In washington coming up the rate in new unemployment claims may be leveling off but congress and the white house look to be stocked yet again on a stimulus plan and the pressures continue to rise across the globe due to the pandemic swine flu and unpredictable weather well tell you what this could mean for those who are already struggling to get enough to we have a lot to get through to a lot of markets. We begin today with jobless claims as u. S. Unemployment fell just slightly for the week ending on october 3rd to a fresh pandemic low the u. S. Labor department reported initial jobless claims at 840000 worse than expected showing the labor market is still experiencing a slow recovery while the economy is still growing its been a gradual comeback as concerns rise over another wave of layoffs without another federal relief package still some 25500000 americans are collecting some sort of benefits so for more on this and the overall state of the economy and markets we bring in boom bust cohost christine. Append to portfolio strategies michael pentode michael lets start with you unemployment claims they remain high and came in worse than expected 840000 americans filed for these jobless claims and on top of that the number of people who have been laid off permanently is growing how long before we can get to precode levels again. Thats a great question though i guess one of the bearings on the wires. That are coming out and whos going to take a backseat that was the. Driver anyway. The banks you were going to be. Ray who was that me earth person lying to take a vaccine that was their vote in months when it usually takes years but listen theres 4000000 people who are permanently on employing thats how they classify themselves were still leveling 1000000 jobs eloped 3 pandemic levels and its a record deal theres a 100000 businesses that have permanently closed their doors so unfortunately its going to be at least 2 years we get back to what we were and by the way thats if you believe the prescription for health. And a viable economy comes from borrowing trillions upon trillions of dollars and drinking it all right the number were looking at still its lower than a 1000000 that we were saying at the beginning of pandemic but its still pretty high its just over 800000 still closer to a 1000000 what why ringback are we still losing 840000 people i mean were supposed to be underwhelming route to recovery by the way if you look at continuing claims including pandemic unemployment assistance were at 20000000 people there are still seeking dont eat and this should not be the case for an economy that is supposedly in a violent the shape recovery just not the case well its definitely not the case christine meanwhile after pulling the plug on stimulus negotiations the Airline Industry is looking for a 2nd bailout the Hotel Industry is looking for stimulus as well and President Trump he recently revealed that 13000000000. 00 farm bailout is their hope that these little sector specific stopgaps wont even be enough. I dont think anyone think that these stopgaps are enough and frankly its a big waste of everybodys money and time because the situation that were in is kind of like pushing a joint or miss boulder up the hill you exact to keep on exerting force the entire way up and you get somewhat up but the moment you let go it just continues rolling back out again and were in the same situation so these little stop gap are far from enough and its actually a waste if theres no follow through action to actually get at the entire way back to recovery so the market today is once again got a little overoptimistic that there could be potential stimulus plan but the lawmakers continue arguing we just heard from below see that she is not supporting these little stopgap measures and these little quick cash injection its definitely not going to be enough for the Airline Sector because what is it actually going to do just tie it over for another 6 months but then after that were going to be in the exact same situation in the exact same boat once again because the the main problem is that demand hasnt recovered yet so these small targeted bills they wont really do anything it will only create the illusion of work and progress that something is getting done in negotiation but the reality is that this is going to be a significant negative for the economy so therell be a lot of stress for those who are not going to get the funds so the logic behind these very specific bailout is really flawed when it comes to the Bigger Picture its interesting is to say that these these markets are reacting to the hope of the stimulus when we just heard nancy pelosi i want to play you a clip of what she said earlier today that she wont support a standalone relief bill without a bigger bill take a listen i have been very open to having a standalone bill for the airlines or part of a bigger bill but there is no standalone bill without a bigger bill but some of these issues we have come to some area of agreement. But some of them we have not but they have often away from the whole package nothing is agreed to until everything is simply to happen if thats the way it always is. So its all or nothing here michael you heard what christine just said do you think theres any possibility now for more stimulus especially in that in the coming week well there is there there could be a standalone bill but there cant be a standalone bill is for the bigger banks i mean im confused i dont know i know if you got that straight but im confused listen you know the chance that she has a very big stimulus bill being passed as americans are heading off to the polls by nancy pelosi is almost no she does not want to see Donald Trumps signature on 1200. 