Transcripts For RT Boom Bust 20240713

Little. Fool this is broadcasting around the world and covering all aspects chris is boom box broadcasting around the world and covering all aspects of our Global Economy in the 21st century. And im the im glad. Some are Global Economy in the 21st century. And im 50 i like it heres a look at what we have in store that. China turns to theres a look at what we have in store that. Kind of change a mans body but the Pope Benedict breaks Graham Harvey correspondent major blood of mans body but the Pope Benedict break room correspondent major blood and throughout this week and i know americans tend. To break down and thats true out this week and i know americans tend. To break down the age of 80. Plus another the age of 80. Plus another 3rd rate cut just be over the horizon in the United States peter schiff of Euro Pacific Capital the fed rate cut just be over the horizon in the United States peter schiff of Euro Pacific Capital joins us just today they. Go to little want to know what what the fed of the Federal Reserve. And about how buffetts please please and what it means and what do you mean christine for leading us a pretty good economy. Lets go. A congressional grilling for a c. E. O. At the center of a deadly scandal leads our global report today boeing chief existed lets go. A congressional grilling for a c. E. O. At the center of a deadly scandal leads our global report today boeing chief executive dennis mewling bloomberg goes before more members of congress. Public and territory good day she should regarding to some of 37 max crashes that killed a total of 341 regarding to some and 37 max crashes that killed a total of 346 people spoke about the efforts at the Company Invested in improving their Aerial Technology will spoke about the efforts that the Company Invested in improving their aerial technologies and their points Going Forward. We brought the best of boeing to the seventys in airplanes Going Forward we brought the best of boeing to this effort we spent over 100000 engineering and test hours weve flown more than 800 we spent over 100000 engineering in test hours weve flown more than 800 test flights we conducted simulator sessions with 545 participants 100 test flights we conducted simulator sessions with 545 participants from 99 customers and 41 Global Regulators i flowed from 99 customers and 41 Global Regulators i flown on a couple of flights myself this is taken longer than expected and on a couple of flights myself this is taken longer than expected but were committed to getting it right mr mulan bergs test but were committed to getting it right. Mr mulan bergs testimony on tuesday to the United States Senate Commerce Committee Also marked a grim and honest im only on tuesday to the United States Senate Commerce Committee Also marked a grim anniversary of the 1st fatal 737 crash the faded lion air flight 63 of the 1st fatal 737 crash the faded lion air flight 610 indonesian investigators recently released a final report on that 1st 737 indonesian investigators recently released a final report on that 1st 737 crash citing the controversial jumbo jet models Flight Control system and 7 crash citing 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 d. I. s as a significant 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 to maxs trouble development 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 on tuesday and the senate and wednesday in the house and for more on these congressional hearings are to correspond a firm friends i call this report from near the site of the hearings on hearings are to correspond a fair inference i told this report from near the site of the hearings. Janet yellen works 1st appearance on capitol hill ever since those. Janet yellen works 1st appearance on capitol hill ever since those 2 fatal boeing 737. 00 max crashes ironically its also the one Year Anniversary fatal boeing 737. 00 max crashes ironically its also the one Year Anniversary of the lion air jet crash that killed all 189. 00 souls 3 of the lion air jet crash that killed all 189. 00 souls on board now mulan burke entered the Senate Hearing room tuesday surrounded by families of the victim port now mulan burke entered the Senate Hearing room to. Today surrounded by families of the victims of those 2 crashes families holding up large photos were all raised directly behind me limbs of those 2 crashes families holding up large photos were all raised directly behind mulan who appeared very focused and unemotional texas senator ted cruz the chairman who appeared very focused and unemotional texas senator ted cruz the chairman of the Commerce Committee as aviation subcommittee says the panel plans on asking how was the plane of the Commerce Committee as aviation subcommittee says the panel plans on asking how was the plane designed without safety mechanisms that happen not once but twice how was the regular without safety mechanisms that happened not once but twice how was the regulatory system designed what were the incentives within the regulatory systems to sign off on these changes were a system designed 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 737 inches and why were pilots not trained on this adding thats what prior 730 sevens had but not the 737 max before the 2 crashes boeing touted since had but not the 737 max before the 2 crashes boeing touted to Major Airlines around the world it was a fuel efficient plane and didnt require time consuming Major Airlines around the world it was a fuel efficient plane and didnt require time consuming training