Transcripts For RT Boom Bust 20240713

A show for you today so lets go and dive right in. The krona virus pandemic is changing life as we know it will toll now surpassed about 17000. 00 with more than 395000 total confirmed cases indias Prime Minister declared a 21. 00 day nationwide lockdown extending the restrictions to the entire country of 1400000000 people countries across europe are also looking to extend nationwide lockdowns are declining in italy for the 2nd day in a row offering a glimpse of hope italy had a world record death toll of about 793 on saturday that number declined to 601 on monday in spain things are worsening as the death toll jumped by 514 in just one day now according to data and nearly 14 percent of spains total reported cases are Health Workers but on a positive note Emergency Service workers gathered outside the hospital clinic in barcelona to join in cheers as Police Officers led a tribute for Health Care Workers as they issued a desperate plea for the public to stay home the u. K. s Prime Minister Boris Johnson announced rustic measures for the. British people to stay home while also highlighting the countrys state of the art resources is a crucial thing for the public to understand his crew of ours is of concern it is a its a Noble Building is that its something that this country really really has the resources to do we have state of the art Testing Facilities we have a fantastic n. H. S. We will have to get through this but believe me we are going to be. Meanwhile the epicenter of the city of 100 china is looking to ease travel restrictions and will lift the lockdown on april 8th the move follows a significant drop in new cases in the who bay region and new cases drop to 0 for 5 consecutive days starting march 19th now over to japan where the summers 2020 Tokyo Olympics have officially been postponed japanese Prime Minister shinzo abbay and i. O. C. President thomas bhatt agreed that it was best to hold the olympics next summer. For georgia killed. Based on the Current Situation and we have made a proposal to consider perspiring in the games by about a year to ensure that the worlds athletes can play in the best conditions and to have a safe and secure tournament for the audience i received an answer from i. O. C. President barak that he 100 percent agrees it was agreed that the tokyo lympics and paralympics would be held by the summer of 2021 at the latest. Well this is the 1st time that the olympics have been postponed for reasons other than war meanwhile on tuesday the World Health Organization said the United States has a potential of becoming the new epicenter w. H. O. Spokeswoman Margaret Harris told reporters quote we are now seeing a very large acceleration in cases in the u. S. So it does have that potential currently the u. S. Has over 46000 confirmed cases with just under 600 deaths new york state alone has been hit the hardest in the u. S. With more than 21000 confirmed cases and 157 deaths and then new york city has 13119 cases with at least 2200 hospitalized patients 525 of those are under intensive care california has greatly impacted now calling for 50000 more hospital beds this while the u. S. Senate continues to argue over the nearly 2 trillion dollar stimulus package and has failed to secure an agreement but on monday President Donald Trump told reporters he expects the American Economy to reopen pretty soon. Im not looking im not look at as months i can tell you right now were going to be opening up our country you know we have tremendous responsibility we have jobs we have people get tremendous anxiety and depression and you have suicides over things like this when you have terrible economies you have death probably and i mean definitely would be in far greater numbers than the numbers that were talking about with regard to the virus so we have an obligation we have a double obligation for more numbers and information on the crown of iris be sure to check out our purple dot tv app and look for the section that tracking chrono virus. For more on how the corona virus continues to impact markets across the globe we are joined by boom bust cohost christine christy. Now sarah we have another 4 digit day in the dow has global index also search on stimulus hopes that lawmakers are getting close to a massive 2 trillion dollar deal the u. S. Market was led by Energy Bouncing over 11 percent followed by industrials and financial that each jumped more than 9 percent stocks hit hardest by the shutdown resulting from the crowd of virus led the gains tuesday with casinos and hotel names airlines and industrials all gaining double digits the dow surged the most since 2000 a balancing more than 10 percent as investors rediscovered some Risk Appetite but even as the government touts all these relief Efforts Companies especially Small Businesses are still struggling to tap into the funds lack of clarity and support will stall the economic recovery if the funds are not applied asked not the worlds supply chain is now just barely hanging on a selective supply shock still a good receive at the borders as the stimulus bill continues to forge ahead some highlights include Cash Payments of up to 2400. 00 for married couples and 500. 00 per child a 350000000000. 00 or so. The business is to mitigate layoffs a 240000000000. 