Investigators recently released a final report on that 1st 737 crash site in the controversial jumbo least a final report on that 1st 737 crash site in the controversial jumbo jet models Flight Control system and c. I. S. As a significant factor in the crown jet models Flight Control system and c. I. S. As a significant factor in the crash the growing record of the 737. 00 max is trouble development leaves mr mueller. The growing record of the 737 maxs trouble development leaves mr mulan berg an easy and inviting target for some tough questions on tuesday in the senate and wednesday in the how easy an inviting target for some tough questions on tuesday in the senate and wednesday in the house and for more on these congressional hearings are to correspondent karen friends that followed this repels and for more on these congressional hearings are to correspondent karen friends at filed this report from near the site of the hearings. Janet yellen support from near the site of the hearings. Janet yellen works 1st appearance on capitol hill ever since those 2 fatal boeing 737 max crashes 1st appearance on capitol hill ever since those 2 fatal boeing 737 max crashes ironically its also the one Year Anniversary of the lion air jet crash ironically its also the one Year Anniversary of the lion air jet crash that killed. All 189 souls on board entered the Senate Hearing it killed all 189 souls on board entered the Senate Hearing room tuesday surrounded by families of the victims of those 2 crashes families holding up in the room tuesday surrounded by families of the victims of those 2 crashes families holding up large photos were all raised directly behind mulan who appeared very focused in on emotion large photos were all raised directly behind mulan who appeared very focused and unemotional texas senator ted cruz the chairman of the commerce committees aviation subcommittee texas senator ted cruz the chairman of the commerce committees aviation subcommittee says the panel plans on asking how was the plane designed without safety mechanisms that happened says the panel plans on asking how was the plane designed without safety mechanisms that happen not once but twice how was the regulatory system designed what were the incentives not once but twice how was the regulatory system designed what were the incentives within the regulatory systems to sign off on these changes and why were pilots not trained in the regulatory systems to sign off on these changes and why were pilots not trained on this adding thats what prior 730 sevens had but not the 737 max in this adding thats what prior 730 sevens had but not the 737 max before the 2 crashes boeing touted to Major Airlines around the world it was a few before the 2 crashes boeing touted to Major Airlines around the world it was a fuel efficient plane and did it require time consuming training chairman to mississippi senator riddle efficient plane and did it require time consuming training chairman to mississippi senator roger wicker says his biggest question did boeing and the federal Aviation Administration or wicker says his biggest question did boeing and the federal Aviation Administration rushed to get the boeing 737 max before certifications and safety measure rushed to get the boeing 737 max before certifications and Safety Measures were. Totally ready this after emails and the 10s of thousands of other documents houses were totally ready this after emails and the 10s of thousands of other documents house lawmakers ever reviewed in their probe drawing questions about boeings culture and its lawmakers ever reviewed in their probe drawing questions about boeings culture and its race to get the 737 max out all the win over airlines to top its chief rival race to get the 737 max out all the win over airlines to top its chief rival france based air bus at these hearings come just one week after boeing let go to france based air bus at these hearings come just one week after boeing let go of one of their top executives who was the head of the commercial Airlines DivisionKevin Mccallister one of their top executives who was the head of the commercial Airlines DivisionKevin Mcallister this after the company says he handled the companys largest point of business relationships with airlines this after the company says he handled the companys largest point of business relationships with airlines poorly and callous or faced a growing internal scrutiny about his handling of relations and poorly calloused or faced a growing internal scrutiny about his handling of relations in particular alienating important customers following the 2737 max crashes particular alienating important customers following the 2737 max crashes the 737. 00 has been grounded since march and it cost the Major Airline company 8737. 00 has been grounded since march and it cost the Major Airline company 8000000000. 00 commercial business relations are more than 60 percent of boeings total 1000000000. 00 commercial business relations are more than 60 percent of boeings total revenue last week c. E. O. Dennis miller was demoted from his position as chairman of the board but i have a new last week c. E. O. Dennis miller was demoted from his position as chairman of the board but he does remain as one of the chief executives and that is one of the biggest questions today on capitol hill as one of the chief executives and that is one of the biggest questions today on capita. Hill why is still a part of boeing texas senator ted cruz that little hill why is still a part of boeing texas senator ted cruz says that thats not a government decision thats a shareholders decision chairman wicker says that theyre determined to that thats not a government decision thats a shareholders decision chairman wicker says that theyre determined to work with the families to get the answers and also bring those who are at fault accountable to work with the families to get them answers and also bring those who are at fault accountable for boom bust unfair and fronsac. For boom bust unfair and fronsac. Phase