chairman of mississippi senator roger wicker says his biggest question in training chairman in mississippi senator roger wicker says his biggest question did boeing and the federal Aviation Administration rushed to get the boeing 737 man did boeing and the federal Aviation Administration rush to get the boeing 737 max before certifications and Safety Measures were totally ready this after email acts before certifications and Safety Measures were totally ready this after emails and the 10s of thousands of other documents house lawmakers ever reviewed in their probe drawls and the 10s of thousands of other documents house lawmakers ever. Viewed in their probe drawing questions about boeings culture and its race to get the 737 max out on questions about boeings culture and its race to get the 737 max out all the win over airlines to top its chief rival france based air bus at these hearings all the win over airlines 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 has come just one week after boeing to 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 companies a lot of the commercial Airlines Division cabin mcalister this after the company says he handled the companys largest point of business relationships with airlines poorly mcalister faced a growing largest point of business relationships with airlines poorly callus or face a growing internal scrutiny about his handling of relations in particular alienating important customers internal scrutiny about his handling of relations in particular alienating important customers following the 2737 max crashes the 7 37. 00 has been grounded since march following the 2737. 00 max crashes the 737. 00 has been grounded since march and it cost the Major Airline company 8000000000. 00 commercial business relationship it cost the Major Airline company 8000000000. 00 commercial business relations are more than 60 percent of boeings total revenue last week c. E. O. Dennis millen burdens are more than 60 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 executive 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 questions today on capitol hill why is mil and were still us and that is one of the biggest questions today on capitol hill why is still a part of boeing the texas senator ted cruz says that thats not a government decision thats a shareholders as a part of boeing texas senator ted cruz says that thats not a. From a decision thats a shareholders decision chairman worker says that theyre determined to work with the families to get the answers and also chairman worker 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 fronsac to bring those who are at fault accountable for boom bust unfair and fronsac r t. R t. Phase one of a trade deal between the United States and china could soon be finalized phase one 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 next month according to but it may not be in time for a meeting between the president and she next month according to new reports arties Rachel Blevins has the latest on the potential trade deal the new reports arties radio 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 set for months of 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 the sign of a gene but there 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 into this according to a new 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 age of this term trade agreement but it may not be completed in time for leaders to sign at the Asia Pacific Economic cooperation summit in shell a but President Trump told reporters on monday that vick Economic Cooperation summit in shell a book. 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 live and he is optimistic 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 you know probably to be ahead of schedule decided a very big portion of the china deal and well call it phase one portion of the china deal and well call it phase one but its a very big board should do that would take care of the farmers it would take care of some of the other things on but its a very big board should be 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 watch for general also take care of a lot of the bank in the now according to reports watch trade talks continue the u. S. Will consider extending some tariff exclusions on 30 talks continue the u. S. Will consider extending some tariff exclusions on 34000000000. 00 in chinese imports while the 1st part of a potential trade deal before 1000000000. 00 in chinese imports while the 1st part of a potential trade deal which temporarily prevent an increase in tariffs current u. S. Tariffs or 25 percent works temporarily prevent an increase in tariffs current u. S. Terrace of 25 percent on 250000000000. 00 worth of chinese imports and 15 percent on our 250000000000. 00 worth of chinese imports and 15 percent on 110000000000. 00 and goods will remain and the looming threat of terror at 110000000000. 