Ride to the rescue and do things that its never done such as get into the high yield bond market and rescue companies that have been downgraded which is set off what we call animal spirits the likes of which weve never seen now we have individual that does this smallest of Retail Investors pumping up things like insolvent companies such as j. C. Penney and hertz that have actually declared bankruptcy filed for chapter 11 and yet investors in general are so convinced that because of the feds extraordinary actions to contain the al fall of the credit market of the credit bubble bursting that the fed no matter what happens is going to have their back with i mean thats like the fed choosing winners i mean is that really healthy for the economy because it again thats kind of an evolution i mean thats a choice its not really Market Forces as were always told to worship here i find. Really quite bewildering and what is the doing if youre buying Corporate Bonds i mean this is this is its not creating an even Playing Field how do you explain what the current what what the fed is doing right now is credit allocation but what the end result is is the likes of price distortion the likes of which weve never seen it is almost impossible whether youre investing in a bond or a stock right now to say what its inherent underlying value is youve got 40 percent for example of the standard and poors 500. 00 its pulled guidance all Earnings Guidance for the year so if youre talking about the most traditional valuation metric the price to earnings ratio its kind of undefined right now is so i mean were an absolutely extraordinary times and yet we have the markets at all time highs that is what that policy is creating and the irony is that you know corporations have tacked on an additional trillion dollars of debt in very short order and this is just going to make them that much weaker than they were coming into the year if we dont have a true the shaped recovery and i mean full the shaped recovery this is going to leave that sector that much weaker and more to one of the things thats coming to my mind one thing of the Financial Reporting is that its almost is if house the economy isnt necessary anymore or wrap the people in the economy to continue to move forward i find that really quite bewildering because again if you look at you know a lot of Financial News you know people are upbeat you know and of course you know you know. These major corporations that were bailed out 1st you know but thats how its their ox i mean its like someone said to me rather just heard you going there are back in the shower drinking wine the good part of the country doesnt feel that i mean if you have even more beer on the street i think thats right and to your point about the fed so i think well. Its a lose i dont even think its winners and losers i think the fed is its whether youre politically well connected to the extent of the bailouts really its a function of how well established craig system banking relationships were which is why programs like p. P. P. Have not worked out well because for Small Businesses that employ say 15 people youre not going to have the same kind of relationships with with j. P. Morgan as a large Multinational Corporation will not that and thats no fault of. The banks per se i mean thats understandable but to your other point i mean i think been a long standing problem weve had a serious deterioration in the open all of you have jobs even as we were coming to full employment and i think thats been a longstanding problem its been brutally exposed the underlying. About economy for a long period of time and as you point out this post Pandemic Response has actually exacerbated the problem its we instead of fixing it weve actually made it worse you know then you know its in when people talk about a recovery i think its more germane to say recovery for home i mean thats really the question we have to ask because i think i know its usually politicized im not im im deeply conservative person and i can easily politicize it myself but you know the the issue is here is that we need to have a recovery but it was the right people to be on the on the receiving end. And thats exactly right you know right now the narrative in the media is that Everything Associated with any of the pain of the corona crisis is temporary in nature there will be no hermant the consequences of what were seeing right now and yet we know that Small Businesses as they look to reopen. And its the 1st generation now weve had Small Businesses focused on an unvaried a low price labor at the expense of Capital Expenditures now and in a world where so many consumers are going to be going to have anxiety about social distancing now youre going to have an opposite trend of Small Businesses looking to invest in Capital Expenditures and automate to a aster extent and they have kind of like the medium and Large Sized Companies in america have already certainly started that process but youre going to actually have even the Small Businesses that employ 47 percent of americans prior to the current of the current of our Virus Outbreak youre going to have an even smaller segment of the population that is brought into and under the Small Business umbrella and which is a a made Huge Foundation and source of innovation and entrepreneurship that is traditionally been a job creation engine so im truly concerned about what the aftermath of this is going to look like you know martially with the with the jobs report that we got last week when were inside isnt the conning me what sectors of the economy you think that these jobs came from because again there was a lot of people have occasion about these numbers and i kind of think that was politically influence but i mean they gave economy small d businesses which trying to