Transcripts For ALJAZAM Real Money With Ali Velshi 20150116

Do something that has never before been done in stays. Im ali velshi. This is real money. Seven years after fuelling a financial crisis that nearly imploded the world, americas big banks are doing just fine and getting even bigger. Take jpmorgan chase, americas biggest bank by far. It Just Announced soaring profits. 21. 8 billion, that is a 22 jump from 2013. So you would think americas biggest bank would be celebrating its glory, but instead jpmorgan chaste jamie diamond represented at reporters that, quote, banks are under assault. Why is jamie crying . Because chase saw its profits take a hit, due in large part for a 1 billion charge to cover legal fees. The department of justice hit the bank with a whopping 13 billion in fines. Jamie diamond told reporters that quote, five or six regulators at us on every issue complaining, how american is that . How fair is that he asks . That is pretty rich coming from a guy that runs a bank that pedals securities and caused the worst economic downturn since the great presession but you might be surprised by what jamie diamond says im not anymore though. Wall street lobbyists are pushing hard to take down doddfrank. The financial reform that was passed in 2010 to make sure that big banks never gamble with our prosperity again the way they did in 2008. That was a lot of legislation in a big hurry, and it is surery flawed. Americas big bankers are certain they are can now roll back many of the cumbersome regulations. Jamie diamond says banks are under assault. He is declaring war on Bank Regulation that is designed to protect you, the public. For more on the politics of this. Lets go to david shuster. David i think i have said everything i have got to say on this for a few minutes. [ laughter ] reporter the fact is they are in the situation they have always wanted. And when you mentioned you were going to do this story, we called some folks in washington and the lobbyists are not just getting the representation they want they are getting the strategy they want. And that strategy is to get this passed through the house, even though there is not a chance they will get it through the senate and then wait for one of these crucial bills to come up like a spending bill to which this can be attached and that is how it gets through. Lobbyists for wall street are behind the strategy and they like it. Is it likely it will succeed . It will succeed in the sense that if there is a life or death spending bill that comes up and everything is riding on it this is one of these weeks that can be swapped. So republicans may get weakening to some of these doddfrank legislations democrats may get in exchange raising Unemployment Benefits whatever it is but it becomes something to be traded like horses. And listen there are there are certainly people who really want more Financial Regulation the public which doesnt like regulation in general, wants good Financial Regulation, but some say there are things in dodd frank that have proved a little bit too onerous. Yeah and there is moderate democrats that say we may not understand what this stuff is when a firm is no longer allowed to sell off its bundled debt but we understand when a bank tells us hey, that can make it more difficult for a small and middle sized business to get funding. But they have the votes to keep this from getting through the senate. And they dont have enough votes to override an almost certain president ial veto. You know, david shuster, if if the republicans, had not stopped Elizabeth Warren she wouldnt be there to hold up this legislation. And she problem wouldnt have sparked this uprising. You think of what happened with the tea party a couple of years ago, a lot of republicans worried about being establishment republicans. We hear more and more democrats saying it is the parties like Elizabeth Warren that are causing this. Even though they supported the change to doddfrank a few years ago, its a different game now. David good to see you. Doddfrank has had a negative effect on the Financial System and is zapping growth according to this guy. He is a resident scholar, where he studies risks and regulations of banks and financial markets. He joins me now from washington. Ill give you this there is stuff in there that is garbage. There is stuff in there that is designed by people who know nothing about how businesses are run. Theres also the Consumer Financial Protection Bureau which is the single best thing to happen for American Consumers since probably the depression. Okay. Ali, thanks. Thanks for being here so [ laughter ] what do you think . Its hard to argue that consumers didnt need more financial protection. Thats a hard thing. And one of the burning issues i think for the the far right would be to abolish all of doddfrank and im sort of we call ourselves more right of center. I dont think that is going to happen. I think it would be very difficult to really vote against consumer protection. So i dont think that one is going to happen any time soon although i do understand some of the arguments of the people that want to do away with the bureau or at least revise the governance and have a governance structure that is more like things like the fcc that has