Transcripts For RT Boom Bust 20240712

President donald trump announced a plan to ban the app in the United States President Trump spoke about the controversial situation monday afternoon. And so he cant be controlled for security reasons but in china too big too. Invasive and it can be and heres the deal i dont mind if theres microsoft or somebody has a big Company Secure company very very American Company buy it they set a date of around september 15th at which point its going to be out of business in the United States but of somebody whether its microsoft or somebody else buys it that will be interesting i did say that if you buy it whatever the price is that goes to whoever owns it because i guess its china essentially but more than anything else i said a very substantial portion of the price is going to have to come into the treasury of the United States because were making it possible for this deal to happen right now they dont have the rights unless we give it to them and the Chinese Foreign ministry for their part respond to their reports early monday calling out the u. S. For hypocrisy and double standards in the move while claiming this is a violation of key principles of the World Trade Organization now for more on this lets go ahead and bring in blue bus cohost ben swan and Cyber Security expert todd shipley who also serves as president of dark intel now ben i want to start off with you here lets kind of it it appears that microsoft has about 45 days to get this deal done but doesnt it seem strange for the u. S. Government to ban a company and then turn around and basically force them to sell helping an american tech giant to buy. Yeah i think the whole thing is pretty disgusting i mean as this is all playing out everything is wrong with this from the fact that number one as you said 45 days this company is being told youre going to be banned in the United States you can sell office in chile the u. S. Version canadian version Australia New Zealand versions of tik tok by dance can and in exchange for that not only will a big company like microsoft get to take over talk but at the same time you just heard what the president said he says a substantial portion of that price should go into the u. S. Treasury white because were facilitating this do you know what i mean this is this goes against everything that if you believe in a free market capitalism theres nothing free market about it theres nothing capitalism about it its all cronyism and the fact that even with the president said about it going to a big company like a microsoft the reality is we know that Big Tech Companies in the United States facebook and apple and google have not been good stewards of data here in the u. S. Of the collection of data they use and the misuse of data it happens all the time so the idea that the chinese are collecting data and theyre bad but when facebook and apple and google and now possibly microsoft are collecting that same data its somehow ok that somehow a good thing it makes no sense to me at all you know todd actually before i get to any deep content in this i really want to ask you 1st what is your opinion of this situation we just heard ben say that this is a terrible idea but todd what do you make of this situation of the president basically forcing the sale of this and to an american tech company. Well i think overall this is the geopolitical politics of versus china and the ongoing problem that weve had with china already because you look back at what has happened with wall way in the other events that are going on and the fact that indias already banned you know tick tock theres a lot of other things that are happening here so its not it is about the data and how its going to be stored and we want the Chinese Government to have access to that data and compare it to the other data theyve stolen from us and be able to put a picture together of americans and what they do or do you want to American Companies have it in granted the American Companies of been know better about the data but the at least the data is in the United States at some point. So ben i mean you just alluded to the fact that something about todd actually just referenced right there is that you know american Tech Companies havent been great with our data and whether they provide things to Law Enforcement the government or just to other businesses and selling that data so this is in europe it is no better to have microsoft take over this company. Well i it might be somewhat better but i dont know that its better i dont think theres any evidence that its necessarily better other than the fact that there is a belief that the chinese are misusing or collecting data and because its a you know National Government collecting this data it is harmful to us that is the belief but i dont know that we have seen evidence that it is more harmful for china to have and to hold that data than it is for anybody else to do it and certainly a company like microsoft and facebook what we have seen over the last few years in terms of the abuse of Tech Companies to control narratives to control content could to control speech on line microsoft would jump right into that tiktaalik is an anomaly in that it is the 1st tech company in recent years to outpace and grow. Massive behemoths like facebook and youtube and instagram and so it was one of the few companies they didnt get acquired and it was out there you know whether its a good thing or a bad thing i think its not the question its the fact that its another tech giant who will now control another form of social media and just because its american doesnt make it you know by virtue good versus bad. In recent weeks months maybe even the last year ticktock is kind of been outperforming us Tech Companies and social media for that matter and now suddenly the us has a problem with Cyber Security with the company which is understandable no doubt about it but you know i understand a ban of the company if thats where you want to go geo politically you could make that argument but