Rounds of testing as well and they were talking about Contact Tracing as well as cobra testing so listen theres a lot in here they also by the way want to add billions more in rental and mortgage assistance into this so look a lot of these things the republicans have agreed to in principle but some of these things they dont want to do they dont like the size of the checks that are going out p. P. P. Loans they agree with but more money into education maybe not so theres a lot of details to be worked out here. How important is it for some kind of relief package to actually get passed here and do you see democrats going too far or really not far enough. Well remember you said they started at 3 to have trillion dollars i mean you have to put this in context. Were still in this emergency so you cant save everybody i mean yelp just came out yesterday and said almost 60 percent of the Retail Stores that they work with around the United States have closed permanently now that business we cant save what we can do is is sort of 3 things number one there is no question that the airlines got to get bailed out here they were never set up to be out of business for a year and a half and the Ripple Effect now becomes a political issue because look at where these gigantic airports are theyre in swing states youre going to see that thats a political deal the dems have always held on a 600. 00 a week deal theres no question that for 30 to 40 percent of people thats more than theyre making take home as it is they have to come down to this 300. 00 or 400 dollars and do it now i mean this is been posturing and posturing but now this is where the rubber meets the road and the final part of this is that you know the states need a loan they need some type of facility that can come from the Federal Reserve that doesnt have to come from the congress but there has to be a way for them to not have to lay off a 1000000 to a 1000002 of their labor because then whatever group whatever momentum weve had in this economy with kovac now looking obviously in to be deeper in the wintertime were going to go right back to where we were in april we dont passes. I mean we cover on this show virtually every day theres no question here that the u. S. From congress to the Federal Reserve bank has done quite a bit to stimulate the u. S. Economy but how does that compared to what were seeing abroad in europe and elsewhere. Well ok just quick numbers right so theres about 660000000 people in the European Union altogether were you know excuse me about 440 im sorry and about 330000000 for us well if you look at it on the reserves our reserve bank has put out 7. 2 trillion theyve their whole reserve on their Balance Sheet and the e. U. Is now 7. 6 trillion so the United States has put out more per capita japan is out there at about 6. 00 trillion add up all those trillions bread its a lot of trillions is about 22. 00 trillion and then we havent talked about the physical so we have to separate monetary from physical but right now what really doesnt matter what that debt is in the United States we have so much savings so much cash out there the banks have bought about 2 trillion dollars of that debt so were actually financing it in our system so i know you have some guests on here that worry that were going to you know the dark ages but we have a system that can take this we cant take is another delay because then people sort of give up hope and at the margin they roll over and when they roll over now we get into election everybody is frozen weve got to act now and its interesting that you make these points that you know the u. S. Is spent quite a bit more then even the e. U. In this situation what do you make of that ben. Well look i think that when we talk about main street i think when they get a good point but when we talk about the difference of the main street and wall street what the fed would say is look at all the steps that weve taken and i know they have their main Street Program that they pour money into but ultimately look wall street has kind of fluctuated and a lot of big corporations have done well during this time but mom and pop shops are not doing well the democrats are talking about p. P. P. Loans that they want to expand love that should have happened a long time ago in fact the p. P. P. Doe graham i would say didnt go far enough was not very successful in getting money to Business Owner small Business Owners who really needed it and a lot of it got sucked up by big corporations in the way that theyre structured to pretend they were a bunch of small businesses. Which was completely unfair so i think that more should have already been done in these areas and why everything has to be in one giant bill instead of pointing to the things that need to happen immediately why have we already gone almost 2 and a half months without extending the people and without extending that Unemployment Insurance thats ridiculous ben theres a 2. 00 trillion dollar gorilla in the room and that is a 1st big president ial debate this evening on top of the election and with democratic lawmakers are putting the stimulus bill forward how much do they actually expect to get passed as we were just talking about there and how much of this is about the politics of an election that is going on right now. I think we can all agree here no matter where we fall in the political side of this everything that happens in washington is about politics i think for both republicans and democrats they recognize as they near elections not just the president ial election but all those house and senate races that theyre going to find themselves in a position where voters say what have you done for me and why have you allowed this to stall democrats need to at least put a plan forward to say you know look were trying to get more money to you republicans have been saying