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Floating Nuclear Power Plants | Prediction Market Frenzy · The Bill Handel Show

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  Speaker 1: You're listening to Bill Handel On Demand from KFI AM 640.
• 0:04
  Speaker 1: KFI AM 640. Bill Handel here.
• 0:17
  Speaker 2: Friday morning, August 28th. And Kono, what's the weather like?
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  Speaker 2: It's going to be a schvitz out there. That is
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  Speaker 2: absolutely correct. We'll be doing that drop a whole lot
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  Speaker 2: this morning because we don't often get a schvitz here
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  Speaker 2: in Southern California.
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  Speaker 1: It's a dry heat.
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  Speaker 2: So is cooking baked cookies in the oven at 375 degrees.
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  Speaker 1: It's a dry heat. Now, talking about nukes.
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  Speaker 2: Now, I'm a big fan of nukes, not necessarily atomic
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  Speaker 2: energy or not necessarily nuclear.
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  Speaker 1: Weapons, although those are kind of neat too, but atomic power.
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  Speaker 2: And while the atom bomb was being built, the scientists
• 1:04
  Speaker 2: went about and said the peaceful use of this is
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  Speaker 2: going to be pretty terrific. And it has been, except
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  Speaker 2: for one or two little accidents like Fukushima and Chernobyl
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  Speaker 2: and Three Mile Island.
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  Speaker 1: Okay, so you've had a few accidents.
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  Speaker 2: Now, there's a new partnership between a startup called Blue
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  Speaker 2: Core Energy and the Port of Long Beach, and it's
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  Speaker 2: about building small nuclear reactors, modular reactors, that are designed
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  Speaker 2: to float on barges out in the ocean.
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  Speaker 3: Hmm.
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  Speaker 2: Federal regulators, maritime agencies, Long Beach officials— are looking at
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  Speaker 2: safety and oversight rules because it looks like they're actually.
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  Speaker 1: Moving in that direction.
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  Speaker 2: And Long Beach is the second largest port in America
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  Speaker 2: and is trying to tap into the energy, the same
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  Speaker 2: energy that powers nuclear submarines and builds power plants on barges.
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  Speaker 1: Okay, a couple of factoid questions. Here you go, guys.
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  Speaker 2: Submarines and aircraft carriers and ships all over the world
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  Speaker 2: use nuclear power.
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  Speaker 1: They have small nuclear reactors. They don't use regular.
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  Speaker 2: Fuel, diesel fuel or, well, certainly not coal, but nuclear
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  Speaker 2: reactors that they're, well, the amount of energy it produces
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  Speaker 2: and how long it produces is years before they have
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  Speaker 2: to replace the plutonium or the uranium in there.
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  Speaker 1: Okay. First question. Ship first.
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  Speaker 2: Well, it was a submarine. I'll give you that. What
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  Speaker 2: was the name of the first submarine that was launched?
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  Speaker 2: American submarine that was nuclear powered. It was the Nautilus.
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  Speaker 1: What year? 1954.
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  Speaker 2: And what made it so terrific? And what was its
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  Speaker 2: big claim to fame under the North Pole? And it
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  Speaker 2: could go on for years. And the only thing that
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  Speaker 2: stops an aircraft carrier or a submarine or any ship
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  Speaker 2: is the amount of food you take on board. Otherwise,
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  Speaker 2: you could literally go for years. And so nuclear power
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  Speaker 2: is kind of neat. It makes a lot of sense.
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  Speaker 2: There is virtually no footprint. There's no emissions. But if
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  Speaker 2: something goes wrong, there's a touch of a problem with radiation. Now,
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  Speaker 2: we're a long way from deployment or regulatory approval, but
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  Speaker 2: You know, this makes so much sense when.
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  Speaker 1: You think about it.
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  Speaker 2: They're even talking about small nuclear power plants for neighborhoods.
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  Speaker 2: And small plants, or small, well, they're actually nuclear plants,
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  Speaker 2: but they're basically nuclear facilities. They're, you know, little nuclear reactors.
