Chat Box with David Cruz
Sen. Menendez on the Economy; NJPAC's North 2 Shore Festival
3/18/2023 | 26m 46sVideo has Closed Captions
Sen. Menendez on bank failures, immigration & more; NJPAC's CEO on North 2 Shore Festival
On Chat Box, David Cruz talks with Senator Bob Menendez (D) about the challenges ahead for the Senate including the recent bank failures, the looming debt ceiling vote and their potential impact on our economy. Plus, Cruz and the Senator tackle immigration, guns and more. Then, NJPAC President and CEO John Schreiber talks about the newly announced North to Shore Festival.
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Chat Box with David Cruz is a local public television program presented by NJ PBS
Chat Box with David Cruz
Sen. Menendez on the Economy; NJPAC's North 2 Shore Festival
3/18/2023 | 26m 46sVideo has Closed Captions
On Chat Box, David Cruz talks with Senator Bob Menendez (D) about the challenges ahead for the Senate including the recent bank failures, the looming debt ceiling vote and their potential impact on our economy. Plus, Cruz and the Senator tackle immigration, guns and more. Then, NJPAC President and CEO John Schreiber talks about the newly announced North to Shore Festival.
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♪ ♪ ♪ >>> HI, EVERYBODY.
WELCOME TO "CHAT BOX."
I'M DAVID CRUZ.
NEW JERSEY IS GETTING INTO THE FESTIVAL BUSINESS WITH THE BIG ONE COMING THIS SUMMER.
WE'LL HEAR FROM THE CEO OF NJ PACK.
WE BEGIN WITH AN UPTATE DATE FRE SENATE.
JOINING US TO SHARE THE LATEST IS NEW JERSEY'S SENIOR SENATOR, BOB MENENDEZ.
SENATOR, WELCOME BACK.
GOOD TO SEE YOU AGAIN.
>> GREAT TO BE BACK WITH YOU.
>> TOPPING THE HEADLINES IS THE FAILURE OF SILICON VALLEY BANK IN CALIFORNIA, 175 BILLION IN DEPOSITS, AND SIGNATURE BANK OF NEW YORK, 85 BILLION IN DEPOSITS.
THIS IS IN YOUR BANKING COMMITTEE PORTFOLIO, I ASSUME.
WHAT HAPPENED HERE?
AND WHAT IS THE STATUS OF THESE BANKS?
>> WELL, WHAT HAPPENED IS THAT THERE WAS AN OVERRELIANCE ON STOCK -- YOU KNOW, TREASURY BILLS AND SECURITIES.
THE SIGNIFICANT DEPOSITS THAT WERE BEING PUT IN THE BANK THAT THEY NEEDED TO FIND WAYS TO ULTIMATELY DEAL WITH THE DEPOSITS IN A WAY THAT WOULD BE BENEFICIAL TO THEM.
THEY WENT TO TREASURIES AND SECURITIES, AND THEN THERE WAS AN INTERNET RUN ON THE BANK WHEN IT STARTED HAVING SOME CONCERNS ON ITS BALANCE SHEETS AND PEOPLE LOOKED AT THE RISING INTEREST RATES AND SAW THAT THOSE TREASURIES AND SECURITIES P WEREN'T WORTH WHAT THEY ORIGINALLY WERE.
SO THE COMBINATION OF ALL OF THAT, I THINK, LED US TO WHERE WE ARE WITH THESE TWO BANKS, HOWEVER, I ALSO BELIEVE THAT THE REGULATORS FAILED IN THIS REGARD.
IN 2018 THERE WAS LEGISLATION SIGNED BY PRESIDENT TRUMP THAT TOOK THESE BANKS AT THIS LEVEL AWAY FROM THE TYPE OF REGULATORY OVERSIGHT THAT THEY PREVIOUSLY WERE IN.
I VOTED AGAINST THAT.
I THOUGHT IT WAS A MISTAKE THEN.
I THINK THAT VOTE HAS PROVEN ITSELF TO BE REAL NOW IN TERMS OF HOW RIGHT IT WAS AND I AM CO-SPONSORING WITH SENATOR WARREN A RIGHT TO REREGULATE THOSE BANKS AT THE LEVEL THAT THEY SHOULD BECAUSE THEY PRODUCE A PRUDENTIAL RISK TO OUR FINANCIAL SYSTEM IF WE LEFT THEM UNREGULATED AND HAVE MORE CHALLENGES THAT THESE TWO BANKS HAD.
