Spending Federal Reserve governor bernard said that the recovery remains highly uneven and without government funding our Government Spending long standing disparities in the economy and labor market could make matters worse in prepared remarks to an online conference bernard said premature withdrawal of fiscal support would risk allowing recessionary dynamics to become entrenched Holding Back Employment and spending increasing scarring from extended unemployment spells leaving more businesses to shutter and ultimately harming productive capacity last month Photo Officials said they plan to keep Interest Rates near 0 until the labor market has recovered while keeping inflation at a 2 percent for more on this and the overall state of the economy were joined by boom cohost christine and host of economic update and author of understanding socialism professor Richard Wolffe professor we have now heard from bernard from from powell that more stimulus is needed in order to continue this recovery however stocks are down Goldman Sachs and others dont believe another stimulus will pass before the november 3rd election how much harm is all this political theater and big ring really back and forth doing it sounds like neither side is really willing to make the actual deal just a lot of talk about going forth will pot will passing something next year really be too late for businesses. It certainly isnt going to be a good thing its a very good thing i think the important thing in their context is to recognize that our Economic System american capitalism is now on what looks to be in the loop like some who are from the government the Federal Reserve is likely mali like its never been done before Interest Rates of virtually 0 so you get a maximum of 3 stimulus and now the people the leads that are urging fiscal stimulus are up a bit this is a Market Making but if we dont keep Good Government sure enough our Economic System we are at risk that is simply grates with different experiences of white black and brown men and women different regions this is a very serious economic downturn and it is way more profound than the political bickering that is holding back the life support for the goal an honest appraisal worried about the likes of so well were looking at now an extended recovery were looking out of the state not too long ago but what this 2nd wave an even 3rd wave of possible cases were saying this isnt going to go anywhere anytime soon and more stimulus again will lead to more of that and a longer recovery but the American People say they they need to see the money businesses are dying kristie we were still in the midst of a busy earning week though with some pretty big movers today including fries and netflix now a lily and more we have a pretty mixed bag of results how are these earnings playing out this quarter. Well like i said its been a pretty mixed bag some names like snap reporting tremendous growth trend kogut and other names like netflix which initially search for in the stan home mandate now dropping on the growth but the Common Thread between all of these names but the outlook and growth still remains uncertain and no management wants to communicate or make statement on the future right now though nonetheless we thought the major swings in the sand that earnings came out and its not surprising that these trades were executed by algo the very thing our goes out rock the market after every single trump tweet with the trade war last year so a recently published and me are working paper shows that many Public Companies are now changing how they communicate in order to appeal to algorithmic analysis of their Financial Filings and quarterly investment calls so financial analysts they have published a qualitative list of good and bad words commonly used in s. B. C. Filing now the study shows that the Public Companies have been using fewer of the bad words and regardless of the method found that management they tried to sound more upbeat so that Voice Analysis Software listening to the call would read these emotions as positive so its really interesting that as Technology Gets more sophisticated well written and spoken Financial Disclosure is adapting so aka disclosure is getting muddier and world pay as we go because management doesnt want to make any statement on future outlook given the global uncertainty and to management just started using more neutral terms and guidance as to avoid the wrath of the algos impacting their stocks so kristie essentially headlines and news are where its driving up the markets are causing this. Headlines and news but theyre less definitive and theyre more opaque so it offers more room for interpretation professor in the latest un report it estimated the value of global trade is set to fall by 7 to 9 percent in 2020 from the Previous Year while we can blame a lot of it on coven much has also come from these heightened protectionism attitudes and countries actually favoring selfreliance rather than trade and cooperation how disturbing is this trend if we continue on this path and global trade continues to shrink like weve seen. Well i think its what every economist has been teaching his or her students for many many years if you become or talk if you turn more is where you cant buy the goods abroad that you were able the bible for at a lower price which is why you went there in the 1st place if you bring in all the prices will go off that means and inflation were not ready for the inflation the Business Class in this country does not want to give workers the n n a a real need to buy clothes made by American Workers and therefore priced he so the basic problems of a system that has been globalizing for the last 40 years but now all under the trump of administration and elsewhere wants to slam the brakes on all of that shit through a national its Economic Program that has at least as many problems and difficulties and globalization did it sounds mo problems it just ship is the focus and when you put that together with an economy based basically on life support from the government youre going to shift the American Economy to become more and more reflective of whatever the political theater is to be looking like from one week to the next a professor isnt this what weve been looking for at least striving for and the latest decades globalization innovation