The bank daddy of all banks is supposedly independent but are they really the us treasury was supposed to be independent yet they got bullied into trumps agenda the fed is supposedly an independent Government Agency yet powell bowed to political pressure and now finds himself playing defense this is worrisome if theres supposedly independent bodies are so easily influenced. And one of the worlds biggest Credit Rating agencies downgraded the hong kong Sovereign Rating on friday as protests and riots continue inflicting long lasting damage to International Perceptions of the quality and such from this of of hong kongs rule of law and its Business Environment which unexpectedly dropped the bombshell grading the citys rating one notch from a double a plus to double a the citys outlook from stable to negative this could have serious. Simple occasions for the borrowing cost of companies and the government this is hong kongs 1st downgrade by fitch since 1995 but leader kerry lamb hit back to defend hong kong she disputed the downgrade saying that nothing has undermined the one country 2 systems and that the protests have not affected hong kong score competitiveness you know the as well as to other waiting agencies in movies are American Companies and there are question beijings growing influence on hong kong. In todays episode of the browser drama the ben build to block a no deal brags it has passed the house of lords without amendment the bill is now set to become law after the formality of the queens assent to the measure is officially attained on monday in response Prime Minister Boris Johnson who on thursday said that he would rather be dead in a ditch than request an extension of braggs it notably declined to reprise of rhetorical display of defiance and determination on a visit to aberdeenshire in scotland mr johnson whose political and diplomatic standing seems to be almost by the hour insisted that he could solicit a new deal on baghdad from the European Union by powers of persuasion few outside of mr johnsons inner circle seem to share mr johnsons life confidence in his diplomatic capabilities the pound sterling took a fall of point 2 percent against the dollar and early trading while leaders of parliamentary opposition reportedly huddled to determine a common strategy labor leader Jeremy Corbyn is said to settle on a position that no general election should be called until the bend bill under an extension of drags it past october 31st is secure. And joining us now to offer her perspective on all of this is holy forde which a board member of the british merican Business Association walking back really good on here so then bill barring the no deal briggs it seems to become law on monday barring an extraordinary break with president experts seem to say that the bill is procedurally bullet proof as it passed with no amendments presuming regular ledger. Order will the Prime Minister comply with the burn bill if and when it becomes war well i dont know as he mentioned you know hes already declared that hed rather be did dead in the ditch than go and crew to brussels to request an extension and of course what the hilary benn bill stipulates is that he will have to go to back to brussels and request about a 3 month extension till the end of january which he does not want to do and actually theres been fears that he wont comply in fact hilary benn was quoted as saying you know we either have a law on the rule of law or we dont so we actually can just ignore this and not actually accept it i think thats a very interesting point is that while this bill would force johnson not to be able to force through a no deal breaks it actually forces to come up with some kind of solution and they have none so it begs the question what is their solution for the dithering as he was quoted in saying in aberdeen shares that you know it costs the u. K. A 1000000000. 00 a month for this do the bring all these delaying thats whats happening now the Prime Minister seems to still want to go into a general election which he said that he doesnt want but the government still says that they will try again to past election bill on monday the last general election was in 2017 while the referendum was in 2016 so my question per a tweet along these same lines is if you think that the u. K. Public may have changed their mind about which party they support since 2017 why shouldnt there be a referendum on braggs that which the people last weighed in an even longer a girl with a question actually begs why should we ever have any kind of referendum if the leaders are not going to actually adhere to a people vote for i mean thats the issue 201617 point 4000000 people voted for the not hearing too and they all will try again vote again vote again so actually theyve already voted the voters way and the issue is the elite has not adhered to and its about as ridiculous as saying well people didnt like the fact that trump was elected in 2016 lets have another election thats how ridiculous it is. Right and on this question of election we talked to former member of the Scottish Parliament tom sheridan who highlighted some of the issues he thinks are being effectively scuppered by the brics a debate and he was quite fired up about that lets listen to some of that. Weve got luigis weve got and then secure economy weve got workers a 1000000 of them over contracts weve got our welfare city that has been cut to the cool weve got 123rd homeless families in temporary accommodation some of the big. Shipping containers one of the richest short gold nations in the planet and yet we have kids living in may 2 shipping containers those problems are real and they have to be addressed corbett wants to kick the tories and he wants to introduce a labor government. So hillary in light of what tommy said my question is is the u. K. In danger of protracted distraction from the basics of governing and managing the economy for the common good by this management was done yes absolutely of course and i agree with tommy i mean look education the police force the National Health service none of its actually been addressed in fact just now just recently job it has come back with a sort of a bill and has basically proposed that austerity will come to an end basically by over 13000000000. 