Welcome back there are few industries in the world harder hit by the credit virus and then the travel and Tourism Sector without question 2020 will go down as one of the worst years ever for the industry but in reality were only in august and still have a wall way to go already the effects are being felt in fact the Hotel Industry is warning that as a whole they are facing an absolute Economic Disaster in a desperate plea to congress submitted this week the industry claims that nearly 25 percent of all hotels in the United States are at risk of foreclosure simply put those hotels have loads better at least 30. Days delinquent or longer at the end of 2019 the same number was 1. 9 percent of hotels and this is just the beginning so joining us now to discuss this boom bust cohosted investigative journalist ben swan and travel expert from money we have dot com barry choi thank you both for joining us today ben i want to start with you can you give us a rundown quick of some of the other as
Battered by the covert 19 outbreak we take a deep dive into the fate of the industry with expert analysis with a packed show today so lets dive right in. And we lead the program with the latest jobs at this 6 in the United States now the u. S. Labor Department Said thursday initial jobless claims for the week ending the 15th of august came in just over one point 1000000. 00 analysts had expected a downward trend to continue after claims fell below 1000000. 00 for the 1st time in nearly 5 months the week prior now the Labor Department also reported that continuing claims which measure those receiving benefits for at least 2 weeks declined by more than 630000 leaving those still seeking benefits at just over 14800000 but well below the nearly 25000000 witnessed back in may prior to the release of these latest figures white house economic adviser larry kudlow told reporters wednesday the countrys economy is rebounding. Quote very very strongly adding that its on a selfsustaining recovery
Excellence i think thats the most important thing and theres a thats the essence of what we mean by Free Enterprise its supposed to be equal rules for everyone and that is not the situation today people making the point that facebook for instance have had more influence than than most governments but is there anything wrong with that why should governments have a monopoly on power. Thats such a fascinating question as governments become centralized in any fashion there is opportunities for collusion with with businesses that are succeeding at a certain level thats when we start having this stratified rule set the rule of law starts to break down in any country and once company can overtake and work with the politician is supposed to be protecting the public then you can get some you know problematic behavior thats unaccountable and then the rule of law breaks down again that wraps it up appreciate the company throughout the morning and early afternoon to stick with ulti if you can plen
Going to happen here and what are the contagion effect of these persistently high unemployment numbers on the economy. Could have been brought back to listen lets face it the numbers are great but the economy is slowly reopening and what youre really have is a political battle youve got the democrat the love trying to keep the economy shut so its hard to get people employed when 0. 25 are really still kind of shut down its not logical it makes no sense its a bunch of political crap that unless they resolve it is going to be like this in the elections over they do not want the kind of open they do not want to give president drop any type of victory so the jobs get to really at this point meaning us watch the markets we know that the economy and markets relate but theres plenty of money being invested and markets are making new highs and again we now understand that its the politics that are holding these jobs back not the economy christine i want to get you to weigh in on the. Quickly b
It is starting in many parts of our area including in San Francisco. We are checking the condition first in the north bay. How does it look in the bay . [ inaudible ] it must be so wet we cannot hear her. We will work on that mike and return to her later. All the storm is moving in in the busiest travel days of the year. Matt keller is at sfo look for travelers trying to boat beat the rush. Matt . We have the rain at sfo coming down good. You can see the water is kicking up from the roads. When you get here make sure you bring your rain jacket and umbrella and you are prepared. Who wants to standout in the rain. I know love reporters standing out in the rain and i will have my photographer follow me in here at terminal two with security. The security line is going all the way out of the Security Check point and sfo has five cancellations and seven delays reported. Who knows what travelers will face now the rain is here . It will be busy. There will be 6. 5 million travels passing throu