Banks c. E. O. s Board Members who have in many cases and by the way this is important in many cases they have been taking the money out of their companies while theyve been doing pretty well and theyve been sticking it in their pockets in the form of stock buybacks much of it with money they got from taxpayers government money during previous meltdowns now heaven forbid that i or anyone else should ask the question of whether some of these corporations should simply be allowed to go under is anybody asking that question yes we found one. 1 may be lonely example look look what happens this is on c. M. B. C. When a guest challenges the bailouts of airlines now remember c m b c is essentially the wall Street Network in fact many would argue its a 24 hour commercial for bankers and Hedge Fund Managers and ceos etc look what happens when somebody is willing to make the free market argument the capitalist argument that if a company gets wiped out so be it wiped out there are you are you arguing to let airlines for example fail you know. Why i mean how does that make sense in the broader scheme of the economy because its not because when you look at what is the this is why im saying like this is the lie that purported by wall street when a Company Thinks it does not fire their employees it goes through a package bankruptcy right if anything what happens is the people who have the tension inside those companies the employees of these Companies End up owning more of the company the people that get wiped out are the speculators that own the unsecured truncheons that that or the folks that own the equity and by the late those are the rules of the game thats right because these are the people that should be the most sophisticated investors in the world they deserve to get wiped out but the employees dont get wiped out. Thats a really great point bankruptcy laws generally dont allow a company to be destroyed they generally keep operating the employees usually keep working and may actually end up owning a bigger share of the company now but see n. B. C. Hose who are essentially. I mean i watch him be seen but there cheerleaders for wall street theyre not going to tell you that they make it seem as do most of the corporate owned media in the United States like all Hedge Fund Managers and c. E. O. s theyre just like regular folks like you and me except we dont have a mansion in the hamptons. That wasnt in the script theyre not like you and me. You are allowed to fail they are not allowed to fail but look how look how theyre defended lets keep lets keep watching how does anybody deserve to get out what just be clear like who are we talking about were talking about a hedge fund thats sort of the bunch of billionaire family officers who cares let them get wiped out who cares they dont get the summer in the hamptons who cares. I mean there but he you know i dont think downtown based on you know you have choice of these companies own stocks i mean own their stocks own the Company Stocks you can you can look on bloomberg and you can see what percentage of these companies are typically owned by the beating their own by blackrock the things theyre owned by the huge you know a more pursue organization ultimately downstream and the Employee Owned a few 100 dollars or. There i we dont know where you stand on this and the fact of the matter is we should just explain this right because hes right the vast majority of stocks are own by about 10 percent of the Us Population think about that 10 percent the other 90 percent is that those are the workers right and others and Business Networks like c. N. N. B. C. And bloomberg and all the others theyre out there mainly to benefit that 10 percent thats their audience thats who theyre talking to right they try to hook others and using other methods but thats essentially by the way that is why a guy like chime of this c. E. O. Will not likely be invited back to have this crowd to continue this conversation even though by the way he himself is a very successful c. E. O. Why his argument doesnt fit their narrative. That said mr chairman if polly. Youre more than welcome to come on here with us why because well we believe all sides should be heard and of course as you very well know this is the news with rick sanchez where we also think it really is. By golly time to do news again. Ok we go the list of the questions we think youll be asking tomorrow wires Zombie Companies getting bailed out with your government money important question by the way is china as a manufacturer being replaced by vietnam india and mexico whats going on and whos doing your hair or whos doing your car or whos doing your cleaning whos doing your child care how are you folks getting by out there all this week were going to be bringing you special coverage of the corona virus with updates from all over the world in just about everything that you need to know to protect yourself and your family all right so. You know the funny thing about corporate the corporate class in america and the reporters who cover the corporate class in america theyre constantly bragging about the free market and free market principles they talk about the virtues of capitalism they talk about the survival of the fittest they scuffled the notion of Government Programs like food stamps and welfare but when it comes to corporate welfare if youll allow me to use that term like what happened after 911 what happened in 2008 with the meltdown and what certainly is happening right now or is the plan is to have it happening right now in a major scale. Well then they have a different way of looking at it or maybe a different way of explaining it like that reporter of the c. B. C. Look i was shocked that somebody would say that maybe we shouldnt bail out Zombie Companies joining us now the perfect guy to have this conversation with Peter Schiff Peter owns euro pacific capital. I think heres a good way to describe peter he is a practicing libertarian. And i think theres a difference in the nomenclature by the way peter lets start with what we just saw on c. And b. C. That a lot of people are talking about