Biden Drops Out - Who Will Lead America? | Weekly Business Briefs w/ Martin Perdomo

This week, we're diving deep into the CrowdStrike catastrophe that grounded flights and crashed systems everywhere. From retail stores to the sky, nobody was safe! We're breaking down the financial fallout for CrowdStrike, taking a look on their competitors, and explaining why having a solid backup plan is everything in the tech world.

But wait, there's more! We're also tackling the age-old question: Biden vs. Trump - who created more jobs? The answer might surprise you.

Plus, Biden's bowing out of the 2024 race! We're breaking down what this means for the future.

Join us for a wild ride through tech, politics, and everything in between! 

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Transcript

Speaker 1: 0:29

It's Wednesday, july 24, 2024. Let's dive into the top three business news heating up in this week's weekly business brief. First up investors panic as CrowdStrike faces potential multi-million dollar liability. Shares in CrowdStrike took up hit following the IT outage caused by the faulty software update. The update affected around 8.5 million Windows devices. Though it wasn't a security breach, microsoft and CrowdStrike acknowledged the incident, emphasizing that such large-scale issues are rare. As a result, crowdstrike stocks was downgraded by analysts and some companies, including those owned by Elon Musk, reportedly stopped using its services. Yikes Analysts predict potential financial consequences for CrowdStrike, including customers' compensation and discounts, which could impact its growth and cash flow. The incident raised concerns about CrowdStrike's software engineering practices and the vulnerabilities in the global cloud infrastructure. Competitors like Stentil1 and Palo Alto Networks saw their stocks rise, benefiting from CrowdStrike's mishaps. The company, however, continues to develop its XDR cybersecurity platform. Analysts believe CrowdStrike's strong brand and marketing presence will be crucial in mitigating the damage and restoring customers' trust. The incident highlights the need for a robots incident response plan and many prompt increased spending on backup systems by enterprises.

Speaker 1: 1:58

So this was a big problem. Last week, guys. I mean earlier this week, this was an issue. Flights were grounded. As a matter of fact, I had my own experience. I wanted to buy some electrical materials and at the electric store we went to pick up some things and they said our system is down, we can't quote you, we can't sell it to you. This is going to cause some pain to CrowdStrike. Just by that, how much revenue was lost? As a matter of fact, interestingly enough, I went to the store to buy some circuit breakers and had their system been up and running, I would have spent I wasn't spending $4,000 on these circuit breakers, I would have bought it from them. And what happened was I went spending $4,000 on these circuit breakers, I would have bought it from them and what happened was I went to another electrical store and I actually wind up buying from another store that their system was not down. So this costs businesses significant. I'm just one small example. This costs businesses a significant amount of revenue loss over that short period of time that they had this issue Next up.

Speaker 1: 2:50

Here's the real reason behind Biden's presidency and it leads to massive job. The real reason behind Biden's presidency and it leads to massive job gains. During Joe Biden's presidency, employment growth has notably higher compared to Donald Trump's term, contrary to Trump's claim at a convention that illegal aliens took more than 100% of new jobs under Biden government. Data reveals that 59% of employment growth went to USborn workers. The statistics don't track the legal status of foreign-born workers, but under Biden, total employment grew by 13.4 million, with significant gains for both US-born and foreign-born workers. In contrast, trump's presidency saw a decrease in employment, especially during the COVID-19 pandemic. When comparing the first three years of each presidency to account for the pandemic's impact, biden's administration still shows higher employment growth, although the gap is smaller. The post-COVID recovery boosted job numbers during Biden's term, which also saw a rise in migration from Latin America due to regional prices. Despite Trump's claims, border Patrol data and economic studies indicate that immigration did not take jobs from US-born workers. Instead, immigrants have contributed positively to the economy by increasing labor demands, starting businesses and spending as consumers.

Speaker 1: 4:09

I don't have much to say here, guys. I'd love to hear what you think. Drop me in the comments and let me know what you think and what has been your experience. I'm just a small guy running a business and my model of the world and my experience might be totally different. I can tell you that there is a lot of migrants that have taken jobs, but these are jobs that a lot of American young Americans don't want to do, like heavy construction work, but I'm curious to know what you think and what has been your experience. So drop it in the comments and let me know what your thoughts are.

Speaker 1: 4:37

And this week, on Biden Watch, president Biden has stepped down from the 2024 elections, despite his campaign plans for fundraisers and travel. Biden was influenced by the difficulties of the past few weeks and ongoing concerns about his age and effectiveness. The decision was made privately at his vacation home in Delaware, with only a close circle of advisors and his wife, jill Biden, present a close circle of advisors and his wife, jill Biden present. After considering input from the trusted allies and reflecting on what was best for the country, he decided to support Vice President Kamala Harris as a Democratic nominee. Man, guys, I have a lot to say on that one that in my opinion, the Democrats have a lot and, by the way, I am a registered independent. I've said that many times here in this podcast. The Democrats have a lot of better options, in my opinion, than Kamala Harris. Man, that is a challenge to have picked her. We haven't seen much of her. It's a vice president just from my model of the world. Guys. You guys have to make your own decision and give it your own thoughts on what you think. If you think she's the best choice, I thought they would have probably chose a guy like Newsom Gavin Newsom of California. That would have been a crap show because that guy is driving California down to the ground. My point is he's a more likable guy. He's more popular amongst the people and, I think, even amongst the Democratic Party. But we'll have to see how this turns out.

Speaker 1: 5:56

Sadegul goes on to say that Biden's decision came after a series of challenges, including a disappointing debate, performance and pressures from within his party. Public polls show a lack of confidence in his ability to serve another term, and influential Democrats, including former President Obama and former House Speaker Nassity Pelosi, had been encouraging him to step aside. By Sunday afternoon, biden had informed his senior staff and made his decision public, emphasizing his commitment to his presidential duties for the remainder of his term. His announcement was met with a mix of surprise, relief and support, especially for Harris, who he endorsed as a candidate to lead the Democratic Party against Donald Trump. My opinion she's a better candidate than, again, just an opinion guys. She is a better choice for them than Biden. However, she's not the best choice my personal opinion but America will speak. We'll see what America has to say. We'll see what you guys have to say as voters and we'll make that decision.

Speaker 1: 6:57

Love to hear your feedback on this one. Tell me what you think. Do you think she's the best one? Do you think Newsom? Do you think it should be a different governor? What do you think would have been a better nomination for the Democrat party as it pertains to a presidential election? Let me know your thoughts. Drop in the comments. If you're listening, and this has been your weekly business brief. I'll see you guys next week, peace.