00 pounds to react to infuse into the british economy why for the exactly the reasons that tommy said this is being over dick killer stis traction again the point is that leaders should have appeared to what the British Public elected by 17400000 people in 2016 price it and they have not so exactly what it is that is distracted from every other agenda and has resulted in Business Uncertainty and in manufacturing uncertainty this is why theres a mess because they wont do what the electorate wanted so now theres also disputes within parties so the entire thing is basically a mass are we. Not just a crisis within the individual parties but in also the basic institutions and the structure of the u. K. s political economy now actually what i would say kristie is the answer is yes its a mess but i would quote churchill democracy is not a good form of government better though that all the other forms of a tried and this is what democratic dissent results in and youve got democratic dissent i would say on steroids my final and parting words are i think this is a redefinition of nations like in the u. S. You look at the Cross Party Lines its no longer democrats and republicans and in the u. K. A general election is not going to be labor versus conservatives you know why because a lot of the labor workers theyre the ones that have been hurt to the greatest extent by all the e. U. Regulations and its the elites who historically were of course tory voters is the elites who are seeing their luxury goods become so pricey and Boris Johnson is actually trying to push through something that would give business certainty and bring back manufacturing to the u. K. That is a workers issue so what i think youre seeing is a redefinition in both the u. S. And the u. K. Of politics as we knew it Interesting Times are good expert insight and guidance from henry ford which board member of the British American businesses used to judge or go see a. Shortened trading week in the us to start off september as liquidity returns back to the market after the summer loss lets take a look to see how the equities ended up over in moscow the mo x. Traded up as president putin reiterated that developing the far east is an absolute priority he emphasized opening up the northern sea route as an International Court or for increased trade and strengthening cooperation with india for mining and military already in shanghai the markets rallied up 3. 6 percent as china agreed to meet it with the u. S. In early october for another round of negotiations that services p. M. I. Rose while new export business has dropped suggesting that domestic demand was stronger the. Foreign demand while the market remains optimistic for continued trade talks no one is holding their breath for a resolution the china cabinet signaled a reduction in the amount of funds banks need to hold in reserves and this is meant to reduce the real cost of borrowing and further stimulate the market to cushion the slowdown expected in the 2nd half done in hong kong the hang seng rebounded strong on the back of the news that the citys controversial extradition bill has been fully withdrawn mainline traders who took big bets and poured money over and on to the hang seng were rewarded as the market recovered over 4 percent for the week the hang thing is now trading near the lowest price to book multiple since the late 2016 over in japan the nikkei brushed the highest level since august and shares closed as the highest in more than a month as investors breathed a sigh of relief that trade talks between china and the u. S. Will resume and we also have positive developments out of britain and hong kong as well the yen has backed off of their 8 month high against the dollar helping to boost major exporters over in india the sensex fell almost one percent reversing earlier gains as sluggish Economic Growth kept investors cautious the government announced that they would cut taxes on hybrid cars giving a boost to the auto sector finance and banking stocks though were among the top losers as the rupee fell further to close at the lowest level in more than 7 months due to the continued Foreign Fund Outflows down in australia the a. S. X. Had a volatile week as shares struggled to break higher mid week and then up marginally weak domestic Economic Data and trade concerns heightened fears of a slowdown in global Economic Growth australias economy grew at the slowest pace in a decade last quarter as consumers went on strike for more monetary and fiscal stimulus finally the all shares over in south africa traded up as the World Economic forum africa kicked off on wednesday the 1st item on the agenda was to strengthen the continents unity by creating the Worlds Largest free trade area the auto in the. Also got a booth when it was announced that as much as 60000000000. 00 could be invested in south african Vehicle Market within the next 5 years now of daniel for the rest of europe and America Thanks kristie starting as we do in paris with the cac the cac 40 in next is up for the week and closed at a one month high at the end of trading on friday automaker peugeot was up nearly 3 percent on the final trading day of this week in frankfurt the dax is also up for the week and matching the comics performance by also hitting a one month high after gaining more than half a point on friday across the channel to the u. K. The footsie is also up for the week but this week also marked the end of an era as the u. K. Retailer marks and spencer fell out of the 4100. 