Usenet we do. So when. This is boom bust the one business show you care its afford to miss in washington coming up on the show the future of ticktock is in doubt as the United States government is barring the app for operating in the country this talk comes in the wake of india blocking the Chinese Company we bring you up to speed plus Deutsche Bank has been slapped with a fine for its association with the late Geoffrey Epstein but will it make a dent in the company and later brazils president has tested positive for the corona virus is the nation has surged to become one of the new epicenters of coal but now it seems we take a look around the globe to check on the spread of the virus when a packed show today so lets dive in. And chinas new National Security law is having a huge impact on businesses and finance in hong kong as we have been telling you the new National Security law which took effect on tuesday is aimed at banning secession subversion terrorist activities and collusion with Foreign Forces to endanger National Security now but now it appears that millions of companies that do business in hong kong as asias Financial Center could be in danger of violating that law now that could mean penalties ranging from fines to having funds confiscated Chinas Ministry of Foreign Affairs says that those who follow the law have nothing to worry about when the hong kongs National Security law regulates for types of criminal acts that seriously in danger National Security we punish a very small number and protect a vast majority of the rights and interests enjoyed by a large number of hong kong residents and foreign institutions and personnel of hong kong in accordance with the law will not be affected in any way after being forced out of the law the legal system of hong kong will be more complete the social order will be more stable and the Business Environment will improve which is conducive to the prosperity and stability of hong kong but chambers of commerce are warning that businesses could violate the law without even realizing it that includes supporting any nonprofit or profit or charitable work that is deemed to be a violation of the law joining us now to discuss this bus cohosted investigative journalist ben swan and Geoffrey Tucker the editorial director with the American Institute for Economic Research thank you so much for joining us both of you ben i actually want to start with you in terms of what is happening with hong kong what are we seeing from Business Owners and how are they responding to this. Well i think everyones kind of responding to this as if theyre walking on egg shells right you have to be very careful because again that the terminology thats being used quite frankly to describe the this National Security law and the things that its putting down secession or anything that violates National Security or creates these dangerous essentially thought crimes if you will or speech crimes if you will means that you dont really know exactly what constitutes a crime and what doesnt the other thing thats important is that Hong Kong Police are not the ones in force in this its being enforced by beijing so we already see like for instance there are some shop owners in hong kong who there was one in particular who has a Clothing Store he had a statue essentially set up inside of a protester to kind of recognizing the protesters who have been pushing back against the government there and calling for government reform immediately taking that image down in his store as soon as this law was passed on tuesday because he knew that if that happened he could face penalties for it so essentially its a totalitarian approach to say if you Say Something that the Chinese Government deans is being a National Security threat we can find you we can confiscate property we can essentially take away the funds that you make as a business its a chilling atmosphere i think for merchants working and Business Owners working in hong kong you know jeffrey how do you actually see this i mean i mean the law is it could force certain businesses especially western businesses to avoid hong kong will this law and hong kongs dominance as asias Main Financial hub because officials there are saying its going to be good for the economy. You know i dont i dont know for sure that its going to be good for the economy the problem is under the china model you have supposed to be able to have political totalitarianism and free markets but weve not actually seen that work in china and and i dont think its going to work in hong kong either i think this is a grave threat actually to hong kongs future and the real tragedy to me is that the u. S. Has given up all leverage over the situation by escalating the the problems of china like our relationship is terrible and chinas use in the annoyance and anger at the u. S. To move the n. On hong kong and actually threatens you know this beautiful place thats been striving for so long and actually i think its an existential threat to hong kong and to the businesses that are operating there you know jeffrey actually does want to clarify what youre saying there so youre saying that because we have these tensions may be over why are way over a trade deal over economic situations where the china that that actually reduces the u. S. Is ability to actually weigh in on this situation to be taken seriously. Look i think in many ways the blame for whats happened in hong