tv Bloomberg Markets Bloomberg November 8, 2021 1:00pm-2:00pm EST
million, according to johns hopkins university. this comes as the u.s. enters new restrictions for more than 30 countries allowing fully vaccinated travelers to travel from places including europe, china, and india. former president barack obama says nations need to work together in the fight against climate change. speaking today in his first public address at the cop26 climate summit in glasgow, scotland, mr. obama stressed the importance of protecting island nations most vulnerable to global warming. he also helped to forge the paris agreement which will try to rally delegates during a separate address later this afternoon. pakistan has agreed that a cease-fire with local taliban amid ceased talks. pakistan says it has reached a cease-fire agreement with the taliban officials. his law that is concerned taliban control in afghanistan will heighten instability in the region.
in august, 35 attacks in pakistan killed at least 52 civilians, the highest monthly total since february of 2017. the pakistani taliban had been crushed by a combination of u.s. drone strikes and domestic military operations. nicaraguan leader daniel ortega is on course for a landslide in sunday's presidential election after he jailed his main opponent. with nearly half a balance tallied, the 75-year-old former guerrilla has 75% of the votes according to a partial count. the united states, european parliament, and human rights watch have all been announced the election as a farce. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪
>> it is 1:00 in new york, 7:00 in london, 2:00 in hong kong. caroline hyde. these are some of the top stories we are following from around the world. the outgoing ceo stepped out after getting the position due to family issues. the cryptocurrency market is worth more than $3 trillion. regeneron announcing its antibody drug cut the risk of covid by 18 months. we will be discussing with a professor of epidemiology. first, let's get to the markets. we have been managing to maintain our highs when you look at the s&p 500.
the s&p 500 up for an eighth straight day, the longest streak since 2017. up 16 in the last 18 days. yields pushing higher on the u.s. 10 year. the dollar pushes higher on the back of that as well. we are still trying to calibrate what the federal reserve will do. base metals get a lift after the all important infrastructure bill. crypto is now $3 trillion as an overall asset. we are up almost 5% on bitcoin levels. i am looking at what is happening with big tech. outperformance among the cyclicals today. new york crude up .8%. we want to get over to the story regarding icahn enterprises. the ceo is stepping down, only
seven months after getting the position. he is fighting certain family issues, making it impossible to relocate to florida. icahn enterprises says it is promoting the cfo to ceo. he is on with us. thanks for joining us, david. you joined icahn enterprises in june of this year, and now already the ceo. talk to us about the changing of the role, and is there an issue with the move to miami? the previous ceo and cfo left because they would not have been following in that trajectory in that part of the world. david: it has been a quick rise here. any one day here feels like several months, so it feels like i have been here for quite some time.
if you look around at the other executives we have, we have a robust skill set that has executed an activist playbook over the last 30 years. in terms of florida, it is beautiful here. when you have younger children, it is more difficult to pick up and relocate. from a professional environment, this has been fantastic. no concerns whatsoever about getting the right folks, it is just getting some folks to move down here at the right time in their lives. caroline: so a family affair, not wanting to leave. what about the talent pool there, will you be looking to hire? how do you feel the overall financial industry is progressing in that part? david: speaking for our own firm, we are in no rush to add additional folks. we will do it when we find the unique talent opportunistically, will bring folks into who can at
meaningful skill set or a new subsector, set of experiences. our activism is driven by carl and brett and the small handful of investor portfolio managers. there is no impediment right now based on people or cash. it is funny the opportunities in a market where it is always difficult to find high value investments. caroline: you double down on areas of energy, food packaging, metals, real estate, home fashion, pharmaceuticals. are those continuing to be the focus point, the industries that you want to focus in on? is activism still the best model for today? that is what carl icahn told us in may. david: in terms of activism, if you look at the gross returns in carl's history, hard to argue with the numbers. 30-plus year track record of