representatives on a board. You know, guys like me watch this over the years and we think so many of these regulatory agencies failed so badly in the recession, and then you find out they are government appoints, and they are partisan in many cases, and im not saying Elizabeth Warren isnt partisan i think she is. But its the approach. Revising should be done with every piece of legislation. But mitt romney ran on the idea that he would abolish doddfrank. And most americans do not favor the elimination of federal regulation. I dont think anybody is really talking about getting rid of regulation on the banks. But it is it does get sold that way. It does get sold like they rolling back doddfrank is the worst thing that could happen to consumers, and i think thats way overblown. To you think the risks are greater, and this comment by jamie diamond, that banks are under assault, do you believe that . I think regulation really has overreached. There is a lot in the doddfrank act that gives primarily the Federal Reserve board full discretion to do whatever they want to do in a bank. It used to be the case you wrote down a set of rules, and the banks followed the rules, but since doddfrank we have things like the the the Federal Reserve stress test that happened once a year and they go in and this is all very subjective and very model based, based on a macro scenario and the bank has to estimate what is going to happen to it under this scenario and the Federal Reserve board estimates what it thinks, and the fed always wins. And theres no real way to win that argument the way the law is set up. So theres kind of a problem there. And one of the problems is actually if we rely on these very subjective rules and we kind of dont know what is going on behind the curtain and how regulation works, eventually they are going to get it wrong. Lets face it the regulators failed last time. And here we are going to put all of this faith that they have this tight control over everything, and what happens when they dont. You make a good argument. I would rather put my trust in a regulator for than in a bank these days. Well im not saying without regulation. Theres plenty of regulation on the books. Im talking about regulation on top of regulation. And thats the problem. We have thousands of page rule books, but thats not enough. We overlay this modelbased approach to some sort of crisis so let me give you an example. The banks right now are being evaluated on this years stress test from the Federal Reserve board, which the scenario was put out last fall. One of the things in the socalled adverse scenario is the banked had to model oil going to 110 a barrel. And its going the wrong way. Banks are spending millions of dollars trying to simulate what would happen to them if oil were to jump to 110. So you are arguing the right legislation. I think were on the right side of this paul. We dont have the right regulation now. But theres a right regulation somewhere and we havent figured it out yet. Paul well continue this conversation, thank you so much. Thanks ali. Good to talk to you. Up next get your passport ready. Traveling to cuba is about to get a whole lot easier for many americans. Plus the drop in oil prices is making oil workers in louisiana very nervous. Youll hear what they have to say. Tell me what is on your mine on facebook or twitter. Keep it right here. Starting tomorrow its a going to be a lot easier for more americans to travel to cuba. Following last months announcement, the Obama Administration today said it will ease restrictions on travel to the country. United Airlines Announced flights from houston and newark new jersey. Mike viqueira packing his bags i think for his trip to cuba. [ laughter ] mike 66 pages that outline the rules and regulations around the socalled normalization of some relations, what has it got on it . The administration put some meat on the bones on the president s announcement from december 17th when he said he wanted to normalize relations with cuba. You mentioned a couple of the provisions, they are traveling now, you dont need a license to go although the administration points outs if you are just a tourist and you want to go hang out on the beach or smoke a cigar in havana you still technically would not be allowed to do that but one gets the impression that some of these restrictions are not going to be that strict. And telecom, trying to enhance communication on the island. Remember there are only 11 Million People here. What he administration is trying to do is leverage this opening into a political opening in cuba. Telecommunications the ability to communicate back and forth between the United States and the rest of the world would enhance that in their view also you can send up to 8,000 a year to cuba. And if you go to cuba you can bring 10,000 a year. We all know that many cubans depend on that lifeline from their relatives and friends here in the United States to send them money. This comes incidentally after cuba released the 53 political cuban prisoners that they said they were going to release as part of the deal. Now the Administration Today moving forward. Mike have you been to cuba . No but i have pictures black and white snapshots of my father playing guitar on the beach in havana i would