kong right now is really should be addressed in par with the washington d. C. I mean for 4 years now its been one attack after another has been tariffs weve been been driving this wedge between us and china and thats made china annoyed and its broken down or influence the collegiality the character has of the relationship between us and china 10 years ago has led to these increasing hostilities and made chinas government a little bit paranoid about anything that seems to be pro western so were actually reverting back to a kind of a and all you call it a like in 1000 fortys fiftys model and you know the attacks the attacks on what about while they have been completely outrageous and the tree sad to me because the u. S. Has failed to back the movement of private enterprise and china rather has punished china for attempting to adopt a western style Free Enterprise or enterprise model and i think its been a disaster yes i do think that the washing d. C. And the Trump Administration particularly bear some blame for have an escalated the tensions just systematic a month after month after month for years now and this is where you see now the u. S. Has absolutely no interest but i want to move on to kind of another aspect of this were seeing social Media Companies responding to the law facebook microsoft Google Twitter and zoom of all announced that they have suspended products the processing of requests for user data from the hong kong authorities while they study the new law now meanwhile Chinese Apple tech tuck says it will stop operations in hong kong as well what do we need to know about this situation with all these social media sites yeah i think its kind of funny that facebook and twitter are acting as if they are putting some brakes on what the chinese are doing essentially facebook and twitter about to get kicked out of china completely and theyre trying to exist in hong kong whats happening there with tick tock its really interesting because to talk obviously its the fastest growing. Chinese app ever growing at an enormously fast rate we just saw a band in india but whats happening in specifically in hong kong is that tick tock is no longer going to be available as we know it as to talk in hong kong but the company that owns to talk by dance actually has an identical version of tic talk that is strictly for chinese and its not an English Version that is what exists currently on the chinese mainland so that service is now available in hong kong so essentially what dance is doing is theyre treating hong kong like the way they treat the rest of the chinese mainland in terms of lack of access to those western influences and very quickly i think jeffrey is exactly right in that china while it seemed like it was opening up more to western influence over the past couple of decades now seems to be in rapid form closing ranks and moving away from that and this example of social media i think is a good example of that jeffrey i want to get to to one more here speaking of tick tock secretary of state mike pompei oh so the u. S. Is looking at banning ticktock and other chinese apps is this something that you believe could happen at the Trump Administration continues this battle with china that you actually just mentioned. You know the im sorry but there seems to be this apocalyptic spirit in washington d. C. Every every sense corona thing came along we were banning fire from europe of cracking down with the lockdowns and and now crazy things are now the idea that were going to have extreme protectionism about the single most popular app among all thats under 25 year olds is is unbelievable think its a lot and also get away with it maybe it will trump ministration seems to know or believe theres no limits what they can do but when if youre looking for a Silver Lining to this its a way to recruit the entire young generation into a pro free trade. But actually push the panic thats kind. Of going to. Settle in on all 2025 year olds its just inconsiderate figure out the streets. Jeffrey tucker and bones one thank you both so much for taking the 3rd and break a little levity to the situation as well thanks so much. The u. S. Treasury department on monday released the names of more than 650000. 00 companies received p. P. P. Loans as part of the 520000000000. 00 program intended to prop up the economy as stay at home order shuttered businesses throughout the country and now this is just a fraction of recipients of the loan as the government only identified those who were approved 4150000 or more now according to the data while most of the loans seem on the up and up some of the companies and industries that received loans raise some questions nearly 600 Asset Management and private equity firms which allowed most of their employees to work from home received loans from the program while rapper Kanye West Yeezy brands which produces clothing and high dollar sneakers also received a loan of between 2. 00 and 5000000000. 