now youre going to sell it to one of the Biggest Companies here in the u. S. Who has a troops could serve as it has in the past yeah i mean are the other nations todd going to see this as us essentially the u. S. Saying were going to steal your company if theyre successful and we dont really like their business practices. Well i mean thats certainly you know position to take but i think if we look back at the ongoing issues that we have with china that is just another one of those things that has been a release of data about americans and thats essentially what the governments position is that they dont want the Chinese Government to control the data now right or wrong with do you believe thats true or not thats the position that the trumpet ministration is taking and so weve had ongoing issues like i said if we look at what way and the other things that have happened this is not something the just crept up keep in mind that you know to talk got a u. S. C. E. O. So that they could look better theyve got a lobbying company in washington to lobby for themselves so theyve been playing the game for some time knowing that this was coming because of the ongoing issues with china. So is it an issue with the security who knows for sure probably but the u. S. Government now at this point is taking on the position that theyre going to control ticktock and get it to a u. S. Company and that was just a solution because keep in mind the Trump Administration wanted to ban it they were going to do this until. Microsoft stepped up in agreed to buy it because facebook has already tried to buy it one time before. Bed i want to give you the final word on this i mean i guess just looking at it from an outsider perspective it appears that if you ban it you bet it thats fine but brokering a deal just looks like youre propping up American Companies whats your response although i think i think it does look like that i think it just globally it looks really bad i think even within the United States it can look bad to say listen this company is that is bad because of the collection of data that was being passed to government but if we broker a deal why wouldnt microsoft in the past that same data to the u. S. Government i mean again it comes down to a question of is a government evil because its chinese or is government in general a negative in terms of the way it tries to dominate and control people and if you believe that then you believe that any government thats harvesting data and collecting data any tech company thats handing off dated to governments is a problem and lastly id say that microsoft has basically been out of the game so the fact that microsoft stepped up and said oh well take this on of course they will right this is arguably right the most Successful Tech Company right now in terms of growth in the entire world and so microsoft wants to jump in and just and just grab it i think there needs to be new rules on Data Collection not just who is collecting it who must cohost ben so on and Cyber Security expert todd shipley thank you both for your insight lot to cover here so well have you back. And all eyes are still on the race for a cope in 1000. Vaccine us drug maker lilly said monday it is beginning a late stage trial of an experimental antibody treatment now the phase 3 trial will test their l y c o b 555 drug created in partnership with canadian biotech firm. On up to 2400 participants who live or work in the u. S. Nursing homes which have recently diagnosed a case of the virus now meanwhile the Russian Health Ministry Announced over the weekend that Clinical Trials of a vaccine candidate from the moscow based get Malaria Institute have included with positive results adding that while any vaccine would of course face Regulatory Approval the country is ready for mass vaccination as soon as october and with all this vaccine related news the director general of the World Health Organization warned against overconfidence in reports of late stage vaccine tests number of latinos out of now in phase 3 Clinical Trials and we only hope to have a number of effective vaccine the start could help prevent people from infection however there is no Silver Bullet the moment and then might never be for now stopping bricks comes down to the basics of and this is going through a. Testing. And treating patients and tracy and quite into their contacts. And with this in mind lets go ahead and take a look at the spread of the virus with our correspondents. So where are we worldwide so grand more than 18000000 people around the world have been diagnosed with the corner as of monday but almost 11000000 of those 80000000 have fully recovered meaning that about 65 percent of those 18000000 have fully recovered while nearly 695000 people have died now the u. S. Has recorded by far the highest number of cases worldwide right now more than 4800000 confirmed cases 50 percent of which have fully recovered and the u. S. Thats right now stands at around 158000 so a little over 3 percent have died from the virus here in the u. S. While a new forecast from the u. S. Centers for Disease Control and prevention estimates that the death toll in the u. S. Is projected to reach at least 173005 august 22nd so thats less than 20 days from now thats going to claim another 15000. 00 lives and brand so far july has been the worst month in the u. S. With nearly 1800000. 00 cases in this month alone and about 4040 percent of the cases in the u. S. Occurred in july when restrictions were lifted in most states and we thought we saw the worst of it in april when we had over 858000 cases but then again in july we saw such a big jump may and june both were in any better but going into august were looking for a better numbers but the good news is that deaths have been significantly lower in july compared to other mon so thats a really big plus so going into august on sunday the u. S. Reporter around 47000. 