00 index for the 1st time since the index was started in 1904 i mean a shares have lost about 40 percent of their value this year moving to the americas in brazil that is also up for the week despite all the recent International Drama around president also morrow unfortunately the brazilian economy minister revived all that on thursday by seconding mr bolton i was insult to frances 1st lady not a good looking 21000 and not good for business in Mexico Mexico mexico also for that week and moving to north america in the homestretch all 3 of the u. S. Exchanges on our border for the week writing this weeks burst of what now passes for optimism on the u. S. China trade fight and finally in toronto. For the week our final green arrow on the board for this week on thursday the Legal Cannabis nitch on that got a little bigger with canopy Rivers Company announcing their approval for listing class a shares on the sex those shares on it will start trading on the as of september 9th and this is been your weekly global stock market wrap. Time now for a quick break but hang here because when we return barely more than a decade out from the financial meltdown of 2008 the u. S. Is already looking. Privatizing public Mortgage Finance Giants International regulatory attorney miles edward london and today to break down the proposal what this could mean for the future of housing in the u. S. And as we go to break heres a number thats a close. She stressed to make sure that the british. To. Stop the show was so here she. Could use these a c. Which quite a long. Time and now look what you. Can and must do to your current man or to share. With your my its your bonus for should be. There mr. Spiritual tradition should be for you both to teach history to actually. Listen to revoke or should still speak and speak. Last of western germany that steve globalization and this came in with thompson 2016 and he the idea of monitor ization the global Central Banks cooperating to put out a currency unit of accounts that was better than gold is a 6070 year experiment that is now collapsing which is leading to dollars a synaesthete countries like russia move aggressively away from the dollar and buy gold and dig globalization simultaneously. Exists is a stick of water bottle phone in the stomach of a fish the brand is spawns of the Cocacola Company which soon is millions of bottles of soda every day the idea was that lets tell consumers there are the bad ones there the litter bugs are throwing this away industry should be blamed for all this waste the company has promised to reuse the plastic. On that i knew that that is the end of it for you. The mountains of beliefs only grow. But chairman powell on friday claimed that companys Investment Decisions were affected by the trade war between china and the United States during his remarks in switzerland powell said i think it is the case that uncertainty around trade policy is causing some companies to hold back now on investments weve been hearing quite a bit about uncertainty so for businesses to particularly make longer Term Investments in plants or equipment or software they want some certainty that the demand will be there the comments come as the fed weighs what to do with Interest Rates later this month the u. S. Central bank previously cut Interest Rates by 25 bits in july powell added that he does not see the belief that the u. S. Is headed towards a recession meanwhile the u. S. Bureau of labor statistics announce that the monthly job numbers on friday in august job growth continued at a feeble pace with nonfarm payrolls increasing by only 130000 supplemented by the hiring of temporary census workers ahead of the 2020 survey the Unemployment Rate stayed steady at 3. 7 percent. The trumpet ministration has shot thrown their support behind the idea of privatizing mortgage giants fannie mae and freddie mac. The 2 companies which guarantee roughly half of the u. S. Mortgage market have been under government control since the financial crisis of 2008 u. S. Treasury secretary Steven Nugent said in a statement regarding the recommendation that quote an effective and efficient federal Housing Finance system will also meaningfully contribute to the continued Economic Growth under this administration portions of the plan for privatization will require approval from the u. S. Kong. Yes joining us now to discuss this and a host of regulatory issues is International Regulatory attorney miles and miles welcome back. Thank you 1st of all lets get your take on this u. S. Housing news walk us through the concerns that regulators and Public Interest advocacy groups might have with these changes from the trumpet ministration to these cornerstone institutions of the u. S. Housing market fannie mae and freddie mac. Sure lets start out by explaining who they are theyre both government sponsored entities which means that theyre somewhat private operating under the auspices of the federal Housing Finance agency and what they do simply is fannie mae buys mortgages from commercial banks pretty mad buys mortgages from thrifts they securitize them into Mortgage Backed securities and they sell them to the market and thats a wonderful thing its quite profitable and the government has done quite well since 2008 with this model the situation is that if you privatized certain mortgages that would be available concerns to consumers may not be there and they may shift the landscape of the Mortgage Backed Securities Market but it may also do and this is what regulators and consumer advocates are very very concerned about we may revert back to a situation of 2008 where if there is a Less Government intervention and oversight we may have a situation where subprime were nonconforming loans are sold as part of these Mortgage Backed securities and we find ourselves really circling back to a situation similar to the financial crisis of 2008 now the mike how one of the center for responsible lending told n. P. R. On this move that for the working class americans who want to buy a house they could make a much more difficult to get a mortgage and make the mortgage much more expensive so how much will characterize and quantify the effects of this change on the affordability of buy a home in the u. S. It will affect it because certain mortgage products will become less attractive to whoever ends up owning and running freddie mac. And fannie mae and it could actually be the same organization so what the beauty of a government that sponsor entity is is that they look at putting the interests of the consumers 1st and profitability less so theres going to be tighter restrictions for consumers to obtain mortgages and theres going to be a less Product Available for them because whoever the new owners private owners of these organizations are theyre looking at the bottom line and they want to make sure whatever product they have out there. Is going to be worthwhile and thats going to trickle down to the thrifts and commercial banks making sure that whatever mortgages they sell to to whoever is a private owner of this organization is attractive to them so it will have an impact on it definitely now miles i want to get your take on 2 of the problems ive read in some of the reporting on this which is one these 2 g. S. Hes now siphon all of their profits to the government and as i