Transcripts For RT Boom Bust 20240713

Word. Weve brought the best of boeing to this effort we spent over 100000 engineering and test hours weve flown more than 800 test flights 100000 engineering and test hours weve flown more than 800 test flights we conducted simulator sessions with 545 participants from 99 customer we conducted simulator sessions with 545 participants from 99 customers and 411 global level regulators i flew alone. On a couple of flights myself this is taken longer than expected but were committed flights myself. This is taken longer than expected but were committed to getting it right. Mr mulan bergs testimony on tuesday did to getting it right. Mr mulan bergs testimony on tuesday to the United States Senate Commerce Committee Also marked a grim anniversary of the 1st to the United States Senate Commerce Committee Also marked a grim anniversary of the 1st fatal 737 crash the faded lion air flight 610 indonesian fatal 737 crash the faded lion air flight 610 indonesian investigators recently released a final report on that 1st 737 crash site and investigators recently released a final report on that 1st 737 crash citing the controversial jumbo jet models Flight Control system and c. I. S. As a signal the controversial jumbo jet models Flight Control system and c. I. S. As a significant factor in the crash the growing record of the 737. 00 max is trouble Development Factor in the crash the growing record of the 737. 00 maxes trouble development leaves mr mulan berg an easy and inviting target for some tough questions on tuesday and the Senate Leaves mr mulan berg an easy and inviting target for some tough questions on tuesday in the senate and wednesday in the house and for more on these congressional hearings are to correspond of it and wednesday in the house and for more on these congressional hearings are to correspond a fair inference i told this report from near the site of the hearings. On friends i told this report from near the site of the hearings. Janet yellen works 1st appearance on capitol hill ever since those 2 fatal boeing 730 janet yellen works 1st appearance on capitol hill ever since those 2 fatal boeing 737 max crashes ironically its also the one Year Anniversary of the lion area 7 max crashes ironically its also the one Year Anniversary of the lion air jet crash that killed all 189. 00 souls on board now military jet crash that killed. All 189. 00 souls on board now entered the Senate Hearing room tuesday surrounded by families of the victims of those 2 crashes entered the Senate Hearing room tuesday surrounded by families of the victims of those 2 crashes families holding up large photos were all raised directly behind mulan who appeared families holding up large photos were all raised directly behind mulan who appeared very focused and unemotional texas senator ted cruz the chairman of the Commerce Committee is a very focused and unemotional texas senator ted cruz the chairman of the Commerce Committees aviation subcommittee says the panel plans on asking how was the plane designed without safety mechanisms that happened not once but twice how was the regulatory System Design ation subcommittee says the panel plans on asking how was the plane designed without safety mechanisms that happen not once but twice how was the regulatory System Designed what were the incentives within the regulatory systems to sign off on these changes and why bob and what were the incentives within the regulatory systems to sign off on these changes and why were pilots not trained on this adding thats what prior 730 sevens had but not the pilots not trained on this adding thats what prior 730 sevens had but not the 737 max before the 2 crashes boeing touted to Major Airlines around 737 max and before the 2 crashes boeing targets a Major Airlines around the world it was a fuel efficient plane and didnt require time consuming training chair in the world it was a fuel efficient plane and didnt require time consuming training chairman to mississippi senator roger wicker says his biggest question did boeing and the federal mississippi senator roger wicker says his biggest question did boeing and the federal Aviation Administration rushed to get the boeing 737 max before a certain early Aviation Administration rushed to get the boeing 737 max before certifications and Safety Measures were totally ready this after emails and the 10s of thousands in Safety Measures were. Totally ready this after emails and the 10s of thousands of other documents house lawmakers ever reviewed in their probe drawing questions about boeings kinds of other documents house lawmakers ever reviewed in their probe drawing questions about boeings culture and its race to get the 737. 00 max out all the win over airlines whole sure and its race to get the 737. 00 max out all the win over airlines to top its chief rival france based air bus at these hearings come just one week to top its chief rival france based air bus at these hearings come just one week after boeing let go of one of their top executives who was the head of the commercial Airlines Division after boeing let go of one of their top executives who was the head of the commercial Airlines Division Kevin Mcallister this after the company says he handled the companys largest point of business which in cabin mcalister this after the company says he handled the companys largest point of business relationships with airlines relationships with airplanes and poor elderly face or face always doing a growing turn in the internal scrutiny about his about his handling of relations in particular alienating important customers following the 2736 handling of relations in particular alienating important customers following the 2737 max crashes the 737 has been grounded since march and it cost the Major Airline 7. 00 max crashes 737. 00 has been grounded since march and it cost the Major Airline company 8000000000. 00 commercial business relations are more than 60 company 8000000000. 