Small Businesses or is it like this amazon just got another 100000 well to your point about the problems with the numbers themselves. Part of the difficulty ironically its the that we have these new programs like the government. Programs whereby funding was extended to companies who kept on their payroll or sustain their payroll who duration of the crisis so when they they were in this anomalous position of being paid but they werent doing anything and the. B. L. S. At the end of it this report indicated that these people were counted as employed of though they are the facto unemployed so and if you actually made adjustments havent you had a 16 percent Unemployment Rate so so i but look even if we look at 13 percent thats still one of the highest numbers weve had since the Great Depression bit the growth came in a lot of instances simply from reopening the economy so that you know even if its 50 percent you know youre hiring back some steps they work at restaurants again or other services that have been closed down i mean i am in new york and most of the economy still shut down here in new york city but in other places its comparatively open so so clearly theres an impact map you have to ask yourself whether a lot of these Industries Like retail leisure restaurants are ever going to recover from the prepared democrat levels at least for several years to come i mean youre restaurants will be operating at 50 percent capacity as an example could be considered are you making any money i mean i know 1. 00 people work in the Restaurant Business when they have 200 percent capacity to make their job no thats right thats right i mean if i mean as i say in new york theres a ton of small restaurants newspaper high rents theyre not going to be able to make it and and thats not unique or on the country then of course some you know were doing this on zoom lots of teleconferencing in telecommuting mean done zoom so that means less or less travel less airplanes boeing was having problems even before this latest crisis so probably make it as a sub. Contract the pentagon but their civilian business could go straight down the tubes so there is there are some real problems going in regard to hysteresis you know any bailing out an airline somebody that doesnt make good Airlines Anymore really really really im going to were going to go to a short break let your break you were discussion on the recovery. The. Arab. She stressed to. This or that the british and the bill of voted out that you have to. Stop the show was to you she didnt taste the taste fisheries have a cia bush quote all shall. Go to which she never happened and i know what you mean and i must get your corona man for sure. Want to talk to you sort of through my if you promise for to be. Good to mr siward supporters are still with spirit over 4 years they seem to be arguable that its a studio actually the person to revoke or should. Just go and spin it. L look forward to talking to you all. That technology should work for people. I robot must obey the orders given by human beings except where such orders would conflict with the 1st law should your identification for should be very careful about Artificial Intelligence and the point over you see is to trace evidence here. Tonight on various shots and with Artificial Intelligence will summon the demon. A robot must protect its own existence was exposed. During the vietnam war us forces also bomb to neighboring laos there was a secret war. In for years the American People did not know. The mountain now so much that is officially the mouth heavily bombed country per capita in all of human history. Millions of unexploded bombs still in danger lives in this Small Agricultural country jordyn wieber. Even today kids in laos full victims of bombs dropped decades ago is the u. S. Making amends for that tragedy and what help to the people need in that little land on. Throughout its history to harvest with the selfproclaimed Islamic State terrorist group have recruited up to 30000 foreigners from all over the world to fight for them. In. Sounds of russian citizens left their country to join the terrorists often bringing wives and children with them. Yes and the idea isnt lost on you you see me as and you could no. More knew the. Hundreds of children and widows were held captive all disappeared. Back in russia those children families wait time search for. Joining me every thursday on the alex salmond show and ill be speaking to get a feel of the world of politics or business im show business ill see of. Well the magic were all things are considered im Peter Lavelle to remind you were discussing the state of the economy. Again you lets let me go to lets talk about what the government is doing and not doing you know you can call it a bailout you can call a stimulus package we can talk about the timing of it all 1. What is going to stop the freefall was it basically meaningless because they were bailing out people that have more money than god anyway and using that tax code i mean thats thats what thats fine when you have high unemployment you can redistribute wealth away only have so many people unemployed theyre not paying payroll at all and we can talk about the derivative issue of health care if you dont have a job because the government done the right thing for the working people of america im not talking about the rich working people go well you know its interesting you raise that issue because Consumer Confidence among the lowest quintile and the 2nd to lowest quintile has recovered at the fastest pace in fact were seeing Consumer Confidence among those who make between 75099000 a year continue to slump as layoffs begin to move into white Collar Industries my greatest concern about giving the lowest income earners and an additional 600. 