Transcripts For RT Boom Bust 20240713

Our. Trade and investment to become metrics bills to conjure economic development. Most people think about trade they think about goods and services being exchanged between countries and the invest for chapter of a trade agreement is about something very different but what one investment leads to toxic manufacturing that destroys sacred sites all ruins the environment. That means that if local communities that are being poisoned if they object if they do anything that the company feels is interrupting their profits they can they serve. The nationals of taking on the whole nations Philip Morris is trying to use i. S. T. s to stop tour of the way from implementing new tobacco regulations aimed at cutting domestic smoking rates a French Company sued egypt because egypt raise its minimum wage to democratic choice trump corporate. Joint says we try to fund dont want to. Boom bust the one business show you cant afford to mess up their monteith aopa in washington coming up markets rally for a 2nd straight day while countries around the globe plan more lockdowns more spending well talk to economics professor of return of wealth about the latest stimulus plan on capitol hill and if it will be enough to save the u. S. From a profession or even worse than there is a global rush to get more coben 1000 testing kits but the f. D. A. Is putting money on hold we have a packed show for you today but lets start by tracking the coronavirus. The global toll for the corona virus now at nearly 20000 with more than 430000 come from cases the World Health Organization recommended 6 actions that all government should take to prevent the spread of the coven 19. Just expire on. Your who is clear and probably go to work force and. Implement a system to find every suspect it is a community level. So ramp up Production Capacity and i vill ability of. Forward i didnt adopt the coupons you need to say you would use to treat. Patients the last 2 actions were to develop a clear plan for those who are quarantined and then refocusing government on suppressing the virus well europe still the epicenter of the covert 19 as italy saw an increase once again in its death toll this after 2 similar days of numbers suggesting that the worst may not be over for the country spain also recorded a higher number of deaths with a total of 3434 this is the 2nd highest death toll in the world and the 2nd worst hit country in europe following italy and germany now has more than 35000 cases and a low number of only 181 deaths but even with a comparatively low death toll president of germanys robert Coach Institute the National Agency for Disease Control and prevention said that its preparing for the worst. As of march 25th 31554 coded 19 cases have been confirmed the number of cases rose by 4100 it needs in comparison to the previous day were talking about the cases that have been submitted electronically through the system of the robber Coaches Institute the death toll has risen to 14935. 00 more in the previous days the actual number is 35. 00 cases per 100000 citizens in germany right now as expected the number of cases has been growing and we are standing just at the beginning of an epidemic some in numbers are growing now i want to show you where restrictions have been tougher in some countries over others with nearly one 3rd of the worlds population under some constraints theres india one of the latest to extend a National Lockdown joining italy france spain belgium the u. K. And new zealand than china iran the United States canada germany austria portugal russia australia and even israel all partially shut down but this could follow a full lockdown if the number of cases continue to grow exponentially now of these countries german lawmakers are voting on economic aid the u. K. Also outlining plans for that aid as well as canada and russia and the European Union also looking for ways to mitigate the Economic Impact but this while the u. S. Is set to pass a nearly 2 trillion dollars stimulus package new yorker means the epicenter of the United States outbreak where cases are doubling every 3 days state Governor Andrew Cuomo says the senate bill wont be anough especially because at the current projection its peak wont be reached for another 21 days new york City Hospitals are already facing a surge in patients without enough workers as Governor Cuomo makes his plea for even more supplies will President Trump responded to his request to get twitter where he said. Hes working very hard to help new york city and state adding fake news that i want to help them because i dont like cuomo i i do just sent 4000 ventilators now for more numbers and information on the coronavirus be sure to check out our portable top t. V. s and look for the section at tracking coronavirus but for more Market Analysis we bring in boom bust cohost christine christie. Now futures pared gains overnight as the white house and senate struck an agreement on the historic 2 trillion dollar deal to aid the economy and face the coronavirus the brief pullback came as the bill would ban stock buybacks for the term of the government assistance plus one year on any company that received a government loan from the bill as the market digested the news sentiment quickly turned positive as