like to imlate him. Have you . I have but im canadian and thats quite routine for canadians. Maybe well make our first together buddy. All right. We need to travel back in time to the late 1950s, and our story begins with an image of what used to be the capitol building. To understand why the u. S. And cuba have had such a strained relationship, go back to 1958. That year president eisenhower in support of fidel castro imposed a arms embargo against a general. He was a brutal and corrupt dictator who rose to power the year before. Then on new years day in 1959, castros army successfully entered havana swiftly overthrowing the government. Hundreds of thousands rally at the call of leader if ied fee del castro. The u. S. Immediately recognized the castro regime. Castro even visited the United States two months later, meeting with then Vice President richard nixon. It was a rare and fleeting moment of friendship. But it wasnt long before the relationship soured. The u. S. Quickly grew concerned when castro ordered the execution of more than 500 propress star bautista supporters. The final straw came in 1960 when castro seized private land and nationalized businesses owned by the u. S. Eisenhower responded by imposing trade restrict shuns on cuba. In response castro reached out to crew shef, leader of the soviet union. He seized the opportunity and quickly expanded trade with the cubans. Eisenhower in turn promptly cut all diplomatic ties with cuba an official policy which has remained inchanged since january 1961. The early 1960s marked clandestine attempts by the u. S. Government to overthrow the castro regime including the botched bay of pigs invasion. But the most dangerous con frontation came in october 1961. Thats when an american spy plane photographed evidence that the soviet union was attempting to build an intercontinental ballistic base in cuba. In that would have allowed sthoef jets to control Nuclear Weapons capable of reaching targets deep in the american mainland. President kennedy and crew shef faced off. The purpose of these bases can be none other than to provide a Nuclear Strike capability against the western hemisphere. The cuban missile crisis caused a deep wound between castro and the u. S. A wound that would take decades to heal. Remittances that americans send home for their families is big business, and as mike said its a lifeline. Thats partly why this Historic Deal between the u. S. And cuba is so important. Under the new policy families in the United States can send a lot more money home and that is expected to give a big boost to the cuban economy. Reporter in many ways this is the engine of cubans economy. Cuban americans who send money home to their families represent a 2. 6 billion industry. An increasingly important source of revenue as Falling Oil Prices put a squeeze on how much aid venezuela can send to cuba. But its not just cash that these people are sending home. Some are bringing back tvs, clothes, and even car tires. They are for our family in cuba. All of this package are gifts. Reporter so this is a daily scene here at Miami International airport. You have car tires, potted plants toys for children things that you might normally get in the United States but are not available in havana. Now the expectation is that this will happen much more often. Under the new policy those with relatives will be able to send 8,000 home a year. And companies that process remittances will no longer need a special license to do their business. U. S. Companies will also be able to export a list of items that includes things like Building Materials and infrastructure for telecommunications, and with a largely untapped market of 11 Million People just 90 miles off the coast of florida, scenes like these will likely get bigger. So Mike Viqueira and i have not been to cuba maybe well make our first trip together. David has lived in cuba and joins us now. David, look were never getting tired of seeing the things that people take to cuba. Why cant they get tires and potted plants . You know, the quick and easy answer to that is that the those ties between the two countries is really robust between the United States and cuba. These are people that have aunts and uncles in new york and south florida, theres a lot of back and forth there. You also have that in spain. The natural linage is strong between these two countries. Mike and i were talking about the fact that these travel restrictions are lifted. United Just Announced it is flying in. Everybody cant just get on a plane and go to cuba though. No you can be a journalist educator, a religious group, doing something to foster the cuban economy. Now its based mostly on self reporting. The exception is cuban americans can go back willie nilly. How you define who is a cuban american. A cousin uncle, maybe my third cousin removed is outside of havana. Its hard to check on these things. So the actual Fact Checking is not clear. Were going to send you back and you need a visa right . Thats right. Lets talk about these remittances. The rules about remittances came out today, what caught your attention. The fact that remittances got bumped up four fold is huge. But the focus on microfinances was really one of the more interesting things. Because when obama gave this