Stake a piece of advice go visit jobs before visits you. And. This is the one business show you cant afford to miss unfair monteith aopa in washington coming up big health and Economic News markets up on tuesday but are we past market bottom we have a channel that such an Energy Sector is among the worst pitchman to start of the pandemic putting many jobs at risk you have a taco today. Big health and Economic News driving mark. Its up on this tuesday u. K. Clinical trial known as recovery found a possible treatment for covert 19 well providing low doses of the generics to stero a drug dexamethasone to patients with the coronavirus reduced deaths of 21 3rd in severely ill hospitalized patients for patients on oxygen it could death by a 5th loss for the University ProfessorMartin Landry coleading the trial said this is a result that shows that if patients who have coven 19 are on ventilators or on oxygen are given dexamethasone it will save lives and it will do so at a remarkably low cost could lead investigator peter or be added its a major breakthrough docs some of the phone is inexpensive on the shelf and can be used immediately to save lives worldwide meanwhile stocks also jumped off of the u. S. Commerce Department Released data on Consumer Spending for the month of may after 2 consecutive months of record drops retail sales posted a record 17. 7 percent thats more than double previous 8. 4 percent estimates well in march it plunged by 8. 3 percent and in april by 14 point 7 percent retail sales make up nearly half of all Consumer Spending and almost 70 percent of u. S. G. D. P. Last year americans spent 14. 00 trillion dollars well for more we are joined by editorial director at the American Institute for Economic Research mr Jeffrey Tucker and from bubba trading todd. Horwitz thank you gentlemen our bubble i believe todd we only have you for an hour hopefully jeffrey can can join us in a bit but todd let me start by by asking you this week looks like volatility is back indices reversed courses and they came back roaring after the data that was released on both the trial the pretrial for the steroids as well as the retailers what can you tell us about this new one. Trillion dollar infrastructure proposal thats also now contributing to to those gains. Well terrorism i mean the interest would be great i mean that is something that this country needs so desperately is to rebuild our roads and bridges i mean that would be something worth spending money on and it would put people to work and it would create an enormous amount of jobs not to mention finally rebuilding their broken down structure here but i go again overall i mean were seeing markets that are really reacting in more of an illiquid condition that create these bigger spikes back and forth overall not a lot of change but some of the numbers are better and the fact there were open is better but the infrastructure to be in a great place to put money into the continuing to hand it out for no return well this is huge because this is something that President Trump campaigned on the fixing infrastructure and it looks like were finally going to see this happen now todd the fed has begun buying individual Corporate Bonds this week to alleviate the intense credit market pressures but this is on top of the Exchange Traded funds that its already purchasing more shifted to a more active strategy to contain these market risk what prompted this move. Well i think the fed is scared but this shows you the ignorance of the Federal Reserve that they need to feel compelled that they cant let a free market price thats own Asset Classes and thats one of the biggest problems that i have with the fed who anybody who wants her to manipulate the market and try to put a safety net wires or a safety net built underneath the market Asset Classes will price themselves through a free market have we not learned from japan who is now going on earth 30th year of creating garbage and no real growth of their economy this is the problem that they continue to get involved they should theyre 1st of theyre violating almost you know a ton of regulations which they were built with but somehow theyve magic gotten to this point where they get them. And that let the markets decide themselves and of course i dont know to figure out the vote as you can tell and i think theyre making a huge mistake which will lead to another bubble and another major meltdown at some point jeffrey i think we have him in the conversation now thank you for joining us we do have a question about what your own power federally are today what do you make of his testimony before the senate committee. I didnt hear the testimony of society but i will say this i completely agree the feds current actions are disastrous and are creating as many desertions distortions as a lockdown and im very concerned that weve got a Federal Reserve now being a mighty player in Financial Markets weve never seen anything like this before. Said is completely going outside of its mandate and almost of my fed watching friends are appalled and writing desperate articles about this to condemn this because because the effects of this on Financial Markets and macroeconomic stability in the