no were trying to also we just dont want to bail out these other groups the problem is every Single Member of congress who has been inactive in my opinion should be should be taken out of office they should be replaced because if you had been that and i would agree and not been fighting for the American People you have no business being there until i want to give you the final word on this about how much of this is actually politics in the state of where we are right now. You know right now its about 90 percent politics the one issue is is that we do know that if we get cash into peoples hands that works we need to focus on that and beds right weve got lost in the weeds and Everything Else get the cash in their hands now or we have a bigger catastrophe on our hands boom bust cohost ben swan and tovia smith Transformative Research thank you both for your time. Thanks for. And u. K. Prime minister Boris Johnson announced a new plan for Adult Education and Training Programs to support workers affected by the coronavirus pandemic the u. K. Is expecting a huge spike in unemployment at the end of october when a Government Program which pays the wages of millions of furloughed employees will no longer be in place johnson says the lack of skills training has left the country needing construction workers mechanics engineers Lab Technicians and i t professionals the Prime Minister spoke about the need on tuesday. Our economy has been shaken by i didnt hand to mouth scrabbling of the pandemic the shortcomings of our labor market and a rigid system has been painfully apparent we have to face the fact that at this moment we need them so much there is a shortage of u. K. Trained Lab Technicians just as a result shortage of so many crucial skills. And as we continue to look at the Economic Impact of the pandemic lets go ahead and take another look at the trends and spread of the virus globally with our 2 correspondents i attack sorry where are we today so rank over 19 has now reached every single country in the world and has infected more than 33700000. 00 people and its also killed more than 1000000. 00 people now half of those deaths or about 500000 of them are coming from countries like the u. S. Brazil india and mexico and the u. S. Alone accounts for about 20 percent of those deaths make unclothed 19 the 3rd leading cause of death in a u. S. Only behind cancer and Heart Disease but are staying on the u. S. I also want to take a look at the daily new cases and that so on monday there were 37262. 00 cases now thats a 15 percent increase compared to last week and deaths on monday there were reported 344 now thats a 3 percent decrease as long as theres numbers going down thats good because the death rate is what we really need to watch since over 75 percent of that 33000000 people in fact that have fully recovered so we just need to stay on top of the death rate butt out. Besides the u. S. The virus is also obviously spreading globally and its spreading faster in india than anywhere else in the world now this is the charge just to show india and brazil and how the cases are going up in the other reporting about 95000 cases per day now even though india has kept a very low death rate given there are 1300000000 population scientists are now warning that the number of people infected there could actually be 10 times the official figure so verse says were looking at 6000000. 00 in india the true figure could be 60000000. 00 and in latin America Brazil is reporting anywhere from 15225000 cases per day and also has the highest number of this for the region with more than 141000 so far in brazil so as the 3rd highest case count in the world and elsewhere in our in latin america cases in argentina are also rising very quickly now with more than 700000 in effect infections in the middle east iran has hit the worst with the highest case count and also deaths now theyre also dealing with a double whammy of the virus plus a very battered economy due to us saying sions right now the dont seem to be going away anywhere anytime soon i should say now in neighboring iraq is also seeing a huge surge in cases so as you see there their cases just keep going up and higher and higher now in indonesia theyre seeing the worst of it plus theyre also handing out some very unusual punishments i should say for those people now wearing a face mask in public theyre doing anything from forcing violators to spend time in a open coffin digging graves for the deceit is or just doing pushups in public so thats what indonesia is doing right now to do. With people not following the rules so as you can see theres really no end in sight right now and a vaccine seems to be the only way out of this pandemic brant what are the trends were seeing in africa right now. So you know earlier the u. N. And w. H. O. They warned that a covert 19 could kill over 300000 africans is year but even as globally you know weve reached over 1000000 death africa is actually doing a lot better than expected and is not just the case also a much lower percentage of deaths compared to other continents and if you take a look at this chart for example in north america they have a overall death rate from coal that 192. 8 percent here is i broke it down to the u. S. Is about 2. 00 mexico is a lot higher 10. 00 and that compared that to europe that has a 4. 00 fatality rate due to over 1000. 00 now 2 that stick out of italy which was had very bad there at 11. 00 britain 9 but overall theyre at 4. 00 not compare that to africa there are 2. 