00 cases. Now thats thats an increase in almost 4 weeks thats a small its actually i should say increase in almost 4 weeks and as of 4 pm monday another 8500 cases have been reported so again thats a positive news right now but i also want to take a look 5 most affected countries right now and whether those countries are anywhere close to flattening the curve so the u. S. Like i mentioned of course theyre seeing a small decrease in numbers but still nowhere near the curve now india is once again trending up thats the orange right here india is seeing more and more increases in fact just in the last 24 hours the saw 52000 cases so thats not good at all brazil is doing slightly better as you see there the one the red there going up and then up and down theyre seeing slightly less you see right here going down but still they have a long way to go just in the last 24 hours they saw about 24000. 00 cases now south africa right here in purple now they appear to be doing a little bit better but not not by much on average theyre seeing about 8100. 00 cases per day now russia the country right here appears to be flattening at a little bed and theyre the country with the 4th most cases in the world but theyre still averaging about 5500. 00 cases per day so right here top 5 affected countries that appear not to be anywhere near flattening curve then there are countries that are seeing a 2nd wave right now like japan where cases ruled by more than 50 percent in july while us trail is also battling a new wave of infections hong kong israel and spain are also fighting a 2nd wave while iran one person is dying from quote 1000 it every 7 minutes. Thank you for keeping us up to date. And time now for a quick break here because when we return big tech continues its winning streak as the throat of the worlds most valuable publicly traded Company Straight ahead well take a look at how markets are reacting as we go to break here the numbers that. A short time ago an american airplane. Hiroshima. Standing up kind. Of girl cast. How until you do your. Chin its. Like most americans growing up after the war the bombs were a great thing they ended the war they say hundreds of thousands of lives on both sides and thats what my grandfather always said was his reason for the decision. Truman was hoping for a dual strategy one was to drop the bombs and hope that japan would surrender and number 2 the americans were trying to send a message to the soviet union and there was american poor planning in october 145 had chosen 20 targets and russia. When almost seems wrong. Wrong just dont. Let me. Get to see. Just the kind of attitude and in detroit it was the trail. Went something to find themselves worlds apart we choose to look for common ground. And welcome back tech heavy way apple became the worlds most valuable publicly traded company on friday unseating state oil giant saudi aramco shares and apple gained more than 10 percent on friday alone after a strong Earnings Report the day prior and continued its run on monday adding as much as 5 percent at points throughout the day at close friday the companys market valuation topped 1. 00 trillion dollars while saudi aramco now sits at just over 1. 00 trillion now apple stock struggled at the onset of the crow to virus pandemic but is now up more than 44 percent this year alone meanwhile the Company Also Announced a 4. 00 to 1. 00 stock split so for more on what this is for more on this and what else is moving markets lets go ahead and bring in boom bust cohosts christiane and c. E. O. Of Transformative Research tobin smith thank you both for joining us today now christie why did apple announce this stock split. Well on thursday after earnings which reported strong sales and. Beating analysts expectations so this stock split would quote help to appeal to a Broader Group of investors that is make it more attractive to Retail Investors who have a really hard time struggling and swallowing a triple digit price tag of 400 so the last time they did this was back in 2014 when they did a 7 to one stock split when any of the 700 price mark so stocks but really doesnt do anything for its valuation the price this quarter the dividends are quarters so its exactly the same thing but cosmetic lee it looks very different because the price tag is lower so to an average retail trader it doesnt seem like that big of a commitment to buy something at a share of 100. 00 versus 400. 00 so it makes the stock a lot more liquid and tradable so right now there are one actual effect of the stock but one benefit is that it relates to the membership of the dow the dow is a price weighted average versus versus a percentage based index so that means the moves are based on the dollar move at the price so previously apple had the most effect on the dow every single time it moved because it was the largest member of the dow but now ever since it dropped from 400. 00 price tag to one 100. 00 price tag now it is no longer the largest weighted member of the dow and is replaced by United Health interesting no toben is this valuation of 1. 00 trillion really justified i mean apples neither a growth stock or a value stock and innovation is slowing down as the wearables category is really not taking off as they had initially planned and what do you see and hear. Well our for our philosophy on investing change significantly you know maybe a decade ago decade and a half that apple is building a digital platform and every time they add a new customer it costs them nothing to do it number one number 2 is when you sign up for a phone today whether in United States or europe or trying to the Telephone Company essentially. Finances you nobody is paying 1500 bucks for that new phone that i just got that i cant live without from apple youre paying 45 bucks a month so the nature of the business has changed that its profitability its Business Model has changed and as the services continues to grow faster than any other Service Business remember if you took the Service Business alone and please you know Tech Companies are saying please will you break this up because every time you break up a tech company the value goes up if you value the Service Business just on a normal. Dollar a normal revenue time certainly the multiple of sales it gives me it would be worth 2. 