future could be devastating this is an untested unprecedented actions that that the fed is taking undertaking right now and theyre saying theyre willing to do whatever it takes to keep the economy going there have been a lot of predictions about what Market Recovery is going to look like and the age of the pandemic i want to play you a clip of what he said fed chairman Jerome Powell said earlier today until the public is confident it is disease is contained recovery is unlikely were no longer the downturn worse the greater the potential for longer term damage from job loss and business closures long periods of unemployment can erode worker skills and hurt their future job. Persistent unemployment can also negate the gates made by many disadvantage and hurt this during the long. Jeffrey what does this mean for the socalled the recovery that so many people are expecting. Look i was i was actually optimistic about this v. Shaped recovery after maybe 2 weeks of lockdown maybe after a month weve been in this nonsense for 3 months the u. S. Has not yet open were far from it he speaks of public panic but im telling you which responsible for the public panic are these Government Policies with mandatory masking these crazy social distancing things that all this nonsense going on its got everybody whipped up to a frenzy so i yeah i am now not nearly as optimistic about the status of recovery even before the end of the year like we saw retail sales picking up stuff like that but you know the quick look where we began you know 2 months ago it was a year and a calamity so of course retail sales are back but thats not that is not going to build the capital base that we need for a full recovery theres no chance i wouldnt think of anything remotely like recovery this year and we could be we could be looking at years of suffering not to mention a lot of permanent damage to labor markets and to the Capital Structures and Everything Else around the world its very very bad what todd Jerome Powell did favor he believes that we possibly hit market bottom that if we dont see the research of cases of 1000 cases again where do we know if theyre going from here todd. Jeffrey your take. Ok well i did i say im actually not nearly as optimistic as i was and i think were going to be in for a lot of a lot of suffering you know when you think about the fact that more than 100000 businesses have been shuttered permanently in this because theres no coming back from this i mean just driving around doing that right now i see half the Small Businesses just closed up shop for good this one and this is going to take a long adjustment and its going to be i would say years and politically this is been tremendously destabilizing for the u. S. It seems increase. Edible that only in february we had this worlds strongest economy and so much Business Optimism now americas like its not just a fun a financial and economic depression its a psychological depression right i mean its its been its very bad and people are are mopey a Business Investment i dont think were going to see anything like a return solid Business Investment for 3 years until we get absolute assurances that Something Like this lockdown will never happen again right and were not we dont we dont know whether or not oh happy again of the 2nd resurgence of killers of acting or how this will recover but the market euphoria was cut short though when when chairman powell said that the central bank what it just Corporate Bond buying based on these Market Conditions is it too early for these type of comments i mean to tell already be thinking about taking the foot off the gas pedal. I think probably that was a help a con and helpful comment right now because people are starting to worry about inflation so when you heres the thing about the prospect of inflation its very highly contention upon as of last day of money right so so usually in an economic crisis of loss of money would crash like it did after 2008 and that tends to suppress a little bit of the upward pressure on prices but when you see look at retail sales that are going on right now that may not be the case we might not we might be people who develop very short term outlooks and ready to spend like crazy and get out there and the lawsuit money could stabilize or go up in which case were going to see a lot of upward pressure on a lot of prices and so in that case yes powell needs to be talking about the in came right now weve got hes got to sop up some of this liquidity that he pumped up into the markets just to to really inflate the until theres an end to this crime by earth until we can guarantee like you said a full opening of the economy once again Jeffrey Tucker editorial director at the American Institute for Economic Research and earlier we heard from the top of a horowitz chief strategist at bubba trading thank you so much for making time for us today. The Energy Sector has been one of the hardest hit during the crown of pandemic oil and Natural Gas Prices have continued to decline and that means more and more jobs are at risk r. T. Saya tavenner reports. Unemployment over the past 3 months have been the worst since the Great Depression in 2008 since to pandemic began