00 commercial business relations are more than 60 percent of boeings total revenue last week c. E. O. Dennis miller was demoted from his position percent of boeings total revenue last week c. E. O. Dennis miller was demoted from his position as chairman of the board but he does remain as one of the chief executives and that is one of the biggest question as chairman of the board but he does remain as one of the chief executives and that is one of the biggest questions today on capitol hill why is still a part of boeing questions today on capitol hill. Why is mulan berg still a part of boeing texas senator ted cruz says that thats not a government decision thats a shareholders decision chairman with the texas senator ted cruz says that thats not a government decision thats a shareholders decision chairman wicker says that theyre determined to work with the families to get the answers and also bring those who are at fault here says that theyre determined to work with the families to get them answers and also bring those who are at fault accountable for boom bust unfair in france act. Fault accountable for boom bust unfair and fronsac are. Phase one. Phase one of a trade deal between the United States and china could soon be finalized but it may not be in time of a trade deal between the United States and china could soon be finalized but it may not be in time for a meeting between the president and she next month according to new reports are a meeting between the president and she next month according to new reports arties radio blevins has the latest on the potential trade deal. For months of parties Rachel Blevins has the latest on the potential trade deal. For months of trade talks leaders from the United States and china are set to meet on november 17th but there is trade talks leaders from the United States and china are set to meet on november 17th but there is no guarantee that the 1st phase of a trade deal will be ready to sign this according to a new is no guarantee that the 1st phase of a trade deal will be ready to sign this according to a new report which claims the u. S. And china are continuing to work on an interim trade agreement but a report which claims the u. S. And china are continuing to work on an interim trade agreement but it may not be completed in time for leaders to sign at the Asia Pacific Economic cooperation may not be completed and. Time for leaders assigned at the Asia Pacific Economic cooperation summit in chel way but President Trump told reporters on monday that he is optimistic aeration summit in chel way but President Trump told reporters on monday that he is optimistic and that phase one of the trade deal is already in the works we are looking in and that phase one of the trade deal is already in the works we are looking. Probably to be ahead of schedule decided a very big portion of the probably to be ahead of schedule decided a very big portion of the china deal and well call it phase one but its a very big bushy dyna deal and well call it phase one but its a very big or shouldnt be that would take care of the farmers it would take care of some of the other things general also could do that would take care of the farmers who would take care of some of the other things will also take care of a lot of the bank in the now according to reports while trade talks continue the you make your lot of the bank in the now according to reports while trade talks continue the u. S. Will consider extending some tariff exclusions on 34000000000. 00 last will consider extending some tariff exclusions on 34000000000. 00 in chinese imports while the 1st part of a potential trade deal which temporarily person chinese imports while the 1st part of a potential trade deal works temporarily prevent an increase in tariffs current u. S. Tariffs or 25 percent on 250 event an increase in tariffs current u. S. Tariffs or 25 percent on 250000000000. 00 worth of chinese imports and 15 percent on 1102000000000. 00 worth of chinese imports and 15 percent on 110000000000. 00 and goods will remain and the looming threat of tariffs on virtually already dollars and goods will remain and the looming threat of tariffs on virtually all remaining chinese imports which with specific target consumer goods could still go into effect meaning chinese imports would. Specifically target consumer goods could still go into effect in december the agreement would include a promise from china that it will follow basic and december the agreement would include a promise from china that it will follow beijings outdated ip and Foreign Investment laws i made complaints from the us that china is outdated ip and Foreign Investment laws i made complaints from the us that china is guilty of intellectual as good home pretty of intellectual property that these one also believe is to be one could also lead to the us removing chinas currency manipulator status the countries make a Bilateral Committee moving chinas currency manipulator status as the countries make a bilateral commitment not to manipulate currency markets for economic advantage the deal could all this not to manipulate currency markets for economic advantage the deal could also include a much needed break for farmers china agrees to resume purchases and also include a much needed break for farmers china agrees to resume purchases of products like soybeans and port high levels that were seen before the trade war began products like soybeans and port high levels that were seen before the trade war began however the deal will not include a removal of restrictions on Chinese Telecom giant however the deal will not include a removal of restrictions on Chinese Telecom giant wall way and a spokesperson for Chinas Foreign Ministry continue to accuse the west of that waterway and a spokesperson for Chinas Foreign Ministry continue to accuse the last of the economic bowling women can do if we resume oppose the un i cannot make bowling women to do if we resume oppose the us abusing the state power to suppress specific Chinese Enterprises with unless abusing the state power to suppress specific Chinese Enterprises with unwarranted charges in the absence of any evidence that economic bullying behavior into the charges in the absence of an. Evidence of the economic bullying behavior of the us is a denial of the market economy principle the us has always of the us is a denial of the market economy principle the us has always advertised. Is adverts but. So doesnt include the deal also does not include a plan and profit in the trade war and reports no trade for the street is in. Trouble ministration is eager to push the idea that the initial phase will be followed by others but the expectations that will happen are here that the initial phase will be followed by others but the expectations that will happen are low now it remains to be seen if it is a one of a trade deal will be ready