Transcripts For RT Boom Bust 20240712

This is boom bust that one business show you cant afford to miss on their mando say ok in washington coming up President Trump approved a big tick talk deal but many plus can remain unanswered. But we have a deal worked out i think with walmart is going to buy it along with laura gold Larry Ellison its going to be an incredible combination. And another stock market selloff sentiment sours on a coronavirus resurgence in what could be worth to september in years have a packed show today so lets get started. In a change of heart that maybe happened in record time President Donald Trump went from banning tick talk from app stores on friday to suddenly approving the oracle walmart deal by saturday yes and just 24 hours after saying that he would not agree to buy down selling 20 percent stake to oracle and walmart while the president changed his mind now trump says he has agreed in principle to the sale which will create a new Company Called tick tock global and the trumpeter ministration well theyve postponed any bands and app stores for at least another week. You know were very close to a great deal with picked up. Until about 24 hours ago thats all they talked about is tick tock tick tock. We have a deal worked out i think with walmart is going to buy it along with oracle Larry Ellison its going to be an incredible combination. Of favor could you put up 5000000000. 00 into a fund for education so we can educate people as to real history of our country the real if not the fake. Now to discuss our boom bust cohost spence juan and chrystia i kristie break this all down for us what changed between friday and saturday. Nothing really changed the only thing that changed was that trump ran out of time due to the deadlines that he even south set in place so he announced that this deal was approved in theory and mind you so a lot can still happen because remember last year the trade war we have an agreement now we dont but oh were really close now but oh no theres one more provision that we want so that kind of back and forth went on and on and blew through every single of deadline during the trade war so the same thing is happening here if. I was deadline that would be the end of it no more negotiation and no big win for him he might say that if we get a deal with tech talk thats great if we dont thats great too and he might say that in public but he knows that any sort of deal is better than no deal at all because at least then he can spin a deal into a win for him so now he can say that he won because to create about 25000. 00 new jobs for america and he also promised to set aside the substantial amount for an Education Fund d and also take the global will be paying more than 5 1000000000. 00 in new tax dollars so nothing really changes at the deadline and all that does is postpone the band out to september 27th or christie you mention the whole back and forth comparing it to the u. S. Trying to trade or are we going to see another 2 years of this. I dont think ill be in 2 years of it but i do think that there will be substantial back in for the night to get all the deals hammered out into pieces because theres still a lot on the table to negotiate well then as you heard a christie say you heard our president mention the statement he made about the 5000000000. 00 going into a fund to educate americans about history now. Yeah its an absolutely ridiculous statement look the remember the president originally wanted a substantial amount of money to flow into the u. S. Treasury administration lawyers said you cant do that you cant broker a deal between 2 private companies and have them give a basically a finders fee to the government that does it doesnt work that way well now hes kind of double back on this right now saying that hes talked to oracle and he wants 5 1000000000. 00 put into an Education Fund to educate americans on the real history of the country this if you want to create a fun find create the fun because nothing to do with technology and theres nothing to do with the tech talk deal of Larry Ellison wants to fund the 5000000000 dollar deal but the other thing is this you know christie and i both talked about this last week and we were asked on this show will this deal come together and both of us said we dont see how it would come together and then it turned around on friday that wasnt coming together and were like what happened but it took less than 24 hours were to come together why because ultimately oracle and walmart get exactly what they want here they have no right to this company they have no right to take talk it doesnt mean that were defending by dance or to talk itself but this is not the way that america is supposed to run business or even have a free market in which government comes in and forces a 20 percent sale of the most valuable social Media Company right now in the world and youre forcing to sell to other americans and creating jobs all the things the president says are wins here are done by feel it and not through a free market system and thats very troubling so ben are you saying that maybe the United States ultimately is not resolving what they want which is to protect americans data. Come on this is not about protecting americans data if you are concerned about protecting americans data you would create laws that restrict how social meet. Companys use data there is no protection being created for how facebook is using data how twitter is using data how google is using data all of them data mining all of us all the time theres no restrictions being created for that this is being tagged to china as if the chinese having data is somehow a harm to us but Mark Zuckerberg having all of our data is not a harm to us so it doesnt even make sense for with intellectual perspective let alone from a National Security perspective well kristie china is obviously not happy with the deal but earlier on monday they called it reasonable right well then Chinese State media affiliated media the global time they tweeted this out based on what i know beijing wont approve current agreement between bike dance tick tocks Parent Company and oracle walmart because you agree ment would endanger chinas National Security interests and dignity does that surprise you theyre basically saying what the United States has. The other way around surprised yes surprised not really because right here beijing caught a break because now that does not have extended it has more time to continue negotiations and hammer out the finer points and doesnt have to be rushed so now the ball is actually back in their