the market accepted it and that there was no one new incremental punishment and that companys doing buy back the u. S. Equity market finally turned around and put its 1st back to bag aint that the Current Crisis began with the dow up over 5 percent following its historic 11 percent surge tuesday oil names like chevron and exxon rally double digits along with airlines automakers and homebuilders leading the charge but how long before the pound the sold off right now the stimulus measures are moving the markets on sentiment which is much faster than underlying fundamentals which would take more time to rebound so now lets talk about this bill this bill worth roughly 10 percent of the total u. S. Output is primarily aimed at stabilizing key National Industries to prevent as many layoffs as possible now in addition to the 500000000000. 00 going towards the businesses and the 350000000000. 00 going to hurt Small Businesses there will also now be a 30000000000. 00 in Emergency Education funding 25000000000. 00 in transit funding 30000000000. 00 for the Disaster Relief Fund Unemployment insurance will be extended to 4 months an increase to 600. 00 per week with most workers eligible for coverage but it is still too early for celebration right now as democrat led house is now delaying the vote for no reason at all until tomorrow by this being a matter of utmost. Urgency one of the last details to close now revolt on the 500000000000. 00 for guaranteed subsidized loans to airlines and hospitals but even as the song and dance of politics are coming to an end comes the really hard part the implementation and the execution the focus for investors now shift to when the funds will be disbursed and how fast millions of workers have already lost jobs in recent weeks and companies are unable to operate but even as the markets rally and sentiment seems to have improved today one of the biggest questions on everyones mind is was this a correct move history has shown that the government always used a crisis from the civil war to the Great Depression in order to expand its power not only during the emergency but also afterwards the u. S. Spends just short of 5 trillion dollars a year and yet it was woefully ill prepared for this crisis and now in the middle of this crisis in the middle of implementing a stimulus package you know politicians see an opportunity that cannot be wasted in advancing some sort of agenda this expansion of Government Authority is dangerous but in short it is what we created and are must be responsible for now well Chris Christie a companies that binge on stock buybacks for example boeing and Southwest Airlines theyre now seeking taxpayer bailouts just to keep them alive now is this going to cause more restrictions in the future for these buybacks. Thats actually why the future has dipped overnight because all the you must were afraid that there will be futures punishments for these companies but now according to the current text that theyve been chewed up there is no incremental punishment aimed at these companies to be purchasing their stocks so what that means is with the trillions injected into economy everyone will essentially benefit from the feds liquidity not just the Companies Directly receiving the government loan so basically currently as it stands when all this is over if there is no new legislation issued the Record Number of buybacks will explode even higher as every Single Company will do everything in their power to recover precrisis levels thats been a bipartisan issue these buyback so well see what happened in the near future because im sure that will be affected boom bust cohost christi i think you. Thank you now for more on all of this and what this means for the Global Economy were joined by Professor Emeritus at the university of massachusetts amherst and host of economic update richard a bluff thank you so much for this time theres a lot to get into this volatile market a lot has happened in the last 48 hours alone now i want to start by asking you st louis fed president james fuller hes been very vocal lately appeared and the media almost every day you could say well he said the economy will take a huge short term hit but it will essentially bounce right back up now this is after he just said that the unemployment would skyrocket to 30 percent now to be clear thats worst than during the Great Depression and 133. 00 it was about 25 percent now is this bounce back going to happen or are we going to see more of an al shaped recovery. The answer the honest answer is that nobody knows and i remembered amazed that mr willard would be as confident about such an iffy proposition as he seems to be it would be nice to believe all of that but theres no historical basis for doing it let me pick up on one point you made in 133 the death of the Great Depression unemployment was registered at its peak of 25 percent mr bullet is right and there are others that were great with them we are going down a. Conditional on the employment now when unemployment goes wrong let alone like this every conceivable social problem we have i grow a little child you did wars you name it goes with it thats one of the reasons you can i possibly predict the explorer out of all of this everything that government has done since we 1st learned