is term all right should we let companies die. Well 1st of all of course hes right and you know c m b c acts like theyve never heard this before if anybody listen to my podcast ive been saying this stuff since day one but you know the real beneficiaries of the bankruptcies are not the employees of the companies i mean they will benefit although some of these companies in a restructured bankruptcy will end up shedding some of their workers which is a good thing because many of these companies have too many workers and in order to survive they need to be more competitive especially of demand is down in their industries but the big winners in bankruptcy are the customers you know c m b c is making it out like if we dont bail out the airlines that theres going to be no airlines if we dont bail out the hotels theyll be no hotels thats nonsense they dont blow up the hotels they dont blow up the planes what happens is in a bankruptcy new owners come in all the debt is wiped out and now you have an efficient Management Team with an unwed company that can actually lower prices so consumers end up with a better deal once the companies are restructured but by keeping them afloat with more debt that companies are never viable and they have to keep overcharging customers based on a government subsidy and once the government steps in and prevents them from restructuring theyre going to be in constant need of additional government money so what youre saying is if we allow if we allow the process to just happen almost all a lot not do it all right the way things normally happen made sure somebody doesnt do a good job somebody else comes along and does it better and in the end Everybody Wins and that is what should happen but for the last 2 decades we have not allowed that to happen almost as if these c. E. O. s are these board guys or these Hedge Fund Guys theyre the only ones in the world who have the answers and how dare us think about replacing them that you are given. If we had let more businesses fail in 2008 than far fewer businesses would be failing now. We wouldnt have created the moral hazard businesses would have known that theres no government to bail them out so they would have acted more responsibly and had the Federal Reserve not kept Interest Rates so low companies wouldnt have done all these buybacks they wouldnt be all levered up they would be able to withstand this temporary emergency but so would their employees dont let the workers off the hook youve got all these people who have lost their jobs who have no savings they cant make it without a paycheck because they have a big mortgage they have Credit Card Debt they have auto loans they have Student Loans why is that why dont americans have any savings either thats part of the problem and nobody should be bailed out no company should be bailed out no individual should be bailed out Everybody Needs to deal with the consequences of their own actions in the case of banks for example who are having to do forbearance allowing people to pay their mortgages that is essentially being trickled down to the rest of the population who are in this very difficult situation would you agree some kind of renumeration is due to those who are directly helping people like you and me. No no nobody is do anything i have no problem with lenders and borrowers and landlords and tenants getting together and working out deals on their own but nobody should be getting a check from the government because the government doesnt have any money all the government is doing is printing money and theyre destroying the value of everybodys savings look were going to have massive inflation in this country the government is doing far more damage with the balance of the stimulus none of this money is free if youre wondering who is going to pick up the tab if you have money in the bank if you have bonds if you have a retirement account if you have savings if you have cash value in an insurance policy if you have an annuity if you have a pension youre going to get wiped out because youre going to pick up the tab because your purchasing power is going to be destroyed by. All the money the fed is creating the 3 most important words i think its 3 that peter just said a while ago i dont know if youve got that the government does not have any money ok its more than 3 but those are important words think about that its worth the story of itself peter as usual its always a pleasure thanks for being with us thanks for expressing a point of view that sometimes we dont get a chance to hear anywhere else all right lets do this now lets go over to our global look coronavirus update desk following things for spend whats the latest yes so some interesting news kind of breaking this afternoon rick 1st of all the star here in the state of new york because Governor Andrew Cuomo who has been if youre talking about governors probably the most high profile governor in the country in terms of Holding Daily news conferences talking about whats happening in new york which is seen of course the highest number of corona virus infections and deaths he is saying that right now there is some good news today hes saying that based on the last couple of days and data that is coming in that new york is in fact flattening the curve in terms of corona virus infection but he also has a cabby out there which is that its flattening at a terribly high rate those were the words that he used yeah but you know what i think about this is well they everybodys done the right thing but if they tell everybody tomorrow ok you can go outside and hit the streets were going to were probably going to hit a new cycle right is my math wrong. No youre not wrong and in fact 1st of all hes not calling for an into all the shutdowns right now in new york hes saying that right now the death toll is hovering around 700 or just above 700 people a day in new york so its still too high he says which obviously it would be but in terms of you know the fact that you have so many people who have contract it the fact that its flattening is a positive yes but obviously its going to take time to get away