>> WHAT IS IT THAT THEY COULDN'T DO BEFORE THE DEREGULATION THAT THEY'RE ABLE TO DO NOW?
>> WELL, IT'S PRIMARILY THE ROLE THAT THE REGULATORS HAVE AS IT RELATES TO OVERSEEING BANKS, LIKE SILICONE VALLEY BANK.
IT LOWERED THE STANDARDS.
THE IT LOWERED SOME OF THE RESPONSIBILITIES THAT THE BANK WOULD HAVE IN TERMS OF HAVING THE REGULATORS OVERSEE THEM.
IT BASICALLY SAID, WELL, BANKS AT THIS SIZE SHOULDN'T HAVE THE SAME REVIEW AS BANKS THAT ARE MORE SIGNIFICANT IN TERMS OF THEIR DEPOSITS.
THAT WAS A MISTAKE FROM MY PERSPECTIVE, WHICH IS WHY I VOTED AGAINST IT.
>> YOU REFERRED TO AN INTERNET RUN ON THE BANKS.
USED TO BE YOU HAD TO RUN TO THE BANK TO TAKE YOUR MONEY OUT.
NOW IT'S IN AN INSTANT YOU COULD HAVE A MILLION PEOPLE, I MEAN, THEORETICALLY TAKE THEIR MONEY OUT OF THE BANK.
IS THAT A REAL DANGER?
>> WELL, LOOK.
YOU KNOW, THE REALITY IS IS THAT WHEN YOU CAN MAKE TRANSFERS ONLINE AND MAKE DEMANDS ON YOUR DEPOSITS ONLINE, YOU CAN DO IT INSTANTANEOUSLY.
THAT CHANGES THE DYNAMICS.
WHEN THE STORY GOES OUT THAT THIS BANK MAY FALL UNDER, THIS BANK HAD A PARTICULAR UNIQUE TYPE OF INVESTORS, ESPECIALLY THOSE IN STARTUPS AND OTHER SIMILAR IN THE TECH CENTER THAT THEN THE INVESTORS IN THOSE STARTUPS SAID, HEY, YOU BETTER GET YOUR MONEY OUT OF THAT BANK, AND ALL OF A SUDDEN THAT ULTIMATELY BECAME THE RUMOR MILL ACROSS, YOU KNOW, ALL OF THESE ENTITIES.
THEY STARTED DRAWING THEIR MONEY OUT, AND THEY CAN DO IT AT RECORD SPEED.
THAT ALSO IS PART OF THE CHALLENGE.
>> YEAH.
WE HEARD ABOUT CREDIT SUISSE STOCKS DROPPING.
HOW MUCH SHOULD DEPOSITORS BE CONCERNED OR NOT CONCERNED ABOUT THIS?
>> WELL, LOOK, I THINK THERE'S STILL A LOT TO REVIEW AS TO WHAT HAPPENED TO THESE TWO BANKS.
THERE'S STILL A LOT, AS WE HAD SECRETARY YELLEN, TREASURY SECRETARY BEFORE THE FINANCE COMMITTEE TODAY.
I WAS PRESSING HER ON QUESTIONS AS DON'T BANKS LIKE THIS PRODUCE PRUDENTIAL RISK AND SYSTEMIC RISK?
SYSTEMIC RISK MEANS WHAT WE WENT THROUGH IN 2008, IT'S NOT JUST LIMITED TO A COUPLE OF BANKS IT CAN SPREAD ACROSS.
SO, YOU KNOW, WE NEED TO BE THINKING ABOUT, NUMBER ONE, TAKING -- HAVING THE REGULATORS THAT REGULATE THESE SPECIFIC BANKS, IN THIS CASE IT WAS THE FEDERAL RESERVE, GO IN AND MAKE SURE THEY'RE AUDITING AND LOOKING AT THE REALITIES OF THOSE BALANCE SHEETS NOW AND WHETHER THERE'S ANY RISK BEFORE SUCH A SITUATION EVOLVES.
AND THE FEDERAL RESERVE HAS TO WONDER, TOO, IF THERE ARE MORE BANKS THAT WERE USING TREASURY BILLS AND SECURITIES AS THEIR FINANCIAL WAY IN WHICH THEY WERE INVESTING TO DEPOSIT THOSE MONIES, WHEN RISING INTEREST RATES, WHAT'S THE CONSEQUENCE OF THAT?