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  Speaker 2: They're fairly easy to cool. The technology is there. They
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  Speaker 2: don't take up any room. Long Beach, the port, is
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  Speaker 2: working towards a goal of doubling its container volume by
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  Speaker 2: 2050 and at the same time eliminating carbon emissions. There's
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  Speaker 2: only one way to do that. Nuclear power plants. So
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  Speaker 2: where are they or how are they or how are
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  Speaker 2: they built? Small size and can be built in factories
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  Speaker 2: at a fraction of the time it takes to build
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  Speaker 2: a full size reactor. Full-size reactors take years and years
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  Speaker 2: to build. They're multi-billion-dollar facilities, and the amount of space
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  Speaker 2: they take, well, it's fairly enormous. Look at the one
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  Speaker 2: at San Onofre that looks like two big breasts with
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  Speaker 2: a nipple on top. That's actually the light on there.
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  Speaker 1: I've always enjoyed going past there.
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  Speaker 3: Most breasts have nipples on top, sir.
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  Speaker 2: Well, but, you know, it's not necessarily true.
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  Speaker 1: There are some that don't.
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  Speaker 2: And how many people have breasts, women have breasts with
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  Speaker 2: nipples that glow red that.
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  Speaker 1: You can see from an airplane? Well, not from you. Exactly.
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  Speaker 1: I make my point. All right. Fair enough.
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  Speaker 2: And the Trump administration has been trying to encourage the
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  Speaker 2: development of the next generation of nuclear power. Good for them.
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  Speaker 2: Right now, of course, no modular reactors. The military is using,
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  Speaker 2: and all over the world, these small reactors and aircraft
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  Speaker 2: carrier submarines, as I have said. And the Army this
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  Speaker 2: week unveiled plans to use these nuclear micro reactors at
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  Speaker 2: five military bases around the country. And they are small.
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  Speaker 2: I mean, they are tiny, but they produce enormous amounts
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  Speaker 2: of power. When you look at these nuclear reactors, even
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  Speaker 2: big ones, they power– you hear how much they power,
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  Speaker 2: hundreds of thousands of homes over a one-year period and
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  Speaker 2: replacing any other kind of power powerhouse. that, well, I
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  Speaker 2: think the San Onofre plant was 400,000 homes it could
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  Speaker 2: light for a year. And there are incredibly safe records
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  Speaker 2: about this. There hasn't been an accident from a submarine
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  Speaker 2: or a ship that I've ever known. There have been
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  Speaker 2: a few natural disasters. And there have been some earthquakes
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  Speaker 2: that have affected these major reactors.
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  Speaker 1: And, you know, it's a big deal.
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  Speaker 2: And are they economical? Well, at this point, they are
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  Speaker 2: so expensive to build, that's up in the air. Now,
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  Speaker 2: the Union of Concerned Scientists have raised flags about safety
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  Speaker 2: and security, which a lot of other organizations and people
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  Speaker 2: have said the same thing. There is a page on
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  Speaker 2: the website of this concern, Union of Concerned Scientists, this organization.
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  Speaker 2: that says accidents aren't the only potential as a threat
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  Speaker 2: to nuclear facilities. A successful attack could kill, sicken, displace
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  Speaker 2: large numbers of people and cause extensive long-term environmental contamination.
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  Speaker 1: Not small ones. Not small ones.
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  Speaker 2: And we're talking about on barges that can be moved
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  Speaker 2: around because space is at such a premium that this
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  Speaker 2: makes so much sense. And it would take the pressure
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  Speaker 2: off of one of the ports. Scarcest resources land. So
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  Speaker 2: when is this going to happen? Well, Blue Corps, the company,
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  Speaker 2: other companies, you know, there are 50 companies out there
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  Speaker 2: that are working at this.
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  Speaker 1: And the problem is getting the licensing.
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  Speaker 2: Why? Because let's look at the agencies that control the
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  Speaker 2: Nuclear Regulatory Commission. has authority over all commercial nuke technologies.
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  Speaker 2: The Department of Energy is involved. The Environmental Protection Agency
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  Speaker 2: has jurisdiction also. The Coast Guard, U.S. Maritime Administration also
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  Speaker 2: are involved in the port's partnership with Blue Corps Energy.
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  Speaker 1: So we're a long ways away, but man, it makes
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  Speaker 1: so much sense.
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  Speaker 2: And I truly believe in nuclear power. I think it
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  Speaker 2: is the wave of the future. And the real issue,
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  Speaker 2: number one, is safety. I think we can deal with that.