court and beijing insinuating its full advantage of that so it looks like the battle is now over majority ownership which is officially what something deals so theres a lot of confusion over the Ownership Structure now trump wants the ownership to be american and not chinese saying that quote china must give up majority control or no deal and this was in response to bite dance claiming that the terms would allow it to retain 80 percent in tech how global so obviously both cannot be true so at this point it looks like beijing is trying to get some leverage back and this is really important because right now we are seeing a very disturbing trend that every single non us competitor is getting whacked and targeted so it had a hallway the Global Leader and 5 g. Communications tech talk the most valuable social media app in the world and soon we chat and had the most valuable mobile Payment Solutions way more volume than us apple pay and pay pal so you cant help but wonder are these witch hunts really in the interest of National Security or is it trying to destroy competition so that us can continue to enjoy a lot more technological hedge money we have a little bit of time left but i want to get this new question of this quest last question and what does it mean going forward. So i think as people watch the show they need to recognize that whether you are on the trump side and you say hey its good for america to be able to protect data whether youre on the chinese are you say hey you shouldnt be Bowling Companies this move by President Trump completely resets the limits of government in this country and how it affects Small Business there is something extremely unique happening here where the president the same were targeting specific private companies they say its because theyre connected to the Chinese Government and yet have offered no proof that that is true instead the german ministrations says were able to target specific companies there are laws in this country that actually prevent that from happening but so far courts are not upholding those laws so there is a huge precedent being set for government being able to target individual companies that they dont like and in doing so are actually eliminating competitors for other privately owned companies and that is a huge problem and we know the saga will continue so im sure well be talking about this rather been discovered christiane thank you for breaking it down for us. On monday microsoft announced a 7500000000. 00 deal to purchase videogame Holding Companies and a max media well as any macs is the Parent Company of several Game Developers including that theres the software its our king studios and id software the deal will give microsoft ownership of some of gaming biggest franchises including role playing games and the fallout and the Elder Scrolls series as well as 1st person shooter deal microsoft has been buying up studios for years now to bolster its 1st Party Offerings by going 2014 the Company Bought minecraft developer mo yang for 2500000000. 00 while analysts believe the acquisition will allow microsoft the companys iconic franchises to x. Box game pass even bringing new releases to the Subscription Service on day one well microsofts stock is down monday but thats mostly likely attributed to the overall a sell off that we are seeing on wall street but for more on this and the overall market lets bring in adam mesh c. E. O. Of trading adam how big is this deal for microsoft this 7500000000. 00 acquisition theyve been buying up studios for years now. A 7500000000. 00 deal from microsoft its kind of like me getting 50. 00 worth a row blocks from my kids pointed out its its microsoft theyve grown so much this year they finished up today because the market rallied a little bit so they were down all day and then we had a rally into the close down for microsoft finished up on the news. And they have a launch of one of the new deans coming out in the next couple months thats another competitor is a smart move it allows them to continue to grow but really its a product of what you expect across all industries right now which is you know the worlds a different place some companies have some struggle and if youre a Thriving Company you seize an opportunity to scoop up a competitor in this environment where theres a lot of uncertainty. Youre going to do it and if youre the other company sitting there saying you know i dont want to give you all of this were all right now or you have another shutdown has are going to factor us and you have the chance to exit youre going to hit that bottom and thats what happened well theres a lot going on i want to turn to here the u. S. Markets were saying another market selloff coming out of 3 straight weeks of losses now the s. And p. And nasdaq all at their lowest since late july were seeing the biggest dow drop since june whats causing the sell off. I think a better question would be what caused us to go up so much for it you know rally we saw from march was unprecedented i dont think anyone could explain that i spent months just kind of watching like i exited the rally in way too early and stood there in disbelief as we continued to go higher so my best rate in the last couple months was buying puts and tassel when it hits 430 and then drop to 375 but then after that i was like im out again this is a day by day market. I dont think you can make much sense of the down moves because you cant make much sense of what caused the rally other than saying that the fed has propped up the market and if you want to go there and say the feds front of the market then what could be a little intimidated to traders right now is the fact that the feds but once again they told you everything that you wanted to hear but this time with the rally and so with the feds power wears off a little bit now could be a longer more bearish sign that you want to be aware ok but regardless of the. Regard of a lot about the economy is where it actually is is there more the fed can do they have more tools that technically that they can use but do people still have trust and confidence in the federal reserve. I dont think the feds let us down there and i dont think its about that i think theyre more concerned about the world around them and how youre now hearing about possible relapses than in other countries shutting down again and its like you keep walking up the hill and every time you look at the hill you punch in the stomach and you have to start over eventually youre tired of your logic i cant buy more here this is just too much something we see. Its weird to watch