about the coronavirus in december of last year has been doing little and way too long. And my judgment as best i can see it now is that this bill assumably in the form it takes one. Will also be true little and truly well a lot of people are saying like you just said it too little too late if including a lot of the closures but i want to get back to something you said we have been talking about the Great Depression people were throwing out the r word the recession before that a lot of commentators a lot of analysts now using depression not just recession but a possible depression like youre saying now is this something that you think will actually happen. I think its already underway i think at this point the only debate which we can answer is how deep it will go and how long it will last you 10 are good an economy on because this kind of stress which is a matter of life and death for millions of people with a government obviously unprepared with a private sector of medical care utterly understaffed underprepared which still dont have the tests in many parts of the country even germany where the wrist is where its growing let alone the capacity to 0 if you put this kind of an economic career. On top of held its interest there like theres no one can predict where its going on or that theres a we are the early stages of a very serious crisis because of all just the mini and the United States havent even seen the peak yet so what that will do the economy time will only tell but i do want to ask you about the Federal Reserve they Just Announced they continue to make most of their own announcing its going to suspend some of its supervisory activities of certain banks so that they can be more flexible in the way that they actually help their customers could this lead to banks taking some unnecessary risks. Absolutely has done that every other time aid the amount of money being thrown at the banks is unprecedented and now to ed as if it were necessary that there is going to be less supervision right these are the banks let me remind you these are the same bank over the last 10 years have been convicted and finding their billions of dollars literally for violating every rule that if i do shiri or a Banking Institution is supposed to follow the trust with western provision when you throw at the president of the money thats a government that has a lapse in any claim to be independent of respect there but im richelle really said there is a post the governor well this definitely will be a huge risk and like you said time will only tell unfortunately we dont know how much of that we actually have before this pandemic reaches its peak here in the United States like were seeing across europe host of the economic update richard well thank you so much for your time and expertise my pleasure thank you. Vehicle production for top u. S. Automakers may be shut down well into april now this is according to reuters ford General Motors and chrysler all say the original plan to restart plants on march 30th is highly unlikely michigans Governor Gretchen Whitmer has banned nonessential businesses from operating until at least april 13th but the report says what more has not said whether or not auto production is considered essential meanwhile a number of factory workers tell n. B. C. News plants should have been shut down even sooner than last week now some of the employees say the nature of their workforces to actually be within recommended 6 feet for social distancing and surfaces are difficult to disinfect all 3 automakers have had employees test positive for the code 19 but deny any wrongdoing United Auto Workers Union President gamble says we are doing all that we can to protect our health and safety during this pandemic time now for a quick break but hang here because when we return well tell you why boeing wants a bailout but not if it means the government gets a date. You know when im going to be out there see i dont think about it at all many of us grown men not new dorp or. Kind of were on the. Course of the now i think its higher than our. Members from africa mafias them safe and quick passage to europe but once they. Leave they are in sleeves they count speech util. Will not some of them leave your mom and i couldnt you know. This you need to get it out i mean. They sold the. Court of the import data because the persona that a kid even than all. Others but Survival Guide book stays in your state more than a stored sibling at least. Be sure its still there you dont get it. Oh heck no. Repatriations will get the rest to serve in the. Bill of the kaiser report. In the midst of the congresss 2 trillion dollar economic bailout there are Certain Industries that have been clamoring for hope among those is the Airline Industry and among the calls for bailout help has been us Aerospace Company boeing the boeing c. E. O. Is now making clear that he does not want the u. S. Government to take an equity stake in the company as part of any bailout well during an interview on fox business boeing c. E. O. David calhoun said i dont have a need for an equity stake i want them to support the credit markets provide liquidity allow us to borrow against our future which we all believe in very strongly and i think our creditors will too well joining us now to discuss cohost and investigative journalist ben swan ben a boeing is always on the headlines these days isnt it well president. President making clear that its important to support the Airline Industry and including boeing which is also the nations largest exporter calhoun now saying that this bailout is not corporate welfare and instead its the role of the government to help them now is that even a fair statement and how much money is boeing asking for ok so how much money is going out before how about 60000000000. 