by next month low now it remains to be seen if phase one of a trade deal will be ready by next month as the trade war between the worlds 2 largest economies begins to have an impact on the global trade war between the worlds 2 largest economies because to have an impact on the Global Economy reporting from outside the office of the United States trade representative in washington or ca to me reporting from outside the office of the United States trade representative in washington Rachel Blevins are. The highly anticipated trade Rachel Blevins are. The highly anticipated trade talks between president xi and trump scheduled for chile next month has boosted optimism in the talks between president xi and trump scheduled for next month has boosted optimism in the markets that a phase one will be finalize that this will be the 3rd time the 2 markets at a phase one will be finalized that this will be the 3rd time the 2 leaders meet but in a last minute twist reuters reports that interim agreement may not meet but in a last minute twist reuters reports that it interim agreement may not be completed in time for signing in chief so how many times have you heard this story before be completed in time for signing in chief so how many times have you heard this. Story before and shouldnt the market know better than to get their hopes up before a deal is when it comes to trying shouldnt the market know better than to get their hopes up before a deal is when it comes to u. S. Stocks quickly turned negative following their report as investors closely watched u. S. Stocks quickly turned negative following their report as investors the closely watched trade talks were actually much further away from resolution than previously believed for analysis were actually much further away from resolution than previously believed for analysis on all things china and u. S. Trade war were now joined by sue our senior apac International Says on all things china and u. S. Trade war were now joined by sue our senior apac International Relations policy specialist with the institute for china american studies. It relations policy specialist with the institute for china american studies so if everything goes ahead as planned the summit between she and President Trump in chile next month everything goes ahead as planned the summit between she and President Trump in chile next month would be the 3rd time that the 2 leaders meet so whats different about this time and what would be the 3rd time that the 2 leaders meet so whats different about this time and what gives the market any reason to believe that something some trade deal could be gives the market any reason to believe that something some trade deal could be hammered out at this trade meeting whats different. Marred out at this trade meeting whats different. Just punch closer to. Real Election Campaign that is probably the most much closer to. Real Election Campaign that is probably the most important so you can. There have been some warning indicate important so you can. There have been some warning indicators with regard to the u. S. Economy is held and mr trump does not want to flare up in the details with regard to the u. S. Economy is held and mr trump does not want. That flare up in a big way going into the election but the bottom line out here is much much of this early going into the election but the bottom line out here is meant much of this Early Harvest that were talking about these could have been harvested most of them in february itself harvest that were talking about these could have been harvested most of them in february itself there was no reason to drag this out this long and have so many punitive measures there was no reason to drag this out this long and have so many punitive measures particularly from me on words if this could have been harvested right then and its just particularly from me on words if this could have been harvested right then and its just been a lost opportunity and we touched on earlier this week its been a lost opportunity and we touched on earlier this week this scandalously undercover unknown Regional Initiative called this scandalously undercover unknown Regional Initiative called the r c e p the Regional Comprehensive Economic Partnership embracing 6 of the r c e p the Regional Comprehensive Economic Partnership embracing 16 nations accounting for a 3rd of one 3rd of global g. D. P. And half the worlds nations accounting for a 3rd of one 3rd of global g. D. P. And half the worlds population there were some trouble earlier this week between india and malaysia population there were some trouble earlier this week between india and malaysia that threaten to derail it but could this us china trade war help keep the r c trying to derail it but could this us china trade war help keep the r c e p back on track i think that the u. S. China trade war has been a still back on track i think that the us china trade war has been a stimulus for getting our set done its its been in the works since 2012 millis for getting our set done its its been in the works and story. The 12 guys like india frankly have been running their 1st but its coming close to a conclusion guys like india frankly have been running their 1st but its coming close to a conclusion on november 4th theres an important Leaders Summit in bangkok the high expert on november 4th theres an important leader of summit in bangkok the High Expectations that the deal will be signed right then or if not it looks happen very sick patients that the deal will be fine right then or if not it looks happen very soon thereafter and i think an important point to come out of all this is soon thereafter and i think an important point to come out of all this is there are for countries are getting the agreement its a very broad political agreement there are 4 countries are getting the agreement its a very broad political agreement the un calendar didnt ask here the un japan had done their economic liberalization the un calendar didnt ask here the un japan had done their economic liberalization agreement and what we see is the us which once used to be the leader in this area in agreement and what we see is the us which once used to be the leader in this area has now been is the only party which is actually walking in the opposite direction frankly has not been is the only party which is actually walking in the opposite direction frankly meanwhile rachel mentioned