SOMETHING THEY'RE GOING TO HAVE TO CONSIDER AS WELL.
>> SO WHAT'S THE END GAME HERE?
>> WELL, THE END GAME IS TO HAVE THE REGULATORY PROCESS THAT PREVENTS THIS FROM HAPPENING RESPONDING TO IT HAPPENING IS ALREADY BEING IN A BAD PLACE.
PREVENTING IT FROM HAPPENING IS WHERE WE WANT TO BE, AND THAT'S WHY THE LEGISLATION THAT I'VE CO-SPONSORED WITH SENATOR WARREN ULTIMATELY BRINGS US BACK TO THE 2018 STANDARD FOR THESE BANKS THAT IS A HIGHER REGULATORY REVIEW SO THAT WE DON'T END UP IN THE SITUATION IN THE FIRST PLACE.
>> SORT OF RELATED, I GUESS, IN THAT IT'S FINANCIAL, IS THIS LOOMING DEBT CEILING.
IS THIS AS SIMPLE AS AUTHORIZING PAYMENT OF DEBTS ALREADY INCURRED AND WHAT'S THE REAL IMPACT OF NOT AUTHORIZING IT?
>> WELL, I ASKED SECRETARY YELLEN TODAY AT THE HEARING, I SAID, YOU KNOW, WHAT HAPPENS, ESPECIALLY TALKING ABOUT THE BANKS THAT WE'VE JUST BEEN TALKING ABOUT.
THE.
>> YEAH.
>> TREASURY BILLS ULTIMATELY -- AND SECURITIES AND BONDS ULTIMATELY ARE PROTECTED BY THE FULL FAITH AND CREDIT OF THE UNITED STATES.
IF THE FULL FAITH AND CREDIT GOES DOWN BECAUSE YOU DON'T MEET YOUR OBLIGATIONS, THAT HAS A RIPPLE EFFECT NOT ONLY IN OUR ECONOMY BUT THROUGHOUT THE SYSTEM.
THAT'S LIKE GETTING YOUR BILLS AND SAYING, I DON'T WANT TO PAY THE BILL.
THAT'S WHAT THE DEBT CEILING IS ABOUT.
THERE SHOULD BE DISCUSSIONS ABOUT SPENDING AND THE BUDGET THAT SHOULD BE IN THE BUDGET DEBATE.
IT SHOULDN'T BE IN THE DEBT CEILING DEBATE.
WE ARE THE DEBT CURRENCY THAT GIVES US ENORMOUS RESPONSIBILITIES.
INFLUENCE IN OTHER MARKETS IN THE WORLD.
CHINA WANTS TO MOVE INTO THAT SPOT.
IF WE DEFAULT AND EVEN THE POTENTIAL RISK OF A DEFAULT WITHOUT ACTUALLY DEFAULTING HAS A NEGATIVE CONSEQUENCE.
WE WERE DOWNGRADED ONCE BEFORE WHEN THIS HAPPENED AND IT TOOK US YEARS TO GET BACK TO THE RIGHT INTEREST RATES.
>> INFLATION, MEANWHILE, IS AT 6% LAST TIME I CHECKED.
DOES THAT REPRESENT PROGRESS?
>> WELL, THERE'S A LOT MORE PROGRESS THAT HAS TO BE MADE.
INFLATION IS THE THIEF FROM EVERYONE, RIGHT?
THE RICH AND THE POOR.
IT TAKES A BIGGER BITE OUT OF THE INCOME AND SPENDING WHETHER THAT'S THE PRICE OF EGGS THAT ARE HIGH AT THE SUPERMARKET AS WELL AS OTHER GOODS, THE PRICE OF, YOU KNOW, GAS HAS COME DOWN SOMEWHAT LATELY BUT NONETHELESS, YOU LOOK AT ALL OF THESE PRESSURES ON PRICING, THAT MEANS THAT HAS THAT MUCH LEFT DUE TO INCOME LEVEL.
IF YOU ARE A SNAP RECIPIENT AND YOU'RE USING YOUR SNAP CERTIFICATES IN RETURN, THAT MEANS YOU PUT LESS FOOD ON THE TABLE.
THERE'S MORE WORK TO BE DONE ON INFLATION.
I APPRECIATE WHAT THEY HAVE DONE ON THE FAA STANDARD, BUT THERE'S A LOT MORE WORK TO DO.