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  Speaker 2: And we've gotten to that point where it's very difficult
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  Speaker 2: for any natural disaster to somehow attack or intercede with
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  Speaker 2: the safety of a nuclear reactor. Even Fukushima, that probably
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  Speaker 2: won't happen again. The problem is, what do you do
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  Speaker 2: with the nuclear waste? And that is a problem. And
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  Speaker 2: The thinking is that the nuclear waste, which is a
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  Speaker 2: lot and is very dangerous, the technology to deal with
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  Speaker 2: it is going to come in the future.
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  Speaker 1: It will be there.
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  Speaker 2: And scientists who are currently frozen in cryo containers will
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  Speaker 2: be defrosted and will be able to deal with these. See,
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  Speaker 2: it's technology freezing them and the technology of those guys
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  Speaker 2: doing it. Think about that when we come back. Hmm.
• 9:09
  Speaker 1: Let's talk about the SBA, the Small Business Administration.
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  Speaker 2: And what the Trump administration is really want to take
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  Speaker 2: the definition of small.
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  Speaker 1: Business to a lot bigger business.
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  Speaker 2: Wants to give much larger companies access to government contracts, loans,
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  Speaker 2: and other assistance. That's why he wants to extend small
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  Speaker 2: business definition. So the bigger businesses can get this assistance,
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  Speaker 2: can get these loans. And so right now, it's an
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  Speaker 2: extraordinary story. Do you know that over 50% of the
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  Speaker 2: money that goes to contracting companies are supposed to go
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  Speaker 2: to small industry?
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  Speaker 1: And they do.
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  Speaker 2: Actually, 23% of federal dollars are supposed to go to
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  Speaker 2: businesses as small.
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  Speaker 1: Which happens.
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  Speaker 2: What the president wants to do is simply increase the
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  Speaker 2: definition of small so bigger businesses can get this kind
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  Speaker 2: of money. bigger businesses like a billion-dollar business. Wait a minute,
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  Speaker 2: billion-dollar businesses?
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  Speaker 1: You bet.
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  Speaker 2: And the president simply wants to expand business. And this
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  Speaker 2: will do it because it's more federal dollars going to
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  Speaker 2: more businesses. Now, the problem is, how is a billion-dollar
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  Speaker 2: business regarded as small?
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  Speaker 1: For example, the revenue limit to.
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  Speaker 2: Define a small business in the engineering service industry, they
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  Speaker 2: do it industry by industry. Right now, it's $ 25 million.
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  Speaker 2: It would increase to $ 252 million, 10 times. Casinos could
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  Speaker 2: earn as much as $ 744 million, 20 times the cap right.
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  Speaker 1: Now of $ 34 million. And it is.
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  Speaker 2: Well, you know, the president likes big business. He is
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  Speaker 2: big business because he is a billionaire. I mean, when
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  Speaker 2: he does deals, the deals are in the hundreds of
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  Speaker 2: millions of dollars. So this is a guy who has
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  Speaker 2: a history of wanting to help and creating and dealing
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  Speaker 2: with big business as opposed to small business. And in
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  Speaker 2: terms of SBA loans, now my partner Saville and I
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  Speaker 2: with our business, we got an SBA loan. We were
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  Speaker 2: able just to sneak in under the definition of small business.
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  Speaker 2: We have one part-time 1099 employee and our revenue last
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  Speaker 2: year was $ 8, 200.
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  Speaker 1: We qualified as a small business when we got our loan.
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  Speaker 2: Now we can make it a billion dollars and still
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  Speaker 2: get an SBA loan Man, that's impressive.
• 12:04
  Speaker 1: Oh, Kono's back.
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  Speaker 2: So we'll be able to do the drop when we
• 12:06
  Speaker 2: come back. Kono, you don't have to do it now.
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  Speaker 2: We'll do it when we come back. Thank you very much.
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  Speaker 2: In any case, obviously, there are small businesses out there.
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  Speaker 2: They're not very happy with this because they're saying, wait
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  Speaker 2: a minute, the money that would come to us is
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  Speaker 2: now going to go to these large businesses. Now, not specifically,
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  Speaker 2: but the number of businesses that would now be defined
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  Speaker 2: as small are all going for the same pie. And
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  Speaker 2: that is not a surprise here. And is it going
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  Speaker 2: to happen? Well, this has to go through Congress, and
• 12:43
  Speaker 2: we'll see what Congress can do. And it's going to
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  Speaker 2: have to go through fairly quickly because come the midterms,
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  Speaker 2: I think that the Democrats are going to control.
