Transcripts For RT Boom Bust 20240712

We tried again and again and we investigated all all over potentially dangerous. Knowledgeable objects close to noon to the ocean shore but found nothing around to 5 or 6 days scientists started talking about these nature will nature will reason. It is now a dominant version that is so mr governor thank you so much for your time we really appreciate i wish you good luck with your efforts to save nature and to preserve. And i wish your region a quick recovery thank you so much thank you and thank you for your concerns and and your interest you know what is happening im sure will make our work and showed and have a player that even a better place to leave. Fascinating conversation i hope you enjoyed it return with more headlines in half an hour. Join me every thursday on the alex simon short and ill be speaking to guest on the world of politics. Im sure. Ill see you then thanks. I. This is boom bust the one business show you cant afford to miss friendship or in washington coming up the federal Communications Commission has moved to target social media giant following outrage over alleged censorship straight ahead well dig into what the moves mean for the new Public Square plus amid the pandemic sports are a needed distraction kovac has wreaked havoc on nearly every major league later im going to bring in a panel to analyze the financial state of the industry we have a pack show today so lets dive right in. And we lead the program with the latest in the world of social media in a week that has been nothing short of head spinning in the tech world we have new developments on friday as the federal Communications Commission is indicating that it may begin to regulate platforms over censorship on thursday f. C. C. Chairman i said that the agency will seek to regulate social media platforms like facebook and twitter at the behest of the trump administrations executive order signed earlier this year so lets waste no time and get to the details of a boom bust cohost an investigative journalist ben swan now ben all of this ramped up this week when twitter and facebook censored and blocked a New York Post story regarding emails of former Vice President joe bidens son hunter biden what happened from the tech side and why has it created such a huge backlash yeah whats really interesting about this brand is that the backlash is bigger than the story itself quite possibly which is that you know because the post put out this article and by the way the New York Post you know the 3rd largest daily distribution of any paper in the country they put up this story they tweet it out and twitter responds by actually. Logging the New York Post account they banned other accounts then they block sharing of it through the direct u. R. L. And they even blocked the sharing of it through d. M. Whats interesting is twitter whos gotten a lot of attention here actually was the 2nd tech company to act the 1st tech company was facebook and facebook essentially said this is a story that should be looked at by our Fact Checkers but even without Fact Checkers looking at it we can go into a whole debate about whether or not the Fact Checkers are legitimate and what theyre doing even without looking at it facebook said that it would actually slow down distribution of the story by putting a warning on it what does that mean moped when Mark Zuckerberg was testifying in front of Congress Last year about this he said at the time that to reduce distribution on a story by putting those warning labels on it reduces distribution by 98 percent thats what she testified so youre talking about knocking the story down to 2 percent distribution and so in this case it has what we would call the streisand effect which is that your response to try to keep people from seeing the story has actually made far more people see and Pay Attention to the story than they ever would of had you not gotten involved as much as the post has complained about that if you looked at any of their coverage in the last 24 to 48 hours its been all about how theyve been wrong so i think theyre doing pretty well over it as well now you mentioned that twitter says the report violated its policy on hack materials but friday the company stated that it will quote no longer remove hack content unless it is directly shared by hackers or those acting in concert with them and will add contextual labels to tweets with links to such material instead of blocking them entirely now is that a step in the right direction or is that kind of go in the same line of with what facebook has done which is still really. Messing up the distribution of those content. Why dont they go in the right direction but i dont understand it as a journalist i would say that its very disturbing when a tech company says that we will block we have a policy against hacked materials why do you the policy against that i mean glyn greenwald put out a great tweet about this in which he said under this this set of rules the pentagon papers would never have been able to be released snowdens leaks would never have been able to be released the Panama Papers would never be able to be released the idea that you cant share hacked or leaked documents unless there are any can be sent out of its with the hacker or someone working with the well what was what was Edward Snowden right he was someone who took leaked and not just leaked