A downturn and why im going to divide my explanation into 3 parts and im going to you know what lets do this i want to go over to the wall so i can do this for you let me go over here so i can show you what it is that were seeing as far as some of the trends go right theres a theres a debt burden in our country right now we talked about this before its like no other ever experienced in our nations history Household Debt is above 14 trillion dollars thats how much the average american someone like yourself may owe right so let me try and break this down for you into 3 key parts that many of you may find well relatable thats why we put this line graph up here for you and i want to start with auto debt its been going up now for about 3 straight years thats the blue line that you see right there look at that line look at the trajectory. Its taken you know what this number represents right here that number represents 1. 35 trillion dollars now i want you to look at Student Loans thats represented by that are in july and that you see right there this important its actually going up now that ones been going up for more than 10 years and its at 1. 00 trillion 1. 01 trillion dollars wrap your head around that number now now lets add up Credit Card Debt same thing taking place right now Household Debt is what were talking about its standing right now at about 1. 00 trillion dollars now just to put all of this into perspective in 2008 our entire economy had a meltdown right banks collapsed because of a mortgage debt of how much how much was that debt back in 2008800 1000000000 dollars thats less been any one of these write less than the student loan less than the auto less than the credit debt individually so now lets take a look at Something Else lets look at how Many Americans are not drawing an income right now according to Fortune Magazine just today numbers hot off the press that i just checked the real unemployment in america right now is probably around 16 percent thats a big nut right may go even higher for a couple reasons that we cant get into right now but lets compare that to the bust that we experience in terms of unemployment back in 2008 at its worst absolute worst unemployment back then was around 10 percent so what do we have. What we have. We have american saddled with record debt americans not getting an income. So then why is the economy still chugging along and why is wall street going up a lot of people happy to be asking right now it has to do with the fact that the government has been stimulating the economy the carers act Supplementary Income providing bailouts etc but you know whats an even bigger part of this explanation its a word called forbearance see that word up there forbearance heres a big nut almost 8 percent of all americans have gotten permission from their banks as mandated by the government to not pay their mortgages theyre not paying you wonder how theyre getting by theyre not having to pay their mortgage thats their biggest debt thats 800 1000000000. 00. 800000000000. 00 in unpaid principal but heres the question what happens 6 months from now when that Government Program runs out and they have to either pay it back or devalue least start paying again. So heres what we have right now historic that historic numbers of people with no income and forbearance that allows those folks to not pay their bills until 6 months from now when they have to do what suddenly pay their bills then what. Were going to drill down on this because we think its a very important scenario and because we like to drill down on stories like this to give you context and perspective here on the news with rick sanchez where we believe its time to do news again. Here is the list of the questions we think youll be asking tomorrow is an economic crash inevitable and if so when will new video of alleged police abuse spur more protests and is the statue of Winston Churchill now also being threatened really so lets get right to the question of how we might or might not survive economically given family and Close Friends of george floyd are gathering right now in houston for his funeral 2 weeks after he was killed by the way while in Minneapolis Police custody going to be following these updates for you and were going to bring you the situation as it happens and were going to cut into that video from time to go from time to time but we do this 1st i want to bring in john grace found investors advantage core also a prolific speaker on the market from main street to wall street also joining us is veteran journalist ben swan who hosts boom bust right here on r. T. America ben i think we should start with you given what i just what i just presented at the start of this newscast which is it boom or bust. They were looking at a huge bust on its way i think youre explanation of forbearance it was incredibly timely and incredibly important for people to understand because everything were going through right now is really about delayed reaction so the fed has been working to delay problems within corporations and the stock market the federal governments been doing that theyve been delaying things and so everything right now is in this kind of mode of delaying you havent had to pay your taxes because federal taxes were moved into july and so theres been this effort to delay but delaying the problem does not make the problem go away it simply sets a new timeline for that problem and so what were watching is this incredible moment where the u. S. Economy is in a recession where we have millions of people who are still out of work right now as you said theyre being told you dont have to pay your obligations right now that will come some time later and yet were watching the stock market roar right now and its coming back with a vengeance but that has nothing to do with reality either thats all about the Federal Reserve pumping money and the treasury pumping money into the system and investors say oh this is great because it doesnt matter how bad things get were going to get bailed out by the most powerful forces in the country theyre going to protect investment not protect main street the question is how long can these powerful forces in the country end our government itself continue