Transcripts For RT Boom Bust 20240712

Later we take a look at the state of big coin amid the growing global unrest and whether we could see an upcoming surge with a packed show today so lets dive in. And we lead the program with the u. S. Equity markets in turmoil the dow and s. And p. 500 are both on track for their worst week in more than 12 weeks the news comes as investors react to several issues facing the economy including the Federal Reserves Economic Outlook which estimates u. S. G. D. P. Will fall by 6. 5 percent in 2020 despite expected growth in 2021 in 2022 now there is also data regarding the new weekly weekly jobless claims released thursday by the u. S. Labor Department New unemployment claims were just over 1500000 for the week ending june 5th and it should be noted that these numbers come in under the 1600000 new claims expected by economists polled by dow jones the number was better than the 1900000 new claims the week prior and. Then there is the fear of a 2nd corona virus way but some areas of the United States are seeing a spike in new cases are key corresponded tribute chobits has been following the story filed this report. As most of the country is reopening businesses and stay at home waters are slowly lifting there is growing concern for a potential 2nd wave of the deadly coronavirus the number of infections nationwide now topping 2000000 with at least 21 states reporting an uptick of infections while 9 states have seen an increase of hospitalizations in other parts of the United States who they were they must worried about it i think that theres more of a return to like our previous normal and we are seeing increases there some experts say the surge of new cases is linked to memorial Day Festivities when hundreds of people packed rush pools beaches and parks during the Holiday Weekend while texas has reported 3 consecutive days of record breaking code in 1000 hospitalizations 9 california counties are reporting a spike in new coronavirus cases as well relax the lockdown restrictions also coinciding with Racial Injustice and Police Brutality protests right now as tens of thousands of people take to the streets side by side every day for more than 2 weeks many not wearing face coverings a growing fear of a 2nd wave being felt on wall street the dow plunging more than 900 points at the open over 3 percent as the s. And p. 500 slid 2 and a half percent while the nasdaq dropped 2 point one percent airline and retail sectors hit especially hard shares of United Airlines delta american and southwest all dropping more than 10 percent in premarket trading while Carnival Corp in a region cruise line shares fell more than 11 percent gap and kohls shares also fell more than 8 percent each the Federal Reserve warning the economic devastation will be felt for years to come officials indicating they expect the Unemployment Rate to end 2020 at 9. 3 percent and remain elevated. For years well output is expected to be at 6 and a half percent lower at the end of the year than it was the final quarter of 21000. 00 so far the coronavirus induced recession has forced more than 44000000 people to seek out employment aid in just 12 weeks this is the highest number of unemployment in 9 years reporting in new York Attorney each of us r. T. For more on the state of the u. S. Markets and the economy we are joined by boom bust cohost christine. Thanks for being here and the dow is looking at its biggest one day loss since march and it dropped over 6 percent at 1. 6. 8. 6. 82 percent just on thursday alone why the sudden shift in sentiment when we when we talked earlier this week we didnt seem to think that volatility was back. Looks like bad luck brentons here all over again when the dow got 7 me about once a day and this is on export 1st 3 day losing streak and about a month which is basically led by Airlines Cruise lines and retail all of which fell more than 10 percent today so it looks like instead of the reopening being the bullish narrative taking center stage we now have mounting concerns among a growing 2nd wave across the virus texas has just reported 3 consecutive days of record breaking hospitalisations and california is also reporting spikes in confirmed cases so in light of all this and musters are concerned that the recent protests will fuel a new wave of infections and result in persistently. Economic as a country cant fully reopen and recover so a lot of those leg down now is from investors taking profit both the s. And p. And the dow are still still you went today up more than 40 percent from the coronavirus lows and so investors are cautiously taking gains as they continue to monitor the situation day by day so now the rotation is back and to shelter in place names and those are kind back such as zoom such as netflix and investors are dumping the reopening cases and such as airlines in favor of for the more safety assets as well such as bonds and gold so were still in the early and aims of the sell off we can certainly see this to test the 200 Day Moving Average again as a weakness versus Chris Christie how much of this is actually a delayed reaction from what happened with the Federal Reserve yesterday. Well we could certainly interpret it that way like i said yesterday the market was looking for clarity on what else that will do to steph and if the situation got any worse and yesterday we really didnt get that message and it took the market a little time to digest that it struck a double edged tone yes but we never got any real clarity on how long the treasury purchases will last whether or not they would continue to taper off so yesterday the f o m c meeting it was somewhat of a placeholder until more meaningful choices are made in the next few meetings so keeping rates at 8000. 