00 trillion dollars today but thats the reality so the market is paying for this business that never goes away you dont once youre in the apple you go system youre in the Apple Ecosystem you know christine i want to hit on the u. S. Dollar here following its worst performance in decades the dollar is now staging a comeback in august shorts are getting crushed as the dollar surged on the back of a euro slump and accelerating weakness in the yen whats going on here at this repositioning well last month he had this surge in the dollar shorts and thats why you saw gold as well as the coins surging and the dollar weaken as bets were taken against the u. S. Economy and how poorly it was handling the coronavirus pandemic so strategist also warned against the dangers of this Unlimited Money printing business by the central bank and the unsustainability of its current trajectory however in this latest survey right now Asset Managers are net lall the euro and the yen while selling off the u. S. Dollars and the survey require the highest exposure in years while the u. S. Dollar sold off heavily against it however this today on the 1st day of august trading the traders are starting to turn their attention towards a surging amount of covert cases now in europe and japan so it seems like there are experiencing a resurgence a 2nd wave that was not expected and due to that the euro lost about 200 pips the 2. In the 2 1st 2 days as traders were struggling to find another alternative safe haven currency so right now at this point whats most surprising of all is that goal today is still up for that matter as well that both of them are rallying and gold is Still Holding strong and green despite the strength of the dollar when normally they would trade inversely so this shows that despite the fact that the greenback is gaining strength a little bit reversing last months trajectory the trust is still not what it was before as other safety assets are now being considered and instead. I want to talk a little bit about the economy here lord and taylor is now the latest retail casually filing for bankruptcy and now meanwhile additional stimulus talks have been stalled here leaving a lapse in unemployment assistance what do you see when it comes to holding up this stimulus package and how bad it is going to hurt those who actually need it immediately. Sure well 1st of the you know a little misinformation out there if you filed your claim on sunday you know you do it digitally electronically then those people are going to get paid the 600. 00 on monday or tuesday depending on the state theyre going to have cash this week but then we get to friday and the jobs report is going to be its maybe i mean i guess i would say this is you know be you know bad news is good news then with the numbers we see is that were going to see a spike up in employment were going to see a spike down in employment which means that Congress Better get off. Because whats going to happen is is that you start to get the sort of tumbling down effect the consumer spends about 1. 00 trillion dollars a month in me and made in june and somewhat in july if july of spending is flat or down then we got a real problem because in a lot of us if we dont have this funding were going to be down 8090000000000 in spending thats 89 percent drop and all of a sudden were going to drop and thats why the dollar sold off is people were looking at you know assuming that they were going to a bad numbers are deal is right now that were going to have slow growth but were going. I have enough job creation if we can pay the bills if one primary worker at home remember the United States 40 percent of people who work are working poor and theyre only paying 8 to 10 jobs now you tack on being thrown out of your home for not payment for rent for foreclosure for a vision that snowball brant becomes a nightmare and it becomes a real nightmare for the person whos in charge of the country as in our present United States and its last time i remember he doesnt like bad news you know i got a real strong sense that theyre going to have a little come to jesus meeting here and get what they want 200. 00 republicans or democrats want 600. 00 for 50 baby split the difference one of the most incredibly difficult negotiations of all time hey lets split the difference. Christiane tobin smith of Transformative Research thank you both for joining us today. And thats it for this time you can catch boom bust on the man on the brand new portable t. V. Up a bill of smartphones and tablets to google play in the Apple App Store by searching portable t. V. Portable t. V. Can also be downloaded on newer model Samsung Smart t. V. s as well as a broken devices or simply check it out a portable t. V. Well see you next time. No no crowd. No shots. We. Actually just felt. Going to lose track no just. Switch your thirst for action. All across the board trying to sit down in the polls and not just by a pointer to traditionally incumbency alone is enough to win reelection but this time around it is a race trump name lose and lets be clear this has little to do with joe biden how can we get. The odd. Well i need to rant. Straight. Now dear lou. Reed already. Need 20. And even. If you really need to fight to realize that we need each other. In todays headline italy faced with a fresh crisis as a spike in migrant arrivals born 1000 thunders on the island of lampedusa or Authorities Say the situation has become a Public Health nightmare. Gives his approval for microsoft takeover bid for the us going up tick tock but insists the government should get a cut from the multibillion dollar deal. And the you as a city of seattle plans are underway to downsize the local Police Department placing some of its functions by Community Led initiatives thats led to a backlash among those who support the force we get reaction from a former officer we see the opportunity of the