00 and healthcare alif 25000000000. 00 in grants for airlines and 75000000000. 00 in aid for hospitals while the bounce today is optimistic it does not mean that weve come to the end of it these are reflective short term rallies and the new launches should be adjusted to sell the rally rather than buy the debt especially if the deal is still only in talks and has not been passed yet despite promises of a tuesday deadline another delay could be the market getting smashed again in frustration and disappointment today met in let me march manufacturing p. M. I. Dropped to 49. 2 thats a 127 month low driving the downturn in the Services Output was the steep fall in new businesses now meanwhile the u. S. Dollar fell broadly after the u. S. Fed committed to buying an unlimited amount of bonds trying to prevent a wider crisis the falling dollar created a backdrop for emerging market currencies to rally for the 1st time elop in days to call it a turning point now would be too strong a word at this point this is the 3rd week in a row where weve seen the bounce on the latest policy announcements and then sliding back down as the economic reality of the situation reemerge is bust cohost christi i thank you for that. Wall street saw a big jump on tuesday signaling hope for the u. S. Economy as fears of a deep global recession continue to mount as countries remain in complete lockdown over the coronavirus now we bring in chief strategist of a trading Todd Bubba Horwitz and c. E. O. Of transform Many Research tobin smith gentlemen i want to start with you todd the u. S. Markets are near the levels that they were back in 2016 when trump was elected but how much of an impact will this stimulus package have on the markets and the broader economy especially now that were seeing it go up just a little bit. Youd have to do it sure you know listen the markets are going up today that today looks more like a Short Covering really it looks like not a real big deal theyre trying to bet on this thing of more free money and more is stimulus but again stimulus is not create growth if people are going back to work were not going to get the growth we need to continue its not going to affect Company Earnings so at the end of the day if youre a fundamental person this is not going to help the fundamentals well this is only another temporary bandaid that theyre slapping out of no different than what the Federal Reserve is doing with these bandaids that continue to apply in the meantime accumulating massive amounts of debt which will never get out of so thats to me its no big deal and this is nothing but now approve this deal passes or doesnt pass i think the market sells off from here well lets hope so because otherwise we may be close to to a global recession not just the United States but across the globe with so many countries locked down but tobin i want to talk about the u. S. Dollar which remains relatively strong yes it went down when the fed sort of say that they would buy a limited of bonds but it still remains pretty strong do you think this could have an effect on how the economy recovers when the virus actually subsides and if so how. Well heres whats going to happen remember were going to be issuing 3. 00 to 5. 00 trillion maybe 6 trillion dollars of bonds the treasury is not going to buy all those theyre going to be sold to people like them you know Norwegian Wealth Fund Norwegian Wealth Fund cannot buy the bonds with kroger theyve got to buy dollars so our strong dollar can dollars we always call it is going to stay king here for a while the place that it kills is in the emerging markets because the emerging markets took their debt from the last crisis and quadrupled the amount of debt they have and most of that is in dollars so those are the guys are getting killed we have other problems but the king dollars not going to hurt us well if it doesnt hurt us but it definitely is hurting other global economies but you know tobin let me ask you this do you the spec shifting to a little bit of a Consumer Behavior sector could a Consumer Behavior affect the profitability of Certain Companies could people be less willing to say go out to restaurants or even go out to theme parks like disneyland in the future after the virus subsides or even even in the near future if actually reopens the economy like hes saying now he said hours ago by easter thats weeks away. But Human Behavior does not change we are hard wired back from the days we were you know ok but in the savannah to be social because actually to be social to our inside to our liberty system to our you know brain stem being social means were safe when were lonely our brain tells us that were not safe that says that you know its still the old paleolithic brain right thinks that if its feels lonely then you actually are in danger so humans will follow the behavior that is hard wired into our brains and maybe theyre going to stand you know 5 feet away i was going to cosco yesterday they were letting people in you have to stay 6 feet away and all right maybe theres a little bit of a line but i bought just as much of yesterday as i would have any other day. And you know probably because weve run out of booze at our house for gods sakes get every stock on. Your beer together not not the toilet paper nor the life as essential as the important stuff the important exactly well let me shift a little bit to. Oil remains pretty volatile despite amid the impending stimulus package it went up about 3 percent do you suppose that will see Us Domestic Oil production drop to the fallout that happen at the opec meetings earlier this month or will we actually see Domestic Companies unfortunately disappear. Especially that there are some will disappear i mean some are certainly on tight budgets and over exposed and over leveraged to the market and of course 24. 