almost unfurnished success. we put all of our investments, family investments, it all hinges on that. we are comfortable with activism. you can see from what carl said recently, some of our activities out there with targets. we continue to pursue it aggressively and we find those opportunities where a company would benefit from getting new direction, new support, new management. caroline: that is something we are seeing in the energy sector at the moment. we look at the focus in terms of some of the areas pushing for change in the board room. is there any move from an icahn enterprises perspective into crypto? getting into the $3 trillion asset class. when we spoke to carl in may, he said he was interested in this space. is that part of the business or him personally? david: i think we are all
fascinated by crypto, trying to figure out what makes sense in crypto. but given where we are, it is not a current focus, at least not at the company level. we will continue to monitor that and see if something changes. it is a dynamic and fluid market but not one at present that we are heavily focused. caroline: what do you want to do as a ceo, where do you hope to leave your mark at icahn enterprises? david: we are very excited about the playbook carl has had for decades, and one, accelerating it, in terms of the same opportunities. finding a distressed company in terms of value, working with management collaboratively or less collaboratively, to drive improvement. the second focus that we are really dialed into is how do we take our existing portfolio companies and start to take them
from simply holdings that we have and really start to execute improvements? you have seen that recently with our announced sale of psc metals. it's a company that we have taken over years, plied our playbook, and we can successfully sever. we want to put that playbook on steroids, really accelerate our ability to take a company that we own, transform it, generate superior returns, and then either the harvest the profits for ourselves or find a willing and adjusted buyer. that is where i hope to make my mark. what he has done and focus on the operating company to drive those further, faster. caroline: looking at improving financial and operational performance, you know about transforming businesses. what are the valuations in the market telling you about the ability to do that? it's been an interesting time
finding the companies underperforming when we have so much cash looking for a home. david: there is a lot to that question. one, can you find companies that are out there that are a steel that no one else has found? it is tough. you have to think through, is it an operational improvement, or a company governance issue you can restructure? frankly, for run-of-the-mill opportunities, it is difficult. you need an experienced set of eyes, experienced playbook to find those. you cannot just pop into this industry with no experience or just an aspiration. you have to know how to navigate the arcane avenues of dealing with activism, either on the deal side or operation. caroline: are there new players trying to get into activism? we have started to see the rise of etf's. that has been looking at aligning themselves with younger
investors' desire to see change in line with the morals, principles, climate change and the like. do you see icahn enterprises as an older style of activism in that respect, or do you see yourself looking at where future investors want to go? david: well, both, but we do have a primary focus on value investing. it's very difficult for us to comprehend an investment that is not fundamentally logical on a cash flow basis, not supported by assets. you see many folks out there pursuing activism or investments that are very exciting but when you compare them to what has made us successful, it is hard to understand how you can get to that same investment. for us, it is not a value-based investment strategy. we continue to execute the playbook that makes sense. folks always aspire to mimic what we do, but it is extorted
nearly difficult, for many reasons. caroline: how do you feel about the u.s. economy right now? we have the passing of the infrastructure bill, potentially at the next round of investment, 1.70 $5 trillion in terms of build back better. carl icahn was worried about it over of the u.s. economy. is he still worried about it, are you worried about it? david: i will let carl predict for himself. i never predict what his views are. i think everything carl outline makes sense. oil prices are a concern, as a real impact on the economy. inflation is being felt by many folks, different stratas of the economy. those are pressures that have not fully ripened. the infrastructure bill, will stena to understand entirely what is in it. certainly, a prudent use of money to invest in infrastructure makes sense. i would say that we are watching
the future closely. every quarter we reevaluate our positions, our sense. guarded optimism to guarded pessimism is where we vacillate, but there are a lot of headwinds that everyone is sorting through. caroline: as we look to the last question, david, i want to go back to where we started. the future of icahn enterprises in miami. do you feel we are seeing a significant change in terms of industries that will continue to come there? will miami continue to attract new players, the talent that you want to see? david: i am new to miami. i will let those who have been here longer speak to it. there are many things to bring miami. the taxes, the climate. in terms of talent, we see a lot of folks coming here. a lot of folks in the market already.
