Transcripts For RT Boom Bust 20240713 : vimarsana.com

Plus as the virus continues its spread across the globe so as misinformation about the outbreak and tech giants are teaming up to take it on and later the global Aviation Industry has been battered by the virus could help for the sector be just over the horizon we have a packed show today so lets dive right in. And after the worst day for the u. S. Market since 1987 were seeing a bit of a rebound following an early rate cut from the u. S. Federal reserve as the central bank tries to mitigate the Economic Impact of the coronavirus markets tumbled to yearly lows losing more than 10 percent and on tuesday things are back in the green but the question is for how long were going to get to that shortly with some expert analysis but thats whats going on on wall street what about whats happening on main street please pardon the political cliche there an increasing number of businesses have been forced to close in major cities throughout the United States as of tuesday the United Auto Workers have called for a 2 week shutdown of plants operated by ford General Motors and chrysler to safeguard their members from a crow Virus Outbreak Movie Theaters Movie Theater operators amc and regal will close for up to 12 weeks Department Store nordstrom will close for 2 weeks apple stores have closed and the list keeps growing on tuesday at the white house u. S. Treasury secretary Stephen Moore nugent spoke about what the administration has planned to stimulate the economy and help those working americans. Well the president likes the idea of the payroll tax holiday i will tell you what weve heard from many people and the president said we can consider this the payroll tax holiday we get people money over the next 6 to 8 months were looking at sending checks to americans immediately and what weve heard from hardworking americans Many Companies have now shut down whether its bars or restaurants american state cash now and the president wants to get cash now and i mean now in the next few weeks and for more on all of this and the state of the markets we bring in t. V. Watkins chief market analyst at Simpler Trading and Todd Horowitz chief strategist at bubba trading thank you so much for joining us now baba here in the u. S. The Trump Administration is pitching this roughly 850000000000. 00 stimulus package which would ease some of this economic pain were talking about payroll tax cuts theres a possibility of a 1000. 00 paychecks going out to america if thats what mitt romney wants really is this going to work and is it going to actually prop up the economy. You know its not going to work i mean it may probably not for a minute but people are running out to go to the store you know people are talking and covering and looking so they dont get sick ok so again will that will it help i mean it certainly will help people that are very tight on rent and things like that but everybodys kind of being understanding and understanding that you know maybe people just cant pay right now i dont think anybodys going to go after the consumer and pressure them if theyre going to be late on the round or whatever so i think this is just another temporary measure that can be taken in but again all work we just we just like we had more debt lets see if we can get this 30 trillion so i mean it just it just another you know 850000000000 what the heck it just lets pass it on and it really does seem odd because if youre talking about putting money in the hands of americans yes could it help with rent and bills that need to be paid while these people are out of work but but in reality a stimulus measures are supposed to be there to support your Small Businesses to prop up the economy that way and if all these businesses are closed its very hard to do that now t. G. When we look at these stimulus measures what are they going to do to actually help the u. S. Markets when we look at that. Going to be really tough to see whats going on i think a lot of people are waiting to see when the market actually stops going down and turns around a little bit i know that the government basically is trying to fire a bazooka at the market and say hey were here were going to try and put liquidity and what were seeing on wall street main street is that just people arent doing anything and if we continue to see that events and concerts and airlines and just everybody stops doing everything i think its going to make investors a little bit nervous to continue to put money back into the market if we just see that everything is on hold and on positive now. Ive been waiting for this one for you know all day you know you said from the beginning the fed was doing no good to help this problem and the day after an early rate cut of one percent markets had their worst day since 1970 now the fed has injected 500000000000. Dollars just tuesday afternoon in the markets and things are looking a little bit better but what do you make of the situation with the fed injecting all these funds. The fed is coolest as usual i mean look if they were going to cut which everybody kind of knew it was kind of telegraphed why didnt they have their meeting like they were going to have and have it tomorrow and cut tomorrow you knew the minute they cut on sunday that it was a panic move the pad the fed choked out and couldnt take the pressure of trying to facilitate the markets which again if you let markets trade if you let everything trade free then you dont have these issues what you could do to try to manipulate i mean the whole entire move has backfired on them just take a look at the u. S. Dollar i mean theyre trying to keep the dollar under pressure here the dollar is once again trying to push up against par so theyve shown that they have a lack of knowledge of how the market works and how a free market works and set up letting prices coverage happen and work because the markets will find a level whether its you know whatever price level that when im at woods 2. 