from that and then of course you have the issue of whether or not people can rican track the disease or have more on that coming up in our next update at 3 oclock but i want to point out another headline that is just breaking right now rick which is that George Stephanopoulos hes the chief news anchor over at a. B. C. News has confirmed that he has also contracted coronavirus he says he thinks he got it from his wife shelly when worth the comedian she barely contract with a couple weeks ago but in his case is kind of interesting he is asymptomatic it appears he is you know show no signs of illness but he has tested positive for the virus thats fascinating and every other person in the news media that weve heard about whose contract that this is living in new york so theyre in a better a populated area doesnt matter that theyre rich and famous theyre still living there and theyre going to be more apt to get it interesting what else you got. Yeah and then lastly here south korea and again were going to touch on this more next half hour but a teaser here south korea is in a position right now where they are saying that some of the people who tested positive for grown a virus and recovered are being retested and theyre finding they have but again what does that actually mean for the ability to contract this virus multiple times were going to much more on that coming up at 3 oclock yeah i hope thats not exist well thats a heck of a story thats an interesting story thank you ben as usual Ben Swann Manning things over there at the coronavirus global coronavirus update desk ok this is the news with rick sanchez youre watching our special coverage and we are going to be right back. Join me every thursday on the elec simon show and ill be speaking to guests of the world of politics Small Business im show business ill see that. Im going to fulfill the repeated promises of politics to the people. You know weve all pots. You want to. Be. All right here we go im rick sanchez were back and were on now what a couple of weeks depending on where you live maybe 23 weeks into this social distancing in this whole self i shall isolation stuff where we have people now doing for us things that we used to do for ourselves right i mean just off the top my head haircuts housekeeping schooling childcare theres a whole lot andree list laundry luxury is a matter of fact and suddenly some of us who arent used to doing that kind of stuff for whatever reason are suddenly having to do. How are we getting by. Include myself in that heres our to correspond at the touch of. Gentleman dress the times call for dress thick hair measures with a stay at home orders happening all across the globe many are taking matters into their own hands are gentlemen lets get down to business and for this job youre going to need a few tools youre going to need a hand held mirror something to see the back of your head youre also going to need a pair of sharp scissors a comb and then in this box old faithful keeping a positive tune men and women alike are doing what they can to live in some type of normalcy without there are much needed essential services as long as corteen is a way of life the d. I. Y. Haircut may become a necessity but thats not all living most of our days inside getting adequate exercise is more important than ever but a bit of a challenge with most gyms being closed the less a size you do you know the lead the more likely. To have love in the system as well so keeping moving is really important well there are some trainers taking their clients outdoors utilizing fitness apps as a way to stay inside while still getting the much needed Health Benefits of working out. But i actually uploaded a lot of homework outs my clients from my app use. Theyve been doing workouts at home which is going to help keep the system up yoga fans are also keeping up with their practice indoors sometimes even virtually nikki foreman a yoga teacher sharing her practice on line says something good can be learned from this pandemic. I believe that with what is going on now is the greatest opportunity for an awakening shift in consciousness we can play the old patterns anymore we can do the old strategies of avoiding what is here and its actually an opportunity that we have no choice but to embrace. According to the mayo clinic in the us regular physical activity not only improves the number of Health Problems such as high Blood Pressure diabetes arthritis it says Research Shows exercise can improve mood and reduce anxiety no doubt something extremely beneficial during a time of fear and uncertainty reporting in Los Angeles Natasha sweets good stuff other coronaviruses in china 1st and hit it hard right its just now the production lines plants factories are starting to reopen but remember china is where the rest of the world d gets everything made so when it went down things didnt get made so whats happening well now we look at other markets india vietnam mexico theyre already starting to compete with china and manufacturing because people there get paid less to do that stuff the pressure on china is now being fired by the coronavirus and the on willingness by most Big Companies and big countries to put all their eggs in one china basket will this reshape our economy handing it over now to the beat of all of asia heres our correspondent alex mahela. In madrid theyre heading back to work with masks in here and while moscow streets remain virtually deserted the coronavirus reared its ugly head in different places at different times they cover. Its our reacting accordingly china which was the 1st place to get hit hard by the virus is now seeing it significantly retract the country is leading the way for world economies trying to get back on their feet as china begins its rise again its difficult not to notice during its pullback others were needed to fill the gaps chinas rise in economic power in recent decades has been partially due to the fact that since the 1980 s. Foreign Companies Including many listed on the fortune 500 moved their manufacturing to china this was due to chinas ability to make products at a similar quality for a lower price than in the west by 2101. 