understand it would continue to do so under this plan and to theyre also going to be really private companies again they would be billions of capital to work with and they were wiped out when they became directly controlled so how would they solve these 2 sort of logistical problems in basic finance if they want to make the really independent. Yeah and those are good points dan youre the 1st point is its absolutely true weve seen it before under the Obama Administration where they siphoned off profits from both organizations basically to stimulate the economy prior to an Election Year so that absolutely has been happening similar to whats happening with Social Security now what the new capitalization is going to look like is going to be extraordinarily difficult to see but youre right on target by saying that there will be a loss of capitalization i believe that the best approach would be is not only to have congress involved in the process but the president should have appointed a committee of both private and Public Officials who could really struck sure what the new entity is going to look like but we are going to be faced with both situations that that that piggy bank is no longer going to be available for either the president or congress to siphon off and use it for other situations as i mentioned before like obamacare. Now shifting over the Technology Big tech regulation is not going away as an issue in the u. S. And new York Attorney general Leticia James said in her investigation and with her colleagues at facebook so while some are separate probe by the states a. G. Into google will be announced next monday according to the wall street journal the possibility for finding antitrust issues here seems almost unlimited so is this a slam dunk for the agencies are where the market power of those monopolistic practices have been built far enough to push back on the investigators. I think its would be a very difficult road for states to pursue a i trust. Especially for an organization that not only operates nationally but internationally its much easier if that entity is just confined to the state so in order to really succeed on a day and i trust violation one you have to prove that there is a monopoly and 2 you have to prove that their Business Practices really extended that monopoly and even though they may be able to do it the big question is whats the relief going to be. The goal of and i trust regulation all the way back to the sherman their trust act of the 890 s. Is really to break up the cities create several other entities to really free up competition and give consumers more choices i cant imagine the state of new york breaking up facebook and what are they going to say were only going to break it up for new york consumers so i think whats going to happen here is putting pressure on facebook having them become a little bit more prieur in the way they conduct business and also i think what theyre looking for is political gain and maybe some unit of funds as well as International Regulatory turning miles edwards always welcome your insight thanks for joining us. Thank you. American Semiconductor Manufacturer of qualcomm announced friday it will implement its 5 g. Technology into the 6 and 7 series processors and not just the state of the art series 8 chits the move by qualcomm opens up the doors for consumers to have the opportunity to buy more moderately priced 5 g. Capability phone currently if you want to 5 g. Equipped phone in the u. S. It was such a back at least 1300. 00 for Samsungs Galaxy s 10 plus 5 g 4 galaxy is no plus 5 g. These new 5 processors will be used and smartphones made by apo real me read me motorola nokia and l. G. Qualcomm said that the new lesser expensive 5 g. Phones should have more store shelves in the 2nd half of 2020. And thats it for this time you can always catch boom bust on you tube dot com slash boom bust or to see you next on. Pain years in the process started 10 years i think its time to shake things up maybe change the branding maybe the format here is what ive been thinking about next season related episodes filmed on an island 10 experts fight it out for a trophy what do you think ok a more affordable option 25. 00 experts. One red rose another suggestion. Jeopardy parity no political cookout where we will literally wrote the elite. Late night show its a rare form of these days and its cheap all you need is an old microphone in a printed banner but to leave me with one of my girls i can do this and laughter politics gone wild like music. Ok crosstalk is not about hype its about meaning 10 years of talk and still going strong. Peter if you want to change something why dont we get rid of the bow tie no that is too much. I. Ready ready ready ready ready am sure theres a need to stop it from continuing to grow. I just never know very good about the idea of bringing shoulder room into the world because i didnt feel like things were in very good shape that a life was just going to be a lot of software program. But. Theres no reason youre more. You take things that already made the theres no reason to make Something Else that you need to give your love to everybodys scared to talk about it certifiable is truly dependent on us addressing this issue and if we can even talk about it every chance even have a conversation about it then. Were in trouble. Ready of the day there are good terrorists and bad evidence the bad terrorists and those in yemen who the United States deems to be a threat the good of those who work in syria the cia and the u. S. Military were engaged in covert actions really throughout the world. Where they were assassinating populist leaders they were backing up right Wing Military juntas funding an army just was theres not anymore because theres always a small for a really good. Profit. The police. Was. That. Report from a conservative watchdog claims that there is a covert multimillion dollar scheme to boost left wing movements across the United States. Italys former interior minister. Faces charges of inciting violence against a german rescue boat captain who illegally docked on italian shores with dozens of. Us carries out military exercises near venezuelas borders in line with its apparent strategy of surrounding in the enemy. Or broadcasting a lot of their work force to doing most of this is
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