one of a trade deal between the. Phase one of a trade deal between the United States and china could soon be finalized but it may not be in time for a meeting between the president states and china could soon be finalized but it may not be in time for a meeting between the president and she next month according to new reports arties Rachel Blevins has a. Next month according to new reports arties Rachel Blevins has the latest on the potential trade deal. For months of trade talks leaders from the latest on the potential trade deal. For months of trade talks leaders from the United States and china are set to meet on november 17th but there is no guarantee that the United States and china are set to meet on november 17th but there is no guarantee that the 1st phase of a trade deal will be ready to sign this according to a new report which claims the 1st phase of a trade deal will be ready to sign this according to a new report which claims the u. S. And china are continuing to work on an interim trade agreement but it may not be complete because in china are continuing to work on an interim trade agreement but it may not be complete. Then time for leaders assigned at the Asia Pacific Economic cooperation summit in chile it in time for leaders assigned at the Asia Pacific Economic cooperation summit in chel way but President Trump told reporters on monday that he is optimistic and that phase one of the trade but President Trump told reporters on monday that he is optimistic and that phase one of the trade deal is already in the works we are looking. Probably to be ahead or a deal is already in the works we are looking. Probably to be ahead of schedule decided a very big portion of the china deal of schedule decided a very big portion of the china deal and well call it phase one but its a very big portion that would take it and well call it phase one but its a very big portion that would take care of the farmers it would take care of some of the other things general also take care of a lot of the baggage or the farmers who would take care of some of the other things general also take care of a lot of the bank in the now according to reports watch trade talks continue the u. S. Will consider it in the now according to reports watch trade talks continue the u. S. Will consider extending some tariff exclusions on 34000000000. 00 in chinese imports standing some tariff exclusions on 34000000000. 00 in chinese imports while the 1st part of a potential trade deal which temporarily prevent an increase in tears while the 1st part of a potential trade deal which is hampering early prevent an increase in tariffs current u. S. Tariffs or 25 percent on 2 150000000000. 00 worth of current u. S. Tariffs or 25 percent on 250000000000. 00 worth of chinese imports and 15 percent on 110000000000. 00 in goods while the chinese imports and 15 percent on 110000000000. 00 in goods will remain and the looming threat tariffs on virtually all remaining chinese imports remain and the looming threat tariffs on virtually all remaining chinese imports. Through it specifically target consumer goods could still go into effect in december its worth specifically target consumer goods could still go into effect in december the agreement would include a promise from china that it will follow beijings outdated ideas remit would include a promise from china that it will follow beijings outdated ip and Foreign Investment laws i made complaints from the us that china is guilty of intellectually and Foreign Investment laws i made complaints from the us that china is guilty of intellectual property that is one could also lead to the us removing chinas currency or property that is one could also lead to the us removing chinas currency manipulator status as the countries make a bilateral commitment not to manipulate manipulator status the countries make a bilateral commitment not to manipulate currency markets for economic advantage video could also include a much like currency markets for economic advantage video could also include a much needed break for farmers china agrees to resume purchases of products like soybeans needed break for farmers china agrees to resume purchases of products like soybeans and port high levels that were seen before the trade war began however the deal to import high levels that were seen before the trade war began however the deal will not include a removal of restrictions on Chinese Telecom giant wall way and a spokesperson for Chinas Foreign Ministry continue to accuse the last of the economic bowling that will not include a removal of restrictions on Chinese Telecom giant wall way and a spokesperson for Chinas Foreign Ministry continue to accuse the last of the economic bowling to do if we resume oppose the us abusing the state will do if we resume oppose the us abusing the state power to suppress specific Chinese Enterprises with unwarranted charges power to suppress specific Chinese Enterprises with unwarranted charges. In the absence of any evidence the economic bullying behavior of the us is in the absence of any evidence of the economic bullying behavior of the us is a denial of the market economy principle the us has always advertised the denial of the market economy principle the us has always advertised. The deal also does not include a plan for how to end the trigger and. The deal also does not include a plan for how to end the trade war and reports noted the trouble ministration is eager to push the idea that the initial theory of war and reports noted the trumpet ministration is eager to push the idea that the initial phase will be followed by others but the expectations that will happen are low now remains will be followed by others but the expectations that will happen are low now it remains to be seen if it is one of a trade deal will be ready by next month as the trade war begins to be seen if phase one of a trade deal will be ready by next month as the trade war between the worlds 2 largest economies begins to have an impact on the Global Economy of the worlds 2 largest