00 and goods will remain and the looming threat of tariffs on virtually all remaining chinese imports with words pacifically target consumer goods its on virtually all remaining chinese imports with word specific target consumer goods could still go into effect in december the agreement would include a promise from china that it still go into effect in december the agreement would. Include a promise from china that it will follow beijings outdated ip and Foreign Investment laws i made a complaint it will follow beijings outdated ip and Foreign Investment laws i made complaints from the us that china is guilty of intellectual property theft is one could also from the us but china is guilty of intellectual property theft is one could also lead to the us removing chinas currency manipulator status the countries the soviet to the us removing chinas currency manipulator status the countries making a bilateral commitment not to manipulate currency markets for economic advantage take a bilateral commitment not to manipulate currency markets for economic advantage the deal could also include a much needed break for farmers china agrees the deal could also include a much needed break for farmers china agrees to resume purchases of products like soybeans and for high levels that were seen before to resume purchases of products like soybeans and for high levels that were seen before the trade war began however the deal will not include a removal of restrictions on shore the trade work began however the deal will not include a removal of restrictions on Chinese Telecom giant wall way and a spokesperson for Chinas Foreign Ministry continued tinys Telecom Giant wall way and a spokesperson for Chinas Foreign Ministry continued to accuse the last of the economic polling women to do if we resume to accuse the last of the economic polling women can do if we resume louis oppose the u. S. Abusing the state power to suppress specific chinese including oppose the us abusing the state power to suppress specific Chinese Enterprises with unwarranted charges in the absence of any evidence that i can surprise us with unwarranted charges in the absence of any evidence of the economic bullying behavior of the us is a denial of the market economy principle nomic bullying behavior of the us is a denial. Of the market economy principle the u. S. Has always advertised. The deal the us has always advertised. The deal also does not include a plan for how to end the trade war in reports noted the trumpet ministry also does not include a plan for how to end the trade war in reports noted the trumpet ministration is eager to push the idea that the initial phase will be followed by others but the expectation is eager to push the idea that the initial phase will be followed by others but the expectations that will happen are low now it remains to receive if phase one of a trade deal was that will happen are low now it remains to receive 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 how will be ready by next month as the trade war between the worlds 2 largest economies begins to have an impact on the Global Economy reporting from outside the office of the United States trade revenue impact on the Global Economy reporting from outside the office of the United States trade representative in washington rachel glove ins are. Not present live in washington rachel glove ins are. The highly anticipated trade talks between president xi and trump scheduled for next month the highly anticipated trade talks between president xi and trump scheduled for chile next month has boosted optimism in the markets that a phase one will be finalize that this will be has boosted optimism in the markets that a phase one will be finalize that this will be the 3rd time the 2 leaders meet but in a last minute twist reuters reports that it entered the 3rd time the 2 leaders meet but in a last minute twist reuters reports that an interim agreement may not be completed in time for signing in chief so how many times have even the agreement may not be completed in time for signing and 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 heard the story before and shouldnt the market know better than to go. Their hopes up before a deal is into when it comes to trial u. S. Stocks quickly turned negative following their report as investors is into when it comes to u. S. Stocks quickly turned negative following their report as investors closely watched trade talks were actually much further away from resolution than previously believed the closely watched trade talks 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 super seat for analysis 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 apac International Relations policy specialist with the institute for china american studies so if everything goes ahead as planned the summit between she and president if 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 in chile next month 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 about this time and what gives the market any reason to believe that something some trade deal could be hammered out at this trade meeting whats different this time a deal could be hammered out at this trade meeting whats different. Just punch closer to. Real Election Campaign. Just punch closer to. Real Election Campaign that is probably the most important so you can leave. That is probably the most important so you can. There have been some warning indicators with regard to the u. S. Economy is hold and mr trump does not warning indicators with regard to the u. S. Economy is held and mr trump does not want that to flare up in the big were going into the election but the bottom line on that flare up in the big were going into the election. But the bottom line out here is much much of this Early Harvest that were talking about these could have been harvested most of them much of the Early 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 since february itself 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 only punitive measures particularly from me on words if this could have been harvested right then and its just been a lost opportunity and we touched it right then and its just been a lost opportunity and we touched on earlier this week