:00 Introduction to Bubble Trouble00:58 Part One00:58 The Decline of Music Festivals02:09 Supply and Demand in Live Music04:14 Economic Factors Affecting Festivals07:29 The Impact on the Music Ecosystem08:38 Dynamic Pricing and Ticketing Issues15:44 The Future of Live Music and Festivals20:33 Part Two21:10 Market Turmoil: What's Happening?22:39 The Fragility of the Market23:37 Political Impact on Markets24:12 Investor Reactions and Strategies29:56 Global Market Contagion33:23 The Tech Sector's Wild Ride34:40 Political Volatility and Market Uncertainty41:44 Credits Hosted on Acast. See acast.com/privacy for more information.

In this discussion, Andrew Orlowski, a seasoned tech journalist with two decades of experience, sheds light on the cyclical nature of tech bubbles, particularly the current AI hype. He critiques major tech companies and their market manipulations while expressing skepticism about AI's transformative promises, likening it to overhyped trends like the metaverse. The conversation highlights the disconnect between policymakers' expectations and real-world applications of AI, emphasizing the need for critical scrutiny and ethical considerations in its impact on labor and society.

[Repeat from November, 2023.]For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)In this engaging episode of Bubble Trouble, hosts Richard Kramer and Will Page welcome Liam Maxwell, former Chief Technology Officer for the British government and current AWS Senior Advisor, to delve into the transformative potential of the cloud. Together, they break down how cloud-based technologies are revolutionizing different sectors, from governments to private enterprises. Exploring clear cases such as the Ukrainian war situation or the everyday banking experience in Singapore, they highlight the impressive efficiency, flexibility, and speed offered by the cloud. The discussion also touches on the major productivity gains the cloud provides, the importance of building services centered on user needs, and how the digital economy is captured by government indices.00:00 Introduction01:14 Part One01:32 Interview with Liam Maxwell01:54 Liam's Journey in Tech and Government02:25 The Impact of Cloud on Government Services06:40 The Transition from Traditional IT to Cloud15:25 The Role of AI in Cloud Adoption19:24 The Ukraine War and the Role of Cloud20:35 The Process of Moving Ukraine's Data to the Cloud27:56 Reflections on the Impact of Cloud Technology29:33 The Power of Decision Making in Amazon30:26 Reflections on the UK Government's Test and Trace App30:58 Part Two31:27 The Impact of Cloud Technology on Productivity32:01 The Economic Value of Cloud Technology33:33 The Paradox of Technological Efficiency and Economic Growth35:38 The Invisible Contributions of Transformative Technology37:04 The Role of Cloud Technology in Government Services39:00 The Challenges of Measuring the Impact of Tech Jobs39:19 The Potential of Cloud Technology in Enhancing Public Services51:57 The Impact of Tech Neologisms on Service Delivery55:23 Closing Remarks and Reflections56:25 Credits Hosted on Acast. See acast.com/privacy for more information.

Analyst Benedict Evans discusses AI advancements, Apple's use of AI models, legal tech disruption, and market strategies with hosts Richard Kramer and Will Page. They emphasize careful analysis in the face of rapid innovation and explore the challenges and opportunities presented by technological advancements.

Tech analyst Benedict Evans discusses the challenges of identifying market bubbles before they burst, focusing on AI, tech industry strategies, and the evolution of AI impact on big tech companies. He delves into AI maximalism and its potential to revolutionize industries, while exploring the dual nature of AI as both a solution and a problem in everyday technologies.

This week we’re going to split lanes as we’ve got breaking news coming out of Canada that Will’s been knee deep in: soon after their Government tried to regulate Google and Meta news, they’re now after Spotify and Netflix. Think contagion and buckle up - this may well be the sign of the regulatory times. Once we’re done with Canadians, we turn our attention to Cuppertino as we’ve just seen the WWDC wrap up the calendar of set piece marketing - Google, Meta, Microsoft and more - all now done and dusted. It's all become a slick operation, but what’s and not said can help us decipher the narratives of the most watched companies on the planet and these events have now gone mainstream.For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.comYou can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/More on Will Page at: https://pivotaleconomics.com(Times below correspond to the episode without considering any inserted advertisements.)In this episode of Bubble Trouble, independent analyst Richard Kramer and economist Will Page delve into the recent regulatory developments in Canada targeting streaming giants like Spotify and Netflix following earlier regulation attempts on Google and Meta. They explore the implications of Canada's new gross revenue contribution policy on streaming services and its potential impact on consumers and competitors. Additionally, the duo examines the wrap-up of Apple's Worldwide Developers Conference (WWDC) and discusses the trends, leaks, and undertones of major tech company events, including the strategic presentations, the nuances of unsaid elements, and the ever-tightening grip of technological giants on the market. The episode aims to provide insights into the evolving landscape of tech regulation and market domination.00:00 Introduction and Overview00:08 Canadian Regulatory News01:12 Impact on Streaming Services01:30 Historical Context of Canadian Regulations02:24 Current Regulatory Actions and Reactions07:51 Tech Giants' Marketing Events08:39 The Magnificent Seven and Market Concentration10:17 The Role of Marketing in Tech11:17 The Evolution of Tech Events18:21 The Importance of Perception in Tech Announcements21:03 Reading Between the Lines32:14 Conclusion and Final Thoughts Hosted on Acast. See acast.com/privacy for more information.

This week we turn to regulatory bubbles and the new buzz word: Gatekeepers! What are they, and what are they not and what gates do they actually keep? In forty five days, the European Commission drummed up an answer, while the US DoJ starts a court case about Google paying for search bar placements like Heinz beans play for shelf space in the grocery store. We’ve got 45 minutes with one of the best brains on the topic, Konstantina Bania, a Partner at the top firm Geradin Partners to understand all this. [Repeat from September, 2023.] Hosted on Acast. See acast.com/privacy for more information.