00 or 23. 00 are not going to make any money but i think that will continue to as is and but again remember you have to remember the big thing here is the lack of demand without business in operation without the normal flow of people driving theres no demand for oil so i think youre going to see that theyre going to start shutting down some of these rigs and theyre going to are pointed away again as they were in the past as well with the 1st time and at these prices theyre going to have to wait until theres a glove because weve got to go a lot long before we had the coronavirus long before this slowdown we already had a lot of oil so oil was well overpriced now its probably fairly priced maybe a little bit on the cheap side but overall until we get back in business and its still the trucks start rolling in the car start rolling and people start doing things theres going to be demand for oil so thats going to keep the demand low which is going to keep prices low when the United States has become the number one producer of oil to an end years but when your take. Well 2 things are happening 1st off. Lets separate oil from natural gas because the weve got a bigger boom in natural gas and because we close all these coal power plants natural gas is actually doing fine i mean were were not oversupplied at all on the oil side river saudi arabia russia got into a price war right there there is their own tire idea there was to crush the shell people here and russia has so much in reserves a plan for this that its not going to be nobody is going to blink in the kremlin and nobodys going to break in saudi arabia for a while well that price. You im sorry was so i mean what it means is the marginal Oil Producers with debt theyre going away theyre going to out of business are people down in texas are telling us you know were probably going to lose one 3rd of the of the shale oil people which then of course natural gas comes out of the ground when you do shale oil so thats actually going to decrease natural gas which is going to raise Natural Gas Prices on the u. S. Companies still have a lot of debt to repay is on the shale remains on the 5050. 00 range so hopefully it wont come to that and opec can agree and members and nonmembers can agree on something over the production of oil the horowitz chief strategist with the trading and open space c. E. O. Of transfer Money Research thank you for your time. Thank you time now for a quick break but hang here because when we return well tell you why appear raul is facing a Class Action Lawsuit as we go to break here the numbers at the close i. Trade and investment to become metrics bills to come to economic development. Most people think about trade they think about goods and services being exchanged between countries and the investor a chapter of a trade agreement is about something very different but wont when investment leads to toxic manufacturing that destroys sacred sites all ruins the environment. That means if local communities that are being poisoned if they object if they do anything that the company feels is interrupting their profits they can they serve. The nationals of taking on the whole nations Philip Morris is trying to use i. S. T. s to stop oregon from implementing new tobacco regulations aimed at cutting domestic smoking rates a 4 inch company sued egypt because egypt raise its minimum wage democratic choice of a trump. Joint says we try to fund dont want to. Go to all of a little bit messed up by our d. N. A. And somewhere over the complete im not sure it is such a great thing you know im sure you look better now than when he had hair come from its nice of you to say so but i do i went back when i was 25 i knew most and so great. According to industry and federal officials some major u. S. Airlines are now drafting plans for a potential voluntary shutdown of all passenger flights across United States aviation analyst jamie said airlines are just trying to mitigate their losses. This. Those who support us. On the airlines you know if youre going. To leave. Some of those who. Were actually. Just. People who were. Really responsible. Theyre all suffering because of this earlier this week thousands of flights were canceled while others took off with single digit passengers u. S. Airlines have already cut International Flights and united and American Airlines canceled 40 percent of their scheduled flights now because several federal Aviation Administration air Traffic Controllers have tested positive for the krona virus alive and Traffic Control facilities across the country remain closed after a week of cleaning the Transportation Security Administration cited passenger flow was down more than 80 percent from just one year ago while no final decision has yet been made several options are being considered. As more and more states and cities into to stay at home orders even more people are turning to Online Shopping to stock up on items like toilet paper Hand Sanitizer and protective masks over the past few weeks weve told you about price gouging right its taking place on sites like e bay and amazon but now amazon has cracked. Down in fact the nations Largest Online retailer has reportedly suspended as many as 4000. 