this scandalously undercover unknown run earlier this week this scandalously undercover unknown Regional Initiative called the r c e p the Regional Comprehensive Economic Partnership Regional Initiative called 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. Embracing 16 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 80 and half the worlds population there were some trouble earlier this week between india and malaysia that threaten to derail it but could this u. S. China trade war india and malaysia threaten to derail it but could this u. S. China trade war help keep the r. C. E. P. Back on track i think that the u. S. Should help keep the r. C. E. P. Back on track i think that the u. S. China trade war has been a stimulus for getting our set done its its been in the works in trade or has been a stimulus for getting our set done its its been in the works since 2012 guys like india frankly have been dragging their foot but its coming in strained and 12 guys like india frankly have been. In the 1st but its coming close to a conclusion on november 4th theres an important Leaders Summit in bangkok close to a conclusion on nov 4th theres an important Leaders Summit in bangkok the high cockspur assured her that if the deal that it will be to sunshine is right there and that the ordeal it will not be signed right then or if not it will happen very soon thereafter i want it and i think its an exemplary morton piece for him to turn the calmer after and i think an important point to come out of all the loose soil is there are for the contrary sort of the cutting the country cemented for getting to a very very brahman or did flew a very broad political agreement the u. N. Calendar didnt every last year that you were injured greeted by a man whod been there from there the u. N. Calendar didnt ask here the un japan had done their economic liberalization agreement and what we see is the u. S. Which once used to be the lyric nomic liberalization agreement and what we see is the u. S. Which once used to be the leader in the 6 area. And ill be a snob is that you lose that people are only people chartered which literally water actually in the water or being in lots of doctors a direction frankly. Meanwhile our meanwhile our rates are on the bench and the great job mention briefly say that our while our way right now to our way and the other Chinese Tech Companies e t which were blacklisted by the u. S. These issues have now to follow and other Chinese Tech Companies e. T. E. Which were blacklisted by the u. S. These issues have not been addressed yet and today china blasted the u. S. Calling them a car economic both have been addressed yet and today china blasted the u. S. Calling them a car economic bowling for proposals walking Telecom Carriers from buy our products and also now require for proposals walking Telecom Carriers from buy our products it also now requires kerry to actually remove existing power and c. T. Equipment so this again tires carry to actually remove existing power and c. T. Equipment so this is. And holy goes against the market principles on which the u. S. Has previously and always trumpeted so wholly goes against the market principles on which the u. S. Has previously and always trumpeted so now its likely to going to be at the center of trade talks going into face to face 3 now is likely to going to be at the center of trade talks going into face to face 3 how can there be any compromise when it come to black and white issues such as security how can there be any compromise on a country or black and white issues such as security here on the who are issue is going to be a complicated issue in face to face serious on the who are issue is going to be a complicated issue in face to face serious specially with the improve with the detention of the leaders daughter in canada actually with the improve with the detention of the leaders daughter in canada and that has has its own dynamic of the let me from answering to party and that has has its own dynamic of the let me frame answer in 2 parts ot the countries are at liberty to draw the National Security perimeter in terms of the critical countries are at liberty to draw the National Security perimeter in terms of their Critical Infrastructure including in telecoms and countries have come down at different points in this regard to infrastructure including in telecoms and countries have come down at different points in this regard that having being said not just about heres the kind of books that having being said not just about why we heres the kind of the irony the double speak of the u. S. And the u. S. Talks in terms of irony the double speak of the u. S. And the u. S. Talks in terms of chinas state run or state driven economy where of chinas state run or state driven economy which going off to the Playing Field with its industrial subsidies or 3rd translator and going off to the Playing Field with its industrial subsidies or to transfer to a. And that those subsidies need to be removed but the fact of the matter is. That those subsidies need to be removed but the fact of the matter is who our way is through and through a private company and all of chinas dynamic through and through a private company and all of chinas dynamic Artificial Intelligence companies have recently also been sanctioned as part Artificial Intelligence companies have recently also been sanctioned as part of the shin junk journ sanctions export controls and so the us sort of the shinji and journ sanctions export controls and so the us talks about Chinas State Owned Enterprises