economies because to have an impact on the Global Economy reporting from outside the office of the United States trade representative in washington Rachel Blevins are boarding from outside the office of the United States trade representative in washington Rachel Blevins artsy. The highly anticipated trade talks between president. The highly anticipated trade talks between president xi and trump scheduled for chile next month has boosted optimism in the markets at a phase where she and trump scheduled for next month has boosted optimism in the markets that a phase one will be finalize that this will be the 3rd time the 2 leaders meet but i will be finalize that this will be the 3rd time the 2 leaders meet but in a last minute twist reuters reports that an interim agreement may not be completed in time for the last minute twist reuters reports that an interim agreement may not be completed in time for signing. And she like so how many times have you heard this story before and shouldnt the market know briny and she like so how many times have you heard this story before and shouldnt the market know better than to get their hopes up before a deal is when it comes to us that are then to get their hopes up before a deal is when it comes to u. S. Stocks quickly turned negative following their report as investors the closely watched trade talks were actually must quickly turn negative following their report as investors closely watched trade talks were actually much further away from resolution than previously believed for analysis on all things china and further away from resolution than previously believed for analysis on all things china and u. S. Trade war were now joined by sue our senior apac International Relations policy special u. S. Trade war were now joined by sue our senior apac International Relations policy specialist with the institute for china american studies so if everything goes ahead with the institute for china american studies so if everything goes ahead as planned the summit between she and President Trump in chile next month would be the 3rd time that as planned the summit between she and President Trump in chile next month would be the 3rd time that the 2 leaders meet so whats different about this time and what gives the market the 2 leaders meet so whats different about this time and what gives the market any reason to believe that something some trade deal could be hammered out at this trade any reason to believe that something some trade deal could be hammered out at this trade meeting whats different. Punch closer to meeting whats different. Punch closer to. Real Election Campaign that is probably the most important so you can. Campaign that is probably the most important so you can leave. The. Warning indicators with regard to the u. S. There have been some warning indicators with regard to the u. S. Qana means help and mr trump does not want that to flare up in a big way going into their say qana means help and mr trump does not want that to flare up in a big way going into the election but the bottom line out here is meant much of this Early Harvest that were talking about election but the bottom line out here is meant much of this Early Harvest that were talking about these could have been harvested most of them in february itself there was no result these could have been harvested most of them in february itself there was no reason to drag this out this long and have so many punitive measures particularly from reason to drag this out this long and have so many punitive measures particularly from me on words if this could have been harvested right then and its just been a lost opportunity to me on words if this could have been harvested right then and its just been a lost opportunity and we touched on earlier this week this. And we touched on earlier this week this scandalously under covered unknown Regional Initiative called the r c e p the scandalously under covered unknown Regional Initiative called the r c e p the Regional Comprehensive Economic Partnership embracing 16 nations account Regional Comprehensive Economic Partnership embracing 16 nations accounting for a 3rd of one 3rd of global g. D. P. And half the worlds population for a 3rd of one 3rd of global g. D. P. And half the worlds population there were some trouble earlier this week between india and malaysia that threaten to derail it are there were some trouble earlier this week between india and malaysia that threatened to derail it but could this u. S. China trade war help keep the r c e p back on track but could this us china trade war help keep the r c e p back on track i think that the us china trade war has been a stimulus for good take i think that the u. S. China trade war has been a stimulus for getting our. Done that its been in the works from strain to 12 guys like india in our survey done that its been in the works from strain to 12 guys like india frankly have been running their 1st but its coming close to a conclusion on november 4th frankly ive been reading the 1st but its coming close to a conclusion on november 4th theres an important Leaders Summit in bangkok the High Expectations that theres an important Leaders Summit in bangkok the High Expectations that the deal will be signed right then or if not it looks happen very soon thereafter the deal will be signed right then or if not it looks happen very soon thereafter and i think an important point to come out of all this is the our subconscious and i think an important point to come out of all this is there are for concrete for getting the agreement its a very broad political agreement the e. U. And canada trees are getting the agreement its a very broad political agreement the e. U. In canada didnt ask here the e. U. In japan have done their economic liberalization agreement didnt ask here the e. U. In japan have done their economic liberalization agreement and what we see is the u. S. Which once used to be the leader in this area has now been is the only band what we see is the u. S. Which once used to be the leader in