>> LET'S SWITCH GEARS HERE FOR A MINUTE.
I REMEMBER THE FIRST BILL FROM THE BIDEN ADMINISTRATION WAS THIS AMBITION -- AMBITIOUS IMMIGRATION REFORM INITIATIVE.
THAT NEVER WENT ANYWHERE AND SINCE THEN WE'RE TALKING MORE ABOUT FAMILY -- HOW IS THIS NOT A RETURN TO TRUMP-STYLE IMMIGRATION POLICY?
>> I'M AFRAID THAT THE PRESIDENT'S VISION, WHICH I ACTUALLY AUTHORED WHEN HE ASKED ME TO AT THE BEGINNING OF HIS FIRST PART OF HIS TERM HAS GONE BY THE WAY SIDE AND THE ADMINISTRATION HAS BEEN REACTIVE, TO THE CHALLENGES AT THE BORDER, BUT THE BORDER ISSUES ARE NOT SIMPLY ABOUT ENFORCEMENT ALTHOUGH ENFORCEMENT IS PART OF IT.
THE BORDER ISSUES, WHAT DRIVES PEOPLE TO COME TO THE BORDER.
WHAT PULL FACTORS DO WE HAVE IN OUR ECONOMY THAT LURE PEOPLE TO COME TO THE BORDER?
WHAT'S HAPPENING IN SOME OF OUR NEIGHBORING COUNTRIES.
RIGHT NOW THE THREE BIGGEST GROUPS OF PEOPLE AT THE BORDER, THEY'RE NOT MEXICANS, THEY'RE NOT CENTRAL AMERICANS, THEY'RE VENEZUELANS AND CUBANS.
WHAT DO THEY HAVE IN COMMON?
DICTATOR SHCH.
PEOPLE ARE FLEEING DICTATORSHIP.
THEY ARE FLEEING THE ECONOMIC CONSEQUENCES THAT FLOW FROM THAT.
YOU HAVE TO OPEN UP MORE LEGAL PATHWAYS TO MIGRATION.
YOU HAVE TO DO PROCESSING AT THE BORDER THAT MAKES IT VERY CLEAR.
IF YOU DON'T HAVE ANY BASIS FOR ASYLUM IN THE UNITED STATES, YOU'RE GOING TO GET DEPORTED.
IF YOU HAVE A CRIMINAL BACKGROUND IN YOUR COUNTRY BUT YOU HAVE A LEGAL BASIS, WE'RE GOING TO PROCESS THAT AND HONOR OUR NATION'S HISTORY.
UNFORTUNATELY WHERE THE ADMINISTRATION IS AT IS FOLLOWING STEPHEN MILLER LIKE POLICIES, AND I REGRET THAT THEY'RE DOING THAT.
WE'RE GIVING THEM A WHITE PAPER THAT BASICALLY SPEAKS TO A WHOLE HOST OF BETTER OPTIONS TO CONTROL THE BORDER AND DEAL WITH THESE ISSUES, AND I HOPE THE PRESIDENT TAKES THOSE OPTIONS AND -- BECAUSE IF NOT HE RISKS BECOMING THE ASYLUM FINDER.
>> SO MUCH INVOLVED IN IMMIGRATION REFORM.
IS IT FAIR TO SAY THERE ISN'T GOING TO BE A REAL ATTEMPT IN IMMIGRATION REFORM UNTIL AFTER THIS -- THE TYPE OF RESPONSE THAT'S NEEDED AND TO KNOW HOW THE UNITED STATES HAS JOBS THAT GO UNFILLED AND NEED TO BE UNFILLED IN ORDER TO MEET THE CHALLENGES OF PRODUCTIVITY AND GROW THE ECONOMY AS WELL.
THESE ARE ALL INTERTWINED AND YOU JUST CAN'T DO IT WITH ONE SINGULAR DIMENSION.
I'M AFRAID OF WHAT I THINK IS NECESSARY WON'T BE ACHIEVED PARTICULARLY WITH THE MAJORITY IN THE HOUSE.
>> YOU EXPRESSED SOME SUPPORT ON THE PRESIDENT'S EXECUTIVE ORDER ON GUNS.
SMALL STEPS BUT IMPORTANT, YOU SAY?
>> YES.
LOOK, YOU KNOW, IN THE LAST CONGRESS WE HAD LEGISLATION THAT FINALLY BEGAN TO BREAK THE STRANGLE HOLD OF THE NRA.