and state dominated economy and talks about Chinas State Owned Enterprises and state dominated economy and yet goes ahead and punishes the most dynamic private players and yet goes ahead and punishes the most dynamic private players and to kneecaps them and this itself is a large sure it tells the largest and to a kneecaps them 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 jury of what the us is talking 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 market principles will be respected in greater detail frankly. That i fear that i was a pleasure having you here thank you. Pleasure having you here thank you. Checking in with the ups downs and outs of the Energy Market weve got one of each to report today checking in with the ups downs and outs of the Energy Market weve got one of each to report today Conoco Phillips reportedly the largest independent exploratory energy firm on earth Conoco Phillips reportedly the largest independent exploratory energy firm. On earth gets the days good news with an expectations beating 3rd quarter Earnings Report earth gets the days good news with an expectations beating 3rd quarter Earnings Report earnings were 3100000000. 00 adding up to earnings per share of 2. 70 force net earnings were 3100000000. 00 adding up to earnings per share of 2. 74 conoco posted that figure despite an 18 percent fall in oil prices and cents conoco posted that figure despite an 18 percent fall in oil prices and conoco calculations global super major British Petroleum opposing conoco calculations global super major British Petroleum posted a 41 percent year over year drop in net profit for q 3. A 41 percent year over year drop in net profit for q 3 b. P. Also cited what they say are onetime asterisks on q threes report as reasons to list also cited what they say are onetime asterisks on q 3 report as reasons to list underlying replacement cost profit of 2. 00 bill point 3000000000. 00 in place underlying replacement cost profit of 2. 00 bill point 3000000000. 00 in place of the usual net profit that more conventional figure was even lower at a flat to bill of the usual net 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 in dollars and the largest remaining coal company in the United States is now down and out as Murray Energy files for bankruptcy protections the manner of climate killing as Murray Energy files for bankruptcy protections the manner of climate killing coal publicly struggled to pay its bills earlier this month even after a restructuring for behold publicly struggled to pay its bills earlier this month even after a restructuring Forbearance Agreement analysts say aside main demand for coal was a fundamental factor in its agreement analysts say aside mean demand for coal was a fundamental factors. Members demolish. The worlds most valuable company as rember is demolished. The worlds most valuable company is ready to go public after a series of delays that put the i. P. O. In question saudi to go public after 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 dram co will start to build the 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 people familiar with the situation shares will be priced at the beginning of the summer and trading will start on the top 2 all saudi aramco domestic Stock Exchange on the 11th of this will start on the top to all saudi aramco domestic Stock Exchange on the 11th of december the oil giant which controversial a valued itself at 2 trillion dollars will float on for the toilet giant which controversially valued itself 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 a one to 2 percent stake 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 their change worth roughly 20000000000. 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 can be a multiple times since then nouns the decision to go public in 2016 while the company has been getting the offering off the ground they have also been groping in Institutional Investors something he has been getting the offering 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 operator in wealth funds and wealthy saudi families to become anchor investors going public as an opportunity for the kingdom to diversify their economy away from a sole focus on fossil fuels to be for the kingdom to diversify their economy away from a sole focus on fossil fuels. Time now for a quick break but stay tuned because just on the other side. Time now 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 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. Economy and Trump Twitter target Jerome Powell peter schiff of euro picture for the u. S. Economy and Trump Twitter target Jerome Powell peter schiff of Euro Pacific Capital joins us shell to help us make sense of the potential rate cut and as we go to Pacific Capital joins us shell to help us make sense of the potential rate cut and as we go to break here are the market numbers at the close. Here are the market numbers at the close. Im going to get a triple. You could put probes overseas is. Possible to the people that come out you know we all but to the people that come out you know we all pots. Suppose. You read. The. List you read pretty. Much pretty. Much. Pretty good. Now youre screwed. Pretty good. Now you want to 1st correct that. You know. You want to 1st correct that. No. Ball be cut cut. Or. Cut cut. Join me every thursday on the alex simon show and ill be speaking to guests of the world join me every thursday on the alex simon show and ill be speaking to guest of the world of politics sports business im showbusiness ill see you then the politics sports business im show business ill see you then. Well. You know. What. We have to keep. You here. Welcome back checking in on the aftermath of the 40 day United Auto Workers strike a general marcom back checking in on the aftermath 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 2. 