00 stimulus checks again and finally her lips expertise again as theyre hearing a lot of holes its just its just not going to happen there i guess if you can you know imagine maybe there is a stand alone bill for an airline but you know a lot of this reminds me of the member of the big trade deal that we were handed you got new york you know not to loan you know you know there was a going to be a trade deal was really this rally on the trade and then some says you know hauling all want to go sure is going to china and all American Business or people live in china and then theyre in the market tank and they rally because oh i didnt really mean that trump said you know were really to go shopping at the other day we got a big gigantic. Deal and the chinese are even filling their obligations so i mean i expect the same thing from the trade deal as were getting from this you know negotiation and guess what the deficit with china is greater than it was greater today than it ever was in history well and over 5 months of these negotiations that theyve been going on this back and forth they were so quick to make to put out a stimulus really fell back and may or months ago and now this is just a lot of back and. Meanwhile the American Public theyre struggling kristie the market seems to still be green despite the fact that theres now the increasing chance that no broad based help will even happen before the november election and weeks away how is q 4 going to turn out is washington leaders are still at an impasse well basically i think the recovery that has kind of lived by stimulus is now just going to die by stimulus or the lack there of the market is still rising on the misguided optimism that there is work and theres progress continuing that some sort of skinny deal might get passed before election but even so that will not be enough because billions of dollars as mike just said are based siphoned out of the economy due to this lowered jobless benefits and were going to see thousands of business closures in the coming months and probably the worst Holiday Retail season in over 12 years so its going to be difficult to put into exact numbers how big this impact is going to be but were definitely going to start seeing the facts of the lack of stimulus within the coming months this 20 6500000. 00 people receiving some sort of Unemployment Benefits theyre going to be seeing a reduction of that thats going to translate to about 15000000000. 00 a week in disposable income so without that strong middle Class Consumer that has been basically propping up the economy since 2018 were going to see a really bad q 4 michael i want to get this last question in before we go a recent paper published by senior fed economist and Deputy Director of the banks Financial Stability division kiley said that the fed will need to monetize deficit equal to 30 percent of g. D. P. Or 6. 00 trillion dollars now the fed is already purchased a record 3 trillion dollars in bonds in march that basically means another 3. 00 trillion is needed those are some insane numbers were looking at here are we just now caught in this vicious cycle where more and more stimulus is needed to avoid a complete collapse. Yeah i mean if were actually i think thats the case the National Debt is now eclipsed 27. 00 trillion dollars deficit interest in 2020 is 3. 00 trillion dollars although it was monetized by the Federal Reserve c b o says or what you deficit is going out over the next 10 years will be 1. 00 trillion dollars all that has to be monetized by Federal Reserve and if you think you can build a fire it will help the economy by borrowing and printing money not just america its all over the developed world so this is not just americans we are being held together the developed world is being held together by rubber bands and glue oh or efficiently lower Interest Rates by the way and the only thing i remember is you dont remember anything else i say today the only thing is holding your stays low is the fact that they can get away with a line that there is no insulation once the sheep there are goals we really start getting intractable inflation building in this hole or the sure it is. Well specially it with more stimulus that and there will be a road to a longer recovery interesting after the chairman is saying that dont theres no risk in overdoing it it doesnt seem like thats the case 5 tools they want to use i will follow it up and see what other tools are going to bring about in the next couple of months boom bust cohost christine and michael pentode president and founder of strategies thank you both so much for breaking this down for us. And ask that banker Morgan Stanley announced it will acquire asset manager vance for about 7000000. 00 and a cash and stock deal 38 percent premium this goes along with Morgan Stanleys plan to double the size of its Asset Management unit c. E. O. James garment said Asset Management has been on song hero inside camp Morgan Stanley adding we felt it was in a position to do something and that this was a Natural Evolution the news comes one week after Morgan Stanley completed its 13000000000. 00 acquisition of the trade. On thursday van shares soared to 48 percent on the news while Morgan Stanley rose 1 point one percent the deal is expected to be completed in 2nd quarter of 2021. According to china the corona virus has all but disappeared in that country however another issue that could lead to catastrophe has emerged food scarcity while china is trying to face the problem head on the danger extends far beyond its borders arties alex mchale of the story. Its a ritual that can be found most anywhere around the globe. Family and friends sitting down to share a meal although corona virus may have cut down the social aspect of dinner in many parts of the world in china the middle itself has also been chopped and asia is in the midst of a Clean Plate Campaign while people are being told to finish their dinners and not to waste any food some restaurants in china have gone so far as to dish out how servings from cutting down on portions to saving leftovers for later the people of china are being told not to waste a single ounce of food while people seem to be cheerfully going along with the agenda a harsh reality looms Food Supplies are down and prices are up 13 percent year over year to be exact there are number of factors at play the nation has been hit hard by the african swine flu which emerged in china in 2018 cutting its pig herd in half millions of pigs have died or been called due to the by risks a popular source of protein has soared in price in china by 135 percent since february floods and droughts in the country have also affected Food Supplies making china more reliant on imports from places like the u. S. And australia both countries that currently have tense relations with beijing and of course theres coba 19 the virus has disrupted food chain supplies around the world bringing us to the fact that when it comes to food scarcity china is not alone shortages are affecting countries globally rich and poor alike all around the world food prices have gone up in the past 12 months due to the corona virus pandemic. In the u. S. That equates to a 4 percent rise in the cost of food during that period it is also reported that in the United States now 1. 