briefly that while away right now our way and the other chinese meanwhile are rachels mention briefly that while away right now to far away and other Chinese Tech Companies e. T. E. Which were blacklisted by the u. S. Is issues have not been addressed yet and talk of the city which were blacklisted by the u. S. Is issues have not been addressed yet and today china blasted the u. S. Calling them a car economic bully of our proposal walk today china blasted the us calling them a car economic bully of our proposal walking Telecom Carriers from buy our products it also now requires kerry to actually removing Telecom Carriers from buy our products it also now requires care. Is to actually remove existing our way and c. T. Equipment so this again tolly goes against the market prints existing our way and c. T. Equipment so this again totally goes against the market principles on which the us have previously and always trumpeted sol now as likely to balls on which the us have previously and always trumpeted sol now is likely to going to be at the center of trade talks going into face to face 3 how can there be any going to be at the center of trade talks going into face to face 3 how can there be any compromise when it comes to a black eye issues such as security your own who are very compromised when it comes to a black eye issues such as security your own who are issues is going to be a complicated issue in phase 2 fierce 3 especially with the improved issue is going to be a complicated issue in phase 2 fierce 3 especially with the improved with the detention of the leaders daughter in canada and that has has its with the detention of the leaders daughter in canada and that has has its own dynamic of the let me from manso in 2 parts of your country saw it alone dynamic of the let me for a man so in 2 parts of countries are at liberty to draw the National Security perimeter in terms of their Critical Infrastructure including liberty to draw the National Security perimeter in terms of their Critical Infrastructure including in telecoms in countries of calm down a different points in this regard that having being seen in telecoms and countries of calm down at different points in this regard that having being said not just about heres the kind of the irony the double speak of the us has earned the u. S. Talks in terms of chinas 3rd not just about heres the kind of the irony the double speak of the u. S. Has earned the u. S. Talks in terms of chinas state run austere driven economy going off to street ground or steered driven economy which is. And off the Playing Field with its industrial subsidies and cetera et cetera and that those subsidies need to be the Playing Field with its industrial subsidies and cetera et cetera and that those subsidies need to be removed but the fact of the matter is who our way is through and through a private company removed but the fact of the matter is who our way is through and through a private company and all of chinas dynamic ery artificially and all of chinas dynamic ery Artificial Intelligence companies have recently also been sanctioned as part of the shinji and initial Intelligence Companies have recently also been sanctioned as part of the shin junk journ sanctions export controls and so the us talks about chinas stitching journ sanctions export controls and so the us talks about Chinas State Owned Enterprises and state dominated economy and yet goes ahead and punish all enterprises and state dominated economy and yet goes ahead and punishes the most dynamic private players and to kneecaps them shows the most dynamic private players and to a kneecaps them and this itself is a large sure it tells a larger story of what the u. S. Has taught and this itself is a large sure it tells a larger story of what the u. S. Is talking about and what its true intentions are out here and i hope that the market principle will be risking about and what its true intentions are out here and i hope that the market principle will be respected in greater detail frankly. That i fear that i was a pleasure having you here and specter didnt reveal frankly. That i fear that i was a pleasure having you here thank you. Check in with the up and with the ups downs delta and on the other now at south of the energy part of the it will only be worked out with one of the doubt one of the big boss to report today or take a day carnegie. Hall. Reportedly the largest independent exploratory energy firm on earth gets the day is reportedly the largest independent exploratory energy firm on earth gets the days good news with an expectations beating 3rd quarter Earnings Report earnings were 3 point good news with an expectations beating 3rd quarter Earnings Report earnings were 3100000000. 00 adding up to earnings per share of 2. 74 conoco point 1000000000. 00 adding up to earnings per share of 2. 74 conoco posted that figure despite an 18 percent fall in oil prices and conoco calculation posted that figure despite an 18 percent fall in oil prices and conoco calculations global super major British Petroleum posted a 41. 00 persons global super major British Petroleum posted a 41 percent year over year drop in net profit for q 3 b. P. Also cited what they say are one year over year drop in net profit for q 3 b. P. Also cited what they say are onetime asterisks on q 3 report as reasons to list underlying replacement in time asterisks on q 3 report as reasons to list underlying replacement cost profit of 2 bill point 3000000000. 00 in place of the usual profit of 2 bill point 3000000000. 00 in place of the usual net profit that more conventional figure was even lower at a flat 2000000000. 00 profit that more conventional figure was even lower at a flat 2000000000. 