• 12:55
  Speaker 1: That's my feeling.
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  Speaker 2: And if they do, then bills like this are not
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  Speaker 2: going to be able to be passed. And the new Congress,
• 13:03
  Speaker 2: I think, starts January 1st of next year. So the
• 13:07
  Speaker 2: president has a fairly limited time to do things like that.
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  Speaker 1: OK, before we go on, Neil, the Dodgers are playing. Indeed,
• 13:16
  Speaker 1: they are.
• 13:16
  Speaker 3: Your official home for Dodgers baseball is AM570 LA Sports.
• 13:21
  Speaker 3: This afternoon, your back-to-back world champion Dodgers take on the
• 13:24
  Speaker 3: Tigers in Detroit with first pitch at 340. Listen on
• 13:29
  Speaker 3: AM570 LA Sports and streaming on the iHeartRadio app live
• 13:35
  Speaker 3: from the Galpin Ford broadcast booth.
• 13:38
  Speaker 2: Okay, I want to go back a little bit in history.
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  Speaker 2: Do you know it's been 18 years since we voted in?
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  Speaker 2: The launch of the bullet train that was going to
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  Speaker 2: go from San Francisco to Los Angeles. Well, it probably will,
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  Speaker 2: but not for another 45 or 100 years. It's going
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  Speaker 2: to be San Francisco to L.A. in under three hours.
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  Speaker 2: And here's the latest. It's going to cost billions more
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  Speaker 2: than planned. I mean, billions by the day. Years behind schedule.
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  Speaker 2: And here is, I think, the most interesting fact. It
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  Speaker 2: has not laid one foot of track yet.
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  Speaker 1: So this was 2008.
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  Speaker 2: The ballot measure passed 52% to 47%. And it kickstarted
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  Speaker 2: the largest active infrastructure project in America. And the legislative
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  Speaker 2: bill said it should be completed by 2020.
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  Speaker 1: Really? That was a while ago.
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  Speaker 2: And the California High Speed Authority, their initial plan.
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  Speaker 1: Said, it was going to cost $ 33 billion.
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  Speaker 2: So here we are 18 years later, and the price
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  Speaker 2: tag is anywhere from 126 billion to a high of
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  Speaker 2: $ 231 billion. Nobody knows and isn't expected to be fully
• 14:58
  Speaker 2: operational until 2040, only 20 years later than anticipated. And
• 15:04
  Speaker 2: if you think it's going to be around at 2040,
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  Speaker 2: you are dreaming. And since 2008, when this bill passed,
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  Speaker 2: the authority has spent about $ 15 billion purchasing land parcels,
• 15:17
  Speaker 2: thousands of them, building these overpasses, the rail beds, the walls,
• 15:23
  Speaker 2: and other concrete structures. And it's all in California's Central Valley.
• 15:28
  Speaker 2: So if you want to go from Merced to Weed,
• 15:31
  Speaker 2: for example, which a whole lot of people do, for example,
• 15:35
  Speaker 2: let's say you're moving your herd of sheep. From one
• 15:39
  Speaker 2: place to another, you can do it on the high-speed rail.
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  Speaker 2: You will be able to do it very quickly because
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  Speaker 2: that's the first segment. And the authorities, Inspector General estimates
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  Speaker 2: that as early as next year, there ain't going to
• 15:54
  Speaker 2: be any money.
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  Speaker 1: Well, isn't that terrific, right?
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  Speaker 2: And in the Central Valley, there is a lot of
• 16:02
  Speaker 2: discussion going on because a lot of people are not
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  Speaker 2: happy that's even there. Now, construction hasn't reached the southern
• 16:08
  Speaker 2: part of that segment, and there is huge opposition still there.
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  Speaker 2: And why? Well, in one town, Shafter, about 24,000 people,
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  Speaker 2: one of the big metropolises that also are dealing with
• 16:24
  Speaker 2: the high-speed train, a retiree and longtime local resident against
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  Speaker 2: the train said, ìIt' s going to divide our town in
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  Speaker 2: half. î because Shafter is the only city that would be
• 16:36
  Speaker 2: bisected by the proposed route. And it's not getting a station.