when he was the leaker took those documents and present presented them to news organizations who then shared them and said hey the n. S. A. Is spying on the entire country Edward Snowden would not be able to have his information out on twitter or by the way twitters not the only company that does this google also has a policy where they say that if you put anything up thats been hacked or leads theyll remove you from youtube your channel will be canceled so its a very strange policy to put into place and as a journalist i think its very chilling because journalists have to use documents that are leaked or taken at times we know we can leaks is on this is well has documents just because a document is hacked or leaks doesnt mean its untrue. But what we actually started to say when discussing the f. C. C. We often talk about regulation of social media here on boom bust so what power does the agency actually have to regulate social media companies. Well thats the real question here you know i ship by the chairman of the f. C. C. Essentially comes in and says because hes been contacted by members of congress were going to take a look at how to enforce you know the section 230 and make sure that its being followed but what can he really do a section 230 is essentially an act that says that you cant 1st of all let me be clear about this section 230. 00 was created in regards to books in libraries right thats how it was a rigidly written so the fact that section 230. 00 has been heavily applied to Tech Companies is kind of weird its a weird idea that no law has been created since the boom of Tech Companies and social media that addresses specifically social media and instead were using its equated laws that deal with Library Books in order to enforce this but having said that what the f. C. C. Was to do is now kind of clarify what it means to be either a publisher or to be a platform that is really not covered in section 230. 00 other than to say that you cant hold a platform responsible for what someone else is doing but what section 230 doesnt say is what you can require that platform to do so exactly what the f. C. C. Would do here is very unclear and if were talking about banning certain stories or blocking things thats also different than even shadow banning that goes on where they dont remove a user they just make it so that nobody can see them because its not very clear as to who shadow bandon who is gray band of all that kind of its very its very difficult to tell and quickly before we wrap up here how can we have 50 actually crackdown on these companies because one twitter user pointed out statement that newspapers get to choose what stories appear in their papers so twitter gets to choose what stories appear on twitter so dont private companies have the right to control their confident about 30 seconds left here but they do private companies have the right to do this what they dont have the right to is Legal Protections. Essentially if youre a platform you have a Legal Protection that says you cannot be sued for what a user puts on your platform. So Twitter Facebook and google have been able to grow to these behemoth sizes because of the protections that come through that so essentially yes you can put it whatever you want to your platform and deny whatever you want to your platform but you are not entitled to Legal Protections as youre doing so interesting well keep up on this story boom bust cohost and investigative journalist ben swan thank you for breaking it down. Brynn thanks. And pharmaceutical giant pfizer says it will apply for emergency approval from u. S. Regulators for its covert 19 vaccine in late november if there are positive results in current phase 3 trials now the potential vaccine being developed with german firm bio intact is currently being tested on roughly 38000. 00 people worldwide in a letter published friday pfizer c. E. O. Said the company could know whether the vaccine was effective by the end of october but warda changes in infection rates among participants can alter the timeline to receive f. D. A. Approval to companies will have to provide safety data related to at least half of the studies participants describing the effects of the vaccine for the 2 months following the last dose pfizer biotech say they will be able to produce 100000000. 00 doses this year at least 1300000000. 00 in 2021 several governments have signed deals with the companies to secure doses if trials proved successful and with this in mind lets go ahead and take another look at the trends and sybren were now near 40000000 people globally lev been infected with covert 19 about 1100000 who have died but since the pandemic theres also been 223000 people who have died just here in the United States and you know alone on thursday over 65000 and new cases reported now the number of cases alone of course is not a full measure of the current outbreak right because its very difficult to compare the current numbers that were seeing right now and compared with earlier months when testing was really not available but even so were obviously headed in the wrong direction because if we just look at the fatality rate right now were averaging about 700. 