00 accounts for reportedly violating its fair pricing policies joining us now to break this down but cohost an investigative journalist spence 1. 00 ben lets start with amazon why what are they saying about these these accounts and why have they been suspended. Yes and what is amazon is really saying is that about 4000 different accounts about half a 1000000 items they say have been removed from the site because they claim that these sellers are violating their fair practices policy essentially saying that they are selling items like Hand Sanitizers and face masks certain kinds of cleaners and that theyre marking those prices up we call it price gouging right and so what amazon is saying these they removed not only these from the web site but theyve actually taken a step further than that they also say that they are sharing the information with state attorneys general and federal regulators about sellers who they believe have been participating in price gouging and they are essentially setting that information over in case those a. G. s or the feds want to prosecute the white house has become very much involved in this as well on monday President Trump signed an executive order to prevent hoarding and these price increases of these supplies amid this outbreak what does that that actually mean for people at home well it doesnt mean a whole lot for people at home so all the people who have run out and bought like huge amounts of toilet paper which i saw not understanding exactly why that is happening but theyre doing it the Administration Says were not going to come after you if youre buying a lot of toilet paper or stockpiling stuff in your home but the example they give if someone has a warehouse full of masks that theyre holding on to and not selling them will go after them but i got to tell you i think its concerning both these issues 1st of all on the price gouging side look nobody likes the idea of price gouging but there is also a free market principle called supply and demand when theres a greater demand for things the price goes up and the things you want to say really gal. People for on the other hand this idea that if you have have a warehouse full of masks obviously youre producing those masks the administration is saying if you dont go out and so those or make them readily available to the public youre committing a crime youre hoarding is what theyre calling in theyll come after you with the d. O. J. That seems like i get overstep of the right and you know people there are now a limits on what you can buy or the amount that you can buy more and its really nice to hear some stories where people are actually donating or giving these objects and not that they hoarded but theyve purchased and are now giving them to people who need them but speaking of amazon there are reports that the company is now teaming up with king county in seattle to pick up and deliver coronavirus test kits are the standard amazon delivery drivers picking up and is handling these tests and will we see this across the rest of the states. I think we may see it i think one of the things that we have to look out for right now is amazon vastly trying to expand out of their network that could be a good thing but it can also be a negative thing in this case what amazon is doing is they are essentially working with the bill and Melinda Gates foundation whos funding a lot of these tests and then they have their workers essentially go in and delivering the test picking them up as well they say that this is to a special program called amazon care it is not the standard worker they say instead these are all people it says who have been involved in training in handling medical material and that these they will be distributing self swab kits for those people to test themselves who are handling as well so as i was doing that right now the u. K. Is also talking with amazon about doing delivery of 2 coke coronavirus kits across that nation as well i mean that would save people from protection of Health Care Workers too from people coming in and hopefully flatten that curve that weve been trying to flatten for some time now boom bust cohost and so on thank you so much. Thanks. Just when you may have been kicking yourself for not investing in that Hand Sanitizer the manufacture of here ill Hand Sanitizer is actually being sued for overselling how effective it actually is well legal journalist my therapist to jail americas lawyer joins me now to discuss the Class Action Lawsuit molly whats the basis of this lawsuit. Hi sarah well the basis of it essentially is misleading claims it says that pirelli is claiming 99. 