Banks c. E. O. s Board Members who have in many cases and by the way this is important. In the form of stock buybacks much of it with money they got from taxpayers government money during previous meltdowns now heaven forbid that i or anyone else should ask the question of whether some of these corporations should simply be allowed to go under is anybody asking that question yes we found one. One maybe lonely example look what happens this is on c n b c when a guest challenges the bailouts of their lives now remember c m b c is essentially the wall Street Network in fact many would argue its a 24 hour commercial for bankers and Hedge Fund Managers and c. E. O. s and cetera look what happens when somebody is willing to make the free market argument the capitalist argument that if a company gets wiped out so be it what out there are you are you arguing to let airlines for example fail you know. Why i mean how does that make sense in the broader scheme of the economy because its not because it when you look at what it means this is why im saying like this is alive thats going proportionate by wall street when a Company Fails it does not fire their employees it goes through a package bankruptcy right if anything what happens to the people who have the pension inside those companies the employees of these Companies End up owning more of the company the people that get wiped out by the speculators that own the unsecured truncheons that are the folks that own the equity and by the way those are the rules of the game thats right because these are the people that court should be the most sophisticated investors in the world they deserve to get wiped out but the employees dont get wiped out. Thats a really great point bankruptcy laws generally dont allow a company to be destroyed they generally keep operating the employees usually keep working and may actually end up owning a bigger share of the company now but see n. B. C. Hosts who are essentially. I mean i watch him be seen but theyre cheerleaders for wall street theyre not going to tell you that they make it seem as do most of the corporate owned media in the United States like all Hedge Fund Managers and c. E. O. s theyre just like regular folks like you and me except we dont have a mansion in the hamptons. That wasnt in the script theyre not like you and me. You are allowed to fail they are not allowed to fail but look how look how theyre defended lets keep lets keep watching how does anybody deserve to. Live but to be clear like who are we talking about were talking about a hedge fund that sort of the bunch of billionaire family off who cares let him get wiped out who cares they dont get the summer in the hamptons who cares i mean there but he you know if you dont lay down to waste time you know you have choice of these companies own stocks i mean own their stocks own the Company Stocks you can you can look on bloomberg and you can see what percentage of these companies are typically owned by the beating their own by blackrock the things theyre owned by the huge you know a more percent are going to be can ultimately downstream and be Employee Owned a few 100. 00 or. There i we dont know where you stand on this and the fact of the matter is we should just explain this right because hes right the vast majority of stocks are own by about 10 percent of the Us Population think about that 10 percent the other 90 percent is that those are the workers right and others and Business Networks like c. And b. C. And bloomberg and all the others theyre out there mainly to benefit that 10 percent thats their audience thats who theyre talking to right they try to hook others and using other methods but thats essentially by the way that is why a guy like child of this c. E. O. Will not likely be invited back to have this crowd to continue this conversation even though by the way he himself is a very successful c. E. O. Why his argument doesnt fit their narrative that said mr chime of polly. Youre more than welcome to come on here with us why because well we believe all sides should be heard and of course as you very well know this is the news with rick sanchez where we also think it really is. By golly time to do news again. Ok heres a list of the questions we think youll be asking tomorrow wired Zombie Companies getting bailed out with your government money whos doing your hair your car your cleaning your child care how are you getting things done. Why did Bernie Sanders just indoors joe biden whats he want. All this week we want you to know that were going to be bringing you our special coverage right here on r t america the coronavirus coverage updates around the world and everything you need to know to protect yourself and your family with tracking coronavirus. You know the funny thing about the corporate class in america and the reporters who cover the corporate class in america theyre constantly bragging about the free market and free market principles they talk about the virtues of capitalism they talk about the survival of the fittest they scoff at the notion of Government Programs like food stamps and welfare but when it comes to corporate welfare if youll allow me to use that term like what happened after 911 what happened in 2008 with the meltdown and what certainly is happening right now or is the plan is to have it happening right now in a major scale well then they have a different way of looking at it or maybe a different way d of explaining it like that reporter a c. A b. C. Look i was shocked that somebody would say that maybe we shouldnt bail out Zombie Companies joining us now the perfect guy to have this conversation with Peter Schiff Peter owns a euro pacific capital. I think heres a good way to describe peter he is a practicing libertarian. And i know theres a difference in the nomenclature by the way peter lets start with what we just saw on c. And b. C. That a lot of people are talking about is term all right should we let companies