the challenge has never been finding talent, it is sifting through who is out there, making sure you get the absolute right fit culturally and the skill sets. miami is no different from new york, new jersey, los angeles. you still have to go through the same agony to find the folks, but they are out there. we are still seeing them. most of the team is miami-based, or relocated to miami. we are optimistic about the future. caroline: david willetts, thank you for your time. ceo of icahn enterprises. coming up, insights into the future of crypto. now with a market value of at least $3 trillion. we will be discussing the evolution of that particular space in a conversation with brian brooks. this is bloomberg. ♪
caroline: this is bloomberg markets. i'm caroline hyde. the crypto market is now worth more than $3 trillion. should allie bassett is standing by with a key voice in the space. >> we are standing by with brian books the new ceo of bitfury. thanks for joining us. let's talk about your new role. you have just joined. what is your new goal for the future of bitfury? brian: the first thing we have to do is solve the way the bitcoin industry gets through the chip shortage globally. second thing we have to do is figure out environmentally
sustainable ways to deploy solar powered, wind power, hydropower toward bitcoin. i have a lot of thoughts about that because bitcoin is a part of the solution to the environment. the third thing that makes bitfury such an interesting company is the portfolio underlying the software business. we are going to bring all of that to market in the next 12 months as we get ready to ipo 24 months from now. sonali: you have talked about potential vc funding, potential ipo. those are traditional forms of finance. i wonder if you are not thinking about a more defi for my financing? brian: we have ownership states in a set of portfolio companies, any of which may will do that. there is an interesting creator economy company called surround that could well do token offering in the future. that could be how the company gets to market. bitfury is a holding company of
a number of businesses. at the end of the day, that isn't more of a traditional play to take finances and put it into to. sonali: let's go back to the environmental impact here about crypto mining, that you see ahead in this market. what can be done differently at scale to make this industry a greener one? brian: the simple answer is the very fact that most renewable energy is not profitable. bitcoin mining might be the solution to making it profitable. i will tell you what i mean by that. most solar projects out there produce enormous overcapacity in the hot summer days that cannot be stored. excess capacity is shunted off onto the grid or another way. because of that excess capacity, plus the fact that the sun sets, you cannot operate those things
without government subsidies. enter bitcoin mining, which can consume all of the excess capacity of solar and wind, and all of a sudden, renewable energy becomes profitable and we get more of it. taking the excess capacity and turn a losing money business into a sustainable profitable one. sonali: a lot of talk today about this tree -- $3 trillion market moment the industry is having. i wonder what you think about the next leg to boost the industry further? there is talk about the holidays. people going home and talking about this with their families. are you expecting the end of the year to bring more upward surprises? brian: if you look at the stock model of any other economic model, it is clear we are in a new era from a year ago. when you hit $3 trillion in market cap, it is clear that this is something you cannot
ignore. you heard the prior ceo talking about it, you saw pimco talking about it, larry fink. that tells me everyone at thanksgiving will be talking about this asset class, which is why at this point, it's very clear there has been adoption of these centralized economies. sonali: you are talking about so many others adopting it, your own companies considering a nontraditional means of financing. what kind of threat does this propose to the traditional finance industry? brian: it is clear the finance industry itself sees this as a major threat. the cio of pimco week or two ago said they needed to get into the space because of the worry that if they don't, they will be this intermediated by it. that is why traditional banks at crypto groups inside their companies and they would not have two years ago. sonali: thank you for your time, brian brooks, did fury bitfury.
caroline: this is bloomberg markets. i'm caroline hyde. it is time for a bloomberg business flash. warren buffett extends a selling streak. berkshire hathaway was a net seller of equities for the fourth straight quarter, selling almost $2 billion worth of stocks. history indicates buffett has struggled to find bargains with the stock market hitting all-time highs. an airport has agreed to be bought by a consortium of funds, just as australia reopens to travel. it has accepted an offer from a group of investors. the company had rejected two
previous lower bids. employees at three starbucks coffee shops in new york get a decision on whether they can unionize. if so, they would be the first story ever to recognize unions. a vote in favor would be a victory for the company's labor movement. let's get a quick check on what is happening in the markets and what is coming up as we open the doors to international travelers to come to the u.s. that is helping the markets today. we have optimism surrounding the pfizer virus treatment, u.s. travel restrictions easing, and we have the signal that the federal reserve is not willing to rush in terms of acting rates. can this mean that companies can continue to post strong rates? the s&p 500 clinging onto that record high.