00 in 5 families do not have enough to eat a fact pronounced by growing lines up food banks around the country on the other end of the spectrum are poor nations with ones experiencing by a once being the most in danger in many places the pandemic coupled with conflict and disruption is the only county clean bows to Food Security millions of people in the democratic republic of the northeast nigeria so sudan as well as yemen face the risk of femi Environmental Issues disease including a pandemic war and even pestilence are all contributing to Food Shortages around the globe although china seems to be trying to do something about it the issue needs a Global Solution and according to some if we dont tackle the problem together now not too far down the road it might be too late the threat of them of famine is looming again so we have to step up and not step back and quite frankly 2021 will be a make or break year for boom bust im alex mohan the fish. Prime now for a quick break but hang here because when we return new accusations against weiwei have some british lawmakers are going to see a ban on the company the appointment of break down the allegations and tell you which competitor may have the most to gain as we go to break heres a number of appetite. For. Lets just say i dont know but the get a list of all the. People i want to make i wonder why it was. But there are also friends that the us are still so but the soul hoping to do something to see. The child for sure. They have about that wasnt possible. With someone of that you know but it happened. During called did we hear about the u. S. We hear about china we hear about brazil you know but we dont really care much about japan and yet japan i think in the grand scheme of things is in a data point in the intersection between the end of the end of the u. S. Dollar as the World Reserve currency and us empire because japan is has been in shall remain the cheapest source of funds in the world. As the u. S. Economy was booming growing numbers of people made homeless. You can work 40 hours in a week and still not have enough to get housing everybody believes america still is the leader of opportunity the reality of it is were not financially equality and the lack of Affordable Housing or living minimum wage relieved. Many people know. Theres been a problem with the city. We were originally told we stay where i live is a little too since thats the food that there is no way its because you know its the records at least. On the streets to become invisible as. A new report out of the u. K. Claims that british authorities have found clear evidence of collusion between Telecom Company while way and the Chinese Government in light of this testimony the British ParliamentDefense Committee has called for an accelerated removal of wallys equipment from the countrys 5 g. Network so lets get details on what is happening and bring in a bill must cohost and. Juan and Jeffrey Tucker of the American Institute for Economic Research ben lets start with you give us a rundown of what this Committee Says it found. Yeah so this whole talk about evidence that they found proof they found is that really theyre essentially what they have is a bunch of Telecom Insiders venture capitalists who came in testify before this committee and essentially what they said was we know that the Chinese Government has given money to while away in order to build it up one venture capitalist said that over the course of about 3 years of the Chinese Government put about 75 1000000000. 00 into wall way now does he know this for sure he claims that he does but lets say that its true 75000000000. 00 has been poured into weiwei he says in order to be able for that company to sell its technology at an incredibly low price point which is allowed to kind of outbid its competitors ok that can be an accusation in and of itself but heres the problem sara is that that accusation has nothing to do with the accusation that is supposedly keeping walk away from being able to do business and build out 5 g. In the u. K. And in the u. S. And that accusation i would remind viewers is one that the Chinese Government has back doors built into the way systems that allow them to access data on the people who are using that equipment and on governments as well the fact the Chinese Government may or may not and im sure they are i have no doubt that they are at some level putting money into what way does not necessarily mean that they have to a Technological Access to be able to compromise that equipment that is the claim that has been made but we still to this day have seen no evidence of that claim then it sounds a lot like something weve talked about this time time again like something we heard back in february when u. S. Officials also came out and said that they had evidence as well to report that while we did have back doors and that they were a National Security. National Security Threat however we never saw any of that data we didnt see their poor they didnt really prove it even if they had it which they could have but they didnt come out and they werent transparent about it jeffrey why executives they werent allowed to testify before the committee is this just an example of where the investigative body then just starts with this conclusion and kind of works the their way into to make the evidence that. Its clearly a political attack and thank you ben for laying that out so carefully and precisely this isnt a new front and a war against this company thats been going on in the basically the us is trying to shut down while away and i cant believe those words actually came out of my mouth because its from my perspective a complete disgrace for the u. S. To be doing this this is you know that while it was like a star company and the new Free Enterprise oriented china and a real wonderful american Style Company and the u. S. Thinks that theyre just going to wreck this digital iron wall all over the world thats us in the u. K. Now apparently and yes as a brand new front you know on the on the matter of back doors yes theres never been any evidence but i just want to add here that for 20 years the u. S. Governments been trying to create back tourists or. American technology to include that struggle continues today as for industrial subsidies i mean 3 really want to talk about industrial subsidies i mean u. S. Is as the pioneer in that respect and it was it was it was trumped him self that you know upped us our culture subsidies and just a year ago it been forcing china to buy all of our wildly overproduced grains soy and corn and so on so i mean its just an incredible thing to see why way accused of all this the sins. And the Chinese Government accused of all the sense of which u. K. In the us are are the prime examples of committing those various ends around