speech, it was a tenminute speech castro came out with his, it was three minutes. Obama was in a dark suit. Castro was in army fatigues. Raul castro when he was in mandelas funeral, he was in a suit. Interesting. So this is not always how this man dresses. So he has a real sense of how he has to portray this to the cuban people. The idea that microfinance from the United States is going to filter into the cuban economy and maybe change it thats a challenge to the castro authority, a challenge to the system. Exactly. You have people with a little bit nicer clothes and technology. That runs opposed to what the castro regime has been about. So just because obama lifted some of these restrictions doesnt mean cuba is going to play ball. But it will be hard for him to say you cant have these things. So he has got to walk this line very carefully. And the cuban economy is struggling. We saw a couple of major shifts in the last 30 years. The first one really the big one was when the soviet union collapsed. Cuba used to get a lot of their sugar subsidies from the ussr and now that ended. The second thing is the Oil Subsidies from venezuela. And that has stopped now. This is something we cant ignore. Thank you, david. Five detainees are released from Guantanamo Bay cuba. But where are they going in that is causing some controversy when we come back. Five detains at Guantanamo Bay have been released. All of them come from yemen, and they were cleared by multiple u. S. Agencies in 2009 of any wrongdoing however, the u. S. Didnt want to return them to yemen, because the government is fighting an alqaeda insurgency in the country. To date 122 detainees remain at guantanamo of that number 54 have been cleared for release. Our next guest says if president obama really wants to close down guantanamos detention facility which was a pledge he made when he first took office then the u. S. Needs to consider taking in some of those detainees who have been cleared. Morris davis was the chief military officer at Guantanamo Bay. He resigned in 2007. He has been a big advocate of shutting down the facility. Thank you for joining us. What was the protest . Why did you resign your post . Well at the time i was being pressured above me to use evidence that was obtained by torture. Of course at the time we didnt talk about torture, but with the Senate Report that was released a few months ago, i think the public now understands the quality of some of the evidence i was being told i had to use. We had a great discussion with the fbi agent who has written and testified extensively on this. But people are being detained and combine that with that that prisoner swap with bo bird doll. What is the sense are they terrorists are they not terrorists . It opened 13 years ago this month. And we were told all of the men that went through were the worst of the worst. The kind of folks that would chew through the hydraulic hoses on a plane just to kill americans. As you mentioned were down to 122 now, so that means that 85 of the men that we were told were the worst of the worst are no longer at guantanamo and the bulk of those were released by the bush administration. So a good example are the five men that were released today. We have had them there for 13 years, and we had no evidence to show they committed any crime or posed a threat to the u. S. Yet we kept them in detention at a lost of about 3 million per man per year. 3 million versus 75,000 a year if they were at a super max security facility in the United States. How do we explain that . Well its a become just a purely political partisan issue. You know if you recall back in 2008 you mentioned about president obamas pledge to close guantanamo. His opponent john mccain said he wanted to close guantanamo too. So it was a nonpartisan issue until president obama won the election. And suddenly you recall Mitch Mcconnell saying his goal was to make president obama a oneterm president , so if he was for it they were against it. It was an effort to avoid the law, and we continue to pay the price for it. Almost half of the men have been cleared to be transferred out. This could qualify remember the Golden Fleece for wasting the taxpayers money, guantanamo would win hands down. What would you do if you were charged with shutting this down. What would you do with these 122 . Well that label the worst of the worst applies to some of the detainees. There are some that the label fits. And they should be prosecuted. And they should have been prosecuted in federal court. Eric holder said about a year ago in hindsight the Administration Made a mistake when it backed off its pledge to try these cases in federal court. As he said he would have been on death row now. Because the military commissions at guantanamo have convicted six people in 13 years. And five of those six are not at guantanamo. So if you actually get convicted as a war criminal at guantanamo you have five in six chance that you get to go home versus these men that have been cleared and never charged are being held in limbo. Why do you think its better to do it in federal court . When i was chief prosecutor in 2005 i did a number of press conferences and Television Shows and talks at law schools, where i said trust me this is good stuff at guantanamo