this area has now been is the only party which is actually walking in the opposite direction frankly meanwhile our party which is actually walking in the opposite direction frankly meanwhile our rate of mention briefly that while away right now ali and the other Chinese Tech Companies 80 rate of mention briefly that while away right now ali and the other chinese tech of these 80 which were blacklisted by the u. S. Is issues have not been addressed yet and today china glasses which were blacklisted by the u. S. Is issues have not been addressed yet and today china blasted the u. S. Calling them a car economic bowling for proposals walking telecom charisse from the u. S. Calling them a car economic bull and our proposal walk in telecom carries from. I always product it also now requires kerry to actually remove existing power by our by product it also now requires kerry to actually remove existing power and c. T. Quitman so this again told me goes against the market principles on which the us way and c. T. Equipment so this again told me goes against the market principles on which the us has previously and always trumpeted so now its likely to going to be at the center of have previously and always trumpeted so now its likely to going to be at the center of trade talks going into face to face 3 how can there be any compromise when it comes to black and white issues such as security youre on the who are issue is going to be trade talks going into face to face 3 how can there be any compromise when it comes to black and white issues such as security your own on the who are issue is going to be a complicated issue in face to face 3 especially with the in person with the detention a complicated issue in face to face 3 especially with the improved with the detention of the leaders daughter in canada and that has has its own dynamic of the of the leaders daughter in canada and that has has its own dynamic of the let me frame answer in 2 parts ot the countries are at liberty to draw that let me frame my answer in 2 parts so 2 of countries are at liberty to draw the National Security perimeter in terms of their Critical Infrastructure including in telecoms and National Security perimeter in terms of their Critical Infrastructure including in telecoms and countries of calm down a different points in this regard that having being said not countries of calm down a different points in this regard that having being said not just about why were here is the kind of the irony the double speak of for the u. S. Just about why were here is the kind of the irony the double speak of the u. S. And the u. S. Talks in terms of chinas stated granov and the u. S. Talks in terms of chinas state run arced. Driven economy where its going off to the Playing Field with its a state driven economy where its going off to the Playing Field with its industrial subsidies or cetera et cetera and that those subsidies need to be removed but industrial subsidies are cetera and that those subsidies need to be removed but the fact of the matter is who our way is through and through a private company and the fact of the matter is who our way is through and through a private company and all of chinas dynamic Artificial Intelligence company all of chinas dynamic Artificial Intelligence companies have recently also been sanctioned as part of the shinji and is showing journ sanctions that have recently also been sanctioned as part of the shinji and is showing journ sanctions export controls and so the u. S. Talks about Chinas State Owned Enterprises export controls and so the u. S. Talks about Chinas State Owned Enterprises and state dominated economy and yet goes ahead and punishes the most dine and state dominated economy and yet goes ahead and punishes the most dynamic private players and to own kneecaps them and this is itself private players and to kneecaps them and this itself is a large sure it tells a larger story of what the u. S. Is talking about and what its true the larger it tells a larger story of what the u. S. Is talking about and what its true intentions are out here and i hope that the market principle will be respected in greater detail the intentions are out here and i hope that the market principle will be respected in greater detail frankly. That i fear that i was a pleasure having you here thank you. Frankly. That i fear that i was a pleasure having you here thank you. Checking in with the ups downs and outs of the. Checking in with the ups downs and outs of the. Energy market weve got one of each to report today Conoco Phillips reportedly the Largest Energy market weve got one of each to report today Conoco Phillips reportedly the largest independent exploratory energy firm on earth gets the days good news with an expert independent exploratory energy firm on earth gets the days good news with an expectations beating 3rd quarter Earnings Report earnings were 3100000000. 00 at ations beating 3rd quarter Earnings Report earnings were 3 point 1000000000. 00 adding up to earnings per share of 2. 74 conoco posted that figure to spin up to earnings per share of 2. 74 conoco posted that figure despite an 18 percent fall in oil prices and conoco calculations global supine an 18 percent fall in oil prices and conoco calculations global super major British Petroleum posted a 41 percent year over year drought or major British Petroleum posted a 41 percent year over year drop in net profit for q 3 b. P. Also cited what they say are onetime asterisks up in net profit for q 3 b. P. Also cited what they say are onetime asterisks on q 3 report as reasons to list underlying replacement cost profit of 1. 00 cute reason report as reasons to list underlying replacement cost profit of 2. 00 bill point 3000000000. 00 in place of the usual net profit that more could chew built point 3000000000. 00 in place of the usual net profit that more conventional figure was even lower at a flat 2000000000. 00 and the largest remaining conventional figure was even lower at a flat 2000000000. 