more than 44000000 American Workers have fall for unemployment but comparing industries across the board with other countries the us oil and gas industry appears to be in a losing battle as the corner virus is still claiming lives worldwide for nearly 3 months cities across the country have been struggling financially following stay at home orders due to the pandemic and the Us Energy Industry already in a state of the klein before the virus came along is now reporting record drops in their number working rigs and industry employment but most analysts predicted the industry might recover well over the next few months to hits just kept on coming in april and may alone and 19 oil and Gas Companies in north america filed for bankruptcy then even more bad news came once again in april as u. S. Or prices crashed to a record low falling below 0 dollars a barrel and dropping to their lowest prices on record for the largest single day drop of more than 90 percent and according to the u. S. Bureau of labor statistics more than 100000 u. S. Oil and gas jobs have been laws during the economic downturn brought on by the current of ours pandemic and in march alone Drilling Companies are fineries cut more than 51000. 00 jobs which is equivalent to 7 years of job growth just wiped out in a single month and another 50000. 00 job losses came from world Field Service and Pipeline Companies and most of the energy jobs have been focused in texas home to the Permian Basin and Eagle Ford Shale which has more than half of the u. S. Drilling rigs. And in the houston area by some estimates they might even lose 2000023000 extension 00 jobs in the near future and or all towns across the country are looking at similar double economic blows with states like alaska california louisiana north dakota oklahoma and wyoming amongst our there are facing the potential budget cuts and layoffs and the Us Energy Industries likely to remain in a crisis even despite the opec plus agreement extending production cuts by another model and globally the oil industry is projected to lose 1. 00 trillion dollars in revenue in 2020 due to the current of our shutdowns and with record low oil prices there are just not a sufficient price for the heavily leveraged u. S. Shell producers so while most other industries will start to see the labor demand that lead to a road to recovery or oil and gas workers will just have to wait monch longer because when you cant produce it and you cant refine it and you can sell it thats just not a good situation to be in in washington im sorry to have injure our team. Time now for a quick break but stay here because when we return a major step for foreign money in china well tell you why American Express getting to him and that work there as we go to break here the numbers out of. The world wide shaped by. The dares thinks. We dare to ask. 6. In seoul you cant get away from advertisement to change your appearance. Many local people see Plastic Surgery as a prerequisite for a successful career and employers are often most interested in the job seekers appearance as a graduation present parents often give villagers Plastic Surgery for an extra fold in the eyelids to make their eyes look bigger. Almost every korean teenager dreams of looking just like sick pay paul needles. A huge financial step or 2. As a country has opened up its 45. 00 trillion dollars Financial Market to Foreign Investors will over the weekend Chinas Central Bank issued a license to u. S. Credit card company American Express to clear transactions in the chinese mainland well its a huge move as this is the 1st time this kind of financial license has been issued to any Foreign Institution now to be clear the license was issued to express Technology Services which is a joint venture between American Express and chinese phone tech firm wheelin Digital Company but the impact on American Express cannot be understated as a u. S. Company will be the 1st Foreign Company with access to the chinese Payment Market well that Payment Market has an estimated worth of 27. 00 trillion dollars steve inquiry the chairman of American Express said in a statement we are pleased to be the 1st Foreign Company to receive this license this approval represents an important step forward in our long term Growth Strategy and it is a historic moment. And as china is opening its markets to u. S. Companies the u. S. Is moving in the opposite direction with a number of groups encouraging the trumpet ministration to ban Chinese Companies from entering the us altogether so lets go deeper on this issue and bring in john quality of the. Cohost of boom bust and investigative journalist ben swan john lets start with you a huge move were seeing here and certainly a big win for American Express is this just the beginning of china allowing u. S. Companies more access to their markets. A big win for American Express had all of. These are also have applications in broad well behind American Express and the process American Express has been locking on the door of joy you know for 15 years to get those privileges very important it was really really emphasized as part and parcel of the. Trade deal with china early. Well this year its part of the proces