REASONABLE GUN SAFETY MEASURES.
NOT ANYTHING NEAR AS WHAT I'D LIKE TO SEE.
BANNING HIGH CAPACITY MAGAZINES, THAT'S HIGH CAPACITY KILLING.
YOU DON'T NEED 15 ROUNDS TO GO DEER HUNTING AT THE END OF THE DAY.
I VOTED FOR THE SALT WEAPONS BAN.
I BELIEVE IN UNIVERSAL BACKGROUND CHECKS.
EVERYBODY WHO WANTS TO GET A CAR HAS TO GET A LICENSE.
WHY WOULDN'T YOU HAVE A UNIVERSAL BACKGROUND CHECK TO TAKE A DEADLY WEAPON.
THESE ARE ALL ELEMENTS THAT I THINK NEED TO BE DONE, BUT I APPLAUD THE PRESIDENT.
ANY STEPS WE CAN MAKE FOR REASONABLE GUN SAFETY QUESTION, TO MAKE OUR COMMUNITY SAFE.
>> SENATOR RON RICE DIED THIS WEEK.
YOU ISSUED A STATEMENT ABOUT IT THIS WEEK.
WHAT'S HIS LEGACY?
>> I HAD THE PRIVILEGE OF SERVING WITH RON RICE IN THE NEW JERSEY SENATE BEFORE I CAME TO CONGRESS.
I RECENTLY HONORED HIM IN OUR BLACK HISTORY MONTH CELEBRATION.
HE WAS A VOICE OF CONSCIENCE.
I BELIEVE HE WAS THE CONSCIENCE OF THE NEW JERSEY SENATE.
HE WAS UNBOWED TO ANY PARTICULAR INTEREST.
HE STROVE TO SPEAK UP FOR PEOPLE WHO HAD NO VOICE, AND WE SAY THAT THE ARC OF THE MORAL UNIVERSE IS LONG AND THAT IT BENDS TOWARDS JUSTICE.
WELL, HE -- HE -- HE GRABBED ON TO THAT ARC AND MADE IT BEND MORE TOWARDS JUSTICE THAN PROBABLY ANYBODY I'VE SEEN IN MY YEARS IN GOVERNMENT.
>> WELL SAID.
THANK YOU FOR TAKING A FEW MINUTES.
>> WE CLOSE OUT THIS WEEK WITH A LOOK AT THE ANNOUNCEMENT OF THE NORTH TO SHORE FESTIVAL, A THREE-CITY EXTRAVAGANZA OF ARTS, FILM, TECH TAKING PLACE IN JUNE IN THREE ICONIC NEW JERSEY CITIES, NEWARK, ASBURY PARK, AND ATLANTIC CITY.
THEY'RE ALREADY CALLING IT AN EAST COAST SOUTH BY SOUTHWEST.
IT'S GOING TO BE A VERY JERSEY EXPERIENCE.
HERE TO TALK ABOUT THAT AND MORE IS THE MAN WHO OWNS N.J.
PACK.
JOHN SH RIEB BER, WELCOME BACK TO "CHAT BOX."
>> THANKS FOR HAVING ME.
>> THIS IS QUITE AN AMBITIOUS LEVEL.
MUSIC, COMEDY AND TECH.
>> THE BIG IDEA IS TO CELEBRATE THE REMARKABLE DIVERSITY AND TALENT THAT IS PRESENT IN THE STATE OF NEW JERSEY FROM NORFOLK TO SOUTH.
EITHER ARE JERSEY ROOTED OR JERSEY INFLUENCED.
NOT ONLY IS IT GOING TO HAVE SORT OF HUGE HEADLINERS LIKE HALLSY WHO IS COMING TO NJ PACK FOR TWO SHOWS.
HALLSY HASN'T PLAYED A CONCERT AT ALL IN A LONG TIME, BUT SHE WANTED TO COME TO NEWARK.
SHE'S A JERSEY GIRL.
SHE'LL BE, WORKING WITH OUR KITCHEN WORK, BUT THERE WILL ALSO BE MANY, MANY EVENTS THAT WILL FEATURE THE ARTISTS 24/7 OR ALL YEAR AROUND IN THE CITY.
WE WANT TO FEATURE A LIGHT ON THE TALENT THAT IS HERE THROUGHOUT THE YEAR AS WELL AS THE BIG HEADLINERS.