00 and the 3 hardest hit countries in Africa South Africa ethiopia nigeria they also all have a very low death rate but theres also a couple of theories behind these numbers some experts say that some 1000 deaths in africa are probably being missed and testing rates in a continent continent are also among the lowest in the world and also many deaths of all types go on recorded there not just called the 1900 but scientists are also looking into the possibility that a tb vaccine regularly given to children in most african countries could be the cause of their very low death rate another theory is that whether prior contact to other corner viruses except over 1000 could be the cause of resistance in some african countries but so far all just theories brant. Correspondent psycho indra thank you so much for that insightful report. And time now for a quick break but hang here because when we return business closures continue to sweep the United States as the economic fall of the cold 910 damage setting in across the nation well give you the details and as we go to break here the numbers of people. Well lets talk about tea and crumpets and scoundrels and London Bridge and the crash. Oh. 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 that. Direct. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Or a made in the shallowness of. The world is driven by shaped by one person. No dares thinks. We dare to ask. That our own. Head. Or to feel hurt by such. Harder. Every day is that you. Just fitted it would come out if you did. Manage to move. On and manage to finish it oh my gosh because. They are the house of. God since we. Need. To meet the need. To give the learning. System definition in. Minnesota. And welcome back retail bankruptcies and store closures in the United States have reached record numbers for the 1st half of this year as social distancing measures forced many businesses to close their doors to customers now according to professional Services Firm b. T. O. Usa 18 retailers filed for chapter 11 protection through june of this year while the wall street journal is reporting a levin more retailers file between june and mid august actually its july and mid august now this includes Department Store operators Neiman Marcus and j. C. Penney retailers lucky brands Brooks Brothers and Taylor Parent company has seen a retail group as well as home goods retailer pier one imports and vitamin seller gnc holdings now those are just to name a few of these companies now these companies of course rely on malls to operate at their full capacity for context retail bankruptcies this year have already eclipsed those of 2019 as a whole and b. T. O. Says 2020 is on pace to compare with 2010 when there were 48 such filings in the wake of the Great Recession so for more on this lets go and the state of the economy lets bring in boom bust cohost christiane and octavia are n. Z. C. E. O. Of optimist thank you both for being here octavia i want to start with you in the midst of all these bankruptcies of course investors have remained focused on the prospects for a stimulus package to help the u. S. Economy recover of course we just spoke about the possible deal that was presented by the democrats earlier in the show but is more stimulus actually needed to stop these bankruptcies or is it too late. Well i think if you go back and look. At me and and seen. They would. Miserably badly for the coach at 90 crisis so if you look at the financial say it was i dont remember when j. C. And he lost the. 2014 thousands of the me get going way way back when theyve been losses so theres a whole bunch of companies that you mention. That were doing badly. And putting them our business is more or less of act of mercy i think were missing else of actor that i missed. And. These were companies of basic destroying resources rajoub huge losses and there was no real reason for them to continue so i think its almost a positive thing that kind of brushed out in those very weak retailers makes sure the doors. Shut the door is not going to get any more financing so i think its almost a positive thing and you can realize as to resources the companys books more effective and more so i think thats more a healthy thing than the else now the stimulus to me is going to the right so its very prevent bankruptcies but even then i think you have to question whether thats d really something that we want to do i mean do we really want to have a whole bunch of zombie airlines where the government is bailing them out and weve hundreds of thousands of people working. For. Many mining political sense it certainly doesnt make economic sense so i think theres a choice between those 2 things thats made sort of the the politics of it chipping Zombie Companies going and the components of the grab a call for winding those companies and reallocation those workers resources elsewhere where they can people. So youre essentially saying i favor that yes the pandemic may have caused a little bit of this but essentially what some of those retailers like j. C. Penney ecommerce was already pushing them well out of the system anyway so this just accelerated because people are forced to go to ecommerce more and more. Why i dont think is even just ecommerce i think i dont know when you last winter the j. C. Penney but i lost my. But i was thinking back in 99 he says it wasnt only a question ecommerce the basic branding of most of them. Its like a time warp it was like a time warp and they deserve to go and that had nothing to do with code that was well so so they fix those problems and taters world seemed. To have pretty much the same reaction and these are companies that simply did not. Last the consumer. And the scene of their stock prices or the. Stock prices down so this is a company in. And i think deserves a go people try to sign a single says. Well theres no hope and i think thats very opposed to someone else kristie you know earnings season is right around the corner here and with expectations really low do you think that we could end up higher if the results are actually better that initially expected. I mean sure i think when you get a quick pop in a rally off of a good beat but right now the