00 percentage rates one percent 03 percent we know that the markets going to handle and the system can handle higher rates because you have you have all these peer to peer lenders and sub or sub prime but you know lesser lenders that are lending like crazy and what are they doing theyre turning around and sign those loans back to the banks so the banks can once they get over leverage and of course that will eventually come out and say were over leveraged and theres a problem and this is what they do all the time but again you keep giving that free money and giving free access to the repo window dont make them pay and all the sudden you end up in a problem because all the people who are selling these subprime loans are these lesser loans are selling them and picking up 203 to 4 basis points just for facilitating alone with no risk i mean what kind of business is it absolutely not c g i want to talk about some other Market Metrics that were looking at the volatility index top to where it was during our last financial crisis. This in 22009. 00 that the vix more than doubled so far just in the month of march you you were trader do traders have actually any confidence in markets and what can we expect in the coming weeks and months. Well yes us as traders we would like to see whats happening as far as confidence of the market we know that eventually it will come back but you know ive gotten a lot of phone calls recently from people who know what i do and theyre saying hey its now the time to buy because everythings so cheap and i always tell them the thing about dont you dont want to try and catch a falling knife right now were still going down were still under major moving averages you know if we talk about the fed coming in and trying to add this liquidity sure i think it might hold the market for a little bit i am looking for a bounce at some point just because the market is so oversold if it can continue to keep good oversold the volatility is so high its likely to come back down at some point but what im concerned about is that any kind of bounce any kind of a drift a bet that we get back up is really going to be an overall reversion to the mean and start meeting running into these down trending moving averages and we might roll over again after that most of times what were looking for is a retest of rose and right now we still havent even put in the 1st low and thats what were looking for is something to come later horowitz at t. G. Walk ins thank you both so much for your time could spend hours on this. And the European Union will close external borders for 30 days german chancellor Angela Merkel announced tuesday movement of people within the e. U. Member states will still be allowed barred restrictions of specific nations and border restrictions are quarantines are starting to take place more and more all over the world specifically in latin america now after peru chill a in argentina announced they would close borders to nonresidents on monday colombia will now close its seal and river borders to noncitizens close to rican ergo i also know its border closures as well el salvador will also suspend flights from mexico amid allegations the countrys government allowed passengers who tested positive to both. A flight to el salvador ecuador and paraguay are imposing National Curfews venezuela has also instituted a nationwide quarantine after cases in the country doubled moving to Asia Hong Kong has also announced all visitors will be under a 2 week quarantine and medical surveillance starting at midnight on the 19th of march officials in hong kong have also asked residents to avoid nonessential travel around one of the countries hit hardest by the pandemic reported on tuesday more than 100 deaths and nearly 1200 new cases of the virus in a 24 hour period meanwhile going back to the e. U. Leaders are facing criticism from serbian president alexander over the refusal to export needed medical equipment adding the only option will now be to seek help from china earlier today former u. K. M. P. George galloway joined the news with rick sanchez to discuss the situation. So weve had a succession of sub and governments thought the e. U. Well they are friends then they are asked if they could buy wasnt jotted rick if they could buy medical equipment to deal with the go to nevada us and i said no to even though they are a candidate. Mr lover off the foreign minister of russia stepped in and said we will help and support. Its always been president thanked him for extended the handoff friendship to china called president being his brother and try to not right on cue is flooded with medical aid and as the number of confirmed cases nears 200000 with more than 700. 00 deaths the us is preparing to test possible coronavirus vaccines the 1st us trial will be at Kaiser Permanente Washington Health Research Institute in seattle it will be a 6 week study to test safety and dosage of an experimental vaccine developed by the National Institutes of health and biotech for. Mcdonough it should be noted as always it is early in the process and it will likely be at least a year before a working vaccine is widely available. And the Biggest Tech Companies in the world have come together they say to combat against fraud and misinformation about covert night teens in a joint statement between facebook and google linked in microsoft reddit twitter and you tube the companys released a joint statement monday evening explaining their efforts that statement in part reads we are working closely together on covert 19 response efforts were helping millions of americans