no haven when it comes to bonds. copper is up 1.5%. crypto now worth more than 3 trillion. bitcoin near record highs. there is a risk on flavor today. the russell 2000 on the up and up, the dollar on the downside, as we see more of the fx related currency pairs doing well. the aussie dollar doing well. oil managing to push higher. let's talk more about international travel. we will be talking about this with gilda perez alvarado. this is bloomberg. ♪
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fully vaccinated travelers to arrive from places including europe, china, and india. it will revive some of the world's most lucrative routes for airlines. analysts expect lower demand as services resume with lights effectively limited to the fully vaccinated. israel is set to allow some groups of tours to enter the country even if they have not had booster shots, according to the countries health and tourism ministers. testing will be required. each group will remain in a so-called capsule and he kept away from crowded areas. new york city is taking steps to make it easier for parents to get their kids vaccinated. mayor bill de blasio said today the city is extending additional paid sick leave to city workers and contractors so they can take their children for shots. the mayor said people shouldn't have to choose between a paycheck and the health of their family. indonesia is in talks to support -- procure pfizer's covid-19
pill, along with mark drug.global news 24 hours a day, or partner with an indonesian company to make the pills on shore. the government is also considering whether to extend quarantine requirements to seven days from three. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ amanda: i'm amanda lang. welcome to bloomberg markets. caroline: i'm caroline hyde. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world.
the doors are officially open in the u.s. for international tourists. we will speak with jay ll hotel and hospitality on where travelers are going. as the economy reopens, the fed is addressing the uneven recovery and challenges faced by women and people of color through the pandemic. and family feud on hold. after one of canada's biggest corporate board showdowns, edward rogers regain control of rogers communication, but if you cost him everything in the end. dramatic. amanda: it is. the stock is certainly gaining today in reaction to that. we are seeing gains across the major averages, getting close to records, and record runs for stocks after a strong earnings season. now the question is what companies can do for a repeat. continuing to see this internal conversation between investors and the strength of demand and the strength of inflation. look at the 10-year at 1.408. you are seeing some softening on
the longer end of the yield curve. flat on the s&p 500. energies and financials, tech, consumer discretionary are weaker on the date. although the chips stand up once again. huge moves for nvidia and qualcomm. for what it's worth, a milestone. after more than 600 days, a majority of international travelers back welcome into the u.s. that has bookings skyrocketing. we are hearing from many in the industry that we have seen a huge jump. we should note, caroline, it is also of note for the canadians. the land border between canada and the u.s. is now fully open. elaine's at those border crossings are available and we are hearing there are lineups. definitely some interest in getting back to america. caroline: so excited to see people such as yourself coming to the u.s., my own british folk
coming to the u.s. it has been, as an immigrant in the u.s., a difficult time to be separated from family and friends. to see the economy open wide and people able to start spending broadly, at the theaters and museums, we welcome those travelers back. i am excited for it. we were shown a picture of aircrafts taking off in you know unison at heathrow, taking off at the same time. quite the beatable shop. amanda: and a reminder of the human face of it. we can talk about the economic and business aspects of it but human beings are being affected here. we know the travel industry will have a huge impact.
gilda perez-alvarado is with us. we have talked through this pandemic about how the sector was doing. is this sort of the beginning of the end for the industry, if we are talking about across north america, the u.s.? gilda: this is the booster we were looking for. it has been a story of two halves, in the u.s. with markets heavily dependent on national or domestic tourism doing well, particularly markets like florida. but new york city, which is dependent on international business, this is the booster that we were waiting for. today, i am attending the nyu investment conference. the enthusiasm, welcoming today is just great. caroline: so much enthusiasm. is there the supply side there to welcome? we are experiencing the lack of labor at the moment, shortages
in restaurant industries, customer facing industries. are the hotels able to welcome these guests? gilda: you hit the nail on the head, this is the biggest challenge we have as it relates to hotels. this is not a demand issue, demand is coming back the strongest we have ever seen. it will probably be a new renaissance in terms of travel and tourism. it is the shortage of staff that we have. we are right now competing with gig workers. amazon is announcing rates, flexibility, so it's time for hotel companies to rethink how we will attract labor back into the system. this is the biggest hurdle we have. at the marriott marquis right now, business is booming, it feels good, but you do notice the shortage of labor. amanda: when we look at the stock -- i was having a quick
look at hilton, for instance. over a three-year period, pre-pandemic levels. even though we are yet to get to full capacity, labor shortages, one thing i want you to comment on is this changing from rev p ar, to total rev par. what is the shift? it always make me nervous when an industry says we are going to redefine success. gilda: they should have happened pre-pandemic. basically what we are stressing with total revenue per available room, we are looking at every square footage of the hotel and seeing how it generates money. revenue is not just generated by selling rooms. hotels are becoming more dynamic as it relates to ancillary revenues, whether it is food and beverage, spa, fitness, you name it.
