Well, you know, some people just get so tribal about the politics. It is a hate hillary or a hate trump, and we refuse to look at the actual data, and we refuse to look at the actual issues. We make these things flashpoints and then we stop digging if in. You know, i have said it before about donalds campaign, and it is the seinfeld campaign, the c campaign about nothing. He se smart, because the more he gets into the details the more the followers and the tribe, their eyes glaze over and so it is to his benefit not the do it, and hillary is just battling crooked hillary and battling the pejorative comments about her, and we never get into the details. Mark, it is Carl Quintanilla and good to have you on the phone. Hi, carl. Good to have you on. Sure. And we had Travis Callan from uber on, and he said, look, give us a break, we plan to be around for 30 or 40 year, and we are e early in the life cycle, and so easy on the pressure to go public. And tell that to travis employees who have no liquidity and they are, you know, probably getting paid decently, but they are praying for the day when he goes public. Look, it is not about any one company, but look at what happens when uber goes public, all right. They have been around for five years, but they have already had all of the hypergrowth. They are not growi ing 100 yea over year, and same metric of samestore sales, and what Revenue Generating in dallas last year to this year, and it is not growing 100 year over year, and so when they do get to market, the public investors are not toing the be participating in the hypergrowth. I understand that, but on the one hand, you are telling the companies to list, but in the past, we have heard you say not so nice things about the overall Market Structure in this country. And oh, no, the Market Structure is a different issue. That is my buddies at the ftc who are clueless about it. But that a risk, and there are intrinsic market risks to the stock market, but in the event that the stock market fails for structuralist reasons where do the vcs go . So if the companies dont go b public, you will create more power for the incumbent or the Legacy Companies that are already public. And so what is happening now, and you have talked all of the time about the lack of the capital investment, and the lack of the investment in r d, and just the Companies Buying back the stock or continuing to accumulate cash, and why is that happening . It is happening in my opinion, it is happening because as a large Public Company, whether it is tech company like facebook, or the Biotech Company or you make name it, they can sit back and say that the companies are going public, the vcs want exits and they still want a return for the fund, and because of that, rather than investing in my own infrastructure, and my own r d, and i can make acquisitions using my public stock, and while there are certain risks to the the market infrastructure, and no question about it, and the High Frequency trading is a horrible risk factor for the market, and by not going public, you know, we are creating significant issues in the economy, significant issue s s the market. I mean, it is a real problem for all of us. Mark, this is kayla tausche. Hi, kayla. You mentioned instagram, and oculus and whats app, and you say they should be Public Company, and what is wrong with facebook being the highest bidder, and being a Public Company and let investors in that way . Well, you dont get into it. When you have a 290 billion market cap like facebook, and more power to them. Congratulations to Mark Zuckerberg for recognizing that if the guys are not going to be going public, i might as well snatch them up, but they become on the margin companies, and look at it, again, looking at the alternative. If we are look at the instagrams growth rates and pab they wouldnt have grown as quick quickly outside of facebook or maybe faster, and maybe they would have been forced to do more things, but now, we would be talking about it as well. Look at the Exciting Company, and we would be talking about oculus, and look at the Exciting Company and the growth rates, and that is a representation of entrepreneurship in the United States of where the companies can go, and that would create an example for other companies to go public. Instead, what do we have . If you want to invest in the Public Markets today for whatever reason, wheres the Growth Company that you can put your money into . Name me one. Le hello . Hey, mark, i wanted to tie up the Trump Technology spat which seems to be only intensifying. Is this ultimately going to be hurting him, because he has gone after jeff bezos and mark z zuckerberg. No. Are you kidding me . It is a nerf ball battle, and you can throw them at anybody and they wont get hurt. It helps him with the tribe. The people who follow trump are not looking for the substance, and he is smart not to provide it. So well with twitter and his own use of social media . And this is one. Look, people say that he has been great on social media, but he doesnt understand twitter whatsoever, and if he is, he would use all of the sources. You can see him on facebook and can you imagine donald trump snap chatting . It would be hysterical, and even on instagram. I dont know, 8 million twitter followers, carl. But twitter found him more than he found twitter. I dont look at donald as, and look, i love to mess with him on twitter, because he doesnt get it. He does not understand the way that twitter works, but he knows that it is the new pr newswire and so he will use it as a news distribution opportunity. And two questions, mark, before we let you go. What is the difference between trump talking a tech bubble, and yellin saying that tech is inflated . Yes, one works