to protect us maybe asking the question more colloquially john grace is this wend of the gravy train run out and what happens that. Well we might be just about there rick and i agree your opening was fantastic it really setting the case here i mean this kind of looks like you know maybe my one of my favorite cartoon characters right y. E. E. Coyote and road runner where they were run off the surface off the cliff and then they are there in you know a loft for a few seconds and then they figure out how low they are going to go thats where i think we are right now i mean we just crossed the threshold of a recession yes to take 2 quarters that are negative weve been saying for a long time we increase the odds from 20 percent december to 80 percent in march and 100 percent in april that will be it has to be in a readers but this thing has not been on Solid Foundation for a very long period of time and lets understand were all doing the same thing everybodys trying to look like theyre the car dash it whether its the consumer whether its businesses will talk about that one or whether its governments everybodys on borrowed time we think we could just put scotch tape and duct tape but the problem will just disappear we think were bewitched in the Central Banks could just fix everything and make the problems go away life doesnt work like that the economy doesnt work like that so this may very well be the end to this this carousel and when the music stops everybody has to get on ben i hear people asking so what if the economy is a back and ready in 6 months we just continue the forbearance we throw more money at it and if its not ready a year after we keep doing that how long can we do that every lad even a viable workable option its not a solution so the it is an option right its an option in terms of short term how do you keep the short term going for as long as you can i love the the analogy of wiley coyote because what were hoping for is that as we run over air if we run long enough theyll be land on the other side and well be ok thats kind of the philosophy here but the problem is is that there. A major transfer taking place nationally right now by the way in terms of the business sector as there are a few major corporations like amazon if they speak that are doing extremely well during this time and theres a massive shift moving jobs and economy away from Small Businesses and into those corporations and that money is not going to flow back whenever we do cross the land on the other side and theres one other pitfall that we didnt even mention but id love to get to 2 gentlemen back maybe later this week and we can go after that which is the price of goods interestingly enough are all going up in america go to the Grocery Store and youll probably be able to see it for yourself stagflation oh my thanks to both of you john grace great stuff ben swan as usual i look forward to seeing you guys again. Thank you guys we continue i want to show you whats taking place right now in Houston Texas this is where Close Friends and family of george floyd as we see in these pictures are gathering for his funeral 2 weeks after he was killed while in Minneapolis Police custody his casket was carried into the fountain of praise church there where he is being remembered among those in attendance who actually saluted the casket were Houston Police officers city official and they also had a videotape that was played of former Vice President joe biden were going to be watching this for you throughout the day this is taking place by the way as 2 more videos of now surfaced where police are accused of acting improperly in one video the suspect is heard saying i cant breathe he later died at the scene meanwhile here in our Nations Capital the protests have continued and for the most part have done so peacefully since early last week when that was certainly not the case here now to bring us up to date on whats going on in our Nations Capital is our correspondent. Aaron take it away. All right so rick so im standing in the Middle Street here right now and this is kind of the center place washington d. C. Is protest now you can see here we have the fences that are in front of the white house you can actually even really see the white house anymore but 2 weeks ago rick when i started covering these protests on the other side of those fences were National Guardsmen you had the police you had park police there now theres barely a Police Presence there but whats interesting is you know last week the protests got a little bit out of hand monday and tuesday they started to die down friday as when they actually wrote black lives matter and the police. Here leading up to the white house in front of St Johns Church and they also renamed it black lives matter plaza from that day forward it became more almost like a block party like a celebration with everybody that you know this is now being recognized you also have this more. To a memorial if you look here you can see theres family members of all ages where its kind of a member its of people who have lost family members to either Police Brutality or say you know anything involving the police now as this is all going on here on the street weve been seeing a lot of these protesters or even people just coming out just to look at the wall but just moments ago they were firing fireworks into the air because as you did mention Rick George Floyd funeral is going on at this moment and theres a lot of people you know kind of taking a moment of silence while this is all going on heres a little bit of what was said today at the funeral take a listen. Right now. Everybody. Thank you. For that. And that being George Floyds brother right there now again very very different from what we saw 2 weeks ago but now we have a lot of these. Situations coming into light for example talking about defunding the police talking about Police Reform talking about you know whats going to happen from this point forward and its amazing to see how far we have come in this last 2 weeks but again looking down this way you can see theres still a lot of protests it is a hot day here today rick its about 81 degrees right now its hot and humid but you can see that these protesters are still