That the feds tools dont appear to be capable of reaching this the people who are out of work which is why hes asking congress to help out with passing fresh fiscal stimulus legislation. Sensually todays meeting wasnt full of surprises if anything it only demonstrated that the fed is not planning to take its foot off the monetary gas pedal is that a correct assessment. I think it is i think what we heard more than anything else today was more of the same right is not going to change the fed essentially thinks its policies are working overall but at the same time what danielle just said is so absolutely true and its really imperative to this discussion which is that ultimately what the fed is doing does not trickle down necessarily the main street its not helping people who are unemployed right now its not helping businesses businesses and Small Business owners who are struggling mostly it helps wall street mostly it helps banks thats essentially what of the Federal Reserve is doing and so there is a question about how do those policies change obviously its not entirely up to the fed and as she alluded to there congress has a big role to play but the problem with congress is they essentially have shut things down to the point where it looks like theyre not going to be in. Anything until at least the end of the year which is is baffling to me its mind boggling to think that congress is going to say we just cant reach an agreement and so were not going to do anything with it when it is politicians who have instituted the lock downs and the shut downs of businesses and resulted in people losing their jobs people did not lose these jobs on their own this was policy that cause and lose their jobs policy thats causing these evictions to take place so why is it Congress Stepping in i want to hit on that because as ben just mentioned you know centrally chairman powell he wants congress to stop sitting on the sidelines here hes been calling for a fresh stimulus of the economy which it appears is not going to happen like ben just mentioned at least until the election takes place so can these new forecasts actually be met without congressional and for intervention because as you just said the fed really cant get down to main street thats not their position so much so what are you seeing here. Like im saying jay powell under tremendous amounts of stress because the fed is going to have a d. Flay should carry problem on its hands if there is no further stimulus legislation passed its as simple as that just given the numbers and more problematically for him were starting to see white collar layoffs in earnest were talking about some of the biggest spenders in the economy in the past 48 hours weve seen Dell Technology citigroup which actually said that it would lay off people in 2020 which is already it would which came through and backed down on that commitment weve seen raytheon announced 15000 layoffs so these are their big names and its going to start affecting the trajectory of the economy we saw retail sales continue to grow in august but came in much weaker than what economists had been expecting and youre starting to see some of the evidence of the stimulus spending the government transferred dollars coming off of their june peaks you know but i wanted to hit on something mentioned in the 1st question there because the fed actually is pretty happy with this improved. Housing economy it seems is this something we can expect to see even more of or sadly you have to wonder are we heading towards a housing crisis when that boom happens when the economys not that great. Well i think we might be heading towards a housing crisis theres a couple of pretty interesting numbers here one is that home prices are up 13 percent over where they were nationally last year so a year ago with no coronavirus pandemic without people being unemployed the way that they are right now home prices were 30 percent cheaper than they are so thats pretty staggering the other thing is i talked with a couple of Mortgage Specialists today who told me that a lot of the programs that deal with jumbo sized loans have been put on hold during this process but those are coming back and theyre saying within a week or 2 we should expect to start to see jumbo loans being made again which is fairly interesting in this moment but it also we have to go back to the fact that while the fed is still pushing this we have 30000000 people who are unemployed right now across the country 30000000 of them and again the real housing crisis will come in the form of even and foreclosures that are on their way remember october was the date went by which a lot of these moratoriums kind of were are going to run out will september was in october will be a lot of these moratoriums so if that happens and once we hit that moment you could have a lot of people either being evicted from their homes or their apartments and landlords who are getting pressure from banks because the banks are saying to the landlords youve got to come up with money so congress again i know im harping on congress but congress has the obligation to get involved and to do something and to help deal with this situation instead of sitting on their hands and say well lets see with what happens in the election this is not a situation that requires an election to fix that is what congress is there for in the 1st place you know daniel quickly before we go i want to get your crystal ball out here because it seems as if Jerome Powell was saying today that this is going to go until 2023 going to continue to see this q. E. Going to continue to see more hes back. Security help youre also going to continue to see these low Interest Rates until those inflation goals are met so what are you seeing over these next couple of years with the fed. Well i think the fed. Is anticipating because we only saw the core. Inflation metric that the fed follows the most closely is only projected to go up to 1. 