9 percent of illness causing germs are eliminated by its Hand Sanitizer when in fact theres no scientific basis for that claim so this is a class action suit followed by about 4 people in federal court in ohio and theyre saying hey youve got this scramble to get all this Hand Sanitizer and were not even convinced that you can kill all the germs you say you can kill well lets look at the timing of all of this right its when people are are just trying to get their hands this is like gold right now why was this this Class Action Lawsuit filed now and could other brands and other products like lysol for example who also market is almost 99 percent killing of germs could those be next. Youre exactly right now im not sure if this will extend to other products but its funny you should say that theres a bottle of clorox wipes that are sitting here and they Say Something similar so ill have to look into that but its actually been an ongoing issue as far as this particular legal issue is pirro a separate entirely different Class Action Lawsuit with a similar allegation was filed in the same federal court last month and it says something similar that they broke the Publics Trust they repeatedly marketed these unsubstantiated claims basically the f. D. A. Even sent a letter to go joe which is the company that makes pure out saying hey quit your as substantiated claims about how effective your product is and they even pointed to several ad campaigns claiming that it could prevent everything from the flu to bowl and the norovirus actually says you dont have adequate studies right they dont have adequate studies proving that they can kill or reduce the number of bacteria or viruses that are actually on the skin and that it actually reduces the chance of infection by doing that or saying hey you dont have the proof to back up your claims quit leading people on and theres a lot of disinform ation out there i even received 2 or a picture not too long ago that said a clorox wipes behind it said the. Kills coronavirus now im sure that was plastered on there to for people to go and purchase these clorox wipes but considering the skyrocketing demand how is the sanitizing business doing these days. Its really skyrocketing i mean as you know its flying off the shelves people are even hoarding it so youre going to see a huge increase in the number of sales i think its been like 14001400 percent over a year period from december of last year to january of this year so it is done extremely well i mean even and his or bush is getting into the Hand Sanitizer business if you will though i think theyre making it more to be a benefit to the public but theyre making a different sort of alcohol based product now to hit to deliver to hard hit areas and work with the american cross to do that but yeah its definitely in high demand and according to nielsen hands out of Hand Sanitizer purchases were up like 73 percent in february alone and clorox 2 of their stock went up and was doing pretty well in the market these days but like we talked to and a lot of people are hoarding these and or either donating them which would be a more positive note but well see if lysol and other products then follow suit molly barrows contributor with americas lawyer thank you so much. Thats it for this time you can catch boom bust on demand on the brand new portable t. V. s available on smartphones through google play and the Apple App Store by searching portable t. V. 3 must buy your t. V. By downloading the portable t. V. On apple t. V. And online at port of mobile and as always check this out on you tube dot com slash boom bust r. T. See you next time. You know what i mean maybe that theyre seeing on their. I dont mean you guessed it i dont mean not new dorp or. Kind of were on the on course and back and i think now i think its higher than our. Members of the african mafias conways them safe and quick passage to europe but once they. Leave they are enslaved they cant speech util. Will not some of the libya i couldnt you know if. I get out i mean. This all the. Court of the united. Because the persona that can even. Be the normal length. Of. Words one to the cover 19 crisis is only going to get worse. Were now going to talk with former deputy secretary of labor chris lou and get his take on this edition of probably. Going to politicking on larry king for the 10th straight day on the home i hope youre staying at home too and the virus keeps spreading and the economy is stalled and death tolls are rising and experts warn that its going to get worse what can the government do were joined by chris lewis of course is a form a veteran of the Obama Administration he served as the former deputy secretary of labor hes in washington chris whats going on. The wires its going to be severe larry but i dont think we quite know the extent of it yet we dont know if this is they shoot we shut down at the church you might strike out of the economy but wonder if its one or the other for working men and women it is just you know about 58 percent of workers in this country are hourly wage worker this is food Service Workers retail workers none of those people are getting a theyre all filing for Unemployment Insurance a weve got a whole industry of independent contractors. That are going to be able to get paid and cant get an image and we just see if low down in the rest right now weve got school and weve got businesses closing and so its important to provide relief as quickly as possible to