the world so yeah this is do duplicitous and very strange and probably ultimately protectionist attack on and on a great Global Company that we should be cooperated with right that they are leading in 5 g. Development weve known this and repeated this time and time again i just wish that again if they actually had the evidence both now the u. K. And the United States they came forward and showed it to us and thats really the key. Then on a separate inquiry by the British Parliaments Defense Committee and to u. K. Tidy security published there is a its about a 2027 timeline term move here from networks is sensible but a 2025 time i could be considered under specific circumstances yet so the goal here is just a push of the time and thats what this entire hearing was about this entire subcommittee investigation which i would have with air quotes around investigation because its not a real investigation you brought in a bunch of really nonscientific people to log new accusations against weiwei so that you could push of the timeline of removing that what we technology again from existing Telecom Operations but i want to remind people of this you know i dont i dont doubt huawei on some level is probably compromising our data i dont doubt that at all the problem is that so is apple so is samsung so is every andrei operating system in every phone out there and so my problem is the lack of consistency when you are in the Us Government and you say we must protect data theyre not saying that theyre saying we must protect you from wild way while letting you fall susceptible to Big Tech Companies that compromise your data every day and by the way the u. K. Australia and the United States all of them wanting to move to the Lesser Companies in terms of the leading the way on 5 g. Nokia and ericsson i would remind viewers that both of those companies are co oh and by National Governments those are not even private companies they actually have on their books National Governments owning big large chunks of those companies so while we may have funding from the chinese and i dont doubt that the chinese would probably compromise data so was everyone else so either we clean it all up or we dont pick out one company and say that one company is wrong when everyone else is right for doing the same and for the United States its liking our im washing my hands here and its ok for us because we are your government so please trust us but its not ok for china to do it jeffery. The reality of the push of arc against wa is when one company is held down others actually grow we are seeing that now samsung said thursday its 3rd quarter profit likely jumped 58 percent to more than 10000000000 dollars this is the highest in 2 years as u. S. Restrictions on chinas wall way boosted the south korean attack giants phone and even chip sales isnt this idea of holding one company back while others grow completely contradictory to free market principles. There are always winners and losers with every kind of a government attack on the free market to start done on behalf of National Security or much less your rights to your property and binns exactly right i mean americans have every reason to be extremely worried about their compromised data which we are actually we see it happening all the time as it was google in the us at Tech Companies which i could tell you one way is not a threat i mean if any to look at mentioned before i had a lot of friends of mine who had already bought weiwei phones because they have a reputation for being more secure than then anything else available on the us market but now they are being deliberately attacked this is contrary to every principle that america is supposed to stand for and i tell you as an american there is nothing more chilling than to turn on the television and see Chinese Communist government officials. Proclaiming the glories of Free Enterprise sincerely and with a look of of horror on their faces that this is this is happening they went slow Free Enterprise free trade and innovation the who attacks them but with the us which was once the the model for the world in individual initiative and Human Flourishing and Technological Development no more well it doesnt look like this will be going away anytime soon so were going to have to continue the conversation Jeffrey Tucker of the American Institute for Economic Research the west coast and so on thank you both for breaking it down for us. As weve quickly transitioned to zoom and other video calls for morning meetings or a score g. P. U. Maker in a video says there are new technology can fix some of their biggest bugs using the new new video maxime platform users can use powerful graphics processor is on these clouds in order to boost call quality fix your gaze cancel noise and they even provide live subtitle translations on top of that it reduces the ban with needed for those of us with spotty wife i connection so at this point you cant by yourself but look to see if Major Players in the Communications World take advantage of this technology. Thats all for now catch him bust on demand on the portable t. V. Apps available for your apple and Android Devices or simply check out a portable the t. V. Will see you next time. With election day looming its important to. Change the g. O. P. At all is there such a thing as trump is just a little over an established in the weeds understand why the bucket in the 1st place just populism on the right future. Nuclear become a battleground in the us in vermont people are demanding the shut down of a local plant from my yankee is right now my focus because its a very dangerous oh no claire power plant the owner is attempting to run the reactor beyond its operational limit this case just sort of puts a magnifying glass on wheres the power in this country wheres it going is it moving more towards corporate interests or is it more in the idea of a traditional participatory democracy is your power lie with the people this case demonstrates that struggle in the very real ways a struggle. To be. Brought in a person calls for an end to hostilities in the troubled no go to the region as moscow says it will mediate talks with john and all media to help stop the fighting. Comes as combat intensifies between the neighboring nations locals caught in the crossfire forced to flee for their lives. So i was beat the rebels are looking for the stars of position youre put in for love with most ways you know. By seabrook yeah. It has been almost 30 years i still see the image of my land in front of my eyes. The return of restrictions becomes the latest major city to reintroduce measures