by working together and not being so protectionist. Exactly and we build up in the Economic System that the pens are are from the long supply chains to the Financial Arrangements to the prospective investments and so a sudden shift which may be clever politics can reach average which is why christine is quite right that the big theme in wall street is the absolute uncertainty of having any idea how to make a long Term Investment which is not being made and hence the problems well chrystia before we go i want i want to get this question and pay pal officially confirmed on wednesday that its entering that cryptocurrency market what does this mean for big quiet and the cryptocurrency or the crypto industry at large. So this is a huge deal crypto is now that much that much closer to going mainstream with pay pal with over 300000000 active accounts around the world this is a great gateway provider for the average consumer as it will allow users to buy sell and hold coins so after the news broke that quite like as much as 8 percent higher pushing close to 13000. 00 so the thing is paypal intends for services to be online within the coming weeks with plans to expand that to then mail and other countries so while this is big news and its a huge endorsement are quick to ask that its likely to spark the wider adoption of pay pal so the thing is while this is all well and good and exciting paypal said that it will not allow bitcoin or other kryptos to be withdrawn or deposited now this is really important because once you buy the coin they stay in your account until you sell or spend so once you buy so in other words once you buy the coin pay pal is then the bank and they will not allow you to transfer your money into different competing thanks so essentially youre acquiring are on the pay pal network stays there you cannot withdraw and sell somewhere else they like an open exchange with sufficient price discovery and minimum. So youll be sacrificing the convenience for Financial Freedom as what weve said time and time again if you dont own your keys then you dont own your coin pay pal owns the keys and there are ready thing that is going to be restricting your movement so right now convenience is coming for crypto but at a great cost a lot more oversight im sure will continue to talk about this as as it continues to open up more crypto Digital Currencies and Companies Invest in these types of programs with with Digital Currency who must cohost christine and Richard Wolffe host of economic update thank you so much. Moscow has responded to the latest u. S. Sanctions against north stream to that natural gas pipeline that running from russia to germany that is nearly complete well kremlin spokesman it to me true peskov called the latest sanctions an unfriendly and destructive policy of constant introduction of different restrictions against us our economic operators and our economy unfortunately they have been pursuing this destructive policy for over a year and it certainly damages our bilateral relations earlier this week the u. S. Announcing sions to firms up provide services or facilities for upgrades or installation of equipment for those specific vessels well the u. S. Continues to pressure germany to stop construction of this pipeline saying it in danger is europes dependence on russian gas. A day after the d. O. J. Officially launches its antitrust lawsuit against google 7 more states attorney generals have indicated they may join the lawsuit as well the attorney general of new york along with attorneys general of colorado Iowa Nebraska North Carolina tennessee and utah they all released a joint statement on tuesday saying they plan to conclude parts of an ongoing bipartisan investigation into googles competitive market these behaviors in the coming weeks at that point they will decide whether to file a complaint and will file a motion to then consolidate with the case filed by the d. O. J. On tuesday joining us now to discuss update us cohost and investigative journalist. Ben this is much too similar to that case we saw 20 years ago with microsoft but why do some say this is much stronger against school. Yeah its pretty interesting how similar it is remember 20 years ago when were talking about Microsoft Microsoft was basically told it was committing anticompetitive practices by building a default Search Engine into Internet Explorer and that way everyone who had microsoft equipment would essentially automatically be using their Search Engine well googles that is a very similar thing the idea here is that google has developed through 2 means the ability to be able to dominate the Search Market one is to their android operating system thats where its similar to microsoft that was enjoyed operating system which is on a huge number of phones worldwide its really the the largest operating system in the world for mobile devices you are by default using google if you use an Android Device and that regardless of who the carrier is whether its t. Mobile whether its sprint whether its verizon because what google did was they offered money and incentives to these companies to essentially make sure and protect their ability to be the number one search but then also we know that in 2018 apparently. The c. E. O. Of google and tim cook the c. E. O. Of apple had a meeting in 2018 where they talked about how apple could be a part of this and google essentially according to this lawsuit spins 11000000000 dollars a year protecting their ability to be the default search in apple whenever you use an apple device and that includes when you asked syria question it runs through google not through any other search provider so apple could be a huge part of this obviously what sort of a challenges are they going to face going into this yeah i think theyre going to face some challenges and one of those is the fact that again this this whole thing is built upon the idea of anticompetitive practices right and the collusion between Major Tech Companies to basically block out and box out competitor smaller competitors and so by google asking to do this and by apple agreeing to do this apple yeah theyre taking in 11000000000. 