were doing justice. And in 2006 the Supreme Court struck it down and said it was illegal. And they passed the millation commissions act, and i went back and said this time were doing justice at guantanamo. And then in 2009 they passed another version. So were on the third it ration of, you know, this process that we have managed to try six people. Of the six people the court here in washington the d. C. Circuit has said that Material Support for terrorism was not a legitimate law of war offense. We convicted five out of six people of a crime that the court said was ant crime. The military commissions have been a total federal. Last friday [ inaudible ] was sentenced to life in prison. It was 21 months ago that he was extradited from u. K. The u. S. And has now been sentenced. Colonel morris davis thank for shining a light on this for us. We really appreciate it. Coming up on real money, oil prices are calling, and raising fears from louisiana to venezuela, to the oil sands of canada. Jobs are being cut. That story is next. Monday. The most secretive nation on earth. Were heading to the border between north and south korea. A rare glimpse inside. Kim jong un sometimes does strange things, but he is smart. As tensions escalate, what will be the fallout . Were still at a state of war with north korea. We have to be ready to fight tonight. Faultlines. Al jazeera americas hardhitting. Today they will be arrested. Groundbreaking. Theyre firing canisters of gas at us. Emmy awardwinning, investigative series. New episode. Hidden state inside north korea. Monday 9 00 eastern. Only on al jazeera america. Oh, the barrel. Oil prices today got back to doing what we generally expect them to do. They fell. The price of west Texas Intermediate Crude Oil dropped 4. 6 , settling at 46. 25. I say settling because oil never stops trading. Oil and gold trade all the time in new york london singapore, so we just pick a point in the day which we call the settle and thats what it was. This is after prices rose on wednesday. But dont get too caught up in the daytoday fluctuations. Its the big picture that matters. Prices are down 57 from the high that hit last june. You probably know why, there is an oversupply of Oil Production because of shale production here in the United States and slowing economies in europe and asia. Today we heard that opec expects weaker demand for its oil this year. But the refusal of opec members in particular saudi arabia to cut production in the face of the slowing demand is rippling across the globe. Falling prices are raising fears in many parts of america that depend on oil to fuel their economies, and its not just areas blooming because of fracing. Think southern louisiana where thousands of people depend on the Energy Business from the gulf of mexico. Reporter like thousands of people in louisianas cajan country, this man depends on the oil industry. 90 of people here are in the oil business. Thats huge. Without the oil business employing you guys the economies will shatter . South louisiana especially will be horse trough. Reporter he has worked on offshore oil rigs in the gulf of mexico for 18 years. A lot of folks are concerned. Mostly the folks working for less reputable companies. There has already been one Drilling Company that let go 300some people. Reporter the last time oil made such a dramatic plunge was in the 1980s. The state of louisiana received about 45 of its revenue from the oil and gas industries. On the campus of Louisiana State University Economist Jim Richardson says these low oil prices could be here to state, and they are already costs the state hundreds of millions of dollars. So if it goes down by 20, we lose 220 million approximately. Reporter many economists expect the oil industry to start reacting in the coming months even when working life is tough here in the bayou. Oil field wives like this spend weeks as Single Parents while their husbands work the rigs. We have to hold down the front. We have to be the mom and the dad, so if if the husband is out of work were were scared. Were scared. Reporter koy is leaving for the gulf of mexico this week. 21 days away from his wife and kids. Do you feel confident this is just a blip on the radar . I believe well be fine. I believe its a lot of the political business, and and starting with saudi. I think when they get their point across to the couple of countries they are trying to hurt i believe they are going to close the valve and get the prices back up. Reporter but until that happens life will be uncertain for thibodeau and thousands of other oil workers here. And we learned today that british oil giant bp is cutting 300 jobs in its north sea operations. And earlier this week we heard of much bigger layoffs by canadas largest oil producer. The slide in oil prices is hurting suncore and other Canadian Companies and the people who invest in them. Daniel lak filed this report. Reporter the plunging price of oil in the world is having its biggest impact in the part of canada that actually produces energy. There in the oil sands, a couple of thousand layoffs have been announced. Sun core is laying off a thousand people and also curtailing investment. Here in the financial capitol of the country, toronto, of course stock markets are reflecting