00 and the largest remaining coal company in the United States is now down and out as Murray Energy files for Bankruptcy Oil company in the United States is now down and out as Murray Energy files for bankruptcy protections the miner of climate killing coal publicly struggled to pay its bills earlier the protections the manner of climate killing coal publicly struggled to pay its bills earlier this. Mond even after a restructuring Forbearance Agreement analysts say yes i mean this month even after a restructuring Forbearance Agreement analysts say assigning demand for coal was a fundamental factor members demise. Demand for coal was a fundamental factor members demise. The worlds most valuable company is ready to go public after a series of delays and the worlds most valuable company is ready to go public after a series of delays that put the i. P. O. In question saudi aramco will start to build the book on the 3rd of november put the i. P. O. In question saudi aramco will start to build the book on the 3rd of november according to a new report from reuters citing people familiar with the situation share according to a new report from reuters citing people familiar with the situation shares will be priced at the beginning of the summer and trading will start on the top 2 all saudi aramco so the price at the beginning of the summer and trading will start on the top 2 all saudi aramco domestic Stock Exchange on the 11th of december so oil giant which controversial domestic Stock Exchange on the 11th of december so oil giant which controversial a value that south at 2 trillion dollars will float a one to 2 percent stake on their local market delay value itself as 2 trillion dollars will float a one to 2 percent stake on their local Market Making it one of the largest Public Offerings on the Exchange Worth roughly 20000000000. 00 making it one of the largest Public Offerings on the Exchange Worth roughly 20000000000. 00 aramco has been forced to change plans for the i. P. O. Multiple times since and now its a decision aramco has been forced to change plans for the i. P. O. Multiple times since then now its a decision to go public in 2016 while the company has been getting the offering off the ground they havent to go public in 2016 while the company has been getting the offering off the ground they have also been roping in Institutional Investors sovereign wealth funds and wealthy saudi families to become also been roping in Institutional Investors sovereign wealth funds and wealthy saudi families to become an. Investors going public is an opportunity for the kingdom to diversify their economy away anchor investors going public as an opportunity for the kingdom to diversify their economy away from a sole focus on fossil fuels. Time now for a quick break with today from a sole focus on fossil fuels. Time now for a quick break but stay tuned because just on the other side the u. S. Federal reserve is looking to cut rates yet to me goes just on the other side the u. S. Federal reserve is looking to cut rates yet again in the next week but one could that mean in the Bigger Picture for the u. S. Economy and again in the next week but one could that mean in the Bigger Picture for the u. S. Economy and Trump Twitter target Jerome Powell peter schiff of Euro Pacific Capital joins the show to help us make sense or target Jerome Powell peter schiff of Euro Pacific Capital joins us show to help us make sense of the potential rate cut and as we go to break here are the market numbers at the close of the potential rate cut and as we go to break here are the market numbers at the polls. Survival guide books. Survival guide book stacy just to start. The story. You should. Be sure its. Going to. Repatriations. Repatriations to get the rest a 70. Percent prize for the 70. Percent prize for. 3. During the Great Depression which im old enough to remember there was most of my family were unemployed working. There would have to remember there was most of my family were unemployed working. There wasnt it was bed you know much worse subjectively than today but there was an expat us and it was bed you know much worse objectively than today but there was an expectation that things were going to get better. Of there was a real sense of hope taishan of the things were going to get better. Of there was a real sense of hopefulness there isnt today todays america was shaped by the turn principles there isnt today todays america was shaped by the turn principles of concentration of wealth and power. Because of concentration of wealth and power. Reduced democracy attack solid doubt engineer election goes democracy attack solo debt engineer elections manufacture consent and other principles according to manufacture consent and other principles according to no im jones to one set of rules for the rich opposite no im jones one set of rules for the rich opposites. Thats what happens when you put her into the handles for. Thats what happens when you put her into the hands of a narrow sector of will which will is that sort of narrow sector of will which will is dedicated to increasing power for itself just as youd expect one of the most influenza kade to increasing power for itself just as youd expect one of the most influential intellectuals of our time speaks about the modern civilization of the National Intellectuals of our time. Speaks about the modern civilization of america. But this. Was the bit. Of the truth. Of the truth. Welcome back checking in on the aftermath of the 40 day United Auto Workers strike welcome back checking in on the aftermath of the 40 day United Auto Workers strike a General Motors plants in the United States g. M. Now says the labor action cost the carmaker i could General Motors plants in the united. Its g. M. Now says the labor action cost the carmaker 2900000000. 00 in earnings in q 3 to spite that daunting figure g. O. 2900000000. 