00 point motors plants in the United States g. M. Now says the labor action cost the carmaker 2. 9 dollars or 900. 00 billions into 3 years in learning to sing spygate that dr randy. Was despite that getting figure g. M. Stock was a recent jumping just short of resilience. Just missed a day on tuesday the bad news short. 5 percent by midday on tuesday the bad news confirms. Profit guidance from one files from last week warning warning of monitoring of more ink than expected there are also significant downstream costs for g. M. Suppliers that have yet to be expected there are also significant downstream costs for g. M. Suppliers that have yet to be tallied and most of those firms as arms as Earnings Reports one notable exception is due to detroit based lira corp lear c. E. O. Racecar told trade publication detroit based lira corp leader c. E. O. Racecar told trade publication Automotive News last friday that each week of the strike costlier between 70 and some Automotive News last friday but each week of the strike costlier between 70. 00 and 75000000. 00 and over the last lear stock rose by more than 2 percent a 5000000. 00 nevertheless later stock rose by more than 2 percent on the disclosure. The s. N. P. Had a record high on tuesday and on the disclosure. The s. N. P. Had a record high on tuesday extending mondays rally as investors look ahead to a potential rate cut from the fed ex extending mondays rally as investors look ahead to a potential rate cut from the fed expectations of easier Monetary Policy help to lift them dictations them are easier Monetary Policy help up to lift the market even though even as. The u. S. Must try to find a trade deal may not be finalized sinking the market into a close back said trade deal may not be finalized sinking the market into a close back said data show that 70 percent of the s. And p. 500. 00 companies that have reported so far have beat analyze 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 expectations were just set too low expectations but could it be that the expert. Patients are just set too low our current valuation is justified our business is just being less bad and masters on her about it is justified our business is just being less bad and masters are now struggling to find new reasons to buy and extend the new record rally in equities and less now struggling to find new reasons to buy and extend the new record rally in equities and lets point out that the big risk is that were seeing a boost to asset prices but no we find out that the big risk is that 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 the 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 peter phase one deal is just hype of the Euro Pacific Capital so peter phase one deal just hyped up this entire bull rally and this is just an interim deal that basically just kicks the trades up this entire bull rally and this is just an interim deal that basically just kicks the trade can worries down the road and delays action the u. S. Is actually hedging themselves right now and worries down the road and delays action 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 dissent as treasury secretary management is still not giving a definitive answer on whether or not the december 15th will be taken off the table so if there is one is this hard to name a 15 will be taken off the table so if there is one is this hard to nail down how bad will phase 2 b. Well know the down how bad will phase 2 b. Well no theres never going to be a phase 2 i think phase one is simply a way for trump to save face theres never going to be a phase 2 i think phase one is simply a way for trump to save face and just surrender in the trade war but still claim victory. And to surrender in the trade war but still claim victory. And peter where is talking about the. And peter where is talking about the Federal Reserve cutting rates yet again even while the market is breaking out a new record high 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. 500. 00 but this is the 3rd rate cut here whereas 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 this before and you pretty thoroughly demolished there are 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 to justify this 3rd cut one stock arguments for it but what are they saying now to justify this 3rd one stocks are hovering near a 15 month high. Well well see how the acts are hovering near a 15 month high. Well well see how they walk that tightrope you know theyre trying to pretend that these rate cuts are just something walk that tightrope you know theyre trying to pretend that these rate cuts are just some kind of midcourse correction some kind of insurance policy but if you remind of midcourse correction some kind of insurance policy but if you remember a year ago at this time not only was the fed raising rates but they had ember a year ago at this time not only was the fed raising rates but they had forecast that they would continue to raise rates throughout 2019 i was the only forecast that they would continue to raise 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 the 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 cutting rates theyre back to quantitative easing. They have but more than that its not just that theyre cutting rates theyre back to quantitative easing they have called off quantitative tightening reversed course theyre doing quantitative easing called off quantitative tightening reversed course theyre doing quantitative easing except theyre not admitting that thats what theyre doing because theyre in barriers to having except theyre not admitting that 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 to acknowledge this but if you actually look at how rapidly the feds Balance Sheet is growing now its actually growing faster when theyre not doing q. E. Then were growing now its actually growing faster when theyre not doing q. E. Then werent there when they were so right now as you mentioned the feds balance he is better than when they were so right now as you mentioned the feds balance he is basically exploding theyre doing 60000000000. 