00 a year which makes up about 20 percent of all of apples profits for the year so 20 percent. Their profits come from being paid off by google to make sure that no one else through to the search has the ability to be able to compete with google thats an anticompetitive that prevents competitors from being able to be a part of this and of course apple has their own issues all of this set aside with whats being the allegations of their facing in terms of how they operate the app store and the fact that they have systems that keep certain developers out and they take huge amounts of money from the developers they let in so both these companies could be facing antitrust action and weve heard a lot of European Countries too coming against that especially in the in the latest month but how realistic is that weve talked about this before ben that you and i and that the common average american our person is going to switch from google to another competitor and what are the chances of that even happening yes see the problem is that google says people use google because they love google not because were forcing them to were not making anyone do anything but thats not really a true statement yeah its true youre not making anyone do anything but by by paying essentially to be the only option when someone goes to their phone and just searches in their apple phone for any that sarah montevideo i want to look around so you look or up its going to be google that provides that search results not because the customer said i think google would be the best choice for this its because of the fact that google has positioned themselves and aid to be in a position where by default you are the choice and so i think the issue is this that at its core what will be done about it is the real question not so much whether or not googles but anticompetitive they clearly have not whether apple was anticompetitive or facebook is anticompetitive they all are no question the question is what do you do about it and right now the d. O. J. Actually isnt even prescribing anything to do about it they have no specific rim of these to this problem listed in this maybe pay a fine maybe know how to fill out a little bit here no solution here and thats a huge problem for us and we know it is a default you can go under settings and change it but. Really who is going to want to do that and go into the starting rotation to do a different Search Engine when you have the convenience of just pulling up and googling must cohost an investigative journalist thanks for breaking it down for us you got it this. Time out for a quick break but stay here because when we come back well talk to Infectious Disease expert dr William Schaffner about the race for the 19 vaccine and how long we may still have to wait for a safe and effective shot to actually be approved. The numbers out there. Was. Secret prisons are not usually what comes to mind when thinking about europe however even the most prosperous can be deceived weve been busy roads on there were too few houses were. Preserved was located and the only people had access to the story for investigators she tells the uncovered the darkest dealings of the secret services but i mean. The great ignore. Thanks for justice. Its sort of amazing country with so many friends in russia and im very excited to be here. I love that idea i think i can do that. Every night and make a lot of money with. Millions and hundreds of me. He has had. A great wall and nobody feels a lot better than me believe me and ill build a very inexpensive like a great great wall. Just in case youre worried about whos going to pay for it mexico will pay for. It will see what happens who knows who knows what well see on the field it will be a success. Oxycontin maker Purdue Pharma has reached a set. Woman of 8340000000. 00 with the u. S. Department of justice this marks the end of criminal and civil investigations into produce marketing and distribution of its powerful painkillers as of now 225000000 dollars will go to the federal government with the rest will then be divided up among states local governments and native american tribes for the drugs role in the deadly crisis despite the major settlement produce fall short of 8 1000000000. 00 after filing for bankruptcy last year at least 25. 00 states have signed on to oppose the companys bankruptcy plan in order to seek more money from produce owners the sackler family. The number of corona virus cases around the world is going up here in the u. S. The socalled 3rd wave of infections is picking up steam as we move closer toward flu season with a rapid acceleration in the country recorded more than 60000 new cases on tuesday alone this is a 73 percent increase in just over 5 weeks this comes as the race for a vaccine continues with the u. S. Operation or speed at full force but whats the likelihood well see a vaccine by the end of the year while to answer this question and more lets bring in very much from the Vanderbilt Medical University of Medical Center dr William Schaffner dr we really appreciate you making time to be with us today lets start with the latest from astra zeneca came out just earlier today earlier on tuesday or wednesday brazil reported a volunteer in its Coronavirus Vaccine study. Could we be looking at another pause in this trial or is it possibly someone who was only given the placebo. We dont know that do we stay or it all depends if it were in the placebo well then the trial would continue no question about it because after all we are giving this vaccine to adults some of whom are older adults and 1st medical events do happen in an occupation but it happened in that scene recipient then would be surprised that we dont get a pause and the data safety Monitoring Group which is that external group of experts would have a look at astra zeneca what was one and the advanced stages a doctor or whats a 1000000. 