00 and the largest remaining coal company in the United States is now down and out as Murray Energy and the largest remaining coal company in the United States is now down and out as Murray Energy files for bankruptcy protections the miner of climate killing coal publicly struggling files for bankruptcy protections the manner of climate killing coal publicly struggled to pay its bills earlier this month even after a restructuring Forbearance Agreement to pay its bills earlier this month even after a restructuring Forbearance Agreement. Analysts say yes i mean demand for coal was a fundamental factor members demise and it was so yes i mean demand for coal was a fundamental factor members demise. The worlds most valuable company is ready to go public after as. The worlds most valuable company is ready to go public after a series of delays that put the i. P. O. In question saudi aramco will start to build a series of delays that put the i. P. O. In question saudi aramco will start to build the book on the 3rd of november according to a new report from reuters citing people familiar with the scituate book on the 3rd of november according to a new report from reuters citing people familiar with the situation shares will be priced at the beginning of the summer and trading will start on the top 2 ition shares will be priced at the beginning of the summer and trading will start on the top of all saudi aramco domestic Stock Exchange on the 11th of december so all saudi aramco domestic Stock Exchange on the 11th of december so oil giant which controversial a value that sells as 2 trillion dollars will float a one to 2 percent still a giant which controversial a value that sells as 2 trillion dollars will float a one to 2 percent stake on their local Market Making it one of the largest Public Offerings on the Exchange Worth roughly 28. 00 on their local Market Making it one of the largest Public Offerings on the Exchange Worth roughly 20000000000. 00 aramco has been forced to change plans for the i. P. O. Multiple times a 1000000000. 00 aramco has been forced to change plans for the i. P. O. Multiple times since and now its a decision to go public in 2016 while the company has been getting to often say announce the decision to go public in 2016 while the company has been getting the offering off the ground they have also been roping in Institutional Investors sovereign wealth funds and wealthy right off the ground they have also been groping in Institutional Investors sovereign wealth funds and wealthy saudi families to become anchor investors going public as an opportunity for the kingdom to diversify the families to become anchor investors going public as an opportunity for the kingdom to divert. By their economy away from a soft focus on fossil fuels. Time if either economy away from a soft focus on fossil fuels. Time now for a quick break but stay tuned because just on the other side the u. S. Federal reserve is out for a quick break but stay tuned because just on the other side the u. S. Federal reserve is looking to cut rates yet again in the next week but one could that mean in the Bigger Picture for the u. S. Looking to cut rates yet again in the next week but one could that mean in the Bigger Picture for the u. S. Economy and Trump Twitter target Jerome Powell peter schiff of Euro Pacific Capital joins us economy and Trump Twitter target Jerome Powell peter schiff of Euro Pacific Capital joins us show to help us make sense of the potential rate cut and as we go to break here are the market numbers show to help us make sense of the potential rate cut and as we go to break here are the market numbers at the close. At the close. What hope to. Put themselves on the line what hopes to. Put themselves on the line to get accepted or rejected. So what you want to express to get accepted or rejected. So what you want to be prez. Someone wanted us. To do i. Wanted. To do i would be impressed as the wife of a 43 a boy cant be good. For us as the wife of a 43 a boy cant be good. Im interested always in the waters about how. Interested always in the water is about how. I sit. I sit. During the Great Depression which im old enough to remember there was and most of my family were during the Great Depression which im old enough to remember there was and most of my family were unemployed or. Other wasnt it was bed you know much worse objectively unemployed working plus other wasnt it was bed you know much worse objectively than day but there was an expectation that things were going to get better. Than today but there was an expectation that things were going to get better. Of there was a real sense of hopefulness there isnt today todays image of there was a real sense of hopefulness there isnt today todays america was shaped by the ton principles of concentration of wealth and power america was shaped by the turn principles of concentration of wealth and power. Reduced democracy at tax. Reduced democracy at tax a loadout engineer elections manufacture consent and out engineer elections manufacture consent and other principles according to no im chomsky one set of rules another principles according to no im chomsky one set of rules. The rich officer said. Thats where the rich officer said. Thats what happens when you put her into the hands of the narrow sector of what happens when you put her into the hands of a narrow sector of wilf which rule is dedicated to increasing power for chills just as youd expect will switch rule is dedicated to increasing power for chills just as youd expect one of the most influential intellectuals of our time speaks of one of the most influential intellectuals of our time speaks about the modern civilization of america. About the modern civilization of america. Up on the. Up and. Up. Shut. Up. Shut. Up. Shut. Up. Shut up. Shut up. Welcome back checking in on the aftermath. Welcome back checking in on the aftermath of the 40 day United Auto Workers strike at General Motors plants in the United States g. M. Of the 40 day United Auto Workers strike a General Motors plants in the United States g. M. Now says the labor action cost the carmaker 2900000000. 00 in earnings in q 3 im now says the labor action cost the carmaker 2900000000. 00 in earnings in q 3 to spite that daunting figure g. M. Stock was resilience and jumping just short of to spite that daunting figure g. M. Stock was resilience and jumping just short of 5 percent by midday on tuesday the bad news confirms a g. M. Profit guidance from last week percent by midday on tuesday the bad news confirms a g. M. Profit guidance from last week warn warning of more red ink than expected there are also significant warning of more red ink than expected there are also significant downstream costs for g. M. Suppliers that have yet to be tallied and most of those firms Earnings Report downstream costs for g. M. Suppliers that have yet to be tallied and most of those firms as Earnings Reports one notable exception is detroit based lire corp or its one notable exception is detroit based lira corp leer c. E. O. Ray scott told trade publication Automotive News last friday that each layer c. E. O. Ray scott told trade publication Automotive News last friday that each week of the strike costlier between 70. 