00 a month on q. E. Theyre injecting a 130. 00 exploding theyre doing 60000000000. 00 a month on q. E. Theyre injecting a 130. 00 daily everything on my own daily we thought why the fed injecting so much liquid daily everything on my own daily we thought why the fed injecting so much liquidity into the system when they still find that nothings wrong and right now were expecting a very hearty into the system when they still find that nothings wrong and right now were expecting a very hard rate cut tomorrow. Just ignore what they say and look at a rate cut tomorrow. Just ignore what they say and look at what they do look they are trying desperately to keep the air from coming at what they do look they are trying desperately to keep the air from coming out of this wall but its not going to work i mean the bubble has already popping out of this wall but its not 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. As the only question is how fast is that air going to come out and when is the market going to figure out that the game is over and understand market going to figure out that the game is over and understand what the fed has been doing and get understand the true nature of this bubble and what the fed has been doing and get understand the true nature of this bubble economy and whats going to happen in the future and certainly are a lot of bubbles a whole economy and whats going to happen in the future and certainly are a lot of bubbles google actually just reported and while they be on revenues they missed an e. T. F. So this is global actually just reported and while they be on revenues they missed an e. T. F. So this is partially they say they claim due to lower margin now that their margins have been shrinking for partially they say they claim due to lower margin now that their margins have been shrinking for several quarters so is this concerning and given these diminishing returns is google still several quarters so is this concerning and given these diminishing returns is google still considered a high growth stock player now. All of considered a high growth stock player now. All of these stocks google included are dramatically overvalued you know be clear stocks google included are dramatically overvalued because of the fed because of the Monetary Policy that weve pursued we have in flaws of the fed because of the Monetary Policy that weve pursued we have inflated asset prices like socks and like real estate now there are a lot of companies weighted asset prices like socks 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 hives 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 google at least makes a profit but in today. As market values because of the fed now google at least makes a profit but in todays Interest Rate environment the present value of those profits has been inflated by the feds Interest Rate environment the present value 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 what the fed is trying to do is prevent those asset prices from coming back down to earth but for a healthy economic recovery thats what we need we cant kid the earth but for a healthy economic recovery thats what we need we cant continue to have over prized asset you know dollar put out a tweet today in which is envy can you to have over prized asset you know dollar put out a tweet today in which he is envious of the europeans the japanese because they have negative rates and he says this is great you know as of the europeans the japanese 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 and so they get to borrow they get to be paid to borrow why cant americans get paid to borrow what trump is overlooking is who is paying the bill who is to get paid to borrow what trump is overlooking is who is paying the bill who is stuck with the cost its the savers that should be getting paid by the borrowers stuck with the cost its the savers that should be getting paid by the borrowers who are borrowing money its the citizens who are going to end up losing because theyre finance or borrowing money its the citizens who are going to end up losing because theyre financing these loans but all of this is producing malinvestment its helping these loans but all of this is producing malinvestment its helping to expand government at the expense of the real economy and peter knew expand government at the expense of the real economy and peter just to play devils advocate for a minute here looking at one indicator and us he. Just to play devils advocate for a minute here looking at one indicator in u. S. Economy Consumer Confidence it dipped in october in the latest survey and theres also many Consumer Confidence it dipped in october 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 good reason to