from data and the other works from who knows what, so there is a huge difference. Whether or not you agree with janet yellin she is trying to offer insights based on the data, and so there is a huge difference. And the people from whom your comments are directed going public, do you have regrets of looking at your own history with the broadcast. Com, and would you have done it different ly . Not at all. Are you kidding me . But at the same time we had to grow 30 quarter to quarter, and how Many Companies in the public universe today are expected to grow 30 quarter to quarter, and that is an issue. And again, let me go back to this, and when i was public 20 years ago, there were 8,500 Public Companies in the universe, in the u. S. , and now 3 3,800 and nasdaq and the New York Stock Exchange have to gravel just to get the listings, and the number of listings continue to decline. So from the common sense per pecktive, there is more money facing fewer companies with fewer new companies coming on board, and of the new companies in the ipos and going back to 2010 in terms of the dollars, 14 of those are going to the Chinese Companies who were based in a communist country, and 8 of those ipo listings are basd d in a chinese and based in a communist country, so more money went to china than probably went to any stateowned industry other than new york and l. A. And b biotech and tech. And that is crazy to think about it saying that the chinese countries in some respects or metrics are more entrepreneurial and leveraging our ipo markets and stock markets better than american citizens are, and i mean i know it is high especially, but it is crazy to think about. And so when you hyperbole, and so it is crazy to think about, so there has to be a cultural change that has to be happening with the betterment, and look at the employees not getting the liquidity, and so many things inherently wrong with it. And i want to ask you, mark, before we let you go, something that you are opining on, and that is student finance and you say to limit the easy money to the students by capping it to 30,000 in total al and tuition will plummet. First of all, already federal loan limits, and you know, for the guarantees for the but there are no limits for the kids parents asked to cosign a loan or take out a loan themselves which happens far too often, and compare it to the 2007 housing bubble. What caused the price of housing to be inflated . The fact that there was easy money. Anybody was eligible to borrow almost any amount and they could spend it on any home, and we saw the prices of houses escalate. Once the money dried up, we know what happened. The same thing with colleges and universities. And so when there is 1 1. 3 trillion in debt not only a reality for the students and the parents, and so much pressure to go to college for students, and by the way it is a great idea, and so much pressure to go, why would the University Stop raising the tuition . Inherent hly in that what is happening is that you will see a Huge Investment if you want to call it that or spending on administrators and you know, the ratio of the administrators making over 200,000 has grown significantly, and the amount in buildings. I gave money to my alma mater indi indiana university, that it could not be used to build anything but to remodel, and the reality is that we dont need more Fitness Centers or stadiums or more calf tefeterias, and yo know, the buildings that they have typically are good enough, and all they do is to cause the tuition to go up. So just to simplify, when there is easy money, things are expensiv expensive, and if you cut the easy money by putting the caps on the student loans, you will see the tuitions drop significantly and quickly. Thank youer for running through the themes today so quickly, mark cuban. Calling in today and weighing in on the education, markets and donald trump. We have been talking to mark cuban if you are just joining us about the current state. And welcome in jessica and mike, and i dont know if you have been hearing about cuban saying, but what trump has said, and what are you are playing . The only thing that Silicon Valley hates more than trump is the bubble talk. This is a story to rile up people on twitter. As mark said, depending what markets you are looking at, trump does have a point, particularly if you are talking about the private markets, but Silicon Valley is looking to pick a fight with anyone who is implying that things are out of whack here, and with trump. So this is the perfect storm. Mike, what do you think is up with trump and Silicon Valley, and this is the second time, he could have a point if he has this piece that he is clearly not talking about and referring to the amazon antitrust thing where he said that i have to idea what he is talking about and nobody does, unless you are talking about the ebooks and now this, and is he trying to bait Silicon Valley in some way, and get some billionaire to crack to go after them, so he can appear to be equals with them . Yes, he loves the throw the grenades on twitter, and he is going to do the little retweets or the manual retweets from groups s accident alabama whit supremists, and it is to keep them on top of mind for everybody. A lot of times the point does not need to stand with the actual constituents. You know, if the we are digging into it more, what mark is saying is right, the private and the Public Markets are totally different here, and what we have is the bubble of the private markets where nobody is going public, and he is chucking the grenades and maybe he might hit zuckerburg or bezos, but i dont believe they will stick. It is keeping him in the news. And jessica, regardless of the nuance of said bubble, there are still