00 and 75000000. 00 now if we could strike costlier between 70. 00 and 75000000. 00 now. But a lot of little stock rose by more than 2 percent on the disclosure of the love letters stock rose by more than 2 percent on the disclosure. The s. And p. Had a record high on tuesday extending mondays rally as investors with the s. And p. Hit a record high on tuesday extending mondays rally as investors looked ahead to a potential rate cut from the fed expectations of easier Monetary Policy hope to head to potential rate cuts from the fed expectations of easier Monetary Policy help to lift the market even as phase one of the u. S. China trade deal may not be finalized and she helped to lift the market even as phase one of the u. S. China trade deal may not be finalized and she lay thinking the market in too close fact that data show that 70 percent of the s. And p. 5 thinking the market and is close facts that data show that 70 percent of the s. And p. 500. 00 companies that have reported so far have beat analyst expectations but could it be that the eye 100 companies that have reported so far have beat analyst expectations but could it be that the expectations were just set too low our current valuation is justified our business is just the expectations were just set too low our current valuation is justified our business is just being less bad and masters are now struggling to find new reasons to buy anything less fat and masters are now struggling to find new reasons to buy and extend the new record rally in equities and analysts point out that the big risk is that we stand the new record rally in equities and analysts point out that the big risk is that were seeing a boost to asset prices but no real uptick in the real economy were seeing a boost to asset prices but no real uptick in the real economy so for more on this were now joined by peter schiff c. E. O. Of the Euro Pacific Capital so so for more on this were now joined by peter schiff c. E. O. Of the Euro Pacific Capital so peter phase one deal just hyped up this entire bull rally and this is peter phase one deal just hyped up this entire bull rally and this is the. Interim deal that basically just kicks the trade can worries down the road and delays action just an interim deal that basically just kicks the trade can worry down the road and delays action the u. S. Is actually hedging themselves right now as treasury secretary management is still not the u. S. Is actually hedging themselves right now as treasury secretary management is still not giving a definitive answer on whether or not the december 15th have will be taken off the table by giving a definitive answer on whether or not the december 15th have will be taken off the table so if phase one is this hard to nail down how bad will face to be so if phase one is this hard to nail down how bad will fade to be. So i dont know theres never going to be a phase 2 i think phase one. Well no theres never going to be a phase 2 i think phase one is simply a way for trump to save face and to surrender in the trade it is simply a way for trump to save face and to surrender in the trade war but still claim victory. And peter a war but still claim victory. And peter was talking about the Federal Reserve cutting rates yet again where is talking about the Federal Reserve cutting rates yet again even while the market is breaking out a new record highs we saw this record close yesterday on the s. And p. Even while the market is breaking out a new record highs we saw this record close yesterday on the s. And p. 500. 00 but this is the 3rd rate cut here were talking about and you know weve been over 500. 00 but this is the 3rd rate cut here were talking about and you know weve been over this before and you pretty thoroughly demolished their arguments for it but what are they saying now with this before and you pretty thoroughly demolished their arguments for it but what are they saying now to justify this 3rd one stocks are hovering near a 15 month high now to justify this 3rd cut one stocks are hovering near a 15 month high. Well well see how they walk that tightrope you know theyre trying to protect. Well well see how they walk that tightrope you know theyre trying to pretend that these rate cuts are just some kind of midcourse correction some and that these rate cuts are just some kind of midcourse correction some kind of insurance policy but if you remember a year ago at this time not only kind of insurance policy but if you remember a year ago at this time not only was the fed raising rates but they had forecast that they would continue to raise it was the fed raising rates but they had forecasts that they would continue to raise rates throughout 2019 i was the only one out there saying that they werent going to do that rates throughout 2019 i was the only one out there saying that they werent going to do that that they were going to be cutting rates not raising them but more than that its not just that theyre that they were going to be cutting rates not raising them but more than that its not just that theyre cutting rates theyre back to quantitative easing they have called off quantitative tightening cutting rates theyre back to quantitative easing they have called off quantitative tightening reverse course theyre doing quantitative easing except theyre not admitting reverse course theyre doing quantitative easing except theyre not admitting that thats what theyre doing because theyre in barriers to have to acknowledge this but if you actually thats what theyre doing because theyre in barriers that have to acknowledge this but if you actually look at how rapidly the feds Balance Sheet is growing now its actually growing fully look at how rapidly the feds Balance Sheet is growing now its actually growing faster when theyre not doing q. E. Than were then when they were faster when theyre not doing q. E. Then werent then when they were so right now as you mentioned the fed fantasy is basically exploding theyre doing 60000000000. 00 im not right now as you mentioned the fed fantasy is basically exploding theyre doing 60000000000. 00 a. Month on q e theyre injecting 130. 00 daily everything on my own daily report month on q e theyre injecting 130. 