00 a month out to the end of july and what will see if that is extended or not. Is that its provided a false sense of security to an income cohort that will then be at the end of this stimulus period still facing the same traumatic financial consequences as they faced before and i refer to cop cars being repossessed or rental in the actions and in fact youve seen more reticence just in the last few days among potential car buyers and one of their chief concerns is that theres going to be an expiration of the moratorium on rental evictions so the question is have you have you just bought a little bit of time while demand a structured is occurring in the background such that youre not just going to have people and why call a positions but also people at the lowest income runs out of work and will there be the political wherewithal to address what really needs to be addressed which is figuring out a way to secure jobs as opposed to keeping people on effective universal basic income which has which is really what has been created by congress and has resulted in a disproportionate number of you of u. S. Workers being called back to work and saying no im collecting a lot more right now than i was before so the incentive system is just all catty wankers to use a very technical term and i worry about whats going to happen on the other side of this because the fate of so many millions of americans rests in congress right now yeah and. Those funds that were sent out i would have no match in the great deal of it is used to pay off debt too if thats what people are using the money for it because they dont know i mean they worry it you know if theres light at the end of the tunnel its really good to be another train coming in their direction i think thats really the analogy here or should what do you think of how the government is responding to this because i must say this from a moralist a point of view you know they kind of wipe their hands theyve been on big. Ation you know i mean there are tens of millions of the emergencies out there in the country people losing their jobs. You know and im you know as a conservative. I dont you know my 1st reaction is limited government i dont like people becoming dependent on the government i think that anything that the government should do should keep Families Together and people and work and then thats the positive derivative but in an emergency in a blocks want to bend like this i think that you know if you cant use the argument we dont have any money we have plenty of money for their friends and their special interests here but in the end you brings up this really important issues that you know how much is the people good and creating or creating relief but without creating dependency because there is that issue people say why should we go back to that im getting a check ok i know we. Are short answer to that is that you know come july 1st for now those checks wont be coming anymore which does raise the problem that danielle brought up and what happens afterwards if there is not a job to go back to look its its an unusual situation because you effectively have created its been the government that has created this mass unemployment in order to deal with a public pandemic. They have put the economy into a deep freeze. And to you we can i dont want to discuss whether that was the right of the wrong thing to do in terms of locked in but the fact is you knew it instantaneously created mass unemployment but if you want to sustain Political Support for those relief efforts then youve got to make sure that you do it properly and i think the europeans have done a better job of that than than we have in the sense that many of them have just gone straight to a a nationalized payroll and that to me that wouldve been a more desirable way to go because youre its less politicized you all you dont have to create a whole bunch of new bureaucracy to do it you have the the. Data within the the. The i. R. S. For exactly its easy its easy enough to to get those checks to those people from existing base but if you think payroll and it would have taken out a lot of the government discretion and a lot of the political problems that you that youve raised so denmark norway did that even the conservative government of johnson says the tories covered about 80 percent of salaries up to think 30000. 00 pounds so that to me would have been a much better way to go of course as the economy recovers you do want to wean people off point is that if youre the one responsible for throwing people out of course then i think there is a moral obligation to make sure that they they are compensated for that and likewise in regard businesses i say you dont want to create a profit windfall but there is a a constitutional clause in the Us Constitution that the takings provision which assumes that which mandates that you compensate. For any of the sustain which as a result of Government Action now i dont think you can keep them when all profits but at the same time. They should be compensated for their fixed costs theyve been they would have otherwise incurred i think that would have been a fair way to sustain support a message and being consistent a constitutional provide provisions that we have here and only only if i agree with it that would be the moral thing to do these are common sense thing to do at the same time i mean if you you know you truly economy on which i dont think in the history of ever this is ever been tried. Ok and we owe a certain ok. When you have the last right the most 929 when you you wonder what was happening i mean if you were money a market maker you want everything is coming to heart this is something that we get noticed and we all kind of walk through it. Are what you wrote whats going on here it seems to me that not only was it would have been the mora