• 16:42
  Speaker 2: So the town is cut right in half.
• 16:45
  Speaker 1: And locals are a little bit worried. It would hurt business.
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  Speaker 2: The footprint would displace some businesses, even though the businesses,
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  Speaker 2: the owners of the buildings, refuse to sell.
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  Speaker 1: The rail authority gets it by eminent domain.
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  Speaker 2: And a city council meeting voted to say, no, please, no,
• 17:04
  Speaker 2: but it doesn't matter. One local said, if I can
• 17:09
  Speaker 2: get to San Francisco in two hours, I'd go on
• 17:11
  Speaker 2: a Tuesday with or without my sheep.
• 17:13
  Speaker 1: That part I just quoted. And then he said, will
• 17:16
  Speaker 1: I see it in my lifetime? No, no.
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  Speaker 2: And the rail authority brought in a guy named Ian
• 17:24
  Speaker 2: Choudhury in twenty twenty four. to oversee this. Three prior
• 17:29
  Speaker 2: chief executives of the project. And the governor called Chaudhry
• 17:33
  Speaker 2: the perfect steward of this.
• 17:38
  Speaker 1: Okay.
• 17:39
  Speaker 2: I'll probably do another update when it hits another several
• 17:44
  Speaker 2: billion dollars overrun. Oh, and Chaudhry is saying, let's get
• 17:48
  Speaker 2: some private investors into this thing.
• 17:51
  Speaker 1: Really?
• 17:52
  Speaker 2: What private investor is going to get involved in the rail?
• 17:57
  Speaker 2: It will lose money from minute one and lots and
• 18:00
  Speaker 2: lots of money. All right. Prediction markets. We talked a
• 18:06
  Speaker 2: lot about that. And this is new stuff. And this
• 18:10
  Speaker 2: is a story about from CNN, and that's important, that
• 18:15
  Speaker 2: adults or young adults between 18 and 21 are legally
• 18:19
  Speaker 2: barred from.
• 18:20
  Speaker 1: Most gambling in the U.S. Not on Colchie.
• 18:24
  Speaker 2: Kalshi is the largest prediction market platform that exists. And
• 18:30
  Speaker 2: this year, well, so far this year, $ 5. 4 billion has
• 18:36
  Speaker 2: been traded on the prediction market. And prediction markets are
• 18:41
  Speaker 2: exactly what they sound like. You predict, you throw money
• 18:44
  Speaker 2: in this thing, and then you make predictions. And if
• 18:46
  Speaker 2: the predictions come true, You win and you win money
• 18:51
  Speaker 2: and you can't predict on anything what the weather is
• 18:55
  Speaker 2: going to be like. Not just sports games, although that
• 18:59
  Speaker 2: is like 90 percent of it, sports betting. But, you know,
• 19:03
  Speaker 2: what the weather is going to be like tomorrow. Is
• 19:05
  Speaker 2: this show going to still be on the air? What
• 19:07
  Speaker 2: our ratings are going to be? Is there going to
• 19:09
  Speaker 2: be a new host?
• 19:11
  Speaker 1: All of that.
• 19:12
  Speaker 2: And I would bet on that if if I were
• 19:14
  Speaker 2: you and you can make some money. But it is
• 19:18
  Speaker 2: absolutely across the board. Is the Strait of Hormuz going
• 19:23
  Speaker 2: to be open? When is it going to be open?
• 19:25
  Speaker 2: Are other countries going to be involved? These are prediction sites,
• 19:29
  Speaker 2: have exploded in popularity. And you've got everything from sports
• 19:34
  Speaker 2: to election to culture to weather.
• 19:36
  Speaker 1: And here is what is going on.
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  Speaker 2: The controversy is people between 18 and 21 are– allowed
• 19:46
  Speaker 2: to predict or allow.
• 19:50
  Speaker 1: To bet on these markets.
• 19:52
  Speaker 2: And wait a sec, but you've got states like California,
• 19:57
  Speaker 2: other states that allow gambling like Nevada, and it's 21
• 20:01
  Speaker 2: or older. So how do you bet? And you're not 21,
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  Speaker 2: you're only 18. And how is it possible?