00 daily everything on my own daily report why is this that injecting so much liquidity into the system when they so kind that why is this fed injecting so much liquidity into the system when they so kind that nothings wrong and right now were expecting a very hard rate cut tomorrow. I think is wrong and right now were expecting a very hard rate cut tomorrow. Just ignore what they say and look at what they do look they are trying to just ignore what they say and look at what they do look they are trying desperately to keep the air from coming out of this wall but its not desperately to keep the air from coming out of this wall but its not going to work i mean the bubble has already popped the only question is how fast its going to work i mean the bubble has already popped the only question is how fast is that air going to come out and when is the market going to figure out that that air going to come out and when is the market going to figure out that the game is over and understand what the fed has been doing and that the game is over and understand what the fed has been doing and get understand the true nature of this bubble economy and whats going to happen if you get understand the true nature of this bubble economy and whats going to happen in the future and certainly are a lot of bubbles google actually just reported and while they teach or certainly are a lot of bubbles google actually just reported and while they be on revenues they missed on a p. S. So this is partially they say they claim due to lumpy on revenues they missed on a p. S. So this is partially they say they claim due to lower margin now that their margins have been shrinking for several quarters so is this concerning lower margin now that their margins have been shrinking for several quarters so is this concern. And given these diminishing returns is google still considered a high growth stock player now and given these diminishing returns is google still considered a high growth stock player now. All of these stocks google included are dreaming. Up all of these stocks google included are dramatically overvalued because of the fed because of the monetary patently overvalued because of the fed because of the Monetary Policy that weve pursued we have inflated asset prices like policy that weve pursued we have inflated asset prices like sachs and like real estate now there are a lot of companies that are worth anything there are a lot of stocks and like real estate now there are a lot of companies that are worth anything there are a lot of these companies that are losing money that have high market values because of the fed now goo these companies that are losing money that have high market values because of the fed now google at least makes a profit but in todays Interest Rate environment the present valuable at least makes a profit but in todays Interest Rate environment the present value of those profits has been inflated by the fed what the fed is trying to do is prevent a few of those profits has been inflated by the fed what the fed is trying to do is prevent those asset prices from coming back down to earth but for a healthy economy those asset prices from coming back down to earth but for a healthy economic recovery thats what we need we cant continue to have over priced assets you know dominic recovery thats what we need we cant continue to have over priced assets you know dollars from put out a tweet today in which he is envious of the europeans and the japanese people shrug put out a tweet today in which hes envious of the europeans and the japanese because they have negative rays and he says this is great you know they get to borrow they get to because they have negative rates and he says this is great you know they get to borrow they get. To be paid to borrow why cant america to get paid to borrow what trump is over we paid to borrow why cant americans get paid to borrow what trump is overlooking is who is paying the bill who is stuck with the cost its the savior looking is who is paying the bill who is stuck with the cost its the savers that should be getting paid by the borrowers who are borrowing money its the senators that should be getting paid by the borrowers who are borrowing money its the citizens who are going to end up losing because theyre financing these loans but all sins who are going to end up losing because theyre financing these loans but all of this is producing malinvestment its helping to expand government at the explicit producing malinvestment its helping to expand government at the expense of the real economy and peter just to play devils advocate for a minute here pence of the real economy and peter just to play devils advocate for a minute here looking at one indicator and u. S. Economy Consumer Confidence it dipped in october looking at one indicator and u. S. Economy Consumer Confidence it dipped in october and the latest survey and theres also good reason to believe that this phase one trade in the latest survey and theres also good reason to believe that this phase one trade deal is a lot of hype and may very well still not happen so it is a lot of hype and may very well still not happen so is there an argument that the fed this 3rd rate cut is a prudent misner an argument that the fed this 3rd rate cut is a prudent measure to ensure against the loss of confidence in the event that this trade deal doesnt azure to insure against the loss of confidence in the event that this trade deal doesnt go through. The one thing the rate cut is not as prudent its a go through and. The one thing the rate cut is not as prudent its a debt. Spurn attempt again to keep the air from coming out of the bubble to maintain false desperate attempt again to keep the air from coming out of the bubble to maintain false Consumer Confidence you know consumers are confident despite the fact that the economy is Consumer Confidence you know consumers are confident despite the fact that the economy is a disaster they dont have any money they have a lousy job they have no savings there is a disaster they dont have any money they have a lousy job they have no savings theyre loaded up with debt but as long as they can keep on borrowing money to buy stuff they can load it up with debt but as long as they can keep on borrowing money to buy stuff they cant afford with money they dont have for some reason they remain optimistic and you have off ward with money they dont have for some reason they remain optimistic and you have all of this hype coming out of wall street coming out of the media to try all