some voice hs some voices in Silicon Valley who believe there is froth, and the real ti as Marc Andreesen pointed out if you are agreeing with a bubble, you are agreeing with trump and something that a lot of the people dont like. And speaking of the people who have mas the tered twitter, Marc Andreesen is up there as well. So, look, we are in an interesting point in the private markets, and mark cuban raised some good points. You know, should the companies be Public Companies . The public investors are missing out on hypergrowth, but from the point of the view of the private companies, that i can raise monies at such a higher valuation in the private markets and why would they accept half of the multiple in the Public Markets . And so in the same point, some of the same companies that mark cubans wanted to be public, instagram, whats up, oculus, they are losing money, too, and i am not sure they are ready to be Public Companies. So we are in a strange period of where obviously moving forward through it, but it is not obvious to me that the private guys are ready to be solid p Public Companies. And although, the lack of a profit never stopped anybody from going public, and maybe that is a topic for another day. But good topic, guy. And meanwhile, the google conference opening up today. And our josh lipton is out west watching that. Well, carl, some hints here of the news that we could get today. New york times now reporting that google is going to be introducing this new voice activated program called home. And they say that amazon has sold 3 billion echos and it is a multibillion market, and google wants a piece of that and they plan to release it in the fall. And also when patay takes the stage, it will be front and center with the googles Virtual Reality system ises, and expect new features. And speaking of vr, rico is reporting that google is going to upgrade the cardboard headse headset, and we know that it could have revenue over 20 billion according to digi capital. And so that is red hot. And looking at the size here of the venue, and shoreline can accommodate some 20,000 people, and so maybe we will get some car news today, and maybe some android auto updates and that is the update to the apples car play, and we will be here all day and bring you the headline s as they come. Busy week for you, josh. Quick comment from mike and jessica of what to expect out of google having already gotten some headlines from amazons meeting, and fa a while ago, mike . Well, google le is doing an update on the products that everybody is attacking right now. Facebook as the oculus headset, and they are pushing, that and they have advantage of the hardware sidef of it with partnerships of samsung and pushing it out to seeding the eco global system of folks into the vr. And so google has to crack the living room which what you might see with the home thing they are introducing, and the problem is that google is an employer of a lot of people who think in terms of math and orithm s rather than how people interact in the homes. They are better at developing the product than the use. Yes. And jessica, they have talked about android which is not going anywhere, and the apple watch gets a lot of wear, and everybody is talking about the amazon echo as a home product even though most people dont have it connected to the home, and google glass, and the audio product to make in the u. S. Which they nef made and they did cardboard which is a nonentity, and it seemed that they were snarkly laughing at oculus, and nobody is laughing anymore and doesnt google have to step up the io game . Yes, absolutely, jon. And they have to step up the hardware and dont forget about nest. Our sources were telling us about the audio device, and there are specifically, a lot of audio projects within google and nes ness, and so it is going to be interesting to see what comes out. And there are many in the works, and absolutely, they have to prove that they can release the products that people want. I do think that the home speaker category integrated with voice is the time is now, and good product, and people are ready for it, and not one winner. So i cant imagine that they cant have some traction with it, but you know, we have to see, because they have to prove themselves, and i do think that we will have some of the more Traditional Software developer stuff out of io as well, and the source sources are telling us to hear more talk about bots and messaging apps which of course, we are absolutely at a bot bubble in my opinion. But we think thatting google is going to try to power the bots for developers across lots of messaging services which is an interesting play and maybe a recognition that its own messaging product hangouts has not taken off. Covered a lot of ground, guy s thank you for rolling with the punches today. Mike isaac and jessicalessin. And we are have a news alert on the New York Stock Exchange glitch reported moments ago, and over to Mary Thompson for more on that. The New York Stock Exchange is commenting on the glitch that is impacting the tradinging of 9 99 stocks, and the spokesman said that they were aware of the issue before the market opened and the stocks traded here at post 5 to my left. It is important to e note that the stocks are continuing to trade on other venues including the nyse arca and nevertheless, they are working on it, and they have canceled the orders route ed to the New York Stock Exchange floor, and the stocks are trading elsewhere, but the New York Stock Exchange is working on it impacting about 199 stocks that trade on the floor here of the nyse and they are trading in other venue, and they have been working on this glitch since before the markets opened. Back to you, carl. Thank you, m