Street com they say hit from all sides European Bank stocks swoon to 1988 low leaks about Money Laundering a resurgent pandemic china risks exposure to turkeys financial crisis all in a negative Interest Rate environment that is toxic for banks so the stocks 600. 00 banks and x. Which covers major European Banks slumped 5. 7 percent on monday to close at 81. 00 just a smidgen above the mall 5 decade low of 79. 00 set in march the last time before march that the index was below todays level was february of 1988 during the sell off that followed black monday in october 1907 when it also slumped as low as 79. 00 the index has collapsed by 85 percent since its peak and may 2007 after having quadrupled over the preceding 12 years its looking bad right. I mean 1988 and the connections in 1907 black monday the crash of that year its very important and because the solution then was to extend Bank Credit Facilities thats how Alan Greenspan Ronald Reagan and robert rubin the plunge Protection Te
Great before it was better for a certain class of people i. E. The bottom 99 percent it wasnt as great for the top one percent back then this is not some back of the napkin approximation according to a groundbreaking new working paper by carcassi price Catherine Edwards of the Rand Corporation have the more equitable income distributions of the 3 decades following world war 2945 through 1974 really held steady the aggregate annual income of americans earning below the 90th percentile would have been 2. 00 trillion dollars higher in the year 2018 alone this is an amount equal to nearly 12 percent of g. D. P. Enough to more than double Median Income enough to pay every single american in the bottom 9. 00 deciles an additional 1144. 00 a month every month every single year see the jamison of the scam perpetrated by wall street and the likes of Warren Buffett and the people over a black rock and all the private equity firms and j. P. Morgan and jamie diamond and all the global banks is tha
Uninstalled take talking and we chat stunnel truong danced me to a popular chinese absolutely security concerns does this while the americans own their freedoms and what it leads to an east west of values over the internet this is inside story. Hello there and welcome to the program on how he had seen starting this sunday americans will not be able to downloads 2 of the most popular social media apps in the world the u. S. Department of commerce said it would bar people from getting chinese apps takes hold and we chat through any app stores on any platform President Donald Trump insists the apps Parent Companies cigarettes and National Security and could pass user data to china well well have a panel of experts to discuss this in just a moment but 1st this reports from our White House Correspondent Kimberly Hawk its. A stirring rebuke from the u. S. President were not going to do anything to jeopardize security. The white house alleges the popular chinese based apps to talk and we chat
The solution then was to extend Bank Credit Facilities thats how Alan Greenspan Ronald Reagan and robert rubin the plunge Protection Team or that working group on finance the president S Working Group on finance decided that they would solve this problem by not punishing or reforming but expanding the credit line of these banks so they did exactly what they were doing but on a bigger scale and then we have of course another major move down in 1989 we had a bomb crash more or less 9093 we had the dot com crash in 2000 we had the 2008 subprime crash and each one of these crashes were caused by the exact same thing over indebtedness too much leverage and no accountability no than foresman of regulations by the f. C. C. And then send in others and each and every time the policy from the Central Banks is to expand credit line and say do it again but do it bigger and now in 2020 we. Of now some more thing happening all over again its entirely predictable entirely preventable but as restraine
Appear remotely via webex. Since some members are appearing in person let me first remind eastern that pursuant to the latest guidance from the house attending physician, all individuals who are attending this hearing in person must wear a Face Covering. Members who are not wearing a Face Covering are not permit today remain in the hearing room and will not be recognized to speak. Let me ask make a few reminders of the hearings. For those members appearing in person you will be able to see members appearing remotely on the two monitors in front of you. On one monitor, you would see all members appearing remotely at once in what is known in w webex as mode. And on the other monitor seeing the person when theyre speaking, including members who are appearing remotely. For those members appearing remotely, you can also see each person speaking during the hearing as well as in person or remote if you have your webex set to active speaker mode. If you have any questions about this, please co