this. Energy stocks are huge here and the stock markets are off, so far about 5 by the beginning of this year. If you look arrange, you can see mostly red on the stock ticker Financial Institutions are also expecting problems. On the other hand some economists say Falling Energy prices have an upward effect on other parts of the country. It is good for motorists, the Retail Sector and manufacturing. In the end, though Falling Oil Prices are probably bad news for canada. Budget deficits are expected to reappear and in other parts of the country there is even talk of recession. And here are two guys who really dont like Falling Oil Prices venezuelian president , and russian leader. The two men met today in moscow to discuss the instability. They both depend on energy for a huge portion of their revenues. Okay. Up next driving a cab in new york city is not an easy job, its even worse when the cab Company Charges the drivers more for the privilege of working. Stay with us. Across the country, millions of workers started the new year with a raise. 20 states passed new legislation to increase the minimum wage. But one company in new york is taking advantage of a series of loopholes that actually lowers wages for its employees. I always imagined the u. S. To be a free and democratic country. I expected to simonny everywhere. Reporter this is a 44yearold father and husband. He came here to new york in 2001 for what he hoped would be a better life. Translator its not like i imagined. Just like china, the u. S. Has its dark sides. Theres a lot of unfairness. Its a society with a lot of inequality. Reporter the took a job with a driver with an independent taxi company know as yes car. So in 2007 you were making about 500 a week. Uhhuh. Reporter so your pay was 500. And how many days a week were you working . Six days . Yes. Reporter six days a week . Yes. Reporter about 12 hours a day. Yes. Reporter two years later yes car announced an increase in socalled protection fees they charge their drivers, bringing his pay down to just 5. 55 an hour. Well below the legal minimum wage. Translator after a while i wasnt actually making any money. And i realized i was basically working for free. Reporter and he wasnt alone. In 2009 he and 20 other drivers filed a lawsuit against yes car for wage theft. They said the owner got away with underpaying them for years, by classifying them as independent contractors instead of paying them as hourly workers. Were here in Downtown Manhattan which has received thousands of claims from employees saying their employers has stolen wages from them. But because they are so backlogged it can take months or even years for the matter to get investigated. A deputy would only speak to us by phone from the capitol. We asked him what his case has been so delayed. It takes time. I would suspect that the case that you referenced is actually completely outside of the department of labor and in court. The only part of the process that the department of labor controls is the investigation stage. Reporter we also wanted to ask the owner of yes car about the wages. Hi is this yes car services . Yes. Reporter moments later this man identified. He said he hadnt seen tony lowe in hears. They are all independent contractors here. Reporter so you classify the drivers as independent contractors . Yes. The new York State Department of labor says it is unaware of any wage investigations for drivers. Two astronauts are preparing toly in the International Space station for two years. Ill tell you why we come back. Yesterday we told you about elon musk wants to go to mars to colonize it. Nasa wants to send humans to mars, the problem is it takes about a year to get to mars. And no one really know how humans hold up in zero gravity for that long. But that mystery will soon come to an end nasa is spending two astronauts to the International Spaceation in march, for a year. Jake ward joins us now. Welcome. Thank you. They have talked about being there for a year were just not quite sure how you hold out for a year and thats in a space station versus in a else have getting to mars. Thats right. The comparisons are very very different. The effects on the body though is what were setting out to understand, and theres a really unprecedented opportunity with the iss to cut somebody in that can and let them live there for a long period of time. Scott kelly, one of the two astronauts has a twin mark kelly who lives here on earth, and scientists will be able to track them both. Scott kelly will grow a little bit taller probably as much as an inch right. Because gravity is holding you down. You must have grown up in a nongravity environment. Thats right. Im from the belts of jupiter. And what does it do to your eyes and organs. And all of these things. I know this has been in the works for a long time. They have always wanted to do this. Obviously they feel safe enough in doing it. Why is that . Because you can bring somebody back from the space station . It should be noted that this will be not even close to the longest time anyone has ever been in space. That distinction is held by a russian two company 1994 and 1995 did 436 days in space. Does that not answer the question then. The russians werent really studying it. They put him up