die. Well 1st of all of course hes right and you know c. And b. C. Acts like theyve never heard this before if anybody listen to my podcast ive been saying his stuff since day one but you know the real beneficiaries of the bankruptcies are not the employees of the companies i mean they will benefit although some of these companies in a restructured bankruptcy will end up shedding some of their work. As which is a good thing because many of these companies have too many workers and in order to survive they need to be more competitive especially of demand is down in their industries but the big winners in bankruptcy are the customers you know c m b c is making it out like if we dont bail out the airlines that theres going to be no airlines if we dont bail out the hotels theyll be no hotels thats nonsense they dont blow up the hotels they dont blow up the planes what happens is in a bankruptcy new owners come in all the debt is wiped out and now you have an efficient Management Team with an average company that can actually lower prices so consumers end up with a better deal once the companies are restructured but by keeping them afloat with more dead companies are never viable and they have to keep over charging customers based on a government subsidy and once the government steps in and prevents them from restructuring theyre going to be in constant need of additional government money so what youre saying is if we allow if we allow the process to just happen almost a law not to write the way things normally happen major somebody doesnt do a good job somebody else comes along and does it better in the end Everybody Wins and that is what should happen but for the last 2 decades we have not allowed that to happen almost as if these c. E. O. s are these board guys or these Hedge Fund Guys theyre the only ones in the world who have the answers and how dare us think about replacing them but your argument. If we had let more businesses fail in 2008 then far fewer businesses would be failing now we wouldnt have created the moral hazard businesses would have known that theres no government to bail them out so they would have acted more responsibly and had the Federal Reserve not kept Interest Rates so low companies wouldnt have done all these buybacks they wouldnt be all levered up they would be able to withstand this temporary emergency but so would their employees dont let. Workers off the hook youve got all these people who have lost their jobs who have no savings they cant make it without a paycheck because they have a big mortgage they have Credit Card Debt they have auto loans they have Student Loans why is that why dont americans have any savings either thats part of the problem and nobody should be bailed out no company should be bailed out no individual should be bailed out Everybody Needs to deal with the consequences of their own actions now in the case of banks for example who are having to do forbearance allowing people not the pay their mortgages that is essentially being trickled down to the rest of the population who are in this very difficult situation would you agree some kind of renumeration is due to those who are directly helping people like you and me. No no nobody is doing anything i have no problem with lenders and borrowers and landlords and tenants getting together and working out deals on their own but nobody should be getting a check from the government because the government doesnt have any money all the government is doing is printing money and theyre destroying the value of everybodys savings look were going to have massive inflation in this country the government is doing far more damage with the balance of the stimulus none of this money is free if youre wondering who is going to pick up the tab if you have money in the bank if you have bonds if you have a retirement account if you have savings if you have cash value in an insurance policy if you have an annuity if you have a pension youre going to get wiped out because youre going to pick up the tab because your purchasing power is going to be destroyed by all the money the fed is creating the 3 most important words i think its 3 that peter just said a while ago i dont know if youve got that the government does not have any money ok its more than 3 but those are important words think about the work the story of itself peter as usual its always a pleasure thanks for being with us thanks for expressing a point of view that sometimes we dont get a chance to. Hear anywhere else theres a lot going on that were going to bring you this is the news with rick sanchez where we bring you details as we get them and we will be right back. To. You. Who. The outbreak and spread of the corona virus has become a black swan event for the Global Economy is no longer whether the u. S. And other economies will slip into recession the question now is how long the recession will last its going to get worse before it gets better. Is your media a reflection of reality. In a world transformed. What will make you feel safe. Isolation community. You good in the right way or are you being. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Or remain in the shallow. The right time to head over to the global coronavirus update desk find out whats going on and you know we try to do right now as i bring in ben this is our opportunity to bring you whats coming in as it happens but we dont want to inundate you with every single coronavirus update out there because after a while you know ben it just gets downright depressing. Well it is depressing and unfortunately for a lot of people as you know rick its not just depressing its very scary in terms of the outlook theres so many questions about whats happening one thing we dont want to do is just give you number after number after number of right that kind of gets washed away but we do want to give you some headlines that are breaking today including this one the president trying to stay to. It was pretty interesting he asserted today that he will be the one who ultimately makes the decision as to when the lock downs across the u. S. Come to an end not the governors of various states which is kind of an interesting statement because thats not really how the system works in the United States as you well know rick but he made that statement on the less and i understand one of our correspondents tribute as just reported that 6 states in the northeast have gotten together to create almost their own little fiefdom to make decisions outside of what the white house or the federal government wants is that right. That is correct and in addition to that there are a group of red states that are now talking about what theyre calling the red state revolt in which by may 1st they may plan to unilaterally reopen all of their states in unison to try to get the economy back so theres a lot of questions about whos actually in charge here and of course we have this thing called rule of law in this country that prohibits one person doing everything they want speaking of states though rick this is an important one the governor of new york andrew cuomo has said that in new york the curve is flattening now he says its it is a terribly high number of deaths still being recorded over 700 of the last few days but he does say the numbers are flattening in new york and thats good news there where of course people have been under lockdown now for several weeks and it looks like at least another month maybe even longer in that case you know its funny that were finally starting to see what hopefully is the very top of the curve i guess you know what lets not make more out of it than it is lets follow it see what happens and then well continue to report thats why we have you there ben d swan as usual doing some great reporting for us on this day from the global coronavirus update desk right now rick thanks a couple of weeks into the social distancing in this whole self isolation thing. We for the most part are. I had gotten used to having people who we hired right somebody who takes care of your children whoever it is suddenly were having to do a lot of the stuff for ourselves housekeeping schooling childcare theres a whole lot andree list of stuff that were doing for ourselves laundry theres another one hows america getting by with a closer look heres our to correspond a. Gentleman dress the times call for dress thick hair measures with a stay at home orders happening all across the globe many are taking matters into their own hands are gentlemen lets get down to business and for this job youre going to need a few tools youre going to need a hand held me or something to see the back of your head youre also going to need a pair of sharp scissors a comb and then in this box are old faithful keeping a positive tune men and women alike are doing what they can to live in some type of normalcy without their much needed essential services as long as quarantine is a way of life the d. I. Y. Haircut may become a necessity but thats not all living most of our days inside getting adequate exercise is more important than ever but a bit of a challenge with most gyms being closed the less excise you do you know that the more likely you ought to have a lover in the system as well so keeping moving is really important well there are some trainers taking their clients outdoors utilizing fitness apps as a way to stay inside while still getting the much needed Health Benefits of working out. But i shall be loaded a lot of hard work outs my clients someone at hughes say theyve been doing workouts at home which is going to help keep that i mean system out yoga fans are also keeping up with their practice indoors sometimes even virtually nikki foreman a yoga teacher sharing her practice on line says something good can be learned from this pandemic. I believe that with what is going on now is the greatest opportunity for an awakening shift in consciousness we can play the old patterns any more we can do the old strategies of avoiding what is here and its actually an opportunity that we have no choice but to embrace according to the mayo clinic in the us regular physical activity not only improves a number of Health Problems such as high Blood Pressure diabetes athletics it says Research Shows exercise can improve mood and reduce anxiety no doubt something extremely beneficial during a time of fear and uncertainty reporting in Los Angeles Natasha suites r. T. There is a major breaking story in the world of sports steve christakis who is joining us now this is a nascar star yes who is accidentally or maybe done something thats very offensive and im toward incredibly offensive a lot of repercussions coming from this he is now kyle larson is a 27 year old cup series driver and he is now suspended by nascar race seen his his Team Chip Ganassi racing and this was you know weve been doing these Virtual Events right nascar had a virtual race last night they had an unofficial one with him and 60 other drivers and now during the race he was talking to his spotter and he was he couldnt get the communication correct so he didnt quite know if a spotter could hear him so lets take a listen to what kyle larson said oh no. I cant believe you can hear me. A. While youre talking to. Yeah we hear that. Now that bleep you heard of course we did we put out a we dont need to hear how he said it is not fair because now we cant correctly judge how to set it now the viewers have to depend on us to tell you and i think thats not right i think when somebody gets in trouble for something they said we should play what they said and not interpret it for the viewers and the words well the word he used was the n word and were cant have that on television so we did have to bleep it out but it is Available Online if you do want to go do it the word is on the word is offensive in every degree however theres a difference between calling someone that name offensively and using it the