00 deaths per day a sure sign that the country is in for a very tough winter now taking a look at the states that are really driving these numbers so far and. Oktober 25 states all these states have reported record increase in new cases while 10 states the ones that you see into darker green they have reported record in deaths and now these surges are unlike anything good experience earlier in the pandemic for example in the midwest daily new cases hit a record with over 22000 new cases while states like Wisconsin South dakota and New Hampshire there are new cases have doubled jess this week and so far california the state thats the state with the most total cases is followed by texas florida new york and georgia now although those states account for 40 percent of all the reported cases in the u. S. But in addition to rising cases hospitals in several states are also really struggling to handle a flood of patients so while this looks out of control right now a Health Experts are really worrying that the Current Situation is going to get even worse because colder temperatures are going to drive people inside thats when theyre going to lead their guards down and not follow any proper social distancing a brand and cold at night is obviously rising in other countries in fact in 80 countries and these are the current countries that are reporting the most new cases per day and now india is topping that followed by the u. S. France brazil and the u. K. And then these are the countries that are reporting the most deaths per day again india u. S. Brazil argentina and mexico and lastly brant while obviously theres no cure yet for coven 1000. 00 right but there have been some treatments that ive gotten an emergency authorization that one of which is. Thats the only antiviral drug right now authorized for treatment of colon 19 patients in the u. S. And thats that same drug that was used by doctors to treat prayer. That interim earlier this month after that as a positive for the virus but even that very promising drug according to a new Study Released by the World Health Organization today states that might not even prevent deaths among patients w. H. O. Study called the soul dairy trial found crowed the ram best of year appeared to have little or no effect on hospitalized over 1000 patients as indicated by overall mortality initiation of ventilation and duration of hospital say now they also found the same results in other antiviral drugs used to treat patients so it appears no drug or combination of drugs is going to reduce mortality the chances of mechanical ventilation would be needed or time spent in the hospital compared to a patients who are giving no drug treatment at all brands so definitely not the news we need to be hearing right now our chief correspondent sorry to have to thank you for keeping us up to date. We had a mixed week for Global Markets as investors are keeping an eye on Economic Data and the state of stimulus talks here in the United States so lets see where things ended up a star in russia where the mo x. Is down for the week a possible 2nd wave of covert 1000 cases has investors watching as the nation reported a record daily increase in coronavirus deaths now the ruble reached its weakest mark since october 7th due to a rise in new cases as well as news of the European Union and britain imposing sanctions against top russian officials moving to asian markets the shanghai composite its in the green for the week the index soared early in the week on trade data showing the countrys exports and imports had increased imports surged 13. 2 percent in value the index however did fall later in the week and lost less than one percent on friday alone on concerns of a covert 1000 resurgence worldwide in hong kong the hunt for the week for its 3rd consecutive weekly gain trading in hong kong was suspended on tuesday due to a typhoon by friday the index rose just about one per cent on the latest upbeat trade data out of china looking for that economic recovery Financial Firms led those gains as well in japan the nikkei its in the red for the week the index fell about a half a percent on friday at close losses in the paper and pulp railway and bus and real estate sectors led to shares lower lets move to deal where the sensex is also in the red for the week the index plunged on thursday due to the heavy selling pressure on i t and Telecom Stocks on friday metal stocks and banks rebounded from losses in the previous session still not enough to end the week with a green arrow in australia the a. S. X. Ended the week up with a 1. 2 percent gain its 2nd straight week rise on friday the index shed point 5 percent though big mining miners banking heavy weights and biotech all contributed to those losses in south. All shares it is also up for the week despite sliding about a percent and a half on thursday alone as hopes for that u. S. Stimulus bill they just diminished and lockdowns hit sentiment so lets now head over to europe and the americas where we can take a look at western markets to see how things ended up there in london the footsie it is down for the week u. S. Stimulus hopes really hurt the markets there as the country continues to see its 2nd wave of coronavirus cases forcing london to institute more restrictions of the german dax and french well they followed similar trends as well also down the 2 countries are also seeing a resurgence in copan 1000. 