00 in earnings in q 3 to spite that daunting figure g. M. Stock was resilient and jumping just short of 5 percent by midday on tuesday stock was resilience and jumping just short of 5 percent by midday on tuesday the bad news confirms a g. M. Profit guidance from last week warning warning of more red ink the bad news confirms a g. M. Profit guidance from last week warning warning of more red ink than expected there are also significant downstream costs for g. M. Suppliers that have than expected there are also significant downstream costs for g. M. Suppliers that have yet to be tallied and most of those firms as Earnings Reports 1. 00 notable exception is of yet to be tallied and most of those firms as Earnings Reports one notable exception is detroit based lira corp lear c. E. O. Racecar told trade publication detroit based lira corp lear c. E. O. Racecard told trade publication Automotive News last friday that each week of the strike costlier session of the automobile and sort of some news last friday before each weekly and of the strike costlier be taller. Nevertheless later stock rose by more than 75000000. 00 nevertheless later stock rose by more than 2 percent on the disclosure. The s. N. P. Had a record high 2 percent on the disclosure. The s. N. P. Had a record high on tuesday extending mondays rally as investors look ahead to a potential rate cut from the fed on tuesday extending mondays rally as investors look ahead to a potential rate cut from the fed expectations of easier Monetary Policy help to lift the market even as the expectations of easier Monetary Policy help to lift the market even as the u. S. Try to trade may not be finalized sinking the market into a close u. S. Try to trade may not be finalised. And she lay thinking the market into clothes facts that data show that 70 percent of the s. And p. 500. 00 companies that have reported so far have facts that data show that 70 percent of the s. And p. 500. 00 companies that have reported so far have beat analyst expectations but could be that the expectations were just set too low beat analysts expectations but could it be that the expectations were just set too low our current valuation is justified our business is just being less bad and our current valuation is justified our business is just being less bad and masters are now struggling to find new reasons to buy and extend the new record rally in equities and masters are now struggling to find new reasons to buy and extend the new record rally in equities and lets point out that the big risk is that were seeing a boost to asset prices and lets point out that the big risk is that were seeing a boost to asset prices but no real uptick in the real economy so for more on this were now joined by peter schiff but no real uptick in the real economy so for more on this were now joined by peter schiff c. E. O. Of the Euro Pacific Capital so peter phase one deal is just c. E. O. Of the Euro Pacific Capital so peter phase one deal just hyped up this entire bull rally and this is just an interim deal that basically just kicks that hyped up this entire bull rally and this is just an interim deal that basically just kicks the trade can worries down the road and delays action the u. S. Is actually hedging themselves trade can worries down the road and delays action the u. S. Is actually hedging themselves right now as treasury secretary management is still not giving a definitive answer on whether or not right now as treasury secretary management is still not giving a definitive answer on whether or not the december 15th will be taken off the table so if phase one is this not the december 15th will be taken off the table so if phase one is this hard to nail down how bad will face to be. Hard to nail down how bad will it. Well no theres never going to be a phase do i think phase one is simply a way for trump to save i dont know theres never going to be a phase do i think phase one is simply a way for trump to save face and to surrender in the trade war but still claim victory face and to surrender in the trade war but still claim victory. And peter where is talking about the. And peter where is talking about the Federal Reserve cutting rates yet again even while the market is breaking out from the Federal Reserve cutting rates yet again even while the market is breaking out from the record highs we saw this record close yesterday on the s. And p. 500. 00 but this is the 3rd rate record highs we saw this record close yesterday on the s. And p. 500. 00 but this is the 3rd rate cut here were talking about and you know weve been over this before and you pretty thoroughly to make up here were talking about and you know weve been over this before and you pretty thoroughly demolished their arguments for it but what are they saying now to justify this 3rd cut all of their arguments for it but what are they saying now to justify this 3rd one stocks are hovering near a 15 month high. Well with one stocks are hovering near a 15 month high. Well well see how they walk that tightrope you know theyre trying to pretend that these rate cuts are see how they walk that tightrope you know theyre trying to pretend that these rate cuts are just some kind of midcourse correction some kind of insurance policy or just some kind of midcourse correction some kind of insurance policy but if you remember a year ago at this time not only was the fed raising rates but if you remember a year ago at this time not only was the fed raising rates but they had forecast that they would continue to raise rates throughout 2019 i thought they had forecast that they would continue. Raise rates throughout 2019 i was the only one out there saying that they werent going to do that that they were going to be cutting rates not raise it was the only one out there saying that they werent going to do that that they were going to be cutting rates not raising them but more than that its not just that theyre cutting rates theyre back to quantitative easing things but more than that its not just that theyre cutting rates theyre back to quantitative easing they have called off quantitative tightening reversed course theyre doing quantitive they have called off quantitative tightening reversed course theyre doing quantitative easing except theyre not admitting thats what theyre doing because theyre in barry to be easing except theyre not admitting thats what theyre doing because theyre in barriers to have to acknowledge this but if you actually look at how rapidly the feds balance i have to acknowledge this but if you actually look at how rapidly the feds Balance Sheet is growing now its actually growing faster when theyre not doing q. E. And sheet is growing now its actually growing faster when theyre not doing q. E. Than werent than when they were so right now as you mentioned the fed value then werent then when they were. So right now as you mentioned the feds balance he is basically exploding theyre doing 60000000000. 