MARKET BY MARKET WE WILL PROBABLY HAVE 30 TO 40 DIFFERENT EVENTS OVER THESE THREE WEEKENDS IN JUNE, AND WE CALL WHAT WE'VE ANNOUNCED A VERY GOOD START.
THERE'S MORE TO COME.
>> THESE ARE NOT ALL N.J.
PACK SPECIFIC, BUT WHAT'S THE ROLE OF N.J.
PACK IN THIS?
>> N.J.
PACK IS THE PRODUCER OF THE WHOLE SHEBANG, BUT WE ARE WORKING WITH SO MANY PRODUCERS, MARKET BY MARKET INCLUDING MONTCLARE FILM, THE NEWARK INTERNATIONAL FILM FESTIVAL.
WORKING WITH COMMUNITY GROUPS AND ADVISERS IN EACH OF THE CITIES.
THESE ARE ARTS ACTIVISTS WHO HELP US UNDERSTAND WHAT'S REALLY HAPPENING ON THE GROUND IN THESE CITIES.
SO IT'S A REAL COLLABORATIVE EFFORT, AND THAT'S WHAT A GOOD FESTIVAL IS.
IT'S A BOTTOMS DOWN, TOPS UP AND THE STONE PONY SUMMER STAGE AND OF COURSE NJ PACK?
>> YES.
YES.
YES.
SANTANA AT THE PRUDENTIAL ARENA.
ALANIS MORRIS SET.
BILL NYE WILL BE IN NEW YORK CITY.
GREAT WEALTH OF TALENT.
AND I THINK ALSO A CHANCE FOR FOLKS TO GET TO KNOW THESE CITIES IN A DIFFERENTIATED WAY.
>> THEY'RE ALL DISTINCT CITIES IN THE HISTORY AND CULTURE OF NEW JERSEY.
MORE ACTS TO BE ADDED AS WE GO INTO JUNE.
I FEEL A LITTLE BIT LIKE WE BURIED THE LEAD.
A CELEBRATION OF THE LIFE AND THE WORK OF A GREAT AMERICAN -- THE GREAT AMERICAN NOVELIST AND NEWARKER WHO SAID AMERICAN WRITERS LEAVE WHERE THEY COME FROM AND WRITE ABOUT IT FOR THE REST OF THEIR LIVES.
TELL US ABOUT THIS.
>> SURE.
>> I THINK WEALTH IS THE MOST IMPORTANT IN THE LAST 75 YEARS.
SO MUCH OF WHAT ROTH HAS WRIT GEN GENWRITTEN.
WE'LL BE DOING A READING WITH SAM WATERSON, MICHAEL BENJAMIN WASHINGTON AND CYNTHIA NIXON AND ERIC BEGOZIAN.
PLOT WAS -- PLOT WAS SET IN NEWARK.
>> YEAH.
>> AND SO WAS PAT TRPATRIMONY, DEFENDER OF THE FAITH.
ROTH LOVED NEWARK.
HE CERTAINLY LEFT NEWARK WHEN HE WENT TO COLLEGE, HE WOULD ALWAYS COME BACK AND WHEN HE DYED WE'VE CREATED A TOUR AT THE NORTH PUBLIC LIBRARY.
>> GOOGLE IS THE START OF THE DEFENDER PAGES.
>> THERE ARE BUS TOURS PLANNED.
THIS IS INTERESTING TO SEE, YOU KNOW, WHAT IT WAS ABOUT NEWARK THAT HELPED DEFINE THIS GUY.
>> YEAH.
LIZ DELFUTO, WHO WAS A GREAT FRIEND OF PHILLIP'S, DID THIS BUS TOUR -- BEFORE PHILLIP WENT ON THE BUS TOUR WITH LIZ AND A BUS LOAD OF PEOPLE YEARS AGO.
ON THE BUS TOUR THEY'LL BE MAKING ABOUT 15 STOPS AND AT EVERY STOP THERE WILL BE A READING OF RUSS ACE WORK.
WE'LL DO A SHOW WITH WORK ON SATURDAY NIGHT.
IF PHIL HADN'T BEEN A GOOD WRITER.
>> THAT'S GOING TO BE CALLED STANDUP AND HALLAR.
>> THAT'S CORRECT.
THAT'S CORRECT.
YOU CONTINUE TO BUILD OUT THE NJ FAK CAMPUS.
HOUSING, RETAIL, RESTAURANTS ALREADY THERE IN FOURTH COMING.