00 cases but the indices saw some gains on friday autos and apparel pushed things up both gaining more than one percent on friday alone in brazil but it is up for the week after being closed on monday for a holiday index closely monitored news of the u. S. Stimulus negotiations and know that they have not been fruitful as of yet in mexico the b. M. V. Its in the red for the week the mexican peso fell for the 1st time this week in 4 sessions the index took a big hit on thursday are concerns over that 2nd wave of cases that theirs is happening in europe and still no u. S. Stimulus thats weighing down sentiment across the world and in the u. S. The nasdaq and the dow they were able to finish the week out in the green after a choppy week the s. And p. However it is just about flat within a few points of going positive or negative markets were up friday on positive Coronavirus Vaccine news as we previously mentioned pfizer said it expects to have safety data by late next month retail sales reported friday also showed better than expected results rising 1. 9 percent in september and well finish things out and canned the t. S. A. It finished the week flat as well after plunging on thursday Energy Stocks and crumbling oil prices way down the index although it did see some gains on friday on optimism. Possible progress on that corona virus vaccine so moving forward markets are going to have to keep an eye on the state of the u. S. Economy the progress on the stimulus relief bill and the contentious election which is just over 2 weeks away and that is your Global Market walk. Time now for a quick break but hang here because when we return amid the pandemic sports are in need of distraction but cobe it has wreaked havoc havoc on nearly every major league coming up were going to have a panel to analyze the financial state of the industry as we go to break here the number that the. Industry comes to life in los angeles every night. Dozens of women sells their bodies on the street many of them underage. Police reveal a taste of their daily challenge now if youre going to exploit a child here in los angeles were going to come as you can see officers going undercover as 6 workers and customers to fight 6 trade. And welcome back from time to time on boom bust we like to take a look at the business of sports at the onset of the pandemic the future of sports throughout the world were in jeopardy with nearly every major league forced to cancel or pause play of course leagues that were made season like European Soccer League they were able to finish out their seasons in the u. S. The n. H. L. And n. B. A. Well they resumed in a bubble format and were able to crowned champions in recent months while Major League Baseball instituted a truncated season which is wrapping up now in a bubble of its own american football on the other hand well its just getting rolling but outbreaks of coping 1000 have caused issues at both the professional and collegiate level so lets go ahead and take a look at the Financial Impact of the pandemic on sports with dr Victor Mattson professor of economics at the college of the holy cross with a specialty in Sports Economics and our Sports Correspondent Stephen Chris thank you both for being here steve i actually want to start with you here what are we currently seeing with covance impact on sports well brant i mean it goes without saying obviously football were in mid football season which tried to start up its a disaster for the n. F. L. And college this weekend alone were seeing already 6 major games most notable 3 top 10 schools being canceled at Oklahoma State florida and cincinnati are 3 of the top 10 schools that have games that are now canceled but up to this point now its only been about 56 weeks theres already 32. 00 total postponements of cancellations of college alone and we know whats going on with the n. F. L. Every day you hear of new outbreaks on several teams most notably the titans who had 24 positive cases but then were also seeing an issue like today for example with the Indianapolis Colts in the n. F. L. Had 4 positives but they were false positives after they were retested so were seeing some issues with the accuracy of the testing as well and then like you said over overseas with european football with soccer were seeing christian and although prosody the most high profile athlete so far to get coburn 1000 hes in jeopardy now of being able to continue they were in the middle of you at the nations that play now you have a Champions League starting up october 28th for his who vents a squad against barcelona. That little messy verse were all the match up is in question though interesting now professor matheson i want to start with the n. F. L. With you here what has been the Financial Impact of the profession of professional football here were seeing games being moved around quite a bit they in fact they change their whole schedule up just last week plus we have a trickle down issue as fans are in the stands so theres that money being made in the stadiums as well as Small Businesses around the area what are you seeing here. Well so all of the big leagues were hoping that they could they could maintain maybe 60 percent of their total revenues if they were able to come back at least on t. V. Even if you didnt put any fans in the stands so if you look at the n. F. L. There are about a 12000000000. 00 company and that includes about 6000000000. 