00 question here realistically speaking out how soon can we expect to see a vaccine or is that potentially as a possible that were going to see more pass. We might see more positives you know that or you know thanks lehmans not a Straight Line so particularly once again if youre dealing with older adults and older adults are part of this volunteer group we all expect now and then and 1st medical event that could lead to pause but everything considered we still have our fingers crossed that by the end of the year and certainly by the beginning of the new year these trials will have occurred just a point where we can look at them and decide whether we have a vaccine thats effective enough and also safe enough to go with it and weve talked a lot about the focus on finding this cure this about seen to get the infection rate low enough to to resume basically a normal life which could obviously its going to take some time but should there be more of a parallel track looking into these therapeutic saying President Trump said that there are pics that there predicts that he took were essentially a key here so what a vaccine and therapeutic combo be best moving forward. Well we certainly would like both back scenes for prevention there are a few nukes for cure or at least effective treatments and there are studies obviously working on the vaccines and also working on up the rise of the of different drugs that could lead to Better Outcomes if you do get seriously ill so we could use both of those believe me and i know were all still learning a lot from from coven 1000 that we obviously have from 8 months ago when we had our 1st case or through the year but many medical experts are bracing for the possibility that covenanting that its never going to go away that it will become sort of an endemic add just like the flu in which case of vaccine then what it eliminated do you agree oh yes i dont think any of us think that this virus is going to disappear we need to control it get it down to very low levels and then if we havent take it back seems we may have to get booster doses periodically to keep our protection up but we think this wireless will be integrated into our way of life ince forward for the foreseeable future and in the shorter term or perhaps new range term i should say your viewers should know who will be wearing black masks and doing social distancing for quite a few months and as for writing it will be in a similar position next year even where her small or even a people or doctors and medical experts are requiring only some a 50 percent efficacy level for the vaccine can we realistically expect americans in the us to even want to take the the vaccine and to reach the level of immunity needed to end the pandemic. So there are theres a very very big issue indeed were going to have to persuade the American Public to show up some people will get in line right away for the backseats others are going to hold back and we already have good survey data to indicate that at least half the population will be very restrained and even particular and this disturbs me greatly you spanish africanamerican populations even particular are expressing a great deal of caution even reluctance to be that actually so were going to have to translate what we know about the vaccine and provide a great deal of reassurance and persuasion to get a large majority of people in the u. S. France and its all about trusting right trusting and really having the knowledge and information and being informed truly informed of the possible ramifications of this i want to get your take medical experts take on the misunderstandings around what were hearing about herd immunity right we we are finding that many people think it means that people develop immunity on their own without any vaccine treatment but as you know herd immunity can really result from providing a vaccine right why does this misunderstanding at persist in the media. Well i think the misunderstanding or the 2 ways of looking at it crysis because people have been talking you into which is the last thing we want to do is let iris effect so many people that we develop herd immunity on the basis of the iris that would be literally millions of more people dying not just getting infected but dying in the United States and thats why there is this great hope for a vaccine even though the vaccine will be partially affected most of us think by killing many many people vaccinated a large majority of the population so we can develop a socalled herd immunity we cant flatten the current reduce the transmission of the virus by this scientific means which of course would spader many many lives especially if theyre looking at people who may end up with Underlying Health conditions because of this virus a lot of new data really coming out of this dr William Schaffner we cant thank you enough for all of your time and breaking this down for us today we look forward to having you back my pleasure. Thats all for this time catch him bust on the man on the portable t. V. Well see you next time. There is a saying in washington dont let the perfect be the enemy of the good this appropriately describes the political players over another stimulus package and to center this standoff is who wins or loses just prior to the election in the meantime tens of millions are suffering with no end in sight. You know what im going to be out there so i dont think about it i dont mean a grown man now for. My kind of what i want it on course if they now want it gets higher than the. Members of the african mafias them safe and quick passage to europe but once they. Leave the country each util. Will not some of them leave your mom and i couldnt you know if this unit can get it out of him. The soul of the. Core of the united. Because the persona that all this can be the normal. Beginning of this year we outlined 6 or 7 things i could be the pen to pop the bubble i thank god im not sure pandemic was on that list but the world doesnt really matter what the pain is the bubble. Could have been. Eased and deflated long ago but it never was and so now its chopping. To saying well you know this. Could cause a crash on the dollar maybe maybe not and terms of relating to the biden whether hes in or not doesnt matter actually whos in the white house the fact is that the dollar is. The way. The friendship president declares a history teacher murdered by an extremist a silent hero and the face of the republic. Service in paris. The british Prime Minister forces a crowd of virus lock down on manchester despite strong resistance from the city mayor residents told us that the new measures are a step too far. It will keep people alive to think. About giving people the correct why not just. People are going to be able to survive. And the u. S. Agrees to remove sudan from its a list of state sponsors of terrorism but the deal comes out a heavy price for one of the worlds poorest nations
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