7 percent im trying to figure out why we spent the last few weeks talking about inflation running too hot at over 2 percent but the fact of the matter is if we cant find a way to generate true fundamental organic Economic Growth where we dont need constant stimulus spending you can flip a switch one day and have a deficit and debt so high that you get inflation overnight thats a big risk that i dont think is being covered well enough in the media right now former fed insider daniel de martino booth always appreciate it ben swonk cohost of boom bust thank you both for your time. American drug maker says its antibody based cope with 19 treatment appears to have reduced the hospitalization rate for patients recently diagnosed with moderate symptoms from the virus now the Pharmaceutical Company says it held trials using 3 different doses of the drug against a placebo on 450 patients now the trials consisted of 72807000 milligram doses of the drug with the middle dose significantly reducing the presence of covert team in the other 2 doses did not meet the companys goals on the news eli lilly stock rose 2. 6 percent in premarket but has since leveled out now meanwhile the u. S. Government outlined a plan wednesday to make coronavirus vaccines free to all americans once a candidate has successfully gained Regulatory Approval now in a report provided to Congress FederalHealth Agencies and the department of defense laid out plans for a Vaccination Campaign to start in january of next year were earlier if at all possible now this plan was. To point out that this would not be an overnight affair saying while there may be limited supply of furs the focus will be put on Health Care Workers essential employees and people in boulder big groups so with all just in mind lets go ahead and take another look at the trends and spread of the virus globally with r. T. Correspondent side cabbage or so where are we went wrong right now for less than 70000 cases away from hitting 30000000. 00 globally now thats globally theyre close to a 1000000 right now we had 942000. 00 plus now just in the u. S. More than 6800000. 00 confirmed cases while more than 200000 deaths and now according to 2 independent studies more than 550000 children in the u. S. Have so far been diagnosed with a cold in 1000 since the beginning of the pandemic i should say now also taking a look at the daily new cases and deaths reported in the u. S. Now the 7 Day Moving Average of daily new cases back on the rise on tuesday with over 39000 cases and also taking a look at the daily deaths on a tuesday there were 1287. 00 reported thats on tuesday now thats almost 3 times as much as the thats reported on monday and tuesday so clearly once again headed into the wrong directions and concerns are also remain about continued increase of cases and deaths in the us in these states right here and arkansas for example they reported a 126 percent increase in deaths from last week these other states have very similar numbers now so far the biggest outbreaks have been linked to College Parties and restaurants and another big one so far has been weddings and to give you an example you know 7 people. Have recently died in connection to a wedding in maine that was held over the summer which by the way also violated that states gathering guidelines out these 7 people didnt even attend a wedding so you can see this virus really fevers crowds where most people tend to let the guards down and dont keep to a social distancing or any kind of masks brant when we are looking at the global cases what are where weve seen the trend upward right now so here is a list of the top 5 country with the most new reported cases now there is a there of course the most populated country in the world they added more than 1000000 cases jess this month and were only halfway through the month and theyre expected to become the pen demick worst hit country within just weeks surpassing the u. S. Now while new cases also there are also still soaring and theyre having medical teams right now and theyre in the process of testing tens of thousands of people in poor towns and villages and india but medical experts think that 91000 number that actually number is a lot higher than whats being reported the number 2 is the u. S. Which we obviously spoke about earlier the number 2 right now with newly reported cases then there is brazil now theyre the worlds 3rd largest outbreak behind the u. S. And india and most of the new cases are still coming from Rio De Janeiro and in fact you know if rio there if there were a country their mortality rate would rank as the worlds worst and result of course is heading into the Summer Season so if new measures really arent taken the country really risks a 2nd spike of infections out elsewhere in latin america argentina on that theyre all once again seeing a big spike in new cases and while you know they were actually one of the regions in latin america a Success Story because they had a very strict locked out in march by new cases. Once again soaring and argentina get this their Positivity Rate in the country is 51 percent so 51 percent of people are getting as that is coming back positive to give you a comparison the us which weve had a horrible outbreak our test rate is only 5 percent positive and its not just about infections there are economy plummeting has also pushed millions in argentina below the poverty line now in europe in spain amid madrid region one of the worst hit in the country is planning to announce this friday new restrictions on the movement that include targeted lockdowns in areas with high coated 1000. 