00 of media rights from sponsorships and licensing so even if no ones buying tickets or no ones buying parking or hotdogs they can still generated on of that money the question is whether they can do that all season how thats going to affect obviously how they share that money with the players and of course that its a gigantic it for everyone involved players owners and of course the regular workers who work as ushers as concession people and as as bartenders and servers in local restaurants and its even messing with t. V. Schedules now because we even saw thursday night football which has its own night to have a Football Game was actually canceled this week that game was moved into monday i believe is that right steve yes ok. Well lets talk a bit about College Football as well where nothing cancellations of high profile games and other Major Conferences like the big 10 thats actually set to start up this next week when we talk about the loss of revenue in pro sports generally you know obviously we talk about some of the people who work in arenas but also its a lot about the billionaire owners but these big collegiate programs they raise money for the entire university and the smaller sports in fact there was a report out this summer saying if ohio state was to cancel their season completely it could cost more than 100000000. 00 for the University Press rason how important is it financially for these leagues to finish out the season when it comes to College Athletics. So its an interesting thing when we talk College Athletics for a big program like ohio state a sensually the finances of the Athletic Program are completely separate from the finances of the rest of the university and while one 100000000. 00 is big thats also less than 5 percent of the total operating revenues of a Large Institution like ohio state that being said cancellation of football is absolutely devastating to that Athletic Program for a large power 5 conference the outcry was states the claims in the alabamas of the world they generate over 80 percent of their money on College Football but with by filling up 100000. 00 person stadiums and by selling huge amounts of media right if those games dont get played you have to if they figure out how to plug a 100000000. 00 hole hundreds of millions of god dollars it not just go to lavish football that soltys but also go to fund a womens soccer mens tennis. Meaning all of the other things that the Athletic Programs work and this is a real case where you know the haves are actually hurt a lot more than the have nots smaller universities like my own for example we dont count on generating millions of dollars through our College Football program and the cancellation of the season isnt as important for us but the bigger they are in this case the harder they fall and steve i want to go back to the m b n h l n n b a why were these leaders able to finish in a bubble and did everything go off without a hitch basically of the situation yes of course we most notably talk about the n. B. A. And the n. H. L. But they were able to because one they were picking up and finishing off the regular season very shortly and then picking it up at the playoffs unlike the n. F. L. Who is trying to sort of brand new season and then well see if they can get to the playoffs which is trouble now and they dont have a bubble we clearly see if you dont have a bubble system it clearly doesnt work as were seeing with the end albeit 1st before they moved into a postseason bubble they had a lot of issues and now they have 47. Of days with no positives the n. B. A. And the n. H. L. As you stated earlier i believe had 0 positives as well throughout the bubble process and with the n. F. L. And College Football it is a disaster so they were able to because of that contained format with the players and coaches and staff but with the n. F. L. You have 100. 00 coaches players and staff your own able to house that many people for a 5 month season plus the playoffs steve christakis our sports course professor victor math and thank you both for your time today and thats it for this time you can catch boom bust on demand on the brand new portable t. V. App which is available on smartphones and tablets google play and the Apple App Store by searching portable t. V. You can also be downloaded on your model Samsung Smart t. V. s as well as roku devices or simply check it out at portable t. V. Well see you next time. Thats good Survival Guide just a single malt to start simply at least. You should still dont forget the past. Oh heck no. Repatriations forget the rest of 70 years. Philip a separate kaiser or. When you look back you know its its been 153 years since emancipation when you look at its been 400 years right since black people have been in the us to extract in their labor for the construction of the country and then you think that black people on about 2 percent of us wealth and are disproportionately high as category in almost everything thats negative i just dont see that that i dont see how anybody any working to find that has as a women. Standing in one of the traces left by the bombardment its about 8 meters in diameter correspondent reports from the war torn. Region where shelling has intensified despite a ceasefire between the belligerents armenia and azerbaijan. There have also been attacks outside the disputed territory with civilian casualties reported in raids on this very city. To france where a teacher was beheaded after reportedly showing his class cartoons of the prophet muhammad