hotels are reinventing themselves to provide a greater experience. they are offering more services above and beyond the room or maybe more services to not just those hotel stay and customers. maybe people who will go by the day. that is why we are hearing from the investment community that we have to look at total revenue being generated in the hotel. the other thing to note, there has been this hotelization of real estate. we will see the blurring of lines in terms of using other metrics, now measuring with the hotel itself can generate above and beyond just the room nights. caroline: how are you looking at investing to ensure that you are making the highest margin, the most efficient use of capital? is it all about technology if you are short of labor, wanting a slicker experience?
we are all still reeling from covid, trying to limit our interaction to a certain extent. gilda: that is the biggest question right now in terms of how to use technology to enhance a guest experience, be a little more effective. we have to be mindful, in certain unionized environments, the adaptation of technology as a solution may not be as fast as other markets, but definitely our investors are looking at the use of technology, how to be more efficient, do more with less, redefine the customer experience. technology is important, maybe not so much to replace labor, because at the end of the day, we are a human industry. you are coming here for the personal human interaction. but ways to enhance the experience. we have become used to communicating via technology. our lives are hybrid between
virtual and real world. it is expected from a guest perspective that your home away from home be perfectly equipped with the technology that you need to do your day-to-day things. amanda: this is a really important point in terms of the planning you are hearing from the industry. when you see a labor shortage, we know it can speed up investment in labor replacing technologies. this sector had already been working on that, there was already a check in process that didn't involve human beings. we are talking about the degree to which front-line employees disproportionately hurt are the most vulnerable. some of those jobs may disappear permanently because of this labor cap we are seeing, shifts on the other end of it. are you hearing that planning? gilda: a little bit. job security is something we have to address as hotel companies.
we get enhanced security, maybe looking on benefits, and let's not kid ourselves, there may be some wage inflation going on. this is not just in hospitality but other industries as well. we have to look at the labor side of the equation. that is the biggest headwind we have. the good thing is with two point $9 trillion of savings amassed, people getting ready to travel and spend time in hotels, we think those increased costs will be more than obsessed by increased revenues from this amazing wave of demand that we are seeing, continue to expect to see going forward. caroline: where are the opportunities for you, we are using the need for your services? gilda: we are seeing the biggest pockets of value in places like new york city. new york has gotten beat up in every sense of the word through the last 20 months. there is an opportunity for
investors to look at hospitality, real estate in this market, to redefine that guest experience, as you were talking about, in terms of technology, capex being invested in these technologies. now that international travel is back, we will see a recovery here. other markets have been performing well during the pandemic. take miami as an example, which is a booming town. the international demand that will be coming there is an enhancement. in terms of value for your dollar, right now, i would be looking at companies that have an exposure to corporate cities, heavily reliant on international travel. those are dragging behind, prices are still very attractive. these are cities that are not going anywhere. the lights are being turned back on, on a dimmer, but back on.