00 cases again rejected accounts for around one 3rd of active cases in spain and its not just cases but overall deaths in europe that are now approaching 30 at 300000 its expected to get even worse in the upcoming months so while the u. S. Has the worlds highest death toll 6 of the 12 deadliest countries are actually reported to be and youre a brand our correspondents are terribly thank you for keeping us up to date. Time now for a quick break but hang here because when we were told continues it surge amid Uncertain Times straight ahead were going to dive into the metals performance and what the future could hold for the safe haven asset and as we go to break are the numbers at the. Welcome to. The dow. This is what happens to pensions in britain. Will justice be done in a london court not only do so much on trial but so is freedom of speech and profession of journalism what explains this farce Media Coverage of this trial why havent more journalists. In is the suns being used as far as you need same with those channels was that the. Last time we chased. Each one of carrying 20 kilos d of drugs. First offense. Is the main thing. They have this is the this is for me. It was. I dont know maybe dont. Make or. Break right. Now what. Right. Now look forward to talking to. People. Must obey the orders given by human beings except when it conflicts with the 1st law. Or should be very careful about official intelligence and the point is. And. You know with Artificial Intelligence responding to the i i must protect its own existence and. I. And welcome back the u. S. House Transportation Committee on wednesday issued an investigative report regarding the boeing 737 max crisis now in the report the panel blamed the plane maker in the federal Aviation Administration for repeated and serious failures adding the 2 fatal crashes were quote a horrific culmination of a series of faulty technical assumptions by boeings engineers a lack of transparency in the part on the part of boeings d management and grossly insufficient oversight by the f. A. A. Now the Committee Chairman representative peter de fazio of oregon issued a statement of the zone saying the report shows how boeing under pressure to the complete compete with airbus and deliver profits for wall street escaped scrutiny from the f. A. A. Withheld critical information from pilots and ultimately put planes into service that killed 346 innocent people boeings for its part issued a statement responding to the report saying we have learned many hard lessons as a company from the accidents of lyon air flight 610 and Ethiopian Airlines flight 302 and from the mistakes we have made as this report recognizes we have made fundamental changes to our company as a result and continue to look for ways to improve. That continues to justify the current pace of its ongoing and endless q. E. The market is not surprised and is happily gobbling up that extra liquidity thats and p. And our popping to session highs after the fed statement as investors are reassured of the prospect of years. Lower borrowing costs joining us now to discuss our boom bust cohost christy i am peter schiff c. E. O. Of Euro Pacific Capital peter i want to start with you i know this is the red meat for peter schiff gold prices headed for a 3rd straight ahead of that fed policy statement and now theyre probably up there what is the long term potential for Precious Metals given the current macro backdrop not just for gold also as silver which is also rallying. Well certainly the prospects for the Precious Metals are very bright but you know the prospects for a lot of prices to move up unfortunately are not good the Federal Reserve is creating a tremendous amount of inflation it claims that its goal is for the cost of living to rise at a more rapid pace than it has in the past he claims that we need to make up for the cost of living rising too slowly in the past by making sure it rises more rapidly in the future but i think really what is trying to do is provide cover to maintain the asset bubbles that he denies exist even as we were doing this snow flake i. P. O. Today powell was telling the reporters that there is no bubble that theres no bubbles in Financial Assets and that all these artificially low Interest Rates and q. E. Have not resulted in bubbles but of course thats exactly what weve been living in i think powell knows that because every time the air starts coming out the fed does all it can to blow it back in but as long as theyre doing that the price of gold is going much much higher and thats a reflection of the value of the dollar going much much lower and kristie bitcoin prices have broken 11000. 00 again in preparation for another run up after falling back to its 10000 dollars support but is it too early to expect another significant rally in bitcoin. Well we had about 2 weeks of pretty low volatility right now as the cut the market remained stagnant so unlike previous rallies which we saw anything need the bitcoin surge only been going to move higher this time whereas all the other crypto can all point to fill in the red. Tokens which had outperformed point throughout all of us they have been underperforming the past several days so the big win is kind of rallying on its own the past 3 days accompanied by megafun rates so the new funding rates show that traders are continuing to short decline right now which suggests that this uptrend is on short being squeezed so the other half of it is that profits from there and other the buy tokens are now being cycled into big quine beating to increases in prices so there is a bit of a rotation taking place at this point between the asset as it implies which had been running on full steam for the last 6 months thats starting to look a little cooked at this point so i would expect this rally to be significant until we get some more along in that and now peter oil is actually recovering after optimists data came out of china showing that Industrial Production expanded more than it initially expected but in order to have stability we need industrial demand to kick it and as well so will we see a recovery pan out or is this just temporary blip on the back of Hurricane Sally which is also causing problems in the gulf. Well were going to have a recovery in the place of