HOW'S THAT GOING?
>> IT'S GOING WELL.
WE ANTICIPATE WE WILL BREAK GROUND ON THE NEXT PHASE IN THE NEXT THREE MONTHS.
THAT'S 350 UNITS OF RESIDENTIAL EXTENSION OF MULBERRY STREET TO RICHTER STREET.
AND WE HAVE ANOTHER ONE OF OUR PARKING LOTS.
IT IS REALLY EXCITING FOR THE EVENTS CENTER TO BE SO INVOLVED.
WE BUILT AN EVENTS CENTER POINTING TO STORY TOWER, AND IT IS 98% OCCUPIED.
THE CLICHE IS IF YOU BUILD IT, THEY WILL COME.
WE'VE FOUND THAT TO BE TRUE IN NEWARK.
>> IT'S TAKEN SOME TIME.
THESE ARE SUBJECT TO THE VERY SIS SI TUDS OF THE ECONOMY.
HAD YOU ARE COMFORTABLE NEWARK IS ALMOST ECONOMY PROOF.
YOU'RE MUCH MORE CLUED INTO THIS STUFF THAN I AM.
EVERY NEW RESIDENTIAL UNIT THAT'S BEEN BUILT IN NEWARK IN THE LAST COUPLE OF YEARS AND IT RENTS UP.
WE'RE GOING TO BE BUILDING TOWN HOMES ON OUR CAMPUS.
>> >> GENTLEMAN.
>> NEWARK IS A PLACE NOW THAT PEOPLE WANT TO COME AND LIVE AND HANG OUT IN AND OUR GOAL IS TO MAKE THE CITY OF NEWARK, ESPECIALLY OUR ARTS AND CULTURE DISTRICT A 24/7 DISTRICT.
THIS WILL HELP DO THAT.
>> THE BOSS AT NJ PACK, JOHN SCHRIEBER, GOOD TO SEE YOU, MY FRIEND.
>> STAY WELL.
>> FINALLY TODAY, I WAS A COMMUNITY ORGANIZER IN THE VEILSBURG SESSION TER AND YOU ALL WERE MISTAKEN.
I POINTED HIM OUT AND AFTER HE PUT ME IN MY PLACE, WE BECAME FRIENDS TO THE EXTENT THAT YOU CAN BECOME FRIENDS WITH SOMEONE YOU COVER.
WHAT I REALIZED THIS WEEK WAS 40 YEARS.
I WANT TO SHARE OUR FINAL COMMUNICATION, IF YOU'LL ALLOW ME.
IT WAS VIA EMAIL SHORTLY AFTER HIS WIFE PASSED AWAY.
HELLO, DAVID, HE WROTE.
HOPE ALL IS WELL WITH YOU AND YOUR FAMILY.
UNFORTUNATELY, I AM UNABLE TO PARTICIPATE.
I AM REALLY HAVING TOUGH DAYS SINCE MY WIFE PASSED.
I AM REALLY, REALLY SORRY THAT I AM NOT UP TO PARTICIPATING, ESPECIALLY FOR YOU.
STAY SAFE AND THAT YOU LET THEM KNOW.
HIS RECALCITRANTS DROVE HIM NUTS AND HE MADE ME CRAZY.
THOSE WHO KNEW HIM KNEW HE WAS A GENTLEMAN.
HE WAS A WARRIOR FOR JUSTICE AND EQUALITY.
HE WILL BE MISSED.
THAT'S "CHAT BOX" THIS WEEK.
THANK YOU FOR JOINING US.
YOU CAN FOLLOW ME ON TWITTER @DAVIDCRUZNJ AND GET THE NEWS AND MORE WHEN YOU SUBSCRIBE TO THE YOUTUBE CHANNEL.
I'M DAVID CRUZ FROM DOWNTOWN NEWARK.
>>> MAJOR FUNDING IS PROVIDED BY THE MEMBERS OF THE NEW JERSEY ASSOCIATION.
MJM INSURANCE GROUP, SERVING THE INSURANCE NEEDS OF NEW JERSEY RESIDENTS AND BUSINESSES FOR MORE THAN 100 YEARS.
PROMOTIONAL SUPPORT IS PROVIDED BY INSIDERNJ, A POLITICAL INTELLIGENCE WORK.
INSIDER NJ GIVING PEOPLE AN INTERACTIVE FORUM, INSIGHT.
ONLINE AT NJ.COM.

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