there. And he lived. And he lived. And thats really all we know. The iss is in a pretty safe place as space goes. Once you start sending somebody to mars that incredibly long journey out into deep space, suddenly you have radiation you have never dealt with. So well learn interesting things. Getting to mars at the speeds of else haves we have, they would be in transit for more than a year. Oh yeah your are talking about your destination and your departure point are in constant motion, right . So because they are in different orbitz they will be at different distances from each other. At the closest part it might be 150 days. Right be 150 days again. Radiation alone could be the big problem. But also as you get further and further and further out there, you have grown out of options if something goes wrong. If damage is done to the craft, there is no help. So again, the iss is a very safe environment, as space goes. Yeah. My car got stuck yesterday, and it freaked me out. Jake good to see you again. The International Space station isnt just great for human experiments, all of the vibrant new space Startup Companies happening here on earth are dependant on the space station for all practical research. Bottom line the International Space station will grow to have even more importance in the coming years as the industry on earth begins to boom. Melissa chan has more. Reporter its a prospectors map to hidden treasure. Private Space Company planetary resources believes that incredible amounts of plutonium and rare earth metals could be mined from these asteroids. Metals that are mined to date mostly in china. The ability to access resources in that environment as opposed to digging up the earth and hauling things up out of the gravity well of earth, that is a change in the economic equation of the cost of doing business in space. Reporter the prospector for their galactic enterprise a space telescope. The plan is to send robotic probes to collect and bring samples back to earth, but it may be decades before real pay back happens for investors. And there are setbacks like this one. [ explosion ] reporter one of planetary resources telescopes headed for testing in space was destroyed in the rocket explosion. Many other commercial Space Companies lost equipment being sent to the space station for testing. Putting things into orbit is not a travelal task. Reporter it was the same for planet labs. It last 26 nano satellites in the explosion. Reporter your company took a hit . Yes, but not on the scale you can imagine. Reporter planet labs had already launched 71 of their nano satellites into space in the last 18 months with an estimated resolution of 10 to 16 feet. This is one of the nan know satellites. It is 12 inches long and 4 inches wide. Not exactly what you think of when you think of satellites. They call these doves and send them up in flocks 20 or 30 at a time into orbit. It covers about 100 scare kilometers per picture. Cube sats today have more capability than the biggest satellites that we flew 50 or 40 years ago. Reporter and they are disposable after a year or two, they burn into the atmosphere and more are launched. Its changing the way we see the earth. These are sugar cane fields in south and east of the amazon. This was august 8th. This was august 9th, and you can see where both this field is being burned and sort of points out why it is important to see the earth every day. Reporter whens will be able to buy the information about in real time. They give us the option of really accessing space for sometimes less than 100,000 or even cheaper. And with that kind of lowcost technology we have the ability to image the earth greater than we have ever had before. Reporter they raised 65 million to launch their satellites. It is a very large sector. The Remote Sensing sector is pretty large and expanding. Reporter they are one of the Fastest Growing sectors of the space industry and potentially one of the most lucrative. The number is expected to increase by almost 90 over the next decade resulting in more than 35 billion in manufacturing revenues. The ability to get satellites into orbit fast is really important. Reporter and jason dunn wants to help those satellites get into orbit quicker. He is the chief Technology Officer for a company that has build a 3d printer. The Company Launched its first 3d printer to the International Space station in september, but he thinks it could be a game changer by 3d printing the sat tight satellite. We can launch some of the products and then printing the rest of it on the station space and launching it. Reporter the satellites could then be made and released in space. What this ends up doing is it makes it easier to constantly get new satellites on orbit. Reporter the believes the printer will be crucial in the shortterm by allowing astronauts to 3d print spare parts. It really points to a vision where we can remove dependency on earth; where we can go to the moon and use the resources there, and put that into a 3d printer and turn it into a house on the moon. It points to a direction of where human Space Exploration is headed. All right. That is our show for today. Im ali velshi. Thank you for joining us. Or to show it on air. 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