oil thats for sure were not going to have a recovery in the u. S. Economy were going to remain in in a depression but oil prices are going up i mean the initial impact of the demand shock from covert 19 resulted in a big drop in oil prices but as the fed and other Central Banks continue to stoke demand by printing more money and as oil output responds to reduce demand with the do supply coming from less production ultimately were going to see much much Higher Oil Prices as i said earlier the price of everything is going up because the value of the dollar the money that people are using to buy things is going down so. Everybody is going to do a lot more dollars to buy the stuff that they need and that along with opec plus cuts of course theyre driving oil prices up as well kristie finally want to hit on this in something peter actually mentioned earlier the snowflake i. P. O. Where shares more than doubled in its market debut on wednesday in the largest ever software i. P. O. Whats the latest with that. So they need this price at 120. 00 oz which is higher than is that initial range of only 75. 00 to 85. 00 due to some extreme oversubscription and then it went on 5 big rollercoaster ride all day to more than doubling hitting a high of 21000. 00 before then it raising all the post up again back down to 245. 00 so at that point no phrase was worth more than 60000000000 dollars in market cap an opening price of 2. 00 which is more than 5 times its 12400000000. 00 valuation just back in february so for the sake of comparison that means its worth more than v. M. Ware bigger than fedex and c. M. E. Group so obviously theres a lot of pent up demand for i. P. O. s as this was the 1st of several Tech Companies to go public this week out of the Global Pandemic kind of put everything on pause but as peter said there is a lot of the excitement over enthusiasm among investors and a lot of it is attributed to hype because this company is only 5 years old and this is now a record setting i. P. O. But we saw the price action just our way this morning already that there are a lot of neat hands in the same writing at 4 quick flip making it very bubble ish and i feel like we dont worry theres theres no bubble. Business dollars theres nothing to worry about no bubbles to be seen here no attention to whats going on with with the. Theaters and then there everything you have. Both goes crissy eyes are we are out of dive but you both. Thank you. And finally the folks at air b. N. B. Are offering a unique stay for residents of Los Angeles County superstar will smith announced on his Instagram Account sunday that the house from its flagship ninetys television for him. Graham the fresh prince of belair will be made available for rent on the app in late september residents of the area will have the opportunity to book and stay in the home for a group of 2 for the price of just 30. 00 now the one night booking gives the renter access to the wing where the character stayed the pool area and a dining room now the bedroom includes a basketball hoop access to will smiths wardrobe a staple of the character as well as act as well as a virtual welcome by d. J. Jazzy jeff now the marks the 30th anniversary of the show and air b. N. B. Will make a one time donation to the boys and girls club of philadelphia as part of the promotion air b. N. B. Is offered similar promotions in the past including a stay at barbies malibu dream house and a chance to spend a night in the countrys last Blockbuster Video store and thats it for this time you just bust on demand on the brand new portable t. V. App thats available on smartphones and tablets the next that. Was a time to make notes you know blood is just too nationalities. To support. Your. Commentary this is the sentence. We can do better we should. Everyone is contributing each in our own way but we also know that this crisis will not go on forever the challenges created with the response has been so many good people are helping us. It makes us feel very proud that we are in it together. A new gold rush is underway and gonna thousands of ill equipped workers are flocking to the gold fields hoping to strike it rich heres a good. Day oh by the children are torn between gold. My family was very poor i thought i was doing my best to get back to school which side will have the strongest appeal. Is your media a reflection of reality. In a world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being led. By a. What is true what is faith. In a world corrupted you need to descend. To join us in the depths. Or a maybe in the shallowness. At the religious near those who really can show you. Show if they can just be suitably. Vout without us apart on. Something that. You know none of the stupina bow episodes do no good to see you sure do. You slither in your force where you could be near my stuff in the street if not thoughts about spirits i didnt do it was more sinister. You know if you. Stayed you could. Sort of move to. Keep your but what is. It with opposed to some of us that was. Just before. Last time we chased. Each one of them carrying 20 kilos d of drugs. First offense. They just stop waiting for. The 3 we have means theyre all medical men they have. This is for me. I dont know maybe theyll get a. Break right. Now one. Mustnt call fun germany to stop politicizing the next nor the child poisoning of opposition figurehead Alexei Navalny insists its up to mosco to clarify how the military. Great nerve agent was reportedly used on russian soil. With corona virus cases surging in britain the countrys testing system is said to be a breaking point so we hear from some of those affected. That would be a 168. 00 with mary each way which just. Is not just a digital copy struggling to surprise my house workers as well. And american president ial hopeful joe biden fails to recall the country he infamously helped to send the military into back in 2006. U. S. Troops die in a room that gives 3