00 a month on q. E. Theyre injecting a 100 he is basically exploding theyre doing 60000000000. 00 a month on q. E. Theyre injecting 130. 00 daily everything on my on daily reports why is this fed injecting some 30. 00 daily everything on my own daily reports why is this fed injecting so much liquidity into the system when they still find that nothing is wrong and right now were expecting a very much liquidity into the system when they still find that nothing is wrong and right now were expecting a very hard rate cut tomorrow. Just ignore what they say hanukah rate cut tomorrow. Just ignore what they say and look at what they do look they are trying desperately to keep the day and look at what they do look they are trying desperately to keep the air from coming out of this wall but its not going to work i mean the bubble has already error from coming out of this wall but its not going to work i mean the bubble has already popped the only question is how fast is that air going to come out of pop the only question is how fast is that air going to come out and when is the market going to figure out that the game is over and and when is the market going to figure out that the game is over and understand what the fed has been doing and get understand the true nature understand what the fed has been doing and get understand the true nature of this bubble economy and whats going to happen in the future and certainly are a lot of this bubble economy and whats going to happen in the future and certainly are a lot of bubbles google actually just reported and while they be on revenues they missed an e. T. F. Bubble google actually just reported and while they be on revenues they missed an e. T. F. So this is partially they say they claim due to lower margin now that their margins have been so this is partially they say they. Due to lower margin now that their margins have been shrinking for several quarters so is this concerning and given these diminishing returns is google trending for several quarters so is this concerning and given these diminishing returns is google still considered a high growth stock player now. A local still considered a high growth stock player now. Look all of these stocks google included are dramatically overvalued you know all of these stocks google included are dramatically overvalued because of the fed because of the Monetary Policy that weve pursued we have because of the fed because of the Monetary Policy that weve pursued we have inflated it as i said price rises like sachs has said like micro if they know it all there are a lot of companies that are worth anything there are a lot of these companies that are losing money that companies that are worth anything there are a lot of these companies that are losing money that have high market values because of the fed now google at least makes a profit but it has a high market values because of the fed now google at least makes a profit but in todays Interest Rate environment the present value of those profits has been inflated by the in todays Interest Rate environment the present value of those profits has been inflated by the fed what the fed is trying to do is prevent those asset at the prize with this coming fed is trying to do is prevent those asset prices from coming back down to earth but for a healthy economic recovery thats what we need we back down to earth but for a healthy economic recovery thats what we need we cant continue to have over priced assets you know dollars from put out a tweet today in which you cant continue to have over priced assets you know dollars from put out a tweet today in which he is envious of the europeans and the japanese because they have negative rates and he says this is the envious of the europeans and the japanese be. Because they have negative rates and he says this is great you know they get to borrow they get to be paid to borrow why cant a great you know they get to borrow they get to be paid to borrow it why cant americans get paid to borrow what trump is overlooking is who is paying the bill americans get paid to borrow what trump is overlooking is who is paying the bill who is stuck with the cost its the savers that should be getting paid by the borrower who is stuck with the cost its the savers that should be getting paid by the borrowers who are borrowing money its the citizens who are going to end up losing because there is who are borrowing money its the citizens who are going to end up losing because theyre financing loans but all of this is producing malinvestment or financing loans but all of this is producing mal investment its helping to expand government at the expense of the real economy its helping to expand government at the expense of the real economy and peter just to play devils advocate for a minute here looking at one indicator in peter just to play devils advocate for a minute here looking at one indicator and u. S. Economy Consumer Confidence it dipped in october and the latest survey and the u. S. Economy Consumer Confidence it dipped in october and the latest survey and theres also good reason to believe that this phase one trade deal is a lot of hype and also good reason to believe that this phase one trade deal is a lot of hype and may very well still not happen so is there an argument that may very well still not happen so is there an argument that the