• 20:11
  Speaker 1: Ah, here's what it is. Here's what's going on.
• 20:13
  Speaker 2: The feds, what they've done is effectively nationalize prediction markets.
• 20:20
  Speaker 2: And what they're saying is that prediction markets are now
• 20:24
  Speaker 2: under federal control. And guess what federal control means? According
• 20:29
  Speaker 2: to the federal law, which bypasses, which supersedes state law,
• 20:33
  Speaker 2: federal law says that 18-year-olds can gamble. And the argument
• 20:39
  Speaker 2: is 18-year-olds can go to the service and die. 18-year-olds
• 20:43
  Speaker 2: can vote. 18-year-olds are adults in virtually every way, but
• 20:49
  Speaker 2: not in the States, especially in the world of gambling.
• 20:55
  Speaker 1: And so the government says, okay, we're going.
• 20:58
  Speaker 2: To overcome that and now allow 18-year-olds to vote. I mean,
• 21:05
  Speaker 2: to gamble. on these prediction markets. And of course, that's
• 21:10
  Speaker 2: being challenged in court. 44 state attorneys general, Indian tribes,
• 21:15
  Speaker 2: the casino industry, they're all saying, we want the states
• 21:22
  Speaker 2: to control this. Why? Well, because they're not into the
• 21:25
  Speaker 2: prediction markets and they are frightened. And I think it's legitimate,
• 21:30
  Speaker 2: although we don't have the numbers yet, I think it
• 21:32
  Speaker 2: is legitimate that 18 to 21 year olds are going
• 21:34
  Speaker 2: to go and to these prediction markets and stay there
• 21:40
  Speaker 2: and not gamble on Indian reservations or on gaming sites
• 21:46
  Speaker 2: or in Las Vegas. It's a question of where you
• 21:49
  Speaker 2: get used to gambling. And naturally, when you're talking about
• 21:53
  Speaker 2: gambling at an earlier age, you now have all kinds
• 21:58
  Speaker 2: of issues regarding mental health and addiction.
• 22:02
  Speaker 1: And even the companies, the.
• 22:04
  Speaker 2: Association that deals with this They've already donated $ 2 million
• 22:09
  Speaker 2: to an anti-addiction platform.
• 22:12
  Speaker 1: We're going to help people to deal with this.
• 22:14
  Speaker 2: It's like whenever you see an ad for alcohol, at
• 22:18
  Speaker 2: the very bottom, it's drink responsibly.
• 22:21
  Speaker 1: Do you think they're voluntarily doing that? No, no.
• 22:29
  Speaker 2: As a matter of fact, if it were if they
• 22:31
  Speaker 2: were honest about it, it would be this disclaimer underneath
• 22:35
  Speaker 2: and small letters at the bottom of the commercial drink irresponsibly.
• 22:40
  Speaker 1: We want you to spend lots of money on booze.
• 22:43
  Speaker 3: If someone was smart, they'd create a liquor called responsibly
• 22:48
  Speaker 3: and then they'd get free advertisement from every other bottle
• 22:50
  Speaker 3: of booze.
• 22:51
  Speaker 1: That's a good point. That's a good point.
• 22:55
  Speaker 2: I remember when Nancy Reagan, when she had her, I
• 23:00
  Speaker 2: remember her pet project was addiction. And all the commercials,
• 23:07
  Speaker 2: just say no, just say no. And what the drug
• 23:11
  Speaker 2: dealers were doing on these kilos of cocaine and heroin,
• 23:15
  Speaker 2: and they were packaged.
• 23:16
  Speaker 1: You've seen that. There would be stamps on them that said,
• 23:19
  Speaker 1: just say no. Oh, geez. Which I thought was pretty funny.
• 23:25
  Speaker 2: All right, coming up, Foodie Friday with Neil Saavedra. And
• 23:29
  Speaker 2: that's when we come back. Friday, August 28th. This is
• 23:34
  Speaker 2: KFI AM 640.
• 23:37
  Speaker 1: You've been listening to The Bill Handel Show. Catch my
• 23:39
  Speaker 1: show Monday through Friday, 6 a.m. to 9 a.m. and
• 23:43
  Speaker 1: anytime on demand on the iHeartRadio app.