00 theyre asking for which is an unbelievable amount of money but as to the question as to whether or not its the hes right that its the governments role no its not it is not the governments role its a bailout companies that are falling apart it doesnt matter how important those companies are ultimately to the nations largest exporter no matter how many people they employ and wonder how many jobs are connected to them it doesnt matter it is not the governments role to bail out companies now have. Said that 2 trillion dollars has been approved by the senate essentially to do exactly that to bail out u. S. Workers in theory and to bail out some corporations and a lot of that money as you know where its going to go to the Airline Industry on a lot of levels but boeing lets be honest boeing is not an example of a company that was hit hard by the coronavirus go in is an example of a company that had already failed by creating a 737 max jet that crashed twice killed over 300 people and it was unable to sell jets because the main one the f. A. A. Is not approves of them flying those jets and number 2 airlines dont want to use their chips right and the company like you said was already failing a lot of people really lost trust in boeing after that but speaking of the 737 max boeing says it plans to restart its production by may thats ending month long haul triggered by a safety ban on it by selling jet right so that is an earlier timeline that had been expected now is that timeline even realistic. Well so its i dont think it is realistic 1st of all especially considering right now the climate that were in consider the fact that boeing essentially came out and said that they saw the. 737 max should be recertified by april thats why theyre saying its been pushed back to may it has been pushed back to may because the f. A. A. Was saying its not going to happen to at least sometime in the summer so that boeing thats making the claims about the timeline but then again why should we believe them go we employees were the ones who were making fun of the f. A. A. Making fun of oversight at one point before these jets crashed because they dont feel like they have to respond to the f. A. A. Right we thought that they they were expecting and by now theyre pushing that date to may well we have about a minute left but i want to ask among those asking for the federal bailout is the private jet industry while the National Business Aviation Association which represents private companies and corporate jets sent a letter to congressional leaders saying that their industry is facing financial uncertainty should the private jet industry even be included in this airline or aviation bailout so at 1st blush i think most people would look at that and say absolutely not its obscene and ridiculous that private jets that only wealthy people in corporate jets would be bailed out thats insane but at the same time i think you can also make an argument why wouldnt they be along with everyone else because why is it the taxpayers responsibility to keep delta of float southwest afloat or boeing afloat so if youre going to keep all those others afloat why not keep them afloat i dont agree with any of it i dont i dont like any of that getting bailed out but certainly i think the majority of people will look at the idea of the private jet industry is being bailed out and think its not only laughable but its obscene but i guess one could argue the other side too and say that these are considered technically a Small Business one could say for these are absolutely. Small businesses for these and if you and if youre going to bail out other Small Businesses why wouldnt they be included as well i think its the idea that only the wealthy use them and therefore get it will get that rap but at the same time i think a lot of people would look at it and say if youre being honest i have a lot of rallies who are. Pilots thats understandable to oh well the invesco must pencil on thank you for your insight. Thanks for. All the World Health Organization is urging countries to step up testing for the krona virus the United States is still struggling to get people tested more than 2 months after the 1st case was confirmed here well some people have even turned to home testing kits but now the feds have put a stop to selling those legal journalist molly barrows to deal with American Lawyer has more on just why molly whats the problem with these home testing kit. Hi sarah well the f. D. A. In a nutshell said hey were not sure if we can trust the results of your test because there are some differences in this home swab test kit approach as would be in say a certified medical lab they use a longer qtip if you will to really get up in there if thats a picture you want in your head in the home setting kids