00 expected are a thats and no one is. But now as a reopening its not going as planned the market was looking for more actionable items for the fed to execute on it order to help that stain and support the market come the 2nd wave and this really partly is a 2nd way that all the u. S. Never really got it under control the 1st place its just one day decided hey were over it and started reopening so fed really reminded investors yesterday that there is a huge gap between the economic reality and the market reality so that reminder is basically whats are in a lot of traders to take profits today and a lot of we can bought into the market as we reported numerous times the previous week this week or least bought rally meaning that primarily retail traders traded this wont make money institutional guys they were going on the sidelines so we cant are the 1st to come and the 1st to go out and this rally really didnt have much substance left its a stand i know kristie before we go here the latest stimulus plans are actually set to expire very soon how is the average American Household fairing in this new environment and especially as we look at concerns of of what you call actually continued wave but what people are calling the 2nd wave of about 45 seconds. Well right now i mean continuous is going to be very difficult for American Households because right now theyre already having trouble making rent payments given the high amount of unemployment and the rising cost of living so right now with the latest numbers and the 17 percent of American Households didnt pay their latest monthly rent and reported that the squeeze on household is getting worse 31 percent of households said they had little or no confidence about paying rent next month so the average consumer is in a very rush a boom bust cohost christiane because we have more to talk about a little later in the show. And as protests continue throughout the United States following the killing of george floyd in Police Custody Corporate America has weighed in in various ways of course companies took to social media to share a positive message weve seen statements or well produced videos supporting the black Live Matter Movement from the likes of amazon Nordstrom Ben and jerrys mcdonalds and even nike almost every mainstream streaming Service Posted as well including that flex hulu h. B. O. Max and prime video netflix has even added black lives matter as a content as genre Corporate America is even putting their money where their mouth is to support the fight against an injustice and inequality bank of america has pledged 1000000000 dollars over 4 years and a commitment to support Economic Opportunity initiatives Michael Jordan nike and jordan brand pledged 100000000. 00 over 10 years to organizations fighting for racial equality social justice and access to education walmart will commit 100000000. 00 for the next 5 years to create a new center for Racial Equity and the list goes on and on with Sony Music Group Google Facebook g. M. And many more promising tens of millions to the cause but we come to the question why now that didnt simulate that this is an important cause but racial equality has been a huge problem this country throughout history and recently weve witnessed civil unrest in ferguson missouri in 2014 and baltimore maryland in 2015 again not to mention other protests regarding this issue over the past decade to talk about this lets bring in host of the news with Rick Sanchez Rick sanchez himself i mean rick what do you make of Corporate America getting involved making these statements making these huge donations is this Just Lip Service or is this an actual attempt to make change or is it really just for the press im not sure i think its somewhere between lip service and bull crap. One of those i think i havent decided yet which were appropriate drives it but look. You cant change americas problem of racial inequality or any of the fundamental social problems that exist in this country from the top down it just doesnt work that way in fact i would argue you cant throw money at any problem and fix it it has to come from here it has to come from that thing that we all have inside of us that makes us realize what it is that we have to do. To understand somebody whose opinion maybe we dont share a little bit better something were not good at doing right now in this country perhaps worse than weve ever been in the history of our country with the possible exception of the civil war but let me tell you what these countries these companies that you just mentioned the are all throwing these big dollars at all these things you know what theyre doing what are they doing cover theyre buying cover thats what theyre doing when let me give an example so ive worked at big giant Media Companies right you probably know all of them or thought that theres a Big Media Company in this country probably worth heres what they do youre ready so they dont want to be criticized by africanamericans or they dont want to be criticized by Asian Americans they dont to be criticized by hispanic americans so they write a giant shock when they think theyve done something wrong to the Asian American Journalist Association the Hispanic Journalists Association the African American association of journalists and they write him a check for 100000. 00 now theyve essentially bought that organization which is the organization that speaks for africanamerican journalists so now lets suppose lets just say c. N. N. Not that i may have worked there but lets suppose c. N. N. Fired an africanamerican journalist under horrible conditions and now theyre getting heat from the Africanamerican Community for what they did or they criticize somebody or they did something you know which everybodys going to make a mistake right. What they were essentially done is theyve gotten cover they bought it from the africanamericans association of journalists now theyre less apt when somebody when a reporter goes to them and says what do you think of the way c. N. N. Or n. B. C. Or fox are treated that that issue or treated that person theyre going to say well you know what were going to reserve judgment because you know for the most part c. N. N. Has done a good job why because c. N. N. Just want to check for 100000. 00 that moneys not there so they can help improve racial you know integration in america its there so they dont get criticized there by cover thats what theyre doing and its interesting that you mention that because in 2011 bank of america who we mentioned is giving a 1000000000. 00 to charities spread out over 4 years they are they settled for 330 5000000. 00 for basically treating people on racial lines and equally when it comes to loans they were hired charging higher Interest Rates to write so of course they couldnt only give 100000000. 00 either because theyve already settled for 335 so 1000000000 looks much better now lets talk about the boardroom lets talk about the c. E. O. s office a little bit i have some more numbers for you i mean number 1500 companies only 4 black c. E. O. s nor are there and when the africanamerican population makes up 13 percent of the workforce there are only 3. 