stay connected while also joining jointly combating fraud and misinformation about the virus elevating authoritative content on our platforms and sharing critical updates in coordination with Government Health care agencies around the world we invite other companies to join us as we work to keep communities healthy and safe so what exactly are these companies cracking down on while joining us to discuss is boom bust cohost and investigative journalist ben swan ben always a pleasure to have you wish it was always under better circumstances as we keep up with the continued coverage on curb the coronavirus and covert 19 now it makes sense that these Tech Companies would be working to prevent misinformation what are some of the biggest issues these companies are trying to crack down on. Well theres a couple things brand that we were talking about obviously you have the issue of price gouging and you have you know all kinds of sellers who are online who are trying to put out you know products at ridiculous prices but then you also have just Bad Information misinformation thats going around about a lot of different issues so for instance you know already this week the white house has had to put down a rumor that President Trump was going to call for a National Lockdown where everyone was going to be required by law to stay in their homes that was not true the white house had to debunk that there are claims online that the new york subway system has been completely shut down that was not true so theres a lot of misinformation thats out there and i think there is a you know a usefulness to Tech Companies saying hey were going to do whatever we can to prevent that from happening however when they use the terms like authoritative sources that gives me pause because just because someones in authority doesnt mean what theyre saying is true and so we have to be careful about it also seemed like a weird choice of words authoritative for some reason this move this move by Tech Companies was preceded by a call with the white house held account because of its call with many of these Companies Last week on that call were some companies that did not sign on to the joint statement we know why they didnt joy. Yeah im not really sure about that but the companies that did not i. B. M. Amazon i mean these are companies that were on this call but they didnt join in this statement and so you have to wonder why is that obviously you know theres other issues going on with both i. B. M. And amazon right now after that pentagon called contract not saying thats the reason for it but it was interesting that they were not part of that joint statement its also interesting that you know while a lot of these Tech Companies said that they are really trying to take on the issue of misinformation amazon is the one that really has to take on the price gouging issue because right now at this point theyre the ones who are dealing with it more than anyone else with you know having products that are put on their marketplace that are ridiculously priced again you know if youre going to spend 200. 00 on a bottle of purel thats your issue im not even sure that it causes the price gouging it seems like incompetence by the buyer well and i think now theyve actually kind of changed some of their rules as well and how that works and theyre done has now meanwhile the Cyber Security and Infrastructure Security Agency the department of homeland securitys cyber agency is warning that with so Many Americans at home right now there are concerns that hackers may be stepping efforts up to take advantage of work from Home Networks and that could be a real problem whats going on there. Yeah wall the asli you have you know a lot of people who are remote commuting telecommuting who are online and so the warning is just to say hey you got to be careful when youre online but part of this is also by the group which is that Department Homeland Security Agency asking for more funding and i think what they see is theres a lot of money out there right now and they say hey we need more funding because hackers could be on the loose and unfortunately in these situations i dont like it hackers take advantage but Government Agencies who want more money i mean all that is really the same apparently boom bust cohost ben swan thank you so much for your time today. Thanks. And time now for a quick break but hang here because when we return the global Aviation Industry has been battered by the virus could help for the sector be just over the horizon well break it all down and how manufacturers are responding as we go to break here the numbers at the close. Blushes and i think she should utica total more than the bleach he cut a hole close to each seam youll be set its not that its indeed some shots that always sting against. Them into. A huge clear because you know i said you needed. A use of it i was quite numb from wanting that in the skin to show yeah. But you believe you shirleys. Given to us not to the such users tell them not to be come forward summed up. The money approachable british mr west i am all sure but. Is your b. G. A reflection of reality. In a world transformed. What will make you feel safe. Isolation from the community. Are you going the right way or are you being led so. What is truth lost his faith. In the world corrupted you need to descend. To join us in the depths. Or a maybe in the shallows. Welcome back saudi arabias decision to maximize production and Sell Crude Oil at discounted prices is sending shock waves through oil markets and now more than a dozen u. S. Republican senators are pleading to the crown prince to urge him to take action in the oil market at a time when the economy is already hitting being hit hard by the corona virus in a letter the senators wrote the United States