Banks c. E. O. s Board Members who have in many cases and by the way this is important in many cases they have been taking that money out of their companies while theyve been doing pretty well and theyve been sticking it in their pockets 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 the 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 wiped 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 could it not because it when you look at what it means this is why im saying like this is alive thats been reported by wall street when a Company Fails it does not fire their employees. It go through a package bankruptcy right if anything what happens is the people who have the tension inside those companies the employees of these Companies End up owning more of the company the people that get wiped out are the speculators that own the unsecured truncheons that or 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 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. Hoes who are essentially. I mean i watch it b. C. But theyre cheerleaders for wall street theyre not going to tell you that they make it same as do most of the corporate owned media in the United States like all Hedge Fund Managers and ceos theyre just like regular folks like you and me except we dont have a mansion in the hamptons. I was in the script theyre not like you and me. You are allowed to fail they are not allowed to fail but look out look out there defended lets keep lets keep watching how does anybody deserve to go i dont know what you speak were like who are we talking about were talking about a hedge fund that serves a bunch of billionaire Family Offices who cares i dont get wiped out who cares they dont get the summer in the hamptons who cares i mean there but if you get it only got to move on because you know if you go into the companys own stocks i mean own their stocks own the company stocks. You can you can look um bloomberg and you can see what percentage of these companies are typically owned by these b. Things theyre owned by blackrock the things theyre owned by the huge you know a more precise organization ultimately downstream and the employee owns a few 100. 00 or. But 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. Here is the list of the questions we think youll be asking tomorrow wires Zombie Companies getting bailed out with your government money how long its going to take for the big apple to recover from the coronavirus pandemic is iraq right now stuck in a ongoing proxy war between the United States and iran. All this week we want you to know that were going to be bringing you this special coverage of the corona virus as weve committed to with updates from all over the world and everything that you need to know to protect yourself and your family. 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 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 the Zombie Companies joining us now the perfect guy to have this conversation with Peter Schiff Peter owns euro pacific capital. I think heres a good way to describe peter he is a practicing libertarian. And i think 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. Right should we let companies die. Well 1st of all of course hes right and you know c m 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 workers 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 overcharging costumers 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 right 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 thats 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 the 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 in the case of banks for example who are having to do forbearance allowing people doubt 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 that thats what the story and 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. And were going to continue with a lot of news including some the latest thats going on what appears to be skirmish or maybe even a pre war in iraq this is the news with rick sanchez youre watching our special coverage and were going to be right back. The outbreak of the coronavirus 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. A reflection of reality. In a world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being so. Direct. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Orem even the shallowness. Says the Unemployment Rate is not protected to reach 30 percent in america higher than the Great Depression the stock markets up 30 percent from recent lows and the size of the Central Bank Balance sheet has expanded by trillions so the question is which came 1st the expansion of the Central Bank Balance sheet or unemployment what is the cause and what is the effect as weve been saying on the show for 10 years Central Bank Balance sheet expansion causes the unemployment because it causes the deflation that causes the economic duress that creates the unemployment. There is some breaking news from the northeast United States tonight 1st hospital admissions are down for the very 1st time obviously that is very good news a little too premature to be celebrating though also the governors of connecticut delaware pennsylvania new jersey rhode island and new york have created what is essentially a Regional Power a regional Collaboration Agreement that means that they are going to decide what laws and what rules to put in place regardless by the way of what the Trump Administration of the federal government is recommending this is an Interesting Development in the story are to correspondent true childless has the very latest for us from new york. Today a sign of hope the curve continues to flatten for the 1st time since april 7th the one day death toll falling below 700 the number of hospitalizations also decreasing total number of hospitals ations net. Down. A little bit up a little bit down but overall just follow the line dont get caught up in the day to day but despite some signs of hope that the new corona virus infection rate is leveling off some doctors say they are still feeling that surge i heard that our volume is just exploding and we have so many people in the hallways that are are covered positive a doctor at mt sinai hospital in queens at the hardest hit borough gives us an inside look at what doctors and nurses are facing on the front lines. We want to. Talk sometimes. More than 195 confirmed cases in new york many hospitals are still lacking p. P. Hospital beds and lifesaving ventilators one nurse blaming authorities they completely let us go down the big trade as every Single Agency every single federal government does every Single Person that was there that was supposed to provide us what we needed that was supposed to assist us and give us support during you difficult time so that we could do what we needed to do would be properly if equally fail to do that the number of deaths in the state now topping 10000. New york city the epicenter of the outbreak struggling to deal with its mounting death toll at the shows creating makeshift morgues across the city while the National Guard is now using rental vans to pick up hundreds of dead bodies from new york city homes discriminated ear shows workers in protective gear burying cova dead in mass graves on the city run hard island the island which is a burial site for families who cant afford a funeral or for people who go unclaimed by relatives is now a temporary burial site for those who lost their lives to corona virus typically about 25 bodies a week were buried on the island but now according to officials there about 24 burials a day reporting in new york Trinity Chavez r. T. Well tonight the. Non war in iraq sort of looks like the makings of a soon to be new war in iraq several rockets hit near an american oil field in iran last week it was followed by a volley from the United States against iranian assets iraq which is caught in the middle of all this says it wants the United States troops out. R. T. Correspondent john hardy picks up the story. While the fight against the coronavirus worldwide continues another fight also continues to brew in the middle east between the United States and iran with iraq remaining the most likely battlefield last week 5 rockets were fired at an American Oil Company working near basra u. S. Workers had already left the area its unclear who was behind the attack but on april 1st president trouble warned that his administration received intelligence that iran or one of its proxies was planning a strike on u. S. Forces in iraq tweeting that if u. S. Troops are attacked quote iran will pay a very heavy price indeed now the u. S. Has offered 10000000. 00 for information on hezbollah commander Sheikh Mohammed qahtani who was a close associate friend and battlefield colleague of iranian general qassim salaam ani the u. S. Designated cothren e a global terrorist in 2013 the state Department Says its offering money for info on his activities his networks his associates are all part of an effort to disrupt the quote financial mechanisms of hezbollah and while the coronavirus pandemic may have tempered any immediate attacks on u. S. Forces the u. S. Isnt taking any chances and has moved Patriot Missile batteries into iraq including al Assad Air Base outside of baghdad where iran launched a Ballistic Missile attack on u. S. Troops back in january former pentagon official Michael Maloof said the move is aimed at protecting u. S. Forces and assets there but the United States appears to be consolidating its forces there to certain bases with the idea of. It all to mostly will move out within the next what were hearing theyll also be 2 years whether or not iraqs new Prime Minister designate mustafa d. Mi the countrys former intelligence head can bridge the ongoing hostilities in the region remains unclear he is iraqs 3rd Prime Minister designate in 10 weeks but he also appeared. At least for now to have support from both to iran and washington d