bar is set so low for companies as analysts across the board have just completely lowered slasher x. Estimates right now as they have also received very little guidance in 2 quarters and so it wont be surprising to have a bunch of b. S. Across the board but like we said last any season its not about what happened in the past its all about for looking guidance traders are always looking for whats next what upcoming and so even if we do get a couple good beats its always going to be about the commentary and the Forward Guidance that management provides or if management declines to provide guidance as they did last quarter then its going to be very difficult to forecast demand and thats not a good sign so we can quickly see any of the pop that we get from a beat getting sold off so traders right now theyre continuously looking into the market for any sign of good news but right now they just arent getting any the s. N. P. Is down about 4 percent for the month which is a 1st down month since march so its not a coincidence that the equity rally just stopped just at the same time that earning season is a. About to start because right now were going to get a strong dose of reality check right now with the earnings so even if we have a couple good beats the valuations of some of these names there are completely stretched expressions of the high flying tech names to the point that it just doesnt make any sense so micron is reporting after market close to say and thats going to be a very key Company Given the big uncertainty around that given that its in the Semiconductor Industry and theres the big disagreement between the u. S. And china regarding that entire sector so micron has really been left out of this entire years rally declining 9. 3 percent year to date so investors are going to have a lot of questions on Market Conditions and part guidance and octavio know treasury yields remained flat in a low or even after u. S. Consumer confidence jumped unexpectedly in september is this is a sign that investors are not trusting the recovery and you see kind of a double dip situation here. What i think drew treasury yields a pretty low voice all sounds. Logical chain since of those the late march so we have a little bit of our business in the markets and you know its mid march with the fed to slash the rates right down some 60 basis points off the scent and thats a roundabout where we are about 65 basis points so i think the market is more saying we will do everything needs to keep Interest Rates around to. See what future and thats the street it was driving expectations are states is not so much not coming so the fed has said were going to keep Interest Rates for the next few years. And they certainly have the means and i think the unchanged Interest Rates more question of the market believing said and. The yes theyve got the Printing Press if they need to suppress Interest Rates and im. Going to as of that will do yes its looking its looking more and more likely in my mind to code cases are. Not looking good. Now kristie i want to. One last thing before we get out of here there is a breaking news tuesday afternoon j. P. Morgan chase has agreed to pay 920000000 and admit to manipulation of Precious Metals and treasury markets what happened here at about 30 seconds left kristie all this was a record penalty for spoofing which is when trade us flood the market with orders that they actually have no intention on executing its actually to create the illusion of demand and to push prices up so into Court Filings over the span of 8 years 15 traders at the biggest u. S. Bank cause losses of more than 300000000. 00 to the participants and Precious Metals and the treasuries market so this is a big one but j. P. Morgan is the one that got caught spoofing this time but there are things actually a very common practice so common at the trial is that traders argue that spoofing was and evitable adaptations by sell side traders in order to fend off all the High Frequency traders that are now driving the markets Christiane Octavio emergency of optimists l. L. C. Thank you both for your time. And thats it for today you can always go just a portable t. V. Well see you next on. The road. Were you very well sir. Or good. Or bad is that. For the weather for the. Numbers. For the. This is. A kind of open system definition in the head in a 7 hour news and am. Always be polite never engage with a negative a good or confrontational. Dont get into any conversation or start answering questions just. To survive and. Definitely dont want to. Jump. Youre more likely to walk free if youre rich. Or if youre poor and. Youve got 2 eyes 2 ears and one mouth. So you should be seen in here and a whole lot more than youre saying if you dont take that advice easy going to dig yourself a hole. As election day approaches there are growing concerns whether the oakum will be contested whether the election will be an agenda that we are told this election truly matters were always told this however this time around theres a different feel theres an existential to just election how many voters will say not my president after november. Second. You know if. We. Can move move move. These kids and i use these. Drugs used to people. Who. Music. Makes me happy. Because the makes me happy. And when you. Think. I know. John continue to trade blows over the disputed territory. Gets exclusive access to the conflict zone. Right now were between the positions of the Armenian Army which is over there by joining forces which is stationed right over this hill where the 1st International News crew allowed here by the armenian forces. The 2 nations were. At the u. N. While the Security Council calls for an immediate cease fire and. Im not here to call out his lies Everybody Knows hes a liar theres nothing smart about you joe what you should. Know you are numbered