fed this 3rd rate cut is a prudent measure to ensure against the what the fed rate cut is a prudent measure to ensure against the loss of confidence in the event that this trade deal doesnt go through their loss of confidence in the event that this trade deal. And go through it look the one thing the rate cut is not as prudent its a desperate attempt again to keep the arrow do one thing the rate cut is not as prudent its a desperate attempt again to keep the air from coming out of the bubble to maintain false Consumer Confidence you know consumers from coming out of the bubble to maintain false Consumer Confidence you know consumers are confident despite the fact that the economy is a disaster they dont have any money they are confident despite the fact that the economy is a disaster they dont have any money they have a lousy job they have no savings theyre loaded up with dead but as long as they have a lousy job they have no savings theyre loaded up with dead but as long as they can keep on borrowing money to buy stuff they cant afford with money they dont have to keep on borrowing money to buy stuff they cant afford with money they dont have for some reason they remain optimistic and you have all of this hype coming in for some reason they remain optimistic and you have all of this hype coming out of wall street coming out of the media to try to encourage all of this falls off out of wall street coming out of the media to try to encourage all of this falls off the optimism the fed plays into that i mean the fed keeps talking about how the economy is in a good optimism this fed plays into that i mean the fed keeps talking about how the economy is in a great plays even as theyve got it on life support so eventually the consumers get rate plays even as theyve got on life support so eventually the consumer is going to figure out just how bad the economy is unfortunately its going to be too late for him to figure out just how bad the economy is unfortunately its going to be too late for him to do anything about it and hes going to be blindsided but i think its the investors who are in for him to do anything about it and hes going to be blindsided but i think its the investors who are in for an even more painful awakening. Even more painful awakening. Peter schiff of Euro Pacific Capital thanks so much for joining us. Peter schiff of Euro Pacific Capital thanks so much for joining us. Our pleasure. Shares a Virgin Galactic founded by Sir Richard Branson begun trading our pleasure. Shares of Virgin Galactic founded by Sir Richard Branson begun trading on monday morning at a total valuation of 2300000000. 00 after meeting on when monday morning at a total valuation of 2300000000 dollars after a merger with social capital had a sophia this i. P. O. Makes Virgin Galactic us take our summer with social capital had a sophia this i. P. O. Makes Virgin Galactic a Ticker Symbol as g c the 1st ever commercial space by company to be listed on a public well as g c the 1st ever commercial space by company to be listed on a public Stock Exchange the company so far has completed 2 test flights using space ship to vessel Stock Exchange the company so far has completed 2 test flights using space ship 2 vessels this i. P. O. Raise much needed funds for a Virgin Galactic as they attempted to test that this i. P. O. Raise much needed funds for a Virgin Galactic as they attempted to test out an uncharted market the company has yet to turn a profit and incurred net losses out and uncharted markets the company has yet to turn a profit and incurred net losses of 86700000. 00 in the 1st 6 months of 2019 shares of 86700000. 00 in the 1st 6 months of 2019 shares rose as high as 12 dollars 93 but closed down at 1175. 00 the space rose as high as 12. 93 but closed down at 1175. 00 the space race is heating up as Virgin Galactic now competes with Jeff Bezos Blue Origin and a lawn must race is heating up as Virgin Galactic now competes with Jeff Bezos Blue Origin and eat on must face x. A report in march estimated that Space Tourism has a potential market cap of face x. A report in march estimated that space. Tourism has a potential market cap of 3000000000. 00 a decade from now even though currently its still at its nascent phase 3000000000. 00 a decade from now even though currently its still at its nascent phase. Thats it by this time you cant have a boom bust on direct t. V. Channel 3. Thats it by this time you cant have your boom bust on direct t. V. Channel 321 dish network tel 284 streaming 247 on for the t. V. The free t. V. Anyone dish network tell it to 84 streaming 247 on for the t. V. The free t. V. Ads to 79 or you can always go to so i want you to dot com slash boom bust or chapter 279 or you can always go to so i want you to dot com slash boom bust our cheat sheet next time. We see you next time. And this. And this. And youre on your union said. And done. The union said yes so. The rational the difference yes. Rational. Design or. Design need a thief. If. All across the middle east and beyond. 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Top diplomats from russia turkey and iran meet in geneva for. Top diplomats from russia. Turkey and iran meet in geneva for peace talks on syria before the launch of a Constitutional Committee for the war torn for peace talks on syria before the launch of a Constitutional Committee for the war torn country. Pentagon says it is not ready to release video contrary. Pentagon says it is not ready to release Video Evidence to prove that it killed the leader of islamic states in syria we look at how the evidence to prove that it killed the leader of islamic states in syria we look at how the worlds most wanted terrorist avoided protection for so long. Most wanted terrorist avoided protection for so long. And the u. K. Is heading for a general election as Parliament Approves and the u. K. Is heading for a general election as Parliament ApprovesBoris Johnsons bill seeking a december 12th to break the impasse since bill seeking a december 12th to break the sit in cars