00 3rd of all manufactured products on earth were made in china as the country has become wealthier wages have gone up making it less competitive than in the beginning of its boom in 2016 china saw its 1st manufacturing decrease in decades and with american tariffs in the mix a drop of 7 percent was recorded in 2019 at the fact that the coronavirus of rabbits chinas Manufacturing Industry in the 1st quarter of 2020 the country has been hit hard. And with that the world has realized just how reliant it has been on china from medical goods pharmaceuticals and even every day essentials when china stop producing shortages were felt around the globe even manufacturers outside of china or painfully delayed because parts were coming from china. In 1000 has made many realize more than ever putting all your eggs in the chinese basket may not be the way to go all Things Considered the country remains the worlds biggest manufacturer but recently weve seen some gaps that needed filling the question is who can fill those gaps. Recently japan invested over 2000000000. 00 to move its Manufacturing Base out of china and bring it home while also using other Asian Countries to fill the void one of those countries is vietnam a nation that has greatly benefited from the rise of cost of doing business in china in the past 20 years Many Companies that once relied on china simply moved next door to vietnam and the need to diversify due to the coronavirus is making it even more attractive on the other side of the world mexico has been receiving billions of chinese manufacturing redirects some figures show that nearly 70 percent of u. S. Companies intend to move some of their Manufacturing Base out of china and into mexico within the next couple of years back to asia some predict that india will be given china run for its money although primarily an Agricultural Society in 2014 india began making cell phones at the time the country was making about 10000000 phones but the end of 2019 that number grew to 150000000 following that example the country which has a population of approximately one point 3000000000. 00 has plenty of room to grow when it comes to manufacturing that said now as it stands even with all the obstacles china will continue to be the worlds biggest manufacturer at least for the next couple of decades the country is well aware of its position and the growth of others and cooling bills in its neighborhood this week chinas premier will be attending a video meeting of leaders of the association of Southeast Asian nations along with japan and south korea the countries will be discussing cooperation to prevent the spread of covert 1000 and how to maintain Economic Development china notes it may be the leader in manufacturing today but its future hinges on cooperating with others and ensuring their success as well for news with rick sanchez im alex mahalo bitch theres the ugly side of the corona virus in the United States a lot of people are attacking people they think are chinese blaming. For the coronavirus same thing is happening in india according to reports this morning muslims are being discriminated against they are being blamed over there for spreading the disease this topic calls for former u. K. Member of Parliament George galloway who joins us now straight up george we got about 2 minutes on this conversation but i want to get your take on this what what what what is it. Well a mountain what if who looks chinese but isnt chinese wasnt on the receiving end of it just this weekend just outside our house when. Told her she was responsible for all of this so you dont have to be chinese you can be chinese descent living in america still be beaten up on the street when loose talk unleashes. Asian hatred of asian people even in china itself the reports of anti black racism against African People which is very dangerous for china given an Important Role in africa these days Chinese Government of course has no time for this cracking down on it but there is racism in china i can assure you ive seen it with my own eyes but in places like the United States and britain somehow you kind of feel the shock more because your country is of course entirely composed of immigrants and this weaponize issue of. The origin supposed origin of this virus is a dangerous thing rick what about india this is interesting this just broke this morning but apparently i guess people are attacking muslims in india blaming them for the spread. Its absolutely. And the the Indian Government some sources have tried to say that pakistan is weaponize ing the virus as a weapon against india its all of course entirely absorbed by india is a place where the whole country go to a people known as untouchables yeah go yeah George Galloway as usual good stuff thank you for joining us my friend by the way we do have some breaking news as we had to break senator Bernie Sanders has made it official he will endorse joe biden as if there were anyone else out there to endorse right. Sequencers im rick sanchez. The world is driven by shaped by. The dares thinks. We dare to ask. Is youll be via reflection of reality. In a world transformed. What will make you feel safe. Tyson nation will community. Are you going the right way or are you being led so. Direct. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Or a made in the shallowness. Hey folks Dennis Miller here just chill and isolate like the rest you you know for the most part its not heavy lifting kasia illegal get a little anxious about it and well talk about that with our friend today psychiatry dr annual payment about maintaining that Mental HealthMental Hygiene in times like this hes got a new book the end of Mental Illness and well talk about it right after this on Dennis Miller plus one. Hey folks welcome to Dennis Miller plus one were doing our 1st remote hook up here so bear with us although i think the best way to do this is to go for a low tech high end guest low tech presentation and not act like were nasa over here so joining us and im glad because ive interviewed this gentleman beef