believe that this phase one trade deal is a lot of hype and may very well still not happen so is there an argument that the fed will still not happen so is there an argument that the fed this 3rd rate cut is a prudent measure to insure against the loss of this 3rd rate cut as a prudent measure to insure against the loss of confidence in the event that this trade deal doesnt go through. The one off events in the event that this trade deal doesnt go through. The one thing the rate cut is not is prudent its a desperate attempt again to keep the air from coming out of filling the rate cut is not is prudent its a desperate attempt again to keep the air from coming out of the bubble to maintain false Consumer Confidence you know if consumers are out of the bubble to maintain false Consumer Confidence you know consumers are confident despite the fact that the economy is a disaster they dont have any money they have a lack of confidence despite the fact that the economy 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 jobs they have no savings theyre loaded 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 sod borrowing money to buy stuff they cant afford with money they dont have for some reason they remain optimistic and you have all of this you know hype coming out of one reason they remain optimistic and you have all of this you know hype coming out of wall street coming out of the media to try to encourage all of this falls off the top. Them all straight coming out of the media to try to encourage all 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 play ism 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 so eventually the consumer is going to figure out hes even as theyve got it 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 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 go about it and hes going to be blindsided but i think its the investors who are in for an even more painful awakening. Part painful awakening. Peter schiff of Euro Pacific Capital thanks so much for joining us. Our pleasure shifa Euro Pacific Capital thanks so much for joining us. Our pleasure. Shares a Virgin Galactic founded by Sir Richard Branson begun trading on. Shares a Virgin Galactic founded by Sir Richard Branson begun trading on monday morning at a total valuation of 2300000000. 00 after a merger with when monday morning at a total valuation of 2300000000 dollars after a merger with social capital had a sophia this i. P. O. Makes Virgin Galactic as Ticker Symbol as social capital had a sophia this i. P. O. Makes Virgin Galactic as Ticker Symbol as g c the 1st ever commercial space by company to be listed on a public Stock Exchange you see the 1st ever commercial space by company to be listed on a public Stock Exchange the company so far has completed 2 test flights using spaceship 2 vessels change the company so far has completed 2 test flights using spaceship 2 vessels this i. P. O. Raise much needed funds for a Virgin Galactic as they attempted to test out and under this i. P. O. Raise much needed funds for a Virgin Galactic as they attempted to test out an uncharted markets the company has yet to turn a profit and incurred a net loss of 80 started markets the company has yet to turn a profit and incurred net losses of 86700000. 00 in the 1st 6 months of 2019 shares rose as high as 6700000. 00 in the 1st 6 months of 2019 shares rose as high as 12 dollars 93. 00 both closed down at 1175. 00 the space race is has 12. 93 but closed down at 1175. 00 the space race is heating up as Virgin Galactic now companies with just days those blue origin and 11 must face meeting up as Virgin Galactic now competes with just days those blue origin and 11 must face acts a report in march estimated that Space Tourism has a potential market cap of 3000000000 a report in march estimated that Space Tourism has a potential market cap of. 3000000000. 00 a decade from now even though currently its still at its nascent phase a decade from now even though currently its still at its nascent phase. Thats it for this time. 21 thats it for this time. 21. 00 to 80. 00. 7. To 80. 7. To 79 or you can always go to. Or you can always go to. The next time. The next time. And this. Union. And. Union. Rational. Rational. Desire for love need a thief. Desire for love need the. Zoom. Zoom. In the. Natural. Selection. In the u. K. An inquiry into the deadly 2017 grunfeld tower in the u. K. An inquiry into the deadly 2017 grunfeld tower blaze calls out significant systemic failings in the london fire brigade as well lays calls out significant systemic failings in the london fire brigade that has little focus on city and government authorities. Will focus on city and Government Authority just. A scathing new report by Human Rights Watch says u. S. Sanctions are preventing ordinary iranians from creating new report by Human Rights Watch says u. S. Sanctions are preventing ordinary iranians from accessing life saving medicine. And american accessing lifesaving medicine. And american journalist Max Blumenthal claims he was arrested on false charges of assault preservd journalist Max Blumenthal claims he was arrested on false charges of assault has reported on the venezuelan opposition violence we hear from his lawyer. Who was still working on a business on opposition violence we hear. From his lawyer. He was denied access with a phone call to contact an attorney or his family. Access for a phone call to contact an attorney or his family these charges are blatantly false and highly inflammatory these charges are blatantly false and highly inflammatory