football this weekend every stadium was empty this concert remarked was that life is not normal so for me the will make sense when the markets going down because thats how i feel about the world right now negative you know i want to be optimistic i think everything will be good in one run but for me the market makes sense when its going down in this environment or could this be the markets are essentially fundamentally indicator of her future predictions were saying the current aquinas something we can attribute to the resurgence of cover 1000 cases across europe in the u. K. Specifically or copa 19 in the fall lets say that we can expect in the United States is that all attributed to this. I dont think so i dont think the market has responded to specific events like that because if it did then if you look at what happened in the us we should be a lot lower. I think we have a new generation of traders a came into the market the robin hood generation of people that pushed stocks up and theres a lot of hype in a move to stuff to start. And so i think the biggest thing i could say is not trying to explain why were going down because people have gotten so used to buying mine by buying every day it that there are times refined that tip would be wrong and even the few short weeks back in march if you bought those if you could wipe down or entire account so historically the market always goes up but there are some painful drop offs along the way and so my best advice all your viewers who are watching would be to say you dont have to be the 1st one to. The market when we go down a little bit look at how much weve gone proceed with caution if you get 10000. 00 to put all 10000. 00 on this tip start with 2500. 00 and work your way courtroom again im a trader not a Financial Advisor thats logic to say just because were going down doesnt mean we cant keep going lower if i show you where prices were march versus where they are now lake and even that 70. 00 right now you know it was at 3 in march through thats thats the kind of price were seeing differentiation so i mean were going from what i mean rather at record highs to record lows the and its just a volatile market that where were headed working in to continue to head for the next year so. I think we went from record lows to record highs but were not even close to record lows again i think give you 50 different for sox and without it the milky way was a 36 it was a 13 in march and the video was 200. 00 its crazy now he was at 100. 00 stocks are still up so much off their low that 50 point drop for some of these stocks is nothing so thats a thing thats going to be volatility we have so much going on right now we have an election coming up in november we have now a battle over a new Supreme Court just any less are we get everything theres so many factors so i wonder how i would bet on is volatility you know the markets will pray and i streeters we like that but so i think china explained it day by day is a fools errand its good to go out there not just in general like its good to go out there and say what could cause us to go down but were no mans land i hear. Now its foolish adam matthioli of adam mesh trading thank you so much for being with us today. Thanks for having me appreciate it time now for a quick break but hang here because when i return weather related that thats where the cross the country are incurring a record breaking price tag making financial havoc on americans already strapped for cash pandemic well talk about what this means french and. Well the pandemic no certainly no borders and is blind to nationalities. Has emerged we dont come with the we dont look like seeing the whole world peace to be the chief. Judge of. Common every crisis of his system to time so we can do better we should. Everyone is contributing each of our own way but we also know that this crisis will not go on forever the challenges create the response has been must so many good people are helping us. It makes us feel very proud that we are in it together. Is your media a reflection of reality. In a world transformed. What will make you feel safe. Isolation for community. Are you going the right way or are you being led to some. Direction. What is true what is faith. In a world corrupted you need to descend. To join us in the depths. Or remain in the shallows. Equal founder Trevor Melton announced he is voluntarily stepping down as executive chairman while in a Company Press release milton said nick law is truly in my blood and always will be and the focus should be on the company and its world changing mission not me adding so i made the decision the difficult decision to approach the board and volunteer to step aside as executive chairman founding nicola and growing it into a company that will change transportation for the better and help protect our World Climate has been an incredible honor miklos Stock Plunged 30 percent in premarket trading set to open at a 4 month low now this comes just weeks after short seller and Bird Research accused the company of being an ocean of lies essentially a fraud well the electric truck maker also recently made a deal with General Motors where g. M. Took 11 percent stake in the company the 2 Companies Plan to build an equal of bajor pickup truck a g. M. C. E. O. Mary barra signaled the company is standing by its deal. 2020 keeps on throwing those punches so far this year the u. S. Had 10000000000. 00 worth of weather related disasters setting a new record as arties alex mahela vege tells us this has not only hurt the nation physically but also financially. From hurricanes in the gulf. To wildfires on the west coast. When it comes to the us 2020 has been unforgiving beyond the coronavirus in terms of wildfires which of primarily hit california and oregon more than 30 people have been killed thousands of structures have been destroyed and over 5000000 acres scorched many are blaming Climate Change were in the midst of a climate of urgency where in the midst of a Climate Crisis we are experiencing weather conditions the likes of which weve never experienced in our lifetime were experiencing what so many people predicted decades and decades ago but all of that now is reality breaking previous records this year the United States hit its 10000000000. 