coming out again taking more of a somber mood today again with the George Clooney funeral going on people coming up to the wall taking pictures putting notes of your inspiration or remembering family members that they have lost to this so as far as washington d. C. Goes its remaining very peaceful but theyre actually talking about you know now that for george bush will be written laid to rest today is this going to be the end of it many people are here saying no its not going to keep going keep coming back every single day here to kind of the original for where all of the d. C. Protests started here in front of the white house. And friend of lafayette park. Great stuff great stuff appreciate you fair and giving us a sense of whats going on right there in our in our Nations Capital not too far away from our broadcast facility here ok this is the news with rick sanchez as you can see theres a heck of a lot going on today were going to continue bringing you our special coverage will be right back in just a moment please dont go away. Like it blindly hosts ask a question for the guests and then actually listens to the guests answer and then react to that answer a fox does a still or here ive got a new show. On the larry king question listening learning you know ive always said i never learned anything when i was talking its important to a list of. Questions and more. Ive seen the horrors that arise with money and evil. Corporate criminals who trace countless lives to add just one more dollar to their billions. They threaten they bribe theyll do anything to keep their crimes in the door but the people theyve heard are demanding justice their stories need to be told on americas lawyer. Listen stumbling online algorithms dictate when you get to want to go to portable dot tv slash download to get killer television its completely free im talking Award Winning comedy awesome Sports Coverage inside so fresh still tastes like raspberries on a spring day take so hot theyll burn your face off thousands of videos more added by the hour did i mention its free its its yeah free go go get it portable t. V. Im holland cook i invite you to climb with me above the main stream media mire and from that higher fan to each to glimpse the big picture question more. Hey welcome back im rick sanchez the. Something interesting going on that we want to share with you the protests surrounding the death of george floyd seems to have catapulted discussions about race and justice all over the world so much so that nations are now looking at their own history for signs of watteau or who was wrong and now what should be done about it if anything slave traders statues are being taken down and even now Winston Churchills legacy is being threatened in our search for context here on the news with rick sanchez we thought it would be a last trade of to examine whether this type of thing is really new and heres what we found the pharaoh. He world egypt almost 3500 years ago he didnt he didnt attack statues you know what this guy did he went beyond he was so fed up with the dynasty that came before him that what he actually did was he moved the entire capital of egypt from the city of thieves to a place called a marna movie entire city said i want nothing to do with the history of the guy who came before me and he reconstructed an entirely new city right there in his image fascinating stuff then theres the french revolution where the man of the newly established republic chopped off the head of the king and of course stormed the bus still as weve all read in our history books but did you know this they were so into changing history they actually even went and tried to change the names of the monks themselves here you see brew mania right and there you see then toast and there you see germany now youre thinking what the heck is that rick sanchez right you know what that is october february and march they change the names in the calendar because they want to change their history theres a soviet union heres a statue youre going to not see actually when we put this up for you its a statue of the founder of the k. G. B. His name was. Felix division ski and when the soviet union fell so did the guys the statue protesters who were angry at the past actions of the authorities there violently toppled the statue as a way of a race in their past so no what we find by a cursory look at history is that this is not news and then theres the iconic image that most of us all remember the tearing down of the statue of Saddam Hussein right following the citys fall to the Coalition Forces in 2003 most iraqis at the time who hated this guy cheer the destruction of the statue little did they know that it would lead to much greater grief for their families and their communities later on which brings us to today in what used to be the most important empire in the entire world where a slave traders statue was thrown into the river in bristol and now even a world war 2. Is under assault. For more on this correspondent should be a good words reports from london. But im suddenly next to the ensuite churchill statue in the heart of such a continent months we have a thousands of people are expected to go there within the next day you know and as you can see the room you dont see for the people have congregated came in the heart of Central London here of course commemorates the killing of George Street and the number of died in these camps did it 2 weeks ago or white in office a painting done with this thing needing on its neck up to 90 minutes now i dont say i mean it by the Winston Churchill stuff such it was actually based during the height of the protests over the weekend read by protesters break the word racist all in the front of the brits not you right at this present time theres a huge Police Presence to try and protect us not sure because now the background sponsors protests have moved that target statues across the United Kingdom saying that there are still many such as across britain that symbolized a legacy of creating this embrace of pressure now starting in 1st over the weekend there was some point i think funny scenes whereby protesters pull down its not true of an amish 17th century state trade that i did. Not see down. By