have a smaller swab and they basically want to make sure that when they get the results that theyre going to be as effective or the deal be able to be believed if you will so thats the problem with them testing kits thats why the f. D. A. Sent out a warning letter to 2 companies in particular and some other companies that were start ups essentially 2 out of San Francisco trying to market these to people saying hey we know theres a problem of testing with a plan to send out thousands until the f. D. A. Sent out this letter and telling them to hold up well what are the chances that they will eventually be able to use these tests. Hopefully pretty good now the company wont come out and say it was 2 out of San Francisco that have brought primarily been the focus norks and Carbon Health and in fact one of those tests was about 160 770. 00 somewhere in there so youre talking about thousands of tests they were going to roll out for that cost they did have some customers take them and so there are those test results they say theyve asked to be expedited but theyre not taking any more tests right now they say they are in communication those are what the f. D. A. So its possible. If the f. D. A. Rather gives them the go ahead that they can go ahead and remarket those because part of the approach was to deal with that shortage of test kits the lack of access to testing that we have been seeing why are more people actually getting it getting tested now here in the United States and what other steps are being taken in the lab to come about the virus. Yes so we have seen a surge in testing for a number of reasons basically they had to cut through a lot of government red tape which was part of the slowing of the process in the beginning so more people are getting tested more private labs are part of the process hospitals that sort of thing so people are still struggling here and there but they definitely are finally getting some tests when they need them turkey in fact sent 500000 tests at the request of the United States youve got india that just came forward with a 3. 00 inexpensive test kit they can get test results quickly but part of the problem is not everybody still has access to those test kits and even theres a shortage of testing materials so one of the other ways that labs are combating it though is by finding an antibody and youve got a few medical companies and academic labs here in the United States that are working to identify people that are basically built up an immunity if theyve got those antibodies theyre not showing symptoms theyre not sick then hey we can identify who can get back to work and who can get our economy and i know theyre using those in new york and california and all hands on deck to get those tests out molly barrows contributor with americas lawyer thank you for your time. Thanks theyre. Staying at home to stop the spread of the coronavirus is something serious but now its also a game so if you like some competition its time to play the only which is owned by snap chat is using location data to keep track of those doing the best social distancing now before the app would let you check into your favorite meeting spots or help you even find friends but in a twist to keep you at home theres a leader board now to see who among your friends is number one its staying put certainly also offers an option to scan the globe of your country to see how many come from corona cases there are now giving you a little extra motivation to stay inside and thats it for this time but you can catch boom bust on demand on the brand new portable t. V. App available on Smartphones Google play and the Apple App Store by searching for double t. V. Or 3 must buy on your t. V. By downloading the portable t. V. On apple t. V. And online at portable dot t. V. And as always check this out. On youtube dot com boom bust our teeth you next time. You. Trade and investment to become magic spells to economic development. Most people think about trade they think about goods and services being exchanged between countries and the investment chapter of a trade agreement is about something very different but what one investment leads to toxic manufacturing that destroys sacred sites old ruins the environment. That means that if local communities that are being poisoned if they object if they do anything that the company feels is interrupting their profits they can they sue. The nationals of taking on the whole nation Philip Morris is trying to use i. S. T. s to stop tour of the way from implementing new tobacco regulations aimed at cutting domestic smoking rates a fringe company sued egypt because egypt raise its minimum wage democratic choice of a trump cool britain will join us as we try to fund dont want to. Welcoming our viewers from around the world live from Central London this is our 2 u. K. The u. K. S Health Service is under pressure despite plans for a brand new hospital i dont know me of volunteers as reports emerged of abuse and being directed at n. H. S. Workers we hear from a frontline doctor. Hotel chain travelodge it makes homeless families with just hours notice blaming government advice over the coronavirus crisis. In. The u. K. Stands isolated as the Prime Minister refuses the e. U. s offer to bulk buy key equipment like ventilators rig