i would say those are the greatest pockets of value. caroline: thank you so much, gilda perez-alvarado of jll hotels in hospitality. fed chairman jerome powell addressing gender inequality in the job market this morning. the conference board's chief economist will be with us next. this is bloomberg. ♪
little bit higher pay of the national women's law center said 57% of new jobs created in october went to women, who finally are getting some sort of steadiness to children getting back to school, not having to take every other day or week off because of another covid case. we are starting to get those five to 11's vaccinated. there is still some inequality in those numbers because black women are not included in those. amanda: the more vulnerable to group, the more likely they are to be on the short end of the stick in this pandemic. we have known that to be true. i can hear in your tone, this is a silver lining perhaps, but we know the majority of jobs not recovered are female jobs. we will find other issues of iniquity, but for sure women are underrepresented in the resurgence of jobs post-pandemic, and that is something worth looking into. we don't know all the factors
into it, childcare is a part of it, but not all of it. caroline: let's talk to the person perfectly placed to talk about it. dana peterson with the conference board has done so much work on why we see and recovery in the u.s. employment picture. do you take any sort of silver lining from the numbers that came out on friday? dana: certainly, the silver lining is in service person type jobs are back on track in terms of reopening, people being hired. we had the delta variant, which was a major setback. but when you look at the data of the 4.2 million payroll jobs that have yet to be recovered, 57% of them are women that are missing. while we are excited that we had over half a million jobs added in october, hopefully should see that many jobs or more going forward, we need to make a dent in terms of getting women back into the workforce. amanda: there are a variety of
factors for that. we have noted here, the hospitality service sectors are overrepresented by women. when you close those down, it became the she session that we saw. we hear about a labor shortage, unfilled positions. did something shipped in the pandemic where no secondary workers, the flexible part of our workforce, has changed in some way making it harder for them to get back to work? dana: a number of things are making it difficult for women to return to the labor market. we mentioned a few seconds ago, childcare. even though kids are physically back in school, what do you do once they are out? school ends at 3:00. i was a latchkey kid. my brother went to aftercare. women with small children may not have options in terms of childcare. there are one missing childcare
workers from this labor market recovery. that is certainly a challenge for women. there are broader issues in terms of what businesses are looking for. they are looking for people with high skills, people who want flexible hours, and also people who may not necessarily want high wages. for women, the wages are a huge factor of them working, in terms of flexibility of ours, as well as childcare options. caroline: the opportunity cost is significant when you have to pay for child care. the wage has to be enough to make it appealing. i wonder if you think some of the work the administration is doing as we look toward build back better, i am confused as to what is in it or out of it. we know paid family leave was a key focus. is there anything within the federal focus that could change the name of the game here for women coming back to the workforce? dana: paid leave for both men
and women is super important. the u.s. is one of the few economies around the world that does not have the provision. certainly, for many people, especially women, having that option is important. when you think about when women retire, your social security benefits are prefaced on how long you worked and what your wages were. if you have gaps in employment because you are taking care of children or your elders who can no longer take care of themselves, that means huge gaps in employment, less in terms of retirement. amanda: always great to have you with us. we appreciate your perspective. lots of research on the subject by you. dana peterson, the conference board chief economist. after a dramatic family feud, canada's edward rogers we get control of roger's communications. could it end up him losing a lot more? it is our stock of the hour, coming up next.
amanda: this is bloomberg markets. i'm amanda lang. the rogers family feud, which has gripped candid and some others are like is over at least for now. a report has given edward rogers control of the board of the company. the news has boosted shares of rogers, as well as shaw communications, which rogers is in the process of taking over. kriti gupta has more. >> let's start out with rogers communication does. it is a communications and media company that ranges from cable to radio, tv broadcasting, all the way to wireless. half of their revenue coming from wireless in particular. the family feud started when guy named ted rogers, whose son, edward rogers, served as the company's board of directors,
and in trying to fire the ceo of the company, his sister and mother's, who are members of the board, try to remove him. he tried to remove them back. after months of fighting, a canadian court sided with edward rogers. shares have weighed during the saga, underperforming its peers. today, shares of rogers communication, as well as shaw communications, which it is trying to acquire, are both higher by about 3%. caroline: has rogers forced the course at the company? kriti: one of the visions of ted rogers, the founder of the company, was to create a voting block. 97.5% of class a shares were to be given to the family.
the idea being that the family members wouldn't have voting rights but together they could dictate the future of the company. right now, edward rogers is the chair of that trust, so he in theory has that control, whereas holders of b = shares d not have those rights. amanda: just the latest chapter paid we will continue to follow it. thank you for that. that is all from bloomberg markets. for caroline hyde, i'm amanda lang. .
out of this year's you and climate talks, former president obama is urging the world's government to undertake greater ambition cutting emissions and dealing with the mounting damage. the summit in scotland is mr. obama's first since as president he helped deliver the landmark 2015 paris climate accord. >> we are nowhere near where we need to be at. for starters, despite the progress parents represented, most countries have failed to meet the action plans they set six years ago. mark: the two-week climate talks are at their midpoint after president biden and other global leaders launched the summit last week with pledges of action and calls for more. the u.s. power grid is becoming less resilient and reliable with extreme weather leaving more americans without electricity more often ovet p