2 percent of them serve in executive positions similar in hispanic communities 17 percent of the workforce 4 percent of executives you know youre not you know or yeah i get where you go i mean is there something here to where you could put your money where your mouth is by hiring people putting them in charge of your company no im going to disagree ok meritocracy a business is there to make money its not a charity im not here to hire somebody who is green because theyre green and we need to have more green people even if that green person is not necessarily as good as the orange person im not here to hire an orange person because i want to help the orange persons of society so heres how it works in business right if you sit on a board of america a company you hire the person who is most qualified. Thats a meritocracy and thats the way business supposed to work heres the exception now im going to im going to argue with rick sanchez is going to have an argument there are chances heres what we should do in business we should find ways to understand culturally how those people who are not hiring may be a good fit but we just dont know it because we only agree were see people who agree with us i only have a tendency as a as the as the c. F. O. Of a company to want to hire people who i agree with who look like me who sound like me who went to schools like me so what happens when you do that you have a tendency to hire people who dont look like people you dont agree with even though they may be brilliant thats what we have to do we have to culturally challenge ourselves to find people who are different than us but not go out there and say well today im going to go out and hire a green person or yellow person or or this person or that person that doesnt work well right so what youre saying is there should not be a requirement to do this but you can make the cultural change within your business within your company to open it up more and its not x. s and os its cultural its you look inside yourself and you say why is it last year that i didnt hire anybody from that group its because i dont know anybody from that group im not looking in that group so you have to force yourself to look at that group not because you want to go out and say ok lets go get a black person and a hispanic or some major problem that doesnt work and i think the investment in education obviously youre saying you cant do it from top down right i think if they invest in the education then you could bring it from the bottom up then you could find more people of different races who do end up having those same benefits that you might have had an Ivy League Educated careful because thats the governments job thats not a business is job and if youre going to do with that you then youre basically becoming a socialist country host of the news with Rick Sanchez Rick sanchez thank you for debating yourself here on boom but. Time now for a quick break but hang here because when we return we take a look at the state of big coin amid the growing global unrest and whether we could see an upcoming surge. As we go to break here the numbers at the close. Survival guide stay single malt to start. Slow. Repatriations look at the 7. Below the 7 record. You didnt see me to. Thank you but thats the mood at the. Smithsonian national. Zoo they have. Yes. Yes. You can be both with yeah you like. Welcome back the struggle is real when it comes to big oil and breaking through the 10000 dollar mark on news wednesday that the Federal Reserve would keep Interest Rates near 0 because a quick jump to right around 10000. 00 and then slipped back to around 9600. 00 so why cant break through the 10000. 00 resistance joining us now to discuss these bring back boom bust cohost christiane and we also have boom bust cohosts ben swan ben i want to actually start with you in this conversation why is a big point able to break through that barrier. Yes kind of a tough question because i think theres a lot of kind of psychological pressure that prevents big one from getting over that but there are 3 things in particular that seem to affect it one of them is the Federal Reserve you know that federal open Market Committee meeting that was held on wednesday and when you did those meetings it seems like every time they come to an end theres a little bit of a dip for big point as well as the stock market christine loves to use the term when he talks about buying the rumor and selling the news and i think with big point it seems like as of late we see a lot of selling the news every time theres another announcement we see that that number just dropped just by just a little bit for bit quite so thats part of it and then part of it also is the issue of the kind of this continued resilience it goes back to 2019 weve seen this issue since 2001000 where big going gets close 210000 then it falls back now remember it fell back at one point from 10000 all the way to 3500 and it climbed back slowly from there we havent been able to get over that point and i think part of it is a psychological barrier that says that the coin is not going to be able to sustain above 10000 because if it gets over 10000 then it as they like to say goes to the moon now kristie were soon a moment for big oil at all coins as a whole seem to be poised to rise how do you see it at this point. Well one of the biggest factors here in this economy institutional money stepping in and as we call it we separate these 2 groups into Institutional Investors and then the Retail Investors so right now this has been happening for the last 2 years that new institutional money has been oriented point and declines alike so a new survey conducted by fidelity of about 800 Institutional Investors in the u. S. And europe showed very strong crypto currency adoption particularly and that quite 80 percent of institutional set of a appealing and 60 percent but i could have a place in our portfolios our one really interesting point you know is that 25 percent of european investors find the fact that certain Digital Assets are free from Government Intervention to be appealing versus only 10 percent of investors in the us feel that. So its really interesting that in us apparently prefers more oversight and more regulation like consider financial space. Especially as we are facing an uncertain future with the possible currency devaluation here in the u. S. Investors are increasingly trying to quit and respondents in the same survey reported that the top contributing factor in investing to roth went back to our uncorrelated to any other asking its back to our Innovative Technology and has a really high upside potential we can really really hard to find in this market as we consider the been saying on the show you have money market on guys trying to squeeze a 2 percent one percent yield