00 weather disaster earlier than any other year. Aside from the devastating fires this year multiple storms have ripped through the u. S. Leading up to half of destruction in their wake 7 of the occurrences happened in the south and southeast 3 of which included turn itos an outbreak on Easter Sunday saw 190 tornadoes in the region killing 36 people the storms made 2020 but 6 Consecutive Year with at least 10 extreme weather events and its not over yet its 2020 what can you do the answer not much for the average individual other than preparing both physically. On your person on that. And financially being ready can help one way to do that is anticipating an Insurance Claim in advance people are being told to do the following to ease the process take photos of your house inside and outside and your belongings both before and after a storm or other disaster and create a written record of your valuables having proof can help avoid issues or even denials during the claim process with an Insurance Company is also going to review your Insurance Coverage so you know what the insurer expects if you need to file a claim and it also helps you avoid any surprises climbing up the ladder from households to the nation as a whole the weather is also doing a number on the u. S. Economy hurricane such as katrina and harvey cost well over 100000000000. 00 mark while maria sandy and irma were in the 10s of billions numbers we are likely to see again this year some estimate that just the wildfires in 2800. 00 cost the u. S. Over 20000000000. 00 looking forward to do not look promising a report commissioned by federal regulators earlier this month concluded that Climate Change posed a growing threat to the u. S. Financial markets as a Natural Disaster spread so to the cost to the surance industry Mortgage Markets Pension Funds and Financial Institutions add that to the fact that the nationals yannick an Atmospheric Administration says that we can expect. More disasters this year its easy to see 2020 isnt done with dishing it out just yet for being bussed. From our we welcome director of Corporate Communications with the Insurance Information Institute Mark friedlander mark thank you for joining us today we just heard what alex reported what kind of increases are we really looking at here. Well we can you coming into this Hurricane Season series it was convenient and well above average season every meteorologist talk about that every forecaster and were seeing it come to reality already exhausted the entire list of hurricane names from the National Hurricane center now into the greek alphabet which is only happened once before in history in 2005 or on beta already so we clearly are seeing a record setting year in terms of number of storms fortunately we have not seen storms at the level you showed in your chart a few minutes ago of those nasty losses we havent come to that level yet which is a good thing for you well lets look at the stimulus here what are some of the most significant ways 1000 has also affected your members i mean markets have been affected severely but with many banks choosing to put mortgages on moratorium the house marking is market is actually relatively steady are your members choosing to forego their rates or payments at this time. Well insurers took a lot of important steps to help consumers help their customers cope with the Financial Difficulties of covert 1000. 00 in the pandemic one of the biggest things once auto insurers gave back 14000000000. 00 in premium to auto customers that was bones in cash refunds as well as credits to accounts very substantial and then one of the largest insurers in the u. S. Auto insurers is in the process of getting reproductions approved by regulators state across the country once again to help their customers cope with the Financial Difficulties of the pandemic while the current other thoughts obviously changing the economic landscape right what what are we going to see in the future are our houses now going to be no longer be protected. Well 1st of all if you have a mortgage you have to have homeowners coverage and if you live in a hurricane prone state which are all the coastal states the Atlantic Coast and gulf coast states you have to have a windstorm coverage if you have a mortgage and we see roughly 91 percent of all homeowners across the u. S. Have Insurance Coverage the 9 percent that dont they have paid off their mortgage most likely and its very risky though even if you that if your mortgage do you want to be on protected financially really strongly suggests every homeowner whether its required or not to have homeowners coverage so you are financially protected because the loss could just be devastating you could have your entire house and if you dont am your shirts to help rebuild that its going to be a lifetime in there and many are saying markey must albus the Flood Insurance rate map where i home to actually going to be rated depending on their flood or if i want to see changes in the fit all. Yes females actually go through the whole process doubt rerating but one of the things that we stress is dont just rely on what the sea maps say we recommend every homeowner across the country gets Flood Insurance and heres why 90 percent of Natural Disasters in the us involve flooding we saw with the hurricane last week Hurricane Sally while there was significant flooding right along the coast in both florida and alabama you go inland and there were significant flash flooding in the inland counties as well and according to our data the take up rate of Flood Insurance in those in the counties only about one percent right maybe 99 percent of the theyre not prepared as are not right specially with all this Mark Friedlander thank you so much for being with us today it was a pleasure having you. Thats it for this time but here the numbers at the close of. The world is driven by shaped by. The bears thinks. We dare to ask. Time after time corporations repeat the same mantra sustainability its very important its accelerate the transition to sustainable transport sustainability spain implemented. More equitable and sustainable world. They claim their production is completely harmless. Us. Companies want us to feel good about products while the damage is being done far away this is Something Else just as he went on even as i. Understood. In the headlines this 22nd of September Europe sees a major surge in covert infections forcing the return of restrictions on a lot of places as poorest sections of the population suffer disproportionately. Rush gets ready to start clinical testing of another Coronavirus Vaccine across the country its new in. Britain is opening its 1st migrant camp after a surge in Channel Crossings but locals give mixed reactions to the move. Here and if we dont want it to be somewhat you know safe to leave the Little People like the babies will be able to fly did not seem to get to you