of this you know hype coming out of wall street coming out of the media to try to encourage all d of this falls off the optimism the fed plays into that mean the fed will encourage all d of this falls off the optimism the fed plays into that i mean the fed keeps talking about how the economy is in a great plays even as theyve got it on life support keeps talking about how the economy is in a great plays even as theyve got on life support so eventually the consumer is going to figure out just how bad the economy is unfortunately its going to be too late for him to do anything about it and hes going to be blindsided but art so eventually the consumer is going to figure out just how bad the economy is unfortunately its going to be too late for him to do anything about it and hes going to be blindsided but i think its the investors who are in for an even more painful awakening. I think is the investors who are in for an even more painful awakening. Peter schiff of Euro Pacific Capital thanks so much for joining. Us. Peter schiff of Euro Pacific Capital thanks so much for joe. Our pleasure. Shares aversion to let me know. Our pleasure. Shares of Virgin Galactic founded by Sir Richard Branson begun trading on monday morning at a total valuation lactic founded by Sir Richard Branson begun trading on monday morning at a total valuation of 2300000000. 00 after a merger with social capital had a sophia this of 2300000000. 00 after a merger with social capital had a sophia this i. P. O. Makes Virgin Galactic a Ticker Symbol as g c the 1st ever commercial i. P. O. Makes Virgin Galactic a Ticker Symbol as g c the 1st ever commercial space by company to be listed on a public Stock Exchange the company so far has completed 2 space by company to be listed on a public Stock Exchange the company so far has completed 2 test flights using spaceship 2 vessels this i. P. O. Raise much needed funds for a few test flights using space ship 2 vessels this i. P. O. Raise much needed funds for a Virgin Galactic as they attempted to test out an uncharted market the company has yet to Virgin Galactic as they attempted to test out an uncharted market the company has yet to turn a profit and incurred a net losses of 86700000. 00 in the 1st 6 turn a profit and incurred net losses of 86700000. 00 in the 1st 6 months of 2019 shares rose as high as 12 dollars 93 but closed down at month of 2019 shares rose as high as 12. 93 both closed down at 1175. 00 the space race is heating up as Virgin Galactic now companies with just that 1175 the space race is heating up as Virgin Galactic now competes with Jeff Bezos Blue Origin and even must face x. A report in march estimated that faces those blue origin and 11 must face x. A report in march estimated that Space Tourism has a potential market cap of 3000000000. 00 a decade from now even though tourism has a potential market cap of 3000000000. 00 a decade from now even though. Currently its still at its nascent phase. That by this time you can cut currently its still at its nascent phase. Thats it by this time you can catch a boom bust on direct t. V. Channel 321 dish network to 84 streaming to boom bust on directv channel 321 dish network to 84 streaming 247 on twitter t. V. The free t. V. At 79 or you can always go to song 7 on twitter t. V. The free t. V. Ads to 79 or you can always go to so i want you to dot com slash. C next on. You tube dot com slash. C next on. And theres that. And theres that. And. Youre on. The on. The rational and. Rational. All across the middle east and beyond there are large scale protests and growing political instability all across the middle east and beyond there are large protests and growing political instability in many week on trees many countries the old old old ways of doing business just only indian rich preach privilege which alleviates the prospects for the many are few and far in between for the elites while the prospects for the many are few and far in between for the elites have answers to. Days a week probably. Answers to days a week probably. Cooked additional supposed to note of what was and gets up to linger some of these its just a cooked additional supposed to note of what was and gets up to linger some of these its just a what youre looking is not knowing. What youre looking its nice to know. Somebody had seen him if you can also. See him do you have seen him if you can also post me. Look with a showing of the scully see his last one the church closely. Linked with the showing of the study sin is lost when the church. Do you think it will show. Your patients that if. You think it will show. Your patient 30. Volts of shipping. You up and most of the bolts of shipping. You up and most of the book hit the roof of the bus and you will have still missing notes how does the book hit the roof of the bus and you will still lose you know i dont know what that or. Youll know what that or. If it was the latest news in the puss. Stuff if it was the latest news in the puss. Boys and bill of rights so you have put your system of those. Boys in the bill of rights so yeah thats right this was going to so. Little fish through the summer in the store oh yeah. Its a. Little fish through the summer in the store yeah. It does. These. Are from. Africa. From. Africa. Or from from. The from from. The headlines and representatives of the Syrian Government the opposition. The headlines and representatives of the Syrian Government the opposition and society meet in a bid to bring peace to their war torn country and society meet in a bid to bring peace to their own country. Detained american journalist Max Blumenthal claims he was arrested on false. Detained american journalist Max Blumenthal claims he was arrested on false charges of the soul for his reporting on venezuelan opposition violence we hear the charges of the soul for his reporting on venezuelan opposition violence we hear from his lawyer. He was denied access. He was denied access for a phone call to contact an attorney or his family these charges are plainly false all to contact an attorney or his family these charges are plainly false and highly inflammatory in the u. K. Is heading for a general election as parliament and highly inflammatory in the u. K. Is heading for a general election as parliament approved this bill seeking at the center the 12th to break the breakthrough the prudes Boris Johnsons bill seeking at the center of the 12 to break the breakthrough