00 and the list of head scratchers really goes on and on including large chain restaurants like p. F. Changs and t. G. I. Fridays billionaire West Virginia and Virginia Governor jim justices Family Business that work in the coal industry the girl scouts political advocacy groups and even modernist sculptor jeff koons so lets go ahead and take a look at the distribution of p. P. P. Loans and how markets fared on tuesday with our friend tobin smith c. E. O. Of Transformative Research tobin thanks for being here today good to be with you now what do you make of this data released by the Treasury Department is this a misuse of the program when we see sculptors at restaurants with hundreds of locations receiving money or is this just business taking advantage of opportunity afforded to them and really being creative with paperwork. Well i think if you go back to the beginning of this is that ive to my knowledge weve never had a type of grant that went to a business and said if you. Began with 80 percent of this money goes to paying salaries that you can will forgive this loan now they didnt say who couldnt do it number one number 2 i mean i hear people are moaning about of sidwell friends up in washington d. C. Oh thats a left wing school or or bush in washington these private schools getting the money theyre big employers number one number 2 they employ you know the number of employees they have then you know by dry cleaning and by fast food now there is a Ripple Effect here so i dont think it makes economic sense to go after a Large Company or a private Equity Company for that matter and say hey wait a minute you know youre a big money bags guy this money is all supposed to go to small guys on the other side of it those same 660000 above 150 grand that was 3 out of 4. 00 that was put out so if the goal was explicitly to keep it to true true Small Business then we totally failed by the way i want to clarify that its 2 between i apologize let me look at the number here the county west received millions not billions of dollars just i had a good idea ill give me a call right now i do apologize to get him on the line but but the but the point here is toby into what youre saying is so is that a messaging issue with the whole situation because more so they said these were Small Business loans but now theyre going to these giant firms when that really wasnt what it was it was just a messaging issue. Right now and they stood they then follow up with this main Street Lending which is a Different Program theres also Emergency Group credit scuse me emergency condition grants which are like 10000. 00 of free money i mean the goal was and it was accomplishes that we had to push in fill it this giant hole that have been created sinkhole in the gut in the economy otherwise those Ripple Effects would just turn into a tsunami of facts so it has accomplished that but like anything else if you throw something together quickly and you have to get people in congress and senate to vote for it quickly theyre going to do act 1st and theyre going to figure out later i think when we get to the next to the list and it is coming certainly by the end of july theres going to be at a lower number is Mitch Mcconnell kamel said lets really get it to the under 45000. 00 your households because theyre the ones who are actually going to be thrown out on their arses if they cant pay rent and i dont think having a nation of 6 to 10000000 new Homeless People many with children is is what the greatest country in the richest country in the world wants to see happen but i want to hit one other point here quick before we go markets fell today after a pretty good run over the last week citigroup analysts said monday they didnt expect markets to be much higher from their current levels at this Time Next Year and youve said were trading on 2021 were trading 2022 has your outlook changed at all. No it hasnt been were sort of co bit on cobe it off days right but the market his is now pricing in the fact the good old america will not go back into this lockdown mode youre never going to see that again its not politically palatable at this point so if that then were going to have higher rates and were just going to have to live with that because because the alternative is too painful for all involved and thats what really i think the markets are voting on and so you look at any time you have a market go up with strange as it has now youve got to have days to cool off otherwise that thing really blows up with c. E. O. Of Transformative Research always appreciate you coming in and break it all down for us. Thank you brother. Time now for a quick break but hang here because when we return brazils president has tested positive for the corona virus as the nation has surged to become one of the new epicenters of covert 19 we take a look around the globe check on the spread of the virus as we go to break here the numbers of the quotes. The arrest and charging of Glenn Maxwell and. What about the timing and the specific indictments what kind of defense can be expected is a deal in the cards will justice be served. So we were. Among those who just came up with a think that you know that oh. Im talking about is an international community. Media used to measure. Those of pollution is everything. To do with. The fact of the day i decided not to take the dislike. You. Is youll be via reflection of reality. In a world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being that. Guy right. What is true what is faith. In the world corrupted you need to descend. To join us in the death. Or inmate in the shallows. Welcome back new york regulators have Deutsche Bank in their crosshairs due to the banks relationship with Jeffrey Epstein r. T. Correspondent john hardy is following the story. Deutsche bank agreeing to pay the state of new york a 150000000. 00 fine for sketchy Financial Transactions related to