did it so theyre here in. This modern fashion give me controversial things but the london massacre. Doctrine history. That should be and you know what i think we have an opportunity to join should be in our lives shes joining us from the scene is the real talk and by the way we had a tough time hearing you im glad you have a regular hand there now. Is no real talk of assault on the legacy and the memory of Winston Churchill there are a lot of them. Absolutely it seems to be a discussion that has become very very physical and not just vocal in the heart of the capital have in Central London it really is indicative of a why discussion when it comes to Racial Discrimination and inequality thats age old and deeply rooted within society according to these protesters now they spend the entire day by the Winston Churchill statue moving to downing street and back and forth the message is no one just directed the Prime MinisterBoris Johnson but Prime Ministers that have come before suggesting this is a deeply rooted discrimination within the United Kingdom tensions already rising though on the streets weve witnessed an arrest of a nationalist supporter one of which was actually protecting the Winston Churchill statue many of his sentiments were ones that were racist and the crowds repeated applaud and cheer when he was finally whisked away but what today really shows is that this cuts in all of Racial Discrimination in the country allegedly that campaign is argue is something thats not such subsiding and not something that protesters ahead to stay to fight away words reporting to us there live from the streets of london my thanks to you lets bring in somebody who might have something very important to say about this George Galloway i should say none other than George Galloway former u. K. M. P. Margaret goodness who would have thunk you people are trying to erase your deface the legacy of Winston Churchill you say what george. Well look Winston Churchill had all the prejudices of the english upper class of his time and maybe even of this time he had shockingly racist things to say about indians africans are obvious everyone actually except the english on the americans 2 but by the same token the same man if it were not for him all of us would have been slaves all of us in britain all of us in europe and maybe much farther afield than that because if he had not stood alone in 1940 and 41 before the United States all the soviet union had entered the war then hitler would have been the unchallenged king of europe and every jew re catholic every disabled person every gypsy every gay person every one who was not of the area in moscow race might very well have been wiped out and that dictatorship have prevailed for 100 years rick you really cant say counterfactual history sort churchill was both things he was a hero and he was a villain and he shouldnt really be mentioned in the same sentence as this 2 bit slave trader who ended up in the drink in bristol who was of a very different cast altogether i knew youd be able to find the right words to help us understand some place where its hard to understand the. The totality of a human being which is i think what were really talking about all of us imperfect souls at least as i was taught in Catholic SchoolGeorge Galloway as usual great job man thanks so much we appreciate having you on as we often do. I want to share something with you now before we like call this a show as we like to say you may have noticed that weve kind of changed the furniture around here a little bit we have a bit of a new look there behind me you see that its a little different than what we used to have i dont know if youve even noticed it i know this though the most important thing that we do here is we gather we write and then fairly and honestly we bring you the news its the content the content is the most important thing that we could do whether im out here giving you the news in a bathing suit or with a black background or a blue or red background but you know what were kind of proud of and that i want you to understand and maybe realize its this its that people at this network including our creative staff have not stopped working for you thats what that is theyve continued to work continue to push on to try and improve things. Through the pandemic through the downturn through the protest theyve kept bringing it as we like to say day in and day out. So you see the name you see right there on that wall the name right there you see on that wall that may be my name it may be mine. But you know what the effort the care the devotion thats put into bringing you the news every single day as many more names and many more faces that are attached that are attached to it and they were just as important if not more so than mine. Thats our news. Seems wrong. To stamp out. The trail. Part. Of the common ground. Right there. Where i divided to be in this house right now. Its hard to convince him. To make minimum wage he can be recruited by a game itself drugs that make hundreds of dollars and. Still introduce sinners so when a person is still crooks could see you. Know how the prison. Is flying to save jobs this includes my stuff is going to fail. To keep finals and somewhere else because they have a criminal record. To find jobs because of the criminal record so they dont have the money for the community anyway. They. Want black people. They might want one black or they want one class famous person they want one black abyss and one black. 8 in 10 voters say the countrys on the wrong track what does that mean for trumps reelection and joe bidens chances former new mexico governor Bill Richardson is here with us with his take on this is the politics of. Politicking on larry king according to a new poll a vast majority of voters think the United States is heading in the wrong direction and this as we enter the 2nd week of black lives matter protests across the United States what does all this mean for the fall election and our standing in the world well start there would Bill Richardson former u. S. Ambassador to the u. N. Former democratic governor of new mexico and he served as secretary of energy in the administration of bill clinton billows good to see a protest