on treasuries right now i know sort of return it on asset is going to be very difficult and. Now but i want to move a little bit off of that specific point you know between a struggle to find support in the u. S. Government with President Donald Trump along with treasury secretary Steven Nugent leading that criticism but now it has been revealed that the u. S. Department of defense has war games scenarios involving a generation 0000000000 what is it again a generations a rebellion that uses because to undermine and evade the establishment what can you tell us about this ive got to tell you this is the it was the one story of one of the talk about all day long its the new mind boggling so get this its called the 2018 joint land air and Sea Strategic Special Program its a war again set in the year 2025 and its intended quote to reflect a possible plausible depiction of major transit influences in world regions the bottom line is the concept is that you have something called a ziebell yen which is a rebellion of people who are creating social unrest and protesting in the streets imagine that happening and then as a result of that you get a group of people who are basically fighting against the establishment by using because theyre actually taking money and run. When these people buy go into their accounts and then turn it into big and then using that big quake to disperse it among the people its kind of a robin hood scenario heres whats crazy about this idea is why are there there are so many issues of why is there a war game scenario set up to say watch out there are people who are feeling like theyre getting left out of the system and they might rebel against us by using a coin or by using some kind of all coin and use that to the establishment instead of say what are we as the u. S. Government doing to create more equity within the system including embracing Digital Currencies rather than allowing the fed to do what kristie just mentioned that devaluing the dollar printing illicit mounds of money and absolutely wrecking the Financial System and then setting up a war game scenario to prevent anyone who doesnt like that idea kristie i got to get your opinion on this story. Well its certainly certainly enough our fashion the fact is that the heart of the government clamps down on it as weve seen over in china where the government actually tried to clamp down very hard on that point and other cut their currencies very early on and got to try to contain this part contain the population from having access to the markets down and the more people are going to be adoptable to it so thats how privacy coins came about and that actually showed the rise of privacy coins as well as a rise a big point of excess and thats something that we also talked a lot about on the show on our our big question makes as are their legal or illegal and should they be criminalized or not because that was one of the biggest debates to date right now in terms of a terms of can decline be traced candy should be tried by the government and should they be allowed. To say well go ahead and go does that very quickly i was going to say but i think we have them here take a look at whats happening right now in the country in terms of Monetary Policy like this he was saying earlier the Monetary Policy we have right now is completely self destructive agrippa currencies can and will be an answer to that coast bence one kristie i thank you both for that excellent insight. And finally there may be a legal dispute on their highs and for 2 unlikely parties the u. S. Government and streaming Service Netflix the whole thing stems from the trademark for space force now of course space force could refer to the 6 military Service Branch created by President Donald Trump or the netflix Comedy Series starring steve crowe which launched in may now according to the Hollywood Reporter the show has been able to get the trademark rights to space force in multiple places including mexico europe and australia while the air force has a pending application for registration in the United States the report also States Netflix applied for a trademark as early as january of this year and may be the 1st to use the term in action a spokesperson for the air force downplayed the situation telling the Hollywood Reporter at this time we are not aware of any trademark conflicts with the fictional program while it may not seem like a huge deal a trademark conflict could affect Merchandise Sales and its customers may not be able to tell if they are supporting a Comedy Program or an Interplanetary Military bridge and thats it for this time you can find us on portable t. V. At portable t. V. See you next time. You know mix is called the dismal science for reason imprecise in almost always open to see what you want to see in many ways economics remains in our. Economic situation the census now is much more than about our politics its about the way we live through this foreseeable future are we witnessing a recovery if so what kind. Is youll be d. A reflection of reality. In the world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being led so. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Or remain in the shallows. This hard to take some from somebody if you know have something to replace it. We want to do this interview today i dont want to use the market and then they take me. Off the area. So how can i tell you stop selling drugs if will has some to put the money in it back. Then just me all the way in life its almost been basically my color speech before the words do you guys over 6 any security positions open in that. Day were jacked me again. You see people get all their cars and ill see you coming in the harness seems like theyll hurry up and run into the house like they dont want to they dont want to talk to her get your mail or anything like that. Just try reading. Give me. No crap. No shots. Actually. Know. Which your thirst for action. Live from the World Headquarters of r t america in our Nations Capital this is the news with rick sanchez and hello again everybody im rick sanchez and i want to welcome all of you who are watching us from all over the world including many of you who are watching using the app like a portable t. V. For example so lets start with this today the chairman of the joint chiefs of staff of the United States military has officially apologized for what happened last week when demonstrators were cleared to make way for a president ial photo op general mark milley who is one of the most decorated officers in america says it was a mistake adding